The Transportation Agency's Master Funding Agreement is designed to comply with a State requirement that the Transportation Agency for Monterey County enter into contracts with its member agencies for the reimbursement of Regional Surface Transportation Program funds. The Master Funding Agreement details state requirements for several funding sources (Regional Surface Transportation Program, Transportation Development Act 2%, and Local Transportation Fund) and other fiscal provisions required to comply with state and federal regulations.  The agreement also covers any Regional Development Impact Fees that are programmed to projects managed by local jurisdictions, requiring them to follow the same provisions as the other fund sources.

These Master Agreements anticipate that specific projects and amounts may vary for any member agency over time and that the parties will only need to approve revised “Exhibit A” documents, rather than the entire Master Agreement. Each Exhibit A will identify the project for which funds are allocated, as well as the timing and amount of such funds for each identified project, in order to ensure compliance with requirements. Exhibit A’s will be updated each time new funds are allocated or existing allocations are modified.

While the majority of the provisions in the Master Funding Agreement reflect the language of the agreement that the Transportation Agency signs with the State to receive Regional Surface Transportation Program funds, Agency staff has also included project completion requirements in this agreement. As part of the Master Funding Agreement, the funding recipient agrees to provide to the Transportation Agency a short report summarizing total project costs and milestones, including before and after photos of the project, for each funded project within sixty days of completion. In addition, the Master Funding Agreement will need to be updated with each agency every three years. Each individual project will have a three year timely use of fund date, timed to the day the award was approved by the Transportation Agency Board of Directors. All projects awarded to a jurisdiction with funds programmed by the Transportation Agency will be included in the Master Agreement, including past awards and fair share allocations.  Once a Master Agreement has been executed, then jurisdictions may submit a claim reimbursement form for funds.