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CITY OF <br />F NEWPORT REACH <br />City Council Staff Report <br />November 25, 2014 <br />Agenda Item No. 7 <br />TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL <br />FROM: Dan Matusiewicz, Finance Director— (949) 644 -3123, <br />dmatusiewicz @newportbeachca.gov <br />PREPARED BY: Cory Pearson, Accountant <br />PHONE: (949) 644 -3243 <br />TITLE: Approval of Measure M2 Expenditure Report <br />ABSTRACT: <br />With the renewal of Measure M (M2), local jurisdictions, including the City, are required to submit an <br />annual accounting of M2 revenue and expenditures to the Orange County Transportation Authority (OCTA) <br />by December 31st of each year. Prior to submitting the accounting to OCTA, the M2 Expenditure Report <br />must be adopted by resolution of the City Council. <br />RECOMMENDATION: <br />Adopt Resolution 2014 -98, A Resolution of the City Council of the City of Newport Beach Concerning the <br />Measure M2 Expenditure Report for the City of Newport Beach for the Fiscal Year Ending June 30, 2014, <br />and approving the M2 Expenditure Report, substantially to form, subject to technical revisions in <br />conformance with OCTA guidelines. <br />FUNDING REQUIREMENTS: <br />There is no funding required by this action. However, if this report is not filed, OCTA could potentially <br />suspend or delay M2 funding to the City. <br />DISCUSSION: <br />In 1990, Orange County voters approved Measure M, a 20 -year program for local transportation <br />improvements funded by half -cent sales tax and entrusted the newly created Orange County <br />Transportation Authority (OCTA) to administer Measure M funds. Measure M was designed to fund <br />transportation improvement projects in three major areas — freeways, streets and roads, and transit. The <br />old Measure M Plan ended March 31. 2011. <br />7 -1 <br />