Politics & Government
Los Gatos Officials: Town Reserves, Surpluses Now Paying 'Huge Dividends'
"Over the years, the Town's conservative budgeting practices have resulted in healthy reserves and frequent annual budgetary surplus."
May 27, 2020
Over the years, the Town’s conservative budgeting practices have resulted in healthy reserves and frequent annual budgetary surplus. Those reserves and surpluses are now paying the Town huge dividends.
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On May 27, 2020, the Town Council reallocated $1,900,000 in prior surpluses reserved for downtown streetscape revitalization toward COVID-19 economic stimulus recovery efforts. This is one of the single largest economic recovery packages ever proposed in the Town’s history.
In addition, on May 19, 2020, the Town Council moved forward a balanced Operating Budget for Fiscal Year 2020-2021 with no reductions to service, despite significant revenue and other economic impacts from sheltering-in-place.
Find out what's happening in Los Gatosfor free with the latest updates from Patch.
This press release was produced by the Town of Los Gatos. The views expressed here are the author’s own.
