http://almanacnews.com/print/story/print/2013/06/26/portola-valley-considers-budget-election


Almanac

News - June 26, 2013

Portola Valley considers budget, election

Two notable items are in Portola Valley's new budget: Town Hall employees hired in 2013 or later must contribute 6.25 percent of their base pay toward their retirement accounts, and must wait until they're 62 before retiring with the maximum benefit. (For the other staff members, the town pays 100 percent of their pension contribution and they can retire with maximum benefits at 55.)

A Town Council public hearing to consider the budget for the new fiscal year is set for Wednesday, June 26, at the Historic Schoolhouse. The meeting begins at 7:30 p.m.

Also on the agenda: resolutions calling for an election on Nov. 5 that includes three seats on the five-member Town Council and renewal of the utility users tax. On the council, four-year terms expire for members Maryann Moise Derwin, Ted Driscoll and Mayor John Richards.

Town Manager Nick Pegueros projects general fund revenues of $4.21 million and expenses of $4.06 million for 2013-14, with a projected surplus in the general fund of $53,225.

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