Riverton City Council approves final budget for 2022-2023 fiscal year
The Riverton City Council approved a motion to adopt the final 2022-2023 fiscal year budget during a regular council meeting held June 21.
The total budget including expenditures, excluding transfers and additions to the fund balance, was approximately $53 million.
Highlights of the budget include no proposed fee or property tax increases. According to the 2023 budget, sales tax revenues have increased 59% since 2018. City documents indicate $11 million in sales tax revenue is expected for the 2022 fiscal year.
Riverton has already received half of its total $3 million in American Rescue Plan Act funds. The remaining half is expected to be received in July. According to the budget, federal ARPA funds have been budgeted to install secondary pressurized irrigation water meters on two-thirds of city connections without meters.
House Bill 242 went into effect in May, providing grants to fund metering of certain pressurized secondary water services. According to budget documents, the city already applied for such funds and expects the state to pay for 70% of the total project, approximately $8.8 million. The project is expected to take at least two years to complete.
Another $1.2 million in ARPA funds have been budgeted to install a fiber network to connect city facilities.
Riverton has budgeted large city growth to happen during the next fiscal year. According to the budget, construction on 182 single family homes and 220 multifamily units is projected to start in the new year.
Many city improvements were also budgeted. A total of $1.3 million was budgeted for road and sidewalk maintenance and improvements.
A variety of improvements will occur in Summerhill Park, Peggy Green Park, West Field Downs Park, Swensen Farms Park and the Midas Creek Trail. Canyonview Park will have new playground equipment installed. This playground equipment will be uniquely designed to accommodate the needs of children with disabilities, according to Mayor Trent Staggs.
First floor improvements were needed to the Sandra N. Lloyd Community Center and plaza area. The city budgeted $1.5 million to make the necessary repairs. A portion of the funds was requested from the Salt Lake County Tourism, Recreation, Cultural and Convention (TRCC) Board, according to the budget.
In other business, council members approved the non-reciprocal utilities transactions for the 2022-2023 fiscal year.
Administrative Services Director Kevin Hicks gave a brief explanation of how the transactions work.
“It is the utility funds that are choosing to not charge the general fund for the services,” Hicks said. “That is, simply, we aren’t moving cash. The financial ramifications of this are each of the funds will still record a revenue and then we will record a relate expense to transfer the non-cash to the general fund because we aren’t charging the general fund.”
The utility services involved are culinary water, secondary water and sanitation.
Since council members approved the resolution, $100,000 from the culinary water enterprise fund, $20,000 from the secondary water enterprise fund and $62,000 from the sanitation enterprise fund will be transferred to the general fund in the new fiscal year.
A final amended budget for 2021-2022 was also approved. Hicks gave no presentation on the final amendments for the current year.
“This is really just a cleanup we have at the end of the year to catch everything,” he said. “There are a handful of items that you as a council have already approved within the past few months. Other than that, it’s just a cleanup.”