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City finance director reports strong first-quarter revenue, bond proceeds raised cash reserves
Summary
Finance Director Roxanna Morales reported the city collected $20.4 million (47.7% of budgeted revenue) through Dec. 31, 2024, with cash and investments rising after bond proceeds and capital projects underway.
Roxanna Morales, the city's finance director, delivered the quarterly financial report covering the period through Dec. 31, 2024, at the Feb. 11 Jacksonville City Council meeting.
Morales said the city budgeted $42.8 million in revenue for the fiscal year and had collected $20.4 million, or 47.7%, noting total budgeted expenditures of $52.2 million and year-to-date spending of about $6.9 million (13% of budget). "Overall, we remain with solid financial footing as we complete the first quarter of the fiscal year," Morales said.
Key revenue details Morales presented included ad valorem property taxes budgeted at $6.7 million (largest revenue source), sales tax budgeted at $3.5 million with $865,000 collected so far, and water and sewer revenues showing increases over last year after rate changes that took effect Jan. 1. She said sanitation fees, ambulance fees, hotel taxes and court fees are being monitored because some are below prior-year expectations.
On expenditures and capital projects, Morales said payroll is the top regular expense, with roughly $2.6 million spent of a $12 million payroll budget. Capital projects total about $26 million budgeted with $1.6 million spent so far (6%). She described several projects: voting access improvements (about $430,000 spent year to date), equipment replacement financed over five years, police vehicle purchases and upfits, a NiKels green trunk line I&I project with $575,000 planned (grant-funded), and a Texas Water Development Board sewer-line and wastewater treatment plant expansion project now beginning after funds were received in December.
Morales said total cash and investments increased from about $22.4 million on Sept. 30 to roughly $34 million on Dec. 31, driven primarily by receipt of bond funds in December. She said the investment strategy prioritizes safety and liquidity.
Council members did not take formal financial action at the meeting; Morales concluded by inviting questions and saying staff will continue to monitor revenues and capital project execution.
