Affordable housing, greenhouse gas reduction projects, criminal justice system improvements and more emphasized in budget
ASPEN, COLO. (October 10, 2023) - The Pitkin County Board of County Commissioners (BOCC) will consider a proposed 2024 county budget and five-year plan at a work session Tuesday, Oct. 10. Watch the meeting online and view the meeting agenda. It’s the first of many meetings about the budget the Board will hold prior to final adoption of a budget on December 12. Members of the public are invited to participate in a public comment period during the BOCC’s regular meeting on December 12.
In preparing this year’s budget, county staff and the citizen Financial Advisory Board kept in mind uncertain economic circumstances and how they will impact the county’s revenues and costs, and the prospects and timing for returning to a more normal economic cycle.
“There is hope for a ‘soft landing’ for the economy in which inflation is reduced without causing a recession,” said Pitkin County Manager Jon Peacock. “There are also headwinds, with persistent high energy costs, ongoing slowdowns in the supply chain, global tensions, and high interest rates. Our local labor market remains tight with a lot of competition to recruit and retain qualified employees across all sectors. The county’s tourist economy has seen a decrease in visitors with no reduction in sales tax, likely due to inflation.”
The county is fortunate to be entering this difficult economic cycle in a very strong position. Due to uncertainty about the national economy, the board budgeted conservatively in 2023. The county is experiencing revenue growth well beyond projections. While expenditures have been adjusted through supplemental appropriations, the county will go into 2024 with very strong fund balances.
“These surpluses provide opportunities to invest in operations and projects that will make our community and organization more sustainable and resilient. The budget is balanced for all funds, addresses significant board priorities, and leaves the county with healthy operating surpluses and fund balances that can be used to address unforeseen circumstances such as an economic downturn or natural disaster without having to make precipitous cuts to services,” said Peacock.
The proposed 2024 budget and five-year plan emphasize:
- Retention and recruitment of staff. The tight labor market and inflation significantly affect our employees’ resiliency. The 2024 budget and five-year plan invests heavily in our workforce.
- Ongoing high inflation. Although US inflation was up 3.7% year over year in August of this year, specific sectors necessary for county operations and local construction remain much higher. Inflation affects the cost of all county projects, supplies, and operations. The 2024 budget and five-year plan takes current and projected inflationary pressures into account.
- Funding for Board directed priorities and projects. The proposed 2024 budget and five year plan include significant one-time expenditures for affordable housing projects, greenhouse gas reduction projects, criminal justice system improvements, airport planning/improvements, transit and transportation improvements, and many other one-time projects.
The proposed 2024 budget for all funds is $215,868,421, a 14% increase from 2023. The budget considers a number of efforts to further BOCC initiatives and projects that will move the needle forward on success factors included in the county’s strategic plan.
Expenditures proposed in the 2024 budget include solar and electrification projects such as $2.5 million for an electrification project at the Pitkin County Library; $2.2 million for an electrification project at the Human Services Building; and $3.7 for an integrated clean energy microgrid system at the Aspen Airport Business Center. In addition, $1.5 million is allocated for a bridge from Aspen Village to the Rio Grande Trail; $7 million for runway pavement maintenance at the Aspen/Pitkin County Airport; $5.5 million for the first phase of a major landfill expansion; $1.5 million for the conceptual design of a jail building; $4.36 million in support of community non-profits (Healthy Community Fund); $4.8 million for employee housing acquisitions or development; and much more.
Sources of revenue for the county include sales tax, property tax, intergovernmental revenue, fees and service charges, and investment income.
The proposed 2024 budget and five-year plan were prepared in compliance with State Statute, Generally Accepted Accounting Principles, and the county’s Home Rule Charter. Over the coming weeks, officials from county departments will present details about their budgets and how the proposals align with the core focus areas in the county’s strategic plan. All of the meetings will be streamed live on CGTV and the county’s YouTube channel. You can also find a link to live streams here.
Media contact: Marci Suazo, marci.suazo@pitkincounty.com, (970) 309-2343