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Oro Valley staff reports FY24–25 close with $21 million general fund balance, sales-tax shortfall
Summary
Town staff presented the fiscal year 2024–25 financial report to the Budget and Finance Commission, noting a $2.5 million decline in revenues driven by local sales taxes, an estimated $21 million general fund balance and several fund-by-fund variances; auditors will review year-end adjustments later this month.
Dave Gephardt, staff liaison for the Oro Valley Budget and Finance Commission, presented the town’s fiscal year 2024–25 financial update at the commission’s Sept. 16 meeting.
Gephardt said total revenues were about $2.5 million lower than the prior fiscal year, primarily because local sales tax and state-shared revenues declined. He told commissioners the town ended the year about 99% of budgeted revenues, representing a shortfall of roughly $432,000, and that the change in the general fund balance decreased by about $1,070,000.
The report showed an estimated ending general fund balance of $21,000,000, which Gephardt said exceeds the town’s 30% reserve policy by roughly $6,400,000. He cautioned the presentation was not final while auditors complete their review: "this report, even though it does encapsulate the entire fiscal year, there still may be some additional adjustments made, so it should not be considered final at this…
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