According to the latest financial reports, the Town of Marana’s budget is healthy.
Town staff released the second quarter results (July-December) for the Town’s General Fund and other selected major funds for the 2019-2020 fiscal year. The report provides a high level revenue and expenditure summary at the end of the current quarter, and the results of this report are preliminary and subject to change based upon adjusting entries as necessary.
General Fund revenue is slightly above expectations due to an increase in Single Family Residential permits and construction activity and increased returns on investments. The Town of Marana completed over 800 new SFR permits in 2019, which follows expected growth patterns for Marana. Revenues for the Bed Tax Fund, which accounts for the portion of bed tax revenues restricted for tourism-related costs, are on par with expectations for this quarter.
Transportation Fund revenues have far exceeded budget expectations, thanks to strong residential and commercial construction activity, combined with conservative forecasting during budget development. Airport revenues are near expectations at 48% of budget, excluding scheduled transfers set to take place later in the fiscal year. More information on these variances and other listed funds can be found in these visualization slides.
Expenditures in all funds are at or below expectations through the second quarter. This is primarily due to the timing of large one-time projects and programs which are expected to occur later in the fiscal year, or due to vacancy savings and other savings achieved through operational efficiencies. Expenses for the Bed Tax Fund are as expected through the second quarter of the fiscal year, accounting for the annual payment of the State Land lease that occurs in October.
The quarterly update will be available on the Town's website, where the public may interact with the data through the Power BI tool. Past financial reports and quarterly briefs can be viewed here.
