The Prescott Valley City Council unanimously approved the FY 2024 budget of more than $210 million on Thursday, June 27. The City practices a fiscally conservative management strategy with a structurally balanced budget, where recurring revenues are matched with ongoing expenses and one-time revenues are allocated to specific needs.
This supports long-term financial sustainability by ensuring:
• Recurring revenues match or exceed recurring expenses.
• Total resources (revenues and fund balance) equal total expenses
• The Town has set aside a portion of the fund balance (savings) to mitigate risk and uncertainty.
The Town does not deficit spend, nor does it budget for deficit spending. The Town has been growing its fund balance (savings) over the past 10 years to maintain fiscal stability.
“This budget is a comprehensive document that demonstrates the Town’s commitment to transparency, accountability, and the continued prosperity of our community. Developed based on our Vision 2024 strategic plan, this budget will ensure 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 major infrastructure projects, and by the end of FY25, the Town expects its General Fund balance to be $63 million, 1.9 times more than council policy and prudent budgeting guidelines.
Specifically, the main investments for FY25 will be focused on three fundamental areas:
1. Safe, connected streets, sidewalks and shared-use pathways: The Town is prioritizing infrastructure projects such as road repairs, sidewalk improvements and general maintenance. The Public Works Department’s proposed FY25 budget includes $12.3 million for operating expenses and $25.8 million for capital expenditures.
2. Stronger Public Safety: The Town recognizes the importance of a safe and secure environment. This budget allocates resources for personnel, training and development, and equipment and tools. The Police Department’s proposed FY25 budget includes $3.7 million in operating expenses and $1.3 million in capital expenditures.
3. Revitalize Parks and Recreation: Parks are cornerstones of our communities, providing recreation and open space. The Town is committed to maintaining and enhancing these areas, fostering healthy lifestyles and vibrant community spirit. The Community Services Department’s proposed FY25 budget includes $2.8 million in operating expenses and $2.7 million in capital expenditures.
These and other budget highlights were shared at a study meeting on May 2, 2024. The public hearing and final approval of the budget took place at the Town Council meeting on June 27, 2024. To view these meetings online or to obtain more information regarding finances and the budget, please visit the Town’s website at www.prescottvalley-az.gov or call the Finance Department at 928-759-3010.
