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AGENDA ORO VALLEY
BUDGET AND FINANCE COMMISSION
REGULAR SESSION
OCTOBER 15, 2024
COUNCIL CHAMBERS
11000 N. LA CAÑADA DRIVE
REGULAR SESSION AT OR AFTER 4:00 PM
CALL TO ORDER
ROLL CALL
PLEDGE OF ALLEGIANCE
CALL TO AUDIENCE - at this time, any member of the public is allowed to address the Commission on any
issue not listed on today’s agenda. Pursuant to the Arizona open meeting law, individual Commission
members may ask Town staff to review the matter, ask that the matter be placed on a future agenda, or
respond to criticism made by speakers. However, the Commission may not discuss or take legal action on
matters raised during "Call to Audience." In order to speak during "Call to Audience", please specify what
you wish to discuss when completing the blue speaker card.
STAFF LIAISON REPORT
REGULAR SESSION AGENDA
1.REVIEW AND APPROVAL OF THE SEPTEMBER 17, 2024 REGULAR SESSION MEETING MINUTES
2.PRESENTATION AND POSSIBLE DISCUSSION OF THE TOWN FY 24/25 FINANCIAL UPDATE
THROUGH JULY 2024 (Please reference attachments)
COUNCIL LIAISON COMMENTS
ADJOURNMENT
POSTED: 10/11/24 at 5:00 PM by dt.
When possible, a packet of agenda materials as listed above is available for public inspection at least 24 hours prior
to the Commission meeting in the Town Clerk's Office between the hours of 8:00 a.m. – 5:00 p.m.
The Town of Oro Valley complies with the Americans with Disabilities Act (ADA). If any person with a disability needs
any type of accommodation, please notify the Town Clerk’s Office at least five days prior to the Commission meeting
at 229-4700.
INSTRUCTIONS TO SPEAKERS
Members of the public have the right to speak during any posted public hearing. However, those items not
listed as a public hearing are for consideration and action by the Commission during the course of their
business meeting. Members of the public may be allowed to speak on these topics at the discretion of the
Chair.
If you wish to address the Commission on any item(s) on this agenda, please complete a blue speaker card located
on the Agenda table at the back of the room and give it to the Recording Secretary. Please indicate on the
speaker card which item number and topic you wish to speak on, or if you wish to speak during “Call to
Audience,” please specify what you wish to discuss when completing the blue speaker card.
Please step forward to the podium when the Chair announces the item(s) on the agenda which you are interested in
addressing.
1. For the record, please state your name and whether or not you are a Town resident.
2. Speak only on the issue currently being discussed by the Commission. Please organize your speech, you will only
be allowed to address the Commission once regarding the topic being discussed.
3. Please limit your comments to 3 minutes.
4. During “Call to Audience”, you may address the Commission on any issue you wish.
5. Any member of the public speaking must speak in a courteous and respectful manner to those present.
Thank you for your cooperation.
“Notice of Possible Quorum of the Oro Valley Town Council, Boards, Commissions and Committees: In accordance
with Chapter 3, Title 38, Arizona Revised Statutes and Section 2-4-4 of the Oro Valley Town Code, a majority of the
Town Council, Board of Adjustment, Historic Preservation Commission, Parks and Recreation Advisory Board,
Stormwater Utility Commission, and Water Utility Commission may attend the above referenced meeting as a
member of the audience only.”
Budget and Finance Commission 1.
Meeting Date:10/15/2024
Submitted By:Melissa Flores, Legal
SUBJECT:
REVIEW AND APPROVAL OF THE SEPTEMBER 17, 2024 REGULAR SESSION MEETING MINUTES
RECOMMENDATION:
Staff recommends approval.
EXECUTIVE SUMMARY:
N/A
BACKGROUND OR DETAILED INFORMATION:
N/A
FISCAL IMPACT:
N/A
SUGGESTED MOTION:
I MOVE to approve the September 17, 2024 regular session meeting minutes.
Attachments
BFC Minutes (DRAFT) 091724
D R A F T
MINUTES
BUDGET AND FINANCE COMMISSION
REGULAR SESSION
SEPTEMBER 17, 2024
COUNCIL CHAMBERS
11000 N. LA CAÑADA DRIVE
REGULAR SESSION AT OR AFTER 4:00 PM
CALL TO ORDER AT 4:00 PM BY CHAIR MASON
ROLL CALL
Present: Joyce Garland, Member
Michael Mason, Chair
Matthew Miller, Member
Absent:Jennifer Carr, Vice Chair (EXCUSED)
Gerald LeMay, Member
Staff Present:Joe Winfield, Mayor
David Gephart, Chief Financial Officer
Wendy Gomez, Deputy Finance Director
Chris Hutchison, Senior Budget Analyst
Jeff Wilkins, Town Manager
Tobin Sidles, Town Attorney
PLEDGE OF ALLEGIANCE led by Chair Mason.
CALL TO AUDIENCE - No speaker cards were received.
STAFF LIAISON REPORT
Chief Financial Officer, David Gephart, reported on the following:
- An election was held last month in regard to the Town Council. The results have come in and there are
two new Councilmembers (Elizabeth Robb and Mary Murphy) joining the Council and it will start in
November. Harry "Mo" Greene, II, MD, was an incumbent and has been reelected. They will each serve a
four-year term.
- Staff has wrapped up the Adopted Budget Book and has been submitted to the GFOA for their
Distinguished Budget Award. An electronic copy of the Adopted Budget Book will be distributed later this
week or will have access to the document online due to the size.
- Staff has been preparing for the auditors as per usual schedule during this time of year.
- There will be a Town Council Meeting tomorrow night that include the following items:
- A resolution authorizing a WIFA Loan Application for the Town's Water Utility, in relation to the
newest project. This item is on consent and a requirement of WIFA is to apply for their loan and this
is one option that is being consulted of many. The most cost effective for the Town will be selected.
- There is a discussion on the Vistoso Trails Maintenance Building, where the roof has needed
some repairs and Council would like an update on that and a plan of use of the building.
9/17/24 Minutes, Budget and Finance Commission Regular Session 1
- There will be discussion on a Zoning Code Amendment that would allow for small animals or
livestock in all single family residence zoning districts.
- There will also be discussion on the El Conquistador Gold Course 5th hole.
Discussion ensued amongst Staff and Commissioners.
REGULAR SESSION AGENDA
1.REVIEW AND APPROVAL OF THE JUNE 18, 2024 REGULAR SESSION MEETING MINUTES
Motion by Member Joyce Garland, seconded by Member Matthew Miller to approve the June 18,
2024 Regular Session Meeting Minutes.
Vote: 3 - 0 Carried
2.PRESENTATION AND DISCUSSION ABOUT THE COMMUNITY'S EFFORT TO CREATE THE NEXT
10-YEAR ACTION PLAN, KNOWN AS OV'S PATH FORWARD.
Presentation by Rene Olvera. Discussion ensued amongst Staff and Commissioners.
3.PRESENTATION AND POSSIBLE DISCUSSION OF THE TOWN'S FY 23/24 FINANCIAL UPDATE
THROUGH JUNE 2024 (Please reference attachments)
Presentation by David Gephart, Chief Financial Officer. Discussion ensued amongst Staff and
Commissioners.
COUNCIL LIAISON COMMENTS
Mayor Winfield provided the following comments:
- We met as a Council in August and September.
- On September 4, there was an item regarding a project on the North East corner of Innovation Parkway
and Tangerine. A Starbucks and other structures. It was continued by Council in a vote of 6-1 so that a
Traffic Study and a Noise Study can be conducted.
- OV Path Forward will have focus groups and one of those focus groups will be focused on Town Finances.
Mayor encourages Commissioners to volunteer for this focus group.
- Community Academy Registration closes September 27, so the Mayor encourages Commissioners to sign up
and complete the Academy if they haven't already done so.
ADJOURNMENT
Motion by Member Joyce Garland, seconded by Member Matthew Miller to adjourn the meeting at
4:49 PM.
Vote: 3 - 0 Carried
I hereby certify that the foregoing minutes are a true and correct copy of the minutes of the regular session of the
Town of Oro Valley Budget and Finance Commission of Oro Valley, Arizona held on the 17 day of September,
2024. I further certify that the meeting was duly called and held and that a quorum was present.
Dated this 17day of September, 2024.
9/17/24 Minutes, Budget and Finance Commission Regular Session 2
___________________________
Melissa Flores
Legal Secretary
9/17/24 Minutes, Budget and Finance Commission Regular Session 3
Budget and Finance Commission 2.
Meeting Date:10/15/2024
Submitted By:David Gephart, Finance
SUBJECT:
PRESENTATION AND POSSIBLE DISCUSSION OF THE TOWN FY 24/25 FINANCIAL UPDATE THROUGH
JULY 2024 (Please reference attachments)
RECOMMENDATION:
N/A
EXECUTIVE SUMMARY:
Please reference the attachments for this item.
Financial Status Fiscal Year to Date Through July 2024:
General Fund
Highway Fund
Community Center Fund
Capital fund
Water Fund
Stormwater Fund
Appendix:
Appendix 1 – Golf Income statement
Appendix 2 – Golf Analysis
Appendix 3 – All funds YTD actuals + Fund balance
Appendix 4 – Local Sales Tax Collections detail
Appendix 5 – General Fund State Shared Revenues
Appendix 6 – Debt Service
Appendix 7 – Operating Investment Summary
BACKGROUND OR DETAILED INFORMATION:
N/A
FISCAL IMPACT:
N/A
SUGGESTED MOTION:
N/A
Attachments
Consolidated July 2024 Monthly Financial Report
Town Manager’s Office
TOWN COUNCIL REPORT
DATE: September 30, 2024
TO: Mayor and Council
FROM: Jeff Wilkins, Town Manager
David Gephart, Chief Financial Officer
SUBJECT: July 2024 Financial Update
This financial update is intended to provide an overview and status of revenues and expenditures for the
Town’s selected funds through July 2024 for fiscal year 2024/25. Funds included in this financial update
are the General Fund, Highway Fund, Community Center Fund and Capital Fund. Also included are the
two enterprise funds, Water and Stormwater. Please note that a ll amounts are preliminary, un-audited
and subject to change. Additionally, figures may not include any adjusting audit entries required
at year-end.
Please note the new format of the report. Pages 1-15 are the financial status reports for the funds.
Appendix 1 and 2 provide further details on golf activity and contractor performance. Appendix 3 is the
consolidated report of all Town funds. Appendix 4 is the General Fund sales tax collections. Appendix 5 is
the General Fund state shared revenues. Appendix 6 is a breakdown of the Town’s outstanding debt
service principal and interest payments. Appendix 7 is a summary of operating investment values and
earnings by month.
General Fund
Financial Status Fiscal Year to Date: July 2024
Revenues `
Amount Percent
Local Sales Tax 2,100,370$ 2,035,673$ 28,708,825$ (26,673,152)$ 7% 28,708,825$
State Shared Revenues 1,840,001 1,688,016 20,432,937 (18,744,921) 8% 20,432,937
Licenses & Permits 132,004 126,732 1,673,022 (1,546,290) 8% 1,673,022
Grants 20,588 8,677 659,982 (651,305) 1% 659,982
Intergovernmental - - 1,981,555 (1,981,555) - 1,981,555
Charges for Service 250,641 320,214 2,966,467 (2,646,253) 11% 2,966,467
Other Revenue 306,752 518,695 684,000 (165,305) 76% 1,134,117
Total Revenues 4,650,355$ 4,698,008$ 57,106,788$ (52,408,780)$ 8% 57,556,905$
Uses
Amount Percent
Personnel Services 1,222,487$ 1,303,162$ 36,516,772$ 35,213,610$ 4% 36,516,772$
Operations and Maintenance 1,298,401 946,913 14,597,879 13,650,966 6% 14,597,879
Capital Outlay 6,000 - 673,400 673,400 - 673,400
Transfers Out 2,136,644 1,888,179 9,403,341 7,515,162 20% 9,153,341
Total Uses 4,663,532$ 4,138,255$ 61,191,392$ 57,053,137$ 7% 60,941,392$
Change in Fund Balance
Total Revenues 4,650,355$ 4,698,008$ 57,106,788$ 57,556,905$ 57,556,905$
Total Uses (4,663,532) (4,138,255) (61,191,392) (60,941,392) (60,941,392)
Change in Fund Balance (13,178)$ 559,753$ (4,084,604)$ (3,384,487)$ (3,384,487)$
Estimated Beginning Fund Balance 22,468,806$
Estimated Ending Fund Balance 18,384,202$ 19,084,319$ 19,084,319$
Note: The estimated ending fund balance exceeds the Town's 30% expenditure reserve policy by a margin of $3.3 million.
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget
FY 2024/25
Budget
Year End
Estimate
Year End
Estimate
Year End
Estimate
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget
FY 2023/24
Actuals
FY 2024/25
Actuals
Page 1 of 15
General Fund
Financial Status Fiscal Year to Date: July 2024
Local Sales Tax Revenue
Amount Percent
Construction 566,321$ 427,032$ 5,875,681$ (5,448,649)$ 7% 5,875,681$
Utilities 250,515 306,838 4,097,824 (3,790,987) 7% 4,097,824
Retail 728,452 750,336 9,447,680 (8,697,344) 8% 9,447,680
Remote Seller 164,339 131,633 1,914,724 (1,783,092) 7% 1,914,724
Bed Tax 144,726 107,778 2,464,858 (2,357,080) 4% 2,464,858
Restaurant & Bar 192,259 217,007 2,726,271 (2,509,264) 8% 2,726,271
Other 53,758 95,050 1,465,987 (1,370,937) 6% 1,465,987
Cable Franchise - - 715,800 (715,800) - 715,800
Local Sales Tax Total 2,100,370$ 2,035,673$ 28,708,825$ (26,673,152)$ 7% 28,708,825$
State Shared Revenue
Amount Percent
State Income Tax 1,064,957$ 856,425$ 10,276,631$ (9,420,206)$ 8% 10,276,631$
State Sales Tax 585,790 593,796 7,300,876 (6,707,080) 8% 7,300,876
Vehicle License Tax 189,254 237,795 2,520,803 (2,283,008) 9% 2,520,803
Smart and Safe - - 334,627 (334,627) - 334,627
State Shared Total 1,840,001$ 1,688,016$ 20,432,937$ (18,744,921)$ 8% 20,432,937$
Total local sales tax revenues are performing as expected.
Residential home construction appears to be slower than in the previous year,
as expected. However, we anticipate construction sales tax to catch up to
budgeted levels as planned commercial construction projects begin later in the
year.
Bed tax is trending below budget due to delinquent taxpayers, but we anticipate
it will catch up in the coming months.
Please refer to Appendix 4 for a detailed breakdown of General Fund local sales
tax collections.
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget
Total state shared revenues are performing as expected.
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget Year End
Estimate
Year End
Estimate
$0.9 $0.6 $0.2 $0.0$0
$2
$4
$6
$8
$10
$12
State Income Tax State Sales Tax Vehicle License
Tax
Smart and SafeMillions
FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget
$0.4 $0.3 $0.8 $0.1 $0.1 $0.2 $0.1 $0.0$0
$2
$4
$6
$8
$10
Millions FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget
Page 2 of 15
General Fund
Financial Status Fiscal Year to Date: July 2024
Licenses & Permits Revenue
Amount Percent
Business Licenses & Permits 2,710$ 6,180$ 200,200$ (194,020)$ 3% 200,200$
Residential Building Permits 103,664 77,643 951,806 (874,163) 8% 951,806
Commercial Building Permits 13,539 28,002 360,856 (332,854) 8% 360,856
Other Building Permits and Fees 12,091 14,907 160,160 (145,253) 9% 160,160
Licenses & Permits Total 132,004$ 126,732$ 1,673,022$ (1,546,290)$ 8% 1,673,022$
Grants Revenue
Amount Percent
Federal grants 14,162$ 8,677$ 509,415$ (500,738)$ 2% 509,415$
State Grants 6,426 - 150,567 (150,567) - 150,567
Grants Total 20,588$ 8,677$ 659,982$ (651,305)$ 1% 659,982$
Licenses & permit revenues are trending on budget.
A total of 11 Single Family Residential (SFR) permits have been issued through
July (95 budgeted for the year).
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget Year End
Estimate
Grant revenues performing as expected.
A significant portion of the budgeted grants are allocated to the Police
Department. These grants can fluctuate based on factors such as officer
scheduling, overtime, and the timing of reimbursements and awards from grant
programs.
About $75,000 of budgeted state grants is related to school resource officer
reimbursements for Leman Academy.
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget Year End
Estimate
FY 2023/24
Actuals
$0.0 $0.1 $0.0 $0.0
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
Business
Licenses &
Permits
Residential
Building Permits
Commercial
Building Permits
Other Building
Permits and
FeesMillions
FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget
$0.0 $0.0
$0.0
$0.2
$0.4
$0.6
Federal grants State GrantsMillions
FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget
Page 3 of 15
General Fund
Financial Status Fiscal Year to Date: July 2024
Intergovernmental Revenue
Amount Percent
School Resource Officers -$ -$ 90,000$ (90,000)$ - 90,000$
RTA Reimbursements - - 1,886,000 (1,886,000) - 1,886,000
PC Library District Reimburse - - 5,555 (5,555) - 5,555
Intergovernmental Total -$ -$ 1,981,555$ (1,981,555)$ - 1,981,555$
Charges for Service Revenue
Amount Percent
Enterprise Funds Cost Allocation 152,622$ 141,813$ 1,701,759$ (1,559,946)$ 8% 1,701,759$
Recreation Fees 57,936 151,033 856,640 (705,607) 18% 856,640
Development Fees 15,570 5,279 92,100 (86,821) 6% 92,100
Court Fees 10,696 10,138 155,000 (144,862) 7% 155,000
Other 13,816 11,950 160,968 (149,018) 7% 160,968
Charges for Service Total 250,641$ 320,214$ 2,966,467$ (2,646,253)$ 11% 2,966,467$
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget Year End
Estimate
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget Year End
Estimate
Cost allocation charges to the Town’s enterprise funds for services provided, as
well as Parks & Recreation fees, make up the bulk of this revenue category.
The enterprise funds cost allocation is the budget amount simply spread out
equally over 12 months.
Recreation fees through July exceeded budget due to substantial deposits for
field rentals and swim team lane reservations. This is expected, as these
revenues typically surge during the summer months (July and August) and the
spring (March and April)
Collections for this revenue category typically lag throughout the year.
$0.0 $0.0 $0.0
$0.0
$0.5
$1.0
$1.5
$2.0
School Resource
Officers
RTA Reimbursements PC Library District
ReimburseMillions
FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget
$0.1 $0.2 $0.0 $0.0 $0.0
$0.0
$0.5
$1.0
$1.5
$2.0
Enterprise
Funds Cost
Allocation
Recreation
Fees
Development
Fees
Court Fees OtherMillions
FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget
Page 4 of 15
General Fund
Financial Status Fiscal Year to Date: July 2024
Other Revenue
Amount Percent
Fines 5,207$ 6,497$ 55,000$ (48,503)$ 12% 55,000$
Interest Earnings 42,591 61,827 400,000 (338,173) 15% 400,000
Miscellaneous 258,953 450,372 229,000 221,372 197% 679,117
Other Revenue Total 306,752$ 518,695$ 684,000$ (165,305)$ 76% 1,134,117$
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget Year End
Estimate
Miscellaneous revenue exceeded budge due to a one-time rebate received from
the Arizona Municipal Risk Retention Pool (AMRRP).
$0.0
$0.1
$0.5
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
Fines Interest Earnings MiscellaneousMillions
FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget
Page 5 of 15
General Fund
Financial Status Fiscal Year to Date: July 2024
Expenditures by Department
Amount Percent
Clerk 16,822$ 15,303$ 564,954$ 549,651$ 3% 564,954$
Community & Econ. Dev. 130,153 128,315 4,289,037 4,160,722 3% 4,289,037
Council 39,475 6,026 241,102 235,076 2% 241,102
Finance 29,046 31,397 867,767 836,371 4% 867,767
Non-Departmental 92,637 216,143 3,048,603 2,832,460 7% 3,048,603
Human Resources 21,200 23,260 764,005 740,745 3% 764,005
Information Technology 979,812 582,033 6,022,838 5,440,805 10% 6,022,838
Legal 37,895 39,821 1,175,969 1,136,149 3% 1,175,969
Town Manager 50,140 61,326 1,742,926 1,681,600 4% 1,742,926
Parks & Recreation 222,294 228,812 4,782,096 4,553,284 5% 4,782,096
Police 738,315 662,960 20,220,736 19,557,776 3% 20,220,736
Public Works 134,987 219,154 6,944,467 6,725,313 3% 6,944,467
Town Court 34,113 35,525 1,123,551 1,088,026 3% 1,123,551
Total Department Expenditures 2,526,888$ 2,250,076$ 51,788,051$ 49,537,975$ 4% 51,788,051$
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget Year End
Estimate
$0.0 $0.1 $0.0 $0.0 $0.2 $0.0 $0.6 $0.0 $0.1 $0.2 $0.7 $0.2 $0.0 $0.0
$5.0
$10.0
$15.0
$20.0
$25.0
Millions FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget
Non‐Departmental:Significant actual expenditures through July are attributed to a budgeted payment to the Industrial Commission of Arizona's Municipal
Firefighters Cancer Reimbursement Fund. This fee is levied on all Arizona cities and towns that receive state shared revenues.
Page 6 of 15
Highway Fund
Financial Status Fiscal Year to Date: July 2024
Sources `
Amount Percent
Licenses & Permits 300$ 8,338$ 25,000$ (16,662)$ 33% 25,000$
Highway User Revenue 338,485 330,699 4,283,146 (3,952,447) 8% 4,283,146
Interest Earnings 24,707 937 150,000 (149,063) 1% 150,000
Miscellaneous 11,567 1,791 3,000 (1,209) 60% 3,731
Transfers In - - 4,000,000 (4,000,000) - 4,000,000
Total Sources 375,059$ 341,765$ 8,461,146$ (8,119,381)$ 4% 8,461,877$
Expenditures
Amount Percent
Personnel 47,505$ 48,840$ 1,333,798$ 1,284,958$ 4% 1,333,798$
O&M 13,141 4,001 1,301,505 1,297,504 0% 1,301,505
Capital Outlays - - 5,461,000 5,461,000 - 5,461,000
Total Expenditures 60,646$ 52,841$ 8,096,303$ 8,043,462$ 1% 8,096,303$
Change in Fund Balance
Total Sources 375,059$ 341,765$ 8,461,146$ 8,461,877$
Total Expenditures (60,646) (52,841) (8,096,303) (8,096,303)
Change in Fund Balance 314,413$ 288,924$ 364,843$ 365,574$
Estimated Beginning Fund Balance 630,180$
Estimated Ending Fund Balance 995,755$
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget
Year End
Estimate
Year End
Estimate
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Year End
Estimate
Revenues:
Highway User Revenue is trending on budget.
Miscellaneous revenue is projected to exceed budget due to insurance recoveries.
The planned transfers in of $4 million are from the Capital Fund for road projects. These are recorded evenly over four quarters.
Expenditures:
Budgeted capital outlays consist of the Town's annual pavement preservation program as well as several capital improvement projects. Pavement preservation
road work does not typically begin until the fall.
Page 7 of 15
Community Center Fund
Financial Status Fiscal Year to Date: July 2024
Revenues
Amount Percent
Local Sales Tax 284,305$ 298,112$ 3,879,440$ (3,581,328)$ 8% 3,879,440$
Contracted Operating Revenues 234,781 285,211 5,240,575 (4,955,364) 5% 5,240,575
Town Operating Revenues 85,893 104,444 1,386,052 (1,281,608) 8% 1,429,014
Other Revenues 8,883 2,446 179,332 (176,886) 1% 179,332
Total Revenues 613,863$ 690,213$ 10,685,399$ (9,995,186)$ 6% 10,728,361$
Uses
Amount Percent
Contracted Operating Expenditures 427,641$ 433,673$ 5,343,893$ 4,910,220$ 8% 5,343,893$
Town Operating Expenditures 113,860 128,401 2,117,290 1,988,889 6% 2,117,290
Capital Outlay - 732 1,622,249 1,621,517 0% 1,622,249
Transfers Out 1,717,203 1,717,149 1,717,149 - 100% 1,717,149
Total Uses 2,258,705$ 2,279,955$ 10,800,581$ 8,520,626$ 21% 10,800,581$
Change in Fund Balance
Total Revenues 613,863$ 690,213$ 10,685,399$ 10,728,361$
Total Uses (2,258,705) (2,279,955) (10,800,581) (10,800,581)
Change in Fund Balance (1,644,842)$ (1,589,741)$ (115,182)$ (72,220)$
Estimated Beginning Fund Balance 1,806,073$
Estimated Ending Fund Balance 1,733,853$
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2023/24
Actuals
FY 2024/25
Actuals
Year End
Estimate
FY 2024/25
Budget
Actual Vs. Budget
FY 2024/25
Budget
Year End
Estimate
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget Year End
Estimate
Page 8 of 15
Community Center Fund
Financial Status Fiscal Year to Date: July 2024
Local Sales Tax Revenue
Amount Percent
Retail 182,113$ 187,584$ 2,361,920$ (2,174,336)$ 8% 2,361,920$
Remote Seller 32,868 32,908 478,681 (445,773)$ 7% 478,681
Restaurant & Bar 48,065 54,252 681,568 (627,316) 8% 681,568
Other 21,260 23,368 357,271 (333,903) 7% 357,271
Local Sales Tax Total 284,305$ 298,112$ 3,879,440$ (3,581,328)$ 8% 3,879,440$
Contracted Operating Revenue
Amount Percent
Golf Revenue, Trail & Cart Fees 67,791$ 114,341$ 2,572,302$ (2,457,961)$ 4% 2,572,302$
Member Dues 115,773 119,256 1,501,560 (1,382,304) 8%1,501,560
Food & Beverage 33,846 32,365 771,858 (739,493) 4%771,858
Merchandise & Other 17,370 19,250 394,855 (375,605) 5% 394,855
Contracted Revenue Total 234,781$ 285,211$ 5,240,575$ (4,955,364)$ 5% 5,240,575$
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2023/24
Actuals
FY 2024/25
Actuals
Local Sales tax performing as expected.
Golf revenues are trending es expected.
Through July, 5,777 rounds of golf had been played which is up 30% from the
prior year and 18% greater than budget through July.
Please refer to Appendix 3 for or a more in-depth analysis of golf revenues,
expenses, and historical comparisons
Actual Vs. Budget Year End
Estimate
Year End
Estimate
Note: Estimated sales tax collections on golf operations for
FY 2024/25 is $136,518.
FY 2024/25
Budget
FY 2024/25
Budget
Actual Vs. Budget
$0.1 $0.1 $0.0 $0.0
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
Golf Revenue,
Trail & Cart Fees
Member Dues Food &
Beverage
Merchandise &
OtherMillions
FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget
$0.2 $0.0 $0.1 $0.0
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
Retail Remote Seller Restaurant &
Bar
OtherMillions
FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget
Page 9 of 15
Community Center Fund
Financial Status Fiscal Year to Date: July 2024
Town Operating Revenue
Amount Percent
Daily Drop-Ins 4,462$ 5,015$ 76,000$ (70,985)$ 7% 76,000$
Member Dues 66,086 81,356 832,038 (750,682) 10% 875,000
Recreation Programs 10,833 12,989 388,850 (375,861) 3% 388,850
Facility Rental Income 4,512 5,083 89,164 (84,081) 6% 89,164
Town Operating Revenue Total 85,893$ 104,444$ 1,386,052$ (1,281,608)$ 8% 1,429,014$
Other Revenue
Amount Percent
Interest Income 8,883$ 2,443$ 16,682$ (14,239)$ 15% 16,682
HOA Contributions - - 159,050 (159,050) - 159,050
Miscellaneous - 3 3,600 (3,597) 0% 3,600
Other Revenue Total 8,883$ 2,446$ 179,332$ (176,886)$ 1% 179,332$
Town operating revenues are performing as expected.
Member dues have increased by approximately 23% compared to the previous
year, and total memberships have risen by about 20%. We conservatively
estimate a 5% budget surplus based on these figures.
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget Year End
Estimate
Year End
Estimate
FY 2024/25
Budget
Actual Vs. Budget
$0.0
$0.1 $0.0 $0.0$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
Daily Drop-Ins Member Dues Recreation
Programs
Facility Rental
IncomeMillions
FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget
$0.0 $0.0 $0.0
$0.0
$0.1
$0.2
Interest Income HOA Contributions MiscellaneousMillions
FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget
Page 10 of 15
Community Center Fund
Financial Status Fiscal Year to Date: July 2024
Contracted Operating Expenditures
Amount Percent
Personnel 136,736$ 140,519$ 1,839,522$ 1,699,003$ 8% 1,839,522$
Food & Beverage 41,212 44,934 701,378 656,444 6% 701,378
Operations & Maintenance 236,136 234,663 2,640,332 2,405,669 9% 2,640,332
Equipment Leases 13,557 13,557 162,661 149,104 8% 162,661
Contracted Expenditures Total 427,641$ 433,673$ 5,343,893$ 4,910,220$ 8% 5,343,893$
Contracted operating expenditures are trending as expected.
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Year End
Estimate
Actual Vs. Budget
$0.1 $0.0 $0.2 $0.0
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
Personnel Food & Beverage Operations &
Maintenance
Equipment
LeasesMillions
FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget
Page 11 of 15
Community Center Fund
Financial Status Fiscal Year to Date: July 2024
Town Operating Expenditures
Amount Percent
Personnel 73,900$ 81,433$ 1,222,583$ 1,141,150 7% 1,222,583$
Operations & Maintenance 39,960 46,968 894,707 847,739 5% 894,707
Town Operating Expenditures Total 113,860$ 128,401$ 2,117,290$ 1,988,889$ 6% 2,117,290$
FY25 Revised
Budget
Community Center Flat Roof Surface Replacement 104,344
CRC Golf Maintenance Sewer Connection 125,000
CRC Overlook Ice Machine Repair/Partial Replacement 18,500
CRC Restaurant Cooler/Freezer Modernization & Floor Repair 35,405
Golf Conquistador Lake Dredging 80,000
Golf John Deere Tractor Replacement 125,000
Ladder Ports for roof access 9,000
Pusch Ridge Golf Bridge Replacement 400,000
Pusch Ridge Tennis Bleachers and ADA Accessibility 200,000
Reelmaster Mower Replacement 105,000
Replace deteriorated siding on roof 10,000
Vistoso Trails Nature Preserve Site Improvements 200,000
VTNP Maintenance Facility Roof Repair and Security 210,000
1,622,249
List of FY25 Capital Projects:
Year End
Estimate
Town operating expenditures are trending as expected.
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget
$0.1 $0.0
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
Personnel Operations & MaintenanceMillions
FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget
Page 12 of 15
Capital Fund
Financial Status Fiscal Year to Date: July 2024
Sources `
Amount Percent
State Grants -$ -$ 1,000,000$ (1,000,000)$ -
Vehicle Reserves 74,378 77,791 933,490 (855,699) 8%
Interest Earnings 60,086 53,086 348,382 (295,296) 15%
Miscellaneous 4,250 900 115,000 (114,100) 1%
Transfers In from General Fund - - 7,139,787 (7,139,787) -
Total Sources 138,714$ 131,777$ 9,536,659$ (9,404,882)$ 1%
Uses
Amount Percent
Personnel 10,892$ -$ -$ -$ na
O&M - 9,403 - (9,403) na
Capital Outlays 186,382 (1,626) 8,353,569 8,355,195 -0%
Transfers Out - - 6,174,530 6,174,530 -
Total Uses 197,274$ 7,777$ 14,528,099$ 14,520,322$ 0%
Change in Fund Balance
Total Sources 138,714$ 131,777$ 9,536,659$
Total Uses (197,274) (7,777) (14,528,099)
Change in Fund Balance (58,560)$ 124,000$ (4,991,440)$
Estimated Beginning Fund Balance 16,911,869$
Estimated Ending Fund Balance 11,920,429$
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget
Sources:
State grants: Arizona State Parks granted $1 million for Naranja Park's pump track and skatepark expected to be received this year.
Transfers in from the General Fund are to fund CIP projects are made based on the budget and occur quarterly.
A yearly reserve is set aside for vehicle replacement, calculated based on the purchase price and estimated lifespan of Town-owned vehicles.
This reserve is spread out over 12 months and charged to the general fund each month.
Uses:
O&M costs are from the purchase of smaller, non-capitalized equipment used in the Steam Pump Ranch - Solar Lighting CIP project. Capital
outlays are negative due to returns/refunds. This is expected to reverse as more transaction are posted throughout the year.
The budget includes $4 million in transfers to the Highway Fund for capital improvement projects, which are recorded evenly over four quarters.
Additionally, $2.2 million is allocated to the Grants Fund. Of this, $2 million is earmarked for the Vistoso Trails Nature Preserve and $174,530 is
for a 20% match for transit vehicles funded by 80% grants. These grant transfers are recorded at the end of the year and may adjust based on
the actual grant awards.
Page 13 of 15
Water Utility Fund
Financial Status Fiscal Year to Date: July 2024
Sources `
Amount Percent
Water Sales 1,501,954$ 1,536,268$ 18,000,000$ (16,463,732)$ 9% 18,000,000$
Charges For Services 297,093 256,240 3,424,000 (3,167,760) 7% 3,424,000
Interest Earnings 23,053 22,154 100,000 (77,846) 22% 100,000
Miscellaneous 3,007 326 - 326 - -
Other Financing Sources - - 8,000,000 (8,000,000) - 8,000,000
Total Sources 1,825,106$ 1,814,987$ 29,524,000$ (27,709,013)$ 6% 29,524,000$
Uses
Amount Percent
Personnel 141,025$ 131,117$ 3,992,428$ 3,861,311$ 3% 3,992,428$
O&M 561,163 167,497 11,198,284 11,030,787 1% 11,198,284
Capital Outlays 178,421 127,209 1,785,330 1,658,121 7% 1,785,330
Debt Service 3,300,830 3,116,988 3,391,568 274,580 92% 3,391,568
Transfers Out 2,308 2,333 6,862,333 6,860,000 0% 6,862,333
Total Uses 4,183,747$ 3,545,144$ 27,229,943$ 23,684,799$ 13% 27,229,943$
Note: Excludes non-cash outlays for depreciation & amortization
Change in Fund Balance
Total Sources 1,825,106$ 1,814,987$ 29,524,000$ 29,524,000$
Total Uses (4,183,747) (3,545,144) (27,229,943) (27,229,943)
Change in Fund Balance (2,358,640)$ (1,730,157)$ 2,294,057$ 2,294,057$
Estimated Beginning Fund Balance 9,354,336$
Estimated Ending Fund Balance 11,648,393$
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Year End
Estimate
Year End
Estimate
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget Year End
Estimate
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget
Sources:
The budget for other financing sources consists of proceeds from an anticipated $8 million loan.
Uses:
Debt Service: The full annual principal payment for debt service is recorded at the start of the year. Interest payments are made twice yearly, in January and June.
For a complete breakdown of outstanding debt issuances, please refer to Appendix 6.
Transfers out are primarily to the Water Resource Impact Fee fund to fund the NWRRDS capital projects and represents 40% of groundwater preservation fees.
This transfer is recorded at the end of the fiscal year and may vary based on revenue collections. There is also a small transfer of $2,333 to the Debt Service Fund
for debt service.
Page 14 of 15
Stormwater Utility Fund
Financial Status Fiscal Year to Date: July 2024
Revenues `
Amount Percent
Charges For Services 154,938$ 156,056$ 1,518,500$ (1,362,444)$ 10% 1,518,500$
Grants - - 210,000 (210,000) - 210,000
Interest Earnings 1,799 3,085 19,000 (15,915) 16% 19,000
Total Revenues 156,737$ 159,141$ 1,747,500$ (1,588,359)$ 9% 1,747,500$
Expenses
Amount Percent
Personnel 34,217$ 37,631$ 1,018,770$ 981,139$ 4% 1,018,770$
O&M 19,979 23,195 425,834 402,639 5% 425,834
Capital Outlays - - 735,000 735,000 - 735,000
Total Expenses 54,196$ 60,826$ 2,179,604$ 2,118,778$ 3% 2,179,604$
Note: Excludes non-cash outlays for depreciation
Change in Fund Balance
Total Revenues 156,737$ 159,141$ 1,747,500$ 1,747,500$
Total Expenses (54,196) (60,826) (2,179,604) (2,179,604)
Change in Fund Balance 102,541$ 98,315$ (432,104)$ (432,104)$
Estimated Beginning Fund Balance 1,062,883$
Estimated Ending Fund Balance 630,779$
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Year End
Estimate
Year End
Estimate
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget Year End
Estimate
FY 2023/24
Actuals
FY 2024/25
Actuals
FY 2024/25
Budget
Actual Vs. Budget
Revenues:
Grants budget consists of a FEMA grant for the Sierra Wash at Via Mandarina capital project.
Expenses:
Budgeted capital expenditures consist of general culvert cleaning and infrastructure maintenance as well as two CIP projects: Sierra Wash at Via Mandarina
Drainage Improvements ($365,000) and Oro Valley Country Club Drainage and Pavement Improvement ($300,000).
Page 15 of 15
APPENDIX 1
Budget Last Year Budget Last Year
Actual Budget Variance Last Year Variance Actual Budget Variance Last Year Variance
Rounds
2,943 2,600 343 2,643 300 Rounds ‐ Member 2,943 2,600 343 2,643 300
227 300 (73)311 (84)Rounds ‐ Outing 227 300 (73)311 (84)
2,607 2,000 607 1,492 1,115 Rounds ‐ Public 2,607 2,000 607 1,492 1,115
================================================================================ ===============================================================================
5,777 4,900 877 4,446 1,331 Total Rounds 5,777 4,900 877 4,446 1,331
Revenue
86,146 65,650 20,496 44,952 41,194 Green Fees 86,146 65,650 20,496 44,952 41,194
26,250 22,750 3,500 22,839 3,411 Cart Fees 26,250 22,750 3,500 22,839 3,411
1,946 2,000 (54)0 1,946 Driving Range 1,946 2,000 (54)0 1,946
0 0 0 0 0 Golf Cards/Passes 0 0 0 0 0
12,312 9,550 2,762 8,862 3,450 Pro Shop Sales 12,312 9,550 2,762 8,862 3,450
16,999 22,150 (5,151)21,438 (4,439)Food (Food & Soft Drinks) 16,999 22,150 (5,151)21,438 (4,439)
16,387 17,475 (1,088)13,878 2,508 Beverages (Alcohol) 16,387 17,475 (1,088)13,878 2,508
(1,021)0 (1,021) (1,470)449 Other Food & Beverage Revenue (1,021)0 (1,021) (1,470)449
7,018 2,000 5,018 9,516 (2,498)Other Golf Revenues (Club Rent, Handic 7,018 2,000 5,018 9,516 (2,498)
585 1,750 (1,165)1,675 (1,090)Clinic / School Revenue 585 1,750 (1,165)1,675 (1,090)
119,256 115,000 4,256 115,773 3,483 Dues Income ‐ Monthly Dues 119,256 115,000 4,256 115,773 3,483
0 0 0 0 0 Initiation Fee Income / Annual Member 00000
(665)2,000 (2,665) (2,683)2,017 Miscellaneous Income and Discounts (665)2,000 (2,665) (2,683)2,017
============== ================================================================ ==========================================================================
285,211 260,325 24,886 234,781 50,431 Total Revenue 285,211 260,325 24,886 234,781 50,431
Cost of Sales
8,929 6,860 (2,069)7,006 (1,923)COGS ‐ Pro Shop 8,929 6,860 (2,069)7,006 (1,923)
5,831 6,554 722 8,753 2,921 COGS ‐ Food 5,831 6,554 722 8,753 2,921
2,556 1,198 (1,359)1,148 (1,409)COGS ‐ Non‐Alcoholic Beverages 2,556 1,198 (1,359)1,148 (1,409)
4,890 5,243 352 4,177 (713)COGS ‐ Alcohol 4,890 5,243 352 4,177 (713)
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
22,207 19,854 (2,353)21,083 (1,124)Total Cost of Sales 22,207 19,854 (2,353)21,083 (1,124)
============== ================================================================ ==========================================================================
263,005 240,471 22,533 213,698 49,307 GROSS INCOME 263,005 240,471 22,533 213,698 49,307
Labor
31,755 29,532 (2,223)32,161 406 Golf Operation Labor 31,755 29,532 (2,223)32,161 406
11,920 12,087 167 11,814 (107)General and Administrative 11,920 12,087 167 11,814 (107)
69,164 68,861 (303)70,754 1,590 Maintenance and Landscaping 69,164 68,861 (303)70,754 1,590
25,533 22,872 (2,661)22,454 (3,079)F&B 25,533 22,872 (2,661)22,454 (3,079)
5,825 6,036 211 5,195 (630)Sales and Marketing 5,825 6,036 211 5,195 (630)
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
144,197 139,388 (4,809)142,378 (1,820)Total Direct Labor 144,197 139,388 (4,809)142,378 (1,820)
11,216 12,000 783 11,253 37 Total Payroll Taxes 11,216 12,000 783 11,253 37
10,667 9,666 (1,001)5,716 (4,951)Total Medical/Health Benefits 10,667 9,666 (1,001)5,716 (4,951)
2,303 1,916 (387)2,008 (295)Total Workmans Comp 2,303 1,916 (387)2,008 (295)
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
24,186 23,582 (604)18,976 (5,209)Total Payroll Burden 24,186 23,582 (604)18,976 (5,209)
============== ================================================================ ==========================================================================
168,383 162,970 (5,413)161,354 (7,029)Total Labor 168,383 162,970 (5,413)161,354 (7,029)
Other Operational Expenses
5,655 4,635 (1,020)4,603 (1,052)Golf Ops 5,655 4,635 (1,020)4,603 (1,052)
8,122 12,930 4,808 15,805 7,684 G&A 8,122 12,930 4,808 15,805 7,684
48,438 49,350 912 43,989 (4,449)Maintenance 48,438 49,350 912 43,989 (4,449)
3,792 2,720 (1,072)2,516 (1,276)F&B 3,792 2,720 (1,072)2,516 (1,276)
3,235 3,475 240 6,847 3,611 Sales and Marketing 3,235 3,475 240 6,847 3,611
13,259 13,259 0 13,259 0 Golf Cart Leases 13,259 13,259 0 13,259 0
298 296 (2)298 0 Equipment Leases 298 296 (2)298 0
128,103 122,755 (5,348)125,458 (2,645)Utilities ‐ Maintenance 128,103 122,755 (5,348)125,458 (2,645)
15,480 17,200 1,720 16,972 1,492 Utilities ‐ G&A 15,480 17,200 1,720 16,972 1,492
10,824 10,930 106 10,404 (420)Management Fees 10,824 10,930 106 10,404 (420)
5,877 5,600 (277)5,053 (824)Insurance ‐ P&C 5,877 5,600 (277)5,053 (824)
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
243,083 243,150 67 245,204 2,121 Total Other Operational Expenses 243,083 243,150 67 245,204 2,121
============== ================================================================ ==========================================================================
411,466 406,120 (5,346)406,558 (4,908)Total Expenses 411,466 406,120 (5,346)406,558 (4,908)
============== ================================================================ ==========================================================================
(148,461) (165,648)17,187 (192,860)44,399 EBITDAR (148,461) (165,648)17,187 (192,860)44,399
============== ================================================================ ==========================================================================
(148,461) (165,648)17,187 (192,860)44,399 EBITDA (148,461) (165,648)17,187 (192,860)44,399
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
0 0 0 0 0 Total Interest Expense 0 0 0 0 0
============== ================================================================ ==========================================================================
(148,461) (165,648)17,187 (192,860)44,399 Net Income (148,461) (165,648)17,187 (192,860)44,399
El Conquistador Golf Club
For the Month Ending July 31st, 2024
July YTD
APPENDIX 2Operating:Through JulBudgetCumulativeFY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY2024 FY2025 FY 2025 ActualsRevenue36 Hole 500,158 1,883,452 1,798,304 2,171,484 2,367,136 2,593,395 3,522,083 3,674,489 3,856,880 4,724,718 246,016 4,015,000 27,338,115 Pusch Ridge‐ 105,370 99,134 59,726 106,184 98,316 ‐ 380,375 414,225 528,346 6,831 479,025 1,798,507 F&B ‐ Overlook‐ 606,171 708,594 745,766 671,582 554,336 448,782 671,479 725,222 766,679 32,365 746,550 5,930,976 Total Revenue500,158 2,594,993 2,606,032 2,976,976 3,144,902 3,246,047 3,970,865 4,726,343 4,996,327 6,019,743 285,211 5,240,575 35,067,597 Expenses36 Hole 1,112,252 3,588,714 3,936,889 3,817,932 3,771,706 3,891,341 3,915,216 3,740,982 3,929,757 4,263,007 362,945 4,183,688 36,330,741 Pusch Ridge‐ 253,513 256,769 236,160 230,196 287,112 ‐ 319,702 390,959 478,320 25,793 458,827 2,478,524 F&B ‐ Overlook‐ 861,740 823,383 841,866 785,499 701,538 440,382 630,509 596,910 684,037 44,935 701,378 6,410,798 Total Expenses1,112,252 4,703,967 5,017,041 4,895,958 4,787,401 4,879,991 4,355,598 4,691,193 4,917,626 5,425,364 433,673 5,343,893 45,220,063 Profit/(Loss)36 Hole (612,094) (1,705,262) (2,138,585) (1,646,448) (1,404,570) (1,297,946) (393,133) (66,493) (72,877) 461,711 (116,929) (168,688) (8,992,626) Pusch Ridge‐ (148,143) (157,635) (176,434) (124,012) (188,796) ‐ 60,673 23,266 50,026 (18,962) 20,198 (680,017) F&B ‐ Overlook‐ (255,569) (114,789) (96,100) (113,917) (147,202) 8,400 40,970 128,312 82,642 (12,570) 45,172 (479,823) Total Operating Profit/(Loss)(612,094) (2,108,974) (2,411,009) (1,918,982) (1,642,499) (1,633,944) (384,733) 35,150 78,701 594,379 (148,461) (103,318) (10,152,466) Capital Investments45,116 47,909 29,464 ‐ ‐ 131,035 2,828,061 4,619,904 2,184,848 ‐ 835,000 9,886,337 Initial purchase (1)300,000 350,000 350,000 1,000,000 Notes: (1) $1,000,000 original purchase of courses and community center1/2 cent sales tax 506,710 2,030,750 2,199,466 2,330,941 2,463,034 2,584,916 2,947,420 3,535,507 3,707,578 3,792,744 298,112 3,726,016 26,397,178 HOA contributions‐ ‐ ‐ ‐ ‐ ‐ 125,000 159,050 159,050 159,050 ‐ 159,050 602,150 POST AGREEMENTPRE AGREEMENTTown of Oro ValleyGolf AnalysisAPPENDIX 2Page 1 OF 2
APPENDIX 2Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May JunFY 2023Gross Income 218,180 210,232 258,241 252,747 499,632 394,901 472,032 541,889 636,010 523,324 315,175 231,708 Expenses 306,974 296,210 432,727 576,529 322,700 297,856 310,847 307,918 355,497 313,621 429,007 558,232 Net Income/(Loss) (88,794) (85,978) (174,487) (323,782) 176,932 97,044 161,185 233,971 280,512 209,703 (113,832) (326,524) FY 2024Gross Income 213,698 225,040 295,419 332,783 495,412 480,305 525,109 589,339 694,275 586,473 430,577 294,092 Expenses 406,558 333,614 420,523 454,504 412,959 349,298 308,213 291,616 334,623 326,900 398,960 530,376 Net Income/(Loss) (192,860) (108,573) (125,103) (121,721) 82,453 131,007 216,896 297,723 359,652 259,573 31,617 (236,284) FY 2025Gross Income 263,005 Expenses 411,466 Net Income/(Loss) (148,461) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Town of Oro ValleyGolf Analysis ‐ Contractor Financials ‐ 200,000 400,000 600,000 800,000Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May JunComparison of Gross Income by Month ‐Total Golf OperationsFY 2023FY 2024FY 2025 ‐ 200,000 400,000 600,000 800,000Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May JunComparison of Total Expenses by Month ‐Total Golf OperationsFY 2023FY 2024FY 2025 (400,000) (200,000) ‐ 200,000 400,000Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May JunComparison of Net Income/(Loss) by Month ‐Total Golf OperationsFY 2023FY 2024FY 2025APPENDIX 2Page 2 of 2
APPENDIX 3Consolidated Year-to-Date Financial Report through July 2024FY 2024/2025FundFY 24/25Est. Beginning BalanceRevenueOther Fin Sources/Transfers InTotal In Personnel O&M CapitalDebt ServiceOther Fin Uses/ Transfers OutTotal OutFund Balance Through July 2024General Fund 22,468,806 4,698,008 4,698,008 1,303,162 946,913 - 1,888,179 4,138,255 23,028,559 Highway Fund 630,180 341,765 341,765 48,840 4,001 - 52,841 919,104 Grants and Contributions Fund 11,469 405 405 1,260 68 1,328 10,546 Seizure & Forfeiture - Justice/State 331,071 1,900 1,900 - 332,971 Community Center Fund 1,806,073 690,213 690,213 81,433 480,640 732 1,717,149 2,279,955 216,332 Municipal Debt Service Fund 326,016 8,622 3,650,379 3,659,001 2,550 3,395,245 3,397,795 587,222 Water Resource System & Dev. Impact Fee Fund 13,640,734 76,391 76,391 531 53,166 53,697 13,663,428 Townwide Roadway Dev Impact Fee Fund 2,591,717 26,146 26,146 - 2,617,863 Parks & Recreation Impact Fee Fund 194,571 6,873 6,873 - 201,444 Police Impact Fee Fund 74,418 3,325 3,325 42,718 42,718 35,025 Capital Fund 16,911,869 131,777 - 131,777 - 9,403 (1,626) - 7,777 17,035,869 PAG/RTA Fund 418,839 4,209 4,209 - 423,048 Water Utility 9,354,336 1,814,987 - 1,814,987 131,117 167,497 127,209 3,116,988 2,333 3,545,144 7,624,179 Stormwater Utility 1,062,883 159,141 159,141 37,631 23,195 - 60,826 1,161,199 Benefit Self Insurance Fund 3,071,448 418,969 418,969 440,676 440,676 3,049,741 Recreation In-Lieu Fee Fund 18,066 52 52 - 18,118 Total 72,912,497 8,382,784 3,650,379 12,033,163 1,603,444 2,074,944 126,846 6,565,399 3,650,379 14,021,012 70,924,648
APPENDIX 4General Fund Local Sales Tax Collections FY 2024/25JULAUGSEPOCTNOVDECJANFEBMARAPRMAYJUNTOTALConstruction Sales Tax427,032 427,032 Utility Sales Tax306,838 306,838 Retail Sales Tax750,336 750,336 Remote Seller Sales Tax131,633 131,633 Bed Tax107,778 107,778 Restaurant & Bar Sales Tax217,007 217,007 All Other Local Sales Tax *95,050 95,050 Monthly Total 2,035,673$ 2,035,673$ Cumulative Total2,035,673$ Monthly variance(64,697)$ Cumulative variance(64,697)$ FY 2023/24JULAUGSEPOCTNOVDECJANFEBMARAPRMAYJUNTOTALConstruction Sales Tax 566,321 609,737 391,196 422,231 488,917 493,394 486,229 411,515 164,695 578,910 513,988 397,105 5,524,238 Utility Sales Tax 250,515 368,788 435,027 373,297 365,463 336,739 321,251 411,797 336,202 217,994 338,593 260,175 4,015,841 Retail Sales Tax 728,452 730,517 682,418 725,728 645,288 841,754 1,049,364 772,676 735,897 833,289 774,387 762,947 9,282,717 Remote Seller Sales Tax164,339 173,253 160,927 161,612 297,086 224,357 232,420 182,712 193,358 187,755 184,774 193,184 2,355,776 Bed Tax 144,726 137,921 139,535 141,666 163,605 153,950 115,408 326,484 83,195 279,300 195,470 162,019 2,043,280 Restaurant & Bar Sales Tax 192,259 193,105 215,297 223,296 212,172 217,665 234,122 232,257 227,823 298,144 260,586 229,695 2,736,422 All Other Local Sales Tax *53,758 53,556 72,102 98,792 48,666 35,525 20,868 140,974 31,808 117,276 87,379 60,203 820,907 Monthly Total 2,100,370$ 2,266,876$ 2,096,503$ 2,146,622$ 2,221,197$ 2,303,384$ 2,459,664$ 2,478,415$ 1,772,979$ 2,512,668$ 2,355,178$ 2,065,327$ 26,779,181$ Cumulative Total2,100,370$ 4,367,246$ 6,463,748$ 8,610,370$ 10,831,567$ 13,134,951$ 15,594,615$ 18,073,030$ 19,846,008$ 22,358,676$ 24,713,854$ 26,779,181$ *Does not include cable franchise fees or sales tax audit revenues
APPENDIX 5General Fund State Shared RevenuesFY 2024/25JULAUGSEPOCTNOVDECJANFEBMARAPRMAYJUNTOTALState Shared Income Tax 856,425 856,425 State Shared Sales Tax 593,796 593,796 County Auto Lieu 237,795 237,795 Smart and Safe- - Monthly Total 1,688,016$ 1,688,016$ Cumulative Total 1,688,016$ Monthly variance (151,985)$ Cumulative variance (151,985)$ FY 2023/24JULAUGSEPOCTNOVDECJANFEBMARAPRMAYJUNTOTALState Shared Income Tax 1,064,957 1,064,957 1,064,957 1,064,957 1,064,957 1,064,957 1,064,957 1,064,957 1,064,957 1,064,957 1,064,957 1,064,957 12,779,482 State Shared Sales Tax 585,790 598,642 580,255 602,020 587,629 599,429 695,594 581,121 577,773 652,448 617,138 604,061 7,281,900 County Auto Lieu 189,254 220,268 179,819 201,993 183,567 183,086 222,892 194,548 235,310 214,074 219,675 194,493 2,438,980 Smart and Safe- - - - - 136,194 - - - - - 148,944 285,138 Monthly Total 1,840,001$ 1,883,868$ 1,825,032$ 1,868,970$ 1,836,152$ 1,983,666$ 1,983,443$ 1,840,626$ 1,878,040$ 1,931,479$ 1,901,769$ 2,012,454$ 22,785,500$ Cumulative Total 1,840,001$ 3,723,869$ 5,548,900$ 7,417,870$ 9,254,023$ 11,237,689$ 13,221,132$ 15,061,758$ 16,939,798$ 18,871,277$ 20,773,046$ 22,785,500$
APPENDIX 6Debt Service ExpenseAdopted Forecast Forecast Forecast Forecast Forecast Forecast Forecast Final Payment 2024/25 2025/26 2026/27 2027/28 2028/29 2030-2034 2035-2039 2040-2043DateMunicipal Debt Service FundExcise Tax Revenue Bonds- - - 2010 CREBS 191,318 186,370 176,066 170,437 - - - - 20282012 Revenue Bonds 226,718 224,631 227,147 224,125 - - - - 20282015a Refunding Excise Tax (1) 306,079 304,379 - - - - - - 20262016 Excise Tax 172,224 172,968 172,635 172,236 172,760 516,654 - - 20322017a Refunding Excise Tax (2) 138,657 138,645 138,626 - - - - - 20272018a Excise Tax Revenue Obligations (3) 171,718 171,515 171,446 171,502 171,429 855,649 - - 20342021 Parks & Rec Excise Tax 1,544,925 1,543,300 1,544,800 1,539,425 1,542,050 7,693,700 7,684,600 4,599,500 20422021 Pension Obligation Bonds 1,268,715 1,271,262 1,266,350 1,264,118 1,264,461 6,313,500 6,298,141 2039Total Municipal Debt Service Fund4,020,354 4,013,070 3,697,070 3,541,843 3,150,700 15,379,503 13,982,741 4,599,500 Community Center FundContracts PayableLeased Fitness Equipment 20,374 7,668 - - - - - - 2026Financed Fitness Equipment 30,126 22,677 7,559 - - - - - 2027Golf Carts 162,661 130,867 76,339 - - - - - 2027Total Community Center Fund213,161 161,212 83,898 - - - - - WRSDIF FundExcise Tax Revenue Bonds2021a Excise Tax Revenue Obligations (4) 55,711 56,550 56,693 56,295 34,889 202955,711 56,550 56,693 56,295 34,889 - - - Water Utility FundExcise Tax Revenue Bonds2015b Refunding Revenue Bonds (1) 149,356 148,500 - - - - - - 20262017b Refunding Revenue Bonds (2) 1,620,250 1,619,650 1,619,032 - - - - - 20272018b Excise Tax Revenue Obligation (3) 509,310 508,532 508,144 508,118 507,710 2,530,976 - - 20342021b Excise Tax Revenue Obligations (4) 740,667 751,828 753,730 748,434 463,845 111,139 - - 2030Water Revenue LoansWIFA Loan, 2014 371,985 376,299 376,178 376,054 375,926 - - - 2029Total Water Utility Fund3,391,568 3,404,809 3,257,084 1,632,606 1,347,481 2,642,115 - - TOTAL DEBT SERVICE - ALL FUNDS7,680,794 7,635,641 7,094,745 5,230,744 4,533,070 18,029,978 13,982,741 4,599,500 (1) Series 2015 for municpal operation facilities debt service is split between General Fund excise tax revenue (67%) and water revenue (33%.)(2) Series 2017 debt service is split between General Fund excise tax revenue (8%) and water revenue (92%.)(3) Series 2018 for water infrastucture and police evidence and substation facility. Debt service is split between General Fund excise tax revenue (25%) and water revenue (75%.)(4) Series 2021 debt service is split between the Water Utility Fund (93%) and the Water Impact fee Fund (7%.)
APPENDIX 7Town of Oro ValleyOperating Investment SummaryFiscal Year 2024/25JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUNLGIPEnding Market Value3,180,476$ Gain/Loss16,989$ 1-Month Yield5.42%PFM Asset ManagementClosing Market Value55,564,717$ Cash Basis Earnings242,494$ Annualized Yield to Maturity at Cost4.01%Wells Fargo SweepEnding Balance3,651,439$ Dividends18,152$ 7-Day Simple Yield5.19%