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Westminster Ave. / 17th St Traffic Signal Synchronization <br />May 4, 2021 <br />Page 2 <br />6 <br />7 <br />2 <br />The amount of funds currently available in the project account is $222,788. Staff seeks <br />approval for the reallocation of $41,937 of unspent Measure M2 Local Fairshare funds to <br />meet the City’s cost share for the project. Upon approval of the requested reallocation, <br />the total amount expended for construction will be $264,725, which sufficiently satisfies <br />the required local cash match for the project. <br />ENVIRONMENTAL IMPACT <br />There is no environmental impact associated with the action. <br />FISCAL IMPACT <br />Upon approval of the requested reallocation of $41,937 in unspent Measure M2 Local <br />Fairshare funds, funding will be available to meet the City’s matching funds requirement <br />of $264,725. <br />The following table summarizes the funds budgeted and available to issue payment to <br />OCTA for the City’s share of the construction costs for this project: <br />Fiscal <br />Year <br />Accounting <br />Unit-Account # <br />Fund <br />Description <br />Accounting Unit, <br />Account Description <br />Amount <br />EXISTING PROJECT BUDGET <br />2020-21 03217662-66220 <br />(16-6869) <br />Measure M-Street <br />Construction <br />Measure M2 Local <br />Fairshare, Improvements <br />Other Than Building <br />$222,788 <br />PROJECT BUDGET REALLOCATION <br />2020-21 <br />03217662-66220 <br />(16-6869 From <br />15-6829) <br />Measure M-Street <br />Construction <br />Measure M2 Local <br />Fairshare, Improvements <br />Other Than Building <br />$31,306 <br />2020-21 <br />03217662-66220 <br />(16-6869 From <br />21-6905) <br />Measure M-Street <br />Construction <br />Measure M2 Local <br />Fairshare, Improvements <br />Other Than Building <br />$10,631 <br />Total:$264,725 <br />Submitted By: <br />Nabil Saba, P.E., Executive Director – Public Works Agency <br />Approved By: Kristine Ridge, City Manager