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City comptroller presents 2024 popular annual financial report; city reserves equal about 120 days of operations
Summary
Comptroller Jerry Atkins presented the City of Midland's 2024 Popular Annual Financial Report (PAFR), highlighting the city's $58 million general fund reserve (about 120 days of operations), a roughly $100 million net position increase from 2023 to 2024 (about 14%), and efforts to make financial documents more accessible to residents.
Comptroller Jerry Atkins told the Midland City Council on April 8 that the city's Popular Annual Financial Report (PAFR) is a concise, user-friendly summary of the larger annual Comprehensive Financial Report the city produces. Jerry Atkins, Comptroller, City of Midland, said the PAFR is meant to translate technical information for residents and to support the council's transparency goal.
Atkins said the city's general fund reserve totaled about $58,000,000 at the close of fiscal 2024, which he described as roughly 120 days of operating expenses. He also reported that the city's net position rose about 14% from 2023 to 2024, equivalent to roughly $100 million, and highlighted department-level achievements including a new frontline ambulance, a new municipal police academy, more than 1,400 animal adoptions and an interoperable radio system connecting Midland with neighboring jurisdictions.
Atkins and council members emphasized that the PAFR is not a replacement for the full audited financial reports but a clarity tool recommended by the Government Finance Officers Association. The PAFR includes demographic data (median age about 31; about 31% of residents with a bachelor's degree or higher), and a tax-rate breakdown that shows roughly 23% of each property-tax dollar goes to the city and 77% to other taxing authorities.
Council members and staff also described the PAFR as part of succession and best-practice efforts in finance: the city's documents are being made available on the city website in a presentations tab and staff encouraged residents with further questions to contact the city's web assistance tool "Ask Jackie." Atkins noted the city moved its device-refresh cycle for staff devices from four to five years (savings driven by COVID-era delays) and discussed steps to resale retired computers after physically removing and shredding hard drives to protect data.
The council did not take action on the PAFR itself at the meeting; staff provided the report as an information item and directed residents to the city website for the full reports.
Ending: Council members praised the PAFR's clarity and staff for publishing both the summary and the underlying audited documents online, saying residents who want more detail can review the comprehensive financial report on the city website.
