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It’s also not obvious to me what’s going on in your project, nor what troubleshooting you may have done already, but here are some comments that may (or may not) help you.
– The third bullet of your post implies that the current last task in your schedule (but not the schedule overall) has an imposed constraint whose time of day is slightly offset from the default calendar. This can happen when you change the calendar (and associated default start/finish times) after imposing the constraint. The constraint could be an explicitly defined SNLT, FNLT, or Deadline on the last task. It could also be inherited from any summary tasks above it. Be alert to Manually Scheduled tasks that may have crept into the schedule. They can have the same impact as explicit constraints and can be well hidden especially as summary tasks.
– Suggest that your date format (in General Options) should be one that shows complete time of day in hh:mm. Since you’ve said, “Time is entered in hours,” I would expect this to already be the case. I would also expect that your decimals in Total Slack are referring to partial hours rather than partial days, not that this makes any difference.
– Total Slack is strictly a Task property, reflecting task early dates, late dates, and assignment/leveling delays (if any). While your resource calendars can certainly affect these, the first step in troubleshooting your unexpected Slack values is to examine the late dates of your tasks from last to first looking for deviations from your expected time. I first typically look at Late Finish.