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RESOLUTION NO. 2011 -103 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />NEWPORT BEACH CONCERNING THE MEASURE M2 <br />EXPENDITURE REPORT FOR THE CITY OF NEWPORT <br />BEACH <br />WHEREAS, Local Transportation Authority Ordinance No. 3 requires local <br />jurisdictions to adopt an annual Expenditure Report to account for Net Revenues, <br />developer /traffic impact fees and funds expended by local jurisdiction which satisfy the <br />Maintenance of Effort requirements; and <br />WHEREAS, the Expenditure Report shall include all Net Revenue fund balances, <br />interest earned and expenditures identified by type and program or project; and <br />WHEREAS, the Expenditure Report must be adopted and submitted to the <br />Orange County Transportation Authority each year within six months of the end of the <br />local jurisdiction's fiscal year to be eligible to receive Net Revenues as part of Measure <br />M2. <br />NOW, THEREFORE, BE IT RESOLVED that the City of Newport Beach, does <br />hereby inform OCTA that: <br />a) The M2 Expenditure Report is in conformance with the M2 Expenditure <br />Report Template provided in the Renewed Measure M Eligibility Guidelines and <br />accounts for Net Revenues including interest earned, expenditures during the <br />fiscal year and balances at the end of fiscal year. <br />b) The M2 Expenditure Report is hereby adopted for the City of Newport <br />Beach. <br />ADOPTED this 22nd day of November 2011. <br />Mayor <br />ATTEST: <br />• i O J x <br />City Clerk r <br />CALI FOP <br />