TO: AC Transit Board of Directors
FROM: Michael A. Hursh, General Manager/Chief Executive Officer
SUBJECT: Application for FY 2023-24 RM3 Operating Funds
ACTION ITEM
AGENDA PLANNING REQUEST: ?
RECOMMENDED ACTION(S):
Title
Consider adoption of Resolution No. 24-014 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) 2023-24 allocations of 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 operating agreement for RM3 funds to MTC. Staff fully expects to receive these funds for FY 2023-24.
Approval of Resolution 24-014 would allow AC Transit to receive up to approximately $6.17 million in operating funds for FY 2023-24.
BACKGROUND/RATIONALE:
On June 5, 2018, voters passed Regional Measure 3 (RM3), raising the toll for all vehicles on the
seven State-owned toll bridges in the San Francisco Bay Area by a total of $3.00, phased in through one-dollar increments. This toll increase funds various transportation projects within the region that have been determined to reduce congestion or to make improvements to travel in the toll bridge corridors, as identified in SB 595 (Chapter 650, Statutes of 2017).
The RM3 Expenditure Plan identifies specific capital and operating projects and programs eligible to receive RM3 funding as identified in Sections 30914.7 (a) and (c) of the California Streets and Highways Code.
AC Transit is an eligible recipient of the RM3 funds and as such is positioned to enter into an operating agreement with MTC for receipt of RM3 funds. The funding amount to be claimed is provided by ...
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