HomeMy WebLinkAbout2021 Annual Comprehensive Financial Report - City of RentonAnnual Comprehensive Financial Report
For the year ended December 31, 2021
City of Renton • 1055 South Grady Way • Renton, WA 98057 • rentonwa.gov
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CITY OF RENTON
2021
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
For Year Ended December 31, 2021
Finance Department
City of Renton
1055 South Grady Way
Renton, Washington 98057
(425)430‐6887
Website: www.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
Misty Baker, Senior Finance Analyst
Raevel Chea, Senior Finance Analyst
Fred Hall, Tax & Licensing Manager
Rebecca Hodge, Senior Finance Analyst
Sean Hollingsworth, Senior Finance Analyst
Jen Hughes, Financial Services Manager
Stacy Robinson, Senior Finance Analyst
Terri Weishaupt, Accounting Supervisor
Print/Design Staff
Karl Hurst, Print/Mail Supervisor
Sheila Cowley, Communications Specialist I
TABLE OF CONTENTS
DECEMBER 31, 2021
ITEM PAGE
iii
INTRODUCTORY SECTION
Letter of Transmittal ..................................................................................................................................... 1‐1
2020 Annual Comprehensive Financial Report Award ................................................................................. 1‐6
Corporate Organization Structure & Reporting Relations ............................................................................ 1‐7
FINANCIAL SECTION
Independent Auditor’s Report .................................................................................................................... 2‐1
Management 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: Significant Accounting Policies ........................................................................................ 4‐13
Note 2: Deposits and Investments ............................................................................................... 4‐25
Note 3: Property Taxes ................................................................................................................. 4‐29
Note 4: Capital Assets and Depreciation ...................................................................................... 4‐31
Note 5: Pensions ........................................................................................................................... 4‐34
Note 6: Other Post Employment Benefits .................................................................................... 4‐49
Note 7: Contingencies .................................................................................................................. 4‐52
Note 8: Risk Management ............................................................................................................ 4‐52
Note 9: Interfund Transactions ..................................................................................................... 4‐54
Note 10: Long Term Debt .............................................................................................................. 4‐56
Note 11: Joint Ventures ................................................................................................................. 4‐60
Note 12: Airport Leases ................................................................................................................. 4‐63
Note 13: Capital Lease ................................................................................................................... 4‐64
Note 14: Tax Abatement ............................................................................................................... 4‐64
Note 15: Subsequent Events ......................................................................................................... 4‐66
Note 16: COVID Pandemic ............................................................................................................. 4‐66
Note 17: Prior Period Adjustment ................................................................................................. 4‐67
Note 18: Special Items ................................................................................................................... 4‐69
TABLE OF CONTENTS
DECEMBER 31, 2021
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 ................................................................... 6‐7
Combining Balance Sheet ‐ Nonmajor Capital Project Funds ................................................................ 6‐8
Combining Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Nonmajor
Governmental Funds Summary by Fund Type ................................................................................ 6‐9
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ‐ Nonmajor
Special Revenue Funds .................................................................................................................. 6‐10
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ‐ Nonmajor
Debt Service Funds ........................................................................................................................ 6‐11
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ‐ Nonmajor
Capital Project Funds ..................................................................................................................... 6‐12
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Capital Improvement ..................................................................................................................... 6‐13
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Housing and Supportive Services .................................................................................................. 6‐14
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Hotel/Motel Tax ............................................................................................................................ 6‐15
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Cable Communications Development ........................................................................................... 6‐16
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Springbrook Wetlands Bank .......................................................................................................... 6‐17
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Police Seizure ................................................................................................................................. 6‐18
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Police CSAM Seizure ...................................................................................................................... 6‐19
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
School District Impact Mitigation .................................................................................................. 6‐20
TABLE OF CONTENTS
DECEMBER 31, 2021
ITEM PAGE
v
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Fire Impact Mitigation ................................................................................................................... 6‐21
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
General Debt ................................................................................................................................. 6‐22
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Community Development Impact Mitigation ................................................................................ 6‐23
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Transportation Impact Mitigation ................................................................................................. 6‐24
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
REET 1 ............................................................................................................................................ 6‐25
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
REET 1 ............................................................................................................................................ 6‐26
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Municipal Facilities CIP .................................................................................................................. 6‐27
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Municipal Facilities CIP – New Library Development ................................................................... 6‐28
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Municipal Facilities CIP – Family First Center ............................................................................... 6‐29
Combining Statement of Net Position, Nonmajor Enterprise Funds ................................................... 6‐30
Combining Statement of Revenues, Expenses and Changes in Fund Net Position ‐
Nonmajor Enterprise Funds ........................................................................................................... 6‐31
Combining Statement of Cash Flows ‐ Nonmajor Enterprise Funds .................................................... 6‐32
Combining Statement of Net Position, Internal Service Funds ............................................................ 6‐34
Combining Statement of Revenues, Expenses, and Changes in Fund Net Position,
Internal Service Funds ................................................................................................................... 6‐35
Combining Statement of Cash Flows, Internal Service Funds .............................................................. 6‐36
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 Tax Payers ............................................................................................. 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, 2021
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
September 26, 2022
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, 2021. 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.
2021 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, 5 miles from SeaTac 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 manufacturing, technology, health care service companies
and government institutions, including Boeing, Paccar, Wizards of the Coast gaming, Ikea Home
Furnishing, Valley Medical Center, Providence Health & Services, Kaiser Permanente, the Seattle
Seahawks headquarters, Seattle Branch of Federal Reserve Bank, Southport office campus and FAA
Northwest Regional offices.
As we look forward to the upcoming year, new businesses continue to establish markets in Renton.
Some notable industries include the Seattle Sounders, Top Golf, Blue Origin, UW Hospital Medical
Laboratories, and Home Depot.
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 107,000 in 2021, 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 center, two
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 to increase or
decrease total appropriations in a Fund. The Mayor has the authority to move appropriations within a
Fund.
2021 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-2
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
Renton’s economy was impacted by the pandemic, similar to many other neighboring communities;
however, is beginning to see some recovery in terms of sales and use taxes. The economy continues
to be the focus of many as we are seeing record inflation, federal interest rate increases and continued
supply chain disruptions. In terms of employment, the Puget Sound region has outpaced national
results in 2021 with an overall employment growth of 1.7% after a very difficult year in 2020.
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 was grounded worldwide in March 2019 and production was suspended temporarily in January
2020 with production gradually resuming in 2021 to correspond to market demand.
The City of Renton is following the regional trend of a strong increase in value and demand in the
housing sector, with assessed value increasing 11.5% for existing homes in 2021. As more of the
workforce begins to change their work patterns in remote working, we are seeing some trends of
residents moving from the urban core to more of the surrounding suburbs. This, coupled with a low
inventory of available housing and a low interest rate, has bolstered the housing market in outlying
communities such as Renton.
The City of Renton saw strong sales and retail tax revenue in 2021 as restrictions from the pandemic
were gradually lifted and the increase of personal income from federal stimulus coronavirus aid
contributed to an increase in overall sales tax revenues. Sales tax increased 23.5% in 2021 compared
to 2020. This change in actual sales tax was $6.2 million higher than 2020 revenues; 2021 outpaced
the pre‐pandemic figures of 2019 by 15.3%. Markets showing the largest growth were auto sales,
construction, and general retail. As we wait to see how the overall economy will recover from the
effects of the pandemic, inflation, and supply chain demands, a pullback in consumer and business
spending in our region could still be a possibility.
LONG‐TERM FINANCIAL PLANNING
Unrestricted fund balance (the aggregate of committed, assigned, and unassigned components of
fund balance) in the General Fund was 78 percent of the total General Fund expenditures, compared
to 68 percent in 2020. 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 an enhanced stabilization fund policy, which
was originally adopted in late‐2013. During the great recession, the City depleted much of its reserves
and has since rebuilt them. Although economic factors show signs of improvement, the City still faces
several short and long‐term constraints, including the impact of the uncertainty of a future recession.
Inflation continues to be on the rise, causing the rate of salary, healthcare costs and deferred
maintenance on City buildings to continue to increase at a faster rate than revenues.
2021 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-3
As part of the enhancements to the City’s stabilization policy, the Council also adopted a reserve fund
for Economic Development, which currently has accumulated a $2.5 million balance. The reserve fund
will help the City leverage Local Revitalization Financing (LRF) funds made available by the State of
Washington through a local sales tax option levy. The City issued bonds for infrastructure
improvements needed in the Southport revitalization area and improvements to numerous parks in
early 2019. A portion of the debt service will be paid by the annual $500,000 local sales tax option
credit provided by the State of Washington.
The City Council adopted a Business and Occupation (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 B&O tax generated $11.7 million in General Fund
revenue for 2021, a 45% increase over 2020. The addition of this tax has helped tremendously to
offset the rising costs within our region.
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.
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
comprehensive annual financial report for the fiscal year ended December 31, 2020. The City has a
long history of achieving this prestigious award. In order to be awarded a Certificate of Achievement, a
government must publish an easily readable and efficiently organized comprehensive annual 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
comprehensive annual 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
2021 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-4
policies and procedures. Special thanks are due to Nate Malone, Budget and Accounting Manager and
Misty Baker, Senior Finance Analyst, who served as the project leads. Further appreciation is extended
to the City Council and City Management for their support in conducing 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 2021‐2022
adopted budget as well as monthly sales tax and budgetary financial reports.
Respectfully,
Kari Roller
Finance Administrator
2021 Annual Comprehensive Financial Report City of Renton, Washington
Introduction, 1-5
FINANCE
Kari Roller, Administrator
425‐430‐6931
RENTON CITIZENS
MAYOR
Armondo Pavone
425‐430‐6500
MUNICIPAL COURT JUDGES
Kara Murphy Richards
Jessica Giner
425‐430‐6550
CITY COUNCIL
Ryan McIrvin, President
James Alberson,Valerie O'Halloran,
Ruth Pérez,Ed Prince,Carmen
Rivera,Kim‐Khánh Văn
425‐430‐6500
CHIEF ADMINISTRATIVEOFFICER
Ed VanValey
425‐430‐6500
PARKS & RECREATION
Kelly Beymer,
Administrator
425‐430‐6617
PUBLIC WORKS
Martin Pastucha,
Administrator
425‐430‐7311
EXECUTIVE SERVICES
Kristi Rowland, Deputy
CAO
425‐430‐6947
COMMUNITY AND
ECONOMIC DEVELOPMENT
Chip Vincent, Administrator
425‐430‐6588
POLICE
Jon Schuldt, Chief
425‐430‐7500
HUMAN RESOURCES & RISK
MANAGEMENT
Ellen Bradley‐Mak, Administrator
425‐430‐7657
Renton History Museum
Elizabeth Stewart,
Golf Course
Steve Meyers, Manager
Maintenance Services
Michael Stenhouse,
Utility Systems
Ronald Straka, Director
Transportation Systems
Jim Seitz, Director
Economic
Development
Amanda Askren, int.
Long Range Planning
Angie Mathias,
City Clerk
Jason Seth
Communications &
Engagement
Maryjane Van Cleave, Director
Support Operations Bureau
Field Operations Bureau
Emergency Management
Deborah Needham, Director
Labor, Class, and
Compensation
Kim Gilman, Manager
Risk Management
Kelsey Ternes, Manager
Benefits
Wendy Rittereiser, Manager
Fiscal Services
Kristin Trivelas, Director
Staff Services
Special Operations
Investigations
Administrative
Services
Patrol Services
Patrol Operations
CITY ATTORNEY
Shane Maloney
425‐430‐6487
Human Services
Guy Williams, Manager
Parks Planning and
Natural Resources
Erika Schmitz, Director
Recreation
Carrie Nass, Director
Airport
Jason Anderson, int.
Manager
Building Official
Robert Shuey Organizational Development
vacant, Manager
Facilities
Jeffrey Minisci, Director
Parks and Trails
Cailin Hunsaker, Director
Planning
Vanessa Dolbee,
Information Technology
Young Yoon, Director
Prosecution
Iva Clark, Director
EQUITY, HOUSING & HUMAN
SERVICES
Preeti Shridhar, Administrator
425‐430‐6569
Community Development
and Housing
Mark Santos‐Johnson,
2021 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, 2020
Executive Director/CEO
2021 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
Opinion s
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, 2021, 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,
2021, 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 Opinion s
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 .
Responsibilit ies 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
2021 Annual Comprehensive Financial Report City of Renton, Washington
Independent Auditor's Report, 2-1
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 Responsibilit ies 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;
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.
2021 Annual Comprehensive Financial Report City of Renton, Washington
Independent Auditor's Report, 2-2
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 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 schedules are
presented for the 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 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 financial statements or to the
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 taken as a whole.
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
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.
2021 Annual Comprehensive Financial Report City of Renton, Washington
Independent Auditor's Report, 2-3
OTHER REPORTING REQUIRED BY GOVERNMENT AUDITING
STANDARDS
In accordance with Government Auditing Standards, we will also issue our report dated September 26,
2022, 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 o ther
matters. That report will be issued under separate cover in the City’s Single Audit Report. 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
September 26, 2022
2021 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,
2021. 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, 2021, the City of Renton’s total assets and deferred outflows of resources
exceed liabilities and deferred inflows of resources by $1.1 billion. Of this amount, $197 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 increased $81.2 million. This increase was due to
accumulation of reserves, capital asset acquisitions and reduction of long‐term debt 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 $149.4 million, an increase of $19.6 million from 2020. This
increase is attributed to revenues exceeding expenditures in the general fund by $23.8 million,
primarily driven by tax revenue. As the economy began to rebound from the effects of the
COVID‐19 pandemic, the City saw a significant increase in retail and B&O tax revenues as a
direct result of consumer spend and improved business operations. In addition, the favorable
housing market contributed to an increase of real estate excise tax paid to the City. Finally, the
City recognized new tax revenue related to housing and supportive services (HB1590) which
Council authorized through an ordinance imposing an additional 0.1% sales and use tax. The
City maintained many of the cost‐cutting measures implemented in the prior year in an effort
to prepare for any potential future pandemic impacts which resulted in a favorable variance of
revenues over expenditures. The increase was offset by the decrease in fund balance for the
Capital Improvement fund due to large capital improvement transportation projects completed
in 2021.
•Approximately 42 percent ($62.8 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 $74 million, which is approximately 78 percent of
general fund 2021 expenditures.
•The City of Renton’s total outstanding long‐term debt decreased by $9.5 million during the
current fiscal year because current resources and grants are being used to finance current
operations and capital projects. The City has continued to pay down its current debt obligations
without issuance of new debt.
2021 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-1
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 (ex. 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. The government‐wide financial statements can be found on page 4‐1
and 4‐2 of this report.
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 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.
2021 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-2
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. The basic governmental fund
financial statements can be found on pages 4‐3 and 4‐5 of this report.
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 sixteen individual governmental funds. Information for the City’s major
governmental funds (general 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,
waterworks utility (water, wastewater, and storm water) and solid waste separately. Information from
the remaining non‐major enterprise funds are combined and presented in a single, aggregated column
in the fund statements. Internal service funds are also aggregated and reported separately in this
section. The basic proprietary fund financial statements can be found on pages 4‐7 through 4‐10 of
this report.
2021 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-3
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. The
fiduciary fund financial statements can be found on pages 4‐11 and 4‐12 of this report.
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. The notes to
the financial statements can be found pages 4‐13 through 4‐67 of this report.
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). RSI can be found on page 5‐1 through 5‐13 of this report.
2. Combining Statements
The combining statements provide additional detail for other government funds, internal service
funds, and fiduciary funds. Combining and individual fund statements and schedules can be found
on page 6‐1 through 6‐37 of this report.
3. Statistical Information
This section includes unaudited trends and demographic information. The statistical section can be
found on page 7‐1 through 7‐30 of this report.
GOVERNMENT‐WIDE FINANCIAL ANALYSIS
Statement of Net Position
The following is a summary of the City’s net position as of December 31, 2021, with comparison to
2020:
2021 2020 2021 2020 2021 2020
Current assets 234,758,779 207,030,676$ 118,343,351 112,483,917$ 353,102,130$ 319,514,593$
Capital assets 508,159,097 502,445,923 316,743,698 307,820,630 824,902,795$ 810,266,553
Other non‐current assets 102,212,770 58,365,006 10,643,351 2,828,702 112,856,121$ 61,193,708
TOTAL ASSETS 845,130,646 767,841,605 445,730,400 423,133,249 1,290,861,046 1,190,974,854
Deferred Outflows of Resources 6,338,619 6,177,362 1,448,559 1,610,882 7,787,178$ 7,788,244
Long‐term liabilities 89,125,678 118,868,089 14,894,667 23,158,918 104,020,345$ 142,027,007
Other liabilities 26,041,718 14,939,841 7,572,441 3,516,246 33,614,159$ 18,456,087
TOTAL LIABILITIES 115,167,396 133,807,930 22,467,108 26,675,164 137,634,504 160,483,094
Deferred Inflows of Resources 40,362,432 5,205,825 7,322,469 938,780 47,684,901$ 6,144,605
NET POSITION:
494,021,497 488,387,204 301,540,670 289,121,692 795,562,167$ 777,508,896
Restricted 110,965,722 63,265,226 9,780,922 2,810,145 120,746,644$ 66,075,371
Unrestricted 90,952,218 83,352,782 106,067,790 105,198,350 197,020,008$ 188,551,132
TOTAL NET POSITION 695,939,437$ 635,005,212$ 417,389,382$ 397,130,187$ 1,113,328,819$ 1,032,135,399$
Net Investment in Capital Assets
CONDENSED STATEMENT OF NET POSITION
Governmental Activities Business‐type Activities Total
2021 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-4
As noted earlier, the change in net position over time, may serve as a useful indicator of a
government’s financial situation. At the close of the most recent fiscal year, assets and deferred
outflows of resources exceeded liabilities and deferred inflows of resources by $1.11 billion, an $81.2
million increase over 2020.
Net Position – Net Investment in Capital
Assets. $795.6 million (71%) 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
citizens. Accordingly, these assets are not
available for future spending. Although
investment in capital assets is reported net of
related debt, it should be noted that the
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 $120.7 million of the
City’s net position, which is a $54.7 million
increase (83%) from 2020. This increase is
primarily driven by a $41.7 million change in
pension. The City recognized a net pension
asset in 2021 due to its pension plan being
overfunded by the State. Other changes
include increases in debt service and special
purpose revenues sources that have not been
spent (REET, KC Parks Levy, Impact Mitigation
Fees).
Net Position – Unrestricted. The remaining
$197 million of net position is unrestricted
and may be used to meet the government’s
ongoing obligations for governmental and
business type activities ($91 million and $106
million, respectively).
At the end of the current fiscal year, the City
reports a positive net position in all net
position categories, for both governmental
activities and business‐type activities. The
same held true for the prior fiscal year.
2021 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-5
Statement of Activities and Change in Net Position
The following is a condensed summary statement of activities and change in net position as of
December 31, 2021, with comparison to 2020.
CONDENSED STATEMENT OF ACTIVITIES
2021 2020 2021 2020 2021 2020
Revenues:
Program revenues:
Charges for services 19,351,848$ 18,183,463$ 86,914,782$ 82,388,681$ 106,266,630$ 100,572,144$
Operating grants and contributions 8,879,286 10,990,611 972,220 1,233,103 9,851,506 12,223,714
Capital grants and contributions 13,544,611 10,743,119 5,458,679 3,940,585 19,003,290 14,683,704
Taxes and other general revenues:‐
Property taxes 22,574,225 21,964,194 ‐ 22,574,225 21,964,194
Sales taxes 42,329,250 31,034,947 ‐ 42,329,250 31,034,947
Ot her Taxes 42,914,383 33,101,847 ‐ 42,914,383 33,101,847
Other general revenue 1,311,007 3,461,713 86,067 1,405,886 1,397,074 4,867,599
Total revenues 150,904,610 129,479,894 93,431,748 88,968,255 244,336,358 218,448,149
Expenses:‐
General government 5,939,406 21,069,221 ‐ 5,939,406 21,069,221
Judicial 3,058,866 3,170,019 ‐ 3,058,866 3,170,019
Public safety 34,996,342 39,807,638 ‐ 34,996,342 39,807,638
Utilities 4,164 206,150 ‐ 4,164 206,150
Transportation 17,561,416 18,145,346 ‐ 17,561,416 18,145,346
Economic and natural environment 8,714,594 9,488,896 ‐ 8,714,594 9,488,896
Health and human services 2,527,615 2,910,797 ‐ 2,527,615 2,910,797
Culture and recreation 12,483,452 13,421,450 ‐ 12,483,452 13,421,450
Interest on long‐term debt 1,213,697 1,489,077 ‐ 1,213,697 1,489,077
Airport ‐ 3,588,050 2,736,107 3,588,050 2,736,107
Golf Course ‐ 2,363,279 2,341,478 2,363,279 2,341,478
Solid Waste ‐ 20,487,512 20,132,851 20,487,512 20,132,851
Waterworks Utility ‐ 50,204,545 50,782,704 50,204,545 50,782,704
Total expenses 86,499,552 109,708,594 76,643,386 75,993,140 163,142,938 185,701,734
64,405,058 19,771,300 16,788,362 12,975,115 81,193,420 32,746,415
Transfers (33,766) 6,339 33,766 (6,339) ‐ ‐
Special Items ‐ (866,131) ‐ ‐ (866,131)
Increase (decrease) in net position 64,371,292 18,911,508 16,822,128 12,968,776 81,193,420 31,880,284
Net position ‐ beginning 635,005,212 614,697,203 397,130,187 386,187,727 1,032,135,399 1,000,884,930
Prior Period Adjustment (3,437,067) 1,396,501 3,437,067 (2,026,316) ‐ (629,815)
Change in Accounting Principle ‐ ‐ ‐
Net position ‐ ending 695,939,437$ 635,005,212$ 417,389,382$ 397,130,187$ 1,113,328,819$ 1,032,135,399$
Increase in net position before transfers
TotalBusiness‐type ActivitiesGovernmental Activities
Citywide revenue. Total revenue (governmental and business‐type) increased by $25.9 million, or 11.9
percent. Most which is attributed to a $21.7 million increase in property, retail sales, business and
excise taxes (Governmental Activities); a $5.7 million increase in charges for services (Governmental
and Business‐type Activities); and a $1.9 million increase in capital and operating grants and
contributions (Governmental and Business‐type Activities). Favorable increases were offset by a $3.5
million decrease in other general revenues (Governmental and Business‐type Activities).
The $21.7 million increase in property, sales and other taxes is a result of the economy showing
favorable signs of recovery from the COVID‐19 pandemic in the areas of consumer spend, improved
business operations, and real estate investment, in addition to the implementation of new tax revenue
to support housing and supportive services. With economic recovery, the City began to resume normal
2021 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-6
operations which was supported by an end to the moratorium on utility shut‐offs and collections, the
reopening of community facilities (community center, senior center, HMAC, golf course) and an overall
increase in capital and operating projects contributing to an increase in charges for services and capital
and operating grants and contributions of $5.7 million and $1.9 million, respectively. The decrease in
other general revenues is a direct result of recognizing an unrealized loss on investments coupled with
a decrease in interest earning and the maturing of long‐term investments early in the year.
Citywide expenses. Expenses totaled $163.1 million in 2021, a $22.6 million decrease from 2020.
Governmental activities expenses decreased $23.2 million due to a decrease in pension expenditures
by $13 million as well as a decrease in overall net change in the OPEB liability of $7.1 million. Business‐
type expenses increased by $650 thousand due to additional contracted services expenses for
pavement management at the Airport.
Change in net position. The resulting change in net position was an increase in 2021 by $81.2 million
attributed to a $60.9 million increase from governmental activities and a $20.3 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 $86.5 million in 2021 against program generated revenue
(excluding taxes and other general revenue) of $41.7 million. Program revenues support 49 percent of
the governmental program costs, while the remaining 51 percent of governmental program costs are
supported by general revenues (taxes and other general revenue). Compared to 2020, governmental
activities cost increased $21.7 million and program revenues increased $1.8 million.
2021 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 41 percent of the total governmental activity costs
but generates the lowest percentage of program revenues compared to its program costs (16
percent). Conversely, judicial recovered all their costs in 2021 through program revenues, which
consist of traffic citations, parking citations, criminal charges, miscellaneous court fees, and red‐light
camera fees. General government recovered all their costs in 2021 through program revenues which
consist of leases, licenses, grants, and internal service fund activities.
Chart 2 depicts the source breakdown for all
revenues that fund governmental activities.
Approximately 71 percent of the total
governmental activity revenues come from
taxes. The City’s two largest governmental
revenue sources are sales and use taxes and
other taxing sources (28 percent each), which
consists of retail sales tax, business and
occupation tax and excise tax. The next
largest revenue source is property tax which
accounts for 15 percent of the City’s general
governmental revenue. While program
specific charges for services, grants and
contributions generate 28 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 1 percent
of revenue sources and includes interest and
miscellaneous revenue.
2021 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-8
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 programs’ revenue (fees and
intergovernmental revenues specifically related to that program).
The Waterworks Utility generated $59.5 million in fees for services, and the operating and debt service
costs were $50.2 million. In addition, the waterworks utility received $6.3 million in grants,
contributions, and capital contributions from developers, for a combined increase in net position of
$15.6 million. The operating balance is necessary for future planned system infrastructure
replacements, repairs, and enhancements. Compared to 2020, the waterworks utility had a $4.6
million increase in operating revenue collections and a $578 thousand decrease in operating expenses.
Like the general fund, the waterworks utility maintained cost‐cutting measures, such as reduction in
discretionary expenses, due to uncertainty around COVID‐19 pandemic. Previously frozen open
positions were slow to fill due to a competitive job market once the City recognized signs of economic
recovery.
The Solid Waste Utility generated $21.1 million in fees for services and incurred $20.5 million in
program expenses. In addition, the solid waste fund received $35 thousand in grants and
contributions, resulting in an increase in net position of $565 thousand.
The Airport generated a total of $3.3 million in revenue from charges for services and $124 thousand
in grants and contributions in 2021. Total expenses for the Airport were $3.6 million. The Airport had a
$168 thousand decrease in net position primarily due to the onset of a large pavement restoration
project.
The Golf Course generated a total of $3.1 million in green fees, driving range charges, and other user
fees. The total expenses for the Golf Course were $2.4 million. The Golf Course had a $705 thousand
increase in net position for the year as there was a continued increase in demand for outdoor
recreational activities due to the restrictions from the pandemic on indoor activities.
2021 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 $86.9 million, or 93 percent,
of the total revenue sources, while grant
revenue and contributions generated $6.4
million, or 7 percent, of the total revenue
sources. This is a $4.5 million increase in
charges for services from 2020 and a $1.2
million increase in grants and contributions
from 2020.
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 $74.9 million, which is an
increase of $11.2 million from 2020. Overall, the City’s general fund revenues increased $14 million
over 2020, and general fund expenditures have increased by $2.4 million. As the economy began to
rebound from the effects of the COVID‐19 pandemic, the City saw a $14.2 million increase in tax
revenues as a direct result of consumer spend, improved business operations, favorable housing
market conditions and the addition of new tax revenue related to housing and supportive services
(HB1590). The City maintained many of the cost‐cutting measures implemented in the prior year
resulting in a minimal increase of expenditures, primarily attributed to inflation.
Capital Improvement Fund – This fund accounts for all street, roadway and transportation related
capital projects and programs. Overall revenue increased $7.5 million over 2020. Intergovernmental
revenues increased $7.6 million due to an increase in new grant revenue, primarily driven by three
large projects. These projects were Lake WA Loop Trail ($1.2 million), Williams and Wells Street
Conversion ($5 million) and Safe Routes to Transit ($1.3 million). Overall expenditures increased $5.9
million primarily as a result of the construction costs related to street improvements at Williams and
Wells Street Conversion and Park Avenue Extension projects.
Proprietary Funds
The proprietary fund financial statements provide the same type of information found in the
government‐wide financial statements, but in more detail. The analysis for the proprietary funds is
found within the business‐type activities analysis and discussion above. The proprietary fund
statements also include a column for internal services fund activities in aggregate. These activities are
consolidated with general governmental activities in the government‐wide statements.
2021 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-10
GENERAL FUND BUDGETARY HIGHLIGHTS
The City uses a biennial budget process that adopts two one‐year budgets at one time; 2021 was the
first year of the 2021‐22 biennium. The following is a condensed summary of the 2021 general fund
budget comparison.
Original Final Actual
Taxes 80,780,160$ 82,709,450$ 93,427,387$ 10,717,937$
Various charges 22,920,353 42,867,045 28,215,224 (14,651,821)
Other Revenues 2,610,440 1,319,497 1,635,065 315,568
TOTAL REVENUES 106,310,953 126,895,992 123,277,676 (3,618,316)
Current Operating 110,804,700 115,021,633 98,456,601 16,565,032
Capital Outlay 5,200 1,970,143 993,374 976,769
Debt Service ‐ ‐ ‐ ‐
TOTAL EXPENDITURES 110,809,900 116,991,776 99,449,975 17,541,801
Transfers/insurance recoveries (2,881,000) (10,560,516) (9,101,274) 1,459,242
(7,379,947) (656,300) 14,726,427 (19,700,875)
FUND BALANCE, JANUARY 1 22,687,377 54,456,582 63,696,222 9,239,640
Prior Period Adjustment (775,836) (3,437,067) (2,661,231)
FUND BALANCE ‐ DECEMBER 31 15,307,430$ 53,024,446$ 74,985,582$ (13,122,466)$
GENERAL FUND BUDGET COMPARISON
Budgeted Amounts
Net Change in Fund Balance
Variance with Final
Budget
Favorable
(Unfavorable)
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. The final
budget was adjusted to conservatively reflect the projected effects of the pandemic on the City’s
revenue base. Even though there was a large statewide shut down of many businesses, the overall
impact was better than expected. Sales tax, business and occupation taxes, property tax, criminal
justice tax, utility taxes and gambling taxes came in higher than projected for an overall variance of
$10.7 million. Various charges came in significantly lower than final budget due to grants awarded but
not spent within the budgeted year. Grant revenues are budgeted in full at time of award; any
amounts not received in current year are carried forward to future year until received or expired. The
City was awarded an ARPA grant of $18.1 million in 2021 and had not drawn down the grant within the
budgeted year.
Original budget for expenditures had a net increase of $6.2 million primarily driven by budget
increases in Health & Human Services and Economic Environment, with a combined increase of $3.1
million attributed to ARPA and Coronavirus‐related grants, and capital outlay of approximately $3.1
million due to the planning for acquisition of two properties and future build of a new parks
maintenance facility.
2021 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-11
2021 2020 2021 2020 2021 2020
General Obligation Bonds 28,990,000$ 34,235,000$ ‐$ ‐$ 28,990,000$ 34,235,000$
Revenue Bonds ‐ ‐ 15,425,000 17,755,000 15,425,000$ 17,755,000
Other Long‐Term Debt 22,434,586 23,594,046 860,812 1,206,630 23,295,398$ 24,800,676
Unamortized Premium (Discount) 2,984,425 3,352,428 303,715 354,334 3,288,140$ 3,706,762
Total 54,409,011$ 61,181,474$ 16,589,527$ 19,315,964$ 70,998,538$ 80,497,438$
LONG‐TERM DEBT
Governmental Activities Business‐Type Activities Total
CAPITAL ASSETS
(Net of Depreciation/Amortization)
2021 2020 2021 2020 2021 2020
Land and Land Improvements 214,843,559$ 213,458,539$ 6,143,691$ 6,150,056$ 220,987,250$ 219,608,595$
Capital Assets 259,746,533 268,099,012 286,224,551 285,911,791 545,971,084 554,010,803
Intangible Assets 979,669 1,054,725 860,523 906,236 1,840,192 1,960,961
Construction in Progress 33,569,005 19,833,647 24,375,456 14,852,547 57,944,461 34,686,194
Total 509,138,766$ 502,445,923$ 317,604,221$ 307,820,630$ 826,742,987$ 810,266,553$
TotalBusiness‐Type ActivitiesGovernmental Activities
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 $826.7 million as
of December 31, 2021, compared to $810.3 million in 2020.
Governmental activities showed an increase of $6.7 million which is attributed to a couple of large
capital projects. These largest projects include new construction for the Williams and Wells street
improvements ($5.5 million), and new construction for the Park Avenue extension ($3.8 million). The
increases in construction in progress were partially offset by depreciation outpacing new capital assets
added. Businesses‐type activities showed a net increase of $9.8 million attributed to a couple of large
capital projects. The largest projects include the Downtown Sewer Replacement ($7.6 million) and the
Downtown Water Main Replacement ($2 million).
As of December 31, 2021, depreciable capital assets for governmental activities were 44 percent
depreciated, slightly higher than the 2020 rate (42 percent). This comparison indicates the City is
replacing its assets at almost 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, 2021, was $71 million, a $9.5 million (11.8 percent)
decrease from the prior year which is attributed to the City’s continued commitment to paying down
debt. More detailed debt information is provided in Note 10 of the Notes to Financial Statements.
The City’s general obligation debt rating was upgraded to AAA by Standard and Poor in March 2019.
2021 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-12
REQUESTS FOR FINANCIAL INFORMATION
This financial report is designed to provide our citizens, creditors, investors, and others interested in
the City’s finances with a general overview of the City’s finances and to show the City’s accountability
for financial resources it receives. If you have any questions about this report or need additional
information, please contact Kari Roller, Finance Administrator, 1055 South Grady Way, Renton, WA
98057 or visit our web site at www.rentonwa.gov.
2021 Annual Comprehensive Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-13
Governmental Activities Business‐type Activities Total
ASSETS
Current assets:
Cash and cash equivalents 145,661,199$ 72,058,747$ 217,719,946$
Cash with fiscal agent 1,244,705 ‐ 1,244,705
Investments at fair value 62,109,354 31,619,451 93,728,805
Receivables (net of allowance for uncollectibles)28,399,351 10,925,279 39,324,630
Internal balances (3,337,974) 3,337,974 ‐
Inventories 265,778 354,947 620,725
Prepayments 416,366 ‐ 416,366
Notes and assessments receivable ‐ 46,953 46,953
Total current assets 234,758,779 118,343,351 353,102,130
Noncurrent assets:
Restricted cash and cash equivalents ‐ 2,810,145 2,810,145
Notes and assessments receivable 481,022 1,906 482,928
Net pension asset 62,786,744 6,970,777 69,757,521
Investment in joint ventures (net)37,965,335 ‐ 37,965,335
Capital assets not being depreciated:
Land 214,843,559 6,143,691 220,987,250
Contruction in progress 33,569,005 24,375,456 57,944,461
Capital assets (net )259,746,533 286,224,551 545,971,084
Intangible assets (net)979,669 860,523 1,840,192
Total noncurrent assets 610,371,867 327,387,049 937,758,916
Total assets 845,130,646 445,730,400 1,290,861,046
DEFERRED OUTFLOWS OF RESOURCES
Deferred amount on refunding 339,215 525,978 865,193
Deferred outflows related to pensions 5,999,404 922,581 6,921,985
Total deferred outflows of resources 6,338,619 1,448,559 7,787,178
Total assets and deferred outflows of resources 851,469,265 447,178,959 1,298,648,224
LIABILITIES
Current liabilities:
Accounts payable and other current liabilities 11,175,937 4,048,249 15,224,186
Interest payable 221,439 33,128 254,567
Unearned revenue 6,876,909 339,103 7,216,012
Current portion of long‐term debt 7,767,433 3,151,961 10,919,394
Total current liabilities 26,041,718 7,572,441 33,614,159
Noncurrent liabilities:
Noncurrent portion of long‐term debt 89,125,678 14,894,667 104,020,345
Total noncurrent liabilities 89,125,678 14,894,667 104,020,345
Total liabilities 115,167,396 22,467,108 137,634,504
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 40,362,432 7,322,469 47,684,901
Total deferred inflows of resources 40,362,432 7,322,469 47,684,901
Total liabilities and deferred inflows of resources 155,529,828 29,789,577 185,319,405
NET POSITION
Net investment in capital assets 494,021,497 301,540,670 795,562,167
Restricted for:
Debt Service 252,200 2,810,145 3,062,345
Grants and contributions 1,271,850 ‐ 1,271,850
Pensions 62,786,744 6,970,777 69,757,521
Special purpose bonds 14,180,159 ‐ 14,180,159
Special purpose taxes & assessments 32,474,769 ‐ 32,474,769
Unrestricted 90,952,218 106,067,790 197,020,008
Total net position 695,939,437$ 417,389,382$ 1,113,328,819$
Primary Government
City of Renton
Statement of Net Position
December 31, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Basic Financial Statements, 4-1The notes to financial statements are an integral part of this statement.
Functions/ProgramsExpensesCharges for ServicesOperating Grants and ContributionsCapital Grants and Contributions Governmental Activities Business‐type ActivitiesTotalPrimary government:Governmental activities:Culture and recreation12,483,452$ 1,467,001$ 63,467$ 951,119$ (10,001,865)$ ‐ $ (10,001,865)$ Economic environment8,714,594 5,029,960 237,500 711,746 (2,735,388) ‐ (2,735,388) General government5,939,406 4,154,041 1,624,712 1,095,303 934,650 ‐ 934,650 Health and human services2,527,615 104,410 472,209 9,973 (1,941,023) ‐ (1,941,023) Judicial3,058,866 5,033,166 43,044 ‐ 2,017,344 ‐ 2,017,344 Public safety34,996,342 1,252,495 4,173,540 ‐ (29,570,307) ‐ (29,570,307) Transportation17,561,416 2,310,775 2,213,722 10,776,470 (2,260,449) ‐ (2,260,449) Utilities4,164 ‐ ‐ ‐ (4,164) ‐ (4,164) Interest on long‐term debt1,213,697 ‐ 51,092 ‐ (1,162,605) ‐ (1,162,605) Total governmental activities86,499,552 19,351,848 8,879,286 13,544,611 (44,723,807) ‐ (44,723,807) Business‐type activities:Airport3,588,050 3,295,371 124,248 ‐ ‐ (168,431) (168,431) Golf Course2,363,279 3,068,337 ‐ ‐ ‐ 705,058 705,058 Solid Waste20,487,512 21,018,006 34,783 ‐ ‐ 565,277 565,277 Waterworks Utility50,204,545 59,533,068 813,189 5,458,679 ‐ 15,600,391 15,600,391 Total business‐type activities76,643,386 86,914,782 972,220 5,458,679 ‐ 16,702,295 16,702,295 Total primary government163,142,938$ 106,266,630$ 9,851,506$ 19,003,290$ 16,702,295 (44,723,807) (28,021,512) 22,574,225 ‐ 22,574,225 42,329,250 ‐ 42,329,250 31,920,356 ‐ 31,920,356 10,994,027 ‐ 10,994,027 145,963 70,210 216,173 1,095,098 8,325 1,103,423 69,946 7,532 77,478 (33,766) 33,766 ‐ 109,095,099 119,833 109,214,932 64,371,292 16,822,128 81,193,420 635,005,212 397,130,187 1,032,135,399 (3,437,067) 3,437,067 ‐ 631,568,145 400,567,254 1,032,135,399 695,939,437$ 417,389,382$ 1,113,328,819$ Change in net positionNet position ‐ January 1, as originally statedNet position ‐ December 31Net position ‐ January 1, restatedGain on disposal of capital assetsPrior period adjustmentsTransfersTotal general revenues, special items, and transfersRetail sales taxesBusiness taxesExcise taxesInterest and investment earningsMiscellaneousNet (Expense) Revenue and Changes in Net PositionProgram RevenuesPrimary GovernmentGeneral revenues:Property taxesCity of RentonStatement of ActivitiesFor the Year Ended December 31, 2021City of Renton, WashingtonBasic Financial Statements, 4-2The notes to financial statements are an integral part of this statement.2021 Annual Comprehensive Financial Report
General Capital Improvement Total Nonmajor Funds
Total Governmental
Funds
ASSETS
Cash & cash equivalents 54,028,818$ 8,531,901$ 41,513,101$ 104,073,820$
Cash with fiscal agent 1,244,705 ‐ ‐ 1,244,705
Investments at fair value 21,699,008 3,069,244 18,303,114 43,071,366
Receivables (net of allowance for uncollectible):
Taxes 12,486,971 ‐ 75,801 12,562,772
Customer accounts 8,946,327 ‐ 63,263 9,009,590
Interest & penalties 51,293 9,706 39,623 100,622
Due from other funds 463,922 ‐ 24,632 488,554
Due from other governments 947,558 3,474,282 1,898,845 6,320,685
Notes and assessments receivable 481,022 ‐ ‐ 481,022
Total assets 100,349,624$ 15,085,133$ 61,918,379$ 177,353,136$
LIABILITIES
Accrued wages and benefits payable 3,023,696$ ‐ $ ‐ $ 3,023,696$
Accounts payable 1,462,095 1,064,427 522,147 3,048,669
Retainage payable 46,037 ‐ 25,168 71,205
Due to other funds 3,800,134 ‐ 24,632 3,824,766
Due to other governments 1,257 ‐ ‐ 1,257
Customer deposits 1,493,932 ‐ ‐ 1,493,932
Unearned revenue 6,876,909 ‐ ‐ 6,876,909
Total liabilities 16,704,060 1,064,427 571,947 18,340,434
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues 8,659,982 807,237 124,898 9,592,117
Total deferred inflows of resources 8,659,982 807,237 124,898 9,592,117
Total liabilities and deferred inflows of resources 25,364,042 1,871,664 696,845 27,932,551
FUND BALANCES (DEFICITS)
Restricted 965,896 5,387,105 41,825,976 48,178,977
Committed 2,571,321 8,163,758 6,906,905 17,641,984
Assigned 8,298,032 ‐ 12,488,653 20,786,685
Unassigned 63,150,333 (337,394) ‐ 62,812,939
Total fund balances (deficits)74,985,582 13,213,469 61,221,534 149,420,585
Total liabilities, deferred inflows of resources, and fund
balances (deficits)100,349,624$ 15,085,133$ 61,918,379$ 177,353,136$
City of Renton
Balance Sheet
Governmental Funds
December 31, 2021
City of Renton, Washington
Basic Financial Statements, 4-3The notes to financial statements are an integral part of this statement.
2021 Annual Comprehensive Financial Report
FUND BALANCES ‐ TOTAL GOVERNMENTAL FUNDS $ 149,420,585
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 29,860,315
Investment in Joint Venture‐Valley Communications 8,105,020
Net pension assets 58,306,419
Deferred outflows related to pensions 5,406,434
Deferred outflows related to refundings 339,215 102,017,403
Capital assets used in governmental activities are not financial resources and, therefore, are not reported
in the governmental funds.
Land 214,843,559
Construction in progress 33,566,805
Capital assets (net of accumulated depreciation)248,827,256
Intangible assets (net of accumulated amortization)723,808 497,961,428
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 431,580
Photo enforcement revenue 7,422,229
Municipal court revenue 503,265
Intergovernmental revenue 1,004,218
Other 230,825 9,592,117
Certain liabilities are not due and payable in the current period and, therefore, are not reported in the
governmental funds.
Interest payable (221,439)
Bonds payable (54,313,106)
Compensated absences (4,135,591)
Net pension liability (1,888,734)
Deferred inflows related to pensions (35,656,064) (96,214,934)
Accrued pension expense reported in the governmental funds is not included in the calculation of the net
pension liability.155,827
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.33,007,011
NET POSITION OF GOVERNMENTAL ACTIVITIES $ 695,939,437
Reconciliation of the Balance Sheet
To the Statement of Net Position
December 31, 2021
City of Renton
City of Renton, Washington
Basic Financial Statements, 4-4The notes to financial statements are an integral part of this statement.
2021 Annual Comprehensive Financial Report
General Capital Improvement Total Nonmajor Funds
Total Governmental
Funds
REVENUES
Taxes 93,427,387$ ‐ $ 14,284,491$ 107,711,878$
Licenses and permits 5,267,538 ‐ 69,955 5,337,493
Intergovernmental revenues 9,510,096 10,044,698 1,876,105 21,430,899
Charges for services 4,254,619 ‐ 3,186,019 7,440,638
Fines and forfeits 4,617,412 32,707 45,386 4,695,505
Contributions 254,820 ‐ 105,054 359,874
Investment earnings 88,385 (628) 34,207 121,964
Miscellaneous revenue 1,291,860 ‐ ‐ 1,291,860
Total revenues 118,712,117 10,076,777 19,601,217 148,390,111
EXPENDITURES
Current:
Culture and recreation 11,425,823 ‐ 258,687 11,684,510
Economic environment 9,372,138 ‐ 445,310 9,817,448
General government 13,336,121 ‐ 544,191 13,880,312
Health and human services 2,697,473 ‐ ‐ 2,697,473
Judicial 3,485,237 ‐ ‐ 3,485,237
Public safety 42,340,387 ‐ 128,755 42,469,142
Transportation 11,233,863 ‐ ‐ 11,233,863
Debt service:
Principal payment ‐ ‐ 5,625,158 5,625,158
Interest payment ‐ ‐ 1,528,007 1,528,007
Capital outlay:
Culture and recreation 181,787 ‐ 1,754,131 1,935,918
Economic environment 751,526 ‐ ‐ 751,526
General government ‐ ‐ 2,693,931 2,693,931
Public safety 20,305 ‐ 129,917 150,222
Transportation 39,756 15,390,234 ‐ 15,429,990
Total expenditures 94,884,416 15,390,234 13,108,087 123,382,737
Excess (deficiency) of revenues over expenditures 23,827,701 (5,313,457) 6,493,130 25,007,374
OTHER FINANCING SOURCES (USES)
Transfer in 82,198 1,858,387 16,550,731 18,491,316
Transfers out (9,240,342) ‐ (11,230,993) (20,471,335)
Proceeds from sale of capital assets 41,718 ‐ 867 42,585
Insurance Recoveries 15,152 ‐ ‐ 15,152
Total other financing sources (uses)(9,101,274) 1,858,387 5,320,605 (1,922,282)
Net change in fund balances 14,726,427 (3,455,070) 11,813,735 23,085,092
Fund balances ‐ January 1, as originally stated 63,696,222 16,668,539 49,407,799 129,772,560
Prior period adjustment (3,437,067) ‐ ‐ (3,437,067)
Fund balances ‐ January 1, restated 60,259,155 16,668,539 49,407,799 126,335,493
Fund balances ‐ December 31 74,985,582$ 13,213,469$ 61,221,534$ 149,420,585$
City of Renton
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the Year Ended December 31, 2021
City of Renton, Washington
Basic Financial Statements, 4-5The notes to financial statements are an integral part of this statement.
2021 Annual Comprehensive Financial Report
NET CHANGES IN FUND BALANCES ‐ TOTAL GOVERNMENTAL FUNDS $ 23,085,092
Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However, in the 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 17,783,991
Depreciation and amortization expense (11,152,754)
Book value of capital assets sold/abandoned (583,633) 6,047,604
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.13,043,913
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.3,054,723
Revenues in the statement of activities that do not provide current financial resources are not reported as
revenue in the funds. Unavailable revenue increased by this amount.(1,939,542)
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.5,741,301
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 1,067,291
Equity interest‐Valley Communications 903,035 1,970,326
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.13,367,875
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 64,371,292
For the Year Ended December 31, 2021
City of Renton
Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of the Governmental Funds
To the Statement of Activities
Governmental Activities
City of Renton, Washington
Basic Financial Statements, 4-6The notes to financial statements are an integral part of this statement.
2021 Annual Comprehensive Financial Report
Governmental Activities
Solid Waste Waterworks Utility Total Nonmajor Funds Total Enterprise Funds Internal Service Funds
ASSETS
Current assets:
Cash & cash equivalents 2,632,046$ 62,852,233$ 6,574,468$ 72,058,747$ 41,587,377$
Investments at fair value 1,105,261 27,719,152 2,795,038 31,619,451 19,037,988
Receivables (net of allowance for uncollectible):
Customer accounts 2,962,625 6,011,428 150,774 9,124,827 366,350
Special assessments ‐ 46,953 ‐ 46,953 ‐
Interest & penalties 2,131 111,760 6,571 120,462 39,335
Due from other funds ‐ 3,801,896 ‐ 3,801,896 22,430
Due from other governments 34,783 1,590,150 55,057 1,679,990 ‐
Supplies inventory ‐ 289,681 65,266 354,947 265,778
Prepayments ‐ ‐ ‐ ‐ 416,366
Total current assets 6,736,846 102,423,253 9,647,174 118,807,273 61,735,624
Noncurrent assets:
Restricted cash, cash equivalents ‐ 2,810,145 ‐ 2,810,145 ‐
Special assessments deferred ‐ 1,906 ‐ 1,906 ‐
Net Pension Asset 276,717 5,512,572 1,181,488 6,970,777 4,480,325
Capital assets not being depreciated:
Land ‐ 2,676,411 3,467,280 6,143,691 ‐
Construction in Progress ‐ 23,530,694 844,762 24,375,456 2,200
Capital assets (net)‐ 266,842,909 19,381,642 286,224,551 10,919,277
Intangible assets (net)‐ 860,523 ‐ 860,523 255,861
Total noncurrent assets 276,717 302,235,160 24,875,172 327,387,049 15,657,663
Total assets 7,013,563 404,658,413 34,522,346 446,194,322 77,393,287
DEFERRED OUTFLOWS OF RESOURCES
Deferred amount on refunding ‐ 525,978 ‐ 525,978 ‐
Deferred outflows related to pensions 36,623 729,589 156,369 922,581 592,970
Total deferred outflows of resources 36,623 1,255,567 156,369 1,448,559 592,970
Total assets and deferred outflows of resources 7,050,186 405,913,980 34,678,715 447,642,881 77,986,257
LIABILITIES
Current liabilities:
Accrued wages and benefits payable 21,944 386,957 109,638 518,539 363,070
Accounts payable 1,184,614 1,643,167 119,194 2,946,975 977,705
Due to other funds ‐ ‐ 463,922 463,922 24,192
Retainage payable ‐ 177,469 ‐ 177,469 6,119
Interest payable ‐ 33,128 ‐ 33,128 ‐
Customer deposits ‐ 60,080 345,186 405,266 ‐
Unearned revenue ‐ 297,695 41,408 339,103 ‐
Claims incurred but not reported ‐ ‐ ‐ ‐ 2,346,113
Capital leases payable ‐ ‐ ‐ ‐ 26,418
Compensated absences 30,245 346,631 84,568 461,444 335,098
Public works trust fund loan payable ‐ 315,517 ‐ 315,517 ‐
Revenue bonds payable ‐ 2,375,000 ‐ 2,375,000 ‐
OPEB Liability ‐ ‐ ‐ ‐ 988,675
Total current liabilities 1,236,803 5,635,644 1,163,916 8,036,363 5,067,390
Noncurrent liabilities:
Capital leases payable ‐ ‐ ‐ ‐ 69,487
Compensated absences 30,471 240,523 54,323 325,317 209,385
Public works trust fund loan payable ‐ 545,295 ‐ 545,295 ‐
Revenue bonds payable ‐ 13,353,715 ‐ 13,353,715 ‐
Net pension liability 26,610 530,113 113,617 670,340 430,848
OPEB liability ‐ ‐ ‐ ‐ 34,495,768
Total noncurrent liabilities 57,081 14,669,646 167,940 14,894,667 35,205,488
Total liabilities 1,293,884 20,305,290 1,331,856 22,931,030 40,272,878
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 290,678 5,790,695 1,241,096 7,322,469 4,706,368
Total deferred inflows of resources 290,678 5,790,695 1,241,096 7,322,469 4,706,368
Total liabilities and deferred inflows of resources 1,584,562 26,095,985 2,572,952 30,253,499 44,979,246
NET POSITION
Net investment in capital assets ‐ 277,846,987 23,693,683 301,540,670 11,081,433
Restricted for:
Debt Service ‐ 2,810,145 ‐ 2,810,145 ‐
Pensions 276,717 5,512,572 1,181,488 6,970,777 4,480,325
Unrestricted 5,188,907 93,648,291 7,230,592 106,067,790 17,445,253
Total net position 5,465,624$ 379,817,995$ 32,105,763$ 417,389,382$ 33,007,011$
Business‐type Activities
City of Renton
Statement of Net Position
Proprietary Funds
December 31, 2021
City of Renton, Washington
Basic Financial Statements, 4-7The notes to financial statements are an integral part of this statement.
2021 Annual Comprehensive Financial Report
Governmental
Solid Waste Waterworks Utility Total Nonmajor Total Enterprise Internal Service
OPERATING REVENUES
Charges for services 21,018,006$ 59,265,424$ 5,956,970$ 86,240,400$ 31,834,317$
Licenses and permits ‐ 114,275 ‐ 114,275 185,516
Total operating revenues 21,018,006 59,379,699 5,956,970 86,354,675 32,019,833
OPERATING EXPENSES
Supplies 2,913 1,086,666 425,055 1,514,634 2,781,199
Personnel Services 466,596 9,257,577 2,322,076 12,046,249 6,495,325
Contracted Services 17,510,668 25,097,132 1,885,262 44,493,062 5,393,141
Insurance ‐ ‐ ‐ ‐ 7,300,825
Taxes 2,507,335 4,965,574 17,205 7,490,114 3,449
Depreciation and amortization ‐ 9,335,306 1,301,731 10,637,037 2,934,118
Total operating expenses 20,487,512 49,742,255 5,951,329 76,181,096 24,908,057
Operating income (loss)530,494 9,637,444 5,641 10,173,579 7,111,776
NONOPERATING REVENUES (EXPENSES)
Intergovernmental revenues 34,783 813,189 55,057 903,029 40,651
Contributions ‐ ‐ 69,191 69,191 ‐
Investment earnings (1,774) 65,370 6,616 70,212 24,000
Miscellaneous revenue ‐ 160,888 407,542 568,430 545,167
Interest expense ‐ (462,290) ‐ (462,290) (3,296)
Insurance Recoveries ‐ ‐ ‐ ‐ 222,461
Gain (loss) on disposal of capital assets ‐ 7,532 ‐ 7,532 69,947
Total nonoperating revenues (expenses)33,009 584,689 538,406 1,156,104 898,930
Income (loss) before contributions and transfers 563,503 10,222,133 544,047 11,329,683 8,010,706
Transfer in ‐ 90,000 ‐ 90,000 2,005,121
Transfers out (94) (40,010) (16,130) (56,234) (58,868)
Capital contributions ‐ 5,458,679 ‐ 5,458,679 3,410,907
Change in net position 563,409 15,730,802 527,917 16,822,128 13,367,866
Total net position ‐ January 1, as originally stated 4,902,215 360,301,255 31,926,717 397,130,187 19,639,145
Prior period adjustment ‐ 3,785,938 (348,871) 3,437,067 ‐
Total net position ‐ January 1, restated 4,902,215 364,087,193 31,577,846 400,567,254 19,639,145
Total net position ‐ December 31 5,465,624$ 379,817,995$ 32,105,763$ 417,389,382$ 33,007,011$
Business‐type Activities
City of Renton
Statement of Revenues, Expenses, and Changes in Net Position
Proprietary Funds
For the Year Ended December 31, 2021
City of Renton, Washington
Basic Financial Statements, 4-8The notes to financial statements are an integral part of this statement.
2021 Annual Comprehensive Financial Report
GOVERNMENTAL
OTHER TOTAL ACTIVITIES
SOLID WATERWORKS ENTERPRISE ENTERPRISE INTERNAL SERVICE
WASTE UTILITY FUNDS FUNDS FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services $ 20,819,292 $ 59,776,729 $ 5,802,474 $ 86,398,495 $ 31,845,608
Cash paid to suppliers for goods & services (20,001,797) (29,817,713) (2,299,391) (52,118,901) (22,701,310)
Cash paid to employees (588,001) (11,529,972) (2,816,044) (14,934,017) (8,346,987)
Other non‐operating receipts ‐ 160,888 407,542 568,430 751,640
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 229,494 18,589,932 1,094,581 19,914,007 1,548,951
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds ‐ 90,000 ‐ 90,000 2,005,121
Transfers to other funds (94) (40,010)(16,130) (56,234) (58,868)
Operating grants and contributions 69,496 831,532 124,248 1,025,276 56,639
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES 69,402 881,522 108,118 1,059,042 2,002,892
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Proceeds from the sale of equipment ‐ 33,081 ‐ 33,081 166,759
System development charges ‐ 1,212,652 ‐ 1,212,652 ‐
Acquisition & construction of capital assets ‐ (17,676,196) (362,708) (18,038,904) (622,383)
Special assessments ‐ 216,165 ‐ 216,165 ‐
Capital grants ‐ 1,115,135 ‐ 1,115,135 ‐
Capital replacement reserves received ‐ ‐ ‐ ‐ 3,410,907
Principal payments on debt ‐ (2,726,437) ‐ (2,726,437) (25,638)
Interest payments on debt ‐ (375,925) ‐ (375,925) (3,296)
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES ‐ (18,201,525) (362,708) (18,564,233) 2,926,349
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for investments (252,323) (4,765,870) (738,563) (5,756,756) (6,434,892)
Interest paid on investments and loans 25,269 470,463 64,218 559,950 454,434
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (227,054) (4,295,407) (674,345) (5,196,806) (5,980,458)
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS 71,842 (3,025,478) 165,646 (2,787,990) 497,734
CASH & CASH EQUIVALENTS, JANUARY 1 2,560,204 65,877,711 6,408,822 74,846,737 41,089,643
RESTRICTED CASH & CASH EQUIVALENTS, JANUARY 1 ‐ 2,810,145 ‐ 2,810,145 ‐
TOTAL CASH, RESTRICTED CASH, & CASH
EQUIVALENTS, DECEMBER 31 $ 2,632,046 $ 65,662,378 $ 6,574,468 $ 74,868,892 $41,587,377
City of Renton
BUSINESS‐TYPE ACTIVITIES
ENTERPRISE FUNDS
Statement of Cash Flows
Proprietary Funds
Page 1 of 2
For the Year Ended December 31, 2021
City of Renton, Washington
Basic Financial Statements, 4-9The notes to financial statements are an integral part of this statement.
2021 Annual Comprehensive Financial Report
GOVERNMENTAL
ACTIVITIES
OTHER TOTAL INTERNAL
SOLID WATERWORKS ENTERPRISE ENTERPRISE SERVICE
WASTE UTILITY FUNDS FUNDS FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss) $ 530,494 $ 9,637,444 $ 5,641 $ 10,173,579 $7,111,776
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization ‐ 9,335,306 1,301,731 10,637,037 2,934,118
Other non‐operating revenue ‐ 160,888 407,542 568,430 751,640
(Increase) decrease in accounts receivable
and accrued interest and penalties (198,714) 311,714 (58,419) 54,581 (174,225)
Increase (decrease) in due from
other funds ‐ 759,878 ‐ 759,878 77,018
(Increase) decrease in inventory
& prepaid items ‐ (28,300) (40,213) (68,513) (119,851)
(Increase) decrease in net pension asset
and deferred outflows related to pensions (267,497) (5,477,074) (1,154,930) (6,899,501) (4,411,911)
Increase (decrease) in operating
accounts payable 19,119 600,081 (46,707) 572,493 53,724
Increase (decrease) in due to
other funds ‐ ‐ 115,051 115,051 (20,890)
Increase (decrease) in other
short‐term liabilities ‐ (10,843) ‐ (10,843) (23,015)
Increase (decrease) in
customer deposits ‐ 19,000 22,793 41,793 ‐
Increase (decrease) in
unearned revenues ‐ 66,316 (118,870) (52,554) ‐
Increase (decrease) in
OPEB liability ‐ ‐ ‐ ‐ (7,189,682)
Increase (decrease) in accrued
employee wages and benefits 12,129 (45,701) 37,773 4,201 67,910
Increase (decrease) in net pension liability
and deferred inflows related to pensions 133,963 3,261,223 623,189 4,018,375 2,492,339
Total adjustments (301,000) 8,952,488 1,088,940 9,740,428 (5,562,825)
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES $ 229,494 $ 18,589,932 $ 1,094,581 $ 19,914,007 $1,548,951
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Contributions of capital assets $‐ $ 2,073,986 $‐ $ 2,073,986 $‐
Depreciation & amortization $‐ $ 9,335,306 $ 1,301,731 $ 10,637,037 $ 2,934,118
Increase (decrease) in fair value of investments $ (15,411) $ (405,093) $ (37,778) $ (458,282) $(240,610)
City of Renton
BUSINESS‐TYPE ACTIVITIES
ENTERPRISE FUNDS
Statement of Cash Flows
Proprietary Funds
Page 2 of 2
For the Year Ended December 31, 2021
City of Renton, Washington
Basic Financial Statements, 4-10The notes to financial statements are an integral part of this statement.
2021 Annual Comprehensive Financial Report
Pension (and Other
Employee Benefit) Trust
Funds Custodial Funds
ASSETS
Cash & cash equivalents 5,432,430$ 285,835$
Investments at fair value:
Certificates of deposit 643,933 ‐
Federal Home Loan Mortgage Corporation 357,840 ‐
Federal Farm Credit Bank 245,981 ‐
Federal Home Loan Bank 481,731 ‐
Federal National Mortgage Association 123,147 ‐
US Treasury 469,733 ‐
US Treasury Strip 876,943 ‐
Receivables (net allowance for uncollectible):
Interest & penalties 1,430,103 ‐
Due from other governments ‐ 1,891
Total assets 10,061,841 287,726
LIABILITIES
Due to other governments ‐ 205,265
Total liabilities ‐ 205,265
NET POSITION
Restricted for:
Other governments, organizations, and individuals ‐ 82,461
Pensions 10,061,841 ‐
Total net position 10,061,841$ 82,461$
City of Renton
Statement of Fiduciary Net Position
December 31, 2021
City of Renton, Washington
Basic Financial Statements, 4-11The notes to financial statements are an integral part of this statement.
2021 Annual Comprehensive Financial Report
Pension (and Other
Employee Benefit) Trust
Funds Custodial Funds
ADDITIONS
Investment earnings (35,244)$ ‐$
Total investment earnings (35,244) ‐
Contributions:
Fire insurance premiums transferred in 171,853 ‐
Custodial collections ‐ courts ‐ 241,704
Custodial collections ‐ other governments ‐ 606,050
Custodial collections ‐ other individuals and organizations ‐ 405,913
Total contributions 171,853 1,253,667
Total additions 136,609 1,253,667
12,125 ‐
227,254 ‐
‐ 241,686
‐ 661,359
DEDUCTIONS
Administrative and general
Benefit payments
Custodial distributions ‐ courts
Custodial distributions ‐ other governments
Custodial distributions ‐ other individuals and organizations ‐ 340,744
Total deductions 239,379 1,243,789
Net increase (decrease) in fiduciary net position (102,770) 9,878
Net Position ‐ January 1 10,164,611 72,583
Net Position ‐ December 31 10,061,841$ 82,461$
City of Renton
Statement of Changes in Fiduciary Net Position
For the Year Ended December 31, 2021
City of Renton, Washington
Basic Financial Statements, 4-12The notes to financial statements are an integral part of this statement.
2021 Annual Comprehensive Financial Report
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, 2021, the City has implemented the following GASB
Statements:
GASB Statement No. 98, The Annual Comprehensive Financial Report ‐ this Statement establishes
the term “annual comprehensive financial report” and its acronym ACFR. That new term and
acronym replace instances of “comprehensive annual financial report and its acronym in
generally accepted accounting principles for state and local governments.
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.
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
City of Renton, Washington
Basic Financial Statements, 4-13
2021 Annual Comprehensive Financial Report
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.
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.
City of Renton, Washington
Basic Financial Statements, 4-14
2021 Annual Comprehensive Financial Report
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:
Waterworks Utility Fund accounts for all operating and capital improvement 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 improvement programs are
revenue bond proceeds, grants (as available), and utility connection charges.
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.
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.
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 revenues
sources are the fire premium tax (contributed from the City) and 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.
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‐
City of Renton, Washington
Basic Financial Statements, 4-15
2021 Annual Comprehensive Financial Report
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 – the government‐wide financial statements are prepared
using the economic resources measurement focus and the accrual basis of accounting. Revenues are
recorded when earned 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 – the 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.
City of Renton, Washington
Basic Financial Statements, 4-16
2021 Annual Comprehensive Financial Report
Proprietary fund financial statements – the proprietary fund statements and fiduciary fund
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
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, 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.”
City of Renton, Washington
Basic Financial Statements, 4-17
2021 Annual Comprehensive Financial Report
Notes receivable consist of amounts due from the Renton Housing Authority related to their
purchase of the old Highlands Library building and amounts outstanding under the terms of
forgivable loans made using CDBG grant funds to business owners in the downtown area for façade
improvements.
Special assessments are recorded when levied and are liens against the property benefited.
Special assessments receivable consist of current and delinquent assessments. Amounts not due
within one year are reported as deferred inflows of resources in the governmental fund statements.
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. 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, with the exception of 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.
City of Renton, Washington
Basic Financial Statements, 4-18
2021 Annual Comprehensive Financial Report
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:
Amortization on all intangible assets is provided on the straight‐line basis over the following useful
lives:
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 an other non‐current asset.
Investment in joint ventures consists of the City’s equity balances and investment in debt of
Valley Communications Center and South Correctional Entity (see also Note 11).
8.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 position 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, 2021, provided by the State of Washington. Refer to Note 5 for more information on
pensions.
Capital Asset Class
Estimated
Useful Life
Buildings and structures, excluding utilities 7-60 years
Other improvements 5-80 years
Utility plant 5-50 years
Machinery and equipment 3-40 years
Infrastructure 7-80 years
Intangible Asset Class
Estimated
Service Life
Computer software 3-10 years
Water rights Indefinite
Mitigation bank credits Indefinite
Other 4-10 years
City of Renton, Washington
Basic Financial Statements, 4-19
2021 Annual Comprehensive Financial Report
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 position 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 three 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 three sources: delinquent
municipal court receivables, delinquent photo enforcement receivables, and delinquent property
tax receivables. 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
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.
9.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.
10.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.
11.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. For employees hired prior to
January 1, 1994, a fifty percent cash out of accumulated earned but unused sick leave is also eligible
for payment upon separation. The City accrues accumulated unpaid vacation and sick leave (when
eligible) when earned (or estimated to be earned) by the employee. The total compensated
absences liability is reported on the government‐wide statements and in each proprietary fund.
12.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.
City of Renton, Washington
Basic Financial Statements, 4-20
2021 Annual Comprehensive Financial Report
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 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.
City of Renton, Washington
Basic Financial Statements, 4-21
2021 Annual Comprehensive Financial Report
The following shows the composition of the fund balance in governmental funds for the year
ended December 31, 2021:
General
Capital
Improvement
Other
Governmental Total
Restricted
Police Seizure Funds ‐$ $ ‐ $ 630,630 $ 630,630
Police CSAM Funds ‐ ‐ 174,580 174,580
Shop with a Cop 4,829 ‐ ‐ 4,829
Judicial Capital Improvements 68,161 ‐ ‐ 68,161
Housing and Supportive Services ‐ ‐ 3,881,818 3,881,818
Affordable Housing 360,725 ‐ ‐ 360,725
Debt Service ‐ ‐ 252,200 252,200
Summer Lunch Program 581 ‐ ‐ 581
2021 Vete rans, Seniors & Human Services Levy 41,404 ‐ ‐ 41,404
Sr Center Advisory Committee 9,174 ‐ ‐ 9,174
CDBG Loans Outstanding 481,022 ‐ ‐ 481,022
Tourism Promotion ‐ ‐ 778,028 778,028
Renton Community Marketing Campaign ‐ ‐ 25,071 25,071
Cable Communications ‐ ‐ 746,857 746,857
Park Capital Improvements ‐ ‐ 14,713,624 14,713,624
Fire Capital Improvements ‐ ‐ 1,957,976 1,957,976
Transportation Capital Improvements ‐ 5,387,105 5,151,634 10,538,739
REET 1 Capital Projects ‐ ‐ 4,486,224 4,486,224
REET 2 Captial Projects ‐ ‐ 8,768,600 8,768,600
Renton School District Impact Mitigation ‐ ‐ 16,906 16,906
Kent School District Impact Mitigation ‐ ‐ 4,846 4,846
Community Garden Improvements ‐ ‐ 2,483 2,483
Urban Forestry Program ‐ ‐ 234,499 234,499
Total Restricted 965,896 5,387,105 41,825,976 48,178,977
Committed
Public Art 71,321 ‐ ‐ 71,321
Facilities Capital Improvements ‐ ‐ 3,084,768 3,084,768
Economic Development Projects 2,500,000 ‐ ‐ 2,500,000
Park Capital Improvements ‐ ‐ 1,787,907 1,787,907
Springbrook Wetlands Impact Mitigation ‐ ‐ 233,996 233,996
Transportation Capital Improvements ‐ 8,163,758 ‐ 8,163,758
Family First Center ‐ ‐ 1,800,234 1,800,234
Total Committed 2,571,321 8,163,758 6,906,905 17,641,984
Assigned
Farmer's Market 94,399 ‐ ‐ 94,399
Community Services 5,387,275 ‐ ‐ 5,387,275
Human Services 14,186 ‐ ‐ 14,186
Museum 99,249 ‐ ‐ 99,249
Leased City Properties 441,630 ‐ ‐ 441,630
Economic Development Projects 77,451 ‐ ‐ 77,451
Misc Capital Projects ‐ ‐ 32,336 32,336
Family First Center ‐ ‐ 7,497,732 7,497,732
Debt Service ‐ ‐ 4,958,585 4,958,585
Street Maintenance 2,183,842 ‐ ‐ 2,183,842
Total Assigned 8,298,032 ‐ 12,488,653 20,786,685
Unassigned
Unassigned 63,150,333 (337,394) ‐ 62,812,939
Total Unassigned 63,150,333 (337,394) ‐ 62,812,939
Total fund balances 74,985,582$ 13,213,469$ 61,221,534$ 149,420,585$
December 31, 2021
Governmental Fund Balances
City of Renton, Washington
Basic Financial Statements, 4-22
2021 Annual Comprehensive Financial Report
Negative unassigned fund balance ‐ At December 31, 2021 the Capital Improvements Fund reported
a negative unassigned fund balance of ($337,394). Per GASB 54, paragraph 19, you cannot have
negative assigned fund balance, so this is being reported as unassigned. The negative unassigned
fund balance is the result of grant reimbursement requests included in unavailable revenue.
Fund balance flow assumptions ‐ 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. 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. 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, 2021:
Governmental
Activities
Business‐Type
Activities
Restricted Net Position
Pensions $ 62,786,744 6,970,777$
Police Seizure Funds 630,630 ‐
Police CSAM Funds 174,580 ‐
Shop with a Cop 4,829 ‐
Affordable Housing 360,725 ‐
Judicial Capital Improvements 68,161 ‐
Housing and Supportive Services 3,881,818 ‐
Summer Lunch Program 581 ‐
2021 Veterans, Seniors & Human Services Levy 41,404 ‐
Sr Center Advisory Committee 9,174 ‐
CDBG Loans Outstanding 481,022 ‐
Tourism Promotion 778,028 ‐
Renton Community Marketing Campaign 25,071 ‐
Cable Communications 746,857 ‐
Park Capital Improvements 14,713,624 ‐
Fire Capital Improvements 1,957,976 ‐
Transportation Capital Improvements 10,538,739 ‐
REET 1 Capital Projects 4,486,224 ‐
REET 2 Captial Projects 8,768,600 ‐
Renton School District Impact Mitigation 16,906 ‐
Kent School District Impact Mitigation 4,846 ‐
Community Garden Improvements 2,483 ‐
Urban Forestry Program 234,450 ‐
Debt Service 252,200 2,810,145
Total Restricted Net Position $ 110,965,672 $ 9,780,922
December 31, 2021
Restricted Net Position
City of Renton, Washington
Basic Financial Statements, 4-23
2021 Annual Comprehensive Financial Report
Net position flow assumptions – In order to calculate the amounts to be reported as restricted
net position and unrestricted net position on the government‐wide and proprietary fund
statements, a flow assumption is made. It is the City’s policy to consider restricted net position to
have been depleted before unrestricted net position.
Minimum fund balance policy – The City Council has adopted a financial policy to maintain a
minimum level of unrestricted fund balance in the general fund. The target level is set at 12
percent, with a 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 – The City has adopted a comprehensive stabilization policy that helps
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 projects. 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: to help support debt service
obligations between the time the annexation sales tax credit expires (mid‐2019) and when the
downtown parking garage and library bond are paid (2022). Expenditures utilizing this reserve
will require a two‐thirds majority vote of the City Council.
5.General obligation bond payment reserve: for all councilmatic, 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.
City of Renton, Washington
Basic Financial Statements, 4-24
2021 Annual Comprehensive Financial Report
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.
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.
City of Renton, Washington
Basic Financial Statements, 4-25
2021 Annual Comprehensive Financial Report
On December 31, 2021, the City had the following balances on deposit with financial institutions:
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, 2021, 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.
Deposits Deposits at 12/31/2021
Bank Deposits 64,038,945$
Non‐negotiable Certificates of Deposit (CD's) 25,988,612
TOTAL DEPOSITS 90,027,558$
Security Type Amortized Cost
Local Government Investment Pool (LGIP) 156,491,141$
TOTAL INVESTMENTS 156,491,141$
City of Renton, Washington
Basic Financial Statements, 4-26
2021 Annual Comprehensive Financial Report
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.
On December 31, 2021, 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.
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 48,782,148$ 48,782,148$
Treasury 18,958,043$ 18,958,043$
TOTAL INVESTMENTS 67,740,192$ 67,740,192$
Fair Value Measurements Using
City of Renton, Washington
Basic Financial Statements, 4-27
2021 Annual Comprehensive Financial Report
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.
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.”
Investment Type Cost Fair Value Moody's S&P
Local Government Investment Pool (LGIP) 156,491,141$ 156,491,141$ unrated unrated
Federal Farm Credit Bank 9,751,102 9,927,584 Aaa AA+
Federal Home Loan Bank 19,803,031 19,442,304 Aaa AA+
Federal National Mortgage Association 5,040,558 4,970,112 Aaa AA+
Federal Home Loan Mortgage Corporation 14,588,972 14,442,148 Aaa AA+
Treasury 18,997,645 18,958,043 Aaa AA+
TOTAL INVESTMENTS 224,672,448$ 224,231,333$
Investment Type Cost Fair Value
Average
Interest
Rate
Local Government Investment Pool (LGIP) 156,491,141$ 156,491,141$ 0.060%
Federal Farm Credit Bank 9,751,102 9,927,584 1.600%
Federal Home Loan Bank 19,803,031 19,442,304 1.215%
Federal National Mortgage Association 5,040,558 4,970,112 1.689%
Federal Home Loan Mortgage Corporation 14,588,972 14,442,148 0.438%
Treasury 18,997,645 18,958,043 1.030%
TOTAL INVESTMENTS 224,672,448$ 224,231,333$
Investment Type
0‐6
months
6 months ‐
1 year
1‐3
years
3+
years Totals
Local Government Investment Pool (LGIP) 156,491,141$ ‐$ ‐$ ‐$ 156,491,141$
Federal Farm Credit Bank ‐ 4,945,478 4,982,106 ‐ 9,927,584
Federal National Mortgage Association ‐ ‐ 4,970,112 ‐ 4,970,112
Federal Home Loan Mortgage Corporation ‐ ‐ 9,690,703 4,751,445 14,442,148
Federal Home Loan Bank ‐ 4,924,828 5,017,406 9,500,071 19,442,304
Treasury ‐ ‐ ‐ 18,958,043 18,958,043
TOTAL INVESTMENTS 156,491,141$ 9,870,306$ 24,660,326$ 33,209,560$ 224,231,333$
City of Renton, Washington
Basic Financial Statements, 4-28
2021 Annual Comprehensive Financial Report
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 9%, Federal Home Loan
Mortgage Corporation equal to 6%, and Treasury equal to 8%. 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
Maximum
Issuer
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 conducted on
a delivery‐versus‐payment (DVP) basis and are held in our safekeeping trust account with Wells Fargo
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 August 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 12 percent 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.
City of Renton, Washington
Basic Financial Statements, 4-29
2021 Annual Comprehensive Financial Report
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 2021, after reductions noted above, was $2.69861.
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. 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 2021
Annual Report is $1.080.
City of Renton, Washington
Basic Financial Statements, 4-30
2021 Annual Comprehensive Financial Report
NOTE 4. CAPITAL ASSETS AND DEPRECIATION
Governmental activities capital asset activity for the year ended December 31, 2021, was as follows:
Depreciation and amortization were charged to the functions as follows:
Beginning Ending
Balance Increases Decreases Reallocation Balance
Governmental activities :
Capital assets, not being depreciated:
Land and land improvements $ 213,458,539 $ 1,446,218 $ (61,198) $ ‐ $ 214,843,559
Construction in progress 19,833,647 16,803,962 ‐ (3,068,603) 33,569,005
Total capital assets, not being depreciated 233,292,186 18,250,180 (61,198) (3,068,603) 248,412,564
Capital assets, being depreciated:
Buildings and structures 87,228,619 ‐ (1,180,894) ‐ 86,047,725
Other improvements 334,313,365 1,735,939 ‐ 224,154 336,273,457
Machinery and equipment 42,231,839 1,627,563 (1,270,888) 2,844,450 45,432,963
Total capital assets being depreciated 463,773,823 3,363,501 (2,451,781) 3,068,603 467,754,146
Less accumulated depreciation for:
Buildings and structures (44,488,181) (2,227,123) 659,332 ‐ (46,055,972)
Other improvements (123,970,593) (8,571,838) ‐ ‐ (132,542,431)
Machinery and equipment (27,216,037) (3,168,449) 975,275 ‐ (29,409,211)
Total accumulated depreciation (195,674,811) (13,967,409) 1,634,607 ‐ (208,007,613)
Total capital assets, being depreciated, net 268,099,012 (10,603,908) (817,174) 3,068,603 259,746,533
Intangible Assets:
Intangible assets, not being amortized 665,394 39,780 (867)‐ 704,307
Intangible assets, being amortized 5,230,597 5,494 ‐ ‐ 5,236,091
Less accumulated amortization (4,841,266) (119,463) ‐ ‐ (4,960,729)
Total intangible asset, being amortized, net 389,331 (113,969) ‐ ‐ 275,362
Total Intangible assets 1,054,725 (74,189)(867)‐ 979,669
Governmental activities capital assets, net $ 502,445,923 $ 7,572,083 $ (879,240) $ ‐ $ 509,138,766
Depreciation Amortization Total
General Government 1,195,693 ‐ 1,195,693$
Judicial ‐ ‐ ‐
Public Safety 441,717 8,192 449,909
Physical Environment 58,148 ‐ 58,148
Transportation 7,034,436 ‐ 7,034,436
Economic Development 476,351 ‐ 476,351
Culture and Recreation 1,924,941 ‐ 1,924,941
Health and Human Services 13,275 ‐ 13,275
Internal Service Funds (General Governmental) 2,822,848 111,270 2,934,118
$ 13,967,409 $ 119,463 $ 14,086,872 Total ‐Governmental Activities
Governmental Activities
City of Renton, Washington
Basic Financial Statements, 4-31
2021 Annual Comprehensive Financial Report
Business‐type activities capital asset activity for the year ended December 31, 2021 was as follows:
Depreciation and amortization were charged to the functions as follows:
Beginning Ending
Balance Increases Decreases Reallocation Balance
Business‐type activities:
Capital assets, not being depreciated:
Land and land improvements $ 6,150,056 $ ‐ $ (6,366) $ ‐ $ 6,143,691
Construction in progress 14,852,547 17,661,544 ‐ (8,138,636) 24,375,456
Total capital assets, not being depreciated 21,002,603 17,661,544 (6,366) (8,138,636) 30,519,146
Capital assets, being depreciated:
Buildings and structures 17,576,346 ‐ ‐ ‐ 17,576,346
Other improvements 451,713,139 2,705,071 (35,577) 8,138,636 462,521,269
Machinery and equipment 3,195,880 79,560 ‐ ‐ 3,275,440
Total capital assets being depreciated 472,485,365 2,784,631 (35,577) 8,138,636 483,373,055
Less accumulated depreciation for:
Buildings and structures (9,674,831) (404,573) ‐ ‐ (10,079,404)
Other improvements (174,494,137) (10,054,513) 16,393 ‐ (184,532,257)
Machinery and equipment (2,404,606) (132,236) ‐ ‐ (2,536,842)
Total accumulated depreciation (186,573,574) (10,591,323) 16,393 ‐ (197,148,504)
Total capital assets, being depreciated, net 285,911,791 (7,806,692) (19,184) 8,138,636 286,224,551
Intangible Assets:
Intangible assets, not being amortized 811,000 ‐ ‐ ‐ 811,000
Intangible assets, being amortized 527,222 ‐ ‐ ‐ 527,222
Less accumulated amortization (431,986) (45,713) ‐ ‐ (477,699)
Total intangible asset, being amortized, net 95,236 (45,713) ‐ ‐ 49,523
Total Intangible assets 906,236 (45,713) ‐ ‐ 860,523
Business‐type activities capital assets, net $ 307,820,630 $ 9,809,139 $ (25,549) $ ‐ $ 317,604,220
Depreciation Amortization Total
Waterworks $ 9,289,592 $ 45,713 9,335,305$
Airport 1,103,231 ‐ 1,103,231
Golf Course 198,500 ‐ 198,500
$ 10,591,323 $ 45,713 $ 10,637,036 Total‐Business‐Type Activities
Business‐Type Activities
City of Renton, Washington
Basic Financial Statements, 4-32
2021 Annual Comprehensive Financial Report
At the end of 2021, a total of 50 projects comprises the Construction in Progress. Upon completion, the
projects will be reallocated to their appropriate categories.
Construction commitments as of December 31, 2021, are as follows:
Governmental Activities Projects:
Construction
in progress
Remaining
Commitment
Bronson Bridge 228,677 80,816
City Hall Generator Replacement 937,198 20,216
Coulon North Waterwalk 363,223 18,792
Coulon Trestle Bridge 264,446 ‐
Downtown Streetscape 1,393,081 ‐
Duvall Ave 7th to Sunset 1,621,463 741,364
Family First Center 1,315,974 376,045
Highlands to Landing Pedestrian Lighting 276,600 ‐
Houser Way Intersection & Ped Improvement 1,008,957 618,503
Houser Way N. Bridge 97,480 39,983
Kennydale Beach Playground 121 133,488
Kenyon Property Building 73,991 ‐
Kenyon Property Instahot Water Heater 10,556 ‐
Kiwanis Park 274,261 768,196
Lake Washington Loop Trail 2,559,056 557,841
Liberty Park Improvement 18,631 ‐
Park Ave Extension 4,992,490 72,242
Phillip Arnold Park Improvements 426,989 144,997
Police Brazos Parking Citation System 2,200 ‐
Rainier Ave S/N Phase 4 3,501,818 51,815
RCC Security Ca mera Sys tem 10,496 ‐
Regis Park Athletic Field Expansion 124,044 16,314
Renton Connector 17,701 ‐
Renton School Crossings 926,143 14,520
S. 2nd Street Conversion 8,447 ‐
Safe Routes to Transit 1,251,207 238,461
Sunset Blvd Corridor 336,418 17,086
Williams Ave S & Wells Ave S Conversion 11,446,663 668,000
Williams Bridge 80,674 56,311
Total governmental activities 33,569,005$ 4,634,991$
Business‐Type Activities Projects:
Construction
in progress
Remaining
Commitment
Airport Office Rehab 441,995$ 3,731$
Burnett Ave S/Williams Ave S 201,577 272,466
Downton Sewer Replacement/Rehab 8,671,067 516,935
Downtown Storm System Improvements 4,374,272 443,785
Downtown Water Main Replacement 2,515,643 976,131
Duvall Ave NE Water Main Replacement 2,539 5,198,207
Force Main Rehabilitation/Replacement 81,511 157,788
Hardie Ave S Underpass Storm System Improvement 2,090 ‐
He ather Downs Detention Pond Retrofit 215,225 41,010
Highlands 435 ‐ Resevoirs Replacement 2,346,190 73,338
Highlands Water Main Improvement 775,932 120,510
Hillcrest Lane Water Main Replacement 52,917 ‐
Lift Station Rehabilitation 496,833 381,220
Madsen Creek Improvement 188,724 ‐
Monroe Ave NE & N 2nd St Infiltration System 438,868 189,690
NE 16th/Jefferson Ave NE Stormwater 2,140,323 595,746
Renton Highlands Sa ni tary Sewer Rehabilitation 21,225 688,683
SE 172nd St/125th Ave SE Storm Sys 466,082 8,846
Taylor Ave NW CMP Storm System Replacement 155,941 103,314
Thunder Hills Sanitary 610,048 102,259
Water Pump Stations Rehabilitation 176,454 139,038
Total business‐type activities 24,375,456$ 10,012,696$
City of Renton, Washington
Basic Financial Statements, 4-33
2021 Annual Comprehensive Financial Report
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, which 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.
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 10 water wells that have regulatory
requirements associated with decommissioning. The assets have no foreseeable disposition, and the City
has no intent of decommissioning the wells. 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 $1.05M.
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 statues required by Department of Ecology, WAC‐173‐360A‐0810, the estimated lesser
cost to decommission the tanks is $100,000 per tank. The City has determined this amount is not material
and no asset retirement obligation has been recorded for these assets. 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.
City of Renton, Washington
Basic Financial Statements, 4-34
2021 Annual Comprehensive Financial Report
General Information about the Pension Plans
All of 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.
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.
Actuarial assumptions. The total pension liability was determined using the following actuarial
assumptions.
Inflation 2.75%
Salary Increases 3.50%
Investment rate of return 7.40%
Total pension liability for each of the plans was determined using the most recent actuarial valuation
completed in 2021 with a valuation date of June 30, 2020. The assumptions used were based on the
results of the 2013‐2018 demographic experience study report. A method change was noted in which
to produce measures at June 30, 2020, the Office of the State Actuary (OSA) projected the data forward
one year reflecting assumed new hires and current members exiting the plan as expected. OSA
estimated June 30, 2020 assets by relying on the fiscal year end 2019 assets, reflecting actual investment
performance over FY 2020 and reflecting assumed contribution amounts and benefits payments during
FY 2020.
Mortality rates were developed using the Society of Actuaries PUB. H‐2010 mortality rates as the base
table. OSA applied 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.
City of Renton, Washington
Basic Financial Statements, 4-35
2021 Annual Comprehensive Financial Report
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.
The long‐term expected rate of return of 7.4 percent 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, 2021, are summarized in the following table:
The inflation component used to create the table above is 2.20 percent, 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 7.40 percent 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 7.40 percent
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
7.40 percent, 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 (6.40 percent) or one percentage point higher (8.40
percent) than the current rate.
Asset Class Target Allocation
Lont‐Term
Expected Real Rate
of Return
Fixed Income 20.00% 2.20%
Tangible Assets 7.00% 5.10%
Real Estate 18.00% 5.80%
Global Equity 32.00% 6.30%
Private Equity 23.00% 9.30%
City of Renton, Washington
Basic Financial Statements, 4-36
2021 Annual Comprehensive Financial Report
Collective Net Pension Liability/(Asset)
The collective net pension liability was measured as of June 30, 2021, and the total pension liability used
to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2020, with
the results rolled forward to June 30, 2021 using standard update procedures. Employer contribution
transmittals received and processed by the DRS for the fiscal year ended June 30 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 2021. Historical data was
obtained from a 2011 study by the office of the State Actuary (OSA). In the fiscal year 2021, the State of
Washington contributed 87.12 percent of LEOFF Plan 1 employer contributions and all other employers
contributed the remaining 12.88 percent 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, 2021, the City’s proportionate share of the collective net pension assets/liabilities was as
follows:
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.
1% Decrease
6.40%
Current
Discount Rate
7.40%
1% Increase
8.40%
PERS Plan 1 5,093,502$ 2,989,923$ 1,155,385$
PERS Plan 2/3 (8,857,443)$ (31,091,776)$ (49,401,758)$
PSERS Plan 2 (15,838)$ (101,021)$ (168,439)$
LEOFF Plan 1 (7,533,347)$ (8,367,929)$ (9,089,983)$
LEOFF Plan 2 (14,479,778)$ (22,961,880)$ (29,907,030)$
Proportionate Share Proportionate Share Change in
6/30/2020 6/30/2021 Proportion
PERS Plan 1 0.262379% 0.244828%‐0.017551%
PERS Plan 2/3 0.338648% 0.312116%‐0.026532%
PSERS Plan 2 0.049734% 0.043972%‐0.005762%
LEOFF Plan 1 0.239644% 0.244279% 0.004635%
LEOFF Plan 2 0.430979% 0.395321%‐0.035658%
City of Renton, Washington
Basic Financial Statements, 4-37
2021 Annual Comprehensive Financial Report
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 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 plans provide retirement, disability, and death benefits to eligible members.
PERS Plan 1 members are vested after the completion of five years of eligible service. Plan 1 members
are eligible for retirement after 30 years of service, or at the age of 60 with five years of service, or at
the age of 55 with 25 years of service. The monthly benefit is two percent of the average final
compensation (AFC) per year of service, capped at sixty percent. The AFC is the average of the member’s
24 highest consecutive service months. Plan 1 members who retire from inactive status prior to the age
of 65 may receive actuarially reduced benefits. Plan 1 members may elect to receive an optional cost of
living allowance (COLA) that provides an automatic annual adjustment based on the Consumer Price
Index. The adjustment is caped at three percent annually. To offset the cost of this annual adjustment
the benefit is reduced.
PERS Plan 2 members are vested after completion of five years of eligible service. Plan 2 members are
eligible for normal retirement at the age of 65 with five years of service. The monthly benefit is two
percent of the AFC per year of service. There is no cap on years of service credit and a 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. Plan 2 members have the option to retire early with
reduced benefits.
PERS Plan 3 has a dual benefit structure. Employer contributions finance a defined benefit component,
and member contributions finance a defined contribution component. The defined benefit portion
provides members a monthly benefit that is one percent of the AFC per year of service. There is no cap
on years of service credit. Plan 3 provides the same COLA as Plan 2. The AFC is the average of the
member’s 60 highest paid consecutive months. Effective June 7, 2006, 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 twelve
months of that service are earned after age 44; or after five service credit years earned in PERS Plan 2
by June 1, 2003. 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.
City of Renton, Washington
Basic Financial Statements, 4-38
2021 Annual Comprehensive Financial Report
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 $1,823,690, $2,428,254, and 528,331 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 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.
Required Contribution Rates Employer Employee
Plan 1Plan 2Plan 3Plan 1Plan 2Plan 3
PERS
Members not participating in JBM
State agencies, local governmental un 12.79% 12.79% 12.79% 6.00% 7.90% **
Administrative fee 0.18% 0.18% 0.18%
Total 12.97% 12.97% 12.97% *
Members participating in JBM
Local governmental units 12.79% 12.79% 12.79% 12.26% 19.75% 7.5%***
Administrative fee 0.18% 0.18% 0.18%
Total 12.97% 12.97% 12.97% *
*Plan 3 defined benefit portion only.
** Variable from 5% to 15% based on rate selected by the member.
*** Minimum rate.
City of Renton, Washington
Basic Financial Statements, 4-39
2021 Annual Comprehensive Financial Report
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 $21,462.
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.
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:
Term of Service
Percent of Final
Average Salary
20 or more years 2.0%
10 but less than 20 years 1.5%
5 but less than 10 years 1.0%
A cost of living allowance (COLA) is granted based on the Consumer Price Index.
Required Contribution Rates Employer Employee
Plan 2Plan 2
PSERS
State agencies, local governmental un 12.07% 7.20%
Administrative fee 0.18%
Total 12.25%
City of Renton, Washington
Basic Financial Statements, 4-40
2021 Annual Comprehensive Financial Report
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.
See Note 15 for additional information related to LEOFF Plan 2 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:
Employer contributions to LEOFF Plan 2 were $787,914.
B.Firefighters’ Pension
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.
Required Contribution Rates Employer Employee
Plan 1Plan 2Plan 1Plan 2
LEOFF
Local governmental units N/A 5.15% N/A 8.59%
Administrative fee 0.18% 0.18%
Total 0.18% 5.33%
N/A Indicates data not applicable.
City of Renton, Washington
Basic Financial Statements, 4-41
2021 Annual Comprehensive Financial Report
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, 2021, 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.
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 2021, $227,255 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. 2021 employer contributions to the Firefighters’ Pension Plan were $171,853.
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 FPF 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.
Inactive employees or beneficiaries currently receiving benefits 23
Inactive employees or beneficiaries receiving full retirement through LEOFF 2
Total 25
City of Renton, Washington
Basic Financial Statements, 4-42
2021 Annual Comprehensive Financial Report
Rate of Return – For the year ended December 31, 2021, the annual money‐weighted rate of return on
pension plan investments, net of pension plan investment expense, was ‐0.35%. 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, 2021, 12.57% of the plan’s fiduciary net position was
invested in US Federal Agency Securities, 6.69% was invested in certificates of deposit, 4.88% was
invested in US Treasury, and 9.12% was invested in US Treasury Strips.
Net Pension Liability/(Asset)
The City’s net pension liability was measured as of December 31, 2021, and the total pension liability
used to calculate the net pension liability/(asset) of $(7,234,915) was determined by an actuarial
valuation as of that date.
The plan’s fiduciary net position of $10,061,840 is 356% of the plan’s total pension liability at December
31, 2021.
Actuarial assumptions. The total pension liability was determined by an actuarial valuation as of
December 31, 2021, using the following actuarial assumptions.
Inflation 2.25%
Salary increases 3.25%
Investment rate of return 2.00%
Actuarial cost method Entry age normal
Increase (Decrease)
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability
(a) ‐ (b)
Balances at December 31,2020 2,353,184$ 10,164,611$ (7,811,427)$
Changes for the Year
Interest on total pension liability 44,803 ‐ 44,803
Effect of economic/demographic gains or losses 532,816 ‐ 532,816
Effect of assumptions chages or inputs 123,377 ‐ 123,377
Benefit payments (227,255) (227,255) ‐
Contributions from state fire insurance
premium tax ‐ 171,853 (171,853)
Net investment income ‐ (35,244) 35,244
Administrative expenses ‐ (12,125) 12,125
Net Changes 473,741 (102,771) 576,512
Balances at December 31,2021 2,826,925$ 10,061,840$ (7,234,915)$
City of Renton, Washington
Basic Financial Statements, 4-43
2021 Annual Comprehensive Financial Report
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.
We used the weighted expected returns of the City’s portfolio of cash, US Treasuries (to be held to
maturity), and receivables to develop the long‐term expected rate of return.
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, 2021, are summarized in the following
table:
Discount rate. The discount rate used to measure the total pension liability was 2.0%. 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
2.25%. 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 2.0%, 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
(1.0%), or one percentage point higher (3.0%), that the current rate.
Asset Class Index
Long‐Term Expected Real
Rate of Return
Cash BAML 90‐Day T‐Bills ‐0.26%
Short‐Term Bonds Bloomberg US Govt 1‐3 Yr TR USD 0.25%
Long‐Term Bonds Bloomberg US Govt Long TR USD 1.14%
Mortgages Bloomberg US MBS TR USD 2.03%
Assumed Inflation ‐ Mean 2.25%
Long‐Term Expected Rate of Return 2.00%
1% Decrease
1.00%
Current
Discount Rate
2.00%
1% Increase
3.00%
Total Pension Liability 3,048,448$ 2,826,925$ 2,631,657$
Fiduciary Net Position 10,061,840 10,061,840 10,061,840
Net Pension Liability (7,013,392) (7,234,915) (7,430,183)
City of Renton, Washington
Basic Financial Statements, 4-44
2021 Annual Comprehensive Financial Report
C.Pension Liabilities (Assets), Pension Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions
As of June 30, 2021, the City reported its proportionate share of net pension liability/(asset) as follows:
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 $508,378 as contribution revenue
for the State’s on behalf payment for 2021. The amount recognized by the City as its proportionate share
of the net pension liability/(asset), the portion of the City’s net pension liability/(asset) to be paid by the
State, and the total portion of the net pension liability/(asset) that was associated with the City were as
follows:
For the year ended December 31, 2021 the City recognized pension expense as follows:
Plan Liability Asset
PERS Plan 1 2,989,923$ ‐$
PERS Plan 2/3 (31,091,776)
PSERS Plan 2 ‐ (101,021)
LEOFF Plan 1 ‐ (8,367,929)
LEOFF Plan 2 ‐ (22,961,880)
Firefighters' Pension (7,234,915)
Total 2,989,923$ (69,757,521)$
Liability/(Asset)
LEOFF Plan 1 ‐ employer's proportionate share (8,367,929)$
net pension liability/(asset) associated with the
employer (56,600,464)
TOTAL (64,968,393)$
Liability/(Asset)
LEOFF Plan 2 ‐ employer's proportionate share (22,961,880)$
LEOFF Plan 2 ‐ State's proportionate share of the net
pension liability/(asset) associated with the employer (14,812,919)
TOTAL (37,774,799)$
Pension Expense
PERS Plan 1 (1,183,545)$
PERS Plan 2/3 (7,106,302)
PSERS Plan 2 (2,609)
LEOFF Plan 1 (1,332,651)
LEOFF Plan 2 (2,765,721)
Firefighters' Pension (497,923)
Total (12,888,751)$
City of Renton, Washington
Basic Financial Statements, 4-45
2021 Annual Comprehensive Financial Report
At December 31, 2021, the City reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
For PERS Plan 1, $856,196, for PERS Plan 2/3, $1,442,727, for PSERS Plan 2, $17,006, and for LEOFF Plan
2 $448,123, reported as deferred outflows of resources related to contributions resulting from City
contributions subsequent to the measurement date will be recognized as a reduction of the net pension
liability in the year ended December 31, 2022.
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to
pensions will be recognized as pension expense as follows:
Deferred Outflows of Resources PERS Plan 1PERS Plan 2/3 PSERS Plan 2LEOFF Plan 1LEOFF Plan 2
Firefighters'
Pension Total
Differences between expected and
actual experience ‐$ 1,510,083$ 10,366$ ‐$ 1,041,463$ ‐$ 2,561,912$
Net difference between projected
and actual earnings on pension
plan investments ‐ ‐ ‐ ‐ ‐ 274,186 274,186
Changes of assumptions ‐ 45,435 16 ‐ 9,926 55,377
Changes in proportion and
differences between City
contributions and proportionate ‐ 260,554 ‐ ‐ 1,005,904 1,266,458
City contributions subsequent to
the measurement date 856,196 1,442,727 17,006 ‐ 448,123 2,764,052
Total 856,196$ 3,258,799$ 27,388$ ‐$ 2,505,416$ 274,186$ 6,921,985$
Deferred Inflows of Resources PERS Plan 1PERS Plan 2/3 PSERS Plan 2LEOFF Plan 1LEOFF Plan 2
Firefighters'
Pension Total
Differences between expected and
actual experience ‐$ 381,155$ 399$ ‐$ 121,352$ ‐$ 502,906$
Net difference between projected
and actual earnings on pension
plan investments 3,317,813 25,985,431 72,361 2,556,917 10,948,389 ‐ 42,880,911
Changes of assumptions ‐ 2,208,030 10,330 ‐ 1,092,069 ‐ 3,310,429
Changes in proportion and
differences between City
contributions and proportionate ‐ 768,004 ‐ ‐ 222,651 ‐ 990,655
Total 3,317,813$ 29,342,620$ 83,090$ 2,556,917$ 12,384,461$ ‐$ 47,684,901$
Differences Between Projected and Actual Earnings on Plan Investments
Year PERS Plan 1PERS Plan 2/3 PSERS Plan 2LEOFF Plan 1LEOFF Plan 2 Firefighters' Pension Total
2022 (878,889)$ (6,833,448)$ (18,797)$ (679,209)$ (2,880,677)$ 110,372$ (11,180,648)$
2023 (805,382) (6,366,575) (17,844) (621,261) (2,681,540) 67,471 (10,425,131)
2024 (761,522) (6,010,093) (16,927) (586,218) (2,531,082) 48,771 (9,857,071)
2025 (872,020) (6,775,315) (18,793) (670,229) (2,855,090) 47,572 (11,143,875)
Total (3,317,813)$ (25,985,431)$ (72,361)$ (2,556,917)$ (10,948,389)$ 274,186$ (42,606,725)$
The recognition period is a closed, five‐year period for all plans.
City of Renton, Washington
Basic Financial Statements, 4-46
2021 Annual Comprehensive Financial Report
Differences Between Expected and Actual Experience
Recognition Period
(Years)1 6.8 11.1 10.3
Year PERS Plan 2/3 PSERS Plan 2LEOFF Plan 2Total
2022 233,653$ 1,026$ 110,485$ 345,164$
2023 233,653 1,012 110,485 345,150
2024 165,801 1,012 110,485 277,298
2025 232,010 1,012 110,485 343,507
2026 189,176 1,012 110,485 300,673
Thereafter 74,635 4,893 367,686 447,214
Total 1,128,928$ 9,967$ 920,111$ 2,059,006$
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 6.8 11.1 10.3
Year PERS Plan 2/3 PSERS Plan 2LEOFF Plan 2Total
2022 (507,285)$ (1,102)$ (155,251)$ (663,638)$
2023 (507,285) (1,107) (155,251) (663,643)
2024 (507,823) (1,107) (155,251) (664,181)
2025 (312,362) (1,107) (155,251) (468,720)
2026 (273,022) (1,107) (155,251) (429,380)
Thereafter (54,818) (4,784) (305,888) (365,490)
Total (2,162,595)$ (10,314)$ (1,082,143)$ (3,255,052)$
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 6.8 11.1 10.3
Year PERS Plan 2/3 PSERS Plan 2LEOFF Plan 2Total
2022 (54,555)$ ‐$ 77,081$ 22,526$
2023 (54,555) ‐ 77,081 22,526
2024 (133,853) ‐ 77,081 (56,772)
2025 (112,169) ‐ 77,081 (35,088)
2026 (89,984) ‐ 77,081 (12,903)
Thereafter (62,334) ‐ 397,847 335,513
Total (507,450)$ ‐$ 783,253$ 275,803$
The recognition period for each plan is equal to the average of the expected remaining service lives of all
emp loyees 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
City of Renton, Washington
Basic Financial Statements, 4-47
2021 Annual Comprehensive Financial Report
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 74 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 $35,484,443 was measured as of December 31, 2021.
Total OPEB Liability
12/31/2020 12/31/2021
Total OPEB Liabilty 42,674,125$ 35,484,443$
Covered employee payroll ‐$ ‐$
N/A N/ATotal OPEB liability as of a % of
covered employee payroll
City of Renton, Washington
Basic Financial Statements, 4-48
2021 Annual Comprehensive Financial Report
Actuarial Methods and Assumptions
An actuarial valuation was completed as of January 1, 2021. 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
2.06% as of December 31, 2021. Rounding to the nearest ¼% results in a discount of 2.00% as of the
December 31, 2021 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 January 1, 2021
Measurement Date December 31, 2021
Actuarial Cost Method Entry Age Normal
Amortization Method
Actuarial Assumptions:
Discount Rate 2.00%
Long Term Care Trend Rate 4.50%
Projected Salary Changes 3.25%
Inflation Rate 2.25%
Medical and Dental Trend Year Medical Trend
2021‐2022 6.00%
2022‐2023 5.50%
2023‐2024 5.10%
2024‐2025 5.00%
2025‐2026 4.90%
Grading down to an ultimate of 3.8%
Economic/demographic gains or
losses and assumption changes are
re cognized over the average
remaining service life for all active
members; immediate recognition is
used when the average remaining
service life is less than one.
City of Renton, Washington
Basic Financial Statements, 4-49
2021 Annual Comprehensive Financial Report
Changes in the Total OPEB Liability
The following table presents the change in the total OPEB liability as of December 31, 2021:
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, 2021, the City recognized OPEB Expense of ($5,766,134). As of
December 31, 2021 the City reported no deferred outflows or inflows of resources related to OPEB.
Changes in Total OPEB Liabilty
Balance as of 12/31/2020 42,674,125$
Changes for the Year:
Service Cost ‐
Interest on total OPEB Liability 839,318
Effect of plan changes ‐
Effect of Economic/demographic gains or losses (5,516,286)
Effect of assumptions changes or inputs (1,089,166)
Expected benefit payment (1,423,548)
Balance as of 12/31/2021 35,484,443$
1% Decrease
1.00%
Current
Discount Rate
2.00%
1% Increase
3.00%
Total December 31,2021 OPEB Liability 40,299,824$ 35,484,443$ 31,496,358$
1% Decrease
Current
Trend Rate 1% Increase
Total December 31,2021 OPEB Liability 31,739,836$ 35,484,443$ 39,862,372$
City of Renton, Washington
Basic Financial Statements, 4-50
2021 Annual Comprehensive Financial Report
NOTE 7. CONTINGENCIES
As of December 31, 2021, 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 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.
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.
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. 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 result of
the process to estimate the claims liability is not an exact amount as it depends on many complex factors,
such as, inflation, changes in legal doctrines, and damage awards. Accordingly, claims are reevaluated
periodically to consider the effects of inflation, recent claim settlement trends (including frequency and
amount of pay‐outs), and other economic and social factors. The estimate of the claims liability also
includes amounts for incremental claim adjustment expenses related to specific claims and other claim
adjustment expense regardless of whether allocated to specific claims. Estimated recoveries, for
example from salvage or subrogation, are another component of the claims liability estimate.
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.
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:
City of Renton, Washington
Basic Financial Statements, 4-51
2021 Annual Comprehensive Financial Report
Type of Coverage
Risk
Retention
Occurrence Aggregate Amount Carrier
Property –
Expires 07/01/2022
$50,000 $200,000,000 (per
occurrence subject
to annual aggregate
& sub‐limits)
Alliant Property
Insurance Program
(APIP)
Cyber Liability –
Expires 07/01/2022
Pollution Liability ‐
Expires 07/01/2022
$50,000
$100,000
$2,000,000
(subject to sub‐
limits)
$2,000,000
(subject to sub‐
limits)
APIP
APIP
Comm Gen Liability –
$2M
Auto, GL
Expires 01/01/2022
Comm Gen Liability –
$2M
POL/EPL, Law Enf
Expires 01/01/2022
Liability $3M XS $2M –
Expires 01/01/2022
Liability $10M XS $5M
–
Expires 01/01/2022
$250,000
$250,000
$2,000,000
$5,000,000
$2,000,000
(per occurrence,
$4M aggregate, auto
outside aggregate)
$2,000,000
(per occurrence,
POL/EPL $2M
aggregate)
$3,000,000
(per occurrence,
$6M aggregate)
$10,000,000
(per occurrence +
aggregate)
Safety National
Safety Specialty
Safety National
AWAC
Liability $5M XS $15M–
Expires 01/01/2022
$15,000,000 $5,000,000
(per occurrence +
aggregate)
Hallmark
Liability $5M XS $20M–
Expires 01/01/2022
$20,000,000 $5,000,000
(per occurrence +
aggregate)
AWAC
City of Renton, Washington
Basic Financial Statements, 4-52
2021 Annual Comprehensive Financial Report
Unmanned Aircraft
Liability
Expires 01/01/2022
$0 $1,000,000
(per occurrence)
National Union Fire
Business Auto Liability‐
$2M
Expires 01/01/2022
$250,000 $5,000,000
(subject to sub‐
limits)
Safety National
Casualty Corp
Auto Physical Damage
–
Expires 07/01/2022
$25,000 ACV or Replacement
Cost; per Occurrence
APIP
Equipment Breakdown
–
Expires 07/01/2022
$10,000 $100,000,000 APIP
Employee
Fidelity/Crime (ACIP)
Expires 07/01/2022
$10,000 $2,500,000 National Union Fire
Type of Coverage
Risk
Retention
Occurrence Aggregate Amount Carrier
Airport Liability –
Expires 01/01/2022
$0 $100,000,000 National Union Fire
Storage Tank Pollution
Liab – Expires
01/01/2022
$2,500 $1,000,000 Great American E
& S
Excess Workers’ Comp
–
Expires 01/01/2022
$500,000 Statutory Safety National
Deadly Weapons
Response –
Expires 01/01/2022
$0 $500,000 Lloyd’s of London
City of Renton, Washington
Basic Financial Statements, 4-53
2021 Annual Comprehensive Financial Report
As of December 31, 2021, the City had accrued the following amounts for outstanding claims:
NOTE 9. INTERFUND TRANSACTIONS
A.INTERFUND TRANSFERS
The following is the composition of interfund transfers for the year ended December 31, 2021:
During the year transfers were used to fund anticipated capital projects and equipment purchases.
All transfers either occur on a regular basis or are consistent with the purpose of the fund making the
transfer. Transfers that occur within the governmental funds are eliminated on the government‐wide
statement of activities.
Coverage
Total Claims Payable
12/31/2021
Property & liability 276,500$
Workers' compensation 416,613
Employee health 1,653,000
TOTAL 2,346,113$
2021
Property &
Liability
Workers'
Compensation
Employee
Health Totals
IBNR claims at beginning of the year 248,323$ 498,804$ 1,622,000$ 2,369,128$
Current year and changes in estimates (822,275) (625,227) (11,060,676) (12,508,178)
Claims payments 850,451 543,036 11,091,676 12,485,163
IBNR claims at end of the year 276,500$ 416,613$ 1,653,000$ 2,346,113$
2020
Property &
Liability
Workers'
Compensation
Employee
Health Totals
IBNR cl aims at beginning of the year 185,210$ 507,612$ 1,497,800$ 2,190,622$
Current year and changes in estimates (505,814) (258,567) (11,015,512) (11,779,893)
Claims payments 568,927 249,759 11,139,712 11,958,399
IBNR claims at end of the year 248,323$ 498,804$ 1,622,000$ 2,369,128$
Transfer Out: General
Cable
Communications
Development
Community
Development
Impact
Mitigation REET 2
Municipal
Facilities CIP
Capital
Improvement
General
Debt
Waterworks
Utility Insurance Equipment Rental Total
Governmental Funds:
General ‐ 40,000 ‐ ‐ 3,500,000 500,000 3,639,802 ‐ 1,000,000 560,540 9,240,342
Hotel/Motel Tax 40,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 40,000
Fire Impact Mitigation ‐ ‐ ‐ ‐ ‐ ‐ 436,987 ‐ ‐ ‐ 436,987
Transportation Impact Mitigation ‐ ‐ ‐ ‐ ‐ 102,837 ‐ ‐ ‐ ‐ 102,837
REET 1 ‐ ‐ ‐ ‐ 500,000 249,549 1,865,000 ‐ ‐ ‐ 2,614,550
REET 2 ‐ ‐ ‐ ‐ 648,186 1,000,000 1,248,025 ‐ ‐ ‐ 2,896,211
Municipal Facilities CIP 23,764 ‐ 1,484,964 3,187,767 ‐ ‐ ‐ 90,000 ‐ 353,913 5,140,408
Enterprise Funds:
Solid Waste ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 94 94
Airport ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 16,130 16,130
Waterworks Utility 18,434 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 21,576 40,010
Internal Service Funds:
Insurance ‐ ‐ ‐ ‐ ‐ ‐ ‐ 52,868 52,868
Equipment Rental ‐ ‐ ‐ ‐ ‐ 6,000 ‐ ‐ ‐ ‐ 6,000
Total 82,198 40,000 1,484,964 3,187,767 4,648,186 1,858,387 7,189,814 90,000 1,000,000 1,005,121 20,586,437
Governmental Funds
Transfer In:
Enterprise
Funds Internal Service Funds
City of Renton, Washington
Basic Financial Statements, 4-54
2021 Annual Comprehensive Financial Report
The City made the following one‐time transfers during the year ending December 31, 2021:
1. $506 thousand transfer from the General Fund, $102 thousand transfer from the Transportation
Impact Mitigation Fund, $249 thousand transfer from the REET 1 Fund, and $1 million transfer
from the REET 2 Fund to the Capital Improvement Fund to fund various Transportation capital
projects.
2. $40 thousand transfer from the General Fund to the Cable Communications Development fund
for capital related expenses.
3. $40 thousand transfer from the Hotel/Motel Tax Fund to the General Fund for matching a Port
of Seattle grant for economic development activities.
4.$3.6 million transfer from the General Fund, $437 thousand from the Fire Impact Mitigation
Fund, $1.8 million from the REET 1 Fund and $1.2 million from the REET 2 Fund to the General
Debt Fund to fund the annual debt payments.
5. $90 thousand transfer from the Municipal Facilities CIP Fund to the Waterworks Utility Fund for
capital related expenses.
6.$3.5 million transfer from the General Fund, $500 thousand transfer from the REET 1 Fund, $648
thousand transfer from the REET 2 Fund to the Municipal Facilities CIP Fund to fund various
Facilities and Parks Planning & Natural Resources capital projects.
7.$1.48 million transfer from the Municipal Facilities CIP Fund to the Community Services Impact
Mitigation Fund to return funds previously transferred to capital projects until qualifying
expenditures are incurred. This allows for interest earnings to accumulate within the restricted
fund.
8.$3.18 million transfer from the Municipal Facilities CIP Fund to the REET 2 Fund to return funds
previously transferred to capital projects until qualifying expenditures are incurred. This allows
for interest earnings to accumulate within the restricted fund.
9. $18 thousand transfer from the Waterworks Utility Fund to the General Fund for non‐capital
related expenses.
10. $23 thousand transfer from the Municipal Facilities CIP Fund to the General Fund to close out the
New Library Development Fund and fund noncapital related projects.
11. $52 thousand from the Insurance Fund to the Equipment Rental Fund for new software.
12. $6 thousand transfer from the Equipment Rental Fund to the Capital Improvement Fund for
capital related expenses.
13.Various transfers from the General Fund, Municipal Facilities CIP Fund, and enterprise funds to
the Equipment Rental Fund to fund previously unbudgeted equipment/furniture purchases.
City of Renton, Washington
Basic Financial Statements, 4-55
2021 Annual Comprehensive Financial Report
B.INTERFUND RECEIVABLES AND PAYABLES
The composition of interfund receivables/ payables as of December 31, 2021, is as follows:
Due from/to:
These are the outstanding balances between funds during the year ending December 31, 2021:
1. $14 thousand from REET 1 Fund to the Municipal Facilities CIP Fund to fund accrued REET1
qualified capital expenditures.
2. $10 thousand from the Municipal Facilities CIP Fund to the REET 2 Fund to return transferred
funds for which no qualified expenditures were incurred.
3.$1,762 from the Equipment Rental Fund to the Waterworks Utility to refund amounts charged
for an equipment purchase.
4. $22 thousand from the Insurance Fund to the Equipment Rental Fund for an insurance recovery.
5. $464 thousand from the Golf Course to the General Fund for admissions tax owed for years 2017‐
2021 ($438K) and a correction to the investment earnings allocation for 2017‐2020 ($26K).
6.$3.8 million from the General Fund to the Waterworks Utility Fund to reverse interfund interest
($3.64M) and correct the investment earnings allocation ($160K) for years 2014‐2020.
NOTE 10. LONG TERM DEBT
General Obligation Bonds
General obligation bonds are direct obligations of the City for which its full faith and credit are pledged.
Debt service for voter‐approved bonds, which the City has none, would be funded by special property
tax levies. Debt service for City Council authorized bonds (councilmatic bonds) is funded from regular
property taxes or general revenues, and is generally paid from debt service funds.
General Obligation Bonds outstanding at year‐end are as follows:
2011 Limited Tax General Obligation bonds which funded the development and construction of
two new libraries.
2013 Limited Tax General Obligation qualified energy conservation bonds (QECB) which provided
funding for streetlight improvements.
2015 (A) Limited Tax General Obligation refunding bond which refunded a portion of the 2006
limited tax general obligation bonds for the construction of South Lake Washington infrastructure
improvements.
Receivable Fund Payable Fund Amount
Municipal Facilties CIP REET 1 14,545$
REET 2 Municpal Facilities CIP 10,087
Waterworks Utility Equipment Rental 1,762
Equipment Rental Insurance 22,430
General Fund Golf Course 463,922
Waterworks Utility General Fund 3,800,134
Total 4,312,880$
City of Renton, Washington
Basic Financial Statements, 4-56
2021 Annual Comprehensive Financial Report
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:
2009 intergovernmental debt related to the Fire District #40 asset transfer as a result of the
Benson Hill annexation.
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).
2017 Water/Sewer Revenue Refunding Bonds (2007 & 2007 Ref) (Ordinance #5846) were issued
in the amount of $6,283,168 and dated September 6, 2017. The average interest rate is 1.85%.
These bonds were issued for the purpose of partially refunding the 2007 Water/Sewer Revenue
Bonds and 2007 Water/Sewer Revenue Refunding Bonds (02).
State of Washington Public Works Trust Fund Loans (PWTFL)
PWTFL are the direct responsibility of the City. At year‐end the City has two outstanding loans, with a
remaining balance of $860,812. All of the remaining loans are for water capital improvements.
Remaining loans are pledged from water system revenues.
PWTFL outstanding at year‐end are as follows:
CT Pipeline for Wells RW‐1, RW‐2 and RW‐3 loan was to construct the CT detention pipeline for
wells RW‐1, RW‐2 and RW‐3 at Liberty Park.
Maplewood Drinking Water Treatment Improvement loan was to construct the drinking water
treatment improvements at Maplewood.
City of Renton, Washington
Basic Financial Statements, 4-57
2021 Annual Comprehensive Financial Report
Compensated Absences
Compensated absences are paid by those funds that have employees. These are mostly payable from
the General Fund and Waterworks Utility Fund.
Capital Leases
The City leases certain machinery and equipment. These lease payments are payable from the
Equipment Rental Fund.
The following schedules summarize the long‐term debt transactions of the City for the year ended
December 31, 2021. 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
2022 3,638,931 2,037,015 215,000 48,461
2023 2,929,586 1,877,455 215,000 41,538
2024 3,052,631 1,754,374 215,000 34,615
2025 3,183,747 1,625,609 215,000 27,692
2026 3,318,450 1,488,130 215,000 20,769
2027‐2031 13,252,040 5,396,879 430,000 20,769
2032‐2036 12,544,488 2,778,113 ‐ ‐
2037‐2041 6,963,808 650,397 ‐ ‐
2042‐2046 940,000 56,800 ‐ ‐
Totals 49,823,681 17,664,772 1,505,000 193,844
Bonds Bonds ‐ Direct Placements
Governmental Activities
Year Principal Interest Principal Interest Principal Interest
2022 305,000 243,450 2,070,000 128,255 315,517 4,304
2023 1,470,000 234,300 1,015,000 90,652 272,647 2,726
2024 1,514,999 190,200 1,030,000 73,093 272,648 1,363
2025 1,560,001 144,750 1,045,000 55,274 ‐ ‐
2026 1,610,000 97,950 1,065,000 37,195 ‐ ‐
2027‐2031 590,000 12,455 2,150,000 55,966 ‐ ‐
Totals 7,050,000 923,105 8,375,000 440,434 860,812 8,394
Revenue Bonds ‐ Direct PlacementsRevenue Bonds
Business‐Type Activities
Loans ‐ Direct Borrowings
City of Renton, Washington
Basic Financial Statements, 4-58
2021 Annual Comprehensive Financial Report
The outstanding loan from direct borrowings related to business‐type activities of $42,870 contain (1) a
provision that in the event of default, outstanding amounts become immediately due if the City is unable
to make payment and (2) a provision that if the City fails to comply with the terms of the agreement or
fails to use the loan proceeds for the identified activities, the loan agreement will be terminated and the
remaining balance become immediately due.
Issue Name Interest Rates Maturity Date
Original Issue
Amount
Beginning
Balance
01/01/2021 Additions Deductions
Ending Balance
12/31/2021
Due Within
One Year
GOVERNMENTAL‐TYPE DEBT:
Limited General Obligation Bonds:
2010 GO Refunding Bonds 3.00%‐4.50% 12/1/2021 $ 6,170,000 1,595,000$ ‐ 1,595,000$ ‐$ ‐$
2011 GO Library Bonds 2.00%‐5.00% 12/1/2022 16,715,000 2,680,000 ‐ 1,865,000 815,000 815,000
2015 (A) GO S LK WA Infr Refunding (BQ)3.00%‐4.00% 12/1/2028 8,825,000 8,550,000 ‐ 935,000 7,615,000 975,000
2019 GO Parks Bonds 3.00%‐5.00% 12/1/2038 12,960,000 12,270,000 ‐ 445,000 11,825,000 470,000
2019 GO LRF Bonds (Transportation) 3.00%‐5.00% 12/1/2043 7,885,000 7,420,000 ‐ 190,000 7,230,000 200,000
Unamortized (discount)/premium 3,352,428 ‐ 368,003 2,984,425 ‐
56,250,000 35,867,428 ‐ 5,398,003 30,469,425 2,460,000
General Obligation Bonds from Direct
2013 GO QECB 3.22% 7/1/2028 3,200,000 1,720,000 ‐ 215,000 1,505,000 215,000
3,200,000 1,720,000 ‐ 215,000 1,505,000 215,000
2009 FD 40 Loan for acquisition of FS13 3.75% 9/1/2028 6,798,085 3,307,895 ‐ 380,158 2,927,737 394,547
2019 SCORE Refunding Bonds 3.00%‐5.00% 12/1/2038 20,912,128 20,164,608 ‐ 753,664 19,410,944 784,384
Total Intergovernmental Debt 27,710,213 23,472,503 ‐ 1,133,822 22,338,681 1,178,931
Other Long‐Term Liabilities:
Employee Leave Benefits ‐ Compensated Absences 4,453,634 3,019,413 2,792,973 4,680,074 2,898,409
Other Post Employment Benefits (OPEB)*42,674,125 ‐ 7,189,682 35,484,443 988,675
Net Pension Liability 10,558,856 ‐ 8,239,273 2,319,583 ‐
Capital Leases 3.00% 6/1/2025 134,064 121,543 ‐ 25,638 95,905 26,418
Total Other Long‐Term Liabilities 134,064 57,808,158 3,019,413 18,247,566 42,580,005 3,913,502
87,294,277$ 118,868,089$ 3,019,413$ 24,994,391$ 96,893,111$ 7,767,433$
BUSINESS‐TYPE DEBT:
Revenue B onds:
2012 Wa ter/Sewer Refunding 2.00%‐3.00% 12/1/2027 $ 9,190,000 8,410,000$ ‐ 295,000$ 8,115,000$ 305,000$
Unamortized (discount)/premium 354,334 ‐ 50,619 303,715 ‐
Total Revenue Bonds 9,190,000 8,764,334 ‐ 345,619 8,418,715 305,000
Revenue Bonds from Direct Placements:
2016 Water/Sewer Refunding (2008A)1.73% 12/1/2027 9,385,000 6,905,000 ‐ 825,000 6,080,000 840,000
2017 Water/Sewer Refunding (2007 & 2007 Ref 1.85% 12/1/2022 6,283,168 2,440,000 ‐ 1,210,000 1,230,000 1,230,000
Total Revenue Bonds from Direct Placements 15,668,168 9,345,000 ‐ 2,035,000 7,310,000 2,070,000
Loans from Direct Borrowings:
Public Works Trust Fund Loans:
Maplewood Water Treatment Improvement 0.50% 7/1/2021 567,831 30,301 ‐ 30,301 ‐ ‐
Construct CT Pipeline for Wells 0.50% 7/1/2022 814,527 85,740 ‐ 42,870 42,870 42,870
Maplewood Water Treatment Improvement 0.50% 7/1/2024 5,150,000 1,090,589 ‐ 272,647 817,942 272,647
6,532,358 1,206,630 ‐ 345,818 860,812 315,517
Other Long‐Term Liabilities:
Employee Leave Benefits ‐ Compensated Absences 807,300 462,205 482,744 786,761 461,444
Net Pension Liability 3,035,654 ‐ 2,365,314 670,340 ‐
Total Other Long‐Term Liabilities 3,842,954 462,205 2,848,058 1,457,101 461,444
$ 31,390,526 23,158,918$ 462,205$ 5,574,495$ 18,046,628$ 3,151,961$
$ 118,684,803 $ 142,027,007 $ 3,481,618 $ 30,568,886 $ 114,939,739 $ 10,919,394
*GASB Statement Number 75 changed OPEB reporting from net to total
Schedule of Changes of Long‐Term Debt
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
City of Renton, Washington
Basic Financial Statements, 4-59
2021 Annual Comprehensive Financial Report
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 16 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 2021.
Issued/Refunded Debt
The City did not issue new or refund any debt in 2021.
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 two joint ventures, both of which 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 $2,790,885.86 to support Valley Com’s operating costs during the year
ended December 31, 2021.
City of Renton, Washington
Basic Financial Statements, 4-60
2021 Annual Comprehensive Financial Report
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, 2021 related to Valley Communications
Center:
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.
Member City Percent of Equity 2020 Equity Balance 2021 Distribution 2021 Equity Balance
Auburn 21.76% 7,234,069$ 1,104,634$ 8,338,703
Federal Way 18.52% 6,022,545 1,073,341 7,095,886
Kent 28.45% 9,564,555 1,337,421 10,901,976
Renton 21.15% 7,037,729 1,067,291 8,105,020
Tukwila 10.12% 3,416,212 462,424 3,878,636
Grand Totals 100.00% 33,275,110$ 5,045,111$ 38,320,221$
Valley Communications Center
2021 Owner Cities Equity Allocation
City of Renton, Washington
Basic Financial Statements, 4-61
2021 Annual Comprehensive Financial Report
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.
The following is a summary of the debt service requirements, for each owner city:
The City of Renton made payments totaling $5,054,745.00 to support SCORE’s operating costs during
the year ended December 31, 2021.
The City reports its share of equity interest in the Governmental Activities column within the
Government‐wide financial statements under non‐current assets – investments in joint ventures. The
following is condensed financial information as of December 31, 2021 related to SCORE:
Auburn Burien Des Moines Renton SeaTac Tukwila
Year 34.94%4.82%6.02%40.96%3.62%9.64%
2022 1,366,538 188,515 235,448 1,601,987 141,582 377,030
2023 1,365,979 188,438 235,352 1,601,331 141,524 376,876
2024 1,366,119 188,457 235,376 1,601,495 141,538 376,914
2025 1,366,888 188,563 235,508 1,602,397 141,618 377,126
2026 1,365,927 188,431 235,343 1,601,270 141,518 376,861
2027‐2031 6,830,508 942,274 1,176,865 8,007,373 707,683 1,884,548
2032‐2036 6,829,722 942,165 1,176,729 8,006,451 707,601 1,884,331
2037‐2038 2,731,697 376,840 470,659 3,202,355 283,021 753,679
Totals 23,223,378$ 3,203,683$ 4,001,280$ 27,224,659$ 2,406,085$ 6,407,365$
Debt Service Allocation to Owner Cities
Member City Percent of Equity
2020 Equity
Balance 2021 Distribution
2021 Equity
Balance
Auburn 42.75% 12,967,700$ 760,941$ 13,728,641$
Burien 5.21% 1,548,383 187,658 1,736,041
Des Moines 4.65% 1,392,707 226,688 1,619,395
Renton 31.93% 9,546,337 903,035 10,449,371
SeaTac 7.59% 2,306,559 354,751 2,661,311
Tukwila 7.87% 2,357,977 183,808 2,541,785
Grand Totals 100.00% 30,119,663$ 2,616,881$ 32,736,544$
South Correctional Entity (SCORE)
2021 Owner Cities Equity Allocation
City of Renton, Washington
Basic Financial Statements, 4-62
2021 Annual Comprehensive Financial Report
Complete financial statements for SCORE and SCORE PDA can be obtained at SCORE, 20817 17th Avenue
South, Des Moines, WA 98198.
NOTE 12. AIRPORT LEASES
The majority of the Municipal Airport’s revenue is derived from leases which convey the right to use
land and various airport facilities which are accounted for as operating leases. Minimum future rental
on non‐cancellable operating leases are as follows:
Of the amounts shown above, one tenant comprises 60% of all future minimum lease rentals. The
tenant’s multiple leases expire in 2030.
A summary of assets leased or available for tenant use is as follows:
For the Year Ended
December 31:
2022 2,906,131
2023 2,786,351
2024 2,710,348
2025 2,775,824
2026 2,778,187
Thereafter 16,099,740
30,056,581$
Cost 28,210,427$
Less: Accumulated Depreciation (12,231,498)$
Carrying Value 15,978,930$
City of Renton, Washington
Basic Financial Statements, 4-63
2021 Annual Comprehensive Financial Report
NOTE 13. CAPITAL LEASE
In June 2020, the City entered into a lease agreement as lessee for financing the acquisition of three
Xerox copiers valued at $134,064. The equipment has a five‐year estimated useful life. This year, $26,813
was included in depreciation expense and accumulated depreciation at December 31, 2021 was $42,454.
The future minimum lease obligations and the net present value of these lease payments as of December
31, 2021, were as follows:
NOTE 14. TAX ABATEMENT
As of December 31, 2021, 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 taxes. As of December 31, 2021, the City
has four projects that are subject to property tax abatement.
Year ending December 31:
Governmental
Activities
2022 28,934
2023 28,934
2024 28,934
2025 14,340
2026 ‐
Total 101,142
Less amount representing interest (5,236)
Present value of minimum lease payments 95,905$
City of Renton, Washington
Basic Financial Statements, 4-64
2021 Annual Comprehensive Financial Report
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. A business may claim the credit under this program for the first twelve consecution
reporting quarters or three reporting years.
Tax abated in the fiscal year ending
12/31/2021
Tax Abatement Program City of Renton Other Governments
Property Tax Exemption for Affordable Multi-Family Housing $ 128,091 $ 103,758
New Jobs Business & Occupation Tax Credit $ 25,740
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.
NOTE 15. SUBSEQUENT EVENTS
On March 24, 2022, the Governor of the state of Washington signed into law Substitute House Bill (SHB)
1701 which creates a tiered multiplier benefit improvement for members new to the Law Enforcement
Officers’ and Firefighters’ (LEOFF) retirement system Plan 2 after February 1, 2021. A lump sum benefit
improvement was also created for members who are retired on or before February 1, 2021. Members
active in LEOFF Plan 2 on or before February 1, 2021 must make an irrevocable choice between the lump
sum benefit or a tiered multiplier retirement allowance at retirement. Members receiving the tiered
multiplier benefit are not eligible for the lump sum defined benefit.
City of Renton, Washington
Basic Financial Statements, 4-65
2021 Annual Comprehensive Financial Report
The tiered multiplier allowance provides for the following benefits:
2% of the member’s final average salary for the first 15 years of service;
2.5% of the member’s final average salary for the 10 years of service after 15 years and up to 25
years; and
2% of the member’s final average salary for years of service above 25 years.
The lump sum benefit improvement provides for a one‐time lump sum defined benefit payment of $100
per service credit month or a lump sum defined benefit of $20,000. There are also provisions for
members who retire for an in the line of duty disability under RCW 41.26.470 and for surviving
beneficiaries in the event of a line of duty death.
NOTE 16. COVID PANDEMIC
In February 2020, the Governor of the state of Washington declared a state of emergency in response
to the spread of COVID‐19. Precautionary measures to slow the spread of the virus continued throughout
2021. These measures included limitations on business operations, public events, gatherings, travel, and
in‐person interactions.
In response to the pandemic, most City facilities have been closed to the public for over a year, many
City employees work remotely, and new procedures have been put in place. While some activities have
been limited or temporarily curtailed, the City continues to operate all major functions and meet its
public mandates.
The City has remained economically stable and continues to adapt to the changing conditions. In 2021,
the City was awarded $18.1M in federal American Rescue Plan Act (ARPA) funds. Most of this award is
being utilized to offset revenue losses incurred in 2020. 2021 revenues exceeded pre‐pandemic levels.
The length of time these measures will continue to be in place, and the full extent of the direct or indirect
financial impact on the City is unknown at this time.
NOTE 17. PRIOR PERIOD ADJUSTMENT
Prior period adjustments were made to correct errors related to prior years.
Golf Course Admissions Tax
Renton Municipal Code Title V, Section 6, Admission Tax, levies a 5% tax on admission charges within the
city limits of Renton. There is no exclusion for City facilities included in the code, as the tax is intended
to be imposed on the customer. An internal review of operations revealed that the City’s golf course had
not been imposing admissions tax. The correction was made to account for admissions tax due for fiscal
years 2017 – 2020 in the amount of $348,871.
City of Renton, Washington
Basic Financial Statements, 4-66
2021 Annual Comprehensive Financial Report
The correction resulted in the following increases (decreases) for current year:
The impact on the change in fund balance/net position for the prior year would have been an increase
in the General Fund (Governmental Activities) and a decrease in the Nonmajor Enterprise Funds
(Business‐Type Activities) of $81,619.
Interfund Interest
Beginning in 2014, a recurring interfund transfer in the annual amount of $520,000 was recorded
between the Waterworks Utility fund (paying fund) and the General fund (receiving fund) in error. After
extensive searching of old files, we are unable to locate adequate documentation to support the validity
of this recurring interfund entry. As such, the transactions were reversed for a total of $3,785,938.
The correction resulted in the following increases (decreases) in the current year:
The impact on the change in fund balance/net position for the prior year would have been a decrease in
the General Fund (Governmental Activities) and an increase in the Waterworks Utility Fund (Business‐
Type Activities) of $523,952.
Reporting Unit
Due from
Other Funds
Due to Other
Funds
Unrestricted
Net Position
Unassigned
Fund Balance
Nonmajor Enterprise Funds 348,871 (348,871)
General Fund 348,871 348,871
Reporting Unit
Internal
Balances
Unrestricted
Net Position
Governmental Activities 348,871 348,871
Business‐Type Activities (348,871) (348,871)
Reporting Unit
Due from
Other Funds
Due to Other
Funds
Unrestricted
Net Position
Unassigned
Fund Balance
Waterworks Utility Fund 3,785,938 3,785,938
General Fund 3,785,938 (3,785,938)
Reporting Unit
Internal
Balances
Unrestricted
Net Position
Governmental Activities (3,785,938) (3,785,938)
Business‐Type Activities 3,785,938 3,785,938
City of Renton, Washington
Basic Financial Statements, 4-67
2021 Annual Comprehensive Financial Report
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes 80,780,160$ 82,709,450$ 93,427,387$ 10,717,937$
Licenses and permits 5,535,065 4,696,877 5,267,538 570,661
Intergovernmental revenues 4,507,277 25,869,099 9,510,096 (16,359,003)
Charges for services 9,048,229 8,198,287 8,820,178 621,891
Fines and forfeits 3,829,782 4,102,782 4,617,412 514,630
Contributions 37,000 249,051 254,820 5,769
Investment earnings 840,000 220,000 88,385 (131,615)
Miscellaneous revenue 1,733,440 850,446 1,291,860 441,414
Total revenues 106,310,953 126,895,992 123,277,676 (3,618,316)
EXPENDITURES
Current:
Culture and recreation 15,667,589 15,853,835 11,825,597 4,028,238
Economic environment 11,118,694 12,577,933 10,465,681 2,112,252
General government 19,057,649 19,111,457 15,205,229 3,906,228
Health and human services 2,412,086 4,893,510 2,697,473 2,196,037
Judicial 4,098,462 3,985,930 3,485,237 500,693
Public safety 44,374,982 44,854,252 42,340,387 2,513,865
Transportation 13,522,816 13,744,716 12,436,997 1,307,719
Utilities 552,422 ‐ ‐ ‐
Total current 110,804,700 115,021,633 98,456,601 16,565,032
Capital outlay:
Culture and recreation ‐ 206,705 181,787 24,918
Economic environment ‐ 1,717,084 751,526 965,558
Public safety ‐ 41,154 20,305 20,849
Transportation 5,200 5,200 39,756 (34,556)
Total capital outlay 5,200 1,970,143 993,374 976,769
Total expenditures 110,809,900 116,991,776 99,449,975 17,541,801
Excess (deficiency) of revenues over expenditures (4,498,947) 9,904,216 23,827,701 13,923,485
OTHER FINANCING SOURCES (USES)
Transfer in ‐ 63,764 82,198 18,434
Transfers out (2,881,000) (10,410,525) (9,240,342) 1,170,183
Interfund loans disbursed ‐ (225,309) ‐ 225,309
Interfund loan payments received ‐ 11,554 ‐ (11,554)
Proceeds from sale of capital assets ‐ ‐ 41,718 41,718
Insurance Recoveries ‐ ‐ 15,152 15,152
Total other financing sources (uses)(2,881,000) (10,560,516) (9,101,274) 1,459,242
Net change in fund balances (7,379,947) (656,300) 14,726,427 (19,700,875)
Fund balances ‐ January 1, as originally stated 22,687,377 54,456,582 63,696,222 ‐
Prior period adjustment ‐ (775,836) (3,437,067) (2,661,231)
Fund balances ‐ January 1, restated 22,687,377 53,680,746 60,259,155 6,578,409
Fund balances ‐ December 31 15,307,430$ 53,024,446$ 74,985,582$ (13,122,466)$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
General
For the Year Ended December 31, 2021
2021 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.
2021 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 $93,427,387 $ ‐ $ 93,427,387
Licenses and permits 5,267,538 ‐ 5,267,538
Intergovernmental revenues 9,510,096 ‐ 9,510,096
Charges for services 8,820,178 (4,565,559) 4,254,619
Fines and forfeits 4,617,412 ‐ 4,617,412
Contributions 254,820 ‐ 254,820
Investment earnings 88,385 ‐ 88,385
Miscellaneous revenue 1,291,860 ‐ 1,291,860
Total revenues 123,277,676 (4,565,559) 118,712,117
EXPENDITURES
Current:
Culture and recreation 11,825,597 (399,774) 11,425,823
Economic environment 10,465,681 (1,093,543) 9,372,138
General government 15,205,229 (1,869,108) 13,336,121
Health and human services 2,697,473 ‐ 2,697,473
Judicial 3,485,237 ‐ 3,485,237
Public safety 42,340,387 ‐ 42,340,387
Transportation 12,436,997 (1,203,134) 11,233,863
Total current 98,456,601 (4,565,559) 93,891,042
Capital outlay:
Culture and recreation 181,787 ‐ 181,787
Economic environment 751,526 ‐ 751,526
Public safety 20,305 ‐ 20,305
Tr ansportation 39,756 ‐ 39,756
Total capital outlay 993,374 ‐ 993,374
Total expenditures 99,449,975 (4,565,559) 94,884,416
Excess (deficiency) of revenues
over expenditures 23,827,701 ‐ 23,827,701
OTHER FINANCING SOURCES (USES)
Transfers in 82,198 ‐ 82,198
Transfers out (9,240,342) ‐ (9,240,342)
Proceeds from sale of capital assets 41,718 ‐ 41,718
Insurance Recoveries 15,152 ‐ 15,152
Total other financing sources
(uses) (9,101,274) ‐ (9,101,274)
Net change in fund balances $14,726,427 $ ‐ $ 14,726,427
2021 Annual Comprehensive Financial Report City of Renton, Washington
Required Supplementary Information, 5-3
City of RentonSchedule of the City's Proportionate Share of the Net Pension Liability/(Asset)Measurement Date of June 30Last 10 Fiscal YearsPERS Plan 1202120202019201820172016201520142013*2012*City's proportion of the net pension liability/(asset)0.244828% 0.262379% 0.268500% 0.271486% 0.282530% 0.276331% 0.275830% 0.273241% N/AN/ACity's proportionate share of the net pension liability/(asset)**2,989,923$ 9,263,396$ 10,324,778$ 12,124,657$ 13,406,269$ 14,840,276$ 14,428,474$ 13,764,644$ N/AN/ACity's covered payroll37,629,142$ 39,795,650$ 37,595,653$ 36,344,451$ 35,481,222$ 32,889,898$ 31,005,185$ 29,656,856$ N/A N/ACity's proportionate share of the net pension liability/(asset) as a percentage of its covered payroll7.95% 23.28% 27.46% 33.36% 37.78% 45.12% 46.54% 46.41% N/A N/APlan fiduciary net position as a percentage of the total pension liability88.74% 68.64% 67.12% 63.22% 61.24% 57.03% 59.10% 61.19% N/AN/A* This schedule will be built prospectively until it contains ten years of data. Prior years' information is unavailable.** 2016 amount includes $280,481 in net pension liability transferred to the RFA on 6/30/16 to avoid skewing percentage of covered payroll ratio.2021 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-4
City of RentonSchedule of the City's Proportionate Share of the Net Pension Liability/(Asset)Measurement Date of June 30Last 10 Fiscal YearsPERS Plan 2/3202120202019201820172016201520142013*2012*City's proportion of the net pension liability/(asset)0.312116% 0.338648% 0.342614% 0.344584% 0.356727% 0.343835% 0.345072% 0.337183% N/AN/ACity's proportionate share of the net pension liability/(asset)**(31,091,776)$ 4,331,115$ 3,327,947$ 5,883,465$ 12,394,558$ 17,311,821$ 12,329,619$ 6,815,686$ N/AN/ACity's covered payroll37,331,068$ 39,490,308$ 37,260,677$ 36,036,413$ 35,045,479$ 32,370,185$ 30,618,109$ 29,147,610$ N/A N/ACity's proportionate share of the net pension liability/(asset) as a percentage of its covered payroll‐83.29% 10.97%8.93% 16.33% 35.37% 53.48% 40.27% 23.38% N/AN/APlan fiduciary net position as a percentage of the total pension liability120.29% 97.22% 97.77% 95.77% 90.97% 85.82% 89.20% 93.29% N/AN/A* This schedule will be built prospectively until it contains ten years of data. Prior years' information is unavailable.** 2016 amount includes $327,194 in net pension liability transferred to the RFA on 6/30/16 to avoid skewing percentage of covered payroll ratio.2021 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-5
City of RentonSchedule of the City's Proportionate Share of the Net Pension Liability/(Asset)Measurement Date of June 30Last 10 Fiscal YearsPSERS Plan 2202120202019201820172016201520142013*2012*City's proportion of the net pension liability/(asset)0.043972% 0.049734% 0.055527% 0.057762% 0.065808% 0.065158% 0.042991% 0.464430% N/AN/ACity's proportionate share of the net pension liability/(asset)(101,021)$ (6,843)$ (7,221)$ 716$ 27,967$ 11,892$ 7,846$ (6,725)$ N/AN/ACity's covered payroll298,074$ 305,343$ 255,388$ 226,589$ 233,001$ 211,427$ 124,200$ 125,311$ N/AN/ACity's proportionate share of the net pension liability/(asset) as a percentage of its covered payroll‐33.89%‐2.24%‐2.83%0.32% 12.00%5.62%6.32%‐5.37% N/AN/APlan fiduciary net position as a percentage of the total pension liability123.67% 101.68% 101.85% 99.79% 90.41% 95.08% 95.08% 105.01% N/AN/A* This schedule will be built prospectively until it contains ten years of data. Prior years' information is unavailable.2021 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-6
City of RentonSchedule of the City's Proportionate Share of the Net Pension Liability/(Asset)Measurement Date of June 30Last 10 Fiscal YearsLEOFF Plan 1202120202019201820172016201520142013*2012*City's proportion of the net pension liability/(asset)0.244279% 0.239644% 0.235664% 0.233551% 0.235931% 0.231059% 0.229885% 0.225836% N/AN/ACity's proportionate share of the net pension liability/(asset)**(8,367,929)$ (4,525,699)$ (4,658,161)$ (4,240,123)$ (2,430,764)$ (2,784,772)$ (2,770,622)$ (2,738,919)$ N/AN/AState's proportionate share of the net pension liability/(asset) associated with the City(56,600,464) (30,611,716) (31,507,679) (28,680,087) (24,212,271) (16,524,364) (18,740,418) (18,525,980) N/AN/ATotal(64,968,393)$ (35,137,415)$ (36,165,840)$ (32,920,210)$ (26,643,035)$ (19,309,136)$ (21,511,040)$ (21,511,040)$ N/AN/ACity'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 liability187.45% 146.88% 148.78% 144.42% 123.74% 127.36% 127.36% 127.36% N/AN/A* This schedule will be built prospectively until it contains ten years of data. Prior years' information is unavailable.** 2016 amount includes $1,325,025 in net pension asset transferred to the RFA on 6/30/16 to avoid skewing percentage of covered payroll ratio.2021 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-7
City of RentonSchedule of the City's Proportionate Share of the Net Pension Liability/(Asset)Measurement Date of June 30Last 10 Fiscal YearsLEOFF Plan 2202120202019201820172016201520142013*2012*City's proportion of the net pension liability/(asset)0.395321% 0.430979% 0.445635% 0.451824% 0.468330% 0.947284% 0.954715% 0.947521% N/AN/ACity's proportionate share of the net pension liability/(asset)**(22,961,880)$ (8,791,342)$ (10,323,995)$ (9,173,012)$ (2,723,948)$ (9,736,185)$ (9,812,561)$ (12,574,011)$ N/AN/AState's proportionate share of the net pension liability/(asset) associated with the City(14,812,919) (5,621,397) (6,760,833) (5,939,352) (4,215,723) (1,592,656) (925,241) (870,262) N/AN/ATotal(37,774,799)$ (14,412,739)$ (17,084,828)$ (15,112,364)$ (6,939,671)$ (11,328,841)$ (10,737,802)$ (13,444,273)$ N/AN/ACity's covered payroll14,998,612$ 16,022,905$ 15,336,814$ 14,669,121$ 14,650,540$ 28,694,750$ 27,709,532$ 26,365,930$ ‐$ ‐$ City's proportionate share of the net pension liability/(asset) as a percentage of its covered payroll‐153.09%‐54.87%‐67.32%‐62.53%‐18.59%‐33.93%‐35.41%‐47.69% N/AN/APlan fiduciary net position as a percentage of the total pension liability142.00% 115.83% 119.43% 118.50% 106.04% 111.67% 111.67% 116.75% N/AN/A* This schedule will be built prospectively until it contains ten years of data. Prior years' information is unavailable.** 2016 amount includes $3,066,692 in net pension asset transferred to the RFA on 6/30/16 to avoid skewing percentage of covered payroll ratio.2021 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-8
City of RentonSchedule of Employer ContributionsWA Department of Retirement SystemsAs of December 31Last 10 Fiscal YearsPERS Plan 12021202020192018201720162015201420132012Contractually Required Contribution1,742,267$ 1,887,308$ 1,926,964$ 1,879,300$ 1,717,805$ 1,619,494$ 2,190,238$ 1,253,454$ N/AN/AContributions in relation to the contractually required contribution1,742,267 1,887,308 1,926,964 1,879,300 1,717,805 1,619,494 2,190,238 1,253,454 N/AN/AContribution deficiency (excess)‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/AN/ACovered payroll40,226,475$ 39,386,689$ 38,826,806$ 37,103,778$ 35,120,529$ 33,737,587$ 48,318,549$ 30,448,215$ N/AN/AContributions as a percentage of covered payroll0.00%0.00%4.96%5.06%4.89%4.80%4.53% 4.12%N/AN/APERS Plan 2/32021202020192018201720162015201420132012Contractually Required Contribution2,872,166$ 3,095,333$ 2,964,353$ 2,752,176$ 2,375,793$ 2,067,865$ 2,743,908$ 1,490,022$ N/AN/AContributions in relation to the contractually required contribution2,872,166 3,095,333 2,964,353 2,752,176 2,375,793 2,067,865 2,743,908 1,490,022 N/AN/AContribution deficiency (excess)‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/AN/ACovered payroll39,919,026$ 39,082,343$ 38,495,775$ 36,791,404$ 34,783,770$ 33,263,999$ 47,552,982$ 29,821,815$ N/AN/AContributions as a percentage of covered payroll7.19%7.92%7.70%7.48%6.83%6.22%5.77% 5.00%N/AN/APSERS Plan 22021202020192018201720162015201420132012Contractually Required Contribution21,192$ 21,913$ 20,872$ 15,723$ 14,929$ 14,489$ 18,418$ 7,845$ N/AN/AContributions in relation to the contractually required contribution21,192 21,913 20,872 15,723 14,929 14,489 18,418 7,845 N/AN/AContribution deficiency (excess)‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/AN/ACovered payroll307,449$ 304,345$ 292,650$ 229,922$ 224,038$ 219,869$ 282,407$ 122,185$ N/AN/AContributions as a percentage of covered payroll6.89%7.20%7.13%6.84%6.66%6.59%6.52% 6.42%N/AN/ALEOFF Plan 22021202020192018201720162015201420132012Contractually Required Contribution820,173$ 836,869$ 840,501$ 801,240$ 715,573$ 1,049,917$ 2,160,553$ 1,368,037$ N/AN/AContributions in relation to the contractually required contribution820,173 836,869 840,501 801,240 715,573 1,049,917 2,160,553 1,368,037 N/AN/AContribution deficiency (excess)‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/AN/ACovered payroll15,649,942$ 15,936,186$ 15,818,413$ 14,805,412$ 13,896,060$ 20,790,373$ 42,778,479$ 27,089,783$ N/AN/AContributions as a percentage of covered payroll5.24%5.25%5.31%5.41%5.15%5.05%5.05% 5.05%N/AN/ANotes to schedule:This schedule will be built prospectively until it contains ten years of data. Prior years' information is unavailable.2021 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-9
City of RentonSchedule of Changes in Net Pension Liability and Related Ratios Firefighters' Pension FundLast 10 Fiscal Years$ Thousands2021202020192018201720162015201420132012Total Pension LiabilityService Cost‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/AN/AInterest on Total Pension Liability45 62 100 94 103 106 109 112 N/AN/AEffect of Plan Changes‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ N/AN/AEffect of Economic/Demographic Gains or (Losses)533 ‐ (331) ‐ ‐ (29) ‐ ‐ N/AN/AEffect of Assumption Changes or Inputs123 127 207 (94) 52 (125) ‐ ‐ N/AN/ABenefit payments(227) (210) (194) (193) (240) (208) (205) (204) N/AN/ANet Change in Total Pension Liability474 (20) (219) (192) (84) (256) (96) (92) N/AN/ATotal Pension Liability ‐ Beginning2,353 2,373 2,592 2,784 2,868 3,125 3,221 3,313 N/AN/ATotal Pension Liability ‐ Ending (a)2,827$ 2,353$ 2,373$ 2,592$ 2,784$ 2,868$ 3,125$ 3,221$ N/A N/APlan Fiduciary Net PositionEmployer Contributions‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/AN/AContributions from State Fire Insurance Premium Tax172 166 155 154 151 148 146 143 N/AN/AInvestment Income Net of Investment Expenses(35) 267 294 121 114 136 134 394 N/AN/ABenefit payments(227) (210) (194) (193) (240) (208) (205) (204) N/AN/AMedical Payments from Fund‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ N/AN/AAdministrative Expense(12) (3) (12) ‐ (12) ‐ (12) (1) N/AN/ANet Change in plan fiduciary net position(103) 220 242 83 13 76 63 332 N/AN/APlan fiduciary net position ‐ beginning10,165 9,945 9,703 9,619 9,607 9,531 9,468 9,136 N/AN/APlan fiduciary net position ‐ ending (b)10,062 10,165 9,945 9,703 9,619 9,607 9,531 9,468 N/AN/ANet pension liability ‐ ending =(a)‐(b)(7,235)$ (7,811)$ (7,572)$ (7,111)$ (6,835)$ (6,739)$ (6,406)$ (6,247)$ N/AN/AFiduciary net position as a percentage of the total pension liability355.93% 431.95% 419.09% 374.34% 345.51% 334.97% 304.99% 293.95% N/AN/ACovered Payroll‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/AN/ANet pension liability as a percentage of covered payrollN/AN/AN/AN/AN/AN/AN/AN/AN/AN/ANotes to schedule:This schedule will be built prospectively until it contains ten years of data. Prior years' information is unavailable.2021 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-10
City of RentonSchedule of Employer ContributionsFirefighters' Pension FundLast 10 Fiscal Years2021 2020 2019 2018 2017 2016 2015 201420132012Actuarially determined contribution‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ Contributions in relation to the actuarially determined contribution171,853 165,917 155,413 154,275 150,951 148,034 146,358 142,706 124,391 118,775 Contribution deficiency (excess)(171,853)$ (165,917)$ (155,413)$ (154,275)$ (150,951)$ (148,034)$ (146,358)$ (142,706)$ (124,391)$ (118,775)$ Covered ‐ employee payroll‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ Contribution as a percentage of covered ‐ employee payrollN/AN/AN/AN/AN/AN/AN/AN/AN/AN/ANote:Contributions are a portion of State Fire Insurance Premium Taxes.2021 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-11
City of RentonSchedule of Investment ReturnsFirefighters' Pension FundDecember 31, 2020Last 10 Fiscal YearsFiscal YearEndingDecember 31NetMoney‐Weighted Rate of Return2012N/A2013N/A20144.31%20151.42%20161.43%20171.19%20181.26%20193.03%20202.68%2021‐0.35%2021 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-12
City of RentonSchedule of Changes in Total OPEB Liability and Related RatiosLEOFF 1 Retiree Medical BenefitsLast 10 Fiscal Years$ Thousands2021 2020 2019 2018 2017 2016 2015 2014 2013 2012Total OPEB LiabilityService Cost‐$ ‐$ ‐$ ‐$ N/AN/AN/AN/AN/AN/AInterest on Total OPEB Liability839 1,062 1,692 1,576 N/AN/AN/AN/AN/AN/AChanges of benefit terms‐ ‐ ‐ ‐ N/AN/AN/AN/AN/AN/AEffect of Economic/Demographic Gains or (Losses)(5,516) ‐ (2,946) ‐ N/A N/A N/A N/A N/A N/AEffect of Assumption Changes or Inputs(1,089) 3,806 (859) (2,764) N/AN/AN/AN/AN/AN/AExpected benefit payments(1,424) (1,618) (1,491) (1,586) N/A N/A N/A N/A N/A N/ANet Change in Total OPEB Liability(7,190) 3,250 (3,605) (2,774) N/AN/AN/AN/AN/AN/ATotal OPEB Liability ‐ Beginning42,674 39,424 43,029 45,803 N/A N/A N/A N/A N/A N/ATotal OPEB Liability ‐ Ending35,484$ 42,674$ 39,424$ 43,029$ N/A N/A N/A N/A N/A N/ACovered Payroll‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ Total OPEB liability as a percentage of covered 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 benefits.This schedule is presented to illustrate the requirement to show information for 10 years. However, recalculations of prior years are not rquired, and if prior years are not reported in accordance with the current GASB standards, they should not be reported.2021 Annual Comprehensive Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-13
Non‐Major Governmental Funds
Special Revenue Funds
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.
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & 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:
2009 intergovernmental debt related to the Fire District #40 asset transfer as a result of
the Benson Hill annexation.
2010 Limited Tax General Obligation refunding bonds which refunded a portion of the
2001 limited tax general obligation bonds for the construction of a downtown parking
facility.
2011 Limited Tax General Obligation bonds which funded the development and
construction of two new libraries.
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.
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & 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.
MUNICIPAL FACILITIES CIP
This fund 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
The Capital Improvement Fund supports the City of Renton transportation projects and projects
linked with various State and Federal funding programs. Many of the projects are dependent on
grants, formulation of LID’s, and mitigation revenue.
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. REET 1 tax revenues are held in this fund and subsequently transferred to the appropriate
capital project fund when qualifying expenditures are incurred.
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. REET 2 tax revenues are held in this fund and subsequently transferred to the appropriate
capital project fund when qualifying expenditures are incurred.
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & 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.
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-4
Special Revenue Funds Debt Service Funds Capital Projects Funds
Total Nonmajor
Governmental Funds
ASSETS
Cash & cash equivalents 5,401,436$ 3,648,237$ 32,463,428$ 41,513,101$
Investments at fair value 2,287,224 1,559,622 14,456,268 18,303,114
Receivables, net of allowances:
Taxes 75,747 ‐ 54 75,801
Customer accounts 40,575 ‐ 22,688 63,263
Accrued Interest & penalties 4,451 4,025 31,147 39,623
Due from other funds ‐ ‐ 24,632 24,632
Due from other governments 714,536 ‐ 1,184,309 1,898,845
Total assets 8,523,969$ 5,211,884$ 48,182,526$ 61,918,379$
LIABILITIES
Accounts payable 71,057$ 1,099$ 449,991$ 522,147$
Retainage payable ‐ ‐ 25,168 25,168
Due to other funds ‐ ‐ 24,632 24,632
Total liabilities 71,057 1,099 499,791 571,947
DEFERRED INFLOWS OF RESOURCES
Unavailable Revenue 2,204 ‐ 122,694 124,898
Total deferred inflows of resources 2,204 ‐ 122,694 124,898
FUND BALANCES (DEFICITS)
Restricted 8,216,712 252,200 33,357,064 41,825,976
Committed 233,996 ‐ 6,672,909 6,906,905
Assigned ‐ 4,958,585 7,530,068 12,488,653
Total fund balances (deficits)8,450,708 5,210,785 47,560,041 61,221,534
Total liabilities, deferred inflows of resources, and fund
balances (deficits)8,523,969$ 5,211,884$ 48,182,526$ 61,918,379$
City of Renton
Combining Governmental Balance Sheet
Nonmajor Governmental Funds
Summary by Fund Type
December 31, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-5
Housing and Supportive Services Hotel/Motel TaxCable Communications Springbrook Wetlands Bank Police SeizurePolice CSAM SeizureSchool District Impact MitigationFire Impact MitigationTotal Nonmajor Special Revenue FundsASSETSCash & cash equivalents2,221,508$ 531,712$ 529,537$ 163,756$ 445,063$ 122,217$ 17,167$ 1,370,476$ 5,401,436$ Investments at fair value944,904 227,307 209,277 70,006 190,264 52,248 7,339 585,879 2,287,224 Receivables (net of allowance for uncollectible):Taxes‐ 75,747 ‐ ‐ ‐ ‐ ‐ ‐ 75,747 Customer accounts‐ ‐ 16,597 ‐ ‐ ‐ 21,774 2,204 40,575 Accrued Interest & penalties870 620 487 234 503 115 1 1,621 4,451 Due from other governments714,536 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 714,536 Total assets3,881,818$ 835,386$ 755,898$ 233,996$ 635,830$ 174,580$ 46,281$ 1,960,180$ 8,523,969$ LIABILITIESAccounts payable‐$ 32,287$ 9,041$ ‐$ 5,200$ ‐$ 24,529$ ‐$ 71,057$ Total liabilities‐ 32,287 9,041 ‐ 5,200 ‐ 24,529 ‐ 71,057 DEFERRED INFLOWS OF RESOURCESUnavailable Revenue‐ ‐ ‐ ‐ ‐ ‐ ‐ 2,204 2,204 Total deferred inflows of resources‐ ‐ ‐ ‐ ‐ ‐ ‐ 2,204 2,204 FUND BALANCESRestricted3,881,818 803,099 746,857 ‐ 630,630 174,580 21,752 1,957,976 8,216,712 Committed‐ ‐ ‐ 233,996 ‐ ‐ ‐ ‐ 233,996 Total fund balances (deficits)3,881,818 803,099 746,857 233,996 630,630 174,580 21,752 1,957,976 8,450,708 Total liabilities, deferred inflows of resources, and fundbalances (deficits)3,881,818$ 835,386$ 755,898$ 233,996$ 635,830$ 174,580$ 46,281$ 1,960,180$ 8,523,969$ City of RentonCombining Balance SheetNonmajor Special Revenue FundsDecember 31, 20212021 Annual Comprehensive Financial ReportCity of Renton, WashingtonCombining Statements & Schedules, 6-6
General Debt
Total Nonmajor Debt
Service Funds
ASSETS
Cash & cash equivalents 3,648,237$ 3,648,237$
Investments at fair value 1,559,622 1,559,622
Receivables, net of allowances:
Accrued interest & penalties 4,025 4,025
Total assets 5,211,884$ 5,211,884$
LIABILITIES
Accounts payable 1,099 1,099
Total liabilities 1,099 1,099
FUND BALANCES
Restricted 252,200 252,200
Assigned 4,958,585 4,958,585
Total fund balances (deficits)5,210,785 5,210,785
Total liabilities, deferred inflows of resources, and fund
balances (deficits)5,211,884$ 5,211,884$
City of Renton
Combining Balance Sheet
Nonmajor Debt Service Funds
December 31, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-7
$$
Community Development Impact MitigationTransportation Impact MitigationREET1REET2Municipal Facilities CIPTotal Nonmajor Capital Projects FundsASSETSCash & cash equivalents2,400,477$ 3,575,816$ 2,930,436$ 5,637,951$ 17,918,748$ 32,463,428$ Investments at fair value1,026,204 1,572,625 1,566,977 3,114,825 7,175,637 14,456,268 Receivables, net of allowances: Taxes ‐ ‐ 27 27 ‐ 54 Customer accounts8,404 14,284 ‐ ‐ ‐ 22,688 Accrued interest & penalties1,882 3,193 3,329 5,710 17,033 31,147 Due from other funds‐ ‐ ‐ 10,087 14,545 24,632 Due from other governments‐ ‐ ‐ ‐ 1,184,309 1,184,309 Total assets3,436,967$ 5,165,918$ 4,500,769$ 8,768,600$ 26,310,272$ 48,182,526$ LIABILITIESAccounts payable‐$ ‐$ ‐$ ‐$ 449,991$ 449,991$ Retainage payable25,168 25,168 Due to other funds‐ ‐ 14,545 ‐ 10,087 24,632 Total liabilities‐ ‐ 14,545 ‐ 485,246 499,791 DEFERRED INFLOWS OF RESOURCESUnavailable Revenue8,404 14,284 ‐ ‐ 100,006 122,694 Total deferred inflows of resources8,404 14,284 ‐ ‐ 100,006 122,694 FUND BALANCESRestricted3,428,563 5,151,634 4,486,224 8,768,600 11,522,043 33,357,064 Committed‐ ‐ ‐ ‐ 6,672,909 6,672,909 Assigned‐ ‐ ‐ ‐ 7,530,068 7,530,068 Total fund balances (deficits)3,428,563 5,151,634 4,486,224 8,768,600 25,725,020 47,560,041 Total liabilities, deferred inflows of resources, and fund balances (deficits)3,436,967$ 5,165,918$ 4,500,769$ 8,768,600$ 26,310,272$ 48,182,526$ City of RentonCombining Balance SheetNonmajor Capital Projects FundsDecember 31, 20212021 Annual Comprehensive Financial ReportCity of Renton, WashingtonCombining Statements & Schedules, 6-8
Special Revenue Funds Debt Service Funds Capital Projects Funds
Total Nonmajor
Governmental Funds
REVENUES
Taxes 4,212,399$ ‐$ 10,072,092$ 14,284,491$
Licenses and permits 69,955 ‐ ‐ 69,955
Intergovernmental revenues ‐ 114,740 1,761,365 1,876,105
Charges for services 719,775 ‐ 2,466,244 3,186,019
Fines and forfeits 45,386 ‐ ‐ 45,386
Contributions 94,054 ‐ 11,000 105,054
Investment earnings 3,930 6,056 24,221 34,207
Total revenues 5,145,499 120,796 14,334,922 19,601,217
EXPENDITURES
Current:
Culture and recreation 62,054 ‐ 196,633 258,687
Economic environment 445,310 ‐ ‐ 445,310
General government 503,029 ‐ 41,162 544,191
Public safety 128,755 ‐ ‐ 128,755
Debt service:
Principal payment ‐ 5,625,158 ‐ 5,625,158
Interest payment ‐ 1,528,007 ‐ 1,528,007
Capital outlay:
Culture and recreation ‐ ‐ 1,754,131 1,754,131
General government ‐ ‐ 2,693,931 2,693,931
Public safety 129,917 ‐ ‐ 129,917
Total expenditures 1,269,065 7,153,165 4,685,857 13,108,087
Excess (deficiency) of revenues over expenditures 3,876,434 (7,032,369) 9,649,065 6,493,130
OTHER FINANCING SOURCES (USES)
Transfer in 40,000 7,189,814 9,320,917 16,550,731
Transfers out (476,987) ‐ (10,754,006) (11,230,993)
Proceeds from sale of capital assets 867 ‐ ‐ 867
Total other financing sources (uses)(436,120) 7,189,814 (1,433,089) 5,320,605
Net change in fund balances 3,440,314 157,445 8,215,976 11,813,735
Fund balances ‐ January 1 5,010,394 5,053,340 39,344,065 49,407,799
Fund balances ‐ December 31 8,450,708$ 5,210,785$ 47,560,041$ 61,221,534$
City of Renton
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Governmental Funds
Summary by FundType
For the Year Ended December 31, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-9
Housing and Supportive Services Hotel/Motel TaxCable Communications DevelopmentSpringbrook Wetlands Bank Police SeizurePolice CSAM SeizureSchool District Impact MitigationFire Impact MitigationTotal Nonmajor Special Revenue FundsREVENUESTaxes3,880,970$ 331,429$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ 4,212,399$ Licenses and permits‐ ‐ 69,955 ‐ ‐ ‐ ‐ ‐ 69,955 Charges for services‐ ‐ ‐ ‐ ‐ ‐ 524,550 195,225 719,775 Fines and forfeits‐ ‐ ‐ ‐ ‐ 45,386 ‐ ‐ 45,386 Contributions‐ 25,000 ‐ ‐ 69,054 ‐ ‐ ‐ 94,054 Investment earnings848 482 312 172 29 107 231 1,749 3,930 Total revenues3,881,818 356,911 70,267 172 69,083 45,493 524,781 196,974 5,145,499 EXPENDITURESCurrent:Culture and recreation‐ ‐ 62,054 ‐ ‐ ‐ ‐ ‐ 62,054 Economic environment‐ 437,601 ‐ 7,709 ‐ ‐ ‐ ‐ 445,310 General government‐ ‐ ‐ ‐ ‐ ‐ 503,029 ‐ 503,029 Public safety‐ ‐ ‐ ‐ 126,755 2,000 ‐ ‐ 128,755 Capital outlay:Public safety‐ ‐ ‐ ‐ 109,917 20,000 ‐ ‐ 129,917 Total expenditures‐ 437,601 62,054 7,709 236,672 22,000 503,029 ‐ 1,269,065 Excess (deficiency) of revenues over expenditures3,881,818 (80,690) 8,213 (7,537) (167,589) 23,493 21,752 196,974 3,876,434 OTHER FINANCING SOURCES (USES)Transfer in‐ ‐ 40,000 ‐ ‐ ‐ ‐ ‐ 40,000 Transfers out‐ (40,000) ‐ ‐ ‐ ‐ ‐ (436,987) (476,987) Proceeds from sale of capital assets‐ ‐ ‐ 867 ‐ ‐ ‐ ‐ 867 Total other financing sources (uses)‐ (40,000) 40,000 867 ‐ ‐ ‐ (436,987) (436,120) Net change in fund balances3,881,818 (120,690) 48,213 (6,670) (167,589) 23,493 21,752 (240,013) 3,440,314 Fund balances ‐ January 1‐ 923,789 698,644 240,666 798,219 151,087 ‐ 2,197,989 5,010,394 Fund balances ‐ December 313,881,818$ 803,099$ 746,857$ 233,996$ 630,630$ 174,580$ 21,752$ 1,957,976$ 8,450,708$ City of RentonCombining Statement of Revenues, Expenditures and Changes in Fund BalancesNonmajor Special Revenue FundsFor the Year Ended December 31, 20212021 Annual Comprehensive Financial ReportCity of Renton, WashingtonCombining Statements & Schedules, 6-10
General Debt
Total Nonmajor Debt
Service Funds
REVENUES
Intergovernmental revenues 114,740$ 114,740$
Investment earnings 6,056 6,056
Total revenues 120,796 120,796
EXPENDITURES
Debt service:
Principal payment 5,625,158 5,625,158
Interest payment 1,528,007 1,528,007
Total expenditures 7,153,165 7,153,165
Excess (deficiency) of revenues over expenditures (7,032,369) (7,032,369)
OTHER FINANCING SOURCES (USES)
Transfer in 7,189,814 7,189,814
Total other financing sources (uses)7,189,814 7,189,814
Net change in fund balances 157,445 157,445
Fund balances ‐ January 1 5,053,340 5,053,340
Fund balances ‐ December 31 5,210,785$ 5,210,785$
City of Renton
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Debt Service Funds
For the Year Ended December 31, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-11
Community Development Impact MitigationTransportation Impact MitigationREET1REET2Municipal Facilities CIPTotal Nonmajor Capital Projects FundsREVENUESTaxes‐$ ‐$ 5,036,046$ 5,036,046$ ‐ $ 10,072,092$ Intergovernmental revenues‐ ‐ ‐ ‐ 1,761,365 1,761,365 Charges for services222,540 2,085,909 ‐ ‐ 157,795 2,466,244 Contributions‐ ‐ ‐ ‐ 11,000 11,000 Investment earnings1,398 4,208 8,428 11,001 (814) 24,221 Total revenues223,938 2,090,117 5,044,474 5,047,047 1,929,346 14,334,922 EXPENDITURESCurrent:Culture and recreation‐ ‐ ‐ ‐ 196,633 196,633 General government‐ ‐ ‐ ‐ 41,162 41,162 Capital outlay:Culture and recreation‐ ‐ ‐ ‐ 1,754,131 1,754,131 General government‐ ‐ ‐ ‐ 2,693,931 2,693,931 Total expenditures‐ ‐ ‐ ‐ 4,685,857 4,685,857 Excess (deficiency) of revenues over expenditures223,938 2,090,117 5,044,474 5,047,047 (2,756,511) 9,649,065 OTHER FINANCING SOURCES (USES)Transfer in1,484,964 ‐ ‐ 3,187,767 4,648,186 9,320,917 Transfers out‐ (102,837) (2,614,550) (2,896,211) (5,140,408) (10,754,006) Total other financing sources (uses)1,484,964 (102,837) (2,614,550) 291,556 (492,222) (1,433,089) Net change in fund balances1,708,902 1,987,280 2,429,924 5,338,603 (3,248,733) 8,215,976 Fund balances ‐ January 11,719,661 3,164,354 2,056,300 3,429,997 28,973,753 39,344,065 Fund balances ‐ December 313,428,563$ 5,151,634$ 4,486,224$ 8,768,600$ 25,725,020$ 47,560,041$ City of RentonCombining Statement of Revenues, Expenditures and Changes in Fund BalancesNonmajor Capital Projects FundsFor the Year Ended December 31, 20212021 Annual Comprehensive Financial ReportCity of Renton, WashingtonCombining Statements & Schedules, 6-12
Original Final Actual
Variance with Final
Budget
REVENUES
Intergovernmental revenues ‐ 28,258,159 10,044,698 (18,213,461)
Fines and forfeits ‐ ‐ 32,707 32,707
Investment earnings ‐ ‐ (628) (628)
Total revenues ‐ 28,258,159 10,076,777 (18,181,382)
EXPENDITURES
Capital outlay:
Transportation 675,250 46,062,466 15,390,234 30,672,232
Total capital outlay 675,250 46,062,466 15,390,234 30,672,232
Total expenditures 675,250 46,062,466 15,390,234 30,672,232
Excess (deficiency) of revenues over expenditures (675,250) (17,804,307) (5,313,457) 12,490,850
OTHER FINANCING SOURCES (USES)
Transfer in 2,200,000 2,102,837 1,858,387 (244,450)
Total other financing sources (uses)2,200,000 2,102,837 1,858,387 (244,450)
Net change in fund balances 1,524,750 (15,701,470) (3,455,070) 12,246,400
Fund balances ‐ January 1, as originally stated 777,424 16,792,413 16,668,539 (123,874)
Prior period adjustment ‐ 109,200 ‐ (109,200)
Fund balances ‐ January 1, restated 777,424 16,901,613 16,668,539 (233,074)
Fund balances ‐ December 31 2,302,174$ 1,090,943$ 13,213,469$ 12,122,526$
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, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-13
$$$$
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes ‐$ 2,640,000$ 3,880,970$ 1,240,970$
Investment earnings ‐ ‐ 848 848
Total revenues ‐ 2,640,000 3,881,818 1,241,818
EXPENDITURES
Current:
Economic environment ‐ 1,030,000 ‐ 1,030,000
Total current ‐ 1,030,000 ‐ 1,030,000
Total expenditures ‐ 1,030,000 ‐ 1,030,000
Excess (deficiency) of revenues over expenditures ‐ 1,610,000 3,881,818 2,271,818
Net change in fund balances ‐ 1,610,000 3,881,818 2,271,818
Fund balances ‐ January 1 ‐ ‐ ‐ ‐
Fund balances ‐ December 31 ‐$ 1,610,000$ 3,881,818$ 2,271,818$
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, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-14
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes 200,000$ 200,000$ 331,429$ 131,429$
Contributions ‐ 25,000 25,000 ‐
Investment earnings ‐ ‐ 482 482
Total revenues 200,000 225,000 356,911 131,911
EXPENDITURES
Current:
Economic environment ‐ 556,198 437,601 118,597
Total current ‐ 556,198 437,601 118,597
Total expenditures ‐ 556,198 437,601 118,597
Excess (deficiency) of revenues over expenditures 200,000 (331,198) (80,690) 250,508
OTHER FINANCING SOURCES (USES)
Transfers out ‐ (40,000) (40,000) ‐
Total other financing sources (uses)‐ (40,000) (40,000) ‐
Net change in fund balances 200,000 (371,198) (120,690) 250,508
Fund balances ‐ January 1 677,327 893,604 923,789 30,185
Fund balances ‐ December 31 877,327$ 522,406$ 803,099$ 280,693$
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, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-15
Original Final Actual
Variance with Final
Budget
REVENUES
Licenses and permits 57,674$ 57,674$ 69,955$ 12,281$
Investment earnings ‐ ‐ 312 312
Total revenues 57,674 57,674 70,267 12,593
EXPENDITURES
Current:
Culture and recreation 57,674 57,674 62,054 (4,380)
Total current 57,674 57,674 62,054 (4,380)
Total expenditures 57,674 57,674 62,054 (4,380)
Excess (deficiency) of revenues over expenditures ‐ ‐ 8,213 8,213
OTHER FINANCING SOURCES (USES)
Transfer in 40,000 40,000 40,000 ‐
Total other financing sources (uses)40,000 40,000 40,000 ‐
Net change in fund balances ‐ ‐ 48,213 8,213
Fund balances ‐ January 1 603,760 677,710 698,644 20,934
Fund balances ‐ December 31 643,760$ 717,710$ 746,857$ 29,147$
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, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-16
Original Final Actual
Variance with Final
Budget
REVENUES
Investment earnings ‐ ‐ 172 172
Total revenues ‐ ‐ 172 172
EXPENDITURES
Current:
Economic environment ‐ 9,586 7,709 1,877
Total current ‐ 9,586 7,709 1,877
Total expenditures ‐ 9,586 7,709 1,877
Excess (deficiency) of revenues over expenditures ‐ (9,586) (7,537) 2,049
OTHER FINANCING SOURCES (USES)
Proceeds from sale of capital assets ‐ ‐ 867 867
Total other financing sources (uses)‐ ‐ 867 867
Net change in fund balances ‐ (9,586) (6,670) 2,916
Fund balances ‐ January 1, as originally stated 345,658 348,826 240,666 (108,160)
Prior period adjustment ‐ (109,200) ‐ 109,200
Fund balances ‐ January 1, restated 345,658 239,626 240,666 1,040
Fund balances ‐ December 31 345,658$ 230,040$ 233,996$ 3,956$
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, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-17
$$$$
Original Final Actual
Variance with Final
Budget
REVENUES
Contributions ‐ ‐ 69,054 69,054
Investment earnings ‐ ‐ 29 29
Total revenues ‐ ‐ 69,083 69,083
EXPENDITURES
Current:
Public safety ‐ 872,449 126,755 745,694
Total current ‐ 872,449 126,755 745,694
Capital outlay:
Public safety ‐ ‐ 109,917 (109,917)
Total capital outlay ‐ ‐ 109,917 (109,917)
Total expenditures ‐ 872,449 236,672 635,777
Excess (deficiency) of revenues over expenditures ‐ ‐ (167,589) 704,860
Net change in fund balances ‐ ‐ (167,589) 704,860
Fund balances ‐ January 1 ‐ 872,449 798,219 (74,230)
Fund balances ‐ December 31 ‐ $ ‐ $ 630,630$ 630,630$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
Police Seizure
For the Year Ended December 31, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-18
$$$$
Original Final Actual
Variance with Final
Budget
REVENUES
Fines and forfeits ‐$ ‐$ 45,386$ 45,386$
Investment earnings ‐ ‐ 107 107
Total revenues ‐ ‐ 45,493 45,493
EXPENDITURES
Current:
Health and human services ‐ 77,008 ‐ 77,008
Public safety ‐ 73,629 2,000 71,629
Total current ‐ 150,637 2,000 148,637
Capital outlay:
Public safety ‐ ‐ 20,000 (20,000)
Total capital outlay ‐ ‐ 20,000 (20,000)
Total expenditures ‐ 150,637 22,000 128,637
Excess (deficiency) of revenues over expenditures ‐ (150,637) 23,493 174,130
Net change in fund balances ‐ (150,637) 23,493 174,130
Fund balances ‐ January 1 ‐ 150,637 151,087 450
Fund balances ‐ December 31 ‐$ ‐$ 174,580$ 174,580$
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, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-19
Original Final Actual
Variance with Final
Budget
REVENUES
Charges for services ‐$ 995,000$ 524,550$ (470,450)$
Investment earnings ‐ ‐ 231 231
Total revenues ‐ 995,000 524,781 (470,219)
EXPENDITURES
Current:
General government ‐ 995,000 503,029 491,971
Total current ‐ 995,000 503,029 491,971
Total expenditures ‐ 995,000 503,029 491,971
Excess (deficiency) of revenues over expenditures ‐ ‐ 21,752 21,752
Net change in fund balances ‐ ‐ 21,752 21,752
Fund balances ‐ January 1 ‐ ‐ ‐ ‐
Fund balances ‐ December 31 ‐$ ‐$ 21,752$ 21,752$
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, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-20
Original Final Actual
Variance with Final
Budget
REVENUES
Charges for services 99,000$ 99,000$ 195,225$ 96,225$
Investment earnings ‐ ‐ 1,749 1,749
Total revenues 99,000 99,000 196,974 97,974
EXPENDITURES
Total expenditures ‐ ‐ ‐ ‐
Excess (deficiency) of revenues over expenditures 99,000 99,000 196,974 97,974
OTHER FINANCING SOURCES (USES)
Transfers out (436,987) (436,987) (436,987) ‐
Total other financing sources (uses)(436,987) (436,987) (436,987) ‐
Net change in fund balances (337,987) (337,987) (240,013) 97,974
Fund balances ‐ January 1 2,105,750 2,191,452 2,197,989 6,537
Fund balances ‐ December 31 1,767,763$ 1,853,465$ 1,957,976$ 104,511$
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, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-21
Original Final Actual
Variance with Final
Budget
REVENUES
Intergovernmental revenues 114,631$ 114,631$ 114,740$ 109$
Investment earnings ‐ ‐ 6,056 6,056
Total revenues 114,631 114,631 120,796 6,165
EXPENDITURES
Debt service:
Principal payment 5,625,158 5,625,158 5,625,158 ‐
Interest payment 1,527,861 1,530,011 1,528,007 2,004
Total debt service 7,153,019 7,155,169 7,153,165 2,004
Total expenditures 7,153,019 7,155,169 7,153,165 2,004
Excess (deficiency) of revenues over expenditures (7,038,388) (7,040,538) (7,032,369) 8,169
OTHER FINANCING SOURCES (USES)
Transfer in 7,030,387 7,378,667 7,189,814 (188,853)
Total other financing sources (uses)7,030,387 7,378,667 7,189,814 (188,853)
Net change in fund balances (8,001) 338,129 157,445 (180,684)
Fund balances ‐ January 1 4,897,482 5,010,629 5,053,340 42,711
Fund balances ‐ December 31 4,889,481$ 5,348,758$ 5,210,785$ (137,973)$
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, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-22
Original Final Actual
Variance with Final
Budget
REVENUES
Charges for services 86,500$ 86,500$ 222,540$ 136,040$
Investment earnings ‐ ‐ 1,398 1,398
Total revenues 86,500 86,500 223,938 137,438
EXPENDITURES
Total expenditures ‐ ‐ ‐ ‐
Excess (deficiency) of revenues over expenditures 86,500 86,500 223,938 137,438
OTHER FINANCING SOURCES (USES)
Transfer in ‐ 1,484,964 1,484,964 ‐
Transfers out (316,000) (2,796,229) ‐ 2,796,229
Total other financing sources (uses) (316,000) (1,311,265) 1,484,964 2,796,229
Net change in fund balances (229,500) (1,224,765) 1,708,902 2,933,667
Fund balances ‐ January 1 1,027,590 1,713,833 1,719,661 5,828
Fund balances ‐ December 31 798,090$ 489,068$ 3,428,563$ 2,939,495$
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, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-23
Original Final Actual
Variance with Final
Budget
REVENUES
Charges for services 200,000 200,000 2,085,909 1,885,909
Investment earnings ‐ ‐ 4,208 4,208
Total revenues 200,000 200,000 2,090,117 1,890,117
EXPENDITURES
Total expenditures ‐ ‐ ‐ ‐
Excess (deficiency) of revenues over expenditures 200,000 200,000 2,090,117 1,890,117
OTHER FINANCING SOURCES (USES)
Transfers out (200,000) (102,837) (102,837) ‐
Total other financing sources (uses)(200,000) (102,837) (102,837) ‐
Net change in fund balances ‐ 97,163 1,987,280 1,890,117
Fund balances ‐ January 1 2,566,232 3,154,954 3,164,354 9,400
Fund balances ‐ December 31 2,566,232$ 3,252,117$ 5,151,634$ 1,899,517$
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, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-24
$$$$
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes 2,250,000 3,250,000 5,036,046 1,786,046
Investment earnings ‐ ‐ 8,428 8,428
Total revenues 2,250,000 3,250,000 5,044,474 1,794,474
EXPENDITURES
Total expenditures ‐ ‐ ‐ ‐
Excess (deficiency) of revenues over expenditures 2,250,000 3,250,000 5,044,474 1,794,474
OTHER FINANCING SOURCES (USES)
Transfers out (2,865,000) (2,865,000) (2,614,550) 250,450
Total other financing sources (uses)(2,865,000) (2,865,000) (2,614,550) 250,450
Net change in fund balances (615,000) 385,000 2,429,924 2,044,924
Fund balances ‐ January 1 1,368,855 2,042,269 2,056,300 14,031
Fund balances ‐ December 31 753,855$ 2,427,269$ 4,486,224$ 2,058,955$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
REET1
For the Year Ended December 31, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-25
$$$$
Original Final Actual
Variance with Final
Budget
REVENUES
Taxes 2,250,000$ 3,250,000$ 5,036,046$ 1,786,046$
Investment earnings ‐ ‐ 11,001 11,001
Total revenues 2,250,000 3,250,000 5,047,047 1,797,047
EXPENDITURES
Total expenditures ‐ ‐ ‐ ‐
Excess (deficiency) of revenues over expenditures 2,250,000 3,250,000 5,047,047 1,797,047
OTHER FINANCING SOURCES (USES)
Transfer in ‐ 3,177,680 3,187,767 10,087
Transfers out (3,248,025) (7,066,705) (2,896,211) 4,170,494
Total other financing sources (uses)(3,248,025) (3,889,025) 291,556 4,180,581
Net change in fund balances (998,025) (639,025) 5,338,603 5,977,628
Fund balances ‐ January 1 1,451,451 3,411,866 3,429,997 18,131
Fund balances ‐ December 31 453,426$ 2,772,841$ 8,768,600$ 5,995,759$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
REET2
For the Year Ended December 31, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-26
Original Final Actual
Variance with Final
Budget
REVENUES
Intergovernmental revenues 300,000$ 1,802,206$ 677,062$ (1,125,144)$
Charges for services ‐ ‐ 157,795 157,795
Contributions ‐ 86,000 11,000 (75,000)
Investment earnings 86,185 86,185 (4,016) (90,201)
Total revenues 386,185 1,974,391 841,841 (1,132,550)
EXPENDITURES
Current:
Culture and recreation ‐ ‐ 114,888 (114,888)
General government ‐ 221,144 41,162 179,982
Total current ‐ 221,144 156,050 65,094
Capital outlay:
Culture and recreation 1,716,048 24,166,835 1,617,462 22,549,373
General government 1,238,386 4,184,370 2,693,932 1,490,438
Total capital outlay 2,954,434 28,351,205 4,311,394 24,039,811
Total expenditures 2,954,434 28,572,349 4,467,444 24,104,905
Excess (deficiency) of revenues over expenditures (2,568,249) (26,597,958) (3,625,603) 22,972,355
OTHER FINANCING SOURCES (USES)
Transfer in 2,316,000 11,614,909 4,648,186 (6,966,723)
Transfers out ‐ (5,153,642) (5,170,925) (17,283)
Total other financing sources (uses)2,316,000 6,461,267 (522,739) (6,984,006)
Net change in fund balances (252,249) (20,136,691) (4,148,342) 15,988,349
Fund balances ‐ January 1 1,105,075 20,298,663 20,575,397 276,734
Fund balances ‐ December 31 852,826$ 161,972$ 16,427,055$ 16,265,083$
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, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-27
Original Final Actual
Variance with Final
Budget
REVENUES
Total revenues ‐$ ‐$ ‐$ ‐$
EXPENDITURES
Total expenditures ‐ ‐ ‐ ‐
Excess (deficiency) of revenues over expenditures ‐ ‐ ‐ ‐
OTHER FINANCING SOURCES (USES)
Transfers out ‐ (16,679) (16,679) ‐
Total other financing sources (uses)‐ (16,679) (16,679) ‐
Net change in fund balances ‐ (16,679) (16,679) ‐
Fund balances ‐ January 1 16,408 16,679 16,679 ‐
Fund balances ‐ December 31 16,408$ ‐ $ ‐ $ ‐ $
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
Municipal Facilities CIP ‐ New Library Development
For the Year Ended December 31, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-28
Original Final Actual
Variance with Final
Budget
REVENUES
Intergovernmental revenues ‐ $ 1,530,000$ 1,084,303$ (445,697)$
Investment earnings ‐ ‐ 3,203 3,203
Total revenues ‐ 1,530,000 1,087,506 (442,494)
EXPENDITURES
Current:
Culture and recreation ‐ 82,382 81,745 637
Total current ‐ 82,382 81,745 637
Capital outlay:
Culture and recreation 500,000 2,367,775 136,668 2,231,107
Total capital outlay 500,000 2,367,775 136,668 2,231,107
Total expenditures 500,000 2,450,157 218,413 2,231,744
Excess (deficiency) of revenues over expenditures (500,000) (920,157) 869,093 1,789,250
OTHER FINANCING SOURCES (USES)
Transfer in ‐ 40,000 47,196 7,196
Total other financing sources (uses)‐ 40,000 47,196 7,196
Net change in fund balances (500,000) (880,157) 916,289 1,796,446
Fund balances ‐ January 1 7,977,453 8,356,704 8,381,677 24,973
Fund balances ‐ December 31 7,477,453$ 7,476,547$ 9,297,966$ 1,821,419$
Budgeted Amounts
City of Renton
Schedule of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual
Municipal Facilities CIP ‐ Family First Center
For the Year Ended December 31, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-29
Airport Golf Course
Total Nonmajor
Enterprise Funds
ASSETS
Current assets:
Cash & cash equivalents 5,479,565$ 1,094,903$ 6,574,468$
Investments at fair value 2,321,876 473,162 2,795,038
Receivables (net of allowance for uncollectible):
Customer accounts 94,472 56,302 150,774
Interest & penalties 5,583 988 6,571
Due from other governments 55,057 ‐ 55,057
Supplies inventory ‐ 65,266 65,266
Total current assets 7,956,553 1,690,621 9,647,174
Noncurrent assets:
Net Pension Asset 506,796 674,692 1,181,488
Capital assets not being depreciated:
Land 784,080 2,683,200 3,467,280
Construction in Progress 844,762 ‐ 844,762
Capital assets (net)15,646,271 3,735,371 19,381,642
Total noncurrent assets 17,781,909 7,093,263 24,875,172
Total assets 25,738,462 8,783,884 34,522,346
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 67,074 89,295 156,369
Total deferred outflows of resources 67,074 89,295 156,369
Total assets and deferred outflows of resources 25,805,536 8,873,179 34,678,715
LIABILITIES
Current liabilities:
Accrued wages and benefits payable 54,870 54,768 109,638
Accounts payable 89,635 29,559 119,194
Due to other funds ‐ 463,922 463,922
Customer deposits ‐ 345,186 345,186
Unearned revenue 41,408 ‐ 41,408
Compensated absences 25,427 59,141 84,568
Total current liabilities 211,340 952,576 1,163,916
Noncurrent liabilities:
Compensated absences 14,644 39,679 54,323
Net pension liability 48,736 64,881 113,617
Total noncurrent liabilities 63,380 104,560 167,940
Total liabilities 274,720 1,057,136 1,331,856
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 532,365 708,731 1,241,096
Total deferred inflows of resources 532,365 708,731 1,241,096
Total liabilities and deferred inflows of resources 807,085 1,765,867 2,572,952
NET POSITION
Net investment in capital assets 17,275,112 6,418,571 23,693,683
Restricted for pensions 506,796 674,692 1,181,488
Unrestricted 7,216,543 14,049 7,230,592
Total net position 24,998,451$ 7,107,312$ 32,105,763$
City of Renton
Combining Statement of Net Position
Nonmajor Enterprise Funds
December 31, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-30
Airport Golf Course
Total Nonmajor
Enterprise Funds
OPERATING REVENUES
Charges for services 3,295,371$ 2,661,599$ 5,956,970$
Total operating revenues 3,295,371 2,661,599 5,956,970
OPERATING EXPENSES
Supplies 43,097 381,958 425,055
Personnel Services 965,316 1,356,760 2,322,076
Contracted Services 1,474,356 410,906 1,885,262
Taxes 2,050 15,155 17,205
Depreciation and amortization 1,103,231 198,500 1,301,731
Total operating expenses 3,588,050 2,363,279 5,951,329
Operating income (loss)(292,679) 298,320 5,641
NONOPERATING REVENUES (EXPENSES)
Intergovernmental revenues 55,057 ‐ 55,057
Contributions 69,191 ‐ 69,191
Investment earnings 5,078 1,538 6,616
Miscellaneous revenue ‐ 407,542 407,542
Total nonoperating revenues (expenses)129,326 409,080 538,406
Income (loss) before contributions and transfers (163,353) 707,400 544,047
Transfers out (16,130) ‐ (16,130)
Change in net position (179,483) 707,400 527,917
Total net position ‐ January 1, as originally stated 25,177,934 6,748,783 31,926,717
Prior period adjustment ‐ (348,871) (348,871)
Total net position ‐ January 1, restated 25,177,934 6,399,912 31,577,846
Total net position ‐ December 31 24,998,451$ 7,107,312$ 32,105,763$
City of Renton
Combining Statement of Revenues, Expenses, and Changes in Net Position
Nonmajor Enterprise Funds
For the Year Ended December 31, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-31
T0TAL
NON‐MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services 3,120,319$ 2,682,155$ 5,802,474$
Cash paid to suppliers for goods & services (1,614,339) (685,052) (2,299,391)
Cash paid to employees (1,158,047) (1,657,997) (2,816,044)
Other non‐operating receipts ‐ 407,542 407,542
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 347,933 746,648 1,094,581
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers to other funds (16,130) ‐ (16,130)
Operating grants and contributions 124,248 ‐ 124,248
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES 108,118 ‐ 108,118
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Acquisition & construction of capital assets (350,045) (12,663) (362,708)
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES (350,045) (12,663) (362,708)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for investments (470,960) (267,603) (738,563)
Interest on investments 56,947 7,271 64,218
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (414,013) (260,332) (674,345)
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS (308,007) 473,653 165,646
CASH & CASH EQUIVALENTS, JANUARY 1 5,787,572 621,250 6,408,822
RESTRICTED CASH, JANUARY 1 ‐ ‐ ‐
CASH & CASH EQUIVALENTS, DECEMBER 31 5,479,565$ 1,094,903$ 6,574,468$
ENTERPRISE FUNDS
BUSINESS‐TYPE ACTIVITIES
City of Renton
Combining Statement of Cash Flows
Non‐Major Enterprise Funds
For the Year Ended December 31, 2021
Page 1 of 2
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-32
TOTAL
NON‐MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)(292,679)$ 298,320$ 5,641$
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization 1,103,231 198,500 1,301,731
(Increase) decrease in
Other non‐operating revenue ‐ 407,542 407,542
(Increase) decrease in
accounts receivable (56,182) (2,237) (58,419)
(Increase) decrease in inventory
& prepaid items (55,057) 14,844 (40,213)
(Increase) decrease in net pension assets and
deferred outflows related to pensions (495,091) (659,839) (1,154,930)
Increase (decrease) in operating
accounts payable (39,779) (6,928) (46,707)
Increase (decrease) in due to
other funds ‐ 115,051 115,051
Increase (decrease) in
customer deposits ‐ 22,793 22,793
Increase (decrease) in
unearned revenues (118,870) ‐ (118,870)
Increase (decrease) in accrued
employee leave benefits 36,295 1,478 37,773
Increase (decrease) in net pension liability
and deferred inflows related to pensions 266,065 357,124 623,189
Total adjustments 640,612 448,328 1,088,940
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 347,933$ 746,648$ 1,094,581$
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Depreciation & amortization 1,103,231$ 198,500$ 1,301,731$
Increase (decrease) in fair value of investments (33,079)$ (4,699)$ (37,778)$
ENTERPRISE FUNDS
City of Renton
Combining Statement of Cash Flows
Non‐Major Enterprise Funds
For the Year Ended December 31, 2021
Page 2 of 2
BUSINESS‐TYPE ACTIVITIES
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-33
Equipment Rental Insurance
Total Internal Service
Funds
ASSETS
Current assets:
Cash & cash equivalents 9,816,584$ 31,770,793$ 41,587,377$
Investments at fair value 5,462,294 13,575,694 19,037,988
Receivables (net of allowance for uncollectible):
Customer accounts 40,523 325,827 366,350
Interest & penalties 9,282 30,053 39,335
Due from other funds 22,430 ‐ 22,430
Supplies inventory 265,778 ‐ 265,778
Prepayments ‐ 416,366 416,366
Total current assets 15,616,891 46,118,733 61,735,624
Noncurrent assets:
Net Pension Asset 4,029,494 450,831 4,480,325
Capital assets not being depreciated:
Construction in Progress 2,200 ‐ 2,200
Capital assets (net)10,919,277 ‐ 10,919,277
Intangible assets (net)255,861 ‐ 255,861
Total noncurrent assets 15,206,832 450,831 15,657,663
Total assets 30,823,723 46,569,564 77,393,287
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 533,303 59,667 592,970
Total deferred outflows of resources 533,303 59,667 592,970
Total assets and deferred outflows of resources 31,357,026 46,629,231 77,986,257
LIABILITIES
Current liabilities:
Accrued wages and benefits payable 331,462 31,608 363,070
Accounts payable 875,210 102,495 977,705
Due to other funds 1,762 22,430 24,192
Retainage payable 6,119 ‐ 6,119
Claims incurred but not reported ‐ 2,346,113 2,346,113
Capital leases payable 26,418 ‐ 26,418
Compensated absences 295,829 39,269 335,098
OPEB Liability ‐ 988,675 988,675
Total current liabilities 1,536,800 3,530,590 5,067,390
Noncurrent liabilities:
Capital leases payable 69,487 ‐ 69,487
Compensated absences 182,712 26,673 209,385
Net pension liability 387,494 43,354 430,848
OPEB liability ‐ 34,495,768 34,495,768
Total noncurrent liabilities 639,693 34,565,795 35,205,488
Total liabilities 2,176,493 38,096,385 40,272,878
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 4,232,792 473,576 4,706,368
Total deferred inflows of resources 4,232,792 473,576 4,706,368
Total liabilities and deferred inflows of resources 6,409,285 38,569,961 44,979,246
NET POSITION
Net investment in capital assets 11,081,433 ‐ 11,081,433
Restricted for pensions 4,029,494 450,831 4,480,325
Unrestricted 9,836,814 7,608,439 17,445,253
Total net position 24,947,741$ 8,059,270$ 33,007,011$
City of Renton
Combining Statement of Net Position
Internal Service Funds
December 31, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-34
Equipment Rental Insurance
Total Internal Service
Funds
OPERATING REVENUES
Charges for services 13,730,934$ 18,103,383$ 31,834,317$
Licenses and permits 185,516 ‐ 185,516
Total operating revenues 13,916,450 18,103,383 32,019,833
OPERATING EXPENSES
Supplies 2,778,881 2,318 2,781,199
Personnel services 5,677,632 817,693 6,495,325
Contracted services 4,340,793 1,052,348 5,393,141
Insurance ‐ 7,300,825 7,300,825
Taxes 424 3,025 3,449
Depreciation and amortization 2,934,118 ‐ 2,934,118
Total operating expenses 15,731,848 9,176,209 24,908,057
Operating income (loss)(1,815,398) 8,927,174 7,111,776
NONOPERATING REVENUES (EXPENSES)
Intergovernmental revenues ‐ 40,651 40,651
Investment earnings (753) 24,753 24,000
Miscellaneous revenue 15,988 529,179 545,167
Interest expense (3,296) ‐ (3,296)
Insurance Recoveries ‐ 222,461 222,461
Gain (loss) on disposal of capital assets 69,947 ‐ 69,947
Total nonoperating revenues (expenses)81,886 817,044 898,930
Income (loss) before contributions and transfers (1,733,512) 9,744,218 8,010,706
Transfer in 1,005,121 1,000,000 2,005,121
Transfers out (6,000) (52,868) (58,868)
Capital contributions 3,410,907 ‐ 3,410,907
Change in net position 2,676,516 10,691,350 13,367,866
Total net position ‐ January 1 22,271,225 (2,632,080) 19,639,145
Total net position ‐ December 31 24,947,741$ 8,059,270$ 33,007,011$
City of Renton
Combining Statement of Revenues, Expenses, and Changes in Net Position
Internal Service Funds
For the Year Ended December 31, 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-35
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from other funds for services $ 13,931,271 $ 17,914,337 $ 31,845,608
Cash paid to suppliers for goods & services (6,971,547) (15,729,763) (22,701,310)
Cash paid to employees (7,377,791) (969,196) (8,346,987)
Other non‐operating receipts ‐ 751,640 751,640
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES (418,067) 1,967,018 1,548,951
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds 1,005,121 1,000,000 2,005,121
Transfers to other funds (6,000) (52,868) (58,868)
Operating grants and contributions 15,988 40,651 56,639
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES 1,015,109 987,783 2,002,892
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Proceeds from the sale of equipment 166,759 ‐ 166,759
Acquisition & construction of capital assets (622,383) ‐ (622,383)
Capital replacement reserves received 3,410,907 ‐ 3,410,907
Principal payments on capital leases (25,638) ‐ (25,638)
Interest payments on capital leases (3,296) ‐ (3,296)
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES 2,926,349 ‐ 2,926,349
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for investments (2,510,270) (3,924,622) (6,434,892)
Interest on investments and loans 107,762 346,672 454,434
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (2,402,508) (3,577,950) (5,980,458)
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS 1,120,883 (623,149) 497,734
CASH & CASH EQUIVALENTS, JANUARY 1 8,695,701 32,393,942 41,089,643
CASH & CASH EQUIVALENTS, DECEMBER 31 $9,816,584 $ 31,770,793 $ 41,587,377
INTERNAL SERVICE FUNDS
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended December 31, 2021
Page 1 of 2
City of Renton
GOVERNMENTAL ACTIVITIES
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-36
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)(1,815,398)$ 8,927,174$ 7,111,776$
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization 2,934,118 ‐ 2,934,118
(Increase) decrease in
Other non‐operating revenue ‐ 751,640 751,640
(Increase) decrease in
accounts receivable 14,821 (189,046) (174,225)
(Increase) decrease in
due from other funds 76,986 32 77,018
(Increase) decrease in inventory
& prepaid items (39,421) (80,430) (119,851)
(Increase) decrease in net pension assets
and deferred outflowsrelated to pensions (3,960,608) (451,303) (4,411,911)
Increase (decrease) in accrued
employee wages and benefits 48,318 19,592 67,910
Increase (decrease) in operating
accounts payable 109,224 (55,500) 53,724
Increase (decrease) in due to
other funds 1,762 (22,652) (20,890)
Increase (decrease) in other
short‐term liabilities ‐ (23,015) (23,015)
Increase (decrease) in net pension liability
and deferred inflows related to pensions 2,212,131 280,208 2,492,339
Increase (decrease) in
OPEB liability ‐ (7,189,682) (7,189,682)
Total adjustments 1,397,331 (6,960,156) (5,562,825)
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES (418,067)$ 1,967,018$ 1,548,951$
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Depreciation & amortization 2,934,118$ ‐$ 2,934,118$
Increase (decrease) in fair value of investments (61,135)$ (179,475)$ (240,610)$
For the Year Ended December 31, 2021
Combining Statement of Cash Flows
Internal Service Funds
Page 2 of 2
City of Renton
INTERNAL SERVICE FUNDS
GOVERNMENTAL ACTIVITIES
2021 Annual Comprehensive Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-37
STATISTICAL SECTION
December 31, 2021
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.
2021 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-1
2012201320142015201620172018201920202021Governmental activitiesNet investment in capital assets425,581,342$ 445,277,657$ 457,337,430$ 467,609,532$ 453,278,699$ 466,996,814$ 473,667,290$ 478,173,369$ 488,387,204$ 494,021,497$ Restricted 7,953,634 23,873,159 18,973,294 26,987,147 18,939,968 31,304,501 36,805,133 61,745,083 63,265,226 110,965,722 Unrestricted 54,159,950 41,681,336 57,074,155 50,203,343 61,174,111 77,331,398 67,657,377 74,778,751 83,352,782 90,952,218 Total governmental activities net position487,694,926$ 440,591,809$ 453,318,266$ 544,800,022$ 533,392,778$ 575,632,713$ 578,129,800$ 614,697,203$ 635,005,212$ 695,939,437$ Business‐type activitiesNet investment in capital assets224,893,271$ 241,679,585$ 255,631,135$ 271,016,825$ 279,506,339$ 281,531,560$ 285,507,078$ 293,076,667$ 289,121,692$ 301,540,670$ Restricted 2,909,578 2,909,578 2,909,578 2,909,578 2,909,578 2,810,145 2,810,145 2,810,145 2,810,145 9,780,922 Unrestricted 28,692,024 34,537,714 41,941,669 51,330,478 63,236,920 72,699,879 84,471,108 90,300,915 105,198,350 106,067,790 Total business‐type activities net position256,494,873$ 231,802,937$ 240,444,632$ 325,256,881$ 345,652,837$ 357,041,584$ 372,788,331$ 386,187,727$ 397,130,187$ 417,389,382$ Primary governmentNet investment in capital assets686,957,242$ 686,957,242$ 712,968,565$ 738,626,357$ 732,785,038$ 748,528,374$ 759,174,368$ 771,250,036$ 777,508,896$ 795,562,167$ Restricted 26,782,737 26,782,737 21,882,872 29,896,725 21,849,546 34,114,646 39,615,278 64,555,228 66,075,371 120,746,644 Unrestricted 76,219,050 76,219,050 99,015,824 101,533,821 124,411,031 150,031,277 152,128,485 165,079,666 188,551,132 197,020,008 Total primary government net position789,959,029$ 672,394,746$ 693,762,898$ 870,056,903$ 879,045,615$ 932,674,297$ 950,918,131$ 1,000,884,930$ 1,032,135,399$ 1,113,328,819$ Source : City of Renton Finance DivisionTABLE 1NET POSITION BY COMPONENTLAST TEN FISCAL YEARS(accrual basis of accounting)2021 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-2
EXPENSES2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Government activities:General government9,859,550$ 10,923,530$ 10,928,669$ 9,829,338$ 10,230,923$ 11,619,780$ 11,693,087$ 13,188,036$ 21,069,221$ 5,939,406$ Judicial2,610,481 2,372,115 2,406,797 2,342,557 2,501,487 2,631,350 2,612,931 3,036,172 3,170,019 3,058,866 Public safety58,152,773 53,930,214 55,143,750 57,863,131 49,272,668 34,970,381 35,406,820 34,493,076 39,807,638 34,996,342 Utilities2,643,930 964,942 746,363 694,469 691,798 686,356 675,076 270,397 206,150 4,164 Transportation13,571,691 18,842,487 14,641,476 15,918,953 19,560,699 18,369,818 18,828,845 20,091,069 18,145,346 17,561,416 Economic and natural environment6,330,233 7,146,022 6,584,984 7,362,822 7,578,069 8,280,445 7,514,571 8,032,974 9,488,896 8,714,594 Health and human services827,802 1,873,028 1,885,761 1,925,253 2,098,190 2,210,690 2,260,902 2,486,008 2,910,797 2,527,615 Culture and recreation13,011,327 12,938,589 12,338,932 13,636,384 12,999,863 14,307,593 13,802,266 15,040,743 13,421,450 12,483,452 Interest on long‐term debt3,087,269 3,411,488 2,932,298 1,247,934 948,685 1,146,722 1,077,950 1,562,735 1,489,077 1,213,697 Total governmental activities expenses110,095,056 112,402,415 107,609,030 110,820,841 105,882,382 94,223,135 93,872,448 98,201,210 109,708,594 86,499,552 Business‐type activities:Airport2,251,434 3,300,550 2,771,616 4,319,084 2,974,582 3,178,004 2,713,567 3,270,117 2,736,107 3,588,050 Golf course2,139,847 2,250,748 2,298,804 2,200,740 2,173,590 2,386,006 2,277,544 2,442,180 2,341,478 2,363,279 Solid Waste14,780,647 16,226,857 17,157,550 16,907,652 16,850,054 19,367,124 19,648,560 20,544,997 20,132,851 20,487,512 Waterworks Utility39,419,864 40,333,170 43,274,617 45,184,377 53,960,170 51,849,388 50,408,232 54,263,991 50,782,704 50,204,545 Total Business‐type activities expenses58,591,792 62,111,325 65,502,587 68,611,853 75,958,396 76,780,522 75,047,903 80,521,285 75,993,140 76,643,386 Total Primary Government expenses168,686,848 174,513,740 172,913,375 179,432,694 181,840,778 171,003,657 168,920,351 178,722,495 185,701,734 163,142,938 PROGRAM REVENUESGovernmental activities:Charges for services:General government 2,586,799 3,372,595 4,336,464 4,354,150 5,028,744 7,954,848 7,172,729 7,400,036 5,553,209 4,154,041 Judicial 3,493,071 3,011,028 3,059,061 3,476,485 3,077,775 3,318,723 5,480,833 5,237,160 3,825,074 5,033,166 Public safety650,129 6,578,528 6,961,962 7,677,351 4,836,073 1,478,987 1,561,148 1,529,648 1,237,536 1,252,495 Utilities1,326,517 3,755 278,568 668 1,436 ‐ ‐ ‐ ‐ ‐ Transportation 3,329,054 2,712,137 3,140,008 3,823,320 2,638,216 2,218,114 3,568,302 2,383,972 2,186,138 2,310,775 Economic and natural environment3,130,530 3,766,499 3,791,108 5,641,135 4,992,629 4,814,488 4,747,410 5,253,540 4,244,701 5,029,960 Health and human services‐ ‐ ‐ ‐ ‐ ‐ ‐ 123,391 42,348 104,410 Culture and recreation 1,811,127 2,096,514 2,676,783 2,331,046 2,260,812 2,347,627 2,176,752 2,678,765 1,094,457 1,467,001 Operating grants and contributions12,794,132 6,621,431 6,422,816 6,614,030 8,226,834 5,984,222 6,921,332 7,458,503 10,990,611 8,879,286 Capital grants and contributions33,529,033 23,077,914 11,640,501 8,658,075 10,913,636 10,167,007 5,700,805 7,615,827 10,743,119 13,544,611 Total governmental activities program revenues62,650,392 51,240,401 42,307,271 42,576,260 41,976,155 38,284,016 37,329,311 39,680,842 39,917,193 41,775,745 Business‐type activities:Charges for services:Airport2,436,543 2,494,436 2,652,808 2,614,311 2,718,441 2,820,574 3,503,323 3,177,298 2,906,657 3,295,371 Golf course2,128,452 2,142,433 2,127,512 2,302,635 2,196,062 2,166,680 2,329,889 2,397,796 2,605,574 3,068,337 Solid waste utility14,905,934 16,429,165 17,310,807 17,146,266 17,152,279 17,787,705 19,656,483 21,817,526 20,687,309 21,018,006 Waterworks Utility47,314,389 49,024,626 51,354,475 53,263,702 53,685,591 56,202,702 57,067,220 56,546,499 56,189,141 59,533,068 Total Business‐type charges66,785,318 70,090,660 73,445,602 75,326,914 75,752,373 78,977,661 82,556,915 83,939,119 82,388,681 86,914,782 Operating grants and contributions165,164 105,695 1,108,920 704,367 8,400,008 1,213,388 572,719 1,099,731 1,233,103 972,220 Capital grants and contributions7,668,558 18,879,992 12,531,671 23,291,274 12,559,755 7,664,875 6,285,279 7,341,238 3,940,585 5,458,679 Total business‐type activities program revenues74,619,040 89,076,347 87,086,193 99,322,555 96,712,136 87,855,924 89,414,913 92,380,088 87,562,369 93,345,681 Total primary government program revenues137,269,432$ 140,316,748$ 129,393,464$ 141,898,815$ 138,688,291$ 126,139,940$ 126,744,224$ 132,060,930$ 127,479,562$ 135,121,426$ Net (expense)/revenueGovernmental activities(47,444,664)$ (61,162,014)$ (65,301,759)$ (68,244,581)$ (63,906,227)$ (55,939,119)$ (56,543,137)$ (58,520,368)$ (69,791,401)$ (44,723,807)$ Business‐type activities16,027,248 26,965,022 21,583,606 30,710,702 20,753,740 11,075,402 14,367,010 11,858,803 11,569,229 16,702,295 Total primary government net expense(31,417,416)$ (34,196,992)$ (43,718,153)$ (37,533,879)$ (43,152,487)$ (44,863,717)$ (42,176,127)$ (46,661,565)$ (58,222,172)$ (28,021,512)$ Fiscal YearTABLE 2CHANGES IN NET POSITIONLAST TEN FISCAL YEARS(accrual basis of accounting)Page 1 of 22021 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-3
GENERAL REVENUES AND OTHER CHANGES2012201320142015201620172018201920202021Governmental activities:TaxesProperty taxes33,932,290$ 32,536,533$ 35,112,669$ 35,418,323$ 37,105,988$ 24,669,058$ 19,046,123$ 21,706,506$ 21,964,194$ 22,574,225$ Timber taxes‐$ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Retail sales taxes23,653,706 25,541,972 27,223,521 29,567,506 32,933,987 33,381,395 33,564,285 32,955,528 31,034,947 42,329,250 Business taxes17,632,759 16,439,502 18,575,350 20,561,270 26,376,964 30,135,189 30,055,917 30,151,752 26,378,666 31,920,356 Excise taxes4,286,883 5,838,149 4,595,540 5,736,582 6,123,700 7,193,498 7,951,859 6,485,943 6,723,181 10,994,027 Penalties and interest9,486 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Investment earnings589,616 613,097 1,137,752 1,303,414 1,441,471 1,587,589 2,374,510 3,011,779 2,702,607 145,963 Miscellaneous1,179,112 1,232,066 760,292 580,042 1,746,009 689,371 938,045 663,782 747,850 1,095,098 Gain on sale of capital assets1‐ ‐ ‐ 17,109 13,710 992,114 914,008 43,698 11,256 69,946 Transfers233,961 2,341,160 449,362 131,491 173,917 218,212 (256,835) 68,783 6,339 (33,766) Special ItemsTransfer of fire operations(32,665,407) ‐ ‐ ‐ (866,131) ‐ Transfer of library assets(18,527,290) ‐ ‐ ‐ ‐ ‐ Total governmental activities81,517,813 84,542,479 87,656,244 93,315,737 54,723,049 98,866,426 94,587,912 95,087,771 88,702,909 109,095,099 Business‐type activities:Investment earnings105,129 94,077 96,625 225,515 332,931 483,356 1,105,019 1,365,411 1,197,741 70,210 Miscellaneous44,842 124,281 30,863 38,014 18,051 48,201 17,883 243,965 208,145 8,325 Gain on sale of capital assets1‐ ‐ 93,773 ‐ ‐ ‐ ‐ ‐ ‐ 7,532 Transfers(233,961) (2,341,160) (449,362) (131,491) (173,917) (218,212) 256,835 (68,783) (6,339) 33,766 Total business‐type activities(83,990) (2,122,802) (228,101) (569,680) 177,065 313,345 1,379,737 1,540,593 1,399,547 119,833 Total primary government81,433,823$ 82,419,677$ 87,428,143$ 92,746,057$ 54,900,114$ 99,179,771$ 95,967,649$ 96,628,364$ 90,102,456$ 109,214,932$ CHANGES IN NET POSITIONGovernmental activities34,073,149$ 23,380,465$ 22,552,727$ 25,071,156$ (9,183,178)$ 42,927,307$ 38,044,775$ 36,567,403$ 18,911,508$ 64,371,292$ Business‐type activities15,943,258 24,842,220 21,355,505 30,842,740 20,930,805 11,388,747 15,746,747 13,399,396 12,968,776 16,822,128 Total primary government50,016,407$ 48,222,685$ 43,908,232$ 55,913,896$ 11,747,627$ 54,316,054$ 53,791,522$ 49,966,799$ 31,880,284$ 81,193,420$ Source : City of Renton Finance Division1 Prior to 2014 Gain (loss) on sale of capital assets were previously reported as "Miscellaneous".2In 2013 certain amounts previously reported as "interfund revenue" are now reported as "transfers"TABLE 2CHANGES IN NET POSITIONLAST TEN FISCAL YEARS(accrual basis of accounting)Page 2 of 22021 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-4
TABLE 3FUND BALANCE OF GOVERNMENT FUNDSLAST TEN FISCAL YEARS(modified accrual basis of accounting)2012 2013 2014 2015 2016 2017 2018 2019 2020 2021General fundReserved‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ Unreserved‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Nonspendable‐ ‐ ‐ ‐ 200,000 ‐ ‐ ‐ ‐ ‐ Restricted690,655 303,051 250,717 156,105 974,770 1,341,610 1,428,578 1,607,617 754,367 965,896 Committed‐ 4,236,362 ‐ 1,185,085 ‐ ‐ ‐ ‐ 2,565,246 2,571,321 Assigned16,566,659 15,929,712 286,516 260,342 236,772 8,853,636 9,545,607 7,829,990 7,654,675 8,298,032 Unassigned1,427,130 ‐ 19,517,236 20,183,002 28,579,805 29,077,267 41,085,590 45,660,733 52,721,934 63,150,333 Total general fund18,684,444$ 20,469,125$ 20,054,469$ 21,784,534$ 29,991,347$ 39,272,513$ 52,059,775$ 55,098,340$ 63,696,222$ 74,985,582$ All other governmental fundsReserved‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ Unreserved, reported in:Special revenue funds‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Debt service funds‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Capital project funds‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Nonspendable‐ ‐ ‐ ‐ 64,783 ‐ ‐ ‐ ‐ ‐ Restricted23,730,688 22,888,877 18,722,577 7,841,326 7,528,348 13,049,222 14,852,808 37,576,471 41,375,547 47,213,081 Committed6,085,812 8,513,816 ‐ 15,844,472 20,134,020 11,763,443 17,125,460 18,352,497 14,169,890 15,070,663 Assigned1,220,008 137,605 12,594,651 3,290,869 6,150,838 18,261,594 13,963,776 15,519,639 13,350,561 12,488,653 Unassigned‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ (2,819,660) (337,394) Total all other governmental funds31,036,508$ 31,540,298$ 31,317,228$ 26,976,667$ 33,877,989$ 43,074,259$ 45,942,044$ 71,448,607$ 66,076,338$ 74,435,003$ Source : City of Renton Finance Division $‐ $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 $70,000,000 $80,000,0002012 2013 2014 2015 2016 2017 2018 2019 2020 2021General fundAll other governmental funds2021 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-5
2012201320142015201620172018201920202021REVENUESTaxes79,878,467$ 80,300,752$ 85,244,091$ 91,417,887$ 102,741,519$ 95,576,042$ 90,772,400$ 91,299,359$ 85,938,021$ 107,711,878$ Licenses and permits4,843,446 6,828,797 7,724,038 8,541,090 7,504,210 6,462,056 5,892,914 5,836,382 5,242,692 5,337,493 Intergovernmental33,430,078 22,879,043 13,717,109 10,546,797 14,058,888 10,944,312 9,662,231 8,464,679 16,346,001 21,430,899 Charges for services4,497,039 9,641,812 11,030,501 13,337,291 9,077,603 6,863,066 8,036,603 7,912,645 6,876,265 7,440,638 Fines and forfeits3,053,938 2,788,573 2,708,477 3,049,542 3,131,466 2,978,800 4,330,947 4,748,321 3,330,877 4,695,505 Interfund revenues 13,375,134 294,039 264,539 296,649 ‐ ‐ ‐ ‐ ‐ ‐ Contributions 1,488,384 3,878,978 947,927 187,616 792,699 551,968 598,662 238,587 734,104 359,874 Investment Earnings494,518 500,330 1,039,626 1,108,572 1,214,516 1,330,442 1,752,835 2,266,107 2,078,608 121,964 Miscellaneous Revenues942,998 2,208,853 2,117,198 1,994,532 3,036,059 2,280,640 2,375,518 2,079,530 962,008 1,291,860 Total revenues114,678,981 110,308,182 115,930,833 130,479,976 141,556,960 126,987,326 123,422,110 122,845,610 121,508,576 148,390,111 EXPENDITURES CurrentGeneral government8,371,489 9,348,241 10,142,332 11,334,485 11,961,260 12,492,727 12,267,911 12,423,213 13,757,930 13,880,312 Judicial 2,610,481 2,364,631 2,400,097 2,461,668 2,536,835 2,650,678 2,727,689 3,162,916 3,252,116 3,485,237 Public safety54,378,422 53,112,143 55,174,723 58,211,446 47,619,491 36,063,481 39,768,443 42,841,721 41,176,222 42,469,142 Utilities2,608,369 468,442 252,826 236,245 238,057 240,611 244,244 244,452 209,398 ‐ Transportation 10,137,750 11,769,366 10,092,425 10,898,934 13,631,324 12,567,755 12,947,686 10,634,812 10,304,108 11,233,863 Economic environment6,283,264 6,652,593 6,088,295 6,628,136 7,130,650 7,730,872 7,674,325 8,094,074 9,447,716 9,817,448 Health and human services523,577 1,827,736 1,840,312 1,876,841 2,068,295 2,175,116 2,371,428 2,515,683 3,006,025 2,697,473 Culture and recreation11,537,450 11,040,787 10,942,620 12,250,743 11,786,172 13,080,103 12,897,526 13,608,275 11,559,839 11,684,510 Capital outlay24,989,777 25,356,592 16,829,123 20,274,185 12,637,649 11,895,890 11,362,136 16,171,373 18,794,283 20,961,587 Debt servicePrincipal payments7,116,917 4,744,439 5,076,530 4,834,225 4,530,216 4,672,672 4,480,075 5,167,947 5,405,922 5,625,158 Interest and fiscal charges3,368,903 3,315,011 3,324,433 1,660,586 1,570,322 1,390,904 1,216,109 1,646,927 1,756,060 1,528,007 Total expenditures139,533,248 112,368,179 116,968,848 130,667,494 115,710,271 104,960,809 107,957,572 116,511,393 118,669,619 123,382,737 EXCESS (DEFICIENCY) OF REVENUESOVER EXPENDITURES(24,854,267) (2,059,997) (1,038,015) (187,518) 25,846,689 22,026,517 15,464,538 6,334,217 2,838,957 25,007,374 OTHER FINANCING SOURCES (USES)Transfers in4,183,185 5,860,038 5,175,933 9,326,629 10,252,886 9,891,918 2,440,000 18,898,175 18,523,881 18,491,316 Transfer (out)(4,113,465) (6,102,584) (8,463,285) (10,786,043) (8,480,721) (14,374,763) (3,931,548) (20,157,065) (18,557,424) (20,471,335) Refunding bonds issued‐ ‐ ‐ 12,520,000 ‐ ‐ ‐ ‐ ‐ ‐ GO Bonds issued‐ 3,200,000 ‐ ‐ ‐ ‐ ‐ 20,845,000 ‐ ‐ Premium on general obligation debt‐ ‐ ‐ 1,171,804 ‐ ‐ ‐ 2,593,852 ‐ ‐ Sale of capital assets375,039 9,821 5,170 ‐ ‐ 916,547 1,662,460 20,000 7,050 42,585 Payment to refunded bond escrow agent‐ ‐ ‐ (13,573,341) ‐ ‐ ‐ ‐ ‐ ‐ Insurance Recoveries‐ ‐ 14,666 14,724 29,061 17,217 19,597 10,949 27,218 15,152 Total other financing sources (uses)444,759 2,967,275 18,201,162 (1,326,227) 1,801,226 (3,549,081) 190,509 22,210,911 725 (1,922,282) SPECIAL ITEMSTransfer of fire operations(12,300,367) ‐ ‐ ‐ (866,131) ‐ Total special items‐ ‐ ‐ ‐ (12,300,367) ‐ ‐ ‐ (866,131) ‐ Net change in fund balance(13,442,533)$ (2,129,272)$ 17,163,147$ (1,513,745)$ 15,347,548$ 18,477,436$ 15,655,047$ 28,545,128$ 1,973,551$ 23,085,092$ Debt service as a percentage ofnon capital expenditures7.70%7.98%7.98%5.88%5.92%6.52%5.90%6.38%7.00%6.77% Source : City of Renton Finance DivisionTABLE 4CHANGES IN FUND BALANCES OF GOVERNMENT FUNDSLAST TEN FISCAL YEARS(modified accrual basis of accounting)Tables prior to 2010 used the titles "Security of persons and property" and "Mental and physical health" for functions now being referred to as "Public Safety" and "Health and Human Services", respectively. Tables Prior to 2013 used the title "Physical environment" for functions now being referred to as "Utilities".1 2011‐2012 Interfund revenues include amounts received for indirect costs allocated to departments. Beginning in 2013 these amounts are recorded as a reduction of the expenses, rather than revenue, in accordance with Generally Accepted Accounting Principles.2021 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-6
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021City Population93,910 95,540 97,130 98,470 101,300 102,700 104,100 104,700 105,500 108,054Water SystemRate Increase16.0% 5.0% 5.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% 2.0%BillingSingle Family9,575,942$ 5,887,603$ 6,339,653$ 6,526,128$ 6,386,047$ 6,558,914$ 6,567,867$ 6,472,448$ 6,885,014$ 7,163,602$ Multi‐Family, Commercial, Industrial6,410,943 6,772,971 6,977,452 6,823,857 7,072,435 7,297,389 7,277,957 7,084,008 6,865,880 7,191,211 Irrigation1,922,822 1,468,453 2,245,010 2,537,017 2,357,006 2,425,206 2,745,461 2,319,170 2,249,841 2,687,875 Fire Service275,952 292,149 311,936 315,931 322,539 333,951 337,687 340,641 355,375 370,773 Other2454,370 443,825 488,502 607,944 506,044 489,559 455,627 511,488 408,575 606,183 Total Water Billing18,640,029 14,865,001 16,362,553 16,810,877 16,644,071 17,105,020 17,384,599 16,727,755 16,764,684 18,019,645 Wastewater SystemRate Increase5.0% 5.0% 5.0% 0.0% 0.0% 4.0% 4.0% 0.0% 2.0% 2.0%BillingSingle Family4,464,521$ 4,757,734$ 5,069,164$ 5,173,757$ 5,262,490$ 5,551,146$ 5,820,715$ 5,875,324$ 6,046,959$ 6,226,946$ Multi‐Family, Commercial, Industrial, Other4,059,646 4,359,018 4,560,119 4,217,237 4,467,264 4,627,298 4,794,217 4,733,681 4,521,708 4,759,423 Total City Wastewater Billing8,524,167 9,116,752 9,629,283 9,390,994 9,729,754 10,178,444 10,614,932 10,609,005 10,568,667 10,986,370 King County Metro Charges13,751,047 15,357,431 15,440,140 15,556,018 16,156,367 16,865,542 16,895,073 17,314,045 16,848,625 17,980,785 Total All22,275,214 24,474,183 25,069,423 24,947,012 25,886,121 27,043,986 27,510,005 27,923,050 27,417,292 28,967,154 Storm Water SystemRate Increase11.0% 5.0% 5.0% 4.0% 4.0% 4.0% 4.0% 0.0% 2.0% 2.0%BillingSingle Family2,952,519$ 3,130,413$ 3,332,758$ 3,498,882$ 3,671,923$ 3,848,958$ 4,022,009$ 4,043,489$ 4,144,288$ 4,253,903$ Multi‐Family, Commercial, Industrial, Other4,801,900 5,035,416 5,742,495 6,012,017 6,235,149 6,690,859 6,906,349 6,932,067 7,046,139 7,193,548 Total Storm Water Billing7,754,419 8,165,829 9,075,253 9,510,899 9,907,072 10,539,817 10,928,358 10,975,556 11,190,426 11,447,451 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.TABLE 5WATER UTILITY SYSTEMS REVENUE INFORMATIONLAST TEN FISCAL YEARS 12021 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-7
TABLE 6PRINCIPAL RATEPAYERSPage 1 of 3WATER2021 2012% of Total% of TotalRatepayerRevenue Rank RevenueRevenue Rank RevenueCity Of Renton486,920$ 1 2.70%377,258$ 2 2.02%Boeing Commercial477,675 2 2.65%480,161 1 2.58%King County383,572 3 2.13%356,671 3 1.91%Skyway Water and Sewer District285,944 4 1.59% 119,887 6 0.64%Renton School District182,917 5 1.02%154,183 4 0.83%Public Hosp Dist #1 of KC152,781 6 0.85%137,290 5 0.74%CPT The Landing LLC134,625 7 0.75%‐ 0.00%Copper Ridge Renton LLC122,775 8 0.68%‐ 0.00%TLUS Rise Renton LP117,975 9 0.66%‐ 0.00%Renton Housing Authority116,158 10 0.65%‐ 0.00%Ergis IX Reo LLC116,121 7 0.62%G and K Services98,144 10 0.53%Axis Grand Apartments112,683 8 0.61%Ashburn Condominiums109,745 9 0.59%All Other8,549,202 47.44% 7,158,864 38.41%Single Family7,002,806 38.86% 9,419,134 50.53%Misc 6,115 0.03%‐ 0.00%Total Revenue18,019,466$ 100.00%18,640,141$ 100.00%Source : City of Renton Finance Division2021 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-8
TABLE 6PRINCIPAL RATEPAYERSPage 2 of 3SURFACE WATER20212012% of Total% of TotalRatepayerRevenue Rank RevenueRevenue Rank RevenueCity of Renton1,281,497$ 1 11.20%467,541$ 1 6.03%Boeing Commercial392,507 2 3.43%305,985 2 3.95%Renton School District288,815 3 2.52%216,494 3 2.79%King County249,730 4 2.18%177,623 4 2.29%WSDOT128,575 5 1.12%68,454 5 0.88%Kenworth Truck Company87,635 6 0.77%65,289 6 0.84%Stonway Rock and Recycling70,525 7 0.62%52,542 7 0.68%Leisure Estates Office68,447 8 0.60%50,990 8 0.66%The Kroger Co54,316 9 0.48%40,467 100.52%CPT The Landing LLC51,156 10 0.45%Pearlmark Harvest Lakeshore LLC40,763 9 0.53%All Other4,571,390 39.96% 3,378,044 43.56%Single Family4,186,324 36.59% 2,890,226 37.27%Misc 9,803 0.09%‐ 0.00%Total Revenue11,440,722$ 100.00%7,754,419$ 100.00%Source : City of Renton Finance Division2021 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-9
TABLE 6PRINCIPAL RATEPAYERSPage 3 of 3WASTEWATER2021 2012% of Total% of TotalRatepayerRevenue Rank RevenueRevenue Rank RevenueBoeing Commercial143,305$ 1 1.30%207,933$ 1 2.44%Public Hosp Dist #1 of KC103,521 2 0.94%89,118 2 1.05%Copper Ridge Renton LLC91,003 3 0.83%AMFP IV Renton Sage LLC80,027 4 0.73%1202 North 10th LLC70,877 5 0.65%TLUS Rise Renton LP66,004 6 0.60%Renton Preservation LP62,702 7 0.57%Renton Housing Authority62,268 8 0.57%1205 North 10th LLC61,516 9 0.56%TMIF II Sunset View LLC61,068 10 0.56%Service Linen Supply Inc54,910 9 0.64%City of Renton75,398 4 0.89%The Arbors at Sunset63,990 6 0.75%Ergis IX Reo LLC77,865 3 0.91%Axis Grand Apartments62,187 7 0.73%G and K Services72,198 5 0.85%Renton School District54,637 10 0.64%Maplewood LLC55,731 8 0.65%All Other4,065,442 37.00% 3,353,821 39.35%Single Family6,103,983 55.56% 4,356,405 51.11%Misc 14,653 0.13%‐ 0.00%Total Revenue10,986,370$ 100.00%8,524,192$ 100.00%Source : City of Renton Finance Division2021 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-10
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Water RatesMonthly RatesBasic Charge3/4"15.96 16.76 17.60 17.60 17.60 17.60 17.60 17.60 17.95 18.311"33.06 34.71 34.89 34.89 34.89 34.89 34.89 34.89 35.59 36.301 1/2"61.07 64.12 67.33 67.33 67.33 67.33 67.33 67.33 68.68 70.052"95.71 100.50 105.52 105.52 105.52 105.52 105.52 105.52 107.63 109.783"196.65 206.48 216.81 216.81 216.81 216.81 216.81 216.81 221.15 225.574"300.00 315.00 330.75 330.75 330.75 330.75 330.75 330.75 337.37 344.126"585.24 614.50 645.28 645.28 645.28 645.28 645.28 645.28 658.19 671.358"1,145.52 1,202.80 1,262.94 1,262.94 1,262.94 1,262.94 1,262.94 1,262.94 1,288.20 1,313.9610"1,707.60 1,792.98 1,882.63 1,882.63 1,882.63 1,882.63 1,882.63 1,882.63 1,920.28 1,958.6912"2,485.13 2,609.39 2,739.86 2,739.86 2,739.86 2,739.86 2,739.86 2,739.86 2,794.66 2,850.55Charge for Irrigation3/4"9.60 10.08 10.58 10.58 10.58 10.58 10.58 10.58 10.79 11.011"17.16 18.02 18.92 18.92 18.92 18.92 18.92 18.92 19.30 6.531 1/2"29.29 30.75 32.29 32.29 32.29 32.29 32.29 32.29 32.94 7.292"44.86 47.10 49.46 49.46 49.46 49.46 49.46 49.46 50.45 51.463"94.94 99.69 104.57 104.57 104.57 104.57 104.57 104.57 106.66 108.794"141.18 148.24 155.65 155.65 155.65 155.65 155.65 155.65 158.76 161.946"267.40 280.77 294.81 294.81 294.81 294.81 294.81 294.81 300.71 306.728"585.15 614.41 645.13 645.13 645.13 645.13 645.13 645.13 658.03 671.1910"752.43 790.05 829.55 829.55 829.55 829.55 829.55 829.55 846.14 863.0612"1,086.53 1,140.86 1,197.90 1,197.90 1,197.90 1,197.90 1,197.90 1,197.90 1,221.86 1,246.301 Data for prior years provided where available.TABLE 7WATER UTILITY RATESLAST 10 FISCAL YEARS 1Page 1 of 32021 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-11
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Water Rates, continuedMonthly RatesFire Meterper meter inch1" 5.69 5.97 6.27 6.27 6.27 6.27 6.27 6.27 6.40 6.531 1/2"6.36 6.68 7.01 7.01 7.01 7.01 7.01 7.01 7.15 7.292"8.17 8.58 9.01 9.01 9.01 9.01 9.01 9.01 9.19 9.373"21.58 22.66 23.79 23.79 23.79 23.79 23.79 23.79 24.27 24.764"26.55 27.88 29.27 29.27 29.27 29.27 29.27 29.27 29.86 30.466"38.15 40.06 42.06 42.06 42.06 42.06 42.06 42.06 42.90 43.768"51.38 53.95 56.65 56.65 56.65 56.65 56.65 56.65 57.78 58.9410"66.29 69.60 73.08 73.08 73.08 73.08 73.08 73.08 74.54 76.0312"N/A N/A N/A N/A N/A 87.68 87.68 87.68 89.43 91.22Useage Ratesrate/100 cf (100cf = 748 gallons)Single Family:< 500 cf/mo2.30 2.42 2.54 2.54 2.54 2.54 2.54 2.54 2.59 2.64500‐1,000 cf/mo3.09 3.24 3.41 3.41 3.41 3.41 3.41 3.41 3.48 3.55< 1,000 cf/mo> 1,000 cf/mo3.90 4.10 4.30 4.30 4.30 4.30 4.30 4.30 4.39 4.48All Other UsersMulti‐family2.98 3.13 3.29 3.29 3.29 3.29 3.29 3.29 3.36 3.43Non‐residential3.16 3.32 3.48 3.48 3.48 3.48 3.48 3.48 3.55 3.62Private irrigation5.06 5.31 5.58 5.58 5.58 5.58 5.58 5.58 5.69 5.80City irrigation3.56 3.74 3.92 3.92 3.92 3.92 3.92 3.92 4.00 4.08Hydrant MeterN/A N/A N/A N/A N/A 5.58 5.58 5.58 5.69 5.801 Data for prior years provided where available.TABLE 7WATER UTILITY RATESLAST 10 FISCAL YEARS 1Page 2 of 32021 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-12
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Surface Water RatesMonthly ratesSingle‐family11.51 12.09 12.69 13.20 13.73 14.28 14.85 14.85 15.15 15.45Commercial Minimums<= .5 acreMonthly rateLow Intensity28.50 29.93 31.42 32.68 33.99 35.35 36.76 36.76 37.50 38.25Medium Intensity41.23 43.29 45.46 47.28 49.17 51.14 53.18 53.18 54.24 56.43High Intensity53.16 55.82 58.61 60.95 63.39 65.93 68.56 68.56 69.93 71.33> .5 acreRate per acreLow Intensity57.02 59.87 62.86 65.37 67.98 70.70 73.53 73.53 75.00 76.50Medium Intensity82.42 86.54 90.87 94.50 98.28 102.21 106.30 106.30 108.43 110.60High Intensity106.31 111.63 117.21 121.90 126.78 131.85 137.13 137.13 139.87 142.67Wastewater RatesMonthly RatesSingle‐familyRenton25.08 26.33 27.65 27.65 27.65 28.76 29.91 29.91 30.51 31.12King County37.26 40.95 40.95 42.61 42.61 44.22 44.22 45.33 45.33 47.37Other UsersRentonBase charge3.79 4.05 4.25 4.25 4.25 4.42 4.60 4.60 4.69 4.78Per 100 cf2.83 2.97 3.12 3.12 3.12 3.24 3.37 3.37 3.44 3.51King CountyPer 750 cf37.26 40.95 40.95 42.61 42.61 44.22 44.22 45.33 45.33 47.371 Data for prior years provided where available.TABLE 7WATER UTILITY RATESLAST 10 FISCAL YEARS 1Page 3 of 32021 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 201233,932,290 23,653,706 17,632,759 4,286,883 79,505,638 201332,536,533 25,541,972 16,439,502 5,838,149 80,356,156 201435,112,669 27,223,521 18,575,350 4,595,540 85,507,080 201535,418,323 29,567,506 20,561,270 5,736,582 91,283,681 201637,105,988 32,933,987 26,376,964 6,123,700 102,540,639 201724,669,058 33,381,395 30,135,189 7,193,498 95,379,140 201819,046,123 33,564,285 30,055,917 7,951,859 90,618,184 201921,706,506 32,955,528 30,151,752 6,485,943 91,299,729 202021,964,194 31,034,947 26,378,666 6,723,181 86,100,988 202122,574,225 42,329,250 31,920,356 10,994,027 107,817,858 Source : City of Renton Finance Division$0$20,000,000$40,000,000$60,000,000$80,000,000$100,000,000$120,000,0002012 2013 2014 2015 2016 2017 2018 2019 2020 2021Property TaxSales TaxBusiness TaxExcise Tax2021 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-14
TABLE 9PRINCIPAL PROPERTY TAX PAYERS20212012% OF TOTAL% OF TOTALTAXABLE1TAXABLE TAXABLE1TAXABLEASSESSEDASSESSED ASSESSEDASSESSEDTAXPAYERVALUE RANK VALUEVALUE RANK VALUEBoeing754,945,929$ 1 3.57%787,764,072$ 1 7.28%Unico Longacres North Build228,938,100$ 2 1.08%Southport LLC225,649,000 3 1.07%Paccar176,821,701 4 0.84%111,153,933 3 1.03%CPT The Landing LLC154,622,200 5 0.73%1202 North 10th LLC150,265,000 6 0.71%1205 North 10th LLC148,639,000 7 0.70%Marvin F Poer and Company129,582,239 8 0.61%Kaiser Foundation Health PL128,459,734 9 0.61%TLUS Rise Renton LP107,590,400 10 0.51%Puget Sound Energy‐Elec/Gas115,328,866 2 1.07%Transwestern Harvest Lakeshore89,239,423 4 0.83%Renton Properties LLC49,743,700 5 0.46%Fred Meyer Stores Inc44,105,400 6 0.41%BRE‐FMCA LLC c/o Bre Properties40,131,000 7 0.37%ECI Two WTC LLC38,450,400 8 0.36%Axis Grand Holdings37,394,000 9 0.35%FP‐FAA Seattle LLC32,507,800 10 0.30%All Others18,929,068,076 89.56% 9,469,639,923 87.56%Total Assessed Valuation21,134,581,379$ 100.00% 10,815,458,517$ 100.00%Source: 1King County Department of Assessments2021 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 RATE32012 2,971,359,393 1,373,778,056 6,482,467,387 1,585,047,600 806,821,188 766,080,093 10,815,458,517 3.1002013 2,693,600,191 1,312,002,800 6,753,032,784 511,297,275 806,299,478 (464,916,779) 10,588,721,199 3.1002014 2,433,225,730 1,267,488,700 7,926,464,800 539,444,058 949,284,799 (704,693,058) 11,332,326,913 3.1522015 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 2.8332016 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 2.7102017 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 1.6102018 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 1.1542019 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 1.1182020 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 1.1052021 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 1.080Tax 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:$3.10$3.10$3.15$2.83$2.71$1.61$1.15$1.12$1.10$1.081.0001.5002.0002.5003.0003.5004.0004.5005.0005.5006.000 $‐ $5 $10 $15 $20 $252012 2013 2014 2015 2016 2017 2018 2019 2020 2021BillionsTotal Taxable Assessed ValueDirect Tax Rate2021 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 RENTONCONSOLIDATED LEVYSCHOOL 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 MILLAGE2012 3.10000 ‐ 3.10000 2.42266 1.21477 0.20111 0.22982 4.06836 1.41988 2.08341 2.18222 0.37368 4.63931 10.12755 13.22755 2013 3.10000 ‐ 3.10000 2.56720 1.34165 0.19885 0.23324 4.34094 1.50331 2.49448 2.30546 0.55769 5.35763 11.20188 14.30188 2014 3.15158 ‐ 3.15158 2.47044 1.32983 0.18622 0.21533 4.20182 1.55393 2.44841 2.43218 0.52436 5.40495 11.16070 14.31228 2015 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 3.81880 1.38929 2.35107 2.57140 0.43248 5.35495 10.56304 13.27260 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 Source: King County Codes and Levies1 Special Districts include Emergency Medical Services, Hospital districts, Library, Flood Zones, Fire Districts, and Other.13.22755 14.30188 14.31228 12.68858 13.27260 12.72017 12.56362 10.39250 11.11810 11.10284 ‐ 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.02012 2013 2014 2015 2016 2017 2018 2019 2020 2021CityConsolidated LevySpecial DistrictsSchool DistrictsTotal Direct and Overlapping2021 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 LEVY201233,400,000 32,904,890 98.5%506,853 33,411,742.69 100.0%201332,563,355 32,170,706 98.1%396,838 32,567,543.87 100.0%201435,520,000 35,054,493 98.7%467,763 35,522,256.68 100.0%201536,420,000 36,026,892 98.9%392,690 36,419,581.56 100.0%201637,269,743 36,862,540 98.9%430,328 37,292,868.44 100.1%201724,200,000 23,756,999 98.2%444,793 24,201,792.21 100.0%201819,400,000 19,192,947 98.9%145,856 19,338,802.56 99.7%201921,058,328 20,833,805 98.9%N/A 20,833,805.00 98.9%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%Sources: 1 Annual Tax Receivable Summary from King County2 Includes Collections and Levy Changes in subsequent years95%96%97%98%99%100% $‐ $5 $10 $15 $20 $25 $30 $35 $402012 2013 2014 2015 2016 2017 2018 2019 2020 2021MillionsTax LeviedCollected in Year Levied2021 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-18
20122013201420152016201720182019 2020 2021RETAIL TRADE SECTORFurniture 1,320,786$ 1,461,950$ 1,552,003$ 1,670,492$ 1,727,458$ 1,820,848$ 514,310$ 284,862$ 271,641$ 323,547$ Electronics and Appliances962,595 742,150 785,507 815,051 832,583 815,267 860,895 821,722 800,336 915,084 General Merchandise1,722,213 1,707,695 1,733,558 1,826,260 1,856,109 1,859,900 1,790,704 1,726,997 1,750,719 1,840,937 Misc Retail Trade614,814 661,905 653,772 635,438 545,156 598,632 2,060,038 2,485,865 2,398,916 3,128,152 Others1,862,533 2,003,901 1,992,620 2,166,015 2,334,225 2,616,887 2,529,467 2,681,185 2,951,365 3,234,044 Subtotal Retail 6,482,942 6,577,601 6,717,460 7,113,256 7,295,531 7,711,534 7,755,414 8,000,631 8,172,977 9,441,764 OTHER SECTORSConstruction 1,844,545 2,694,710 2,316,188 3,019,042 4,682,830 4,246,126 4,585,841 3,751,460 3,094,016 3,947,531 Manufacturing551,622 552,474 446,615 448,230 514,526 460,241 500,576 491,889 478,853 482,408 Transportation620,297 492,237 770,889 1,592,590 1,295,994 1,090,118 1,349,230 1,370,784 918,986 1,184,942 Wholesale1,169,432 1,174,007 1,157,750 1,198,961 1,435,378 1,405,676 1,571,217 1,654,800 1,645,489 1,752,371 Automotive 3,361,196 3,731,241 4,104,744 4,597,151 4,809,026 4,775,263 5,118,532 5,220,618 4,735,375 6,848,390 Services4,221,446 4,362,344 4,576,039 5,145,373 5,635,186 5,884,292 6,855,309 7,178,122 6,696,450 7,990,388 Miscellaneous441,252 553,106 590,685 566,166 684,762 758,384 692,516 650,275 710,691 1,012,239 Subtotal ‐ Other Sectors 12,209,789 13,560,119 13,962,910 16,567,513 19,057,702 18,620,100 20,673,221 20,317,948 18,279,860 23,218,269 Total Sales Tax18,692,731$ 20,137,720$ 20,680,370$ 23,680,769$ 26,353,233$ 26,331,634$ 28,428,635$ 28,318,579$ 26,452,837$ 32,660,033$ 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 $‐ $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000 $10,000,0002012 2013 2014 2015 2016 2017 2018 2019 2020 2021RetailConstructionManufacturingTransportationWholesaleAutomotiveServicesMiscellaneous2021 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
2012 46,743,675 ‐ 36,891,722 32,492,802 5,538,929 121,667,128 9.16% 1,296 1.15%
2013 46,103,944 ‐ 35,692,283 31,208,819 4,660,282 117,665,328 8.61% 1,232 1.12%
2014 41,882,832 ‐ 34,639,998 28,677,301 3,951,670 109,151,801 7.20% 1,124 1.11%
2015 37,399,331 ‐ 33,340,737 27,175,783 3,248,163 101,164,014 6.23% 1,027 0.96%
2016 32,867,371 ‐ 32,220,614 25,547,511 2,639,258 93,274,754 5.39% 921 0.67%
2017 29,093,663 ‐ 31,052,617 24,919,359 2,244,083 87,309,722 4.68%850 0.58%
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 N/A 763 0.40%
2021 31,974,425 22,434,586 15,728,715 860,812 70,998,538 N/A 663 0.34%
Source : City of Renton Finance Division
1 The percentage of Personal Income column is based on personal income of King County. (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
$140,000,000
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
General Obligation (Governmental)Other Long Term (Governmental)Revenue (Business‐Type)Other Long Term (Business‐Type)
2021 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-20
2012201320142015201620172018201920202021 LEGAL DEBT MARGIN CALCULATION Taxable Assessed value 10,815,458,517$ 10,588,721,199$ 11,332,326,913$ 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$ Total Taxable Assessed Value 10,815,458,517 10,588,721,199 11,332,326,913 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 Debt limit 1.5% of General purpose limit, non‐voted 162,231,878 158,830,818 169,984,904 194,051,364 207,191,597 226,590,584 253,635,751 287,280,365 300,572,425 317,018,721 1.0% General purpose limit, voted 108,154,585 105,887,212 113,323,269 129,367,576 138,127,732 151,060,390 169,090,501 191,520,243 200,381,617 211,345,814 2.5% General purpose combined limit 270,386,463 264,718,030 283,308,173 323,418,940 345,319,329 377,650,974 422,726,251 478,800,608 500,954,042 528,364,534 2.5% Utility purpose limit, voted 270,386,463 264,718,030 283,308,173 323,418,940 345,319,329 377,650,974 422,726,251 478,800,608 500,954,042 528,364,534 2.5% Open space, park facilities, voted 270,386,463 264,718,030 283,308,173 323,418,940 345,319,329 377,650,974 422,726,251 478,800,608 500,954,042 528,364,534 Total debt limit 811,159,389 794,154,090 849,924,518 970,256,821 1,035,957,987 1,132,952,922 1,268,178,754 1,436,401,824 1,502,862,125 1,585,093,603 Debt applicable to limitGeneral obligation bonds46,743,675 46,103,944 41,882,832 37,399,331 32,867,371 29,093,663 24,705,089 42,998,621 37,587,428 31,974,425 Other long term debt36,891,722 35,692,283 34,639,998 33,340,737 32,220,614 31,052,617 29,845,813 24,588,550 23,594,046 22,434,586 Total Debt 83,635,397 81,796,227 76,522,830 70,740,068 65,087,985 60,146,280 54,550,902 67,587,171 61,181,474 54,409,011 Less: Amount set aside for repayment of general obligation debt and contracts payable(1,160,000) (1,279,231) (1,639,891) (2,368,177) (2,428,018) (2,359,933) (2,787,931) (4,001,799) (5,053,340) (5,210,785) Total net debt applicable to limit 82,475,397 80,516,996 74,882,939 68,371,891 62,659,967 57,786,347 51,762,971 63,585,372 56,128,134 49,198,226 Legal debt margin 728,683,991$ 713,637,094$ 775,041,580$ 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$ Percentage of net debt to debt limit10.17%10.14%8.81%7.05%6.05%5.10%4.08%4.43%3.73%3.10%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 YEARS2021 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
2012 83,635,397 10,815,458,517 0.77%891
2013 81,796,227 10,588,721,199 0.77%856
2014 76,522,830 11,332,326,913 0.68%788
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
Source:
1 City of Renton Finance Division
2 King County Department of Assessments
3 Population Data can be found in Table 19
TABLE 16
RATIOS OF GENERAL BONDED DEBT OUSTANDING TO ASSESSED VALUE
LAST TEN FISCAL YEARS
$‐
100
200
300
400
500
600
700
800
900
1,000
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
2021 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-22
Utilities
GOVERNMENTAL UNIT
Debt
Outstanding1
Estimated Percent
Applicable2
Estimated Share of
overlapping debt
City of Renton Direct Debt 54,409,011$ 100% 54,409,011$
City of Renton Overlapping Debt 4
King County 3 962,255,000 3.22% 31,020,222
Port of Seattle 281,355,000 3.22% 9,070,043
Renton School District #403 294,275,000 68.53%201,675,935
Issaquah School District #411 700,520,000 2.99%20,958,421
Kent School District #415 236,781,000 0.75%1,784,211
Fire District 10‐1 2,380,000 0.35%8,321
King County Library 44,335,000 1.05%466,147
City of Renton Overlapping Debt 264,983,301
Total Direct and Overlapping Debt 319,392,312$
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
17%
King County
10%
Schools
70%
Port of Seattle
3%
Others
0%
2021 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
2012 44,534,579 27,225,957 17,308,622 3,379,290 1,577,350 3.49
2013 45,849,249 27,538,433 18,310,816 2,168,648 1,292,497 5.29
2014 48,247,542 29,685,885 18,561,657 3,253,612 1,243,751 4.13
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
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
3.49
5.29
4.13 5.80 3.54
6.38
6.37
5.24 5.83 6.50
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Waterworks Net Revenue available for debt service Debt Service Coverage
2021 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
2012 2,011,197 93,910 132,860,453,000 66,060 37.70 14,590 6.4% 6.0%
2013 2,047,223 95,540 136,740,508,000 66,793 37.70 14,783 5.0% 4.7%
2014 2,085,225 97,130 151,506,547,000 72,657 37.44 15,080 4.6% 4.2%
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 * 107,100 * * * 14,620 4.3% 5.1%
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; annual rates, not seasonally adjusted, 2010‐2014 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%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Series1 Series2
2021 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-25
EMPLOYER EMPLOYEES RANK CITY EMPLOYEES RANK CITY
BOEING COMPANY 10,319 1 36.87% 14,428 1 30.36%
VALLEY MEDICAL CENTER 4,114 2 14.70%2,267 2 4.77%
KAISER PERMANENTE 3,010 3 10.76%0.00%
RENTON SCHOOL DISTRICT 2,379 4 8.50%1,779 3 3.74%
PACCAR INC 1,385 5 4.95%1,290 5 2.71%
FRED MEYERS STORES 944 6 3.37%0.00%
PROVIDENCE WA REGIONAL SERVICES 860 7 3.07%1,093 6 0
CITY OF RENTON 745 8 2.66%722 7 1.52%
WIZARDS OF THE COAST 535 9 1.91%
SEATTLE SEAHAWKS 497 10 1.78%
DOT ‐ FEDERAL AVIATION ADMINISTRATION 1,480 4 3.11%
PROVINCE HEALTH & SERVICES 476 8 1.00%
CONVERGENT OUTSOURCING INC.345 10 0.73%
PUGET SOUND EDUCATIONAL SERVICES DISTRICT 364 9 0.77%
Total Principal Employers 24,788 88.57%24,244 51.02%
Total All Other Employers 3,198 11.43%23,279 48.98%
Total Employees working within Renton 27,986 100.00%47,523 100.00%
Sources:
Employee and Employer Data, Business License Data, City of Renton
TABLE 20
PRINCIPAL EMPLOYERS
2021 2012
2021 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-26
20121 2013 2014 2015 2016
2 2017 2018 2019 2020 2021
3
FUNCTION
General Government 147.3 135.4 135.4 139.4 151.0 156.0 161.0 172.1 174.1 174.1
Public Safety
Police
Commissioned Officers 123.0 123.0 121.5 119.0 124.0 129.0 129.0 129.0 129.0 129.0
Non‐Commissioned Officers 28.4 28.4 28.4 29.4 30.4 32.9 32.9 34.4 34.4 35.0
Fire
Commissioned Officers 145.0 145.0 140.0 145.0 0.0 0.0 0.0 0.0 0.0 0.0
Non‐Commissioned Officers 16.0 16.0 16.0 16.0 0.0 0.0 0.0 0.0 0.0 0.0
Public Works
Administration 3.0 3.0 3.0 3.0 2.0 2.0 2.0 2.0 2.0 2.0
Airport 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9.0
Facilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35.0
Maintenance Services 80.0 80.0 80.0 82.0 82.0 87.0 88.0 92.0 92.0 92.0
Transportation Systems 33.0 33.0 31.0 31.0 33.5 38.5 37.5 40.0 40.0 31.0
Utility Systems 25.5 25.5 23.5 23.5 25.5 27.5 27.5 28.5 28.5 28.5
Equity Housing and Human Services
Administration 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.0
Housing 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.0
Human Services 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.5
Culture and Recreation
Golf Course 9.5 9.5 9.5 9.5 9.5 10.5 9.8 9.0 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 83.6 83.6 80.0 80.0 83.0 83.0 82.8 89.5 103.5 62.3
Total 695.2 683.4 669.3 678.8 541.9 567.4 571.4 597.5 616.5 620.4
Source: City of Renton Finance Division
1 Farmers's Market Program was moved from Community and Economic Department to Community Services Department in 2012.
2 City of Renton Fire transferred to the Renton Regional Fire Authority on July 1, 2016.
3 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
TABLE 21
FULL TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
2021 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-27
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
FUNCTION
Public Safety
Police
Physical Arrests 1,968 1,725 1,515 1,653 1,492 2,099 2,373 2,517 1,515 1,337
Parking Violations 4,855 4,799 4,049 4,464 4,664 4,992 5,114 5,992 3,777 2,588
Traffic Violations 7,943 8,388 5,925 4,828 5,152 4,576 5,970 3,946 2,406 1,390
Photo Enforcement Violations 22,036 15,733 21,015 25,562 23,208 25,257 48,281 51,474 34,998 54,813
Infractions Non Traffic 16 210 149 125 53 43 55 35 46 10
Criminal Non Traffic 1,279 1,346 1,522 1,466 1,351 1,430 1,687 1,631 1,778 1,186
Fire1
Number of Calls Answered 13,667 13,848 14,337 14,945 ‐ ‐ ‐ ‐ ‐ ‐
Inspections 1,807 689 997 2,517 ‐ ‐ ‐ ‐ ‐ ‐
Transportation
Street Resurfacing (Miles)2.19 0.84 2.82 1.67 0.44 2.78 1.07 1.32 0.00 0.00
Aircraft Operations 93,406 93,911 100,544 112,335 118,568 131,702 145,811 128,030 99,972 132,993
Physical/Economic Environment
Building Permits Received 3,912 4,237 4,287 4,898 4,830 4,404 5,009 4,735 4,284 4,584
Building Permits Issued 3,765 4,038 4,204 4,691 4,661 4,092 4,732 4,474 4,048 4,198
Public Works Permits Received 1,337 1,488 1,526 1,472 1,468 1,270 1,450 1,335 1,404 1,203
Public Works Permits Issued 1,328 1,411 1,493 1,359 1,437 1,093 1,214 1,154 1,229 978
Solid Waste Utility
Recyclables Collected (Tons/Yr) 13,509 13,616 13,993 15,218 17,846 12,331 14,075 13,309 13,409 13,702
Culture and Recreation2
Athletic Field Attendance 94,000 94,000 94,000 93,000 94,000 56,000 65,897 93,504 1,090 77,903
Community Center Admissions 3 98,022 102,525 102,308 102,312 98,282 92,026 85,762 85,762 2,133 20,610
Rounds of Golf 58,680 56,180 55,600 56,775 51,546 47,462 48,734 46,581 48,649 56,039
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.
Source: City of Renton
TABLE 22
OPERATING INDICATORS BY FUNCTION
LAST TEN FISCAL YEARS
2021 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-28
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021City Population93,910 95,540 97,130 98,470 101,300 102,700 104,100 104,700 105,500 107,100Water SystemService Area Population‐‐62,100 60,000 67,125 67,000 68,666 72,164 73,750 75,130 76,270Number of Connections:Single Family 13,876 13,942 13,764 14,083 14,162 14,190 14,223 14,288 14,378 14,463Multi‐Family, Commercial, Industrial 2,542 2,542 2,715 2,541 2,578 2,557 2,592 2,599 2,586 2,566Irrigation 733 734 726 738 756 755 766 765 771 774Fire Service 645 652 652 663 682 682 690 693 694 696Other 2605911674816788908499Total Connections17,856 17,929 17,973 18,099 18,259 18,251 18,359 18,435 18,513 18,598Water Production/Consumption (in hundreds of cubic feet ‐ cu ft)(in hundreds of cubic feet ‐ cu ft)Purchased51,087 43,815 47,774 54,951 43,009 56,667 57,192 39,003 15,552 15,997Production 3,172,169 3,197,643 3,306,194 3,512,789 3,410,648 3,490,563 3,524,353 3,364,884 3,340,031 3,606,634Consumption2,955,531 2,937,989 2,938,282 3,094,114 3,028,174 3,146,552 3,205,135 3,008,546 2,919,760 3,073,295Non‐revenue 267,725 303,469 415,686 473,626 425,483 400,678 376,410 395,341 435,823 549,336Consumption (thousands of gallons)Average Daily6,483 6,553 6,775 7,199 6,971 7,154 7,223 6,896 6,896 7,392Peak Daily411,445 12,361 12,411 13,590 12,751 13,098 12,335 11,687 12,411 12,994Sewer SystemService Area Population‐‐‐‐80,780 81,759 83,850 86,982 87,402 87,744 89,720 90,560Number of Connections:Single Family14,953 15,183 15,154 15,173 15,384 15,507 15,652 15,790 15,923 16,044Multi‐Family, Commercial, Industrial, Other2,453 2,450 2,708 2,713 2,704 2,714 2,727 2,726 2,707 2,713Out of City Connections12132180233242264279272285296Total Connections17,418 17,765 18,042 18,119 18,330 18,485 18,658 18,788 18,915 19,053Storm Drainages SystemService Area Population‐‐‐‐97,130 98,470 101,300 102,700 104,100 104,700 105,500 107,100Number of Connections:Single Family21,521 21,756 21,893 22,125 22,352 22,455 22,587 22,605 22,785 22,915Multi‐Family, Commercial, Industrial, Other1,761 1,738 1,728 1,732 1,744 1,750 1,755 1,736 1,732 1,734Total Connections23,282 23,494 23,621 23,857 24,096 24,205 24,342 24,341 24,517 24,649Solid Waste 3Service Area Population‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐Number of Connections:Single Family16,927 16,958 17,000 17,154 17,129 16,926 23,577 24,034 24,095 24,283Multi‐Family, Commercial, Industrial, Other1,569 1,535 1,533 1,589 1,586 1,554 1,759 1,858 1,947 1,844Total Connections18,496 18,493 18,533 18,743 18,715 18,480 25,336 25,892 26,042 26,1271 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 12021 Annual Comprehensive Financial ReportCity of Renton, WashingtonStatistical Section, 7-29
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
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 6.0 6.0 6.0 ‐‐‐‐‐‐
Transportation
Street (miles)266.1 266.1 294.0 304.1 315.5 311.0 311.0 311.0 318.0 318.0
Streetlights 4,172 4,182 4,302 4,342 4,720 4,878 5,120 5,120 5,237 5,282
Culture and recreation
Parks acreage 1,210.6 1,213.8 1,227.0 1,239.5 1,240.4 1,245.5 1,245.5 1,244.5 1,244.8 1,244.8
Parks 32.0 32 32 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 4.0 4.0
Waterworks Utility
Water mains (miles) 306.0 308.0 304.6 307.5 311.0 313.0 314.0 315.0 316.0 318.0
Fire hydrants 3,655 3,670 3,697 3,740 3,769 3,777 3,811 3,818 3,838 3,870
Sanitary sewers (miles) 219.9 223.4 225.9 231.2 232.1 233.9 234.6 235.8 235.9 234.9
Storm sewers (miles) 278.5 282.0 267.7 265.6 276.6 278.0 279.9 282.8 286.1 287.2
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
TABLE 24
CAPITAL ASSETS STATISTICS BY FUNCTION
LAST TEN FISCAL YEARS
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 that is leased out and is not programmed by the City of Renton
2021 Annual Comprehensive Financial Report City of Renton, Washington
Statistical Section, 7-30
City of Renton
1055 South Grady Way
Renton, WA 98057
rentonwa.gov