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Report regarding a resolution acknowledging receipt of the final Fiscal Year 2024-25 Annual Comprehensive Financial Report and approving memorandum to City Council independently verifying use of Measure W funds. (Christie Donnelly, Finance Director)
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RECOMMENDATION
Recommendation
It is recommended that the Measure W Citizens’ Oversight Committee adopt a resolution acknowledging receipt of the final Fiscal Year 2024-25 Annual Comprehensive Financial Report and approving memorandum to City Council independently verifying use of Measure W funds.
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BACKGROUND/DISCUSSION
The Measure W Citizens’ Oversight Committee (COC) reviewed Measure W financial reports at its meeting on December 3, 2025. As required by committee bylaws, the committee also met with the City’s independent auditor on December 3, 2025 to review the preliminary results and audit findings in advance of the presentation of the final audit report to the City Council on March 25, 2026.
The City’s Fiscal Year 2024-25 Annual Comprehensive Financial Report (ACFR) is included as Attachment 1 for the COC’s review. The General Fund Combining Balance Sheets report is provided on page 116 of the ACFR, which provides assets, liabilities, and fund balances for both General Purpose (Fund 100) and Measure W (Fund 101), which are combined for compliance, reporting and presentation purposes as the “General Fund” throughout the ACFR. As of June 30, 2025, Measure W assets and fund balance totaled $23.2 million.
The General Fund Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances, colloquially termed the income statement or profit and loss statement, is on page 117 of the report. The audited revenues of $15.3 million and expenditures of $12.4 million reconcile with the reports presented to the COC at its previous meeting on December 3, 2025.
Staff recommends that the COC adopt a resolution acknowledging receipt of the Fiscal Year 2024-25 ACFR, and approving a memorandum to the City Council to be transmitted through the City Manager’s Office:
• Independently verify the accuracy of the audited reports regarding Measure W revenues and expenditures for Fiscal Year 2024-25; and
• Independently confirm that Measure W funds collected were used in accordance with Measure W ballot language in FY 2024-25.
CONCLUSION
The City of South San Francisco’s Fiscal Year 2024-25 Annual Comprehensive Financial Report presents fairly, in all material respects, the respective financial position of the City’s financial position. Measure W funds collected in FY 2024-25 were spent in compliance with the Measure W ballot measure language.
Attachments:
1. FY 2024-25 Annual Comprehensive Financial Report
2. Resolution - Receipt of Fiscal Year 2024-25 ACFR and Independent Verification of Measure W Revenues and Expenditures