Grand Lake budget anticipates fifth straight year of $1 million plus sales tax revenues
December 9, 2018
Grand Lake's Board of Trustees adopted the town's official budget for the coming year in early November and the fiscal picture for the municipal government remains steady as sales tax receipts continue to grow.
Grand Lake's overall budget for the coming fiscal year anticipates expenses for the community totaling $7,298,717. That figures includes the town's general fund expenditures as well as Grand Lake's ancillary improvement and enterprise funds.
Expenditures for Grand Lake's general fund, which includes costs related to public safety, town administration, public works and the Grand Lake Center among other facets, are projected to grow slightly in 2019 reaching $3,818,297.
That figures is an increase over initial projections for 2018, which were initially anticipated at $3,796,593. The anticipated general fund expenditures for 2019 in Grand Lake came in well above what the town spent in 2017. That year the town initially projected expenditures at $3.9 million but data from the town shows its final general fund expenditures topped out at $1,901,162.
The town's budget includes a five percent increase in fees related to Grand Lake's public safety needs. Grand Lake contracts with the Grand County Sheriff's Office for public safety in the community and does not have its own police force. In 2019 the town's contract with the Sheriff's Office will increase by five percent, climbing to $140,679. That figure includes a slight decrease in dispatch service associated costs, which will drop from $19,695 in 2018 to $19,166 in 2019. Grand Lake will also purchase a new vehicle for the Sheriff's Department in 2019.
All of Grand Lake's town employee will receive a wage increase in 2019. According to information provided by the town wages on average will increase four percent, though all increases will be based upon performance. Other increased expenditures for the town include Grand Lake's line item for funds supporting local not-for-profit entitles that serve the public. For 2019 the town has budgeted $78,805 for the purpose, a 17 percent increase over 2018.
Grand Lake anticipates an increase in sales tax revenue in 2019. According to town officials Grand Lake expects to see a two percent increase in sales tax next year above the amount the town received in 2018. If that prediction holds true it will mark the fifth consecutive year that the town's sales tax receipts have topped the $1 million mark.
The mill levy rate for Grand Lake will be reduced in 2019 for 6.797. Technically Grand Lake's mill levy tax rate is 9.409 mills, which was initially established in 1994. However this year taxpayers in Grand Lake will receive a "temporary mill levy rate reduction" of 2.612 mill, bringing the official mill levy rate down to 6.797.