State Auditor Scott Fitzpatrick today issued the closeout audit of the Wentzville II 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 II TDD was formed in March 2005 for the purpose of making improvements to Wentzville Parkway, West Pearce Boulevard, exit 208 from Interstate 70, and Bear Creek Drive; including widening existing driving lanes, construction of dedicated turn lanes, signalization, and related improvements within the city of Wentzville, for an estimated cost of $2,077,500.  The project was substantially completed in December 2007, but was modified in 2008 to include the construction of a drive connecting Wentzville Parkway to May Road.

The project was funded by a 1/2 cent (0.5 percent) sales tax on all taxable transactions within the boundaries of the district. The Board of Directors passed a resolution formally establishing the sales tax rate to be effective November 2005. The Board approved rescinding the sales tax and notifying the Department of Revenue to stop collecting the district's sales tax on August 10, 2023. The sales tax officially expired on September 30, 2023. From the district's inception in 2005 through August 2023, the Wentzville II received $2,269,265 in sales tax revenues.

In March 2006, the Wentzville II TDD Board entered into an agreement with UMB Bank to issue revenue notes up to $2,077,500. Between March and October 2006, the District borrowed $2,077,500 for project costs, and the district satisfied these notes in June 2022. In October 2008, the Wentzville II TDD Board entered into an agreement with UMB Bank to issue additional revenue notes up to $672,500. The district borrowed $503,768 in October 2008 and $50,525 in April 2022. The district satisfied these notes in June 2022.

Based on the audit, the cash balance of the Wentzville II TDD as of August 31, 2023, was $183,816. The cash balance as of February 29, 2024, was $200,455. According to district legal counsel, as of August 31, 2023, the district is expected to incur approximately $98,785 in fees to dissolve 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 the Missouri Highways and Transportation Commission in accordance with state law.

The audit determined the financial condition of the Wentzville II TDD was such that the Board of Directors may proceed with abolishment of the district.

The complete audit can be found here.