TITLE:
title
MEASURE M2 EXPENDITURE REPORT
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DEPARTMENT: PUBLIC WORKS DEPARTMENT/ADMINISTRATION
PRESENTED BY: RAJA SETHURAMAN, PUBLIC WORKS DIRECTOR
CONTACT INFORMATION: CHRISTINE TSAO, SENIOR MANAGEMENT ANALYST (714) 754 -5024
RECOMMENDATION:
recommendation
Staff recommends the City Council adopt the proposed Resolution No. 2024-xx, (Attachment 1) approving the Measure M2 Expenditure Report and authorizing staff to submit the report to the Orange County Transportation Authority (OCTA).
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BACKGROUND:
The approved guidelines for Renewed Measure "M" (M2) eligibility requires that local agencies prepare and adopt an annual expenditure report on Measure M2 funds. The expenditure report is a detailed financial report, which tracks financial activity related to Measure M2 and other improvement funds. The report should account for the receipt, interest earned, and use of Measure M2 and other funds as outlined in the Ordinance approved by the OCTA Board and the Orange County voters. OCTA requires the annual report to be provided within six (6) months from the end of the jurisdiction's fiscal year.
ANALYSIS:
In order to qualify for Measure M2 funding, all agencies must meet certain eligibility criteria established by the Ordinance approving the "M2" Program. Preparation of the expenditure report is one such requirement that each jurisdiction has to meet on an annual basis.
The guidelines require each city to prepare and adopt an annual expenditure report to account for Measure M2 funds, developer/traffic impact fees, and funds expended by the City to satisfy Maintenance of Effort requirements. The following are the requirements of the expenditure report:
* Submit report within six (6) months of the jurisdiction's end of fiscal year;
* Include all Measure M2 revenue, fund balances, and interest earned;
* Identify expenditures by activity type (capital, operations, administration, etc.) and the funding source for each program/project; and
* Submit the exp...
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