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Los Gatos staff tell council: midyear outlook improved but FY26-27 still shows deficit; CIP focus stays on finishing tier-one projects
Summary
Town staff reported a preliminary $4.3 million midyear surplus driven by investment income and vacancies but projected a $3.1 million deficit for FY26-27 under conservative assumptions; council pressed staff on specific CIP items including a community garden, downtown restroom, a planned fleet audit and a large grant-funded trail project.
Town staff told the Los Gatos Town Council that the town currently estimates about a $4.3 million midyear surplus, but cautioned the number is an estimate dependent on investment income and department-year-end results. For the next fiscal year (FY26-27) staff—stimated a conservative $3.1 million deficit unless revenues or other assumptions change.
Chris Merritt (referred to in the transcript as Mr. Merritt/Chris) said higher-than-expected investment earnings, vacancies and some stronger tax receipts contributed to the midyear outlook. He cautioned the town historically projects deficits and sometimes ends the…
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