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Seguin posts revenues above budget, builds reserves; grants portfolio tops $52 million
Summary
City finance staff reported preliminary, pre‑audit results showing general fund revenues at 106% of budget and expenditures at 88.4%, leaving about $9.4 million more than expected; sales tax and grant receipts were both higher than forecast, and the city reported roughly $52 million in active grants, including about $38 million tied to GLO projects.
City finance staff presented a year‑end (September 30, 2024) financial report showing revenues outpacing the adopted budget and departmental spending below projections. Susan (city finance presenter) said general fund revenues finished at 106% of budget while expenditures were 88.4% of budget, leaving the city about $9.4 million ahead of its projected year‑end balance before audit adjustments.
Highlights cited by staff included sales tax receipts about $2 million above budget and property and franchise taxes also exceeding estimates; interest revenues were stronger than anticipated because of higher interest rates. Grants totaled about $2.9 million during the year, and staff said the city maintains an active grant portfolio of roughly $52 million, approximately $38 million of which is associated with General Land Office (GLO) flood‑mitigation projects.
Susan stressed that the numbers presented were preliminary and are subject to change pending the auditors’ review. Council members asked clarifying questions about occupancy tax collections and vacation rentals; staff said they are working on ensuring occupancy taxes are captured from short‑term rentals and have budgeted resources to pursue compliance.
The presentation concluded with department‑level notes (police and fire spending increases driven by salaries and benefits, sanitation revenues up, utility fund results mixed) and an offer for follow‑up questions; none were raised that altered the reported figures.
Next steps: figures will be finalized with external audit adjustments and presented in the final audited financial statements.
