The Erie Board of Trustees approved a $48.6 million 2023 budget on Tuesday night. While Erie has been growing quickly over the years, the budget reflects uncertainties in state, national and international economies as the threat of a recession looms.
Finance manager Cassie Bethune and finance director Stefanie Furman presented the budget to council during the special meeting. The board passed the budget 6-0; Trustee Brandon Bell was not in attendance.
Town staff said the budget only includes recurring expenditures that can be sustained. A five-year forecast was used to determine what the town can sustain while maintaining current service levels. Capital projects can be rescheduled if needed.
Sales tax makes up approximately 43%, or $20.8 million, of the General Fund revenue, with $17.1 million from retail sales tax and $3.7 million from sales tax on vehicles.
Property taxes are expected to make up 10%, or approximately $4.9 million, of the General Fund revenue, a $151,000 increase over 2022. Oil and gas income will make up 3% of the general fund revenue — or $1.27 million according to a budget memo. This is a $215,000 increase over 2022.
The town board also passed a second supplemental appropriation of funds in the 2022 budget. The appropriation is $8.5 million across all funds. The supplemental allowance anticipates a surplus of $5 million in the general fund but expects that the town will have to use $15 million for capital projects.
The board previously passed a supplemental appropriation of funds in May, which was mainly rollover funds from the previous year. The available fund balance after the second supplemental is projected to be $24.1 million, which is $1.8 million less than anticipated when the first supplemental was passed. Town staff said that the available fund balance correlates with capital expenditures. The town of Erie has spent more money on capital projects and improvements this year, but that the fund balance is similar to those in 2019 or 2020.
For more information visit https://www.erieco.gov/131/Budgets.
Boulder Daily Camera
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