Star Valley’S Financial Bliss:

Town running behind on spending, but ahead on revenues

Advertisement

Colors, pie charts, graphs and more show the status of Star Valley finances. Finance administrator Chancy Nutt debuted the impressive new reports to the Star Valley Town Council earlier this month. The new design makes review of the finances easier.

“The report shows where we are, what it means and where we are going,” Nutt said.

Representing the first quarter of the fiscal year, the report showed the town had received 105 percent of its anticipated revenue for the period, while expenditures were at 52 percent. Most of the spending shortfall stems from a delay in several major projects and funds set aside to meet potential future problems.

“While the actual expenditures are less than projected, expenditures for emergencies and to meet statutory requirements (such as indigent attorney fees) must be budgeted but not necessarily expended,” Nutt stated in the report.

She added trends in funds from the local and state level, along with photo enforcement, indicate anticipated revenues for the balance of the fiscal year will be on target.

What’s next?

Town Manager/Attorney Tim Grier reminded the council it put an unofficial cap on special expenses of approximately $300,000 when it discussed using the budget as a planning tool. He said it has already obligated roughly $307,000 for improvements to the Milkyway Well site and Pinion Road.

The town funds represent its match for the two projects. It will contribute approximately $107,000 for the well site improvements, with the bulk of the costs paid with a Community Development Block Grant. The cost for the road project is $200,000.

Comments

Use the comment form below to begin a discussion about this content.

Requires free registration

Posting comments requires a free account and verification.