City Council

18. ADOPT RESOLUTION NO. 26-03 APPROVING A PROPOSITION A LOCAL RETURN FUND EXCHANGE AGREEMENT WITH THE CITY OF PICO RIVERA RECOMMENDATION: It is recommended that the City Council: 1. Adopt Resolution No. 26-03 approving a Proposition A Local Return Fund Exchange Agreement with the City of Pico Rivera to exchange $3,000,000 (Fiscal Year 2023-24 - $1,200,000 and FY 2024-25 - $1,800,000) of Pico Rivera’s Proposition A Local Return funding for $2,250,000 from the City of Montebello’s Transit Enterprise Fund; and 2. Authorize the City Manager and/or his designee to execute the Fund Exchange Agreement on the City’s behalf; and 3. Amend the Fiscal Year 2025-26 adopted budget to increase appropriations by $2,250,000 in Account No. 600-90-900-7051 (Transit, Administration, Prop A Exchange) for the City’s portion (expense) of the fund exchange; and 4. Amend the Fiscal Year 2025-26 adopted budget to increase revenues by $3,000,000 in Account No. 600- 99-4098 (Transit, Transit Miscellaneous Revenue) for Pico Rivera’s portion (revenue) of the fund exchange; and 5. Take such additional, related action that may be desirable.