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Fair Oaks Ranch reports stronger-than-expected preliminary year-end finances; audit ongoing
Summary
Finance Director Summer Fleming reported preliminary unaudited FY 2023-24 results showing general fund revenues of $11.5 million (about $850,000 over budget), a projected $1.03 million surplus and a projected ending fund balance of $7.65 million; the annual audit remains in progress with final reports due in March.
Finance Director Summer Fleming presented the city's preliminary, unaudited year-end financial results and the quarterly investment update, noting the audit remains ongoing but she did not anticipate substantial changes.
Fleming said general fund revenues totaled about $11,500,000, approximately $850,000 above budget; she reported the city collected 99.2% of the 2023 tax levy and that sales tax exceeded…
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