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As a city, it is important to celebrate when goals are reached. I’m excited to announce that our city just paid off two major bonds at the end of calendar year 2022 as shown in the chart. This leaves our city with four outstanding bonds.
As a member of the Riverton City Audit Committee, and with a background in finance, I find it fascinating to look at Riverton’s Annual Financial Report (found here) and see what trends are taking place. For example, as of June 30, 2022, our debt per resident is at $803. It has not been this low since 2002. We are on target next year to be in the high $700s. This is great news!
At our last strategic planning meeting, I advocated for and we approved a new strategic priority to, “Budget 50% of all unprojected net revenue in the General Fund toward lowering callable debt.” This authorizes our treasurer to take half of sales tax revenue above our expected amount and apply it toward city bonds, reducing our debt load and saving money in interest (pg. 13). Last year, our city brought in $1.9 million over what was projected in sales tax revenue for the first three months of the current fiscal year, averaging 16% over the previous year. This will allow us to pay off the $853,000 bond that was used for the Riverton City Hall renovation (see chart).
Riverton City increased the emergency contingency fund to 35% of the city's budget. This allows us to plan for unexpected expenses and save for larger infrastructure projects. It is also interesting to note our online sales tax revenue is now 26% of our total (pg. 116).
What allowed Riverton to pay off debt and improve our services? Residents shopping locally makes all the difference! Please make a conscious effort to do your shopping in Riverton. Head to Mountain View Village and our local grocery stores for your family’s needs. Even if the new Costco is a little farther away, please make the drive. It helps Riverton keep our fees low and improve road maintenance. It also helps fund our awesome community events and improve parks and add amenities like pickleball courts. We thank Kevin Hicks, Jiny Proctor, Meghin Costa and our administrative team that prepare our financial statements and do a great job for our city!
Press / Media Contact:
pio@rivertonutah.gov
801-208-3189