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Wauwatosa reports an unaudited 2024 surplus; auditors on site and reserves above policy
Summary
City staff presented the unaudited 2024 financial results to the Financial Affairs Committee April 8, reporting an approximate $3.0 million surplus for 2024, higher-than-expected investment earnings (including unrealized mark-to-market gains), mixed results on citations and overtime, and reserves above the city's financial-resiliency target.
Director Regine and finance staff presented the City of Wauwatosa's unaudited financial results for 2024 to the Financial Affairs Committee on April 8, 2025. Staff reported an approximately $3.0 million unaudited surplus for 2024 and said independent auditors were on site doing fieldwork; audited financial statements are expected to be available by July.
Staff said the city ended 2024 with general-fund reserves at about 18% of operating expenditures, above the city's policy target of roughly two months (about 17%). Regine framed the result as improved financial resiliency after two years below policy.
On revenues, staff highlighted several drivers: property-assessment receipts exceeded budget in percentage terms (presenter described them as about 240% of a small budgeted amount), and miscellaneous…
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