June 2022
RIVERTON REVIEW Official Newsletter of the Riverton, Utah City Government MAYOR’S MESSAGE
Mayor’s Budget Proposal Highlights By Mayor Trent Staggs I was pleased to present the Mayor’s Budget for Fiscal Year 20222023 to the City Council on May 3 for their review and consideration. In close consultation with our city manager and administrative services director, the proposal accounts for both operational need and the new strategic priorities established by the City Council. Our city is well-positioned to accomplish much in the coming year largely due to smart planning efforts and fiscally sound policies and practices. Here are a few financial highlights to note as you review the budget: • There are no proposed fee or property tax increases. • Total budgeted expenditures, excluding transfers and additions to fund balance, are $53.1 million. • Since Fiscal Year 2015, total budgeted expenditures for the city have only grown by 37%,
and just 29% if you remove onetime expenditures tied to Federal and State emergency funding such as the American Rescue Plan Act (ARPA) funds. • Since Fiscal Year 2015, taking out storm water expenditures that were rolled into this fund, expenditures have increased just 17% in the General Fund. Substantially lower than inflation. The General Fund is the best barometer of whether a government is fiscally disciplined in my view. • Sales tax revenues have increased 59% since 2018. We anticipate finishing at $11 million in sales tax revenue for Fiscal Year 2022. • American Rescue Plan Act (ARPA) funds will be used to pay for several projects. The city has already received $2.6 million and will receive the remaining $2.6 million in July. • We anticipate a very healthy flow of development revenue to the city, including 182 single family homes and 220 multifamily units we project to begin construction this year. • We continue to reduce city debt; current debt per capita sits at $805 down substantially from $1,118 in 2015.
RIVERTON REVIEW | JUNE 2022
• Riverton City maintains a AAA credit rating. There are two projects that are of great interest to me that I wanted to mention here. The first is the installation of a reverse osmosis system on the city’s Green Well to improve water quality that will meet or exceed the facilities. $1.2 million of ARPA quality of water provided by the funds have been budgeted to pay Jordan Valley Water Conservancy District (JVWCD). Salt Lake County for it. We anticipate the network has signaled interest in contributing will dramatically increase internet speeds at city facilities and save $3 million toward the project in the city money on the cost of exchange for a special water rate internet service, and potentially for the Riverbend Golf Course. drive more choice This investment, and competition combined with by allowing private a contribution of providers to utilize “Our city is $650,000 from the this network. well-positioned to city using ARPA funds, will allow accomplish much in I’ve called out us to re-engage the coming year largely several other the Green Well. key projects in due to smart planning This innovative the budget letter. efforts and fiscally project could Please feel free supply nearly sound policies and to review the half of the city’s practices.” letter and the culinary water entire budget at needs, reducing rivertonutah. our dependency gov/budget. I on JVWCD water, and allowing us encourage all to read through the to keep culinary water rates low for budget proposal and reach out to the foreseeable future. me or a member of the City Council if you have questions. The final The second is the installation of budget will be adopted by June 21. a fiber network to connect city
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