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Proposed Fiscal Year 2018-19 Budget

Post Date:06/11/2018 4:24 PM

On Wednesday, June 13th, the Town Council will review the proposed Fiscal Year 2018-19 budget, outlining planned investments in key initiatives and establishing priorities for the coming years. The proposed budget continues the Town Council’s record of strong fiscal management, maintains a high level of support in critical areas, and ensures the delivery of exemplary service to residents.

The Town’s Finance Committee has recommended the proposed budget to the Town Council based on its review of the documents on June 4th.

As with previous years, the proposed operating budget is balanced and allows for investments in the Town’s roads and other capital improvements.

The budget anticipates continued steady growth of property tax revenues, which are the primary revenue source for the town. The growth of 4.75% is expected as houses are sold and existing homes are substantially renovated.

General fund operating expenditures are proposed at a 6% growth, with highlights including:

  • No new positions
  • Modest increases supporting software and communications technology
  • A significant increase in the public safety contracts with the San Mateo County Sheriff’s Office and 911 Communications
  • Investments in support for the garbage franchise contract, pedestrian safety projects, potential general plan update efforts, open space improvements, and vehicle and infrastructure investments

The proposed budget supports a healthy reserve that is anticipated to support future investments in the Town’s retirement benefit obligations, equipment replacement, and potential natural and budgetary emergencies.

Finally, this budget is also the first budget in the Town’s history to propose a five-year Capital Improvement Plan.

We encourage you to review the budget and five-year capital plan and provide us with any comments or suggestions you have either by emailing towncenter@portolavalley.net or attending the June 13th Town Council meeting.

The formal adoption of the budget will take place at the Public Hearing on Wednesday, June 27th, Town Council meeting.