OFFICE OF THE MAYOR
Honorable Riverton City Councilmembers and Residents: I am pleased to submit to you the Mayor’s Budget for Fiscal Year 2022‐2023 for your review and consideration. In close consultation with our city manager and administrative services director, this 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 one‐time 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 City maintains a AAA credit rating.
There are several large projects I wanted to call out that are funded with this budget proposal. It is my belief that these projects align with the city’s strategic priorities and operational needs: Culinary Water
I have proposed the installation of a reverse osmosis system on the city’s Green Well to improve water quality that will meet or exceed the quality of water provided by the Jordan Valley Water Conservancy District (JVWCD). Salt Lake County has signaled interest in contributing $3 million toward the project in exchange for a special water rate for the Riverbend Golf Course. This investment, combined with a contribution of $650,000 from the city using ARPA funds, will allow us to re‐engage the Green Well. This innovative project
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