M 02-24-81February 23, 1981 455
Los
Gatos, California
TOWN COUNCIL The Town Council of the Town of Los Gatos met
in the Council
Chambers of the Town Hall at 8:35 p.m., in
continued regular
session.
PRESENT: Ruth Cannon, Marlyn J. Rasmussen,
Peter W. Siemens,
Brent N. Ventura and Thomas J.
Ferrito.
80-81 MID-YEAR Town Manager, David Mora, presented Council
with a @!Lid-Year
BUDGET REPORT budget report for the fiscal year 1980-81,
stating this report
provides an analysis of the Tow-nls current
financial condition.
He spoke on the need for revision of the Town
revenue estimates;
supplemental appropriations for general fund
activities; the
adoption of a new resolution establishing a
Proposition 4
appropriations limit; and the adoption by Town
Council of
specific policies dealing with Town finances.
Discussion was
held on the status of 1980-81 budget. After
further discussion,
Mrs. Cannon moved Council accept Town
Manager's recommendations
and revise Town revenue estimates as detailed
in said report.
Mr. Siemens seconded. Unanimously carried.
Mrs. Cannon moved Council approve
supplemental appropriations
from current year anticipated General Fund
revenues to the
following budget:
Town Council $
552.00
Town Manager
23,202.00
Town Attorney
23,165.0O
General Services
9,388.00
Planning Department
12,500.00
Police Department
22,550.00
Appropriated Contingency
122,399.00
Total
$213,756.00
Mrs. Rasmussen seconded. Unanimously carried.
Mr. Ventura moved for adoption of Resolution
No. 1981-37
entitled, A RESOLUTION SETTING AN
APPROPRIATIONS LIMIT FOR
REVENUE GENERATED FROM "PROCEEDS OF TAXES"
PURSUANT TO ARTICLE
XIII B OF THE STATE CONSTITUTION,
(establishing a General Fund
appropriations limit for the current fiscal
year). Mrs.
Cannon seconded. Unanimously carried.
FINANCIAL Mrs. Cannon moved for adoption of the
following amended
POLICIES FOR THE financial policies for the Town of Los Gatos:
TOWN a. Town’s current year operating budgets
shall only be
funded by current year revenue;
b. The Town shall maintain a Reserve for
Future Expenditures
no less than twenty-five (25%) percent of the
then current
year operating budget;
C. The Town shall establish reserves for
known future
liabilities at no less than fifty (50%)
percent of the
anticipated liability;
d. The Town shall accept special grant funds
only for one-
time capital improvements or one-year special
programs;
e. The Town shall maximize interest earning
from reserves
(as has been done by the Town Treasurer).
Mr. Ventura seconded. Unanimously carried.
REQUEST FOR Mayor Ferrito referred to letter from Los
Gatos Union School
FINANCIAL District requesting financial assistance for
the new gymnasium
ASSISTANCE under construction at Fisher School. Mr.
Wesley Walton,
FISHER SCHOOL Superintendent of School District spoke on the
construction
giving the amounts of monies that have been
donated and gave
a break down of funds needed for construction
of a roof over
span area between existing shower and locker
building and the
new gymnasium ($57,000); retractable bleachers
($60,000);
and accoustical wall panels ($10,000),
totaling $127,300.
Discussion was held as to the use of these
facilities when
completed. Committee members Sheryl Mondt and
Harvey Diesner
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456 February
24, 1981
Los
Gatos, California
REQUEST FOR spoke on the use of building upon completion,
stating it
FINANCIAL would be used by the community and not as a
sport facility
ASSISTANCE - only. After further discussion, fair. Ventura
moved
FISHER SCHOOL Council approve the appropriation of $57,000,
from current
(CONTINUED) year contingency for the construction of the
roof structure
at Fisher Elementary School. Authorize staff
to negotiate
and execute an agreement with the Los Gatos
Union School
District, indicating the amount of money agreed
upon, the
source of funds and what the money will be used
for. Mrs.
Cannon seconded. Unanimously carried.
ADJOURNMENT Mayor declared the meeting adjourned at 10:35
p.m.
ATTEST:
Rose Aldag
Town Clerk
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