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Posted on: November 16, 2022

Town Council Adopts 2023 Budget

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Town Council Adopts 2023 Budget

(November 16th, 2022) - Telluride, Colorado 

  • Town Council began the 2023 Budget process with their first meeting, an overview of the Town budget, on September 1, 2022.  After three and a half months of budget meetings, Town Council adopted the 2023 Budget on November 15, 2022. 
  • The General or operating Fund for the Town has an ending fund balance for the 2023 budget of $6.8M, up from $4M for the 2022 budget.  This is a 45% reserve.  Town Council has a goal of a 30% reserve in the General Fund. 
  • The Capital Fund has an ending fund balance for the 2023 budget of $2.5M, which is a 20% reserve.  Town Council has a goal of a 25% reserve in the Capital Fund.  Total capital expenditures of $8.5M.  The large projects are a warming hut/youth center in Town Park, road replacement Pacific Avenue from Mahoney to Davis Street, and Public Works campus buildings.
  • All tax revenue is budgeted conservatively at 10% below the 2022 projected year-end.  The excise tax bond to finance the purchase of the Valley Floor was paid off in October, and the Town plans to pay off the remaining bond with a principal of $5.755M in 2023.  A total of three new FTEs were approved for 2023.
  • Water rates will increase by 7% in 2023, while wastewater rates will increase by 22% to fund large capital projects on aging infrastructure.  Residents at Shandoka, Virginia Placer, and the Boarding House will see a 7% increase in rent and Sunnyside tenants a 5% increase. 

Finance Department Budget Presentation

November 15th, 2022 Town Council Agenda
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