Staff Report
PREPARED BY : STEPHEN CONWAY
Finance Director
Reviewed by: Town Manager , Assistant Town Manager, and Town Attorney
110 E. Main Street Los Gatos, CA 95030 ● 40 8 -354 -68 32
www.losgatosca.gov
TOWN OF LOS GATOS
COUNCIL AGENDA REPORT
MEETING DATE: 06 /0 5 /201 8
ITEM NO: 5
D ATE : MAY 23 , 201 8
TO : MAYOR AND TOWN COUNCIL
FROM: LAUREL PREVETTI, TOWN MANAGER
SUBJECT: ADOPT A RESOLUTION APPROVING THE TOWN OF LOS GATOS FISCAL YEAR
(FY) 201 8 /1 9 OPERATING BUDGET AND FY 201 8 /1 9 – 202 2 /2 3 CAPITAL
IMPROVEMENT PROGRAM (CIP), NEW APPROPRIATIONS, OTHER
APPROVED ADJUSTMENTS, MINOR CORRECTIONS, AND CARRY -FORWARD
APPROPRIATIONS
RECOMMENDATION :
Adopt a resolution approving the Town of Los Gatos Fiscal Year (FY) 2018/19 Operating Budget
and FY 2018/19 – 202 2 /2 3 Capital Improvement Program (CIP), new appropriations, other
approved adjustments, minor corrections, and carry -forward appropriations .
B ACKGROUND :
On May 1 5 , 201 8 , the Town Council conducted public hearings to discuss the proposed FY
2018/19 Operating and Capital Summary Budget and Proposed FY 2018/19 – 202 2 /2 3 Capital
Improvement Program. The Town Council considered both documents and directed staff to
bring back the documents for final approval incorporating the staff recommendations .
DISCUSSION :
The draft resolution (Attachment 1) incorporates the direction given by the Council at the May
15, 2018 budget hearing. Attachment 2 contains the resolution to formally move General Fund
balances based on the current General Fund Reserve Policy.
PAGE 2 OF 2
SUBJECT: OPERATING AND CAPITAL BUDGETS
MAY 23 , 201 8
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COORDINATION :
The preparation of the budget documents involved the participation of all Town Departments.
FISCAL IMPACT :
The fiscal impact is presented in summary form in the Financial Summaries chapter of the
Proposed Operating and Capital Budget for FY 2018/19 .
ENVIRONMENTAL ASSESSMENT :
This is not a project defined under CEQA, and no further action is required.
Attachments:
1. Resolution of the Town Council Approving FY 2018/19 Operating Budget and FY 2018/19 -
2022/23 Capital Improvement Program (with Exhibit A)
2. Resolution of the Town Council of the Town of Los Gatos Approving Commitments of Fund
Balance under GASB 54