HomeMy WebLinkAboutMONTH 2024 05Page 1 of 7
OVERVIEW
This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through May 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 52,049,009$
Licenses and permits 2,822,624
Grants / intergovernmental 4,684,541
Charges for services 3,712,916
Interdepartmental services 18,688
Fines and penalties 1,527,853
Miscellaneous 1,342,620
Investment Earnings 1,840,628
Insurance recoveries 1,937
TOTAL REVENUES 68,021,516
EXPENDITURES:
Personnel 30,830,993
Supplies 997,946
Contracted Services 9,790,521
Capital Outlay 52,016
Internal Services 5,243,643
TOTAL EXPENDITURES 46,915,119
Transfers In -
Transfers Out -
NET TRANSFERS -
CHANGE IN FUND BALANCE 21,106,397
BEGINNING FUND BALANCE, Jan 1 99,226,476
BEGINNING FUND BALANCE, Jan 1 - restated 99,226,476
ENDING FUND BALANCE, May 31 120,332,873$
ECONOMIC DEVELOPMENT RESERVE 2,500,000
OPERATING RESERVES 15,986,508
AVAILABLE FUND BALANCE, May 31 101,846,365$
Monthly Financial Report May 2024
Monthly Financial Report City of Renton, Washington May 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 87,146
TOTAL REVENUES 103,337
EXPENDITURES:
Principal -
Interest 17,308
TOTAL EXPENDITURES 17,308
Transfers In -
NET TRANSFERS -
CHANGE IN FUND BALANCE 86,029
BEGINNING FUND BALANCE, Jan 1 5,412,174
ENDING FUND BALANCE, May 31 5,498,203$
Debt Service Reserve 2,717,575
AVAILABLE FUND BALANCE 2,780,628$
Monthly Financial Report City of Renton, Washington May 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 175,583$ -$ 1,843,168$ -$ -$ -$ -$ -$ Licenses and permits - 24,040 - - - - - - Grants / intergovernmental - - - 4,132 - - - -
Charges for services - - - - 15,248 47,925 - -
Fines and penalties - - - - - - - 1,670
Contributions 20,000 - - - - - 1,223 -
Investment Earnings 15,404 6,111 185,901 11,475 - 336 10,211 2,223
Sale of Fixed Assets - - - - - - - -
TOTAL REVENUES 210,987 30,151 2,029,069 15,607 15,248 48,261 11,434 3,893
EXPENDITURES:
Personnel - - - 2,852 - - - -
Supplies - - - - - - 11,473 -
Contracted Services 89,763 19,835 144,719 261 12,807 45,870 103,173 44
Capital Outlay - - - - - - 86,900 40,278 TOTAL EXPENDITURES 89,763 19,835 144,719 3,113 12,807 45,870 201,546 40,322 - Transfers In - - - - - - - - Transfers Out - - - - - - - -
NET TRANSFERS - - - - - - - -
CHANGE IN FUND BALANCE 121,224 10,316 1,884,350 12,494 2,441 2,391 (190,112) (36,429)
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, May 31 1,010,496$ 368,616$ 12,696,197$ 723,612$ 2,441$ 2,425$ 541,816$ 133,148$
CS Impact
Mitigation
Transportation
Impact
Mitigation REET 1 REET 2
Municipal
Facilities CIP
Capital
Investment
Family First
Center
REVENUES:
Taxes -$ -$ 1,361,102$ 1,361,102$ -$ 7,312$ -$
Grants / intergovernmental - - - - 1,010,908 3,097,617 -
Charges for services 52,423 340,910 - - - 650 -
Contributions - - - - 26,456 1,088,967 145,523
Investment Earnings 11,339 38,581 35,520 57,690 350,091 247,916 58,836
TOTAL REVENUES 63,762 379,491 1,396,622 1,418,792 1,387,455 4,442,462 204,359
EXPENDITURES:
Personnel - - - - 24,158 40,576 -
Contracted Services - - - - 411,367 54,480 -
Capital Outlay - - - - 1,811,749 6,256,024 -
TOTAL EXPENDITURES - - - - 2,247,274 6,351,080 -
Transfers In - - - - - - -
Transfers Out - - - - (164,955) - -
NET TRANSFERS - - - - (164,955) - -
CHANGE IN FUND BALANCE 63,762 379,491 1,396,622 1,418,792 (1,024,774) (1,908,618) 204,359
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, May 31 745,095$ 2,599,761$ 3,161,775$ 4,564,295$ 20,955,246$ 13,373,499$ 3,847,795$
Monthly Financial Report City of Renton, Washington May 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 -$ -$ -$ 1,025$ 43,479$ -$ 10,500$
Grants / intergovernmental 272,007 37,418 - 121,824 - - 1,434,439
Charges for services 1,927,425 11,766,936 1,140,314 6,767,476 5,407,562 9,191,753 5,679,823
Rents, leases, and misc fees - - 178,132 71,672 - - -
Interest and other misc 186,911 94,015 35,644 1,617,994 991,279 104,211 663,050
TOTAL REVENUES 2,386,343 11,898,369 1,354,090 8,579,991 6,442,320 9,295,964 7,787,812
EXPENSES:
Personnel 493,264 255,748 752,619 2,188,432 1,103,095 - 1,545,990
Supplies 42,172 6,486 177,235 352,224 35,566 - 39,872
Contracted Services 247,809 9,177,670 93,017 1,173,122 1,024,239 8,858,690 676,312
Internal Services 114,387 135,978 120,100 754,480 527,130 - 761,149
TOTAL OPERATING EXPENSES 897,632 9,575,882 1,142,971 4,468,258 2,690,030 8,858,690 3,023,323
CAPITAL, AND TRANSFERS 1,488,711 2,322,487 211,119 4,111,733 3,752,290 437,274 4,764,489
DEBT SERVICE:
Principal - - 18,688 272,647 - - -
Interest - - 569 1,363 - - -
TOTAL DEBT SERVICE - - 19,257 274,010 - - -
CAPITAL OUTLAY 703,880 - - 1,400,786 2,139,784 - 8,705,225
Transfers In 164,955 - 41,250 - - - -
Transfers Out - - (41,250) - (1,347) - 596
NET TRANSFERS 164,955 - - - (1,347) - 596
CHANGE IN FUND BALANCE 949,786 2,322,487 191,862 2,436,937 1,611,159 437,274 (3,940,140)
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, May 31 12,226,623$ 6,251,030$ 2,076,770$ 54,508,402$ 27,774,006$ 7,026,717$ 25,346,927$
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 11,962,010$ 5,851,030$ 1,323,327$ 51,367,615$ 26,084,100$ 6,646,717$ 23,319,875$
Monthly Financial Report City of Renton, Washington May 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 -$ -$ 78,020$ -$ -$ -$ -$
Equipment rental m&o 865,320 - 1,884,360 - - - -
Interest and other misc 294,624 390,874 138,830 14,227 9,836 153,497 326,011
Internal service fund misc:
Worker's comp/unemployment - 775,394 - - - - -
Benefit premiums - - - - - 5,726,640 187,500
Other misc 335 4,502 - 43,155 - 358,872 125,658
Insurance recoveries 27,340 46,167 - - - 6,500 -
TOTAL REVENUES 1,989,266 1,945,044 2,129,391 1,822,427 425,778 6,245,509 639,169
EXPENSES:
Personnel 488,525 542,110 1,496,229 1,601,450 431,267 5,269,584 524,548
Supplies 657,965 - 333,231 237,407 16,998 2,210 -
Contracted Services 231,469 1,394,925 1,396,212 652,986 130,798 221,978 21,340
Internal Services 33,817 - 1,674 69,850 1,203 28,515 -
TOTAL OPERATING EXPENSES 1,411,776 1,937,035 3,227,346 2,561,693 580,266 5,522,287 545,888
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 577,490 8,009 (1,097,955) (739,266) (154,488) 723,222 93,281
TOTAL DEBT SERVICE - - - - - - -
CAPITAL OUTLAY 1,491,490 - 790,499 1,065 - - -
Transfers In - - 2,512 - - - -
Transfers Out - - - - - - -
NET TRANSFERS - - 2,512 - - - -
CHANGE IN FUND BALANCE (914,000) 8,009 (1,885,942) (740,331) (154,488) 723,222 93,281
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, May 31 17,364,075$ 24,699,229$ 7,530,658$ 306,202$ 486,949$ 9,670,192$ 20,414,099$
Insurance Reserves - 17,786,508 - - - 4,920,868 20,414,099
Opearting Reserves 17,364,075 - 2,326,091 - - - -
AVAILABLE FUND BALANCE -$ 6,912,721$ 5,204,567$ 306,202$ 486,949$ 4,749,324$ -$
Monthly Financial Report City of Renton, Washington May 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 208,793$ -$
Investment Earnings 141,274 -
Collected for Others - 1,766,091
TOTAL REVENUES 350,067 1,766,091
EXPENDITURES:
Contracted Services 7,400 -
Distributions to Others 110,978 652,891
TOTAL EXPENDITURES 118,378 652,891
NET TRANSFERS - -
CHANGE IN FUND BALANCE 231,689 1,113,200
BEGINNING FUND BALANCE, Jan 1 9,253,302 -
ENDING FUND BALANCE, May 31 9,484,991$ 1,113,200$
Monthly Financial Report City of Renton, Washington May 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 May 31, 2024
Funds
Balance
01/01/2024
Budgeted
Revenue
Revenue
05/31/24
Total Funds
Available
Budgeted
Expenditure
Expenditure
05/31/24 Ending Balance
GENERAL FUND 99,226,476 136,416,850 68,021,516 167,247,992 147,189,862 46,915,119 120,332,873
SPECIAL REVENUE FUNDS:13,672,076 4,830,685 2,364,650 16,036,726 2,613,179 557,975 15,478,751
110 Hotel Motel 889,272 469,000 210,987 1,100,259 465,000 89,763 1,010,496
127 Cable Communication 358,300 57,674 30,151 388,451 97,674 19,835 368,616
130 Housing and Supportive Services 10,811,847 3,500,000 2,029,069 12,840,916 309,000 144,719 12,696,197
135 Springbrook Wetlands Bank 711,118 4,011 15,607 726,725 40,000 3,113 723,612
140 Police Seizure 731,928 - 11,434 743,362 731,928 201,546 541,816
141 Police CSAM Seizure 169,577 - 3,893 173,470 169,577 40,322 133,148
31X School District Impact Mitigation 34 600,000 48,261 48,295 600,000 45,870 2,425
304 Fire Mitigation - 200,000 15,248 15,248 200,000 12,807 2,441
DEBT SERVICE FUND 5,412,174 3,153,417 103,337 5,515,511 2,960,690 17,308 5,498,203
CAPITAL PROJECT FUNDS (CIP):48,717,832 56,331,332 9,292,943 58,010,775 80,563,016 8,763,309 49,247,466
303 Community Services Mitigation 681,333 86,500 63,762 745,095 450,000 - 745,095
305 Transportation Mitigation 2,220,270 511,152 379,491 2,599,761 100,000 - 2,599,761
308 REET1 1,765,153 2,300,000 1,396,622 3,161,775 - - 3,161,775
309 REET2 3,145,503 2,300,000 1,418,792 4,564,295 4,183,425 - 4,564,295
316 Municipal Facilities CIP 21,980,020 17,395,113 1,387,455 23,367,475 30,831,788 2,412,229 20,955,246
317 Transportation CIP 15,282,117 33,738,567 4,442,462 19,724,579 44,997,803 6,351,080 13,373,499
346 New Family First Center Dvlpmnt 3,643,436 - 204,359 3,847,795 - - 3,847,795
ENTERPRISE FUNDS:131,201,110 128,170,060 47,951,094 179,152,204 198,819,991 43,941,729 135,210,475
4X2 Airport Operating & CIP 11,276,837 6,131,870 2,551,298 13,828,135 10,129,689 1,601,512 12,226,623
403 Solid Waste Utility 3,928,543 26,151,679 11,898,369 15,826,912 27,045,563 9,575,882 6,251,030
4X4 Golf Operating & CIP 1,884,908 3,817,125 1,395,340 3,280,248 3,777,211 1,203,478 2,076,770
4X5 Water Operating & CIP 52,071,465 20,149,300 8,579,991 60,651,456 52,590,012 6,143,054 54,508,402
4X6 Waste Water Operating & CIP 26,162,847 12,484,987 6,442,320 32,605,167 29,382,722 4,831,161 27,774,006
416 King County Metro 6,589,443 21,791,462 9,295,964 15,885,407 21,791,462 8,858,690 7,026,717
4X7 Surface Water Operating & CIP 29,287,067 37,643,637 7,787,812 37,074,879 54,103,332 11,727,952 25,346,927
INTERNAL SERVICE FUNDS:83,341,653 48,848,633 15,199,096 98,540,749 61,446,986 18,069,345 80,471,404
501 Equipment Repair/Replacement 18,278,075 6,974,821 1,989,266 20,267,341 11,857,837 2,903,266 17,364,075
502 Insurance 24,691,220 5,160,048 1,945,044 26,636,264 7,889,192 1,937,035 24,699,229
503 Information Services 9,416,600 9,545,740 2,131,903 11,548,503 14,766,071 4,017,845 7,530,658
504 Facilities 1,046,533 7,181,239 1,822,427 2,868,960 7,229,646 2,562,758 306,202
505 Communications 641,437 1,664,767 425,778 1,067,215 1,822,460 580,266 486,949
512 Insurance, Healthcare 8,946,970 17,362,018 6,245,509 15,192,479 16,402,893 5,522,287 9,670,192
522 Insurance, Leoff1 Retirees HC 20,320,818 960,000 639,169 20,959,987 1,478,887 545,888 20,414,099
FIDUCIARY FUNDS:9,253,302 200,000 2,116,158 11,369,460 244,475 771,269 10,598,191
611 Firemens' Pension 9,253,302 200,000 350,067 9,603,369 244,475 118,378 9,484,991
630 Custodial Fund - - 1,766,091 1,766,091 - 652,891 1,113,200
TOTAL FUNDS 390,824,623 377,950,977 145,048,794 535,873,417 493,838,199 119,036,054 416,837,363