A local government’s budget reflects its policies and civic priorities. After a public hearing and receiving comments, the Town Council adopts the Budget which reflects the goals, policies, and civic priorities for the Los Gatos community. The Budget documents anticipated revenues, and a plan for spending and investing those revenues towards Town services, incorporating both fiscal and programmatic policy decisions. The Los Gatos Budget also contains performance measurements that compare the expected service delivery to prior years. The annual budget process enables the Town Council to consider changing conditions and input from the community.
The Town of Los Gatos adopts an annual Operating and Capital Budget and an annual budget update of the five-year Capital Improvement Plan for the Town of Los Gatos. The budgets contain summary level information for revenue and expenditure appropriations for the fiscal year beginning July 1st and ending June 30th. The budget documents are prepared in accordance with generally accepted accounting principles (GAAP).
Since 2003 the Town has received the Government Finance Officers Association (GFOA) Distinguished Budget Presentation Award for our annual budget.
GFOA established the Distinguished Budget Presentation Awards Program (Budget Awards Program) in 1984 to encourage and assist state and local governments to prepare budget documents of the very highest quality that reflect both the guidelines established by the National Advisory Council on State and Local Budgeting and the GFOA's best practices on budgeting and then to recognize individual governments that succeed in achieving that goal.
The Government Finance Officers Association (GFOA), founded in 1906, represents public finance officials throughout the United States and Canada. GFOA's mission is to advance excellence in public finance.