Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the City Finance Quarterly Report topic
No spam. Unsubscribe anytime.
Council receives 2024 year-end financial report and approves post-closing accounting adjustments
Summary
City finance director Mark Manning reported stronger-than-expected 2024 general fund performance and recommended year-end adjustments that the council approved 7-0; adjustments accelerate certain one-time investments and shift $4.3 million from the stabilization reserve for capital and maintenance priorities.
The Wichita City Council on Tuesday received the city’s fourth-quarter unaudited financial report for the period ended Dec. 31, 2024, and approved a set of post-closing adjustments intended to accelerate one-time investments and shore up some restricted funds.
Mark Manning, director of the Department of Finance, told the council the general fund ended 2024 in better-than-expected shape and that the city will transfer about $11 million into a stabilization reserve — higher than budgeted. Manning said, “The general fund had a good year last year,” and highlighted stronger property-tax receipts, higher interest earnings (about $8 million more than 2023) and lower-than-expected franchise fee declines.
Why it matters: Manning said the city still faces projected structural deficits in later years (more pronounced in 2026–2028) but that strong year-end reserves create an opportunity to invest one-time funds to improve operations, reduce future liabilities and fund maintenance in cultural facilities.
Key findings from the quarterly report: Manning reported unexpectedly weak court fine revenue (about $2 million under budget), higher police and fire operating costs (about $20 million increase from 2023), stronger interest earnings driven by a large investment portfolio (yielding about 4.4% in Q4) and rising water/sewer debt tied to capital projects. He said general fund reserves are at policy level (about $49 million) and stabilization reserve near $43.4 million before adjustments.
Approved post-closing adjustments: The council approved staff recommendations that rebook several previously authorized one-time items into 2024 to accelerate work and reduce 2025 pressures. Actions include: accelerating a $700,000 transfer to centralize financial services (electronic timekeeping/software), advancing $300,000 for Twelfth Floor workspace/configuration, moving $400,000 to the innovation fund (to pilot technology including aerial assets for public safety), and accelerating $500,000 for golf irrigation improvements. Staff proposed partially reducing the planned stabilization transfer by about $4.3 million to fund these measures and to increase the transit guest-tax fund’s cash position for cultural-facility maintenance and debt reserve funding. Manning said these adjustments would not reduce the general fund reserve below policy.
Council questions and follow-up: Council members asked for more detail about projected savings and timing from centralization and for a broader accounting of winter-shelter and MAC (Multi-Agency Center) funding sources; staff committed to produce more inclusive reports for council review.
Votes: The council received and filed the quarterly report on a 7-0 roll call. Council later voted 7-0 to approve the recommended year-end post-closing adjustments.
Ending: Manning said staff will continue re-evaluating interest-earning assumptions, court revenue trends and pension/health cost projections and will return with updated forecasts and more detailed CIP and ARPA reporting.
