HomeMy WebLinkAbout2023 ACFR - City of RentonAnnual Comprehensive Financial Report
For the year ended December 31, 2023
City of Renton // 1055 S Grady Way, Renton, WA 98057 // rentonwa.gov
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CITY OF RENTON
2023
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
For Year Ended December 31, 2023
Finance Department
City of Renton
1055 South Grady Way
Renton, Washington 98057
(425) 430-6887
Website: www.rentonwa.gov
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ACKNOWLEDGEMENTS
Prepared by the Finance Department
Finance Administrator
Kari Roller
Fiscal Services Director
Kristin Trivelas
Budget and Accounting Manager
Nate Malone
Accounting Staff
Fred Hall, Tax & Licensing Manager
Raevel Chea, Senior Finance Analyst
Sean Hollingsworth, Senior Finance Analyst
Ariel Llorach, Senior Finance Analyst
Stacy Robinson, Senior Finance Analyst
Melissa Melloy, Senior Finance Analyst
Melina Si, Senior Finance Analyst
Roseanne Do, Senior Grants Analyst
Print/Design Staff
Karl Hurst, Print/Mail Supervisor
Sheila Cowley, Communications Specialist I
TABLE OF CONTENTS
DECEMBER 31, 2023
ITEM PAGE
iii
INTRODUCTORY SECTION
Letter of Transmittal ..................................................................................................................................... 1-1
Corporate Organization Structure & Reporting Relations ............................................................................ 1-6
2022 Annual Comprehensive Financial Report Award ................................................................................. 1-7
FINANCIAL SECTION
Independent Auditor’s Report .................................................................................................................... 2-1
Management Discussion and Analysis ........................................................................................................ 3-1
Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Position ............................................................................................................... 4-1
Statement of Activities .................................................................................................................... 4-2
Fund Statements:
Governmental Fund Financial Statements:
Balance Sheet .................................................................................................................................. 4-3
Reconciliation of Balance Sheet to the Statement of Net Position ................................................. 4-4
Statement of Revenues, Expenditures and Changes in Fund Balances........................................... 4-5
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities .................................... 4-6
Proprietary Fund Financial Statements:
Statement of Net Position ............................................................................................................... 4-7
Statement of Revenues, Expenses, and Changes in Net Position ................................................... 4-8
Statement of Cash Flows ................................................................................................................. 4-9
Fiduciary Fund Statements:
Statement of Fiduciary Net Position ............................................................................................. 4-11
Statement of Changes in Fiduciary Net Position ........................................................................... 4-12
Notes to Financial Statements:
Note 1: Significant Accounting Policies ........................................................................................ 4-13
Note 2: Deposits and Investments ............................................................................................... 4-28
Note 3: Property Taxes ................................................................................................................. 4-31
Note 4: Capital Assets and Depreciation ...................................................................................... 4-33
Note 5: Pensions ........................................................................................................................... 4-37
Note 6: Other Post Employment Benefits .................................................................................... 4-51
Note 7: Contingencies .................................................................................................................. 4-54
Note 8: Risk Management ............................................................................................................ 4-54
Note 9: Interfund Transactions ..................................................................................................... 4-57
Note 10: Long Term Debt .............................................................................................................. 4-59
Note 11: Joint Ventures ................................................................................................................. 4-62
Note 12: Subscription-Based Information Technology Arrangements ......................................... 4-65
Note 13: Leases ............................................................................................................................. 4-66
Note 14: Tax Abatement ............................................................................................................... 4-71
Note 15: Subsequent Events ......................................................................................................... 4-72
TABLE OF CONTENTS
DECEMBER 31, 2023
ITEM PAGE
iv
Required Supplementary Information Other than MD&A:
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual
General Fund ................................................................................................................................... 5-1
Notes to Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual
General Fund ................................................................................................................................... 5-2
Schedule of the City’s Proportionate Share of the Net Pension Liability - PERS Plan 1 ......................... 5-4
Schedule of the City’s Proportionate Share of the Net Pension Liability - PERS Plan 2/3 ..................... 5-5
Schedule of the City’s Proportionate Share of the Net Pension Liability - PSERS Plan 2 ....................... 5-6
Schedule of the City’s Proportionate Share of the Net Pension Liability - LEOFF Plan 1 ....................... 5-7
Schedule of the City’s Proportionate Share of the Net Pension Liability - LEOFF Plan 2 ....................... 5-8
Schedule of Employer Contributions - WA Department of Retirement Systems .................................. 5-9
Schedule of Changes in Net Pension Liability and Related Ratios - Firefighters’ Pension Fund .......... 5-10
Schedule of Employer Contributions - Firefighters’ Pension Fund ...................................................... 5-11
Schedule of Investment Returns - Firefighters’ Pension Fund ............................................................. 5-12
Schedule of Changes in Total OPEB Liability and Related Ratios………………………………. .................... ...5-13
Combining Statements and Other Supplementary Information:
Non-Major Fund Descriptions ................................................................................................................ 6-1
Combining Governmental Balance Sheet - Nonmajor Governmental Funds
Summary by Fund Type ................................................................................................................... 6-5
Combining Balance Sheet - Nonmajor Special Revenue Funds ............................................................. 6-6
Combining Balance Sheet - Nonmajor Debt Service Funds ................................................................... 6-7
Combining Balance Sheet - Nonmajor Capital Project Funds ................................................................ 6-8
Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor
Governmental Funds Summary by Fund Type ................................................................................ 6-9
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor
Special Revenue Funds .................................................................................................................. 6-10
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor
Debt Service Funds ........................................................................................................................ 6-11
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor
Capital Project Funds ..................................................................................................................... 6-12
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Municipal Facilities CIP .................................................................................................................. 6-13
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Municipal Facilities CIP – Family First Center ............................................................................... 6-14
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Capital Improvement ..................................................................................................................... 6-15
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Housing and Supportive Services .................................................................................................. 6-16
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Hotel/Motel Tax ............................................................................................................................ 6-17
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Cable Communications Development ........................................................................................... 6-18
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Springbrook Wetlands Bank .......................................................................................................... 6-19
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Police Seizure ................................................................................................................................. 6-20
TABLE OF CONTENTS
DECEMBER 31, 2023
ITEM PAGE
v
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Police CSAM Seizure ...................................................................................................................... 6-21
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
School District Impact Mitigation .................................................................................................. 6-22
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Fire Impact Mitigation ................................................................................................................... 6-23
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
General Debt ................................................................................................................................. 6-24
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Community Development Impact Mitigation................................................................................ 6-25
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Transportation Impact Mitigation ................................................................................................. 6-26
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
REET 1 ............................................................................................................................................ 6-27
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
REET 1 ............................................................................................................................................ 6-28
Combining Statement of Net Position, Nonmajor Enterprise Funds ................................................... 6-29
Combining Statement of Revenues, Expenses and Changes in Fund Net Position -
Nonmajor Enterprise Funds........................................................................................................... 6-30
Combining Statement of Cash Flows - Nonmajor Enterprise Funds .................................................... 6-31
Combining Statement of Net Position, Internal Service Funds ............................................................ 6-33
Combining Statement of Revenues, Expenses, and Changes in Fund Net Position,
Internal Service Funds ................................................................................................................... 6-34
Combining Statement of Cash Flows, Internal Service Funds .............................................................. 6-35
STATISTICAL SECTION
Statistical Section Description ................................................................................................................ 7-1
Financial Trends:
Table 1: Net Position by Component ................................................................................................. 7-2
Table 2: Changes in Net Position ........................................................................................................ 7-3
Table 3: Fund Balance of Governmental Funds ................................................................................. 7-5
Table 4: Changes in Fund Balance of Governmental Funds ............................................................... 7-6
Revenue Capacity:
Table 5: Water Utility Systems Revenue Information ........................................................................ 7-7
Table 6: Principal Rate Payers ............................................................................................................ 7-8
Table 7: Water Utility Rates ............................................................................................................. 7-11
Table 8: General Government Tax Revenue by Source .................................................................... 7-14
Table 9: Principal Property Tax Payers ............................................................................................. 7-15
Table 10: Assessed Value of Taxable Property ................................................................................... 7-16
Table 11: Property Tax Rates Direct and Overlapping Governments ................................................ 7-17
Table 12: Property Tax Levies and Collections ................................................................................... 7-18
Table 13: Sales Tax Collections by Sector ........................................................................................... 7-19
TABLE OF CONTENTS
DECEMBER 31, 2023
ITEM PAGE
vi
Debt Capacity:
Table 14: Ratios of Outstanding Debt by Type ................................................................................... 7-20
Table 15: Legal Debt Margin Information .......................................................................................... 7-21
Table 16: Ratios of General Bonded Debt Outstanding to Assessed Value ....................................... 7-22
Table 17: Direct and Overlapping Governmental Activities Debt ...................................................... 7-23
Table 18: Pledged-Revenue Coverage ................................................................................................ 7-24
Demographic and Economic Information:
Table 19: Demographic and Economic Statistics ................................................................................ 7-25
Table 20: Principal Employers ............................................................................................................ 7-26
Operating Information:
Table 21: Full Time Equivalent City Government Employees by Function ......................................... 7-27
Table 22: Operating Indicators by Function ....................................................................................... 7-28
Table 23: Utility Systems Supplemental Operating Information ....................................................... 7-29
Table 24: Capital Assets Statistics by Function ................................................................................... 7-30
July 29, 2024
Honorable Armondo Pavone, Mayor
Members of the Renton City Council
Residents of Renton
City of Renton, Washington
Mr. Mayor, Honorable Councilmembers, and Citizens of Renton:
We are pleased to present the City’s Annual Comprehensive Financial Report for the year ended
December 31, 2023. The city maintains a system of internal controls designed to provide reasonable
assurance that assets are safeguarded against loss or unauthorized use, and that financial records can
be relied upon to produce accurate and fairly presented financial statements in accordance with
generally accepted accounting principles.
Management assumes full responsibility for the completeness and reliability of the information
contained in this report. To the best of our knowledge and belief, the enclosed financial statements
and all supporting schedules are accurate in all material respects and are reported in a manner
designed to present fairly the financial position and results of operations of the city. The concept of
reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to be
derived, and the evaluation of the relative costs and benefits of the control system requires estimates
and judgments by management.
These financial statements have been audited by the Washington State Auditor’s Office. This
independent audit was conducted in accordance with generally accepted auditing standards and
generally accepted government auditing standards to provide an independent assessment of fair
presentation of the city’s financial position. The State Auditor’s Office has issued an unmodified
(“clean”) opinion on the city’s financial statements, which is included at the front of the financial
statement section of this report.
Management’s Discussion and Analysis (MD&A) immediately follows the State Auditor’s report and
provides a narrative introduction, overview, and analysis to accompany the basic financial statements.
This letter of transmittal is designed to complement the MD&A and should be read in conjunction with
it.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Introduction 1-1
PROFILE OF THE CITY
Incorporated on September 6, 1901, Renton is a city in King County, Washington. Situated 11 miles
southeast of downtown Seattle, five miles from SeaTac Airport, Renton straddles the southeast shore
of Lake Washington, at the junction of key north-south and east-west transportation corridors. The
city’s early economy was based on coal mining, clay production, and timber export. Today, Renton is
best known as the final assembly point for the Boeing 737 family of commercial airplanes, but it is also
home to a growing number of well-known manufacturing, technology, health care service companies
and government institutions, including Boeing, Paccar, Wizards of the Coast Gaming, Ikea Home
Furnishing, Valley Medical Center, the Seattle Seahawks headquarters, Blue Origin and Seattle Branch
of Federal Reserve Bank.
Also recently added has been the Seattle Sounders campus headquarters with plans of future
development within this site for multiple practice playfields. With the Seattle area hosting the 2026
world cup, this location will be a hub for the many visitors and teams visiting the area for the world cup
event.
The City of Renton has a strong mayor form of government with an appointed Chief Administrative
Officer. The mayor is independently elected to a four-year term. The mayor’s job is to manage day-to-
day operations, and to lead policy development and implementation with the seven-member City
Council elected at large on a non-partisan basis.
With a population of 107,500 in 2023, Renton is the 8th largest city in the state, and the 4th largest in
King County. The city provides a full range of municipal services to an incorporated area of 23.7 square
miles. These services include police, street construction and maintenance, planning and zoning,
municipal court, general administrative services, municipal airport, golf course, and parks and
recreational facilities that includes an aquatic center, senior center, community and neighborhood
centers, and a museum.
The city operates four utilities: water, sewer, surface water, and contracts out its solid waste
collection. These are operated very similar to a private business where the revenues from rates and
other direct sources must pay for the operational, capital, and long-term debt costs. The city has its
own water supplies and does not rely on purchased water to meet normal service demands. The city’s
sewage is treated by King County, but the city is responsible for transferring and maintaining the
system to King County. The city bills Renton residents a monthly fee for the cost of sewer treatment
performed by King County.
Since the 2011-12 biennium, the city has adopted a biennial budget. The Council is required to adopt
an initial budget for the biennium no later than December 31 preceding the beginning of the fiscal year
on January 1. The City of Renton maintains budgetary controls to ensure compliance with legal
provisions embodied in the budget. All activities are appropriated through the budget process and
published in the City’s Budget document. The City Council must adopt an ordinance to increase or
decrease total appropriations in a Fund. The mayor has the authority to move appropriations within a
Fund.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Introduction 1-2
A more thorough discussion of the city’s accounting policies can be found under the Summary of
Significant Accounting Policies in the Notes to the Financial Statements.
ECONOMIC CONDITION AND OUTLOOK
In 2023, Renton’s economy has continued to be strong with continued growth in terms of business
taxes. The addition of many notable businesses helped to bolster this tax base with a strong sales and
retail tax revenue. The double-digit growth seen in previous years however has begun to slow down
significantly signaling the economy is beginning to cool. The sales tax increased slightly by 1.6%
compared to 2022 or an increase of $592 thousand over 2022 tax revenues. Markets showing the
largest growth were service, manufacturing and construction.
The City’s housing picture saw a decrease in sales after a strong sales outcome the previous year. The
significant increase in interest rates to help fend off high inflation continues to be an area of concern to
watch. With inflation continuing to be quite sticky and not showing any signs of decreasing as
expected, the interest rates are expected to hold until at least the Fall of 2024, thus putting more
pressure on the housing market. This impact was seen not only in home sales but also in a decrease in
new home permits.
In terms of employment, the Puget Sound region showed growth early on in the year however mid-
year several large firms laid off workers specifically in the technology industries, thus prompting the
overall decrease in employment in 2023 with an expected slight decrease to continue into 2024 before
improving again in early 2025.
A staple of Renton’s economy is the presence of the Boeing Company, which operates out of the
Renton Municipal Airport. Boeing initiates its maiden 737 MAX flights from this airport. Boeing’s 737
Max production has had its challenges in the past 6 months, with the company slowing production to
bolster quality controls. It’s anticipated the production will continue to be at a reduced rate in 2024
which could impact future business tax projections if the production continues to be lower than
anticipated.
Overall, the economic outlook for Renton remains stable for 2024 and beyond; a solid mix of retail
businesses, continued low unemployment rate, and large-scale capital investments within the city will
support a continued stable tax base and an attractive center for healthcare, retail, and manufacturing.
LONG-TERM FINANCIAL PLANNING
Unrestricted fund balance (the aggregate of committed, assigned, and unassigned components of
fund balance) in the General Fund was 87 percent of the total General Fund expenditures, compared
to 73 percent in 2022. This fund balance includes the city’s catastrophic reserves, anti-recessionary
reserves, insurance reserves, and sales tax annexation credit reserves.
The ramp-up of these fund balances was a direct result of an increase in tax rates for both property
and Business and Occupation (B&O) Tax and an enhanced stabilization fund policy, which was originally
adopted in late-2013. During the great recession, the city depleted much of its reserves and has since
2023 Annual Comprehensive Financial Report City of Renton, Washington
Introduction 1-3
rebuilt them. Inflation continues to be on the rise, causing the rate of salary, healthcare costs and
deferred maintenance on city buildings to continue to increase at a faster rate than revenues.
As part of the enhancements to the city’s stabilization policy, the Council also adopted a reserve fund
for Economic Development, which currently has accumulated a $2.5 million balance. The reserve fund
will help the city leverage Local Revitalization Financing (LRF) funds made available by the State of
Washington through a local sales tax option levy. The city issued bonds for infrastructure
improvements needed in the Southport revitalization area and improvements to numerous parks in
early 2019. A portion of the debt service will be paid by the annual $500,000 local sales tax option
credit provided by the State of Washington.
The City Council adopted a B&O Tax effective January 1, 2016, in hopes to generate enough sustainable
revenue for funding General Fund operations into the future without significant decreases to basic city
services. The city changed the tax structure in 2022 increasing the maximum amount any one taxpayer
would pay annually in B&O taxes by 2 million dollars each year until reaching the new maximum tax
cap amount of 12 million in 2026. This increase along with a slight increase in tax rates in 2023
garnered a 40% increase in B&O taxes for the General Fund over 2022 figures.
The city has been very responsible and responsive in balancing the services the community needs with
the changing mixture and level of resources. In addition to strong financial policies, the city has also
continued to expand its economy and pursue progressive economic development strategies to
maintain a thriving and sustainable economy.
RELEVANT FINANCIAL POLICIES
The city has adopted a comprehensive set of financial policies, including a multi-tiered stabilization
policy that ensures available reserves for future General Fund funding gaps, long-term economic
development initiatives, capital commitments, equipment reserves, catastrophic and anti-recessionary
reserves, and general operating cash flow requirements.
Due to strong financial policies, management, and economic factors, the City of Renton received an
upgraded LTGO bond rating of AAA by Standard & Poor’s in March 2019.
OTHER INFORMATION
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City of Renton for its annual
comprehensive financial report for the fiscal year ended December 31, 2022. The city has a long history
of achieving this prestigious award. To be awarded a Certificate of Achievement, a government must
publish an easily readable and efficiently organized annual comprehensive financial report. This report
must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current annual
comprehensive financial report continues to meet the Certificate of Achievement Program’s
requirements and we are submitting it to the GFOA to determine its eligibility for another certificate.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Introduction 1-4
The dedicated staff of the Finance Department work hard each day to ensure that the city’s financial
transactions are processed accurately, and records are maintained orderly and in conformance with
policies and procedures. Special thanks are due to Nate Malone, Budget and Accounting Manager, and
Ariel Llorach, Senior Finance Analyst, who served as the project leads. Further appreciation is
extended to the City Council and City Management for their support in conducting financial operations
of the city in a sound and progressive manner, and in conformance with internal and external
requirements.
For more information regarding the city’s budget please refer to the city’s website for 2023-2024
adopted budget as well as monthly sales tax and budgetary financial reports.
Respectfully,
Kari Roller
Finance Administrator
2023 Annual Comprehensive Financial Report City of Renton, Washington
Introduction 1-5
FINANCE
Kari Roller, Administrator
425-430-6931
RENTON CITIZENS
MAYORArmondo Pavone425-430-6500
MUNICIPAL COURT JUDGES
Kara Murphy Richards
Jessica Giner
425-430-6550
CITY COUNCILValerie O'Halloran, PresidentJames Alberson, Ryan McIrvin, Ruth Pérez, Ed Prince, Carmen Rivera, Kim-Khánh Văn
425-430-6501
CHIEF ADMINISTRATIVE OFFICER
Ed VanValey
425-430-6500
PARKS & RECREATION
Maryjane Van Cleave, Interim Administrator425-430-6600
PUBLIC WORKSMartin Pastucha,
Administrator
425-430-7311
EXECUTIVE SERVICES
Kristi Rowland, Deputy
CAO
425-430-6947
COMMUNITY AND ECONOMIC
DEVELOPMENT
Vanessa Dolbee, Interim
Administrator
POLICE
Jon Schuldt, Chief
425-430-7500
HUMAN RESOURCES & RISKMANAGEMENTEllen Bradley-Mak, Administrator425-430-7650
Renton History Museum
Golf Course
Maintenance Services
Utility Systems
Transportation Systems
Economic Development
Development Engineering
City Clerk
Communications &
Engagement
Support Operations Bureau
Field Operations Bureau
Emergency Management
Labor, Class, and
Compensation
Risk Management
Benefits
Fiscal Services
Staff Services
Special Operations
Investigations
Administrative
Services
Patrol Services
Patrol Operations
CITY ATTORNEY
Shane Moloney, City Attorney
425-430-6480
Human Services
Parks Planning and
Natural Resources
Recreation
Airport Development Services
Organizational Development
Facilities
Parks and Trails
Planning
Information Technology
Prosecution
EQUITY, HOUSING & HUMAN SERVICESMaryjane Van Cleave, Administrator425-430-6600
Community Development and
Housing
2023 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-6
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Renton
Washington
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
December 31, 2022
Executive Director/CEO
2023 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-7
Office of the Washington State Auditor
Pat McCarthy
INDEPENDENT AUDITOR’S REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Mayor and City Council
City of Renton
Renton, Washington
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund and the aggregate remaining fund information of the City of Renton as of and
for the year then ended December 31, 2023, and the related notes to the financial statements, which
collectively comprise the City’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material
respects, the respective financial position of the governmental activities, the business-type activities,
each major fund and the aggregate remaining fund information of the City of Renton, as of December 31,
2023, and the respective changes in financial position and, where applicable, cash flows thereof for the
year then ended in accordance with accounting principles generally accepted in the United States of
America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report. We are required to be independent of the City and to meet our other ethical
responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Independent Auditor's Report, 2-1
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether there are conditions
or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as
a going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government
Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
Performing an audit in accordance with GAAS and Government Auditing Standards includes the
following responsibilities:
•Exercise professional judgment and maintain professional skepticism throughout the audit;
•Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements;
•Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is
expressed;
•Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements;
•Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable
period of time; and
2023 Annual Comprehensive Financial Report City of Renton, Washington
Independent Auditor's Report, 2-2
•Communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit, significant audit findings, and certain internal control-related
matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis and required supplementary information as listed in the table of contents be
presented to supplement the basic financial statements. Such information is the responsibility of
management and, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board who considers it to be an essential part of financial reporting for placing
the basic financial statements in an appropriate operational, economic or historical context. We have
applied certain limited procedures to the required supplementary information in accordance with
auditing standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
consistency with management’s responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City’s basic financial statements. The combining statements and other supplementary
information are presented for purposes of additional analysis and are not a required part of the basic
financial statements. Such information is the responsibility of management and was derived from and
relates directly to the underlying accounting and other records used to prepare the basic financial
statements. This information has been subjected to auditing procedures applied in the audit of the basic
financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the basic financial
statements or to the basic financial statements themselves, and other additional procedures in accordance
with auditing standards generally accepted in the United States of America. In our opinion, the
information is fairly stated, in all material respects, in relation to the basic financial statements as a
whole.
Other Information
The other information comprises Introductory and Statistical Sections but does not include the basic
financial statements and our auditor’s report thereon. Management is responsible for the other
information included in the financial statements. Our opinions on the basic financial statements do not
cover the other information, and we do not express an opinion or provide any assurance thereon.
In connection with the audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and the
2023 Annual Comprehensive Financial Report City of Renton, Washington
Independent Auditor's Report, 2-3
basic financial statements, or the other information otherwise appears to be materially misstated. If,
based on the work performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.
OTHER REPORTING REQUIRED BY GOVERNMENT AUDITING
STANDARDS
In accordance with Government Auditing Standards, we will also issue our report dated December 31,
2023, on our consideration of the City’s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts and grant agreements and other
matters. That report will be issued under separate cover in the City’s Single Audit Report. The purpose
of that report is to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on internal control over financial
reporting or on compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the City’s internal control over financial reporting and
compliance.
Sincerely,
Pat McCarthy, State Auditor
Olympia, WA
July 29, 2024
2023 Annual Comprehensive Financial Report City of Renton, Washington
Independent Auditor's Report, 2-4
MANAGEMENT’S DISCUSSION AND ANALYSIS
The City of Renton’s management offers this Management’s Discussion and Analysis (MD&A), which is
an overview and analysis of the City of Renton’s financial activities for the year ended December 31,
2023. To best understand the city’s financial activities, we encourage readers to consider the
information in this discussion and analysis in conjunction with information provided in the letter of
transmittal and the basic financial statements.
FINANCIAL HIGHLIGHTS
•As of December 31, 2023, the City of Renton’s total assets and deferred outflows of resources
exceed liabilities and deferred inflows of resources by $1.3 billion. Of this amount, $358.3
million represents unrestricted net position, which may be used to meet the government’s
ongoing obligations to citizens and creditors.
•The City of Renton’s total net position increased $87.2 million. This increase was primarily due
to cash and cash equivalents, investments at fair market value, capital asset acquisitions and
restricted assessment receivable, in addition to a decrease in current long-term debt in both
the governmental and business-type activities.
•At the close of the current fiscal year, the City of Renton’s governmental funds reported
combined fund balances of $184.5 million, an increase of $14.5 million from 2022. This
increase is attributed to revenues exceeding expenditures in the general fund by $28.5 million
and in the nonmajor funds by $6.6 million. Despite the promise of economic downturn from
economists, the city continued to see significant increases in tax revenues, particularly in
property tax, local retail and B&O tax revenues. In addition to levying the allowable 1%
increase for property tax to account for inflation, the city levied $1.5 million of banked capacity
to support ongoing operations and capital projects. Local retail sales tax had stronger than
anticipated increases in services, manufacturing, and construction sectors as a direct result of
consumer spend, continued economic development and improved business operations. The
city increased the B&O tax cap in 2023 and marginally increased tax rates, which contributed to
a rise in B&O tax revenue. The city also saw a significant increase in investment earnings,
resulting from strong market rates closely tied to the federal funds rate and economic forecast
indicators. These increases in revenue were offset by a decrease in real estate excise tax paid
to the city driven by a cooling housing market and reduced real estate transactions that were
at a historically high rate in 2022. Intergovernmental revenues decreased due to the
recognition of significant grant revenue related to the American Rescue Plan Act (ARPA)
substantially completed and recognized in prior year. Lastly, a decrease in charges for services
was driven by the one-time collection of impact fees associated with Solera, an affordable and
market-rate housing project, completed in prior year.
•Approximately 54 percent ($100.3 million) of the total governmental fund balance is available
for spending at the city’s discretion (unassigned fund balance).
•Total unrestricted fund balance (the total of committed, assigned and unassigned fund balance
components) for the general fund was $138.7 million, which is approximately 87 percent of
general fund 2023 expenditures.
•The City of Renton’s total outstanding long-term debt decreased by $7.5 million during the
2023 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-1
current fiscal year because current resources and grants are being used to finance current
operations and capital projects. The city has continued to pay down its current debt obligations
without issuance of new debt.
OVERVIEW OF THE FINANCIAL STATEMENTS
The discussion and analysis provided here within are intended to serve as an introduction to the city’s
basic financial statements. The basic financial statements consist of three components: (1)
government-wide financial statements, (2) fund financial statements, and (3) notes to the basic
financial statements.
Government-wide Financial Statements
The government-wide financial statements provide both long-term and short-term information about
the city’s overall financial status, in a manner similar to a private-sector business.
Statement of Net Position – The first of these government-wide statements is the statement of net
position. The statement of net position presents the city’s assets, liabilities, and deferred
inflows/outflows of resources, with the difference reported as net position. Over time, increases or
decreases in net position may serve as a useful indicator of whether the financial position of the city is
improving or deteriorating.
Statement of Activities – The second government-wide statement is the statement of activities, which
reports how the city’s net position changed during the current fiscal year. All changes in net position
are reported as soon as the underlying event giving rise to the change, regardless of the timing of
related cash flows. Thus, revenues and expenses are reported for some items that will only result in
cash flows in future fiscal periods (e.g. uncollected taxes and compensated absences). An important
purpose of the design of the statement of activities is to show the financial reliance of the city’s
distinct activities or functions on revenues provided by the city’s taxpayers. Another indicator to
consider when evaluating the financial position of the city includes changes to the property tax base,
general economic conditions as demonstrated through business license fees or sales tax revenue, and
the condition of the city’s infrastructure (roads, drainage systems, bridges, and water infrastructure).
Both of the government-wide financial statements distinguish governmental activities of the city
(activities principally supported by taxes and intergovernmental revenue), and business-type activities
of the city (activities that are intended to recover all, or a significant portion, of their costs through
user fees and charges). Governmental activities include general government, judicial, public safety,
utilities, transportation, economic environment, health and human services, and culture and
recreation. The equipment rental and insurance internal service funds are also reported as
governmental activities. The business-type activities include the waterworks utility, solid waste,
airport, and golf course funds.
Fund Financial Statements
The city uses fund structure to ensure and demonstrate fiscal integrity and compliance with
finance-related legal requirements. A fund is a group of related accounts used to maintain control
over resources that have been segregated for specific activities and objectives. There are three
types of funds: governmental, proprietary, and fiduciary. The fund financial statements focus on
2023 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-2
major funds separately while all others are combined into a single aggregated presentation.
Individual data for non-major funds is presented in a following section, Combining Statements.
Governmental Funds – The governmental funds are used to account for the same functions reported
as governmental activities in the government-wide financial statements. However, unlike the
government-wide statements, the focus of governmental fund financial statements is on near-term
inflows and outflows of available financial resources and on balances of resources available at the end
of the fiscal year. Such information is useful in evaluating whether there are more or less financial
resources that can used in the near future to finance city services.
Because the focus of governmental fund financial statements is a narrower view than that of the
government-wide financial statements, it is useful to compare similar information in order to gain a
better understanding of the long-term impact of the government’s near-term financing decisions. The
Reconciliation of the Balance Sheet and Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of the Governmental Funds reconciles to the differences between the
governmental fund statements and the governmental activities column in the government-wide
statements.
The city maintains sixteen individual governmental funds. Information for the city’s major
governmental funds (general, municipal capital facilities and capital improvement) are presented
separately in the governmental fund balance sheet and the governmental fund statement of revenues,
expenditures, and changes in fund balance. Data from the other thirteen funds are combined into a
single aggregated presentation. Individual fund data for each of these non-major governmental funds
is presented in the combining statements section of this report.
The city maintains budgetary controls over its governmental funds. Budgetary controls ensure
compliance with legal provisions embodied in the annual appropriated budget. Governmental fund
budgets are established in accordance with state law and are adopted on a fund level. A budgetary
comparison statement has been provided for the general fund to demonstrate compliance with this
budget.
Proprietary Funds – The proprietary fund statements present information for two types of funds.
Enterprise funds operate as business-type activities in the government-wide statements and include
the waterworks utility, solid waste, golf course, and airport funds. The other proprietary fund types are
internal service funds. Internal service funds are used to report activities that provide supplies and
services to various city departments and to allocate the associated costs of providing these services to
the various governmental and enterprise functions. The revenues and expenses of internal service
funds that support governmental activities are eliminated in the government-wide statements and the
remaining activity is combined within the governmental activities in the government-wide statements.
The proprietary fund statements provide the same information as the government-wide financial
statements, only in more detail. The city reports the activity of its two major enterprise funds,
waterworks utility (water, wastewater, and storm water) and solid waste separately. Information from
the remaining non-major enterprise funds is combined and presented in a single, aggregated column
in the fund statements. Internal service funds are also aggregated and reported separately in this
section.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-3
Fiduciary Funds – Fiduciary Funds are used to account for resources held for the benefit of parties
outside the government. Fiduciary funds are not reported in the government‐wide financial
statements because the resources of those funds are not available to support the city’s own
operations. The accounting used for fiduciary funds is much like that used for proprietary funds.
Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the information
provided and are an integral part of the government‐wide and fund financial statements.
Other information
In addition to the basic finance statements and accompanying notes, this report also presents:
1.Required Supplemental Information (RSI)
RSI provides budgetary comparisons for the general fund budget to actual, as well as the city’s
funding progress for the Firefighters’ Pension Trust Fund and Other Post‐Employment Benefits
(LEOFF 1 Retiree Medical).
2.Combining Statements
The combining statements provide additional detail for other government funds, internal service
funds, and fiduciary funds.
3.Statistical Information
This section includes unaudited trends and demographic information.
GOVERNMENT‐WIDE FINANCIAL ANALYSIS
Statement of Net Position
The following is a summary of the city’s net position as of December 31, 2023, with comparison to
2022:
2023 2022 2023 2022 2023 2022
Current assets 298,350,869$ 273,873,780$ 142,472,666$ 131,356,571$ 440,823,535$ 405,230,351$
Capital assets 565,173,195 535,528,983 325,052,511 317,808,221 890,225,706 853,337,204
Other non‐current assets 79,957,437 77,668,187 5,643,576 6,494,908 85,601,013 84,163,095
TOTAL ASSETS 943,481,501 887,070,950 473,168,753 455,659,700 1,416,650,254 1,342,730,650
Deferred Outflows of Resources 18,009,202 17,961,310 2,675,741 3,242,709 20,684,943 21,204,019
Long‐term liabilities 78,468,729 82,751,647 9,761,212 13,069,446 88,229,941 95,821,093
Other liabilities 26,458,357 24,923,142 7,978,230 7,860,242 34,436,587 32,783,384
TOTAL LIABILITIES 104,927,086 107,674,789 17,739,442 20,929,688 122,666,528 128,604,477
Deferred Inflows of Resources 12,706,586 19,119,833 1,775,771 3,219,082 14,482,357 22,338,915
NET POSITION:
536,120,344 509,894,057 313,952,567 304,930,019 850,072,911 814,824,076
Restricted 86,174,613 91,947,460 5,633,456 5,638,678 91,808,069 97,586,138
Unrestricted 221,562,074 176,396,121 136,743,258 124,184,942 358,305,332 300,581,063
TOTAL NET POSITION 843,857,031$ 778,237,638$ 456,329,281$ 434,753,639$ 1,300,186,312$ 1,212,991,277$
Net Investment in Capital Assets
CONDENSED STATEMENT OF NET POSITION
Governmental Activities Business‐type Activities Total
2023 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-4
At the close of the most recent fiscal year, assets and deferred outflows of resources exceeded
liabilities and deferred inflows of resources by $1.3 billion, a $87.2 million increase over 2022.
Net Position – Net Investment in Capital Assets.
$850.1 million (65%) of total net position reflects
the city’s investment in capital, net of related
debt that was used to acquire those assets. The
city uses these assets to provide a variety of
services to the public. Accordingly, these assets
are not available for future spending. Although
investment in capital assets is reported net of
related debt, resources used to repay this debt
must be provided from other sources, since the
capital assets themselves cannot be used to
liquidate these liabilities.
Net Position – Restricted. Total restricted net
position accounts for $91.8 million of the city’s net
position, which is a $5.8 million decrease (6.3%)
from 2022. This decrease is primarily driven by a
$7.6 million change in special purpose bonds due
to the substantial completion of the following
bond-funded capital projects at the close of 2023:
Kiwanis Park, Phillip Arnold Park, Gene Coulon
North Water Walk and Park Avenue. This was
partially offset by an increase to the amounts
restricted for net pension assets.
Net Position – Unrestricted. The remaining $358.3
million of net position is unrestricted and may be
used to meet the government’s ongoing
obligations for governmental and business type
activities ($221.6 million and $136.7 million,
respectively).
At the end of the current fiscal year, the city
reports a positive net position in all net position
categories, for both governmental activities and
business-type activities. The same held true for
the prior fiscal year.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-5
CONDENSED STATEMENT OF ACTIVITIES
2023 2022 2023 2022 2023 2022
Revenues:
Program revenues:
Charges for services 20,272,950$ 36,403,705$ 98,160,057$ 91,828,464$ 118,433,007$ 128,232,169$
Operating grants and contributions 7,301,395 19,180,209 386,362 846,147 7,687,757 20,026,356
Capital grants and contributions 19,491,497 23,817,637 5,187,720 6,940,356 24,679,217 30,757,993
Taxes and other general revenues:-
Property taxes 25,201,735 23,250,415 25,201,735 23,250,415
Sales taxes 48,173,923 47,758,735 48,173,923 47,758,735
Other Taxes 50,873,968 45,514,835 50,873,968 45,514,835
Other general revenue 15,246,779 2,980,699 5,686,639 351,909 20,933,418 3,332,608
Total revenues 186,562,247 198,906,235 109,420,778 99,966,876 295,983,025 298,873,111
Expenses:-
General government 18,831,400 10,586,624 18,831,400 10,586,624
Judicial 3,924,144 3,828,832 3,924,144 3,828,832
Public safety 45,821,151 45,403,831 45,821,151 45,403,831
Utilities 43,193 34,598 43,193 34,598
Transportation 20,222,129 22,026,500 20,222,129 22,026,500
Economic and natural environment 13,681,351 13,737,667 13,681,351 13,737,667
Health and human services 3,578,875 3,130,494 3,578,875 3,130,494
Culture and recreation 14,510,956 16,314,321 14,510,956 16,314,321
Interest on long-term debt 910,047 979,918 910,047 979,918
Airport 3,263,367 3,354,236 3,263,367 3,354,236
Golf Course 3,096,659 2,817,014 3,096,659 2,817,014
Solid Waste 24,946,989 22,464,173 24,946,989 22,464,173
Waterworks Utility 55,957,729 54,532,445 55,957,729 54,532,445
Total expenses 121,523,246 116,042,785 87,264,744 83,167,868 208,787,990 199,210,653
65,039,001 82,863,450 22,156,034 16,799,008 87,195,035 99,662,458
Transfers 580,392 (565,249) (580,392) 565,249 - -
Special Items - - - - - -
Increase (decrease) in net position 65,619,393 82,298,201 21,575,642 17,364,257 87,195,035 99,662,458
Net position - beginning 778,237,638 - 434,753,639 - 1,212,991,277 -
Prior Period Adjustment - 695,939,437 - 417,389,382 - 1,113,328,819
Change in Accounting Principle - - - - -
Net position - ending 843,857,031$ 778,237,638$ 456,329,281$ 434,753,639$ 1,300,186,312$ 1,212,991,277$
Business-type Activities Total
Increase in net position before transfers
Governmental Activities
Statement of Activities and Change in Net Position
The following is a condensed summary statement of activities and change in net position as of
December 31, 2023, with comparison to 2022.
Citywide revenue. Total revenue (governmental and business-type) decreased by $2.9 million, or 1
percent. This change in revenue is attributed to an $18.4 million decrease in grants and contributions
and a $9.8 million decrease in charges for services offset by a $25.3 million increase in interest income,
property, retail sales, and business and excise taxes.
The decrease in capital and operating grants and contributions is attributed to a large operating grant
in addition to capital contributions associated with a new facility. In 2022, the city recognized $12.7
million in one-time grant revenues related to the American Rescue Plan Act (ARPA) primarily utilized to
provide government services to the extent of the reduction in revenue experienced from the COVID-19
pandemic. The city also recognized significant one-time capital contributions and grant revenue
related to the substantial completion of the Family First Community Center. Further, charges and
2023 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-6
services decreased primarily due to the one-time collection of impact fees collected on the Solera
project (affordable and market-rate housing) in prior year.
The increase in property tax, local retail and business and operation (B&O) tax revenues are due to
several factors: the city levied the allowable 1% increase for property tax to account for inflation, as
well as levying $1.5 million of banked capacity to support ongoing operations and capital projects; 2)
local retail sales tax increased primarily in services, manufacturing, and construction sectors as a direct
result of consumer spend, continued economic development and improved business operations; and
3) the B&O tax cap increased from $7 million to $9 million in 2023 coupled with marginal increase to
B&O tax rates. Additionally, there was a significant increase in investment earnings from strong market
rates closely tied to the federal funds rate resulting from favorable economic indicators.
Citywide expenses. Expenses totaled $208.8 million in 2023, a $9.6 million increase from 2022.
Governmental activities expenses increased $5.5 million primarily due to personnel costs, capital
outlay costs and internal service charges. The city has actively strived to fill vacant positions that
remained vacant due to turnover and COVID-19, in addition to the issuance of cost-of-living increases
citywide.
Business-type expenses increased by $4.1 million due to increases in personnel services and
contracted services expenses. As noted above, filling previously vacant positions coupled with cost-of-
living increases has driven personnel costs up from prior year. Increased utility costs, CPI increases
from garbage provider, and increased internal service charges contributed to the overall rise in
contracted services.
Change in net position. The resulting change in net position was an increase in 2023 by $87.2 million
attributed to a $65.6 million increase from governmental activities and a $21.6 million increase from
business-type activities. The increase in governmental activities and business-type activities is related
to revenue and expenditure variances explained above.
Governmental Activities Analysis
Governmental activities cost a total of $121.5 million in 2023 against program generated revenue
(excluding taxes and other general revenue) of $47 million. Program revenues support 16.5
percent of the governmental program costs, while the remaining 83.5 percent of governmental
program costs are supported by general revenues (taxes and other general revenue). Compared to
2022, governmental activities cost increased $5.5 million and program revenues decreased $32.3
million.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-7
Chart 1 portrays the extent that the cost of each of the city’s governmental programs is supported by
its own program generated revenue (fees, intergovernmental revenues, and contributions specifically
related to that program). Public safety accounts for 38 percent of the total governmental activity costs
but generates the lowest percentage of program revenues compared to its program costs (7 percent).
Conversely, judicial recovered all their costs in 2023 through program revenues, which consist of traffic
citations, parking citations, criminal charges, miscellaneous court fees, and red-light camera fees.
Chart 2 depicts the source breakdown for all
revenues that fund governmental activities.
Approximately 67 percent of the total
governmental activity revenues come from taxes.
The city’s two largest governmental revenue
sources are sales and use taxes (26 percent) and
other taxing sources (27 percent), which consists
of business and occupation tax and excise tax.
The next largest revenue source is property tax
which accounts for 14 percent of the city’s
general governmental revenue. While program
specific charges for services, grants and
contributions generate 25 percent of total
revenue for general governmental activities, the
city is largely dependent on tax revenue and as a
result, the general economy has a major impact
on the city’s revenue streams. Other general
revenue accounts for 8 percent of revenue
sources and includes interest and miscellaneous
revenue.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-8
Business-Type Activities Analysis
Since the primary source of revenue for business-type activities is user fees and charges, there is much
less disparity between program costs and related program revenue. Chart 3 shows the expense of
each of the city’s business-type program along with each program’s revenue (fees and
intergovernmental revenues specifically related to that program).
The Waterworks Utility generated $65.1 million in fees for services, and the operating and debt service
costs were $56 million. In addition, the waterworks utility received $4.7 million in grants,
contributions, and capital contributions from developers, for a combined increase in net position of
$13.8 million. The operating balance is necessary for future planned system infrastructure
replacements, repairs, and enhancements. Compared to 2022, the waterworks utility had a $354
thousand increase in operating revenue collections and a $1.4 million increase in operating expenses.
The waterworks utility had increased personnel costs primarily attributed to providing cost-of living
increases that aligned with CPI and a competitive job market. Contracted services also contributed to
the increase in costs, primarily related to increased utility costs and sewer service charges for
wastewater treatment services provided by King County.
The Solid Waste Utility generated $24.8 million in fees for services and incurred $24.9 million in
program expenses, resulting in a decrease in net position of $129 thousand.
The Airport generated a total of $4.8 million in revenue from charges for services and incurred $3.3
million in overall expenses. The Airport received $810 thousand in grants and contributions in 2023,
resulting in an $2.4 million increase in net position.
The Golf Course generated a total of $3.5 million in green fees, driving range charges, and other user
fees. The total expenses for the Golf Course were $3.1 million, resulting in a $430 thousand increase
in net position for the year.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-9
Chart 4 illustrates the source of revenue for
business-type activities, which are supported
primarily from charges for services. Charges for
services generated $98.2 million, or 89.7
percent, of the total revenue sources, while
grant revenue and contributions generated $5.6
million, or 5.1 percent, of the total revenue
sources. This is a $6.3 million increase in
charges for services from 2022 primarily due to
rate increases and a $2.2 million decrease in
grants and contributions from 2022.
FUND FINANCIAL ANALYSIS
Governmental Funds
The governmental fund statements provide information on near-term inflows, outflows, and
balances of spendable resources. Such information is useful in assessing the city’s ability to meet
financing requirements in the near term. In particular, unassigned fund balance may serve as a
useful measure of a government’s net resources available for spending at the end of the fiscal year.
General Fund – At the end of the fiscal year, the city had a fund balance of $110.1 million, which is
an increase of $16.8 million from 2022. Overall, the city’s general fund revenues increased $2.7
million over 2022, and general fund expenditures have increased by $6 million. As the economic
growth remained steady during 2023, the city saw a $11 million increase in tax revenues as a direct
result of consumer spend, improved business operations, and a marginal increase in business tax
rates. The increase in expenditures over prior year can primarily be attributed to inflation, which
resulted in providing cost-of-living increases more closely aligned with higher-than-average CPI, as
well as increases for external services and supplies.
Municipal Facilities CIP Fund – This fund accounts for all the City’s parks and facilities related
capital projects (new construction, major maintenance, and improvements). The overall revenue
increased $1.2 million over 2022 primarily attributed to the grants and intergovernmental funding
on numerous projects including the Gene Coulon North Water Walk project. Expenditures
decreased $4.1 million, primarily due to the Family First Center project completing the majority of
construction activity in 2022.
Capital Improvement Fund – This fund accounts for all street, roadway and transportation related
capital projects and programs. Overall revenue increased $3.5 million over 2022 due to
contributions for the Rainier Ave Phase 4 project for joint utility construction. Overall expenditures
increased $1.8 million primarily due to costs associated with large ongoing construction projects,
most notably Rainier Ave Phase 4 and Park Ave Extension.
Proprietary Funds
The proprietary fund financial statements provide the same type of information found in the
government-wide financial statements, but in more detail. The analysis for the proprietary funds is
2023 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-10
Original Final Actual
Taxes 98,876,943$ 107,357,943$ 114,191,700$ 6,833,757$
Various charges 24,298,351 29,362,980 27,990,060 (1,372,920)
Other Revenues 1,637,535 3,846,659 7,050,973 3,204,314
TOTAL REVENUES 124,812,829 140,567,582 149,232,733 8,665,151
Current Operating 123,311,490 130,212,933 120,515,720 9,697,213
Capital Outlay 520,200 481,667 178,055 303,612
Debt Service - - - -
TOTAL EXPENDITURES 123,831,690 130,694,600 120,693,775 10,000,825
Transfers/insurance recoveries (3,762,729) (12,015,282) (11,787,649) 227,633
(2,781,590) (2,142,300) 16,751,309 18,893,609
FUND BALANCE, JANUARY 1 62,921,276 83,605,978 93,106,510 9,500,532
Prior Period Adjustment - - - -
FUND BALANCE - DECEMBER 31 60,139,686$ 81,463,678$ 109,857,819$ 28,394,141$
GENERAL FUND BUDGET COMPARISON
Budgeted Amounts
Net Change in Fund Balance
Variance with Final
Budget
Favorable
(Unfavorable)
found within the business-type activities analysis and discussion above. The proprietary fund
statements also include a column for internal services fund activities in aggregate. These activities
are consolidated with general governmental activities in the government-wide statements.
GENERAL FUND BUDGETARY HIGHLIGHTS
The city uses a biennial budget process that adopts two one-year budgets at one time; 2023 was the
first year of the 2023-24 biennium. The following is a condensed summary of the 2023 general fund
budget comparison.
Original budget for tax revenues, including property taxes, business and occupation taxes and other
miscellaneous taxes, is budgeted based on the previous four to five years’ collection rates. The final
budget was adjusted to conservatively reflect the projected effects of the economic condition and
anticipated increases from rate increases. The overall economic impact was better than expected.
Sales tax, business and occupation taxes, criminal justice tax, utility taxes and admission taxes came in
higher than projected for an overall variance of $6.8 million. Various charges came in lower than final
budget due to grants awarded but not spent within the budgeted year. Grant revenues are budgeted
in full at time of award; any amounts not received in current year are carried forward to future year
until received or expired. Other revenues were higher than anticipated due to improvement in the
investment market which provided a significant revenue increase.
Original budget for expenditures had a net increase of $6.9 million primarily driven by budget
increases in Culture and Recreation, Economic Environment, General Government, Health and Human
2023 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-11
CAPITAL ASSETS
(Net of Depreciation/Amortization)
2023 2022 2023 2022 2023 2022
Land and Land Improvements 219,624,628$ 216,858,805$ 6,143,690$ 6,143,690$ 225,768,318$ 223,002,495$
Capital Assets 304,782,724 255,637,938 296,334,751 281,104,819 601,117,475 536,742,757
Intangible Assets 2,339,170 1,022,484 836,400 842,326 3,175,570 1,864,810
Construction in Progress 38,426,673 63,032,240 21,737,670 30,559,712 60,164,343 93,591,952
Total 565,173,195$ 536,551,467$ 325,052,511$ 318,650,547$ 890,225,706$ 855,202,014$
Governmental Activities Business-Type Activities Total
Services and Public Safety. Personnel costs were one of the main drivers of increase over original
budget in these service areas. Position reclassifications and cost-of-living increases closely aligned with
higher-than-average CPI indices better positioned the city within the competing job market to retain
qualified staff and attract new talent. In addition, culture and recreation increased contracted services
for citywide cleanup efforts; economic environment increased budget for downtown cleaning services
and arts and culture master plan; general government had increases to professional services for legal
fees and merchant services; and health and human services added funding for a needs assessment,
increased funding to non-profit human service agencies to support community needs. Other factors
related to the increase of final budget included the procurement of grants to support health and
human services and public safety.
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The City of Renton’s investment in capital assets, including construction in progress and net of
accumulated depreciation, for governmental and business-type activities amounts to $890.2 million as
of December 31, 2023, compared to $855.2 million in 2022.
Governmental activities showed an increase of $28.6 million which is attributed to several large capital
projects. These largest projects include construction and completion of the Family First Community
Center, Duvall Avenue, Williams and Wells Avenue, and Gene Coulon Water Walk and Trestle Bridge.
The increases in construction in progress were partially offset by depreciation outpacing new capital
assets added. Businesses-type activities showed a net increase of $6.4 million attributed to a couple of
large capital projects. The largest projects include the Downtown Water Main and Sewer Replacement
and the Downtown Storm System Improvement.
As of December 31, 2023, depreciable capital assets for governmental activities were 43 percent
depreciated, slightly lower than the 2022 rate (46 percent). This comparison indicates the city is
replacing its assets at almost the same rate that are depreciating, which is a positive indicator. More
detailed capital asset information is provided in Note 4 of the Notes to Financial Statements.
Debt Administration
The city’s total outstanding debt at December 31, 2023, was $56.7 million, a $7.5 million (11.7
percent) decrease from the prior year which is attributed to the city’s continued commitment to
paying down debt. More detailed debt information is provided in Note 10 of the Notes to Financial
Statements.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-12
2023 2022 2023 2022 2023 2022
General Obligation Bonds 24,395,000$ 26,315,000$ -$ -$ 24,395,000$ 26,315,000$
Revenue Bonds - - 10,565,000 13,050,000 10,565,000 13,050,000
Other Long-Term Debt 18,775,194 21,316,057 298,021 572,497 19,073,214 21,888,554
Unamortized Premium (Discount) 2,452,965 2,661,853 202,477 253,096 2,655,442 2,914,949
Total 45,623,159$ 50,292,910$ 11,065,497$ 13,875,593$ 56,688,656$ 64,168,503$
LONG-TERM DEBT
Governmental Activities Business-Type Activities Total
The City’s general obligation debt rating was upgraded to AAA by Standard and Poor in March 2019.
REQUESTS FOR FINANCIAL INFORMATION
This financial report is designed to provide our citizens, creditors, investors, and others interested in
the city’s finances with a general overview of the city’s finances and to show the city’s accountability
for financial resources it receives. If you have any questions about this report or need additional
information, please contact Kari Roller, Finance Administrator, 1055 South Grady Way, Renton, WA
98057 or visit our web site at www.rentonwa.gov.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-13
Governmental Activities Business-type Activities Total
ASSETS
Current assets:
Cash and cash equivalents 169,926,592$ 84,649,694$ 254,576,286$
Restricted cash and cash equivalents 185,426 - 185,426
Cash with fiscal agent 302,597 - 302,597
Investments at fair value 89,780,574 46,599,645 136,380,219
Receivables (net of allowance for uncollectibles)37,041,446 10,702,727 47,744,173
Internal balances (115,087) 115,087 -
Inventories 310,142 366,393 676,535
Prepayments 919,179 - 919,179
Notes and assessments receivable - 39,120 39,120
Total current assets 298,350,869 142,472,666 440,823,535
Noncurrent assets:
Restricted cash and cash equivalents - 2,810,145 2,810,145
Notes and assessments receivable 165,001 10,120 175,121
Restricted assessment receivable 3,122,038 - 3,122,038
Net pension asset 37,238,781 2,823,311 40,062,092
Investment in joint ventures (net)39,431,617 - 39,431,617
Capital assets:
Land 219,624,628 6,143,690 225,768,318
Construction in progress 38,426,673 21,737,670 60,164,343
Capital assets (net)304,782,724 296,334,751 601,117,475
Intangible assets (net)2,339,170 836,400 3,175,570
Total noncurrent assets 645,130,632 330,696,087 975,826,719
Total assets 943,481,501 473,168,753 1,416,650,254
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 17,766,904 2,327,797 20,094,701
Deferred amount on refunding 242,298 347,944 590,242
Total deferred outflows of resources 18,009,202 2,675,741 20,684,943
Total assets and deferred outflows of resources 961,490,703 475,844,494 1,437,335,197
LIABILITIES
Current liabilities:
Accounts payable and other current liabilities 14,676,675 4,048,553 18,725,228
Interest payable 157,180 22,623 179,803
Unearned revenue 3,636,519 542,922 4,179,441
Current portion of long-term debt 7,987,983 3,364,132 11,352,115
Total current liabilities 26,458,357 7,978,230 34,436,587
Noncurrent liabilities:
Noncurrent portion of long-term debt 78,468,729 9,761,212 88,229,941
Total noncurrent liabilities 78,468,729 9,761,212 88,229,941
Total liabilities 104,927,086 17,739,442 122,666,528
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 11,651,782 1,658,225 13,310,007
Deferred Inflows related to leases 1,054,804 117,546 1,172,350
Total deferred inflows of resources 12,706,586 1,775,771 14,482,357
Total liabilities and deferred inflows of resources 117,633,672 19,515,213 137,148,885
NET POSITION
Net investment in capital assets 536,120,344 313,952,567 850,072,911
Restricted for:
Debt Service 252,350 2,810,145 3,062,495
Grants and contributions 1,802,089 - 1,802,089
Pensions 37,238,781 2,823,311 40,062,092
Special purpose taxes & assessments 46,881,393 - 46,881,393
Unrestricted 221,562,074 136,743,258 358,305,332
Total net position 843,857,031$ 456,329,281$ 1,300,186,312$
Primary Government
City of Renton
Statement of Net Position
December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-1The notes to financial statements are an integral part of this statement.
Functions/Programs Expenses Charges for Services
Operating Grants and
Contributions
Capital Grants and
Contributions Governmental Activities Business-type Activities Total
Primary government:
Governmental activities:
Culture and recreation 14,510,956$ 3,133,145$ 284,138$ 3,978,617$ (7,115,056)$ - $ (7,115,056)$
Economic environment 13,681,351 7,169,265 180,520 566,038 (5,765,528) - (5,765,528)
General government 18,831,400 2,953,151 1,784,091 785,026 (13,309,132) - (13,309,132)
Health and human services 3,578,875 465,062 429,697 - (2,684,116) - (2,684,116)
Judicial 3,924,144 3,956,736 143,966 - 176,558 - 176,558
Public safety 45,821,151 1,415,913 2,001,784 - (42,403,454) - (42,403,454)
Transportation 20,222,129 1,179,678 2,438,880 14,161,816 (2,441,755) - (2,441,755)
Utilities 43,193 - - - (43,193) - (43,193)
Interest on long-term debt 910,047 - 38,319 - (871,728) - (871,728)
Total governmental activities 121,523,246 20,272,950 7,301,395 19,491,497 (74,457,404) - (74,457,404)
Business-type activities:
Airport 3,263,367 4,800,061 8,019 809,965 - 2,354,678 2,354,678
Golf Course 3,096,659 3,526,548 - - - 429,889 429,889
Solid Waste 24,946,989 24,780,614 37,616 - - (128,759) (128,759)
Waterworks Utility 55,957,729 65,052,834 340,727 4,377,755 - 13,813,587 13,813,587
Total business-type activities 87,264,744 98,160,057 386,362 5,187,720 - 16,469,395 16,469,395
Total primary government 208,787,990$ 118,433,007$ 7,687,757$ 24,679,217$ (74,457,404) 16,469,395 (57,988,009)
25,201,735 - 25,201,735
48,173,923 - 48,173,923
43,807,894 - 43,807,894
7,066,074 - 7,066,074
10,426,625 5,393,560 15,820,185
4,571,462 293,079 4,864,541
248,692 - 248,692
580,392 (580,392) -
140,076,797 5,106,247 145,183,044
65,619,393 21,575,642 87,195,035
778,237,638 434,753,639 1,212,991,277
843,857,031$ 456,329,281$ 1,300,186,312$
City of Renton
Statement of Activities
For the Year Ended December 31, 2023
Net (Expense) Revenue and Changes in Net Position
Program Revenues Primary Government
General revenues:
Property taxes
Retail sales taxes
Business taxes
Excise taxes
Miscellaneous
Gain on disposal of capital assets
Net position - January 1
Net position - December 31
Transfers
Interest and Investment earnings
Total general revenues, special items, and transfers
Change in net position
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-2The notes to financial statements are an integral part of this statement.
General Municipal Facilities CIP Capital Improvement Total Nonmajor Funds
Total Governmental
Funds
ASSETS
Cash & cash equivalents 70,034,249$ 16,960,274$ 10,811,053$ 17,496,665$ 115,302,241$ Restricted cash, cash equivalents 185,426 - - - 185,426
Cash with fiscal agent 302,597 - - - 302,597
Investments at fair value 36,555,406 9,036,862 5,760,402 9,322,668 60,675,338
Receivables (net of allowance for uncollectible):
Taxes 14,389,339 - - 1,407,569 15,796,908
Customer accounts 11,635,594 409,653 2,921,645 22,083 14,988,975
Interest & penalties 275,377 49,197 24,214 99,522 448,310
Due from other funds 18,709 115 - - 18,824
Due from other governments 1,113,976 573,602 3,128,662 4,132 4,820,372
Interfund loans 44,982 - - - 44,982 Advances due from other funds 99,018 - - - 99,018 Notes Receivable 165,002 - - - 165,002
Restricted assessments receivable 3,122,038 - - - 3,122,038
Total assets 137,941,713$ 27,029,703$ 22,645,976$ 28,352,639$ 215,970,031$
LIABILITIES
Accrued wages and benefits payable 3,010,519$ -$ -$ -$ 3,010,519$ Accounts payable 2,720,826 575,831 2,114,710 125,383 5,536,750 Retainage payable 34,601 65,716 53,425 15,974 169,716 Due to other funds 235,547 - - - 235,547
Due to other governments 201,542 - - - 201,542
Customer deposits 1,702,455 - - - 1,702,455
Unearned revenue 4,691,321 - - - 4,691,321
Total liabilities 12,596,811 641,547 2,168,135 141,357 15,547,850
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues 14,206,970 350,985 273,952 12,275 14,844,182
Deferred inflows related to leases 1,054,804 - - - 1,054,804
Total deferred inflows of resources 15,261,774 350,985 273,952 12,275 15,898,986
Total liabilities and deferred inflows of resources 27,858,585 992,532 2,442,087 153,632 31,446,836
FUND BALANCES (DEFICITS)
Restricted 1,655,626 7,663,499 14,141,791 22,352,878 45,813,794
Committed 2,608,882 12,581,977 5,744,060 701,041 21,635,960 Assigned 5,547,992 5,791,695 318,038 5,145,092 16,802,817 Unassigned 100,270,628 - - (4) 100,270,624
Total fund balances (deficits)110,083,128 26,037,171 20,203,889 28,199,007 184,523,195
Total liabiliƟes, deferred inflows of resources, and fund balances (deficits)137,941,713$ 27,029,703$ 22,645,976$ 28,352,639$ 215,970,031$
City of Renton
Balance Sheet
Governmental Funds
December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-3The notes to financial statements are an integral part of this statement.
FUND BALANCES - TOTAL GOVERNMENTAL FUNDS $184,523,195
Amounts reported for governmental activities in the statement of net position are different because:
Other non-current assets and deferred outflows of resources used in governmental activities are not
financial resources and, therefore, are not reported in the governmental funds.
Investment in Joint Venture-SCORE 29,695,679
Investment in Joint Venture-Valley Communications 9,660,311
Investment in Joint Venture-File Local 75,627
Net pension assets 35,201,183
Deferred outflows related to pensions 16,086,922
Deferred outflows related to refundings 242,298 90,962,020
Capital assets used in governmental activities are not financial resources and,therefore,are not reported
in the governmental funds.
Land 219,624,628
Construction in progress 38,231,495
Capital assets (net of accumulated depreciation)295,350,449
Intangible assets (net of accumulated amortization)804,795 554,011,367
Other long-term assets are not available to pay for current period expenditures and,therefore,are
reported as unavailable revenue in the funds.
Property and business tax revenue 599,657
Photo enforcement revenue 8,791,828
Municipal court revenue 366,179
Intergovernmental revenue 1,167,227
Other 4,974,093 15,898,984
Certain liabilities are not due and payable in the current period and,therefore,are not reported in the
governmental funds.
Interest payable (157,180)
Bonds payable (44,659,422)
Leases payable (66,974)
Compensated absences (4,660,553)
Net pension liability (3,909,679)
Deferred inflows related to pensions (10,455,035) (63,908,843)
Accrued pension expense reported in the governmental funds is not included in the calculation of the net
pension liability.173,065
Internal service funds are used by management to charge the costs of certain activities,such as
equipment rental, self-insurance, information technology and facility services to individual funds. The
assets and liabilities of the internal service funds are included in the governmental activities in the
statement of net position.62,197,243
NET POSITION OF GOVERNMENTAL ACTIVITIES $843,857,031
Reconciliation of the Balance Sheet
To the Statement of Net Position
December 31, 2023
City of Renton
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-4The notes to financial statements are an integral part of this statement.
General Municipal Facilities CIP Capital Improvement Total Nonmajor Funds
Total Governmental
Funds
REVENUES
Taxes 114,191,700$ -$ -$ 9,973,328$ 124,165,028$
Licenses and permits 6,649,422 - - 51,405 6,700,827
Intergovernmental revenues 6,277,959 3,795,562 9,391,196 34,187 19,498,904
Charges for services 5,859,700 30,670 119,413 1,174,154 7,183,937
Fines and forfeits 3,791,015 - - 970 3,791,985
Contributions 627,852 3,200,074 3,133,135 517,376 7,478,437
Investment earnings 4,331,801 967,196 495,168 1,560,690 7,354,855
Miscellaneous revenue 2,091,320 - 307,523 - 2,398,843
Total revenues 143,820,769 7,993,502 13,446,435 13,312,110 178,572,816
EXPENDITURES
Current:
Culture and recreation 15,483,346 1,192,986 - 88,601 16,764,933
Economic environment 13,391,492 - - 421,344 13,812,836
General government 14,924,263 870,560 731 385,621 16,181,175
Health and human services 3,704,619 - - 5,238 3,709,857
Judicial 4,179,892 - - - 4,179,892
Public safety 50,445,635 - - 88,452 50,534,087
Transportation 12,974,509 - 566,104 - 13,540,613
Debt service:
Principal payment - - - 4,453,188 4,453,188
Interest payment - - - 1,110,801 1,110,801
Capital outlay:
Culture and recreation 18,634 11,651,586 - 73,733 11,743,953
Economic environment 20,014 354,371 - - 374,385
General government - 3,489,069 - - 3,489,069
Health and human services - 24,928 - - 24,928
Public safety 71,485 - - 74,831 146,316
Transportation 67,922 - 18,820,199 - 18,888,121
Total expenditures 115,281,811 17,583,500 19,387,034 6,701,809 158,954,154
Excess (deficiency) of revenues over expenditures 28,538,958 (9,589,998) (5,940,599) 6,610,301 19,618,662
OTHER FINANCING SOURCES (USES)
Transfer in 1,846,210 9,545,379 11,044,897 5,515,851 27,952,337
Transfers out (13,657,841) (1,000,000) - (18,651,898) (33,309,739)
Proceeds from sale of capital assets 840 - - 247,852 248,692 Insurance Recoveries 23,142 - - - 23,142
Total other financing sources (uses)(11,787,649) 8,545,379 11,044,897 (12,888,195) (5,085,568)
Net change in fund balances 16,751,309 (1,044,619) 5,104,298 (6,277,894) 14,533,094
Fund balances - January 1 93,331,819 27,081,790$ 15,099,591 34,476,901 169,990,101
Fund balances - December 31 110,083,128$ 26,037,171$ 20,203,889$ 28,199,007$ 184,523,195$
City of Renton
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-5The notes to financial statements are an integral part of this statement.
NET CHANGES IN FUND BALANCES ‐ TOTAL GOVERNMENTAL FUNDS $ 14,533,094
Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost
of those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the
amount by which depreciation and amortization expenses and the loss on transfer of capital assets to other
governments exceeded capital outlays.
Capital expenditures 35,312,559
Depreciation and amortization expense (11,613,722)
Book value of capital assets sold/abandoned (230,894) 23,467,943
Governmental funds report pension expenditures when due and payable from current financial resources.
However, in the statement of activities, pension expense is measured by the change in the net pension
assets, net pension liabilities, and related deferred outflows and inflows. This is the net difference in pension
expense.7,272,562
Donations of property and infrastructure from developers are not reported in the governmental funds.
However, in the statement of activities, the fair market value of those assets is recognized as revenue.3,194,588
Revenues in the statement of activities that do not provide current financial resources are not reported as
revenue in the funds. Unavailable revenue changed by this amount.(704,792)
The issuance of long‐term debt (e.g., bonds, leases) provides current financial resources to governmental
funds, while the repayment of the principle of long‐term debt consumes the current financial resources of
governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds
report the effect of premiums, discounts, and refundings when debt is first issued, whereas these amounts
are deferred and amortized in the statement of activities. This amount is the net effect of these differences in
the treatment of long‐term debt and related items.4,393,559
Increase (decrease) in Investment in Joint Ventures which do not provide current financial resources and,
therefore, are not reported in the funds.
Equity interest‐SCORE 970,291
Equity interest‐Valley Communications 1,039,560
Equity interest‐FileLocal 9,150 2,019,001
Internal service funds are used by management to charge the costs of certain activities to individual funds.
The net revenue (expense) of the internal service funds are reported with governmental activities.11,443,438
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 65,619,393
For the Year Ended December 31, 2023
City of Renton
Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of the Governmental Funds
To the Statement of Activities
Governmental Activities
2023 Annual Comprehensive Financial Report City of Renton, Washington
The notes to financial statements are an integral part of this statement.Basic Financial Statements, 4-6
Governmental Activities
Solid Waste Waterworks Utility Total Nonmajor Funds Total Enterprise Funds Internal Service Funds
ASSETS
Current assets:
Cash & cash equivalents 3,247,763$ 72,391,673$ 9,010,258$ 84,649,694$ 54,624,351$
Investments at fair value 1,730,490 40,069,433 4,799,722 46,599,645 29,105,236
Receivables (net of allowance for uncollectible):
Customer accounts 1,701,540 6,882,458 222,769 8,806,767 800,731
Special assessments - 39,120 - 39,120 -
Interest & penalties 8,395 349,694 33,117 391,206 186,150
Due from other funds 20,909 206,994 31,184 259,087 -
Due from other governments 37,418 1,195,329 272,007 1,504,754 -
Supplies inventory - 324,889 41,504 366,393 310,142
Prepayments - - - - 919,176
Total current assets 6,746,515 121,459,590 14,410,561 142,616,666 85,945,786
Noncurrent assets:
Restricted cash, cash equivalents - 2,810,145 - 2,810,145 -
Special assessments deferred - 10,120 - 10,120 -
Net Pension Asset 88,531 2,203,593 531,187 2,823,311 2,037,598
Capital assets:
Land - 2,676,410 3,467,280 6,143,690 -
Construction in Progress - 19,809,052 1,928,618 21,737,670 195,178
Capital assets (net)- 278,055,156 18,279,595 296,334,751 9,432,275
Intangible assets (net)- 811,000 25,400 836,400 1,534,375
Total noncurrent assets 88,531 306,375,476 24,232,080 330,696,087 13,199,426
Total assets 6,835,046 427,835,066 38,642,641 473,312,753 99,145,212
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 72,993 1,816,845 437,959 2,327,797 1,679,982
Deferred amount on refunding - 347,944 - 347,944 -
Total deferred outflows of resources 72,993 2,164,789 437,959 2,675,741 1,679,982
Total assets and deferred outflows of resources 6,908,039 429,999,855 39,080,600 475,988,494 100,825,194
LIABILITIES
Current liabilities:
Accrued wages and benefits payable 18,183 435,890 109,817 563,890 408,072
Accounts payable 1,071,714 1,548,663 373,918 2,994,295 802,589
Due to other funds - - - - 42,365
Due to other governments - 11,469 - 11,469 -
Retainage payable - 38,937 4,710 43,647 41,264
Interest payable - 22,623 - 22,623 -
Customer deposits - 53,431 381,821 435,252 -
Unearned revenue - 222,324 320,598 542,922 -
Claims incurred but not reported - - - - 2,976,829
Leases payable - - 1,870 1,870 471,150
Compensated absences 9,115 447,232 88,267 544,614 353,269
Public works trust fund loan payable - 272,648 - 272,648 -
Revenue bonds payable - 2,545,000 - 2,545,000 -
OPEB Liability - - - - 1,229,311
Interfund loans - - 44,982 44,982 -
Total current liabilities 1,099,012 5,598,217 1,325,983 8,023,212 6,324,849
Noncurrent liabilities:
Leases payable - - 23,503 23,503 425,613
Compensated absences 4,389 233,780 46,775 284,944 179,634
Revenue bonds payable - 8,222,477 - 8,222,477 -
Net pension liability 38,578 960,240 231,470 1,230,288 887,905
OPEB liability - - - - 29,613,203
Interfund loans - - 99,018 99,018 -
Total noncurrent liabilities 42,967 9,416,497 400,766 9,860,230 31,106,355
Total liabilities 1,141,979 15,014,714 1,726,749 17,883,442 37,431,204
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 51,997 1,294,244 311,984 1,658,225 1,196,747
Deferred inflows related to leases - - 117,546 117,546 -
Total deferred inflows of resources 51,997 1,294,244 429,530 1,775,771 1,196,747
Total liabilities and deferred inflows of resources 1,193,976 16,308,958 2,156,279 19,659,213 38,627,951
NET POSITION
Net investment in capital assets - 290,559,350 23,393,217 313,952,567 10,264,657
Restricted for:
Debt Service - 2,810,145 - 2,810,145 -
Pensions 88,531 2,203,593 531,187 2,823,311 2,037,608
Unrestricted 5,625,532 118,117,809 12,999,917 136,743,258 49,894,978
Total net position 5,714,063$ 413,690,897$ 36,924,321$ 456,329,281$ 62,197,243$
Business-type Activities
City of Renton
Statement of Net Position
Proprietary Funds
December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-7The notes to financial statements are an integral part of this statement.
Governmental Activities
Solid Waste Waterworks Utility Total Nonmajor Funds Total Enterprise Funds Internal Service Funds
OPERATING REVENUES
Charges for services 24,780,614$ 64,972,784$ 8,326,609$ 98,080,007$ 38,209,689$
Licenses and permits - 80,050 - 80,050 225,260
Total operating revenues 24,780,614 65,052,834 8,326,609 98,160,057 38,434,949
OPERATING EXPENSES
Supplies 34,250 1,351,387 579,523 1,965,160 3,683,166
Personnel Services 716,525 11,431,113 2,932,132 15,079,770 9,333,029
Contracted Services 22,845,308 27,720,598 1,479,870 52,045,776 7,516,216
Insurance - - - - 17,396,813
Taxes 1,350,906 5,359,884 23,532 6,734,322 4,640
Depreciation and amortization - 9,354,655 1,308,300 10,662,955 2,791,873
Total operating expenses 24,946,989 55,217,637 6,323,357 86,487,983 40,725,737
Operating income (loss)(166,375) 9,835,197 2,003,252 11,672,074 (2,290,788)
NONOPERATING REVENUES (EXPENSES)
Intergovernmental revenues 37,418 1,264,257 817,984 2,119,659 37,276
Miscellaneous revenue - 291,551 1,529 293,080 1,002,059
Investment earnings 155,030 4,725,277 513,253 5,393,560 3,071,763
Interest expense - (358,575) (2,284) (360,859) (3,526)
Insurance Recoveries - - - - 603,653
Gain (loss) on disposal of capital assets - (381,517) (34,386) (415,903) (88,010)
Total nonoperating revenues (expenses)192,448 5,540,993 1,296,096 7,029,537 4,623,215
Income (loss) before contributions and transfers 26,073 15,376,190 3,299,348 18,701,611 2,332,427
Transfer in - - 115,000 115,000 6,896,607
Transfers out (84,275) (85,778) (525,339) (695,392) (958,813)
Capital contributions - 3,453,283 - 3,453,283 3,173,217
Contributions 198 942 - 1,140 -
Change in net position (58,004) 18,744,637 2,889,009 21,575,642 11,443,438
Total net position - January 1 5,772,067 394,946,260 34,035,312 434,753,639 50,753,805
Total net position - December 31 5,714,063$ 413,690,897$ 36,924,321$ 456,329,281$ 62,197,243$
Business-type Activities
City of Renton
Statement of Revenues, Expenses, and Changes in Net Position
Proprietary Funds
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-8The notes to financial statements are an integral part of this statement.
GOVERNMENTAL
OTHER TOTAL ACTIVITIES
SOLID WATERWORKS ENTERPRISE ENTERPRISE INTERNAL SERVICE
WASTE UTILITY FUNDS FUNDS FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services $26,151,029 $64,166,871 $9,250,894 $99,568,794 $37,786,658
Cash paid to suppliers for goods & services (25,203,261) (34,770,255) (1,970,861) (61,944,377) (26,849,997)
Cash paid to employees (743,604) (12,427,025) (3,160,459) (16,331,088) (10,312,718)
Other non-operating receipts 198 292,493 1,528 294,219 1,592,707
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 204,362 17,262,084 4,121,102 21,587,548 2,216,650
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds - - 115,000 115,000 6,896,607
Transfers to other funds (84,275) (85,778) (525,339) (695,392) (958,813)
Operating grants and contributions 165,834 2,208,762 16,038 2,390,634 50,281
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES 81,559 2,122,984 (394,301) 1,810,242 5,988,075
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Proceeds from the sale of equipment - - (1) (1) -
System development charges - 980,943 - 980,943 -
Acquisition & construction of capital assets - (13,520,996) (1,757,083) (15,278,079) (4,838,675)
Special assessments - 229,809 - 229,809 -
Capital grants - 1,088,878 529,939 1,618,817 -
Capital replacement reserves received - - - - 3,173,217
Principal payments on debt - (2,808,268) (1,829) (2,810,097) 810,102
Interest payments on debt - (277,410) - (277,410) (3,526)
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES - (14,307,044) (1,228,974) (15,536,018) (858,882)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for investments (365,286) (8,363,248) (1,553,123) (10,281,657) (7,042,670)
Interest paid on investments and loans 110,037 3,773,882 400,211 4,284,130 2,310,014
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (255,249) (4,589,366) (1,152,912) (5,997,527) (4,732,656)
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS 30,672 488,658 1,344,915 1,864,245 2,613,187
CASH & CASH EQUIVALENTS, JANUARY 1 3,217,091 71,903,015 7,665,343 82,785,449 52,011,164
RESTRICTED CASH & CASH EQUIVALENTS, JANUARY 1 - 2,810,145 - 2,810,145 -
TOTAL CASH, RESTRICTED CASH, & CASHEQUIVALENTS, DECEMBER 31 $3,247,763 $75,201,818 $9,010,258 $87,459,839 $54,624,351
City of Renton
BUSINESS-TYPE ACTIVITIES
ENTERPRISE FUNDS
Statement of Cash Flows
Proprietary Funds
Page 1 of 2
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-9The notes to financial statements are an integral part of this statement.
GOVERNMENTAL
ACTIVITIES
OTHER TOTAL INTERNAL
SOLID WATERWORKS ENTERPRISE ENTERPRISE SERVICE
WASTE UTILITY FUNDS FUNDS FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)$(166,375) $9,835,197 $2,003,253 $11,672,075 $(2,290,788)
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization - 9,354,655 1,308,299 10,662,954 2,791,873
Other non-operating revenue 198 292,493 1,528 294,219 1,592,707
(Increase) decrease in accounts receivable
and accrued interest and penalties 1,370,415 (761,203) 797,448 1,406,660 (648,291)
Increase (decrease) in due from
other funds (18,459) (205,232) (31,184) (254,875) -
(Increase) decrease in inventory
& prepaid items - (13,355) 169,082 155,727 (485,883)
(Increase) decrease in net pension asset
and deferred outflows related to pensions 78,319 304,560 102,325 485,204 132,946
Increase (decrease) in operating
accounts payable (954,338) (119,799) 6,407 (1,067,730) 129,666
Increase (decrease) in operating
retainage payable - - - - 31,672
Increase (decrease) in due to
other funds - - (46,819) (46,819) 40,603
Increase (decrease) in other
short-term liabilities - 28,426 - 28,426 124,243
Increase (decrease) in
customer deposits - (2,161) 12,896 10,735 -
Increase (decrease) in
unearned revenues - (100,296) 139,283 38,987 -
Increase (decrease) in
OPEB liability - - - - 1,910,537
Increase (decrease) in accrued
employee wages and benefits 4,559 32,741 21,752 59,052 22,131
Increase (decrease) in net pension liability
and deferred inflows related to pensions (109,957) (1,361,639) (352,404) (1,824,000) (1,134,766)
Increase (decrease) in
deferred inflows related to leases - (22,303) (10,764) (33,067) -
Total adjustments 370,737 7,426,887 2,117,849 9,915,473 4,507,438
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES $204,362 $17,262,084 $4,121,102 $21,587,548 $2,216,650
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Contributions of capital assets $- $1,244,252 $- $1,244,252 $-
Depreciation & amortization $- $9,354,655 $1,308,299 $10,662,954 $2,791,873
Increase (decrease) in fair value of investments $40,926 $951,395 $92,157 $1,084,478 $652,784
City of Renton
BUSINESS-TYPE ACTIVITIES
ENTERPRISE FUNDS
Statement of Cash Flows
Proprietary Funds
Page 2 of 2
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-10The notes to financial statements are an integral part of this statement.
Pension (and Other
Employee Benefit) Trust
Funds Custodial Funds
ASSETS
Cash & cash equivalents 5,727,241$ 360,108$
Investments at fair value:-
Certificates of deposit 366,948
Federal Home Loan Mortgage Corporation 211,715
Federal Farm Credit Bank 440,947
Federal Home Loan Bank 680,874
Federal National Mortgage Association 414,000
US Treasury 937,135
US Treasury Strip 452,152
Receivables (net allowance for uncollectible):
Interest & penalties 1,036,948 -
Customer accounts - 1,335
Total Cash 10,267,960 361,443
Total assets 10,267,960 361,443
LIABILITIES
Due to other governments 475 144,668
Total liabilities 475 144,668
NET POSITION
Restricted for:
Other governments, organizations, and individuals - 216,775
Pensions 10,267,485 -
Total net position 10,267,485$ 216,775$
City of Renton
Statement of Fiduciary Net Position
December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-11The notes to financial statements are an integral part of this statement.
Pension (and Other
Employee Benefit) Trust
Funds Custodial Funds
ADDITIONS
Investment earnings 425,290$ -$
Total investment earnings 425,290 -
Contributions:
Fire insurance premiums transferred in 199,566 -
Custodial collections - courts - 171,083
Custodial collections - other governments - 1,492,038
Custodial collections - other individuals and organizations - 244,753
Total contributions 199,566 1,907,874
Total additions 624,856 1,907,874
DEDUCTIONS
Administrative and general 13,600 -
Benefit payments 253,151 -
Custodial distributions - courts - 164,162
Custodial distributions - other governments - 1,358,560
Custodial distributions - other individuals and organizations - 261,322
Total deductions 266,751 1,784,044
Net increase (decrease) in fiduciary net position 358,105 123,830
Net Position - January 1 9,909,380 92,945
Net Position - December 31 10,267,485$ 216,775$
City of Renton
Statement of Changes in Fiduciary Net Position
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-12The notes to financial statements are an integral part of this statement.
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Renton’s financial statements have been prepared in conformity with accounting principles
generally accepted in the United States (GAAP), as applied to governments. The Governmental
Accounting Standards Board (GASB) is the standard setting body for governmental accounting and
financial reporting.
For the reporting year ended December 31, 2023, the city has implemented the following GASB
Statements:
GASB Statement No. 96, Subscription-Based Information Technology Arrangements – the
implementation of this Statement requires capitalization of an intangible right-to-use asset and
a corresponding subscription liability with a note disclosure. The subscription term includes
periods covered under an option to extend if it is reasonably certain that the government will
exercise the option. The requirements of this Statement will improve financial reporting by
establishing a definition for SBITAs and providing uniform guidance for accounting and financial
reporting for transactions that meet that definition.
A. REPORTING ENTITY
The City of Renton was incorporated on September 6, 1901 and operates under the laws of the
State of Washington applicable to a Non-Charter code city with a mayor/council form of government.
A full-time mayor and seven part-time council members serve the city, all elected at large to four-year
terms. The city provides the full range of municipal services authorized by state statutes, together with
a Municipal Airport, a Waterworks Utility, a Solid Waste Utility, and a Municipal Golf Course.
The City of Renton has no component units (either blended or discretely presented) included in these
statements. The City of Renton’s Mayor appoints the Governing Board for the Renton Housing
Authority, which is not considered a component unit of the city. The city is under no obligation to
subsidize, nor does it exercise any other prerequisite for inclusion.
B. BASIS OF PRESENTATION
The city’s basic financial statements include both government-wide statements and fund financial
statements. The government-wide statements report financial information for the city as a whole, while
the fund statements present detailed financial information at the fund level. The city’s fiduciary funds
are presented in the fund financial statements. Since the assets are being held for the benefit of a third
party and cannot be used for obligations of the city, they are not included in the government-wide
statements.
Government‐wide financial statements
In the government-wide statement of net position governmental and business-type activities are
reported. Governmental activities are mostly supported by taxes, intergovernmental revenue, and
other non-exchange transactions. The governmental activities column includes the combined data
from all governmental funds and internal service funds. Business-type activities mostly rely on fees
and charges for services to external customers and include data from the city’s enterprise funds.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-13
The government-wide statement of activities presents a comparison between direct expenses and
program revenues for each of the city’s governmental activities (general government, judicial, public
safety, utilities, transportation, economic environment, health and human services, and culture and
recreation) and for each identifiable business-type activity (waterworks utility, airport, solid waste
utility, and golf course). Direct expenses are those that are specifically associated with a function and
therefore clearly identifiable to that particular function.
The statement of activities reports the expenses of a given function offset by a program revenue directly
associated with the functional program. Program revenues include: 1) charges for services which reports
fees and charges for users of the city’s service, 2) operating grants and contributions which support
annual operating activities, and 3) capital grants and contributions which finance the acquisition,
construction, or rehabilitation of capital assets. For determining the function, charges for services are
tied to the function that generates the revenue and grants and contributions are tied to the function in
which functional use they are restricted towards.
Taxes and other sources that are not directly related to a program are reported as general revenue.
The comparison of direct expenses with program revenues identifies the extent each governmental
function and business activity are self-sustaining and requires a draw from the general revenues of the
city.
Generally, the effect of interfund activity has been eliminated from the government-wide financial
statements, apart from various charges for services among different functions within the government.
Elimination of these charges would distort the direct costs and program revenues reported for the
various functions involved.
Fund financial statements
The city’s activities are tracked in individual funds to segregate the transactions to aid in financial
management and, in some cases, demonstrate legal compliance. The fund financial statements are
intended to present the city’s financial activities at a more detailed level. Separate financial statements
are provided for each fund category - governmental, proprietary, and fiduciary funds. Each of the city’s
major funds, within each fund category, are presented in a separate column. All non-major funds, within
each fund category, are aggregated into one column; internal service funds are aggregated into one
column and reported on the face of the proprietary fund statements; and fiduciary funds are reported
by type.
The city reports the following major governmental funds:
General Fund is the primary operating fund of the city. It is used to account for the resources and
disbursements of ordinary city operations that are not required to be accounted for in another fund.
These include the costs of legislative and executive departments, court services, finance and legal
departments, development services and police departments, human resources and technical services,
community services, parks, economic development, streets, property management for city owned
leased facilities, farmers market, and museum. The major sources of revenue are property taxes, utility
taxes, and sales taxes. Licenses and permits, charges for services, and fines and forfeits provide
additional support. Community development block grant activities are also accounted for within this
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-14
fund, which is federally funded.
Capital Improvement Fund accounts for transportation capital projects, many of which are dependent
on the acquisition of various state and federal grant programs and impact mitigation fees.
Municipal Facilities CIP accounts for all the City of Renton parks and facilities related capital projects
(new construction, major maintenance, and improvements). Many of the projects are dependent on
grants, levies, taxes, and mitigation revenue.
The city reports the following major enterprise funds:
Waterworks Utility Fund accounts for all operating and capital improvement programs for water,
wastewater, and storm water services within the city. The operating activities are primarily supported
by user fees and include: administration, billings and collections, debt service, engineering and
operation, maintenance and repairs. The primary resources for capital improvement programs are
revenue bond proceeds, grants (as available), and utility connection charges.
Solid Waste Fund accounts for solid waste, recycling, and yard waste collection services for the city and
is supported entirely by service fees. The expenses include payment to the city’s garbage contractor
and other service charges.
Additionally, the government reports the following fund types:
Internal Service Funds include 1) the equipment rental fund (equipment replacement, information
technology, facilities, and communications) and 2) the insurance fund (including risk management,
workers compensation, unemployment compensation, and employee health care program). The
equipment rental fund factors all costs, including depreciation, into the rates charged to each user
department. The insurance fund pays expense and rates are charged to departments based on use
and/or coverage requirements.
Pension Trust Fund accounts for the payment of administrative costs and benefits for retired
firefighters and their beneficiaries, who were employed prior to March 1, 1970. Primary revenues
sources are the fire premium tax (contributed from the city) and investment income.
Custodial Funds accounts for Administrative Office of the Courts mandated fees, taxes, permit revenue,
human services payments, and other fees collected on behalf of other agencies.
Special Revenue Funds are used to account for specific revenues that are restricted by external
parties or committed through enabling legislation for particular purposes.
Debt Service Funds account for the accumulation of resources for and the payment of general obligation
and special assessment bonds.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-15
During the course of operations, the city has activity between funds for various purposes. Any
residual balances outstanding at year-end are reported as due to/from other funds and advances
to/from other funds. While these balances are reported in the fund financial statements, certain
eliminations are made in the preparation of the government-wide financial statements. Balances
between funds included in the governmental activities (generally between governmental and internal
service funds) are eliminated so that only the net amount is included as internal balances in the
governmental activities column. Similarly, balances between the funds included in the business-type
activities are eliminated so that only the net amount is included as internal balances in the business-
type activities column.
Further, certain activity occurs during the year involving transfers of resources between funds. In
fund financial statements these amounts are reported as gross amounts as transfers in/out. While
reported in fund financial statements, certain eliminations are made in the preparation of government-
wide financial statements. Transfers between the funds included in governmental activities are
eliminated so that only the net amount is included as transfers in the governmental activities column.
Similarly, balances between the funds included in business-type activities are eliminated so that only
the net amount is included in transfers in the business-type activities column.
C. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING
Basis of Accounting refers to the point at which revenue or expenditure/expense transactions or events
are recognized in the accounts and reported in the financial statements. Measurement focus is
measured one of two ways: either the current financial resource or the economic resource method.
Government‐wide financial statements – the government-wide financial statements are prepared
using the economic resources measurement focus and the accrual basis of accounting. Revenues are
recorded when earned and expenses are recorded when the liability is incurred, regardless of the timing
of related cash flows. Property taxes are recognized as revenue in the year they are levied, and grants
are recognized as revenue as soon as all eligibility requirements have been met.
Governmental fund financial statements – the governmental fund financial statements use a different
measurement focus from the proprietary fund statements and government-wide statements. The
governmental fund financial statements use the current financial resources measurement and the
modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable
and available. Revenues are considered to be available when they are collectible within the current
reporting period or soon enough thereafter to pay liabilities of the current period.
The city considers revenues available if they are collected within 60 days of the end of the current
fiscal period. Expenditures are generally recorded when a liability is incurred, the same as accrual
accounting. However, debt service expenditures, as well as expenditures related to compensated
absences, and claims and judgements are recorded only when payment is due. General capital asset
acquisitions are reported as current expenditures in governmental funds. Issuance of long-term debt
and capital lease acquisitions are reported as other financing sources.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-16
Property taxes, sales tax, franchise taxes, licenses, and interest associated with the current period are
all considered susceptible to accrual and have been recognized as revenue in the current fiscal period.
Expenditure-driven grants are recognized as revenue when the qualifying expenditure amount is
received during the period or within the availability period for this revenue source. All other revenue
is considered measurable and available only when the cash is received by the city.
Since the measurement focus between the governmental fund financial statements and the
governmental activities in the government-wide statements vary, a detailed reconciliation is included in
the fund statements to identify the relationship between the two statement types.
Proprietary and fiduciary fund financial statements – the proprietary fund statements and fiduciary
fund statements are reported using the economic resources measurement focus and accrual basis of
accounting, the same as the government-wide statements.
D. ASSETS, LIABILITIES, DEFERRED OUTFLOWS/INFLOWS OF RESOURCES, AND NET POSITION/FUND
BALANCE
1. Cash and Cash Equivalents
The city has defined cash and cash equivalents as cash on hand, demand deposits, and all highly
liquid investments (including restricted assets) with maturity of three months or less when
purchased. These amounts are classified on the balance sheet or in the statement of net position
as cash and cash equivalents or investments in the various funds. Included in this category are all
funds invested in the Local Government Investment Pool. Excluded from this category are cash
balances held by Fiscal Agents since the city does not have discretionary use of these funds.
Most of the city’s cash balances are pooled and invested. Interest earned from investments
purchased with pooled cash is allocated monthly to each fund based on the fund’s beginning equity
balance in the pooled fund.
2. Investments
Investments are recorded at amortized cost or at fair value in accordance with GASB Statement No.
72, Fair Value Measurement and Application. Accordingly, the change in fair value of investments is
recognized as an increase or decrease to investment assets and investment income.
3. Receivables
Receivables have been reported net of estimated uncollectible accounts. Because property taxes,
special assessments, and utility billings are considered liens on property, no estimated uncollectible
amounts are established.
Taxes receivable consists of property taxes, utility taxes, gambling taxes, business & occupation,
taxes, and admission taxes. Property taxes are an enforceable lien on real property and are due
the first day of the levy year and may be paid in two equal installments. The first half is due April
1, and the balance is due October 31. The city collects approximately 99% of the property tax due
in the year it is levied, and delinquent taxes are collected within the following few years.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-17
Property tax due, but not collected within 60 days of year end, is recorded as a receivable and offset
by deferred inflow of resources – unavailable revenue. There is no allowance for uncollectable
property tax because historically all taxes are collected and/or enforceable via lien (refer to Note 3
for more information).
Accrued interest receivable consists of amounts earned on investments, notes, and contracts.
Customer accounts receivable consists of amounts owed from private individuals or organizations
for goods and services. If the transactions are receivable from another governmental unit, it is
accounted for within “due from other governments.”
Notes receivable consist of amounts outstanding under the terms of forgivable loans made using
CDBG grant funds to business owners in the downtown area for façade improvements.
Special assessments are recorded when levied and are liens against the property benefited.
Special assessments receivable consists of current and delinquent assessments. Amounts not due
within one year are reported as deferred inflows of resources in the governmental fund statements.
Restricted Assessments Receivable consists entirely of the city's anticipated future revenue from the
national opioid settlement through the State of Washington. This revenue will be restricted upon
receipt and the receivable will be drawn down each year with annual payments over the next 15
years. The number may vary as more settlements are reached in future years.
4. Internal Balances, Interfund Loan Receivables/Payable and Due To/From Other Funds
Activities between funds that are representative of lending/borrowing arrangements outstanding
at the end of the fiscal year are referred to as interfund loans receivable/payable. All other
outstanding balances between funds are reported as due to/from other funds. These amounts are
eliminated within the governmental activities and business-type activities in the government-wide
statement, except for the residual balances outstanding between the governmental activities and
business-type activities, which are reported as internal balances. Refer to Note 9 for a detailed
summary of interfund activity.
5. Inventories and Prepaid items
All city inventories are maintained on a consumption basis of accounting where items are purchased
for inventory and charged to the budgetary accounts as the items are consumed. Any material
inventories at year-end are included in the balance sheet of the appropriate fund. All inventories
are carried at cost on the first in, first out – FIFO basis, with the exception of the Public Works
Maintenance shops inventory. The value of this inventory is calculated using the average cost
method. The cost of inventories are recorded as an expenditure/expense when consumed rather
than when purchased.
Certain payments to vendors reflect costs applicable to future accounting periods and are
reported as prepaid items in both the government-wide and fund statements.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-18
6. Capital Assets
General capital assets are those assets not specifically related to activities reported by the
proprietary funds. These assets generally result from expenditures in governmental funds or
contributions. The city reports these assets in the governmental activities column of the
government-wide statement of net position but does not report these assets in the governmental
fund financial statements. Capital assets utilized by the propriety funds are reported both in the
business-type activities of the government-wide statement of net position and in the proprietary
fund statement of net position.
All capital assets are valued and capitalized at cost (or estimated historical cost when actual
historical cost is unknown) and updated for additions and retirements during the year. Donated
capital assets are recorded at their acquisition value as of the date received. The city maintains
separate capitalization thresholds by asset category with an estimated useful life in excess of one
year.
The threshold is $5,000 for all categories except for buildings and structures, which have a threshold
of $25,000, and other improvements, which has a threshold of $50,000. Improvements to city assets
and infrastructure are capitalized, but the cost of normal maintenance and repairs that do not
extend the useful life, or increase capacity or efficiency, are expensed.
All capital assets, other than land, right-of-ways, water rights, and construction in progress, are
depreciated using the straight-line method over the following estimated useful lives:
Amortization on all intangible assets is provided on the straight-line basis over the following useful
lives:
7. Other non‐current Assets
A portion of notes and special assessments receivable are collectible in greater than one year. This
long-term portion of the receivable is reported as another non-current asset.
Investment in joint ventures consists of the city’s equity balances and investment in debt of Valley
Communications Center, South Correctional Entity and Washington Multi-City Business License and
Tax Portal Agency (see also Note 11).
Capital Asset Class
Estimated
Useful Life
Buildings and structures, excluding utilities 7-60 years
Other improvements 5-80 years
Utility plant 10-50 years
Machinery and equipment 3-40 years
Infrastructure 7-100 years
Intangible Asset Class
Estimated
Service Life
Computer software 3-10 years
Water rights Indefinite
Mitigation bank credits Indefinite
Leases 2-21 years
Other 4-10 years
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-19
8. Leases
Lessee: The city is a lessee for noncancelable leases. The city recognizes a lease liability and an
intangible right-to-use lease asset in the government-wide and proprietary fund financial
statements. The city recognizes lease liabilities with an initial, individual value of $5,000 or more.
At the commencement of a lease, the city initially measures the lease liability at the present value of
payments expected to be made during the lease term. Subsequently, the lease liability is reduced by
the principal portion of lease payments made. The lease asset is initially measured as the initial
amount of the lease liability, adjusted for lease payments made at or before the lease
commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized
using the straight-line basis method over its useful life.
Governmental funds recognize a capital outlay and other financing source at the commencement of
a new lease. Lease payments in governmental funds are reported as debt service principal and debt
service interest expenditures.
Key estimates and judgements related to lease include how the city determines (1) the discount rate
it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease
payments.
The city uses the interest rate charged by the lessor as the discount rate. When the interest rate
charged by the lessor is not provided, the city generally uses its incremental borrowing rate as the
discount rate for leases. This is the rate the lessee would be charged for borrowing the lease payment
amounts during the lease term.
The lease term includes the noncancelable period of the lease. Lease payments included in the
measurement of the lease liability are composed of fixed payments and purchase option price that
the city is reasonably certain to exercise.
The city monitors changes in circumstances that would require a remeasurement of its lease and will
remeasure the lease asset and liability if certain changes occur that are expected to significantly
affect the amount of the lease liability.
Lessor: The city is a lessor for noncancelable leases. The city recognizes a lease receivable and a
deferred inflow of resources in the government-wide and fund financial statements.
At the commencement of a lease, the city initially measures the lease receivable at the present value
of payments expected to be received during the lease term. Subsequently the lease receivable is
reduced by the principal portion of lease payments received. The deferred inflow of resources is
initially measure as the initial amount of the lease receivable, adjusted for lease payments received
at or before the lease commencement date. Subsequently, the deferred inflow of resources is
recognized as revenue over the life of the lease term using the (straight-line basis/effective interest
method).
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-20
Key estimates and judgements related to lease include how the city determines (1) the discount rate
it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease
payments.
The city uses its estimated incremental borrowing rate as the discount rate for leases. This is the rate
the lessee would be charged for borrowing the lease payment amounts during the lease term.
The lease term includes the noncancelable period of the lease. Lease receipts included in the
measurement of the lease liability are compose of fixed payments from the lessee.
The city monitors changes in circumstances that would require a remeasurement of its lease and will
remeasure the lease receivable and deferred inflows of resources if certain changes occur that are
expected to significantly affect the amount of the lease receivable.
9. Deferred outflows/inflows of resources
In addition to assets, the statement of financial position will report a separate section for deferred
outflows of resources. This separate financial statement element, deferred outflow of resources,
represents a consumption of net position that applies to a future period and will not be recognized
as an outflow (expense/expenditure) until that reporting period. The city has two items that qualify
for reporting in this category. Deferred amount on refunding is reported on the government-wide
statement of net position and the proprietary fund statement of net position.
A deferred amount on refunding results from the difference in the carrying value of refunded debt
and its reacquisition price. This amount is deferred and amortized over the life of the refunded or
refunding debt, whichever is shorter. Deferred amounts related to pensions are differences between
actual and projected experience, investment earnings and actuarial assumptions, changes in
proportion, and the city’s contributions to pensions subsequent to the measurement date, which
was June 30, 2023, provided by the State of Washington. Refer to Note 5 for more information on
pensions.
In addition to liabilities, the statement of financial position will report a separate section for
deferred inflows of resources. This separate financial statement element represents an acquisition
of net position that applies to a future period(s) and so will not be recognized as an inflow of
resources (revenue) until that time (in prior years this inflow was recognized as “deferred revenue”
within the liabilities). The city has four items that it reports as a deferred inflow of resources.
Unavailable revenue arises only on the modified accrual basis, in the governmental fund balance
sheet. The amount reported in unavailable revenue is comprised of three sources: delinquent
municipal court receivables, delinquent photo enforcement receivables, and delinquent property
tax receivables. These amounts are deferred and recognized as revenue in the period the amounts
become available. On the government-wide statements (accrual basis of accounting) the amounts
are considered available and recognized as inflow of resource in the current period. Deferred
amount of special assessments is the long-term principal due to the city from special assessment
connections. This amount is only reported in the governmental fund balance sheet. Deferred
amounts related to pensions are the differences between actual and projected experience,
investment earnings and actuarial assumptions, and changes in proportion. Refer to Note 5 for more
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-21
information on pensions. Deferred amounts related to leases is the liability the city takes on when
entering into a lease agreement. Refer to Note 13 for more information on leases.
10. Unearned Revenues
This account includes amounts collected in advance for services not yet rendered. The amounts
are subject to return to the payor in the event the associated services are not performed.
11. Customer Deposits
This amount reflects the net monetary liability of customer deposits for special deposit funds. This
includes security deposits for lessees, gift certificates for the Maplewood Golf Course, and on
account credits.
12. Compensated Absences
The city’s policy permits employees to accumulate earned but unused vacation leave benefits, which
are eligible for payment upon separation from city service. For employees hired prior to January
1, 1994, a fifty percent cash out of accumulated earned but unused sick leave is also eligible for
payment upon separation. The city accrues accumulated unpaid vacation and sick leave (when
eligible) when earned (or estimated to be earned) by the employee. The total compensated
absences liability is reported on the government-wide statements and in each proprietary fund.
13. Fund Equity
Fund equity at the governmental fund level is classified as fund balance. Fund equity for all other
reporting is classified as net position.
Fund balance represents the difference between the current assets and deferred outflows of
resources and current liabilities and deferred inflows of resources in the governmental fund financial
statements. Fund balance classifications comprise of a hierarchy based primarily on the extent to
which the city is bound to honor constraints on the specific purpose for which amounts in those
funds can be spent.
Fund balances are classified as follows:
a. Nonspendable – items that cannot be spent due to form; inventories, prepaid amounts, long-
term loan receivables, or amounts that must be maintained intact legally.
b. Restricted – amounts constrained for specific purposes imposed through the judicial process and
enabling legislation adopted by the city; or through external restrictions imposed by creditors,
grantors, or laws or regulations of other governments.
c. Committed – amounts constrained by the city council. Only the council can, by ordinance,
establish, modify, or rescind constraints on committed fund balances.
d. Assigned – constraints imposed by the city council for amounts intended for specific purposes,
but do not meet the criteria of restricted or committed. It is the city’s policy that intent of use
can be assigned by the city council, or by a designated official, adopted through either the
biennial budget ordinance or an amending budget ordinance. For governmental funds, other
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-22
than the General Fund, the residual fund balance that is not restricted or committed is reported
as assigned because the use of fund balance, at a minimum, should be used for the purpose of
that fund. Additional action does not need to be taken to remove an assignment, whereas
additional action is essential to remove a commitment.
e. Unassigned – any remaining fund balance in the General Fund that does not meet any of the
above criteria. The General Fund is the only fund that reports a positive unassigned fund balance
amount. In other governmental funds, not the General Fund, may report a negative unassigned
fund balance if expenditures incurred for a specific purpose exceed the amounts of restricted,
committed, or assigned amounts to those purposes.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-23
The following shows the composition of the fund balance in governmental funds for the year
ended December 31, 2023:
General
Municipal
Facilities CIP
Capital
Improvement
Other
Governmental Total
Restricted
Police Seizure Funds -$ $ - $ - $ 684,235 $ 684,235
Police CSAM Funds - - - 169,116 169,116
Shop with a Cop 8,917 - - - 8,917
WASPC One Time Legislative Funding 2,547 - - - 2,547
Judicial Capital Improvements 95,563 - - - 95,563
Housing and Supportive Services - - - 11,568,784 11,568,784
Opioid Settlement - Cash 185,426 - - - 185,426
Affordable Housing 283,224 - - - 283,224
Debt Service - - - 252,350 252,350
Summer Lunch Program 3,439 - - - 3,439
AARP/FitLot 661 - - - 661
2021 Veterans, Seniors & Human Services Levy - - - - -
Sr Center Advisory Committee 9,174 - - - 9,174
CDBG Loans Outstanding 656,510 - - - 656,510
Tourism Promotion - - - 943,720 943,720
Renton Community Marketing Campaign - - - 15,422 15,422
Cable Communications - - - 369,348 369,348
Facilities Capital Improvements - 342,045 - - 342,045
Park Capital Improvements - 1,874,235 - 679,489 2,553,724
Fire Capital Improvements - - - - -
Transportation Capital Improvements - - 14,141,791 2,214,274 16,356,065
REET 1 Capital Projects - 3,768,312 - 2,039,765 5,808,077
REET 2 Captial Projects - 1,409,771 - 3,416,373 4,826,144
Renton School District Impact Mitigation - - - 2 2
Sunset Lane Latecomer Assessment 410,165 - - - 410,165
Community Garden Improvements - 2,483 - - 2,483
Urban Forestry Program - 266,653 - - 266,653
Total Restricted 1,655,626 7,663,499 14,141,791 22,352,878 45,813,794
Committed
Public Art 108,882 - - - 108,882
Facilities Capital Improvements - 10,455,504 - - 10,455,504
Economic Development Reserve 2,500,000 - - - 2,500,000
Park Capital Improvements - 2,126,473 - - 2,126,473
Springbrook Wetlands Impact Mitigation - - - 701,041 701,041
Transportation Capital Improvements - - 5,744,060 - 5,744,060
Family First Center - - - - -
Total Committed 2,608,882 12,581,977 5,744,060 701,041 21,635,960
Assigned
Farmer's Market 94,399 - - - 94,399
Community Services 3,180,717 - - - 3,180,717
Transportation - - - - -
Family First Center - 3,779,050 - - 3,779,050
Museum 8,890 - - - 8,890
Leased City Properties 269,450 - - - 269,450
Economic Development Reserve 188,532 - - - 188,532
Debt Service - - - 5,145,092 5,145,092
Street Maintenance 1,806,004 - - - 1,806,004
Misc Capital Projects - 2,012,645 - - 2,012,645
Fire Capital Improvements - - - - -
Transportation Capital Improvements - - 318,038 - 318,038
Total Assigned 5,547,992 5,791,695 318,038 5,145,092 16,802,817
Unassigned
Unassigned 100,270,628 - - (4) 100,270,624
Total Unassigned 100,270,628 - - (4) 100,270,624
Total fund balances 110,083,128$ 26,037,171$ 20,203,889$ 28,199,007$ 184,523,195$
December 31, 2023
Governmental Fund Balances
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-24
Negative unassigned fund balance - At December 31, 2023, the Fire Capital Improvements Fund
reported a negative unassigned fund balance of ($4). Per GASB 54, paragraph 19, there cannot be a
negative assigned fund balance; any negative fund balance is to be reported as unassigned. The
negative unassigned fund balance is the result of unrealized gains/losses on investments.
Fund balance flow assumptions - When multiple categories of fund balance are available for
incurred expenditures, it is the city’s policy to consider restricted fund balance to have been
depleted before using any of the components of unrestricted fund balance (the total of committed,
assigned, and unassigned fund balance). Further, when the components of unrestricted fund
balance can be used for the same purpose, committed fund balance is depleted first, followed by
assigned fund balance. Unassigned fund balance is applied last.
Net position - reflects the difference between assets and liabilities, in the government-wide and
proprietary fund statement of net position. The component net investment in capital assets consists
of capital assets, net of accumulated depreciation, reduced by any outstanding balances of any
borrowing (ex. bonds or loans and related deferred amounts on refunding) for the acquisition,
construction, or improvement of those assets as well as any capital related debt (ex. vouchers
payable, accounts payable, retainage payable). The net position is reported as restricted when there
are limitations imposed on their use either through enabling legislation adopted by the city or
through external restrictions imposed by creditors, grantors, or laws or regulations of other
governments. There are multiple ways to calculate the restricted net position related to each
individual pension plan’s net pension asset. The city chooses to use the method preferred by the
Governmental Accounting Standard Board where the restricted net position is equal to the net
pension asset; both the deferred inflows and deferred outflows are excluded from the calculation.
The balance of the net position is reported as unrestricted.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-25
The following shows the composition of the restricted net position balances reported in the
government-wide and proprietary fund statements for the year ended December 31, 2023:
Net position flow assumptions – In order to calculate the amounts to be reported as restricted
net position and unrestricted net position on the government-wide and proprietary fund
statements, a flow assumption is made. It is the city’s policy to consider restricted net position to
have been depleted before unrestricted net position.
Minimum fund balance policy – The city council has adopted a financial policy to maintain a
minimum level of unrestricted fund balance in the general fund. The target level is set at 12
percent, with a minimum of 8 percent, of general fund operating expenditures. This amount is
intended to provide fiscal stability when economic downturns and other unexpected events occur.
Stabilization fund policy – The city has adopted a comprehensive stabilization policy that helps
provide stability through uncertain times. This allows for temporary cushion and flexibility when
needed. The city council, through ordinance, has established the following stabilization reserves:
Governmental
Activities
Business‐Type
Activities
Restricted Net Position
Pensions $ 37,238,781 2,823,311$
Police Seizure Funds 684,235 -
Police CSAM Funds 169,116 -
Shop with a Cop 8,917 -
Affordable Housing 283,224 -
Judicial Capital Improvements 95,563 -
Housing and Supportive Services 11,568,784 -
Opioid Settlement - Cash 185,426 -
WASPC One Time Legislative Funding 2,547 -
Summer Lunch Program 3,439 -
AARP/FitLot 661 -
Sunset Lane Latecomer Assessment 410,165 -
Sr Center Advisory Committee 9,174 -
CDBG Loans Outstanding 656,510 -
Tourism Promotion 943,720 -
Renton Community Marketing Campaign 15,422 -
Cable Communications 369,348 -
Park Capital Improvements 2,553,723 -
Facilities Capital Improvements 342,045 -
Transportation Capital Improvements 16,356,065 -
REET 1 Capital Projects 5,808,077 -
REET 2 Captial Projects 4,826,144 -
Renton School District Impact Mitigation 2 -
Kent School District Impact Mitigation - -
Community Garden Improvements 2,483 -
Urban Forestry Program 266,653 -
Opioid Settlement - Receivable 3,122,039 -
Debt Service 252,350 2,810,145
Total Restricted Net Position $ 86,174,613 $ 5,633,456
December 31, 2023
Restricted Net Position
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-26
1. Economic development revolving fund reserve: the city has accumulated reserves of $2.5
million for economic development. Expenditure utilizing this reserve will require a two-thirds
majority vote of the city council.
2. Catastrophic reserve: the city will maintain a targeted amount of 8 percent for risk management
reserves, for catastrophic emergencies. Expenditure utilizing this reserve will require a two-
thirds majority vote of the city council.
3. Anti‐recessionary reserve: the city will maintain a targeted reserve equal to 4 percent of the
general fund operating expense. Expenditures utilizing this reserve will require a two-thirds
majority vote of the city council and must be replenished within three years.
4. Annexation sales tax credit expiration/transition reserve: the city set aside an inflationary reserve
to lessen the impact of the loss of sales tax annexation credit in mid-2018; the reserve will
continue to be used by $0.9 million each year until depleted.
5. General obligation bond payment reserve: for all councilmanic, general obligation bonds issued
after 2013, a one‐year payment reserve shall be established.
E. REVENUES, EXPENDITURES, AND EXPENSES
1. Operating Revenues and Expenses
Proprietary funds distinguish operating revenues and expenses from non-operating revenues and
expenses. Operating revenue and expense generally result from providing services and producing
and delivering goods in connection with a proprietary fund’s principal ongoing operations. The
principal operating revenue of the waterworks utility, solid waste, airport, golf course, and internal
service funds are charges to customers for sales and services. The waterworks utility also recognizes
water meter installation fees, and wastewater and surface water construction permit fees as
operating revenue because these charges are intended to offset the cost of connecting new
customers to the system. Operating expense for proprietary funds and internal service funds include
the cost of sales and services, administrative expenses, and depreciation of capital assets. All
revenues and expenses not meeting this definition are reported as non-operating revenue and
expense.
2. Program Revenue
Amounts reported as program revenue, on the government-wide statement of activities, include:
1) charges for customers or applicants who purchase, use, or directly benefit from goods, services,
or privileges provided by a given function and 2) grants and contributions that are restricted to
meeting the operation or capital requirements of a given function. All taxes, included those
dedicated to specific purposes, are reported as general revenue rather than program revenue.
3. Capital Contributions
Capital contributions reported in the proprietary fund statements and the government-wide
statements reflect the value of outside contributions of capital assets (i.e., developers, land
donations), capital grants, special assessments, and system development charges.
4. Interfund Activity
Exchange transactions between funds are reported as revenue in the selling fund and as an
expenditure/expense in the purchasing funds. On the government-wide statement of activities, the
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-27
exchange transactions between the internal service funds and the user funds are eliminated.
Flows of cash or goods from one fund to another without a requirement of repayment are reported
as interfund transfers in/out. Interfund transfers in/out are reported as other financing sources/uses
in the governmental funds and following non‐operating revenues and expenses in the proprietary
funds. In the government‐wide statement of activities, transfers between governmental and
business‐type activities are reported as general revenue. Transfers between funds in governmental
activities are eliminated and transfers between funds in business‐type activities are eliminated.
5.Expenditures/Expenses
Expenses in the Government‐wide Statement of Activities are reported by function as a
governmental activity (general government, judicial, public safety, utilities, transportation,
economic environment, health and human services, culture and recreation), interest on long‐term
debt, or business‐type activity (waterworks utility, airport, solid waste utility, or golf course). In the
fund financial statements, expenditures of governmental funds are classified by function, debt
service principal and interest payments, or purchases of capital items. Proprietary expenditures are
classified as operating or non‐operating.
The city recovers certain administrative costs through indirect cost allocations to departments city‐
wide. These allocated costs are consolidated and reported by function in the government‐wide
statement of activities.
NOTE 2. DEPOSITS AND INVESTMENTS
Deposits
Custodial Credit Risk
Custodial Credit Risk is the risk that in the event of a failure of the counterparty to an investment
transaction the city would not be able to recover the value of the investment or collateral securities. The
city does not currently have a policy regarding deposits concerning custodial credit risk or foreign
currency risk.
On December 31, 2023, the city had the following balances on deposit with financial institutions:
The City’s deposits and certificates of deposit are entirely covered by the Federal Depository Insurance
Corporation (FDIC) or held in a multiple financial institution collateral pool administrated by the State of
Washington Public Deposit Protection Commission (PDPC). The City’s deposits comply with the
guidelines within Chapter 35A.40.030 of the Revised Code of Washington (RCW).
Deposits Deposits at 12/31/2023
Bank Deposits 48,585,132$
Non‐negotiable Certificates of Deposit (CD's)16,399,337
Cash with Fiscal Agents 302,597
TOTAL DEPOSITS 65,287,066$
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-28
Investments
Investments that are not Measured at Fair Value
On December 31, 2023, the city had the following investments at amortized cost:
The city is a participant in the Local Government Investment Pool authorized by Chapter 294, Laws of
1986, and is managed and operated by the Washington State Treasurer. The State Treasurer is
responsible for establishing the investment policy for the pool and reviews the policy annually and
proposed changes are reviewed by the LGIP advisory Committee.
Investments in the LGIP, a qualified external investment pool, are reported at amortized cost which
approximates fair value. The LGIP is an unrated external investment pool. The pool portfolio is invested
in a manner that meets the maturity, quality, diversification and liquidity requirements set forth by the
GASB Statement No. 79 for external investments pools that elect to measure, for financial reporting
purposes, investments at amortized cost. The LGIP does not have any legally binding guarantees of share
values. The LGIP does not impose liquidity fees or redemption gates on participant withdrawals. The
Office of the State Treasurer prepares a stand-alone LGIP financial report. A copy of the report is
available from the Office of the State Treasurer, PO Box 40200, Olympia, Washington 98504-0200, online
at http://www.tre.wa.gov.
Investments Measured at Fair Value
The City measures and records its investments within the fair value hierarchy established by generally
accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair
value of the asset. The guidelines recognize a three-tiered fair value hierarchy, as follows:
Level 1: Quoted prices in active markets for identical assets or liabilities.
Level 2: These are quoted market prices for similar assets or liabilities, quoted prices for identical
or similar assets or liabilities in markets that are not active, or other than quoted prices that are not
observable.
Level 3: Unobservable inputs for an asset or liability.
On December 31, 2023, the city had the following recurring fair value measurements:
Security Type Amortized Cost
Local Government Investment Pool (LGIP)208,986,725$
TOTAL INVESTMENTS 208,986,725$
Security Type Total
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
U.S. Agency Securities 78,099,296$ 78,099,296$
Treasury 41,881,586$ 41,881,586$
TOTAL INVESTMENTS 119,980,882$ 119,980,882$
Fair Value Measurements Using
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-29
Valuation techniques to determine fair value should be consistent with one or more of three approaches:
the market approach, cost approach, and income approach. The city uses the market approach for the
valuation of Significant Other Observable Inputs Investments (Level 2). The market approach to
measuring fair value uses prices and other relevant information generated by market transactions
involving identical or similar assets, liabilities, or groups of assets and liabilities. Using quoted market
prices is a technique that is consistent with the market approach.
The City invests excess and inactive funds in accordance with the City’s Investment Policy (last updated
and approved on February 23, 2009), which complies with the guidelines within Chapter 35A.40.050 of
the Revised Code of Washington (RCW). This allows for investment of excess cash and inactive cash,
directs that the responsibility for determining available cash for investment is placed upon the
department administering the funds, and allows for pooling of the cash provided that the allocation of
income is proportionate to the investment of each fund. Currently, the city invests in obligations of the
U.S. Government, U.S. agency issues, and Certificates of Deposit with Washington State banks and
savings and loan institutions as allowed by RCW.
Credit risk. Credit Risk is the risk that an issuer or other counterparty to an investment will not fulfill its
obligations. The city invests in US Treasury securities which are considered free of credit risk, and in
securities backed by the full faith and credit of the U.S. Government as well as U.S. government
sponsored enterprises including Federal Home Loan Mortgage Corporation.
Interest Rate Risk. Interest rate risk is the risk that changes in interest rates over time, adversely affecting
the fair value of an investment. The City’s portfolio is managed within the parameters established by
the Investment Policy, which limits the weighted average maturity of the portfolio to five years.
Investment Type Cost Fair Value Moody's S&P
Local Government Investment Pool (LGIP)208,986,725$ 208,986,725$ unrated unrated
Federal Farm Credit Bank 19,484,926 19,706,389 Aaa AA+
Federal Home Loan Bank 31,674,571 30,428,998 Aaa AA+
Federal National Mortgage Association 18,341,091 18,502,129 Aaa AA+
Federal Home Loan Mortgage Corporation 9,477,463 9,461,780 Aaa AA+
Treasury 42,075,300 41,881,586 Aaa AA+
TOTAL INVESTMENTS 330,040,075$ 328,967,606$
Investment Type Cost Fair Value
Average
Interest Rate
Local Government Investment Pool (LGIP)208,986,725$ 208,986,725$ 2.030%
Federal Farm Credit Bank 19,484,926 19,706,389 2.709%
Federal Home Loan Bank 31,674,571 30,428,998 2.972%
Federal National Mortgage Association 18,341,091 18,502,129 3.245%
Federal Home Loan Mortgage Corporation 9,477,463 9,461,780 2.093%
Treasury 42,075,300 41,881,586 3.211%
TOTAL INVESTMENTS 330,040,075$ 328,967,606$
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-30
The City’s Investment Policy directs that the standard of prudence for investment activities shall be the
Prudent Investor Standard that states: “Investments shall be made with judgment and care, under
circumstances then prevailing, which person of prudence, discretion, and intelligence would use in the
management of their own affairs, not for speculation, but for investment purposes, considering the
probable safety of their capital as well as the probable income to be derived.”
Concentration of Credit Risk. Concentration of credit risk is the risk of loss attributed to the magnitude
of a government’s investment in a single issuer. The City diversifies its investment instruments to avoid
incurring unreasonable risk inherent with the over-investment of instruments and issuers using the
following target distribution as a guide during normal economic times while allowing flexibility when
appropriate. The city has agency bonds with Federal Home Loan Bank equal to 9%, Federal Farm Credit
Bank equal to 6%, and Treasury equal to 13%. The City’s remaining individual issuers are less than 5% of
total investments or are otherwise excluded from this disclosure due to the low-risk nature of the
investment.
Target Maximum per Policy Instrument Maximum Issuer Maximum
U.S. Treasuries 100% 100%
U.S. Agencies 75% 50%
Certificates of Deposit (within WPDPC) 75% 20%
Local Governmental Investment Pool (LGIP) 75% 75%
Commercial Paper 25% 5%
Custodial Credit Risk – Investments. Custodial credit risk for investments is the risk that, in the event of
the failure of the counter party to a transaction, a government will not be able to recover the value of
investment or collateral securities that are in the possession of an outside party. All security
transactions, including collateral for repurchase agreements, entered into by the City are conducted on
a delivery-versus-payment (DVP) basis and are held in our safekeeping trust account with Principal Bank
under terms negotiated by the State of Washington.
NOTE 3. PROPERTY TAXES
The county treasurer acts as an agent to collect property taxes levied in the county for all taxing
authorities. Taxes are levied annually, January 1, on property value listed as of the prior May 31.
Assessed values are established by the King County Assessor at 100 percent of fair market value. A
revaluation of all property is required every two years; however, King County has the ability to revalue
annually.
Investment Type
0‐6
months
6 months ‐
1 year
1‐3
years
3+
years Totals
Local Government Investment Pool (LGIP)208,986,725$ -$ -$ -$ 208,986,725$
Federal Farm Credit Bank 9,775,128 - 5,063,818 4,867,442 19,706,389
Federal National Mortgage Association 4,719,534 - 9,485,662 4,296,933 18,502,129
Federal Home Loan Mortgage Corporation - - 9,461,780 - 9,461,780
Federal Home Loan Bank - 4,573,404 14,021,350 11,834,243 30,428,998
Treasury ‐ 4,857,204 18,558,890 18,465,492 41,881,586
TOTAL INVESTMENTS 223,481,387$ 9,430,609$ 56,591,500$ 39,464,110$ 328,967,606$
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-31
Property taxes levied by the King County Assessor and collected by the county treasurer become a lien
on the first day of the levy year and may be paid in two equal installments if the total amount exceeds
$30. The first half of real property taxes is due on April 30 and the balance is due October 31. Delinquent
taxes bear interest at the rate of 1 percent per month and are subject to additional penalties if not paid
as scheduled. No allowance for uncollectible taxes is established because delinquent taxes are
considered fully collectible.
At year-end, property taxes are recorded as a receivable with the portion not expected to be collected
within 60 days offset by unavailable revenue. During the year, property tax revenues are recognized
when cash is received.
The tax rate for general City operations is limited to $3.825 per $1,000 of assessed value (RCW
84.52.043), less the actual amount levied by the King County Library System (maximum $0.50/$1,000)
and the actual amount levied by the Renton Regional Fire Authority (maximum $1.00/$1,000). Included
in this amount, up to $0.225 (22.5 cents) per $1,000 may be designated for contribution to the Firemen’s
Pension Fund. If a report by a qualified actuary on the condition of the Firemen’s Pension Fund
establishes that this amount (or portion of) is not necessary to maintain the actuarial soundness of the
fund, the amount can be used for any other municipal purpose (RCW 41.16.060). The maximum statutory
rate for 2023, after reductions noted above, was $2.95764.
The tax rate limit may be reduced for any of the following reasons:
1. The Levy Limit: the levy limit calculation applies to a taxing district’s budget, and not to increases in
the assessed value or tax bill of individual properties. Initiative 747 which restricted individual taxing
districts from collecting, in any year, more than a one percent increase in their regular, non-voted,
levy over the highest levy amount since 1985 was overturned by the courts. However, during 2007,
the state legislature reinstated this limit with the passage of HB2416. New construction,
annexations, and excess levies approved by the voters are not included in the levy limit calculation.
If the assessed valuation increases by more than one percent due to revaluation, the levy rate will
be decreased.
2. The One Percent Constitution Limit: The Washington State Constitution limits the regular (non-
voted) combined property tax rate applied to an individual’s property to one percent ($10 per
$1,000) on the market valuation. Voters may approve special levies that are added to this figure. If
the taxes of all districts exceed this amount, each is proportionately reduced until the total is at or
below the one percent limit.
3. The City may voluntarily levy taxes below the legal limit.
Special levies approved by the voters are not subject to the above limitations. There is currently no
excess levy for General Obligation Bond debt. The city’s regular levy per the King County Assessor’s 2023
Annual Report is $0.88303.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-32
NOTE 4. CAPITAL ASSETS AND DEPRECIATION
Governmental activities capital asset activity for the year ended December 31, 2023, was as follows:
Depreciation and amortization were charged to the functions as follows:
Beginning Ending
Balance Increases Decreases Reallocation Balance
Governmental activities :
Capital assets, not being depreciated:
Land and land improvements $ 216,858,805 $ 2,520,625 $ (185,051) $ 430,249 $ 219,624,628
Construction in progress 63,032,240 $ 18,940,294 - $ (43,545,861) 38,426,673
Total capital assets, not being depreciated 279,891,045 21,460,919 (185,051) (43,115,612) 258,051,301
Capital assets, being depreciated:
Buildings and structures $ 86,047,725 $ 5,223,240 $ - $ 14,603,285 $ 105,874,250
Other improvements $ 344,226,295 $ 11,615,109 $ (1,877,219) $ 28,225,116 $ 382,189,301
Machinery and equipment $ 47,257,365 $ 3,332,834 $ (3,364,824) $ 287,211 $ 47,512,586
Total capital assets being depreciated $ 477,531,385 $ 20,171,183 $ (5,242,043) $ 43,115,612 $ 535,576,137
Less accumulated depreciation for:
Buildings and structures $ (48,282,609) $ (2,332,322) $ - $ - $ (50,614,931)
Other improvements $(141,224,424) $ (8,830,233) $ 1,837,712 $ - $ (148,216,945)
Machinery and equipment $ (32,386,414) $ (2,851,937) $ 3,276,814 $ - $ (31,961,537)
Total accumulated depreciation $(221,893,447) $ (14,014,492) $ 5,114,526 $ - $ (230,793,413)
Total capital assets, being depreciated, net $ 255,637,938 $ 6,156,691 $ (127,517) $ 43,115,612 $ 304,782,724
Intangible Assets:
Intangible assets, not being amortized $ 697,688 $ - $ (6,336) $ - $ 691,352
Intangible assets, being amortized $ 5,472,407 $ 1,714,125 $ (1,366,626) $ - $ 5,819,906
Less accumulated amortization $ (5,147,611) $ (391,103) $ 1,366,626 $ - (4,172,088)
Total intangible asset, being amortized, net $ 324,796 $ 1,323,022 $ - $ - $ 1,647,818
Total Intangible assets $ 1,022,484 $ 1,323,022 $ (6,336) $ - $ 2,339,170
Governmental activities capital assets, net $ 536,551,467 $ 28,940,632 $ (318,904) $ - $ 565,173,195
Depreciation Amortization Total
General Government 1,220,762 3,974 1,224,736
Judicial - - -
Public Safety 480,568 8,490 489,058
Physical Environment 58,148 - 58,148
Transportation 7,223,203 - 7,223,203
Economic Development 482,269 - 482,269
Culture and Recreation 2,123,033 - 2,123,033
Health and Human Services 13,275 - 13,275
Internal Service Funds (General Governmental) 2,413,234 378,639 2,791,873
$ 14,014,492 $ 391,103 $ 14,405,595 Total‐Governmental Activities
Governmental Activities
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-33
Business-type activities capital asset activity for the year ended December 31, 2023, was as follows:
Depreciation and amortization were charged to the functions as follows:
Beginning Ending
Balance Increases Decreases Reallocation Balance
Business‐type activities:
Capital assets, not being depreciated:
Land and land improvements $ 6,143,690 $ - $ - $ - $ 6,143,690
Construction in progress 30,559,712 14,761,339 - (23,583,381) 21,737,670
Total capital assets, not being depreciated 36,703,402 14,761,339 - (23,583,381) 27,881,360
Capital assets, being depreciated:
Buildings and structures 17,576,346 - - - 17,576,346
Other improvements 467,651,446 2,436,569 (910,828) 23,535,322 492,712,509
Machinery and equipment 3,685,919 282,913 (450,225) 48,059 3,566,666
Total capital assets being depreciated 488,913,711 2,719,482 (1,361,053) 23,583,381 513,855,521
Less accumulated depreciation for:
Buildings and structures (10,483,255) (395,835) - - (10,879,090)
Other improvements (194,597,545) (10,068,459) 525,432 - (204,140,572)
Machinery and equipment (2,728,092) (192,735) 419,719 - (2,501,108)
Total accumulated depreciation (207,808,892) (10,657,029) 945,151 - (217,520,770)
Total capital assets, being depreciated, net 281,104,819 (7,937,547) (415,902) 23,583,381 296,334,751
Intangible Assets:
Intangible assets, not being amortized 811,000 - - - 811,000
Intangible assets, being amortized 556,855 - - - 556,855
Less accumulated amortization (525,529) (5,926) - - (531,455)
Total intangible asset, being amortized, net 31,326 (5,926) - - 25,400
Total Intangible assets 842,326 (5,926) - - 836,400
Business‐type activities capital assets, net $ 318,650,547 $ 6,817,866 $ (415,902) $ - $ 325,052,511
Depreciation Amortization Total
Waterworks 9,350,846 3,809 9,354,655
Airport 1,006,951 2,117 1,009,068
Golf Course 299,232 - 299,232
$ 10,657,029 $ 5,926 $ 10,662,955 Total‐Business‐Type Activities
Business‐Type Activities
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-34
At the end of 2023, a total of 52 projects comprises the Construction in Progress. Upon completion, the
projects will be reallocated to their appropriate categories.
Construction commitments as of December 31, 2023, are as follows:
Governmental Activities Projects:Construction in Progress Remaining Commitment
Bronson Bridge 3,333,460$ 544,176$
Cedar Ave S Sidewalk 42,264 1,059,927
Community Center Wi-Fi 186,592 813,408
Downtown Streetscape 2,058,319 926,448
Downtown Wayfinding Signage 113,503 140,368
Highlands to Landing Pedestrian Lighting 710,666 97,139
Henry Moses Aquatic Center 80,282 1,957,469
Houser Way N. Bridge 116,175 815,825
I-405/NE 44th St Roundabout Greenscape 26,591 39,409
Kenyon Property Building 73,991 -
Kenyon Property Instahot Water Heater 10,555 -
Liberty Park Improvement 18,631 1,184,050
May Creek Park 7,524 192,476
May Creek Trail South 188,291 1,927,806
Park Ave Extension 9,435,072 1,841,841
Pavilion Remodel 150,317 3,875,872
Police Brazos Parking Citation System 8,586 -
Rainier Ave S/N Phase 4 18,432,581 20,477,359
Regis Park Athletic Field Expansion 124,044 -
Renton Connector 461,006 1,320,410
RTC Burnett Ave S Sidewalk Rehabilitation 95,849 609,151
S. 2nd Street Conversion 12,719 1,539,237
So 7th St 350,147 534,853
Safe Routes to Transit 1,923,483 3,216
Sunset Blvd Corridor 341,671 -
Williams Ave Public Art 18,634 53,009
Williams Bridge 104,989 1,167,311
116th Street Sidewalk 731 999,269
Total governmental activities 38,426,673$ 42,120,029$
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-35
Springbrook Creek Wetland and Habitat Mitigation Bank
The city entered into an agreement with Washington State Department of Transportation to jointly share
in the development, construction, maintenance and operation of the Springbrook Creek Wetland and
Habitat Mitigation Bank. Each agency has contributed toward the establishment of the Bank and
mitigation credits earned were split evenly between the two agencies. Credits were earned over a 10-
year period as certain performance measures were met and are available for use by the city in lieu of
performing mitigation measures otherwise required for certain capital projects or the city may choose
to sell the credits to external developers. The city assumed site management and monitoring costs at
the end of the 10-year performance period (2021) and is obligated to maintain and monitor the wetland
in perpetuity, which includes ensuring that functional benefits of the mitigation activities are not
degraded, ensuring long-term protection of wetland and buffer areas, and maintaining native plant
communities and wildlife habitat diversity.
Asset Retirement Obligation
The city completed a thorough review of all tangible capital assets to determine if there are any legally
enforceable liabilities associated with the retirement of the assets, as required by GASB Statement 83,
Asset Retirement Obligation. The Waterworks Utility has ten water wells that have regulatory
requirements associated with decommissioning. The assets have no foreseeable disposition, the city has
no intent of decommissioning the wells, and there is no incurrence of external or internal obligating
events that would require the city to record an Asset Retirement Obligation at this time. For this reason,
Business‐Type Activities Projects:Construction in Progress Remaining Commitment
Airport Office Rehab 1,028,657$ 2,035,794$
Burnett Ave S/Williams Ave S 558,013 2,890,784
Burnette Ave S Water Main Impr 9,284 359,363
East Valley Road Storm System Improvement 119,781 241,480
Force Main Rehabilitation/Replacement 536,202 2,095,309
Hardie Ave S Underpass Storm System Improvement 74,995 650,070
Highlands 435 - Resevoirs Replacement 2,620,590 20,637,303
Windsor Hills Water Utility Improvement 499,082 4,918,837
Lift Station Rehabilitation 647,816 1,996,251
Monroe Ave NE & N 2nd St Infiltration System 6,457,893 15,028,768
NE 12th St Water Main Replacement 170,883 1,766,628
Panther Creek Culvert Replacement 234,086 464,564
Rainier Ave S Road & Utility Improvements 2,030,075 669,925
Rainier Ave/Oakesdale Ave Pump Station Generator 57,095 399,012
Renton Sewer Replacement 380,576 2,610,377
SE 172nd St/125th Ave SE Storm Sys 643,743 3,106,041
Sunset Gardens Water System Improvements 1,021,544 501,404
Taxiway Alpha Rehabilitation 899,961 3,015,323
Thunder Hills Sanitary 2,251,840 1,518,208
Water Pump Stations Affixed Emerg Generator 122,302 762,221
Water Pump Stations Rehabilitation 912,032 1,235,587
Windsor Hills Storm System Utility Improvement 34,133 2,375,597
Windsor Hills Utility Improvement 241,284 229,823
Windwdookd Div. III Pond Chain Link Fence & Gate 185,803 171,063
Total business‐type activities 21,737,670$ 69,679,732$
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-36
an asset retirement obligation has not been recognized in the Proprietary Funds Statement of Net
Position. If it is determined that the wells need to be retired in the future, the current estimated cost of
doing so is approximately $1.15M.
The city also has two underground fuel storage tanks included in general governmental assets. The tanks
are expected to be replaced with new tanks when they exhaust their useful lives. Based on the
regulations and statues required by Department of Ecology, WAC-173-360A-0810, the estimated lesser
cost to decommission the tanks is $150,000. There is no incurrence of external or internal obligating
events that would require the city to record an Asset Retirement Obligation at this time. For this reason,
an asset retirement obligation has not been recognized in the Government-wide Statement of Net
Position. When the tanks are replaced in the future, an asset retirement obligation will be recorded at
that time.
NOTE 5. PENSION PLANS
A. State Sponsored Pension Plans
For purposes of measuring the net pension liability/asset, deferred outflows of resources and deferred
inflows of resources related to pensions, and pension expense, information about the fiduciary net
position of the Plans and additions to/deductions from the Plan’s fiduciary net position have been
determined on the same basis as they are reported by the State of Washington Department of
Retirement Systems (DRS). For this purpose, benefit payments (including refunds of employee
contributions) are recognized when due and payable in accordance with the benefit terms. Investments
are reported at fair value.
General Information about the Pension Plans
The city’s full-time and qualifying part-time employees are eligible to participate in one of the following
statewide retirement systems administered by the Washington State Department of Retirement
Systems:
Public Employees’ Retirement System (PERS) Plans 1, 2, and 3
Law Enforcement Officers’ and Firefighters’ Retirement System (LEOFF) Plans 1 and 2
Public Safety Employees’ Retirement System (PSERS) Plan 2
The Department of Retirement Systems (DRS), a department within the primary government of the State
of Washington, issues a publicly available annual comprehensive financial report (AFCR) that includes
financial statements and required supplementary information for each plan. The DRS ACFR may be
obtained by contacting the Washington State Department of Retirement Systems, P.O. Box 48380,
Olympia, WA 98504-8380; or online from the DRS website at www.drs.wa.gov.
Actuarial assumptions. The total pension liability was determined using the following actuarial
assumptions.
Inflation: 2.75% total economic inflation; 3.25% salary inflation
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-37
Salary increases: In addition to the base 3.25% salary inflation assumption, salaries are also
expected to grow by promotions and longevity.
Investment rate of return: 7.00%
Total pension liability for each of the plans was determined using the most recent actuarial valuation
completed in 2023 with a valuation date of June 30, 2022. The actuarial assumptions used were based
on the results of the 2013-2018 Demographic Experience Study report and the 2021 Economic
Experience Study.
Methods did not change from the prior contribution rate setting June 30, 2021 Actuarial Valuation
Report (AVR). There were also the following assumption changes:
The Office of the State Actuary (OSA) made adjustments to TRS Plan 1 assets, LEOFF Plan 1 / 2
assets, and LEOFF participant data to reflect certain material changes occurring after the June 30,
2022, measurement date.
Mortality rates were developed using the Society of Actuaries PUB. H-2010 mortality rates as the base
table. OSA applied age offsets to the base table to better tailor the mortality rates to the demographics
of each plan. The long-term MP-2017 generational improvement scale was applied to project mortality
rates for every year after the 2010 base table. Mortality rates are applied on a generational basis
meaning each member is assumed to receive additional mortality improvements in each future year,
throughout his or her lifetime.
The long-term expected rate of return on pension plan investments was determined using a building-
block method in which the Washington State Investment Board (WSIB) used a best estimate of expected
future rates of return (expected returns net of pension plan investment expense but including inflation)
to develop each major asset class. Those expected returns make up one component of WSIB’s Capital
Market Assumptions (CMAs). The CMAs contain the following three pieces of information for each class
of assets the WSIB currently invest in:
Expected annual return
Standard deviation of the annual return
Correlations between the annual returns of each asset class with every other asset class
The WSIB uses the CMAs and their target asset allocation to stimulate future investment returns over
various time horizons.
The long-term expected rate of return of 7.0% approximately equals the median of the simulated
investment returns over a fifty-year time horizon, adjusted to remove or dampen any short-term
changes to WSIB’s CMAs that aren’t expected over the entire fifty-year measurement period.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-38
Best estimates of arithmetic real rates of return for each major asset class included in the pension plan’s
target asset allocation as of June 30, 2023, are summarized in the following table:
Asset Class Target Allocation
Long-Term Expected Real
Rate of Return
Fixed Income 20.00% 1.50%
Tangible Assets 7.00% 4.70%
Real Estate 18.00% 5.40%
Global Equity 32.00% 5.90%
Private Equity 23.00% 8.90%
The inflation component used to create the table above is 2.20% and represents WSIB’s most recent
long-term estimate of broad economic inflation.
Discount rate. The discount rate used to measure the total pension liability was 7.00% for all plans. To
determine the discount rate, an asset sufficiency test was completed to test whether each pension plan’s
fiduciary net position was sufficient to make all projected future payments for current plan members.
Based on the assumptions described in OSA’s certification letter within the DRS annual report, the
pension plan’s fiduciary net position was projected to be available to make all projected future benefit
payments of current plan members. Therefore, the long-term expected rate of return of 7.00% on
pension plan investments was applied to determine the total pension liability.
Sensitivity of the Net Pension Liability/(Asset) to Changes in the Discount Rate. The following presents
the city’s proportionate share of the net pension liability/(asset), calculated using the discount rate of
7.00%, as well as what the net pension liability/(asset) would be if it were calculated using a discount
rate that is one percentage point lower (6.00%) or one percentage point higher (8.00%) than the current
rate.
Collective Net Pension Liability/(Asset)
The collective net pension liability was measured as of June 30, 2023, and the total pension liability used
to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2022, with
the results rolled forward to June 30, 2023, using standard update procedures. Employer contribution
transmittals received and processed by the DRS for the fiscal year ended June 30, 2023, are used as the
basis for determining each employer’s proportionate share of the collective pension amounts reported
by the DRS in the Schedules of Employer and Non-employer Allocations for all plans except LEOFF Plan
1. LEOFF Plan 1 allocation percentages are based on the total historical employer contributions to LEOFF
Plan 1 from 1971 through 2000 and the retirement benefit payments in fiscal year 2023. Historical data
was obtained from a 2011 study by the office of the State Actuary (OSA). In the fiscal year 2023, the
State of Washington contributed 87.12% of LEOFF Plan 1 employer contributions and all other employers
1% Decrease
6.00%
Current Discount Rate
7.00%
1% Increase
8.00%
PERS Plan 1 3,189,149,000$ 2,282,732,000$ 1,491,643,000$
PERS Plan 2/3 4,457,809,000$ (4,098,683,000)$ (11,128,382,000)$
PSERS Plan 2 164,422,000$ (106,039,000)$ (319,492,000)$
LEOFF Plan 1 (2,631,763,000)$ (2,968,024,000)$ (3,259,614,000)$
LEOFF Plan 2 397,143,000$ (2,398,598,000)$ (4,686,672,000)$
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-39
contributed the remaining 12.88% of employer contributions. LEOFF Plan 1 is fully funded and no further
employer contributions have been required since June 2000. If the plan becomes underfunded, funding
of the remaining liability will require new legislation. The allocation method the plan chose reflects the
projected long-term contribution effort based on historical data.
At June 30, 2023, the city’s proportionate share of the collective net pension assets/liabilities was as
follows:
Public Employees’ Retirement System (PERS)
Plan description. PERS was established by the state legislature in 1947 under the Revised Code of
Washington (RCW) chapter 41.40. PERS is a multiple-employer cost-sharing retirement system.
Membership in the system includes elected officials, state employees, employees of the Supreme,
Appeals, and Superior Courts (other than judges currently in a judicial retirement system); employees of
legislative committees; community and technical colleges, college and university employees not in
national higher education retirement programs; judges of district and municipal courts; and employees
of local governments.
PERS consists of three plans. PERS participants, who joined the PERS system by September 30, 1977, are
Plan 1 members. Plan 1 is closed to new members. Those who joined on or after October 1, 1977; and
by either, February 28, 2002, for state and higher education employees, or August 31, 2002 for local
government employees, are Plan 2 members unless they exercise an option to transfer their membership
to Plan 3. PERS participants joining the system on or after March 1, 2002, for state and higher education
employees, or September 1, 2002 for local government employees, have the irrevocable option of
choosing membership in either PERS Plan 2 or PERS Plan 3. The option must be exercised within 90 days
of employment. An employee is reported in Plan 2 until a choice is made. Employees who fail to choose
within 90 days default to PERS Plan 3.
Benefits provided.
PERS Plan 1 provides retirement, disability, and death benefits. Retirement benefits are determined as
two percent of the member’s average final compensation (AFC) times the member’s years of service.
The AFC is the average of the member’s 24 highest consecutive service months. Members are eligible
for retirement from active status at any age with at least 30 years of service, at age 55 with at least 25
years of service, or at age 60 with at least five years of service. Members retiring from active status prior
to the age of 65 may receive actuarially reduced benefits. Retirement benefits are actuarially reduced to
reflect the choice of a survivor benefit. Other benefits include duty and non-duty disability payments, an
optional cost-of-living adjustment (COLA), and a one-time duty-related death benefit, if found eligible by
the Department of Labor and Industries. PERS 1 members were vested after the completion of five years
of eligible service. The plan was closed to new entrants on September 30, 1977.
Proportionate Share Proportionate Share Change in
6/30/2022 6/30/2023 Proportion
PERS Plan 1 0.273106%0.264064%-0.009042%
PERS Plan 2/3 0.352756%0.337498%-0.015258%
PSERS Plan 2 0.047808%0.055615%0.007807%
LEOFF Plan 1 0.249474%0.249031%-0.000443%
LEOFF Plan 2 0.420420%0.446469%0.026049%
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-40
PERS Plan 2/3 provides retirement, disability, and death benefits. Retirement benefits are determined
as two percent of the member’s average final compensation (AFC) times the member’s years of service
for Plan 2 and 1 percent of AFC for Plan 3. The AFC is the average of the member’s 60 highest-paid
consecutive service months. There is no cap on years of service credit. Members are eligible for
retirement with a full benefit at 65 with at least five years of service credit. Retirement before age 65 is
considered an early retirement. PERS Plan 2/3 members who have at least 20 years of service credit and
are 55 years of age or older, are eligible for early retirement with a benefit that is reduced by a factor
that varies according to age for each year before age 65. PERS Plan 2/3 members who have 30 or more
years of service credit and are at least 55 years old can retire under one of two provisions:
With a benefit that is reduced by three percent for each year before age 65; or
With a benefit that has a smaller (or no) reduction (depending on age) that imposes stricter
return-to-work rules.
PERS Plan 2/3 members hired on or after May 1, 2013 have the option to retire early by accepting a
reduction of five percent for each year of retirement before age 65. This option is available only to those
who are age 55 or older and have at least 30 years of service credit. PERS Plan 2/3 retirement benefits
are also actuarially reduced to reflect the choice of a survivor benefit. Other PERS Plan 2/3 benefits
include duty and non-duty disability payments, a cost-of-living allowance (based on the CPI), capped at
three percent annually and a one-time duty related death benefit, if found eligible by the Department
of Labor and Industries. PERS 2 members are vested after completing five years of eligible service. Plan
3 members are vested in the defined benefit portion of their plan after ten years of service; or after five
years of service if 12 months of that service are earned after age 44.
PERS Plan 3 defined contribution benefits are dependent on employee contributions and investment
earnings on those contributions. PERS Plan 3 members choose their contribution rate upon joining
membership and have a chance to change rates upon changing employers. As established by statute,
Plan 3 required defined contribution rates are set at a minimum of 5 percent and escalate to 15 percent
with a choice of six options (A-F). If Plan 3 members do not choose a contribution rate, it will default to
option A which is 5%. Employers do not contribute to the defined contribution benefits. PERS Plan 3
members are immediately vested in the defined contribution portion of their plan.
The Judicial Benefit Multiplier (JBM) Program began January 1, 2007. This program gave eligible justices
and judges an option to increase the benefit multiplier used in their retirement benefit calculation for
their judicial service period of employment. Beginning January, 2007, any justice or judge who was in a
judicial position at that time could choose to join JBM. Any justice or judge elected or appointed to office
on or after January 1, 2007, who elects to join DRS membership will also be mandated into JBM. If they
have already established membership in PERS or TRS Plan 1 they will rejoin that plan, but if they have
never had membership they will be enrolled as a member of both PERS Plan 2 and JBM.
Contributions. PERS defined benefit retirement benefits are financed from a combination of investment
earnings and employer and employee contributions. Each biennium, the state Pension Funding Council
adopts Plan 1 employer contribution rates, Plan 2 employer and employee contribution rates, and Plan
3 employer contribution rates. The methods used to determine contribution requirements are
established under state statute.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-41
The required contribution rates, expressed as a percentage of covered payroll, were as follows:
Employer contributions were $1,672,293, $2,512,374, and $600,151 for Plans 1, 2, and 3, respectively.
Public Safety Employee’s Retirement System (PSERS)
Plan description. The PSERS system was created by the 2004 Legislature and became effective July 1,
2006 under RCW 41.37. PSERS is a multiple-employer cost-sharing retirement system comprised of a
single defined benefit plan, PSERS Plan2. PSERS membership includes full-time employees meeting
specific eligibility criteria that are employed by Department of Corrections, Department of Natural
Resources, Gambling Commissions, Liquor Control Board, Parks and Recreation Commission,
Washington State Patrol, Washington state counties, corrections departments of Washington state cities
except for Seattle, Tacoma, and Spokane, or correctional entities formed by PSERS employers under the
Interlocal Cooperation Act.
Benefits provided. PSERS provides retirement, disability, and death benefits to eligible members.
PSERS members are vested after an employee completes five years of eligible service, PSERS members
may retire at the age of 65 with five years of service, or at the age of 60 with at least ten years of PSERS
service credit, or at age 53 with twenty years of service with a monthly benefit of two percent of the
average final compensation (AFC). A cost-of-living allowance (COLA) is granted based on the Consumer
Price Index, capped at three percent annually. The AFC is the average of the member’s 60 highest paid
consecutive months.
PSERS members have the option to retire early with reduced benefits. PSERS members meeting specific
eligibility requirements have options available to enhance their retirement benefits. Some of these
options are available to their survivors, generally with reduced benefits.
Contributions. PSERS defined benefit retirement benefits are financed from a combination of investment
earnings and employer and employee contributions. Each biennium, the state Pension Funding Council
adopts Plan 2 employer and employee contribution rates. The employer and employee contribution
Required Contribution Rates Employer Employee
Plan 1 Plan 2 Plan 3 Plan 1 Plan 2 Plan 3
PERS
Members not participating in JBM
State agencies, local governmental units 10.21% 10.21% 10.21% 6.00% 6.36% **
Administrative fee 0.18% 0.18% 0.18%
Total 10.39% 10.39% 10.39% *
Members participating in JBM
Local governmental units 10.21% 10.21% 10.21% 12.26% 15.90% 7.50%***
Administrative fee 0.18% 0.18% 0.18%
Total 10.39% 10.39% 10.39% *
* Plan 3 defined benefit portion only.
** Variable from 5% to 15% based on rate selected by the member.
*** Minimum rate.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-42
rates for Plan 2 are developed by the Office of the State Actuary to fully fund Plan 2. The methods used
to determine the contribution requirements are established under state statute.
The required contribution rates, expressed as a percentage of covered payroll, were as follows:
Employer contributions to PSERS Plan 2 were $28,681.
Law Enforcement Officers’ and Firefighters’ Retirement System (LEOFF)
Plan description. LEOFF was established by the state legislature in 1970 under the Revised Code of
Washington (RCW) chapter 41.26. LEOFF is a multiple-employer cost-sharing retirement system.
Membership in the system includes all full-time, fully compensated, local law enforcement
commissioned officers, firefighters, and as of July 24, 2005, emergency medical technicians. LEOFF
membership is comprised primarily of non-state employees, with Department of Fish and Wildlife
enforcement officers who were first included effective July 27, 2003, being an exception.
LEOFF consists of two separate defined benefit plans. LEOFF participants who joined the system by
September 30, 1977, are Plan 1 members. Plan 1 is closed to new members. Those who joined on or
after October 1, 1977, are Plan 2 members.
Effective July 1, 2003, the LEOFF Plan 2 Retirement Board was established by Initiative 790 to provide
governance of LEOFF Plan 2. The Board’s duties include adopting contribution rates and recommending
policy changes to the Legislature for the LEOFF Plan 2 retirement plan.
Benefits provided. LEOFF plans provide retirement, disability, and death benefits to eligible members.
LEOFF Plan 1 members are vested after the completion of five years of eligible service. Plan 1 members
are eligible for retirement with five years of service at the age of 50. The benefit per year of service
calculated as a percent of final average salary (FAS) is as follows:
20+ years of service – 2.0% of FAS
10-19 years of service – 1.5% of FAS
5-9 years of service – 1% of FAS
A cost-of-living allowance (COLA) is granted based on the Consumer Price Index.
LEOFF Plan 2 members are vested after the completion of five years of eligible service. Plan 2 members
are eligible for retirement at the age of 53 with five years of service, or at age 50 with twenty years of
service. Plan 2 members receive a benefit of two percent of the FAS per year of service. FAS is based on
the highest consecutive 60 months. A COLA is granted based on the Consumer Price Index, capped at
three percent annually.
Required Contribution Rates Employer Employee
Plan 2 Plan 2
PSERS
State agencies, local governmental units 10.45% 6.60%
Administrative fee 0.18%
Total 10.63%
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-43
LEOFF members have the option to retire early with reduced benefits. LEOFF members meeting specific
eligibility requirements have options available to enhance their retirement benefits. Some of these
options are available to their survivors, generally with reduced benefits.
Contributions. LEOFF defined benefit retirement benefits are financed from a combination of investment
earnings, employer and employee contributions, and a special funding situation in which the state pays
through state legislative appropriations.
Employer and employee contribution rates are developed by the Office of the State Actuary to fully fund
the plans. Starting on July 1, 2000, Plan 1 employers and employees are not required to contribute as
long as the plan remains fully funded. Plan 2 employers and employees are required to pay at the level
adopted by the LEOFF Plan 2 Retirement Board. The methods used to determine contribution
requirements are established under state statute.
The required contribution rates, expressed as a percentage of covered payroll, were as follows:
Employer contributions to LEOFF Plan 2 were $998,109.
B. Firefighters’ Pension
The city is the administrator of the Firefighters’ Pension Plan for all firefighters employed prior to March
1, 1970. The Firefighters’ Pension Plan is included within the City of Renton’s statements as a pension
trust fund. There is no separate GAAP-based audited report. A schedule of employer contributions,
prepared by Milliman, Inc. is included in the Required Supplemental Information section. Additional
information from the actuarial report prepared for the Firefighters’ Pension Plan, by Milliman, Inc., may
be obtained by contacting the City of Renton, Finance Division, 1055 South Grady Way, Renton, WA
98057.
Plan Description - The Firefighters’ Plan (Plan) is a closed, single-employer defined benefit pension plan
administered by the City of Renton through the firefighters’ pension board. The plan provides pensions
for firefighters that were employed prior to March 1, 1970, when the LEOFF retirement system was
established.
The firefighters’ pension board consists of five members: the Mayor who serves as chair of the board,
the chairperson of the Council Finance Committee, and three members elected by secret ballot of the
retired firefighters for two-year terms.
Required Contribution Rates Employer Employee
Plan 1 Plan 2 Plan 1 Plan 2
LEOFF
Local governmental units N/A 5.12% N/A 8.53%
Administrative fee 0.18% 0.18%
Total 0.18% 5.30%
N/A Indicates data not applicable.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-44
Plan Membership – Membership is limited to active members of the Firefighters’ Pension Plan (FPP) as
of March 1, 1970. On that date, the Washington Law Enforcement Officers’ and Firefighters’ System
(LEOFF) was established. The plan is closed to new members. At December 31, 2023, FPF membership
consisted of the following:
Benefits Provided - All benefit terms are in statutes RCW 41.16, 41.18, and 41.26. The Firefighters’
Pension Plan (FPP) provides retirement, disability, and death benefits. Each firefighter in service on
March 1, 1970 receives the greater of the benefit payable under the Washington Law Enforcement
Officers’ and Firefighters’ Retirement (LEOFF) System and the benefits available under the provisions of
prior law. Where benefits under the old law exceed those under the new law for any firefighter, the
excess benefits are paid from the FPF of the city employing the member on March 1, 1970.
All members are retired and drawing benefits. Benefit terms provide for cost-of-living adjustments to
each member’s retirement benefit. There are two types of increases: escalation by salary in proportion
to current salary of rank from which the firefighter retired or increase proportionate to the increase in
the Seattle-area consumer price index, with the change computed annually. Regardless of the change in
the consumer price index, benefits are increased at least two percent each year. The former applies to
firefighters who retired from service after 1969, their survivors, and to firefighters who retired from duty
disability (but not their survivors) after 1961. The latter applies to all other types of monthly benefits.
Benefits and refunds of the Plan are recognized when due and payable in accordance with the terms of
the Plan. For 2023, $253,150 was paid for pension benefit payments.
Contributions. As long as the FPP provides for benefits to covered members, the city will be eligible to
receive a share of the State’s distribution of the fire insurance premium taxes. The amount the city
receives is 25% of all monies received by the State from taxes on fire insurance premiums. Contributions
can also come from taxes paid pursuant to the provisions of RCW 41.16.060. This statute requires that
each municipality levy up to $0.45 (only $0.225 of which can be in excess of the property tax limit
pursuant to RCW 84.52.043) per $1,000 of assessed valuation, based on reports by a qualified actuary,
to maintain the fund. 2023 employer contributions to the Firefighters’ Pension Plan were $199,566.
Investment Policy – The pension plan’s policy in regard to the allocation of invested assets is established
and may be amended by a majority vote of its members. It is the policy of the FPP board to pursue an
investment strategy that emphasizes prudent and professional standards. The primary investment
requirements, in order of priority, are safety, compliance, liquidity, and return on investment. The Board
has designated daily operations, internal controls, and investment decisions to the city’s finance director.
No significant investment policy changes were made during the reporting year. Investments are
recorded at fair value in accordance with GASB Statement No. 72, Fair Value Measurement and
Application. Accordingly, the change in fair value of investments is recognized as an increase or decrease
to investment assets and investment income.
Rate of Return – For the year ended December 31, 2023, the annual money-weighted rate of return on
pension plan investments, net of pension plan investment expense, was 4.30%. The money-weighted
Inactive employees or beneficiaries currently receiving benefits 22
Inactive employees or beneficiaries receiving full retirement through LEOFF 2
Total 24
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-45
rate of return expresses investment performance, net of investment expense, adjusted for the changing
amounts actually invested.
Concentrations – For the year ended December 31, 2023, 17.02% of the plan’s fiduciary net position was
invested in US Federal Agency Securities, 3.57% was invested in certificates of deposit, 9.13% was
invested in US Treasury, and 4.40% was invested in US Treasury Strips.
Net Pension Liability/(Asset)
The city’s net pension liability was measured as of December 31, 2023, and the total pension liability
used to calculate the net pension liability/(asset) of $(8,069,845) was determined by an actuarial
valuation as of that date.
The plan’s fiduciary net position of $10,267,485 is 467% of the plan’s total pension liability at December
31, 2023.
Actuarial assumptions. The total pension liability was determined by an actuarial valuation as of
December 31, 2023, using the following actuarial assumptions.
Inflation 2.50%
Salary increases 3.50%
Investment rate of return 4.00%
Actuarial cost method Entry age normal
Mortality rates were based on the Pub-2010 Mortality Table (headcount-weighted) with ages set back
one year for males is used for healthy annuitants. Pub-2010 Safety Disabled Mortality Table is used for
disabled annuitants. A blend of rates from Pub-2010 Mortality Tables for contingent annuitants and
Increase (Decrease)
Total Pension
Liability
(a)
Plan Fiduciary Net
Position
(b)
Net Pension
Liability (Asset)
(a) - (b)
Balances at December 31,2022 2,366,873$ 9,909,380$ (7,542,507)$
Changes for the Year
Interest on total pension liability 84,055 - 84,055
Effect of economic/demographic gains or losses (2,678) - (2,678)
Effect of assumptions chages or inputs 2,541 - 2,541
Benefit payments (253,151) (253,151) -
Contributions from state fire insurance premium tax - 199,566 (199,566)
Net investment income - 425,290 (425,290)
Administrative expenses - (13,600) 13,600
Net Changes (169,233) 358,105 (527,338)
Balances at December 31,2023 2,197,640$ 10,267,485$ (8,069,845)$
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-46
retirees is used for surviving spouses. Mortality rates are projected forward generationally suing the
ultimate rates in Projection Scale MP-2017.
The long-term expected rate of return on pension plan investments was determined by combining
expected inflation to expected long term real return and reflecting expected volatility and correction.
We used the weighted expected returns of the city’s portfolio of cash, US Treasuries (to be held to
maturity), and receivables to develop the long-term expected rate of return.
The best-estimate range for the long-term expected rate of return for each major asset class included in
the pension plan’s target asset allocation as of December 31, 2023, are summarized in the following
table:
Discount rate. The discount rate used to measure the total pension liability was 4%. The projection of
cash flows used to determine the discount rate assumed city contributions were equal to revenue
received from Fire Insurance premiums and the amount received would increase at the inflation rate of
2.50%. Based on this assumption, the pension plan’s fiduciary net position was projected to be available
to make all projected future benefit payment of current plan members. Therefore, the long-term
expected rate of return on pension plan investments was applied to all periods of projected benefit
payments to determine the total pension liability.
Sensitivity of the net pension liability to changes in the discount rate. The following presents the net
pension liability of the city, calculated using the discount rate of 4.0%, as well as what the city’s net
pension liability would be if it were calculated using a discount rate that is one percentage point lower
(3.0%), or one percentage point higher (5.0%), that the current rate.
Asset Class Index
Long-Term Expected Real
Rate of Return
Cash BAML 90-Day T-Bills 0.81%
Core Fixed Income Bloomberg Barclays Aggregate 2.20%
US Treasury Bonds Bloomberg US Treasury TR USD 1.69%
US Long STRIPS Bloomberg US Strips 20+ Yr TR USD 4.58%
Mortgages Bloomberg US MBS TR USD 2.60%
Assumed Inflation - Mean 2.50%
Long-Term Expected Rate of Return 4.00%
1% Decrease
2.75%
Current
Discount Rate
3.75%
1% Increase
4.75%
Total Pension Liability 2,338,984$ 2,197,640$ 2,071,002$
Fiduciary Net Position 10,267,485 10,267,485 10,267,485
Net Pension Liability (7,928,502) (8,069,845) (8,196,483)
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-47
C. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions
As of June 30, 2023, the city reported its proportionate share of net pension liability/(asset) as follows:
The amount of the liability/(asset) reported for LEOFF Plan 1 and LEOFF Plan 2 reflects a reduction for
the city’s collective liability to be paid by the State. The city recognized $643,542as contribution revenue
for the State’s on behalf payment for 2023. The amount recognized by the city as its proportionate share
of the net pension liability/(asset), the portion of the city’s net pension liability/(asset) to be paid by the
State, and the total portion of the net pension liability/(asset) that was associated with the city were as
follows:
For the year ended December 31, 2023, the city recognized pension expense as follows:
Plan Liability Asset
PERS Plan 1 6,027,872$ -$
PERS Plan 2/3 (13,832,977)
PSERS Plan 2 - (58,974)
LEOFF Plan 1 - (7,391,300)
LEOFF Plan 2 - (10,708,997)
Firefighters' Pension (8,069,845)
Total 6,027,872$ (40,062,092)$
Liability/(Asset)
LEOFF Plan 1 - employer's proportionate share (7,391,300)$
LEOFF Plan 1 - State's proportionate share of the net
pension liability/(asset) associated with the employer (49,994,569)
TOTAL (57,385,869)$
Liability/(Asset)
LEOFF Plan 2 - employer's proportionate share (10,708,996)$
LEOFF Plan 2 - State's proportionate share of the net
pension liability/(asset) associated with the employer (6,838,655)
TOTAL (17,547,651)$
Pension Expense (Income)
PERS Plan 1 (362,213)
PERS Plan 2/3 (1,665,780)
PSERS Plan 2 8,686
LEOFF Plan 1 (638,326)
LEOFF Plan 2 (144,471)
Firefighters' Pension 353,956
Total (2,448,148)$
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-48
At December 31, 2023, the city reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
For PERS Plan 1, $746,207, for PERS Plan 2/3, $1,565,500, for PSERS Plan 2, $15,036, and for LEOFF Plan
2 $509,252, reported as deferred outflows of resources related to contributions resulting from city
contributions subsequent to the measurement date will be recognized as a reduction of the net pension
liability in the year ended December 31, 2023.
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to
pensions will be recognized as pension expense as follows:
Deferred Outflows of Resources PERS Plan 1 PERS Plan 2/3 PSERS Plan 2 LEOFF Plan 1 LEOFF Plan 2
Firefighters'
Pension Total
Differences between expected and
actual experience -$ 2,817,761$ 18,453$ -$ 4,374,321$ -$ 7,210,535$
Net difference between projected
and actual earnings on pension
plan investments - - - - 238,281 238,281
Changes of assumptions - 5,807,561 26,385 - 2,735,574 8,569,520
Changes in proportion and
differences between City
contributions and proportionate - 468,145 - - 772,225 1,240,370
City contributions subsequent to
the measurement date 746,207 1,565,500 15,036 - 509,252 2,835,995
Total 746,207$ 10,658,967$ 59,874$ -$ 8,391,372$ 238,281$ 20,094,701$
Deferred Inflows of Resources PERS Plan 1 PERS Plan 2/3 PSERS Plan 2 LEOFF Plan 1 LEOFF Plan 2
Firefighters'
Pension Total
Differences between expected and
actual experience -$ 154,557$ 15,175$ -$ 88,105$ -$ 257,837$
Net difference between projected
and actual earnings on pension
plan investments 679,970 5,213,101 15,871 490,111 2,266,003 - 8,665,056
Changes of assumptions - 1,265,820 10,262 - 879,659 - 2,155,741
Changes in proportion and
differences between City
contributions and proportionate - 811,108 - - 1,420,265 - 2,231,373
Total 679,970$ 7,444,586$ 41,308$ 490,111$ 4,654,032$ -$ 13,310,007$
Differences Between Projected and Actual Earnings on Plan Investments
Year PERS Plan 1 PERS Plan 2/3 PSERS Plan 2 LEOFF Plan 1 LEOFF Plan 2 Firefighters' Pension Total
2024 (462,622)$ (3,629,868)$ (11,591)$ (336,036)$ (1,588,754)$ 99,746$ (5,929,125)$
2025 (581,804) (4,457,319) (13,951) (421,683) (1,954,683) 98,547 (7,330,893)
2026 358,731 2,868,981 9,818 261,584 1,269,809 50,974 4,819,897
2027 5,725 5,105 (147) 6,024 7,629 (10,986) 13,350
Total (679,970)$ (5,213,101)$ (15,871)$ (490,111)$ (2,265,999)$ 238,281$ (8,426,771)$
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-49
Differences Between Expected and Actual Experience
Recognition Period (Years)1 6.9 10.6 9.8
Year PERS Plan 2/3 PSERS Plan 2 LEOFF Plan 2 Total
2024 556,450$ 595$ 538,348$ 1,095,393$
2025 628,044 595 538,348 1,166,987
2026 581,726 595 538,348 1,120,669
2027 457,870 595 548,138 1,006,603
2028 377,166 595 547,202 924,963
Thereafter 61,948 303 1,575,832 1,638,083
Total 2,663,204$ 3,278$ 4,286,216$ 6,952,698$
The recognition period for each plan is equal to the average of the expected remaining service lives of all employees provided with
pensions through the pension plan, which was determined at the beginning of the measurement period.
Changes of Assumptions
Recognition Period (Years)1 6.9 10.6 9.8
Year PERS Plan 2/3 PSERS Plan 2 LEOFF Plan 2 Total
2024 607,504$ 1,407$ 161,378$ 770,289$
2025 818,862 1,407 161,378 981,647
2026 861,399 1,407 161,378 1,024,184
2027 1,097,349 1,407 161,378 1,260,134
2028 1,156,627 1,407 229,846 1,387,880
Thereafter - 9,088 980,557 989,645
Total 4,541,741$ 16,123$ 1,855,915$ 6,413,779$
The recognition period for each plan is equal to the average of the expected remaining service lives of all employees provided with
pensions through the pension plan, which was determined at the beginning of the measurement period.
Recognition Period (Years)1 6.9 10.6 9.8
Year PERS Plan 2/3 PSERS Plan 2 LEOFF Plan 2 Total
2024 (136,023)$ -$ (73,974)$ (209,997)$
2025 (114,339) - (73,974) (188,313)
2026 (92,154) - (73,974) (166,128)
2027 (64,504) - (58,070) (122,574)
2028 (2,170) - (42,752) (44,922)
Thereafter 66,229 - (325,297) (259,068)
Total (342,963)$ -$ (648,040)$ (991,002)$
The recognition period for each plan is equal to the average of the expected remaining service lives of all employees provided with
pensions through the pension plan, which was determined at the beginning of the measurement period.
Changes in Proportion and Differences Between City Contributions and Proportionate Share of Contributions
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-50
NOTE 6. OTHER POST EMPLOYMENT BENEFITS
General Information
The city implemented Governmental Accounting Standards Board (GASB) Statement 75, Accounting and
Financial Reporting for Postemployment Benefits Other Than Pensions for calendar year 2018 financial
reporting. Previously, the city accounted for its other postemployment benefit (OPEB) expenses related
to the Health Plan based on a computed annual required contribution (ARC) and an amount to amortize
unfunded actuarial accrued liabilities.
Plan Description
In accordance with the Revised Code of Washington (RCW) 41.26, the city administers a single-employer
defined benefit healthcare plan (the Health Plan) for law enforcement officers and firefighters employed
prior to October 1, 1977. The city maintains a standalone internal service fund, LEOFF 1 Retirees
Healthcare Fund. No assets are accumulated in a trust that meets the criteria in paragraph 4 of Statement
75.
The Health Plan’s actuary is Milliman, Inc. The report may be obtained by contacting the City of Renton,
Finance Division, 1055 South Grady Way, Renton, WA 98057. The Health Plan does not issue a separate
standalone financial report.
Benefits Provided
The Health Plan provides medical, prescription drug, dental, Medicare Part B premiums, long-term care,
and vision expenses for LEOFF Plan 1 retirees. Dependent spouses and children are not covered. There
are currently 70 retirees covered under the plan and the plan is closed to new entrants.
Funding Policy
Funding for LEOFF 1 retiree healthcare costs is provided entirely by the city as required by the Revised
Code of Washington (RCW) 41.26. The city does not require retiree contributions.
OPEB Liability
The OPEB liability was determined by an actuarial valuation as of the valuation date, calculated based
on the discount rate below, and was then projected forward to the measurement date. There have been
no significant changes between the valuation date and the fiscal year ends. The city’s total OPEB liability
of $30,842,514 was measured as of December 31, 2023.
Total OPEB Liability
12/31/2022 12/31/2023
Total OPEB Liabilty 28,931,977$ 30,842,514$
Covered employee payroll -$ -$
N/A N/ATotal OPEB liability as of a % of covered
employee payroll
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-51
Actuarial Methods and Assumptions
An actuarial valuation was completed as of January 1, 2023. Projections of benefits for financial reporting
purposes are based on the substantive plan (the plan as understood by the employer and plan members)
and include the types of benefits provided at the time of each valuation. The actuarial methods and
assumptions used include techniques that are designed to reduce the effects of short-term volatility in
actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective
of the calculations.
The Bond Buyer General Obligation 20-bond municipal bond index for bonds that mature in 20 years is
3.26% as of December 28, 2023. Rounding this to the nearest 1/4% results in a discount rate of 3.25% as
of the December 31, 2023 measurement date.
Mortality rates were based on the following assumptions:
Service-retired members were based on the Pub-2010 Safety Mortality Table (headcount-
weighted) with generational projection using the ultimate rates in Projection Scale MP-2017,
with ages set back one year for males.
Disabled members were based on the PUB-2010 Safety Disability Mortality Table with
generational projection using the ultimate rates in Projection Scale MP-2017.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-52
Changes in the Total OPEB Liability
The following table presents the change in the total OPEB liability as of December 31, 2023.
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate.
The following presents the total OPEB liability of the city as well as what the total OPEB liability would
be if it were calculated using trend rates that are 1% point lower or 1% point higher than the current
rate.
The following presents the total OPEB liability of the city, calculated using the current healthcare cost
trend rates as well as what the city’s total OPEB liability would be if it were calculated using trend rates
that are 1% point lower or 1% higher than the current trend rates.
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
For the year ended December 31, 2023, the city recognized OPEB Expense of $3,269,069. As of
December 31, 2023, the city reported no deferred outflows or inflows of resources related to OPEB.
Changes in Total OPEB Liabilty
Balance as of 12/31/2022 28,931,977$
Changes for the Year:
Service Cost -
Interest on total OPEB Liability 1,059,711
Effect of plan changes -
Effect of Economic/demographic gains or losses (1,470,719)
Effect of assumptions changes or inputs 3,680,077
Expected benefit payment (1,358,532)
Balance as of 12/31/2023 30,842,514$
1% Decrease
2.25%
Current
Discount Rate
3.25%
1% Increase
4.25%
Total December 31,2023 OPEB Liability 34,547,908$ 30,842,514$ 27,724,879$
1% Decrease
Current
Trend Rate 1% Increase
Total December 31,2023 OPEB Liability 27,993,476$ 30,842,514$ 34,116,532$
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-53
NOTE 7. CONTINGENCIES
As of December 31, 2023, there were various claims for damages and lawsuits pending against the city.
Although the outcome of these claims and lawsuits is not determinable at this time, it is the opinion of
management, that the resolution of these matters will not have a material adverse effect on the financial
condition of the city and that the city’s insurance policies and/or self-insurance reserves are adequate
to pay all known or pending claims.
The city participates in a number of federal and state assisted programs. These grants are subject to
program compliance audits by the Single Audit Act. Such audits could result in requests for
reimbursement to grantor agencies for expenditures disallowed under the terms of the grants. The
amount of expenditure that may be disallowed, if any, cannot be determined at this time and the city’s
management believes that such disallowances, if any, will be immaterial.
As a result of a recent tax audit, the city issued a tax determination and subsequent tax assessment to a
taxpayer for unpaid Business and Occupation tax. The city anticipates this significant audit assessment
is likely to be appealed and has therefore not recognized the revenue in this fiscal reporting year. Any
gains resulting from the audit assessment will be recognized when realization is probable.
In 2021, the Washington State Supreme Court held in State v. Blake that the statute criminalizing drug
possession was unconstitutional, and the reasoning has since been applied to several similar offenses.
As a result of this decision, any Blake-related convictions qualify to be vacated from a person’s criminal
record and any legal financial obligations (LFOs) tied to the conviction that were paid by the defendant
qualify for financial reimbursement.
The state legislature has provided funding for the city to process vacations and refund LFOs on behalf of
the state, including funding in 2023 and proviso language that suggests an ongoing state responsibility.
LFO reimbursements are expected to be processed through the Washington State Administrative Office
of the Court’s Blake Refund Bureau. At this time, the city does not have sufficient information necessary
to estimate any additional remaining potential liability. However, management believes, that the
aggregate potential liability resulting from any remaining LFOs would not materially affect the financial
condition of the city.
NOTE 8. RISK MANAGEMENT
The City of Renton is exposed to various risks of loss related to tort; theft of, damage to, and destruction
of assets; errors and omissions; injuries to employees; and natural disasters. The City of Renton protects
itself against unforeseen losses by utilizing a three-pronged risk management approach. First, the city
self-funds first level losses through its Insurance Fund. Second, insurance and excess insurance is
purchased to cover medium and large losses. Third, the city reserves the right to utilize the provisions of
Chapter 35A.31.070 RCW to fund catastrophic or uninsured losses. This State statute allows cities to levy
a non-voted property tax increase to pay for uninsured claims. There were no settlements in excess of
the insurance coverage in any of the three prior fiscal years.
The risk management internal service fund is funded by charges to the City of Renton’s other funds and
is based primarily upon the contributing funds’ claims experience. Actuarial studies were performed for
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-54
liability, worker’s compensation, and health benefits to determine claims liabilities and recommended
funding levels for the risk areas. The claims liability reported in the fund is based on the requirements
of the GASB Statement No. 10. Liabilities of the fund are reported when it is probable that a loss has
occurred, and the amount of the loss can be reasonably estimated. Liabilities include an amount for
claims that have been incurred but not reported (IBNRs). The estimate of the claims liability also includes
amounts for incremental claim adjustment expenses related to specific claims and other allocated and
unallocated claim adjustment expenses. The estimated liability for worker’s compensation and general
liability is discounted to present value using a discount rate of 1.0%.
The city's Risk Management Program is administered under the authority of the Human Resources and
Risk Management Administrator, with claims being processed by the carriers shown below.
As of December 31, 2023, the city had accrued the following amounts for outstanding claims:
Coverage
Total Claims Payable
12/31/2023
Liability 578,742$
Workers' compensation 892,087
Health Benefits 1,506,000
TOTAL 2,976,829$
2023 Liability
Workers'
Compensation Health Benefits Totals
Claims liabilities at beginning of the year 419,803$ 840,783$ 1,592,000$ 2,852,586$
Current year and changes in estimates (275,302) (823,534) (11,307,830) (12,406,665)
Claims payments 434,241 874,838 11,221,830 12,530,908
Claims liabilities at end of the year 578,742$ 892,087$ 1,506,000$ 2,976,829$
2022 Liability
Workers'
Compensation Health Benefits Totals
Claims liabilities at beginning of the year 276,500$ 416,613$ 1,653,000$ 2,346,113$
Current year and changes in estimates (541,520) (633,231) (11,130,664) (12,305,415)
Claims payments 684,823 1,057,401 11,069,664 12,811,888
Claims liabilities at end of the year 419,803$ 840,783$ 1,592,000$ 2,852,586$
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-55
An analysis of the insurance deductibles and self-insured retention levels, limits of insurance, and
carriers for the major types of coverage are as follows:
Type of Coverage
Risk Retention
Occurrence Aggregate Amount Carrier
Property $50,000 $200,000,000
Expires 07/01/2024 (per occurrence subject to annual
aggregate & sub-limits)
Cyber Liability $50,000 $2,000,000 APIP
Expires 07/01/2024 (subject to sub-limits)
Pollution Liability $100,000 $2,000,000 APIP
Expires 07/01/2024 (per incident, per insured)
Comm Gen Liability $300,000 $5,000,000 Safety National
Expires 01/01/2024 (per occurrence, $5M aggregate)
Comm Gen Liability - POL/EPL, Law Enf $300,000 $5,000,000 Safety National
Expires 01/01/2024 (per occurrence, $5M aggregate)
Liability $10M XS $5M $5,000,000 $10,000,000 AWAC
Expires 01/01/2024 (per occurrence + $10M aggregate)
Liability $5M XS $15M $15,000,000 $5,000,000 Hallmark
Expires 01/01/2024 (per occurrence + $5M aggregate)
Liability $5M XS $20M $20,000,000 $5,000,000 AWAC
Expires 01/01/2024 (per occurrence + $5M aggregate)
Unmanned Aircraft Liability $0 $1,000,000 National Union Fire
Expires 01/01/2024 (per occurrence)
Auto Liability $300,000 $5,000,000 Safety National
Expires 01/01/2024 (per occurrence + $5M aggregate)
Equipment Breakdown $10,000 $100,000,000 APIP
Expires 07/01/2024
Employee Fidelity/Crime (ACIP)$10,000 $2,500,000 National Union Fire
Expires 07/01/2024
Airport Liability $0 $100,000,000 National Union Fire
Expires 01/01/2024
Storage Tank Pollution Liab $2,500 $1,000,000 Mid-Continent Casualty
Expires 01/01/2024
Excess Workers’ Comp $750,000 Others, Statutory Safety National
Expires 01/01/2024 $1,000,000 Police
Deadly Weapons Response $10,000 $500,000 APIP
Expires 01/01/2024
Alliant Property Insurance
Program (APIP)
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-56
NOTE 9. INTERFUND TRANSACTIONS
A. INTERFUND TRANSFERS
The following is the composition of interfund transfers for the year ended December 31, 2023:
During the year transfers were used to fund anticipated capital projects and equipment purchases.
All transfers either occur on a regular basis or are consistent with the purpose of the fund making the
transfer. Transfers that occur within the governmental funds are eliminated on the government-wide
statement of activities.
The city made the following one-time transfers during the year ending December 31, 2023:
1. $30 thousand transfer from the Hotel/Motel Tax Fund to the General Fund for matching a Port of
Seattle grant for economic development activities.
2. $900 thousand transfer from the Municipal Facilities CIP Fund to the General Fund to return funds
previously transferred for capital projects.
3. $4.3 million transfer from the General Fund, $1.1 million transfer from the Parks Impact Mitigation
Fund, $3.7 million transfer from the REET 1 Fund and $100 thousand from the REET 2 Fund to the
Municipal Facilities CIP Fund to fund various Facilities and Parks Planning & Natural Resources capital
projects.
4. $1.16 million transfer from the General Fund, $5.8 million transfer from the Transportation Impact
Mitigation Fund, and $4.1 million transfer from the REET 2 Fund to the Capital Improvement Fund to
fund various Transportation capital projects.
5. $1.7 million transfer from the General Fund, $2.6 million from the Fire Impact Mitigation Fund and
$1.24 million from the REET 2 Fund to the General Debt Fund to fund annual debt payments.
6. $115 thousand from the General Fund to the Golf Course Fund for operating costs.
7. $1 million transfer from the General Fund to the Insurance Fund for risk management reserves, and
$136 thousand transfer from the General Fund to the Insurance Fund for non-capital related
expenses.
Transfer Out:General
Municipal
Facilities CIP
Capital
Improvement General Debt Golf Course Insurance
Equipment
Rental Total
Governmental Funds:
General - 4,290,379 1,165,000 1,678,850 115,000 1,136,346 5,272,265 13,657,841
Hotel/Motel Tax 30,000 - - - - - - 30,000
Parks Impact Mitigation - 1,090,000 - - - - - 1,090,000
Fire Impact Mitigation - - - 2,595,376 - - - 2,595,376
Transportation Impact Mitigation - - 5,817,897 - - - - 5,817,897
REET 1 - 3,715,000 - - - - - 3,715,000
REET 2 - 100,000 4,062,000 1,241,625 - - - 5,403,625
Municipal Facilities CIP 900,000 - - - - - 100,000 1,000,000
Capital Improvement - - - - - - - ‐
Enterprise Funds:
Waterworks Utility 16,210 - - - - - 69,568 85,778
Solid Waste - - - - - - 84,275 84,275
Airport - 350,000 - - - - 175,339 525,339
Internal Service Funds:
Insurance 900,000 - - - - - 58,813 958,813
Total 1,846,210 9,545,379 11,044,897 5,515,851 115,000 1,136,346 5,760,261 34,963,945
Governmental Funds
Transfer In:
Enterprise Funds Internal Service Funds
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-57
8. $5.3 million transfer from the General Fund to the Equipment Rental Fund for capital related
expenses.
9. $100 thousand transfer from the Municipal Facilities Fund to the Equipment Rental Fund for
furniture purchases.
10. $350 thousand transfer from the Airport Fund to the Municipal Facilities CIP Fund for capital related
expenses.
11. $85 thousand from the Solid Waste Fund to the Equipment Rental Fund to fund vehicle replacement.
12. $175 thousand from the Airport Fund to the Equipment Rental Fund to fund fleet equipment
purchase.
13. $900 thousand from the Insurance Fund to the General Fund for transfer of Annexation Sales Tax
Credit Reserve.
14. $59 thousand from the Insurance Fund to the Equipment Rental Fund for new software.
15. Various transfers from the General Fund and Waterworks Utility Fund to the Equipment Rental Fund
to fund previously unbudgeted equipment/furniture purchases.
B. INTERFUND RECEIVABLES AND PAYABLES
The composition of interfund receivables/ payables as of December 31, 2023, is as follows:
Due from/to:
These are the outstanding balances between funds during the year ending December 31, 2023:
1. $183 thousand from the General Fund to the Waterworks Utility Fund, $21 thousand to the Solid
Waste Utility Fund, $16.6 thousand to the Airport Fund and $14.6 thousand to the Gold Fund to
refund amounts related to General Fund indirect costs.
2. $115 from the General Fund to the Municipal Facilities Fund to refund amounts charged for non-
capital related expense.
3. $18.7 thousand from the Insurance Fund to the General Fund and $21.9 thousand to the
Waterworks Utility Fund for reimbursement of property claims expense.
4. $1,762 from the Equipment Rental Fund to the Waterworks Utility Fund to refund amounts
charged for an equipment purchase.
Receivable Fund Payable Fund Amount
Waterworks Utility General Fund 183,339$
Solid Waste Utility General Fund 20,909
Airport General Fund 16,606
Golf General Fund 14,578
Municipal Facilities CIP General Fund 115
General Fund Insurance Fund 18,709
Waterworks Utility Insurance Fund 21,893
Waterworks Utility Equipment Rental 1,762
Total 277,911$
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-58
Advances from/to:
The amount payable from the Golf Course Fund was an interfund loan for the purchase of new golf
carts.
NOTE 10. LONG TERM LIABILITIES
General Obligation Bonds
General obligation bonds are direct obligations of the city for which its full faith and credit are pledged.
Debt service for voter-approved bonds, which the city has none, would be funded by special property
tax levies. Debt service for city council authorized bonds (councilmatic bonds) is funded from regular
property taxes or general revenues and is generally paid from debt service funds.
General Obligation Bonds outstanding at year-end are as follows:
2013 Limited Tax General Obligation qualified energy conservation bonds (QECB) which provided
funding for streetlight improvements.
2015 (A) Limited Tax General Obligation refunding bond which refunded a portion of the 2006
limited tax general obligation bonds for the construction of South Lake Washington infrastructure
improvements.
2019 Limited Tax General Obligation bonds which funded improvements to parks, trails and
recreational facilities in the city.
2019 Limited Tax General Obligation local revitalization financing bonds (LRF) which provided
funding for public infrastructure improvements in the South Lake Washington Revitalization
Area.
Other intergovernmental debt, backed by the full faith and credit of the city:
2019 intergovernmental debt which refunded the outstanding balance of the 2009 (A & B)
intergovernmental debt for the acquisition, construction and equipping of the SCORE facility.
Pursuant to a restated and amended interlocal agreement, the city is obligated to pay 40.96
percent of the debt service on the SCORE bonds.
Revenue Bonds
Revenue bonds are pledged from water, sewer, and storm revenues generated from the charges for
service revenues in those funds. The city is required by bond covenants to secure parity reserves for
these revenue bonds. The current parity reserves are $2,810,145.
Due Within
Receivable Fund Payable Fund Amount One Year
General Fund Golf Course Fund 144,000$ 44,982$
Total 144,000$ 44,982$
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-59
Revenue Bonds outstanding at year-end are as follows:
2012 Water/Sewer Revenue Refunding Bonds (Ordinance #5672) were issued in the amount of
$9,190,000 and dated December 7, 2012. The average interest rate is 2.5%. These bonds were
issued for the purpose of refunding a portion of the 2004 Water/Sewer Revenue Bonds.
2016 Water/Sewer Revenue Refunding Bonds (2008A) (Ordinance #5812) were issued in the
amount of $9,385,000 and dated October 20, 2016. The average interest rate is 1.73%. These
bonds were issued for the purpose of refunding a portion of the 2008 (A) Water/Sewer Revenue
Bonds (Exempt).
State of Washington Public Works Trust Fund Loans (PWTFL)
PWTFL are the direct responsibility of the city. At year-end the city has one outstanding loan, with a
remaining balance of $272,648. This is for water capital improvements and pledged from water system
revenues.
PWTFL outstanding at year-end are as follows:
Maplewood Drinking Water Treatment Improvement loan was to construct the drinking water
treatment improvements at Maplewood.
Compensated Absences
Compensated absences are paid by those funds that have employees. These are mostly payable from
the General Fund and Waterworks Utility Fund.
Leases
The city leases certain machinery, equipment, and land. In addition, the city has entered into
subscription-based agreements for information technology (SBITA) services. These lease payments are
payable from the General Fund, Equipment Rental Fund and Airport Fund. Refer to Note 12 and Note 13
for a detailed summary of leases.
Long‐Term Debt Schedules
The following schedules summarize the long-term debt transactions of the city for the year ended
December 31, 2023. The first two tables reflect total annual debt service requirements to maturity, while
the third table provides detailed information on all long-term debt.
Year Principal Interest Principal Interest
2024 2,627,872 1,678,498 215,000 34,615
2025 2,742,688 1,566,033 215,000 27,692
2026 2,860,696 1,445,249 215,000 20,769
2027 2,997,800 1,319,089 215,000 13,846
2028 3,119,904 1,186,749 215,000 6,923
2029-2033 11,060,528 4,262,125 - -
2034-2038 13,506,968 1,808,266 - -
2039-2043 2,215,001 272,800 - -
Totals 41,131,457 13,538,809 1,075,000 103,845
Bonds Bonds ‐ Direct Placements
Governmental Activities
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-60
Debt Limit Capacity
State law provides that debt cannot be incurred in excess of the following percentages of the value of
the taxable property of the city: 1.5 percent without a vote of the people provided the indebtedness
with a vote is 1 percent or less; 2.5 percent with a vote of the people; 5.0 percent with a vote of the
people, provided the indebtedness in excess of 2.5 percent is for utilities; and 7.5 percent with a vote of
Year Principal Interest Principal Interest Principal Interest
2024 1,515,000 190,200 1,030,000 73,093 272,647 1,363
2025 1,560,001 144,750 1,045,000 55,274 - -
2026 1,610,000 97,950 1,065,000 37,195 - -
2027 1,655,000 49,650 1,085,000 18,771 - -
Totals 6,340,001 482,550 4,225,000 184,332 272,647 1,363
Revenue Bonds‐ Direct PlacementsRevenue Bonds
Business‐Type Activities
Loans ‐ Direct Borrowings
Issue Name Interest Rates Maturity Date
Original Issue
Amount
Beginning
Balance
01/01/2023 Additions Deductions
Ending Balance
12/31/2023
Due Within One
Year
GOVERNMENTAL‐TYPE DEBT:
Limited General Obligation Bonds:
2015 (A) GO S LK WA Infr Refunding (BQ) 3.00%-4.00% 12/1/2028 8,825,000 6,640,000 - 1,005,000 5,635,000 1,045,000
2019 GO Parks Bonds 3.00%-5.00%12/1/2038 12,960,000 11,355,000 - 490,000 10,865,000 515,000
2019 GO LRF Bonds (Transportation)3.00%-5.00%12/1/2043 7,885,000 7,030,000 - 210,000 6,820,000 220,000
Unamortized (discount)/premium 2,661,853 - 208,888 2,452,965 -
29,670,000 27,686,853 ‐ 1,913,888 25,772,965 1,780,000
General Obligation Bonds from Direct
2013 GO QECB 3.22%7/1/2028 3,200,000 1,290,000 - 215,000 1,075,000 215,000
3,200,000 1,290,000 ‐ 215,000 1,075,000 215,000
2009 FD 40 Loan for acquisition of FS13 3.75%9/1/2028 6,798,085 2,533,190 - 2,533,190 - -
2019 SCORE Refunding Bonds 3.00%-5.00%12/1/2038 20,912,128 18,626,560 - 815,103 17,811,457 847,872
Total Intergovernmental Debt 27,710,213 21,159,750 ‐ 3,348,293 17,811,457 847,872
Other Long‐Term Liabilities:
Employee Leave Benefits - Compensated Absences 4,933,474 3,255,486 2,995,505 5,193,455 3,441,906
Other Post Employment Benefits (OPEB)28,931,977 1,910,537 - 30,842,514 1,229,311
Net Pension Liability 5,960,229 - 1,162,645 4,797,584 -
Leases Various Various 1,684,709 156,307 1,455,054 647,624 963,737 473,894
Total Other Long‐Term Liabilities 1,684,709 39,981,987 6,621,077 4,805,774 41,797,290 5,145,111
62,264,922$ 90,118,590$ 6,621,077$ 10,282,955$ 86,456,712$ 7,987,983$
BUSINESS‐TYPE DEBT:
Revenue Bonds:
2012 Water/Sewer Refunding 2.00%-3.00%12/1/2027 $ 9,190,000 7,810,000$ - 1,470,000$ 6,340,000$ 1,515,000$
Unamortized (discount)/premium 253,096 - 50,619 202,477 -
Total Revenue Bonds 9,190,000 8,063,096 ‐ 1,520,619 6,542,477 1,515,000
Revenue Bonds from Direct Placements:
2016 Water/Sewer Refunding (2008A)1.73%12/1/2027 9,385,000 5,240,000 - 1,015,000 4,225,000 1,030,000
Total Revenue Bonds from Direct Placements 9,385,000 5,240,000 ‐ 1,015,000 4,225,000 1,030,000
Loans from Direct Borrowings:
Public Works Trust Fund Loans:
Maplewood Water Treatment Improvement 0.50%7/1/2024 5,150,000 545,295 - 272,647 272,648 272,648
5,150,000 545,295 ‐ 272,647 272,648 272,648
Other Long‐Term Liabilities:
Employee Leave Benefits - Compensated Absences 776,476 520,273 467,191 829,558 544,614
Net Pension Liability 1,644,044 413,756 1,230,288 -
Leases 2.21%4/1/2035 29,633 27,202 - 1,829 25,373 1,870
Total Other Long‐Term Liabilities 2,447,722 520,273 882,776 2,085,219 546,484
$ 23,754,633 16,296,113$ 520,273$ 3,691,042$ 13,125,343$ 3,364,132$
$ 86,019,555 $ 106,414,703 $ 7,141,350 $ 13,973,997 $ 99,582,055 $ 11,352,115
Schedule of Changes of Long‐Term Liabilities
TOTAL ALL FUNDS
TOTAL BUSINESS‐TYPE DEBT
TOTAL GOVERNMENTAL‐TYPE DEBT
Total Loans from Direct Borrowingss
Total General Obligation Bonds
Other Intergovernmental ‐ Backed by full faith and credit of the City:
Total General Obligation Bonds from Direct Placements
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-61
the people provided the indebtedness in excess of 5.0 percent is for open space development and parks
facilities. Table 16 in the Statistical Section shows the computation of legal debt margin for general and
special purpose capacities for the City of Renton.
Estimated Arbitrage Rebate
The city engages an outside agency to calculate its arbitrage rebate liability on outstanding tax-exempt
bonds and certificates of participation under Section 148(f) of the Internal Revenue Code. No additional
rebate was found due for any revenue or general obligation bonds for 2023.
NOTE 11. JOINT VENTURES
A joint venture is a legal entity or other organization that results from a contractual agreement and that
is owned, operated, or governed by two or more participants as a separate and specific activity subject
to joint control in which the participants retain (a) an on-going financial interest or (b) an on-going
financial responsibility. The city participates in two joint ventures, both of which are sanctioned by the
provisions and terms of the Interlocal Cooperation Act pursuant to Chapter 39.34 RCW.
VALLEY COMMUNICATIONS CENTER
The Valley Communications Center (Valley Com) was established August 20, 1976, when an Interlocal
Agreement was entered into by four original participating municipal corporations, including the cities of
Renton, Kent, Auburn, and Tukwila. Federal Way was formally admitted in 2000. The initial duration of
the agreement was five years, and thereafter is automatically extended for consecutive five-year
periods.
The purpose of the joint operation, hereafter referred to as Valley Com, is to provide improved
consolidated emergency communications (dispatch) services for police, fire, and medical aid to the five
participating cities and to several subscribing agencies that include: King County Fire Districts 2, 20, 44,
47; City of Pacific Police Department; City of Black Diamond Police Department; City of Des Moines Police
Department; City of Algona Police Department; Enumclaw Fire; Valley Regional Fire Authority; North
Highline Fire Department; South King Fire & Rescue; Vashon Island Fire & Rescue; King County Airport;
Puget Sound Regional Fire Authority; Renton Regional Fire Authority, KC Sheriff’s Office; and KC Medic
One. Separate agreements between Valley Com and the subscribing agencies have been executed,
which set forth conditions of services and rates charged.
The city made payments totaling $2,935,786 to support Valley Com’s operating costs during the year
ended December 31, 2023.
The city reports its share of equity interest in the Governmental Activities column within the
Government-wide financial statements under non-current assets – investments in joint ventures. The
following is condensed financial information as of December 31, 2023, related to Valley Communications
Center:
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-62
Complete Financial Statements for Valley Com can be obtained from the Valley Communications Center,
23807 – 98th Avenue South, Kent, WA 98031.
SOUTH CORRECTIONAL ENTITY (SCORE)
The South Correctional Entity (SCORE), a consolidated correctional facility, was established February 25,
2009, when an interlocal agreement was entered into by seven participating municipal governments
(“owner cities”) of Auburn, Burien, Des Moines, Federal Way, Renton, SeaTac and Tukwila. This
agreement was amended and restated October 1, 2009, and named the City of Des Moines as the “host
city”. Pursuant to a separate “Host City Agreement” dated October 1, 2009, the host city will not enjoy
the same equity position as the original owner cities until all debts issued are paid and the host city fulfills
all of its obligations as outlined in the Agreement. On December 11, 2019, the internal local agreement
was again amended to reflect the withdrawal of Federal Way as an owner city and added the City of Des
Moines as an owner city, terminating the host city agreement. The internal local agreement also
included other revisions to provide the issuance of bonds to refund the 2009 bonds.
The purpose of the interlocal operation, SCORE, is to serve the Member Cities and Subscribing Agencies
which are in need of correctional facilities. SCORE provides correctional services and functions incidental
thereto, for the purpose of detaining arrestees and sentenced offenders in the furtherance of public
safety and emergencies within the jurisdiction of the Member Cities. Separate agreements between
SCORE and subscribing agencies have been executed, which set forth conditions of services and rates
charged.
Financing for the acquisition, construction, equipping, and improvement of the SCORE Facility was
provided by bonds issued by the South Correctional Entity Facility Public Development Authority (the
“SCORE PDA”), a public development authority chartered by the City of Renton pursuant to RCW
35.21.730 through 35.21.755 and secured by the full faith and credit of the Cities of Auburn, Burien,
Federal Way, Renton, SeaTac, and Tukwila (the owner cities). The SCORE PDA issued $86 million in special
obligation bonds in 2009 to carry out the facility development project. As previously mentioned SCORE
issued refunding bonds on December 11, 2019 in the amount of $51,055,000 (2019 Bonds). The
proceeds of the 2019 bonds were used together with a contribution from Federal Way to fully pay its
2009 Capital Contribution, to defease and refund all of the outstanding 2009 bonds. Federal Way has
also reduced their owner equity balance to zero in 2019 and no longer holds responsibility for any long-
term debt.
Member City Percent of Equity
2022 Equity
Balance 2023 Distribution
2023 Equity
Balance
Auburn 21.59% 8,834,669$ 1,016,695$ 9,851,364
Federal Way 18.90% 7,627,741 996,975 8,624,716
Kent 28.23% 11,560,686 1,322,034 12,882,720
Renton 21.17% 8,610,737 1,049,574 9,660,311
Tukwila 10.11% 4,114,494 500,926 4,615,420
Grand Totals 100.00% 40,748,327$ 4,886,204$ 45,634,531$
Valley Communications Center
2023 Owner Cities Equity Allocation
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-63
The following is a summary of the debt service requirements, for each owner city:
The City of Renton made payments totaling $4,664,664 to support SCORE’s operating costs during the
year ended December 31, 2023.
The city reports its share of equity interest in the Governmental Activities column within the
Government-wide financial statements under non-current assets – investments in joint ventures. The
following is condensed financial information as of December 31, 2023, related to SCORE:
Complete financial statements for SCORE and SCORE PDA can be obtained at SCORE, 20817 17th Avenue
South, Des Moines, WA 98198.
WASHINGTON MULTI‐CITY BUSINESS LICENSE AND TAX PORTAL AGENCY (FILELOCAL)
Washington Multi-City Business Licenses and Tax Portal Agency (d.b.a. FileLocal) was established on
March 1, 2014, under the state lnterlocal Cooperation Act (Ch.39.34.RCW) and Chapter 24.06 RCW.
FileLocal is an instrumentality of its member cities, formed to carry out exclusively governmental
activities to offer a web-based service that makes it easier for businesses to obtain business licenses and
Auburn Burien Des Moines Renton SeaTac Tukwila
Year 34.94%4.82%6.02%40.96%3.62%9.64%
2024 1,366,119 188,457 235,376 1,601,495 141,538 376,914
2025 1,366,888 188,563 235,508 1,602,397 141,618 377,126
2026 1,365,927 188,431 235,343 1,601,270 141,518 376,861
2027 1,366,626 188,527 235,463 1,602,089 141,591 377,054
2028 1,365,315 188,346 235,238 1,600,553 141,455 376,693
2029-2033 6,830,875 942,324 1,176,928 8,007,803 707,721 1,884,649
2034-2038 6,829,110 942,081 1,176,624 8,005,734 707,538 1,884,162
Totals 20,490,860$ 2,826,729$ 3,530,480$ 24,021,341$ 2,122,979$ 5,653,459$
Debt Service Allocation to Owner Cities
Member City Percent of Equity
2022 Equity
Balance 2023 Distribution
2023 Equity
Balance
Auburn 41.48% 14,096,126$ 1,218,714$ 15,314,840$
Burien 5.39% 1,831,888 268,275 2,100,163
Des Moines 5.02% 1,707,548 181,695 1,889,243
Renton 32.11% 10,913,931 970,291 11,884,222
SeaTac 8.27% 2,812,314 214,728 3,027,042
Tukwila 7.73% 2,627,335 163,548 2,790,883
Grand Totals 100.00% 33,989,142$ 3,017,251$ 37,006,393$
South Correctional Entity (SCORE)
2023 Owner Cities Equity Allocation
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-64
pay local Business & Occupation (B&O) taxes to its member cities. FileLocal began providing services in
July 2015.
There are currently eight participating member cities: Bellevue, Everett, Seattle, Tacoma, Lake Forest
Park, Des Moines, Kent, and Renton. There are also two subscriber cities: Snoqualmie and Shoreline. An
Executive Board serves as the primary governing body of File Local. The board is comprised of members
from all eight member cities. The Executive Board has final decision-making authority upon all policy
issues, approval or amendment of Bylaws or Articles of Incorporation, acquisition of assets, admission
of new Principal(s) or Subscriber(s), appointing or removing a manager, merger, consolidation, sale,
termination, or dissolution of the agency by supermajority vote.
Principals pay a prorate share of budgeted expenditures each year based on the number of transactions
processed in the most recent full year of data. The City of Renton paid $33,405 in 2023, which represents
the city’s equity share of 4.29% or $75,627.
Financial reports for FileLocal can be obtained from the contracted CPA, Horace Francis at FileLocal, 700
Fifth Avenue, Suite 4350, Seattle, WA 98104.
NOTE 12. SUBSCRIPTION‐BASED INFORMATION TECHNOLOGY ARRANGEMENTS (SBITA)
GASB Statement No. 96, Subscription-Based Information Technology Arrangements, defines a SBITA as
a contract that conveys control of the right to use another party’s IT software for a period of time in an
exchange or exchange-like transaction.
As of December 31, 2023, the city has contracts that meet the criteria of a SBITA.
Microsoft Corporation – In September 2023, the city entered a contract with Microsoft for software
licenses. The licenses provide access to the vendor’s Desktop Platform Product and Online Services. The
term of the contract is three years.
Axon Enterprise, Inc – In October 2021, the city entered a contract with Axon for Police Body Cameras,
Dash Camaras, Video Storage and Management. The software subscription component of the contract
allows the city to access videos stored by the vendor. The term of the contract is five years.
Cision US Inc – In February 2023, the city entered a contract with Cision. The subscription allows the city
to access Cision Communications Cloud Platform, a media management platform. The term of the
contract is two years.
King County – In May 2023, the city entered a contract with King County for the I-Net Services. The
services provide internet connection and access through fiber optic network, which includes direct cloud
service connections. The term of the contract is three years.
NetMotion Software, Inc – In November 2021, the city entered a contract with NetMotion for software
licenses. The licenses provide network security and support. The term of the contract is four years.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-65
Origami Risk LLC – In July 2021, the city entered a contract with Origami for risk management software.
The software is used for risk management information. The term of the contract is three years.
Pacific Golf and Turf – In February 2022, the city entered a contract with Pacific Golf and Turf for cloud-
based irrigation control system that includes system software and support. The term of the contract is
two years.
PerfectMind Inc. – In November 2022, the city entered a contract with PerfectMind for software licenses
to access their platform. The software is used for payment processing of recreation fees. The term of the
contract is three years.
As of December 31, 2023, the principal and interest requirements to maturity are as follows:
The intangible asset SBITA activity in governmental activities and related accumulated amortization for
year ended December 31, 2023, are as follows:
NOTE 13. LEASES
GASB Statement No. 87, Leases, a lease is defined as a contract that conveys control of the right to use
another entity’s nonfinancial asset specified in the contract for a period of time in an exchange or
exchange-like transaction.
As of December 31, 2023, the city has lease agreements where the city is the lessee and the lessor. The
city also has regulated leases subject to external laws, regulations, or legal ruling.
Year ended December 31 Principal Interest Total
2024 581,982$ 44,688$ 626,670$
2025 462,701$ 20,177$ 482,878
2026 11,428$ 121$ 11,549
2027 -$ -$ -
2028 -$ -$ -
2029 and after -$ -$ -
Total 1,056,111$ 64,986$ 1,121,097$
Beginning
Balance Increases Decreases Ending Balance
Intangible Assets -$ 1,669,639$ -$ 1,669,639$
Total -$ 1,669,639$ -$ 1,669,639$
Accumulated Amortization - 262,090 - 262,090
Governmental activities, net -$ 1,407,549$ -$ 1,407,549$
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-66
A. Lessee
Governmental Activity Leases
Aquatic Land Lease – In August 2013, the city entered into a lease agreement as lessee with WA State
Department of Natural Resources for use of aquatic land commonly known as Lake Washington, which
is a harbor area located in King County Washington. The city uses the land as a park, Gene Coulon
Memorial Beach Park. The lease agreement ends in 2043 with payments made annually.
Copier Lease - In June 2020, the city entered into a lease agreement as lessee with Xerox Financial
Services, LLC for three Xerox copiers. The copiers are used by the Communications Department. The
lease has a term of five years with payments made monthly.
Equipment – In October 2017, the city entered into a lease agreement as lessee with Pitney Bowes, Inc.
for mailroom equipment. The equipment is used by the Communications Department. The lease has a
term of five years with payments made quarterly.
As of December 31, 2023, the principal and interest requirements to maturity are as follows:
The intangible asset lease activity in governmental activities and related accumulated amortization for
year ended December 31, 2023, are as follows:
Business-type Activity Leases
Aquatic Land Lease – In September 2006, the city entered into a lease agreement as lessee with WA
State Department of Natural Resources for use of aquatic land commonly known as Lake Washington,
which is a harbor area located in King County, Washington. The city uses the land for seaplane moorage
at City of Renton Municipal Airport. The lease agreement ends in 2036 with payments made annually.
Year ended
December 31 Principal Interest Total
2024 35,055$ 2,850$ 37,906$
2025 21,356 1,957 23,312
2026 7,282 1,690 8,972
2027 2,973 1,579 4,552
2028 3,053 1,499 4,552
2029 and after 52,492 11,236 63,728
Total 122,211$ 20,811$ 143,022$
Beginning
Balance Increases Decreases Ending Balance
Leased Land 74,198$ -$ -$ 74,198$
Leased Building - - - -
Leased Equipment 155,457 - - 155,457
Total 229,655$ -$ -$ 229,655$
Accumulated Amortization,
Leased asset 77,078 34,625 - 111,703
Governmental activities, net 152,577$ (34,625)$ -$ 117,952$
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-67
As of December 31, 2023, the principal and interest requirements to maturity are as follows:
The intangible asset lease activity in governmental activities and related accumulated amortization for
year ended December 31, 2023, are as follows:
B. Lessor
The city is a lessor for noncancelable leases. The city recognizes a lease receivable and a deferred inflow
of resources in the government-wide and fund financial statements.
At the commencement of a lease, the city initially measures the lease receivable at the present value of
payments expected to be received during the lease term. Subsequently the lease receivable is reduced
by the principal portion of lease payments received. The deferred inflow of resources is initially measure
as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease
commencement date. Subsequently, the deferred inflow of resources is recognized as revenue over the
life of the lease term using the (straight-line basis/effective interest method).
Key estimates and judgements related to lease include how the city determines (1) the discount rate it
uses to discount the expected lease payments to present value, (2) lease term, and (3) lease payments.
The city uses its estimated incremental borrowing rate as the discount rate for leases. This is the rate
the lessee would be charged for borrowing the lease payment amounts during the lease term.
The lease term includes the noncancelable period of the lease. Lease receipts included in the
measurement of the lease liability are compose of fixed payments from the lessee.
Year ended
December 31 Principal Interest Total
2024 1,870$ 561$ 2,431$
2025 1,911$ 520$ 2,431$
2026 1,953$ 478$ 2,431$
2027 1,997$ 434$ 2,431$
2028 2,041$ 390$ 2,431$
2029 and after 15,601$ 1,416$ 17,017$
Total 25,373$ 3,799$ 29,172$
Beginning
Balance Increases Decreases Ending Balance
Leased Land -$ -$ -$ -$
Leased Building - - - -
Leased Equipment 29,633 - - 29,633
Total 29,633$ -$ -$ 29,633$
Accumulated Amortization,
Leased asset 2,117 2,117 - 4,233
Business-type activities, net 27,516$ (2,117)$ -$ 25,400$
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-68
The city monitors changes in circumstances that would require a remeasurement of its lease, and will
remeasure the lease receivable and deferred inflows of resources if certain changes occur that are
expected to significantly affect the amount of the lease receivable.
Governmental Activity Leases
Tenant Lease, Building – In May 2014, the city entered into a lease agreement with Ivar’s Inc. to lease
the concession facilities at Gene Coulon Memorial Beach Park. The lease term ends April 2029. The city
receives monthly base rent as well as a percentage of net sales, which are variable payments that are
not fixed in substance and are dependent upon future performance. In 2023, the city recognized tenant
revenue of $105,646 and interest revenue of $4,370.
Land use, Land – In March 2016, the city entered into a franchise agreement with Olympic Pipeline
Company to use rights-of-ways within and through City of Renton to construct, repair, replace, operate,
and maintain pipeline. The term of the agreement ends February 2026 with payments received annually.
In 2023, the city recognized lease revenue of $17,299 and interest revenue of $845.
Site Lease, Building – In December 1999, the city entered into a lease agreement with Sprint Spectrum
LP to lease building space for communication service system facility. Payments are received monthly.
The lease terminated in September 2023. In 2023, the city recognized lease revenue of $28,922 and
interest revenue of $940.
Site Lease, Building – In December 1999, the city entered into a lease agreement to lease building space
for the purpose of occupying and installing communication facilities at 200 Mill. The current lessee of
the agreement is T-Mobile. The lease term ends December 2030 with payments received monthly. In
2023, the city recognized lease revenue of $30,629 and interest revenue of $4,363.
Site Lease, Building – In November 2014, the city entered into a lease agreement with Amazing Grace
Lutheran Church, a Washington State non-profit corporation, to lease space at 200 Mill to expand
capacity of its existing school. The lease term was extended to June 2024. The lease was re-measured to
reflect the change to the lease term. In 2023, the city recognized lease revenue of $396,401 and interest
revenue of $931.
As of December 31, 2023, future lease receivable principal and interest payments for governmental
activities are as follows:
Year ended December
31 Principal Interest Total
2024 396,657$ 9,501$ 406,158$
2025 195,648 7,320 202,968
2026 197,631 5,337 202,968
2027 141,471 3,537 145,008
2028 142,810 2,198 145,008
2029 and after 105,357 1,299 106,656
Total 1,179,574$ 29,192$ 1,208,766$
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-69
Business-type Activity Leases
Tenant Lease, Building – In November 2020, the city entered into a lease agreement with Northwest
Restaurant Experience, Inc. to lease space at the Maplewood Golf Course Clubhouse. The tenant uses
the space as a restaurant, as well as selling food and beverages on the golf course and driving range. The
lease term ends November 2034. The city receives monthly base payments as well as a percentage of
sales for the year, which are variable payments that are not fixed in substance and are dependent upon
future performance. In 2023, the city recognized tenant revenue of $9,880 and interest revenue of
$2,120.
Site Lease, Land – In September 1997, the city entered into a lease agreement for the use of real property
for the purpose of occupying and installing communication facilities. The current lessee of the agreement
is T-Mobile. The lease term ends December 2023 with payments received monthly. In 2023, the city
recognized lease revenue of $18,868 and interest revenue of $80.
Site Lease, Land – In June 1997, the city entered into a lease agreement for the use of real property for
the purpose of occupying and installing communication facilities. The current lessee of the agreement is
Verizon Wireless. The lease term ended February 2023, with payments received monthly. In 2023, the
city recognized lease revenue of $3,491 and interest revenue of $1.
As of December 31, 2023, future lease receivable principal and interest payments for governmental
activities are as follows:
C. Regulated Leases
The city has leases regulated by the Federal Aviation Administration (FAA). The FAA regulates aviation
leases between airports and air carriers and other aeronautical users. Renton Municipal Airport enters
into lease agreements that convey the right to use land and various airport facilities. In 2023, the airport
recognized lease revenue of $4,069,851.
Year ended December
31 Principal Interest Total
2024 10,050$ 1,950$ 12,000$
2025 10,222 1,778 12,000
2026 10,398 1,602 12,000
2027 10,575 1,425 12,000
2028 10,756 1,244 12,000
2029 and after 67,281 3,476 70,757
Total 119,282$ 11,475$ 130,757$
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-70
Minimum future lease revenue on non-cancellable leases is as follow:
Of the amounts shown above, one tenant comprises 54% of all future minimum lease revenues. The
tenant’s multiple leases expire in 2030.
A summary of assets leased or available for tenant use is as follows:
NOTE 14. TAX ABATEMENT
As of December 31, 2023, the city provides tax abatements through two programs - the Affordable Multi-
Family Housing Property Tax Exemption and the New Job Business & Occupation Tax Credit.
Multifamily Housing Property Tax Exemption
Under the provisions of the Preservation Tax Exemption program (RCW 84.14), the city has taken
advantage of the option to provide targeted property tax exemption to existing property owners who
agree to restrict rents and provide income-eligibility for a portion of the units within their properties.
The purpose of this program incentivizes the creation of affordable and improved housing quality and
prevent displacement for citizens that are in the most need. The city has a comprehensive program that
has specific parameters for project eligibility and duration of exemption.
Provided a property meets the eligibility criteria and the property owner continues to fulfill the
requirements of affordable housing, the property will receive a property tax exemption on the appraised
value of improvements, regardless of assessed valuation. This exemption is not extended to the
appraised value of land or non-eligible improvements on the same parcel. Eligibility criteria includes, at
a minimum: the property owner must provide affordable housing to low-income households for 20% of
the multi-units available for rent and the property must be located in one of the designated “residential
target areas”. All exemptions granted after July 2007 range from 8-12 years depending on the exemption
option selected. There are no provisions to recapture abated taxes. As of December 31, 2023, the city
has four projects that are subject to property tax abatement.
Year Ended December 31
2024 2,887,748
2025 3,190,742
2026 3,369,223
2027 3,850,297
2028 3,779,961
Thereafter 13,459,394
30,537,365$
Cost Accumulated
Deprciation Carrying Value
Land 784,080 - 784,080
Buildings 742,098 557,785 184,313
Other Improvements 27,170,299 13,632,063 13,538,236
Total 28,696,477 14,189,848 14,506,629
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-71
The State of Washington employs the multi-unit urban housing exemption (RCW 84.14.020) that impact
tax revenues of the city. This program provides for an ad valorem property tax emption for qualifying
new housing construction, conversion, and rehabilitation improvements. The impact to the city for
taxes abated by the State of Washington is shown in the table below.
New Jobs Business & Occupation Tax Credit
The purpose of the New Jobs Business & Occupation Tax Credit is to provide a temporary tax credit
relating to new businesses to encourage business growth or relocation into the city. In order to qualify
for the tax credit, businesses must create fifty or more new full time employment positions in the first
year of business in the city. The credit is equal to one thousand dollars for each new full-time
employment position created and is used to reduce the amount of Business & Occupation tax owed by
the business. The tax credit cannot exceed the total tax due. A business may claim the credit under this
program for the first twelve consecution reporting quarters or three reporting years.
State of Washington Sales Tax Exemptions
The State of Washington has tax abatements that allow for sales/use tax exemptions and deferrals.
Purchases for computer hardware, computer peripherals, or software used primarily in the
development, design and engineering of aerospace products or providing aerospace services or sales are
exempt from sales and use tax per RCW 82.08.975 and 82.12.975. The exemption also applies to sales
of labor and services rendered in respect to installing the computer hardware, peripherals or software
used to develop or design aerospace products. The eligible purchaser must present a Buyers’ Retail
Sales Tax Exemption Certificate to the seller at the time of purchase.
The State of Washington is prohibited by the law to disclose detail on the amount of abatements
provided under these exemption and deferrals.
NOTE 15. SUBSEQUENT EVENTS
On April 1, 2024, Ordinance 6129 became effective, increasing the city’s sales and use tax by 0.1 percent
within the boundaries of the Renton Transportation Benefit District to finance the costs associated with
transportation improvements in the district in accordance with RCW 36.73.065 and RCW 82.14.0544.
On January 22, 2024, Washington State signed an additional opioid settlement with Janssen to receive
$123.34 million dollars. Washington State will keep 50% of the funds and allocate out the remaining
$61.67 million dollars to participating local cities and counties using an allocation method. The city
anticipates an estimated $472,000 will be received in conjunction with this settlement.
Tax Abatement Program City of Renton Other Governments
Property Tax Exemption for Affordable
Multi-Family Housing $88,196 $34,183
New Jobs Business & Occupation Tax
Credit $22,019
Tax abated in the fiscal year ending 12/31/2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-72
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes 98,876,943 107,357,943 114,191,700 6,833,757
Licenses and permits 5,792,660 5,862,660 6,649,422 786,762
Intergovernmental revenues 4,339,603 8,951,804 6,277,959 (2,673,845)
Charges for services 10,349,646 10,846,466 11,271,664 425,198
Fines and forfeits 3,816,442 3,702,050 3,791,015 88,965
Contributions 37,000 284,088 627,852 343,764
Investment earnings 350,000 1,950,000 4,331,801 2,381,801
Miscellaneous revenue 1,250,535 1,612,571 2,091,320 478,749
Total revenues 124,812,829 140,567,582 149,232,733 8,665,151
EXPENDITURES
Current:
Culture and recreation 15,861,247 16,740,784 16,180,638 560,146
Economic environment 15,539,912 17,174,819 13,391,492 3,783,327
General government 20,316,393 21,085,882 18,912,735 2,173,147
Health and human services 2,987,160 5,403,963 3,704,619 1,699,344
Judicial 4,300,240 4,605,909 4,179,892 426,017
Public safety 49,749,521 50,395,639 50,445,635 (49,996)
Transportation 14,557,017 14,805,937 13,700,709 1,105,228
Total current 123,311,490 130,212,933 120,515,720 9,697,213
Capital outlay:
Culture and recreation 15,000 55,781 18,634 37,147
Economic environment - 253,871 20,014 233,857
Public safety 500,000 119,815 71,485 48,330
Transportation 5,200 52,200 67,922 (15,722)
Total capital outlay 520,200 481,667 178,055 303,612
Total expenditures 123,831,690 130,694,600 120,693,775 10,000,825
Excess (deficiency) of revenues over expenditures 981,139 9,872,982 28,538,958 18,665,976
OTHER FINANCING SOURCES (USES)
Transfer in 900,000 1,900,000 1,846,210 (53,790)
Transfers out (4,662,729) (13,915,282) (13,657,841) 257,441
Proceeds from sale of capital assets - - 840 840
Insurance Recoveries - - 23,142 23,142
Total other financing sources (uses)(3,762,729) (12,015,282) (11,787,649) 227,633
Net change in fund balances (2,781,590) (2,142,300) 16,751,309 18,893,609
Fund balances - January 1 62,921,276 83,605,978 93,106,510 9,500,532
Fund balances - December 31 60,139,686$ 81,463,678$ 109,857,819$ 28,394,141$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
General
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-1The note to schedule is an integral part of this schedule.
NOTES TO SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL – GENERAL FUND
NOTE 1. BUDGETARY BASIS OF ACCOUNTING
The City of Renton’s biennial budget procedures are mandated by the Chapter 35A.33 of the Revised Code
of Washington (RCW). The budget, as adopted, constitutes the legal authority for expenditures. The biennial
budget is adopted with budgetary control at the fund level, so expenditures may not legally exceed
appropriations at that level of detail. Transfers or revisions within funds are allowed, but only the City
Council has the legal authority to increase or decrease a given fund’s annual budget. This is accomplished
by City ordinance. Adopted budgets lapse at year-end and must be re-appropriated (carried forward) the
next fiscal year.
The Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual is presented on
a budgetary basis (non-GAAP). The budgetary basis of accounting is substantially the same as the modified
accrual basis of accounting in all governmental funds except for the following differences:
Basis differences – certain payments and receipts are budgeted for in a manner that is inconsistent with
GAAP:
Interfund reimbursements for indirect cost allocations and payroll costs associated with capital
projects are budgeted as charge for service revenues, however, these payments are reclassified
as a reduction of the expenditure for GAAP reporting.
Interfund loans are budgeted as other financing sources (uses), however, these payments and
receipts are reclassified as changes in an interfund loan receivable/payable for GAAP reporting.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-2
NOTES TO SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL – GENERAL FUND
A reconciliation of Revenues, Expenditures, and Changes in Fund Balance budgetary basis to GAAP
basis is as follows:
General Fund
Budgetary Basis
Interfund
Reimbursements
General Fund
GAAP Basis
REVENUES
Taxes 114,191,700 $ - $ 114,191,700
Licenses and permits 6,649,422 - 6,649,422
Intergovernmental revenues 6,277,959 - 6,277,959
Charges for services 11,271,664 (5,411,964) 5,859,700
Fines and forfeits 3,791,015 - 3,791,015
Contributions 627,852 - 627,852
Investment earnings 4,331,801 - 4,331,801
Miscellaneous Revenue 2,091,320 - 2,091,320
Total revenues 149,232,733 (5,411,964) 143,820,769
EXPENDITURES
Current:
Culture and recreation 16,180,638 (697,292) 15,483,346
Economic environment 13,391,492 - 13,391,492
General government 18,912,735 (3,988,472) 14,924,263
Health and human services 3,704,619 3,704,619
Judicial 4,179,892 - 4,179,892
Public safety 50,445,635 - 50,445,635
Transportation 13,700,709 (726,200) 12,974,509
Total current 120,515,720 (5,411,964) 115,103,756
Capital outlay:
Culture and recreation 18,634 - 18,634
Economic environment 20,014 - 20,014
General government - - -
Health and human services - - -
Public safety 71,485 - 71,485
Transportation 67,922 - 67,922
Total capital outlay 178,055 - 178,055
Total expenditures 120,693,775 (5,411,964) 115,281,811
Excess (deficiency) of revenues over
expenditures 28,538,958 - 28,538,958
OTHER FINANCING SOURCES (USES)
Transfers in 1,846,210 - 1,846,210
Transfers out (13,657,841) - (13,657,841)
Interfund loans - - -
Proceeds from sale of capital assets 840 - 840
Insurance Recoveries 23,142 - 23,142
Lease Financing - -
Total other financing sources (uses) (11,787,649) - (11,787,649)
Net change in fund balances $ 16,751,309 $ - $ 16,751,309
2023 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-3
PERS Plan 1 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013*
City's proportion of the net pension liability/(asset)0.264064%0.273106%0.244828%0.262379%0.268500%0.271486%0.282530%0.276331%0.275830%0.273241%N/A
City's proportionate share of the net pension
liability/(asset)**6,027,873$ 7,604,273$ 2,989,923$ 9,263,396$ 10,324,778$ 12,124,657$ 13,406,269$ 14,840,276$ 14,428,474$ 13,764,644$ N/A
City's covered payroll 49,375,627$ 44,060,001$ 37,629,142$ 39,795,650$ 37,595,653$ 36,344,451$ 35,481,222$ 32,889,898$ 31,005,185$ 29,656,856$ N/A
City's proportionate share of the net pension
liability/(asset) as a percentage of its covered payroll 12.21%17.26%7.95% 23.28% 27.46% 33.36% 37.78% 45.12% 46.54% 46.41% N/A
Plan fiduciary net position as a percentage of the
total pension liability 80.16%76.56% 88.74% 68.64% 67.12% 63.22% 61.24% 57.03% 59.10% 61.19% N/A
* This schedule will be built prospectively until it contains ten years of data. Prior years' information is unavailable.
** 2016 amount includes $280,481 in net pension liability transferred to the RFA on 6/30/16 to avoid skewing percentage of covered payroll ratio.
City of Renton
Schedule of the City's Proportionate Share of the Net Pension Liability/(Asset)
Measurement Date of June 30
Last 10 Fiscal Years
2023 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-4
City of Renton
Schedule of the City's Proportionate Share of the Net Pension Liability/(Asset)
Measurement Date of June 30
Last 10 Fiscal Years
PERS Plan 2/3 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013*
City's proportion of the net pension liability/(asset)0.337498%0.352756%0.312116%0.338648%0.342614%0.344584%0.356727%0.343835%0.345072%0.337183%N/A
City's proportionate share of the net pension
liability/(asset)**(13,832,973)$ (13,082,948)$ (31,091,776)$ 4,331,115$ 3,327,947$ 5,883,465$ 12,394,558$ 17,311,821$ 12,329,619$ 6,815,686$ N/A
City's covered payroll 48,944,034$ 43,737,495$ 37,331,068$ 39,490,308$ 37,260,677$ 36,036,413$ 35,045,479$ 32,370,185$ 30,618,109$ 29,147,610$ N/A
City's proportionate share of the net pension
liability/(asset) as a percentage of its covered payroll -28.26%-29.91%-83.29% 10.97%8.93% 16.33% 35.37% 53.48% 40.27% 23.38% N/A
Plan fiduciary net position as a percentage of the
total pension liability 107.02% 106.73% 120.29% 97.22% 97.77% 95.77% 90.97% 85.82% 89.20% 93.29% N/A
* This schedule will be built prospectively until it contains ten years of data. Prior years' information is unavailable.
** 2016 amount includes $327,194 in net pension liability transferred to the RFA on 6/30/16 to avoid skewing percentage of covered payroll ratio.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-5
City of Renton
Schedule of the City's Proportionate Share of the Net Pension Liability/(Asset)
Measurement Date of June 30
Last 10 Fiscal Years
PSERS Plan 2 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013*
City's proportion of the net pension liability/(asset)0.055615%0.047808%0.043972%0.049734%0.055527%0.057762%0.065808%0.065158%0.042991%0.464430%N/A
City's proportionate share of the net pension
liability/(asset)(58,974)$ (34,183)$ (101,021)$ (6,843)$ (7,221)$ 716$ 27,967$ 11,892$ 7,846$ (6,725)$ N/A
City's covered payroll 431,593$ 322,506$ 298,074$ 305,343$ 255,388$ 226,589$ 233,001$ 211,427$ 124,200$ 125,311$ N/A
City's proportionate share of the net pension
liability/(asset) as a percentage of its covered payroll -13.66% -10.60% -33.89%-2.24%-2.83%0.32% 12.00%5.62%6.32%-5.37% N/A
Plan fiduciary net position as a percentage of the
total pension liability 107.90% 105.96% 123.67% 101.68% 101.85% 99.79% 90.41% 95.08% 95.08% 105.01% N/A
* This schedule will be built prospectively until it contains ten years of data. Prior years' information is unavailable.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-6
City of Renton
Schedule of the City's Proportionate Share of the Net Pension Liability/(Asset)
Measurement Date of June 30
Last 10 Fiscal Years
LEOFF Plan 1 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013*
City's proportion of the net pension liability/(asset)0.249031%0.249474%0.244279%0.239644%0.235664%0.233551%0.235931%0.231059%0.229885%0.225836%N/A
City's proportionate share of the net pension
liability/(asset)**(7,391,300)$ (7,156,444)$ (8,367,929)$ (4,525,699)$ (4,658,161)$ (4,240,123)$ (2,430,764)$ (2,784,772)$ (2,770,622)$ (2,738,919)$ N/A
State's proportionate share of the net pension
liability/(asset) associated with the City (49,994,570) (48,406,009) (56,600,464) (30,611,716) (31,507,679) (28,680,087) (24,212,271) (16,524,364) (18,740,418) (18,525,980) N/A
Total (57,385,870)$ (55,562,453)$ (64,968,393)$ (35,137,415)$ (36,165,840)$ (32,920,210)$ (26,643,035)$ (19,309,136)$ (21,511,040)$ (21,511,040)$ N/A
City's covered payroll -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
City's proportionate share of the net pension
liability/(asset) as a percentage of its covered payroll N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Plan fiduciary net position as a percentage of the
total pension liability 175.99% 169.62% 187.45% 146.88% 148.78% 144.42% 123.74% 127.36% 127.36% 127.36% N/A
* This schedule will be built prospectively until it contains ten years of data. Prior years' information is unavailable.
** 2016 amount includes $1,325,025 in net pension asset transferred to the RFA on 6/30/16 to avoid skewing percentage of covered payroll ratio.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-7
City of Renton
Schedule of the City's Proportionate Share of the Net Pension Liability/(Asset)
Measurement Date of June 30
Last 10 Fiscal Years
LEOFF Plan 2 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013*
City's proportion of the net pension liability/(asset)0.446469%0.420420%0.395321%0.430979%0.445635%0.451824%0.468330%0.947284%0.954715%0.947521%N/A
City's proportionate share of the net pension
liability/(asset)**(10,708,997)$ (11,425,746)$ (22,961,880)$ (8,791,342)$ (10,323,995)$ (9,173,012)$ (2,723,948)$ (9,736,185)$ (9,812,561)$ (12,574,011)$ N/A
State's proportionate share of the net pension
liability/(asset) associated with the City (6,838,655) (7,370,853) (14,812,919) (5,621,397) (6,760,833) (5,939,352) (4,215,723) (1,592,656) (925,241) (870,262) N/A
Total (17,547,652)$ (18,796,599)$ (37,774,799)$ (14,412,739)$ (17,084,828)$ (15,112,364)$ (6,939,671)$ (11,328,841)$ (10,737,802)$ (13,444,273)$ N/A
City's covered payroll 19,362,734$ 16,702,560$ 14,998,612$ 16,022,905$ 15,336,814$ 14,669,121$ 14,650,540$ 28,694,750$ 27,709,532$ 26,365,930$ -$
City's proportionate share of the net pension
liability/(asset) as a percentage of its covered payroll -55.31%-68.41% -153.09% -54.87% -67.32% -62.53% -18.59% -33.93% -35.41% -47.69% N/A
Plan fiduciary net position as a percentage of the
total pension liability 113.17% 116.09% 142.00% 115.83% 119.43% 118.50% 106.04% 111.67% 111.67% 116.75% N/A
* This schedule will be built prospectively until it contains ten years of data. Prior years' information is unavailable.
** 2016 amount includes $3,066,692 in net pension asset transferred to the RFA on 6/30/16 to avoid skewing percentage of covered payroll ratio.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-8
City of Renton
Schedule of Employer Contributions
WA Department of Retirement Systems
As of December 31
Last 10 Fiscal Years
PERS Plan 1 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Contractually Required Contribution 1,672,293$ 1,688,345$ 1,742,267$ 1,887,308$ 1,926,964$ 1,879,300$ 1,717,805$ 1,619,494$ 2,190,238$ 1,253,454$ N/A
Contributions in relation to the contractually
required contribution 1,672,293 1,688,345 1,742,267 1,887,308 1,926,964 1,879,300 1,717,805 1,619,494 2,190,238 1,253,454 N/A
Contribution deficiency (excess)-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ N/A
Covered payroll 49,375,627$ 44,932,224$ 40,226,475$ 39,386,689$ 38,826,806$ 37,103,778$ 35,120,529$ 33,737,587$ 48,318,549$ 30,448,215$ N/A
Contributions as a percentage of covered
payroll 3.39%3.76%4.33%4.79%4.96%5.06%4.89%4.80%4.53%4.12% N/A
PERS Plan 2/3 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Contractually Required Contribution 3,112,888$ 2,833,167$ 2,872,166$ 3,095,333$ 2,964,353$ 2,752,176$ 2,375,793$ 2,067,865$ 2,743,908$ 1,490,022$ N/A
Contributions in relation to the contractually
required contribution 3,112,888 2,833,167 2,872,166 3,095,333 2,964,353 2,752,176 2,375,793 2,067,865 2,743,908 1,490,022 N/AContribution deficiency (excess)-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ N/A
Covered payroll 48,944,034$ 44,544,778$ 39,919,026$ 39,082,343$ 38,495,775$ 36,791,404$ 34,783,770$ 33,263,999$ 47,552,982$ 29,821,815$ N/A
Contributions as a percentage of covered
payroll 6.36%6.36%7.19%7.92%7.70%7.48%6.83%6.22%5.77% 5.00%N/A
PSERS Plan 2 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Contractually Required Contribution 28,681$ 25,319$ 21,192$ 21,913$ 20,872$ 15,723$ 14,929$ 14,489$ 18,418$ 7,845$ N/A
Contributions in relation to the contractually
required contribution 28,681 25,319 21,192 21,913 20,872 15,723 14,929 14,489 18,418 7,845 N/A
Contribution deficiency (excess)-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ N/A
Covered payroll 431,593$ 387,446$ 307,449$ 304,345$ 292,650$ 229,922$ 224,038$ 219,869$ 282,407$ 122,185$ N/A
Contributions as a percentage of covered
payroll 6.65%6.53%6.89%7.20%7.13%6.84%6.66%6.59%6.52% 6.42%N/A
LEOFF Plan 2 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Contractually Required Contribution 998,109$ 947,993$ 820,173$ 836,869$ 840,501$ 801,240$ 715,573$ 1,049,917$ 2,160,553$ 1,368,037$ N/A
Contributions in relation to the contractually
required contribution 998,109 947,993 820,173 836,869 840,501 801,240 715,573 1,049,917 2,160,553 1,368,037 N/AContribution deficiency (excess)-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ N/A
Covered payroll 19,362,734$ 18,322,206$ 15,649,942$ 15,936,186$ 15,818,413$ 14,805,412$ 13,896,060$ 20,790,373$ 42,778,479$ 27,089,783$ N/A
Contributions as a percentage of covered
payroll 5.15%5.17%5.24%5.25%5.31%5.41%5.15%5.05%5.05% 5.05%N/A
Note to schedule:
This schedule will be build prospectively until it contains ten years of data. Prior years' information is unavailable
2023 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-9
City of Renton
Schedule of Changes in Net Pension Liability and Related Ratios
Firefighters' Pension Fund
Last 10 Fiscal Years
$ Thousands
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Total Pension Liability
Service Cost -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ N/A
Interest on Total Pension Liability 84 54 45 62 100 94 103 106 109 112 N/A
Effect of Plan Changes - - - - - - - - - - N/A
Effect of Economic/Demographic Gains or (Losses)(3) - 533 - (331) - - (29) - - N/A
Effect of Assumption Changes or Inputs 3 (292) 123 127 207 (94) 52 (125) - - N/A
Benefit payments (253) (223) (227) (210) (194) (193) (240) (208) (205) (204) N/A
Net Change in Total Pension Liability (169) (461) 474 (20) (219) (192) (84) (256) (96) (92) N/A
Total Pension Liability - Beginning 2,366 2,827 2,353 2,373 2,592 2,784 2,868 3,125 3,221 3,313 N/ATotal Pension Liability - Ending (a)2,197$ 2,366$ 2,827$ 2,353$ 2,373$ 2,592$ 2,784$ 2,868$ 3,125$ 3,221$ N/A
Plan Fiduciary Net Position
Employer Contributions -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ N/A
Contributions from State Fire Insurance Premium Tax 200 183 172 166 155 154 151 148 146 143 N/A
Investment Income Net of Investment Expenses 425 (109) (35) 267 294 121 114 136 134 394 N/A
Benefit payments (253) (223) (227) (210) (194) (193) (240) (208) (205) (204) N/A
Medical Payments from Fund - -- -- -- -- -N/A
Administrative Expense (14) (3) (12) (3) (12) - (12) - (12) (1) N/A
Net Change in plan fiduciary net position 358 (153) (103) 220 242 83 13 76 63 332 N/A
Plan fiduciary net position - beginning 9,909 10,062 10,165 9,945 9,703 9,619 9,607 9,531 9,468 9,136 N/APlan fiduciary net position - ending (b)10,267 9,909 10,062 10,165 9,945 9,703 9,619 9,607 9,531 9,468 N/A
Net pension liability - ending =(a)-(b)(8,070)$ (7,543)$ (7,235)$ (7,811)$ (7,572)$ (7,111)$ (6,835)$ (6,739)$ (6,406)$ (6,247)$ N/A
Fiduciary net position as a percentage of the total pension
liability 467.32% 418.81% 355.93% 431.95% 419.09% 374.34% 345.51% 334.97% 304.99% 293.95% N/A
Covered Payroll -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ N/A
Net pension liability as a percentage of covered payroll N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Note to schedule:
This schedule will be build prospectively until it contains ten years of data. Prior years' information is unavailable
2023 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-10
City of Renton
Schedule of Employer Contributions
Firefighters' Pension Fund
Last 10 Fiscal Years
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
199,566 182,841 171,853 165,917 155,413 154,275 150,951 148,034 146,358 142,706 124,391
(199,566)$ (182,841)$ (171,853)$ (165,917)$ (155,413)$ (154,275)$ (150,951)$ (148,034)$ (146,358)$ (142,706)$ (124,391)$
-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Actuarially determined contribution
Contributions in relation to the actuarially
determined contribution
Contribution deficiency (excess)
Covered payroll
Contribution as a percentage of covered
payroll N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Note:
Contributions are a portion of State Fire Insurance Premium Taxes.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-11
City of Renton
Schedule of Investment Returns
Firefighters' Pension Fund
December 31, 2023
Last 10 Fiscal Years
Fiscal Year
Ending
December 31
Net
Money-Weighted Rate of
Return
2013 N/A
2014 4.31%
2015 1.42%
2016 1.43%
2017 1.19%
2018 1.26%
2019 3.03%
2020 2.68%
2021 -0.35%
2022 -1.08%
2023 4.30%
2023 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-12
City of Renton
Schedule of Changes in Total OPEB Liability and Related Ratios
LEOFF 1 Retiree Medical Benefits
Last 10 Fiscal Years
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
-$ -$ -$ -$ -$ -$ N/A N/A N/A N/A N/A
1,059 695 839 1,062 1,692 1,576 N/A N/A N/A N/A N/A
- - - - - - N/A N/A N/A N/A N/A
(1,471) - (5,516) - (2,946) - N/A N/A N/A N/A N/A
3,680 (5,736) (1,089) 3,806 (859) (2,764) N/A N/A N/A N/A N/A
(1,358) (1,511) (1,424) (1,618) (1,491) (1,586) N/A N/A N/A N/A N/A
1,910 (6,552) (7,190) 3,250 (3,605) (2,774) N/A N/A N/A N/A N/A
28,932 35,484 42,674 39,424 43,029 45,803 N/A N/A N/A N/A N/A
30,842$ 28,932$ 35,484$ 42,674$ 39,424$ 43,029$ N/A N/A N/A N/A N/A
-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
$ Thousands
Total OPEB Liability
Service Cost
Interest on Total OPEB Liability
Changes of benefit terms
Effect of Economic/Demographic Gains or (Losses)
Effect of Assumption Changes or Inputs
Expected benefit payments
Net Change in Total OPEB Liability
Total OPEB Liability - Beginning
Total OPEB Liability - Ending
Covered-employee Payroll
Total OPEB liability as a percentage of covered-employee payroll
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Notes to schedule:
There are no assets accumulated in a trust compliant with GASB codification P22.101 or P52.101 to pay OPEB benefits.
This schedule is presented to illustrate the requirement to show information for 10 years. However, recalculations of prior years are not rquired, and if prior years are not reported
in accordance with the current GASB standards, they should not be reported.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-13
Non-Major Governmental Funds
Special Revenue Funds
HOUSING AND SUPPORTIVE SERVICES
In accordance with HB 1590, the City Council passed ORD 5983 authorizing an additional 0.1%
sales and use tax, effective January 1, 2021. The additional sales and use tax is restricted for
housing and related services, in accordance with RCW 82.14.530.
HOTEL/MOTEL TAX
The Hotel/Motel Fund accounts for monies collected through an increase of 1% in hotel/motel
taxes for the purpose of increasing tourism in the City or Renton, as authorized under RCW
67.28.180.
CABLE COMMUNICATIONS
The Cable Communications Fund accounts for funding for promotion and development of cable
communications as established by City ordinance. The main use of the fund is to support the
broadcasting of City Council meetings on Channel 21.
SPRINGBROOK WETLANDS BANK
The Springbrook Wetlands Fund was established for the purpose of providing accounting for the
Springbrook Creek Wetland and Habitat Mitigation Bank project. The fund receives revenue by
selling Wetlands credits which will be used to fund the ongoing maintenance of the wetland in
perpetuity.
POLICE SEIZURE
The Police Seizure Fund was established for the purpose of providing transparency in the
accounting for assets seized by Police in accordance with RCW 9A.83.030 and 69.50.505,
previously accounted for within the General Fund. These seizure funds are restricted to use
exclusively for the expansion and improvement of controlled substances related law
enforcement activity.
POLICE CSAM SEIZURE
The Police CSAM Seizure Fund was established in 2020 for the purpose of providing transparency
in the accounting for assets seized by Police in accordance with RCW 9A.88.150, previously
accounted for within the General Fund. These seizure funds are restricted to the exclusive use of
enforcing the provisions of chapter 9A.88 RCW, Indecent Exposure‐Prostitution, or chapter 9.68A
RCW, Sexual Exploitation of Children.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-1
SCHOOL DISTRICT IMPACT MITIGATION
This fund accounts for school district impact fees collected from developers as authorized under
RCW 82.02.050‐.110. These fees are used to help offset the cost of system improvements
necessary to service the new development. Impact fees are held in this fund and subsequently
transferred to the Kent, Issaquah, or Renton School District for use on qualifying capital projects.
FIRE IMPACT MITIGATION
This fund accounts for fire impact fees collected from developers as authorized under RCW
82.02.050‐.110. These fees are used to offset the cost of system improvements necessary to
serve the new development. Impact fees are held in this fund and subsequently transferred to
the debt service fund to support the debt service on fire station 13. Once the debt on the fire
station is repaid, the remaining collections will be disbursed to the Renton Regional Fire
Authority for use on qualifying capital projects.
Debt Service Funds
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT SERVICE
This debt service fund accounts for the following outstanding debt issues:
2009 intergovernmental debt related to the Fire District #40 asset transfer as a result of
the Benson Hill annexation.
2013 Limited Tax General Obligation qualified energy conservation bonds (QECB)
which provided funding for streetlight improvements.
2015 (A) Limited Tax General Obligation refunding bonds refunded a portion of the 2006
limited tax general obligation bonds for the construction of South Lake Washington
infrastructure improvements.
2019 limited tax general obligation bonds which are funding multiple parks capital
projects.
2019 limited tax general obligation Local Revitalization Funding (LRF) bonds which are
funding transportation capital projects within the South Lake Washington Local
Revitalization Area.
2019 limited tax general obligation refunding bonds which refunded a portion of the 2009
(A & B) intergovernmental debt related to the acquisition, construction, and equipping of
the SCORE facility.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-2
Capital Project Funds
COMMUNITY DEVELOPMENT IMPACT MITIGATION
This fund accounts for park impact fees collected from developers as authorized under RCW
82.02.050‐.110. These fees are used to help offset the cost of system improvements necessary to
service the new development. Impact fees are held in this fund and subsequently transferred to
the Municipal Facilities CIP Fund when qualifying expenditures are incurred.
TRANSPORTATION IMPACT MITIGATION
This fund accounts for transportation impact fees collected from developers as authorized under
RCW 82.02.050‐.110. These fees are used to offset the cost of system improvements necessary to
serve the new development. Impact fees are held in this fund and subsequently transferred to
the Capital Improvement Fund when qualifying expenditures are incurred.
REET1
This fund accounts for the first quarter percent of real estate excise tax (REET) levied in
accordance with RCW 82.46.010. The tax may be used for eligible capital projects, as defined in
RCW.82.46.010(6), that are included in the capital facilities element of the City’s comprehensive
plan.
REET2
This fund accounts for the second quarter percent of real estate excise tax (REET) levied in
accordance with RCW 82.46.035. The tax may be used for eligible capital projects, as defined in
RCW.82.46.035(5), that are included in the capital facilities element of the City’s comprehensive
plan.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-3
Non-Major Proprietary Funds
Enterprise Funds
AIRPORT FUND
The Airport Fund accounts for revenues and expenses for administration, debt services,
operation, capital improvements, and maintenance of the Renton Municipal Airport and Will
Rodger‐Wily Post Memorial Seaplane Base. Sources of support to the fund are leases, fuel
charges, investment interest, and grant funding as available.
GOLF COURSE FUND
The Golf Course Fund was created after the City acquired the Maplewood Golf Course. The fund
accounts for the operation, maintenance, debt service, and capital improvements of the facility.
Internal Service Funds
EQUIPMENT RENTAL FUND
The Equipment Rental Fund accounts for the costs of maintaining and replacing all City vehicles
and auxiliary equipment. In addition, this fund accounts for the City’s information technology,
facilities and communications costs. All costs, including depreciation, are factors in calculating
the rates that are charged to each user department.
INSURANCE FUND
The Insurance Fund provides accounting for self‐insurance services to all City departments,
including provisions for losses on property, liability, worker’s compensation, unemployment
compensation, and the health care program. Expenses are paid from the Insurance Fund and
rates are charged to departments based on use and/or coverage requirements.
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-4
Special revenue funds Debt service funds Capital projects funds
Total Nonmajor
Governmental Funds
ASSETS
Cash & cash equivalents 8,936,278$ 3,515,846$ 5,044,541$ 17,496,665$
Investments at fair value 4,761,477 1,873,331 2,687,860 9,322,668
Receivables (net of allowance for uncollectible):
Taxes 62,438 - 558,780 621,218
Customer accounts 22,083 - - 22,083
Interest & penalties 28,837 11,965 58,720 99,522
Due from other governments 790,483 - - 790,483
Total assets 14,601,596$ 5,401,142$ 8,349,901$ 28,352,639$
LIABILITIES
Accounts payable 121,683$ 3,700$ -$ 125,383$
Retainage payable 15,974 - - 15,974
Unearned revenue 12,275 - - 12,275
Total liabilities 149,932 3,700 - 153,632
Total liabilities and deferred inflows of resources 149,932 3,700 - 153,632
FUND BALANCES (DEFICITS)
Restricted 13,750,627 252,350 8,349,901 22,352,878
Committed 701,041 - - 701,041
Assigned - 5,145,092 - 5,145,092
Unassigned (4) - - (4)
Total fund balances (deficits)14,451,664 5,397,442 8,349,901 28,199,007
Total liabilities and fund balances (deficits)14,601,596$ 5,401,142$ 8,349,901$ 28,352,639$
City of Renton
Combining Governmental Balance Sheet
Nonmajor Governmental Funds
Summary by Fund Type
December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-5
Housing and Supportive
Services Hotel/Motel Tax
Cable Communications
Development
Springbrook Wetlands
Bank Police Seizure Police CSAM Seizure
School District Impact
Mitigation Fire Impact Mitigation
Total Nonmajor Special
Revenue Funds
ASSETS
Cash & cash equivalents 7,019,845$ 612,926$ 246,977$ 461,595$ 476,163$ 110,047$ 7,645$ 1,080$ 8,936,278$
Investments at fair value 3,740,351 326,583 131,596 245,950 253,712 58,636 4,074 575 4,761,477
Receivables (net of allowance for uncollectible):
Taxes - 62,438 - - - - - - 62,438
Customer accounts - 10,000 12,083 - - - - - 22,083
Interest & penalties 22,237 2,365 1,063 1,639 1,046 433 53 1 28,837
Due from other governments 786,351 - - 4,132 - - - - 790,483
Total assets 11,568,784$ 1,014,312$ 391,719$ 713,316$ 730,921$ 169,116$ 11,772$ 1,656$ 14,601,596$
LIABILITIES
Accounts payable -$ 55,170$ 6,397$ -$ 46,686$ -$ 11,770$ 1,660$ 121,683$
Retainage payable - - 15,974 - - - - - 15,974
Unearned revenue - - - 12,275 - - - - 12,275
Total liabilities - 55,170 22,371 12,275 46,686 - 11,770 1,660 149,932
Total liabilities and deferred inflows of resources - 55,170 22,371 12,275 46,686 - 11,770 1,660 149,932
FUND BALANCES (DEFICITS)
Restricted 11,568,784 959,142 369,348 - 684,235 169,116 2 - 13,750,627 Committed - - - 701,041 - - - - 701,041 Unassigned - - - - - - - (4) (4)
Total fund balances (deficits)11,568,784 959,142 369,348 701,041 684,235 169,116 2 (4) 14,451,664
Total liabilities and fund balances (deficits)11,568,784$ 1,014,312$ 391,719$ 713,316$ 730,921$ 169,116$ 11,772$ 1,656$ 14,601,596$
City of Renton
Combining Balance Sheet
Nonmajor Special Revenue Funds
December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-6
General Debt
Total Nonmajor Debt
service funds
ASSETS
Cash & cash equivalents 3,515,846$ 3,515,846$
Investments at fair value 1,873,331 1,873,331
Receivables (net of allowance for uncollectible):
Interest & penalties 11,965 11,965
Total assets 5,401,142$ 5,401,142$
LIABILITIES
Accounts payable 3,700$ 3,700$
Total liabilities 3,700 3,700
Total liabilities and deferred inflows of resources 3,700 3,700
FUND BALANCES (DEFICITS)
Restricted 252,350 252,350
Assigned 5,145,092$ 5,145,092
Total fund balances (deficits)5,397,442 5,397,442
Total liabilities and fund balances (deficits)5,401,142$ 5,401,142$
City of Renton
Combining Balance Sheet
Nonmajor Debt service funds
December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-7
Community
Development Impact
Mitigation
Transportation Impact
Mitigation REET1 REET2
Total Nonmajor Capital
Projects Funds
ASSETS
Cash & cash equivalents 439,956$ 1,431,067$ 1,140,310$ 2,033,208$ 5,044,541$
Investments at fair value 234,420 762,509 607,586 1,083,345 2,687,860
Receivables (net of allowance for uncollectible):
Taxes - - 279,390 279,390 558,780
Interest & penalties 5,113 20,698 12,479 20,430 58,720
Total assets 679,489$ 2,214,274$ 2,039,765$ 3,416,373$ 8,349,901$
FUND BALANCES (DEFICITS)
Restricted 679,489 2,214,274 2,039,765 3,416,373 8,349,901
Total fund balances (deficits)679,489 2,214,274 2,039,765 3,416,373 8,349,901
Total liabilities and fund balances (deficits)679,489$ 2,214,274$ 2,039,765$ 3,416,373$ 8,349,901$
Combining Balance Sheet
Nonmajor Capital Projects Funds
December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-8
Special Revenue Funds Debt Service Funds Capital Projects Funds
Total Nonmajor
Governmental Funds
REVENUES
Taxes 5,023,146$ -$ 4,950,182$ 9,973,328$
Licenses and permits 51,405 - - 51,405
Intergovernmental revenues (4,132) 38,319 - 34,187
Charges for services 225,321 - 948,833 1,174,154
Fines and forfeits 970 - - 970
Contributions 517,376 - - 517,376
Investment earnings 487,069 206,974 866,647 1,560,690
Total revenues 6,301,155 245,293 6,765,662 13,312,110
EXPENDITURES
Current:
Culture and recreation 88,601 - - 88,601
Economic environment 421,344 - - 421,344
General government 385,621 - - 385,621
Health and human services 5,238 - - 5,238
Public safety 88,452 - - 88,452
Debt service:
Principal payment - 4,453,188 - 4,453,188
Interest payment - 1,110,801 - 1,110,801
Capital outlay:
Culture and recreation 73,733 - - 73,733
Health and human services 74,831 - - 74,831
Total expenditures 1,137,820 5,563,989 - 6,701,809
Excess (deficiency) of revenues over expenditures 5,163,335 (5,318,696) 6,765,662 6,610,301
OTHER FINANCING SOURCES (USES)
Transfer in - 5,515,851 - 5,515,851
Transfers out (2,625,376) - (16,026,522) (18,651,898)
Proceeds from sale of capital assets 247,852 - - 247,852
Total other financing sources (uses)(2,377,524) 5,515,851 (16,026,522) (12,888,195)
Net change in fund balances 2,785,811 197,155 (9,260,860) (6,277,894)
Fund balances - January 1 11,665,853 5,200,287 17,610,761 34,476,901
Fund balances - December 31 14,451,664$ 5,397,442$ 8,349,901$ 28,199,007$
City of Renton
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Governmental Funds
Summary by Fund Type
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-9
Housing and Supportive Services Hotel/Motel TaxCable Communications DevelopmentSpringbrook Wetlands Bank Police Seizure Police CSAM SeizureSchool District Impact Mitigation Fire Impact MitigationTotal Nonmajor Special Revenue FundsREVENUESTaxes4,483,295$ 539,851$ ‐ $ ‐$ ‐$ ‐$ ‐$ ‐$ 5,023,146$ Licenses and permits‐ ‐ 51,405 ‐ ‐ ‐ ‐ ‐ 51,405 Intergovernmental revenues‐ ‐ ‐ (4,132) ‐ ‐ ‐ ‐ (4,132) Charges for services‐ ‐ ‐ ‐ ‐ ‐ 185,062 40,259 225,321 Fines and forfeits‐ ‐ ‐ ‐ ‐ 970 ‐ ‐ 970 Contributions‐ 25,000 ‐ ‐ 492,376 ‐ ‐ ‐ 517,376 Investment earnings321,906 36,707 18,513 23,881 14,764 7,216 852 63,230 487,069 Total revenues4,805,201 601,558 69,918 19,749 507,140 8,186 185,914 103,489 6,301,155 EXPENDITURESCurrent:Culture and recreation‐ ‐ 88,601 ‐ ‐ ‐ ‐ ‐ 88,601 Economic environment29,160 376,433 ‐ 15,751 ‐ ‐ ‐ ‐ 421,344 General government‐ ‐ ‐ ‐ ‐ ‐ 185,600 200,021 385,621 Health and human services‐ ‐ ‐ ‐ ‐ 5,238 ‐ ‐ 5,238 Public safety‐ ‐ ‐ ‐ 83,864 4,588 ‐ ‐ 88,452 Capital outlay:Culture and recreation‐ ‐ 73,733 ‐ ‐ ‐ ‐ ‐ 73,733 Public safety‐ ‐ ‐ ‐ 74,831 ‐ ‐ ‐ 74,831 Total expenditures29,160 376,433 162,334 15,751 158,695 9,826 185,600 200,021 1,137,820 Excess (deficiency) of revenues over expenditures4,776,041 225,125 (92,416) 3,998 348,445 (1,640) 314 (96,532) 5,163,335 OTHER FINANCING SOURCES (USES)Transfers out‐ (30,000) ‐ ‐ ‐ ‐ ‐ (2,595,376) (2,625,376) Proceeds from sale of capital assets‐ ‐ ‐ 247,852 ‐ ‐ ‐ ‐ 247,852 Total other financing sources (uses)‐ (30,000) ‐ 247,852 ‐ ‐ ‐ (2,595,376) (2,377,524) Net change in fund balances4,776,041 195,125 (92,416) 251,850 348,445 (1,640) 314 (2,691,908) 2,785,811 Fund balances ‐ January 16,792,743 764,017 461,764 449,191 335,790 170,756 (312) 2,691,904 11,665,853 Fund balances ‐ December 3111,568,784$ 959,142$ 369,348$ 701,041$ 684,235$ 169,116$ 2$ (4)$ 14,451,664$ City of RentonCombining Statement of Revenues, Expenditures and Changes in Fund BalancesNonmajor Special Revenue FundsFor the Year Ended December 31, 20232023 Annual Comprehensive Financial ReportCity of Renton, WashingtonCombining Statements and Schedules, 6-10
General Debt
Total Nonmajor Debt
Service Funds
REVENUES
Intergovernmental revenues 38,319$ 38,319$
Investment earnings 206,974 206,974
Total revenues 245,293 245,293
EXPENDITURES
Debt service:
Principal payment 4,453,188 4,453,188
Interest payment 1,110,801 1,110,801
Total expenditures 5,563,989 5,563,989
Excess (deficiency) of revenues over expenditures (5,318,696) (5,318,696)
OTHER FINANCING SOURCES (USES)
Transfer in 5,515,851 5,515,851
Total other financing sources (uses)5,515,851 5,515,851
Net change in fund balances 197,155 197,155
Fund balances - January 1 5,200,287 5,200,287
Fund balances - December 31 5,397,442$ 5,397,442$
City of Renton
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Debt Service Funds
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-11
Community
Development Impact
Mitigation
Transportation Impact
Mitigation REET1 REET2
Total Nonmajor Capital
Projects Funds
REVENUES
Taxes -$ -$ 2,475,091$ 2,475,091$ 4,950,182$
Charges for services 120,419 828,414 - - 948,833
Investment earnings 72,548 322,215 170,857 301,027 866,647
Total revenues 192,967 1,150,629 2,645,948 2,776,118 6,765,662
Excess (deficiency) of revenues over expenditures 192,967 1,150,629 2,645,948 2,776,118 6,765,662
OTHER FINANCING SOURCES (USES)
Transfers out (1,090,000) (5,817,897) (3,715,000) (5,403,625) (16,026,522)
Total other financing sources (uses)(1,090,000) (5,817,897) (3,715,000) (5,403,625) (16,026,522)
Net change in fund balances (897,033) (4,667,268) (1,069,052) (2,627,507) (9,260,860)
Fund balances - January 1 1,576,522 6,881,542 3,108,817 6,043,880 17,610,761
Fund balances - December 31 679,489$ 2,214,274$ 2,039,765$ 3,416,373$ 8,349,901$
City of Renton
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Capital Projects Funds
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-12
Original Final Actual
Variance with Final
Budget
REVENUES
Intergovernmental revenues -$ 9,672,235$ 3,275,562$ (6,396,673)$
Charges for services - - 30,670 30,670
Contributions - - 29,512 29,512
Investment earnings - 612,105 837,911 225,806
Total revenues - 10,284,340 4,173,655 (6,110,685)
EXPENDITURES
Current:
Culture and recreation 795,000 4,905,668 1,192,986 3,712,682
General government - 9,765,071 866,162 8,898,909
Total current 795,000 14,670,739 2,059,148 12,611,591
Capital outlay:
Culture and recreation 145,000 17,292,948 11,651,586 5,641,362
Economic environment - 354,371 354,371 -
General government 450,000 8,161,725 615,566 7,546,159
Health and human services - 634,079 24,928 609,151
Total capital outlay 595,000 26,443,123 12,646,451 13,796,672
Total expenditures 1,390,000 41,113,862 14,705,599 26,408,263
Excess (deficiency) of revenues over expenditures (1,390,000) (30,829,522) (10,531,944) 20,297,578
OTHER FINANCING SOURCES (USES)
Transfer in 1,390,000 8,545,379 8,545,379 -
Transfers out - (100,000) (100,000) -
Total other financing sources (uses)1,390,000 8,445,379 8,445,379 -
Net change in fund balances - (22,384,143) (2,086,565) 20,297,578
Fund balances - January 1 7,874 24,671,384 24,344,687 -
Fund balances - December 31 7,874$ 2,287,241$ 22,258,122$ 19,970,881$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Municipal Facilities CIP
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-13
Original Final Actual
Variance with Final
Budget
REVENUES
Intergovernmental revenues -$ 520,000$ 520,000$ - $
Charges for services - - - -
Contributions - 3,602,152 3,170,562 (431,590)
Investment earnings - 64,521 129,285 64,764
Total revenues - 4,186,673 3,819,847 (366,826)
EXPENDITURES
Current:
General government - - 4,398 (4,398)
Total current - - 4,398 (4,398)
Capital outlay:
General government - 2,833,827 2,873,503 (39,676)
Total capital outlay - 2,833,827 2,873,503 (39,676)
Total expenditures - 2,833,827 2,877,901 (44,074)
Excess (deficiency) of revenues over expenditures - 1,352,846 941,946 (410,900)
OTHER FINANCING SOURCES (USES)
Transfer in - 1,000,000 1,000,000 -
Transfers out - (1,000,000) (900,000) 100,000
Total other financing sources (uses)- - 100,000 100,000
Net change in fund balances - 1,352,846 1,041,946 (310,900)
Fund balances - January 1 3,303,320 2,795,295 2,737,103 -
Fund balances - December 31 3,303,320$ 4,148,141$ 3,779,049$ (369,092)$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Family First Center
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-14
Original Final Actual
Variance with Final
Budget
REVENUES
Intergovernmental revenues - $ 31,622,424$ 9,391,196$ (22,231,228)$
Charges for services - 90,225 119,413 29,188
Contributions - 2,725,180 3,133,135 407,955
Investment earnings - 308,564 495,168 186,604
Miscellaneous revenue - - 307,523 307,523
Total revenues - 34,746,393 13,446,435 (21,299,958)
EXPENDITURES
Current:
General government - - 731 (731)
Transportation 400,000 4,852,715 566,104 4,286,611
Total current 400,000 4,852,715 566,835 4,285,880
Capital outlay:
Transportation 2,562,000 52,126,320 18,820,199 33,306,121
Total capital outlay 2,562,000 52,126,320 18,820,199 33,306,121
Total expenditures 2,962,000 56,979,035 19,387,034 37,592,001
Excess (deficiency) of revenues over expenditures (2,962,000) (22,232,642) (5,940,599) 16,292,043
OTHER FINANCING SOURCES (USES)
Transfer in 2,962,000 11,044,897 11,044,897 -
Total other financing sources (uses)2,962,000 11,044,897 11,044,897 -
Net change in fund balances - (11,187,745) 5,104,298 16,292,043
Fund balances - January 1 1,182,366 12,561,975 15,099,591 -
Fund balances - December 31 1,182,366$ 1,374,230$ 20,203,889$ 18,829,659$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Capital Improvement
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-15
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes 3,500,000$ 4,000,000$ 4,483,295$ 483,295$
Investment earnings - - 321,906 321,906
Total revenues 3,500,000 4,000,000 4,805,201 805,201
EXPENDITURES
Current:
Economic environment - 260,000 29,160 230,840
Total current - 260,000 29,160 230,840
Total expenditures - 260,000 29,160 230,840
Excess (deficiency) of revenues over expenditures 3,500,000 3,740,000 4,776,041 1,036,041
Net change in fund balances 3,500,000 3,740,000 4,776,041 1,036,041
Fund balances - January 1 4,951,729 6,110,390 6,792,743 -
Fund balances - December 31 8,451,729$ 9,850,390$ 11,568,784$ 1,718,394$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Housing and Supportive Services
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-16
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes 200,000$ 434,000$ 539,851$ 105,851$
Contributions - 25,000 25,000 -
Investment earnings - 22,000 36,707 14,707
Total revenues 200,000 481,000 601,558 120,558
EXPENDITURES
Current:
Economic environment - 449,616 376,433 73,183
Total current - 449,616 376,433 73,183
Total expenditures - 449,616 376,433 73,183
Excess (deficiency) of revenues over expenditures 200,000 31,384 225,125 193,741
OTHER FINANCING SOURCES (USES)
Transfers out - (30,000) (30,000) -
Total other financing sources (uses)- (30,000) (30,000) -
Net change in fund balances 200,000 1,384 195,125 193,741
Fund balances - January 1 335,214 712,384 764,017 -
Fund balances - December 31 535,214$ 713,768$ 959,142$ 245,374$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Hotel/Motel Tax
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-17
Original Final Actual
Variance with Final
Budget
REVENUES
Licenses and permits 57,674$ 57,674$ 51,405$ (6,269)$
Investment earnings - - 18,513 18,513
Total revenues 57,674 57,674 69,918 12,244
EXPENDITURES
Current:
Culture and recreation 57,674 206,086 88,601 117,485
Total current 57,674 206,086 88,601 117,485
Capital outlay:
Culture and recreation 40,000 49,500 73,733 (24,233)
Total capital outlay 40,000 49,500 73,733 (24,233)
Total expenditures 97,674 255,586 162,334 93,252
Excess (deficiency) of revenues over expenditures (40,000) (197,912) (92,416) 105,496
Net change in fund balances (40,000) (197,912) (92,416) 105,496
Fund balances - January 1 328,710 453,147 461,764 -
Fund balances - December 31 288,710$ 255,235$ 369,348$ 114,113$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Cable Communications Development
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-18
Original Final Actual
Variance with Final
Budget
REVENUES
Intergovernmental revenues -$ 4,011$ (4,132)$ (8,143)$
Investment earnings - 10,515 23,881 13,366
Total revenues - 14,526 19,749 5,223
EXPENDITURES
Current:
Economic environment 40,000 40,000 15,751 24,249
Total current 40,000 40,000 15,751 24,249
Total expenditures 40,000 40,000 15,751 24,249
Excess (deficiency) of revenues over expenditures (40,000) (25,474) 3,998 29,472
OTHER FINANCING SOURCES (USES)
Proceeds from sale of capital assets - 247,852 247,852 -
Total other financing sources (uses)- 247,852 247,852 -
Net change in fund balances (40,000) 222,378 251,850 29,472
Fund balances - January 1 414,630 454,628 449,191 -
Fund balances - December 31 374,630$ 677,006$ 701,041$ 24,035$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Springbrook Wetlands Bank
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-19
Original Final Actual
Variance with Final
Budget
REVENUES
Contributions -$ 106,159$ 492,376$ 386,217$
Investment earnings - - 14,764 14,764
Total revenues - 106,159 507,140 400,981
EXPENDITURES
Current:
Public safety - 445,973 83,864 362,109
Total current - 445,973 83,864 362,109
Capital outlay:
Health and human services - - 74,831 (74,831)
Total capital outlay - - 74,831 (74,831)
Total expenditures - 445,973 158,695 287,278
Excess (deficiency) of revenues over expenditures - - 348,445 688,259
Net change in fund balances - - 348,445 688,259
Fund balances - January 1 - 339,814 335,790 -
Fund balances - December 31 - $ - $ 684,235$ 684,235$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Police Seizure
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-20
Original Final Actual
Variance with Final
Budget
REVENUES
Fines and forfeits -$ -$ 970$ 970$
Investment earnings - - 7,216 7,216
Total revenues - - 8,186 8,186
EXPENDITURES
Current:
Health and human services - 97,176 5,238 91,938
Public safety - 75,628 4,588 71,040
Total current - 172,804 9,826 162,978
Total expenditures - 172,804 9,826 162,978
Excess (deficiency) of revenues over expenditures - (172,804) (1,640) 171,164
Net change in fund balances - (172,804) (1,640) 171,164
Fund balances - January 1 - 172,804 170,756 -
Fund balances - December 31 - $ -$ 169,116$ 169,116$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Police CSAM Seizure
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-21
Original Final Actual
Variance with Final
Budget
REVENUES
Charges for services 995,000$ 600,000$ 185,062$ (414,938)$
Investment earnings - - 852 852
Total revenues 995,000 600,000 185,914 (414,086)
EXPENDITURES
Current:
General government 995,000 600,000 185,600 414,400
Total current 995,000 600,000 185,600 414,400
Total expenditures 995,000 600,000 185,600 414,400
Excess (deficiency) of revenues over expenditures - - 314 314
Net change in fund balances - - 314 314
Fund balances - January 1 12 - (312) -
Fund balances - December 31 12$ -$ 2$ 2$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
School District Impact Mitigation
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-22
Original Final Actual
Variance with Final
Budget
REVENUES
Charges for services 400,000$ 200,000$ 40,259$ (159,741)$
Investment earnings - 31,000 63,230 32,230
Total revenues 400,000 231,000 103,489 (127,511)
EXPENDITURES
Current:
General government - 359,811 200,021 159,790
Total current - 359,811 200,021 159,790
Total expenditures - 359,811 200,021 159,790
Excess (deficiency) of revenues over expenditures 400,000 (128,811) (96,532) 32,279
OTHER FINANCING SOURCES (USES)
Transfers out (500,635) (2,595,377) (2,595,376) 1
Total other financing sources (uses)(500,635) (2,595,377) (2,595,376) 1
Net change in fund balances (100,635) (2,724,188) (2,691,908) 32,280
Fund balances - January 1 2,759,099 2,724,187 2,691,904 -
Fund balances - December 31 2,658,464$ (1)$ (4)$ (3)$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Fire Impact Mitigation
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-23
Original Final Actual
Variance with Final
Budget
REVENUES
Intergovernmental revenues 39,170$ 39,170$ 38,319$ (851)$
Investment earnings - 140,000 206,974 66,974
Total revenues 39,170 179,170 245,293 66,123
EXPENDITURES
Debt service:
Principal payment 2,329,482 4,453,189 4,453,188 1
Interest payment 1,136,466 1,112,501 1,110,801 1,700
Total debt service 3,465,948 5,565,690 5,563,989 1,701
Total expenditures 3,465,948 5,565,690 5,563,989 1,701
Excess (deficiency) of revenues over expenditures (3,426,778) (5,386,520) (5,318,696) 67,824
OTHER FINANCING SOURCES (USES)
Transfer in 3,621,110 5,715,852 5,515,851 (200,001)
Total other financing sources (uses)3,621,110 5,715,852 5,515,851 (200,001)
Net change in fund balances 194,332 329,332 197,155 (132,177)
Fund balances - January 1 5,410,174 5,262,665 5,200,287 -
Fund balances - December 31 5,604,506$ 5,591,997$ 5,397,442$ (194,555)$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
General Debt
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-24
Original Final Actual
Variance with Final
Budget
REVENUES
Charges for services 86,500$ 86,500$ 120,419$ 33,919$
Investment earnings - 45,672 72,548 26,876
Total revenues 86,500 132,172 192,967 60,795
Excess (deficiency) of revenues over expenditures 86,500 132,172 192,967 60,795
OTHER FINANCING SOURCES (USES)
Transfers out (50,000) (1,090,000) (1,090,000) -
Total other financing sources (uses)(50,000) (1,090,000) (1,090,000) -
Net change in fund balances 36,500 (957,828) (897,033) 60,795
Fund balances - January 1 1,439,298 1,595,389 1,576,522 -
Fund balances - December 31 1,475,798$ 637,561$ 679,489$ 41,928$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Community Development Impact Mitigation
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-25
Original Final Actual
Variance with Final
Budget
REVENUES
Charges for services 1,780,000$ 511,152$ 828,414$ 317,262$
Investment earnings - 150,082 322,215 172,133
Total revenues 1,780,000 661,234 1,150,629 489,395
Excess (deficiency) of revenues over expenditures 1,780,000 661,234 1,150,629 489,395
OTHER FINANCING SOURCES (USES)
Transfers out (750,000) (5,817,897) (5,817,897) -
Total other financing sources (uses)(750,000) (5,817,897) (5,817,897) -
Net change in fund balances 1,030,000 (5,156,663) (4,667,268) 489,395
Fund balances - January 1 6,352,476 6,964,011 6,881,542 -
Fund balances - December 31 7,382,476$ 1,807,348$ 2,214,274$ 406,926$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Transportation Impact Mitigation
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-26
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes 2,300,000$ 2,000,000$ 2,475,091$ 475,091$
Investment earnings - 96,157 170,857 74,700
Total revenues 2,300,000 2,096,157 2,645,948 549,791
Excess (deficiency) of revenues over expenditures 2,300,000 2,096,157 2,645,948 549,791
OTHER FINANCING SOURCES (USES)
Transfers out - (3,715,000) (3,715,000) -
Total other financing sources (uses)- (3,715,000) (3,715,000) -
Net change in fund balances 2,300,000 (1,618,843) (1,069,052) 549,791
Fund balances - January 1 1,228,121 3,049,711 3,108,817 -
Fund balances - December 31 3,528,121$ 1,430,868$ 2,039,765$ 608,897$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
REET 1
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-27
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes 2,300,000$ 2,000,000$ 2,475,091$ 475,091$
Investment earnings - 179,126 301,027 121,901
Total revenues 2,300,000 2,179,126 2,776,118 596,992
Excess (deficiency) of revenues over expenditures 2,300,000 2,179,126 2,776,118 596,992
OTHER FINANCING SOURCES (USES)
Transfers out (3,403,625) (5,403,625) (5,403,625) -
Total other financing sources (uses)(3,403,625) (5,403,625) (5,403,625) -
Net change in fund balances (1,103,625) (3,224,499) (2,627,507) 596,992
Fund balances - January 1 4,152,027 6,019,961 6,043,880 -
Fund balances - December 31 3,048,402$ 2,795,462$ 3,416,373$ 620,911$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
REET 2
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-28
Airport Golf Course
Total Nonmajor
Enterprise Funds
ASSETS
Current assets:
Cash & cash equivalents 7,399,681$ 1,610,577$ 9,010,258$
Investments at fair value 3,942,631 857,091 4,799,722
Receivables (net of allowance for uncollectible):
Customer accounts 54,440 168,329 222,769
Interest & penalties 27,318 5,799 33,117
Due from other funds 16,606 14,578 31,184
Due from other governments 272,007 - 272,007
Supplies inventory - 41,504 41,504
Total current assets 11,712,683 2,697,878 14,410,561
Noncurrent assets:
Net Pension Asset 235,161 296,026 531,187
Capital assets:
Land 784,080 2,683,200 3,467,280
Construction in Progress 1,928,618 - 1,928,618
Capital assets (net)14,063,905 4,215,690 18,279,595
Intangible assets (net)25,400 - 25,400
Total noncurrent assets 17,037,164 7,194,916 24,232,080
Total assets 28,749,847 9,892,794 38,642,641
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 193,888 244,071 437,959
Total deferred outflows of resources 193,888 244,071 437,959
Total assets and deferred outflows of resources 28,943,735 10,136,865 39,080,600
LIABILITIES
Current liabilities:
Accrued wages and benefits payable 45,225 64,592 109,817
Accounts payable 137,633 236,285 373,918
Retainage payable - 4,710 4,710
Customer deposits - 381,821 381,821
Unearned revenue 320,598 - 320,598
Leases payable 1,870 - 1,870
Compensated absences 23,200 65,067 88,267
Interfund loans - 44,982 44,982
Total current liabilities 528,526 797,457 1,325,983
Noncurrent liabilities:
Leases payable 23,503 - 23,503
Compensated absences 11,236 35,539 46,775
Net pension liability 102,474 128,996 231,470
Interfund loans - 99,018 99,018
Total noncurrent liabilities 137,213 263,553 400,766
Total liabilities 665,739 1,061,010 1,726,749
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 138,117 173,867 311,984
Deferred inflows related to leases - 117,546 117,546
Total deferred inflows of resources 138,117 291,413 429,530
Total liabilities and deferred inflows of resources 803,856 1,352,423 2,156,279
NET POSITION
Net investment in capital assets 16,717,446 6,675,771 23,393,217
Restricted for:
Pensions 235,161 296,026 531,187
Unrestricted 11,187,272 1,812,645 12,999,917
Total net position 28,139,879$ 8,784,442$ 36,924,321$
City of Renton
Combining Statement of Net Position
Nonmajor Enterprise Funds
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-29
Airport Golf Course
Total Nonmajor
Enterprise Funds
OPERATING REVENUES
Charges for services 4,800,061$ 3,526,548$ 8,326,609$
Total operating revenues 4,800,061 3,526,548 8,326,609
OPERATING EXPENSES
Supplies 175,597 403,926 579,523
Personnel Services 1,113,343 1,818,789 2,932,132
Contracted Services 954,304 525,566 1,479,870
Taxes 4,148 19,384 23,532
Depreciation and amortization 1,009,067 299,232 1,308,299
Total operating expenses 3,256,459 3,066,897 6,323,356
Operating income (loss)1,543,602 459,651 2,003,253
NONOPERATING REVENUES (EXPENSES)
Intergovernmental revenues 817,984 - 817,984
Miscellaneous revenue 1,361 167 1,528
Interest expense (602) (1,682) (2,284)
Gain (loss) on disposal of capital assets (6,306) (28,080) (34,386)
Investment earnings 421,590 91,663 513,253
Total nonoperating revenues (expenses)1,234,027 62,068 1,296,095
Income (loss) before contributions and transfers 2,777,629 521,719 3,299,348
Transfer in - 115,000 115,000
Transfers out (525,339) - (525,339)
Change in net position 2,252,290 636,719 2,889,009
Total net position - January 1 25,887,589 8,147,723 34,035,312
Total net position - December 31 28,139,879$ 8,784,442$ 36,924,321$
City of Renton
Combining Statement of Revenues, Expenses, and Changes in Net Position
Nonmajor Enterprise Funds
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-30
T0TAL
NON-MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services 5,699,024$ 3,551,870$ 9,250,894$
Cash paid to suppliers for goods & services (993,053) (977,808) (1,970,861)
Cash paid to employees (1,226,744) (1,933,715) (3,160,459)
Other non-operating receipts 1,361 167 1,528
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 3,480,588 640,514 4,121,102
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds - 115,000 115,000
Transfers to other funds (525,339) - (525,339)
Operating grants and contributions 16,038 - 16,038
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES (509,301) 115,000 (394,301)
CASH FLOWS FROM CAPITALFINANCING ACTIVITIES:
Proceeds from the sale of equipment (1) - (1)
Acquisition & construction of capital assets (1,427,440) (329,643) (1,757,083) Capital grants 529,939 - 529,939
Leases payable (1,829) - (1,829)
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES (899,331) (329,643) (1,228,974)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for investments (1,281,907) (271,216) (1,553,123)
Interest on investments 329,000 71,211 400,211
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (952,907) (200,005) (1,152,912)
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS 1,119,049 225,866 1,344,915
CASH & CASH EQUIVALENTS, JANUARY 1 6,280,632 1,384,711 7,665,343
RESTRICTED CASH, JANUARY 1 - - -
CASH & CASH EQUIVALENTS, DECEMBER 31 7,399,681$ 1,610,577$ 9,010,258$
ENTERPRISE FUNDS
BUSINESS-TYPE ACTIVITIES
City of Renton
Combining Statement of Cash Flows
Non-Major Enterprise Funds
For the Year Ended December 31, 2023
Page 1 of 2
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-31
TOTAL
NON-MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)1,543,602$ 459,651$ 2,003,253$
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization 1,009,067 299,232 1,308,299
(Increase) decrease in
Other non-operating revenue 1,361 167 1,528
(Increase) decrease in
accounts receivable 759,680 37,768 797,448
(Increase) decrease in
due from other funds (16,606) (14,578) (31,184)
(Increase) decrease in inventory
& prepaid items 149,837 19,245 169,082
(Increase) decrease in net pension assets and
deferred outflows related to pensions 34,994 67,331 102,325
Increase (decrease) in operating
accounts payable 8,367 (1,960) 6,407
Increase (decrease) in
interfund loans (602) (46,217) (46,819)
Increase (decrease) in
customer deposits - 12,896 12,896
Increase (decrease) in
unearned revenues 139,283 - 139,283
Increase (decrease) in accrued
employee leave benefits (999) 22,751 21,752
Increase (decrease) in net pension liability
and deferred inflows related to pensions (147,396) (205,008) (352,404)
(Increase) decrease in
deferred inflows related to leases - (10,764) (10,764)
Total adjustments 1,936,986 180,863 2,117,849
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 3,480,588$ 640,514$ 4,121,102$
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Depreciation & amortization 1,009,067$ 299,232$ 1,308,299$
Increase (decrease) in fair value of investments 75,458$ 16,699$ 92,157$
ENTERPRISE FUNDS
City of Renton
Combining Statement of Cash Flows
Non-Major Enterprise Funds
For the Year Ended December 31, 2023
Page 2 of 2
BUSINESS-TYPE ACTIVITIES
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-32
Equipment Rental Insurance
Total Internal Service
Funds
ASSETS
Current assets:
Cash & cash equivalents 19,404,274$ 35,220,077$ 54,624,351$
Investments at fair value 10,339,088 18,766,148 29,105,236
Receivables (net of allowance for uncollectible):
Customer accounts 52,257 748,474 800,731
Interest & penalties 54,810 131,340 186,150
Supplies inventory 310,142 - 310,142
Prepayments 270,156 649,020 919,176
Total current assets 30,430,727 55,515,059 85,945,786
Noncurrent assets:
Net Pension Asset 1,809,354 228,244 2,037,598
Capital assets:
Construction in Progress 195,178 - 195,178
Capital assets (net)9,432,275 - 9,432,275
Intangible assets (net)1,534,375 - 1,534,375
Total noncurrent assets 12,971,182 228,244 13,199,426
Total assets 43,401,909 55,743,303 99,145,212
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 1,491,798 188,184 1,679,982
Total deferred outflows of resources 1,491,798 188,184 1,679,982
Total assets and deferred outflows of resources 44,893,707 55,931,487 100,825,194
LIABILITIES
Current liabilities:
Accrued wages and benefits payable 371,405 36,667 408,072
Accounts payable 469,824 332,765 802,589
Due to other funds 1,762 40,603 42,365
Retainage payable 41,264 - 41,264
Claims incurred but not reported - 2,976,829 2,976,829
Leases payable 471,150 - 471,150
Compensated absences 317,399 35,870 353,269
OPEB Liability - 1,229,311 1,229,311
Total current liabilities 1,672,804 4,652,045 6,324,849
Noncurrent liabilities:
Leases payable 425,613 - 425,613
Compensated absences 159,819 19,815 179,634
Net pension liability 788,445 99,460 887,905
OPEB liability - 29,613,203 29,613,203
Total noncurrent liabilities 1,373,877 29,732,478 31,106,355
Total liabilities 3,046,681 34,384,523 37,431,204
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 1,062,692 134,055 1,196,747
Total deferred inflows of resources 1,062,692 134,055 1,196,747
Total liabilities and deferred inflows of resources 4,109,373 34,518,578 38,627,951
NET POSITION
Net investment in capital assets 10,264,657 - 10,264,657
Restricted for:
Pensions 1,809,364 228,244 2,037,608
Unrestricted 28,710,313 21,184,665 49,894,978
Total net position 40,784,334$ 21,412,909$ 62,197,243$
City of Renton
Combining Statement of Net Position
Nonmajor Internal Service Funds
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-33
Equipment Rental Insurance
Total Internal Service
Funds
OPERATING REVENUES
Charges for services 19,329,877$ 18,879,812$ 38,209,689$
Licenses and permits 225,260 - 225,260
Total operating revenues 19,555,137 18,879,812 38,434,949
OPERATING EXPENSES
Supplies 3,680,193 2,973 3,683,166
Personnel services 8,233,479 1,099,550 9,333,029
Contracted services 6,364,678 1,151,538 7,516,216
Insurance - 17,396,813 17,396,813
Taxes 435 4,205 4,640
Depreciation and amortization 2,791,873 - 2,791,873
Total operating expenses 21,070,658 19,655,079 40,725,737
Operating income (loss)(1,515,521) (775,267) (2,290,788)
NONOPERATING REVENUES (EXPENSES)
Intergovernmental revenues - 37,276 37,276
Miscellaneous revenue 13,005 989,054 1,002,059
Interest expense (3,526) - (3,526)
Insurance Recoveries 45,746 557,907 603,653
Gain (loss) on sale of capital assets (88,010) - (88,010)
Investment earnings 923,975 2,147,788 3,071,763
Total nonoperating revenues (expenses)891,190 3,732,025 4,623,215
Income (loss) before contributions and transfers (624,331) 2,956,758 2,332,427
Transfer in 5,760,261 1,136,346 6,896,607$
Transfers out - (958,813) (958,813)
Capital contributions 3,173,217 - 3,173,217
Change in net position 8,309,147 3,134,291 11,443,438
Total net position - January 1 32,475,187 18,278,618 50,753,805$
Total net position - December 31 40,784,334$ 21,412,909$ 62,197,243$
City of Renton
Combining Statement of Revenues, Expenses, and Changes in Net Position
Internal Service Funds
For the Year Ended December 31, 2023
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-34
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from other funds for services $19,521,763 $18,264,895 $37,786,658
Cash paid to suppliers for goods & services (10,307,440) (16,542,557) (26,849,997)
Cash paid to employees (9,085,577) (1,227,141) (10,312,718)
Other non-operating receipts 45,746 1,546,961 1,592,707
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 174,492 2,042,158 2,216,650
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds 5,760,261 1,136,346 6,896,607
Transfers to other funds - (958,813) (958,813)
Operating grants and contributions 13,005 37,276 50,281
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES 5,773,266 214,809 5,988,075
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Acquisition & construction of capital assets (4,838,675) - (4,838,675)
Capital replacement reserves received 3,173,217 - 3,173,217
Principal payments on leases 810,102 - 810,102
Interest payments on leases (3,526) - (3,526)
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES (858,882) - (858,882)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for investments (3,205,343) (3,837,327) (7,042,670)
Interest on investments and loans 686,339 1,623,675 2,310,014
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (2,519,004) (2,213,652) (4,732,656)
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS 2,569,872 43,315 2,613,187
CASH & CASH EQUIVALENTS, JANUARY 1 16,834,402 35,176,762 52,011,164
CASH & CASH EQUIVALENTS, DECEMBER 31 $19,404,274 $35,220,077 $54,624,351
INTERNAL SERVICE FUNDS
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended December 31, 2023
Page 1 of 2
City of Renton
GOVERNMENTAL ACTIVITIES
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-35
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)(1,515,521)$ (775,267)$ (2,290,788)$
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization 2,791,873 - 2,791,873
(Increase) decrease in
Other non-operating revenue 45,746 1,546,961 1,592,707
(Increase) decrease in
accounts receivable (33,374) (614,917) (648,291)
(Increase) decrease in inventory
& prepaid items (314,355) (171,528) (485,883)
(Increase) decrease in net pension assets
and deferred outflows related to pensions 160,932 (27,986) 132,946
Increase (decrease) in accrued
employee wages and benefits 30,475 (8,344) 22,131
Increase (decrease) in operating
accounts payable 20,549 109,117 129,666
Increase (decrease) in operating
retainage payable 31,672 - 31,672
Increase (decrease) in due to
other funds - 40,603 40,603
Increase (decrease) in other
short-term liabilities - 124,243 124,243
Increase (decrease) in net pension liability
and deferred inflows related to pensions (1,043,505) (91,261) (1,134,766)
Increase (decrease) in
OPEB liability - 1,910,537 1,910,537
Total adjustments 1,690,013 2,817,425 4,507,438
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 174,492$ 2,042,158$ 2,216,650$
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Depreciation & amortization 2,791,873$ -$ 2,791,873$
Increase (decrease) in fair value of investments 204,062$ 448,722$ 652,784$
For the Year Ended December 31, 2023
Combining Statement of Cash Flows
Internal Service Funds
Page 2 of 2
City of Renton
INTERNAL SERVICE FUNDS
GOVERNMENTAL ACTIVITIES
2023 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-36
STATISTICAL SECTION
December 31, 2023
Presentations included in the Statistical Section of the Annual Comprehensive Financial Report (ACFR) provide
users detailed information as a context for understanding what the information in the financial statements, note
disclosures and the supporting schedules say about the government’s overall financial health. The section is
divided into five categories based on the following:
FINANCIAL TRENDS
These schedules contain trend information to help the reader understand how the government’s financial
performance and well‐being have changed over time.
REVENUE CAPACITY
These schedules present information to help the reader assess the government’s most significant local revenue
source – property tax.
DEBT CAPACITY
These schedules present information to help the reader assess the affordability of the government’s current levels
of outstanding debt and the government’s ability to issue additional debt in the future.
DEMOGRAPHIC AND ECONOMIC INFORMATION
These schedules offer demographic and economic indicators to help the reader understand the environment
within which the government’s financial activities take place.
OPERATING INFORMATION
These schedules contain service and infrastructure data to help the reader understand how the information in the
government’s financial report relates to the services the government provides and the activities it performs.
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-1
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Governmental activities
Net investment in capital assets 457,337,430$ 467,609,532$ 453,278,699$ 466,996,814$ 473,667,290$ 478,173,369$ 488,387,204$ 494,021,497$ 509,894,057$ 536,120,344$
Restricted 18,973,294 26,987,147 18,939,968 31,304,501 36,805,133 61,745,083 63,265,226 110,965,722 91,947,460 86,174,613
Unrestricted 57,074,155 50,203,343 61,174,111 77,331,398 67,657,377 74,778,751 83,352,782 90,952,218 176,396,121 221,562,074
Total governmental activities net position 453,318,266$ 544,800,022$ 533,392,778$ 575,632,713$ 578,129,800$ 614,697,203$ 635,005,212$ 695,939,437$ 778,237,638$ 843,857,031$
Business-type activities
Net investment in capital assets 255,631,135$ 271,016,825$ 279,506,339$ 281,531,560$ 285,507,078$ 293,076,667$ 289,121,692$ 301,540,670$ 304,930,019$ 313,952,567$
Restricted 2,909,578 2,909,578 2,909,578 2,810,145 2,810,145 2,810,145 2,810,145 9,780,922 5,638,678 5,633,456
Unrestricted 41,941,669 51,330,478 63,236,920 72,699,879 84,471,108 90,300,915 105,198,350 106,067,790 124,184,942 136,743,258
Total business-type activities net position 240,444,632$ 325,256,881$ 345,652,837$ 357,041,584$ 372,788,331$ 386,187,727$ 397,130,187$ 417,389,382$ 434,753,639$ 456,329,281$
Primary government
Net investment in capital assets 712,968,565$ 738,626,357$ 732,785,038$ 748,528,374$ 759,174,368$ 771,250,036$ 777,508,896$ 795,562,167$ 814,824,076$ 850,072,911$
Restricted 21,882,872 29,896,725 21,849,546 34,114,646 39,615,278 64,555,228 66,075,371 120,746,644 97,586,138 91,808,069
Unrestricted 99,015,824 101,533,821 124,411,031 150,031,277 152,128,485 165,079,666 188,551,132 197,020,008 300,581,063 358,305,332
Total primary government net position 693,762,898$ 870,056,903$ 879,045,615$ 932,674,297$ 950,918,131$ 1,000,884,930$ 1,032,135,399$ 1,113,328,819$ 1,212,991,277$ 1,300,186,312$
Source : City of Renton Finance Division
(accrual basis of accounting)
LAST TEN FISCAL YEARS
NET POSITION BY COMPONENT
TABLE 1
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-2
EXPENSES 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Government activities:
General government 10,928,669$ 9,829,338$ 10,230,923$ 11,619,780$ 11,693,087$ 13,188,036$ 21,069,221$ 5,939,406$ 10,586,624$ 18,831,400$
Judicial 2,406,797 2,342,557 2,501,487 2,631,350 2,612,931 3,036,172 3,170,019 3,058,866 3,828,832 3,924,144
Public safety 55,143,750 57,863,131 49,272,668 34,970,381 35,406,820 34,493,076 39,807,638 34,996,342 45,403,831 45,821,151
Utilities 746,363 694,469 691,798 686,356 675,076 270,397 206,150 4,164 34,598 43,193
Transportation 14,641,476 15,918,953 19,560,699 18,369,818 18,828,845 20,091,069 18,145,346 17,561,416 22,026,500 20,222,129
Economic and natural environment 6,584,984 7,362,822 7,578,069 8,280,445 7,514,571 8,032,974 9,488,896 8,714,594 13,737,667 13,681,351
Health and human services 1,885,761 1,925,253 2,098,190 2,210,690 2,260,902 2,486,008 2,910,797 2,527,615 3,130,494 3,578,875
Culture and recreation 12,338,932 13,636,384 12,999,863 14,307,593 13,802,266 15,040,743 13,421,450 12,483,452 16,314,321 14,510,956
Interest on long-term debt 2,932,298 1,247,934 948,685 1,146,722 1,077,950 1,562,735 1,489,077 1,213,697 979,918 910,047
Total governmental activities expenses 107,609,030 110,820,841 105,882,382 94,223,135 93,872,448 98,201,210 109,708,594 86,499,552 116,042,785 121,523,246 Business-type activities:
Airport 2,771,616 4,319,084 2,974,582 3,178,004 2,713,567 3,270,117 2,736,107 3,588,050 3,354,236 3,263,367
Golf course 2,298,804 2,200,740 2,173,590 2,386,006 2,277,544 2,442,180 2,341,478 2,363,279 2,817,014 3,096,659
Solid Waste 17,157,550 16,907,652 16,850,054 19,367,124 19,648,560 20,544,997 20,132,851 20,487,512 22,464,173 24,946,989
Waterworks Utility 43,274,617 45,184,377 53,960,170 51,849,388 50,408,232 54,263,991 50,782,704 50,204,545 54,532,445 55,957,729
Total Business-type activities expenses 65,502,587 68,611,853 75,958,396 76,780,522 75,047,903 80,521,285 75,993,140 76,643,386 83,167,868 87,264,744
Total Primary Government expenses 172,913,375 179,432,694 181,840,778 171,003,657 168,920,351 178,722,495 185,701,734 163,142,938 199,210,653 208,787,990
PROGRAM REVENUESGovernmental activities:Charges for services:
General government 4,336,464 4,354,150 5,028,744 7,954,848 7,172,729 7,400,036 5,553,209 4,154,041 8,991,134 2,953,151
Judicial 3,059,061 3,476,485 3,077,775 3,318,723 5,480,833 5,237,160 3,825,074 5,033,166 5,143,140 3,956,736
Public safety 6,961,962 7,677,351 4,836,073 1,478,987 1,561,148 1,529,648 1,237,536 1,252,495 1,998,877 1,415,913
Utilities 278,568 668 1,436 - - - - - - -
Transportation 3,140,008 3,823,320 2,638,216 2,218,114 3,568,302 2,383,972 2,186,138 2,310,775 8,665,990 1,179,678
Economic and natural environment 3,791,108 5,641,135 4,992,629 4,814,488 4,747,410 5,253,540 4,244,701 5,029,960 7,938,297 7,169,265
Health and human services - - - - - 123,391 42,348 104,410 98,567 465,062
Culture and recreation 2,676,783 2,331,046 2,260,812 2,347,627 2,176,752 2,678,765 1,094,457 1,467,001 3,567,700 3,133,145
Operating grants and contributions 6,422,816 6,614,030 8,226,834 5,984,222 6,921,332 7,458,503 10,990,611 8,879,286 19,180,209 7,301,395
Capital grants and contributions 11,640,501 8,658,075 10,913,636 10,167,007 5,700,805 7,615,827 10,743,119 13,544,611 23,817,637 19,491,497
Total governmental activities program revenues 42,307,271 42,576,260 41,976,155 38,284,016 37,329,311 39,680,842 39,917,193 41,775,745 79,401,551 47,065,842
Business-type activities:
Charges for services:
Airport 2,652,808 2,614,311 2,718,441 2,820,574 3,503,323 3,177,298 2,906,657 3,295,371 4,093,908 4,800,061
Golf course 2,127,512 2,302,635 2,196,062 2,166,680 2,329,889 2,397,796 2,605,574 3,068,337 3,172,477 3,526,548
Solid waste utility 17,310,807 17,146,266 17,152,279 17,787,705 19,656,483 21,817,526 20,687,309 21,018,006 22,612,788 24,780,614
Waterworks Utility 51,354,475 53,263,702 53,685,591 56,202,702 57,067,220 56,546,499 56,189,141 59,533,068 61,949,291 65,052,834
Total Business-type charges 73,445,602 75,326,914 75,752,373 78,977,661 82,556,915 83,939,119 82,388,681 86,914,782 91,828,464 98,160,057
Operating grants and contributions 1,108,920 704,367 8,400,008 1,213,388 572,719 1,099,731 1,233,103 972,220 846,147 386,362
Capital grants and contributions 12,531,671 23,291,274 12,559,755 7,664,875 6,285,279 7,341,238 3,940,585 5,458,679 6,940,356 5,187,720
Total business-type activities program revenues 87,086,193 99,322,555 96,712,136 87,855,924 89,414,913 92,380,088 87,562,369 93,345,681 99,614,967 103,734,139
Total primary government program revenues 129,393,464$ 141,898,815$ 138,688,291$ 126,139,940$ 126,744,224$ 132,060,930$ 127,479,562$ 135,121,426$ 179,016,518$ 150,799,981$
Net (expense)/revenue
Governmental activities (65,301,759)$ (68,244,581)$ (63,906,227)$ (55,939,119)$ (56,543,137)$ (58,520,368)$ (69,791,401)$ (44,723,807)$ (36,641,234)$ (74,457,404)$
Business-type activities 21,583,606 30,710,702 20,753,740 11,075,402 14,367,010 11,858,803 11,569,229 16,702,295 16,447,099 16,469,395
Total primary government net expense (43,718,153)$ (37,533,879)$ (43,152,487)$ (44,863,717)$ (42,176,127)$ (46,661,565)$ (58,222,172)$ (28,021,512)$ (20,194,135)$ (57,988,009)$
TABLE 2
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
(accrual basis of accounting)
Page 1 of 2
Fiscal Year
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-3
GENERAL REVENUES AND OTHER CHANGES 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Governmental activities:
Taxes
Property taxes 35,112,669$ 35,418,323$ 37,105,988$ 24,669,058$ 19,046,123$ 21,706,506$ 21,964,194$ 22,574,225$ 23,250,415$ 25,201,735$
Timber taxes - - - - - - - - - -
Retail sales taxes 27,223,521 29,567,506 32,933,987 33,381,395 33,564,285 32,955,528 31,034,947 42,329,250 47,758,735 48,173,923
Business taxes 18,575,350 20,561,270 26,376,964 30,135,189 30,055,917 30,151,752 26,378,666 31,920,356 35,817,234 43,807,894
Excise taxes 4,595,540 5,736,582 6,123,700 7,193,498 7,951,859 6,485,943 6,723,181 10,994,027 9,697,601 7,066,074
Penalties and interest - - - - - - - - - -
Investment earnings 1,137,752 1,303,414 1,441,471 1,587,589 2,374,510 3,011,779 2,702,607 145,963 166,544 10,426,625
Miscellaneous 760,292 580,042 1,746,009 689,371 938,045 663,782 747,850 1,095,098 2,590,478 4,571,462
Gain on sale of capital assets1 - 17,109 13,710 992,114 914,008 43,698 11,256 69,946 223,677 248,692
Transfers 449,362 131,491 173,917 218,212 (256,835) 68,783 6,339 (33,766) (565,249) 580,392
Special Items
Transfer of fire operations (32,665,407) - - - (866,131) - - -
Transfer of library assets (18,527,290) - - - - - - -
Total governmental activities 87,656,244 93,315,737 54,723,049 98,866,426 94,587,912 95,087,771 88,702,909 109,095,099 118,939,435 140,076,797
Business-type activities:
Investment earnings 96,625 225,515 332,931 483,356 1,105,019 1,365,411 1,197,741 70,210 (54,167) 5,393,560
Miscellaneous 30,863 38,014 18,051 48,201 17,883 243,965 208,145 8,325 306,920 293,079
Gain on sale of capital assets1 93,773 - - - - - - 7,532 99,156 -
Transfers (449,362) (131,491) (173,917) (218,212) 256,835 (68,783) (6,339) 33,766 565,249 (580,392)
Total business-type activities (228,101) (569,680) 177,065 313,345 1,379,737 1,540,593 1,399,547 119,833 917,158 5,106,247
Total primary government 87,428,143$ 92,746,057$ 54,900,114$ 99,179,771$ 95,967,649$ 96,628,364$ 90,102,456$ 109,214,932$ 119,856,593$ 145,183,044$
CHANGES IN NET POSITION
Governmental activities 22,552,727$ 25,071,156$ (9,183,178)$ 42,927,307$ 38,044,775$ 36,567,403$ 18,911,508$ 64,371,292$ 82,298,201$ 65,619,393$
Business-type activities 21,355,505 30,842,740 20,930,805 11,388,747 15,746,747 13,399,396 12,968,776 16,822,128 17,364,257 21,575,642
Total primary government 43,908,232$ 55,913,896$ 11,747,627$ 54,316,054$ 53,791,522$ 49,966,799$ 31,880,284$ 81,193,420$ 99,662,458$ 87,195,035$
Source : City of Renton Finance Division
1 Prior to 2014 Gain (loss) on sale of capital assets were previously reported as "Miscellaneous".
2In 2013 certain amounts previously reported as "interfund revenue" are now reported as "transfers"
TABLE 2
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
(accrual basis of accounting)
Page 2 of 2
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-4
TABLE 3
FUND BALANCE OF GOVERNMENT FUNDS
LAST TEN FISCAL YEARS
(modified accrual basis of accounting)
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General fund
Reserved -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Unreserved - - - - - - - - - -
Nonspendable - - 200,000 - - - - - - -
Restricted 250,717 156,105 974,770 1,341,610 1,428,578 1,607,617 754,367 965,896 985,615 1,655,626
Committed - 1,185,085 - - - - 2,565,246 2,571,321 2,586,790 2,608,882
Assigned 286,516 260,342 236,772 8,853,636 9,545,607 7,829,990 7,654,675 8,298,032 6,326,408 5,547,992
Unassigned 19,517,236 20,183,002 28,579,805 29,077,267 41,085,590 45,660,733 52,721,934 63,150,333 83,433,006 100,270,628
Total general fund 20,054,469$ 21,784,534$ 29,991,347$ 39,272,513$ 52,059,775$ 55,098,340$ 63,696,222$ 74,985,582$ 93,331,819$ 110,083,128$
All other governmental funds
Reserved -$ -$ -$ -$ -$ -$ -$ -$ -$
Unreserved, reported in:
Special revenue funds - - - - - - - - -
Debt service funds - - - - - - - - -
Capital project funds - - - - - - - - -
Nonspendable - - 64,783 - - - - - - -
Restricted 18,722,577 7,841,326 7,528,348 13,049,222 14,852,808 37,576,471 41,375,547 47,213,081 53,024,884 44,158,168
Committed - 15,844,472 20,134,020 11,763,443 17,125,460 18,352,497 14,169,890 15,070,663 19,958,471 19,027,078
Assigned 12,594,651 3,290,869 6,150,838 18,261,594 13,963,776 15,519,639 13,350,561 12,488,653 4,947,675 11,254,825
Unassigned - - - - - - (2,819,660) (337,394) (1,272,748) (4)
Total all other governmental funds 31,317,228$ 26,976,667$ 33,877,989$ 43,074,259$ 45,942,044$ 71,448,607$ 66,076,338$ 74,435,003$ 76,658,282$ 74,440,067$
Source : City of Renton Finance Division
$-
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
2014 2015 2016 2017 2018 2019 2020 2021 2023
General fund All other governmental funds
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-5
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
REVENUES
Taxes 85,244,091$ 91,417,887$ 102,741,519$ 95,576,042$ 90,772,400$ 91,299,359$ 85,938,021$ 107,711,878$ 116,440,506$ 124,165,028$
Licenses and permits 7,724,038 8,541,090 7,504,210 6,462,056 5,892,914 5,836,382 5,242,692 5,337,493 7,515,343 6,700,827
Intergovernmental 13,717,109 10,546,797 14,058,888 10,944,312 9,662,231 8,464,679 16,346,001 21,430,899 29,239,300 19,498,904
Charges for services 11,030,501 13,337,291 9,077,603 6,863,066 8,036,603 7,912,645 6,876,265 7,440,638 21,123,819 7,183,937
Fines and forfeits 2,708,477 3,049,542 3,131,466 2,978,800 4,330,947 4,748,321 3,330,877 4,695,505 4,073,851 3,791,985
Interfund revenues 1 264,539 296,649 - - - - - - - -
Contributions 947,927 187,616 792,699 551,968 598,662 238,587 734,104 359,874 6,392,804 7,478,437
Investment Earnings 1,039,626 1,108,572 1,214,516 1,330,442 1,752,835 2,266,107 2,078,608 121,964 253,203 7,354,855
Miscellaneous Revenues 2,117,198 1,994,532 3,036,059 2,280,640 2,375,518 2,079,530 962,008 1,291,860 1,746,195 2,398,843
Total revenues 115,930,833 130,479,976 141,556,960 126,987,326 123,422,110 122,845,610 121,508,576 148,390,111 186,785,021 178,572,816
EXPENDITURES
Current
General government 10,142,332 11,334,485 11,961,260 12,492,727 12,267,911 12,423,213 13,757,930 13,880,312 20,334,915 16,181,175
Judicial 2,400,097 2,461,668 2,536,835 2,650,678 2,727,689 3,162,916 3,252,116 3,485,237 3,982,793 4,179,892
Public safety 55,174,723 58,211,446 47,619,491 36,063,481 39,768,443 42,841,721 41,176,222 42,469,142 46,558,177 50,534,087
Utilities 252,826 236,245 238,057 240,611 244,244 244,452 209,398 - - -
Transportation 10,092,425 10,898,934 13,631,324 12,567,755 12,947,686 10,634,812 10,304,108 11,233,863 13,735,344 13,540,613
Economic environment 6,088,295 6,628,136 7,130,650 7,730,872 7,674,325 8,094,074 9,447,716 9,817,448 13,918,760 13,812,836 Health and human services 1,840,312 1,876,841 2,068,295 2,175,116 2,371,428 2,515,683 3,006,025 2,697,473 3,200,359 3,709,857
Culture and recreation 10,942,620 12,250,743 11,786,172 13,080,103 12,897,526 13,608,275 11,559,839 11,684,510 14,102,614 16,764,933
Capital outlay 16,829,123 20,274,185 12,637,649 11,895,890 11,362,136 16,171,373 18,794,283 20,961,587 39,457,703 34,666,772 Debt service
Principal payments 5,076,530 4,834,225 4,530,216 4,672,672 4,480,075 5,167,947 5,405,922 5,625,158 3,069,547 4,453,188
Interest and fiscal charges 3,324,433 1,660,586 1,570,322 1,390,904 1,216,109 1,646,927 1,756,060 1,528,007 1,271,720 1,110,801
Total expenditures 116,968,848 130,667,494 115,710,271 104,960,809 107,957,572 116,511,393 118,669,619 123,382,737 159,631,932 158,954,154
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,038,015) (187,518) 25,846,689 22,026,517 15,464,538 6,334,217 2,838,957 25,007,374 27,153,089 19,618,662
OTHER FINANCING SOURCES (USES)
Transfers in 5,175,933 9,326,629 10,252,886 9,891,918 2,440,000 18,898,175 18,523,881 18,491,316 36,283,489 27,952,337
Transfer (out)(8,463,285) (10,786,043) (8,480,721) (14,374,763) (3,931,548) (20,157,065) (18,557,424) (20,471,335) (43,435,673) (33,309,739)
Refunding bonds issued - 12,520,000 - - - - - - - -
GO Bonds issued - - - - - 20,845,000 - - - -
Premium on general obligation debt - 1,171,804 - - - 2,593,852 - - - -
Sale of capital assets 5,170 - - 916,547 1,662,460 20,000 7,050 42,585 232,300 248,692
Payment to refunded bond escrow agent - (13,573,341) - - - - - - - -
Insurance Recoveries 14,666 14,724 29,061 17,217 19,597 10,949 27,218 15,152 262,113 23,142
Lease financing 2 - - - - - - - - 74,198 -
Total other financing sources (uses) 3 (3,267,516) (1,326,227) 1,801,226 (3,549,081) 190,509 22,210,911 725 (1,922,282) (6,583,573) (5,085,568)
SPECIAL ITEMS
Transfer of fire operations - - (12,300,367) - - - (866,131) - - -
Total special items - - (12,300,367) - - - (866,131) - - -
Net change in fund balance 17,163,147$ (1,513,745)$ 15,347,548$ 18,477,436$ 15,655,047$ 28,545,128$ 1,973,551$ 23,085,092$ 20,569,516$ 14,533,094$
Debt service as a percentage of
non capital expenditures 7.98%5.88%5.92%6.52%5.90%6.38%7.00%6.77%3.54%4.50%
Source : City of Renton Finance Division
TABLE 4
CHANGES IN FUND BALANCES OF GOVERNMENT FUNDS
LAST TEN FISCAL YEARS
(modified accrual basis of accounting)
2 In accordance with Governmental Accounting Standards Board (GASB) 87 and effective in 2022, the city started recording lease activity.
1 2011-2012 Interfund revenues include amounts received for indirect costs allocated to departments. Beginning in 2013 these amounts are recorded as a reduction of the expenses, rather than revenue, in accordance with Generally Accepted Accounting Principles.
Tables prior to 2010 used the titles "Security of persons and property" and "Mental and physical health" for functions now being referred to as "Public Safety" and "Health and Human Services", respectively. Tables Prior to 2013 used the title "Physical environment" for
functions now being referred to as "Utilities".
3 Corrected the "Total other financing sources" total from 18,201,162 to (3,267,516) to reflect the correct total for that column of data.
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-6
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
City Population 97,130 98,470 101,300 102,700 104,100 104,700 105,500 108,054 107,500 107,900
Water System
Rate Increase 5.0%0.0%0.0%0.0%0.0%0.0%2.0%2.0%2.0%0.0%
Billing
Single Family 6,339,653$ 6,526,128$ 6,386,047$ 6,558,914$ 6,567,867$ 6,472,448$ 6,885,014$ 7,163,602$ 7,113,462$ 7,236,872$
Multi-Family, Commercial, Industrial 6,977,452 6,823,857 7,072,435 7,297,389 7,277,957 7,084,008 6,865,880 7,191,211 7,533,258 7,672,940
Irrigation 2,245,010 2,537,017 2,357,006 2,425,206 2,745,461 2,319,170 2,249,841 2,687,875 2,524,164 2,919,100
Fire Service 311,936 315,931 322,539 333,951 337,687 340,641 355,375 370,773 376,615 366,019
Other2 488,502 607,944 506,044 489,559 455,627 511,488 408,575 606,183 639,408 710,718
Total Water Billing 16,362,553 16,810,877 16,644,071 17,105,020 17,384,599 16,727,755 16,764,684 18,019,645 18,186,908 18,905,649
Wastewater System
Rate Increase 5.0%0.0%0.0%4.0%4.0%0.0%2.0%2.0%2.0%3.0%
Billing
Single Family 5,069,164$ 5,173,757$ 5,262,490$ 5,551,146$ 5,820,715$ 5,875,324$ 6,046,959$ 6,226,946$ 6,377,148$ 6,589,303$
Multi-Family, Commercial, Industrial, Other 4,560,119 4,217,237 4,467,264 4,627,298 4,794,217 4,733,681 4,521,708 4,759,423 5,080,536 5,283,578
Total City Wastewater Billing 9,629,283 9,390,994 9,729,754 10,178,444 10,614,932 10,609,005 10,568,667 10,986,370 11,457,683 11,872,881
King County Metro Charges 15,440,140 15,556,018 16,156,367 16,865,542 16,895,073 17,314,045 16,848,625 17,980,785 19,188,469 20,479,790
Total All 25,069,423 24,947,012 25,886,121 27,043,986 27,510,005 27,923,050 27,417,292 28,967,154 30,646,152 32,352,671
Storm Water System
Rate Increase 5.0%4.0%4.0%4.0%4.0%0.0%2.0%2.0%2.0%4.0%
Billing
Single Family 3,332,758$ 3,498,882$ 3,671,923$ 3,848,958$ 4,022,009$ 4,043,489$ 4,144,288$ 4,253,903$ 4,349,905$ 4,534,637$
Multi-Family, Commercial, Industrial, Other 5,742,495 6,012,017 6,235,149 6,690,859 6,906,349 6,932,067 7,046,139 7,193,548 7,357,424 7,655,622
Total Storm Water Billing 9,075,253 9,510,899 9,907,072 10,539,817 10,928,358 10,975,556 11,190,426 11,447,451 11,707,329 12,190,258
1 Data for prior years provided where available.
2 Includes wholesale water provided to the Skyway Water and Sewer District through a single metered connection.
LAST TEN FISCAL YEARS 1
WATER UTILITY SYSTEMS REVENUE INFORMATION
TABLE 5
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-7
TABLE 6
PRINCIPAL RATEPAYERS
Page 1 of 3
WATER 2023 2014
% of Total % of Total
Ratepayer Revenue Rank Revenue Revenue Rank Revenue
King County 571,067$ 1 3.02%356,323$ 3 2.18%
City of Renton 485,163 2 2.57%434,827 2 2.66%
Skyway Water and Sewer District 325,391 3 1.72%129,079 7 0.79%
Boeing Commercial 240,942 4 1.27%506,968 1 3.10%
Renton School District 214,066 5 1.13%170,103 4 1.04%
Unico Longares North Building LLC 193,948 6 1.03%- 0.00%
Copper Ridge Renton LLC 170,007 7 0.90%- 0.00%
Public Hosp Dist #1 of KC 167,832 8 0.89%151,100 5 0.92%
Renton Housing Authority 152,771 9 0.81%- 0.00%
CPT The Landing LLC 152,090 10 0.80%121,043 0.74%
Ashburn Condominiums - 0.00%132,842 6 0.81%
Axis Grand Apartments - 0.00%117,255 9 0.72%
Ergis IX Reo LLC - 0.00%- 0.00%
G and K Services - 0.00%113,985 10 0.70%
All Other 9,141,564 48.36%7,962,298 48.66%
Single Family 7,088,122 37.49%6,166,824 37.69%
Misc 2,327 0.01%- 0.00%
Total Revenue 18,905,291$ 100.00%16,362,646$ 100.00%
Source : City of Renton Finance Division
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-8
TABLE 6
PRINCIPAL RATEPAYERS
Page 2 of 3
SURFACE WATER 2023 2014
% of Total % of Total
Ratepayer Revenue Rank Revenue Revenue Rank Revenue
City of Renton 1,358,490$ 1 11.14%958,456$ 1 10.56%
Boeing Commercial 334,732 2 2.75%337,371 2 3.72%
King County 311,380 3 2.55%195,840 4 2.16%
Renton School District 306,244 4 2.51%229,726 3 2.53%
WSDOT 136,412 5 1.12%78,984 5 0.87%
Kennworth Truck Company 92,960 6 0.76%71,993 6 0.79%
Stoneway Rock and Recycling 74,812 7 0.61%57,936 7 0.64%
Unico Longares North Building LLC 73,420 8 0.60%- 0.00%
Leisure Estates Office 72,607 9 0.60%56,226 8 0.62%
The Kroger Co 57,617 10 0.47%44,620 10 0.49%
CPT The Landing LLC - 0.00%54,899 9 0.61%
Service Linen Supply Inc - 0.00%- 0.00%
City of Renton - 0.00%- 0.00%
The Arbors at Sunset - 0.00%- 0.00%
Ergis IX Reo LLC - 0.00%- 0.00%
Axis Grand Apartments - 0.00%- 0.00%
G and K Services - 0.00%- 0.00%
Renton School District - 0.00%- 0.00%
All Other 4,896,340 40.17%3,724,054 41.04%
Single Family 4,464,123 36.62%3,265,149 35.98%
Misc 11,122 0.09%- 0.00%
Total Revenue 12,190,258$ 100.00%9,075,253$ 100.00%
Source : City of Renton Finance Division
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-9
TABLE 6
PRINCIPAL RATEPAYERS
Page 3 of 3
WASTEWATER 2023 2014
% of Total % of Total
Ratepayer Revenue Rank Revenue Revenue Rank Revenue
Boeing Commercial 187,957$ 1 1.58%448,266$ 1 4.66%
Public Hosp Dist #1 of KC 148,954 2 1.26%106,160 2 1.10%
Copper Ridge Renton LLC 127,135 3 1.07%- 0.00%
Renton Preservation LP 95,058 4 0.80%- 0.00%
Renton Housing Authority 80,889 5 0.68%- 0.00%
CPT The Landing LLC 79,532 6 0.67%- 0.00%
1202 North 10th LLC 69,160 7 0.58%- 0.00%
TLus Rise Renton LP 68,831 8 0.58%- 0.00%
Service Linen Supply Inc 65,019 9 0.55%71,123 5 0.74%
1205 North 10th LLC 64,459 10 0.54%- 0.00%
City of Renton - 0.00%74,334 4 0.77%
WA3 Properties Talbot LLC - 0.00%- 0.00%
Maplewood LLC - 0.00%57,087 7 0.59%
Axis Grand Apartments - 0.00%70,401 6 0.73%
The Arbors at Sunset - 0.00%55,994 8 0.58%
Egris IX Reo LLC - 0.00%- 0.00%
Sunset View Owner LLC - 0.00%49,572 10 0.52%
Royal Hills Preservation LP - 0.00%55,544 9 0.58%
G and K Services - 0.00%86,345 3 0.90%
All Other 4,402,720 37.08%3,602,723 37.41%
Single Family 6,471,617 54.51%4,951,735 51.42%
Misc 11,538 0.10%- 0.00%
Total Revenue 11,872,870$ 100.00%9,629,283$ 100.00%
Source : City of Renton Finance Division
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-10
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Water Rates
Monthly Rates
Basic Charge
3/4"17.60 17.60 17.60 17.60 17.60 17.60 17.95 18.31 18.68 18.68
1"34.89 34.89 34.89 34.89 34.89 34.89 35.59 36.30 37.03 37.03
1 1/2"67.33 67.33 67.33 67.33 67.33 67.33 68.68 70.05 71.45 71.45
2"105.52 105.52 105.52 105.52 105.52 105.52 107.63 109.78 111.98 111.98
3"216.81 216.81 216.81 216.81 216.81 216.81 221.15 225.57 230.08 230.08
4"330.75 330.75 330.75 330.75 330.75 330.75 337.37 344.12 351.00 351.00
6"645.28 645.28 645.28 645.28 645.28 645.28 658.19 671.35 684.78 684.78
8"1,262.94 1,262.94 1,262.94 1,262.94 1,262.94 1,262.94 1,288.20 1,313.96 1,340.24 1,340.24
10"1,882.63 1,882.63 1,882.63 1,882.63 1,882.63 1,882.63 1,920.28 1,958.69 1,997.86 1,997.86
12"2,739.86 2,739.86 2,739.86 2,739.86 2,739.86 2,739.86 2,794.66 2,850.55 2,907.56 2,907.56
Charge for Irrigation2
3/4"10.58 10.58 10.58 10.58 10.58 10.58 10.79 11.01 11.23 11.23
1"18.92 18.92 18.92 18.92 18.92 18.92 19.30 19.69 20.08 20.08
1 1/2"32.29 32.29 32.29 32.29 32.29 32.29 32.94 33.60 34.27 34.27
2"49.46 49.46 49.46 49.46 49.46 49.46 50.45 51.46 52.49 52.49
3"104.57 104.57 104.57 104.57 104.57 104.57 106.66 108.79 110.97 110.97
4"155.65 155.65 155.65 155.65 155.65 155.65 158.76 161.94 165.17 165.17
6"294.81 294.81 294.81 294.81 294.81 294.81 300.71 306.72 312.86 312.86
8"645.13 645.13 645.13 645.13 645.13 645.13 658.03 671.19 684.61 684.61
10"829.55 829.55 829.55 829.55 829.55 829.55 846.14 863.06 880.32 880.32
12"1,197.90 1,197.90 1,197.90 1,197.90 1,197.90 1,197.90 1,221.86 1,246.30 1,271.22 1,271.22
1 Data for prior years provided where available.
Page 1 of 3
LAST 10 FISCAL YEARS 1
WATER UTILITY RATES
TABLE 7
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-11
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Water Rates, continued
Monthly Rates
Fire Meter
per meter inch
1"6.27 6.27 6.27 6.27 6.27 6.27 6.40 6.53 6.66 6.66
1 1/2"7.01 7.01 7.01 7.01 7.01 7.01 7.15 7.29 7.44 7.44
2"9.01 9.01 9.01 9.01 9.01 9.01 9.19 9.37 9.56 9.56
3"23.79 23.79 23.79 23.79 23.79 23.79 24.27 24.76 25.25 25.25
4"29.27 29.27 29.27 29.27 29.27 29.27 29.86 30.46 31.07 31.07
6"42.06 42.06 42.06 42.06 42.06 42.06 42.90 43.76 44.63 44.63
8"56.65 56.65 56.65 56.65 56.65 56.65 57.78 58.94 60.11 60.11
10"73.08 73.08 73.08 73.08 73.08 73.08 74.54 76.03 77.55 77.55
12"N/A N/A N/A 87.68 87.68 87.68 89.43 91.22 93.04 93.04
Useage Rates
rate/100 cf (100cf = 748 gallons)
Single Family:
< 500 cf/mo 2.54 2.54 2.54 2.54 2.54 2.54 2.59 2.64 2.69 2.69
500-1,000 cf/mo 3.41 3.41 3.41 3.41 3.41 3.41 3.48 3.55 3.62 3.62
< 1,000 cf/mo
> 1,000 cf/mo 4.30 4.30 4.30 4.30 4.30 4.30 4.39 4.48 4.57 4.57
All Other Users
Multi-family 3.29 3.29 3.29 3.29 3.29 3.29 3.36 3.43 3.50 3.50
Non-residential 3.48 3.48 3.48 3.48 3.48 3.48 3.55 3.62 3.69 3.69
Private irrigation 5.58 5.58 5.58 5.58 5.58 5.58 5.69 5.80 5.92 5.92
City irrigation 3.92 3.92 3.92 3.92 3.92 3.92 4.00 4.08 4.16 4.16
Hydrant Meter N/A N/A N/A 5.58 5.58 5.58 5.69 5.80 5.92 5.92
1 Data for prior years provided where available.
TABLE 7
WATER UTILITY RATES
LAST 10 FISCAL YEARS 1
Page 2 of 3
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-12
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Surface Water Rates
Monthly rates
Single-family 12.69 13.20 13.73 14.28 14.85 14.85 15.15 15.45 15.76 16.39
Commercial Minimums
<= .5 acre
Monthly rate
Low Intensity 31.42 32.68 33.99 35.35 36.76 36.76 37.50 38.25 39.02 40.58
Medium Intensity 45.46 47.28 49.17 51.14 53.18 53.18 54.24 56.43 56.43 58.69
High Intensity 58.61 60.95 63.39 65.93 68.56 68.56 69.93 71.33 72.76 75.67
> .5 acre
Rate per acre
Low Intensity 62.86 65.37 67.98 70.70 73.53 73.53 75.00 76.50 78.03 81.15
Medium Intensity 90.87 94.50 98.28 102.21 106.30 106.30 108.43 110.60 112.81 117.32
High Intensity 117.21 121.90 126.78 131.85 137.13 137.13 139.87 142.67 145.52 151.34
Wastewater Rates
Monthly Rates
Single-family
Renton 27.65 27.65 27.65 28.76 29.91 29.91 30.51 31.12 31.74 32.69
King County 40.95 42.61 42.61 44.22 44.22 45.33 45.33 47.37 49.27 52.11
Other Users
Renton
Base charge3 4.25 4.25 4.25 4.42 4.60 4.60 4.69 4.78 0.00 0.00
Minimum Charge (include 750 cf)2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 31.74 32.69
Per 100 cf 3.12 3.12 3.12 3.24 3.37 3.37 3.44 3.51 3.58 3.69
King County
Minimum Charge (includes 750 cf)4 40.95 42.61 42.61 44.22 44.22 45.33 45.33 47.37 49.27 52.11
Per 100 cf4 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6.57 6.95
1 Data for prior years provided where available.
2 Correction - Updated the 2021 fiscal year 1" and 1 1/2" water charge for irrigation rates from $6.53 to $19.69 and from $7.29 to $33.60, respecfully.
3 Effective in 2022, started listing the minimum charge and the base rate is no longer used.
4 Effective in 2022, (1) changed title from "Per 750 cf" to "Minimum Charge (includes 750 cf)" which beter represents that data and (2) started charging a per 100 cf rate
TABLE 7
WATER UTILITY RATES
LAST 10 FISCAL YEARS 1
Page 3 of 3
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-13
TABLE 8
GENERAL GOVERNMENT TAX REVENUE BY SOURCE
LAST TEN FISCAL YEARS
(accrual basis of accounting)
FISCAL YEAR PROPERTY TAX SALES TAX BUSINESS TAXES EXCISE TAX TOTAL TAX
2014 35,112,669 27,223,521 18,575,350 4,595,540 85,507,080
2015 35,418,323 29,567,506 20,561,270 5,736,582 91,283,681
2016 37,105,988 32,933,987 26,376,964 6,123,700 102,540,639
2017 24,669,058 33,381,395 30,135,189 7,193,498 95,379,140
2018 19,046,123 33,564,285 30,055,917 7,951,859 90,618,184
2019 21,706,506 32,955,528 30,151,752 6,485,943 91,299,729
2020 21,964,194 31,034,947 26,378,666 6,723,181 86,100,988
2021 22,574,225 42,329,250 31,920,356 10,994,027 107,817,858
2022 23,250,415 47,758,735 35,817,234 9,697,601 116,523,985
2023 25,201,735 48,173,923 43,807,894 7,066,074 124,249,626
Source : City of Renton Finance Division
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Property Tax Sales Tax Business Tax Excise Tax
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-14
TABLE 9
PRINCIPAL PROPERTY TAX PAYERS
2023 2014
% OF TOTAL % OF TOTAL
TAXABLE1 TAXABLE TAXABLE1 TAXABLE
ASSESSED ASSESSED ASSESSED ASSESSED
TAXPAYER VALUE RANK VALUE VALUE RANK VALUE
Boeing 572,176,158$ 1 1.99%850,186,010$ 1 7.50%
Southport LLC 218,805,000 2 0.76%0.00%
Unico Longacres North Build 192,824,000 3 0.67%0.00%
Paccar 192,152,710 4 0.67%109,618,533 4 0.97%
1202 North 10th LLC 188,806,000 5 0.66%0.00%
1205 North 10th LLC 185,065,000 6 0.64%0.00%
CPT The Landing LLC 161,996,500 7 0.56%0.00%
Kaiser Foundation Health PL 131,901,024 8 0.46%0.00%
TLUS Rise Renton LP 119,664,100 9 0.42%0.00%
Oakesdale Business Park LLC 118,017,200 10 0.41%0.00%
Marvin F Poer and Company - 0.00%0.00%
Puget Sound Energy-Elec/Gas - 0.00%136,271,765 3 1.20%
Transwestern Harvest Lakeshore - 0.00%143,105,600 2 1.26%
Renton Properties LLC - 0.00%52,885,800 5 0.47%
Fred Meyer Stores Inc - 0.00%43,348,000 7 0.38%
BRE-FMCA LLC c/o Bre Properties - 0.00%35,000,000 10 0.31%
ECI Two WTC LLC - 0.00%36,717,600 8 0.32%
Axis Grand Holdings - 0.00%47,080,400 6 0.42%
FP-FAA Seattle LLC - 0.00%35,028,800 9 0.31%
All Others 26,687,484,720 92.77%9,843,084,405 86.86%
Total Assessed Valuation 28,768,892,412$ 100.00%11,332,326,913$ 100.00%
1Source: King County Department of Assessments
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-15
FISCAL
YEAR
COMMERCIAL
PROPERTY
INDUSTRIAL
PROPERTY
RESIDENTIAL
PROPERTY
LESS: EXEMPT
REAL PROPERTY4
PERSONAL
PROPERTY3
ADJUSTMENTS
TO BASE2
TOTAL TAXABLE ASSESSED
VALUE3
DIRECT TAX
RATE3
2014 2,433,225,730 1,267,488,700 7,926,464,800 539,444,058 949,284,799 (704,693,058) 11,332,326,913 3.152
2015 2,509,928,450 1,147,653,230 8,794,605,250 592,768,450 923,325,641 154,013,498 12,936,757,619 2.833
2016 2,681,711,050 1,271,788,530 9,078,657,800 645,210,723 935,849,150 489,977,352 13,812,773,159 2.710
2017 3,051,049,072 1,340,511,480 10,672,639,000 648,346,872 1,032,050,717 (341,864,438) 15,106,038,959 1.610 2018 4,000,946,859 1,460,628,600 12,419,995,863 654,990,948 1,042,332,172 (1,359,862,495) 16,909,050,051 1.154
2019 4,117,936,086 1,645,625,551 12,865,889,234 673,157,602 960,517,474 235,213,572 19,152,024,315 1.118
2020 4,572,656,086 2,062,403,500 14,391,944,472 555,590,799 1,069,343,294 (1,502,594,880) 20,038,161,673 1.105
2021 4,583,572,430 2,180,402,821 15,771,704,960 735,349,151 901,033,728 (1,566,783,409) 21,134,581,379 1.080
2022 4,954,061,451 2,119,297,161 21,130,138,800 769,878,442 865,999,533 (5,007,480,681) 23,292,137,822 1.006
2023 5,114,251,479 2,390,799,122 19,187,324,494 771,503,561 1,053,305,086 1,794,715,792 28,768,892,412 0.883
Tax rate for general City operations is limited to $3.10 per $1,000 of assessed value (RCW 84.52.043). Tax rate limit may be reduced for any of the following reasons:Levy Limit; The One Percent Constitution Limit; City may levy taxes below the legal limit. For further explanation refer to Note 4 Property Taxes.
4Change to state law (RCW 84. 40.045 and 84.40.175) by the 2013 Legislature eliminated revaluation of government owned parcels.
2Includes adjustments to the tax base for senior citizen exemptions, prior year omits, etc.
3King County Assessor Annual Reports
1King County Department of Assessments Data; prior year data has been updated with current method of data collection via City of Renton GIS Services.
Sources:
TABLE 10
ASSESSED VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
REAL PROPERTY 1
3.152
2.833 2.710
1.610
1.154 1.118 1.105 1.080 1.006 0.883
0.500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
5.000
5.500
6.000
$-
$5
$10
$15
$20
$25
$30
$35
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Billions
Total Taxable Assessed Value Direct Tax Rate
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-16
TABLE 11
PROPERTY TAX RATES
DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
DIRECT RATES OVERLAPPING RATES
CITY OF RENTON CONSOLIDATED LEVY SCHOOL DISTRICT
FISCAL
YEAR
OPERATING
MILLAGE
DEBT
SERVICE
MILLAGE
TOTAL
CITY MILLAGE
State of
Washington
KING COUNTY
OPERATING
MILLAGE
KING COUNTY
DEBT
SERVICE
MILLAGE
Port
(Operating and
Debt)
Total
Consolidated
Levy
(State, County
& Port)
SPECIAL
DISTRICTS1
OPERATING
MILLAGE
DEBT SERVICE
MILLAGE
BUILDING
FUND
MILLAGE
TOTAL
SCHOOL
MILLAGE
TOTAL
OVERLAPPING
MILLAGE
TOTAL DIRECT
AND
OVERLAPPING
MILLAGE
2014 3.15158 - 3.15158 2.47044 1.32983 0.18622 0.21533 4.20182 1.55393 2.44841 2.43218 0.52436 5.40495 11.16070 14.31228
2015 2.83283 - 2.83283 2.28514 1.19644 0.14878 0.18885 3.81921 1.44353 2.41546 1.71412 0.46343 4.59301 9.85575 12.68858
2016 2.70956 - 2.70956 2.16898 1.32977 0.15051 0.16954 3.81880 1.38929 2.35107 2.57140 0.43248 5.35495 10.56304 13.27260
2017 1.60954 - 1.60954 2.03205 1.24349 0.13945 0.15334 3.56833 2.58252 2.30780 1.33954 1.31244 4.95978 11.11063 12.72017
2018 1.15364 - 1.15364 2.91820 1.20156 0.12579 0.13518 4.38073 2.36018 2.32725 1.19417 1.14765 4.66907 11.40998 12.56362
2019 1.18417 - 1.18417 2.62922 1.09639 0.12267 0.12266 3.97094 1.73095 1.50000 1.03306 0.97338 3.50644 9.20833 10.39250
2020 1.10460 - 1.10460 3.02799 1.12785 0.11168 0.11944 4.38696 2.13786 1.48644 1.09602 0.90622 3.48868 10.01350 11.11810
2021 1.08010 - 1.08010 3.08823 1.13522 0.11166 0.11984 4.45495 2.09810 1.41534 1.14293 0.91142 3.46969 10.02274 11.10284
2022 1.00575 - 1.00575 2.81695 1.12195 0.10632 0.11258 4.15780 1.93263 1.35001 1.32199 0.87920 3.55120 9.64163 10.64738
2023 0.88303 - 0.88303 2.31104 0.96323 0.12700 0.09429 3.49556 1.59768 1.07052 1.37467 0.77880 3.22399 8.31723 9.20026
Source: King County Codes and Levies
1 Special Districts include Emergency Medical Services, Hospital districts, Library, Flood Zones, Fire Districts, and Other.
14.31228
12.68858 13.27260 12.72017 12.56362
10.39250 11.11810
11.10284 10.64738
9.20026
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
City Consolidated Levy Special Districts School Districts Total Direct and Overlapping
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-17
TABLE 12
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
TOTAL TAX COLLECTED WITHIN THE 1 COLLECTIONS 1,2 TOTAL COLLECTIONS TO
FISCAL LEVY FOR FISCAL YEAR OF THE LEVY IN SUBSEQUENT DATE 2
YEAR FISCAL YEAR AMOUNT % OF LEVY YEARS AMOUNT % OF LEVY
2014 35,520,000 35,054,493 98.7%467,763 35,522,256.68 100.0%
2015 36,420,000 36,026,892 98.9%392,690 36,419,581.56 100.0%
2016 37,269,743 36,862,540 98.9%430,328 37,292,868.44 100.1%
2017 24,200,000 23,756,999 98.2%444,793 24,201,792.21 100.0%
2018 19,400,000 19,192,947 98.9%145,856 19,338,802.56 99.7%
2019 21,058,328 20,833,805 98.9%N/A 20,833,805.00 98.9%
2020 21,985,155 21,689,642 98.7%N/A 21,689,641.59 98.7%
2021 22,644,964 22,376,103 98.8%N/A 22,376,103.43 98.8%
2022 23,326,105 23,034,194 98.7%N/A 23,034,194.31 98.7%
2023 25,257,992 24,949,802 98.8%N/A 24,949,802.25 98.8%
Sources:
1 Annual Tax Receivable Summary from King County
2 Includes Collections and Levy Changes in subsequent years
95%
96%
97%
98%
99%
100%
$-
$5
$10
$15
$20
$25
$30
$35
$40
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Millions
Tax Levied Collected in Year Levied
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-18
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
RETAIL TRADE SECTOR
Furniture 1,552,003$ 1,670,492$ 1,727,458$ 1,820,848$ 514,310$ 284,862$ 271,641$ 323,547$ 238,271$ 359,173$
Electronics and Appliances 785,507 815,051 832,583 815,267 860,895 821,722 800,336 915,084 1,009,391 947,718
General Merchandise 1,733,558 1,826,260 1,856,109 1,859,900 1,790,704 1,726,997 1,750,719 1,840,937 2,040,002 1,732,923
Misc Retail Trade 653,772 635,438 545,156 598,632 2,060,038 2,485,865 2,398,916 3,128,152 3,792,017 3,736,912
Others 1,992,620 2,166,015 2,334,225 2,616,887 2,529,467 2,681,185 2,951,365 3,234,044 3,237,138 2,952,624
Subtotal Retail 6,717,460 7,113,256 7,295,531 7,711,534 7,755,414 8,000,631 8,172,977 9,441,764 10,316,819 9,729,350
OTHER SECTORS
Construction 2,316,188 3,019,042 4,682,830 4,246,126 4,585,841 3,751,460 3,094,016 3,947,531 4,449,073 6,335,851
Manufacturing 446,615 448,230 514,526 460,241 500,576 491,889 478,853 482,408 499,418 509,544
Transportation 770,889 1,592,590 1,295,994 1,090,118 1,349,230 1,370,784 918,986 1,184,942 1,513,657 1,852,950
Wholesale 1,157,750 1,198,961 1,435,378 1,405,676 1,571,217 1,654,800 1,645,489 1,752,371 2,505,766 2,173,157
Automotive 4,104,744 4,597,151 4,809,026 4,775,263 5,118,532 5,220,618 4,735,375 6,848,390 7,435,485 6,445,517
Services 4,576,039 5,145,373 5,635,186 5,884,292 6,855,309 7,178,122 6,696,450 7,990,388 9,672,647 9,932,346
Miscellaneous 590,685 566,166 684,762 758,384 692,516 650,275 710,691 1,012,239 1,122,076 1,128,172
Subtotal - Other Sectors 13,962,910 16,567,513 19,057,702 18,620,100 20,673,221 20,317,948 18,279,860 23,218,269 27,198,122 28,377,537
Total Sales Tax 20,680,370$ 23,680,769$ 26,353,233$ 26,331,634$ 28,428,635$ 28,318,579$ 26,452,837$ 32,660,033$ 37,514,941$ 38,106,887$
Source : City of Renton Finance Division
In 2007, the State of Washington changed industry classification from the Standard Industry Classification (SIC) to the North American Industry
Classification System (NAICS). This change reclassified various other retail activities to the expanded service classification.
TABLE 13
SALES TAX COLLECTIONS BY SECTOR
LAST TEN FISCAL YEARS
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
2014 2015 2016 2017 2018 2019 2020 2021 2023
Retail
Construction
Manufacturing
Transportation
Wholesale
Automotive
Services
Miscellaneous
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-19
TABLE 14
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
GOVERNMENTAL ACTIVITIES BUSINESS-TYPE ACTIVITIES
FISCAL
YEAR
GENERAL
OBLIGATION
BONDS
SPECIAL
ASSESSMENT
BONDS
OTHER
GENERAL
OBLIGATION2
REVENUE
BONDS
OTHER LONG
TERM DEBT
TOTAL PRIMARY
GOVERNMENT
DEBT
PERCENTAGE
OF PERSONAL
INCOME1
DEBT PER
CAPITA
% of Actual
Taxable Value
of Property
2014 41,882,832 - 34,639,998 28,677,301 3,951,670 109,151,801 7.20%1,124 1.11%
2015 37,399,331 - 33,340,737 27,175,783 3,248,163 101,164,014 6.23%1,027 0.96%
2016 32,867,371 - 32,220,614 25,547,511 2,639,258 93,274,754 5.39%921 0.67%
2017 29,093,663 - 31,052,617 24,919,359 2,244,083 87,309,722 4.68%850 0.58%
2018 24,705,089 - 29,845,813 22,740,572 1,898,266 79,189,740 3.90%761 0.47%
2019 42,998,621 - 24,588,550 20,444,953 1,552,448 89,584,571 4.19%856 0.47%
2020 37,587,428 - 23,594,046 18,109,334 1,206,630 80,497,438 3.66%763 0.40%
2021 31,974,425 - 22,434,586 15,728,715 860,812 70,998,538 2.91%663 0.34%
2022 28,976,853 - 21,316,057 13,303,096 545,295 64,141,300 N/A 599 0.30%
2023 26,847,965 - 18,775,194 10,767,477 298,021 56,688,656 N/A 525 0.20%
Source : City of Renton Finance Division
1 The percentage of Personal Income column is based on personal income of King County; 2022 personal income is not available. (See Table 19). Renton data is
not available.
2 Other GO debt includes debt issued by related entities that are backed by the City's full faith and credit as well as intergovernmental loans and capital leases.
Prior years have been updated to reflect the Capital Lease agreement that started in 2014.
$-
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General Obligation (Governmental)Other Long Term (Governmental)Revenue (Business-Type)Other Long Term (Business-Type)
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section , 7-20
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
LEGAL DEBT MARGIN CALCULATION
Taxable Assessed value 11,332,326,913$ 12,936,757,619$ 13,812,773,159$ 15,106,038,959$ 16,909,050,051$ 19,152,024,315$ 20,038,161,673$ 21,134,581,379$ 23,292,137,822$ 28,768,892,412$ Total Taxable Assessed Value 11,332,326,913 12,936,757,619 13,812,773,159 15,106,038,959 16,909,050,051 19,152,024,315 20,038,161,673 21,134,581,379 23,292,137,822 28,768,892,412
Debt limit 1.5% of General purpose limit, non-voted 169,984,904 194,051,364 207,191,597 226,590,584 253,635,751 287,280,365 300,572,425 317,018,721 349,382,067 431,533,386
1.0% General purpose limit, voted 113,323,269 129,367,576 138,127,732 151,060,390 169,090,501 191,520,243 200,381,617 211,345,814 232,921,378 287,688,924 2.5% General purpose combined limit 283,308,173 323,418,940 345,319,329 377,650,974 422,726,251 478,800,608 500,954,042 528,364,534 582,303,446 719,222,310
2.5% Utility purpose limit, voted 283,308,173 323,418,940 345,319,329 377,650,974 422,726,251 478,800,608 500,954,042 528,364,534 582,303,446 719,222,310 2.5% Open space, park facilities, voted 283,308,173 323,418,940 345,319,329 377,650,974 422,726,251 478,800,608 500,954,042 528,364,534 582,303,446 719,222,310 Total debt limit 849,924,518 970,256,821 1,035,957,987 1,132,952,922 1,268,178,754 1,436,401,824 1,502,862,125 1,585,093,603 1,746,910,337 2,157,666,931
Debt applicable to limit
General obligation bonds 41,882,832 37,399,331 32,867,371 29,093,663 24,705,089 42,998,621 37,587,428 31,974,425 28,976,853 26,847,965
Other long term debt 34,639,998 33,340,737 32,220,614 31,052,617 29,845,813 24,588,550 23,594,046 22,434,586 21,316,057 18,775,194 Total Debt 76,522,830 70,740,068 65,087,985 60,146,280 54,550,902 67,587,171 61,181,474 54,409,011 50,292,909 45,623,159
Less: Amount set aside for repayment of general
obligation debt and contracts payable (1,639,891) (2,368,177) (2,428,018) (2,359,933) (2,787,931) (4,001,799) (5,053,340) (5,210,785) (5,200,287) (5,397,442) Total net debt applicable to limit 74,882,939 68,371,891 62,659,967 57,786,347 51,762,971 63,585,372 56,128,134 49,198,226 45,092,622 40,225,717
Legal debt margin 775,041,580$ 901,884,931$ 973,298,020$ 1,075,166,575$ 1,216,415,783$ 1,372,816,452$ 1,446,733,992$ 1,535,895,377$ 1,701,817,714$ 2,117,441,214$
Percentage of net debt to debt limit 8.81%7.05%6.05%5.10%4.08%4.43%3.73%3.10%2.58%1.86%
Source : City of Renton Finance Division
State law provides that debt cannot be incurred in excess of the following percentages of the value of the taxable property of the City: 1.5 percent without a vote of the people; 2.5 percent with a vote of the people;5.0 percent with a vote of the people, provided the indebtedness in excess of 2.5 percent is for utilities; and 7.5 percent with a vote of the people provided the indebtedness in excess of 5.0 percent is for open space development and parks facilities.
TABLE 15
LEGAL DEBT MARGIN INFORMATION
LAST TEN FISCAL YEARS
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-21
% OF GEN BONDED2
GENERAL 1 DEBT TO
FISCAL BONDED ASSESSED2 ASSESSED PER3
YEAR DEBT VALUE VALUE CAPITA
2014 76,522,830 11,332,326,913 0.68%788
2015 70,740,068 12,936,757,619 0.55%718
2016 65,087,985 13,812,773,159 0.47%643
2017 60,146,280 15,106,038,959 0.40%586
2018 54,550,902 16,909,050,051 0.32%524
2019 67,587,171 19,152,024,315 0.35%646
2020 61,181,474 20,038,161,673 0.31%580
2021 54,409,011 21,134,581,379 0.26%508
2022 50,292,909 23,292,137,822 0.22%423
2023 45,623,159 28,768,892,412 0.16%423
Source:
1 City of Renton Finance Division
2 King County Department of Assessments
3 Population Data can be found in Table 19
TABLE 16
RATIOS OF GENERAL BONDED DEBT OUSTANDING TO ASSESSED VALUE
LAST TEN FISCAL YEARS
$-
100
200
300
400
500
600
700
800
900
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-22
Utilities
GOVERNMENTAL UNIT
Debt
Outstanding1
Estimated Percent
Applicable2
Estimated Share of
overlapping debt
City of Renton Direct Debt 45,623,159$ 100%45,623,159$
City of Renton Overlapping Debt 4
King County 3 870,837,000 3.27%28,476,370
Port of Seattle 315,360,000 3.27%10,312,272
Renton School District #403 543,620,000 68.45%372,107,890
Issaquah School District #411 642,350,000 2.98%19,142,030
Kent School District #415 166,141,000 0.72%1,202,196
Fire District 10-1 1,500,000 0.56%8,408
King County Library 15,670,000 1.06%166,102
City of Renton Overlapping Debt 431,415,268
Total Direct and Overlapping Debt 477,038,426$
Sources:
2 King County Department of Assessments
TABLE 17
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
1 King County Department of Executive Services
⁴ Overlapping percentages are determined by checking within the levy codes of the reporting district to see which taxing districts overlap
with that reporting district. For example, within levy code 2100, the Renton School District and the King County Library district overlap with
the city and both have debt. Since they both have debt and they overlap with the City, those two districts are reported and the value within
that levy code is reported as overlapping with the school and library districts.
3 King County's gross outstanding debt excludes available cash in debt service funds, proprietary-type debt, debt financed from component
unit, credit enhanced program.
Renton
10%
King County
6%
Schools
82%
Port of Seattle
2%
Others
0%
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-23
TABLE 18
PLEDGED-REVENUE COVERAGE
LAST TEN FISCAL YEARS
Ratio
Fiscal
Year Revenue
1
Expenses without
Taxes/
Depreciation
Net Revenue
Available for
Debt Service Principal Interest Coverage2
2014 48,247,542 29,685,885 18,561,657 3,253,612 1,243,751 4.13
2015 50,143,096 30,737,021 19,406,075 2,218,509 1,124,534 5.80
2016 50,614,218 39,147,449 11,466,769 2,348,901 887,754 3.54
2017 53,140,049 35,056,056 18,083,993 2,165,175 669,440 6.38
2018 54,486,431 35,196,065 19,290,366 2,473,986 556,599 6.37
2019 54,435,195 38,164,206 16,270,989 2,590,818 514,821 5.24
2020 53,911,213 35,826,799 18,084,414 2,630,818 470,315 5.83
2021 55,588,405 35,441,375 20,147,030 2,675,818 423,557 6.50
2022 57,888,652 39,566,044 18,322,608 2,690,517 376,009 5.98
2023 65,622,138 40,503,098 25,119,040 2,757,647 327,678 8.14
1 Revenue includes operating revenue, interest revenue, and other non-operating revenue, net of utility taxes.
2 Bond financing requirements are that the average annual coverage is at least 1.25 times the annual debt service for Water and Sewer revenue
bonds.
Revenue Debt Service
4.13
5.80
3.54 6.38 6.37
5.24 5.83 6.50 5.98 8.14
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Waterworks Net Revenue available for debt service Debt Service Coverage
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-24
PER CAPITA
PERSONAL PERSONAL SCHOOL
POPULATION INCOME INCOME ENROLLMENT 5 RATE 6
FISCAL MEDIAN RENTON SCHOOL
YEAR KING COUNTY 2 RENTON 1 KING COUNTY 2 KING COUNTY 3 AGE 4 DISTRICT KING COUNTY RENTON
2014 2,085,225 97,130 151,506,547,000 72,657 37.44 15,080 4.6%4.2%
2015 2,126,178 98,470 162,285,799,000 76,327 37.24 15,241 4.6%4.3%
2016 2,166,350 101,300 173,036,160,000 79,875 36.20 15,319 3.4% 3.2%
2017 2,203,836 102,700 186,440,160,000 84,598 35.91 15,334 3.6% 3.8%
2018 2,228,364 104,100 203,139,369,000 91,161 35.90 15,414 3.5% 3.7%
2019 2,252,782 104,700 213,956,690,000 94,974 35.91 15,204 3.0% 3.2%
2020 2,274,315 105,500 219,805,809,000 96,647 35.99 14,854 7.6% 8.8%
2021 2,252,305 107,100 243,727,550,000 108,212 37.25 14,620 4.3% 5.1%
2022 2,266,789 107,500 258,004,537,000 113,819 37.26 15,500 2.9% 3.1%
2023 * 107,900 ** 37.64 15,500 3.3% 3.3%
Sources:
1 Washington State Office of Financial Management - prior year data updated to reflect actuals where adjusted
2 U.S. Bureau of Economic Analysis. Data shown is for King County. Specific data for the City of Renton is not available.
3 U.S. Bureau of Economic Analysis. Data shown is for King County. Specific data for the City of Renton is not available.
4 Washington State Office of Financial Management - prior year data updated to reflect actuals where adjusted
5 Enrollment is based on entire Renton School District, which includes schools located outside city boundaries but excludes schools of Kent
and Issaquah school districts located within Renton city limits.
6 US Bureau of Labor Statistics; average annual rates, not seasonally adjusted, 2010-2014 are provisional and subject to change
* Data not available at time of publication
TABLE 19
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
UNEMPLOYMENT
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Series1 Series2
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-25
EMPLOYER EMPLOYEES1 RANK % OF TOTAL EMPLOYEES RANK % OF TOTAL
BOEING COMPANY 12,919 1 37.04% 15,201 1 30.99%
VALLEY MEDICAL CENTER 4,304 2 12.34%2,173 2 4.43%
RENTON SCHOOL DISTRICT 2,659 3 7.62%1,507 4 3.07%
KAISER PERMANENTE 2,550 4 7.31%--- --- ---
PROVIDENCE WA REGIONAL SERVICES 2,050 5 5.88%1,851 3 3.77%
PACCAR INC 1,827 6 5.24%1,254 6 2.56%
HEALTHPOINT 1,237 7 3.55%--- --- ---
WIZARDS OF THE COAST 1,033 8 2.96%425 8 0.87%
BLUE ORIGIN 826 9 2.37%--- --- ---
SEATTLE SEAHAWKS 674 10 1.93%--- --- ---
CITY OF RENTON --- --- ---700 7 1.43%
DOT - FEDERAL AVIATION ADMINISTRATION --- --- ---1,480 5 3.02%
RENTON TECHNICAL COLLEGE --- --- ---372 9 0.76%
PUGET SOUND EDUCATIONAL SERVICES DISTRICT --- --- ---364 10 0.74%
Total Principal Employers 30,079 86.23%25,327 51.63%
Total All Other Employers 4,803 13.77%23,724 48.37%
Total Employees working within Renton 34,882 100.00%49,051 100.00%
Sources:
Employee and employer data, business license data, City of Renton
TABLE 20
PRINCIPAL EMPLOYERS
2023 2014
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-26
2014 2015 20162 2017 2018 2019 2020 20213 2022 2023
FUNCTION
General Government 135.4 139.4 151.0 156.0 161.0 172.1 174.1 174.1 182.6 189.5
Public Safety
Police
Commissioned Officers 121.5 119.0 124.0 129.0 129.0 129.0 129.0 129.0 129.0 133.0
Non-Commissioned Officers 28.4 29.4 30.4 32.9 32.9 34.4 34.4 35.0 35.0 38.0
Fire
Commissioned Officers 140.0 145.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Non-Commissioned Officers 16.0 16.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Public Works
Administration 3.0 3.0 2.0 2.0 2.0 2.0 2.0 2.0 4.5 4.5
Airport 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9.0 9.0 10.0
Facilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35.0 35.0 35.0
Maintenance Services 80.0 82.0 82.0 87.0 88.0 92.0 92.0 92.0 94.0 94.0
Transportation Systems 31.0 31.0 33.5 38.5 37.5 40.0 40.0 31.0 31.5 31.5
Utility Systems 23.5 23.5 25.5 27.5 27.5 28.5 28.5 28.5 29.5 29.5
Equity Housing and Human Services
Administration 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.0 4.0 5.0
Housing 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.0 2.0 2.0
Human Services 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.5 4.0 4.0
Neighborhood Programs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.0 1.0
Culture and Recreation
Golf Course 9.5 9.5 9.5 10.5 9.8 9.0 12.0 12.0 12.0 12.0
Museum 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Parks/Recreation 80.0 80.0 83.0 83.0 82.8 89.5 103.5 62.3 62.5 64.5
Total 669.3 678.8 541.9 567.4 571.4 597.5 616.5 620.4 636.6 654.5
Source: City of Renton Finance Division
1 Farmers's Market Program was moved from Community and Economic Department to Community Services Department in 2012.
2 City of Renton Fire transferred to the Renton Regional Fire Authority on July 1, 2016.
3 Citywide reorganization approved 7/19/21. Changes reflected above include the following:
Public Works - Airport moved from transportation systems to its own division
General Government - Housing moved to Equity Housing and Human Services
Culture and Recreation - Facilities, Neighborhood Programs, Human Services moved to Public Works, General Government, Equity Housing and Human Services
TABLE 21
FULL TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-27
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
FUNCTION
Public Safety
Police
Physical Arrests 1,515 1,653 1,492 2,099 2,373 2,517 1,515 1,337 1,427 1,641
Parking Violations 4,049 4,464 4,664 4,992 5,114 5,992 3,777 2,588 3,807 4,159
Traffic Violations 5,925 4,828 5,152 4,576 5,970 3,946 2,406 1,390 1,129 1,474
Photo Enforcement Violations 21,015 25,562 23,208 25,257 48,281 51,474 34,998 54,813 43,047 43,285
Infractions Non Traffic 149 125 53 43 55 35 46 10 6 22
Criminal Non Traffic 1,522 1,466 1,351 1,430 1,687 1,631 1,778 1,186 1,219 1,478
Fire1
Number of Calls Answered 14,337 14,945 - - - - - - - -
Inspections 997 2,517 - - - - - - - -
Transportation
Street Resurfacing (Miles)2.82 1.67 0.44 2.78 1.07 1.32 0.00 0.00 1.05 4.21
Aircraft Operations 100,544 112,335 118,568 131,702 145,811 128,030 99,972 132,993 116,291 119,984
Physical/Economic Environment
Building Permits Received 4,287 4,898 4,830 4,404 5,009 4,735 4,284 4,584 5,257 5,063
Building Permits Issued 4,204 4,691 4,661 4,092 4,732 4,474 4,048 4,198 4,901 4,864
Public Works Permits Received 1,526 1,472 1,468 1,270 1,450 1,335 1,404 1,203 1,135 985
Public Works Permits Issued 1,493 1,359 1,437 1,093 1,214 1,154 1,229 978 1,000 874
Solid Waste Utility
Recyclables Collected (Tons/Yr)13,993 15,218 17,846 12,331 14,075 13,309 13,409 13,702 13,808 13,312
Culture and Recreation2
Athletic Field Attendance4 94,000 93,000 94,000 56,000 65,897 93,504 1,090 77,903 90,800 404,035
Community Center Admissions 3 102,308 102,312 98,282 92,026 85,762 85,762 2,133 20,610 61,107 80,452
Rounds of Golf 55,600 56,775 51,546 47,462 48,734 46,581 48,649 56,039 57,750 60,369
1 The Renton Regional Fire Authority formed July 1, 2016 replacing the City of Renton Fire Department.
22020 numbers are significantly lower than prior years due to closures related to the Covid-19 pandemic.
3 Community Center admissions were updated through 2018 using CLASS reports for registered participants, membership pass scans, and drop ins.
4 Numbers prior to 2023 include registered participants only. Starting in 2023, numbers includes registered and passive participants.
Source: City of Renton
TABLE 22
OPERATING INDICATORS BY FUNCTION
LAST TEN FISCAL YEARS
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-28
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
City Population 97,130 98,470 101,300 102,700 104,100 104,700 105,500 107,100 107,500 107,900
Water System
Service Area Population 60,000 67,125 67,000 68,666 72,164 73,750 75,130 76,270 77,640 77,640
Number of Connections:
Single Family 13,764 14,083 14,162 14,190 14,223 14,288 14,378 14,463 14,499 14,517
Multi-Family, Commercial, Industrial 2,715 2,541 2,578 2,557 2,592 2,599 2,586 2,566 2,581 2,571
Irrigation 726 738 756 755 766 765 771 774 782 786
Fire Service 652 663 682 682 690 693 694 696 698 696
Other 2 116 74 81 67 88 90 84 99 110 112
Total Connections 17,973 18,099 18,259 18,251 18,359 18,435 18,513 18,598 18,670 18,682
Water Production/Consumption (in hundreds of cubic feet - cu ft)
(in hundreds of cubic feet - cu ft)
Purchased 47,774 54,951 43,009 56,667 57,192 39,003 15,552 15,997 25,931 37,554
Production 3,306,194 3,512,789 3,410,648 3,490,563 3,524,353 3,364,884 3,340,031 3,606,634 3,596,206 3,681,722
Consumption 2,938,282 3,094,114 3,028,174 3,146,552 3,205,135 3,008,546 2,919,760 3,073,295 3,014,683 3,162,417
Non-revenue 415,686 473,626 425,483 400,678 376,410 395,341 435,823 549,336 607,454 556,858
Consumption (thousands of gallons)
Average Daily 6,775 7,199 6,971 7,154 7,223 6,896 6,896 7,392 9,853 10,087
Peak Daily4 12,411 13,590 12,751 13,098 12,335 11,687 12,411 12,994 12,243 12,380
Sewer System
Service Area Population 80,780 81,759 83,850 86,982 87,402 87,744 89,720 90,560 91,960 94,346
Number of Connections:
Single Family 15,154 15,173 15,384 15,507 15,652 15,790 15,923 16,044 16,096 16,279
Multi-Family, Commercial, Industrial, Other 2,708 2,713 2,704 2,714 2,727 2,726 2,707 2,713 2,715 2,895
Out of City Connections 180 233 242 264 279 272 285 296 299 306
Total Connections 18,042 18,119 18,330 18,485 18,658 18,788 18,915 19,053 19,110 19,480
Storm Drainages System
Service Area Population 97,130 98,470 101,300 102,700 104,100 104,700 105,500 107,100 107,500 107,900
Number of Connections:
Single Family 21,893 22,125 22,352 22,455 22,587 22,605 22,785 22,915 22,956 23,030
Multi-Family, Commercial, Industrial, Other 1,728 1,732 1,744 1,750 1,755 1,736 1,732 1,734 1,721 1,720
Total Connections 23,621 23,857 24,096 24,205 24,342 24,341 24,517 24,649 24,677 24,750
Solid Waste 3
Service Area Population --------------------
Number of Connections:
Single Family 17,000 17,154 17,129 16,926 23,577 24,034 24,095 24,283 23,394 24,493
Multi-Family, Commercial, Industrial, Other 1,533 1,589 1,586 1,554 1,759 1,858 1,947 1,844 1,849 1,842
Total Connections 18,533 18,743 18,715 18,480 25,336 25,892 26,042 26,127 25,243 26,335
1 Data for prior years provided where available.2 Includes wholesale water provided to the Skyway Water and Sewer District througha single metered connection.
3 2018 numbers are sourced from the Republic Services Annual Report as the City of Renton no longer handles the billing for Solid Waste.
4 2020 number updated from 11,687 to 12,411 based on Water's 2020 annual report
TABLE 23
UTILITY SYSTEMS SUPPLEMENTAL OPERATING INFORMATION
LAST TEN FISCAL YEARS 1
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-29
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
FUNCTION
Public safety
Police Stations 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Police Patrol Districts 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0
Fire stations1 6.0 6.0 --------
Transportation
Street (miles)294.0 304.1 315.5 311.0 311.0 311.0 318.0 318.0 319.0 319.0
Streetlights 4,302 4,342 4,720 4,878 5,120 5,120 5,237 5,282 5,383 5,536
Culture and recreation
Parks acreage 1,227.0 1,239.5 1,240.4 1,245.5 1,245.5 1,244.5 1,244.8 1,244.8 1,244.8 1,246.5
Parks 32 32.0 32.0 32.0 32.0 32.0 32.0 32.0 32.0 32.0
Swimming pools 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Tennis courts 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0
Community centers2 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 5.0
Waterworks Utility
Water mains (miles)304.6 307.5 311.0 313.0 314.0 315.0 316.0 318.0 318.0 318.0
Fire hydrants 3,697 3,740 3,769 3,777 3,811 3,818 3,838 3,870 3,880 3,893
Sanitary sewers (miles)225.9 231.2 232.1 233.9 234.6 235.8 235.9 234.9 233.2 235.2
Storm sewers (miles)267.7 265.6 276.6 278.0 279.9 282.8 286.1 287.2 290.0 293.9
1 City of Renton Fire and ES Services employees transferred to the Renton Regional Fire Authority on July 1, 2016.
Source: City of Renton Departments
2Includes the Renton Community Center, the Senior Activity Center, and the Highlands Neighborhood Community
Center that are regularly programmed and the North Highlands Community Center and Family First Center that are
leased out and is not programmed by the City of Renton; Family First Center added in 2023
TABLE 24
CAPITAL ASSETS STATISTICS BY FUNCTION
LAST TEN FISCAL YEARS
2023 Annual Comprehensive Annual Report City of Renton, Washington
Statistical Section, 7-30
City of Renton
1055 S Grady Way
Renton, WA 98057
rentonwa.gov