55A - RESO - ADOPT M2 YEAR-END EXPENDITURE RPT

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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: DECEMBER 3, 2012 TITLE: RESOLUTION AFFIRMING ADOPTION OF THE MEASURE M2 YEAR-END EXPENDITURE REPORT C CITY MANAGER RECOMMENDED ACTION CLERK OF COUNCIL USE ONLY: APPROVED ? As Recommended ? As Amended ? Ordinance on 1" Reading ? Ordinance on 2nd Reading ? Implementing Resolution ? Set Public Hearing For_ CONTINUED TO FILE NUMBER Adopt a resolution approving the Measure M2 Annual Expenditure Report and authorize the City to submit it to the Orange County Transportation Authority as required by Measure M2. DISCUSSION Each year local agencies are required to submit documentation to the Orange County Transportation Authority (OCTA) to obtain Measure M2 Comprehensive Transportation Funding Programs (CTFP) Funds and remain eligible to receive them in the future. Among these requirements, the City is required to submit a year-end Expenditure Report along with a resolution which acknowledges Council's adoption of the Expenditure Report. The Expenditure Report is a detailed financial document submitted by each jurisdiction, and is used to track financial activity as it relates to Renewed Measure M2 and other improvement funds. The report accounts for receipt, interest earned, and the use of Measure M2 and other funds. This report helps to validate eligible use of funds and must be submitted within six months of the jurisdiction's fiscal year end. Additionally, adoption of the resolution will enable the City to continue to receive approximately $4.0 million in Measure M2 Fairshare funds each year and to remain eligible for CTFP funding administered by the OCTA. FISCAL IMPACT There is no fiscal impact associated with this action. Raul Godinez II Executive Direct r Public Works Agency RG/ML Exhibit: 1. Resolution 55A-1