Finance director reports revenue gains in 2024; income tax and property tax receipts increase

Jeremiah, the city’s finance director, presented the Q4 2024 financial summary to the Wyoming City Council on Jan. 21, reporting overall revenue gains and underspending in several fund categories.

Jeremiah reported general fund revenue of just over $14,000,000 for 2024, with the largest sources identified as property taxes and income taxes. He said income tax receipts increased 9.6% from 2023 — from just under $7.4 million in 2023 to $8.1 million in 2024. Property tax receipts were reported at just over $4.6 million in 2024; Jeremiah attributed the increase to a property revaluation completed late in the prior year.

On expenditures, the finance director said the general fund expended about 94% of its budget. He noted operating expenditures were under budget while transfers for capital projects varied year to year; 2023 included larger transfers for capital improvements. Key highlights Jeremiah presented for other funds included: - Recreation fund: about $1.4 million in revenue in 2024; expenditures reported at $1,457,000, driven in part by personnel costs and aquatic center contracts. - Capital improvement and waterworks funds: ongoing work cited included Oliver Road/Vermont reconstruction and design work for Mount Pleasant and Raleigh Road; Hilltop Park water main design and related water fund projects were mentioned. - Street construction and state highway funds: expenditures include traffic and street-lighting costs, snow-and-ice response (salt), and labor allocations for street repairs.

After the presentation, council moved to receive the report; the motion passed by voice vote. The finance director and council members discussed that transfers and capital spending vary year to year and that 2024 operating expenses were under the adopted budget.

The council received the report for the record; no new appropriations or budget amendments were proposed at the meeting.