The URL can be used to link to this page

Home My WebLink AboutMONTH 2024 12Page 1 of 7 OVERVIEW This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through December 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 117,053,045$ Licenses and permits 6,589,771 Grants / intergovernmental 7,887,396 Charges for services 11,654,429 Interdepartmental services 45,057 Fines and penalties 3,894,478 Miscellaneous 3,147,335 Sale of general fixed assets 22,602 Investment Earnings 4,963,821 Insurance recoveries 28,027 TOTAL REVENUES 155,285,961 EXPENDITURES: Personnel 76,133,722 Supplies 2,190,357 Contracted Services 25,000,261 Capital Outlay 198,968 Internal Services 20,974,573 TOTAL EXPENDITURES 124,497,881 Transfers In 983,468 Transfers Out (15,029,799) NET TRANSFERS (14,046,331) CHANGE IN FUND BALANCE 16,741,749 BEGINNING FUND BALANCE, Jan 1 99,226,476 ENDING FUND BALANCE, Dec 31 115,968,225$ ECONOMIC DEVELOPMENT RESERVE 2,500,000 OPERATING RESERVES 18,347,927 AVAILABLE FUND BALANCE, Dec 31 95,120,298$ Monthly Financial Report December 2024 Monthly Financial Report City of Renton, Washington December 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 202,530 TOTAL REVENUES 234,888 EXPENDITURES: Principal 1,995,000 Interest 960,590 TOTAL EXPENDITURES 2,955,590 Transfers In 3,120,775 NET TRANSFERS 3,120,775 CHANGE IN FUND BALANCE 400,073 BEGINNING FUND BALANCE, Jan 1 5,412,174 ENDING FUND BALANCE, Dec 31 5,812,247$ Debt Service Reserve 2,717,575 AVAILABLE FUND BALANCE 3,094,672$ Hotel-Motel Tax Cable Communications Housing and Supportive Services Affordable Housing Springbrook Wetlands Fire Impact Mitigation School District Impact Mitigation Police Seizure Police CSAM Seizure REVENUES: Taxes 575,662$ -$ 4,480,757$ -$ -$ -$ -$ -$ -$ Licenses and permits - 46,512 - - - - - - - Grants / intergovernmental - - - - 4,132 - - 2,686 - Charges for services - - - - - 98,123 318,317 - - Fines and penalties - - - - - - - - 1,670 Contributions 30,000 2,595 - - - - - 421,850 - Fee in Lieu - - - 292,000 - - - - - Investment Earnings 40,710 14,665 507,192 923 28,211 - 1,108 28,906 5,308 TOTAL REVENUES 646,372 63,772 4,987,949 292,923 32,343 98,123 319,425 453,442 6,978 EXPENDITURES: Personnel - - - - 6,250 - - - - Supplies - 3,112 - - - - - 12,865 1,375 Contracted Services 340,666 46,750 369,156 - 14,249 95,633 317,091 261,362 2,235 Capital Outlay - - - - - - - 120,711 40,278 TOTAL EXPENDITURES 340,666 49,862 369,156 - 20,499 95,633 317,091 394,938 43,888 - Transfers In - - - - - - - - - Transfers Out (10,000) - - - - - - - - NET TRANSFERS (10,000) - - - - - - - - CHANGE IN FUND BALANCE 295,706 13,910 4,618,793 292,923 11,844 2,490 2,334 58,504 (36,910) BEGINNING FUND BALANCE, Jan 1 889,272 358,300 10,811,847 - 711,118 - 34 731,928 169,577 ENDING FUND BALANCE, Dec 31 1,184,978$ 372,210$ 15,430,640$ 292,923$ 722,962$ 2,490$ 2,368$ 790,432$ 132,667$ Monthly Financial Report City of Renton, Washington December 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 -$ -$ 3,168,839$ 3,168,839$ -$ 2,585,061$ -$ Grants / intergovernmental - - - - 1,861,080 7,711,075 - Charges for services 173,883 1,284,081 - - 9,000 9,880 - Contributions - - - - 26,457 5,424,408 145,523 Investment Earnings 29,528 108,971 126,902 181,748 800,299 572,056 148,588 TOTAL REVENUES 203,411 1,393,052 3,295,741 3,350,587 2,696,836 16,302,480 294,111 EXPENDITURES: Personnel - - - - 121,639 157,311 - Supplies - - - - - 54,531 - Contracted Services - - - - 2,637,576 271,598 - Capital Outlay - - - - 3,354,561 19,904,712 - TOTAL EXPENDITURES - - - - 6,113,776 20,388,152 - Transfers In - - - - 9,837,858 2,954,000 - Transfers Out (525,000) - - (4,183,425) (220,422) (18,000) - NET TRANSFERS (525,000) - - (4,183,425) 9,617,436 2,936,000 - CHANGE IN FUND BALANCE (321,589) 1,393,052 3,295,741 (832,838) 6,200,496 (1,149,672) 294,111 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, Dec 31 359,744$ 3,613,322$ 5,060,894$ 2,312,665$ 28,180,516$ 14,132,445$ 3,937,547$ Monthly Financial Report City of Renton, Washington December 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$ 80,604$ -$ 25,500$ Grants / intergovernmental 1,029,795 37,418 - 121,824 - - 7,329,723 Charges for services 3,726,328 26,737,976 3,242,593 19,384,917 12,913,405 22,104,410 13,658,359 Rents, leases, and misc fees 564,349 - 587,594 234,819 - - - Interest and other misc 503,650 215,054 103,904 3,145,131 1,923,150 273,421 1,361,075 TOTAL REVENUES 5,824,122 26,990,448 3,934,091 22,887,716 14,917,159 22,377,831 22,374,657 EXPENSES: Personnel 1,266,433 649,057 1,971,935 4,974,510 2,732,723 - 4,110,774 Supplies 155,464 30,975 391,970 1,191,769 81,536 - 112,663 Contracted Services 572,960 25,726,707 293,505 3,547,963 2,580,803 21,319,462 1,941,196 Internal Services 448,730 530,234 392,232 2,813,870 1,987,353 - 2,519,628 TOTAL OPERATING EXPENSES 2,443,587 26,936,973 3,049,642 12,528,112 7,382,415 21,319,462 8,684,261 AMOUNT AVAILABLE FOR DEBT 3,380,535 53,475 884,449 10,359,604 7,534,744 1,058,369 13,690,396 DEBT SERVICE: Principal - - 44,982 1,534,847 601,700 - 681,100 Interest - - 1,234 132,669 59,434 - 73,342 TOTAL DEBT SERVICE - - 46,216 1,667,516 661,134 - 754,442 CAPITAL OUTLAY 1,407,127 - 111,414 4,087,433 5,330,750 - 16,254,556 Transfers In 164,955 - 165,000 125,000 2,058 - - Transfers Out 61,900 9,185 (165,000) (127,181) (1,469) - (201,484) NET TRANSFERS 103,055 (9,185) - (2,181) 589 - (201,484) CHANGE IN FUND BALANCE 2,076,463 44,290 726,819 4,602,474 1,543,449 1,058,369 (3,520,086) 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, Dec 31 13,353,300$ 3,972,833$ 2,611,727$ 56,673,939$ 27,706,296$ 7,647,812$ 25,766,981$ Restricted for Debt Service - - - 1,394,050 661,227 - 754,868 Operating Reserve 266,810 400,000 764,018 1,775,696 1,045,195 380,000 1,330,313 AVAILABLE FUND BALANCE 13,086,490$ 3,572,833$ 1,847,709$ 53,504,193$ 25,999,874$ 7,267,812$ 23,681,800$ Monthly Financial Report City of Renton, Washington December 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 -$ -$ 233,649$ -$ -$ -$ -$ Grants / intergovernmental - - 86,116 - - - 208,793 Charges for services: Equipment rental m&o 3,368,280 - 7,537,438 - - - - Print and mail - - - - 521,375 - - Communications - - - - 1,142,392 - - Facilities - - - 7,060,179 - - - Interest and other misc 721,602 962,946 325,666 36,766 23,819 389,697 800,056 Internal service fund misc: Vehicle / equipment capital recovery 3,206,588 - - - - - - Insurance premiums - 2,912,429 - - - - - Worker's comp/unemployment - 1,950,617 - - - - - Benefit premiums - - - - - 13,883,373 570,000 Other misc 749 4,502 - 177,311 - 639,953 217,632 Disposal of capital assets 222,228 - - - - - - Insurance recoveries 35,937 151,242 - - - 9,227 - TOTAL REVENUES 7,555,384 5,981,736 8,182,869 7,274,256 1,687,586 14,922,250 1,796,481 EXPENSES: Personnel 1,202,777 1,337,507 3,555,640 3,869,893 1,151,392 12,735,363 1,398,751 Supplies 1,631,804 552 1,301,870 615,826 46,982 8,448 - Contracted Services 564,915 4,181,793 3,577,419 1,785,881 343,836 534,226 46,369 Internal Services 127,495 - 6,696 271,625 4,811 73,541 - TOTAL OPERATING EXPENSES 3,526,991 5,519,852 8,441,625 6,543,225 1,547,021 13,351,578 1,445,120 AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 4,028,393 461,884 (258,756) 731,031 140,565 1,570,672 351,361 TOTAL DEBT SERVICE - - - - - - - CAPITAL OUTLAY 3,493,012 - 1,194,008 - - - - Transfers In 722,372 1,578,243 1,709,259 184,605 - - - NET TRANSFERS 722,372 628,243 1,668,371 184,605 (2,445) - - CHANGE IN FUND BALANCE 1,257,753 1,090,127 215,607 915,636 138,120 1,570,672 351,361 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, Dec 31 19,535,828$ 25,781,347$ 9,632,207$ 1,962,169$ 779,557$ 10,517,642$ 20,672,179$ Insurance Reserves - 20,147,927 - - - 4,920,868 20,672,179 Opearting Reserves 12,995,059 - 2,551,999 - - - - AVAILABLE FUND BALANCE 6,540,769$ 5,633,420$ 7,080,208$ 1,962,169$ 779,557$ 5,596,774$ -$ Monthly Financial Report City of Renton, Washington December 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 652,361 - Collected for Others - 2,386,855 TOTAL REVENUES 652,361 2,386,855 EXPENDITURES: Contracted Services 7,400 - Distributions to Others 261,512 2,386,855 TOTAL EXPENDITURES 268,912 2,386,855 NET TRANSFERS - - CHANGE IN FUND BALANCE 383,449 - BEGINNING FUND BALANCE, Jan 1 9,253,302 - ENDING FUND BALANCE, Dec 31 9,636,751$ -$ Monthly Financial Report City of Renton, Washington December 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 December 31, 2024 Funds Balance 01/01/2024 Budgeted Revenue Revenue 12/31/24 Total Funds Available Budgeted Expenditure Expenditure 12/31/24 Ending Balance GENERAL FUND 99,226,476 144,499,302 156,269,429 255,495,905 152,799,391 139,527,680 115,968,225 SPECIAL REVENUE FUNDS: 13,672,076 5,518,127 6,901,327 20,573,403 3,314,225 1,641,733 18,931,670 110 Hotel Motel 889,272 469,000 646,372 1,535,644 470,604 350,666 1,184,978 127 Cable Communication 358,300 57,674 63,772 422,072 97,674 49,862 372,210 130 Housing and Supportive Services 10,811,847 3,500,000 4,987,949 15,799,796 609,000 369,156 15,430,640 135 Springbrook Wetlands Bank 711,118 4,011 32,343 743,461 40,000 20,499 722,962 140 Police Seizure 731,928 393,772 453,442 1,185,370 1,125,700 394,938 790,432 141 Police CSAM Seizure 169,577 1,670 6,978 176,555 171,247 43,888 132,667 150 Affordable Housing Development - 292,000 292,923 292,923 - - 292,923 31X School District Impact Mitigation 34 600,000 319,425 319,459 600,000 317,091 2,368 304 Fire Mitigation - 200,000 98,123 98,123 200,000 95,633 2,490 DEBT SERVICE FUND 5,412,174 3,153,417 3,355,663 8,767,837 2,960,690 2,955,590 5,812,247 CAPITAL PROJECT FUNDS (CIP): 48,717,832 63,949,716 40,328,076 89,045,908 89,228,591 31,448,775 57,597,133 303 Community Services Mitigation 681,333 86,500 203,411 884,744 525,000 525,000 359,744 305 Transportation Mitigation 2,220,270 911,152 1,393,052 3,613,322 100,000 - 3,613,322 308 REET1 1,765,153 2,300,000 3,295,741 5,060,894 - - 5,060,894 309 REET2 3,145,503 2,300,000 3,350,587 6,496,090 4,183,425 4,183,425 2,312,665 316 Municipal Facilities CIP 21,980,020 18,071,752 12,534,694 34,514,714 32,332,139 6,334,198 28,180,516 317 Transportation CIP 15,282,117 40,280,312 19,256,480 34,538,597 52,088,027 20,406,152 14,132,445 346 New Family First Center Dvlpmnt 3,643,436 - 294,111 3,937,547 - - 3,937,547 ENTERPRISE FUNDS: 131,201,110 129,402,560 119,763,037 250,964,147 200,739,391 113,231,259 137,732,888 4X2 Airport Operating & CIP 11,276,837 6,131,870 5,989,077 17,265,914 10,191,589 3,912,614 13,353,300 403 Solid Waste Utility 3,928,543 26,151,679 26,990,448 30,918,991 27,045,563 26,946,158 3,972,833 4X4 Golf Operating & CIP 1,884,908 3,817,125 4,099,091 5,983,999 3,777,211 3,372,272 2,611,727 4X5 Water Operating & CIP 52,071,465 20,274,300 23,012,716 75,084,181 52,940,012 18,410,242 56,673,939 4X6 Waste Water Operating & CIP 26,162,847 12,484,987 14,919,217 41,082,064 29,382,722 13,375,768 27,706,296 416 King County Metro 6,589,443 21,791,462 22,377,831 28,967,274 22,191,462 21,319,462 7,647,812 4X7 Surface Water Operating & CIP 29,287,067 38,751,137 22,374,657 51,661,724 55,210,832 25,894,743 25,766,981 INTERNAL SERVICE FUNDS: 83,341,653 50,697,708 51,595,041 134,936,694 63,240,551 46,055,765 88,880,929 501 Equipment Repair/Replacement 18,278,075 7,128,821 8,277,756 26,555,831 12,446,837 7,020,003 19,535,828 502 Insurance 24,691,220 6,660,048 7,559,979 32,251,199 8,159,192 6,469,852 25,781,347 503 Information Services 9,416,600 9,605,815 9,892,128 19,308,728 15,015,636 9,676,521 9,632,207 504 Facilities 1,046,533 7,316,239 7,458,861 8,505,394 7,364,646 6,543,225 1,962,169 505 Communications 641,437 1,664,767 1,687,586 2,329,023 1,822,460 1,549,466 779,557 512 Insurance, Healthcare 8,946,970 17,362,018 14,922,250 23,869,220 16,402,893 13,351,578 10,517,642 522 Insurance, Leoff1 Retirees HC 20,320,818 960,000 1,796,481 22,117,299 2,028,887 1,445,120 20,672,179 FIDUCIARY FUNDS: 9,253,302 200,000 3,039,216 12,292,518 322,875 2,655,767 9,636,751 611 Firemens' Pension 9,253,302 200,000 652,361 9,905,663 322,875 268,912 9,636,751 630 Custodial Fund - - 2,386,855 2,386,855 - 2,386,855 - TOTAL FUNDS 390,824,623 397,420,830 381,251,789 772,076,412 512,605,714 337,516,571 434,559,843