Paradise Valley OKs $52M all-funds budget for next fiscal year

Paradise Valley Town Hall is at 6401 E. Lincoln Drive in the Town of Paradise Valley. (File photo)

Paradise Valley Town Council Thursday, June 8 unanimously approved an all-funds budget of about $52 million at Town Hall, 6401 E. Lincoln Drive.

The Town of Paradise Valley, in total, adopted a budget of $52,400,300 of which $29,116,000 is apart of the municipality’s General Fund, which pays for the day-to-day operations of the town.

The town’s capital improvement plan for the upcoming fiscal year is $15,946,400 of which $760,000 is a carry-over amount from the previous year’s funding, according to Town Manager Kevin Burke.

The dollars and cents that make up the town’s General Fund are derived from:

  • Investment interest gained from the maturation of municipal bonds;
  • Local sales tax rates;
  • Construction sales tax remits;
  • Bed tax remits;
  • Hotel sales allocations;
  • License and permit fees;
  • Intergovernmental agreements;
  • Charges for services rendered;
  • Fines and forfeitures.

A major expense shouldered by the Town of Paradise Valley is its unfunded liability at the Public Safety Pension Retirement System and is expected to allocate a $5 million payment to that fund in the first of a three-year pay-down model in fiscal year 2017-18.

Town leaders say the effort will save the municipality $11 million over the life of the liability through the defined contribution model at PSPRS for retired public safety employees.

Paradise Valley General Fund expenditures total $24,151,100 of which the largest budget allocation belongs to the local police department at $13,197,900 for the upcoming fiscal year.

The dollars and cents leaving the town’s General Fund go toward allocations to:

  • The police department;
  • Certain municipal contingencies;
  • Mayor and council;
  • Tourism and promotion;
  • Town manager’s office expenses;
  • Attorney’s Office;
  • Administration and government affairs;

Fiscal year 2017-18 will begin Saturday, July 1 in the Town of Paradise Valley.

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