Summary
Council accepted the City of Manor’s FY2024 annual financial report with a clean (unmodified) opinion and approved an ordinance authorizing issuance of series 2025 tax notes. Staff recommended accepting Webster Bank’s bid as the lowest overall cost without a premium call date.
The Manor City Council accepted the city’s annual financial report and independent auditors’ report for the fiscal year ended Sept. 30, 2024; the auditors issued an unmodified (clean) opinion.
Jeremy Myers of Ashley & Associates, the city’s audit partner, summarized key points: net assets increased (driven in part by bond issuances), capital-asset additions were substantial (an increase of roughly $36 million reported for capital assets), and the general fund showed revenues above budget by about $3.7 million with expenses close to budget. Myers said there were no audit findings and recommended the city continue work on a fixed-asset tracking system as growth continues.
Following the audit presentation, staff reported bids received for tax notes (noted as an $8,082,000 series in the presentation). Staff and the city’s financial advisor reviewed six bidders and multiple proposals; staff recommended accepting Webster Bank’s proposal (3.77% with an August 2028 call at 100% with no premium) as the lowest total cost option when legal fees and paying-agent costs were included. The city’s local depository (South State Bank) submitted the lowest interest rate in one option but included a premium call provision that raised total cost.
Council voted to accept the audit and then approved Ordinance No. 793 authorizing issuance of the 2025 tax notes series and associated provisions. The motions to accept the audit and to adopt the tax-notes ordinance passed unanimously.
City staff noted that actual borrowing and the budget impact will be realized as funds are drawn; the selection of the bank does not immediately draw funds into use until the city issues and uses the notes.
