By Melissa Rosequist | Paradise Valley Independent
As the Town of Paradise Valley approaches a final budget adoption, the municipality’s top finance official is estimating operating revenue to be down about 40%.
The total budget as presented is $64,145,371 — but about $20.5 million is contingency funding in the event revenue bounces back quicker than expected.
On May 14, Paradise Valley Town Council received a fresh update on the town’s draft budget, presented by Chief Financial Officer Douglas Allen.
The town adopts its fiscal budget annually prior to June 30. With the COVID-19 pandemic affecting all aspects of life this spring, the council has been paying close attention to its revenue streams — mostly generated through sales, bed and construction taxes — while it plans next year’s budget.