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Floresville reports $2.23M unaudited surplus; S&P upgrades city rating two notches
Summary
City finance staff told council the 2024 unaudited results show an overall surplus of $2,232,371 and highlighted reserve balances; Standard & Poor’s upgraded the city’s rating two levels to A‑ with a stable outlook, which staff linked to financial controls and a five‑year CIP plan.
Floresville city staff told the City Council Dec. 12 that unaudited fiscal‑year 2024 results show an overall governmental and enterprise surplus of $2,232,371 and that key fund reserves have grown. The finance presentation listed the water fund reserve at $5,417,597, wastewater reserves at $4,452,136 and a general‑fund reserve of $4,103,841.
City staff credited the turnaround to leadership changes, tighter financial controls, monthly financial reporting and the adoption of a five‑year capital improvement plan. In a related update, staff said Standard & Poor’s reviewed the city’s financial progress and upgraded its bond rating two notches from BBB to A‑ with a stable outlook, a move staff said reflects improved fiscal discipline and longer‑term planning.
"Standard and Poor's upgraded the city's credit rating by 2 levels from a triple B to an A minus with a stable outlook," staff told council. Finance staff and the city manager said the upgrade and reserve growth give the city more flexibility to fund infrastructure and borrow at lower interest rates.
Council members asked questions about the street maintenance fund and the council’s direction to build particular funds for large projects. Staff said some CIP projects remain multi‑year efforts and that reserves are being built to allow projects without depleting the maintenance fund.
No changes to tax policy or new long‑term debt were adopted at the meeting; staff said the audit field work is scheduled and that the figures presented are unaudited.
