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Finance staff warn of tightening capital fund, highways needs in five‑year forecast
Summary
Deputy Finance Director Wendy Gomez and CFO Scott Gephart presented a quarterly FY2025 update and a five‑year financial forecast showing flat general fund revenues, a delayed recovery in state shared revenues, and a capital fund gap appearing by year five unless transfers or new revenues change.
Oro Valley staff told the Town Council on March 5 that recent declines and volatility in state shared revenues and flat local sales tax growth are squeezing the town’s ability to fund capital projects over the next five years.
Deputy Finance Director Wendy Gomez presented the fiscal year to date (through December 2024) quarterly update, noting general fund revenues at about 47% of budget and a 4% drop in local sales tax compared with the prior year. "Local sales tax is down about 4% — roughly $500,000 — driven largely by a slowdown in construction sales tax," Gomez said.
Gomez said overall the general fund is still expected to end the fiscal year near budget. Staff estimated personnel savings of about $970,000 so far and projected a year‑end general fund balance just under $19.6 million, "which exceeds council's 30% reserve policy by about $4.3 million," she said.
Gephart outlined the five‑year forecast and cautioned that the…
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