Funding Our Future
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Background
Funding Our Future is what City leaders call a 2018 effort to increase revenue in order to fund the City’s most urgent needs.
In 2018, Salt Lake City was under pressure due to the impacts of the 2008 recession, competing priorities, and frugal budgeting. Additional funds were needed to maintain and improve its street conditions, public safety, transit, and affordable housing opportunities. The areas requiring urgent funding were dubbed critical needs.
City leaders decided on two ways to increase revenue for our critical needs: a 0.5% increase in sales tax and an $87 million dollar General Obligation Bond. The tax increase was approved by the City Council in May 2018. The General Obligation Bond, which goes solely towards street reconstruction, was approved by SLC voters in November 2018.
Projects Funded by Sales Tax: Critical Need Areas
Projects falling within Salt Lake City’s “critical need areas” are eligible to receive Funding Our Future Sales Tax dollars.
The critical needs areas identified in 2018 are streets, safety, housing, and transit. In 2022, parks maintenance was added as a 5th critical need. Projects include annual budgets for staff salaries and annual programs.
Projects Funded by Sales Tax: CIP
Projects related to the five Funding Our Future critical needs areas are eligible to receive Funding Our Future sales tax dollars through the Capital Improvement Program (CIP) process. Funds may support annual or one-time project funding requests.
Note: FOF dollars support a small number of CIP projects. Most CIP projects are funded through the General Fund. Click here to learn more about CIP.
Projects Funded by the GO Bond
The General Obligation (GO) Bond pays for major street reconstructions. Projects like the reconstruction of 200 South, Highland Drive and 300 West, and smaller, local street reconstructions have been funded by GO bond,
Yearly FOF Budgets
Salt Lake City’s fiscal year operates from July to June (instead of January to December like the regular calendar year). For example, Fiscal Year (FY) 2018 – 2019 represents July, August, September, October, November and December of 2018 as well as January, February, March April and May of 2019.
To see how FOF dollars were budgeted in a specific fiscal year, use the buttons below. To see complete City budgets for each fiscal year, visit this website.