[EXPENDITURE REPORT RESOLUTION]
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GARDEN GROVE CONCERNING THE MEASURE M2 (M2) EXPENDITURE REPORT FOR
THE CITY OF GARDEN GROVE.
WHEREAS, local jurisdictions are required to meet eligibility requirements and submit eligibility verification packages to the Orange County Transportation Authority (OCTA) in order to remain eligible to receive M2 funds; and
WHEREAS, local jurisdictions are required to adopt an annual M2 Expenditure Report as part of one of the eligibility requirements; and
WHEREAS, local jurisdictions ar e required to account for Net Revenues, developer/traffic impact fees, and funds expended by local jurisdic tion in the M2 Expenditure Report that satisfy the Maintenance of Effort requirements; and
WHEREAS, the M2 Expenditure Report shall include all Net Revenue fund balances, interest earned and expenditures identified by type and program or project; and WHEREAS, 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 be eligible to receive Net Revenues as part of M2.
NOW, THEREFORE, BE IT RESOLVED that the City Council for the City of Garden Grove does hereby inform OCTA that:
a) The M2 Expenditure Report is in conformance with the template provided in the Measure M2 Eligibility Guidelines and accounts fo r Net Revenues including interest earned, expenditures during the fiscal year, and balances at the end of fiscal year. b) The M2 Expenditure Report is hereby adopted by the City of Garden Grove. c) The City of Garden Grove Finance Director is hereby authorized to sign and submit the M2 Expenditure Report to OCTA for the fiscal year ending 2024.
PASSED, APPROVED, AND ADOPTED THIS ______ day of _______________, 2024.