TO: AC Transit Board of Directors
FROM: Michael A. Hursh, General Manager/Chief Executive Officer
SUBJECT: Application for FY 2024-25 Operating Funds
ACTION ITEM
AGENDA PLANNING REQUEST: ?
RECOMMENDED ACTION(S):
Title
Consider adoption of Resolution No. 24-010 authorizing the General Manager, or his designee, to file and execute applications and funding agreements with the Metropolitan Transportation Commission (MTC) for Fiscal Year (FY) 2024-25 allocations of Transportation Development Act (TDA), State Transit Assistance (STA), Assembly Bill 1107 (AB 1107), Regional Measure 2 (RM2) bridge toll revenues and Regional Measure 3 (RM3) bridge toll revenues.
Staff Contact:
Chris Andrichak, Chief Financial Officer
Body
STRATEGIC IMPORTANCE:
Goal - Financial Stability and Resiliency
Initiative - Financial Efficiency and Revenue Maximization
This application will provide a significant amount of the District's operations funding.
BUDGETARY/FISCAL IMPACT:
Staff plans to submit an allocation request for TDA, STA, AB 1107 (BART half-cent sales tax), RM2 and RM3 funds to the MTC. Staff fully expects to receive these funds for FY 2024-25, and they are included in the FY 2024-25 operating budget.
Approval of Resolution 24-010 would allow AC Transit to receive up to approximately $201.8 million in operating funds for FY 2024-25. The exact amount each funding source provides will vary based on adjustments from the relevant collecting agencies. The funding details are provided in Table 1.
BACKGROUND/RATIONALE:
Each fiscal year, AC Transit submits an allocation request ("claim") for TDA, STA, AB 1107, RM2 and RM3 funds to the MTC. The claim is based upon the fund estimate prepared annually by MTC. The fund estimate is updated in conjunction with the Governor's budget proposal and adjusted in accordance with the state budget revisions and other periodic adjustments during the fiscal year.
The amounts shown here are produced by MTC and/or various county offi...
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