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Finance director: assessed-value growth offsets mill-levy cuts but gas tax still falls short of street needs
Summary
Park City’s finance director reported year-to-date increases in assessed valuation and sales taxes that offset a two half‑mill reduction in the mill levy, while gas-tax revenues remain far below street funding needs; she noted temporary notes boosted interest income in 2024.
Park City’s finance director reported to the council Oct. 14 that higher assessed valuation and stronger sales-tax receipts have offset council decisions to lower the city’s mill levy by a half‑mill in 2024 and another half‑mill in 2025, but gas-tax receipts remain inadequate to fund the city’s street program.
“Let’s start with the tax distribution sheet. It provides the current year to date collections as well as the annual amounts received in the prior five years,” the finance director told the council, then explained the effect of the council’s two half‑mill reductions: roughly $133,620 less levied for the 2024 budget and about $145,187 less for 2025.
Why it matters: The city’s rising assessed valuation and…
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