By Melissa Rosequist | Paradise Valley Independent
Paradise Valley finds itself in a unique financial situation as officials have unanimously approved the authorization of utilizing excise tax revenue even though the town has plenty of money in the bank.
Due to the town’s annual expenditure limitation compounded with requirements stemming from a development agreement, the Town of Paradise Valley could be at the brink of its annual spending limit, should revenue not materialize as it should.
According to Chief Financial Officer Douglas Allen, a potential risk to the town involves its obligations under the Five Star development agreement, which requires the town to pay monthly for all costs associated with the construction of the perimeter roads and then invoice the private company for its portion of the costs.
