Riverton’s Improving Financial Condition

By Councilmember Tawnee McCay

As a city, it is important to celebrate when goals are reached. I’m excited to announce that our city just paid off two major bonds at the end of calendar year 2022 as shown in the chart. This leaves our city with four outstanding bonds.

As a member of the Riverton City Audit Committee, and with a background in finance, I find it fascinating to look at Riverton’s Annual Financial Report (rivertonutah.gov/finance/reports. php) and see what trends are taking place. For example, as of June 30, 2022, our debt per resident is at $803. It has not been this low since 2002. We are on target next year to be in the high $700s. This is great news!

This chart shows the original amount of debt Riverton City currently has, compared to the amounts of the original bonds. Note that two bonds were fully paid off in 2022.

for the first three months of the current fiscal year, averaging 16% over the previous year. This will allow us to pay off the $853,000 bond that was used for the Riverton City Hall renovation (see chart).

Contact Us

rivertonutah.gov

801-254-0704

Report a problem at rivertonutah.gov/report

FIND US ONLINE!

@rivertonutahgov

At our last strategic planning meeting, I advocated for and we approved a new strategic priority to, “Budget 50% of all unprojected net revenue in the General Fund toward lowering callable debt.” This authorizes our treasurer to take half of sales tax revenue above our expected amount and apply it toward city bonds, reducing our debt load and saving money in interest (pg. 13). Last year, our city brought in $1.9 million over what was projected in sales tax revenue

Riverton City increased the emergency contingency fund to 35% of the city’s budget. This allows us to plan for unexpected expenses and save for larger infrastructure projects. It is also interesting to note our online sales tax revenue is now 26% of our total (pg. 116).

What allowed Riverton to pay off debt and improve our services?

Residents shopping locally makes all the difference! Please make a conscious effort to do your shopping in Riverton. Head to Mountain View Village and our local grocery stores for your family’s needs. Even if the new Costco is a little farther away, please make the drive. It helps Riverton keep our fees low and improve road maintenance. It also helps fund our awesome community events and improve parks and add amenities like pickleball courts.

We thank Kevin Hicks, Jiny Proctor, Meghin Costa and our administrative team that prepare our financial statements and do a great job for our city!

Interested in Adopting a Pet?

Animals that are impounded by Riverton City Animal Control officers are held at Stone Ridge Veterinary Clinic for five days so owners have time to find their pets. At the end of the five days, animals in good health will be put up for adoption. Because it can feel risky to adopt a pet without ever meeting them in person, we invite you to schedule a meet and greet!

Animal visitations are held by appointment Tuesday-Thursday between 1 and 3 p.m. You can schedule an appointment to meet your furry friend by dialing 801-208-3168. Learn more at rivertonutah.gov/adopt-a-pet.