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Provo Road Funding and 2% Property Tax Increase

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by

Matthew Taylor

on 13 August 2015

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Transcript of Provo Road Funding and 2% Property Tax Increase

http://council.provo.org
Provo Council Budget Meetings
Truth in Taxation Public Hearing
Tuesday, August 6, 6:00p
City Center
351 West Center Street
Crack Sealing

Balancing Act
1
Sales
Tax
Utility Transfers
Gas
Tax
Fees
Property Tax
Other
Police
Parks
& Rec
Fire
Admin
Services
Legal
Comm.
Dev.
Public Works
Mayor & Council
Expenditures
1
Sales
Tax
Utility Transfers
Gas
Tax
Fees
Property Tax
Other
Police
Parks
& Rec
Fire
Admin
Services
Legal
Comm.
Dev.
Public Works
Mayor & Council
Revenues
1
Sales
Tax
Utility Transfers
Gas
Tax
Fees
Property Tax
Other
Police
Parks
& Rec
Fire
Human Resources
Legal
Comm.
Dev.
Public Works
Mayor & Council
Close the Gap
Revenues
Expenditures
Expenditures
Revenues
Revenues
Expenditures
10 Years
Employee Wages and Benefits
City Programs
Needed Vehicles and Buildings
Redevelopment and Neighborhoods
Parks and Recreation
Police and Fire
Preventive Maintenance for Roads
Expenditures
Revenues
Other Options
$0.20 per month

$2.41 per year
$208,600
Mill and Overlay
Road
Maintenance
Activities
Surface Treatments
$2.0
million

$1.7 million
Gas Tax ($500,000)
Budget Savings ($420,000)
Utility Transfer ($1 million)
2% Property Tax ($78,000)


$3.5 million
FY 2016
Gas Tax ($500,000)
Convert Bond to Property Tax ($1.2m)
Vehicle Registration Fees ($500,000)
Utility Transfer ($1 million)
3% Property Tax ($78=$122K+120k= $320k)

Gas Tax ($500,000)
Utility Transfer ($1 million)
3% Property Tax ($78k + 122K = $200k)


FY 2015
FY 2014
FY 2013
Gas Tax ($500,000)
Tax Incentive Refund ($326,000)
Land Sales ($700,000)
Audit Savings ($60,000)



$1.6
million

have increased 74% in 12 years

Road Maintenance Costs
2.5 Times the Rate of Normal Inflation
FY 2012
Gas Tax ($500,000)



$0.5
million

Last Property Tax Increase: 1991
Rising Costs
Asphalt
74%
124%
Where does your property tax dollar go?
0.16%
General
Inflation
26%
Continuing to Explore
Utility Transportation Fund
Budget Cuts
Increased Efficiency
What Do You Think?
What Does this
Mean for the Average
Household?
Much More...
Healthcare
Public Budget Discussion with Council Members
Saturday, August 3, 9:00a
City Center
351 West Center Street

Paradigm Shift

Added benefit is the City can dedicate those funds to go directly to road funding.
The practice of dedicating funds for current and future use is not allowed with a property tax increase.


Transparency

Utility Transportation Fund (UTF)
Equity
55% of Provo Property is
Tax Exempt
TUF is based on the concept that roads we drive on are a consumable good.
Electricity
Water
Other consumables
Roads are used and need to be replaced.


UTF is based on the concept of consumable goods.
Electricity
Water
Transparency
UTF dollars can be dedicated to road maintenance
Full transcript