File #: 2019-0749   
Type: Budget Status: Agenda Ready
File created: 9/24/2019 In control: Crenshaw Project Corporation
On agenda: 12/5/2019 Final action:
Title: APPROVE the Fiscal Year 2019-2020 (FY20) budget in the amount of $51,240 for the operation and administration of the Crenshaw Project Corporation (CPC).
Sponsors: Crenshaw Project Corporation
Indexes: Budget, Budgeting, Crenshaw/LAX Transit Corridor Project, Los Angeles International Airport, Metro Crenshaw Line, Metro Exposition Line, Metro Green Line, Metro Rail C Line, Metro Rail E Line, Metro Rail K Line, Project, Transportation Infrastructure Finance and Innovation Act of 1998
Attachments: 1. Attachment A - Proposed Fiscal Year 2019-2020 Budget Summary
Date Action ByActionResultAction DetailsMeeting DetailsAudio
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Meeting_Body

Crenshaw Project Corporation

                     

 

One Gateway Plaza

Los Angeles, CA 90012

CRENSHAW PROJECT CORPORATION BOARD MEETING

DECEMBER 5, 2019

 

Subject

SUBJECT:                     FISCAL YEAR BUDGET

 

Action

ACTION:                     APPROVE THE CRENSHAW PROJECT CORPORATION (CPC) FY20 BUDGET

 

Heading

RECOMMENDATION

 

Title

APPROVE the Fiscal Year 2019-2020 (FY20) budget in the amount of $51,240 for the operation and administration of the Crenshaw Project Corporation (CPC).

 

Issue

ISSUE

 

CPC Bylaws, Article 5.2(b), require preparation of an annual budget for administrative support.  A summary of the proposed budget is provided as Attachment A.

 

Background

BACKGROUND

 

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).

 

Discussion

DISCUSSION

 

The CPC has drawn the entire $545.9 million TIFIA loan available to the Crenshaw/LAX project. All loan disbursements were advanced to Metro for the purpose of reimbursing the agency for eligible Crenshaw/LAX Project expenses.

 

In FY19, the CPC paid $23,989 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 FY20 budget in various cost centers for services related to debt management.

 

Next_Steps

NEXT STEPS

 

Staff will monitor actual payments to ensure CPC expenses are fiscally responsible.

 

Attachments

ATTACHMENTS

 

Attachment A - Proposed Fiscal Year 2019-2020 Budget Summary

 

Prepared_by

Prepared by:                      

Susan Cariasa-Ginsberg, Manager, Admin. & Financial Services, 213-922-6162

Donna Mills, Treasurer, Treasury, 213-922-4047

 

Reviewed_By

Reviewed by:                      

Nalini Ahuja, Chief Financial Officer, (213) 922-3088