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
