Clearlake oversight committee approves Measure V compliance resolution, asks council for 5- and 10-year report cards

The Measure V Oversight Committee of the City of Clearlake reviewed the fiscal year 2024–25 Measure V revenue and expenditure report, heard staff detail revenues, bond proceeds and remaining project balances, and adopted a resolution declaring the program in compliance while urging the City Council to produce updated 5- and 10-year progress reports.

Matt Perez, acting finance director for the City of Clearlake, told the committee the Measure V fund (Fund 02/20) budgeted $2,600,000 in sales-tax revenue for the year and recorded about $2,500,000 in fiscal activity, with interest income of nearly $20,000. "So a total of 3,000,000, which is over our budget of 2,600,000 in total," Perez said during his overview of the four-page report.

The committee also heard that the city issued bond proceeds of roughly $14.7 million for projects; those proceeds are tracked in a loan fund (Fund 02/21). Perez said total expenditures charged to the loan fund were approximately $11,437,700, and that construction services account for the largest share (about $11,377,000). "We issued, essentially bonds for about 14.7[,]800,000 and that was an infusion," Perez said.

Addie, a city staff member who described…