The Oro Valley Town Council will hold the second public hearing on the 2023-24 Town Manager Recommended Budget (TMRB) tomorrow night. The budget calls for $148.6 million in spending. It is the largest budget in Oro Valley history. The budget includes spending for ongoing town operations and for capital items.
2023-24 Budget is more than recommended by Interim Town Manager Cornelison
The budget that the Council will consider is $600,000 more than recommended by Interim Town Manager Cornelison. There are a more than thirty adjustments that are proposed. Most of these are changes in estimates or the movement of costs to another year. It is $785,000 more than this year’s budget.
Our previous reports have detailed TRMB spending
LOVE has previously reported on the 2023-24 TMRB spending budgets:
The budget that the Council will consider is $600,000 more than recommended by Interim Town Manager Cornelison. There are a more than thirty adjustments that are proposed. Most of these are changes in estimates or the movement of costs to another year. It is $785,000 more than this year’s budget.
Our previous reports have detailed TRMB spending
LOVE has previously reported on the 2023-24 TMRB spending budgets:
These four areas comprise the bulk of budget spending. There is also spending to service debt and contingency reserves, which are funds to be designated at a later time. LOVE also reported on learnings from the Council’s two study sessions.
Funding for this spending comes from nine sources (chart right). The main source this year is a reduction in fund balances. This reflects the drawdown of Parks Bonds Funds ($17.1million) and the use of Federal ARPA funds ($10.5 million). That means that $16.9 million is coming from funds earned by the town from “normal” sources.
Unless something dramatic happens tomorrow night, this is our final report on the Town of Oro Valley 2023-24 Budget.
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Note: The town council voted 6-0 (Nicolson absent) to approve this budget.
