TO:
VIA:
FROM:
DATE:
CITY COUNCIL
CITY ADMINISTRATOR
DIRECTOR OF FINANCE
DECEMBER 5, 2023
Placentia Cit Council
AGENDA REPORT
SUBJECT: MEASURE M (M2) EXPENDITURE REPORT FOR FISCAL YEAR 2022-23 FISCAL
IMPACT: NONE
SUMMARY:
On November 6, 1990, Orange County voters approved Measure M, which authorized the imposition of a one half -cent sales tax for a 20 -year period effective April 1, 1991, to provide funding for regional and local transportation projects. On November 7, 2006, voters approved Renewed Measure M (M2). M2 is a 30 -year, multi -billion -dollar program extension of the original Measure M with a new slate of transportation projects and programs. The City of Placentia receives local M2 funds each year. Adoption of the attached Resolution will approve and adopt the Fiscal Year 2022-23 M2 Expenditure Report for submittal to the Orange County Transportation Authority (OCTA) as part of the M2 compliance.
RECOMMENDATION:
It is recommended that the City Council take the following action:
Adopt Resolution No. R-2023-86, a Resolution of the City Council of the City of Placentia, California, concerning the Fiscal Year 2022-23 Measure M2 (M2) Expenditure Report for the City of Placentia.
DISCUSSION:
On November 6, 1990, Orange County voters approved Measure M, which authorized the imposition of a one half -cent sales tax for a 20 -year period effective April 1, 1991, to provide funding for regional and local transportation projects. On November 7, 2006, voters approved Renewed Measure M, which is commonly referred to as M2. M2 is a 30 -year, multi -billion -dollar program extension of the original Measure M with a new slate of transportation projects and programs. The City of Placentia receives local M2 funds each year.
1.e.
Dec. 05, 2023
City Council Agenda
December 5, 2023
As a part of M2's compliance program an annual report is prepared by the City to validate eligible use of funds and must be submitted within six (6) months to OCTA following the end of the City's fiscal year. The year-end report for FY 2022-23 is required to be submitted by December 31, 2023. This expenditure report is a detailed financial report submitted by the City and used to track financial activity as it relates to M2 and other improvement funds. The report accounts for funds received, interest earned, and use of M2 and other funds. A copy of this report (Attachment 2) is attached to the Resolution. Staff is recommending the adoption of this Resolution and report to allow the City to continue to receive M2 funds from OCTA.
FISCAL IMPACT:
There is no direct fiscal impact associated with the recommended actions. The M2 Expenditure Report is a receive and file document that is a required component of M2 compliance and must be submitted in order to qualify for current and future M2 funding.
Prepared by:
Jerify�Gnigg's
Accounting Manager
Reviewed and approved:
Luis Estevez
Deputy City Administrator
Reviewed and approved:
Jennifer Lampman
Director of Finance
Reviewed and approved:
Damien R. Arrula
City Administrator
Attachments:
1. Resolution No. R-2023-86 — Measure M2 Expenditure Report
2. FY 2022-23 Measure M2 Expenditure Report