Finance Director John unveils Kennedale financial report and departmental achievements

The City Council of Kennedale, Texas, convened on February 18, 2024, to discuss significant developments within the finance department and the overall financial health of the city. John, the finance director, presented an overview of the department's achievements and future goals, emphasizing the importance of teamwork and collaboration across various city departments.

John highlighted that the finance team has maintained stability over the past year, a notable improvement from previous staffing challenges. The department's primary objectives include providing timely financial reports, safeguarding city assets, and ensuring prompt payments to vendors. Key projects mentioned included the annual comprehensive financial report, a water rate study, and updates to the employee handbook.

The finance department has made substantial progress in its short-term goals, surpassing its target of 15% for payments made via ACH, currently achieving 22%. Additionally, the city received the Government Finance Officers Association (GFOA) Distinguished Budget Presentation Award, recognizing the budget document's effectiveness as a policy guide and communication tool.

John also provided a financial overview, noting a decrease in sales tax as a percentage of total revenue over the past three years, while other revenue sources, including fines and fees, have seen significant growth. The city's reserve fund has also increased, reaching 40% by the end of the fiscal year, exceeding the goal of 25%.

The meeting concluded with discussions on the implications of these financial trends, particularly regarding property tax rates and the city's budgeting strategies moving forward. The council expressed optimism about the city's financial trajectory and the collaborative efforts that have led to these achievements.