The Tracy City Council heard the City’s audit report for 2024. In 2024, the City’s General Fund experienced an 8.7% increase, or $201,560 in revenues, from $2,319,776 to $2,521,336. Revenues from taxes decreased 16.4 percent or $135,658. Intergovernmental revenues increased due to the increase in Local Government Aid (LGA) from public safety aid.
Revenues from other sources increased 50.4%, due to an increase in charges for services, investment earnings and other revenues. Total General Fund expenditures increased from 2023-2024 from $2,321,888 to $2,335,784 or 0.6%.
General government accounted for the largest portion of General Fund expenditures at 34%.
General government expenditures consist of expenditures for mayor and city council, election, administrative and finance, municipal building, planning and zoning, assessor fees, independent auditing, legal, and recording and reporting expenditures. Public Safety accounted for the second largest portion of expenditures at 27%.
Public Safety expenditures consist of expenditures for police and fire related costs.
The fund balance of the General Fund increased by $214,434 in 2024 as a result of revenues and transfers in exceeding expenditures and transfers out.
The State Auditor recommends cities to attempt to maintain a fund balance of 35% to 50% of fund operating revenues or no less than five months of operating expenditures.
The current unassigned fund balance of $1,160,505 represents 46.0 percent of 2024 revenues. Maintaining a fund balance as described above will ensure adequate working capital and cash flow for the City.
The City’s total net position increased by $568,728 compared to an increase of $6,040,118 in the previous year. The governmental activities net position increased by $469,211 and the businesstype activities net position increased by $99,517.
As of the close of the current fiscal year, the City’s governmental funds reported combined ending fund balances of $3,661,112, an increase of $149,323 in comparison with the prior year.
Approximately 40.8% of this total amount, $1,495,637, is available for spending at the City’s discretion, although $206,839 has been committed for specific purposes and $128,293 has been assigned for specific purposes.
At the end of the current fiscal year, unassigned fund balance for the General Fund was $1,160,505, or 49.7% of total General Fund expenditures of $2,335,784. The City’s total debt decreased by $1,037,088 or 3.9 percent during the current fiscal year.
