In its annual financial report presented to Fort Myers City Council on May 19, auditors found the city has combined total assets of $1.26 billion and liabilities of $752.53 million for fiscal year 2024. That left the city with a net of $498.71 million, an increase of $80.27 million or 19.18% from the prior year.

After capital investments, such as land or buildings, the city has a balance of $57.45 million that is usually used to meet ongoing obligations to citizens and creditors. The increases are due in part to higher property tax revenue and some expenses decreasing, including police and fire department costs.

The city’s business activities revenue also increased in large part due to charges for services to Lee County for sewer fees and capital projects. But expenses also increased largely due to routine costs for water and wastewater expenses.

Fitch Ratings also upgraded the city’s credit rating from AA- to AA due to its outstanding non-ad valorem revenue bonds. Financial challenges remain, including continued recovery from Hurricane Ian, population growth management, structural balance in the budget, labor and supply constraints that drive inflation, affordable housing needs and resources for department staffing, the report showed.