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HomeMy WebLinkAboutMONTH 2023 12Page 1 of 7 OVERVIEW  This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through December 31,  2023. A detailed analysis, including budget to actual comparison, will be prepared quarterly in accordance with the City’s  financial management policies.   GENERAL FUND  The General Fund is used to account for resources that are not generally dedicated for a specific purpose. The General Fund  is used to meet the basic services that the City provides including, but not limited to, police protection, parks and recreation,  human services, municipal court, street maintenance and planning, economic development, and administrative functions.  The table below displays the year‐to‐date revenues and expenditures for the General Fund.  Economic Development and Operating reserves are established internally in accordance with the City’s Policy on Stabilization  Funds, as outlined in the 2023‐2024 Adopted Budget.  General REVENUES: Taxes 112,900,397$     Licenses and permits 6,721,960          Grants / intergovernmental 5,396,037          Charges for services 11,287,999          Interdepartmental services 44,535          Fines and penalties 3,763,898          Miscellaneous 2,722,278          Sale of general fixed assets 840         Investment Earnings 3,584,166          Insurance recoveries 23,142          TOTAL REVENUES 146,445,252   EXPENDITURES: Personnel 72,543,616    Supplies 2,254,788    Contracted Services 23,384,509    Capital Outlay 339,474   Internal Services 20,490,735    TOTAL EXPENDITURES 119,013,122   Transfers In 1,868,479    Transfers Out (13,680,111)    NET TRANSFERS (11,811,632)    CHANGE IN FUND BALANCE 15,620,498    BEGINNING FUND BALANCE, Jan 1 83,605,978    Prior Period Adjustment ‐   BEGINNING FUND BALANCE, Jan 1 ‐ restated 83,605,978    ENDING FUND BALANCE, Dec 31 99,226,476$       ECONOMIC DEVELOPMENT RESERVE 2,500,000    OPERATING RESERVES 17,346,914    AVAILABLE FUND BALANCE, Dec 31 79,379,562$       Monthly Financial Report December 2023  Monthly Financial Report                                                               City of Renton, Washington December 2023  Page 2 of 7   DEBT SERVICE FUND   Debt service funds are used to account for the accumulation of resources for the payment of principal and interest related to  the City’s general obligation bond issues. The table below displays the year‐to‐date revenues and expenditures for the City’s  debt service fund.    Debt service reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the  2023‐2024 Adopted Budget.         General  Governmental  Misc Debt REVENUES: Grants / intergovernmental 38,319$                 Investment Earnings 159,328                 TOTAL REVENUES 197,647                 EXPENDITURES: Principal 4,453,188              Interest 1,110,801              TOTAL EXPENDITURES 5,563,989              Transfers In 5,515,851              NET TRANSFERS 5,515,851              CHANGE IN FUND BALANCE 149,509                 BEGINNING FUND BALANCE, Jan 1 5,262,665              ENDING FUND BALANCE, Dec 31 5,412,174$            Debt Service Reserve 2,717,575              AVAILABLE FUND BALANCE 2,694,599$            Monthly Financial Report                                                               City of Renton, Washington December 2023  Page 3 of 7   SPECIAL REVENUE FUNDS  Special revenue funds are used to account for revenues that are to be used for a specific purpose as required by law or  legislative action. The table below displays the year‐to‐date revenues and expenditures for the City’s special revenue funds.         CAPITAL PROJECT FUNDS  Capital project funds are used to account for the acquisition and construction of major capital facilities and equipment. The  table below displays the year‐to‐date revenues and expenditures for the City’s capital project funds.      Hotel‐Motel Tax Cable  Communications Housing and  Supportive  Services Springbrook  Wetlands Fire Impact  Mitigation School District  Impact Mitigation Police Seizure Police CSAM  Seizure REVENUES: Taxes 540,030$               ‐$                            4,472,859$            ‐$                             ‐$                         ‐$                             ‐$                             ‐$                             Licenses and permits ‐                              53,566                    ‐                               ‐                               ‐                           ‐                               ‐                               ‐                               Grants / intergovernmental ‐                               ‐                               ‐                              4,011                      ‐                           ‐                               ‐                               ‐                               Charges for services ‐                               ‐                               ‐                               ‐                              40,259               185,062                 ‐                               ‐                               Fines and penalties ‐                               ‐                               ‐                               ‐                               ‐                           ‐                               ‐                              971                         Contributions 15,000                    ‐                               ‐                               ‐                               ‐                           ‐                              492,376                 ‐                               Investment Earnings 29,290                   13,921                   278,598                20,379                   30,951               571                        12,735                   5,628                      Sale of Fixed Assets ‐                               ‐                               ‐                              247,852                 ‐                           ‐                               ‐                               ‐                               TOTAL REVENUES 584,320                67,487                   4,751,457             272,242                71,210               185,633                505,111                6,599                      EXPENDITURES: Personnel ‐                               ‐                               ‐                              7,488                      ‐                           ‐                               ‐                               ‐                               Supplies ‐                              46,681                    ‐                               ‐                               ‐                           ‐                              36,198                   2,053                      Contracted Services 377,433                115,653                50,000                   8,263                     200,022            185,600                47,665                   7,773                      Capital Outlay ‐                               ‐                               ‐                               ‐                               ‐                           ‐                              29,133                    ‐                               TOTAL EXPENDITURES 377,433                162,334                50,000                   15,751                   200,022            185,600                112,996                9,826                      ‐                           Transfers In ‐                               ‐                               ‐                               ‐                               ‐                           ‐                               ‐                               ‐                               Transfers Out (30,000)                  ‐                               ‐                               ‐                              (2,595,376)         ‐                               ‐                               ‐                               NET TRANSFERS (30,000)                  ‐                               ‐                               ‐                              (2,595,376)         ‐                               ‐                               ‐                               CHANGE IN FUND BALANCE 176,887                (94,847)                 4,701,457             256,491                (2,724,188)        33                           392,115                (3,227)                     BEGINNING FUND BALANCE, Jan 1 712,384                453,147                6,110,390             454,628                2,724,187          ‐                              339,814                172,804                 Prior Period Adjustment ‐                               ‐                               ‐                               ‐                               ‐                           ‐                               ‐                               ‐                               BEGINNING FUND BALANCE, Jan 1 ‐ restated 712,384                453,147                6,110,390             454,628                2,724,187          ‐                              339,814                172,804                 ENDING FUND BALANCE, Dec 31 889,271$              358,300$              10,811,847$        711,119$              (1)$                     33$                        731,929$              169,577$               CS Impact Mitigation Transportation  Impact  Mitigation REET 1 REET 2 Municipal  Facilities CIP Capital  Investment Family First  Center REVENUES: Taxes ‐$                         ‐$                        2,290,899$       2,290,899$        ‐$                         ‐$                         ‐$                         Grants / intergovernmental ‐                           ‐                           ‐                           ‐                          2,752,567         9,377,648         520,000             Charges for services 120,419            828,414             ‐                           ‐                          30,671               119,413             ‐                           Contributions ‐                           ‐                           ‐                           ‐                          2,755                 519,012            3,042,887          Investment Earnings 55,524               245,741            139,543            238,268            580,920            379,842            95,139                TOTAL REVENUES 175,943            1,074,155         2,430,442         2,529,167         3,366,913         10,395,915       3,658,026          EXPENDITURES: Personnel ‐                           ‐                           ‐                           ‐                          44,228               94,701                ‐                           Supplies ‐                           ‐                           ‐                           ‐                           ‐                          64,025                ‐                           Contracted Services ‐                           ‐                           ‐                           ‐                          751,227            249,895            3,939                  Capital Outlay ‐                           ‐                           ‐                           ‐                          13,708,201       18,312,049       2,905,946          TOTAL EXPENDITURES ‐                           ‐                           ‐                           ‐                          14,503,656       18,720,670       2,909,885          Transfers In ‐                           ‐                           ‐                           ‐                          8,545,379         11,044,897       1,000,000          Transfers Out (1,090,000)        (5,817,897)        (3,715,000)        (5,403,625)        (100,000)            ‐                          (900,000)            NET TRANSFERS (1,090,000)        (5,817,897)        (3,715,000)        (5,403,625)        8,445,379         11,044,897       100,000             CHANGE IN FUND BALANCE (914,057)           (4,743,742)        (1,284,558)        (2,874,458)        (2,691,364)        2,720,142         848,141             BEGINNING FUND BALANCE, Jan 1 1,595,389         6,964,011         3,049,711         6,019,961         24,671,384       12,561,975       2,795,295          Prior Period Adjustment ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           BEGINNING FUND BALANCE, Jan 1 ‐ restated 1,595,389         6,964,011         3,049,711         6,019,961         24,671,384       12,561,975       2,795,295          ENDING FUND BALANCE, Dec 31 681,332$          2,220,269$       1,765,153$       3,145,503$       21,980,020$    15,282,117$    3,643,436$        Monthly Financial Report                                                               City of Renton, Washington December 2023  Page 4 of 7   ENTERPRISE FUNDS  Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business  enterprises. The table below displays the year‐to‐date revenues and expenses of the City’s enterprise funds.    Amounts restricted for debt service are in accordance with revenue bond requirements. Operating reserves are established  internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2023‐2024 Adopted Budget.          Airport Solid Waste  Utility Golf Course Water Utility Wastewater  Utility Metro Surface Water  Utility REVENUES: Licenses and permits ‐$                        ‐$                        ‐$                        ‐$                        57,925$              ‐$                       22,125$              Grants / intergovernmental 695,814           165,834            ‐                         846,705              ‐                            ‐                         1,686,384           Charges for services 5,098,680        24,789,097      2,989,376        19,486,619       12,120,859       20,417,415      13,522,205        Rents, leases, and misc fees 601,445            ‐                         558,213           278,802              ‐                            ‐                          ‐                            Interest and other misc 346,393           114,103           73,011              2,181,681         1,299,817          207,963           2,056,093           TOTAL REVENUES 6,742,332        25,069,034      3,620,600        22,793,807       13,478,601       20,625,378      17,286,807        EXPENSES: Personnel 1,111,474        571,674           1,807,622        4,638,960         2,466,567           ‐                         3,912,711           Supplies 97,832              33,388              384,054           1,072,798         145,413              ‐                         115,979              Contracted Services 657,568           23,909,520      196,457           3,490,176         2,435,222          20,273,077      1,795,106           Internal Services 436,502           492,825           480,978           2,874,327         1,862,913           ‐                         2,650,407           TOTAL OPERATING EXPENSES 2,303,376        25,007,407      2,869,111        12,076,261       6,910,115          20,273,077      8,474,203           CAPITAL, AND TRANSFERS 4,438,956        61,627              751,489           10,717,546       6,568,486          352,301           8,812,604           DEBT SERVICE: Principal ‐                          ‐                         44,535              1,504,997         588,350              ‐                         664,300              Interest ‐                          ‐                         1,682                164,471             73,219                ‐                         90,338                TOTAL DEBT SERVICE ‐                          ‐                         46,217              1,669,468         661,569              ‐                         754,638              CAPITAL OUTLAY 1,562,470         ‐                         545,292           5,136,189         2,565,300           ‐                         7,078,015           Transfers In ‐                          ‐                         544,700            ‐                           ‐                            ‐                          ‐                            Transfers Out 525,339           84,275              (429,700)          (48,500)              (29,640)               ‐                         (7,640)                 NET TRANSFERS (525,339)          (84,275)            115,000           (48,500)              (29,640)               ‐                         (7,640)                 CHANGE IN FUND BALANCE 2,351,147        (22,648)            274,980           3,863,389         3,311,977          352,301           972,311              BEGINNING FUND BALANCE, Jan 1 8,925,689        3,951,191        1,609,927        48,208,077       22,850,871       6,237,142        28,314,756        ENDING FUND BALANCE, Dec 31 11,276,836$   3,928,543$      1,884,907$      52,071,466$     26,162,848$     6,589,443$      29,287,067$      Restricted for Debt Service ‐                     ‐                     ‐                    1,394,051         661,227              ‐                    754,868              Operating Reserve 282,282           400,000           787,490           1,706,759         975,361             380,000           1,245,213           AVAILABLE FUND BALANCE 10,994,554$   3,528,543$      1,097,417$      48,970,656$     24,526,260$     6,209,443$      27,286,986$      Monthly Financial Report                                                               City of Renton, Washington December 2023  Page 5 of 7   INTERNAL SERVICE FUNDS  Internal service funds are used to account for the goods and services furnished by one City department to other City  departments on a cost reimbursement basis. The table below displays the year‐to‐date revenues and expenses of the City’s  internal service funds.    Insurance reserves for the Healthcare Fund are established at a rate of 31% of current year budgeted expenses. 100% of the  Retiree Healthcare fund balance is reserved for OPEB.           Equipment Rental Insurance Information  Technology Facilities Communications Healthcare Retiree  Healthcare REVENUES:    Technology Fee ‐$                            ‐$                           225,908$              ‐$                            ‐$                            ‐$                            ‐$                            Grants / intergovernmental ‐                              ‐                              ‐                              ‐                              ‐                              ‐                             37,276                   Equipment rental m&o 3,324,547             ‐                             7,355,595             ‐                              ‐                              ‐                              ‐                              Print and mail ‐                              ‐                              ‐                              ‐                             511,138                 ‐                              ‐                              Communications ‐                              ‐                              ‐                              ‐                             1,081,213             ‐                              ‐                              Facilities ‐                              ‐                              ‐                             6,816,627             ‐                              ‐                              ‐                              Interest and other misc 434,822                763,768                255,395                16,148                  13,539                  266,386                668,910                 Internal service fund misc: Vehicle / equipment capital recovery 3,323,217             ‐                              ‐                              ‐                              ‐                              ‐                              ‐                              Insurance premiums ‐                             2,884,177             ‐                              ‐                              ‐                              ‐                              ‐                              Worker's comp/unemployment ‐                             1,774,774             ‐                              ‐                              ‐                              ‐                              ‐                              Benefit premiums ‐                              ‐                              ‐                              ‐                              ‐                             13,308,361          912,500                 Other misc 1,319                    9,912                    11,454                  82,961                   ‐                             517,237                166,374                 Insurance recoveries 45,746                  238,495                 ‐                              ‐                              ‐                             10,083                   ‐                              TOTAL REVENUES 7,129,651            5,671,126            7,848,352            6,915,736            1,605,890            14,102,067          1,785,060             EXPENSES: Personnel 1,100,020            1,480,344            3,284,446            3,660,291            958,073                11,541,135          1,326,447             Supplies 1,732,787            683                        1,096,693            999,322                47,387                  7,647                     ‐                              Contracted Services 418,279                2,897,432            3,773,307            1,827,387            298,158                479,635                66,586                   Internal Services 114,560                 ‐                             6,537                    256,283                4,696                    62,323                   ‐                              TOTAL OPERATING EXPENSES 3,365,646            4,378,459            8,160,983            6,743,283            1,308,314            12,090,740          1,393,033             AMOUNT AVAILABLE FOR DEBT SERVICE,  CAPITAL, AND TRANSFERS 3,764,005            1,292,667            (312,631)              172,453                297,576                2,011,327            392,027                 TOTAL DEBT SERVICE ‐                              ‐                              ‐                              ‐                              ‐                              ‐                              ‐                              CAPITAL OUTLAY 2,557,604             ‐                             1,014,515            345,875                46,651                   ‐                              ‐                              Transfers In 3,794,039            1,136,346            1,722,403            282,033                 ‐                              ‐                              ‐                              Transfers Out ‐                             (958,813)               ‐                              ‐                             38,212                   ‐                              ‐                              NET TRANSFERS 3,794,039            177,533                1,722,403            282,033                (38,212)                  ‐                              ‐                              CHANGE IN FUND BALANCE 5,000,440            1,470,200            395,257                108,611                212,713                2,011,327            392,027                 BEGINNING FUND BALANCE, Jan 1 13,277,635          23,221,020          9,021,343            937,922                428,724                6,935,644            19,928,792           ENDING FUND BALANCE, Dec 31 18,278,075$        24,691,220$        9,416,600$          1,046,533$          641,437$             8,946,971$          20,320,819$         Insurance Reserves ‐                             17,616,914           ‐                              ‐                              ‐                             4,559,148            20,320,819           Opearting Reserves 18,278,075           ‐                             2,326,091             ‐                              ‐                              ‐                              ‐                              AVAILABLE FUND BALANCE ‐$                           7,074,306$          7,090,509$          1,046,533$          641,437$             4,387,823$           ‐$                            Monthly Financial Report                                                               City of Renton, Washington December 2023  Page 6 of 7   FIDUCIARY FUNDS  Fiduciary funds are used to account for assets held by the City in a trustee capacity. These assets are not available for City use  as they are not City assets. The table below displays year‐to‐date revenues and expenditures of the City’s fiduciary funds.      Firemens' Pension Custodial Fund REVENUES: Intergovernmental 199,566$               ‐$                             Investment Earnings 586,696                 ‐                               Collected for Others ‐                              1,785,080              TOTAL REVENUES 786,262                1,785,080              EXPENDITURES: Contracted Services 13,125                    ‐                               Distributions to Others 253,151                1,785,080              TOTAL EXPENDITURES 266,751                1,785,080              NET TRANSFERS ‐                               ‐                               CHANGE IN FUND BALANCE 519,511                 ‐                               BEGINNING FUND BALANCE, Jan 1 8,733,791              ‐                               ENDING FUND BALANCE, Dec 31 9,253,302$            ‐$                             Monthly Financial Report                                                               City of Renton, Washington December 2023  Page 7 of 7           CONTACT INFORMATION  This report is prepared by the Finance Department. For additional financial information, please also review our website:  http://www.rentonwa.gov/.  For any questions about the report, please feel free to contact Nate Malone  nmalone@rentonwa.gov or Kristin Trivelas ktrivelas@rentonwa.gov .  City of Renton All Funds ‐ Revenue, Expenditures and Fund Balances Budgetary Basis through December 31, 2023 Funds Balance  01/01/2022 Budgeted  Revenue Revenue  12/31/23 Total Funds  Available Budgeted  Expenditure Expenditure  12/31/23 Ending Balance GENERAL FUND 83,605,978      142,519,850    148,313,731    231,919,709    144,557,615    132,693,233    99,226,476       SPECIAL REVENUE FUNDS: 10,967,354      5,738,211        6,444,059        17,411,413      5,209,166        3,739,338        13,672,075       110 Hotel Motel 712,384           481,000           584,320           1,296,704        479,616           407,433           889,271            127 Cable Communication 453,147           57,674             67,487             520,634           255,586           162,334           358,300            130 Housing and Supportive Services 6,110,390        4,000,000        4,751,457        10,861,847      260,000           50,000             10,811,847       135 Springbrook Wetlands Bank 454,628           262,378           272,242           726,870           40,000             15,751             711,119            140 Police Seizure 339,814           106,159           505,111           844,925           445,973           112,996           731,929            141 Police CSAM Seizure 172,804            ‐                       6,599               179,403           172,804           9,826               169,577            31X School District Impact Mitigation ‐                       600,000           185,633           185,633           600,000           185,600           33                     304 Fire Mitigation 2,724,187        231,000           71,210             2,795,397        2,955,187        2,795,398        (1)                      DEBT SERVICE FUND 5,262,665        5,895,022        5,713,498        10,976,163      5,565,690        5,563,989        5,412,174         CAPITAL PROJECT FUNDS (CIP): 57,657,726      74,876,371      44,220,837      101,878,563    118,053,246    53,160,733      48,717,830       303 Community Services Mitigation 1,595,389        132,172           175,943           1,771,332        1,090,000        1,090,000        681,332            305 Transportation Mitigation 6,964,011        661,235           1,074,155        8,038,166        5,817,897        5,817,897        2,220,269         308 REET1 3,049,711        2,096,157        2,430,442        5,480,153        3,715,000        3,715,000        1,765,153         309 REET2 6,019,961        2,179,126        2,529,167        8,549,128        5,403,625        5,403,625        3,145,503         316 Municipal Facilities CIP 24,671,384      18,829,719      11,912,292      36,583,676      41,213,863      14,603,656      21,980,020       317 Transportation CIP 12,561,975      45,791,289      21,440,812      34,002,787      56,979,034      18,720,670      15,282,117       346 New Family First Center Dvlpmnt 2,795,295        5,186,673        4,658,026        7,453,321        3,833,827        3,809,885        3,643,436         ENTERPRISE FUNDS: 120,097,653    131,547,945    110,161,259    230,258,912    192,661,038    99,057,802      131,201,110     4X2 Airport Operating & CIP 8,925,689        7,285,694        6,742,332        15,668,021      11,588,234      4,391,185        11,276,836       403 Solid Waste Utility 3,951,191        25,908,805      25,069,034      29,020,225      26,284,049      25,091,682      3,928,543         4X4 Golf Operating & CIP 1,609,927        3,919,825        4,165,300        5,775,227        4,003,974        3,890,320        1,884,907         4X5 Water Operating & CIP 48,208,077      22,053,001      22,793,807      71,001,884      52,379,968      18,930,418      52,071,466       4X6 Waste Water Operating & CIP 22,850,871      12,733,569      13,478,601      36,329,472      25,445,102      10,166,624      26,162,848       416 King County Metro 6,237,142        20,303,166      20,625,378      26,862,520      20,173,811      20,273,077      6,589,443         4X7 Surface Water Operating & CIP 28,314,756      39,343,885      17,286,807      45,601,563      52,785,900      16,314,496      29,287,067       INTERNAL SERVICE FUNDS: 73,751,080      53,408,601      51,992,703      125,743,783    58,629,662      42,402,128      83,341,655       501 Equipment Repair/Replacement 13,277,635      10,506,130      10,923,690      24,201,325      10,871,930      5,923,250        18,278,075       502 Insurance 23,221,020      6,620,328        6,807,472        30,028,492      7,461,634        5,337,272        24,691,220       503 Information Services 9,021,343        9,527,403        9,570,755        18,592,098      14,369,947      9,175,498        9,416,600         504 Facilities 937,922           7,185,622        7,197,769        8,135,691        7,307,705        7,089,158        1,046,533         505 Communications 428,724           1,593,402        1,605,890        2,034,614        1,731,451        1,393,177        641,437            512 Insurance, Healthcare 6,935,644        16,315,216      14,102,067      21,037,711      15,197,161      12,090,740      8,946,971         522 Insurance, Leoff1 Retirees HC 19,928,792      1,660,500        1,785,060        21,713,852      1,689,834        1,393,033        20,320,819       FIDUCIARY FUNDS: 8,733,791        424,566           2,571,342        11,305,133      267,475           2,051,831        9,253,302         611 Firemens' Pension 8,733,791        424,566           786,262           9,520,053        267,475           266,751           9,253,302         630 Custodial Fund ‐                        ‐                       1,785,080        1,785,080         ‐                       1,785,080         ‐                        TOTAL FUNDS 360,076,247    414,410,566    369,417,429    729,493,676    524,943,892    338,669,054    390,824,622