RESOLUTION NO. 2023-XXX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FULLERTON, CALIFORNIA, ADOPTING THE CITY OF FULLERTON MEASURE M2 EXPENDITURE REPORT FOR THE FISCAL YEAR ENDING JUNE 30, 2023 WHEREAS, local jurisdictions must meet eligibility requirements and submit eligibility verification packages to the Orange County Transportation Authority (OCTA) in order to remain eligible to receive M2 funds.
WHEREAS, local jurisdictions must adopt an annual M2 Expenditure Report as part of one of the eligibility requirements.
WHEREAS, local jurisdictions must account for Net Revenues, developer and traffic impact fees and funds expended by local jurisdiction in the M2 Expenditure Report that satisfy the Maintenance of Effort requirements.
WHEREAS, the M2 Expenditure Report shall include all Net Revenue fund balances, interest earned and expenditures identified by type and program or project.
WHEREAS, City Council must adopt the M2 Expenditure Report must be adopted and submitted to the OCTA each year within six months of the end of the local jurisdiction’s fiscal year to remain eligible to receive Net Revenues as part of M2.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF FULLERTON RESOLVES AS FOLLOWS:
The M2 Expenditure Report conforms with the template provided in the Measure M2 Eligibility Guidelines and accounts for Net Revenues including interest earned, expenditures during the fiscal year and balances at the end of fiscal year.
The City of Fullerton adopts the M2 Expenditure Report.
City Council authorizes the City of Fullerton Finance Director to sign and submit the M2 Expenditure Report to OCTA for the fiscal year ending June 30, 2023.
ADOPTED BY THE FULLERTON CITY COUNCIL ON DECEMBER 19, 2023. ___________________________
Nicholas Dunlap
Mayor
ATTEST:
______________________________
Lucinda Williams, MMC
City Clerk
______________________________
Date
Resolution No. 2023-XXX