HomeMy WebLinkAboutQUARTER 4 2024Page 1 of 33
OVERVIEW
This quarterly financial report reflects the city’s revenue and expenditures/expenses for the fiscal year through
December 31, 2024. A detailed analysis, including current to prior year and budget to actual comparison is included
for each city fund. Excluded from this report are the city’s fiduciary funds as these funds are held on behalf of others
and are not available for city use. Budget figures shown reflect amounts authorized in ORD 6140, which includes the
year end budget adjustment approved October 21, 2024.
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 YTD revenues and expenditures for the General Fund, including
comparison to prior year, comparison to YTD budget amounts, and percentage of annual budget. YTD budget amounts
are generally based on the collection/disbursement patterns for the same period of the preceding two (2) years, with
the following exceptions: property tax revenue budgets are based on the collection patterns over the preceding four (4)
years and sales tax revenue budgets are based on the collection patterns over the preceding five (5) years.
General Fund
YTD
Prior Year YTD YTD Budget % BUDGET
REVENUES
Taxes 112,900,398$ 108,207,534$ 108,207,534$ 117,053,045$ 4,152,647$ 8,845,511$ 108.17%
Licenses & Permits 6,721,960 5,625,602 5,625,602 6,589,771 (132,189)$ 964,169 117.14%
Intergovernmental 5,396,037 8,322,272 8,322,272 7,887,396 2,491,359$ (434,876) 94.77%
Charges for Services 11,287,999 11,138,124 11,138,124 11,654,429 366,430$ 516,305 104.64%
Fines and Penalties 3,763,898 3,841,442 3,841,442 3,894,478 130,580$ 53,036 101.38%
Miscellaneous 6,306,440 6,334,644 6,334,644 8,111,157 1,804,717$ 1,776,513 128.04%
Other Financing Sources (Transfer-In, etc) 1,936,996 1,029,684 1,029,684 1,079,153 (857,843)$ 49,469 104.80%
TOTAL REVENUES 148,313,728 144,499,302 144,499,302 156,269,429 7,955,701 11,770,127 108.15%
EXPENDITURES
City Attorney 3,017,713 3,374,311 3,374,311 3,221,172 (203,459) 153,139 95.46%
Community and Economic Development 13,298,249 15,956,535 15,956,535 13,311,219 (12,970) 2,645,316 83.42%
Council 706,578 799,494 799,494 749,239 (42,661) 50,255 93.71%
Court Services 3,234,466 3,942,510 3,942,510 3,359,803 (125,337) 582,707 85.22%
Executive Services 6,036,590 6,930,674 6,930,674 6,480,218 (443,628) 450,456 93.50%
Finance 4,843,135 5,958,028 5,958,028 5,262,374 (419,239) 695,654 88.32%
Human Resources 1,601,638 2,262,501 2,262,501 1,735,270 (133,632) 527,231 76.70%
Parks and Recreation 19,676,645 22,059,954 22,059,954 20,036,099 (359,454) 2,023,855 90.83%
Police 49,723,133 53,916,299 53,916,299 52,991,390 (3,268,257) 924,909 98.28%
Public Works 16,372,904 19,066,777 19,066,777 17,299,520 (926,616) 1,767,257 90.73%
Other Non-Departmental 14,182,181 18,532,310 18,532,310 15,081,374 (899,193) 3,450,936 81.38%
TOTAL EXPENDITURES 132,693,232 152,799,393 152,799,393 139,527,678 (6,834,446) 13,271,715 91.31%
Change in Fund Balance 15,620,496 (8,300,091) (8,300,091) 16,741,751 1,121,255 25,041,842 N/A
Beginning Fund Balance 83,605,978 99,226,474 99,226,474 99,226,474 15,620,496 - 100.00%
ENDING FUND BALANCE 99,226,474$ 90,926,383$ 90,926,383$ 115,968,225$ 16,741,751$ 25,041,842$ 127.54%
Operating Reserve 17,662,783 17,346,914 17,346,914 17,346,914
Economic Development Reserve 2,500,000 2,500,000 2,500,000 2,500,000
AVAILABLE FUND BALANCE 79,063,691$ 71,079,469$ 71,079,469$ 96,121,311$
Favorable (Unfavorable)
2023 2024 Variance
YTD Actual Annual Budget YTD Budget YTD Actual
Summary of Sources and Uses
Quarterly Financial Report 4th Quarter 2024
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 2 of 33
GENERAL FUND REVENUES
The following tables provide a more detailed summary of each revenue category within the General Fund. Detailed
explanations have been provided for variances from prior year or YTD budget in excess of $100K. All variances are
shown in a favorable/(unfavorable) format.
TAXES
Property Tax – Property tax collections by King County are above prior year. The increase is due to the city increasing
the property tax levy the allowable 1% by state law. The amount is below 2024 budget due to timing of property tax
remitted from King County as a portion of the property tax receivable remains outstanding at year end.
Local Retail Sales Tax – Local retail sales tax exceeded budget due to better-than-expected miscellaneous, services
and construction sectors in 2024. The overall growth in sales tax remained relatively flat from the prior year. Please see
the December sales tax report for information regarding sales tax figures by industry.
Criminal Justice Sales Tax – Criminal justice sales tax represents a 0.1% sales tax imposed by the county for criminal
justice purposes. The county must share 90% of the revenue collected with all cities and towns in the county on a per
capita basis. The amount over budget is due to higher than anticipated revenue primarily driven by better-than-
expected sales tax collections from one time and ongoing sources.
Natural Gas Use Tax – Natural gas use tax represents a 6% tax on the usage of natural gas within the city that has not
otherwise been subject to city utility tax. The tax is only paid by a limited number of large companies and the decrease
from prior year is mainly due to one company having limited operations in 2024.
Admissions Tax – An increase in admission tax over YTD budget is due better than anticipated performance of one of
the largest admission taxpayers in Renton resulting in higher tax collection. The decrease from prior year is also due to
the large new taxpayer making lump sum payments of admission tax due to the city in early 2023 relating to 2022 sales.
Utility Tax – Electrical and city utilities are the primary drivers of the increase over prior year and amount above YTD
budget due to increased customer rates coupled with increased utility usage. In addition, cellular increased over
budget and prior year due to the recognition of revenue for a tax litigation that was resolved. Natural gas decrease from
prior year is due to changes in consumption habits by consumers driven by the promotion of alternative utility options.
Cable tax is under budget and decreased from prior year due to the continued decline in cable television usage that is
expected as other streaming services become more common. The breakdown of utility tax is as follows:
2023 2024 2024
Actual Budget Actual $ % $ %
Property Tax 25,132,192 25,898,763 25,561,871 429,679 1.7%(336,892) -1.3%
Local Retail Sales Tax 38,106,887 36,013,457 38,175,542 68,655 0.2% 2,162,085 6.0%
State Sales Tax Credit 728,108 736,380 723,465 (4,643) -0.6% (12,915) -1.8%
Criminal Justice Sales Tax 3,939,746 3,218,290 3,859,078 (80,668) -2.0%640,788 19.9%
Natural Gas Use Tax 331,273 200,000 226,923 (104,350) -31.5%26,923 13.5%
Admission Tax 1,264,101 835,054 1,053,211 (210,890) -16.7%218,157 26.1%
Utility Tax 18,314,683 18,123,795 19,175,575 860,892 4.7% 1,051,780 5.8%
Leasehold Excise Tax 262,911 180,795 241,451 (21,460) -8.2%60,656 33.5%
Gambling Excise Tax 3,773,375 3,901,000 4,416,922 643,547 17.1% 515,922 13.2%
B&O Tax 21,047,122 19,100,000 23,619,007 2,571,885 12.2% 4,519,007 23.7%
YTD Total 112,900,398$ 108,207,534$ 117,053,045$ 4,152,647$ 3.7% 8,845,511$ 8.2%
Annual Total 112,900,398$ 108,207,534$
Taxes by Type
Revenue
2024 vs. 2023 2024 vs. Budget
Year to Date through December
2023 2024 2024
Tax by Type YTD Actual YTD Budget YTD Actual $ % $ %
Electrical 6,649,647$ 6,520,362$ 7,035,072$ 385,425$ 5.8% $ 514,710 7.9%
Natural Gas 2,088,098 2,079,748 1,930,407 (157,691) -7.6% (149,341) -7.2%
Cell 485,499 499,999 669,619 184,120 37.9% 169,620 33.9%
Phone 615,606 699,999 632,713 17,107 2.8% (67,286) -9.6%
Cable 1,171,891 1,207,111 1,116,099 (55,792) -4.8% (91,012) -7.5%
Garbage 857,025 772,547 910,971 53,946 6.3% 138,424 17.9%
City Utilities 6,446,917 6,344,029 6,880,694 433,777 6.7% 536,665 8.5%
YTD Total 18,314,683$ 18,123,795$ 19,175,575$ 860,892$ 4.7%1,051,780$ 5.8%
2024 vs. 2023 2024 vs. Budget
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 3 of 33
Gambling Excise Tax – Gambling excise tax can fluctuate based on the economy; therefore, budget is established
conservatively and includes a historical average from prior years. Current year revenue is above budget and prior year
due to substantial increases from the card games tax.
Business and Occupation (B&O) Tax – B&O tax revenues are over budget and prior year resulting from an increase in
the maximum tax cap paid by any one taxpayer as well as conservatively estimated budget similar to sales taxes.
LICENSES & PERMITS
Franchise Fees – The decrease from prior year and under budget is due to lower payments for cable franchise fees,
which is based on cable sales. As cable television usage decreases with other streaming services, the city may
continue to see a decrease in franchise fees.
Business Licenses – The amount over budget is due to the increased outreach by the city’s tax and licensing division.
This division is actively performing outreach informing businesses of the licensing requirements within the city. The
city has 9,395 active business licenses, an 11 percent increase over prior year. In addition, some of the new businesses
registering with the city are required to pay back years if they may have been conducting business in Renton prior to
receiving their license.
Building Permits – Building permits are collected upon permit issuance. The increase from prior year and budget is
primarily related to a large building improvement project for Alaska Airlines location.
INTERGOVERNMENTAL
State Shared Revenue – The amount over budget is due to a high crime judicial assistance distribution received that
was not budgeted as well as higher than anticipated marijuana and fuel tax revenue distribution. State shared revenue
is based on consumers and can fluctuate from year to year. The breakdown of state shared revenue is as follows:
2023 2024 2024
Actual Budget Actual $ % $ %
Franchise Fees 1,392,052 1,484,087 1,240,181 (151,871) -10.9% (243,905) -16.4%
Business Licenses 1,245,314 937,270 1,160,753 (84,560) -6.8%223,483 23.8%
Animal Licenses 60,820 63,174 55,300 (5,520) -9.1% (7,874) -12.5%
Building Permits 3,989,309 3,093,571 4,096,766 107,457 2.7% 1,003,195 32.4%
ROW/Street Excavation Permits 33,700 46,500 36,005 2,305 6.8%(10,495) -22.6%
Special Event Permits 765 1,000 765 - 0.0%(235) -23.5%
YTD Total 6,721,960$ 5,625,602$ 6,589,771$ (132,189)$ -2.0%964,169$ 17.1%
Annual Total 6,721,960$ 5,625,602$
Licenses & Permits by Type
Year to Date through December
Revenue
2024 vs. 2023 2024 vs. Budget
2023 2024 2024
Actual Budget Actual $ % $ %
State Shared Revenue 4,129,451 3,880,741$ 4,221,556 92,105$ 2.2% 340,815$ 8.8%
Federal Grants 728,723 2,960,957 2,854,037 2,125,314 291.6%(106,920) -3.6%
State Grants 483,641 1,366,568 679,495 195,854 40.5%(687,073) -50.3%
Local Grants 54,222 114,006 132,308 78,086 144.0% 18,302 16.1%
YTD Total 5,396,037$ 8,322,272$ 7,887,396$ 2,491,359$ 46.2%(434,876)$ -5.2%
Annual Total 5,396,037$ 8,322,272$
Intergovernmental by Type
Revenue
2024 vs. 2023 2024 vs. Budget
Year to Date through December
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 4 of 33
Federal/State/Local Grants – Federal/State/Local grant revenue varies significantly from year-to-year based on
volume of grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant
revenue is budgeted at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget
variance due to reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award
year is carried forward each year until the grant funds are fully received or the grant agreement expires. The variance
from prior year is largely due to recognizing the remaining ARPA grant funds in Q1 of 2024.
CHARGES FOR SERVICES
Public Safety Services – The increase in public safety services from prior year is primarily due to a new contract for the
Criminal Justice Training Center in which the city is reimbursed for an officer’s salary while assisting with training new
officers.
Development Services –The increase from prior year and over budget is due to building and construction permit for
large projects taking place in the city by external companies, such as Alaska Airlines building improvements in the
valley, Renton School District modernization of a high school, and construction for South Renton Transit Center
project.
Social Services – In 2023, the city received program funding from King County Veterans, Seniors and Human Services
Levy (VSHSL) to assist the city with the Senior Home Repair Services program. The service period ended in 2023
resulting in a decrease in revenue.
Parks and Recreation Fees – The decrease from prior year is largely due to a substantial grant received in Q1 of 2023,
the SEEK grant of $129K. The increase over 2024 budget is due to higher participation in community center self-
sustaining programs and increased activity at the Henry Moses Aquatic Center (HMAC).
Interfund Services – Interfund services revenue increased from prior year due to the newly created sustainability
division, which is charged out to utility funds, and cost of living salary increases. The amount under the 2024 budget is
due to a true up at year end to reflect actual expenditures that were charged to other funds for overhead services.
2023 2024 2024
Tax by Type YTD Actual YTD Budget YTD Actual $ % $ %
Judicial Contribution 44,956$ 50,000$ 44,784$ (172)$ -0.4% (5,216)$ -10.4%
Crim Just - High Crime - - 182,245 182,245 N/A 182,245 100.0%
Crim Just - Pop 38,880 24,725 41,240 2,360 6.1% 16,515 66.8%
Crim Just - Spec Prog 137,223 113,286 144,893 7,670 5.6% 31,607 27.9%
WASPC Legislative 44,715 41,666 41,666 (3,049) N/A - 0.0%
State DUI 7,439 18,043 10,504 3,065 41.2%(7,539) -41.8%
Marijuana Distribution 290,083 232,045 289,048 (1,035) -0.4%57,003 24.6%
Liquor Profits 821,929 800,000 814,531 (7,398) -0.9%14,531 1.8%
Liquor Excise Tax 753,732 769,627 742,760 (10,972) 98.5%(26,867) -3.5%
Fuel Tax 1,990,494 1,831,349 1,909,885 (80,609) -4.1%78,536 4.3%
YTD Total 4,129,451$ 3,880,741$ 4,221,556$ 92,105$ 2.2%340,815$ 8.8%
2024 vs. 2023 2024 vs. Budget
2023 2024 2024
Actual Budget Actual $ % $ %
Passport Fees 9,524 10,000 9,382 (142) -1.5% (618) -6.2%
Court Services 126,042 154,208 92,101 (33,940) -26.9% (62,106) -40.3%
General Government Services 149 - 110 (39) -26.2%110 100.0%
Public Safety Services 685,146 869,684 878,634 193,488 28.2% 8,950 1.0%
Development Services 2,647,542 2,203,104 3,011,750 364,208 13.8% 808,646 36.7%
Transportation Services 54,161 - 66,690 12,528 23.1% 66,689 100.0%
Social Services 370,024 60,000 65,803 (304,221) -82.2%5,803 9.7%
Parks and Recreation Fees 1,806,123 1,211,610 1,674,443 (131,680) -7.3%462,833 38.2%
Interfund Services 5,589,288 6,629,519 5,855,516 266,228 4.8%(774,003) -11.7%
YTD Total 11,287,999$ 11,138,124$ 11,654,429$ 366,430$ 3.2% 516,305$ 4.6%
Annual Total 11,287,999$ 11,138,124$
Year to Date through December
Charges for Services by Type
Revenue
2024 vs. 2023 2024 vs. Budget
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 5 of 33
FINES AND PENALTIES
Photo Enforcement Program – Photo enforcement is under the 2024 budget and prior year due to a 10% decrease in
first notices issuances and a 12% decrease in overall collections. The decrease in collections is primarily due to a new
collections agency contract in 2023 which caused a one-time increase in collections for Q1 of 2023.
Non-Court Fines, Forfeitures and Penalties – The increase over prior year and 2024 budget is mainly due to a
reclassification between tax revenues and fines and penalties in 2024 for B&O tax penalties. The increase is also due
to higher levels of business license penalties and code violations, specifically from one vendor receiving daily code
violation fines.
MISCELLANEOUS REVENUES
Interest and Other Investment Earnings – Investment earnings have varied over the past couple of years as the market
has seen large fluctuations in interest rates as this revenue is highly influenced by the federal funds rate. Investments
within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the
federal funds rate as it decreases or increases; the city holds roughly 46% of the total cash and investments for the city
in the LGIP.
Rents, Leases, and Concessions – Rents, leases, and concessions revenues are currently over the 2024 budget
primarily due to increased recreation facility rentals at the Renton Community Center, Senior Activity Center, and
HMAC.
Contributions/Donations from Private Sources – The decrease from prior year is due to a $410K latecomer
assessment fee recorded in December 2023 related to Sunset Lane Improvement project. The amount under budget is
related to a $400K special deposit anticipated to fund the Adaptive Traffic Control Systems signals at 4 intersections.
This has been postponed to 2025.
Other – The amount over prior year is driven by two new substantial unbudgeted opioid settlements in the amount of
$780K received in 2024. These settlements are one time funding, therefore, the increase noted above will not be
ongoing. The amount over budget is related to utility late payments and penalties coming in higher than anticipated,
unbudgeted unclaimed property and credit card rebates from US Bank based on spend in each quarter.
2023 2024 2024
Actual Budget Actual $ % $ %
Civil Penalties 227,945$ 277,000$ 258,438$ 30,493$ 13.4%(18,562)$ -6.7%
Photo Enforcement Program 3,332,719 3,387,000 2,897,156 (435,563) -13.1% (489,844) -14.5%
Criminal Traffic Misdemeanor Fines 21,975 41,000 12,360 (9,615) -43.8% (28,640) -69.9%
Criminal Non-Traffic Fines 2,943 6,500 2,695 (248) -8.4% (3,805) -58.5%
Criminal Costs 23,057 34,360 13,680 (9,377) -40.7% (20,680) -60.2%
Non-Court Fines, Forfeitures and Penalties 155,259 95,582 710,149 554,890 357.4% 614,567 643.0%
YTD Total 3,763,898$ 3,841,442$ 3,894,478$ 130,580$ 3.5% 53,036$ 1.4%
Annual Total 3,763,898$ 3,841,442$
Fines and Penalties by Type
Revenue
2024 vs. 2023 2024 vs. Budget
Year to Date through December
2023 2024 2024
Actual Budget Actual $ % $ %
Interest and Other Investment Earnings 3,584,165$ 3,350,000$ 4,963,822$ 1,379,657$ 38.5% 1,613,822$ 48.2%
Rents, Leases, and Concessions 1,628,033 1,160,570 1,640,858 12,825 0.8% 480,288 41.4%
Contributions/Donations from Private Sources 592,902 731,500 267,561 (325,341) -54.9% (463,939) -63.4%
Other 501,340 1,092,574 1,238,916 737,576 147.1% 146,342 13.4%
YTD Total 6,306,440$ 6,334,644$ 8,111,157$ 1,804,717$ 28.6% 1,776,513$ 28.0%
Annual Total 6,306,440$ 6,334,644$
Miscellaneous by Type
Year to Date through December
Revenue
2024 vs. 2023 2024 vs. Budget
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 6 of 33
OTHER FINANCING SOURCES
Transfers from Other Funds – The decrease from prior year is mainly due to transferring unrestricted funds allocated
to the Family First Community Center project to the general fund in 2023 upon project completion.
GENERAL FUND EXPENDITURES
The following table summarizes expenditures by category for each department within the General Fund.
Personnel – Personnel costs are budgeted at 100% of the position cost each year resulting in a budget variance if
positions remain open for any part of the year. The increase in personnel costs over prior year is due to filling positions
that were previously held vacant in 2023, newly approved positions, as well as cost of living adjustments. Personnel
costs under budget are due to open positions; there are currently 45 vacancies as of December 31st.
Supplies – The main reason for 2024 actuals being under budget is due to a signal shops adaptive signal project that
did not incur costs in 2024; supplies for the project are planned to be ordered in early 2025.
Contracted Services - The amount under budget is due to several programs and projects that were delayed in 2024,
including: set aside reserves for non-departmental use, funding allocated to opioid remediation, citywide cleanup,
human services programs and CPTED project. Actual costs increased over prior year due to city-share increase of
SCORE jail and emergency communication services, added security services downtown and at parking garage, and
special election costs incurred from Raise the Wage initiative.
Internal Services – The increase from prior year is due to increased costs in the internal service funds due to cost of
living adjustments.
Transfers Out – The increase over prior year is mainly due to increased funding for capital projects including the
Pavilion Remodel ($4M) project. The project budget and costs are recorded in the respective capital funds.
2023 2024 2024
Actual Budget Actual $ % $ %
Transfers from Other Funds 1,868,479$ 983,468$ 983,468$ (885,011) -47.4%0 0.0%
Interfund Loan Payment Received 44,535 46,216 44,982 447 1.0%(1,234) -2.7%
Insurance Recoveries 23,142$ -$ 28,101$ 4,959 21.4% 28,101 100.0%
Sale of Capital Assets 840 - 22,602 21,762 2590.7% 22,602 100.0%
YTD Total 1,936,996$ 1,029,684$ 1,079,153$ (857,843)$ -44.3%49,469$ 4.8%
Annual Total 1,936,996$ 1,029,684$
Revenue
2024 vs. 2023 2024 vs. Budget
Year to Date through December
Other Financing Sources by Type
General Fund
Summary of Uses 2023
Year to Date through December YTD Actual YTD Budget YTD Actual $%$%
Personnel 72,543,619$ 84,349,623$ 76,133,719$ (3,590,100)$ -4.9%8,215,904$ 9.7%
Supplies 2,254,786 2,550,832 2,190,358 64,428 2.9% 360,474 14.1%
Contracted Services 23,384,508 29,813,565 25,000,262 (1,615,754) -6.9%4,813,303 16.1%
Capital Outlay 339,474 81,001 198,967 140,507 41.4%(117,966) -145.6%
Internal Services 20,490,735 20,974,573 20,974,573 (483,838) -2.4%- 0.0%
Transfers Out 13,680,110 15,029,799 15,029,799 (1,349,689) -9.9%- 0.0%
Total Expenditures 132,693,232 152,799,393 139,527,678 (6,834,446) -5.2% 13,271,715 8.7%
Annual Total 132,693,232 152,799,393
2024 2024 vs. 2023 2024 vs. Budget
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 7 of 33
DEBT SERVICE FUNDS
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. YTD budgets are not prepared for debt service funds.
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT FUND
The General Governmental Miscellaneous Debt Fund is the only debt service fund maintained by the city.
Investment Earnings – Investment earnings have varied over the past couple of years as the market has seen large
fluctuations in interest rates as this revenue is highly influenced by the federal funds rate. Investments within the Local
Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate
as it decreases or increases; the city holds roughly 46% of the total cash and investments for the city in the LGIP.
Principal and Interest – Decrease in principal and interest is due to a prior year payment on the Fire District 40 loan,
which was paid off in May 2023.
Transfers In – The decrease from prior year is related to the prior year payment on the Fire District 40 loan.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 38,319$ 32,642$ 32,358$ (5,961)$ (284)$ 99.13%
Investment Earnings 159,328 - 202,530 43,202 202,530 N/A
TOTAL REVENUES 197,647 32,642 234,888 37,241 202,246 719.59%
EXPENDITURES:
Principal 4,453,188 1,995,000 1,995,000 2,458,188 - 100.00%
Interest 1,110,801 965,690 960,590 150,211 5,100 99.47%
TOTAL EXPENDITURES 5,563,989 2,960,690 2,955,590 2,608,399 5,100 99.83%
Transfers In 5,515,851 3,120,775 3,120,775 (2,395,076) - 100.00%
NET TRANSFERS 5,515,851 3,120,775 3,120,775 (2,395,076) - 100.00%
CHANGE IN FUND BALANCE 149,509 192,727 400,073 250,564 207,346 207.59%
BEGINNING FUND BALANCE, Jan 1 5,262,665 5,412,174 5,412,174 149,509 - 100.00%
ENDING FUND BALANCE, Dec 31 5,412,174$ 5,604,901$ 5,812,247$ 400,073$ 207,346$ 103.70%
Debt Service Reserve 2,717,575 2,717,575 2,717,575
AVAILABLE FUND BALANCE 2,694,599$ 2,887,326$ 3,094,672$
VARIANCE
FAVORABLE (UNFAVORABLE)
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 8 of 33
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. YTD budgets are not prepared for special revenue funds. Detailed explanations will be provided for
material differences between prior year and or budgeted amounts.
Hotel/Motel Fund
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 of Renton, as authorized under RCW 67.28.180. The Lodging Tax Advisory Committee
solicits applications for awards and brings their recommendations to Council for approval at least once per year.
Awards for events are paid to applicants at the conclusion of the event once certain reporting requirements have been
met.
Taxes – Tax revenue came in higher than anticipated based on relatively strong economic conditions that existed in
2024.
Contracted Services – The Lodging Tax Advisory Committee proposed allocations of Lodging Tax funds approved by
Council in December 2023. The amount under budget is due to the Renton Community Marketing Campaign which will
be carried forward to the 2025 budget to continue the project.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Taxes 540,030$ 434,000$ 575,662$ 35,632$ 141,662$ 132.64%
Contributions 15,000 35,000 30,000 15,000 (5,000) 85.71%
Investment Earnings 29,290 - 40,710 11,420 40,710 N/A
TOTAL REVENUES 584,320 469,000 646,372 62,052 177,372 137.82%
EXPENDITURES:
Contracted Services 377,433 460,604 340,666 36,767 119,938 73.96%
TOTAL EXPENDITURES 377,433 460,604 340,666 36,767 119,938 73.96%
Transfers In - - - - - N/A
Transfers Out (30,000) (10,000) (10,000) 20,000 - N/A
NET TRANSFERS (30,000) (10,000) (10,000) 20,000 - N/A
CHANGE IN FUND BALANCE 176,887 (1,604) 295,706 118,819 297,310 -18435.54%
BEGINNING FUND BALANCE, Jan 1 712,384 889,271 889,271 176,887 - 124.83%
ENDING FUND BALANCE, Dec 31 889,271$ 887,667$ 1,184,977$ 295,706$ 297,310$ 133.25%
VARIANCE
FAVORABLE (UNFAVORABLE)
HOTEL/MOTEL
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 9 of 33
Cable Communications Fund
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.
Housing & 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.
Taxes – Tax revenue directly relates to sales tax upon customer purchases. The amount over budget is due to sales tax
remaining strong throughout 2024. See additional further analysis for the sales tax revenues on page 2.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Licenses and permits 53,566$ 57,674$ 46,511$ (7,055)$ (11,163)$ 80.64%
Contributions - - 2,596 2,596 2,596 N/A
Investment Earnings 13,921 - 14,665 744 14,665 N/A
TOTAL REVENUES 67,487 57,674 63,772 (3,715) 6,098 110.57%
EXPENDITURES:
Supplies 46,681 6,302 3,112 (43,569) 3,190 49.38%
Contracted Services 115,653 51,372 46,750 (68,903) 4,622 91.00%
TOTAL EXPENDITURES 162,334 97,674 49,862 (112,472) 47,812 51.05%
Transfers In - - - - - N/A
NET TRANSFERS - - - - - N/A
CHANGE IN FUND BALANCE (94,847) (40,000) 13,910 108,757 53,910 N/A
BEGINNING FUND BALANCE, Jan 1 453,147 358,300 358,300 (94,847) - 100.00%
ENDING FUND BALANCE, Dec 31 358,300$ 318,300$ 372,210$ 13,910$ 53,910$ 116.94%
CABLE COMMUNICATIONS
VARIANCE
FAVORABLE (UNFAVORABLE)
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Taxes 4,472,859$ 3,500,000$ 4,480,758$ 7,899$ 980,758$ 128.02%
Investment Earnings 278,598 - 507,191 228,593 507,191 N/A
TOTAL REVENUES 4,751,457 3,500,000 4,987,949 236,492 1,487,949 142.51%
EXPENDITURES:
Contracted Services 50,000 609,000 369,156 319,156 239,844 60.62%
TOTAL EXPENDITURES 50,000 609,000 369,156 319,156 239,844 60.62%
Transfers In - - - - - N/A
NET TRANSFERS - - - - - N/A
CHANGE IN FUND BALANCE 4,701,457 2,891,000 4,618,793 (82,664) 1,727,793 159.76%
BEGINNING FUND BALANCE, Jan 1 6,110,390 10,811,847 10,811,847 4,701,457 - 100.00%
ENDING FUND BALANCE, Dec 31 10,811,847$ 13,702,847$ 15,430,640$ 4,618,793$ 1,727,793$ 112.61%
HOUSING & SUPPORTIVE SERVICES
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 10 of 33
Investment Earnings –Investment earnings have varied over the past couple of years as the market has seen large
fluctuations in interest rates as this revenue is highly influenced by the federal funds rate.
Contracted Services – The increase over prior year is due to contracts for behavioural and mental health services
including FD CARES and Project Be Free. The amount under budget is due to timing of the city being billed for those
services which will continue into 2025.
Springbrook Wetlands Fund
The Springbrook Wetlands Fund was established in 2007 for the purpose of providing accounting for the Springbrook
Creek Wetland and Habitat Mitigation Bank project. The proceeds of selling wetlands credits will be used to fund the
ongoing maintenance of the wetland in perpetuity.
Sales of Credits – The decrease from prior year is due to a sale of wetland mitigation bank credits in 2023 to the Seattle
Sounders FC for their new development within the city.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 4,011$ 4,011$ 4,132$ 120$ 120$ 103.00%
Investment Earnings 20,379 - 28,211 7,832 28,211 N/A
Sale of credits 247,852 - - (247,852) - N/A
TOTAL REVENUES 272,242 4,011 32,343 (239,899) 28,331 806.36%
EXPENDITURES:
Personnel 7,488 - 6,250 1,238 (6,250) N/A
Contracted Services 8,263 40,000 14,249 (5,985) 25,751 35.62%
TOTAL EXPENDITURES 15,751 40,000 20,499 (4,747) 19,501 51.25%
Transfers In - - - - - N/A
NET TRANSFERS - - - - - N/A
CHANGE IN FUND BALANCE 256,491 (35,989) 11,844 (244,646) 47,833 N/A
BEGINNING FUND BALANCE, Jan 1 454,628 711,119 711,119 256,491 - 100.00%
ENDING FUND BALANCE, Dec 31 711,119$ 675,130$ 722,963$ 11,845$ 47,833$ 107.09%
SPRINGBROOK WETLANDS
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 11 of 33
Police Seizure Funds
The Police Seizure and CSAM Funds were established in the 2nd quarter of 2020 for the purpose of providing
transparency in the accounting for assets seized by Police in accordance with RCW 9A.83.030, RCW 9A.88.150 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, or for provisions of chapter
9A.88 RCW, Indecent Exposure-Prostitution, or chapter 9.68A RCW, Sexual Exploitation of Children. The total fund
balance remaining at the end of the year is budgeted in full the following year in the supplies line item and contracted
services line item for CSAM.
Contracted Services - The increase over prior year is related to execution of contracts for services including forensic
software and public safety cameras.
Capital Outlay - The increase over prior year is related to several large one-time purchases such as undercover
police vehicle equipment, narcotic testing machines for safety, and radio testing equipment.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental -$ -$ 2,686$ 2,686$ 2,686$ N/A
Contributions 492,376 393,771 421,850 (70,526) 28,079 107.13%
Investment Earnings 12,735 - 28,906 16,171 28,906 N/A
TOTAL REVENUES 505,111 393,771 453,442 (51,669) 59,671 115.15%
EXPENDITURES:
Supplies 36,198 1,125,700 12,865 (23,333) 1,112,835 1.14%
Contracted Services 47,665 - 261,362 213,697 (261,362) N/A
Capital Outlay 29,133 - 120,711 91,578 (120,711) N/A
TOTAL EXPENDITURES 112,996 1,125,700 394,938 281,942 730,762 35.08%
Transfers In - - - - - N/A
NET TRANSFERS - - - - - N/A
CHANGE IN FUND BALANCE 392,115 (731,929) 58,504 (333,611) 790,433 N/A
BEGINNING FUND BALANCE, Jan 1 339,814 731,929 731,929 392,115 - 100.00%
ENDING FUND BALANCE, Dec 31 731,929$ -$ 790,433$ 58,504$ 790,433$ N/A
POLICE SEIZURE
VARIANCE
FAVORABLE (UNFAVORABLE)
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Fines and penalties 971$ 1,670$ 1,670$ 699$ 0$ 100.00%
Investment Earnings 5,628 - 5,308 (320) 5,308 N/A
TOTAL REVENUES 6,599 1,670 6,978 379 5,308 417.84%
EXPENDITURES:
Supplies 2,053 - 1,375 (678) (1,375) N/A
Contracted Services 7,773 171,247 2,235 (5,538) 169,012 1.30%
Capital Outlay - - 40,278 40,278 (40,278) N/A
TOTAL EXPENDITURES 9,826 171,247 43,888 34,062 127,359 25.63%
Transfers In - - - - - N/A
NET TRANSFERS - - - - - N/A
CHANGE IN FUND BALANCE (3,227) (169,577) (36,910) (33,683) 132,667 N/A
BEGINNING FUND BALANCE, Jan 1 172,804 169,577 169,577 (3,227) - 100.00%
ENDING FUND BALANCE, Dec 31 169,577$ -$ 132,667$ (36,910)$ 132,667$ N/A
POLICE CSAM SEIZURE
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 12 of 33
Affordable Housing Development
Per ordinance 6137, in 2024, a new fund was created fund 150, Affordable Housing Development Fund. The city
expanded its current affordable housing program under RMC-4-9-065 to allow receipt of additional payment from
developers who prefer to contribute financially towards the development of low-income housing rather than
incorporate such housing within developments. The purpose of the fund is to provide a way to account for revenue and
expenditure of said payments.
Fire Impact Mitigation Fund
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. The impact fee
collections are subsequently disbursed to the Renton Regional Fire Authority for use on qualifying capital projects.
Charges for Services and Contracted Services – Charges for services and contracted services are below expected
budget due to fluctuation in development. The increase from prior year is due to permit revenue related to the
LivAway Suites Renton Hotel Development project.
Transfers Out – The decrease from prior year is related to a prior year payment on the Fire District 40 loan, which was
paid off in May 2023.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services -$ 292,000$ 292,000$ 292,000$ -$ 100.00%
Investment Earnings - - 923 923 923 N/A
TOTAL REVENUES - 292,000 292,923 292,923 923 100.32%
EXPENDITURES:
TOTAL EXPENDITURES - - - - - N/A
Transfers In - - - - - N/A
NET TRANSFERS - - - - - N/A
CHANGE IN FUND BALANCE - 292,000 292,923 292,923 923 100.32%
BEGINNING FUND BALANCE, Jan 1 - - - - - N/A
ENDING FUND BALANCE, Dec 31 -$ 292,000$ 292,923$ 292,923$ 923$ 100.32%
AFFORDABLE HOUSING DEVELOPMENT
VARIANCE
FAVORABLE (UNFAVORABLE)
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 40,259$ 200,000$ 98,123$ 57,864$ (101,877)$ 49.06%
Investment Earnings 30,951 - - (30,951) - N/A
TOTAL REVENUES 71,210 200,000 98,123 26,913 (101,877) 49.06%
EXPENDITURES:
Contracted Services 200,021 200,000 95,633 (104,388) 104,367 47.82%
TOTAL EXPENDITURES 200,021 200,000 95,633 (104,388) 104,367 47.82%
Transfers In - - - - - N/A
Transfers Out (2,595,376) - - 2,595,376 - N/A
NET TRANSFERS (2,595,376) - - (2,595,376) - N/A
CHANGE IN FUND BALANCE (2,724,187) - 2,490 2,726,677 2,490 N/A
BEGINNING FUND BALANCE, Jan 1 2,724,187 - - (2,724,187) - N/A
ENDING FUND BALANCE, Dec 31 -$ -$ 2,490$ 2,490$ 2,490$ N/A
FIRE IMPACT MITIGATION
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 13 of 33
School District Impact Mitigation
This fund accounts for school district impact fees collected from developers as authorized by RCW 82.02.050-.110.
These fees are used to help offset the cost of improvements to service the new development. Impact fees are held in
this fund and subsequently transferred to the Kent, Issaquah, or Renton School District for qualifying capital projects.
Charges for Services and Contracted Services – The impact fee revenues are collected from developers and can
significantly fluctuate year to year based on the development projects around the city. Budget is based on prior year
activity and was decreased from prior year budget in correlation with lower impact fees received in the last two years.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 185,062$ 600,000$ 318,317$ 133,255$ (281,683)$ 53.05%
Investment Earnings 571 - 1,108 537 1,108 N/A
TOTAL REVENUES 185,633 600,000 319,425 133,792 (280,575) 53.24%
EXPENDITURES:
Contracted Services 185,600 600,000 317,091 131,491 282,909 52.85%
TOTAL EXPENDITURES 185,600 600,000 317,091 131,491 282,909 52.85%
Transfers In - - - - - N/A
NET TRANSFERS - - - - - N/A
CHANGE IN FUND BALANCE 33 - 2,334 2,301 2,334 N/A
BEGINNING FUND BALANCE, Jan 1 - 33 33 33 - 100.00%
ENDING FUND BALANCE, Dec 31 33$ 33$ 2,367$ 2,334$ 2,334$ 7172.73%
SCHOOL DISTRICT IMPACT MITIGATION
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 14 of 33
CAPITAL PROJECT FUNDS
Capital project funds are used to account for the acquisition and construction of major capital facilities and equipment.
YTD budgets are not prepared for capital project funds. Project budgets are adopted when funding is secured, and
balances are carried forward each year until they are either 1) fully spent or 2) reallocated to another project through
the budget adjustment process. Detailed explanations will be provided for material differences between prior year and
or budgeted amounts.
Community Services Impact Mitigation Fund
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 improvements to service the new development. Impact fees are held in this fund
and subsequently transferred to the Municipal Facilities CIP Fund when qualifying capital projects are budgeted.
Transportation Impact Mitigation Fund
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 projects are
budgeted.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 120,419$ 86,500$ 173,883$ 53,464$ 87,383$ 201.02%
Investment Earnings 55,524 - 29,528 (25,996) 29,528 N/A
TOTAL REVENUES 175,943 86,500 203,411 27,468 116,911 235.16%
EXPENDITURES:
TOTAL EXPENDITURES - - - - - N/A
Transfers In - - - - - N/A
Transfers Out 1,090,000 (525,000) (525,000) (1,615,000) - 100.00%
NET TRANSFERS (1,090,000) (525,000) (525,000) 1,615,000 - 100.00%
CHANGE IN FUND BALANCE (914,057) (438,500) (321,589) 592,468 116,911 73.34%
BEGINNING FUND BALANCE, Jan 1 1,595,389 681,332 681,332 (914,057) - 100.00%
ENDING FUND BALANCE, Dec 31 681,332$ 242,832$ 359,743$ (321,589)$ 116,911$ 148.14%
COMMUNITY SERVICES IMPACT MITIGATION
VARIANCE
FAVORABLE (UNFAVORABLE)
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 828,414$ 911,152$ 1,284,082$ 455,669$ 372,930$ 140.93%
Investment Earnings 245,741 - 108,970 (136,771) 108,970 N/A
TOTAL REVENUES 1,074,155 911,152 1,393,052 318,897 481,900 152.89%
EXPENDITURES:
TOTAL EXPENDITURES - - - - - N/A
Transfers In - - - - - N/A
Transfers Out (5,817,897) (100,000) - 5,817,897 (100,000) 0.00%
NET TRANSFERS (5,817,897) (100,000) - 5,817,897 (100,000) 0.00%
CHANGE IN FUND BALANCE (4,743,742) 811,152 1,393,052 6,136,794 581,900 N/A
BEGINNING FUND BALANCE, Jan 1 6,964,011 2,220,269 2,220,269 (4,743,742) - 100.00%
ENDING FUND BALANCE, Dec 31 2,220,269$ 3,031,421$ 3,613,321$ 1,393,052$ 581,900$ 119.20%
TRANSPORTATION IMPACT MITIGATION
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 15 of 33
Charges for Services – The increase from prior year is primarily due to permit revenue related to the LivAway Suites
Renton Hotel Development project.
Investment Earnings –Investment earnings have varied over the past couple of years as the market has seen large
fluctuations in interest rates as this revenue is highly influenced by the federal funds rate.
REET 1 & 2 Funds
These funds were established in the 2nd quarter of 2020 to account for the first and second quarter percent of real estate
excise tax (REET) levied in accordance with RCW 82.46.010 and RCW 82.46.035. The tax may be used for eligible capital
projects, as defined in RCW.82.46.010(6) or RCW.82.46.035(5), that are included in the capital facilities element of the
city’s comprehensive plan. REET tax revenues are held in the respective fund and subsequently transferred to the
appropriate capital project fund when qualifying projects are budgeted.
REET 1 and REET 2 Taxes – The increase in taxes from prior year are due to increased real estate transactions which
were at low levels in 2023 due to the high interest rate; real estate sales slowed with the higher cost to borrow money.
The current year increase is also due to the sale of a large apartment complex ($535K).
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Taxes 2,290,899$ 2,300,000$ 3,168,839$ 877,940$ 868,839$ 137.78%
Investment Earnings 139,543 - 126,902 (12,641) 126,902 N/A
TOTAL REVENUES 2,430,442 2,300,000 3,295,741 865,299 995,741 143.29%
EXPENDITURES:
TOTAL EXPENDITURES - - - - - N/A
Transfers In - - - - - N/A
Transfers Out (3,715,000) - - 3,715,000 - N/A
NET TRANSFERS (3,715,000) - - (3,715,000) - N/A
CHANGE IN FUND BALANCE (1,284,558) 2,300,000 3,295,741 4,580,299 995,741 143.29%
BEGINNING FUND BALANCE, Jan 1 3,049,711 1,765,153 1,765,153 (1,284,558) - 100.00%
ENDING FUND BALANCE, Dec 31 1,765,153$ 4,065,153$ 5,060,894$ 3,295,741$ 995,741$ 124.49%
REET 1
VARIANCE
FAVORABLE (UNFAVORABLE)
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Taxes 2,290,899$ 2,300,000$ 3,168,839$ 877,940$ 868,839$ 137.78%
Investment Earnings 238,268 - 181,748 (56,520) 181,748 N/A
TOTAL REVENUES 2,529,167 2,300,000 3,350,587 821,420 1,050,587 145.68%
EXPENDITURES:
TOTAL EXPENDITURES - - - - - N/A
Transfers In - - - - - N/A
Transfers Out (5,403,625) (4,183,425) (4,183,425) 1,220,200 - 100.00%
NET TRANSFERS (5,403,625) (4,183,425) (4,183,425) (1,220,200) - 100.00%
CHANGE IN FUND BALANCE (2,874,458) (1,883,425) (832,838) 2,041,620 1,050,587 44.22%
BEGINNING FUND BALANCE, Jan 1 6,019,961 3,145,503 3,145,503 (2,874,458) - 100.00%
ENDING FUND BALANCE, Dec 31 3,145,503$ 1,262,078$ 2,312,665$ (832,838)$ 1,050,587$ 183.24%
REET 2
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 16 of 33
Municipal Facilities CIP Fund
This fund accounts for general governmental facility construction, improvement, and renovation; property acquisitions
for parks and city space needs; parks development and equipment; and major maintenance of existing general
governmental assets. Transportation capital improvements are accounted for in a separate fund.
Grants/Intergovernmental – Federal/State/Local grant revenue varies significantly from year-to-year based on
volume of grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant
revenue is budgeted at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget
variance due to reimbursement of grant expenditures occurring in a future year. Budgeted grant revenue not received
in award year is carried forward each year until the grant funds are fully received or the grant agreement expires. The
decrease from prior year is largely due to receiving grant funds for the Gene Coulon North Water Walk project in 2023
($1.3 million).
Investment Earnings –Investment earnings have varied over the past couple of years as the market has seen large
fluctuations in interest rates as this revenue is highly influenced by the federal funds rate. Investments within the Local
Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate
as it decreases or increases; the city holds roughly 46% of the total cash and investments for the city in the LGIP.
Contracted Services – Contracted services are largely project driven and are dependent on the project timeline. The
amount under budget is due projects in the preliminary planning phase, such as City Hall Lobby Remodel ($3M) and
Pavilion Remodel ($7.8M) where budget has been allocated but construction has not yet started.
Capital Outlay – Capital outlay fluctuates greatly with capital project schedules and contractor’s billings. The
decrease from prior year is due to large bond projects which were largely completed in 2023: Kiwanis Park ($1.5M),
Philip Arnold Park Improvements ($3M), and Coulon Park Waterwalk ($3.2 M). The amount under budget is driven by
large projects in the preliminary phase: Senior Center Improvement ($1.6M), Henry Moses Aquatic Center
Improvements ($2M), May Creek Trail South ($3.7M), Park Maintenance Facility ($2.8M), and Piazza Park
Improvements ($1.7M).
Transfers In/Transfers Out - Transfers In vary depending on funding allocated to capital projects and timing of those
projects. The increase over last year for transfers in is mainly due to the Pavilion Remodel Project ($4M). The increase
in transfer out over prior year is related to the return of unspent airport funds for the 300 Rainier Demolition.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 2,752,568$ 8,233,894$ 1,861,079$ (891,489)$ (6,372,815)$ 22.60%
Charges for services 30,670 - 9,000 (21,670) 9,000 N/A
Contributions 2,755 - 26,457 23,702 26,457 N/A
Investment Earnings 580,920 - 800,300 219,380 800,300 N/A
TOTAL REVENUES 3,366,913 8,233,894 2,696,836 (670,077) (5,537,058) 32.75%
EXPENDITURES:
Personnel 44,228 41,000 121,639 77,411 (80,639) 296.68%
Contracted Services 751,227 11,893,949 2,637,576 1,886,349 9,256,373 22.18%
Capital Outlay 13,708,201 20,176,768 3,354,561 (10,353,640) 16,822,207 16.63%
TOTAL EXPENDITURES 14,503,656 32,111,717 6,113,776 (8,389,880) 25,997,941 19.04%
Transfers In 8,545,379 9,837,858 9,837,858 1,292,479 - 100.00%
Transfers Out (100,000) (220,422) (220,422) (120,422) - N/A
NET TRANSFERS 8,445,379 9,617,436 9,617,436 1,172,057 - 100.00%
CHANGE IN FUND BALANCE (2,691,364) (14,260,387) 6,200,496 8,891,860 20,460,883 -43.48%
BEGINNING FUND BALANCE, Jan 1 24,671,384 21,980,020 21,980,020 (2,691,364) - 100.00%
ENDING FUND BALANCE, Dec 31 21,980,020$ 7,719,633$ 28,180,516$ 6,200,496$ 20,460,883$ 365.05%
MUNICIPAL FACILITIES CIP
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 17 of 33
Capital Improvement Fund
This fund accounts for the city’s transportation capital projects. Capital projects are budgeted in their entirety at the
inception of the project; funds are spent as the project progresses and may span over multiple years.
Taxes – Taxes collected relate to the establishment of a Renton Transportation Benefit District (TBD) increasing sales
tax rate by 0.1 percent to fund the TBD under RCW 82.14.0455, effective April 1, 2024. The funding is to be used for
transportation projects, specifically street overlay and sidewalk repair.
Grants/Intergovernmental – Federal/State/Local grant revenue varies significantly from year-to-year based on
volume of grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant
revenue is budgeted at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget
variance due to reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in
award year is carried forward each year until the grant funds are fully received or the grant agreement expires. The
decrease from prior year largely relates to the timing of revenue recognition of grant revenue for the Bronson Bridge
project, $2.4 million received from WSDOT.
Contributions – The amount over prior year is due to the contribution from private contributors for the Rainier Ave
Phase 4 project for the joint trench utilities. The amount under budget is due to the timing of construction projects
and subsequent contributions from external parties, primarily related to the joint trench utilities for Rainier Ave Phase
4.
Investment Earnings – Investment earnings have varied over the past couple of years as the market has seen large
fluctuations in interest rates as this revenue is highly influenced by the federal funds rate.
Contracted Services – Contracted services are largely project driven and dependent on the project timeline. The
amount over budget is due to projects in progress that will continue in 2025, such as Arterial Circulation Program
planning and Bridge Inspections and Repairs.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Taxes -$ 2,625,000$ 2,585,061$ 2,585,061$ (39,939)$ 98.48%
Grants / intergovernmental 9,377,648 27,521,109 7,711,076 (1,666,572) (19,810,033) 28.02%
Charges for services 119,413 90,225 9,880 (109,533) (80,345) 10.95%
Contributions 519,012 6,989,978 5,424,407 4,905,395 (1,565,571) 77.60%
Investment Earnings 379,842 - 572,056 192,214 572,056 N/A
TOTAL REVENUES 10,395,915 37,226,312 16,302,480 5,906,565 (20,923,832) 43.79%
EXPENDITURES:
Personnel 38,701 29,043 101,311 62,610 (72,268) 348.84%
Supplies 64,025 - 54,531 (9,494) (54,531) N/A
Contracted Services 249,895 645,533 271,598 21,703 373,935 42.07%
Capital Outlay 18,312,049 51,339,451 19,904,712 1,592,663 31,434,739 38.77%
Internal Services 56,000 56,000 56,000 - - 100.00%
TOTAL EXPENDITURES 18,720,670 52,070,027 20,388,152 1,667,482 31,681,875 39.16%
Transfers In 11,044,897 3,054,000 2,954,000 (8,090,897) (100,000) 96.73%
Transfers Out - (18,000) (18,000) (18,000) - N/A
NET TRANSFERS 11,044,897 3,036,000 2,936,000 (8,072,897) (100,000) 96.71%
CHANGE IN FUND BALANCE 2,720,142 (11,807,715) (1,149,672) (3,869,814) 10,658,043 N/A
BEGINNING FUND BALANCE, Jan 1 12,561,975 15,282,117 15,282,117 2,720,142 - 100.00%
ENDING FUND BALANCE, Dec 31 15,282,117$ 3,474,402$ 14,132,445$ (1,149,672)$ 10,658,043$ 406.76%
CAPITAL IMPROVEMENT
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 18 of 33
Capital Outlay – Increase in capital outlay expenditures from prior year is due to large ongoing projects reaching
significant completion dates. Largest increase includes Rainier Phase 4 which incurred significant expenditures in
2024 ($15.7M). The amount under budget is driven by large projects still in process including South 7th Street ($2.7M),
Rainier Phase 4 ($9M), and SW 43rd Arterial Rehab ($6M).
Transfers In – Transfers In vary depending on funding allocated to capital projects and timing of those projects. The
decrease from prior year relates to the allocation of funds for large capital projects in 2023, such as Rainier Phase 4
($2M), Park Ave Extension ($2.7M), Sidewalk projects ($3M).
Family First Center Fund
This fund is used to account for the construction of the new Family First Center. Although the facility is substantially
complete, there still remains some final transactions to be completed in 2024.
Grants/Intergovernmental – Grant revenue is based on timing of grant expenses and reimbursement of related
expenses. The project incurred allowable costs and received reimbursement for the grant in 2023.
Contributions – The amount over budget is due to timing of receiving outstanding contributions related to 2023
project change orders. The decrease from prior year is due to project timeline; the project was completed in 2023 and
the majority of the contributions were made at the time of construction completion.
Investment Earnings – Investment earnings have varied over the past couple of years as the market has seen large
fluctuations in interest rates as this revenue is highly influenced by the federal funds rate. Investments within the
Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal
funds rate as it decreases or increases; the city holds roughly 46% of the total cash and investments for the city in the
LGIP.
Capital Outlay – Decrease from prior year is due to the project timeline; the project was completed in 2023 and has
not incurred expenditures this year.
Transfers In/Transfers Out – The decrease from prior year is related to the project completing in 2023.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 520,000$ -$ -$ (520,000)$ -$ N/A
Contributions 3,042,887 - 145,523 (2,897,364) 145,523 N/A
Investment Earnings 95,139 - 148,588 53,449 148,588 N/A
TOTAL REVENUES 3,658,026 - 294,111 (3,363,915) 294,111 N/A
EXPENDITURES:
Contracted Services 3,939 - - (3,939) - N/A
Capital Outlay 2,905,946 - - (2,905,946) - N/A
TOTAL EXPENDITURES 2,909,885 - - (2,909,885) - N/A
Transfers In 1,000,000 - - (1,000,000) - N/A
Transfers Out 900,000 - - (900,000) - N/A
NET TRANSFERS 100,000 - - (100,000) - N/A
CHANGE IN FUND BALANCE 848,141 - 294,111 (554,030) 294,111 N/A
BEGINNING FUND BALANCE, Jan 1 2,795,295 3,643,436 3,643,436 848,141 - 100.00%
ENDING FUND BALANCE, Dec 31 3,643,436$ 3,643,436$ 3,937,547$ 294,111$ 294,111$ 108.07%
FAMILY FIRST CENTER
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 19 of 33
ENTERPRISE FUNDS
Enterprise funds are used to account for operations that are financed and operated in a manner similar to private
business enterprises. YTD budgets are not prepared for Enterprise Funds.
Most Enterprise Funds maintain two separate “management funds”, an operating fund and a capital fund. The funds
are consolidated for budget/reporting purposes. Operating budgets lapse at the end of the year. Project budgets are
adopted when funding is secured, and balances are carried forward each year until they are either 1) fully spent or 2)
reallocated to another project through the budget adjustment process. Detailed explanations will be provided for
material differences between prior year and or budgeted amounts.
Airport Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the Renton Municipal Airport.
Grants/Intergovernmental – The increase from prior year is largely due to the receipt of an FAA grant for the Taxiway
Alpha Rehabilitation project. The amount under budget is largely driven by project timing of capital projects as grant
reimbursements are not paid until work has been completed.
Charges for Services – The decrease from prior year is due to a one-time large payment in 2023 for a large lease
agreement that was finalized and lease rate increases. The amount under budget is due to changes in lease
agreements that were not anticipated, such as vacant space in hangers and tie downs.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 695,814$ 1,136,896$ 1,029,795$ 333,981$ (107,101)$ 90.58%
Charges for services 5,098,680 4,261,813 3,726,328 (1,372,352) (535,485) 87.44%
Rents, leases, and misc fees 601,445 564,349 564,349 (37,096) - 100.00%
Interest and other misc 346,393 3,857 503,650 157,257 499,793 13058.08%
TOTAL REVENUES 6,742,332 5,966,915 5,824,122 (918,210) (142,793) 97.61%
EXPENSES:
Personnel 1,111,474 1,677,162 1,266,433 (154,959) 410,729 75.51%
Supplies 97,832 47,630 155,464 (57,632) (107,834) 326.40%
Contracted Services 657,568 482,855 572,960 84,608 (90,105) 118.66%
Internal Services 436,502 457,549 448,730 (12,228) 8,819 98.07%
TOTAL OPERATING EXPENSES 2,303,376 2,665,196 2,443,587 (140,211) 221,609 91.69%
AMOUNT AVAILABLE FOR DEBT
SERVICE, CAPITAL, AND
TRANSFERS 4,438,956 3,301,719 3,380,535 (1,058,421) 78,816 102.39%
TOTAL DEBT SERVICE - - - - - N/A
CAPITAL OUTLAY 1,562,470 7,464,493 1,407,127 155,343 6,057,366 18.85%
TRANSFERS IN - 164,955 164,955 164,955 - 100.00%
TRANSFERS OUT (525,339) (61,900) (61,900) (463,439) - N/A
NET TRANSFERS (525,339) 103,055 103,055 628,394 - 100.00%
CHANGE IN FUND BALANCE 2,351,147 (4,059,719) 2,076,463 (274,684) 6,136,182 N/A
BEGINNING FUND BALANCE, Jan 1 8,925,690 11,276,837 11,276,837 2,351,147 - 100.00%
ENDING FUND BALANCE, Dec 31 11,276,837$ 7,217,118$ 13,353,300$ 2,076,463$ 6,136,182$ 185.02%
Operating Reserve 216,784 266,810 266,810
AVAILABLE FUND BALANCE 11,060,053$ 6,950,308$ 13,086,490$
VARIANCE
FAVORABLE (UNFAVORABLE)
AIRPORT
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 20 of 33
Interest and other misc. - The amount over budget is primarily due budgeting conservatively for investment earnings,
which have varied over the past couple of years as the market has seen large fluctuations in interest rates.
Personnel – The amount under budget is due to current unfilled positions.
Contracted Services – The amount over budget is due to major maintenance and pavement management program
project costs recorded as operating costs based on the nature of the project, where as the budget appropriation is
recorded in capital outlay.
Transfers In/Transfers Out – The increase in Transfers In over prior year is related to the returning unspent airport
funds for the 300 Rainier Demolition. The decrease in Transfer Out from prior year is due to funds for the 300 Rainier
Demolition transferred in 2023 ($350K).
Solid Waste Fund
This fund accounts for revenues and expenses for administration and operating of solid waste, recycling, and yard
waste collection services for the city.
Grants/intergovernmental – The decrease from prior year is due to timing of receiving funding, which is based on when
allowable costs occur. The amount under budget is due to timing of receiving contributions from King County for the
city’s participation in the Re+ initiative to minimize waste and regenerate natural systems.
Interest and other misc. - The amount over budget is primarily due budgeting conservatively for investment earnings,
which have varied over the past couple of years as the market has seen large fluctuations in interest rates.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 165,834$ 498,139$ 92,218$ (73,616)$ (405,921)$ 18.51%
Charges for services 24,789,097 25,648,540 26,737,975 1,948,878 1,089,435 104.25%
Interest and other misc 114,103 5,000 160,255 46,152 155,255 3205.10%
TOTAL REVENUES 25,069,034 26,151,679 26,990,448 1,921,414 838,769 103.21%
EXPENSES:
Personnel 571,674 767,267 649,057 (77,383) 118,210 84.59%
Supplies 33,388 28,100 30,975 2,413 (2,875) 110.23%
Contracted Services 23,909,520 25,697,101 25,726,707 (1,817,187) (29,606) 100.12%
Internal Services 492,825 543,910 530,234 (37,409) 13,676 97.49%
TOTAL OPERATING EXPENSES 25,007,407 27,036,378 26,936,973 (1,929,566) 99,405 99.63%
AMOUNT AVAILABLE FOR DEBT
SERVICE, CAPITAL, AND
TRANSFERS 61,627 (884,699) 53,475 (8,152) 938,174 N/A
TOTAL DEBT SERVICE - - - - - N/A
CAPITAL OUTLAY - - - - - N/A
TRANSFERS IN - - - - - N/A
TRANSFERS OUT (84,275) (9,185) (9,185) (75,090) - N/A
NET TRANSFERS (84,275) (9,185) (9,185) 75,090 - N/A
CHANGE IN FUND BALANCE (22,648) (893,884) 44,290 66,938 938,174 N/A
BEGINNING FUND BALANCE, Jan 1 3,951,191 3,928,543 3,928,543 (22,648) - 100.00%
ENDING FUND BALANCE, Dec 31 3,928,543$ 3,034,659$ 3,972,833$ 44,290$ 938,174$ 130.92%
Operating Reserve 400,000 400,000 400,000
AVAILABLE FUND BALANCE 3,528,543$ 2,634,659$ 3,572,833$
SOLID WASTE
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 21 of 33
Personnel – The increase from prior year is largely due to an increase for cost-of-living adjustments. The amount
under budget is due to a vacant position.
Charges for Services and Contracted Services – Charges for services rate increased from 2023-2024 by 7.7%, the
increase over prior year is at 8% in line with the rate increase.
Golf Course Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the Maplewood Golf Course. Budgeted transfers are typically recorded annually in December,
therefore, throughout the year transfers may show variances between current year budget and actuals.
Charges for Services – The increase over prior year is due to higher green fees which increased in 2024.
Interest and other misc. - The amount over budget is primarily due budgeting conservatively for investment earnings,
which have varied over the past couple of years as the market has seen large fluctuations in interest rates.
Personnel – The increase from prior year is largely due to an increase for cost-of-living adjustments as well as an
increase in supplemental personnel costs due to higher wages.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 2,989,376$ 3,106,080$ 3,242,593$ 253,217$ 136,513$ 104.40%
Rents, leases, and misc fees 558,213 544,675 587,594 29,381 42,919 107.88%
Interest and other misc 73,011 1,370 103,904 30,893 102,534 7584.23%
TOTAL REVENUES 3,620,600 3,652,125 3,934,091 313,491 281,966 107.72%
EXPENSES:
Personnel 1,807,622 1,925,976 1,971,936 (164,314) (45,960) 102.39%
Supplies 384,055 312,500 391,970 (7,915) (79,470) 125.43%
Contracted Services 196,456 227,200 293,504 (97,048) (66,304) 129.18%
Internal Services 480,978 480,398 392,232 88,746 88,166 81.65%
TOTAL OPERATING EXPENSES 2,869,111 2,946,074 3,049,642 (180,531) (103,568) 103.52%
AMOUNT AVAILABLE FOR DEBT
SERVICE, CAPITAL, AND
TRANSFERS 751,489 706,051 884,449 132,960 178,398 125.27%
DEBT SERVICE:
Principal 44,535 44,982 44,982 (447) - 100.00%
Interest 1,682 1,234 1,234 448 - 100.00%
TOTAL DEBT SERVICE 46,217 46,216 46,216 1 - 100.00%
CAPITAL OUTLAY 545,292 619,921 111,414 433,878 508,507 17.97%
TRANSFERS IN 544,700 165,000 165,000 (379,700) - 100.00%
TRANSFERS OUT (429,700) (165,000) (165,000) (264,700) - 100.00%
NET TRANSFERS 115,000 - - (115,000) - N/A
CHANGE IN FUND BALANCE 274,980 39,914 726,819 451,839 686,905 1820.96%
BEGINNING FUND BALANCE, Jan 1 1,609,927 1,884,907 1,884,907 274,980 - 100.00%
ENDING FUND BALANCE, Dec 31 1,884,907$ 1,924,821$ 2,611,726$ 726,819$ 686,905$ 135.69%
Operating Reserve 641,500 764,018 764,018
AVAILABLE FUND BALANCE 1,243,407$ 1,160,803$ 1,847,708$
GOLF COURSE
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 22 of 33
Capital Outlay – Capital outlay will vary year over year based on the planned projects overall. The amount under
budget and decrease from prior year is mainly due to the timing of purchasing supplies for the driving range surface
replacement, which occurred in 2023 ($270K) while installation is in the preliminary phase and budget will be carried
into 2025 ($400K). The decrease from prior year is also due to large equipment purchases in 2023, totalling over $200
thousand.
Transfers In/Transfers Out – The increase over prior year is related to the driving range renovations.
Water Utility Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the city’s water utility.
Grants/Intergovernmental – Federal/State/Local grant revenue varies significantly from year-to-year based on volume
of grant awards procured, timing of grant expenses, and reimbursement of related expenses. The primary driver of the
decrease from prior year is the Sunset Gardens Water System Project with $846K received in 2023.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Licenses and permits -$ -$ 1,025$ 1,025$ 1,025$ N/A
Grants / intergovernmental 846,705 625,332 121,824 (724,881) (503,508) 19.48%
Charges for services 19,486,619 19,242,503 19,384,917 (101,702) 142,414 100.74%
Rents, leases, and misc fees 278,802 234,465 234,819 (43,983) 354 100.15%
Interest and other misc 2,181,681 47,000 3,145,131 963,450 3,098,131 6691.77%
TOTAL REVENUES 22,793,807 20,149,300 22,887,716 93,909 2,738,416 113.59%
EXPENSES:
Personnel 4,638,960 5,536,236 4,974,510 (335,550) 561,726 89.85%
Supplies 1,072,798 886,189 1,191,769 (118,971) (305,580) 134.48%
Contracted Services 3,490,176 3,818,869 3,547,963 (57,787) 270,906 92.91%
Internal Services 2,874,327 3,017,922 2,813,870 60,457 204,052 93.24%
TOTAL OPERATING EXPENSES 12,076,261 13,259,216 12,528,112 (451,851) 731,104 94.49%
AMOUNT AVAILABLE FOR DEBT
SERVICE, CAPITAL, AND
TRANSFERS 10,717,546 6,890,084 10,359,604 (357,942) 3,469,520 150.36%
DEBT SERVICE:
Principal 1,504,997 1,534,847 1,534,847 (29,850) - 100.00%
Interest 164,471 132,895 132,669 31,802 226 99.83%
TOTAL DEBT SERVICE 1,669,468 1,667,742 1,667,516 1,952 226 99.99%
CAPITAL OUTLAY 5,136,189 37,885,996 4,087,433 1,048,756 33,798,563 10.79%
TRANSFERS IN - 125,000 125,000 125,000 - 100.00%
TRANSFERS OUT (48,500) (127,058) (127,181) 78,681 123 N/A
NET TRANSFERS (48,500) (2,058) (2,181) 46,319 (123) N/A
CHANGE IN FUND BALANCE 3,863,389 (32,665,712) 4,602,474 739,085 37,268,186 N/A
BEGINNING FUND BALANCE, Jan 1 48,208,077 52,071,466 52,071,466 3,863,389 - 100.00%
ENDING FUND BALANCE, Dec 31 52,071,466$ 19,405,754$ 56,673,940$ 4,602,474$ 37,268,186$ 292.05%
Restricted for Debt Service 1,394,050 1,394,050 1,394,050
Operating Reserve 1,624,606 1,775,696 1,775,696
AVAILABLE FUND BALANCE 49,052,810$ 16,236,008$ 53,504,194$
WATER UTILITY
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 23 of 33
Charges for Services – The revenue fluctuates based on when actual payments are received for services and actual
water usage. The decrease from prior year is due to higher average temperatures during 2023 compared to 2024
resulting in lower water usage. The amount under budget may be due to timing of payments and actual water usage
being lower than anticipated.
Interest and Other Misc. – Increase over prior year is primarily due to investment earnings. Investment earnings have
varied over the past couple of years as the market has seen large fluctuations in interest rates as this revenue is highly
influenced by the federal funds rate. Investments within the Local Government Investment Pool (LGIP) maintain a high
level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city holds roughly
46% of the total cash and investments for the city in the LGIP.
Personnel – The increase from prior year is largely due to an increase for cost-of-living adjustments. The amount under
budget is due to unfilled positions and timing of filling those positions.
Supplies – The amount over budget is due to a large purchase related to the watermain replacement project ($147
thousand) that was budgeted under a capital account.
Contracted Services – The amount under budget is due to timing of preparing the Water System Plan, specifically the
hydraulic model ($284K).
Internal Services – The internal services are indirect cost charged based on actual activity during the year while the
budgeted amounts are based on historical activity.
Capital Outlay – The amount under budget is due to large projects that started incurring costs but are still in the pre-
construction phase: Highlands 435 reservoir replacement ($20.6M) and watermain replacement ($7.6M). The decrease
from prior year is due to majority of work for the Rainier Ave project occurring in 2023.
Transfers In – The increase over prior year is related to transferring operating funds to capital for the Water System Plan
Update project.
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 24 of 33
Wastewater Utility Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the city’s wastewater utility.
Charges for Services – The revenue fluctuates based on when actual payments are received for services and actual
water usage. The increase over prior year is due to an increase in utility rates of 4% beginning January 2024. The
amount under budget may be due to timing of payments and actual water usage being lower than anticipated.
Interest and other misc. - Increase over prior year and budget is primarily due to investment earnings. Investments
within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the
federal funds rate as it decreases or increases; the city holds roughly 46% of the total cash and investments for the
city in the LGIP.
Personnel – The increase from prior year is largely due to an increase for cost-of-living adjustments. The amount under
budget is due to vacant positions.
Contracted Services – The increase over prior year is due to sewer and metro utility tax payment to the general fund
driven by utility billings to customers. As utility usage fluctuates, we expect to see similar changes in utility taxes. The
amount under budget is due to timing of preparing the Wastewater Operations Master Plan.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Licenses and permits 57,925$ 63,048$ 80,604$ 22,679$ 17,556$ 127.85%
Charges for services 12,120,859 12,345,881 12,913,405 792,546 567,524 104.60%
Interest and other misc 1,299,817 74,000 1,923,150 623,333 1,849,150 2598.85%
TOTAL REVENUES 13,478,601 12,482,929 14,917,159 1,438,558 2,434,230 119.50%
EXPENSES:
Personnel 2,466,566 3,299,478 2,732,725 (266,159) 566,753 82.82%
Supplies 145,413 74,441 81,536 63,877 (7,095) 109.53%
Contracted Services 2,435,223 2,736,026 2,580,801 (145,578) 155,225 94.33%
Internal Services 1,862,913 2,108,521 1,987,353 (124,440) 121,168 94.25%
TOTAL OPERATING EXPENSES 6,910,115 8,218,466 7,382,415 (472,300) 836,051 89.83%
AMOUNT AVAILABLE FOR DEBT
SERVICE, CAPITAL, AND
TRANSFERS 6,568,486 4,264,463 7,534,744 966,258 3,270,281 176.69%
DEBT SERVICE:
Principal 588,350 601,700 601,700 (13,350) - 100.00%
Interest 73,219 59,537 59,434 13,785 103 99.83%
TOTAL DEBT SERVICE 661,569 661,237 661,134 435 103 99.98%
CAPITAL OUTLAY 2,565,300 20,503,019 5,330,750 (2,765,450) 15,172,269 26.00%
TRANSFERS IN - 2,058 2,058 2,058 - 100.00%
TRANSFERS OUT (29,640) - (1,469) (28,171) 1,469 N/A
NET TRANSFERS (29,640) 2,058 589 30,229 (1,469) 28.62%
CHANGE IN FUND BALANCE 3,311,977 (16,897,735) 1,543,449 (1,768,528) 18,441,184 N/A
BEGINNING FUND BALANCE, Jan 1 22,850,871 26,162,848 26,162,848 3,311,977 - 100.00%
ENDING FUND BALANCE, Dec 31 26,162,848$ 9,265,113$ 27,706,297$ 1,543,449$ 18,441,184$ 299.04%
Restricted for Debt Service 661,227 661,227 661,227
Operating Reserve 913,756 1,045,195 1,045,195
AVAILABLE FUND BALANCE 24,587,865$ 7,558,691$ 25,999,875$
WASTEWATER UTILITY
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 25 of 33
Internal Services – The internal services are indirect cost charged based on actual activity during the year while the
budgeted amounts are based on historical activity.
Capital Outlay – The increase over prior year is primarily due to the work on the WSDOT I-405 Relocation ($1.2M) and
the Downtown Sewer Replacement ($1M) projects in 2024. The amount under budget is largely driven by projects in
preliminary phases including Lift Station Rehabilitation ($5.6M), and Downtown Sewer Replacement/Rehabilitation
($4.6M).
King County Metro Fund
This fund accounts for revenues and expenses for operation of the city’s wastewater utility, as it relates to charges for
and payment to King County Metro for water treatment services.
Charges for Services and Contracted Services – Increase from prior year is largely due the increase in King County
fees which is passed through to wastewater customers. Fees from King County increased approximately 5% in 2024.
Interest and other misc. - Increase over prior year is primarily due to investment earnings. Investment earnings have
varied over the past couple of years as the market has seen large fluctuations in interest rates as this revenue is highly
influenced by the federal funds rate.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 20,417,415$ 21,791,462$ 22,104,410$ 1,686,995$ 312,948$ 101.44%
Interest and other misc 207,963 - 273,421 65,458 273,421 N/A
TOTAL REVENUES 20,625,378 21,791,462 22,377,831 1,752,453 586,369 102.69%
EXPENSES:
Contracted Services 20,273,077 22,191,462 21,319,462 (1,046,385) 872,000 96.07%
TOTAL OPERATING EXPENSES 20,273,077 22,191,462 21,319,462 (1,046,385) 872,000 96.07%
AMOUNT AVAILABLE FOR DEBT
SERVICE, CAPITAL, AND
TRANSFERS 352,301 (400,000) 1,058,369 706,068 1,458,369 N/A
TOTAL DEBT SERVICE - - - - - N/A
CAPITAL OUTLAY - - - - - N/A
NET TRANSFERS - - - - - N/A
CHANGE IN FUND BALANCE 352,301 (400,000) 1,058,369 706,068 1,458,369 N/A
BEGINNING FUND BALANCE, Jan 1 6,237,142 6,589,443 6,589,443 352,301 - 100.00%
ENDING FUND BALANCE, Dec 31 6,589,443$ 6,189,443$ 7,647,812$ 1,058,369$ 1,458,369$ 123.56%
Operating Reserve 380,000 380,000 380,000
AVAILABLE FUND BALANCE 6,209,443$ 5,809,443$ 7,267,812$
KING COUNTY METRO
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 26 of 33
Surface Water Utility Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the city’s surface water utility.
Grants/Intergovernmental – Federal/State/Local grant revenue varies significantly from year-to-year based on volume
of grant awards procured, timing of grant expenses, and reimbursement of related expenses. The primary driver of the
increase over prior year is the Monroe Ave NE and N 2nd St Project with $6.6 million received in 2024.
Interest and other misc. - The amount over budget is primarily due budgeting conservatively for investment earnings,
which have varied over the past couple of years as the market has seen large fluctuations in interest rates.
Personnel – The increase from prior year is largely due to an increase for cost-of-living adjustments. The amount under
budget is due to vacant positions.
Contracted Services – The amount under budget is due to delay in work for the Cedar River gravel removal repairs
($2.2M) and the Rolling Hills Creek system improvement ($600K), however, there was more work done in 2024 for the
Cedar River gravel removal contributing to an increase over prior year.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Licenses and permits 22,125$ 51,473$ 25,500$ 3,375$ (25,973)$ 49.54%
Grants / intergovernmental 2,618,178 25,017,798 7,631,093 5,012,915 (17,386,705) 30.50%
Charges for services 13,522,205 13,620,366 13,658,359 136,154 37,993 100.28%
Interest and other misc 1,124,299 61,500 1,059,705 (64,594) 998,205 1723.10%
TOTAL REVENUES 17,286,807 38,751,137 22,374,657 5,087,850 (16,376,480) 57.74%
EXPENSES:
Personnel 3,912,710 4,904,121 4,110,774 (198,064) 793,347 83.82%
Supplies 115,979 174,650 112,663 3,316 61,987 64.51%
Contracted Services 1,795,107 4,749,671 1,941,196 (146,089) 2,808,475 40.87%
Internal Services 2,650,407 3,044,597 2,519,628 130,779 524,969 82.76%
TOTAL OPERATING EXPENSES 8,474,203 12,873,039 8,684,261 (210,058) 4,188,778 67.46%
AMOUNT AVAILABLE FOR DEBT
SERVICE, CAPITAL, AND
TRANSFERS 8,812,604 25,878,098 13,690,396 4,877,792 (12,187,702) 52.90%
DEBT SERVICE:
Principal 664,300 681,100 681,100 (16,800) - 100.00%
Interest 90,338 73,424 73,342 16,996 82 99.89%
TOTAL DEBT SERVICE 754,638 754,524 754,442 196 82 99.99%
CAPITAL OUTLAY 7,078,015 41,381,679 16,254,556 (9,176,541) 25,127,123 39.28%
Transfers Out (7,640) (201,590) (201,484) 193,844 (106) N/A
NET TRANSFERS (7,640) (201,590) (201,484) (193,844) 106 N/A
CHANGE IN FUND BALANCE 972,311 (16,459,695) (3,520,086) (4,492,397) 12,939,609 N/A
BEGINNING FUND BALANCE, Jan 1 28,314,755 29,287,066 29,287,066 972,311 - 100.00%
ENDING FUND BALANCE, Dec 31 29,287,066$ 12,827,371$ 25,766,980$ (3,520,086)$ 12,939,609$ 200.87%
Restricted for Debt Service 754,868 754,868 754,868
Operating Reserve 1,109,340 1,330,313 1,330,313
AVAILABLE FUND BALANCE 27,422,858$ 10,742,190$ 23,681,799$
SURFACE WATER UTILITY
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 27 of 33
Capital Outlay – Increase from 2023 is primarily due to the Monroe Ave NE and N 2nd St. Infiltration System Project
which expended $13 million in 2024. The amount under budget is largely driven by projects in preliminary phases
including Cedar River 205 Levee Recertification (3.8M), SE 172nd St/125th Ave SE ($4.8M), Burnett Ave S/Williams Ave
S ($3.8M), and Windsor Hills Storm System Improvement ($3.4M).
Transfers Out – The increase in transfers out is primarily related to a transfer for purchase of a large new fleet asset
made by the Equipment Rental Fund.
INTERNAL SERVICE FUNDS
Internal service funds are used to account for the goods and services furnished by one city department to other city
departments on a cost reimbursement basis. YTD budgets are not prepared for Internal Service Funds.
Equipment Rental Fund
This fund accounts for revenues and expenses for administration, purchase, and maintenance of the city’s vehicle and
equipment fleet services. Departments pay in monthly amounts for maintenance and operations. Replacement
reserves are paid monthly over the estimated useful lives of each individual vehicle or piece of equipment. These
reserves are accumulated in fund balance so that they are available to fund the replacement of the vehicle/equipment
when the time comes.
Interdepartmental services – The amount over budget is related to repairs and maintenance and fuel purchases for
city vehicles managed by other departments and funds, such as the Airport and Golf Course.
Interest and other misc. - The amount over budget is primarily due budgeting conservatively for investment earnings,
which have varied over the past couple of years as the market has seen large fluctuations in interest rates.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 74,014$ -$ 44,294$ (29,720)$ 44,294$ N/A
Interdepartmental services 6,573,749 6,394,449 6,530,574 (43,175) 136,125 102.13%
Interest and other misc 481,888 12,000 980,516 498,628 968,516 8170.97%
TOTAL REVENUES 7,129,651 6,406,449 7,555,384 425,733 1,148,935 117.93%
EXPENSES:
Personnel 1,100,020 1,413,138 1,202,777 (102,757) 210,361 85.11%
Supplies 1,732,787 1,531,153 1,631,804 100,983 (100,651) 106.57%
Contracted Services 418,279 533,166 564,915 (146,636) (31,749) 105.95%
Internal Services 114,560 135,269 127,495 (12,935) 7,774 94.25%
TOTAL OPERATING EXPENSES 3,365,646 3,612,726 3,526,991 (161,345) 85,735 97.63%
AMOUNT AVAILABLE FOR DEBT
SERVICE, CAPITAL, AND
TRANSFERS 3,764,005 2,793,723 4,028,393 264,388 1,234,670 144.19%
TOTAL DEBT SERVICE - - - - - N/A
CAPITAL OUTLAY 2,557,604 8,834,111 3,493,012 (935,408) 5,341,099 39.54%
TRANSFERS IN 3,794,039 722,372 722,372 (3,071,667) - 100.00%
NET TRANSFERS 3,794,039 722,372 722,372 (3,071,667) - 100.00%
CHANGE IN FUND BALANCE 5,000,440 (5,318,016) 1,257,753 (3,742,687) 6,575,769 N/A
BEGINNING FUND BALANCE, Jan 1 13,277,635 18,278,075 18,278,075 5,000,440 - 100.00%
ENDING FUND BALANCE, Dec 31 18,278,075$ 12,960,059$ 19,535,828$ 1,257,753$ 6,575,769$ 150.74%
Operating Reserves 12,995,059 12,995,059
AVAILABLE FUND BALANCE 18,278,075$ (35,000)$ 6,540,769$
EQUIPMENT RENTAL
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 28 of 33
Personnel – The increase from prior year is largely due to an increase for cost-of-living adjustments. The amount under
budget is due to open positions or a personnel election of benefits as vacant positions are budgeted with full family
benefits.
Supplies – Decrease from prior year is largely due fuel costs which were significantly higher in 2023 due to market
pricing. The amount over budget is due to inflation not considered as part of the budget.
Contract Services – The increase over prior year is due to higher repair and maintenance costs related to damage to
city vehicles.
Capital Outlay – Vehicles purchased by manufacturers or dealerships are paid upon receiving. The amount under
budget is due to a delay of receiving the vehicle after being ordered.
Transfers In – The decrease from prior year is mainly due a one-time transfer in 2023 for capital reserves
replenishment.
Insurance Fund
This fund accounts for the administration and operation of the city’s self-insurance programs for property losses,
liability, workers’ compensation, and unemployment compensation. Expenses are paid by the Insurance Fund and
rates are charged to departments based on their claims history over the preceding five years and coverage
requirements.
Interdepartmental services – The increase over prior year is due to overall expense increase which are subsequently
reimbursed through interdepartmental revenues.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Interdepartmental services 4,658,951$ 4,881,805$ 4,863,046$ 204,095$ (18,759)$ 99.62%
Interest and other misc 1,012,175 200,000 1,118,690 106,515 918,690 559.35%
TOTAL REVENUES 5,671,126 5,081,805 5,981,736 310,610 899,931 117.71%
EXPENSES:
Personnel 1,480,344 2,139,047 1,337,507 142,837 801,540 62.53%
Supplies 683 6,956 552 131 6,404 7.94%
Contracted Services 2,897,432 5,063,189 4,181,793 (1,284,361) 881,396 82.59%
TOTAL OPERATING EXPENSES 4,378,459 7,209,192 5,519,852 (1,141,393) 1,689,340 76.57%
AMOUNT AVAILABLE FOR DEBT
SERVICE, CAPITAL, AND
TRANSFERS 1,292,667 (2,127,387) 461,884 (830,783) 2,589,271 N/A
TOTAL DEBT SERVICE - - - - - N/A
CAPITAL OUTLAY - - - - - N/A
Transfers In 1,136,346 1,578,243 1,578,243 441,897 - 100.00%
Transfers Out (958,813) (950,000) (950,000) (8,813) - N/A
NET TRANSFERS 177,533 628,243 628,243 450,710 - 100.00%
CHANGE IN FUND BALANCE 1,470,200 (1,499,144) 1,090,127 (380,073) 2,589,271 N/A
BEGINNING FUND BALANCE, Jan 1 23,221,020 24,691,220 24,691,220 1,470,200 - 100.00%
ENDING FUND BALANCE, Dec 31 24,691,220$ 23,192,076$ 25,781,347$ 1,090,127$ 2,589,271$ 111.16%
Operating Reserves 13,952,413 20,147,927 20,147,927
AVAILABLE FUND BALANCE 10,738,807$ 3,044,149$ 5,633,420$
INSURANCE
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 29 of 33
Interest and other misc. – Increase over prior year is primarily due to investment earnings. Investment earnings have
varied over the past couple of years as the market has seen large fluctuations in interest rates as this revenue is highly
influenced by the federal funds rate. Investments within the Local Government Investment Pool (LGIP) maintain a
high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city holds
roughly 46% of the total cash and investments for the city in the LGIP.
Personnel – The decrease from prior year and amount under budget is primarily due to the vacant HRRM Administrator
position.
Contracted Services – The amount over prior year is primarily due to an increase in market prices for liability insurance
premiums for 2024. The amount under budget is primarily due to less than anticipated claims costs during the year.
Transfers In – The increase over prior year is mainly due to ensure reserve requirements are met per the Stabilization
Policy.
Information Technology Fund
This fund accounts for the administration, purchase, and operation of the city’s information technology systems,
including computer hardware and software, network servers and infrastructure, phone systems, and cell phones.
Expenses are paid by the Information Technology Fund and rates are charged to departments based on use.
Interdepartmental services – The increase over prior year is due to overall expense increase which are subsequently
reimbursed through interdepartmental revenues.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Licenses and permits 225,908$ 250,000$ 233,649$ 7,741$ (16,351)$ 93.46%
Grants / intergovernmental - 105,000 86,116 86,116 (18,884) 82.02%
Interdepartmental services 7,355,595 7,537,436 7,537,438 181,843 2 100.00%
Interest and other misc 266,849 7,000 325,666 58,817 318,666 4652.37%
TOTAL REVENUES 7,848,352 7,899,436 8,182,869 334,517 283,433 103.59%
EXPENSES:
Personnel 3,284,445 4,133,004 3,555,639 (271,194) 577,365 86.03%
Supplies 1,096,693 1,574,376 1,301,871 (205,178) 272,505 82.69%
Contracted Services 3,773,308 3,974,965 3,577,419 195,889 397,546 90.00%
Internal Services 6,537 6,696 6,696 (159) - 100.00%
TOTAL OPERATING EXPENSES 8,160,983 9,689,041 8,441,625 (280,642) 1,247,416 87.13%
AMOUNT AVAILABLE FOR DEBT
SERVICE, CAPITAL, AND
TRANSFERS (312,631) (1,789,605) (258,756) 53,875 1,530,849 N/A
TOTAL DEBT SERVICE - - - - - N/A
CAPITAL OUTLAY 1,014,515 5,285,707 1,194,008 (179,493) 4,091,699 22.59%
TRANSFERS IN 1,722,403 1,706,379 1,709,259 (13,144) 2,880 100.17%
TRANSFERS OUT - (40,888) 40,888 (40,888) (81,776) N/A
NET TRANSFERS 1,722,403 1,665,491 1,750,147 27,744 84,656 105.08%
CHANGE IN FUND BALANCE 395,257 (5,409,821) 297,383 (97,874) 5,707,204 N/A
BEGINNING FUND BALANCE, Jan 1 9,021,343 9,416,600 9,416,600 395,257 - 100.00%
ENDING FUND BALANCE, Dec 31 9,416,600$ 4,006,779$ 9,713,983$ 297,383$ 5,707,204$ 242.44%
Operating Reserves 2,551,999 2,551,999
AVAILABLE FUND BALANCE 9,416,600$ 1,454,780$ 6,864,601$
INFORMATION TECHNOLOGY
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 30 of 33
Interest and other misc. – Increase over prior year is primarily due to investment earnings. Investment earnings have
varied over the past couple of years as the market has seen large fluctuations in interest rates as this revenue is highly
influenced by the federal funds rate. Investments within the Local Government Investment Pool (LGIP) maintain a high
level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city holds roughly
46% of the total cash and investments for the city in the LGIP.
Personnel – The increase from prior year is largely due to an increase for cost-of-living adjustments. The amount under
budget is due to open positions or a personnel election of benefits as vacant positions are budgeted with full family
benefits.
Supplies – The increase from prior year is related to Network Infrastructure replacements and upgrades, with
purchases of about $100 thousand, and the purchase of hardware for city staff, about $280 thousand. The amount
under budget is due to timing of replacing equipment, such as hardware for remote workers.
Contracted Services – The decrease from prior year and amount under budget are due to changes in software service
contracts, such as not renewing contracts, and timing of payments. The amount under budget is due to changes to
software service contracts, such as contracts not renewed when expired based on city needs.
Capital Outlay – The amount under budget is due to the ERP system replacement project ($2.9M) currently in the
preliminary phase. The increase over prior year is related to audio and visual upgrade project at Renton Community
Center ($127K).
Facilities Fund
This fund accounts for the administration, maintenance, and operation of city-owned facilities. Expenses are paid by
the Facilities Fund and rates are charged to departments based on square footage.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Interdepartmental services 6,899,589$ 7,127,634$ 7,237,490$ 337,901$ 109,856$ 101.54%
Interest and other misc 16,147 4,000 36,766 20,619 32,766 919.15%
TOTAL REVENUES 6,915,736 7,131,634 7,274,256 358,520 142,622 102.00%
EXPENSES:
Personnel 3,660,291 4,520,618 3,869,894 (209,603) 650,724 85.61%
Supplies 999,322 465,396 615,826 383,496 (150,430) 132.32%
Contracted Services 1,827,387 2,099,233 1,785,880 41,507 313,353 85.07%
Internal Services 256,283 279,399 271,625 (15,342) 7,774 97.22%
TOTAL OPERATING EXPENSES 6,743,283 7,364,646 6,543,225 200,058 821,421 88.85%
AMOUNT AVAILABLE FOR DEBT
SERVICE, CAPITAL, AND
TRANSFERS 172,453 (233,012) 731,031 558,578 964,043 N/A
TOTAL DEBT SERVICE - - - - - N/A
CAPITAL OUTLAY 345,875 - - 345,875 - N/A
Transfers In 282,033 184,605 184,605 (97,428) - 100.00%
NET TRANSFERS 282,033 184,605 184,605 (97,428) - 100.00%
CHANGE IN FUND BALANCE 108,611 (48,407) 915,636 807,025 964,043 N/A
BEGINNING FUND BALANCE, Jan 1 937,922 1,046,533 1,046,533 108,611 - 100.00%
ENDING FUND BALANCE, Dec 31 1,046,533$ 998,126$ 1,962,169$ 915,636$ 964,043$ 196.59%
FACILITIES
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 31 of 33
Interdepartmental services – The increase over prior year is due to overall expense increase which are subsequently
reimbursed through interdepartmental revenues.
Personnel – The increase from prior year is largely due to an increase for cost-of-living adjustments. The amount under
budget is due to open positions or a personnel election of benefits as vacant positions are budgeted with full family
benefits.
Supplies and Contracted Services – The decrease in supplies and contracted services from prior year due to large
city hall and remote location projects that took place in 2023, specifically the purchasing of office furniture for those
locations, citywide security system upgrades, and lower utility costs. The amount over budget in supplies and under
in contracted services is mainly due to repairs and maintenance at city facilities performed by city staff and not
external vendors. This is dependent on the needed repairs and maintenance during the year.
Capital Outlay – The decrease from prior year is due to large components of the heating system being replaced at
two recreational facilities.
Communications Fund
This fund accounts for community and intergovernmental relations and communications with the public.
Communications is a major activity of the city’s administration responsible for external communications, employee
communications, media relations, and coordination of all departments in producing the city’s website. Expenses are
paid by the Communications Fund and rates are charged to departments based on usage.
Personnel – The increase from prior year is largely due to an increase for cost-of-living adjustments and timing of
filling vacant positions. The amount under budget is due to open positions or a personnel election of benefits.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Interdepartmental services 1,592,351$ 1,663,767$ 1,663,767$ 71,416$ -$ 100.00%
Interest and other misc 13,539 1,000 23,819 10,280 22,819 2381.90%
TOTAL REVENUES 1,605,890 1,664,767 1,687,586 81,696 22,819 101.37%
EXPENSES:
Personnel 958,073 1,412,860 1,151,392 (193,319) 261,468 81.49%
Supplies 47,387 55,432 46,982 405 8,450 84.76%
Contracted Services 298,158 346,912 343,836 (45,678) 3,076 99.11%
Internal Services 4,696 4,811 4,811 (115) - 100.00%
TOTAL OPERATING EXPENSES 1,308,314 1,820,015 1,547,021 (238,707) 272,994 85.00%
AMOUNT AVAILABLE FOR DEBT
SERVICE, CAPITAL, AND
TRANSFERS 297,576 (155,248) 140,565 (157,011) 295,813 N/A
TOTAL DEBT SERVICE - - - - - N/A
CAPITAL OUTLAY 46,651 - - 46,651 - N/A
Transfers In - - - - - N/A
Transfers Out 38,212 (2,445) (2,445) 40,657 - N/A
NET TRANSFERS (38,212) (2,445) (2,445) 35,767 - N/A
CHANGE IN FUND BALANCE 212,713 (157,693) 138,120 (74,593) 295,813 N/A
BEGINNING FUND BALANCE, Jan 1 428,724 641,437 641,437 212,713 - 100.00%
ENDING FUND BALANCE, Dec 31 641,437$ 483,744$ 779,557$ 138,120$ 295,813$ 161.15%
COMMUNICATIONS
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 32 of 33
Health Insurance Fund
This fund accounts for the city’s self-insured health insurance program. Expenses/claims are paid by the Health
Insurance Fund and rates are charged to employees and departments based on annual premiums determined by the
city’s Employee Health Plan Board for each type of coverage elected by the employee; paid semi-monthly in
conjunction with each payroll.
Premiums – The increase in premiums from prior year is due to an increase of rates by approximately 2% as well as the
filling of vacant positions during the year. Budget is based on all approved FTEs therefore; with open positions it is
reasonable the revenue is below current budget.
Interest and Other Misc. – Increase over prior year is primarily due to investment earnings. Investment earnings have
varied over the past couple of years as the market has seen large fluctuations in interest rates as this revenue is highly
influenced by the federal funds rate. Investments within the Local Government Investment Pool (LGIP) maintain a high
level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city holds roughly
46% of the total cash and investments for the city in the LGIP.
Medical/Dental Claims – Medical and dental claims are based on staff utilizing city healthcare benefits and cost of
medical claims. The claim costs can fluctuate from year to year. The budget and rate are set based on actuarial
projections taking into account the city’s past claims average and the regional market average claims. The increase
from prior year is due to increased medical costs and fewer vacancies across the city. The amount under budget is due
to lower than anticipated usage of healthcare benefits by city staff.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Premiums 13,308,361$ 16,842,018$ 13,883,374$ 575,013$ (2,958,644)$ 82.43%
Interest and other misc 793,706 520,000 1,038,876 245,170 518,876 199.78%
TOTAL REVENUES 14,102,067 17,362,018 14,922,250 820,183 (2,439,768) 85.95%
EXPENSES:
Personnel 319,918 363,295 303,942 15,976 59,353 83.66%
Medical/Dental Claims 11,221,217 15,328,221 12,431,421 (1,210,204) 2,896,800 81.10%
Supplies 7,647 7,500 8,448 (801) (948) 112.64%
Contracted Services 479,635 589,819 534,226 (54,591) 55,593 90.57%
Internal Services 62,323 114,058 73,541 (11,218) 40,517 64.48%
TOTAL OPERATING EXPENSES 12,090,740 16,402,893 13,351,578 (1,260,838) 3,051,315 81.40%
AMOUNT AVAILABLE FOR DEBT
SERVICE, CAPITAL, AND
TRANSFERS 2,011,327 959,125 1,570,672 (440,655) 611,547 163.76%
TOTAL DEBT SERVICE - - - - - N/A
CAPITAL OUTLAY - - - - - N/A
NET TRANSFERS - - - - - N/A
CHANGE IN FUND BALANCE 2,011,327 959,125 1,570,672 (440,655) 611,547 163.76%
BEGINNING FUND BALANCE, Jan 1 6,935,644 8,946,971 8,946,971 2,011,327 - 100.00%
ENDING FUND BALANCE, Dec 31 8,946,971$ 9,906,096$ 10,517,643$ 1,570,672$ 611,547$ 106.17%
Insurance Reserves 3,774,249 4,920,868 4,920,868
AVAILABLE FUND BALANCE 5,172,722$ 4,985,228$ 5,596,775$
HEALTH INSURANCE
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2024
Page 33 of 33
Retiree Healthcare Fund
This fund accounts for the city’s self-insured health insurance program for LEOFF1 retirees. Benefits include medical,
prescription drug, Medicare Part B premiums, long-term care, and vision coverage for retired law enforcement officers
and firefighters that were employed by the city prior to October 1, 1977. Dependent spouses and children are not
covered. 100% of premiums are provided by the General Fund with annual contributions determined after review of a
report prepared by actuaries.
Grants/Intergovernmental – Increase relates to recording the receipt of property tax revenues received by the city to
help fund retiree pension and healthcare to the retiree healthcare fund as based on actuarial projection this fund is
still under funded overall.
Premiums – The annual funding by the general fund was reduced in 2024 with the addition of the property tax now
helping fund this fund.
Interest and other misc. - The amount over budget is primarily due budgeting conservatively for investment earnings,
which have varied over the past couple of years as the market has seen large fluctuations in interest rates.
Medical/Dental Claims – Medical and dental claims are based on actual medical costs incurred and may vary year to
year. In 2024 the overall increase is related to more retirees needing long term care benefits. This cost alone increased
35%.
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 at
nmalone@rentonwa.gov or Kristin Trivelas ktrivelas@rentonwa.gov.
2023 2024 2024 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 37,276$ 220,000$ 208,793$ 171,517$ (11,207)$ 94.91%
Premiums 912,500 570,000 570,000 (342,500) - 100.00%
Interest and other misc 835,284 170,000 1,017,688 182,404 847,688 598.64%
TOTAL REVENUES 1,785,060 960,000 1,796,481 11,421 836,481 187.13%
EXPENSES:
Personnel 99,407 110,883 99,178 229 11,705 89.44%
Medical/Dental Claims 1,227,040 1,798,025 1,299,572 (72,532) 498,453 72.28%
Contracted Services 66,586 119,979 46,370 20,216 73,609 38.65%
TOTAL OPERATING EXPENSES 1,393,033 2,028,887 1,445,120 (52,087) 583,767 71.23%
AMOUNT AVAILABLE FOR DEBT
SERVICE, CAPITAL, AND
TRANSFERS 392,027 (1,068,887) 351,361 (40,666) 1,420,248 N/A
TOTAL DEBT SERVICE - - - - - N/A
CAPITAL OUTLAY - - - - - N/A
NET TRANSFERS - - - - - N/A
CHANGE IN FUND BALANCE 392,027 (1,068,887) 351,361 (40,666) 1,420,248 N/A
BEGINNING FUND BALANCE, Jan 1 19,928,792 20,320,819 20,320,819 392,027 - 100.00%
ENDING FUND BALANCE, Dec 31 20,320,819$ 19,251,932$ 20,672,180$ 351,361$ 1,420,248$ 107.38%
Insurance Reserves 20,320,819 19,251,932 20,672,180
AVAILABLE FUND BALANCE -$ -$ -$
RETIREE HEALTHCARE
VARIANCE
FAVORABLE (UNFAVORABLE)
