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Finance director: Farmers Branch fiscal year 2024 results unaudited; sales tax and court fines exceeded estimates
Summary
Tammy Zimmerman presented tentative, unaudited fiscal year 2024 fourth‑quarter results, reporting sales tax above the budget threshold that triggers a transfer to the revenue stabilization fund, stronger-than-expected court-fine receipts, and positive enterprise fund results.
Tammy Zimmerman, director of finance, fleet and facilities for the City of Farmers Branch, presented a preliminary, unaudited fourth‑quarter financial report for fiscal year 2024 and emphasized that the results remain subject to change during the year-end audit process. She said departments generally spent less than budgeted, sales tax receipts totaled about $24,000,000 for the year and the council’s policy calls for amounts above $23,000,000 to be moved into the revenue stabilization fund; staff still must complete that transfer.
Zimmerman said court fines came in significantly higher than budgeted “thanks to our police department and their trafficking” enforcement work, and she noted enterprise funds — which cover water, sewer and stormwater — showed roughly $33,000,000 in actual revenue versus about $30,000,000 in expenditures. She warned that the quarterly figures are tentative: year‑end accruals, depreciation, receivables and other adjustments will be made before the audited Annual Comprehensive Financial Report (ACFR) is published.
On investments, Zimmerman said the city’s portfolio is risk‑averse and weighted toward municipal securities and pooled accounts but noted a bloc of certificates of deposit that yielded about 4.6 percent fiscal‑year‑to‑date; unrealized paper losses were small and the city intends to hold most investments to maturity. She also said none of the city departments exceeded their budgets in the tentative results presented.
Council members had no substantive questions during the study-session briefing. Staff stressed that the figures are tentative and that the audited ACFR will reflect final numbers.
