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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 budget by $105,000 (a 7.5% increase over the prior year). Revenues and expenditure control produced a projected general fund surplus of roughly $1,030,000 and a projected ending fund balance of $7,650,000, including an operating reserve of $4,700,000 and $381,000 encumbered for outstanding purchase orders.
On utilities, Fleming said the utility fund produced projected operating income of over $677,000 and that water operating revenues exceeded budget by about $800,000, driven in part by drought surcharges; she noted water consumption decreased by roughly 6,000,000 gallons year over year. Fleming also reported the city received about $7.3 million in bond proceeds on Sept. 26 and the city’s investment pools earned $274,682 in the most recent quarter (fiscal-year-to-date interest $1,130,000).
Fleming reminded the council the figures are preliminary and unaudited; the audit is expected to conclude in January with the final annual comprehensive financial report presented to council in March and then submitted to GFOA for award consideration.
No council action was required; staff will return with the audited financial statements and the finalized five-year financial plan as part of next year’s budget process.
