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Los Altos council adopts midyear financial update and updated pay schedule
Summary
The City of Los Altos voted unanimously to approve a midyear financial update that allocates most of an $8.9 million surplus to capital needs and to adopt an updated pay schedule to align reporting with CalPERS rules. Finance staff said revenues and expenditures are tracking as expected at midyear.
The Los Altos City Council unanimously approved a midyear financial update and an updated pay schedule at its meeting after a presentation from finance staff.
Director Kim told the council the city is “in a stable financial position at midyear,” reporting roughly $39.7 million in revenues collected (about 39% of the total budget) and $27.8 million in expenditures (48% of appropriations), a figure that includes a one-time $5 million CalPERS unfunded actuarial liability payment. Kim…
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