CITY OF SANTA MARIA
MEASURE U
FINANCIAL STATEMENTS
JUNE 30, 2023
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ATTACHMENT B
City of Santa Maria
MEASURE U FUND
TABLE OF CONTENTS
June 30, 2023
Independent Auditor’s Report………………………………………………………...……………………………1 Balance Sheet………………………………………………………………………………………………………….3 Statement of Revenues, Expenditures, and Changes in Fund Balance………………………………………….4 Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget to Actual…………………………… … … … … … ……………………………………………...……....5 Notes to Financial Statements……………………………………………………………………………...……….7 DRAFT
City of Santa Maria
MEASURE U
BALANCE SHEET
June 30, 2023
General
ASSETS:
Cash and investments 16,349,792$
Accounts receivable 4,431,536
Prepaid items (2,196,518)
Total assets 18,584,810
Liabilities:
Accounts payable 30,480
Accrued liabilities 713,667
Total liabilities 744,147
Fund Balances:
Restricted 17,840,663
Total fund balances 17,840,663
Total liabilities and fund balance 18,584,810$
LIABILITIES AND FUND BALANCES:
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City of Santa Maria
MEASURE U
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES For the Fiscal Year Ended June 30, 2023
General
REVENUES:
Sales Tax 26,461,516$
Use of money and property 642,979
Total revenues 27,104,495
EXPENDITURES:
Legal 142,000
City Manager 19,761
Library 826,088
Recreation and Parks 3,079,408
Fire 10,613,450
Police 11,630,832
Community Development 418,140
Total expenditures 26,729,679
eExcess (deficiency) of revenues over expenditures 374,816 Fund balance at the beginning of fiscal year 17,465,847 Prior period adjustments
Fund balance at the beginning of fiscal year, restated 17,465,847 Fund balance at the end of fiscal year 17,840,663 $
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CITY OF SANTA MARIA
MEASURE U
Statement of Revenues, Expenditures, and Changes in Fund Balance For the Fiscal Year Ended June 30, 2023
Variance
Final Over/
Budget Actual (Under)
Revenues
Sales tax 25,688,000$ 26,461,516$ 773,516 $
Use of money and property 99,354 642,979 543,625 Total revenues 25,787,354 27,104,495 1,317,141 Expenditures
Legal
Salaries and wages - 67,478 67,478
Materials and supplies - 1,283 1,283
Contracts and services - 7,327 7,327
Equipment and operations - 65,985 65,985
Capital - (73) (73)
Total legal - 142,000 142,000
City Manager
Contracts and services 22,500 19,761 (2,739) Total city manager 22,500 19,761 (2,739) Finance
Contracts and services 2,600 - (2,600)
Total finance 2,600 - (2,600)
Library
Salaries and wages 742,026 580,702 (161,324) Materials and supplies 76,385 55,377 (21,008) Contracts and services 13,000 (325) (13,325) Capital 44,215 - (44,215)
Cost allocation transfer out 190,334 190,334 - Total library 1,065,960 826,088 (239,872) Parks and recreation
Salaries and wages 2,252,192 1,909,330 (342,862) Materials and supplies 174,129 266,644 92,515 Equipment and operations 122,708 122,708 - Contracts and services 337,483 328,100 (9,383) Capital 109,818 90,139 (19,679)
Cost allocation transfer out 362,487 362,487
-
Total parks and recreation 3,358,817 3,079,408 (279,409) 5 DRAFT
Fire
Salaries and wages 9,075,717 7,934,209 (1,141,508) Materials and supplies 59,016 54,909 (4,107) Equipment and operations 565,211 556,867 (8,344) Contracts and services 534,127 458,613 (75,514) Capital 4,601,551 1,080,539 (3,521,012)
Cost allocation transfer out 528,313 528,313 - Total fire 15,363,935 10,613,450 (4,750,485)
Police
Salaries and wages 9,514,776 9,414,638 (100,138) Materials and supplies 78,265 82,146 3,881 Equipment and operations 1,100,776 1,100,776 - Contracts and services 391,099 352,549 (38,550) Capital 920,915 71,862 (849,053)
Cost allocation transfer out 608,861 608,861 - Total police 12,614,692 11,630,832 (983,860)
Community Development
Salaries and wages 626,890 246,068 (380,822) Materials and supplies 7,327 7,773 446 Equipment and operations 65,985 - (65,985) Contracts and services 66,611 36,478 (30,133) Capital 149,911 127,821 (22,090)
Total police 916,724 418,140 (498,584) Total expenditures 33,345,228 26,729,679 (6,615,549) Excess (deficiency) of revenues over
Expenditures (7,557,874)$ 374,816 7,932,690$ Fund balance at beginning of fiscal year 17,465,847
Fund balance at end of fiscal year 17,840,663 ‐
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City of Santa Maria
MEASURE U FUND
NOTES TO FINANCIAL STATEMENTS
June 30, 2022
NOTE 1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Reporting Entity
In a June 5, 2012 election, City of Santa Maria (City) voters approved Measure U, establishing a temporary quarter-cent transaction sales and use tax. The Measure U Fund (Fund) was established to accumulate revenues transmitted by the State Board of Equalization (BOE), the agency responsible for administering and collecting the transactions and use taxes for the City at that time and apportion them to essential services outlined within the approved expenditure plan. In 2017 administration of transaction and use tax was transferred to the California Department of Tax and Fee Administration (CDTFA).
In the November 2018 election, City voters approved to extend and enhance Measure U at a one- cent rate. The rate became effective April 1, 2019.
The financial statements presented only the activity of the Measure U Fund and are not intended to present the financial position and changes in financial position of the City of Santa Maria, in conformity with accounting principles generally accepted in the United States of America.
B. Basis of Accounting
The Meas
ure U Fund of the City is maintained on the modified accrual basis of accounting. As such, revenues are recognized when they become susceptible to accrual, that is, when they become both measurable and available to finance expenditures of the current period. Expenditures are recognized in the accounting period in which the liability is incurred (when goods are received or services rendered).
C. Estimates
The prepara
tion of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
NOTE 2. CASH AND INVESTMENTS
Cash and investments at June 30, 2023, consist of the following:
Pooled cash and investments with the City of
Santa Maria $ 16,349,792
Please refer to the notes of the City’s June 30, 2023 Annua l Comprehensive Financial Report regarding cash and investments for additional detail.
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