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Home My WebLink About06 2023Page 1 of 7 OVERVIEW This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through June 30, 2023. A detailed analysis, including budget to actual comparison, will be prepared quarterly in accordance with the City’s financial management policies. GENERAL FUND The General Fund is used to account for resources that are not generally dedicated for a specific purpose. The General Fund is used to meet the basic services that the City provides including, but not limited to, police protection, parks and recreation, human services, municipal court, street maintenance and planning, economic development, and administrative functions. The table below displays the year-to-date revenues and expenditures for the General Fund. Economic Development and Operating reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2023-2024 Adopted Budget. General REVENUES: Taxes 56,713,145$ Licenses and permits 3,908,209 Grants / intergovernmental 2,489,902 Charges for services 5,503,578 Fines and penalties 1,971,551 Miscellaneous 1,085,806 Investment Earnings 1,401,575 Insurance recoveries 17,423 TOTAL REVENUES 73,091,189 EXPENDITURES: Personnel 35,961,289 Supplies 1,141,186 Contracted Services 10,213,027 Capital Outlay 120,634 Internal Services 10,245,367 TOTAL EXPENDITURES 57,681,503 Transfers In - Transfers Out (15,539) NET TRANSFERS (15,539) CHANGE IN FUND BALANCE 15,394,147 BEGINNING FUND BALANCE, Jan 1 83,605,978 Prior Period Adjustment 22,212 BEGINNING FUND BALANCE, Jan 1 - restated 83,628,190 ENDING FUND BALANCE, Jun 30 99,022,337$ ECONOMIC DEVELOPMENT RESERVE 2,500,000 OPERATING RESERVES 13,585,276 AVAILABLE FUND BALANCE, Jun 30 82,937,061$ Monthly Financial Report June 2023 Monthly Financial Report City of Renton, Washington June 2023 Page 2 of 7 DEBT SERVICE FUND Debt service funds are used to account for the accumulation of resources for the payment of principal and interest related to the City’s general obligation bond issues. The table below displays the year-to-date revenues and expenditures for the City’s debt service fund. Debt service reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2023-2024 Adopted Budget. General Governmental Misc Debt REVENUES: Grants / intergovernmental 38,319$ Investment Earnings 71,646 TOTAL REVENUES 109,965 EXPENDITURES: Principal 2,533,188 Interest 582,995 TOTAL EXPENDITURES 3,116,183 Transfers In 2,595,376 NET TRANSFERS 2,595,376 CHANGE IN FUND BALANCE (410,842) BEGINNING FUND BALANCE, Jan 1 5,262,665 ENDING FUND BALANCE, Jun 30 4,851,823$ Debt Service Reserve 2,711,725 AVAILABLE FUND BALANCE 2,140,098$ Monthly Financial Report City of Renton, Washington June 2023 Page 3 of 7 SPECIAL REVENUE FUNDS Special revenue funds are used to account for revenues that are to be used for a specific purpose as required by law or legislative action. The table below displays the year-to-date revenues and expenditures for the City’s special revenue funds. CAPITAL PROJECT FUNDS Capital project funds are used to account for the acquisition and construction of major capital facilities and equipment. The table below displays the year-to-date revenues and expenditures for the City’s capital project funds. Hotel-Motel Tax Cable Communications Housing and Supportive Services Springbrook Wetlands Fire Impact Mitigation School District Impact Mitigation Police Seizure Police CSAM Seizure REVENUES: Taxes 217,060$ -$ 2,142,926$ -$ -$ -$ -$ -$ Licenses and permits - 27,949 - - - - - - Grants / intergovernmental - - - 4,011 - - - - Charges for services - - - - 29,416 121,821 - - Fines and penalties - - - - - - - 490 Contributions - - - - - - 106,159 - Investment Earnings 11,200 6,331 99,320 7,015 30,951 306 5,117 2,382 Sale of Fixed Assets - - - 247,852 - - - - TOTAL REVENUES 228,260 34,280 2,242,246 258,878 60,367 122,127 111,276 2,872 EXPENDITURES: Personnel - - - 6,142 - - - - Supplies - 21,238 - - - - 448 - Contracted Services 74,041 62,023 15,000 4,131 187,519 116,195 20,625 4,544 TOTAL EXPENDITURES 74,041 83,261 15,000 10,273 187,519 116,195 21,073 4,544 - Transfers In - - - - - - - - Transfers Out - - - - (2,595,376) - - - NET TRANSFERS - - - - (2,595,376) - - - CHANGE IN FUND BALANCE 154,219 (48,981) 2,227,246 248,605 (2,722,528) 5,932 90,203 (1,672) BEGINNING FUND BALANCE, Jan 1 712,384 453,147 6,110,390 454,628 2,724,187 - 339,814 172,804 Prior Period Adjustment - - - - - - - - BEGINNING FUND BALANCE, Jan 1 - restated 712,384 453,147 6,110,390 454,628 2,724,187 - 339,814 172,804 ENDING FUND BALANCE, Jun 30 866,603$ 404,166$ 8,337,636$ 703,233$ 1,659$ 5,932$ 430,017$ 171,132$ CS Impact Mitigation Transportation Impact Mitigation REET 1 REET 2 Municipal Facilities CIP Capital Investment Family First Center REVENUES: Taxes -$ -$ 1,053,793$ 1,053,792$ -$ -$ -$ Grants / intergovernmental - - - - 1,807,815 3,735,568 20,000 Charges for services 77,825 515,918 - - 21,246 9,862 - Contributions - - - - - 200,000 2,980,000 Investment Earnings 22,836 100,082 48,078 89,563 306,052 205,564 32,260 TOTAL REVENUES 100,661 616,000 1,101,871 1,143,355 2,135,113 4,150,994 3,032,260 EXPENDITURES: Personnel - - - - 26,719 43,117 - Supplies - - - - - 28,455 - Contracted Services - - - - 278,516 74,308 - Capital Outlay - - - - 9,590,339 4,261,494 2,014,827 TOTAL EXPENDITURES - - - - 9,895,574 4,407,374 2,014,827 Transfers In - - - - - - - Transfers Out - - - - - - - NET TRANSFERS - - - - - - - CHANGE IN FUND BALANCE 100,661 616,000 1,101,871 1,143,355 (7,760,461) (256,380) 1,017,433 BEGINNING FUND BALANCE, Jan 1 1,595,389 6,964,011 3,049,711 6,019,961 24,671,384 12,561,975 2,795,295 Prior Period Adjustment - - - - - - - BEGINNING FUND BALANCE, Jan 1 - restated 1,595,389 6,964,011 3,049,711 6,019,961 24,671,384 12,561,975 2,795,295 ENDING FUND BALANCE, Jun 30 1,696,050$ 7,580,011$ 4,151,582$ 7,163,316$ 16,910,923$ 12,305,595$ 3,812,728$ Monthly Financial Report City of Renton, Washington June 2023 Page 4 of 7 ENTERPRISE FUNDS Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business enterprises. The table below displays the year-to-date revenues and expenses of the City’s enterprise funds. Amounts restricted for debt service are in accordance with revenue bond requirements. Operating reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2023-2024 Adopted Budget. Airport Solid Waste Utility Golf Course Water Utility Wastewater Utility Metro Surface Water Utility REVENUES: Licenses and permits -$ -$ -$ -$ 35,900$ -$ 16,125$ Grants / intergovernmental 29,954 165,834 - 38,125 - - 1,265,143 Charges for services 3,248,675 12,348,401 1,418,493 8,190,725 5,985,098 10,031,792 6,740,212 Rents, leases, and misc fees - - 271,148 160,422 - - - Interest and other misc 132,151 51,249 27,710 1,106,874 700,985 86,355 1,268,398 TOTAL REVENUES 3,410,780 12,565,484 1,717,351 9,496,146 6,721,983 10,118,147 9,289,878 EXPENSES: Personnel 559,664 276,290 872,151 2,343,501 1,215,980 - 1,939,205 Supplies 41,413 9,616 238,038 470,379 78,570 - 65,626 Contracted Services 222,917 10,154,501 77,309 1,502,090 1,194,257 10,129,590 763,844 Internal Services 222,848 263,508 234,167 1,470,285 999,594 - 1,494,860 TOTAL OPERATING EXPENSES 1,046,842 10,703,915 1,421,665 5,786,255 3,488,401 10,129,590 4,263,535 CAPITAL, AND TRANSFERS 2,363,938 1,861,569 295,686 3,709,891 3,233,582 (11,443) 5,026,343 DEBT SERVICE: Principal - - 22,212 272,647 - - - Interest - - 896 83,511 36,575 - 45,117 TOTAL DEBT SERVICE - - 23,108 356,158 36,575 - 45,117 CAPITAL OUTLAY 290,891 - 16,462 2,322,625 469,552 - 728,592 Transfers In - - 77,500 - - - - Transfers Out - - (77,500) (861) - - - NET TRANSFERS - - - (861) - - - CHANGE IN FUND BALANCE 2,073,047 1,861,569 256,116 1,030,247 2,727,455 (11,443) 4,252,634 BEGINNING FUND BALANCE, Jan 1 8,925,689 3,951,191 1,609,927 48,208,077 22,850,871 6,237,142 28,314,756 ENDING FUND BALANCE, Jun 30 10,998,736$ 5,812,760$ 1,866,043$ 49,238,324$ 25,578,326$ 6,225,699$ 32,567,390$ Restricted for Debt Service - - - 1,394,051 661,227 - 754,868 Operating Reserve 244,162 400,000 787,490 1,706,759 975,361 380,000 1,245,213 AVAILABLE FUND BALANCE 10,754,574$ 5,412,760$ 1,078,553$ 46,137,514$ 23,941,738$ 5,845,699$ 30,567,309$ Monthly Financial Report City of Renton, Washington June 2023 Page 5 of 7 INTERNAL SERVICE FUNDS Internal service funds are used to account for the goods and services furnished by one City department to other City departments on a cost reimbursement basis. The table below displays the year-to-date revenues and expenses of the City’s internal service funds. Insurance reserves for the Healthcare Fund are established at a rate of 31% of current year budgeted expenses. 100% of the Retiree Healthcare fund balance is reserved for OPEB. Equipment Rental Insurance Information Technology Facilities Communications Healthcare Retiree Healthcare REVENUES: Technology Fee -$ -$ 122,644$ -$ -$ -$ -$ Equipment rental m&o 1,653,515 - 3,677,798 - - - - Print and mail - - - - 255,569 - - Communications - - - - 540,581 - - Facilities - - - 3,408,314 - - - Interest and other misc 184,827 322,304 111,374 8,246 5,086 105,978 278,847 Internal service fund misc: Vehicle / equipment capital recovery 1,661,609 - - - - - - Insurance premiums - 1,442,089 - - - - - Worker's comp/unemployment - 860,038 - - - - - Benefit premiums - - - - - 6,630,422 912,500 Other misc 661 9,912 11,454 50,701 - 265,266 87,092 Insurance recoveries 30,568 195,938 - - - 2,141 - TOTAL REVENUES 3,531,180 2,830,281 3,923,270 3,467,261 801,236 7,003,807 1,278,439 EXPENSES: Personnel 577,290 713,648 1,659,348 1,796,509 474,394 6,156,834 656,644 Supplies 863,430 - 171,381 519,497 25,015 2,035 - Contracted Services 207,500 1,107,987 1,698,390 824,787 161,375 240,164 38,123 Internal Services 65,682 - 3,269 136,543 2,348 51,876 - TOTAL OPERATING EXPENSES 1,713,902 1,821,635 3,532,388 3,277,336 663,132 6,450,909 694,767 AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 1,817,278 1,008,646 390,882 189,925 138,104 552,898 583,672 TOTAL DEBT SERVICE - - - - - - - CAPITAL OUTLAY 1,705,389 - 946,430 7,550 - - - Transfers In - - 16,400 - - - - Transfers Out - - - - - - - NET TRANSFERS - - 16,400 - - - - CHANGE IN FUND BALANCE 111,889 1,008,646 (539,148) 182,375 138,104 552,898 583,672 BEGINNING FUND BALANCE, Jan 1 13,277,635 23,221,020 9,021,343 937,922 428,724 6,935,644 19,928,792 ENDING FUND BALANCE, Jun 30 13,389,524$ 24,229,666$ 8,482,195$ 1,120,297$ 566,828$ 7,488,542$ 20,512,464$ Insurance Reserves - 16,897,915 - - - 4,559,148 20,512,464 Opearting Reserves 13,351,008 - 2,326,091 - - - - AVAILABLE FUND BALANCE 38,516$ 7,331,751$ 6,156,104$ 1,120,297$ 566,828$ 2,929,394$ -$ Monthly Financial Report City of Renton, Washington June 2023 Page 6 of 7 FIDUCIARY FUNDS Fiduciary funds are used to account for assets held by the City in a trustee capacity. These assets are not available for City use as they are not City assets. The table below displays year-to-date revenues and expenditures of the City’s fiduciary funds. Firemens' Pension Custodial Fund REVENUES: Intergovernmental 199,566$ -$ Investment Earnings 114,519 - Collected for Others - 1,198,412 TOTAL REVENUES 314,085 1,198,412 EXPENDITURES: Distributions to Others 162,889 589,574 TOTAL EXPENDITURES 125,002 589,574 NET TRANSFERS - - CHANGE IN FUND BALANCE 189,083 608,838 BEGINNING FUND BALANCE, Jan 1 8,733,791 - ENDING FUND BALANCE, Jun 30 8,922,874$ 608,838$ Monthly Financial Report City of Renton, Washington June 2023 Page 7 of 7 CONTACT INFORMATION This report is prepared by the Finance Department. For additional financial information, please also review our website: http://www.rentonwa.gov/. For any questions about the report, please feel free to contact Nate Malone nmalone@rentonwa.gov or Kristin Trivelas ktrivelas@rentonwa.gov . City of Renton All Funds - Revenue, Expenditures and Fund Balances Budgetary Basis through June 30, 2023 Funds Balance 01/01/2022 Budgeted Revenue Revenue 06/30/23 Total Funds Available Budgeted Expenditure Expenditure 06/30/23 Ending Balance GENERAL FUND 83,605,978 133,148,027 73,113,401 156,719,379 138,565,955 57,697,042 99,022,337 SPECIAL REVENUE FUNDS:10,967,354 5,152,674 3,060,306 14,027,660 5,642,007 3,107,282 10,920,378 110 Hotel Motel 712,384 200,000 228,260 940,644 454,616 74,041 866,603 127 Cable Communication 453,147 57,674 34,280 487,427 255,586 83,261 404,166 130 Housing and Supportive Services 6,110,390 3,500,000 2,242,246 8,352,636 260,000 15,000 8,337,636 135 Springbrook Wetlands Bank 454,628 - 258,878 713,506 40,000 10,273 703,233 140 Police Seizure 339,814 - 111,276 451,090 339,814 21,073 430,017 141 Police CSAM Seizure 172,804 - 2,872 175,676 172,804 4,544 171,132 31X School District Impact Mitigation - 995,000 122,127 122,127 995,000 116,195 5,932 304 Fire Mitigation 2,724,187 400,000 60,367 2,784,554 3,124,187 2,782,895 1,659 DEBT SERVICE FUND 5,262,665 5,755,022 2,705,341 7,968,006 5,565,690 3,116,183 4,851,823 CAPITAL PROJECT FUNDS (CIP):57,657,726 63,242,649 12,280,254 69,937,980 107,866,332 16,317,775 53,620,205 303 Community Services Mitigation 1,595,389 86,500 100,661 1,696,050 1,090,000 - 1,696,050 305 Transportation Mitigation 6,964,011 1,780,000 616,000 7,580,011 5,817,897 - 7,580,011 308 REET1 3,049,711 2,300,000 1,101,871 4,151,582 3,500,000 - 4,151,582 309 REET2 6,019,961 2,300,000 1,143,355 7,163,316 5,403,625 - 7,163,316 316 Municipal Facilities CIP 24,671,384 10,441,251 2,135,113 26,806,497 35,030,341 9,895,574 16,910,923 317 Transportation CIP 12,561,975 41,712,746 4,150,994 16,712,969 53,190,642 4,407,374 12,305,595 346 New Family First Center Dvlpmnt 2,795,295 4,622,152 3,032,260 5,827,555 3,833,827 2,014,827 3,812,728 ENTERPRISE FUNDS:120,097,653 113,328,675 53,397,269 173,494,922 179,033,479 41,207,644 132,287,278 4X2 Airport Operating & CIP 8,925,689 4,531,000 3,410,780 12,336,469 9,546,030 1,337,733 10,998,736 403 Solid Waste Utility 3,951,191 25,533,751 12,565,484 16,516,675 25,980,244 10,703,915 5,812,760 4X4 Golf Operating & CIP 1,609,927 3,504,825 1,794,851 3,404,778 3,853,974 1,538,735 1,866,043 4X5 Water Operating & CIP 48,208,077 20,789,505 9,496,146 57,704,223 52,379,968 8,465,899 49,238,324 4X6 Waste Water Operating & CIP 22,850,871 12,064,965 6,721,983 29,572,854 25,445,102 3,994,528 25,578,326 416 King County Metro 6,237,142 19,358,929 10,118,147 16,355,289 20,173,811 10,129,590 6,225,699 4X7 Surface Water Operating & CIP 28,314,756 27,545,700 9,289,878 37,604,634 41,654,350 5,037,244 32,567,390 INTERNAL SERVICE FUNDS:73,751,080 50,607,131 22,851,874 96,602,954 56,678,469 20,813,438 75,789,516 501 Equipment Repair/Replacement 13,277,635 9,885,963 3,531,180 16,808,815 9,812,590 3,419,291 13,389,524 502 Insurance 23,221,020 4,997,328 2,830,281 26,051,301 7,358,743 1,821,635 24,229,666 503 Information Services 9,021,343 8,830,085 3,939,670 12,961,013 13,962,728 4,478,818 8,482,195 504 Facilities 937,922 7,142,137 3,467,261 4,405,183 7,265,712 3,284,886 1,120,297 505 Communications 428,724 1,593,402 801,236 1,229,960 1,711,701 663,132 566,828 512 Insurance, Healthcare 6,935,644 16,123,216 7,003,807 13,939,451 15,197,161 6,450,909 7,488,542 522 Insurance, Leoff1 Retirees HC 19,928,792 2,035,000 1,278,439 21,207,231 1,369,834 694,767 20,512,464 FIDUCIARY FUNDS:8,733,791 400,000 1,512,497 10,246,288 253,475 714,576 9,531,712 611 Firemens' Pension 8,733,791 400,000 314,085 9,047,876 253,475 125,002 8,922,874 630 Custodial Fund - - 1,198,412 1,198,412 - 589,574 608,838 TOTAL FUNDS 360,076,247 371,634,178 168,920,942 528,997,189 493,605,407 142,973,940 386,023,249