HomeMy WebLinkAboutQUARTER 4 2023Page 1 of 36
OVERVIEW
This quarterly financial report reflects the city’s revenue and expenditures/expenses for the fiscal year through December 31,
2023. A detailed analysis, including current to prior year and budget to actual comparison is included for each city fund.
Excluded from this report are the city’s fiduciary funds as these funds are held on behalf of others and are not available for
city use. Budget figures shown reflect amounts authorized in ORD 6124, which includes the mid‐biennium quarter budget
adjustment approved December 4th, 2023.
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 YTD revenues and expenditures for the General Fund, including comparison to prior year,
comparison to YTD budget amounts, and percentage of annual budget. YTD budget amounts are generally based on the
collection/disbursement patterns for the same period of the preceding two (2) years, with the following exceptions: property
tax revenue budgets are based on the collection patterns over the preceding four (4) years and sales tax revenue budgets are
based on the collection patterns over the preceding five (5) years.
General Fund
YTD
Prior Year YTD YTD Budget % BUDGET
REVENUES
Taxes 102,213,407$ 107,357,943$ 112,900,398$ 10,686,991$ 5,542,455$ 105.16%
Licenses & Permits 7,455,983 5,862,660 6,721,960 (734,023)$ 859,300 114.66%
Intergovernmental 17,604,837 8,951,803 5,396,037 (12,208,800)$ (3,555,766) 60.28%
Charges for Services 10,101,988 10,800,250 11,287,999 1,186,011$ 487,749 104.52%
Fines and Penalties 4,142,205 3,702,050 3,763,898 (378,307)$ 61,848 101.67%
Miscellaneous 3,178,270 3,846,659 6,306,440 3,128,170$ 2,459,781 163.95%
Other Financing Sources (Transfer‐In, etc)(80,253) 1,998,485 1,936,996 2,017,249$ (61,489) 96.92%
TOTAL REVENUES 144,616,437 142,519,850 148,313,728 3,697,291 5,793,878 104.07%
EXPENDITURES
City Attorney 2,802,425 3,227,575 3,017,713 (215,288) 209,862 93.50%
Community and Economic Development 11,231,574 15,085,126 13,022,894 (1,791,320) 2,062,232 86.33%
Council 656,186 743,244 706,578 (50,392) 36,666 95.07%
Court Services 3,082,719 3,700,910 3,234,466 (151,747) 466,444 87.40%
Equity, Housing, and Human Services 3,522,799 5,767,958 3,512,804 9,995 2,255,154 60.90%
Executive Services 5,411,697 6,586,264 5,945,937 (534,240) 640,327 90.28%
Finance 4,581,257 5,448,865 4,843,135 (261,878) 605,730 88.88%
Human Resources 1,480,889 1,946,372 1,601,638 (120,749) 344,734 82.29%
Parks and Recreation 15,507,241 17,754,998 16,529,849 (1,022,608) 1,225,149 93.10%
Police 46,278,533 50,239,198 49,723,133 (3,444,600) 516,065 98.97%
Public Works 15,760,740 17,279,882 16,372,904 (612,164) 906,978 94.75%
Other Non‐Departmental 19,797,063 16,777,223 14,182,181 5,614,882 2,595,042 84.53%
TOTAL EXPENDITURES 130,113,123 144,557,615 132,693,232 (2,580,109) 11,864,383 91.79%
Change in Fund Balance 14,503,314 (2,037,765) 15,620,496 1,117,182 17,658,261 N/A
Beginning Fund Balance 69,102,662 83,605,978 83,605,978 14,503,316 ‐ 100.00%
ENDING FUND BALANCE 83,605,978$ 81,568,213$ 99,226,474$ 15,620,498$ 17,658,261$ 121.65%
Operating Reserve 13,994,674 17,346,914 17,346,914
Economic Development Reserve 2,500,000 2,500,000 2,500,000
AVAILABLE FUND BALANCE 67,111,304$ 61,721,299$ 79,379,560$
Summary of Sources and Uses Favorable (Unfavorable)
2022 2023 Variance
YTD Actual YTD Budget YTD Actual
Quarterly Financial Report 4th Quarter 2023
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 2 of 36
GENERAL FUND REVENUES
The following tables provide a more detailed summary of each revenue category within the General Fund. Detailed
explanations have been provided for variances from prior year or YTD budget in excess of $100K. All variances are shown in
a favorable/(unfavorable) format.
TAXES
Property Tax – Property tax collections by King County are above prior year. The increase is due to the city increasing the
property tax levy the allowable 1% by state law as well as an additional levy of $1.5M.
Local Retail Sales Tax – Local retail sales tax exceeded prior year and annual budget. The majority of the increase in local
retail sale tax revenues over the prior year is coming from the services, manufacturing, and construction sectors. It is
important to note that sales tax revenues have a two‐month lag between the time of the sale and the city’s receipt of the
sale tax from the State. Please see the December sales tax report for information regarding sales tax figures by industry.
Criminal Justice Sales Tax – Criminal justice sales tax represents a 0.1% sales tax imposed by the county for criminal justice
purposes. The county must share 90% of the revenue collected with all cities and towns in the county on a per capita basis.
The increase in criminal justice sales tax directly relates to the increase in local retail sales tax, as described above.
Natural Gas Use Tax – Natural gas use tax represents a 6% tax on the usage of natural gas within the city that has not
otherwise been subject to city utility tax. The increase over 2023 budget and increase from prior year is due to higher than
anticipated usage which fluctuates from year to year and is only paid by a limited number of larger companies.
Admissions Tax – An increase in admission tax over prior year is due to the economic recovery from the pandemic where
many locations remained on limited capacity or were not operating their events in the first quarter of 2022 as well as a large
increase from a new taxpayer in Renton. Admissions tax is performing higher than budget due to the recent opening of a
large new taxpayer in Renton resulting in higher tax collection.
Utility Tax – Electrical, natural gas and city utilities are the primary drivers of the increase over prior year and amount above
YTD budget due to increased customer rates coupled with increased utility usage. Rates for utility users beginning January
2023 increased 8.7% for electricity and 6.4% for natural gas. These increases were partially offset by decreases in cable utility
tax due to decreased customer base as well as cellular and phone utility tax due to customers converting to internet and data
services. The breakdown of utility tax is as follows:
2022 2023 2023
Actual Budget Actual $ % $ %
Property Tax 23,243,679 25,163,845 25,132,192 1,888,513 8.1%(31,653) ‐0.1%
Local Retail Sales Tax 37,514,922 36,513,193 38,106,887 591,965 1.6% 1,593,694 4.4%
State Sales Tax Credit 746,643 736,380 728,108 (18,535) ‐2.5% (8,272) ‐1.1%
Criminal Justice Sales Tax 3,830,215 3,809,795 3,939,746 109,531 2.9% 129,951 3.4%
Natural Gas Use Tax 221,849 350,000 331,273 109,424 49.3%(18,727) ‐5.4%
Admission Tax 367,107 833,885 1,264,101 896,994 244.3% 430,216 51.6%
Utility Tax 17,463,626 17,909,050 18,314,683 851,057 4.9% 405,633 2.3%
Leasehold Excise Tax 176,172 180,795 262,911 86,739 49.2% 82,116 45.4%
Gambling Excise Tax 4,155,272 3,961,000 3,773,375 (381,897) ‐9.2% (187,625) ‐4.7%
B&O Tax 14,493,922 17,900,000 21,047,122 6,553,200 45.2% 3,147,122 17.6%
YTD Total 102,213,407$ 107,357,943$ 112,900,398$ 10,686,991$ 10.5% 5,542,455$ 5.2%
Annual Total 102,213,407$ 107,357,943$
Taxes by Type
Revenue
2023 vs. 2022 2023 vs. Budget
Year to Date through December
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 3 of 36
Gambling Excise Tax – Gambling excise tax can fluctuate based on the economy; therefore, budget is established based on a
historical average from prior years. 2023 revenues decreased primarily in the card games sector which saw a 10% decrease
from prior year.
Business and Occupation (B&O) Tax – B&O tax revenues are above the 2023 budget and increased from prior year due to
the increase in the tax cap in 2023 as well as increased tax rates which were in effect for reporting periods beginning after
January 1, 2023.
LICENSES & PERMITS
Business Licenses – The amount over the 2023 year‐to‐date budget is due to higher than anticipated collections during
January and February. The majority of the business license revenue is collected during the months of December through
March of each year near the renewal due date.
Building Permits – Building permits are collected upon permit issuance. Building permit revenue is exceeding budget primarily
due to a few larger projects such as the new Sounders facility, UW tenant improvements at former FAA building, and the
Wizards of the Coast tenant improvements at the Southport Campus. The decrease from prior year is primarily due to the
Solera project in 2022 which was significantly larger than any permit fees paid in 2023.
INTERGOVERNMENTAL
State Shared Revenue – The breakdown of state shared revenue is as follows:
2022 2023 2023
Tax by Type YTD Actual YTD Budget YTD Actual $ % $ %
Electrical 6,132,306$ 6,431,394$ 6,649,649$ 517,343$ 8.4% $ 218,255 3.4%
Natural Gas 1,806,540 2,054,925 2,088,098 281,558 15.6% 33,173 1.6%
Cell 566,149 499,998 485,499 (80,650) ‐14.3% (14,499)‐2.9%
Phone 740,355 700,000 615,606 (124,749) ‐16.9% (84,394)‐12.1%
Cable 1,371,854 1,199,115 1,171,891 (199,963) ‐14.6% (27,224)‐2.3%
Garbage 739,140 768,704 857,025 117,885 16.0% 88,321 11.5%
City Utilities 6,107,281 6,254,914 6,446,916 339,635 5.6% 192,002 3.1%
YTD Total 17,463,626$ 17,909,050$ 18,314,683$ 851,057$ 4.9%405,633$ 2.3%
2023 vs. 2022 2023 vs. Budget
2022 2023 2023
Actual Budget Actual $ % $ %
Franchise Fees 1,485,576 1,475,808 1,392,052 (93,523) ‐6.3% (83,756) ‐5.7%
Business Licenses 1,130,404 932,607 1,245,314 114,909 10.2% 312,707 33.5%
Animal Licenses 62,050 63,174 60,820 (1,230) ‐2.0% (2,354) ‐3.7%
Building Permits 4,742,534 3,343,571 3,989,309 (753,226) ‐15.9%645,737 19.3%
ROW/Street Excavation Permits 34,399 46,500 33,700 (699) ‐2.0% (12,800) ‐27.5%
Special Event Permits 1,020 1,000 765 (255) ‐25.0% (235) ‐23.5%
YTD Total 7,455,983$ 5,862,660$ 6,721,960$ (734,023)$ ‐9.8%859,300$ 14.7%
Annual Total 7,455,983$ 5,862,660$
Licenses & Permits by Type
Year to Date through December
Revenue
2023 vs. 2022 2023 vs. Budget
2022 2023 2023
Actual Budget Actual $ % $ %
State Shared Revenue 4,101,311 3,939,884$ 4,129,450 28,139$ 0.7% 189,566$ 4.8%
Federal Grants 13,364,303 3,678,836 728,723 (12,635,580) ‐94.5% (2,950,113) ‐80.2%
State Grants 81,010 1,165,600 483,641 402,631 497.0%(681,959) ‐58.5%
Local Grants 58,213 167,483 54,223 (3,990) ‐6.9% (113,260) ‐67.6%
YTD Total 17,604,837$ 8,951,803$ 5,396,037$ (12,208,800)$ ‐69.3% (3,555,766)$ ‐39.7%
Annual Total 17,604,837$ 8,951,803$
Intergovernmental by Type
Revenue
2023 vs. 2022 2023 vs. Budget
Year to Date through December
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 4 of 36
Federal/State/Local Grants – Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of
grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant revenue is budgeted
at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to
reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award year is carried
forward each year until the grant funds are fully received or the grant agreement expires. The variance from year‐to‐date
budget is largely due to remaining ARPA grant funds that are unspent through 2023.
CHARGES FOR SERVICES
Public Safety Services – The decrease in public safety services from prior year and budget is primarily due to a decrease in
police school resource officers. Only one of three officers are currently being utilized due to Renton School District slowly
restarting this program after a pause during the pandemic. Private security revenue has also contributed to the decrease due
to staffing shortfalls and the need to cover minimum staffing of city operations before contracting officers for private security
opportunities. Private security service revenue is intended to offset the overtime expenditures incurred and is a net zero
impact to the city.
Development Services ‐ The decrease from prior year is primarily due to large inspection revenues received in 2022 for Philip
Arnold Park, and King County Shop building permits. The amount over budget is primarily due to increase to inspection and
plan checking revenues from the King County Metro Rapid Ride, and Cedar River Apartment projects.
Recreation/Farmer’s Market/Events – The increase over prior year is largely due to a significant amount of the recreation
facilities being closed through April of 2022. The amount over budget is primarily due to greater than anticipated revenues
at the community center for programs and rentals as well as better than expected revenues at Henry Moses Aquatic Center.
Interfund Services – Interfund services revenue increased from prior year due to the newly created sustainability division,
which is charged out to utility funds, and cost of living salary increases, which are charged to other departments. The amount
under the 2023 budget is due to a reduction of soft capital transfers for general fund personnel related to capital projects
which are based on work performed.
2022 2023 2023
Tax by Type YTD Actual YTD Budget YTD Actual $ % $ %
Judicial Contribution 32,326$ 50,000$ 44,956$ 12,630$ 39.1%(5,044)$ ‐10.1%
Crim Just ‐ Pop 36,822 24,725 38,880 2,058 5.6% 14,155 57.2%
Crim Just ‐ Spec Prog 130,560 113,286 137,223 6,663 5.1% 23,937 21.1%
WASPC Legislative ‐ 44,715 44,715 44,715 #DIV/0!‐ 0.0%
State DUI 12,269 18,043 7,439 (4,830) ‐39.4% (10,604) ‐58.8%
Marijuana Distribution 289,291 221,968 290,083 792 0.3% 68,115 30.7%
Liquor Profits 830,938 800,000 821,929 (9,009) ‐1.1%21,929 2.7%
Liquor Excise Tax 757,496 765,797 753,730 (3,766) ‐0.5% (12,067) ‐1.6%
Fuel Tax 2,011,609 1,901,349 1,990,494 (21,115) ‐1.1%89,145 4.7%
YTD Total 4,101,311$ 3,939,884$ 4,129,450$ 28,138$ 0.7%189,566$ 4.8%
2023 vs. 2022 2023 vs. Budget
2022 2023 2023
Actual Budget Actual $ % $ %
Passport Fees 10,320 10,000 9,524 (796) ‐7.7% (476) ‐4.8%
Court Services 175,939 152,408 126,042 (49,896) ‐28.4% (26,365) ‐17.3%
General Government Services 277 ‐ 149 (128) ‐46.3%149 100.0%
Public Safety Services 713,498 797,190 685,146 (28,351) ‐4.0% (112,043) ‐14.1%
Development Services 3,139,883 2,200,374 2,647,542 (492,341) ‐15.7%447,168 20.3%
Transportation Services 31,645 ‐ 54,161 22,516 71.2% 54,161 100.0%
Social Services 184,759 395,858 370,024 185,265 100.3%(25,834) ‐6.5%
Recreation/Farmer's Market/Events 1,338,919 1,211,610 1,806,123 467,204 34.9% 594,513 49.1%
Interfund Services 4,506,749 6,032,811 5,589,288 1,082,539 24.0%(443,523) ‐7.4%
YTD Total 10,101,988$ 10,800,250$ 11,287,999$ 1,186,012$ 11.7% 487,750$ 4.5%
Annual Total 10,101,988$ 10,800,250$
Year to Date through December
Charges for Services by Type
Revenue
2023 vs. 2022 2023 vs. Budget
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 5 of 36
FINES AND PENALTIES
Photo Enforcement Program – The decrease from prior year is primarily due to a large uptick in revenue in 2022 resulting
from the city’s new collection agency as well as an increased dismissal rate in 2023.
MISCELLANEOUS REVENUES
Interest and Other Investment Earnings – Investment earnings have varied over the past couple of years as the market has
seen uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds
rate, and we may continue to see a rise in investment earnings as this remains at an elevated level. Investments within the
Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate
as it decreases or increases; the city holds roughly 52% of the total cash and investments for the city in the LGIP.
Rents, Leases, and Concessions – The increase from prior year is due to higher‐than‐expected parking garage monthly rental
fees ($59K), cell lease collections ($39K), and senior center and community center facility rentals ($107K) as these remained
in limited usage in the beginning of 2022. The amount over the budget is primarily due cell leases ($32K), and community
center and aquatic facility rentals ($145K), and Pavilion leases ($21K).
Contributions/Donations – The increase from prior year and budget is due to recording the Sunset Lane latecomers
assessment from ordinance 5961.
Other – The increase from prior year is due to a court settlement judgement ($158K). The amount over budget is primarily
due to higher than anticipated utility late penalties ($71K), and court settlement ($158K).
OTHER FINANCING SOURCES
2022 2023 2023
Actual Budget Actual $ % $ %
Civil Penalties 264,383$ 282,000$ 227,945$ (36,437)$ ‐13.8% (54,055)$ ‐19.2%
Photo Enforcement Program 3,679,876 3,242,608 3,332,719 (347,157) ‐9.4%90,111 2.8%
Criminal Traffic Misdemeanor Fines 29,079 41,000 21,975 (7,104) ‐24.4% (19,025) ‐46.4%
Criminal Non‐Traffic Fines 3,953 6,500 2,943 (1,010) ‐25.6% (3,557) ‐54.7%
Criminal Costs 29,939 34,360 23,057 (6,883) ‐23.0% (11,303) ‐32.9%
Non‐Court Fines, Forfeitures and Penalties 134,975 95,582 155,259 20,284 15.0% 59,677 62.4%
YTD Total 4,142,205$ 3,702,050$ 3,763,898$ (378,307)$ ‐9.1%61,848$ 1.7%
Annual Total 4,142,205$ 3,702,050$
Fines and Penalties by Type
Revenue
2023 vs. 2022 2023 vs. Budget
Year to Date through December
2022 2023 2023
Actual Budget Actual $ % $ %
Interest and Other Investment Earnings 1,063,311$ 1,950,000$ 3,584,163$ 2,520,852$ 237.1% 1,634,163$ 83.8%
Rents, Leases, and Concessions 1,422,416 1,413,925 1,628,033 205,617 14.5% 214,108 15.1%
Contributions/Donations from Private Sources 345,480 284,088 592,902 247,422 71.6% 308,814 108.7%
Other 347,063 198,646 501,342 154,279 44.5% 302,696 152.4%
YTD Total 3,178,270$ 3,846,659$ 6,306,440$ 3,128,170$ 98.4% 2,459,781$ 63.9%
Annual Total 3,178,270$ 3,846,659$
Year to Date through December
Revenue
2023 vs. 2022 2023 vs. Budget
Miscellaneous by Type
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 6 of 36
Transfers from Other Funds – The decrease from prior year is primarily due to a one‐time transfer into the general fund from
the Family First capital fund in 2022.
Prior Period Adjustment – The decrease from prior year is due to a 2022 having a prior period adjustment for admission taxes
owed to the general fund from the golf course, and an interest correction between surface water and the general fund.
GENERAL FUND EXPENDITURES
The following tables summarize expenditures by category for each department within the General Fund.
Personnel – Personnel costs are budgeted at 100% of the position cost each year resulting in a budget variance if positions
remain open for any part of the year. The increase in personnel costs over prior year is due to filling positions that were
previously held vacant in 2022, newly approved positions, and cost of living adjustments. Personnel costs under budget is
due to open positions; there are currently 43 vacancies as of December 31st.
Supplies – The increase in supplies from prior year is largely due to higher prices from inflation and overall larger need due
to added personnel. Supply budgets were not increased for inflation, with the sharp increase in costs, budget will need to be
adjusted in future years.
Contracted Services ‐ The increase in contracted services over prior year largely relate to increases in Valley
Communications monthly fees, encampment cleanup, increase in training due to new staff and projects related to grant
funded surveys and sustainability studies. The amount under the year‐to‐date budget relates to unspent human services
funding, unspent grant funding, and general fund reserves.
Capital Outlay – The increase from prior year is primarily due to work on Downtown Wayfinding and Streetscape projects.
The amount under budget is primarily due to ongoing or upcoming projects in Community and Economic Development. This
budget savings is partially offset with Parks, Public Works, and Police capital purchases of machinery such as drones, and
parks maintenance equipment.
Debt Service – The decrease from prior year is due to the issuance of an interfund loan from the general fund to the
Maplewood golf course to fund the purchase of golf carts in 2022, a one‐time activity.
Internal Services – The increase from prior year primarily relates to increased costs for insurance and facilities
maintenance.
2022 2023 2023
Actual Budget Actual $ % $ %
Transfers from Other Funds 3,054,187$ 1,952,269$ 1,868,479$ (1,185,708) ‐38.8% (83,790) ‐4.3%
Prior Period Adjustment (3,437,067) ‐ ‐ 3,437,067 0.0%‐ N/A
Interfund Loan Payment Received 38,514 46,216 44,535 6,021 15.6%(1,681) ‐3.6%
Insurance Recoveries 262,113 ‐ 23,142 (238,971) ‐91.2%23,142 100.0%
Sale of Capital Assets 2,000 ‐ 840 (1,160) ‐58.0%840 100.0%
YTD Total (80,253)$ 1,998,485$ 1,936,996$ 2,017,249$ ‐2513.6% (61,489)$ ‐3.1%
Annual Total (80,253)$ 1,998,485$
Revenue
2023 vs. 2022 2023 vs. Budget
Year to Date through December
Other Financing Sources by Type
General Fund
Summary of Uses 2022
Year to Date through December YTD Actual YTD Budget YTD Actual $%$%
Personnel 67,280,066$ 78,713,501$ 72,543,619$ (5,263,553)$ ‐7.8% 6,169,882$ 7.8%
Supplies 1,987,372 1,931,577 2,254,786 (267,414) ‐13.5%(323,209) ‐16.7%
Contracted Services 22,499,188 29,028,265 23,384,508 (885,320) ‐3.9% 5,643,757 19.4%
Capital Outlay 122,019 530,523 339,474 (217,455) ‐178.2% 191,049 36.0%
Debt Service 225,309 ‐ ‐ 225,309 100.0%‐ 0.0%
Internal Services 21,140,231 20,490,735 20,490,735 649,496 3.1%‐ 0.0%
Transfers Out 16,858,938 13,863,014 13,680,110 3,178,828 18.9% 182,904 1.3%
Total Expenditures 130,113,123 144,557,615 132,693,232 (2,580,109) ‐2.0% 11,864,383 8.2%
Annual Total 130,113,123 144,557,615
2023 2023 vs. 2022 2023 vs. Budget
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 7 of 36
Transfers Out – The decrease from prior year is due to transfers approved for allocating ARPA related funds to projects
including Axon Body Cameras, Broadband Wi‐Fi upgrades and City Hall Remodel. The amount under budget is due to only
transferring the required amounts to the debt service fund for 2023.
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 8 of 36
DEBT SERVICE FUNDS
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. YTD budgets are not prepared for debt service funds.
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT FUND
The General Governmental Miscellaneous Debt Fund is the only debt service fund maintained by the city.
Investment Earnings – Investment earnings have varied over the past couple of years as the market has seen uncertainty
with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may
continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool
(LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city
holds roughly 52% of the total cash and investments for the city in the LGIP.
Principal, Interest and Transfers In – The increase from prior year is due to a one‐time payment in 2023 for payoff of the
Fire District 40 debt. This debt was paid off early as the fire impact mitigation fund held sufficient resources to pay the debt
in full. This also resulted in a decrease in interest due to savings for additional payments that were scheduled to be made in
2023.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 44,705$ 39,170$ 38,319$ (6,386)$ (851)$ 97.83%
Charges for services ‐ ‐ ‐ ‐ ‐ N/A
Interdepartmental services ‐ ‐ ‐ ‐ ‐ N/A
Fines and penalties ‐ ‐ ‐ ‐ ‐ N/A
Contributions ‐ ‐ ‐ ‐ ‐ N/A
Investment Earnings 51,743 140,000 159,328 107,585 19,328 113.81%
TOTAL REVENUES 96,448 179,170 197,647 101,199 18,477 110.31%
EXPENDITURES:
Principal 3,069,547 4,453,189 4,453,188 (1,383,641) 1 100.00%
Interest 1,271,720 1,112,501 1,110,801 160,919 1,700 99.85%
TOTAL EXPENDITURES 4,341,267 5,565,690 5,563,989 (1,222,722) 1,701 99.97%
Transfers In 4,289,359 5,715,852 5,515,851 1,226,492 (200,001) 96.50%
NET TRANSFERS 4,289,359 5,715,852 5,515,851 1,226,492 (200,001) 96.50%
CHANGE IN FUND BALANCE 44,540 329,332 149,509 104,969 (179,823) 45.40%
BEGINNING FUND BALANCE, Jan 1 5,218,125 5,262,665 5,262,665 44,540 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 5,262,665$ 5,591,997$ 5,412,174$ 149,509$ (179,823)$ 96.78%
Debt Service Reserve 2,717,575 2,717,575 2,717,575
AVAILABLE FUND BALANCE 2,545,090$ 2,874,422$ 2,694,599$
VARIANCE
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 9 of 36
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. YTD budgets are not prepared for special revenue funds. Detailed explanations will be provided for material
differences between prior year and or budgeted amounts.
Hotel/Motel Fund
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 of Renton, as authorized under RCW 67.28.180. The Lodging Tax Advisory Committee (LTAC)
solicits applications for awards and brings their recommendations to Council for approval at least once per year. Awards for
events are paid to applicants at the conclusion of the event once certain reporting requirements have been met.
Taxes – The amount over the annual budget is due to better‐than‐expected economic recovery for lodging taxes.
Contracted Services – The decrease from prior year is due to LTAC funding which had an event cancel and another not fully
utilize their allocation.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Taxes 519,434$ 434,000$ 540,030$ 20,596$ 106,030$ 124.43%
Contributions 25,000 25,000 15,000 (10,000) (10,000) 60.00%
Investment Earnings 9,297 22,000 29,290 19,993 7,290 133.14%
TOTAL REVENUES 553,731 481,000 584,320 30,589 103,320 121.48%
EXPENDITURES:
Contracted Services 529,768 449,616 377,433 152,335 72,183 83.95%
TOTAL EXPENDITURES 529,768 449,616 377,433 152,335 72,183 83.95%
Transfers Out (40,000) (30,000) (30,000) 10,000 ‐ N/A
NET TRANSFERS (40,000) (30,000) (30,000) 10,000 ‐ N/A
CHANGE IN FUND BALANCE (16,037) 1,384 176,887 192,924 175,503 12780.85%
BEGINNING FUND BALANCE, Jan 1 728,421 712,384 712,384 (16,037) ‐ 97.80%
ENDING FUND BALANCE, Dec 31 712,384$ 713,768$ 889,271$ 176,887$ 175,503$ 124.83%
VARIANCE
FAVORABLE (UNFAVORABLE)
HOTEL/MOTEL
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 10 of 36
Cable Communications Fund
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.
Supplies – The decrease in supplies expenditures from prior year is due to a majority of the equipment for the council
chambers audit video equipment being purchased in 2022.
Housing & 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.
Taxes – Taxes have exceeded prior year and are currently on track to exceed the annual budget. This tax revenue will increase
or decrease with the economy as it is a direct sales tax upon consumer purchases.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Licenses and permits 62,731$ 57,674$ 53,566$ (9,165)$ (4,108)$ 92.88%
Investment Earnings 6,014 ‐ 13,921 7,907 13,921 N/A
TOTAL REVENUES 68,745 57,674 67,487 (1,258) 9,813 117.01%
EXPENDITURES:
Supplies 159,574 50,584 46,681 (112,893) 3,903 92.28%
Contracted Services 187,269 155,502 115,653 (71,616) 39,849 74.37%
Capital Outlay ‐ 49,500 ‐ ‐ 49,500 0.00%
TOTAL EXPENDITURES 346,843 255,586 162,334 (184,509) 93,252 63.51%
Transfers In ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE (278,098) (197,912) (94,847) 183,251 103,065 N/A
BEGINNING FUND BALANCE, Jan 1 731,245 453,147 453,147 (278,098) ‐ 100.00%
ENDING FUND BALANCE, Dec 31 453,147$ 255,235$ 358,300$ (94,847)$ 103,065$ 140.38%
CABLE COMMUNICATIONS
VARIANCE
FAVORABLE (UNFAVORABLE)
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Taxes 4,387,866$ 4,000,000$ 4,472,859$ 84,993$ 472,859$ 111.82%
Investment Earnings 50,794 ‐ 278,598 227,804 278,598 N/A
TOTAL REVENUES 4,438,660 4,000,000 4,751,457 312,797 751,457 118.79%
EXPENDITURES:
Contracted Services 1,500,000 260,000 50,000 (1,450,000) 210,000 19.23%
TOTAL EXPENDITURES 1,500,000 260,000 50,000 (1,450,000) 210,000 19.23%
Transfers In ‐ ‐ ‐ ‐ ‐ N/A
Transfers Out ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 2,938,660 3,740,000 4,701,457 1,762,797 961,457 125.71%
BEGINNING FUND BALANCE, Jan 1 3,171,729 6,110,390 6,110,390 2,938,661 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 6,110,390$ 9,850,390$ 10,811,847$ 4,701,457$ 961,457$ 109.76%
HOUSING & SUPPORTIVE SERVICES
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 11 of 36
Investment Earnings – Investment earnings have varied over the past couple of years as the market has seen uncertainty
with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may
continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool
(LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city
holds roughly 52% of the total cash and investments for the city in the LGIP.
Contracted Services – The decrease from prior year is due to a large payment made to the Renton Housing Authority to
develop affordable housing as part of the Sunset Gardens project. The amount under the 2023 budget is unspent allocations
for mental health navigator program.
Springbrook Wetlands Fund
The Springbrook Wetlands Fund was established in 2007 for the purpose of providing accounting for the Springbrook Creek
Wetland and Habitat Mitigation Bank project. The proceeds of selling wetlands credits will be used to fund the ongoing
maintenance of the wetland in perpetuity.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental ‐$ 4,011$ 4,011$ 4,011$ ‐$ 100.00%
Investment Earnings 4,598 10,515 20,379 15,781 9,864 193.81%
Sale of credits 230,300 247,852 247,852 17,552 ‐ 100.00%
TOTAL REVENUES 234,898 262,378 272,242 37,344 9,864 103.76%
EXPENDITURES:
Personnel 6,184 ‐ 7,488 (1,304) (7,488) N/A
Contracted Services 8,411 40,000 8,263 148 31,737 20.66%
TOTAL EXPENDITURES 14,595 40,000 15,751 (1,156) 24,249 39.38%
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 220,303 222,378 256,491 36,188 34,113 115.34%
BEGINNING FUND BALANCE, Jan 1 234,325 454,628 454,628 220,303 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 454,628$ 677,006$ 711,119$ 256,491$ 34,113$ 105.04%
SPRINGBROOK WETLANDS
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 12 of 36
Police Seizure Fund
The Police Seizure Fund was established in the 2nd quarter of 2020 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. The total fund balance remaining at the end of the year is budgeted in full the following
year.
Contributions – The increase from prior year and budget is due to higher than anticipated seizures including a large case in
December ($324K).
Supplies and Contracted Services – The increase from prior year is primarily due to purchases in small tools and higher
expenditures in travels and trainings.
Capital Outlay – The decrease in capital outlay from prior year is due to several large one‐time capital purchases in 2022
including a 3D mapping system and a CCTV trailer.
Transfers Out – The decrease in transfers out is due to a large transfer in 2022 to pay for new body camera equipment.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Contributions 154,526$ 106,159$ 492,376$ 337,850$ 386,217$ 463.81%
Investment Earnings 5,903 ‐ 12,735 6,832 12,735 N/A
TOTAL REVENUES 160,429 106,159 505,111 344,682 398,952 475.81%
EXPENDITURES:
Supplies ‐ 445,973 36,198 36,198 409,775 8.12%
Contracted Services 549 ‐ 47,665 47,116 (47,665) N/A
Capital Outlay 151,035 ‐ 29,133 (121,902) (29,133) N/A
TOTAL EXPENDITURES 151,584 445,973 112,996 (38,588) 332,977 25.34%
Transfers Out 300,556 ‐ ‐ (300,556) ‐ N/A
NET TRANSFERS (300,556) ‐ ‐ 300,556 ‐ N/A
CHANGE IN FUND BALANCE (291,711) (339,814) 392,115 683,826 731,929 N/A
BEGINNING FUND BALANCE, Jan 1 631,525 339,814 339,814 (291,711) ‐ 100.00%
ENDING FUND BALANCE, Dec 31 339,814$ ‐$ 731,929$ 392,115$ 731,929$ N/A
POLICE SEIZURE
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 13 of 36
Police CSAM Seizure Fund
The Police CSAM Seizure Fund was established in the 2nd quarter of 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.
Fire Impact Mitigation Fund
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.
Charges for Services and Contracted Services – The decrease is primarily due to decreased impact fees as large one‐time
project payments were received in 2022 for the Solera project. These fees collected are subsequently transferred to the
Renton Regional Fire Authority to fund capital projects.
Transfers Out – The increase in transfer out represents the final debt payoff approved for the Fire Station 13
intergovernmental debt with King County.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Fines and penalties 14,524$ ‐$ 971$ (13,553)$ 971$ N/A
Investment Earnings 1,809 ‐ 5,628 3,819 5,628 N/A
TOTAL REVENUES 16,333 ‐ 6,599 (9,734) 6,599 N/A
EXPENDITURES:
Supplies ‐ ‐ 2,053 2,053 (2,053) N/A
Contracted Services 44 172,804 7,773 7,729 165,031 4.50%
Capital Outlay 18,311 ‐ ‐ (18,311) ‐ N/A
TOTAL EXPENDITURES 18,355 172,804 9,826 (8,529) 162,978 5.69%
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE (2,022) (172,804) (3,227) (1,205) 169,577 N/A
BEGINNING FUND BALANCE, Jan 1 174,826 172,804 172,804 (2,022) ‐ 100.00%
ENDING FUND BALANCE, Dec 31 172,804$ ‐$ 169,577$ (3,227)$ 169,577$ N/A
POLICE CSAM SEIZURE
VARIANCE
FAVORABLE (UNFAVORABLE)
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 1,232,198$ 200,000$ 40,259$ (1,191,939)$ (159,741)$ 20.13%
Investment Earnings 31,890 31,000 30,951 (939) (49) 99.84%
TOTAL REVENUES 1,264,088 231,000 71,210 (1,192,878) (159,790) 30.83%
EXPENDITURES:
Contracted Services ‐ 359,810 200,021 200,021 159,788 55.59%
TOTAL EXPENDITURES ‐ 359,810 200,021 200,021 159,789 55.59%
Transfers Out (500,634) (2,595,377) (2,595,377) (2,094,743) 0 100.00%
NET TRANSFERS (500,634) (2,595,377) (2,595,377) 2,094,743 ‐ 100.00%
CHANGE IN FUND BALANCE 763,454 (2,724,187) (2,724,187) (3,487,641) ‐ 100.00%
BEGINNING FUND BALANCE, Jan 1 1,960,733 2,724,187 2,724,187 763,454 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 2,724,187$ ‐$ ‐$ (2,724,187)$ ‐$ N/A
FIRE IMPACT MITIGATION
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 14 of 36
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.
Charges for Services and Contracted Services – The decrease is primarily due to decreased impact fees as large one‐time
project payments were received in 2022 for the Solera project. These fees collected are subsequently transferred to the
respective school district to fund capital projects.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 4,088,842$ 600,000$ 185,062$ (3,903,780)$ (414,938)$ 30.84%
Investment Earnings 3,941 ‐ 571 (3,370) 571 N/A
TOTAL REVENUES 4,092,783 600,000 185,633 (3,907,150) (414,367) 30.94%
EXPENDITURES:
Contracted Services 4,092,795 600,000 185,600 (3,907,196) 414,400 30.93%
TOTAL EXPENDITURES 4,092,795 600,000 185,600 (3,907,196) 414,400 30.93%
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE (12) ‐ 33 45 33 N/A
BEGINNING FUND BALANCE, Jan 1 12 ‐ ‐ (12) ‐ N/A
ENDING FUND BALANCE, Dec 31 ‐$ ‐$ 33$ 33$ 33$ N/A
SCHOOL DISTRICT IMPACT MITIGATION
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 15 of 36
CAPITAL PROJECT FUNDS
Capital project funds are used to account for the acquisition and construction of major capital facilities and equipment. YTD
budgets are not prepared for capital project funds. Project budgets are adopted when funding is secured, and balances are
carried forward each year until they are either 1) fully spent or 2) reallocated to another project through the budget
adjustment process. Detailed explanations will be provided for material differences between prior year and or budgeted
amounts.
Community Services Impact Mitigation Fund
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 capital projects are budgeted.
Charges for Services – The decrease in charges for services is primarily due to decreased impact fees as large one‐time project
payments were received in 2022 for the King County administration building and Solera projects.
Transfers Out – The budgeted transfers out represent transfers to parks capital projects including May Creek Park, Miser
Property Acquisition, Cleveland Richardson, and Talbot Sport Courts.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 1,492,502$ 86,500$ 120,419$ (1,372,083)$ 33,919$ 139.21%
Investment Earnings 50,090 45,672 55,524 5,434 9,852 121.57%
TOTAL REVENUES 1,542,592 132,172 175,943 (1,366,648) 43,771 133.12%
EXPENDITURES:
TOTAL EXPENDITURES ‐ ‐ ‐ ‐ ‐ N/A
Transfers In ‐ ‐ ‐ ‐ ‐ N/A
Transfers Out (3,380,595) (1,090,000) (1,090,000) 2,290,595 ‐ 100.00%
NET TRANSFERS (3,380,595) (1,090,000) (1,090,000) (2,290,595) ‐ 100.00%
CHANGE IN FUND BALANCE (1,838,003) (957,828) (914,057) 923,946 43,771 95.43%
BEGINNING FUND BALANCE, Jan 1 3,433,393 1,595,389 1,595,389 (1,838,004) ‐ 100.00%
ENDING FUND BALANCE, Dec 31 1,595,389$ 637,561$ 681,332$ (914,058)$ 43,771$ 106.87%
COMMUNITY SERVICES IMPACT MITIGATION
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 16 of 36
Transportation Impact Mitigation Fund
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 projects are budgeted.
Charges for Services – The decrease in charges for services is primarily due to decreased impact fees as large one‐time project
payments were received in 2022 for the King County administration building and Solera projects.
Investment Earnings – Investment earnings have varied over the past couple of years as the market has seen uncertainty
with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may
continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool
(LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city
holds roughly 52% of the total cash and investments for the city in the LGIP.
Transfers Out – The budgeted transfers out represent transfers of transportation mitigation funds to capital projects including
Park Avenue Extension and Rainier Phase 4.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 8,505,438$ 511,153$ 828,414$ (7,677,024)$ 317,261$ 162.07%
Investment Earnings 130,793 150,082 245,741 114,948 95,659 163.74%
TOTAL REVENUES 8,636,231 661,235 1,074,155 (7,562,076) 412,920 162.45%
EXPENDITURES:
TOTAL EXPENDITURES ‐ ‐ ‐ ‐ ‐ N/A
Transfers Out (6,831,255) (5,817,897) (5,817,897) 1,013,358 (0) 100.00%
NET TRANSFERS (6,831,255) (5,817,897) (5,817,897) 1,013,358 (11,635,794) 100.00%
CHANGE IN FUND BALANCE 1,804,976 (5,156,662) (4,743,742) (6,548,718) 412,920 N/A
BEGINNING FUND BALANCE, Jan 1 5,159,035 6,964,011 6,964,011 1,804,976 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 6,964,011$ 1,807,349$ 2,220,269$ (4,743,742)$ 412,920$ 122.85%
TRANSPORTATION IMPACT MITIGATION
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 17 of 36
REET 1 Fund
This fund was established in the 2nd quarter of 2020 to account 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 projects are budgeted.
Taxes – The decreases in taxes from prior year are due to decreased real estate transactions which were at historically high
levels in 2022. As interest rates rise or remain at elevated levels, we may continue to see some impact on real estate excise
taxes.
Transfers Out – The budgeted transfers out represent transfers of REET funds to capital projects including Family First
Community Center, and Park Avenue Maintenance Facility.
REET 2 Fund
This fund was established in the 2nd quarter of 2020 to account 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 projects are budgeted.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Taxes 4,046,473$ 2,000,000$ 2,290,899$ (1,755,574)$ 290,899$ 114.54%
Investment Earnings 75,117 96,157 139,543 64,426 43,386 145.12%
TOTAL REVENUES 4,121,590 2,096,157 2,430,442 (1,691,148) 334,285 115.95%
EXPENDITURES:
TOTAL EXPENDITURES ‐ ‐ ‐ ‐ ‐ N/A
Transfers In ‐ ‐ ‐ ‐ ‐ N/A
Transfers Out (5,579,996) (3,715,000) (3,715,000) 1,864,996 ‐ 100.00%
NET TRANSFERS (5,579,996) (3,715,000) (3,715,000) (1,864,996) ‐ 100.00%
CHANGE IN FUND BALANCE (1,458,406) (1,618,843) (1,284,558) 173,848 334,285 79.35%
BEGINNING FUND BALANCE, Jan 1 4,508,117 3,049,711 3,049,711 (1,458,406) ‐ 100.00%
ENDING FUND BALANCE, Dec 31 3,049,711$ 1,430,868$ 1,765,153$ (1,284,558)$ 334,285$ 123.36%
REET 1
VARIANCE
FAVORABLE (UNFAVORABLE)
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Taxes 4,046,472$ 2,000,000$ 2,290,899$ (1,755,573)$ 290,899$ 114.54%
Investment Earnings 121,461 179,126 238,268 116,807 59,142 133.02%
TOTAL REVENUES 4,167,933 2,179,126 2,529,167 (1,638,766) 350,041 116.06%
EXPENDITURES:
TOTAL EXPENDITURES ‐ ‐ ‐ ‐ ‐ N/A
Transfers In ‐ ‐ ‐ ‐ ‐ N/A
Transfers Out (6,921,118) (5,403,625) (5,403,625) 1,517,493 ‐ 100.00%
NET TRANSFERS (6,921,118) (5,403,625) (5,403,625) (1,517,493) ‐ 100.00%
CHANGE IN FUND BALANCE (2,753,185) (3,224,499) (2,874,458) (121,273) 350,041 89.14%
BEGINNING FUND BALANCE, Jan 1 8,773,145 6,019,961 6,019,961 (2,753,184) ‐ 100.00%
ENDING FUND BALANCE, Dec 31 6,019,961$ 2,795,462$ 3,145,503$ (2,874,457)$ 350,041$ 112.52%
REET 2
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 18 of 36
Taxes – The decreases in taxes from prior year are due to decreased real estate transactions which were at historically high
levels in 2022. As interest rates rise or remain at elevated levels, we may continue to see some impact on real estate excise
taxes.
Investment Earnings – Investment earnings have varied over the past couple of years as the market has seen uncertainty
with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may
continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool
(LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city
holds roughly 52% of the total cash and investments for the city in the LGIP.
Transfers Out ‐ The budgeted transfers out represent transfers of REET funds to provide funding for Debt Service,
Oakesdale Avenue Project, Sidewalk Rehabilitation Projects, Houser Way Bridge, and SW 43rd Rehabilitation.
Municipal Facilities CIP Fund
This fund accounts for general governmental facility construction, improvement, and renovation; property acquisitions for
parks and city space needs; parks development and equipment; and major maintenance of existing general governmental
assets. Transportation capital improvements are accounted for in a separate fund.
Grants/intergovernmental – Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of
grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant revenue is
budgeted at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to
reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award year is carried
forward each year until the grant funds are fully received or the grant agreement expires. The increase from prior year is
largely due to receiving grant funds for work performed on the Coulon North Water Walk project ($1.3M).
Contributions – The decrease from prior year largely relates to one time funding received for the Phillip Arnold Park project
in 2022.
Investment Earnings – Investment earnings have varied over the past couple of years as the market has seen uncertainty
with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may
continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 591,912$ 9,672,235$ 2,752,568$ 2,160,656$ (6,919,667)$ 28.46%
Charges for services 56,449 ‐ 30,670 (25,779) 30,670 N/A
Sale of general fixed assets ‐ ‐ ‐ ‐ ‐ N/A
Fines and penalties ‐ ‐ ‐ ‐ ‐ N/A
Contributions 842,454 ‐ 2,755 (839,699) 2,755 N/A
Investment Earnings 186,230 612,105 580,920 394,690 (31,185) 94.91%
TOTAL REVENUES 1,677,045 10,284,340 3,366,913 1,689,868 (6,917,427) 32.74%
EXPENDITURES:
Personnel 429,623 44,228 44,228 (385,395) ‐ 100.00%
Contracted Services 391,771 9,127,657 751,227 359,456 8,376,430 8.23%
Capital Outlay 9,273,108 31,941,978 13,708,201 4,435,093 18,233,777 42.92%
TOTAL EXPENDITURES 10,094,502 41,113,863 14,503,656 4,409,154 26,610,207 35.28%
Transfers In 16,264,057 8,545,379 8,545,379 (7,718,677) 0 100.00%
Transfers Out (0) (100,000) (100,000) (100,000) ‐ N/A
NET TRANSFERS 16,264,057 8,445,379 8,445,379 (7,618,677) ‐ 100.00%
CHANGE IN FUND BALANCE 7,846,600 (22,384,144) (2,691,364) (10,537,964) 19,692,780 12.02%
BEGINNING FUND BALANCE, Jan 1 16,824,783 24,671,384 24,671,384 7,846,601 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 24,671,384$ 2,287,240$ 21,980,020$ (2,691,363)$ 19,692,780$ 960.98%
MUNICIPAL FACILITIES CIP
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 19 of 36
(LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city
holds roughly 52% of the total cash and investments for the city in the LGIP.
Personnel – Decrease in personnel is due to budgeted anticipation of the bond projects being completed by 2022.
Contracted Services – Contracted services are largely project driven and are dependent on the project timeline. The large
amount budgeted and unspent in 2023 is primarily related to the Pavilion remodel project, 7th floor remodel, and City Hall
Lobby Remodel. The increase from prior year is for 7th floor remodel expenditures through 2023 totalling $551K.
Capital Outlay – Capital outlay fluctuates greatly with capital project schedules and contractor’s billings. A significant
number of projects began in late 2022. The largest YTD expenditures include Coulon North Water Walk ($3.5M), Kiwanis
Park ($2M), Philip Arnold Park ($4.8M), Coulon Trestle Bridge ($1M), and the Miser Property Acquisition ($1M). The
remaining budget largely relates to unspent project funds for ESCO project, Park Avenue maintenance facility, Henry Moses
Aquatic Center remodel, May Creek trail, and Senior Center repairs.
Transfers In – The budgeted transfers in include funding for Senior Center improvements, and Park Avenue maintenance
facility.
Capital Improvement Fund
This fund accounts for the city’s transportation capital projects. Capital projects are budgeted in their entirety at the inception
of the project; funds are spent as the project progresses and may span over multiple years.
Grants/Intergovernmental– Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of
grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant revenue is
budgeted at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to
reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award year is carried
forward each year until the grant funds are fully received or the grant agreement expires. The decrease from prior year is
primarily due to four large projects receiving grant funding in 2022 including Rainier Phase 4, Duvall Avenue, Lake
Washington Loop Trail (primarily completed in 2022), and Williams & Wells totalling $8.8M through 2022.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 9,772,886$ 31,622,423$ 9,377,648$ (395,238)$ (22,244,775)$ 29.66%
Charges for services ‐ 90,225 119,413 119,413 29,188 132.35%
Fines and penalties ‐ ‐ ‐ ‐ ‐ N/A
Contributions ‐ 2,725,180 519,012 519,012 (2,206,168) 19.05%
Investment Earnings 77,536 308,564 379,842 302,306 71,278 123.10%
TOTAL REVENUES 9,850,422 34,746,392 10,395,915 545,493 (24,350,477) 29.92%
EXPENDITURES:
Personnel 42,858 26,080 38,701 (4,157) (12,621) 148.39%
Supplies 108,006 30,000 64,025 (43,981) (34,025) 213.42%
Contracted Services 288,293 726,568 249,895 (38,398) 476,673 34.39%
Capital Outlay 17,315,447 56,140,386 18,312,049 996,602 37,828,337 32.62%
Internal Services 56,000 56,000 56,000 ‐ ‐ 100.00%
TOTAL EXPENDITURES 17,810,604 56,979,034 18,720,670 910,066 38,258,364 32.86%
Transfers In 9,714,705 11,044,897 11,044,897 1,330,192 0 100.00%
Transfers Out (61,400) ‐ ‐ 61,400 ‐ N/A
NET TRANSFERS 9,653,305 11,044,897 11,044,897 1,268,792 ‐ 100.00%
CHANGE IN FUND BALANCE 1,693,123 (11,187,745) 2,720,142 1,027,019 13,907,887 N/A
BEGINNING FUND BALANCE, Jan 1 10,868,853 12,561,975 12,561,975 1,693,122 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 12,561,975$ 1,374,230$ 15,282,117$ 2,720,141$ 13,907,887$ 1112.05%
CAPITAL IMPROVEMENT
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 20 of 36
Charges of Services – The increase from prior year primarily relates to sidewalk/street mitigation fee in lieu payments which
were historically recorded in the transportation impact mitigation fund. These revenues were separated from the
transportation impact mitigation fund as there are separate restrictions on these two revenue streams and this change will
streamline the accounting.
Contributions – The amount over prior year is due to the contribution from a WSDOT contractor for the Gateway
Enhancement Project received in 2023. The amount under budget is primarily from the external capital contributions for
the Rainier Phase 4 project.
Investment Earnings – Increase over prior year is primarily due to investment earnings. Investment earnings have varied over
the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This revenue
is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is adjusted.
Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with
the federal funds rate as it decreases or increases; the city holds roughly 52% of the total cash and investments for the city
in the LGIP.
Capital Outlay – The increase from prior year is primarily due to the progress made in 2023 on the Rainier Avenue Phase 4
project, total expenditures in 2023 were $10.5M.
Transfers In – The amount over last year relates to multiple large transfers including $2M for sidewalk rehabilitation
projects, $2M for Rainier Avenue Phase 4, and $2.7M for the Park Avenue extension project.
Family First Center Fund
This fund is used to account for the construction of the new Family First Center. Funds accumulated for the construction of
the Family First Center are maintained in the fund balance until such time that Council authorizes their use through the
approval of contracts and additional project budget is established through the budget adjustment process.
Grants/Intergovernmental – The decrease from year is because this project completed a significant portion of the
construction work last year and recognized most of the grant revenue in 2022.
Contributions – The decrease from last year is due to timing of contributions of which many were stipulated on completing
different phases of the project. In 2023, the majority of the remaining Healthpoint contribution was received the remaining
budget is for project changes requested by the external parties during construction.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 1,510,000$ 520,000$ 520,000$ (990,000)$ ‐$ 100.00%
Contributions 5,025,344 3,602,152 3,042,887 (1,982,457) (559,265) 84.47%
Investment Earnings 79,124 64,521 95,139 16,015 30,618 147.45%
TOTAL REVENUES 6,614,468 4,186,673 3,658,026 (2,956,442) (528,647) 87.37%
EXPENDITURES:
Contracted Services 42,466 ‐ 3,939 (38,528) (3,939) N/A
Capital Outlay 12,015,609 2,833,827 2,905,946 (9,109,663) (72,119) 102.54%
TOTAL EXPENDITURES 12,058,075 2,833,827 2,909,885 (9,148,191) (76,058) 102.68%
Transfers In 3,000,000 1,000,000 1,000,000 (2,000,000) ‐ 100.00%
Transfers Out (3,000,033) (1,000,000) (900,000) 2,100,033 (100,000) N/A
NET TRANSFERS (33) ‐ 100,000 (4,100,033) 100,000 N/A
CHANGE IN FUND BALANCE (5,443,640) 1,352,846 848,141 6,291,781 (504,705) 62.69%
BEGINNING FUND BALANCE, Jan 1 8,238,935 2,795,295 2,795,295 (5,443,640) ‐ 100.00%
ENDING FUND BALANCE, Dec 31 2,795,295$ 4,148,141$ 3,643,436$ 848,141$ (504,705)$ 87.83%
FAMILY FIRST CENTER
VARIANCE
FAVORABLE (UNFAVORABLE)
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 21 of 36
Capital Outlay – Decrease from prior year is due to the project timeline; the project is nearing completion and opened in
June to the public. Work will continue to be ongoing as smaller items on the project continue to be completed.
ENTERPRISE FUNDS
Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business
enterprises. YTD budgets are not prepared for Enterprise Funds.
Most Enterprise Funds maintain two separate “management funds”, an operating fund and a capital fund. The funds are
consolidated for budget/reporting purposes. Operating budgets lapse at the end of the year. Project budgets are adopted
when funding is secured, and balances are carried forward each year until they are either 1) fully spent or 2) reallocated to
another project through the budget adjustment process. Detailed explanations will be provided for material differences
between prior year and or budgeted amounts.
Airport Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the Renton Municipal Airport.
Grants/intergovernmental – The increase over prior year and under budget primarily relates to the grant awarded for the
Taxiway Alpha project which began in 2023, only 33% of the $1.6M awarded was utilized in 2023.
Charges for Services – The increase over prior year is largely due to a large agreement finalized for lease of airport space.
This agreement included retroactive payment for prior year activity contributing to the increase as well as trend over budget
for 2023.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 57,529$ 1,832,710$ 695,814$ 638,285$ (1,136,896)$ 37.97%
Charges for services 2,956,190 5,256,093 5,098,680 2,142,490 (157,413) 97.01%
Interest and other misc 160,853 196,891 346,393 185,540 149,502 175.93%
TOTAL REVENUES 3,664,597 7,285,694 6,742,332 3,077,735 (543,362) 92.54%
EXPENSES:
Personnel 1,095,538 1,488,623 1,111,474 (15,936) 377,149 74.66%
Supplies 115,459 47,630 97,832 17,627 (50,202) 205.40%
Contracted Services 728,842 490,874 657,568 71,274 (166,694) 133.96%
Internal Services 371,749 445,696 436,502 (64,753) 9,194 97.94%
TOTAL OPERATING EXPENSES 2,311,588 2,472,823 2,303,376 8,212 169,447 93.15%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 1,353,009 4,812,871 4,438,956 3,085,947 (373,915) 92.23%
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY 169,069 8,590,072 1,562,470 (1,393,401) 7,027,602 18.19%
TRANSFERS OUT ‐ (525,339) (525,339) 525,339 ‐ N/A
NET TRANSFERS ‐ (525,339) (525,339) (525,339) ‐ N/A
CHANGE IN FUND BALANCE 1,183,940 (4,302,540) 2,351,147 1,167,207 6,653,687 N/A
BEGINNING FUND BALANCE, Jan 1 7,741,751 8,925,690 8,925,690 1,183,939 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 8,925,690$ 4,623,150$ 11,276,837$ 2,351,147$ 6,653,687$ 243.92%
Operating Reserve 216,784 282,282 282,282
AVAILABLE FUND BALANCE 8,708,906$ 4,340,868$ 10,994,555$
VARIANCE
AIRPORT
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 22 of 36
Interest and Other Misc. – Increase over prior year is primarily due to investment earnings. Investment earnings have varied
over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This
revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is
adjusted. Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely
track with the federal funds rate as it decreases or increases; the city holds roughly 52% of the total cash and investments for
the city in the LGIP.
Personnel – The amount under budget is primarily related to periodic open positions throughout the year in 2023.
Contracted Services – The amount over budget is primarily due to higher expenditures in capital projects for major facility
maintenance work in gate and perimeter security upgrade as well as work on building apron and parking lot.
Capital Outlay – The increase from prior year is due to work on the airport office rehabilitation and Taxiway Alpha projects
in 2023. The amount under budget is due to several large projects starting in 2023 which are anticipated to continue
throughout the next year including $2M remaining budget for Airport Office Rehabilitation project, and $3M remaining
budget for the Taxiway Alpha project.
Transfers Out – The transfers out for 2023 include $180K to Fleet for purchase of new equipment and $350K to fund the
300 Rainier Demolition project being performed by facilities.
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 23 of 36
Solid Waste Fund
This fund accounts for revenues and expenses for administration and operating of solid waste, recycling, and yard waste
collection services for the city.
Grants/Intergovernmental – Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of
grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant revenue is budgeted
at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to
reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award year is carried
forward each year until the grant funds are fully received or the grant agreement expires. The increase from prior year relates
to a reimbursement received early in 2023 for 2022 expenditures $126K.
Charges for Services – The increase from prior year is due to increased rates for 2023 which went up 7.8% from 2022.
Interest and Other Misc. – The amount under budget primarily relates to two local grants $232K which are treated as
contributions.
Contracted Services‐ Contracted services will fluctuate with the charges for services as this line item includes payment to the
city’s garbage service provider and King County dump fees. The increase from prior year is primarily due to increased charges
related to the fee increase for 2023 of 7.8%.
Internal Services – The increase from prior year is related to internal charges for general fund provided support services in
public works and sustainability division provided to the solid waste enterprise fund.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 34,783$ 430,990$ 165,834$ 131,051$ (265,156)$ 38.48%
Charges for services 23,880,856 25,168,584 24,789,097 908,241 (379,487) 98.49%
Interest and other misc 41,326 309,231 114,103 72,777 (195,128) 36.90%
TOTAL REVENUES 23,956,965 25,908,805 25,069,034 1,112,069 (839,771) 96.76%
EXPENSES:
Personnel 447,475 707,752 571,674 (124,199) 136,078 80.77%
Supplies 9,421 45,301 33,388 (23,967) 11,913 73.70%
Contracted Services 22,582,966 24,919,705 23,909,520 (1,326,554) 1,010,185 95.95%
Internal Services 358,155 527,016 492,825 (134,670) 34,191 93.51%
TOTAL OPERATING EXPENSES 23,398,017 26,199,774 25,007,407 (1,609,390) 1,192,367 95.45%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 558,948 (290,969) 61,627 (497,321) 352,596 N/A
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A
TRANSFERS OUT ‐ (84,275) (84,275) 84,275 ‐ N/A
NET TRANSFERS ‐ (84,275) (84,275) (84,275) ‐ N/A
CHANGE IN FUND BALANCE 558,948 (375,244) (22,648) (581,596) 352,596 N/A
BEGINNING FUND BALANCE, Jan 1 3,392,243 3,951,191 3,951,191 558,948 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 3,951,191$ 3,575,947$ 3,928,543$ (22,648)$ 352,596$ 109.86%
Operating Reserve 400,000 400,000 400,000
AVAILABLE FUND BALANCE 3,551,191$ 3,175,947$ 3,528,543$
SOLID WASTE
VARIANCE
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 24 of 36
Golf Course Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the Maplewood Golf Course.
Charges for services – The increase from prior year is primarily due to an increase in merchandise sales, green fees
collected, and golf lesson revenues.
Interest and Other Misc. – The increase from prior year is due to recognizing an interfund loan payment of $225K in 2022
for the purchase of the new golf cart fleet.
Personnel – The increase in personnel from prior year is primarily due to cost‐of‐living increases for 2023 which were 4.5%
as well as increased overtime for supplemental staff throughout the summer months.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 2,555,063$ 2,846,155$ 2,989,376$ 434,313$ 143,221$ 105.03%
Rents, leases, and misc fees 493,099 527,600 558,213 65,114 30,613 105.80%
Interest and other misc (102,451) 1,370 73,011 175,462 71,641 5329.27%
TOTAL REVENUES 2,945,711 3,375,125 3,620,600 674,889 245,475 107.27%
EXPENSES:
Personnel 1,660,701 1,787,276 1,807,622 (146,921) (20,346) 101.14%
Supplies 367,210 312,500 384,055 (16,845) (71,555) 122.90%
Contracted Services 160,127 226,350 196,456 (36,329) 29,894 86.79%
Internal Services 494,078 468,333 480,978 13,100 (12,645) 102.70%
TOTAL OPERATING EXPENSES 2,682,116 2,794,459 2,869,111 (186,995) (74,652) 102.67%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 263,595 580,666 751,489 487,894 170,823 129.42%
DEBT SERVICE:
Principal 36,774 44,535 44,535 (7,761) ‐ 100.00%
Interest 1,740 1,682 1,682 58 ‐ 100.00%
TOTAL DEBT SERVICE 38,514 46,217 46,217 (7,703) ‐ 100.00%
CAPITAL OUTLAY 418,513 733,598 545,292 (126,779) 188,306 74.33%
TRANSFERS IN 852,661 544,700 544,700 (307,961) ‐ 100.00%
TRANSFERS OUT (272,200) (429,700) (429,700) 157,500 ‐ N/A
NET TRANSFERS 580,461 115,000 115,000 (465,461) ‐ 100.00%
CHANGE IN FUND BALANCE 387,029 (84,149) 274,980 (112,049) 359,129 N/A
BEGINNING FUND BALANCE, Jan 1 1,222,897 1,609,927 1,609,927 387,030 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 1,609,927$ 1,525,778$ 1,884,907$ 274,980$ 359,129$ 123.54%
Operating Reserve 641,500 787,490 787,490
AVAILABLE FUND BALANCE 968,427$ 738,288$ 1,097,417$
GOLF COURSE
VARIANCE
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 25 of 36
Water Utility Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the city’s water utility.
Grants/Intergovernmental – Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of
grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant revenue is budgeted
at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to
reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award year is carried
forward each year until the grant funds are fully received or the grant agreement expires. The increase from prior year is due
to the Sunset Gardens Department of Commerce Grant ($846K).
Charges for Services – The increase from prior year is due to an overall increased consumption which is 5% higher than prior
year. Water charges tend to see a significant increase during the summer months as typically irrigation use is much higher
and lower charges during the winter months.
Interest and Other Misc. – Increase over prior year is primarily due to investment earnings. Investment earnings have varied
over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This
revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is
adjusted. Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely
track with the federal funds rate as it decreases or increases; the city holds roughly 52% of the total cash and investments for
the city in the LGIP.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental ‐$ 1,472,037$ 846,705$ 846,705$ (625,332)$ 57.52%
Charges for services 18,825,204 19,133,877 19,486,619 661,415 352,742 101.84%
Rents, leases, and misc fees 259,955 234,465 278,802 18,847 44,337 118.91%
Interest and other misc 1,526,952 1,212,622 2,181,681 654,729 969,059 179.91%
TOTAL REVENUES 20,612,111 22,053,001 22,793,807 2,181,696 740,806 103.36%
EXPENSES:
Personnel 4,376,591 5,188,033 4,638,960 (262,369) 549,073 89.42%
Supplies 1,134,189 886,189 1,072,798 61,391 (186,609) 121.06%
Contracted Services 3,420,049 3,527,786 3,490,176 (70,127) 37,610 98.93%
Internal Services 2,801,543 2,940,571 2,874,327 (72,784) 66,244 97.75%
TOTAL OPERATING EXPENSES 11,732,372 12,542,579 12,076,261 (343,889) 466,318 96.28%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 8,879,739 9,510,422 10,717,546 1,837,807 1,207,124 112.69%
DEBT SERVICE:
Principal 1,556,117 1,504,997 1,504,997 51,120 ‐ 100.00%
Interest 190,408 164,913 164,471 25,937 442 99.73%
TOTAL DEBT SERVICE 1,746,525 1,669,910 1,669,468 77,057 442 99.97%
CAPITAL OUTLAY 2,741,136 38,125,243 5,136,189 (2,395,053) 32,989,054 13.47%
TRANSFERS OUT (33,868) (42,236) (48,500) 14,632 6,264 N/A
NET TRANSFERS (33,868) (42,236) (48,500) (14,632) (6,264) N/A
CHANGE IN FUND BALANCE 4,358,210 (30,326,967) 3,863,389 (494,821) 34,190,356 N/A
BEGINNING FUND BALANCE, Jan 1 43,849,867 48,208,077 48,208,077 4,358,210 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 48,208,077$ 17,881,110$ 52,071,466$ 3,863,389$ 34,190,356$ 291.21%
Restricted for Debt Service 1,394,050 1,394,050 1,394,050
Operating Reserve 1,624,606 1,706,760 1,706,760
AVAILABLE FUND BALANCE 45,189,421$ 14,780,300$ 48,970,656$
WATER UTILITY
VARIANCE
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 26 of 36
Personnel – The increase from prior year is largely due to filling positions that were open in prior year and an increase for
cost‐of‐living adjustments. The amount under budget is due to occasional vacancies throughout the year in 2023.
Capital Outlay – The increase in capital outlay from prior year is driven by a few larger ongoing projects including Sunset
Gardens and Rainier Avenue projects which total over $2M through December 2023. The amount under budget is largely due
to the Highlands Reservoir project which has not entered the construction phase at the end of 2023 total budgeted is $20.1M.
Wastewater Utility Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the city’s wastewater utility.
Charges for Services – The increase from prior year is due to the rates for wastewater increasing 3% from 2022. In addition,
consumption in 2023 has been slightly above prior year by around 1%.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen uncertainty
with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may
continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool
(LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city
holds roughly 52% of the total cash and investments for the city in the LGIP.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Licenses and permits 91,346$ 62,734$ 57,925$ (33,421)$ (4,809)$ 92.33%
Charges for services 11,704,629 11,928,231 12,120,859 416,230 192,628 101.61%
Fines and penalties 61 ‐ ‐ (61) ‐ N/A
Interest and other misc 968,581 742,604 1,299,817 331,236 557,213 175.04%
TOTAL REVENUES 12,764,617 12,733,569 13,478,601 713,984 745,032 105.85%
EXPENSES:
Personnel 2,354,721 3,071,964 2,466,566 (111,845) 605,398 80.29%
Supplies 75,609 74,441 145,413 (69,804) (70,972) 195.34%
Contracted Services 2,353,793 2,512,265 2,435,223 (81,430) 77,042 96.93%
Internal Services 1,896,536 1,999,188 1,862,913 33,623 136,275 93.18%
TOTAL OPERATING EXPENSES 6,680,659 7,657,858 6,910,115 (229,456) 747,743 90.24%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 6,083,958 5,075,711 6,568,486 484,528 1,492,775 129.41%
DEBT SERVICE:
Principal 624,400 588,350 588,350 36,050 ‐ 100.00%
Interest 85,252 73,449 73,219 12,033 230 99.69%
TOTAL DEBT SERVICE 709,652 661,799 661,569 48,083 230 99.97%
CAPITAL OUTLAY 3,353,224 17,101,209 2,565,300 787,924 14,535,909 15.00%
TRANSFERS IN 48,400 ‐ ‐ (48,400) ‐ N/A
TRANSFERS OUT (7,297) (24,236) (29,640) 22,343 5,404 N/A
NET TRANSFERS 41,103 (24,236) (29,640) (70,743) (5,404) N/A
CHANGE IN FUND BALANCE 2,062,185 (12,711,533) 3,311,977 1,249,792 16,023,510 N/A
BEGINNING FUND BALANCE, Jan 1 20,788,687 22,850,871 22,850,871 2,062,184 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 22,850,871$ 10,139,338$ 26,162,848$ 3,311,977$ 16,023,510$ 258.03%
Restricted for Debt Service 661,227 661,227 661,227
Operating Reserve 913,756 975,361 975,361
AVAILABLE FUND BALANCE 21,275,888$ 8,502,750$ 24,526,260$
WASTEWATER UTILITY
VARIANCE
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 27 of 36
Personnel – The increase from prior year primarily relates cost of living adjustments. The amount under budget is due to
vacant positions in 2023.
Internal Services – The amount under budget is largely due to less than anticipated usage of internal city services which are
refunded back to enterprise funds at the end of the year based on the annual usage.
Capital Outlay – The decrease from prior year is primarily due to the majority of project expenses for Downtown Sewer
Replacement and Rehabilitation project that occurred in 2022 and the Renton Highlands Sanitary Sewer Rehabilitation
project that was completed in 2022. The amount under budget is due to several large projects just beginning in 2023
including Kennydale Lakeline Sewer upgrade, and Force Main and Lift Station upgrades.
King County Metro Fund
This fund accounts for revenues and expenses for operation of the city’s wastewater utility, as it relates to charges for and
payment to King County Metro for water treatment services.
Charges for Services – Increase from prior year is largely due the increase in King County fees which is passed through to
wastewater customers the rate went up 5.75% in 2023.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen uncertainty
with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may
continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool
(LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city
holds roughly 52% of the total cash and investments for the city in the LGIP.
Contracted Services – The increase from prior year relates to the increase in King County fees and the timing of payments to
King County for 2022 invoices. In 2022, 11 months of invoices were reflected through December totalled $16.9M. The $1.6M
invoice for 2022 was corrected in 2023.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 19,394,800$ 20,173,811$ 20,417,415$ 1,022,615$ 243,604$ 101.21%
Interest and other misc 65,460 129,355 207,963 142,503 78,608 160.77%
TOTAL REVENUES 19,460,260 20,303,166 20,625,378 1,165,118 322,212 101.59%
EXPENSES:
Contracted Services 16,987,130 20,173,811 20,273,077 (3,285,947) (99,266) 100.49%
TOTAL OPERATING EXPENSES 16,987,130 20,173,811 20,273,077 (3,285,947) (99,266) 100.49%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 2,473,130 129,355 352,301 (2,120,829) 222,946 272.35%
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 2,473,130 129,355 352,301 (2,120,829) 222,946 272.35%
BEGINNING FUND BALANCE, Jan 1 3,764,012 6,237,142 6,237,142 2,473,130 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 6,237,142$ 6,366,497$ 6,589,443$ 352,301$ 222,946$ 103.50%
Operating Reserve 380,000 380,000 380,000
AVAILABLE FUND BALANCE 5,857,142$ 5,986,497$ 6,209,443$
KING COUNTY METRO
VARIANCE
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 28 of 36
Surface Water Utility Fund
This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and
maintenance of the city’s surface water utility.
Grants/Intergovernmental – Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of
grant awards procured, timing of grant expenses, and reimbursement of related expenses. Grant revenue is budgeted at
100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to reimbursement
of grant expenses occurring in a future year. Any grant revenue not received in award year is carried forward each year until
the grant funds are fully received or the grant agreement expires. The increase from prior year relates to capital project grants
as they are received after expenditures have been spent on the projects, the majority of the remaining budget is for multiple
grants related to the Monroe Avenue project $12M remaining budget.
Charges for Services ‐ Surface water charges increased from prior year as the rates for surface water charged to utility users
increased 4% in 2023.
Interest and Other Misc. – The decrease from prior year is largely due to a prior period adjustment that occurred in 2022 to
correct interest payments from the general fund.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Licenses and permits 34,584$ 51,217$ 22,125$ (12,459)$ (29,092)$ 43.20%
Grants / intergovernmental 2,767,175 25,444,433 2,618,178 (148,997) (22,826,255) 10.29%
Charges for services 12,661,372 13,206,231 13,522,205 860,833 315,974 102.39%
Interest and other misc 4,105,277 642,004 1,124,299 (2,980,978) 482,295 175.12%
TOTAL REVENUES 19,568,408 39,343,885 17,286,807 (2,281,601) (22,057,078) 43.94%
EXPENSES:
Personnel 3,761,824 4,575,051 3,912,710 (150,886) 662,341 85.52%
Supplies 102,319 174,650 115,979 (13,660) 58,671 66.41%
Contracted Services 2,074,588 4,625,819 1,795,107 279,481 2,830,712 38.81%
Internal Services 2,554,537 2,989,720 2,650,407 (95,870) 339,313 88.65%
TOTAL OPERATING EXPENSES 8,493,268 12,365,240 8,474,203 19,065 3,891,037 68.53%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 11,075,140 26,978,645 8,812,604 (2,262,536) (18,166,041) 32.67%
DEBT SERVICE:
Principal 510,000 664,300 664,300 (154,300) ‐ 100.00%
Interest 100,649 90,517 90,338 10,311 179 99.80%
TOTAL DEBT SERVICE 610,649 754,817 754,638 (143,989) 179 99.98%
CAPITAL OUTLAY 3,810,048 39,663,607 7,078,015 (3,267,967) 32,585,592 17.85%
Transfers In 118,033 ‐ ‐ (118,033) ‐ N/A
Transfers Out (140,480) (2,236) (7,640) (132,840) 5,404 N/A
NET TRANSFERS (22,447) (2,236) (7,640) 14,807 (5,404) N/A
CHANGE IN FUND BALANCE 6,631,996 (13,442,015) 972,311 (5,659,685) 14,414,326 N/A
BEGINNING FUND BALANCE, Jan 1 21,682,758 28,314,755 28,314,755 6,631,997 ‐ 100.00%
Prior Period Adjustment 3,785,938 ‐ ‐ (3,785,938) ‐ N/A
BEGINNING FUND BALANCE, Jan 1 ‐ restated 25,468,696 28,314,755 28,314,755 2,846,059 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 32,100,692$ 14,872,740$ 29,287,066$ (2,813,626)$ 14,414,326$ 196.92%
Restricted for Debt Service 754,868 754,868 754,868
Operating Reserve 1,109,340 1,245,213 1,245,213
AVAILABLE FUND BALANCE 30,236,484$ 12,872,659$ 27,286,985$
SURFACE WATER UTILITY
VARIANCE
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 29 of 36
Personnel – The increase from prior year is primarily due to cost‐of‐living adjustments in 2023. The amount under budget is
due to vacant positions.
Contracted Services – The decrease from prior year relates to construction projects professional services for expenditures
that are not capital in nature. This decreases primarily were due to the following projects: Madsen Creek Improvement, Lower
Cedar River Flood Control, and Storm Water Facility Retrofit Study. The amount under budget is primarily due to the Cedar
River Gravel Removal project which has a remaining budget of $2.2M as of year‐end.
Capital Outlay – Decrease from prior year primarily relates to the Downtown Storm System Improvement project which
had most of its work completed in 2022 as well as the NE 16th and Jefferson Ave NE Stormwater project which was
completed in 2022. The remaining budget is largely for the Monroe Avenue and SE 2nd project which has a remaining
budget of $15M.
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 30 of 36
INTERNAL SERVICE FUNDS
Internal service funds are used to account for the goods and services furnished by one city department to other city
departments on a cost reimbursement basis. YTD budgets are not prepared for Internal Service Funds.
Equipment Rental Fund
This fund accounts for revenues and expenses for administration, purchase, and maintenance of the city’s vehicle and
equipment fleet services. Departments pay in monthly amounts for maintenance and operations. Replacement reserves are
paid monthly over the estimated useful lives of each individual vehicle or piece of equipment. These reserves are accumulated
in fund balance so that they are available to fund the replacement of the vehicle/equipment when the time comes.
Interdepartmental Services – The increase from prior year is primarily related to increased maintenance and operating
expenditures budgeted in 2023 which include budgeted recovery for repair, maintenance, personnel, and fuel.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen
uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate,
and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government
Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or
increases; the city holds roughly 52% of the total cash and investments for the city in the LGIP.
Personnel – The amount under budget is due to one vacant position in 2023.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Charges for services 94,536$ ‐$ 74,014$ (20,522)$ 74,014$ N/A
Interdepartmental services 6,436,175 6,435,263 6,573,749 137,574 138,486 102.15%
Interest and other misc 166,480 276,828 481,888 315,408 205,060 174.07%
TOTAL REVENUES 6,697,191 6,712,091 7,129,651 432,460 417,560 106.22%
EXPENSES:
Personnel 1,083,973 1,317,447 1,100,020 (16,047) 217,427 83.50%
Supplies 1,670,826 1,752,153 1,732,787 (61,961) 19,366 98.89%
Contracted Services 379,775 392,166 418,279 (38,504) (26,113) 106.66%
Internal Services 41,193 131,363 114,560 (73,367) 16,803 87.21%
TOTAL OPERATING EXPENSES 3,175,767 3,593,129 3,365,646 (189,879) 227,483 93.67%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 3,521,424 3,118,962 3,764,005 242,581 645,043 120.68%
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY 522,094 7,278,801 2,557,604 (2,035,510) 4,721,197 35.14%
TRANSFERS IN 153,137 3,794,039 3,794,039 3,640,902 ‐ 100.00%
TRANSFERS OUT ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS 153,137 3,794,039 3,794,039 3,640,902 ‐ 100.00%
CHANGE IN FUND BALANCE 3,152,467 (365,800) 5,000,440 1,847,973 5,366,240 N/A
BEGINNING FUND BALANCE, Jan 1 10,125,169 13,277,635 13,277,635 3,152,466 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 13,277,635$ 12,911,835$ 18,278,075$ 5,000,440$ 5,366,240$ 141.56%
Operating Reserves 12,911,835$ 12,911,835$
AVAILABLE FUND BALANCE 13,277,635$ ‐$ 5,366,240$
EQUIPMENT RENTAL
VARIANCE
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 31 of 36
Capital Outlay – The increase from prior year is due to an increase in vehicle purchases due to major supply chain issues in
prior year that delayed purchases and at times made it challenging to order the specific vehicles needed. The amount under
budget is due to not yet replacing all budgeted vehicles for the year. Vehicle replacement varies each year based on the
condition and usage of vehicles as well as the availability of suitable replacement vehicles to purchase.
Insurance Fund
This fund accounts for the administration and operation of the city’s self‐insurance programs for property losses, liability,
workers’ compensation, and unemployment compensation. Expenses are paid by the Insurance Fund and rates are charged
to departments based on their claims history over the preceding five years and coverage requirements.
Interdepartmental Services – The increase over prior year is due to additional charge outs to city departments for additional
anticipated claims costs and increased insurance premiums which have risen significantly in the last several years.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen
uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate,
and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government
Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or
increases; the city holds roughly 52% of the total cash and investments for the city in the LGIP.
Personnel – Increase from prior year is due to cost‐of‐living adjustments in 2023, an additional employee health and safety
coordinator position (started in May 2022), and the series promotion of personnel within the department. The amount under
budget is due to vacant positions in 2023 including the health and safety coordinator.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Interdepartmental services 4,689,399$ 4,838,982$ 4,658,951$ (30,448)$ (180,031)$ 96.28%
Interest and other misc 347,616 645,000 1,012,175 664,559 367,175 156.93%
TOTAL REVENUES 5,037,015 5,483,982 5,671,126 634,111 187,144 103.41%
EXPENSES:
Personnel 1,166,137 2,184,056 1,480,344 (314,207) 703,712 67.78%
Supplies 68 6,956 683 (615) 6,273 9.82%
Contracted Services 3,145,677 4,317,754 2,897,432 248,245 1,420,322 67.11%
TOTAL OPERATING EXPENSES 4,311,882 6,508,766 4,378,459 (66,577) 2,130,307 67.27%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 725,133 (1,024,784) 1,292,667 567,534 2,317,451 N/A
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A
Transfers In 2,052,772 1,136,346 1,136,346 (916,426) ‐ 100.00%
Transfers Out (51,420) (952,868) (958,813) 907,393 5,945 N/A
NET TRANSFERS 2,001,352 183,478 177,533 (1,823,819) (5,945) 96.76%
CHANGE IN FUND BALANCE 2,726,485 (841,306) 1,470,200 (1,256,285) 2,311,506 N/A
BEGINNING FUND BALANCE, Jan 1 20,494,538 23,221,020 23,221,020 2,726,482 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 23,221,020$ 22,379,714$ 24,691,220$ 1,470,200$ 2,311,506$ 110.33%
Operating Reserves 13,952,413 17,616,914 17,616,914
AVAILABLE FUND BALANCE 9,268,607$ 4,762,800$ 7,074,306$
INSURANCE
VARIANCE
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 32 of 36
Contracted Services – The decrease from prior year is primarily due to a decrease in property liability claims which had a
significant increase in 2022 which had double the claims as 2023. The amount under budget is primarily due to liability claims
coming in significantly lower than expected, budget was increased due to significant expenditures in the prior year.
Information Technology Fund
This fund accounts for the administration, purchase, and operation of the city’s information technology systems, including
computer hardware and software, network servers and infrastructure, phone systems, and cell phones. Expenses are paid by
the Information Technology Fund and rates are charged to departments based on use.
Interdepartmental Services – The decrease from prior year is primarily related to a decrease in charges to departments for
the replacement reserve of the city’s ERP system which was budgeted and fully recovered in 2022.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen
uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate,
and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government
Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or
increases; the city holds roughly 52% of the total cash and investments for the city in the LGIP.
Personnel – The increase from prior year is primarily a result of the cost‐of‐living adjustment in 2023. The amount under
budget is due to vacant positions including the GIS Manager position.
Supplies ‐ The amount under prior year is due to a significant cost in 2022 related to Axon body cameras as two annual
payments were made. The amount under budget is primarily due to decreased expenditures for desktop and laptops per the
replacement schedule and current year budget savings for Axon equipment due to timing of billings.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Licenses and permits 257,614$ 250,000$ 225,908$ (31,706)$ (24,092)$ 90.36%
Interdepartmental services 9,125,435 7,355,590 7,355,595 (1,769,840) 5 100.00%
Interest and other misc 63,143 223,000 266,849 203,706 43,849 119.66%
TOTAL REVENUES 9,446,192 7,828,590 7,848,352 (1,597,840) 19,762 100.25%
EXPENSES:
Personnel 3,147,716 3,873,557 3,284,445 (136,729) 589,112 84.79%
Supplies 1,988,765 1,306,039 1,096,693 892,072 209,346 83.97%
Contracted Services 3,068,444 3,575,781 3,773,308 (704,864) (197,527) 105.52%
Internal Services ‐ 6,537 6,537 (6,537) ‐ 100.00%
TOTAL OPERATING EXPENSES 8,204,925 8,761,914 8,160,983 43,942 600,931 93.14%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 1,241,267 (933,324) (312,631) (1,553,898) 620,693 N/A
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY 283,120 5,608,033 1,014,515 (731,395) 4,593,518 18.09%
TRANSFERS IN 4,409,742 1,698,813 1,722,403 (2,687,339) 23,590 101.39%
NET TRANSFERS 4,409,742 1,698,813 1,722,403 (2,687,339) 23,590 101.39%
CHANGE IN FUND BALANCE 5,367,889 (4,842,544) 395,257 (4,972,632) 5,237,801 N/A
BEGINNING FUND BALANCE, Jan 1 3,653,455 9,021,343 9,021,343 5,367,888 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 9,021,343$ 4,178,799$ 9,416,600$ 395,257$ 5,237,801$ 225.34%
Operating Reserves 2,326,091$ 2,326,091$
AVAILABLE FUND BALANCE 9,021,343$ 1,852,708$ 6,695,252$
INFORMATION TECHNOLOGY
VARIANCE
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 33 of 36
Contracted Services – The increase over prior year is due to new service contracts as well as increased costs including IT
ticketing software ($48K), IT detection and response software ($110K), NeoGov software ($58K), IT Strategic Plan contract
($119K), and increases to Microsoft 365 contract pricing.
Capital Outlay –The increase in capital outlay over prior year is due to the Disaster Recovery project $697K, as well as IT
upgrades at the Renton Community Center 108K. The amount under the annual budget is for capital projects that have not
started or are in initial phases including $3M for the City’s ERP replacement.
Facilities Fund
This fund accounts for the administration, maintenance, and operation of city‐owned facilities. Expenses are paid by the
Facilities Fund and rates are charged to departments based on square footage.
Interdepartmental Services – The increase over prior year is due to increased expenses in facilities charged through an
internal service fund charge to each department as well as cost of living salary increases for facilities personnel charged to
other city departments.
Personnel – The increase from prior year is due to filling positions that were vacant in 2022, the budget savings is primarily
due to open positions, as of December 31st there were 5 vacant positions.
Supplies – The amount over the annual budget is primarily due to inflation driving typical operating costs to be higher than
anticipated.
Contracted Services – The decrease from prior year is due to large expenditures in 2022 near the end of the year including
new boilers for the Henry Moses Aquatic Center. The amount over the annual budget is due to higher than anticipated
costs for repair and maintenance including several large projects including new badge readers, roof and gutter cleaning as
well as increased utility costs for water, sewer and garbage.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Interdepartmental services 6,593,419$ 6,883,097$ 6,899,589$ 306,170$ 16,492$ 100.24%
Interest and other misc 9,403 20,492 16,147 6,744 (4,345) 78.80%
TOTAL REVENUES 6,602,822 6,903,589 6,915,736 312,914 12,147 100.18%
EXPENSES:
Personnel 3,432,461 4,257,370 3,660,291 (227,830) 597,079 85.98%
Supplies 905,501 873,595 999,322 (93,821) (125,727) 114.39%
Contracted Services 1,982,578 1,592,473 1,827,387 155,191 (234,914) 114.75%
Internal Services 141,208 273,086 256,283 (115,075) 16,803 93.85%
TOTAL OPERATING EXPENSES 6,461,748 6,996,524 6,743,283 (281,535) 253,241 96.38%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 141,074 (92,935) 172,453 31,379 265,388 N/A
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY 11,045 311,181 345,875 (334,830) (34,694) 111.15%
Transfers In 22,705 282,033 282,033 259,328 ‐ 100.00%
NET TRANSFERS 22,705 282,033 282,033 259,328 ‐ 100.00%
CHANGE IN FUND BALANCE 152,734 (122,083) 108,611 (44,123) 230,694 N/A
BEGINNING FUND BALANCE, Jan 1 785,189 937,922 937,922 152,733 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 937,922$ 815,839$ 1,046,533$ 108,611$ 230,694$ 128.28%
FACILITIES
VARIANCE
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 34 of 36
Internal Services – The increase from prior year is due to adding the sustainability division in public works which partially
supports facilities and other public work divisions.
Capital Outlay – The increase from prior year is due to several large projects in 2023 including work done at the Highlands
Neighborhood Center and Henry Moses Aquatic Center.
Communications Fund
This fund accounts for community and intergovernmental relations and communications with the public. Communications is
a major activity of the city’s administration responsible for external communications, employee communications, media
relations, and coordination of all departments in producing the city’s website. Expenses are paid by the Communications
Fund and rates are charged to departments based on usage.
Interdepartmental services – The increase over prior year primarily relates to an increase in budgeted charges to each
department due to increased budgets for expenditure items including personnel, which received a cost‐of‐living adjustment
in 2023.
Personnel – The increase from prior year is largely due to filling the director position which was vacant until January 2023.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Interdepartmental services 1,373,536$ 1,592,402$ 1,592,351$ 218,815$ (51)$ 100.00%
Interest and other misc 1,777 1,000 13,539 11,762 12,539 1353.90%
TOTAL REVENUES 1,378,313 1,593,402 1,605,890 227,577 12,488 100.78%
EXPENSES:
Personnel 757,883 1,184,992 958,073 (200,190) 226,919 80.85%
Supplies 47,485 63,432 47,387 98 16,045 74.71%
Contracted Services 283,706 393,155 298,158 (14,452) 94,997 75.84%
Internal Services 2,034 4,696 4,696 (2,662) ‐ 100.00%
TOTAL OPERATING EXPENSES 1,091,108 1,646,275 1,308,314 (217,206) 337,961 79.47%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 287,205 (52,873) 297,576 10,371 350,449 N/A
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY ‐ 46,651 46,651 (46,651) ‐ 100.00%
Transfers Out ‐ (38,525) (38,212) 38,212 (313) N/A
NET TRANSFERS ‐ (38,525) (38,212) (38,212) 313 N/A
CHANGE IN FUND BALANCE 287,205 (138,049) 212,713 (74,492) 350,762 N/A
BEGINNING FUND BALANCE, Jan 1 141,517 428,724 428,724 287,207 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 428,724$ 290,675$ 641,437$ 212,713$ 350,762$ 220.67%
COMMUNICATIONS
VARIANCE
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 35 of 36
Health Insurance Fund
This fund accounts for the city’s self‐insured health insurance program. Expenses/claims are paid by the Health Insurance
Fund and rates are charged to employees and departments based on annual premiums determined by the city’s Employee
Health Plan Board for each type of coverage elected by the employee; paid semi‐monthly in conjunction with each payroll.
Premiums – The increase in premiums from prior year is due to increasing insurance costs which increased about 5% from
prior year and with fewer vacant positions and the city would pay more to cover for more employees.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen
uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate,
and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government
Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or
increases; the city holds roughly 52% of the total cash and investments for the city in the LGIP.
Medical/Dental Claims – The increase from prior year is likely due to fewer vacant positions and the city would pay more to
cover for more employees.
Contracted Services – The amount under budget is primarily due to savings in administrative fees and insurance
professional services.
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Premiums 11,589,186$ 15,603,216$ 13,308,361$ 1,719,175$ (2,294,855)$ 85.29%
Interest and other misc 587,742 712,000 793,706 205,964 81,706 111.48%
TOTAL REVENUES 12,176,928 16,315,216 14,102,067 1,925,139 (2,213,149) 86.44%
EXPENSES:
Personnel 341,178 339,251 319,918 21,260 19,333 94.30%
Medical/Dental Claims 11,014,928 14,166,872 11,221,217 (206,289) 2,945,655 79.21%
Supplies 6,711 7,500 7,647 (936) (147) 101.96%
Contracted Services 468,982 579,786 479,635 (10,653) 100,151 82.73%
Internal Services 64,621 103,752 62,323 2,298 41,429 60.07%
TOTAL OPERATING EXPENSES 11,896,420 15,197,161 12,090,740 (194,320) 3,106,421 79.56%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 280,508 1,118,055 2,011,327 1,730,819 893,272 179.90%
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 280,508 1,118,055 2,011,327 1,730,819 893,272 179.90%
BEGINNING FUND BALANCE, Jan 1 6,655,137 6,935,644 6,935,644 280,507 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 6,935,644$ 8,053,699$ 8,946,971$ 2,011,327$ 893,272$ 111.09%
Insurance Reserves 3,774,249 4,559,148 4,559,148
AVAILABLE FUND BALANCE 3,161,395$ 3,494,551$ 4,387,823$
HEALTH INSURANCE
VARIANCE
Quarterly Financial Report City of Renton, Washington 4th Quarter 2023
Page 36 of 36
Retiree Healthcare Fund
This fund accounts for the city’s self‐insured health insurance program for LEOFF1 retirees. Benefits include medical,
prescription drug, Medicare Part B premiums, long‐term care, and vision coverage for retired law enforcement officers and
firefighters that were employed by the city prior to October 1, 1977. Dependent spouses and children are not covered. 100%
of premiums are provided by the General Fund with annual contributions determined after review of a report prepared by
actuaries.
Premiums – The annual funding by the general fund was reduced in 2023 as the latest actuary report showed the gap
between the expected long‐term care costs and fund balance was smaller than in prior years.
Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen
uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate,
and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government
Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or
increases; the city holds roughly 52% of the total cash and investments for the city in the LGIP.
Medical/Dental Claims – The amount under budget is due to budget increases made in the final budget adjustment to
ensure adequate appropriations were available for claim expenditures.
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 at
nmalone@rentonwa.gov or Kristin Trivelas ktrivelas@rentonwa.gov .
2022 2023 2023 YTD
YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET
REVENUES:
Grants / intergovernmental 38,624$ 40,000$ 37,276$ (1,348)$ (2,724)$ 93.19%
Premiums 2,624,684 912,500 912,500 (1,712,184) ‐ 100.00%
Interest and other misc 377,478 708,000 835,284 457,806 127,284 117.98%
TOTAL REVENUES 3,040,786 1,660,500 1,785,060 (1,255,726) 124,560 107.50%
EXPENSES:
Personnel 84,636 101,664 99,407 (14,771) 2,257 97.78%
Medical/Dental Claims 1,166,510 1,481,877 1,227,041 (60,531) 254,836 82.80%
Contracted Services 49,108 106,293 66,585 (17,477) 39,708 62.64%
TOTAL OPERATING EXPENSES 1,300,254 1,689,834 1,393,033 (92,779) 296,801 82.44%
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 1,740,532 (29,334) 392,027 (1,348,505) 421,361 N/A
TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A
CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A
NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A
CHANGE IN FUND BALANCE 1,740,532 (29,334) 392,027 (1,348,505) 421,361 N/A
BEGINNING FUND BALANCE, Jan 1 18,188,260 19,928,792 19,928,792 1,740,532 ‐ 100.00%
ENDING FUND BALANCE, Dec 31 19,928,792$ 19,899,458$ 20,320,819$ 392,027$ 421,361$ 102.12%
Insurance Reserves 19,928,792 19,899,458 20,320,819
AVAILABLE FUND BALANCE ‐$ ‐$ ‐$
RETIREE HEALTHCARE
VARIANCE