The city of Basalt approves the 2025 budget, with minor changes

After an initial reading of the budget in October, the Basalt City Council unanimously approved the 2025 budget at Tuesday’s meeting.

There were some minor changes from October budget presentation to November’s, namely from refundable Inflation Reduction Act appropriations, which returned $340,000 to the city for the Roaring Fork School District’s solar roofs and public works projects. The city also expects another reimbursement for this project in 2025.

Permit costs also increased by $100,000, road and bridge costs increased by $60,000, and Roaring Fork School District shared savings increased $12,000 thanks to utility savings through Holy Cross.

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Based on these changes, revenue increased from $20.5 million to $21 million.

Proposed budget expenditures also increased slightly, by just over $150,000. ADA ramps at Willits cost $25,000, and a water tank on the south side costs $125,000.

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Proposed revenues minus expenses were $3.8 million at the October presentation, and now they are $3.4 million, for a net change of $358,641.

“We are only asking for ($358,000) less than what we originally proposed,” said Doug Pattison, Town of Basalt chief financial officer. “This is mainly because of the credit I take from the Inflation Reduction Act.”

Beginning January 1, 2025, the general fund will include $12.3 million, the restricted fund $8.8 million, the capital construction fund $7 million, the water fund $6 million, the conservation fund $319,542, the Homeowners Association fund $16,651 and the bond fund $63,036. for a total of $34.6 million.

Pattison said the City of Basalt received a Certificate of Excellence in Financial Reporting from the Government of Financial Officers Association. He expects to receive the prize again this year. The city will also apply for the distinctive budget award.

“Again, it just adds more credibility, more meat on the bones about what we’re doing and some more external recognition for the process that we’re going through,” he said. “The idea was just to have more credibility.”

Financial report third quarter 2024

Pattison also presented the third quarter 2024 financial report during Tuesday’s meeting.

In the general fund, where most of the activity occurs, sales tax revenue represented 52% of revenue through September 30. This is expected to reach 60% by the end of the year.

Both the police and public works each represent 23% of total expenditure in the general fund, which amounts to almost 50%.

Legislative area is 18% and the administrative area of ​​the city is 15%. Pattison said the administrative percentage is usually not that high, but the construction of Stott’s Mill Day Care has increased that amount.

During the presentation of the third quarter 2024 financial report, he said he was planning what he and the council will discuss at the next council meeting, scheduled for Nov. 26. During this meeting, a first reading of a budget amendment for 2024 will be held. planned, with this year’s budget figures being adjusted to reflect actual figures.

As of October 29, 82% of the 2024 budget had been used. Property taxes were over budget by 105%.

“Here’s an example: We’re already over, so we’re going to continue with that number,” Pattinson said.

And looking at expenses, he said the city is behind budget as of Oct. 31, resulting in $500,000 less capital expenditure. He said, “We’re beating our budget here by almost $3 million as it stands.”

Regan Mertz can be reached at 970-429-9153 or [email protected].