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File #: 18-0469    Version: 1
Type: Consent - Staff Report Status: Agenda Ready
In control: City Council Regular Meeting
On agenda: 12/4/2018 Final action:
Title: Budgeted Purchase of Proposition A Transportation Funds from the City of Diamond Bar (Finance Director Charelian). ADOPT RESOLUTION NO. 18-0163
Attachments: 1. Resolution No. 18-0163, 2. Agreement - City of Diamond Bar
TO:
Honorable Mayor and Members of the City Council

THROUGH:
Bruce Moe, City Manager

FROM:
Steve S. Charelian, Finance Director
Mark Leyman, Parks and Recreation Director
Eve Kelso, Recreation Services Manager

SUBJECT:Title
Budgeted Purchase of Proposition A Transportation Funds from the City of Diamond Bar (Finance Director Charelian).
ADOPT RESOLUTION NO. 18-0163
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Recommended Action
RECOMMENDATION:
City staff recommends that the City Council adopt Resolution No. 18-0163 approving the purchase of Budgeted Proposition A transportation funds from the City of Diamond Bar, and the Proposition A Local Return Fund Exchange Agreement.
Body
FISCAL IMPLICATIONS:
Funds to effect this exchange are budgeted in the Parks and Recreation Administration budget using General Fund dollars. The exchange rate is seventy cents ($0.70) for each $1 of Proposition A funds. As a result, the City will receive $230,000 in Proposition A funds at a cost of $161,000 in General Fund moneys.

The amount to be exchanged is based on the projected shortfall of Proposition A funds in the FY 2018-19 budget (approximately $230,000). This exchange relieves the prior imbalance which was being made up with Measure R transportation funds, which are now being used to fund Public Works projects.

The current year's transportation budget for the City is $945,978. Dial-A-Ride services are budgeted at $868,971. The FY 2018-19 Adopted Budget included an exchange of Proposition A funds with City of Manhattan Beach general funds.

BACKGROUND:
Earlier this year, during the biennial budget approval process, the City Council authorized staff to exchange General Fund dollars for Proposition A funds to supplement the transportation budget.

The FY 2018-19 Proposition A budget includes $719,298 in revenue and $945,978 in expenditures, resulting in a deficit of $226,680. As a result, an exchange of approximately $230,000 in Proposition A f...

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