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Finance Committee reports $643,475 preliminary 2024 general fund surplus; approves carryforward appropriations to 2025
Summary
Preliminary audit figures show a $643,475 net surplus in the 2024 general fund; the committee approved appropriation transfers and use of undesignated funds to cover carryforwards and commitments, including a $2.2 million commitment for land for Fire Station 1.
Finance staff reported a preliminary net surplus of $643,475 in the 2024 general fund and said the city’s projected undesignated fund balance for 2025 will be 28.06% of the general fund, above the Government Finance Officers Association (GFOA) recommended minimum of 17%.
"Interest revenue was over budget in 2024 due to the market and higher interest rates," said Carrie, the finance presenter, and she noted health insurance claims were over budget because of the city's self-funded plan. Carrie said last year’s overall percentage was 36.68 percent and the decrease is mainly due to a $2,200,000 commitment of undesignated fund balance to purchase land for a new Fire Station 1; she said that committed amount reduced the available percentage.
The item was presented as a report; no motion was required for the preliminary results. Separately, the committee considered and approved a resolution to appropriate and transfer funds from 2024 to 2025 across multiple funds (general fund and several other funds including debt service, communications, ARPA and taxi fund). Alderman Allen moved and Alderman Zinsheim seconded the appropriations resolution; the motion carried by voice vote.
Carrie cautioned that the figures were preliminary and the annual audit process had just begun. The committee did not publish final audited figures during the meeting.
