The Prescott Valley Town Council unanimously adopted its $210M+ FY25 Budget on Thursday, June 27, 2024. The Town practices a financially conservative management strategy and the budget is structurally balanced, meaning that recurring revenues match ongoing expenses, while one-time revenues are allocated to specific needs.
This supports long-term financial sustainability by ensuring:
- Ongoing revenues meet or exceed ongoing expenses
- Total resources (revenue and fund balance) equal total expenses
- The Town has set aside a portion of fund balance (savings) to ease risk and uncertainty
The Town does not deficit spend or budget for deficit spending. The Town has been growing its fund balance (savings) over the last decade, to provide financial stability.
The budget is a comprehensive document that demonstrates the Town’s commitment to transparency, accountability, and the continued prosperity of our community. Direction is taken from the Vision 2024 strategic plan to ensure that Prescott Valley remains a vibrant and resilient community for generations to come.
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 FY25 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 the Public Works Department includes $12.3M in operating expenditures and $25.8M 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 FY25 budget for the Police Department includes $3.7M in operating expenditures and $1.3M 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 proposed FY25 budget for the Community Services Department includes $2.8M of operating expenditures and $2.7M of capital outlay.
These and other budget highlights were shared at a study session on May 2, 2024. A public hearing and final adoption of the budget occurred at the June 27, 2024 Town Council meeting. To view these meetings online, or for more information on finance and budgets, visit the Town’s website: www.prescottvalley-az.gov or call Finance at 928-759-3010.
