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Report transmitting Measure W Fiscal Year 2018-19 financial reports as of February 28, 2019. (Justin Lovell, Financial Services Manager)
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RECOMMENDATION
Recommendation
No formal action is needed. The report is for information only.
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BACKGROUND/DISCUSSION
Attached for the Measure W Citizens' Oversight Committee's information are Measure W financial reports through February 28, 2019 for Fiscal Year (FY) 2018-19.
Attachment 1, the Fiscal Year (FY) 2018-19 Measure W Revenue Detail Report, indicates that the City received $2,296,406 in revenue in January 2019 and February 2019, which accounts for the November 2018 advance and the second quarter clean-up from the California Department of Tax and Fee Administration.
As indicated in Attachment 2, the amended budget for FY 2018-19 includes $16,768,598 in total appropriations, primarily for support of the City's capital improvement plan. Through February 28, 2019, the City expended $1,294,226 in Measure W. As such, the total remaining budget for FY 2018-19 is $13,008,971.
For the months of January and February 2019, the Community Civic Campus project allocated $1,258,968 in costs to Measure W, and the Street Rehabilitation Program allocated $32,576 in cost that were incurred prior to February 2019. Project expense detail reports and supporting documentation are provided for the capital projects noted above via Attachments 3, 4 and 5.
The balance sheet report, included as Attachment 6, lists all assets, liabilities, and equities for Measure W, and reports a cash balance of $16,500,961 as of February 28, 2019.
As requested by the Measure W Citizen's Oversight Committee, Attachment 7 summarizes the Measure W life-to-date revenues and expenditures through February 28, 2019.
CONCLUSION
Measure W revenues were received and accounted for accurately. Measure W funds were spent in a manner consistent with the Measure W ballot measure language, and within the FY 2018-19 authorized appropriation li...
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