2017-026 - Approve the FY 17/18 Operating Budget and FY 17/18-FY 21/22 CIP BudgetRESOLUTION 2017 -026
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
APPROVING THE FISCAL YEAR (FY) 2017/18 OPERATING BUDGET AND FY 2017/18 —
FY 2021/22 CAPITAL BUDGET, NEW APPROPRIATIONS, OTHER APPROVED
ADJUSTMENTS, MINOR CORRECTIONS, AND CARRY - FORWARD APPROPRIATIONS
WHEREAS, Section 2.30.295(b) of the Los Gatos Town Code requires the Town
Manager to annually prepare and submit a budget to the Town Council and be responsible for
its administration; and
WHEREAS, the Town Manager submitted to the Town Council a proposed budget
for the FY 2017/18 on May 16, 2017; and
WHEREAS, the Town Manager submitted to the Town Council a proposed five -year
capital improvement plan for FY 2017/18 — FY 2021/22 on May 16, 2017; and
WHEREAS, the Town Council has considered and reviewed said proposed budget
and capital improvement plan during public hearings on May 16, 2017 and the Town Council
directed modifications to the Operating and Capital Budgets, respectively; and
WHEREAS, on June 6, 2017, Town Council considered and reviewed the revised
proposed budget and capital improvement plan making final determinations; and
NOW, THEREFORE, BE IT RESOLVED: that the Town Council hereby adopts as the
budget for the Town of Los Gatos for the 2017/18 fiscal year as depicted in Exhibit A entitled
"Total Town Revenues By Fund and Total Town Expenditures By Fund including the first year (FY
2017/18) of the Town's Capital Improvement Program budget as contained in the Town's FY
2017/18 — 2021/22 Capital Improvement Plan.
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Resolution 2017 -026 June 6, 2017
BE IT FURTHER RESOLVED, that the final adopted budget includes minor
corrections, and approved appropriations for unspent prior year allocations, and that they be
carried forward from prior years in a Reserve for Encumbrances whereby within each fund
there is an amount sufficient to cover approved outstanding encumbrances as of June 30, 2017.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of
Los Gatos, California, held on the 6th day of June 2017 by the following vote:
COUNCIL MEMBERS
AYES:
Marcia Jensen, Rob Rennie, Mayor Marico Sayoc
NAYS:
Barbara Spector
ABSENT:
Steve Leonardis
ABSTAIN:
None.
SIGNED:
MAYOR OF TH fOWN F LOS GATOS
LOS GATOS, C IA
DATE: L
ATTEST:
CLERK ADMINISTRATOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
DATE:
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Resolution 2017 -026 June 6, 2017
TOTAL TOWN REVENUES BY FUND AND TOTAL TOWN EXPENDITURES BY FUND
TOTAL TOWN EXPENDITURES, TRANSFERS OUT & CARRYFORWARD APPROPRIATION
General Fund
2017/18
Estimated
2017/18
674,959
Proposed
Budget
Recommended
6,279,099
Budget
Revision
Budget
TOWN REVENUES & OTHER FUNDING SOURCES
4,549,124
4,549,124
Successor Agnecy Funds
General Fund
$39,324,303
$ -
$ 39,324,303
Special Revenue Funds
623,255
623,255
Internal Service Funds
5,196,401
873,000
6,069,401
Trust & Agency Funds
78,365
78,365
Capital Project Funds (does not include carryforwards)
5,132,296
5,132,296
Successor Agnecy Funds
3,857,721
3,857,721
Use Reserves and Fund Balances
3,528,822
3,528,822
TOTAL TOWN REVENUES & OTHER FUNDING SOURCE' $57,741,163
$ 873,000
$ 58,614,163
TOTAL TOWN EXPENDITURES, TRANSFERS OUT & CARRYFORWARD APPROPRIATION
General Fund
$42,241,001
$ 600,000 $ 42,841,001
Special Revenue Funds
674,959
674,959
Internal Service Funds
6,279,099
6,279,099
Trust & Agency Funds
72,500
72,500
Capital Project Funds (does not include carryforwards)
4,549,124
4,549,124
Successor Agnecy Funds
3,856,383
3,856,383
TOTAL TOWN EXPENDITURE & OTHER FUNDING USES
$57,673,066
$ 600,000 $ 58,273,066
TOTAL SOURCE(USE) OF FUND BALANCES $ 68,097 $ 273,000 $ 341,097
EXHIBIT A
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Resolution 2017 -026 June 6, 2017