Granby projects $1.18 million budget surplus in 2018 | SkyHiNews.com

Granby projects $1.18 million budget surplus in 2018

Things are looking black for Grand County’s largest municipality after the Granby Board of Trustees approved the 2018 budget for the town Tuesday night.

According to data provided by Sharon Spurlin, Granby’s Finance Director, Granby anticipates a budget surplus in 2018 of nearly $1.2 million. Next year Granby projects bringing in revenues of $13,788,862 while spending $12,600,315 for a total surplus of $1,188,547.

A significant portion of the revenue the town expects to receive in 2018, $6,150,000, is derived from the sale of property, specifically the sale portions of the Shorefox property to Sun Communities, both for the propose RV resort and for an affordable housing development near Highway 40.

“2018 is shaping up to be an exciting year for the Town,” states the budget document. “With the pending sale of a portion of the Shorefox property we should see numerous opportunities to positively impact our shortage of Affordable Housing, make improvements to our downtown, and replenish the Capital Improvement/Replacement Fund.

Additionally the budget projects the town taking in $3,228,199 in sales and use taxes next year. Spurlin anticipates a seven percent increase in sales tax revenues for the town in 2018, which independently accounts for 64 percent of the town’s general fund operating revenues. The budget notes Granby expect to increase the town’s reserve fund by $682,333 in 2018.

Total expenditures in 2018 are tallied at $12.6 million, over a million dollars more than 2017 total expenditures of $11.5 million. The town’s general fund, which accounts for the vast majority of all expenditures, checks in at $10.07 million of the total.

Granby will look to spend $431,000 in 2018 on capital expenses and improvements while taking in over half a million dollars in impact fees and tax revenue to buttress the balance of the capital improvement fund. Capital expenditures are those funds spent to purchase or upgrade physical assets such as vehicles, equipment and property.

Capital fund expenditures for 2018 will go towards the purchase or possible leasing of a new police vehicle, a grader, construction paving for existing streets, and the town’s sidewalk replacement program.

Granby’s current sales tax rate is four percent while property owners in the town’s limits have taxes levied at a rate of 7.217 mills.


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