By JASON CAMPBELL
Lathrop has $6 million more than it expected to have at this point in its budget cycle.
And that means that if the Lathrop City Council signs off on the proposal, a number of projects that weren’t initially funded could be added to the list of things to be addressed in the coming year – projects that include roadway improvements, equipment replacement, and fiscal sustainability.
Because of higher than expected property and sales tax revenue and a reduction in expenses from salary savings to key vacant positions, Lathrop has found itself in the unique position of having more money to spend than initially thought. With an abundance of development over the last year in particular – the first year of the city’s two-year budget cycle – city staff has identified a number of areas in which that extra funding can benefit the public while at the same time not only preserving the $7.7 million the city currently holds in general fund reserves, but growing it to $7.8 million if the proposal to the council is approved.
The council, which meets on Monday, Sept. 9 at Lathrop City Hall – located at 390 Towne Centre Drive – at 7 p.m., will get to decide where the money should go or if they will approve staff’s proposal that would:
uTransfer $500,000 to the capital equipment replacement account to replenish depleted reserves.
uTransfer $3.5 million to the street repair reserves fund to maintain deteriorating city roads.
uTransfer $500,000 to the retirement stabilization reserves account to set aside funds for future retirement unfunded liability issues.
uTransfer $1.5 million to the landscape reserves to fund several projects around the city.
uTransfer $350,000 to the economic stabilization reserves to accommodate for unforeseen economic uncertainties.
By making more money available for street maintenance – always an expensive and underfunded part of the city budget – the city would be able to tackle a common citizen complaint, and making $500K available for the retirement stabilization reserves helps the city contribute to the statewide effort to cover the massive unfunded liabilities of government pensions that have forced municipalities and government agencies to work overtime to try and play catch-up.
The Lathrop City Council typically meets on the second Monday of the month inside of the council chambers at Lathrop City Hall – located at 390 Towne Centre Drive – at 7 p.m. On Monday, Sept. 9, the council will meet during a special session at 5 p.m. to discuss a number of matters in closed session that include a lawsuit filed by a resident that was vocal about her opposition to the Lathrop Road widening project and negotiations with the owner of the property currently under lease to serve as Lathrop’s police station.
For additional information or obtain a copy of the agenda, visit the City of Lathrop’s website at www.ci.lathrop.ca.us.