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Moraga oversight committee approves draft Measure K 2023–24 audit report for Town Council review
Summary
The Local Sales Tax Oversight Committee reviewed the draft annual Measure K audit for fiscal year 2023–24, accepted the subcommittee's findings, and voted to recommend the draft (with minor formatting edits) be presented to Town Council for approval and signature.
The Moraga Town Local Sales Tax Oversight Committee voted on May 20 to recommend the draft annual Measure K audit report for fiscal year 2023—6 to be presented to Town Council, pending minor formatting edits by town staff.
Committee members said a two-person subcommittee conducted an extensive review of the ledgers and supporting documents and raised a small number of clarifying questions that staff answered. The subcommittee's review led to edits in the report's summary table and explanations added for certain items, including the town's certificates of participation (COPs) debt and the tracking of previously committed funds.
The report summarizes Measure K fund expenditures and uses for fiscal 2023—6 and reconciles ending and beginning fund balances. Town staff told the committee that previously committed Measure K funds are being spent down and that the process should be streamlined after this year; staff said the remaining amount to be expended in the current fiscal year is approximately $50,000. Katie Bruner, Administrative Services Director, said audited fund balances "tie to the town's audited financial report" and that those audited balances become the beginning fund balances in the next fiscal year.
Committee members and staff also clarified the anticipated uses of Measure K funds going forward. Bruner said current staff recommendations in the budget process call for Measure K to be used for repayment of existing debt service on certificates of participation and for continued roadway maintenance and capital improvement projects. Committee members confirmed that any substantive use of Measure K funds is subject to Town Council approval through the budget process.
After discussion, the committee approved a motion to forward the draft audit report to Town Council with authorization for staff to make minor presentation and formatting changes; the committee noted final signatures on the report will occur after the council meeting. The committee also agreed that one member should represent the committee at the council meeting where the report is presented so council can recognize the committee's work.
Next steps: staff will finalize minor formatting edits, present the draft to Town Council for acceptance, and then circulate the final materials to the committee for signatures once the council action is complete.
