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Hot Springs reports unaudited 2024 year-end surpluses in several funds; street fund posts deficit after increased paving
Summary
Finance Director Karen Scott told the Hot Springs City Board of Directors the city closed 2024 with several funds in surplus but the street fund ran a deficit after a one-time increase in paving spending; figures were presented as unaudited.
Finance Director Karen Scott told the Hot Springs City Board of Directors on March 18 that the city’s fiscal-year 2024 financial statements are unaudited but show several funds finishing the year with revenues exceeding expenditures.
Scott said the general fund finished 2024 with revenues over expenditures of $5,130,000 and that after an amended budget projecting a $2,200,000 loss the year produced a positive swing of $7,400,000. She reported the general fund’s year-end unrestricted fund balance at $26,397,000 and a restricted balance of $10,588,000. All figures were presented as unaudited.
Scott told the board the street fund finished the year with revenues under expenditures of $1,830,000, driven by a roughly $6,000,000 increase in paving spending compared with 2023. She said the street fund has a restricted balance of $1,700,000; she did not provide a clear, auditable figure for the unrestricted street fund balance in the meeting transcript.
On enterprise funds, Scott said the Water Fund closed with revenues over expenditures of $4,074,000 and reported a Water Fund balance of $79,740,000. The wastewater fund (referred to in the packet as the wastewater budget fund) was described as having a balance of $55,450,000. The solid waste fund showed revenues over expenditures of $206,000 and a fund balance of $8,290,000.
Scott also flagged the transit fund ended the year with revenues under expenditures of $227,000 because an audit adjustment removed revenue tied to a grant that did not have a fully executed grant document as of Dec. 31, 2024; she said staff have since completed required draws and the program is “doing fine in transit.” She said the wellness fund ended with revenues over expenditures of $370,000 after the city offered a two-month premium holiday last year; Scott said the wellness fund balance is $9,900,000 and that the swing versus budget was about $1,400,000.
Scott prefaced the report by reminding the board the numbers are unaudited and that auditors have completed field work and that a few journal entries remain to be made.
Mayor Pat McCabe and board members offered no substantive changes after the presentation and had no follow-up questions beyond routine acknowledgement.
The board received the report as information; Scott said she would answer questions if members had any.
