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Oro Valley’s tentative FY2024 budget trims five-year capital shortfall; council set to adopt final budget
Summary
Town staff told the Budget and Finance Commission the tentative FY2024 budget totals $151,135,253 and that revised inflation assumptions reduce the five-year capital deficit from about $8.5 million to roughly $3.1 million; staff says no new full-time positions are proposed and highlighted the NERDS water project as the largest CIP item.
Town staff presented the tentative FY2024 budget to the Oro Valley Budget and Finance Commission on June 18, describing a revised five-year forecast that narrows the town’s projected capital shortfall but leaves a funding gap to address.
“Even with the more optimistic inflationary factors applied, a need still exists for additional resources over the five year period,” staff said, explaining a change to the inflation assumptions that reduced the projected five-year capital deficit from about $8.5 million to about $3,100,000.
Key numbers…
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