“If you change the way you look at things, the things you look at change.” Wayne Dyer

Town of Oro Valley publishes “Know Your Town’s Budget” for FY 22/23

ORO VALLEY, Ariz. (Oct. 18, 2022) – The Town of Oro Valley’s Adopted Fiscal Year 2022/23 Budget has been published and is now available to residents. On June 15, the Oro Valley Town Council adopted the FY 2022/23 budget of $147.7 million. This is a $14.3 million, or an 8.8% decrease from the adopted FY 2021/22 budget that totaled $162 million. This decrease is due primarily to the Town Council approved one-time payment of $27.6 million in FY 2021/22 to eliminate the Town’s Public Safety Pension Retirement System unfunded pension liability.

The Adopted FY 2022/23 can be found on our website by clicking here. The Town understands that not everyone has the time to peruse a massive budget document. To make the budget more accessible, Oro Valley publishes a simple, two-page summary each year entitled, Know Your Town’s Budget. This summary provides residents with an overview of the Town’s key revenues and expenditures, as well as how the annual budget helps the Town prepare for the future. Click here to view or download the FY 2022/23 Know Your Town’s Budget summary.

The Town of Oro Valley’s annual budget is structurally balanced. The Town is exceptionally strong financially and does not deficit spend. Oro Valley maintains the highest bond rating in Southern Arizona at AA+. That strong rating is connected to debts the Town has. It is prudent for the Town to take on debt for major projects, such as the Naranja Park Expansion. The Town has a dedicated funding stream for general debt repayments and is not overleveraged, meaning that the Town doesn’t take on excess debt to fund major projects. If that were the case, the Town’s credit rating would reflect this, and not be as high as it is.

For a deeper dive into the Town’s finances, bond rating and debts, be sure to pick up a copy of the October 19 edition of the Explorer to read an article written by David Gephart, Chief Financial Officer for the Town of Oro Valley.

 

 

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