By MacKenzie Brower
As the new year approaches, Paradise Valley Mayor Jerry Bien-Willner and Vice Mayor Anna Thomasson shared their thoughts and expectations of what council will face starting in January.
Bien-Willner and Thomasson said the council is keeping an eye on the town’s finances, but it’s prepared for any recession or downturn that may arise with its current capital and cash reserves. Paradise Valley has a policy to keep at least 90% of a year’s operating revenue in reserve, according to Bien-Willner.
A recession would have to affect multiple levels of income before Paradise Valley would see a strain on its reserves.
Thomasson said the council would be able to sufficiently respond to a recession after weathering COVID by holding off on capital spending for a year and tightly managing staff costs.
“We always need to be careful. About 40% of our revenue comes from our resorts,” Thomasson said.
In the new year, resorts will continue to look at improving and renovating. Andaz Scottsdale Resort & Bungalows is the furthest along in the process with the Planning Commission to make a recommendation on its application at the first meeting in January.
