The City of Columbia is pleased to announce that it has successfully achieved a clean audit report for the fiscal year 2024, with no discrepancies or issues identified. This accomplishment underscores the City’s unwavering commitment to fiscal responsibility and prudent management of taxpayer resources, highlighting yet another year of effective financial oversight.
In 2024, the City experienced a modest increase in total annual revenues, which rose by 1.3% to reach $67.1 million. Notably, local sales tax revenue saw a significant boost, climbing by 9.5% to $19.7 million. Additionally, revenue from licenses and permits surged by an impressive 52.9%, totaling $2.6 million. These figures reflect the City’s proactive approach to enhancing its revenue streams.
Moreover, the City has made strides in reducing its governmental debt, which decreased by $1.6 million, further demonstrating its commitment to financial prudence. The overall financial health of the City was bolstered as the governmental fund balance increased by 13.6%, reaching $8.8 million. This positive trend in financial management is also evident in the City’s sustained AA+ bond rating from Standard & Poor’s, a testament to its strong fiscal practices.
In addition to these achievements, the City of Columbia has been recognized for its excellence in financial reporting, having received the Excellence in Financial Reporting Award from the Government Finance Officers Association (GFOA) for an impressive 25 consecutive years. This accolade reflects Columbia’s dedication to transparency and high standards in financial management, reinforcing its reputation as a model of fiscal responsibility.