Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
NOVEMBER 16, 2016
Subject/Action
SUBJECT: FUND EXCHANGE IN SUPPORT OF SCRRA ADOPTED WORK PROGRAM
ACTION: APPROVE REVENUE-NEUTRAL FUND EXCHANGE AGREEMENT BETWEEN METRO, VCTC AND SCRRA
Heading
RECOMMENDATION
Title
AUTHORIZE the Chief Executive Officer to execute a revenue-neutral fund exchange agreement between Metro, the Ventura County Transportation Commission (VCTC) and the Southern California Regional Rail Authority (SCRRA) to fund FY16 and FY17 SCRRA rehabilitation projects.
Issue
ISSUE
Metro and VCTC are among the partner agencies in the Joint Exercise of Powers Authority (JPA) that form the SCRRA, operators of the Metrolink commuter rail system in the Southern California region. VCTC does not have a local transportation sales tax, and, for many years VCTC has funded a portion of its annual Metrolink operating subsidies by exchanging its federal formula funds with Metro local Proposition C10% (PC10) funds within the SCRRA's rehabilitation budgets.
Starting in FY 2015-16, as a result of increases in operating subsidies for Metrolink and reduced availability of Metro's PC10 funding, the previously-utilized funding mix is no longer available for SCRRA Rehabilitation projects to facilitate VCTC's annual operating fund exchange. Metro currently funds SCRRA rehabilitation projects with Measure R3% which are restricted to capital funding and are ineligible for operations. The change in the available funding has left VCTC without a vehicle to meet its operating subsidy obligations for Metrolink.
Discussion
DISCUSSION
VCTC has placed a proposed transportation sales tax measure on the November ballot and if adopted by Ventura County voters, would provide the majority of funding for their local obligation beginning in FY18. Additionally, the SCRRA, working with the Member Agencies, is also exploring the introduction of federal funding for Preventive Maintenance within the operating program. These two c...
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