Los Gatos Projects Lower Deficit Than Expected In Budget Update

Los Gatos CA

14 February, 2022

12:01 PM

Description

LOS GATOS, CA — The town of Los Gatos projected a lower deficit than expected for the 2021-22 fiscal year due to increases in tax revenue. The town is expected to end the fiscal year at a deficit of $1.4 million compared to the anticipated $1.9 million deficit, according to the mid-year budget performance report that the town council will discuss at a meeting Tuesday. The report predicted increases in property tax distribution and transient occupancy tax, two areas the town relies heavily upon for revenue. The town also projected savings due to staff vacancies and "lower cost structures associated with retiree replacements." The council will also receive reports updating funds from the American Rescue Plan Act, and discuss the five-year fiscal forecast. View the following documents here: Mid-year budget reportAmerican Rescue Plan funds updateFive-year fiscal forecast summary The council meeting begins at 7 p.m. on Tuesday. Click here for the full agenda and information on streaming the virtual meeting.