City Council

(38) 23­0600­S119 BUDGET, FINANCE AND INNOVATION COMMITTEE REPORT relative to a surplus of funds in the 2023­24 Special Parking Revenue (SPR) Fund and a transfer of funds to the Reserve Fund. Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: 1. DECLARE a surplus for Fiscal Year 2023­24 of up to $32,387,919 within the SPR Fund; and, INSTRUCT the Los Angeles Department of Transportation; and, AUTHORIZE the Controller, to transfer up to $32,387,919 from the SPR Fund to the Reserve Fund. 2. AUTHORIZE the City Administrative Officer (CAO) to make technical corrections, if necessary, to effectuate the intent of the Mayor and Council. Fiscal Impact Statement: The CAO reports that approval of the recommendations will provide up to $32,387,919 in surplus funding from the 2023­ 24 SPR Fund monies to the Reserve Fund. Financial Policies Statement: T h e C A O r e p o r t s t h a t t h e s t a t e d recommendation is consistent with the City’s Financial Policies as sufficient funds exist to support the recommendation.