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O <br />CITY COUNCIL MEETING DATE: <br />DECEMBER 6, 2016 <br />TITLE: <br />RESOLUTION — ADOPTION OF MEASURE <br />M2 YEAR -END EXPENDITURE REPORT TO <br />CONTINUE RECEIVING COMPREHENSIVE <br />TRANSPORTATION FUNDING PROGRAMS <br />FUNDS (STRATEGIC PLAN NO. 6, 1G) <br />CITY MAN ER <br />FRAMs • <br />APPROVED <br />El As Recommended <br />❑ As Amended <br />❑ Ordinance on 18' Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Adopt a resolution approving the Measure M2 Annual Expenditure Report for FY 15/16, and <br />authorize the Public Works Agency Executive Director to submit the report to the Orange County <br />Transportation Authority, as required by Measure M2. <br />DISCUSSION <br />Adoption of the resolution approving the Measure M2 Annual Expenditure Report for FY 15/16 <br />will allow the City to continue receiving approximately $4 million in Measure M2 Fairshare funds <br />each year as well as remain eligible for funding in the Measure M2 Comprehensive <br />Transportation Funding Programs (CTFP). The Comprehensive Transportation Funding <br />Programs (CTFP) represents a collection of competitive grant programs offered to local agencies <br />to assist in funding street improvements, transit expansion, and even environmental mitigation <br />projects. The CTFP is comprised primarily of Measure M2 funds, but can also include <br />state /federal funding sources. <br />Each year local agencies are required to submit documentation to the Orange County <br />Transportation Authority (OCTA) that includes the year -end expenditure report and a resolution <br />approving the report. The expenditure report is a detailed financial document submitted by each <br />jurisdiction and is used to track financial activity related to the Renewed Measure M2 and other <br />improvement funds. The report accounts for receipt, interest earned, and use of Measure M2 <br />and other funds. This report validates eligible use of funds and must be submitted within six <br />months of the jurisdiction's fiscal year end. Adoption of the Measure M2 Annual Expenditure <br />Report by resolution (Exhibit 1) is a required reporting element. <br />55C -1 <br />