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Olivette council accepts audited financial statements for year ended June 30, 2024
Summary
Council voted unanimously to accept the audited financial statements for the fiscal year ending June 30, 2024. City finance staff and the auditor highlighted stable core revenues, impacts from TIF notes and a $741,000 decrease in the general fund balance.
The Olivette City Council voted unanimously Tuesday to accept the audited financial statements for the fiscal year ending June 30, 2024.
Mister Mann presented the audit and highlighted key figures: the city reported roughly $60 million in assets and $63 million in liabilities under full accrual accounting, a net pension liability of about $10.1 million and $17 million in reported revenues and expenses. He said TIF notes account for about $24 million of the liabilities and that, excluding TIF activity, the city would show a $2.3 million increase in net position.
Mann also reported the general fund showed a $741,000 decrease in fund balance for the year, leaving a reported general fund balance of $9.1 million as of June 30, 2024. He said the decline was driven primarily by reduced sales tax collections and that the fund balance equates to roughly one year of expenditures under current conditions.
“We were awarded a clean, unqualified opinion from the auditor,” Mann said, noting the management report included with the audit contained no findings or recommendations.
Council members asked several questions about sales tax trends, the effect of new redevelopment on assessed values and the duration of specific abatements and TIF arrangements. Mann described the TIF accounting mechanics and cautioned that sales tax flows to TIF obligations before the city receives its share under current agreements.
A motion to accept the audited financial statements was made and seconded; the council voted yes: Council member Clark, Council member Weil, Chairman Pro Tem Knox and Mayor Waldman. The motion carried with all present voting in favor.
