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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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8/7/2024
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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 2023-24. (Karen Chang, Finance Director)
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Title
Informational Report on Measure W fund balance and expenditures for FY 2023-24. (Karen Chang, Finance Director)
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RECOMMENDATION
Recommendation
This report is informational and requires no formal action from the Committee.
Body
BACKGROUND/DISCUSSION
On November 3, 2015, South San Francisco residents approved a half-cent sales tax by an overwhelming majority. The adoption 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 times, crime and gang suppression programs, street maintenance and pothole repair, maintaining youth/teen educational/recreational programs, providing a police operations center that meets earthquake safety codes, and other essential 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 June 30, 2024
The following is a summary of Measure W revenues and expenditures since its inception through June 30, 2024 (preliminary):
Table 1: Measure W Fund Balance Summary
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Fiscal Year Ended |
Cumulative Total as of June 30, 2021 |
FY 21/22 |
FY 22/23 |
FY 23/24 (preliminary) |
Total as of June 30, 2024 (preliminary) |
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Total Revenues |
$59,270,645 |
$15,399,766 |
$15,618,697 |
$13,021,098 |
$103,310,206 |
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Expenditures |
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Salaries & Benefits |
267,867 |
279,785 |
287,295 |
166,630 |
1,001,577 |
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Services & Supplies |
275,622 |
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275,622 |
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Transfers Out to Capital Improvement Fund |
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- |
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Civic Campus |
40,907,394 |
2,755,016 |
2,088,941 |
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45,751,351 |
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Street Paving Program |
6,711,687 |
159,012 |
44,071 |
- |
6,914,770 |
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Debt Service |
3,174,355 |
8,287,833 |
8,289,450 |
8,286,750 |
28,038,388 |
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Total Expenditures |
$51,336,925 |
$11,481,646 |
$10,709,757 |
$8,453,380 |
$81,981,708 |
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Revenue Less Expenditures |
$7,933,720 |
$3,918,120 |
$4,908,940 |
$4,567,718 |
$21,328,498 |
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FUND BALANCE |
$7,933,720 |
$11,851,840 |
$16,760,780 |
$21,328,498 |
$21,328,498 |
As shown above, the fund balance for Measure W as of June 30, 2023 was $16,760,780. The fund balance as of June 30, 2024 was $21,328,498.
B. FY 2023-24 REVENUES (July 1, 2023 - June 30, 2024)
The City recorded $13.0 million in Measure W sales tax revenues. The amount represents receipts of sales tax collection up to May 2024. There is usually a two-month lag in collection.
C. FY 2023-24 EXPENDITURES
The following is a summary of expenditures as of June 30, 2024:
Table 2: Expenditures
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FY 23/24 Expenditure Budget |
FY 23/24 YTD Actual |
FY 23/24 Available Balance |
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Salaries and Benefits |
$475,635 |
$166,630 |
$309,005 |
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Civic Campus Construction (pf1707, pf2103) |
12,111,127 |
- |
12,111,127 |
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Paving Program (st2104, st1903, st2302) |
1,086,231 |
- |
1,086,231 |
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Debt Service |
8,286,750 |
8,286,750 |
- |
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TOTAL Expenditures |
$21,959,743 |
$8,453,380 |
$13,506,363 |
Ongoing Capital Project Funds appropriated in prior years by Council but unspent has been carried over as appropriated funds to be spent in FY 2023-24 or future years.
CONCLUSION
In FY 2023-24 (as of June 30, 2024), the City collected $13.0 million in Measure W sales tax revenues and expended $8.5 million.
Attachments:
1. Revenue Detail report - FY 2023-24 (As of June 30, 2024)
2. Expenditure Detail report - FY 2023-24 (As of June 30, 2024)
3. Power Point Presentations
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