HomeMy WebLinkAbout10 MEASURE M2 FAIRSHARE REPORTAgenda Item 10
Reviewed:
AGENDA REPORT City Manager
Finance Director
MEETING DATE: NOVEMBER 15, 2011
TO: WILLIAM A. HUSTON, INTERIM CITY MANAGER
FROM: PAMELA ARENDS-KING, FINANCE DIRECTOR
SUBJECT: MEASURE M2 FAIRSHARE ANNUAL EXPENDITURE REPORT
SUMMARY:
The Local Transportation Authority Ordinance No. 3 requires the City to adopt an
annual Expenditure Report to account for the Net Revenues, developer/traffic impact
fees, and funds expended by the City which satisfy the Maintenance of Effort (MOE).
The Orange County Transportation Authority (OCTA) established the MOE benchmark
in conjunction with passage of the original Measure M. MOE is a requirement that the
City expend local funds on transportation related projects each fiscal year in order to be
eligible to receive Measure M2 Fairshare funds, the City's required MOE expenditure is
$1,119,535.
RECOMMENDATION:
It is recommended that the Tustin City Council Adopt Resolution No. 11-85, adopting
the Measure M2 Expenditure Report for Fiscal Year 2010-2011 (attach) and direct staff
to file the report with the Orange County Transportation Authority.
FISCAL IMPACT:
There is no fiscal impact associated with this Agenda Item other than staff time.
BACKGROUND:
Voters approved the renewed Measure M (referred to as Measure M2) on November 7,
2006. Measure M2 is a 30-year, multi-billion dollar program extension of the original
Measure M (1991-2011) with a new slate of projects and programs that's managed by
OCTA. With passage of Measure M2, additional eligibility requirements must be
established and maintained by the City in order for the City to receive Measure M2
Fairshare funds, which represents a proportionate share of the 1/2% sales tax.
Measure M2 Fairshare Expenditure Report
Page 2
The Local Transportation Authority Ordinance No. 3 requires the City to adopt an
annual Expenditure Report to account for Measure M2 Fairshare, other Measure M2
funding (includes Senior Mobility program), developer/traffic impact fees, and funds
expended by the City which satisfy MOE. The annual Expenditure report must be
adopted by the City Council and submitted to OCTA by the end of six (6) months
following the end of the City's fiscal year.
The Measure M2 Expenditure Report for Fiscal Year 2010-2011 is attached to this
agenda report. For Fiscal Year 2010-2011, the City received $244,041 in M2 Fairshare
revenues for the period of April through June 2011. There were no expenditures for
Fiscal Year 2010-2011. The City expended $1,329,310 in Fiscal Year 2010-2011 to
satisfy MOE requirements. The ending fund balance for the Measure M2 fund is
$244,041.
Pamela Arends-King
Finance Director
Sean Tran
Administrative Services Manager
Attachment
Measure M2 Expenditure Report for Fiscal Year 2010-2011
Resolution No. 11-85
City of Tustin
M2 Expenditure Report
Fiscal Year Ended June 30, 2011
Beginning and Ending Balances
Description
Balances at Beginning of Fiscal Year Line
No. Amount
M2 Fairshare 1 $ _
M2 Fairshare Interest 2 $ _
M2 CTFP 3 $ _
M2 CTFP Interest 4 $ _
Other M2 Funding 5 $ _
Other M2 Interest 6 $ _
Other* 7 $ _
Balances at Beginning of Fiscal Year (Sum Lines 1 to 7) 8 $ -
Monies Made Available During Fiscal Year 9 $ 244,041
Total Monies Available (Sum Lines 8 & 9) 10 $ 244,041
Expenditures During Fiscal Year 11 $ -
Balances at End of Fiscal Year
M2 Fairshare 12 $ 244,041
M2 Fairshare Interest 13 $ -
M2 CTFP lq $ _
M2 CTFP Interest 15 $ -
Other M2 Funding 16 $ -
Other M2 Interest 17 $ -
Other* 18 $ -
* Please provide a specific description
Schedule 1
CTFP -Combined Transportation Funding Program
City of Tustin
M2 Expenditure Report
Fiscal Year Ended June 30, 2011
Sources and Uses
Description Lme Amount
No.
Revenues:
M2 Fairshare 1 $ 244,041
M2 Fairshare Interest 2
M2 CTFP 3
M2 CTFP Interest 4
Other M2 Funding 5
Other M2 Interest 6
Other* 7
TOTAL REVENUES (Sum lines i to 7) 8 $ 244,041
Expenditures:
M2 Fairshare g
M2 Fairshare Interest 10
M2 CTFP 11
M2 CTFP Interest 12
Oiher M2 Funding 13
Other M2 Interest 14
Other* 15
TOTAL EXPENDITURES (Sum lines 9 to 15) 16 $ -
TOTAL BALANCE (Subtract line 16 from 8) 17 $ 244,041
Schedule 2
* Please provide a specific description
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City of Tustin
M2 Expenditure Report
Fiscal Year Ended June 30, 2011
Fairshare Project List
Schedule 4
PROJECT NAME ~ AMOUNT EXPENDED
City of Tustin
I certify that all the information attached herein is true and accurate to the best of my knowledge:
~.
Director of Finance
RESOLUTION NO. 11-85
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN, CALIFORNIA, THE ANNUAL MEASURE M2
FAIRSHARE EXPENDITURE REPORT FOR FISCAL YEAR
2010-2011
WHEREAS, Local Transportation Authority Ordinance No. 3 requires local
jurisdictions to adopt an annual Expenditure Report to account for Net Revenues,
developer/traffic impact fees, and funds expended by local jurisdiction which satisfy the
Maintenance of Effort requirements; and
WHEREAS, the Expenditure Report shall include all Net Revenue fund balances,
interest earned and expenditures identified by type and program or project; and
WHEREAS, the Expenditure Report must be adopted and submitted to the
Orange County Transportation Authority each year within six months of the end of the
local jurisdiction's fiscal year to be eligible to receive Net Revenues as part of Measure
M2.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
Tustin, does hereby inform Orange County Transportation Authority that:
a) The Measure M2 Expenditure Report is in conformance with the Measure M2
Expenditure Report Template provided in the Renewed Measure M Eligibility
Guidelines and accounts for Net Revenues including interest earned,
expenditures during the fiscal year and balances at the end of fiscal year.
b) The Measure M2 Expenditure Report is hereby adopted for the City of Tustin.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of Tustin,
California, held on the 15th day of November, 2011.
JERRY AMANTE,
Mayor
ATTEST:
PAMELA STOKER,
City Clerk
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF TUSTIN )
I, Pamela Stoker, City Clerk and ex-officio Clerk of the City Council of the City of Tustin,
California, do hereby certify that the whole number of the members of the City Council
of the City of Tustin is five; that the above and foregoing Resolution No. 11-85 was duly
assed and adopted at a regular meeting of the Tustin City Council, held on the 15~h day
of November, 2011, by the following vote:
COUNCILMEMBER AYES:
COUNCILMEMBER NOES:
COUNCILMEMBER ABSTAINED:
COUNCILMEMBER ABSENT:
PAMELA STOKER
City Clerk