RECEIVE a report of the Measure X Transportation Safety and Investment Plan's receipts and disbursements for the fiscal year beginning July 1, 2017 and ending June 30, 2018.

In fiscal year 2017/18, Measure X 3/8% transactions and use tax resulted in disbursed revenues of $28,026,311.23 for transportation projects and programs.  In addition, the Fund has earned $103,588.11 of interest during this period.  In terms of fund uses:

• $16,634,660.19 was distributed to the Cities and County of Monterey for road repair and maintenance
•      $378,686.47 was spent on regional projects and programs;
•     $248,948.85 was spent on administrative costs and consulting fees; and,
• $10,867,603.83 remains in the Measure X Fund for future regional project and program expenses.

Receipts have been distributed on a quarterly basis to separate accounts maintained by the Cities and the County; for this year these local distributions amount to $16,634,660.19. The allocation formula for the city-county shares is calculated using a formula based on 50% lanes miles and 50% population.  The attached document shows the total distribution of funding to each city and the County.  Cities and the County are required to provide their audited Measure X expenditures to the Transportation Agency in December of each year, starting in 2018.  Once reconciled, that information will be provided to the Oversight Committee. 

Administrative expenses and consulting fees for the twelve-month period between July 2017 and June 2018 totaled $248,948.85.  These expenses included administrative staff time and benefits, legal counsel, financial consultants, materials and related expenses.   

Expenses for regional projects and programs totaled $378,686.47. Expenses charged to this category include staff time to:  develop guidelines and procedures for Measure X regional programs, program grant distributions, and oversee project development work (corridor studies, engineering and environmental review) for Measure X regional projects.