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Oversight committee hears Measure G finance update: clean audit, revenues ahead of projections and annual report approved
Summary
Finance staff told the Measure G committee the city received a clean audit of its financial statements and that Measure G revenues for the partial FY24-25 period were $5.7 million (above projection); the committee approved the inaugural annual report for public distribution with minor edits.
The Measure G Citizen Oversight Committee received a financial update that showed a clean audit opinion and revenues ahead of early projections, and it voted to approve the committee's inaugural annual report for public distribution.
Seth Anderson, budget officer for the finance department, told the committee the city's independent auditor issued an unmodified (clean) opinion on the city's financial statements. "This confirms that Measure G revenues and expenditures as recorded were presented fairly in accordance with accounting standards," Anderson said.
Anderson said Measure G collections began April 1, 2025; for the partial fiscal year 2024-25 (the quarter after collections began) total Measure G revenues were about $5.7 million, exceeding the $5.1 million budget projection. Because that first partial year had no recorded Measure G capital expenditures, the staff committed $5.0 million to capital improvement projects that will carry into the current fiscal year; the remaining unassigned fund balance was reported as $700,000.
For the adopted FY25-26 budget, Anderson said Measure G revenue is budgeted at $22.4 million to support $22.3 million in Measure G expenditures. At midyear (12/31/2025) the finance department had recognized $8.0 million in Measure G receipts, reflecting sales-tax remittance timing. Anderson recommended establishing a revenue budget for investment earnings so the fund can record interest income as it accrues.
Committee members praised the clarity of the financial reconciliation and asked for a footnote clarifying the exact time frame represented by midyear receipts; Anderson agreed. Members also asked whether Measure G had improved the city's long-term fiscal position; Anderson said Measure G helped balance the current budget and preserve reserves by funding some core services otherwise at risk.
The committee discussed and then approved the committee's inaugural annual report for public distribution with minor typographical corrections and staff direction to add links to supporting materials and to clarify that some charted figures reflect committed or encumbered funds rather than cash expenditures. The committee was told staff will make a limited printed run for events and post the report as a downloadable PDF and a social-media series.
