The Prescott Valley Town Council has adopted a tentative budget of $210M+ for FY 2024-25. The Town practices a financially conservative management strategy and presented a budget that is structurally balanced, ensuring that recurring revenues match ongoing expenses, while one-time revenues are allocated to specific needs. The Town has steadily increased its fund balance in recent years, primarily to support essential infrastructure projects. By the end of FY25, the Town anticipates a General Fund Balance of $63M, exceeding Council policy and prudent budgeting guidelines by 1.9 times.
Specifically, key investments for FY 2024-25 center around three foundational areas:
- Safe and Connected Streets, Sidewalks, and Shared Use Paths: The Town is prioritizing infrastructure projects like road repairs, sidewalk improvements, and general maintenance. The proposed FY25 budget for Public Works Department includes $16M in personnel and operating expenditures and $26M in capital outlay.
- Stronger Public Safety: The Town recognizes the importance of a safe and secure environment. This budget allocates resources for staffing, training and development, and equipment and tools. The proposed Police Department budget includes personnel and operating expenditures of $17.8M and $1.2M in capital outlay.
- Thriving Parks and Recreation: Parks are the cornerstone of our community, offering recreation and open spaces. The Town is committed to maintaining and enhancing these areas, fostering a healthy lifestyle and a vibrant community spirit. The FY25 proposed budget for Community Services Department includes $7.8M of personnel and operating expenditures and $2.7M of capital outlay.
These, and other budget highlights, were shared at a study session on May 2, which is viewable online at www.prescottvalley-az.gov. A public hearing and final adoption of the budget is scheduled for the June 27 Town Council Meeting.
