As residents are aware, the Town has many needs that we are not able to fund due to revenue limitations, and thus the list of needed but unfunded projects is long. Due to ending some unusual one-time revenue sources, the Town ended the fiscal year in approximately $356,000 in the positive. After considering many important needs, the Town Council decided to use the funds on the following fiscal and physical safety priorities.
Reserves: The Town Council has committed to increasing our reserve fund, which serves as a rainy day savings account for economic uncertainty, reducing the Town’s financial risk. The Town Council has directed the transfer of $141,944 transfer to our reserves, currently $858,056 which creates a new total reserve of $1 million. This is a very positive move for the Town and enhances our financial security.
Bus Shelter at 2525 Sir Francis Drake: The Town Council also committed funding to install a bus shelter in an area near apartment complexes with many public transit riders. The shelter will encourage bus use and shield the transit riders from the elements.
The remaining list of unfunded projects was long, and the Town Council has prioritized the following projects, to be funded when and if additional monies become available:
- Americans with Disabilities Act transition plan.
- Consultant for Noise Element of the General Plan.
- Widened driveway curb cuts on Sir Francis Drake for the five residences impacted by the new sidewalk across from the Manor bridge.
Prop. 1B Funding: The Proposition 1B State bond funding approved by the voters in November 2006 is minimally estimated at $400,000 for
Measure F Funding: In 2005, the public generously approved Measure F, providing five years of aug