HomeMy WebLinkAboutQUARTER 3 2023Page 1 of 35
OVERVIEW
This quarterly financial report reflects the city’s revenue and expenditures/expenses for the fiscal year through September
30, 2023. A detailed analysis, including current to prior year and budget to actual comparison is included for each city fund.
Excluded from this report are the city’s fiduciary funds as these funds are held on behalf of others and are not available for
city use. Budget figures shown reflect amounts authorized in ORD 6114, which includes the 2nd quarter budget adjustment
approved July 17th, 2023.
GENERAL FUND
The General Fund is used to account for resources that are not generally dedicated for a specific purpose. The General Fund
is used to meet the basic services that the city provides including, but not limited to, police protection, parks and recreation,
human services, municipal court, street maintenance and planning, economic development, and administrative functions.
The table below displays the YTD revenues and expenditures for the General Fund, including comparison to prior year,
comparison to YTD budget amounts, and percentage of annual budget. YTD budget amounts are generally based on the
collection/disbursement patterns for the same period of the preceding two (2) years, with the following exceptions: property
tax revenue budgets are based on the collection patterns over the preceding four (4) years and sales tax revenue budgets are
based on the collection patterns over the preceding five (5) years.
General Fund
YTD
Prior Year YTD YTD Budget % BUDGET
REVENUES
Taxes 72,629,730$ 99,476,943$ 70,022,944$ 80,321,845$ 7,692,115$ 10,298,901$ 80.74%
Licenses & Permits 5,875,790 5,792,660 4,584,953 5,136,398 (739,392)$ 551,445 88.67%
Intergovernmental 16,178,667 9,199,969 7,434,793 4,003,872 (12,174,795)$ (3,430,921) 43.52%
Charges for Services 8,532,959 11,186,962 9,148,582 8,808,288 275,329$ (340,294) 78.74%
Fines and Penalties 3,164,078 3,841,442 2,897,764 2,848,680 (315,398)$ (49,084) 74.16%
Miscellaneous 1,842,858 1,673,835 1,166,692 4,035,135 2,192,277$ 2,868,443 241.07%
Other Financing Sources (Transfer‐In, etc) 494,868 1,976,216 1,976,216 51,752 (443,116)$ (1,924,464) 2.62%
TOTAL REVENUES 108,718,950 133,148,027 97,231,944 105,205,970 (3,512,980) 7,974,026 79.01%
EXPENDITURES
City Attorney 2,115,048 3,227,575 2,412,139 2,282,854 (167,806) 129,285 70.73%
Community and Economic Development 8,059,679 15,062,857 10,708,000 9,315,844 (1,256,165) 1,392,156 61.85%
Council 509,786 743,244 550,893 538,965 (29,179) 11,928 72.52%
Court Services 2,319,571 3,532,292 2,631,328 2,396,563 (76,992) 234,765 67.85%
Equity, Housing, and Human Services 2,256,921 5,310,611 3,435,239 2,417,780 (160,859) 1,017,459 45.53%
Executive Services 4,081,042 6,504,746 4,795,704 4,419,207 (338,165) 376,497 67.94%
Finance 3,065,715 5,363,865 3,629,949 3,284,293 (218,578) 345,656 61.23%
Human Resources 1,151,400 1,942,172 1,423,131 1,179,026 (27,626) 244,105 60.71%
Parks and Recreation 11,051,443 17,292,831 12,516,169 11,997,061 (945,618) 519,108 69.38%
Police 33,255,176 49,793,835 36,260,858 36,501,838 (3,246,660) (240,980) 73.31%
Public Works 11,351,604 16,987,204 12,526,230 12,069,681 (718,077) 456,549 71.05%
Other Non‐Departmental 8,933,188 12,804,723 3,816,199 2,318,104 6,615,084 1,498,095 18.10%
TOTAL EXPENDITURES 88,150,573 138,565,955 94,705,838 88,721,216 (570,643) 5,984,622 64.03%
Change in Fund Balance 20,568,377 (5,417,928) 2,526,106 16,484,754 (4,083,623) 13,958,648 N/A
Beginning Fund Balance 69,102,662 83,605,978 83,605,978 83,605,978 14,503,316 ‐ 100.00%
ENDING FUND BALANCE 89,671,039$ 78,188,050$ 86,132,084$ 100,090,732$ 10,419,693$ 13,958,648$ 128.01%
Operating Reserve 13,994,674 13,477,763 13,477,763 13,477,763
Economic Development Reserve 2,500,000 2,500,000 2,500,000 2,500,000
AVAILABLE FUND BALANCE 73,176,365$ 62,210,287$ 70,154,321$ 84,112,969$
Favorable (Unfavorable)
2022 2023 Variance
YTD Actual Annual Budget YTD Budget YTD Actual
Summary of Sources and Uses
Quarterly Financial Report 3rd Quarter 2023
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 2 of 35
GENERAL FUND REVENUES
The following tables provide a more detailed summary of each revenue category within the General Fund. Detailed
explanations have been provided for variances from prior year or YTD budget in excess of $100K. All variances are shown in
a favorable/(unfavorable) format.
TAXES
Property Tax – Property tax collections by King County are above prior year. The increase is due to the city increasing the
property tax levy the allowable 1% by state law as well as an additional levy of $1.5M.
Local Retail Sales Tax – Local retail sales tax exceeded prior year and YTD budget. The majority of the increase in local retail
sale tax revenues over the prior year is coming from the services and construction sectors. It is important to note that sales
tax revenues have a two‐month lag between the time of the sale and the city’s receipt of the sale tax from the State. Please
see the September sales tax report for information regarding sales tax figures by industry.
Criminal Justice Sales Tax – Criminal justice sales tax represents a 0.1% sales tax imposed by the county for criminal justice
purposes. The county must share 90% of the revenue collected with all cities and towns in the county on a per capita basis.
The increase in criminal justice sales tax directly relates to the increase in local retail sales tax, as described above.
Natural Gas Use Tax – Natural gas use tax represents a 6% tax on the usage of natural gas within the city that has not
otherwise been subject to city utility tax. The increase over 2023 budget and increase from prior year is due to higher than
anticipated usage which fluctuates from year to year and is only paid by a limited number of larger companies.
Admissions Tax – An increase in admission tax over prior year is due to the economic recovery from the pandemic where
many locations remained on limited capacity or were not operating their events in the first quarter of 2022 as well as a large
increase from a new taxpayer in Renton. Admissions tax is performing higher than budget due to the recent opening of a
large new taxpayer in Renton resulting in higher tax collection.
Utility Tax – Electrical, natural gas and city utilities are the primary drivers of the increase over prior year and amount above
YTD budget due to increased customer rates coupled with increased utility usage. Rates for utility users beginning January
2023 increased 8.7% for electricity and 6.4% for natural gas. These increases were partially offset by decreases in cable utility
tax due to decreased customer base. The breakdown of utility tax is as follows:
2022 2023 2023
Actual Budget Actual $ % $ %
Property Tax 12,816,041 13,807,818 13,713,600 897,559 7.0%(94,218) ‐0.7%
Local Retail Sales Tax 27,376,592 25,184,543 27,947,349 570,757 2.1% 2,762,806 11.0%
State Sales Tax Credit 493,566 490,201 484,587 (8,979) ‐1.8% (5,614) ‐1.1%
Criminal Justice Sales Tax 2,796,776 2,297,086 2,939,129 142,353 5.1% 642,043 28.0%
Natural Gas Use Tax 171,518 153,381 290,414 118,896 69.3% 137,033 89.3%
Admission Tax 211,230 464,176 960,133 748,903 354.5% 495,957 106.8%
Utility Tax 12,935,730 12,075,408 14,003,239 1,067,509 8.3% 1,927,831 16.0%
Leasehold Excise Tax 132,989 137,114 207,019 74,030 55.7% 69,905 51.0%
Gambling Excise Tax 2,912,603 1,977,694 2,762,374 (150,229) ‐5.2%784,680 39.7%
B&O Tax 12,782,685 13,435,523 17,014,001 4,231,316 33.1% 3,578,478 26.6%
YTD Total 72,629,730$ 70,022,944$ 80,321,845$ 7,692,115$ 10.6% 10,298,901$ 14.7%
Annual Total 102,213,407$ 99,476,943$
Taxes by Type
Revenue
2023 vs. 2022 2023 vs. Budget
Year to Date through September
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 3 of 35
Gambling Excise Tax – Gambling excise tax can fluctuate based on the economy; therefore, budget is established based on a
historical average from prior years. Current year revenue is above budget due to substantial increases from the card games
taxes versus historical activity. The decrease from prior year is due to card games taxes decreasing from 2022 around 13%
which was the highest performing year for the card game activities.
Business and Occupation (B&O) Tax – B&O tax revenues are above the 2023 budget and increased from prior year due to
the increase in the tax cap in 2023 as well as increased tax rates which were in effect for reporting periods beginning after
January 1, 2023.
LICENSES & PERMITS
Franchise Fees – The amount under the year‐to‐date budget is largely due to a decrease in cable franchise fees which are
based on a percentage of revenue. This coincides with the cable utility tax which has been on decline as customer base
continues to diminish as internet usage increases.
Business Licenses – The amount over the 2023 year‐to‐date budget is due to higher than anticipated collections during
January and February. The majority of the business license revenue is collected during the months of December through
March of each year near the renewal due date.
Building Permits – Building permits are collected upon permit issuance. Building permit revenue is exceeding budget primarily
due to a few larger projects such as the new Sounders facility, King County Parks Shop and the Wizards of the Coast tenant
improvements at the Southport Campus. The decrease from prior year is primarily due to the Solera project in 2022 which
was significantly larger than any permit fees paid in 2023.
INTERGOVERNMENTAL
2022 2023 2023
Tax by Type YTD Actual YTD Budget YTD Actual $ % $ %
Electrical 4,619,994$ 4,231,439$ 5,083,764$ 463,770$ 10.0% $ 852,325 20.1%
Natural Gas 1,404,804 1,064,378 1,663,732 258,928 18.4% 599,354 56.3%
Cell 388,703 363,658 355,841 (32,862) ‐8.5% (7,817)‐2.2%
Phone 522,376 473,114 454,615 (67,761) ‐13.0% (18,499)‐3.9%
Cable 921,171 1,067,117 968,941 47,770 5.2% (98,176)‐9.2%
Garbage 555,083 588,249 646,333 91,250 16.4% 58,084 9.9%
City Utilities 4,523,599 4,287,453 4,830,013 306,414 6.8% 542,560 12.7%
YTD Total 12,935,730$ 12,075,408$ 14,003,239$ 1,067,509$ 8.3%1,927,831$ 16.0%
2023 vs. 2022 2023 vs. Budget
2022 2023 2023
Actual Budget Actual $ % $ %
Franchise Fees 1,142,553 1,269,287 1,062,148 (80,405) ‐7.0% (207,139) ‐16.3%
Business Licenses 899,615 747,543 915,803 16,189 1.8% 168,260 22.5%
Animal Licenses 49,030 50,125 48,810 (220) ‐0.4% (1,315) ‐2.6%
Building Permits 3,751,199 2,476,878 3,079,997 (671,202) ‐17.9%603,119 24.3%
ROW/Street Excavation Permits 32,374 40,120 28,790 (3,584) ‐11.1% (11,330) ‐28.2%
Special Event Permits 1,020 1,000 850 (170) ‐16.7% (150) ‐15.0%
YTD Total 5,875,790$ 4,584,953$ 5,136,398$ (739,392)$ ‐12.6%551,445$ 12.0%
Annual Total 7,455,983$ 5,792,660$
Licenses & Permits by Type
Year to Date through September
Revenue
2023 vs. 2022 2023 vs. Budget
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 4 of 35
State Shared Revenue – The breakdown of state shared revenue is as follows:
Fuel Tax – The amount under budget is due to a lower than anticipated state share in 2023 which is distributed based on a
per capita basis. Budget will be monitored as it is anticipated a decrease in fuel tax shared revenue due to an increasing
number of electric vehicles in the market.
Federal/State/Local Grants – Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of
grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant revenue is budgeted
at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to
reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award year is carried
forward each year until the grant funds are fully received or the grant agreement expires. The variance from year‐to‐date
budget is largely due to remaining ARPA grant funds that are unspent through September 2023.
CHARGES FOR SERVICES
Public Safety Services – The decrease in public safety services from prior year and budget is primarily due to a decrease in
police school resource officers. Only one of three officers are currently being utilized due to Renton School District slowly
restarting this program after a pause during the pandemic. Private security revenue has also contributed to the decrease due
to staffing shortfalls and the need to cover minimum staffing of city operations before contracting officers for private security
2022 2023 2023
Actual Budget Actual $ % $ %
State Shared Revenue 3,083,914 3,148,782$ 3,100,354 16,440$ 0.5%(48,428)$ ‐1.5%
Federal Grants 12,983,668 3,223,135 457,787 (12,525,881) ‐96.5% (2,765,348) ‐85.8%
State Grants 80,310 924,513 398,255 317,945 395.9%(526,258) ‐56.9%
Local Grants 30,775 138,363 47,476 16,701 54.3%(90,887) ‐65.7%
YTD Total 16,178,667$ 7,434,793$ 4,003,872$ (12,174,795)$ ‐75.3% (3,430,921)$ ‐46.1%
Annual Total 17,604,837$ 9,199,969$
Intergovernmental by Type
Revenue
2023 vs. 2022 2023 vs. Budget
Year to Date through September
2022 2023 2023
Tax by Type YTD Actual YTD Budget YTD Actual$%$%
Judicial Contribution 32,326$ 43,754$ 33,717$ 1,391$ 4.3%(10,037)$ ‐22.9%
Crim Just ‐ Pop 27,326 18,342 28,836 1,510 5.5% 10,494 57.2%
Crim Just ‐ Spec Prog 96,968 84,101 101,852 4,884 5.0% 17,751 21.1%
Crim Just ‐ One Time ‐ ‐ 44,715 44,715 N/A 44,715 100.0%
State DUI 8,733 13,133 3,851 (4,882) ‐55.9% (9,282) ‐70.7%
Marijuana Distribution 211,825 161,007 214,251 2,426 1.2% 53,244 33.1%
Liquor Profits 623,247 600,044 616,444 (6,803) ‐1.1%16,400 2.7%
Liquor Excise Tax 554,388 559,209 576,333 21,945 4.0% 17,124 3.1%
Fuel Tax 1,529,101 1,669,192 1,480,355 (48,746) ‐3.2% (188,837) ‐11.3%
YTD Total 3,083,914$ 3,148,782$ 3,100,354$ 16,440$ 0.5%(48,428)$ ‐1.5%
2023 vs. 2022 2023 vs. Budget
2022 2023 2023
Actual Budget Actual $ % $ %
Passport Fees 7,450 10,719 7,109 (341) ‐4.6% (3,610) ‐33.7%
Court Services 117,259 22,320 108,474 (8,784) ‐7.5%86,155 386.0%
General Government Services 254 ‐ 77 (177) ‐69.7%77 100.0%
Public Safety Services 526,308 778,863 482,617 (43,691) ‐8.3% (296,246) ‐38.0%
Development Services 2,694,985 1,774,403 1,785,479 (909,506) ‐33.7%11,076 0.6%
Transportation Services 31,645 ‐ 52,458 20,813 65.8% 52,458 100.0%
Social Services 135,081 192,024 116,230 (18,851) ‐14.0% (75,794) ‐39.5%
Recreation/Farmer's Market/Events 1,147,951 1,058,546 1,604,863 456,913 39.8% 546,317 51.6%
Interfund Services 3,872,028 5,311,707 4,650,982 778,954 20.1%(660,725) ‐12.4%
YTD Total 8,532,959$ 9,148,582$ 8,808,288$ 275,330$ 3.2%(340,293)$ ‐3.7%
Annual Total 10,101,988$ 11,186,962$
Year to Date through September
Charges for Services by Type
Revenue
2023 vs. 2022 2023 vs. Budget
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 5 of 35
opportunities. Private security service revenue is intended to offset the overtime expenditures incurred and is a net zero
impact to the city.
Development Services ‐ The decrease from prior year is primarily due to large inspection revenues received in 2022 for Philip
Arnold Park, and King County Shop building permits.
Recreation/Farmer’s Market/Events – The increase over prior year is largely due to a significant amount of the recreation
facilities being closed through April of 2022. Decreased revenue in prior years impacts the budget since YTD revenues are
calculated using the two prior year’s average collections. Multiple fees were also increased in 2023 for recreation services
which is contributing to the increase from prior year. The amount over budget is due to the 2022 Seek Grant of $129K used
to support the STREAM team summer camp. Additionally, the aquatics program is $210K above the year‐to‐date budget and
the community center programs are performing $135K above year‐to‐date budgeted amounts. As we move through the
summer months, these figures should be more consistent with prior year and budget.
Interfund Services – Interfund services revenue increased from prior year due to the newly created sustainability division,
which is charged out to utility funds, and cost of living salary increases, which are charged to other departments. The amount
under the 2023 year‐to‐date budget is due to a reduction of soft capital transfers for general fund personnel related to capital
projects which are based on work performed.
FINES AND PENALTIES
Photo Enforcement Program – The decrease from prior year is primarily due to a large uptick in revenue in 2022 resulting
from the city’s new collection agency as well as an increased dismissal rate in 2023.
MISCELLANEOUS REVENUES
Interest and Other Investment Earnings – Investment earnings have varied over the past couple of years as the market has
seen uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds
rate, and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government
Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or
increases; the city holds roughly 51% of the total cash and investments for the city in the LGIP.
Rents, Leases, and Concessions – The increase from prior year is due to higher‐than‐expected parking garage monthly rental
fees ($61K), and senior center and community center facility rentals ($65K) as these remained in limited usage in the
2022 2023 2023
Actual Budget Actual $ % $ %
Civil Penalties 219,102$ 229,015$ 175,273$ (43,829)$ ‐20.0% (53,742)$ ‐23.5%
Photo Enforcement Program 2,745,719 2,507,094 2,525,958 (219,761) ‐8.0%18,864 0.8%
Criminal Traffic Misdemeanor Fines 22,895 33,034 17,592 (5,303) ‐23.2% (15,441) ‐46.7%
Criminal Non‐Traffic Fines 3,461 5,131 2,397 (1,064) ‐30.7% (2,734) ‐53.3%
Criminal Costs 24,168 26,854 18,231 (5,937) ‐24.6% (8,623) ‐32.1%
Non‐Court Fines, Forfeitures and Penalties 148,733 96,636 109,229 (39,504) ‐26.6%12,593 13.0%
YTD Total 3,164,078$ 2,897,764$ 2,848,680$ (315,398)$ ‐10.0% (49,084)$ ‐1.7%
Annual Total 4,142,205$ 3,841,442$
Fines and Penalties by Type
Revenue
2023 vs. 2022 2023 vs. Budget
Year to Date through September
2022 2023 2023
ActualBudgetActual$%$%
Interest and Other Investment Earnings 479,968$ 168,028$ 2,339,023$ 1,859,055$ 387.3% 2,170,995$ 1292.0%
Rents, Leases, and Concessions 1,193,284 908,972 1,363,359 170,075 14.3% 454,387 50.0%
Contributions/Donations from Private Sources 28,564 29,134 72,365 43,801 153.3% 43,231 148.4%
Other 141,042 60,558 260,389 119,347 84.6% 199,831 330.0%
YTD Total 1,842,858$ 1,166,692$ 4,035,136$ 2,192,278$ 119.0% 2,868,444$ 245.9%
Annual Total 2,914,453$ 1,673,835$
Miscellaneous by Type
Year to Date through September
Revenue
2023 vs. 2022 2023 vs. Budget
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 6 of 35
beginning of 2022. The amount over the budget is primarily due to parking garage fees ($100K), 200 Mill leases ($175K),
community center facility rentals ($127K) and a revocable land use permit ($50K).
Other – The increase from prior year is due to receiving opioid settlement funds which were received in December 2022
($63K) as well as increases in utility late penalties ($52K). The amount over the year‐to‐date budget is due to higher than
anticipated utility late penalties ($124K) and unbudgeted opioid settlement funds ($63K).
OTHER FINANCING SOURCES
Transfers from Other Funds – The amount under budget is due to the timing of budgeted transfers. Annual transfers occur
in December each year.
Prior Period Adjustment – The decrease from prior year is due to a 2022 having a prior period adjustment for admission taxes
owed to the general fund from the golf course.
GENERAL FUND EXPENDITURES
The following tables summarize expenditures by category for each department within the General Fund.
Personnel – Personnel costs are budgeted at 100% of the position cost each year resulting in a budget variance if positions
remain open for any part of the year. The increase in personnel costs over prior year is due to filling positions that were
previously held vacant in 2022, and cost of living adjustments. Personnel costs under budget is due to open positions; there
are currently 63 vacancies as of September 30th.
Supplies – The increase in supplies from prior year is largely due to higher prices from inflation and overall larger need due
to added personnel. Supply budgets were not increased for inflation, with the sharp increase in costs, budget will need to be
adjusted in future years.
Contracted Services ‐ The increase in contracted services over prior year largely relate to increases in SCORE (jail services)
and Valley Communications monthly fees, increase in training due to new staff and projects related to grant funded surveys
and sustainability studies. The amount under the year‐to‐date budget relates to unspent human services funding to be
spent by the end of the year and grant related projects.
2022 2023 2023
Actual Budget Actual $ % $ %
Transfers from Other Funds 14,187$ 1,930,000$ ‐$ (14,187) 0.0%(1,930,000) 0.0%
Prior Period Adjustment 348,871 ‐ ‐ (348,871) 0.0%‐ N/A
Interfund Loan Payment Received 26,960 46,216 33,359 6,399 23.7%(12,857) ‐27.8%
Insurance Recoveries 102,850 ‐ 18,393 (84,457) ‐82.1%18,393 100.0%
Sale of Capital Assets 2,000 ‐ ‐ (2,000) 0.0%‐ N/A
YTD Total 494,868$ 1,976,216$ 51,752$ (443,116)$ ‐89.5% (1,924,464)$ ‐97.4%
Annual Total (80,254)$ 1,976,216$
Revenue
2023 vs. 2022 2023 vs. Budget
Year to Date through September
Other Financing Sources by Type
General Fund
Summary of Uses 2022
Year to Date through September YTD Actual YTD Budget YTD Actual $%$%
Personnel 50,650,618$ 59,764,066$ 55,003,708$ (4,353,090)$ ‐8.6% 4,760,358$ 8.0%
Supplies 1,300,734 1,148,322 1,759,089 (458,355) ‐35.2%(610,767) ‐53.2%
Contracted Services 14,684,229 18,051,335 16,431,761 (1,747,532) ‐11.9% 1,619,574 9.0%
Capital Outlay 116,926 352,433 136,973 (20,047) ‐17.1% 215,460 61.1%
Debt Service 225,309 ‐ ‐ 225,309 100.0%‐ 0.0%
Internal Services 15,359,862 15,368,051 15,368,055 (8,193) ‐0.1% (4) 0.0%
Transfers Out 5,812,895 21,630 21,630 5,791,265 99.6%‐ 0.0%
Total Expenditures 88,150,573 94,705,838 88,721,216 (570,643) ‐0.6% 5,984,622 6.3%
Annual Total 130,113,119 138,565,951
2023 2023 vs. 2022 2023 vs. Budget
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 7 of 35
Capital Outlay – The amount under budget is primarily due to the Downtown Wayfinding project of which only $20K of the
$253K budget has been spent to date. This budget savings is partially offset with Parks and Police capital purchases of
machinery such as drones, rifles and parks equipment.
Debt Service – The decrease from prior year is due to the issuance of an interfund loan from the general fund to the
Maplewood golf course to fund the purchase of golf carts in 2022, a one‐time activity.
Transfers Out – The decrease from prior year is due to transfers approved for allocating ARPA related funds to projects
including Axon Body Cameras, Broadband Wi‐Fi upgrades and City Hall Remodel.
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 8 of 35
DEBT SERVICE FUNDS
Debt service funds are used to account for the accumulation of resources for the payment of principal and interest related to
the City’s general obligation bond issues. YTD budgets are not prepared for debt service funds.
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT FUND
The General Governmental Miscellaneous Debt Fund is the only debt service fund maintained by the city.
Investment Earnings – Investment earnings have varied over the past couple of years as the market has seen uncertainty
with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may
continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool
(LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city
holds roughly 51% of the total cash and investments for the city in the LGIP.
Principal, Interest and Transfers In – The increase from prior year is due to a one‐time payment in 2023 for payoff of the
Fire District 40 debt. This debt was paid off early as the fire impact mitigation fund held sufficient resources to pay the debt
in full. This also resulted in a decrease in interest due to savings for additional payments that were scheduled to be made in
2023.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 44,705$ 39,170$ 38,319$ (6,386)$ (851)$ 97.83%
Investment Earnings 25,561 ‐ 110,262 84,701 110,262 N/A
TOTAL REVENUES 70,266 39,170 148,581 78,315 109,411 379.32%
EXPENDITURES:
Principal 609,547 4,453,189 2,748,189 (2,138,642) 1,705,000 61.71%
Interest 712,307 1,112,501 607,063 105,244 505,438 54.57%
TOTAL EXPENDITURES 1,321,854 5,565,690 3,355,252 (2,033,398) 2,210,438 60.28%
Transfers In 611,550 5,715,852 2,595,376 1,983,826 (3,120,476) 45.41%
NET TRANSFERS 611,550 5,715,852 2,595,376 1,983,826 (3,120,476) 45.41%
CHANGE IN FUND BALANCE (640,039) 189,332 (611,295) 28,744 (800,627) ‐322.87%
BEGINNING FUND BALANCE, Jan 1 5,218,125 5,262,665 5,262,665 44,540 ‐ 100.00%
ENDING FUND BALANCE, Sep 30 4,578,086$ 5,451,997$ 4,651,370$ 73,284$ (800,627)$ 85.31%
Debt Service Reserve 2,717,575 2,717,575 2,717,575
AVAILABLE FUND BALANCE 1,860,511$ 2,734,422$ 1,933,795$
VARIANCE
FAVORABLE (UNFAVORABLE)
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 9 of 35
SPECIAL REVENUE FUNDS
Special revenue funds are used to account for revenues that are to be used for a specific purpose as required by law or
legislative action. YTD budgets are not prepared for special revenue funds. Detailed explanations will be provided for material
differences between prior year and or budgeted amounts.
Hotel/Motel Fund
The Hotel/Motel Fund accounts for monies collected through an increase of 1% in hotel/motel taxes for the purpose of
increasing tourism in the City of Renton, as authorized under RCW 67.28.180. The Lodging Tax Advisory Committee (LTAC)
solicits applications for awards and brings their recommendations to Council for approval at least once per year. Awards for
events are paid to applicants at the conclusion of the event once certain reporting requirements have been met.
Taxes – The amount over the annual budget is due to better‐than‐expected economic recovery for lodging taxes. The budget
will be monitored and adjusted as necessary in the mid biennium budget adjustment.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Taxes 355,770$ 200,000$ 396,753$ 40,983$ 196,753$ 198.38%
Contributions 20,000 ‐ 10,000 (10,000) 10,000 N/A
Investment Earnings 4,190 ‐ 18,806 14,616 18,806 N/A
TOTAL REVENUES 379,960 200,000 425,559 45,599 225,559 212.78%
EXPENDITURES:
Contracted Services 186,088 424,616 174,848 11,240 249,768 41.18%
TOTAL EXPENDITURES 186,088 424,616 174,848 11,240 249,768 41.18%
Transfers Out ‐ (30,000) ‐ ‐ ‐ N/A
NET TRANSFERS ‐ (30,000) ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 193,872 (254,616) 250,711 56,839 505,327 ‐98.47%
BEGINNING FUND BALANCE, Jan 1 728,421 712,384 712,384 (16,037) ‐ 97.80%
ENDING FUND BALANCE, Sep 30 922,293$ 457,768$ 963,095$ 40,802$ 505,327$ 104.42%
VARIANCE
FAVORABLE (UNFAVORABLE)
HOTEL/MOTEL
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 10 of 35
Cable Communications Fund
The Cable Communications Fund accounts for funding for promotion and development of cable communications as
established by city ordinance. The main use of the fund is to support the broadcasting of City Council meetings on Channel
21.
Supplies – The decrease in supplies expenditures from prior year is due to a majority of the equipment for the council
chambers audit video equipment being purchased in 2022.
Housing & Supportive Services
In accordance with HB 1590, the City Council passed ORD 5983 authorizing an additional 0.1% sales and use tax, effective
January 1, 2021. The additional sales and use tax is restricted for housing and related services, in accordance with RCW
82.14.530.
Taxes – Taxes have exceeded prior year and are currently on track to exceed the annual budget. This tax revenue will increase
or decrease with the economy as it is a direct sales tax upon consumer purchases.
Investment Earnings – Investment earnings have varied over the past couple of years as the market has seen uncertainty
with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Licenses and permits 48,050$ 57,674$ 41,047$ (7,003)$ (16,627)$ 71.17%
Investment Earnings 3,244 ‐ 9,706 6,462 9,706 N/A
TOTAL REVENUES 51,294 57,674 50,753 (541) (6,921) 88.00%
EXPENDITURES:
Supplies 262,791 50,584 46,230 (216,561) 4,354 91.39%
Contracted Services 57,558 155,502 79,011 21,453 76,491 50.81%
Capital Outlay ‐ 49,500 ‐ ‐ 49,500 0.00%
TOTAL EXPENDITURES 320,349 255,586 125,241 (195,108) 130,345 49.00%
Transfers In ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE (269,055) (197,912) (74,488) 194,567 123,424 N/A
BEGINNING FUND BALANCE, Jan 1 731,245 453,147 453,147 (278,098) ‐ 100.00%
ENDING FUND BALANCE, Sep 30 462,190$ 255,235$ 378,659$ (83,531)$ 123,424$ 148.36%
CABLE COMMUNICATIONS
VARIANCE
FAVORABLE (UNFAVORABLE)
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Taxes 3,197,778$ 3,500,000$ 3,281,295$ 83,517$ (218,705)$ 93.75%
Investment Earnings 19,949 ‐ 173,298 153,349 173,298 N/A
TOTAL REVENUES 3,217,727 3,500,000 3,454,593 236,866 (45,407) 98.70%
EXPENDITURES:
Contracted Services 1,502,339 260,000 40,500 (1,461,839) 219,500 15.58%
TOTAL EXPENDITURES 1,502,339 260,000 40,500 (1,461,839) 219,500 15.58%
Transfers In ‐ ‐ ‐ ‐ ‐ N/A
Transfers Out ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 1,715,388 3,240,000 3,414,093 1,698,705 174,093 105.37%
BEGINNING FUND BALANCE, Jan 1 3,171,729 6,110,390 6,110,390 2,938,661 ‐ 100.00%
ENDING FUND BALANCE, Sep 30 4,887,117$ 9,350,390$ 9,524,483$ 4,637,366$ 174,093$ 101.86%
HOUSING & SUPPORTIVE SERVICES
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 11 of 35
continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool
(LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city
holds roughly 51% of the total cash and investments for the city in the LGIP.
Contracted Services – The decrease from prior year is due to a large payment made to the Renton Housing Authority to
develop affordable housing as part of the Sunset Gardens project.
Springbrook Wetlands Fund
The Springbrook Wetlands Fund was established in 2007 for the purpose of providing accounting for the Springbrook Creek
Wetland and Habitat Mitigation Bank project. The proceeds of selling wetlands credits will be used to fund the ongoing
maintenance of the wetland in perpetuity.
Sale of Credits – The amount over budget is due to a sale of wetland mitigation bank credits to the Seattle Sounders FC for
their new development within the city. A budget adjustment will be made in the next budget adjustment.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental ‐$ ‐$ 4,011$ 4,011$ 4,011$ N/A
Investment Earnings 633 ‐ 7,015 6,382 7,015 N/A
Sale of credits 230,300 ‐ 247,852 17,552 247,852 N/A
TOTAL REVENUES 230,933 ‐ 258,878 27,945 258,878 N/A
EXPENDITURES:
Personnel 2,853 ‐ 6,142 (3,289) (6,142) N/A
Contracted Services 389 40,000 4,132 (3,743) 35,868 10.33%
TOTAL EXPENDITURES 3,241 40,000 10,273 (7,032) 29,727 25.68%
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 227,692 (40,000) 248,605 20,913 288,605 N/A
BEGINNING FUND BALANCE, Jan 1 234,325 454,628 454,628 220,303 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 462,017$ 414,628$ 703,233$ 241,216$ 288,605$ 169.61%
SPRINGBROOK WETLANDS
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 12 of 35
Police Seizure Fund
The Police Seizure Fund was established in the 2nd quarter of 2020 for the purpose of providing transparency in the accounting
for assets seized by Police in accordance with RCW 9A.83.030 and 69.50.505, previously accounted for within the General
Fund. These seizure funds are restricted to use exclusively for the expansion and improvement of controlled substances
related law enforcement activity. The total fund balance remaining at the end of the year is budgeted in full the following
year.
Supplies and Contracted Services – The decrease from prior year is primarily due to SWAT eligible purchases made in 2022.
SWAT expenditures are primarily in the general fund.
Capital Outlay – The decrease in capital outlay from prior year is due to several large capital purchases in 2022 including a
3D mapping system and a CCTV trailer.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Contributions 31,007$ ‐$ 106,159$ 75,153$ 106,159$ N/A
Investment Earnings 1,085 ‐ 5,117 4,032 5,117 N/A
TOTAL REVENUES 32,092 ‐ 111,276 79,185 111,276 N/A
EXPENDITURES:
Supplies 41,304 339,814 2,986 (38,318) 336,828 0.88%
Contracted Services 91,045 ‐ 20,625 (70,420) (20,625) N/A
Capital Outlay 150,104 ‐ ‐ (150,104) ‐ N/A
TOTAL EXPENDITURES 282,453 339,814 23,611 (258,842) 316,203 6.95%
Transfers Out ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE (250,361) (339,814) 87,665 338,027 427,479 N/A
BEGINNING FUND BALANCE, Jan 1 631,525 339,814 339,814 (291,711) ‐ 100.00%
ENDING FUND BALANCE, Jun 30 381,164$ ‐$ 427,479$ 46,315$ 427,479$ N/A
POLICE SEIZURE
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 13 of 35
Police CSAM Seizure Fund
The Police CSAM Seizure Fund was established in the 2nd quarter of 2020 for the purpose of providing transparency in the
accounting for assets seized by Police in accordance with RCW 9A.88.150, previously accounted for within the General Fund.
These seizure funds are restricted to the exclusive use of enforcing the provisions of chapter 9A.88 RCW, Indecent Exposure‐
Prostitution, or chapter 9.68A RCW, Sexual Exploitation of Children.
Fire Impact Mitigation Fund
This fund accounts for fire impact fees collected from developers as authorized under RCW 82.02.050‐.110. These fees are
used to offset the cost of system improvements necessary to serve the new development. Impact fees are held in this fund
and subsequently transferred to the debt service fund to support the debt service on fire station 13. Once the debt on the
fire station is repaid, the remaining collections will be disbursed to the Renton Regional Fire Authority for use on qualifying
capital projects.
Charges for Services and Contracted Services – The decrease is primarily due to decreased impact fees as large one‐time
project payments were received in 2022 for the Solera project. These fees collected are subsequently transferred to the
Renton Regional Fire Authority to fund capital projects.
Transfers Out – The increase in transfer out represents the final debt payoff approved for the Fire Station 13
intergovernmental debt with King County.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Fines and penalties 2,294$ ‐$ 490$ (1,804)$ 490$ N/A
Investment Earnings 380 ‐ 2,382 2,002 2,382 N/A
TOTAL REVENUES 2,674 ‐ 2,872 198 2,872 N/A
EXPENDITURES:
Contracted Services ‐ 172,804 4,544 4,544 (168,261) 2.63%
Capital Outlay 18,311 ‐ ‐ (18,311) ‐ N/A
TOTAL EXPENDITURES 18,311 172,804 4,544 (13,767) 168,260 2.63%
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE (15,637) (172,804) (1,672) 13,965 171,132 N/A
BEGINNING FUND BALANCE, Jan 1 174,826 172,804 172,804 (2,022) ‐ 100.00%
ENDING FUND BALANCE, Jun 30 159,189$ ‐$ 171,132$ 11,943$ 171,132$ N/A
POLICE CSAM SEIZURE
VARIANCE
FAVORABLE (UNFAVORABLE)
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 1,138,401$ 400,000$ 29,416$ (1,108,985)$ (370,584)$ 7.35%
Investment Earnings 4,601 ‐ 30,951 26,350 30,951 N/A
TOTAL REVENUES 1,143,002 400,000 60,367 (1,082,635) (339,633) 15.09%
EXPENDITURES:
Contracted Services ‐ 528,810 187,518 187,518 (341,291) 35.46%
TOTAL EXPENDITURES ‐ 528,810 187,518 187,518 341,292 35.46%
Transfers Out ‐ (2,595,377) (2,595,377) (2,595,377) 0 100.00%
NET TRANSFERS ‐ (2,595,377) (2,595,377) 2,595,377 ‐ 100.00%
CHANGE IN FUND BALANCE 1,143,002 (2,724,187) (2,722,528) (3,865,530) 1,659 99.94%
BEGINNING FUND BALANCE, Jan 1 1,960,733 2,724,187 2,724,187 763,454 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 3,103,735$ ‐$ 1,659$ (3,102,076)$ 1,659$ N/A
FIRE IMPACT MITIGATION
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 14 of 35
School District Impact Mitigation
This fund accounts for school district impact fees collected from developers as authorized under RCW 82.02.050‐.110.
These fees are used to help offset the cost of system improvements necessary to service the new development. Impact fees
are held in this fund and subsequently transferred to the Kent, Issaquah, or Renton School District for use on qualifying
capital projects.
Charges for Services and Contracted Services – The decrease is primarily due to decreased impact fees as large one‐time
project payments were received in 2022 for the Solera project. These fees collected are subsequently transferred to the
respective school district to fund capital projects.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 3,927,689$ 995,000$ 121,821$ (3,805,868)$ (873,179)$ 12.24%
Investment Earnings 547 ‐ 306 (241) 306 N/A
TOTAL REVENUES 3,928,236 995,000 122,127 (3,806,109) (872,873) 12.27%
EXPENDITURES:
Contracted Services 228,490 995,000 116,195 (112,295) 878,805 11.68%
TOTAL EXPENDITURES 228,490 995,000 116,195 (112,295) 878,805 11.68%
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 3,699,746 ‐ 5,932 (3,693,814) 5,932 N/A
BEGINNING FUND BALANCE, Jan 1 12 ‐ ‐ (12) ‐ N/A
ENDING FUND BALANCE, Jun 30 3,699,758$ ‐$ 5,932$ (3,693,826)$ 5,932$ N/A
SCHOOL DISTRICT IMPACT MITIGATION
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 15 of 35
CAPITAL PROJECT FUNDS
Capital project funds are used to account for the acquisition and construction of major capital facilities and equipment. YTD
budgets are not prepared for capital project funds. Project budgets are adopted when funding is secured, and balances are
carried forward each year until they are either 1) fully spent or 2) reallocated to another project through the budget
adjustment process. Detailed explanations will be provided for material differences between prior year and or budgeted
amounts.
Community Services Impact Mitigation Fund
This fund accounts for park impact fees collected from developers as authorized under RCW 82.02.050‐.110. These fees are
used to help offset the cost of system improvements necessary to service the new development. Impact fees are held in this
fund and subsequently transferred to the Municipal Facilities CIP Fund when qualifying capital projects are budgeted.
Charges for Services – The decrease in charges for services is primarily due to decreased impact fees as large one‐time project
payments were received in 2022 for the King County administration building and Solera projects.
Transfers Out – The budgeted transfers out represent transfers to parks capital projects including May Creek Park, Miser
Property Acquisition, Cleveland Richardson, and Talbot Sport Courts.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 1,380,786$ 86,500$ 77,825$ (1,302,961)$ (8,675)$ 89.97%
Investment Earnings 7,637 ‐ 22,836 15,199 22,836 N/A
TOTAL REVENUES 1,388,423 86,500 100,661 (1,287,762) 14,161 116.37%
EXPENDITURES:
TOTAL EXPENDITURES ‐ ‐ ‐ ‐ ‐ N/A
Transfers In ‐ ‐ ‐ ‐ ‐ N/A
Transfers Out ‐ (1,090,000) ‐ ‐ (1,090,000) 0.00%
NET TRANSFERS ‐ (1,090,000) ‐ ‐ 1,090,000 0.00%
CHANGE IN FUND BALANCE 1,388,423 (1,003,500) 100,661 (1,287,762) 1,104,161 ‐10.03%
BEGINNING FUND BALANCE, Jan 1 3,433,393 1,595,389 1,595,389 (1,838,004) ‐ 100.00%
ENDING FUND BALANCE, Jun 30 4,821,816$ 591,889$ 1,696,050$ (3,125,766)$ 1,104,161$ 286.55%
COMMUNITY SERVICES IMPACT MITIGATION
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 16 of 35
Transportation Impact Mitigation Fund
This fund accounts for transportation impact fees collected from developers as authorized under RCW 82.02.050‐.110. These
fees are used to offset the cost of system improvements necessary to serve the new development. Impact fees are held in
this fund and subsequently transferred to the Capital Improvement Fund when qualifying projects are budgeted.
Charges for Services – The decrease in charges for services is primarily due to decreased impact fees as large one‐time project
payments were received in 2022 for the King County administration building and Solera projects.
Transfers Out – The budgeted transfers out represent transfers of transportation mitigation funds to capital projects including
Park Avenue Extension and Rainier Phase 4.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 6,971,036$ 1,780,000$ 515,918$ (6,455,118)$ (1,264,082)$ 28.98%
Investment Earnings 15,962 ‐ 100,082 84,120 100,082 N/A
TOTAL REVENUES 6,986,998 1,780,000 616,000 (6,370,998) (1,164,000) 34.61%
EXPENDITURES:
TOTAL EXPENDITURES ‐ ‐ ‐ ‐ ‐ N/A
Transfers Out ‐ (5,817,897) ‐ ‐ (5,817,897) 0.00%
NET TRANSFERS ‐ (5,817,897) ‐ ‐ (5,817,897) 0.00%
CHANGE IN FUND BALANCE 6,986,998 (4,037,897) 616,000 (6,370,998) 4,653,897 N/A
BEGINNING FUND BALANCE, Jan 1 5,159,035 6,964,011 6,964,011 1,804,976 ‐ 100.00%
ENDING FUND BALANCE, Jun 30 12,146,033$ 2,926,114$ 7,580,011$ (4,566,022)$ 4,653,897$ 259.05%
TRANSPORTATION IMPACT MITIGATION
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 17 of 35
REET 1 Fund
This fund was established in the 2nd quarter of 2020 to account for the first quarter percent of real estate excise tax (REET)
levied in accordance with RCW 82.46.010. The tax may be used for eligible capital projects, as defined in RCW.82.46.010(6),
that are included in the capital facilities element of the city’s comprehensive plan. REET 1 tax revenues are held in this fund
and subsequently transferred to the appropriate capital project fund when qualifying projects are budgeted.
Taxes – The decreases in taxes from prior year are due to decreased real estate transactions which were at historically high
levels in 2022. As interest rates rise, we may continue to see some impact on real estate excise taxes.
Transfers Out – The budgeted transfers out represent transfers of REET funds to capital projects including Family First
Community Center, and Park Avenue Maintenance Facility.
REET 2 Fund
This fund was established in the 2nd quarter of 2020 to account for the second quarter percent of real estate excise tax (REET)
levied in accordance with RCW 82.46.035. The tax may be used for eligible capital projects, as defined in RCW.82.46.035(5),
that are included in the capital facilities element of the city’s comprehensive plan. REET 2 tax revenues are held in this fund
and subsequently transferred to the appropriate capital project fund when qualifying projects are budgeted.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Taxes 2,885,167$ 2,300,000$ 1,761,020$ (1,124,147)$ (538,980)$ 76.57%
Investment Earnings 31,446 ‐ 85,246 53,800 85,246 N/A
TOTAL REVENUES 2,916,613 2,300,000 1,846,266 (1,070,347) (453,734) 80.27%
EXPENDITURES:
TOTAL EXPENDITURES ‐ ‐ ‐ ‐ ‐ N/A
Transfers In ‐ ‐ ‐ ‐ ‐ N/A
Transfers Out ‐ (3,500,000) ‐ ‐ (3,500,000) 0.00%
NET TRANSFERS ‐ (3,500,000) ‐ ‐ 3,500,000 0.00%
CHANGE IN FUND BALANCE 2,916,613 (1,200,000) 1,846,266 (1,070,347) 3,046,266 ‐153.86%
BEGINNING FUND BALANCE, Jan 1 4,508,117 3,049,711 3,049,711 (1,458,406) ‐ 100.00%
ENDING FUND BALANCE, Sep 30 7,424,730$ 1,849,711$ 4,895,977$ (2,528,753)$ 3,046,266$ 264.69%
REET 1
VARIANCE
FAVORABLE (UNFAVORABLE)
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Taxes 2,023,312$ 2,300,000$ 1,053,792$ (969,520)$ (1,246,208)$ 45.82%
Investment Earnings 20,666 ‐ 89,563 68,897 89,563 N/A
TOTAL REVENUES 2,043,978 2,300,000 1,143,355 (900,623) (1,156,645) 49.71%
EXPENDITURES:
TOTAL EXPENDITURES ‐ ‐ ‐ ‐ ‐ N/A
Transfers In ‐ ‐ ‐ ‐ ‐ N/A
Transfers Out ‐ (5,403,625) ‐ ‐ (5,403,625) 0.00%
NET TRANSFERS ‐ (5,403,625) ‐ ‐ 5,403,625 0.00%
CHANGE IN FUND BALANCE 2,043,978 (3,103,625) 1,143,355 (900,623) 4,246,980 ‐36.84%
BEGINNING FUND BALANCE, Jan 1 8,773,145 6,019,961 6,019,961 (2,753,184) ‐ 100.00%
ENDING FUND BALANCE, Jun 30 10,817,123$ 2,916,336$ 7,163,316$ (3,653,807)$ 4,246,980$ 245.63%
REET 2
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 18 of 35
Taxes – The decreases in taxes from prior year are due to decreased real estate transactions which were at historically high
levels in 2022. As interest rates rise, we may continue to see some impact on real estate excise taxes budget.
Transfers Out ‐ The budgeted transfers out represent transfers of REET funds to provide funding for Debt Service,
Oakesdale Avenue Project, Sidewalk Rehabilitation Projects, Houser Way Bridge, and SW 43rd Rehabilitation.
Municipal Facilities CIP Fund
This fund accounts for general governmental facility construction, improvement, and renovation; property acquisitions for
parks and city space needs; parks development and equipment; and major maintenance of existing general governmental
assets. Transportation capital improvements are accounted for in a separate fund.
Grants/intergovernmental – Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of
grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant revenue is
budgeted at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to
reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award year is carried
forward each year until the grant funds are fully received or the grant agreement expires. The increase from prior year is
largely due to receiving grant funds for work performed on the Coulon North Water Walk project ($1.6M).
Investment Earnings – Investment earnings have varied over the past couple of years as the market has seen uncertainty
with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may
continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool
(LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city
holds roughly 51% of the total cash and investments for the city in the LGIP.
Personnel – Decrease in personnel is due to budgeted anticipation of the bond projects being completed by 2022. A budget
adjustment will be made in the mid biennium budget adjustment for the capital project manager to align the budget with
actual expenditures through date in 2023.
Contracted Services – Contracted services are largely project driven and are dependent on the project timeline. The large
amount budgeted and unspent in 2023 is primarily related to the Pavilion remodel project, 7th floor remodel, and City Hall
Lobby Remodel. The increase from prior year is for 7th floor remodel expenditures through September 2023 totalling $549K.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 289,128$ 4,860,872$ 2,285,266$ 1,996,138$ (2,575,606)$ 47.01%
Charges for services 4,700 ‐ 21,245 16,545 21,245 N/A
Investment Earnings 90,864 ‐ 431,939 341,075 431,939 N/A
TOTAL REVENUES 1,226,846 4,860,872 2,741,506 1,514,660 (2,119,366) 56.40%
EXPENDITURES:
Personnel 323,093 15,489 37,997 (285,096) (22,508) 245.32%
Contracted Services 137,361 8,767,247 732,149 594,788 8,035,098 8.35%
Capital Outlay 2,961,627 26,147,605 12,523,278 9,561,651 13,624,327 47.89%
TOTAL EXPENDITURES 3,422,081 34,930,341 13,293,424 9,871,343 21,636,917 38.06%
Transfers In 3,000,000 5,580,379 ‐ (3,000,000) (5,580,379) 0.00%
Transfers Out (56,518) (100,000) (100,000) (43,482) ‐ N/A
NET TRANSFERS 2,943,482 5,480,379 (100,000) (2,956,518) (5,580,379) ‐1.82%
CHANGE IN FUND BALANCE 748,247 (24,589,090) (10,651,918) (11,400,165) 13,937,172 43.32%
BEGINNING FUND BALANCE, Jan 1 16,824,783 24,671,384 24,671,384 7,846,601 ‐ 100.00%
ENDING FUND BALANCE, Sep 30 17,573,030$ 82,294$ 14,019,466$ (3,553,564)$ 13,937,172$ 17035.83%
MUNICIPAL FACILITIES CIP
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 19 of 35
Capital Outlay – Capital outlay fluctuates greatly with capital project schedules and contractor’s billings. A significant
number of projects began in late 2022, and it is anticipated significant capital outlay will be spent throughout 2023. The
largest YTD expenditures include Coulon North Water Walk ($3.5M), Kiwanis Park ($2M), Philip Arnold Park ($4.3M), and
the Miser Property Acquisition ($1M). It is anticipated that several of the larger parks projects will be reaching final stages
in fall of 2023.
Transfers In – The decrease in transfers in is due to a $3M transfer being made in 2022 for the City Hall Lobby Remodel
project.
Capital Improvement Fund
This fund accounts for the city’s transportation capital projects. Capital projects are budgeted in their entirety at the inception
of the project; funds are spent as the project progresses and may span over multiple years.
Grants/Intergovernmental– Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of
grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant revenue is
budgeted at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to
reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award year is carried
forward each year until the grant funds are fully received or the grant agreement expires. The decrease from prior year is
primarily due to four large projects receiving grant funding in 2022 including Rainier Phase 4, Duvall Avenue, Lake
Washington Loop Trail, and Williams & Wells totalling $7.7M through September 2022.
Charges of Services – The increase from prior year primarily relates to sidewalk/street mitigation fee in lieu payments which
were historically recorded in the transportation impact mitigation fund ($90K). These revenues were separated from the
transportation impact mitigation fund as there are separate restrictions on these two revenue streams and this change will
streamline the accounting.
Contributions – The amount over prior year is due to the contribution from a WSDOT contractor for the Gateway
Enhancement Project received in 2023.
Investment Earnings – Increase over prior year is primarily due to investment earnings. Investment earnings have varied over
the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This revenue
is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is adjusted.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 8,511,682$ 31,482,849$ 6,102,439$ (2,409,243)$ (25,380,410)$ 19.38%
Charges for services ‐ ‐ 100,087 100,087 100,087 N/A
Fines and penalties (107) ‐ ‐ 107 ‐ N/A
Contributions ‐ 200,000 211,489 211,489 11,489 105.74%
Investment Earnings 46,418 ‐ 295,436 249,018 295,436 N/A
TOTAL REVENUES 8,557,993 31,682,849 6,709,451 (1,848,542) (24,973,398) 21.18%
EXPENDITURES:
Personnel 36,171 26,080 24,695 (11,476) 1,385 94.69%
Supplies 90,430 30,000 64,025 (26,405) (34,025) 213.42%
Contracted Services 103,288 534,355 102,036 (1,252) 432,319 19.10%
Capital Outlay 11,098,064 52,600,207 10,803,319 (294,745) 41,796,888 20.54%
Internal Services 42,000 ‐ 39,750 (2,250) (39,750) N/A
TOTAL EXPENDITURES 11,369,953 53,190,642 11,033,825 (336,128) 42,156,817 20.74%
Transfers In ‐ 10,029,897 ‐ ‐ (10,029,897) 0.00%
Transfers Out ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ 10,029,897 ‐ ‐ (10,029,897) 0.00%
CHANGE IN FUND BALANCE (2,811,960) (11,477,896) (4,324,374) (1,512,414) 7,153,522 N/A
BEGINNING FUND BALANCE, Jan 1 10,868,853 12,561,975 12,561,975 1,693,122 ‐ 100.00%
ENDING FUND BALANCE, Sep 30 8,056,893$ 1,084,079$ 8,237,601$ 180,708$ 7,153,522$ 759.87%
CAPITAL IMPROVEMENT
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 20 of 35
Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with
the federal funds rate as it decreases or increases; the city holds roughly 51% of the total cash and investments for the city
in the LGIP.
Capital Outlay – Decrease in capital outlay expenditures from prior year is due to large ongoing projects reaching significant
completion dates. Largest decreases include Lake Washington Loop Trail ($751K), Williams & Wells ($713K), Houser Way
Intersection and Pedestrian Improvement ($579K), and Duvall Ave project ($3.7M) all of which were significantly completed
in 2022.
Family First Center Fund
This fund is used to account for the construction of the new Family First Center. Funds accumulated for the construction of
the Family First Center are maintained in the fund balance until such time that Council authorizes their use through the
approval of contracts and additional project budget is established through the budget adjustment process.
Grants/Intergovernmental – The decrease from year is because this project completed a significant portion of the
construction work last year and recognized most of the grant revenue in 2022.
Contributions – The decrease from last year is due to timing of contributions of which many were stipulated on completing
different phases of the project. In 2023, the majority of the remaining Healthpoint contribution was received.
Capital Outlay – Decrease from prior year is due to the project timeline; the project is nearing completion and opened in
June to the public. Work will continue to be ongoing as smaller items on the project continue to be completed.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 1,510,000$ 20,000$ 20,000$ (1,490,000)$ ‐$ 100.00%
Contributions 5,017,222 3,602,152 3,027,480 (1,989,742) (574,672) 84.05%
Investment Earnings 45,804 ‐ 61,098 15,294 61,098 N/A
TOTAL REVENUES 6,573,026 3,622,152 3,108,578 (3,464,448) (513,574) 85.82%
EXPENDITURES:
Contracted Services 39,961 ‐ 4,089 (35,872) (4,089) N/A
Capital Outlay 7,446,695 2,833,827 2,805,378 (4,641,317) 28,449 99.00%
TOTAL EXPENDITURES 7,486,656 2,833,827 2,809,467 (4,677,189) 24,360 99.14%
Transfers In 56,518 1,000,000 ‐ (56,518) (1,000,000) 0.00%
Transfers Out ‐ (1,000,000) ‐ ‐ (1,000,000) N/A
NET TRANSFERS 56,518 ‐ ‐ (56,518) ‐ N/A
CHANGE IN FUND BALANCE (857,112) 788,325 299,111 1,156,223 (489,214) 37.94%
BEGINNING FUND BALANCE, Jan 1 8,238,935 2,795,295 2,795,295 (5,443,640) ‐ 100.00%
ENDING FUND BALANCE, Sep 30 7,381,823$ 3,583,620$ 3,094,406$ (4,287,417)$ (489,214)$ 86.35%
FAMILY FIRST CENTER
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 21 of 35
ENTERPRISE FUNDS
Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business
enterprises. YTD budgets are not prepared for Enterprise Funds.
Most Enterprise Funds maintain two separate “management funds”, an operating fund and a capital fund. The funds are
consolidated for budget/reporting purposes. Operating budgets lapse at the end of the year. Project budgets are adopted
when funding is secured, and balances are carried forward each year until they are either 1) fully spent or 2) reallocated to
another project through the budget adjustment process. Detailed explanations will be provided for material differences
between prior year and or budgeted amounts.
Airport Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the Renton Municipal Airport.
Charges for Services – The increase over prior year is largely due to a large agreement finalized for lease of airport space.
This agreement included retroactive payment for prior year activity contributing to the increase as well as trend over budget
for 2023.
Interest and Other Misc. – Increase over prior year is primarily due to investment earnings. Investment earnings have varied
over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This
revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is
adjusted. Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely
track with the federal funds rate as it decreases or increases; the city holds roughly 51% of the total cash and investments for
the city in the LGIP.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 57,529$ 171,711$ 149,837$ 92,308$ (21,874)$ 87.26%
Charges for services 2,544,427 4,355,432 4,517,916 1,973,489 162,484 103.73%
Interest and other misc 110,771 3,857 224,740 113,969 220,883 5826.81%
TOTAL REVENUES 2,712,727 4,531,000 4,892,493 2,179,766 361,493 107.98%
EXPENSES:
Personnel 822,160 1,457,417 840,178 (18,018) 617,239 57.65%
Supplies 61,068 47,630 59,735 1,333 (12,105) 125.41%
Contracted Services 542,887 490,874 419,871 123,016 71,003 85.54%
Internal Services 341,856 445,696 334,272 7,584 111,424 75.00%
TOTAL OPERATING EXPENSES 1,767,971 2,441,617 1,654,056 113,915 787,561 67.74%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 944,756 2,089,383 3,238,437 2,293,681 1,149,054 154.99%
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY 130,327 7,104,413 855,241 (724,914) 6,249,172 12.04%
TRANSFERS OUT ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 814,429 (5,015,030) 2,383,196 1,568,767 7,398,226 N/A
BEGINNING FUND BALANCE, Jan 1 7,741,751 8,925,690 8,925,690 1,183,939 ‐ 100.00%
ENDING FUND BALANCE, Sep 30 8,556,180$ 3,910,660$ 11,308,886$ 2,752,706$ 7,398,226$ 289.18%
Operating Reserve 216,784 244,162 244,162
AVAILABLE FUND BALANCE 8,339,396$ 3,666,498$ 11,064,724$
VARIANCE
AIRPORT
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 22 of 35
Contracted Services – The decrease from prior year is primarily due to the Airport Master Plan being completed in 2022
which was around $90K.
Capital Outlay‐ The increase from prior year is due to work on the airport office rehabilitation and Taxiway Alpha projects in
2023. The amount under budget is due to several large projects delayed, including $2.3M for Airport Office Rehabilitation,
$775K for the Runway Safety Area, and $1.8M for Taxiway Alpha Rehabilitation which has started planning but construction
is anticipated to start in 2024. Also, currently unspent budget for snow removal equipment of $375K.
Solid Waste Fund
This fund accounts for revenues and expenses for administration and operating of solid waste, recycling, and yard waste
collection services for the city.
Grants/Intergovernmental – Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of
grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant revenue is budgeted
at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to
reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award year is carried
forward each year until the grant funds are fully received or the grant agreement expires. The increase from prior year relates
to a reimbursement received early in 2023 for 2022 expenditures $126K.
Charges for Services – The increase from prior year is due to increased rates for 2023 which went up 7.8% from 2022.
Contracted Services‐ Contracted services will fluctuate with the charges for services as this line item includes payment to the
city’s garbage service provider and King County dump fees. The increase from prior year is primarily due to increased charges
related to the fee increase for 2023 of 7.8%.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 34,783$ 360,168$ 165,834$ 131,051$ (194,334)$ 46.04%
Charges for services 16,761,892 25,168,583 18,545,112 1,783,220 (6,623,471) 73.68%
Interest and other misc 21,283 5,000 81,263 59,980 76,263 1625.26%
TOTAL REVENUES 16,817,958 25,533,751 18,792,209 1,974,251 (6,741,542) 73.60%
EXPENSES:
Personnel 349,917 707,752 434,517 (84,600) 273,235 61.39%
Supplies 7,471 45,301 33,144 (25,673) 12,157 73.16%
Contracted Services 15,712,562 24,615,900 16,846,304 (1,133,742) 7,769,596 68.44%
Internal Services 293,728 527,016 395,262 (101,534) 131,754 75.00%
TOTAL OPERATING EXPENSES 16,363,678 25,895,969 17,709,227 (1,345,549) 8,186,742 68.39%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 454,280 (362,218) 1,082,982 628,702 1,445,200 N/A
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A
TRANSFERS OUT ‐ (84,275) ‐ ‐ (84,275) N/A
NET TRANSFERS ‐ (84,275) ‐ ‐ 84,275 N/A
CHANGE IN FUND BALANCE 454,280 (446,493) 1,082,982 628,702 1,529,475 N/A
BEGINNING FUND BALANCE, Jan 1 3,392,243 3,951,191 3,951,191 558,948 ‐ 100.00%
ENDING FUND BALANCE, Sep 30 3,846,523$ 3,504,698$ 5,034,173$ 1,187,650$ 1,529,475$ 143.64%
Operating Reserve 400,000 400,000 400,000
AVAILABLE FUND BALANCE 3,446,523$ 3,104,698$ 4,634,173$
SOLID WASTE
VARIANCE
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 23 of 35
Internal Services – The increase from prior year is related to internal charges for general fund provided support services in
public works and sustainability division provided to the solid waste enterprise fund.
Golf Course Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the Maplewood Golf Course.
Charges for services – The increase from prior year is primarily due to an increase in the number of rounds completed
through September 2023.
Interest and Other Misc. – The increase from prior year is due to recognizing an interfund loan payment of $225K in 2022
for the purchase of the new golf cart fleet.
Personnel – The increase in personnel from prior year is primarily due to cost of living increases for 2023 which were 4.5%.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 2,263,344$ 2,546,155$ 2,485,933$ 222,589$ (60,222)$ 97.63%
Rents, leases, and misc fees 404,306 527,600 477,327 73,021 (50,273) 90.47%
Interest and other misc (112,734) 1,370 47,020 159,754 45,650 3432.12%
TOTAL REVENUES 2,554,916 3,075,125 3,010,280 455,364 (64,845) 97.89%
EXPENSES:
Personnel 1,254,141 1,787,276 1,361,251 (107,110) 426,025 76.16%
Supplies 294,364 312,500 334,996 (40,632) (22,496) 107.20%
Contracted Services 103,513 226,350 129,368 (25,855) 96,982 57.15%
Internal Services 345,495 468,333 351,250 (5,755) 117,083 75.00%
TOTAL OPERATING EXPENSES 1,997,513 2,794,459 2,176,865 (179,352) 617,594 77.90%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 557,403 280,666 833,415 276,012 552,749 296.94%
DEBT SERVICE:
Principal 25,709 44,535 33,359 (7,650) 11,176 74.91%
Interest 1,250 1,682 1,303 (53) 379 77.47%
TOTAL DEBT SERVICE 26,959 46,217 34,662 (7,703) 11,555 75.00%
CAPITAL OUTLAY 386,621 583,598 326,882 59,739 256,716 56.01%
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 143,823 (349,149) 471,871 328,048 821,020 N/A
BEGINNING FUND BALANCE, Jan 1 1,222,897 1,609,927 1,609,927 387,030 ‐ 100.00%
ENDING FUND BALANCE, Sep 30 1,366,720$ 1,260,778$ 2,081,798$ 715,078$ 821,020$ 165.12%
Operating Reserve 641,500 787,490 787,490
AVAILABLE FUND BALANCE 725,220$ 473,288$ 1,294,308$
GOLF COURSE
VARIANCE
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 24 of 35
Water Utility Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the city’s water utility.
Grants/Intergovernmental – Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of
grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant revenue is budgeted
at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to
reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award year is carried
forward each year until the grant funds are fully received or the grant agreement expires. The increase from prior year is due
to the Sunset Gardens Department of Commerce Grant ($846K).
Charges for Services – The increase from prior year is due to increased consumption which through September is around 9%
higher than prior year. Water charges tend to see a significant increase during the summer months as typically irrigation use
is much higher.
Interest and Other Misc. – Increase over prior year is primarily due to investment earnings. Investment earnings have varied
over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This
revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is
adjusted. Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental ‐$ 1,472,037$ 846,705$ 846,705$ (625,332)$ 57.52%
Charges for services 13,725,327 19,133,877 14,725,983 1,000,656 (4,407,894) 76.96%
Rents, leases, and misc fees 183,986 136,591 214,925 30,939 78,334 157.35%
Interest and other misc 1,197,185 47,000 1,565,122 367,937 1,518,122 3330.05%
TOTAL REVENUES 15,106,498 20,789,505 17,352,735 2,246,237 (3,436,770) 83.47%
EXPENSES:
Personnel 3,298,960 5,188,033 3,455,647 (156,687) 1,732,386 66.61%
Supplies 802,561 886,189 794,874 7,687 91,315 89.70%
Contracted Services 2,482,696 3,527,786 2,519,895 (37,199) 1,007,891 71.43%
Internal Services 2,107,536 2,940,571 2,205,428 (97,892) 735,143 75.00%
TOTAL OPERATING EXPENSES 8,691,753 12,542,579 8,975,844 (284,091) 3,566,735 71.56%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 6,414,745 8,246,926 8,376,891 1,962,146 129,965 101.58%
DEBT SERVICE:
Principal 315,517 1,504,997 272,647 42,870 1,232,350 18.12%
Interest 91,087 164,913 83,686 7,401 81,227 50.75%
TOTAL DEBT SERVICE 406,604 1,669,910 356,333 50,271 1,313,577 21.34%
CAPITAL OUTLAY 2,465,513 38,127,479 3,622,076 (1,156,563) 34,505,403 9.50%
TRANSFERS OUT (6,270) (40,000) (861) (5,409) (39,139) N/A
NET TRANSFERS (6,270) (40,000) (861) 5,409 39,139 N/A
CHANGE IN FUND BALANCE 3,536,358 (31,590,463) 4,397,621 861,263 35,988,084 N/A
BEGINNING FUND BALANCE, Jan 1 43,849,867 48,208,077 48,208,077 4,358,210 ‐ 100.00%
ENDING FUND BALANCE, Sep 30 47,386,225$ 16,617,614$ 52,605,698$ 5,219,473$ 35,988,084$ 316.57%
Restricted for Debt Service 1,394,050 1,394,050 1,394,050
Operating Reserve 1,624,606 1,706,760 1,706,760
AVAILABLE FUND BALANCE 44,367,569$ 13,516,804$ 49,504,888$
WATER UTILITY
VARIANCE
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 25 of 35
track with the federal funds rate as it decreases or increases; the city holds roughly 51% of the total cash and investments for
the city in the LGIP.
Personnel – The increase from prior year is largely due to filling positions that were open in prior year and an increase for
cost‐of‐living adjustments.
Capital Outlay – The increase in capital outlay from prior year is driven by a few larger ongoing projects including Sunset
Gardens and Rainier Avenue projects which total over $2M through September 2023.
Wastewater Utility Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the city’s wastewater utility.
Charges for Services – The increase from prior year is due to the rates for wastewater increasing 3% from 2022. In addition,
consumption in 2023 has been slightly above prior year.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen uncertainty
with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may
continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Licenses and permits 65,195$ 62,734$ 46,775$ (18,420)$ (15,959)$ 74.56%
Charges for services 8,772,943 11,928,231 9,122,125 349,182 (2,806,106) 76.48%
Fines and penalties 56 ‐ ‐ (56) ‐ N/A
Interest and other misc 683,567 74,000 973,299 289,732 899,299 1315.27%
TOTAL REVENUES 9,521,761 12,064,965 10,142,199 620,438 (1,922,766) 84.06%
EXPENSES:
Personnel 1,770,351 3,071,964 1,853,164 (82,813) 1,218,800 60.33%
Supplies 43,729 74,441 118,669 (74,940) (44,228) 159.41%
Contracted Services 1,746,376 2,512,265 1,807,016 (60,640) 705,249 71.93%
Internal Services 1,483,261 1,999,188 1,499,391 (16,130) 499,797 75.00%
TOTAL OPERATING EXPENSES 5,043,717 7,657,858 5,278,240 (234,523) 2,379,618 68.93%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 4,478,044 4,407,107 4,863,959 385,915 456,852 110.37%
DEBT SERVICE:
Principal ‐ 588,350 ‐ ‐ 588,350 0.00%
Interest 39,657 73,449 36,645 3,012 36,804 49.89%
TOTAL DEBT SERVICE 39,657 661,799 36,645 3,012 625,154 5.54%
CAPITAL OUTLAY 2,831,892 17,103,445 1,482,583 1,349,309 15,620,862 8.67%
TRANSFERS IN ‐ ‐ ‐ ‐ ‐ N/A
TRANSFERS OUT (1,027) (22,000) ‐ (1,027) (22,000) N/A
NET TRANSFERS (1,027) (22,000) ‐ 1,027 22,000 N/A
CHANGE IN FUND BALANCE 1,605,468 (13,380,137) 3,344,731 1,739,263 16,724,868 N/A
BEGINNING FUND BALANCE, Jan 1 20,788,687 22,850,871 22,850,871 2,062,184 ‐ 100.00%
ENDING FUND BALANCE, Sep 30 22,394,155$ 9,470,734$ 26,195,602$ 3,801,447$ 16,724,868$ 276.60%
Restricted for Debt Service 661,227 661,227 661,227
Operating Reserve 913,756 975,361 975,361
AVAILABLE FUND BALANCE 20,819,172$ 7,834,146$ 24,559,014$
WASTEWATER UTILITY
VARIANCE
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 26 of 35
(LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city
holds roughly 51% of the total cash and investments for the city in the LGIP.
Supplies – The supplies budget is currently overspent due to a few different factors, including increased maintenance
supplies costs, one time purchases of safety equipment including gas monitors and rescue winch, and increased asphalt
purchases for wastewater repair projects.
Capital Outlay – The decrease from prior year is primarily due to the majority of project expenses for Downtown Sewer
Replacement and Rehabilitation project that occurred in 2022 and the Renton Highlands Sanitary Sewer Rehabilitation
project that was completed in 2022.
King County Metro Fund
This fund accounts for revenues and expenses for operation of the city’s wastewater utility, as it relates to charges for and
payment to King County Metro for water treatment services.
Charges for Services – Increase from prior year is largely due the increase in King County fees which is passed through to
wastewater customers the rate went up 5.75% in 2023.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen uncertainty
with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may
continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool
(LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city
holds roughly 51% of the total cash and investments for the city in the LGIP.
Contracted Services – The increase from prior year relates to the increase in King County fees and the timing of payments to
King County. Payments were properly corrected in 2023 to reflect in the appropriate month for which they relate to, in 2022
only 8 months were reflected through September.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 14,594,549$ 19,358,929$ 15,358,840$ 764,291$ (4,000,089)$ 79.34%
Interest and other misc 28,258 ‐ 139,287 111,029 139,287 N/A
TOTAL REVENUES 14,622,807 19,358,929 15,498,127 875,320 (3,860,802) 80.06%
EXPENSES:
Contracted Services 12,272,929 20,173,811 15,214,987 (2,942,058) 4,958,824 75.42%
TOTAL OPERATING EXPENSES 12,272,929 20,173,811 15,214,987 (2,942,058) 4,958,824 75.42%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 2,349,878 (814,882) 283,140 (2,066,738) 1,098,022 N/A
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 2,349,878 (814,882) 283,140 (2,066,738) 1,098,022 N/A
BEGINNING FUND BALANCE, Jan 1 3,764,012 6,237,142 6,237,142 2,473,130 ‐ 100.00%
ENDING FUND BALANCE, Sep 30 6,113,890$ 5,422,260$ 6,520,282$ 406,392$ 1,098,022$ 120.25%
Operating Reserve 380,000 380,000 380,000
AVAILABLE FUND BALANCE 5,733,890$ 5,042,260$ 6,140,282$
KING COUNTY METRO
VARIANCE
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 27 of 35
Surface Water Utility Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the city’s surface water utility.
Grants/Intergovernmental – Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of
grant awards procured, timing of grant expenses, and reimbursement of related expenses. Grant revenue is budgeted at
100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to reimbursement
of grant expenses occurring in a future year. Any grant revenue not received in award year is carried forward each year until
the grant funds are fully received or the grant agreement expires. The increase from prior year relates to capital project grants
as they are received after expenditures have been spent on the projects.
Charges for Services ‐ Surface water charges increased from prior year as the rates for surface water charged to utility users
increased 4% in 2023.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen uncertainty
with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may
continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Licenses and permits 24,084$ 51,217$ 17,250$ (6,834)$ (33,967)$ 33.68%
Grants / intergovernmental 1,114,140 12,994,864 1,529,786 415,646 (11,465,078) 11.77%
Charges for services 9,480,563 13,122,100 10,079,777 599,214 (3,042,323) 76.82%
Interest and other misc 1,498,102 1,377,519 1,614,839 116,737 237,320 117.23%
TOTAL REVENUES 12,116,889 27,545,700 13,241,652 1,124,763 (14,304,048) 48.07%
EXPENSES:
Personnel 2,860,523 4,575,050 2,951,847 (91,324) 1,623,203 64.52%
Supplies 61,831 174,650 95,964 (34,133) 78,686 54.95%
Contracted Services 1,403,922 4,625,819 1,292,534 111,388 3,333,285 27.94%
Internal Services 2,171,265 2,989,720 2,242,290 (71,025) 747,430 75.00%
TOTAL OPERATING EXPENSES 6,497,541 12,365,239 6,582,635 (85,094) 5,782,604 53.24%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 5,619,348 15,180,461 6,659,017 1,039,669 (8,521,444) 43.87%
DEBT SERVICE:
Principal ‐ 664,300 ‐ ‐ 664,300 0.00%
Interest 48,178 90,517 45,222 2,956 45,295 49.96%
TOTAL DEBT SERVICE 48,178 754,817 45,222 2,956 709,595 5.99%
CAPITAL OUTLAY 3,092,113 28,534,294 1,297,578 1,794,535 27,236,716 4.55%
Transfers In ‐ ‐ ‐ ‐ ‐ N/A
Transfers Out (3,975) ‐ ‐ (3,975) ‐ N/A
NET TRANSFERS (3,975) ‐ ‐ 3,975 ‐ N/A
CHANGE IN FUND BALANCE 2,475,082 (14,108,650) 5,316,217 2,841,135 19,424,867 N/A
BEGINNING FUND BALANCE, Jan 1 21,682,758 28,314,755 28,314,755 6,631,997 ‐ 100.00%
Prior Period Adjustment ‐ ‐ ‐ ‐ ‐ N/A
BEGINNING FUND BALANCE, Jan 1 ‐ restated 21,682,758 28,314,755 28,314,755 6,631,997 ‐ 100.00%
ENDING FUND BALANCE, Sep 30 24,157,840$ 14,206,105$ 33,630,972$ 9,473,132$ 19,424,867$ 236.74%
Restricted for Debt Service 754,868 754,868 754,868
Operating Reserve 1,109,340 1,245,213 1,245,213
AVAILABLE FUND BALANCE 22,293,632$ 12,206,024$ 31,630,891$
SURFACE WATER UTILITY
VARIANCE
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 28 of 35
(LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city
holds roughly 51% of the total cash and investments for the city in the LGIP.
Contracted Services – The decrease from prior year relates to construction projects professional services for expenditures
that are not capital in nature. This decreases primarily were due to the following projects: Madsen Creek Improvement, Lower
Cedar River Flood Control, and Storm Water Facility Retrofit Study.
Capital Outlay – Decrease from prior year primarily relates to the Downtown Storm System Improvement project which
had most of its work completed in 2022 as well as the NE 16th and Jefferson Ave NE Stormwater project which was
completed in 2022.
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 29 of 35
INTERNAL SERVICE FUNDS
Internal service funds are used to account for the goods and services furnished by one city department to other city
departments on a cost reimbursement basis. YTD budgets are not prepared for Internal Service Funds.
Equipment Rental Fund
This fund accounts for revenues and expenses for administration, purchase, and maintenance of the city’s vehicle and
equipment fleet services. Departments pay in monthly amounts for maintenance and operations. Replacement reserves are
paid monthly over the estimated useful lives of each individual vehicle or piece of equipment. These reserves are accumulated
in fund balance so that they are available to fund the replacement of the vehicle/equipment when the time comes.
Interdepartmental Services – The increase from prior year is primarily related to increased maintenance and operating
expenditures budgeted in 2023 which include budgeted recovery for repair, maintenance, personnel and fuel.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen
uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate,
and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government
Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or
increases; the city holds roughly 51% of the total cash and investments for the city in the LGIP.
Contracted Services – The amount currently over budget and increase from prior year is primarily due to higher than
anticipated vehicle repair and maintenance costs for accident repair as well as external expenditures for outside agencies
which are reimbursed and are reflected in the charges for services revenues.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 81,823$ ‐$ 51,539$ (30,284)$ 51,539$ N/A
Interdepartmental services 4,783,665 6,435,263 4,926,880 143,215 (1,508,383) 76.56%
Interest and other misc 81,293 12,000 337,443 256,150 325,443 2812.03%
TOTAL REVENUES 4,946,781 6,447,263 5,315,862 369,081 (1,131,401) 82.45%
EXPENSES:
Personnel 823,933 1,317,447 843,117 (19,184) 474,330 64.00%
Supplies 1,235,208 1,531,153 1,264,765 (29,557) 266,388 82.60%
Contracted Services 271,256 133,165 291,900 (20,644) (158,735) 219.20%
Internal Services 35,724 131,363 98,522 (62,798) 32,841 75.00%
TOTAL OPERATING EXPENSES 2,366,121 3,113,128 2,498,304 (132,183) 614,824 80.25%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 2,580,660 3,334,135 2,817,558 236,898 (516,577) 84.51%
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY 385,294 6,699,462 2,158,516 (1,773,222) 4,540,946 32.22%
TRANSFERS IN ‐ 3,438,700 ‐ ‐ (3,438,700) 0.00%
TRANSFERS OUT ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ 3,438,700 ‐ ‐ (3,438,700) 0.00%
CHANGE IN FUND BALANCE 2,195,366 73,373 659,042 (1,536,324) 585,669 898.21%
BEGINNING FUND BALANCE, Jan 1 10,125,169 13,277,635 13,277,635 3,152,466 ‐ 100.00%
ENDING FUND BALANCE, Sep 30 12,320,535$ 13,351,008$ 13,936,677$ 1,616,142$ 585,669$ 104.39%
Operating Reserves 13,351,008$ 13,351,008$
AVAILABLE FUND BALANCE 12,320,535$ ‐$ 585,669$
EQUIPMENT RENTAL
VARIANCE
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 30 of 35
Capital Outlay – The increase from prior year is due to an increase in vehicle purchases due to major supply chain issues in
prior year that delayed purchases and at times made it challenging to order the specific vehicles needed. The amount under
budget is due to not yet replacing all budgeted vehicles for the year. Vehicle replacement varies each year based on the
condition and usage of vehicles as well as the availability of suitable replacement vehicles to purchase.
Insurance Fund
This fund accounts for the administration and operation of the city’s self‐insurance programs for property losses, liability,
workers’ compensation, and unemployment compensation. Expenses are paid by the Insurance Fund and rates are charged
to departments based on their claims history over the preceding five years and coverage requirements.
Interdepartmental Services – The increase over prior year is due to additional charge outs to city departments for additional
anticipated claims costs and increased insurance premiums which have risen significantly in the last several years.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen
uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate,
and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government
Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or
increases; the city holds roughly 51% of the total cash and investments for the city in the LGIP.
Personnel – Increase from prior year is due to cost‐of‐living adjustments in 2023, an additional employee health and safety
coordinator position (started in May 2022), and the series promotion of personnel within the department.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Interdepartmental services 3,019,072$ 4,838,982$ 3,506,247$ 487,175$ (1,332,735)$ 72.46%
Interest and other misc 249,331 22,000 722,297 472,966 700,297 3283.17%
TOTAL REVENUES 3,268,403 4,860,982 4,228,544 960,141 (632,438) 86.99%
EXPENSES:
Personnel 790,793 2,184,056 1,063,585 (272,792) 1,120,471 48.70%
Supplies 46 6,956 ‐ 46 6,956 0.00%
Contracted Services 2,517,552 4,214,863 2,579,996 (62,444) 1,634,867 61.21%
TOTAL OPERATING EXPENSES 3,308,391 6,405,875 3,643,581 (335,190) 2,762,294 56.88%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS (39,988) (1,544,893) 584,963 624,951 2,129,856 N/A
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A
Transfers In 152,772 136,346 ‐ (152,772) (136,346) 0.00%
Transfers Out (51,420) (952,868) (54,366) 2,946 (898,502) N/A
NET TRANSFERS 101,352 (816,522) (54,366) (155,718) 762,156 N/A
CHANGE IN FUND BALANCE 61,364 (2,361,415) 530,597 469,233 2,892,012 N/A
BEGINNING FUND BALANCE, Jan 1 20,494,538 23,221,020 23,221,020 2,726,482 ‐ 100.00%
ENDING FUND BALANCE, Sep 30 20,555,902$ 20,859,605$ 23,751,617$ 3,195,715$ 2,892,012$ 113.86%
Operating Reserves 13,952,413 16,897,915 16,897,915
AVAILABLE FUND BALANCE 6,603,489$ 3,961,690$ 6,853,702$
INSURANCE
VARIANCE
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 31 of 35
Information Technology Fund
This fund accounts for the administration, purchase, and operation of the city’s information technology systems, including
computer hardware and software, network servers and infrastructure, phone systems, and cell phones. Expenses are paid by
the Information Technology Fund and rates are charged to departments based on use.
Interdepartmental Services – The decrease from prior year is primarily related to a decrease in charges to departments for
the replacement reserve of the city’s ERP system which was budgeted and fully recovered in 2022.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen
uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate,
and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government
Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or
increases; the city holds roughly 51% of the total cash and investments for the city in the LGIP.
Supplies ‐ The amount under prior year is due to a significant cost in 2022 related to Axon body cameras of $660K.
Contracted Services – The increase over prior year is due to new service contracts as well as increased costs including IT
ticketing software ($48K), IT detection and response software ($110K), NeoGov software ($58K), and the IT Strategic Plan
contract ($119K).
Capital Outlay –The increase in capital outlay over prior year is due to the Disaster Recovery project $697K, as well as IT
upgrades at the Renton Community Center 108K.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Licenses and permits 202,395$ 150,000$ 164,862$ (37,533)$ 14,862$ 109.91%
Interdepartmental services 6,846,561 7,355,590 5,516,696 (1,329,865) (1,838,894) 75.00%
Interest and other misc 26,169 7,000 184,842 158,673 177,842 2640.60%
TOTAL REVENUES 7,075,125 7,512,590 5,866,400 (1,208,725) (1,646,190) 78.09%
EXPENSES:
Personnel 2,365,137 3,873,557 2,453,861 (88,724) 1,419,696 63.35%
Supplies 985,050 1,143,289 343,444 641,606 799,845 30.04%
Contracted Services 1,990,921 3,370,380 2,494,590 (503,669) 875,790 74.02%
Internal Services ‐ 6,537 4,903 (4,903) 1,634 75.00%
TOTAL OPERATING EXPENSES 5,341,108 8,393,763 5,296,798 44,310 3,096,965 63.10%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 1,734,017 (881,173) 569,602 (1,164,415) 1,450,775 N/A
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY 109,894 5,568,965 976,868 (866,974) 4,592,097 17.54%
TRANSFERS IN 2,086,034 1,317,495 76,858 (2,009,176) (1,240,637) 5.83%
NET TRANSFERS 2,086,034 1,317,495 76,858 (2,009,176) (1,240,637) 5.83%
CHANGE IN FUND BALANCE 3,710,157 (5,132,643) (330,408) (4,040,565) 4,802,235 N/A
BEGINNING FUND BALANCE, Jan 1 3,653,455 9,021,343 9,021,343 5,367,888 ‐ 100.00%
ENDING FUND BALANCE, Sep 30 7,363,612$ 3,888,700$ 8,690,935$ 1,327,323$ 4,802,235$ 223.49%
Operating Reserves 2,326,091$ 2,326,091$
AVAILABLE FUND BALANCE 7,363,612$ 1,562,609$ 6,695,252$
INFORMATION TECHNOLOGY
VARIANCE
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 32 of 35
Facilities Fund
This fund accounts for the administration, maintenance, and operation of city‐owned facilities. Expenses are paid by the
Facilities Fund and rates are charged to departments based on square footage.
Interdepartmental Services – The increase over prior year is due to increased expenses in facilities charged through an
internal service fund charge to each department as well as cost of living salary increases for facilities personnel charged to
other city departments.
Contracted Services – The increase over prior year is primarily due to an increased need for repair and maintenance to
facilities. Much of the increase is attributed to larger one‐time projects. In 2023, facilities has had new card readers
installed ($66K), roof and gutter cleaning ($90K), 1st floor carpet replacement ($13K), North Highlands boiler replacement
($146K), and replacement of blinds at the senior center ($13K).
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Interdepartmental services 4,948,239$ 6,883,097$ 5,184,490$ 236,251$ (1,698,607)$ 75.32%
Interest and other misc 3,084 4,000 10,339 7,255 6,339 258.48%
TOTAL REVENUES 4,951,323 6,887,097 5,194,829 243,506 (1,692,268) 75.43%
EXPENSES:
Personnel 2,637,501 4,257,370 2,729,879 (92,378) 1,527,491 64.12%
Supplies 697,002 858,395 774,911 (77,909) 83,484 90.27%
Contracted Services 1,109,608 1,876,861 1,418,705 (309,097) 458,156 75.59%
Internal Services 109,581 273,086 204,815 (95,234) 68,271 75.00%
TOTAL OPERATING EXPENSES 4,553,692 7,265,712 5,128,310 (574,618) 2,137,402 70.58%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 397,631 (378,615) 66,519 (331,112) 445,134 N/A
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY 15,149 ‐ 27,003 (11,854) (27,003) N/A
Transfers In 11,045 255,040 100,000 88,955 (155,040) 39.21%
NET TRANSFERS 11,045 255,040 100,000 88,955 (155,040) 39.21%
CHANGE IN FUND BALANCE 393,527 (123,575) 139,516 (254,011) 263,091 N/A
BEGINNING FUND BALANCE, Jan 1 785,189 937,922 937,922 152,733 ‐ 100.00%
ENDING FUND BALANCE, Sep 30 1,178,716$ 814,347$ 1,077,438$ (101,278)$ 263,091$ 132.31%
FACILITIES
VARIANCE
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 33 of 35
Communications Fund
This fund accounts for community and intergovernmental relations and communications with the public. Communications is
a major activity of the city’s administration responsible for external communications, employee communications, media
relations, and coordination of all departments in producing the city’s website. Expenses are paid by the Communications
Fund and rates are charged to departments based on usage.
Interdepartmental services – The increase over prior year primarily relates to an increase in budgeted charges to each
department due to increased budgets for expenditure items including personnel, which received a cost‐of‐living adjustment
in 2023.
Personnel – The increase from prior year is largely due to filling the director position which was vacant until January 2023.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Interdepartmental services 1,029,971$ 1,592,402$ 1,194,250$ 164,279$ (398,152)$ 75.00%
Interest and other misc 544 1,000 8,401 7,857 7,401 840.10%
TOTAL REVENUES 1,033,515 1,593,402 1,202,651 169,136 (390,751) 75.48%
EXPENSES:
Personnel 601,738 1,184,992 717,842 (116,104) 467,150 60.58%
Supplies 34,499 55,432 35,366 (867) 20,066 63.80%
Contracted Services 211,365 401,155 223,180 (11,815) 177,975 55.63%
Internal Services 1,526 4,696 3,522 (1,996) 1,174 75.00%
TOTAL OPERATING EXPENSES 849,128 1,646,275 979,910 (130,782) 666,365 59.52%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 184,387 (52,873) 222,741 38,354 275,614 N/A
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY ‐ 46,651 46,651 (46,651) ‐ 100.00%
Transfers Out ‐ 18,775 ‐ ‐ 18,775 0.00%
NET TRANSFERS ‐ (18,775) ‐ ‐ 18,775 N/A
CHANGE IN FUND BALANCE 184,387 (118,299) 176,090 (8,297) 294,389 N/A
BEGINNING FUND BALANCE, Jan 1 141,517 428,724 428,724 287,207 ‐ 100.00%
ENDING FUND BALANCE, Sep 30 325,904$ 310,425$ 604,814$ 278,910$ 294,389$ 194.83%
COMMUNICATIONS
VARIANCE
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 34 of 35
Health Insurance Fund
This fund accounts for the city’s self‐insured health insurance program. Expenses/claims are paid by the Health Insurance
Fund and rates are charged to employees and departments based on annual premiums determined by the city’s Employee
Health Plan Board for each type of coverage elected by the employee; paid semi‐monthly in conjunction with each payroll.
Premiums – The increase in premiums from prior year is due to increasing insurance costs which increased 24% from prior
year.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen
uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate,
and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government
Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or
increases; the city holds roughly 51% of the total cash and investments for the city in the LGIP.
Medical/Dental Claims – The increase from prior year increased claims costs which is likely due to increased medical costs
as well as fewer vacant positions than prior years.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Premiums 9,452,305$ 15,603,216$ 9,949,570$ 497,265$ (5,653,646)$ 63.77%
Interest and other misc 396,338 520,000 582,204 185,866 62,204 111.96%
TOTAL REVENUES 9,848,643 16,123,216 10,531,774 683,131 (5,591,442) 65.32%
EXPENSES:
Personnel 265,755 339,251 241,713 24,042 97,538 71.25%
Medical/Dental Claims 7,907,603 14,166,872 8,723,101 (815,498) 5,443,771 61.57%
Supplies 2,145 7,500 2,640 (495) 4,860 35.20%
Contracted Services 367,209 579,786 373,027 (5,818) 206,759 64.34%
Internal Services 70,252 103,752 77,814 (7,562) 25,938 75.00%
TOTAL OPERATING EXPENSES 8,612,964 15,197,161 9,418,295 (805,331) 5,778,866 61.97%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 1,235,679 926,055 1,113,479 (122,200) 187,424 120.24%
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 1,235,679 926,055 1,113,479 (122,200) 187,424 120.24%
BEGINNING FUND BALANCE, Jan 1 6,655,137 6,935,644 6,935,644 280,507 ‐ 100.00%
ENDING FUND BALANCE, Sep 30 7,890,816$ 7,861,699$ 8,049,123$ 158,307$ 187,424$ 102.38%
Insurance Reserves 3,774,249 4,559,148 4,559,148
AVAILABLE FUND BALANCE 4,116,567$ 3,302,551$ 3,489,975$
HEALTH INSURANCE
VARIANCE
Quarterly Financial Report City of Renton, Washington 3rd Quarter 2023
Page 35 of 35
Retiree Healthcare Fund
This fund accounts for the city’s self‐insured health insurance program for LEOFF1 retirees. Benefits include medical,
prescription drug, Medicare Part B premiums, long‐term care, and vision coverage for retired law enforcement officers and
firefighters that were employed by the city prior to October 1, 1977. Dependent spouses and children are not covered. 100%
of premiums are provided by the General Fund with annual contributions determined after review of a report prepared by
actuaries.
Premiums – The decrease from prior year is due a budgeted decrease; the fund was receiving more funding than required
in the prior year.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen
uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate,
and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government
Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or
increases; the city holds roughly 51% of the total cash and investments for the city in the LGIP.
CONTACT INFORMATION
This report is prepared by the Finance Department. For additional financial information, please also review our website:
http://www.rentonwa.gov/. For any questions about the report, please feel free to contact Nate Malone at
nmalone@rentonwa.gov or Kristin Trivelas ktrivelas@rentonwa.gov .
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 38,624$ 40,000$ ‐$ (38,624)$ (40,000)$ 0.00%
Premiums 1,968,513 1,825,000 1,368,750 (599,763) (456,250) 75.00%
Interest and other misc 207,175 170,000 586,897 379,722 416,897 345.23%
TOTAL REVENUES 2,214,312 2,035,000 1,955,647 (258,665) (79,353) 96.10%
EXPENSES:
Personnel 62,036 101,664 74,280 (12,244) 27,384 73.06%
Medical/Dental Claims 879,163 1,201,877 917,402 (38,239) 284,475 76.33%
Contracted Services 39,853 66,293 72,896 (33,043) (6,603) 109.96%
TOTAL OPERATING EXPENSES 981,052 1,369,834 1,064,578 (83,526) 305,256 77.72%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 1,233,260 665,166 891,069 (342,191) 225,903 133.96%
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 1,233,260 665,166 891,069 (342,191) 225,903 133.96%
BEGINNING FUND BALANCE, Jan 1 18,188,260 19,928,792 19,928,792 1,740,532 ‐ 100.00%
ENDING FUND BALANCE, Sep 30 19,421,520$ 20,593,958$ 20,819,861$ 1,398,341$ 225,903$ 101.10%
Insurance Reserves 19,421,520 20,593,958 20,819,861
AVAILABLE FUND BALANCE ‐$ ‐$ ‐$
RETIREE HEALTHCARE
VARIANCE