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Public Hearing on Proposed Fiscal Year 2018-19 Budget

Post Date:06/22/2018 12:00 PM

 

You are invited to the Town Council Public Hearing on the formal adoption of the proposed Town Budget for Fiscal Year 2018/2019.

When: Wednesday, June 27th
Time: 7:00 p.m.
Location: The Historic Schoolhouse, 765 Portola Road, Portola Valley.

At their meeting on June 13th, the Town Council reviewed the proposed Fiscal Year 2018-2019 budget, which outlines planned investments in key initiatives and establishes priorities for the coming years. 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. A 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.

The Town Budget for fiscal year 2018/2019 is available to view in the Town Council packet: http://www.portolavalley.net/Home/Components/Calendar/Event/25748/20

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 27th Public Hearing.

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