High Point council hears FY2024 financial update; auditors flag RAISE grant reporting lapse

High Point Mayor Cyril Jefferson convened a special meeting of the High Point City Council for a fiscal update Thursday, and Finance Director Bobby Fishtown summarized the city’s fiscal 2024 revenues, expenditures and fund‑balance changes ahead of an evening presentation by external auditors.

Fishtown told the council that overall tax collections, including property and occupancy taxes, rose about 3% year over year and were in line with the fiscal 2024 budget. He said an accounting change in the timing of sales‑tax accruals — moving from a 60‑day to a 90‑day accrual that effectively recognized an extra month of receipts in fiscal 2024 — produced a one‑time increase of about $2.7 million in reported revenues.

The finance director said increased utility sales tax receipts and higher charges for services also contributed to revenue growth. He credited the city’s newly rebuilt City Lake Park with a “tremendous increase” in parks and recreation receipts from concessions and pool admissions. Fishtown also noted that the city earned investment income in fiscal 2024 after a long period of negligible returns, but said those gains depend on…