HomeMy WebLinkAbout2005-01-11 - AGENDA REPORTS - PROP A FUNDS PALOS VERDES (2)Agenda Item:
. IT
CITY OF SANTA CLARITA
AGENDA REPORT
CONSENT CALENDAR City Manager Approval:
Item to be presented by: Barbara Boswell
DATE: January 11, 2005
SUBJECT: PROPOSITION A FUNDS EXCHANGE WITH CITY OF PALOS
VERDES ESTATES
DEPARTMENT: Administrative Services
RECOMMENDED ACTION
City Council authorize the City Manager to enter into an agreement with the City of Palos Verdes
Estates to exchange $175,000 in uncommitted Proposition A Local Return Funds for $131,250 in
uncommitted General Funds, subject to City Attorney approval.
City Council approve budget adjustments as follows:
S3009001-8001 Sierra Highway over the Railroad Bridge Widening ($175,000)
S3009206-8001 Sierra Highway over the Railroad Bridge Widening $175,000
206-6830 Fund Exchange Revenue $175,000
001-9550 Other Financing Uses $131,250
BACKGROUND
The City of Palos Verdes Estates has an excess of Proposition A Local Return Funds that it
wishes to exchange for uncommitted General Funds. Proposition A program guidelines allow
the exchange of Proposition A transit funds between cities. Santa Clarita will receive $175,000
in Proposition A funds in exchange for $131,250 in uncommitted General Funds. There are
unspent General Funds budgeted to the Sierra Highway over the Railroad Bridge project that can
be used to make the exchange.
An Assignment Agreement is required by the Los Angeles Metropolitan Transportation
Authority (LAMTA), a copy of which is attached. Once approved, City staff will file the
appropriate paperwork with LAMTA.
AIPPROVED
ALTERNATIVE ACTIONS
City Council not approve the exchange of Proposition A Local Return funds for uncommitted
General Funds.
FISCAL IMPAC
There are unspent General Funds budgeted to the Sierra Highway over the Railroad Bridge
project that can be used to make the exchange. The net result of this transaction is a gain of
$43,750 to the General Fund.
ATTACHMENTS
Proposition A Assignment Agreement