Elk Ridge shrinks budget

ELK RIDGE, Utah County — City leaders are planning to wrap up the 2009-10 fiscal year budget, adopt the new fiscal year 2011 budget and establish a new tax rate on Tuesday.

The $1.7 million current general fund budget is expected to drop to $1.1 million, because the council is paying back $618,000 of a $1.5 million bond to reduce the payments from $140,000 annually to about $77,000, according to City Recorder Jan Davis.

The bond money purchased six acres at Goosenest and Elk Ridge drives, for a new City Hall and soccer field or park, for about $900,000, but officials later decided not the develop the land when economic circumstances changed. The city already owned about an acre there.

The council work session starts at 6 p.m., at City Hall, 80 E. Park Dr., and precedes the regularly scheduled City Council meeting, at 7 p.m.