The Ketchum Urban Renewal Agency board has approved an $847,396 budget for the 2011-12 fiscal year, $217,413 more than the current year's budget. The approval came in the form of a resolution passed by the board on Sept. 6.
The URA budget comprises two funds: the general fund and the debt service fund.
The URA's general fund revenue for fiscal 2012 is projected to be $577,782 from tax increment revenue, which is property tax revenue that results from an increase in property values within the Urban Renewal District, and $44,000 from the "other revenue" category, which includes anticipated rent from a Starbucks franchise in the visitor center on Sun Valley Road, as well as the current fund balance of $449,082.
Of that, the URA board authorized the agency to spend $847,396 in the coming fiscal year, which begins Oct. 1. The board approved $480,000 to be transferred into the Urban Renewal debt service fund, $371,805 of which will be used to make the new fiscal year's debt services payments.
The URA tries to maintain a fund balance from year to year for cash flow purposes, URA Executive Director Gary Marks told the Idaho Mountain Express. The agency receives tax funds a couple times during the year but must have money on hand to pay bills throughout the year.
"We have also been mindful of the need to build the reserve in the bond fund, so we have been building additional fund balance for that purpose," Marks stated in an email.
After the bond payment of $371,805, the reserve amount will be about $108,000.
The budget also includes paying for the equivalent of approximately a half-time position, which is the amount of time that Ketchum city staff—legal and administrative—spend functioning as URA staff.
Rebecca Meany: firstname.lastname@example.org