Public Safety Sales Tax Oversight Committee Agenda
Memo to:
Manteca Public Safety Sales Tax Oversight Committee
From:
Shay Narayan, Finance Director
Prepared by:
Juliana Whorton, Budget Analyst
Date:
April 11, 2024
Subject:
Financial Update
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Receive and file a financial status report on the Measure M - Public Safety Sales Tax.
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Background:
In association with the adoption of the Gang and Drug Prevention, 9-1-1 Emergency and Public Safety Improvement Transactions and Use Tax (Public Safety Sales Tax), the Public Safety Sales Tax Oversight Committee was established. One of the responsibilities of this committee is to review expenditures of the revenue collected to determine that the funds are expended in accordance with the public safety measure Police and Fire Expenditure Plan.
For Fiscal Year 2023-24, year-to-date revenues through March 31, 2023 totaled $5.2 million and are at 50% of budget. Expenditures totaled $7.5 million, or 73% of the budget. Police salaries and benefits total at $3.6 million or 76% of budget. Fire salaries and benefits total $3.8 million or 77% of the budget.
An income statement through March 31, 2024 of the current fiscal year with prior year periods listed for comparison has been prepared for your review. Please note that the figures presented in this income statement are unaudited at this time. In addition, an unaudited revenue and expenditures trends chart is provided showing the amounts over the period of comparison and the net change to fund balance. An unaudited reserve trends chart showing the portion of the fund balance that is designated as the reserves balance over the period of comparison is also provided. The reserves are currently at 25% of operating budget as required by the recent change to the reserve policy. Please note that all years are listed at 25% for ease of comparison. Prior to this policy change, the reserve requirement was 50% of operating expenditures.
Finally, attached is a five-ye...
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