City Council

a) REPORT ASSIGNMENT AGREEMENT BETWEEN THE CITY OF WEST\n23-0217 HOLLYWOOD AND THE CITY OF HERMOSA BEACH FOR THE\nEXCHANGE OF PROPOSITION A LOCAL RETURN FUNDS\n(Finance Director Viki Copeland)\nRecommendation: Staff recommends City Council:\n1. Approve an Assignment Agreement for a Proposition A (Prop A) Local Return Fund\nExchange (Attachment 1) with the City of West Hollywood for $700,000 in City of\nHermosa Beach Proposition A Funds in exchange for $490,000 of unrestricted funds from\nthe City of West Hollywood;\n2. Add estimated revenue of $490,000 in Prop A Exchange Funds in the General Fund\nand an appropriation of $700,000 for the fund exchange in the Prop A Fund to the\n2022-23 Budget;\n3. Add an assigned fund balance of $490,000 in the General Fund in 2022-23 to reserve\nthe Prop A Exchange Fund revenue for future use as recommended in the upcoming\n2023-24 Budget; and\n4. Authorize the City Manager to execute documents incident to the Agreement.