The Pleasanton City Council adopted a resolution Tuesday night to accept its 2015/16 fiscal year operating budget that shows a $4.4 million surplus.
Tina Olson, city finance director, said General Fund revenues received during the fiscal year were greater than expected by close to $2 million.
Additionally, expenditures were $2.3 million less than anticipated during the fiscal year. Together, these resulted in a $4.4 million surplus.
“We’re pleased to report that the year-end budget report reflects a healthy economy and the sound financial planning practices that make Pleasanton such a successful community,” said City Manager Nelson Fialho.
Of the $4.4 million surplus, city staff recommended the following allocations:
• Repair and Replacement Fund reserves: $500,000.
• Capital Improvement Project (CIP) reserves: $1.5 million.
• General Fund reserves: $868,475.
• Reduce outstanding pension liability: $1.5 million.
“Our General Fund revenues increased by more than $7 million over the prior year, and we also set aside a 20% reserve,” Fialho said. “With a target rainy day fund of 25%, I’d say we are well on track to meeting our goals.”