BOARD AGENDA MEMORANDUM
Government Code ? 84308 Applies: Yes ? No ?
(If "YES" Complete Attachment A - Gov. Code ? 84308)
SUBJECT:
Title
Adopt Resolutions Approving and Adopting the Fiscal Year 2024-25 Operating and Capital Rolling Biennial Budget and Providing for Levy of Ad-Valorem Property Taxes; and Approve the Santa Clara Valley Water District Reserve Policy.
End
RECOMMENDATION:
Recommendation
A. Adopt the Resolution APPROVING AND ADOPTING THE OPERATING AND CAPITAL ROLLING BIENNIAL BUDGET FOR FISCAL YEAR 2024-2025;
B. Adopt the Resolution PROVIDING FOR LEVY OF AD VALOREM REAL PROPERTY TAXES IN FISCAL YEAR 2024-25 TO MEET THE COST OF ITS WATER SUPPLY CONTRACT WITH THE STATE OF CALIFORNIA;
C. Approve the second fiscal year of the rolling biennial budget, referred to as the Fiscal Year 2025-26 Plan;
D. Approve the Santa Clara Valley Water District Reserve Policy;
E. Approve creation of the Excess ERAF Contingency Reserve;
F. Approve elimination of the Public-Private Partnership (P3) Reserve; and
*G. Receive responses to Board requests during the work-study session to consider the Fiscal Year 2024-25 Proposed Operating and Capital Rolling Biennial Budget.
Body
SUMMARY:
In accordance with the District Act, Section 20. Adoption of Budget, after conclusion of the public meeting(s) to hear comments from the general public on the proposed budget, the Board shall by Resolution adopt the budget as finally determined including any revisions that the Board determines advisable during or after the meeting(s) and no later than June 30 of each year.
Throughout the Fiscal Year 2024-25 (FY25) budget process, staff provided numerous budget development updates for the Board and the public. The FY25 budget proposal is consistent with the Board's direction given to staff at those meetings. Therefore, staff recommends Board approval of the Resolution Approving and Adopting the Santa Clara Valley Water District (Valley Water) Operating and Capital Budget for Fisc...
Click here for full text