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Outside audit: Hays reports higher tax balance, capital spending for Elliott Ranch repairs
Summary
Council reviewed the city's outside audit: tax balance rose roughly $40,000 from 2023 to 2024, the city added $70,000 to capital assets for Elliott Ranch repairs, and interest income and other one-time adjustments influenced year-over-year results.
Council reviewed highlights from the recent outside audit. The presiding officer said the city—s tax balance rose by about $40,000 from 2023 to 2024, and the city added roughly $70,000 in capital assets to reflect major repairs at Elliott Ranch; despite the expenditures the city maintained positive cash flow.
"Our tax balance actually went up by about $40,000 from '23 to '24," the presiding officer said while summarizing the audit. The audit discussion also noted refundable deposits owed to some residents, franchise fees, and a prior-period payroll-tax adjustment that increased reported income; councilmembers did not raise objections and the item moved into subsequent budget planning steps.
