Stonecrest presents unaudited 2024 revenue and expense summary; city reports growth in several revenue streams

City staff presented an unaudited summary of Stonecrest's 2024 revenues and expenses during the Feb. 10 work session, highlighting higher-than-budgeted franchise-fee receipts and insurance-premium-tax collections.

Finance staff said the city ended 2024 with total revenues above budget, citing franchise fees ($3.5 million reported on the presentation), business and occupational taxes (budgeted 1.7 million; received 2.8 million) and insurance premium tax (budgeted 4.7 million; received 5.6 million) among the notable variances. Staff emphasized the figures are unaudited until the annual external audit is completed.

Staffing and systems: City Manager Scruggs and finance staff said recent hires in accounting, procurement and revenue-compliance roles and implementation of new financial software helped improve revenue collection and reporting. The city also announced a new finance director, Lakisha Gaines, who was introduced at the meeting.

Questions and next steps: Council asked for the packet and staff said the finance report would be provided ahead of the next meeting and posted on the city's finance web page. Staff reiterated the figures are unaudited and will be subject to the external auditor's review; the city may also use future internal-audit capacity once that position is filled.

Ending: The council thanked staff and asked that future monthly reports be provided in advance of meetings to allow more time for review.