City of St. Louis reports budget surplus for fiscal year 2024. Find out the details and impact of this positive financial news for the community.
Comptroller Darlene Green announced today that the City of St. Louis closed its FY2024 with a General Fund Operating Budget Surplus of $42.4Million.
(St. Louis – October 2, 2024) Comptroller Darlene Green announced today that the City of St. Louis closed its fiscal year 2024 (FY24) with a General Fund Operating Budget Surplus of $42.4Million.
“St. Louis is fortunate to have once again outperformed budget expectations during the fiscal year by a significant budget surplus of $42.4Million, which has trended higher in recent years due in part to modest revenue increases and to post pandemic factors that include lower staffing levels,” said Comptroller Green.
The operating budget surplus was due to revenues exceeding original budget estimates by approximately14.6%, and expenditures coming in significantly lower than budget estimates by approximately 29.6%. While total general fund revenues for FY24 was a modest overall 1.4% increase over FY23, actual expenditures once again dropped below budget estimates largely due to the high number of vacant positions leading to department underspending.
By ordinance, half of the operating balance ($21.2Million) will be transferred to the City’s Capital Fund to be appropriated for and eventually expended on capital improvements throughout the city. The remainder will accrue to the City’s unrestricted general fund reserve which exceeds the Government Finance Officers Association (GFOA) recommended minimum balance of 16.7% of the operating budget.
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Comptroller Darlene Green is the chief fiscal officer of the City of St. Louis and is charged with safeguarding the city’s credit rating and with protecting taxpayer dollars. Visit www.stlouis-mo.gov/comptroller to learn more about the Office of the Comptroller.
Keywords: City of St. Louis, Budget surplus, Fiscal year, Positive financial news, Community impact
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