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Forecast shows slower near‑term revenue growth; council approves $18.7M budget adjustments as assured water supply and state tax changes cut expected receipts
Summary
Town finance staff told the council that assured‑water‑supply restrictions and recent state tax changes reduce near‑term revenue growth. Council voted unanimously to approve fiscal year 2024–25 budget adjustments that establish the basis for the town’s next budget cycle.
Deputy Town Manager and CFO Scott McCarty presented a five‑year revenue forecast to the Queen Creek Town Council and asked the council to approve budget adjustments for fiscal year 2024–25. After discussion the council approved the adjustments unanimously.
McCarty told the council the town remains in a strong financial position with healthy reserves, but the near‑term runway for new recurring resources will be lower than in recent years. He identified two principal drivers of reduced near‑term revenue growth: an assured water supply requirement that has constrained the supply of buildable single‑family lots, and state legislative changes that reduced certain shared revenues.
On development, staff said the town expects about 1,800 buildable lots at the end of the fiscal year and…
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