TO: AC Transit Board of Directors
FROM: Michael A. Hursh, General Manager/Chief Executive Officer
SUBJECT: Application for Fiscal Year 2023-24 LCTOP Funds
ACTION ITEM
AGENDA PLANNING REQUEST: ?
RECOMMENDED ACTION(S):
Title
Consider adoption of Resolution No. 24-012 authorizing the General Manager or his designee to file and execute applications and funding agreements with the California Department of Transportation (Caltrans) for allocations of the Fiscal Year 2023-24 Low Carbon Transit Operations Program (LCTOP) funds for Tempo operating assistance and the Cutting Boulevard Project, authorizing execution of related Certifications and Assurances, and assigning the General Manager, or his designee, to be the Authorized Agent for resulting LCTOP grants.
Staff Contact:
Chris Andrichak, Chief Financial Officer
Body
STRATEGIC IMPORTANCE:
Goal - Financial Stability and Resiliency
Initiative - Financial Efficiency and Revenue Maximization
These LCTOP funds will support the District's FY 2024-25 Operating and Capital Budgets.
BUDGETARY/FISCAL IMPACT:
The District's revenue-based allocation is $7,025,347 and the Transit Performance Initiative (TPI) Investment allocation is $1,739,064 for a total of $8,764,411.
Staff anticipates receiving the LCTOP allocations by July 2024. There is no matching requirement for these funds. The funding will be included in the FY 2024-25 Operating Budget and Capital Budget.
BACKGROUND/RATIONALE:
The LCTOP program is administered by Caltrans and is funded by auction proceeds from the California Air Resource Board's (CARB) Cap and Trade Program, with proceeds distributed to transit operators on an annual basis using the State Transit Assistance (STA) formula.
The District is eligible to receive two allocations this fiscal year: one that comes directly to the District based on eligible revenues; and another that is programmed to the District by the Metropolitan Transportation Commission (MTC) as part of the TPI Inves...
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