Meeting_Body
REGULAR BOARD MEETING
MAY 28, 2020
Subject
SUBJECT: CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT FUNDING
Action
ACTION: APPROVE RECOMMENDATIONS
Heading
RECOMMENDATION
Title
CONSIDER:
A. APPROVING the allocation of CARES Act funding received by Los Angeles County as described in Attachment A.
B. APPROVING fund exchanges of Federal CARES Act funding, as appropriate, with other local funding sources in order to provide administrative efficiencies, optimize and accelerate the distribution of resources.
C. AUTHORIZING the Chief Executive Officer to negotiate and execute all necessary agreements to implement the recommended support of transit programs countywide.
Issue
ISSUE
Los Angeles County and the world are facing an unprecedented challenge as we adapt to the new limitations on our daily lives due to the COVID-19 pandemic. In response to the financial shortfalls in nearly every sector of the American economy, Congress approved and signed into law the CARES Act on March 27, 2020.
The CARES Act delivers COVID-19 relief funds to a wide range of American industries to provide fast and direct economic assistance in this time of crisis. As the Regional Transportation Planning Entity (RTPE) for Los Angeles County, Metro is responsible for allocating transportation funding provided under the CARES Act to transit agencies in the county.
Background
BACKGROUND
With the implementation of the "Safer at Home" order in March, nonessential businesses closed, and all residents were directed to leave their homes only for essential activities. Consumer spending has plummeted and transit ridership and fare revenues have dropped dramatically resulting in an estimated $1.8 billion reduction in resources available to operate and maintain Los Angeles County's transit mobility network.
Discussion
DISCUSSION
The revenues received from local and state derived sales tax measures, the basis of our investment in mobility, are estimated ...
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