Agenda Item Wording:
title
Review of Annual Measure N Compliance Audit for fiscal year ending 6/30/21.
body
Deadline for Action: 1/18/2022
Submitting Department: Finance and Technology Services
Contact Name and Phone Number: Kari Williams 559-713-4298
Department Recommendation:
It is recommended that the City Council accepts the Measure N Compliance Audit from M. Green and Company for the Fiscal Year ending June 30, 2021.
Background Discussion:
The City, as part of the voter approved Measure N sales tax override, must have an annual audit of the uses of Measure N funds. M. Green and Company has performed this audit and it is now being presented to Council.
This audit did not include financial management and accounting practices. It is only to ensure that Measure N funds are used in accordance with the Ballot Measure, Program Guidelines, and Expenditure Plan for the fiscal year ended June 30, 2021. The financial management and accounting practices are included in the City's annual Audit which is also being presented January 18, 2022.
This is a review of the audit and is not intended as a discussion of plan adjustments or other operational issues. Those adjustments should be considered as part of a separate discussion.
In November of 2016, the voters of Visalia passed a 1/2 cent Sales Tax Override, Measure N - The Visalia Essential City Services Measure. Sales Tax from Measure N will provide for essential city services such as police and fire, as well as maintenance of parks, trails, roads, and City facilities. As part of the measure, Council adopted an Accountability Ordinance (Ordinance 16-21) to establish accountability measures as outlined below:
Revenue Requirements:
* 10% of budgeted revenues must be deposited in a Measure N Uncertainty Fund. Money can only be accessed from this fund during a fiscal emergency;
* 10% of budgeted revenues must be deposited into the following categories:
...
Click here for full text