Los Gatos town council approves balanced budget for upcoming fiscal year

Despite gloomy projections, the Los Gatos Town Council Tuesday night unanimously approved a balanced budget for the 2024-25 fiscal year.

Town staff called the $59.6 million budget “status quo,” meaning services will continue at current levels.

“Even with areas of continued uncertainty, this budget positions the organization well for continued excellence in service delivery to the community,” the summary budget reads.

Earlier this year, staff forecasted a budget deficit of about $2 million a year for the next five fiscal years. The projected deficit can be addressed in 2024-25 with “expenditure controls and the use of one-time funds,” according to a staff report.

These expenditure controls include leaving the town’s employee vacancy rate at 4.6%, which allows for roughly $1.8 million in savings.

“Providing current service levels to the community in future fiscal years will require a strong return to pre-pandemic performance of the town’s economically sensitive revenues and/or revenue enhancements,” the summary budget reads.

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