CITY OF SANTA MARIA
MEASURE U FUND
FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2024
UNAUDITED
ATTACHMENT B
CITY OF SANTA MARIA
MEASURE U FUND
BALANCE SHEET
JUNE 30, 2024
See accompanying Notes to Financial Statements.
General
ASSETS
Cash and Investments 8,057,988$
Accounts Receivable 4,613,144
Prepaid Items 4,950
Total Assets 12,676,082
LIABILITIES AND FUND BALANCES
Accounts Payable 228,113
Accrued Liabilities 190,739
Total Liabilities 418,852
Fund Balances:
Restructured 12,257,230
Total Fund Balances 12,257,230
Total Liabilities and Fund Balances 12,676,082$
UNAUDITED
CITY OF SANTA MARIA
MEASURE U FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FISCAL YEAR ENDED JUNE 30, 2024
See accompanying Notes to Financial Statements.
General
REVENUES
Sales Tax 25,656,492$
Use of Money and Property 290,617
Total Revenues 25,947,109
EXPENDITURES
Legal -
City Manager 162,191
Library 1,196,792
Recreation and Parks 3,176,928
Fire 13,206,285
Police 12,167,829
Community Development 884,922
Total Expenditures 30,794,947
EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES (4,847,838) Fund Balance - Beginning of Year 17,105,068
FUND BALANCE - END OF YEAR 12,257,230$
UNAUDITED
CITY OF SANTA MARIA
MEASURE U FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL
FISCAL YEAR ENDED JUNE 30, 2024
See accompanying Notes to Financial Statements.
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
REVENUES
Sales Tax 26,715,000$ 25,656,492$ (1,058,508)$
Use of Money and Property 171,354 290,617 119,263 Total Revenues 26,886,354 25,947,109 (939,245)
EXPENDITURES
City Manager:
Contracts and Services 189,335 162,191 27,144
Total City Manager 189,335 162,191 27,144 Finance:
Contracts and Services 2,600 - 2,600
Total Finance 2,600 - 2,600
Library:
Salaries and Wages 784,700 784,700 -
Materials and Supplies 257,008 221,758 35,250 Cost Allocation Transfer Out 190,334 190,334 - Total Library 1,232,042 1,196,792 35,250
Parks and Recreation:
Salaries and Wages 2,101,790 2,095,767 6,023 Materials and Supplies 371,736 228,813 142,923 Equipment and Operations 505,664 268,732 236,932 Contracts and Services 248,544 106,231 142,313 Capital 102,108 114,420 (12,312)
Cost Allocation Transfer-Out 362,487 362,965 (478) Total Parks and Recreation 3,692,329 3,176,928 515,401
UNAUDITED
CITY OF SANTA MARIA
MEASURE U FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL (CONTINUED)
FISCAL YEAR ENDED JUNE 30, 2024
See accompanying Notes to Financial Statements.
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
EXPENDITURES (CONTINUED)
Fire:
Salaries and Wages 10,413,780$ 10,500,072$ (86,292)$ Materials and Supplies 161,400 125,440 35,960 Equipment and Operations 536,455 529,503 6,952 Contracts and Services 6,753,233 788,424 5,964,809 Capital 2,811,017 734,416 2,076,601
Cost Allocation Transfer-Out 773,313 528,430 244,883 Total Fire 21,449,198 13,206,285 8,242,913
Police:
Salaries and Wages 10,511,667 10,529,240 (17,573) Equipment and Operations 966,990 566,990 400,000 Contracts and Services 831,888 359,381 472,507 Capital 170,430 103,357 67,073
Cost Allocation Transfer-Out 608,861 608,861 - Total Police 13,089,836 12,167,829 922,007
Community Development:
Salaries and Wages 819,521 739,252 80,269 Equipment and Operations 7,830 7,830 15,660
Contracts and Services 48,117 50,058 (1,941) Capital 87,782 87,782 -
Total Community Development 963,250 884,922 93,988 Total Expenditures 40,618,590 30,794,947 9,839,303 NET CHANGE IN FUND BALANCES (13,732,236)$ (4,847,838) 8,900,058$ Fund Balances - Beginning of Fiscal Year 17,105,068
FUND BALANCES - END OF FISCAL YEAR 12,257,230$
UNAUDITED
CITY OF SANTA MARIA
MEASURE U FUND
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2024
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 Measure 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 preparation 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, 2024, consist of the following:
Pooled Cash and Investments with the
City of Santa Maria 8,057,988$
Please refer to the notes of the City’s June 30, 2024 Annual Comprehensive Financial Report regarding cash and investments for additional detail.
UNAUDITED