Desk Item.Budget
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: 06/07/2022 ITEM NO: 11 DESK ITEM
DATE: June 2, 2022
TO: Mayor and Town Council
FROM: Laurel Prevetti, Town Manager
SUBJECT: Operating and Capital Budgets
a. Adopt a Resolution Approving the Town of Los Gatos Fiscal Year (FY)
2022/23 Operating Budget and FY 2022/23 – 2026/27 Capital
Improvement Program (CIP), New Appropriations, Additional Council
Actions on May 17, 2022 and Revisions Related to Salary and Benefit
Costs as Presented in the Labor Agreements Agenda Reports on June 7,
2022; American Rescue Plan Act Budget Adjustment, Minor Corrections,
and Carry-Forward Appropriations
b. Adopt a Resolution Approving Commitment of Fund Balances under
GASB 54.
c. Approve FY 2021/22 Budget Adjustments:
1) Major Revenue Adjustments to Match Year-End Estimated Revenues
as Directed by the Town Council on May 17, 2022; and as Determined
from Updated Information
i. Property Tax revenue Increase in the Amount of $582,609,
ii. Sales Tax Revenue Increase in the Amount of $428,828 ($361,806
in regular Sales Tax and $67,022 in Measure G Sales Tax)
iii. Business License Tax Revenue Increase in the Amount of
$175,000,
iv. Transient Occupancy Tax Increases in the Amount of $75,000, and
v. Recognize $36,308 General Fund Salary Reimbursement for
Capital Improvement Staff Work.
2) Expenditure Increases to Reflect Past Actions:
i. In the Amount of $300,000 to expense the $300,000 available
General Fund Pension/OPEB Reserve to the CEPPT Trust.
ii. In the Amount of $36,308 General Fund Salary Reimbursement
for Capital Improvement Staff Work.
3) Approve American Rescue Plan Act Budget Adjustments.
PAGE 2 OF 2 SUBJECT: Operating and Capital Budgets DATE: June 2, 2022
REMARKS
Attachment 5 contains public comment received between 11:00 a.m., Monday, June 6, and
11:01 a.m., Tuesday June 7, 2022.
In regard to Attachment 5, Council can either act tonight on this item, or refer the item back to
the Finance Commission with a date certain of June 21, 2022 for final consideration by Council.
As referenced in the staff report, the draft resolution (Attachment 1) incorporates the budget
direction provided by the Council at the May 17, 2022 budget hearing predicated in part on
recommendations from the Finance Commission. With the completion of negotiations with all
bargaining units, staff incorporated expenditure adjustments associated with labor agreements,
and per our obligation to present a balanced budget to Council, included recommended
corresponding revenue adjustments.
Attachments Previously Received with the Staff Report:
1. Resolution of the Town Council Approving FY 2022/23 Operating Budget and FY 2022/23 –
2026/27 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
3. ARPA Worksheet
Attachment Previously Received with the Addendum:
4. Public comment received between 11:00 a.m., Thursday, June 2, and 11:01 a.m., Monday,
June 6, 2022
Attachment Received with this Desk Item:
5. Public comment received between 11:00 a.m., Monday, June 6, and 11:01 a.m., Tuesday,
June 7, 2022.