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Rowlett reports $153 million in FY2024 revenue; staff proposes year-end amendments
Summary
City staff presented the comprehensive monthly financial report for the period ending Sept. 30, 2024: revenues exceeded the revised budget and staff recommended a year-end budget amendment included on the consent agenda.
City staff reported Jan. 7 that the City of Rowlett recorded approximately $153 million in revenues for fiscal year 2024, $17 million (12%) above the revised operating budget of $136 million. The presentation to the Rowlett City Council covered revenue and expense performance across funds and noted recommended year-end budget amendments that appeared on the meeting’s consent agenda.
Wendy Badgett presented the report, saying general fund revenues exceeded budget by about $4.6 million for FY24, driven in part by property-tax settlements and higher-than-budgeted sales tax receipts. “Property taxes represent 60% of the general fund revenue budget,” Badgett said, and the city collected $39 million in general-fund property taxes, about $461,000 over budget. Sales taxes totaled about $9.8 million, $400,000 over budget.
Expenses for the year totaled about $142 million, approximately $6 million over the revised budget of $136 million; the presenter said general-fund expenses were roughly $2.2 million below budget overall, with roughly 45% of that attributable to personnel vacancies. Badgett highlighted that roughly $900,000 of general-fund savings will be rolled into the FY25 budget to pay FY24 invoices that arrived after year end.
Utility fund performance showed mixed results: water revenue was approximately $258,000 (about 1%) below budget and sewer revenue about $387,000 (about 3%) below budget, producing an overall utility revenue shortfall of roughly $173,000. Staff said interest earnings and expense underruns offset some shortfalls, and a year-end budget amendment (on the consent agenda) would recognize additional revenues and appropriate increased expenses in several funds.
Council asked no substantive questions during the presentation; the report had been reviewed in more detail earlier by the finance committee, the presenter said. A year-end budget amendment recognizing the additional revenues and appropriating related expense increases was included among consent agenda items approved later in the meeting.
Budget figures reported in the presentation were read by staff in the meeting; the official adopted and amended budget documents should be consulted for precise, final figures.
