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Home Town Hightlights

Posted on: December 7, 2022

DID YOU KNOW?

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DID YOU KNOW THAT THE TOWN COUNCIL ADOPTS AN ANNUAL BUDGET EACH YEAR?

  • The Town relies on transient occupancy tax (TOT) for more than 70% of its annual operating revenue. Sales tax, property tax, fees, charges, interest, rents, grants, and other items make up the remainder of general fund unrestricted revenue.
  • The Town takes a conservative budget approach, which provides the Town Council an opportunity to invest additional revenue into one-time capital investments, such as housing, recreation and general infrastructure projects. This year the Town committed $1.4 million in general fund revenues in response to the declared local emergency from the major winter storms of 2023.
  • The fiscal year (FY) 2023-24 budget includes 111.7 full-time and seasonal employees. Total appropriations for operations, capital projects, use of restricted revenues, and debt total $72 million.
  • The Town maintains a vehicle replacement account that ensures funds are available to purchase replacement equipment, such as a snow blower costing $950,000.
  • The Town’s reserves, which can be used during times of a significant economic downturn, or other catastrophic events, are fully funded, totaling $8.6 million for FY 2023-24.
  • The Town has an A+ credit rating.

Finance Department
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