To provide the accountability in spending that residents demand, new revenue from the sales tax increase has been placed in a separate and trackable budget – setting an accountability precedent for future administrations. Using the Funding Our Future Dashboard, residents are able to track how this new revenue is being spent; how projects and programs are being implemented, and progress towards goals. Street reconstruction projects and expenditures will also be tracked on the dashboard since the voter approved Streets Reconstruction Bond is part of Funding Our Future.
On August 1, 2018, the .05 percent sales tax increase went into effect. Salt Lake City began receiving this new revenue beginning in October 2018 with the first funds being dispersed for the projects and expenditures outlined on this dashboard beginning in early 2019. Because 2019 is a shortened collection period – generating about $25 million of the $33 million expected to be collected during a full year – the start date for allocating funding will vary for different program areas.
On November 6, 2018, Salt Lake City voters approved the $87 million Streets Reconstruction Bond. This new dedicated funding will allow the City to begin addressing our most deteriorating streets and, when paired with new sales tax revenue for streets maintenance, will enable us to prolong the life of our entire street network.
As part of the Funding Our Future initiative, City leaders have committed to ensuring accountability in spending and will continue to provide residents with updates on streets reconstruction and maintenance projects as they progress.
Here are the next steps for the Streets Reconstruction Bond:
Updated November 2018.
Improved Street Conditions
Greater Housing Opportunities
Better Transit Service
Increased Neighborhood Safety & Security
Fund Balance Reserve
Funding Goal: Increase the number of lane miles that the City maintains each year.
Funding Goal: Establish long-range funding mechanism to increase the supply of affordable housing.
Funding Goal: Increase transit service and improve transit amenities.
Funding Goal: Implement a community policing model by hiring and training additional officers and support staff.
The City is required to maintain an amount equal to 10% of its yearly revenue in a savings account referred to as a “Fund Balance.”
Total: $25 million in additional revenue from the 0.5 percent increase to the City's portion of sales tax.