HomeMy WebLinkAbout2022 ACFR - City of RentonAnnual Comprehensive Financial Report
For the year ended December 31, 2022
City of Renton • 1055 South Grady Way • Renton, WA 98057 • rentonwa.gov
i
CITY OF RENTON
2022
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
For Year Ended December 31, 2022
Finance Department
City of Renton
1055 South Grady Way
Renton, Washington 98057
(425) 430‐6887
Website: www.rentonwa.gov
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ACKNOWLEDGEMENTS
Prepared by the Finance Department
Finance Administrator
Kari Roller
Fiscal Services Director
Kristin Trivelas
Budget and Accounting Manager
Nate Malone
Accounting Staff
Raevel Chea, Senior Finance Analyst
Fred Hall, Tax & Licensing Manager
Sean Hollingsworth, Senior Finance Analyst
Jen Hughes, Financial Services Manager
Ariel Llorach, Senior Finance Analyst
Stacy Robinson, Senior Finance Analyst
Terri Weishaupt, Utility Accounts Supervisor
Daniela Whitman, Senior Finance Analyst
Print/Design Staff
Karl Hurst, Print/Mail Supervisor
Sheila Cowley, Communications Specialist I
TABLE OF CONTENTS
DECEMBER 31, 2022
ITEM PAGE
iii
INTRODUCTORY SECTION
Letter of Transmittal ..................................................................................................................................... 1‐1
Corporate Organization Structure & Reporting Relations ............................................................................ 1‐6
2021 Annual Comprehensive Financial Report Award ................................................................................. 1‐7
FINANCIAL SECTION
Independent Auditor’s Report .................................................................................................................... 2‐1
Management Discussion and Analysis ........................................................................................................ 3‐1
Basic Financial Statements:
Government‐wide Financial Statements:
Statement of Net Position ............................................................................................................... 4‐1
Statement of Activities .................................................................................................................... 4‐2
Fund Statements:
Governmental Fund Financial Statements:
Balance Sheet .................................................................................................................................. 4‐3
Reconciliation of Balance Sheet to the Statement of Net Position ................................................. 4‐4
Statement of Revenues, Expenditures and Changes in Fund Balances ........................................... 4‐5
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities .................................... 4‐6
Proprietary Fund Financial Statements:
Statement of Net Position ............................................................................................................... 4‐7
Statement of Revenues, Expenses, and Changes in Net Position ................................................... 4‐8
Statement of Cash Flows ................................................................................................................. 4‐9
Fiduciary Fund Statements:
Statement of Fiduciary Net Position ............................................................................................. 4‐11
Statement of Changes in Fiduciary Net Position ........................................................................... 4‐12
Notes to Financial Statements:
Note 1: Significant Accounting Policies ........................................................................................ 4‐13
Note 2: Deposits and Investments ............................................................................................... 4‐28
Note 3: Property Taxes ................................................................................................................. 4‐31
Note 4: Capital Assets and Depreciation ...................................................................................... 4‐33
Note 5: Pensions ........................................................................................................................... 4‐37
Note 6: Other Post Employment Benefits .................................................................................... 4‐51
Note 7: Contingencies .................................................................................................................. 4‐55
Note 8: Risk Management ............................................................................................................ 4‐55
Note 9: Interfund Transactions ..................................................................................................... 4‐57
Note 10: Long Term Debt .............................................................................................................. 4‐59
Note 11: Joint Ventures ................................................................................................................. 4‐62
Note 12: Covid Pandemic .............................................................................................................. 4‐65
Note 13: Leases ............................................................................................................................. 4‐66
Note 14: Tax Abatement ............................................................................................................... 4‐70
TABLE OF CONTENTS
DECEMBER 31, 2022
ITEM PAGE
iv
Required Supplementary Information Other than MD&A:
Schedule of Revenues, Expenditures, and Changes in Fund Balance ‐ Budget and Actual
General Fund ................................................................................................................................... 5‐1
Notes to Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual
General Fund ................................................................................................................................... 5‐2
Schedule of the City’s Proportionate Share of the Net Pension Liability ‐ PERS Plan 1 ......................... 5‐4
Schedule of the City’s Proportionate Share of the Net Pension Liability ‐ PERS Plan 2/3 ..................... 5‐5
Schedule of the City’s Proportionate Share of the Net Pension Liability ‐ PSERS Plan 2 ....................... 5‐6
Schedule of the City’s Proportionate Share of the Net Pension Liability ‐ LEOFF Plan 1 ....................... 5‐7
Schedule of the City’s Proportionate Share of the Net Pension Liability ‐ LEOFF Plan 2 ....................... 5‐8
Schedule of Employer Contributions ‐ WA Department of Retirement Systems .................................. 5‐9
Schedule of Changes in Net Pension Liability and Related Ratios ‐ Firefighters’ Pension Fund .......... 5‐10
Schedule of Employer Contributions ‐ Firefighters’ Pension Fund ...................................................... 5‐11
Schedule of Investment Returns ‐ Firefighters’ Pension Fund ............................................................. 5‐12
Schedule of Changes in Total OPEB Liability and Related Ratios………………………………. .................... ...5‐13
Combining Statements and Other Supplementary Information:
Non‐Major Fund Descriptions ................................................................................................................ 6‐1
Combining Governmental Balance Sheet ‐ Nonmajor Governmental Funds
Summary by Fund Type ................................................................................................................... 6‐5
Combining Balance Sheet ‐ Nonmajor Special Revenue Funds ............................................................. 6‐6
Combining Balance Sheet ‐ Nonmajor Debt Service Funds ................................................................... 6‐7
Combining Balance Sheet ‐ Nonmajor Capital Project Funds ................................................................ 6‐8
Combining Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Nonmajor
Governmental Funds Summary by Fund Type ................................................................................ 6‐9
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ‐ Nonmajor
Special Revenue Funds .................................................................................................................. 6‐10
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ‐ Nonmajor
Debt Service Funds ........................................................................................................................ 6‐11
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ‐ Nonmajor
Capital Project Funds ..................................................................................................................... 6‐12
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Municipal Facilities CIP .................................................................................................................. 6‐13
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Municipal Facilities CIP – Family First Center ............................................................................... 6‐14
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Capital Improvement ..................................................................................................................... 6‐15
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Housing and Supportive Services .................................................................................................. 6‐16
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Hotel/Motel Tax ............................................................................................................................ 6‐17
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Cable Communications Development ........................................................................................... 6‐18
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Springbrook Wetlands Bank .......................................................................................................... 6‐19
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Police Seizure ................................................................................................................................. 6‐20
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
TABLE OF CONTENTS
DECEMBER 31, 2022
ITEM PAGE
v
Police CSAM Seizure ...................................................................................................................... 6‐21
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
School District Impact Mitigation .................................................................................................. 6‐22
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Fire Impact Mitigation ................................................................................................................... 6‐23
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
General Debt ................................................................................................................................. 6‐24
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Community Development Impact Mitigation ................................................................................ 6‐25
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Transportation Impact Mitigation ................................................................................................. 6‐26
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
REET 1 ............................................................................................................................................ 6‐27
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
REET 1 ............................................................................................................................................ 6‐28
Combining Statement of Net Position, Nonmajor Enterprise Funds ................................................... 6‐29
Combining Statement of Revenues, Expenses and Changes in Fund Net Position ‐
Nonmajor Enterprise Funds ........................................................................................................... 6‐30
Combining Statement of Cash Flows ‐ Nonmajor Enterprise Funds .................................................... 6‐31
Combining Statement of Net Position, Internal Service Funds ............................................................ 6‐33
Combining Statement of Revenues, Expenses, and Changes in Fund Net Position,
Internal Service Funds ................................................................................................................... 6‐34
Combining Statement of Cash Flows, Internal Service Funds .............................................................. 6‐35
STATISTICAL SECTION
Statistical Section Description ................................................................................................................ 7‐1
Financial Trends:
Table 1: Net Position by Component ................................................................................................. 7‐2
Table 2: Changes in Net Position ........................................................................................................ 7‐3
Table 3: Fund Balance of Governmental Funds ................................................................................. 7‐5
Table 4: Changes in Fund Balance of Governmental Funds ............................................................... 7‐6
Revenue Capacity:
Table 5: Water Utility Systems Revenue Information ........................................................................ 7‐7
Table 6: Principal Rate Payers ............................................................................................................ 7‐8
Table 7: Water Utility Rates ............................................................................................................. 7‐11
Table 8: General Government Tax Revenue by Source .................................................................... 7‐14
Table 9: Principal Property Tax Payers ............................................................................................. 7‐15
Table 10: Assessed Value of Taxable Property ................................................................................... 7‐16
Table 11: Property Tax Rates Direct and Overlapping Governments ................................................ 7‐17
Table 12: Property Tax Levies and Collections ................................................................................... 7‐18
Table 13: Sales Tax Collections by Sector ........................................................................................... 7‐19
TABLE OF CONTENTS
DECEMBER 31, 2022
ITEM PAGE
vi
Debt Capacity:
Table 14: Ratios of Outstanding Debt by Type ................................................................................... 7‐20
Table 15: Legal Debt Margin Information .......................................................................................... 7‐21
Table 16: Ratios of General Bonded Debt Outstanding to Assessed Value ....................................... 7‐22
Table 17: Direct and Overlapping Governmental Activities Debt ...................................................... 7‐23
Table 18: Pledged‐Revenue Coverage ................................................................................................ 7‐24
Demographic and Economic Information:
Table 19: Demographic and Economic Statistics ................................................................................ 7‐25
Table 20: Principal Employers ............................................................................................................ 7‐26
Operating Information:
Table 21: Full Time Equivalent City Government Employees by Function ......................................... 7‐27
Table 22: Operating Indicators by Function ....................................................................................... 7‐28
Table 23: Utility Systems Supplemental Operating Information ....................................................... 7‐29
Table 24: Capital Assets Statistics by Function ................................................................................... 7‐30
August 16, 2023
Honorable Armondo Pavone, Mayor
Members of the Renton City Council
Residents of Renton
City of Renton, Washington
Mr. Mayor, Honorable Councilmembers, and Citizens of Renton:
We are pleased to present the City’s Annual Comprehensive Financial Report for the year ended
December 31, 2022. The city maintains a system of internal controls designed to provide reasonable
assurance that assets are safeguarded against loss or unauthorized use, and that financial records can
be relied upon to produce accurate and fairly presented financial statements in accordance with
generally accepted accounting principles.
Management assumes full responsibility for the completeness and reliability of the information
contained in this report. To the best of our knowledge and belief, the enclosed financial statements
and all supporting schedules are accurate in all material respects and are reported in a manner
designed to present fairly the financial position and results of operations of the city. The concept of
reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to be
derived, and the evaluation of the relative costs and benefits of the control system requires estimates
and judgments by management.
These financial statements have been audited by the Washington State Auditor’s Office. This
independent audit was conducted in accordance with generally accepted auditing standards and
generally accepted government auditing standards to provide an independent assessment of fair
presentation of the city’s financial position. The State Auditor’s Office has issued an unmodified
(“clean”) opinion on the city’s financial statements, which is included at the front of the financial
statement section of this report.
Management’s Discussion and Analysis (MD&A) immediately follows the State Auditor’s report and
provides a narrative introduction, overview, and analysis to accompany the basic financial statements.
This letter of transmittal is designed to complement the MD&A and should be read in conjunction with
it.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-1
PROFILE OF THE CITY
Incorporated on September 6, 1901, Renton is a city in King County, Washington. Situated 11 miles
southeast of downtown Seattle, five miles from SeaTac Airport, Renton straddles the southeast shore
of Lake Washington, at the junction of key north‐south and east‐west transportation corridors. The
city’s early economy was based on coal mining, clay production, and timber export. Today, Renton is
best known as the final assembly point for the Boeing 737 family of commercial airplanes, but it is also
home to a growing number of well‐known manufacturing, technology, health care service companies
and government institutions, including Boeing, Paccar, Wizards of the Coast gaming, Ikea Home
Furnishing, Valley Medical Center, the Seattle Seahawks headquarters, and Seattle Branch of Federal
Reserve Bank.
As we look forward to the upcoming year, new businesses continue to establish markets in Renton.
Some notable industries include the Seattle Sounders and Blue Origin.
The City of Renton has a strong mayor form of government with an appointed Chief Administrative
Officer. The mayor is independently elected to a four‐year term. The mayor’s job is to manage day‐to‐
day operations, and to lead policy development and implementation with the seven‐member City
Council elected at large on a non‐partisan basis.
With a population of 107,500 in 2022, Renton is the 8th largest city in the state, and the 4th largest in
King County. The city provides a full range of municipal services to an incorporated area of 23.7 square
miles. These services include police, street construction and maintenance, planning and zoning,
municipal court, general administrative services, municipal airport, golf course, and parks and
recreational facilities that includes an aquatic center, senior center, community and neighborhood
centers, and a museum.
The city operates four utilities: water, sewer, surface water, and contracts out its solid waste
collection. These are operated very similar to a private business where the revenues from rates and
other direct sources must pay for the operational, capital, and long‐term debt costs. The city has its
own water supplies and does not rely on purchased water to meet normal service demands. The city’s
sewage is treated by King County, but the city is responsible for transferring and maintaining the
system to King County. The city bills Renton residents a monthly fee for the cost of sewer treatment
performed by King County.
Since the 2011‐12 biennium, the city has adopted a biennial budget. The Council is required to adopt
an initial budget for the biennium no later than December 31 preceding the beginning of the fiscal year
on January 1. The City of Renton maintains budgetary controls to ensure compliance with legal
provisions embodied in the budget. All activities are appropriated through the budget process and
published in the City’s Budget document. The City Council must adopt an ordinance to increase or
decrease total appropriations in a Fund. The mayor has the authority to move appropriations within a
Fund.
A more thorough discussion of the city’s accounting policies can be found under the Summary of
Significant Accounting Policies in the Notes to the Financial Statements.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-2
ECONOMIC CONDITION AND OUTLOOK
In 2022, Renton’s economy continued to rebound from the negative effects of the COVID‐19 pandemic
with continued notable growth in terms of sales and use taxes. The economy continues to be the
focus of many as we are seeing continued supply disruptions, labor shortages, and interest rates
continuing to climb to offset high levels of inflation not seen in nearly 40 years.
The City of Renton saw strong sales and retail tax revenue in 2022 with an increase in sales tax by
14.9% compared to 2021 or an increase of $4.9 million over 2021 tax revenues. Markets showing the
largest growth were service, wholesale and manufacturing. The construction industry in Renton
increased 12.7% over prior year as the city adds new mixed‐use retail and housing units.
The housing picture shows a decrease in housing permits from the prior year and housing sales slowing
somewhat towards the end of the year due to overall uncertainty in interest rates. In terms of
employment, the Puget Sound region has outpaced national results in 2022 with an overall
employment growth of 5.2% although the forecast is to see these figures stall in 2023 with layoff
announcements in the technology sectors.
A staple of Renton’s economy is the presence of the Boeing Company, which operates out of the
Renton Municipal Airport. Boeing initiates its maiden 737 MAX flights from this airport. Boeing’s 737
Max production has ramped back to full capacity after a short pause in production during the
pandemic.
Perhaps the most significant economic impact for the city is the wide diversity of development activity
and private investment that is currently taking place within the city. Many developments of new
mixed use of retail and housing are continuing to be added across the city and plans to revitalize the
Boeing abandoned office campus and activate the 115‐acre site with updated office space, new
housing, retailing, dining, and recreational activities.
LONG‐TERM FINANCIAL PLANNING
Unrestricted fund balance (the aggregate of committed, assigned, and unassigned components of
fund balance) in the General Fund was 73 percent of the total General Fund expenditures, compared
to 78 percent in 2021. This fund balance includes the city’s catastrophic reserves, anti‐recessionary
reserves, insurance reserves, and sales tax annexation credit reserves.
The ramp‐up of these fund balances was a direct result of an enhanced stabilization fund policy, which
was originally adopted in late‐2013. During the great recession, the city depleted much of its reserves
and has since rebuilt them. Although economic factors show signs of improvement, the city still faces
several short and long‐term constraints, including the impact of the uncertainty of a future recession.
Inflation continues to be on the rise, causing the rate of salary, healthcare costs and deferred
maintenance on city buildings to continue to increase at a faster rate than revenues.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-3
As part of the enhancements to the city’s stabilization policy, the Council also adopted a reserve fund
for Economic Development, which currently has accumulated a $2.5 million balance. The reserve fund
will help the city leverage Local Revitalization Financing (LRF) funds made available by the State of
Washington through a local sales tax option levy. The city issued bonds for infrastructure
improvements needed in the Southport revitalization area and improvements to numerous parks in
early 2019. A portion of the debt service will be paid by the annual $500,000 local sales tax option
credit provided by the State of Washington.
The City Council adopted a Business and Occupation (B&O) Tax effective January 1, 2016 in hopes to
generate enough sustainable revenue for funding General Fund operations into the future without
significant decreases to basic city services. The city changed the tax structure in 2022 increasing the
maximum amount any one taxpayer would pay annually in B&O taxes. This increase along with
continued recovery in business sectors from the pandemic generated $14.5 million in B&O taxes for
the General Fund revenue for 2022, a 25% increase over 2021. The addition of this tax has helped
tremendously to offset the rising costs within our region.
The city has been very responsible and responsive in balancing the services the community needs with
the changing mixture and level of resources. In addition to strong financial policies, the city has also
continued to expand its economy and pursue progressive economic development strategies to
maintain a thriving and sustainable economy.
RELEVANT FINANCIAL POLICIES
The city has adopted a comprehensive set of financial policies, including a multi‐tiered stabilization
policy that ensures available reserves for future General Fund funding gaps, long‐term economic
development initiatives, capital commitments, equipment reserves, catastrophic and anti‐recessionary
reserves, and general operating cash flow requirements.
Due to strong financial policies, management, and economic factors, the City of Renton received an
upgraded LTGO bond rating of AAA by Standard & Poor’s in March 2019.
OTHER INFORMATION
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City of Renton for its annual
comprehensive financial report for the fiscal year ended December 31, 2021. The city has a long history
of achieving this prestigious award. To be awarded a Certificate of Achievement, a government must
publish an easily readable and efficiently organized annual comprehensive financial report. This report
must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current annual
comprehensive financial report continues to meet the Certificate of Achievement Program’s
requirements and we are submitting it to the GFOA to determine its eligibility for another certificate.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-4
The dedicated staff of the Finance Department work hard each day to ensure that the city’s financial
transactions are processed accurately, and records are maintained orderly and in conformance with
policies and procedures. Special thanks are due to Nate Malone, Budget and Accounting Manager,
who served as the project lead. Further appreciation is extended to the City Council and City
Management for their support in conducting financial operations of the city in a sound and progressive
manner, and in conformance with internal and external requirements.
For more information regarding the city’s budget please refer to the city’s website for 2023‐2024
adopted budget as well as monthly sales tax and budgetary financial reports.
Respectfully,
Kari Roller
Finance Administrator
2022 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-5
FINANCE
Kari Roller, Administrator
425‐430‐6931
RENTON CITIZENS
MAYOR
Armondo Pavone
425‐430‐6500
MUNICIPAL COURT JUDGES
Kara Murphy Richards
Jessica Giner
425‐430‐6550
CITY COUNCIL
Ryan McIrvin, President
JamesAlberson,ValerieO'Halloran, Ruth Pérez,EdPrince,CarmenRivera, Kim‐KhánhVăn
425‐430‐6500
CHIEF ADMINISTRATIVEOFFICER
Ed VanValey
425‐430‐6500
PARKS & RECREATIONKelly Beymer, Administrator425‐430‐6617
PUBLIC WORKS
Martin Pastucha,
Administrator425‐430‐7311
EXECUTIVE SERVICES
Kristi Rowland, Deputy
CAO
425‐430‐6947
COMMUNITY AND
ECONOMIC DEVELOPMENT
Chip Vincent, Administrator
425‐430‐6588
POLICE
Jon Schuldt, Chief
425‐430‐7500
HUMAN RESOURCES & RISK
MANAGEMENTEllen Bradley‐Mak, Administrator
425‐430‐7657
Renton History Museum
Golf Course
Maintenance Services
Utility Systems
Transportation Systems
Economic Development
Development Engineering
City Clerk
Communications &
Engagement
Support Operations Bureau
Field Operations Bureau
Emergency Management
Labor, Class, and
Compensation
Risk Management
Benefits
Fiscal Services
Staff Services
Special
Investigations
Administrative
Services
Patrol Services
Patrol
CITY ATTORNEY
Shane Moloney
425‐430‐6487
Human Services
Parks Planning and
Natural Resources
Recreation
Airport Development Services
Organizational Development
Facilities
Parks and Trails
Planning
Information Technology
Prosecution
EQUITY, HOUSING & HUMAN SERVICESMaryJane Van Cleave,
Administrator425‐430‐6569
Community Development and
Housing
2022 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-6
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Renton
Washington
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
December 31, 2021
Executive Director/CEO
2022 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-7
Office of the Washington State Auditor
Pat McCarthy
INDEPENDENT AUDITOR’S REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Mayor and City Council
City of Renton
Renton, Washington
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund and the aggregate remaining fund information of the City of Renton as of and
for the year then ended December 31, 2022, and the related notes to the financial statements, which
collectively comprise the City’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material
respects, the respective financial position of the governmental activities, the business-type activities,
each major fund and the aggregate remaining fund information of the City of Renton, as of December 31,
2022, and the respective changes in financial position and, where applicable, cash flows thereof for the
year then ended in accordance with accounting principles generally accepted in the United States of
America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report. We are required to be independent of the City and to meet our other ethical
responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Independent Auditor's Report, 2-1
Matters of Emphasis
As discussed in Note 1 to the financial statements, in 2022, the City adopted new accounting guidance,
Governmental Accounting Standards Board Statement No. 87, Leases. Our opinion is not modified with
respect to this matter.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether there are conditions
or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as
a going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government
Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
Performing an audit in accordance with GAAS and Government Auditing Standards includes the
following responsibilities:
•Exercise professional judgment and maintain professional skepticism throughout the audit;
•Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements;
•Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is
expressed;
2022 Annual Comprehensive Financial Report City of Renton, Washington
Independent Auditor's Report, 2-2
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements;
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable
period of time; and
• Communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit, significant audit findings, and certain internal control-related
matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis and required supplementary information as listed in the table of contents be
presented to supplement the basic financial statements. Such information is the responsibility of
management and, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board who considers it to be an essential part of financial reporting for placing
the basic financial statements in an appropriate operational, economic or historical context. We have
applied certain limited procedures to the required supplementary information in accordance with
auditing standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
consistency with management’s responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City’s basic financial statements. The combining statements and other supplementary
information are presented for purposes of additional analysis and are not a required part of the basic
financial statements. Such information is the responsibility of management and was derived from and
relates directly to the underlying accounting and other records used to prepare the basic financial
statements. This information has been subjected to auditing procedures applied in the audit of the basic
financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the basic financial
statements or to the basic financial statements themselves, and other additional procedures in accordance
with auditing standards generally accepted in the United States of America. In our opinion, the
information is fairly stated, in all material respects, in relation to the basic financial statements as a
whole.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Independent Auditor's Report, 2-3
Other Information
The other information comprises Introductory and Statistical Sections but does not include the basic
financial statements and our auditor’s report thereon. Management is responsible for the other
information included in the financial statements. Our opinions on the basic financial statements do not
cover the other information, and we do not express an opinion or provide any assurance thereon.
In connection with the audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and the
basic financial statements, or the other information otherwise appears to be materially misstated. If,
based on the work performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.
OTHER REPORTING REQUIRED BY GOVERNMENT AUDITING
STANDARDS
In accordance with Government Auditing Standards, we will also issue our report dated August 10, 2023,
on our consideration of the City’s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts and grant agreements and other
matters. That report will be issued under separate cover in the City’s Single Audit Report. The purpose
of that report is to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on internal control over financial
reporting or on compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the City’s internal control over financial reporting and
compliance.
Sincerely,
Pat McCarthy, State Auditor
Olympia, WA
August 10, 2023
2022 Annual Comprehensive Financial Report City of Renton, Washington
Independent Auditor's Report, 2-4
MANAGEMENT’S DISCUSSION AND ANALYSIS
The City of Renton’s management offers this Management’s Discussion and Analysis (MD&A), which is
an overview and analysis of the City of Renton’s financial activities for the year ended December 31,
2022. To best understand the city’s financial activities, we encourage readers to consider the
information in this discussion and analysis in conjunction with information provided in the letter of
transmittal and the basic financial statements.
FINANCIAL HIGHLIGHTS
•As of December 31, 2022, the City of Renton’s total assets and deferred outflows of resources
exceed liabilities and deferred inflows of resources by $1.2 billion. Of this amount, $300.5
million represents unrestricted net position, which may be used to meet the government’s
ongoing obligations to citizens and creditors.
•The City of Renton’s total net position increased $99.7 million. This increase was due to cash
and cash equivalents, investments at fair market value, capital asset acquisitions and net
pension asset, offset by an increase in long‐term debt in both the governmental and business‐
type activities.
•At the close of the current fiscal year, the City of Renton’s governmental funds reported
combined fund balances of $170 million, an increase of $20.6 million from 2021. This increase
is attributed to revenues exceeding expenditures in the general fund by $31.8 million and in
the nonmajor funds by $18 million. As the economy continued to rebound from the effects of
the COVID‐19 pandemic, the city saw a significant increase in tax revenue. Retail and B&O tax
revenues increased as a direct result of consumer spend and improved business operations. In
addition, the favorable housing market contributed to an increase of real estate excise tax paid
to the city. Intergovernmental revenues increased due to the recognition of significant grant
revenue related to the American Rescue Plan Act (ARPA) which supported small business
grants and helped to offset revenue loss from the pandemic that supported general operating
costs. Lastly, an increase in charges for services was primarily driven by the one‐time collection
of transportation impact fees associated with Solera, an affordable and market‐rate housing
project. These increases in revenue were offset by the decrease in fund balance for the
Municipal Facilities and Capital Improvement funds due to the substantial completion of the
Family First Community Center, among other large capital improvement projects within parks
and transportation completed in 2022.
•Approximately 48 percent ($82.2 million) of the total governmental fund balance is available
for spending at the city’s discretion (unassigned fund balance).
•Total unrestricted fund balance (the total of committed, assigned and unassigned fund balance
components) for the general fund was $116 million, which is approximately 73 percent of
general fund 2022 expenditures.
•The City of Renton’s total outstanding long‐term debt decreased by $6.8 million during the
current fiscal year because current resources and grants are being used to finance current
operations and capital projects. The city has continued to pay down its current debt obligations
without issuance of new debt.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-1
OVERVIEW OF THE FINANCIAL STATEMENTS
The discussion and analysis provided here within are intended to serve as an introduction to the city’s
basic financial statements. The basic financial statements consist of three components: (1)
government‐wide financial statements, (2) fund financial statements, and (3) notes to the basic
financial statements.
Government‐wide Financial Statements
The government‐wide financial statements provide both long‐term and short‐term information about
the city’s overall financial status, in a manner similar to a private‐sector business.
Statement of Net Position – The first of these government‐wide statements is the statement of net
position. The statement of net position presents the city’s assets, liabilities, and deferred
inflows/outflows of resources, with the difference reported as net position. Over time, increases or
decreases in net position may serve as a useful indicator of whether the financial position of the city is
improving or deteriorating.
Statement of Activities – The second government‐wide statement is the statement of activities, which
reports how the city’s net position changed during the current fiscal year. All changes in net position
are reported as soon as the underlying event giving rise to the change, regardless of the timing of
related cash flows. Thus, revenues and expenses are reported for some items that will only result in
cash flows in future fiscal periods (e.g. uncollected taxes and compensated absences). An important
purpose of the design of the statement of activities is to show the financial reliance of the city’s
distinct activities or functions on revenues provided by the city’s taxpayers. Another indicator to
consider when evaluating the financial position of the city includes changes to the property tax base,
general economic conditions as demonstrated through business license fees or sales tax revenue, and
the condition of the city’s infrastructure (roads, drainage systems, bridges, and water infrastructure).
Both of the government‐wide financial statements distinguish governmental activities of the city
(activities principally supported by taxes and intergovernmental revenue), and business‐type activities
of the city (activities that are intended to recover all, or a significant portion, of their costs through
user fees and charges). Governmental activities include general government, judicial, public safety,
utilities, transportation, economic environment, health and human services, and culture and
recreation. The equipment rental and insurance internal service funds are also reported as
governmental activities. The business‐type activities include the waterworks utility, solid waste,
airport, and golf course funds.
Fund Financial Statements
The city uses fund structure to ensure and demonstrate fiscal integrity and compliance with finance‐
related legal requirements. A fund is a group of related accounts used to maintain control over
resources that have been segregated for specific activities and objectives. There are three types of
funds: governmental, proprietary, and fiduciary. The fund financial statements focus on major funds
separately while all others are combined into a single aggregated presentation. Individual data for
non‐major funds is presented in a following section, Combining Statements.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-2
Governmental Funds – The governmental funds are used to account for the same functions reported
as governmental activities in the government‐wide financial statements. However, unlike the
government‐wide statements, the focus of governmental fund financial statements is on near‐term
inflows and outflows of available financial resources and on balances of resources available at the end
of the fiscal year. Such information is useful in evaluating whether there are more or less financial
resources that can used in the near future to finance city services.
Because the focus of governmental fund financial statements is a narrower view than that of the
government‐wide financial statements, it is useful to compare similar information in order to gain a
better understanding of the long‐term impact of the government’s near‐term financing decisions. The
Reconciliation of the Balance Sheet and Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of the Governmental Funds reconciles to the differences between the
governmental fund statements and the governmental activities column in the government‐wide
statements.
The city maintains thirteen individual governmental funds. Information for the city’s major
governmental funds (general, municipal capital facilities and capital improvement) are presented
separately in the governmental fund balance sheet and the governmental fund statement of revenues,
expenditures, and changes in fund balance. Data from the other thirteen funds are combined into a
single aggregated presentation. Individual fund data for each of these non‐major governmental funds
is presented in the combining statements section of this report.
The city maintains budgetary controls over its governmental funds. Budgetary controls ensure
compliance with legal provisions embodied in the annual appropriated budget. Governmental fund
budgets are established in accordance with state law and are adopted on a fund level. A budgetary
comparison statement has been provided for the general fund to demonstrate compliance with this
budget.
Proprietary Funds – The proprietary fund statements present information for two types of funds.
Enterprise funds operate as business‐type activities in the government‐wide statements and include
the waterworks utility, solid waste, golf course, and airport funds. The other proprietary fund types are
internal service funds. Internal service funds are used to report activities that provide supplies and
services to various city departments and to allocate the associated costs of providing these services to
the various governmental and enterprise functions. The revenues and expenses of internal service
funds that support governmental activities are eliminated in the government‐wide statements and the
remaining activity is combined within the governmental activities in the government‐wide statements.
The proprietary fund statements provide the same information as the government‐wide financial
statements, only in more detail. The city reports the activity of its two major enterprise funds,
waterworks utility (water, wastewater, and storm water) and solid waste separately. Information from
the remaining non‐major enterprise funds is combined and presented in a single, aggregated column
in the fund statements. Internal service funds are also aggregated and reported separately in this
section.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-3
2022 2021 2022 2021 2022 2021
Current assets 273,873,780$ 234,758,779$ 131,356,571$ 118,343,351$ 405,230,351$ 353,102,130$
Capital assets 535,528,983 508,159,097 317,808,221 316,743,698 853,337,204 824,902,795
Other non‐current assets 77,668,187 102,212,770 6,494,908 10,643,351 84,163,095 112,856,121
TOTAL ASSETS 887,070,950 845,130,646 455,659,700 445,730,400 1,342,730,650 1,290,861,046
Deferred Outflows of Resources 17,961,310 6,338,619 3,242,709 1,448,559 21,204,019 7,787,178
Long‐term liabilities 82,751,648 89,125,678 13,069,446 14,894,667 95,821,094 104,020,345
Other liabilities 24,923,141 26,041,718 7,860,242 7,572,441 32,783,383 33,614,159
TOTAL LIABILITIES 107,674,789 115,167,396 20,929,688 22,467,108 128,604,477 137,634,504
Deferred Inflows of Resources 19,119,833 40,362,432 3,219,082 7,322,469 22,338,915 47,684,901
NET POSITION:
509,894,057 494,021,497 304,930,019 301,540,670 814,824,076 795,562,167
Restricted 91,947,460 110,965,722 5,638,678 9,780,922 97,586,138 120,746,644
Unrestricted 176,396,121 90,952,218 124,184,942 106,067,790 300,581,063 197,020,008
TOTAL NET POSITION 778,237,638$ 695,939,437$ 434,753,639$ 417,389,382$ 1,212,991,277$ 1,113,328,819$
Net Investment in Capital Assets
CONDENSED STATEMENT OF NET POSITION
Governmental Activities Business‐type Activities Total
Fiduciary Funds – Fiduciary Funds are used to account for resources held for the benefit of parties
outside the government. Fiduciary funds are not reported in the government‐wide financial
statements because the resources of those funds are not available to support the city’s own
operations. The accounting used for fiduciary funds is much like that used for proprietary funds.
Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the information
provided and are an integral part of the government‐wide and fund financial statements.
Other information
In addition to the basic finance statements and accompanying notes, this report also presents:
1. Required Supplemental Information (RSI)
RSI provides budgetary comparisons for the general fund budget to actual, as well as the city’s
funding progress for the Firefighters’ Pension Trust Fund and Other Post‐Employment Benefits
(LEOFF 1 Retiree Medical).
GOVERNMENT‐WIDE FINANCIAL ANALYSIS
Statement of Net Position
The following is a summary of the city’s net position as of December 31, 2022, with comparison to
2021:
2022 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-4
At the close of the most recent fiscal year, assets and deferred outflows of resources exceeded
liabilities and deferred inflows of resources by $1.21 billion, a $99.7 million increase over 2021.
Net Position – Net Investment in Capital Assets.
$814.8 million (67%) of total net position
reflects the city’s investment in capital, net of
related debt that was used to acquire those
assets. The city uses these assets to provide a
variety of services to the public. Accordingly,
these assets are not available for future
spending. Although investment in capital assets
is reported net of related debt, resources used
to repay this debt must be provided from other
sources, since the capital assets themselves
cannot be used to liquidate these liabilities.
Net Position – Restricted. Total restricted net
position accounts for $97.6 million of the city’s
net position, which is a $23.2 million decrease
(24%) from 2021. This decrease is primarily
driven by a $30.5 million change in pension.
Actuarial assumptions were updated to reflect
changes in economic conditions resulting in a
reduction in investment returns. The update of
key participant factors also impacted the change
in asset from prior year. Other changes include
decreases in special purpose revenue sources
that were spent (REET, KC Parks Levy, Impact
Mitigation Fees) offset by an increase in special
purpose taxes and assessments, driven primarily
from transportation and parks impact fees.
Net Position – Unrestricted. The remaining
$300.6 million of net position is unrestricted and
may be used to meet the government’s ongoing
obligations for governmental and business type
activities ($176.4 million and $124.2 million,
respectively).
At the end of the current fiscal year, the city
reports a positive net position in all net position
categories, for both governmental activities and
business‐type activities. The same held true for
the prior fiscal year.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-5
CONDENSED STATEMENT OF ACTIVITIES
2022 2021 2022 2021 2022 2021
Revenues:
Program revenues:
Charges for services 36,403,705$ 19,351,848$ 91,828,464$ 86,914,782$ 128,232,169$ 106,266,630$
Operating grants and contributions 19,180,209 8,879,286 846,147 972,220 20,026,356 9,851,506
Capital grants and contributions 23,817,637 13,544,611 6,940,356 5,458,679 30,757,993 19,003,290
Taxes and other general revenues:‐ ‐
Property taxes 23,250,415 22,574,225 23,250,415 22,574,225
Sales taxes 47,758,735 42,329,250 47,758,735 42,329,250
Other Taxes 45,514,835 42,914,383 45,514,835 42,914,383
Other general revenue 2,980,699 1,311,007 351,909 86,067 3,332,608 1,397,074
Total revenues 198,906,235 150,904,610 99,966,876 93,431,748 298,873,111 244,336,358
Expenses:‐ ‐
General government 10,586,624 5,939,406 10,586,624 5,939,406
Judicial 3,828,832 3,058,866 3,828,832 3,058,866
Public safety 45,403,831 34,996,342 45,403,831 34,996,342
Utilities 34,598 4,164 34,598 4,164
Transportation 22,026,500 17,561,416 22,026,500 17,561,416
Economic and natural environment 13,737,667 8,714,594 13,737,667 8,714,594
Health and human services 3,130,494 2,527,615 3,130,494 2,527,615
Culture and recreation 16,314,321 12,483,452 16,314,321 12,483,452
Interest on long‐term debt 979,918 1,213,697 979,918 1,213,697
Airport 3,354,236 3,588,050 3,354,236 3,588,050
Golf Course 2,817,014 2,363,279 2,817,014 2,363,279
Solid Waste 22,464,173 20,487,512 22,464,173 20,487,512
Waterworks Utility 54,532,445 50,204,545 54,532,445 50,204,545
Total expenses 116,042,785 86,499,552 83,167,868 76,643,386 199,210,653 163,142,938
82,863,450 64,405,058 16,799,008 16,788,362 99,662,458 81,193,420
Transfers (565,249) (33,766) 565,249 33,766 ‐ ‐
Special Items ‐ ‐ ‐ ‐
Increase (decrease) in net position 82,298,201 64,371,292 17,364,257 16,822,128 99,662,458 81,193,420
Net position ‐ beginning ‐ 635,005,212 ‐ 397,130,187 ‐ 1,032,135,399
Prior Period Adjustment 695,939,437 (3,437,067) 417,389,382 3,437,067 1,113,328,819 ‐
Change in Accounting Principle
Net position ‐ ending 778,237,638$ 695,939,437$ 434,753,639$ 417,389,382$ 1,212,991,277$ 1,113,328,819$
Business‐type Activities Total
Increase in net position before transfers
Governmental Activities
Statement of Activities and Change in Net Position
The following is a condensed summary statement of activities and change in net position as of
December 31, 2022, with comparison to 2021.
Citywide revenue. Total revenue (governmental and business‐type) increased by $54.5 million, or 22.3
percent. Most is attributed to a $22 million increase in charges for services (Governmental and
Business‐type Activities); $22 million increase in capital and operating grants and contributions
(Governmental and Business‐type Activities); and $8.7 million increase in property, retail sales,
business and excise taxes (Governmental Activities).
With continued economic recovery, the city increased participation in recreation activities by
expanding operating hours and programs at community facilities to align with pre‐pandemic
operations. This, coupled with increased fees for permits and inspections, and transportation impact
fees collected on the Solera project (affordable and market‐rate housing) contributed to the $22
million increase in charges for services.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-6
The $22 million increase in capital and operating grants and contributions is attributed to one large
operating grant in addition to capital contributions associated with a new facility. The city recognized
$12.7 million in grant revenues related to the American Rescue Plan Act (ARPA) primarily utilized to
provide government services to the extent of the reduction in revenue experienced due to the COVID‐
19 pandemic. The city also recognized $8.2 million in capital contributions and grant revenue related
to the substantial completion of the Family First Community Center.
The $8.2 million increase in property, sales and other taxes is a result of the economy continuing to
rebound from the COVID‐19 pandemic in the areas of consumer spend, improved business operations,
and real estate investment.
Citywide expenses. Expenses totaled $199.2 million in 2022, a $36 million increase from 2021.
Governmental activities expenses increased $29.5 million primarily due to personnel costs, capital
outlay costs and internal service charges. The city filled many positions that had previously remained
vacant in 2021 in response to COVID‐19, in addition to cost‐of‐living increases citywide and settlement
of union negotiations resulting in retroactive wage increases. The onset and resumption of large
capital projects has driven capital outlay costs higher, notably related to Kiwanis Park, Rainier Avenue
Phase 4 and Duvall Avenue. Lastly, increases in insurance premiums, replacement reserves and
changes in IT and facility needs have contributed to the rise in internal service charges.
Business‐type expenses increased by $6.5 million due to increases in personnel services and
contracted services expenses. As noted above, filling previously vacant positions coupled with cost‐of‐
living increases has driven personnel costs up from prior year. Increased utility costs, CPI increases
from garbage provider, and increased internal service charges contributed to the overall rise in
contracted services.
Change in net position. The resulting change in net position was an increase in 2022 by $99.7 million
attributed to a $82.3 million increase from governmental activities and a $17.4 million increase from
business‐type activities. The increase in governmental activities and business‐type activities is related
to revenue and expenditure variances explained above.
Governmental Activities Analysis
Governmental activities cost a total of $116 million in 2022 against program generated revenue
(excluding taxes and other general revenue) of $79.4 million. Program revenues support 68 percent of
the governmental program costs, while the remaining 32 percent of governmental program costs are
supported by general revenues (taxes and other general revenue). Compared to 2021, governmental
activities cost increased $29.5 million and program revenues increased $37.6 million.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-7
Chart 1 portrays the extent that the cost of each of the city’s governmental programs is supported by
its own program generated revenue (fees, intergovernmental revenues, and contributions specifically
related to that program). Public safety accounts for 39 percent of the total governmental activity costs
but generates the lowest percentage of program revenues compared to its program costs (35
percent). Conversely, judicial recovered all their costs in 2022 through program revenues, which
consist of traffic citations, parking citations, criminal charges, miscellaneous court fees, and red‐light
camera fees. General government recovered all their costs in 2022 through program revenues which
consist of leases, licenses, grants, and internal service fund activities.
Chart 2 depicts the source breakdown for all
revenues that fund governmental activities.
Approximately 59 percent of the total
governmental activity revenues come from
taxes. The city’s two largest governmental
revenue sources are sales and use taxes (24
percent) and other taxing sources (23
percent), which consists of business and
occupation tax and excise tax. The next
largest revenue source is property tax which
accounts for 12 percent of the city’s general
governmental revenue. While program
specific charges for services, grants and
contributions generate 40 percent of total
revenue for general governmental activities,
the city is largely dependent on tax revenue
and as a result, the general economy has a
major impact on the city’s revenue streams.
Other general revenue accounts for 1 percent
of revenue sources and includes interest and
miscellaneous revenue.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-8
Business‐Type Activities Analysis
Since the primary source of revenue for business‐type activities is user fees and charges, there is much
less disparity between program costs and related program revenue. Chart 3 shows the expense of
each of the city’s business‐type program along with each program’s revenue (fees and
intergovernmental revenues specifically related to that program).
The Waterworks Utility generated $61.9 million in fees for services, and the operating and debt service
costs were $54.5 million. In addition, the waterworks utility received $6.9 million in grants,
contributions, and capital contributions from developers, for a combined increase in net position of
$14.9 million. The operating balance is necessary for future planned system infrastructure
replacements, repairs, and enhancements. Compared to 2021, the waterworks utility had a $3.6
million increase in operating revenue collections and a $4.3 million increase in operating expenses.
The waterworks utility had increased personnel costs attributed to filling previously vacant positions
and providing cost‐of living increases that aligned with CPI and a competitive job market. Contracted
services also contributed to the increase in costs, primarily related to increased utility costs and
internal service charges.
The Solid Waste Utility generated $22.6 million in fees for services and incurred $22.5 million in
program expenses. In addition, the solid waste fund received $166 thousand in grants and
contributions, resulting in an increase in net position of $314 thousand.
The Airport generated a total of $4.1 million in revenue from charges for services and incurred $3.4
million in overall expenses. The Airport received $152 thousand in grants and contributions in 2022,
resulting in an $892 thousand increase in net position.
The Golf Course generated a total of $3.2 million in green fees, driving range charges, and other user
fees. The total expenses for the Golf Course were $2.8 million. The Golf Course had a $355 thousand
increase in net position for the year as they continued to see an increased demand for outdoor
recreational activities following the end of the restrictions from the pandemic on indoor activities.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-9
Chart 4 illustrates the source of revenue for
business‐type activities, which are supported
primarily from charges for services. Charges for
services generated $91.8 million, or 92 percent,
of the total revenue sources, while grant
revenue and contributions generated $7.8
million, or 8 percent, of the total revenue
sources. This is a $4.9 million increase in
charges for services from 2021 and a $1.4
million increase in grants and contributions from
2021.
FUND FINANCIAL ANALYSIS
Governmental Funds
The governmental fund statements provide information on near‐term inflows, outflows, and balances
of spendable resources. Such information is useful in assessing the city’s ability to meet financing
requirements in the near term. In particular, unassigned fund balance may serve as a useful measure
of a government’s net resources available for spending at the end of the fiscal year.
General Fund – At the end of the fiscal year, the city had a fund balance of $93.3 million, which is an
increase of $18.3 million from 2021. Overall, the city’s general fund revenues increased $22 million
over 2021, and general fund expenditures have increased by $14 million. As the economy continued
to rebound from the effects of the COVID‐19 pandemic, the city saw a $9.8 million increase in tax
revenues as a direct result of consumer spend, improved business operations, and favorable housing
market conditions. The increase in expenditures over prior year can primarily be attributed to
inflation, which resulted in providing cost‐of‐living increases more closely aligned with higher‐than‐
average CPI indices and filling positions previously held vacant from the COVID‐19 pandemic.
Municipal Facilities CIP Fund – This fund accounts for all the City’s parks and facilities related capital
projects (new construction, major maintenance, and improvements). Previously reported as a
nonmajor fund, overall revenue increased $4.9 million over 2021 primarily attributed to the
contributions from fundraising efforts received for the Family First Community Center. Expenditures
increased $17.3 million, a result of several large construction projects related to Gene Coulon Park,
Kiwanis Park and Philip Arnold Park, as well as substantial completion of the Family First Community
Center.
Capital Improvement Fund – This fund accounts for all street, roadway and transportation related
capital projects and programs. Overall revenue was comparable to 2021 with a 2 percent decrease of
$198 thousand. Overall expenditures increased $2.3 million primarily as a result of the construction
costs related to large ongoing projects, most notably Duvall Avenue and Rainier Ave Phase 4.
Proprietary Funds
The proprietary fund financial statements provide the same type of information found in the
government‐wide financial statements, but in more detail. The analysis for the proprietary funds is
2022 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-10
Original Final Actual
Taxes 80,780,160$ 94,129,262$ 103,201,671$ 9,072,409$
Various charges 22,920,353 42,337,847 39,935,403 (2,402,444)
Other Revenues 2,610,440 2,023,496 2,284,299 260,803
TOTAL REVENUES 106,310,953 138,490,605 145,421,373 6,930,768
Current Operating 110,789,700 126,850,762 113,311,604 13,539,158
Capital Outlay 20,200 127,474 297,091 (169,617)
Debt Service ‐ ‐ ‐ ‐
TOTAL EXPENDITURES 110,809,900 126,978,236 113,608,695 13,369,541
Transfers/other financing sources (uses)(2,881,000) (14,201,549) (13,691,750) 509,799
(7,379,947) (2,689,180) 18,120,928 20,810,108
FUND BALANCE, JANUARY 1 22,687,377 69,102,661 74,985,582 5,882,921
Prior Period Adjustment (3,437,067) ‐ 3,437,067
FUND BALANCE ‐ DECEMBER 31 15,307,430$ 62,976,414$ 93,106,510$ 30,130,096$
GENERAL FUND BUDGET COMPARISON
Budgeted Amounts
Net Change in Fund Balance
Variance with Final
Budget
Favorable
(Unfavorable)
found within the business‐type activities analysis and discussion above. The proprietary fund
statements also include a column for internal services fund activities in aggregate. These activities are
consolidated with general governmental activities in the government‐wide statements.
GENERAL FUND BUDGETARY HIGHLIGHTS
The city uses a biennial budget process that adopts two one‐year budgets at one time; 2022 was the
second year of the 2021‐22 biennium. The following is a condensed summary of the 2022 general fund
budget comparison.
Original budget for tax revenues, including property taxes, business and occupation taxes and other
miscellaneous taxes, is budgeted based on the previous four to five years’ collection rates. The final
budget was adjusted to conservatively reflect the projected effects of recovery from the pandemic on
the city’s revenue base. The overall economic impact was better than expected. Sales tax, business
and occupation taxes, property tax, criminal justice tax, utility taxes and gambling taxes came in higher
than projected for an overall variance of $9.1 million. Various charges came in significantly lower than
final budget due to grants awarded but not spent within the budgeted year. Grant revenues are
budgeted in full at time of award; any amounts not received in current year are carried forward to
future year until received or expired.
Original budget for expenditures had a net increase of $16.2 million primarily driven by budget
increases in Economic Environment, General Government, Health and Human Services and Public
Safety. Personnel costs were one of the main drivers of increase over original budget in these service
areas. Reorganizations, position reclassifications and cost‐of‐living increases closely aligned with
higher‐than‐average CPI indices better positioned the city within the competing job market to retain
2022 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-11
CAPITAL ASSETS
(Net of Depreciation/Amortization)
2022 2021 2022 2021 2022 2021
Land and Land Improvements 216,858,805$ 214,843,559$ 6,143,690$ 6,143,691$ 223,002,495$ 220,987,250$
Capital Assets 255,637,938 259,746,533 281,104,819 286,224,551 536,742,757 545,971,084
Intangible Assets 1,022,484 979,669 842,326 860,523 1,864,810 1,840,192
Construction in Progress 63,032,240 33,569,005 30,559,712 24,375,456 93,591,952 57,944,461
Total 536,551,467$ 509,138,766$ 318,650,547$ 317,604,220$ 855,202,014$ 826,742,986$
Governmental Activities Business‐Type Activities Total
qualified staff and attract new talent. In addition, police incurred extra costs related to retroactive
wages paid as a result of settlement of union negotiations. Other factors related to the increase of
final budget included the addition of police body cams, general city maintenance costs previously
postponed due to the COVID‐19 pandemic and carryforward of large capital grant projects.
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The City of Renton’s investment in capital assets, including construction in progress and net of
accumulated depreciation, for governmental and business‐type activities amounts to $855.2 million as
of December 31, 2022, compared to $826.7 million in 2021.
Governmental activities showed an increase of $27.4 million which is attributed to several large capital
projects. These largest projects include construction and substantial completion of the Family First
Community Center ($12 million), new construction for Duvall Avenue ($5.9 million), improvements to
Kiwanis Park ($3.6 million), and new construction for Rainier Avenue Phase 4 ($3.5 million). The
increases in construction in progress were partially offset by depreciation outpacing new capital assets
added. Businesses‐type activities showed a net increase of $1 million attributed to a couple of large
capital projects. The largest projects include the Downtown Sewer Replacement ($1.7 million),
Downtown Water Main Replacement ($1.3 million) and the Downtown Storm System Improvement
($1 million).
As of December 31, 2022, depreciable capital assets for governmental activities were 46 percent
depreciated, slightly higher than the 2021 rate (44 percent). This comparison indicates the city is
replacing its assets at almost the same rate that are depreciating, which is a positive indicator. More
detailed capital asset information is provided in Note 4 of the Notes to Financial Statements.
Debt Administration
The city’s total outstanding debt at December 31, 2022, was $64.2 million, a $6.8 million (9.6 percent)
decrease from the prior year which is attributed to the city’s continued commitment to paying down
debt. More detailed debt information is provided in Note 10 of the Notes to Financial Statements.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-12
2022 2021 2022 2021 2022 2021
General Obligation Bonds 26,315,000$ 28,990,000$ ‐$ ‐$ 26,315,000$ 28,990,000$
Revenue Bonds ‐ ‐ 13,050,000 15,425,000 13,050,000 15,425,000
Other Long‐Term Debt 21,316,057 22,434,586 572,497 860,812 21,888,554 23,295,398
Unamortized Premium (Discount) 2,661,853 2,984,425 253,096 303,715 2,914,949 3,288,140
Total 50,292,910$ 54,409,011$ 13,875,593$ 16,589,527$ 64,168,503$ 70,998,538$
LONG‐TERM DEBT
Governmental Activities Business‐Type Activities Total
The City’s general obligation debt rating was upgraded to AAA by Standard and Poor in March 2019.
REQUESTS FOR FINANCIAL INFORMATION
This financial report is designed to provide our citizens, creditors, investors, and others interested in
the city’s finances with a general overview of the city’s finances and to show the city’s accountability
for financial resources it receives. If you have any questions about this report or need additional
information, please contact Kari Roller, Finance Administrator, 1055 South Grady Way, Renton, WA
98057 or visit our web site at www.rentonwa.gov.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-13
Governmental Activities Business‐type Activities Total
ASSETS
Current assets:
Cash and cash equivalents 168,511,421$ 82,785,449$ 251,296,870$
Restricted Cash and cash equivalents 122,602 ‐ 122,602
Cash with fiscal agent 1,550,789 ‐ 1,550,789
Investments at fair value 68,551,423 35,233,510 103,784,933
Receivables (net of allowance for uncollectibles)34,209,786 13,109,973 47,319,759
Internal balances 184,323 (184,323) ‐
Inventories 265,943 372,283 638,226
Prepayments 477,493 ‐ 477,493
Notes and assessments receivable ‐ 39,679 39,679
Total current assets 273,873,780 131,356,571 405,230,351
Noncurrent assets:
Restricted cash and cash equivalents ‐ 2,810,145 2,810,145
Notes and assessments receivable 481,022 13,904 494,926
Restricted Assessment Receivable 1,523,668 ‐ 1,523,668
Net pension asset 36,413,293 2,828,533 39,241,826
Investment in joint ventures (net)38,227,720 ‐ 38,227,720
Capital assets not being depreciated:
Land 216,858,805 6,143,690 223,002,495
Construction in progress 63,032,240 30,559,712 93,591,952
Capital assets (net )255,637,938 281,104,819 536,742,757
Intangible assets (net)1,022,484 842,326 1,864,810
Total noncurrent assets 613,197,170 324,303,129 937,500,299
Total assets 887,070,950 455,659,700 1,342,730,650
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 17,670,553 2,807,779 20,478,332
Deferred amount on refunding 290,757 434,930 725,687
Total deferred outflows of resources 17,961,310 3,242,709 21,204,019
Total assets and deferred outflows of resources 905,032,260 458,902,409 1,363,934,669
LIABILITIES
Current liabilities:
Accounts payable and other current liabilities 15,376,915 4,101,196 19,478,111
Interest payable 201,041 28,444 229,485
Unearned revenue 1,978,243 503,935 2,482,178
Current portion of long‐term debt 7,366,943 3,226,667 10,593,610
Total current liabilities 24,923,142 7,860,242 32,783,384
Noncurrent liabilities:
Noncurrent portion of long‐term debt 82,751,647 13,069,446 95,821,093
Total noncurrent liabilities 82,751,647 13,069,446 95,821,093
Total liabilities 107,674,789 20,929,688 128,604,477
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 17,839,717 3,068,469 20,908,186
Deferred Inflows related to leases 1,280,116 150,613 1,430,729
Total deferred inflows of resources 19,119,833 3,219,082 22,338,915
Total liabilities and deferred inflows of resources 126,794,622 24,148,770 150,943,392
NET POSITION
Net investment in capital assets 509,894,057 304,930,019 814,824,076
Restricted for:
Debt Service 252,300 2,810,145 3,062,445
Grants and contributions 1,575,517 ‐ 1,575,517
Pensions 36,413,293 2,828,533 39,241,826
Special purpose bonds 7,609,729 ‐ 7,609,729
Special purpose taxes & assessments 46,096,621 ‐ 46,096,621
Unrestricted 176,396,121 124,184,942 300,581,063
Total net position 778,237,638$ 434,753,639$ 1,212,991,277$
Primary Government
City of Renton
Statement of Net Position
December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-1The note to the financial statements are an integral part of this statement.
Functions/ProgramsExpensesCharges for ServicesOperating Grants and ContributionsCapital Grants and Contributions Governmental Activities Business‐type ActivitiesTotalPrimary government:Governmental activities:Culture and recreation16,314,321$ 3,567,700$ 203,957$ 1,762,400$ (10,780,264)$ ‐ $ (10,780,264)$ Economic environment13,737,667 7,938,297 410,480 84,523 (5,304,367) ‐ (5,304,367) General government10,586,624 8,991,134 1,648,270 8,276,404 8,329,184 ‐ 8,329,184 Health and human services3,130,494 98,567 404,765 ‐ (2,627,162) ‐ (2,627,162) Judicial3,828,832 5,143,140 119,256 ‐ 1,433,564 ‐ 1,433,564 Public safety45,403,831 1,998,877 14,093,879 ‐ (29,311,075) ‐ (29,311,075) Transportation22,026,500 8,665,990 2,254,897 13,694,310 2,588,697 ‐ 2,588,697 Utilities34,598 ‐ ‐ ‐ (34,598) ‐ (34,598) Interest on long‐term debt979,918 ‐ 44,705 ‐ (935,213) ‐ (935,213) Total governmental activities116,042,785 36,403,705 19,180,209 23,817,637 (36,641,234) ‐ (36,641,234) Business‐type activities:Airport3,354,236 4,093,908 152,309 ‐ ‐ 891,981 891,981 Golf Course2,817,014 3,172,477 ‐ ‐ ‐ 355,463 355,463 Solid Waste22,464,173 22,612,788 165,835 ‐ ‐ 314,450 314,450 Waterworks Utility54,532,445 61,949,291 528,003 6,940,356 ‐ 14,885,205 14,885,205 Total business‐type activities83,167,868 91,828,464 846,147 6,940,356 ‐ 16,447,099 16,447,099 Total primary government199,210,653$ 128,232,169$ 20,026,356$ 30,757,993$ (36,641,234) 16,447,099 (20,194,135) 23,250,415 ‐ 23,250,415 47,758,735 ‐ 47,758,735 35,817,234 ‐ 35,817,234 9,697,601 ‐ 9,697,601 166,544 (54,167) 112,377 2,590,478 306,920 2,897,398 223,677 99,156 322,833 (565,249) 565,249 ‐ 118,939,435 917,158 119,856,593 82,298,201 17,364,257 99,662,458 695,939,437 417,389,382 1,113,328,819 778,237,638$ 434,753,639$ 1,212,991,277$ City of RentonStatement of ActivitiesFor the Year Ended December 31, 2022Net (Expense) Revenue and Changes in Net PositionProgram RevenuesPrimary GovernmentGeneral revenues:Property taxesRetail sales taxesBusiness taxesExcise taxesMiscellaneousGain on disposal of capital assetsInterest and Investment earningsNet position ‐ January 1Net position ‐ December 31TransfersTotal general revenues, special items, and transfersChange in net position2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonBasic Financial Statements, 4-2The note to the financial statements are an integral part of this statement.
General Municipal Facilities CIP Capital Improvement Total Nonmajor Funds
Total Governmental
Funds
ASSETS
Cash & cash equivalents 61,853,049$ 21,367,043$ 9,475,553$ 23,804,612$ 116,500,257$
Restricted cash, cash equivalents 122,602 ‐ ‐ ‐ 122,602
Cash with fiscal agent 1,550,789 ‐ ‐ ‐ 1,550,789
Investments at fair value 24,646,761 8,795,491 3,900,499 9,798,890 47,141,641
Receivables (net of allowance for uncollectible):
Taxes 13,683,515 ‐ ‐ 253,014 13,936,529
Customer accounts 10,931,830 2,776,485 ‐ 23,243 13,731,558
Interest & penalties 111,202 29,174 9,311 57,910 207,597
Due from other funds ‐ 93,489 ‐ ‐ 93,489
Due from other governments 1,253,761 457,845 3,616,957 775,914 6,104,477
Interfund loans 44,535 ‐ ‐ ‐ 44,535
Advances due from other funds 144,000 ‐ ‐ ‐ 144,000
Notes Receivable 481,022 ‐ ‐ ‐ 481,022
Restricted assessments receivable 1,523,668 ‐ ‐ ‐ 1,523,668
Total assets 116,346,734$ 33,519,527$ 17,002,320$ 34,713,583$ 201,582,164$
LIABILITIES
Accrued wages and benefits payable 2,805,614$ ‐$ ‐$ ‐$ 2,805,614$
Accounts payable 2,029,558 3,102,781 1,052,033 223,757 6,408,129
Retainage payable 94,829 37,921 74,899 12,925 220,574
Due to other funds 95,939 ‐ ‐ ‐ 95,939
Due to other governments 1,257 62,705 5,081 ‐ 69,043
Customer deposits 2,130,623 ‐ ‐ ‐ 2,130,623
Unearned revenue 3,258,357 ‐ ‐ ‐ 3,258,357
Total liabilities 10,416,177 3,203,407 1,132,013 236,682 14,988,279
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues 11,318,622 3,234,330 770,716 ‐ 15,323,668
Deferred inflows related to leases 1,280,116 ‐ ‐ ‐ 1,280,116
Total deferred inflows of resources 12,598,738 3,234,330 770,716 ‐ 16,603,784
Total liabilities and deferred inflows of resources 23,014,915 6,437,737 1,902,729 236,682 31,592,063
FUND BALANCES (DEFICITS)
Restricted 985,615 13,858,368 10,086,481 29,080,035 54,010,499
Committed 2,586,790 13,714,229 5,795,051 449,191 22,545,261
Assigned 6,326,408 ‐ ‐ 4,947,675 11,274,083
Unassigned 83,433,006 (490,807) (781,941) ‐ 82,160,258
Total fund balances (deficits)93,331,819 27,081,790 15,099,591 34,476,901 169,990,101
Total liabiliƟes, deferred inflows of resources, and fund balances (deficits)116,346,734$ 33,519,527$ 17,002,320$ 34,713,583$ 201,582,164$
City of Renton
Balance Sheet
Governmental Funds
December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-3The note to the financial statements are an integral part of this statement.
FUND BALANCES ‐ TOTAL GOVERNMENTAL FUNDS $ 169,990,101
Amounts reported for governmental activities in the statement of net position are different because:
Other non‐current assets and deferred outflows of resources used in governmental activities are not
financial resources and, therefore, are not reported in the governmental funds.
Investment in Joint Venture‐SCORE 29,540,491
Investment in Joint Venture‐Valley Communications 8,620,752
Investment in Joint Venture‐File Local 66,477
Net pension assets 34,480,942
Deferred outflows related to pensions 15,752,378
Deferred outflows related to refundings 290,757 88,751,797
Capital assets used in governmental activities are not financial resources and, therefore, are not reported
in the governmental funds.
Land 216,858,805
Construction in progress 62,957,994
Capital assets (net of accumulated depreciation)246,752,930
Intangible assets (net of accumulated amortization)779,109 527,348,838
Other long‐term assets are not available to pay for current period expenditures and, therefore, are
reported as unavailable revenue in the funds.
Property and business tax revenue 515,060
Photo enforcement revenue 8,512,025
Municipal court revenue 432,195
Intergovernmental revenue 4,580,691
Other 2,563,812 16,603,783
Certain liabilities are not due and payable in the current period and, therefore, are not reported in the
governmental funds.
Interest payable (201,041)
Bonds payable (50,136,603)
Capital leases payable (69,646)
Compensated absences (4,393,971)
Net pension liability (4,837,077)
Deferred inflows related to pensions (15,743,451) (75,381,789)
Accrued pension expense reported in the governmental funds is not included in the calculation of the net
pension liability.171,103
Internal service funds are used by management to charge the costs of certain activities, such as equipment
rental, self‐insurance, information technology and facility services to individual funds. The assets and
liabilities of the internal service funds are included in the governmental activities in the statement of net
position.50,753,805
NET POSITION OF GOVERNMENTAL ACTIVITIES $ 778,237,638
Reconciliation of the Balance Sheet
To the Statement of Net Position
December 31, 2022
City of Renton
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-4The note to the financial statements are an integral part of this statement.
General Municipal Facilities CIP Capital Improvement Total Nonmajor Funds
Total Governmental
Funds
REVENUES
Taxes 103,201,671$ ‐$ ‐$ 13,238,835$ 116,440,506$
Licenses and permits 7,454,966 ‐ ‐ 60,377 7,515,343
Intergovernmental revenues 18,292,689 954,904 9,947,002 44,705 29,239,300
Charges for services 5,770,164 56,449 ‐ 15,297,206 21,123,819
Fines and forfeits 4,059,327 ‐ ‐ 14,524 4,073,851
Contributions 345,480 5,867,798 ‐ 179,526 6,392,804
Investment earnings 192,624 (63,076) (68,643) 192,298 253,203
Miscellaneous revenue 1,746,195 ‐ ‐ ‐ 1,746,195
Total revenues 141,063,116 6,816,075 9,878,359 29,027,471 186,785,021
EXPENDITURES
Current:
Culture and recreation 13,861,493 181,488 ‐ 59,633 14,102,614
Economic environment 11,852,557 ‐ ‐ 2,066,203 13,918,760
General government 16,119,207 122,913 ‐ 4,092,795 20,334,915
Health and human services 3,200,359 ‐ ‐ ‐ 3,200,359
Judicial 3,982,793 ‐ ‐ ‐ 3,982,793
Public safety 46,551,836 ‐ ‐ 6,341 46,558,177
Transportation 13,385,102 ‐ 350,242 ‐ 13,735,344
Debt service:
Principal payment ‐ ‐ ‐ 3,069,547 3,069,547
Interest payment ‐ ‐ ‐ 1,271,720 1,271,720
Capital outlay:
Culture and recreation 12,478 9,060,200 ‐ 287,211 9,359,889
Economic environment 182,251 42,180 ‐ ‐ 224,431
General government 74,198 12,241,202 ‐ ‐ 12,315,400
Health and human services ‐ 70,921 ‐ ‐ 70,921
Public safety 28,164 ‐ ‐ 163,598 191,762
Transportation ‐ ‐ 17,295,300 ‐ 17,295,300
Total expenditures 109,250,438 21,718,904 17,645,542 11,017,048 159,631,932
Excess (deficiency) of revenues over expenditures 31,812,678 (14,902,829) (7,767,183) 18,010,423 27,153,089
OTHER FINANCING SOURCES (USES)
Transfer in 3,040,000 19,249,512 9,714,705 4,279,272 36,283,489
Transfers out (16,844,752) (2,989,913) (61,400) (23,539,608) (43,435,673)
Proceeds from sale of capital assets 2,000 ‐ ‐ 230,300 232,300
Insurance Recoveries 262,113 ‐ ‐ ‐ 262,113
Lease financing 74,198 ‐ ‐ ‐ 74,198
Total other financing sources (uses)(13,466,441) 16,259,599 9,653,305 (19,030,036) (6,583,573)
Net change in fund balances 18,346,237 1,356,770 1,886,122 (1,019,613) 20,569,516
Fund balances ‐ January 1 74,985,582 25,725,020$ 13,213,469 35,496,514 149,420,585
Fund balances ‐ December 31 93,331,819$ 27,081,790$ 15,099,591$ 34,476,901$ 169,990,101$
City of Renton
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-5The note to the financial statements are an integral part of this statement.
NET CHANGES IN FUND BALANCES ‐ TOTAL GOVERNMENTAL FUNDS $ 20,569,516
Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost
of those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the
amount by which depreciation and amortization expenses and the loss on transfer of capital assets to other
governments exceeded capital outlays.
Capital expenditures 37,132,957
Depreciation and amortization expense (11,308,620)
Book value of capital assets sold/abandoned (97,575) 25,726,762
Governmental funds report pension expenditures when due and payable from current financial resources.
However, in the statement of activities, pension expense is measured by the change in the net pension
assets, net pension liabilities, and related deferred outflows and inflows. This is the net difference in pension
expense.3,500,011
Donations of property and infrastructure from developers are not reported in the governmental funds.
However, in the statement of activities, the fair market value of those assets is recognized as revenue.3,660,643
Revenues in the statement of activities that do not provide current financial resources are not reported as
revenue in the funds. Unavailable revenue increased by this amount.7,011,669
The issuance of long‐term debt (e.g., bonds, leases) provides current financial resources to governmental
funds, while the repayment of the principle of long‐term debt consumes the current financial resources of
governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds
report the effect of premiums, discounts, and refundings when debt is first issued, whereas these amounts
are deferred and amortized in the statement of activities. This amount is the net effect of these differences in
the treatment of long‐term debt and related items.3,036,038
Increase (decrease) in Investment in Joint Ventures which do not provide current financial resources and,
therefore, are not reported in the funds.
Equity interest‐SCORE 464,559
Equity interest‐Valley Communications 515,732
Equity interest‐FileLocal 66,477 1,046,768
Internal service funds are used by management to charge the costs of certain activities to individual funds.
The net revenue (expense) of the internal service funds are reported with governmental activities.17,746,794
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 82,298,201
For the Year Ended December 31, 2022
City of Renton
Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of the Governmental Funds
To the Statement of Activities
Governmental Activities
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-6The note to the financial statements are an integral part of this statement.
Governmental Activities
Solid Waste Waterworks Utility Total Nonmajor Funds Total Enterprise Funds Internal Service Funds
ASSETS
Current assets:
Cash & cash equivalents 3,217,091$ 71,903,015$ 7,665,343$ 82,785,449$ 52,011,164$
Investments at fair value 1,324,278 30,754,790 3,154,442 35,233,510 21,409,782
Receivables (net of allowance for uncollectible):
Customer accounts 3,071,955 6,298,370 1,020,217 10,390,542 152,440
Special assessments ‐ 39,679 ‐ 39,679 ‐
Interest & penalties 4,328 172,579 12,232 189,139 77,185
Due from other funds 2,450 1,762 ‐ 4,212 ‐
Due from other governments 165,834 2,214,621 149,837 2,530,292 ‐
Supplies inventory ‐ 311,534 60,749 372,283 265,943
Prepayments ‐ ‐ ‐ ‐ 477,492
Total current assets 7,785,936 111,696,350 12,062,820 131,545,106 74,394,006
Noncurrent assets:
Restricted cash, cash equivalents ‐ 2,810,145 ‐ 2,810,145 ‐
Special assessments deferred ‐ 13,904 ‐ 13,904 ‐
Net Pension Asset 120,363 2,170,461 537,709 2,828,533 1,932,351
Capital assets not being depreciated:
Land ‐ 2,676,410 3,467,280 6,143,690 ‐
Construction in Progress ‐ 30,069,658 490,054 30,559,712 74,246
Capital assets (net)‐ 262,078,008 19,026,811 281,104,819 8,885,008
Intangible assets (net)‐ 814,810 27,516 842,326 243,375
Total noncurrent assets 120,363 300,633,396 23,549,370 324,303,129 11,134,980
Total assets 7,906,299 412,329,746 35,612,190 455,848,235 85,528,986
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 119,480 2,154,537 533,762 2,807,779 1,918,175
Deferred amount on refunding ‐ 434,930 ‐ 434,930 ‐
Total deferred outflows of resources 119,480 2,589,467 533,762 3,242,709 1,918,175
Total assets and deferred outflows of resources 8,025,779 414,919,213 36,145,952 459,090,944 87,447,161
LIABILITIES
Current liabilities:
Accrued wages and benefits payable 14,587 407,465 107,444 529,496 379,341
Accounts payable 2,026,052 975,939 85,208 3,087,199 672,516
Due to other funds ‐ ‐ ‐ ‐ 1,762
Retainage payable ‐ 47,804 12,180 59,984 9,592
Interest payable ‐ 28,444 ‐ 28,444 ‐
Customer deposits ‐ 55,592 368,925 424,517 ‐
Unearned revenue ‐ 322,620 181,315 503,935 ‐
Claims incurred but not reported ‐ ‐ ‐ ‐ 2,852,586
Leases payable ‐ ‐ 1,829 1,829 31,424
Compensated absences 8,127 390,376 68,688 467,191 325,043
Public works trust fund loan payable ‐ 272,647 ‐ 272,647 ‐
Revenue bonds payable ‐ 2,485,000 ‐ 2,485,000 ‐
OPEB Liability ‐ ‐ ‐ ‐ 1,192,756
Interfund loans ‐ ‐ 44,535 44,535 ‐
Total current liabilities 2,048,766 4,985,887 870,124 7,904,777 5,465,020
Noncurrent liabilities:
Leases payable ‐ ‐ 25,373 25,373 55,237
Compensated absences 4,414 257,896 46,975 309,285 214,460
Public works trust fund loan payable ‐ 272,648 ‐ 272,648 ‐
Revenue bonds payable ‐ 10,818,096 ‐ 10,818,096 ‐
Net pension liability 69,959 1,261,549 312,536 1,644,044 1,123,152
OPEB liability ‐ ‐ ‐ ‐ 27,739,221
Interfund loans ‐ ‐ 144,000 144,000 ‐
Total noncurrent liabilities 74,373 12,610,189 528,884 13,213,446 29,132,070
Total liabilities 2,123,139 17,596,076 1,399,008 21,118,223 34,597,090
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 130,573 2,354,574 583,322 3,068,469 2,096,266
Deferred inflows related to leases ‐ 22,303 128,310 150,613 ‐
Total deferred inflows of resources 130,573 2,376,877 711,632 3,219,082 2,096,266
Total liabilities and deferred inflows of resources 2,253,712 19,972,953 2,110,640 24,337,305 36,693,356
NET POSITION
Net investment in capital assets ‐ 281,957,738 22,972,281 304,930,019 9,115,967
Restricted for:
Debt Service ‐ 2,810,145 ‐ 2,810,145 ‐
Pensions 120,363 2,170,461 537,709 2,828,533 1,932,346
Unrestricted 5,651,704 108,007,916 10,525,322 124,184,942 39,705,492
Total net position 5,772,067$ 394,946,260$ 34,035,312$ 434,753,639$ 50,753,805$
Business‐type Activities
City of Renton
Statement of Net Position
Proprietary Funds
December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-7The note to the financial statements are an integral part of this statement.
Governmental Activities
Solid Waste Waterworks Utility Total Nonmajor Funds Total Enterprise Funds Internal Service Funds
OPERATING REVENUES
Charges for services 22,612,788$ 61,823,361$ 7,266,385$ 91,702,534$ 39,302,095$
Licenses and permits ‐ 125,930 ‐ 125,930 255,374
Total operating revenues 22,612,788 61,949,291 7,266,385 91,828,464 39,557,469
OPERATING EXPENSES
Supplies 9,808 1,309,481 487,850 1,807,139 4,445,690
Personnel Services 440,145 10,846,739 2,724,219 14,011,103 8,895,901
Contracted Services 19,231,291 27,409,824 1,604,338 48,245,453 6,713,828
Insurance ‐ ‐ ‐ ‐ 9,224,063
Taxes 2,782,929 5,172,346 19,914 7,975,189 3,911
Depreciation and amortization ‐ 9,382,003 1,333,189 10,715,192 2,764,097
Total operating expenses 22,464,173 54,120,393 6,169,510 82,754,076 32,047,490
Operating income (loss)148,615 7,828,898 1,096,875 9,074,388 7,509,979
NONOPERATING REVENUES (EXPENSES)
Intergovernmental revenues 165,835 1,651,507 152,309 1,969,651 41,624
Miscellaneous revenue 134 298,619 1,797 300,550 561,156
Investment earnings (8,141) (43,373) (2,653) (54,167) (86,659)
Interest expense ‐ (412,052) (1,740) (413,792) (2,717)
Insurance Recoveries ‐ 6,370 ‐ 6,370 (75,726)
Gain (loss) on disposal of capital assets ‐ (3,344) 102,500 99,156 ‐
Total nonoperating revenues (expenses)157,828 1,497,727 252,213 1,907,768 437,678
Income (loss) before contributions and transfers 306,443 9,326,625 1,349,088 10,982,156 7,947,657
Transfer in ‐ 166,433 580,461 746,894 6,638,355
Transfers out ‐ (181,645) ‐ (181,645) (51,420)
Capital contributions ‐ 5,816,852 ‐ 5,816,852 3,212,202
Change in net position 306,443 15,128,265 1,929,549 17,364,257 17,746,794
Total net position ‐ January 1 5,465,624 379,817,995 32,105,763 417,389,382 33,007,011
Total net position ‐ December 31 5,772,067$ 394,946,260$ 34,035,312$ 434,753,639$ 50,753,805$
Business‐type Activities
City of Renton
Statement of Revenues, Expenses, and Changes in Net Position
Proprietary Funds
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-8The note to the financial statements are an integral part of this statement.
GOVERNMENTAL
OTHER TOTAL ACTIVITIES
SOLID WATERWORKS ENTERPRISE ENTERPRISE INTERNAL SERVICE
WASTE UTILITY FUNDS FUNDS FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services $ 22,503,458 $ 61,644,270 $ 6,688,898 $ 90,836,626 $ 39,771,379
Cash paid to suppliers for goods & services (21,182,590) (31,108,602) (1,951,885) (54,243,077) (26,799,965)
Cash paid to employees (538,936) (11,552,635) (2,942,110) (15,033,681) (9,579,639)
Other non‐operating receipts 134 304,989 1,797 306,920 477,692
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 782,066 19,288,022 1,796,700 21,866,788 3,869,467
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds (2,450) 166,433 ‐ 163,983 6,638,355
Transfers to other funds ‐ (181,645) ‐ (181,645) (51,420)
Operating grants and contributions 34,784 360,912 152,309 548,005 49,362
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES 32,334 345,700 152,309 530,343 6,636,297
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
System development charges ‐ 1,678,184 ‐ 1,678,184 ‐
Acquisition & construction of capital assets ‐ (8,575,057) (517,618) (9,092,675) (785,915)
Special assessments ‐ 552,439 ‐ 552,439 ‐
Capital grants ‐ 1,907,329 ‐ 1,907,329 ‐
Capital replacement reserves received ‐ ‐ ‐ ‐ 3,212,202
Principal payments on debt ‐ (2,741,136) 27,202 (2,713,934) (9,244)
Interest payments on debt ‐ (325,688) ‐ (325,688) (2,717)
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES ‐ (7,503,929) (490,416) (7,994,345) 2,414,326
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for investments (268,350) (4,171,677) (476,151) (4,916,178) (3,163,858)
Interest paid on investments and loans 38,995 1,092,666 108,433 1,240,094 667,555
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (229,355) (3,079,011) (367,718) (3,676,084) (2,496,303)
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS 585,045 9,050,782 1,090,875 10,726,702 10,423,787
CASH & CASH EQUIVALENTS, JANUARY 1 2,632,046 62,852,233 6,574,468 72,058,747 41,587,377
RESTRICTED CASH & CASH EQUIVALENTS, JANUARY 1 ‐ 2,810,145 ‐ 2,810,145 ‐
TOTAL CASH, RESTRICTED CASH, & CASH
EQUIVALENTS, DECEMBER 31 $ 3,217,091 $ 74,713,160 $ 7,665,343 $ 85,595,594 $ 52,011,164
City of Renton
BUSINESS‐TYPE ACTIVITIES
ENTERPRISE FUNDS
Statement of Cash Flows
Proprietary Funds
Page 1 of 2
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-9The note to the financial statements are an integral part of this statement.
GOVERNMENTAL
ACTIVITIES
OTHER TOTAL INTERNAL
SOLID WATERWORKS ENTERPRISE ENTERPRISE SERVICE
WASTE UTILITY FUNDS FUNDS FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss) $ 148,615 $ 7,828,898 $ 1,096,875 $ 9,074,388 $ 7,509,979
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization ‐ 9,382,003 1,333,189 10,715,192 2,764,097
Other non‐operating revenue 134 304,989 1,797 306,920 477,692
(Increase) decrease in accounts receivable
and accrued interest and penalties (109,330) (347,761) (869,443) (1,326,534) 213,910
Increase (decrease) in due from
other funds ‐ 3,800,134 ‐ 3,800,134 22,430
(Increase) decrease in inventory
& prepaid items ‐ (21,853) (90,263) (112,116) (61,291)
(Increase) decrease in net pension asset
and deferred outflows related to pensions 73,497 1,917,163 266,386 2,257,046 1,222,769
Increase (decrease) in operating
accounts payable 841,438 (995,232) (33,986) (187,780) (305,189)
Increase (decrease) in due to
other funds ‐ ‐ 284,466 284,466 (22,430)
Increase (decrease) in other
short‐term liabilities ‐ 20,508 ‐ 20,508 506,473
Increase (decrease) in
customer deposits ‐ (4,488) 23,739 19,251 ‐
Increase (decrease) in
unearned revenues ‐ 24,925 139,907 164,832 ‐
Increase (decrease) in
OPEB liability ‐ ‐ ‐ ‐ (6,552,466)
Increase (decrease) in accrued
employee wages and benefits (55,532) 61,118 (25,422) (19,836) 11,291
Increase (decrease) in net pension liability
and deferred inflows related to pensions (116,756) (2,704,685) (458,855) (3,280,296) (1,917,798)
Increase (decrease) in
deferred inflows related to leases ‐ 22,303 128,310 150,613 ‐
Total adjustments 633,451 11,459,124 699,825 12,792,400 (3,640,512)
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES $ 782,066 $ 19,288,022 $ 1,796,700 $ 21,866,788 $ 3,869,467
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Contributions of capital assets $ ‐ $ 2,340,300 $ ‐ $ 2,340,300 $ ‐
Depreciation & amortization $ ‐ $ 9,382,003 $ 1,333,189 $ 10,715,192 $ 2,764,097
Increase (decrease) in fair value of investments $ (49,333) $ (1,136,039) $ (116,747) $ (1,302,119) $ (792,064)
City of Renton
BUSINESS‐TYPE ACTIVITIES
ENTERPRISE FUNDS
Statement of Cash Flows
Proprietary Funds
Page 2 of 2
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-10The note to the financial statements are an integral part of this statement.
Pension (and Other
Employee Benefit) Trust
Funds Custodial Funds
ASSETS
Cash & cash equivalents 5,749,518$ 316,445$
Investments at fair value:
Certificates of deposit 483,441 ‐
Federal Home Loan Mortgage Corporation 531,478 ‐
Federal Farm Credit Bank 215,195 ‐
Federal Home Loan Bank 417,354 ‐
Federal National Mortgage Association 314,402 ‐
US Treasury 404,853
US Treasury Strip 561,177 ‐
Receivables (net allowance for uncollectible):‐ ‐
Interest & penalties 1,231,962 ‐
Due from other governments ‐ ‐
Total Cash 9,909,380 316,445
Total assets 9,909,380 316,445
LIABILITIES
Due to other governments ‐ 223,500
Total liabilities ‐ 223,500
NET POSITION
Restricted for:
Other governments, organizations, and individuals ‐ 92,945
Pensions 9,909,380 ‐
Total net position 9,909,380$ 92,945$
City of Renton
Statement of Fiduciary Net Position
December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-11The note to the financial statements are an integral part of this statement.
Pension (and Other
Employee Benefit) Trust
Funds Custodial Funds
ADDITIONS
Investment earnings (109,009)$ ‐$
Total investment earnings (109,009) ‐
Contributions:
Fire insurance premiums transferred in 182,841 ‐
Custodial collections ‐ courts ‐ 191,656
Custodial collections ‐ other governments ‐ 1,149,213
Custodial collections ‐ other individuals and organizations ‐ 344,069
Total contributions 182,841 ‐
Total additions 73,832 1,684,938
DEDUCTIONS
Administrative and general 3,500 ‐
Benefit payments 222,793 ‐
Custodial distributions ‐ courts ‐ 191,656
Custodial distributions ‐ other governments ‐ 1,161,641
Custodial distributions ‐ other individuals and organizations ‐ 321,157
Total deductions 226,293 ‐
Net increase (decrease) in fiduciary net position (152,461) 10,484
Net Position ‐ January 1 10,061,841 82,461
Net Position ‐ December 31 9,909,380$ 92,945$
City of Renton
Statement of Changes in Fiduciary Net Position
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-12The note to the financial statements are an integral part of this statement.
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Renton’s financial statements have been prepared in conformity with accounting principles
generally accepted in the United States (GAAP), as applied to governments. The Governmental
Accounting Standards Board (GASB) is the standard setting body for governmental accounting and
financial reporting.
For the reporting year ended December 31, 2022, the city has implemented the following GASB
Statements:
GASB Statement No. 87, Leases ‐ this Statement does away with operating leases with terms
greater than one year and converts them to capital lease type accounting with extensive note
disclosure. This is to better meet the information needs of financial statement users by improving
accounting and financial reporting for leases by governments. Implementation of this Statement
resulted in recognizing certain lease assets and liabilities previously classified as operating leases
as a lease receivable and deferred inflow of resources to enhance the relevancy and consistency
of information.
A.Reporting Entity
The City of Renton was incorporated on September 6, 1901 and operates under the laws of the
State of Washington applicable to a Non‐Charter code city with a mayor/council form of government.
A full‐time mayor and seven part‐time council members serve the city, all elected at large to four‐year
terms. The city provides the full range of municipal services authorized by state statutes, together with
a Municipal Airport, a Waterworks Utility, a Solid Waste Utility, and a Municipal Golf Course.
The City of Renton has no component units (either blended or discretely presented) included in these
statements. The City of Renton’s Mayor appoints the Governing Board for the Renton Housing
Authority, which is not considered a component unit of the city. The city is under no obligation to
subsidize, nor does it exercise any other prerequisite for inclusion.
B.Basis of Presentation
The city’s basic financial statements include both government‐wide statements and fund financial
statements. The government‐wide statements report financial information for the city as a whole, while
the fund statements present detailed financial information at the fund level. The city’s fiduciary funds
are presented in the fund financial statements. Since the assets are being held for the benefit of a third
party and cannot be used for obligations of the city, they are not included in the government‐wide
statements.
Government‐wide financial statements
In the government‐wide statement of net position governmental and business‐type activities are
reported. Governmental activities are mostly supported by taxes, intergovernmental revenue, and
other non‐exchange transactions. The governmental activities column includes the combined data
from all governmental funds and internal service funds. Business‐type activities mostly rely on fees
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-13
and charges for services to external customers and include data from the city’s enterprise funds.
The government‐wide statement of activities presents a comparison between direct expenses and
program revenues for each of the city’s governmental activities (general government, judicial, public
safety, utilities, transportation, economic environment, health and human services, and culture and
recreation) and for each identifiable business‐type activity (waterworks utility, airport, solid waste
utility, and golf course). Direct expenses are those that are specifically associated with a function and
therefore clearly identifiable to that particular function.
The statement of activities reports the expenses of a given function offset by a program revenue directly
associated with the functional program. Program revenues include: 1) charges for services which reports
fees and charges for users of the city’s service, 2) operating grants and contributions which support
annual operating activities, and 3) capital grants and contributions which finance the acquisition,
construction, or rehabilitation of capital assets. For determining the function, charges for services are
tied to the function that generates the revenue and grants and contributions are tied to the function in
which functional use they are restricted towards.
Taxes and other sources that are not directly related to a program are reported as general revenue.
The comparison of direct expenses with program revenues identifies the extent each governmental
function and business activity are self‐sustaining and requires a draw from the general revenues of the
city.
Generally, the effect of interfund activity has been eliminated from the government‐wide financial
statements, apart from various charges for services among different functions within the government.
Elimination of these charges would distort the direct costs and program revenues reported for the
various functions involved.
Fund financial statements
The city’s activities are tracked in individual funds to segregate the transactions to aid in financial
management and, in some cases, demonstrate legal compliance. The fund financial statements are
intended to present the city’s financial activities at a more detailed level. Separate financial statements
are provided for each fund category ‐ governmental, proprietary, and fiduciary funds. Each of the city’s
major funds, within each fund category, are presented in a separate column. All non‐major funds, within
each fund category, are aggregated into one column; internal service funds are aggregated into one
column and reported on the face of the proprietary fund statements; and fiduciary funds are reported
by type.
The city reports the following major governmental funds:
General Fund is the primary operating fund of the city. It is used to account for the resources and
disbursements of ordinary city operations that are not required to be accounted for in another fund.
These include the costs of legislative and executive departments, court services, finance and legal
departments, development services and police departments, human resources and technical services,
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-14
community services, parks, economic development, streets, property management for city owned
leased facilities, farmers market, and museum. The major sources of revenue are property taxes, utility
taxes, and sales taxes. Licenses and permits, charges for services, and fines and forfeits provide
additional support. Community development block grant activities are also accounted for within this
fund, which is federally funded.
Capital Improvement Fund accounts for transportation capital projects, many of which are dependent
on the acquisition of various state and federal grant programs and impact mitigation fees.
Municipal Facilities CIP accounts for all the City of Renton parks and facilities related capital projects
(new construction, major maintenance, and improvements). Many of the projects are dependent on
grants, levies, taxes, and mitigation revenue.
The city reports the following major enterprise funds:
Waterworks Utility Fund accounts for all operating and capital improvement programs for water,
wastewater, and storm water services within the city. The operating activities are primarily supported
by user fees and include: administration, billings and collections, debt service, engineering and
operation, maintenance and repairs. The primary resources for capital improvement programs are
revenue bond proceeds, grants (as available), and utility connection charges.
Solid Waste Fund accounts for solid waste, recycling, and yard waste collection services for the city and
is supported entirely by service fees. The expenses include payment to the city’s garbage contractor
and other service charges.
Additionally, the government reports the following fund types:
Internal Service Funds include 1) the equipment rental fund (equipment replacement, information
technology, facilities, and communications) and 2) the insurance fund (including risk management,
workers compensation, unemployment compensation, and employee health care program). The
equipment rental fund factors all costs, including depreciation, into the rates charged to each user
department. The insurance fund pays expense and rates are charged to departments based on use
and/or coverage requirements.
Pension Trust Fund accounts for the payment of administrative costs and benefits for retired
firefighters and their beneficiaries, who were employed prior to March 1, 1970. Primary revenues
sources are the fire premium tax (contributed from the city) and investment income.
Custodial Funds accounts for Administrative Office of the Courts mandated fees, taxes, permit revenue,
human services payments, and other fees collected on behalf of other agencies.
Special Revenue Funds are used to account for specific revenues that are restricted by external
parties or committed through enabling legislation for particular purposes.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-15
Debt Service Funds account for the accumulation of resources for and the payment of general obligation
and special assessment bonds.
During the course of operations, the city has activity between funds for various purposes. Any
residual balances outstanding at year‐end are reported as due to/from other funds and advances
to/from other funds. While these balances are reported in the fund financial statements, certain
eliminations are made in the preparation of the government‐wide financial statements. Balances
between funds included in the governmental activities (generally between governmental and internal
service funds) are eliminated so that only the net amount is included as internal balances in the
governmental activities column. Similarly, balances between the funds included in the business‐type
activities are eliminated so that only the net amount is included as internal balances in the business‐
type activities column.
Further, certain activity occurs during the year involving transfers of resources between funds. In
fund financial statements these amounts are reported as gross amounts as transfers in/out. While
reported in fund financial statements, certain eliminations are made in the preparation of government‐
wide financial statements. Transfers between the funds included in governmental activities are
eliminated so that only the net amount is included as transfers in the governmental activities column.
Similarly, balances between the funds included in business‐type activities are eliminated so that only
the net amount is included in transfers in the business‐type activities column.
C. Measurement Focus and Basis of Accounting
Basis of Accounting refers to the point at which revenue or expenditure/expense transactions or events
are recognized in the accounts and reported in the financial statements. Measurement focus is
measured one of two ways: either the current financial resource or the economic resource method.
Government‐wide financial statements – the government‐wide financial statements are prepared
using the economic resources measurement focus and the accrual basis of accounting. Revenues are
recorded when earned and expenses are recorded when the liability is incurred, regardless of the timing
of related cash flows. Property taxes are recognized as revenue in the year they are levied, and grants
are recognized as revenue as soon as all eligibility requirements have been met.
Governmental fund financial statements – the governmental fund financial statements use a different
measurement focus from the proprietary fund statements and government‐wide statements. The
governmental fund financial statements use the current financial resources measurement and the
modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable
and available. Revenues are considered to be available when they are collectible within the current
reporting period or soon enough thereafter to pay liabilities of the current period.
The city considers revenues available if they are collected within 60 days of the end of the current
fiscal period. Expenditures are generally recorded when a liability is incurred, the same as accrual
accounting. However, debt service expenditures, as well as expenditures related to compensated
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-16
absences, and claims and judgements are recorded only when payment is due. General capital asset
acquisitions are reported as current expenditures in governmental funds. Issuance of long‐term debt
and capital lease acquisitions are reported as other financing sources.
Property taxes, sales tax, franchise taxes, licenses, and interest associated with the current period are
all considered susceptible to accrual and have been recognized as revenue in the current fiscal period.
Expenditure‐driven grants are recognized as revenue when the qualifying expenditure amount is
received during the period or within the availability period for this revenue source. All other revenue
is considered measurable and available only when the cash is received by the city.
Since the measurement focus between the governmental fund financial statements and the
governmental activities in the government‐wide statements vary, a detailed reconciliation is included in
the fund statements to identify the relationship between the two statement types.
Proprietary fund financial statements – the proprietary fund statements and fiduciary fund
statements are reported using the economic resources measurement focus and accrual basis of
accounting, the same as the government‐wide statements.
D. Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Pension/Fund Balance
1. Cash and Cash Equivalents
The city has defined cash and cash equivalents as cash on hand, demand deposits, and all highly
liquid investments (including restricted assets) with maturity of three months or less when
purchased. These amounts are classified on the balance sheet or in the statement of net position
as cash and cash equivalents or investments in the various funds. Included in this category are all
funds invested in the Local Government Investment Pool. Excluded from this category are cash
balances held by Fiscal Agents since the city does not have discretionary use of these funds.
Most of the city’s cash balances are pooled and invested. Interest earned from investments
purchased with pooled cash is allocated monthly to each fund based on the fund’s beginning equity
balance in the pooled fund.
2. Investments
Investments are recorded at amortized cost or at fair value in accordance with GASB Statement No.
72, Fair Value Measurement and Application. Accordingly, the change in fair value of investments is
recognized as an increase or decrease to investment assets and investment income.
3. Receivables
Receivables have been reported net of estimated uncollectible accounts. Because property taxes,
special assessments, and utility billings are considered liens on property, no estimated uncollectible
amounts are established.
Taxes receivable consists of property taxes, utility taxes, gambling taxes, business & occupation,
taxes, and admission taxes. Property taxes are an enforceable lien on real property and are due
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-17
the first day of the levy year and may be paid in two equal installments. The first half is due April
1, and the balance is due October 31. The city collects approximately 99% of the property tax due
in the year it is levied, and delinquent taxes are collected within the following few years. Property
tax due, but not collected within 60 days of year end, is recorded as a receivable and offset by
deferred inflow of resources – unavailable revenue. There is no allowance for uncollectable property
tax because historically all taxes are collected and/or enforceable via lien (refer to Note 3 for more
information).
Accrued interest receivable consists of amounts earned on investments, notes, and contracts.
Customer accounts receivable consists of amounts owed from private individuals or organizations
for goods and services. If the transactions are receivable from another governmental unit, it is
accounted for within “due from other governments.”
Notes receivable consist of amounts due from the Renton Housing Authority related to their
purchase of the old Highlands Library building and amounts outstanding under the terms of
forgivable loans made using CDBG grant funds to business owners in the downtown area for façade
improvements.
Special assessments are recorded when levied and are liens against the property benefited.
Special assessments receivable consists of current and delinquent assessments. Amounts not due
within one year are reported as deferred inflows of resources in the governmental fund statements.
Restricted Assessments Receivable consists entirely of the city's anticipated future revenue from the
national opioid settlement through the State of Washington. This revenue will be restricted upon
receipt and the receivable will be drawn down each year with annual payments over the next 17
years. The number may vary as more settlements are reached in future years.
4. Internal Balances, Interfund Loan Receivables/Payable and Due To/From Other Funds
Activities between funds that are representative of lending/borrowing arrangements outstanding
at the end of the fiscal year are referred to as interfund loans receivable/payable. All other
outstanding balances between funds are reported as due to/from other funds. These amounts are
eliminated within the governmental activities and business‐type activities in the government‐wide
statement, except for the residual balances outstanding between the governmental activities and
business‐type activities, which are reported as internal balances. Refer to Note 9 for a detailed
summary of interfund activity.
5. Inventories and Prepaid items
All city inventories are maintained on a consumption basis of accounting where items are purchased
for inventory and charged to the budgetary accounts as the items are consumed. Any material
inventories at year‐end are included in the balance sheet of the appropriate fund. All inventories
are carried at cost on the first in, first out – FIFO basis, with the exception of the Public Works
Maintenance shops inventory. The value of this inventory is calculated using the average cost
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-18
method. The cost of inventories are recorded as an expenditure/expense when consumed rather
than when purchased.
Certain payments to vendors reflect costs applicable to future accounting periods and are
reported as prepaid items in both the government‐wide and fund statements.
6. Capital Assets
General capital assets are those assets not specifically related to activities reported by the
proprietary funds. These assets generally result from expenditures in governmental funds or
contributions. The city reports these assets in the governmental activities column of the
government‐wide statement of net position but does not report these assets in the governmental
fund financial statements. Capital assets utilized by the propriety funds are reported both in the
business‐type activities of the government‐wide statement of net position and in the proprietary
fund statement of net position.
All capital assets are valued and capitalized at cost (or estimated historical cost when actual
historical cost is unknown) and updated for additions and retirements during the year. Donated
capital assets are recorded at their acquisition value as of the date received. The city maintains
separate capitalization thresholds by asset category with an estimated useful life in excess of one
year.
The threshold is $5,000 for all categories except for buildings and structures, which have a threshold
of $25,000, and other improvements, which has a threshold of $50,000. Improvements to city assets
and infrastructure are capitalized, but the cost of normal maintenance and repairs that do not
extend the useful life, or increase capacity or efficiency, are expensed.
All capital assets, other than land, right‐of‐way, water rights, and construction in progress, are
depreciated using the straight‐line method over the following estimated useful lives:
Amortization on all intangible assets is provided on the straight‐line basis over the following useful
lives:
Capital Asset Class
Estimated
Useful Life
Buildings and structures, excluding utilities 7-60 years
Other improvements 5-80 years
Utility plant 5-50 years
Machinery and equipment 3-40 years
Infrastructure 7-80 years
Intangible Asset Class
Estimated
Service Life
Computer software 3-10 years
Water rights Indefinite
Mitigation bank credits Indefinite
Other 4-10 years
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-19
7. Other non‐current Assets
A portion of notes and special assessments receivable are collectible in greater than one year. This
long‐term portion of the receivable is reported as another non‐current asset.
Investment in joint ventures consists of the city’s equity balances and investment in debt of Valley
Communications Center, South Correctional Entity and Washington Multi‐City Business License and
Tax Portal Agency (see also Note 11).
8. Leases
Lessee: The city is a lessee for noncancelable leases. The city recognizes a lease liability and an
intangible right‐to‐use lease asset in the government‐wide and proprietary fund financial
statements. The city recognizes lease liabilities with an initial, individual value of $5,000 or more.
At the commencement of a lease, the city initially measures the lease liability at the present value of
payments expected to be made during the lease term. Subsequently, the lease liability is reduced by
the principal portion of lease payments made. The lease asset is initially measured as the initial
amount of the lease liability, adjusted for lease payments made at or before the lease
commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized
using the straight‐line basis method over its useful life.
Governmental funds recognize a capital outlay and other financing source at the commencement of
a new lease. Lease payments in governmental funds are reported as debt service principal and debt
service interest expenditures.
Key estimates and judgements related to lease include how the city determines (1) the discount rate
it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease
payments.
The city uses the interest rate charged by the lessor as the discount rate. When the interest rate
charged by the lessor is not provided, the city generally uses its incremental borrowing rate as the
discount rate for leases. This is the rate the lessee would be charged for borrowing the lease payment
amounts during the lease term.
The lease term includes the noncancelable period of the lease. Lease payments included in the
measurement of the lease liability are composed of fixed payments and purchase option price that
the city is reasonably certain to exercise.
The city monitors changes in circumstances that would require a remeasurement of its lease and will
remeasure the lease asset and liability if certain changes occur that are expected to significantly
affect the amount of the lease liability.
Lessor: The city is a lessor for noncancelable leases. The city recognizes a lease receivable and a
deferred inflow of resources in the government‐wide and fund financial statements.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-20
At the commencement of a lease, the city initially measures the lease receivable at the present value
of payments expected to be received during the lease term. Subsequently the lease receivable is
reduced by the principal portion of lease payments received. The deferred inflow of resources is
initially measure as the initial amount of the lease receivable, adjusted for lease payments received
at or before the lease commencement date. Subsequently, the deferred inflow of resources is
recognized as revenue over the life of the lease term using the (straight‐line basis/effective interest
method).
Key estimates and judgements related to lease include how the city determines (1) the discount rate
it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease
payments.
The city uses its estimated incremental borrowing rate as the discount rate for leases. This is the rate
the lessee would be charged for borrowing the lease payment amounts during the lease term
The lease term includes the noncancelable period of the lease. Lease receipts included in the
measurement of the lease liability are compose of fixed payments from the lessee.
The city monitors changes in circumstances that would require a remeasurement of its lease, and
will remeasure the lease receivable and deferred inflows of resources if certain changes occur that
are expected to significantly affect the amount of the lease receivable.
9. Deferred outflows/inflows of resources
In addition to assets, the statement of financial position will report a separate section for deferred
outflows of resources. This separate financial statement element, deferred outflow of resources,
represents a consumption of net position that applies to a future period and will not be recognized
as an outflow (expense/expenditure) until that reporting period. The city has two items that qualify
for reporting in this category. Deferred amount on refunding is reported on the government‐wide
statement of net position and the proprietary fund statement of net position.
A deferred amount on refunding results from the difference in the carrying value of refunded debt
and its reacquisition price. This amount is deferred and amortized over the life of the refunded or
refunding debt, whichever is shorter. Deferred amounts related to pensions are differences between
actual and projected experience, investment earnings and actuarial assumptions, changes in
proportion, and the city’s contributions to pensions subsequent to the measurement date, which
was June 30, 2022, provided by the State of Washington. Refer to Note 5 for more information on
pensions.
In addition to liabilities, the statement of financial position will report a separate section for
deferred inflows of resources. This separate financial statement element represents an acquisition
of net position that applies to a future period(s) and so will not be recognized as an inflow of
resources (revenue) until that time (in prior years this inflow was recognized as “deferred revenue”
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-21
within the liabilities). The city has four items that it reports as a deferred inflow of resources.
Unavailable revenue arises only on the modified accrual basis, in the governmental fund balance
sheet. The amount reported in unavailable revenue is comprised of three sources: delinquent
municipal court receivables, delinquent photo enforcement receivables, and delinquent property
tax receivables. These amounts are deferred and recognized as revenue in the period the amounts
become available. On the government‐wide statements (accrual basis of accounting) the amounts
are considered available and recognized as inflow of resource in the current period. Deferred
amount of special assessments is the long‐term principal due to the city from special assessment
connections. This amount is only reported in the governmental fund balance sheet. Deferred
amounts related to pensions are the differences between actual and projected experience,
investment earnings and actuarial assumptions, and changes in proportion. Refer to Note 5 for more
information on pensions. Deferred amounts related to leases is the liability the city takes on when
entering into a lease agreement. Refer to Note 13 for more information on leases.
10. Unearned Revenues
This account includes amounts collected in advance for services not yet rendered. The amounts
are subject to return to the payor in the event the associated services are not performed.
11. Customer Deposits
This amount reflects the net monetary liability of customer deposits for special deposit funds. This
includes security deposits for lessees, gift certificates for the Maplewood Golf Course, and on
account credits.
12. Compensated Absences
The city’s policy permits employees to accumulate earned but unused vacation leave benefits, which
are eligible for payment upon separation from city service. For employees hired prior to January
1, 1994, a fifty percent cash out of accumulated earned but unused sick leave is also eligible for
payment upon separation. The city accrues accumulated unpaid vacation and sick leave (when
eligible) when earned (or estimated to be earned) by the employee. The total compensated
absences liability is reported on the government‐wide statements and in each proprietary fund.
13. Fund Equity
Fund equity at the governmental fund level is classified as fund balance. Fund equity for all other
reporting is classified as net position.
Fund balance represents the difference between the current assets and deferred outflows of
resources and current liabilities and deferred inflows of resources in the governmental fund financial
statements. Fund balance classifications comprise of a hierarchy based primarily on the extent to which
the city is bound to honor constraints on the specific purpose for which amounts in those funds can be
spent.
Fund balances are classified as follows:
a. Nonspendable – items that cannot be spent due to form; inventories, prepaid amounts, long‐term
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-22
loan receivables, or amounts that must be maintained intact legally.
b. Restricted – amounts constrained for specific purposes imposed through the judicial process and
enabling legislation adopted by the city; or through external restrictions imposed by creditors,
grantors, or laws or regulations of other governments.
c. Committed – amounts constrained by the city council. Only the council can, by ordinance, establish,
modify, or rescind constraints on committed fund balances.
d. Assigned – constraints imposed by the city council for amounts intended for specific purposes, but
do not meet the criteria of restricted or committed. It is the city’s policy that intent of use can
be assigned by the city council, or by a designated official, adopted through either the biennial
budget ordinance or an amending budget ordinance. For governmental funds, other than the
General Fund, the residual fund balance that is not restricted or committed is reported as assigned
because the use of fund balance, at a minimum, should be used for the purpose of that fund.
Additional action does not need to be taken to remove an assignment, whereas additional action is
essential to remove a commitment.
e. Unassigned – any remaining fund balance in the General Fund that does not meet any of the above
criteria. The General Fund is the only fund that reports a positive unassigned fund balance amount.
In other governmental funds, not the General Fund, may report a negative unassigned fund balance
if expenditures incurred for a specific purpose exceed the amounts of restricted, committed, or
assigned amounts to those purposes.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-23
The following shows the composition of the fund balance in governmental funds for the year ended
December 31, 2022:
Negative unassigned fund balance ‐ At December 31, 2022, the Capital Improvements Fund reported
a negative unassigned fund balance of ($490,807); and the Municipal Facilities CIP Fund reported a
negative unassigned fund balance of ($781,941).Per GASB 54, paragraph 19, there cannot be a
General
Municipal
Facilities CIP
Capital
Improvement
Other
Governmental Total
Restricted
Police Seizure Funds ‐$ $ ‐ $ ‐ $ 335,790 $ 335,790
Police CSAM Funds ‐ ‐ ‐ 170,756 170,756
Shop with a Cop 6,129 ‐ ‐ ‐ 6,129
Judicial Capital Improvements 84,324 ‐ ‐ ‐ 84,324
Housing and Supportive Services ‐ ‐ ‐ 6,792,743 6,792,743
Opioid Settlement ‐ Cash 122,602 ‐ ‐ ‐ 122,602
Affordable Housing 272,467 ‐ ‐ ‐ 272,467
Debt Service ‐ ‐ ‐ 252,300 252,300
Summer Lunch Program 7,680 ‐ ‐ ‐ 7,680
AARP/FitLot 2,096 ‐ ‐ ‐ 2,096
2021 Veterans, Seniors & Human Services Levy 121 ‐ ‐ ‐ 121
Sr Center Advisory Committee 9,174 ‐ ‐ ‐ 9,174
CDBG Loans Outstanding 481,022 ‐ ‐ ‐ 481,022
Tourism Promotion ‐ ‐ ‐ 743,721 743,721
Renton Community Marketing Campaign ‐ ‐ ‐ 20,296 20,296
Cable Communications ‐ ‐ ‐ 461,764 461,764
Park Capital Improvements ‐ 8,348,141 ‐ 1,576,522 9,924,663
Fire Capital Improvements ‐ ‐ ‐ 2,691,904 2,691,904
Transportation Capital Improvements ‐ ‐ 10,086,481 6,881,542 16,968,023
REET 1 Capital Projects ‐ 1,477,569 ‐ 3,108,817 4,586,386
REET 2 Captial Projects ‐ 3,770,737 ‐ 6,043,880 9,814,617
Community Garden Improvements ‐ 2,483 ‐ ‐ 2,483
Urban Forestry Program ‐ 259,438 ‐ ‐ 259,438
Total Restricted 985,615 13,858,368 10,086,481 29,080,035 54,010,499
Committed
Public Art 86,790 ‐ ‐ ‐ 86,790
Facilities Capital Improvements ‐ 9,600,055 ‐ ‐ 9,600,055
Economic Development Reserve 2,500,000 ‐ ‐ ‐ 2,500,000
Park Capital Improvements ‐ 1,570,173 ‐ ‐ 1,570,173
Springbrook Wetlands Impact Mitigation ‐ ‐ ‐ 449,191 449,191
Transportation Capital Improvements ‐ ‐ 5,795,051 ‐ 5,795,051
Family First Center ‐ 2,544,001 ‐ ‐ 2,544,001
Total Committed 2,586,790 13,714,229 5,795,051 449,191 22,545,261
Assigned
Farmer's Market 94,399 ‐ ‐ ‐ 94,399
Community Services 4,077,252 ‐ ‐ ‐ 4,077,252
Museum 46,920 ‐ ‐ ‐ 46,920
Leased City Properties 196,523 ‐ ‐ ‐ 196,523
Economic Development Reserve 78,202 ‐ ‐ ‐ 78,202
Debt Service ‐ ‐ ‐ 4,947,675 4,947,675
Street Maintenance 1,833,112 ‐ ‐ ‐ 1,833,112
Total Assigned 6,326,408 ‐ ‐ 4,947,675 11,274,083
Unassigned
Unassigned 83,433,006 (490,807) (781,941) ‐ 82,160,258
Total Unassigned 83,433,006 (490,807) (781,941) ‐ 82,160,258
Total fund balances 93,331,819$ 27,081,790$ 15,099,591$ 34,476,901$ 169,990,101$
December 31, 2022
Governmental Fund Balances
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-24
negative assigned fund balance; any negative fund balance is to be reported as unassigned. The
negative unassigned fund balance is the result of the timing of grant reimbursement requests
included in unavailable revenue and unrealized gains/losses on investments.
Fund balance flow assumptions ‐ When multiple categories of fund balance are available for
incurred expenditures, it is the city’s policy to consider restricted fund balance to have been
depleted before using any of the components of unrestricted fund balance (the total of committed,
assigned, and unassigned fund balance). Further, when the components of unrestricted fund
balance can be used for the same purpose, committed fund balance is depleted first, followed by
assigned fund balance. Unassigned fund balance is applied last.
Net position reflects the difference between assets and liabilities, in the government‐wide and
proprietary fund statement of net position. The component net investment in capital assets consists
of capital assets, net of accumulated depreciation, reduced by any outstanding balances of any
borrowing (ex. bonds or loans and related deferred amounts on refunding) for the acquisition,
construction, or improvement of those assets as well as any capital related debt (ex. vouchers
payable, accounts payable, retainage payable). The net position is reported as restricted when there
are limitations imposed on their use either through enabling legislation adopted by the city or
through external restrictions imposed by creditors, grantors, or laws or regulations of other
governments. There are multiple ways to calculate the restricted net position related to each
individual pension plan’s net pension asset. The city chooses to use the method preferred by the
Governmental Accounting Standard Board where the restricted net position is equal to the net
pension asset; both the deferred inflows and deferred outflows are excluded from the calculation.
The balance of the net position is reported as unrestricted.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-25
The following shows the composition of the restricted net position balances reported in the
government‐wide and proprietary fund statements for the year ended December 31, 2022:
Net position flow assumptions – In order to calculate the amounts to be reported as restricted
net position and unrestricted net position on the government‐wide and proprietary fund
statements, a flow assumption is made. It is the city’s policy to consider restricted net position to
have been depleted before unrestricted net position.
Minimum fund balance policy – The city council has adopted a financial policy to maintain a
minimum level of unrestricted fund balance in the general fund. The target level is set at 12
percent, with a minimum of 8 percent, of general fund operating expenditures. This amount is
intended to provide fiscal stability when economic downturns and other unexpected events occur.
Stabilization fund policy – The city has adopted a comprehensive stabilization policy that helps
provide stability through uncertain times. This allows for temporary cushion and flexibility when
needed. The city council, through ordinance, has established the following stabilization reserves:
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-26
1. Economic development revolving fund reserve: the city has accumulated reserves of $2.5
million for economic development related debt. Expenditure utilizing this reserve will require a
two‐thirds majority vote of the city council.
2. Catastrophic reserve: the city will maintain a targeted amount of 8 percent for risk management
reserves, for catastrophic emergencies. Expenditures utilizing this reserve will require a two‐
thirds majority vote of the city council.
3. Anti‐recessionary reserve: the city will maintain a targeted reserve equal to 4 percent of the
general fund operating expense. Expenditures utilizing this reserve will require a two‐thirds
majority vote of the city council and must be replenished within three years.
4. Annexation sales tax credit expiration/transition reserve: the city set aside an inflationary reserve
to lessen the impact of the loss of sales tax annexation credit in mid‐2018; the reserve will
continue to be used by $0.9 million each year until depleted.
5. General obligation bond payment reserve: for all councilmanic, general obligation bonds issued
after 2013, a one‐year payment reserve shall be established.
E. Revenues, Expenditures, and Expenses
1. Operating Revenues and Expenses
Proprietary funds distinguish operating revenues and expenses from non‐operating revenues
and expenses. Operating revenue and expense generally result from providing services and
producing and delivering goods in connection with a proprietary fund’s principal ongoing
operations. The principal operating revenue of the waterworks utility, solid waste, airport, golf
course, and internal service funds are charges to customers for sales and services. The waterworks
utility also recognizes water meter installation fees, and wastewater and surface water
construction permit fees as operating revenue because these charges are intended to offset the
cost of connecting new customers to the system. Operating expense for proprietary funds and
internal service funds include the cost of sales and services, administrative expenses, and
depreciation of capital assets. All revenues and expenses not meeting this definition are reported
as non‐operating revenue and expense.
2. Program Revenue
Amounts reported as program revenue, on the government‐wide statement of activities, include:
1) charges for customers or applicants who purchase, use, or directly benefit from goods, services,
or privileges provided by a given function and 2) grants and contributions that are restricted to
meeting the operation or capital requirements of a given function. All taxes, included those
dedicated to specific purposes, are reported as general revenue rather than program revenue.
3. Capital Contributions
Capital contributions reported in the proprietary fund statements and the government‐wide
statements reflect the value of outside contributions of capital assets (i.e., developers, land
donations), capital grants, special assessments, and system development charges.
4. Interfund Activity
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-27
Exchange transactions between funds are reported as revenue in the selling fund and as an
expenditure/expense in the purchasing funds. On the government‐wide statement of activities, the
exchange transactions between the internal service funds and the user funds are eliminated.
Flows of cash or goods from one fund to another without a requirement of repayment are reported
as interfund transfers in/out. Interfund transfers in/out are reported as other financing sources/uses
in the governmental funds and following non‐operating revenues and expenses in the proprietary
funds. In the government‐wide statement of activities, transfers between governmental and
business‐type activities are reported as general revenue. Transfers between funds in governmental
activities are eliminated and transfers between funds in business‐type activities are eliminated.
5. Expenditures/Expenses
Expenses in the Government‐wide Statement of Activities are reported by function as a
governmental activity (general government, judicial, public safety, utilities, transportation,
economic environment, health and human services, culture and recreation), interest on long‐term
debt, or business‐type activity (waterworks utility, airport, solid waste utility, or golf course). In the
fund financial statements, expenditures of governmental funds are classified by: function, debt
service principal and interest payments, or purchases of capital items. Proprietary expenditures are
classified as operating or non‐operating.
The city recovers certain administrative costs through indirect cost allocations to departments city‐
wide. These allocated costs are consolidated and reported by function in the government‐wide
statement of activities.
NOTE 2. DEPOSITS AND INVESTMENTS
Deposits
Custodial Credit Risk
Custodial Credit Risk is the risk that in the event of a failure of the counterparty to an investment
transaction the city would not be able to recover the value of the investment or collateral securities. The
city does not currently have a policy regarding deposits concerning custodial credit risk or foreign
currency risk.
On December 31, 2022, the city had the following balances on deposit with financial institutions:
The City’s deposits and certificates of deposit are entirely covered by the Federal Depository Insurance
Corporation (FDIC) or held in a multiple financial institution collateral pool administrated by the State of
Washington Public Deposit Protection Commission (PDPC). The City’s deposits comply with the
guidelines within Chapter 35A.40.030 of the Revised Code of Washington (RCW).
Deposits Deposits at 12/31/2022
Bank Deposits 100,194,970$
Non‐negotiable Certificates of Deposit (CD's)21,199,735
TOTAL DEPOSITS 121,394,705$
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-28
Investments
Investments that are not Measured at Fair Value
On December 31, 2022, the city had the following investments at amortized cost:
The city is a participant in the Local Government Investment Pool authorized by Chapter 294, Laws of
1986, and is managed and operated by the Washington State Treasurer. The State Treasurer is
responsible for establishing the investment policy for the pool and reviews the policy annually and
proposed changes are reviewed by the LGIP advisory Committee.
Investments in the LGIP, a qualified external investment pool, are reported at amortized cost which
approximates fair value. The LGIP is an unrated external investment pool. The pool portfolio is invested
in a manner that meets the maturity, quality, diversification and liquidity requirements set forth by the
GASB Statement No. 79 for external investments pools that elect to measure, for financial reporting
purposes, investments at amortized cost. The LGIP does not have any legally binding guarantees of share
values. The LGIP does not impose liquidity fees or redemption gates on participant withdrawals. The
Office of the State Treasurer prepares a stand‐alone LGIP financial report. A copy of the report is
available from the Office of the State Treasurer, PO Box 40200, Olympia, Washington 98504‐0200, online
at http://www.tre.wa.gov.
Investments Measured at Fair Value
The City measures and records its investments within the fair value hierarchy established by generally
accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair
value of the asset. The guidelines recognize a three‐tiered fair value hierarchy, as follows:
Level 1: Quoted prices in active markets for identical assets or liabilities.
Level 2: These are quoted market prices for similar assets or liabilities, quoted prices for identical
or similar assets or liabilities in markets that are not active, or other than quoted prices that are not
observable.
Level 3: Unobservable inputs for an asset or liability.
On December 31, 2022, the city had the following recurring fair value measurements:
Security Type Amortized Cost
Local Government Investment Pool (LGIP) 154,034,649$
TOTAL INVESTMENTS 154,034,649$
Security Type Total
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
U.S. Agency Securities 64,831,679$ 64,831,679$
Treasury 17,753,515$ 17,753,515$
TOTAL INVESTMENTS 82,585,194$ 82,585,194$
Fair Value Measurements Using
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-29
Valuation techniques to determine fair value should be consistent with one or more of three approaches:
the market approach, cost approach, and income approach. The city uses the market approach for the
valuation of Significant Other Observable Inputs Investments (Level 2). The market approach to
measuring fair value uses prices and other relevant information generated by market transactions
involving identical or similar assets, liabilities, or groups of assets and liabilities. Using quoted market
prices is a technique that is consistent with the market approach.
The city invests excess and inactive funds in accordance with the city’s Investment Policy, which complies
with the guidelines within Chapter 35A.40.050 of the Revised Code of Washington (RCW). This allows
for investment of excess cash and inactive cash, directs that the responsibility for determining available
cash for investment is placed upon the department administering the funds, and allows for pooling of
the cash provided that the allocation of income is proportionate to the investment of each fund.
Currently, the city invests in obligations of the U.S. Government, U.S. agency issues, and Certificates of
Deposit with Washington State banks and savings and loan institutions as allowed by RCW.
Credit risk. Credit Risk is the risk that an issuer or other counterparty to an investment will not fulfill its
obligations. The city invests in US Treasury securities which are considered free of credit risk, and in
securities backed by the full faith and credit of the U.S. Government as well as U.S. government
sponsored enterprises including Federal Home Loan Mortgage Corporation.
Interest Rate Risk. Interest rate risk is the risk that changes in interest rates over time, adversely affecting
the fair value of an investment. The city’s portfolio is managed within the parameters established by the
Investment Policy, which limits the weighted average maturity of the portfolio to five years.
Investment Type Cost Fair Value Moody's S&P
Local Government Investment Pool (LGIP) 154,034,649$ 154,034,649$ unrated unrated
Federal Farm Credit Bank 9,736,909 9,436,668 Aaa AA+
Federal Home Loan Bank 19,854,951 18,301,692 Aaa AA+
Federal National Mortgage Association 14,235,779 13,787,065 Aaa AA+
Federal Home Loan Mortgage Corporation 23,997,157 23,306,255 Aaa AA+
Treasury 19,034,299 17,753,515 Aaa AA+
TOTAL INVESTMENTS 240,893,744$ 236,619,843$
Investment Type Cost Fair Value
Average
Interest Rate
Local Government Investment Pool (LGIP) 154,034,649$ 154,034,649$ 1.516%
Federal Farm Credit Bank 9,736,909 9,436,668 1.440%
Federal Home Loan Bank 19,854,951 18,301,692 2.012%
Federal National Mortgage Association 14,235,779 13,787,065 3.044%
Federal Home Loan Mortgage Corporation 23,997,157 23,306,255 1.617%
Treasury 19,034,299 17,753,515 1.030%
TOTAL INVESTMENTS 240,893,744$ 236,619,843$
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-30
The city’s Investment Policy directs that the standard of prudence for investment activities shall be the
Prudent Investor Standard that states: “Investments shall be made with judgment and care, under
circumstances then prevailing, which person of prudence, discretion, and intelligence would use in the
management of their own affairs, not for speculation, but for investment purposes, considering the
probable safety of their capital as well as the probable income to be derived.”
Concentration of Credit Risk. Concentration of credit risk is the risk of loss attributed to the magnitude
of a government’s investment in a single issuer. The city diversifies its investment instruments to avoid
incurring unreasonable risk inherent with the over‐investment of instruments and issuers using the
following target distribution as a guide during normal economic times while allowing flexibility when
appropriate. The city has agency bonds with Federal Home Loan Bank equal to 8%, Federal National
Mortgage Association equal to 6%, Federal Home Loan Mortgage Corporation equal to 10%, and
Treasury equal to 8%. The city’s remaining individual issuers are less than 5% of total investments or are
otherwise excluded from this disclosure due to the low‐risk nature of the investment.
Custodial Credit Risk – Investments. Custodial credit risk for investments is the risk that, in the event of
the failure of the counter party to a transaction, a government will not be able to recover the value of
investment or collateral securities that are in the possession of an outside party. All security
transactions, including collateral for repurchase agreements, entered into by the city are conducted on
a delivery‐versus‐payment (DVP) basis and are held in our safekeeping trust account with Wells Fargo
under terms negotiated by the State of Washington.
NOTE 3. PROPERTY TAXES
The county treasurer acts as an agent to collect property taxes levied in the county for all taxing
authorities. Taxes are levied annually, January 1, on property value listed as of the prior May 31.
Assessed values are established by the King County Assessor at 100 percent of fair market value. A
revaluation of all property is required every two years; however, King County has the ability to revalue
annually.
Investment Type
0‐6
months
6 months ‐
1 year
1‐3
years
3+
years Totals
Local Government Investment Pool (LGIP) 154,034,649$ ‐$ ‐$ ‐$ 154,034,649$
Federal Farm Credit Bank ‐ ‐ 9,436,668 ‐ 9,436,668
Federal National Mortgage Association ‐ ‐ 4,651,231 9,135,834 13,787,065
Federal Home Loan Mortgage Corporation ‐ 14,232,201 9,074,053 ‐ 23,306,255
Federal Home Loan Bank ‐ ‐ 13,385,672 4,916,019 18,301,692
Treasury ‐ ‐ 8,937,037 8,816,478 17,753,515
TOTAL INVESTMENTS 154,034,649$ 14,232,201$ 45,484,661$ 22,868,332$ 236,619,843$
Instrument Issuer
Maximum Maximum
U.S. Treasuries 1 1
U.S. Agencies 0.75 0.5
Certificates of Deposit (within WPDPC)0.75 0.2
Local Governmental Investment Pool (LGIP)0.75 0.75
Commercial Paper 0.25 0.05
Target Maximum per Policy
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-31
Property taxes levied by the King County Assessor and collected by the county treasurer become a lien
on the first day of the levy year and may be paid in two equal installments if the total amount exceeds
$30. The first half of real property taxes is due on April 30 and the balance is due October 31. Delinquent
taxes bear interest at the rate of 1 percent per month and are subject to additional penalties if not paid
as scheduled. No allowance for uncollectible taxes is established because delinquent taxes are
considered fully collectible.
At year‐end, property taxes are recorded as a receivable with the portion not expected to be collected
within 60 days offset by unavailable revenue. During the year, property tax revenues are recognized
when cash is received.
The tax rate for general City operations is limited to $3.825 per $1,000 of assessed value (RCW
84.52.043), less the actual amount levied by the King County Library System (maximum $0.50/$1,000)
and the actual amount levied by the Renton Regional Fire Authority (maximum $1.50/$1,000). Included
in this amount, up to $0.225 (22.5 cents) per $1,000 may be designated for contribution to the Firemen’s
Pension Fund. If a report by a qualified actuary on the condition of the Firemen’s Pension Fund
establishes that this amount (or portion of) is not necessary to maintain the actuarial soundness of the
fund, the amount can be used for any other municipal purpose (RCW 41.16.060). The maximum statutory
rate for 2022, after reductions noted above, was $2.76067.
The tax rate limit may be reduced for any of the following reasons:
1. The Levy Limit: the levy limit calculation applies to a taxing district’s budget, and not to increases in
the assessed value or tax bill of individual properties. Initiative 747 which restricted individual taxing
districts from collecting, in any year, more than a one percent increase in their regular, non‐voted,
levy over the highest levy amount since 1985 was overturned by the courts. However, during 2007,
the state legislature reinstated this limit with the passage of HB2416. New construction,
annexations, and excess levies approved by the voters are not included in the levy limit calculation.
If the assessed valuation increases by more than one percent due to revaluation, the levy rate will
be decreased.
2. The One Percent Constitution Limit: The Washington State Constitution limits the regular (non‐
voted) combined property tax rate applied to an individual’s property to one percent ($10 per
$1,000) on the market valuation. Voters may approve special levies that are added to this figure. If
the taxes of all districts exceed this amount, each is proportionately reduced until the total is at or
below the one percent limit.
3. The City may voluntarily levy taxes below the legal limit.
Special levies approved by the voters are not subject to the above limitations. There is currently no
excess levy for General Obligation Bond debt. The City’s regular levy per the King County Assessor’s 2022
Annual Report is $1.00575.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-32
NOTE 4. CAPITAL ASSETS AND DEPRECIATION
Governmental activities capital asset activity for the year ended December 31, 2022, was as follows:
Depreciation and amortization were charged to the functions as follows:
Beginning Ending
Balance Increases Decreases Reallocation Balance
Governmental activities :
Capital assets, not being depreciated:
Land and land improvements $ 214,843,559 $ 2,095,702 $ (80,456) $ ‐ $ 216,858,805
Construction in progress 33,569,005 34,905,205 (10,496) (5,431,474) 63,032,240
Total capital assets, not being depreciated 248,412,564 37,000,907 (90,952) (5,431,474) 279,891,045
Capital assets, being depreciated:
Buildings and structures $ 86,047,725 $ ‐ $ ‐ $ ‐ $ 86,047,725
Other improvements $ 336,273,457 $ 3,458,562 $ ‐ $ 4,494,276 $ 344,226,295
Machinery and equipment $ 45,432,963 $ 1,021,268 $ ‐ $ 803,134 $ 47,257,365
Total capital assets being depreciated $ 467,754,145 $ 4,479,830 $ ‐ $ 5,297,410 $ 477,531,385
Less accumulated depreciation for:
Buildings and structures $ (46,055,972) $ (2,226,637) $ ‐ $ ‐ $ (48,282,609)
Other improvements $ (132,542,429) $ (8,681,995) $ ‐ $ ‐ $ (141,224,424)
Machinery and equipment $ (29,409,211) $ (3,019,660) $ ‐ $ 42,457 $ (32,386,414)
Total accumulated depreciation $ (208,007,612) $ (13,928,292) $ ‐ $ 42,457 $ (221,893,447)
Total capital assets, being depreciated, net $ 259,746,533 $ (9,448,462) $ ‐ $ 5,339,867 $ 255,637,938
Intangible Assets:
Intangible assets, not being amortized $ 704,307 $ ‐ $ (6,619) $ ‐ $ 697,688
Intangible assets, being amortized $ 5,236,091 $ 102,252 $ ‐ $ 134,064 $ 5,472,407
Less accumulated amortization $ (4,960,729) $ (144,425) $ ‐ $ (42,457) (5,147,611)
Total intangible asset, being amortized, net $ 275,362 $ (42,173) $ ‐ $ 91,607 $ 324,796
Total Intangible assets $ 979,669 $ (42,173) $ (6,619) $ 91,607 $ 1,022,484
Governmental activities capital assets, net $ 509,138,766 $ 27,510,272 $ (97,571) $ ‐ $ 536,551,467
Depreciation Amortization Total
General Government 1,204,638 3,533 1,208,171$
Judicial ‐ ‐ ‐
Public Safety 450,211 8,742 458,953
Physical Environment 58,148 ‐ 58,148
Transportation 7,143,990 ‐ 7,143,990
Economic Development 476,844 ‐ 476,844
Culture and Recreation 1,949,239 ‐ 1,949,239
Health and Human Services 13,275 ‐ 13,275
Internal Service Funds (General Governmental) 2,631,947 132,150 2,764,097
$ 13,928,292 144,425 $ 14,072,717 Total‐Governmental Activities
Governmental Activities
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-33
Business‐type activities capital asset activity for the year ended December 31, 2022 was as follows:
Depreciation and amortization were charged to the functions as follows:
Beginning Ending
Balance Increases Decreases Reallocation Balance
Business‐type activities:
Capital assets, not being depreciated:
Land and land improvements $ 6,143,690 $ ‐ $ ‐ $ ‐ $ 6,143,690
Construction in progress 24,375,456 7,755,346 ‐ (1,571,090) 30,559,712
Total capital assets, not being depreciated 30,519,146 7,755,346 ‐ (1,571,090) 36,703,402
Capital assets, being depreciated:
Buildings and structures 17,576,346 ‐ ‐ ‐ 17,576,346
Other improvements 462,521,269 3,569,406 (10,319) 1,571,090 467,651,446
Machinery and equipment 3,275,440 410,479 ‐ ‐ 3,685,919
Total capital assets being depreciated 483,373,055 3,979,885 (10,319) 1,571,090 488,913,711
Less accumulated depreciation for:
Buildings and structures (10,079,404) (403,851) ‐ ‐ (10,483,255)
Other improvements (184,532,258) (10,072,261) 6,974 ‐ (194,597,545)
Machinery and equipment (2,536,842) (191,250) ‐ ‐ (2,728,092)
Total accumulated depreciation (197,148,504) (10,667,362) 6,974 ‐ (207,808,892)
Total capital assets, being depreciated, net 286,224,551 (6,687,477) (3,345) 1,571,090 281,104,819
Intangible Assets:
Intangible assets, not being amortized 811,000 ‐ ‐ ‐ 811,000
Intangible assets, being amortized 527,222 29,633 ‐ ‐ 556,855
Less accumulated amortization (477,699) (47,830) ‐ ‐ (525,529)
Total intangible asset, being amortized, net 49,523 (18,197) ‐ ‐ 31,326
Total Intangible assets 860,523 (18,197) ‐ ‐ 842,326
Business‐type activities capital assets, net $ 317,604,220 $ 1,049,672 $ (3,345) $ ‐ $ 318,650,547
Depreciation Amortization Total
Waterworks $ 9,329,316 $ 45,713 9,375,029$
Airport 1,072,399 2,117 1,074,516
Golf Course 258,672 ‐ 258,672
$ 10,660,387 $ 47,830 $ 10,708,217 Total‐Business‐Type Activities
Business‐Type Activities
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-34
At the end of 2022, a total of 55 projects comprises the Construction in Progress. Upon completion, the
projects will be reallocated to their appropriate categories.
Construction commitments as of December 31, 2022, are as follows:
Governmental Activities Projects:
Construction
in Progress
Remaining
Commitment
Bronson Bridge 2,074,780$ 1,384,673$
Community Center Wi‐Fi 72,046 927,954
Coulon North Waterwalk 2,094,383 5,287,754
Coulon Trestle Bridge 1,265,307 1,249,348
Council Chamber AV Upgrade 287,211 63,912
Downtown Streetscape 1,435,261 260,968
Downtown Wayfinding Signage 93,489 253,871
Duvall Ave 7th to Sunset 7,507,600 530,204
Family First Center 13,337,978 2,720,183
Highlands to Landing Pedestrian Lighting 710,051 97,754
Henry Moses Aquatic Center 15,945 1,126,480
Houser Way N. Bridge 107,881 512,119
Kenyon Property Building 73,991 ‐
Kenyon Property Instahot Water Heater 10,556 ‐
Kiwanis Park 3,874,250 3,040,284
Liberty Park Improvement 18,631 ‐
May Creek Trail South 70,209 429,791
Park Ave Extension 5,384,634 2,942,421
Park Ave N Acquisition 430,249 79,951
Phillip Arnold Park Improvements 1,494,338 5,296,271
Police Brazos Parking Citation System 2,200 21,111
Rainier Ave S/N Phase 4 7,040,431 27,082,343
Regis Park Athletic Field Expansion 124,044 ‐
Renton Connector 251,951 1,508,661
RTC Burnett Ave S Sidewalk Rehabilitation 70,921 419,079
S. 2nd Street Conversion 10,525 1,541,431
So 7th St 11,803 873,197
Safe Routes to Transit 1,474,593 419,106
Senior Activity Center Boccu Court 208,084 117,393
Sunset Blvd Corridor 341,671 4,352,331
Williams Ave S & Wells Ave S Conversion 13,046,460 90,000
Williams Bridge 90,767 631,533
Total governmental activities 63,032,240$ 63,260,123$
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-35
Springbrook Creek Wetland and Habitat Mitigation Bank
The city entered into an agreement with Washington State Department of Transportation to jointly share
in the development, construction, maintenance and operation of the Springbrook Creek Wetland and
Habitat Mitigation Bank. Each agency has contributed toward the establishment of the Bank and
mitigation credits earned were split evenly between the two agencies. Credits were earned over a 10‐
year period as certain performance measures were met and are available for use by the city in lieu of
performing mitigation measures otherwise required for certain capital projects or the city may choose
to sell the credits to external developers. The city assumed site management and monitoring costs at
the end of the 10‐year performance period (2021) and is obligated to maintain and monitor the wetland
in perpetuity, which includes ensuring that functional benefits of the mitigation activities are not
degraded, ensuring long‐term protection of wetland and buffer areas, and maintaining native plant
communities and wildlife habitat diversity.
Asset Retirement Obligation
The city completed a thorough review of all tangible capital assets to determine if there are any legally
enforceable liabilities associated with the retirement of the assets, as required by GASB Statement 83,
Asset Retirement Obligation. The Waterworks Utility has ten water wells that have regulatory
requirements associated with decommissioning. The assets have no foreseeable disposition, the city has
no intent of decommissioning the wells, and there is no incurrence of external or internal obligating
events that would require the city to record an Asset Retirement Obligation at this time. For this reason,
Business‐Type Activities Projects:
Construction
in Progress
Remaining
Commitment
ABSCO Surveillance Camera 16,167$ ‐$
Airport Office Rehab 441,995 2,701,869
Burnett Ave S/Williams Ave S 364,641 131,156
Downton Sewer Replacement/Rehab 10,345,724 1,480,864
Downtown Storm System Improvements 5,394,626 1,552,256
Downtown Water Main Replacement 3,795,069 690,597
Driving Range Range Servant Ball Dispenser 31,892 6,200
Duvall Ave NE Water Main Replacement 325,139 135,945
Force Main Rehabilitation/Replacement 357,187 1,036,444
Improvement 41,661 556,698
Highlands 435 ‐ Reservoirs Replacement 2,427,341 22,772,465
Replacement/Windsor Hills Water Utility 273,204 2,764,941
Lift Station Rehabilitation 415,174 974,944
Madsen Creek Improvement 582,804 333,955
Monroe Ave NE & N 2nd St Infiltration System 814,203 10,432,436
NE 16th/Jefferson Ave NE Stormwater 3,039,043 43,273
Rainier Ave S Road & Utility Improvements 3,663 2,396,337
Renton Sewer Replacement 200,319 1,899,752
SE 172nd St/125th Ave SE Storm Sys 479,874 141,110
Sunset Gardens Water System Improvements 92,739 1,432,900
Thunder Hills Sanitary 638,600 3,006,253
Water Pump Stations Rehabilitation 370,296 514,407
Windsor Storm System Utility Improvement 108,351 1,069,393
Total business‐type activities 30,559,712$ 56,074,196$
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-36
an asset retirement obligation has not been recognized in the Proprietary Funds Statement of Net
Position. If it is determined that the wells need to be retired in the future, the current estimated cost of
doing so is approximately $1.05M.
The city also has two underground fuel storage tanks included in general governmental assets. The tanks
are expected to be replaced with new tanks when they exhaust their useful lives. Based on the
regulations and statues required by Department of Ecology, WAC‐173‐360A‐0810, the estimated lesser
cost to decommission the tanks is $100,000. There is no incurrence of external or internal obligating
events that would require the city to record an Asset Retirement Obligation at this time. For this reason,
an asset retirement obligation has not been recognized in the Government‐wide Statement of Net
Position. When the tanks are replaced in the future, an asset retirement obligation will be recorded at
that time.
NOTE 5. PENSION PLANS
A. State Sponsored Pension Plans
For purposes of measuring the net pension liability/asset, deferred outflows of resources and deferred
inflows of resources related to pensions, and pension expense, information about the fiduciary net
position of the Plans and additions to/deductions from the Plan’s fiduciary net position have been
determined on the same basis as they are reported by the State of Washington Department of
Retirement Systems (DRS). For this purpose, benefit payments (including refunds of employee
contributions) are recognized when due and payable in accordance with the benefit terms. Investments
are reported at fair value.
General Information about the Pension Plans
All of the city’s full‐time and qualifying part‐time employees are eligible to participate in one of the
following statewide retirement systems administered by the Washington State Department of
Retirement Systems:
Public Employees’ Retirement System (PERS) Plans 1, 2, and 3
Law Enforcement Officers’ and Firefighters’ Retirement System (LEOFF) Plans 1 and 2
Public Safety Employees’ Retirement System (PSERS) Plan 2
The Department of Retirement Systems (DRS), a department within the primary government of the State
of Washington, issues a publicly available annual comprehensive financial report (AFCR) that includes
financial statements and required supplementary information for each plan. The DRS ACFR may be
obtained by contacting the Washington State Department of Retirement Systems, P.O. Box 48380,
Olympia, WA 98504‐8380; or online from the DRS website at www.drs.wa.gov.
Actuarial assumptions. The total pension liability was determined using the following actuarial
assumptions.
Inflation: 2.75% total economic inflation; 3.25% salary inflation
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-37
Salary increases: In addition to the base 3.25% salary inflation assumption, salaries are also
expected to grow by promotions and longevity.
Investment rate of return: 7.00%
Total pension liability for each of the plans was determined using the most recent actuarial valuation
completed in 2022 with a valuation date of June 30, 2021. The assumptions used were based on the
results of the 2013‐2018 demographic experience study report and the 2021 Economic Experience Study.
Methods did not change from the prior contribution rate setting June 30, 2019 Actuarial Valuation
Report (AVR), however Office of the State Actuary (OSA) introduced a temporary method change to
produce asset and liability measures for the June 30, 2020 AVR. There were also the following
assumption changes:
OSA updated the Joint‐and‐Survivor Factors and Early Retirement Factors in the model. Those
factors are used to value benefits for early retirement and survivors of members that are
deceased prior to retirement. These factors match the administrative factors provided to DRS for
future implementation that reflect current demographic and economic assumptions.
OSA updated the economic assumptions based on the 2021 action of the PFC and the LEOFF Plan
2 Retirement Board. The investment return assumption was reduced from 7.5% (7.4% for LEOFF
2) to 7.0%, and the salary growth assumption was lowered from 3.5% to 3.25%. This action is a
result of recommendations from OSA’s biennial economic experience study.
Mortality rates were developed using the Society of Actuaries PUB. H‐2010 mortality rates as the base
table. OSA applied offsets to the base table to better tailor the mortality rates to the demographics of
each plan. The long‐term MP‐2017 generational improvement scale was applied to project mortality
rates for every year after the 2010 base table. Mortality rates are applied on a generational basis
meaning each member is assumed to receive additional mortality improvements in each future year,
throughout his or her lifetime.
The long‐term expected rate of return on pension plan investments was determined using a building‐
block method in which the Washington State Investment Board (WSIB) used a best estimate of expected
future rates of return (expected returns net of pension plan investment expense but including inflation)
to develop each major asset class. Those expected returns make up one component of WSIB’s Capital
Market Assumptions (CMAs). The CMAs contain the following three pieces of information for each class
of assets the WSIB currently invest in:
Expected annual return
Standard deviation of the annual return
Correlations between the annual returns of each asset class with every other asset class
The WSIB uses the CMAs and their target asset allocation to stimulate future investment returns over
various time horizons.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-38
The long‐term expected rate of return of 7.0% approximately equals the median of the simulated
investment returns over a fifty‐year time horizon, adjusted to remove or dampen any short‐term
changes to WSIB’s CMAs that aren’t expected over the entire fifty‐year measurement period.
Best estimates of arithmetic real rates of return for each major asset class included in the pension plan’s
target asset allocation as of June 30, 2022, are summarized in the following table:
The inflation component used to create the table above is 2.20% and represents WSIB’s most recent
long‐term estimate of broad economic inflation.
Discount rate. The discount rate used to measure the total pension liability was 7.00% for all plans. To
determine the discount rate, an asset sufficiency test was completed to test whether each pension plan’s
fiduciary net position was sufficient to make all projected future payments for current plan members.
Based on the assumptions described in OSA’s certification letter within the DRS annual report, the
pension plan’s fiduciary net position was projected to be available to make all projected future benefit
payments of current plan members. Therefore, the long‐term expected rate of return of 7.00% on
pension plan investments was applied to determine the total pension liability.
Sensitivity of the Net Pension Liability/(Asset) to Changes in the Discount Rate. The following presents
the city’s proportionate share of the net pension liability/(asset), calculated using the discount rate of
7.00%, as well as what the net pension liability/(asset) would be if it were calculated using a discount
rate that is one percentage point lower (6.00%) or one percentage point higher (8.00%) than the current
rate.
Collective Net Pension Liability/(Asset)
The collective net pension liability was measured as of June 30, 2022, and the total pension liability used
to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2020, with
the results rolled forward to June 30, 2022 using standard update procedures. Employer contribution
Asset Class Target Allocation
Lont‐Term Expected Real
Rate of Return
Fixed Income 20.00%1.50%
Tangible Assets 7.00%4.70%
Real Estate 18.00%5.40%
Global Equity 32.00%5.90%
Private Equity 23.00%8.90%
1% Decrease
6.00%
Current
Discount Rate 7.00%
1% Increase
8.00%
PERS Plan 1 3,719,876,000$ 2,784,367,000$ 1,967,887,000$
PERS Plan 2/3 4,367,575,000$ (3,708,781,000)$ 10,344,018,000$
PSERS Plan 2 170,301,000$ (71,500,000)$ (262,334,000)$
LEOFF Plan 1 (2,513,869,000)$ (2,868,613,000)$ (3,176,231,000)$
LEOFF Plan 2 (125,147,000)$ (2,717,698,000)$ (4,839,479,000)$
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-39
transmittals received and processed by the DRS for the fiscal year ended June 30 are used as the basis
for determining each employer’s proportionate share of the collective pension amounts reported by the
DRS in the Schedules of Employer and Non‐employer Allocations for all plans except LEOFF Plan 1. LEOFF
Plan 1 allocation percentages are based on the total historical employer contributions to LEOFF Plan 1
from 1971 through 2000 and the retirement benefit payments in fiscal year 2022. Historical data was
obtained from a 2011 study by the office of the State Actuary (OSA). In the fiscal year 2022, the State of
Washington contributed 87.12% of LEOFF Plan 1 employer contributions and all other employers
contributed the remaining 12.88% of employer contributions. LEOFF Plan 1 is fully funded and no further
employer contributions have been required since June 2000. If the plan becomes underfunded, funding
of the remaining liability will require new legislation. The allocation method the plan chose reflects the
projected long‐term contribution effort based on historical data.
At June 30, 2022, the city’s proportionate share of the collective net pension assets/liabilities was as
follows:
Public Employees’ Retirement System (PERS)
Plan description. PERS was established by the state legislature in 1947 under the Revised Code of
Washington (RCW) chapter 41.40. PERS is a multiple‐employer cost‐sharing retirement system.
Membership in the system includes elected officials, state employees, employees of the Supreme,
Appeals, and Superior Courts (other than judges currently in a judicial retirement system); employees of
legislative committees; community and technical colleges, college and university employees not in
national higher education retirement programs; judges of district and municipal courts; and employees
of local governments.
PERS consists of three plans. PERS participants, who joined the PERS system by September 30, 1977, are
Plan 1 members. Plan 1 is closed to new members. Those who joined on or after October 1, 1977; and
by either, February 28, 2002, for state and higher education employees, or August 31, 2002 for local
government employees, are Plan 2 members unless they exercise an option to transfer their membership
to Plan 3. PERS participants joining the system on or after March 1, 2002, for state and higher education
employees, or September 1, 2002 for local government employees, have the irrevocable option of
choosing membership in either PERS Plan 2 or PERS Plan 3. The option must be exercised within 90 days
of employment. An employee is reported in Plan 2 until a choice is made. Employees who fail to choose
within 90 days default to PERS Plan 3.
Proportionate Share Proportionate Share Change in
6/30/2021 6/30/2022 Proportion
PERS Plan 1 0.244828% 0.273106% 0.028278%
PERS Plan 2/3 0.312116% 0.352756% 0.040640%
PSERS Plan 2 0.043972% 0.047808% 0.003836%
LEOFF Plan 1 0.244279% 0.249474% 0.005195%
LEOFF Plan 2 0.395321% 0.420420% 0.025099%
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-40
Benefits provided.
PERS Plan 1 provides retirement, disability, and death benefits. Retirement benefits are determined as
two percent of the member’s average final compensation (AFC) times the member’s years of service.
The AFC is the average of the member’s 24 highest consecutive service months. Members are eligible
for retirement from active status at any age with at least 30 years of service, at age 55 with at least 25
years of service, or at age 60 with at least five years of service. Members retiring from active status prior
to the age of 65 may receive actuarially reduced benefits. Retirement benefits are actuarially reduced to
reflect the choice of a survivor benefit. Other benefits include duty and non‐duty disability payments, an
optional cost‐of‐living adjustment (COLA), and a one‐time duty‐related death benefit, if found eligible by
the Department of Labor and Industries. PERS 1 members were vested after the completion of five years
of eligible service. The plan was closed to new entrants on September 30, 1977.
PERS Plan 2/3 provides retirement, disability, and death benefits. Retirement benefits are determined
as two percent of the member’s average final compensation (AFC) times the member’s years of service
for Plan 2 and 1 percent of AFC for Plan 3. The AFC is the average of the member’s 60 highest‐paid
consecutive service months. There is no cap on years of service credit. Members are eligible for
retirement with a full benefit at 65 with at least five years of service credit. Retirement before age 65 is
considered an early retirement. PERS Plan 2/3 members who have at least 20 years of service credit and
are 55 years of age or older, are eligible for early retirement with a benefit that is reduced by a factor
that varies according to age for each year before age 65. PERS Plan 2/3 members who have 30 or more
years of service credit and are at least 55 years old can retire under one of two provisions:
With a benefit that is reduced by three percent for each year before age 65; or
With a benefit that has a smaller (or no) reduction (depending on age) that imposes stricter
return‐to‐work rules.
PERS Plan 2/3 members hired on or after May 1, 2013 have the option to retire early by accepting a
reduction of five percent for each year of retirement before age 65. This option is available only to those
who are age 55 or older and have at least 30 years of service credit. PERS Plan 2/3 retirement benefits
are also actuarially reduced to reflect the choice of a survivor benefit. Other PERS Plan 2/3 benefits
include duty and non‐duty disability payments, a cost‐of‐living allowance (based on the CPI), capped at
three percent annually and a one‐time duty related death benefit, if found eligible by the Department
of Labor and Industries. PERS 2 members are vested after completing five years of eligible service. Plan
3 members are vested in the defined benefit portion of their plan after ten years of service; or after five
years of service if 12 months of that service are earned after age 44.
PERS Plan 3 defined contribution benefits are dependent on employee contributions and investment
earnings on those contributions. PERS Plan 3 members choose their contribution rate upon joining
membership and have a chance to change rates upon changing employers. As established by statute,
Plan 3 required defined contribution rates are set at a minimum of 5 percent and escalate to 15 percent
with a choice of six options. Employers do not contribute to the defined contribution benefits. PERS Plan
3 members are immediately vested in the defined contribution portion of their plan.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-41
The Judicial Benefit Multiplier (JBM) Program began January 1, 2007. This program gave eligible justices
and judges an option to increase the benefit multiplier used in their retirement benefit calculation for
their judicial service period of employment. Beginning January, 2007, any justice or judge who was in a
judicial position at that time could choose to join JBM. Any justice or judge elected or appointed to office
on or after January 1, 2007, who elects to join DRS membership will also be mandated into JBM. If they
have already established membership in PERS or TRS Plan 1 they will rejoin that plan, but if they have
never had membership they will be enrolled as a member of both PERS Plan 2 and JBM.
Contributions. PERS defined benefit retirement benefits are financed from a combination of investment
earnings and employer and employee contributions. Each biennium, the state Pension Funding Council
adopts Plan 1 employer contribution rates, Plan 2 employer and employee contribution rates, and Plan
3 employer contribution rates. The methods used to determine contribution requirements are
established under state statute.
The required contribution rates, expressed as a percentage of covered payroll, were as follows:
Employer contributions were $1,688,346, $2,277,157, and 556,010 for Plans 1, 2, and 3, respectively.
Public Safety Employee’s Retirement System (PSERS)
Plan description. The PSERS system was created by the 2004 Legislature and became effective July 1,
2006 under RCW 41.37. PSERS is a multiple‐employer cost‐sharing retirement system comprised of a
single defined benefit plan, PSERS Plan2. PSERS membership includes full‐time employees meeting
specific eligibility criteria that are employed by Department of Corrections, Department of Natural
Resources, Gambling Commissions, Liquor Control Board, Parks and Recreation Commission,
Washington State Patrol, Washington state counties, corrections departments of Washington state cities
except for Seattle, Tacoma, and Spokane, or correctional entities formed by PSERS employers under the
Interlocal Cooperation Act.
Required Contribution Rates Employer Employee
Plan 1Plan 2Plan 3Plan 1Plan 2Plan 3
PERS
Members not participating in JBM
State agencies, local governmental units 10.07% 10.07% 10.07% 6.00% 6.36% **
Administrative fee 0.18% 0.18% 0.18%
Total 10.25% 10.25% 10.25% *
Members participating in JBM
Local governmental units 10.07% 10.07% 10.07% 12.26% 15.90% 7.5%***
Administrative fee 0.18% 0.18% 0.18%
Total 10.25% 10.25% 10.25% *
*Plan 3 defined benefit portion only.
** Variable from 5% to 15% based on rate selected by the member.
*** Minimum rate.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-42
Benefits provided. PSERS provides retirement, disability, and death benefits to eligible members.
PSERS members are vested after an employee completes five years of eligible service, PSERS members
may retire at the age of 65 with five years of service, or at the age of 60 with at least ten years of PSERS
service credit, or at age 53 with twenty years of service with a monthly benefit of two percent of the
average final compensation (AFC). A cost‐of‐living allowance (COLA) is granted based on the Consumer
Price Index, capped at three percent annually. The AFC is the average of the member’s 60 highest paid
consecutive months.
PSERS members have the option to retire early with reduced benefits. PSERS members meeting specific
eligibility requirements have options available to enhance their retirement benefits. Some of these
options are available to their survivors, generally with reduced benefits.
Contributions. PSERS defined benefit retirement benefits are financed from a combination of investment
earnings and employer and employee contributions. Each biennium, the state Pension Funding Council
adopts Plan 2 employer and employee contribution rates. The employer and employee contribution
rates for Plan 2 are developed by the Office of the State Actuary to fully fund Plan 2. The methods used
to determine the contribution requirements are established under state statute.
The required contribution rates, expressed as a percentage of covered payroll, were as follows:
Employer contributions to PSERS Plan 2 were $25,319.
Law Enforcement Officers’ and Firefighters’ Retirement System (LEOFF)
Plan description. LEOFF was established by the state legislature in 1970 under the Revised Code of
Washington (RCW) chapter 41.26. LEOFF is a multiple‐employer cost‐sharing retirement system.
Membership in the system includes all full‐time, fully compensated, local law enforcement
commissioned officers, firefighters, and as of July 24, 2005, emergency medical technicians. LEOFF
membership is comprised primarily of non‐state employees, with Department of Fish and Wildlife
enforcement officers who were first included effective July 27, 2003, being an exception.
LEOFF consists of two separate defined benefit plans. LEOFF participants who joined the system by
September 30, 1977, are Plan 1 members. Plan 1 is closed to new members. Those who joined on or
after October 1, 1977, are Plan 2 members.
Effective July 1, 2003, the LEOFF Plan 2 Retirement Board was established by Initiative 790 to provide
governance of LEOFF Plan 2. The Board’s duties include adopting contribution rates and recommending
policy changes to the Legislature for the LEOFF Plan 2 retirement plan.
Required Contribution Rates Employer Employee
Plan 2Plan 2
PSERS
State agencies, local governmental units 10.21% 7.20%
Administrative fee 0.18%
Total 10.39%
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-43
Benefits provided. LEOFF plans provide retirement, disability, and death benefits to eligible members.
LEOFF Plan 1 members are vested after the completion of five years of eligible service. Plan 1 members
are eligible for retirement with five years of service at the age of 50. The benefit per year of service
calculated as a percent of final average salary (FAS) is as follows:
20+ years of service – 2.0% of FAS
10‐19 years of service – 1.5% of FAS
5‐9 years of service – 1% of FAS
A cost‐of‐living allowance (COLA) is granted based on the Consumer Price Index.
LEOFF Plan 2 members are vested after the completion of five years of eligible service. Plan 2 members
are eligible for retirement at the age of 53 with five years of service, or at age 50 with twenty years of
service. Plan 2 members receive a benefit of two percent of the FAS per year of service. FAS is based on
the highest consecutive 60 months. A COLA is granted based on the Consumer Price Index, capped at
three percent annually.
LEOFF members have the option to retire early with reduced benefits. LEOFF members meeting specific
eligibility requirements have options available to enhance their retirement benefits. Some of these
options are available to their survivors, generally with reduced benefits.
See Note 15 for additional information related to LEOFF Plan 2 benefits.
Contributions. LEOFF defined benefit retirement benefits are financed from a combination of investment
earnings, employer and employee contributions, and a special funding situation in which the state pays
through state legislative appropriations.
Employer and employee contribution rates are developed by the Office of the State Actuary to fully fund
the plans. Starting on July 1, 2000, Plan 1 employers and employees are not required to contribute as
long as the plan remains fully funded. Plan 2 employers and employees are required to pay at the level
adopted by the LEOFF Plan 2 Retirement Board. The methods used to determine contribution
requirements are established under state statute.
The required contribution rates, expressed as a percentage of covered payroll, were as follows:
Employer contributions to LEOFF Plan 2 were $947,993.
Required Contribution Rates Employer Employee
Plan 1Plan 2Plan 1Plan 2
LEOFF
Local governmental units N/A 5.12% N/A 8.53%
Administrative fee 0.18% 0.18%
Total 0.18% 5.30%
N/A Indicates data not applicable.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-44
B. Firefighters’ Pension
The city is the administrator of the Firefighters’ Pension Plan for all firefighters employed prior to March
1, 1970. The Firefighters’ Pension Plan is included within the City of Renton’s statements as a pension
trust fund. There is no separate GAAP‐based audited report. A schedule of employer contributions,
prepared by Milliman, Inc. is included in the Required Supplemental Information section. Additional
information from the actuarial report prepared for the Firefighters’ Pension Plan, by Milliman, Inc., may
be obtained by contacting the City of Renton, Finance Division, 1055 South Grady Way, Renton, WA
98057.
Plan Description ‐ The Firefighters’ Plan (Plan) is a closed, single‐employer defined benefit pension plan
administered by the City of Renton through the firefighters’ pension board. The plan provides pensions
for firefighters that were employed prior to March 1, 1970, when the LEOFF retirement system was
established.
The firefighters’ pension board consists of five members: the Mayor who serves as chair of the board,
the chairperson of the Council Finance Committee, and three members elected by secret ballot of the
retired firefighters for two‐year terms.
Plan Membership – Membership is limited to active members of the Firefighters’ Pension Plan (FPP) as
of March 1, 1970. On that date, the Washington Law Enforcement Officers’ and Firefighters’ System
(LEOFF) was established. The plan is closed to new members. At December 31, 2022, FPF membership
consisted of the following:
Benefits Provided ‐ All benefit terms are in statutes RCW 41.16, 41.18, and 41.26. The Firefighters’
Pension Plan (FPP) provides retirement, disability, and death benefits. Each firefighter in service on
March 1, 1970 receives the greater of the benefit payable under the Washington Law Enforcement
Officers’ and Firefighters’ Retirement (LEOFF) System and the benefits available under the provisions of
prior law. Where benefits under the old law exceed those under the new law for any firefighter, the
excess benefits are paid from the FPF of the city employing the member on March 1, 1970.
All members are retired and drawing benefits. Benefit terms provide for cost‐of‐living adjustments to
each member’s retirement benefit. There are two types of increases: escalation by salary in proportion
to current salary of rank from which the firefighter retired or increase proportionate to the increase in
the Seattle‐area consumer price index, with the change computed annually. Regardless of the change in
the consumer price index, benefits are increased at least two percent each year. The former applies to
firefighters who retired from service after 1969, their survivors, and to firefighters who retired from duty
disability (but not their survivors) after 1961. The latter applies to all other types of monthly benefits.
Benefits and refunds of the Plan are recognized when due and payable in accordance with the terms of
the Plan. For 2022, $222,793 was paid for pension benefit payments.
Inactive employees or beneficiaries currently receiving benefits 23
Inactive employees or beneficiaries receiving full retirement through LEOFF 2
Total 25
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-45
Contributions. As long as the FPP provides for benefits to covered members, the city will be eligible to
receive a share of the State’s distribution of the fire insurance premium taxes. The amount the city
receives is 25% of all monies received by the State from taxes on fire insurance premiums. Contributions
can also come from taxes paid pursuant to the provisions of RCW 41.16.060. This statute requires that
each municipality levy up to $0.45 (only $0.225 of which can be in excess of the property tax limit
pursuant to RCW 84.52.043) per $1,000 of assessed valuation, based on reports by a qualified actuary,
to maintain the fund. 2022 employer contributions to the Firefighters’ Pension Plan were $182,841.
Investment Policy – The pension plan’s policy in regard to the allocation of invested assets is established
and may be amended by a majority vote of its members. It is the policy of the FPP board to pursue an
investment strategy that emphasizes prudent and professional standards. The primary investment
requirements, in order of priority, are safety, compliance, liquidity, and return on investment. The Board
has designated daily operations, internal controls, and investment decisions to the city’s finance director.
No significant investment policy changes were made during the reporting year. Investments are
recorded at fair value in accordance with GASB Statement No. 72, Fair Value Measurement and
Application. Accordingly, the change in fair value of investments is recognized as an increase or decrease
to investment assets and investment income.
Rate of Return – For the year ended December 31, 2022, the annual money‐weighted rate of return on
pension plan investments, net of pension plan investment expense, was ‐1.08%. The money‐weighted
rate of return expresses investment performance, net of investment expense, adjusted for the changing
amounts actually invested.
Concentrations – For the year ended December 31, 2022, 14.92% of the plan’s fiduciary net position was
invested in US Federal Agency Securities, 4.88% was invested in certificates of deposit, 4.09% was
invested in US Treasury, and 5.66% was invested in US Treasury Strips.
Net Pension Liability/(Asset)
The city’s net pension liability was measured as of December 31, 2022, and the total pension liability
used to calculate the net pension liability/(asset) of $(7,542,505) was determined by an actuarial
valuation as of that date.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-46
The plan’s fiduciary net position of $9,909,378 is 419% of the plan’s total pension liability at December
31, 2022.
Actuarial assumptions. The total pension liability was determined by an actuarial valuation as of
December 31, 2022, using the following actuarial assumptions.
Inflation 2.25%
Salary increases 3.25%
Investment rate of return 3.75%
Actuarial cost method Entry age normal
Mortality rates were based on the Pub‐2010 Mortality Table (headcount‐weighted) with ages set back
one year for males is used for healthy annuitants. Pub‐2010 Safety Disabled Mortality Table is used for
disabled annuitants. A blend of rates from Pub‐2010 Mortality Tables for contingent annuitants and
retirees is used for surviving spouses. Mortality rates are projected forward generationally suing the
ultimate rates in Projection Scale MP‐2017.
The long‐term expected rate of return on pension plan investments was determined by combining
expected inflation to expected long term real return and reflecting expected volatility and correction.
We used the weighted expected returns of the city’s portfolio of cash, US Treasuries (to be held to
maturity), and receivables to develop the long‐term expected rate of return.
Increase (Decrease)
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability
(Asset)
(a) ‐ (b)
Balances at December 31,2021 2,826,925$ 10,061,840$ (7,234,915)$
Changes for the Year
Interest on total pension liability 54,322 ‐ 54,322
Effect of economic/demographic gains or losses ‐ ‐
Effect of assumptions chages or inputs (291,581) ‐ (291,581)
Benefit payments (222,793) (222,793) ‐
Contributions from state fire insurance premium tax ‐ 182,841 (182,841)
Net investment income ‐ (109,010) 109,010
Administrative expenses ‐ (3,500) 3,500
Net Changes (460,052) (152,462) (307,590)
Balances at December 31,2022 2,366,873$ 9,909,378$ (7,542,505)$
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-47
The best‐estimate range for the long‐term expected rate of return for each major asset class included in
the pension plan’s target asset allocation as of December 31, 2022, are summarized in the following
table:
Discount rate. The discount rate used to measure the total pension liability was 3.75%. The projection
of cash flows used to determine the discount rate assumed city contributions were equal to revenue
received from Fire Insurance premiums and the amount received would increase at the inflation rate of
2.25%. Based on this assumption, the pension plan’s fiduciary net position was projected to be available
to make all projected future benefit payment of current plan members. Therefore, the long‐term
expected rate of return on pension plan investments was applied to all periods of projected benefit
payments to determine the total pension liability.
Sensitivity of the net pension liability to changes in the discount rate. The following presents the net
pension liability of the city, calculated using the discount rate of 2.0%, as well as what the city’s net
pension liability would be if it were calculated using a discount rate that is one percentage point lower
(1.0%), or one percentage point higher (3.0%), that the current rate.
C. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions
As of June 30, 2022, the city reported its proportionate share of net pension liability/(asset) as follows:
Asset Class Index
Long‐Term Expected Real
Rate of Return
Cash BAML 90‐Day T‐Bills 0.64%
Short‐Term Bonds Bloomberg US Govt 1‐3 Yr TR USD 1.03%
Long‐Term Bonds Bloomberg US Govt Long TR USD 2.48%
Mortgages Bloomberg US MBS TR USD 2.85%
Assumed Inflation ‐ Mean 2.25%
Long‐Term Expected Rate of Return 3.75%
1% Decrease
2.75%
Current
Discount Rate
3.75%
1% Increase
4.75%
Total Pension Liability 2,526,056$ 2,366,873$ 2,224,929$
Fiduciary Net Position 9,909,378 9,909,378 9,909,378
Net Pension Liability (7,383,322) (7,542,505) (7,684,449)
Plan Liability Asset
PERS Plan 1 7,604,273$ ‐$
PERS Plan 2/3 (13,082,948)
PSERS Plan 2 ‐ (34,183)
LEOFF Plan 1 ‐ (7,156,444)
LEOFF Plan 2 ‐ (11,425,746)
Firefighters' Pension (7,542,505)
Total 7,604,273$ (39,241,826)$
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-48
The amount of the liability/(asset) reported for LEOFF Plan 1 and LEOFF Plan 2 reflects a reduction for
the city’s collective liability to be paid by the State. The city recognized $563,823 as contribution revenue
for the State’s on behalf payment for 2022. The amount recognized by the city as its proportionate share
of the net pension liability/(asset), the portion of the city’s net pension liability/(asset) to be paid by the
State, and the total portion of the net pension liability/(asset) that was associated with the city were as
follows:
For the year ended December 31, 2022 the city recognized pension expense as follows:
At December 31, 2022, the city reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
Liability/(Asset)
LEOFF Plan 1 ‐ employer's proportionate share (7,156,444)$
LEOFF Plan 1 ‐ State's proportionate share of the net
pension liability/(asset) associated with the employer (48,406,009)
TOTAL (55,562,453)$
Liability/(Asset)
LEOFF Plan 2 ‐ employer's proportionate share (11,425,746)$
LEOFF Plan 2 ‐ State's proportionate share of the net
pension liability/(asset) associated with the employer (7,370,853)
TOTAL (18,796,599)$
Pension Expense
PERS Plan 1 4,136,188
PERS Plan 2/3 (4,578,216)
PSERS Plan 2 5,622
LEOFF Plan 1 (451,851)
LEOFF Plan 2 1,900,778
Firefighters' Pension 445,069
Total 1,457,588$
Deferred Outflows of Resources PERS Plan 1
PERS Plan
2/3
PSERS Plan
2
LEOFF Plan
1LEOFF Plan 2
Firefighters'
Pension Total
Differences between expected
and actual experience ‐$ 3,241,648$ 17,758$ ‐$ 2,714,946$ ‐$ 5,974,352$
Net difference between
projected and actual earnings
on pension plan investments ‐ ‐ ‐ ‐ 411,665 411,665
Changes of assumptions ‐ 7,291,936 25,095 ‐ 2,894,464 10,211,495
Changes in proportion and
differences between City
contributions and ‐ 147,270 ‐ ‐ 889,064 1,036,334
City contributions subsequent
to the measurement date 868,382 1,437,725 14,884 ‐ 523,496 2,844,486
Total 868,382$ 12,118,579$ 57,736$ ‐$ 7,021,970$ 411,665$ 20,478,332$
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-49
For PERS Plan 1, $868,382, for PERS Plan 2/3, $1,437,725, for PSERS Plan 2, $14,884, and for LEOFF Plan
2 $523,496, reported as deferred outflows of resources related to contributions resulting from city
contributions subsequent to the measurement date will be recognized as a reduction of the net pension
liability in the year ended December 31, 2022.
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to
pensions will be recognized as pension expense as follows:
Deferred Inflows of Resources PERS Plan 1PERS Plan 2/3 PSERS Plan 2LEOFF Plan 1LEOFF Plan 2
Firefighters'
Pension Total
Differences between expected
and actual experience ‐$ 296,164$ 376$ ‐$ 106,011$ ‐$ 402,551$
Net difference between
projected and actual earnings
on pension plan investments 1,260,252 9,672,319 23,972 893,581 3,825,778 ‐ 15,675,902
Changes of assumptions ‐ 1,909,290 10,026 ‐ 994,870 ‐ 2,914,186
Changes in proportion and
differences between City
contributions and ‐ 1,054,704 ‐ ‐ 860,843 ‐ 1,915,547
Total 1,260,252$ 12,932,477$ 34,374$ 893,581$ 5,787,502$ ‐$ 20,908,186$
Differences Between Projected and Actual Earnings on Plan Investments
Year PERS Plan 1PERS Plan 2/3 PSERS Plan 2LEOFF Plan 1LEOFF Plan 2 Firefighters' Pension Total
2023 (533,312)$ (4,202,202)$ 8,566$ (693,653)$ (637,788)$ 110,372$ (5,948,017)$
2024 (484,385) (3,799,304) (11,866) (634,473) (577,476) 67,471 (5,440,033)
2025 (607,647) (4,664,165) (9,837) (598,685) (722,065) 48,771 (6,553,628)
2026 365,093 2,993,352 (10,835) (684,483) 431,444 47,572 3,142,143
Total (1,260,251)$ (9,672,319)$ (23,972)$ (2,611,294)$ (1,505,885)$ 274,186$ (14,799,535)$
Differences Between Expected and Actual Experience
Recognition Period (Years)1 7 11.4 10.1
Year PERS Plan 2/3 PSERS Plan 2LEOFF Plan 2Total
2023 586,350$ 1,837$ 309,577$ 897,764$
2024 509,663 1,837 309,577 821,077
2025 584,492 1,837 309,577 895,906
2026 536,081 1,837 309,577 847,495
2027 406,625 1,837 318,796 727,258
Thereafter 322,274 8,197 1,051,830 1,382,301
Total 2,945,485$ 17,382$ 2,608,934$ 5,571,801$
The recognition period for each plan is equal to the average of the expected remaining service lives of all
employees provided with pensions through the pension plan, which was determined at the beginning of the
measurement period.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-50
NOTE 6. OTHER POST EMPLOYMENT BENEFITS
General Information
The city implemented Governmental Accounting Standards Board (GASB) Statement 75, Accounting and
Financial Reporting for Postemployment Benefits Other Than Pensions for calendar year 2018 financial
reporting. Previously, the city accounted for its other postemployment benefit (OPEB) expenses related
to the Health Plan based on a computed annual required contribution (ARC) and an amount to amortize
unfunded actuarial accrued liabilities.
Changes of Assumptions
Recognition Period (Years)1 7 11.4 10.1
Year PERS Plan 2/3 PSERS Plan 2LEOFF Plan 2Total
2023 635,578$ 1,208$ 151,962$ 788,748$
2024 634,969 1,208 151,962 788,139
2025 855,883 1,208 151,962 1,009,053
2026 900,342 1,208 151,962 1,053,512
2027 1,146,961 1,208 151,962 1,300,131
Thereafter 1,208,915 9,026 1,139,784 2,357,725
Total 5,382,648$ 15,066$ 1,899,594$ 7,297,308$
The recognition period for each plan is equal to the average of the expected remaining service lives of all
employees provided with pensions through the pension plan, which was determined at the beginning of the
measurement period.
Recognition Period (Years)1 7 11.4 10.1
Year PERS Plan 2/3 PSERS Plan 2LEOFF Plan 2Total
2023 (130,311)$ ‐$ 2,581$ (127,730)$
2024 (209,609) ‐ 2,581 (207,028)
2025 (187,926) ‐ 2,581 (185,344)
2026 (165,741) ‐ 2,581 (163,160)
2027 (138,091) ‐ 9,947 (128,143)
Thereafter (75,756) ‐ (108,846) (184,603)
Total (907,434)$ ‐$ (88,575)$ (996,008)$
The recognition period for each plan is equal to the average of the expected remaining service lives of all
employees provided with pensions through the pension plan, which was determined at the beginning of the
measurement period.
Changes in Proportion and Differences Between City Contributions and Proportionate Share of Contributions
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-51
Plan Description
In accordance with the Revised Code of Washington (RCW) 41.26, the city administers a single employer
defined benefit healthcare plan (the Health Plan) for law enforcement officers and firefighters employed
prior to October 1, 1977. The city maintains a standalone internal service fund, LEOFF 1 Retirees
Healthcare Fund. No assets are accumulated in a trust that meets the criteria in paragraph 4 of Statement
75.
The Health Plan’s actuary is Milliman, Inc. The report may be obtained by contacting the City of Renton,
Finance Division, 1055 South Grady Way, Renton, WA 98057. The Health Plan does not issue a separate
standalone financial report.
Benefits Provided
The Health Plan provides medical, prescription drug, dental, Medicare Part B premiums, long‐term care,
and vision expenses for LEOFF Plan 1 retirees. Dependent spouses and children are not covered. There
are currently 74 retirees covered under the plan and the plan is closed to new entrants.
Funding Policy
Funding for LEOFF 1 retiree healthcare costs is provided entirely by the city as required by the Revised
Code of Washington (RCW) 41.26. The city does not require retiree contributions.
OPEB Liability
The OPEB liability was determined by an actuarial valuation as of the valuation date, calculated based
on the discount rate below, and was then projected forward to the measurement date. There have been
no significant changes between the valuation date and the fiscal year ends. The city’s total OPEB liability
of $28,931,977 was measured as of December 31, 2022.
Actuarial Methods and Assumptions
An actuarial valuation was completed as of January 1, 2021. Projections of benefits for financial reporting
purposes are based on the substantive plan (the plan as understood by the employer and plan members)
and include the types of benefits provided at the time of each valuation. The actuarial methods and
assumptions used include techniques that are designed to reduce the effects of short‐term volatility in
actuarial accrued liabilities and the actuarial value of assets, consistent with the long‐term perspective
of the calculations.
Total OPEB Liability
12/31/2021 12/31/2022
Total OPEB Liabilty 35,484,443$ 28,931,977$
Covered employee payroll ‐$ ‐$
N/A N/A
Total OPEB liability as of a % of covered
employee payroll
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-52
The Bond Buyer General Obligation 20‐bond municipal bond index for bonds that mature in 20 years is
3.72% as of December 31, 2022. Rounding to the nearest ¼% results in a discount of 3.75% as of the
December 31, 2022 measurement date.
Mortality rates were based on the following assumptions:
Service‐retired members were based on the Pub‐2010 Safety Mortality Table (headcount‐
weighted) with generational projection using the ultimate rates in Projection Scale MP‐2017,
with ages set back one year for males.
Disabled members were based on the PUB‐2010 Safety Disability Mortality Table with
generational projection using the ultimate rates in Projection Scale MP‐2017.
Valuation Date January 1, 2021
Measurement Date December 31, 2022
Actuarial Cost Method Entry Age Normal
Amortization Method
Actuarial Assumptions:
Discount Rate 3.75%
Long Term Care Trend Rate 4.50%
Projected Salary Changes 3.25%
Inflation Rate 2.25%
Medical and Dental Trend Year Medical Trend
2022‐2023 6.00%
2023‐2024 6.10%
2024‐2025 6.50%
2025‐2026 5.90%
2026‐2027 5.30%
Grading down to an ultimate of 3.8%
Economic/demographic gains or losses and assumption changes are
recognized over the average remaining service life for all active members;
immediate recognition is used when the average remaining service life is
less than one.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-53
Changes in the Total OPEB Liability
The following table presents the change in the total OPEB liability as of December 31, 2022.
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate.
The following presents the total OPEB liability of the city as well as what the total OPEB liability would
be if it were calculated using trend rates that are 1% point lower or 1% point higher than the current
rate.
The following presents the total OPEB liability of the city, calculated using the current healthcare cost
trend rates as well as what the city’s total OPEB liability would be if it were calculated using trend rates
that are 1% point lower or 1% higher than the current trend rates.
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
OPEB
For the year ended December 31, 2022, the city recognized OPEB Expense of ($5,041,052). As of
December 31, 2022 the city reported no deferred outflows or inflows of resources related to OPEB.
Changes in Total OPEB Liabilty
Balance as of 12/31/2021 35,484,443$
Changes for the Year:
Service Cost ‐
Interest on total OPEB Liability 694,650
Effect of plan changes ‐
Effect of Economic/demographic gains or losses ‐
Effect of assumptions changes or inputs (5,735,702)
Expected benefit payment (1,511,414)
Balance as of 12/31/2022 28,931,977$
1% Decrease
2.75%
Current
Discount Rate
3.75%
1% Increase
4.75%
Total December 31,2022 OPEB Liability 32,273,061$ 28,931,977$ 26,110,768$
1% Decrease
Current
Trend Rate 1% Increase
Total December 31,2022 OPEB Liability 26,003,256$ 28,931,977$ 32,322,731$
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-54
NOTE 7. CONTINGENCIES
As of December 31, 2022, there were various claims for damages and lawsuits pending against the city.
Although the outcome of these claims and lawsuits is not determinable at this time, it is the opinion of
management, that the resolution of these matters will not have a material adverse effect on the financial
condition of the city and that the city’s insurance policies and/or self‐insurance reserves are adequate
to pay all known or pending claims.
The city participates in a number of federal and state assisted programs. These grants are subject to
program compliance audits by the Single Audit Act. Such audits could result in requests for
reimbursement to grantor agencies for expenditures disallowed under the terms of the grants. The
amount of expenditure that may be disallowed, if any, cannot be determined at this time and the city’s
management believes that such disallowances, if any, will be immaterial.
NOTE 8. RISK MANAGEMENT
The City of Renton is exposed to various risks of loss related to tort; theft of, damage to, and destruction
of assets; errors and omissions; injuries to employees; and natural disasters. The City of Renton protects
itself against unforeseen losses by utilizing a three‐pronged risk management approach. First, the city
self‐funds first level losses through its Insurance Fund. Second, insurance and excess insurance is
purchased to cover medium and large losses. Third, the city reserves the right to utilize the provisions of
Chapter 35A.31.070 RCW to fund catastrophic or uninsured losses. This State statute allows cities to levy
a non‐voted property tax increase to pay for uninsured claims. There were no settlements in excess of
the insurance coverage in any of the three prior fiscal years.
The risk management internal service fund is funded by charges to the City of Renton’s other funds and
is based primarily upon the contributing funds’ claims experience. In fiscal year 2022, actuarial studies
are performed for liability, worker’s compensation, and health benefits to determine claims liabilities
and recommended funding levels for the risk areas. The claims liability reported in the fund is based on
the requirements of the GASB Statement No. 10. Liabilities of the fund are reported when it is probable
that a loss has occurred, and the amount of the loss can be reasonably estimated. Liabilities include an
amount for claims that have been incurred but not reported (IBNRs). The estimate of the claims liability
also includes amounts for incremental claim adjustment expenses related to specific claims and other
allocated and unallocated claim adjustment expenses. The estimated liability for worker’s compensation
and general liability is discounted to present value using a discount rate of 1.0%.
The city's Risk Management Program is administered under the authority of the Human Resources and
Risk Management Administrator, with claims being processed by the carriers shown below.
An analysis of the insurance deductibles and self‐insured retention levels, limits of insurance, and
carriers for the major types of coverage are as follows:
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-55
As of December 31, 2022, the city had accrued the following amounts for outstanding claims:
Risk Retention
Occurrence
Property – Expires 07/01/2023 $50,000 $200,000,000 (per occurrence subject to annual
aggregate & sub‐limits)
Alliant Property
Insurance Program
(APIP)
Cyber Liability – Expires
07/01/2023 $50,000 $2,000,000
(subject to sub‐limits)APIP
Pollution Liability ‐ Expires
07/01/2023 $100,000 $2,000,000
(per incident, per insured) APIP
Comm Gen Liability ‐ Expires
01/01/2023 $300,000 $2,000,000
(per occurrence)Safety National
Comm Gen Liability – POL/EPL,
Law Enf
Expires 01/01/2023
$300,000 $2,000,000
(per occurrence, $4M aggregate)Safety Specialty
Liability $3M XS $2M – Expires
01/01/2023 $2,000,000 $3,000,000
(per occurrence, $6M aggregate)Safety National
Liability $10M XS $5M – Expires
01/01/2023 $5,000,000 $10,000,000
(per occurrence + $20M aggregate)AWAC
Liability $5M XS $15M– Expires
01/01/2023 $15,000,000 $5,000,000
(per occurrence + $10M aggregate)Hallmark
Liability $5M XS $20M – Expires
01/01/2023 $20,000,000 $5,000,000
(per occurrence + $10M aggregate)AWAC
Unmanned Aircraft Liability ‐
Expires 01/01/2023 $0 $1,000,000
(per occurrence)
National Union
Fire
Auto Liability ‐ Expires
01/01/2023 $300,000 $2,000,000
(per occurrence + $4M aggregate)Safety National
Employee Fidelity/Crime
(ACIP) ‐ Expires 07/01/2023 $10,000 $2,500,000 National Union
Fire
Airport Liability – Expires
01/01/2023 $0 $100,000,000 National Union
Fire
Storage Tank Pollution Liab –
Expires 01/01/2023 $2,500 $1,000,000 Mid‐Continent
Casualty
Excess Workers’ Comp –
Expires 01/01/2023
$750,000 Others,
$1,00000 Police Statutory Safety National
Deadly Weapons Response –
Expires 01/01/2023 $10,000 $500,000 APIP
Type of Coverage Aggregate Amount Carrier
Coverage
Total Claims Payable
12/31/2022
Liability 419,803$
Workers' compensation 840,783
Health Benefits 1,592,000
TOTAL 2,852,586$
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-56
NOTE 9. INTERFUND TRANSACTIONS
A. Interfund Transfers
The following is the composition of interfund transfers for the year ended December 31, 2022:
During the year transfers were used to fund anticipated capital projects and equipment purchases.
All transfers either occur on a regular basis or are consistent with the purpose of the fund making the
transfer. Transfers that occur within the governmental funds are eliminated on the government‐wide
statement of activities.
The city made the following one‐time transfers during the year ending December 31, 2022:
1. $40 thousand transfer from the Hotel/Motel Tax Fund to the General Fund for matching a Port of
Seattle grant for economic development activities.
2. $3 million transfer from the Municipal Facilities CIP Fund to the General Fund to return funds
previously transferred for capital projects.
Transfer Out: General REET 2
Municipal Facilities
CIP
Capital
Improvement
General
Debt
Waterworks
Utility
Golf
Course Insurance Equipment Rental Total
Governmental Funds:
General ‐ ‐ 7,198,424 1,133,000 1,723,100 ‐ 561,593 2,052,772 4,175,863 16,844,752
Hotel/Motel Tax 40,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 40,000
Police Seizure ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 300,556 300,556
Community Services Impact Mitigation ‐ ‐ 3,380,595 ‐ ‐ ‐ ‐ ‐ ‐ 3,380,595
Fire Impact Mitigation ‐ ‐ ‐ ‐ 500,634 ‐ ‐ ‐ 500,634
Transportation Impact Mitigation ‐ ‐ ‐ 6,831,255 ‐ ‐ ‐ ‐ ‐ 6,831,255
REET 1 ‐ ‐ 4,500,000 250,450 815,000 ‐ ‐ ‐ ‐ 5,565,450
REET 2 ‐ ‐ 4,170,493 1,500,000 1,250,625 ‐ ‐ ‐ ‐ 6,921,118
Municipal Facilities CIP 3,000,000 (10,087) ‐ ‐ ‐ ‐ ‐ ‐ 2,989,913
Capital Improvement ‐ ‐ ‐ ‐ ‐ 48,400 ‐ ‐ 13,000 61,400
Enterprise Funds:
Waterworks Utility ‐ ‐ ‐ ‐ ‐ ‐ 18,868 ‐ 44,744 63,612
Internal Service Funds:
Insurance ‐ ‐ ‐ ‐ ‐ ‐ ‐ 51,420 51,420
Total 3,040,000 (10,087) 19,249,512 9,714,705 4,289,359 48,400 580,461 2,052,772 4,585,583 43,550,705
Governmental Funds
Transfer In:
Enterprise Funds Internal Service Funds
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-57
3. $7.2 million transfer from the General Fund, $3.4 million transfer from the Community Services
Impact Mitigation Fund, $4.5 million transfer from the REET 1 Fund and $4.17 million from the REET
2 Fund to the Municipal Facilities CIP Fund to fund various Facilities and Parks Planning & Natural
Resources capital projects.
4. $1.13 million transfer from the General Fund, $6.8 million transfer from the Transportation Impact
Mitigation Fund, $250 thousand transfer from the REET 1 Fund, and $1.5 million transfer from the
REET 2 Fund to the Capital Improvement Fund to fund various Transportation capital projects.
5. $1.7 million transfer from the General Fund, $500 thousand from the Fire Impact Mitigation Fund,
$815 thousand from the REET 1 Fund and $1.25 million from the REET 2 Fund to the General Debt
Fund to fund the annual debt payments.
6. $48 thousand transfer from the Capital Improvement Fund to the Waterworks Utility Fund for capital
related expenses.
7. $561 thousand from the General Fund to the Golf Course Fund for operating costs.
8. $18 thousand transfer from the Waterworks Utility Fund to the Golf Course Fund for capital related
expenses.
9. $1.9 million transfer from the General Fund to the Insurance Fund for risk management reserves,
and $152 thousand transfer from the General Fund to the Insurance Fund for non‐capital related
expenses.
10. $4 million transfer from the General Fund to the Equipment Rental Fund for capital related expenses.
11. $300 thousand transfer from the Police Seizure Fund to the Equipment Rental Fund for equipment
purchases.
12. $13 thousand transfer from the Capital Improvement Fund to the Equipment Rental Fund for new
software.
13. $51 thousand from the Insurance Fund to the Equipment Rental Fund for new software.
14. Various transfers from the General Fund and Waterworks Utility Fund to the Equipment Rental Fund
to fund previously unbudgeted equipment/furniture purchases.
B. Interfund Receivables and Payables
The composition of interfund receivables/ payables as of December 31, 2022, is as follows:
Due from/to:
These are the outstanding balances between funds during the year ending December 31, 2022:
1. $93 thousand from the General Fund to the Municipal Facilities CIP Fund to refund amounts
related to General Fund capital expenditures.
2. $2,450 from the General Fund to the Solid Waste Utility Fund to return fees collected by the
General Fund but are revenues to Solid Waste.
3. $1,762 from the Equipment Rental Fund to the Waterworks Utility to refund amounts charged
for an equipment purchase.
Receivable Fund Payable Fund Amount
Municipal Facilties CIP General Fund 93,489$
Solid Waste Utility General Fund 2,450
Waterworks Utility Equipment Rental 1,762
Total 97,700$
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-58
Advances from/to:
The amount payable from the Golf Course Fund was an interfund loan for the purchase of new golf
carts.
NOTE 10. LONG TERM DEBT
General Obligation Bonds
General obligation bonds are direct obligations of the city for which its full faith and credit are pledged.
Debt service for voter‐approved bonds, which the city has none, would be funded by special property
tax levies. Debt service for city council authorized bonds (councilmatic bonds) is funded from regular
property taxes or general revenues, and is generally paid from debt service funds.
General Obligation Bonds outstanding at year‐end are as follows:
2013 Limited Tax General Obligation qualified energy conservation bonds (QECB) which provided
funding for streetlight improvements.
2015 (A) Limited Tax General Obligation refunding bond which refunded a portion of the 2006
limited tax general obligation bonds for the construction of South Lake Washington infrastructure
improvements.
2019 Limited Tax General Obligation bonds which funded improvements to parks, trails and
recreational facilities in the city.
2019 Limited Tax General Obligation local revitalization financing bonds (LRF) which provided
funding for public infrastructure improvements in the South Lake Washington Revitalization
Area.
Other intergovernmental debt, backed by the full faith and credit of the city:
2009 intergovernmental debt related to the Fire District #40 asset transfer as a result of the
Benson Hill annexation.
2019 intergovernmental debt which refunded the outstanding balance of the 2009 (A & B)
intergovernmental debt for the acquisition, construction and equipping of the SCORE facility.
Pursuant to a restated and amended interlocal agreement, the city is obligated to pay 40.96
percent of the debt service on the SCORE bonds.
Revenue Bonds
Revenue bonds are pledged from water, sewer, and storm revenues generated from the charges for
service revenues in those funds. The city is required by bond covenants to secure parity reserves for
these revenue bonds. The current parity reserves are $2,810,145.
Revenue Bonds outstanding at year‐end are as follows:
Receivable Fund Payable Fund Amount One Year
General Fund Golf Course Fund 188,535$ 44,535$
Total 188,535$ 44,535$
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-59
2012 Water/Sewer Revenue Refunding Bonds (Ordinance #5672) were issued in the amount of
$9,190,000 and dated December 7, 2012. The average interest rate is 2.5%. These bonds were
issued for the purpose of refunding a portion of the 2004 Water/Sewer Revenue Bonds.
2016 Water/Sewer Revenue Refunding Bonds (2008A) (Ordinance #5812) were issued in the
amount of $9,385,000 and dated October 20, 2016. The average interest rate is 1.73%. These
bonds were issued for the purpose of refunding a portion of the 2008 (A) Water/Sewer Revenue
Bonds (Exempt).
State of Washington Public Works Trust Fund Loans (PWTFL)
PWTFL are the direct responsibility of the city. At year‐end the city has one outstanding loan, with a
remaining balance of $545,295. This is for water capital improvements and pledged from water system
revenues.
PWTFL outstanding at year‐end are as follows:
Maplewood Drinking Water Treatment Improvement loan was to construct the drinking water
treatment improvements at Maplewood.
Compensated Absences
Compensated absences are paid by those funds that have employees. These are mostly payable from
the General Fund and Waterworks Utility Fund.
Leases
The city leases certain machinery, equipment and land. These lease payments are payable from the
General Fund, Equipment Rental Fund and Airport Fund. Refer to Note 13 for a detailed summary of
leases.
Long‐Term Debt Schedules
The following schedules summarize the long‐term debt transactions of the city for the year ended
December 31, 2022. The first two tables reflect total annual debt service requirements to maturity, while
the third table provides detailed information on all long‐term debt.
Year Principal Interest Principal Interest
2023 2,929,586 1,877,455 215,000 41,538
2024 3,052,631 1,754,374 215,000 34,615
2025 3,183,747 1,625,609 215,000 27,692
2026 3,318,450 1,488,130 215,000 20,769
2027 3,472,880 1,344,643 215,000 13,846
2028‐2032 12,095,247 4,800,679 215,000 6,923
2033‐2037 13,032,776 2,288,934 ‐ ‐
2038‐2042 4,619,433 428,733 ‐ ‐
2043‐2047 480,000 19,200 ‐ ‐
Totals 46,184,750 15,627,757 1,290,000 145,383
Bonds Bonds ‐ Direct Placements
Governmental Activities
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-60
Debt Limit Capacity
State law provides that debt cannot be incurred in excess of the following percentages of the value of
the taxable property of the city: 1.5 percent without a vote of the people provided the indebtedness
with a vote is 1 percent or less; 2.5 percent with a vote of the people; 5.0 percent with a vote of the
Year Principal Interest Principal Interest Principal Interest
2023 1,470,000 234,300 1,015,000 90,652 272,647 2,726
2024 1,515,000 190,200 1,030,000 73,093 272,648 1,363
2025 1,560,000 144,750 1,045,000 55,274 ‐ ‐
2026 1,610,000 97,950 1,065,000 37,195 ‐ ‐
2027 1,655,000 49,650 1,085,000 18,771 ‐ ‐
Totals 7,810,000 716,850 5,240,000 274,984 545,295 4,090
Revenue Bonds‐ Direct PlacementsRevenue Bonds
Business‐Type Activities
Loans ‐ Direct Borrowings
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-61
people, provided the indebtedness in excess of 2.5 percent is for utilities; and 7.5 percent with a vote of
the people provided the indebtedness in excess of 5.0 percent is for open space development and parks
facilities. Table 16 in the Statistical Section shows the computation of legal debt margin for general and
special purpose capacities for the City of Renton.
Estimated Arbitrage Rebate
The city engages an outside agency to calculate its arbitrage rebate liability on outstanding tax‐exempt
bonds and certificates of participation under Section 148(f) of the Internal Revenue Code. No additional
rebate was found due for any revenue or general obligation bonds for 2022.
Issued/Refunded Debt
The city did not issue new or refund any debt in 2022.
NOTE 11. JOINT VENTURES
A joint venture is a legal entity or other organization that results from a contractual agreement and that
is owned, operated, or governed by two or more participants as a separate and specific activity subject
to joint control in which the participants retain (a) an on‐going financial interest or (b) an on‐going
financial responsibility. The city participates in two joint ventures, both of which are sanctioned by the
provisions and terms of the Interlocal Cooperation Act pursuant to Chapter 39.34 RCW.
VALLEY COMMUNICATIONS CENTER
The Valley Communications Center (Valley Com) was established August 20, 1976, when an Interlocal
Agreement was entered into by four original participating municipal corporations, including the cities of
Renton, Kent, Auburn, and Tukwila. Federal Way was formally admitted in 2000. The initial duration of
the agreement was five years, and thereafter is automatically extended for consecutive five‐year
periods.
The purpose of the joint operation, hereafter referred to as Valley Com, is to provide improved
consolidated emergency communications (dispatch) services for police, fire, and medical aid to the five
participating cities and to several subscribing agencies that include: King County Fire Districts 2, 20, 44,
47; City of Pacific Police Department; City of Black Diamond Police Department; City of Des Moines Police
Department; City of Algona Police Department; Enumclaw Fire; Valley Regional Fire Authority; North
Highline Fire Department; South King Fire & Rescue; Vashon Island Fire & Rescue; King County Airport;
Puget Sound Regional Fire Authority; Renton Regional Fire Authority, KC Sheriff’s Office; and KC Medic
One. Separate agreements between Valley Com and the subscribing agencies have been executed,
which set forth conditions of services and rates charged.
The city made payments totaling $2,694,936 to support Valley Com’s operating costs during the year
ended December 31, 2022.
The city reports its share of equity interest in the Governmental Activities column within the
Government‐wide financial statements under non‐current assets – investments in joint ventures. The
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-62
following is condensed financial information as of December 31, 2022 related to Valley Communications
Center:
Complete Financial Statements for Valley Com can be obtained from the Valley Communications Center,
23807 – 98th Avenue South, Kent, WA 98031.
SOUTH CORRECTIONAL ENTITY (SCORE)
The South Correctional Entity (SCORE), a consolidated correctional facility, was established February 25,
2009, when an interlocal agreement was entered into by seven participating municipal governments
(“owner cities”) of Auburn, Burien, Des Moines, Federal Way, Renton, SeaTac and Tukwila. This
agreement was amended and restated October 1, 2009 and named the City of Des Moines as the “host
city”. Pursuant to a separate “Host City Agreement” dated October 1, 2009, the host city will not enjoy
the same equity position as the original owner cities until all debts issued are paid and the host city fulfills
all of its obligations as outlined in the Agreement. On December 11, 2019, the internal local agreement
was again amended to reflect the withdrawal of Federal Way as an owner city and added the City of Des
Moines as an owner city, terminating the host city agreement. The internal local agreement also
included other revisions to provide the issuance of bonds to refund the 2009 bonds.
The purpose of the interlocal operation, SCORE, is to serve the Member Cities and Subscribing Agencies
which are in need of correctional facilities. SCORE provides correctional services and functions incidental
thereto, for the purpose of detaining arrestees and sentenced offenders in the furtherance of public
safety and emergencies within the jurisdiction of the Member Cities. Separate agreements between
SCORE and subscribing agencies have been executed, which set forth conditions of services and rates
charged.
Financing for the acquisition, construction, equipping, and improvement of the SCORE Facility was
provided by bonds issued by the South Correctional Entity Facility Public Development Authority (the
“SCORE PDA”), a public development authority chartered by the City of Renton pursuant to RCW
35.21.730 through 35.21.755 and secured by the full faith and credit of the Cities of Auburn, Burien,
Federal Way, Renton, SeaTac, and Tukwila (the owner cities). The SCORE PDA issued $86 million in special
obligation bonds in 2009 to carry out the facility development project. As previously mentioned, SCORE
Member City Percent of Equity
2021 Equity
Balance 2022 Distribution
2022 Equity
Balance
Auburn 21.68% 8,338,703$ 506,240$ 8,844,943
Federal Way 18.72% 7,095,886 540,727 7,636,613
Kent 28.37% 10,901,976 672,154 11,574,130
Renton 21.13% 8,105,020 515,732 8,620,752
Tukwila 10.10% 3,878,636 240,643 4,119,279
Grand Totals 100.00% 38,320,221$ 2,475,496$ 40,795,717$
Valley Communications Center
2022 Owner Cities Equity Allocation
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-63
issued refunding bonds on December 11, 2019 in the amount of $51,055,000 (2019 Bonds). The
proceeds of the 2019 bonds were used together with a contribution from Federal Way to fully pay its
2009 Capital Contribution, to defease and refund all of the outstanding 2009 bonds. Federal Way has
also reduced their owner equity balance to zero in 2019 and no longer holds responsibility for any long‐
term debt.
The following is a summary of the debt service requirements, for each owner city:
The City of Renton made payments totaling $4,787,172 to support SCORE’s operating costs during the
year ended December 31, 2022.
The city reports its share of equity interest in the Governmental Activities column within the
Government‐wide financial statements under non‐current assets – investments in joint ventures. The
following is condensed financial information as of December 31, 2022, related to SCORE:
Complete financial statements for SCORE and SCORE PDA can be obtained at SCORE, 20817 17th Avenue
South, Des Moines, WA 98198.
Auburn Burien Des Moines Renton SeaTac Tukwila
Year 34.94% 4.82% 6.02% 40.96% 3.62% 9.64%
2023 1,365,979 188,438 235,352 1,601,331 141,524 376,876
2024 1,366,119 188,457 235,376 1,601,495 141,538 376,914
2025 1,366,888 188,563 235,508 1,602,397 141,618 377,126
2026 1,365,927 188,431 235,343 1,601,270 141,518 376,861
2027 1,366,626 188,527 235,463 1,602,089 141,591 377,054
2028‐2032 6,830,246 942,238 1,176,820 8,007,066 707,656 1,884,475
2033‐2037 6,829,303 942,108 1,176,657 8,005,960 707,558 1,884,215
2038 1,365,752 188,407 235,313 1,601,065 141,500 376,813
Totals 21,856,840$ 3,015,169$ 3,765,832$ 25,622,673$ 2,264,503$ 6,030,334$
Debt Service Allocation to Owner Cities
Member City Percent of Equity
2021 Equity
Balance 2022 Distribution
2022 Equity
Balance
Auburn 41.48% 13,728,641$ 367,485$ 14,096,126$
Burien 5.39% 1,736,041 95,847 1,831,888
Des Moines 5.02% 1,619,395 88,153 1,707,548
Renton 32.11% 10,449,372 464,559 10,913,931
SeaTac 8.27% 2,661,310 151,004 2,812,314
Tukwila 7.73% 2,541,785 85,550 2,627,335
Grand Totals 100.00% 32,736,544$ 1,252,598$ 33,989,142$
South Correctional Entity (SCORE)
2022 Owner Cities Equity Allocation
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-64
WASHINGTON MULTI‐CITY BUSINESS LICENSE AND TAX PORTAL AGENCY (FILELOCAL)
Washington Multi‐City Business Licenses and Tax Portal Agency (d.b.a. FileLocal) was established on
March 1, 2014, under the state lnterlocal Cooperation Act (Ch.39.34.RCW) and Chapter 24.06 RCW.
FileLocal is an instrumentality of its member cities, formed to carry out exclusively governmental
activities to offer a web‐based service that makes it easier for businesses to obtain business licenses and
pay local Business & Occupation (B&O) taxes to its member cities. FileLocal began providing services in
July 2015.
There are currently eight participating member cities: Bellevue, Everett, Seattle, Tacoma, Lake Forest
Park, Des Moines, Kent, and Renton. There are also two subscriber cities: Snoqualmie and Shoreline. An
Executive Board serves as the primary governing body of File Local. The board is comprised of members
from all eight member cities. The Executive Board has final decision‐making authority upon all policy
issues, approval or amendment of Bylaws or Articles of Incorporation, acquisition of assets, admission
of new Principal(s) or Subscriber(s), appointing or removing a manager, merger, consolidation, sale,
termination or dissolution of the agency by supermajority vote.
Principals pay a prorate share of budgeted expenditures each year based on the number of transactions
processed in the most recent full year of data. The City of Renton paid $35,562 in 2022, which represents
the city’s equity share of 4.29% or $66,477.
Financial reports for FileLocal can be obtained from the contracted CPA, Horace Francis at FileLocal, 700
Fifth Avenue, Suite 4350, Seattle, WA 98104.
NOTE 12. COVID PANDEMIC
In February 2020, the Governor of the state of Washington declared a state of emergency in response
to the spread of COVID‐19. Precautionary measures to slow the spread of the virus continued
throughout 2021. These measures included limitations on business operations, public events,
gatherings, travel, and in‐person interactions.
In response to the pandemic, most city facilities were closed to the public during 2020 and 2021, many
city employees worked remotely, and new procedures were put in place. While some activities were
limited or temporarily curtailed, the city continues to operate all major functions and meet its public
mandates.
The city has remained economically stable and continues to adapt to the changing conditions. In 2021,
the city was awarded $18.1M in federal American Rescue Plan Act (ARPA) funds. Most of this award is
being utilized to offset revenue losses incurred in 2020.
The length of time these measures will continue to be in place, and the full extent of the direct or indirect
financial impact on the city is unknown at this time.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-65
NOTE 13. LEASES
GASB Statement No. 87, Leases, a lease is defined as a contract that conveys control of the right to use
another entity’s nonfinancial asset specified in the contract for a period of time in an exchange or
exchange‐like transaction.
As of December 31, 2022, the city has lease agreements where the city is the lessee and the lessor. The
city also has regulated leases subject to external laws, regulations, or legal ruling.
A. Lessee
Governmental Activity Leases
Aquatic Land Lease – In August 2013, the city entered into a lease agreement as lessee with WA State
Department of Natural Resources for use of aquatic land commonly known as Lake Washington, which
is a harbor area located in King County Washington. The city uses the land as a park, Gene Coulon
Memorial Beach Park. The lease agreement ends in 2043 with payments made annually.
Copier Lease ‐ In June 2020, the city entered into a lease agreement as lessee with Xerox Financial
Services, LLC for three Xerox copiers. The copiers are used by the Communications Department. The
lease has a term of five years with payments made monthly.
Equipment – In October 2017, the city entered into a lease agreement as lessee with Pitney Bowes, Inc.
for mailroom equipment. The equipment is used by the Communications Department. The lease has a
term of five years with payments made quarterly.
As of December 31, 2022, the principal and interest requirements to maturity are as follows:
Year ended
December 31 Principal Interest Total
2023 34,096$ 3,809$ 37,906$
2024 35,055 2,851 37,906
2025 21,356 1,957 23,312
2026 7,282 1,690 8,972
2027 2,973 1,579 4,552
2028 and after 55,545 12,735 68,280
Total 156,307$ 24,621$ 180,928$
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-66
The intangible asset lease activity in governmental activities and related accumulated amortization for
year ended December 31, 2022, are as follows:
Business‐type Activity Leases
Aquatic Land Lease – In September 2006, the city entered into a lease agreement as lessee with WA
State Department of Natural Resources for use of aquatic land commonly known as Lake Washington,
which is a harbor area located in King County, Washington. The city uses the land for seaplane moorage
at City of Renton Municipal Airport. The lease agreement ends in 2036 with payments made annually.
As of December 31, 2022, the principal and interest requirements to maturity are as follows:
The intangible asset lease activity in governmental activities and related accumulated amortization for
year ended December 31, 2022, are as follows:
Beginning
Balance Increases Decreases Ending Balance
Leased Land ‐$ 103,831$ ‐$ 103,831$
Leased Building ‐ ‐ ‐ ‐
Leased Equipment ‐ 31,393 ‐ 31,393
Total ‐$ 135,224$ ‐$ 135,224$
Accumulated Amortization,
Leased asset ‐ 9,928 ‐ 9,928
Governmental activities, net ‐$ 125,296$ ‐$ 125,296$
Year ended
December 31 Principal Interest Total
2023 1,829$ 602$ 2,431$
2024 1,870$ 561$ 2,431$
2025 1,911$ 520$ 2,431$
2026 1,953$ 478$ 2,431$
2027 1,997$ 434$ 2,431$
2028 and after 17,642$ 1,806$ 19,448$
Total 27,202$ 4,401$ 31,603$
Beginning
Balance Increases Decreases Ending Balance
Leased Land ‐$ ‐$ ‐$ ‐$
Leased Building ‐ ‐ ‐ ‐
Leased Equipment 134,064 ‐ ‐ 134,064
Total 134,064$ ‐$ ‐$ 134,064$
Accumulated Amortization,
Leased asset 42,454 26,813 ‐ 69,266
Business‐type activities, net 91,610$ (26,813)$ ‐$ 64,798$
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-67
B. Lessor
Governmental Activity Leases
Tenant Lease, Building – In May 2014, the city entered into a lease agreement with Ivar’s Inc. to lease
the concession facilities at Gene Coulon Memorial Beach Park. The lease term ends April 2029. The city
receives monthly base rent as well as a percentage of net sales, which are variable payments that are
not fixed in substance and are dependent upon future performance. In 2022, the city recognized tenant
revenue of $105,374 and interest revenue of $4,642.
Land use, Land – In March 2016, the city entered into a franchise agreement with Olympic Pipe Line
Company to use rights‐of‐ways within and through City of Renton to construct, repair, replace, operate,
and maintain pipeline. The term of the agreement ends February 2026 with payments received annually.
In 2022, the city recognized lease revenue of $18,144.
Site Lease, Building – In December 1999, the city entered into a lease agreement with Sprint Spectrum
LP to lease building space for communication service system facility. The lease term ends December 2025
with payments received monthly. In 2022, the city recognized lease revenue of $38,316 and interest
revenue of $1,500.
Site Lease, Building – In December 1999, the city entered into a lease agreement to lease building space
for the purpose of occupying and installing communication facilities at 200 Mill. The current lessee of
the agreement is T‐Mobile. The lease term ends December 2030 with payments received monthly. In
2022, the city recognized lease revenue of $30,521 and interest revenue of $4,471.
Site Lease, Building – In November 2014, the city entered into a lease agreement with Amazing Grace
Lutheran Church, a Washington State non‐profit corporation, to lease space at 200 Mill to expand
capacity of its existing school. The lease term ends May 2023. In 2022 the city recognized lease revenue
of $369,108 and interest revenue of $1,080.
As of December 31, 2022, future lease receivable principal and interest payments for governmental
activities are as follows:
Year ended December
31 Principal Interest Total
2023 346,305$ 10,908$ 357,213$
2024 194,145 8,823 202,968
2025 196,113 6,855 202,968
2026 158,079 5,073 163,152
2027 141,471 3,537 145,008
2028 and after 248,167 3,497 251,664
Total 1,284,280$ 38,693$ 1,322,973$
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-68
Business‐type Activity Leases
Tenant Lease, Building – In November 2020, the city entered into a lease agreement with Northwest
Restaurant Experience, Inc. to lease space at the Maplewood Golf Course Clubhouse. The tenant uses
the space as a restaurant, as well as selling food and beverages on the golf course and driving range. The
lease term ends November 2034. The city receives monthly base payments as well as a percentage of
sales for the year, which are variable payments that are not fixed in substance and are dependent upon
future performance. In 2022, the city recognized tenant revenue of $9,912 and interest revenue of
$2,088.
Site Lease, Land – In September 1997, the city entered into a lease agreement for the use of real property
for the purpose of occupying and installing communication facilities. The current lessee of the agreement
is T‐Mobile. The lease term ends December 2023 with payments received monthly. In 2022, the city
recognized lease revenue of $18,769 and interest revenue of $179.
Site Lease, Land – In June 1997, the city entered into a lease agreement for the use of real property for
the purpose of occupying and installing communication facilities. The current lessee of the agreement is
Verizon Wireless. The lease term ends February 2023, with payments received monthly. In 2022, the city
recognized lease revenue of $20,896 and interest revenue of $56.
As of December 31, 2022, future lease receivable principal and interest payments for governmental
activities are as follows:
C. Regulated Leases
The city has leases regulated by the Federal Aviation Administration (FAA). The FAA regulates aviation
leases between airports and air carriers and other aeronautical users. Renton Municipal Airport enters
into lease agreements that convey the right to use land and various airport facilities. In 2022, the airport
recognized lease revenue of $3,174,596.
Year ended December
31 Principal Interest Total
2023 32,239$ 2,201$ 34,440$
2024 10,050 1,950 12,000
2025 10,222 1,778 12,000
2026 10,398 1,602 12,000
2027 10,575 1,425 12,000
2028 and after 78,037 4,720 82,757
Total 151,521$ 13,676$ 165,197$
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-69
Minimum future lease revenue on non‐cancellable leases is as follow:
Of the amounts shown above, one tenant comprises 60% of all future minimum lease revenues. The
tenant’s multiple leases expire in 2030.
A summary of assets leased or available for tenant use is as follows:
NOTE 14. TAX ABATEMENT
As of December 31, 2022, the city provides tax abatements through two programs ‐ the Affordable Multi‐
Family Housing Property Tax Exemption and the New Job Business & Occupation Tax Credit.
Multifamily Housing Property Tax Exemption
Under the provisions of the Preservation Tax Exemption program (RCW 84.14), the city has taken
advantage of the option to provide targeted property tax exemption to existing property owners who
agree to restrict rents and provide income‐eligibility for a portion of the units within their properties.
The purpose of this program incentivizes the creation of affordable and improved housing quality and
prevent displacement for citizens that are in the most need. The city has a comprehensive program that
has specific parameters for project eligibility and duration of exemption.
Provided a property meets the eligibility criteria and the property owner continues to fulfill the
requirements of affordable housing, the property will receive a property tax exemption on the appraised
value of improvements, regardless of assessed valuation. This exemption is not extended to the
appraised value of land or non‐eligible improvements on the same parcel. Eligibility criteria includes, at
a minimum: the property owner must provide affordable housing to low‐income households for 20% of
the multi‐units available for rent and the property must be located in one of the designated “residential
target areas”. All exemptions granted after July 2007 range from 8‐12 years depending on the exemption
Year Ended
December 31
2023 2,879,931
2024 2,826,740
2025 3,105,043
2026 3,259,963
2027 3,709,684
Thereafter 20,171,947
35,953,309$
Cost Accumulated
Deprciation Carrying Value
Land 784,080 ‐ 784,080
Buildings 742,098 531,426 210,673
Other Improvements 27,170,299 12,710,309 14,459,990
Total 28,696,477 13,241,734 15,454,743
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-70
option selected. There are no provisions to recapture abated taxes. As of December 31, 2022, the city
has four projects that are subject to property tax abatement.
The State of Washington employs the multi‐unit urban housing exemption (RCW 84.14.020) that impact
tax revenues of the city. This program provides for an ad valorem property tax emption for qualifying
new housing construction, conversion, and rehabilitation improvements. The impact to the city for
taxes abated by the State of Washington is shown in the table below.
New Jobs Business & Occupation Tax Credit
The purpose of the New Jobs Business & Occupation Tax Credit is to provide a temporary tax credit
relating to new businesses to encourage business growth or relocation into the city. In order to qualify
for the tax credit, businesses must create fifty or more new full time employment positions in the first
year of business in the city. The credit is equal to one thousand dollars for each new full‐time
employment position created and is used to reduce the amount of Business & Occupation tax owed by
the business. The tax credit cannot exceed the total tax due. A business may claim the credit under this
program for the first twelve consecution reporting quarters or three reporting years.
The following table details the tax abatement amounts for the year ending December 31, 2022:
State of Washington Sales Tax Exemptions
The State of Washington has tax abatements that allow for sales/use tax exemptions and deferrals.
Purchases for computer hardware, computer peripherals, or software used primarily in the
development, design and engineering of aerospace products or providing aerospace services or sales are
exempt from sales and use tax per RCW 82.08.975 and 82.12.975. The exemption also applies to sales
of labor and services rendered in respect to installing the computer hardware, peripherals or software
used to develop or design aerospace products. The eligible purchaser must present a Buyers’ Retail
Sales Tax Exemption Certificate to the seller at the time of purchase.
The State of Washington is prohibited by the law to disclose detail on the amount of abatements
provided under these exemption and deferrals.
Tax Abatement Program City of Renton Other Governments
$83,333 $57,301
$5,861
Property Tax Exemption for Affordable
Multi ‐Family Housing
New Jobs Business & Occupation Tax
Credit
Tax abated in the fiscal year ending 12/31/2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-71
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes 80,780,160 94,129,262 103,201,671 9,072,409
Licenses and permits 5,535,065 6,322,163 7,454,966 1,132,803
Intergovernmental revenues 4,507,277 22,346,010 18,292,689 (4,053,321)
Charges for services 9,048,229 9,839,892 10,128,421 288,529
Fines and forfeits 3,829,782 3,829,782 4,059,327 229,545
Contributions 37,000 87,160 345,480 258,320
Miscellaneous revenue 1,733,440 1,730,532 1,746,195 15,663
Investment earnings 840,000 205,804 192,624 (13,180)
Total revenues 106,310,953 138,490,605 145,421,373 6,930,768
EXPENDITURES
Current:
Culture and recreation 15,652,589 16,423,985 14,273,073 2,150,912
Economic environment 11,118,691 15,644,434 12,697,631 2,946,803
General government 19,057,651 21,230,295 17,892,862 3,337,433
Health and human services 2,412,085 5,320,204 3,200,359 2,119,845
Judicial 4,098,461 4,528,357 3,982,793 545,564
Public safety 44,374,983 48,766,680 46,551,836 2,214,844
Transportation 13,522,818 14,936,807 14,713,050 223,757
Utilities 552,422 ‐ ‐ ‐
Total current 110,789,700 126,850,762 113,311,604 13,539,158
Capital outlay:
Culture and recreation 15,000 33,512 12,478 21,034
Economic environment ‐ 88,762 182,251 (93,489)
Public safety ‐ ‐ 28,164 (28,164)
Transportation 5,200 5,200 ‐ 5,200
General government ‐ ‐ 74,198 (74,198)
Total capital outlay 20,200 127,474 297,091 (169,617)
Total expenditures 110,809,900 126,978,236 113,608,695 13,369,541
Excess (deficiency) of revenues over expenditures (4,498,947) 11,512,369 31,812,678 20,300,309
OTHER FINANCING SOURCES (USES)
Interfund loans ‐ (225,309) (225,309) ‐
Lease financing ‐ ‐ 74,198 74,198
Proceeds from sale of capital assets ‐ ‐ 2,000 2,000
Insurance Recoveries ‐ ‐ 262,113 262,113
Transfer in ‐ 3,040,000 3,040,000 ‐
Transfers out (2,881,000) (17,016,240) (16,844,752) 171,488
Total other financing sources (uses)(2,881,000) (14,201,549) (13,691,750) 509,799
Net change in fund balance (7,379,947) (2,689,180) 18,120,928 20,810,108
Fund balances ‐ January 1, as originally stated 22,687,377 69,102,661 74,985,582 5,882,921
Prior period adjustment ‐ (3,437,067) ‐ 3,437,067
Fund balances ‐ January 1, restated 22,687,377 65,665,594 74,985,582 9,319,988
Fund balances ‐ December 31 15,307,430$ 62,976,414$ 93,106,510$ 30,130,096$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
General
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-1
NOTES TO SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL – GENERAL FUND
NOTE 1. BUDGETARY BASIS OF ACCOUNTING
The City of Renton’s biennial budget procedures are mandated by the Chapter 35A.33 of the Revised Code
of Washington (RCW). The budget, as adopted, constitutes the legal authority for expenditures. The biennial
budget is adopted with budgetary control at the fund level, so expenditures may not legally exceed
appropriations at that level of detail. Transfers or revisions within funds are allowed, but only the City
Council has the legal authority to increase or decrease a given fund’s annual budget. This is accomplished
by City ordinance. Adopted budgets lapse at year-end and must be re-appropriated (carried forward) the
next fiscal year.
The Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual is presented on
a budgetary basis (non-GAAP). The budgetary basis of accounting is substantially the same as the modified
accrual basis of accounting in all governmental funds except for the following differences:
Basis differences – certain payments and receipts are budgeted for in a manner that is inconsistent with
GAAP:
Interfund reimbursements for indirect cost allocations and payroll costs associated with capital
projects are budgeted as charge for service revenues, however, these payments are reclassified
as a reduction of the expenditure for GAAP reporting.
Interfund loans are budgeted as other financing sources (uses), however, these payments and
receipts are reclassified as changes in an interfund loan receivable/payable for GAAP reporting.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-2
NOTES TO SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL – GENERAL FUND
A reconciliation of Revenues, Expenditures, and Changes in Fund Balance budgetary basis to GAAP
basis is as follows:
General Fund
Budgetary
Basis
Interfund
Reimbursements
General Fund
GAAP Basis
REVENUES
Taxes 103,201,671 $ - $ 103,201,671
Licenses and permits 7,454,966 - 7,454,966
Intergovernmental revenues 18,292,689 - 18,292,689
Charges for services 10,128,421 (4,358,257) 5,770,164
Fines and forfeits 4,059,327 - 4,059,327
Contributions 345,480 - 345,480
Miscellaneous Revenue 1,746,195 - 1,746,195
Investment earnings 192,624 - 192,624
Total revenues 145,421,373 (4,358,257) 141,063,116
EXPENDITURES
Current:
Culture and recreation 14,273,073 (411,580) 13,861,493
Economic environment 12,697,631 (845,074) 11,852,557
General government 17,892,862 (1,773,655) 16,119,207
Health and human services 3,200,359 - 3,200,359
Judicial 3,982,793 - 3,982,793
Public safety 46,551,836 - 46,551,836
Transportation 14,713,050 (1,327,948) 13,385,102
Total current 113,311,604 (4,358,257) 108,953,347
Capital outlay:
Culture and recreation 12,478 - 12,478
Economic environment 182,251 - 182,251
General government 74,198 - 74,198
Health and human services - - -
Public safety 28,164 - 28,164
Transportation - - -
Total capital outlay 297,091 - 297,091
Total expenditures 113,608,695 (4,358,257) 109,250,438
Excess (deficiency) of revenues
over expenditures 31,812,678 - 31,812,678
OTHER FINANCING SOURCES (USES)
Transfers in 3,040,000 - 3,040,000
Transfers out (16,844,752) - (16,844,752)
Interfund loans (225,309) 225,309 -
Proceeds from sale of capital assets 2,000 - 2,000
Insurance Recoveries 262,113 - 262,113
Lease Financing 74,198 74,198
Total other financing sources
(uses) (13,691,750) 225,309 (13,466,441)
Net change in fund balances $ 18,120,928 $ 225,309 $ 18,346,237
2022 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-3
City of RentonSchedule of the City's Proportionate Share of the Net Pension Liability/(Asset)Measurement Date of June 30Last 10 Fiscal YearsPERS Plan 12022202120202019201820172016201520142013*City's proportion of the net pension liability/(asset)0.273106% 0.244828% 0.262379% 0.268500% 0.271486% 0.282530% 0.276331% 0.275830% 0.273241% N/ACity's proportionate share of the net pension liability/(asset)**7,604,273$ 2,989,923$ 9,263,396$ 10,324,778$ 12,124,657$ 13,406,269$ 14,840,276$ 14,428,474$ 13,764,644$ N/ACity's covered payroll44,060,001$ 37,629,142$ 39,795,650$ 37,595,653$ 36,344,451$ 35,481,222$ 32,889,898$ 31,005,185$ 29,656,856$ N/ACity's proportionate share of the net pension liability/(asset) as a percentage of its covered payroll17.26%7.95% 23.28% 27.46% 33.36% 37.78% 45.12% 46.54% 46.41% N/APlan fiduciary net position as a percentage of the total pension liability76.56% 88.74% 68.64% 67.12% 63.22% 61.24% 57.03% 59.10% 61.19% N/A* This schedule will be built prospectively until it contains ten years of data. Prior years' information is unavailable.** 2016 amount includes $280,481 in net pension liability transferred to the RFA on 6/30/16 to avoid skewing percentage of covered payroll ratio.2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-4
City of RentonSchedule of the City's Proportionate Share of the Net Pension Liability/(Asset)Measurement Date of June 30Last 10 Fiscal YearsPERS Plan 2/32022202120202019201820172016201520142013*City's proportion of the net pension liability/(asset)0.352756% 0.312116% 0.338648% 0.342614% 0.344584% 0.356727% 0.343835% 0.345072% 0.337183% N/ACity's proportionate share of the net pension liability/(asset)**(13,082,948)$ (31,091,776)$ 4,331,115$ 3,327,947$ 5,883,465$ 12,394,558$ 17,311,821$ 12,329,619$ 6,815,686$ N/ACity's covered payroll43,737,495$ 37,331,068$ 39,490,308$ 37,260,677$ 36,036,413$ 35,045,479$ 32,370,185$ 30,618,109$ 29,147,610$ N/ACity's proportionate share of the net pension liability/(asset) as a percentage of its covered payroll‐29.91%‐83.29% 10.97%8.93% 16.33% 35.37% 53.48% 40.27% 23.38% N/APlan fiduciary net position as a percentage of the total pension liability106.73% 120.29% 97.22% 97.77% 95.77% 90.97% 85.82% 89.20% 93.29% N/A* This schedule will be built prospectively until it contains ten years of data. Prior years' information is unavailable** 2016 amount includes $327,194 in net pension liability transferred to the RFA on 6/30/16 to avoid skewing percentage of covered payroll ratio.2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-5
City of RentonSchedule of the City's Proportionate Share of the Net Pension Liability/(Asset)Measurement Date of June 30Last 10 Fiscal YearsPSERS Plan 22022202120202019201820172016201520142013*City's proportion of the net pension liability/(asset)0.047808% 0.043972% 0.049734% 0.055527% 0.057762% 0.065808% 0.065158% 0.042991% 0.464430% N/ACity's proportionate share of the net pension liability/(asset)(34,183)$ (101,021)$ (6,843)$ (7,221)$ 716$ 27,967$ 11,892$ 7,846$ (6,725)$ N/ACity's covered payroll322,506$ 298,074$ 305,343$ 255,388$ 226,589$ 233,001$ 211,427$ 124,200$ 125,311$ N/ACity's proportionate share of the net pension liability/(asset) as a percentage of its covered payroll‐10.60%‐33.89%‐2.24%‐2.83%0.32% 12.00%5.62%6.32%‐5.37% N/APlan fiduciary net position as a percentage of the total pension liability105.96% 123.67% 101.68% 101.85% 99.79% 90.41% 95.08% 95.08% 105.01% N/A* This schedule will be built prospectively until it contains ten years of data. Prior years' information is unavailable2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-6
City of RentonSchedule of the City's Proportionate Share of the Net Pension Liability/(Asset)Measurement Date of June 30Last 10 Fiscal YearsLEOFF Plan 12022202120202019201820172016201520142013*City's proportion of the net pension liability/(asset)0.249474% 0.244279% 0.239644% 0.235664% 0.233551% 0.235931% 0.231059% 0.229885% 0.225836% N/ACity's proportionate share of the net pension liability/(asset)**(7,156,444)$ (8,367,929)$ (4,525,699)$ (4,658,161)$ (4,240,123)$ (2,430,764)$ (2,784,772)$ (2,770,622)$ (2,738,919)$ N/AState's proportionate share of the net pension liability/(asset) associated with the City(48,406,009) (56,600,464) (30,611,716) (31,507,679) (28,680,087) (24,212,271) (16,524,364) (18,740,418) (18,525,980) N/ATotal(55,562,453)$ (64,968,393)$ (35,137,415)$ (36,165,840)$ (32,920,210)$ (26,643,035)$ (19,309,136)$ (21,511,040)$ (21,511,040)$ N/ACity's covered payroll‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ City's proportionate share of the net pension liability/(asset) as a percentage of its covered payrollN/AN/AN/AN/AN/AN/AN/AN/AN/AN/APlan fiduciary net position as a percentage of the total pension liability169.62% 187.45% 146.88% 148.78% 144.42% 123.74% 127.36% 127.36% 127.36% N/A* This schedule will be built prospectively until it contains ten years of data. Prior years' information is unavailable** 2016 amount includes $1,325,025 in net pension asset transferred to the RFA on 6/30/16 to avoid skewing percentage of covered payroll ratio.2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-7
City of RentonSchedule of the City's Proportionate Share of the Net Pension Liability/(Asset)Measurement Date of June 30Last 10 Fiscal YearsLEOFF Plan 22022202120202019201820172016201520142013*City's proportion of the net pension liability/(asset)0.420420% 0.395321% 0.430979% 0.445635% 0.451824% 0.468330% 0.947284% 0.954715% 0.947521% N/ACity's proportionate share of the net pension liability/(asset)**(11,425,746)$ (22,961,880)$ (8,791,342)$ (10,323,995)$ (9,173,012)$ (2,723,948)$ (9,736,185)$ (9,812,561)$ (12,574,011)$ N/AState's proportionate share of the net pension liability/(asset) associated with the City(7,370,853) (14,812,919) (5,621,397) (6,760,833) (5,939,352) (4,215,723) (1,592,656) (925,241) (870,262) N/ATotal(18,796,599)$ (37,774,799)$ (14,412,739)$ (17,084,828)$ (15,112,364)$ (6,939,671)$ (11,328,841)$ (10,737,802)$ (13,444,273)$ N/ACity's covered payroll16,702,560$ 14,998,612$ 16,022,905$ 15,336,814$ 14,669,121$ 14,650,540$ 28,694,750$ 27,709,532$ 26,365,930$ ‐$ City's proportionate share of the net pension liability/(asset) as a percentage of its covered payroll‐68.41%‐153.09%‐54.87%‐67.32%‐62.53%‐18.59%‐33.93%‐35.41%‐47.69% N/APlan fiduciary net position as a percentage of the total pension liability116.09% 142.00% 115.83% 119.43% 118.50% 106.04% 111.67% 111.67% 116.75% N/A* This schedule will be built prospectively until it contains ten years of data. Prior years' information is unavailable** 2016 amount includes $3,066,692 in net pension asset transferred to the RFA on 6/30/16 to avoid skewing percentage of covered payroll ratio.2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-8
City of RentonSchedule of Employer ContributionsWA Department of Retirement SystemsAs of December 31Last 10 Fiscal YearsPERS Plan 12022202120202019201820172016201520142013Contractually Required Contribution1,688,345$ 1,742,267$ 1,887,308$ 1,926,964$ 1,879,300$ 1,717,805$ 1,619,494$ 2,190,238$ 1,253,454$ N/AContributions in relation to the contractually required contribution1,688,345 1,742,267 1,887,308 1,926,964 1,879,300 1,717,805 1,619,494 2,190,238 1,253,454 N/AContribution deficiency (excess)‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/ACovered payroll44,932,224$ 40,226,475$ 39,386,689$ 38,826,806$ 37,103,778$ 35,120,529$ 33,737,587$ 48,318,549$ 30,448,215$ N/AContributions as a percentage of covered payroll3.76%4.33%4.79%4.96%5.06%4.89%4.80%4.53%4.12% N/APERS Plan 2/32022202120202019201820172016201520142013Contractually Required Contribution2,833,167$ 2,872,166$ 3,095,333$ 2,964,353$ 2,752,176$ 2,375,793$ 2,067,865$ 2,743,908$ 1,490,022$ N/AContributions in relation to the contractually required contribution2,833,167 2,872,166 3,095,333 2,964,353 2,752,176 2,375,793 2,067,865 2,743,908 1,490,022 N/AContribution deficiency (excess)‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/ACovered payroll44,544,778$ 39,919,026$ 39,082,343$ 38,495,775$ 36,791,404$ 34,783,770$ 33,263,999$ 47,552,982$ 29,821,815$ N/AContributions as a percentage of covered payroll6.36% 7.19% 7.92% 7.70% 7.48% 6.83% 6.22% 5.77% 5.00% N/APSERS Plan 22022 2021 2020 2019 2018 2017 2016 2015 2014 2013Contractually Required Contribution25,319$ 21,192$ 21,913$ 20,872$ 15,723$ 14,929$ 14,489$ 18,418$ 7,845$ N/AContributions in relation to the contractually required contribution25,319 21,192 21,913 20,872 15,723 14,929 14,489 18,418 7,845 N/AContribution deficiency (excess)‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/ACovered payroll387,446$ 307,449$ 304,345$ 292,650$ 229,922$ 224,038$ 219,869$ 282,407$ 122,185$ N/AContributions as a percentage of covered payroll6.53%6.89%7.20%7.13%6.84%6.66%6.59%6.52% 6.42%N/ALEOFF Plan 22022202120202019201820172016201520142013Contractually Required Contribution947,993$ 820,173$ 836,869$ 840,501$ 801,240$ 715,573$ 1,049,917$ 2,160,553$ 1,368,037$ N/AContributions in relation to the contractually required contribution947,993 820,173 836,869 840,501 801,240 715,573 1,049,917 2,160,553 1,368,037 N/AContribution deficiency (excess)‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/ACovered payroll18,322,206$ 15,649,942$ 15,936,186$ 15,818,413$ 14,805,412$ 13,896,060$ 20,790,373$ 42,778,479$ 27,089,783$ N/AContributions as a percentage of covered payroll5.17%5.24%5.25%5.31%5.41%5.15%5.05%5.05% 5.05%N/ANote to schedule:This schedule will be build prospectively until it contains ten years of data. Prior years' information is unavailable2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-9
City of RentonSchedule of Changes in Net Pension Liability and Related RatiosFirefighters' Pension FundLast 10 Fiscal Years$ Thousands2022 2021 2020 2019 2018 2017 2016 2015 2014 2013Total Pension LiabilityService Cost‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/AInterest on Total Pension Liability54 45 62 100 94 103 106 109 112 N/AEffect of Plan Changes‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ N/AEffect of Economic/Demographic Gains or (Losses)‐ 533 ‐ (331) ‐ ‐ (29) ‐ ‐ N/AEffect of Assumption Changes or Inputs(292) 123 127 207 (94) 52 (125) ‐ ‐ N/ABenefit payments(223) (227) (210) (194) (193) (240) (208) (205) (204) N/ANet Change in Total Pension Liability(461) 474 (20) (219) (192) (84) (256) (96) (92) N/ATotal Pension Liability ‐ Beginning2,827 2,353 2,373 2,592 2,784 2,868 3,125 3,221 3,313 N/ATotal Pension Liability ‐ Ending (a)2,366$ 2,827$ 2,353$ 2,373$ 2,592$ 2,784$ 2,868$ 3,125$ 3,221$ N/APlan Fiduciary Net PositionEmployer Contributions‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/AContributions from State Fire Insurance Premium Tax183 172 166 155 154 151 148 146 143 N/AInvestment Income Net of Investment Expenses(109) (35) 267 294 121 114 136 134 394 N/ABenefit payments(223) (227) (210) (194) (193) (240) (208) (205) (204) N/AMedical Payments from Fund‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ N/AAdministrative Expense(3) (12) (3) (12) ‐ (12) ‐ (12) (1) N/ANet Change in plan fiduciary net position(153) (103) 220 242 83 13 76 63 332 N/APlan fiduciary net position ‐ beginning10,062 10,165 9,945 9,703 9,619 9,607 9,531 9,468 9,136 N/APlan fiduciary net position ‐ ending (b)9,909 10,062 10,165 9,945 9,703 9,619 9,607 9,531 9,468 N/ANet pension liability ‐ ending =(a)‐(b)(7,543)$ (7,235)$ (7,811)$ (7,572)$ (7,111)$ (6,835)$ (6,739)$ (6,406)$ (6,247)$ N/AFiduciary net position as a percentage of the total pension liability418.81% 355.93% 431.95% 419.09% 374.34% 345.51% 334.97% 304.99% 293.95% N/ACovered Payroll‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/ANet pension liability as a percentage of covered payrollN/AN/AN/AN/AN/AN/AN/AN/AN/AN/ANote to schedule:This schedule will be build prospectively until it contains ten years of data. Prior years' information is unavailable2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-10
City of RentonSchedule of Employer ContributionsFirefighters' Pension FundLast 10 Fiscal Years2022202120202019201820172016201520142013Actuarially determined contribution‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ Contributions in relation to the actuarially determined contribution182,841 171,853 165,917 155,413 154,275 150,951 148,034 146,358 142,706 124,391 Contribution deficiency (excess)(182,841)$ (171,853)$ (165,917)$ (155,413)$ (154,275)$ (150,951)$ (148,034)$ (146,358)$ (142,706)$ (124,391)$ Covered ‐ employee payroll‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ Contribution as a percentage of covered ‐ employee payrollN/AN/AN/AN/AN/AN/AN/AN/AN/AN/ANote:Contributions are a portion of State Fire Insurance Premium Taxes.2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-11
City of RentonSchedule of Investment ReturnsFirefighters' Pension FundDecember 31, 2022Last 10 Fiscal YearsFiscal YearEndingDecember 31NetMoney‐Weighted Rate of Return2013N/A20144.31%20151.42%20161.43%20171.19%20181.26%20193.03%20202.68%2021‐0.35%2022‐1.08%2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-12
City of RentonSchedule of Changes in Total OPEB Liability and Related RatiosLEOFF 1 Retiree Medical BenefitsLast 10 Fiscal Years$ Thousands2022 2021 2020 2019 2018 2017 2016 2015 2014 2013Total OPEB LiabilityService Cost‐$ ‐$ ‐$ ‐$ ‐$ N/AN/AN/AN/AN/AInterest on Total OPEB Liability695 839 1,062 1,692 1,576 N/A N/A N/A N/A N/AChanges of benefit terms‐ ‐ ‐ ‐ ‐ N/A N/A N/A N/A N/AEffect of Economic/Demographic Gains or (Losses)‐ (5,516) ‐ (2,946) ‐ N/A N/A N/A N/A N/AEffect of Assumption Changes or Inputs(5,736) (1,089) 3,806 (859) (2,764) N/A N/A N/A N/A N/AExpected benefit payments(1,511) (1,424) (1,618) (1,491) (1,586) N/A N/A N/A N/A N/ANet Change in Total OPEB Liability(6,552) (7,190) 3,250 (3,605) (2,774) N/A N/A N/A N/A N/ATotal OPEB Liability ‐ Beginning35,484 42,674 39,424 43,029 45,803 N/A N/A N/A N/A N/ATotal OPEB Liability ‐ Ending28,932$ 35,484$ 42,674$ 39,424$ 43,029$ N/A N/A N/A N/A N/ACovered Payroll‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ Total OPEB liability as a percentage of covered payrollN/AN/AN/AN/AN/AN/AN/AN/AN/AN/ANotes to schedule:There are no assets accumulated in a trust compliant with GASB codification P22.101 or P52.101 to pay OPEB benefitsThis schedule is presented to illustrate the requirement to show information for 10 years. However, recalculations of prior years are not rquired, and if prior years are not reportedin accordance with the current GASB standards, they should not be reported.2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-13
Non-Major Governmental Funds
Special Revenue Funds
HOUSING AND 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.
HOTEL/MOTEL TAX
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 or Renton, as authorized under RCW
67.28.180.
CABLE COMMUNICATIONS
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.
SPRINGBROOK WETLANDS BANK
The Springbrook Wetlands Fund was established for the purpose of providing accounting for the
Springbrook Creek Wetland and Habitat Mitigation Bank project. The fund receives revenue by
selling Wetlands credits which will be used to fund the ongoing maintenance of the wetland in
perpetuity.
POLICE SEIZURE
The Police Seizure Fund was established 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.
POLICE CSAM SEIZURE
The Police CSAM Seizure Fund was established in 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.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-1
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.
FIRE IMPACT MITIGATION
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.
Debt Service Funds
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT SERVICE
This debt service fund accounts for the following outstanding debt issues:
• 2009 intergovernmental debt related to the Fire District #40 asset transfer as a result of
the Benson Hill annexation.
• 2011 Limited Tax General Obligation bonds which funded the development and
construction of two new libraries.
• 2013 Limited Tax General Obligation qualified energy conservation bonds (QECB) which
provided funding for streetlight improvements.
• 2015 (A) Limited Tax General Obligation refunding bonds refunded a portion of the 2006
limited tax general obligation bonds for the construction of South Lake Washington
infrastructure improvements.
• 2019 limited tax general obligation bonds which are funding multiple parks capital
projects.
• 2019 limited tax general obligation Local Revitalization Funding (LRF) bonds which are
funding transportation capital projects within the South Lake Washington Local
Revitalization Area.
• 2019 limited tax general obligation refunding bonds which refunded a portion of the 2009
(A & B) intergovernmental debt related to the acquisition, construction, and equipping of
the SCORE facility.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-2
Capital Project Funds
COMMUNITY DEVELOPMENT IMPACT MITIGATION
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 expenditures are incurred.
TRANSPORTATION IMPACT MITIGATION
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 expenditures are incurred.
REET1
This fund accounts 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.
REET2
This fund accounts 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.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-3
Non-Major Proprietary Funds
Enterprise Funds
AIRPORT FUND
The Airport Fund accounts for revenues and expenses for administration, debt services,
operation, capital improvements, and maintenance of the Renton Municipal Airport and Will
Rodger‐Wily Post Memorial Seaplane Base. Sources of support to the fund are leases, fuel
charges, investment interest, and grant funding as available.
GOLF COURSE FUND
The Golf Course Fund was created after the City acquired the Maplewood Golf Course. The fund
accounts for the operation, maintenance, debt service, and capital improvements of the facility.
Internal Service Funds
EQUIPMENT RENTAL FUND
The Equipment Rental Fund accounts for the costs of maintaining and replacing all City vehicles
and auxiliary equipment. In addition, this fund accounts for the City’s information technology,
facilities and communications costs. All costs, including depreciation, are factors in calculating
the rates that are charged to each user department.
INSURANCE FUND
The Insurance Fund provides accounting for self‐insurance services to all City departments,
including provisions for losses on property, liability, worker’s compensation, unemployment
compensation, and the health care program. Expenses are paid from the Insurance Fund and
rates are charged to departments based on use and/or coverage requirements.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-4
Special revenue funds Debt service funds Capital projects funds
Total Nonmajor
Governmental Funds
ASSETS
Cash & cash equivalents 7,812,699$ 3,679,807$ 12,312,106$ 23,804,612$
Investments at fair value 3,216,007 1,514,749 5,068,134 9,798,890
Receivables (net of allowance for uncollectible):
Taxes 62,618 ‐ 190,396 253,014
Customer accounts 23,243 ‐ ‐ 23,243
Interest & penalties 12,054 5,731 40,125 57,910
Due from other governments 775,914 ‐ ‐ 775,914
Total assets 11,902,535$ 5,200,287$ 17,610,761$ 34,713,583$
LIABILITIES
Accounts payable 223,757$ ‐$ ‐$ 223,757$
Retainage payable 12,925 ‐ ‐ 12,925
Total liabilities 236,682 ‐ ‐ 236,682
Total liabilities and deferred inflows of resources 236,682 ‐ ‐ 236,682
FUND BALANCES (DEFICITS)
Restricted 11,216,974 252,300 17,610,761 29,080,035
Committed 449,191 ‐ ‐ 449,191
Assigned (312) 4,947,987 ‐ 4,947,675
Total fund balances (deficits) 11,665,853 5,200,287 17,610,761 34,476,901
Total liabilities and fund balances (deficits) 11,902,535$ 5,200,287$ 17,610,761$ 34,713,583$
City of Renton
Combining Governmental Balance Sheet
Nonmajor Governmental Funds
Summary by Fund Type
December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-5
Housing and Supportive Services Hotel/Motel TaxCable Communications DevelopmentSpringbrook Wetlands Bank Police Seizure Police CSAM SeizureSchool District Impact Mitigation Fire Impact MitigationTotal Nonmajor Special Revenue FundsASSETSCash & cash equivalents4,289,972$ 589,069$ 331,911$ 320,685$ 237,378$ 120,823$ 18,414$ 1,904,447$ 7,812,699$ Investments at fair value1,765,917 242,483 136,628 132,006 97,714 49,736 7,580 783,943 3,216,007 Receivables (net of allowance for uncollectible):Taxes‐ 62,618 ‐ ‐ ‐ ‐ ‐ ‐ 62,618 Customer accounts‐ 9,000 14,243 ‐ ‐ ‐ ‐ ‐ 23,243 Interest & penalties5,220 1,049 657 511 698 197 208 3,514 12,054 Due from other governments775,914 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 775,914 Total assets6,837,023$ 904,219$ 483,439$ 453,202$ 335,790$ 170,756$ 26,202$ 2,691,904$ 11,902,535$ LIABILITIESAccounts payable44,280$ 140,202$ 8,750$ 4,011$ ‐$ ‐$ 26,514$ ‐$ 223,757$ Retainage payable‐ ‐ 12,925 ‐ ‐ ‐ ‐ ‐ 12,925 Total liabilities44,280 140,202 21,675 4,011 ‐ ‐ 26,514 ‐ 236,682 Total liabilities and deferred inflows of resources44,280 140,202 21,675 4,011 ‐ ‐ 26,514 ‐ 236,682 FUND BALANCES (DEFICITS)Restricted6,792,743 764,017 461,764 ‐ 335,790 170,756 ‐ 2,691,904 11,216,974 Committed‐ ‐ ‐ 449,191 ‐ ‐ ‐ ‐ 449,191 Unassigned‐ ‐ ‐ ‐ ‐ ‐ (312) ‐ (312) Total fund balances (deficits)6,792,743 764,017 461,764 449,191 335,790 170,756 (312) 2,691,904 11,665,853 Total liabilities and fund balances (deficits)6,837,023$ 904,219$ 483,439$ 453,202$ 335,790$ 170,756$ 26,202$ 2,691,904$ 11,902,535$ City of RentonCombining Balance SheetNonmajor Special Revenue FundsDecember 31, 20222022 Annual Comprehensive Financial ReportCity of Renton, WashingtonCombining Statements and Schedules, 6-6
General Debt
Total Nonmajor Debt
service funds
ASSETS
Cash & cash equivalents 3,679,807$ 3,679,807$
Investments at fair value 1,514,749 1,514,749
Receivables (net of allowance for uncollectible):
Interest & penalties 5,731 5,731
Total assets 5,200,287$ 5,200,287$
LIABILITIES
Total liabilities and deferred inflows of resources ‐ ‐
FUND BALANCES (DEFICITS)
Restricted 252,300 252,300
Assigned 4,947,987 4,947,987
Total fund balances (deficits) 5,200,287 5,200,287
Total liabilities and fund balances (deficits) 5,200,287$ 5,200,287$
City of Renton
Combining Balance Sheet
Nonmajor Debt service funds
December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-7
Community Development Impact MitigationTransportation Impact Mitigation REET1 REET2Total Nonmajor Capital Projects FundsASSETSCash & cash equivalents1,113,032$ 4,865,026$ 2,129,142$ 4,204,906$ 12,312,106$ Investments at fair value458,167 2,002,631 876,436 1,730,900 5,068,134 Receivables (net of allowance for uncollectible):Taxes‐ ‐ 95,198 95,198 190,396 Interest & penalties5,323 13,885 8,041 12,876 40,125 Total assets1,576,522$ 6,881,542$ 3,108,817$ 6,043,880$ 17,610,761$ FUND BALANCES (DEFICITS)Restricted1,576,522 6,881,542 3,108,817 6,043,880 17,610,761 Total fund balances (deficits) 1,576,522 6,881,542 3,108,817 6,043,880 17,610,761 Total liabilities and fund balances (deficits) 1,576,522$ 6,881,542$ 3,108,817$ 6,043,880$ 17,610,761$ City of RentonCombining Balance SheetNonmajor Capital Projects FundsDecember 31, 20222022 Annual Comprehensive Financial ReportCity of Renton, WashingtonCombining Statements and Schedules, 6-8
Special Revenue Funds Debt Service Funds Capital Projects Funds
Total Nonmajor
Governmental Funds
REVENUES
Taxes 4,955,549$ ‐$ 8,283,286$ 13,238,835$
Licenses and permits 60,377 ‐ ‐ 60,377
Intergovernmental revenues ‐ 44,705 ‐ 44,705
Charges for services 5,299,266 ‐ 9,997,940 15,297,206
Fines and forfeits 14,524 ‐ ‐ 14,524
Contributions 179,526 ‐ ‐ 179,526
Investment earnings (7,426) (3,295) 203,019 192,298
Total revenues 10,501,816 41,410 18,484,245 29,027,471
EXPENDITURES
Current:
Culture and recreation 59,633 ‐ ‐ 59,633
Economic environment 2,066,203 ‐ ‐ 2,066,203
General government 4,092,795 ‐ ‐ 4,092,795
Public safety 6,341 ‐ ‐ 6,341
Debt service:
Principal payment ‐ 3,069,547 ‐ 3,069,547
Interest payment ‐ 1,271,720 ‐ 1,271,720
Capital outlay:
Culture and recreation 287,211 ‐ ‐ 287,211
Public safety 163,598 ‐ ‐ 163,598
Total expenditures 6,675,781 4,341,267 ‐ 11,017,048
Excess (deficiency) of revenues over expenditures 3,826,035 (4,299,857) 18,484,245 18,010,423
OTHER FINANCING SOURCES (USES)
Transfer in ‐ 4,289,359 (10,087) 4,279,272
Transfers out (841,190) ‐ (22,698,418) (23,539,608)
Proceeds from sale of capital assets 230,300 ‐ ‐ 230,300
Total other financing sources (uses)(610,890) 4,289,359 (22,708,505) (19,030,036)
Net change in fund balances 3,215,145 (10,498) (4,224,260) (1,019,613)
Fund balances ‐ January 1 8,450,708 5,210,785 21,835,021 35,496,514
Fund balances ‐ December 31 11,665,853$ 5,200,287$ 17,610,761$ 34,476,901$
City of Renton
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Governmental Funds
Summary by Fund Type
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-9
Housing and Supportive Services Hotel/Motel TaxCable Communications DevelopmentSpringbrook Wetlands Bank Police Seizure Police CSAM SeizureSchool District Impact Mitigation Fire Impact MitigationTotal Nonmajor Special Revenue FundsREVENUESTaxes4,449,244$ 506,305$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ 4,955,549$ Licenses and permits‐ ‐ 60,377 ‐ ‐ ‐ ‐ ‐ 60,377 Charges for services‐ ‐ ‐ ‐ ‐ ‐ 4,067,068 1,232,198 5,299,266 Fines and forfeits‐ ‐ ‐ ‐ ‐ 14,524 ‐ ‐ 14,524 Contributions ‐ 25,000 ‐ ‐ 154,526 ‐ ‐ ‐ 179,526 Investment earnings (17,479) 381 1,374 (510) 2,774 7 3,663 2,364 (7,426) Total revenues 4,431,765 531,686 61,751 (510) 157,300 14,531 4,070,731 1,234,562 10,501,816 EXPENDITURESCurrent:Culture and recreation ‐ ‐ 59,633 ‐ ‐ ‐ ‐ ‐ 59,633 Economic environment 1,520,840 530,768 ‐ 14,595 ‐ ‐ ‐ ‐ 2,066,203 General government‐ ‐ ‐ ‐ ‐ ‐ 4,092,795 ‐ 4,092,795 Public safety‐ ‐ ‐ ‐ 6,297 44 ‐ ‐ 6,341 Capital outlay:Culture and recreation‐ ‐ 287,211 ‐ ‐ ‐ ‐ ‐ 287,211 Public safety‐ ‐ ‐ ‐ 145,287 18,311 ‐ ‐ 163,598 Total expenditures1,520,840 530,768 346,844 14,595 151,584 18,355 4,092,795 ‐ 6,675,781 Excess (deficiency) of revenues over expenditures2,910,925 918 (285,093) (15,105) 5,716 (3,824) (22,064) 1,234,562 3,826,035 OTHER FINANCING SOURCES (USES)Transfers out‐ (40,000) ‐ ‐ (300,556) ‐ ‐ (500,634) (841,190) Proceeds from sale of capital assets‐ ‐ ‐ 230,300 ‐ ‐ ‐ ‐ 230,300 Total other financing sources (uses) ‐ (40,000) ‐ 230,300 (300,556) ‐ ‐ (500,634) (610,890) Net change in fund balances 2,910,925 (39,082) (285,093) 215,195 (294,840) (3,824) (22,064) 733,928 3,215,145 Fund balances ‐ January 1 3,881,818 803,099 746,857 233,996 630,630 174,580 21,752 1,957,976 8,450,708 Fund balances ‐ December 31 6,792,743$ 764,017$ 461,764$ 449,191$ 335,790$ 170,756$ (312)$ 2,691,904$ 11,665,853$ City of RentonCombining Statement of Revenues, Expenditures and Changes in Fund BalancesNonmajor Special Revenue FundsFor the Year Ended December 31, 20222022 Annual Comprehensive Financial ReportCity of Renton, WashingtonCombining Statements and Schedules, 6-10
General Debt
Total Nonmajor Debt
Service Funds
REVENUES
Intergovernmental revenues 44,705$ 44,705$
Investment earnings (3,295) (3,295)
Total revenues 41,410 41,410
EXPENDITURES
Debt service:
Principal payment 3,069,547 3,069,547
Interest payment 1,271,720 1,271,720
Total expenditures 4,341,267 4,341,267
Excess (deficiency) of revenues over expenditures (4,299,857) (4,299,857)
OTHER FINANCING SOURCES (USES)
Transfer in 4,289,359 4,289,359
Total other financing sources (uses)4,289,359 4,289,359
Net change in fund balances (10,498) (10,498)
Fund balances ‐ January 1 5,210,785 5,210,785
Fund balances ‐ December 31 5,200,287$ 5,200,287$
City of Renton
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Debt Service Funds
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-11
Community Development Impact MitigationTransportation Impact Mitigation REET1 REET2Total Nonmajor Capital Projects FundsREVENUESTaxes‐$ ‐$ 4,141,643$ 4,141,643$ 8,283,286$ Charges for services 1,492,502 8,505,438 ‐ ‐ 9,997,940 Investment earnings36,052 55,725 46,400 64,842 203,019 Total revenues 1,528,554 8,561,163 4,188,043 4,206,485 18,484,245 Excess (deficiency) of revenues over expenditures1,528,554 8,561,163 4,188,043 4,206,485 18,484,245 OTHER FINANCING SOURCES (USES)Transfer in‐ ‐ ‐ (10,087) (10,087) Transfers out (3,380,595) (6,831,255) (5,565,450) (6,921,118) (22,698,418) Total other financing sources (uses) (3,380,595) (6,831,255) (5,565,450) (6,931,205) (22,708,505) Net change in fund balances (1,852,041) 1,729,908 (1,377,407) (2,724,720) (4,224,260) Fund balances ‐ January 1 3,428,563 5,151,634 4,486,224 8,768,600 21,835,021 Fund balances ‐ December 311,576,522$ 6,881,542$ 3,108,817$ 6,043,880$ 17,610,761$ City of RentonCombining Statement of Revenues, Expenditures and Changes in Fund BalancesNonmajor Capital Projects FundsFor the Year Ended December 31, 20222022 Annual Comprehensive Financial ReportCity of Renton, WashingtonCombining Statements and Schedules, 6-12
Original Final Actual
Variance with Final
Budget
REVENUES
Intergovernmental revenues 300,000$ 3,579,907$ 529,207$ (3,050,700)$
Charges for services ‐ ‐ 56,449 56,449
Contributions ‐ 842,154 842,154 ‐
Investment earnings 162,840 162,839 (109,741) (272,580)
Total revenues 462,840 4,584,900 1,318,069 (3,266,831)
EXPENDITURES
Current:
Culture and recreation 125,000 1,791,685 251,232 1,540,453
General government ‐ 5,529,124 122,482 5,406,642
Economic environment ‐ 46,345 ‐ 46,345
Total current 125,000 7,367,154 373,714 6,993,440
Capital outlay:
Culture and recreation 2,174,646 24,106,646 8,954,023 15,152,623
General government 156,315 5,301,131 219,198 5,081,933
Transportation ‐ 490,000 70,921 419,079
Economic environment ‐ 350,292 42,180 308,112
Total capital outlay 2,330,961 30,248,069 9,286,322 20,961,747
Total expenditures 2,455,961 37,615,223 9,660,036 27,955,187
Excess (deficiency) of revenues over expenditures (1,993,121) (33,030,323) (8,341,967) 24,688,356
OTHER FINANCING SOURCES (USES)
Transfer in 2,000,000 16,264,057 16,249,512 (14,545)
Transfers out ‐ (50,643) 10,087 60,730
Total other financing sources (uses) 2,000,000 16,213,414 16,259,599 46,185
Net change in fund balances 6,879 (16,816,909) 7,917,632 24,734,541
Fund balances ‐ January 1 869,235 16,824,783 16,427,055 ‐
Fund balances ‐ December 31 876,114$ 7,874$ 24,344,687$ 24,336,813$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
Municipal Facilities CIP
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-13
Original Final Actual
Variance with Final
Budget
REVENUES
Intergovernmental revenues ‐ $ 1,530,000$ 425,697$ (1,104,303)$
Charges for services ‐ ‐ ‐ ‐
Contributions ‐ 8,262,000 5,025,644 (3,236,356)
Investment earnings ‐ ‐ 46,664 46,664
Total revenues ‐ 9,792,000 5,498,005 (4,293,995)
EXPENDITURES
Current:
Culture and recreation ‐ ‐ 36,433 (36,433)
General government ‐ ‐ 431 (431)
Total current ‐ ‐ 36,864 (36,864)
Capital outlay:
General government ‐ 14,778,258 12,022,004 2,756,254
Total capital outlay ‐ 14,778,258 12,022,004 2,756,254
Total expenditures ‐ 14,778,258 12,058,868 2,719,390
Excess (deficiency) of revenues over expenditures ‐ (4,986,258) (6,560,863) (1,574,605)
OTHER FINANCING SOURCES (USES)
Transfer in ‐ 3,050,643 3,000,000 (50,643)
Transfers out ‐ (3,000,000) (3,000,000) ‐
Total other financing sources (uses) ‐ 50,643 ‐ (50,643)
Net change in fund balances ‐ (4,935,615) (6,560,863) (1,625,248)
Fund balances ‐ January 1 7,477,453 8,238,935 9,297,966 ‐
Fund balances ‐ December 31 7,477,453$ 3,303,320$ 2,737,103$ (566,217)$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
Family First Center
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-14
Original Final Actual
Variance with Final
Budget
REVENUES
Intergovernmental revenues ‐$ ‐$ ‐$ ‐$
Contributions ‐ 200,000 ‐ (200,000)
Investment earnings ‐ 38,200 (68,643) (106,843)
Total revenues ‐ 43,760,058 9,878,359 (33,881,699)
EXPENDITURES
Current:
Transportation ‐ ‐ 350,242 (350,242)
Total current ‐ ‐ 350,242 (350,242)
Capital outlay:
Transportation 583,000 63,119,850 17,295,300 45,824,550
Total capital outlay 583,000 63,119,850 17,295,300 45,824,550
Total expenditures 583,000 63,119,850 17,645,542 45,474,308
Excess (deficiency) of revenues over expenditures (583,000) (19,359,792) (7,767,183) 11,592,609
OTHER FINANCING SOURCES (USES)
Transfer in 2,200,000 9,734,705 9,714,705 (20,000)
Transfers out ‐ (61,400) (61,400) ‐
Total other financing sources (uses)2,200,000 9,673,305 9,653,305 (20,000)
Net change in fund balances 1,617,000 (9,686,487) 1,886,122 11,572,609
Fund balances ‐ January 1 2,302,174 10,868,853 13,213,469 ‐
Fund balances ‐ December 31 3,919,174$ 1,182,366$ 15,099,591$ 13,917,225$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
Capital Improvement
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-15
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes ‐ $ 3,490,000$ 4,449,244$ 959,244$
Investment earnings ‐ ‐ (17,479) (17,479)
Total revenues ‐ 3,490,000 4,431,765 941,765
EXPENDITURES
Current:
Economic environment ‐ 1,710,000 1,520,840 189,160
Total current ‐ 1,710,000 1,520,840 189,160
Total expenditures ‐ 1,710,000 1,520,840 189,160
Excess (deficiency) of revenues over expenditures ‐ 1,780,000 2,910,925 1,130,925
Net change in fund balances ‐ 1,780,000 2,910,925 1,130,925
Fund balances ‐ January 1 ‐ 3,171,729 3,881,818 ‐
Fund balances ‐ December 31 ‐ $ 4,951,729$ 6,792,743$ 1,841,014$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
Housing and Supportive Services
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-16
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes 200,000$ 200,000$ 506,305$ 306,305$
Contributions ‐ 25,000 25,000 ‐
Investment earnings ‐ ‐ 381 381
Total revenues 200,000 225,000 531,686 306,686
EXPENDITURES
Current:
Economic environment ‐ 578,207 530,768 47,439
Total current ‐ 578,207 530,768 47,439
Total expenditures ‐ 578,207 530,768 47,439
Excess (deficiency) of revenues over expenditures 200,000 (353,207) 918 354,125
OTHER FINANCING SOURCES (USES)
Transfers out ‐ (40,000) (40,000) ‐
Total other financing sources (uses)‐ (40,000) (40,000) ‐
Net change in fund balances 200,000 (393,207) (39,082) 354,125
Fund balances ‐ January 1 877,327 728,421 803,099 ‐
Fund balances ‐ December 31 1,077,327$ 335,214$ 764,017$ 428,803$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
Hotel/Motel Tax
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-17
Original Final Actual
Variance with Final
Budget
REVENUES
Licenses and permits 57,674$ 57,674$ 60,377$ 2,703$
Investment earnings ‐ ‐ 1,374 1,374
Total revenues 57,674 57,674 61,751 4,077
EXPENDITURES
Current:
Culture and recreation 57,674 436,076 59,633 376,443
Total current 57,674 436,076 59,633 376,443
Capital outlay:
Culture and recreation 40,000 24,133 287,211 (263,078)
Total capital outlay 40,000 24,133 287,211 (263,078)
Total expenditures 97,674 460,209 346,844 113,365
Excess (deficiency) of revenues over expenditures (40,000) (402,535) (285,093) 117,442
OTHER FINANCING SOURCES (USES)
Transfer in 40,000 ‐ ‐ ‐
Total other financing sources (uses)40,000 ‐ ‐ ‐
Net change in fund balances ‐ (402,535) (285,093) 117,442
Fund balances ‐ January 1 603,760 731,245 746,857 15,612
Fund balances ‐ December 31 603,760$ 328,710$ 461,764$ 133,054$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
Cable Communications Development
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-18
Original Final Actual
Variance with Final
Budget
REVENUES
Investment earnings ‐$ 1,005$ (510)$ (1,515)$
Total revenues ‐ 1,005 ‐$ (1,515)
EXPENDITURES
Current:
Economic environment ‐ 51,000 14,595 36,405
Total current ‐ 51,000 14,595 36,405
Total expenditures ‐ 51,000 14,595 36,405
Excess (deficiency) of revenues over expenditures ‐ (49,995) (15,105) 34,890
OTHER FINANCING SOURCES (USES)
Proceeds from sale of capital assets ‐ 230,300 230,300 ‐
Total other financing sources (uses) ‐ 230,300 230,300 ‐
Net change in fund balances ‐ 180,305 215,195 34,890
Fund balances ‐ January 1 345,658 631,525 233,996 ‐
Fund balances ‐ December 31 345,658$ 811,830$ 449,191$ (362,639)$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
Springbrook Wetlands Bank
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-19
Original Final Actual
Variance with Final
Budget
REVENUES
Contributions ‐$ ‐ $ 154,526$ 154,526$
Investment earnings ‐ ‐ 2,774 2,774
Total revenues ‐ ‐ 157,300 157,300
EXPENDITURES
Current:
Public safety ‐ 330,969 6,297 324,672
Total current ‐ 330,969 6,297 324,672
Capital outlay:
Public safety ‐ ‐ 145,287 (145,287)
Total capital outlay ‐ ‐ 145,287 (145,287)
Total expenditures ‐ 330,969 151,584 179,385
Excess (deficiency) of revenues over expenditures ‐ (330,969) 5,716 336,685
OTHER FINANCING SOURCES (USES)
Transfers out ‐ (300,556) (300,556) ‐
Total other financing sources (uses)‐ (300,556) (300,556) ‐
Net change in fund balances ‐ ‐ (294,840) 336,685
Fund balances ‐ January 1 ‐ 631,525 630,630 ‐
Fund balances ‐ December 31 ‐ $ ‐ $ 335,790$ 335,790$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
Police Seizure
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-20
Original Final Actual
Variance with Final
Budget
REVENUES
Fines and forfeits ‐$ ‐$ 14,524$ 14,524$
Investment earnings ‐ ‐ 7 7
Total revenues ‐ ‐ 14,531 14,531
EXPENDITURES
Current:
Public safety ‐ 85,060 44 85,016
Health and human services ‐ 89,766 ‐ 89,766
Total current ‐ 174,826 44 174,782
Capital outlay:
Public safety ‐ ‐ 18,311 (18,311)
Total capital outlay ‐ ‐ 18,311 (18,311)
Total expenditures ‐ 174,826 18,355 156,471
Excess (deficiency) of revenues over expenditures ‐ (174,826) (3,824) 171,002
Net change in fund balances ‐ (174,826) (3,824) 171,002
Fund balances ‐ January 1 ‐ 174,826 174,580 ‐
Fund balances ‐ December 31 ‐ $ ‐$ 170,756$ 170,756$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
Police CSAM Seizure
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-21
Original Final Actual
Variance with Final
Budget
REVENUES
Charges for services ‐$ 4,595,000$ 4,067,068$ (527,932)$
Investment earnings ‐ ‐ 3,663 3,663
Total revenues ‐ 4,595,000 4,070,731 (524,269)
EXPENDITURES
Current:
General government ‐ 4,595,000 4,092,795 502,205
Total current ‐ 4,595,000 4,092,795 502,205
Total expenditures ‐ 4,595,000 4,092,795 502,205
Excess (deficiency) of revenues over expenditures ‐ ‐ (22,064) (22,064)
Net change in fund balances ‐ ‐ (22,064) (22,064)
Fund balances ‐ January 1 ‐ 12 21,752 ‐
Fund balances ‐ December 31 ‐ $ 12$ (312)$ (324)$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
School District Impact Mitigation
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-22
Original Final Actual
Variance with Final
Budget
REVENUES
Charges for services 99,000$ 1,299,000$ 1,232,198$ (66,802)$
Investment earnings ‐ ‐ 2,364 2,364
Total revenues 99,000 1,299,000 1,234,562 (64,438)
Excess (deficiency) of revenues over expenditures 99,000 1,299,000 1,234,562 (64,438)
OTHER FINANCING SOURCES (USES)
Transfers out (500,634) (500,634) (500,634) ‐
Total other financing sources (uses)(500,634) (500,634) (500,634) ‐
Net change in fund balances (401,634) 798,366 733,928 (64,438)
Fund balances ‐ January 1 1,767,763 5,159,035 1,957,976 ‐
Fund balances ‐ December 31 1,366,129$ 5,957,401$ 2,691,904$ (3,265,497)$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
Fire Impact Mitigation
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-23
Original Final Actual
Variance with Final
Budget
REVENUES
Intergovernmental revenues 44,610$ 44,610$ 44,705$ 95$
Investment earnings ‐ ‐ (3,295) (3,295)
Total revenues 44,610 44,610 41,410 (3,200)
EXPENDITURES
Debt service:
Principal payment 3,069,547 3,069,547 3,069,547 ‐
Interest payment 1,272,373 1,272,373 1,271,720 653
Total debt service 4,341,920 4,341,920 4,341,267 653
Total expenditures 4,341,920 4,341,920 4,341,267 653
Excess (deficiency) of revenues over expenditures (4,297,310) (4,297,310) (4,299,857) (2,547)
OTHER FINANCING SOURCES (USES)
Transfer in 4,289,359 4,489,359 4,289,359 (200,000)
Total other financing sources (uses)4,289,359 4,489,359 4,289,359 (200,000)
Net change in fund balances (7,951) 192,049 (10,498) (202,547)
Fund balances ‐ January 1 4,889,481 5,218,125 5,210,785 ‐
Fund balances ‐ December 31 4,881,530$ 5,410,174$ 5,200,287$ (209,887)$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
General Debt
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-24
Original Final Actual
Variance with Final
Budget
REVENUES
Charges for services 86,500$ 1,386,500$ 1,492,502$ 106,002$
Investment earnings ‐ ‐ 36,052 36,052
Total revenues 86,500 1,386,500 1,528,554 142,054
Excess (deficiency) of revenues over expenditures 86,500 1,386,500 1,528,554 142,054
OTHER FINANCING SOURCES (USES)
Transfers out ‐ (3,380,595) (3,380,595) ‐
Total other financing sources (uses)‐ (3,380,595) (3,380,595) ‐
Net change in fund balances 86,500 (1,994,095) (1,852,041) 142,054
Fund balances ‐ January 1 798,090 3,433,393 3,428,563 ‐
Fund balances ‐ December 31 884,590$ 1,439,298$ 1,576,522$ 137,224$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
Community Development Impact Mitigation
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-25
Original Final Actual
Variance with Final
Budget
REVENUES
Charges for services 200,000$ 8,018,957$ 8,505,438$ 486,481$
Investment earnings ‐ 25,739 55,725 29,986
Total revenues 200,000 8,044,696 8,561,163 516,467
Excess (deficiency) of revenues over expenditures 200,000 8,044,696 8,561,163 516,467
OTHER FINANCING SOURCES (USES)
Transfers out (200,000) (6,851,255) (6,831,255) 20,000
Total other financing sources (uses)(200,000) (6,851,255) (6,831,255) 20,000
Net change in fund balances ‐ 1,193,441 1,729,908 536,467
Fund balances ‐ January 1 2,566,232 5,218,125 5,151,634 ‐
Fund balances ‐ December 31 2,566,232$ 6,411,566$ 6,881,542$ 469,976$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
Transportation Impact Mitigation
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-26
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes 2,300,000$ 2,300,000$ 4,141,643$ 1,841,643$
Investment earnings ‐ ‐ 46,400 46,400
Total revenues 2,300,000 2,300,000 4,188,043 1,888,043
Excess (deficiency) of revenues over expenditures 2,300,000 2,300,000 4,188,043 1,888,043
OTHER FINANCING SOURCES (USES)
Transfers out (2,315,000) (5,579,995) (5,565,450) 14,545
Total other financing sources (uses)(2,315,000) (5,579,995) (5,565,450) 14,545
Net change in fund balances (15,000) (3,279,995) (1,377,407) 1,902,588
Fund balances ‐ January 1 753,855 4,508,117 4,486,224 ‐
Fund balances ‐ December 31 738,855$ 1,228,122$ 3,108,817$ 1,880,695$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
REET 1
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-27
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes 2,300,000$ 2,300,000$ 4,141,643$ 1,841,643$
Investment earnings ‐ ‐ 64,842 64,842
Total revenues 2,300,000 2,300,000 4,206,485 1,906,485
Excess (deficiency) of revenues over expenditures 2,300,000 2,300,000 4,206,485 1,906,485
OTHER FINANCING SOURCES (USES)
Transfer in ‐ ‐ (10,087) (10,087)
Transfers out (2,750,625) (6,921,118) (6,921,118) ‐
Total other financing sources (uses) (2,750,625) (6,921,118) (6,931,205) (10,087)
Net change in fund balances (450,625) (4,621,118) (2,724,720) 1,896,398
Fund balances ‐ January 1 453,426 8,773,145 8,768,600 ‐
Fund balances ‐ December 31 2,801$ 4,152,027$ 6,043,880$ 1,891,853$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
REET 2
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-28
Airport Golf Course
Total Nonmajor
Enterprise Funds
ASSETS
Current assets:
Cash & cash equivalents 6,280,632$ 1,384,711$ 7,665,343$
Investments at fair value 2,585,266 569,176 3,154,442
Receivables (net of allowance for uncollectible):
Customer accounts 814,120 206,097 1,020,217
Interest & penalties 10,186 2,046 12,232
Due from other governments 149,837 ‐ 149,837
Supplies inventory ‐ 60,749 60,749
Total current assets 9,840,041 2,222,779 12,062,820
Noncurrent assets:
Net Pension Asset 232,876 304,833 537,709
Capital assets not being depreciated:
Land 784,080 2,683,200 3,467,280
Construction in Progress 441,995 48,059 490,054
Capital assets (net) 15,077,161 3,949,650 19,026,811
Intangible assets (net) 27,516 ‐ 27,516
Total noncurrent assets 16,563,628 6,985,742 23,549,370
Total assets 26,403,669 9,208,521 35,612,190
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 231,167 302,595 533,762
Total deferred outflows of resources 231,167 302,595 533,762
Total assets and deferred outflows of resources 26,634,836 9,511,116 36,145,952
LIABILITIES
Current liabilities:
Accrued wages and benefits payable 47,748 59,696 107,444
Accounts payable 70,083 15,125 85,208
Customer deposits ‐ 368,925 368,925
Unearned revenue 181,315 ‐ 181,315
Compensated absences 19,667 49,021 68,688
Interfund loans ‐ 44,535 44,535
Retainage payable ‐ 12,180 12,180
Leases payable 1,829 ‐ 1,829
Total current liabilities 320,642 549,482 870,124
Noncurrent liabilities:
Compensated absences 13,245 33,730 46,975
Interfund loans ‐ 144,000 144,000
Leases payable 25,373 ‐ 25,373
Net pension liability 135,356 177,180 312,536
Total noncurrent liabilities 173,974 354,910 528,884
Total liabilities 494,616 904,392 1,399,008
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 252,631 330,691 583,322
Deferred inflows related to leases ‐ 128,310 128,310
Total deferred inflows of resources 252,631 459,001 711,632
Total liabilities and deferred inflows of resources 747,247 1,363,393 2,110,640
NET POSITION
Net investment in capital assets 16,303,550 6,668,731 22,972,281
Restricted for:
Pensions 232,876 304,833 537,709
Unrestricted 9,351,163 1,174,159 10,525,322
Total net position 25,887,589$ 8,147,723$ 34,035,312$
City of Renton
Combining Statement of Net Position
Nonmajor Enterprise Funds
December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-29
Airport Golf Course
Total Nonmajor
Enterprise Funds
OPERATING REVENUES
Charges for services 4,093,908$ 3,172,477$ 7,266,385$
Total operating revenues 4,093,908 3,172,477 7,266,385
OPERATING EXPENSES
Supplies 115,663 372,187 487,850
Personnel Services 1,069,283 1,654,936 2,724,219
Contracted Services 1,092,290 512,048 1,604,338
Taxes 2,483 17,431 19,914
Depreciation and amortization 1,074,517 258,672 1,333,189
Total operating expenses 3,354,236 2,815,274 6,169,510
Operating income (loss)739,672 357,203 1,096,875
NONOPERATING REVENUES (EXPENSES)
Intergovernmental revenues 152,309 ‐ 152,309
Investment earnings (2,868) 215 (2,653)
Miscellaneous revenue 25 1,772 1,797
Interest expense ‐ (1,740) (1,740)
Gain (loss) on disposal of capital assets ‐ 102,500 102,500
Total nonoperating revenues (expenses) 149,466 102,747 252,213
Income (loss) before contributions and transfers 889,138 459,950 1,349,088
Transfer in ‐$ 580,461$ 580,461$
Change in net position 889,138 1,040,411 1,929,549
Total net position ‐ January 1 24,998,451 7,107,312 32,105,763
Total net position ‐ December 31 25,887,589$ 8,147,723$ 34,035,312$
City of Renton
Combining Statement of Revenues, Expenses, and Changes in Net Position
Nonmajor Enterprise Funds
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-30
T0TAL
NON‐MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services 3,514,167$ 3,174,731$ 6,688,898$
Cash paid to suppliers for goods & services (1,324,768) (627,117) (1,951,885)
Cash paid to employees (1,166,851) (1,775,259) (2,942,110)
Other non‐operating receipts 25 1,772 1,797
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 1,022,573 774,127 1,796,700
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers to other funds ‐ ‐ ‐
Operating grants and contributions 152,309 ‐ 152,309
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES 152,309 ‐ 152,309
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Proceeds from the sale of equipment ‐ ‐ ‐
Acquisition & construction of capital assets (130,156) (387,462) (517,618)
Leases payable 27,202 ‐ 27,202
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES (102,954) (387,462) (490,416)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for investments (358,925) (117,226) (476,151)
Interest on investments 88,064 20,369 108,433
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (270,861) (96,857) (367,718)
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS 801,067 289,808 1,090,875
CASH & CASH EQUIVALENTS, JANUARY 1 5,479,565 1,094,903 6,574,468
RESTRICTED CASH, JANUARY 1 ‐ ‐ ‐
CASH & CASH EQUIVALENTS, DECEMBER 31 6,280,632$ 1,384,711$ 7,665,343$
ENTERPRISE FUNDS
BUSINESS‐TYPE ACTIVITIES
City of Renton
Combining Statement of Cash Flows
Non‐Major Enterprise Funds
For the Year Ended December 31, 2022
Page 1 of 2
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-31
TOTAL
NON‐MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss) 739,672$ 357,203$ 1,096,875$
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization 1,074,517 258,672 1,333,189
(Increase) decrease in
Other non‐operating revenue 25 1,772 1,797
(Increase) decrease in
accounts receivable (719,648) (149,795) (869,443)
(Increase) decrease in inventory
& prepaid items (94,780) 4,517 (90,263)
(Increase) decrease in net pension assets and
deferred outflows related to pensions 109,827 156,559 266,386
Increase (decrease) in operating
accounts payable (19,552) (14,434) (33,986)
Increase (decrease) in
interfund loans ‐ 284,466 284,466
Increase (decrease) in
customer deposits ‐ 23,739 23,739
Increase (decrease) in
unearned revenues 139,907 ‐ 139,907
Increase (decrease) in accrued
employee leave benefits (14,281) (11,141) (25,422)
Increase (decrease) in net pension liability
and deferred inflows related to pensions (193,114) (265,741) (458,855)
(Increase) decrease in
deferred inflows related to leases ‐ 128,310 128,310
Total adjustments 282,901 416,924 699,825
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 1,022,573$ 774,127$ 1,796,700$
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Depreciation & amortization 1,074,517$ 258,672$ 1,333,189$
Increase (decrease) in fair value of investments (95,535)$ (21,212)$ (116,747)$
ENTERPRISE FUNDS
City of Renton
Combining Statement of Cash Flows
Non‐Major Enterprise Funds
For the Year Ended December 31, 2022
Page 2 of 2
BUSINESS‐TYPE ACTIVITIES
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-32
Equipment Rental Insurance
Total Internal Service
Funds
ASSETS
Current assets:
Cash & cash equivalents 16,834,402$ 35,176,762$ 52,011,164$
Investments at fair value 6,929,683 14,480,099 21,409,782
Receivables (net of allowance for uncollectible):
Customer accounts 18,883 133,557 152,440
Interest & penalties 21,236 55,949 77,185
Supplies inventory 265,943 ‐ 265,943
Prepayments ‐ 477,492 477,492
Total current assets 24,070,147 50,323,859 74,394,006
Noncurrent assets:
Net Pension Asset 1,737,415 194,936 1,932,351
Capital assets not being depreciated:
Construction in Progress 74,246 ‐ 74,246
Capital assets (net)8,885,008 ‐ 8,885,008
Intangible assets (net) 243,375 ‐ 243,375
Total noncurrent assets 10,940,044 194,936 11,134,980
Total assets 35,010,191 50,518,795 85,528,986
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 1,724,669 193,506 1,918,175
Total deferred outflows of resources 1,724,669 193,506 1,918,175
Total assets and deferred outflows of resources 36,734,860 50,712,301 87,447,161
LIABILITIES
Current liabilities:
Accrued wages and benefits payable 339,869 39,472 379,341
Accounts payable 448,868 223,648 672,516
Due to other funds 1,762 ‐ 1,762
Retainage payable 9,592 ‐ 9,592
Claims incurred but not reported ‐ 2,852,586 2,852,586
Leases payable 31,424 ‐ 31,424
Compensated absences 289,401 35,642 325,043
OPEB Liability ‐ 1,192,756 1,192,756
Total current liabilities 1,120,916 4,344,104 5,465,020
Noncurrent liabilities:
Leases payable 55,237 ‐ 55,237
Compensated absences 188,878 25,582 214,460
Net pension liability 1,009,848 113,304 1,123,152
OPEB liability ‐ 27,739,221 27,739,221
Total noncurrent liabilities 1,253,963 27,878,107 29,132,070
Total liabilities 2,374,879 32,222,211 34,597,090
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 1,884,794 211,472 2,096,266
Total deferred inflows of resources 1,884,794 211,472 2,096,266
Total liabilities and deferred inflows of resources 4,259,673 32,433,683 36,693,356
NET POSITION
Net investment in capital assets 9,115,967 ‐ 9,115,967
Restricted for:
Pensions 1,737,415 194,931 1,932,346
Unrestricted 21,621,805 18,083,687 39,705,492
Total net position 32,475,187$ 18,278,618$ 50,753,805$
City of Renton
Combining Statement of Net Position
Internal Service Funds
December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-33
Equipment Rental Insurance
Total Internal Service
Funds
OPERATING REVENUES
Charges for services 20,398,826$ 18,903,269$ 39,302,095$
Licenses and permits 255,374 ‐ 255,374
Total operating revenues 20,654,200 18,903,269 39,557,469
OPERATING EXPENSES
Supplies 4,438,749 6,941 4,445,690
Personnel services 7,826,096 1,069,805 8,895,901
Contracted services 5,853,685 860,143 6,713,828
Insurance ‐ 9,224,063 9,224,063
Taxes 773 3,138 3,911
Depreciation and amortization 2,764,097 ‐ 2,764,097
Total operating expenses 20,883,400 11,164,090 32,047,490
Operating income (loss)(229,200) 7,739,179 7,509,979
NONOPERATING REVENUES (EXPENSES)
Intergovernmental revenues 3,000 38,624 41,624
Investment earnings (63,896) (22,763) (86,659)
Miscellaneous revenue 7,738 553,418 561,156
Interest expense (2,717) ‐ (2,717)
Insurance recoveries 14,736 (90,462) (75,726)
Total nonoperating revenues (expenses) (41,139) 478,817 437,678
Income (loss) before contributions and transfers (270,339) 8,217,996 7,947,657
Transfer in 4,585,583 2,052,772 6,638,355
Transfers out ‐ (51,420) (51,420)
Capital contributions 3,212,202 ‐ 3,212,202
Change in net position 7,527,446 10,219,348 17,746,794
Total net position ‐ January 1 24,947,741 8,059,270 33,007,011
Total net position ‐ December 31 32,475,187$ 18,278,618$ 50,753,805$
City of Renton
Combining Statement of Revenues, Expenses, and Changes in Net Position
Internal Service Funds
For the Year Ended December 31, 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-34
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from other funds for services $ 20,675,840 $ 19,095,539 $ 39,771,379
Cash paid to suppliers for goods & services (10,697,284) (16,102,681) (26,799,965)
Cash paid to employees (8,442,882) (1,136,757) (9,579,639)
Other non‐operating receipts 14,736 462,956 477,692
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 1,550,410 2,319,057 3,869,467
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds 4,585,583 2,052,772 6,638,355
Transfers to other funds ‐ (51,420) (51,420)
Operating grants and contributions 10,738 38,624 49,362
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES 4,596,321 2,039,976 6,636,297
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Proceeds from the sale of equipment ‐ ‐ ‐
Acquisition & construction of capital assets (785,915) ‐ (785,915)
Capital replacement reserves received 3,212,202 ‐ 3,212,202
Principal payments on leases (9,244) ‐ (9,244)
Interest payments on leases (2,717) ‐ (2,717)
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES 2,414,326 ‐ 2,414,326
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for investments (1,727,049) (1,436,809) (3,163,858)
Interest on investments and loans 183,810 483,745 667,555
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (1,543,239) (953,064) (2,496,303)
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS 7,017,818 3,405,969 10,423,787
CASH & CASH EQUIVALENTS, JANUARY 1 9,816,584 31,770,793 41,587,377
CASH & CASH EQUIVALENTS, DECEMBER 31 $ 16,834,402 $ 35,176,762 $ 52,011,164
INTERNAL SERVICE FUNDS
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended December 31, 2022
Page 1 of 2
City of Renton
GOVERNMENTAL ACTIVITIES
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-35
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss) (229,200)$ 7,739,179$ 7,509,979$
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization 2,764,097 ‐ 2,764,097
(Increase) decrease in
Other non‐operating revenue 14,736 462,956 477,692
(Increase) decrease in
accounts receivable 21,640 192,270 213,910
(Increase) decrease in
due from other funds 22,430 ‐ 22,430
(Increase) decrease in inventory
& prepaid items (165) (61,126) (61,291)
(Increase) decrease in net pension assets
and deferred outflows related to pensions 1,100,713 122,056 1,222,769
Increase (decrease) in accrued
employee wages and benefits 8,145 3,146 11,291
Increase (decrease) in operating
accounts payable (426,342) 121,153 (305,189)
Increase (decrease) in due to
other funds ‐ (22,430) (22,430)
Increase (decrease) in other
short‐term liabilities ‐ 506,473 506,473
Increase (decrease) in net pension liability
and deferred inflows related to pensions (1,725,644) (192,154) (1,917,798)
Increase (decrease) in
OPEB liability ‐ (6,552,466) (6,552,466)
Total adjustments 1,779,610 (5,420,122) (3,640,512)
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 1,550,410$ 2,319,057$ 3,869,467$
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Depreciation & amortization 2,764,097$ ‐$ 2,764,097$
Increase (decrease) in fair value of investments (259,660)$ (532,404)$ (792,064)$
For the Year Ended December 31, 2022
Combining Statement of Cash Flows
Internal Service Funds
Page 2 of 2
City of Renton
INTERNAL SERVICE FUNDS
GOVERNMENTAL ACTIVITIES
2022 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-36
STATISTICAL SECTION
December 31, 2022
Presentations included in the Statistical Section of the Annual Comprehensive Financial Report (ACFR) provide
users detailed information as a context for understanding what the information in the financial statements, note
disclosures and the supporting schedules say about the government’s overall financial health. The section is
divided into five categories based on the following:
FINANCIAL TRENDS
These schedules contain trend information to help the reader understand how the government’s financial
performance and well‐being have changed over time.
REVENUE CAPACITY
These schedules present information to help the reader assess the government’s most significant local revenue
source – property tax.
DEBT CAPACITY
These schedules present information to help the reader assess the affordability of the government’s current levels
of outstanding debt and the government’s ability to issue additional debt in the future.
DEMOGRAPHIC AND ECONOMIC INFORMATION
These schedules offer demographic and economic indicators to help the reader understand the environment
within which the government’s financial activities take place.
OPERATING INFORMATION
These schedules contain service and infrastructure data to help the reader understand how the information in the
government’s financial report relates to the services the government provides and the activities it performs.
2022 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-1
2013201420152016201720182019202020212022Governmental activitiesNet investment in capital assets445,277,657$ 457,337,430$ 467,609,532$ 453,278,699$ 466,996,814$ 473,667,290$ 478,173,369$ 488,387,204$ 494,021,497$ 509,894,057$ Restricted 23,873,159 18,973,294 26,987,147 18,939,968 31,304,501 36,805,133 61,745,083 63,265,226 110,965,722 91,947,460 Unrestricted 41,681,336 57,074,155 50,203,343 61,174,111 77,331,398 67,657,377 74,778,751 83,352,782 90,952,218 176,396,121 Total governmental activities net position440,591,809$ 453,318,266$ 544,800,022$ 533,392,778$ 575,632,713$ 578,129,800$ 614,697,203$ 635,005,212$ 695,939,437$ 778,237,638$ Business‐type activitiesNet investment in capital assets241,679,585$ 255,631,135$ 271,016,825$ 279,506,339$ 281,531,560$ 285,507,078$ 293,076,667$ 289,121,692$ 301,540,670$ 304,930,019$ Restricted 2,909,578 2,909,578 2,909,578 2,909,578 2,810,145 2,810,145 2,810,145 2,810,145 9,780,922 5,638,678 Unrestricted 34,537,714 41,941,669 51,330,478 63,236,920 72,699,879 84,471,108 90,300,915 105,198,350 106,067,790 124,184,942 Total business‐type activities net position231,802,937$ 240,444,632$ 325,256,881$ 345,652,837$ 357,041,584$ 372,788,331$ 386,187,727$ 397,130,187$ 417,389,382$ 434,753,639$ Primary governmentNet investment in capital assets686,957,242$ 712,968,565$ 738,626,357$ 732,785,038$ 748,528,374$ 759,174,368$ 771,250,036$ 777,508,896$ 795,562,167$ 814,824,076$ Restricted 26,782,737 21,882,872 29,896,725 21,849,546 34,114,646 39,615,278 64,555,228 66,075,371 120,746,644 97,586,138 Unrestricted 76,219,050 99,015,824 101,533,821 124,411,031 150,031,277 152,128,485 165,079,666 188,551,132 197,020,008 300,581,063 Total primary government net position672,394,746$ 693,762,898$ 870,056,903$ 879,045,615$ 932,674,297$ 950,918,131$ 1,000,884,930$ 1,032,135,399$ 1,113,328,819$ 1,212,991,277$ Source : City of Renton Finance Division(accrual basis of accounting)LAST TEN FISCAL YEARSNET POSITION BY COMPONENTTABLE 12022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-2
EXPENSES2013 2014 2015 2016 2017 2018 2019 2020 2021 2022Government activities:General government10,923,530$ 10,928,669$ 9,829,338$ 10,230,923$ 11,619,780$ 11,693,087$ 13,188,036$ 21,069,221$ 5,939,406$ 10,586,624$ Judicial2,372,115 2,406,797 2,342,557 2,501,487 2,631,350 2,612,931 3,036,172 3,170,019 3,058,866 3,828,832 Public safety53,930,214 55,143,750 57,863,131 49,272,668 34,970,381 35,406,820 34,493,076 39,807,638 34,996,342 45,403,831 Utilities964,942 746,363 694,469 691,798 686,356 675,076 270,397 206,150 4,164 34,598 Transportation18,842,487 14,641,476 15,918,953 19,560,699 18,369,818 18,828,845 20,091,069 18,145,346 17,561,416 22,026,500 Economic and natural environment7,146,022 6,584,984 7,362,822 7,578,069 8,280,445 7,514,571 8,032,974 9,488,896 8,714,594 13,737,667 Health and human services1,873,028 1,885,761 1,925,253 2,098,190 2,210,690 2,260,902 2,486,008 2,910,797 2,527,615 3,130,494 Culture and recreation12,938,589 12,338,932 13,636,384 12,999,863 14,307,593 13,802,266 15,040,743 13,421,450 12,483,452 16,314,321 Interest on long‐term debt3,411,488 2,932,298 1,247,934 948,685 1,146,722 1,077,950 1,562,735 1,489,077 1,213,697 979,918 Total governmental activities expenses112,402,415 107,609,030 110,820,841 105,882,382 94,223,135 93,872,448 98,201,210 109,708,594 86,499,552 116,042,785 Business‐type activities:Airport3,300,550 2,771,616 4,319,084 2,974,582 3,178,004 2,713,567 3,270,117 2,736,107 3,588,050 3,354,236 Golf course2,250,748 2,298,804 2,200,740 2,173,590 2,386,006 2,277,544 2,442,180 2,341,478 2,363,279 2,817,014 Solid Waste16,226,857 17,157,550 16,907,652 16,850,054 19,367,124 19,648,560 20,544,997 20,132,851 20,487,512 22,464,173 Waterworks Utility40,333,170 43,274,617 45,184,377 53,960,170 51,849,388 50,408,232 54,263,991 50,782,704 50,204,545 54,532,445 Total Business‐type activities expenses62,111,325 65,502,587 68,611,853 75,958,396 76,780,522 75,047,903 80,521,285 75,993,140 76,643,386 83,167,868 Total Primary Government expenses174,513,740 172,913,375 179,432,694 181,840,778 171,003,657 168,920,351 178,722,495 185,701,734 163,142,938 199,210,653 PROGRAM REVENUESGovernmental activities:Charges for services:General government 3,372,595 4,336,464 4,354,150 5,028,744 7,954,848 7,172,729 7,400,036 5,553,209 4,154,041 8,991,134 Judicial 3,011,028 3,059,061 3,476,485 3,077,775 3,318,723 5,480,833 5,237,160 3,825,074 5,033,166 5,143,140 Public safety6,578,528 6,961,962 7,677,351 4,836,073 1,478,987 1,561,148 1,529,648 1,237,536 1,252,495 1,998,877 Utilities3,755 278,568 668 1,436 ‐ ‐ ‐ ‐ ‐ ‐ Transportation 2,712,137 3,140,008 3,823,320 2,638,216 2,218,114 3,568,302 2,383,972 2,186,138 2,310,775 8,665,990 Economic and natural environment3,766,499 3,791,108 5,641,135 4,992,629 4,814,488 4,747,410 5,253,540 4,244,701 5,029,960 7,938,297 Health and human services‐ ‐ ‐ ‐ ‐ ‐ 123,391 42,348 104,410 98,567 Culture and recreation 2,096,514 2,676,783 2,331,046 2,260,812 2,347,627 2,176,752 2,678,765 1,094,457 1,467,001 3,567,700 Operating grants and contributions6,621,431 6,422,816 6,614,030 8,226,834 5,984,222 6,921,332 7,458,503 10,990,611 8,879,286 19,180,209 Capital grants and contributions23,077,914 11,640,501 8,658,075 10,913,636 10,167,007 5,700,805 7,615,827 10,743,119 13,544,611 23,817,637 Total governmental activities program revenues51,240,401 42,307,271 42,576,260 41,976,155 38,284,016 37,329,311 39,680,842 39,917,193 41,775,745 79,401,551 Business‐type activities:Charges for services:Airport2,494,436 2,652,808 2,614,311 2,718,441 2,820,574 3,503,323 3,177,298 2,906,657 3,295,371 4,093,908 Golf course2,142,433 2,127,512 2,302,635 2,196,062 2,166,680 2,329,889 2,397,796 2,605,574 3,068,337 3,172,477 Solid waste utility16,429,165 17,310,807 17,146,266 17,152,279 17,787,705 19,656,483 21,817,526 20,687,309 21,018,006 22,612,788 Waterworks Utility49,024,626 51,354,475 53,263,702 53,685,591 56,202,702 57,067,220 56,546,499 56,189,141 59,533,068 61,949,291 Total Business‐type charges70,090,660 73,445,602 75,326,914 75,752,373 78,977,661 82,556,915 83,939,119 82,388,681 86,914,782 91,828,464 Operating grants and contributions105,695 1,108,920 704,367 8,400,008 1,213,388 572,719 1,099,731 1,233,103 972,220 846,147 Capital grants and contributions18,879,992 12,531,671 23,291,274 12,559,755 7,664,875 6,285,279 7,341,238 3,940,585 5,458,679 6,940,356 Total business‐type activities program revenues89,076,347 87,086,193 99,322,555 96,712,136 87,855,924 89,414,913 92,380,088 87,562,369 93,345,681 99,614,967 Total primary government program revenues140,316,748$ 129,393,464$ 141,898,815$ 138,688,291$ 126,139,940$ 126,744,224$ 132,060,930$ 127,479,562$ 135,121,426$ 179,016,518$ Net (expense)/revenueGovernmental activities(61,162,014)$ (65,301,759)$ (68,244,581)$ (63,906,227)$ (55,939,119)$ (56,543,137)$ (58,520,368)$ (69,791,401)$ (44,723,807)$ (36,641,234)$ Business‐type activities26,965,022 21,583,606 30,710,702 20,753,740 11,075,402 14,367,010 11,858,803 11,569,229 16,702,295 16,447,099 Total primary government net expense(34,196,992)$ (43,718,153)$ (37,533,879)$ (43,152,487)$ (44,863,717)$ (42,176,127)$ (46,661,565)$ (58,222,172)$ (28,021,512)$ (20,194,135)$ Fiscal YearTABLE 2CHANGES IN NET POSITIONLAST TEN FISCAL YEARS(accrual basis of accounting)Page 1 of 22022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-3
GENERAL REVENUES AND OTHER CHANGES2013201420152016201720182019202020212022Governmental activities:TaxesProperty taxes32,536,533$ 35,112,669$ 35,418,323$ 37,105,988$ 24,669,058$ 19,046,123$ 21,706,506$ 21,964,194$ 22,574,225$ 23,250,415$ Timber taxes‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Retail sales taxes25,541,972 27,223,521 29,567,506 32,933,987 33,381,395 33,564,285 32,955,528 31,034,947 42,329,250 47,758,735 Business taxes16,439,502 18,575,350 20,561,270 26,376,964 30,135,189 30,055,917 30,151,752 26,378,666 31,920,356 35,817,234 Excise taxes5,838,149 4,595,540 5,736,582 6,123,700 7,193,498 7,951,859 6,485,943 6,723,181 10,994,027 9,697,601 Penalties and interest‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Investment earnings613,097 1,137,752 1,303,414 1,441,471 1,587,589 2,374,510 3,011,779 2,702,607 145,963 166,544 Miscellaneous1,232,066 760,292 580,042 1,746,009 689,371 938,045 663,782 747,850 1,095,098 2,590,478 Gain on sale of capital assets1‐ ‐ 17,109 13,710 992,114 914,008 43,698 11,256 69,946 223,677 Transfers2,341,160 449,362 131,491 173,917 218,212 (256,835) 68,783 6,339 (33,766) (565,249) Special ItemsTransfer of fire operations(32,665,407) ‐ ‐ ‐ (866,131) ‐ ‐ Transfer of library assets(18,527,290) ‐ ‐ ‐ ‐ ‐ ‐ Total governmental activities84,542,479 87,656,244 93,315,737 54,723,049 98,866,426 94,587,912 95,087,771 88,702,909 109,095,099 118,939,435 Business‐type activities:Investment earnings94,077 96,625 225,515 332,931 483,356 1,105,019 1,365,411 1,197,741 70,210 (54,167) Miscellaneous124,281 30,863 38,014 18,051 48,201 17,883 243,965 208,145 8,325 306,920 Gain on sale of capital assets1‐ 93,773 ‐ ‐ ‐ ‐ ‐ ‐ 7,532 99,156 Transfers(2,341,160) (449,362) (131,491) (173,917) (218,212) 256,835 (68,783) (6,339) 33,766 565,249 Total business‐type activities(2,122,802) (228,101) (569,680) 177,065 313,345 1,379,737 1,540,593 1,399,547 119,833 917,158 Total primary government82,419,677$ 87,428,143$ 92,746,057$ 54,900,114$ 99,179,771$ 95,967,649$ 96,628,364$ 90,102,456$ 109,214,932$ 119,856,593$ CHANGES IN NET POSITIONGovernmental activities23,380,465$ 22,552,727$ 25,071,156$ (9,183,178)$ 42,927,307$ 38,044,775$ 36,567,403$ 18,911,508$ 64,371,292$ 82,298,201$ Business‐type activities24,842,220 21,355,505 30,842,740 20,930,805 11,388,747 15,746,747 13,399,396 12,968,776 16,822,128 17,364,257 Total primary government48,222,685$ 43,908,232$ 55,913,896$ 11,747,627$ 54,316,054$ 53,791,522$ 49,966,799$ 31,880,284$ 81,193,420$ 99,662,458$ Source : City of Renton Finance Division1 Prior to 2014 Gain (loss) on sale of capital assets were previously reported as "Miscellaneous".2In 2013 certain amounts previously reported as "interfund revenue" are now reported as "transfers"TABLE 2CHANGES IN NET POSITIONLAST TEN FISCAL YEARS(accrual basis of accounting)Page 2 of 22022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-4
TABLE 3FUND BALANCE OF GOVERNMENT FUNDSLAST TEN FISCAL YEARS(modified accrual basis of accounting)2013 2014 2015 2016 2017 2018 2019 2020 2021 2022General fundReserved‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ Unreserved‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Nonspendable‐ ‐ ‐ 200,000 ‐ ‐ ‐ ‐ ‐ ‐ Restricted303,051 250,717 156,105 974,770 1,341,610 1,428,578 1,607,617 754,367 965,896 985,615 Committed4,236,362 ‐ 1,185,085 ‐ ‐ ‐ ‐ 2,565,246 2,571,321 2,586,790 Assigned15,929,712 286,516 260,342 236,772 8,853,636 9,545,607 7,829,990 7,654,675 8,298,032 6,326,408 Unassigned‐ 19,517,236 20,183,002 28,579,805 29,077,267 41,085,590 45,660,733 52,721,934 63,150,333 83,433,006 Total general fund20,469,125$ 20,054,469$ 21,784,534$ 29,991,347$ 39,272,513$ 52,059,775$ 55,098,340$ 63,696,222$ 74,985,582$ 93,331,819$ All other governmental fundsNonspendable‐ ‐ ‐ 64,783 ‐ ‐ ‐ ‐ ‐ ‐ Restricted22,888,877 18,722,577 7,841,326 7,528,348 13,049,222 14,852,808 37,576,471 41,375,547 47,213,081 53,024,884 Committed8,513,816 ‐ 15,844,472 20,134,020 11,763,443 17,125,460 18,352,497 14,169,890 15,070,663 19,958,471 Assigned137,605 12,594,651 3,290,869 6,150,838 18,261,594 13,963,776 15,519,639 13,350,561 12,488,653 4,947,675 Unassigned‐ ‐ ‐ ‐ ‐ ‐ ‐ (2,819,660) (337,394) (1,272,748) Total all other governmental funds31,540,298$ 31,317,228$ 26,976,667$ 33,877,989$ 43,074,259$ 45,942,044$ 71,448,607$ 66,076,338$ 74,435,003$ 76,658,282$ Source : City of Renton Finance Division $‐ $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 $70,000,000 $80,000,000 $90,000,000 $100,000,0002013 2014 2015 2016 2017 2018 2019 2020 2021 2022General fundAll other governmental funds2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-5
2013201420152016201720182019202020212022REVENUESTaxes80,300,752$ 85,244,091$ 91,417,887$ 102,741,519$ 95,576,042$ 90,772,400$ 91,299,359$ 85,938,021$ 107,711,878$ 116,440,506$ Licenses and permits6,828,797 7,724,038 8,541,090 7,504,210 6,462,056 5,892,914 5,836,382 5,242,692 5,337,493 7,515,343 Intergovernmental22,879,043 13,717,109 10,546,797 14,058,888 10,944,312 9,662,231 8,464,679 16,346,001 21,430,899 29,239,300 Charges for services9,641,812 11,030,501 13,337,291 9,077,603 6,863,066 8,036,603 7,912,645 6,876,265 7,440,638 21,123,819 Fines and forfeits2,788,573 2,708,477 3,049,542 3,131,466 2,978,800 4,330,947 4,748,321 3,330,877 4,695,505 4,073,851 Interfund revenues 1294,039 264,539 296,649 ‐ ‐ ‐ ‐ ‐ ‐ ‐ Contributions 3,878,978 947,927 187,616 792,699 551,968 598,662 238,587 734,104 359,874 6,392,804 Investment Earnings500,330 1,039,626 1,108,572 1,214,516 1,330,442 1,752,835 2,266,107 2,078,608 121,964 253,203 Miscellaneous Revenues2,208,853 2,117,198 1,994,532 3,036,059 2,280,640 2,375,518 2,079,530 962,008 1,291,860 1,746,195 Total revenues110,308,182 115,930,833 130,479,976 141,556,960 126,987,326 123,422,110 122,845,610 121,508,576 148,390,111 186,785,021 EXPENDITURES CurrentGeneral government9,348,241 10,142,332 11,334,485 11,961,260 12,492,727 12,267,911 12,423,213 13,757,930 13,880,312 20,334,915 Judicial2,364,631 2,400,097 2,461,668 2,536,835 2,650,678 2,727,689 3,162,916 3,252,116 3,485,237 3,982,793 Public safety53,112,143 55,174,723 58,211,446 47,619,491 36,063,481 39,768,443 42,841,721 41,176,222 42,469,142 46,558,177 Utilities468,442 252,826 236,245 238,057 240,611 244,244 244,452 209,398 ‐ ‐ Transportation11,769,366 10,092,425 10,898,934 13,631,324 12,567,755 12,947,686 10,634,812 10,304,108 11,233,863 13,735,344 Economic environment6,652,593 6,088,295 6,628,136 7,130,650 7,730,872 7,674,325 8,094,074 9,447,716 9,817,448 13,918,760 Health and human services1,827,736 1,840,312 1,876,841 2,068,295 2,175,116 2,371,428 2,515,683 3,006,025 2,697,473 3,200,359 Culture and recreation11,040,787 10,942,620 12,250,743 11,786,172 13,080,103 12,897,526 13,608,275 11,559,839 11,684,510 14,102,614 Capital outlay25,356,592 16,829,123 20,274,185 12,637,649 11,895,890 11,362,136 16,171,373 18,794,283 20,961,587 39,457,703 Debt servicePrincipal payments4,744,439 5,076,530 4,834,225 4,530,216 4,672,672 4,480,075 5,167,947 5,405,922 5,625,158 3,069,547 Interest and fiscal charges3,315,011 3,324,433 1,660,586 1,570,322 1,390,904 1,216,109 1,646,927 1,756,060 1,528,007 1,271,720 Total expenditures112,368,179 116,968,848 130,667,494 115,710,271 104,960,809 107,957,572 116,511,393 118,669,619 123,382,737 159,631,932 EXCESS (DEFICIENCY) OF REVENUESOVER EXPENDITURES(2,059,997) (1,038,015) (187,518) 25,846,689 22,026,517 15,464,538 6,334,217 2,838,957 25,007,374 27,153,089 OTHER FINANCING SOURCES (USES)Transfers in5,860,038 5,175,933 9,326,629 10,252,886 9,891,918 2,440,000 18,898,175 18,523,881 18,491,316 36,283,489 Transfer (out)(6,102,584) (8,463,285) (10,786,043) (8,480,721) (14,374,763) (3,931,548) (20,157,065) (18,557,424) (20,471,335) (43,435,673) Refunding bonds issued‐ ‐ 12,520,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ GO Bonds issued3,200,000 ‐ ‐ ‐ ‐ ‐ 20,845,000 ‐ ‐ ‐ Premium on general obligation debt‐ ‐ 1,171,804 ‐ ‐ ‐ 2,593,852 ‐ ‐ ‐ Sale of capital assets9,821 5,170 ‐ ‐ 916,547 1,662,460 20,000 7,050 42,585 232,300 Payment to refunded bond escrow agent‐ ‐ (13,573,341) ‐ ‐ ‐ ‐ ‐ ‐ ‐ Insurance Recoveries‐ 14,666 14,724 29,061 17,217 19,597 10,949 27,218 15,152 262,113 Lease financing 2‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 74,198 Total other financing sources (uses) 32,967,275 (3,267,516) (1,326,227) 1,801,226 (3,549,081) 190,509 22,210,911 725 (1,922,282) (6,583,573) SPECIAL ITEMSTransfer of fire operations‐ ‐ ‐ (12,300,367) ‐ ‐ ‐ (866,131) ‐ ‐ Total special items‐ ‐ ‐ (12,300,367) ‐ ‐ ‐ (866,131) ‐ ‐ Net change in fund balance(2,129,272)$ 17,163,147$ (1,513,745)$ 15,347,548$ 18,477,436$ 15,655,047$ 28,545,128$ 1,973,551$ 23,085,092$ 20,569,516$ Debt service as a percentage ofnon capital expenditures7.98%7.98%5.88%5.92%6.52%5.90%6.38%7.00%6.77%3.54% Source : City of Renton Finance DivisionTABLE 4CHANGES IN FUND BALANCES OF GOVERNMENT FUNDSLAST TEN FISCAL YEARS(modified accrual basis of accounting)2 In accordance with Governmental Accounting Standards Board (GASB) 87 and effective in 2022, the city started recording lease activity.1 2011‐2012 Interfund revenues include amounts received for indirect costs allocated to departments. Beginning in 2013 these amounts are recorded as a reduction of the expenses, rather than revenue, in accordance with Generally Accepted Accounting Principles.Tables prior to 2010 used the titles "Security of persons and property" and "Mental and physical health" for functions now being referred to as "Public Safety" and "Health and Human Services", respectively. Tables Prior to 2013 used the title "Physical environment" for functions now being referred to as "Utilities".3 Corrected the "Total other financing sources" total from 18,201,162 to (3,267,516) to reflect the correct total for that column of data.2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-6
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022City Population95,540 97,130 98,470 101,300 102,700104,100 104,700 105,500 108,054 107,500Water SystemRate Increase 5.0% 5.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% 2.0% 2.0%BillingSingle Family 5,887,603$ 6,339,653$ 6,526,128$ 6,386,047$ 6,558,914$ 6,567,867$ 6,472,448$ 6,885,014$ 7,163,602$ 7,113,462$ Multi‐Family, Commercial, Industrial 6,772,971 6,977,452 6,823,857 7,072,435 7,297,389 7,277,957 7,084,008 6,865,880 7,191,211 7,533,258 Irrigation 1,468,453 2,245,010 2,537,017 2,357,006 2,425,206 2,745,461 2,319,170 2,249,841 2,687,875 2,524,164 Fire Service 292,149 311,936 315,931 322,539 333,951 337,687 340,641 355,375 370,773 376,615 Other2443,825 488,502 607,944 506,044 489,559 455,627 511,488 408,575 606,183 639,408 Total Water Billing14,865,001 16,362,553 16,810,877 16,644,071 17,105,020 17,384,599 16,727,755 16,764,684 18,019,645 18,186,908 Wastewater SystemRate Increase 5.0% 5.0% 0.0% 0.0% 4.0% 4.0% 0.0% 2.0% 2.0% 2.0%BillingSingle Family 4,757,734$ 5,069,164$ 5,173,757$ 5,262,490$ 5,551,146$ 5,820,715$ 5,875,324$ 6,046,959$ 6,226,946$ 6,377,148$ Multi‐Family, Commercial, Industrial, Other 4,359,018 4,560,119 4,217,237 4,467,264 4,627,298 4,794,217 4,733,681 4,521,708 4,759,423 5,080,536 Total City Wastewater Billing9,116,752 9,629,283 9,390,994 9,729,754 10,178,444 10,614,932 10,609,005 10,568,667 10,986,370 11,457,683 King County Metro Charges15,357,431 15,440,140 15,556,018 16,156,367 16,865,542 16,895,073 17,314,045 16,848,625 17,980,785 19,188,469 Total All24,474,183 25,069,423 24,947,012 25,886,121 27,043,986 27,510,005 27,923,050 27,417,292 28,967,154 30,646,152 Storm Water SystemRate Increase5.0% 5.0% 4.0% 4.0% 4.0% 4.0% 0.0% 2.0% 2.0% 2.0%BillingSingle Family3,130,413$ 3,332,758$ 3,498,882$ 3,671,923$ 3,848,958$ 4,022,009$ 4,043,489$ 4,144,288$ 4,253,903$ 4,349,905$ Multi‐Family, Commercial, Industrial, Other5,035,416 5,742,495 6,012,017 6,235,149 6,690,859 6,906,349 6,932,067 7,046,139 7,193,548 7,357,424 Total Storm Water Billing8,165,829 9,075,253 9,510,899 9,907,072 10,539,817 10,928,358 10,975,556 11,190,426 11,447,451 11,707,329 1 Data for prior years provided where available.2 Includes wholesale water provided to the Skyway Water and Sewer District through a single metered connection.LAST TEN FISCAL YEARS 1WATER UTILITY SYSTEMS REVENUE INFORMATIONTABLE 52022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-7
TABLE 6PRINCIPAL RATEPAYERSPage 1 of 3WATER2022 2013% of Total% of TotalRatepayerRevenue Rank RevenueRevenue Rank RevenueKing County441,422$ 1 2.43%351,457$ 3 2.36%City of Renton417,711 2 2.30%357,984 2 2.41%Skyway Water and Sewer District303,586 3 1.67% 115,235 7 0.78%Boeing Commercial202,841 4 1.12%468,843 1 3.15%Unico Longares North Building LLC200,312 5 1.10%‐ 0.00%Renton School District172,699 6 0.95%152,009 4 1.02%Public Hosp Dist #1 of KC149,892 7 0.82%149,297 5 1.00%Renton Housing Authority142,727 8 0.79%‐ 0.00%Copper Ridge Renton LLC138,894 9 0.76%‐ 0.00%CPT The Landing LLC136,865 10 0.75%‐ 0.00%Ashburn Condominiums‐ 0.00% 119,763 6 0.81%Axis Grand Apartments‐ 0.00% 112,977 8 0.76%Ergis IX Reo LLC‐ 0.00%110,141 9 0.74%G and K Services‐ 0.00%106,949 10 0.72%All Other8,915,756 49.02% 7,105,268 47.80%Single Family6,961,890 38.28% 5,715,044 38.45%Misc 2,083 0.01%‐ 0.00%Total Revenue18,186,678$ 100.00%14,864,965$ 100.00%Source : City of Renton Finance Division2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-8
TABLE 6PRINCIPAL RATEPAYERSPage 2 of 3SURFACE WATER20222013% of Total% of TotalRatepayerRevenue Rank RevenueRevenue Rank RevenueCity of Renton1,306,023$ 1 11.16%490,841$ 1 6.01%Boeing Commercial333,483 2 2.85%321,333 2 3.94%King County299,777 3 2.56%185,464 4 2.27%Renton School District294,470 4 2.52%225,197 3 2.76%WSDOT131,151 5 1.12%71,874 5 0.88%Kennworth Truck Company89,386 6 0.76%68,571 6 0.84%Unico Longares North Building LLC76,996 7 0.66%‐ 0.00%Stoneway Rock and Recycling71,933 8 0.61%55,183 7 0.68%Leisure Estates Office69,815 9 0.60%53,556 8 0.66%The Kroger Co55,401 10 0.47%42,499 9 0.52%Pearlmark Harvest Lakeshore LLC‐ 0.00%42,337 10 0.52%Service Linen Supply Inc‐ 0.00%‐ 0.00%City of Renton‐ 0.00%‐ 0.00%The Arbors at Sunset‐ 0.00%‐ 0.00%Ergis IX Reo LLC‐ 0.00%‐ 0.00%Axis Grand Apartments‐ 0.00%‐ 0.00%G and K Services‐ 0.00%‐ 0.00%Renton School District‐ 0.00%‐ 0.00%All Other4,685,892 40.03% 3,543,666 43.40%Single Family4,282,990 36.58% 3,065,308 37.54%Misc 9,917 0.09%‐ 0.00%Total Revenue11,707,232$ 100.00%8,165,829$ 100.00%Source : City of Renton Finance Division2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-9
TABLE 6PRINCIPAL RATEPAYERSPage 3 of 3WASTEWATER2022 2013% of Total% of TotalRatepayerRevenue Rank RevenueRevenue Rank RevenueBoeing Commercial154,623$ 1 1.35%276,051$ 1 3.03%Public Hosp Dist #1 of KC117,697 2 1.03%117,539 2 1.29%Copper Ridge Renton LLC99,727 3 0.87%‐ 0.00%Renton Housing Authority77,619 4 0.68%‐ 0.00%WA3 Properties Talbot LLC70,950 5 0.62%‐ 0.00%CPT The Landing LLC66,880 6 0.58%‐ 0.00%City of Renton64,972 7 0.57%75,157 4 0.82%Service Linen Supply Inc64,937 8 0.57%‐ 0.00%Tlus Rise Renton LP64,670 9 0.56%‐ 0.00%1205 North 10th LLC63,612 10 0.56%‐ 0.00%Mablewood LLC‐ 0.00%55,260 10 0.61%Axis Grand Apartments‐ 0.00% 69,672 5 0.76%The Arbors at Sunset‐ 0.00% 68,396 6 0.75%Egris IX Reo LLC‐ 0.00%67,095 7 0.74%Service Linen Supply Inc‐ 0.00% 63,798 8 0.70%Royal Hills Preservation LP‐ 0.00% 56,175 9 0.62%G and K Services‐ 0.00% 80,771 3 0.89%All Other4,340,326 37.88% 3,544,697 38.88%Single Family6,260,264 54.64% 4,642,167 50.92%Misc 11,406 0.10%‐ 0.00%Total Revenue11,457,683$ 100.00%9,116,779$ 100.00%Source : City of Renton Finance Division2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-10
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022Water RatesMonthly RatesBasic Charge3/4" 16.76 17.60 17.60 17.60 17.60 17.60 17.60 17.95 18.31 18.681" 34.71 34.89 34.89 34.89 34.89 34.89 34.89 35.59 36.30 37.031 1/2" 64.12 67.33 67.33 67.33 67.33 67.33 67.33 68.68 70.05 71.452" 100.50 105.52 105.52 105.52 105.52 105.52 105.52 107.63 109.78 111.983" 206.48 216.81 216.81 216.81 216.81 216.81 216.81 221.15 225.57 230.084" 315.00 330.75 330.75 330.75 330.75 330.75 330.75 337.37 344.12 351.006" 614.50 645.28 645.28 645.28 645.28 645.28 645.28 658.19 671.35 684.788" 1,202.80 1,262.94 1,262.94 1,262.94 1,262.94 1,262.94 1,262.94 1,288.20 1,313.96 1,340.2410"1,792.98 1,882.63 1,882.63 1,882.63 1,882.63 1,882.63 1,882.63 1,920.28 1,958.69 1,997.8612"2,609.39 2,739.86 2,739.86 2,739.86 2,739.86 2,739.86 2,739.86 2,794.66 2,850.55 2,907.56Charge for Irrigation23/4"10.08 10.58 10.58 10.58 10.58 10.58 10.58 10.79 11.01 11.231"18.02 18.92 18.92 18.92 18.92 18.92 18.92 19.30 19.69 20.081 1/2"30.75 32.29 32.29 32.29 32.29 32.29 32.29 32.94 33.60 34.272"47.10 49.46 49.46 49.46 49.46 49.46 49.46 50.45 51.46 52.493"99.69 104.57 104.57 104.57 104.57 104.57 104.57 106.66 108.79 110.974"148.24 155.65 155.65 155.65 155.65 155.65 155.65 158.76 161.94 165.176"280.77 294.81 294.81 294.81 294.81 294.81 294.81 300.71 306.72 312.868"614.41 645.13 645.13 645.13 645.13 645.13 645.13 658.03 671.19 684.6110"790.05 829.55 829.55 829.55 829.55 829.55 829.55 846.14 863.06 880.3212"1,140.86 1,197.90 1,197.90 1,197.90 1,197.90 1,197.90 1,197.90 1,221.86 1,246.30 1,271.221 Data for prior years provided where available.WATER UTILITY RATESTABLE 7Page 1 of 3LAST 10 FISCAL YEARS 12022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-11
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022Water Rates, continuedMonthly RatesFire Meterper meter inch1" 5.97 6.27 6.27 6.27 6.27 6.27 6.27 6.40 6.53 6.661 1/2" 6.68 7.01 7.01 7.01 7.01 7.01 7.01 7.15 7.29 7.442" 8.58 9.01 9.01 9.01 9.01 9.01 9.01 9.19 9.37 9.563" 22.66 23.79 23.79 23.79 23.79 23.79 23.79 24.27 24.76 25.254" 27.88 29.27 29.27 29.27 29.27 29.27 29.27 29.86 30.46 31.076" 40.06 42.06 42.06 42.06 42.06 42.06 42.06 42.90 43.76 44.638" 53.95 56.65 56.65 56.65 56.65 56.65 56.65 57.78 58.94 60.1110" 69.60 73.08 73.08 73.08 73.08 73.08 73.08 74.54 76.03 77.5512" N/A N/A N/A N/A 87.68 87.68 87.68 89.43 91.22 93.04Useage Ratesrate/100 cf (100cf = 748 gallons)Single Family:< 500 cf/mo2.42 2.54 2.54 2.54 2.54 2.54 2.54 2.59 2.64 2.69500‐1,000 cf/mo3.24 3.41 3.41 3.41 3.41 3.41 3.41 3.48 3.55 3.62< 1,000 cf/mo> 1,000 cf/mo4.10 4.30 4.30 4.30 4.30 4.30 4.30 4.39 4.48 4.57All Other UsersMulti‐family3.13 3.29 3.29 3.29 3.29 3.29 3.29 3.36 3.43 3.50Non‐residential3.32 3.48 3.48 3.48 3.48 3.48 3.48 3.55 3.62 3.69Private irrigation5.31 5.58 5.58 5.58 5.58 5.58 5.58 5.69 5.80 5.92City irrigation3.74 3.92 3.92 3.92 3.92 3.92 3.92 4.00 4.08 4.16Hydrant MeterN/A N/A N/A N/A 5.58 5.58 5.58 5.69 5.80 5.921 Data for prior years provided where available.TABLE 7WATER UTILITY RATESLAST 10 FISCAL YEARS 1Page 2 of 32022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-12
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022Surface Water RatesMonthly ratesSingle‐family 12.09 12.69 13.20 13.73 14.28 14.85 14.85 15.15 15.45 15.76Commercial Minimums<= .5 acreMonthly rateLow Intensity 29.93 31.42 32.68 33.99 35.35 36.76 36.76 37.50 38.25 39.02Medium Intensity 43.29 45.46 47.28 49.17 51.14 53.18 53.18 54.24 56.43 56.43High Intensity 55.82 58.61 60.95 63.39 65.93 68.56 68.56 69.93 71.33 72.76> .5 acreRate per acreLow Intensity 59.87 62.86 65.37 67.98 70.70 73.53 73.53 75.00 76.50 78.03Medium Intensity 86.54 90.87 94.50 98.28 102.21 106.30 106.30 108.43 110.60 112.81High Intensity 111.63 117.21 121.90 126.78 131.85 137.13 137.13 139.87 142.67 145.52Wastewater RatesMonthly RatesSingle‐familyRenton26.33 27.65 27.65 27.65 28.76 29.91 29.91 30.51 31.12 31.74King County40.95 40.95 42.61 42.61 44.22 44.22 45.33 45.33 47.37 49.27Other UsersRentonBase charge34.05 4.25 4.25 4.25 4.42 4.60 4.60 4.69 4.78 0.00Minimum Charge (include 750 cf)20.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 31.74Per 100 cf 2.97 3.12 3.12 3.12 3.24 3.37 3.37 3.44 3.51 3.58King CountyMinimum Charge (includes 750 cf)440.95 40.95 42.61 42.61 44.22 44.22 45.33 45.33 47.37 49.27Per 100 cf40.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6.571 Data for prior years provided where available.2 Correction ‐ Updated the 2021 fiscal year 1" and 1 1/2" water charge for irrigation rates from $6.53 to $19.69 and from $7.29 to $33.60, respecfully.3 Effective in 2022, started listing the minimum charge and the base rate is no longer used. 4 Effective in 2022, (1) changed title from "Per 750 cf" to "Minimum Charge (includes 750 cf)" which beter represents that data and (2) started charging a per 100 cf rateTABLE 7WATER UTILITY RATESLAST 10 FISCAL YEARS 1Page 3 of 32022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-13
TABLE 8GENERAL GOVERNMENT TAX REVENUE BY SOURCELAST TEN FISCAL YEARS(accrual basis of accounting) FISCAL YEAR PROPERTY TAX SALES TAX BUSINESS TAXES EXCISE TAX TOTAL TAX 201332,536,533 25,541,972 16,439,502 5,838,149 80,356,156 201435,112,669 27,223,521 18,575,350 4,595,540 85,507,080 201535,418,323 29,567,506 20,561,270 5,736,582 91,283,681 201637,105,988 32,933,987 26,376,964 6,123,700 102,540,639 201724,669,058 33,381,395 30,135,189 7,193,498 95,379,140 201819,046,123 33,564,285 30,055,917 7,951,859 90,618,184 201921,706,506 32,955,528 30,151,752 6,485,943 91,299,729 202021,964,194 31,034,947 26,378,666 6,723,181 86,100,988 202122,574,225 42,329,250 31,920,356 10,994,027 107,817,858 202223,250,415 47,758,735 35,817,234 9,697,601 116,523,985 Source : City of Renton Finance Division$0$20,000,000$40,000,000$60,000,000$80,000,000$100,000,000$120,000,000$140,000,0002013 2014 2015 2016 2017 2018 2019 2020 2021 2022Property TaxSales TaxBusiness TaxExcise Tax2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-14
TABLE 9PRINCIPAL PROPERTY TAX PAYERS20222013% OF TOTAL% OF TOTALTAXABLE1TAXABLE TAXABLE1TAXABLEASSESSEDASSESSED ASSESSEDASSESSEDTAXPAYERVALUE RANK VALUEVALUE RANK VALUEBoeing754,945,929$ 1 3.24%829,693,657$ 1 7.84%Unico Longacres North Build228,938,100 2 0.98%‐ 0.00%Southport LLC225,649,000 3 0.97%‐ 0.00%Paccar176,821,701 4 0.76%108,664,080 3 1.03%CPT The Landing LLC154,622,200 5 0.66%‐ 0.00%1202 North 10th LLC150,265,000 6 0.65%‐ 0.00%1205 North 10th LLC148,639,000 7 0.64%‐ 0.00%Marvin F Poer and Company129,582,239 8 0.56%‐ 0.00%Kaiser Foundation Health PL128,459,734 9 0.55%‐ 0.00%TLUS Rise Renton LP107,590,400 10 0.46%‐ 0.00%Puget Sound Energy‐Elec/Gas‐ 0.00%126,385,366 2 1.19%Transwestern Harvest Lakeshore‐ 0.00%82,926,723 4 0.78%Renton Properties LLC‐ 0.00%51,550,600 5 0.49%Fred Meyer Stores Inc‐ 0.00%45,618,700 6 0.43%BRE‐FMCA LLC c/o Bre Properties‐ 0.00%34,814,700 9 0.33%ECI Two WTC LLC‐ 0.00%40,049,500 8 0.38%Axis Grand Holdings‐ 0.00%43,612,000 7 0.41%FP‐FAA Seattle LLC‐ 0.00%34,623,900 100.33%All Others21,086,624,519 90.53% 9,190,781,973 86.80%Total Assessed Valuation23,292,137,822$ 100.00% 10,588,721,199$ 100.00%1Source: King County Department of Assessments2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-15
FISCAL YEARCOMMERCIAL PROPERTYINDUSTRIAL PROPERTY RESIDENTIAL PROPERTY LESS: EXEMPT REAL PROPERTY4PERSONAL PROPERTY3ADJUSTMENTS TO BASE2TOTAL TAXABLE ASSESSED VALUE3DIRECT TAX RATE32013 2,693,600,191 1,312,002,800 6,753,032,784 511,297,275 806,299,478 (464,916,779) 10,588,721,199 3.100 2014 2,433,225,730 1,267,488,700 7,926,464,800 539,444,058 949,284,799 (704,693,058) 11,332,326,913 3.152 2015 2,509,928,450 1,147,653,230 8,794,605,250 592,768,450 923,325,641 154,013,498 12,936,757,619 2.833 2016 2,681,711,050 1,271,788,530 9,078,657,800 645,210,723 935,849,150 489,977,352 13,812,773,159 2.710 2017 3,051,049,072 1,340,511,480 10,672,639,000 648,346,872 1,032,050,717 (341,864,438) 15,106,038,959 1.610 2018 4,000,946,859 1,460,628,600 12,419,995,863 654,990,948 1,042,332,172 (1,359,862,495) 16,909,050,051 1.154 2019 4,117,936,086 1,645,625,551 12,865,889,234 673,157,602 960,517,474 235,213,572 19,152,024,315 1.118 2020 4,572,656,086 2,062,403,500 14,391,944,472 555,590,799 1,069,343,294 (1,502,594,880) 20,038,161,673 1.105 2021 4,583,572,430 2,180,402,821 15,771,704,960 735,349,151 901,033,728 (1,566,783,409) 21,134,581,379 1.080 2022 4,954,061,451 2,119,297,161 21,130,138,800 769,878,442 865,999,533 (5,007,480,681) 23,292,137,822 1.006 Tax rate for general City operations is limited to $3.10 per $1,000 of assessed value (RCW 84.52.043). Tax rate limit may be reduced for any of the following reasons:Levy Limit; The One Percent Constitution Limit; City may levy taxes below the legal limit. For further explanation refer to Note 4 Property Taxes.4Change to state law (RCW 84. 40.045 and 84.40.175) by the 2013 Legislature eliminated revaluation of government owned parcels.2Includes adjustments to the tax base for senior citizen exemptions, prior year omits, etc. 3King County Assessor Annual Reports1King County Department of Assessments Data; prior year data has been updated with current method of data collection via City of Renton GIS Services.Sources:TABLE 10ASSESSED VALUE OF TAXABLE PROPERTYLAST TEN FISCAL YEARSREAL PROPERTY 13.1003.1522.8332.7101.6101.1541.1181.1051.0801.006 1.000 1.500 2.000 2.500 3.000 3.500 4.000 4.500 5.000 5.500 6.000 $‐ $5 $10 $15 $20 $252013 2014 2015 2016 2017 2018 2019 2020 2021 2022BillionsTotal Taxable Assessed ValueDirect Tax Rate2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-16
TABLE 11PROPERTY TAX RATES DIRECT AND OVERLAPPING GOVERNMENTS LAST TEN FISCAL YEARSDIRECT RATESOVERLAPPING RATESCITY OF RENTONCONSOLIDATED LEVYSCHOOL DISTRICTFISCAL YEAR OPERATING MILLAGE DEBT SERVICE MILLAGE TOTAL CITY MILLAGE State of Washington KING COUNTY OPERATING MILLAGE KING COUNTY DEBT SERVICE MILLAGE Port (Operating and Debt) Total Consolidated Levy(State, County & Port) SPECIAL DISTRICTS1 OPERATING MILLAGE DEBT SERVICE MILLAGE BUILDING FUND MILLAGE TOTAL SCHOOL MILLAGE TOTAL OVERLAPPING MILLAGETOTAL DIRECT AND OVERLAPPING MILLAGE2013 3.10000 ‐ 3.10000 2.56720 1.34165 0.19885 0.23324 4.34094 1.50331 2.49448 2.30546 0.55769 5.35763 11.20188 14.30188 2014 3.15158 ‐ 3.15158 2.47044 1.32983 0.18622 0.21533 4.20182 1.55393 2.44841 2.43218 0.52436 5.40495 11.16070 14.31228 2015 2.83283 ‐ 2.83283 2.28514 1.19644 0.14878 0.18885 3.81921 1.44353 2.41546 1.71412 0.46343 4.59301 9.85575 12.68858 2016 2.70956 ‐ 2.70956 2.16898 1.32977 0.15051 0.16954 3.81880 1.38929 2.35107 2.57140 0.43248 5.35495 10.56304 13.27260 2017 1.60954 ‐ 1.60954 2.03205 1.24349 0.13945 0.15334 3.56833 2.58252 2.30780 1.33954 1.31244 4.95978 11.11063 12.72017 2018 1.15364 ‐ 1.15364 2.91820 1.20156 0.12579 0.13518 4.38073 2.36018 2.32725 1.19417 1.14765 4.66907 11.40998 12.56362 2019 1.18417 ‐ 1.18417 2.62922 1.09639 0.12267 0.12266 3.97094 1.73095 1.50000 1.03306 0.97338 3.50644 9.20833 10.39250 2020 1.10460 ‐ 1.10460 3.02799 1.12785 0.11168 0.11944 4.38696 2.13786 1.48644 1.09602 0.90622 3.48868 10.01350 11.11810 2021 1.08010 ‐ 1.08010 3.08823 1.13522 0.11166 0.11984 4.45495 2.09810 1.41534 1.14293 0.91142 3.46969 10.02274 11.10284 2022 1.00575 ‐ 1.00575 2.81695 1.12195 0.10632 0.11258 4.15780 1.93263 1.35001 1.32199 0.87920 3.55120 9.64163 10.64738 Source: King County Codes and Levies1 Special Districts include Emergency Medical Services, Hospital districts, Library, Flood Zones, Fire Districts, and Other.14.30188 14.31228 12.68858 13.27260 12.72017 12.56362 10.39250 11.11810 11.10284 10.64738 ‐ 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.02013 2014 2015 2016 2017 2018 2019 2020 2021 2022CityConsolidated LevySpecial DistrictsSchool DistrictsTotal Direct and Overlapping2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-17
TABLE 12PROPERTY TAX LEVIES AND COLLECTIONSLAST TEN FISCAL YEARSTOTAL TAX COLLECTED WITHIN THE 1COLLECTIONS 1,2 TOTAL COLLECTIONS TO FISCAL LEVY FOR FISCAL YEAR OF THE LEVY IN SUBSEQUENT DATE 2YEAR FISCAL YEAR AMOUNT % OF LEVY YEARSAMOUNT % OF LEVY201332,563,355 32,170,706 98.1%396,838 32,567,543.87 100.0%201435,520,000 35,054,493 98.7%467,763 35,522,256.68 100.0%201536,420,000 36,026,892 98.9%392,690 36,419,581.56 100.0%201637,269,743 36,862,540 98.9%430,328 37,292,868.44 100.1%201724,200,000 23,756,999 98.2%444,793 24,201,792.21 100.0%201819,400,000 19,192,947 98.9%145,856 19,338,802.56 99.7%201921,058,328 20,833,805 98.9%N/A 20,833,805.00 98.9%202021,985,155 21,689,642 98.7%N/A 21,689,641.59 98.7%202122,644,964 22,376,103 98.8%N/A 22,376,103.43 98.8%202223,326,105 23,034,194 98.7%N/A 23,034,194.31 98.7%Sources: 1 Annual Tax Receivable Summary from King County2 Includes Collections and Levy Changes in subsequent years95%96%97%98%99%100% $‐ $5 $10 $15 $20 $25 $30 $35 $402013 2014 2015 2016 2017 2018 2019 2020 2021 2022MillionsTax LeviedCollected in Year Levied2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-18
2013201420152016201720182019 2020 2021 2022RETAIL TRADE SECTORFurniture 1,461,950$ 1,552,003$ 1,670,492$ 1,727,458$ 1,820,848$ 514,310$ 284,862$ 271,641$ 323,547$ 238,271$ Electronics and Appliances742,150 785,507 815,051 832,583 815,267 860,895 821,722 800,336 915,084 1,009,391 General Merchandise1,707,695 1,733,558 1,826,260 1,856,109 1,859,900 1,790,704 1,726,997 1,750,719 1,840,937 2,040,002 Misc Retail Trade661,905 653,772 635,438 545,156 598,632 2,060,038 2,485,865 2,398,916 3,128,152 3,792,017 Others2,003,901 1,992,620 2,166,015 2,334,225 2,616,887 2,529,467 2,681,185 2,951,365 3,234,044 3,237,138 Subtotal Retail 6,577,601 6,717,460 7,113,256 7,295,531 7,711,534 7,755,414 8,000,631 8,172,977 9,441,764 10,316,819 OTHER SECTORSConstruction 2,694,710 2,316,188 3,019,042 4,682,830 4,246,126 4,585,841 3,751,460 3,094,016 3,947,531 4,449,073 Manufacturing552,474 446,615 448,230 514,526 460,241 500,576 491,889 478,853 482,408 499,418 Transportation492,237 770,889 1,592,590 1,295,994 1,090,118 1,349,230 1,370,784 918,986 1,184,942 1,513,657 Wholesale1,174,007 1,157,750 1,198,961 1,435,378 1,405,676 1,571,217 1,654,800 1,645,489 1,752,371 2,505,766 Automotive 3,731,241 4,104,744 4,597,151 4,809,026 4,775,263 5,118,532 5,220,618 4,735,375 6,848,390 7,435,485 Services4,362,344 4,576,039 5,145,373 5,635,186 5,884,292 6,855,309 7,178,122 6,696,450 7,990,388 9,672,647 Miscellaneous553,106 590,685 566,166 684,762 758,384 692,516 650,275 710,691 1,012,239 1,122,076 Subtotal ‐ Other Sectors 13,560,119 13,962,910 16,567,513 19,057,702 18,620,100 20,673,221 20,317,948 18,279,860 23,218,269 27,198,122 Total Sales Tax20,137,720$ 20,680,370$ 23,680,769$ 26,353,233$ 26,331,634$ 28,428,635$ 28,318,579$ 26,452,837$ 32,660,033$ 37,514,941$ Source : City of Renton Finance DivisionIn 2007, the State of Washington changed industry classification from the Standard Industry Classification (SIC) to the North American Industry Classification System (NAICS). This change reclassified various other retail activities to the expanded service classification. TABLE 13SALES TAX COLLECTIONS BY SECTORLAST TEN FISCAL YEARS $‐ $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,0002013 2014 2015 2016 2017 2018 2019 2020 2021 2022RetailConstructionManufacturingTransportationWholesaleAutomotiveServicesMiscellaneous2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-19
TABLE 14
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
GOVERNMENTAL ACTIVITIES BUSINESS‐TYPE ACTIVITIES
FISCAL
YEAR
GENERAL
OBLIGATION
BONDS
SPECIAL
ASSESSMENT
BONDS
OTHER
GENERAL
OBLIGATION2
REVENUE
BONDS
OTHER LONG
TERM DEBT
TOTAL PRIMARY
GOVERNMENT
DEBT
PERCENTAGE
OF PERSONAL
INCOME1
DEBT PER
CAPITA
% of Actual
Taxable Value
of Property
2013 46,103,944 ‐ 35,692,283 31,208,819 4,660,282 117,665,328 8.61% 1,232 1.12%
2014 41,882,832 ‐ 34,639,998 28,677,301 3,951,670 109,151,801 7.20% 1,124 1.11%
2015 37,399,331 ‐ 33,340,737 27,175,783 3,248,163 101,164,014 6.23% 1,027 0.96%
2016 32,867,371 ‐ 32,220,614 25,547,511 2,639,258 93,274,754 5.39% 921 0.67%
2017 29,093,663 ‐ 31,052,617 24,919,359 2,244,083 87,309,722 4.68% 850 0.58%
2018 24,705,089 ‐ 29,845,813 22,740,572 1,898,266 79,189,740 3.90%761 0.47%
2019 42,998,621 ‐ 24,588,550 20,444,953 1,552,448 89,584,571 4.19% 856 0.47%
2020 37,587,428 ‐ 23,594,046 18,109,334 1,206,630 80,497,438 3.66% 763 0.40%
2021 31,974,425 ‐ 22,434,586 15,728,715 860,812 70,998,538 2.91% 663 0.34%
2022 28,976,853 ‐ 21,316,057 13,303,096 545,295 64,141,300 N/A 597 0.28%
Source : City of Renton Finance Division
1 The percentage of Personal Income column is based on personal income of King County; 2022 personal income is not available. (See Table 19). Renton data is
not available.
2 Other GO debt includes debt issued by related entities that are backed by the City's full faith and credit as well as intergovernmental loans and capital leases.
Prior years have been updated to reflect the Capital Lease agreement that started in 2014.
$‐
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
General Obligation (Governmental)Other Long Term (Governmental)Revenue (Business‐Type)Other Long Term (Business‐Type)
2022 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-20
2013201420152016201720182019202020212022 LEGAL DEBT MARGIN CALCULATION Taxable Assessed value 10,588,721,199$ 11,332,326,913$ 12,936,757,619$ 13,812,773,159$ 15,106,038,959$ 16,909,050,051$ 19,152,024,315$ 20,038,161,673$ 21,134,581,379$ 23,292,137,822$ Total Taxable Assessed Value 10,588,721,199 11,332,326,913 12,936,757,619 13,812,773,159 15,106,038,959 16,909,050,051 19,152,024,315 20,038,161,673 21,134,581,379 23,292,137,822 Debt limit 1.5% of General purpose limit, non‐voted 158,830,818 169,984,904 194,051,364 207,191,597 226,590,584 253,635,751 287,280,365 300,572,425 317,018,721 349,382,067 1.0% General purpose limit, voted 105,887,212 113,323,269 129,367,576 138,127,732 151,060,390 169,090,501 191,520,243 200,381,617 211,345,814 232,921,378 2.5% General purpose combined limit 264,718,030 283,308,173 323,418,940 345,319,329 377,650,974 422,726,251 478,800,608 500,954,042 528,364,534 582,303,446 2.5% Utility purpose limit, voted 264,718,030 283,308,173 323,418,940 345,319,329 377,650,974 422,726,251 478,800,608 500,954,042 528,364,534 582,303,446 2.5% Open space, park facilities, voted 264,718,030 283,308,173 323,418,940 345,319,329 377,650,974 422,726,251 478,800,608 500,954,042 528,364,534 582,303,446 Total debt limit 794,154,090 849,924,518 970,256,821 1,035,957,987 1,132,952,922 1,268,178,754 1,436,401,824 1,502,862,125 1,585,093,603 1,746,910,337 Debt applicable to limitGeneral obligation bonds46,103,944 41,882,832 37,399,331 32,867,371 29,093,663 24,705,089 42,998,621 37,587,428 31,974,425 28,976,853 Other long term debt35,692,283 34,639,998 33,340,737 32,220,614 31,052,617 29,845,813 24,588,550 23,594,046 22,434,586 21,316,057 Total Debt 81,796,227 76,522,830 70,740,068 65,087,985 60,146,280 54,550,902 67,587,171 61,181,474 54,409,011 50,292,909 Less: Amount set aside for repayment of general obligation debt and contracts payable(1,279,231) (1,639,891) (2,368,177) (2,428,018) (2,359,933) (2,787,931) (4,001,799) (5,053,340) (5,210,785) (5,200,287) Total net debt applicable to limit 80,516,996 74,882,939 68,371,891 62,659,967 57,786,347 51,762,971 63,585,372 56,128,134 49,198,226 45,092,622 Legal debt margin 713,637,094$ 775,041,580$ 901,884,931$ 973,298,020$ 1,075,166,575$ 1,216,415,783$ 1,372,816,452$ 1,446,733,992$ 1,535,895,377$ 1,701,817,714$ Percentage of net debt to debt limit10.14%8.81%7.05%6.05%5.10%4.08%4.43%3.73%3.10%2.58%Source : City of Renton Finance DivisionState law provides that debt cannot be incurred in excess of the following percentages of the value of the taxable property of the City: 1.5 percent without a vote of the people; 2.5 percent with a vote of the people5.0 percent with a vote of the people, provided the indebtedness in excess of 2.5 percent is for utilities; and 7.5 percent with a vote of the people provided the indebtedness in excess of 5.0 percent is for open space development and parks facilitiesTABLE 15LEGAL DEBT MARGIN INFORMATIONLAST TEN FISCAL YEARS2022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-21
% OF GEN BONDED2
GENERAL 1 DEBT TO
FISCAL BONDED ASSESSED
2 ASSESSED PER3
YEAR DEBT VALUE VALUE CAPITA
2013 81,796,227 10,588,721,199 0.77%856
2014 76,522,830 11,332,326,913 0.68%788
2015 70,740,068 12,936,757,619 0.55%718
2016 65,087,985 13,812,773,159 0.47%643
2017 60,146,280 15,106,038,959 0.40%586
2018 54,550,902 16,909,050,051 0.32%524
2019 67,587,171 19,152,024,315 0.35%646
2020 61,181,474 20,038,161,673 0.31%580
2021 54,409,011 21,134,581,379 0.26%508
2022 50,292,909 23,292,137,822 0.22%468
Source:
1 City of Renton Finance Division
2 King County Department of Assessments
3 Population Data can be found in Table 19
TABLE 16
RATIOS OF GENERAL BONDED DEBT OUSTANDING TO ASSESSED VALUE
LAST TEN FISCAL YEARS
$‐
100
200
300
400
500
600
700
800
900
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
2022 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-22
Utilities
GOVERNMENTAL UNIT
Debt
Outstanding1
Estimated Percent
Applicable2
Estimated Share of
overlapping debt
City of Renton Direct Debt 50,292,909$ 100% 50,292,909$
City of Renton Overlapping Debt 4
King County 3 637,822,000 3.22% 20,561,473
Port of Seattle 336,890,000 3.22% 10,860,326
Renton School District #403 275,265,000 68.53%188,647,783
Issaquah School District #411 670,010,000 2.99%20,045,611
Kent School District #415 203,156,000 0.75%1,530,837
Fire District 10‐1 1,950,000 0.35%6,818
King County Library 30,415,000 1.05%319,790
City of Renton Overlapping Debt 241,972,637
Total Direct and Overlapping Debt 292,265,547$
Sources:
2 King County Department of Assessments
TABLE 17
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
1 King County Department of Executive Services
⁴ Overlapping percentages are determined by checking within the levy codes of the reporting district to see which taxing districts overlap
with that reporting district. For example, within levy code 2100, the Renton School District and the King County Library district overlap with
the city and both have debt. Since they both have debt and they overlap with the City, those two districts are reported and the value within
that levy code is reported as overlapping with the school and library districts.
3 King County's gross outstanding debt excludes available cash in debt service funds, proprietary‐type debt, debt financed from component
unit, credit enhanced program.
Renton
17%
King County
7%
Schools
72%
Port of Seattle
4%
Others
0%
2022 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-23
TABLE 18
PLEDGED‐REVENUE COVERAGE
LAST TEN FISCAL YEARS
Ratio
Fiscal
Year Revenue
1
Expenses without
Taxes/
Depreciation
Net Revenue
Available for
Debt Service Principal Interest Coverage
2
2013 45,849,249 27,538,433 18,310,816 2,168,648 1,292,497 5.29
2014 48,247,542 29,685,885 18,561,657 3,253,612 1,243,751 4.13
2015 50,143,096 30,737,021 19,406,075 2,218,509 1,124,534 5.80
2016 50,614,218 39,147,449 11,466,769 2,348,901 887,754 3.54
2017 53,140,049 35,056,056 18,083,993 2,165,175 669,440 6.38
2018 54,486,431 35,196,065 19,290,366 2,473,986 556,599 6.37
2019 54,435,195 38,164,206 16,270,989 2,590,818 514,821 5.24
2020 53,911,213 35,826,799 18,084,414 2,630,818 470,315 5.83
2021 55,588,405 35,441,375 20,147,030 2,675,818 423,557 6.50
2022 57,888,652 39,566,044 18,322,608 2,690,517 376,009 5.98
1 Revenue includes operating revenue, interest revenue, and other non‐operating revenue, net of utility taxes.
2 Bond financing requirements are that the average annual coverage is at least 1.25 times the annual debt service for Water and Sewer revenue
bonds.
Revenue Debt Service
5.29
4.13
5.80 3.54 6.38
6.37
5.24
5.83 6.50 5.98
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Waterworks Net Revenue available for debt service Debt Service Coverage
2022 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-24
PER CAPITA
PERSONAL PERSONAL SCHOOL
POPULATION INCOME INCOME ENROLLMENT 5 RATE 6
FISCAL MEDIAN RENTON SCHOOL
YEAR KING COUNTY 2 RENTON 1 KING COUNTY 2 KING COUNTY 3 AGE 4 DISTRICT KING COUNTY RENTON
2013 2,047,223 95,540 136,740,508,000 66,793 37.70 14,783 5.0% 4.7%
2014 2,085,225 97,130 151,506,547,000 72,657 37.44 15,080 4.6% 4.2%
2015 2,126,178 98,470 162,285,799,000 76,327 37.24 15,241 4.6% 4.3%
2016 2,166,350 101,300 173,036,160,000 79,875 36.20 15,319 3.4% 3.2%
2017 2,203,836 102,700 186,440,160,000 84,598 35.91 15,334 3.6% 3.8%
2018 2,228,364 104,100 203,139,369,000 91,161 35.90 15,414 3.5% 3.7%
2019 2,252,782 104,700 213,956,690,000 94,974 35.91 15,204 3.0% 3.2%
2020 2,274,315 105,500 219,805,809,000 96,647 35.99 14,854 7.6% 8.8%
2021 2,252,305 107,100 243,727,550,000 108,212 37.25 14,620 4.3% 5.1%
2022 * 107,500 * * 37.26 15,500 2.9% 3.1%
Sources:
1 Washington State Office of Financial Management ‐ prior year data updated to reflect actuals where adjusted
2 U.S. Bureau of Economic Analysis. Data shown is for King County. Specific data for the City of Renton is not available.
3 U.S. Bureau of Economic Analysis. Data shown is for King County. Specific data for the City of Renton is not available.
4 Washington State Office of Financial Management ‐ prior year data updated to reflect actuals where adjusted
5 Enrollment is based on entire Renton School District, which includes schools located outside city boundaries but excludes schools of Kent
and Issaquah school districts located within Renton city limits.
6 US Bureau of Labor Statistics; average annual rates, not seasonally adjusted, 2010‐2014 are provisional and subject to change
* Data not available at time of publication
TABLE 19
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
UNEMPLOYMENT
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Series1 Series2
2022 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-25
EMPLOYER EMPLOYEES1 RANK CITY EMPLOYEES RANK CITY
BOEING COMPANY 11,438 1 37.56% 14,667 1 31.29%
VALLEY MEDICAL CENTER 4,749 2 15.60%2,187 2 4.67%
KAISER PERMANENTE 3,010 3 9.88%‐‐‐ ‐‐‐ ‐‐‐
RENTON SCHOOL DISTRICT 2,379 4 7.81%1,401 4 2.99%
PACCAR INC 1,418 5 4.66%1,005 6 2.14%
FRED MEYERS STORES 972 6 3.19%‐‐‐ ‐‐‐ ‐‐‐
CITY OF RENTON 882 7 2.90%705 7 1.50%
PROVIDENCE WA REGIONAL SERVICES 860 8 2.82%1,245 5 2.66%
GEICO INSURANCE 660 9 2.17%‐‐‐ ‐‐‐ ‐‐‐
RENTON TECHNICAL COLLEGE 532 10 1.75%‐‐‐ ‐‐‐ ‐‐‐
SEATTLE SEAHAWKS 523 11 1.72%‐‐‐ ‐‐‐ ‐‐‐
DOT ‐ FEDERAL AVIATION ADMINISTRATION ‐‐‐ ‐‐‐ ‐‐‐1,480 3 3.16%
PROVINCE HEALTH & SERVICES ‐‐‐ ‐‐‐ ‐‐‐430 8 0.92%
CONVERGENT OUTSOURCING INC.‐‐‐ ‐‐‐ ‐‐‐368 9 0.79%
PUGET SOUND EDUCATIONAL SERVICES DISTRICT ‐‐‐ ‐‐‐ ‐‐‐364 10 0.78%
Total Principal Employers 27,423 90.06%23,852 50.89%
Total All Other Employers 3,028 9.94%23,018 49.11%
Total Employees working within Renton 30,451 100.00%46,870 100.00%
Sources:
Employee and employer data, business license data, City of Renton
TABLE 20
PRINCIPAL EMPLOYERS
2022 2013
2022 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-26
2013 2014 2015 2016
2 2017 2018 2019 2020 2021
3 2022
FUNCTION
General Government 135.4 135.4 139.4 151.0 156.0 161.0 172.1 174.1 174.1 182.6
Public Safety
Police
Commissioned Officers 123.0 121.5 119.0 124.0 129.0 129.0 129.0 129.0 129.0 129.0
Non‐Commissioned Officers 28.4 28.4 29.4 30.4 32.9 32.9 34.4 34.4 35.0 35.0
Fire
Commissioned Officers 145.0 140.0 145.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Non‐Commissioned Officers 16.0 16.0 16.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Public Works
Administration 3.0 3.0 3.0 2.0 2.0 2.0 2.0 2.0 2.0 4.5
Airport 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9.0 9.0
Facilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35.0 35.0
Maintenance Services 80.0 80.0 82.0 82.0 87.0 88.0 92.0 92.0 92.0 94.0
Transportation Systems 33.0 31.0 31.0 33.5 38.5 37.5 40.0 40.0 31.0 31.5
Utility Systems 25.5 23.5 23.5 25.5 27.5 27.5 28.5 28.5 28.5 29.5
Equity Housing and Human Services
Administration 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.0 4.0
Housing 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.0 2.0
Human Services 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.5 4.0
Neighborhood Programs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.0
Culture and Recreation
Golf Course 9.5 9.5 9.5 9.5 10.5 9.8 9.0 12.0 12.0 12.0
Museum 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Parks/Recreation 83.6 80.0 80.0 83.0 83.0 82.8 89.5 103.5 62.3 62.5
Total 683.4 669.3 678.8 541.9 567.4 571.4 597.5 616.5 620.4 636.6
Source: City of Renton Finance Division
1 Farmers's Market Program was moved from Community and Economic Department to Community Services Department in 2012.
2 City of Renton Fire transferred to the Renton Regional Fire Authority on July 1, 2016.
3 Citywide reorganization approved 7/19/21. Changes reflected above include the following:
Public Works ‐ Airport moved from transportation systems to its own division
General Government ‐ Housing moved to Equity Housing and Human Services
Culture and Recreation ‐ Facilities, Neighborhood Programs, Human Services moved to Public Works, General Government, Equity Housing and Human Services
TABLE 21
FULL TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
2022 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-27
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
FUNCTION
Public Safety
Police
Physical Arrests 1,725 1,515 1,653 1,492 2,099 2,373 2,517 1,515 1,337 1,427
Parking Violations 4,799 4,049 4,464 4,664 4,992 5,114 5,992 3,777 2,588 3,807
Traffic Violations 8,388 5,925 4,828 5,152 4,576 5,970 3,946 2,406 1,390 1,129
Photo Enforcement Violations 15,733 21,015 25,562 23,208 25,257 48,281 51,474 34,998 54,813 43,047
Infractions Non Traffic 210 149 125 53 43 55 35 46 10 6
Criminal Non Traffic 1,346 1,522 1,466 1,351 1,430 1,687 1,631 1,778 1,186 1,219
Fire1
Number of Calls Answered 13,848 14,337 14,945 ‐ ‐ ‐ ‐ ‐ ‐ ‐
Inspections 689 997 2,517 ‐ ‐ ‐ ‐ ‐ ‐ ‐
Transportation
Street Resurfacing (Miles)0.84 2.82 1.67 0.44 2.78 1.07 1.32 0.00 0.00 1.05
Aircraft Operations 93,911 100,544 112,335 118,568 131,702 145,811 128,030 99,972 132,993 116,291
Physical/Economic Environment
Building Permits Received 4,237 4,287 4,898 4,830 4,404 5,009 4,735 4,284 4,584 5,257
Building Permits Issued 4,038 4,204 4,691 4,661 4,092 4,732 4,474 4,048 4,198 4,901
Public Works Permits Received 1,488 1,526 1,472 1,468 1,270 1,450 1,335 1,404 1,203 1,135
Public Works Permits Issued 1,411 1,493 1,359 1,437 1,093 1,214 1,154 1,229 978 1,000
Solid Waste Utility
Recyclables Collected (Tons/Yr) 13,616 13,993 15,218 17,846 12,331 14,075 13,309 13,409 13,702 13,808
Culture and Recreation2
Athletic Field Attendance 94,000 94,000 93,000 94,000 56,000 65,897 93,504 1,090 77,903 90,800
Community Center Admissions 3 102,525 102,308 102,312 98,282 92,026 85,762 85,762 2,133 20,610 61,107
Rounds of Golf 56,180 55,600 56,775 51,546 47,462 48,734 46,581 48,649 56,039 57,750
1 The Renton Regional Fire Authority formed July 1, 2016 replacing the City of Renton Fire Department.
22020 numbers are significantly lower than prior years due to closures related to the Covid‐19 pandemic.
3 Community Center admissions were updated through 2018 using CLASS reports for registered participants, membership pass scans, and drop ins.
Source: City of Renton
TABLE 22
OPERATING INDICATORS BY FUNCTION
LAST TEN FISCAL YEARS
2022 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-28
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022City Population95,540 97,130 98,470 101,300 102,700 104,100 104,700 105,500 107,100 107,500Water SystemService Area Population 62,100 60,000 67,125 67,000 68,666 72,164 73,750 75,130 76,270 77,640Number of Connections:Single Family 13,942 13,764 14,083 14,162 14,190 14,223 14,288 14,378 14,463 14,499Multi‐Family, Commercial, Industrial 2,542 2,715 2,541 2,578 2,557 2,592 2,599 2,586 2,566 2,581Irrigation 734 726 738 756 755 766 765 771 774 782Fire Service 652 652 663 682 682 690 693 694 696 698Other 25911674816788908499110Total Connections17,929 17,973 18,099 18,259 18,251 18,359 18,435 18,513 18,598 18,670Water Production/Consumption (in hundreds of cubic feet ‐ cu ft)(in hundreds of cubic feet ‐ cu ft)Purchased43,815 47,774 54,951 43,009 56,667 57,192 39,003 15,552 15,997 25,931Production 3,197,643 3,306,194 3,512,789 3,410,648 3,490,563 3,524,353 3,364,884 3,340,031 3,606,634 3,596,206Consumption2,937,989 2,938,282 3,094,114 3,028,174 3,146,552 3,205,135 3,008,546 2,919,760 3,073,295 3,014,683Non‐revenue 303,469 415,686 473,626 425,483 400,678 376,410 395,341 435,823 549,336 607,454Consumption (thousands of gallons)Average Daily6,553 6,775 7,199 6,971 7,154 7,223 6,896 6,896 7,392 9,853Peak Daily412,361 12,411 13,590 12,751 13,098 12,335 11,687 12,411 12,994 12,243Sewer SystemService Area Population‐‐80,780 81,759 83,850 86,982 87,402 87,744 89,720 90,560 91,960Number of Connections:Single Family 15,183 15,154 15,173 15,384 15,507 15,652 15,790 15,923 16,044 16,096Multi‐Family, Commercial, Industrial, Other 2,450 2,708 2,713 2,704 2,714 2,727 2,726 2,707 2,713 2,715Out of City Connections 132 180 233 242 264 279 272 285 296 299Total Connections 17,765 18,042 18,119 18,330 18,485 18,658 18,788 18,915 19,053 19,110Storm Drainages SystemService Area Population‐‐97,130 98,470 101,300 102,700 104,100 104,700 105,500 107,100 107,500Number of Connections:Single Family 21,756 21,893 22,125 22,352 22,455 22,587 22,605 22,785 22,915 22,956Multi‐Family, Commercial, Industrial, Other 1,738 1,728 1,732 1,744 1,750 1,755 1,736 1,732 1,734 1,721Total Connections 23,494 23,621 23,857 24,096 24,205 24,342 24,341 24,517 24,649 24,677Solid Waste 3Service Area Population‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐Number of Connections:Single Family16,958 17,000 17,154 17,129 16,926 23,577 24,034 24,095 24,283 23,394Multi‐Family, Commercial, Industrial, Other1,535 1,533 1,589 1,586 1,554 1,759 1,858 1,947 1,844 1,849Total Connections18,493 18,533 18,743 18,715 18,480 25,336 25,892 26,042 26,127 25,2431 Data for prior years provided where available.2 Includes wholesale water provided to the Skyway Water and Sewer District througha single metered connection.3 2018 numbers are sourced from the Republic Services Annual Report as the City of Renton no longer handles the billing for Solid Waste.4 2020 number updated from 11,687 to 12,411 based on Water's 2020 annual reportTABLE 23UTILITY SYSTEMS SUPPLEMENTAL OPERATING INFORMATIONLAST TEN FISCAL YEARS 12022 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-29
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
FUNCTION
Public safety
Police Stations 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Police Patrol Districts 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0
Fire stations1 6.0 6.0 6.0 ‐‐‐‐‐‐‐
Transportation
Street (miles) 266.1 294.0 304.1 315.5 311.0 311.0 311.0 318.0 318.0 319.0
Streetlights 4,182 4,302 4,342 4,720 4,878 5,120 5,120 5,237 5,282 5,383
Culture and recreation
Parks acreage 1,213.8 1,227.0 1,239.5 1,240.4 1,245.5 1,245.5 1,244.5 1,244.8 1,244.8 1,244.8
Parks 32 32 32.0 32.0 32.0 32.0 32.0 32.0 32.0 32.0
Swimming pools 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Tennis courts 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0
Community centers2 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0
Waterworks Utility
Water mains (miles) 308.0 304.6 307.5 311.0 313.0 314.0 315.0 316.0 318.0 318.0
Fire hydrants 3,670 3,697 3,740 3,769 3,777 3,811 3,818 3,838 3,870 3,880
Sanitary sewers (miles) 223.4 225.9 231.2 232.1 233.9 234.6 235.8 235.9 234.9 233.2
Storm sewers (miles) 282.0 267.7 265.6 276.6 278.0 279.9 282.8 286.1 287.2 290.0
1 City of Renton Fire and ES Services employees transferred to the Renton Regional Fire Authority on July 1, 2016.
Source: City of Renton Departments
2Includes the Renton Community Center, the Senior Activity Center, and the Highlands Neighborhood Community Center that are
regularly programmed and the North Highlands Community Center that is leased out and is not programmed by the City of
TABLE 24
CAPITAL ASSETS STATISTICS BY FUNCTION
LAST TEN FISCAL YEARS
2022 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-30
City of Renton
1055 South Grady Way
Renton, WA 98057
rentonwa.gov