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City reports $22 million projected fund balance; auditor issues clean opinion on annual report
Summary
City staff told the council the first-quarter (Oct–Dec 2024) projections show a roughly $22 million ending fund balance and lower-than-budgeted expenditures; external auditors issued an unmodified (clean) opinion on the FY2024 financial statements and single audit.
City staff told the Galveston City Council on March 27 that preliminary first-quarter financial projections for the fiscal year that includes October–December 2024 show an expected $22 million ending fund balance and conservative sales- and property-tax forecasts.
“We're continuing to project a $22,000,000 ending fund balance in the general fund which represents about 99 days of reserves,” the city manager said during the presentation. City staff reported that revenue projections were about $2 million below the original systemwide budget but that expenditures were also projected to come in under budget, helping maintain planned fund balances.
The council also received the FY2024 annual comprehensive financial report. The city’s new auditor,…
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