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Terrell releases FY24 unaudited financials; council questions utility fund shortfall and audit timeline
Summary
City finance staff presented unaudited FY24 summaries to the council, reporting overall close performance to revised budgets but noting the utility fund ended the fiscal year with an approximate shortfall of about $141,000; council asked for further detail and staff outlined plans for audit timing, staffing changes and training.
Terrell’s director of finance presented the city’s unaudited fiscal year 2024 financial summaries to the City Council on Feb. 11, reporting that overall fund performance closely tracked the revised budget but that the Utility Fund ended the year with an approximate shortfall of about $141,000 compared with the revised budget.
Shelley Wallace, director of finance, said revenues and expenditures across most funds ran roughly 99% of the revised budget. The Utility Fund showed revenue below the revised estimate while expenditures were close to expected levels, producing the reported year‑end deficit for FY24. Council…
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