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HomeMy WebLinkAbout2008-12-16; City Council; 19669; Transnet Project TransfersCITY OF CARLSBAD - AGENDA BILL AB# 19.669 MTG. 12/16/08 DEPT. FIN TRANSNET PROJECT TRANSFERS DEPT. HEAD^^dfc CITY ATTY. ^2- CITY MGR. CM — RECOMMENDED ACTION: Adopt Resolution No. 2008-330 authorizing the transfer of funds between TransNet projects. ITEM EXPLANATION: The original TransNet half cent sales tax measure was approved by San Diego County voters in 1987 and was designed to fund the region's transportation system improvements. This measure expired on March 31, 2008. In 2004, San Diego county voters approved a 40 year extension to the original TransNet sales tax measure from April 1, 2008 to March 31, 2048. This measure extended the regional half cent sales tax to continue funding the region's transportation system improvements. The TransNet Extension mirrors the original TransNet measure but includes some additional features. For example, the TransNet Extension includes an environmental mitigation component to help offset the environmental impacts of an expanding regional circulation system. The TransNet Extension also includes earmarks for bicycle paths and facilities, pedestrian improvements, and neighborhood safety projects. Perhaps most significantly, the TransNet Extension provides more public accountability. The TransNet Extension measure achieves increased public accountability several ways. For example, a TransNet Dashboard on KeepSanDiegoMoving.com is a tool that gives County residents timely information on how their tax dollars are being spent. Additionally, the Independent Taxpayer Oversight Committee ("ITOC") was created to monitor the expenditure of TransNet funds, ensure all applicable voter mandates are carried out, and to develop recommendations for improvements to the financial integrity and performance of the measure. With the creation of ITOC, the annual fiscal and compliance audit requirements were also altered and/or centralized. The annual fiscal and compliance audit requirements are delineated in the San Diego Association of Government's ("SANDAG") Board Policy No. 31: TransNet Ordinance and Expenditure Plan Rules. One of the more significant audit requirements is identifying the status of each TransNet funded project: 1. Completed, 2. Inactive, 3. Ongoing, etc. Each designation has different implications. For example, if a project has no activity for two audit cycles, the agency must either close the project or note when the project will be completed. Once a project has been identified as completed and funds still remain in that project, the agency must return the funds to SANDAG or transfer the remaining balance to another TransNet-eligible project. DEPARTMENT CONTACT: Aaron Beanan 760-602-2414 abean@ci.carlsbad.ca.us FOR CITY CLERKS USE ONLY. COUNCIL ACTION: APPROVED DENIED CONTINUED WITHDRAWN AMENDED Xann CONTINUED TO DATE SPECIFIC CONTINUED TO DATE UNKNOWN RETURNED TO STAFF OTHER -SEE MINUTES nnnn Page 2 Fund transfers between projects can include transferring the remaining balance in a closed project or transferring the interest earnings attributable to a specific project. These transfers are identified at the end of each fiscal year in conjunction with the preparation of the financial statements for TransNet funded projects. Previously, these transfers were not formally approved by the governing body. However, in order to transfer funds to another project, the local agency is now required by SANDAG's Board Policy No. 31 to provide documentation that its governing body consents to the transfer proposed prior to or concurrent with the issuance of the fiscal year audit. According to SANDAG's Board Policy No. 31, the documentation must consist of a signed staff report or resolution. FISCAL IMPACT: According to SANDAG's Board Policy No. 31, fund transfers between TransNet projects must be approved by the governing body. During the preparation of the annual financial report for the City's TransNet funded projects for the year ended June 30, 2008 the following fund transfers were identified: MP©ilw 018 CB04 CB04 CB07 CB09 ONy Pra|, itam. ; 9005-3 3899-1 3920-1 6001-1 3557-1 Project Name South Carlsbad Village Storm Drain Traffic Sig. - ECR/Plaza/Marron/Hosp ECR Widening - North of Cougar Pavement Management Bridge Replacement - Carlsbad Blvd. Net Impact Amount Transferred ($4,484) (117,482) (40,374) 211,186 (48,846) $0 (1) The MPO ID is the SANDAG designated project number. The fund transfers from Projects 9005-3, 3557-1, and 3920-1 represent the transfer of excess interest earnings. The fund transfer from Project 3899-1 represents the transfer of a closed project's remaining balance. ENVIRONMENTAL IMPACT: Pursuant to Public Resources Code section 21065 and CEQA Guideline section 15738, this does not constitute a "project" within the meaning of CEQA and therefore, does not require an environmental review. EXHIBITS: 1. Resolution No. projects. 2008-330 authorizing the transfer of funds between TransNet Exhibit 1 1 RESOLUTION NO. 2008-330 2 3 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, 4 AUTHORIZING THE TRANSFER OF FUNDS _ BETWEEN TRANSNET PROJECTSo 6 7 WHEREAS, on November 4, 2004, San Diego County voters approved the 8 TransNet Extension; and 9 WHEREAS, the TransNet Extension requires annual fiscal and compliance 10 audits overseen by the Independent Taxpayers Oversight Committee ("ITOC"); and 11 WHEREAS, certain annual audit requirements were altered and/or 12 centralized with the TransNet Extension; and 13 14 WHEREAS, pursuant to the annual audit requirements any transfers made 15 between projects must be approved by the governing body; and 1 R WHEREAS, transfers between TransNet projects were identified as of June 17 30, 2008. 18 1Q NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of 20 Carlsbad, California, as follows: 1 . That the above recitations are true and correct. 22 2. That the following transfers between TransNet projects are authorized: 23 a. Excess interest earnings of $40,374 from Project 3920-1 (MPO ID - 24 CB04) to Project 6001-1 (MPO ID - CB07). 25 b. Excess interest earnings of $48,846 from Project 3557-1 (MPO ID -26 2/ CB09) to Project 6001-1 (MPO ID - CB07). 28 c. Excess interest earnings of $4,484 from Project 9005-3 (MPO ID - Exhibit 1 1 018) to Project 6001-1 (MPO ID - CB07). 2 d. Remaining balance of $117,482 from closed Project 3899-1 (MPO ID 3 CB04) to Project 6001-1 (MPO ID - CB07). 4 // 5 // 6 // 7 // 8 // 9 // 10 „ 11 // 12 // 13 „ 14 // 15 „ 16 „ 17 // 18 // 19 // 21 // 22 23 24 25 26 27 28 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City of Carlsbad on the 16th day of December, 2008, by the following vote to wit: AYES: Council Members Lewis, Kulchin, Hall, Packard and Blackburn. NOES: None. ABSENT: None. LOfcRAINE/ft. WOC-Q) City Clerk (SEAL)