Prescott Valley reports roughly $6.4 million year-to-date surplus; staff to return May 22 with tentative budget and CIP financing plan

Miss Morris, a finance staff member, told the Town Council on May 1 that the town’s major funds were “performing very strongly” and that, year to date through March 31, the town had a surplus of about $6,400,000.

The surplus comes as recurring revenues across the general fund, water, wastewater and stormwater exceeded ongoing expenses, Miss Morris said. She told council the water utility had about $9,000,000 in revenue and roughly $6,000,000 in expenses year to date, leaving a roughly $3,000,000 surplus before one-time operating and capital costs; wastewater showed about $5,300,000 in revenue and $3,400,000 in expenses; stormwater reported roughly $653,000 in revenue and $285,000 in expenses. Miss Morris also said the town averages about $500,000 in interest income per month from investments primarily held in the Local…