Meeting_Body
Crenshaw Project Corporation
One Gateway Plaza
Los Angeles, CA 90012
CRENSHAW PROJECT CORPORATION BOARD MEETING
NOVEMBER 30, 2017
Subject
SUBJECT: FISCAL YEAR BUDGET
Action
ACTION: APPROVE THE CRENSHAW PROJECT CORPORATION (CPC) FY18 BUDGET
Heading
RECOMMENDATION
Title
APPROVE the Fiscal Year 2017-2018 (FY18) budget in the amount of $21,300 for the operation and administration of the Crenshaw Project Corporation (CPC).
Issue
ISSUE
The CPC was formed in 2012 to act as the Transportation Infrastructure Finance and Innovation Act (TIFIA) Loan conduit borrower for the Crenshaw/LAX Transit Corridor Project (Crenshaw/LAX Project). CPC Bylaws, Article 5.2(b), require preparation of an annual budget for administrative support services which are provided by Metro. A summary of the proposed budget is provided as Attachment A.
Discussion
DISCUSSION
As of November 30, 2016, the CPC has drawn all of the $545.9 million TIFIA loan available to the Crenshaw/LAX project. All loan disbursements have been advanced to Metro for the purpose of reimbursing the agency for eligible Crenshaw/LAX Project expenses. In FY17, the CPC paid $21,200 in expenses for trustee services and loan administration fees as well as other charges. The CPC was reimbursed for these expenditures by Metro.
Determination_of_Safety_Impact
DETERMINATION OF SAFETY IMPACT
There is no safety impact related to this action.
Financial_Impact
FINANCIAL IMPACT
The CPC Annual Budget was funded in Metro’s adopted FY18 budget in various cost centers, the largest percentage in non-departmental debt management.
Next_Steps
NEXT STEPS
Staff will monitor actual payments to ensure CPC expenses are fiscally responsible.
Attachment
ATTACHMENT
Attachment A - Proposed Fiscal Year 2017-2018 Budget Summary
Prepared_by
Prepared by: Mary Morgan, DEO Finance, Treasury, 213-922-4143
Donna Mills, Treasurer, Treasury, 213-922-4047
Reviewed_by
Reviewed by: Nalini Ahuja, Chief Financial Officer, Office of Management & Budget (213) 922-3088
