HomeMy WebLinkAboutMONTH 2024 03Page 1 of 7
OVERVIEW
This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through March 31,
2024. A detailed analysis, including budget to actual comparison, will be prepared quarterly in accordance with the City’s
financial management policies.
GENERAL FUND The General Fund is used to account for resources that are not generally dedicated for a specific purpose. The General Fund
is used to meet the basic services that the City provides including, but not limited to, police protection, parks and recreation,
human services, municipal court, street maintenance and planning, economic development, and administrative functions.
The table below displays the year-to-date revenues and expenditures for the General Fund.
Economic Development and Operating reserves are established internally in accordance with the City’s Policy on Stabilization
Funds, as outlined in the 2023-2024 Adopted Budget.
General
REVENUES:
Taxes 22,432,357$
Licenses and permits 1,935,992
Grants / intergovernmental 4,067,883
Charges for services 2,964,633
Interdepartmental services 11,203
Fines and penalties 876,674
Miscellaneous 1,062,353
Investment Earnings 1,059,207
Insurance recoveries 769
TOTAL REVENUES 34,411,071
EXPENDITURES:
Personnel 18,534,891
Supplies 457,232
Contracted Services 5,480,493
Capital Outlay 45,303
Internal Services 5,243,643
TOTAL EXPENDITURES 29,761,562
Transfers In -
Transfers Out -
NET TRANSFERS -
CHANGE IN FUND BALANCE 4,649,509
BEGINNING FUND BALANCE, Jan 1 99,226,476
BEGINNING FUND BALANCE, Jan 1 - restated 99,226,476
ENDING FUND BALANCE, Mar 31 103,875,985$
ECONOMIC DEVELOPMENT RESERVE 2,500,000
OPERATING RESERVES 15,986,508
AVAILABLE FUND BALANCE, Mar 31 85,389,477$
Monthly Financial Report March 2024
Monthly Financial Report City of Renton, Washington March 2024
Page 2 of 7
DEBT SERVICE FUND
Debt service funds are used to account for the accumulation of resources for the payment of principal and interest related to
the City’s general obligation bond issues. The table below displays the year-to-date revenues and expenditures for the City’s
debt service fund.
Debt service reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the
2023-2024 Adopted Budget.
General
Governmental
Misc Debt
REVENUES:
Grants / intergovernmental 16,191$
Investment Earnings 51,055
TOTAL REVENUES 67,246
EXPENDITURES:
Principal -
Interest 17,308
TOTAL EXPENDITURES 17,308
Transfers In -
NET TRANSFERS -
CHANGE IN FUND BALANCE 49,938
BEGINNING FUND BALANCE, Jan 1 5,412,174
ENDING FUND BALANCE, Mar 31 5,462,112$
Debt Service Reserve 2,717,575
AVAILABLE FUND BALANCE 2,744,537$
Monthly Financial Report City of Renton, Washington March 2024
Page 3 of 7
SPECIAL REVENUE FUNDS
Special revenue funds are used to account for revenues that are to be used for a specific purpose as required by law or
legislative action. The table below displays the year-to-date revenues and expenditures for the City’s special revenue funds.
CAPITAL PROJECT FUNDS
Capital project funds are used to account for the acquisition and construction of major capital facilities and equipment. The
table below displays the year-to-date revenues and expenditures for the City’s capital project funds.
Hotel-Motel Tax Cable Communications
Housing and Supportive Services Springbrook Wetlands Fire Impact Mitigation School District Impact Mitigation Police Seizure Police CSAM SeizureREVENUES:Taxes 100,560$ -$ 1,133,268$ -$ -$ -$ -$ -$ Licenses and permits - 12,083 - - - - - - Grants / intergovernmental - - - 4,132 - - - -
Charges for services - - - - 12,807 45,764 - -
Fines and penalties - - - - - - - 1,670
Contributions 20,000 - - - - - 1,222 -
Investment Earnings 8,911 3,600 105,650 6,723 - 178 6,432 1,349
Sale of Fixed Assets - - - - - - - -
TOTAL REVENUES 129,471 15,683 1,238,918 10,855 12,807 45,942 7,654 3,019
EXPENDITURES:
Personnel - - - 2,536 - - - -
Supplies - - - - - - 7,763 -
Contracted Services 39,016 14,391 49,500 - 9,010 17,739 64,950 44
Capital Outlay - - - - - - 86,900 40,278 TOTAL EXPENDITURES 39,016 14,391 49,500 2,536 9,010 17,739 159,613 40,322 - Transfers In - - - - - - - - Transfers Out - - - - - - - - NET TRANSFERS - - - - - - - -
CHANGE IN FUND BALANCE 90,455 1,292 1,189,418 8,319 3,797 28,203 (151,959) (37,303)
BEGINNING FUND BALANCE, Jan 1 889,272 358,300 10,811,847 711,118 - 34 731,928 169,577
Prior Period Adjustment - - - - - - - -
BEGINNING FUND BALANCE, Jan 1 - restated 889,272 358,300 10,811,847 711,118 - 34 731,928 169,577
ENDING FUND BALANCE, Mar 31 979,727$ 359,592$ 12,001,265$ 719,437$ 3,797$ 28,237$ 579,969$ 132,274$
CS Impact
Mitigation
Transportation
Impact
Mitigation REET 1 REET 2
Municipal
Facilities CIP
Capital
Investment
Family First
Center
REVENUES:
Taxes -$ -$ 613,941$ 613,941$ -$ -$ -$
Grants / intergovernmental - - - - 726,675 2,925,838 -
Charges for services 49,147 329,423 - - - - -
Contributions - - - - - - 17,548
Investment Earnings 6,483 21,644 18,749 31,730 208,261 153,298 34,422
TOTAL REVENUES 55,630 351,067 632,690 645,671 934,936 3,079,136 51,970
EXPENDITURES:
Personnel - - - - 10,335 27,881 -
Contracted Services - - - - 355,669 28,249 -
Capital Outlay - - - - 1,007,208 3,860,471 -
TOTAL EXPENDITURES - - - - 1,373,212 3,916,601 -
Transfers In - - - - - - -
Transfers Out - - - - - - -
NET TRANSFERS - - - - - - -
CHANGE IN FUND BALANCE 55,630 351,067 632,690 645,671 (438,276) (837,465) 51,970
BEGINNING FUND BALANCE, Jan 1 681,333 2,220,270 1,765,153 3,145,503 21,980,020 15,282,117 3,643,436
Prior Period Adjustment - - - - - - -
BEGINNING FUND BALANCE, Jan 1 - restated 681,333 2,220,270 1,765,153 3,145,503 21,980,020 15,282,117 3,643,436
ENDING FUND BALANCE, Mar 31 736,963$ 2,571,337$ 2,397,843$ 3,791,174$ 21,541,744$ 14,444,652$ 3,695,406$
Monthly Financial Report City of Renton, Washington March 2024
Page 4 of 7
ENTERPRISE FUNDS
Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business
enterprises. The table below displays the year-to-date revenues and expenses of the City’s enterprise funds.
Amounts restricted for debt service are in accordance with revenue bond requirements. Operating reserves are established
internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2023-2024 Adopted Budget.
Airport
Solid Waste
Utility Golf Course Water Utility
Wastewater
Utility Metro
Surface Water
Utility
REVENUES:
Licenses and permits -$ -$ -$ -$ 21,729$ -$ 8,250$
Grants / intergovernmental 272,007 - - 120,150 - - 588,293
Charges for services 1,132,832 6,502,052 446,947 4,076,219 3,073,259 5,170,772 3,342,032
Rents, leases, and misc fees - - 58,807 45,058 - - -
Interest and other misc 108,655 34,428 21,336 743,930 401,148 61,483 309,920
TOTAL REVENUES 1,513,494 6,536,480 527,090 4,985,357 3,496,136 5,232,255 4,248,495
EXPENSES:
Personnel 291,904 157,446 420,084 1,321,617 660,369 - 946,297
Supplies 23,347 2,720 76,239 174,741 18,941 - 19,660
Contracted Services 133,950 5,807,537 53,102 677,786 610,540 5,322,752 350,254
Internal Services 114,387 135,978 120,100 754,480 527,130 - 761,149
TOTAL OPERATING EXPENSES 563,588 6,103,681 669,525 2,928,624 1,816,980 5,322,752 2,077,360
CAPITAL, AND TRANSFERS 949,906 432,799 (142,435) 2,056,733 1,679,156 (90,497) 2,171,135
DEBT SERVICE:
Principal - - 11,203 - - - -
Interest - - 351 - - - -
TOTAL DEBT SERVICE - - 11,554 - - - -
CAPITAL OUTLAY 467,048 - - 859,829 543,160 - 4,058,825
Transfers In - - 41,250 - - - -
Transfers Out - - (41,250) - (1,147) - 1,762
NET TRANSFERS - - - - (1,147) - 1,762
CHANGE IN FUND BALANCE 482,858 432,799 (153,989) 1,196,904 1,134,849 (90,497) (1,885,928)
BEGINNING FUND BALANCE, Jan 1 11,276,837 3,928,543 1,884,908 52,071,465 26,162,847 6,589,443 29,287,067
ENDING FUND BALANCE, Mar 31 11,759,695$ 4,361,342$ 1,730,919$ 53,268,369$ 27,297,696$ 6,498,946$ 27,401,139$
Restricted for Debt Service - - - 1,394,051 661,227 - 754,868
Operating Reserve 264,613 400,000 753,443 1,746,736 1,028,679 380,000 1,272,184
AVAILABLE FUND BALANCE 11,495,082$ 3,961,342$ 977,476$ 50,127,582$ 25,607,790$ 6,118,946$ 25,374,087$
Monthly Financial Report City of Renton, Washington March 2024
Page 5 of 7
INTERNAL SERVICE FUNDS
Internal service funds are used to account for the goods and services furnished by one City department to other City
departments on a cost reimbursement basis. The table below displays the year-to-date revenues and expenses of the City’s
internal service funds.
Insurance reserves for the Healthcare Fund are established at a rate of 31% of current year budgeted expenses. 100% of the
Retiree Healthcare fund balance is reserved for OPEB.
Equipment Rental Insurance
Information
Technology Facilities Communications Healthcare
Retiree
Healthcare
REVENUES:
Technology Fee -$ -$ 49,648$ -$ -$ -$ -$
Equipment rental m&o 844,652 - 1,884,360 - - - -
Interest and other misc 170,698 227,496 81,766 6,790 5,191 89,581 191,238
Internal service fund misc:
Worker's comp/unemployment - 460,316 - - - - -
Benefit premiums - - - - - 3,439,095 187,500
Other misc 178 4,502 - 18,246 - 224,199 71,331
Insurance recoveries - 42,377 - - - 2,194 -
TOTAL REVENUES 1,817,175 1,462,798 2,015,774 1,790,081 421,133 3,755,069 450,069
EXPENSES:
Personnel 297,838 344,646 896,949 942,711 246,277 2,885,814 318,803
Supplies 383,396 - 135,247 153,945 10,219 1,045 -
Contracted Services 131,267 1,047,988 866,161 414,426 57,764 150,081 14,336
Internal Services 33,817 - 1,674 69,850 1,203 28,515 -
TOTAL OPERATING EXPENSES 846,318 1,392,634 1,900,031 1,580,932 315,463 3,065,455 333,139
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 970,857 70,164 115,743 209,149 105,670 689,614 116,930
TOTAL DEBT SERVICE - - - - - - -
CAPITAL OUTLAY 96,859 - 422,268 1,065 - - -
Transfers In - - 1,147 - - - -
Transfers Out - - - - - - -
NET TRANSFERS - - 1,147 - - - -
CHANGE IN FUND BALANCE 873,998 70,164 (305,378) 208,084 105,670 689,614 116,930
BEGINNING FUND BALANCE, Jan 1 18,278,075 24,691,220 9,416,600 1,046,533 641,437 8,946,970 20,320,818
ENDING FUND BALANCE, Mar 31 19,152,073$ 24,761,384$ 9,111,222$ 1,254,617$ 747,107$ 9,636,584$ 20,437,748$
Insurance Reserves - 17,786,508 - - - 4,920,868 20,437,748
Opearting Reserves 19,152,073 - 2,326,091 - - - -
AVAILABLE FUND BALANCE -$ 6,974,876$ 6,785,131$ 1,254,617$ 747,107$ 4,715,716$ -$
Monthly Financial Report City of Renton, Washington March 2024
Page 6 of 7
FIDUCIARY FUNDS
Fiduciary funds are used to account for assets held by the City in a trustee capacity. These assets are not available for City use
as they are not City assets. The table below displays year-to-date revenues and expenditures of the City’s fiduciary funds.
Firemens' Pension Custodial Fund
REVENUES:
Intergovernmental -$ -$
Investment Earnings 82,977 -
Collected for Others - 1,207,941
TOTAL REVENUES 82,977 1,207,941
EXPENDITURES:
Contracted Services - -
Distributions to Others 73,490 254,906
TOTAL EXPENDITURES 73,490 254,906
NET TRANSFERS - -
CHANGE IN FUND BALANCE 9,487 953,035
BEGINNING FUND BALANCE, Jan 1 9,253,302 -
ENDING FUND BALANCE, Mar 31 9,262,789$ 953,035$
Monthly Financial Report City of Renton, Washington March 2024
Page 7 of 7
CONTACT INFORMATION
This report is prepared by the Finance Department. For additional financial information, please also review our website:
http://www.rentonwa.gov/. For any questions about the report, please feel free to contact Nate Malone
nmalone@rentonwa.gov or Kristin Trivelas ktrivelas@rentonwa.gov .
City of Renton
All Funds - Revenue, Expenditures and Fund Balances
Budgetary Basis through March 31, 2024
Funds
Balance
01/01/2024
Budgeted
Revenue
Revenue
03/31/24
Total Funds
Available
Budgeted
Expenditure
Expenditure
03/31/24 Ending Balance
GENERAL FUND 99,226,476 136,416,850 34,411,071 133,637,547 147,189,862 29,761,562 103,875,985
SPECIAL REVENUE FUNDS:13,672,076 4,830,685 1,464,349 15,136,425 2,613,179 332,127 14,804,298
110 Hotel Motel 889,272 469,000 129,471 1,018,743 465,000 39,016 979,727
127 Cable Communication 358,300 57,674 15,683 373,983 97,674 14,391 359,592
130 Housing and Supportive Services 10,811,847 3,500,000 1,238,918 12,050,765 309,000 49,500 12,001,265
135 Springbrook Wetlands Bank 711,118 4,011 10,855 721,973 40,000 2,536 719,437
140 Police Seizure 731,928 - 7,654 739,582 731,928 159,613 579,969
141 Police CSAM Seizure 169,577 - 3,019 172,596 169,577 40,322 132,274
31X School District Impact Mitigation 34 600,000 45,942 45,976 600,000 17,739 28,237
304 Fire Mitigation - 200,000 12,807 12,807 200,000 9,010 3,797
DEBT SERVICE FUND 5,412,174 3,153,417 67,246 5,479,420 2,960,690 17,308 5,462,112
CAPITAL PROJECT FUNDS (CIP):48,717,832 56,331,332 5,751,100 54,468,932 80,563,016 5,289,813 49,179,119
303 Community Services Mitigation 681,333 86,500 55,630 736,963 450,000 - 736,963
305 Transportation Mitigation 2,220,270 511,152 351,067 2,571,337 100,000 - 2,571,337
308 REET1 1,765,153 2,300,000 632,690 2,397,843 - - 2,397,843
309 REET2 3,145,503 2,300,000 645,671 3,791,174 4,183,425 - 3,791,174
316 Municipal Facilities CIP 21,980,020 17,395,113 934,936 22,914,956 30,831,788 1,373,212 21,541,744
317 Transportation CIP 15,282,117 33,738,567 3,079,136 18,361,253 44,997,803 3,916,601 14,444,652
346 New Family First Center Dvlpmnt 3,643,436 - 51,970 3,695,406 - - 3,695,406
ENTERPRISE FUNDS:131,201,110 128,170,060 26,580,557 157,781,667 198,819,991 25,463,561 132,318,106
4X2 Airport Operating & CIP 11,276,837 6,131,870 1,513,494 12,790,331 10,129,689 1,030,636 11,759,695
403 Solid Waste Utility 3,928,543 26,151,679 6,536,480 10,465,023 27,045,563 6,103,681 4,361,342
4X4 Golf Operating & CIP 1,884,908 3,817,125 568,340 2,453,248 3,777,211 722,329 1,730,919
4X5 Water Operating & CIP 52,071,465 20,149,300 4,985,357 57,056,822 52,590,012 3,788,453 53,268,369
4X6 Waste Water Operating & CIP 26,162,847 12,484,987 3,496,136 29,658,983 29,382,722 2,361,287 27,297,696
416 King County Metro 6,589,443 21,791,462 5,232,255 11,821,698 21,791,462 5,322,752 6,498,946
4X7 Surface Water Operating & CIP 29,287,067 37,643,637 4,248,495 33,535,562 54,103,332 6,134,423 27,401,139
INTERNAL SERVICE FUNDS:83,341,653 48,848,633 11,713,246 95,054,899 61,446,986 9,954,164 85,100,735
501 Equipment Repair/Replacement 18,278,075 6,974,821 1,817,175 20,095,250 11,857,837 943,177 19,152,073
502 Insurance 24,691,220 5,160,048 1,462,798 26,154,018 7,889,192 1,392,634 24,761,384
503 Information Services 9,416,600 9,545,740 2,016,921 11,433,521 14,766,071 2,322,299 9,111,222
504 Facilities 1,046,533 7,181,239 1,790,081 2,836,614 7,229,646 1,581,997 1,254,617
505 Communications 641,437 1,664,767 421,133 1,062,570 1,822,460 315,463 747,107
512 Insurance, Healthcare 8,946,970 17,362,018 3,755,069 12,702,039 16,402,893 3,065,455 9,636,584
522 Insurance, Leoff1 Retirees HC 20,320,818 960,000 450,069 20,770,887 1,478,887 333,139 20,437,748
FIDUCIARY FUNDS:9,253,302 200,000 1,290,918 10,544,220 244,475 328,396 10,215,824
611 Firemens' Pension 9,253,302 200,000 82,977 9,336,279 244,475 73,490 9,262,789
630 Custodial Fund - - 1,207,941 1,207,941 - 254,906 953,035
TOTAL FUNDS 390,824,623 377,950,977 81,278,487 472,103,110 493,838,199 71,146,931 400,956,179