Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the City Finance topic
No spam. Unsubscribe anytime.
Newton Commission accepts 2024 year-end financial report showing $55.8 million in revenues
Summary
The Newton City Commission on Feb. 5 accepted the city’s 2024 year-end financial report, which showed $55.8 million in total revenues and an expenses-to-revenues gap that left the city above its reserve target; no changes to the mill levy were made at the meeting.
The Newton City Commission voted to accept the city’s 2024 year-end financial report, which showed $55.8 million in total revenue and roughly $52.2 million in total expenditures.
City staff presented the figures during the regular meeting. Rebecca, who led the review in Finance Director Donna Peckman’s absence, told commissioners the city’s total revenues for 2024 were $55,800,000 and total expenses were “a little less,” at about $52,200,000. She said general fund revenues came in nearly 10% over budget while expenditures were held to just under 98% of budgeted amounts.
The presentation noted that 68% of general fund revenue came from taxes, with property (ad valorem) the largest share and sales tax accounting for about 32% of tax revenue. Rebecca attributed part of the revenue overage to stronger-than-expected sales tax, higher licensing and permit fees, and specific one-time items tied to local development; she identified GAF Industries’ expansion as a contributor to increased fees and charges for services.
Rebecca said interest income on idle funds rose as rates improved; the highest yield cited in the presentation was 3.77% on some investments. She noted the city’s target general fund reserve is about 15% and that the 2024 results would leave the city better positioned to carry forward one-time gains but did not recommend an immediate mill levy reduction at this meeting.
Enterprise funds were also reviewed. Wastewater revenue finished at about 97.8% of budget with expenses at about 90.8% of budget, and water and sanitation funds were described as meeting their three-month expenditure reserve targets. The airport fund met its five-percent requirement despite lower fuel sales; the golf course, Meridian Centre and other enterprise funds were reported as in generally healthy condition.
Commissioners took no additional budget actions at the meeting. A motion to accept the report passed by voice vote; individual roll-call tallies were not provided in the meeting record.
