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Home My WebLink AboutReso 24-2016 RESOLUTION NO. 24-2016 CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA A RESOLUTION TO ACCEPT YEAR END FINANCIAL REPORTS FOR THE FISCAL YEAR ENDED JUNE 30, 2015. WHEREAS, the City of South San Francisco prepares and distributes its annual financial reports in accordance with generally accepted accounting practices; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San Francisco that the City Council hereby has received and accepts the following documents for the fiscal year ended June 30, 2015: • Comprehensive Annual Financial Report • Transportation Development Act Article III Fund — Basic Financial Statements for the Years Ended June 30, 2015 and 2014 • Report on Compliance with the Agreement for Distribution of San Mateo County Measure A Funds for Local Transportation Purposes • Memorandum on Internal Control and Required Communications — Basic Financial Statements for the Years Ended June 30, 2015 and 2014 I hereby certify that the foregoing Resolution was regularly introduced and adopted by the City Council of the City of South San Francisco at a regular meeting held on the 24th day of February, 2016 by the following vote: AYES: Councilmembers Karyl Matsumoto, Richard A. Garbarino, and Liza Normandy Vice Mayor Pradeep Gupta and Mayor Mark N. Addiego NOES: None ABSTAIN: None ABSENT: None • TTES ': rill a M. Vii, City Clerk Page 196 of 202 CITY OF SOUTH SAN FRANCISCO MEASURE A FUNDS Report on Compliance with the Agreement for Distribution of San Mateo County Measure A Funds for Local Transportation Purposes For the Year Ended June 30,2015 Page 197 of 202 CITY OF SOUTH SAN FRANCISCO MEASURE A COMPLIANCE For the Year Ended June 30,2015 Table of Contents Page Independent Auditor's Report on Management's Assertion 1 Financial Statements: Balance Sheet 2 Schedule of Revenues,Expenditures and Changes in Measure A Fund Balance 3 Notes to Schedule of Revenues,Expenditures and Changes in Measure A Fund Balance 4 Management's Report on Compliance With The Agreement For Distribution of San Mateo County Measure A Funds for Local Transportation Purposes 5 Page 198 of 202 F! MAZE ASSOCIATES INDEPENDENT AUDITOR'S REPORT ON MANAGEMENT'S ASSERTION Honorable Mayor and Members of City Council of the City of South San Francisco,California We have examined management's assertion, included in accompanying Management's Report on Compliance with the Agreement for Distribution of San Mateo County Measure A Funds for Local Transportation Purposes (the Agreement) between the City and the San Mateo County Transportation Authority dated March 5, 2009, that the City of South San Francisco complied with the requirements of the Agreement during the year ended June 30, 2015. Management is responsible for the City's compliance with those requirements. Our responsibility is to express an opinion on management's assertion about the City's compliance based upon our examination. Our examination was conducted in accordance with the attestation standards established by the American Institute of Certified Public Accountants and accordingly, included examining, on a test basis, evidence about the City's compliance with those requirements and performing such other procedures as considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provided legal determination of the City's compliance with specified requirements. In our opinion, the City complied, in all material respects, with the aforementioned requirements for the year ended June 30,2015. This communication is intended solely for the information and use of the City Council, management and the San Mateo County Transportation Authority Board and Management, and is not intended to be and should not be used by anyone other than these specified parties. Pleasant Hill,California December 18,2015 r 925.930.0902 Accountancy Corporation F 925.930.0135 3478 Buskirk Avenue,Suite 215 E maze @mazeassociates.com Pleasant Hill,CA 94523 w mazeassoclates.com 1 Page 199 of 202 CITY OF SOUTH SAN FRANCISCO MEASURE A FUND BALANCE SHEET JUNE 30,2015 ASSETS: Cash and investments $2,394,919 Accrued interest receivable 6,839 TOTAL ASSETS $2,401,758 FUND BALANCE: Restricted for Measure A capital projects and maintenance $2,401,758 TOTAL FUND BALANCE $2,401,758 See accompanying notes to the financial statements. 1 Page 200 of 202 CITY OF SOUTH SAN FRANCISCO MEASURE A FUND SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED JUNE 30,2015 REVENUES Sales tax from the County of San Mateo $1,295,185 Interest and investment income 20,091 Total Revenues 1,315,276 TRANSFERS OUT Capital Improvements Projects: Street Rehabilitation Program 43,147 Dubuque Avenue/Grand Avenue Improvement 10,006 South Airport Boulevard Bridge Replacement 23,510 2013 Street Overlay Project 21,950 Sidewalk Gap Closure Project 3,149 Grand Boulevard Project 3,062 2014 Street Scrub Seal&Micro Surfacing 945,000 Evergreen/Mission Traffic Signal 11,998 Bicycle Database 30,015 Downtown Truck Restriction Project 15,295 Grand Avenue/Magnolia Avenue Traffic Signal 13,535 Los Cerritos West Orange Avenue Improvement 45,109 Sharrow and Striping Project 5,783 Pedestrian Crossing Improvement at El Camino High School 9,816 Fairway/West Orange Traffic Calming Improvements 10,137 Junipero Serra/King Drive Intersection Improvements 10,127 SSF CalTrain Station Pedestrian/Bike Underpass 150 General Fund Projects: South City Shuttle 36,576 Total Transfers 1,238,365 Net Change in Fund Balance 76,911 Fund Balance, July 1 2,324,847 Fund Balance, June 30 $2,401,758 See accompanying notes to the fmancial statements. Page 201 of 202 CITY OF SOUTH SAN FRANCISCO MEASURE A FUNDS Notes to Financial Statements For the Year Ended June 30,2015 NOTE 1-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Reporting Entity At the General Election of June 7, 1988, the voters of City of San Mateo County approved Measure A, which is an ordinance providing for the creation of the San Mateo County Transportation Authority for the imposition of a one-half of one percent sales transaction and use tax. Twenty percent of the aforementioned tax is to be allocated to the cities of San Mateo County and to the County of San Mateo for the improvement of local transportation, including streets and roads in accordance with Measure A requirements. B. Basis of Accounting The Schedule of Measure A Funds (Transportation Sales Tax), a special revenue fund of the City of South San Francisco, California, have been prepared in conformity with accounting principles generally accepted in the United States of America as applied to governmental units. The Governmental Accounting Standards Board is the accepted standard-setting body for establishing governmental accounting and fmancial reporting principles. The Measure A Funds are accounted for using the modified accrual basis of accounting.Under this basis,revenues are recognized when they become both measurable and available to finance expenditures of the fiscal period. Expenditures are recognized when the liability is incurred. A Page 202 of 202 N.0 S CITY COUNCIL 2015 455 MARK ADDIEGO,MAYOR PRADEEP GUPTA,PH.D.,VICE MAYOR ��F^^, RICHARD A.GARBARINO, y COUNCILMEMBER KARYL MATSUMOTO,COUNCILMEMBER t) vw O LIZA NORMANDY,COUNCILMEMBER c4t1FO�� FINANCE DEPARTMENT 650-877-8507 December 18,2015 San Mateo County Transportation Authority 1250 San Carlos Avenue San Carlos,California 94070 Management's Report on Compliance with the Agreement for Distribution of San Mateo County Measure A Funds for Local Transportation Purposes The City of South San Francisco is responsible for complying with the Agreement for Distribution of San Mateo County Measure A Funds for Local Transportation Purposes (the Agreement) between the City and the San Mateo County Transportation Authority effective on January 1,2009. The Agreement states that in return for receiving an annual allocation of a specified portion of the retail transactions and use tax approved by Measure A —San Mateo County Transportation Expenditure Plan (the Measure), the City agrees that funds, "shall not be used to replace funds previously provided by property tax or other local revenues for public transportation purposes, and that City will limit the use of funds provided pursuant to this agreement to the improvement and maintenance of local transportation, including streets and road improvements." With respect to compliance with the Agreement, management attests to the following for the year ended June 30,2015: • Management is responsible for establishing and maintaining an effective internal control structure with respect to compliance with the Agreement; • Management is responsible for complying with the Agreement; • Management has evaluated the City's compliance with the requirements of the Agreement; • All Transactions, as summarized in the attached Schedule of Measure A Funds for the Year Ended June 30,2015, are in compliance with the Agreement. 4 � Richard Lee "Mike Futrell City Manager Finance Director • 400 GRAND AVENUE • P.O. BOX 71 1 • SOUTH SAN FRANCISCO, CA 94083