Contact: John Lewis, Finance Director, 970-328-3511 or john.lewis@eaglecounty.us
The Eagle County Board of Commissioners will review the proposed 2012 county budget beginning at 1:30 p.m. Oct. 25. The meeting will take place in the Eagle County Room, located at 500 Broadway in Eagle. The public is encouraged to attend.
As proposed, General Fund operating expenditures will be approximately $32 million for 2012, representing a $1 million decrease from 2011. Across all funds, expenditures are budgeted at $88 million and revenues are budgeted at $92 million.
The county began preparing in 2009 for reduced revenues in 2012. Projected decreases in property tax collections, sales tax collections and fees were addressed through budget cuts in 2010 and 2011, including a reduction in full-time employees from 507 to 430 over the last two years. From 2009 to 2012, the county will realize a 20 percent decrease in revenues and a 22 percent decrease in expenditures in its General Fund.
“I am very pleased with the work done by all elected offices and departments to balance our budget for 2012 and beyond,” said County Manager Keith Montag. “The proactive work undertaken over the last two years has positioned us to continue providing essential services to our community in a fiscally responsible manner.”
Looking ahead, the county’s Finance Department will continue facilitating a multi-year budgeting process, including receiving counsel from a financial advisory board comprised of citizens with expertise in the local economy. “The good news is in sales taxes,” said Eagle County Controller Tom Hyatt. County sales tax collections from January through August 2011 are up $472,000 over the same period in 2010.
However, interest rates on the county’s investments are projected to remain at an all-time low in 2012 and revenues from licenses, permits and fees are expected to decrease $1.5 million. With this in mind, Finance Director John Lewis says the county will continue to budget very conservatively over the next few years. “While property tax collections for 2012 will represent a 26 percent reduction instead of our projected 30 percent, current trends indicate property values are continuing to decline,” said Lewis. “The next reappraisal period ends on June 30, 2012 and property taxes for 2014 and 2015 will be based on those values," he said.
Tuesday’s presentation will be aired live on ecotv18, as well as streamed live and archived for later viewing at www.ecotv18.com. For more information, contact Lewis at 970-328-3511 or Hyatt at 970-328-8769.