Loading...
HomeMy WebLinkAboutMONTH 2024 01Page 1 of 7   OVERVIEW  This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through January 31,  2024. A detailed analysis, including budget to actual comparison, will be prepared quarterly in accordance with the City’s  financial management policies.     GENERAL FUND  The General Fund is used to account for resources that are not generally dedicated for a specific purpose. The General Fund  is used to meet the basic services that the City provides including, but not limited to, police protection, parks and recreation,  human services, municipal court, street maintenance and planning, economic development, and administrative functions.  The table below displays the year‐to‐date revenues and expenditures for the General Fund.    Economic Development and Operating reserves are established internally in accordance with the City’s Policy on Stabilization  Funds, as outlined in the 2023‐2024 Adopted Budget.     General REVENUES: Taxes 7,500,929$          Licenses and permits 987,732               Grants / intergovernmental 2,907,440            Charges for services 436,578               Interdepartmental services 3,731                    Fines and penalties 302,320               Miscellaneous 109,755               Investment Earnings 369,794               TOTAL REVENUES 12,618,279          EXPENDITURES: Personnel 6,035,025            Supplies 118,602               Contracted Services 1,710,063            Internal Services 3,427                    TOTAL EXPENDITURES 7,867,117            Transfers In ‐                             Transfers Out ‐                             NET TRANSFERS ‐                             CHANGE IN FUND BALANCE 4,751,162            BEGINNING FUND BALANCE, Jan 1 99,226,476          Prior Period Adjustment ‐                             BEGINNING FUND BALANCE, Jan 1 ‐ restated 99,226,476          ENDING FUND BALANCE, Jan 31 103,977,638$     ECONOMIC DEVELOPMENT RESERVE 2,500,000            OPERATING RESERVES 15,986,508          AVAILABLE FUND BALANCE, Jan 31 85,491,130$       Monthly Financial Report January 2024  Monthly Financial Report                                                               City of Renton, Washington January 2024  Page 2 of 7   DEBT SERVICE FUND   Debt service funds are used to account for the accumulation of resources for the payment of principal and interest related to  the City’s general obligation bond issues. The table below displays the year‐to‐date revenues and expenditures for the City’s  debt service fund.    Debt service reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the  2023‐2024 Adopted Budget.         General  Governmental  Misc Debt REVENUES: Grants / intergovernmental 16,191$                 Investment Earnings 18,226                    TOTAL REVENUES 34,417                    EXPENDITURES: Principal ‐                               Interest 17,308                    TOTAL EXPENDITURES 17,308                    Transfers In ‐                               NET TRANSFERS ‐                               CHANGE IN FUND BALANCE 17,109                    BEGINNING FUND BALANCE, Jan 1 5,412,174              ENDING FUND BALANCE, Jan 31 5,429,283$            Debt Service Reserve 2,717,575              AVAILABLE FUND BALANCE 2,711,708$            Monthly Financial Report                                                               City of Renton, Washington January 2024  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 31,931$                 ‐$                            353,795$               ‐$                             ‐$                         ‐$                             ‐$                             ‐$                             Licenses and permits ‐                              12,083                    ‐                               ‐                               ‐                           ‐                               ‐                               ‐                               Grants / intergovernmental ‐                               ‐                               ‐                              4,132                      ‐                           ‐                               ‐                               ‐                               Charges for services ‐                               ‐                               ‐                               ‐                              1,207                 17,671                    ‐                               ‐                               Fines and penalties ‐                               ‐                               ‐                               ‐                               ‐                           ‐                               ‐                              1,670                      Contributions 10,000                    ‐                               ‐                               ‐                               ‐                           ‐                              0                              ‐                               Investment Earnings 3,177                     1,280                     36,391                   2,393                     6                         40                           2,468                     570                         Sale of Fixed Assets ‐                               ‐                               ‐                               ‐                               ‐                           ‐                               ‐                               ‐                               TOTAL REVENUES 45,108                   13,363                   390,186                6,525                     1,213                 17,711                   2,468                     2,240                      EXPENDITURES: Personnel ‐                               ‐                               ‐                              1,347                      ‐                           ‐                               ‐                               ‐                               Supplies ‐                               ‐                               ‐                               ‐                               ‐                           ‐                              1,444                      ‐                               Contracted Services 1,525                     1,073                      ‐                               ‐                               ‐                           ‐                              7,581                      ‐                               Capital Outlay ‐                               ‐                               ‐                               ‐                               ‐                           ‐                              6,419                     40,296                    TOTAL EXPENDITURES 1,525                     1,073                      ‐                              1,347                      ‐                           ‐                              15,444                   40,296                    ‐                           Transfers In ‐                               ‐                               ‐                               ‐                               ‐                           ‐                               ‐                               ‐                               Transfers Out ‐                               ‐                               ‐                               ‐                               ‐                           ‐                               ‐                               ‐                               NET TRANSFERS ‐                               ‐                               ‐                               ‐                               ‐                           ‐                               ‐                               ‐                               CHANGE IN FUND BALANCE 43,583                   12,290                   390,186                5,178                     1,213                 17,711                   (12,976)                 (38,056)                  BEGINNING FUND BALANCE, Jan 1 889,272                358,300                10,811,847           711,118                 ‐                          34                           731,928                169,577                 Prior Period Adjustment ‐                               ‐                               ‐                               ‐                               ‐                           ‐                               ‐                               ‐                               BEGINNING FUND BALANCE, Jan 1 ‐ restated 889,272                358,300                10,811,847           711,118                 ‐                          34                           731,928                169,577                 ENDING FUND BALANCE, Jan 31 932,855$              370,590$              11,202,033$        716,296$              1,213$               17,745$                718,952$              131,521$               CS Impact Mitigation Transportation  Impact  Mitigation REET 1 REET 2 Municipal  Facilities CIP Capital  Investment Family First  Center REVENUES: Taxes ‐$                         ‐$                        279,390$          279,390$           ‐$                         ‐$                         ‐$                         Grants / intergovernmental ‐                           ‐                           ‐                           ‐                          40,564               121,441             ‐                           Charges for services 6,553                 22,971                ‐                           ‐                           ‐                           ‐                           ‐                           Investment Earnings 2,281                 7,419                 5,911                 10,540               75,662               56,044               12,259                TOTAL REVENUES 8,834                 30,390               285,301            289,930            116,226            177,485            12,259                EXPENDITURES: Personnel ‐                           ‐                           ‐                           ‐                           ‐                          1,393                  ‐                           Contracted Services ‐                           ‐                           ‐                           ‐                          246,894             ‐                           ‐                           Capital Outlay ‐                           ‐                           ‐                           ‐                          49                       48,699                ‐                           TOTAL EXPENDITURES ‐                           ‐                           ‐                           ‐                          246,943            50,092                ‐                           Transfers In ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           Transfers Out ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           NET TRANSFERS ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           CHANGE IN FUND BALANCE 8,834                 30,390               285,301            289,930            (130,717)           127,393            12,259                BEGINNING FUND BALANCE, Jan 1 681,333            2,220,270         1,765,153         3,145,503         21,980,020       15,282,117       3,643,436          Prior Period Adjustment ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           BEGINNING FUND BALANCE, Jan 1 ‐ restated 681,333            2,220,270         1,765,153         3,145,503         21,980,020       15,282,117       3,643,436          ENDING FUND BALANCE, Jan 31 690,167$          2,250,660$       2,050,454$       3,435,433$       21,849,303$    15,409,510$    3,655,695$        Monthly Financial Report                                                               City of Renton, Washington January 2024  Page 4 of 7   ENTERPRISE FUNDS  Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business  enterprises. The table below displays the year‐to‐date revenues and expenses of the City’s enterprise funds.    Amounts restricted for debt service are in accordance with revenue bond requirements. Operating reserves are established  internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2023‐2024 Adopted Budget.          Airport Solid Waste  Utility Golf Course Water Utility Wastewater  Utility Metro Surface Water  Utility REVENUES: Licenses and permits ‐$                        ‐$                        ‐$                        ‐$                        5,250$                ‐$                       3,000$                Grants / intergovernmental ‐                          ‐                          ‐                          ‐                           ‐                            ‐                         35,102                Charges for services 396,466           1,392,277        92,351              1,446,354         1,050,043          1,782,740        1,216,684           Rents, leases, and misc fees ‐                          ‐                         11,426              18,640                ‐                            ‐                          ‐                            Interest and other misc 38,358              16,836              8,338                359,433             213,774             22,170              123,471              TOTAL REVENUES 434,824           1,409,113        112,115           1,824,427         1,269,067          1,804,910        1,378,257           EXPENSES: Personnel 93,374              46,328              135,268           437,651             220,298              ‐                         301,174              Supplies 3,143                865                   17,985              49,154               1,085                   ‐                         1,895                   Contracted Services 25,925              2,565,056        18,392              107,841             164,268             1,774,251        98,406                Internal Services ‐                          ‐                          ‐                          ‐                           ‐                            ‐                          ‐                            TOTAL OPERATING EXPENSES 122,442           2,612,249        171,645           594,646             385,651             1,774,251        401,475              CAPITAL, AND TRANSFERS 312,382           (1,203,136)       (59,530)            1,229,781         883,416             30,659              976,782              DEBT SERVICE: Principal ‐                          ‐                         3,731                 ‐                           ‐                            ‐                          ‐                            Interest ‐                          ‐                         120                    ‐                           ‐                            ‐                          ‐                            TOTAL DEBT SERVICE ‐                          ‐                         3,851                 ‐                           ‐                            ‐                          ‐                            CAPITAL OUTLAY 435                    ‐                          ‐                         20,501               23,136                ‐                         62,887                Transfers In ‐                          ‐                          ‐                          ‐                           ‐                            ‐                          ‐                            Transfers Out ‐                          ‐                          ‐                          ‐                          (765)                     ‐                          ‐                            NET TRANSFERS ‐                          ‐                          ‐                          ‐                          (765)                     ‐                          ‐                            CHANGE IN FUND BALANCE 311,947           (1,203,136)       (63,381)            1,209,280         859,515             30,659              913,895              BEGINNING FUND BALANCE, Jan 1 11,276,837      3,928,543        1,884,908        52,071,465       26,162,847       6,589,443        29,287,067        ENDING FUND BALANCE, Jan 31 11,588,784$   2,725,407$      1,821,527$      53,280,745$     27,022,362$     6,620,102$      30,200,962$      Restricted for Debt Service ‐                     ‐                     ‐                    1,394,051         661,227              ‐                    754,868              Operating Reserve 264,613           400,000           753,443           1,746,736         1,028,679          380,000           1,272,184           AVAILABLE FUND BALANCE 11,324,171$   2,325,407$      1,068,084$      50,139,958$     25,332,456$     6,240,102$      28,173,910$      Monthly Financial Report                                                               City of Renton, Washington January 2024  Page 5 of 7   INTERNAL SERVICE FUNDS  Internal service funds are used to account for the goods and services furnished by one City department to other City  departments on a cost reimbursement basis. The table below displays the year‐to‐date revenues and expenses of the City’s  internal service funds.    Insurance reserves for the Healthcare Fund are established at a rate of 31% of current year budgeted expenses. 100% of the  Retiree Healthcare fund balance is reserved for OPEB.           Equipment Rental Insurance Information  Technology Facilities Communications Healthcare Retiree  Healthcare REVENUES:    Technology Fee ‐$                            ‐$                           13,185$                 ‐$                            ‐$                            ‐$                            ‐$                            Equipment rental m&o 25,306                   ‐                              ‐                              ‐                              ‐                              ‐                              ‐                              Interest and other misc 62,015                  83,384                  32,113                  4,226                    2,236                    30,740                  68,457                   Internal service fund misc: Worker's comp/unemployment ‐                             147,967                 ‐                              ‐                              ‐                              ‐                              ‐                              Benefit premiums ‐                              ‐                              ‐                              ‐                              ‐                             1,148,098             ‐                              Other misc 100                        4,502                     ‐                              ‐                              ‐                              ‐                              ‐                              Insurance recoveries ‐                             13,374                   ‐                              ‐                              ‐                             106                         ‐                              TOTAL REVENUES 87,421                  249,227                45,298                  4,226                    2,236                    1,178,944            68,457                   EXPENSES: Personnel 97,993                  93,045                  305,117                302,753                82,072                  967,638                85,485                   Supplies 116,225                 ‐                             54,749                  41,724                  351                        385                         ‐                              Contracted Services 29,571                  847,544                223,230                63,006                  8,098                    11,556                  911                         TOTAL OPERATING EXPENSES 243,789                940,589                583,096                407,483                90,521                  979,579                86,396                   AMOUNT AVAILABLE FOR DEBT SERVICE,  CAPITAL, AND TRANSFERS (156,368)              (691,362)              (537,798)              (403,257)              (88,285)                 199,365                (17,939)                  TOTAL DEBT SERVICE ‐                              ‐                              ‐                              ‐                              ‐                              ‐                              ‐                              CAPITAL OUTLAY 34,173                   ‐                             311,357                 ‐                              ‐                              ‐                              ‐                              Transfers In ‐                              ‐                             765                         ‐                              ‐                              ‐                              ‐                              Transfers Out ‐                              ‐                              ‐                              ‐                              ‐                              ‐                              ‐                              NET TRANSFERS ‐                              ‐                             765                         ‐                              ‐                              ‐                              ‐                              CHANGE IN FUND BALANCE (190,541)              (691,362)              (848,390)              (403,257)              (88,285)                 199,365                (17,939)                  BEGINNING FUND BALANCE, Jan 1 18,278,075          24,691,220          9,416,600            1,046,533            641,437                8,946,970            20,320,818           ENDING FUND BALANCE, Jan 31 18,087,534$        23,999,858$        8,568,210$          643,276$             553,152$             9,146,335$          20,302,879$         Insurance Reserves ‐                             17,786,508           ‐                              ‐                              ‐                             4,920,868            20,302,879           Opearting Reserves 18,087,534           ‐                             2,326,091             ‐                              ‐                              ‐                              ‐                              AVAILABLE FUND BALANCE ‐$                           6,213,350$          6,242,119$          643,276$             553,152$             4,225,467$           ‐$                            Monthly Financial Report                                                               City of Renton, Washington January 2024  Page 6 of 7   FIDUCIARY FUNDS  Fiduciary funds are used to account for assets held by the City in a trustee capacity. These assets are not available for City use  as they are not City assets. The table below displays year‐to‐date revenues and expenditures of the City’s fiduciary funds.      Firemens' Pension Custodial Fund REVENUES: Intergovernmental ‐$                             ‐$                             Investment Earnings 29,690                    ‐                               Collected for Others ‐                              315,519                 TOTAL REVENUES 29,690                   315,519                 EXPENDITURES: Contracted Services ‐                               ‐                               Distributions to Others 24,497                   142,307                 TOTAL EXPENDITURES 24,497                   142,307                 NET TRANSFERS ‐                               ‐                               CHANGE IN FUND BALANCE 5,193                     173,212                 BEGINNING FUND BALANCE, Jan 1 9,253,302              ‐                               ENDING FUND BALANCE, Jan 31 9,258,495$           173,212$               Monthly Financial Report                                                               City of Renton, Washington January 2024  Page 7 of 7           CONTACT INFORMATION  This report is prepared by the Finance Department. For additional financial information, please also review our website:  http://www.rentonwa.gov/.  For any questions about the report, please feel free to contact Nate Malone  nmalone@rentonwa.gov or Kristin Trivelas ktrivelas@rentonwa.gov .  City of Renton All Funds ‐ Revenue, Expenditures and Fund Balances Budgetary Basis through January 31, 2024 Funds Balance  01/01/2022 Budgeted  Revenue Revenue  01/31/24 Total Funds  Available Budgeted  Expenditure Expenditure  01/31/24 Ending Balance GENERAL FUND 99,226,476      132,287,834    12,618,279      111,844,755    133,220,900    7,867,117        103,977,638     SPECIAL REVENUE FUNDS: 13,672,076      4,795,685        478,814           14,150,890      937,674           59,685             14,091,205       110 Hotel Motel 889,272           434,000           45,108             934,380            ‐                       1,525               932,855            127 Cable Communication 358,300           57,674             13,363             371,663           97,674             1,073               370,590            130 Housing and Supportive Services 10,811,847      3,500,000        390,186           11,202,033       ‐                        ‐                       11,202,033       135 Springbrook Wetlands Bank 711,118           4,011               6,525               717,643           40,000             1,347               716,296            140 Police Seizure 731,928            ‐                       2,468               734,396            ‐                       15,444             718,952            141 Police CSAM Seizure 169,577            ‐                       2,240               171,817            ‐                       40,296             131,521            31X School District Impact Mitigation 34                    600,000           17,711             17,745             600,000            ‐                       17,745              304 Fire Mitigation ‐                       200,000           1,213               1,213               200,000            ‐                       1,213                DEBT SERVICE FUND 5,412,174        3,153,417        34,417             5,446,591        2,960,690        17,308             5,429,283         CAPITAL PROJECT FUNDS (CIP): 48,717,832      10,209,150      920,425           49,638,257      9,571,123        297,035           49,341,222       303 Community Services Mitigation 681,333           86,500             8,834               690,167           450,000            ‐                       690,167            305 Transportation Mitigation 2,220,270        511,152           30,390             2,250,660        100,000            ‐                       2,250,660         308 REET1 1,765,153        2,300,000        285,301           2,050,454         ‐                        ‐                       2,050,454         309 REET2 3,145,503        2,300,000        289,930           3,435,433        4,183,425         ‐                       3,435,433         316 Municipal Facilities CIP 21,980,020      1,892,698        116,226           22,096,246      1,892,698        246,943           21,849,303       317 Transportation CIP 15,282,117      3,118,800        177,485           15,459,602      2,945,000        50,092             15,409,510       346 New Family First Center Dvlpmnt 3,643,436         ‐                       12,259             3,655,695         ‐                        ‐                       3,655,695         ENTERPRISE FUNDS: 131,201,110    101,832,381    8,232,713        139,433,823    103,773,034    6,173,934        133,259,889     4X2 Airport Operating & CIP 11,276,837      4,830,019        434,824           11,711,661      2,896,132        122,877           11,588,784       403 Solid Waste Utility 3,928,543        25,653,540      1,409,113        5,337,656        26,537,762      2,612,249        2,725,407         4X4 Golf Operating & CIP 1,884,908        3,817,125        112,115           1,997,023        3,224,990        175,496           1,821,527         4X5 Water Operating & CIP 52,071,465      19,523,968      1,824,427        53,895,892      18,406,132      615,147           53,280,745       4X6 Waste Water Operating & CIP 26,162,847      12,482,929      1,269,067        27,431,914      13,635,024      409,552           27,022,362       416 King County Metro 6,589,443        21,791,462      1,804,910        8,394,353        21,791,462      1,774,251        6,620,102         4X7 Surface Water Operating & CIP 29,287,067      13,733,338      1,378,257        30,665,324      17,281,532      464,362           30,200,962       INTERNAL SERVICE FUNDS: 83,341,653      48,346,762      1,636,574        84,978,227      47,902,611      3,676,983        81,301,244       501 Equipment Repair/Replacement 18,278,075      6,582,343        87,421             18,365,496      5,123,206        277,962           18,087,534       502 Insurance 24,691,220      5,160,048        249,227           24,940,447      6,961,459        940,589           23,999,858       503 Information Services 9,416,600        9,440,740        46,063             9,462,663        9,054,169        894,453           8,568,210         504 Facilities 1,046,533        7,176,846        4,226               1,050,759        7,070,397        407,483           643,276            505 Communications 641,437           1,664,767        2,236               643,673           1,811,600        90,521             553,152            512 Insurance, Healthcare 8,946,970        17,362,018      1,178,944        10,125,914      16,402,893      979,579           9,146,335         522 Insurance, Leoff1 Retirees HC 20,320,818      960,000           68,457             20,389,275      1,478,887        86,396             20,302,879       FIDUCIARY FUNDS: 9,253,302        380,000           345,209           9,598,511        244,475           166,804           9,431,707         611 Firemens' Pension 9,253,302        380,000           29,690             9,282,992        244,475           24,497             9,258,495         630 Custodial Fund ‐                        ‐                       315,519           315,519            ‐                       142,307           173,212            TOTAL FUNDS 390,824,623    301,005,229    24,266,431      415,091,054    298,610,507    18,258,866      396,832,188