Winter Park anticipates $1.1M budget deficit for 2018
The Winter Park Town Council adopted the town’s 2018 budget during the regular council meeting Tuesday night, anticipating a budget deficit of about $1.1 million for the year.
While funds may take a hit, the town is making major investments in transit, community and economic development and capital projects.
The budget is set for a $15.3 million annual operating budget, and estimates $14.2 million in revenue. The biggest expenditure by far is the $4.1 million earmarked for a series of capital investments. The town is planning on spending $1.7 million on road and safety improvements, including road repair, street signs and bus stops. The town also budgeted $1.2 million for transit busses and equipment, and over a million dollars on improvements to trails, facilities and Old Town.
Among other large expenditures is the $2.4 million budgeted for the operation of the public transit system, and over $2 million on community and economic development that includes marketing, festivals, and community and business grants.
The town anticipates spending over $1.5 million each on streets and public safety respectively, and has set aside $780,000 for workforce housing and over $600,000 for public safety.
Sales tax revenues are expected to increase seven percent over 2017, in large part due to the opening of the Fireside Market and Eatery. The town is also expected to see an increase in real estate transfer tax, building permit fees and rental income.
The town expects to see an $8.4 million return from sales, lodging, transit and trails taxes. Revenue from local fees such as investment earnings, permits, and franchise fees are expected to reach over $2.3 million. Real estate transfer taxes should collect over $1 million, while property taxes should reach nearly $400,000. The town is also anticipating over $2 million in state and intergovernmental funding from the Colorado Department of Transportation and the Town of Fraser for regional transit services.
Residences move into Sitzmark Apartments
Winter Park got a little bigger this month with the opening of the Sitzmark Apartments. Winter Park Housing Coordinator John Crone announced at the meeting that new residents filled about 50 percent of the apartments on Wednesday. He expects 75 percent of the apartments will be filled by the end of the week, and that the complex will be filled by the end of the month.
The complex holds 28 two-bedroom units and 10 one-bedroom units. Rental rights for the apartments were based on a lottery system, which began in late June.
Arrow at Winter Park gets approved
The town council approved an ordinance on Wednesday allowing for the trade of land between the Winter Park and Arrow at Winter Park, INC. The town will trade 664 square feet of public right-of-way to Arrow in exchange for an equal size piece of land.
The two sites are adjacent to each other, and are located off of Vasquez Creek and Lions Gate Drive. During preliminary plat review for Arrow at Winter Park both Arrow and the town identified that an exchange of parcels could be mutually beneficial. Arrow will use the land for an additional townhome unit, while the town will use their parcel as a snow storage area.
Support Local Journalism
Support Local Journalism
Readers around Grand County make the Sky-Hi News' work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.
Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.
Each donation will be used exclusively for the development and creation of increased news coverage.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User