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Hot Springs council approves 2024 annual report; council members point to large capital spending and deliberate cash use
Summary
The council approved the city's 2024 annual report; finance staff said overall cash balances and several fund balances declined because the city used cash to pay for capital projects rather than incur low-interest debt. Council scheduled an audit readout for May 19.
The Hot Springs City Council on May 5 approved the 2024 annual report as presented by the city’s finance officer, who told council the city’s cash balances decreased in 2024 largely because the city used cash to complete capital projects rather than borrowing.
Finance officer Misty said the city’s combined funds were down about $1.9 million year-to-date and the city’s cash balance decreased approximately $2.7 million. She explained the figures follow the Department of Legislative Audit’s required…
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