The Town of Star Valley will operate with a $6.79 million budget during fiscal year 2018-19 — a $30,000 increase from this year.
The budget projects a drop in sales tax revenue from $366,000 this year to $355,000 in the upcoming fiscal year. State revenue sharing from income taxes is projected to drop $3,000 to $280,754 in FY 18-19. However, a projected increase of $10,000 in state-shared sales tax to $226,983 and an anticipated $12,000 increase in auto license taxes to $162,326 will offset those losses. The town hopes to collect $391,764 in gas taxes and traffic fines in FY 18-19, unchanged from this year.
Revenues for the water department should rise about $15,000 to $447,480. This includes a $240,000 Community Development Block Grant program and a $30,000 grant from Water Infrastructure Finance Authority of Arizona.
Factored into the town’s “revenues” are its healthy rainy day and contingency funds. The rainy day fund is restricted to emergencies that meet code requirements. The contingency is for expenses not “formally” budgeted — such at the $30,000 allocated to the creation of the town’s new community garden this year.