Form revised: May 6, 2011

 

2012 BUDGET LEGISLATION FISCAL NOTE

 

Department:

Contact Person/Phone:

CBO Analyst/Phone:

Transportation (SDOT)

Lenda Crawford/684-5350

Becky Guerra/684-5339

 

Legislation Title:  A RESOLUTION relating to the Seattle Department of Transportation; rescinding Resolution 30636 and applying the City of Seattle’s existing debt management policies to transportation debt.

 

Summary of the Legislation: 

This legislation would rescind Resolution 30636, thereby placing transportation debt under the governance of the City’s overall debt management policies.

 

Background:  

The City Council adopted Resolution 30636 in 2003, which created debt policies specifically for the Seattle Department of Transportation (SDOT) and the Transportation Operating Fund.  In 2005, at the request of Council through a Statement of Legislative Intent, SDOT provided an analysis of transportation debt management policies.  That analysis (included as an attachment to the proposed Resolution) recommended that the transportation-specific debt policies be rescinded, and that transportation debt be governed by the City’s overall Debt Management Policies, which has been the City’s practice.  Though there was general agreement on this approach, the original resolution was never rescinded.  This legislation would rescind the resolution. 

 

 

__X__ This legislation does not have any financial implications.  

 

 

 

Other Implications:

 

a)      Does the legislation have indirect financial implications, or long-term implications?

No.  The legislation formally changes the policies under which transportation debt is governed, but in practice transportation debt has been governed by the City’s overall Debt Management Policies.  No changes in revenue or expenditures will occur as a result of this legislation.

 

b)      What is the financial cost of not implementing this legislation? None.

 

c)      Does this legislation affect any departments besides the originating department?  Yes.  In addition to SDOT, this legislation impacts FAS and to a lesser degree, CBO.

 

d)      What are the possible alternatives to the legislation that could achieve the same or similar objectives?  None.

 

e)      Is the legislation subject to public hearing requirements?  No.

 

f)       Other Issues: None.

 

Please list attachments to the fiscal note below: None.