HomeMy WebLinkAboutREVISED AGENDA REPORT NO. 8REVISED AGENDA ITEM NO. 8 Agenda Item
Reviewed:
AGENDA REPORT City Manager
Finance Director
MEETING DATE: DECEMBER 4, 2012
TO: JEFFREY C. PARKER, 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. 12-108, adopting
the Measure M2 Expenditure Report for Fiscal Year 2011-2012 (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 2011-2012 is attached to this
agenda report. For Fiscal Year 2011-2012, the City received $1,172,915 in M2
Fairshare revenues for the period of July through June 2012. The City expended
$143,164 in Measure M2 sources during Fiscal Year 2011-2012. These expenditures
include $100,000 in Combined Transportation Funding Program (CTFP) for storm drain
inserts and $43,164 in Fairshare funds (includes interest) for storm drain inserts and
traffic signal improvements. The CTFP allows local jurisdictions to submit projects
during the "Call for Projects" period to receive additional Measure M2 funding. The City
applied for and received $100,000 in CTFP funding to install storm drain inserts
throughout the City. The Measure M2 program requires interest earned by Fairshare
allocations be expended in the same manner and under the same time constraints as
regular Fairshare allocations, therefore interest earning are expended prior to regular
Fairshare allocations. The City expended $1,426,234 in Fiscal Year 2011-2012 to
satisfy MOE requirements. The ending fund balance for the Measure M2 fund is $
$1,432,683
Pamela Arends-King
Finance Director
Sean Tran
Administrative Services Manager
Attachment
Measure M2 Expenditure Report for Fiscal Year 2011-2012
Resolution No. 12-108
City of Tustin
M2 Expenditure Report
Fiscal Year Ended June 30, 2012
Beginning and Ending Balances
Description
Line
No.
Amount
Balances at Beginning of Fiscal Year
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
Balances at Beginning of Fiscal Year (Sum Lines 1 to 7)
8
$ 244,041
Monies Made Available During Fiscal Year
9
$ 1,331,806
Total Monies Available (Sum Lines 8 & 9)
10
$ 1,575,847
Expenditures During Fiscal Year
11
$ 143,164
Balances at End of Fiscal Year
M2 Fairshare
12
$ 1,378,444
M2 Fairshare Interest
13
M2 CTFP
14
$ -
M2 CTFP Interest
15
Other M2 Funding
16
$ 54,239
Other M2 Interest
17
Other*
18
* Please provide a specific description
CTFP - Combined Transportation Funding Program
Schedule i
City of Tustin
M2 Expenditure Report
Fiscal Year Ended June 30, 2012
Sources and Uses
Description
Noe
Amount
Revenues:
M2 Fairshare
1
$ 1,172,915
M2 Fairshare Interest
2
$ 4,652
M2 CTFP
3
$ 100,000
M2 CTFP Interest
4
Other M2 Funding
5
$ 54,239
Other M2 Interest
6
Other*
7
TOTAL REVENUES (Sum lines 1 to 7)
8
$ 1,331,806
Expenditures:
M2 Fairshare
9
_
$ 38,512
M2 Fairshare Interest
10
$ 4,652
M2 CTFP
11
$ 100,000
M2 CTFP Interest
12
Other M2 Funding
13
Other M2 Interest
14
Other*
15
TOTAL EXPENDITURES (Sum lines 9 to 15) 1
6
$ 143,164
TOTAL BALANCE (Subtract line 16 from 8) 1
17
$ 1,188,642
* Please provide a specific description
Schedule 2