Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the City Finance Fy2024 topic
No spam. Unsubscribe anytime.
Duvall finance director reports 2024 results: revenues below budget, expenditures under budget; reserves remain healthy
Summary
Finance Director Beth Newton reported preliminary unaudited FY2024 figures: the city earned about 92.6% of budgeted revenue and spent roughly 82.5% of budgeted expenditures; investment income rose to about $1.7 million and the building/permit fund balance ended the year near $3.9 million.
Duvall’s finance team presented a preliminary, unaudited summary of 2024 finances to the city council, showing revenues below budget but expenditures materially under budget and several fund balances remaining healthy.
Finance Director Beth Newton said the city’s preliminary 2024 results show total revenue at roughly 92.6% of what was budgeted and total expenditures at about 82.5% of budgeted levels. Newton also noted investment interest income across funds totaled about $1,700,000 in 2024, up from about $1,300,000 in 2023. She told the council the city’s financial statements had been internally reconciled but that the state audit was still pending and scheduled for later in the year.
Newton reviewed general‑fund drivers: property tax is the largest general‑fund revenue source followed by sales tax and utility tax; general fund tax receipts increased about 5% compared with 2023. She also described one‑time and variable revenue items: intergovernmental (state and federal grants) and transfers from strategic and ARPA reserves that temporarily bolstered the general fund during the biennium. The finance director said total general‑fund revenues for the 2023–24 biennium were approximately $14.7 million while expenditures were about $15.2 million, meaning the city used a bit more than $500,000 of fund balance (less than originally budgeted).
Newton reviewed other funds: building and permitting activity eased after a 2023 spike and the building/permits fund balance was about $3.9 million at year‑end. Utility operating funds (water, sewer, storm) remained healthy with revenues exceeding expenditures in 2024. The real‑estate excise tax (REET) revenue rose in 2024 as unit sales and average sale prices increased, and transportation benefit district receipts totaled about $452,000 for 2024.
Council members asked for formatting clarifications and year‑to‑year comparison columns in future quarterly reporting; staff said the packet and presentation will include comparative columns going forward. Newton closed by reminding the council of the city’s online interactive budget book for the upcoming 2025–26 biennial budget and said staff will continue to monitor revenues and expenditures as council works through the next biennial budget.
