HomeMy WebLinkAbout2024 ACFR - City of RentonAnnual Comprehensive Financial Report
For the year ended December 31, 2024
City of Renton // 1055 S Grady Way, Renton, WA 98057 // rentonwa.gov
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2024 City of Renton
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
For year ended December 31, 2024
City of Renton, Finance Department
1055 South Grady Way, Renton, WA 98057
425-430-6887, rentonwa.gov
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ACKNOWLEDGEMENTS
Prepared by the Finance Department
Finance Administrator
Kari Roller
Fiscal Services Director
Kristin Trivelas
Budget and Accounting Manager
Nate Malone
Accounting Staff
Sean Hollingsworth, Senior Finance Analyst
Ariel Llorach, Senior Finance Analyst
Duncan McKelvey, Senior Finance Analyst
Sean Yi, Senior Finance Analyst
Roseanne Do, Senior Grants Analyst
Print/Design Staff
Carrie Rynne, Print & Mail Supervisor
Ben Haglund, Print & Mail Assistant
Sheila Cowley, Communications Specialist I
TABLE OF CONTENTS
DECEMBER 31, 2024
ITEM PAGE
iii
INTRODUCTORY SECTION
Letter of Transmittal .................................................................................................................... 1-1
Corporate Organization Structure & Reporting Relations ............................................................... 1-6
2023 Annual Comprehensive Financial Report Award ................................................................... 1-7
FINANCIAL SECTION
Independent Auditor’s Report ................................................................................................... 2-1
Management’s Discussion and Analysis ................................................................................... 3-1
Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Position ................................................................................................ 4-1
Statement of Activities ..................................................................................................... 4-2
Fund Statements:
Governmental Fund Financial Statements:
Balance Sheet ................................................................................................................. 4-3
Reconciliation of Balance Sheet to the Statement of Net Position ...................................... 4-4
Statement of Revenues, Expenditures and Changes in Fund Balances ............................... 4-5
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities .......................... 4-6
Proprietary Fund Financial Statements:
Statement of Net Position ................................................................................................ 4-7
Statement of Revenues, Expenses, and Changes in Net Position ....................................... 4-8
Statement of Cash Flows ................................................................................................. 4-9
Fiduciary Fund Statements:
Statement of Fiduciary Net Position................................................................................ 4-11
Statement of Changes in Fiduciary Net Position .............................................................. 4-12
Notes to Financial Statements:
Note 1: Summary of Significant Accounting Policies ....................................................... 4-13
Note 2: Deposits and Investments ................................................................................. 4-27
Note 3: Property Taxes ................................................................................................... 4-31
Note 4: Capital Assets and Depreciation ........................................................................ 4-32
Note 5: Pension Plans ................................................................................................... 4-36
Note 6: Other Post Employment Benefits ....................................................................... 4-51
Note 7: Contingencies ................................................................................................... 4-54
Note 8: Risk Management .............................................................................................. 4-54
Note 9: Interfund Transactions ....................................................................................... 4-57
Note 10: Long Term Liabilities ........................................................................................ 4-59
Note 11: Joint Ventures .................................................................................................. 4-62
Note 12: Subscription-Based Information Technology Arrangements ............................... 4-65
Note 13: Leases ............................................................................................................. 4-66
Note 14: Tax Abatement ................................................................................................. 4-69
Note 15: Accounting Changes and Error Corrections ....................................................... 4-71
TABLE OF CONTENTS
DECEMBER 31, 2024
ITEM PAGE
iv
Required Supplementary Information Other than MD&A:
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual
General Fund ................................................................................................................... 5-1
Notes to Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual
General Fund ................................................................................................................... 5-2
Schedule of the City’s Proportionate Share of the Net Pension Liability - PERS Plan 1 ............... 5-4
Schedule of the City’s Proportionate Share of the Net Pension Liability - PERS Plan 2/3 ............ 5-5
Schedule of the City’s Proportionate Share of the Net Pension Liability - PSERS Plan 2 ............. 5-6
Schedule of the City’s Proportionate Share of the Net Pension Liability - LEOFF Plan 1 ............. 5-7
Schedule of the City’s Proportionate Share of the Net Pension Liability - LEOFF Plan 2 ............. 5-8
Schedule of Employer Contributions - WA Department of Retirement Systems ........................ 5-9
Schedule of Changes in Net Pension Liability and Related Ratios - Firefighters’ Pension Fund 5-10
Schedule of Employer Contributions - Firefighters’ Pension Fund .......................................... 5-11
Schedule of Investment Returns - Firefighters’ Pension Fund ................................................ 5-12
Schedule of Changes in Total OPEB Liability and Related Ratios………………………………. ..... ...5-13
Combining Statements and Other Supplementary Information:
Non-Major Fund Descriptions ................................................................................................ 6-1
Combining Governmental Balance Sheet - Nonmajor Governmental Funds
Summary by Fund Type .................................................................................................... 6-5
Combining Balance Sheet - Nonmajor Special Revenue Funds ................................................ 6-6
Combining Balance Sheet - Nonmajor Debt Service Funds ...................................................... 6-8
Combining Balance Sheet - Nonmajor Capital Project Funds .................................................. 6-9
Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor
Governmental Funds Summary by Fund Type ................................................................. 6-10
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor
Special Revenue Funds .................................................................................................. 6-11
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor
Debt Service Funds ........................................................................................................ 6-13
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor
Capital Project Funds .................................................................................................... 6-14
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Municipal Facilities CIP .................................................................................................. 6-15
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Municipal Facilities CIP – Family First Center ................................................................. 6-16
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Capital Improvement ..................................................................................................... 6-17
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Affordable Housing Development ................................................................................... 6-18
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Housing and Supportive Services ................................................................................... 6-19
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Hotel/Motel Tax ............................................................................................................. 6-20
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Cable Communications Development ............................................................................ 6-21
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Springbrook Wetlands Bank ........................................................................................... 6-22
TABLE OF CONTENTS
DECEMBER 31, 2024
ITEM PAGE
v
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Police Seizure ................................................................................................................ 6-23
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Police CSAM Seizure ...................................................................................................... 6-24
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
School District Impact Mitigation .................................................................................... 6-25
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Fire Impact Mitigation .................................................................................................... 6-26
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
General Debt ................................................................................................................. 6-27
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Community Development Impact Mitigation ................................................................... 6-28
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Transportation Impact Mitigation .................................................................................... 6-29
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
REET 1 ........................................................................................................................... 6-30
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
REET 2 ........................................................................................................................... 6-31
Combining Statement of Net Position, Nonmajor Enterprise Funds ....................................... 6-32
Combining Statement of Revenues, Expenses and Changes in Fund Net Position -
Nonmajor Enterprise Funds ........................................................................................... 6-33
Combining Statement of Cash Flows - Nonmajor Enterprise Funds ....................................... 6-34
Combining Statement of Net Position, Internal Service Funds ............................................... 6-36
Combining Statement of Revenues, Expenses, and Changes in Fund Net Position,
Internal Service Funds ................................................................................................... 6-37
Combining Statement of Cash Flows, Internal Service Funds ................................................ 6-38
STATISTICAL SECTION
Statistical Section Description ............................................................................................... 7-1
Financial Trends:
Table 1: Net Position by Component .................................................................................... 7-2
Table 2: Changes in Net Position ......................................................................................... 7-3
Table 3: Fund Balance of Governmental Funds .................................................................... 7-5
Table 4: Changes in Fund Balance of Governmental Funds ................................................... 7-6
Revenue Capacity:
Table 5: Water Utility Systems Revenue Information ............................................................. 7-7
Table 6: Principal Rate Payers ............................................................................................. 7-8
Table 7: Water Utility Rates ............................................................................................... 7-11
Table 8: General Government Tax Revenue by Source ........................................................ 7-14
Table 9: Principal Property Taxpayers ................................................................................ 7-15
Table 10: Assessed Value of Taxable Property ...................................................................... 7-16
Table 11: Property Tax Rates Direct and Overlapping Governments ...................................... 7-17
Table 12: Property Tax Levies and Collections ...................................................................... 7-18
Table 13: Sales Tax Collections by Sector ............................................................................ 7-19
TABLE OF CONTENTS
DECEMBER 31, 2024
ITEM PAGE
vi
Debt Capacity:
Table 14: Ratios of Outstanding Debt by Type ...................................................................... 7-20
Table 15: Legal Debt Margin Information .............................................................................. 7-21
Table 16: Ratios of General Bonded Debt Outstanding to Assessed Value ............................. 7-22
Table 17: Direct and Overlapping Governmental Activities Debt ........................................... 7-23
Table 18: Pledged-Revenue Coverage .................................................................................. 7-24
Demographic and Economic Information:
Table 19: Demographic and Economic Statistics ................................................................. 7-25
Table 20: Principal Employers ............................................................................................. 7-26
Operating Information:
Table 21: Full Time Equivalent City Government Employees by Function ............................... 7-27
Table 22: Operating Indicators by Function .......................................................................... 7-28
Table 23: Utility Systems Supplemental Operating Information............................................. 7-29
Table 24: Capital Assets Statistics by Function .................................................................... 7-30
June 26, 2025
Honorable Armondo Pavone, Mayor
Members of the Renton City Council
Residents of Renton
City of Renton, Washington
Mr. Mayor, Honorable Councilmembers, and Citizens of Renton:
We are pleased to present the city’s Annual Comprehensive Financial Report for the year ended
December 31, 2024. The city maintains a system of internal controls designed to provide
reasonable assurance that assets are safeguarded against loss or unauthorized use, and that
financial records can be relied upon to produce accurate and fairly presented financial statements
in accordance with generally accepted accounting principles.
Management assumes full responsibility for the completeness and reliability of the information
contained in this report. To the best of our knowledge and belief, the enclosed financial statements
and all supporting schedules are accurate in all material respects and are reported in a manner
designed to present fairly the financial position and results of operations of the city. The concept of
reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to
be derived, and the evaluation of the relative costs and benefits of the control system requires
estimates and judgments by management.
These financial statements have been audited by the Washington State Auditor’s Office. This
independent audit was conducted in accordance with generally accepted auditing standards and
generally accepted government auditing standards to provide an independent assessment of fair
presentation of the city’s financial position. The State Auditor’s Office has issued an unmodified
(“clean”) opinion on the city’s financial statements, which is included at the front of the financial
statement section of this report.
Management’s Discussion and Analysis (MD&A) immediately follows the State Auditor’s report and
provides a narrative introduction, overview, and analysis to accompany the basic financial
statements. This letter of transmittal is designed to complement the MD&A and should be read in
conjunction with it.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-1
PROFILE OF THE CITY
Incorporated on September 6, 1901, Renton is a city in King County, Washington. Situated 11 miles
southeast of downtown Seattle, five miles from Seattle-Tacoma International Airport, Renton
straddles the southeast shore of Lake Washington, at the junction of key north-south and east-west
transportation corridors. The city’s early economy was based on coal mining, clay production, and
timber export. Today, Renton is best known as the final assembly point for the Boeing 737 family of
commercial airplanes, but it is also home to a growing number of well-known businesses, including
Paccar, Wizards of the Coast Gaming, Ikea Home Furnishing, Valley Medical Center, the Seattle
Seahawks, Seattle Sounders, and Seattle Branch of Federal Reserve Bank.
This upcoming year, Renton will introduce a new WinCo Foods retail location and an extended-stay
hotel, LivAway Suites, both planned to open in 2025. With the Seattle area hosting the 2026 World
Cup, the Seattle Sounders campus and World Cup Square locations will be hubs for the many
visitors and teams visiting the area for the World Cup event.
The City of Renton has a strong mayor form of government with an appointed Chief Administrative
Officer. The mayor is independently elected to a four-year term. The mayor’s job is to manage day-
to-day operations, and to lead policy development and implementation with the seven-member
City Council elected at large on a non-partisan basis.
With a population of 108,800 in 2024, Renton is the 8th largest city in the state, and the 4th largest
in King County. The city provides a full range of municipal services to an incorporated area of 23.7
square miles. These services include police, street construction and maintenance, planning and
zoning, municipal court, general administrative services, municipal airport, golf course, and parks
and recreational facilities that includes an aquatic center, senior center, community and
neighborhood centers, and a museum.
The city operates four utilities: water, sewer, surface water, and contracts out its solid waste
collection. These are operated very similar to a private business where the revenues from rates and
other direct sources must pay for the operational, capital, and long-term debt costs. The city has
its own water supplies and does not rely on purchased water to meet normal service demands. The
city’s sewage is treated by King County, but the city is responsible for transferring and maintaining
the system to King County. The city bills Renton residents a monthly fee for the cost of sewer
treatment performed by King County.
Since the 2011-12 biennium, the city has adopted a biennial budget. The Council is required to
adopt an initial budget for the biennium no later than December 31 preceding the beginning of the
fiscal year on January 1. The City of Renton maintains budgetary controls to ensure compliance
with legal provisions embodied in the budget. All activities are appropriated through the budget
process and published in the city’s budget document. The City Council must adopt an ordinance
2024 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-2
to increase or decrease total appropriations in a Fund. The mayor has the authority to move
appropriations within a Fund.
A more thorough discussion of the city’s accounting policies can be found under the Summary of
Significant Accounting Policies in the Notes to the Financial Statements.
ECONOMIC CONDITION AND OUTLOOK
In 2024, Renton’s economy has remained stable with continued growth in terms of business taxes.
The addition of many notable businesses helped to bolster this tax base with a strong sales and
retail tax revenue along with a change to the business and occupation tax rates. However, the
double-digit growth seen in sales taxes in previous years has slowed significantly signaling a change
in the economy and spending habits of the consumer
The city’s housing picture improved slightly after a decrease in sales the previous year. The
continued high interest rates have impacted not only home sales but also new construction within
the region with very little growth of housing permits and development fees. The slight decrease in
interest rates this past fall coupled with inflation decreasing, although slowly, will continue to be
an area of concern to watch. With the impact of future federal economic policies unknown, the city
could see higher costs for many supplies and services and perhaps a reduction of available grants
for construction projects.
In terms of employment, the Puget Sound region showed slight growth as unemployment figures
continued to hover in the upper 4% range with the lowest rate for the year in December at 4.5%.
The expectation is that the unemployment rate will continue to rise only slightly in 2025 and 2026
before improving again in early 2027.
A staple of Renton’s economy is the presence of the Boeing Company, which operates out of the
Renton Municipal Airport. Boeing initiates its maiden 737 MAX flights from this airport. Boeing’s 737
Max production has had its challenges in the past several years, with the company slowing
production to bolster quality controls. This will be an area to watch as this slower production rate
could impact the future business tax projections.
Overall, the economic outlook for Renton remains stable for 2024 and beyond; a solid mix of retail
businesses, favorable unemployment rate, and large-scale capital investments within the city will
support a continued stable tax base and an attractive center for healthcare, retail, and
manufacturing.
LONG-TERM FINANCIAL PLANNING
Unrestricted fund balance (the aggregate of committed, assigned, and unassigned components of
fund balance) for the general fund was 105 percent of the total general fund expenditures,
2024 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-3
compared to 87 percent in 2023. This fund balance includes the city’s catastrophic reserves, anti-
recessionary reserves, insurance reserves, and sales tax annexation credit reserves.
The ramp-up of these fund balances was a direct result of tax rate changes in current and previous
years, along with an enhanced stabilization fund policy, originally adopted in late-2013. With
anticipated recession on the horizon over the past several years, the city has been careful to not
add additional budget or positions. The decline of inflation has helped to slow the increase of costs;
however, inflation continues to be a concern as talks of added tariffs and the global economy could
impact the cost of future supplies and services. The annual increase in salaries and healthcare
costs continue to increase at a faster rate than revenues, which makes the city’s long-term
projections rely on the use of fund balance to cover these costs.
Much of the long-term debt has been paid off over the past five years, so that funds previously used
to pay debt can now be allocated to catching up on deferred maintenance for city buildings, parks
and roadways. Additionally, as part of the efforts to fund improvements to roadways and sidewalk
repairs, the City Council adopted a Transportation Benefit District to help fund these efforts. The
addition of the benefit district is estimated to add an additional $4 million dollars annually to help
fund the resurfacing of streets and roads and also to build new sidewalks where there are none
currently.
The City Council adopted a B&O Tax effective January 1, 2016, in hopes to generate enough
sustainable revenue for funding general fund operations into the future without significant
decreases to basic city services. The city changed the tax structure in 2022 increasing gradually the
maximum amount any one taxpayer would pay annually in B&O taxes until 2025.
The city has been very responsible and responsive in balancing the services the community needs
with the changing mixture and level of resources. In addition to strong financial policies, the city
has also continued to expand its economy and pursue progressive economic development
strategies to maintain a thriving and sustainable economy.
RELEVANT FINANCIAL POLICIES
The city has adopted a comprehensive set of financial policies, including a multi-tiered stabilization
policy that ensures available reserves for future general fund funding gaps, long-term economic
development initiatives, capital commitments, equipment reserves, catastrophic and anti-
recessionary reserves, and general operating cash flow requirements.
Due to strong financial policies, management, and economic factors, the City of Renton received
an upgraded LTGO bond rating of AAA by Standard & Poor’s in March 2019.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-4
OTHER INFORMATION
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City of Renton for its annual
comprehensive financial report for the fiscal year ended December 31, 2023. The city has a long
history of achieving this prestigious award. To be awarded a Certificate of Achievement, a
government must publish an easily readable and efficiently organized annual comprehensive
financial report. This report must satisfy both generally accepted accounting principles and
applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current annual
comprehensive financial report continues to meet the Certificate of Achievement Program’s
requirements, and we are submitting it to the GFOA to determine its eligibility for another
certificate.
The dedicated staff of the Finance Department work hard each day to ensure that the city’s financial
transactions are processed accurately, and records are maintained orderly and in conformance
with policies and procedures. Special thanks are due to Nate Malone, Budget and Accounting
Manager, and Ariel Llorach, Senior Finance Analyst, who served as the project leads. Further
appreciation is extended to the City Council and City Management for their support in conducting
financial operations of the city in a sound and progressive manner, and in conformance with
internal and external requirements.
For more information regarding the city’s budget please refer to the city’s website for 2025-2026
adopted budget as well as monthly sales tax and budgetary financial reports.
Respectfully,
Kari Roller
Finance Administrator
2024 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-5
2024 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-6
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Renton
Washington
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
December 31, 2023
Executive Director/CEO
2024 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-7
Office of the Washington State Auditor
Pat McCarthy
INDEPENDENT AUDITOR’S REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Mayor and City Council
City of Renton
Renton, Washington
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-
type activities, each major fund and the aggregate remaining fund information of the City of Renton as
of and for the year then ended December 31, 2024, and the related notes to the financial statements,
which collectively comprise the City’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material
respects, the respective financial position of the governmental activities, the business-type activities,
each major fund and the aggregate remaining fund information of the City of Renton, as of December
31, 2024, and the respective changes in financial position and, where applicable, cash flows thereof for
the year then ended in accordance with accounting principles generally accepted in the United States of
America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report. We are required to be independent of the City and to meet our other ethical
responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Independent Auditor's Report, 2-1
Matters of Emphasis
As discussed in Note 1 to the financial statements, in 2024, the City adopted new accounting guidance,
Governmental Accounting Standards Board Statement No. 101, Compensated Absences. Our opinion is
not modified with respect to this matter.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether there are conditions
or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as
a going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government
Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
Performing an audit in accordance with GAAS and Government Auditing Standards includes the
following responsibilities:
• Exercise professional judgment and maintain professional skepticism throughout the audit;
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements;
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is
expressed;
2024 Annual Comprehensive Financial Report City of Renton, Washington
Independent Auditor's Report, 2-2
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements;
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable
period of time; and
• Communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit, significant audit findings, and certain internal control-related
matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis and required supplementary information as listed in the table of contents be
presented to supplement the basic financial statements. Such information is the responsibility of
management and, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board who considers it to be an essential part of financial reporting for placing
the basic financial statements in an appropriate operational, economic or historical context. We have
applied certain limited procedures to the required supplementary information in accordance with
auditing standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
consistency with management’s responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City’s basic financial statements. The combining financial statements and other
supplementary information are presented for purposes of additional analysis and are not a required part
of the basic financial statements. Such information is the responsibility of management and was derived
from and relates directly to the underlying accounting and other records used to prepare the basic
financial statements. This information has been subjected to auditing procedures applied in the audit of
the basic financial statements and certain additional procedures, including comparing and reconciling
such information directly to the underlying accounting and other records used to prepare the basic
financial statements or to the basic financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our opinion,
the information is fairly stated, in all material respects, in relation to the basic financial statements as a
whole.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Independent Auditor's Report, 2-3
Other Information
The other information comprises introductory and statistical sections but does not include the basic
financial statements and our auditor’s report thereon. Management is responsible for the other
information included in the financial statements. Our opinions on the basic financial statements do not
cover the other information, and we do not express an opinion or provide any assurance thereon.
In connection with the audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and the
basic financial statements, or the other information otherwise appears to be materially misstated. If,
based on the work performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.
OTHER REPORTING REQUIRED BY GOVERNMENT AUDITING
STANDARDS
In accordance with Government Auditing Standards, we will also issue our report dated June 26, 2025,
on our consideration of the City’s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts and grant agreements and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on internal control
over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the City’s internal control over financial
reporting and compliance.
Sincerely,
Pat McCarthy, State Auditor
Olympia, WA
June 26, 2025
2024 Annual Comprehensive Financial Report City of Renton, Washington
Independent Auditor's Report, 2-4
MANAGEMENT’S DISCUSSION AND ANALYSIS
The City of Renton’s management offers this Management’s Discussion and Analysis (MD&A),
which is an overview and analysis of the City of Renton’s financial activities for the year ended
December 31, 2024. To best understand the city’s financial activities, we encourage readers to
consider the information in this discussion and analysis in conjunction with information provided
in the letter of transmittal and the basic financial statements.
FINANCIAL HIGHLIGHTS
•As of December 31, 2024, the City of Renton’s total assets and deferred outflows of
resources exceed liabilities and deferred inflows of resources by $1.4 billion. Of this
amount, $415.7 million represents unrestricted net position, which may be used to meet
the government’s ongoing obligations to citizens and creditors.
•The City of Renton’s total net position, including prior year adjustments, increased $99.3
million. This increase was primarily due to investments at fair market value, receivables,
capital asset acquisitions and deferred outflows related to pensions, offset by an increase
in current long-term liabilities in both the governmental and business-type activities.
•At the close of the current fiscal year, the City of Renton’s governmental funds reported
combined fund balances of $215.3 million, an increase of $30.8 million from 2023. This
increase is attributed to revenues exceeding expenditures in the general fund by $31.7
million and in the nonmajor funds by $10.5 million. The city experienced a marginal
decrease in retail sales tax due to an anticipated cooling of the economy; however, overall
tax revenues increased because of several contributing factors. The newly formed
Transportation Benefit District (TBD) brought in $3.3 million of additional sales tax
designated specifically for transportation improvement projects. Real estate excise tax
(REET) also increased due to the sale of several large commercial and apartment
complexes throughout the year. Additionally, the city increased the business and
occupation (B&O) tax cap in 2024 by $2 million contributing to a rise in B&O tax
revenues. In addition to tax revenues, the city saw a significant increase in
investment earnings, resulting from strong market rates closely tied to the federal
funds rate and economic forecast indicators. These increases in revenue were offset by
a decrease in contributions and intergovernmental revenues. Contributions were
down because of a one-time collection of capital contributions related to the Family
First Community Center in prior year. Intergovernmental revenues decreased due to
several large transportation and parks capital projects that were largely funded by grants
and substantially completed in prior year.
•Approximately 52 percent ($112.6 million) of the total governmental fund balance is
available for spending at the city’s discretion (unassigned fund balance).
•Total unrestricted fund balance (the total of committed, assigned and unassigned fund
balance components) for the general fund was $125.3 million, which is approximately
105 percent of general fund 2024 expenditures.
•The City of Renton’s total outstanding long-term debt decreased by $6.2 million during the
current fiscal year because current resources and grants are being used to finance current
2024 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-1
operations and capital projects. The city has continued to pay down its current debt
obligations without issuance of new debt.
OVERVIEW OF THE FINANCIAL STATEMENTS
The discussion and analysis provided here within are intended to serve as an introduction to the
city’s basic financial statements. The basic financial statements consist of three components: (1)
government-wide financial statements, (2) fund financial statements, and (3) notes to the basic
financial statements.
Government-wide Financial Statements
The government-wide financial statements provide both long-term and short-term information
about the city’s overall financial status, in a manner similar to a private-sector business.
Statement of Net Position – The first of these government-wide statements is the statement of net
position. The statement of net position presents the city’s assets, liabilities, and deferred
inflows/outflows of resources, with the difference reported as net position. Over time, increases
or decreases in net position may serve as a useful indicator of whether the financial position of
the city is improving or deteriorating.
Statement of Activities – The second government-wide statement is the statement of activities,
which reports how the city’s net position changed during the current fiscal year. All changes in
net position are reported as soon as the underlying event giving rise to the change, regardless of
the timing of related cash flows. Thus, revenues and expenses are reported for some items that
will only result in cash flows in future fiscal periods (e.g. uncollected taxes and compensated
absences). An important purpose of the design of the statement of activities is to show the
financial reliance of the city’s distinct activities or functions on revenues provided by the city’s
taxpayers. Another indicator to consider when evaluating the financial position of the city
includes changes to the property tax base, general economic conditions as demonstrated
through business license fees or sales tax revenue, and the condition of the city’s infrastructure
(roads, drainage systems, bridges, and water infrastructure).
Both of the government-wide financial statements distinguish governmental activities of the city
(activities principally supported by taxes and intergovernmental revenue), and business-type
activities of the city (activities that are intended to recover all, or a significant portion, of their
costs through user fees and charges). Governmental activities include general government,
judicial, public safety, utilities, transportation, economic environment, health and human
services, and culture and recreation. The equipment rental and insurance internal service funds
are also reported as governmental activities. The business-type activities include the waterworks
utility, solid waste, airport, and golf course funds.
Fund Financial Statements
The city uses fund structure to ensure and demonstrate fiscal integrity and compliance with
finance-related legal requirements. A fund is a group of related accounts used to maintain
control over resources that have been segregated for specific activities and objectives. There are
2024 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-2
three types of funds: governmental, proprietary, and fiduciary. The fund financial statements
focus on major funds separately while all others are combined into a single aggregated
presentation. Individual data for non-major funds is presented in a following section, Combining
Statements.
Governmental Funds – The governmental funds are used to account for the same functions
reported as governmental activities in the government-wide financial statements. However,
unlike the government-wide statements, the focus of governmental fund financial statements is
on near-term inflows and outflows of available financial resources and on balances of resources
available at the end of the fiscal year. Such information is useful in evaluating whether there are
more or less financial resources that can used in the near future to finance city services.
Because the focus of governmental fund financial statements is a narrower view than that of the
government-wide financial statements, it is useful to compare similar information in order to gain
a better understanding of the long-term impact of the government’s near-term financing
decisions. The Reconciliation of the Balance Sheet and Reconciliation of the Statement of
Revenues, Expenditures and Changes in Fund Balances of the Governmental Funds reconciles to
the differences between the governmental fund statements and the governmental activities
column in the government-wide statements.
The city maintains seventeen individual governmental funds. Information for the city’s major
governmental funds (general, municipal capital facilities and capital improvement) are presented
separately in the governmental fund balance sheet and the governmental fund statement of
revenues, expenditures, and changes in fund balance. Data from the other fourteen funds are
combined into a single aggregated presentation. Individual fund data for each of these non-major
governmental funds is presented in the combining statements section of this report.
The city maintains budgetary controls over its governmental funds. Budgetary controls ensure
compliance with legal provisions embodied in the annual appropriated budget. Governmental
fund budgets are established in accordance with state law and are adopted on a fund level. A
budgetary comparison statement has been provided for the general fund to demonstrate
compliance with this budget.
Proprietary Funds – The proprietary fund statements present information for two types of funds.
Enterprise funds operate as business-type activities in the government-wide statements and
include the waterworks utility, solid waste, golf course, and airport funds. The other proprietary
fund types are internal service funds. Internal service funds are used to report activities that
provide supplies and services to various city departments and to allocate the associated costs of
providing these services to the various governmental and enterprise functions. The revenues and
expenses of internal service funds that support governmental activities are eliminated in the
government-wide statements and the remaining activity is combined within the governmental
activities in the government-wide statements.
The proprietary fund statements provide the same information as the government-wide financial
statements, only in more detail. The city reports the activity of its two major enterprise funds,
2024 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-3
2024 2023 2024 2023 2024 2023
Current assets 344,992,823$ 298,350,869$ 154,347,644$ 142,472,666$ 499,340,467$ 440,823,535$
Capital assets 580,987,576 565,173,195 345,201,225 325,052,511 926,188,801 890,225,706
Other non‐current assets 75,052,414 79,957,437 5,002,672 5,643,576 80,055,086 85,601,013
TOTAL ASSETS 1,001,032,813 943,481,501 504,551,541 473,168,753 1,505,584,354 1,416,650,254
Deferred Outflows of Resources 23,507,738 18,009,202 3,352,197 2,675,741 26,859,935 20,684,943
Long‐term liabilities 74,661,382 78,468,729 7,548,354 9,761,212 82,209,736 88,229,941
Other liabilities 31,991,244 26,458,357 9,475,252 7,978,230 41,466,496 34,436,587
TOTAL LIABILITIES 106,652,626 104,927,086 17,023,606 17,739,442 123,676,232 122,666,528
Deferred Inflows of Resources 8,191,725 12,706,586 1,065,660 1,775,771 9,257,385 14,482,357
NET POSITION:
551,984,271 536,120,344 334,434,587 313,952,567 886,418,858 850,072,911
Restricted 92,426,285 86,174,613 4,996,359 5,633,456 97,422,644 91,808,069
Unrestricted 265,285,644 221,562,074 150,383,526 136,743,258 415,669,170 358,305,332
TOTAL NET POSITION 909,696,200$ 843,857,031$ 489,814,472$ 456,329,281$ 1,399,510,672$ 1,300,186,312$
Net Investment in Capital Assets
CONDENSED STATEMENT OF NET POSITION
Governmental Activities Business‐type Activities Total
waterworks utility (water, wastewater, and storm water) and solid waste separately. Information
from the remaining non-major enterprise funds is combined and presented in a single,
aggregated column in the fund statements. Internal service funds are also aggregated and
reported separately in this section.
Fiduciary Funds – Fiduciary Funds are used to account for resources held for the benefit of
parties outside the government. Fiduciary funds are not reported in the government-wide
financial statements because the resources of those funds are not available to support the city’s
own operations. The accounting used for fiduciary funds is much like that used for proprietary
funds.
Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the
information provided and are an integral part of the government-wide and fund financial
statements.
Other information
In addition to the basic finance statements and accompanying notes, this report also presents:
1. Required Supplemental Information (RSI): RSI provides budgetary comparisons for the general
fund budget to actual, as well as the city’s funding progress for the Firefighters’ Pension Trust
Fund and Other Post-Employment Benefits (LEOFF 1 Retiree Medical).
2. Combining Statements: The combining statements provide additional detail for other
government funds, internal service funds, and fiduciary funds.
3. Statistical Information: The statistical information section includes unaudited trends and
demographic information.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
Statement of Net Position
The following is a summary of the city’s net position as of December 31, 2024, with comparison to
2023:
2024 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-4
At the close of the most recent fiscal year, assets and deferred outflows of resources exceeded
liabilities and deferred inflows of resources by $1.4 billion, a $99.3 million increase over 2023.
Net Position - Net Investment in Capital Assets.
$886.4 million (63%) of total net position reflects
the city’s investment in capital, net of related
debt that was used to acquire those assets. The
city uses these assets to provide a variety of
services to the public. Accordingly, these assets
are not available for future spending. Although
investment in capital assets is reported net of
related debt, resources used to repay this debt
must be provided from other sources, since the
capital assets themselves cannot be used to
liquidate these liabilities.
Net Position – Restricted. Total restricted net
position accounts for $97.4 million of the city’s
net position, which is a $5.6 million increase
(6.1%) from 2023. This change is primarily
attributed to an increase in special purpose taxes
and assessments, most notably for real estate
excise taxes (REET), local sales and use tax
restricted for affordable housing (HB1590) and
local sales and use tax added from the formation
of a Transportation Benefit District (TBD). These
increases were partially offset by a decrease to
the amounts restricted for net pension assets.
Net Position – Unrestricted. The remaining $415.7
million of net position is unrestricted and may be
used to meet the government’s ongoing
obligations for governmental and business type
activities ($265.3 million and $150.4 million,
respectively).
At the end of the current fiscal year, the city
reports a positive net position in all net position
categories, for both governmental activities and
business-type activities. The same held true for
the prior fiscal year.
Statement of Activities and Change in Net Position
The following is a condensed summary statement of activities and change in net position as of
2024 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-5
CONDENSED STATEMENT OF ACTIVITIES
2024 2023 2024 2023 2024 2023
Revenues:
Program revenues:
Charges for services 21,995,245$ 20,272,950$ 101,943,122$ 98,160,057$ 123,938,367$ 118,433,007$
Operating grants and contributions 9,682,841 7,301,395 793,968 386,362 10,476,809 7,687,757
Capital grants and contributions 19,825,988 19,491,497 17,470,633 5,187,720 37,296,621 24,679,217
Taxes and other general revenues:
Property taxes 25,515,900 25,201,735 25,515,900 25,201,735
Sales taxes 51,004,245 48,173,923 51,004,245 48,173,923
Other Taxes 55,033,220 50,873,968 55,033,220 50,873,968
Other general revenue 15,814,602 15,246,779 6,680,959 5,686,639 22,495,561 20,933,418
Total revenues 198,872,041 186,562,247 126,888,682 109,420,778 325,760,723 295,983,025
Expenses:
General government 15,306,366 18,831,400 15,306,366 18,831,400
Judicial 4,285,228 3,924,144 4,285,228 3,924,144
Public safety 51,425,149 45,821,151 51,425,149 45,821,151
Utilities 58,148 43,193 58,148 43,193
Transportation 21,753,086 20,222,129 21,753,086 20,222,129
Economic and natural environment 12,861,619 13,681,351 12,861,619 13,681,351
Health and human services 4,443,088 3,578,875 4,443,088 3,578,875
Culture and recreation 19,907,249 14,510,956 19,907,249 14,510,956
Interest on long‐term debt 832,975 910,047 832,975 910,047
Airport 3,445,628 3,263,367 3,445,628 3,263,367
Golf Course 3,281,855 3,096,659 3,281,855 3,096,659
Solid Waste 27,009,823 24,946,989 27,009,823 24,946,989
Waterworks Utility 58,700,608 55,957,729 58,700,608 55,957,729
Total expenses 130,872,908 121,523,246 92,437,914 87,264,744 223,310,822 208,787,990
67,999,133 65,039,001 34,450,768 22,156,034 102,449,901 87,195,035
Transfers 110,599 580,392 (110,599) (580,392) ‐ ‐
Special Items ‐ ‐ ‐ ‐ ‐ ‐
Increase (decrease) in net position 68,109,732 65,619,393 34,340,169 21,575,642 102,449,901 87,195,035
Net position ‐ beginning 843,857,031 778,237,638 456,329,281 434,753,639 1,300,186,312 1,212,991,277
Error Correction 2,373,761 ‐ ‐ ‐ 2,373,761 ‐
Change in Accounting Principle (4,644,324) ‐ (854,978) ‐ (5,499,302) ‐
Net position ‐ ending 909,696,200$ 843,857,031$ 489,814,472$ 456,329,281$ 1,399,510,672$ 1,300,186,312$
Business‐type Activities Total
Increase in net position before transfers
Governmental Activities
December 31, 2024, with comparison to 2023.
Citywide revenue. Total revenue (governmental and business-type) increased by $29.8 million, or
10.1 percent. This change in revenue is attributed to a $5.5 million increase in charges for
services, a $15.4 million increase in grants and contributions, and an $8.9 million increase in
interest income, property, retail sales, and business and excise taxes.
Governmental Activities had a $1.7 million increase in charges for services primarily due to an
increase in permitting and licenses. Business-type Activities had an increase of $3.8 million in
charges for services primarily related to utility rate increases. Governmental activities operating
grants and contributions increased $2.4 million due the recognition of grant revenue for the
American Rescue Plan Act (ARPA). In addition, business-type activities reflected an increased in
capital grants and contribution revenue by $12.3 million due to the recognition of grant revenue
related to ongoing capital projects, primarily the Monroe Ave NE project.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-6
The increase in property tax, local retail and business and operation (B&O) tax revenues are
primarily attributed to the formation of a Transportation Benefit District (TBD) which brought in an
additional $3.3 million for use on transportation improvement projects. Additionally, increases in
real estate excise tax (REET) due to several large commercial and apartment complexes and a
B&O tax cap increase from $9 million to $11 million in 2024 both contributed to overall increased
tax revenues. Lastly, there was a significant increase in investment earnings from strong market
rates closely tied to the federal funds rate resulting from favorable economic indicators.
Citywide expenses. Expenses totaled $223.3 million in 2024, a $14.5 million increase from 2023.
Governmental activities expenses increased $9.3 million primarily due to personnel costs and
contracted services. The city has actively strived to fill vacant positions that remained vacant due
to turnover, in addition to the issuance of cost-of-living increases citywide. Contracted services
increased due to inflationary factors and additional professional services for security and city-
wide cleanup.
Business-type expenses increased by $5.2 million due to increases in personnel services and
contracted services expenses. As noted above, filling previously vacant positions coupled with
cost-of-living increases has driven personnel costs up from prior year. Increased utility costs, CPI
increases from garbage provider and increased internal service charges contributed to the overall
rise in contracted services.
Change in net position. The resulting change in net position was an increase in 2024 by $99.3
million attributed to a $33.5 million increase from governmental activities and a $65.8 million
increase from business-type activities. The increase in governmental activities and business-
type activities is related to revenue and expenditure variances explained above.
Governmental Activities Analysis
Governmental activities cost a total of $130 million in 2024 against program generated revenue
(excluding taxes and other general revenue) of $51.5 million. Charges for services support 16.8
percent of the governmental program costs, while the remaining 83.2 percent of governmental
program costs are supported by grants, contributions, taxes and other general revenue.
Compared to 2023, governmental activities cost increased $9.3 million and program revenues
increased $12.7 million.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-7
Chart 1 portrays the extent that the cost of each of the city’s governmental programs is supported
by its own program generated revenue (fees, intergovernmental revenues, and contributions
specifically related to that program). Public safety accounts for 39.3 percent of the total
governmental activity costs but generates the lowest percentage of program revenues compared
to its program costs (11.8 percent). Conversely, judicial and transportation both recovered all
their costs in 2024 through program revenues. Judicial program revenues consist of traffic
citations, parking citations, criminal charges, miscellaneous court fees, and red-light camera
fees. Transportation program revenues primarily consist of operating and capital grants and
contributions.
Chart 2 depicts the source
breakdown for all revenues that
fund governmental activities.
Approximately 66 percent of the
total governmental activity
revenues come from taxes. The
city’s two largest governmental
revenue sources are sales and
use taxes (25 percent) and other
taxing sources (28 percent), which
consists of business and
occupation tax and excise tax.
The next largest revenue source is
property tax which accounts for
13 percent of the city’s general
governmental revenue. While
program specific charges for
services, grants and contributions
generate 26 percent of total
revenue for general governmental
activities, the city is largely
dependent on tax revenue and as a result, the general economy has a major impact on the city’s
revenue streams. Other general revenue accounts for 8 percent of revenue sources and includes
interest and miscellaneous revenue.
Business-Type Activities Analysis
Since the primary source of revenue for business-type activities is user fees and charges, there is
much less disparity between program costs and related program revenue. Chart 3 shows the
expense of each of the city’s business-type program along with each program’s revenue (fees and
intergovernmental revenues specifically related to that program).
2024 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-8
The Waterworks Utility generated $66.7 million in fees for services, and the operating and debt
service costs were $58.7 million. In addition, the waterworks utility received $17 million in grants,
contributions, and capital contributions from developers, for a combined increase in net position
of $25 million. The operating balance is necessary for future planned system infrastructure
replacements, repairs, and enhancements. Compared to 2023, the waterworks utility had a $1.7
million increase in operating revenue collections and a $2.7 million increase in operating
expenses. The waterworks utility had increased personnel costs primarily attributed to providing
cost-of living increases that aligned with CPI and a competitive job market. Contracted services
also contributed to the increase in costs, primarily related to increased utility costs and sewer
service charges for wastewater treatment services provided by King County.
The Solid Waste Utility generated $26.9 million in fees for services and incurred $27 million in
program expenses, resulting in an increase in net position of $248 thousand.
The Airport generated a total of $4.6 million in revenue from charges for services and incurred
$3.4 million in overall expenses. The Airport received $831 thousand in grants and contributions
in 2024, resulting in an $2 million increase in net position.
The Golf Course generated a total of $3.8 million in green fees, driving range charges, and other
user fees. The total expenses for the Golf Course were $3.3 million, resulting in a $541 thousand
increase in net position for the year.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-9
Chart 4 illustrates the source of revenue for
business-type activities, which are supported
primarily from charges for services. Charges for
services generated $101.9 million, or 80 percent,
of the total revenue sources, while grant revenue
and contributions generated $18.3 million, or 15
percent, of the total revenue sources. This is a
$3.8 million increase in charges for services from
2023 primarily due to rate increases and a $12.7
million increase in grants and contributions from
2023.
FUND FINANCIAL ANALYSIS
Governmental Funds
The governmental fund statements provide information on near-term inflows, outflows, and
balances of spendable resources. Such information is useful in assessing the city’s ability to
meet financing requirements in the near term. In particular, unassigned fund balance may serve
as a useful measure of a government’s net resources available for spending at the end of the
fiscal year.
General Fund – At the end of the fiscal year, the city had a fund balance of $127.9 million, which is
an increase of $17.8 million from 2023. Overall, the city’s general fund revenues increased $7.8
million over 2023, and general fund expenditures have increased by $4.6 million. As economic
growth began to slow in 2024, the city saw a marginal growth in tax revenue of $2.8 million or
2.4% primarily attributed to the addition of new key retail businesses and an increase in business
and occupation tax thresholds. Intergovernmental and miscellaneous revenues increased $3.6
million due to the remaining recognition of ARPA-related revenue and the receipt of opioid
settlements. Investment earnings increased $1.6 million as a result of strategic investments
aligned with favorable market conditions. The increase in expenditures over prior year is
attributed to inflation, which resulted in providing cost-of-living increases more closely aligned
with higher-than-average CPI, as well as increases for external services and supplies.
Municipal Facilities CIP Fund – This fund accounts for all the City’s parks and facilities related
capital projects (new construction, major maintenance, and improvements). The overall revenue
decreased $5.4 million over 2023 attributed to grants, contributions and intergovernmental
funding on Gene Coulon North Water Walk and Family First Community Center projects closed
out in prior year. Expenditures decreased $11.3 million, primarily due to the completion of Gene
Coulon North Water Walk, Kiwanis Park and Philip Arnold Park in prior year.
Capital Improvement Fund – This fund accounts for all street, roadway and transportation related
capital projects and programs. Overall revenue increased $1.4 million over 2023 primarily due to
the formation of the Transportation Benefit District which brought in additional sales tax of $3.3
million designated for transportation improvement projects. Additionally, Rainier Ave Phase 4
2024 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-10
Original Final Actual
Taxes 103,760,621$ 108,207,534$ 117,005,949$ 8,798,415$
Various charges 24,039,170 28,973,656 30,619,269 1,645,612
Other Revenues 559,822 6,334,644 9,220,775 2,886,131
TOTAL REVENUES 128,359,613 143,515,834 156,845,993 13,330,158
Current Operating 128,163,656 137,688,584 124,791,493 12,897,091
Capital Outlay 20,200 81,000 317,598 (236,598)
Debt Service ‐ ‐ ‐ ‐
TOTAL EXPENDITURES 128,183,856 137,769,584 125,109,091 12,660,493
Transfers/insurance recoveries (2,808,779) (14,046,331) (13,882,495) 163,836
(2,633,022) (8,300,080) 17,854,407 26,154,487
FUND BALANCE, JANUARY 1 60,139,686 99,226,476 110,083,128 10,856,652
Prior Period Adjustment ‐ ‐ ‐ ‐
FUND BALANCE ‐ DECEMBER 31 57,506,664$ 90,926,396$ 127,937,535$ 37,011,139$
GENERAL FUND BUDGET COMPARISON
Budgeted Amounts
Net Change in Fund Balance
Variance with
Final Budget
Favorable
(Unfavorable)
project had increased contributions of $1.7 million for joint utility construction. These increases
were offset by a reduction in intergovernmental revenues of $3.4 million due to the receipt of
large capital grants in prior year for Rainier Ave Phase 4, Duvall Ave and Bronson Bridge. Overall
expenditures stayed moderately flat with a slight increase of $300 thousand over prior year as
large construction projects continue, most notably Rainier Ave Phase 4.
Proprietary Funds
The proprietary fund financial statements provide the same type of information found in the
government-wide financial statements, but in more detail. The analysis for the proprietary funds
is found within the business-type activities analysis and discussion above. The proprietary fund
statements also include a column for internal services fund activities in aggregate. These
activities are consolidated with general governmental activities in the government-wide
statements.
GENERAL FUND BUDGETARY HIGHLIGHTS
The city uses a biennial budget process that adopts two one-year budgets at one time; 2024 was
the second year of the 2023-24 biennium. The following is a condensed summary of the 2024
general fund budget comparison.
Original budget for tax revenues, including property taxes, business and occupation taxes and
other miscellaneous taxes, is budgeted based on the previous four to five years’ collection rates
2024 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-11
CAPITAL ASSETS
(Net of Depreciation/Amortization)
2024 2023 2024 2023 2024 2023
Land and Land Improvements 221,378,496$ 219,624,628$ 6,143,690$ 6,143,690$ 227,522,186$ 225,768,318$
Capital Assets 315,606,351 304,782,724 317,620,273 296,334,751 633,226,624 601,117,475
Intangible Assets 2,076,963 2,339,170 834,283 836,400 2,911,246 3,175,570
Construction in Progress 41,925,765 38,426,673 20,602,979 21,737,670 62,528,744 60,164,343
Total 580,987,575$ 565,173,195$ 345,201,225$ 325,052,511$ 926,188,800$ 890,225,706$
Governmental Activities Business‐Type Activities Total
and economic projections. The final budget was adjusted to reflect the projected effects of the
economic condition and anticipated increases from rate increases. The overall economic impact
was better than expected. Business and occupation taxes, criminal justice tax, utility taxes,
admission taxes, and gambling taxes came in higher than projected for an overall variance of $8.8
million. Various charges and other revenues came in higher than final budget by a combined total
of $4.5 million, primarily driven by increased permitting fees for large projects with the city, an
increase in intergovernmental revenues related to special funding for retirement contributions,
and a strong investment market that provided a significant increase in investment earnings.
Original budget for expenditures had an initial net increase of $9.6 million primarily driven by
budget increases in in Culture and Recreation, General Government, Health and Human
Services, Judicial and Public Safety. Personnel costs were one of the main drivers of increase
over original budget in these service areas. Position reclassifications and cost-of-living increases
closely aligned with higher-than-average CPI indices better positioned the city within the
competing job market to retain qualified staff and attract new talent. Additional budget increases
included contracted services for citywide cleanup efforts; downtown cleaning services,
professional services for legal fees and merchant services; and funding to non-profit human
service agencies to support community needs. Actual expenditures came in $12.7 million less
than final budget due to ongoing personnel vacancies, and timing of executed contract services
and grant expenditures.
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The City of Renton’s investment in capital assets, including construction in progress and net of
accumulated depreciation, for governmental and business-type activities amounts to $926.2
million as of December 31, 2024, compared to $890.2 million in 2023.
Governmental activities showed an increase of $15.8 million which is attributed to several large
transportation capital projects. These largest projects include construction and completion of
Park Avenue Extension and Bronson Bridge, and ongoing construction of Rainier Avenue.
Businesses-type activities showed a net increase of $20.1 million attributed to a few large surface
water and sewer capital projects. The largest project was the construction of the Monroe Avenue
NE storm water retention basin.
As of December 31, 2024, depreciable capital assets for governmental activities were 43 percent
depreciated, equal to the 2023 rate. This comparison indicates the city is replacing its assets at
2024 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-12
2024 2023 2024 2023 2024 2023
General Obligation Bonds 22,400,000$ 24,395,000$ ‐$ ‐$ 22,400,000$ 24,395,000$
Revenue Bonds ‐ ‐ 8,020,000 10,565,000 8,020,000 10,565,000
Other Long‐Term Debt 17,629,468 18,775,194 23,503 298,021 17,652,971 19,073,214
Unamortized Premium (Discount) 2,244,073 2,452,965 151,858 202,477 2,395,931 2,655,442
Total 42,273,541$ 45,623,159$ 8,195,361$ 11,065,497$ 50,468,902$ 56,688,656$
LONG‐TERM DEBT
Governmental Activities Business‐Type Activities Total
the same rate that are depreciating, which is a positive indicator. More detailed capital asset
information is provided in Note 4 of the Notes to Financial Statements.
Debt Administration
The city’s total outstanding debt at December 31, 2024, was $50.5 million, a $6.2 million (12.3
percent) decrease from the prior year which is attributed to the city’s continued commitment to
paying down debt. More detailed debt information is provided in Note 10 of the Notes to Financial
Statements.
The City’s general obligation debt rating was upgraded to AAA by Standard and Poor in March
2019.
Washington State law limits the amount of general obligation debt a governmental entity may
issue to 7.5 percent of its total assessed value. Of the 7.5 percent limit, 2.5 percent is for general
purposes, 2.5 percent is for open spaces/parks, and 2.5 percent is for utilities. Of the general
obligation bonds, non-voted (limited tax) general obligation indebtedness is limited to 1.5 percent
of assessed valuation.
REQUESTS FOR FINANCIAL INFORMATION
This financial report is designed to provide our citizens, creditors, investors, and others interested
in the city’s finances with a general overview of the city’s finances and to show the city’s
accountability for financial resources it receives. If you have any questions about this report or
need additional information, please contact Kari Roller, Finance Administrator, 1055 South Grady
Way, Renton, WA 98057 or visit our web site at www.rentonwa.gov.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-13
Governmental
Activities
Business-type
Activities Total
ASSETS
Current assets:
Cash and cash equivalents 173,632,156$ 79,089,763$ 252,721,919$
Restricted cash and cash equivalents 1,094,734 - 1,094,734
Cash with fiscal agent 777,526 - 777,526
Investments at fair value 127,681,995 60,214,756 187,896,751
Receivables (net of allowance for uncollectibles)40,238,488 14,458,364 54,696,852
Internal balances (158,260) 158,260 -
Inventories 450,715 391,016 841,731
Prepayments 1,275,469 - 1,275,469
Notes and assessments receivable - 35,485 35,485
Total current assets 344,992,823 154,347,644 499,340,467
Noncurrent assets:
Restricted cash and cash equivalents - 2,810,145 2,810,145
Notes and assessments receivable - 6,313 6,313
Restricted receivable 2,822,651 - 2,822,651
Net pension asset 32,013,392 2,186,214 34,199,606
Investment in joint ventures (net)40,216,371 - 40,216,371
Capital assets:
Land 221,378,496 6,143,690 227,522,186
Construction in progress 41,925,765 20,602,979 62,528,744
Capital assets (net )315,606,351 317,620,273 633,226,624
Intangible assets (net)2,076,963 834,283 2,911,246
Total noncurrent assets 656,039,990 350,203,897 1,006,243,887
Total assets 1,001,032,813 504,551,541 1,505,584,354
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 23,313,899 3,091,239 26,405,138
Deferred amount on refunding 193,839 260,958 454,797
Total deferred outflows of resources 23,507,738 3,352,197 26,859,935
Total assets and deferred outflows of resources 1,024,540,551 507,903,738 1,532,444,289
LIABILITIES
Current liabilities:
Accounts payable and other current liabilities 15,959,808 5,433,507 21,393,315
Interest payable 144,349 17,397 161,746
Unearned revenue 6,143,136 541,989 6,685,125
Current portion of long-term liabilities 9,743,951 3,482,359 13,226,310
Total current liabilities 31,991,244 9,475,252 41,466,496
Noncurrent liabilities:
Noncurrent portion of long-term liabilities 74,661,382 7,548,354 82,209,736
Total noncurrent liabilities 74,661,382 7,548,354 82,209,736
Total liabilities 106,652,626 17,023,606 123,676,232
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 7,294,234 958,878 8,253,112
Deferred Inflows related to leases 897,491 106,782 1,004,273
Total deferred inflows of resources 8,191,725 1,065,660 9,257,385
Total liabilities and deferred inflows of resources 114,844,351 18,089,266 132,933,617
NET POSITION
Net investment in capital assets 551,984,271 334,434,587 886,418,858
Restricted for:
Debt Service 252,900 2,810,145 3,063,045
Grants and contributions 1,852,553 - 1,852,553
Pensions 32,013,392 2,186,214 34,199,606
Special purpose taxes & assessments 58,307,440 - 58,307,440
Unrestricted 265,285,644 150,383,526 415,669,170
Total net position 909,696,200$ 489,814,472$ 1,399,510,672$
Primary Government
City of Renton
Statement of Net Position
December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
The notes to the financial statements are an integral part of this statement.Basic Financial Statement, 4-1
Functions/ProgramsExpenses Charges for ServicesOperating Grants and ContributionsCapital Grants and ContributionsGovernmental ActivitiesBusiness-type ActivitiesTotalPrimary government:Governmental activities:Culture and recreation19,907,249$ 2,730,254$ 218,161$ 474,590$ (16,484,244)$ - $(16,484,244)$ Economic environment12,861,619 8,113,426 178,717 872,058 (3,697,418) - (3,697,418) General government15,306,366 4,228,470 1,952,258 - (9,125,638) - (9,125,638) Health and human services4,443,088 132,393 46,057 - (4,264,638) - (4,264,638) Judicial4,285,228 4,127,285 225,695 - 67,752 - 67,752 Public safety51,425,149 1,108,052 4,947,270 - (45,369,827) - (45,369,827) Transportation21,753,086 1,555,365 2,082,325 18,479,340 363,944 - 363,944 Utilities58,148 - - - (58,148) - (58,148) Interest on long-term debt832,975 - 32,358 - (800,617) - (800,617) Total governmental activities130,872,908 21,995,245 9,682,841 19,825,988 (79,368,834) - (79,368,834) Business-type activities:Airport3,445,628 4,570,941 72,855 757,831 - 1,955,999 1,955,999 Golf Course3,281,855 3,822,959 - - - 541,104 541,104 Solid Waste27,009,823 26,865,747 392,405 - - 248,329 248,329 Waterworks Utility58,700,608 66,683,475 328,708 16,712,802 - 25,024,377 25,024,377 Total business-type activities92,437,914 101,943,122 793,968 17,470,633 - 27,769,809 27,769,809 Total primary government223,310,822$ 123,938,367$ 10,476,809$ 37,296,621$ (79,368,834) 27,769,809 (51,599,025) 25,515,900 - 25,515,900 51,004,245 - 51,004,245 47,202,669 - 47,202,669 7,830,551 - 7,830,551 13,273,061 6,428,578 19,701,639 2,475,457 252,381 2,727,838 66,084 - 66,084 110,599 (110,599) - 147,478,566 6,570,360 154,048,926 68,109,732 34,340,169 102,449,901 843,857,031 456,329,281 1,300,186,312 Change in accounting principle(4,644,324) (854,978) (5,499,302) Error correction2,373,761 2,373,761 Total net position - January 1, restated841,586,468 455,474,303 1,297,060,771 909,696,200$ 489,814,472$ 1,399,510,672$ Net position - January 1, as previously presentedNet position - December 31TransfersTotal general revenues, special items, and transfersChange in net positionRetail sales taxesBusiness taxesExcise taxesMiscellaneousGain on disposal of capital assetsInterest and investment earningsNet (Expense) Revenue and Changes in Net PositionProgram RevenuesPrimary GovernmentGeneral revenues:Property taxesCity of RentonStatement of ActivitiesFor the Year Ended December 31, 20242024 Annual Comprehensive Financial ReportCity of Renton, WashingtonThe notes to the financial statements are an integral part of this statement.Basic Financial Statement, 4-2
General
Municipal Facilities
CIP Capital Improvement Total Nonmajor Funds
Total Governmental
Funds
ASSETS
Cash & cash equivalents 71,643,712$ 18,914,006$ 10,170,212$ 21,004,463$ 121,732,393$
Restricted cash, cash equivalents 1,094,734 - - - 1,094,734 Cash with fiscal agent 777,526 - - - 777,526 Investments at fair value 52,709,482 13,906,061 7,477,399 15,431,021 89,523,963
Receivables (net of allowance for uncollectible):Taxes 14,490,162 - 740,640 803,919 16,034,721 Customer accounts 12,882,042 87,678 3,488,159 62,242 16,520,121 Interest & penalties 505,294 91,961 53,800 144,121 795,176 Due from other funds 49 - - - 49 Due from other governments 1,041,498 101,745 4,524,915 4,256 5,672,414
Interfund loans 45,434 - - - 45,434
Advances due from other funds 53,584 - - - 53,584
Restricted receivable 2,822,651 - - - 2,822,651
Total assets 158,066,168 33,101,451 26,455,125 37,450,022 255,072,766
LIABILITIES
Accrued wages and benefits payable 3,217,120 - - - 3,217,120
Accounts payable 2,179,693 871,117 3,449,923 302,711 6,803,444
Retainage payable 23,110 56,881 34,005 - 113,996
Due to other funds 266,565 49 - - 266,614
Customer deposits 1,246,024 - - - 1,246,024
Unearned revenue 7,040,625 - - - 7,040,625
Total liabilities 13,973,137 928,047 3,483,928 302,711 18,687,823
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues 15,258,005 189,423 4,683,183 29,892 20,160,503
Deferred inflows related to leases 897,491 - - - 897,491
Total deferred inflows of resources 16,155,496 189,423 4,683,183 29,892 21,057,994
Total liabilities and deferred inflows of resources 30,128,633 1,117,470 8,167,111 332,603 39,745,817
FUND BALANCES (DEFICITS)
Restricted 2,597,900 7,229,062 16,965,923 30,797,358 57,590,243
Committed 2,644,773 13,664,730 4,906,875 730,923 21,947,301
Assigned 6,549,391 11,090,189 - 5,589,138 23,228,718
Unassigned 116,145,471 - (3,584,784) - 112,560,687
Total fund balances (deficits)127,937,535 31,983,981 18,288,014 37,117,419 215,326,949
Total liabilities, deferred inflows of resources, and fund balances (deficits 158,066,168$ 33,101,451$ 26,455,125$ 37,450,022$ 255,072,766$
City of Renton
Balance Sheet
Governmental Funds
December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
The notes to the financial statements are an integral part of this statement.Basic Financial Statement, 4-3
FUND BALANCES - TOTAL GOVERNMENTAL FUNDS $ 215,326,949
Amounts reported for governmental activities in the statement of net position are
different because:
Other non-current assets and deferred outflows of resources used in governmental
activities are not financial resources and, therefore, are not reported in the
governmental funds.
Investment in Joint Venture-SCORE 29,553,738
Investment in Joint Venture-Valley Communications 10,614,479
Investment in Joint Venture-File Local 48,154
Net pension assets 30,450,120
Deferred outflows related to pensions 21,103,483
Deferred outflows related to refundings 193,839 91,963,813
Capital assets used in governmental activities are not financial resources and,
therefore, are not reported in the governmental funds.
Land 221,378,496
Construction in progress 41,564,638
Capital assets (net of accumulated depreciation)302,659,211
Intangible assets (net of accumulated amortization)789,151 566,391,496
Other long-term assets are not available to pay for current period expenditures and,
therefore, are reported as unavailable revenue in the funds.
Property and business tax revenue 1,030,925
Photo enforcement revenue 9,652,211
Municipal court revenue 345,500
Intergovernmental revenue 5,111,178
Other 4,918,185 21,057,999
Certain liabilities are not due and payable in the current period and, therefore, are not
reported in the governmental funds.
Interest payable (144,349)
Bonds payable (41,607,663)
Leases payable (64,230)
Compensated absences (9,413,871)
Net pension liability (2,944,021)
Deferred inflows related to pensions (6,608,578) (60,782,712)
Accrued pension expense reported in the governmental funds is not included in the
calculation of the net pension liability.175,609
Internal service funds are used by management to charge the costs of certain
activities, such as equipment rental, self-insurance, information technology and
facility services to individual funds. The assets and liabilities of the internal service
funds are included in the governmental activities in the statement of net position.75,563,046
NET POSITION OF GOVERNMENTAL ACTIVITIES $ 909,696,200
Reconciliation of the Balance Sheet
To the Statement of Net Position
December 31, 2024
City of Renton
2024 Annual Comprehensive Financial Report City of Renton, Washington
The notes to the financial statements are an integral part of this statement.Basic Financial Statement, 4-4
General Municipal Facilities CIP Capital Improvement Total Nonmajor Funds
Total Governmental
Funds
REVENUES
Taxes 117,005,949$ -$ 3,325,701$ 10,790,447$ 131,122,097$
Licenses and permits 6,565,580 - - 45,005 6,610,585
Intergovernmental revenues 8,933,631 1,400,789 5,955,519 51,575 16,341,514
Charges for services 5,987,063 9,000 9,880 2,188,178 8,194,121
Fines and forfeits 3,899,080 - - 1,670 3,900,750
Contributions 233,686 - 4,806,648 441,851 5,482,185
Investment earnings 5,890,911 1,187,887 707,656 1,536,364 9,322,818
Miscellaneous revenue 3,096,178 - - 2,596 3,098,774
Total revenues 151,612,078 2,597,676 14,805,404 15,057,686 184,072,844
EXPENDITURES
Current:
Culture and recreation 16,334,563 780,598 - 49,862 17,165,023
Economic environment 12,461,905 - - 730,321 13,192,226
General government 15,499,295 2,456,288 - 412,724 18,368,307
Health and human services 3,952,799 - - 3,499 3,956,298
Judicial 4,493,094 - - - 4,493,094
Public safety 53,773,660 - - 274,337 54,047,997
Transportation 13,042,262 - 1,721,120 - 14,763,382
Debt service:
Principal payment - - - 1,995,000 1,995,000
Interest payment - - - 960,590 960,590
Capital outlay:
Culture and recreation 142,846 961,841 - - 1,104,687
Economic environment 11,149 - - - 11,149
General government - 1,542,369 - - 1,542,369
Health and human services - 527,205 - - 527,205
Public safety 57,349 - - 115,291 172,640
Transportation 106,254 - 17,936,159 - 18,042,413
Total expenditures 119,875,176 6,268,301 19,657,279 4,541,624 150,342,380
Excess (deficiency) of revenues over expenditures 31,736,902 (3,670,625) (4,851,875) 10,516,062 33,730,464
OTHER FINANCING SOURCES (USES)
Transfer in 983,468 9,837,858 2,954,000 3,120,775 16,896,101
Transfers out (15,029,799) (220,423) (18,000) (4,718,425) (19,986,647)
Proceeds from sale of capital assets 22,602 - - - 22,602
Insurance Recoveries 141,234 - - - 141,234
Total other financing sources (uses)(13,882,495) 9,617,435 2,936,000 (1,597,650) (2,926,710)
Net change in fund balances 17,854,407 5,946,810 (1,915,875) 8,918,412 30,803,754
Fund balances - January 1 110,083,128 26,037,171$ 20,203,889 28,199,007 184,523,195
Fund balances - December 31 127,937,535$ 31,983,981$ 18,288,014$ 37,117,419$ 215,326,949$
City of Renton
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
The notes to the financial statements are an integral part of this statement.Basic Financial Statement, 4-5
NET CHANGES IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS $ 30,803,754
Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures.However,inthe statement of activities the
cost of those assets is allocated over their estimated useful lives and reported as depreciation
expense. This is the amount by which depreciation and amortization expenses and the loss on transfer
of capital assets to other governments exceeded capital outlays.
Capital expenditures 21,400,463
Depreciation and amortization expense (12,293,162)
Book value of capital assets sold/abandoned (173,444) 8,933,857
Governmental funds report pension expenditures when due and payable from current financial
resources. However, in the statement of activities, pension expense is measured by the change in the
net pension assets, net pension liabilities, and related deferred outflows and inflows. This is the net
difference in pension expense.5,080,156
Donations of property and infrastructure from developers are not reported in the governmental funds.
However, in the statement of activities, the fair market value of those assets is recognized as revenue. 3,446,270
Revenues in the statement of activities that do not provide current financial resources are not reported
as revenue in the funds. Unavailable revenue changed by this amount. 5,159,010
The issuance of long-term debt (e.g., bonds, leases) provides current financial resources to
governmental funds, while the repayment of the principle of long-term debt consumes the current
financial resources of governmental funds. Neither transaction, however, has any effect on net
position. Also, governmental funds report the effect of premiums,discounts, and refundings when debt
is first issued, whereas these amounts are deferred and amortized in the statement of activities. This
amount is the net effect of these differences in the treatment of long-term debt and related items. 1,569,601
Increase (decrease) in Investment in Joint Ventures which do not provide current financial resources
and, therefore, are not reported in the funds.
Equity interest-SCORE 705,931
Equity interest-Valley Communications 954,168
Equity interest-FileLocal (27,472) 1,632,627
Internal service funds are used by management to charge the costs of certain activities to individual
funds. The net revenue (expense) of the internal service funds are reported with governmental
activities.11,484,457
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 68,109,732
For the Year Ended December 31, 2024
City of RentonReconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of the Governmental FundsTo the Statement of Activities
Governmental Activities
2024 Annual Comprehensive Financial Report City of Renton, Washington
The notes to the financial statements are an integral part of this statement.Basic Financial Statement, 4-6
Governmental
Activities
Solid Waste Waterworks Utility Total Nonmajor Funds Total Enterprise Funds Internal Service Funds
ASSETS
Current assets:
Cash & cash equivalents 2,752,569$ 66,815,140$ 9,522,054$ 79,089,763$ 51,899,763$
Investments at fair value 2,023,759 51,190,287 7,000,710 60,214,756 38,158,032
Receivables (net of allowance for uncollectible):
Customer accounts 1,816,246 6,668,587 167,811 8,652,644 889,040
Special assessments - 35,485 - 35,485 -
Interest & penalties 16,407 524,142 60,571 601,120 327,017
Due from other funds - 12,964 266,565 279,529 9,287
Due from other governments 337,605 4,794,097 72,898 5,204,600 -
Supplies inventory - 355,163 35,853 391,016 450,715
Prepayments - - - - 1,275,469
Total current assets 6,946,586 130,395,865 17,126,462 154,468,913 93,009,323
Noncurrent assets:
Restricted cash, cash equivalents - 2,810,145 - 2,810,145 -
Special assessments deferred - 6,313 - 6,313 -
Net Pension Asset 86,071 1,664,406 435,737 2,186,214 1,563,272
Capital assets:
Land - 2,676,410 3,467,280 6,143,690 -
Construction in progress - 18,264,734 2,338,245 20,602,979 361,127
Capital assets (net)- 299,541,788 18,078,485 317,620,273 12,947,140
Intangible assets (net) - 811,000 23,283 834,283 1,287,812
Total noncurrent assets 86,071 325,774,796 24,343,030 350,203,897 16,159,351
Total assets 7,032,657 456,170,661 41,469,492 504,672,810 109,168,674
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 121,703 2,353,418 616,118 3,091,239 2,210,416
Deferred amount on refunding - 260,958 - 260,958 -
Total deferred outflows of resources 121,703 2,614,376 616,118 3,352,197 2,210,416
Total assets and deferred outflows of resources 7,154,360 458,785,037 42,085,610 508,025,007 111,379,090
LIABILITIES
Current liabilities:
Accrued wages and benefits payable 27,754 484,539 126,790 639,083 453,767
Accounts payable 880,467 3,126,935 243,396 4,250,798 1,221,613
Due to other funds - 22,251 - 22,251 -
Retainage payable - 102,302 2,721 105,023 16,822
Interest payable - 17,397 - 17,397 -
Customer deposits - 37,780 400,823 438,603 -
Unearned revenue - 275,424 266,565 541,989 -
Claims incurred but not reported - - - - 3,062,633
Leases payable - - 1,911 1,911 528,677
Compensated absences 15,418 710,476 149,554 875,448 498,848
Revenue bonds payable - 2,605,000 - 2,605,000 -
Total OPEB Liability - - - - 1,276,510
Interfund loans - - 45,434 45,434 -
Total current liabilities 923,639 7,382,104 1,237,194 9,542,937 7,058,870
Noncurrent liabilities:
Leases payable - - 21,592 21,592 72,976
Compensated absences 12,366 842,032 187,278 1,041,676 551,760
Revenue bonds payable - 5,566,858 - 5,566,858 -
Net pension liability 36,151 699,064 183,013 918,228 656,588
Total OPEB liability - - - - 26,790,194
Interfund loans - - 53,584 53,584 -
Total noncurrent liabilities 48,517 7,107,954 445,467 7,601,938 28,071,518
Total liabilities 972,156 14,490,058 1,682,661 17,144,875 35,130,388
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 37,750 730,012 191,116 958,878 685,656
Deferred inflows related to leases - - 106,782 106,782 -
Total deferred inflows of resources 37,750 730,012 297,898 1,065,660 685,656
Total liabilities and deferred inflows of resources 1,009,906 15,220,070 1,980,559 18,210,535 35,816,044
NET POSITION
Net investment in capital assets - 310,619,653 23,814,934 334,434,587 13,603,574
Restricted for:
Debt Service - 2,810,145 - 2,810,145 -
Pensions 86,071 1,664,406 435,737 2,186,214 1,563,272
Unrestricted 6,058,383 128,470,763 15,854,380 150,383,526 60,396,200
Total net position 6,144,454$ 443,564,967$ 40,105,051$ 489,814,472$ 75,563,046$
Business-type Activities
City of Renton
Statement of Net Position
Proprietary Funds
December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
The notes to the financial statements are an integral part of this statement.Basic Financial Statement, 4-7
Governmental
Activities
Solid Waste Waterworks Utility Total Nonmajor Funds Total Enterprise Funds Internal Service Funds
OPERATING REVENUES
Charges for services 26,865,747$ 66,576,346$ 8,393,900$ 101,835,993$ 39,259,365$
Licenses and permits - 107,129 - 107,129 233,636
Total operating revenues 26,865,747 66,683,475 8,393,900 101,943,122 39,493,001
OPERATING EXPENSES
Supplies 31,803 1,267,759 553,092 1,852,654 3,708,264
Personnel Services 827,140 12,632,148 3,277,507 16,736,795 10,320,647
Contracted Services 24,770,365 29,022,117 1,488,382 55,280,864 7,740,080
Insurance - - - - 14,708,139
Taxes 1,380,513 5,596,922 25,267 7,002,702 5,020
Depreciation and amortization - 9,830,407 1,381,440 11,211,847 3,274,804
Total operating expenses 27,009,821 58,349,353 6,725,688 92,084,862 39,756,954
Operating income (loss)(144,074) 8,334,122 1,668,212 9,858,260 (263,953)
NONOPERATING REVENUES (EXPENSES)
Intergovernmental revenues 392,405 10,595,274 830,686 11,818,365 294,909
Miscellaneous revenue - 228,349 24,032 252,381 749,677
Investment earnings 198,304 5,523,616 706,658 6,428,578 3,950,243
Interest expense - (296,585) (1,793) (298,378) (45,648)
Insurance Recoveries - - - - 421,836
Gain (loss) on disposal of capital assets - (54,674) - (54,674) 119,660
Total nonoperating revenues (expenses)590,709 15,995,980 1,559,583 18,146,272 5,490,677
Income (loss) before contributions and transfers 446,635 24,330,102 3,227,795 28,004,532 5,226,724
Transfer in - - 164,955 164,955 4,151,145
Transfers out (9,185) (204,469) (61,900) (275,554) (950,000)
Capital contributions - 6,446,236 - 6,446,236 3,056,588
Change in net position 437,450 30,571,869 3,330,850 34,340,169 11,484,457
Total net position - January 1, as previously presented 5,714,063 413,690,897 36,924,321 456,329,281 62,197,243
Change in accounting principle (7,059) (697,799) (150,120) (854,978) (492,415)
Error correction - - - - 2,373,761
Total net position - January 1, restated 5,707,004 412,993,098 36,774,201 455,474,303 64,078,589
Total net position - December 31 6,144,454$ 443,564,967$ 40,105,051$ 489,814,472$ 75,563,046$
Business-type Activities
City of Renton
Statement of Revenues, Expenses, and Changes in Net Position
Proprietary Funds
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
The notes to the financial statements are an integral part of this statement.Basic Financial Statement, 4-8
GOVERNMENTAL
OTHER TOTAL ACTIVITIES
SOLID WATERWORKS ENTERPRISE ENTERPRISE INTERNAL SERVICE
WASTE UTILITY FUNDS FUNDS FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services $ 26,751,041 $ 66,760,347 $ 8,417,641 $ 101,929,029 $ 39,404,692
Cash paid to suppliers for goods & services (26,353,019) (33,139,799) (2,272,177) (61,764,995) (29,395,890)
Cash paid to employees (873,272) (13,232,597) (3,460,898) (17,566,767) (11,048,178)
Other non-operating receipts - 228,349 24,032 252,381 1,170,622
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES (475,250) 20,616,300 2,708,598 22,849,648 131,246
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds - - 164,955 164,955 4,151,145
Transfers to other funds (9,185) (204,469) (61,900) (275,554) (950,000)
Operating grants and contributions 92,218 10,628,771 838,705 11,559,694 295,800
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES 83,033 10,424,302 941,760 11,449,095 3,496,945
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Proceeds from the sale of equipment - - - - 222,228
System development charges - 1,651,782 - 1,651,782 -
Acquisition & construction of capital assets - (26,872,648) (1,805,998) (28,678,646) (4,047,417)
Special assessments - 77,748 - 77,748 -
Capital grants - (2,793,688) 191,090 (2,602,598) -
Capital replacement reserves received - - - - 3,056,588
Principal payments on debt - (2,868,266) (1,870) (2,870,136) (295,110)
Interest payments on debt - (214,825) - (214,825) (45,648)
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES - (31,019,897) (1,616,778) (32,636,675) (1,109,359)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for investments (255,221) (10,187,560) (2,078,700) (12,521,481) (8,363,106)
Interest paid on investments and loans 152,244 4,590,322 556,916 5,299,482 3,119,686
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (102,977) (5,597,238) (1,521,784) (7,221,999) (5,243,420)
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS (495,194) (5,576,533) 511,796 (5,559,931) (2,724,588)
CASH & CASH EQUIVALENTS, JANUARY 1 3,247,763 72,391,673 9,010,258 84,649,694 54,624,351
RESTRICTED CASH & CASH EQUIVALENTS, JANUARY 1 - 2,810,145 - 2,810,145 -
TOTAL CASH, RESTRICTED CASH, & CASH
EQUIVALENTS, DECEMBER 31 $ 2,752,569 $ 69,625,285 $ 9,522,054 $ 81,899,908 $ 51,899,763
City of Renton
BUSINESS-TYPE ACTIVITIES
ENTERPRISE FUNDS
Statement of Cash Flows
Proprietary Funds
Page 1 of 2
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
The notes to the financial statements are an integral part of this statement.Basic Financial Statement, 4-9
GOVERNMENTAL
OTHER TOTAL ACTIVITIES
SOLID WATERWORKS ENTERPRISE ENTERPRISE INTERNAL SERVICE
WASTE UTILITY FUNDS FUNDS FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss) $ (144,074) $ 8,334,122 $ 1,668,212 $ 9,858,260 $ (263,953)
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization - 9,830,407 1,381,440 11,211,847 3,274,804
Other non-operating revenue - 228,349 24,032 252,381 1,170,622
(Increase) decrease in accounts receivable
and accrued interest and penalties (114,706) 39,423 54,958 (20,325) (88,309)
Increase (decrease) in due from
other funds 20,909 194,030 (235,381) (20,442) (9,287)
(Increase) decrease in inventory
& prepaid items - (30,274) 5,651 (24,623) (496,866)
(Increase) decrease in net pension asset
and deferred outflows related to pensions (46,250) 2,614 (82,709) (126,345) (56,108)
Increase (decrease) in operating
accounts payable (191,247) 2,560,992 85,647 2,455,392 40,872
Increase (decrease) in operating
retainage payable - - - - (36,735)
Increase (decrease) in due to
other funds - 22,251 (46,775) (24,524) (42,365)
Increase (decrease) in other
short-term liabilities - 48,648 - 48,648 85,804
Increase (decrease) in
customer deposits - (15,651) 19,002 3,351 -
Increase (decrease) in
unearned revenues - 53,100 (54,033) (933) -
Increase (decrease) in
OPEB liability - - - - (2,775,810)
Increase (decrease) in accrued
employee wages and benefits 16,792 173,696 68,643 259,131 70,985
Increase (decrease) in net pension liability
and deferred inflows related to pensions (16,674) (825,407) (169,325) (1,011,406) (742,408)
Increase (decrease) in
deferred inflows related to leases - - (10,764) (10,764) -
Total adjustments (331,176) 12,282,178 1,040,386 12,991,388 395,199
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES $ (475,250) $ 20,616,300 $ 2,708,598 $ 22,849,648 $131,246
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Contributions of capital assets $- $ 3,874,102 $- $ 3,874,102 $-
Depreciation & amortization $- $ 9,830,407 $ 1,381,440 $ 11,211,847 $ 3,274,804
Increase (decrease) in fair value of investments $ 38,048 $ 933,294 $ 122,288 $ 1,093,630 $689,690
City of Renton
BUSINESS-TYPE ACTIVITIES
ENTERPRISE FUNDS
Statement of Cash Flows
Proprietary Funds
Page 2 of 2
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
The notes to the financial statements are an integral part of this statement.Basic Financial Statement, 4-10
Pension (and Other
Employee Benefit) Trust
Funds Custodial Funds
ASSETS
Cash & cash equivalents 5,354,937$ 925,656$
Investments at fair value:
Certificates of deposit 554,710 -
Federal Home Loan Mortgage Corporation 208,025 -
Federal Farm Credit Bank 418,473 -
Federal Home Loan Bank 751,591 -
Federal National Mortgage Association 506,873 -
US Treasury 1,497,414 -
US Treasury Strip 370,127 -
Receivables (net allowance for uncollectible):
Interest & penalties 824,631 -
Customer accounts - 45,835
Total assets 10,486,781 971,491
LIABILITIES
Due to other governments - 207,453
Total liabilities - 207,453
NET POSITION
Restricted for:
Other governments, organizations, and individuals - 764,038
Pensions 10,486,781 -
Total net position 10,486,781$ 764,038$
City of Renton
Statement of Fiduciary Net Position
December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
The notes to the financial statements are an integral part of this statement.Basic Financial Statement, 4-11
Pension (and Other
Employee Benefit) Trust
Funds Custodial Funds
ADDITIONS
Investment earnings 488,206$ -$
Total investment earnings 488,206 -
Contributions:
Custodial collections - courts - 172,105
Custodial collections - other governments - 2,614,458
Custodial collections - other individuals and organizations - 269,343
Total contributions - 3,055,906
Total additions 488,206 3,055,906
DEDUCTIONS
Administrative and general 7,398 -
Benefit payments 261,512 -
Custodial distributions - courts - 159,249
Custodial distributions - other governments - 2,108,637
Custodial distributions - other individuals and organizations - 240,757
Total deductions 268,910 2,508,643
Net increase (decrease) in fiduciary net position 219,296 547,263
Net Position - January 1 10,267,485 216,775
Net Position - December 31 10,486,781$ 764,038$
City of Renton
Statement of Changes in Fiduciary Net Position
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
The notes to the financial statements are an integral part of this statement.Basic Financial Statement, 4-12
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Renton’s financial statements have been prepared in conformity with accounting
principles generally accepted in the United States (GAAP), as applied to governments. The
Governmental Accounting Standards Board (GASB) is the standard setting body for governmental
accounting and financial reporting.
For the reporting year ended December 31, 2024, the city has implemented the following GASB
Statements:
GASB Statement No. 100, Accounting Changes and Error Corrections – the primary purpose
of this Statement is to enhance accounting and financial reporting requirements for
accounting changes and error corrections to provide more understandable, reliable,
relevant, consistent, and comparable information for making decision or assessing
accountability. This is achieved by retroactively reporting accounting changes and error
corrections by adjusting and restating the beginning balances of the current period, as
applicable.
GASB Statement No. 101, Compensated Absences – the implementation of this Statement
requires that liabilities for compensated absences be recognized for leave that has not been
used and leave that has been used but not yet paid in cash or settled through noncash
means. The liability for compensated absences is to be reported with the use of a unified
recognition and measurement model that more appropriately reflects when a government
incurs an obligation.
A. REPORTING ENTITY
The City of Renton was incorporated on September 6, 1901 and operates under the laws of the
State of Washington applicable to a Non-Charter code city with a mayor/council form of
government. A full-time mayor and seven part-time council members serve the city, all elected at
large to four-year terms. The city provides the full range of municipal services authorized by state
statutes, together with a Municipal Airport, a Waterworks Utility, a Solid Waste Utility, and a
Municipal Golf Course.
The City of Renton has no component units (either blended or discretely presented) included in
these statements. The City of Renton’s Mayor appoints the Governing Board for the Renton
Housing Authority, which is not considered a component unit of the city. The city is under no
obligation to subsidize, nor does it exercise any other prerequisite for inclusion.
B. BASIS OF PRESENTATION
The city’s basic financial statements include both government-wide statements and fund financial
statements. The government-wide statements report financial information for the city as a whole,
while the fund statements present detailed financial information at the fund level. The city’s
fiduciary funds are presented in the fund financial statements. Since the assets are being held for
the benefit of a third party and cannot be used for obligations of the city, they are not included in
the government-wide statements.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-13
Government-wide financial statements
In the government-wide statement of net position, governmental and business-type activities
are reported. Governmental activities are mostly supported by taxes, intergovernmental revenue,
and other non-exchange transactions. The governmental activities column includes the
combined data from all governmental funds and internal service funds. Business-type activities
mostly rely on fees and charges for services to external customers and include data from the
city’s enterprise funds.
The government-wide statement of activities presents a comparison between direct expenses
and program revenues for each of the city’s governmental activities (general government, judicial,
public safety, utilities, transportation, economic environment, health and human services, and
culture and recreation) and for each identifiable business-type activity (waterworks utility, airport,
solid waste utility, and golf course). Direct expenses are those that are specifically associated with
a function and therefore clearly identifiable to that particular function.
The statement of activities reports the expenses of a given function offset by a program revenue
directly associated with the functional program. Program revenues include: 1) charges for services
which reports fees and charges for users of the city’s service, 2) operating grants and contributions
which support annual operating activities, and 3) capital grants and contributions which finance
the acquisition, construction, or rehabilitation of capital assets. For determining the function,
charges for services are tied to the function that generates the revenue and grants and
contributions are tied to the function in which functional use they are restricted towards.
Taxes and other sources that are not directly related to a program are reported as general
revenue. The comparison of direct expenses with program revenues identifies the extent each
governmental function and business activity are self-sustaining and requires a draw from the
general revenues of the city.
Generally, the effect of interfund activity has been eliminated from the government-wide financial
statements, apart from various charges for services among different functions within the
government. Elimination of these charges would distort the direct costs and program revenues
reported for the various functions involved.
Fund financial statements
The city’s activities are tracked in individual funds to segregate the transactions to aid in financial
management and, in some cases, demonstrate legal compliance. The fund financial statements
are intended to present the city’s financial activities at a more detailed level. Separate financial
statements are provided for each fund category - governmental, proprietary, and fiduciary funds.
Each of the city’s major funds, within each fund category, are presented in a separate column. All
non-major funds, within each fund category, are aggregated into one column; internal service
funds are aggregated into one column and reported on the face of the proprietary fund statements;
and fiduciary funds are reported by type.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-14
The city reports the following major governmental funds:
General Fund is the primary operating fund of the city. It is used to account for the resources
and disbursements of ordinary city operations that are not required to be accounted for in another
fund. These include the costs of legislative and executive departments, court services, finance
and legal departments, development services and police departments, human resources and
technical services, community services, parks, economic development, streets, property
management for city owned leased facilities, farmers market, and museum. The major sources
of revenue are property taxes, utility taxes, and sales taxes. Licenses and permits, charges for
services, and fines and forfeits provide additional support. Community development block grant
activities are also accounted for within this fund, which is federally funded.
Municipal Facilities CIP accounts for all the City of Renton parks and facilities related capital
projects (new construction, major maintenance, and improvements). Many of the projects are
dependent on grants, levies, taxes, and mitigation revenue.
Capital Improvement Fund accounts for transportation capital projects, many of which are
dependent on the acquisition of various state and federal grant programs and impact mitigation
fees.
The city reports the following major enterprise funds:
Solid Waste Fund accounts for solid waste, recycling, and yard waste collection services for the
city and is supported entirely by service fees. The expenses include payment to the city’s garbage
contractor and other service charges.
Waterworks Utility Fund accounts for all operating and capital investment programs for water,
wastewater, and storm water services within the city. The operating activities are primarily
supported by user fees and include administration, billings and collections, debt service,
engineering and operation, maintenance and repairs. The primary resources for capital investment
programs are revenue bond proceeds, grants (as available), and utility connection charges.
Additionally, the government reports the following fund types:
Internal Service Funds include 1) the equipment rental fund (equipment replacement,
information technology, facilities, and communications) and 2) the insurance fund (including risk
management, workers compensation, unemployment compensation, and employee health care
program). The equipment rental fund factors all costs, including depreciation, into the rates
charged to each user department. The insurance fund pays expense and rates are charged to
departments based on use and/or coverage requirements.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-15
The city reports the following fiduciary funds:
Pension Trust Fund accounts for the payment of administrative costs and benefits for retired
firefighters and their beneficiaries, who were employed prior to March 1, 1970. Primary revenue
source is investment income.
Custodial Funds accounts for Administrative Office of the Courts mandated fees, taxes, permit
revenue, human services payments, and other fees collected on behalf of other agencies.
Additionally, the government reports the following funds in the combining statements:
Special Revenue Funds are used to account for specific revenues that are restricted by
external parties or committed through enabling legislation for particular purposes.
Debt Service Funds account for the accumulation of resources for and the payment of general
obligation and special assessment bonds.
During the course of operations, the city has activity between funds for various purposes. Any
residual balances outstanding at year-end are reported as due to/from other funds and advances
to/from other funds. While these balances are reported in the fund financial statements, certain
eliminations are made in the preparation of the government-wide financial statements. Balances
between funds included in the governmental activities (generally between governmental and
internal service funds) are eliminated so that only the net amount is included as internal balances
in the governmental activities column. Similarly, balances between the funds included in the
business-type activities are eliminated so that only the net amount is included as internal balances
in the business-type activities column.
Further, certain activity occurs during the year involving transfers of resources between funds.
In fund financial statements these amounts are reported as gross amounts as transfers in/out.
While reported in fund financial statements, certain eliminations are made in the preparation of
government-wide financial statements. Transfers between the funds included in governmental
activities are eliminated so that only the net amount is included as transfers in the governmental
activities column. Similarly, balances between the funds included in business-type activities are
eliminated so that only the net amount is included in transfers in the business-type activities
column.
C. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING
Basis of accounting refers to the point at which revenue or expenditure/expense transactions or
events are recognized in the accounts and reported in the financial statements. Measurement
focus is measured one of two ways: either the current financial resource or the economic resource
method.
Government-wide financial statements are prepared using the economic resources
measurement focus and the accrual basis of accounting. Revenues are recorded when earned
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-16
and expenses are recorded when the liability is incurred, regardless of the timing of related cash
flows. Property taxes are recognized as revenue in the year they are levied, and grants are
recognized as revenue as soon as all eligibility requirements have been met.
Governmental fund financial statements use a different measurement focus from the
proprietary fund statements and government-wide statements. The governmental fund financial
statements use the current financial resources measurement and the modified accrual basis of
accounting. Revenues are recognized as soon as they are both measurable and available.
Revenues are considered to be available when they are collectible within the current reporting
period or soon enough thereafter to pay liabilities of the current period.
The city considers revenues available if they are collected within 60 days of the end of the current
fiscal period. Expenditures are generally recorded when a liability is incurred, the same as accrual
accounting. However, debt service expenditures, as well as expenditures related to compensated
absences, and claims and judgements are recorded only when payment is due. General capital
asset acquisitions are reported as current expenditures in governmental funds. Issuance of long-
term debt and capital lease acquisitions are reported as other financing sources.
Property taxes, sales tax, franchise taxes, licenses, and interest associated with the current period
are all considered susceptible to accrual and have been recognized as revenue in the current fiscal
period. Expenditure-driven grants are recognized as revenue when the qualifying expenditure
amount is received during the period or within the availability period for this revenue source. All
other revenue is considered measurable and available only when the cash is received by the city.
Since the measurement focus between the governmental fund financial statements and the
governmental activities in the government-wide statements vary, a detailed reconciliation is
included in the fund statements to identify the relationship between the two statement types.
Proprietary and fiduciary fund financial statements are reported using the economic
resources measurement focus and accrual basis of accounting, the same as the government-wide
statements.
D. ASSETS, LIABILITIES, DEFERRED OUTFLOWS/INFLOWS OF RESOURCES, AND NET
POSITION/FUND BALANCE
1. Cash and Cash Equivalents
The city has defined cash and cash equivalents as cash on hand, demand deposits, and all
highly liquid investments (including restricted assets) with maturity of three months or less
when purchased. These amounts are classified on the balance sheet or in the statement of
net position as cash and cash equivalents or investments in the various funds. Included in this
category are all funds invested in the Local Government Investment Pool. Excluded from this
category are cash balances held by Fiscal Agents since the city does not have discretionary
use of these funds.
Most of the city’s cash balances are pooled and invested. Interest earned from investments
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-17
purchased with pooled cash is allocated monthly to each fund based on the fund’s beginning
equity balance in the pooled fund.
2. Investments
Investments are recorded at amortized cost or at fair value in accordance with GASB Statement
No. 72, Fair Value Measurement and Application. Accordingly, the change in fair value of
investments is recognized as an increase or decrease to investment assets and investment
income.
3. Receivables
Receivables have been reported net of estimated uncollectible accounts. Because property
taxes, special assessments, and utility billings are considered liens on property, no estimated
uncollectible amounts are established.
Taxes receivable consists of property taxes, utility taxes, gambling taxes, business &
occupation taxes, sales & use taxes, and admission taxes. Property taxes are an enforceable
lien on real property and are due the first day of the levy year and may be paid in two equal
installments. The first half is due April 1, and the balance is due October 31. The city collects
approximately 99% of the property tax due in the year it is levied, and delinquent taxes are
collected within the following few years.
Property tax due, but not collected within 60 days of year end, is recorded as a receivable and
offset by deferred inflow of resources – unavailable revenue. There is no allowance for
uncollectable property tax because historically all taxes are collected and/or enforceable via
lien (refer to Note 3 for more information).
Accrued interest receivable consists of amounts earned on investments, notes, and contracts.
Customer accounts receivable consists of amounts owed from private individuals or
organizations for goods and services. If the transactions are receivable from another
governmental unit, it is accounted for within “due from other governments.”
Special assessments are recorded when levied and are liens against the property benefited.
Special assessments receivable consists of current and delinquent assessments. Amounts not
due within one year are reported as deferred inflows of resources in the governmental fund
statements.
Restricted receivable consists entirely of the city's anticipated future revenue from the national
opioid settlement through the State of Washington. This revenue will be restricted upon receipt
and the receivable will be drawn down each year with annual payments over the next 15 years.
The number may vary as more settlements are reached in future years.
4. Internal Balances, Interfund Loan Receivables/Payable and Due To/From Other Funds
Activities between funds that are representative of lending/borrowing arrangements
outstanding at the end of the fiscal year are referred to as interfund loans receivable/payable.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-18
All other outstanding balances between funds are reported as due to/from other funds. These
amounts are eliminated within the governmental activities and business-type activities in the
government-wide statement, except for the residual balances outstanding between the
governmental activities and business-type activities, which are reported as internal balances.
Refer to Note 9 for a detailed summary of interfund activity.
5. Inventories and Prepaid items
All city inventories are maintained on a consumption basis of accounting where items are
purchased for inventory and charged to the budgetary accounts as the items are consumed.
Any material inventories at year-end are included in the balance sheet of the appropriate fund.
All inventories are carried at cost on the first in, first out – FIFO basis, except for the Public
Works Maintenance shops inventory. The value of this inventory is calculated using the average
cost method. The cost of inventories are recorded as an expenditure/expense when consumed
rather than when purchased.
Certain payments to vendors reflect costs applicable to future accounting periods and are
reported as prepaid items in both the government-wide and fund statements.
6. Capital Assets
General capital assets are those assets not specifically related to activities reported by the
proprietary funds. These assets generally result from expenditures in governmental funds or
contributions. The city reports these assets in the governmental activities column of the
government-wide statement of net position but does not report these assets in the
governmental fund financial statements. Capital assets utilized by the propriety funds are
reported both in the business-type activities of the government-wide statement of net position
and in the proprietary fund statement of net position.
All capital assets are valued and capitalized at cost (or estimated historical cost when actual
historical cost is unknown) and updated for additions and retirements during the year. Donated
capital assets are recorded at their acquisition value as of the date received. The city maintains
separate capitalization thresholds by asset category with an estimated useful life in excess of
one year.
The threshold is $5,000 for all categories except for buildings and structures, which have a
threshold of $25,000, and other improvements, which has a threshold of $50,000.
Improvements to city assets and infrastructure are capitalized, but the cost of normal
maintenance and repairs that do not extend the useful life, or increase capacity or efficiency,
are expensed.
All capital assets, other than land, right-of-ways, water rights, and construction in progress, are
depreciated using the straight-line method over the following estimated useful lives:
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-19
Amortization on all intangible assets is provided on the straight-line basis over the estimated
useful life.
Lease assets are the result of implementing GASB 87. These are recorded based on the amount
of the initial liability, plus any payments made to the lessor at or before the beginning of the
lease term. Refer to Note 13 for more information on leases.
Subscription-based Information Technology Arrangement (SBITA) assets are the result of
implementing GASB 96. These are recorded based on the amount of initial subscription liability,
plus any payments made to the SBITA vendor at the beginning of the subscription term, as well
as any capitalizable implementation costs. Refer to Note 12 for more information on SBITA’s.
7. Other non-current Assets
A portion of notes and special assessments receivable are collectible in greater than one year.
This long-term portion of the receivable is reported as another non-current asset.
Investment in joint ventures consists of the city’s equity balances and investment in debt of
Valley Communications Center, South Correctional Entity and Washington Multi-City Business
License and Tax Portal Agency (see also Note 11).
8. Leases and SBITAs
Lessee/SBITA: The city recognizes a lease liability and an intangible right-to-use lease asset in
the government-wide and proprietary fund financial statements. The city recognizes lease
liabilities with an initial, individual value of $5,000 or more.
The lease asset is amortized using the straight-line basis method over its useful life.
Governmental funds recognize a capital outlay and other financing source at the
commencement of a new lease. Lease payments in governmental funds are reported as debt
service principal and debt service interest expenditures.
The city uses the interest rate charged by the lessor as the discount rate. When the interest rate
charged by the lessor is not provided, the city generally uses its incremental borrowing rate as
the discount rate for leases.
The city monitors changes in circumstances that would require a remeasurement of its lease
and will remeasure the lease asset and liability if certain changes occur that are expected to
significantly affect the amount of the lease liability.
Capital Asset Class
Estimated
Useful Life
Buildings and structures, excluding utilities 7-60 years
Other improvements 5-80 years
Utility plant 10-50 years
Machinery and equipment 3-40 years
Infrastructure 7-100 years
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-20
Lessor: The city recognizes a lease receivable and a deferred inflow of resources in the
government-wide and fund financial statements.
The deferred inflow of resources is recognized as revenue over the life of the lease term using
the straight-line basis method.
The city uses its estimated incremental borrowing rate as the discount rate for leases. This is
the rate the lessee would be charged for borrowing the lease payment amounts during the lease
term.
The city monitors changes in circumstances that would require a remeasurement of its lease
and will remeasure the lease receivable and deferred inflows of resources if certain changes
occur that are expected to significantly affect the amount of the lease receivable.
9. Deferred outflows/inflows of resources
In addition to assets, the statement of financial position will report a separate section for
deferred outflows of resources. This separate financial statement element, deferred outflow of
resources, represents a consumption of net assets that applies to a future period and will not
be recognized as an outflow (expense/expenditure) until that reporting period. The city has two
items that qualify for reporting in this category. Deferred amount on refunding is reported on
the government-wide statement of net position and the proprietary fund statement of net
position.
A deferred amount on refunding results from the difference in the carrying value of refunded
debt and its reacquisition price. This amount is deferred and amortized over the life of the
refunded or refunding debt, whichever is shorter. Deferred amounts related to pensions are
differences between actual and projected experience, investment earnings and actuarial
assumptions, changes in proportion, and the city’s contributions to pensions subsequent to
the measurement date, which was June 30, 2024, provided by the State of Washington. Refer
to Note 5 for more information on pensions.
In addition to liabilities, the statement of financial position will report a separate section for
deferred inflows of resources. This separate financial statement element represents an
acquisition of net assets that applies to a future period(s) and so will not be recognized as an
inflow of resources (revenue) until that time (in prior years this inflow was recognized as
“deferred revenue” within the liabilities). The city has four items that it reports as a deferred
inflow of resources. Unavailable revenue arises only on the modified accrual basis, in the
governmental fund balance sheet. The amount reported in unavailable revenue is comprised
of multiple sources, including delinquent municipal court receivables, delinquent photo
enforcement receivables, delinquent property tax receivables, and other like grants. These
amounts are deferred and recognized as revenue in the period the amounts become available.
On the government-wide statements (accrual basis of accounting) the amounts are considered
available and recognized as inflow of resource in the current period. Deferred amount of
special assessments is the long-term principal due to the city from special assessment
connections. This amount is only reported in the governmental fund balance sheet. Deferred
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-21
amounts related to pensions are the differences between actual and projected experience,
investment earnings and actuarial assumptions, and changes in proportion. Refer to Note 5 for
more information on pensions. Deferred amounts related to leases is the liability the city takes
on when entering into a lease agreement. Refer to Note 13 for more information on leases.
10. Unearned Revenues
This account includes amounts collected in advance for services not yet rendered. The
amounts are subject to return to the payor in the event the associated services are not
performed.
11. Customer Deposits
This amount reflects the net monetary liability of customer deposits for special deposit funds.
This includes security deposits for lessees, gift certificates for the Maplewood Golf Course, and
on account credits.
12. Compensated Absences
The city’s policy permits employees to accumulate earned but unused vacation leave benefits,
which are eligible for payment upon separation from city service. The city accrues
accumulated unpaid vacation and sick leave when earned by the employee. The total
compensated absences liability is reported on the government-wide statements and in each
proprietary fund.
13. Fund Equity
Fund equity at the governmental fund level is classified as fund balance. Fund equity for all
other reporting is classified as net position.
Fund balance represents the difference between the current assets and deferred outflows of
resources and current liabilities and deferred inflows of resources in the governmental fund
financial statements. Fund balance classifications comprise of a hierarchy based primarily on the
extent to which the city is bound to honor constraints on the specific purpose for which amounts
in those funds can be spent.
Fund balances are classified as follows:
a. Nonspendable – items that cannot be spent due to form; inventories, prepaid amounts, long-
term loan receivables, or amounts that must be maintained intact legally.
b. Restricted – amounts constrained for specific purposes imposed through the judicial process
and enabling legislation adopted by the city; or through external restrictions imposed by
creditors, grantors, or laws or regulations of other governments.
c. Committed – amounts constrained by the city council. Only the council can, by ordinance,
establish, modify, or rescind constraints on committed fund balances.
d. Assigned – constraints imposed by the city council for amounts intended for specific purposes,
but do not meet the criteria of restricted or committed. It is the city’s policy that intent of
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-22
use can be assigned by the city council, or by a designated official, adopted through either the
biennial budget ordinance or an amending budget ordinance. For governmental funds, other
than the General Fund, the residual fund balance that is not restricted or committed is reported
as assigned because the use of fund balance, at a minimum, should be used for the purpose of
that fund. Additional action does not need to be taken to remove an assignment, whereas
additional action is essential to remove a commitment.
e. Unassigned – any remaining fund balance in the General Fund that does not meet any of the
above criteria. The General Fund is the only fund that reports a positive unassigned fund
balance amount. In other governmental funds, not the General Fund, may report a negative
unassigned fund balance if expenditures incurred for a specific purpose exceed the amounts of
restricted, committed, or assigned amounts to those purposes.
The following shows the composition of the fund balance in governmental funds for the year
ended December 31, 2024:
General
Municipal
Facilities CIP
Capital
Improvement
Other
Governmental Total
Restricted
Police Seizure Funds -$ $ - $ - $ 794,518 $ 794,518
Police CSAM Funds - - - 133,346 133,346
Shop with a Cop 6,764 - - - 6,764
Parks Memorial 1,034 - - - 1,034
Judicial Capital Improvements 95,562 - - - 95,562
Housing and Supportive Services - - - 16,260,890 16,260,890
Opioid Settlement - Cash 1,094,734 - - - 1,094,734
Affordable Housing 278,852 - - - 278,852
Debt Service - - - 252,900 252,900
Summer Lunch Program 3,439 - - - 3,439
Affordable Housing Development - - - 294,428 294,428
WSCJTC One Time Legislative Funding 41,666 - - - 41,666
Sr Center Advisory Committee 9,174 - - - 9,174
CDBG Loans Outstanding 656,510 - - - 656,510
Tourism Promotion - - - 1,208,534 1,208,534
Renton Community Marketing Campaign - - - 36,220 36,220
Cable Communications - - - 384,705 384,705
Facilities Capital Improvements - 730 - - 730
Park Capital Improvements - 2,113,713 - 361,573.0 2,475,286
Fire Capital Improvements - - - 2,489 2,489
Transportation Capital Improvements - - 16,965,923 3,631,824.0 20,597,747
REET 1 Capital Projects - 3,249,892 - 5,086,839 8,336,731
REET 2 Captial Projects - 1,683,958 - 2,324,441 4,008,399
Renton School District Impact Mitigation - - - 19,386 19,386
Issaquah School District Impact Mitigation - - - 420 420
Kent School District Impact Mitigation - - - 4,845 4,845
Sunset Lane Latecomer Assessment 410,165 - - - 410,165
Community Garden Improvements - 2,483 - - 2,483
Urban Forestry Program - 178,286 - - 178,286
Total Restricted 2,597,900 7,229,062 16,965,923 30,797,358 57,590,243
December 31, 2024
Governmental Fund Balances
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-23
Negative unassigned fund balance is allowable under GASB 54, paragraph 19, as there cannot
be a negative assigned fund balance; any negative fund balance is to be reported as unassigned.
The negative unassigned fund balance is the result of $4.6 million of unavailable revenue from
contributions and grants. The Capital Improvement Fund reported a negative unassigned fund
balance of ($3,584,784) as of December 31, 2024.
Fund balance flow assumptions are made when multiple categories of fund balance are
available for incurred expenditures. It is the city’s policy to consider restricted fund balance to
have been depleted before using any of the components of unrestricted fund balance (the total
of committed, assigned, and unassigned fund balance). Further, when the components of
unrestricted fund balance can be used for the same purpose, committed fund balance is
depleted first, followed by assigned fund balance. Unassigned fund balance is applied last.
Net position reflects the difference between assets and liabilities, in the government-wide and
proprietary fund statement of net position. The component net investment in capital assets
consists of capital assets, net of accumulated depreciation, reduced by any outstanding
balances of any borrowing (ex. bonds or loans and related deferred amounts on refunding)
for the acquisition, construction, or improvement of those assets as well as any capital related
debt (ex. vouchers payable, accounts payable, retainage payable). The net position is reported
as restricted when there are limitations imposed on their use either through enabling
legislation adopted by the city or through external restrictions imposed by creditors, grantors,
or laws or regulations of other governments. There are multiple ways to calculate the
restricted net position related to each individual pension plan’s net pension asset. The city
chooses to use the method preferred by the Governmental Accounting Standard Board where
General
Municipal
Facilities CIP
Capital
Improvement
Other
Governmental Total
Committed
Public Art 144,773 - - - 144,773
Facilities Capital Improvements - 11,269,422 - - 11,269,422
Economic Development Reserve 2,500,000 - - - 2,500,000
Park Capital Improvements - 2,279,577 - - 2,279,577
Springbrook Wetlands Impact Mitigation - - - 730,923 730,923
Transportation Capital Improvements - - 4,906,875 - 4,906,875
Economic Development Projects - 115,731 - - 115,731
Total Committed 2,644,773 13,664,730 4,906,875 730,923 21,947,301
Assigned
Farmer's Market 94,399 - - - 94,399
Community Services 3,813,842 - - - 3,813,842
Family First Center - 3,957,719 - - 3,957,719
Leased City Properties 602,482 - - - 602,482
Economic Development Reserve 317,518 - - - 317,518
Debt Service - - - 5,589,138 5,589,138
Street Maintenance 1,714,400 - - - 1,714,400
Misc Capital Projects - 7,132,470 - - 7,132,470
AWC Project Be Free 6,750 - - - 6,750
Total Assigned 6,549,391 11,090,189 - 5,589,138 23,228,718
Unassigned
Unassigned 116,145,471 - (3,584,784) - 112,560,687
Total Unassigned 116,145,471 - (3,584,784) - 112,560,687
Total fund balances 127,937,535$ 31,983,981$ 18,288,014$ 37,117,419$ 215,326,949$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-24
the restricted net position is equal to the net pension asset; both the deferred inflows and
deferred outflows are excluded from the calculation. The balance of the net position is
reported as unrestricted.
The following shows the composition of the restricted net position balances reported in the
government-wide and proprietary fund statements for the year ended December 31, 2024:
Net position flow assumptions are made to calculate the amounts to be reported as
restricted net position and unrestricted net position on the government-wide and proprietary
fund statements. It is the city’s policy to consider restricted net position to have been depleted
before unrestricted net position.
Minimum fund balance policy is adopted by city council to maintain a minimum level of
unrestricted fund balance in the general fund. The target level is set at 12 percent, with a
Governmental
Activities
Business-Type
Activities
Restricted Net Position
Pensions $ 32,013,392 2,186,214$
Police Seizure Funds 794,518 -
Police CSAM Funds 133,346 -
Shop with a Cop 6,764 -
Affordable Housing 278,852 -
Judicial Capital Improvements 95,562 -
Housing and Supportive Services 16,260,890 -
Opioid Settlement - Cash 1,094,734 -
WSCJTC One Time Legislative Funding 41,666 -
Summer Lunch Program 3,439 -
Affordable Housing Development 294,429 -
Sunset Lane Latecomer Assessment 410,165 -
Sr Center Advisory Committee 9,174 -
CDBG Loans Outstanding 656,510 -
Tourism Promotion 1,208,534 -
Renton Community Marketing Campaign 36,219 -
Cable Communications 384,705 -
Park Capital Improvements 2,475,286 -
Parks Memorial 1,034 -
Facilities Capital Improvements 730 -
Fire Capital Improvements 2,489 -
Transportation Capital Improvements 20,597,747 -
REET 1 Capital Projects 8,336,731 -
REET 2 Captial Projects 4,008,399 -
Renton School District Impact Mitigation 19,386 -
Issaquah School District Impact Mitigation 420 -
Kent School District Impact Mitigation 4,845 -
Community Garden Improvements 2,483 -
Urban Forestry Program 178,286 -
Opioid Settlement - Receivable 2,822,651 -
Debt Service 252,900 2,810,145
Total Restricted Net Position $ 92,426,285 $ 4,996,359
December 31, 2024
Restricted Net Position
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-25
minimum of 8 percent, of general fund operating expenditures. This amount is intended to
provide fiscal stability when economic downturns and other unexpected events occur.
Stabilization fund policy was adopted by the city to help provide stability through uncertain
times. This allows for temporary cushion and flexibility when needed. The city council, through
ordinance, has established the following stabilization reserves:
1. Economic development revolving fund reserve: the city has accumulated reserves of
$2.5 million for economic development. Expenditure utilizing this reserve will require a two-
thirds majority vote of the city council.
2. Catastrophic reserve: the city will maintain a targeted amount of 8 percent for risk
management reserves, for catastrophic emergencies. Expenditure utilizing this reserve will
require a two-thirds majority vote of the city council.
3. Anti-recessionary reserve: the city will maintain a targeted reserve equal to 4 percent of
the general fund operating expense. Expenditures utilizing this reserve will require a two-
thirds majority vote of the city council and must be replenished within three years.
4. Annexation sales tax credit expiration/transition reserve: the city set aside an inflationary
reserve to lessen the impact of the loss of sales tax annexation credit in mid-2018; the reserve
will continue to be used by $0.9 million each year until depleted.
5. General obligation bond payment reserve: for all councilmanic, general obligation bonds
issued after 2013, a one-year payment reserve shall be established.
E. REVENUES, EXPENDITURES, AND EXPENSES
1. Operating Revenues and Expenses
Proprietary funds distinguish operating revenues and expenses from non-operating revenues
and expenses. Operating revenue and expense generally result from providing services and
producing and delivering goods in connection with a proprietary fund’s principal ongoing
operations. The principal operating revenue of the waterworks utility, solid waste, airport, golf
course, and internal service funds are charges to customers for sales and services. The
waterworks utility also recognizes water meter installation fees, and wastewater and surface
water construction permit fees as operating revenue because these charges are intended to
offset the cost of connecting new customers to the system. Operating expense for proprietary
funds and internal service funds include the cost of sales and services, administrative
expenses, and depreciation of capital assets. All revenues and expenses not meeting this
definition are reported as non-operating revenue and expense.
2. Program Revenue
Amounts reported as program revenue, on the government-wide statement of activities,
include: 1) charges for customers or applicants who purchase, use, or directly benefit from
goods, services, or privileges provided by a given function and 2) grants and contributions that
are restricted to meeting the operation or capital requirements of a given function. All taxes,
included those dedicated to specific purposes, are reported as general revenue rather than
program revenue.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-26
3. Capital Contributions
Capital contributions reported in the proprietary fund statements and the government-wide
statements reflect the value of outside contributions of capital assets (i.e., developers, land
donations), capital grants, special assessments, and system development charges.
4. Interfund Activity
Exchange transactions between funds are reported as revenue in the selling fund and as an
expenditure/expense in the purchasing funds. On the government-wide statement of activities,
the exchange transactions between the internal service funds and the user funds are
eliminated. Flows of cash or goods from one fund to another without a requirement of
repayment are reported as interfund transfers in/out. Interfund transfers in/out are reported as
other financing sources/uses in the governmental funds and following non-operating revenues
and expenses in the proprietary funds. In the government-wide statement of activities, transfers
between governmental and business-type activities are reported as general revenue. Transfers
between funds in governmental activities are eliminated and transfers between funds in
business-type activities are eliminated.
5. Expenditures/Expenses
Expenses in the Government-wide Statement of Activities are reported by function as a
governmental activity (general government, judicial, public safety, utilities, transportation,
economic environment, health and human services, culture and recreation), interest on long-
term debt, or business-type activity (waterworks utility, airport, solid waste utility, or golf
course). In the fund financial statements, expenditures of governmental funds are classified
by: function, debt service principal and interest payments, or purchases of capital items.
Proprietary expenditures are classified as operating or non-operating.
The city recovers certain administrative costs through indirect cost allocations to departments
city-wide. These allocated costs are consolidated and reported by function in the government-
wide statement of activities.
NOTE 2. DEPOSITS AND INVESTMENTS
Deposits
Custodial Credit Risk Custodial Credit Risk is the risk that in the event of a failure of the
counterparty to an investment transaction the city would not be able to recover the value of the
investment or collateral securities. The city does not currently have a policy regarding deposits
concerning custodial credit risk or foreign currency risk.
On December 31, 2024, the city had the following balances on deposit with financial institutions:
Deposits Deposits at 12/31/2024
Bank Deposits 46,487,128$
Non-negotiable Certificates of Deposit (CD's)26,473,418
Cash with Fiscal Agents 777,526
TOTAL DEPOSITS 73,738,073$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-27
The city’s deposits and certificates of deposit are entirely covered by the Federal Depository
Insurance Corporation (FDIC) or held in a multiple financial institution collateral pool
administrated by the State of Washington Public Deposit Protection Commission (PDPC). The city’s
deposits comply with the guidelines within Chapter 35A.40.030 of the Revised Code of Washington
(RCW).
Investments
Investments that are not Measured at Fair Value
On December 31, 2024, the city had the following investments at amortized cost:
The city is a participant in the Local Government Investment Pool authorized by Chapter 294, Laws
of 1986, and is managed and operated by the Washington State Treasurer. The State Treasurer is
responsible for establishing the investment policy for the pool and reviews the policy annually and
proposed changes are reviewed by the LGIP advisory Committee.
Investments in the LGIP, a qualified external investment pool, are reported at amortized cost which
approximates fair value. The LGIP is an unrated external investment pool. The pool portfolio is
invested in a manner that meets the maturity, quality, diversification and liquidity requirements set
forth by the GASB Statement No. 79 for external investments pools that elect to measure, for
financial reporting purposes, investments at amortized cost. The LGIP does not have any legally
binding guarantees of share values. The LGIP does not impose liquidity fees or redemption gates
on participant withdrawals. The Office of the State Treasurer prepares a stand-alone LGIP financial
report. A copy of the report is available from the Office of the State Treasurer, PO Box 40200,
Olympia, Washington 98504-0200, online at http://www.tre.wa.gov.
Investments Measured at Fair Value
The city measures and records its investments within the fair value hierarchy established by
generally accepted accounting principles. The hierarchy is based on the valuation inputs used to
measure the fair value of the asset. The guidelines recognize a three-tiered fair value hierarchy, as
follows:
Level 1: Quoted prices in active markets for identical assets or liabilities.
Level 2: These are quoted market prices for similar assets or liabilities, quoted prices for
identical or similar assets or liabilities in markets that are not active, or other than quoted
prices that are not observable.
Level 3: Unobservable inputs for an asset or liability.
Security Type Amortized Cost
Local Government Investment Pool (LGIP)210,139,670$
TOTAL INVESTMENTS 210,139,670$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-28
On December 31, 2024, the city had the following recurring fair value measurements:
Valuation techniques to determine fair value should be consistent with one or more of three
approaches: the market approach, cost approach, and income approach. The city uses the market
approach for the valuation of significant other observable inputs investments (Level 2). The market
approach to measuring fair value uses prices and other relevant information generated by market
transactions involving identical or similar assets, liabilities, or groups of assets and liabilities. Using
quoted market prices is a technique that is consistent with the market approach.
The city invests excess and inactive funds in accordance with the city’s Investment Policy (last
updated and approved on February 23, 2009), which complies with the guidelines within Chapter
35A.40.050 of the Revised Code of Washington (RCW). This allows for investment of excess cash
and inactive cash, directs that the responsibility for determining available cash for investment is
placed upon the department administering the funds, and allows for pooling of the cash provided
that the allocation of income is proportionate to the investment of each fund. Currently, the city
invests in obligations of the U.S. Government, U.S. agency issues, and Certificates of Deposit with
Washington State banks and savings and loan institutions as allowed by RCW.
Credit risk Credit Risk is the risk that an issuer or other counterparty to an investment will not fulfill
its obligations. The city invests in US Treasury securities which are considered free of credit risk,
and in securities backed by the full faith and credit of the U.S. Government as well as U.S.
government sponsored enterprises including Federal Home Loan Mortgage Corporation.
Interest Rate Risk Interest rate risk is the risk that changes in interest rates over time, adversely
affecting the fair value of an investment. The city’s portfolio is managed within the parameters
established by the Investment Policy, which limits the weighted average maturity of the portfolio to
five years.
Security Type Total
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
U.S. Agency Securities 89,959,523$ 89,959,523$
Treasury 71,463,809$ 71,463,809$
TOTAL INVESTMENTS 161,423,333$ 161,423,333$
Fair Value Measurements Using
Investment Type Cost Fair Value Moody's S&P
Local Government Investment Pool (LGIP)210,139,670$ 210,139,670$ unrated unrated
Federal Farm Credit Bank 19,622,631 19,971,539 Aaa AA+
Federal Home Loan Bank 36,372,260 35,869,571 Aaa AA+
Federal National Mortgage Association 22,883,261 24,190,427 Aaa AA+
Federal Home Loan Mortgage Corporation 9,490,666 9,927,985 Aaa AA+
Treasury 70,785,395 71,463,809 Aaa AA+
TOTAL INVESTMENTS 369,293,884$ 371,563,003$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-29
The city’s Investment Policy directs that the standard of prudence for investment activities shall be
the Prudent Investor Standard that states: “Investments shall be made with judgment and care,
under circumstances then prevailing, which person of prudence, discretion, and intelligence would
use in the management of their own affairs, not for speculation, but for investment purposes,
considering the probable safety of their capital as well as the probable income to be derived.”
Concentration of Credit Risk Concentration of credit risk is the risk of loss attributed to the
magnitude of a government’s investment in a single issuer. The city diversifies its investment
instruments to avoid incurring unreasonable risk inherent with the over-investment of instruments
and issuers using the following target distribution as a guide during normal economic times while
allowing flexibility when appropriate. The city has agency bonds with Federal Home Loan Bank
equal to 10%, Federal Farm Credit Bank equal to 5%, Federal National Mortgage Association equal
to 7%, and Treasury equal to 19%. The city’s remaining individual issuers are less than 5% of total
investments or are otherwise excluded from this disclosure due to the low risk nature of the
investment.
Target Maximum per Policy Instrument Issuer
Maximum Maximum
U.S. Treasuries 100% 100%
U.S. Agencies 75% 50%
Certificates of Deposit (within WPDPC) 75% 20%
Local Governmental Investment Pool (LGIP) 75% 75%
Commercial Paper 25% 5%
Custodial Credit Risk – Investments Custodial credit risk for investments is the risk that, in the
event of the failure of the counter party to a transaction, a government will not be able to recover
the value of investment or collateral securities that are in the possession of an outside party. All
security transactions, including collateral for repurchase agreements, entered into by the city are
Investment Type Cost Fair Value
Average
Interest Rate
Local Government Investment Pool (LGIP)210,139,670$ 210,139,670$ 3.677%
Federal Farm Credit Bank 19,622,631 19,971,539 4.069%
Federal Home Loan Bank 36,372,260 35,869,571 3.557%
Federal National Mortgage Association 22,883,261 24,190,427 4.099%
Federal Home Loan Mortgage Corporation 9,490,666 9,927,985 2.093%
Treasury 70,785,395 71,463,809 3.486%
TOTAL INVESTMENTS 369,293,884$ 371,563,003$
Investment Type
0-6
months
6 months -
1 year
1-3
years
3+
years Totals
Local Government Investment Pool (LGIP) 210,139,670$ -$ -$ -$ 210,139,670$
Federal Farm Credit Bank - - 15,200,209 4,771,331 19,971,539
Federal National Mortgage Association - - 18,977,417 5,213,011 24,190,427
Federal Home Loan Mortgage Corporation 5,122,977 4,805,009 - - 9,927,985
Federal Home Loan Bank - 9,550,422 9,749,693 16,569,456 35,869,571
Treasury - 19,492,893 23,917,997 28,052,919 71,463,809
TOTAL INVESTMENTS 215,262,647$ 33,848,324$ 67,845,316$ 54,606,717$ 371,563,003$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-30
conducted on a delivery-versus-payment (DVP) basis and are held in our safekeeping trust account
with Principal Bank under terms negotiated by the State of Washington.
NOTE 3. PROPERTY TAXES
The county treasurer acts as an agent to collect property taxes levied in the county for all taxing
authorities. Taxes are levied annually, January 1, on property value listed as of the prior May 31.
Assessed values are established by the King County Assessor at 100 percent of fair market value.
A revaluation of all property is required every two years; however, King County has the ability to
revalue annually.
Property taxes levied by the King County Assessor and collected by the county treasurer become a
lien on the first day of the levy year and may be paid in two equal installments if the total amount
exceeds $30. The first half of real property taxes is due on April 30 and the balance is due October
31. Delinquent taxes bear interest at the rate of 1 percent per month and are subject to additional
penalties if not paid as scheduled. No allowance for uncollectible taxes is established because
delinquent taxes are considered fully collectible.
At year-end, property taxes are recorded as a receivable with the portion not expected to be
collected within 60 days offset by unavailable revenue. During the year, property tax revenues are
recognized when cash is received.
The tax rate for general city operations is limited to $3.825 per $1,000 of assessed value (RCW
84.52.043), less the actual amount levied by the King County Library System (maximum
$0.50/$1,000) and the actual amount levied by the Renton Regional Fire Authority (maximum
$1.00/$1,000). Included in this amount, up to $0.225 (22.5 cents) per $1,000 may be designated for
contribution to the Firemen’s Pension Fund. If a report by a qualified actuary on the condition of the
Firemen’s Pension Fund establishes that this amount (or portion of) is not necessary to maintain
the actuarial soundness of the fund, the amount can be used for any other municipal purpose (RCW
41.16.060). The maximum statutory rate for 2024, after reductions noted above, was $2.56690.
The tax rate limit may be reduced for any of the following reasons:
1. The Levy Limit: the levy limit calculation applies to a taxing district’s budget, and not to
increases in the assessed value or tax bill of individual properties. Initiative 747 which restricted
individual taxing districts from collecting, in any year, more than a one percent increase in their
regular, non-voted, levy over the highest levy amount since 1985 was overturned by the courts.
However, during 2007, the state legislature reinstated this limit with the passage of HB2416.
New construction, annexations, and excess levies approved by the voters are not included in
the levy limit calculation. If the assessed valuation increases by more than one percent due to
revaluation, the levy rate will be decreased.
2. The One Percent Constitution Limit: The Washington State Constitution limits the regular (non-
voted) combined property tax rate applied to an individual’s property to one percent ($10 per
$1,000) on the market valuation. Voters may approve special levies that are added to this figure.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-31
If the taxes of all districts exceed this amount, each is proportionately reduced until the total is
at or below the one percent limit.
3. The city may voluntarily levy taxes below the legal limit.
Special levies approved by the voters are not subject to the above limitations. There is currently no
excess levy for General Obligation Bond debt. The city’s regular levy per the King County Assessor’s
2024 Annual Report is $0.94839.
NOTE 4. CAPITAL ASSETS AND DEPRECIATION
Governmental activities capital asset activity for the year ended December 31, 2024, was as
follows:
Restated
Beginning Prior Period Beginning Ending
Balance Adjustment Balance Increases Decreases Reclassification Balance
Governmental activities:
Capital assets, not being depreciated:
Land and land improvements $ 219,624,628 $ - $ 219,624,628 $ 1,458,957 $ (6,589) $ 301,500 $ 221,378,496
Construction in progress 38,426,673 - 38,426,673 19,152,510 (97,266) (15,556,152) 41,925,765
Total capital assets, not being depreciated 258,051,301 - 258,051,301 20,611,467 (103,855) (15,254,652) 263,304,261
Capital assets, being depreciated:
Buildings and structures 105,874,250 - 105,874,250 - - - 105,874,250
Other improvements 382,189,301 - 382,189,301 4,085,551 (122,200) 15,254,652 401,407,304
Machinery and equipment 47,512,586 - 47,512,586 4,441,224 (3,987,214) - 47,966,596
Total capital assets being depreciated 535,576,137 - 535,576,137 8,526,775 (4,109,414) 15,254,652 555,248,150
Less accumulated depreciation for:
Buildings and structures (50,614,931) - (50,614,931) (2,505,379) - - (53,120,310)
Other improvements (148,216,945) - (148,216,945) (9,237,655) 57,366 - (157,397,234)
Machinery and equipment (31,961,537) 1,994,842 (29,966,695) (3,037,449) 3,879,889 - (29,124,255)
Total accumulated depreciation (230,793,413) 1,994,842 (228,798,571) (14,780,483) 3,937,255 - (239,641,799)
Total capital assets, being depreciated, net 304,782,724 1,994,842 306,777,566 (6,253,708) (172,159) 15,254,652 315,606,351
Intangible assets:
Intangible assets, not being amortized 691,352 - 691,352 - - - 691,352
Intangible assets, being amortized 5,819,906 - 5,819,906 146,357 (377,619) - 5,588,644
Less accumulated amortization (4,172,088) 378,919 (3,793,169) (787,483) 377,619 - (4,203,033)
Total intangible asset, being amortized, net 1,647,818 378,919 2,026,737 (641,126) - - 1,385,611
Total Intangible assets 2,339,170 378,919 2,718,089 (641,126) - - 2,076,963
Governmental activities capital assets, net $ 565,173,195 $ 2,373,761 $ 567,546,956 $ 13,716,633 $ (276,014) $ - $ 580,987,575
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-32
Depreciation and amortization were charged to the functions as follows:
Business-type capital asset activity for the year ended December 31, 2024, was as follows:
Depreciation Amortization Total
General Government 1,218,474 8,820 1,227,294
Judicial - - -
Public Safety 513,796 6,824 520,620
Physical Environment 58,148 - 58,148
Transportation 7,617,533 - 7,617,533
Economic Development 510,683 - 510,683
Culture and Recreation 2,346,556 - 2,346,556
Health and Human Services 12,328 - 12,328
Internal Service Funds (General Governmental) 2,502,965 771,839 3,274,804
$ 14,780,483 $ 787,483 $ 15,567,966 Total-Governmental Activities
Governmental Activities
Restated
Beginning Prior Period Beginning Ending
Balance Adjustment Balance Increases Decreases Reclassification Balance
Business-type activities:
Capital assets, not being depreciated:
Land and land improvements $ 6,143,690 $ - $ 6,143,690 $ - $ - $ - $ 6,143,690
Construction in progress 21,737,670 - 21,737,670 10,553,069 - (11,687,760) 20,602,979
Total capital assets, not being depreciated 27,881,360 - 27,881,360 10,553,069 - (11,687,760) 26,746,669
Capital assets, being depreciated:
Buildings and structures 17,576,346 - 17,576,346 485,436 - 586,662 18,648,444
Other improvements 492,712,509 - 492,712,509 20,177,455 (121,578) 11,101,098 523,869,484
Machinery and equipment 3,566,666 - 3,566,666 199,275 (40,345) - 3,725,596
Total capital assets being depreciated 513,855,521 - 513,855,521 20,862,166 (161,923) 11,687,760 546,243,524
Less accumulated depreciation for:
Buildings and structures (10,879,090) - (10,879,090) (416,175) - - (11,295,265)
Other improvements (204,140,572) - (204,140,572) (10,559,095) 66,904 - (214,632,763)
Machinery and equipment (2,501,108) - (2,501,108) (234,460) 40,345 - (2,695,223)
Total accumulated depreciation (217,520,770) - (217,520,770) (11,209,730) 107,249 - (228,623,251)
Total capital assets, being depreciated, net 296,334,751 - 296,334,751 9,652,436 (54,674) 11,687,760 317,620,273
Intangible assets:
Intangible assets, not being amortized 811,000 - 811,000 - - - 811,000
Intangible assets, being amortized 556,855 - 556,855 - - - 556,855
Less accumulated amortization (531,455) - (531,455) (2,117) - - (533,572)
Total intangible asset, being amortized, net 25,400 - 25,400 (2,117) - - 23,283
Total Intangible assets 836,400 - 836,400 (2,117) - - 834,283
Business-type activities capital assets, net $ 325,052,511 $ - $ 325,052,511 $ 20,203,388 $ (54,674) $ - $ 345,201,225
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-33
Depreciation and amortization were charged to the functions as follows:
At the end of 2024, Construction in Progress is comprised of a total of 56 projects. Upon
completion, the projects will be reallocated to their appropriate categories.
Construction commitments as of December 31, 2024, are as follows:
Depreciation Amortization Total
Waterworks 9,830,407 - 9,830,407
Airport 1,033,356 2,117 1,035,473
Golf Course 345,967 - 345,967
$ 11,209,730 $ 2,117 $ 11,211,847 Total-Business-Type Activities
Business-Type Activities
Governmental Activities Projects:Construction in Progress Remaining Commitment
116th Street Sidewalk 191,183$ 1,116,340$
Cedar Ave S Sidewalk 64,632 968,311
Cedar River Bank Stabilization 33,332 192,913
City Website Design 87,573 24,803
Cleveland Richardson Park 44,696 155,304
Community Center Wi-fi 264,968 750,032
Downtown Wayfinding Signage 124,651 -
Full Swing Golf Simulator 11,500 -
Henry Moses Aquatic Center 150,999 1,875,861
Houser Way N. Bridge 130,197 1,078,803
I-405/NE 44th St Roundabout Greenscape 35,644 33,550
Liberty Park Improvement 18,631 2,335,634
May Creek Park 149,575 50,425
May Creek Trail South 543,205 3,322,440
Pavilion Remodel 838,883 7,026,068
Piazza Park Improvements 284,321 1,509,920
Police Brazos Parking Citation System 8,586 -
Rainier Ave S/N Phase 4 34,163,234 9,211,506
Regis Park Athletic Field Expansion 124,044 -
Renton Connector 533,476 1,226,487
RTC Burnett Ave S Sidewalk Rehabilitation 623,054 81,946
Safe Routes to Transit 1,923,998 2,701
Sound Transit NE 44th St 14,874 70,267
South 7th St 884,093 2,677,186
Springbrook Trail Boardwalk Replacement 113,207 -
Sunset Blvd Corridor 341,671 -
Talbot Hill Reservoir Improvements 102,527 895,043
Williams Bridge 119,011 1,203,289
Total governmental activities 41,925,765$ 35,808,829$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-34
Springbrook Creek Wetland and Habitat Mitigation Bank
The city entered into an agreement with Washington State Department of Transportation to jointly
share in the development, construction, maintenance and operation of the Springbrook Creek
Wetland and Habitat Mitigation Bank. Each agency has contributed toward the establishment of
the Bank and mitigation credits earned were split evenly between the two agencies. Credits were
earned over a 10-year period as certain performance measures were met and are available for use
by the city in lieu of performing mitigation measures otherwise required for certain capital projects
or the city may choose to sell the credits to external developers. The city assumed site management
and monitoring costs at the end of the 10-year performance period (2021) and is obligated to
maintain and monitor the wetland in perpetuity. This includes ensuring that functional benefits of
the mitigation activities are not degraded, ensuring long-term protection of wetland and buffer
areas, and maintaining native plant communities and wildlife habitat diversity.
Business-Type Activities Projects:Construction in Progress Remaining Commitment
Airport Security & Fence Upgrade 118,045$ 131,955$
Airport Tower Replacement 441,995 -
Burnett Ave S & Williams Ave S (Sewer)45,909 453,901
Burnett Ave S & Williams Ave S (Stormwater)1,734,060 2,689,687
Burnett Ave S Water Main Improvement 411,711 34,936
East Valley Road Storm System Improvement 176,360 313,461
Golf Driving Range Renovation 11,030 462,332
Hardie Ave S Underpass Storm System Improvement 95,844 2,129,221
Highlands 435 - Resevoirs Replacement 2,958,817 20,299,076
Kennydale Lakeline Sewer Upgrade 809,019 5,608,574
Lift Station & Force Main Rehabilitation 136,976 2,471,749
NE 12th St Storm System 44,059 400,000
NE 12th St Water Main Replacement 274,934 2,257,757
Panther Creek Culvert Replacement 338,355 359,181
Pressure-Reducing Valve Stations 77,094 848,490
Rainier Ave Ph 4 Sewer Facilities 493,264 1,228,854
Rainier Ave S Water Utility Improvements 2,580,216 319,783
Rainier Ave/Oakesdale Ave Pump Station Generator 82,431 473,675
Renton Highlands Sewer Replacement 1,444,290 4,634,105
SE 172nd St/125th Ave SE Storm Sys 894,717 4,741,139
Springbrook Terrace Water Quality Retrofit 160,299 203,180
SW 43rd St/Lind Ave SW Storm System Improvements 367,219 936,463
Taxiway Alpha Rehabilitation 1,767,175 3,145,756
Water Pump Stations Emergency Generator 610,499 570,988
Water Pump Stations Rehabilitation 2,516,848 43,697
Windsor Hills Storm System Utility Improvement 403,015 3,298,778
Windsor Hills Water Utility Improvement 1,271,450 7,351,358
WSDOT I-405 Water Relocations 337,348 294,382
Total business-type activities 20,602,979$ 65,702,478$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-35
Asset Retirement Obligation
The city completed a thorough review of all tangible capital assets to determine if there are any
legally enforceable liabilities associated with the retirement of the assets, as required by GASB
Statement 83, Asset Retirement Obligation. The Waterworks Utility has ten water wells that have
regulatory requirements associated with decommissioning. The assets have no foreseeable
disposition, the city has no intent of decommissioning the wells, and there is no incurrence of
external or internal obligating events that would require the city to record an Asset Retirement
Obligation at this time. For this reason, an asset retirement obligation has not been recognized in
the Proprietary Funds Statement of Net Position. If it is determined that the wells need to be retired
in the future, the current estimated cost of doing so is approximately $1.15M.
The city also has two underground fuel storage tanks included in general governmental assets. The
tanks are expected to be replaced with new tanks when they exhaust their useful lives. Based on
the regulations and statutes required by Department of Ecology, WAC-173-360A-0810, the
estimated lesser cost to decommission the tanks is $150,000. There is no incurrence of external or
internal obligating events that would require the city to record an Asset Retirement Obligation at
this time. For this reason, an asset retirement obligation has not been recognized in the
Government-wide Statement of Net Position. When the tanks are replaced in the future, an asset
retirement obligation will be recorded at that time.
NOTE 5. PENSION PLANS
A. State Sponsored Pension Plans
For purposes of measuring the net pension liability/asset, deferred outflows of resources and
deferred inflows of resources related to pensions, and pension expense, information about the
fiduciary net position of the Plans and additions to/deductions from the Plan’s fiduciary net position
have been determined on the same basis as they are reported by the State of Washington
Department of Retirement Systems (DRS). For this purpose, benefit payments (including refunds of
employee contributions) are recognized when due and payable in accordance with the benefit
terms. Investments are reported at fair value.
General Information about the Pension Plans
The city’s full-time and qualifying part-time employees are eligible to participate in one of the
following statewide retirement systems administered by the Washington State Department of
Retirement Systems:
Public Employees’ Retirement System (PERS) Plans 1, 2, and 3
Law Enforcement Officers’ and Firefighters’ Retirement System (LEOFF) Plans 1 and 2
Public Safety Employees’ Retirement System (PSERS) Plan 2
The Department of Retirement Systems (DRS), a department within the primary government of the
State of Washington, issues a publicly available annual comprehensive financial report (AFCR) that
includes financial statements and required supplementary information for each plan. The DRS
ACFR may be obtained by contacting the Washington State Department of Retirement Systems,
P.O. Box 48380, Olympia, WA 98504-8380; or online from the DRS website at www.drs.wa.gov.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-36
Actuarial assumptions The total pension liability was determined using the following actuarial
assumptions.
Inflation: 2.75% total economic inflation; 3.25% salary inflation
Salary increases: In addition to the base 3.25% salary inflation assumption, salaries are
also expected to grow by promotions and longevity.
Investment rate of return: 7.00%
Total pension liability for each of the plans was determined using the most recent actuarial
valuation completed in 2024 with a valuation date of June 30, 2023. The actuarial assumptions
used were based on the results of the 2013-2018 Demographic Experience Study report and the
2023 Economic Experience Study.
Assumptions did not change from the prior contribution rate setting June 30, 2022 Actuarial
Valuation Report (AVR). There were also the following method changes:
The Office of the State Actuary (OSA) made adjustments to their methods for calculating
Unfunded Actuarial Accrued Liability (UAAL) contribution rates in PERS 1 and TRS 1 to reflect
the delay between the measurement date of calculated Plan 1 rates and when the rates are
collected.
OSA made an adjustment to their model to reflect past inflation experience when modeling
future cost of living adjustments for current annuitants in all plans except PERS 1 and TRS 1.
Mortality rates were developed using the Society of Actuaries PUB. H-2010 mortality rates as the
base table. OSA applied age offsets to the base table to better tailor the mortality rates to the
demographics of each plan. The long-term MP-2017 generational improvement scale was applied
to project mortality rates for every year after the 2010 base table. Mortality rates are applied on a
generational basis meaning each member is assumed to receive additional mortality
improvements in each future year, throughout his or her lifetime.
The long-term expected rate of return on pension plan investments was determined using a
building-block method in which the Washington State Investment Board (WSIB) used a best
estimate of expected future rates of return (expected returns net of pension plan investment
expense but including inflation) to develop each major asset class. Those expected returns make
up one component of WSIB’s Capital Market Assumptions (CMAs). The CMAs contain the following
three pieces of information for each class of assets the WSIB currently invest in:
Expected annual return
Standard deviation of the annual return
Correlations between the annual returns of each asset class with every other asset class
The WSIB uses the CMAs and their target asset allocation to stimulate future investment returns
over various time horizons.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-37
The long-term expected rate of return of 7.0% approximately equals the median of the simulated
investment returns over a fifty-year time horizon, adjusted to remove or dampen any short-term
changes to WSIB’s CMAs that aren’t expected over the entire fifty-year measurement period.
Best estimates of arithmetic real rates of return for each major asset class included in the pension
plan’s target asset allocation as of June 30, 2024, are summarized in the following table:
Asset Class Target Allocation
Long-Term Expected
Real Rate of Return
Fixed Income 19.00% 2.10%
Tangible Assets 8.00% 4.50%
Real Estate 18.00% 4.80%
Global Equity 30.00% 5.60%
Private Equity 25.00% 8.60%
The inflation component used to create the table above is 2.50% and represents WSIB’s most
recent long-term estimate of broad economic inflation.
Discount rate The discount rate used to measure the total pension liability was 7.00% for all plans.
To determine the discount rate, an asset sufficiency test was completed to test whether each
pension plan’s fiduciary net position was sufficient to make all projected future payments for
current plan members.
Based on the assumptions described in OSA’s certification letter within the DRS annual report, the
pension plan’s fiduciary net position was projected to be available to make all projected future
benefit payments of current plan members. Therefore, the long-term expected rate of return of
7.00% on pension plan investments was applied to determine the total pension liability.
Sensitivity of the Net Pension Liability/(Asset) to Changes in the Discount Rate The following
presents the city’s proportionate share of the net pension liability/(asset), calculated using the
discount rate of 7.00%, as well as what the net pension liability/(asset) would be if it were
calculated using a discount rate that is one percentage point lower (6.00%) or one percentage point
higher (8.00%) than the current rate.
Collective Net Pension Liability/(Asset)
The collective net pension liability was measured as of June 30, 2024, and the total pension liability
used to calculate the net pension liability was determined by an actuarial valuation as of June 30,
2023, with the results rolled forward to June 30, 2024, using standard update procedures. Employer
contribution transmittals received and processed by the DRS for the fiscal year ended June 30, 2024
1% Decrease
6.00%
Current Discount Rate
7.00%
1% Increase
8.00%
PERS Plan 1 6,647,095$ 4,518,837$ 2,652,303$
PERS Plan 2/3 19,395,018$ (10,758,926)$ (35,523,733)$
PSERS Plan 2 137,768$ (21,272)$ (147,106)$
LEOFF Plan 1 (6,286,228)$ (7,142,825)$ (7,889,822)$
LEOFF Plan 2 5,183,327$ (7,823,729)$ (18,463,111)$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-38
are used as the basis for determining each employer’s proportionate share of the collective pension
amounts reported by the DRS in the Schedules of Employer and Non-employer Allocations for all
plans except LEOFF Plan 1. LEOFF Plan 1 allocation percentages are based on the total historical
employer contributions to LEOFF Plan 1 from 1971 through 2000 and the retirement benefit
payments in fiscal year 2024. Historical data was obtained from a 2011 study by the office of the
State Actuary (OSA). In the fiscal year 2024, the State of Washington contributed 87.12% of LEOFF
Plan 1 employer contributions and all other employers contributed the remaining 12.88% of
employer contributions. LEOFF Plan 1 is fully funded and no further employer contributions have
been required since June 2000. If the plan becomes underfunded, funding of the remaining liability
will require new legislation. The allocation method the plan chose reflects the projected long-term
contribution effort based on historical data.
At June 30, 2024, the city’s proportionate share of the collective net pension assets/liabilities was
as follows:
The following table represents the aggregate pension amounts for all plans for the year 2024:
Public Employees’ Retirement System (PERS)
Plan description PERS was established by the state legislature in 1947 under the Revised Code of
Washington (RCW) chapter 41.40. PERS is a multiple-employer cost-sharing retirement system.
Membership in the system includes elected officials, state employees, employees of the Supreme,
Appeals, and Superior Courts (other than judges currently in a judicial retirement system);
employees of legislative committees; community and technical colleges, college and university
employees not in national higher education retirement programs; judges of district and municipal
courts; and employees of local governments.
PERS consists of three plans. PERS participants, who joined the PERS system by September 30,
1977, are Plan 1 members. Plan 1 is closed to new members. Those who joined on or after October
1, 1977; and by either, February 28, 2002, for state and higher education employees, or August 31,
2002 for local government employees, are Plan 2 members unless they exercise an option to
transfer their membership to Plan 3. PERS participants joining the system on or after March 1, 2002,
Proportionate Share Proportionate Share Change in
6/30/2023 6/30/2024 Proportion
PERS Plan 1 0.264064%0.254319%-0.009745%
PERS Plan 2/3 0.337498%0.326367%-0.011131%
PSERS Plan 2 0.055615%0.049883%-0.005732%
LEOFF Plan 1 0.249031%0.251164%0.002133%
LEOFF Plan 2 0.446469%0.417768%-0.028701%
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-39
for state and higher education employees, or September 1, 2002 for local government employees,
have the irrevocable option of choosing membership in either PERS Plan 2 or PERS Plan 3. The
option must be exercised within 90 days of employment. An employee is reported in Plan 2 until a
choice is made. Employees who fail to choose within 90 days default to PERS Plan 3.
Benefits provided
PERS Plan 1 provides retirement, disability, and death benefits. Retirement benefits are
determined as two percent of the member’s average final compensation (AFC) times the member’s
years of service. The AFC is the average of the member’s 24 highest consecutive service months.
Members are eligible for retirement from active status at any age with at least 30 years of service,
at age 55 with at least 25 years of service, or at age 60 with at least five years of service. Members
retiring from active status prior to the age of 65 may receive actuarially reduced benefits.
Retirement benefits are actuarially reduced to reflect the choice of a survivor benefit. Other
benefits include duty and non-duty disability payments, an optional cost-of-living adjustment
(COLA), and a one-time duty-related death benefit, if found eligible by the Department of Labor and
Industries. PERS 1 members were vested after the completion of five years of eligible service. The
plan was closed to new entrants on September 30, 1977.
PERS Plan 2/3 provides retirement, disability, and death benefits. Retirement benefits are
determined as two percent of the member’s average final compensation (AFC) times the member’s
years of service for Plan 2 and 1 percent of AFC for Plan 3. The AFC is the average of the member’s
60 highest-paid consecutive service months. There is no cap on years of service credit. Members
are eligible for retirement with a full benefit at 65 with at least five years of service credit. Retirement
before age 65 is considered an early retirement. PERS Plan 2/3 members who have at least 20 years
of service credit and are 55 years of age or older, are eligible for early retirement with a benefit that
is reduced by a factor that varies according to age for each year before age 65. PERS Plan 2/3
members who have 30 or more years of service credit and are at least 55 years old can retire under
one of two provisions:
With a benefit that is reduced by three percent for each year before age 65; or
With a benefit that has a smaller (or no) reduction (depending on age) that imposes stricter
return-to-work rules.
PERS Plan 2/3 members hired on or after May 1, 2013, have the option to retire early by accepting a
reduction of five percent for each year of retirement before age 65. This option is available only to
those who are age 55 or older and have at least 30 years of service credit. PERS Plan 2/3 retirement
benefits are also actuarially reduced to reflect the choice of a survivor benefit. Other PERS Plan 2/3
benefits include duty and non-duty disability payments, a cost-of-living allowance (based on the
CPI), capped at three percent annually and a one-time duty related death benefit, if found eligible
by the Department of Labor and Industries. PERS 2 members are vested after completing five years
of eligible service. Plan 3 members are vested in the defined benefit portion of their plan after ten
years of service; or after five years of service if 12 months of that service are earned after age 44.
PERS Plan 3 defined contribution benefits are dependent on employee contributions and
investment earnings on those contributions. PERS Plan 3 members choose their contribution rate
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-40
upon joining membership and have a chance to change rates upon changing employers. As
established by statute, Plan 3 required defined contribution rates are set at a minimum of 5 percent
and escalate to 15 percent with a choice of six options (A-F). If Plan 3 members do not choose a
contribution rate, it will default to option A which is 5%. Employers do not contribute to the defined
contribution benefits. PERS Plan 3 members are immediately vested in the defined contribution
portion of their plan.
The Judicial Benefit Multiplier (JBM) Program began January 1, 2007. This program gave eligible
justices and judges an option to increase the benefit multiplier used in their retirement benefit
calculation for their judicial service period of employment. Beginning January 2007, any justice or
judge who was in a judicial position at that time could choose to join JBM. Any justice or judge
elected or appointed to office on or after January 1, 2007, who elects to join DRS membership will
also be mandated into JBM. If they have already established membership in PERS or TRS Plan 1 they
will rejoin that plan, but if they have never had membership they will be enrolled as a member of
both PERS Plan 2 and JBM.
Contributions PERS defined benefit retirement benefits are financed from a combination of
investment earnings and employer and employee contributions. Each biennium, the state Pension
Funding Council adopts Plan 1 employer contribution rates, Plan 2 employer and employee
contribution rates, and Plan 3 employer contribution rates. The methods used to determine
contribution requirements are established under state statute.
The required contribution rates, expressed as a percentage of covered payroll, were as follows:
Employer contributions were $1,448,228, $2,700,293, and $622,629 for Plans 1, 2, and 3,
respectively.
Public Safety Employee’s Retirement System (PSERS)
Plan description The PSERS system was created by the 2004 Legislature and became effective July
1, 2006 under RCW 41.37. PSERS is a multiple-employer cost-sharing retirement system
Required Contribution Rates Employer Employee
Plan 1 Plan 2 Plan 3 Plan 1 Plan 2 Plan 3
PERS
Members not participating in JBM
State agencies, local governmental units 9.33% 9.33% 9.33% 6.00% 6.36% **
Administrative fee 0.20% 0.20% 0.20%
Total 9.53% 9.53% 9.53% *
Members participating in JBM
Local governmental units 9.33% 9.33% 9.33% 12.26% 15.90% 7.50%***
Administrative fee 0.20% 0.20% 0.20%
Total 9.53% 9.53% 9.53% *
* Plan 3 defined benefit portion only.
** Variable from 5% to 15% based on rate selected by the member.
*** Minimum rate.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-41
comprised of a single defined benefit plan, PSERS Plan2. PSERS membership includes full-time
employees meeting specific eligibility criteria that are employed by Department of Corrections,
Department of Natural Resources, Gambling Commissions, Liquor Control Board, Parks and
Recreation Commission, Washington State Patrol, Washington state counties, corrections
departments of Washington state cities except for Seattle, Tacoma, and Spokane, or correctional
entities formed by PSERS employers under the Interlocal Cooperation Act.
Benefits provided
PSERS provides retirement, disability, and death benefits to eligible members.
PSERS members are vested after an employee completes five years of eligible service, PSERS
members may retire at the age of 65 with five years of service, or at the age of 60 with at least ten
years of PSERS service credit, or at age 53 with twenty years of service with a monthly benefit of two
percent of the average final compensation (AFC). A cost-of-living allowance (COLA) is granted
based on the Consumer Price Index, capped at three percent annually. The AFC is the average of
the member’s 60 highest paid consecutive months.
PSERS members have the option to retire early with reduced benefits. PSERS members meeting
specific eligibility requirements have options available to enhance their retirement benefits. Some
of these options are available to their survivors, generally with reduced benefits.
Contributions PSERS defined benefit retirement benefits are financed from a combination of
investment earnings and employer and employee contributions. Each biennium, the state Pension
Funding Council adopts Plan 2 employer and employee contribution rates. The employer and
employee contribution rates for Plan 2 are developed by the Office of the State Actuary to fully fund
Plan 2. The methods used to determine the contribution requirements are established under state
statute.
The required contribution rates, expressed as a percentage of covered payroll, were as follows:
Employer contributions to PSERS Plan 2 were $33,087.
Law Enforcement Officers’ and Firefighters’ Retirement System (LEOFF)
Plan description LEOFF was established by the state legislature in 1970 under the Revised Code of
Washington (RCW) chapter 41.26. LEOFF is a multiple-employer cost-sharing retirement system.
Membership in the system includes all full-time, fully compensated, local law enforcement
commissioned officers, firefighters, and as of July 24, 2005, emergency medical technicians.
LEOFF membership is comprised primarily of non-state employees, with Department of Fish and
Wildlife enforcement officers who were first included effective July 27, 2003, being an exception.
Required Contribution Rates Employer Employee
Plan 2 Plan 2
PSERS
State agencies, local governmental units 9.70% 6.73%
Administrative fee 0.20%
Total 9.90%
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-42
LEOFF consists of two separate defined benefit plans. LEOFF participants who joined the system
by September 30, 1977, are Plan 1 members. Plan 1 is closed to new members. Those who joined
on or after October 1, 1977, are Plan 2 members.
Effective July 1, 2003, the LEOFF Plan 2 Retirement Board was established by Initiative 790 to
provide governance of LEOFF Plan 2. The Board’s duties include adopting contribution rates and
recommending policy changes to the Legislature for the LEOFF Plan 2 retirement plan.
Benefits provided
LEOFF plans provide retirement, disability, and death benefits to eligible members. LEOFF Plan 1
members are vested after the completion of five years of eligible service. Plan 1 members are
eligible for retirement with five years of service at the age of 50. The benefit per year of service
calculated as a percent of final average salary (FAS) is as follows:
20+ years of service – 2.0% of FAS
10-19 years of service – 1.5% of FAS
5-9 years of service – 1% of FAS
A cost-of-living allowance (COLA) is granted based on the Consumer Price Index.
LEOFF Plan 2 members are vested after the completion of five years of eligible service. Plan 2
members are eligible for retirement at the age of 53 with five years of service, or at age 50 with
twenty years of service. Plan 2 members receive a benefit of two percent of the FAS per year of
service. FAS is based on the highest consecutive 60 months. A COLA is granted based on the
Consumer Price Index, capped at three percent annually.
LEOFF members have the option to retire early with reduced benefits. LEOFF members meeting
specific eligibility requirements have options available to enhance their retirement benefits. Some
of these options are available to their survivors, generally with reduced benefits.
Contributions LEOFF defined benefit retirement benefits are financed from a combination of
investment earnings, employer and employee contributions, and a special funding situation in
which the state pays through state legislative appropriations.
Employer and employee contribution rates are developed by the Office of the State Actuary to fully
fund the plans. Starting on July 1, 2000, Plan 1 employers and employees are not required to
contribute as long as the plan remains fully funded. Plan 2 employers and employees are required
to pay at the level adopted by the LEOFF Plan 2 Retirement Board. The methods used to determine
contribution requirements are established under state statute.
The required contribution rates, expressed as a percentage of covered payroll, were as follows:
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-43
Employer contributions to LEOFF Plan 2 were $1,069,248.
B. Firefighters’ Pension
The city is the administrator of the Firefighters’ Pension Plan for all firefighters employed prior to
March 1, 1970. The Firefighters’ Pension Plan is included within the City of Renton’s statements as
a pension trust fund. There is no separate GAAP-based audited report. A schedule of employer
contributions, prepared by Milliman, Inc. is included in the Required Supplemental Information
section. Additional information from the actuarial report prepared for the Firefighters’ Pension
Plan, by Milliman, Inc., may be obtained by contacting the City of Renton, Finance Division, 1055
South Grady Way, Renton, WA 98057.
Plan Description The Firefighters’ Plan (Plan) is a closed, single-employer defined benefit pension
plan administered by the City of Renton through the firefighters’ pension board. The plan provides
pensions for firefighters that were employed prior to March 1, 1970, when the LEOFF retirement
system was established.
The firefighters’ pension board consists of five members: the Mayor who serves as chair of the
board, the chairperson of the Council Finance Committee, and three members elected by secret
ballot of the retired firefighters for two-year terms.
Plan Membership Membership is limited to active members of the Firefighters’ Pension Plan (FPP)
as of March 1, 1970. On that date, the Washington Law Enforcement Officers’ and Firefighters’
System (LEOFF) was established. The plan is closed to new members. At December 31, 2024, FPF
membership consisted of the following:
Benefits provided
All benefit terms are in statutes RCW 41.16, 41.18, and 41.26. The Firefighters’ Pension Plan (FPP)
provides retirement, disability, and death benefits. Each firefighter in service on March 1, 1970
receives the greater of the benefit payable under the Washington Law Enforcement Officers’ and
Firefighters’ Retirement (LEOFF) System and the benefits available under the provisions of prior
law. Where benefits under the old law exceed those under the new law for any firefighter, the excess
benefits are paid from the FPF of the city employing the member on March 1, 1970.
Required Contribution Rates Employer Employee
Plan 1 Plan 2 Plan 1 Plan 2
LEOFF
Local governmental units N/A 5.12% N/A 8.53%
Administrative fee 0.20% 0.20%
Total 0.20% 5.32%
N/A Indicates data not applicable.
Inactive employees or beneficiaries currently receiving benefits 20
Inactive employees or beneficiaries receiving full retirement through LEOFF 2
Total 22
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-44
All members are retired and drawing benefits. Benefit terms provide for cost-of-living adjustments
to each member’s retirement benefit. There are two types of increases: escalation by salary in
proportion to current salary of rank from which the firefighter retired or increase proportionate to
the increase in the Seattle-area consumer price index, with the change computed annually.
Regardless of the change in the consumer price index, benefits are increased at least two percent
each year. The former applies to firefighters who retired from service after 1969, their survivors, and
to firefighters who retired from duty disability (but not their survivors) after 1961. The latter applies
to all other types of monthly benefits. Benefits and refunds of the Plan are recognized when due
and payable in accordance with the terms of the Plan. For 2024, $261,512 was paid for pension
benefit payments.
Contributions As long as the FPP provides for benefits to covered members, the city will be eligible
to receive a share of the State’s distribution of the fire insurance premium taxes. The amount the
city receives is 25% of all monies received by the State from taxes on fire insurance premiums.
Contributions can also come from taxes paid pursuant to the provisions of RCW 41.16.060. This
statute requires that each municipality levy up to $0.45 (only $0.225 of which can be in excess of
the property tax limit pursuant to RCW 84.52.043) per $1,000 of assessed valuation, based on
reports by a qualified actuary, to maintain the fund. 2024 employer contributions to the Firefighters’
Pension Plan were $0. This money was instead used to pay LEOFF 1 retiree medical expenses as
actuarial study showed the FPP was fully funded.
Investment Policy The pension plan’s policy in regard to the allocation of invested assets is
established and may be amended by a majority vote of its members. It is the policy of the FPP board
to pursue an investment strategy that emphasizes prudent and professional standards. The primary
investment requirements, in order of priority, are safety, compliance, liquidity, and return on
investment. The Board has designated daily operations, internal controls, and investment
decisions to the city’s finance director. No significant investment policy changes were made during
the reporting year. Investments are recorded at fair value in accordance with GASB Statement No.
72, Fair Value Measurement and Application. Accordingly, the change in fair value of investments
is recognized as an increase or decrease to investment assets and investment income.
Rate of Return For the year ended December 31, 2024, the annual money-weighted rate of return
on pension plan investments, net of pension plan investment expense, was 4.82%. The money-
weighted rate of return expresses investment performance, net of investment expense, adjusted
for the changing amounts actually invested.
Concentrations For the year ended December 31, 2024, 17.97% of the plan’s fiduciary net position
was invested in US Federal Agency Securities, 5.29% was invested in certificates of deposit, 14.28%
was invested in US Treasury, and 3.53% was invested in US Treasury Strips.
Net Pension Liability/(Asset) The city’s net pension liability was measured as of December 31, 2024,
and the total pension liability used to calculate the net pension liability/(asset) of $(8,452,851) was
determined by an actuarial valuation as of that date.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-45
The plan’s fiduciary net position of $10,486,781 is 516% of the plan’s total pension liability at
December 31, 2024.
Actuarial assumptions The total pension liability was determined by an actuarial valuation as of
December 31, 2024, using the following actuarial assumptions.
Inflation 2.50%
Salary increases 3.50%
Investment rate of return 4.00%
Actuarial cost method Entry age normal
Mortality rates were based on the Pub-2010 Mortality Table (headcount-weighted) with ages set
back one year for males is used for healthy annuitants. Pub-2010 Safety Disabled Mortality Table
is used for disabled annuitants. A blend of rates from Pub-2010 Mortality Tables for contingent
annuitants and retirees is used for surviving spouses. Mortality rates are projected forward
generationally suing the ultimate rates in Projection Scale MP-2017.
The long-term expected rate of return on pension plan investments was determined by combining
expected inflation to expected long term real return and reflecting expected volatility and
correction.
The weighted expected returns of the city’s portfolio of cash, US Treasuries (to be held to maturity),
and receivables was used to develop the long-term expected rate of return.
Increase (Decrease)
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability (Asset)
(a) - (b)
Balances at December 31,2023 2,197,640$ 10,267,485$ (8,069,845)$
Changes for the Year
Interest on total pension liability 82,727 - 82,727
Effect of economic/demographic gains or losses 15,074 - 15,074
Effect of assumptions chages or inputs - - -
Benefit payments (261,512) (261,512) -
Contributions from state fire insurance premium tax - - -
Net investment income - 488,207 (488,207)
Administrative expenses - (7,400) 7,400
Net Changes (163,711) 219,295 (383,006)
Balances at December 31,2024 2,033,929$ 10,486,780$ (8,452,851)$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-46
The best-estimate range for the long-term expected rate of return for each major asset class
included in the pension plan’s target asset allocation as of December 31, 2024, are summarized in
the following table:
Discount rate The discount rate used to measure the total pension liability was 4%. The projection
of cash flows used to determine the discount rate assumed city contributions were equal to
revenue received from Fire Insurance premiums and the amount received would increase at the
inflation rate of 2.50%. Based on this assumption, the pension plan’s fiduciary net position was
projected to be available to make all projected future benefit payment of current plan members.
Therefore, the long-term expected rate of return on pension plan investments was applied to all
periods of projected benefit payments to determine the total pension liability.
Sensitivity of the net pension liability to changes in the discount rate The following presents the net
pension liability of the city, calculated using the discount rate of 4.0%, as well as what the city’s net
pension liability would be if it were calculated using a discount rate that is one percentage point
lower (3.0%), or one percentage point higher (5.0%), that the current rate.
C. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions
As of June 30, 2024, the city reported its proportionate share of net pension liability/(asset) as
follows:
Asset Class Index
Long-Term Expected Real
Rate of Return
Cash BAML 90-Day T-Bills 0.92%
Core Fixed Income Bloomberg Barclays Aggregate 2.24%
US Treasury Bonds Bloomberg US Treasury TR USD 1.71%
US Long STRIPS Bloomberg US Strips 20+ Yr TR USD 2.52%
Mortgages Bloomberg US MBS TR USD 2.71%
Assumed Inflation - Mean 2.50%
Long-Term Expected Rate of Return 4.00%
1% Decrease
3.00%
Current
Discount Rate
4.00%
1% Increase
5.00%
Total Pension Liability 2,158,749$ 2,033,930$ 1,921,727$
Fiduciary Net Position 10,486,781 10,486,781 10,486,781
Net Pension Liability (8,328,032) (8,452,851) (8,565,054)
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-47
The amount of the liability/(asset) reported for LEOFF Plan 1 and LEOFF Plan 2 reflects a reduction
for the city’s collective liability to be paid by the State. The city recognized $664,230 as contribution
revenue for the State’s on behalf payment for 2024. The amount recognized by the city as its
proportionate share of the net pension liability/(asset), the portion of the city’s net pension
liability/(asset) to be paid by the State, and the total portion of the net pension liability/(asset) that
was associated with the city were as follows:
For the year ended December 31, 2024, the city recognized pension expense as follows:
At December 31, 2024, the city reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
Plan Liability Asset
PERS Plan 1 4,518,837$ -$
PERS Plan 2/3 (10,758,929)
PSERS Plan 2 - (21,272)
LEOFF Plan 1 - (7,142,825)
LEOFF Plan 2 - (7,823,729)
Firefighters' Pension (8,452,851)
Total 4,518,837$ (34,199,606)$
Liability/(Asset)
LEOFF Plan 1 - employer's proportionate share (7,142,825)$
LEOFF Plan 1 - State's proportionate share of the net
pension liability/(asset) associated with the employer (48,313,893)
TOTAL (55,456,718)$
Liability/(Asset)
LEOFF Plan 2 - employer's proportionate share (7,823,729)$
LEOFF Plan 2 - State's proportionate share of the net
pension liability/(asset) associated with the employer (5,077,185)
TOTAL (12,900,914)$
Pension Expense (Income)
PERS Plan 1 (312,395)
PERS Plan 2/3 (564,714)
PSERS Plan 2 26,219
LEOFF Plan 1 28,342
LEOFF Plan 2 563,377
Firefighters' Pension 216,994
Total (42,177)$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-48
For PERS Plan 1, $679,409, for PERS Plan 2/3, $1,671,971, for PSERS Plan 2, $17,174, and for LEOFF
Plan 2 $548,470, reported as deferred outflows of resources related to contributions resulting from
city contributions subsequent to the measurement date will be recognized as a reduction of the net
pension liability in the subsequent fiscal year.
Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized as pension expense as follows:
Deferred Outflows of Resources PERS Plan 1 PERS Plan 2/3 PSERS Plan 2 LEOFF Plan 1 LEOFF Plan 2
Firefighters'
Pension Total
Differences between expected and
actual experience -$ 6,113,452$ 55,144$ -$ 5,758,117$ -$ 11,926,713$
Net difference between projected
and actual earnings on pension
plan investments - - - - 72,269 72,269
Changes of assumptions - 5,941,101 21,233 - 3,220,729 9,183,063
Changes in proportion and
differences between City
contributions and proportionate - 806,849 - - 1,499,220 2,306,069
City contributions subsequent to
the measurement date 679,409 1,671,971 17,174 - 548,470 2,917,024
Total 679,409$ 14,533,373$ 93,551$ -$ 11,026,536$ 72,269$ 26,405,138$
Deferred Inflows of Resources PERS Plan 1 PERS Plan 2/3 PSERS Plan 2 LEOFF Plan 1 LEOFF Plan 2
Firefighters'
Pension Total
Differences between expected and
actual experience -$ 24,910$ 12,167$ -$ 59,541$ -$ 96,618$
Net difference between projected
and actual earnings on pension
plan investments 361,585 3,083,202 10,299 269,979 1,287,207 - 5,012,272
Changes of assumptions - 681,682 7,948 - 657,628 - 1,347,258
Changes in proportion and
differences between City
contributions and proportionate - 567,513 - - 1,229,451 - 1,796,964
Total 361,585$ 4,357,307$ 30,414$ 269,979$ 3,233,827$ -$ 8,253,112$
Differences Between Projected and Actual Earnings on Plan Investments
Year PERS Plan 1 PERS Plan 2/3 PSERS Plan 2 LEOFF Plan 1 LEOFF Plan 2 Firefighters' Pension Total
2025 (598,397)$ (4,698,359)$ (14,128)$ (453,941)$ (1,992,402)$ 81,980$ (7,675,247)$
2026 307,428 2,386,314 7,191 235,179 1,024,805 34,407 3,995,324
2027 (32,551) (383,111) (1,747) (22,571) (156,236) (27,553) (623,769)
2028 (38,065) (388,046) (1,615) (28,646) (163,374) (16,565) (636,311)
Total (361,585)$ (3,083,202)$ (10,299)$ (269,979)$ (1,287,207)$ 72,269$ (4,940,003)$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-49
Differences Between Expected and Actual Experience
Recognition Period
(Years)1 6.9 10.3 10
Year PERS Plan 2/3 PSERS Plan 2 LEOFF Plan 2 Total
2025 1,293,986$ 4,895$ 747,257$ 2,046,138$
2026 1,249,196 4,895 747,257 2,001,348
2027 1,129,425 4,895 756,416 1,890,736
2028 1,051,383 4,895 755,541 1,811,819
2029 746,562 4,926 718,617 1,470,105
Thereafter 617,990 18,471 1,973,488 2,609,949
Total 6,088,542$ 42,977$ 5,698,576$ 11,830,095$
The recognition period for each plan is equal to the average of the expected remaining service lives of all employees
provided with pensions through the pension plan, which was determined at the beginning of the measurement period.
Changes of Assumptions
Recognition Period
(Years)1 6.9 10.3 10
Year PERS Plan 2/3 PSERS Plan 2 LEOFF Plan 2 Total
2025 1,038,454$ 1,270$ 259,615$ 1,299,339$
2026 1,079,588 1,270 259,615 1,340,473
2027 1,307,757 1,270 259,615 1,568,642
2028 1,365,078 1,270 323,681 1,690,029
2029 246,599 1,270 386,897 634,766
Thereafter 221,943 6,935 1,073,678 1,302,556
Total 5,259,419$ 13,285$ 2,563,101$ 7,835,805$
The recognition period for each plan is equal to the average of the expected remaining service lives of all employees
provided with pensions through the pension plan, which was determined at the beginning of the measurement period.
Recognition Period
(Years)1 6.9 10.3 10
Year PERS Plan 2/3 PSERS Plan 2 LEOFF Plan 2 Total
2025 (38,699)$ -$ 19,786$ (18,913)$
2026 (16,514) - 19,786 3,272
2027 11,136 - 35,690 46,826
2028 73,470 - 51,008 124,478
2029 141,868 - 37,306 179,174
Thereafter 68,076 - 106,193 174,269
Total 239,336$ -$ 269,769$ 509,105$
The recognition period for each plan is equal to the average of the expected remaining service lives of all employees
provided with pensions through the pension plan, which was determined at the beginning of the measurement period.
Changes in Proportion and Differences Between City Contributions and Proportionate Share of Contributions
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-50
NOTE 6. OTHER POST EMPLOYMENT BENEFITS
General Information
The city implemented Governmental Accounting Standards Board (GASB) Statement 75,
Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions for
calendar year 2018 financial reporting. Previously, the city accounted for its other postemployment
benefit (OPEB) expenses related to the Health Plan based on a computed annual required
contribution (ARC) and an amount to amortize unfunded actuarial accrued liabilities.
Plan Description
In accordance with the Revised Code of Washington (RCW) 41.26, the city administers a single-
employer defined benefit healthcare plan (the Health Plan) for law enforcement officers and
firefighters employed prior to October 1, 1977. The city maintains a standalone internal service
fund, LEOFF 1 Retirees Healthcare Fund. No assets are accumulated in a trust that meets the
criteria in paragraph 4 of Statement 75.
The Health Plan’s actuary is Milliman, Inc. The report may be obtained by contacting the City of
Renton, Finance Division, 1055 South Grady Way, Renton, WA 98057. The Health Plan does not
issue a separate standalone financial report.
Benefits Provided
The Health Plan provides medical, prescription drug, dental, Medicare Part B premiums, long-term
care, and vision expenses for LEOFF Plan 1 retirees. Dependent spouses and children are not
covered. There are currently 70 retirees covered under the plan and the plan is closed to new
entrants.
Funding Policy
Funding for LEOFF 1 retiree healthcare costs is provided entirely by the city as required by the
Revised Code of Washington (RCW) 41.26. The city does not require retiree contributions.
OPEB Liability
The OPEB liability was determined by an actuarial valuation as of the valuation date, calculated
based on the discount rate below, and was then projected forward to the measurement date. There
have been no significant changes between the valuation date and the fiscal year ends. The city’s
total OPEB liability of $28,066,704 was measured as of December 31, 2024.
Total OPEB Liability
12/31/2023 12/31/2024
Total OPEB Liabilty 30,842,514$ 28,066,704$
Covered employee payroll -$ -$
N/A N/A
Total OPEB liability as of a % of
covered employee payroll
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-51
Actuarial Methods and Assumptions
An actuarial valuation was completed as of January 1, 2023. Projections of benefits for financial
reporting purposes are based on the substantive plan (the plan as understood by the employer and
plan members) and include the types of benefits provided at the time of each valuation. The
actuarial methods and assumptions used include techniques that are designed to reduce the
effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets,
consistent with the long-term perspective of the calculations.
The Bond Buyer General Obligation 20-bond municipal bond index for bonds that mature in 20 years
is 4.08% as of December 26, 2024. Rounding this to the nearest quarter percent results in a
discount rate of 4.00% as of the December 31, 2024 measurement date.
Mortality rates were based on the following assumptions:
Service-retired members were based on the Pub-2010 Safety Mortality Table (headcount-
weighted) with generational projection using the ultimate rates in Projection Scale MP-2017,
with ages set back one year for males.
Disabled members were based on the PUB-2010 Safety Disability Mortality Table with
generational projection using the ultimate rates in Projection Scale MP-2017.
Valuation Date
Measurement Date
Actuarial Cost Method
Amortization Method
Actuarial Assumptions
Discount Rate 4.00%
Long Term Care Trend Rate 4.75%
Projected Salary Changes 3.50%
Inflation Rate 2.50%
Medical and Dental Trend Year Medical Trend
2024-2025 7.00%
2025-2026 6.40%
2026-2027 5.80%
2027-2028 5.20%
2028-2029 5.00%
Grading down to an ultimate of 3.9%
Economic/demographic gains or losses and assumption
changes are recognized over the average remaining service life
for all active members; immediate recognition is used when the
average remaining service life is less than one.
January 1, 2023
December 31, 2024
Entry Age Normal
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-52
Changes in the Total OPEB Liability
The following table presents the change in the total OPEB liability as of December 31, 2024.
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate
The following presents the total OPEB liability of the city as well as what the total OPEB liability
would be if it were calculated using trend rates that are 1% point lower or 1% point higher than the
current rate.
The following presents the total OPEB liability of the city, calculated using the current healthcare
cost trend rates as well as what the city’s total OPEB liability would be if it were calculated using
trend rates that are 1% point lower or 1% higher than the current trend rates.
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources
Related to OPEB
For the year ended December 31, 2024, the city recognized OPEB Expense of ($1,278,111). As of
December 31, 2024, the city reported no deferred outflows or inflows of resources related to OPEB.
Changes in Total OPEB Liabilty
Balance as of 12/31/2023 30,842,514$
Changes for the Year:
Service Cost -
Interest on total OPEB Liability 978,239
Effect of plan changes -
Effect of Economic/demographic gains or loss -
Effect of assumptions changes or inputs (2,256,350)
Expected benefit payment (1,497,699)
Balance as of 12/31/2024 28,066,704$
1% Decrease
3.00%
Current
Discount Rate
4.00%
1% Increase
5.00%
Total December 31, 2024 OPEB Liability 31,139,970$ 28,066,704$ 25,453,976$
1% Decrease
Current
Trend Rate 1% Increase
Total December 31, 2024 OPEB Liability 25,443,212$ 28,066,704$ 31,071,732$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-53
NOTE 7. CONTINGENCIES
As of December 31, 2024, there were various claims for damages and lawsuits pending against the
city. Although the outcome of these claims and lawsuits is not determinable at this time, it is the
opinion of management, that the resolution of these matters will not have a material adverse effect
on the financial condition of the city and that the city’s insurance policies and/or self-insurance
reserves are adequate to pay all known or pending claims.
The city participates in a number of federal and state assisted programs. These grants are subject
to program compliance audits by the Single Audit Act. Such audits could result in requests for
reimbursement to grantor agencies for expenditures disallowed under the terms of the grants. The
amount of expenditure that may be disallowed, if any, cannot be determined at this time and the
city’s management believes that such disallowances, if any, will be immaterial.
As a result of a recent tax audit, the city issued a tax determination and subsequent tax assessment
to a taxpayer for unpaid Business and Occupation tax. The significant audit assessment was
appealed and therefore the revenue was not recognized in this fiscal year. Any gains resulting from
the audit assessment will be recognized when realization is probable.
In 2021, the Washington State Supreme Court held in State v. Blake that the statute criminalizing
drug possession was unconstitutional, and the reasoning has since been applied to several similar
offenses. As a result of this decision, any Blake-related convictions qualify to be vacated from a
person’s criminal record and any legal financial obligations (LFOs) tied to the conviction that were
paid by the defendant qualify for financial reimbursement.
The state legislature has provided funding for the city to process vacations and refund LFOs on
behalf of the state, including funding in 2023 and proviso language that suggests an ongoing state
responsibility. LFO reimbursements are expected to be processed through the Washington State
Administrative Office of the Court’s Blake Refund Bureau. At this time, the city does not have
sufficient information necessary to estimate any additional remaining potential liability. However,
management believes that the aggregate potential liability resulting from any remaining LFOs
would not materially affect the financial condition of the city.
NOTE 8. RISK MANAGEMENT
The City of Renton is exposed to various risks of loss related to tort; theft of, damage to, and
destruction of assets; errors and omissions; injuries to employees; and natural disasters. The City
of Renton protects itself against unforeseen losses by utilizing a three-pronged risk management
approach. First, the city self-funds first level losses through its Insurance Fund. Second, insurance
and excess insurance is purchased to cover medium and large losses. Third, the city reserves the
right to utilize the provisions of Chapter 35A.31.070 RCW to fund catastrophic or uninsured losses.
This State statute allows cities to levy a non-voted property tax increase to pay for uninsured
claims. There were no settlements in excess of the insurance coverage in any of the three prior
fiscal years.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-54
The risk management internal service fund is funded by charges to the City of Renton’s other funds
and is based primarily upon the contributing funds’ claims experience. Actuarial studies were
performed for liability, worker’s compensation, and health benefits to determine claims liabilities
and recommended funding levels for the risk areas. The claims liability reported in the fund is
based on the requirements of the GASB Statement No. 10. Liabilities of the fund are reported when
it is probable that a loss has occurred, and the amount of the loss can be reasonably estimated.
Liabilities include an amount for claims that have been incurred but not reported (IBNRs). The
estimate of the claims liability also includes amounts for incremental claim adjustment expenses
related to specific claims and other allocated and unallocated claim adjustment expenses. The
estimated liability for worker’s compensation and general liability is discounted to present value
using a discount rate of 1.0%.
The city's Risk Management Program is administered under the authority of the Human Resources
and Risk Management Administrator, with claims being processed by the carriers shown below.
As of December 31, 2024, the city had accrued the following amounts for outstanding claims:
Coverage
Total Claims Payable
12/31/2024
Liability 933,418$
Workers' compensation 685,215
Health Benefits 1,444,000
TOTAL 3,062,633$
Coverage
Total Claims Payable
12/31/2023
Liability 578,742$
Workers' compensation 892,087
Health Benefits 1,506,000
TOTAL 2,976,829$
2024 Liability
Workers'
Compensation Health Benefits Totals
Claims liabilities at beginning of the year 578,742$ 892,087$ 1,506,000$ 2,976,829$
Current year and changes in estimates 251,173 (1,011,361) (12,461,264) (13,221,452)
Claims payments 103,503 804,489 12,399,264 13,307,256
Claims liabilities at end of the year 933,418$ 685,215$ 1,444,000$ 3,062,633$
2023 Liability
Workers'
Compensation Health Benefits Totals
Claims liabilities at beginning of the year 419,803$ 840,783$ 1,592,000$ 2,852,586$
Current year and changes in estimates (275,302) (823,534) (11,307,830) (12,406,666)
Claims payments 434,241 874,838 11,221,830 12,530,909
Claims liabilities at end of the year 578,742$ 892,087$ 1,506,000$ 2,976,829$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-55
An analysis of the insurance deductibles and self-insured retention levels, limits of insurance, and
carriers for the major types of coverage are as follows:
Type of Coverage
Risk Retention
Occurrence Aggregate Amount Carrier
Property $50,000 $200,000,000
Expires 07/01/2025 (per occurrence subject to annual
aggregate & sub-limits)
Cyber Liability $50,000 $2,000,000 APIP
Expires 07/01/2025 (subject to sub-limits)
Pollution Liability $250,000 $2,000,000 APIP
Expires 07/01/2025 (per incident, per insured)
Comm Gen Liability $300,000 $5,000,000 Safety National
Expires 01/01/2025 (per occurrence, $5M aggregate)
Comm Gen Liability - POL/EPL, Law Enf $300,000 $5,000,000 Safety National
Expires 01/01/2025 (per occurrence, $5M aggregate)
Liability $5M XS $5M $0 $5,000,000 AWAC
Expires 01/01/2025 (per occurrence + $5M aggregate)
Liability $2.5M XS $10M $0 $2,500,000 Homesite Insurance Co.
Expires 01/01/2025 (per occurrence + $2.5M aggregate)
Liability $2M XS $12.5M $0 $2,000,000 Upland Speciality Insurance
Expires 01/01/2025 (per occurrence + $2M aggregate)
Liability $5M XS $14.5M $0 $5,000,000 StarStone Speciality Insurance
Expires 01/01/2025 (per occurrence + $5M aggregate)
Liability $5.5M XS $19.5M $0 $5,500,000 AWAC
Expires 01/01/2025 (per occurrence + $5.5M aggregate)
Unmanned Aircraft Liability $0 $1,000,000 National Union Fire
Expires 01/01/2025 (per occurrence)
Auto Liability $300,000 $5,000,000 Safety National
Expires 01/01/2025 (per occurrence + $5M aggregate)
Equipment Breakdown $25,000 $100,000,000 APIP
Expires 07/01/2025
Employee Fidelity/Crime (ACIP) $10,000 $2,500,000 National Union Fire
Expires 07/01/2025
Airport Liability $0 $100,000,000 National Union Fire
Expires 01/01/2025
Storage Tank Pollution Liab $2,500 $1,000,000 Mid-Continent Casualty
Expires 01/01/2025
Excess Workers’ Comp $750,000 Others, Statutory Safety National
Expires 01/01/2025 $1,000,000 Police
Deadly Weapons Response $10,000 $500,000 APIP
Expires 07/01/2025
Alliant Property Insurance
Program (APIP)
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-56
NOTE 9. INTERFUND TRANSACTIONS
A. INTERFUND TRANSFERS
The following is the composition of interfund transfers for the year ended December 31, 2024:
During the year transfers were used to fund anticipated capital projects and equipment purchases.
All transfers either occur on a regular basis or are consistent with the purpose of the fund making
the transfer. Transfers that occur within the governmental funds are eliminated on the Government-
wide Statement of Activities.
The city made the following one-time transfers during the year ending December 31, 2024:
1. $10 thousand transfer from the Hotel/Motel Tax Fund to the General Fund for matching a Port
of Seattle grant for economic development activities.
2. $55 thousand transfer from the Municipal Facilities CIP Fund to the General Fund to support the
Urban Forestry Program for non-capital related expenses.
3. $18 thousand transfer from Capital Improvement Fund to General Fund for non-capital related
expenses.
4. $9 million transfer from General Fund, $525 thousand transfer from Parks Impact Mitigation
Fund, $350 thousand from the REET 2 Fund to the Municipal Facilities CIP Fund to various
Facilities and Parks Planning & Natural Resources capital projects.
5. $362 thousand transfer from the General Fund and $2.6 million transfer from the REET 2 Fund
to the Capital Improvement Fund to various transportation capital projects.
6. $1.9 million transfer from General Fund and $1.2 million from the REET 2 Fund to the General
Debt Fund to fund annual debt payments.
7. $165 thousand from the Municipal Facilities CIP Fund to the Airport Fund to return unspent
Airport Funds for 300 Rainier demolition.
Transfer Out:General
Municipal
Facilities CIP
Capital
Improvement General Debt Airport Insurance
Equipment
Rental Total
Governmental Funds:
General - 8,962,858 362,000 1,879,350 - 1,578,243 2,247,348 15,029,799
Hotel/Motel Tax 10,000 - - - - - - 10,000
Parks Impact Mitigation - 525,000 - - - - - 525,000
Fire Impact Mitigation - - - - - - - -
Transportation Impact Mitigation - - - - - - - -
REET 1 - - - - - - - -
REET 2 - 350,000 2,592,000 1,241,425 - - - 4,183,425
Municipal Facilities CIP 55,468 - - - 164,955 - - 220,423
Capital Improvement 18,000 - - - - - - 18,000
Enterprise Funds:
Waterworks Utility - - - - - - 204,469 204,469
Solid Waste - - - - - - 9,185 9,185
Airport - - - - - - 61,900 61,900
Internal Service Funds:
Insurance 900,000 - - - - - 50,000 950,000
Total 983,468 9,837,858 2,954,000 3,120,775 164,955 1,578,243 2,572,902 21,212,200
Internal Service FundsEnterprise FundsGovernmental Funds
Transfer In:
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-57
8. $1.6 million transfer from the General Fund to the Insurance Fund for risk management
reserves, and $78 thousand transfer from the General Fund to the Insurance Fund for non-
capital related expenses.
9. $2.2 million transfer from the General Fund to the Equipment Rental Fund for capital related
expenses.
10. Various transfers from Waterworks Utility Fund to the Equipment Rental Fund to fund previously
unbudgeted equipment/furniture purchases.
11. $9 thousand from the Solid Waste Fund to the Equipment Rental Fund to fund vehicle
replacement.
12. $62 thousand from the Airport Fund to the Equipment Rental Fund to fund fleet equipment
purchase.
13. $900 thousand from the Insurance Fund to the General Fund for transfer of Annexation Sales
Tax Credit Reserve and $50 thousand from Insurance Fund to the Equipment Rental Fund for
budget transfers
B. INTERFUND RECEIVABLES AND PAYABLES
The composition of interfund receivables/ payables as of December 31, 2024, is as follows:
Due To/From:
These are the outstanding balances between funds during the year ending December 31, 2024:
1. $49 from the Municipal Facilities Fund to General Fund to refund amounts charged for
capital related expense.
2. $266,565 from the General Fund to the Airport Fund for prepaid airport leases.
3. $13 thousand from Wastewater Utility to Surface Water Utility to refund amounts charged
for capital related expense.
4. $9 thousand from Waterworks Utility to Equipment Rental Fund to refund amounts charged
for repair and maintenance expenses.
Advances To/From:
The amount payable from the Golf Course Fund was an interfund loan for the purchase of new
golf carts. The term of the loan is five years and expected to expire February 2027.
Receivable Fund Payable Fund Amount
General Fund Municipal Facilities CIP 49
Airport General Fund 266,565
Surface Water Utility Wastewater Utility 12,964
Equipment Rental Waterworks Utility 9,287
Total 288,864$
Receivable Fund Payable Fund Amount Due Within One Year
General Fund Golf Course Fund 99,018$ 45,434$
Total 99,018$ 45,434$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-58
NOTE 10. LONG TERM LIABILITIES
General Obligation Bonds
General obligation bonds are direct obligations of the city for which its full faith and credit are
pledged. Debt service for voter-approved bonds, which the city has none, would be funded by
special property tax levies. Debt service for city council authorized bonds (councilmatic bonds) is
funded from regular property taxes or general revenues and is generally paid from debt service
funds.
General Obligation Bonds outstanding at year-end are as follows:
2013 Limited Tax General Obligation qualified energy conservation bonds (QECB) which
provided funding for streetlight improvements.
2015 (A) Limited Tax General Obligation refunding bond which refunded a portion of the 2006
limited tax general obligation bonds for the construction of South Lake Washington
infrastructure improvements.
2019 Limited Tax General Obligation bonds which funded improvements to parks, trails and
recreational facilities in the city.
2019 Limited Tax General Obligation local revitalization financing bonds (LRF) which
provided funding for public infrastructure improvements in the South Lake Washington
Revitalization Area.
Other intergovernmental debt, backed by the full faith and credit of the city:
2019 intergovernmental debt which refunded the outstanding balance of the 2009 (A & B)
intergovernmental debt for the acquisition, construction and equipping of the SCORE
facility. Pursuant to a restated and amended interlocal agreement, the city is obligated to
pay 40.96 percent of the debt service on the SCORE bonds.
Revenue Bonds
Revenue bonds are pledged from water, sewer, and storm revenues generated from the charges for
service revenues in those funds. The city is required by bond covenants to secure parity reserves
for these revenue bonds. The current parity reserves are $2,810,145.
Revenue Bonds outstanding at year-end are as follows:
2012 Water/Sewer Revenue Refunding Bonds (Ordinance #5672) were issued in the amount
of $9,190,000 and dated December 7, 2012. The average interest rate is 2.5%. These bonds
were issued for the purpose of refunding a portion of the 2004 Water/Sewer Revenue Bonds.
2016 Water/Sewer Revenue Refunding Bonds (2008A) (Ordinance #5812) were issued in the
amount of $9,385,000 and dated October 20, 2016. The average interest rate is 1.73%.
These bonds were issued for the purpose of refunding a portion of the 2008 (A) Water/Sewer
Revenue Bonds (Exempt).
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-59
State of Washington Public Works Trust Fund Loans (PWTFL)
PWTFL are the direct responsibility of the city. At year-end the city has no remaining amount on the
outstanding loan. The loan is for water capital improvements and pledged from water system
revenues.
PWTFL with no remaining amount at year-end is as follows:
Maplewood Drinking Water Treatment Improvement loan was to construct the drinking
water treatment improvements at Maplewood.
Compensated Absences
Compensated absences are paid by those funds that have employees. These are mostly payable
from the General Fund and Waterworks Utility Fund.
Leases
The city leases certain machinery, equipment and land. In addition, the city has entered into
subscription-based agreements for information technology (SBITA) services. These lease
payments are payable from the General Fund, Equipment Rental Fund and Airport Fund. Refer to
Note 12 and Note 13 for a detailed summary of leases.
Long-Term Debt Schedules
The following schedules summarize the long-term debt transactions of the city for the year ended
December 31, 2024. The first two tables reflect total annual debt service requirements to maturity,
while the third table provides detailed information on all long-term debt.
Year Principal Interest Principal Interest
2025 2,742,688 1,566,033 215,000 27,692
2026 2,860,696 1,445,249 215,000 20,769
2027 2,997,800 1,319,089 215,000 13,846
2028 3,119,904 1,186,749 215,000 6,923
2029 2,011,104 1,054,854 - -
2030-2034 11,550,864 3,766,662 - -
2035-2039 11,415,528 1,337,476 - -
2040-2044 1,805,001 184,200 - -
Totals 38,503,585 11,860,311 860,000 69,230
Bonds Bonds - Direct Placements
Governmental Activities
Year Principal Interest Principal Interest
2025 1,560,000 144,750 1,045,000 55,274
2026 1,610,000 97,950 1,065,000 37,195
2027 1,655,000 49,650 1,085,000 18,771
Totals 4,825,000 292,350 3,195,000 111,239
Revenue Bonds- Direct PlacementsRevenue Bonds
Business-Type Activities
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-60
Debt Limit Capacity
State law provides that debt cannot be incurred in excess of the following percentages of the value
of the taxable property of the city: 1.5 percent without a vote of the people provided the
indebtedness with a vote is 1 percent or less; 2.5 percent with a vote of the people; 5.0 percent with
a vote of the people, provided the indebtedness in excess of 2.5 percent is for utilities; and 7.5
percent with a vote of the people provided the indebtedness in excess of 5.0 percent is for open
space development and parks facilities. Table 15 in the Statistical Section shows the computation
of legal debt margin for general and special purpose capacities for the City of Renton.
Estimated Arbitrage Rebate
The city engages an outside agency to calculate its arbitrage rebate liability on outstanding tax-
exempt bonds and certificates of participation under Section 148(f) of the Internal Revenue Code.
No additional rebate was found due for any revenue or general obligation bonds for 2024.
Issue Name
Interest
Rates
Maturity
Date
Original Issue
Amount
Beginning
Balance,
restated*
01/01/2024 Additions Deductions
Ending
Balance
12/31/2024
Due Within
One Year
GOVERNMENTAL-TYPE DEBT:
Limited General Obligation Bonds:
2015 (A) GO S LK WA Infr Refunding (BQ) 3.00%-4.00% 12/1/2028 8,825,000 5,635,000 - 1,045,000 4,590,000 1,090,000
2019 GO Parks Bonds 3.00%-5.00% 12/1/2038 12,960,000 10,865,000 - 515,000 10,350,000 540,000
2019 GO LRF Bonds (Transportation) 3.00%-5.00% 12/1/2043 7,885,000 6,820,000 - 220,000 6,600,000 230,000
Unamortized (discount)/premium 2,452,965 - 208,888 2,244,073 -
29,670,000 25,772,965 - 1,988,888 23,784,073 1,860,000
General Obligation Bonds from Direct
2013 GO QECB 3.22% 7/1/2028 3,200,000 1,075,000 - 215,000 860,000 215,000
3,200,000 1,075,000 - 215,000 860,000 215,000
2019 SCORE Refunding Bonds 3.00%-5.00% 12/1/2038 20,912,128 17,811,457 - 847,872 16,963,585 882,688
Total Intergovernmental Debt 20,912,128 17,811,457 - 847,872 16,963,585 882,688
Other Long-Term Liabilities:
Employee Leave Benefits - Compensated Absences 9,837,779 4,068,606 3,441,906 10,464,479 4,978,258
Total Other Post Employment Benefits (OPEB)30,842,514 (2,775,810) - 28,066,704 1,276,510
Net Pension Liability 4,797,584 - 1,196,975 3,600,609 -
Leases Various Various 1,684,709 963,737 360,942 658,796 665,883 531,495
Total Other Long-Term Liabilities 1,684,709 46,441,614 1,653,738 5,297,677 42,797,675 6,786,263
55,466,837 91,101,036 1,653,738 8,349,437 84,405,333 9,743,951
BUSINESS-TYPE DEBT:
Revenue Bonds:
2012 Water/Sewer Refunding 2.00%-3.00% 12/1/2027 9,190,000 6,340,000 - 1,515,000 4,825,000 1,560,000
Unamortized (discount)/premium 202,477 - 50,619 151,858 -
Total Revenue Bonds 9,190,000 6,542,477 - 1,565,619 4,976,858 1,560,000
Revenue Bonds from Direct Placements:
2016 Water/Sewer Refunding (2008A)1.73% 12/1/2027 9,385,000 4,225,000 - 1,030,000 3,195,000 1,045,000
Total Revenue Bonds from Direct Placements 9,385,000 4,225,000 - 1,030,000 3,195,000 1,045,000
Loans from Direct Borrowings:
Public Works Trust Fund Loans:
Maplewood Water Treatment Improvement 0.50% 7/1/2024 5,150,000 272,648 - 272,648 - -
5,150,000 272,648 - 272,648 - -
Other Long-Term Liabilities:
Employee Leave Benefits - Compensated Absences 1,684,536 777,204 544,616 1,917,124 875,448
Net Pension Liability 1,230,288 - 312,060 918,228 -
Leases 2.21% 4/1/2035 29,633 25,373 - 1,870 23,503 1,911
Total Other Long-Term Liabilities 2,940,197 777,204 858,546 2,858,855 877,359
23,754,633 13,980,322 777,204 3,726,813 11,030,713 3,482,359
79,221,470 105,081,358 2,430,942 12,076,250 95,436,046 13,226,310
* Employee Leave Benefits - Compensated Absences beginning balances for Governmental-type and Business-type as of January 1, 2024 are restated due to
implementation of GASB 101, Compensated Absences . Refer to Note 15 Accounting Changes and Error Corrections for additional detail.
Schedule of Changes of Long-Term Liabilities
TOTAL ALL FUNDS
TOTAL BUSINESS-TYPE DEBT
TOTAL GOVERNMENTAL-TYPE DEBT
Total Loans from Direct Borrowingss
Total General Obligation Bonds
Other Intergovernmental - Backed by full faith and credit of the City:
Total General Obligation Bonds from Direct Placements
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-61
NOTE 11. JOINT VENTURES
A joint venture is a legal entity or other organization that results from a contractual agreement and
that is owned, operated, or governed by two or more participants as a separate and specific activity
subject to joint control in which the participants retain (a) an on-going financial interest or (b) an
on-going financial responsibility. The city participates in three joint ventures that are sanctioned by
the provisions and terms of the Interlocal Cooperation Act pursuant to Chapter 39.34 RCW.
VALLEY COMMUNICATIONS CENTER
The Valley Communications Center (Valley Com) was established August 20, 1976, when an
Interlocal Agreement was entered into by four original participating municipal corporations,
including the cities of Renton, Kent, Auburn, and Tukwila. Federal Way was formally admitted in
2000. The initial duration of the agreement was five years, and thereafter is automatically extended
for consecutive five-year periods.
The purpose of the joint operation, hereafter referred to as Valley Com, is to provide improved
consolidated emergency communications (dispatch) services for police, fire, and medical aid to
the five participating cities and to several subscribing agencies that include: King County Fire
Districts 2, 20, 44, 47; City of Pacific Police Department; City of Black Diamond Police Department;
City of Des Moines Police Department; City of Algona Police Department; Enumclaw Fire; Valley
Regional Fire Authority; North Highline Fire Department; South King Fire & Rescue; Vashon Island
Fire & Rescue; King County Airport; Puget Sound Regional Fire Authority; Renton Regional Fire
Authority, KC Sheriff’s Office; and KC Medic One. Separate agreements between Valley Com and
the subscribing agencies have been executed, which set forth conditions of services and rates
charged.
The city made payments totaling $3,147,059 to support Valley Com’s operating costs during the
year ended December 31, 2024.
The city reports its share of equity interest in the Governmental Activities column within the
Government-wide financial statements under non-current assets – investments in joint ventures.
The following is condensed financial information as of December 31, 2024 related to Valley
Communications Center:
Member City Percent of Equity
2023 Equity
Balance 2024 Distribution
2024 Equity
Balance
Auburn 21.40% 9,706,974$ 1,021,978$ 10,728,952
Federal Way 19.16% 8,498,305 1,109,598 9,607,903
Kent 28.17% 12,693,899 1,428,863 14,122,762
Renton 21.17% 9,518,721 1,095,758 10,614,479
Tukwila 10.11% 4,547,773 519,382 5,067,155
Grand Totals 100.00% 44,965,672$ 5,175,579$ 50,141,251$
Valley Communications Center
2024 Owner Cities Equity Allocation
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-62
Complete Financial Statements for Valley Com can be obtained from the Valley Communications
Center, 23807 – 98th Avenue South, Kent, WA 98031.
SOUTH CORRECTIONAL ENTITY (SCORE)
The South Correctional Entity (SCORE), a consolidated correctional facility, was established
February 25, 2009, when an interlocal agreement was entered into by seven participating municipal
governments (“owner cities”) of Auburn, Burien, Des Moines, Federal Way, Renton, SeaTac and
Tukwila. This agreement was amended and restated October 1, 2009 and named the City of Des
Moines as the “host city”. Pursuant to a separate “Host City Agreement” dated October 1, 2009,
the host city will not enjoy the same equity position as the original owner cities until all debts issued
are paid and the host city fulfills all of its obligations as outlined in the Agreement. On December
11, 2019, the internal local agreement was again amended to reflect the withdrawal of Federal Way
as an owner city and added the City of Des Moines as an owner city, terminating the host city
agreement. The internal local agreement also included other revisions to provide the issuance of
bonds to refund the 2009 bonds.
The purpose of the interlocal operation, SCORE, is to serve the Member Cities and Subscribing
Agencies which are in need of correctional facilities. SCORE provides correctional services and
functions incidental thereto, for the purpose of detaining arrestees and sentenced offenders in the
furtherance of public safety and emergencies within the jurisdiction of the Member Cities. Separate
agreements between SCORE and subscribing agencies have been executed, which set forth
conditions of services and rates charged.
Financing for the acquisition, construction, equipping, and improvement of the SCORE Facility was
provided by bonds issued by the South Correctional Entity Facility Public Development Authority
(the “SCORE PDA”), a public development authority chartered by the City of Renton pursuant to
RCW 35.21.730 through 35.21.755 and secured by the full faith and credit of the Cities of Auburn,
Burien, Federal Way, Renton, SeaTac, and Tukwila (the owner cities). The SCORE PDA issued $86
million in special obligation bonds in 2009 to carry out the facility development project. As
previously mentioned SCORE issued refunding bonds on December 11, 2019 in the amount of
$51,055,000 (2019 Bonds). The proceeds of the 2019 bonds were used together with a contribution
from Federal Way to fully pay its 2009 Capital Contribution, to defease and refund all of the
outstanding 2009 bonds. Federal Way has also reduced their owner equity balance to zero in 2019
and no longer holds responsibility for any long-term debt.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-63
The following is a summary of the debt service requirements, for each owner city:
The City of Renton made payments totaling $5,017,445 to support SCORE’s operating costs during
the year ended December 31, 2024.
The city reports its share of equity interest in the Governmental Activities column within the
Government-wide financial statements under non-current assets – investments in joint ventures.
The following is condensed financial information as of December 31, 2024, related to SCORE:
Complete financial statements for SCORE and SCORE PDA can be obtained at SCORE, 20817 17th
Avenue South, Des Moines, WA 98198.
WASHINGTON MULTI-CITY BUSINESS LICENSE AND TAX PORTAL AGENCY (FILELOCAL)
Washington Multi-City Business Licenses and Tax Portal Agency (d.b.a. FileLocal) was established
on March 1, 2014, under the state lnterlocal Cooperation Act (Ch.39.34.RCW) and Chapter 24.06
RCW. FileLocal is an instrumentality of its member cities, formed to carry out exclusively
governmental activities to offer a web-based service that makes it easier for businesses to obtain
business licenses and pay local Business & Occupation (B&O) taxes to its member cities. FileLocal
began providing services in July 2015.
Auburn Burien Des Moines Renton SeaTac Tukwila
Year 34.94% 4.82% 6.02% 40.96% 3.62% 9.64%
2025 1,366,888 188,563 235,508 1,602,397 141,618 377,126
2026 1,365,927 188,431 235,343 1,601,270 141,518 376,861
2027 1,366,626 188,527 235,463 1,602,089 141,591 377,054
2028 1,365,315 188,346 235,238 1,600,553 141,455 376,693
2029-2033 6,830,875 942,324 1,176,928 8,007,803 707,721 1,884,649
2034-2038 6,829,110 942,081 1,176,624 8,005,734 707,538 1,884,162
Totals 19,124,741$ 2,638,272$ 3,295,104$ 22,419,846$ 1,981,441$ 5,276,545$
Debt Service Allocation to Owner Cities
Member City Percent of Equity
2023 Equity
Balance 2024 Distribution
2024 Equity
Balance
Auburn 41.38% 15,314,840$ 1,218,459$ 16,533,299$
Burien 5.68% 2,100,163 181,287 2,281,450
Des Moines 5.11% 1,889,243 115,427 2,004,670
Renton 32.11% 11,884,222 705,931 12,590,153
SeaTac 8.18% 3,027,042 114,579 3,141,621
Tukwila 7.54% 2,790,883 116,942 2,907,825
Grand Totals 100.00% 37,006,393$ 2,452,625$ 39,459,018$
South Correctional Entity (SCORE)
2024 Owner Cities Equity Allocation
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-64
There are currently eight participating member cities: Bellevue, Everett, Seattle, Tacoma, Lake
Forest Park, Des Moines, Kent, and Renton. There are also two subscriber cities: Snoqualmie and
Shoreline. An Executive Board serves as the primary governing body of File Local. The board is
comprised of members from all eight member cities. The Executive Board has final decision-
making authority upon all policy issues, approval or amendment of Bylaws or Articles of
Incorporation, acquisition of assets, admission of new Principal(s) or Subscriber(s), appointing or
removing a manager, merger, consolidation, sale, termination, or dissolution of the agency by
supermajority vote.
Principals pay a prorate share of budgeted expenditures each year based on the number of
transactions processed in the most recent full year of data. The City of Renton paid $25,640 in 2024,
which represents the city’s equity share of 3.15% or $48,154.
Financial reports for FileLocal can be obtained from the contracted CPA, Horace Francis at
FileLocal, 700 Fifth Avenue, Suite 4350, Seattle, WA 98104.
NOTE 12. SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS (SBITA)
GASB Statement No. 96, Subscription-Based Information Technology Arrangements, defines a
SBITA as a contract that conveys control of the right to use another party’s IT software for a period
of time in an exchange or exchange-like transaction.
As of December 31, 2024, the city has entered SBITA contracts involving:
Desktop platform software and services
Video storage and management software
Cloud service connection
Media management software
Network security software
Risk management software
Cloud-based irrigation control software
Payment processing software
As of December 31, 2024, the principal and interest requirements to maturity are as follows:
Year ended December 31 Principal Interest Total
2025 507,811$ 23,123$ 530,934$
2026 57,470 2,135 59,605
2027 3,578 391 3,969
2028 3,704 265 3,969
2029 3,836 133 3,969
2030 and after - - -
Total 576,399$ 26,047$ 602,446$
Governmental Activities
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-65
The intangible asset SBITA activity in governmental activities and related accumulated amortization
for year ended December 31, 2024, are as follows:
NOTE 13. LEASES
GASB Statement No. 87, Leases, a lease is defined as a contract that conveys control of the right
to use another entity’s nonfinancial asset specified in the contract for a period of time in an
exchange or exchange-like transaction.
As of December 31, 2024, the city has lease agreements where the city is the lessee and the lessor.
The city also has regulated leases subject to external laws, regulations, or legal ruling.
City as Lessee
Governmental Activity Leases
The city has entered into lease agreements for aquatic land use and mailroom equipment. The
terms of these agreements range from five years to thirty years.
As of December 31, 2024, the principal and interest requirements to maturity are as follows:
The intangible asset lease activity in governmental activities and related accumulated amortization
for year ended December 31, 2024, are as follows:
12/31/2024
Beginning Balance Increases Decreases
12/31/2024
Ending Balance
Intangible Assets 1,669,639$ 146,357$ -$ 1,815,996$
Total 1,669,639$ 146,357$ -$ 1,815,996$
Accumulated Amortization 262,090 628,633 - 890,723
Governmental activities, net 1,407,549$ (482,276)$ -$ 925,273$
Year ended December 31 Principal Interest Total
2025 23,684$ 2,039$ 25,724$
2026 7,282 1,690 8,972
2027 2,973 1,579 4,552
2028 3,053 1,499 4,552
2029 3,135 1,417 4,552
2023 and after 49,357 9,819 59,176
Total 89,484$ 18,043$ 107,528$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-66
Business-type Activity Leases
The city has entered into lease agreement for aquatic land use. The term of the agreement is thirty
years.
As of December 31, 2024, the principal and interest requirements to maturity are as follows:
The intangible asset lease activity in business activities and related accumulated amortization for
year ended December 31, 2024, are as follows:
12/31/2023
Beginning Balance Increases Decreases
12/31/2024
Ending Balance
Lease - Land 74,198$ -$ -$ 74,198$
Lease - Building - - - -
Lease - Equipment 155,457 - - 155,457
Total 229,655$ -$ -$ 229,655$
Accumulated Amortization,
Lease asset 111,703 34,625 - 146,328
Governmental activities, net 117,952$ (34,625)$ -$ 83,327$
Year ended December 31 Principal Interest Total
2025 1,911$ 520$ 2,431$
2026 1,953 478 2,431
2027 1,997 434 2,431
2028 2,041 390 2,431
2029 2,086 345 2,431
2030 and after 13,515 1,071 14,586
Total 23,503$ 3,238$ 26,741$
12/31/2023
Beginning Balance Increases Decreases
12/31/2024
Ending Balance
Lease - Land -$ -$ -$ -$
Lease - Building - - - -
Lease - Equipment 29,633 - - 29,633
Total 29,633$ -$ -$ 29,633$
Accumulated Amortization,
Lease asset 4,233 2,117 - 6,350
Business-type activities, net 25,400$ (2,117)$ -$ 23,283$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-67
City as Lessor
Governmental Activity Leases
The city has entered into lease agreements for use of city owned buildings and land.
As of December 31, 2024, future lease receivable principal and interest payments for governmental
activities are as follows:
Business-type Activity Leases
The city has entered into lease agreements for use of city owned building.
As of December 31, 2024, future lease receivable principal and interest payments for governmental
activities are as follows:
Regulated Leases
The city has leases regulated by the Federal Aviation Administration (FAA). The FAA regulates
aviation leases between airports and air carriers and other aeronautical users. Renton Municipal
Airport enters into lease agreements that convey the right to use land and various airport facilities.
In 2024, the airport recognized lease revenue of $4,451,616.
Year ended December 31 Principal Interest Total
2025 359,540 6,803 366,343
2026 158,079 5,073 163,152
2027 141,471 3,537 145,008
2028 142,810 2,198 145,008
2029 70,643 1,021 71,664
2030 and after 34,714 278 34,992
Total 907,257$ 18,910$ 926,167$
Year ended December 31 Principal Interest Total
2025 10,222 1,778 12,000
2026 10,398 1,602 12,000
2027 10,575 1,425 12,000
2028 10,756 1,244 12,000
2029 10,942 1,058 12,000
2030 and after 45,671 2,329 48,000
Total 98,564$ 9,436$ 108,000$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-68
Minimum future lease revenue on non-cancellable leases is as follow:
Of the amounts shown above, one tenant comprises 61% of all future minimum lease revenues.
The tenant’s multiple leases expire in 2030.
A summary of assets leased or available for tenant use is as follows:
NOTE 14. TAX ABATEMENT
As of December 31, 2024, the city provides tax abatements through two programs: the Affordable
Multi-Family Housing Property Tax Exemption and the New Job Business & Occupation Tax Credit.
Multifamily Housing Property Tax Exemption
Under the provisions of the Preservation Tax Exemption program (RCW 84.14), the city has taken
advantage of the option to provide targeted property tax exemption to existing property owners who
agree to restrict rents and provide income-eligibility for a portion of the units within their properties.
The purpose of this program incentivizes the creation of affordable and improved housing quality
and prevent displacement for citizens that are in the most need. The city has a comprehensive
program that has specific parameters for project eligibility and duration of exemption.
Provided a property meets the eligibility criteria and the property owner continues to fulfill the
requirements of affordable housing, the property will receive a property tax exemption on the
appraised value of improvements, regardless of assessed valuation. This exemption is not
extended to the appraised value of land or non-eligible improvements on the same parcel. Eligibility
criteria includes, at a minimum: the property owner must provide affordable housing to low-income
households for 20% of the multi-units available for rent and the property must be located in one of
the designated “residential target areas”. All exemptions granted after July 2007 range from 8-12
years depending on the exemption option selected. There are no provisions to recapture abated
Year Ended December 31
2025 2,949,451
2026 3,907,858
2027 3,850,340
2028 4,335,587
2029 4,604,636
Thereafter 8,822,468
28,470,340$
Cost
Accumulated
Deprciation Carrying Value
Land 784,080 - 784,080
Buildings 742,098 584,145 157,953
Other Improvements 27,170,299 14,553,816 12,616,483
Total 28,696,477$ 15,137,961$ 13,558,516$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-69
taxes. As of December 31, 2024, the city has four projects that are subject to property tax
abatement.
The State of Washington employs the multi-unit urban housing exemption (RCW 84.14.020) that
impact tax revenues of the city. This program provides for an ad valorem property tax emption for
qualifying new housing construction, conversion, and rehabilitation improvements. The impact to
the city for taxes abated by the State of Washington is shown in the table below.
New Jobs Business & Occupation Tax Credit
The purpose of the New Jobs Business & Occupation Tax Credit is to provide a temporary tax credit
relating to new businesses to encourage business growth or relocation into the city. In order to
qualify for the tax credit, businesses must create fifty or more new full time employment positions
in the first year of business in the city. The credit is equal to one thousand dollars for each new full-
time employment position created and is used to reduce the amount of Business & Occupation tax
owed by the business. The tax credit cannot exceed the total tax due. A business may claim the
credit under this program for the first twelve consecution reporting quarters or three reporting
years.
State of Washington Sales Tax Exemptions
The State of Washington has tax abatements that allow for sales/use tax exemptions and deferrals.
Purchases for computer hardware, computer peripherals, or software used primarily in the
development, design and engineering of aerospace products or providing aerospace services or
sales are exempt from sales and use tax per RCW 82.08.975 and 82.12.975. The exemption also
applies to sales of labor and services rendered in respect to installing the computer hardware,
peripherals or software used to develop or design aerospace products. The eligible purchaser
must present a Buyers’ Retail Sales Tax Exemption Certificate to the seller at the time of purchase.
The State of Washington is prohibited by the law to disclose detail on the amount of abatements
provided under these exemption and deferrals.
Tax Abatement Program City of Renton Other Governments
Property Tax Exemption for Affordable
Multi-Family Housing $156,329 $94,772
New Jobs Business & Occupation Tax
Credit $20,033
Tax abated in the fiscal year ending 12/31/2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-70
NOTE 15. ACCOUNTING CHANGES AND ERROR CORRECTIONS
During fiscal year 2024, changes to accounting principle and an error correction resulted in
adjustments to and restatements of beginning net position, as follows:
Change in Accounting Principle
Implementation of GASB Statement No. 101, Compensated Absences, requires that liabilities for
compensated absences be recognized for leave that has not been used and leave that has been
used but not yet paid in cash or settled through noncash means. The city recognized additional
leave types that qualified under the new pronouncement resulting in an increase in compensated
absences liability reported by the primary government of $5,499,302 as of December 31, 2023.
The effect of the change is reported as a decrease of beginning net position of $5,499,302 for the
primary government. The restatement of beginning net position impacts the Statement of Activities
and Statement of Revenues, Expenses, and Changes in Net Position – Proprietary Funds.
Error Correction
During fiscal year 2024, the city identified several capital assets with useful lives beyond the original
estimates resulting in capital assets not properly reflecting accurate accumulated depreciation.
The city evaluated capital assets, net of depreciation, and determined they were understated by
$2,373,761 for the fiscal year ended December 31, 2023. The effect of the change impacts the
Statement of Activities, Governmental Activities column and the Statement of Revenues,
Expenses, and Changes in Net Position – Proprietary Funds, Internal Service Funds column.
12/31/2023
Fund Balance/Net Position
As previously presented
Change in acounting
principle Error correction
12/31/2023
Fund Balance/Net Position
As restarted
Government-wide
Governmental activities 843,857,031$ (4,644,324)$ 2,373,761$ 841,586,468$
Business-type activities 456,329,281 (854,978) 455,474,303
Total primary government 1,300,186,312$ (5,499,302)$ 2,373,761$ 1,297,060,771$
Proprietary funds
Major funds:
Solid Waste 5,714,063 (7,059) - 5,707,004
Waterworks Utility 413,690,897 (697,799) - 412,993,098
Nonmajor funds 36,924,321 (150,120) - 36,774,201
Total business-type activities 456,329,281$ (854,978)$ -$ 455,474,303$
Internal Service Funds 62,197,243 (492,415) 2,373,761 64,078,589
Total proprietary 518,526,524$ (1,347,393)$ 2,373,761$ 519,552,892$
2024 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-71
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes 103,760,621$ 108,207,534$ 117,005,949$ 8,798,415$
Licenses and permits 4,141,515 5,625,602 6,565,580 939,978
Intergovernmental revenues 4,353,509 8,322,272 8,933,631 611,359
Charges for services 11,727,704 11,184,340 11,220,978 36,637
Fines and forfeits 3,816,442 3,841,442 3,899,080 57,638
Contributions 37,000 731,500 233,686 (497,814)
Investment earnings 350,000 3,350,000 5,890,911 2,540,911
Miscellaneous revenue 172,822 2,253,144 3,096,178 843,034
Total revenues 128,359,613 143,515,834 156,845,993 13,330,158
EXPENDITURES
Current:
Culture and recreation 16,289,148 17,829,560 16,334,563 1,494,997
Economic environment 16,259,017 16,527,758 12,461,905 4,065,853
General government 20,604,290 22,084,082 18,996,298 3,087,784
Health and human services 2,971,488 4,633,415 3,952,799 680,616
Judicial 4,526,092 6,084,689 4,493,094 1,591,595
Public safety 52,370,562 54,349,922 53,773,660 576,262
Transportation 15,143,059 16,179,158 14,779,174 1,399,984
Total current 128,163,656 137,688,584 124,791,493 12,897,091
Capital outlay:
Culture and recreation 15,000 62,146 142,846 (80,700)
Economic environment - - 11,149 (11,149)
Public safety - 13,654 57,349 (43,695)
Transportation 5,200 5,200 106,254 (101,054)
Total capital outlay 20,200 81,000 317,598 (236,598)
Total expenditures 128,183,856 137,769,584 125,109,091 12,660,493
Excess (deficiency) of revenues over expenditures 175,757 5,746,251 31,736,902 25,990,651
OTHER FINANCING SOURCES (USES)
Transfer in 900,000 983,468 983,468 -
Transfers out (3,708,779) (15,029,799) (15,029,799) -
Proceeds from sale of capital assets - - 22,602 22,602
Insurance Recoveries - - 141,234 141,234
Total other financing sources (uses)(2,808,779) (14,046,331) (13,882,495) -
Net change in fund balances (2,633,022) (8,300,080) 17,854,407 26,154,487
Fund balances - January 1 60,139,686 99,226,476 110,083,128 10,856,652
Fund balances - December 31 57,506,664$ 90,926,396$ 127,937,535$ 37,011,139$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
General
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-1
NOTES TO SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL – GENERAL FUND
NOTE 1. BUDGETARY BASIS OF ACCOUNTING
The City of Renton’s biennial budget procedures are mandated by the Chapter 35A.33 of the Revised
Code of Washington (RCW). The budget, as adopted, constitutes the legal authority for expenditures.
The biennial budget is adopted with budgetary control at the fund level, so expenditures may not legally
exceed appropriations at that level of detail. Transfers or revisions within funds are allowed, but only
the City Council has the legal authority to increase or decrease a given fund’s annual budget. This is
accomplished by City ordinance. Adopted budgets lapse at year-end and must be re-appropriated
(carried forward) the next fiscal year.
The Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual is
presented on a budgetary basis (non-GAAP). The budgetary basis of accounting is substantially the
same as the modified accrual basis of accounting in all governmental funds except for the following
differences:
Basis differences – certain payments and receipts are budgeted for in a manner that is inconsistent
with GAAP:
Interfund reimbursements for indirect cost allocations and payroll costs associated with
capital projects are budgeted as charge for service revenues, however, these payments are
reclassified as a reduction of the expenditure for GAAP reporting.
Interfund loans are budgeted as other financing sources (uses), however, these payments
and receipts are reclassified as changes in an interfund loan receivable/payable for GAAP
reporting.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-2
NOTES TO SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL – GENERAL
FUND
A reconciliation of Revenues, Expenditures, and Changes in Fund Balance budgetary basis to GAAP
basis is as follows:
General Fund
Budgetary Basis
Interfund
Reimbursements
General Fund
GAAP Basis
REVENUES
Taxes 117,005,949 $ - $ 117,005,949
Licenses and permits 6,565,580 - 6,565,580
Intergovernmental revenues 8,933,631 - 8,933,631
Charges for services 11,220,978 (5,233,915) 5,987,063
Fines and forfeits 3,899,080 - 3,899,080
Contributions 233,686 - 233,686
Investment earnings 5,890,911 - 5,890,911
Miscellaneous Revenue 3,096,178 - 3,096,178
Total revenues 156,845,993 (5,233,915) 151,612,078
EXPENDITURES
Current:
Culture and recreation 16,334,563 - 16,334,563
Economic environment 12,461,905 - 12,461,905
General government 18,996,298 (3,497,003) 15,499,295
Health and human services 3,952,799 3,952,799
Judicial 4,493,094 - 4,493,094
Public safety 53,773,660 - 53,773,660
Transportation 14,779,174 (1,736,912) 13,042,262
Total current 124,791,493 (5,233,915) 119,557,578
Capital outlay:
Culture and recreation 142,846 - 142,846
Economic environment 11,149 - 11,149
Public safety 57,349 - 57,349
Transportation 106,254 - 106,254
Total capital outlay 317,598 - 317,598
Total expenditures 125,109,091 (5,233,915) 119,875,176
Excess (deficiency) of revenues over
expenditures 31,736,902 - 31,736,902
OTHER FINANCING SOURCES (USES)
Transfers in 983,468 - 983,468
Transfers out (15,029,799) - (15,029,799)
Interfund loans - - -
Proceeds from sale of capital assets 22,602 - 22,602
Insurance Recoveries 141,234 - 141,234
Lease Financing - -
Total other financing sources (uses) (13,882,495) - (13,882,495)
Net change in fund balances $ 17,854,407 $ - $ 17,854,407
2024 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-3
PERS Plan 12024202320222021202020192018201720162015City's proportion of the net pension liability/(asset)0.254319% 0.264064% 0.273106% 0.244828% 0.262379% 0.268500% 0.271486% 0.282530% 0.276331% 0.275830%City's proportionate share of the net pension liability/(asset)*4,518,837$ 6,027,873$ 7,604,273$ 2,989,923$ 9,263,396$ 10,324,778$ 12,124,657$ 13,406,269$ 14,840,276$ 14,428,474$ City's covered payroll50,968,196$ 49,375,627$ 44,060,001$ 37,629,142$ 39,795,650$ 37,595,653$ 36,344,451$ 35,481,222$ 32,889,898$ 31,005,185$ City's proportionate share of the net pension liability/(asset) as a percentage of its covered payroll8.87% 12.21% 17.26% 7.95% 23.28% 27.46% 33.36% 37.78% 45.12% 46.54%Plan fiduciary net position as a percentage of the total pension liability84.05% 80.16% 76.56% 88.74% 68.64% 67.12% 63.22% 61.24% 57.03% 59.10%City of RentonSchedule of the City's Proportionate Share of the Net Pension Liability/(Asset)Measurement Date of June 30Last 10 Fiscal Years* 2016 amount includes $280,481 in net pension liability transferred to the RFA on 6/30/16 to avoid skewing percentage of covered payroll ratio.2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-4
PERS Plan 2/32024202320222021202020192018201720162015City's proportion of the net pension liability/(asset)0.326367% 0.337498% 0.352756% 0.312116% 0.338648% 0.342614% 0.344584% 0.356727% 0.343835% 0.345072%City's proportionate share of the net pension liability/(asset)*(10,758,926)$ (13,832,973)$ (13,082,948)$ (31,091,776)$ 4,331,115$ 3,327,947$ 5,883,465$ 12,394,558$ 17,311,821$ 12,329,619$ City's covered payroll50,508,163$ 48,944,034$ 43,737,495$ 37,331,068$ 39,490,308$ 37,260,677$ 36,036,413$ 35,045,479$ 32,370,185$ 30,618,109$ City's proportionate share of the net pension liability/(asset) as a percentage of its covered payroll-21.30%-28.26%-29.91% -83.29% 10.97%8.93%16.33%35.37%53.48%40.27%Plan fiduciary net position as a percentage of the total pension liability105.17% 107.02% 106.73% 120.29%97.22%97.77%95.77%90.97%85.82%89.20%* 2016 amount includes $327,194 in net pension liability transferred to the RFA on 6/30/16 to avoid skewing percentage of covered payroll ratio.City of RentonSchedule of the City's Proportionate Share of the Net Pension Liability/(Asset)Measurement Date of June 30Last 10 Fiscal Years2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-5
PSERS Plan 22024202320222021202020192018201720162015City's proportion of the net pension liability/(asset)0.049883% 0.055615% 0.047808% 0.043972% 0.049734% 0.055527% 0.057762% 0.065808% 0.065158% 0.042991%City's proportionate share of the net pension liability/(asset)(21,272)$ (58,974)$ (34,183)$ (101,021)$ (6,843)$ (7,221)$ 716$ 27,967$ 11,892$ 7,846$ City's covered payroll460,033$ 431,593$ 322,506$ 298,074$ 305,343$ 255,388$ 226,589$ 233,001$ 211,427$ 124,200$ City's proportionate share of the net pension liability/(asset) as a percentage of its covered payroll-4.62% -13.66% -10.60% -33.89% -2.24% -2.83% 0.32% 12.00% 5.62% 6.32%Plan fiduciary net position as a percentage of the total pension liability102.61% 107.90% 105.96% 123.67% 101.68% 101.85% 99.79% 90.41% 95.08% 95.08%City of RentonSchedule of the City's Proportionate Share of the Net Pension Liability/(Asset)Measurement Date of June 30Last 10 Fiscal Years2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-6
LEOFF Plan 12024202320222021202020192018201720162015City's proportion of the net pension liability/(asset)0.251164% 0.249031% 0.249474% 0.244279% 0.239644% 0.235664% 0.233551% 0.235931% 0.231059% 0.229885%City's proportionate share of the net pension liability/(asset)*(7,142,825)$ (7,391,300)$ (7,156,444)$ (8,367,929)$ (4,525,699)$ (4,658,161)$ (4,240,123)$ (2,430,764)$ (2,784,772)$ (2,770,622)$ State's proportionate share of the net pension liability/(asset) associated with the City(48,313,891) (49,994,570) (48,406,009) (56,600,464) (30,611,716) (31,507,679) (28,680,087) (24,212,271) (16,524,364) (18,740,418) Total(55,456,716)$ (57,385,870)$ (55,562,453)$ (64,968,393)$ (35,137,415)$ (36,165,840)$ (32,920,210)$ (26,643,035)$ (19,309,136)$ (21,511,040)$ City's covered payroll-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ City's proportionate share of the net pension liability/(asset) as a percentage of its covered payrollN/AN/AN/AN/AN/AN/AN/AN/AN/AN/APlan fiduciary net position as a percentage of the total pension liability168.48% 175.99% 169.62% 187.45% 146.88% 148.78% 144.42% 123.74% 127.36% 127.36%* 2016 amount includes $1,325,025 in net pension asset transferred to the RFA on 6/30/16 to avoid skewing percentage of covered payroll ratio.City of RentonSchedule of the City's Proportionate Share of the Net Pension Liability/(Asset)Measurement Date of June 30Last 10 Fiscal Years2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-7
LEOFF Plan 22024202320222021202020192018201720162015City's proportion of the net pension liability/(asset)0.417768% 0.446469% 0.420420% 0.395321% 0.430979% 0.445635% 0.451824% 0.468330% 0.947284% 0.954715%City's proportionate share of the net pension liability/(asset)*(7,823,729)$ (10,708,997)$ (11,425,746)$ (22,961,880)$ (8,791,342)$ (10,323,995)$ (9,173,012)$ (2,723,948)$ (9,736,185)$ (9,812,561)$ State's proportionate share of the net pension liability/(asset) associated with the City(5,077,185) (6,838,655) (7,370,853) (14,812,919) (5,621,397) (6,760,833) (5,939,352) (4,215,723) (1,592,656) (925,241) Total(12,900,914)$ (17,547,652)$ (18,796,599)$ (37,774,799)$ (14,412,739)$ (17,084,828)$ (15,112,364)$ (6,939,671)$ (11,328,841)$ (10,737,802)$ City's covered payroll19,848,448$ 19,362,734$ 16,702,560$ 14,998,612$ 16,022,905$ 15,336,814$ 14,669,121$ 14,650,540$ 28,694,750$ 27,709,532$ City's proportionate share of the net pension liability/(asset) as a percentage of its covered payroll-39.42%-55.31%-68.41% -153.09% -54.87% -67.32% -62.53% -18.59% -33.93% -35.41%Plan fiduciary net position as a percentage of the total pension liability109.27% 113.17% 116.09% 142.00% 115.83% 119.43% 118.50% 106.04% 111.67% 111.67%* 2016 amount includes $3,066,692 in net pension asset transferred to the RFA on 6/30/16 to avoid skewing percentage of covered payroll ratio.City of RentonSchedule of the City's Proportionate Share of the Net Pension Liability/(Asset)Measurement Date of June 30Last 10 Fiscal Years2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-8
PERS Plan 12024 2023 2022 2021 2020 2019 2018 2017 2016 2015Contractually Required Contribution1,448,228$ 1,672,293$ 1,688,345$ 1,742,267$ 1,887,308$ 1,926,964$ 1,879,300$ 1,717,805$ 1,619,494$ 2,190,238$ Contributions in relation to the contractually required contribution1,448,228 1,672,293 1,688,345 1,742,267 1,887,308 1,926,964 1,879,300 1,717,805 1,619,494 2,190,238 Contribution deficiency (excess)-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Covered payroll52,741,677$ 49,375,627$ 44,932,224$ 40,226,475$ 39,386,689$ 38,826,806$ 37,103,778$ 35,120,529$ 33,737,587$ 48,318,549$ Contributions as a percentage of covered payroll2.75%3.39%3.76%4.33%4.79%4.96%5.06%4.89%4.80%4.53%PERS Plan 2/32024202320222021202020192018201720162015Contractually Required Contribution3,322,921$ 3,112,888$ 2,833,167$ 2,872,166$ 3,095,333$ 2,964,353$ 2,752,176$ 2,375,793$ 2,067,865$ 2,743,908$ Contributions in relation to the contractually required contribution3,322,921 3,112,888 2,833,167 2,872,166 3,095,333 2,964,353 2,752,176 2,375,793 2,067,865 2,743,908 Contribution deficiency (excess)-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Covered payroll52,250,777$ 48,944,034$ 44,544,778$ 39,919,026$ 39,082,343$ 38,495,775$ 36,791,404$ 34,783,770$ 33,263,999$ 47,552,982$ Contributions as a percentage of covered payroll6.36%6.36%6.36%7.19%7.92%7.70%7.48%6.83%6.22%5.77%PSERS Plan 22024202320222021202020192018201720162015Contractually Required Contribution33,087$ 28,681$ 25,319$ 21,192$ 21,913$ 20,872$ 15,723$ 14,929$ 14,489$ 18,418$ Contributions in relation to the contractually required contribution33,087 28,681 25,319 21,192 21,913 20,872 15,723 14,929 14,489 18,418 Contribution deficiency (excess)-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Covered payroll490,900$ 431,593$ 387,446$ 307,449$ 304,345$ 292,650$ 229,922$ 224,038$ 219,869$ 282,407$ Contributions as a percentage of covered payroll6.74%6.65%6.53%6.89%7.20%7.13%6.84%6.66%6.59%6.52%LEOFF Plan 22024202320222021202020192018201720162015Contractually Required Contribution1,069,248$ 998,109$ 947,993$ 820,173$ 836,869$ 840,501$ 801,240$ 715,573$ 1,049,917$ 2,160,553$ Contributions in relation to the contractually required contribution1,069,248 998,109 947,993 820,173 836,869 840,501 801,240 715,573 1,049,917 2,160,553 Contribution deficiency (excess)-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Covered payroll20,731,365$ 19,362,734$ 18,322,206$ 15,649,942$ 15,936,186$ 15,818,413$ 14,805,412$ 13,896,060$ 20,790,373$ 42,778,479$ Contributions as a percentage of covered payroll5.16%5.15%5.17%5.24%5.25%5.31%5.41%5.15%5.05%5.05%City of RentonSchedule of Employer ContributionsWA Department of Retirement SystemsAs of December 31Last 10 Fiscal Years2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-9
$ Thousands2024 2023 2022 2021 2020 2019 2018 2017 2016 2015Total Pension LiabilityService Cost-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Interest on Total Pension Liability83 84 54 45 62 100 94 103 106 109 Effect of Plan Changes- - - - - - - - - - Effect of Economic/Demographic Gains or (Losses)15 (3) - 533 - (331) - - (29) - Effect of Assumption Changes or Inputs- 3 (292) 123 127 207 (94) 52 (125) - Benefit payments(262) (253) (223) (227) (210) (194) (193) (240) (208) (205) Net Change in Total Pension Liability(164) (169) (461) 474 (20) (219) (192) (84) (256) (96) Total Pension Liability - Beginning2,197 2,366 2,827 2,353 2,373 2,592 2,784 2,868 3,125 3,221 Total Pension Liability - Ending (a)2,033$ 2,197$ 2,366$ 2,827$ 2,353$ 2,373$ 2,592$ 2,784$ 2,868$ 3,125$ Plan Fiduciary Net PositionEmployer Contributions-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Contributions from State Fire Insurance Premium Tax- 200 183 172 166 155 154 151 148 146 Investment Income Net of Investment Expenses488 425 (109) (35) 267 294 121 114 136 134 Benefit payments(262) (253) (223) (227) (210) (194) (193) (240) (208) (205) Medical Payments from Fund- - - - - - - - - - Administrative Expense(7) (14) (3) (12) (3) (12) - (12) - (12) Net Change in plan fiduciary net position219 358 (153) (103) 220 242 83 13 76 63 Plan fiduciary net position - beginning10,267 9,909 10,062 10,165 9,945 9,703 9,619 9,607 9,531 9,468 Plan fiduciary net position - ending (b)10,486 10,267 9,909 10,062 10,165 9,945 9,703 9,619 9,607 9,531 Net pension liability - ending =(a)-(b)(8,453)$ (8,070)$ (7,543)$ (7,235)$ (7,811)$ (7,572)$ (7,111)$ (6,835)$ (6,739)$ (6,406)$ Fiduciary net position as a percentage of the total pension liability515.79% 467.32% 418.81% 355.93% 431.95% 419.09% 374.34% 345.51% 334.97% 304.99%Covered Payroll-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Net pension liability as a percentage of covered payrollN/A N/A N/A N/A N/A N/A N/A N/A N/A N/ACity of RentonSchedule of Changes in Net Pension Liability and Related RatiosFirefighters' Pension FundLast 10 Fiscal Years2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-10
2024202320222021202020192018201720162015Actuarially determined contribution-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Contributions in relation to the actuarially determined contribution- 199,566 182,841 171,853 165,917 155,413 154,275 150,951 148,034 146,358 Contribution deficiency (excess)-$ (199,566)$ (182,841)$ (171,853)$ (165,917)$ (155,413)$ (154,275)$ (150,951)$ (148,034)$ (146,358)$ Covered payroll-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Contribution as a percentage of covered payrollN/AN/AN/AN/AN/AN/AN/AN/AN/AN/ANote:Contributions are a portion of State Fire Insurance Premium Taxes.In 2024 contributions were used to fund healthcare for retiree medical costs as the fire pension is fully funded and actuarially sound.City of RentonSchedule of Employer ContributionsFirefighters' Pension FundLast 10 Fiscal Years2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-11
City of RentonSchedule of Investment ReturnsFirefighters' Pension FundDecember 31, 2024Last 10 Fiscal YearsFiscal YearEndingDecember 31NetMoney-Weighted Rate of Return20151.42%20161.43%20171.19%20181.26%20193.03%20202.68%2021-0.35%2022-1.08%20234.30%20244.82%2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-12
$ Thousands2024 2023 2022 2021 2020 2019 2018 2017 2016 2015Total OPEB LiabilityService Cost-$ -$ -$ -$ -$ -$ -$ N/A N/A N/AInterest on Total OPEB Liability978 1,059 695 839 1,062 1,692 1,576 N/A N/A N/AChanges of benefit terms- - - - - - - N/A N/A N/AEffect of Economic/Demographic Gains or (Losses)- (1,471) - (5,516) - (2,946) - N/A N/A N/AEffect of Assumption Changes or Inputs(2,256) 3,680 (5,736) (1,089) 3,806 (859) (2,764) N/AN/AN/AExpected benefit payments(1,497) (1,358) (1,511) (1,424) (1,618) (1,491) (1,586) N/A N/A N/ANet Change in Total OPEB Liability(2,775) 1,910 (6,552) (7,190) 3,250 (3,605) (2,774) N/AN/AN/ATotal OPEB Liability - Beginning30,842 28,932 35,484 42,674 39,424 43,029 45,803 N/AN/AN/ATotal OPEB Liability - Ending28,067$ 30,842$ 28,932$ 35,484$ 42,674$ 39,424$ 43,029$ N/AN/AN/ACovered-employee Payroll-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Total OPEB liability as a percentage of covered-employee payrollN/AN/AN/AN/AN/AN/AN/AN/AN/AN/ANotes to schedule:There are no assets accumulated in a trust compliant with GASB codification P22.101 or P52.101 to pay OPEB benefitsThis schedule is presented to illustrate the requirement to show information for 10 years. However, recalculations of prior years are not required, and if prior years are not reportedin accordance with the current GASB standards, they should not be reported.City of RentonSchedule of Changes in Total OPEB Liability and Related RatiosLEOFF 1 Retiree Medical BenefitsLast 10 Fiscal Years2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-13
Non-Major Governmental Funds
Special Revenue Funds
AFFORDABLE HOUSING DEVELOPMENT
The Affordable Housing Development Fund accounts for monies collected as authorized by
RCW 36.70A.540(2)(h). These fees collected in lieu of low-income housing units are to be
used to achieve results equal to or better than providing the affordable housing on-site. The
city shall use these funds to support the development of low-income housing.
HOUSING AND SUPPORTIVE SERVICES
In accordance with HB 1590, the City Council passed ORD 5983 authorizing an additional
0.1% sales and use tax, effective January 1, 2021. The additional sales and use tax is
restricted for housing and related services, in accordance with RCW 82.14.530.
HOTEL/MOTEL TAX
The Hotel/Motel Fund accounts for monies collected through an increase of 1% in
hotel/motel taxes for the purpose of increasing tourism in the City or Renton, as authorized
under RCW 67.28.180.
CABLE COMMUNICATIONS
The Cable Communications Fund accounts for funding for promotion and development of
cable communications as established by City ordinance. The main use of the fund is to
support the broadcasting of City Council meetings on Channel 21.
SPRINGBROOK WETLANDS BANK
The Springbrook Wetlands Fund was established for the purpose of providing accounting for
the Springbrook Creek Wetland and Habitat Mitigation Bank project. The fund receives
revenue by selling Wetlands credits which will be used to fund the ongoing maintenance of
the wetland in perpetuity.
POLICE SEIZURE
The Police Seizure Fund was established for the purpose of providing transparency in the
accounting for assets seized by Police in accordance with RCW 9A.83.030 and 69.50.505,
previously accounted for within the General Fund. These seizure funds are restricted to use
exclusively for the expansion and improvement of controlled substances related law
enforcement activity.
POLICE CSAM SEIZURE
The Police CSAM Seizure Fund was established in 2020 for the purpose of providing
transparency in the accounting for assets seized by Police in accordance with RCW
9A.88.150, previously accounted for within the General Fund. These seizure funds are
restricted to the exclusive use of enforcing the provisions of chapter 9A.88 RCW, Indecent
Exposure-Prostitution, or chapter 9.68A RCW, Sexual Exploitation of Children.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-1
SCHOOL DISTRICT IMPACT MITIGATION
This fund accounts for school district impact fees collected from developers as authorized
under RCW 82.02.050-.110. These fees are used to help offset the cost of system
improvements necessary to service the new development. Impact fees are held in this fund
and subsequently transferred to the Kent, Issaquah, or Renton School District for use on
qualifying capital projects.
FIRE IMPACT MITIGATION
This fund accounts for fire impact fees collected from developers as authorized under RCW
82.02.050-.110. These fees are used to offset the cost of system improvements necessary to
serve the new development. Impact fees are held in this fund and subsequently transferred
to the debt service fund to support the debt service on fire station 13. Once the debt on the
fire station is repaid, the remaining collections will be disbursed to the Renton Regional Fire
Authority for use on qualifying capital projects.
Debt Service Funds
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT SERVICE
This debt service fund accounts for the following outstanding debt issues:
2013 Limited Tax General Obligation qualified energy conservation bonds (QECB)
which provided funding for streetlight improvements.
2015 (A) Limited Tax General Obligation refunding bonds refunded a portion of the
2006 limited tax general obligation bonds for the construction of South Lake
Washington infrastructure improvements.
2019 limited tax general obligation bonds which are funding multiple parks capital
projects.
2019 limited tax general obligation Local Revitalization Funding (LRF) bonds which
are funding transportation capital projects within the South Lake Washington Local
Revitalization Area.
2019 limited tax general obligation refunding bonds which refunded a portion of the
2009 (A & B) intergovernmental debt related to the acquisition, construction, and
equipping of the SCORE facility.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-2
Capital Project Funds
COMMUNITY DEVELOPMENT IMPACT MITIGATION
This fund accounts for park impact fees collected from developers as authorized under
RCW 82.02.050-.110. These fees are used to help offset the cost of system improvements
necessary to service the new development. Impact fees are held in this fund and
subsequently transferred to the Municipal Facilities CIP Fund when qualifying expenditures
are incurred.
TRANSPORTATION IMPACT MITIGATION
This fund accounts for transportation impact fees collected from developers as authorized
under RCW 82.02.050-.110. These fees are used to offset the cost of system improvements
necessary to serve the new development. Impact fees are held in this fund and subsequently
transferred to the Capital Improvement Fund when qualifying expenditures are incurred.
REET1
This fund accounts for the first quarter percent of real estate excise tax (REET) levied in
accordance with RCW 82.46.010. The tax may be used for eligible capital projects, as
defined in RCW.82.46.010(6), that are included in the capital facilities element of the City’s
comprehensive plan.
REET2
This fund accounts for the second quarter percent of real estate excise tax (REET) levied in
accordance with RCW 82.46.035. The tax may be used for eligible capital projects, as
defined in RCW.82.46.035(5), that are included in the capital facilities element of the City’s
comprehensive plan.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-3
Non-Major Proprietary Funds
Enterprise Funds
AIRPORT FUND
The Airport Fund accounts for revenues and expenses for administration, debt services,
operation, capital improvements, and maintenance of the Renton Municipal Airport and Will
Rodger-Wily Post Memorial Seaplane Base. Sources of support to the fund are leases, fuel
charges, investment interest, and grant funding as available.
GOLF COURSE FUND
The Golf Course Fund was created after the City acquired the Maplewood Golf Course. The
fund accounts for the operation, maintenance, debt service, and capital improvements of
the facility.
Internal Service Funds
EQUIPMENT RENTAL FUND
The Equipment Rental Fund accounts for the costs of maintaining and replacing all City
vehicles and auxiliary equipment. In addition, this fund accounts for the City’s information
technology, facilities and communications costs. All costs, including depreciation, are
factors in calculating the rates that are charged to each user department.
INSURANCE FUND
The Insurance Fund provides accounting for self-insurance services to all City departments,
including provisions for losses on property, liability, worker’s compensation, unemployment
compensation, and the health care program. Expenses are paid from the Insurance Fund
and rates are charged to departments based on use and/or coverage requirements.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-4
Special revenue funds Debt service funds Capital projects funds
Total Nonmajor
Governmental Funds
ASSETS
Cash & cash equivalents 11,110,974$ 3,355,321$ 6,538,168$ 21,004,463$
Investments at fair value 8,157,076 2,466,918 4,807,027 15,431,021
Receivables (net of allowance for uncollectible):
Taxes 803,919 - - 803,919
Customer accounts 39,554 - 22,688 62,242
Interest & penalties 64,840 19,799 59,482 144,121
Due from other governments 4,256 - - 4,256
Total assets 20,180,619$ 5,842,038$ 11,427,365$ 37,450,022$
LIABILITIES
Accounts payable 302,711$ -$ -$ 302,711$
Total liabilities 302,711 - - 302,711
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues 7,204 - 22,688 29,892
Total deferred inflows of resources 7,204 - 22,688 29,892
Total liabilities and deferred inflows of resources 309,915 - 22,688 332,603
FUND BALANCES (DEFICITS)
Restricted 19,139,781 252,900 11,404,677 30,797,358
Committed 730,923 - - 730,923
Assigned - 5,589,138 - 5,589,138
-
Total fund balances (deficits)19,870,704 5,842,038 11,404,677 37,117,419
Total liabilities and fund balances (deficits)20,180,619$ 5,842,038$ 11,427,365$ 37,450,022$
City of Renton
Combining Governmental Balance Sheet
Nonmajor Governmental Funds
Summary by Fund Type
December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-5
City of RentonCombining Balance SheetNonmajor Special Revenue FundsDecember 31, 2024Page 1 of 2Affordable Housing DevelopmentHousing and Supportive Services Hotel/Motel TaxCable Communications DevelopmentSpringbrook Wetlands BankASSETSCash & cash equivalents169,545$ 8,985,078$ 712,873$ 216,045$ 417,171$ Investments at fair value124,653 6,606,059 524,123 158,841 306,715 Receivables (net of allowance for uncollectible):Taxes- 750,474 53,445 - - Customer accounts- - 5,000 10,576 - Interest & penalties230 52,279 4,313 1,529 2,808 Due from other governments- - - - 4,256 Total assets294,428$ 16,393,890$ 1,299,754$ 386,991$ 730,950$ LIABILITIESAccounts payable-$ 133,000$ 50,000$ 2,286$ 27$ Total liabilities- 133,000 50,000 2,286 27 DEFERRED INFLOWS OF RESOURCESUnavailable revenues- - 5,000 - - Total deferred inflows of resources- - 5,000 - - Total liabilities and deferred inflows of resources- 133,000 55,000 2,286 27 FUND BALANCES (DEFICITS)Restricted294,428 16,260,890 1,244,754 384,705 - Committed- - - - 730,923 Total fund balances (deficits)294,428$ 16,260,890 1,244,754 384,705 730,923 Total liabilities and fund balances (deficits)294,428$ 16,393,890$ 1,299,754$ 386,991$ 730,950$ 2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonCombining Statements and Schedules, 6-6
ASSETSCash & cash equivalentsInvestments at fair valueReceivables (net of allowance for uncollectible):TaxesCustomer accountsInterest & penaltiesDue from other governmentsTotal assetsLIABILITIESAccounts payableTotal liabilitiesDEFERRED INFLOWS OF RESOURCESUnavailable revenuesTotal deferred inflows of resourcesTotal liabilities and deferred inflows of resourcesFUND BALANCES (DEFICITS)RestrictedCommittedTotal fund balances (deficits)Total liabilities and fund balances (deficits)City of RentonCombining Balance SheetNonmajor Special Revenue FundsDecember 31, 2024Page 2 of 2Police Seizure Police CSAM SeizureSchool District Impact Mitigation Fire Impact MitigationTotal Nonmajor Special Revenue Funds460,113$ 76,526$ 57,307$ 16,316$ 11,110,974$ 338,287 56,264 42,134 - 8,157,076 - - - - 803,919 - - 21,774 2,204 39,554 2,961 556 165 (1) 64,840 - - - - 4,256 801,361$ 133,346$ 121,380$ 18,519$ 20,180,619$ 6,843$ -$ 96,729$ 13,826$ 302,711$ 6,843 - 96,729 13,826 302,711 - - - 2,204 7,204 - - - 2,204 7,204 6,843 - 96,729 16,030 309,915 794,518 133,346 24,651 2,489 19,139,781 - - - - 730,923 794,518 133,346 24,651 2,489 19,870,704 801,361$ 133,346$ 121,380$ 18,519$ 20,180,619$ 2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonCombining Statements and Schedules, 6-7
General Debt
Total Nonmajor Debt
service funds
ASSETS
Cash & cash equivalents 3,355,321$ 3,355,321$
Investments at fair value 2,466,918 2,466,918
Receivables (net of allowance for uncollectible):
Interest & penalties 19,799 19,799
Total assets 5,842,038$ 5,842,038$
FUND BALANCES (DEFICITS)
Restricted 252,900 252,900
Assigned 5,589,138 5,589,138
Total fund balances (deficits)5,842,038 5,842,038
Total liabilities and fund balances (deficits)5,842,038$ 5,842,038$
City of Renton
Combining Balance Sheet
Nonmajor Debt service funds
December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-8
Community Development Impact MitigationTransportation Impact Mitigation REET1 REET2Total Nonmajor Capital Projects FundsASSETSCash & cash equivalents206,021$ 2,083,919$ 2,922,025$ 1,326,203$ 6,538,168$ Investments at fair value151,471 1,532,151 2,148,347 975,058 4,807,027 Receivables (net of allowance for uncollectible):Customer accounts8,404 14,284 - - 22,688 Interest & penalties4,081 15,754 16,467 23,180 59,482 Total assets369,977$ 3,646,108$ 5,086,839$ 2,324,441$ 11,427,365$ DEFERRED INFLOWS OF RESOURCESUnavailable revenues8,404 14,284 - - 22,688 Total deferred inflows of resources8,404 14,284 - - 22,688 Total liabilities and deferred inflows of resources8,404 14,284 - - 22,688 FUND BALANCES (DEFICITS)Restricted361,573 3,631,824 5,086,839 2,324,441 11,404,677 Total fund balances (deficits)361,573 3,631,824 5,086,839 2,324,441 11,404,677 Total liabilities and fund balances (deficits)369,977$ 3,646,108$ 5,086,839$ 2,324,441$ 11,427,365$ City of RentonCombining Balance SheetNonmajor Capital Projects FundsDecember 31, 20242024 Annual Comprehensive Financial ReportCity of Renton, WashingtonCombining Statements and Schedules, 6-9
Special Revenue
Funds Debt Service Funds Capital Projects Funds
Total Nonmajor
Governmental Funds
REVENUES
Taxes 5,011,549$ -$ 5,778,898$ 10,790,447$
Licenses and permits 45,005 - - 45,005
Intergovernmental revenues 19,217 32,358 - 51,575
Charges for services 730,214 - 1,457,964 2,188,178
Fines and forfeits 1,670 - - 1,670
Contributions 441,851 - - 441,851
Miscellaneous revenue 2,596 - - 2,596
Investment earnings 762,972 247,053 526,339 1,536,364
Total revenues 7,015,074 279,411 7,763,201 15,057,686
EXPENDITURES
Current:
Culture and recreation 49,862 - - 49,862
Economic environment 730,321 - - 730,321
General government 412,724 - - 412,724
Health and human services 3,499 - - 3,499
Public safety 274,337 - - 274,337
Debt service:
Principal payment - 1,995,000 - 1,995,000
Interest payment - 960,590 - 960,590
Capital outlay:
Public safety 115,291 - - 115,291
Total expenditures 1,586,034 2,955,590 - 4,541,624
Excess (deficiency) of revenues over expenditures 5,429,040 (2,676,179) 7,763,201 10,516,062
OTHER FINANCING SOURCES (USES)
Transfer in - 3,120,775 - 3,120,775
Transfers out (10,000) - (4,708,425) (4,718,425)
Total other financing sources (uses)(10,000) 3,120,775 (4,708,425) (1,597,650)
Net change in fund balances 5,419,040 444,596 3,054,776 8,918,412
Fund balances - January 1 14,451,664 5,397,442 8,349,901 28,199,007
Fund balances - December 31 19,870,704$ 5,842,038$ 11,404,677$ 37,117,419$
City of Renton
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Governmental Funds
Summary by Fund Type
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-10
City of RentonCombining Statement of Revenues, Expenditures and Changes in Fund BalancesNonmajor Special Revenue FundsFor the Year Ended December 31, 2024Page 1 of 2Affordable Housing DevelopmentHousing and Supportive Services Hotel/Motel TaxCable Communications DevelopmentSpringbrook Wetlands BankREVENUESTaxes-$ 4,444,880$ 566,669$ -$ -$ Licenses and permits - - - 45,005 - Intergovernmental revenues - - - - 16,531 Charges for services 292,000 - - - - Fines and forfeits - - - - - Contributions - - 20,000 - - Miscellaneous revenue - - - 2,596 - Investment earnings 2,428 616,382 49,609 17,618 33,850 Total revenues294,428 5,061,262 636,278 65,219 50,381 EXPENDITURESCurrent:Culture and recreation - - - 49,862 - Economic environment - 369,156 340,666 - 20,499 General government - - - - - Health and human services - - - - - Public safety - - - - - Capital outlay:Public safety - - - - - Total expenditures - 369,156 340,666 49,862 20,499 Excess (deficiency) of revenues over expenditures 294,428 4,692,106 295,612 15,357 29,882 OTHER FINANCING SOURCES (USES)Transfers out- - (10,000) - - Total other financing sources (uses) - - (10,000) - - Net change in fund balances 294,428 4,692,106 285,612 15,357 29,882 Fund balances - January 1 - 11,568,784 959,142 369,348 701,041 Fund balances - December 31 294,428$ 16,260,890$ 1,244,754$ 384,705$ 730,923$ 2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonCombining Statements and Schedules, 6-11
REVENUESTaxesLicenses and permitsIntergovernmental revenuesCharges for servicesFines and forfeitsContributionsMiscellaneous revenueInvestment earningsTotal revenuesEXPENDITURESCurrent:Culture and recreationEconomic environmentGeneral governmentHealth and human servicesPublic safetyCapital outlay:Public safetyTotal expendituresExcess (deficiency) of revenues over expendituresOTHER FINANCING SOURCES (USES)Transfers outTotal other financing sources (uses)Net change in fund balancesFund balances - January 1Fund balances - December 31City of RentonCombining Statement of Revenues, Expenditures and Changes in Fund BalancesNonmajor Special Revenue FundsFor the Year Ended December 31, 2024Page 2 of 2Police Seizure Police CSAM SeizureSchool District Impact Mitigation Fire Impact MitigationTotal Nonmajor Special Revenue Funds-$ -$ -$ -$ 5,011,549$ - - - - 45,005 2,686 - - - 19,217 - - 340,091 98,123 730,214 - 1,670 - - 1,670 421,851 - - - 441,851 - - - - 2,596 34,986 6,447 1,649 3 762,972 459,523 8,117 341,740 98,126 7,015,074 - - - - 49,862 - - - - 730,321 - - 317,091 95,633 412,724 - 3,499 - - 3,499 274,227 110 - - 274,337 75,013 40,278 - - 115,291 349,240 43,887 317,091 95,633 1,586,034 110,283 (35,770) 24,649 2,493 5,429,040 - - - - (10,000) - - - - (10,000) 110,283 (35,770) 24,649 2,493 5,419,040 684,235 169,116 2 (4) 14,451,664 794,518$ 133,346$ 24,651$ 2,489$ 19,870,704$ 2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonCombining Statements and Schedules, 6-12
General Debt
Total Nonmajor Debt
Service Funds
REVENUES
Intergovernmental revenues 32,358$ 32,358$
Investment earnings 247,053 247,053
Total revenues 279,411 279,411
EXPENDITURES
Debt service:
Principal payment 1,995,000 1,995,000
Interest payment 960,590 960,590
Total expenditures 2,955,590 2,955,590
Excess (deficiency) of revenues over expenditures (2,676,179) (2,676,179)
OTHER FINANCING SOURCES (USES)
Transfer in 3,120,775 3,120,775
Total other financing sources (uses)3,120,775 3,120,775
Net change in fund balances 444,596 444,596
Fund balances - January 1 5,397,442 5,397,442
Fund balances - December 31 5,842,038$ 5,842,038$
City of Renton
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Debt Service Funds
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-13
Community Development Impact MitigationTransportation Impact Mitigation REET1 REET2Total Nonmajor Capital Projects FundsREVENUESTaxes-$ -$ 2,889,449$ 2,889,449$ 5,778,898$ Charges for services 173,883 1,284,081 - - 1,457,964 Investment earnings 33,201 133,469 157,625 202,044 526,339 Total revenues 207,084 1,417,550 3,047,074 3,091,493 7,763,201 Excess (deficiency) of revenues over expenditures 207,084 1,417,550 3,047,074 3,091,493 7,763,201 OTHER FINANCING SOURCES (USES)Transfers out(525,000) - - (4,183,425) (4,708,425) Total other financing sources (uses)(525,000) - - (4,183,425) (4,708,425) Net change in fund balances(317,916) 1,417,550 3,047,074 (1,091,932) 3,054,776 Fund balances - January 1679,489 2,214,274 2,039,765 3,416,373 8,349,901 Fund balances - December 31361,573$ 3,631,824$ 5,086,839$ 2,324,441$ 11,404,677$ City of RentonCombining Statement of Revenues, Expenditures and Changes in Fund BalancesNonmajor Capital Projects FundsFor the Year Ended December 31, 20242024 Annual Comprehensive Financial ReportCity of Renton, WashingtonCombining Statements and Schedules, 6-14
Original Final Actual
Variance with Final
Budget
REVENUES
Intergovernmental revenues -$ 8,233,895$ 1,400,789$ (6,833,106)$
Charges for services - - 9,000 9,000
Investment earnings - - 1,009,218 1,009,218
Total revenues - 8,233,895 2,419,007 (5,814,888)
EXPENDITURES
Current:
Culture and recreation 270,000 3,090,672 780,598 2,310,074
General government 2,000,000 15,245,333 2,456,288 12,789,045
Total current 2,270,000 18,336,005 3,236,886 15,099,119
Capital outlay:
Culture and recreation 1,009,000 8,138,169 961,841 7,176,328
General government - 5,028,392 1,542,369 3,486,023
Health and human services - 609,151 527,205 81,946
Total capital outlay 1,009,000 13,775,712 3,031,415 10,744,297
Total expenditures 3,279,000 32,111,717 6,268,301 25,843,416
Excess (deficiency) of revenues over expenditures (3,279,000) (23,877,822) (3,849,294) 20,028,528
OTHER FINANCING SOURCES (USES)
Transfer in 3,279,000 9,837,858 9,837,858 -
Transfers out - (220,423) (220,423) -
Total other financing sources (uses)3,279,000 9,617,435 9,617,435 -
Net change in fund balances - (14,260,387) 5,768,141 20,028,528
Fund balances - January 1 7,874 21,980,020 22,258,122 278,102
Fund balances - December 31 7,874$ 7,719,633$ 28,026,263$ 20,306,630$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Municipal Facilities CIP
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-15
Original Final Actual
Variance with Final
Budget
REVENUES
Investment earnings -$ - $ 178,669$ 178,669$
Total revenues - - 178,669 178,669
Excess (deficiency) of revenues over expenditures - - 178,669 178,669
Net change in fund balances - - 178,669 178,669
Fund balances - January 1 3,303,320 3,643,436 3,779,049 135,613
Fund balances - December 31 3,303,320$ 3,643,436$ 3,957,718$ 314,282$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Family First Center
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-16
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes - $ 2,625,000$ 3,325,701$ 700,701$
Intergovernmental revenues - 27,521,109 5,955,519 (21,565,590)
Charges for services - 90,225 9,880 (80,345)
Contributions - 6,989,978 4,806,648 (2,183,330)
Investment earnings - - 707,656 707,656
Total revenues - 37,226,312 14,805,404 (22,420,908)
EXPENDITURES
Current:
Transportation 250,000 9,152,953 1,721,120 7,431,833
Total current 250,000 9,152,953 1,721,120 7,431,833
Capital outlay:
Transportation 2,639,000 42,917,074 17,936,159 24,980,915
Total capital outlay 2,639,000 42,917,074 17,936,159 24,980,915
Total expenditures 2,889,000 52,070,027 19,657,279 32,412,748
Excess (deficiency) of revenues over expenditures (2,889,000) (14,843,715) (4,851,875) 9,991,840
OTHER FINANCING SOURCES (USES)
Transfer in 2,889,000 3,054,000 2,954,000 (100,000)
Transfers out - (18,000) (18,000) -
Total other financing sources (uses)2,889,000 3,036,000 2,936,000 (100,000)
Net change in fund balances - (11,807,715) (1,915,875) 9,891,840
Fund balances - January 1 1,182,366 15,282,117 20,203,889 4,921,772
Fund balances - December 31 1,182,366$ 3,474,402$ 18,288,014$ 14,813,612$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Capital Improvement
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-17
Original Final Actual
Variance with Final
Budget
REVENUES
Charges for services -$ 292,000$ 292,000$ -$
Investment earnings - - 2,428 2,428
Total revenues - 292,000 294,428 2,428
Excess (deficiency) of revenues over expenditures - 292,000 294,428 2,428
Net change in fund balances - 292,000 294,428 2,428
Fund balances - beginning - - - -
Fund balances - ending -$ 292,000$ 294,428$ 2,428$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Affordable Housing Development
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-18
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes 3,500,000$ 3,500,000$ 4,444,880$ 944,880$
Investment earnings - - 616,382 616,382
Total revenues 3,500,000 3,500,000 5,061,262 1,561,262
EXPENDITURES
Current:
Economic environment - 609,000 369,156 239,844
Total current - 609,000 369,156 239,844
Total expenditures - 609,000 369,156 239,844
Excess (deficiency) of revenues over expenditures 3,500,000 2,891,000 4,692,106 1,801,106
Net change in fund balances 3,500,000 2,891,000 4,692,106 1,801,106
Fund balances - January 1 8,451,729 10,811,847 11,568,784 756,937
Fund balances - December 31 11,951,729$ 13,702,847$ 16,260,890$ 2,558,043$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Housing and Supportive Services
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-19
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes 200,000$ 434,000$ 566,669$ 132,669$
Contributions - 35,000 20,000 (15,000)
Investment earnings - - 49,609 49,609
Total revenues 200,000 469,000 636,278 167,278
EXPENDITURES
Current:
Economic environment - 460,604 340,666 119,938
Total current - 460,604 340,666 119,938
Total expenditures - 460,604 340,666 119,938
Excess (deficiency) of revenues over expenditures 200,000 8,396 295,612 287,216
OTHER FINANCING SOURCES (USES)
Transfers out - (10,000) (10,000) -
Total other financing sources (uses)- (10,000) (10,000) -
Net change in fund balances 200,000 (1,604) 285,612 287,216
Fund balances - January 1 535,214 889,272 959,142 69,870
Fund balances - December 31 735,214$ 887,668$ 1,244,754$ 357,086$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Hotel/Motel Tax
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-20
Original Final Actual
Variance with Final
Budget
REVENUES
Licenses and permits 57,674$ 57,674$ 45,005$ (12,669)$
Miscellaneous revenue - - 2,596 2,596
Investment earnings - - 17,618 17,618
Total revenues 57,674 57,674 65,219 7,545
EXPENDITURES
Current:
Culture and recreation 57,674 57,674 49,862 7,812
Total current 57,674 57,674 49,862 7,812
Capital outlay:
Culture and recreation 40,000 40,000 - 40,000
Total capital outlay 40,000 40,000 - 40,000
Total expenditures 97,674 97,674 49,862 47,812
Excess (deficiency) of revenues over expenditures (40,000) (40,000) 15,357 55,357
Net change in fund balances (40,000) (40,000) 15,357 55,357
Fund balances - January 1 288,710 358,300 369,348 11,048
Fund balances - December 31 248,710$ 318,300$ 384,705$ 66,405$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Cable Communications Development
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-21
Original Final Actual
Variance with Final
Budget
REVENUES
Intergovernmental revenues - $ 4,011$ 16,531$ 12,520$
Investment earnings - - 33,850 33,850
Total revenues - 4,011 50,381 46,370
EXPENDITURES
Current:
Economic environment 40,000 40,000 20,499 19,501
Total current 40,000 40,000 20,499 19,501
Total expenditures 40,000 40,000 20,499 19,501
Excess (deficiency) of revenues over expenditures (40,000) (35,989) 29,882 65,871
Net change in fund balances (40,000) (35,989) 29,882 65,871
Fund balances - January 1 374,630 711,118 701,041 (10,077)
Fund balances - December 31 334,630$ 675,129$ 730,923$ 55,794$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Springbrook Wetlands Bank
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-22
Original Final Actual
Variance with Final
Budget
REVENUES
Intergovernmental revenues -$ -$ 2,686$ 2,686$
Contributions - 393,772 421,851 28,079
Investment earnings - - 34,986 34,986
Total revenues - 393,772 459,523 65,751
EXPENDITURES
Current:
Public safety - 1,125,700 274,227 851,473
Total current - 1,125,700 274,227 851,473
Capital outlay:
Public safety - - 75,013 (75,013)
Total capital outlay - - 75,013 (75,013)
Total expenditures - 1,125,700 349,240 776,460
Excess (deficiency) of revenues over expenditures - (731,928) 110,283 842,211
Net change in fund balances - (731,928) 110,283 842,211
Fund balances - January 1 - 731,928 684,235 (47,693)
Fund balances - December 31 - $ - $ 794,518$ 794,518$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Police Seizure
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-23
Original Final Actual
Variance with Final
Budget
REVENUES
Fines and forfeits -$ 1,670$ 1,670$ -$
Investment earnings - - 6,447 6,447
Total revenues - 1,670 8,117 6,447
EXPENDITURES
Current:
Public safety - 74,737 110 74,627
Health and human services - 96,510 3,499 93,011
Total current - 171,247 3,609 167,638
Capital outlay:
Public safety - - 40,278 (40,278)
Total capital outlay - - 40,278 (40,278)
Total expenditures - 171,247 43,887 127,360
Excess (deficiency) of revenues over expenditures - (169,577) (35,770) 133,807
Net change in fund balances - (169,577) (35,770) 133,807
Fund balances - January 1 - 169,577 169,116 (461)
Fund balances - December 31 - $ -$ 133,346$ 133,346$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Police CSAM Seizure
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-24
Original Final Actual
Variance with Final
Budget
REVENUES
Charges for services 995,000$ 600,000$ 340,091$ (259,909)$
Investment earnings - - 1,649 1,649
Total revenues 995,000 600,000 341,740 (258,260)
EXPENDITURES
Current:
General government 995,000 600,000 317,091 282,909
Total current 995,000 600,000 317,091 282,909
Total expenditures 995,000 600,000 317,091 282,909
Excess (deficiency) of revenues over expenditures - - 24,649 24,649
Net change in fund balances - - 24,649 24,649
Fund balances - January 1 12 34 2 (32)
Fund balances - December 31 12$ 34$ 24,651$ 24,617$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
School District Impact Mitigation
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-25
Original Final Actual
Variance with Final
Budget
REVENUES
Charges for services 400,000$ 200,000$ 98,123$ (101,877)$
Investment earnings - - 3 3
Total revenues 400,000 200,000 98,126 (101,874)
EXPENDITURES
Current:
General government - 200,000 95,633 104,367
Total current - 200,000 95,633 104,367
Total expenditures - 200,000 95,633 104,367
Excess (deficiency) of revenues over expenditures 400,000 - 2,493 2,493
OTHER FINANCING SOURCES (USES)
Transfers out (500,635) - - -
Total other financing sources (uses)(500,635) - - -
Net change in fund balances (100,635) - 2,493 2,493
Fund balances - January 1 - - (4) (4)
Fund balances - December 31 2,557,829$ -$ 2,489$ 2,489$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Fire Impact Mitigation
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-26
Original Final Actual
Variance with Final
Budget
REVENUES
Intergovernmental revenues 32,642$ 32,642$ 32,358$ (284)$
Investment earnings - - 247,053 247,053
Total revenues 32,642 32,642 279,411 246,769
EXPENDITURES
Debt service:
Principal payment 2,419,759 1,995,000 1,995,000 -
Interest payment 1,041,566 965,690 960,590 5,100
Total debt service 3,461,325 2,960,690 2,955,590 5,100
Total expenditures 3,461,325 2,960,690 2,955,590 5,100
Excess (deficiency) of revenues over expenditures (3,428,683) (2,928,048) (2,676,179) 251,869
OTHER FINANCING SOURCES (USES)
Transfer in 3,621,410 3,120,775 3,120,775 -
Total other financing sources (uses) 3,621,410 3,120,775 3,120,775 -
Net change in fund balances 192,727 192,727 444,596 251,869
Fund balances - January 1 5,604,506 5,412,174 5,397,442 (14,732)
Fund balances - December 31 5,797,233$ 5,604,901$ 5,842,038$ 237,137$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
General Debt
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-27
Original Final Actual
Variance with Final
Budget
REVENUES
Charges for services 86,500$ 86,500$ 173,883$ 87,383$
Investment earnings - - 33,201 33,201
Total revenues 86,500 86,500 207,084 120,584
Excess (deficiency) of revenues over expenditures 86,500 86,500 207,084 120,584
OTHER FINANCING SOURCES (USES)
Transfers out (450,000) (525,000) (525,000) -
Total other financing sources (uses)(450,000) (525,000) (525,000) -
Net change in fund balances (363,500) (438,500) (317,916) 120,584
Fund balances - January 1 1,475,798 681,333 679,489 (1,844)
Fund balances - December 31 1,112,298$ 242,833$ 361,573$ 118,740$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Community Development Impact Mitigation
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-28
Original Final Actual
Variance with Final
Budget
REVENUES
Charges for services 1,780,000$ 911,152$ 1,284,081$ 372,929$
Investment earnings - - 133,469 133,469
Total revenues 1,780,000 911,152 1,417,550 506,398
Excess (deficiency) of revenues over expenditures 1,780,000 911,152 1,417,550 506,398
OTHER FINANCING SOURCES (USES)
Transfers out (100,000) (100,000) - 100,000
Total other financing sources (uses)(100,000) (100,000) - 100,000
Net change in fund balances 1,680,000 811,152 1,417,550 606,398
Fund balances - January 1 7,382,476 2,220,270 2,214,274 (5,996)
Fund balances - December 31 9,062,476$ 3,031,422$ 3,631,824$ 600,402$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Transportation Impact Mitigation
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-29
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes 2,300,000$ 2,300,000$ 2,889,449$ 589,449$
Investment earnings - - 157,625 157,625
Total revenues 2,300,000 2,300,000 3,047,074 747,074
Excess (deficiency) of revenues over expenditures 2,300,000 2,300,000 3,047,074 747,074
OTHER FINANCING SOURCES (USES)
Transfers out (2,000,000) - - -
Total other financing sources (uses)(2,000,000) - - -
Net change in fund balances 300,000 2,300,000 3,047,074 747,074
Fund balances - January 1 3,528,121 1,765,153 2,039,765 274,612
Fund balances - December 31 3,828,121$ 4,065,153$ 5,086,839$ 1,021,686$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
REET 1
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-30
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes 2,300,000$ 2,300,000$ 2,889,449$ 589,449$
Investment earnings - - 202,044 202,044
Total revenues 2,300,000 2,300,000 3,091,493 791,493
Excess (deficiency) of revenues over expenditures 2,300,000 2,300,000 3,091,493 791,493
OTHER FINANCING SOURCES (USES)
Transfers out (4,183,425) (4,183,425) (4,183,425) -
Total other financing sources (uses)(4,183,425) (4,183,425) (4,183,425) -
Net change in fund balances (1,883,425) (1,883,425) (1,091,932) 791,493
Fund balances - January 1 3,048,402 3,145,503 3,416,373 270,870
Fund balances - December 31 1,164,977$ 1,262,078$ 2,324,441$ 1,062,363$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
REET 2
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-31
Airport Golf Course
Total Nonmajor
Enterprise Funds
ASSETS
Current assets:
Cash & cash equivalents 7,773,079$ 1,748,975$ 9,522,054$
Investments at fair value 5,714,819 1,285,891 7,000,710
Receivables (net of allowance for uncollectible):
Customer accounts 14,139 153,672 167,811
Interest & penalties 49,357 11,214 60,571
Due from other funds 266,565 - 266,565
Due from other governments 72,898 - 72,898
Supplies inventory - 35,853 35,853
Total current assets 13,890,857 3,235,605 17,126,462
Noncurrent assets:
Net pension asset 174,295 261,442 435,737
Capital assets:
Land 784,080 2,683,200 3,467,280
Construction in progress 2,327,215 11,030 2,338,245
Capital assets (net)14,108,573 3,969,912 18,078,485
Intangible assets (net)23,283 - 23,283
Total noncurrent assets 17,417,446 6,925,584 24,343,030
Total assets 31,308,303 10,161,189 41,469,492
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 246,447 369,671 616,118
Total deferred outflows of resources 246,447 369,671 616,118
Total assets and deferred outflows of resources 31,554,750 10,530,860 42,085,610
LIABILITIES
Current liabilities:
Accrued wages and benefits payable 56,740 70,050 126,790
Accounts payable 198,165 45,231 243,396
Retainage payable 2,221 500 2,721
Customer deposits - 400,823 400,823
Unearned revenue 266,565 - 266,565
Leases payable 1,911 - 1,911
Compensated absences 41,950 107,604 149,554
Interfund loans - 45,434 45,434
Total current liabilities 567,552 669,642 1,237,194
Noncurrent liabilities:
Leases payable 21,592 - 21,592
Compensated absences 41,024 146,254 187,278
Net pension liability 73,205 109,808 183,013
Interfund loans - 53,584 53,584
Total noncurrent liabilities 135,821 309,646 445,467
Total liabilities 703,373 979,288 1,682,661
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 76,447 114,669 191,116
Deferred inflows related to leases - 106,782 106,782
Total deferred inflows of resources 76,447 221,451 297,898
Total liabilities and deferred inflows of resources 779,820 1,200,739 1,980,559
NET POSITION
Net investment in capital assets 17,162,322 6,652,612 23,814,934
Restricted for:
Pensions 174,295 261,442 435,737
Unrestricted 13,438,313 2,416,067 15,854,380
Total net position 30,774,930$ 9,330,121$ 40,105,051$
City of Renton
Combining Statement of Net Position
Nonmajor Enterprise Funds
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-32
Airport Golf Course
Total Nonmajor
Enterprise Funds
OPERATING REVENUES
Charges for services 4,570,941$ 3,822,959$ 8,393,900$
Total operating revenues 4,570,941 3,822,959 8,393,900
OPERATING EXPENSES
Supplies 155,962 397,130 553,092
Personnel services 1,357,861 1,919,646 3,277,507
Contracted services 893,735 594,647 1,488,382
Taxes 2,037 23,230 25,267
Depreciation and amortization 1,035,472 345,968 1,381,440
Total operating expenses 3,445,067 3,280,621 6,725,688
Operating income (loss)1,125,874 542,338 1,668,212
NONOPERATING REVENUES (EXPENSES)
Intergovernmental revenues 830,686 - 830,686
Miscellaneous revenue 22,648 1,384 24,032
Interest expense (561) (1,232) (1,793)
Investment earnings 579,919 126,739 706,658
Total nonoperating revenues (expenses)1,432,692 126,891 1,559,583
Income (loss) before contributions and transfers 2,558,566 669,229 3,227,795
Transfers in 164,955 - 164,955
Transfers out (61,900) - (61,900)
Change in net position 2,661,621 669,229 3,330,850
Total net position - January 1, as previously presented 28,139,879 8,784,442 36,924,321
Change in accounting principle (26,570) (123,550) (150,120)
Total net position - January 1, restated 28,113,309 8,660,892 36,774,201
Total net position - December 31 30,774,930$ 9,330,121$ 40,105,051$
City of Renton
Combining Statement of Revenues, Expenses, and Changes in Net Position
Nonmajor Enterprise Funds
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-33
T0TAL
NON-MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services 4,557,209$ 3,860,432$ 8,417,641$
Cash paid to suppliers for goods & services (1,237,643) (1,034,534) (2,272,177)
Cash paid to employees (1,407,010) (2,053,888) (3,460,898)
Other non-operating receipts 22,648 1,384 24,032
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 1,935,204 773,394 2,708,598
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds 164,955 - 164,955
Transfers to other funds (61,900) - (61,900)
Operating grants and contributions 838,705 - 838,705
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES 941,760 - 941,760
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Proceeds from the sale of equipment - - -
Acquisition & construction of capital assets (1,478,478) (327,520) (1,805,998)
Capital grants 191,090 - 191,090
Leases payable (1,870) - (1,870)
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES (1,289,258) (327,520) (1,616,778)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for investments (1,672,169) (406,531) (2,078,700)
Interest on investments 457,861 99,055 556,916
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (1,214,308) (307,476) (1,521,784)
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS 373,398 138,398 511,796
CASH & CASH EQUIVALENTS, JANUARY 1 7,399,681 1,610,577 9,010,258
RESTRICTED CASH, JANUARY 1 - - -
CASH & CASH EQUIVALENTS, DECEMBER 31 7,773,079$ 1,748,975$ 9,522,054$
ENTERPRISE FUNDS
BUSINESS-TYPE ACTIVITIES
City of Renton
Combining Statement of Cash Flows
Nonmajor Enterprise Funds
For the Year Ended December 31, 2024
Page 1 of 2
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-34
TOTAL
NON-MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss) 1,125,874$ 542,338$ 1,668,212$
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization 1,035,472 345,968 1,381,440
(Increase) decrease in
Other non-operating revenue 22,648 1,384 24,032
(Increase) decrease in
accounts receivable 40,301 14,657 54,958
(Increase) decrease in
due from other funds (249,959) 14,578 (235,381)
(Increase) decrease in inventory
& prepaid items - 5,651 5,651
(Increase) decrease in net pension assets and
deferred outflows related to pensions 8,307 (91,016) (82,709)
Increase (decrease) in operating
accounts payable 64,611 21,036 85,647
Increase (decrease) in
interfund loans (561) (46,214) (46,775)
Increase (decrease) in
customer deposits - 19,002 19,002
Increase (decrease) in
unearned revenues (54,033) - (54,033)
Increase (decrease) in accrued
employee leave benefits 33,483 35,160 68,643
Increase (decrease) in net pension liability
and deferred inflows related to pensions (90,939) (78,386) (169,325)
(Increase) decrease in
deferred inflows related to leases - (10,764) (10,764)
Total adjustments 809,330 231,056 1,040,386
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 1,935,204$ 773,394$ 2,708,598$
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Depreciation & amortization 1,035,472$ 345,968$ 1,381,440$
Increase (decrease) in fair value of investments 100,019$ 22,269$ 122,288$
ENTERPRISE FUNDS
City of Renton
Combining Statement of Cash Flows
Nonmajor Enterprise Funds
For the Year Ended December 31, 2024
Page 2 of 2
BUSINESS-TYPE ACTIVITIES
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-35
Equipment Rental Insurance
Total Internal Service
Funds
ASSETS
Current assets:
Cash & cash equivalents 18,895,870$ 33,003,893$ 51,899,763$
Investments at fair value 13,892,726 24,265,306 38,158,032
Receivables (net of allowance for uncollectible):
Customer accounts 73,839 815,201 889,040
Interest & penalties 108,392 218,625 327,017
Due from other funds 9,287 - 9,287
Supplies inventory 450,715 - 450,715
Prepayments 529,824 745,645 1,275,469
Total current assets 33,960,653 59,048,670 93,009,323
Noncurrent assets:
Net pension asset 1,416,951 146,321 1,563,272
Capital assets:
Construction in progress 361,127 - 361,127
Capital assets (net) 12,947,140 - 12,947,140
Intangible assets (net)1,287,812 - 1,287,812
Total noncurrent assets 16,013,030 146,321 16,159,351
Total assets 49,973,683 59,194,991 109,168,674
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 2,003,523 206,893 2,210,416
Total deferred outflows of resources 2,003,523 206,893 2,210,416
Total assets and deferred outflows of resources 51,977,206 59,401,884 111,379,090
LIABILITIES
Current liabilities:
Accrued wages and benefits payable 419,120 34,647 453,767
Accounts payable 937,967 283,646 1,221,613
Retainage payable 16,822 - 16,822
Claims incurred but not reported - 3,062,633 3,062,633
Leases payable 528,677 - 528,677
Compensated absences 453,578 45,270 498,848
OPEB Liability - 1,276,510 1,276,510
Total current liabilities 2,356,164 4,702,706 7,058,870
Noncurrent liabilities:
Leases payable 72,976 - 72,976
Compensated absences 505,584 46,176 551,760
Net pension liability 595,131 61,457 656,588
OPEB liability - 26,790,194 26,790,194
Total noncurrent liabilities 1,173,691 26,897,827 28,071,518
Total liabilities 3,529,855 31,600,533 35,130,388
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 621,478 64,178 685,656
Total deferred inflows of resources 621,478 64,178 685,656
Total liabilities and deferred inflows of resources 4,151,333 31,664,711 35,816,044
NET POSITION
Net investment in capital assets 13,603,574 - 13,603,574
Restricted for:
Pensions 1,416,951 146,321 1,563,272
Unrestricted 32,805,348 27,590,852 60,396,200
Total net position 47,825,873$ 27,737,173$ 75,563,046$
City of Renton
Combining Statement of Net Position
Nonmajor Internal Service Funds
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-36
Equipment Rental Insurance
Total Internal Service
Funds
OPERATING REVENUES
Charges for services 19,942,946$ 19,316,419$ 39,259,365$
Licenses and permits 233,636 - 233,636
Total operating revenues 20,176,582 19,316,419 39,493,001
OPERATING EXPENSES
Supplies 3,693,496 14,768 3,708,264
Personnel services 9,210,483 1,110,164 10,320,647
Contracted services 6,115,939 1,624,141 7,740,080
Insurance - 14,708,139 14,708,139
Taxes 440 4,580 5,020
Depreciation and amortization 3,274,804 - 3,274,804
Total operating expenses 22,295,162 17,461,792 39,756,954
Operating income (loss) (2,118,580) 1,854,627 (263,953)
NONOPERATING REVENUES (EXPENSES)
Intergovernmental revenues 86,116 208,793 294,909
Miscellaneous revenue 891 748,786 749,677
Interest expense (45,648) - (45,648)
Insurance Recoveries 97,644 324,192 421,836
Gain (loss) on sale of capital assets 119,660 - 119,660
Investment earnings 1,356,940 2,593,303 3,950,243
Total nonoperating revenues (expenses)1,615,603 3,875,074 5,490,677
Income (loss) before contributions and transfers (502,977) 5,729,701 5,226,724
Transfer in 2,572,902 1,578,243 4,151,145
Transfers out - (950,000) (950,000)
Capital contributions 3,056,588 - 3,056,588
Change in net position 5,126,513 6,357,944 11,484,457
Total net position - January 1, as previously presented 40,784,334 21,412,909 62,197,243
Change in accounting principle (458,735) (33,680) (492,415)
Error correction 2,373,761 2,373,761
Total net position - January 1, restated 42,699,360 21,379,229 64,078,589
Total net position - December 31 47,825,873$ 27,737,173$ 75,563,046$
City of Renton
Combining Statement of Revenues, Expenses, and Changes in Net Position
Internal Service Funds
For the Year Ended December 31, 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-37
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from other funds for services $ 20,155,000 $ 19,249,692 $ 39,404,692
Cash paid to suppliers for goods & services (10,167,909) (19,227,981) (29,395,890)
Cash paid to employees (9,893,409) (1,154,769) (11,048,178)
Other non-operating receipts 97,644 1,072,978 1,170,622
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 191,326 (60,080) 131,246
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds 2,572,902 1,578,243 4,151,145
Transfers to other funds - (950,000) (950,000)
Operating grants and contributions 87,007 208,793 295,800
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES 2,659,909 837,036 3,496,945
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Acquisition & construction of capital assets (4,047,417) - (4,047,417)
Capital replacement reserves received 3,056,588 - 3,056,588
Principal payments on leases (295,110) - (295,110)
Interest payments on leases (45,648) - (45,648)
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES (1,109,359) - (1,109,359)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for investments (3,304,559) (5,058,547) (8,363,106)
Interest on investments and loans 1,054,279 2,065,407 3,119,686
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (2,250,280) (2,993,140) (5,243,420)
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS (508,404) (2,216,184) (2,724,588)
CASH & CASH EQUIVALENTS, JANUARY 1 19,404,274 35,220,077 54,624,351
CASH & CASH EQUIVALENTS, DECEMBER 31 $ 18,895,870 $ 33,003,893 $ 51,899,763
INTERNAL SERVICE FUNDS
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended December 31, 2024
Page 1 of 2
City of Renton
GOVERNMENTAL ACTIVITIES
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-38
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss) (2,118,580)$ 1,854,627$ (263,953)$
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization 3,274,804 - 3,274,804
(Increase) decrease in
Other non-operating revenue 97,644 1,072,978 1,170,622
(Increase) decrease in
accounts receivable (21,582) (66,727) (88,309)
(Increase) decrease in inventory
& prepaid items (400,241) (96,625) (496,866)
(Increase) decrease in net pension assets
and deferred outflows related to pensions (119,322) 63,214 (56,108)
Increase (decrease) in accrued
employee wages and benefits 70,924 61 70,985
Increase (decrease) in operating
accounts payable 89,991 (49,119) 40,872
Increase (decrease) in operating
retainage payable (36,735) - (36,735)
Increase (decrease) in due to
other funds (1,762) (40,603) (42,365)
Increase (decrease) in other
short-term liabilities - 85,804 85,804
Increase (decrease) in net pension liability
and deferred inflows related to pensions (634,528) (107,880) (742,408)
Increase (decrease) in
OPEB liability - (2,775,810) (2,775,810)
Total adjustments 2,309,906 (1,914,707) 395,199
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 191,326$ (60,080)$ 131,246$
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Depreciation & amortization 3,274,804$ -$ 3,274,804$
Increase (decrease) in fair value of investments 249,079$ 440,611$ 689,690$
For the Year Ended December 31, 2024
Combining Statement of Cash Flows
Internal Service Funds
Page 2 of 2
City of Renton
INTERNAL SERVICE FUNDS
GOVERNMENTAL ACTIVITIES
2024 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements and Schedules, 6-39
STATISTICAL SECTION
December 31, 2024
Presentations included in the Statistical Section of the Annual Comprehensive Financial Report
(ACFR) provide users detailed information as a context for understanding what the information in
the financial statements, note disclosures and the supporting schedules say about the
government’s overall financial health. The section is divided into five categories based on the
following:
FINANCIAL TRENDS
These schedules contain trend information to help the reader understand how the government’s
financial performance and well-being have changed over time.
REVENUE CAPACITY
These schedules present information to help the reader assess the government’s most significant
local revenue source – property tax.
DEBT CAPACITY
These schedules present information to help the reader assess the affordability of the
government’s current levels of outstanding debt and the government’s ability to issue additional
debt in the future.
DEMOGRAPHIC AND ECONOMIC INFORMATION
These schedules offer demographic and economic indicators to help the reader understand the
environment within which the government’s financial activities take place.
OPERATING INFORMATION
These schedules contain service and infrastructure data to help the reader understand how the
information in the government’s financial report relates to the services the government provides
and the activities it performs.
2024 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-1
2015201620172018201920202021202220232024Governmental activitiesNet investment in capital assets467,609,532$ 453,278,699$ 466,996,814$ 473,667,290$ 478,173,369$ 488,387,204$ 494,021,497$ 509,894,057$ 536,120,344$ 551,984,271$ Restricted 26,987,147 18,939,968 31,304,501 36,805,133 61,745,083 63,265,226 110,965,722 91,947,460 86,174,613 92,426,285 Unrestricted50,203,343 61,174,111 77,331,398 67,657,377 74,778,751 83,352,782 90,952,218 176,396,121 221,562,074 265,285,644 Total governmental activities net position 544,800,022$ 533,392,778$ 575,632,713$ 578,129,800$ 614,697,203$ 635,005,212$ 695,939,437$ 778,237,638$ 843,857,031$ 909,696,200$ Business-type activitiesNet investment in capital assets 271,016,825$ 279,506,339$ 281,531,560$ 285,507,078$ 293,076,667$ 289,121,692$ 301,540,670$ 304,930,019$ 313,952,567$ 334,434,587$ Restricted 2,909,578 2,909,578 2,810,145 2,810,145 2,810,145 2,810,145 9,780,922 5,638,678 5,633,456 4,996,359 Unrestricted51,330,478 63,236,920 72,699,879 84,471,108 90,300,915 105,198,350 106,067,790 124,184,942 136,743,258 150,383,526 Total business-type activities net position 325,256,881$ 345,652,837$ 357,041,584$ 372,788,331$ 386,187,727$ 397,130,187$ 417,389,382$ 434,753,639$ 456,329,281$ 489,814,472$ Primary governmentNet investment in capital assets 738,626,357$ 732,785,038$ 748,528,374$ 759,174,368$ 771,250,036$ 777,508,896$ 795,562,167$ 814,824,076$ 850,072,911$ 886,418,858$ Restricted 29,896,725 21,849,546 34,114,646 39,615,278 64,555,228 66,075,371 120,746,644 97,586,138 91,808,069 97,422,644 Unrestricted 101,533,821 124,411,031 150,031,277 152,128,485 165,079,666 188,551,132 197,020,008 300,581,063 358,305,332 415,669,170 Total primary government net position 693,762,898$ 870,056,903$ 879,045,615$ 932,674,297$ 950,918,131$ 1,000,884,930$ 1,113,328,819$ 1,212,991,277$ 1,300,186,312$ 1,399,510,672$ Source : City of Renton Finance Division(accrual basis of accounting)LAST TEN FISCAL YEARSNET POSITION BY COMPONENTTABLE 12024 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-2
EXPENSES 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Government activities:
General government 9,829,338$ 10,230,923$ 11,619,780$ 11,693,087$ 13,188,036$ 21,069,221$ 5,939,406$ 10,586,624$ 18,831,400$ 15,306,366$
Judicial 2,342,557 2,501,487 2,631,350 2,612,931 3,036,172 3,170,019 3,058,866 3,828,832 3,924,144 4,285,228
Public safety 57,863,131 49,272,668 34,970,381 35,406,820 34,493,076 39,807,638 34,996,342 45,403,831 45,821,151 51,425,149
Utilities 694,469 691,798 686,356 675,076 270,397 206,150 4,164 34,598 43,193 58,148
Transportation 15,918,953 19,560,699 18,369,818 18,828,845 20,091,069 18,145,346 17,561,416 22,026,500 20,222,129 21,753,086
Economic and natural environment 7,362,822 7,578,069 8,280,445 7,514,571 8,032,974 9,488,896 8,714,594 13,737,667 13,681,351 12,861,619
Health and human services 1,925,253 2,098,190 2,210,690 2,260,902 2,486,008 2,910,797 2,527,615 3,130,494 3,578,875 4,443,088
Culture and recreation 13,636,384 12,999,863 14,307,593 13,802,266 15,040,743 13,421,450 12,483,452 16,314,321 14,510,956 19,907,249
Interest on long-term debt 1,247,934 948,685 1,146,722 1,077,950 1,562,735 1,489,077 1,213,697 979,918 910,047 832,975
Total governmental activities expenses 110,820,841 105,882,382 94,223,135 93,872,448 98,201,210 109,708,594 86,499,552 116,042,785 121,523,246 130,872,908 Business-type activities:
Airport 4,319,084 2,974,582 3,178,004 2,713,567 3,270,117 2,736,107 3,588,050 3,354,236 3,263,367 3,445,628
Golf course 2,200,740 2,173,590 2,386,006 2,277,544 2,442,180 2,341,478 2,363,279 2,817,014 3,096,659 3,281,855
Solid Waste 16,907,652 16,850,054 19,367,124 19,648,560 20,544,997 20,132,851 20,487,512 22,464,173 24,946,989 27,009,823
Waterworks Utility 45,184,377 53,960,170 51,849,388 50,408,232 54,263,991 50,782,704 50,204,545 54,532,445 55,957,729 58,700,608
Total Business-type activities expenses 68,611,853 75,958,396 76,780,522 75,047,903 80,521,285 75,993,140 76,643,386 83,167,868 87,264,744 92,437,914
Total Primary Government expenses 179,432,694 181,840,778 171,003,657 168,920,351 178,722,495 185,701,734 163,142,938 199,210,653 208,787,990 223,310,822
PROGRAM REVENUESGovernmental activities:Charges for services:
General government 4,354,150 5,028,744 7,954,848 7,172,729 7,400,036 5,553,209 4,154,041 8,991,134 2,953,151 4,228,470
Judicial 3,476,485 3,077,775 3,318,723 5,480,833 5,237,160 3,825,074 5,033,166 5,143,140 3,956,736 4,127,285
Public safety 7,677,351 4,836,073 1,478,987 1,561,148 1,529,648 1,237,536 1,252,495 1,998,877 1,415,913 1,108,052
Utilities 668 1,436 - - - - - - - -
Transportation 3,823,320 2,638,216 2,218,114 3,568,302 2,383,972 2,186,138 2,310,775 8,665,990 1,179,678 1,555,365
Economic and natural environment 5,641,135 4,992,629 4,814,488 4,747,410 5,253,540 4,244,701 5,029,960 7,938,297 7,169,265 8,113,426
Health and human services - - - - 123,391 42,348 104,410 98,567 465,062 132,393
Culture and recreation 2,331,046 2,260,812 2,347,627 2,176,752 2,678,765 1,094,457 1,467,001 3,567,700 3,133,145 2,730,254
Operating grants and contributions 6,614,030 8,226,834 5,984,222 6,921,332 7,458,503 10,990,611 8,879,286 19,180,209 7,301,395 9,682,841
Capital grants and contributions 8,658,075 10,913,636 10,167,007 5,700,805 7,615,827 10,743,119 13,544,611 23,817,637 19,491,497 19,825,988
Total governmental activities program revenues 42,576,260 41,976,155 38,284,016 37,329,311 39,680,842 39,917,193 41,775,745 79,401,551 47,065,842 51,504,074
Business-type activities:
Charges for services:
Airport 2,614,311 2,718,441 2,820,574 3,503,323 3,177,298 2,906,657 3,295,371 4,093,908 4,800,061 4,570,941
Golf course 2,302,635 2,196,062 2,166,680 2,329,889 2,397,796 2,605,574 3,068,337 3,172,477 3,526,548 3,822,959
Solid waste utility 17,146,266 17,152,279 17,787,705 19,656,483 21,817,526 20,687,309 21,018,006 22,612,788 24,780,614 26,865,747
Waterworks Utility 53,263,702 53,685,591 56,202,702 57,067,220 56,546,499 56,189,141 59,533,068 61,949,291 65,052,834 66,683,475
Total Business-type charges 75,326,914 75,752,373 78,977,661 82,556,915 83,939,119 82,388,681 86,914,782 91,828,464 98,160,057 101,943,122
Operating grants and contributions 704,367 8,400,008 1,213,388 572,719 1,099,731 1,233,103 972,220 846,147 386,362 793,968
Capital grants and contributions 23,291,274 12,559,755 7,664,875 6,285,279 7,341,238 3,940,585 5,458,679 6,940,356 5,187,720 17,470,633
Total business-type activities program revenues 99,322,555 96,712,136 87,855,924 89,414,913 92,380,088 87,562,369 93,345,681 99,614,967 103,734,139 120,207,723
Total primary government program revenues 141,898,815$ 138,688,291$ 126,139,940$ 126,744,224$ 132,060,930$ 127,479,562$ 135,121,426$ 179,016,518$ 150,799,981$ 171,711,797$
Net (expense)/revenue
Governmental activities (68,244,581)$ (63,906,227)$ (55,939,119)$ (56,543,137)$ (58,520,368)$ (69,791,401)$ (44,723,807)$ (36,641,234)$ (74,457,404)$ (79,368,834)$
Business-type activities 30,710,702 20,753,740 11,075,402 14,367,010 11,858,803 11,569,229 16,702,295 16,447,099 16,469,395 27,769,809
Total primary government net expense (37,533,879)$ (43,152,487)$ (44,863,717)$ (42,176,127)$ (46,661,565)$ (58,222,172)$ (28,021,512)$ (20,194,135)$ (57,988,009)$ (51,599,025)$
TABLE 2
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
(accrual basis of accounting)
Page 1 of 2
Fiscal Year
2024 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-3
GENERAL REVENUES AND OTHER CHANGES 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Governmental activities:
Taxes
Property taxes 35,418,323$ 37,105,988$ 24,669,058$ 19,046,123$ 21,706,506$ 21,964,194$ 22,574,225$ 23,250,415$ 25,201,735$ 25,515,900$
Timber taxes - - - - - - - - - -
Retail sales taxes 29,567,506 32,933,987 33,381,395 33,564,285 32,955,528 31,034,947 42,329,250 47,758,735 48,173,923 51,004,245
Business taxes 20,561,270 26,376,964 30,135,189 30,055,917 30,151,752 26,378,666 31,920,356 35,817,234 43,807,894 47,202,669
Excise taxes 5,736,582 6,123,700 7,193,498 7,951,859 6,485,943 6,723,181 10,994,027 9,697,601 7,066,074 7,830,551
Penalties and interest - - - - - - - - - -
Investment earnings 1,303,414 1,441,471 1,587,589 2,374,510 3,011,779 2,702,607 145,963 166,544 10,426,625 13,273,061
Miscellaneous 580,042 1,746,009 689,371 938,045 663,782 747,850 1,095,098 2,590,478 4,571,462 2,475,457
Gain on sale of capital assets 17,109 13,710 992,114 914,008 43,698 11,256 69,946 223,677 248,692 66,084
Transfers 131,491 173,917 218,212 (256,835) 68,783 6,339 (33,766) (565,249) 580,392 110,599
Special Items
Transfer of fire operations (32,665,407) - - - (866,131) - - - -
Transfer of library assets (18,527,290) - - - - - - - -
Total governmental activities 93,315,737 54,723,049 98,866,426 94,587,912 95,087,771 88,702,909 109,095,099 118,939,435 140,076,797 147,478,566
Business-type activities:
Investment earnings 225,515 332,931 483,356 1,105,019 1,365,411 1,197,741 70,210 (54,167) 5,393,560 -
Miscellaneous 38,014 18,051 48,201 17,883 243,965 208,145 8,325 306,920 293,079 6,428,578
Gain on sale of capital assets - - - - - - 7,532 99,156 - 252,381
Transfers (131,491) (173,917) (218,212) 256,835 (68,783) (6,339) 33,766 565,249 (580,392) (110,599)
Total business-type activities 132,038 177,065 313,345 1,379,737 1,540,593 1,399,547 119,833 917,158 5,106,247 6,570,360
Total primary government 87,428,143$ 92,746,057$ 54,900,114$ 99,179,771$ 95,967,649$ 96,628,364$ 109,214,932$ 119,856,593$ 145,183,044$ 154,048,926$
CHANGES IN NET POSITION
Governmental activities 25,071,156$ (9,183,178)$ 42,927,307$ 38,044,775$ 36,567,403$ 18,911,508$ 64,371,292$ 82,298,201$ 65,619,393$ 68,109,732$
Business-type activities 30,842,740 20,930,805 11,388,747 15,746,747 13,399,396 12,968,776 16,822,128 17,364,257 21,575,642 34,340,169
Total primary government 55,913,896$ 11,747,627$ 54,316,054$ 53,791,522$ 49,966,799$ 31,880,284$ 81,193,420$ 99,662,458$ 87,195,035$ 102,449,901$
Source : City of Renton Finance Division
TABLE 2
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
(accrual basis of accounting)
Page 2 of 2
2024 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-4
TABLE 3FUND BALANCE OF GOVERNMENT FUNDSLAST TEN FISCAL YEARS(modified accrual basis of accounting)2015 2016 2017 2018 2019 2020 2021 2022 2023 2024General fundReserved -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Unreserved- - - - - - - - - - Nonspendable- 200,000 - - - - - - - - Restricted156,105 974,770 1,341,610 1,428,578 1,607,617 754,367 965,896 985,615 1,655,626 2,597,900 Committed1,185,085 - - - - 2,565,246 2,571,321 2,586,790 2,608,882 2,644,773 Assigned260,342 236,772 8,853,636 9,545,607 7,829,990 7,654,675 8,298,032 6,326,408 5,547,992 6,549,391 Unassigned20,183,002 28,579,805 29,077,267 41,085,590 45,660,733 52,721,934 63,150,333 83,433,006 100,270,628 116,145,471 Total general fund21,784,534$ 29,991,347$ 39,272,513$ 52,059,775$ 55,098,340$ 63,696,222$ 74,985,582$ 93,331,819$ 110,083,128$ 127,937,535$ All other governmental fundsReserved-$ -$ -$ -$ -$ -$ -$ -$ -$ Unreserved, reported in:Special revenue funds- - - - - - - - Debt service funds- - - - - - - - Capital project funds- - - - - - - - Nonspendable- 64,783 - - - - - - - - Restricted7,841,326 7,528,348 13,049,222 14,852,808 37,576,471 41,375,547 47,213,081 53,024,884 44,158,168 55,347,742 Committed15,844,472 20,134,020 11,763,443 17,125,460 18,352,497 14,169,890 15,070,663 19,958,471 19,027,078 19,302,528 Assigned3,290,869 6,150,838 18,261,594 13,963,776 15,519,639 13,350,561 12,488,653 4,947,675 11,254,825 16,679,327 Unassigned- - - - - (2,819,660) (337,394) (1,272,748) (4) (3,584,784) Total all other governmental funds26,976,667$ 33,877,989$ 43,074,259$ 45,942,044$ 71,448,607$ 66,076,338$ 74,435,003$ 76,658,282$ 74,440,067$ 87,744,813$ Source : City of Renton Finance Division $- $20,000,000 $40,000,000 $60,000,000 $80,000,000 $100,000,000 $120,000,000 $140,000,0002015 2016 2017 2018 2019 2020 2021 2022 2024General fundAll other governmental funds2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-5
2015201620172018201920202021202220232024REVENUESTaxes91,417,887$ 102,741,519$ 95,576,042$ 90,772,400$ 91,299,359$ 85,938,021$ 107,711,878$ 116,440,506$ 124,165,028$ 131,122,097$ Licenses and permits8,541,090 7,504,210 6,462,056 5,892,914 5,836,382 5,242,692 5,337,493 7,515,343 6,700,827 6,610,585 Intergovernmental10,546,797 14,058,888 10,944,312 9,662,231 8,464,679 16,346,001 21,430,899 29,239,300 19,498,904 16,341,514 Charges for services13,337,291 9,077,603 6,863,066 8,036,603 7,912,645 6,876,265 7,440,638 21,123,819 7,183,937 8,194,121 Fines and forfeits3,049,542 3,131,466 2,978,800 4,330,947 4,748,321 3,330,877 4,695,505 4,073,851 3,791,985 3,900,750 Interfund revenues296,649- - - - - - - - - Contributions187,616 792,699 551,968 598,662 238,587 734,104 359,874 6,392,804 7,478,437 5,482,185 Investment Earnings1,108,572 1,214,516 1,330,442 1,752,835 2,266,107 2,078,608 121,964 253,203 7,354,855 9,322,818 Miscellaneous Revenues1,994,532 3,036,059 2,280,640 2,375,518 2,079,530 962,008 1,291,860 1,746,195 2,398,843 3,098,774 Total revenues130,479,976 141,556,960 126,987,326 123,422,110 122,845,610 121,508,576 148,390,111 186,785,021 178,572,816 184,072,844 EXPENDITURES CurrentGeneral government11,334,485 11,961,260 12,492,727 12,267,911 12,423,213 13,757,930 13,880,312 20,334,915 16,181,175 18,368,307 Judicial2,461,668 2,536,835 2,650,678 2,727,689 3,162,916 3,252,116 3,485,237 3,982,793 4,179,892 4,493,094 Public safety58,211,446 47,619,491 36,063,481 39,768,443 42,841,721 41,176,222 42,469,142 46,558,177 50,534,087 54,047,997 Utilities236,245 238,057 240,611 244,244 244,452 209,398 - - - - Transportation10,898,934 13,631,324 12,567,755 12,947,686 10,634,812 10,304,108 11,233,863 13,735,344 13,540,613 14,763,382 Economic environment6,628,136 7,130,650 7,730,872 7,674,325 8,094,074 9,447,716 9,817,448 13,918,760 13,812,836 13,192,226 Health and human services1,876,841 2,068,295 2,175,116 2,371,428 2,515,683 3,006,025 2,697,473 3,200,359 3,709,857 3,956,298 Culture and recreation12,250,743 11,786,172 13,080,103 12,897,526 13,608,275 11,559,839 11,684,510 14,102,614 16,764,933 17,165,023 Capital outlay20,274,185 12,637,649 11,895,890 11,362,136 16,171,373 18,794,283 20,961,587 39,457,703 34,666,772 21,400,463 Debt servicePrincipal payments4,834,225 4,530,216 4,672,672 4,480,075 5,167,947 5,405,922 5,625,158 3,069,547 4,453,188 1,995,000 Interest and fiscal charges1,660,586 1,570,322 1,390,904 1,216,109 1,646,927 1,756,060 1,528,007 1,271,720 1,110,801 960,590 Total expenditures130,667,494 115,710,271 104,960,809 107,957,572 116,511,393 118,669,619 123,382,737 159,631,932 158,954,154 150,342,380 EXCESS (DEFICIENCY) OF REVENUESOVER EXPENDITURES(187,518) 25,846,689 22,026,517 15,464,538 6,334,217 2,838,957 25,007,374 27,153,089 19,618,662 33,730,464 OTHER FINANCING SOURCES (USES)Transfers in9,326,629 10,252,886 9,891,918 2,440,000 18,898,175 18,523,881 18,491,316 36,283,489 27,952,337 16,896,101 Transfer (out)(10,786,043) (8,480,721) (14,374,763) (3,931,548) (20,157,065) (18,557,424) (20,471,335) (43,435,673) (33,309,739) (19,986,647) Refunding bonds issued12,520,000 - - - - - - - - - GO Bonds issued- - - - 20,845,000 - - - - - Premium on general obligation debt1,171,804 - - - 2,593,852 - - - - - Sale of capital assets- - 916,547 1,662,460 20,000 7,050 42,585 232,300 248,692 22,602 Payment to refunded bond escrow agent(13,573,341) - - - - - - - - - Insurance Recoveries14,724 29,061 17,217 19,597 10,949 27,218 15,152 262,113 23,142 141,234 Lease financing 1- - - - - - - 74,198 - - Total other financing sources (uses) 2(1,326,227) 1,801,226 (3,549,081) 190,509 22,210,911 725 (1,922,282) (6,583,573) (5,085,568) (2,926,710) SPECIAL ITEMSTransfer of fire operations - (12,300,367) - - - (866,131) - - - - Total special items - (12,300,367) - - - (866,131) - - - - Net change in fund balance(1,513,745)$ 15,347,548$ 18,477,436$ 15,655,047$ 28,545,128$ 1,973,551$ 23,085,092$ 20,569,516$ 14,533,094$ 30,803,754$ Debt service as a percentage ofnon capital expenditures5.88%5.92%6.52%5.90%6.38%7.00%6.77%3.54%4.50%2.29% Source : City of Renton Finance Division2 Corrected the "Total other financing sources" total from 18,201,162 to (3,267,516) to reflect the correct total for that column of data.TABLE 4CHANGES IN FUND BALANCES OF GOVERNMENT FUNDSLAST TEN FISCAL YEARS(modified accrual basis of accounting)1 In accordance with Governmental Accounting Standards Board (GASB) 87 and effective in 2022, the city started recording lease activity.2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-6
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024City Population98,470 101,300 102,700 104,100 104,700105,500 108,054 107,500 107,900 108,800Water SystemRate Increase 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% 2.0% 2.0% 0.0% 0.0%BillingSingle Family 6,526,128$ 6,386,047$ 6,558,914$ 6,567,867$ 6,472,448$ 6,885,014$ 7,163,602$ 7,113,462$ 7,236,872$ 7,180,789$ Multi-Family, Commercial, Industrial 6,823,857 7,072,435 7,297,389 7,277,957 7,084,008 6,865,880 7,191,211 7,533,258 7,672,940 7,801,806 Irrigation 2,537,017 2,357,006 2,425,206 2,745,461 2,319,170 2,249,841 2,687,875 2,524,164 2,919,100 2,681,921 Fire Service 315,931 322,539 333,951 337,687 340,641 355,375 370,773 376,615 366,019 364,955 Other2607,944 506,044 489,559 455,627 511,488 408,575 606,183 639,408 710,718 807,279 Total Water Billing16,810,877 16,644,071 17,105,020 17,384,599 16,727,755 16,764,684 18,019,645 18,186,908 18,905,649 18,836,749 Wastewater SystemRate Increase 0.0% 0.0% 4.0% 4.0% 0.0% 2.0% 2.0% 2.0% 3.0% 3.0%BillingSingle Family 5,173,757$ 5,262,490$ 5,551,146$ 5,820,715$ 5,875,324$ 6,046,959$ 6,226,946$ 6,377,148$ 6,589,303$ 6,808,475$ Multi-Family, Commercial, Industrial, Other 4,217,237 4,467,264 4,627,298 4,794,217 4,733,681 4,521,708 4,759,423 5,080,536 5,283,578 5,876,655 Total City Wastewater Billing 9,390,994 9,729,754 10,178,444 10,614,932 10,609,005 10,568,667 10,986,370 11,457,683 11,872,881 12,685,131 King County Metro Charges 15,556,018 16,156,367 16,865,542 16,895,073 17,314,045 16,848,625 17,980,785 19,188,469 20,479,790 Total All 24,947,012 25,886,121 27,043,986 27,510,005 27,923,050 27,417,292 28,967,154 30,646,152 32,352,671 12,685,131 Storm Water SystemRate Increase 4.0% 4.0% 4.0% 4.0% 0.0% 2.0% 2.0% 2.0% 4.0% 4.0%BillingSingle Family 3,498,882$ 3,671,923$ 3,848,958$ 4,022,009$ 4,043,489$ 4,144,288$ 4,253,903$ 4,349,905$ 4,534,637$ 4,723,242$ Multi-Family, Commercial, Industrial, Other 6,012,017 6,235,149 6,690,859 6,906,349 6,932,067 7,046,139 7,193,548 7,357,424 7,655,622 7,968,395 Total Storm Water Billing9,510,899 9,907,072 10,539,817 10,928,358 10,975,556 11,190,426 11,447,451 11,707,329 12,190,258 12,691,637 1 Data for prior years provided where available.2 Includes wholesale water provided to the Skyway Water and Sewer District through a single metered connection.LAST TEN FISCAL YEARS 1WATER UTILITY SYSTEMS REVENUE INFORMATIONTABLE 52024 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-7
TABLE 6PRINCIPAL RATEPAYERSPage 1 of 3WATER20242015% of Total% of TotalRatepayerRevenue Rank RevenueRevenue Rank RevenueKing County599,110$ 1 3.18%360,862$ 3 2.15%City of Renton428,272 2 2.27%433,153 2 2.58%Skyway Water and Sewer District362,981 3 1.93%141,676 7 0.84%Boeing Commercial279,368 4 1.48%531,540 1 3.16%Renton School District218,487 5 1.16%228,954 4 1.36%Alaska Airlines Inc194,542 6 1.03%- 0.00%Renton Housing Authority188,327 7 1.00%- 0.00%Public Hosp Dist #1 of KC181,286 8 0.96%151,792 5 0.90%Copper Ridge Renton LLC158,459 9 0.84%- 0.00%CPT The Landing LLC152,349 10 0.81%129,645 10 0.77%Ashburn Condominiums- 0.00%142,883 6 0.85%Axis Grand Apartments- 0.00%132,227 9 0.79%G and K Services- 0.00%135,858 8 0.81%All Other9,032,024 47.95%8,068,452 48.00%Single Family7,039,622 37.37%6,353,632 37.80%Misc1,477 0.01%- 0.00%Total Revenue18,836,304$ 100.00%16,810,675$ 100.00%Source : City of Renton Finance Division2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-8
TABLE 6PRINCIPAL RATEPAYERSPage 2 of 3SURFACE WATER20242015% of Total% of TotalRatepayerRevenue Rank RevenueRevenue Rank RevenueCity of Renton1,383,369$ 1 10.90%1,058,654$ 1 11.13%Boeing Commercial348,089 2 2.74%350,881 2 3.69%King County334,409 3 2.64%203,676 4 2.14%Renton School District319,528 4 2.52%239,651 3 2.52%WSDOT141,838 5 1.12%82,127 5 0.86%Kennworth Truck Company96,674 6 0.76%74,878 6 0.79%Stoneway Rock and Recycling77,794 7 0.61%57,943 8 0.61%Leisure Estates Office69,438 8 0.55%58,483 7 0.62%Unico Longares North Building LLC62,660 9 0.49%- 0.00%The Kroger Co59,915 10 0.47%46,409 10 0.49%CPT The Landing LLC- 0.00%56,157 9 0.59%All Other5,138,512 40.49%3,850,618 40.49%Single Family4,649,044 36.63%3,431,423 36.08%Misc10,345 0.08%- 0.00%Total Revenue12,691,614$ 100.00%9,510,899$ 100.00%Source : City of Renton Finance Division2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-9
TABLE 6PRINCIPAL RATEPAYERSPage 3 of 3WASTEWATER20242015% of Total% of TotalRatepayerRevenue Rank RevenueRevenue Rank RevenueFlatiron West Inc337,720$ 1 2.66%Boeing Commercial186,242 2 1.47%225,839 1 2.41%Public Hosp Dist #1 of KC167,318 3 1.32%103,710 3 1.10%Copper Ridge Renton LLC127,320 4 1.00%65,382 6 0.70%Renton Housing Authority89,907 5 0.71%- 0.00%CPT The Landing LLC83,778 6 0.66%51,994 10 0.55%AUM P110682,151 7 0.65%- 0.00%G and K Services79,079 8 0.62%103,728 2 1.11%1202 North 10th LLC75,378 9 0.59%- 0.00%1205 North 10th LLC67,581 10 0.53%- 0.00%Axis Grand Apartments- 0.00%74,682 4 0.80%Royal Hills Preservation LP- 0.00%65,877 5 0.70%City of Renton- 0.00%63,192 7 0.67%Maplewood LLC- 0.00%60,074 8 0.64%The Arbors at Sunset- 0.00%58,404 9 0.62%All Other4,682,662 36.92%3,456,952 36.81%Single Family6,692,574 52.76%5,061,159 53.89%Misc13,420 0.11%- 0.00%Total Revenue12,685,131$ 100.00%9,390,994$ 100.00%Source : City of Renton Finance Division2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-10
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Water RatesMonthly RatesBasic Charge3/4" 17.60 17.60 17.60 17.60 17.60 17.95 18.31 18.68 18.68 18.681" 34.89 34.89 34.89 34.89 34.89 35.59 36.30 37.03 37.03 37.031 1/2" 67.33 67.33 67.33 67.33 67.33 68.68 70.05 71.45 71.45 71.452" 105.52 105.52 105.52 105.52 105.52 107.63 109.78 111.98 111.98 111.983" 216.81 216.81 216.81 216.81 216.81 221.15 225.57 230.08 230.08 230.084" 330.75 330.75 330.75 330.75 330.75 337.37 344.12 351.00 351.00 351.006" 645.28 645.28 645.28 645.28 645.28 658.19 671.35 684.78 684.78 684.788" 1,262.94 1,262.94 1,262.94 1,262.94 1,262.94 1,288.20 1,313.96 1,340.24 1,340.24 1,340.2410"1,882.63 1,882.63 1,882.63 1,882.63 1,882.63 1,920.28 1,958.69 1,997.86 1,997.86 1,997.8612"2,739.86 2,739.86 2,739.86 2,739.86 2,739.86 2,794.66 2,850.55 2,907.56 2,907.56 2,907.56Charge for Irrigation23/4"10.58 10.58 10.58 10.58 10.58 10.79 11.01 11.23 11.23 11.231"18.92 18.92 18.92 18.92 18.92 19.30 19.69 20.08 20.08 20.081 1/2"32.29 32.29 32.29 32.29 32.29 32.94 33.60 34.27 34.27 34.272"49.46 49.46 49.46 49.46 49.46 50.45 51.46 52.49 52.49 52.423"104.57 104.57 104.57 104.57 104.57 106.66 108.79 110.97 110.97 110.974"155.65 155.65 155.65 155.65 155.65 158.76 161.94 165.17 165.17 165.176"294.81 294.81 294.81 294.81 294.81 300.71 306.72 312.86 312.86 312.868"645.13 645.13 645.13 645.13 645.13 658.03 671.19 684.61 684.61 684.6110"829.55 829.55 829.55 829.55 829.55 846.14 863.06 880.32 880.32 880.3212"1,197.90 1,197.90 1,197.90 1,197.90 1,197.90 1,221.86 1,246.30 1,271.22 1,271.22 1,271.221 Data for prior years provided where available.Page 1 of 3LAST 10 FISCAL YEARS 1WATER UTILITY RATESTABLE 72024 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-11
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Water Rates, continuedMonthly RatesFire Meterper meter inch1" 6.27 6.27 6.27 6.27 6.27 6.40 6.53 6.66 6.66 6.661 1/2" 7.01 7.01 7.01 7.01 7.01 7.15 7.29 7.44 7.44 7.442" 9.01 9.01 9.01 9.01 9.01 9.19 9.37 9.56 9.56 9.563" 23.79 23.79 23.79 23.79 23.79 24.27 24.76 25.25 25.25 25.254" 29.27 29.27 29.27 29.27 29.27 29.86 30.46 31.07 31.07 31.076" 42.06 42.06 42.06 42.06 42.06 42.90 43.76 44.63 44.63 44.638" 56.65 56.65 56.65 56.65 56.65 57.78 58.94 60.11 60.11 60.1110" 73.08 73.08 73.08 73.08 73.08 74.54 76.03 77.55 77.55 77.5512" N/A N/A 87.68 87.68 87.68 89.43 91.22 93.04 93.04 93.04Useage Ratesrate/100 cf (100cf = 748 gallons)Single Family:< 500 cf/mo 2.54 2.54 2.54 2.54 2.54 2.59 2.64 2.69 2.69 2.69500-1,000 cf/mo 3.41 3.41 3.41 3.41 3.41 3.48 3.55 3.62 3.62 3.62< 1,000 cf/mo> 1,000 cf/mo 4.30 4.30 4.30 4.30 4.30 4.39 4.48 4.57 4.57 4.57All Other UsersMulti-family 3.29 3.29 3.29 3.29 3.29 3.36 3.43 3.50 3.50 3.50Non-residential 3.48 3.48 3.48 3.48 3.48 3.55 3.62 3.69 3.69 3.69Private irrigation 5.58 5.58 5.58 5.58 5.58 5.69 5.80 5.92 5.92 5.92City irrigation 3.92 3.92 3.92 3.92 3.92 4.00 4.08 4.16 4.16 4.16Hydrant Meter N/A N/A 5.58 5.58 5.58 5.69 5.80 5.92 5.92 5.921 Data for prior years provided where available.TABLE 7WATER UTILITY RATESLAST 10 FISCAL YEARS 1Page 2 of 32024 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-12
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Surface Water RatesMonthly ratesSingle-family 13.20 13.73 14.28 14.85 14.85 15.15 15.45 15.76 16.39 17.04Commercial Minimums<= .5 acreMonthly rateLow Intensity 32.68 33.99 35.35 36.76 36.76 37.50 38.25 39.02 40.58 42.20Medium Intensity 47.28 49.17 51.14 53.18 53.18 54.24 56.43 56.43 58.69 61.03High Intensity 60.95 63.39 65.93 68.56 68.56 69.93 71.33 72.76 75.67 78.70> .5 acreRate per acreLow Intensity 65.37 67.98 70.70 73.53 73.53 75.00 76.50 78.03 81.15 84.40Medium Intensity 94.50 98.28 102.21 106.30 106.30 108.43 110.60 112.81 117.32 122.02High Intensity 121.90 126.78 131.85 137.13 137.13 139.87 142.67 145.52 151.34 157.39Wastewater RatesMonthly RatesSingle-familyRenton 27.65 27.65 28.76 29.91 29.91 30.51 31.12 31.74 32.69 33.67King County 42.61 42.61 44.22 44.22 45.33 45.33 47.37 49.27 52.11 55.11Other UsersRentonBase charge34.25 4.25 4.42 4.60 4.60 4.69 4.78 0.00 0.00 0.00Minimum Charge (include 750 cf)20.00 0.00 0.00 0.00 0.00 0.00 0.00 31.74 32.69 33.67Per 100 cf 3.12 3.12 3.24 3.37 3.37 3.44 3.51 3.58 3.69 3.80King CountyMinimum Charge (includes 750 cf)442.61 42.61 44.22 44.22 45.33 45.33 47.37 49.27 52.11 55.11Per 100 cf40.00 0.00 0.00 0.00 0.00 0.00 0.00 6.57 6.95 7.351 Data for prior years provided where available.2 Correction - Updated the 2021 fiscal year 1" and 1 1/2" water charge for irrigation rates from $6.53 to $19.69 and from $7.29 to $33.60, respecfully.3 Effective in 2022, started listing the minimum charge and the base rate is no longer used. 4 Effective in 2022, (1) changed title from "Per 750 cf" to "Minimum Charge (includes 750 cf)" which beter represents that data and (2) started charging a per 100 cf rateTABLE 7WATER UTILITY RATESLAST 10 FISCAL YEARS 1Page 3 of 32024 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-13
TABLE 8GENERAL GOVERNMENT TAX REVENUE BY SOURCELAST TEN FISCAL YEARS(accrual basis of accounting) FISCAL YEAR PROPERTY TAX SALES TAX BUSINESS TAXES EXCISE TAX TOTAL TAX 2015 35,418,323 29,567,506 20,561,270 5,736,582 85,507,080 2016 37,105,988 32,933,987 26,376,964 6,123,700 91,283,681 2017 24,669,058 33,381,395 30,135,189 7,193,498 102,540,639 2018 19,046,123 33,564,285 30,055,917 7,951,859 95,379,140 2019 21,706,506 32,955,528 30,151,752 6,485,943 91,299,729 2020 21,964,194 31,034,947 26,378,666 6,723,181 86,100,988 2021 22,574,225 42,329,250 31,920,356 10,994,027 107,817,858 2022 23,250,415 47,758,735 35,817,234 9,697,601 116,523,985 2023 25,201,735 48,173,923 43,807,894 7,066,074 124,249,626 2024 25,515,900 51,004,245 47,202,669 7,830,551 131,553,365 Source : City of Renton Finance Division$0$20,000,000$40,000,000$60,000,000$80,000,000$100,000,000$120,000,000$140,000,0002015 2016 2017 2018 2019 2020 2021 2022 2023 2024Property TaxSales TaxBusiness TaxExcise Tax2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-14
TABLE 9PRINCIPAL PROPERTY TAX PAYERS2024 2015% OF TOTAL % OF TOTALTAXABLE1TAXABLE TAXABLE1TAXABLEASSESSEDASSESSED ASSESSEDASSESSEDTAXPAYERVALUE RANK VALUEVALUE RANK VALUEBoeing767,200,041$ 1 2.80%850,186,010$ 1 6.57%SP Office Equity LP211,511,000 2 0.77%0.00%Paccar210,397,374 3 0.77%109,618,533 4 0.85%1202 North 10th LLC185,968,000 4 0.68%0.00%Unico Longacres North Build172,757,300 5 0.63%0.00%1205 North 10th LLC168,892,000 6 0.62%0.00%CPT The Landing LLC161,996,500 7 0.59%143,105,600 2 1.11%Oakesdale Business Park LLC139,134,000 8 0.51%0.00%TLUS Rise Renton LP128,375,100 9 0.47%0.00%Kaiser Foundation Health PL126,956,542 10 0.46%0.00%Puget Sound Energy-Elec/Gas- 0.00%136,271,765 3 1.05%Renton Properties LLC- 0.00%52,885,800 5 0.41%Axis Grand Holdings- 0.00%47,080,400 6 0.36%Fred Meyer Stores Inc- 0.00%43,348,000 7 0.34%Black River JV LLC- 0.00%36,717,600 8 0.28%FP-FAA Seattle LLC- 0.00%35,028,800 9 0.27%BRE-FMCA LLC c/o Bre Properties- 0.00%35,000,000 10 0.27%All Others25,119,469,002 91.70% 11,447,515,111 88.49%Total Assessed Valuation27,392,656,859$ 100.00% 12,936,757,619$ 100.00%1Source: King County Department of Assessments2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-15
FISCAL YEARCOMMERCIAL PROPERTYINDUSTRIAL PROPERTY RESIDENTIAL PROPERTY LESS: EXEMPT REAL PROPERTY4PERSONAL PROPERTY3ADJUSTMENTS TO BASE2TOTAL TAXABLE ASSESSED VALUE3DIRECT TAX RATE32015 2,509,928,450 1,147,653,230 8,794,605,250 592,768,450 923,325,641 154,013,498 12,936,757,619 2.833 2016 2,681,711,050 1,271,788,530 9,078,657,800 645,210,723 935,849,150 489,977,352 13,812,773,159 2.710 2017 3,051,049,072 1,340,511,480 10,672,639,000 648,346,872 1,032,050,717 (341,864,438) 15,106,038,959 1.610 2018 4,000,946,859 1,460,628,600 12,419,995,863 654,990,948 1,042,332,172 (1,359,862,495) 16,909,050,051 1.154 2019 4,117,936,086 1,645,625,551 12,865,889,234 673,157,602 960,517,474 235,213,572 19,152,024,315 1.118 2020 4,572,656,086 2,062,403,500 14,391,944,472 555,590,799 1,069,343,294 (1,502,594,880) 20,038,161,673 1.105 2021 4,583,572,430 2,180,402,821 15,771,704,960 735,349,151 901,033,728 (1,566,783,409) 21,134,581,379 1.080 2022 4,954,061,451 2,119,297,161 21,130,138,800 769,878,442 865,999,533 (5,007,480,681) 23,292,137,822 1.006 2023 5,114,251,479 2,390,799,122 19,187,324,494 771,503,561 1,053,305,086 1,794,715,792 28,768,892,412 0.883 2024 5,480,850,062 2,474,247,800 21,354,678,424 960,981,486 1,106,397,182 (2,062,535,123) 27,392,656,859 0.948 Tax rate for general City operations is limited to $3.10 per $1,000 of assessed value (RCW 84.52.043). Tax rate limit may be reduced for any of the following reasons:Levy Limit; The One Percent Constitution Limit; City may levy taxes below the legal limit. For further explanation refer to Note 4 Property Taxes.TABLE 10ASSESSED VALUE OF TAXABLE PROPERTYLAST TEN FISCAL YEARSREAL PROPERTY 14Change to state law (RCW 84. 40.045 and 84.40.175) by the 2013 Legislature eliminated revaluation of government owned parcels.2Includes adjustments to the tax base for senior citizen exemptions, prior year omits, etc. 3King County Assessor Annual Reports1King County Department of Assessments Data; prior year data has been updated with current method of data collection via City of Renton GIS Services.Sources:2.8332.7101.6101.1541.1181.1051.0801.0060.8830.948 0.500 1.000 1.500 2.000 2.500 3.000 3.500 4.000 4.500 5.000 5.500 6.000 $- $5 $10 $15 $20 $25 $30 $352015 2016 2017 2018 2019 2020 2021 2022 2023 2024BillionsTotal Taxable Assessed ValueDirect Tax Rate2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-16
TABLE 11PROPERTY TAX RATES DIRECT AND OVERLAPPING GOVERNMENTS LAST TEN FISCAL YEARSDIRECT RATESOVERLAPPING RATESCITY OF RENTON CONSOLIDATED LEVY SCHOOL DISTRICTFISCAL YEAR OPERATING MILLAGE DEBT SERVICE MILLAGE TOTAL CITY MILLAGE State of Washington KING COUNTY OPERATING MILLAGE KING COUNTY DEBT SERVICE MILLAGE Port (Operating and Debt) Total Consolidated Levy(State, County & Port) SPECIAL DISTRICTS1 OPERATING MILLAGE DEBT SERVICE MILLAGE BUILDING FUND MILLAGE TOTAL SCHOOL MILLAGE TOTAL OVERLAPPING MILLAGETOTAL DIRECT AND OVERLAPPING MILLAGE2015 2.83283 - 2.83283 2.28514 1.19644 0.14878 0.18885 3.81921 1.44353 2.41546 1.71412 0.46343 4.59301 9.85575 12.68858 2016 2.70956 - 2.70956 2.16898 1.32977 0.15051 0.16954 3.81921 1.38929 2.35107 2.57140 0.43248 5.35495 10.56345 13.27301 2017 1.60954 - 1.60954 2.03205 1.24349 0.13945 0.15334 3.56833 2.58252 2.30780 1.33954 1.31244 4.95978 11.11063 12.72017 2018 1.15364 - 1.15364 2.91820 1.20156 0.12579 0.13518 4.38073 2.36018 2.32725 1.19417 1.14765 4.66907 11.40998 12.56362 2019 1.18417 - 1.18417 2.62922 1.09639 0.12267 0.12266 3.97094 1.73095 1.50000 1.03306 0.97338 3.50644 9.20833 10.39250 2020 1.10460 - 1.10460 3.02799 1.12785 0.11168 0.11944 4.38696 2.13786 1.48644 1.09602 0.90622 3.48868 10.01350 11.11810 2021 1.08010 - 1.08010 3.08823 1.13522 0.11166 0.11984 4.45495 2.09810 1.41534 1.14293 0.91142 3.46969 10.02274 11.10284 2022 1.00575 - 1.00575 2.81695 1.12195 0.10632 0.11258 4.15780 1.93263 1.35001 1.32199 0.87920 3.55120 9.64163 10.64738 2023 0.88303 - 0.88303 2.31104 0.96323 0.12700 0.09429 3.49556 1.59768 1.07052 1.37467 0.77880 3.22399 8.31723 9.20026 2024 0.94839 - 0.94839 2.51751 1.21549 0.12243 0.10470 3.96013 2.06357 1.13801 1.57938 0.81466 3.53205 9.55575 10.50414 Source: King County Codes and Levies1 Special Districts include Emergency Medical Services, Hospital districts, Library, Flood Zones, Fire Districts, and Other.12.68858 13.27301 12.72017 12.56362 10.39250 11.11810 11.10284 10.64738 9.20026 10.50414 - 2.0 4.0 6.0 8.0 10.0 12.0 14.02015 2016 2017 2018 2019 2020 2021 2022 2023 2024CityConsolidated LevySpecial DistrictsSchool DistrictsTotal Direct and Overlapping2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-17
TABLE 12PROPERTY TAX LEVIES AND COLLECTIONSLAST TEN FISCAL YEARSTOTAL TAX COLLECTED WITHIN THE 1COLLECTIONS 1,2 TOTAL COLLECTIONS TO FISCAL LEVY FOR FISCAL YEAR OF THE LEVY IN SUBSEQUENT DATE 2YEAR FISCAL YEAR AMOUNT % OF LEVY YEARSAMOUNT % OF LEVY201536,420,000 36,026,892 98.9%395,365 36,422,256.68 100.0%201637,269,743 36,862,540 98.9%406,784 37,269,324.56 100.0%201724,200,000 23,756,999 98.2%466,127 24,223,125.44 100.1%201819,400,000 19,192,947 98.9%208,845 19,401,792.21 100.0%201921,058,328 20,833,805 98.9%163,326 20,997,130.56 99.7%202021,985,155 21,689,642 98.7%N/A 21,689,641.59 98.7%202122,644,964 22,376,103 98.8%N/A 22,376,103.43 98.8%202223,326,105 23,034,194 98.7%N/A 23,034,194.31 98.7%202325,257,992 24,949,802 98.8%N/A 24,949,802.25 98.8%202425,574,061 25,309,505 99.0%N/A 25,309,505.03 99.0%Sources: 1 Annual Tax Receivable Summary from King County2 Includes Collections and Levy Changes in subsequent years $- $5 $10 $15 $20 $25 $30 $35 $402015 2016 2017 2018 2019 2020 2021 2022 2023 2024MillionsTax LeviedCollected in Year Levied2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-18
201520162017201820192020 2021 2022 2023 2024RETAIL TRADE SECTORFurniture 1,670,492$ 1,727,458$ 1,820,848$ 514,310$ 284,862$ 271,641$ 323,547$ 238,271$ 359,173$ 290,567$ Electronics and Appliances815,051 832,583 815,267 860,895 821,722 800,336 915,084 1,009,391 947,718 920,837 General Merchandise1,826,260 1,856,109 1,859,900 1,790,704 1,726,997 1,750,719 1,840,937 2,040,002 1,732,923 1,069,745 Misc Retail Trade635,438 545,156 598,632 2,060,038 2,485,865 2,398,916 3,128,152 3,792,017 3,736,912 3,561,133 Others2,166,015 2,334,225 2,616,887 2,529,467 2,681,185 2,951,365 3,234,044 3,237,138 2,952,624 3,502,135 Subtotal Retail 7,113,256 7,295,531 7,711,534 7,755,414 8,000,631 8,172,977 9,441,764 10,316,819 9,729,350 9,344,417 OTHER SECTORSConstruction 3,019,042 4,682,830 4,246,126 4,585,841 3,751,460 3,094,016 3,947,531 4,449,073 6,335,851 5,437,522 Manufacturing448,230 514,526 460,241 500,576 491,889 478,853 482,408 499,418 509,544 470,858 Transportation1,592,590 1,295,994 1,090,118 1,349,230 1,370,784 918,986 1,184,942 1,513,657 1,852,950 2,038,041 Wholesale1,198,961 1,435,378 1,405,676 1,571,217 1,654,800 1,645,489 1,752,371 2,505,766 2,173,157 2,408,693 Automotive 4,597,151 4,809,026 4,775,263 5,118,532 5,220,618 4,735,375 6,848,390 7,435,485 6,445,517 6,410,224 Services5,145,373 5,635,186 5,884,292 6,855,309 7,178,122 6,696,450 7,990,388 9,672,647 9,932,346 10,255,646 Miscellaneous566,166 684,762 758,384 692,516 650,275 710,691 1,012,239 1,122,076 1,128,172 1,810,142 Subtotal - Other Sectors 16,567,513 19,057,702 18,620,100 20,673,221 20,317,948 18,279,860 23,218,269 27,198,122 28,377,537 28,831,126 Total Sales Tax23,680,769$ 26,353,233$ 26,331,634$ 28,428,635$ 28,318,579$ 26,452,837$ 32,660,033$ 37,514,941$ 38,106,887$ 38,175,543$ Source : City of Renton Finance DivisionIn 2007, the State of Washington changed industry classification from the Standard Industry Classification (SIC) to the North American Industry Classification System (NAICS). This change reclassified various other retail activities to the expanded service classification. TABLE 13SALES TAX COLLECTIONS BY SECTORLAST TEN FISCAL YEARS $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,0002015 2016 2017 2018 2019 2020 2021 2022 2024RetailConstructionManufacturingTransportationWholesaleAutomotiveServicesMiscellaneous2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-19
TABLE 14
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
GOVERNMENTAL ACTIVITIES BUSINESS-TYPE ACTIVITIES
FISCAL
YEAR
GENERAL
OBLIGATION
BONDS
SPECIAL
ASSESSMENT
BONDS
OTHER
GENERAL
OBLIGATION2
REVENUE
BONDS
OTHER LONG
TERM DEBT
TOTAL PRIMARY
GOVERNMENT
DEBT
PERCENTAGE
OF PERSONAL
INCOME1
DEBT PER
CAPITA
% of Actual
Taxable Value
of Property
2015 37,399,331 - 33,340,737 27,175,783 3,248,163 101,164,014 6.23% 1,027 1.11%
2016 32,867,371 - 32,220,614 25,547,511 2,639,258 93,274,754 5.39% 921 0.96%
2017 29,093,663 - 31,052,617 24,919,359 2,244,083 87,309,722 4.68% 850 0.67%
2018 24,705,089 - 29,845,813 22,740,572 1,898,266 79,189,740 3.90% 761 0.47%
2019 42,998,621 - 24,588,550 20,444,953 1,552,448 89,584,571 4.19% 856 0.47%
2020 37,587,428 - 23,594,046 18,109,334 1,206,630 80,497,438 3.66% 763 0.40%
2021 31,974,425 - 22,434,586 15,728,715 860,812 70,998,538 2.91% 663 0.34%
2022 28,976,853 - 21,316,057 13,303,096 545,295 64,141,300 2.49% 599 0.30%
2023 26,847,965 - 18,775,194 10,767,477 298,021 56,688,656 2.04% 525 0.20%
2024 24,644,073 - 17,629,468 8,171,858 23,503 50,468,902 N/A 464 0.18%
Source : City of Renton Finance Division
1 The percentage of Personal Income column is based on personal income of King County; 2022 personal income is not available. (See Table 19). Renton data is
not available.
2 Other GO debt includes debt issued by related entities that are backed by the City's full faith and credit as well as intergovernmental loans and capital leases.
Prior years have been updated to reflect the Capital Lease agreement that started in 2014.
$-
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
General Obligation (Governmental)Other Long Term (Governmental)Revenue (Business-Type)Other Long Term (Business-Type)
2024 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-20
2015201620172018201920202021202220232024 LEGAL DEBT MARGIN CALCULATION Taxable Assessed value 12,936,757,619$ 13,812,773,159$ 15,106,038,959$ 16,909,050,051$ 19,152,024,315$ 20,038,161,673$ 21,134,581,379$ 23,292,137,822$ 28,768,892,412$ 27,392,656,859$ Total Taxable Assessed Value 12,936,757,619 13,812,773,159 15,106,038,959 16,909,050,051 19,152,024,315 20,038,161,673 21,134,581,379 23,292,137,822 28,768,892,412 27,392,656,859 Debt limit 1.5% of General purpose limit, non-voted 194,051,364 207,191,597 226,590,584 253,635,751 287,280,365 300,572,425 317,018,721 349,382,067 431,533,386 410,889,853 1.0% General purpose limit, voted 129,367,576 138,127,732 151,060,390 169,090,501 191,520,243 200,381,617 211,345,814 232,921,378 287,688,924 273,926,569 2.5% General purpose combined limit 323,418,940 345,319,329 377,650,974 422,726,251 478,800,608 500,954,042 528,364,534 582,303,446 719,222,310 684,816,421 2.5% Utility purpose limit, voted 323,418,940 345,319,329 377,650,974 422,726,251 478,800,608 500,954,042 528,364,534 582,303,446 719,222,310 684,816,421 2.5% Open space, park facilities, voted 323,418,940 345,319,329 377,650,974 422,726,251 478,800,608 500,954,042 528,364,534 582,303,446 719,222,310 684,816,421 Total debt limit 970,256,821 1,035,957,987 1,132,952,922 1,268,178,754 1,436,401,824 1,502,862,125 1,585,093,603 1,746,910,337 2,157,666,931 2,054,449,264 Debt applicable to limitGeneral obligation bonds37,399,331 32,867,371 29,093,663 24,705,089 42,998,621 37,587,428 31,974,425 28,976,853 26,847,965 24,644,073 Other long term debt33,340,737 32,220,614 31,052,617 29,845,813 24,588,550 23,594,046 22,434,586 21,316,057 18,775,194 17,629,468 Total Debt 70,740,068 65,087,985 60,146,280 54,550,902 67,587,171 61,181,474 54,409,011 50,292,909 45,623,159 42,273,541 Less: Amount set aside for repayment of general obligation debt and contracts payable(2,368,177) (2,428,018) (2,359,933) (2,787,931) (4,001,799) (5,053,340) (5,210,785) (5,200,287) (5,397,442) (5,842,038) Total net debt applicable to limit 68,371,891 62,659,967 57,786,347 51,762,971 63,585,372 56,128,134 49,198,226 45,092,622 40,225,717 36,431,503 Legal debt margin 901,884,931$ 973,298,020$ 1,075,166,575$ 1,216,415,783$ 1,372,816,452$ 1,446,733,992$ 1,535,895,377$ 1,701,817,714$ 2,117,441,214$ 2,018,017,761$ Percentage of net debt to debt limit7.05%6.05%5.10%4.08%4.43%3.73%3.10%2.58%1.86%1.77%Source : City of Renton Finance DivisionState law provides that debt cannot be incurred in excess of the following percentages of the value of the taxable property of the City: 1.5 percent without a vote of the people; 2.5 percent with a vote of the people;5.0 percent with a vote of the people, provided the indebtedness in excess of 2.5 percent is for utilities; and 7.5 percent with a vote of the people provided the indebtedness in excess of 5.0 percent is for open space development and parks facilities.TABLE 15LEGAL DEBT MARGIN INFORMATIONLAST TEN FISCAL YEARS2024 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-21
% OF GEN BONDED2
GENERAL 1 DEBT TO
FISCAL BONDED ASSESSED
2 ASSESSED PER3
YEAR DEBT VALUE VALUE CAPITA
2015 70,740,068 12,936,757,619 0.55%718
2016 65,087,985 13,812,773,159 0.47%643
2017 60,146,280 15,106,038,959 0.40%586
2018 54,550,902 16,909,050,051 0.32%524
2019 67,587,171 19,152,024,315 0.35%646
2020 61,181,474 20,038,161,673 0.31%580
2021 54,409,011 21,134,581,379 0.26%508
20224 50,292,909 23,292,137,822 0.22% 468
2023 45,623,159 28,768,892,412 0.16% 423
2024 42,273,541 27,392,656,859 0.15% 389
Source:
1 City of Renton Finance Division
2 King County Department of Assessments
3 Population Data can be found in Table 19
4 Per Capita updated to 468
TABLE 16
RATIOS OF GENERAL BONDED DEBT OUSTANDING TO ASSESSED VALUE
LAST TEN FISCAL YEARS
$-
100
200
300
400
500
600
700
800
2015 2016 2017 2018 2019 2020 2021 20224 2023 2024
2024 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-22
Utilities
GOVERNMENTAL UNIT
Debt
Outstanding1
Estimated Percent
Applicable2
Estimated Share of
overlapping debt
City of Renton Direct Debt 42,273,541$ 100% 42,273,541$
City of Renton Overlapping Debt 4
King County 3 1,024,657,000 3.29% 33,711,215
Port of Seattle 445,465,000 3.29% 14,655,799
Renton School District #403 507,710,000 68.61% 348,339,831
Issaquah School District #411 603,890,000 2.95% 17,814,755
Kent School District #415 150,606,000 0.68% 1,029,392
Fire District 10-1 1,025,000 0.00% -
King County Library - 1.06% -
City of Renton Overlapping Debt 415,550,992
Total Direct and Overlapping Debt 457,824,533$
Sources:
2 King County Department of Assessments
TABLE 17
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
1 King County Department of Executive Services
⁴ Overlapping percentages are determined by checking within the levy codes of the reporting district to see which taxing districts overlap
with that reporting district. For example, within levy code 2100, the Renton School District and the King County Library district overlap with
the city and both have debt. Since they both have debt and they overlap with the City, those two districts are reported and the value within
that levy code is reported as overlapping with the school and library districts.
3 King County's gross outstanding debt excludes available cash in debt service funds, proprietary-type debt, debt financed from component
unit, credit enhanced program.
Renton
9%
King County
8%
Schools
80%
Port of Seattle
3%
Others
0%
2024 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-23
TABLE 18
PLEDGED-REVENUE COVERAGE
LAST TEN FISCAL YEARS
Ratio
Fiscal
Year Revenue
1
Expenses without
Taxes/
Depreciation
Net Revenue
Available for
Debt Service Principal Interest Coverage
2
2015 50,143,096 30,737,021 19,406,075 2,218,509 1,124,534 5.80
2016 50,614,218 39,147,449 11,466,769 2,348,901 887,754 3.54
2017 53,140,049 35,056,056 18,083,993 2,165,175 669,440 6.38
2018 54,486,431 35,196,065 19,290,366 2,473,986 556,599 6.37
2019 54,435,195 38,164,206 16,270,989 2,590,818 514,821 5.24
2020 53,911,213 35,826,799 18,084,414 2,630,818 470,315 5.83
2021 55,588,405 35,441,375 20,147,030 2,675,818 423,557 6.50
2022 57,888,652 39,566,044 18,322,608 2,690,517 376,009 5.98
2023 65,622,138 40,503,098 25,119,040 2,757,647 327,678 8.14
2024 67,831,701 42,922,024 24,909,677 2,817,647 264,656 8.08
1 Revenue includes operating revenue, interest revenue, and other non-operating revenue, net of utility taxes.
2 Bond financing requirements are that the average annual coverage is at least 1.25 times the annual debt service for Water and Sewer revenue
bonds.
Revenue Debt Service
5.80
3.54
6.38 6.37 5.24
5.83
6.50
5.98 8.14 8.08
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Waterworks Net Revenue available for debt service Debt Service Coverage
2024 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-24
PER CAPITA
PERSONAL PERSONAL SCHOOL
POPULATION INCOME INCOME ENROLLMENT 5 RATE 6
FISCAL MEDIAN RENTON SCHOOL
YEAR KING COUNTY 2 RENTON 1 KING COUNTY 2 KING COUNTY 3 AGE 4 DISTRICT KING COUNTY RENTON
2015 2,126,178 98,470 162,285,799,000 76,327 37.24 15,241 4.6% 4.3%
2016 2,166,350 101,300 173,036,160,000 79,875 36.20 15,319 3.4% 3.2%
2017 2,203,836 102,700 186,440,160,000 84,598 35.91 15,334 3.6% 3.8%
2018 2,228,364 104,100 203,139,369,000 91,161 35.90 15,414 3.5% 3.7%
2019 2,252,782 104,700 213,956,690,000 94,974 35.91 15,204 3.0% 3.2%
2020 2,274,315 105,500 219,805,809,000 96,647 35.99 14,854 7.6% 8.8%
2021 2,252,305 107,100 243,727,550,000 108,212 37.25 14,620 4.3% 5.1%
2022 2,266,789 107,500 258,004,537,000 113,819 37.26 15,500 2.9% 3.1%
2023 2,271,380 107,900 277,642,267,000 122,235 37.64 15,500 3.3% 3.3%
2024 * 108,800 * * 37.76 14,100 4.0% 4.1%
Sources:
1 Washington State Office of Financial Management - prior year data updated to reflect actuals where adjusted
2 U.S. Bureau of Economic Analysis. Data shown is for King County. Specific data for the City of Renton is not available.
3 U.S. Bureau of Economic Analysis. Data shown is for King County. Specific data for the City of Renton is not available.
4 Washington State Office of Financial Management - prior year data updated to reflect actuals where adjusted
5 Enrollment is based on entire Renton School District, which includes schools located outside city boundaries but excludes schools of Kent
and Issaquah school districts located within Renton city limits.
6 US Bureau of Labor Statistics; average annual rates, not seasonally adjusted, data are provisional and subject to change
* Data not available at time of publication
TABLE 19
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
UNEMPLOYMENT
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Series1 Series2
2024 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-25
EMPLOYER EMPLOYEES1 RANK CITY EMPLOYEES RANK CITY
BOEING COMPANY 12,601 1 17.07% 15,749 1 30.95%
VALLEY MEDICAL CENTER 4,255 2 5.76%2,462 2 4.84%
KAISER PERMANENTE 2,573 3 3.49%--- --- ---
RENTON SCHOOL DISTRICT 2,567 4 3.48%1,490 3 2.93%
PROVIDENCE WA REGIONAL SERVICES 1,918 5 2.60%1,287 6 2.53%
BLUE ORIGIN 1,891 6 2.56%--- --- ---
PACCAR INC 1,518 7 2.06%1,297 5 2.55%
SEATTLE SEAHAWKS 700 8 0.95%--- --- ---
CITY OF RENTON 657 9 0.89%701 7 1.38%
WIZARDS OF THE COAST 650 10 0.88%--- --- ---
DOT - FEDERAL AVIATION ADMINISTRATION --- --- ---1,450 4 2.85%
KING COUNTY --- --- ---611 8 1.20%
KROGER --- --- ---475 9 0.93%
RENTON TECHNICAL COLLEGE --- --- ---377 10 0.74%
Total Principal Employers 29,330 39.73%25,899 50.89%
Total All Other Employers 44,491 60.27%24,991 49.11%
Total Employees working within Renton 73,821 100.00%50,890 100.00%
Sources:
Employee and employer data, business license data, City of Renton
TABLE 20
PRINCIPAL EMPLOYERS
2024 2015
2024 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-26
2015 20161 2017 2018 2019 2020 20212 2022 2023 20243
FUNCTION
General Government 139.4 151.0 156.0 161.0 172.1 174.1 174.1 182.6 189.5 196.0
Public Safety
Police
Commissioned Officers 119.0 124.0 129.0 129.0 129.0 129.0 129.0 129.0 133.0 133.0
Non-Commissioned Officers 29.4 30.4 32.9 32.9 34.4 34.4 35.0 35.0 38.0 38.0
Fire
Commissioned Officers 145.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Non-Commissioned Officers 16.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Public Works
Administration 3.0 2.0 2.0 2.0 2.0 2.0 2.0 4.5 4.5 7.5
Airport 0.0 0.0 0.0 0.0 0.0 0.0 9.0 9.0 10.0 10.0
Facilities 0.0 0.0 0.0 0.0 0.0 0.0 35.0 35.0 35.0 35.0
Maintenance Services 82.0 82.0 87.0 88.0 92.0 92.0 92.0 94.0 94.0 94.0
Transportation Systems 31.0 33.5 38.5 37.5 40.0 40.0 31.0 31.5 31.5 31.5
Utility Systems 23.5 25.5 27.5 27.5 28.5 28.5 28.5 29.5 29.5 26.5
Health and Human Services
Administration 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.0 4.0 0.0
Housing 0.0 0.0 0.0 0.0 0.0 0.0 2.0 2.0 2.0 2.0
Human Services 0.0 0.0 0.0 0.0 0.0 0.0 4.5 4.0 4.0 4.0
Neighborhood Programs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.0 1.0 1.0
Culture and Recreation
Golf Course 9.5 9.5 10.5 9.8 9.0 12.0 12.0 12.0 12.0 12.0
Museum 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Parks/Recreation 80.0 83.0 83.0 82.8 89.5 103.5 62.3 62.5 64.5 65.5
Total 678.8 541.9 567.4 571.4 597.5 616.5 617.4 635.6 653.5 657.0
Source: City of Renton Finance Division
1 City of Renton Fire transferred to the Renton Regional Fire Authority on July 1, 2016.
2 Citywide reorganization approved 7/19/21. Changes reflected above include the following:
Public Works - Airport moved from transportation systems to its own division
General Government - Housing moved to Equity Housing and Human Services
Culture and Recreation - Facilities, Neighborhood Programs, Human Services moved to Public Works, General Government, Equity Housing and Human Services
3 Citywide reorganization approved 12/04/23 . Changes reflected above include the following:
Equity Housing and Human Services dissolved and were absorbed into the Parks and Recreation Department
The Health and Human Services divison was formed under the Parks and Recreation.
TABLE 21
FULL TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
2024 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-27
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
FUNCTION
Public Safety
Police
Physical Arrests 1,653 1,492 2,099 2,373 2,517 1,515 1,337 1,427 1,641 1,721
Parking Violations 4,464 4,664 4,992 5,114 5,992 3,777 2,588 3,807 4,159 5,072
Traffic Violations 4,828 5,152 4,576 5,970 3,946 2,406 1,390 1,129 1,474 1,835
Photo Enforcement Violations 25,562 23,208 25,257 48,281 51,474 34,998 54,813 43,047 43,285 38,258
Infractions Non Traffic 125 53 43 55 35 46 10 6 22 11
Criminal Non Traffic 1,466 1,351 1,430 1,687 1,631 1,778 1,186 1,219 1,478 1,395
Fire1
Number of Calls Answered 14,945 0 - - - - - - - -
Inspections 2,517 0 - - - - - - - -
Transportation
Street Resurfacing (Miles)1.67 0.44 2.78 1.07 1.32 0.00 0.00 1.05 4.21 0.00
Aircraft Operations 112,335 118,568 131,702 145,811 128,030 99,972 132,993 116,291 119,984 119,340
Physical/Economic Environment
Building Permits Received 4,898 4,830 4,404 5,009 4,735 4,284 4,584 5,257 5,063 5,145
Building Permits Issued 4,691 4,661 4,092 4,732 4,474 4,048 4,198 4,901 4,864 4,928
Public Works Permits Received 1,472 1,468 1,270 1,450 1,335 1,404 1,203 1,135 985 987
Public Works Permits Issued 1,359 1,437 1,093 1,214 1,154 1,229 978 1,000 874 914
Solid Waste Utility
Recyclables Collected (Tons/Yr) 15,218 17,846 12,331 14,075 13,309 13,409 13,702 13,808 13,312 13,011
Culture and Recreation2
Athletic Field Attendance4 93,000 94,000 56,000 65,897 93,504 1,090 77,903 90,800 404,035 505,500
Community Center Admissions 3,4 102,312 98,282 92,026 85,762 85,762 2,133 20,610 61,107 80,452 117,200
Rounds of Golf 56,775 51,546 47,462 48,734 46,581 48,649 56,039 57,750 60,369 60,057
1 The Renton Regional Fire Authority formed July 1, 2016 replacing the City of Renton Fire Department.
22020 numbers are significantly lower than prior years due to closures related to the Covid-19 pandemic.
3 Community Center admissions were updated through 2018 using CLASS reports for registered participants, membership pass scans, and drop ins.
4 Numbers prior to 2023 include registered participants only. Starting in 2024, City utilized AI software that provides data collection including foot traffic and participation.
Source: City of Renton
TABLE 22
OPERATING INDICATORS BY FUNCTION
LAST TEN FISCAL YEARS
2024 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-28
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024City Population98,470 101,300 102,700 104,100 104,700 105,500 107,100 107,500 108,800 108,800Water SystemService Area Population67,125 67,000 68,666 72,164 73,750 75,130 76,270 77,640 77,640 78,612Number of Connections:Single Family14,083 14,162 14,190 14,223 14,288 14,378 14,463 14,499 14,517 14,529Multi-Family, Commercial, Industrial2,541 2,578 2,557 2,592 2,599 2,586 2,566 2,581 2,571 2,587Irrigation738756755766765771774782786789Fire Service663682682690693694696698696701Other 274816788908499110112103Total Connections17,973 18,099 18,259 18,251 18,435 18,513 18,598 18,670 18,682 18,709Water Production/Consumption (in hundreds of cubic feet - cu ft)(in hundreds of cubic feet - cu ft)Purchased54,951 43,009 56,667 57,192 39,003 15,552 15,997 25,931 37,554 49,385Production 3,512,789 3,410,648 3,490,563 3,524,353 3,364,884 3,340,031 3,606,634 3,596,206 3,681,722 3,685,327Consumption3,094,114 3,028,174 3,146,552 3,205,135 3,008,546 2,919,760 3,073,295 3,014,683 3,162,417 3,126,637Non-revenue 473,626 425,483 400,678 376,410 395,341 435,823 549,336 607,454 556,858 608,075Consumption (thousands of gallons)Average Daily7,199 6,971 7,154 7,223 6,896 6,896 7,392 9,853 10,087 7,532Peak Daily413,590 12,751 13,098 12,335 11,687 12,411 12,994 12,243 12,380 13,179Sewer SystemService Area Population81,759 83,850 86,982 87,402 87,744 89,720 90,560 91,960 94,346 94,478Number of Connections:Single Family15,173 15,384 15,507 15,652 15,790 15,923 16,044 16,096 16,279 16,315Multi-Family, Commercial, Industrial, Other2,713 2,704 2,714 2,727 2,726 2,707 2,713 2,715 2,895 2,929Out of City Connections233242264279272285296299306333Total Connections18,119 18,330 18,485 18,658 18,788 18,915 19,053 19,110 19,480 19,577Storm Drainages SystemService Area Population97,130 98,470 101,300 102,700 104,100 105,500 107,100 107,100 107,500 108,800Number of Connections:Single Family22,125 22,352 22,455 22,587 22,605 22,785 22,915 22,956 23,030 23,065Multi-Family, Commercial, Industrial, Other1,732 1,744 1,750 1,755 1,736 1,732 1,734 1,721 1,720 1,724Total Connections23,621 23,857 24,096 24,205 24,341 24,517 24,649 24,677 24,750 24,789Solid Waste 3Service Area Population--------------------Number of Connections:Single Family17,154 17,129 16,926 23,577 24,034 24,095 24,283 23,394 24,493 24,581Multi-Family, Commercial, Industrial, Other1,589 1,586 1,554 1,759 1,858 1,947 1,844 1,849 1,842 1,743Total Connections18,533 18,743 18,715 18,480 25,336 25,892 26,127 25,243 26,335 26,3241 Data for prior years provided where available.2 Includes wholesale water provided to the Skyway Water and Sewer District througha single metered connection.3 2018 numbers are sourced from the Republic Services Annual Report as the City of Renton no longer handles the billing for Solid Waste.4 2020 number updated from 11,687 to 12,411 based on Water's 2020 annual reportTABLE 23UTILITY SYSTEMS SUPPLEMENTAL OPERATING INFORMATIONLAST TEN FISCAL YEARS 12024 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-29
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
FUNCTION
Public safety
Police Stations 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Police Patrol Districts 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0
Fire stations1 6.0- --------
Transportation
Street (miles) 304.1 315.5 311.0 311.0 311.0 318.0 318.0 319.0 319.0 319.0
Streetlights 4,342 4,720 4,878 5,120 5,120 5,237 5,282 5,383 5,536 5,632
Culture and recreation
Parks acreage 1,239.5 1,240.4 1,245.5 1,245.5 1,244.5 1,244.8 1,244.8 1,244.8 1,246.5 1,246.5
Parks 32 32.0 32.0 32.0 32.0 32.0 32.0 32.0 32.0 32.0
Swimming pools 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Tennis courts 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0
Community centers2 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 5.0 5.0
Waterworks Utility
Water mains (miles) 307.5 311.0 313.0 314.0 315.0 316.0 318.0 318.0 318.0 318.0
Fire hydrants 3,740 3,769 3,777 3,811 3,818 3,838 3,870 3,880 3,893 3,893
Sanitary sewers (miles) 231.2 232.1 233.9 234.6 235.8 235.9 234.9 233.2 235.2 235.2
Storm sewers (miles) 265.6 276.6 278.0 279.9 282.8 286.1 287.2 290.0 293.9 293.9
1 City of Renton Fire and ES Services employees transferred to the Renton Regional Fire Authority on July 1, 2016.
Source: City of Renton Departments
2Includes the Renton Community Center, the Senior Activity Center, and the Highlands Neighborhood Community
Center that are regularly programmed and the North Highlands Community Center and Family First Center that are
leased out and is not programmed by the City of Renton; Family First Center added in 2023
TABLE 24
CAPITAL ASSETS STATISTICS BY FUNCTION
LAST TEN FISCAL YEARS
2024 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-30