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AC TRANSIT DISTRICT Board of Directors Executive Summary GM Memo No. 09-183 Meeting Date: July 29, 2009 Committees: Pl...

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AC TRANSIT DISTRICT Board of Directors Executive Summary

GM Memo No. 09-183 Meeting Date: July 29, 2009

Committees: Planning Committee External Affairs Committee Rider Complaint Committee Board of Directors

Finance and Audit Committee Operations Committee Paratransit Committee Financing Corporation

SUBJECT: Consider Receiving Monthly Report on Subsidies and Revenues RECOMMENDED ACTION: Information Only

Briefing Item

Recommended Motion

Receive the Monthly Report on Subsidies and Revenues

Fiscal Impact: A $5.4 million dollar increase in total District subsidy received since the last monthly report. Background/Discussion: The Counties often send property tax and Measure AA/BB on one check since both are collected via property tax bills. Some of the recent funds were re-classified as Measure AA/BB, slightly decreasing the property tax but increasing the Measure AA/BB category. Additionally, funds that cannot be positively identified are placed into a clearing account pending receipt of back-up. The District recently received back-up that has identified additional Measure AA/BB funds, thereby increasing these amounts. The District also received additional Measure C funds and AB1107 funds this period. This represents the bulk of the clearing accounts.

Prior Relevant Board Actions/Policies: N/A

BOARD ACTION:

Approved as Recommended [ ] Approved with Modification(s) [ ]

Other

[ ]

The above order was passed on: . Linda A. Nemeroff, District Secretary By

GM Memo No. 09-183 Meeting Date: July 29, 2009 Page 2 of 2

Attachments: YTD Subsidies vs. Previous Year Approved by: Prepared by: Date Prepared:

Rick Fernandez, General Manager Lewis G. Clinton, Jr., Chief Financial Officer Dan Lillin, Treasury Manager July 15, 2009

YTD Subsidies vs. Previous Year

FY 08/09 (through July 17)

% of Year:

100.00%

FY 07/08 (through July 17)

Receipts applied to

% of Year:

100.00%

Receipts applied to

Subsidy

Budget

FY 08/09 Budget

Balance

% Received

Subsidy

Budget

FY 07/08 Budget

Balance

% Received

Prop Tax

69,007,000

68,258,993

(748,007)

98.92%

Prop Tax

65,025,000

65,572,293

547,293

100.84%

TDA

45,983,000

46,275,590

292,590

100.64%

TDA

52,928,000

52,285,494

(642,506)

98.79%

AB 1107 Measure B

30,000,000 20,463,000

30,766,677 17,716,254

766,677 (2,746,746)

102.56% 86.58%

AB 1107 Measure B

33,763,000 22,714,000

30,733,016 20,064,558

(3,029,984) (2,649,442)

91.03% 88.34%

Measure AA/BB

14,000,000

14,305,863

305,863

102.18%

Measure AA/BB

14,000,000

13,949,815

(50,185)

99.64%

STA

3,606,000

4,343,945

737,945

120.46%

STA

7,421,000

3,968,186

(3,452,814)

53.47%

STA (BART) Measure C

2,500,000 2,721,000

1,771,366 1,472,277

(728,634) (1,248,723)

70.85% 54.11%

STA (BART) Measure C

5,104,000 1,489,000

2,551,972 1,489,312

(2,552,028) 312

50.00% 100.02%

188,280,000

184,910,965

(3,369,035)

98.21%

TOTALS:

202,444,000

190,614,646

(11,829,354)

94.16%

TOTALS:

Date and amount of last receipt Subsidy Date - Prop Tax: - TDA: - AB1107: - Measure B: - Measure AA/BB: - STA - STA (BART): - Measure C:

29-Jun 24-Jun 17-Jul 29-Jun 29-Jun 26-Mar 7-Apr 21-Apr

Staff projection on receiving outstanding balance Amount Received $5.3 million $3.5 million $2.3 million $1.6 million $378K $613K 446K $835K

- Probable to receive all: property tax is coming in slighly higher than budgeted - Probable to receive all: tracking close to prior year and no official rescission received - All budgeted funds received - Probable to receive all: tracking close to prior year and no official rescission received - Probable to receive all: tracking close to prior year and no official rescission received - All budgeted funds received - Probable to receive all: MTC funding per latest communication - Probable to receive all: funds coming in slower than prior years but no official rescission received

GM 09-183 ATT.

NOTE: All subsidy amounts are subject to change after fiscal year true-ups with funding agencies. OTHER RECEIPTS - Federal Stimulus: received $25,738,903 on 6/30/09. - I-Bond: received $8,826,245 on 7/16/09.

S:\GMMemos\2009 Meetings\07-29-09 Mtgs\Finance\GM 09-183 ATT

7/24/2009

YTD Subsidies vs. Previous Year

FY 08/09 (through July 24)

Date and amount of last receipt

% of Year

100.00%

FY 07/08 (through July 17)

% of Year:

100.00%

Staff protection on receiving outstanding balance

-

Probable to receive all: property tax is coming in slighly higher than budgeted All budgeted funds received All budgeted funds received Probable to receive ail: tracking close to prior year and no official rescission received Probable to receive all: tracking close to prior year and no official rescission received

- All budgeted funds received • Probable to receive all: MTC funding per latest communication

- Probable to receive all: funds coming in slower than prior years but no official rescission received NOTE: Ail subsidy amounts are subject to change after fiscal year true-ups with funding agencies.

- Federal Stimulus: received $25,738,903 on 6/30/09. • I-Bond: received $8,826,245 on 7/16/09.

Finance Committee Date: C:\Documents and Settrngs\dlillin\Oesktop\YTD Subsdies FY 0809 as of July 24.2009

Item No:

7/29/2009