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Staff updates budget; library fund balance rises to about $3.1 million
Summary
At a budget study session staff told council the general fund is healthy and provided a library fund update showing an updated ending balance of about $3.1 million, with a roughly $170,001.88 town share from a JPA split. Council referred ERAP allocation work to the finance committee.
Staff presented the fourth budget study session and summarized updates to the capital improvement program and internal funds. A staff member said the town’s CIP projects total about $4,300,000 and that staff had included recommended transfers in the packet. The presenter invited council questions and handed out an updated library‑fund spreadsheet.
The staff member said the library fund beginning balance in the staff reports was about $2,900,000 and, after updating revenues and expenditures, reported an ending library fund balance of roughly $3,100,000. The staff member said the library JPA revenue was shown as about $5,560,000, San Mateo County’s share at about $4,060,000, and the town’s share at about $1,160,000; after deducting related activities, staff reported library funds available of roughly $340,000 to be split 50/50, yielding a town share quoted in the materials as $170,001.88 to be recognized in the coming budget period (transcript wording: '2627').
Council members asked several questions about how the spreadsheet columns and reconciliation produced the updated ending balance. Staff explained which numbers were town‑side versus JPA/partner figures and walked through the revenue and expenditure lines that produced the net. One council member asked for clarification on column placements and on whether the updated revenues had been applied to the town versus the JPA; staff demonstrated where the entries appear in the handout.
On a separate, brief point about American Rescue Plan/ERAP funds, a council member asked whether those monies had been allocated; staff replied the funds remain in the unallocated general fund balance and recommended referring allocation options to the audit and finance committee for a recommendation.
What happens next: staff will return with more detailed documentation and continue the budget study process; the council directed the audit and finance committee to consider ERAP allocation options and bring a recommendation back to the full council. No formal votes or ordinance adoptions occurred during this agenda item.
