SALT LAKE CITY, Utah -(ABC4)-Salt Lake City underestimates tax revenue by $1 million dollars, according to Salt Lake City Council members. They assumed the state would receive $2.6 million in new growth in tax revenue, but the city only received $1.53 million.
Blank attributes the shortage to a change revised property tax rules by the state of Utah.
“This is disappointing news and will make our decisions about how best to balance the City’s needs with available revenues much more difficult,” said Council Chair Stan Penfold. “The Mayor’s recommended budget is very constrained in the first place, so this added limitation coming at the last minute makes it even harder to meet the expectations residents have for services in Salt Lake City.”
The proposed budget in for 2017-18 year for Salt Lake City is $273 million. Property taxes make up a third of the General Fund. That money typically goes toward city services, including public safety, street maintenance, parks, planning and zoning, housing and neighborhood development, city attorney, and Mayor’s and City Council offices.