Overland Park City Council Reviews 2024 Comprehensive Financial Report and External Audit Results

The Overland Park Finance, Administration, and Economic Development Committee convened on August 20, 2025, to discuss the city's 2024 Annual Comprehensive Financial Report (ACFR) and the results of its external audit. The meeting highlighted significant financial developments and projections for the city.

The committee reviewed the ACFR, which provides a detailed overview of the city's financial status. Key points included a notable increase in the combined fund balance of governmental funds, which rose by approximately $31.2 million to $288.6 million. The unassigned fund balance in the general fund also increased by $14 million, reaching about $113.4 million. This growth is a critical indicator of the city's financial health, as it reflects the funds available for future expenditures.

Sales tax revenue, a major source of income for the city, saw a substantial increase of $15.4 million, attributed to a new infrastructure sales tax implemented in April 2024. Property tax revenues also rose by 12.3%, largely due to property reappraisals and new construction. Overall, governmental fund revenues increased by 12.5%, signaling a robust financial environment.

The external audit, conducted by the firm RubinBrown, yielded a clean opinion, indicating that the financial statements are free from material misstatement. The audit manager, Jessica Schmitz, noted that the city had successfully implemented a new accounting standard related to compensated absences without any material impact on the financial statements.

Committee members raised questions regarding the city's reserves and future bond issuances. It was clarified that the reserves reported in the audit differ from those discussed during the budgeting process due to the consolidation of various funds. The city anticipates an increase in general obligation bonds as it plans for several large projects, including the Foxtaro Landing project and improvements to public works.

In conclusion, the meeting underscored Overland Park's strong financial position and the city's proactive approach to managing its resources. The committee's discussions will inform future financial planning and budgeting efforts as the city continues to navigate its growth and development.