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Star Valley Revenue

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SV revenues down, budget still on track

Halfway through the fiscal year, Star Valley’s budget remains largely on target despite an economy that has sunk most other town budgets. Star Valley, on the other hand, is charging ahead with a nearly million-dollar purchase of a water company in three months. With a little more than $3 million in the bank, the town has enough to buy the water company outright. But not everything is rosy. Town sales tax collections have fallen for the past five years along with photo enforcement fines, according to a year-end financial summary released Tuesday. Photo enforcement, however, is still expected to bring in nearly a million dollars this year. The financial summary shows town revenues have largely held steady for the past few years despite significant cuts in state-shared and sales tax revenues. Town staff said a combination of wise spending and saving has kept the town in the black. Chancy Nutt, town finance administrator, said staff successfully predicted a decrease in state-shared revenue, photo enforcement and city sales tax two years ago. The town adjusted its spending and has since retained a positive cash flow. Nutt cautioned that revenues should continue decreasing due to the lagging economy.

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