Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the City Budget topic
No spam. Unsubscribe anytime.
Finance director reports strong 2024 revenues, $59 million in investments and planned capital spending
Summary
City staff presented the December 2024 financial and investment report showing revenues generally above budget, notable Merriam Community Center overperformance, approximately $59 million in investments and planned capital projects; staff noted a planned deficit tied to capital investment funded from reserves.
MERRIAM CITY — The city's finance director presented the December 2024 financial and investment report, telling the council that most revenues finished the year ahead of budget while planned capital spending produced an expected net-position decrease.
The director said nearly all revenue categories outperformed budget. The Merriam Community Center exceeded its revenue target by more than $300,000, and real-property tax revenue also came in above budget. Use-tax receipts were slightly under budget. On the expenditure side, salaries and benefits finished the year about $300,000 under budget, staff said, and overall department spending was generally below budgeted amounts.
The director reported approximately $59 million in investments, with about 91% held in federal securities and the remainder in a cash account for liquidity. Outstanding obligations discussed included the 2018 general obligation bond for the community center and the city's commitments to I-35 redevelopment-related debt (the transcript referenced a $26,800,000 figure in that context). Sales tax collections rose about 0.8% year over year, driven in part by auto and retail sales, the director said.
The director emphasized the year-end net position change reflected planned spending on the capital improvement program (CIP), including HVAC upgrades and a utility vehicle purchase, and said staff will finalize year-end adjustments as invoices close. The director said the city's bond rating was reported as "A" with a stable outlook and that the 2018 bonds are scheduled to be retired by 2027.
Ending
Council had no substantive questions after the presentation; staff said a fuller year-end close-out report with finalized numbers will be provided at a future meeting.
