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Home My WebLink About07 2023Page 1 of 7 OVERVIEW This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through July 31, 2023. A detailed analysis, including budget to actual comparison, will be prepared quarterly in accordance with the City’s financial management policies. GENERAL FUND The General Fund is used to account for resources that are not generally dedicated for a specific purpose. The General Fund is used to meet the basic services that the City provides including, but not limited to, police protection, parks and recreation, human services, municipal court, street maintenance and planning, economic development, and administrative functions. The table below displays the year-to-date revenues and expenditures for the General Fund. Economic Development and Operating reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2023-2024 Adopted Budget. General REVENUES: Taxes 66,839,346$ Licenses and permits 4,186,460 Grants / intergovernmental 3,229,349 Charges for services 6,343,591 Fines and penalties 2,248,699 Miscellaneous 1,256,954 Investment Earnings 1,699,681 Insurance recoveries 17,423 TOTAL REVENUES 85,821,503 EXPENDITURES: Personnel 42,224,162 Supplies 1,312,901 Contracted Services 12,503,759 Capital Outlay 120,634 Internal Services 10,245,367 TOTAL EXPENDITURES 66,406,823 Transfers In - Transfers Out (15,539) NET TRANSFERS (15,539) CHANGE IN FUND BALANCE 19,399,141 BEGINNING FUND BALANCE, Jan 1 83,605,978 Prior Period Adjustment 25,925 BEGINNING FUND BALANCE, Jan 1 - restated 83,631,903 ENDING FUND BALANCE, Jul 31 103,031,044$ ECONOMIC DEVELOPMENT RESERVE 2,500,000 OPERATING RESERVES 13,585,276 AVAILABLE FUND BALANCE, Jul 31 86,945,768$ Monthly Financial Report July 2023 Monthly Financial Report City of Renton, Washington July 2023 Page 2 of 7 DEBT SERVICE FUND Debt service funds are used to account for the accumulation of resources for the payment of principal and interest related to the City’s general obligation bond issues. The table below displays the year-to-date revenues and expenditures for the City’s debt service fund. Debt service reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2023-2024 Adopted Budget. General Governmental Misc Debt REVENUES: Grants / intergovernmental 38,319$ Investment Earnings 84,478 TOTAL REVENUES 122,797 EXPENDITURES: Principal 2,748,188 Interest 603,764 TOTAL EXPENDITURES 3,351,952 Transfers In 2,595,376 NET TRANSFERS 2,595,376 CHANGE IN FUND BALANCE (633,779) BEGINNING FUND BALANCE, Jan 1 5,262,665 ENDING FUND BALANCE, Jul 31 4,628,886$ Debt Service Reserve 2,711,725 AVAILABLE FUND BALANCE 1,917,161$ Monthly Financial Report City of Renton, Washington July 2023 Page 3 of 7 SPECIAL REVENUE FUNDS Special revenue funds are used to account for revenues that are to be used for a specific purpose as required by law or legislative action. The table below displays the year-to-date revenues and expenditures for the City’s special revenue funds. CAPITAL PROJECT FUNDS Capital project funds are used to account for the acquisition and construction of major capital facilities and equipment. The table below displays the year-to-date revenues and expenditures for the City’s capital project funds. Hotel-Motel Tax Cable Communications Housing and Supportive Services Springbrook Wetlands Fire Impact Mitigation School District Impact Mitigation Police Seizure Police CSAM Seizure REVENUES: Taxes 268,055$ -$ 2,511,212$ -$ -$ -$ -$ -$ Licenses and permits - 41,047 - - - - - - Grants / intergovernmental - - - 4,011 - - - - Charges for services - - - - 30,246 133,198 - - Fines and penalties - - - - - - - 490 Contributions - - - - - - 106,159 - Investment Earnings 13,537 7,509 122,513 8,972 30,951 305 6,313 2,858 Sale of Fixed Assets - - - 247,852 - - - - TOTAL REVENUES 281,592 48,556 2,633,725 260,835 61,197 133,503 112,472 3,348 EXPENDITURES: Personnel - - - 6,281 - - - - Supplies - 45,738 - - - - 28,950 - Contracted Services 100,889 71,281 23,500 4,132 189,178 122,127 28,673 4,544 TOTAL EXPENDITURES 100,889 117,019 23,500 10,413 189,178 122,127 57,623 4,544 - Transfers In - - - - - - - - Transfers Out - - - - (2,595,376) - - - NET TRANSFERS - - - - (2,595,376) - - - CHANGE IN FUND BALANCE 180,703 (68,463) 2,610,225 250,422 (2,723,357) 11,376 54,849 (1,196) BEGINNING FUND BALANCE, Jan 1 712,384 453,147 6,110,390 454,628 2,724,187 - 339,814 172,804 Prior Period Adjustment - - - - - - - - BEGINNING FUND BALANCE, Jan 1 - restated 712,384 453,147 6,110,390 454,628 2,724,187 - 339,814 172,804 ENDING FUND BALANCE, Jul 31 893,087$ 384,684$ 8,720,615$ 705,050$ 830$ 11,376$ 394,663$ 171,608$ CS Impact Mitigation Transportation Impact Mitigation REET 1 REET 2 Municipal Facilities CIP Capital Investment Family First Center REVENUES: Taxes -$ -$ 1,369,943$ 1,369,943$ -$ -$ -$ Grants / intergovernmental - - - - 2,239,577 5,846,628 20,000 Charges for services 81,102 528,126 - - 21,245 9,862 - Contributions - - - - - 211,489 2,980,000 Investment Earnings 27,558 121,190 59,622 109,480 350,909 240,002 42,691 TOTAL REVENUES 108,660 649,316 1,429,565 1,479,423 2,611,731 6,307,981 3,042,691 EXPENDITURES: Personnel - - - - 30,174 43,847 - Supplies - - - - - 51,938 - Contracted Services - - - - 346,851 80,808 - Capital Outlay - - - - 10,767,235 6,614,653 2,083,877 TOTAL EXPENDITURES - - - - 11,144,260 6,791,246 2,083,877 Transfers In - - - - - - - Transfers Out - - - - - - - NET TRANSFERS - - - - - - - CHANGE IN FUND BALANCE 108,660 649,316 1,429,565 1,479,423 (8,532,529) (483,265) 958,814 BEGINNING FUND BALANCE, Jan 1 1,595,389 6,964,011 3,049,711 6,019,961 24,671,384 12,561,975 2,795,295 Prior Period Adjustment - - - - - - - BEGINNING FUND BALANCE, Jan 1 - restated 1,595,389 6,964,011 3,049,711 6,019,961 24,671,384 12,561,975 2,795,295 ENDING FUND BALANCE, Jul 31 1,704,049$ 7,613,327$ 4,479,276$ 7,499,384$ 16,138,855$ 12,078,710$ 3,754,109$ Monthly Financial Report City of Renton, Washington July 2023 Page 4 of 7 ENTERPRISE FUNDS Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business enterprises. The table below displays the year-to-date revenues and expenses of the City’s enterprise funds. Amounts restricted for debt service are in accordance with revenue bond requirements. Operating reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2023-2024 Adopted Budget. Airport Solid Waste Utility Golf Course Water Utility Wastewater Utility Metro Surface Water Utility REVENUES: Licenses and permits -$ -$ -$ -$ 38,525$ -$ 16,125$ Grants / intergovernmental 149,837 165,834 - 623,720 - - 1,265,143 Charges for services 3,654,063 13,633,140 1,830,335 10,121,781 7,019,011 11,801,468 7,952,827 Rents, leases, and misc fees - - 354,558 190,249 - - - Interest and other misc 162,639 66,596 33,722 1,251,172 782,701 103,709 1,361,567 TOTAL REVENUES 3,966,539 13,865,570 2,218,615 12,186,922 7,840,237 11,905,177 10,595,662 EXPENSES: Personnel 653,597 328,611 1,034,734 2,747,407 1,419,368 - 2,274,244 Supplies 44,799 10,083 269,239 562,775 89,842 - 71,916 Contracted Services 290,381 12,838,191 94,481 1,820,005 1,401,665 11,824,722 961,603 Internal Services 222,848 263,508 234,167 1,470,285 999,594 - 1,494,860 TOTAL OPERATING EXPENSES 1,211,625 13,440,393 1,632,621 6,600,472 3,910,469 11,824,722 4,802,623 CAPITAL, AND TRANSFERS 2,754,914 425,177 585,994 5,586,450 3,929,768 80,455 5,793,039 DEBT SERVICE: Principal - - 25,925 272,647 - - - Interest - - 1,035 83,511 36,575 - 45,117 TOTAL DEBT SERVICE - - 26,960 356,158 36,575 - 45,117 CAPITAL OUTLAY 694,110 - 291,162 2,791,367 728,638 - 933,280 Transfers In - - 77,500 - - - - Transfers Out - - (77,500) (861) - - - NET TRANSFERS - - - (861) - - - CHANGE IN FUND BALANCE 2,060,804 425,177 267,872 2,438,064 3,164,555 80,455 4,814,642 BEGINNING FUND BALANCE, Jan 1 8,925,689 3,951,191 1,609,927 48,208,077 22,850,871 6,237,142 28,314,756 ENDING FUND BALANCE, Jul 31 10,986,493$ 4,376,368$ 1,877,799$ 50,646,141$ 26,015,426$ 6,317,597$ 33,129,398$ Restricted for Debt Service - - - 1,394,051 661,227 - 754,868 Operating Reserve 244,162 400,000 787,490 1,706,759 975,361 380,000 1,245,213 AVAILABLE FUND BALANCE 10,742,331$ 3,976,368$ 1,090,309$ 47,545,331$ 24,378,838$ 5,937,597$ 31,129,317$ Monthly Financial Report City of Renton, Washington July 2023 Page 5 of 7 INTERNAL SERVICE FUNDS Internal service funds are used to account for the goods and services furnished by one City department to other City departments on a cost reimbursement basis. The table below displays the year-to-date revenues and expenses of the City’s internal service funds. Insurance reserves for the Healthcare Fund are established at a rate of 31% of current year budgeted expenses. 100% of the Retiree Healthcare fund balance is reserved for OPEB. Equipment Rental Insurance Information Technology Facilities Communications Healthcare Retiree Healthcare REVENUES: Technology Fee -$ -$ 133,800$ -$ -$ -$ -$ Equipment rental m&o 1,659,986 - 3,677,798 - - - - Print and mail - - - - 255,569 - - Communications - - - - 540,581 - - Facilities - - - 3,408,314 - - - Interest and other misc 221,379 385,917 133,465 10,142 6,375 127,823 335,704 Internal service fund misc: Vehicle / equipment capital recovery 1,661,609 - - - - - - Insurance premiums - 1,442,089 - - - - - Worker's comp/unemployment - 1,022,148 - - - - - Benefit premiums - - - - - 7,734,379 912,500 Other misc 695 9,912 11,454 56,432 - 265,266 87,092 Insurance recoveries 41,181 196,626 - - - 2,141 - TOTAL REVENUES 3,584,850 3,056,692 3,956,517 3,474,888 802,525 8,129,609 1,335,296 EXPENSES: Personnel 672,519 850,301 1,925,067 2,110,287 555,105 7,063,638 748,686 Supplies 968,331 - 215,373 581,719 29,365 2,200 - Contracted Services 223,186 2,490,351 1,992,364 987,690 181,567 290,102 44,594 Internal Services 65,682 - 3,269 136,543 2,348 51,876 - TOTAL OPERATING EXPENSES 1,929,718 3,340,652 4,136,073 3,816,239 768,385 7,407,816 793,280 AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 1,655,132 (283,960) (179,556) (341,351) 34,140 721,793 542,016 TOTAL DEBT SERVICE - - - - - - - CAPITAL OUTLAY 1,744,178 - 962,859 18,731 - - - Transfers In - - 70,766 - - - - Transfers Out - (54,366) - - - - - NET TRANSFERS - (54,366) 70,766 - - - - CHANGE IN FUND BALANCE (89,046) (338,326) (1,071,649) (360,082) 34,140 721,793 542,016 BEGINNING FUND BALANCE, Jan 1 13,277,635 23,221,020 9,021,343 937,922 428,724 6,935,644 19,928,792 ENDING FUND BALANCE, Jul 31 13,188,589$ 22,882,694$ 7,949,694$ 577,840$ 462,864$ 7,657,437$ 20,470,808$ Insurance Reserves - 16,897,915 - - - 4,559,148 20,470,808 Opearting Reserves 13,188,589 - 2,326,091 - - - - AVAILABLE FUND BALANCE -$ 5,984,779$ 5,623,603$ 577,840$ 462,864$ 3,098,289$ -$ Monthly Financial Report City of Renton, Washington July 2023 Page 6 of 7 FIDUCIARY FUNDS Fiduciary funds are used to account for assets held by the City in a trustee capacity. These assets are not available for City use as they are not City assets. The table below displays year-to-date revenues and expenditures of the City’s fiduciary funds. Firemens' Pension Custodial Fund REVENUES: Intergovernmental 199,567$ -$ Investment Earnings 137,851 - Collected for Others - 1,393,023 TOTAL REVENUES 337,418 1,393,023 EXPENDITURES: Distributions to Others 146,360 993,283 TOTAL EXPENDITURES 146,360 993,283 NET TRANSFERS - - CHANGE IN FUND BALANCE 191,058 399,740 BEGINNING FUND BALANCE, Jan 1 8,733,791 - ENDING FUND BALANCE, Jul 31 8,924,849$ 399,740$ Monthly Financial Report City of Renton, Washington July 2023 Page 7 of 7 CONTACT INFORMATION This report is prepared by the Finance Department. For additional financial information, please also review our website: http://www.rentonwa.gov/. For any questions about the report, please feel free to contact Nate Malone nmalone@rentonwa.gov or Kristin Trivelas ktrivelas@rentonwa.gov . City of Renton All Funds - Revenue, Expenditures and Fund Balances Budgetary Basis through July 31, 2023 Funds Balance 01/01/2022 Budgeted Revenue Revenue 07/31/23 Total Funds Available Budgeted Expenditure Expenditure 07/31/23 Ending Balance GENERAL FUND 83,605,978 133,148,027 85,847,428 169,453,406 138,565,955 66,422,362 103,031,044 SPECIAL REVENUE FUNDS:10,967,354 5,152,674 3,535,228 14,502,582 5,642,007 3,220,669 11,281,913 110 Hotel Motel 712,384 200,000 281,592 993,976 454,616 100,889 893,087 127 Cable Communication 453,147 57,674 48,556 501,703 255,586 117,019 384,684 130 Housing and Supportive Services 6,110,390 3,500,000 2,633,725 8,744,115 260,000 23,500 8,720,615 135 Springbrook Wetlands Bank 454,628 - 260,835 715,463 40,000 10,413 705,050 140 Police Seizure 339,814 - 112,472 452,286 339,814 57,623 394,663 141 Police CSAM Seizure 172,804 - 3,348 176,152 172,804 4,544 171,608 31X School District Impact Mitigation - 995,000 133,503 133,503 995,000 122,127 11,376 304 Fire Mitigation 2,724,187 400,000 61,197 2,785,384 3,124,187 2,784,554 830 DEBT SERVICE FUND 5,262,665 5,755,022 2,718,173 7,980,838 5,565,690 3,351,952 4,628,886 CAPITAL PROJECT FUNDS (CIP):57,657,726 63,242,649 15,629,367 73,287,093 107,866,332 20,019,383 53,267,710 303 Community Services Mitigation 1,595,389 86,500 108,660 1,704,049 1,090,000 - 1,704,049 305 Transportation Mitigation 6,964,011 1,780,000 649,316 7,613,327 5,817,897 - 7,613,327 308 REET1 3,049,711 2,300,000 1,429,565 4,479,276 3,500,000 - 4,479,276 309 REET2 6,019,961 2,300,000 1,479,423 7,499,384 5,403,625 - 7,499,384 316 Municipal Facilities CIP 24,671,384 10,441,251 2,611,731 27,283,115 35,030,341 11,144,260 16,138,855 317 Transportation CIP 12,561,975 41,712,746 6,307,981 18,869,956 53,190,642 6,791,246 12,078,710 346 New Family First Center Dvlpmnt 2,795,295 4,622,152 3,042,691 5,837,986 3,833,827 2,083,877 3,754,109 ENTERPRISE FUNDS:120,097,653 113,328,675 62,656,222 182,753,875 179,033,479 49,404,653 133,349,222 4X2 Airport Operating & CIP 8,925,689 4,531,000 3,966,539 12,892,228 9,546,030 1,905,735 10,986,493 403 Solid Waste Utility 3,951,191 25,533,751 13,865,570 17,816,761 25,980,244 13,440,393 4,376,368 4X4 Golf Operating & CIP 1,609,927 3,504,825 2,296,115 3,906,042 3,853,974 2,028,243 1,877,799 4X5 Water Operating & CIP 48,208,077 20,789,505 12,186,922 60,394,999 52,379,968 9,748,858 50,646,141 4X6 Waste Water Operating & CIP 22,850,871 12,064,965 7,840,237 30,691,108 25,445,102 4,675,682 26,015,426 416 King County Metro 6,237,142 19,358,929 11,905,177 18,142,319 20,173,811 11,824,722 6,317,597 4X7 Surface Water Operating & CIP 28,314,756 27,545,700 10,595,662 38,910,418 41,654,350 5,781,020 33,129,398 INTERNAL SERVICE FUNDS:73,751,080 50,607,131 24,411,143 98,162,223 56,678,469 24,972,297 73,189,926 501 Equipment Repair/Replacement 13,277,635 9,885,963 3,584,850 16,862,485 9,812,590 3,673,896 13,188,589 502 Insurance 23,221,020 4,997,328 3,056,692 26,277,712 7,358,743 3,395,018 22,882,694 503 Information Services 9,021,343 8,830,085 4,027,283 13,048,626 13,962,728 5,098,932 7,949,694 504 Facilities 937,922 7,142,137 3,474,888 4,412,810 7,265,712 3,834,970 577,840 505 Communications 428,724 1,593,402 802,525 1,231,249 1,711,701 768,385 462,864 512 Insurance, Healthcare 6,935,644 16,123,216 8,129,609 15,065,253 15,197,161 7,407,816 7,657,437 522 Insurance, Leoff1 Retirees HC 19,928,792 2,035,000 1,335,296 21,264,088 1,369,834 793,280 20,470,808 FIDUCIARY FUNDS:8,733,791 400,000 1,730,441 10,464,232 253,475 1,139,643 9,324,589 611 Firemens' Pension 8,733,791 400,000 337,418 9,071,209 253,475 146,360 8,924,849 630 Custodial Fund - - 1,393,023 1,393,023 - 993,283 399,740 TOTAL FUNDS 360,076,247 371,634,178 196,528,002 556,604,249 493,605,407 168,530,959 388,073,290