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Auditor Presents FY2024 Annual Financial Reports for City and EDC; Council Receives Reports
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Summary
Auditor Donald Allman presented the annual comprehensive financial reports for the city and the Economic Development Corporation for the fiscal year ending Sept. 30, 2024; council received the auditor’s presentation and highlights including net position and revenue/expense figures.
Donald Allman, CPA, presented the annual comprehensive financial report for the City of Gun Barrel City for the fiscal year ending Sept. 30, 2024, and the Economic Development Corporation (EDC) report for the same period. Council formally received the reports.
Allman highlighted key figures for the city: total assets of $15,671,942; total liabilities of $1,783,004; and total net position of $13,531,337. He reported total revenues of $6,896,519 and total expenses of $7,236,006.21, producing a net‑position decrease (net loss) of $340,902; Allman noted that depreciation (about $940,000) explains much of the non‑cash component of the reported loss and that, on a cash basis, operations were positive.
On the governmental‑funds presentation, Allman said the governmental funds’ net position was $6,512,075 with a $26,000 decrease. He summarized that the city had paid down long‑term debt during the year and increased unrestricted net position by roughly $160,000.
Allman also presented the EDC financial highlights: net assets of approximately $2,815,204 and net income for the year of about $54,076. He said EDC long‑term liabilities decreased and that unrestricted funds remain strong.
Council thanked the auditor and acknowledged the reports. The presentations were received and will be filed with the city’s records; the auditor said he would not go through the full 55‑page reports during the meeting and encouraged council to review the packet for full detail.
