The use of excess property tax revenues to fund maintenance and services at the town's public library will be a topic of discussion at the Portola Valley Town Council meeting set for 7:30 p.m. tonight (Wednesday, May 27) in the Historic Schoolhouse at 765 Portola Road.
As of June 30, 2014, the town had reserves of $537,833 in a fund that can be used only for library-related spending. The town accumulates about $100,000 annually above what is needed for the library's operating and related costs. The board of the San Mateo County Library has been studying questions on whether those excess funds should stay within the purview of the city or town or be redirected to the county system. The director of the library system has prepared a report for the council.
Also on the agenda: More consideration of the town's participation in an initiative to offer residents and businesses a source of electric power other than Pacific Gas & Electric Corp., a resolution supporting Cal Water's efforts to respond to the drought emergency, and a payment of $907,700 toward the town's unfunded pension liability.