Glenwood Springs plans for $100 million+ budget for next year
The total proposed budget for Glenwood Springs in 2023 is $107 million, Acting City Manager Steve Boyd said.
The city has already hosted a number of work sessions focusing on specific departments and funds; Boyd said that there will be an open session for members of the public to come and speak about the budget submittal at 5 p.m., before the council meeting this week.
“We have 15 governmental funds, five enterprise funds and an internal service fund that’s fleet(line of credit),” he said.
The total appropriation or budget is $107 million for 2023.
“This year’s total fund balance is $84 million,” he said. “That’s up $4.1 million from last year.”
Street capital improvements in this year’s budget are $12.5 million, he said. And the general fund budget or appropriation is $25 million.
“Our sales and use tax forecast is $25 million this year,” Boyd said. “Sales tax increase assumption from 2022 estimate is 0%.”
Sales tax funds are collected into two funds, an operating fund that is referred to as the General Fund, and a fund that purchases capital equipment called the Capital Projects Fund.
Collected taxes are divided up between the two funds, with 75% for operating and 25% capital assets.
“The general fund has an available fund balance of $10.5 million, which is about 40% of budgeted expenditures,” he said.
Capital funds are for projects and purchases of capital assets of more than $10,000. The city considers all purchases of more than $10,000 as being “capitalized,” according to the budget book from the city.
The city did a lot of hiring for full-time city jobs last year, finally reaching a strong retention rate with fewer positions needing to be filled.
“We have 200 full time employees,” he said. “This budget has zero additional full-time employees.”
The staff cost of living was requested to reflect a 5% increase from 2022.
“I think this is a good budget,” Boyd said.
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