Crenshaw Project Corporation
One Gateway Plaza
Los Angeles, CA 90012
Meeting_Body
CPC BOARD MEETING
DECEMBER 1, 2016
Subject/Action
SUBJECT: FISCAL YEAR BUDGET
ACTION: APPROVE THE CRENSHAW PROJECT CORPORATION (CPC) FY17 BUDGET
Heading
RECOMMENDATION
Title
APPROVE the Fiscal Year 2016-2017 (FY17) budget in the amount of $50,200 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
During FY16, CPC continued to receive disbursement of TIFIA loan funds from the United States Department of Transportation (USDOT). The TIFIA loan is secured by Measure R Sales Tax revenues. In FY16, the CPC received seven disbursements of TIFIA loan funds in the amount of $442.6 million. These loan disbursements were then advanced to Metro for the purpose of reimbursing the agency for eligible Crenshaw/LAX Project expenses. In addition, the CPC paid $48,666.00 in expenses for legal service 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 FY17 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.
Attachments
ATTACHMENT
Attachment A - Proposed Fiscal Year 2016-2017 Budget Summary
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