The Town of Cave Creek ended its Fiscal Year 2023 (July 1-June 30, 2023), exceeding its annual budget projections for revenues and under spending its budget for expenses.
“We’re very proud of these results which enable us to fund our new fire department, maintain and improve our roads, manage our water resources and utilities, and preserve and protect the natural beauty of Spur Cross Ranch Conservation Area, among so many other important new and ongoing projects.
Due to long range planning beginning in 2009, we’re now receiving significant sales tax revenues from the Carefree Highway Corridor commercial district. An increase in visitors to our Town Core businesses also helped substantially contribute to our bottom line,” said Mayor Morris.
Total preliminary unaudited revenues collected through the fourth quarter of 2023 were $14,072,054, representing 116.0% of budget without surplus carryforward or transfers from other funds. This revenue is made up of local tax revenue, local fees and revenues, state revenues, and miscellaneous revenues. The Town collected $9,785,007 in local taxes exceeding budget 107.9% mainly due to the collection of more Town sales taxes than budgeted. Local fees and revenues of $1,055,776 were above budget at 113.6% mostly due to building permits and planning and zoning fees exceeding budget. State revenues of $1,943,934 ended the fiscal year slightly over budget at 103.6%. Interest income revenue of $971,861 was significantly above budget due to increased interest rates earned on Town investments.
For expenditures, all departments ended the fourth quarter of FY23 with total General Fund preliminary unaudited expenditures of $9,408,688 or 76.8% of the expenditure budget without the contingency reserve and transfers to other funds.
Of this total, operating expenditures are $8,753,261 representing 68.9% of budget. Capital expenditures are $655,427 representing 25.2% of budget.
Vice Mayor Kathryn Royer concluded, “Our FY23 Budget was a structurally balanced spending plan that provided necessary resources to deliver high quality public services to our community. As we move forward into our FY24 Budget, our Town government will continue to provide valuable services while also focusing on facilities and infrastructure. We have our very capable staff to thank for such excellent planning and execution of budgeted and approved programs.”
Details of the preliminary unaudited 4th Quarter 2023 Financial Report can be found at https://cavecreek.civicweb.net/FileStorage/48208998DB7F45F4BF6ECE226219CCE7-FY%202023%20Q4%20Finance%20Report.pdf