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City presents 2024 annual financial report; year-end balance near $4.7 million
Summary
City staff presented the 2024 annual financial report noting an ending balance around $4.7 million, roughly $100,000 less than the prior year, and said revenue streams were stronger by roughly $400,000 compared with 2023; the commission will now enter budget season.
City staff presented the 2024 annual financial report at the May 1 meeting and described the city as being "very financially sound." Speaker 1 said the city ended 2023 near $4.8 million and is looking at "about 4.7 as our ending" for 2024, a decline of roughly $100,000 from the prior year. He added that revenues were "almost about 400,000 more than we did over 2023," noting that some 2023 expenditures (for example hail damage and wastewater engineering) affected year-to-year comparisons.
Speaker 1 also said budget season is upcoming; department heads will receive budget sheets and have about a month to return them to the finance officer. He referenced a payment of "close to a hundred and $21,000" for a new project, which staff clarified as just over $121,000.
The commission accepted the report on the record and thanked staff for preparing the audit and annual report; staff said the report has been submitted for publishing to the Department of Legislative Audit in accord with timing requirements.
