Comprehensive Financial Advisory Committee | April 28, 2025
This meeting included discussion of the Operating Budget and CWMP Funding Model Update.
Watch the meeting. AI supported summary below. Corrections welcome.
This meeting included discussion of the Operating Budget and CWMP Funding Model Update.
Key Points
- Operating Budget:
- The operating budget subcommittee is drafting their respective parts of the report.
- Fiscal year 2025 is projected to have a $10 million surplus, which will go into reserves.
- The town manager is expected to release the proposed budget in a couple of weeks, with a goal to have CFAC's report ready by the end of May.
- Public hearings on the operating budget are scheduled to begin on June 5th.
- CWMP Funding Model:
- The model has been updated to include the new 5-year capital improvement plan for the CWMP (FY26-FY30).
- Functionality has been added to adjust assessment caps and to model the impact of a flow-neutral land use policy (which could lead to 0% loans).
- The model includes various assumptions that can be adjusted, such as annual rate increases/decreases in meals and rooms taxes, and the potential impact of the Park City Wind project.
- A "downside scenario" was presented, including 10% declines in meals and rooms taxes, no funding from Park City Wind, and no flow-neutral policy adoption; even under these conditions, the model shows the town can finance approved projects.
- The model now includes a line showing outstanding debt.
- Starting in fiscal year 2027, some projects may need to be financed through general obligation bonds due to the $50 million annual cap on revolving loan funds.
- Six projects were withdrawn from the capital improvement plan, including the airport project, the old Barnes Fairgrounds golf course maintenance building, and four public works projects for sidewalk expansions.
Highlights
- The town is projected to have a $10 million surplus in fiscal year 2025.
- The CWMP funding model has been significantly improved with added functionality and the ability to adjust various assumptions.
- Even under a "worst-case scenario," the CWMP model indicates the town can still finance approved projects.