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HomeMy WebLinkAboutMONTH 2024 02Page 1 of 7   OVERVIEW  This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through February 29,  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 16,282,303$       Licenses and permits 1,484,403            Grants / intergovernmental 3,078,577            Charges for services 840,815               Interdepartmental services 7,466                    Fines and penalties 614,703               Miscellaneous 546,490               Investment Earnings 678,609               Insurance recoveries 769                       TOTAL REVENUES 23,534,135          EXPENDITURES: Personnel 12,226,434          Supplies 309,917               Contracted Services 3,198,338            Capital Outlay 28,559                  Internal Services 3,809                    TOTAL EXPENDITURES 15,767,057          Transfers In ‐                             Transfers Out ‐                             NET TRANSFERS ‐                             CHANGE IN FUND BALANCE 7,767,078            BEGINNING FUND BALANCE, Jan 1 99,226,476          BEGINNING FUND BALANCE, Jan 1 ‐ restated 99,226,476          ENDING FUND BALANCE, Feb 29 106,993,554$     ECONOMIC DEVELOPMENT RESERVE 2,500,000            OPERATING RESERVES 15,986,508          AVAILABLE FUND BALANCE, Feb 29 88,507,046$       Monthly Financial Report February 2024  Monthly Financial Report                                                               City of Renton, Washington February 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 32,922                    TOTAL REVENUES 49,113                    EXPENDITURES: Principal ‐                               Interest 17,308                    TOTAL EXPENDITURES 17,308                    Transfers In ‐                               NET TRANSFERS ‐                               CHANGE IN FUND BALANCE 31,805                    BEGINNING FUND BALANCE, Jan 1 5,412,174              ENDING FUND BALANCE, Feb 29 5,443,979$            Debt Service Reserve 2,717,575              AVAILABLE FUND BALANCE 2,726,404$            Monthly Financial Report                                                               City of Renton, Washington February 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 62,439$                 ‐$                            786,351$               ‐$                             ‐$                         ‐$                             ‐$                             ‐$                             Licenses and permits ‐                              12,083                    ‐                               ‐                               ‐                           ‐                               ‐                               ‐                               Grants / intergovernmental ‐                               ‐                               ‐                              4,132                      ‐                           ‐                               ‐                               ‐                               Charges for services ‐                               ‐                               ‐                               ‐                              9,010                 26,315                    ‐                               ‐                               Fines and penalties ‐                               ‐                               ‐                               ‐                               ‐                           ‐                               ‐                              1,670                      Contributions 15,000                    ‐                               ‐                               ‐                               ‐                           ‐                              0                              ‐                               Investment Earnings 5,696                     2,328                     66,868                   4,333                      ‐                          90                           4,437                     910                         Sale of Fixed Assets ‐                               ‐                               ‐                               ‐                               ‐                           ‐                               ‐                               ‐                               TOTAL REVENUES 83,135                   14,411                   853,219                8,465                     9,010                 26,405                   4,437                     2,580                      EXPENDITURES: Personnel ‐                               ‐                               ‐                              1,946                      ‐                           ‐                               ‐                               ‐                               Supplies ‐                               ‐                               ‐                               ‐                               ‐                           ‐                              1,847                      ‐                               Contracted Services 6,942                     6,620                     24,750                    ‐                              1,207                 17,739                   60,633                   44                            Capital Outlay ‐                               ‐                               ‐                               ‐                               ‐                           ‐                              86,900                   40,278                    TOTAL EXPENDITURES 6,942                     6,620                     24,750                   1,946                     1,207                 17,739                   149,380                40,322                    ‐                           Transfers In ‐                               ‐                               ‐                               ‐                               ‐                           ‐                               ‐                               ‐                               Transfers Out ‐                               ‐                               ‐                               ‐                               ‐                           ‐                               ‐                               ‐                               NET TRANSFERS ‐                               ‐                               ‐                               ‐                               ‐                           ‐                               ‐                               ‐                               CHANGE IN FUND BALANCE 76,193                   7,791                     828,469                6,519                     7,803                 8,666                     (144,943)               (37,742)                  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, Feb 29 965,465$              366,091$              11,640,316$        717,637$              7,803$               8,700$                   586,985$              131,835$               CS Impact Mitigation Transportation  Impact  Mitigation REET 1 REET 2 Municipal  Facilities CIP Capital  Investment Family First  Center REVENUES: Taxes ‐$                         ‐$                        386,887$          386,887$           ‐$                         ‐$                         ‐$                         Grants / intergovernmental ‐                           ‐                           ‐                           ‐                          460,290            2,854,709          ‐                           Charges for services 19,658               226,049             ‐                           ‐                           ‐                           ‐                           ‐                           Contributions ‐                           ‐                           ‐                           ‐                           ‐                           ‐                          17,548                Investment Earnings 4,144                 13,487               11,560               19,927               134,987            97,418               22,154                TOTAL REVENUES 23,802               239,536            398,447            406,814            595,277            2,952,127         39,702                EXPENDITURES: Personnel ‐                           ‐                           ‐                           ‐                          4,799                 6,655                  ‐                           Contracted Services ‐                           ‐                           ‐                           ‐                          330,270            24,597               (894)                    Capital Outlay ‐                           ‐                           ‐                           ‐                          519,590            1,540,403          ‐                           TOTAL EXPENDITURES ‐                           ‐                           ‐                           ‐                          854,659            1,571,655         (894)                    Transfers In ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           Transfers Out ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           NET TRANSFERS ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           CHANGE IN FUND BALANCE 23,802               239,536            398,447            406,814            (259,382)           1,380,472         40,596                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, Feb 29 705,135$          2,459,806$       2,163,600$       3,552,317$       21,720,638$    16,662,589$    3,684,032$        Monthly Financial Report                                                               City of Renton, Washington February 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 ‐$                        ‐$                        ‐$                        ‐$                        10,400$              ‐$                       5,250$                Grants / intergovernmental 272,007            ‐                          ‐                         120,150              ‐                            ‐                         292,845              Charges for services 759,385           5,070,153        244,411           2,735,794         2,012,103          3,343,152        2,292,362           Rents, leases, and misc fees ‐                          ‐                         30,412              31,542                ‐                            ‐                          ‐                            Interest and other misc 69,820              26,061              14,092              507,041             302,396             40,091              208,894              TOTAL REVENUES 1,101,212        5,096,214        288,915           3,394,527         2,324,899          3,383,243        2,799,351           EXPENSES: Personnel 188,442           101,861           271,660           882,284             435,068              ‐                         624,538              Supplies 7,270                1,295                60,992              117,174             12,226                ‐                         9,372                   Contracted Services 89,343              3,199,949        41,446              404,926             409,984             3,548,501        187,168              Internal Services ‐                          ‐                          ‐                          ‐                           ‐                            ‐                          ‐                            TOTAL OPERATING EXPENSES 285,055           3,303,105        374,098           1,404,384         857,278             3,548,501        821,078              CAPITAL, AND TRANSFERS 816,157           1,793,109        (85,183)            1,990,143         1,467,621          (165,258)          1,978,273           DEBT SERVICE: Principal ‐                          ‐                         7,466                 ‐                           ‐                            ‐                          ‐                            Interest ‐                          ‐                         237                    ‐                           ‐                            ‐                          ‐                            TOTAL DEBT SERVICE ‐                          ‐                         7,703                 ‐                           ‐                            ‐                          ‐                            CAPITAL OUTLAY 436,638            ‐                          ‐                         409,893             203,465              ‐                         3,894,059           Transfers In ‐                          ‐                          ‐                          ‐                           ‐                            ‐                          ‐                            Transfers Out ‐                          ‐                          ‐                          ‐                          (1,147)                 ‐                         1,762                   NET TRANSFERS ‐                          ‐                          ‐                          ‐                          (1,147)                 ‐                         1,762                   CHANGE IN FUND BALANCE 379,519           1,793,109        (92,886)            1,580,250         1,263,009          (165,258)          (1,914,024)         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, Feb 29 11,656,356$   5,721,652$      1,792,022$      53,651,715$     27,425,856$     6,424,185$      27,373,043$      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 11,391,743$   5,321,652$      1,038,579$      50,510,928$     25,735,950$     6,044,185$      25,345,991$      Monthly Financial Report                                                               City of Renton, Washington February 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 ‐$                            ‐$                           25,338$                 ‐$                            ‐$                            ‐$                            ‐$                            Equipment rental m&o 25,306                   ‐                              ‐                              ‐                              ‐                              ‐                              ‐                              Interest and other misc 111,050                147,988                54,941                  5,999                    3,696                    56,337                  123,413                 Internal service fund misc: Worker's comp/unemployment ‐                             303,000                 ‐                              ‐                              ‐                              ‐                              ‐                              Benefit premiums ‐                              ‐                              ‐                              ‐                              ‐                             2,290,326             ‐                              Other misc 100                        4,502                     ‐                             8,683                     ‐                             224,199                71,331                   Insurance recoveries ‐                             13,474                   ‐                              ‐                              ‐                             106                         ‐                              TOTAL REVENUES 136,456                468,964                80,279                  14,682                  3,696                    2,570,968            194,744                 EXPENSES: Personnel 196,727                249,329                600,001                612,380                163,390                1,798,666            165,808                 Supplies 236,312                 ‐                             63,291                  90,767                  8,154                    715                         ‐                              Contracted Services 83,759                  1,035,374            471,301                190,224                28,870                  75,753                  6,998                     TOTAL OPERATING EXPENSES 516,798                1,284,703            1,134,593            893,371                200,414                1,875,134            172,806                 AMOUNT AVAILABLE FOR DEBT SERVICE,  CAPITAL, AND TRANSFERS (380,342)              (815,739)              (1,054,314)           (878,689)              (196,718)              695,834                21,938                   TOTAL DEBT SERVICE ‐                              ‐                              ‐                              ‐                              ‐                              ‐                              ‐                              CAPITAL OUTLAY 40,493                   ‐                             319,095                 ‐                              ‐                              ‐                              ‐                              Transfers In ‐                              ‐                             1,147                     ‐                              ‐                              ‐                              ‐                              Transfers Out ‐                              ‐                              ‐                              ‐                              ‐                              ‐                              ‐                              NET TRANSFERS ‐                              ‐                             1,147                     ‐                              ‐                              ‐                              ‐                              CHANGE IN FUND BALANCE (420,835)              (815,739)              (1,372,262)           (878,689)              (196,718)              695,834                21,938                   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, Feb 29 17,857,240$        23,875,481$        8,044,338$          167,844$             444,719$             9,642,804$          20,342,756$         Insurance Reserves ‐                             17,786,508           ‐                              ‐                              ‐                             4,920,868            20,342,756           Opearting Reserves 17,857,240           ‐                             2,326,091             ‐                              ‐                              ‐                              ‐                              AVAILABLE FUND BALANCE ‐$                           6,088,973$          5,718,247$          167,844$             444,719$             4,721,936$           ‐$                            Monthly Financial Report                                                               City of Renton, Washington February 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 53,577                    ‐                               Collected for Others ‐                              467,023                 TOTAL REVENUES 53,577                   467,023                 EXPENDITURES: Contracted Services ‐                               ‐                               Distributions to Others 48,993                   193,328                 TOTAL EXPENDITURES 48,993                   193,328                 NET TRANSFERS ‐                               ‐                               CHANGE IN FUND BALANCE 4,584                     273,695                 BEGINNING FUND BALANCE, Jan 1 9,253,302              ‐                               ENDING FUND BALANCE, Feb 29 9,257,886$           273,695$               Monthly Financial Report                                                               City of Renton, Washington February 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 February 29, 2024 Funds Balance  01/01/2024 Budgeted  Revenue Revenue  02/29/24 Total Funds  Available Budgeted  Expenditure Expenditure  02/29/24 Ending Balance GENERAL FUND 99,226,476      132,287,834    23,534,135      122,760,611    133,220,900    15,767,057      106,993,554     SPECIAL REVENUE FUNDS: 13,672,076      4,795,685        1,001,662        14,673,738      937,674           248,906           14,424,832       110 Hotel Motel 889,272           434,000           83,135             972,407            ‐                       6,942               965,465            127 Cable Communication 358,300           57,674             14,411             372,711           97,674             6,620               366,091            130 Housing and Supportive Services 10,811,847      3,500,000        853,219           11,665,066       ‐                       24,750             11,640,316       135 Springbrook Wetlands Bank 711,118           4,011               8,465               719,583           40,000             1,946               717,637            140 Police Seizure 731,928            ‐                       4,437               736,365            ‐                       149,380           586,985            141 Police CSAM Seizure 169,577            ‐                       2,580               172,157            ‐                       40,322             131,835            31X School District Impact Mitigation 34                    600,000           26,405             26,439             600,000           17,739             8,700                304 Fire Mitigation ‐                       200,000           9,010               9,010               200,000           1,207               7,803                DEBT SERVICE FUND 5,412,174        3,153,417        49,113             5,461,287        2,960,690        17,308             5,443,979         CAPITAL PROJECT FUNDS (CIP): 48,717,832      10,209,150      4,655,705        53,373,537      9,571,123        2,425,420        50,948,117       303 Community Services Mitigation 681,333           86,500             23,802             705,135           450,000            ‐                       705,135            305 Transportation Mitigation 2,220,270        511,152           239,536           2,459,806        100,000            ‐                       2,459,806         308 REET1 1,765,153        2,300,000        398,447           2,163,600         ‐                        ‐                       2,163,600         309 REET2 3,145,503        2,300,000        406,814           3,552,317        4,183,425         ‐                       3,552,317         316 Municipal Facilities CIP 21,980,020      1,892,698        595,277           22,575,297      1,892,698        854,659           21,720,638       317 Transportation CIP 15,282,117      3,118,800        2,952,127        18,234,244      2,945,000        1,571,655        16,662,589       346 New Family First Center Dvlpmnt 3,643,436         ‐                       39,702             3,683,138         ‐                       (894)                 3,684,032         ENTERPRISE FUNDS: 131,201,110    101,832,381    18,388,361      149,589,471    103,773,034    15,544,642      134,044,829     4X2 Airport Operating & CIP 11,276,837      4,830,019        1,101,212        12,378,049      2,896,132        721,693           11,656,356       403 Solid Waste Utility 3,928,543        25,653,540      5,096,214        9,024,757        26,537,762      3,303,105        5,721,652         4X4 Golf Operating & CIP 1,884,908        3,817,125        288,915           2,173,823        3,224,990        381,801           1,792,022         4X5 Water Operating & CIP 52,071,465      19,523,968      3,394,527        55,465,992      18,406,132      1,814,277        53,651,715       4X6 Waste Water Operating & CIP 26,162,847      12,482,929      2,324,899        28,487,746      13,635,024      1,061,890        27,425,856       416 King County Metro 6,589,443        21,791,462      3,383,243        9,972,686        21,791,462      3,548,501        6,424,185         4X7 Surface Water Operating & CIP 29,287,067      13,733,338      2,799,351        32,086,418      17,281,532      4,713,375        27,373,043       INTERNAL SERVICE FUNDS: 83,341,653      48,346,762      3,470,936        86,812,589      47,902,611      6,437,407        80,375,182       501 Equipment Repair/Replacement 18,278,075      6,582,343        136,456           18,414,531      5,123,206        557,291           17,857,240       502 Insurance 24,691,220      5,160,048        468,964           25,160,184      6,961,459        1,284,703        23,875,481       503 Information Services 9,416,600        9,440,740        81,426             9,498,026        9,054,169        1,453,688        8,044,338         504 Facilities 1,046,533        7,176,846        14,682             1,061,215        7,070,397        893,371           167,844            505 Communications 641,437           1,664,767        3,696               645,133           1,811,600        200,414           444,719            512 Insurance, Healthcare 8,946,970        17,362,018      2,570,968        11,517,938      16,402,893      1,875,134        9,642,804         522 Insurance, Leoff1 Retirees HC 20,320,818      960,000           194,744           20,515,562      1,478,887        172,806           20,342,756       FIDUCIARY FUNDS: 9,253,302        380,000           520,600           9,773,902        244,475           242,321           9,531,581         611 Firemens' Pension 9,253,302        380,000           53,577             9,306,879        244,475           48,993             9,257,886         630 Custodial Fund ‐                        ‐                       467,023           467,023            ‐                       193,328           273,695            TOTAL FUNDS 390,824,623    301,005,229    51,620,512      442,445,135    298,610,507    40,683,061      401,762,074