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HomeMy WebLinkAboutMONTH 2024 04Page 1 of 7 OVERVIEW This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through April 30, 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 40,212,202$ Licenses and permits 2,516,430 Grants / intergovernmental 4,444,386 Charges for services 3,393,586 Interdepartmental services 14,944 Fines and penalties 1,245,457 Miscellaneous 1,219,273 Investment Earnings 1,420,128 Insurance recoveries 769 TOTAL REVENUES 54,467,175 EXPENDITURES: Personnel 24,679,814 Supplies 719,479 Contracted Services 7,749,890 Capital Outlay 45,303 Internal Services 5,243,643 TOTAL EXPENDITURES 38,438,129 Transfers In - Transfers Out - NET TRANSFERS - CHANGE IN FUND BALANCE 16,029,046 BEGINNING FUND BALANCE, Jan 1 99,226,476 BEGINNING FUND BALANCE, Jan 1 - restated 99,226,476 ENDING FUND BALANCE, Apr 30 115,255,522$ ECONOMIC DEVELOPMENT RESERVE 2,500,000 OPERATING RESERVES 15,986,508 AVAILABLE FUND BALANCE, Apr 30 96,769,014$ Monthly Financial Report April 2024 Monthly Financial Report City of Renton, Washington April 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 68,841 TOTAL REVENUES 85,032 EXPENDITURES: Principal - Interest 17,308 TOTAL EXPENDITURES 17,308 Transfers In - NET TRANSFERS - CHANGE IN FUND BALANCE 67,724 BEGINNING FUND BALANCE, Jan 1 5,412,174 ENDING FUND BALANCE, Apr 30 5,479,898$ Debt Service Reserve 2,717,575 AVAILABLE FUND BALANCE 2,762,323$ Monthly Financial Report City of Renton, Washington April 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 135,750$ -$ 1,480,264$ -$ -$ -$ -$ -$ Licenses and permits - 24,040 - - - - - - Grants / intergovernmental - - - 4,132 - - - - Charges for services - - - - 14,826 48,222 - - Fines and penalties - - - - - - - 1,670 Contributions 20,000 - - - - - 1,222 - Investment Earnings 12,102 4,823 144,742 9,066 - 271 8,335 1,780 Sale of Fixed Assets - - - - - - - - TOTAL REVENUES 167,852 28,863 1,625,006 13,198 14,826 48,493 9,557 3,450 EXPENDITURES: Personnel - - - 2,784 - - - - Supplies - - - - - - 7,763 - Contracted Services 73,909 17,421 119,969 261 9,010 26,385 90,639 44 Capital Outlay - - - - - - 86,900 40,278 TOTAL EXPENDITURES 73,909 17,421 119,969 3,045 9,010 26,385 185,302 40,322 - Transfers In - - - - - - - - Transfers Out - - - - - - - - NET TRANSFERS - - - - - - - - CHANGE IN FUND BALANCE 93,943 11,442 1,505,037 10,153 5,816 22,108 (175,745) (36,872) 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, Apr 30 983,215$ 369,742$ 12,316,884$ 721,271$ 5,816$ 22,142$ 556,183$ 132,705$ CS Impact Mitigation Transportation Impact Mitigation REET 1 REET 2 Municipal Facilities CIP Capital Investment Family First Center REVENUES: Taxes -$ -$ 897,042$ 897,042$ -$ -$ -$ Grants / intergovernmental - - - - 785,123 2,925,839 - Charges for services 49,147 329,424 - - - 650 - Contributions - - - - - - 17,547 Investment Earnings 8,876 29,989 26,546 44,055 278,688 200,554 46,454 TOTAL REVENUES 58,023 359,413 923,588 941,097 1,063,811 3,127,043 64,001 EXPENDITURES: Personnel - - - - 12,436 34,695 - Contracted Services - - - - 355,669 34,239 - Capital Outlay - - - - 1,514,247 5,478,374 - TOTAL EXPENDITURES - - - - 1,882,352 5,547,308 - Transfers In - - - - - - - Transfers Out - - - - - - - NET TRANSFERS - - - - - - - CHANGE IN FUND BALANCE 58,023 359,413 923,588 941,097 (818,541) (2,420,265) 64,001 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, Apr 30 739,356$ 2,579,683$ 2,688,741$ 4,086,600$ 21,161,479$ 12,861,852$ 3,707,437$ Monthly Financial Report City of Renton, Washington April 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 -$ -$ -$ -$ 38,604$ -$ 9,375$ Grants / intergovernmental 272,008 10,804 - 121,824 - - 602,186 Charges for services 1,525,969 8,063,569 775,526 5,383,924 4,082,298 6,876,863 4,637,757 Rents, leases, and misc fees - - 111,646 69,865 - - - Interest and other misc 146,958 80,693 28,153 1,432,519 887,984 82,642 548,017 TOTAL REVENUES 1,944,935 8,155,066 915,325 7,008,132 5,008,886 6,959,505 5,797,335 EXPENSES: Personnel 393,033 206,427 582,966 1,751,702 891,176 - 1,251,612 Supplies 34,778 4,591 141,555 272,022 26,677 - 35,538 Contracted Services 206,113 8,489,685 72,138 928,169 819,057 7,090,721 501,281 Internal Services 114,387 135,978 120,100 754,480 527,130 - 761,149 TOTAL OPERATING EXPENSES 748,311 8,836,681 916,759 3,706,373 2,264,040 7,090,721 2,549,580 CAPITAL, AND TRANSFERS 1,196,624 (681,615) (1,434) 3,301,759 2,744,846 (131,216) 3,247,755 DEBT SERVICE: Principal - - 14,944 - - - - Interest - - 461 - - - - TOTAL DEBT SERVICE - - 15,405 - - - - CAPITAL OUTLAY 536,210 - - 1,120,995 1,546,879 - 5,773,221 Transfers In - - 41,250 - - - - Transfers Out - - (41,250) - (1,242) - 596 NET TRANSFERS - - - - (1,242) - 596 CHANGE IN FUND BALANCE 660,414 (681,615) (16,839) 2,180,764 1,196,725 (131,216) (2,524,870) 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, Apr 30 11,937,251$ 3,246,928$ 1,868,069$ 54,252,229$ 27,359,572$ 6,458,227$ 26,762,197$ 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 11,672,638$ 2,846,928$ 1,114,626$ 51,111,442$ 25,669,666$ 6,078,227$ 24,735,145$ Monthly Financial Report City of Renton, Washington April 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 -$ -$ 65,172$ -$ -$ -$ -$ Equipment rental m&o 865,320 - 1,884,360 - - - - Interest and other misc 233,253 308,123 111,469 11,403 7,635 120,963 257,777 Internal service fund misc: Worker's comp/unemployment - 616,595 - - - - - Benefit premiums - - - - - 4,583,425 187,500 Other misc 269 4,502 - 22,901 - 224,199 71,331 Insurance recoveries 24,426 46,117 - - - 2,194 - TOTAL REVENUES 1,924,915 1,703,444 2,061,001 1,799,349 423,577 4,930,781 516,608 EXPENSES: Personnel 393,981 447,715 1,195,474 1,263,673 329,768 3,986,117 416,027 Supplies 491,739 - 243,399 193,619 12,566 1,825 - Contracted Services 161,850 1,198,325 1,062,404 690,316 75,401 189,006 18,189 Internal Services 33,817 - 1,674 69,850 1,203 28,515 - TOTAL OPERATING EXPENSES 1,081,387 1,646,040 2,502,951 2,217,458 418,938 4,205,463 434,216 AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 843,528 57,404 (441,950) (418,109) 4,639 725,318 82,392 TOTAL DEBT SERVICE - - - - - - - CAPITAL OUTLAY 772,970 - 790,499 1,065 - - - Transfers In - - 2,407 - - - - Transfers Out - - - - - - - NET TRANSFERS - - 2,407 - - - - CHANGE IN FUND BALANCE 70,558 57,404 (1,230,042) (419,174) 4,639 725,318 82,392 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, Apr 30 18,348,633$ 24,748,624$ 8,186,558$ 627,359$ 646,076$ 9,672,288$ 20,403,210$ Insurance Reserves - 17,786,508 - - - 4,920,868 20,403,210 Opearting Reserves 18,348,633 - 2,326,091 - - - - AVAILABLE FUND BALANCE -$ 6,962,116$ 5,860,467$ 627,359$ 646,076$ 4,751,420$ -$ Monthly Financial Report City of Renton, Washington April 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 111,737 - Collected for Others - 1,349,560 TOTAL REVENUES 111,737 1,349,560 EXPENDITURES: Contracted Services - - Distributions to Others 92,234 564,857 TOTAL EXPENDITURES 92,234 564,857 NET TRANSFERS - - CHANGE IN FUND BALANCE 19,503 784,703 BEGINNING FUND BALANCE, Jan 1 9,253,302 - ENDING FUND BALANCE, Apr 30 9,272,805$ 784,703$ Monthly Financial Report City of Renton, Washington April 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 April 30, 2024 Funds Balance 01/01/2024 Budgeted Revenue Revenue 04/30/24 Total Funds Available Budgeted Expenditure Expenditure 04/30/24 Ending Balance GENERAL FUND 99,226,476 136,416,850 54,467,175 153,693,651 147,189,862 38,438,129 115,255,522 SPECIAL REVENUE FUNDS:13,672,076 4,830,685 1,911,245 15,583,321 2,613,179 475,363 15,107,958 110 Hotel Motel 889,272 469,000 167,852 1,057,124 465,000 73,909 983,215 127 Cable Communication 358,300 57,674 28,863 387,163 97,674 17,421 369,742 130 Housing and Supportive Services 10,811,847 3,500,000 1,625,006 12,436,853 309,000 119,969 12,316,884 135 Springbrook Wetlands Bank 711,118 4,011 13,198 724,316 40,000 3,045 721,271 140 Police Seizure 731,928 - 9,557 741,485 731,928 185,302 556,183 141 Police CSAM Seizure 169,577 - 3,450 173,027 169,577 40,322 132,705 31X School District Impact Mitigation 34 600,000 48,493 48,527 600,000 26,385 22,142 304 Fire Mitigation - 200,000 14,826 14,826 200,000 9,010 5,816 DEBT SERVICE FUND 5,412,174 3,153,417 85,032 5,497,206 2,960,690 17,308 5,479,898 CAPITAL PROJECT FUNDS (CIP):48,717,832 56,331,332 6,536,976 55,254,808 80,563,016 7,429,660 47,825,148 303 Community Services Mitigation 681,333 86,500 58,023 739,356 450,000 - 739,356 305 Transportation Mitigation 2,220,270 511,152 359,413 2,579,683 100,000 - 2,579,683 308 REET1 1,765,153 2,300,000 923,588 2,688,741 - - 2,688,741 309 REET2 3,145,503 2,300,000 941,097 4,086,600 4,183,425 - 4,086,600 316 Municipal Facilities CIP 21,980,020 17,395,113 1,063,811 23,043,831 30,831,788 1,882,352 21,161,479 317 Transportation CIP 15,282,117 33,738,567 3,127,043 18,409,160 44,997,803 5,547,308 12,861,852 346 New Family First Center Dvlpmnt 3,643,436 - 64,001 3,707,437 - - 3,707,437 ENTERPRISE FUNDS:131,201,110 128,170,060 35,830,434 167,031,544 198,819,991 35,147,071 131,884,473 4X2 Airport Operating & CIP 11,276,837 6,131,870 1,944,935 13,221,772 10,129,689 1,284,521 11,937,251 403 Solid Waste Utility 3,928,543 26,151,679 8,155,066 12,083,609 27,045,563 8,836,681 3,246,928 4X4 Golf Operating & CIP 1,884,908 3,817,125 956,575 2,841,483 3,777,211 973,414 1,868,069 4X5 Water Operating & CIP 52,071,465 20,149,300 7,008,132 59,079,597 52,590,012 4,827,368 54,252,229 4X6 Waste Water Operating & CIP 26,162,847 12,484,987 5,008,886 31,171,733 29,382,722 3,812,161 27,359,572 416 King County Metro 6,589,443 21,791,462 6,959,505 13,548,948 21,791,462 7,090,721 6,458,227 4X7 Surface Water Operating & CIP 29,287,067 37,643,637 5,797,335 35,084,402 54,103,332 8,322,205 26,762,197 INTERNAL SERVICE FUNDS:83,341,653 48,848,633 13,362,082 96,703,735 61,446,986 14,070,987 82,632,748 501 Equipment Repair/Replacement 18,278,075 6,974,821 1,924,915 20,202,990 11,857,837 1,854,357 18,348,633 502 Insurance 24,691,220 5,160,048 1,703,444 26,394,664 7,889,192 1,646,040 24,748,624 503 Information Services 9,416,600 9,545,740 2,063,408 11,480,008 14,766,071 3,293,450 8,186,558 504 Facilities 1,046,533 7,181,239 1,799,349 2,845,882 7,229,646 2,218,523 627,359 505 Communications 641,437 1,664,767 423,577 1,065,014 1,822,460 418,938 646,076 512 Insurance, Healthcare 8,946,970 17,362,018 4,930,781 13,877,751 16,402,893 4,205,463 9,672,288 522 Insurance, Leoff1 Retirees HC 20,320,818 960,000 516,608 20,837,426 1,478,887 434,216 20,403,210 FIDUCIARY FUNDS:9,253,302 200,000 1,461,297 10,714,599 244,475 657,091 10,057,508 611 Firemens' Pension 9,253,302 200,000 111,737 9,365,039 244,475 92,234 9,272,805 630 Custodial Fund - - 1,349,560 1,349,560 - 564,857 784,703 TOTAL FUNDS 390,824,623 377,950,977 113,654,241 504,478,864 493,838,199 96,235,609 408,243,255