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FISCAL YEAR 2017-18 MEASURE M STRONG COMMUNITIES FUND AUDIT
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Summary
Presented for Committee review is the City of Stockton’s Measure M Strong Communities Fund Audit for the fiscal year ended June 30, 2018 (Attachment A). The City received an unmodified (clean) opinion.
The Council Audit Committee and the City Council received, reviewed and took action to accept the Measure M Strong Communities Fund Audit on January 22, 2019, and February 5, 2019.
DISCUSSION
Measure M, approved by voters on November 8, 2016, authorized Ordinance No. 2016-06-07-1212 that provides for an additional one-quarter cent sales tax with proceeds to be used exclusively for library and recreation services. The City separately accounts for Measure M revenues and related expenditures. The measure requires an annual audit by an independent accounting firm, which was conducted by the Pun Group for the fiscal year ended June 30, 2018. The auditors did not report any findings, and the City received an unmodified (clean) opinion on the financial schedule of revenues, expenditures, and changes in fund balances of the Measure M Fund for the year ended June 30, 2018.
FINANCIAL SUMMARY
There is no financial impact associated with accepting this item.
Attachment A - FY 2017-18 Measure M Strong Communities Fund Audit