HomeMy WebLinkAboutResolutions - No. 2004-120111'grg
WHEREAS, this amount is the remaining deficit in the Transit fund after various Street
and impact Fee fund transfers were made; and
WHEREAS, the following are options to cure the deficit.
Option 1: Obtain a Measure K advance of Local Street Repair (LSR) funds for future street
projects within the Impact Mitigation Fee (IMF) Program. This option is a "Spend to Gef'
program wherein the City would not actually receive the funds until the project had been paid
for. Taking an advance of LSR funds will result in a commensurate reduction in the quarterly
payment the City receives.
Option 2: Delay Measure K LSR funded projects. Transfer the Measure K LSR funds to the
Transit Fund. In the current fiscal year, fund balance is not sufficient to significantly improve
the Transit Fund balance.
Option 3: Transfer General Fund Capital funds to the Transit Fund. Funds are available now
for this transfer.
Npw Option 4. Transfer Streets Impact Mitigation funds to the Street Fund and then from the
Street Fund to the Transit Fund by accelerating the reimbursement schedule for Existing
Facilities. In explanation, the IMF Program includes a project that reimburses the General Fund
— Street Fund for facilities constructed prior to 1991 that had excess capacity that is being used
to serve new development. Each year a percentage of the IMF Streets (Local and Regional)
revenues are transferred to the Street Fund. The current balance owed to the Street Fund is
$916,993. This amount of cash is not available, so this option means setting up an IMF
interfund loan.
WHEREAS, staff recommends Option 3. This is the only alternative that can be done
now- Many of the projects that are part of the deficit Street Funds were used in part to
construct the Multimodal Station, the Parking Structure, and Elm Street.
NOW, THEREFORE, BE IT RESOLVF=D that the Lodi City Council does hereby approve
#ption No. 3 to correct the Transit Fund deficit.
Dated: June 16, 2904
I hereby certify that Resolution No. 2004-120 was passed and adopted by the Lodi City
Council in a regular meeting hold June 16, 2004, by the following vote:
AYES: COUNCIL MEMBERS — Beckman, Hitchcock, Howard, and Land
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SUSAN J. BLACKSTON
City Clerk
2004-120