Prescott Valley reports $6.4 million surplus; council set to review tentative budget May 22

Miss Morris, a finance staff member for the Town of Prescott Valley, told the Town Council at a May 1 study session that as of March 31 the town’s major funds were performing strongly and that recurring revenues have exceeded recurring expenditures.

"We had through year to date through March 31 $47 million in recurring revenues and recurring expenditures of $40 million, so we had a surplus at March 31 of about $6,400,000," Miss Morris said during the presentation.

The presentation covered the quarterly financial report, the five-year capital improvement program (CIP), personnel and benefits assumptions for the coming budget year, and the town’s plan to bring a tentative budget to council on May 22. Staff said business-type funds — water, wastewater and stormwater — also showed year-to-date surpluses. The water utility reported roughly $9 million in revenue against $6 million in expenses; wastewater reported about $5.3 million in revenue against $3.4 million in expenses; stormwater reported about $653,000 in revenue against $285,000 in expenses.

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