TO: AC Transit Board of Directors
FROM: Michael A. Hursh, General Manager
SUBJECT: Board Policy 324 - Revenue and Grants
ACTION ITEM
AGENDA PLANNING REQUEST: ?
RECOMMENDED ACTION(S):
Title
Consider approving amendments to Board Policy 324 - Revenue and Grants. [Continued from the July 27, 2022, Board of Directors Meeting]
Body
STRATEGIC IMPORTANCE:
Goal - Financial Stability and Resiliency
Initiative - Financial Efficiency and Revenue Maximization
Having clear and concise financial policies helps District staff maximize the use of existing and new revenues.
BUDGETARY/FISCAL IMPACT:
There is no direct fiscal impact from any changes to this policy.
BACKGROUND/RATIONALE:
Board Policy 324 was last amended in June 2020. More recently, staff proposed amendments that the Board considered on July 27, 2022, and the attached draft policy includes the changes suggested by the Board during that meeting.
The amendments proposed in Sections IV.D. and V.A permit staff to expeditiously pursue grant opportunities for projects already approved by the Board. These projects would be those listed in the current five-year Capital Improvement Plan (CIP) and/or the current annual Capital Budget. The Board has already approved these projects for further development and/or implementation, so it seems implicit that staff can pursue funding for the projects. This change will reduce the burden on staff in the grant process, particularly when the District wants to pursue grant opportunities that have very short application periods. On a quarterly basis, staff will inform the Board of all grants the District applied for and received. Grant applications that require specific Board action, such as those that require a Resolution, will be brought to the Board for approval.
The amendment to Section IV.I. provides minor changes to clarify the policy regarding pass-through agreements, and to emphasize the District's consideration for State and Local funding mainly, instead o...
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