HomeMy WebLinkAboutMONTH 2024 06Page 1 of 7
OVERVIEW
This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through June 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 57,348,052$
Licenses and permits 3,105,895
Grants / intergovernmental 5,235,037
Charges for services 5,601,132
Interdepartmental services 22,435
Fines and penalties 1,801,706
Miscellaneous 1,979,130
Investment Earnings 2,269,222
Insurance recoveries 2,706
TOTAL REVENUES 77,386,015
EXPENDITURES:
Personnel 37,442,343
Supplies 1,178,138
Contracted Services 11,707,482
Capital Outlay 71,674
Internal Services 10,487,286
TOTAL EXPENDITURES 60,886,923
Transfers In -
Transfers Out -
NET TRANSFERS -
CHANGE IN FUND BALANCE 16,499,092
BEGINNING FUND BALANCE, Jan 1 99,226,476
BEGINNING FUND BALANCE, Jan 1 - restat 99,226,476
ENDING FUND BALANCE, Jun 30 115,725,568$
ECONOMIC DEVELOPMENT RESERVE 2,500,000
OPERATING RESERVES 15,986,508
AVAILABLE FUND BALANCE, Jun 30 97,239,060$
Monthly Financial Report June 2024
Monthly Financial Report City of Renton, Washington June 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 105,103
TOTAL REVENUES 121,294
EXPENDITURES:
Principal -
Interest 479,745
TOTAL EXPENDITURES 479,745
Transfers In -
NET TRANSFERS -
CHANGE IN FUND BALANCE (358,451)
BEGINNING FUND BALANCE, Jan 1 5,412,174
ENDING FUND BALANCE, Jun 30 5,053,723$
Debt Service Reserve 2,717,575
AVAILABLE FUND BALANCE 2,336,148$
Monthly Financial Report City of Renton, Washington June 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
Communication
s
Housing and
Supportive
Services
Springbrook
Wetlands
Fire Impact
Mitigation
School District
Impact
Mitigation Police Seizure
Police CSAM
Seizure
REVENUES:
Taxes 217,755$ -$ 2,194,904$ -$ -$ -$ -$ -$
Licenses and permits - 24,041 - - - - - -
Grants / intergovernmental - - - 4,132 - - - -
Charges for services - - - - 20,246 50,086 - -
Fines and penalties - - - - - - - 1,670
Contributions 25,000 - - - - - 393,772 -
Investment Earnings 18,704 7,314 227,385 13,839 - 343 12,022 2,657
Sale of Fixed Assets - - - - - - - -
TOTAL REVENUES 261,459 31,355 2,422,289 17,971 20,246 50,429 405,794 4,327
EXPENDITURES:
Personnel - - - 3,076 - - - -
Supplies - 2,755 - - - - 11,473 -
Contracted Services 139,040 26,054 144,719 261 15,248 48,031 104,123 44
Capital Outlay - - - - - - 86,900 40,278
TOTAL EXPENDITURES 139,040 28,809 144,719 3,337 15,248 48,031 202,496 40,322
-
Transfers In - - - - - - - -
Transfers Out - - - - - - - -
NET TRANSFERS - - - - - - - -
CHANGE IN FUND BALANCE 122,419 2,546 2,277,570 14,634 4,998 2,398 203,298 (35,995)
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 - resta 889,272 358,300 10,811,847 711,118 - 34 731,928 169,577
ENDING FUND BALANCE, Jun 30 1,011,691$ 360,846$ 13,089,417$ 725,752$ 4,998$ 2,432$ 935,226$ 133,582$
CS Impact
Mitigation
Transportation
Impact
Mitigation REET 1 REET 2
Municipal
Facilities CIP
Capital
Investment
Family First
Center
REVENUES:
Taxes -$ -$ 1,549,764$ 1,549,764$ -$ 346,887$ -$
Grants / intergovernmental - - - - 1,010,908 3,882,335 -
Charges for services 55,700 352,395 - - - 650 -
Contributions - - - - 26,457 3,072,893 145,522
Investment Earnings 13,766 47,048 45,843 72,586 418,782 292,006 71,403
TOTAL REVENUES 69,466 399,443 1,595,607 1,622,350 1,456,147 7,594,771 216,925
EXPENDITURES:
Personnel - - - - 31,559 62,273 -
Contracted Services - - - - 545,516 66,345 -
Capital Outlay - - - - 2,878,069 7,046,722 -
TOTAL EXPENDITURES - - - - 3,455,144 7,175,340 -
Transfers In - - - - - - -
Transfers Out - - - - (164,955) - -
NET TRANSFERS - - - - (164,955) - -
CHANGE IN FUND BALANCE 69,466 399,443 1,595,607 1,622,350 (2,163,952) 419,431 216,925
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 - resta 681,333 2,220,270 1,765,153 3,145,503 21,980,020 15,282,117 3,643,436
ENDING FUND BALANCE, Jun 30 750,799$ 2,619,713$ 3,360,760$ 4,767,853$ 19,816,068$ 15,701,548$ 3,860,361$
Monthly Financial Report City of Renton, Washington June 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$ 49,854$ -$ 12,750$
Grants / intergovernmental 272,007 37,418 - 121,824 - - 1,434,439
Charges for services 2,256,903 13,221,124 1,540,623 8,264,342 6,402,881 10,906,425 6,712,454
Rents, leases, and misc fees - - 263,663 82,773 - - -
Interest and other misc 226,856 103,899 43,632 1,804,602 1,119,653 127,163 753,152
TOTAL REVENUES 2,755,766 13,362,441 1,847,918 10,274,566 7,572,388 11,033,588 8,912,795
EXPENSES:
Personnel 601,986 309,853 932,999 2,537,763 1,322,322 - 1,956,521
Supplies 50,412 6,939 245,750 445,475 43,598 - 44,344
Contracted Services 281,889 10,100,089 122,288 1,506,541 1,279,328 10,626,659 855,655
Internal Services 228,775 271,955 240,199 1,508,961 1,054,261 - 1,522,298
TOTAL OPERATING EXPENSES 1,163,062 10,688,836 1,541,236 5,998,740 3,699,509 10,626,659 4,378,818
AMOUNT AVAILABLE FOR DEBT 1,592,704 2,673,605 306,682 4,275,826 3,872,879 406,929 4,533,977
DEBT SERVICE:
Principal - - 22,435 272,647 - - -
Interest - - 673 67,036 29,746 - 36,667
TOTAL DEBT SERVICE - - 23,108 339,683 29,746 - 36,667
CAPITAL OUTLAY 704,618 - - 1,607,257 2,713,611 - 9,024,427
Transfers In 164,955 - 82,500 - - - -
Transfers Out - - (82,500) - (1,347) - 596
NET TRANSFERS 164,955 - - - (1,347) - 596
CHANGE IN FUND BALANCE 1,053,041 2,673,605 283,574 2,328,886 1,128,175 406,929 (4,526,521)
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, Jun 30 12,329,878$ 6,602,148$ 2,168,482$ 54,400,351$ 27,291,022$ 6,996,372$ 24,760,546$
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 12,065,265$ 6,202,148$ 1,415,039$ 51,259,564$ 25,601,116$ 6,616,372$ 22,733,494$
Monthly Financial Report City of Renton, Washington June 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
Communication
s Healthcare
Retiree
Healthcare
REVENUES:
Technology Fee -$ -$ 89,774$ -$ -$ -$ -$
Equipment rental m&o 1,697,957 - 3,768,719 - - - -
Interest and other misc 351,829 471,668 163,447 15,385 11,504 185,777 392,783
Internal service fund misc:
Worker's comp/unemployment - 940,830 - - - - -
Benefit premiums - - - - - 6,882,091 285,000
Other misc 380 4,502 - 56,248 - 358,872 125,658
Insurance recoveries 28,777 47,695 - - - 6,500 -
TOTAL REVENUES 3,682,237 2,920,910 4,050,121 3,601,723 843,388 7,433,240 803,441
EXPENSES:
Personnel 593,472 619,176 1,800,417 1,939,712 535,220 6,355,397 658,312
Supplies 746,133 - 358,910 297,581 19,252 2,210 -
Contracted Services 269,731 1,425,864 1,750,928 801,210 167,801 270,050 25,696
Internal Services 67,635 - 3,348 139,700 2,406 57,029 -
TOTAL OPERATING EXPENSES 1,676,971 2,045,040 3,913,603 3,178,203 724,679 6,684,686 684,008
AMOUNT AVAILABLE FOR DEBT
SERVICE, CAPITAL, AND TRANSFERS 2,005,266 875,870 136,518 423,520 118,709 748,554 119,433
TOTAL DEBT SERVICE - - - - - - -
CAPITAL OUTLAY 1,512,732 - 801,685 1,065 - - -
Transfers In - - 2,512 - - - -
Transfers Out - - - - - - -
NET TRANSFERS - - 2,512 - - - -
CHANGE IN FUND BALANCE 492,534 875,870 (662,655) 422,455 118,709 748,554 119,433
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, Jun 30 18,770,609$ 25,567,090$ 8,753,945$ 1,468,988$ 760,146$ 9,695,524$ 20,440,251$
Insurance Reserves - 17,786,508 - - - 4,920,868 20,440,251
Opearting Reserves 18,770,609 - 2,326,091 - - - -
AVAILABLE FUND BALANCE -$ 7,780,582$ 6,427,854$ 1,468,988$ 760,146$ 4,774,656$ -$
Monthly Financial Report City of Renton, Washington June 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 June 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 June 30, 2024
Funds
Balance
01/01/2024
Budgeted
Revenue
Revenue
06/30/24
Total Funds
Available
Budgeted
Expenditure
Expenditure
06/30/24 Ending Balance
GENERAL FUND 99,226,476 137,217,279 77,386,015 176,612,491 148,732,186 60,886,923 115,725,568
000 General 91,501,268 102,051,287 59,319,597 150,820,865 109,223,469 43,909,887 106,910,978
001 Community Services 2,802,269 19,030,213 10,008,184 12,810,453 21,829,684 8,950,156 3,860,297
003 Street 1,835,350 14,646,035 7,422,625 9,257,975 15,915,280 7,300,615 1,957,360
004 Community Dev Block Grant - - - - - - -
005 Museum 16,055 327,129 163,579 179,634 342,392 172,617 7,017
098 Economic Development Reserve 2,695,863 - 52,347 2,748,210 - - 2,748,210
108 Leased City Properties 266,454 1,034,715 417,664 684,118 1,238,497 527,651 156,467
125 Municipal Art 109,217 127,900 2,019 111,236 182,864 25,997 85,239
SPECIAL REVENUE FUNDS:13,672,076 5,122,685 3,213,870 16,885,946 2,618,783 622,002 16,263,944
110 Hotel Motel 889,272 469,000 261,459 1,150,731 470,604 139,040 1,011,691
127 Cable Communication 358,300 57,674 31,355 389,655 97,674 28,809 360,846
130 Housing and Supportive Services 10,811,847 3,500,000 2,422,289 13,234,136 309,000 144,719 13,089,417
135 Springbrook Wetlands Bank 711,118 4,011 17,971 729,089 40,000 3,337 725,752
140 Police Seizure 731,928 - 405,794 1,137,722 731,928 202,496 935,226
141 Police CSAM Seizure 169,577 - 4,327 173,904 169,577 40,322 133,582
150 Affordable Housing Development - 292,000 - - - - -
31X School District Impact Mitigation 34 600,000 50,429 50,463 600,000 48,031 2,432
304 Fire Mitigation - 200,000 20,246 20,246 200,000 15,248 4,998
DEBT SERVICE FUND 5,412,174 3,153,417 121,294 5,533,468 2,960,690 479,745 5,053,723
CAPITAL PROJECT FUNDS (CIP):48,717,832 56,640,189 12,954,709 61,672,541 80,681,741 10,795,439 50,877,102
303 Community Services Mitigation 681,333 86,500 69,466 750,799 525,000 - 750,799
305 Transportation Mitigation 2,220,270 511,152 399,443 2,619,713 100,000 - 2,619,713
308 REET1 1,765,153 2,300,000 1,595,607 3,360,760 - - 3,360,760
309 REET2 3,145,503 2,300,000 1,622,350 4,767,853 4,183,425 - 4,767,853
316 Municipal Facilities CIP 21,980,020 17,703,970 1,456,147 23,436,167 30,845,513 3,620,099 19,816,068
317 Transportation CIP 15,282,117 33,738,567 7,594,771 22,876,888 45,027,803 7,175,340 15,701,548
346 New Family First Center Dvlpmnt 3,643,436 - 216,925 3,860,361 - - 3,860,361
ENTERPRISE FUNDS:131,201,110 128,295,060 56,006,917 187,208,027 199,072,891 52,659,228 134,548,799
4X2 Airport Operating & CIP 11,276,837 6,131,870 2,920,721 14,197,558 10,132,589 1,867,680 12,329,878
403 Solid Waste Utility 3,928,543 26,151,679 13,362,441 17,290,984 27,045,563 10,688,836 6,602,148
4X4 Golf Operating & CIP 1,884,908 3,817,125 1,930,418 3,815,326 3,777,211 1,646,844 2,168,482
4X5 Water Operating & CIP 52,071,465 20,274,300 10,274,566 62,346,031 52,840,012 7,945,680 54,400,351
4X6 Waste Water Operating & CIP 26,162,847 12,484,987 7,572,388 33,735,235 29,382,722 6,444,213 27,291,022
416 King County Metro 6,589,443 21,791,462 11,033,588 17,623,031 21,791,462 10,626,659 6,996,372
4X7 Surface Water Operating & CIP 29,287,067 37,643,637 8,912,795 38,199,862 54,103,332 13,439,316 24,760,546
INTERNAL SERVICE FUNDS:83,341,653 48,923,708 23,337,572 106,679,225 61,796,490 21,222,672 85,456,553
501 Equipment Repair/Replacement 18,278,075 6,974,821 3,682,237 21,960,312 11,857,837 3,189,703 18,770,609
502 Insurance 24,691,220 5,160,048 2,920,910 27,612,130 7,939,192 2,045,040 25,567,090
503 Information Services 9,416,600 9,605,815 4,052,633 13,469,233 14,950,575 4,715,288 8,753,945
504 Facilities 1,046,533 7,196,239 3,601,723 4,648,256 7,244,646 3,179,268 1,468,988
505 Communications 641,437 1,664,767 843,388 1,484,825 1,822,460 724,679 760,146
512 Insurance, Healthcare 8,946,970 17,362,018 7,433,240 16,380,210 16,402,893 6,684,686 9,695,524
522 Insurance, Leoff1 Retirees HC 20,320,818 960,000 803,441 21,124,259 1,578,887 684,008 20,440,251
FIDUCIARY FUNDS:9,253,302 200,000 2,329,283 11,582,585 244,475 1,432,903 10,149,682
611 Firemens' Pension 9,253,302 200,000 379,640 9,632,942 244,475 137,069 9,495,873
630 Custodial Fund - - 1,949,643 1,949,643 - 1,295,834 653,809
TOTAL FUNDS 390,824,623 379,552,338 175,349,660 566,174,283 496,107,256 148,098,912 418,075,371