2018-028 - Approving FY 2018/19 Operating/Capital BudgetRESOLUTION 2018 -028
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
APPROVING THE FISCAL YEAR (FY) 2018/19 OPERATING BUDGET AND FY 2018/19 -
2022/23 CAPITAL BUDGET, NEW APPROPRIATIONS, OTHER APPROVED
ADJUSTMENTS, MINOR CORRECTIONS, AND CARRY - FORWARD APPROPRIATIONS
WHEREAS, Section 2.30.295(b) of the Los Gatos Town Code requires the Town
Manager to annually prepare and submit a budget to the Town Council and be responsible for
its administration; and
WHEREAS, the Town Manager submitted to the Town Council a proposed
Operating Budget for the FY 2018/19 on May 15, 2018; and
WHEREAS, the Town Manager submitted to the Town Council a proposed five -year
Capital Improvement Program for FY 2018/19 - 2022/23 on May 15, 2018; and
WHEREAS, the Town Council has considered and reviewed said proposed Budget
and Capital Improvement Program during public hearings on May 15, 2018 and the Town
Council directed no modifications to the Operating and Capital Budgets, respectively; and
WHEREAS, on June 5, 2018, Town Council considered and reviewed the proposed
Budget and Capital Improvement Program making final determinations.
NOW, THEREFORE, BE IT RESOLVED: that the Town Council hereby adopts as the
Operating Budget for the Town of Los Gatos for the 2018/19 fiscal year as depicted in Exhibit A
entitled "Total Town Revenues By Fund and Total Town Expenditures By Fund" including the
first year (FY 2018/19) of the Town's Capital Improvement Program budget as contained in the
Town's FY 2018/19 - 2022/23 Capital Improvement Program.
BE IT FURTHER RESOLVED, that the final adopted Budget documents include minor
corrections, and approved appropriations for unspent prior year allocations, and that they be
carried forward from prior years in a Reserve for Encumbrances whereby within each fund
there is an amount sufficient to cover approved outstanding encumbrances as of June 30, 2018.
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Resolution 2018 -028 June 5, 2018
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of
Los Gatos, California, held on the 5`h day of June, 2018 by the following vote:
COUNCIL MEMBERS:
AYES: Marcia Jensen, Steve Leonardis, Marico Sayoc, Barbara Spector, Mayor Rob Rennie
NAYS: None.
ABSENT: None.
ABSTAIN: None.
SIGNED:
4 f 4
MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
DATE: 15, /`. !%
ATTEST:
TOWN CLERK ADMINISTRATOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA,
DATE: to ho (%-_
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Resolution 2018 -028 June 5, 2018
TOTAL TOWN REVENUES BY FUND AND TOTAL TOWN EXPENDITURES BY FUND
TOWN REVENUES & OTHER FUNDING SOURCES
2018/19 Estimated
Proposed Budget
Budget Revision
2018/19
Recommended
Budget
General Fund
$42,363,657 $
$ 42,363,657
Designated One -Time Use of General Fund Reserves
5,974,133 *
5,974,133
Special Revenue Funds
624,074
624,074
Internal Service Funds
4,362,795
4,362,795
Trust & Agency Funds
78,650
78,650
Capital Project Funds (does not include carryforwards)
6,549,106
6,549,106
Successor Agency Funds
3,828,296
3,828,296
TOTAL TOWN REVENUES & OTHER FUNDING SOURCES
$63,780,711 $
$ 63,780,711
* Designated One -Time Use of the General Fund Reserves during FY 2018119
Payments to the Town IRS 115 Trust Fund
Transfer to Capital Projects (GFAR)
$ 3,188,913
2,335,220
Transfer to Equipment Replacement Fund 450,000
Total $ 5,974,133
TOTAL TOWN EXPENDITURES, TRANSFERS OUT & CARRYFORWARD APPROPRIATION
General Fund $47,522,071 $ - $ 47,522,071
Special Revenue Funds
Internal Service Funds
Trust & Agency Funds
672,312
6,306,524
73,500
672,312
6,306,524
73,500
Capital Project Funds (does not include carryforwards) 9,131,757 9,131,757
Successor Agency Funds 3,831,229 3,831,229
TOTAL TOWN EXPENDITURE & OTHER FUNDING USES $67,537,393 $ - $ 67,537,393
GENERAL FUND SOURCE(USE) OF FUND BALANCES $ 815,719
815,719
OTHER FUNDS SOURCE(USE) OF FUND BALANCES (4,572,401) ** (4,572,401) **
TOTAL SOURCE(USE) OF FUND BALANCES $ (3,756,682) $ - $ (3,756,682)
** Other Funds Source(Use) represents planned one -time uses of Internal service Fund, Special Revenue Fund,
Trust Fund, and Capital project Funds primary for infrastructure and equipment investment.
EXHIBIT A
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Resolution 2018 -028 June 5, 2018