55E - RESO M2 YEAR END REPORT - Laserfiche WebLink

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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: DECEMBER 15, 2020 TITLE: RESOLUTION TO ADOPT AND APPROVE FOR SUBMISSION THE FISCAL YEAR 2019-20 MEASURE M2 YEAR-END EXPENDITURE REPORT TO CONTINUE RECEIVING COMPREHENSIVE TRANSPORTATION FUNDING PROGRAM GRANTS ANNUALLY CLERK OF COUNCIL USE ONLY: APPROVED ❑ As Recommended ❑ As Amended ❑ Ordinance on 1� Reading ❑ Ordinance on 2nd Reading ❑ Implementing Resolution ❑ Set Public Hearing For weloi11►U1gliCe7 /s/ Kristine Ridge FILE NUMBER CITY MANAGER RECOMMENDED ACTION Adopt a resolution approving the Measure M2 Annual Expenditure Report for Fiscal Year 2019-20, and authorize submission of the report to the Orange County Transportation Authority, as required by Measure M2 Funding Eligibility Guidlines. DISCUSSION In November 1990, Orange County voters approved Measure M, a 20-year one -half -cent sales tax to fund transportation projects in Orange County. Sixteen years later, in November 2006, the voters again approved the Renewal of Measure M, referred to as M2, for an additional thirty years. M2 became effective in April 2011, and the net revenues generated by M2 contribute to two types of grant funding: Local Fair Share (LFS) and Competitive. All Orange County cities are eligible for LFS funding which is distributed based on population, number of existing Master Plan of Arterial Highways centerline miles, and taxable sales. Under the competitive component of M2 funding, cities must compete and demonstrate support of regional transportation to successfully qualify for grant monies. Fulfilling M2 eligibility requirements also allows the City to qualify for other regional competitive OC Go M2 grant funding opportunities. Each year local agencies are required to submit documentation to the Orange County Transportation Authority (OCTA) that includes the End of Year Expenditure Report adopted via resolution. The expenditure report is a detailed financial document submitted by each jurisdiction which is used to track and validate financial activity related to the Renewed Measure M2 and other improvement funds. The report accounts for receipt, interest earned, and use of Measure M2 and other funds, while delineating the distribution of actual revenue and expenditures consistent with maintenance of effort requirements. Adoption of the Measure M2 Annual Expenditure Report by Resolution (Exhibit 1) is a required reporting element that must be submitted within six months of the jurisdiction's fiscal year end. 55E-1