Westminster City Council
SUBJECT
Title
Annual Measure M2 Expenditure Report.
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From: Erin Backs, Finance Director
Requested by: Administration
Prepared by: Erin Backs, Finance Director
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RECOMMENDED ACTION
Recommendation
A. Approve the Annual Measure M2 Expenditure Report for Fiscal Year 2023-24; and
B. Adopt a Resolution entitled, “A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF WESTMINSTER, CALIFORNIA, CONCERNING THE M2 EXPENDITURE REPORT FOR THE CITY OF WESTMINSTER FOR THE FISCAL YEAR ENDING JUNE 30, 2024.”
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BACKGROUND
Each jurisdiction must adopt an annual Expenditure Report to account for Measure M2 (M2) funds received and expended by the jurisdiction that satisfy the Maintenance of Effort (MOE) requirements. The Expenditure Report must meet the following requirements:
• Report required within six months of jurisdiction’s fiscal year by December 31, 2024, for FY 2023-24.
• Report to include all net revenue, fund balance, and interest earned.
• Expenditures shall be identified by activity type (e.g., capital, operations, administration, etc.) and funding source for each program/project.
• A City Council resolution attesting to the adoption.
In Fiscal Year 2023-24 the City received $1,944,469 in M2 Fair Share Funds used for street purposes, $152,355 in M2 funds for the Senior Mobility Program, $93,175 Safe Transit Stop Program and $87,229 in interest earnings. Expenditures totaled $1,350,939 for all programs.
FISCAL IMPACT
Measure M2 FY 2023-24 revenue and expenditures were budgeted in Account No. 211-55027. Senior Mobility program revenue and expenditures were budgeted in Account No. 290-70501.
LEGAL REVIEW
The City Attorney’s Office has reviewed as to form.
CONCLUSION
This expenditure report has been reviewed by OCTA and satisfies the annual M2 expenditure reporting requirement for FY 2023-24.
ATTACHMENTS
1. Measure M2 Expenditure Report Resolution
2. Expenditure Report
REVIEWED BY
Erin Backs, Finance Director
Christian Bettenhausen, City Attorney
Christine Cordon, City Manager