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Fort Myers posts stronger-than-expected 2024 revenues; general fund reserve rises to $36.1M
Summary
Director of Financial Services Christine Tenney reported that city revenues for fiscal year 2024 outpaced budget projections in many categories, leaving the general fund about $3.5 million favorable and reserves at $36.1 million (about 20.6% of a $175 million general fund budget); staff flagged some revenue streams that underperformed and cautioned about upcoming debt-service needs.
Christine Tenney, director of financial services, delivered a high-level fiscal-year 2024 report showing stronger-than-expected revenues across many operating funds and an increase in general-fund reserves.
Tenney said several revenue streams outperformed expectations (including ad valorem revenue driven by a roughly 13% increase in the tax base, permit revenues, and a lift in utility and parking revenues), and that overall the general fund finished the year roughly $3.5 million favorable to expenditures. "We are finishing the year at a general fund reserve level of $36,100,000," Tenney said, which she characterized as slightly above the city's policy target (about 20%).
She also highlighted revenue streams that lagged the plan, including certain franchise and state-shared revenue lines, and warned council that debt-service associated with large capital projects coming online would increase the demand on the general fund in coming years. Staff said they are monitoring several streams and will incorporate emerging data into the next quarter's report.
