July 2, 2012
Rio Nuevo Board Approves $11M Budget
The Rio Nuevo board is pleased to announce that it has unanimously approved the budget for its fiscal year ending June 30, 2013. The newly approved budget of just over $11 million has unprecedented transparency and disclosures to show how the budget was built, where district receipts come from, as well as details on debt service and available cash.
“We are pleased to report a financially healthy district, with revenue from the special taxing district, or TIF receipts, up significantly year over year,” said Fletcher McCusker, newly elected Chairman of Rio Nuevo. “While we don’t have a lot of money, compared to the first ten years of the district, we believe we can be successful leveraging our tax dollars similar to what other districts have done.”
“Looking ahead, our marching orders from legislative leadership are clear. We are on track to finalize the forensic work while at the same time advance the economic development agenda in a prudent manner, properly investing state dollars to help revitalize downtown Tucson. We believe this budget establishes that balance,” concluded McCusker.
Key features of the budget include:
- A significant increase in auditing expense and authority for District auditors to complete the Depot and Westside audits.
- Approval for a Chief Financial Officer position that will enable the District to manage its own funds, assist in eliminating qualified audits and assure the accuracy of the District books, records and accounts payable. The CFO will also be responsible for establishing go forward investment protocols and transparent procedures for the public to track District projects.
- A dramatic reduction in legal costs.
- An account by account list of banking accounts and available cash, along with the purpose of each account.
- Arizona Department of Revenue documents that show actual TIF receipts.
- A schedule of bond debt, payments and retirement dates along with a schedule of all prior receipts and expenses over the last ten years.
- A line item administrative budget by function, compared to last year actual expenditures