Sep 5, 2013 11:17 PM by Stefanie Boe
ORO VALLEY - The town of Oro Valley reports it's ending the 2012/2013 fiscal year with a surplus of more than $1.7 million in the General Fund, the Town's main operating fund. The town says the figures are not yet audited.
According to a news release, total revenues for the year came in over budgeted amounts ($26.7M) by $1.4 million, or 5.5%. Expenditures for the year ($25.2M) were under budget ($26.3M) by $1.1 million, or 4.2%. Funds were also authorized by the Town Council during the year to complete the construction of the new Oro Valley Aquatic Center. The final result was a year-end net surplus in the General Fund of just over $1.7 million.
The Oro Valley finance director attributes the revenue to the rebound of the economy.
The Town plans to carry forward the surplus funds into the new fiscal year, 2013/14, for investment in future capital projects.