Jacob Twomey, a Certified Public Accountant with Armstrong, Vaughan & Associates, P.C., provided an annual financial report for the fiscal year ending September 30, 2024 during an April 8 Cibolo City Council meeting.
The details
Overall, the city’s general fund balance at the end of the 2024 fiscal year was $7.1 million, increasing by $667,000 over the fiscal year, according to Twomey’s presentation to council. A fund balance is the difference between a government’s assets and liabilities, according to a report from the New York State Comptroller.
As part of a government-wide financial statement, Cibolo’s business-type activities net position also increased by $10.04 million from 2023 to 2024. Business-type activities mainly deal with the city’s water and sewer funding, with the net position increase happening for two main reasons: maintaining a good ratio of revenues to expenditures and adding investment earnings and contributed capital, Twomey said.
Total operating revenues for the fiscal year was $20.73 million compared to $15.72 million in operating expenses, according to agenda documents.
Adding to the net position were both investment earnings and contributed capital. Contributed capital refers to assets that are given to the city to fund capital projects, Twomey said.
“You have contributed capital of [$2.16 million] from developers in various projects that went own in the past year, they donated infrastructure to the city, and that was a main reason you saw an increase in revenues for these utility funds,” Twomey said.
The increased net position will aid the city funding future capital projects, Twomey added.
