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Queen Creek projects slower revenue growth for next three years; council approves $18.7M FY2024‑25 budget adjustments
Summary
Finance staff told the council that new state tax rules and an assured‑water‑supply restriction on development will reduce expected revenue growth over the next three years. Council approved mid‑year budget adjustments needed to finalize the operating forecast.
Deputy Town Manager and CFO Scott McCarty presented a five‑year operating revenue forecast and asked council to approve FY2024‑25 budget adjustments that reset current‑year revenue assumptions as staff prepare the FY2025‑26 budget.
McCarty framed the forecast around two influences that will reduce near‑term revenue growth: (1) constrained single‑family residential permit activity driven by a requirement tied to assured water supply for new lots, and (2) state tax changes following the 2023 move to a flat income tax that reduced the town’s state‑shared income tax receipts. He said the combined legislative impacts and permit reductions amount to an annual revenue reduction on the order of $4.5 million from prior peak levels.
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