Without comment or conflict, the Sun Valley City Council approved a first reading of its tentative budget for fiscal 2020 during its regular meeting on Thursday, Aug. 1.
They’ll take up the bill two more times before it passes into effect: at 4 p.m. on Tuesday, Aug. 6, and on Monday, Aug. 12. If ratified, it will kick in with the start of the fiscal year on Oct. 1.
The $16.5 million spending plan trims about a million dollars off the current budget, which is buoyed by the chief payment on a suite of construction projects funded by a $17.5 million bond passed by city voters in November 2017.
After next year, the bond money will be close to spent. The fiscal 2020 plan includes spending $5,620,800 on the third year of the road and path construction program. The city is spending $7,918,500 on the projects this year, which are under construction throughout Sun Valley this summer. And, it used $1,848,832 on construction during the first year after approval, fiscal 2018.
The city isn’t asking for any increase in property tax, which, at 36 percent of the pie, represents its single largest source of revenue. In Idaho, taxing districts can take up to 3 percent more each year; by not taking it, Sun Valley is forgoing nearly $700,000.
It expects to have enough money without it to pay for both the $6 million general fund, which covers most of city operations, and to transfer $1.2 million from the general fund to a capital improvement fund, which finances building repair and development.