DATE:
September 3, 2024
TO:
Paul Buddenhagen, City Manager
FROM:
Lawrence Chiu, Finance Director
SUBJECT:
Resolution Of The City Council Of The City Of Emeryville Adopting The Amended Expenditure And Reserve Policies For Measure F Funds
RECOMMENDATION
Staff recommends that the City Council adopt the above-entitled resolution amending the City’s financial policy related to Measure F funds.
BACKGROUND
On March 3, 2020, the Measure F ballot measure was approved by 74.5% of Emeryville voters. Measure F increased the City’s sales tax levy by one quarter-cent to maintain health and improve the quality of life in Emeryville. In Fiscal Year 2025, Measure F sales tax revenue is projected at $2.3 million.
DISCUSSION
The Expenditure and Reserve Policy for Measure F was amended by the City Council on February 21, 2023 (Resolution No. 23-23), to prioritize the eligible uses of Measure F funds and establish a target reserve balance of $4 million for use in supporting the Emeryville Child Development Center (ECDC) in the event of economic uncertainty.
At its meeting on April 29, 2024, the Budget & Governance Committee discussed amending the Measure F expenditure policy and assigning the remaining fund balance to public safety.
On August 13, 2024, staff presented the draft Measure F Reserve Policy to the Budget & Governance Committee for consideration.
It is recommended that the Measure F Reserve Fund in excess of the $4 million set aside for the ECDC be reserved for additional public safety staff positions with 50% for additional police officer positions or public safety support positions, and 50% for additional firefighter positions.
A draft of the proposed Expenditure and Reserve Policies for Measure F is attached. The recommended changes to the existing Measure F Reserve Funds are noted in red font.
ADVISORY BODY REVIEW
The Budget and Governance Committee reviewed the proposed Expenditure and Reserve Policies for Measure F funds on August 13, 2024 and recommended it for Council consideration and approval.
FISCAL IMPACT
The proposed reserve policy for Measure F conforms to the ballot measure. It continues to support prior Measure F funded work and clarifies subsequent uses.
CONCLUSION
Staff recommends that the City Council approve the above-entitled resolution amending the Expenditure and Reserve Policies for Measure F funds.
PREPARED BY: Lawrence Chiu, Finance Director
Approved and Forwarded to the
City Council of the City of Emeryville:
Paul Buddenhagen, City Manager
ATTACHMENTS
Draft Resolution
Draft Expenditure and Reserve Policies (redline)
Draft Expenditure and Reserve Policies (clean)
Adoption of Measure F Reserve Policy Amendments
City Council Meeting | September 3, 2024
MEMORANDUM