The Atherton City Council will consider approving the town's 2019-20 fiscal year budget at its Wednesday (June 19) meeting, and it looks like the town will maintain a comfortable budget surplus.
A report from town staff shows the budget for the fiscal year that begins July 1 with $16.5 million in revenue, 71% of which is coming from property taxes ($11.8 million). Spending is estimated to be at $14.6 million.
"The FY 2019/20 Budget projects a healthy outlook as the Town continues to implement current Council priorities to reduce long-term liabilities, address capital project needs, and ensure operational needs are met," the report states. "This budget presents a plan for accomplishing the goals and objectives of the City Council within existing resources and core strategy of financial stability in mind."
There is a single-year operational revenue surplus of $1.9 million. The budget projections show the town ending the coming fiscal year with $24.15 million.
The new civic center project is the biggest cost to the town in the coming year, costing $11.2 million. Funding sources for the new complex became an area of focus during the meeting. When the project is completed, estimated to be in 2021, a public courtyard will connect a new mission-style building housing police offices, town administration, building and planning offices, and a council chamber/emergency operations center to the new library.
Additional notable grant funds for the project that the town anticipates receiving are coming from Atherton Now, for about $4.6 million.
Total property tax revenues are projected to increase approximately 4.5%, or $508,680, over the current fiscal year's mid-year estimate.
The council meeting starts at 7 p.m. in the Holbrook-Palmer Park Pavilion, 150 Watkins Ave.
The proposed budget can be viewed here.