Council accepts FY2024 audit showing $227.5 million in net position and stronger utility revenues

Carrollton’s City Council on Feb. 3 accepted the city’s fiscal-year 2024 audit after a presentation by external auditors that described the city’s financial position as sound.

Chris Olive Rush, representing the audit firm, told the council the auditors issued a clean opinion and highlighted key figures: total governmentwide net position of $227.5 million, an increase of $13.6 million from the prior year; general fund revenues of about $36.7 million in 2024; and an unassigned general fund balance of roughly $22.5 million, equating to about eight-and-a-half months of operating reserves. Rush said the water and sewer fund saw an approximately 11.5% increase in operating revenue, driven by higher utility receipts.

Rush walked council members through fund trends and noted that the city transferred about $8.5 million into a newly created capital projects fund during 2024 to set aside resources for planned projects. He also reviewed required reporting on internal controls and federal grant compliance and discussed recent accounting guidance (GASB pronouncements) affecting accruals for compensated absences.

During the discussion, a council member asked whether state law required the city to hold a specific fund balance. Rush replied that while some jurisdictions have statutory minimums, Carrollton follows best-practice guidance and that fund-balance levels depend on the city’s plans and commitments. "What you have about that can be different amongst different cities on where what you have plans for," Rush said.

After questions, the council moved to accept the audit; the motion carried by voice vote.