Oro Valley has ended fiscal year 2013 with a $1.7 million surplus, according to preliminary figures. The money is in the town's general fund, which contains $13.1 million.
The surplus is due to higher-than-expected revenues — mostly from increased construction sales tax income — and lower-than-expected expenditures. Some of the lower expenditures were due to transitioning the library to county control. The surplus came despite the unbudgeted Town Council authorization of funds to finish the Oro Valley Aquatic Center.
“These figures are a direct result of a rebounding local economy, coupled with the Town’s continued efforts to engage in partnerships to streamline operations, trim costs and increase service levels to the community,” explained Oro Valley Finance Director Stacey Lemos.
The town will use the surplus to invest in capital projects in fiscal year 2014.