CHEYENNE, Wyo. — Cheyenne’s city government saw a major leap in revenue in 2024.
On Friday, Cheyenne city staff held their annual audit work session. Treasurer Robin Lockman announced at the beginning of the meeting that the city’s General Fund raked in an additional $13.2 million in revenue in 2024 compared to the city’s prior fiscal year. This figures to around a 20% increase in the fund.
The following is a list of the city’s final General Fund balances over the past several fiscal years:
- 2024: $80,502,583
- 2023: $67,272,739
- 2022: $63,358,622
- 2021: $65,729,887
- 2020: $53,211,608
The city’s 2024 fiscal year began July 1, 2023, and ended June 30, 2024.
The city saw increases across multiple revenue streams, Lockman told Cap City News via email. She noted the following specific reasons for the noticeable revenue leap.
- Building permit: The city has a new building permit that generated $6.8 million more for the city compared to the prior fiscal year. The city’s new data centers played a large part in this.
- Sales and use tax: The city saw a $1.4 million increase in sales and use tax compared to the prior fiscal year. A reason for this is that consumers used more gas and oil.
- Property taxes: The city took in around $1 million more in property taxes last year compared to the prior fiscal year.
- Interest revenue: Lockman said the city government collected $1.7 million more in interest revenue compared to the prior fiscal year. There are two reasons for this: The city had higher reserve levels, and city staff improved cash management strategies to capitalize on higher-yielding accounts.
- Wind energy: Revenue stemming from wind energy leases was $173,000 higher in 2024 compared to the prior year. Megawatt rates increased, and the NextEra Energy Roundhouse Wind II Project began at the start of fiscal year 2024.
Members of the city’s Finance Committee commended city staff during the Friday meeting for their efforts to save on costs and find additional routes to bring in extra cash.
“I think the treasurer and her team do an amazing job,” Ward III Councilmember Michelle Aldrich said. “We are so, so fortunate to have someone of her competency and her ability to take care of our financial side.”
Councilmember Mark Rinne offered similar words of praise.
“It’s comforting and reassuring to know the city is managing its money well,” Rinne said.
A stream of the audit meeting can be viewed below.
