13 Staff Report.Mid-Year Budget Performance Report with attachments
PREPARED BY: Gitta Ungvari
Finance Director
Reviewed by: Town Manager, Town Attorney, and Assistant Town Manager
110 E. Main Street Los Gatos, CA 95030 ● (408) 354-6832
www.losgatosca.gov
TOWN OF LOS GATOS
COUNCIL AGENDA REPORT
MEETING DATE: 02/20/2024 ITEM NO: 13
DATE: February 13, 2024
TO: Mayor and Town Council
FROM: Laurel Prevetti, Town Manager
SUBJECT: Mid-Year Budget Report - July 1 - December 31, 2023:
a. Receive the FY 2023/24 Mid-Year Budget Report; and
b. Authorize Budget Adjustments as Recommended in the Mid-Year Budget
Report
RECOMMENDATION:
Staff recommends that the Town Council take the following actions regarding the Mid-Year
Budget Performance Report - July 1 - December 31, 2023:
a. Receive the FY 2023/24 Mid-Year Budget Report (Attachment 1); and
b. Authorize budget adjustments as recommended in the Mid-Year Budget Report.
BACKGROUND:
The purposes of the Mid-Year Report (Attachment 1) are to provide the Town Council with a
status of the adopted Fiscal Year (FY) 2023/24 Operating Budget after the first six months and
to make any adjustments to ensure the continuity of municipal services and operations for the
remainder of the fiscal year. The Report is one of several periodic updates to the Town Council
on the status of the current year’s revenues and expenditures and the projected financial
condition of all Town funds compared with the Adopted Operating Budget. The updates
primarily focus on the Town’s General Fund.
The Mid-Year Report dated February 13, 2024 (Attachment 1) contains a few modifications
from the February 6, 2024 Report provided to the Finance Commission. The revised Report
updates the Police Services discussion, adds the Program numbers to the Recommended
Budget Adjustments, describes the Recommended Budget Adjustments in the Equipment
Replacement Fund, and makes other minor edits.
PAGE 2 OF 4 SUBJECT: Mid-Year Budget Performance Report – Six Months Ending December 31, 2023 DATE: February 13, 2024
BACKGROUND (continued):
Finance Commission Review
On February 12, 2024, the Finance Commission received the Mid-Year Report. The Commission
did not discuss the report in detail due to time constraints and the fact that a majority of the
Commissioners indicated that they did not get a chance to read the report. The
Chairperson commented that his year-end estimates predict higher surpluses than indicated in
the staff presentation.
DISCUSSION:
Highlights of the Mid-Year Budget Report include:
Financial Overview and Executive Summary
As discussed in the Report, the current fiscal year-end projections for FY 2023/24 reflect an
anticipated $1.7 million surplus of operating revenues and planned use of reserves over
expenditures after reserving 30% of Education Revenue Augmentation Fund (ERAF) and the
required allocation to the Pension Trust Fund.
The primary drivers of the projected surplus are the increased revenue projection for property
tax and the restoration of the garbage franchise fee to prior year levels.
General Fund Revenue Analysis
The current year-end projections expect increases in economically sensitive revenues such as
property tax, and franchise fees; however, sales tax revenues, business license tax, and
transient occupancy tax are trending lower than the Adopted Budget. Current year-end
estimates project increases in interest, parking citation, engineering review, engineering permit
collections. Pass-Through Revenue increases have matching expenditure increases in the
Town’s affordable housing program. The combined recommended mid-year revenue
adjustments total a net increase of approximately $2.1 million. While staff conducted a
detailed analysis of all General Fund revenues and provided the expected year-end estimates,
only major revenue sources are recommended for adjustment at this time.
General Fund Expenditure Analysis
General Fund expenditure totals are trending in accordance with the Adjusted Budget, with
total operational expenditures at the end of the second quarter at about 47% of the Adjusted
Budget. With six months of data now available, staff expects that the next six months of
expenditures will be within the Adjusted Budget, assuming that Town Council approves the
PAGE 3 OF 4 SUBJECT: Mid-Year Budget Performance Report – Six Months Ending December 31, 2023 DATE: February 13, 2024
DISCUSSION (continued):
recommended budget adjustments. The analysis examines all expenditure line items; however,
budget adjustments are only recommended in certain instances as outlined in the Report. The
recommended General Fund mid-year expenditure adjustments total just over $0.8 million.
The FY 2023/24 Adjusted Budget includes a 4.6% vacancy factor. Staff continues to monitor each
Department’s budget because while an overall Town-wide surplus is predicted due to higher
projected revenues, the individual Departments’ current expenditure budgets may not be
sufficient for the remainder of the year. If additional adjustments are needed during the current
fiscal year, the Council would be asked to consider these future actions.
FY 2023/24 Recommended Budget Adjustments and Summary of Key Recommended Budget
Adjustments
All recommended revenue and expenditure adjustments are contained in these sections along
with a description of the major adjustments.
General Fund Financial Summaries and Estimates
This section introduces the Schedule of General Fund Operating Revenues Versus Operating
Expenditures for the second quarter of FY 2023/24 which includes comparison information from
the prior year.
Financial Summaries of Other Funds
This section provides financial summaries and presents data by governmental, proprietary, and
fiduciary fund types. For each, the fund information starts with a beginning fund balance, adds
current year revenues, and subtracts current year expenditures, resulting in an ending fund
balance.
COORDINATION:
All Town Departments participated in the data collection and analysis that informed the
preparation of the Mid-Year Report and proposed budget adjustments.
CONCLUSION AND NEXT STEPS:
Staff is continuing to monitor all revenues and expenditures during the preparation of the
Proposed Operating and Capital Budgets for FY 2024/25. Should any additional budget
adjustments be necessary to balance operating revenue and expenditures prior to the FY
2023/24 close, Council would be asked to consider appropriate actions. The Draft FY 2024/25
PAGE 4 OF 4 SUBJECT: Mid-Year Budget Performance Report – Six Months Ending December 31, 2023 DATE: February 13, 2024
CONCLUSION AND NEXT STEPS (continued):
Operating and Capital Budgets will be available on April 22, 2024 with the Council’s budget
hearing tentatively scheduled for May 21, 2024.
Staff recommends that the Town Council approve the proposed revenue and expenditure
budget adjustments as described in Attachment 1. In additon, staff looks forward to answering
the Town Council’s questions.
ENVIRONMENTAL ASSESSMENT:
This is not a project defined under CEQA, and no further action is required.
Attachments:
1. Mid-Year Budget Report - July 1 - December 31, 2023
2. Public Comments Received before 11:00 a.m. on February 15, 2024
1
TOWN OF LOS GATOS
MID-YEAR BUDGET REPORT
JULY 1 - DECEMBER 31, 2023
February 13, 2024
FINANCIAL OVERVIEW AND EXECUTIVE SUMMARY: STATUS OF FY 2023/24 ADOPTED BUDGET
The purposes of the Mid-Year Report are to provide the Town Council with a status of the Adopted Fiscal
Year (FY) 2023/24 Operating Budget after the first six months and to make any adjustments to ensure
the continuity of municipal services and operations for the remainder of the fiscal year. The Report is
one of several periodic updates to the Town Council on the status of the current year’s revenues and
expenditures and the projected financial condition of all Town funds compared with the Adopted
Operating Budget. The updates typically focus on the Town’s General Fund.
On January 24, 2023, the Town Council determined the Strategic Priorities for 2023-2025, providing
guidance to Town staff and Commissions on workload prioritization. The Council affirmed its Strategic
Priorities to be multi-year efforts focused on Safety, Prudent Financial Management,
Traffic/Transportation, and Quality of Life. Under these broad topics, the Council added a few new
items including: Hazardous Tree Management, Develop a Five-Year Structurally Balanced and
Sustainable Operating Forecast, Develop a Five-Year Full Funded Capital Plan, Traffic Calming/Safety for
All Users, Streamline Permit Process, Work with Town Partners to Support Needs of Unhoused
Residents, and Redefine Town Commissions in Alignment with Strategic Priorities (see the following
page). Town Council will review these priorities on its February 13, 2024 Special Meeting.
Staff has started budget development work for the next fiscal year, including an update of the Five-Year
Financial Forecast, identification of critical Town needs, contractual obligations, unfunded mandates,
potential adjustments to the Fee and Fine Schedule, and other analyses. Staff is actively engaged in the
FY 2024/25 budget process with the primary focus of ensuring that the available Town resources are
allocated to meet the priority service needs of the community. The Town Council is scheduled to hold a
public hearing on the Proposed FY 2024/25 Budget on May 21, 2024.
The prior fiscal year closed with approximately $4.1 million in surplus operating revenues, transfers in,
and use of reserves over expenditures, transfers out, and reserve allocations. The General Fund balance
was $29,528,304.
Current fiscal year-end projections for FY 2023/24 reflect an anticipated $1.7 million surplus of operating
revenues and planned use of reserves over expenditures in addition to reserving 30% of ERAF and the
proceeds to Pension Trust Fund.
ATTACHMENT 1
2
3
As discussed in greater detail later in this Report, the primary drivers of the projected surplus are the
increased revenue projection for property tax and the restoration of the garbage franchise fee to prior
year levels.
On June 6, 2023, the Town Council balanced the budget with a 4.6% vacancy factor. Staff continues to
monitor each Department budget because while overall Townwide savings are predicted due to higher
projected revenues, the individual Departments’ current expenditure budgets may not be sufficient for
the remainder of the year. Staff will recommend the necessary expenditure budget adjustments as
needed.
Providing services to the community in this and future fiscal years will require a strong revenue
performance of the Town’s economically sensitive revenues to offset continued projected cost
increases. The FY 2024/25 budget development process will endeavor to maintain essential public
services while controlling operational costs in light of the five-year fiscal forecast, which predicts
operating revenue shortfalls in subsequent fiscal years with certain assumptions.
4
CONTENT OVERVIEW
The remainder of this Report focuses on the General Fund and provides analyses of key revenues and
expenditures, including historic data by Town Department/Service Area. The next section contains
descriptions of recommended revenue and expenditure budget adjustments. The Report also includes
financial summaries of other funds as well as a table of General Fund Operating Revenues Versus
Operating Expenditures through the second quarter of FY 2023/24 which includes comparison
information from the prior year.
GENERAL FUND - KEY REVENUE ANALYSIS FY 2023/24
The following information provides a recap of the General Fund budgeted significant revenue sources,
including estimated year end collection as of the second quarter ending December 31, 2023. Staff is
monitoring developments in each major revenue source closely for potential adjustments to budgeted
revenues as recommended in this Report.
Property Tax and Motor Vehicle in Lieu Fee (VLF)
Property tax and VLF are the single largest revenue sources for the Town and comprise approximately
42% of total Town General Fund estimated revenues for FY 2023/24. Property tax is levied by the Santa
Clara County Assessor’s Office at 1% of a property’s assessed value, of which the Town receives
approximately 9.3 cents per dollar paid on property located within the municipal limits of Los Gatos. In
compliance with Proposition 13, the assessed value of real property is based on the 1975/76 assessment
roll value, adjusted by a 2% inflation factor annually thereafter. However, when property changes hands
or new construction occurs, the property is then reassessed at its current market value.
5
The County of Santa Clara provides property tax collection updates and projections throughout the year.
The current County estimate indicates $654,587 of more collections than the Adopted Budget. The
increase is a combined effect of higher-than-expected Redevelopment Agency (RDA) Residual
Apportionment, and Motor Vehicle in Lieu (VLF) Property, Excess Educational Revenue Augmentation
Fund (ERAF) estimates and decrease in secured property tax estimates and in property transfer tax.
The Town has been monitoring ongoing developments regarding the distribution of excess ERAF funds.
A portion of property tax revenue goes to the ERAF to support local school districts. When the amount
contributed to ERAF is more than the minimum cost of funding local schools, excess funds have
traditionally been returned to the counties, cities, and special districts. Five counties, including Santa
Clara, have been using a redistribution allocation formula that has been contested by the State. The
Town received the full amount for FY 2021/22; however, the Santa Clara County Assessor’s Office
recommends reserving 30% of the FY 2023/24 projected number due to an ongoing lawsuit between
Santa Clara County and the State Controller Office and the State Controller’s audit findings on Marin
County.
Property tax distributions are largely received in the third and fourth quarters. Second quarter receipts
are trending similar to those received during the second quarter of the previous fiscal year and are at
28% of budgeted totals. Based on current County projections, staff recommends a $654,587 increase in
estimated General Property Tax and Motor Vehicle in Lieu Fee collections.
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
2nd Quarter Actual Revenues 4,785,479$ 5,481,928$ 5,761,081$ 6,155,317$ 6,446,869$
Fiscal Year Total Actual Revenues 18,330,427$ 19,878,834$ 21,129,080$ 22,743,088$ Fiscal Year Total Estimated Revenues 23,903,898$
Fiscal Year Budgeted Revenues 18,352,880$ 18,705,325$ 20,138,320$ 22,484,118$ 23,249,311$
2nd Quarter Percent of Total 26%28%27%27%28%
Recommended Budget Revision 654,587$
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
$18,000,000
$20,000,000
$22,000,000
$24,000,000
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Property Tax and VLF -Quarterly and Annual Revenues
5-Year History
2nd Quarter Actual Revenues Fiscal Year Total Actual Revenues Fiscal Year Budgeted Revenues Fiscal Year Total Estimated Revenues
6
Sales Tax
Sales tax is the second largest revenue source for the Town’s General Fund, accounting for 15% of
budgeted General Fund projected revenues for FY 2023/24. The Town currently receives 1.125 cents for
every 9.125 cents of sales tax paid per dollar on retail sales and taxable services transacted within Los
Gatos, including the Town of Los Gatos residents’ approved ballot Measure G in 2018 enacting a one-
eighth cent (0.125%) district sales tax for 20 years.
Sales tax estimates are based on actual sales tax data and annual sales tax estimates for five years
provided by the Town’s consultant, MuniServices. In addition to brick-and-mortar sales tax generation,
the MuniServices estimates include several online sales tax projections. The 2018 Wayfair Decision
resulted in e-commerce vendors utilizing the Amazon platform to collect sales tax based on destination;
however, items shipped directly from Amazon fulfillment centers are collecting sales tax based on the
point of distribution. Regular sales tax collected through online transactions are distributed through the
Santa Clara County pool for which the Town receives a pro rata share of the sales tax generated in Santa
Clara County for that particular quarter. The Town directly receives the one-eighth district tax portion of
the sales tax generated by the residents of Los Gatos. Current total sales tax estimates include
$6,960,850 (a $915,383 decrease from the Adopted Budget) in proceeds from regular sales tax and
$1,239,843 (a $36,802 decrease) in proceeds from the Measure G one-eighth cent district tax. Actual
receipts net of administrative fees collected by the State will be confirmed at the close of the fiscal year
and per prior Council direction, the Measure G funds are allocated at 50% for capital improvement
projects and 50% for operating expenses.
While FY 2023/24 second quarter receipts are trending lower than in the same period last fiscal year,
staff recommends a $952,185 budget decrease to reflect the MuniServices current estimates.
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
2nd Quarter Actual Revenues 2,755,208$ 2,813,652$ 2,556,341$ 2,825,421$ 2,665,060$
Fiscal Year Total Actual Revenues 7,531,425$ 7,933,604$ 8,483,673$ 8,806,477$
Fiscal Year Total Estimated Revenues 8,200,693$
Fiscal Year Budgeted Revenues 8,723,000$ 7,301,869$ 8,671,606$ 8,959,134$ 9,152,878$
2nd Quarter Percent of Total 37% 35% 30% 32% 29%
Recommended Budget Revision (952,185)$
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Sales Tax & Measure G Tax -Quarterly and Annual
Revenues
5-Year History
2nd Quarter Actual Revenues Fiscal Year Total Actual Revenues Fiscal Year Budgeted Revenues Fiscal Year Total Estimated Revenues
7
Franchise Fees
Franchise fees are collected by the Town for the privilege of operating a utility service within Los Gatos,
and as a fee in lieu of a business license tax. Franchise fees are currently received from Comcast for
cable television, PG&E for gas and electric services, West Valley Collection and Recycling for solid waste
collection services, and AT&T and Comcast for video services. Franchise fees represent 6% of projected
General Fund revenues in FY 2023/24.
Historically, franchise payments are not remitted equally throughout the fiscal year; therefore, second
quarter receipts are not necessarily predictive of future receipts. Total franchise fee revenues are
trending higher than those of the second quarter in FY 2023/24.
As the Town previously disclosed in the FY 2021/22 Annual Comprehensive Financial Report (ACFR), the
California Supreme Court recently issued an opinion in a case challenging the franchise fees that the City
of Oakland charges to certain waste hauling companies. In Zolly v. City of Oakland, the court concluded
that it did not have enough evidence to rule as a matter of law that the fees are exempt from the voter
approval requirements that apply to taxes under Proposition 26, Article XIII C of the California
Constitution. However, there are several exceptions to the general rule that a tax must be approved by
the voters. One exception (Article IIIC, section 1 (e)(1)) is for “a charge imposed for a specific benefit
conferred or privileged granted directly to the payor that is not provided to those not charged, and
which does not exceed the reasonable costs to the local government of conferring the benefit or
granting the privilege.” The Town anticipated the impact starting on March 1, 2024, when the new
garbage hauler contract goes into effect and reduced the Adopted Budget accordingly. The Town has a
seat on the West Valley Solid Waste Management Authority (WVSWMA) Board that manages the solid
waste contracts. The WVSWMA recently completed a Franchise Valuation Study that indicated that
prior level of proceeds will be restored. Staff is recommending a $1,097,703 increase in garbage
franchise fee collection to restore the prior year levels of proceeds, and a $94,530 increase in the PG&E
Franchise Fee collection.
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
2nd Quarter Actual Revenues 864,849$ 807,833$ 968,181$ 1,044,055$ 1,079,717$
Fiscal Year Total Actual Revenues 2,495,792$ 2,499,463$ 2,822,515$ 3,074,624$
Fiscal Year Total Estimated Revenues 3,308,703$
Fiscal Year Budgeted Revenues 2,458,520$ 2,532,289$ 2,514,020$ 2,716,470$ 2,116,470$
2nd Quarter Revenue Percent of Total 35% 32% 34% 34% 33%
Recommended Budget Revision 1,192,233$
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Franhise Fees -Quarterly and Annual Revenues 5-Year History
2nd Quarter Actual Revenues Fiscal Year Total Actual Revenues Fisca l Year Budgeted Revenues Fiscal Year Total Estimated Revenues
8
Business License Tax
The Town requires all businesses located within Los Gatos and/or those that operate within Los Gatos to
obtain a business license. The amount of business license tax paid by each business is based on its
business activity. In November 2022, Los Gatos voters approved Measure J, which modernized the
Town’s business license tax program. This was the first update to the program since 1991, strengthening
funding for core Town services that are enjoyed by Town businesses. Measure J included a 30% increase
on flat rate fees, a 40% increase in retailing gross receipts, and a 120% increase in e-commerce,
manufacturing, wholesaling, and jobbing gross receipts. Fees for activities such as wholesale sales and
manufacturing are charged on a sliding scale based on gross receipts, as is retail, with retail being
capped at $1,365. These gross receipt activities account for approximately 25% of annual business
licenses, while the remaining 75% are flat fee businesses. Annual renewal payments are due on January
2 of each year. Payments for new flat-fee-based businesses are prorated by quarter.
The Town is partnering with HdL Companies (HdL) to provide dedicated business license support to Los
Gatos businesses. The Town’s business license application and renewal process is now streamlined by
offering online business license applications and renewals. Council authorized the reactivation of late
business license penalties for all businesses in 2024 that was previously omitted due to pandemic and to
assist with the business license management transition.
Business license tax revenue projections provided by HdL are trending slightly lower than the adopted
budget. Staff is recommending a $11,347 decrease to this revenue source. Staff anticipates collecting
the majority of the business license revenue during the third quarter. Staff is closely monitoring the
activities and will return with any recommended adjustments in May.
FY 19/20 FY 20/21 FY 21/22 FY 22/23
2nd Quarter Actual Revenues 60,500$ 224,388$ 167,942$ 97,974$ 352,611$
Fiscal Year Total Actual Revenues 1,357,080$ 1,386,943$ 1,481,667$ 2,361,862$
Fiscal Year Total Estimated Revenues 2,429,419$
Fiscal Year Budgeted Revenues 1,400,000$ 1,300,000$ 1,425,000$ 2,310,110$ 2,440,766$
2nd Quarter Revenue Percent of Total 53% 53% 59%4% 15%
Recommended Budget Revision (11,347)$
FY 23/24
$- $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 $2,000,000 $2,200,000 $2,400,000 $2,600,000
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Business License Tax -Quarterly and Annual Revenues
5-Year History
2nd Quarter Actual Revenues Fiscal Year Total Actual Revenues Fiscal Year Budgeted Revenues Fiscal Year Total Estimated Revenues
9
Transient Occupancy Tax
TOT is an important revenue source for the Town and comprises approximately 4% of total Town
estimated revenues in the amount of $2.3 million for FY 2023/24. The Town levies a 12% transient
occupancy tax (TOT) on all hotel and motel rooms within the municipal limits of Los Gatos. The 12% rate
has been in effect since January 1, 2017, after the voters approved a ballot measure to increase in the
TOT from 10% to 12% during the November 8, 2016 election.
During the pandemic, TOT experienced the most significant percentage decline relative to historical
adopted budgets. Due to a significant rebound in leisure “staycation” travel and modest improvements
in business travel, TOT collections were recovering but current quarter is trending lower than the prior
year. Based on the current trend, staff is recommending a $154,516 decrease to this revenue source.
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
2nd Quarter Actual Revenues 910,806$ 399,620$ 711,861$ 875,715$ 819,683$
Fiscal Year Total Actual Revenues 1,869,685$ 1,044,820$ 1,895,064$ 2,228,190$
Fiscal Year Total Estimated Revenues 2,264,484$
Fiscal Year Budgeted Revenues 2,850,285$ 707,723$ 1,475,000$ 2,348,547$ 2,419,000$
2nd Quarter Revenue Percent of Total 49% 38% 38% 39% 34%
Recommended Budget Revision (154,516)$
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
TOT -Quarterly and Annual Revenues
5-Year History
2nd Quarter Actual Revenues Fiscal Year Total Actual Revenues Fiscal Year Budgeted Revenues Fiscal Year Total Estimated Revenues
10
Interest Income
The Town earns interest income by investing monies not immediately required for daily operations in a
number of fixed income and money market instruments. These investments are made within the
parameters stated in the Town Council’s Investment Policy and State regulation. The Town’s investment
goal is to achieve a competitive rate of return while maintaining sufficient liquidity and protecting the
safety of its funds. Interest income revenue is primarily dependent on two factors: the cash balance in
the Town’s investment portfolio and the yield on those funds.
As of December 31, 2023, the Town’s weighted portfolio yield for investments under management was
4.23% which was 30 basis points above the Local Agency Investment Fund (LAIF) yield of 3.93% for the
same reporting period. Currently, the LAIF portfolio’s weighted average maturity (WAM) is 230 days versus
the Town’s longer WAM of 587 days. The longer maturity (WAM) for Town assets under management
reflects the Town’s strategy to take advantage of higher yields associated with longer maturities balanced
with shorter term yields available on investments held with the State’s LAIF. The Town’s weighted average
rate of return on investments under management of 4.23% at the close of December was 3 basis points
higher when compared to the prior month’s return of 4.20% reported as of November 30, 2023.
Based on current interest rate environment and the Town portfolio, staff recommends a $532,033 revenue
budget increase to this revenue source.
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
2nd Quarter Actual Revenues 482,517$ 343,813$ 227,164$ 145,003$ 235,922$
Fiscal Year Total Actual Revenues 1,173,570$ 876,460$ 610,975$ 602,592$
Fiscal Year Total Estimated Revenues 1,567,130$
Fiscal Year Budgeted Revenues 739,774$ 626,409$ 441,233$ 670,021$ 1,035,097$
2nd Quarter Revenue Percent of Total 41% 39% 37% 24% 23%
Recommended Budget Revision 532,033$
* GASB 31 Market Adjustment is not Included
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Interest -Quarterly and Annual Revenues
5-Year History
2nd Quarter Actual Revenues Fiscal Year Total Actual Revenues
Fiscal Year Budgeted Revenues Fiscal Year Total Estimated Revenues
11
Charges for Services
Town Service revenues consist primarily of planning, building, inspections, and engineering fees assessed
on local building and development activity. Development fees and charges are assessed based on cost
recovery formulas, which reflect approximate costs of providing these regulatory services. This category
includes charges for the School Resource Officer and crossing guard services.
Second quarter Town Service revenues, specifically Charges for Services, are trending higher than in the
second quarter compared to the previous fiscal year. Typically, development fees are collected in
advance for projects and recognized as revenue in the fiscal year the work is performed. Fiscal Year
estimated revenues includes all revenue line items in this category. Staff recommends a $199,547 budget
increase in selected items to reflect increased activities in planning and engineering services as explained
in the Budget Adjustment section of this Report.
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
2nd Quarter Actual Revenues 2,905,238$ 3,258,027$ 3,906,577$ 3,284,766$ 3,375,872$
Fiscal Year Total Actual Revenues 4,373,603$ 4,797,770$ 5,310,271$ 4,646,705$
Fiscal Year Total Estimated Revenues 5,166,743$
Fiscal Year Budgeted Revenues 4,416,250$
2nd Quarter Revenue Percent of Total 66% 68% 74% 71% 65%
Recommended Budget Revision 199,547$
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
$5,000,000
$5,500,000
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Charges for Services -Quarterly and Annual Revenues 5-Year History
2nd Quarter Actual Revenues Fiscal Year Total Actual Revenues Fiscal Year Total Estimated Revenues Fiscal Year Total Estimated Revenues
12
Licenses and Permits
Licenses and Permits consist mainly of planning and building permit fees which are collected by the Town
to offset administrative costs associated with evaluating development proposals to ensure compliance
with codes and policies. Licenses and Permits revenue was budgeted slightly lower than FY 2022/23 in
anticipation of slower development activity.
Second quarter License and Permit revenue is trending 59% of budgeted revenue. Fiscal Year estimated
revenues includes all revenue line items in this category. Staff recommends a $337,425 increase in
selected items in this category as explained in the next section of this Report.
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
2nd Quarter Actual Revenues 1,692,252$ 1,584,098$ 3,373,287$ 1,602,633$ 1,726,270$
Fiscal Year Total Actual Revenues 2,673,706$ 1,984,400$ 4,814,650$ 3,268,498$
Fiscal Year Total Estimated Revenues 3,239,593$
Fiscal Year Budgeted Revenues 3,250,534$ 2,889,898$ 3,052,907$ 2,830,574$ 2,925,230$
2nd Quarter Revenue Percent of Total 63% 80% 70% 49%59%
Recommended Budget Revision 337,425$
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
$5,000,000
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Licenses & Permits -Quarterly and Annual Revenues
5-Year History
2nd Quarter Actual Revenues Fiscal Year Total Actual Revenues Fiscal Year Total Estimated Revenues Fiscal Year Total Estimated Revenues
13
GENERAL FUND – EXPENDITURE ANALYSIS
For FY 2023/24, General Fund Operating expenditures (not including debt payment and transfers out)
are programmed at $51.6 million. The delivery of Town services is highly dependent on talent which
comprises 67.4% of budgeted General Fund expenditures for FY 2023/24. During the fiscal year, the
Town Council has approved several budget adjustments, which are tracked against the Adopted Budget.
The net effect is an Adjusted Budget. General Fund expenditure totals are trending in accordance with
the Adjusted Budget, with total operational expenditures at the end of the second quarter at or about
44% of the Adjusted Budget. With six months of data now available, staff expects that the individual
Departments’ current expenditure budgets may not be sufficient for the remainder of the year. If
needed, staff will recommend the necessary expenditure budget adjustments which may require future
Council action.
As with most municipalities, services are provided directly by employees to the Town’s residents,
businesses, and visitors. As a service delivery enterprise, the cost of salaries and benefits are a
significant portion of the budget. As the table below illustrates, at mid-year, actual salaries are trending
at 48% of budgeted salaries, overtime is trending 98% respectively to the adopted budget, while pension
benefits and other benefits are trending at 44% and 43% respectively to the Adjusted Budget.
The FY 2023/24 budget was balanced including 4.6% vacancy factor, while Council directed that staff
continue to hire for all vacant positions. The 4.6% salary savings represents approximately $1.7 million
projected savings. Current year end expenditure estimates include about $0.6 million salary savings
Townwide. Fully staffed Departments are trending over budget due to the 4.6% vacancy factor that was
built in. Staff will continue to monitor the Salaries and Benefits and request adjustment as needed to
ensure that all programs remain within its allocated budget before Fiscal Year end. Actual vacancies
during the course of the first half of fiscal year are illustrated in the table below.
General Fund Salaries & Benefits
FY 2022/23
Actuals
FY 2022/23
2Q
2Q % of FY
2022/23
Actuals
2Q% of FY
2023/24
Adjusted
Budget
FY 2023/24
2Q
FY 2023/24
Adjusted
Budget as of
12/31/2023
FY 2023/24
Estimated
Salaries 20,424,953 10,163,834 50% 48% 10,288,684 21,263,027 21,516,835
Overtime 1,373,672 639,179 47% 98% 564,876 578,856 1,174,026
Pension Benefits 7,091,215 3,493,382 49% 44% 3,652,570 8,237,154 7,313,256
Other Benefits 3,829,826 1,841,520 48% 43% 2,044,327 4,716,655 4,209,350
Total Salaries and Benefits 32,719,665 16,137,915 49% 48% 16,550,457 34,795,692 34,213,467
PositionDeputy Clerk Separation Filled
Emergency Manager - Temp Separation FilledFinance Manager Promotion FilledAssitant Town Manager Separation Filled Vacant FilledAccountantSeparationFilledVacant FilledAccountantRetirementFilled VacantHR Analyst Separation Filled Vacant FilledHR Director Separation VacantAssociate Planner Separation Vacant FilledPermit Technician Separation VacantAssistant Planner Separation VacantPolice Dispatcher Separation Vacant Filled
Police Dispatcher Separation Vacant FilledPolice Dispatcher Separation VacantPolice Dispatcher Separation Vacant Filled Vacant Filled
Police Officer Retirement VacantPolice Officer Separation FilledPolice Corporal Separation Vacant FilledPolice Officer Promotion VacantPolice Officer Separation Vacant
Police Officer Separation VacantPolice Officer Separation Vacant Filled
Administrative Analyst Separation VacantParks and Maintenance Worker Separation VacantSenior Civil Engineer SeparationTransp and Mob Manager Separation VacantTown Engineer Separation Vacant Filled
Associate Civil Engineer Separation Vacant
Oct-23 Nov-23 Dec-23Jul-23 Aug-23 Sep-23Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23
14
The pie chart below represents the Departmental proportion of the Town’s General Fund estimated
operating expenditures. The subsequent pages review program expenditures and any anticipated
savings are provided for each program. Also provided are historical program costs, year over year (YOY)
percentage changes in actual expenditures, and five-year average changes per the Finance Commission’s
suggestion. YOY percentage changes are, in many cases, impacted by the timing of one-time
expenditures that occur during the fiscal year. Historical analysis has been provided in selected cases to
provide explanations for some of the fluctuations between fiscal years. The FY 2023/24 Estimated
figures also include analysis on potential salary and other expenditure savings; however, budget
adjustments are only recommended as identified in this Report.
15
Town Council
The Town Council is the elected legislative body that represents the residents and provides policy
direction for the delivery of services and capital improvements for the Town of Los Gatos. Town Council
expenditures are trending higher than the same quarter in the prior year. Total estimated expenditures
are also trending higher than budget due to the fact that this Department is fully staffed. Staff will
monitor this program and request a budget adjustment, if necessary, before Fiscal Year end.
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Second Quarter Actual Expenditures 112,711$ 99,787$ 91,800$ 92,674$ 94,408$
Fiscal Year Total Actual Expenditures 206,163$ 192,280$ 189,569$ 186,337$
Fiscal Year Total Estimated Expenditure 193,212$
Fiscal Year Budgeted Expenditures 240,605$ 243,486$ 202,891$ 217,238$ 184,395$
Second Quarter Percentage of Total 55% 52% 48% 50% 51%
Recommended Budget Revision -$
YOY Percentage Changes 0.13% -6.73% -1.41% -1.70% 3.69%
5-year Average Percentage Change -1.21%
$-
$100,000
$200,000
$300,000
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Town Council -Quarterly and Annual Expenditures
5-Year History
Second Quarter Actual Expenditures Fiscal Year Total Actual Expenditures
Fiscal Year Budgeted Expenditures Fiscal Year Total Estimated Expenditure
16
Town Attorney
The Town Attorney is the legal advisor to the Town Council, Successor Agency to the former
Redevelopment Agency, and Town staff. In this capacity, the office of the Town Attorney provides a
wide range of legal services to ensure that Town actions and activities are legally sound. Town Attorney
program expenditures are trending at 43%. Staff recommends a $150,000 expenditure budget increase
to provide additional legal support for the Department.
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Second Quarter Actual Expenditures 296,424$ 311,520$ 226,377$ 332,183$ 336,063$
Fiscal Year Total Actual Expenditures 559,010$ 537,296$ 629,935$ 699,143$
Fiscal Year Total Estimated Expenditure 904,041$
Fiscal Year Budgeted Expenditures 628,793$ 658,831$ 669,733$ 811,426$ 777,508$
Second Quarter Percentage of Total 53% 58% 36% 48% 43%
Recommended Budget Revision 150,000$
YOY Percentage Changes -0.63% -3.88% 17.24% 10.99% 29.31%
5-year Average Percentage Change 10.60%
$-
$500,000
$1,000,000
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Town Attorney -Quarterly and Annual Expenditures
5-Year History
Second Quarter Actual Expenditures Fiscal Year Total Actual Expenditures
Fiscal Year Budgeted Expenditures Fiscal Year Total Estimated Expenditure
17
Administrative Services
The Town Manager provides overall management, administration, and direction for the entire Town
organization, reporting to the full Town Council. Administrative Services incorporates five key programs:
Town Manager’s Office, Clerk Department, Finance Department, Human Resources Department, and
Information Technology.
Administrative Services program expenditures are trending higher compared to the same quarter
expenditures in prior year. This program had some vacancies during the first half of the fiscal year
including Accountant and HR Director positions. Staff estimates approximately $322,000 expenditure
savings in this program. Savings are anticipated in mainly staff salaries and benefits, travel and training,
and office supplies. Staff requests a total of $79,500 budget decrease combining a $20,500 operating
budget expenditure increase offsetting with a $100,000 expenditure budget decrease in the ARPA
Tracking Pass-Through expenditures, since funds were expended in the prior year.
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Second Quarter Actual Expenditures 2,204,552$ 2,467,813$ 2,583,281$ 2,435,224$ 3,157,872$
Fiscal Year Total Actual Expenditures 4,388,762$ 4,730,360$ 5,441,605$ 5,302,277$
Fiscal Year Total Estimated Expenditure 6,091,006$
Fiscal Year Budgeted Expenditures 4,891,905$ 5,055,847$ 5,965,801$ 5,759,393$ 6,508,065$
Second Quarter Percentage of Total 50% 52% 47% 46% 49%
Recommended Budget Revision (79,500)$
YOY Percentage Changes 10.41% 7.78% 15.04% -2.56% 14.88%
5-year Average Percentage Change 9.11%
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Administrative Services -Quarterly and Annual Expenditures
5-Year History
Second Quarter Actual Expenditures Fiscal Year Total Actual Expenditures Fiscal Year Budgeted Expenditures Fiscal Year Total Estimated Expenditure
18
Community Development Services
The Community Development Department works with elected and appointed officials, other
Departments, and the community to guide the physical growth, development, and preservation of the
Town.
Community Development program expenditures are trending higher than the same quarter expenditures
in the prior year due to increased development activities in the Department Building and Pass-Through
programs. The Pass-Through program collects the required developer deposits for various review
services. The Town provides those services through consultants and the consultants are paid out of the
applicant’s account. At the close of a project, all remaining fees collected will be refunded to the
applicant. This program had limited vacancies during the first half of the fiscal year. In addition, staff
recommends expenditure budget adjustments for maintenance and repair of an affordable housing unit
in the amount of $66,000 that is offset with dedicated revenue. Staff also recommends an additional
$3,500 budget adjustment for miscellaneous operating expenditures. Staff anticipates approximately
$20,000 expenditure savings in this program. Staff will monitor this program and request an additional
budget adjustment, if necessary, before Fiscal Year end.
Community Development Department expenditures vary year to year based on the development activity
and pass-through services.
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Second Quarter Actual Expenditures 2,245,767$ 2,589,502$ 3,460,301$ 2,394,537$ 2,559,684$
Fiscal Year Total Actual Expenditures 4,473,790$ 4,994,391$ 6,313,505$ 5,365,410$
Fiscal Year Total Estimated Expenditure 5,410,008$
Fiscal Year Budgeted Expenditures 5,760,099$ 5,605,215$ 5,461,716$ 6,978,617$ 5,430,624$
Second Quarter Percentage of Total 50% 52% 55% 45% 47%
Recommended Budget Revision 70,418$
YOY Percentage Changes -2.32% 11.64% 26.41% -15.02% 0.83%
5-year Average Percentage Change 4.31%
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Community Development -Quarterly and Annual Expenditures
5-Year History
Second Quarter Actual Expenditures Fiscal Year Total Actual Expenditures
Fiscal Year Budgeted Expenditures Fiscal Year Total Estimated Expenditure
19
Police Services
The Los Gatos-Monte Sereno Police Department provides Police services to the Town of Los Gatos and
contractually to the City of Monte Sereno. The Department is committed to ensuring public safety with
integrity, compassion, and professionalism, by providing exceptional law enforcement services, building
community partnerships, and engaging the community in problem solving.
Staff is continuing to monitor Police service program revenues and expenditures. The Police Department
dedicated additional resources for ongoing recruitments for open positions. Whenever feasible, open
positions are filled with trainees, per diems, and temporary employees until positions are filled, which
contributes to increased costs. Staff recommends $380,143 expenditure budget increase to aid with
recruitment services, additional temporary employee costs, mandated software support, and legal
services as described in the Recommended Budget Adjustments. Total estimated expenditures are also
trending higher than budget due to overtime related activities. Staff is monitoring this program and may
request additional budget adjustments, if necessary, before Fiscal Year end.
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Second Quarter Actual Expenditures 8,504,636$ 9,041,998$ 8,266,432$ 8,957,541$ 9,732,666$
Fiscal Year Total Actual Expenditures 15,793,815$ 16,570,836$ 16,451,189$ 18,446,040$
Fiscal Year Total Estimated Expenditure 20,313,916$
Fiscal Year Budgeted Expenditures 17,097,583$ 17,487,761$ 17,390,969$ 19,331,331$ 19,933,414$
Second Quarter Percentage of Total 54% 55% 50% 49% 49%
Recommended Budget Revision 380,143$
YOY Percentage Changes 5.35% 4.92% -0.72% 12.13% 10.13%
5-year Average Percentage Change 6.36%
$-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Police -Quarterly and Annual Expenditures 5-Year History
Second Quarter Actual Expenditures Fiscal Year Total Actual Expenditures
Fiscal Year Budgeted Expenditures Fiscal Year Total Estimated Expenditure
20
Parks and Public Works Services
The Parks and Public Works Department constructs and maintains the Town’s public parks, facilities,
roadways, right-of-way, and other infrastructure. Six organizational units work in coordination to
achieve the Department’s overarching goal of ensuring the Town’s facilities are safe, functional, and
attractive.
The Parks and Public Works services program expenditures are trending lower than prior year same
quarter expenditures. This program experienced vacancies in several positions including Associate
Engineer and Park and Maintenance Worker during the first half of the fiscal year. Staff is requesting the
deletion of the hire-ahead one-time Lead Maintenance Worker position (approximately $200,000). Staff
also is requesting restructuring a couple of positions to better align the Department needs and further
ensure Capital Project delivery by defunding the Transportation Mobility Manager and Associate Engineer
positions and adding positions for Engineering Planner and Senior Engineer, resulting in a total net
addition of $23,875.
Total Estimated expenditures are also trending higher than budget due to the fact that the Department is
utilizing temporary per diem employees as needed to fill vacancies. Staff recommends an expenditure
budget decrease of $33,416 attributed to the additional contractual obligations combined with the
restructuring and defunding the hire-ahead position. Staff will monitor this program and request an
additional budget adjustment, if necessary, before Fiscal Year end.
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Second Quarter Actual Expenditures 3,864,874$ 4,185,306$ 4,010,181$ 4,215,979$ 4,574,800$
Fiscal Year Total Actual Expenditures 8,168,040$ 8,179,757$ 8,605,455$ 8,998,082$
Fiscal Year Total Estimated Expenditure 10,519,175$
Fiscal Year Budgeted Expenditures 8,328,730$ 8,209,850$ 9,080,662$ 10,368,194$ 10,177,731$
Second Quarter Percentage of Total 47% 51% 47% 47% 45%
Recommended Budget Revision (33,416)$
YOY Percentage Changes 2.43% 0.14% 5.20% 4.56% 16.90%
5-year Average Percentage Change 5.85%
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Parks and Public Works -Quarterly and Annual Expenditures
5-Year History
Second Quarter Actual Expenditures Fiscal Year Total Actual Expenditures
Fiscal Year Budgeted Expenditures Fiscal Year Total Estimated Expenditure
21
Library Services
The Los Gatos Library fosters curiosity and community connection and strives to be at the heart of an
engaged and vibrant community.
Library services program expenditures are trending higher than prior year same quarter expenditures.
Staff recommends a $23,200 budget increase for general collection and other miscellaneous operating
expenditures as described in the following section. Total Estimated expenditures are also trending higher
than budget due to the fact that this Department is fully staffed. Staff will monitor this program and
request an additional budget adjustment, if necessary, before Fiscal Year end.
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Second Quarter Actual Expenditures 1,404,285$ 1,445,899$ 1,365,415$ 1,442,417$ 1,671,000$
Fiscal Year Total Actual Expenditures 2,700,802$ 2,828,873$ 2,752,401$ 3,096,485$
Fiscal Year Total Estimated Expenditure 3,263,710$
Fiscal Year Budgeted Expenditures 2,960,784$ 2,957,531$ 3,062,708$ 3,247,731$ 3,194,842$
Second Quarter Percentage of Total 52% 51% 50% 47% 52%
Recommended Budget Revision 23,200$
YOY Percentage Changes 7.67% 4.74% -2.70% 12.50% 5.40%
5-year Average Percentage Change 5.52%
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24
Library -Quarterly and Annual Expenditures
5-Year History
Second Quarter Actual Expenditures Fiscal Year Total Actual Expenditures
Fiscal Year Budgeted Expenditures Fiscal Year Total Estimated Expenditure
22
FY 2023/24 RECOMMENDED BUDGET ADJUSTMENTS
Budget adjustments are recommended for the following revenues and expenditures at the second
quarter as described below:
FY 2023/24 MID-YEAR BUDGET ADJUSTMENT REQUESTS - GENERAL FUND
Program Account1201 411**Property Tax - Without ERAF 144,267$ Based on Santa Clara County Property Tax Estimates 1201 41126 Excess ERAF 297,000 Based on Santa Clara County Property Tax Estimates 1201 41141 Motor Vehicle In Lieu Fee (VLF)213,320 Based on Santa Clara County Property Tax Estimates 1201 41211 Sales & Use Tax (915,383) Based on MuniServices Most Likely January 2024 Sales 1221 41214 Measure G - District Sales Tax (36,802) Based on MuniServices Most Likely January 2024 Sales 1201 41311 Transient Occupancy Tax (156,472) Based on Past Receipts and Current Trend 1201 41612 PG&E Franchise Fee 94,530 Funds Anticipated 1201 41613 Garbage Franchise Fee 1,097,703 Funds Anticipated, Restore Prior Level 1301 44715 Attorney Services - Reimbursement 20,989 Funds Received 2101 44316 Leadership Los Gatos Participation Fee 3,450 Funds Received, Partially Matching Expenditures 2101 4351*Additional Grants for Unhoused Initiative 5,000 Funds Anticipated 2102 48219 ARPA Tracking Pass-Through Revenue (100,000) Funds Expended Prior Fiscal Year, Matching 2301 41411 Business License Tax (11,347) Funds Anticipated 2301 452**Interest 532,033 Funds Anticipated 3201 42413 Planning Permits 86,500 Funds Anticipated 3201 42414 Council Appeal Fees 3,000 Funds Anticipated 3301 44421 Plan Check Building (19,800) Funds are not Received 3401 45111 Code Complience - Admin Citation 7,500 Funds Anticipated 3501 45929 Affordable Hosuing Escrow Refund 85,000 Funds Received, Partially Matching Expenditure 4101 45411 Police Foundation Donation 33,000 Matching Expenditure 4202 43336 Prop 172 - Public Safety Sales Tax (40,100) Based on MuniServices Most Probable January 2024 4301 42616 Alarm Registration (5,500) Funds are not Received 4304 42611 Parking Permits (12,000) Funds are not Received 4304 45112 Online Parking Permit (7,500) Funds are not Received 4304 45126 Online Parking Ticket 150,000 Funds Anticipated 4304 45127 SCC Park Bail Collection 5,000 Funds Anticipated 4999 43409 Excess SLESF 43,079 Funds Anticipated 4999 45917 Opioid Settlement 10,422 Funds Anticipated 5101 45919 Metal Recyling 209 Funds Received 5201 49411 Street Paving Project Management Support 23,875 Funds are not Received 5202 42514 Encroachment Permits 50,000 Funds Anticipated 5202 42517 Dumpster Permit (700) Funds are not Received 5202 42518 Under Utility Fee 3,000 Funds Anticipated 5202 44214 Other Service Fee 7,600 Funds Anticipated 5202 44621 Engineering Services (60,000) Funds are not Received 5202 44623 Engineering Review 130,000 Funds Anticipated 5202 44624 Grading Inspection 55,000 Funds Anticipated 5202 44625 NPDES Inspection 40,000 Funds Anticipated 5301 44614 LGUSL Sport Park Rental 5,884 Funds Anticipated 5301 45313 LGS Lawn Maintenance Reimbursement (3,972) Funds are not Received 5302 42523 JPA Fee 216,125 Funds Anticipated 5401 42519 Chargepoint Flex Billing 13,424 Funds Anticipated 5401 45922 Insurance Claim Reimbursement 54,696 Funds Received 5405 45922 Insurance Claim Reimbursement 18,563 Funds Received 7801 43343 Public Library Fund Grant 43,500 Grant Reimbursement Crossing Fiscal Years TOTAL GENERAL FUND REVENUES 2,124,093$
General Fund Revenues
23
FY 2023/24 MID-YEAR BUDGET ADJUSTMENT REQUESTS - GENERAL FUND
Program Account
1201 62113 Town Share of Retiree Medical 18,506$ Funds are not Expended
1201 62119 Additional Payment to IRS Pension Trust 300,000 From Available Reserve
1301 63215 Legal Service Support 150,000 Funds are not Expended 2101 62413 Boards and Commissions - DEI 2,500 Funds are not Expended 2101 62434 Leadership Los Gatos 13,000 Funds are Partially Expended 2101 62351 Unhoused Initiatives 5,000 Funds are not Expended 2102 68219 ARPA Tracking Pass-Through Expenditures (100,000) Funds Expended Prior Fiscal Year, Matching Revenues 3201 61111 Office Supplies 1,000 Funds are not Expended 3201 61114 Postage 2,500 Funds are Partially Expended 3201 62142 Membership Fees 1,000 Funds are Partially Expended 3501 62371 Building Maint and Repairs- Affordable Housing 63,952 Funds are Expended, Matching Revenue 3501 63370 HOA Dues and Services 1,966 Funds are Expended, Matching Revenue 4101 67503 Police Foundation Donation 33,000 Matching Revenues 4201 62143 Dues and Subscriptions 12,635 Funds are Partially Expended 4201 633XX Legal Services 48,000 Funds are Partially Expended 4202 63213 Recruitment Services 78,429 Funds are Partially Expended 4301 51***Temporary Employee 100,000 Funds are not Expended 4301 61145 Safety Uniforms 21,000 Funds are not Expended 4301 64111 Training 16,000 Funds are not Expended 4304 62223 SCC Court and Jail Construction Fee 28,000 Funds are Partially Expended 4999 6841*Excess SLESF 43,079 Funds are not Expended 5101 62379 Miscellanious Services and Repairs 10,000 Funds are Partially Expended 5301 62524 Park Use Lease 1,500 Funds are Partially Expended 5301 62613 Utilities - Water 64,000 Funds are Expended 5301 5****Defund - Hire Ahead Lead Maintenance Worker (196,904) Funds are not Expended 5101 5****Defund - Transportation and Mobility Manager (134,160) Funds are Partially Expended 5201 5****Add - Senior Engineer Planner 121,195 Funds are not Expended 5201 5****Defund - Associate Engineer (237,389) Funds are Partially Expended 5201 5****Add - Senior Engineer 274,229 Funds are not Expended 5401 61212 Street Signs 20,000 Funds are Partially Expended 5405 62379 Miscellanious Services and Repairs 6,216 Funds are Expended 5405 63364 Traffic Signalization 37,897 Funds are Partially Expended 7101 62142 Membership Fees 1,000 Funds are Partially Expended 7101 62317 Office Equipment Maintenance 1,200 Funds are not Expended 7201 61171 General Collections 6,000 Funds are not Expended 7204 61132 Computer Supplies 15,000 Funds are not Expended
TOTAL GENERAL FUND EXPENDITURES 829,351$
General Fund Expenditures
24
FY 2023/24 MID-YEAR BUDGET ADJUSTMENT REQUESTS - OTHER FUNDS
Fund Program Account Other Fund Revenues
251 5408
4353*Theatre Tenant Rent 51,445 Funds Anticipated
45919 Tenant Utility Reimbursement 54,155 Funds Anticipated
105,600$
611 1302
611 45922 Insurance Claim Reimbursement 5,000 Funds Recveived
5,000$
612 2202
612 45922 Excess Insurance Claim Reimbursement 140,379 Funds Received
140,379$
631 5402
631 45328 Equipment Sharing Revenue (8,900) Funds are not Received
45922 Insurance Claim Reimbursement 18,591 Funds Received
9,691$
481481 411-811-6004 4332*Decreased Gas Tax Projections for Street Repair (73,138) Based on California City Finance Projection January 2024 (73,138)$ 711711 7301 45411 Additional Donation 1,000 Funds Received 45452 Friends of the Library Donation 17,300 Funds Received 18,300$
TOTAL OTHER FUNDS REVENUES 50,762$
Fund Program Account
251
5408 62611 Utilities - Electric 73,068 Funds are Partially Expended
62612 Utilities - Gas 108 Funds are Partially Expended
62613 Utilities - Water 4,188 Funds are Partially Expended
77,364$
411
411 411-831-9901 69111 23,875 From Available GFAR Fund Balance
23,875$
481
481 481-811-9901 82405 Decreased Gas Tax Projections for Street Repair (73,138) Based on California City Finance Projection January 2024
(73,138)$
611
611 1302 655XX Insurance Premium 49,482 From Available Liability Self Insurance Internal Service Fund
6551X Employee Risk Management Authority Insurance 120,000 From Available Liability Self Insurance Internal Service Fund
169,482$
612
612 2202 62332 Ergonomic Evaluation 7,000 From Available Workers' Comp Internal Service Fund
7,000$
631
5402 81112 Traffic Speed Monitor Trailer 23,591 From Available Workers' Comp Internal Service Fund
23,591$
633
633 5404 62611 Utilities - Electric 90,000 From Available Facilities Maintenance Internal Service Fund
62613 Utilities - Water 30,000 From Available Facilities Maintenance Internal Service Fund
62631 Utilities - Telephone 15,000 From Available Facilities Maintenance Internal Service Fund
135,000$
TOTAL OTHER FUNDS EXPENDITURES 363,174$
Los Gatos Theatre
GFAR
Gas Tax
Facilities Maintenance
Liability Self Insurance
Workers' Cmpensation
Gas Tax
Library Trust
Other Fund Expenditures
Workers' Compensation
Equipment Replacement
Los Gatos Theatre
Liability Self Insurance
25
SUMMARY OF KEY RECOMMENDED BUDGET ADJUSTMENTS
General Property Tax and Motor Vehicle in Lieu Fee: Staff recommends an increase in projected
revenues of approximately $144,267 in General Property Tax and an increase of $213,320 Motor
Vehicle in Lieu fee which are in line with the estimates and forecasts provided to the Town from
Santa Clara County.
ERAF: Staff recommends a $297,000 revenue budget increase to reflect current estimates and
forecasts provided to the Town from Santa Clara County.
Sales and Use Tax: Staff recommends a $915,383 revenue budget decrease to reflect current
sales tax trends based on MuniServices’ current projections.
Measure G – District Sales Tax: Staff recommends a $36,802 revenue budget decrease to reflect
the current trends of the one-eight cent sales tax based on MuniServices’ projections.
Transient Occupancy Tax (TOT): Staff recommends a $156,472 revenue budget decrease based
on the current trends and past receipts.
PG&E Franchise Fee:: Staff recommends an increase in projected revenues of approximately
$94,530 in cable franchise fee based on last year’s actuals.
Garbage Franchise Fee: Staff recommends an increase in projected revenues of approximately
$1,097,703 to restore prior levels based on the new agreement.
Attorney Services – Reimbursement: Staff recommends a $20,989 revenue budget increase
based on current reimbursements.
Leadership Los Gatos: Staff recommends a $3,450 revenue budget increase in fee revenue based
on current receipts and a $13,000 increase in expenditures based on revised estimates.
Unhoused Initiative Grant: Staff recommends a $5,000 revenue and expenditure budget increase
based on an anticipated additional contribution.
ARPA Passthrough Tracking: Staff recommends a $100,000 revenue and expenditure budget
decrease based on funds expended in the prior year.
Business License Tax: Staff recommends a $11,347 revenue budget decrease based on revised
estimates and current receipts.
Interest Earnings: Staff recommends a $531,287 revenue budget increase based on a higher
interest rate environment than expected.
Planning Permits and Council Appeal Fees: Staff recommends a $86,500 revenue budget
increase for planning permits and a $3,000 budget increase for council appeal fees based on
current receipts.
26
Plan Check Fees: Staff recommends a $19,800 revenue budget decrease based on the current
plan check activities.
Code Compliance – Admin Citations: Staff recommends a $7,500 revenue budget increase based
on the current receipts collected.
Affordable Housing Program: Staff recommends a $85,000 revenue budget increase based on
current escrow funds from the purchase of 137 Bersano Ln and an expenditure budget increase
of $65,918 for building repairs and HOA Dues and services for 137 Bersano Ln.
Police Foundation: Staff recommends a $33,000 revenue and expenditure budget increase based
on additional donations.
Prop 172 – Public Safety Sales Tax: Staff recommends a $40,100 revenue budget decrease to
reflect the current trends of the tax based on MuniServices’ current projections.
Alarm Registration: Staff recommends a $5,500 revenue budget decrease due to alarm
registration trending down for the year.
Parking Permits: Staff recommends a $12,000 revenue budget decrease for parking permits and
a $7,500 budget decrease for online parking permits based on a change in the business parking
permit process.
Online Parking Ticket System: Staff recommends a $150,000 revenue budget increase to reflect
revised estimates based on citations collected.
Parking Bail: Staff recommends a $5,000 revenue budget increase to reflect revised estimates
based on current collections from Santa Clara County.
Excess SLESF: Staff recommends a $43,079 revenue and expenditure budget increase to to
create a pass-through account. This action is recommended and consistent with the intent of the
Citizens Option for Public Safety (COPS) program for use of SLESF funds.
Opioid Settlement Proceeds: Staff recommends a $10,422 revenue budget increase to recognize
the receipt of Opioid Settlement funds. The Settlement requires funds be used primarily for
opioid abatement; the Police Department will follow the fiscal guidelines outlined in the
Settlement agreement.
Metal Recycling: Staff recommends $209 revenue budget increase to recognize receipt of funds
for metal recycling.
Street Paving Project Management: Staff recommends a $23,875 revenue budget increase based
on additional engineering support.
Encroachment Permits: Staff recommends $50,000 revenue budget increase to recognize
incoming increased development fees.
27
Dumpster Permits: Staff recommends $700 revenue budget decrease based on less applications
submitted than expected.
Utility Underground Fee: Staff recommends $3,000 revenue budget increase to recognize an
increase in encroachment permit inspections.
Subdivision Map Checking Fees: Staff recommends $7,600 revenue budget increase based on
the current engineering subdivision map checking activities.
Engineering Development Services: Staff recommends $60,000 revenue budget decrease based
on the current trends for misc. engineering service fees.
Engineering Review Surcharge: Staff recommends $130,000 revenue budget increase based on
the current trends for applications.
Public Improvements & Grading Inspection Fees: Staff recommends a revenue budget increase
of $55,000 based on the current trends for inspections.
National Pollutant Discharge Elimination System (NPDES): Staff recommends a revenue budget
increase of $40,000 based on the current trends for NPDES inspection and permit services.
Los Gatos Parks Use Agreements: Staff recommends a revenue budget increase of $5,884 to
recognize contracted annual use fee increases.
LGS-Rec Lease Landscape Services: Staff recommends a revenue budget decrease of $3,972 to
recognize a reduction in the rent.
West Valley Solid Waste Management Authority JPA: Staff recommends a revenue budget increase
of $216,125 to recognize the current Authority Administrative portion of the Authority Reimbursement
paid by WVCR to each Member Agency, and then each Member Agency pays that to the Authority.
ChargePoint Flex Billing: Staff recommends a $13,424 revenue budget increase to recognize the
current trend of usage and reimbursements received.
JPA Safety Grant: Staff recommends a $54,696 revenue budget increase to recognize the receipt
of safety grant for sidewalk repairs.
Property Damage Claims: Staff recommends a $18,562 revenue budget increase to recognize the
receipt of reimbursement for playground structure, and damaged streetlight, pole and sign; and
$6,216 expenditure budget increase for misc. service and repairs.
Library Operating Grants: Staff recommends a $43,500 revenue budget increase based on grant
reimbursements that crossed the fiscal year.
Retiree Medical: Staff recommends a $18,506 expenditure budget increase based on current
estimates.
IRS Pension Trust: Staff recommends an expenditure budget increase in the amount of $300,000
for an additional payment to the IRS Pension Trust from available Pension/OPEB Reserve.
28
Legal Services Support: Staff recommends a $150,000 expenditure budget increase based on
hiring a firm to assist with part-time legal support.
Boards and Commissions: Staff recommends a $2,500 expenditure budget allocation to the
Diversity, Equity, and Inclusion Commission.
Development Review Expenditures: Staff recommends budget expenditure increases for office
supplies ($1,000), postage ($2,500), and membership fees ($1,000) based on current
expenditures.
Dues and Subscriptions: Staff recommends a $12,635 expenditure budget increase for the
PowerDMS annual subscription agreement.
Legal Services: Staff recommends a $48,000 expenditure budget increase based on additional
investigative needs.
Recruitment Services: Staff recommends a $78,429 expenditure budget increase based on an
increase in recruitment activity and the Police Department has been actively planning for
upcoming staff transition. This multi-faceted request is for three vendors services. The first
vendor provides law enforcement agencies digital recruiting services using a multi-dimensional
approach to officer recruiting combining effective communication, public relations, branding,
marketing, and analytics, to engage with potential candidates. The two other vendors are
assisting with the Police Captain recruitment and upcoming hiring and promotional process for
the ranks of Corporal and Sergeant.
Temporary Employees: Staff recommends a $100,000 expenditure budget increase based on
temporary/hourly compensation for four planned police recruits attending the police academy.
Safety Uniforms: Staff recommends a $21,000 expenditure budget increase based on additional
staffing of four police recruits, one lateral police officer, and three sworn promotional positions.
Training: Staff recommends a $16,000 expenditure budget increase based on additional training
expenditures for four police recruits attending the police academy.
Court Fee Expenses: Staff recommends a $28,000 expenditure budget increase based on parking
citations trending higher than expected.
Miscellaneous Services and Repairs: Staff recommends $10,000 expenditure budget increase to
recognize the cost of personnel related contracted services.
Park Use Lease: Staff recommends an expenditure budget increase of $1,500 annually for the LG
Creek Trail Lease with Dept. of Transportation.
Park Utilities: Staff recommends an expenditure budget increase of $64,000 based on the
current trends for water costs.
Defund Lead Park Maintenance Worker: Staff recommends an expenditure budget decrease of
$196,904 to defund the Lead Park Maintenance Worker due to this hire-ahead position being
budgeted and the retirement crossed fiscal years.
29
Engineering Position Changes: Staff recommends an expenditure budget decrease of $134,160
to defund the Transportation & Mobility Manager, an expenditure budget decrease of $237,389
to defund an Associate Engineer, and an expenditure budget increases to add a Senior Engineer
($274,229) and Senior Engineer Planner ($121,195) to better align Department needs and
workloads. The total net cost is $23,875 and offset from revenue from the Street Maintenance
Capital Project.
Signs: Staff recommends $20,000 expenditure budget increase related to the costs for modified
signage supplies
Traffic Signalization: Staff recommends $37,897 expenditure budget increase to recognize
increased property damages to streetlights.
Membership Fees: Staff recommends an expenditure budget increase in the amount of $1,000
for increase in costs for participation in Pacific Library Partnership resource sharing.
Office Equipment Maintenance: Staff recommends an expenditure budget increase in the
amount of $1,200 for additional upholstery repair to Library furniture.
General Collections: Staff recommends an expenditure increase in the amount of $6,000 for
increased public usage of library media platforms.
Computer Supplies: Staff recommends a one-time expenditure increase of $15,000 for
replacement of failing radio frequency ID tag readers for circulation of library materials.
Other Fund Revenues and Expenditures
Theatre Tenant Rent: Staff recommends a $51,445 revenue budget increase based on
anticipated rent payments.
Tenant Utility Reimbursement: Staff recommends a $54,155 revenue budget increase based on
projected utility bills.
Insurance Claim Reimbursement: Staff recommends a $5,000 revenue budget increase based on
current receipts.
Worker’s Compensation – Excess Insurance Claim Reimbursement: Staff recommends a
$140,379 revenue budget increase based on higher-than-expected claim activity.
Equipment Sharing Revenue: Staff recommends a $8,900 revenue budget decrease based on
funds not received.
Gas Tax: Staff recommends $73,138 revenue and expenditure budget decrease based on
California City Finance Projections.
Library Trust: Staff recommends a $18,300 revenue budget increase to recognize additional
donation received from the Friends of the Library ($17,300) and other parties ($1,000).
30
Equipment Replacement Fund: Staff recommends $18,590 revenue budget increase and $23,591
expenditure budget increase to recognize the receipt of insurance reimbursement and the
purchase of traffic speed trailer caused by a hit and run.
Theatre Utility Costs: Staff recommends a $73,068 expenditure budget increase based on the
current trends for electric costs, a $108 expenditure budget increase based on the current trends
for gas costs, and a $4,188 expenditure budget increase based on the current trends for water
costs.
GFAR Project Costs: Staff recommends a $23,875 expenditure budget increase based on project
expenditures.
Liability Self Insurance: Staff recommends a $49,482 expenditure budget increase in insurance
premiums and a $120,000 expenditure budget increase in Employee Risk Management Authority
Insurance based on an increase in insurance costs.
Ergonomic Evaluations: Staff recommends a $7,000 expenditure budget increase based on
catching up on staff evaluations.
Facilities Maintenance: Staff recommends $90,000 expenditure budget increase based on the
current trends for electric costs, $30,000 expenditure budget increase based on the current
trends for water costs, and $15,000 expenditure budget increase for the increase of Town
telephone costs (Frontier and Verizon).
GENERAL FUND FINANCIAL SUMMARIES AND ESTIMATES
The following table is the Schedule of General Fund Operating Revenues Versus Operating Expenditures
for the second quarter of FY 2023/24 which includes comparison information from the prior year.
The FY 2023/24 Adjusted Budget as of 12/31/2023 column includes the adopted budget and items that
Council approved during the course of the first two quarters of the fiscal year, such as additional funding
for legal services, and miscellaneous carry over grants from prior fiscal year.
The FY 2023/24 Adjusted Budget as of 2/20/2024 column includes the adopted budget and items that
Council approved during the course of the first two quarters of the fiscal year and the budget
adjustment requested with this report.
The FY 2023/24 Estimated column contains projections of final balances for the current fiscal year based
upon staff analysis, the early trends observed through the second quarter in sales tax and property tax
projections, and the proposed mid-year adjustments as listed in this report.
The FY 2023/24 Estimated figures also include analysis on potential salary and other expenditure
savings; however, budget adjustments are only recommended as identified in this Report.
Staff continues to fine tune the detailed analysis of the FY 2023/24 year-end estimated revenue and
expenditure numbers and an update will be provided with the presentation of the Proposed Fiscal Year
2024/25 Operating Budget.
31
The table below provides the details of the Revenues and Use of Reserves and Total Expenditures and
Reserve Allocations.
FINANCIAL SUMMARIES OF OTHER FUNDS
FY 2022/23 FY 2022/23
2Q % of
FY 2022/23
2Q % of
FY 2023/24 FY 2023/24 FY 2023/24 FY 2023/24 FY 2023/24
Actuals Q2 Actuals Adjusted
Budget
as of
12/31/2023
Q2 Adjusted
Budget
as of 12/31/2023
Adjusted
Budget
as of 2/20/2024
Year End
Estimates
Revenues
Property Tax 18,187,388$ 6,155,317$ 33.8% 34.7%6,446,869$ 18,556,631$ 18,997,898 18,997,898$
VLF Backfill Property Tax 4,555,700 - 0.0% 0.0%- 4,692,680 4,906,000 4,906,000
Sales & Use Tax 7,507,068 2,398,925 32.0% 28.6%2,250,056 7,876,233 6,960,850 6,960,850
Measure G Sales & Use Tax 1,299,409 426,496 32.8% 32.5%415,004 1,276,545 1,239,743 1,239,843 Franchise Fees 3,074,624 1,044,055 34.0% 51.0%1,079,717 2,116,470 3,308,703 3,308,703 Transient Occupancy Tax 2,228,190 857,715 38.5% 33.9%819,683 2,419,000 2,262,528 2,264,484 Business License Tax 2,361,862 97,974 4.1% 14.4%352,611 2,440,766 2,429,419 2,429,419
Licenses & Permits 3,268,498 1,614,760 49.4% 59.0%1,726,270 2,925,230 3,262,655 3,239,593 Intergovernmental 1,553,397 493,329 31.8% 60.0%735,280 1,224,466 1,100,945 1,356,699
Town Services 4,646,675 3,299,202 71.0% 76.4%3,375,872 4,416,250 4,615,797 5,166,743
Fines & Forfeitures 416,951 151,615 36.4% 111.2%226,280 203,450 358,450 367,700
Interest 602,592 145,003 24.1% 22.8%235,922 1,035,097 1,567,130 1,567,130 GASB 31 to Market 3,197 1,577,168 49332.7%1,573,971 - - - Use of Property 38,126 - 0.0%- - - - Miscellanious Other 859,578 551,234 64.1% 40.8%826,265 2,026,716 2,124,634 2,306,791
Park Construction Tax 6,454 - 0.0% 109.7%7,680 7,000 7,000 8,280
Debt Service - Entry Eliminated for ACFR 1,893,713 1,893,713 100.0% 0.0%- 1,894,550 1,894,550 1,894,550
ARPA Income Replacement - Entry Eliminated for ACFR 471,664 - 0.0%- - - -
Pension Trust Income - Entry Eliminated for ACFR 690,000 - 0.0%- - - -
Measure G for Operations - Entry Eliminated for ACFR 629,065 - 0.0%- - - -
Proceeds for Sales of Assets 2,162 - 0.0%- - - -
Fund Transfer In 4,153,408 102,000 2.5% 21.3%114,499 538,536 562,411 562,411
Total Revenues & Transfers In 58,449,721$ 20,808,506$ 36% 38%20,185,979$ 53,649,620$ 55,598,713$ 56,577,094$
Use of Other Funding Sources:
Use of Reserves - Capital/Special Projects 2,350,000$ -$ 0.0% 0.0%-$ 2,108,288$ 2,108,288$ 1,615,000$
Use of Reserves - Council Priorities - Economic Recovery 2,065,302 - - 1,645,281 1,545,281 1,545,281
Use of Reserve - Pension/OPEB 300,000 - - - 300,000
Total Other Funding Sources 4,715,302$ -$ 0% 0%-$ 3,753,569$ 3,653,569$ 3,460,281$
Total Revenues and Use of Reserves 63,165,023$ 20,808,506$ 33% 35%20,185,979$ 57,403,189$ 59,252,282$ 60,037,375$
ExpendituresTown Council 186,337$ 92,674$ 49.7% 51.2%94,408 184,395$ 184,395 193,212$ Attorney 699,143 332,183 47.5% 43.2%336,063 777,508 927,508 904,041 Administrative Services 5,302,277 2,435,224 45.9% 48.5%3,157,872 6,508,065 6,428,565 6,091,006
Non- Departmental 2,641,017 3,230,657 122.3% 42.7%2,759,192 6,462,904 6,781,410 6,499,660
Community Development 5,065,410 2,394,537 47.3% 47.1%2,559,684 5,430,624 5,501,042 5,410,008
Police 18,446,040 8,957,541 48.6% 48.8%9,732,666 19,933,414 20,313,557 20,313,916
Parks & Public Works 8,998,082 4,215,979 46.9% 44.9%4,574,800 10,177,731 10,144,315 10,519,175
Library 3,096,485 1,442,417 46.6% 52.3%1,671,000 3,194,842 3,218,042 3,263,710
Capital Outlay 300,000
Principal 156,034 156,034 156,034 156,034 Total Department Expenditures 44,890,825$ 23,101,212$ 51% 47%24,885,685$ 52,825,517$ 53,654,868$ 53,350,762$
Debt Service - Entry Eliminated for ACFR 1,893,713$ -$ 0.0% 0.0%-$ 1,894,550$ 1,894,550$ 1,894,550$
ARPA Income Replacement - Entry Eliminated for ACFR 471,664 - - - -
Transfer to Pension Trust Fund - Entry Eliminated for ACFR 690,000 - - - -
Measure G Transfer - Entry Eliminated for ACFR 629,065 - - - -
Transfers Out 7,242,939 - 0.0% 0.0%- 1,615,000 1,615,000 1,615,000
Total Additional Non-Departmental Expenditures 10,927,381$ -$ 0% 0%-$ 3,509,550$ 3,509,550$ 3,509,550$
Total Expenditures and Transfers Out 55,818,206$ 23,101,212$ 41% 44%24,885,685$ 56,335,067$ 57,164,418$ 56,860,312$
Allocate to Budget Stabilization/Catastrophis Reserve 276,417$ -$ -$ -$ Allocate to Compensated Absences 61,476 - - - Allocate to Carryover Encumbrances 4,553 - - - Allocate to Economic Recovery 1,556,614 - - - Allocate to ERAF Risk Reserve 689,608 660,900 750,000 750,000 Allocate to Restricted Pension Trust 690,000 390,000 690,000 690,000
Net Total Revenues, Transfers, and Use of Reserve Less
Total Expenditure and Reserve Allocation 4,068,149$ **(2,292,706)$ *(4,699,706)$ *17,222$ 647,864$ 1,737,063$
SUMMARY OF REVENUES, TRANSFERS INM USE OF RESERVES AND EXPENDITURES, TRANSFERS OUT AND RESERVE ALLOCATIONS
GENERAL FUND
*FY 2022/23 and FY 023/24 2Q Net Operating Revenues are negative because some revenues budgeted for the entire fiscal year are received in the third or fourth quarters and fund expended in the first or
second quarters.
** This schedule includes fund balance uses. Total Revenues and Transfers In ($58,449,721) minuesTotal Operating Expenditures ($55,818,206) equals $2,631,515.
32
The group of financial summaries on the following pages present data by governmental, proprietary, and
fiduciary fund types. For each, the fund information starts with a beginning fund balance, adds current
year revenues, and subtracts current year expenditures, resulting in an ending fund balance. Adopted
budget amounts are provided as a basis for comparison of actuals to date.
Special Revenue Funds (Governmental Fund Type)
Special Revenue Funds account for the proceeds derived from specific revenue sources that are legally
restricted or assigned to special purposes. The Town’s Special Revenue Funds are Community
Development Block Grant Fund, Housing Conservation Program Fund, Urban Runoff Source Fund (Non-
Point Source), several Landscaping Lighting District (LLD) Funds, Theatre Fund, and Library Trusts Funds.
Staff also recommends $105,600 revenue budget adjustment to recognize Theatre tenant lease and
utility reimbursement revenues and $77,364 expenditure budget adjustment for Theatre related
expenses from available rent proceeds.
33
Capital Projects Funds (Governmental Fund Type)
Capital Projects Funds account for resources used for the acquisition and construction of capital facilities
by the Town. Funds in this category are the GFAR (General Fund Appropriated Reserve) Fund, Traffic
Mitigation Fund, Grant Funded CIP Projects Fund, Utility Underground Fund, Gas Tax Fund, and three
Storm Drain Funds. Staff recommends revenue and expenditure budget adjustments in the amount of
$73,138 to reflect decreased gas tax projections. Staff will continue to monitor these revenues and
expenditures throughout the remainder of the year and $23,875 expenditure budget increase to support
street related engineer work. The Grant Funded CIP fund displays a deficit balance because this grant
fund expends Town dollars first, then provides documentation of these expenditures to the State of
California or other granting agencies and is reimbursed for those costs. The reimbursements eventually
result with the fund “breaking even” or a zero fund balance.
34
Internal Service Funds (Proprietary Fund Type)
Internal Service Funds finance and account for special activities and services performed by a designated
Town Department for other Town Departments on a cost reimbursement basis. Included in this fund
type are the Equipment Replacement Fund, Workers’ Compensation Fund, Joint Powers Authority Pooled
Liability Network (PLAN) Self-Insurance Fund, Information Technology Fund, and the Facilities
Maintenance Fund.
Staff recommends a $5,000 revenue budget increase for recognize insurance claim reimbursement
proceeds and a $169,482 expenditure budget adjustment to cover additional insurance premium
expenses in the Self Insurance Fund. The Self Insurance Fund Display a deficit balance because insurance
premiums are paid at the beginning of the fiscal year, however Department reimbursement posted on
the bi-monthly bases. In addition, increased premium rates and increased claim activities require the
Town to increase its Liability Internal Service charges to increase by $450,000 or 58% percent to assure
cost recovery. Staff recommend $140,379 revenue budget increase in the Workers’ Compensation
Internal Service Fund to recognize insurance claim reimbursement proceeds. Staff recommends
increasing the internal service rate by $500,000 or 45% percent to assure cost recovery in the Workers’
Compensation Internal Service Fund. Staff will incorporate the new rates in the Proposed FY 2024/25
Operating Budget for Council consideration.
35
Trust and Agency Funds (Fiduciary Fund Type)
AB1x26 is the “Dissolution Bill” that eliminated the Town’s Redevelopment Agency effective February 1,
2012. AB 1484 is the “clean-up” bill that revised and attempted to clarify AB1x26. In accordance with
the law, the Successor Agency continues to wind down the affairs and operations of the former
Redevelopment Agency by implementing programs and activities in accordance with the State-approved
Recognized Obligation payment Schedule (ROPS). The Successor Agency monies are now accounted for
in a Private Purpose Trust fund and no longer part of the Town’s Financial Statements. The fund balance
reported is the actual fund balance that incorporated the full accrual of long-term debt related to the
outstanding bonds payable to the 2002 and 2010 Certificates of Participations. The approved ROPS
schedule includes full funding related to the obligation for this debt.
This Page Intentionally Left Blank
From: Phil Koen
Sent: Thursday, February 15, 2024 7:59 AM
To: Janette Judd <jjudd@losgatosca.gov>
Cc: Linda Reiners Laurel Prevetti <LPrevetti@losgatosca.goV>: Mary
Badame <MBadame@losgatosca.gov>
Subject: Re: Meeting with Asst. Town Manager, Finance Director, F.C. Chair and Vice Chair
![EXTERNAL SENDER]
Janette,
I have a 10am meeting but would cancel that meeting to meet at 10 am with everyone. Please let
me know as soon as possible.
The reason for the urgency is if my analysis is correct, which I believe it is, then an addendum will
need to be sent to the TC correcting the Mid Year Report and providing more disclosure.
For sake of clarity, the analysis is using the Town's estimates for the full year which taken as a whole,
may be too conservative. Therefore while my analysis shows a decline in the Ending GF Balance, the
actual surplus of revenues over expenditures will most likely be much greater. So the projected
decline is only a forecast and probably does not reflect the most likely outcome. That's good news.
However the analysis does show almost the entire use of the Economic Recovery Reserve which is
not disclosed in the write up and I am sure will be a surprise to the TC. That's the bad news.
Please let me know if we will be able to meet at 10am to discuss the Mid-Year review and ERAF.
Phil Koen
On Feb 15, 2024, at 6:53 AM, Janette Judd <jjudd@losgatosca.goV> wrote:
I Caution: External (jjudd@losgatosca gov)
Spam Content
ATTACHMENT 2
Redacted
Redacted
Good morning,
Unfortunately neither the Finance Director nor Assistant Manager are available
this Friday afternoon. There is potential they could meet at 10:00am, however, I
will need to confirm with them as I do see other commitments scheduled.
Also I would need to check with the Town Manager on her preference on
attending other dates / times offered, but she is not available on Friday.
I will circle back to you both once I hear from staff.
Thank you,
Janette
From: Phil Koen
Sent: Wednesday, February 14, 2024 5:18 PM
To: Janette Judd <jjudd@losgatosca.gov>; Linda Reiners
Cc: Laurel Prevetti <LPrevetti@losgatosca.gov>; Mary Badame
<MBadame@losgatosca.gov>
Subject: RE: Meeting with Asst. Town Manager, Finance Director, F.C. Chair and Vice
Chair
[EXTERNAL SENDER]
Hello Janette,
Thank you for your email. I have spoken to Linda,
and we would prefer to meet this Friday at 2pm.
In addition to the ERAF topic, we would like to
discuss the attached documents which address
the Staff’s Mid-Year review work product. Since
the FC was unable to address this at Monday’s
meeting because of time constraints, and the
Mid-Year review is on the TC agenda for this
coming Tuesday, there is urgency to this meeting.
We are concerned with Staff’s conclusion the FY
24 projections reflect an anticipated $1.7m
surplus. While the Staff report does not forecast
an ending GF balance, we take this to mean the
Staff is forecasting the ending GF balance to
increase by $1.7m. Please note the Staff report
Redacted
Redacted
has a typo in that it indicates the opening GF
balance was $2,631,515 as June 30, 2023, when
in fact the correct balance is $29,528,304.
Based on our analysis, and using the Staff’s
projections, the ending GF balance for FY 24 will
decrease by $283,218 to $29,245,086.
Furthermore, the Staff’s work product indicates
the reserve for Economic Recovery will be
reduced by $1,545,281 leaving an ending balance
of only $11,333. We are unsure if the TC fully
understands the impact of the “planned use of
reserves” as noted in the Staff report.
In addition to having the Asst Town Manager and
Finance Director attending, we respectively
request the Town Manager to attend this
meeting. We think the meeting would be worthy
of her time.
Please let me know if we can meet at 2pm of
Friday.
Thank you,
Phil Koen
FC Chair
•
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February 6, 2024
TOWN OF LOS GATOS
MID-YEAR BUDGET REPOR T JULY 1-DECEMBER 31. 2023
FINANCIAL OVERVIEW AND EXECU TIVE SUM MARY: STATUSOF FY2023/24
ADOP TID BUDGf.7
The purpose of the Mid-Year Report is to provide the Town Council with a status of the Adopted Fiscal
Year (FY) 2023/24 Operating Budget after the first six months and to make any adjustments to ensure
the continuity of municipal services and operations for the remainder of the fiscal year. The Report is
one of several periodic updates to the Town Council on the status of the current year's revenues and
expenditures and the projected financial condition ofall Town funds compared with the Adopted
Operating Budget. The updates typically focus on the Town's General Fund.
EJ
On January 24, 2023, the Town Council determined the Strategic Priorities for 2023-2025, providing
guidance to Town staff and Commissions on workload prioritization. The Council affirmed its Strategic
Priorities to be multi-year efforts focused on Safety, Prudent Financial Management,
Traffic/Transportation, and Quality of Life. Under these broad topics, the Council added a few new
items including: Hazardous Tree Management, Develop a Five-Year Structurally Balanced and
Sustainable Operating Forecast, Develop a Five-Year Full Funded Capital Plan, Traffic Calming/Safety for
All Users, Streamline Permit Process, Work with Town Partners to Support Needs of Unhoused
Residents, and Redefine Town Commissions in Alignment with Strategic Priorities (see the following
page). Town Council will review these priorities on its February 13, 2024 Special Meeting.
Staff has started budget development work for the next fiscal year, including an update of the Five-Year
Financial Forecast, identification cl critical Town needs, contractual obligations, unfunded mandates,
potential adjustments to the Fee and Fine Schedule, and other analyses. Staff is actively engaged in the
FY 2024/25 budget process with the primary focus of ensuring that the available Town resources are
allocated to meet the priority service needs of the community. The Town Council is scheduled to hold a
public hearing on the Proposed FY 2024/25 Budget on May 21, 2024.
The prior fiscal year closed with approximately $4.1 million in surplus operating revenues, transfers in,
and use cl reserves over expenditures, transfers out, and reserve allocations. The General Fund balance
was $2,631,515 as of June 30, 2023.
Current fiscal year-end projections for FY 2023/24 reflect an anticipated $1.1 million surplus of operating
revenues and planned use of reserves over expenditures in addition to reserving 30% of ERAF and the
proceeds to Pension Trust Fund, compared to the anticipated $3.2 million deficit in the Adopted Budget.
ATTACHMENT 1
Page347 �
. B �discussed in greater detail later in this Report, the primary drivers of the projected surplus are the
increased revenue projection for property tax and the restoration of the garbage franchise fee to prior
year levels.
On June 6, 2023, the Town Council balanced the budget with a 4.6" vacancy factor. Staff continues to
monitor each Department budget because while overall Townwide savings are predicted due to higher
projected revenues, the individual Departments' current expenditure budgets may not be sufficient for
the remainder of the year. Staff will recommend the necessary expenditure budget adjustments as needed.
Providing services to the community in this and future fiscal years will require a strong revenue
performance of the Town's economically sensitive revenues to offset continued projected cost
increases. The FY 2024/25 budget development process will endeavor to maintain essential public
services while oontrolling operational costs it light of the five-year fiscal forecast, which predicts
operating revenue shortfalls in subsequent fiscal years with certain assumptions.
Page349 3
Mid-Vear Update Summaiy Schedule
Total R� and Transfers In le$$;
>FundTransfetln
>Oebt SeMa: • elmlnated GAN'
Adiu5ffl:I Re,el'M.le
Total Operating upendltures
Surplus (Deficit) rewnues O'lef erpenditllres
01her Soun:es ( Uses) >Transfers In
> Transfer Out
Net ether sources • total
Change in Fund B.llante
Remndlatlon tDStalfWortcsllft1
Add decrease of reserves:
>from Capital Prqects Resenre >fram Coundl Priorities Reserw:
>from Penslon/OPE8 Reserw Subtotal cl� in GF ReseM!S
Less Increase to reserves:
>To Economle recovery ResetW
>To ERAF Risk R-
>To Restricted Pension TNSt Reseive Subtotalof� inGF Reserws
Total• acree to Staff sdledule
Fund Balance ANtvs&
Non spendable
loan receivable
Restr1cted
land held for sale
Prnslons
Committed
8udp!t Stabli ution
Catastrophl c
Pension/OP£8
MeasureG 2018 Sales Ta•
Assipied Open 5');1ce
Sustainability
Cac,ltaV$pedalProjects
carryover encumbrances
ERAf Risk Economic Recover,
Compensated Absence
Sub-Total
Add:
Surplus FY 2024
Fund Transferin Fund Transferout
Unallocated deduction from ResefW5
>Total
Total Fund Balance
Most Probable
FY24
56,sn,094
562,411
1,894,550 54,120.133
53,350,762
769,371
562,411
1,615,000
(1,052,589)
1,615,000
1.54S,281
300.000
3,4641281
750,000
690,000
1,440,000
1,737.063
Bea1nnln1
159,000
44,338
1,400.163
6,129,774
6,129,775
300.000
590,581
410.000
140,S53
10,359,577
37,698 689,608 1,556,614
1.580,623
29,528,304
29,528.304
Adopted A4asDec23 lluctcet A.dopted¥S
FY24 FY24 chan&e YTt> Most Probable
53.216,570 53,649.620 433.0SO 3,360,524
538,536 538,536 0 23.875
1,894.550 1,894,550 0 0
50,783,484 51.216,S34 63,050 3,336,649
51.005,698 52,825,517 1,819.819 2,345,064
(222,214) (1,608,983) (1,386,769) 991,585
S38.536 538,536 0 23,875
1,615,000 1,615.000 0 0
(1,076,464) (1,076,464) 0 23,875
( 1. 298,678) (2,685,447) (1,386,769) 1,015,460
1,615,000 2,108,288 493,288 0
n9,ooo 1,645,281 866.281 766,281
0 0 300.000
2,394,000 3,753,569 1,359,569 1,066,281
660,900 660,900 750,000
660,900
390.000 390.000 0 300.000
1,050,900 1,050,900 0 389,100
44,422 17,222 (27,200) 1,692,641
Additions Deductions Endlnl Chanp
159,000 0
44,338 0
690,000 2,090,163 690,000
6.129,n4 0
6,129,775 0 300.000 0 (300,000)
590,581 0
410,000 0
140,5S3 0 10,359,577 0 37,698 0 750,000 1,439.608 750.000 1,545,281 11,333 (1,545,281)
1,580,623 0
1,440.000 1.845.281 29,123,023 40> 181)
769,371 769,371 769,371 562,411 562,411 562,411 1,615,000 (1,615,000) (1,615,000) 405,281 405,281 405.281 1,737,063 1,615.000 122,063 122.063
3,177,063 3,460,281 29,245,086
511_.,d '1ia Adobe Acrobat Ge ' • t the app to edit. sign, and share PDF files: https://adobeacrobat.app.link/getApp
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The table below provides the details of the Revenues and Use of Reserves and Total Expenditures andReserve Allocations.
CEIBIALRJNO
�OUEWllll.6.TIIMSARSINMUllOfllUUIWSAIIDOPOll!ftUE.-MUSCIUf-lEoUN(IUOCAJIOIIS
-. ,,_"", ..
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MI-GSolaaUlleTa r-i.r. .., __ em._,_ --UC.-Tu Lia-•·-.... _ ... , TOWIIS.Mau ft••·--.... _ GASaJltD-
Used/� -·-°"'"'"-'c..n.n..a• ..... _ _,,_,.,_ ,.,.,._...,._ _ _,_...,,__
_n,,_ __ _,,_,,,,ACl'II
,_,_ ... --·-"'
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Ulwwy Qopltll�
P,l,odpol ,--�
---fMl'I-Jo,AD'a ,..,._..,... __ _,,_,,,,_ ,--�,---&,.,,_,,,,_ Bl-.lfarAOII
._.,..._,,,lf&T ,, cm
-�-r-cw ,.,-....... -�.-Al-111eo...,...-A11oen,.. --�--... _ID_le_,y -•ERAFRbl<Ra,.,.. M-•--•••--
-T-�---_,-a.. ,-�---
ffllllZ1/U r,ama, -QZ
$ am•6,155,'17 "SU.100
7,"'7,CM 1.� i.aa ---
J,GN,ii31 I.OM.CM 2.�190 157.ru
2.9CI.IQ 97.'74 ,_l,Ai�lll()
J,m,!97 -4"6.515 .. �
•16.t:11 W.115 -.m IM,CIII!
1.297 1,S77,1'1 3'1.l&
&,511 SSI.ZM
1-.m 1.,IIUIJ
ffl.llil
lilQ.OQI) -1,,162 "w.a 1QJ.DOO
$ �RI $�
$ � $
1.� JQUJIX>
$ 4ns.JIR $
�� ,1J0.81a5G5
ia.m $ 91.5111 -.ie m.113
Ul1,,117 � 1.i41.0l7 UJ0,157 5,Gl5.4lO 1.Jtl.SJ1 ,..._OIO U57""'1 .,_ 4ZIS.919 ,._ uel.417
9111),0QO �°"' 41 .l.�-11!11.713 s
411.-4111(\0QO om
1�1.m
!!l,11D.Jll .!, __ ._ .l. --� $ Zll,Al7 61A1I 051 l.'lolr.11" a,,a -
�� -s 1�?!!1. •
Ill""' JQ""' FTlllll/D FYl111ZJ/21 ,.,� -�Q2 .......... --� ""' .K)W $ �-(lCIIII CICIIII J.tOlf 211• U50.Clll6 J.11111 ll.JII '15,QIM .NCIIII J:1.AlN I.Gl'a717 ...,,. JUII l1UD UJI loUII 3$2.W --.S,,QII 1.7lU70 3.Ull -m• 1'14111 JS.411 u,,.an 35.411 UJ.1JI Dr.30 JC.Ill Z2111 mm
euz,w l.m911 -"-.Ill ea AUi&
Cl°" 1111,W 1.-JIIIIOIII (lCIIII
(lOlf
(lCIIII O.OIII
(lCIIII �� �-----$ . ...., -(lS $ ------11111 ,. $ �-...--..1.-5�m..
e,w SU. ,., ... 41.:111 ---.. ,,.J,151,172 U2.JII 4,w z.i,.m 0-47.5 u,aae &6111 Cl!II t.'m.11116 '"' --�...., ••SZ3II 1,61\0QI)
------511' .,. !�---$
��
--°"----!!!-! ........!!!- � ,..1_�
nJIIZJ(.II ..-.... • .,wnr.ms
$ �"1 �
7,-,un U'lf.$U 1.U�70 UWIOO U-,.7'6 1.,Z,,ZJD I.� C.Clof.l!O
m,A50 1.Cll:!\llf7
z.cw.n,; 1/lfJO �
m• s �
$ 2.JIIU9 �
s uu.sa �!!L
$ ,...._ m:so, 1..D.11111 -� � JJUn,7D l.1'Ua
15r.cs,a ..1 �.SIJ
$ �
2ill!ClD
..1 ,.__
! '!iDUQ $
&11.900 !!IO,IJ00
...L.!!!!!?!!1. • ...L___ya,_
fTm:D/JII ...,_...... --�
1'."'1.-..,_ , ..
J.-7&J .... 2.JA,SJI uaa, ,.m..m J.10Q.!lf5 f,QS.7'11 1V,.&10
Uli7,U0
1.-� �
�u s..-.ru
$ 1.--ucs.m
$ J,m,.se
i 9\ZS.?MJ ... 1117:,t:Jll ,_ r.JIIUIO Ull,OQ llU1US1 "'w.ns
UJI.IM2
J!r.OJe .l.� $ J,aM.550
1,m,11111
I !,!!,WI
f D,lf\!!! $
150.000 -
I -�
FYJIIZJ(JI •-w -
s.-. ....
.... _Cl)II , .. I.DUU UOl,7QI 1.l",tll �lll
12!9,.S!IJ US'.18!1
s.1",7&3 "7,7110 1,557,UO
UPl.191 .. ., �
!il,UI SIU71.IIM
$ L61!,.0QI) 1.SU,lll
lD0.000 s,.-..i �a
$ l!IUU !IOl,Q61
f.C191.001i Ull,6111)
,..1_ 3'.Jl.1911 11Ult,l7S U'1.71P
15E.CBI f�!91W
$ Ulk.W
1,m,11111
.l..!� .l.!i!!!!!L
4111(\0QI)
..J:�.!!!.
"Ff.lillW2J-NCIZll)l,IQHof�--,__ ___ ,..,___,,,,,.,...,. .. ,..., ____ IN_o,,_,,,. __ /1,M __ h,,_,..,.,,
UfJl/104Q"°".,_
-111 • ..,,_,,._,_ __ ,__-' r,_,_.,/S:llt•J2J1-Jorol��-,$SU.Ut.n1J ..,..$UJl.m ...... ;;2
Page 3TT 31
� ... .. 1·
TOTAL TOWN
REVENUES AND EXPENDITURES
GENERAL FUND
2019/20 2020/21 2021/22 2022/23 2023/24
Actuals Actuals Actuals Estimated Adopted
RFiENUES
Property Tax $ 14,454,513 s 15,826,162 s 16,899,618 s 17,928,118 $ 18,556,631
Vlf Baclcfill 3,875,914 4,052,672 4,229,462 4,556,000 4,692,680
Sales & Use Tax 6,535,034 6,794,218 7,177,597 7,681,444 7,878,061
Measure G-OistrictSales Tax 996,391 1,139,386 1,306,076 1,277,690 1,274,717
Fra nchlse Fees 2,495,792 2,499,463 2,822,515 2,716,470 2,116,470
Transient Occupancy Tax 1,869,685 1,044,820 1,895,064 2,348,547 2,419,000
Other Taxes 1,357,080 1,386,943 1,481,667 2,346,847 2,440,766
Licenses & Permits 2,696,457 2,999,711 4,839,489 2,863,374 2,947,230
Intergovernmental 1,104,075 1,573,697 1,263,352 1,260,731 913,094
Town Services 4,447,213 4,835,962 5,435,769 5,083,801 4,394,250
Internal Sn,c Reimbursement
Anes & Fo�itures 271,117 103,467 319,170 232,129 203,450
Interest 2,266,134 96,061 (1,404,526) 670,021 1,035,097
OtherSources 1,381,187 2,217,072 5,649,767 5,887,554 1,912,038
Debt Service Reimbursement 1,905,024 1,908,494 1,899,850 1,893,713 1,894,550
Transfers In 599,669 1,833.218 633,352 538,536 538,536
TOTAL REVEMJES $ 46,255,285 s 48,311,346 s 54,448,222 s 57,284,975 $ 53,216,570
EXPEM>ITURES
Salaries $ 18,546,018 $ 19,330,626 s 18,847,234 s 20,882,547 $ 20,969,978
Overtime 708,955 882,421 1,134,177 1,568,744 578,856
Benefits-Pension 6,059,646 6,374,119 6,531,958 6,846,834 8,237,154
Benefits-All Other 3,618,950 3,710,338 3,679,378 3,931,663 4,716,655
Retiree-Medical 1,203,101 1,286,285 1,391,296 1,571,930 1,609,200
Operating Expenditures 12,193,929 12,990,318 12,860,383 13,966,816 10,598,891
Grants & Awards 274,249 298,303 606,449 592,600 774,000
Fixed Assets 138,384 2,365
Interest 52,011 156,034 156,034 156,034
Internal Service Chargu 2,188,211 2,314,305 2,607,506 2,636,316 3,364,929
upital Projects
upltal Acquisitions
Debt Service 1,905,024 1,908,494 1,899,850 1,893,713 1,894,550
Transfers Out 8,053,847 4,582,641 1,751,787 2,987,359 1,615,000
TOTAL EXPEMJl1UR£'S $ 54,890,314 s 53,732,226 s 51,466,052 s 57,034,556 $ 54,515,247
Net Jnc,e-toeue-1 (8,635,029) (5,420,880) 2,982,170 250,419 (1,298,677)
BeclnnlncFund 11a1mce 37,970,526 29,335,497 23,914,617 26,896,787 27,147,206
Ending Fund Balance $ 29,335,497 s 23,914,617 $ 26,896,787 s 27,147,206 $ 25,848,529
•Yt!ar End Fund Bolonurepresenu General Fund lll {Long Term Compensated Absencl//!S were accounted in
���:,.··-:�·�;;
;,
-·;;·�,3) 'f.� t+-I I I 5'°�8 S'�, ---� J... It' I� e,ot> &
c-( l, i.'t &, l-r �) �
FUND BALANCE Ac11vrrY SUMMARY
FISCAL YEAR 201.3/24
7/1/n ---.... ...... rm sre:-:8 " °" ..... -.,.,..--------.........,_ _ __ .,. __ SJl.s.16 S s .... u -----� .. ._ _.., --u .. -CIIMllllo"k----CiOI--D•--..
,uw, UH.7N --· _ _, °""'-_,_ OJI� ....... ---· DWlhl. ............ , 1Shft
·-100-Sr,J ,01� LStt.UJ ..,_ IS'l.ooo
•u1.-1411.>SJ ..-, S.St9.W '---seea,,,.... �!SPP!tS9QnQ ,,..s,r, "!"---------"!"_ ........ ,.., -------'-"'!"'�==i-une NHL .._,Gaa,f._..__ � 21,147.,20I s n.•� ,. 1•s• i SUOD..1'1 i 1 .-,.-. S S �JI
�,..,,c_. ... .,,_.., __ ,,,,,_...,i,y-,c� � � dw-.fl,,ttoftladoonf-•...._-.,_.,,_
•�.,.._,__,-,_•$UOl'EIJJJ.,.,uot--l-•--•-•lotlw.-r,..,.,..r,,e,1,,_,___,_ •4IC#larfell •· I 4e1 I 1 U ... ; I _,,__,,,_,,_,.._� •• ,,_,,,,_ .,,__,_,...,,.__,_ .. ,_ t : t•a.,..,._v: 21(..,,.# .. ..,,.,cd 'rR 1,,,_,.,, •�--,...,,...,._•-ofZJXof_d _ __,,,,._..,_....,,,�..,_,,,,_ �---' ,,_ -�-... ,.,�c-1�-�-�-6...,,, .. , • ....,,,.ron-,--..-... -� ... c-.1 """-'•----_ ,,.,,._,.,.,, _ __,,,,_.,,$!0cl_.,,,�--""'s.il9---' ......... � ..... �-------·,---�'-' ....... ,...._,....._...,,n�.;•-C-,,Jlfw•.-d1k-•1-�'-'-� ,...,,_,..,_.,,.,,,,.Q,r_,,,,._.....,...!hMlair ___ ..,..,,_,.,,,.r..lat/OIU_..,..,_,....,... ......... �-,.--. ----c-..--t11.J4t s $ $ . $ 111,lU � .... -...... 110,517) l•IUllJ • ...._ .... 01rsowor,.._. 61Ul7 J5fMO l7UCIJ -••OMll•-.•--Okldc.t t),506 J,110 1.-, "° t:un ---Oltllld 1.S50 ,o.-tJ,llS s.sso � �M....,....Oldrid ,u .. •.15o I.SU 610 J,._ ��Alua....._bilrkl u.111 ·� t:z.ll1 -U.OJI
-• .. --d -JOPl'S a.on 1,4)0 111,45'
1•1ttoot .. __ llb_ �,. ...,.., .. ,sc 250 tUIO ... a.w ... � ))J)M -..,,. ---· Sl,l7J -,s_ Sl.11'.J
-T••-l'J.4,tJ >t,000 ,..,, __ r,_ ..,,. --MlJO ....-uC1U1:a1aaI l6li&lJ l!!li !""' 1e1n __ ,,_,_ __ ,...._ $ .,..,_ $ � ..$ -$ ...,.., ! C,,20 $ $ ....... , .. I I
�� l 2 '2.2. I :2. \ � �
r-3.CS S-3'it)ll) 3qqo00e�� '!l� 1'µ,{ t,t-... J -�,I.� '!> lb, �2 � �oS?>,1� c/P� :,.;ttl ODO" -
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C-32