SPI shares 2023-2024 finance report

By: Dianté Marigny

editor@portisabelsouthpadre.com.

The City of South Padre Island unveiled its 2023–2024 Popular Annual Financial Report (PAFR), now available on the official website. Designed with clarity in mind, the report simplifies complex financial data and aims to ensure residents understand how funds are managed. The 2022–2023 edition earned the Government Finance Officers Association (GFOA) Award for Outstanding Achievement—marking the fourth year in a row the city achieved this honor.

“This report is designed to be easily understandable to the general public without a background in public finance,” Chief Financial Officer Rodrigo Gimenez explained. “It’s a way to communicate financial data to a broad audience.”

Included in the PAFR are highlights from the Hotel/Motel – Convention Center Funds for the eight-month period ending May 31, 2025, showing both budgeted and actual figures:

On the spending side:

• Visitors Bureau: Budget $161,479 — Actual $100,922
• Sales & Administration: Budget $2,820,019 — Actual $1,501,982
• Events Marketing: Budget $1,347,732 — Actual $999,515
• Marketing: Budget $5,055,000 — Actual $3,397,949
• Historical Museum: Budget $1,524,806 — Actual $712,323

The revenues achieved through May 31 represent just under half of what was anticipated, while some expenses—particularly in marketing and sales—are pacing below expectations. Notably, the miscellaneous revenue category exceeded its budget, and the museum benefited from a substantial EDA grant.

The City has submitted the 2023–2024 report to the GFOA in hopes of maintaining its award-winning streak.

Residents and stakeholders can access the full PAFR on the City’s website to explore further details on budget allocations, fund balances, and financial performance.