The City Council has approved an $835,000 budget for fiscal 1994-95, but the total will probably exceed that amount if some last-minute revenue added to the current budget is any indication.
Before adopting the budget Wednesday night, the council padded the 1993-94 budget with $93,500, mostly made up of sales- and property-tax revenue and zoning and planning review fees. The additional income makes next year's revenue projections appear very conservative, said Councilman Brent Cook.In the new budget, which kicks in July 1, city officials estimate sales-tax revenue to be only $3,000 higher than last year and property-tax revenue to be $17,000 more.
But with continued residential growth and Highland's first commercial development, those figures are likely to be much greater. Canyon View Village, which will include a grocery store, shops and offices, is anticipated to put $60,000 to $80,000 into city coffers.
The council also transferred $115,000 from the general fund to capital improvements fund to carry over into the new budget. Cook said most of that money will likely be used for sewer projects. At least $12,000 was earmarked to complete the pavilion at Merlin Larson Park.
Highland officials are looking at expanding sewer and water systems to keep pace with the building boom. The city intends to join the Timpanogos Special Service District and is contemplating participation in a proposed five-city pressurized irrigation system. Proposed impact fees on building lots would help fund sewer and water services and construction of city parks.
While the city appears in good financial condition, it can't pay for those future projects with cash. Mayor Ed Scott earlier said the city might consider bonding.
In adopting the 1994-95 budget, the council did not change the property tax rate.