Measure I committee meeting.

I guess shall we start off with the call to order?

Do we do a roll call right now?

We do it right.

Can we do a roll call?

Yes.

Committee member Girovich?

Present.

Call.

Present.

Sure.

And absent today is um committee member Tupo.

Right.

Um looks like next section is public comments.

Um, you have public comments to take note of.

Um that received.

Okay.

Um any agenda amendments.

Uh next up, we have a consent business.

Um, consider routine and to be acted by one motion.

Um do we have a motion to approve the minutes from June 9th.

I'll move the community.

I think 2025.

Okay.

We need a second from the detail.

Okay.

So, microscopes.

Okay.

Um, committee member Germit.

Aye.

And portfolio.

Aye.

Okay.

Okay.

Uh next up we have other business.

The first item on under that is the FY 2024 and 25 um results and status report.

Okay, thank you, Fred Chairman.

Uh so uh we have the meeting today to go over the fiscal year 2024-25 audit results for measure I.

And then next to me is our senior engineer Hojana.

Uh she's going to um uh uh give a presentation on uh the measure I related uh capco improvements.

So uh we can with that we can start.

No worries.

Uh so this is uh I put this slide on every time just because we only meet twice a year and this is a reminder to the advisory committee.

The duties of the committee, which is to review and evaluate the measure I annual reports in general scope of associated audit work, uh that uh we give reasonable assurance that the money is being properly spent on and reported on.

So uh today we'll go over those results.

Um okay, so uh this is the bar graph showing where measure I audited fund balance has been.

Uh you can see that uh inception was in a fiscal year 2016 to 17 when we started collecting on measure I in April of 2017, and then through the years that's how the fund balance uh looked like year over year.

Now you're seeing uh that it's uh built up over the past uh three years or so, and then this latest fiscal year uh we saw that the fund balance has dropped.

That only means that uh we were able to deliver projects right that we're spending the fund balance on a street improvements because all of measure I uh uh funds as council uh has continued to direct is towards street improvements.

So it just means that during this most recent fiscal year, uh public works has been uh able to deliver on more projects.

Okay, so uh here's a look at the detail in uh numbers.

So the last column, the rightmost column 2024-25, uh that's where we see uh the latest uh results.

We began measure I balance.

We have about a 4.5 million total revenues in on leisure I uh sales tax is about 2.4 million, and then um we spent about 3.3 million towards capital improvement uh projects.

Most notable one is uh about a three million on pavement reconstruction and um uh another 300,000 or so common uh pavement slurry projects.

We'll probably go break on that slide that the 2021, uh the pandemic, we were about that two million dollars in balance came from when that one year when project delivery went down sharply and then came back out.

Okay, so uh we just finished our audit.

It was officially completed last Friday, so you guys are really like have requests and all uh knowing our audit results.

Uh we have received an unmodified opinion, so that's the cleanest opinion from our auditors.

It's the highest level of assurance for our measure I and also for the city of uh Belmont.