Agenda Item No: 1.g
PLACENTIA CITY COUNCIL AGENDA REPORT
Meeting Date: November 19, 2024
Submitted by: Jennifer Lampman
From: Finance
Subject:
Measure M (M2) Expenditure Report for Fiscal Year 2023-24 Financial Impact:
Fiscal Impact: There is no fiscal impact to the recommended action.
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 2023-24 M2 Expenditure Report for submittal to the Orange County Transportation Authority (OCTA) as part of the M2 compliance program.
Recommendation:
Recommended Action: It is recommended that the City Council:
1. Adopt Resolution No. R-2024-76, a Resolution of the City Council of the City of Placentia, California, concerning the Fiscal Year 2023-24 Measure M2 (M2) Expenditure Report for the City of Placentia.
Strategic Plan Statement:
There is no specific strategic plan goal or objective associated with this agenda item.
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.
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 2023-24 is required to be submitted by 75 December 31, 2024. 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 Summary:
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.
Attachments
Attach ment_1 _-_Resol ution_R-2024-76-_FY_2023-24_Measu re_M2_Expend itu re. docx FY 23-24 M2 Expenditure Report -Attachment 2
76 RESOLUTION NO. R-2024-76
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PLACENTIA, CALIFORNIA, CONCERNING THE FISCAL
YEAR 2023-24 MEASURE M2 (M2) EXPENDITURE
REPORT FOR THE CITY OF PLACENTIA
A. Recitals
(i). 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
(ii). Local jurisdictions are required to adopt an annual M2 Expenditure Report as part of one of the eligibility requirements; and
(iii). Local jurisdictions are required to account for Net Revenues, developer/traffic impact fees, and funds expended by local jurisdiction in the M2 Expenditure Report that satisfy the Maintenance of Effort requirements; and
(iv). The M2 Expenditure Report shall include all Net Revenue fund balances, interest earned and expenditures identified by type and program or project; and (v). 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.
B. Resolution
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLACENTIA DOES HEREBY FIND, DETERMINE AND RESOLVE AS FOLLOWS:
1. The M2 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.
2. The M2 Expenditure Report is hereby adopted by the City of Placentia.
3. The City of Placentia Director of Finance is hereby authorized to sign and submit the M2 Expenditure Report to OCTA for the fiscal year ending June 30, 2024.
Resolution R-2024-76
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