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File #: 20-0041    Version: 1
Type: Consent - Staff Report Status: Agenda Ready
In control: City Council Regular Meeting
On agenda: 3/17/2020 Final action:
Title: Consider Adopting a Resolution Approving the Budgeted Purchase of Proposition A Transportation Funds from the City of Maywood (Finance Director Charelian and Parks and Recreation Director Leyman). ADOPT RESOLUTION NO. 20-0019
Attachments: 1. Resolution No. 20-0019, 2. Agreement - City of Maywood
Date Ver.Action ByActionResultAction DetailsDetailsVideo
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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
Jan Buike, Community Programs Manager

SUBJECT:Title
Consider Adopting a Resolution Approving the Budgeted Purchase of Proposition A Transportation Funds from the City of Maywood (Finance Director Charelian and Parks and Recreation Director Leyman).
ADOPT RESOLUTION NO. 20-0019
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Recommended Action
RECOMMENDATION:
City staff recommends that the City Council adopt Resolution No.20-0019 approving the purchase of Budgeted Proposition A transportation funds from the City of Maywood, 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-three cents ($0.73) for each $1 of Proposition A funds. As a result, the City will receive $273,973 in Proposition A funds at a cost of $200,000 in General Fund moneys.

The amount to be exchanged is based on the projected shortfall of Proposition A funds in the Fiscal Year (FY) 2018-2019 budget ($273,973). This exchange relieves the prior imbalance, which was being made up with Measure R transportation funds, but which are now being used to fund Public Works projects.

The current year's transportation budget for the City is $1,009,249. Dial-A-Ride services are budgeted at $930,924. The FY 2019-2020 Adopted Budget included an exchange of Proposition A funds with City of Manhattan Beach general funds.

BACKGROUND:
During the biennial budget approval process in 2018, the City Council authorized staff to exchange General Fund dollars for Proposition A funds to supplement the transportation budget. Exchanges of this type are common amongst municipalities and serve to benefit both parties involved. In this case, the Cit...

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