At tonight's Council meeting, Oro Valley Finance Director Stacey Lemos presented the results of the tentative budget for fiscal year 2010/2011.
The good news is this. Without using any contingency funds the new tentative budget is projected to be balanced with an equal amount of revenue & expenditures of $25,751,743.
The new budget will be less than 2009/2010, dropping from $121.5M to $110.6M.
The bad news is the fact that our contingency fund has dropped rather dramatically from around $18M to less than $11M which is approx 41% of our General Fund.($25.75M)
It is expected that the new council will be the one to approve a final budget sometime in June or perhaps July.