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Home My WebLink AboutPackets - Budget and Finance Committee (55) AGENDA ORO VALLEY BUDGET AND FINANCE COMMISSION REGULAR SESSION NOVEMBER 19, 2024 HOPI CONFERENCE ROOM 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 OCTOBER 15, 2024 REGULAR SESSION MEETING MINUTES 2.PRESENTATION AND POSSIBLE DISCUSSION OF THE TOWN FY 24/25 FINANCIAL UPDATE THROUGH SEPTEMBER 2024 (Please reference attachments) 3.DISCUSSION AND POSSIBLE ACTION TO CANCEL THE BUDGET AND FINANCE COMMISSION REGULAR SESSION MEETING SCHEDULED FOR DECEMBER 17, 2024. COUNCIL LIAISON COMMENTS ADJOURNMENT POSTED: 11/15/24 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:11/19/2024 Submitted By:Melissa Flores, Legal SUBJECT: REVIEW AND APPROVAL OF THE OCTOBER 15, 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 October 15, 2024 Regular Session Meeting Minutes. Attachments BFC Minutes (DRAFT) 101524 D R A F T MINUTES BUDGET AND FINANCE COMMISSION REGULAR SESSION OCTOBER 15, 2024 COUNCIL CHAMBERS 11000 N. LA CAÑADA DRIVE ORO VALLEY AZ, 85737 REGULAR SESSION AT OR AFTER 4:00 PM CALL TO ORDER AT 4:00 PM BY CHAIR MASON ROLL CALL Present: Jennifer Carr, Vice Chair Joyce Garland, Member Michael Mason, Chair Absent:Gerald LeMay, Member Matthew Miller, Member Staff Present:Joe Winfield, Mayor David Gephart, Chief Financial Officer Wendy Gomez, Deputy Finance Director Chris Hutchison, Senior Budget Analyst 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: - Recently, he had presented the Town Financials at the last Community Academy. - At the next Town Council Meeting, the following items of interest will be presented: - Possible Approval of a Liquor License - A study session will be conducted after the Regular Agenda adressing: - Zoning Code Amendments - Compliance with a new state law applicable to accessory dwelling units. - The Mayor will be presenting at the Annual State of the Town scheduled for October 31, 2024. - Auditors were in for field work and finished recently. There were no issues and Staff is working on follow-up items and wrapping up the last fiscal year. REGULAR SESSION AGENDA 1.REVIEW AND APPROVAL OF THE SEPTEMBER 17, 2024 REGULAR SESSION MEETING MINUTES Motion by Vice Chair Jennifer Carr, seconded by Member Joyce Garland to approve the September 17, 2024 Regular Session Meeting Minutes. Vote: 3 - 0 Carried 2.PRESENTATION AND POSSIBLE DISCUSSION OF THE TOWN FY 24/25 FINANCIAL UPDATE THROUGH JULY 2024 Presentation by David Gephart, Chief Financial Officer. Discussion ensued amongst Staff and Commissioners. COUNCIL LIAISON COMMENTS Mayor Winfield provided the following comments: - The Mayor expresses his appreciation for the service of the Commissioners on this Commission. - The Mayor publicly acknowledges the Town Finance Department for being awarded the Triple Crown for Financial Reporting. This is now the twelfth consecutive year. - Vistoso Trails Nature Preserve Restoration Project was approved and two million dollars have been allocated to fund it. - A replacement to the roof of a maintenance building has also been approved. - The Pusch Ridge Golf Course has a bridge at Hole 7 that is in the process of being replaced. The bridge is installed, but there is more work to be done. - There are focus groups in Oro Valley's Path Forward and the Mayor encourages that the Commissioners to participate in them. - There were over 100 residents that responded to the Wordsmith Challenge for the Draft Vision Statement and Guiding Principles for the plan. ADJOURNMENT Motion by Vice Chair Jennifer Carr, seconded by Member Joyce Garland to adjourn the meeting at 4:27 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 15th day of October, 2024. I further certify that the meeting was duly called and held and that a quorum was present. Dated this 15th day of October, 2024. ___________________________ Melissa Flores Legal Secretary Budget and Finance Commission 2. Meeting Date:11/19/2024 Submitted By:Christopher Hutchison, Finance SUBJECT: PRESENTATION AND POSSIBLE DISCUSSION OF THE TOWN FY 24/25 FINANCIAL UPDATE THROUGH SEPTEMBER 2024 (Please reference attachments) RECOMMENDATION: N/A EXECUTIVE SUMMARY: Please reference the attachments for this item. Financial Status Fiscal Year to Date Through September 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 Appendix 8 – Development Impact Fee Fund Projects BACKGROUND OR DETAILED INFORMATION: N/A FISCAL IMPACT: N/A SUGGESTED MOTION: N/A Attachments Consolidated September 2024 Monthly Financial Report Town Manager’s Office TOWN COUNCIL REPORT DATE: November 14, 2024 TO: Mayor and Council FROM: Jeff Wilkins, Town Manager David Gephart, Chief Financial Officer SUBJECT: September 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 September 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 all 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. Appendix 8 lists the specific infrastructure projects that are eligible to receive funding from impact fees. General Fund Financial Status Fiscal Year to Date: September 2024 Revenues ` Amount Percent Local Sales Tax 6,463,748$ 6,111,437$ 28,708,825$ (22,597,388)$ 21% 27,162,352$ State Shared Revenues 5,548,900 4,977,991 20,432,937 (15,454,946) 24% 20,432,937 Licenses & Permits 479,518 382,064 1,673,022 (1,290,958) 23% 1,702,972 Grants 144,358 146,393 659,982 (513,589) 22% 659,982 Intergovernmental 173,834 184,860 1,981,555 (1,796,695) 9% 1,981,555 Charges for Service 795,635 767,327 2,966,467 (2,199,140) 26% 2,966,467 Other Revenue 412,581 705,847 684,000 21,847 103% 1,511,117 Total Revenues 14,018,574$ 13,275,920$ 57,106,788$ (43,830,868)$ 23% 56,417,382$ Uses Amount Percent Personnel Services 7,849,250$ 8,120,183$ 36,516,772$ 28,396,589$ 22% 36,516,772$ Operations and Maintenance 3,870,070 4,108,534 14,647,879 10,539,345 28% 14,647,879 Capital Outlay 34,939 26,982 623,400 596,418 4% 623,400 Transfers Out 4,636,644 3,673,126 9,403,341 5,730,215 39% 9,153,341 Total Uses 16,390,903$ 15,928,824$ 61,191,392$ 45,262,568$ 26% 60,941,392$ Change in Fund Balance Total Revenues 14,018,574$ 13,275,920$ 57,106,788$ 56,417,382$ 56,417,382$ Total Uses (16,390,903) (15,928,824) (61,191,392) (60,941,392) (60,941,392) Change in Fund Balance (2,372,329)$ (2,652,904)$ (4,084,604)$ (4,524,010)$ (4,524,010)$ Estimated Beginning Fund Balance 22,468,806$ Estimated Ending Fund Balance 18,384,202$ 17,944,796$ 17,944,796$ Note: The estimated ending fund balance exceeds the Town's 30% expenditure reserve policy by a margin of $2.4 million. Year End Estimate FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget Actual Vs. Budget FY 2023/24 Actuals FY 2024/25 Actuals FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget Actual Vs. Budget FY 2024/25 Budget Year End Estimate Year End Estimate Page 1 of 15 General Fund Financial Status Fiscal Year to Date: September 2024 Local Sales Tax Revenue Amount Percent Construction 1,567,254$ 1,089,960$ 5,875,681$ (4,785,721)$ 19% 4,359,839$ Utilities 1,054,330 1,123,695 4,097,824 (2,974,129) 27% 4,097,824 Retail 2,141,387 2,149,841 9,447,680 (7,297,839) 23% 9,330,848 Remote Seller 498,519 411,877 1,914,724 (1,502,847) 22% 1,858,361 Bed Tax 422,182 424,511 2,464,858 (2,040,346) 17% 2,517,463 Restaurant & Bar 600,661 609,412 2,726,271 (2,116,859) 22% 2,776,289 Other 179,416 302,140 1,465,987 (1,163,847) 21% 1,505,928 Cable Franchise - - 715,800 (715,800) - 715,800 Local Sales Tax Total 6,463,748$ 6,111,437$ 28,708,825$ (22,597,388)$ 21% 27,162,352$ State Shared Revenue Amount Percent State Income Tax 3,194,870$ 2,569,275$ 10,276,631$ (7,707,356)$ 25% 10,276,631$ State Sales Tax 1,764,688 1,751,102 7,300,876 (5,549,774) 24% 7,300,876 Vehicle License Tax 589,342 657,614 2,520,803 (1,863,189) 26% 2,520,803 Smart and Safe - - 334,627 (334,627) - 334,627 State Shared Total 5,548,900$ 4,977,991$ 20,432,937$ (15,454,946)$ 24% 20,432,937$ 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 FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget Actual Vs. Budget Total local sales tax revenues are performing lower than expected primarily due to construction sales tax. Residential home construction has slowed compared to the previous year, as anticipated. Consequently, the year-end revenue estimate has been adjusted downward to reflect reduced commercial and residential construction activity in the first quarter. Retail and remote seller sales, although surpassing the prior year's performance, are trending slightly below initial projections for the first quarter. Both bed tax and restaurant/bar revenues are performing slightly better than originally anticipated. As a result, the year-end revenue estimates have been increased to account for this positive performance. The increase in bed tax revenue for the current year is primarily attributable to a timing difference in tax payments owed from the previous year. Please refer to Appendix 4 for a detailed breakdown of General Fund local sales tax collections. $2.6 $1.8 $0.7 $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 $1.1 $1.1 $2.1 $0.4 $0.4 $0.6 $0.3 $0.0$0 $2 $4 $6 $8 $10 Millions FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget Page 2 of 15 General Fund Financial Status Fiscal Year to Date: September 2024 Licenses & Permits Revenue Amount Percent Business Licenses & Permits 8,490$ 12,515$ 200,200$ (187,685)$ 6% 200,200$ Residential Building Permits 296,850 214,811 951,806 (736,995) 23% 951,806 Commercial Building Permits 131,874 84,010 360,856 (276,846) 23% 360,856 Other Building Permits and Fees 42,304 70,728 160,160 (89,432) 44% 190,110 Licenses & Permits Total 479,518$ 382,064$ 1,673,022$ (1,290,958)$ 23% 1,702,972$ Grants Revenue Amount Percent Federal grants 125,550$ 132,586$ 509,415$ (376,829)$ 26% 509,415$ State Grants 18,808 13,807 150,567 (136,760) 9% 150,567 Grants Total 144,358$ 146,393$ 659,982$ (513,589)$ 22% 659,982$ FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget Actual Vs. Budget Year End Estimate Licenses & permit revenues are trending on budget. A total of 31 Single Family Residential (SFR) permits have been issued through September (95 budgeted for the year). Other building permit and fee revenues are exceeding expectations, primarily due to higher-than-anticipated grading permit fees. 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. $0.0 $0.2 $0.1 $0.1 $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 $0.1 $0.0 $0.0 $0.2 $0.4 $0.6 Federal grants State GrantsMillions FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget Page 3 of 15 General Fund Financial Status Fiscal Year to Date: September 2024 Intergovernmental Revenue Amount Percent School Resource Officers 39,617$ 30,173$ 90,000$ (59,827)$ 34% 90,000$ RTA Reimbursements 134,217 154,687 1,886,000 (1,731,313) 8% 1,886,000 PC Library District Reimburse - - 5,555 (5,555) - 5,555 Intergovernmental Total 173,834$ 184,860$ 1,981,555$ (1,796,695)$ 9% 1,981,555$ Charges for Service Revenue Amount Percent Enterprise Funds Cost Allocation 457,866$ 425,440$ 1,701,759$ (1,276,319)$ 25% 1,701,759$ Recreation Fees 237,419 255,560 856,640 (601,080) 30% 856,640 Development Fees 30,863 15,704 92,100 (76,396) 17% 92,100 Court Fees 29,864 34,859 155,000 (120,141) 22% 155,000 Other 39,624 35,764 160,968 (125,204) 22% 160,968 Charges for Service Total 795,635$ 767,327$ 2,966,467$ (2,199,140)$ 26% 2,966,467$ 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 typically surge during the summer months (July and August) and the spring (March and April) due to deposits for field rentals and swim team lane reservations. Collections for this revenue category typically lag throughout the year. RTA reimbursements from the Regional Transportation Authority for Sun Shuttle Dial-a-Ride operations in Oro Valley will vary based on ridership Please note that reimbursements for School Resource Officers are provided by the Amphitheater School District. These payments are based on actual hours worked at the schools, and as such, they are limited to the school year and do not extend to year-round coverage. FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget Actual Vs. Budget Year End Estimate FY 2024/25 Budget Actual Vs. Budget Year End Estimate FY 2023/24 Actuals FY 2024/25 Actuals $0.0 $0.2 $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 $0.4 $0.3 $0.0 $0.0 $0.0 $0.0 $0.5 $1.0 $1.5 $2.0 Enterprise Funds Cost Allocation Recreation Fees Development Fees Court Fees OtherMillions FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget Page 4 of 15 General Fund Financial Status Fiscal Year to Date: September 2024 Other Revenue Amount Percent Fines 15,180$ 16,973$ 55,000$ (38,027)$ 31% 55,000$ Interest Earnings 122,880 208,653 400,000 (191,347) 52% 750,000 Miscellaneous 274,521 480,221 229,000 251,221 210% 706,117 Other Revenue Total 412,581$ 705,847$ 684,000$ 21,847$ 103% 1,511,117$ Interest earnings are projected to surpass budget. Miscellaneous revenue exceeded budge due to a one-time rebate received from the Arizona Municipal Risk Retention Pool (AMRRP). FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget Actual Vs. Budget Year End Estimate $0.0 $0.2 $0.5 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 Fines Interest Earnings MiscellaneousMillions FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget Page 5 of 15 General Fund Financial Status Fiscal Year to Date: September 2024 Expenditures by Department Amount Percent Clerk 95,727$ 149,556$ 564,954$ 415,398$ 26% 564,954$ Community & Econ. Dev. 729,052 803,301 4,289,037 3,485,736 19% 4,289,037 Council 93,767 96,037 241,102 145,065 40% 241,102 Finance 173,013 187,391 867,767 680,376 22% 867,767 Non-Departmental 533,560 737,747 3,048,603 2,310,856 24% 3,048,603 Human Resources 122,703 158,131 764,005 605,874 21% 764,005 Information Technology 2,271,455 2,131,020 6,022,838 3,891,818 35% 6,022,838 Legal 235,731 245,774 1,175,969 930,195 21% 1,175,969 Town Manager 308,452 382,755 1,742,926 1,360,171 22% 1,742,926 Parks & Recreation 974,632 1,191,441 4,782,096 3,590,655 25% 4,782,096 Police 4,708,616 4,549,803 20,220,736 15,670,933 23% 20,220,736 Public Works 1,313,150 1,382,923 6,944,467 5,561,544 20% 6,944,467 Town Court 194,401 239,819 1,123,551 883,732 21% 1,123,551 Total Department Expenditures 11,754,259$ 12,255,698$ 51,788,051$ 39,532,353$ 24% 51,788,051$ FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget Actual Vs. Budget Year End Estimate $0.1 $0.8 $0.1 $0.2 $0.7 $0.2 $2.1 $0.2 $0.4 $1.2 $4.5 $1.4 $0.2 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 Millions FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget Non‐Departmental:Significant actual expenditures through September are attributed to a budgeted payment to the Industrial Commission of Arizona'sMunicipal Firefighters Cancer Reimbursement Fund. This fee is levied on all Arizona cities and towns that receive state shared revenues. Departments are currently spending as expected within budget limits for the first quarter. Please note that Council and IT typically have significant upfront costs at the beginning of the year. Page 6 of 15 Highway Fund Financial Status Fiscal Year to Date: September 2024 Sources ` Amount Percent Licenses & Permits 5,874$ 14,311$ 25,000$ (10,690)$ 57% 30,000$ Highway User Revenue 1,005,557 999,688 4,283,146 (3,283,458) 23% 4,283,146 Interest Earnings 53,380 22,721 150,000 (127,279) 15% 90,000 Miscellaneous 12,067 2,474 3,000 (526) 82% 3,231 Transfers In - 1,000,000 4,000,000 (3,000,000) 25% 4,000,000 Total Sources 1,076,878$ 2,039,195$ 8,461,146$ (6,421,951)$ 24% 8,406,377$ Expenditures Amount Percent Personnel 288,224$ 296,304$ 1,333,798$ 1,037,494$ 22% 1,333,798$ O&M 253,426 203,855 1,301,505 1,097,650 16% 1,301,505 Capital Outlays - - 5,461,000 5,461,000 - 5,461,000 Total Expenditures 541,649$ 500,160$ 8,096,303$ 7,596,143$ 6% 8,096,303$ Change in Fund Balance Total Sources 1,076,878$ 2,039,195$ 8,461,146$ 8,406,377$ Total Expenditures (541,649) (500,160) (8,096,303) (8,096,303) Change in Fund Balance 535,228$ 1,539,035$ 364,843$ 310,074$ Estimated Beginning Fund Balance 630,180$ Estimated Ending Fund Balance 940,255$ Year End Estimate Year End Estimate FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget 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 FY 2024/25 Budget Actual Vs. Budget Revenues: Highway User Revenue is trending on budget. License and permits are projected to exceed budget due to right-of-way (road) permits. As interest earnings are trending below budget, the year-end estimate has been adjusted accordingly. HURF monies are invested independently and are not commingled with any other Town funds. Therefore, interest earnings are lower than other funds due to a smaller principal balance. Miscellaneous revenue is projected to exceed budget due to insurance recoveries. The planned transfers in of $4 million are from the Capital Fund for road projects. These are recorded evenly over four quarters. Expenditures: Budgeted capital outlays consist of the Town's annual pavement preservation program as well as several capital improvement projects. Pavement preservation road work does not typically begin until October. Page 7 of 15 Community Center Fund Financial Status Fiscal Year to Date: September 2024 Revenues Amount Percent Local Sales Tax 853,256$ 867,015$ 3,879,440$ (3,012,425)$ 22% 3,862,626$ Contracted Operating Revenues 896,447 932,035 5,240,575 (4,308,540) 18% 5,240,575 Town Operating Revenues 271,415 303,594 1,386,052 (1,082,458) 22% 1,464,014 Other Revenues 20,224 3,109 179,332 (176,223) 2% 179,332 Total Revenues 2,041,341$ 2,105,754$ 10,685,399$ (8,579,645)$ 20% 10,746,547$ Uses Amount Percent Contracted Operating Expenditures 1,322,984$ 1,343,169$ 5,343,893$ 4,000,724$ 25% 5,343,893$ Town Operating Expenditures 438,202 551,733 2,135,790 1,584,057 26% 2,135,504 Capital Outlay 142,166 161,716 1,603,749 1,442,033 10% 1,603,749 Transfers Out 1,717,203 1,717,149 1,717,149 - 100% 1,717,149 Total Uses 3,620,555$ 3,773,767$ 10,800,581$ 7,026,814$ 35% 10,800,295$ Change in Fund Balance Total Revenues 2,041,341$ 2,105,754$ 10,685,399$ 10,746,547$ Total Uses (3,620,555) (3,773,767) (10,800,581) (10,800,295) Change in Fund Balance (1,579,214)$ (1,668,013)$ (115,182)$ (53,748)$ Estimated Beginning Fund Balance 1,806,073$ Estimated Ending Fund Balance 1,752,325$ 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 FY 2024/25 Budget Year End Estimate FY 2023/24 Actuals FY 2024/25 Actuals FY 2023/24 Actuals FY 2024/25 Actuals Page 8 of 15 Community Center Fund Financial Status Fiscal Year to Date: September 2024 Local Sales Tax Revenue Amount Percent Retail 535,347$ 537,460$ 2,361,920$ (1,824,460)$ 23% 2,332,712$ Remote Seller 99,704 102,969 478,681 (375,712)$ 22% 464,590 Restaurant & Bar 150,165 152,353 681,568 (529,215) 22% 694,072 Other 68,040 74,233 357,271 (283,038) 21% 371,252 Local Sales Tax Total 853,256$ 867,015$ 3,879,440$ (3,012,425)$ 22% 3,862,626$ Contracted Operating Revenue Amount Percent Golf Revenue, Trail & Cart Fees 362,804$ 394,383$ 2,572,302$ (2,177,919)$ 15% 2,572,302$ Member Dues 337,976 355,361 1,501,560 (1,146,199) 24%1,501,560 Food & Beverage 140,829 122,102 771,858 (649,756) 16%771,858 Merchandise & Other 54,839 60,189 394,855 (334,666) 15% 394,855 Contracted Revenue Total 896,447$ 932,035$ 5,240,575$ (4,308,540)$ 18% 5,240,575$ 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 Total local sales tax revenues are performing lower than expected primarily due to retail and remote seller sales tax. Retail and remote seller sales, although surpassing the prior year's performance, are trending slightly below initial projections for the first quarter. Restaurant/bar revenues are performing slightly better than originally anticipated. Other sales tax is trending greater than budget due to the accommodation (hotel/motel) and rental, lease, and licensing categories. Golf revenues are trending es expected. Through September, 18,279 rounds of golf had been played which is up 20% from the prior year and 12.5% greater than budget. Please refer to Appendix 3 for or a more in-depth analysis of golf revenues, expenses, and historical comparisons FY 2023/24 Actuals FY 2024/25 Actuals FY 2023/24 Actuals FY 2024/25 Actuals $0.4 $0.4 $0.1 $0.1 $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 $0.5 $0.1 $0.2 $0.1 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 Retail Remote Seller Restaurant & Bar OtherMillions FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget Page 9 of 15 Community Center Fund Financial Status Fiscal Year to Date: September 2024 Town Operating Revenue Amount Percent Daily Drop-Ins 15,785$ 16,285$ 76,000$ (59,715)$ 21% 76,000$ Member Dues 192,133 235,750 832,038 (596,288) 28% 910,000 Recreation Programs 40,470 27,522 388,850 (361,328) 7% 388,850 Facility Rental Income 23,026 24,036 89,164 (65,128) 27% 89,164 Town Operating Revenue Total 271,415$ 303,594$ 1,386,052$ (1,082,458)$ 22% 1,464,014$ Other Revenue Amount Percent Interest Income 20,224$ 2,961$ 16,682$ (13,721)$ 18% 16,682 HOA Contributions - - 159,050 (159,050) - 159,050 Miscellaneous - 148 3,600 (3,452) 4% 3,600 Other Revenue Total 20,224$ 3,109$ 179,332$ (176,223)$ 2% 179,332$ Year End Estimate HOA contributions are typically posted in February. This is the final year of agreed upon annual contributions to golf from HOAs. FY 2024/25 Budget Actual Vs. Budget FY 2024/25 Budget Actual Vs. Budget Year End Estimate FY 2024/25 Actuals FY 2023/24 Actuals FY 2024/25 Actuals Town operating revenues are performing better than 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 9% budget surplus based on these figures. FY 2023/24 Actuals $0.0 $0.2 $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 $0.2 Interest Income HOA Contributions MiscellaneousMillions FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget Page 10 of 15 Community Center Fund Financial Status Fiscal Year to Date: September 2024 Contracted Operating Expenditures Amount Percent Personnel 425,302$ 439,860$ 1,839,522$ 1,399,662$ 24% 1,839,522$ Food & Beverage 141,194 148,486 701,378 552,892 21% 701,378 Operations & Maintenance 715,818 714,152 2,640,332 1,926,180 27% 2,640,332 Equipment Leases 40,671 40,671 162,661 121,990 25% 162,661 Contracted Expenditures Total 1,322,984$ 1,343,169$ 5,343,893$ 4,000,724$ 25% 5,343,893$ Year End Estimate Actual Vs. Budget Contracted operating expenditures are trending as expected. FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget $0.4 $0.1 $0.7 $0.0 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 Personnel Food & Beverage Operations & Maintenance Equipment LeasesMillions FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget Page 11 of 15 Community Center Fund Financial Status Fiscal Year to Date: September 2024 Town Operating Expenditures Amount Percent Personnel 302,979$ 337,011$ 1,222,583$ 885,572 28% 1,224,083$ Operations & Maintenance 135,223 214,722 913,207 698,485 24% 911,421 Town Operating Expenditures Total 438,202$ 551,733$ 2,135,790$ 1,584,057$ 26% 2,135,504$ 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 Actual Vs. Budget 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 $0.3 $0.2 $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 Personnel Operations & MaintenanceMillions FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget Page 12 of 15 Capital Fund Financial Status Fiscal Year to Date: September 2024 Sources ` Amount Percent State Grants -$ -$ 1,000,000$ (1,000,000)$ - Vehicle Reserves 223,135 233,372 933,490 (700,118) 25% Interest Earnings 87,691 152,842 348,382 (195,540) 44% Miscellaneous 26,844 2,772 115,000 (112,228) 2% Transfers In from General Fund 2,500,000 1,784,947 7,139,787 (5,354,840) 25% Total Sources 2,837,671$ 2,173,934$ 9,536,659$ (7,362,725)$ 23% Uses Amount Percent Personnel 63,935$ -$ -$ -$ na O&M - 9,403 - (9,403) na Capital Outlays 3,365,884 1,387,047 8,353,569 6,966,522 17% Transfers Out - 1,000,000 6,174,530 5,174,530 16% Total Uses 3,429,819$ 2,396,451$ 14,528,099$ 12,131,648$ 16% Change in Fund Balance Total Sources 2,837,671$ 2,173,934$ 9,536,659$ Total Uses (3,429,819) (2,396,451) (14,528,099) Change in Fund Balance (592,148)$ (222,517)$ (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 Actual Vs. 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 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. 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 $174,530 is for a 20% match for transit vehicles funded by 80% grants. These grant transfers are recorded at the end of the year and may adjust based on the actual grant awards. Page 13 of 15 Water Utility Fund Financial Status Fiscal Year to Date: September 2024 Sources ` Amount Percent Water Sales 4,689,233$ 4,918,536$ 18,000,000$ (13,081,464)$ 27% 18,000,000$ Charges For Services 896,172 903,468 3,424,000 (2,520,532) 26% 3,424,000 Interest Earnings 51,320 68,112 100,000 (31,888) 68% 250,000 Miscellaneous 10,381 326 - 326 - 326 Other Financing Sources - - 8,000,000 (8,000,000) - 8,000,000 Total Sources 5,647,107$ 5,890,442$ 29,524,000$ (23,633,558)$ 20% 29,674,326$ Uses Amount Percent Personnel 885,938$ 812,389$ 3,992,428$ 3,180,039$ 20% 3,842,958$ O&M 2,084,394 2,234,377 11,198,284 8,963,907 20% 11,198,284 Capital Outlays 231,242 419,517 1,785,330 1,365,813 23% 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 6,504,713$ 6,585,604$ 27,229,943$ 20,644,339$ 24% 27,080,473$ Note: Excludes non-cash outlays for depreciation & amortization Change in Fund Balance Total Sources 5,647,107$ 5,890,442$ 29,524,000$ 29,674,326$ Total Uses (6,504,713) (6,585,604) (27,229,943) (27,080,473) Change in Fund Balance (857,606)$ (695,161)$ 2,294,057$ 2,593,852$ Estimated Beginning Fund Balance 9,354,336$ Estimated Ending Fund Balance 11,948,188$ 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 FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget Year End Estimate Sources: Water sales and charges for service are trending on budget. Interest earnings are expected to exceed budget by $150,000. The budget for other financing sources consists of proceeds from an anticipated $8 million loan. Uses: Personnel is trending under budget due to various vacancies in Water Operations. 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 $2,333 to the Debt Service Fund for debt service. Page 14 of 15 Stormwater Utility Fund Financial Status Fiscal Year to Date: September 2024 Revenues ` Amount Percent Charges For Services 378,502$ 381,764$ 1,518,500$ (1,136,736)$ 25% 1,518,500$ Grants - - 210,000 (210,000) - 210,000 Interest Earnings 4,579 10,203 19,000 (8,798) 54% 40,000 Total Revenues 383,081$ 391,967$ 1,747,500$ (1,355,533)$ 22% 1,768,500$ Expenses Amount Percent Personnel 211,523$ 227,533$ 1,018,770$ 791,237$ 22% 1,018,770$ O&M 60,821 72,261 425,834 353,573 17% 425,834 Capital Outlays - - 735,000 735,000 - 735,000 Total Expenses 272,344$ 299,794$ 2,179,604$ 1,879,810$ 14% 2,179,604$ Note: Excludes non-cash outlays for depreciation Change in Fund Balance Total Revenues 383,081$ 391,967$ 1,747,500$ 1,768,500$ Total Expenses (272,344) (299,794) (2,179,604) (2,179,604) Change in Fund Balance 110,737$ 92,172$ (432,104)$ (411,104)$ Estimated Beginning Fund Balance 1,062,883$ Estimated Ending Fund Balance 651,779$ 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 FY 2023/24 Actuals FY 2024/25 Actuals FY 2024/25 Budget Year End Estimate Revenues: Interest earnings are expected to exceed budget by $21,000. 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 ($70,000) 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 3,110 3,200 (90)3,129 (19)Rounds ‐ Member 9,076 8,700 376 8,627 449 488 450 38 465 23 Rounds ‐ Outing 1,109 1,050 59 1,083 26 2,479 2,500 (21)2,196 283 Rounds ‐ Public 8,094 6,500 1,594 5,514 2,580 ================================================================================ =============================================================================== 6,077 6,150 (73)5,790 287 Total Rounds 18,279 16,250 2,029 15,224 3,055 Revenue 114,890 101,800 13,090 90,010 24,879 Green Fees 307,287 236,600 70,687 193,645 113,641 26,652 24,250 2,402 24,298 2,354 Cart Fees 80,197 74,250 5,947 74,242 5,955 2,836 2,500 336 2,734 102 Driving Range 6,899 6,250 649 4,425 2,475 0 0 0 0 0 Golf Cards/Passes 0 0 0 0 0 13,928 13,500 428 14,594 (666)Pro Shop Sales 40,461 34,650 5,811 35,789 4,672 22,022 26,500 (4,478)30,235 (8,213)Food (Food & Soft Drinks) 64,943 72,300 (7,357)76,349 (11,406) 19,978 28,625 (8,647)29,169 (9,191)Beverages (Alcohol) 58,131 65,700 (7,569)61,254 (3,123) 621 3,000 (2,379)4,698 (4,077)Other Food & Beverage Revenue (973)3,000 (3,973)3,226 (4,198) 3,504 2,250 1,254 3,052 451 Other Golf Revenues (Club Rent, Handic 17,562 5,900 11,662 18,674 (1,112) 725 1,250 (525)725 0 Clinic / School Revenue 3,040 4,250 (1,210)3,333 (293) 117,422 125,000 (7,578)122,253 (4,832)Dues Income ‐ Monthly Dues 355,361 340,000 15,361 336,176 19,185 0 0 0 0 0 Initiation Fee Income / Annual Member 0 1,500 (1,500)1,800 (1,800) (73)2,500 (2,573) (262)189 Miscellaneous Income and Discounts (873)6,500 (7,373) (2,957)2,084 ============== ================================================================ ========================================================================== 322,504 331,175 (8,671)321,507 997 Total Revenue 932,035 850,900 81,135 805,956 126,080 Cost of Sales 10,092 9,625 (467)7,558 (2,534)COGS ‐ Pro Shop 29,610 24,780 (4,830)24,311 (5,299) 5,930 7,901 1,971 9,384 3,454 COGS ‐ Food 19,460 21,534 2,074 27,009 7,549 1,936 1,373 (564)1,529 (407)COGS ‐ Non‐Alcoholic Beverages 5,550 3,768 (1,783)3,868 (1,683) 6,690 8,588 1,898 7,618 928 COGS ‐ Alcohol 17,390 19,710 2,320 16,610 (780) ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 24,648 27,486 2,839 26,088 1,440 Total Cost of Sales 72,011 69,791 (2,219)71,798 (213) ============== ================================================================ ========================================================================== 297,857 303,689 (5,832)295,419 2,437 GROSS INCOME 860,025 781,109 78,916 734,158 125,867 Labor 33,045 29,232 (3,813)28,903 (4,142)Golf Operation Labor 98,659 87,996 (10,663)91,120 (7,539) 12,088 12,087 (1)11,187 (901)General and Administrative 37,056 36,261 (795)34,844 (2,212) 76,568 74,061 (2,507)78,735 2,167 Maintenance and Landscaping 221,166 211,783 (9,383)220,531 (635) 26,849 22,872 (3,977)26,267 (582)F&B 78,953 68,616 (10,337)72,885 (6,067) 6,135 6,286 151 8,051 1,916 Sales and Marketing 18,079 18,358 279 19,075 995 ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 154,686 144,538 (10,148)153,143 (1,543)Total Direct Labor 453,913 423,014 (30,899)438,455 (15,458) 12,370 11,617 (753)12,756 386 Total Payroll Taxes 36,107 35,367 (740)34,507 (1,600) 11,089 9,666 (1,423)5,755 (5,334)Total Medical/Health Benefits 27,424 28,998 1,574 28,655 1,232 3,727 1,916 (1,811)2,193 (1,534)Total Workmans Comp 8,737 5,748 (2,989)6,556 (2,181) ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 27,186 23,199 (3,987)20,704 (6,482)Total Payroll Burden 72,268 70,113 (2,155)69,718 (2,549) ============== ================================================================ ========================================================================== 181,872 167,737 (14,135)173,848 (8,024)Total Labor 526,181 493,127 (33,054)508,173 (18,007) Other Operational Expenses 9,542 10,235 693 5,680 (3,863)Golf Ops 19,766 18,005 (1,761)11,543 (8,223) 11,338 9,210 (2,128)9,582 (1,756)G&A 37,300 32,195 (5,105)33,188 (4,113) 99,668 124,985 25,317 105,094 5,427 Maintenance 194,402 237,235 42,833 185,688 (8,714) 2,999 4,745 1,747 4,518 1,519 F&B 19,765 11,785 (7,980)10,835 (8,930) 903 1,800 897 3,464 2,560 Sales and Marketing 5,927 7,575 1,648 13,742 7,815 13,258.76 13,259 0 13,259 0 Golf Cart Leases 39,776 39,777 1 39,776 0 298.11 296 (2)298 0 Equipment Leases 894 888 (6)894 0 89,908 104,255 14,347 105,180 15,272 Utilities ‐ Maintenance 327,643 342,265 14,622 349,727 22,084 15,926 16,850 924 16,877 951 Utilities ‐ G&A 48,927 52,750 3,823 53,402 4,475 10,824 10,930 106 10,612 (212)Management Fees 32,473 32,790 317 31,836 (637) 6,349 5,600 (749)2,276 (4,073)Insurance ‐ P&C 18,104 16,800 (1,304)12,382 (5,722) ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 261,015 302,165 41,151 276,839 15,825 Total Other Operational Expenses 744,978 792,065 47,088 743,013 (1,965) ============== ================================================================ ========================================================================== 442,887 469,902 27,016 450,687 7,800 Total Expenses 1,271,158 1,285,192 14,034 1,251,186 (19,972) ============== ================================================================ ========================================================================== (145,030) (166,214)21,184 (155,267)10,237 EBITDAR (411,134) (504,084)92,950 (517,028)105,895 ============== ================================================================ ========================================================================== (145,030) (166,214)21,184 (155,267)10,237 EBITDA (411,134) (504,084)92,950 (517,028)105,895 ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 000(30,164) (30,164)Total Interest Expense 0 0 0 (90,492) (90,492) ============== ================================================================ ========================================================================== (145,030) (166,214)21,184 (125,103) (19,927)Net Income (411,134) (504,084)92,950 (426,537)15,403 El Conquistador Golf Club For the Month Ending September 30th, 2024 September YTD APPENDIX 2Operating:Through SepBudgetCumulativeFY 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 4,724,718 793,933 4,015,000 27,886,031 Pusch Ridge‐ 105,370 99,134 59,726 106,184 98,316 ‐ 380,375 414,225 528,346 16,001 479,025 1,807,677 F&B ‐ Overlook‐ 606,171 708,594 745,766 671,582 554,336 448,782 671,479 725,222 766,679 122,102 746,550 6,020,713 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 6,019,743 932,035 5,240,575 35,714,421 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 1,117,596 4,183,688 37,085,391 Pusch Ridge‐ 253,513 256,769 236,160 230,196 287,112 ‐ 319,702 390,959 478,320 77,087 458,827 2,529,819 F&B ‐ Overlook‐ 861,740 823,383 841,866 785,499 701,538 440,382 630,509 596,910 684,037 148,486 701,378 6,514,350 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 1,343,169 5,343,893 46,129,560 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 (323,663) (168,688) (9,199,360) Pusch Ridge‐ (148,143) (157,635) (176,434) (124,012) (188,796) ‐ 60,673 23,266 50,026 (61,086) 20,198 (722,142) F&B ‐ Overlook‐ (255,569) (114,789) (96,100) (113,917) (147,202) 8,400 40,970 128,312 82,642 (26,384) 45,172 (493,637) 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 (411,134) (103,318) (10,415,139) Capital Investments45,116 47,909 29,464 ‐ ‐ 131,035 2,828,061 4,619,904 2,184,848 124,949 835,000 10,011,286 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 3,792,744 867,015 3,726,016 26,966,081 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 263,005 299,163 297,857 Expenses 411,466 416,806 442,887 Net Income/(Loss) (148,461) (117,643) (145,030) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 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 September 2024FY 2024/2025FundFY 24/25Est. Beginning BalanceRevenueOther Fin Sources/Transfers InTotal In Personnel O&M CapitalDebt ServiceOther Fin Uses/ Transfers OutTotal OutFund Balance Through September 2024General Fund 22,468,806 13,275,920 13,275,920 8,120,183 4,108,534 26,982 3,673,126 15,928,824 19,815,901 Highway Fund 630,180 1,039,195 1,000,000 2,039,195 296,304 203,855 - 500,160 2,169,216 Grants and Contributions Fund 11,469 57,613 57,613 8,848 16,845 25,692 43,389 Seizure & Forfeiture - Justice/State 331,071 1,900 1,900 - 332,971 Community Center Fund 1,806,073 2,105,754 2,105,754 337,011 1,557,891 161,716 1,717,149 3,773,767 138,060 Municipal Debt Service Fund 326,016 41,295 3,650,379 3,691,674 3,800 3,395,245 3,399,045 618,645 Water Resource System & Dev. Impact Fee Fund 13,640,734 381,770 381,770 3,465,421 53,166 3,518,587 10,503,916 Townwide Roadway Dev Impact Fee Fund 2,591,717 303,694 303,694 - 2,895,411 Parks & Recreation Impact Fee Fund 194,571 153,782 153,782 - 348,353 Police Impact Fee Fund 74,418 65,384 65,384 42,718 42,718 97,084 Capital Fund 16,911,869 388,987 1,784,947 2,173,934 - 9,403 1,387,047 1,000,000 2,396,451 16,689,352 PAG/RTA Fund 418,839 12,549 12,549 24,802 24,802 406,586 Water Utility 9,354,336 5,890,442 - 5,890,442 812,389 2,234,377 419,517 3,116,988 2,333 6,585,604 8,659,175 Stormwater Utility 1,062,883 391,967 391,967 227,533 72,261 - 299,794 1,155,056 Benefit Self Insurance Fund 3,071,448 1,155,283 1,155,283 991,218 991,218 3,235,512 Recreation In-Lieu Fee Fund 18,066 150 150 - 18,216 Total 72,912,497 25,265,683 6,435,326 31,701,008 9,802,266 9,222,987 5,460,683 6,565,399 6,435,326 37,486,662 67,126,844 APPENDIX 4General Fund Local Sales Tax Collections FY 2024/25JULAUGSEPOCTNOVDECJANFEBMARAPRMAYJUNTOTALConstruction Sales Tax427,032 291,729 371,199 1,089,960 Utility Sales Tax306,838 399,701 417,156 1,123,695 Retail Sales Tax750,336 715,116 684,389 2,149,841 Remote Seller Sales Tax131,633 141,042 139,202 411,877 Bed Tax107,778 180,045 136,688 424,511 Restaurant & Bar Sales Tax217,007 191,436 200,970 609,412 All Other Local Sales Tax *95,050 111,599 95,492 302,140 Monthly Total 2,035,673$ 2,030,668$ 2,045,096$ 6,111,437$ Cumulative Total2,035,673$ 4,066,341$ 6,111,437$ Monthly variance(64,697)$ (236,208)$ (51,407)$ Cumulative variance(64,697)$ (300,905)$ (352,312)$ 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 856,425 856,425 856,425 2,569,275 State Shared Sales Tax 593,796 582,212 575,094 1,751,102 County Auto Lieu 237,795 215,615 204,204 657,614 Smart and Safe- - - - Monthly Total 1,688,016$ 1,654,252$ 1,635,723$ 4,977,991$ Cumulative Total 1,688,016$ 3,342,268$ 4,977,991$ Monthly variance (151,985)$ (229,616)$ (189,309)$ Cumulative variance (151,985)$ (381,601)$ (570,909)$ 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$ 3,442,323$ 3,896,068$ Investment Income16,989$ 15,807$ 13,771$ 1-Month Yield5.42% 5.32% 5.04%PFM Asset ManagementClosing Market Value55,564,717$ 54,718,509$ 53,177,796$ Investment Income242,494$ 212,354$ 138,428 Annualized Yield to Maturity at Cost4.01% 3.98% 4.11%Wells Fargo SweepEnding Balance3,651,439$ 4,348,204$ 2,832,971$ Investment Income18,152$ 12,122$ 15,630$ 7-Day Simple Yield5.19% 5.17% 4.80% APPENDIX 8 Town of Oro Valley - Development Impact Fee Fund Projects Parks and Recreation Facilities Description Cost Completed? Skate Park $1,500,000 Yes Playground and Parking Lot $1,700,000 Yes Multiuse Fields (lighted) $1,200,000 Yes Dog Park $150,000 Yes Developed Park Land $927,694 Park Amenities $2,501,696 Police Police Substation Debt $1,198,500 Police Vehicles $846,050 Street Facilities La Cholla Blvd, Tangerine Rd-Lambert Ln - Road Widening $1,700,000 Yes Shannon Rd, Tangerine Rd-Naranja Dr - New Road $1,000,000 Lambert Ln. .5 mi E of Shannon-Rancho Sonora - Road Widening $1,000,000 Rancho Vistoso & Woodburne - Intersection Improvement $750,000 Oracle Rd & Rams Field Intersection - Intersection Improvement $750,000 Moore Rd La Cholla Blvd - Intersection Improvement $900,000 Moore Rd - Extension E of Rancho Vistoso Blvd - New Road & Intersection $1,026,840 Yes Moore Rd & La Canada Dr Intersection - Intersection Improvement $1,200,000 Yes Glover Rd Multi Use Path - Multi-modal facility $150,000 Yes Glover Rd south half widening - Road Widening $500,000 Yes Water Facilities Water Supply Steam Pump D-Zone Well $1,500,000 Program Management Support Services (P) $1,050,000 Yes Well Improvement Analysis and Recovery Permits (P) $150,000 Yes Well Drilling and Testing (P) $300,000 Yes Construction Permitting, Drilling, Development and Testing (P) $1,500,000 Yes Well Equipment Design and Site Improvements (P) $1,800,000 Storage Palisades C-Zone Storage Tank and Pipeline $4,250,000 Pressure Zone G Storage Expansion $8,000,000 Pressure Zone G, H and I Storage Expansion $4,000,000 Forebay Design (P)$99,231 Forebay Reservoir Construction (P) $900,000 Shannon Rd Forebay Reservoir And Booster Station Prop (Ind.) $240,000 Yes Forebay Reservoir Booster Station Design (Ind.) $90,000 Yes Shannon Rd Forebay Reservoir and Booster Station Design (Ind.) $180,000 Yes Booster Station Construction Forebay Res. (Ind.) $300,000 Yes Shannon Road Forebay Res. Construction (Ind.) $840,000 Yes Shannon Road Forebay Res. Construction (Ind.) $540,000 Yes Arizona municipalities can charge development fees to cover the cost of infrastructure improvements needed to support new development. These fees are one-time payments used to fund projects like building new roads, parks, or water facilities. The amount of the fee is determined by an Infrastructure Improvements Plan (IIP) and land use assumptions. Importantly, development fees can only be used for building new infrastructure or paying off debt for growth-related projects. They cannot be used for ongoing maintenance, repairs, or addressing existing problems. The Town's IIP includes public services for parks and recreation facilities, police facilities, street facilities, and water facilities. Below is a list of identified IIP projects use in the latest impact fee study to calculate the development fees. These are projects that would be eligible to be funded by development fees as outlined in ARS § 9-463.05 (T)(7)(a). APPENDIX 8 Page 1 of 2 APPENDIX 8 Water Facilities Continued Description Cost Completed? Distribution Moore Road F-Zone Interconnect $750,000 Water Plant 14 Booster Capacity Expansion $250,000 Pipeline Design (Recovery Water & Transmission) (P) $660,692 Pipeline Construction (P) $4,320,000 Pipeline Route Study and Preliminary Design (Ind.) $120,000 Yes Pipeline Easement Acquisition (Ind.) $450,000 Yes Pipeline Design (Ind.) $600,000 Yes Pipeline Construction NWRRDS to La Canada Res. (Ind.) $5,880,000 Interconnect to Tangerine Rd. (Ind.) $270,000 Interconnect to Lambert Lane (Ind.) $510,000 Yes APPENDIX 8 Page 2 of 2 Budget and Finance Commission 3. Meeting Date:11/19/2024 Submitted By:Melissa Flores, Legal SUBJECT: DISCUSSION AND POSSIBLE ACTION TO CANCEL THE BUDGET AND FINANCE COMMISSION REGULAR SESSION MEETING SCHEDULED FOR DECEMBER 17, 2024. RECOMMENDATION: Staff recommends approval. EXECUTIVE SUMMARY: N/A BACKGROUND OR DETAILED INFORMATION: N/A FISCAL IMPACT: N/A SUGGESTED MOTION: I MOVE to cancel the Budget and Finance Commission regular session meeting scheduled for December 17, 2024. Attachments PDF_Staff Report