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Oro Valley finance update: General fund stronger, highway fund hits small revenue headwind
Summary
Staff told the Budget and Finance Commission on June 18 that the general fund is tracking better than expected through April, the highway fund is slightly under budget due to lower HEERF (gas-tax) receipts, and community center operations—driven by golf revenue—are outperforming forecasts.
A town finance presenter told the Oro Valley Budget and Finance Commission on June 18 that the town’s general fund is performing better than expected through April, but that the highway fund faces pressure from lower-than-anticipated HEERF (state gas-tax) receipts.
“The fund is performing much better than expected, with an expected decrease in fund balance of 2,600,000.0, which is up about 50% from the budgeted decrease of 5,300,000.0,” the presenter said, summarizing the general fund outlook and noting a planned $10,000,000 transfer to the capital improvement program (CIP).
Why it matters: the general fund’s improved performance reflects…
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