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Budget PresentationSmall Town Service ~ Community Stewardship ~ Future Focus Budget Adoption 2014 -15 Operating Budget 2014 -19 Capital Improvement Program June 2, 2014 Small Town Service ~ Community Stewardship ~ Future Focus Resolution to Adopt Standard resolution includes: Adoption of Proposed FY 2014/15 Operating Budget Adoption of Proposed FY 2014/15 Capital Budget Adoption of Proposed FY 2014/15 – 2018/19 Capital Program Approval to carry -over prior year encumbrances Also includes Council majority direction on 5/19: All funding from Special Studies Reserve (Budget page C -24) $50 k for Downtown evening noise and nuisance enforcement $100 k for school traffic study and improvements, contingent on school district participation $237 k for future affordable housing projects, contingent on $309 k match from Santa Clara County Small Town Service ~ Community Stewardship ~ Future Focus Affordable Housing Funding Advocates coalition have dropped two requests: $80 k of ongoing returned redevelopment funding $100 k one -time grant to Housing Trust for future projects Request remains for up to $578 k of Town funds Town’s 9% share of $6.5 m of prior affordable housing funds County to match up to $754 k (11% share of $6.5 m) Staff alternative of $237 k included in resolution per direction Three Questions: 1.Source of funds : Special Studies reserve, or other 2.Use of funds : Place in new Town Affordable Housing reserve 3.Future use: Contingent on Los Gatos project acceptable to both the Town Council and the County Board Small Town Service ~ Community Stewardship ~ Future Focus PERS Side Fund Liability Current liability is $4.5 million recovered through rates Paying off the liability will reduce future PERS rates $750+ k next year, rising to $900 k in six years Will be paid off in either way in six years Potential sources of funds for paying off the liability: $2.0 million overage in Budget Stabilization Fund $1.5 million from late 1990’s PERS “holiday” reserve $1.0 million in anticipated current year fund balance Timing: On Council 6/16 agenda for next fiscal year savings; OR As part of next year’s budget for 2015/16 balancing Small Town Service ~ Community Stewardship ~ Future Focus Council Action Direction on Side Fund Liability repayment Next year or later as needed If this year, proposed sources of funds: Budget Reserve - $2.0 million PERS Reserve - $1.5 million New Fund Balance - $1.0 million Adopt resolution including: $50 k for Downtown evening noise and nuisance enforcement $100 k for school traffic study and improvements , $237 k for future affordable housing projects, Other Council majority budget changes, if any Can be implemented with new Resolution clauses, OR Brought back on June 16 Consent Calendar as needed