Although the economic outlook of the country may seem unstable, Mountain View city leaders assured community members May 21 that the city is going strong and its future is bright as they’re “building the Mountain View of tomorrow.”
Leaders made that assessment during Mountain View’s first State of the City. The free event was a deviation from the paid annual update, held in past years in conjunction with the Mountain View Chamber of Commerce.
The change, City Manager Kimbra McCarthy said during last week’s address, was to make the annual city update more accessible. The event, at the Mountain View Community Center, was live streamed from the city’s YouTube channel.
McCarthy provided insight into the city’s budget and financial goals.
Currently, the city is at the end of fiscal year 2024-2025, which ends the last day of June. According to the city, the fiscal year 2024-2025 expenditures are $547.1 million, and revenue is $453.5 million, 58% of which is from the city’s general operating fund and enterprise funds.
McCarthy said the budget is structurally balanced and stable, meaning what the city is spending is aligned with its revenues. The city also recently received the highest credit rating, which may help with future bonds.
“This past week, the city’s credit (rating) being a triple-A agency was just reaffirmed by credit agencies,” she said during the address. “So, it really allows the city to take on additional efforts, and when we need to potentially issue bonds in the future, we can do so at a much lower interest rate than most other public agencies.”
Funds from Measure G, resulting from the increase of the city’s pre-existing, voter-approved property transfer tax on homes that cost more than $6 million, are also going to generate approximately $8-$9 million annually for the city, McCarthy said.
Funds will provide for city needs, including disaster and emergency response to preserving and developing affordable housing, road and sidewalk repairs, parks and open spaces, pedestrian and bicyclist safety and reaching sustainability goals.
From road and sidewalk repairs to making downtown Mountain View more appealing to visitors, city leaders are also focused on economic vitality, McCarthy said. From beautifying the Castro Pedestrian Mall to other initiatives, the city wants to help local businesses.
“It’s basically a plan that has a lot of action steps or to-do items related to making sure that we have a very economically vital base,” she said. “So that includes not just our downtown, but also our small businesses and our large corporations that are here in Mountain View.”
Creating a welcoming city not only for businesses but also for nonprofits and families is, and will continue to be, a high priority for Mountain View, Mayor Ellen Kamei said. Kamei served her first mayoral term in 2021, at the height of the COVID-19 pandemic, and she said while the current federal administration may pose funding obstacles, the city is prepared for them.
“City Council approved $100,000 in funding for a community for all grant program that will support qualifying immigrant organizations with their outreach strategies. And we also host many events that bring our diverse community together,” she said. “Next month, it’s really exciting to share that we’re having our first city-wide Together in Pride special event to celebrate the diversity and inclusion with our LGBTQ plus friends, families and neighbors.”
The event, set for June 7, will also include a pride flag raising.
