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On June 5, the Atherton City Council conducted its final budget study session in anticipation of approving the full budget later this month. The council will consider approving the town’s fiscal year 2024-25 budget at its Wednesday, June 19, meeting.
A report from town staff shows that Atherton is projected to have a budget surplus for the next fiscal year, which begins on July 1. The town’s general fund revenues are projected to be $23 million, and expenditures are projected at $20.8 million, leaving Atherton with a single-year operational revenue surplus of $2.2 million.
Atherton’s town manager George Rodericks said that the town typically has a budget surplus because the town budgets within its means. The town also treats the Educational Revenue Augmentation Fund as an “at risk” form of revenue for the town. The town only uses ERAF money for “one-time” projects or debt reduction, rather than for projects with ongoing expenses.
“These two practices ensure that the town will typically have a surplus (revenues over expenditures) each year that can be used toward one-time capital projects, debt reduction, or savings for long-range projects,” said Rodericks in an email to this news organization.
Just over 68% of the town’s projected revenue ($15.8 million) will be coming from property taxes. Other significant sources of revenue are building revenues, including permitting and plan check fees ($2.2 million) and franchise taxes ($1.1 million).
Nearly half of the town’s projected operating expenditures ($10.1 million) will be going to the police department. Over half of the police department’s budget ($5.5 million, or 55%) will go toward salaries and wages. Another $3 million (30%) of the budget is earmarked for police department employee benefits. The other 15% of the police department budget will go toward general operating expenses, supplies and materials, professional services and capital expenditures.
The public works department has the town’s second highest projected operating expenditures at $3.7 million, or 18% of the town’s budget.
Atherton will also allocate $5.3 million from its general fund balance to its Capital Improvements Program fund, leaving the town with a total reserve fund balance of $10.7 million.
The CIP budget plan places emphasis on parks, drainage, road maintenance and traffic safety as well as bike and pedestrian infrastructure.
This year’s CIP budget includes nearly $2.5 million allocated for improving drainage in the town. This year’s drainage budget includes $1.4 million in federal funding to address flood mitigation in the Atherton channel.
The budget has also set aside $250,000 for the Selby Bike Lane Improvements and construction, as well as $250,000 to update the town’s bicycle and pedestrian master plan.
Other notable line items include $1 million for playground replacement and $800,000 for restroom replacement and construction at Holbrook-Palmer Park.
“This budget presents a plan for accomplishing the goals and objectives of the City Council within existing resources and core strategy of financial stability,” the report states. “Town priorities will focus again on CIP (Capital Improvement Program) Master Plan projects and paying down long-term liabilities. We continue to be fiscally prudent with our resources but are mindful of operational and infrastructure needs.”
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