The budget projects general fund expenses of $7.165 million on revenues of $8.285 million, with a reserve of $6.7 million. The reserve in 2023 should be about $5 million, a reflection of five years of capital improvement spending and steadily rising costs for employee salaries, pensions and police services.
The largest revenue contributor is property taxes, Town Manager Kevin Bryant says in the report to the council. A conservative estimate puts property tax revenues at $3.6 million, a 3.5 percent increase over the 2017-18 fiscal year, Bryant says.
The council is expected to have voted on the budget at its June 26 meeting, after The Almanac went to press.
The budget shows expenses for the five-year capital improvement program to include $515,000 to repair a road bank and retaining wall along Kings Mountain Road, $120,000 to rehabilitate storm drains, $600,000 for the road program, an annual expense; and a feasibility study and possible investment of $300,000 to install solar panels and electric-vehicle charging stations at public facilities.
The draft budget proposes spending $852,500 on other capital projects, including design work for bridges on Old La Honda, Portola and Mountain Home roads; improving Safe Route to School conditions for walking and biking between the elementary school and the corner of Woodside and Canada roads; and replacing a guardrail on Mountain Home Road.
This story contains 294 words.
Stories older than 90 days are available only to subscribing members. Please help sustain quality local journalism by becoming a subscribing member today.
If you are already a subscriber, please log in so you can continue to enjoy unlimited access to stories and archives. Subscriptions start at $5 per month and may be cancelled at any time.