It’s official — the Town of Star Valley has a $7.1 million budget for the 2013-2014 fiscal year, following the council’s unanimous approval at its June 18 meeting.
However, despite approving a spending ceiling of $7.1 million, the town will probably actually spend only $2.97 million from its local and stare-shared revenue. Various hoped-for federal grants account for the rest of the roughly $4 million.
The town’s revenues come from a variety of sources, although it has few sales tax paying businesses and no property tax. The town’s money comes from state-shared revenue (income, sales and gas taxes), state and federal grants, money from traffic tickets and a dusting of local sales taxes. The town also has to include in the budget that becomes a spending cap project it might fund if state and federal grants materialize.
The formally planned expenditures:
• $3.5 million for the general fund
• $658,906 for HURF, JCEF and lottery-funded projects
• $877,000 for grant-funded projects
• $1.2 million for capital improvement projects
• $210,673 for the water enterprise fund
• $720,000 for the town’s “rainy day” fund
The council still has to decide how much money to keep in “reserve” and what individual projects to fund — mostly streets.
Meetings are at 6 p.m. in the Star Valley Town Hall, 3675 E. Highway 260.