Metro - File #: 2021-0284

• File #: 2021-0284
• Type: Formula Allocation / Local Return
• Status: Passed
• File created: 4/29/2021
• In control: Board of Directors - Regular Board Meeting
• On agenda: 6/24/2021
• Final action: 6/24/2021
• Title: AUTHORIZE the Chief Executive Officer to negotiate and execute all necessary agreements between Los Angeles County Metropolitan Transportation Authority (LACMTA) and the Cities for their Capital Reserve Account(s) as detailed in Attachment A by: A. AMENDING the termination date of the Proposition A and Proposition C Local Return funded Capital Reserve Accounts for the City of Arcadia; B. AMENDING the termination date of the Proposition C Local Return funded Capital Reserve Account for the City of Bell; C. AMENDING the Proposition C Local Return funded Capital Reserve Account for the City of Beverly Hills by adding $750,000 to the already approved $2 million to a total of $2.75 million; and D. ESTABLISHING new Local Return funded Capital Reserve Account for the Cities of Beverly Hills (Proposition A, Measure R), Bradbury (Measure M and Measure R), El Segundo (Proposition C and Measure R), Hermosa Beach (Proposition C), Lomita, (Proposition C), Norwalk (Proposition C), Pomona (Propo...
• Sponsors: Finance, Budget and Audit Committee
• Indexes: Arcadia, Audit, Bell, Beverly Hills, Bradbury, Budget, Budgeting, Capital Project, Capital Project Funds, El Segundo, Formula Allocation / Local Return, Guidelines, Hermosa Beach, Local Returns, Lomita, Measure M, Measure R, Norwalk, Pomona, Project, Proposition A, Proposition C, Safety, San Marino, South Bay Cities subregion, South Bay Service Sector, Westside Cities subregion, Westside/Central Service Sector

Date	Action By	Action	Result
6/24/2021	Board of Directors - Regular Board Meeting
6/16/2021	Finance, Budget and Audit Committee

Meeting_Body
FINANCE, BUDGET, AND AUDIT COMMITTEE
JUNE 16, 2021

Subject
SUBJECT: LOCAL RETURN PROPOSITION A, PROPOSITION C, MEASURE R AND MEASURE M CAPITAL RESERVE

Action
ACTION: AMEND EXISTING CAPITAL RESERVE PERIOD FOR ARCADIA, BELL, AND BEVERLY HILLS; AND ESTABLISH NEW ACCOUNTS FOR THE CITIES OF BEVERLY HILLS, BRADBURY, El SEGUNDO, LOMITA, NORWALK, POMONA, AND SAN MARINO

Heading
RECOMMENDATION

Title
AUTHORIZE the Chief Executive Officer to negotiate and execute all necessary agreements between Los Angeles County Metropolitan Transportation Authority (LACMTA) and the Cities for their Capital Reserve Account(s) as detailed in Attachment A by:

A. AMENDING the termination date of the Proposition A and Proposition C Local Return funded Capital Reserve Accounts for the City of Arcadia;

B. AMENDING the termination date of the Proposition C Local Return funded Capital Reserve Account for the City of Bell;

C. AMENDING the Proposition C Local Return funded Capital Reserve Account for the City of Beverly Hills by adding $750,000 to the already approved $2 million to a total of $2.75 million; and

D. ESTABLISHING new Local Return funded Capital Reserve Account for the Cities of Beverly Hills (Proposition A, Measure R), Bradbury (Measure M and Measure R), El Segundo (Proposition C and Measure R), Hermosa Beach (Proposition C), Lomita, (Proposition C), Norwalk (Proposition C), Pomona (Proposition C), and San Marino (Proposition C).

Issue
ISSUE

A local jurisdiction may need additional time to accumulate sufficient funding to implement a project, or to avoid lapsing of funds. This year in particular, many cities may require a lapsing extension due to the limited spending caused by project shut down during the Safer at Home Order.

Background
BACKGROUND

According to the Local Return Guidelines, Board approval is required if there is a need to extend beyond the normal lapsing deadline for Local Return funds. Typically, the local jurisdiction requests ...