RECEIVE and ACCEPT a status report on the Measure X Transportation Safety and Investment Plan receipts and disbursements for the first nine months of the program, from April 1, 2017 to December 31, 2017.

During this period the State Board of Equalization has collected and remitted $19,317,757.56 to the Monterey County Measure X fund 554 and the fund has earned $10,284.51 of interest. During this period initial and onetime fees of $829,418.76, TAMC administrative costs of $166,150.88, Regional Project costs of $89,173.46 and County and Cities 60% share of $10,857,526.61 were disbursed.

The receipts of $19,317,757.56 for the first nine months far exceeds the original estimate of $15,000,000.00. Some upfront costs were incurred such as for the election, State BOE Implementation, attorney work for agreements and pavement management implementation. Revenues are distributed to the cities and the County on a quarterly basis; three quarterly distributions totaling $10,857,526.61 have been made to the to the cities and the County.  The allocation formula for the city - county shares is calculated using a formula based on 50% lane miles and 50% population.