City of Holladay Budget
Budget Update - May 2012
by Randy Fitts, City Manager
The City financial staff has once again begun assembling this year’s budget. The financial outlook for the city seems to be more positive this year. We are actually seeing some increases in some of our revenues. Property tax is up slightly due to new growth in the city. Sales tax is up and we are forecasting about a 6% growth in this area. New home construction is also up for the City of Holladay.
For the past three years we have had to cut back on several expenses and with a slight increase in revenue we will begin to catch up on some of the more pressing issues of the city, that being roads, storm drains, parks etc. One of the more significant projects that the city will start work on this fiscal year will be the construction of a new fire station. With financing in place we can move forward on this long needed replacement of the oldest fire station in Salt Lake County.
In this year’s budget we are not anticipating any raise in property taxes.
We are beginning to see a lot of activity in the building department and are expecting a very positive years issuing building permits. Although we are seeing an improvement in revenue they are not keeping up with increases that we are seeing. For example, the contract with United Police Department will increase by 4% or $113,000 and United Fire Authority by about $67,000. Some of the other departments are seeing slight increases also.
The City Council will received the tentative budget at their May 3rd City Council meeting and is now available for public inspection.
RDA tentative budget
Capital, General and Debt Service Funds tentative budgets
A public hearing will be held on Thursday, June 7th at 6:00 pm.
Final approval and adoption of the budget will be on Thursday, June 21st at 6pm.