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Council approves 2024 annual report; officials highlight revenue increases and debt totals
Summary
Council approved the city's 2024 annual report, which staff summarized as showing higher-than-budgeted sales tax revenue, federal awards requiring audit, and current debt balances for general and enterprise funds.
Brandon City Council voted to approve the city's 2024 annual report after a staff summary of revenues, expenditures and outstanding debt.
Finance staff member Christina summarized key figures from the packet. She said the city’s general fund increased by a little over $1.5 million for the year, driven largely by sales-tax receipts that exceeded budget by about $753,000 and higher interest earnings. Christina told the council the city’s general-fund debt outstanding was “a little over $27,500,000” and enterprise funds had about $31,600,000 in outstanding debt at year-end.
Christina also noted the city received slightly more than $1.3 million in federal awards, which will require a federal audit; auditors were scheduled to arrive at the end of April to conduct the audit, she said. Council members asked questions about the debt ratio; Christina described the debt share supported by sales tax as strong and said roughly 29% of total operating budget was being used for debt service. She added the city does not maintain a formal policy target for debt ratios.
After the summary and brief council questions, a motion to approve the annual report was made, seconded and passed by voice vote.
Ending: The council approved publication of pages 73 and 74 (the portion to be published in the paper) as part of the annual report; staff offered to provide specific numbers on request.
