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Oro Valley financial update through Nov. 2024: construction sales tax and state shared revenues lagging
Summary
Town staff told the Budget and Finance Commission that through November the town's revenues are trending below last year largely because construction sales tax and state-shared revenues are down; staff lowered some year-end estimates and expect to identify savings during midyear budget review.
Town of Oro Valley finance staff reported Jan. 21 that through November of fiscal 2025 the town is 41.7% through the fiscal year and total revenues across major funds are down roughly 6% year over year, driven largely by a slowdown in construction-related sales tax and lower state-shared revenues.
Wendy (finance staff) presented the town's fiscal-year-to-date update and said local sales tax collections in the general fund are down about 3.5% versus the prior year; staff lowered the year-end estimate for local sales tax in the general fund from a budgeted $28.7 million to about $27.1 million. Construction sales tax was the principal driver: budgeted at about $5.9 million, staff now estimate roughly $4.3 million to…
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