The Crested Butte News Serving the Gunnison Valley since 1999
All funds in good financial health
By Kendra Walker
The Mt. Crested Butte town council approved the town’s 2024 budget during their December 19 meeting.
“The 2024 budget has been put together with a view of continued optimism that has come with strong revenues in all funds over the last two years. The town has again seen record-breaking sales tax collections, a strong year of new construction and building permits, and we are expecting sales tax to level out next year,” said finance director Karl Trujillo in a memo to the council.
“In the 2024 budget all the town’s funds are in good financial health,” he said. “We are being conservative with our sales tax projecting a $160,000 decrease under 2023 projections. The property taxes will increase in both General and Capital Funds and our big-ticket items will be more roadwork and phasing town hall repairs.”
Trujillo said the town’s General Fund 2024 property tax revenues will increase by $760,000 for a total of $1,760,000 split up between the General Fund and the Capital Projects Fund. The total estimated General Fund expenditures for 2024 are $5,133,263, and the Capital Projects Fund expenditures are $2,113,000. That amount includes annual full depth reclamation and overlays of roads, town hall repairs and vehicle replacements. The full-time employee numbers will increase by three, with the change of one winter and summer seasonal position and combining it into one full-time for the parks department.
The 2023 sales tax revenue increased 8% from last year, and the town is budgeting sales tax revenue to be $3,200,000. The town is budgeting $645,000 for 2024 construction related revenues be conservative, explained Trujillo.
The town’s cash reserves at the end of 2023 are expected to be $2,528,480 after transferring $1,100,000 to the Capital fund for future projects, said Trujillo. The town projects its cash reserves to be $2,873,415 at the end of 2024.
“It is important to note that with our strong revenues over the next five years we will be able to transfer about $4,900,000 to the Capital Projects fund and keep our General Fund reserves at 50% of total expenditures,” he concluded.
