Los Gatos is facing substantial budget deficits, projected at $5.6 million for fiscal year 2025-26, rising to $8 million by 2030-31. This is attributed to revenues failing to match inflation and rising expenses. Although property tax and sales tax revenues are expected to increase, they may not sufficiently cover the town's needs. Mayor Matthew Hudes expressed confidence in the town's financial management and the council's proactive approach to addressing these challenges, acknowledging that past projections have often underestimated actual revenues.
"The town is very well managed financially, and the council and the town manager and staff are engaged in understanding the potential causes and the ideas to work on solutions that could mitigate any potential deficits."
"Even with the tax revenue increase, the report states the town needs to better pair its proceeds with its services and expenditure needs."
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