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Home My WebLink AboutMONTH 2024 10Page 1 of 7 OVERVIEW This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through October 31, 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 103,483,694$ Licenses and permits 5,580,534 Grants / intergovernmental 7,164,091 Charges for services 9,882,634 Interdepartmental services 37,517 Fines and penalties 3,132,993 Miscellaneous 2,873,195 Sale of general fixed assets 21,260 Investment Earnings 4,075,715 Insurance recoveries 19,853 TOTAL REVENUES 136,271,486 EXPENDITURES: Personnel 63,387,977 Supplies 1,824,372 Contracted Services 20,181,498 Capital Outlay 90,088 Internal Services 15,730,929 TOTAL EXPENDITURES 101,214,864 Transfers In 317,893 Transfers Out (272,425) NET TRANSFERS 45,468 CHANGE IN FUND BALANCE 35,102,090 BEGINNING FUND BALANCE, Jan 1 99,226,476 ENDING FUND BALANCE, Oct 31 134,328,566$ ECONOMIC DEVELOPMENT RESERVE 2,500,000 OPERATING RESERVES 15,986,508 AVAILABLE FUND BALANCE, Oct 31 115,842,058$ Monthly Financial Report October 2024 Monthly Financial Report City of Renton, Washington October 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 172,424 TOTAL REVENUES 204,782 EXPENDITURES: Principal 215,000 Interest 498,153 TOTAL EXPENDITURES 713,153 Transfers In - NET TRANSFERS - CHANGE IN FUND BALANCE (508,371) BEGINNING FUND BALANCE, Jan 1 5,412,174 ENDING FUND BALANCE, Oct 31 4,903,803$ Debt Service Reserve 2,717,575 AVAILABLE FUND BALANCE 2,186,228$ 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 478,493$ -$ 3,771,273$ -$ -$ -$ -$ -$ -$ Licenses and permits - 35,496 - - - - - - - Grants / intergovernmental - - - - 4,132 - - - - Charges for services - - - - - 81,807 222,091 - - Fines and penalties - - - - - - - - 1,670 Contributions 30,000 2,596 - - - - - 421,851 - Investment Earnings 33,397 12,378 415,180 - 23,770 - 706 23,833 4,495 TOTAL REVENUES 541,890 50,470 4,186,453 - 27,902 81,807 222,797 445,684 6,165 EXPENDITURES: Personnel - - - - 3,990 - - - - Supplies - 2,768 - - - - - 12,865 1,375 Contracted Services 254,377 37,066 190,438 - 7,267 71,850 154,328 253,117 2,235 Capital Outlay - - - - - - - 86,900 40,278 TOTAL EXPENDITURES 254,377 39,834 190,438 - 11,257 71,850 154,328 352,882 43,888 - Transfers In - - - - - - - - - NET TRANSFERS - - - - - - - - - CHANGE IN FUND BALANCE 287,513 10,636 3,996,015 - 16,645 9,957 68,469 92,802 (37,723) BEGINNING FUND BALANCE, Jan 1 889,272 358,300 10,811,847 - 711,118 - 34 731,928 169,577 ENDING FUND BALANCE, Oct 31 1,176,785$ 368,936$ 14,807,862$ -$ 727,763$ 9,957$ 68,503$ 824,730$ 131,854$ Monthly Financial Report City of Renton, Washington October 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 -$ -$ 2,639,581$ 2,639,581$ -$ 1,887,466$ -$ Grants / intergovernmental - - - - 1,231,166 6,392,079 - Charges for services 134,334 1,155,059 - - - 650 - Contributions - - - - 26,457 3,539,403 145,523 Investment Earnings 24,291 87,452 98,658 144,752 685,094 487,417 124,557 TOTAL REVENUES 158,625 1,242,511 2,738,239 2,784,333 1,942,717 12,307,015 270,080 EXPENDITURES: Personnel - - - - 74,414 127,610 - Contracted Services - - - - 831,722 185,276 - Capital Outlay - - - - 4,212,207 14,195,033 - TOTAL EXPENDITURES - - - - 5,118,343 14,507,919 - Transfers In - - - - - - - Transfers Out - - - - (210,422) - - NET TRANSFERS - - - - (210,422) - - CHANGE IN FUND BALANCE 158,625 1,242,511 2,738,239 2,784,333 (3,386,048) (2,200,904) 270,080 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, Oct 31 839,958$ 3,462,781$ 4,503,392$ 5,929,836$ 18,593,972$ 13,081,213$ 3,913,516$ Monthly Financial Report City of Renton, Washington October 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$ 73,104$ -$ 21,375$ Grants / intergovernmental 803,186 37,418 - 121,824 - - 4,981,404 Charges for services 3,863,911 21,586,634 2,958,652 16,492,770 10,818,030 18,557,614 11,505,541 Rents, leases, and misc fees - - 545,886 210,254 - - - Interest and other misc 398,044 184,781 84,731 2,780,600 1,656,481 226,966 1,119,902 TOTAL REVENUES 5,065,141 21,808,833 3,589,269 19,606,473 12,547,615 18,784,580 17,628,222 EXPENSES: Personnel 1,036,877 535,303 1,655,332 4,173,874 2,249,142 - 3,388,741 Supplies 84,597 13,545 343,273 840,346 73,367 - 74,517 Contracted Services 575,222 21,148,812 224,817 3,032,804 2,149,167 17,743,447 1,506,441 Internal Services 343,162 407,933 360,299 2,263,441 1,581,391 - 2,283,448 TOTAL OPERATING EXPENSES 2,039,858 22,105,593 2,583,721 10,310,465 6,053,067 17,743,447 7,253,147 AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND 3,025,283 (296,760) 1,005,548 9,296,008 6,494,548 1,041,133 10,375,075 DEBT SERVICE: Principal - - 37,454 272,647 - - - Interest - - 1,060 67,211 29,816 - 36,772 TOTAL DEBT SERVICE - - 38,514 339,858 29,816 - 36,772 CAPITAL OUTLAY 1,249,296 - 55,620 3,098,432 3,812,767 - 12,729,145 Transfers In 164,955 - 123,750 - - - - Transfers Out - - (123,750) 122 (1,224) - 351 NET TRANSFERS 164,955 - - 122 (1,224) - 351 CHANGE IN FUND BALANCE 1,940,942 (296,760) 911,414 5,857,840 2,650,741 1,041,133 (2,390,491) 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, Oct 31 13,217,779$ 3,631,783$ 2,796,322$ 57,929,305$ 28,813,588$ 7,630,576$ 26,896,576$ 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 12,953,166$ 3,231,783$ 2,042,879$ 54,788,518$ 27,123,682$ 7,250,576$ 24,869,524$ Monthly Financial Report City of Renton, Washington October 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 Communications Healthcare Retiree Healthcare REVENUES: Technology Fee -$ -$ 187,512$ -$ -$ -$ -$ Grants / intergovernmental - - 86,116 - - - 208,793 Charges for services: Equipment rental m&o 2,546,981 - 5,653,079 - - - - Print and mail - - - - 391,031 - - Communications - - - - 856,794 - - Facilities - - - 5,295,135 - - - Interest and other misc 608,091 809,534 278,804 31,167 20,326 325,483 673,571 Internal service fund misc: Vehicle / equipment capital recovery 2,404,941 - - - - - - Insurance premiums - 2,184,322 - - - - - Worker's comp/unemployment - 1,632,798 - - - - - Benefit premiums - - - - - 11,538,437 427,500 Other misc 552 4,502 - 118,611 - 520,312 169,742 Disposal of capital assets 222,228 - - - - - - Insurance recoveries 34,232 122,888 - - - 9,227 - TOTAL REVENUES 5,817,025 4,754,044 6,205,511 5,444,913 1,268,151 12,393,459 1,479,606 EXPENSES: Personnel 999,447 1,053,146 2,979,829 3,251,157 944,441 10,480,899 1,148,016 Supplies 1,313,824 552 454,876 479,691 37,679 3,599 - Contracted Services 460,323 3,349,211 3,013,365 1,439,550 292,492 463,160 41,652 Internal Services 101,452 - 5,022 209,549 3,608 85,544 - TOTAL OPERATING EXPENSES 2,875,046 4,402,909 6,453,092 5,379,947 1,278,220 11,033,202 1,189,668 AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 2,941,979 351,135 (247,581) 64,966 (10,069) 1,360,257 289,938 TOTAL DEBT SERVICE - - - - - - - CAPITAL OUTLAY 2,071,943 - 986,388 1,065 - - - Transfers In - - 2,145 - - - - NET TRANSFERS - - 2,145 - - - - CHANGE IN FUND BALANCE 870,036 351,135 (1,231,824) 63,901 (10,069) 1,360,257 289,938 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, Oct 31 19,148,111$ 25,042,355$ 8,184,776$ 1,110,434$ 631,368$ 10,307,227$ 20,610,756$ Insurance Reserves - 20,147,927 - - - 4,920,868 20,610,756 Opearting Reserves 12,995,059 - 2,551,999 - - - - AVAILABLE FUND BALANCE 6,153,052$ 4,894,428$ 5,632,777$ 1,110,434$ 631,368$ 5,386,359$ -$ Monthly Financial Report City of Renton, Washington October 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 294,588 - Collected for Others - 2,698,518 TOTAL REVENUES 294,588 2,698,518 EXPENDITURES: Contracted Services 7,400 - Distributions to Others 217,968 2,194,177 TOTAL EXPENDITURES 225,368 2,194,177 NET TRANSFERS - - CHANGE IN FUND BALANCE 69,220 504,341 BEGINNING FUND BALANCE, Jan 1 9,253,302 - ENDING FUND BALANCE, Oct 31 9,322,522$ 504,341$ Monthly Financial Report City of Renton, Washington October 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 October 31, 2024 Funds Balance 01/01/2024 Budgeted Revenue Revenue 10/31/24 Total Funds Available Budgeted Expenditure Expenditure 10/31/24 Ending Balance GENERAL FUND 99,226,476 144,599,302 136,589,379 235,815,855 152,899,391 101,487,289 134,328,566 SPECIAL REVENUE FUNDS: 13,672,076 5,518,127 5,563,168 19,235,244 3,314,225 1,118,854 18,116,390 110 Hotel Motel 889,272 469,000 541,890 1,431,162 470,604 254,377 1,176,785 127 Cable Communication 358,300 57,674 50,470 408,770 97,674 39,834 368,936 130 Housing and Supportive Services 10,811,847 3,500,000 4,186,453 14,998,300 609,000 190,438 14,807,862 135 Springbrook Wetlands Bank 711,118 4,011 27,902 739,020 40,000 11,257 727,763 140 Police Seizure 731,928 393,772 445,684 1,177,612 1,125,700 352,882 824,730 141 Police CSAM Seizure 169,577 1,670 6,165 175,742 171,247 43,888 131,854 150 Affordable Housing Development - 292,000 - - - - - 31X School District Impact Mitigation 34 600,000 222,797 222,831 600,000 154,328 68,503 304 Fire Mitigation - 200,000 81,807 81,807 200,000 71,850 9,957 DEBT SERVICE FUND 5,412,174 3,153,417 204,782 5,616,956 2,960,690 713,153 4,903,803 CAPITAL PROJECT FUNDS (CIP): 48,717,832 63,949,716 21,443,520 70,161,352 89,228,591 19,836,684 50,324,668 303 Community Services Mitigation 681,333 86,500 158,625 839,958 525,000 - 839,958 305 Transportation Mitigation 2,220,270 911,152 1,242,511 3,462,781 100,000 - 3,462,781 308 REET1 1,765,153 2,300,000 2,738,239 4,503,392 - - 4,503,392 309 REET2 3,145,503 2,300,000 2,784,333 5,929,836 4,183,425 - 5,929,836 316 Municipal Facilities CIP 21,980,020 18,071,752 1,942,717 23,922,737 32,332,139 5,328,765 18,593,972 317 Transportation CIP 15,282,117 40,280,312 12,307,015 27,589,132 52,088,027 14,507,919 13,081,213 346 New Family First Center Dvlpmnt 3,643,436 - 270,080 3,913,516 - - 3,913,516 ENTERPRISE FUNDS: 131,201,110 129,402,560 99,318,838 230,519,948 200,739,391 89,604,019 140,915,929 4X2 Airport Operating & CIP 11,276,837 6,131,870 5,230,096 16,506,933 10,191,589 3,289,154 13,217,779 403 Solid Waste Utility 3,928,543 26,151,679 21,808,833 25,737,376 27,045,563 22,105,593 3,631,783 4X4 Golf Operating & CIP 1,884,908 3,817,125 3,713,019 5,597,927 3,777,211 2,801,605 2,796,322 4X5 Water Operating & CIP 52,071,465 20,274,300 19,606,473 71,677,938 52,940,012 13,748,633 57,929,305 4X6 Waste Water Operating & CIP 26,162,847 12,484,987 12,547,615 38,710,462 29,382,722 9,896,874 28,813,588 416 King County Metro 6,589,443 21,791,462 18,784,580 25,374,023 22,191,462 17,743,447 7,630,576 4X7 Surface Water Operating & CIP 29,287,067 38,751,137 17,628,222 46,915,289 55,210,832 20,018,713 26,896,576 INTERNAL SERVICE FUNDS: 83,341,653 50,697,708 37,364,854 120,706,507 63,240,551 35,671,480 85,035,027 501 Equipment Repair/Replacement 18,278,075 7,128,821 5,817,025 24,095,100 12,446,837 4,946,989 19,148,111 502 Insurance 24,691,220 6,660,048 4,754,044 29,445,264 8,159,192 4,402,909 25,042,355 503 Information Services 9,416,600 9,605,815 6,207,656 15,624,256 15,015,636 7,439,480 8,184,776 504 Facilities 1,046,533 7,316,239 5,444,913 6,491,446 7,364,646 5,381,012 1,110,434 505 Communications 641,437 1,664,767 1,268,151 1,909,588 1,822,460 1,278,220 631,368 512 Insurance, Healthcare 8,946,970 17,362,018 12,393,459 21,340,429 16,402,893 11,033,202 10,307,227 522 Insurance, Leoff1 Retirees HC 20,320,818 960,000 1,479,606 21,800,424 2,028,887 1,189,668 20,610,756 FIDUCIARY FUNDS: 9,253,302 200,000 2,993,106 12,246,408 322,875 2,419,545 9,826,863 611 Firemens' Pension 9,253,302 200,000 294,588 9,547,890 322,875 225,368 9,322,522 630 Custodial Fund - - 2,698,518 2,698,518 - 2,194,177 504,341 TOTAL FUNDS 390,824,623 397,520,830 303,477,647 694,302,270 512,705,714 250,851,026 443,451,246