As of 9 p.m. Tuesday, the ballot measure is at 53% "yes" and 47% "no." It needs 50% to pass.
Measure E is the first local sales tax put forward to fund programs at a California State University campus.
The novel sales tax approach would create a 0.2% sales tax for the next 20 years to help improve Fresno State.
For Reedly residents, the sales tax would be 0.025%.
If approved, the measure is expected to bring in an estimated $36 million each year.
The money will be used to provide scholarships to low-income students, expand access to programs such as nursing, agriculture, engineering and STEM - and repairs and upgrades to academic and athletic facilities.
Two-thirds of the money must be spent on academics and no more than one-third can be used to support athletics.