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Los Gatos council approves midyear budget adjustments after improved sales‑tax forecast
Summary
Staff told council an improved sales‑tax forecast reduced projected deficits; the council approved $3,581,888 in additional estimated revenues and $1,350,141 in added expenditures and agreed to replenish an interim community‑center fund from any year‑end surplus.
Los Gatos staff reported an improved midyear fiscal picture on Feb. 17 and the Town Council approved recommended budget adjustments that increase estimated revenues by $3,581,888 and increase authorized expenditures by $1,350,141.
Administrative Services Director Christina Alaro said sales‑tax projections from the town’s new consultant and several newly opening businesses have driven the revenue upgrades, while transient‑occupancy tax (TOT) collections are trending below expectations. “Sales tax is generally received about six months in arrears,” Alaro told council, and the midyear request relies on updated…
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