HomeMy WebLinkAbout35-24RESOLUTION 35-24
RESOLUTION ADOPTING THE PROPOSED FY 2024-25 OPERATING BUDGET AND
FY 2025-29 FIVE-YEAR CAPITAL IMPROVEMENT PLAN BUDGET AND GANN
LIMIT FOR THE TOWN OF LOS ALTOS HILLS AND RESOLUTION APPROVING
THE FY 2024-25 SALARY SCHEDULE
WHEREAS, the City Council of the Town of Los Altos Hills has received and completed its
review of the proposed FY 2024-25 Operating and Capital Budget; and
WHEREAS, the City Council of the Town of Los Altos Hills now desires to adopt the
Appropriations Limit and budget for FY 2024-25.
NOW THEREFORE, the City Council of the Town of Los Altos Hills does hereby resolve as
follows:
I. The Qann Appropriations Limit as shown in Exhibit B is hereby approved; and
II. The Operating and Capital Budget as shown in the Exhibit A budget document is
hereby approved; and
A. The amount of the FY 2024-25 budget for each account area of the budget may be
drawn upon in the form of warrants issued for payment of demands and certified in
accordance with the provisions of California Government Code Section 37208 and
37209.
B. The budget is adopted and shall be controlled at the fund level by department for
the operating budget and by the project level for capital improvement projects.
C. The City Manager is hereby authorized to move budgeted dollars between
departments (for the operating budget) and between projects (for the capital
improvement budget) during the fiscal year if those transfers are from the same
funding source and the overall cumulative appropriation is not increased.
D. The Administrative Services Director/Finance Director is hereby authorized to
carry forward unspent appropriations to the FY 2024-25 if such funds are necessary
to complete budgeted projects.
E. The Administrative Services Director/Finance Director is hereby authorized to
make corrections to the budget as reflected in the attached budget document that
are errors or inconsistencies without increasing overall appropriations within the
same funding source.
F. The City Manager is hereby authorized to solicit bids on the open market for
projects budgeted herein.
G. The Administrative Services Director/Finance Director shall periodically report to
the City Council the amount and classification of revenues received and
expenditures made.
H. A copy of the adopted budget, signed by the Mayor and attended to by the City
Clerk, shall be kept on file with the City Clerk of the Town of Los Altos Hills, as
the official budget of the Town of Los Altos Hills for the FY 2024-25;
Resolution 35-24
For
ratio
c1tv
Fiscal Year
Jan 1
Population
2023-2024
2023
8,477
2024-25
2024
8,476
Cost
of • Adjustment
Facto
Percentage
Change in
Per Capita
Factors for
Personal
Fiscal Year
Income
published
Source: Calif Dept
of Finance
2022-2023
4.44%
May 1, 2023
2024-2025
3.62%
May 1, 2024
Countywide
Population
1,901,768
1,902,166
b) Adjustment Factors
1)
2)
3)
percent
ratio
Population Change 0.02%
1.0002
Population in city or county?
County
Cost of Living F 3.62%
1.0362
State CPI or % New non-residential?
CPI
Combined adjustment factor
1.036
c) Adjusted Limit 9,499,965
d) Alterations
e) Appropriations Limit - Current Year 9,499,965
a) Proceeds of Taxes 9,946,355
b) Exclusions 1,712,362
c) Appropriations Subject to Limitation 8,233,993
d) Appropriations Limit (current year) 9,499,965
e) Under (Over) Limit 1,265,972