Meeting_Body
Crenshaw Project Corporation
One Gateway Plaza
Los Angeles, CA 90012
CRENSHAW PROJECT CORPORATION BOARD MEETING
DECEMBER 3, 2020
Subject
SUBJECT: FISCAL YEAR BUDGET
Action
ACTION: APPROVE RECOMMENDATION
Heading
RECOMMENDATION
Title
APPROVE the Fiscal Year 2020-2021 (FY21) budget in the amount of $28,260.00 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
As of August 25, 2016, the CPC had 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 FY20, the CPC paid $22,240.00 in expenses for trustee services and loan administration fees as well as other charges. The CPC was reimbursed for these expenditures by Metro.
The Crenshaw/LAX Project TIFIA loan was refinanced with Measure R Junior Subordinate Series 2020-A Refunding Bonds and paid off, in full, on August 27, 2020. The FY21 budget is for expenses incurred up to the termination of the TIFIA loan and continuing financial reporting requirements and legal expenses for CPC.
Financial_Impact
FINANCIAL IMPACT
The CPC Annual Budget was funded in Metro’s adopted FY21 budget in various cost centers for services related to debt management.
Implementation_of_Strategic_Plan_Goals
IMPLEMENTATION OF STRATEGIC PLAN GOALS
Recommendation supports the following Metro Strategic Plan Goal(s):
Goal #5: Provide responsive, accountable, and trustworthy governance within the Metro organization.
Next_Steps
NEXT STEPS
Staff will monitor actual payments to ensure CPC expenses are fiscally responsible
Attachments
ATTACHMENTS
Attachment A - Proposed Fiscal Year 2020-2021 Budget Summary
Prepared_by
Prepared by:
Susan Cariasa-Ginsberg, Manager, Admin. & Financial Services, 213-922-6162
Rodney Johnson, Senior Director, 213-922-3417
Donna Mills, Treasurer, Treasury, 213-922-4047
Reviewed_By
Reviewed by:
Nalini Ahuja, Chief Financial Officer, (213) 922-3088
