Oro Valley Approves New Budget and Bonds with Top Ratings
Oro Valley, Arizona (June 23, 2021) – Big news from the Oro Valley Town Council: they’ve just approved the final budget for the 2021/22 fiscal year at their June 16 meeting. The budget is set at $162 million, which is a healthy jump of 53% from last year’s $105.4 million.
Town Manager Mary Jacobs shared her optimism about the town’s financial health. She highlighted that the new budget will fund $25 million in parks and recreation projects, tackle the unfunded police pension liability, and maintain the high-quality services residents appreciate.
If you want to get a handle on the budget without wading through pages of technical details, check out the town’s “Know Your Town’s Budget.” This user-friendly, two-page summary gives you a snapshot of revenues, expenditures, and important services like public safety and road maintenance. You can view or download it here.
In other good news, S&P Global Ratings has reaffirmed Oro Valley’s strong financial standing with an AA+ rating for its upcoming $18 million pension obligation bonds. This solid rating reflects the town’s strong economic fundamentals and stable sales tax collections. The bonds, with a competitive interest rate of 2.39%, will be issued on July 1, 2021. Combined with $10 million in reserves, this will fully fund the public safety pension systems.
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