I was pleased to submit the Mayor’s Budget for the fiscal year 2023- 2024 to the City Council on May 2 for their careful review and consideration. This proposal was the result of much deliberation with city staff on how we could best meet the strategic priorities the City Council has established. The city continues to be fiscally well-positioned for the future while holding taxes and fees for residents to a minimum.
Here are a few financial highlights to note as you review my budget:
- No proposed fee or tax increases.
- Expenditures in the general fund are up just 4% year over year, and roughly 30% over the last 10 budget years—essentially the rate of inflation.
- Expenditures across all funds are $83.1 million. The differences from last year are largely attributed to additional grants and funding for large projects.
- Sales tax revenues projected to rise from $12 million to $13.5 million.
- We have healthy projected ending fund balances across our general fund (30% of revenues), REDIIF ($3.5 million), Water (280 working capital days on hand) and Secondary Water (170 working capital days on hand) funds, in line with the direction the council has established.
- The city maintains an AAA bond rating and has the lowest debt per capita in over 20 years at $753 per resident.
Additional projects relating to culinary water, secondary water, improvements to the Community Center, the Welby Canal Trail and bridge and street maintenance are also included in the budget. Each of these projects align with the city’s strategic priorities and operational needs.
This is my 10th year as an elected official in Riverton, sixth as mayor, and I’ve never seen Riverton in a stronger position!
I am grateful for the diligent work of our city councilmembers and city employees. I also appreciate our residents and the standard they have set. Collectively, the contributions made by these three groups have helped Riverton City become what it is today: a thriving, tight-knit community that is fiscally responsible and continuously discovering new opportunities. I look forward to what the future has in store for our great city.
I encourage all to read through the budget and provide feedback to your elected representatives. You can find it at rivertonutah.gov/budget. Please do not hesitate to reach out to me if you have questions or comments.