Title
Department of Transportation recommending the Board approve the attached budget transfer to establish appropriations in three new special revenue funds for State Regional Surface Transportation Program funds in FY 2021-22. (4/5 vote required)
FUNDING: State Regional Surface Transportation Program Funds.
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DISCUSSION / BACKGROUND
The State Regional Surface Transportation Program (RSTP) funding El Dorado County (County) receives is a lump sum payment from the California Department of Transportation (Caltrans), which is provided in advance for designated transportation projects. RSTP advance funding is currently deposited and held within Road Fund.
RSTP monies need to be separated from Road Fund due to current and upcoming increased demands on Road Fund from Caldor Fire recovery operations and the Capital Improvement Program (CIP) project number 36105028, Mosquito Road Bridge at South Fork American River- Bridge Replacement. RSTP funding cannot be used for these activities and it has been determined that RSTP balances within Road Fund need to be placed into special revenue funds in order to facilitate the proper monitoring of the usage of Road Fund money. In addition, establishing special revenue funds for RSTP funding is necessary to facilitate proper accounting and reporting requirements for RSTP revenues and to establish auditable records of RSTP funding usage within the County's financial system.
This budget transfer would move previously received RSTP funds into three separate special revenue funds. A budget transfer is required to process residual equity transfers to move RSTP funds out of Road Fund and into the new RSTP special revenue fund. In addition, this budget transfer establishes appropriations for operating transfers out of the new special revenue funds and into CIP in order to provide revenue for CIP projects that are allocated RSTP funding in the 2021 CIP Book approved by the Board on June 8, 2021 (Legistar 21-0624, Item 54).
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