I. RECOMMENDATION:
Financial Services Director recommends City Council accept the Measure C Audit Report for the Fiscal Year Ending June 30, 2024.
II. BACKGROUND:
The Fresno County Transportation Authority (FCTA) was created by the approval of Measure C by the voters of Fresno County (the County) in November 1986. Measure C authorized the imposition of a ½% sales and use tax (sales tax) in the County for 20 years. The proceeds of Measure C are principally reserved for highway improvements, local transportation improvements, growth management and regional planning purposes (programs) in the County. The ½% sales tax commenced July 1, 1987 and expired on June 30, 2007.
In November 2006, the County voters approved a ballot measure authorizing FCTA to continue the ½% retail transaction and use tax for an additional 20 years. Under the terms of the extension of the Measure C program, proceeds of Measure C are principally reserved for regional public transit, local transportation, regional transportation, alternative transportation and environmental enhancement programs in the County. The ½% sales tax commenced July 1, 2007 and will expire on June 30, 2027.
The sales tax revenue received by FCTA under Measure C, after deducting certain administrative costs, is to be spent for programs as set forth in the expenditure plan included in Measure C and approved by the voters of the County. All revenues, including interest and other revenues, not designated by Measure C for a specific purpose are to be spent on capital projects for other governmental agencies set forth in the expenditure plan. The expenditure plan will be updated every two years to adjust the projection of sales tax receipts.
The City receives local allocations for the subprograms: Street Maintenance, ADA Compliance, and Flexible Funding under the Local Transportation Program.
III. DISCUSSION:
Summary of the financial statements for subprograms of Measure C Funds:
|
Balance Sheet for the Year Ended June 30, 2024
|
|
Total Assets
|
2,610,607
|
|
Total Liabilities and Fund Balance
|
2,610,607
|
|
Statement of Revenues, Expenditures, and Changes in Fund Balance for the Year Ended June 30, 2024
|
|
|
Revenue
|
658,058
|
|
|
Expenditures
|
35,200
|
|
|
Net Change in fund balance
|
622,858
|
|
|
Fund Balance Beginning Balance
|
1,985,818
|
|
|
Fund Balance Ending Balance
|
2,608,676
|
|
IV. ALTERNATIVES:
none
V. FISCAL IMPACT:
none | | |