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Council considers hiring financial consultant to develop fiscal policy and tax strategy
Summary
Council discussed engaging a financial consultant to develop a fiscal policy that clarifies revenue strategy (tourism-based taxes vs. property taxes) and fund balance targets; Kerri Nakamura (ULCT consultant) was cited as an example and the council asked staff to explore hiring options.
Mayor Ewing summarized a conversation with financial consultant Kerri Nakamura about undertaking a fiscal policy process for the town. Nakamura, who works with the Utah League of Cities and Towns (ULCT) and authored the Truth in Taxation guide, recommended the town document a policy that clarifies whether Bluff will rely on tourism-based taxes while keeping property taxes very low or nonexistent, and set targets for an operating fund (rainy day) balance and a capital projects fund balance.
Councilmembers discussed whether other towns have found consultants helpful and asked staff to research consultants and continue the conversation to prepare for next year's budget cycle. The item was presented as preparatory work to provide a stable plan for council members who rotate through office.
