Town of Basalt adopts 2025 budget, with slight changes

Following a first budget reading in October, the Basalt Town Council unanimously approved the 2025 budget upon second reading during Tuesday’s meeting.

There were some minor changes from October’s budget presentation to November’s, namely from Inflation Reduction Act refundable credits, which gave $340,000 back to the town for the Roaring Fork School District and Public Works buildings solar roofs. The town is also anticipating another refund for this project in 2025.

The permit fee also increased $100,000, the road and bridge fee increased $60,000, and the Roaring Fork School District shared savings increased $12,000 due to utility savings through Holy Cross.

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Based on these changes, revenue increased from $20.5 million to $21 million.

Proposed budget expenditures also slightly increased by just over $150,000. ADA ramps at Willits cost $25,000, and a southside water tank cost $125,000.

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Proposed revenue less expenditures was at $3.8 million during October’s presentation, and now they are at $3.4 million, making a net change of $358,641.

“We’re only asking for ($358,000) less than what we initially proposed,” said Town of Basalt Finance Director Doug Pattison. “This principally is from the credit I’m taking from the Inflation Reduction Act.”

As of Jan. 1, 2025, the general fund will hold $12.3 million, the restricted fund $8.8 million, the capital construction fund $7 million, the water fund $6 million, the conservation fund $319,542, Homeowners Association fund $16,651, and bond fund $63,036, for a total of $34.6 million.

Pattison said the town of Basalt received a certificate of excellence award in financial reporting from the Government of Financial Officers Association. He anticipates receiving the award again this year. The town will also apply for the distinguished budget award.

“Again, just adding more credibility, more meat on the bones here about what we’re doing and have some more exterior recognition for the process we’re going through,” he said. “The idea was just to have greater credibility.”

Third quarter 2024 financial report

Pattison also presented the third quarter 2024 financial report during Tuesday’s meeting.

In the general fund, where most of the activity is, the sales tax revenue represented 52% of revenue through Sept. 30. This is expected to top out at 60% by the end of the year.

Both police and public works represent 23% each of total expenditures in the general fund, totaling almost 50%.

Legislative is at 18%, and the administrative area of the town is at 15%. Pattison said the administrative percentage is not usually this high, but the construction of the Stott’s Mill Day Care increased this amount.

During the third quarter 2024 financial report presentation, he said he is setting up what he and the council will discuss during the next town council meeting, which is scheduled for Nov. 26. During this meeting, a first reading of a 2024 budget amendment is planned, where  budget numbers will be adjusted for this year to represent actuals.

As of Oct. 29, 82% of the 2024 budget was used. Property taxes were over budget at 105%.

“This is one example, we’re already over, so we’ll go ahead and chew that number up,” Pattinson said.

And looking at expenses, he said the town is behind budget as of Oct. 31, spending $500,000 less in capital. He said “we’re beating our budget here by close to $3 million as it looks right now.”

Regan Mertz can be reached at 970-429-9153 or rmertz@aspentimes.com.