The city expects to collect $275,000 in $20 license tab fee payments in 2014, according to budget figures released by the Mountlake Terrace Transportation Benefit District (TBD) Board earlier this week.
The TBD Board, consisting of the members of the Mountlake Terrace City Council, approved the district’s 2014 budget on Monday.
The $275,000, plus $2,794 in investment interest, comprises the entirety of the TBD’s income projections for 2014. The TBD has a beginning fund balance of $273,393 going into the new year. The only expenses of the TBD are $2,500 in insurance costs, $2,500 for professional services and $1,200 in debt service payments.
The board approved the 2014 TBD budget, including the transfer of $475,000 of TBD funds to the City of Mountlake Terrace Street Construction Fund in 2014; the money will be used for the city’s Main Street Revitalization Project, a $12 million plan to provide infrastructure improvements to the city’s Town Center District along 56th Avenue West and 236th Street SW. The city has already been awarded more than $2.6 million in state and federal grants and capital appropriations for the revitalization project.
The city started collecting the $20 fee on vehicle license tab renewals in July 2012.