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Citywide News

Posted on: January 30, 2024

Plante Moran gives City solid grades during annual audit

AUDIT

The City of Taylor is in good financial condition, based on the audit for the fiscal year ending June 30, 2023. The audit was conducted by a team from Plante Moran in cooperation with the City’s Budget and Finance Department.

Tracking any organization’s unassigned fund balance – or rainy day fund – is a good measure of overall financial health. Taylor’s General Fund increased its fund balance by approximately $3.4M during the fiscal year, which was greater than the planned increase of $1.4M. Auditors noted that the $2M variance was primarily due to actual expenditures being under budget in the following areas: general government, public safety and lower than anticipated capital outlay expenditures.

The auditors categorized the City’s fiscal year as “good overall”. During the audit presentation to City Council in January, Plante Moran representatives said that an unassigned fund balance of $13.3M represents approximately 30 percent of current-year expenditures, or 129 days of reserves. By last month, those numbers had improved to $16.5M and 37 percent.

During the COVID-19 worldwide pandemic, Taylor was awarded $11.6M in American Rescue Plan Act Funds. It expended $1.7M in 2023 and obligated another $2.7M. It must obligate the remaining $8.9M by December 2024. 

Other highlights from the audit:

  • $14M was invested in community infrastructure projects and equipment.
  • $5M of long-term debt was paid down.
  • No new debt was issued.

Taylor, similar to many other governmental bodies, is still rebounding from the great recession of 2008 when it comes to taxable value. Tracking taxable value from 2010 onward, it continued downward before bottoming out in 2017. Since then, it has increased steadily but will not meet 2010 thresholds until the end of the decade. 

It’s also interesting to note where property taxes go. For every taxable dollar, the City claims 46.2 percent. Public schools get 36.6 percent and the county gets 17.2 percent. (Those who are truly interested in how their tax dollars are allocated should always read their tax bill, which lists where the tax dollars go.)

(For a more expanded look at this audit, look for the Taylor Today Magazine in February. Click here to look at audits slideshow presentation to City Council.)

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