Hilco Real Estate 6-2024

City receives annual comprehensive financial report

by | Jan 25, 2023 | Latest

After hearing a review of the city’s comprehensive financial report during last night’s meeting, Wylie councilmembers were informed they have a large surplus of funds in the city’s unassigned fund balance.

John DeBurro, a partner with Weaver, presented the auditor’s findings during the Tuesday, Jan. 24, council meeting. 

The city’s revenues were $65.9 million during the past fiscal year, a 4% increase from fiscal year 2021. Expenditures were $67.2 million, a 12% increase, over the same period.

Despite the slight deficit last year, the city retains $30.4 million in its unassigned fund balance, which is enough to cover 65.2% of expenditures. The number is more than double the typical 30% or around 90 days of operating expenses the city tries to maintain.

Accounting for that figure, Finance Director Melissa Beard said council has about $16 million it could use for one-time expenses while maintaining the adequate reserve balance. 

In other business, councilmembers held a public hearing on the existing juvenile curfew ordinance and received the Wylie Economic Development Corporation’s annual report.

The juvenile curfew is required to be subject to public hearings every three years before it can be renewed or amended. Last year, the WEDC totaled $20.5 million in revenues and spent around $13 million, including $399,122 in economic incentives.

For the full story, see the Feb. 1 issue of The Wylie News.

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