Desk Item
PREPARED BY: STEPHEN CONWAY
Finance Director
Reviewed by: Town Manager, Assistant Town Manager, and Town Attorney
110 E. Main Street Los Gatos, CA 95030 ● 408-354-6832
www.losgatosca.gov
TOWN OF LOS GATOS
COUNCIL AGENDA REPORT
MEETING DATE: 02/19/2019
ITEM NO: 7
DESK ITEM
DATE: FEBRUARY 13, 2019
TO: MAYOR AND TOWN COUNCIL
FROM: LAUREL PREVETTI, TOWN MANAGER
SUBJECT: FISCAL YEAR 2018/19 MID-YEAR BUDGET PERFORMANCE REPORT - SIX
MONTHS ENDING DECEMBER 31, 2018
A. RECEIVE FY 2018/19 MID-YEAR BUDGET PERFORMANCE REPORT;
B. AUTHORIZE BUDGET ADJUSTMENTS AS RECOMMENDED IN THE
ATTACHED BUDGET PERFORMANCE REPORT.
REMARKS:
Staff received a request form a Council Member to provide written response on a public
comment (Attachment 2) received on Item 7. In response to this request, provided below is
additional information regarding the information presented on page 16 of the M id-Year FY
2018/19 Budget Performance Report.
The first column of the table on page 16 (FY 2017/18 Actuals) presents the FY 2017/18 final
actual revenues and expenditures. Last year the General Fund total actual operational
expenditures of $42.2 million were approximately $2.3 million below the final FY 2017/18
adjusted budget of $44.5 million. The fifth column (FY 2018/19 Adopted Budget) includes the
FY 2018/19 Adopted Budget of $47.6 million. The difference between FY 2018/19 General Fund
Adopted Budget to the prior year adopted budget is approximately $3.1 million. This difference
includes the combined effects of merit step increases, increased payment to CalPERS, $1.2
million for the General Plan Update, and $1.9 million in additional payments to the PARS
Pension Trust. The seventh column (FY 2018/19 Estimates) includes the Adopted Budget and
an estimated increase of $1.5 million related to Council-approved labor negotiations and the
mid-year budget amendment requests included with this item.
PAGE 2 OF 2
SUBJECT: FISCAL YEAR 2018/19 MID-YEAR BUDGET PERFORMANCE REPORT - SIX
MONTHS ENDING DECEMBER 31, 2018
DATE: FEBRUARY 19, 2019
S:\COUNCIL REPORTS\2019\02-19-19 Interviews\07 Mid-Year\Desk_Item_FINAL.docx 2/19/2019 3:37 PM SLL
REMARKS(continued):
The purpose of the Mid-Year Budget Performance Report is to provide a status update on the
FY 2018/19 Adopted Operating and Capital Budgets as of December 31, 2018. Staff is currently
refining the FY 2018/19 Estimates of revenues and expenditures. In addition, the updated
estimates are an additional tool for Council consideration pending the release of the Proposed
Budget in May. The final actual FY 2018/19 revenues and expenditures will be presented with
the publication of the draft Comprehensive Annual Financial Report which is typically available
late November/early December each year.
Attachment previously distributed with the Staff Report:
1. Budget Performance Report for the Six Months Ending December 31, 2018.
Attachment distributed with the Desk Item:
2. Public Comments Received after distributing the Staff Report and before 11:00 a.m.
Tuesday, February 19, 2019.