The city of Maricopa anticipates a total general fund revenue of $91.35 million for fiscal year 2024, according to a budget report revealed during a May 16 city council meeting.
The massive number is part of a three-year trend in revenue increases to the general fund. In fiscal year 2022, the revenue was $62.48 million and it grew to $77.75 million in 2023.
“It’s growth feeding growth at this point,” said Matt Kozlowski, deputy city manager and chief financial officer.
The $92.35 million was generated from a collection of taxes, fees and other sources. This includes $34.5 million from local sales tax, a 33% increase from FY 2023; $31.35 million from state-shared intergovernmental revenue, a 28% increase; $16.2 million from primary property tax; and $9.3 million from licenses, fees, permits and other revenue sources.
All this leads to a $22.26 million surplus over the year’s $69.09 million expenditures. Kozlowski was quick to say the enormous amount of revenue doesn’t just sit in the city piggy bank.
“Just because our general fund has excess revenues over expenditures does not mean that the city is making a profit,” he said.
Instead, that money is transferred back to city projects to help offset expenses, such as replacing vehicles or other city property, purchasing or improving land, and funding infrastructure projects.
And while the city’s revenue has grown steadily over the years, so has its expenses. However, this number is less dramatic than the money brought in.
The city’s 2024 general fund budget includes $69.09 million in expenses, an increase from $60.91 million in 2023. This includes increases of $5.77 million in personnel expenses and $2.41 million in operating expenses.
Mayor Nancy Smith and members of the city council applauded the city budget, stating it demonstrates the city’s responsible spending.
“Our citizens should be proud of the fact that we do live within our means,” Smith said. “We have a balanced budget, and we live within our means.”
To view a summarized version of the tentative 2024 budget, visit the city website.