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Home My WebLink AboutMONTH 2024 09Page 1 of 7 OVERVIEW This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through September 30, 2024. A detailed analysis, including budget to actual comparison, will be prepared quarterly in accordance with the City’s financial management policies. GENERAL FUND The General Fund is used to account for resources that are not generally dedicated for a specific purpose. The General Fund is used to meet the basic services that the City provides including, but not limited to, police protection, parks and recreation, human services, municipal court, street maintenance and planning, economic development, and administrative functions. The table below displays the year-to-date revenues and expenditures for the General Fund. Economic Development and Operating reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2023-2024 Adopted Budget. General REVENUES: Taxes 82,344,284$ Licenses and permits 5,094,375 Grants / intergovernmental 6,640,728 Charges for services 9,389,518 Interdepartmental services 33,758 Fines and penalties 2,755,619 Miscellaneous 2,765,362 Sale of general fixed assets 21,260 Investment Earnings 3,652,941 Insurance recoveries 19,852 TOTAL REVENUES 112,717,697 EXPENDITURES: Personnel 57,113,722 Supplies 1,687,185 Contracted Services 17,559,688 Capital Outlay 90,088 Internal Services 15,730,929 TOTAL EXPENDITURES 92,181,612 Transfers In 317,893 Transfers Out (272,425) NET TRANSFERS 45,468 CHANGE IN FUND BALANCE 20,581,553 BEGINNING FUND BALANCE, Jan 1 99,226,476 ENDING FUND BALANCE, Sep 30 119,808,029$ ECONOMIC DEVELOPMENT RESERVE 2,500,000 OPERATING RESERVES 15,986,508 AVAILABLE FUND BALANCE, Sep 30 101,321,521$ Monthly Financial Report September 2024 Monthly Financial Report City of Renton, Washington September 2024 Page 2 of 7 DEBT SERVICE FUND Debt service funds are used to account for the accumulation of resources for the payment of principal and interest related to the City’s general obligation bond issues. The table below displays the year-to-date revenues and expenditures for the City’s debt service fund. Debt service reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2023-2024 Adopted Budget. SPECIAL REVENUE FUNDS Special revenue funds are used to account for revenues that are to be used for a specific purpose as required by law or legislative action. The table below displays the year-to-date revenues and expenditures for the City’s special revenue funds. General Governmental Misc Debt REVENUES: Grants / intergovernmental 32,358$ Investment Earnings 156,790 TOTAL REVENUES 189,148 EXPENDITURES: Principal 215,000 Interest 498,153 TOTAL EXPENDITURES 713,153 Transfers In - NET TRANSFERS - CHANGE IN FUND BALANCE (524,005) BEGINNING FUND BALANCE, Jan 1 5,412,174 ENDING FUND BALANCE, Sep 30 4,888,169$ Debt Service Reserve 2,717,575 AVAILABLE FUND BALANCE 2,170,594$ Hotel-Motel Tax Cable Communication s Housing and Supportive Services Affordable Housing Springbrook Wetlands Fire Impact Mitigation School District Impact Mitigation Police Seizure Police CSAM Seizure REVENUES: Taxes 406,887$ -$ 3,391,643$ -$ -$ -$ -$ -$ -$ Licenses and permits - 35,496 - - - - - - - Grants / intergovernmental - - - - 4,132 - - - - Charges for services - - - - - 71,850 156,112 - - Fines and penalties - - - - - - - - 1,670 Contributions 30,000 2,597 - - - - - 421,850 - Investment Earnings 29,704 11,191 369,211 - 21,449 - 398 21,201 4,064 TOTAL REVENUES 466,591 49,284 3,760,854 - 25,581 71,850 156,510 443,051 5,734 EXPENDITURES: Personnel - - - - 3,810 - - - - Supplies - 2,768 - - - - - 12,207 428 Contracted Services 223,796 33,841 190,438 - 7,266 65,620 56,946 252,513 2,234 Capital Outlay - - - - - - - 86,900 40,278 TOTAL EXPENDITURES 223,796 36,609 190,438 - 11,076 65,620 56,946 351,620 42,940 - Transfers In - - - - - - - - - NET TRANSFERS - - - - - - - - - CHANGE IN FUND BALANCE 242,795 12,675 3,570,416 - 14,505 6,230 99,564 91,431 (37,206) BEGINNING FUND BALANCE, Jan 1 889,272 358,300 10,811,847 - 711,118 - 34 731,928 169,577 ENDING FUND BALANCE, Sep 30 1,132,067$ 370,975$ 14,382,263$ -$ 725,623$ 6,230$ 99,598$ 823,359$ 132,371$ Monthly Financial Report City of Renton, Washington September 2024 Page 3 of 7 CAPITAL PROJECT FUNDS Capital project funds are used to account for the acquisition and construction of major capital facilities and equipment. The table below displays the year-to-date revenues and expenditures for the City’s capital project funds. CS Impact Mitigation Transportation Impact Mitigation REET 1 REET 2 Municipal Facilities CIP Capital Investment Family First Center REVENUES: Taxes -$ -$ 2,603,861$ 2,603,861$ -$ 1,518,718$ -$ Grants / intergovernmental - - - - 1,231,166 6,011,272 - Charges for services 95,017 1,017,231 - - - 650 - Contributions - - - - 26,457 3,114,887 145,523 Investment Earnings 21,744 76,869 84,450 126,000 624,699 445,133 112,081 TOTAL REVENUES 116,761 1,094,100 2,688,311 2,729,861 1,882,322 11,090,660 257,604 EXPENDITURES: Personnel - - - - 74,414 113,810 - Contracted Services - - - - 706,804 163,223 - Capital Outlay - - - - 4,077,644 13,340,429 - TOTAL EXPENDITURES - - - - 4,858,862 13,617,462 - Transfers In - - - - - - - Transfers Out - - - - (210,422) - - NET TRANSFERS - - - - (210,422) - - CHANGE IN FUND BALANCE 116,761 1,094,100 2,688,311 2,729,861 (3,186,962) (2,526,802) 257,604 BEGINNING FUND BALANCE, Jan 1 681,333 2,220,270 1,765,153 3,145,503 21,980,020 15,282,117 3,643,436 ENDING FUND BALANCE, Sep 30 798,094$ 3,314,370$ 4,453,464$ 5,875,364$ 18,793,058$ 12,755,315$ 3,901,040$ Monthly Financial Report City of Renton, Washington September 2024 Page 4 of 7 ENTERPRISE FUNDS Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business enterprises. The table below displays the year-to-date revenues and expenses of the City’s enterprise funds. Amounts restricted for debt service are in accordance with revenue bond requirements. Operating reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2023-2024 Adopted Budget. Airport Solid Waste Utility Golf Course Water Utility Wastewater Utility Metro Surface Water Utility REVENUES: Licenses and permits -$ -$ -$ 1,025$ 64,104$ -$ 15,000$ Grants / intergovernmental 803,186 37,418 - 121,824 - - 4,981,404 Charges for services 3,459,111 20,045,056 2,730,167 14,583,343 9,728,945 16,690,224 10,175,312 Rents, leases, and misc fees - - 497,677 195,463 - - - Interest and other misc 356,201 166,848 74,763 2,512,511 1,511,758 202,902 1,024,490 TOTAL REVENUES 4,618,498 20,249,322 3,302,607 17,414,166 11,304,807 16,893,126 16,196,206 EXPENSES: Personnel 930,200 478,913 1,477,508 3,766,940 2,012,470 - 3,033,717 Supplies 65,759 8,846 320,706 754,237 62,923 - 67,464 Contracted Services 537,027 17,549,638 197,967 2,505,823 1,936,877 15,955,440 1,301,486 Internal Services 343,162 407,933 360,299 2,263,441 1,581,391 - 2,283,448 TOTAL OPERATING EXPENSES 1,876,148 18,445,330 2,356,480 9,290,441 5,593,661 15,955,440 6,686,115 AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND 2,742,350 1,803,992 946,127 8,123,725 5,711,146 937,686 9,510,091 DEBT SERVICE: Principal - - 33,694 272,647 - - - Interest - - 968 67,211 29,816 - 36,772 TOTAL DEBT SERVICE - - 34,662 339,858 29,816 - 36,772 CAPITAL OUTLAY 1,153,182 - 55,620 2,706,707 3,422,604 - 12,604,058 Transfers In 164,955 - 123,750 - - - - Transfers Out - - (123,750) - (1,347) - 229 NET TRANSFERS 164,955 - - - (1,347) - 229 CHANGE IN FUND BALANCE 1,754,123 1,803,992 855,845 5,077,160 2,257,379 937,686 (3,130,510) BEGINNING FUND BALANCE, Jan 1 11,276,837 3,928,543 1,884,908 52,071,465 26,162,847 6,589,443 29,287,067 ENDING FUND BALANCE, Sep 30 13,030,960$ 5,732,535$ 2,740,753$ 57,148,625$ 28,420,226$ 7,527,129$ 26,156,557$ Restricted for Debt Service - - - 1,394,051 661,227 - 754,868 Operating Reserve 264,613 400,000 753,443 1,746,736 1,028,679 380,000 1,272,184 AVAILABLE FUND BALANCE 12,766,347$ 5,332,535$ 1,987,310$ 54,007,838$ 26,730,320$ 7,147,129$ 24,129,505$ Monthly Financial Report City of Renton, Washington September 2024 Page 5 of 7 INTERNAL SERVICE FUNDS Internal service funds are used to account for the goods and services furnished by one City department to other City departments on a cost reimbursement basis. The table below displays the year-to-date revenues and expenses of the City’s internal service funds. Insurance reserves for the Healthcare Fund are established at a rate of 31% of current year budgeted expenses. 100% of the Retiree Healthcare fund balance is reserved for OPEB. Equipment Rental Insurance Information Technology Facilities Communicatio ns Healthcare Retiree Healthcare REVENUES: Technology Fee -$ -$ 168,201$ -$ -$ -$ -$ Grants / intergovernmental - - 28,181 - - - 208,793 Charges for services: Equipment rental m&o 2,534,670 - 5,653,079 - - - - Print and mail - - - - 391,031 - - Communications - - - - 856,794 - - Facilities - - - 5,295,135 - - - Interest and other misc 545,633 729,818 249,975 26,044 17,907 291,911 607,379 Internal service fund misc: Vehicle / equipment capital recovery 2,404,941 - - - - - - Insurance premiums - 2,184,322 - - - - - Worker's comp/unemployment - 1,471,870 - - - - - Benefit premiums - - - - - 10,375,021 427,500 Other misc 552 4,502 - 118,611 - 520,312 169,742 Disposal of capital assets 222,228 - - - - - - Insurance recoveries 28,877 102,969 - - - 9,227 - TOTAL REVENUES 5,736,901 4,493,481 6,099,436 5,439,790 1,265,732 11,196,471 1,413,414 EXPENSES: Personnel 898,894 953,786 2,693,956 2,942,660 842,251 9,477,476 1,036,322 Supplies 1,136,658 552 423,193 434,110 29,896 3,269 - Contracted Services 432,923 3,280,725 2,438,914 1,276,721 269,513 417,693 37,847 Internal Services 101,452 - 5,022 209,549 3,608 85,544 - TOTAL OPERATING EXPENSES 2,569,927 4,235,063 5,561,085 4,863,040 1,145,268 9,983,982 1,074,169 AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 3,166,974 258,418 538,351 576,750 120,464 1,212,489 339,245 TOTAL DEBT SERVICE - - - - - - - CAPITAL OUTLAY 1,909,361 - 969,724 1,065 - - - Transfers In - - 2,512 - - - - NET TRANSFERS - - 2,512 - - - - CHANGE IN FUND BALANCE 1,257,613 258,418 (428,861) 575,685 120,464 1,212,489 339,245 BEGINNING FUND BALANCE, Jan 1 18,278,075 24,691,220 9,416,600 1,046,533 641,437 8,946,970 20,320,818 ENDING FUND BALANCE, Sep 30 19,535,688$ 24,949,638$ 8,987,739$ 1,622,218$ 761,901$ 10,159,459$ 20,660,063$ Insurance Reserves - 17,786,508 - - - 4,920,868 20,660,063 Opearting Reserves 19,535,688 - 2,326,091 - - - - AVAILABLE FUND BALANCE -$ 7,163,130$ 6,661,648$ 1,622,218$ 761,901$ 5,238,591$ -$ Monthly Financial Report City of Renton, Washington September 2024 Page 6 of 7 FIDUCIARY FUNDS Fiduciary funds are used to account for assets held by the City in a trustee capacity. These assets are not available for City use as they are not City assets. The table below displays year-to-date revenues and expenditures of the City’s fiduciary funds. Firemens' Pension Custodial Fund REVENUES: Intergovernmental -$ -$ Investment Earnings 266,142 - Collected for Others - 2,569,188 TOTAL REVENUES 266,142 2,569,188 EXPENDITURES: Contracted Services 7,400 - Distributions to Others 195,893 1,923,466 TOTAL EXPENDITURES 203,293 1,923,466 NET TRANSFERS - - CHANGE IN FUND BALANCE 62,849 645,722 BEGINNING FUND BALANCE, Jan 1 9,253,302 - ENDING FUND BALANCE, Sep 30 9,316,151$ 645,722$ Monthly Financial Report City of Renton, Washington September 2024 Page 7 of 7 CONTACT INFORMATION This report is prepared by the Finance Department. For additional financial information, please also review our website: http://www.rentonwa.gov/. For any questions about the report, please feel free to contact Nate Malone nmalone@rentonwa.gov or Kristin Trivelas ktrivelas@rentonwa.gov . City of Renton All Funds - Revenue, Expenditures and Fund Balances Budgetary Basis through September 30, 2024 Funds Balance 01/01/2024 Budgeted Revenue Revenue 09/30/24 Total Funds Available Budgeted Expenditure Expenditure 09/30/24 Ending Balance GENERAL FUND 99,226,476 144,599,302 113,035,590 212,262,066 152,899,391 92,454,037 119,808,029 SPECIAL REVENUE FUNDS: 13,672,076 5,518,127 4,979,455 18,651,531 3,314,225 979,045 17,672,486 110 Hotel Motel 889,272 469,000 466,591 1,355,863 470,604 223,796 1,132,067 127 Cable Communication 358,300 57,674 49,284 407,584 97,674 36,609 370,975 130 Housing and Supportive Services 10,811,847 3,500,000 3,760,854 14,572,701 609,000 190,438 14,382,263 135 Springbrook Wetlands Bank 711,118 4,011 25,581 736,699 40,000 11,076 725,623 140 Police Seizure 731,928 393,772 443,051 1,174,979 1,125,700 351,620 823,359 141 Police CSAM Seizure 169,577 1,670 5,734 175,311 171,247 42,940 132,371 150 Affordable Housing Development - 292,000 - - - - - 31X School District Impact Mitigation 34 600,000 156,510 156,544 600,000 56,946 99,598 304 Fire Mitigation - 200,000 71,850 71,850 200,000 65,620 6,230 DEBT SERVICE FUND 5,412,174 3,153,417 189,148 5,601,322 2,960,690 713,153 4,888,169 CAPITAL PROJECT FUNDS (CIP): 48,717,832 63,949,716 19,859,619 68,577,451 89,228,591 18,686,746 49,890,705 303 Community Services Mitigation 681,333 86,500 116,761 798,094 525,000 - 798,094 305 Transportation Mitigation 2,220,270 911,152 1,094,100 3,314,370 100,000 - 3,314,370 308 REET1 1,765,153 2,300,000 2,688,311 4,453,464 - - 4,453,464 309 REET2 3,145,503 2,300,000 2,729,861 5,875,364 4,183,425 - 5,875,364 316 Municipal Facilities CIP 21,980,020 18,071,752 1,882,322 23,862,342 32,332,139 5,069,284 18,793,058 317 Transportation CIP 15,282,117 40,280,312 11,090,660 26,372,777 52,088,027 13,617,462 12,755,315 346 New Family First Center Dvlpmnt 3,643,436 - 257,604 3,901,040 - - 3,901,040 ENTERPRISE FUNDS: 131,201,110 129,402,560 90,267,437 221,468,547 200,739,391 80,711,762 140,756,785 4X2 Airport Operating & CIP 11,276,837 6,131,870 4,783,453 16,060,290 10,191,589 3,029,330 13,030,960 403 Solid Waste Utility 3,928,543 26,151,679 20,249,322 24,177,865 27,045,563 18,445,330 5,732,535 4X4 Golf Operating & CIP 1,884,908 3,817,125 3,426,357 5,311,265 3,777,211 2,570,512 2,740,753 4X5 Water Operating & CIP 52,071,465 20,274,300 17,414,166 69,485,631 52,940,012 12,337,006 57,148,625 4X6 Waste Water Operating & CIP 26,162,847 12,484,987 11,304,807 37,467,654 29,382,722 9,047,428 28,420,226 416 King County Metro 6,589,443 21,791,462 16,893,126 23,482,569 22,191,462 15,955,440 7,527,129 4X7 Surface Water Operating & CIP 29,287,067 38,751,137 16,196,206 45,483,273 55,210,832 19,326,716 26,156,557 INTERNAL SERVICE FUNDS: 83,341,653 50,697,708 35,647,737 118,989,390 63,240,551 32,312,684 86,676,706 501 Equipment Repair/Replacement 18,278,075 7,128,821 5,736,901 24,014,976 12,446,837 4,479,288 19,535,688 502 Insurance 24,691,220 6,660,048 4,493,481 29,184,701 8,159,192 4,235,063 24,949,638 503 Information Services 9,416,600 9,605,815 6,101,948 15,518,548 15,015,636 6,530,809 8,987,739 504 Facilities 1,046,533 7,316,239 5,439,790 6,486,323 7,364,646 4,864,105 1,622,218 505 Communications 641,437 1,664,767 1,265,732 1,907,169 1,822,460 1,145,268 761,901 512 Insurance, Healthcare 8,946,970 17,362,018 11,196,471 20,143,441 16,402,893 9,983,982 10,159,459 522 Insurance, Leoff1 Retirees HC 20,320,818 960,000 1,413,414 21,734,232 2,028,887 1,074,169 20,660,063 FIDUCIARY FUNDS: 9,253,302 200,000 2,835,330 12,088,632 322,875 2,126,759 9,961,873 611 Firemens' Pension 9,253,302 200,000 266,142 9,519,444 322,875 203,293 9,316,151 630 Custodial Fund - - 2,569,188 2,569,188 - 1,923,466 645,722 TOTAL FUNDS 390,824,623 397,520,830 266,814,316 657,638,939 512,705,714 227,984,188 429,654,753