The city during the upcoming fiscal year shouldn't have to borrow money to meet its cash flow needs like it did this year.
This year, South Salt Lake had to take out a $1.2 million loan in the form of a "tax-anticipation note," which was paid off once certain taxes were collected.Like most suburbs in the south Salt Lake Valley, the city is in better financial shape than expected because of increased sales-tax revenues, according to Gail Carlson, South Salt Lake's finance director. No tax or fee increases are anticipated.
In the coming budget year, which begins July 1, the city expects to have money for new items, such as a $250,000 firetruck, and it should meet its obligations in the third year of a five-year street-improvement effort. This summer's project, which starts June 17, is resurfacing 2700 South between 300 West and 500 East. One block - between State and Main streets - won't be resurfaced, however, until FHP finishes its new medical facility at the site, probably in October.
The City Council at its regular 7:30 p.m. meeting on June 17 will hold a public-hearing on the proposed budget for 1992-93 and is expected to vote on it the same evening.
All major City Hall departments will see increased funding under the proposal, thanks to an almost $1 million jump in sales-tax revenues as well as slight increases in franchise-tax collections. The increases should more than offset slight decreases in property tax, licensing and permit collections.
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(Chart)
South Salt Lake budget
1991-92 1992-93
General Fund 5.63 million 6.33 million
(in thousands)
Where it comes from:
Property tax $616 $205
Sales tax $3,037 $3,900
Franchise tax $657 $700
Licenses and permits $468 $390
Fines $420 $410
Other 429 324
Where it goes:
Police $1,810 $1,820
Fire $995 $1,014
General govern. $1,391 $1,666
Building/Planning $195 $229
Public works $1,140 $1,210
Community events $95 $151
Transfers 238
Tax/fee increases:
None anticipated.