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West Valley City Council reviews budget opening that includes $2.7M arts deficit transfer
Summary
Finance Director Jim Welch presented a final budget opening that would reclassify stormwater accounting, authorize $1.5M in added arena operating authorization, and record a $2.7 million transfer to address the West Valley Arts Foundation—s accumulated deficit.
West Valley City—s finance director, Jim Welch, told the council on May 27 that the city was proceeding with a fourth and final budget opening for the fiscal year to reflect changed revenues, expenditures and required accounting transfers. The amendments include an accounting reclassification of the stormwater fund, additional operating authorization for the Maverik Center and transfers to cover a deficit at the West Valley Arts Foundation.
Welch explained the stormwater change as largely an accounting action: the fund was originally reported as an enterprise fund because it had formerly paid debt service, but the city now proposes to record it as a special revenue fund.…
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