Title
Consider/Discuss/Act on Return of FY17 FTA 5307 Funds
Summary
MEETING DATE: May 19, 2021
DEPARTMENT: Housing & Community Development
CONTACT: Akia Pichon, Transit Administrator
ITEM SUMMARY:
• FTA is requesting a return of FY17 5307 funds of $2,679,265. McKinney has not applied for or obligated these funds. These funds would be redistributed to grantees similarly situated to McKinney. FTA requires a 50% match for using 5307 grant funds so expenditures have been slow.
• The period for which these funds can be obligated will soon lapse. Returning these funds benefits our relationships with other agencies because it shows that we are a good regional partner. For these reasons, staff recommends returning FY17 5307 funds in the amount of $2,679,265 to FTA.
FINANCIAL SUMMARY:
• After the return of the FY17 FTA 5307 funds in the amount of $2,679,265, the MUTD has obligated FTA 5307 FY16 funds and FTA CARES funds in the amount of $10,979,855. Unobligated FTA 5307 FY18-21 funds in the amount of $13,014,101 will also be available to the MUTD for total funds of $23,993,956.
• FTA CARES funds do not require a 50% match.