Price City’s Tentative Budget for Fiscal Year 2018-19 includes a transfer of $2,283,675 from the Electric Fund to the General Fund. This transfer represents 31% of the Electric Fund’s total budgeted expenditures. The purpose of the transfer is to pay for administrative and overhead costs of the Electric Fund, as well as to help cover the cost of services such as public safety, public works, parks and recreation, and other general governmental services.
The transfer assists in keeping property taxes in Price City low. Private utility companies provide a return on investment in the form of dividends to their investors; Price City provides “dividends” to our rate payers in the form of low cost services that would otherwise be paid for by a significant increase in property taxes or other user fees.
The Price City Council will hold an enterprise fund public hearing on June 27, 2018, at 5:30 p.m. in the City Council Chambers located at 185 East Main, Price, Utah, to discuss the proposed transfer from the Electric Fund to the General Fund and to receive public comment on the proposed transfer. Enterprise fund accounting data for the Electric Fund will be presented during the hearing.
Published in ETV 10 Newspaper June 20, 2018.