Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the City Finance topic
No spam. Unsubscribe anytime.
City presents 2024 general-fund summary showing small surplus and increased reserves
Summary
City finance staff reported a roughly $61,000 surplus on the general fund for 2024, a transfer of about $15 million to an unassigned reserve last year and projected ending fund balance near $24.1 million (about 19% of the 2025 budget). Sales-tax growth and higher interest income helped offset unbudgeted expenditures, staff said.
City finance staff presented a 2024 general-fund summary to the governing body on March 18, reporting a small surplus and an above-policy fund balance at year-end.
Division Director Josh McInarney told the council the general fund collected about $115 million in 2024. Sales-tax receipts were down versus budget early in the year but rebounded in the second half, producing a 2.26% increase over 2023 actuals. Franchise fees and higher short-term investment income also boosted revenues. On the expense side, personnel underspending from vacancies partly offset unbudgeted costs, including a roughly $1 million general-fund subsidy tied to a hotel-related item and higher prisoner-fee reimbursements from the county.
After transfers to an “unassigned reserve” created by a council policy (the city moved some amounts into a fund for one-time projects when reserves exceed 20% of the general fund), staff reported an end-of-year unassigned/general-fund reserve of roughly $24.1 million, about 19% of the 2025 operating budget and above the city’s 15% policy minimum. Staff said that, in prior planning, up to $15.1 million had been transferred toward one-time projects and that about $13 million remained in the unassigned reserve after project allocations and under-runs. They also noted a debt-service fund balance of about $17 million and a legal debt limit of 30% with the city’s ratio near 8–9%.
Finance staff said the budget outlook is manageable for 2025, but they will continue quarterly reporting to the governing body and will present more detail during upcoming CIP and budget conversations.
Council members asked about reporting for all-city funds versus the general fund and about long-term debt measures; staff confirmed quarterly reporting will include broader fund-level information and that the city’s legal debt capacity remains materially below statutory limits.
