In the ongoing battle to incorporate Olympic Valley into a new town, advocates of incorporation just scored a major win. In late May, a controversial report questioned the fiscal viability of the potential town, causing an uproar in the tight-knit community of Squaw Valley. Placer County commissioners voted to send the debated fiscal analysis for an independent review at the California State Controller's Office (SCO), and we've been waiting for the results. Now, the California State Controller's Office has released its review of the fiscal analysis, confirming that the original fiscal analysis contained many errors.
According to Incorporate Olympic Valley, the SCO reviewed 31 separate issues with the draft fiscal analysis. Eighteen conclusions were reversed, showing "a dramatically changed financial picture for the town, with positive net results and growing general fund balances."
"IOV is excited and energized by the feedback and perspective from the State Controller's Office, who validated the majority of concerns raised in our request to have the draft CFA reviewed", said Fred Ilfeld, Chairman of the Incorporate OV Foundation. "The results clearly demonstrate that the proposed town of Olympic Valley is financially viable."
As Unofficial Alpine states, the new report shows that over a 10 year period, the new town of Olympic Valley could generate a reserve fund in excess of $15 million, without the addition of any new taxes.
Because financial viability has been proven, now the Incorporate Olympic Valley movement can move forward with the town's Environmental Impact Report. The cost of the EIR is expected to reach over $200,000, so if you want to donate to the cause, head over here.
· All Coverage of the Fight Over Olympic Valley [Curbed Ski Archives]
· All Squaw Valley Base Village Coverage [Curbed Ski Archives]
· In Squaw Valley, Incorporate Olympic Valley Is Down, But Not Out After Latest Fiscal Report [Curbed Ski]
· New Report Details Potential Environmental Impact of Proposed Squaw Valley Base Village [Curbed Ski]
· Squaw Valley CEO Comes Out Against Olympic Valley [Curbed Ski]