The Danville Town Council is set to meet for a study session this week to discuss the town’s annual financial report and other key items this week.
The town’s finances continue to be in good shape according to the draft annual comprehensive financial report for the 2024-25 fiscal year, with actual revenues for the year exceeding projections by more than $7.7 million. Meanwhile, expenses at the end of the fiscal year were $3.5 million below budget.
“These savings were largely attributable to the timing of filling for several vacant positions,” Finance Director Lani Ha wrote in a staff report.
Town staff are recommending that the council approve transferring some of that money to reserve funds. That includes transferring $500,000 to the town’s contingency fund, $1 million to its asset replacement fund, and $4.7 million to the capital improvement projects fund.
Staff also recommend transferring $1.25 million to support roof repairs at the town offices at 500 La Gonda Way, and $1.7 million to round out funding for the second phase of a parking lot expansion and solar panel relocation.
More than $20 million in other allocations are also set to be determined, which are either statutorily restricted or already approved by the town, with no further action required.
Should the council accept the recommendations it is required to take action on, the excess revenues will be fully accounted for according to staff.
“When the operating transfers are combined with the above reserves and the designations requiring Town Council action, the entire excess of revenues and other sources over expenditures and other uses in the General Fund for the 2024/25 fiscal year will have been designated for specific purposes,” Ha wrote.
The Danville Town Council is set to meet at 8:30 a.m. Tuesday (Dec. 9). The agenda is available here.
In other business
*The council will discuss the proposed, temporary use of the former town office site at 510 La Gonda Way as a training facility for SRVFPD.
*The council will hear presentations on the town’s arterial roadways and storm drain system, and how to approach the non-functional turf master plan required by a new state assembly bill, which bans the use of potable water for irrigation of non-functional turfs.