City Council

18.\nADOPT RESOLUTION NO. 26-03 APPROVING A PROPOSITION A LOCAL RETURN FUND EXCHANGE\nAGREEMENT WITH THE CITY OF PICO RIVERA\nRECOMMENDATION: It is recommended that the City Council:\n1. Adopt Resolution No. 26-03 approving a Proposition A Local Return Fund Exchange Agreement with the\nCity of Pico Rivera to exchange $3,000,000 (Fiscal Year 2023-24 – $1,200,000 and FY 2024-25 –\n$1,800,000) of Pico Rivera’s Proposition A Local Return funding for $2,250,000 from the City of\nMontebello’s Transit Enterprise Fund; and\n2. Authorize the City Manager and/or his designee to execute the Fund Exchange Agreement on the City’s\nbehalf; and\n3. Amend the Fiscal Year 2025-26 adopted budget to increase appropriations by $2,250,000 in Account No.\n600-90-900-7051 (Transit, Administration, Prop A Exchange) for the City’s portion (expense) of the fund\nexchange; and\n4. Amend the Fiscal Year 2025-26 adopted budget to increase revenues by $3,000,000 in Account No. 600-\n99-4098 (Transit, Transit Miscellaneous Revenue) for Pico Rivera’s portion (revenue) of the fund\nexchange; and\n5. Take such additional, related action that may be desirable.