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Council hears annual financial report

by | Feb 1, 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. The city also has around $6 million remaining in American Rescue Plan Act funds that were awarded as a result of the pandemic, she added.

The funds have to be committed to a project by Dec. 31, 2024, with a final deadline to spend them by the end of 2026.

DeBurro said he issued a clean, or unmodified, opinion on the city’s financial state, noting that there were no material weaknesses discovered during the audit. Wylie also did not qualify for a single audit — which is used to review federal dollar expenditures — because it did not spend more than $750,000 in federal aid funds.

Council voted to accept the annual comprehensive financial report as presented.

Additionally, Wylie Economic Development Corporation Executive Director Jason Greiner informed councilmembers about the activities from his organization in 2022.

Last year, the WEDC totaled $20.5 million in revenues and spent around $13 million, including $399,122 in economic incentives. The remaining cash balance for the WEDC is around $10.7 million.

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

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