Town Of Moraga

Update on the Town's Status of Fiscal Emergency - March 30, 2018

The Town, keeping with the philosophy of minimal government and fiscal prudence, consistently practices fiscal discipline, especially pursuing cost savings since the Rheem Boulevard sinkhole and the Canyon Road bridge collapse in March 2016 and April 2017 respectively, in order to restore the Town’s fund balance (General Fund Reserves) to the Town’s target of 50%. The FY 2016/17 budget ended with a $765,000 surplus, increasing the General Fund Reserves from 18% to 27%. The mid-year budget adjustments approved by the Town Council in February 2018 added an additional $120,000 to the General Fund Reserves. Reimbursement of the Rheem sinkhole expenses from the Federal Highway Administration (FHWA) Emergency Relief program is projected to be received in Fiscal Year 2018/19 and should restore the General Fund Reserves to approximately $3.83 million or 45%, close to the 50% goal. A more in-depth assessment of the Town’s status of fiscal emergency is scheduled to be reviewed by the Audit and Finance Committee on April 24, 2018. Visit the Declaration of Fiscal Emergency page on the Town’s website for more information.

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