Budget commission hears FY23-24 financial update; Oro Valley reports $1.6 million WIFA water grant

The Oro Valley Budget and Finance Commission on May 21 heard a fiscal-year-to-date financial update that showed stronger-than-expected revenue performance and reported a WIFA grant for the town's water department of roughly $1.6 million.

Wendy Mack, the town's director presenting the update, told commissioners that overall sources across major funds are up about 7% year over year, driven largely by increased state-shared revenue. "All of the amounts, the year end estimates, the actuals are preliminary. They obviously are unaudited and subject to change," Mack said, emphasizing the figures are estimates rather than final audited results.

Mack said the general fund is projected to finish the year with an ending balance of about $21 million, roughly 42% of budgeted expenditures — well above the town council's 30% reserve policy. She attributed a significant…