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THE CITY OF 6 <br /> CITY COUNCIL AGENDA REPORT 6 <br /> pL£ASANTONe <br /> May 18, 2010 <br /> Community Development <br /> Engineering Division <br /> TITLE: ADOPT RESOLUTION APPROVING A PLAN FOR THE USE OF <br /> PROPOSITION 1B TRANSPORTATION FUNDS AND AUTHORIZING <br /> SUBMITTAL TO THE STATE DEPARTMENT OF FINANCE FOR <br /> DISBURSEMENT OF FUNDS <br /> SUMMARY <br /> Proposition 1B bond funds from the State of California are available to the City of <br /> Pleasanton in the amount of $1,022,135.34, for use on eligible transportation projects. <br /> As part of the process to receive these funds, the City must approve a plan for their use. <br /> RECOMMENDATION <br /> 1. Adopt a resolution approving a plan for the use of $1,022,135.34 of Proposition 1B <br /> funds. <br /> 2. Authorize the Community Development Director to submit the application for receipt <br /> of the bond funds. <br /> FINANCIAL STATEMENT <br /> The City of Pleasanton is eligible to receive $1,022,135.34 in Proposition 1B <br /> transportation bond funds. Staff is proposing that the funds be allocated to three <br /> projects previously identified in the City's Capital Improvement Program (CIP), 2009 -10 <br /> through 2012 -2013. Two projects are future Annual Resurfacing of Various Streets <br /> projects: the 2011 project, CIP No. 115003 and the 2012 project, CIP No. 125003 would <br /> each receive $400,000 from the Proposition 1B bond funds. The remaining $222,135.34 <br /> would be available for the 2011 Annual Slurry Sealing of Various Streets project, CIP <br /> No. 115004. As required by Proposition 1 B, this funding will not be used as in -lieu <br /> funding; rather it will be in addition to already budgeted funds. Budget allocations <br /> approved through this staff report and resolution will be reflected in the Mid -Term <br /> Budget and Capital Improvement Program document that will come before Council prior <br /> to the beginning of next fiscal year. <br />