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