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Belmont warns of growing budget gap after state pays only two‑thirds of VLF reimbursement
Summary
Finance Director Grace Castaneda told council the state returned roughly $1.2M of a $1.7M VLF reimbursement, leaving a shortfall that could grow to $2.6M–$6M annually in forecast scenarios; council adopted midyear budget amendments and an updated investment policy to help manage fiscal risk.
Belmont's finance director told the council the city faces an uncertain fiscal outlook after the state provided only two‑thirds of a vehicle license fee (VLF) reimbursement the city expected.
Finance Director Grace Castaneda said the city had budgeted conservatively but the partial VLF payback — roughly $1.2 million of an owed $1.7 million — leaves an estimated current‑year shortfall. Staff presented best‑ and worst‑case forecasts showing that, without a full state payback, annual shortfalls in later…
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