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<br />Alameda CTC Agreement No. A15-xxxx <br />  <br />6 of 9  <br />  <br />approved by the ALAMEDA CTC Commission. If an undesignated fund reserve is established by RECIPIENT, <br />it must be done as part of the Annual Program Compliance Reporting process as defined in Article IV.A.3. <br />a. RECIPIENT shall report the range of potential uses for the reserve funds in <br />its annual compliance report. <br /> <br />C. Rescission of Funds Policy: If RECIPIENT does not meet the timeliness requirements set <br />forth in Section A and B, ALAMEDA CTC may determine the RECIPIENT does not need the unspent funds. <br />In such case, unless the RECIPIENT requests and ALAMEDA CTC approves an extension to the applicable <br />deadline for the Capital Fund Reserve as described in Article III.B.1, RECIPIENT must return unspent funds <br />and all interest earned thereon to ALAMEDA CTC. All such funds returned to ALAMEDA CTC shall be <br />placed into an account for reallocation to the same programmatic type for transportation improvements in <br />the county. <br /> <br />D. Other Expenditure Restrictions: <br /> <br />1. Transportation Purposes Only: RECIPIENT shall use all Measure BB funds solely <br />for transportation purposes as defined by the authorizing ballot measure. Any jurisdiction that violates this <br />provision must fully reimburse all misspent funds, including all interest that would have been earned thereon. <br />2. Non-Substitution of Funds: RECIPIENT shall use Measure BB funds, pursuant <br />to Public Utilities Code Section180000 et seq., to supplement and not replace existing property taxes used <br />for transportation purposes. <br />3. Fund Exchange: Any fund exchanges made using Measure BB must be made for <br />transportation purposes. ALAMEDA CTC will consider exchange proposals on a case-by-case basis. <br />4. Staff Cost Limitations: Direct costs associated with the delivery of programs and <br />projects associated with Measure BB programs, including direct staff costs and consultant costs, are eligible <br />uses of Measure BB funds. ALAMEDA CTC does not allow indirect costs, unless the RECIPIENT submits an <br />independently audited/approved Indirect Cost Allocation Plan. <br /> <br />ARTICLE IV: REPORTING REQUIREMENTS <br /> <br />RECIPIENT shall comply with each of the reporting requirements set forth below. If RECIPIENT fails to <br />comply with one or more of these requirements, ALAMEDA CTC may withhold payment of further Measure <br />BB funds to RECIPIENT until full compliance is achieved. <br />A. RECIPIENT shall submit to ALAMEDA CTC, on an annual basis and at the RECIPIENT’s <br />expense, an independently audited Measure BB financial statements and a compliance opinion of the funds <br />received and used, including plans and reports of expenditures. RECIPIENT shall complete, certify, and <br />provide the annual audited financial statements and compliance opinion to ALAMEDA CTC within 180 days <br />following the close of each fiscal year. <br />B. RECIPIENT shall, by December 31 of each year, submit to ALAMEDA CTC, at the <br />RECIPIENT’s expense, a compliance report on programs and projects on which RECIPIENT expended <br />Measure BB funds. In such report, RECIPIENT shall state how the funds were used and the benefits derived <br />from the funded programs and projects, and establish fund reserves and amounts remaining in reserves and <br />anticipated program and project expenditures. If RECIPIENT’s expenditures in a fiscal year are less than the <br />amount received during such year, RECIPIENT shall explain why revenues exceeded expenditures and