05/23/2024 - Jefferson City, MO
State Auditor Scott Fitzpatrick today issued the closeout
audit of the Wentzville Transportation Development District (TDD), located in
St. Charles County. State law requires an audit of a TDD prior to moving
forward with dissolution.
The Wentzville TDD was organized in November 2001 for the
purpose of improving the Pearce Boulevard/Wentzville Parkway interchange with
new and widened lanes, enhancing the Pearce Boulevard overpass with aesthetic
improvements, extending Pearce Boulevard to May Road, and implementing a local
transit system. The project was substantially completed in March 2010, and the
total cost of the project totaled approximately $6,872,136.
The project was funded by a 0.25 percent sales tax on all
taxable transactions within the boundaries of the district. Debt associated
with the project was satisfied in November 2022 and the Board of Directors
approved rescinding the sales tax in September 2023. Prior to the district's
termination, the district, the City of Wentzville and the Missouri Highways and
Transportation Commission will enter into an agreement regarding ownership,
ongoing maintenance, and allocation of excess revenues.
Based on the audit, the cash balance of the Wentzville TDD
as of December 31, 2023, was $876,255. According to the district's legal
counsel, as of March 2024, the district would incur an additional $75,000 in
legal and administrative expenses related to the dissolution of the district.
After the district's final costs and professional fees are paid, the remaining
balance will be distributed to the City of Wentzville and/or the Missouri
Highways and Transportation Commission in accordance with state law.
The audit determined the financial condition of the Wentzville
TDD was such that the Board of Directors may proceed with abolishment of the
district.
The complete audit
can be found here.
