HomeMy WebLinkAboutMONTH 2024 08Page 1 of 7
OVERVIEW
This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through August 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 76,081,687$
Licenses and permits 4,593,495
Grants / intergovernmental 6,150,052
Charges for services 7,522,284
Interdepartmental services 30,001
Fines and penalties 2,503,572
Miscellaneous 2,552,712
Investment Earnings 3,146,541
Insurance recoveries 7,921
TOTAL REVENUES 102,609,525
EXPENDITURES:
Personnel 50,550,421
Supplies 1,549,323
Contracted Services 15,747,149
Capital Outlay 90,088
Internal Services 10,487,286
TOTAL EXPENDITURES 78,424,267
Transfers In 317,893
Transfers Out (272,425)
NET TRANSFERS 45,468
CHANGE IN FUND BALANCE 24,230,726
BEGINNING FUND BALANCE, Jan 1 99,226,476
BEGINNING FUND BALANCE, Jan 1 - restated 99,226,476
ENDING FUND BALANCE, Aug 31 123,457,202$
ECONOMIC DEVELOPMENT RESERVE 2,500,000
OPERATING RESERVES 15,986,508
AVAILABLE FUND BALANCE, Aug 31 104,970,694$
Monthly Financial Report August 2024
Monthly Financial Report City of Renton, Washington August 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 138,489
TOTAL REVENUES 170,847
EXPENDITURES:
Principal 215,000
Interest 497,053
TOTAL EXPENDITURES 712,053
Transfers In -
NET TRANSFERS -
CHANGE IN FUND BALANCE (541,206)
BEGINNING FUND BALANCE, Jan 1 5,412,174
ENDING FUND BALANCE, Aug 31 4,870,968$
Debt Service Reserve 2,717,575
AVAILABLE FUND BALANCE 2,153,393$
Monthly Financial Report City of Renton, Washington August 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 333,788$ -$ 2,966,648$ -$ -$ -$ -$ -$ -$
Licenses and permits - 35,496 - - - - - - - Grants / intergovernmental - - - - 4,132 - - - -
Charges for services - - - - - 65,620 58,730 - -
Fines and penalties - - - - - - - - 1,670
Contributions 25,000 - - - - - - 393,772 -
Fee in Lieu - - - - - - - - - Investment Earnings 25,642 9,791 316,933 - 18,726 - 382 18,212 3,559
Sale of Fixed Assets - - - - - - - - -
TOTAL REVENUES 384,430 45,287 3,283,581 - 22,858 65,620 59,112 411,984 5,229
EXPENDITURES:Personnel - - - - 3,417 - - - -
Supplies - 172 - - - - - 12,207 268
Contracted Services 193,379 30,591 190,438 - 6,009 21,920 54,785 251,584 44
Capital Outlay - - - - - - - 86,900 40,278 TOTAL EXPENDITURES 193,379 30,763 190,438 - 9,426 21,920 54,785 350,691 40,590 -
Transfers In - - - - - - - - -
Transfers Out - - - - - - - - -
NET TRANSFERS - - - - - - - - -
CHANGE IN FUND BALANCE 191,051 14,524 3,093,143 - 13,432 43,700 4,327 61,293 (35,361)
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, Aug 31 1,080,323$ 372,824$ 13,904,990$ -$ 724,550$ 43,700$ 4,361$ 793,221$ 134,216$
CS Impact
Mitigation
Transportation
Impact Mitigation REET 1 REET 2
Municipal
Facilities CIP
Capital
Investment
Family First
Center
REVENUES:
Taxes -$ -$ 2,234,541$ 2,234,541$ -$ 1,102,203$ -$
Grants / intergovernmental - - - - 1,222,819 5,976,090 -
Charges for services 68,805 925,345 - - - 650 -
Contributions - - - - 26,456 3,072,893 145,523
Investment Earnings 18,858 64,812 69,152 105,383 552,437 393,610 97,475
TOTAL REVENUES 87,663 990,157 2,303,693 2,339,924 1,801,712 10,545,446 242,998
EXPENDITURES:
Personnel - - - - 60,354 81,526 -
Contracted Services - - - - 653,854 119,708 -
Capital Outlay - - - - 3,703,730 11,975,461 -
TOTAL EXPENDITURES - - - - 4,417,938 12,176,695 -
Transfers In - - - - - - -
Transfers Out - - - - (210,422) - -
NET TRANSFERS - - - - (210,422) - -
CHANGE IN FUND BALANCE 87,663 990,157 2,303,693 2,339,924 (2,826,648) (1,631,249) 242,998
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, Aug 31 768,996$ 3,210,427$ 4,068,846$ 5,485,427$ 19,153,372$ 13,650,868$ 3,886,434$
Monthly Financial Report City of Renton, Washington August 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$ 62,229$ -$ 15,000$
Grants / intergovernmental 272,007 37,418 - 121,824 - - 1,485,913
Charges for services 3,066,815 18,537,045 2,375,047 12,374,035 8,640,709 14,794,862 9,083,919
Rents, leases, and misc fees - - 430,810 104,976 - - -
Interest and other misc 309,726 158,812 63,478 2,294,616 1,399,023 175,161 932,325
TOTAL REVENUES 3,648,548 18,733,275 2,869,335 14,896,476 10,101,961 14,970,023 11,517,157
EXPENSES:
Personnel 823,511 422,769 1,300,255 3,358,420 1,779,522 - 2,674,914
Supplies 60,316 8,661 299,461 640,774 61,117 - 59,249
Contracted Services 476,189 16,486,314 168,147 2,257,653 1,720,156 14,179,180 1,101,571
Internal Services 228,775 271,955 240,199 1,508,961 1,054,261 - 1,522,298
TOTAL OPERATING EXPENSES 1,588,791 17,189,699 2,008,062 7,765,808 4,615,056 14,179,180 5,358,032
CAPITAL, AND TRANSFERS 2,059,757 1,543,576 861,273 7,130,668 5,486,905 790,843 6,159,125
DEBT SERVICE:
Principal - - 29,938 272,647 - - -
Interest - - 873 67,036 29,746 - 36,667
TOTAL DEBT SERVICE - - 30,811 339,683 29,746 - 36,667
CAPITAL OUTLAY 1,140,595 - 55,620 2,562,414 3,143,332 - 11,867,248
Transfers In 164,955 - 82,500 - - - -
Transfers Out - - (82,500) - (1,347) - 596
NET TRANSFERS 164,955 - - - (1,347) - 596
CHANGE IN FUND BALANCE 1,084,117 1,543,576 774,842 4,228,571 2,312,480 790,843 (5,744,194)
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, Aug 31 12,360,954$ 5,472,119$ 2,659,750$ 56,300,036$ 28,475,327$ 7,380,286$ 23,542,873$
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 12,096,341$ 5,072,119$ 1,906,307$ 53,159,249$ 26,785,421$ 7,000,286$ 21,515,821$
Monthly Financial Report City of Renton, Washington August 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 -$ -$ 148,061$ -$ -$ -$ -$
Grants / intergovernmental - - 28,181 - - - -
Charges for services:
Equipment rental m&o 1,729,071 - 3,768,719 - - - -
Print and mail - - - - 260,688 - -
Communications - - - - 571,196 - -
Facilities - - - 3,530,090 - - -
Interest and other misc 477,060 639,090 220,788 24,066 16,126 253,497 530,649
Internal service fund misc:
Vehicle / equipment capital recovery 1,603,294 - - - - - -
Insurance premiums - 1,456,215 - - - - -
Worker's comp/unemployment - 1,302,360 - - - - -
Benefit premiums - - - - - 9,209,540 285,000
Other misc 479 4,502 - 98,811 - 520,312 169,742
Disposal of capital assets 222,228 - - - - - -
Insurance recoveries 28,777 84,275 - - - 9,227 -
TOTAL REVENUES 4,060,909 3,486,442 4,165,749 3,652,967 848,010 9,992,576 985,391
EXPENSES:
Personnel 797,604 826,227 2,400,420 2,621,740 739,698 8,542,215 896,732
Supplies 1,055,724 - 390,875 385,766 24,959 2,939 -
Contracted Services 379,213 3,247,980 2,144,740 1,067,935 249,755 372,082 33,883
Internal Services 67,635 - 3,348 139,700 2,406 57,029 -
TOTAL OPERATING EXPENSES 2,300,176 4,074,207 4,939,383 4,215,141 1,016,818 8,974,265 930,615
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 1,760,733 (587,765) (773,634) (562,174) (168,808) 1,018,311 54,776
TOTAL DEBT SERVICE - - - - - - -
CAPITAL OUTLAY 1,829,135 - 885,835 1,065 - - -
Transfers In - - 2,512 - - - -
Transfers Out - - - - - - -
NET TRANSFERS - - 2,512 - - - -
CHANGE IN FUND BALANCE (68,402) (587,765) (1,656,957) (563,239) (168,808) 1,018,311 54,776
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, Aug 31 18,209,673$ 24,103,455$ 7,759,643$ 483,294$ 472,629$ 9,965,281$ 20,375,594$
Insurance Reserves - 17,786,508 - - - 4,920,868 20,375,594
Opearting Reserves 18,209,673 - 2,326,091 - - - -
AVAILABLE FUND BALANCE -$ 6,316,947$ 5,433,552$ 483,294$ 472,629$ 5,044,413$ -$
Monthly Financial Report City of Renton, Washington August 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 232,006 -
Collected for Others - 2,384,586
TOTAL REVENUES 440,799 2,384,586
EXPENDITURES:
Contracted Services 7,400 -
Distributions to Others 173,819 1,768,143
TOTAL EXPENDITURES 181,219 1,768,143
NET TRANSFERS - -
CHANGE IN FUND BALANCE 259,580 616,443
BEGINNING FUND BALANCE, Jan 1 9,253,302 -
ENDING FUND BALANCE, Aug 31 9,512,882$ 616,443$
Monthly Financial Report City of Renton, Washington August 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 August 31, 2024
Funds
Balance
01/01/2024
Budgeted
Revenue
Revenue
08/31/24
Total Funds
Available
Budgeted
Expenditure
Expenditure
08/31/24 Ending Balance
GENERAL FUND 99,226,476 137,217,279 102,927,418 202,153,894 148,732,186 78,696,692 123,457,202
SPECIAL REVENUE FUNDS:13,672,076 5,122,685 4,278,101 17,950,177 2,618,783 891,992 17,058,185
110 Hotel Motel 889,272 469,000 384,430 1,273,702 470,604 193,379 1,080,323
127 Cable Communication 358,300 57,674 45,287 403,587 97,674 30,763 372,824
130 Housing and Supportive Services 10,811,847 3,500,000 3,283,581 14,095,428 309,000 190,438 13,904,990
135 Springbrook Wetlands Bank 711,118 4,011 22,858 733,976 40,000 9,426 724,550
140 Police Seizure 731,928 - 411,984 1,143,912 731,928 350,691 793,221
141 Police CSAM Seizure 169,577 - 5,229 174,806 169,577 40,590 134,216
150 Affordable Housing Development - 292,000 - - - - -
31X School District Impact Mitigation 34 600,000 59,112 59,146 600,000 54,785 4,361
304 Fire Mitigation - 200,000 65,620 65,620 200,000 21,920 43,700
DEBT SERVICE FUND 5,412,174 3,153,417 170,847 5,583,021 2,960,690 712,053 4,870,968
CAPITAL PROJECT FUNDS (CIP):48,717,832 56,640,189 18,311,593 67,029,425 80,681,741 16,805,055 50,224,370
303 Community Services Mitigation 681,333 86,500 87,663 768,996 525,000 - 768,996
305 Transportation Mitigation 2,220,270 511,152 990,157 3,210,427 100,000 - 3,210,427
308 REET1 1,765,153 2,300,000 2,303,693 4,068,846 - - 4,068,846
309 REET2 3,145,503 2,300,000 2,339,924 5,485,427 4,183,425 - 5,485,427
316 Municipal Facilities CIP 21,980,020 17,703,970 1,801,712 23,781,732 30,845,513 4,628,360 19,153,372
317 Transportation CIP 15,282,117 33,738,567 10,545,446 25,827,563 45,027,803 12,176,695 13,650,868
346 New Family First Center Dvlpmnt 3,643,436 - 242,998 3,886,434 - - 3,886,434
ENTERPRISE FUNDS:131,201,110 128,295,060 76,984,230 208,185,340 199,072,891 71,993,995 136,191,345
4X2 Airport Operating & CIP 11,276,837 6,131,870 3,813,503 15,090,340 10,132,589 2,729,386 12,360,954
403 Solid Waste Utility 3,928,543 26,151,679 18,733,275 22,661,818 27,045,563 17,189,699 5,472,119
4X4 Golf Operating & CIP 1,884,908 3,817,125 2,951,835 4,836,743 3,777,211 2,176,993 2,659,750
4X5 Water Operating & CIP 52,071,465 20,274,300 14,896,476 66,967,941 52,840,012 10,667,905 56,300,036
4X6 Waste Water Operating & CIP 26,162,847 12,484,987 10,101,961 36,264,808 29,382,722 7,789,481 28,475,327
416 King County Metro 6,589,443 21,791,462 14,970,023 21,559,466 21,791,462 14,179,180 7,380,286
4X7 Surface Water Operating & CIP 29,287,067 37,643,637 11,517,157 40,804,224 54,103,332 17,261,351 23,542,873
INTERNAL SERVICE FUNDS:83,341,653 48,923,708 27,194,556 110,536,209 61,796,490 29,166,640 81,369,569
501 Equipment Repair/Replacement 18,278,075 6,974,821 4,060,909 22,338,984 11,857,837 4,129,311 18,209,673
502 Insurance 24,691,220 5,160,048 3,486,442 28,177,662 7,939,192 4,074,207 24,103,455
503 Information Services 9,416,600 9,605,815 4,168,261 13,584,861 14,950,575 5,825,218 7,759,643
504 Facilities 1,046,533 7,196,239 3,652,967 4,699,500 7,244,646 4,216,206 483,294
505 Communications 641,437 1,664,767 848,010 1,489,447 1,822,460 1,016,818 472,629
512 Insurance, Healthcare 8,946,970 17,362,018 9,992,576 18,939,546 16,402,893 8,974,265 9,965,281
522 Insurance, Leoff1 Retirees HC 20,320,818 960,000 985,391 21,306,209 1,578,887 930,615 20,375,594
FIDUCIARY FUNDS:9,253,302 200,000 2,825,385 12,078,687 244,475 1,949,362 10,129,325
611 Firemens' Pension 9,253,302 200,000 440,799 9,694,101 244,475 181,219 9,512,882
630 Custodial Fund - - 2,384,586 2,384,586 - 1,768,143 616,443
TOTAL FUNDS 390,824,623 379,552,338 232,692,130 623,516,753 496,107,256 200,215,791 423,300,964