Q �EwPpRT
CITY OF
s NEWPORT BEACH
`q44:09 City Council Staff Report
November 29, 2022
Agenda Item No. 7
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Michael Gomez, Acting Finance Director/Treasurer - 949-644-3124, [email protected]
PREPARED BY: Trevor Power, Accounting Manager, [email protected] PHONE: 949-644-3125
TITLE: Resolution No. 2022-85: Approval of Measure M2 Expenditure Report
ABSTRACT:
Measure M2 requires local jurisdictions to submit an annual accounting of M2 revenues and expenditures to the Orange County Transportation Authority (OCTA) by December 31 each year. Prior to submitting the accounting to OCTA, the M2 Expenditure Report must be adopted by resolution of the City Council.
RECOMMENDATION:
a) Determine this action is exempt from the California Environmental Quality Act (CEQA) pursuant to Sections 15060(c)(2) and 15060(c)(3) of the CEQA Guidelines because this action will not result in a physical change to the environment, directly or indirectly; and
b) Adopt Resolution 2022-85, A Resolution of the City Council of the City of Newport Beach, California, Concerning the Measure M2 Expenditure Report for the City of Newport Beach for the Fiscal Year Ending June 30, 2022.
DISCUSSION:
In 1990, Orange County voters approved Measure M, a 20-year program for local transportation improvements funded by a half -cent sales tax and entrusted the newly created OCTA to administer Measure M funds. Measure M was designed to fund transportation improvement projects in three major areas — freeways, streets and roads, and transit. The first Measure M program ended on March 31, 2011.
On November 7, 2006, Orange County voters renewed Measure M, and Measure M2 (M2) was passed to keep the transportation improvements continuing for another 30 years, until 2041. With the passage of M2, local agencies must continue to demonstrate eligibility. One new requirement emphasizes financial accountability and requires each local agency to submit an expenditure report to OCTA each year.
Specifically, Ordinance No. 3 of the Local Transportation Authority requires the following:
7-1
Resolution No. 2022-85: Approval of Measure M2
Expenditure Report
November 29, 2022
"Local jurisdictions must adopt and provide an annual expenditure report to OCTA to account for M2 funds, developer/traffic impact fees, and funds expended by the jurisdiction to satisfy maintenance of effort requirements.
The report is required within six months of each jurisdiction's fiscal year end.
The report will include all M2 net revenue, fund balances and interest earned, and will identify expenditures by activity type and funding source." The City of Newport Beach (City) has a maintenance of effort (MOE) requirement of approximately $12.5 million. As of the year ended June 30, 2022, the City expended approximately $16.8 million in eligible MOE expenditures as shown in the exhibit included with Attachment A.
In Fiscal Year 2021-22, the City received approximately $2.7 million of M2 Funds and expended approximately $3.0 million, reducing the balance of unexpended M2 funds compared to the beginning of the fiscal year. Unexpended M2 Funds remaining at the end of Fiscal Year 2021-22 will be expended in future fiscal years.
FISCAL IMPACT:
If the Measure M2 Expenditure Report is not filed with OCTA, then OCTA could potentially suspend or delay M2 funding to the City. Filing the report provides the City with additional resources to fund transportation capital improvement projects that would otherwise need to be funded by the General Fund.
ENVIRONMENTAL REVIEW:
Staff recommends the City Council find this action is not subject to the California Environmental Quality Act (CEQA) pursuant to Sections 15060(c)(2) (the activity will not result in a direct or reasonably foreseeable indirect physical change in the environment) and 15060(c)(3) (the activity is not a project as defined in Section 15378) of the CEQA Guidelines, California Code of Regulations, Title 14, Chapter 3, because it has no potential for resulting in physical change to the environment, directly or indirectly.
NOTICING:
The agenda item has been noticed according to the Brown Act (72 hours in advance of the meeting at which the City Council considers the item).
ATTACHMENT:
Attachment A — Resolution No. 2022-85
7-2
ATTACHMENT A
Resolution No. 2022-85
7-3
RESOLUTION NO. 2022- 85
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH, CALIFORNIA, CONCERNING
THE MEASURE M2 EXPENDITURE REPORT FOR THE
CITY OF NEWPORT BEACH FOR THE FISCAL YEAR
ENDING JUNE 30, 2022
WHEREAS, local jurisdictions are required to meet eligibility requirements and submit eligibility verification packages to the Orange County Transportation Authority ("OCTA") to remain eligible to receive Measure M2 ("M2") funds; WHEREAS, local jurisdictions are required to adopt an annual expenditure report as part of the eligibility requirements ("Expenditure Report"), which Expenditure Report is attached hereto as Exhibit A and incorporated herein by reference; WHEREAS, local jurisdictions are required to account for developer/traffic impact fees, and funds expended by the local jurisdiction in the Expenditure Report that satisfy OCTA's Maintenance of Effort requirements;
WHEREAS, local jurisdictions are also required to account for Net Revenues in such Expenditure Report, which is defined by OCTA as "[a]II of the gross revenues generated from the transactions and use tax plus any interest or other earnings thereon (collectively, 'Revenues'), after the deduction for: (i) amounts payable to the State Board of Equalization for the performance of functions incidental to the administration and operation of the Ordinance, (ii) costs for the administration of the Ordinance as provided herein, (iii) two percent (2%) of the Revenues annually allocated for Environmental Cleanup, and (iv) satisfaction of debt service requirements of all bonds issued pursuant to the Ordinance that are not satisfied out of separate allocations, shall be defined as 'Net Revenues' and shall be allocated solely for the transportation purposes described in the Ordinance";
WHEREAS, the Expenditure Report shall include all Net Revenue fund balances, interest earned and expenditures identified by type and program or project; and
WHEREAS, the Expenditure Report must be adopted and submitted to 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, the City Council of the City of Newport Beach resolves as follows:
7-4
Resolution No. 2022-
Section 1: The City Council does hereby inform OCTA that:
a) The Expenditure Report is in conformance 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.
b) The Expenditure Report is hereby adopted by the City of Newport Beach. c) The City of Newport Beach's Finance Director is hereby authorized to sign and submit the M2 Expenditure Report to OCTA for the fiscal year ending June 30, 2022.
Section 2: The recitals provided in this resolution are true and correct and are incorporated into the operative part of this resolution.
Section 3: If any section, subsection, sentence, clause or phrase of this resolution is, for any reason, held to be invalid or unconstitutional, such decision shall not affect the validity or constitutionality of the remaining portions of this resolution. The City Council hereby declares that it would have passed this resolution, and each section, subsection, sentence, clause or phrase hereof, irrespective of the fact that any one or more sections, subsections, sentences, clauses or phrases be declared invalid or unconstitutional.
Section 4: The City Council finds the adoption of this resolution is not subject to the California Environmental Quality Act ("CEQA") pursuant to Sections 15060(c)(2) (the activity will not result in a direct or reasonably foreseeable indirect physical change in the environment) and 15060(c)(3) (the activity is not a project as defined in Section 15378) of the CEQA Guidelines, California Code of Regulations, Title 14, Division 6, Chapter 3, because it has no potential for resulting in physical change to the environment, directly or indirectly.
7-5
Resolution No. 2022-
Section 5: This resolution shall take effect immediately upon its adoption by the City Council, and the City Clerk shall certify the vote adopting the resolution.
ADOPTED this 29th day of November, 2022.
Kevin Muldoon
Mayor
ATTEST:
Leilani I. Brown
City Clerk
APPROVED AS TO FORM:
CITY ATTORNEY'S OFFICE
...--�-
Aaron C. Harp
City Attorney
Attachment: Exhibit A — Expenditure Report
W
EXHIBIT
7-7
City of Newport Beach
Schedule 1
M2 Expenditure Report
Fiscal Year Ended June 30, 2022
Beginning and Ending Balances
Description
Line No.
Amount
Interest
Balances
at Beginning of Fiscal Year
A-M
Freewa�Pro�ects___._.......,__.,......._..__.__.....,___,_..._.__._�_•._."_•.,......_......._..._,w"__.._, 1 -
-
O
Regional CapacitLr Program LRCP�(See Note)....__._ .,. ,. ... 2 538,198
$ -
P
Regional Traffic Signal Synchronization Program (RTSSP) ._
$ _
_
Q
Local Fair Share
.....
4 $ 3,159,_
R
_...•._,,.
High Frequency Metrolink Service
___•...".._....
_ .__....._....................... •....•......._.......•. .....•....,w.................--_.._..__...•.,..._,............._•_--___.....•,,.., 5 $
$
S
Transit Extensions to Metrolink
6 ...,,,, ,.. _.,,._...,,,...,.,",_,......,, ,_.-
_
_._.....,....._.__..."_ _ _ ...._"..
_
T
Convert Metrolink Station(s) to Regional Gateways that
connect Orange County with High Speed Rail S�rstems
7 $ -
$
U
"
sSenior Mobility Program or Senior Non -Emergency Medical __.•__.... ...............
Program
8 $ _
$
Communi Based Transit/Circulators (See Note)
(366,887)
-
W
__„3__
Safe Transit Sto s
�_ ..._._,..."• �.. _ .,•",..",_,, �_ ,•.,,_..."._,.,.....__"_.........".,,""„ .._.__ 10
_
$•.
$ _
X
Environmental Cleanup Program (Water Quality (See Note) ..",_,,....,....
_ w11 _•
•., ......,............,,.w....,... � _._
$ „
.• .....,,.,_.... .....,..W.•..........,..•..
$ -
Other
„(287,509)
_
-
Balances at Beginning of Fiscal Year
_.• ._" .�______.......__,.._,_""._,.,•......•............ 13,_..,..•.,.
$...........•._____..3,043,352...._.,...."...............•._.,__._ $
.... -_._._...•..•...•............._......,.........•..................._.." Monies Made Available During Fiscal Year
.
14 $ 2,657,021
•._..,•.,,, .
$ 723
Total Monies Available (Sum Lines 13 & 14)
...".__ __._•__.. _. .__.....,._.._........... .._._.._......._. 15 $ 5,700,373
$ 723
Ex enditures During Fiscal Year
..,
16 $ 2,967,140
$ 723
Balances at End of Fiscal Year
A-M (Freeway Projects w"y � "�
"....._•,�,... ., .. ,,.........••...•.....,._,..•.......•....._,..........._........•......•.............•.,.".•..•. 17 _
_
$.,..,,..,......•...
I
O Regional Ca achy Program (RCP
...nu..._...9.r._...._w...n,__...nn�""._�.r�.__"�n••."._.v�..._..��..__,�._�.n...v_...�_"._��._r�_.� ...,,,......
18 ,. ,$•........._•.".........•...•.._,••.•....,.._... 538,198
,....,•.,., _.."..,•_,....•......
$ _
P jRegional Traffic Signal Synchronization Program (RTSSP) 19 .._.."__d�_�_..w�_r_"..
$ -
®.u..m.m......•n."._..u.....•.wu....i_._.n..
$ _
Q $Local Fair Share
_..., ••.."_._.....,_•.....•....,.......__...•.•....",.....,..,..._..._..........,,.._......".._,._._,...,. 20 ... ........ ....._•.__."_."_.....,...,..•$..,,_.".,.2,883,816 R gHiLhh Frequency Metrolink Service
21 ._._,..., -
.$__.....,.•...__.__..__."._._..,:_
_
S Transit Extensions to Metrolink
_ ....._ ,......"."_..._ _.,."..._•...,...._ . _.•,_,.............................._..... ..........._...._.._".._ _.., ......•."_...,._ �?
$
Convert Metrolink Station(s) to Regional Gateways that
._" .".."•..,,,
..,..,..••.._".._,..............,.._.•...... ........
_$_........•.......•...•........,.• "...._,.,,..,,,."•.,.
T
jconnect Orange County with High -Speed Rail Systems
23 $
$ `
Senior Mobility Program or Senior Non -Emergency Medical U '
......
IProgram
—..._.....�,._.r. m�u..n...n_.._....e..nn....w...•m...u.........._.._.s_.._......n".m.... 24 $ -
$
V [Community Based Transit/Circulators
",._....,•,• _ _ ,._�.• _._•._...,,,_..,....,_..."..."..,",..,,,.•..•••,•.....•.•.., •...._.,.."..,,.,.,.•.•..... mw..._._—.,r........."n..__._•_r.._r..<".m�..n.....r.rx.�_n�_..me®. 25 ....... .............$,,...,.,..._
W Safe Transit Stops _ _ _ _ ._" ,__....,.......__.,.•,. 26 ......... ,,.,,.(401,272)
_
•,$,..,,.,••,,..,.,•._..... ....... .,
$ _
X ;Environmental Cleanup Program (Water Quality)287
509
_..._
-
;Other
28 $ _
$ -
Notes Regarding Balances at Beginning of Fiscal Year 2021-22:
Fiscal Year 2020-21 M2 Expenditure Report Ending Balances:
Fiscal Year 2021-22 M2 Expenditure Report Beginning Balances:
Differences Explained Below
Project O Project V Project X
$ 226 $ (284,062) $ (5,009)
_$ 538,198 $ (366,887) $ (287,509)
$ 537,972 $ (82,825) $ (282,500)
Project O: Historically this entire report reflected the City's fund balance. For fiscal year 2021-22 OCTA requested that Project 0 be restated to reflect the City's cash balance, instead. The difference of $537,972 is a liability for unearned revenue, which represents cash received by the City that has not yet been earned by the City. This cash is excluded from fund balance.
Proiect V: Historically this entire report reflected the City's fund balance. For fiscal year 2021-22 OCTA requested that Project V be restated to reflect the City's cash balance, instead. The $(82,825) difference is $100,270 of accounts receivable'and $17,445 of accounts payable. Accounts receivable are unpaid bills from the City to OCTA. Accounts payable are unpaid bills from the Citv's vendors to the Citv.
Project X: Fiscal year 2020-21's Annual Comprehensive Financial Report restated fund balance because a $282,500 bill from the City to OCTA remained unpaid for an extended period of time. Coincidentally fiscal year 2021-22's ending fund balance and ending cash balance are the same.
M,
City of Newport Beach M2 Expenditure Report Schedule 2
Fiscal Year Ended June 30, 2022
Sources and Uses
Description
p
Line
No.
Amount
Interest
Revenues:
_ _
A-M jFreeway Pro�ectsw...._...p.._......,� ._µ�_._..__.._"._...�"_"_....,...m....__._.._.,.,,...._.._..w.�_,..._. ., " m."........ ........................ _ ....,......._....... 1 $ -
$ -
"...__ - ......"....
O $ Regional CapacityPro ram RCP
g - _ram �....... - ,_ .._. _ _._
___... ..,...
2 ...._.,.....,, _ ,. _..".....
$ -
$ -
. __...,...� _._..... _ �.
P Regional Traffic Signal Synchronization Program (RTSSP) .. � � ._" .." _."i..__..._. _,_"._.._._."� ._._.."_.."....ogra..._.._.......W.....,......_ 3 _
_
Local Fair Share
_.............._.__._ .__...$,.„..".w"
-,...,.,.._._,.,.
R IHighFrequencyMetrolinkService
"S
5 _
_
ITrar sit Extensions to Metrolink
$
$
T Convert Metrolink Station(s) to Regional Gateways,that connect Orange County with High -Speed Rail Systems
._._.,,.s_...._....,......"__
$ _
$ -
.... ..... I ............... _."".._..._ ,. -..._.. ...... ............ .............. .. - .........., U iSenior Mobility Program or Senior Non_ Emergency Medical Program ...._.......,...".".
8 _".....,..,....,..."....,..,..._,- ...- ...
$ 177,820
.
723
V °sCommunity Based Transit/Circulators (See Note)
__
9 100,270
$ -
"Nw�ryN "
W'Safe Transit Stops...."...-.._.__..._,.".._.._,._...._. -....�.._........_........,...-..__
.,.., ..."-..�........_.._.,,-
X ,Environmental Cleanup Program (Water Qualit
�.� .
11 -
_
Other
-
TOTAL REVENUES (Sum lines 1 to 12)
13 $ 2,657,021
$ 723
Expenditures:
�""".w,W."...._.....y._...._,....-,_....__._,.,......
.._ "...,.,.,.,_...................,."....,.....
14 $ -
$
O sRegional Capacity Program (RCP)
1._.t..,Lgional
,..
15 _...,,.,..,..........."_..� �.
-
„ .,,...,_._...". ....�...
_
^ -
Traffic Signal S nchronization Program
.... !..,..._...`.-........".,_.....,r-_.__
$..2,654,665
Q.�Local Fair ShareW".._
v _
.
"$..__""
_.,..__ _ ._Y.,
R High FregRenSyMetrolink Service
_-17...
_
$ _
S Transit Extensions to Metrolink
......,......,_.. ,...._..,_,..,,..,___................."."..._....._."_......................,,."...... 19 _
$
$ _
...... _......".................."_ .___..._.......,,._.."..__..
T Convert Metrolink Station(s) to Regional Gateways that connect ,......,....,.,...._....-__ .",
..._............_,.,......,___.-.....
jOrange County with High -Speed Rail Systems
20 $ -
$
U ISenior Mobility Program or Senior Non -Emergency Medical Program 21 $ 177,820
$ 723
V (Community -Based Transit/Circulators 4See"Note
22-
-�
W Safe Transit Stops .-..,,.................... ... ... -......... ........ 23 -
$ -
X Environmental CleanupProgram(Water Quality)
Other ����~����_
$ _
_
TOTAL EXPENDITURES (Sum lines 14 to 25)
26 $ 2,967,140
$ 723
TOTAL BALANCE (Subtract line 26 from 13)
27 $ (310,119)
$ -
Historically this report was prepared based on generally accepted accounting principles ("GAAP") for cities. For fiscal year 2021-22 OCTA requested that various projects, including project V, be presented on a cash basis, instead. Project V revenues of $100,270 above represent $0 of GAAP revenues and a $100,270 decrease in accounts receivable. Project V expenditures of $134,655 above represent $117,210 of GAAP expenditures and a $17,445 decrease in accounts payable. 7-9
City of Newport Beach
Schedule 3
M2 Expenditure Report
Fiscal Year Ended June 30, 2022
Streets and Roads Detailed Use of Funds
Type of Expenditure
Line
MOE
Developer/
O
p
p
p
Q
Q
X
X
Other
Other
M2
Other*
TOTAL
No.
Impact Fees'
Interest
Interest
Interest
Interest
M2'
Interest
Indirect and/or Overhead
_...................._.,._....._...... ............._............__..........._........,.__. 1 $ 8,742,566
$ -
$ -
$ -
$ -
$ _
$ _
$
$ _
$ _
$ _
$ -
$ -
$ 8,742,566
Construction & flight -of -Way
New Street Construction
2_
$ -
$ ._. -
$ -
$ _-.
$ _ -
$ -
$ -
$ -
$ -
$ -
$ -
$
$ _
$ -
Street Reconstruction
......_.__._................._.....__...._........._._._........_............._...___.........._._ 3 $ 2,755,394
.......__�_....._...._.____.-.....�.
$ -
$ -
_....._.r.
$ -
......-...__..._._..__
$ -
._—.____.-.-._.........._.._._...__
$ -
$ 2,654,665
�.�._..�_
$ -
_..._.._..._..
$ -
$ -
$ -
$ -
$ -
$ 5,410,059
Signals, Safety Devices, & Street Lights
4 $ 880,023
$ -
$ -
$ -
$ -
$ -
$ _
$ _
_._._._._._._—
$ -
........._.._..�__
$ -
...__._........
$ -
_....___._...._...-..__—__...._._.._..
$ -
$ -
____.,..............._._....�
$ 880,DZ3
Pedestrian Ways & Bike Paths
5 $ -
$ -
$ -
$ -
$ _
$ _
$ _
$ _
$ _
$ -
$ _
$ _
$ _
$ _
Storm Drains
..... ._..._._._...._......_......-........._.._....._...„........._._..._._.....�� 6 .._.._......___.---""-....._..........,._......_...__ $ -
$ -
$ -
_......._....._._...._
$ -
....._..__.._.._.._....+.._.._.........-.__
$ -
$ _
._._..........._
$ _
_........_..._.___...
$ _
__.__._.�....
$ -
$ -
$ -
$ _
$
Storrs Damage
7 $ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
.__.__.........._
$ -
__..._._..._...._..._...._._....._...._.
$ -
$ -
_..._._.........._.._
$ -
�....�......._.........
$ -
_._.__......_....._._.._�
$ -
Total Construction' _
8 ----
$ 3,635,417
$ -
.+.._
$ -
___
$ _
$ -
$ -
....__.___
$ 2,654,665
$ -
$ -
$ -
$ -
$ -
$ -
$ 6,290,082
90,
Right of Way Acquisition_
$._.__.w..._
$
5 -
$._._.......__�...5
$
$
$
$ -
$ -- -
$ ._...._
$ _....._�.=
$ .r_..._._.�_...$
_._.._........... _
Total Construction & Right -of -Way
10 $ 3.635,417
$ -
$ -
$ -
$ -
$ -
$ 2,654,665
$ -
$ -
$ -
$ -
$ -
$ -
$ 6,290,062
Maintenance
11 $ 704,557
$ -
$ -
$ -
$ -
$ _
$ _
$ _
$ _
$ _
$ _
$ _
$ -
$ 704,557
Patching
Overlay & Sealing
12 -13
$ 588,821
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ 588,821
Street Lights &Traffic Signals
$ 1,726,149
$
$
$�..��,.....
$!
$ �_....._. -
$ i -
$ -
$ -��
$ —�-.
$
$ -
$ ..__ -
$ _ 1,726,149
Storm Damage
14 $ -
$ -
$ _ .;..
$._... _..........�
$ ..._ _ _......_.
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
OtherStreetPurpose Maintenance
15 $ 1,421,184
$ -
$ -
$ -
$ -
$ _
$ _
$ _
$ _
$ _
$ _
$ _
$ -
$ 1,421,184
Total Maintenance' ✓
16 $ 4,440,711
$ -
$ -
_..._...______
$ -
_$.`��._.�.
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ 4,440,711
$
$_._..........._.._
$..._.._._._. =
$_.�_._r_
$ .�.__.... =..
.._._.___-.._ -
$
. $ ......_._.._�
$312,475
$_.......~. 723
. $ .—........._._..._
$313,19g
GRAND TOTALS (Sum Lines 1, 10, 16, 17)
18 $ 16,818,'. $ -Is
-
$ -
$ -
$ -1
$ 2,654,665 Is
-
$ -
$ -
$ 312,475 IS
723
$ -is
19,786,557
Any Callfamia State Constitution Article XlXstreets and road eligible expenditure may be "counted" in local jurisdictions' calculation of MOE ifthe activity is supported (funded) by a local Jurisdictions' discretionary funds (e.g. general fund).
The California State Controller also provides useful information an Article XIX and the Streets and Highways Code eligible expenditures in its "Guidelines Relating to Gas Tax Expenditures for Cities and Counties". I have reviewed and am Interim Finance Director Confirmation
19 aware of these guidelines and theirapplfcabi't yincalculatingandreportingonMaintenanceofEffortexpenditures.
Interim Finance Director's initials:
' Includes direct charges for staff time
' Other M2 includes A-M, R,S,T,U,V, and W
Transportation related only
" Please provide a specific description
Note About Other M2 Expenditures: Historically this report was prepared based on generally accepted accounting principles ("GAAP")for cities. For fiscal year 2O21-22OCIA requested that various projects, Including project V, he presented on a cash basis, instead. Other M2 Expenditures of$312,475 above represent $295,030 of GAAP expenditures and a $17,445 decrease in accounts payable.
Leeend
Project'
Description'.
A-M
Freeway Projects
O
Regional Capacity Program (RCP)
P
Regional Traffic Signal Synchronization Progmm(RTSSP)
Q
Local Fair Share
R
High Frequency Metmlink Service
S
Transit Extensions to Metrolink
T
onvert Metrolink Station(s) to Regional Gateways thatconnect Orange County with High -Speed Rail Systems
U
Senior Mobility Program or Senior Non -Emergency Medical Program V
Community Based Tmnsit/Cimulators
W
Safe Transit Stops
X
Environmental Cleanup Program (Water Quality)
7-10
City of Newport Beach
i
M2 Expenditure Report
Fiscal Year Ended June 30, 2022
Local Fair Share Project List
Schedule 4
PROJECT NAME AMOUNT EXPENDED
Concrete Replacement Program (12201-980000-20R06) $ 8 158 _ _..� �.._...._.._._�..., East Coast Hwy Pavement Rehab (12201-980000-21R12) $ 1465 826 ... w....,.._....� ,.,................... ..,,........, .. .,....,........., ,,.......__.......................w,...,,..........,................ _,. W...., ..'...,.......
Jamboree Rd. Pavement Rehab (12201-980000-21R15) S _�Rn Fug $ 2,654,665
;City of Newport Beach
Signature Page
M2 Expenditure Report
Fiscal Year Ended June 30, 2022
I hereby certify that:
0 All the information attached herein and included in schedules 1 through 4 is true and accurate to the best of my knowledge;
0 The interest earned on Net Revenues allocated pursuant to the Ordinance shall be expended only for those purposes for which the Net Revenues were allocated;
0 The City of Newport Beach is aware of the State Controller's "Guidelines Relating to Gas Tax Expenditures for Cities and Counties", which is a guide for determining MOE Expenditures for M2 Eligibility purposes; 0 The City's Expenditure Report is in compliance with direction provided in the State Controller's "Guidelines Relating to Gas Tax Expenditures for Cities and Counties;" and 0 The City of Newport Beach has expended -in this fiscal year an amount of local discretionary funds for streets and roads purposes at least equal to one of the maintenance of effort requirements below:
A) The City met the existing FY 2021-22 MOE benchmark dollar amount.
B) The City met a proportional MOE benchmark amount of FY 2021-22 General Funds Revenues that is at least equal to the percent listed in column C of Exhibit 2 in the M2 Eligibility Guidelines.ls Michael Gomez
Interim Director of Finance (Print Name)
Signature
�,p Z71 Z1
Date
13 An Actual General Fund Revenue excerpt from a jurisdiction's Annual Comprehensive Finance Report (ACFR) must be provided as backup documentation.
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