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HomeMy WebLinkAbout09 2023Page 1 of 7 OVERVIEW This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through August 31, 2023. A detailed analysis, including budget to actual comparison, will be prepared quarterly in accordance with the City’s financial management policies. GENERAL FUND The General Fund is used to account for resources that are not generally dedicated for a specific purpose. The General Fund is used to meet the basic services that the City provides including, but not limited to, police protection, parks and recreation, human services, municipal court, street maintenance and planning, economic development, and administrative functions. The table below displays the year-to-date revenues and expenditures for the General Fund. Economic Development and Operating reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2023-2024 Adopted Budget. General REVENUES: Taxes 80,321,844$ Licenses and permits 5,136,398 Grants / intergovernmental 4,003,872 Charges for services 8,808,288 Fines and penalties 2,848,680 Miscellaneous 1,696,113 Investment Earnings 2,339,024 Insurance recoveries 18,334 TOTAL REVENUES 105,172,553 EXPENDITURES: Personnel 55,003,714 Supplies 1,759,087 Contracted Services 16,431,760 Capital Outlay 136,973 Internal Services 15,368,051 TOTAL EXPENDITURES 88,699,585 Transfers In - Transfers Out (21,631) NET TRANSFERS (21,631) CHANGE IN FUND BALANCE 16,451,337 BEGINNING FUND BALANCE, Jan 1 83,605,978 Prior Period Adjustment 33,417 BEGINNING FUND BALANCE, Jan 1 - restated 83,639,395 ENDING FUND BALANCE, Sep 30 100,090,732$ ECONOMIC DEVELOPMENT RESERVE 2,500,000 OPERATING RESERVES 13,585,276 AVAILABLE FUND BALANCE, Sep 30 84,005,456$ Monthly Financial Report September 2023 Monthly Financial Report City of Renton, Washington September 2023 Page 2 of 7 DEBT SERVICE FUND Debt service funds are used to account for the accumulation of resources for the payment of principal and interest related to the City’s general obligation bond issues. The table below displays the year-to-date revenues and expenditures for the City’s debt service fund. Debt service reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2023-2024 Adopted Budget. General Governmental Misc Debt REVENUES: Grants / intergovernmental 38,319$ Investment Earnings 110,262 TOTAL REVENUES 148,581 EXPENDITURES: Principal 2,748,188 Interest 607,064 TOTAL EXPENDITURES 3,355,252 Transfers In 2,595,376 NET TRANSFERS 2,595,376 CHANGE IN FUND BALANCE (611,295) BEGINNING FUND BALANCE, Jan 1 5,262,665 ENDING FUND BALANCE, Sep 30 4,651,370$ Debt Service Reserve 2,711,725 AVAILABLE FUND BALANCE 1,939,645$ Monthly Financial Report City of Renton, Washington September 2023 Page 3 of 7 SPECIAL REVENUE FUNDS Special revenue funds are used to account for revenues that are to be used for a specific purpose as required by law or legislative action. The table below displays the year-to-date revenues and expenditures for the City’s special revenue funds. CAPITAL PROJECT FUNDS Capital project funds are used to account for the acquisition and construction of major capital facilities and equipment. The table below displays the year-to-date revenues and expenditures for the City’s capital project funds. Hotel-Motel Tax Cable Communications Housing and Supportive Services Springbrook Wetlands Fire Impact Mitigation School District Impact Mitigation Police Seizure Police CSAM Seizure REVENUES: Taxes 396,753$ -$ 3,281,295$ -$ -$ -$ -$ -$ Licenses and permits - 41,047 - - - - - - Grants / intergovernmental - - - 4,011 - - - - Charges for services - - - - 36,054 170,507 - - Fines and penalties - - - - - - - 587 Contributions 10,000 - - - - - 140,389 - Investment Earnings 18,806 9,706 173,298 12,903 30,951 370 8,475 3,814 Sale of Fixed Assets - - - 247,852 - - - - TOTAL REVENUES 425,559 50,753 3,454,593 264,766 67,005 170,877 148,864 4,401 EXPENDITURES: Personnel - - - 6,281 - - - - Supplies - 46,230 - - - - 34,901 - Contracted Services 174,848 79,011 40,500 4,132 194,987 133,504 36,131 4,588 Capital Outlay - - - - - - 7,268 - TOTAL EXPENDITURES 174,848 125,241 40,500 10,413 194,987 133,504 78,300 4,588 - Transfers In - - - - - - - - Transfers Out - - - - (2,595,376) - - - NET TRANSFERS - - - - (2,595,376) - - - CHANGE IN FUND BALANCE 250,711 (74,488) 3,414,093 254,353 (2,723,358) 37,373 70,564 (187) BEGINNING FUND BALANCE, Jan 1 712,384 453,147 6,110,390 454,628 2,724,187 - 339,814 172,804 Prior Period Adjustment - - - - - - - - BEGINNING FUND BALANCE, Jan 1 - restated 712,384 453,147 6,110,390 454,628 2,724,187 - 339,814 172,804 ENDING FUND BALANCE, Sep 30 963,095$ 378,659$ 9,524,483$ 708,981$ 829$ 37,373$ 410,378$ 172,617$ CS Impact Mitigation Transportation Impact Mitigation REET 1 REET 2 Municipal Facilities CIP Capital Investment Family First Center REVENUES: Taxes -$ -$ 1,761,020$ 1,761,020$ -$ -$ -$ Grants / intergovernmental - - - - 2,285,266 6,102,439 20,000 Charges for services 104,037 523,361 - - 21,245 100,087 - Contributions - - - - 3,056 211,489 3,027,480 Investment Earnings 37,160 163,781 85,246 151,936 431,939 295,436 61,098 TOTAL REVENUES 141,197 687,142 1,846,266 1,912,956 2,741,506 6,709,451 3,108,578 EXPENDITURES: Personnel - - - - 37,997 64,445 - Supplies - - - - - 64,025 - Contracted Services - - - - 732,149 102,035 4,089 Capital Outlay - - - - 12,523,278 10,803,320 2,805,378 TOTAL EXPENDITURES - - - - 13,293,424 11,033,825 2,809,467 Transfers In - - - - - - - Transfers Out - - - - (100,000) - - NET TRANSFERS - - - - (100,000) - - CHANGE IN FUND BALANCE 141,197 687,142 1,846,266 1,912,956 (10,651,918) (4,324,374) 299,111 BEGINNING FUND BALANCE, Jan 1 1,595,389 6,964,011 3,049,711 6,019,961 24,671,384 12,561,975 2,795,295 Prior Period Adjustment - - - - - - - BEGINNING FUND BALANCE, Jan 1 - restated 1,595,389 6,964,011 3,049,711 6,019,961 24,671,384 12,561,975 2,795,295 ENDING FUND BALANCE, Sep 30 1,736,586$ 7,651,153$ 4,895,977$ 7,932,917$ 14,019,466$ 8,237,601$ 3,094,406$ Monthly Financial Report City of Renton, Washington September 2023 Page 4 of 7 ENTERPRISE FUNDS Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business enterprises. The table below displays the year-to-date revenues and expenses of the City’s enterprise funds. Amounts restricted for debt service are in accordance with revenue bond requirements. Operating reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2023-2024 Adopted Budget. Airport Solid Waste Utility Golf Course Water Utility Wastewater Utility Metro Surface Water Utility REVENUES: Licenses and permits -$ -$ -$ -$ 46,775$ -$ 17,250$ Grants / intergovernmental 149,837 165,834 - 846,705 - - 1,529,786 Charges for services 4,517,916 18,545,112 2,485,934 14,725,983 9,122,125 15,358,840 10,079,777 Rents, leases, and misc fees - - 477,327 214,925 - - - Interest and other misc 224,740 81,263 47,019 1,565,122 973,299 139,287 1,614,839 TOTAL REVENUES 4,892,493 18,792,209 3,010,280 17,352,735 10,142,199 15,498,127 13,241,652 EXPENSES: Personnel 840,179 434,517 1,361,251 3,455,647 1,853,163 - 2,951,845 Supplies 59,735 33,144 334,995 794,874 118,669 - 95,964 Contracted Services 419,870 16,846,304 129,369 2,519,895 1,807,017 15,214,987 1,292,536 Internal Services 334,272 395,262 351,250 2,205,428 1,499,391 - 2,242,290 TOTAL OPERATING EXPENSES 1,654,056 17,709,227 2,176,865 8,975,844 5,278,240 15,214,987 6,582,635 CAPITAL, AND TRANSFERS 3,238,437 1,082,982 833,415 8,376,891 4,863,959 283,140 6,659,017 DEBT SERVICE: Principal - - 33,359 272,647 - - - Interest - - 1,303 83,686 36,645 - 45,222 TOTAL DEBT SERVICE - - 34,662 356,333 36,645 - 45,222 CAPITAL OUTLAY 855,241 - 326,882 3,622,076 1,482,583 - 1,297,578 Transfers In - - 322,275 - - - - Transfers Out - - (322,275) (861) - - - NET TRANSFERS - - - (861) - - - CHANGE IN FUND BALANCE 2,383,196 1,082,982 471,871 4,397,621 3,344,731 283,140 5,316,217 BEGINNING FUND BALANCE, Jan 1 8,925,689 3,951,191 1,609,927 48,208,077 22,850,871 6,237,142 28,314,756 ENDING FUND BALANCE, Sep 30 11,308,885$ 5,034,173$ 2,081,798$ 52,605,698$ 26,195,602$ 6,520,282$ 33,630,973$ Restricted for Debt Service - - - 1,394,051 661,227 - 754,868 Operating Reserve 244,162 400,000 787,490 1,706,759 975,361 380,000 1,245,213 AVAILABLE FUND BALANCE 11,064,723$ 4,634,173$ 1,294,308$ 49,504,888$ 24,559,014$ 6,140,282$ 31,630,892$ Monthly Financial Report City of Renton, Washington September 2023 Page 5 of 7 INTERNAL SERVICE FUNDS Internal service funds are used to account for the goods and services furnished by one City department to other City departments on a cost reimbursement basis. The table below displays the year-to-date revenues and expenses of the City’s internal service funds. Insurance reserves for the Healthcare Fund are established at a rate of 31% of current year budgeted expenses. 100% of the Retiree Healthcare fund balance is reserved for OPEB. Equipment Rental Insurance Information Technology Facilities Communications Healthcare Retiree Healthcare REVENUES: Technology Fee -$ -$ 164,862$ -$ -$ -$ -$ Equipment rental m&o 2,486,007 - 5,516,696 - - - - Print and mail - - - - 383,353 - - Communications - - - - 810,897 - - Facilities - - - 5,112,471 - - - Interest and other misc 292,451 513,605 173,388 10,339 8,401 174,416 449,705 Internal service fund misc: Vehicle / equipment capital recovery 2,492,413 - - - - - - Insurance premiums - 2,163,133 - - - - - Worker's comp/unemployment - 1,343,114 - - - - - Benefit premiums - - - - - 9,949,570 1,368,750 Other misc 923 9,912 11,454 72,019 - 402,830 137,192 Insurance recoveries 44,068 198,780 - - - 4,958 - TOTAL REVENUES 5,315,862 4,228,544 5,866,400 5,194,829 1,202,651 10,531,774 1,955,647 EXPENSES: Personnel 843,117 1,063,584 2,453,861 2,729,879 717,842 8,964,814 991,682 Supplies 1,264,765 - 343,444 774,911 35,366 2,640 - Contracted Services 291,900 2,579,997 2,494,590 1,418,705 223,180 373,027 72,896 Internal Services 98,522 - 4,903 204,815 3,522 77,814 - TOTAL OPERATING EXPENSES 2,498,304 3,643,581 5,296,798 5,128,310 979,910 9,418,295 1,064,578 AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 2,817,558 584,963 569,602 66,519 222,741 1,113,479 891,069 TOTAL DEBT SERVICE - - - - - - - CAPITAL OUTLAY 2,158,516 - 976,868 27,003 46,651 - - Transfers In - - 76,858 100,000 - - - Transfers Out - (54,366) - - - - - NET TRANSFERS - (54,366) 76,858 100,000 - - - CHANGE IN FUND BALANCE 659,042 530,597 (330,408) 139,516 176,090 1,113,479 891,069 BEGINNING FUND BALANCE, Jan 1 13,277,635 23,221,020 9,021,343 937,922 428,724 6,935,644 19,928,792 ENDING FUND BALANCE, Sep 30 13,936,677$ 23,751,617$ 8,690,935$ 1,077,438$ 604,814$ 8,049,123$ 20,819,861$ Insurance Reserves - 16,897,915 - - - 4,559,148 20,819,861 Opearting Reserves 13,936,677 - 2,326,091 - - - - AVAILABLE FUND BALANCE -$ 6,853,702$ 6,364,844$ 1,077,438$ 604,814$ 3,489,975$ -$ Monthly Financial Report City of Renton, Washington September 2023 Page 6 of 7 FIDUCIARY FUNDS Fiduciary funds are used to account for assets held by the City in a trustee capacity. These assets are not available for City use as they are not City assets. The table below displays year-to-date revenues and expenditures of the City’s fiduciary funds. Firemens' Pension Custodial Fund REVENUES: Intergovernmental 199,567$ -$ Investment Earnings 184,634 - Collected for Others - 1,680,191 TOTAL REVENUES 384,201 1,680,191 EXPENDITURES: Distributions to Others 189,076 1,286,813 TOTAL EXPENDITURES 202,201 1,286,813 NET TRANSFERS - - CHANGE IN FUND BALANCE 182,000 393,378 BEGINNING FUND BALANCE, Jan 1 8,733,791 - ENDING FUND BALANCE, Sep 30 8,915,791$ 393,378$ Monthly Financial Report City of Renton, Washington September 2023 Page 7 of 7 CONTACT INFORMATION This report is prepared by the Finance Department. For additional financial information, please also review our website: http://www.rentonwa.gov/. For any questions about the report, please feel free to contact Nate Malone nmalone@rentonwa.gov or Kristin Trivelas ktrivelas@rentonwa.gov . City of Renton All Funds - Revenue, Expenditures and Fund Balances Budgetary Basis through September 30, 2023 Funds Balance 01/01/2022 Budgeted Revenue Revenue 09/30/23 Total Funds Available Budgeted Expenditure Expenditure 09/30/23 Ending Balance GENERAL FUND 83,605,978 133,148,027 105,205,970 188,811,948 138,565,955 88,721,216 100,090,732 SPECIAL REVENUE FUNDS:10,967,354 5,152,674 4,586,818 15,554,172 5,642,007 3,357,757 12,196,415 110 Hotel Motel 712,384 200,000 425,559 1,137,943 454,616 174,848 963,095 127 Cable Communication 453,147 57,674 50,753 503,900 255,586 125,241 378,659 130 Housing and Supportive Services 6,110,390 3,500,000 3,454,593 9,564,983 260,000 40,500 9,524,483 135 Springbrook Wetlands Bank 454,628 - 264,766 719,394 40,000 10,413 708,981 140 Police Seizure 339,814 - 148,864 488,678 339,814 78,300 410,378 141 Police CSAM Seizure 172,804 - 4,401 177,205 172,804 4,588 172,617 31X School District Impact Mitigation - 995,000 170,877 170,877 995,000 133,504 37,373 304 Fire Mitigation 2,724,187 400,000 67,005 2,791,192 3,124,187 2,790,363 829 DEBT SERVICE FUND 5,262,665 5,755,022 2,743,957 8,006,622 5,565,690 3,355,252 4,651,370 CAPITAL PROJECT FUNDS (CIP):57,657,726 63,242,649 17,147,096 74,804,822 107,866,332 27,236,716 47,568,106 303 Community Services Mitigation 1,595,389 86,500 141,197 1,736,586 1,090,000 - 1,736,586 305 Transportation Mitigation 6,964,011 1,780,000 687,142 7,651,153 5,817,897 - 7,651,153 308 REET1 3,049,711 2,300,000 1,846,266 4,895,977 3,500,000 - 4,895,977 309 REET2 6,019,961 2,300,000 1,912,956 7,932,917 5,403,625 - 7,932,917 316 Municipal Facilities CIP 24,671,384 10,441,251 2,741,506 27,412,890 35,030,341 13,393,424 14,019,466 317 Transportation CIP 12,561,975 41,712,746 6,709,451 19,271,426 53,190,642 11,033,825 8,237,601 346 New Family First Center Dvlpmnt 2,795,295 4,622,152 3,108,578 5,903,873 3,833,827 2,809,467 3,094,406 ENTERPRISE FUNDS:120,097,653 113,328,675 83,251,970 203,349,623 179,033,479 65,972,212 137,377,411 4X2 Airport Operating & CIP 8,925,689 4,531,000 4,892,493 13,818,182 9,546,030 2,509,297 11,308,885 403 Solid Waste Utility 3,951,191 25,533,751 18,792,209 22,743,400 25,980,244 17,709,227 5,034,173 4X4 Golf Operating & CIP 1,609,927 3,504,825 3,332,555 4,942,482 3,853,974 2,860,684 2,081,798 4X5 Water Operating & CIP 48,208,077 20,789,505 17,352,735 65,560,812 52,379,968 12,955,114 52,605,698 4X6 Waste Water Operating & CIP 22,850,871 12,064,965 10,142,199 32,993,070 25,445,102 6,797,468 26,195,602 416 King County Metro 6,237,142 19,358,929 15,498,127 21,735,269 20,173,811 15,214,987 6,520,282 4X7 Surface Water Operating & CIP 28,314,756 27,545,700 13,241,652 41,556,408 41,654,350 7,925,435 33,630,973 INTERNAL SERVICE FUNDS:73,751,080 50,607,131 34,472,565 108,223,645 56,678,469 31,293,180 76,930,465 501 Equipment Repair/Replacement 13,277,635 9,885,963 5,315,862 18,593,497 9,812,590 4,656,820 13,936,677 502 Insurance 23,221,020 4,997,328 4,228,544 27,449,564 7,358,743 3,697,947 23,751,617 503 Information Services 9,021,343 8,830,085 5,943,258 14,964,601 13,962,728 6,273,666 8,690,935 504 Facilities 937,922 7,142,137 5,294,829 6,232,751 7,265,712 5,155,313 1,077,438 505 Communications 428,724 1,593,402 1,202,651 1,631,375 1,711,701 1,026,561 604,814 512 Insurance, Healthcare 6,935,644 16,123,216 10,531,774 17,467,418 15,197,161 9,418,295 8,049,123 522 Insurance, Leoff1 Retirees HC 19,928,792 2,035,000 1,955,647 21,884,439 1,369,834 1,064,578 20,819,861 FIDUCIARY FUNDS:8,733,791 400,000 2,064,392 10,798,183 253,475 1,489,014 9,309,169 611 Firemens' Pension 8,733,791 400,000 384,201 9,117,992 253,475 202,201 8,915,791 630 Custodial Fund - - 1,680,191 1,680,191 - 1,286,813 393,378 TOTAL FUNDS 360,076,247 371,634,178 249,472,768 609,549,015 493,605,407 221,425,347 388,123,668