HomeMy WebLinkAboutQUARTER 2 2023Page 1 of 34
OVERVIEW
This quarterly financial report reflects the city’s revenue and expenditures/expenses for the fiscal year through June 30,
2023. A detailed analysis, including current to prior year and budget to actual comparison is included for each city fund.
Excluded from this report are the city’s fiduciary funds as these funds are held on behalf of others and are not available for
city use. Budget figures shown reflect amounts authorized in ORD 6114, which includes the year end budget adjustment
approved July 17th, 2023.
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 YTD revenues and expenditures for the General Fund, including comparison to prior
year, comparison to YTD budget amounts, and percentage of annual budget. YTD budget amounts are generally based on
the collection/disbursement patterns for the same period of the preceding two (2) years, with the following exceptions:
property tax revenue budgets are based on the collection patterns over the preceding four (4) years and sales tax revenue
budgets are based on the collection patterns over the preceding five (5) years.
General Fund
YTD
Prior Year YTD YTD Budget % BUDGET
REVENUES
Taxes 50,349,747$ 99,476,943$ 49,069,181$ 56,713,144$ 6,363,397$ 7,643,963$ 57.01%
Licenses & Permits 4,277,047 5,792,660 3,325,200 3,908,209 (368,838)$ 583,009 67.47%
Intergovernmental 2,375,706 9,199,969 4,419,901 2,489,903 114,197$ (1,929,998) 27.06%
Charges for Services 5,231,840 11,186,962 5,689,733 5,503,578 271,738$ (186,155) 49.20%
Fines and Penalties 2,397,604 3,841,442 2,039,048 1,971,551 (426,053)$ (67,497) 51.32%
Miscellaneous 1,377,526 1,673,835 819,690 2,487,380 1,109,854$ 1,667,690 148.60%
Other Financing Sources (Transfer‐In, etc) 41,978 1,976,216 1,976,216 39,635 (2,343)$ (1,936,581) 2.01%
TOTAL REVENUES 66,051,448 133,148,027 67,338,969 73,113,400 7,061,952 5,774,431 54.91%
EXPENDITURES
City Attorney 1,408,398 3,227,575 1,607,755 1,514,001 (105,603) 93,754 46.91%
Community and Economic Development 5,218,831 15,062,857 8,137,153 6,122,616 (903,785) 2,014,537 40.65%
Council 341,909 743,244 371,971 369,213 (27,304) 2,758 49.68%
Court Services 1,533,653 3,532,292 1,749,477 1,579,095 (45,442) 170,382 44.70%
Equity, Housing, and Human Services 1,583,400 5,310,611 1,866,199 1,429,382 154,018 436,817 26.92%
Executive Services 2,837,610 6,504,746 3,299,930 2,988,080 (150,470) 311,850 45.94%
Finance 1,950,843 5,363,865 2,300,308 2,139,566 (188,723) 160,742 39.89%
Human Resources 795,121 1,942,172 954,553 809,953 (14,832) 144,600 41.70%
Parks and Recreation 6,546,268 17,292,831 8,055,733 7,052,881 (506,613) 1,002,852 40.78%
Police 21,235,380 49,793,835 24,020,111 24,165,966 (2,930,586) (145,855) 48.53%
Public Works 7,455,925 16,947,204 8,438,403 8,060,904 (604,979) 377,499 47.56%
Other Non‐Departmental 8,026,297 12,844,723 2,648,185 1,465,387 6,560,910 1,182,798 11.41%
TOTAL EXPENDITURES 58,933,635 138,565,955 63,449,778 57,697,044 1,236,591 5,752,734 41.64%
Change in Fund Balance 7,117,813 (5,417,928) 3,889,191 15,416,356 8,298,543 11,527,165 N/A
Beginning Fund Balance 69,102,662 83,605,978 83,605,978 83,605,978 14,503,316 ‐ 100.00%
ENDING FUND BALANCE 76,220,475$ 78,188,050$ 87,495,169$ 99,022,334$ 22,801,859$ 11,527,165$ 126.65%
Operating Reserve 13,994,674 11,085,276 11,085,276 11,085,276
Economic Development Reserve 2,500,000 2,500,000 2,500,000 2,500,000
AVAILABLE FUND BALANCE 59,725,801$ 64,602,774$ 73,909,893$ 85,437,058$
Favorable (Unfavorable)
2022 2023 Variance
YTD Actual Annual Budget YTD Budget YTD Actual
Summary of Sources and Uses
Quarterly Financial Report 2nd Quarter 2023
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 2 of 34
GENERAL FUND REVENUES
The following tables provide a more detailed summary of each revenue category within the General Fund. Detailed
explanations have been provided for variances from prior year or YTD budget in excess of $100K. All variances are shown in
a favorable/(unfavorable) format.
TAXES
Property Tax – Property tax collections by King County are above prior year. The increase is due to the city increasing the
property tax levy the allowable 1% by state law as well as an additional levy of $1.5M.
Local Retail Sales Tax – Local retail sales tax exceeded prior year and YTD budget. The majority of the increase in local retail
sale tax revenues over the prior year is coming from the services and construction sectors. It is important to note that sales
tax revenues have a two‐month lag between the time of the sale and the city’s receipt of the sale tax from the State. Please
see the June sales tax report for information regarding sales tax figures by industry.
Criminal Justice Sales Tax – Criminal justice sales tax represents a 0.1% sales tax imposed by the county for criminal justice
purposes. The county must share 90% of the revenue collected with all cities and towns in the county on a per capita basis.
The increase in criminal justice sales tax directly relates to the increase in local retail sales tax, as described above.
Natural Gas Use Tax – Natural gas use tax represents a 6% tax on the usage of natural gas within the city that has not
otherwise been subject to city utility tax. The increase over 2023 budget and increase from prior year is due to higher than
anticipated usage which fluctuates from year to year and is only paid by a limited number of larger companies.
Admissions Tax – An increase in admission tax over prior year is due to the economic recovery from the pandemic where
many locations remained on limited capacity or were not operating their events in the first quarter of 2022 as well as a
large increase from a new taxpayer in Renton. Admissions tax is performing higher than budget due to the recent opening
of a large new taxpayer in Renton resulting in higher tax collection.
Utility Tax – Electrical, natural gas and city utilities are the primary drivers of the increase over prior year and amount
above YTD budget due to increased customer rates coupled with increased utility usage. Rates for utility users beginning
January 2023 increased 8.7% for electricity and 6.4% for natural gas. These increases were partially offset by decreases in
cable utility tax due to decreased customer base as well as timing of tax payments for the month of June which were not
received until July. The breakdown of utility tax is as follows:
2022 2023 2023
Actual Budget Actual $ % $ %
Property Tax 12,394,088 13,282,552 13,303,522 909,434 7.3% 20,970 0.2%
Local Retail Sales Tax 17,963,563 16,230,093 18,242,536 278,973 1.6% 2,012,443 12.4%
State Sales Tax Credit 77,005 104,621 56,793 (20,212) ‐26.2% (47,828) ‐45.7%
Criminal Justice Sales Tax 1,801,308 1,473,357 1,904,016 102,708 5.7% 430,659 29.2%
Natural Gas Use Tax 120,306 110,818 253,629 133,323 110.8% 142,811 128.9%
Admission Tax 52,013 111,308 634,789 582,776 1120.4% 523,481 470.3%
Utility Tax 8,979,648 8,326,919 9,508,889 529,241 5.9% 1,181,970 14.2%
Leasehold Excise Tax 89,299 91,678 102,376 13,077 14.6% 10,698 11.7%
Gambling Excise Tax 1,745,503 1,199,307 1,716,042 (29,461) ‐1.7%516,735 43.1%
B&O Tax 7,127,014 8,138,528 10,990,552 3,863,538 54.2% 2,852,024 35.0%
YTD Total 50,349,747$ 49,069,181$ 56,713,144$ 6,363,397$ 12.6% 7,643,963$ 15.6%
Annual Total 102,213,407$ 99,476,943$
Taxes by Type
Revenue
2023 vs. 2022 2023 vs. Budget
Year to Date through June
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 3 of 34
Gambling Excise Tax – Gambling excise tax can fluctuate based on the economy; therefore, budget is established based on
a historical average from prior years. Current year revenue is above budget due to substantial increases from the card
games tax.
Business and Occupation (B&O) Tax – B&O tax revenues are above the 2023 budget and increased from prior year due to
the increase in the tax cap in 2023 as well as increased rates which were in effect for reporting periods beginning after
January 1, 2023.
LICENSES & PERMITS
Business Licenses – The amount over the 2023 year‐to‐date budget is due to higher than anticipated collections during
January and February. The majority of the business license revenue is collected during the months of December through
March of each year near the renewal due date.
Building Permits – Building permits are collected upon permit issuance. Building permit revenue is exceeding budget
primarily due to a few larger projects such as the new Sounders facility and the Wizards of the Coast tenant improvements
at the Southport Campus. The decrease from prior year is primarily due to the Solera project in 2022 which was significantly
larger than any permit fees paid in 2023.
INTERGOVERNMENTAL
2022 2023 2023
Tax by Type YTD Actual YTD Budget YTD Actual $ % $ %
Electrical 3,181,543$ 2,861,452$ 3,537,519$ 355,976$ 11.2% $ 676,067 23.6%
Natural Gas 1,200,512 1,047,955 1,422,338 221,826 18.5% 374,383 35.7%
Cell 258,600 234,200 244,776 (13,824) ‐5.4% 10,576 4.5%
Phone 340,445 309,957 312,143 (28,302) ‐8.3% 2,186 0.7%
Cable 772,144 781,932 547,294 (224,850) ‐29.1% (234,638)‐30.0%
Garbage 378,475 402,730 414,309 35,834 9.5% 11,579 2.9%
City Utilities 2,847,929 2,688,693 3,030,510 182,581 6.4% 341,817 12.7%
YTD Total 8,979,648$ 8,326,919$ 9,508,889$ 529,241$ 5.9%1,181,970$ 14.2%
2023 vs. 2022 2023 vs. Budget
2022 2023 2023
Actual Budget Actual $ % $ %
Franchise Fees 707,093 810,986 732,362 25,269 3.6%(78,623) ‐9.7%
Business Licenses 832,940 690,437 866,217 33,277 4.0% 175,780 25.5%
Animal Licenses 32,570 33,498 32,700 130 0.4%(798) ‐2.4%
Building Permits 2,678,011 1,759,613 2,253,205 (424,806) ‐15.9%493,592 28.1%
ROW/Street Excavation Permits 25,924 30,278 23,385 (2,539) ‐9.8% (6,893) ‐22.8%
Special Event Permits 510 389 340 (170) ‐33.3% (49) ‐12.6%
YTD Total 4,277,047$ 3,325,200$ 3,908,209$ (368,838)$ ‐8.6%583,009$ 17.5%
Annual Total 7,455,983$ 5,792,660$
Year to Date through June
Revenue
2023 vs. 2022 2023 vs. Budget
Licenses & Permits by Type
2022 2023 2023
Actual Budget Actual $ % $ %
State Shared Revenue 2,007,769 2,033,707$ 2,011,740 3,971$ 0.2%(21,967)$ ‐1.1%
Federal Grants 324,049 2,102,626 335,925 11,876 3.7%(1,766,701) ‐84.0%
State Grants 13,811 147,045 94,762 80,951 586.1%(52,283) ‐35.6%
Local Grants 30,077 136,523 47,476 17,399 57.8%(89,047) ‐65.2%
YTD Total 2,375,706$ 4,419,901$ 2,489,903$ 114,197$ 4.8%(1,929,998)$ ‐43.7%
Annual Total 17,604,837$ 9,199,969$
Intergovernmental by Type
Revenue
2023 vs. 2022 2023 vs. Budget
Year to Date through June
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 4 of 34
State Shared Revenue – The breakdown of state shared revenue is as follows:
Fuel Tax – The amount under budget is due to a lower than anticipated state share in 2023 which is distributed based on a
per capita basis. Budget will be monitored as it is anticipated a decrease in fuel tax shared revenue due to an increasing
number of electric vehicles in the market.
Federal/State/Local Grants – Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of
grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant revenue is
budgeted at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to
reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award year is carried
forward each year until the grant funds are fully received or the grant agreement expires. The variance from year‐to‐date
budget is largely due to remaining ARPA grant funds that are unspent through June 2023.
CHARGES FOR SERVICES
Public Safety Services – The decrease in public safety services from prior year and budget is primarily due to a decrease in
police school resource officers. Only one of three officers are currently being utilized due to Renton School District slowly
restarting this program after a pause during the pandemic. Private security revenue has also contributed to the decrease
due to staffing shortfalls and the need to cover minimum staffing of city operations before contracting officers for private
security opportunities. Private security service revenue is intended to offset the overtime expenditures incurred and is a net
zero impact to the city.
Development Services ‐ The decrease from prior year is primarily due to large inspection revenues received in 2022 for
Philip Arnold Park, and King County Shop building permits. The amount over the budget in 2023 is due to construction
activity remaining strong including one large project for Lindbergh High School modernization development engineering.
Recreation/Farmer’s Market/Events – The increase over prior year and budget is largely due to a significant amount of the
recreation facilities being closed through April of 2022. Decreased revenue in prior years impacts the budget since YTD
revenues are calculated using the two prior year’s average collections. Multiple fees were also increased in 2023 for
2022 2023 2023
Tax by Type YTD Actual YTD Budget YTD Actual$%$%
Judicial Contribution 21,552$ 25,007$ 22,478$ 926$ 4.3%(2,529)$ ‐10.1%
Crim Just ‐ Pop 17,838 11,966 18,803 965 5.4% 6,837 57.1%
Crim Just ‐ Spec Prog 63,399 54,959 66,519 3,120 4.9% 11,560 21.0%
Crim Just ‐ One Time ‐ ‐ 44,715 44,715 N/A 44,715 100.0%
State DUI 8,957 10,526 263 (8,694) ‐97.1% (10,263) ‐97.5%
Marijuana Distribution 130,431 98,361 136,737 6,306 4.8% 38,376 39.0%
Liquor Profits 415,517 400,040 410,938 (4,579) ‐1.1%10,898 2.7%
Liquor Excise Tax 380,992 380,812 376,777 (4,215) ‐1.1% (4,035) ‐1.1%
Fuel Tax 969,083 1,052,036 934,510 (34,573) ‐3.6% (117,526) ‐11.2%
YTD Total 2,007,769$ 2,033,707$ 2,011,740$ 3,971$ 0.2%(21,967)$ ‐1.1%
2023 vs. 2022 2023 vs. Budget
2022 2023 2023
Actual Budget Actual $ % $ %
Passport Fees 4,970 7,151 4,410 (560) ‐11.3% (2,741) ‐38.3%
Court Services 45,408 7,609 67,019 21,612 47.6% 59,411 780.8%
General Government Services 184 ‐ 53 (130) ‐70.9%53 100.0%
Public Safety Services 457,097 618,142 278,970 (178,127) ‐39.0% (339,172) ‐54.9%
Development Services 1,806,686 1,159,875 1,330,880 (475,806) ‐26.3%171,005 14.7%
Transportation Services 3,413 ‐ 23,578 20,165 590.9% 23,578 100.0%
Social Services 106,235 149,427 78,508 (27,727) ‐26.1% (70,919) ‐47.5%
Recreation/Farmer's Market/Events 271,952 258,423 635,711 363,760 133.8% 377,288 146.0%
Interfund Services 2,535,896 3,489,106 3,084,449 548,553 21.6%(404,657) ‐11.6%
YTD Total 5,231,840$ 5,689,733$ 5,503,578$ 271,740$ 5.2%(186,154)$ ‐3.3%
Annual Total 10,101,988$ 11,186,962$
Year to Date through June
Charges for Services by Type
Revenue
2023 vs. 2022 2023 vs. Budget
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 5 of 34
recreation services which is contributing to the increase from prior year. The amount over budget is due to the 2022 Seek
Grant of $129K used to support the STREAM team summer camp. Additionally, community center programs are performing
$140K above year‐to‐date budgeted amounts. As we move through the summer months, these figures should be more
consistent with prior year and budget.
Interfund Services – Interfund services revenue increased from prior year due to the newly created sustainability division,
which is charged out to utility funds, and cost of living salary increases, which are charged to other departments. The
amount under the 2023 year‐to‐date budget is due to a reduction of soft capital transfers for general fund personnel
related to capital projects.
FINES AND PENALTIES
Photo Enforcement Program – The decrease from prior year is primarily due to a large uptick in revenue in 2022 resulting
from the city’s new collection agency sending out collection notices that caused a surge of payments. Collections through
the first 6 months of 2023 are down 3.5% from prior year.
MISCELLANEOUS REVENUES
Interest and Other Investment Earnings – Investment earnings have varied over the past couple of years as the market has
seen uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds
rate, and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government
Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or
increases; the city holds roughly 52% of the total cash and investments for the city in the LGIP.
Rents, Leases, and Concessions – The increase from prior year is due to higher‐than‐expected parking garage fees ($47K),
and senior center and community center facility rentals ($53K) as these remained in limited usage in the beginning of 2022.
The amount over the budget is primarily due to parking garage fees ($100K), 200 Mill leases ($125K), community center
facility rentals ($60K) and a revocable land use permit ($50K).
Other – The decrease from prior year is due a payment applied to other and miscellaneous revenue which was moved to
charges for services ($290K) for a payment in lieu of affordable housing units.
2022 2023 2023
Actual Budget Actual $ % $ %
Civil Penalties 156,442$ 164,431$ 120,740$ (35,702)$ ‐22.8% (43,692)$ ‐26.6%
Photo Enforcement Program 2,106,246 1,762,817 1,753,578 (352,668) ‐16.7% (9,239) ‐0.5%
Criminal Traffic Misdemeanor Fines 16,908 23,786 12,468 (4,440) ‐26.3% (11,318) ‐47.6%
Criminal Non‐Traffic Fines 2,660 3,890 1,985 (675) ‐25.4% (1,906) ‐49.0%
Criminal Costs 16,726 22,657 12,638 (4,088) ‐24.4% (10,019) ‐44.2%
Non‐Court Fines, Forfeitures and Penalties 98,622 61,466 70,142 (28,480) ‐28.9%8,677 14.1%
YTD Total 2,397,604$ 2,039,048$ 1,971,551$ (426,053)$ ‐17.8% (67,497)$ ‐3.3%
Annual Total 4,142,205$ 3,841,442$
Year to Date through June
Revenue
2023 vs. 2022 2023 vs. Budget
Fines and Penalties by Type
2022 2023 2023
Actual Budget Actual $ % $ %
Interest and Other Investment Earnings 190,536$ 81,575$ 1,401,573$ 1,211,037$ 635.6% 1,319,998$ 1618.1%
Rents, Leases, and Concessions 794,199 605,274 927,923 133,724 16.8% 322,649 53.3%
Contributions/Donations from Private Source s 12,035 8,574 20,553 8,518 70.8% 11,979 139.7%
Other 380,756 124,267 137,331 (243,425) ‐63.9%13,064 10.5%
YTD Total 1,377,526$ 819,690$ 2,487,380$ 1,109,854$ 80.6% 1,667,690$ 203.5%
Annual Total 2,914,453$ 1,673,835$
Year to Date through June
Revenue
2023 vs. 2022 2023 vs. Budget
Miscellaneous by Type
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 6 of 34
OTHER FINANCING SOURCES
Transfers from Other Funds – The amount under budget is due to the timing of budgeted transfers. Annual transfers occur
in December each year.
GENERAL FUND EXPENDITURES
The following tables summarize expenditures by category for each department within the General Fund.
Personnel – Personnel costs are budgeted at 100% of the position cost each year resulting in a budget variance if positions
remain open for any part of the year. The increase in personnel costs over prior year is due to filling positions that were
previously held vacant in 2022, and cost of living adjustments. Personnel costs under budget is due to open positions; there
are currently 66 vacancies as of June 30th.
Supplies – The increase in supplies from prior year is primarily due to the following:
Signal shop supplies for damaged, repair and replacement of traffic signals and street markings ($141K); purchase
of street marking paint sufficient to paint all roadway markings within the city to replace raised pavement
markings; one large signal purchase in 2023 to upgrade the 154th and SR169 intersection with vehicle detection
signals to assist with traffic congestion;
Increased need for small tools and minor equipment for parks maintenance due to delayed maintenance from
pandemic ($30K);
Police SWAT supplies, opioid overdose supply kits, small drone purchases, new radar purchases, quarter master
system supplies for new officers, and donation of Kia and Hyundai wheel lock systems; a revenue and expenditure
are recognized for the donation and subsequent pass through to the public ($135K).
The amount over the year‐to‐date budget is due to the following:
Increased need for small tools and minor equipment for parks maintenance due to delayed maintenance from
pandemic ($30K);
Unbudgeted chemical expenditures for the Henry Moses Aquatic Center previously expensed through facilities
($18K);
One‐time purchases of police radar systems, quarter master system supplies related to increased recruitment, new
technology service for police investigations, and Kia and Hyundai wheel lock donations not previously budgeted
($110K);
2022 2023 2023
Actual Budget Actual $ % $ %
Transfers from Other Funds 14,187$ 1,930,000$ ‐$ (14,187) 0.0%(1,930,000) 0.0%
Interfund Loan Payment Received 15,405 46,216 22,212 6,807 44.2%(24,004) ‐51.9%
Insurance Recoveries 10,386 ‐ 17,423 7,037 67.8% 17,423 100.0%
Sale of Capital Assets 2,000 ‐ ‐ (2,000) 0.0%‐ N/A
YTD Total 41,978$ 1,976,216$ 39,635$ (2,343)$ ‐5.6% (1,936,581)$ ‐98.0%
Annual Total (80,254)$ 1,976,216$
Year to Date through June
Other Financing Sources by Type
Revenue
2023 vs. 2022 2023 vs. Budget
General Fund
Summary of Uses 2022
Year to Date through June YTD Actual YTD Budget YTD Actual $%$%
Personnel 32,190,990$ 39,918,315$ 35,961,286$ (3,770,296)$ ‐11.7% 3,957,029$ 9.9%
Supplies 796,600 732,612 1,141,184 (344,584) ‐43.3%(408,572) ‐55.8%
Contracted Services 9,673,760 12,361,529 10,213,027 (539,267) ‐5.6% 2,148,502 17.4%
Capital Outlay 14,258 176,415 120,634 (106,376) ‐746.1% 55,781 31.6%
Debt Service 225,309 ‐ ‐ 225,309 100.0%‐ 0.0%
Internal Services 10,251,145 10,245,368 10,245,374 5,771 0.1% (7) 0.0%
Transfers Out 5,781,573 15,539 15,539 5,766,034 99.7%‐ 0.0%
Total Expenditures 58,933,635 63,449,778 57,697,044 1,236,591 2.1% 5,752,734 9.1%
Annual Total 130,113,119 138,565,953
2023 2023 vs. 2022 2023 vs. Budget
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 7 of 34
Higher than anticipated street maintenance costs including increased cost for asphalt for repairs ($146K);
Change in coding of signal shop supply purchases resulting from reorganization in 2021 that impacted the two‐year
average calculation ($94K). The annual supply budget is currently 64% spent which is trending slightly above the
50% anticipated through June, largely due to traffic markings supplies of which the annual budget has been spent
in full. This overspend was partially offset by budget savings for transportation systems where these expenditures
were previously budgeted.
Contracted Services ‐ The increase in contracted services over prior year is due to the following:
Increased expenditures for photo enforcement due to CPI increase from vendor ($45K);
Police SWAT professional services and Valley SWAT participation expenditures ($53K) ;
Increase in jail services due to timing of billing; in 2022 only two months were paid through Q1 and in 2023 three
months were paid ($225K);
Increase in Valley Communications (911 call center) costs of approximately $127K due to a contractual increase in
the city’s share of costs;
Planning expenditures related to the middle housing grant that occurred in 2023 ($50K);
Increased police training and travel expenditures due to increased recruitment into the regional training center
($37K);
Organizational development increase in training and professional services as this position was vacant until July
2022 ($55K);
Increase in State Auditor expenditures due to delayed timing of the 2021 audit which went through January of
2023 ($62K);
Increased tree maintenance and arborist costs ($46K);
One‐time payments for land acquisition appraisal services ($12K);
Increase in electricity usage and rates for transportation systems ($71K);
Sustainability division grant spending for water conservation and climate planning grants ($144K).
These increases were offset by the following decreases from prior year:
Decrease in Human Services spending due to one time funding in 2022 through CDBG grant ($217K);
Decrease in signal shop professional services due to significant property repair expenditures in 2022 ($84K);
Decrease in election costs due to timing of billing; in 2023 we have paid for voter registration costs to date
($154K).
The amount under budget is primarily driven by the following:
Jail services ($189K) due to contractual increase and invoice timing in prior years being paid later in the year;
Human Services of $227K allocated for housing repair currently unspent;
Economic development contracted services of $1.1M and professional services of $826K currently unspent
including Downtown Partnership, Shop Local program, and grant funds; these amounts are anticipated to be spent
throughout the remainder of the year;
Election costs for primary election have not been paid in 2023 and have historically been paid in June ($154K);
Annual reserve budget of $1.8M of which $935K is budgeted year‐to‐date.
These budget savings were partially offset by the following:
Increase in police training for academy expenditures as the city has priority after providing an officer to the
regional training center ($37K);
Increased electronic home detention expenditures due to a higher volume of GPS equipment being utilized ($32K).
Capital Outlay – The increase from prior year is due to a technology purchase with EMPG grant ($18K), Police drone
purchase ($39K), signal shop purchase of a plotter printer and radar system ($30K), and parks purchase of storage and
equipment ($13K).
Debt Service – The decrease from prior year is due to the issuance of an interfund loan from the general fund to the
Maplewood golf course to fund the purchase of golf carts in 2022, a one‐time activity.
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 8 of 34
DEBT SERVICE FUNDS
Debt service funds are used to account for the accumulation of resources for the payment of principal and interest related
to the City’s general obligation bond issues. YTD budgets are not prepared for debt service funds.
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT FUND
The General Governmental Miscellaneous Debt Fund is the only debt service fund maintained by the city.
Principal and Transfers In – The increase from prior year is due to a one‐time payment in 2023 for payoff of the Fire District
40 debt. This debt was paid off early as the fire impact mitigation fund held sufficient resources to pay the debt in full.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 44,705$ 39,170$ 38,320$ (6,385)$ (850)$ 97.83%
Investment Earnings 11,440 ‐ 71,645 60,205 71,645 N/A
TOTAL REVENUES 56,145 39,170 109,965 53,820 70,795 280.74%
EXPENDITURES:
Principal 195,873 4,453,189 2,533,189 (2,337,316) 1,920,000 56.88%
Interest 635,337 1,112,501 582,994 52,343 529,507 52.40%
TOTAL EXPENDITURES 831,210 5,565,690 3,116,183 (2,284,973) 2,449,507 55.99%
Transfers In 611,550 5,715,852 2,595,376 1,983,826 (3,120,476) 45.41%
NET TRANSFERS 611,550 5,715,852 2,595,376 1,983,826 (3,120,476) 45.41%
CHANGE IN FUND BALANCE (163,515) 189,332 (410,842) (247,327) (600,174) ‐217.00%
BEGINNING FUND BALANCE, Jan 1 5,218,125 5,262,665 5,262,665 44,540 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 5,054,610$ 5,451,997$ 4,851,823$ (202,787)$ (600,174)$ 88.99%
Debt Service Reserve 2,717,575 2,717,575 2,717,575
AVAILABLE FUND BALANCE 2,337,035$ 2,734,422$ 2,134,248$
VARIANCE
FAVORABLE (UNFAVORABLE)
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 9 of 34
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. YTD budgets are not prepared for special revenue funds. Detailed explanations will be provided for
material differences between prior year and or budgeted amounts.
Hotel/Motel Fund
The Hotel/Motel Fund accounts for monies collected through an increase of 1% in hotel/motel taxes for the purpose of
increasing tourism in the City of Renton, as authorized under RCW 67.28.180. The Lodging Tax Advisory Committee (LTAC)
solicits applications for awards and brings their recommendations to Council for approval at least once per year. Awards for
events are paid to applicants at the conclusion of the event once certain reporting requirements have been met.
Taxes – The amount over the annual budget is due to better‐than‐expected economic recovery for lodging taxes. The
budget will be monitored and adjusted as necessary in the mid biennium budget adjustment.
Contracted Services – The contracted services budget is expended as programs hold their events for which they were
awarded funds for. The majority of the LTAC award events occur during summer.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Taxes 195,700$ 200,000$ 217,060$ 21,360$ 17,060$ 108.53%
Contributions 10,000 ‐ ‐ (10,000) ‐ N/A
Investment Earnings 1,691 ‐ 11,200 9,509 11,200 N/A
TOTAL REVENUES 207,391 200,000 228,260 20,869 28,260 114.13%
EXPENDITURES:
Contracted Services 127,729 424,616 74,041 53,688 350,575 17.44%
TOTAL EXPENDITURES 127,729 424,616 74,041 53,688 350,575 17.44%
Transfers Out ‐ (30,000) ‐ ‐ ‐ N/A
NET TRANSFERS ‐ (30,000) ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 79,662 (254,616) 154,219 74,557 408,835 ‐60.57%
BEGINNING FUND BALANCE, Jan 1 728,421 712,384 712,384 (16,037) ‐ 97.80%
ENDING FUND BALANCE, Jun 30 808,083$ 457,768$ 866,603$ 58,520$ 408,835$ 107.24%
VARIANCE
FAVORABLE (UNFAVORABLE)
HOTEL/MOTEL
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 10 of 34
Cable Communications Fund
The Cable Communications Fund accounts for funding for promotion and development of cable communications as
established by city ordinance. The main use of the fund is to support the broadcasting of City Council meetings on Channel
21.
Housing & Supportive Services
In accordance with HB 1590, the City Council passed ORD 5983 authorizing an additional 0.1% sales and use tax, effective
January 1, 2021. The additional sales and use tax is restricted for housing and related services, in accordance with RCW
82.14.530.
Taxes – Taxes have exceeded prior year and are currently on track to exceed the annual budget. This tax revenue will
increase or decrease with the economy as it is a direct sales tax upon consumer purchases.
Contracted Services – The decrease from prior year is due to a large payment made to the Renton Housing Authority to
develop affordable housing as part of the Sunset Gardens project.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Licenses and permits 32,673$ 57,674$ 27,949$ (4,724)$ (29,725)$ 48.46%
Investment Earnings 1,536 ‐ 6,331 4,795 6,331 N/A
TOTAL REVENUES 34,209 57,674 34,280 71 (23,394) 59.44%
EXPENDITURES:
Supplies 119,436 26,084 21,238 (98,198) 4,846 81.42%
Contracted Services 35,004 155,502 62,023 27,019 93,479 39.89%
Capital Outlay ‐ 74,000 ‐ ‐ 74,000 0.00%
TOTAL EXPENDITURES 154,440 255,586 83,261 (71,179) 172,325 32.58%
Transfers In ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE (120,231) (197,912) (48,981) 71,250 148,931 N/A
BEGINNING FUND BALANCE, Jan 1 731,245 453,147 453,147 (278,098) ‐ 100.00%
ENDING FUND BALANCE, Jun 30 611,014$ 255,235$ 404,166$ (206,848)$ 148,931$ 158.35%
CABLE COMMUNICATIONS
VARIANCE
FAVORABLE (UNFAVORABLE)
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Taxes 2,086,418$ 3,500,000$ 2,142,926$ 56,508$ (1,357,074)$ 61.23%
Investment Earnings 7,641 ‐ 99,320 91,679 99,320 N/A
TOTAL REVENUES 2,094,059 3,500,000 2,242,246 148,187 (1,257,754) 64.06%
EXPENDITURES:
Contracted Services 1,500,000 260,000 15,000 (1,485,000) 245,000 5.77%
TOTAL EXPENDITURES 1,500,000 260,000 15,000 (1,485,000) 245,000 5.77%
Transfers In ‐ ‐ ‐ ‐ ‐ N/A
Transfers Out ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 594,059 3,240,000 2,227,246 1,633,187 (1,012,754) 68.74%
BEGINNING FUND BALANCE, Jan 1 3,171,729 6,110,390 6,110,390 2,938,661 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 3,765,788$ 9,350,390$ 8,337,636$ 4,571,848$ (1,012,754)$ 89.17%
HOUSING & SUPPORTIVE SERVICES
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 11 of 34
Springbrook Wetlands Fund
The Springbrook Wetlands Fund was established in 2007 for the purpose of providing accounting for the Springbrook Creek
Wetland and Habitat Mitigation Bank project. The proceeds of selling wetlands credits will be used to fund the ongoing
maintenance of the wetland in perpetuity.
Sale of Credits – The amount over budget is due to a sale of wetland mitigation bank credits to the Seattle Sounders FC for
their new development within the city. A budget adjustment will be made in the next budget adjustment.
Police Seizure Fund
The Police Seizure Fund was established in the 2nd quarter of 2020 for the purpose of providing transparency in the
accounting for assets seized by Police in accordance with RCW 9A.83.030 and 69.50.505, previously accounted for within
the General Fund. These seizure funds are restricted to use exclusively for the expansion and improvement of controlled
substances related law enforcement activity. The total fund balance remaining at the end of the year is budgeted in full the
following year.
Supplies and Contracted Services – The decrease from prior year is primarily due to SWAT eligible purchases made in 2022.
SWAT expenditures are primarily in the general fund.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental ‐$ ‐$ 4,011$ 4,011$ 4,011$ N/A
Investment Earnings 633 ‐ 7,015 6,382 7,015 N/A
Sale of credits 230,300 ‐ 247,852 17,552 247,852 N/A
TOTAL REVENUES 230,933 ‐ 258,878 27,945 258,878 N/A
EXPENDITURES:
Personnel 2,853 ‐ 6,142 (3,289) (6,142) N/A
Contracted Services 389 40,000 4,132 (3,743) 35,868 10.33%
TOTAL EXPENDITURES 3,241 40,000 10,273 (7,032) 29,727 25.68%
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 227,692 (40,000) 248,605 20,913 288,605 N/A
BEGINNING FUND BALANCE, Jan 1 234,325 454,628 454,628 220,303 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 462,017$ 414,628$ 703,233$ 241,216$ 288,605$ 169.61%
SPRINGBROOK WETLANDS
VARIANCE
FAVORABLE (UNFAVORABLE)
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Contributions 31,007$ ‐$ 106,159$ 75,153$ 106,159$ N/A
Investment Earnings 1,085 ‐ 5,117 4,032 5,117 N/A
TOTAL REVENUES 32,092 ‐ 111,276 79,185 111,276 N/A
EXPENDITURES:
Supplies 41,304 339,814 2,986 (38,318) 336,828 0.88%
Contracted Services 91,045 ‐ 20,625 (70,420) (20,625) N/A
Capital Outlay 150,104 ‐ ‐ (150,104) ‐ N/A
TOTAL EXPENDITURES 282,453 339,814 23,611 (258,842) 316,203 6.95%
Transfers Out ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE (250,361) (339,814) 87,665 338,027 427,479 N/A
BEGINNING FUND BALANCE, Jan 1 631,525 339,814 339,814 (291,711) ‐ 100.00%
ENDING FUND BALANCE, Jun 30 381,164$ ‐$ 427,479$ 46,315$ 427,479$ N/A
POLICE SEIZURE
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 12 of 34
Capital Outlay – The decrease in capital outlay from prior year is due to several large capital purchases in 2022 including a
3D mapping system and a CCTV trailer.
Police CSAM Seizure Fund
The Police CSAM Seizure Fund was established in the 2nd quarter of 2020 for the purpose of providing transparency in the
accounting for assets seized by Police in accordance with RCW 9A.88.150, previously accounted for within the General
Fund. These seizure funds are restricted to the exclusive use of enforcing the provisions of chapter 9A.88 RCW, Indecent
Exposure‐Prostitution, or chapter 9.68A RCW, Sexual Exploitation of Children.
Fire Impact Mitigation Fund
This fund accounts for fire impact fees collected from developers as authorized under RCW 82.02.050‐.110. These fees are
used to offset the cost of system improvements necessary to serve the new development. Impact fees are held in this fund
and subsequently transferred to the debt service fund to support the debt service on fire station 13. Once the debt on the
fire station is repaid, the remaining collections will be disbursed to the Renton Regional Fire Authority for use on qualifying
capital projects.
Charges for Services and Contracted Services – The decrease is primarily due to decreased impact fees as large one‐time
project payments were received in 2022 for the Solera project. These fees collected are subsequently transferred to the
Renton Regional Fire Authority to fund capital projects.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Fines and penalties 2,294$ ‐$ 490$ (1,804)$ 490$ N/A
Investment Earnings 380 ‐ 2,382 2,002 2,382 N/A
TOTAL REVENUES 2,674 ‐ 2,872 198 2,872 N/A
EXPENDITURES:
Contracted Services ‐ 172,804 4,544 4,544 (168,261) 2.63%
Capital Outlay 18,311 ‐ ‐ (18,311) ‐ N/A
TOTAL EXPENDITURES 18,311 172,804 4,544 (13,767) 168,260 2.63%
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE (15,637) (172,804) (1,672) 13,965 171,132 N/A
BEGINNING FUND BALANCE, Jan 1 174,826 172,804 172,804 (2,022) ‐ 100.00%
ENDING FUND BALANCE, Jun 30 159,189$ ‐$ 171,132$ 11,943$ 171,132$ N/A
POLICE CSAM SEIZURE
VARIANCE
FAVORABLE (UNFAVORABLE)
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 1,138,401$ 400,000$ 29,416$ (1,108,985)$ (370,584)$ 7.35%
Investment Earnings 4,601 ‐ 30,951 26,350 30,951 N/A
TOTAL REVENUES 1,143,002 400,000 60,367 (1,082,635) (339,633) 15.09%
EXPENDITURES:
Contracted Services ‐ 528,810 187,518 187,518 (341,291) 35.46%
TOTAL EXPENDITURES ‐ 528,810 187,518 187,518 341,292 35.46%
Transfers Out ‐ (2,595,377) (2,595,377) (2,595,377) 0 100.00%
NET TRANSFERS ‐ (2,595,377) (2,595,377) 2,595,377 ‐ 100.00%
CHANGE IN FUND BALANCE 1,143,002 (2,724,187) (2,722,528) (3,865,530) 1,659 99.94%
BEGINNING FUND BALANCE, Jan 1 1,960,733 2,724,187 2,724,187 763,454 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 3,103,735$ ‐$ 1,659$ (3,102,076)$ 1,659$ N/A
FIRE IMPACT MITIGATION
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 13 of 34
Transfers Out – The amount budgeted as a transfer out represents the final debt payoff approved for the Fire Station 13
intergovernmental debt with King County.
School District Impact Mitigation
This fund accounts for school district impact fees collected from developers as authorized under RCW 82.02.050‐.110.
These fees are used to help offset the cost of system improvements necessary to service the new development. Impact fees
are held in this fund and subsequently transferred to the Kent, Issaquah, or Renton School District for use on qualifying
capital projects.
Charges for Services and Contracted Services – The decrease is primarily due to decreased impact fees as large one‐time
project payments were received in 2022 for the Solera project. These fees collected are subsequently transferred to the
respective school district to fund capital projects.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 3,927,689$ 995,000$ 121,821$ (3,805,868)$ (873,179)$ 12.24%
Investment Earnings 547 ‐ 306 (241) 306 N/A
TOTAL REVENUES 3,928,236 995,000 122,127 (3,806,109) (872,873) 12.27%
EXPENDITURES:
Contracted Services 228,490 995,000 116,195 (112,295) 878,805 11.68%
TOTAL EXPENDITURES 228,490 995,000 116,195 (112,295) 878,805 11.68%
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 3,699,746 ‐ 5,932 (3,693,814) 5,932 N/A
BEGINNING FUND BALANCE, Jan 1 12 ‐ ‐ (12) ‐ N/A
ENDING FUND BALANCE, Jun 30 3,699,758$ ‐$ 5,932$ (3,693,826)$ 5,932$ N/A
SCHOOL DISTRICT IMPACT MITIGATION
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 14 of 34
CAPITAL PROJECT FUNDS
Capital project funds are used to account for the acquisition and construction of major capital facilities and equipment. YTD
budgets are not prepared for capital project funds. Project budgets are adopted when funding is secured, and balances are
carried forward each year until they are either 1) fully spent or 2) reallocated to another project through the budget
adjustment process. Detailed explanations will be provided for material differences between prior year and or budgeted
amounts.
Community Services Impact Mitigation Fund
This fund accounts for park impact fees collected from developers as authorized under RCW 82.02.050‐.110. These fees are
used to help offset the cost of system improvements necessary to service the new development. Impact fees are held in
this fund and subsequently transferred to the Municipal Facilities CIP Fund when qualifying capital projects are budgeted.
Charges for Services – The decrease in charges for services is primarily due to decreased impact fees as large one‐time
project payments were received in 2022 for the King County administration building and Solera projects.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 1,380,786$ 86,500$ 77,825$ (1,302,961)$ (8,675)$ 89.97%
Investment Earnings 7,637 ‐ 22,836 15,199 22,836 N/A
TOTAL REVENUES 1,388,423 86,500 100,661 (1,287,762) 14,161 116.37%
EXPENDITURES:
TOTAL EXPENDITURES ‐ ‐ ‐ ‐ ‐ N/A
Transfers In ‐ ‐ ‐ ‐ ‐ N/A
Transfers Out ‐ (1,090,000) ‐ ‐ (1,090,000) 0.00%
NET TRANSFERS ‐ (1,090,000) ‐ ‐ 1,090,000 0.00%
CHANGE IN FUND BALANCE 1,388,423 (1,003,500) 100,661 (1,287,762) 1,104,161 ‐10.03%
BEGINNING FUND BALANCE, Jan 1 3,433,393 1,595,389 1,595,389 (1,838,004) ‐ 100.00%
ENDING FUND BALANCE, Jun 30 4,821,816$ 591,889$ 1,696,050$ (3,125,766)$ 1,104,161$ 286.55%
COMMUNITY SERVICES IMPACT MITIGATION
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 15 of 34
Transportation Impact Mitigation Fund
This fund accounts for transportation impact fees collected from developers as authorized under RCW 82.02.050‐.110.
These fees are used to offset the cost of system improvements necessary to serve the new development. Impact fees are
held in this fund and subsequently transferred to the Capital Improvement Fund when qualifying projects are budgeted.
Charges for Services – The decrease in charges for services is primarily due to decreased impact fees as large one‐time
project payments were received in 2022 for the King County administration building and Solera projects.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 6,971,036$ 1,780,000$ 515,918$ (6,455,118)$ (1,264,082)$ 28.98%
Investment Earnings 15,962 ‐ 100,082 84,120 100,082 N/A
TOTAL REVENUES 6,986,998 1,780,000 616,000 (6,370,998) (1,164,000) 34.61%
EXPENDITURES:
TOTAL EXPENDITURES ‐ ‐ ‐ ‐ ‐ N/A
Transfers Out ‐ (5,817,897) ‐ ‐ (5,817,897) 0.00%
NET TRANSFERS ‐ (5,817,897) ‐ ‐ (5,817,897) 0.00%
CHANGE IN FUND BALANCE 6,986,998 (4,037,897) 616,000 (6,370,998) 4,653,897 N/A
BEGINNING FUND BALANCE, Jan 1 5,159,035 6,964,011 6,964,011 1,804,976 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 12,146,033$ 2,926,114$ 7,580,011$ (4,566,022)$ 4,653,897$ 259.05%
TRANSPORTATION IMPACT MITIGATION
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 16 of 34
REET 1 Fund
This fund was established in the 2nd quarter of 2020 to account for the first quarter percent of real estate excise tax (REET)
levied in accordance with RCW 82.46.010. The tax may be used for eligible capital projects, as defined in RCW.82.46.010(6),
that are included in the capital facilities element of the city’s comprehensive plan. REET 1 tax revenues are held in this fund
and subsequently transferred to the appropriate capital project fund when qualifying projects are budgeted.
Taxes – The decreases in taxes from prior year are due to decreased real estate transactions which were at historically high
levels in 2022. As interest rates rise, we may continue to see some impact on real estate excise taxes.
REET 2 Fund
This fund was established in the 2nd quarter of 2020 to account for the second quarter percent of real estate excise tax
(REET) levied in accordance with RCW 82.46.035. The tax may be used for eligible capital projects, as defined in
RCW.82.46.035(5), that are included in the capital facilities element of the city’s comprehensive plan. REET 2 tax revenues
are held in this fund and subsequently transferred to the appropriate capital project fund when qualifying projects are
budgeted.
Taxes – The decreases in taxes from prior year are due to decreased real estate transactions which were at historically high
levels in 2022. As interest rates rise, we may continue to see some impact on real estate excise taxes budget.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Taxes 2,023,312$ 2,300,000$ 1,053,793$ (969,519)$ (1,246,207)$ 45.82%
Investment Earnings 11,463 ‐ 48,078 36,615 48,078 N/A
TOTAL REVENUES 2,034,775 2,300,000 1,101,871 (932,904) (1,198,129) 47.91%
EXPENDITURES:
TOTAL EXPENDITURES ‐ ‐ ‐ ‐ ‐ N/A
Transfers In ‐ ‐ ‐ ‐ ‐ N/A
Transfers Out ‐ (3,500,000) ‐ ‐ (3,500,000) 0.00%
NET TRANSFERS ‐ (3,500,000) ‐ ‐ 3,500,000 0.00%
CHANGE IN FUND BALANCE 2,034,775 (1,200,000) 1,101,871 (932,904) 2,301,871 ‐91.82%
BEGINNING FUND BALANCE, Jan 1 4,508,117 3,049,711 3,049,711 (1,458,406) ‐ 100.00%
ENDING FUND BALANCE, Jun 30 6,542,892$ 1,849,711$ 4,151,582$ (2,391,310)$ 2,301,871$ 224.44%
REET 1
VARIANCE
FAVORABLE (UNFAVORABLE)
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Taxes 2,023,312$ 2,300,000$ 1,053,792$ (969,520)$ (1,246,208)$ 45.82%
Investment Earnings 20,666 ‐ 89,563 68,897 89,563 N/A
TOTAL REVENUES 2,043,978 2,300,000 1,143,355 (900,623) (1,156,645) 49.71%
EXPENDITURES:
TOTAL EXPENDITURES ‐ ‐ ‐ ‐ ‐ N/A
Transfers In ‐ ‐ ‐ ‐ ‐ N/A
Transfers Out ‐ (5,403,625) ‐ ‐ (5,403,625) 0.00%
NET TRANSFERS ‐ (5,403,625) ‐ ‐ 5,403,625 0.00%
CHANGE IN FUND BALANCE 2,043,978 (3,103,625) 1,143,355 (900,623) 4,246,980 ‐36.84%
BEGINNING FUND BALANCE, Jan 1 8,773,145 6,019,961 6,019,961 (2,753,184) ‐ 100.00%
ENDING FUND BALANCE, Jun 30 10,817,123$ 2,916,336$ 7,163,316$ (3,653,807)$ 4,246,980$ 245.63%
REET 2
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 17 of 34
Municipal Facilities CIP Fund
This fund accounts for general governmental facility construction, improvement, and renovation; property acquisitions for
parks and city space needs; parks development and equipment; and major maintenance of existing general governmental
assets. Transportation capital improvements are accounted for in a separate fund.
Grants/intergovernmental – Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of
grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant revenue is
budgeted at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to
reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award year is carried
forward each year until the grant funds are fully received or the grant agreement expires. The increase from prior year is
largely due to receiving grant funds for work performed on the Coulon North Water Walk project ($1.3M).
Investment Earnings – Investment earnings have varied over the past couple of years as the market has seen uncertainty
with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may
continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool
(LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city
holds roughly 52% of the total cash and investments for the city in the LGIP.
Personnel – Decrease in personnel is due to budgeted anticipation of the bond projects being completed by 2022. A budget
adjustment will be made in the mid biennium budget adjustment for the capital project manager to align the budget with
actual expenditures through date in 2023.
Contracted Services – Contracted services are largely project driven and are dependent on the project timeline. The large
amount budgeted and unspent in 2023 is primarily related to the Pavilion remodel project and City Hall Lobby Remodel
($6.7M). The increase from prior year is for City Hall Lobby Remodel and Pavilion Remodel expenditures through June 2023
totalling $178K.
Capital Outlay – Capital outlay fluctuates greatly with capital project schedules and contractor’s billings. A significant
number of projects began in late 2022, and it is anticipated significant capital outlay will be spent throughout 2023. The
largest YTD expenditures include Coulon North Water Walk ($3.2M), Kiwanis Park ($1.5M), Philip Arnold Park ($3M), and
the Miser Property Acquisition ($1M).
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 181,008$ 4,860,872$ 1,807,816$ 1,626,808$ (3,053,056)$ 37.19%
Charges for services 4,700 ‐ 21,245 16,545 21,245 N/A
Investment Earnings 37,276 ‐ 306,052 268,776 306,052 N/A
TOTAL REVENUES 222,984 4,860,872 2,135,113 1,912,129 (2,725,759) 43.92%
EXPENDITURES:
Personnel 211,799 15,489 26,719 (185,080) (11,230) 172.50%
Contracted Services 84,264 8,767,247 278,516 194,252 8,488,731 3.18%
Capital Outlay 1,554,876 26,147,605 9,590,339 8,035,463 16,557,266 36.68%
TOTAL EXPENDITURES 1,850,939 34,930,341 9,895,574 8,044,635 25,034,767 28.33%
Transfers In 3,000,000 5,580,379 ‐ (3,000,000) (5,580,379) 0.00%
Transfers Out (44,301) (100,000) ‐ 44,301 (100,000) N/A
NET TRANSFERS 2,955,699 5,480,379 ‐ (3,044,301) (5,480,379) 0.00%
CHANGE IN FUND BALANCE 1,327,744 (24,589,090) (7,760,461) (9,088,205) 16,828,629 31.56%
BEGINNING FUND BALANCE, Jan 1 16,824,783 24,671,384 24,671,384 7,846,601 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 18,152,527$ 82,294$ 16,910,923$ (1,241,604)$ 16,828,629$ 20549.40%
MUNICIPAL FACILITIES CIP
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 18 of 34
Capital Improvement Fund
This fund accounts for the city’s transportation capital projects. Capital projects are budgeted in their entirety at the
inception of the project; funds are spent as the project progresses and may span over multiple years.
Grants/Intergovernmental– Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of
grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant revenue is
budgeted at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to
reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award year is carried
forward each year until the grant funds are fully received or the grant agreement expires. The decrease from prior year is
primarily due to three large projects receiving grant funding in 2022 including Rainier Phase 4, Lake Washington Loop Trail,
and Williams & Wells totalling $4.7M through June 2022.
Contributions – The amount over prior year is due to the contribution from a WSDOT contractor for the Gateway
Enhancement Project received in 2023.
Investment Earnings – Increase over prior year is primarily due to investment earnings. Investment earnings have varied
over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This
revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is
adjusted. Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely
track with the federal funds rate as it decreases or increases; the city holds roughly 52% of the total cash and investments
for the city in the LGIP.
Capital Outlay – Decrease in capital outlay expenditures from prior year is due to large ongoing projects reaching significant
completion dates. Largest decreases include Rainier Phase 4 which incurred significant easement and right‐of‐way
expenditures at the beginning of 2022 ($2.9M), and Duvall Ave project which is nearing completion ($2.4M in 2022).
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 5,885,412$ 31,482,849$ 3,735,568$ (2,149,844)$ (27,747,281)$ 11.87%
Charges for services ‐ ‐ 9,862 9,862 9,862 N/A
Fines and penalties (85) ‐ ‐ 85 ‐ N/A
Contributions ‐ 200,000 200,000 200,000 ‐ 100.00%
Investment Earnings 21,050 ‐ 205,564 184,514 205,564 N/A
TOTAL REVENUES 5,906,377 31,682,849 4,150,994 (1,755,383) (27,531,855) 13.10%
EXPENDITURES:
Personnel 21,260 14,491 16,617 (4,643) (2,126) 114.67%
Supplies 44,451 30,000 28,455 (15,996) 1,545 94.85%
Contracted Services 35,941 534,355 74,308 38,367 460,047 13.91%
Capital Outlay 7,848,262 52,611,796 4,261,494 (3,586,768) 48,350,302 8.10%
Internal Services 28,000 ‐ 26,500 (1,500) (26,500) N/A
TOTAL EXPENDITURES 7,977,914 53,190,642 4,407,374 (3,570,540) 48,783,268 8.29%
Transfers In ‐ 10,029,897 ‐ ‐ (10,029,897) 0.00%
Transfers Out ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ 10,029,897 ‐ ‐ (10,029,897) 0.00%
CHANGE IN FUND BALANCE (2,071,537) (11,477,896) (256,380) 1,815,157 11,221,516 N/A
BEGINNING FUND BALANCE, Jan 1 10,868,853 12,561,975 12,561,975 1,693,122 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 8,797,316$ 1,084,079$ 12,305,595$ 3,508,279$ 11,221,516$ 1135.12%
CAPITAL IMPROVEMENT
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 19 of 34
Family First Center Fund
This fund is used to account for the construction of the new Family First Center. Funds accumulated for the construction of
the Family First Center are maintained in the fund balance until such time that Council authorizes their use through the
approval of contracts and additional project budget is established through the budget adjustment process.
Grants/Intergovernmental – The decrease from year is because this project completed a significant portion of the
construction work last year and recognized most of the grant revenue in 2022.
Contributions – The decrease from last year is due to timing of contributions of which many were stipulated on completing
different phases of the project. In 2023, the majority of the remaining Healthpoint contribution was received.
Capital Outlay – Decrease from prior year is due to the project timeline; the project is nearing completion and opened in
June to the public. Work will continue to be ongoing as smaller items on the project continue to be completed.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 1,455,000$ 20,000$ 20,000$ (1,435,000)$ ‐$ 100.00%
Contributions 4,692,222 3,602,152 2,980,000 (1,712,222) (622,152) 82.73%
Investment Earnings 19,004 ‐ 32,260 13,256 32,260 N/A
TOTAL REVENUES 6,166,226 3,622,152 3,032,260 (3,133,966) (589,892) 83.71%
EXPENDITURES:
Contracted Services 33,148 ‐ ‐ (33,148) ‐ N/A
Capital Outlay 4,462,265 2,833,827 2,014,827 (2,447,438) 819,000 71.10%
TOTAL EXPENDITURES 4,495,413 2,833,827 2,014,827 (2,480,586) 819,000 71.10%
Transfers In 44,301 1,000,000 ‐ (44,301) (1,000,000) 0.00%
Transfers Out ‐ (1,000,000) ‐ ‐ (1,000,000) N/A
NET TRANSFERS 44,301 ‐ ‐ (44,301) ‐ N/A
CHANGE IN FUND BALANCE 1,715,114 788,325 1,017,433 (697,681) 229,108 129.06%
BEGINNING FUND BALANCE, Jan 1 8,238,935 2,795,295 2,795,295 (5,443,640) ‐ 100.00%
ENDING FUND BALANCE, Jun 30 9,954,049$ 3,583,620$ 3,812,728$ (6,141,321)$ 229,108$ 106.39%
FAMILY FIRST CENTER
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 20 of 34
ENTERPRISE FUNDS
Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business
enterprises. YTD budgets are not prepared for Enterprise Funds.
Most Enterprise Funds maintain two separate “management funds”, an operating fund and a capital fund. The funds are
consolidated for budget/reporting purposes. Operating budgets lapse at the end of the year. Project budgets are adopted
when funding is secured, and balances are carried forward each year until they are either 1) fully spent or 2) reallocated to
another project through the budget adjustment process. Detailed explanations will be provided for material differences
between prior year and or budgeted amounts.
Airport Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the Renton Municipal Airport.
Charges for Services – The increase over prior year is largely due to a large agreement finalized for lease of airport space.
This agreement included retroactive payment for prior year activity contributing to the increase as well as trend over
budget for 2023.
Interest and Other Misc. – Increase over prior year is primarily due to investment earnings. Investment earnings have
varied over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession.
This revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this
is adjusted. Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will
closely track with the federal funds rate as it decreases or increases; the city holds roughly 52% of the total cash and
investments for the city in the LGIP.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 5,334$ 171,711$ 29,954$ 24,620$ (141,757)$ 17.44%
Charges for services 1,742,932 4,355,432 3,248,676 1,505,744 (1,106,756) 74.59%
Interest and other misc 17,611 3,857 132,150 114,539 128,293 3426.24%
TOTAL REVENUES 1,765,877 4,531,000 3,410,780 1,644,903 (1,120,220) 75.28%
EXPENSES:
Personnel 541,130 1,457,417 559,663 (18,533) 897,754 38.40%
Supplies 46,805 47,630 41,413 5,392 6,217 86.95%
Contracted Services 273,507 490,874 222,918 50,589 267,956 45.41%
Internal Services 224,498 445,696 222,848 1,650 222,848 50.00%
TOTAL OPERATING EXPENSES 1,085,940 2,441,617 1,046,842 39,098 1,394,775 42.87%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 679,937 2,089,383 2,363,938 1,684,001 274,555 113.14%
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY 120,297 7,104,413 290,891 (170,594) 6,813,522 4.09%
TRANSFERS OUT ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 559,640 (5,015,030) 2,073,047 1,513,407 7,088,077 N/A
BEGINNING FUND BALANCE, Jan 1 7,741,751 8,925,690 8,925,690 1,183,939 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 8,301,391$ 3,910,660$ 10,998,737$ 2,697,346$ 7,088,077$ 281.25%
Operating Reserve 216,784 244,162 244,162
AVAILABLE FUND BALANCE 8,084,607$ 3,666,498$ 10,754,575$
VARIANCE
AIRPORT
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 21 of 34
Capital Outlay‐ The increase from prior year is due to work on the airport office rehabilitation and Taxiway Alpha projects in
2023. The amount under budget is due to several large projects delayed, including $2.7M for Airport Office Rehabilitation
and $2.1M for Taxiway Alpha Rehabilitation which has started planning but construction is anticipated to start in 2024.
Solid Waste Fund
This fund accounts for revenues and expenses for administration and operating of solid waste, recycling, and yard waste
collection services for the city.
Grants/Intergovernmental – Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of
grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant revenue is
budgeted at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to
reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award year is carried
forward each year until the grant funds are fully received or the grant agreement expires. The increase from prior year
relates to a reimbursement received early in 2023 for 2022 expenditures $126K.
Charges for Services – The decrease from prior year is due to the timing of payments in 2022 as an additional month was
recorded in 2022. In 2023 January through June activity recorded each month has been higher than the 2022 monthly
amount collected.
Contracted Services‐ Contracted services will fluctuate with the charges for services as this line item includes payment to
the city’s garbage service provider and King County dump fees. The decrease from prior year is primarily due to the May
2023 payment not yet being made for the dump fees to King County.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 34,783$ 360,168$ 165,834$ 131,051$ (194,334)$ 46.04%
Charges for services 12,508,759 25,168,583 12,348,402 (160,357) (12,820,181) 49.06%
Interest and other misc 10,307 5,000 51,248 40,941 46,248 1024.96%
TOTAL REVENUES 12,553,849 25,533,751 12,565,484 11,635 (12,968,267) 49.21%
EXPENSES:
Personnel 278,368 707,752 276,290 2,078 431,462 39.04%
Supplies 6,816 45,301 9,616 (2,800) 35,685 21.23%
Contracted Services 10,786,843 24,615,900 10,154,501 632,342 14,461,399 41.25%
Internal Services 182,197 527,016 263,508 (81,311) 263,508 50.00%
TOTAL OPERATING EXPENSES 11,254,224 25,895,969 10,703,915 550,309 15,192,054 41.33%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 1,299,625 (362,218) 1,861,569 561,944 2,223,787 N/A
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A
TRANSFERS OUT ‐ (84,275) ‐ ‐ (84,275) N/A
NET TRANSFERS ‐ (84,275) ‐ ‐ 84,275 N/A
CHANGE IN FUND BALANCE 1,299,625 (446,493) 1,861,569 561,944 2,308,062 N/A
BEGINNING FUND BALANCE, Jan 1 3,392,243 3,951,191 3,951,191 558,948 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 4,691,868$ 3,504,698$ 5,812,760$ 1,120,892$ 2,308,062$ 165.86%
Operating Reserve 400,000 400,000 400,000
AVAILABLE FUND BALANCE 4,291,868$ 3,104,698$ 5,412,760$
SOLID WASTE
VARIANCE
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 22 of 34
Golf Course Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the Maplewood Golf Course.
Interest and Other Misc. – The decrease from prior year is due to recognizing an interfund loan payment of $225K in 2022
for the purchase of the new golf cart fleet.
Capital Outlay‐ The decrease in capital outlay expenditures from prior year is primarily due to the purchase of the golf cart
fleet in 2022 of $225K.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 1,344,666$ 2,546,155$ 1,418,494$ 73,828$ (1,127,661)$ 55.71%
Rents, leases, and misc fees 182,696 527,600 271,148 88,452 (256,452) 51.39%
Interest and other misc 229,000 1,370 27,709 (201,291) 26,339 2022.55%
TOTAL REVENUES 1,756,362 3,075,125 1,717,351 (39,011) (1,357,774) 55.85%
EXPENSES:
Personnel 793,487 1,787,276 872,151 (78,664) 915,125 48.80%
Supplies 179,303 312,500 238,039 (58,736) 74,461 76.17%
Contracted Services 65,447 206,350 77,308 (11,861) 129,042 37.46%
Internal Services 230,330 468,333 234,167 (3,837) 234,166 50.00%
TOTAL OPERATING EXPENSES 1,268,567 2,774,459 1,421,665 (153,098) 1,352,794 51.24%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 487,795 300,666 295,686 (192,109) (4,980) 98.34%
DEBT SERVICE:
Principal 14,673 44,535 22,212 (7,539) 22,323 49.88%
Interest 733 1,682 896 (163) 786 53.27%
TOTAL DEBT SERVICE 15,406 46,217 23,108 (7,702) 23,109 50.00%
CAPITAL OUTLAY 241,476 603,598 16,462 225,014 587,136 2.73%
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 230,913 (349,149) 256,116 25,203 605,265 N/A
BEGINNING FUND BALANCE, Jan 1 1,222,897 1,609,927 1,609,927 387,030 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 1,453,810$ 1,260,778$ 1,866,043$ 412,233$ 605,265$ 148.01%
Operating Reserve 641,500 787,490 787,490
AVAILABLE FUND BALANCE 812,310$ 473,288$ 1,078,553$
GOLF COURSE
VARIANCE
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 23 of 34
Water Utility Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the city’s water utility.
Grants/Intergovernmental – Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of
grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant revenue is
budgeted at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to
reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award year is carried
forward each year until the grant funds are fully received or the grant agreement expires.
Charges for Services – The increase from prior year is due to increased consumption which through June is around 12%
higher than prior year. Water charges tend to see a significant increase during the summer months as typically irrigation
use is much higher.
Interest and Other Misc. – Increase over prior year is primarily due to investment earnings. Investment earnings have
varied over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession.
This revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this
is adjusted. Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will
closely track with the federal funds rate as it decreases or increases; the city holds roughly 52% of the total cash and
investments for the city in the LGIP.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental ‐$ 1,472,037$ 38,125$ 38,125$ (1,433,912)$ 2.59%
Charges for services 7,913,550 19,133,877 8,190,725 277,175 (10,943,152) 42.81%
Rents, leases, and misc fees 124,511 136,591 160,422 35,911 23,831 117.45%
Interest and other misc 1,047,419 47,000 1,106,874 59,455 1,059,874 2355.05%
TOTAL REVENUES 9,085,480 20,789,505 9,496,146 410,666 (11,293,359) 45.68%
EXPENSES:
Personnel 2,141,271 5,188,033 2,343,501 (202,230) 2,844,532 45.17%
Supplies 496,992 886,189 470,379 26,613 415,810 53.08%
Contracted Services 1,516,062 3,527,786 1,502,090 13,972 2,025,696 42.58%
Internal Services 1,385,442 2,940,571 1,470,285 (84,843) 1,470,286 50.00%
TOTAL OPERATING EXPENSES 5,539,767 12,542,579 5,786,255 (246,488) 6,756,324 46.13%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 3,545,713 8,246,926 3,709,891 164,178 (4,537,035) 44.99%
DEBT SERVICE:
Principal 315,517 1,504,997 272,647 42,870 1,232,350 18.12%
Interest 90,937 164,913 83,511 7,426 81,402 50.64%
TOTAL DEBT SERVICE 406,454 1,669,910 356,158 50,296 1,313,752 21.33%
CAPITAL OUTLAY 1,981,569 38,127,479 2,322,625 (341,056) 35,804,854 6.09%
TRANSFERS OUT ‐ (40,000) (861) 861 (39,139) N/A
NET TRANSFERS ‐ (40,000) (861) (861) 39,139 N/A
CHANGE IN FUND BALANCE 1,157,690 (31,590,463) 1,030,247 (127,443) 32,620,710 N/A
BEGINNING FUND BALANCE, Jan 1 43,849,867 48,208,077 48,208,077 4,358,210 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 45,007,557$ 16,617,614$ 49,238,324$ 4,230,767$ 32,620,710$ 296.30%
Restricted for Debt Service 1,394,050 1,394,050 1,394,050
Operating Reserve 1,624,606 1,706,760 1,706,760
AVAILABLE FUND BALANCE 41,988,901$ 13,516,804$ 46,137,514$
WATER UTILITY
VARIANCE
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 24 of 34
Personnel – The increase from prior year is largely due to filling positions that were open in prior year and an increase for
cost‐of‐living adjustments.
Capital Outlay – The increase in capital outlay from prior year is driven by a few larger ongoing projects including Sunset
Gardens and Rainier Avenue projects.
Wastewater Utility Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the city’s wastewater utility.
Charges for Services – The increase from prior year is due to the rates for wastewater increasing 3% from 2022. In addition,
consumption in 2023 has been slightly above prior year.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen
uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate,
and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government
Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or
increases; the city holds roughly 52% of the total cash and investments for the city in the LGIP.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Licenses and permits 48,320$ 62,734$ 35,900$ (12,420)$ (26,834)$ 57.23%
Charges for services 5,768,817 11,928,231 5,985,098 216,281 (5,943,133) 50.18%
Fines and penalties 56 ‐ ‐ (56) ‐ N/A
Interest and other misc 572,548 74,000 700,985 128,437 626,985 947.28%
TOTAL REVENUES 6,389,741 12,064,965 6,721,983 332,242 (5,342,982) 55.71%
EXPENSES:
Personnel 1,176,974 3,071,964 1,215,979 (39,005) 1,855,985 39.58%
Supplies 20,998 74,441 78,570 (57,572) (4,129) 105.55%
Contracted Services 1,143,395 2,512,265 1,194,258 (50,863) 1,318,007 47.54%
Internal Services 976,070 1,999,188 999,594 (23,524) 999,594 50.00%
TOTAL OPERATING EXPENSES 3,317,437 7,657,858 3,488,401 (170,964) 4,169,457 45.55%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 3,072,304 4,407,107 3,233,582 161,278 (1,173,525) 73.37%
DEBT SERVICE:
Principal ‐ 588,350 ‐ ‐ 588,350 0.00%
Interest 39,597 73,449 36,575 3,022 36,874 49.80%
TOTAL DEBT SERVICE 39,597 661,799 36,575 3,022 625,224 5.53%
CAPITAL OUTLAY 1,853,942 17,103,445 469,552 1,384,390 16,633,893 2.75%
TRANSFERS IN ‐ ‐ ‐ ‐ ‐ N/A
TRANSFERS OUT ‐ (22,000) ‐ ‐ (22,000) N/A
NET TRANSFERS ‐ (22,000) ‐ ‐ 22,000 N/A
CHANGE IN FUND BALANCE 1,178,765 (13,380,137) 2,727,455 1,548,690 16,107,592 N/A
BEGINNING FUND BALANCE, Jan 1 20,788,687 22,850,871 22,850,871 2,062,184 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 21,967,452$ 9,470,734$ 25,578,326$ 3,610,874$ 16,107,592$ 270.08%
Restricted for Debt Service 661,227 661,227 661,227
Operating Reserve 913,756 975,361 975,361
AVAILABLE FUND BALANCE 20,392,469$ 7,834,146$ 23,941,738$
WASTEWATER UTILITY
VARIANCE
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 25 of 34
Capital Outlay – The decrease from prior year is primarily due to the majority of project expenses for Downtown Sewer
Replacement and Rehabilitation project that occurred in 2022 and the Renton Highlands Sanitary Sewer Rehabilitation
project that was completed in 2022.
King County Metro Fund
This fund accounts for revenues and expenses for operation of the city’s wastewater utility, as it relates to charges for and
payment to King County Metro for water treatment services.
Charges for Services – Increase from prior year is largely due the increase in King County fees which is passed through to
wastewater customers.
Contracted Services – The increase from prior year relates to the increase in King County fees and the timing of payments
to King County. Payments were properly corrected in 2023 to reflect in the appropriate month for which they relate to.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 9,292,307$ 19,358,929$ 10,031,792$ 739,485$ (9,327,137)$ 51.82%
Interest and other misc 11,579 ‐ 86,355 74,776 86,355 N/A
TOTAL REVENUES 9,303,886 19,358,929 10,118,147 814,261 (9,240,782) 52.27%
EXPENSES:
Contracted Services 7,637,611 20,173,811 10,129,590 (2,491,979) 10,044,221 50.21%
TOTAL OPERATING EXPENSES 7,637,611 20,173,811 10,129,590 (2,491,979) 10,044,221 50.21%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 1,666,275 (814,882) (11,443) (1,677,718) 803,439 N/A
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 1,666,275 (814,882) (11,443) (1,677,718) 803,439 N/A
BEGINNING FUND BALANCE, Jan 1 3,764,012 6,237,142 6,237,142 2,473,130 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 5,430,287$ 5,422,260$ 6,225,699$ 795,412$ 803,439$ 114.82%
Operating Reserve 380,000 380,000 380,000
AVAILABLE FUND BALANCE 5,050,287$ 5,042,260$ 5,845,699$
KING COUNTY METRO
VARIANCE
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 26 of 34
Surface Water Utility Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the city’s surface water utility.
Grants/Intergovernmental – Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of
grant awards procured, timing of grant expenses, and reimbursement of related expenses. Grant revenue is budgeted at
100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to
reimbursement of grant expenses occurring in a future year. Any grant revenue not received in award year is carried
forward each year until the grant funds are fully received or the grant agreement expires. The increase from prior year
relates to capital project grants as they are received after expenditures have been spent on the projects.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Licenses and permits 14,334$ 51,217$ 16,125$ 1,791$ (35,092)$ 31.48%
Grants / intergovernmental 1,014,980 12,994,864 1,265,143 250,163 (11,729,721) 9.74%
Charges for services 6,411,996 13,122,100 6,740,212 328,216 (6,381,888) 51.37%
Interest and other misc 1,113,177 1,377,519 1,268,398 155,221 (109,121) 92.08%
TOTAL REVENUES 8,554,487 27,545,700 9,289,878 735,391 (18,255,822) 33.73%
EXPENSES:
Personnel 1,940,384 4,575,050 1,939,205 1,179 2,635,845 42.39%
Supplies 44,980 174,650 65,626 (20,646) 109,024 37.58%
Contracted Services 888,923 4,625,819 763,844 125,079 3,861,975 16.51%
Internal Services 1,434,739 2,989,720 1,494,860 (60,121) 1,494,860 50.00%
TOTAL OPERATING EXPENSES 4,309,026 12,365,239 4,263,535 45,491 8,101,704 34.48%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 4,245,461 15,180,461 5,026,343 780,882 (10,154,118) 33.11%
DEBT SERVICE:
Principal ‐ 664,300 ‐ ‐ 664,300 0.00%
Interest 48,088 90,517 45,117 2,971 45,400 49.84%
TOTAL DEBT SERVICE 48,088 754,817 45,117 2,971 709,700 5.98%
CAPITAL OUTLAY 2,115,057 28,534,294 728,592 1,386,465 27,805,702 2.55%
Transfers In ‐ ‐ ‐ ‐ ‐ N/A
Transfers Out ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 2,082,316 (14,108,650) 4,252,634 2,170,318 18,361,284 N/A
BEGINNING FUND BALANCE, Jan 1 21,682,758 28,314,755 28,314,756 6,631,998 1 100.00%
Prior Period Adjustment ‐ ‐ ‐ ‐ ‐ N/A
BEGINNING FUND BALANCE, Jan 1 ‐ restated 21,682,758 28,314,755 28,314,756 6,631,998 1 100.00%
ENDING FUND BALANCE, Jun 30 23,765,074$ 14,206,105$ 32,567,390$ 8,802,316$ 18,361,285$ 229.25%
Restricted for Debt Service 754,868 754,868 754,868
Operating Reserve 1,109,340 1,245,213 1,245,213
AVAILABLE FUND BALANCE 21,900,866$ 12,206,024$ 30,567,309$
SURFACE WATER UTILITY
VARIANCE
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 27 of 34
Charges for Services ‐ Surface water charges increased from prior year as the rates for surface water charged to utility users
increased 4% in 2023.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen
uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate,
and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government
Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or
increases; the city holds roughly 52% of the total cash and investments for the city in the LGIP.
Contracted Services – The decrease from prior year relates to construction projects professional services for expenditures
that are not capital in nature. This decrease directly coincides with the decrease in capital outlay expenditures in 2023.
Capital Outlay – Decrease from prior year primarily relates to the Downtown Storm System Improvement project which
had most of its work completed in 2022 as well as the NE 16th and Jefferson Ave NE Stormwater project which was
completed in 2022.
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 28 of 34
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. YTD budgets are not prepared for Internal Service Funds.
Equipment Rental Fund
This fund accounts for revenues and expenses for administration, purchase, and maintenance of the city’s vehicle and
equipment fleet services. Departments pay in monthly amounts for maintenance and operations. Replacement reserves are
paid monthly over the estimated useful lives of each individual vehicle or piece of equipment. These reserves are
accumulated in fund balance so that they are available to fund the replacement of the vehicle/equipment when the time
comes.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen
uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate,
and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government
Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or
increases; the city holds roughly 52% of the total cash and investments for the city in the LGIP.
Contracted Services – The amount currently over budget and increase from prior year is primarily due to higher than
anticipated vehicle repair and maintenance costs for accident repair as well as external expenditures for outside agencies
which are reimbursed and are reflected in the charges for services revenues.
Capital Outlay – The increase from prior year is due to an increase in vehicle purchases due to major supply chain issues in
prior year that delayed purchases and at times made it challenging to order the specific vehicles needed. The amount under
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 44,563$ ‐$ 41,017$ (3,546)$ 41,017$ N/A
Interdepartmental services 3,186,636 6,435,263 3,274,107 87,471 (3,161,156) 50.88%
Interest and other misc 46,229 12,000 216,056 169,827 204,056 1800.47%
TOTAL REVENUES 3,277,428 6,447,263 3,531,180 253,752 (2,916,083) 54.77%
EXPENSES:
Personnel 555,289 1,317,447 577,290 (22,001) 740,157 43.82%
Supplies 879,841 1,531,153 863,430 16,411 667,723 56.39%
Contracted Services 159,638 133,165 207,500 (47,862) (74,335) 155.82%
Internal Services 15,384 131,363 65,682 (50,298) 65,681 50.00%
TOTAL OPERATING EXPENSES 1,610,152 3,113,128 1,713,902 (103,750) 1,399,226 55.05%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 1,667,276 3,334,135 1,817,278 150,002 (1,516,857) 54.51%
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY (1,111) 6,699,462 1,705,389 (1,706,500) 4,994,073 25.46%
TRANSFERS IN ‐ 3,438,700 ‐ ‐ (3,438,700) 0.00%
TRANSFERS OUT ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ 3,438,700 ‐ ‐ (3,438,700) 0.00%
CHANGE IN FUND BALANCE 1,668,387 73,373 111,889 (1,556,498) 38,516 152.49%
BEGINNING FUND BALANCE, Jan 1 10,125,169 13,277,635 13,277,635 3,152,466 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 11,793,556$ 13,351,008$ 13,389,524$ 1,595,968$ 38,516$ 100.29%
Operating Reserves 13,351,008$ 13,351,008$
AVAILABLE FUND BALANCE 11,793,556$ ‐$ 38,516$
EQUIPMENT RENTAL
VARIANCE
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 29 of 34
budget is due to not yet replacing all budgeted vehicles for the year. Vehicle replacement varies each year based on the
condition and usage of vehicles as well as the availability of suitable replacement vehicles to purchase.
Insurance Fund
This fund accounts for the administration and operation of the city’s self‐insurance programs for property losses, liability,
workers’ compensation, and unemployment compensation. Expenses are paid by the Insurance Fund and rates are charged
to departments based on their claims history over the preceding five years and coverage requirements.
Interdepartmental Services – The increase over prior year is due to additional charge outs to city departments for
additional anticipated claims costs and increased insurance premiums which have risen significantly in the last several
years.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen
uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate,
and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government
Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or
increases; the city holds roughly 52% of the total cash and investments for the city in the LGIP.
Personnel – Increase from prior year is due to cost‐of‐living adjustments in 2023 and the series promotion of personnel
within the department.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Interdepartmental services 1,980,672$ 4,838,982$ 2,302,126$ 321,454$ (2,536,856)$ 47.57%
Interest and other misc 175,789 22,000 528,155 352,366 506,155 2400.70%
TOTAL REVENUES 2,156,461 4,860,982 2,830,281 673,820 (2,030,701) 58.22%
EXPENSES:
Personnel 450,137 2,184,056 713,648 (263,511) 1,470,408 32.68%
Supplies ‐ 6,956 ‐ ‐ 6,956 0.00%
Contracted Services 1,043,512 4,214,863 1,107,987 (64,475) 3,106,876 26.29%
TOTAL OPERATING EXPENSES 1,493,649 6,405,875 1,821,635 (327,986) 4,584,240 28.44%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 662,812 (1,544,893) 1,008,646 345,834 2,553,539 N/A
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A
Transfers In 152,772 136,346 ‐ (152,772) (136,346) 0.00%
Transfers Out ‐ (952,868) ‐ ‐ (952,868) N/A
NET TRANSFERS 152,772 (816,522) ‐ (152,772) 816,522 N/A
CHANGE IN FUND BALANCE 815,584 (2,361,415) 1,008,646 193,062 3,370,061 N/A
BEGINNING FUND BALANCE, Jan 1 20,494,538 23,221,020 23,221,020 2,726,482 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 21,310,122$ 20,859,605$ 24,229,666$ 2,919,544$ 3,370,061$ 116.16%
Operating Reserves 13,952,413 16,897,915 16,897,915
AVAILABLE FUND BALANCE 7,357,709$ 3,961,690$ 7,331,751$
INSURANCE
VARIANCE
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 30 of 34
Information Technology Fund
This fund accounts for the administration, purchase, and operation of the city’s information technology systems, including
computer hardware and software, network servers and infrastructure, phone systems, and cell phones. Expenses are paid
by the Information Technology Fund and rates are charged to departments based on use.
Interdepartmental Services – The decrease from prior year is primarily related to a decrease in charges to departments for
the replacement reserve of the city’s ERP system which was budgeted and fully recovered in 2022.
Personnel – The increase from prior year is primarily due to cost‐of‐living salary increases.
Supplies ‐ The amount under prior year is due to a significant cost in 2022 related to Axon body cameras of $660K.
Contracted Services – The increase over prior year is due to new service contracts as well as increased costs including text
archiving software ($60K), NeoGov software ($58K), and the IT Strategic Plan contract ($128K).
Capital Outlay –The increase in capital outlay over prior year is due to the Disaster Recovery project $682K, as well as IT
upgrades at the Renton Community Center 108K.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Licenses and permits 147,679$ 150,000$ 122,644$ (25,035)$ (27,356)$ 81.76%
Interdepartmental services 4,564,374 7,355,590 3,677,798 (886,576) (3,677,792) 50.00%
Interest and other misc 8,401 7,000 122,828 114,427 115,828 1754.69%
TOTAL REVENUES 4,720,454 7,512,590 3,923,270 (797,184) (3,589,320) 52.22%
EXPENSES:
Personnel 1,552,276 3,873,557 1,659,347 (107,071) 2,214,210 42.84%
Supplies 898,317 1,143,289 171,381 726,936 971,908 14.99%
Contracted Services 1,319,839 3,370,380 1,698,391 (378,552) 1,671,989 50.39%
Internal Services ‐ 6,537 3,269 (3,269) 3,268 50.01%
TOTAL OPERATING EXPENSES 3,770,432 8,393,763 3,532,388 238,044 4,861,375 42.08%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 950,022 (881,173) 390,882 (559,140) 1,272,055 N/A
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY 105,072 5,568,965 946,430 (841,358) 4,622,535 16.99%
TRANSFERS IN 2,003,064 1,317,495 16,400 (1,986,664) (1,301,095) 1.24%
NET TRANSFERS 2,003,064 1,317,495 16,400 (1,986,664) (1,301,095) 1.24%
CHANGE IN FUND BALANCE 2,848,014 (5,132,643) (539,148) (3,387,162) 4,593,495 N/A
BEGINNING FUND BALANCE, Jan 1 3,653,455 9,021,343 9,021,343 5,367,888 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 6,501,469$ 3,888,700$ 8,482,195$ 1,980,726$ 4,593,495$ 218.12%
Operating Reserves 2,326,091$ 2,326,091$
AVAILABLE FUND BALANCE 6,501,469$ 1,562,609$ 6,695,252$
INFORMATION TECHNOLOGY
VARIANCE
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 31 of 34
Facilities Fund
This fund accounts for the administration, maintenance, and operation of city‐owned facilities. Expenses are paid by the
Facilities Fund and rates are charged to departments based on square footage.
Interdepartmental Services – The increase over prior year is due to increased expenses in facilities charged through an
internal service fund charge to each department as well as cost of living salary increases for facilities personnel charged to
other city departments.
Supplies – The increase over prior year is largely due to an increased need for office furniture including new furniture for
positions added in the 2023 budget ($65K), and additional furniture needed for lobby personnel shifting around city hall
($50K).
Contracted Services – The increase over prior year is primarily due to an increased need for repair and maintenance to
facilities. Much of the increase is attributed to larger one‐time projects. In 2023, facilities has had new card readers
installed ($36K), roof and gutter cleaning ($45K) and replacement of blinds at the senior center ($13K).
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Interdepartmental services 3,300,958$ 6,883,097$ 3,459,015$ 158,057$ (3,424,082)$ 50.25%
Interest and other misc 1,137 4,000 8,246 7,109 4,246 206.15%
TOTAL REVENUES 3,302,095 6,887,097 3,467,261 165,166 (3,419,836) 50.34%
EXPENSES:
Personnel 1,759,235 4,257,370 1,796,509 (37,274) 2,460,861 42.20%
Supplies 404,370 858,395 519,497 (115,127) 338,898 60.52%
Contracted Services 648,329 1,876,861 824,787 (176,458) 1,052,074 43.95%
Internal Services 65,980 273,086 136,543 (70,563) 136,543 50.00%
TOTAL OPERATING EXPENSES 2,877,914 7,265,712 3,277,336 (399,422) 3,988,376 45.11%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 424,181 (378,615) 189,925 (234,256) 568,540 N/A
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY 4,103 ‐ 7,550 (3,447) (7,550) N/A
Transfers In ‐ 255,040 ‐ ‐ (255,040) 0.00%
NET TRANSFERS ‐ 255,040 ‐ ‐ (255,040) 0.00%
CHANGE IN FUND BALANCE 420,078 (123,575) 182,375 (237,703) 305,950 N/A
BEGINNING FUND BALANCE, Jan 1 785,189 937,922 937,922 152,733 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 1,205,267$ 814,347$ 1,120,297$ (84,970)$ 305,950$ 137.57%
FACILITIES
VARIANCE
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 32 of 34
Communications Fund
This fund accounts for community and intergovernmental relations and communications with the public. Communications
is a major activity of the city’s administration responsible for external communications, employee communications, media
relations, and coordination of all departments in producing the city’s website. Expenses are paid by the Communications
Fund and rates are charged to departments based on usage.
Interdepartmental services – The increase over prior year primarily relates to an increase in budgeted charges to each
department due to increased budgets for expenditure items including personnel, which received a cost‐of‐living adjustment
in 2023.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Interdepartmental services 686,587$ 1,592,402$ 796,150$ 109,563$ (796,252)$ 50.00%
Interest and other misc 122 1,000 5,086 4,964 4,086 508.60%
TOTAL REVENUES 686,709 1,593,402 801,236 114,527 (792,166) 50.28%
EXPENSES:
Personnel 411,930 1,184,992 474,394 (62,464) 710,598 40.03%
Supplies 19,918 55,432 25,015 (5,097) 30,417 45.13%
Contracted Services 137,967 401,155 161,375 (23,408) 239,780 40.23%
Internal Services 1,017 4,696 2,348 (1,331) 2,348 50.00%
TOTAL OPERATING EXPENSES 570,832 1,646,275 663,132 (92,300) 983,143 40.28%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 115,877 (52,873) 138,104 22,227 190,977 N/A
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY ‐ 46,651 ‐ ‐ 46,651 0.00%
Transfers Out ‐ 18,775 ‐ ‐ 18,775 0.00%
NET TRANSFERS ‐ (18,775) ‐ ‐ 18,775 N/A
CHANGE IN FUND BALANCE 115,877 (118,299) 138,104 22,227 256,403 N/A
BEGINNING FUND BALANCE, Jan 1 141,517 428,724 428,724 287,207 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 257,394$ 310,425$ 566,828$ 309,434$ 256,403$ 182.60%
COMMUNICATIONS
VARIANCE
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 33 of 34
Health Insurance Fund
This fund accounts for the city’s self‐insured health insurance program. Expenses/claims are paid by the Health Insurance
Fund and rates are charged to employees and departments based on annual premiums determined by the city’s Employee
Health Plan Board for each type of coverage elected by the employee; paid semi‐monthly in conjunction with each payroll.
Premiums – The increase in premiums from prior year is due to increasing insurance costs which increased 24% from prior
year.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen
uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate,
and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government
Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or
increases; the city holds roughly 52% of the total cash and investments for the city in the LGIP.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Premiums 6,333,547$ 15,603,216$ 6,630,422$ 296,875$ (8,972,794)$ 42.49%
Interest and other misc 179,508 520,000 373,385 193,877 (146,615) 71.80%
TOTAL REVENUES 6,513,055 16,123,216 7,003,807 490,752 (9,119,409) 43.44%
EXPENSES:
Personnel 187,104 339,251 165,343 21,761 173,908 48.74%
Medical/Dental Claims 5,305,847 14,166,872 5,991,491 (685,644) 8,175,381 42.29%
Supplies 660 7,500 2,035 (1,375) 5,465 27.13%
Contracted Services 242,662 579,786 240,164 2,498 339,622 41.42%
Internal Services 46,835 103,752 51,876 (5,041) 51,876 50.00%
TOTAL OPERATING EXPENSES 5,783,108 15,197,161 6,450,909 (667,801) 8,746,252 42.45%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 729,947 926,055 552,898 (177,049) (373,157) 59.70%
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 729,947 926,055 552,898 (177,049) (373,157) 59.70%
BEGINNING FUND BALANCE, Jan 1 6,655,137 6,935,644 6,935,644 280,507 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 7,385,084$ 7,861,699$ 7,488,542$ 103,458$ (373,157)$ 95.25%
Insurance Reserves 3,774,249 4,559,148 4,559,148
AVAILABLE FUND BALANCE 3,610,835$ 3,302,551$ 2,929,394$
HEALTH INSURANCE
VARIANCE
Quarterly Financial Report City of Renton, Washington 2nd Quarter 2023
Page 34 of 34
Retiree Healthcare Fund
This fund accounts for the city’s self‐insured health insurance program for LEOFF1 retirees. Benefits include medical,
prescription drug, Medicare Part B premiums, long‐term care, and vision coverage for retired law enforcement officers and
firefighters that were employed by the city prior to October 1, 1977. Dependent spouses and children are not covered.
100% of premiums are provided by the General Fund with annual contributions determined after review of a report
prepared by actuaries.
Premiums – The decrease from prior year is due a budgeted decrease; the fund was receiving more funding than required
in the prior year.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen
uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate,
and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government
Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or
increases; the city holds roughly 52% of the total cash and investments for the city in the LGIP.
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 at
nmalone@rentonwa.gov or Kristin Trivelas ktrivelas@rentonwa.gov .
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental ‐$ 40,000$ ‐$ ‐$ (40,000)$ 0.00%
Premiums 1,312,342 1,825,000 912,500 (399,842) (912,500) 50.00%
Interest and other misc 96,708 170,000 365,939 269,231 195,939 215.26%
TOTAL REVENUES 1,409,050 2,035,000 1,278,439 (130,611) (756,561) 62.82%
EXPENSES:
Personnel 38,448 101,664 49,008 (10,560) 52,656 48.21%
Medical/Dental Claims 566,623 1,201,877 607,638 (41,015) 594,239 50.56%
Contracted Services 28,685 66,293 38,121 (9,436) 28,172 57.50%
TOTAL OPERATING EXPENSES 633,756 1,369,834 694,767 (61,011) 675,067 50.72%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 775,294 665,166 583,672 (191,622) (81,494) 87.75%
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 775,294 665,166 583,672 (191,622) (81,494) 87.75%
BEGINNING FUND BALANCE, Jan 1 18,188,260 19,928,792 19,928,792 1,740,532 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 18,963,554$ 20,593,958$ 20,512,464$ 1,548,910$ (81,494)$ 99.60%
Insurance Reserves 18,963,554 20,593,958 20,512,464
AVAILABLE FUND BALANCE ‐$ ‐$ ‐$
RETIREE HEALTHCARE
VARIANCE