Town Of Moraga

Council Approves Mid-Year Adjustments to FY2013-14 Budget

At its January 22 meeting, the Town Council reviewed budget-to-actual figures for the current fiscal year 2013/14 (July 1, 2013 – June 30, 2014). The budget provides a working financial plan for the year based on estimated revenues and expenditures. Mid-year is a good opportunity to check the budget status, identify major variances and make adjustments as necessary. The adjustments included establishing a new fund for the 2013 Certificates of Participation financing that provided $7.72 million for street repair, and an increase in the Measure K sales tax receipts. While the initial budget estimate for Measure K was $1 million, the actual receipts are very healthy and the Town is now expecting $1.4 million by the end of the year. The additional $400,000 will be put into the 2014 Street Pavement Program. For more details, refer to the Mid-Year Budget Staff Report.

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