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City finance director reports improved audit readiness, forecasts $58M available fund balance
Summary
Finance staff presented August financials showing revenues on track, highlighted interlocal true‑ups with Ector County, noted staffing impacts on expenditures, and said auditors are on site and the FY2024 audit is expected to be completed on time. Staff estimated an available fund balance of roughly $58 million at year‑end after projections.
Finance staff provided the council with an overview of the August financial statements for the general fund, water, sewer and solid waste, and reported progress on the FY2024 audit.
The presenter told council that property and sales tax are the city’s major revenue sources and that property‑tax collections came in above conservative budget assumptions. She said the city records several year‑end true‑up transactions — including interlocal payments with Ector County for jail and crossing‑guard services and EMS ambulance supplements — and is investigating a revenue line labeled for Ector County crossing guards that appears to be recorded as revenue but functions as an expense allocation.
On expenditures, staff said the city had spent about 77% of the budget at the time of the report, with four payrolls remaining. The presenter estimated the available fund balance in August at approximately $75 million and, after estimated year‑end adjustments, projected an available fund balance of about $58 million compared with a budget book projection of $61 million.
The finance director also discussed high overtime costs and part‑time staffing levels, noting that overtime for emergency services is a major factor and that American Rescue Plan Act salary reimbursements would offset part of overtime costs. Staff said auditors were on site and that compared with the previous year the city was "leaps and bounds ahead" on audit readiness; staff did not anticipate a late audit for FY2024.
Council requested earlier delivery of financials where possible to allow more time for review.
