Oversight committee reviews Measure P & S unaudited finances; fund balance reported at $27.5 million

The Measure P & S Oversight Committee reviewed the measure’s periodic report and unaudited expenditures for the period ending June 15, 2026, and voted to accept the report.

Rafaela, city staff responsible for the Measure P & S accounts, told the committee the lifecycle total revenue including interest is $118,100,000 and that the fund balance stands at $27,500,000. For the fiscal period from July 1, 2025, through June 15, 2026, Rafaela said the change in fund balance was an increase of $7,300,000 and then walked members through line-item expenditures, including storm-drain work, sidewalks, pavement, and ADA improvements.

The report showed a marked year-over-year reduction in payments recorded during the period. Chair Patrick Aldinger said he was concerned that the lower reported expenditures could create a perception that money is unused and therefore available for other purposes. "If others see that we're not spending that money, that many perhaps is available for another purpose," Aldinger said.

Staff responded that the lower payments largely reflect timing: several projects remain in design or bidding stages and work is queued. A project identified as RSR 26 and several suspended or phased projects were cited as examples of planned work that has not yet reached the construction-payment stage.

Rafaela reviewed specific reported line items for the reporting period: storm drains expenditures of roughly $292,002.26; sidewalks about $233,846; pavement work near $885,005.98; and ADA improvements of approximately $1,400,000. She also noted that the city expects to close the books for the fiscal year after receiving outstanding tax payments in July and August.

After discussion the committee moved to accept the periodic report and unaudited expenditures; the motion passed on a roll-call vote.