Because of the long-lasting effects of the Great Recession on City resources, combined with years of frugal budgeting, Salt Lake City now has significant unmet service needs. The result is deteriorating infrastructure, lack of affordable housing, and public safety concerns.
Over the past few years, the City has studied these critical needs, developed comprehensive plans and identified revenue options.
FOLLOW THE FUNDING OUR FUTURE PROCESS
1 Plan2 Fund: Sales Tax3 Fund: GO Bond4 Implement
Step 1: Plan
✓ Step Complete
City departments developed comprehensive plans to address and fund the City’s significant unmet service needs.
The City also studied funding options and identified two viable revenue sources to fund these critical needs: a 0.5 % sales tax increase and a General Obligation (GO) Bond for voter approval on the November ballot.
Step 2: Sales Tax
✓ Step Complete
The City Council’s approval of a 0.5% increase in the City’s portion of sales tax is the first part of a funding strategy to address critical needs. The City Council also recently adopted the Mayor’s Fiscal Year 2018-19 budget recommendations for allocating the new sales tax revenue.
Additional sales tax revenue will provide much-needed ongoing funds for public safety, transit service, affordable housing and street maintenance. But funding for capital-intensive streets reconstruction projects is still needed.
To fund some of these significant road-construction needs, City leaders asked voters to consider an $87 million General Obligation (GO) “Streets Reconstruction” Bond in November. Voters approved the bond on November 6, 2018.
Revenue generated through the sales tax increase will be tracked as a separate budget item every year. The Funding Our Future Dashboard can be used by residents to track how funding is being spent, project implementation and project progress. If voters approve the Streets Reconstruction Bond in November, its projects and expenditures will also be tracked on the dashboard.