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Type:
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Staff Report
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Status:
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Agenda Ready - Administrative Business
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On agenda:
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12/4/2024
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Final action:
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Title:
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Informational Report on Measure W fund balance and expenditures for FY 2024-25 (Karen Chang, Finance Director)
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Title
Informational Report on Measure W fund balance and expenditures for FY 2024-25 (Karen Chang, Finance Director)
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RECOMMENDATION
Recommendation
This report is informational and requires no formal action from the Committee.
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BACKGROUND/DISCUSSION
On November 3, 2015, South San Francisco residents approved a half-cent sales tax by an overwhelming majority. The approval of Measure W ensures that the City of South San Francisco will be able to maintain and enhance locally-controlled City services that the community cares about and has come to expect - including neighborhood police patrols, 911 response, programs for seniors & disabled residents, crime and gang suppression programs, street maintenance and pothole repair, youth/teen educational and recreational programs, a police operations center that meets earthquake safety codes, and other essential city services.
The voter-approved half-cent sales tax (Measure W) went into effect on April 1, 2016. Since that time, the sales tax proceeds have been accounted for separately from the City’s General Fund to track the commensurate revenues and expenditures.
Major projects currently funded by Measure W are:
1. Community Civic Campus Program
a. Police Operations & 911 Dispatch Center (pf1707)
b. Library, Parks and Recreation and Community Theater/Council Chamber (pf2103)
2. Orange Memorial Park Project
a. Multi-Use Sports Fields
b. Aquatic Center
c. Park Playground
d. Park Bridges
3. Paving Program
a. Used to augment City efforts towards street maintenance and pothole repairs
A. MEASURE W FUND BALANCE THROUGH OCTOBER 31, 2024
The following is a summary of Measure W revenues and expenditures since its inception through October 31, 2024:
Table 1: Measure W Fund Balance Summary
|
Fiscal Year Ended |
Cumulative Total as of June 30, 2022 |
FY 22/23 |
FY 23/24 (Preliminary) |
FY 24/25 (7/1/24-10/31/24) |
Total as of October 31, 2024 |
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Total Revenues |
$74,670,411 |
$15,618,697 |
$15,773,938 |
$2,305,360 |
$108,368,406 |
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Expenditures |
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Salaries & Benefits |
547,652 |
287,295 |
166,630 |
44,750 |
1,046,327 |
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Services & Supplies |
275,622 |
- |
- |
- |
275,622 |
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Transfers Out to Capital Improvement Fund |
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|
|
|
- |
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Civic Campus |
43,662,410 |
2,088,941 |
3,351,362 |
- |
49,102,713 |
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Street Paving Program |
6,870,699 |
44,071 |
6,475 |
- |
6,921,245 |
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Debt Service |
11,462,188 |
8,289,450 |
8,286,750 |
- |
28,038,388 |
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Total Expenditures |
$62,818,571 |
$10,709,757 |
$11,811,217 |
$44,750 |
$85,384,295 |
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Revenues Less Expenditures |
$11,851,840 |
$4,908,940 |
$3,962,721 |
$2,260,610 |
$22,984,111 |
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FUND BALANCE |
$11,851,840 |
$16,760,780 |
$20,723,501 |
$22,984,111 |
$22,984,111 |
As shown above, the fund balance for Measure W as of October 31, 2024 was $22,984,111. The fund balance as of June 30, 2024, was $20,723,501.
B. FY 2024-25 REVENUES (July 1, 2024 - October 31, 2024)
The City received $2.3 million in Measure W sales tax in September and October 2024. There is usually a two-month lag in sales tax collection, so the amount represents Measure W revenues remitted by the California Department of Tax and Fee Administration (CDTFA) for the collection periods of July and August 2024.
C. FY 2024-25 EXPENDITURES (July 1, 2024 - October 31, 2024)
The following is a summary of expenditures as of October 31, 2024:
Table 2: Expenditures
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FY 24/25 Expenditure Budget |
FY 24/25 YTD Actual |
FY 24/25 Available Balance |
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Salaries and Benefits |
$397,499 |
$44,750 |
$352,749 |
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Civic Campus Construction (pf1707, pf2103) |
8,759,765 |
- |
8,759,765 |
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Paving Program (st2104, st1903, st2302) |
1,079,756 |
- |
1,079,756 |
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Transfers to General Fund |
3,000,000 |
- |
3,000,000 |
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Debt Service |
12,970,851 |
- |
12,970,851 |
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Total Expenditures |
$26,207,871 |
$44,750 |
$26,163,121 |
On June 12, 2024, City Council authorized a $3 million transfer out from the Measure W Fund to the General Fund to support various city services for FY 2024-25. Ongoing Capital Project Funds appropriated in prior years by Council but unspent will be carried over as appropriated funds to be spent in FY 2024-25 or future years.
CONCLUSION
As of October 31, 2024, $2.3 million of Measure W sales revenue has been recorded by the City for Fiscal Year 2024-25 and $44,750 has been expended.
Attachments:
1. Revenue Detail report - FY 2023-24 (As of June 30, 2024)
2. Revenue Detail report - FY 2024-25 (As of October 31, 2024)
3. Expenditure Detail report - FY 2023-24 (As of June 30, 2024)
4. Expenditure Detail report - FY 2024-25 (As of October 31, 2024)
5. Power Point Presentations
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