HomeMy WebLinkAboutMONTH 2024 07Page 1 of 7
OVERVIEW
This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through July 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 69,122,414$
Licenses and permits 3,559,248
Grants / intergovernmental 5,909,394
Charges for services 6,601,846
Interdepartmental services 26,185
Fines and penalties 2,244,586
Miscellaneous 2,316,234
Investment Earnings 2,692,229
Insurance recoveries 2,706
TOTAL REVENUES 92,496,102
EXPENDITURES:
Personnel 43,924,957
Supplies 1,384,034
Contracted Services 14,120,543
Capital Outlay 90,088
Internal Services 10,487,286
TOTAL EXPENDITURES 70,006,908
Transfers In 45,468
Transfers Out -
NET TRANSFERS 45,468
CHANGE IN FUND BALANCE 22,534,662
BEGINNING FUND BALANCE, Jan 1 99,226,476
BEGINNING FUND BALANCE, Jan 1 - restated 99,226,476
ENDING FUND BALANCE, Jul 31 121,761,138$
ECONOMIC DEVELOPMENT RESERVE 2,500,000
OPERATING RESERVES 15,986,508
AVAILABLE FUND BALANCE, Jul 31 103,274,630$
Monthly Financial Report July 2024
Monthly Financial Report City of Renton, Washington July 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 32,358$
Investment Earnings 121,994
TOTAL REVENUES 154,352
EXPENDITURES:
Principal 215,000
Interest 497,053
TOTAL EXPENDITURES 712,053
Transfers In -
NET TRANSFERS -
CHANGE IN FUND BALANCE (557,701)
BEGINNING FUND BALANCE, Jan 1 5,412,174
ENDING FUND BALANCE, Jul 31 4,854,473$
Debt Service Reserve 2,717,575
AVAILABLE FUND BALANCE 2,136,898$
Monthly Financial Report City of Renton, Washington July 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 Affordable Housing Springbrook Wetlands Fire Impact Mitigation School District Impact Mitigation Police Seizure Police CSAM Seizure
REVENUES:
Taxes 270,125$ -$ 2,562,909$ -$ -$ -$ -$ -$ -$
Licenses and permits - 35,496 - - - - - - -
Grants / intergovernmental - - - - 4,132 - - - - Charges for services - - - - - 21,920 56,569 - - Fines and penalties - - - - - - - - 1,670
Contributions 25,000 - - - - - - 393,772 -
Fee in Lieu - - - - - - - - -
Investment Earnings 22,087 8,529 271,172 - 16,266 - 351 15,155 3,104
Sale of Fixed Assets - - - - - - - - - TOTAL REVENUES 317,212 44,025 2,834,081 - 20,398 21,920 56,920 408,927 4,774
EXPENDITURES:
Personnel - - - - 3,214 - - - -
Supplies - 2,768 - - - - - 12,207 -
Contracted Services 160,712 28,841 190,438 - 4,516 20,246 54,785 144,217 44
Capital Outlay - - - - - - - 86,900 40,278 TOTAL EXPENDITURES 160,712 31,609 190,438 - 7,730 20,246 54,785 243,324 40,322 -
Transfers In - - - - - - - - -
Transfers Out - - - - - - - - -
NET TRANSFERS - - - - - - - - -
CHANGE IN FUND BALANCE 156,500 12,416 2,643,643 - 12,668 1,674 2,135 165,603 (35,548)
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, Jul 31 1,045,772$ 370,716$ 13,455,490$ -$ 723,786$ 1,674$ 2,169$ 897,531$ 134,029$
CS ImpactMitigation Transportation Impact Mitigation REET 1 REET 2
Municipal Facilities CIP Capital Investment Family First Center
REVENUES:
Taxes -$ -$ 1,729,704$ 1,729,704$ -$ 708,212$ -$
Grants / intergovernmental - - - - 1,222,818 5,817,244 -
Charges for services 65,529 386,853 - - - 650 -
Contributions - - - - 26,457 3,072,893 145,522
Investment Earnings 16,270 55,783 57,079 88,519 485,567 344,819 84,310
TOTAL REVENUES 81,799 442,636 1,786,783 1,818,223 1,734,842 9,943,818 229,832
EXPENDITURES:
Personnel - - - - 45,848 71,790 -
Contracted Services - - - - 593,411 102,636 -
Capital Outlay - - - - 3,357,346 10,751,358 -
TOTAL EXPENDITURES - - - - 3,996,605 10,925,784 -
Transfers In - - - - - - -
Transfers Out - - - - (210,422) - -
NET TRANSFERS - - - - (210,422) - -
CHANGE IN FUND BALANCE 81,799 442,636 1,786,783 1,818,223 (2,472,185) (981,966) 229,832
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, Jul 31 763,132$ 2,662,906$ 3,551,936$ 4,963,726$ 19,507,835$ 14,300,151$ 3,873,268$
Monthly Financial Report City of Renton, Washington July 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$ 55,104$ -$ 13,875$
Grants / intergovernmental 272,007 37,418 - 121,824 - - 1,434,439
Charges for services 2,681,561 16,181,655 1,963,425 10,108,870 7,539,573 12,900,027 8,000,224
Rents, leases, and misc fees - - 352,950 103,169 - - -
Interest and other misc 268,111 122,766 52,373 1,999,721 1,220,784 150,557 842,096
TOTAL REVENUES 3,221,679 16,341,839 2,368,748 12,334,609 8,815,461 13,050,584 10,290,634
EXPENSES:
Personnel 714,736 365,887 1,113,755 2,948,855 1,542,636 - 2,293,365
Supplies 56,090 7,672 270,832 549,082 48,929 - 51,501
Contracted Services 393,586 14,997,130 143,225 1,870,270 1,489,134 12,402,920 964,097
Internal Services 228,775 271,955 240,199 1,508,961 1,054,261 - 1,522,298
TOTAL OPERATING EXPENSES 1,393,187 15,642,644 1,768,011 6,877,168 4,134,960 12,402,920 4,831,261
CAPITAL, AND TRANSFERS 1,828,492 699,195 600,737 5,457,441 4,680,501 647,664 5,459,373
DEBT SERVICE:
Principal - - 26,185 272,647 - - -
Interest - - 775 67,036 29,746 - 36,667
TOTAL DEBT SERVICE - - 26,960 339,683 29,746 - 36,667
CAPITAL OUTLAY 1,038,581 - (876) 2,199,168 2,914,888 - 9,099,068
Transfers In 164,955 - 82,500 - - - -
Transfers Out - - (82,500) - (1,347) - 596
NET TRANSFERS 164,955 - - - (1,347) - 596
CHANGE IN FUND BALANCE 954,866 699,195 574,653 2,918,590 1,734,520 647,664 (3,675,766)
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, Jul 31 12,231,703$ 4,627,738$ 2,459,561$ 54,990,055$ 27,897,367$ 7,237,107$ 25,611,301$
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 11,967,090$ 4,227,738$ 1,706,118$ 51,849,268$ 26,207,461$ 6,857,107$ 23,584,249$
Monthly Financial Report City of Renton, Washington July 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 -$ -$ 110,940$ -$ -$ -$ -$
Equipment rental m&o 1,716,561 - 3,768,719 - - - -
Interest and other misc 414,670 557,163 192,732 20,550 14,057 218,860 461,232
Internal service fund misc:
Worker's comp/unemployment - 1,119,029 - - - - -
Benefit premiums - - - - - 8,034,720 285,000
Other misc 380 4,502 - 76,379 - 358,872 125,658
Insurance recoveries 28,777 52,613 - - - 6,500 -
TOTAL REVENUES 3,839,874 3,189,522 4,100,572 3,627,019 845,941 8,618,952 871,890
EXPENSES:
Personnel 695,158 716,866 2,101,253 2,282,276 637,521 7,298,223 767,176
Supplies 914,497 - 376,487 340,048 23,579 2,740 -
Contracted Services 344,385 3,069,348 1,979,582 924,140 221,120 314,785 29,776
Internal Services 67,635 - 3,348 139,700 2,406 57,029 -
TOTAL OPERATING EXPENSES 2,021,675 3,786,214 4,460,670 3,686,164 884,626 7,672,777 796,952
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 1,818,199 (596,692) (360,098) (59,145) (38,685) 946,175 74,938
TOTAL DEBT SERVICE - - - - - - -
CAPITAL OUTLAY 1,804,722 - 809,615 1,065 - - -
Transfers In - - 2,512 - - - -
Transfers Out - - - - - - -
NET TRANSFERS - - 2,512 - - - -
CHANGE IN FUND BALANCE 13,477 (596,692) (1,167,201) (60,210) (38,685) 946,175 74,938
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, Jul 31 18,291,552$ 24,094,528$ 8,249,399$ 986,323$ 602,752$ 9,893,145$ 20,395,756$
Insurance Reserves - 17,786,508 - - - 4,920,868 20,395,756 Opearting Reserves 18,291,552 - 2,326,091 - - - - AVAILABLE FUND BALANCE -$ 6,308,020$ 5,923,308$ 986,323$ 602,752$ 4,972,277$ -$
Monthly Financial Report City of Renton, Washington July 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 201,161 -
Collected for Others - 2,221,323
TOTAL REVENUES 409,954 2,221,323
EXPENDITURES:
Contracted Services 7,400 -
Distributions to Others 151,744 1,594,744
TOTAL EXPENDITURES 159,144 1,594,744
NET TRANSFERS - -
CHANGE IN FUND BALANCE 250,810 626,579
BEGINNING FUND BALANCE, Jan 1 9,253,302 -
ENDING FUND BALANCE, Jul 31 9,504,112$ 626,579$
Monthly Financial Report City of Renton, Washington July 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 July 31, 2024
Funds
Balance
01/01/2024
Budgeted
Revenue
Revenue
07/31/24
Total Funds
Available
Budgeted
Expenditure
Expenditure
07/31/24 Ending Balance
GENERAL FUND 99,226,476 137,217,279 92,541,570 191,768,046 148,732,186 70,006,908 121,761,138
SPECIAL REVENUE FUNDS:13,672,076 5,122,685 3,708,257 17,380,333 2,618,783 749,166 16,631,167
110 Hotel Motel 889,272 469,000 317,212 1,206,484 470,604 160,712 1,045,772
127 Cable Communication 358,300 57,674 44,025 402,325 97,674 31,609 370,716
130 Housing and Supportive Services 10,811,847 3,500,000 2,834,081 13,645,928 309,000 190,438 13,455,490
135 Springbrook Wetlands Bank 711,118 4,011 20,398 731,516 40,000 7,730 723,786
140 Police Seizure 731,928 - 408,927 1,140,855 731,928 243,324 897,531
141 Police CSAM Seizure 169,577 - 4,774 174,351 169,577 40,322 134,029
150 Affordable Housing Development - 292,000 - - - - -
31X School District Impact Mitigation 34 600,000 56,920 56,954 600,000 54,785 2,169
304 Fire Mitigation - 200,000 21,920 21,920 200,000 20,246 1,674
DEBT SERVICE FUND 5,412,174 3,153,417 154,352 5,566,526 2,960,690 712,053 4,854,473
CAPITAL PROJECT FUNDS (CIP):48,717,832 56,640,189 16,037,933 64,755,765 80,681,741 15,132,811 49,622,954
303 Community Services Mitigation 681,333 86,500 81,799 763,132 525,000 - 763,132
305 Transportation Mitigation 2,220,270 511,152 442,636 2,662,906 100,000 - 2,662,906
308 REET1 1,765,153 2,300,000 1,786,783 3,551,936 - - 3,551,936
309 REET2 3,145,503 2,300,000 1,818,223 4,963,726 4,183,425 - 4,963,726
316 Municipal Facilities CIP 21,980,020 17,703,970 1,734,842 23,714,862 30,845,513 4,207,027 19,507,835
317 Transportation CIP 15,282,117 33,738,567 9,943,818 25,225,935 45,027,803 10,925,784 14,300,151
346 New Family First Center Dvlpmnt 3,643,436 - 229,832 3,873,268 - - 3,873,268
ENTERPRISE FUNDS:131,201,110 128,295,060 66,671,009 197,872,119 199,072,891 62,817,287 135,054,832
4X2 Airport Operating & CIP 11,276,837 6,131,870 3,386,634 14,663,471 10,132,589 2,431,768 12,231,703
403 Solid Waste Utility 3,928,543 26,151,679 16,341,839 20,270,382 27,045,563 15,642,644 4,627,738
4X4 Golf Operating & CIP 1,884,908 3,817,125 2,451,248 4,336,156 3,777,211 1,876,595 2,459,561
4X5 Water Operating & CIP 52,071,465 20,274,300 12,334,609 64,406,074 52,840,012 9,416,019 54,990,055
4X6 Waste Water Operating & CIP 26,162,847 12,484,987 8,815,461 34,978,308 29,382,722 7,080,941 27,897,367
416 King County Metro 6,589,443 21,791,462 13,050,584 19,640,027 21,791,462 12,402,920 7,237,107
4X7 Surface Water Operating & CIP 29,287,067 37,643,637 10,290,634 39,577,701 54,103,332 13,966,400 25,611,301
INTERNAL SERVICE FUNDS:83,341,653 48,923,708 25,096,282 108,437,935 61,796,490 25,924,480 82,513,455
501 Equipment Repair/Replacement 18,278,075 6,974,821 3,839,874 22,117,949 11,857,837 3,826,397 18,291,552
502 Insurance 24,691,220 5,160,048 3,189,522 27,880,742 7,939,192 3,786,214 24,094,528
503 Information Services 9,416,600 9,605,815 4,103,084 13,519,684 14,950,575 5,270,285 8,249,399
504 Facilities 1,046,533 7,196,239 3,627,019 4,673,552 7,244,646 3,687,229 986,323
505 Communications 641,437 1,664,767 845,941 1,487,378 1,822,460 884,626 602,752
512 Insurance, Healthcare 8,946,970 17,362,018 8,618,952 17,565,922 16,402,893 7,672,777 9,893,145
522 Insurance, Leoff1 Retirees HC 20,320,818 960,000 871,890 21,192,708 1,578,887 796,952 20,395,756
FIDUCIARY FUNDS:9,253,302 200,000 2,631,277 11,884,579 244,475 1,753,888 10,130,691
611 Firemens' Pension 9,253,302 200,000 409,954 9,663,256 244,475 159,144 9,504,112
630 Custodial Fund - - 2,221,323 2,221,323 - 1,594,744 626,579
TOTAL FUNDS 390,824,623 379,552,338 206,840,680 597,665,303 496,107,256 177,096,595 420,568,710