News

Atherton budget remains healthy

 
Data courtesy of town of Atherton.

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.

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Comments

5 people like this
Posted by MEMBERONE
a resident of Atherton: Lindenwood
on Jun 19, 2019 at 12:18 pm

Good. Then don't be asking for a parcel tax when it comes up next time...


5 people like this
Posted by Lesson
a resident of Atherton: West Atherton
on Jun 19, 2019 at 12:36 pm

We are in the tail end of a very long boom cycle. We should not assume these results will continue to occur. The surplus should not be used as an invitation to increase spending.

Also, given the surplus, why has the town decided it's appropriate to charge residents for alarm monitoring??


3 people like this
Posted by Peter Carpenter
a resident of Atherton: Lindenwood
on Jun 19, 2019 at 12:46 pm

Peter Carpenter is a registered user.

Well at least they won't need to continue to try to steal tax revenue from the Fire District.


Sorry, but further commenting on this topic has been closed.

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