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Home My WebLink AboutQUARTER 2 2024Page 1 of 31 OVERVIEW This quarterly financial report reflects the city’s revenue and expenditures/expenses for the fiscal year through June 30, 2024. A detailed analysis, including current to prior year and budget to actual comparison is included for each city fund. Excluded from this report are the city’s fiduciary funds as these funds are held on behalf of others and are not available for city use. Budget figures shown reflect amounts authorized in ORD 6137, which includes the year end budget adjustment approved July 15, 2024. 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 YTD revenues and expenditures for the General Fund, including comparison to prior year, comparison to YTD budget amounts, and percentage of annual budget. YTD budget amounts are generally based on the collection/disbursement patterns for the same period of the preceding two (2) years, with the following exceptions: property tax revenue budgets are based on the collection patterns over the preceding four (4) years and sales tax revenue budgets are based on the collection patterns over the preceding five (5) years. General Fund YTD Prior Year YTD YTD Budget % BUDGET REVENUES Taxes 56,713,144$ 105,207,534$ 53,623,395$ 57,348,053$ 634,909$ 3,724,658$ 54.51% Licenses & Permits 3,908,209 5,625,602 3,227,493 3,105,895 (802,314)$ (121,598) 55.21% Intergovernmental 2,489,903 8,024,668 3,756,626 5,235,037 2,745,134$ 1,478,411 65.24% Charges for Services 5,503,578 11,103,924 5,775,500 5,601,132 97,555$ (174,367) 50.44% Fines and Penalties 1,971,551 3,841,442 2,122,786 1,801,706 (169,845)$ (321,080) 46.90% Miscellaneous 2,487,381 2,429,892 983,851 4,248,351 1,760,970$ 3,264,500 174.84% Other Financing Sources (Transfer‐In, etc) 39,635 984,216 984,216 45,841 6,206$ (938,375) 4.66% TOTAL REVENUES 73,113,401 137,217,278 70,473,867 77,386,015 4,272,614 6,912,148 56.40% EXPENDITURES City Attorney 1,514,001 3,374,308 1,684,220 1,611,319 (97,318) 72,901 47.75% Community and Economic Development 6,299,287 15,886,560 7,628,222 6,628,199 (328,912) 1,000,023 41.72% Council 369,213 792,294 410,463 390,469 (21,256) 19,994 49.28% Court Services 1,579,095 3,681,644 1,834,423 1,664,721 (85,626) 169,702 45.22% Executive Services 3,050,474 6,454,084 3,287,067 3,434,565 (384,091) (147,498) 53.22% Finance 2,139,566 5,958,028 2,559,082 2,248,395 (108,829) 310,687 37.74% Human Resources 809,953 2,192,501 1,106,993 880,913 (70,960) 226,080 40.18% Parks and Recreation 8,241,349 22,172,077 10,113,511 9,122,773 (881,424) 990,738 41.15% Police 24,165,966 53,578,781 25,951,986 25,519,850 (1,353,884) 432,136 47.63% Public Works 8,060,904 18,751,777 9,085,608 8,474,529 (413,625) 611,079 45.19% Other Non‐Departmental 1,465,387 15,890,132 2,389,855 911,190 554,197 1,478,665 5.73% TOTAL EXPENDITURES 57,695,195 148,732,186 66,051,429 60,886,923 (3,191,728) 5,164,506 40.94% Change in Fund Balance 15,418,206 (11,514,908) 4,422,438 16,499,092 1,080,886 12,076,654 N/A Beginning Fund Balance 83,605,978 99,226,475 99,226,475 99,226,476 15,620,498 1 100.00% ENDING FUND BALANCE 99,024,184$ 87,711,567$ 103,648,913$ 115,725,568$ 16,701,384$ 12,076,655$ 131.94% Operating Reserve 17,662,783 17,346,914 17,346,914 17,346,914 Economic Development Reserve 2,500,000 2,500,000 2,500,000 2,500,000 AVAILABLE FUND BALANCE 78,861,401$ 67,864,653$ 83,801,999$ 95,878,654$ Favorable (Unfavorable) 2023 2024 Variance YTD Actual Annual Budget YTD Budget YTD Actual Summary of Sources and Uses Quarterly Financial Report 2nd Quarter 2024 Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 2 of 31 GENERAL FUND REVENUES The following tables provide a more detailed summary of each revenue category within the General Fund. Detailed explanations have been provided for variances from prior year or YTD budget in excess of $100K. All variances are shown in a favorable/(unfavorable) format. TAXES Property Tax – Property tax collections by King County are above prior year. The increase is due to the city increasing the property tax levy the allowable 1% by state law. The amount is below 2024 budget due to timing of property tax remitted from King County. Local Retail Sales Tax – Local retail sales tax exceeded prior year and YTD budget. The majority of the increase in local retail sale tax revenues over the prior year is coming from better than expected construction and service sectors. Construction sales taxes are typically one time revenues, when these taxes are excluded the overall comparison shows no growth over prior year figures. It is important to note that sales tax revenues have a two‐month lag between the time of the sale and the city’s receipt of the sale tax from the State. Please see the June sales tax report for information regarding sales tax figures by industry. Criminal Justice Sales Tax – Criminal justice sales tax represents a 0.1% sales tax imposed by the county for criminal justice purposes. The county must share 90% of the revenue collected with all cities and towns in the county on a per capita basis. The increase in criminal justice sales tax directly relates to the increase in local retail sales tax, as described above. Natural Gas Use Tax – Natural gas use tax represents a 6% tax on the usage of natural gas within the city that has not otherwise been subject to city utility tax. The increase over 2024 budget is due to fluctuations in usage from year to year. The decrease from prior year is driven by overall higher temperatures in 2024 compared to 2023 and is only paid by a limited number of larger companies. Admissions Tax – An increase in admission tax over YTD budget is due to the recent opening of a large new taxpayer in Renton resulting in higher tax collection. The decrease from prior year is also due to the large new taxpayer making lump sum payments of admission tax due to the city in early 2023 relating to 2022 sales. Utility Tax – Electrical and city utilities are the primary drivers of the increase over prior year and amount above YTD budget due to increased customer rates coupled with increased utility usage. Natural gas decrease from prior year is due to higher temperatures in early 2024 compared to 2023. The breakdown of utility tax is as follows: 2023 2024 2024 Actual Budget Actual $ % $ % Property Tax 13,303,522 13,645,300 13,504,221 200,699 1.5%(141,079) ‐1.0% Local Retail Sales Tax 18,242,536 17,423,019 18,650,099 407,563 2.2% 1,227,080 7.0% State Sales Tax Credit 56,793 66,809 55,117 (1,676) ‐3.0% (11,692) ‐17.5% Criminal Justice Sales Tax 1,904,016 1,534,732 1,857,763 (46,253) ‐2.4%323,031 21.0% Natural Gas Use Tax 253,629 135,209 149,730 (103,899) ‐41.0%14,521 10.7% Admission Tax 634,789 351,590 502,455 (132,334) ‐20.8%150,865 42.9% Utility Tax 9,508,889 9,384,769 9,932,200 423,311 4.5% 547,431 5.8% Leasehold Excise Tax 102,376 78,923 126,036 23,660 23.1% 47,113 59.7% Gambling Excise Tax 1,716,042 1,266,539 2,126,418 410,376 23.9% 859,879 67.9% B&O Tax 10,990,552 9,736,504 10,444,014 (546,538) ‐5.0%707,510 7.3% YTD Total 56,713,144$ 53,623,395$ 57,348,053$ 634,909$ 1.1% 3,724,658$ 6.9% Annual Total 112,900,398$ 105,207,534$ Taxes by Type Revenue 2024 vs. 2023 2024 vs. Budget Year to Date through June Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 3 of 31 Gambling Excise Tax – Gambling excise tax can fluctuate based on the economy; therefore, budget is established conservatively and includes a historical average from prior years. Current year revenue is above budget and prior year due to substantial increases from the card games tax. Business and Occupation (B&O) Tax – B&O tax revenues are over budget with the economy doing better than expected and budget conservatively estimated similar to sales taxes. The YTD revenues are below 2023 due to timing of when business and occupation taxes are received which is highly dependent on large taxpayers. LICENSES & PERMITS Business Licenses – The increase of business license revenue over budget is due to the increased outreach by the city’s tax and licensing division. This division is actively performing outreach informing businesses of the licensing requirements within the city. Building Permits – Building permits are collected upon permit issuance. Building permit revenue decreased from prior year due to two large projects that occurred in the first half of 2023, the new Sounders facility and the Wizards of the Coast tenant improvements at the Southport campus. The amount is less than budget largely due to interest rates being so high, the cost to finance new development or building improvements is much higher than in years past. INTERGOVERNMENTAL 2023 2024 2024 Tax by Type YTD Actual YTD Budget YTD Actual $ % $ % Electrical 3,537,518$ 3,427,544$ 3,710,510$ 172,992$ 4.9% $ 282,966 8.3% Natural Gas 1,422,338 1,400,611 1,232,882 (189,456) ‐13.3% (167,729)‐12.0% Cell 244,776 239,327 288,067 43,291 17.7% 48,740 20.4% Phone 312,143 336,892 308,410 (3,733) ‐1.2% (28,482)‐8.5% Cable 547,294 626,128 671,519 124,225 22.7% 45,391 7.3% Garbage 414,309 383,709 427,061 12,752 3.1% 43,352 11.3% City Utilities 3,030,511 2,970,558 3,293,751 263,240 8.7% 323,193 10.9% YTD Total 9,508,889$ 9,384,769$ 9,932,200$ 423,311$ 4.5%547,431$ 5.8% 2024 vs. 2023 2024 vs. Budget 2023 2024 2024 Actual Budget Actual $ % $ % Franchise Fees 732,362 742,374 664,050 (68,312) ‐9.3% (78,324) ‐10.6% Business Licenses 866,217 670,352 834,414 (31,803) ‐3.7%164,062 24.5% Animal Licenses 32,700 33,559 29,650 (3,050) ‐9.3% (3,909) ‐11.6% Building Permits 2,253,205 1,747,062 1,561,971 (691,234) ‐30.7% (185,091) ‐10.6% ROW/Street Excavation Permits 23,385 33,670 15,725 (7,660) ‐32.8% (17,945) ‐53.3% Special Event Permits 340 476 85 (255) ‐75.0% (391) ‐82.2% YTD Total 3,908,209$ 3,227,493$ 3,105,895$ (802,314)$ ‐20.5% (121,598)$ ‐3.8% Annual Total 6,721,960$ 5,625,602$ Year to Date through June Revenue 2024 vs. 2023 2024 vs. Budget Licenses & Permits by Type 2023 2024 2024 Actual Budget Actual $ % $ % State Shared Revenue 2,011,740 1,867,860$ 2,000,557 (11,183)$ ‐0.6%132,697$ 7.1% Federal Grants 335,925 1,604,362 2,746,655 2,410,730 717.6% 1,142,293 71.2% State Grants 94,762 216,564 363,460 268,698 283.6% 146,896 67.8% Local Grants 47,476 67,840 124,365 76,889 162.0% 56,525 83.3% YTD Total 2,489,903$ 3,756,626$ 5,235,037$ 2,745,134$ 110.3% 1,478,411$ 39.4% Annual Total 5,396,038$ 8,024,668$ Intergovernmental by Type Revenue 2024 vs. 2023 2024 vs. Budget Year to Date through June Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 4 of 31 State Shared Revenue – The amount over YTD budget of state shared revenue is due to an Accreditation Grant received from WASPC that was not budgeted as well as higher than anticipated marijuana and fuel tax revenue distribution. State shared revenue is based on consumers and can fluctuate from year to year. The breakdown of state shared revenue is as follows: Federal/State/Local Grants – Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant revenue is budgeted at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award year is carried forward each year until the grant funds are fully received or the grant agreement expires. The variance is largely due to remaining ARPA grant funds that are being recognized in Q1 of 2024. CHARGES FOR SERVICES Public Safety Services – The increase in public safety services from prior year is primarily due to a new contract for the Criminal Justice Training Center in which the city is reimbursed for an officer’s salary while assisting with training new officers. Development Services –The decrease in development services from prior year is due to a decrease in fees related to plan checks and environmental review. In 2023, plan checks were larger for two projects: Cedar River Apartments and the Sounder Center at Longacres. The decrease from budget is similar to building permits, where the cost to borrow funds with the interest rates so high has slowed development overall. Recreation/Farmer’s Market/Events – The decrease from 2023 budget is largely due to a substantial grant received in Q1 of 2023, the SEEK grant of $129K. As we move through the summer months these figures should be more consistent with prior year and budget. The increase over 2024 budget is due to higher participation in community center self‐sustaining programs than projected. Interfund Services – Interfund services revenue increased from prior year due to the newly created sustainability division, which is charged out to utility funds, and cost of living salary increases. The amount under the 2024 budget is due to timing of recording budgeted transfers for capital projects as these are dependent on the timing of the project costs. 2023 2024 2024 Tax by Type YTD Actual YTD Budget YTD Actual$%$% Judicial Contribution 22,478$ 28,487$ 22,392$ (86)$ ‐0.4% (6,095)$ ‐21.4% Crim Just ‐ Pop 18,803 11,967 19,914 1,111 5.9% 7,947 66.4% Crim Just ‐ Spec Prog 66,519 54,962 70,123 3,604 5.4% 15,161 27.6% WASPC Legislative 44,715 ‐ 41,666 (3,049) N/A 41,666 100.0% State DUI 263 8,441 5,872 5,609 2132.7%(2,569) ‐30.4% Marijuana Distribution 136,737 107,003 147,306 10,569 7.7% 40,303 37.7% Liquor Profits 410,938 400,010 407,271 (3,667) ‐0.9%7,261 1.8% Liquor Excise Tax 376,776 385,912 376,268 (508) 99.9%(9,644) ‐2.5% Fuel Tax 934,511 871,078 909,745 (24,766) ‐2.7%38,667 4.4% YTD Total 2,011,740$ 1,867,860$ 2,000,557$ (11,183)$ ‐0.6%132,697$ 7.1% 2024 vs. 2023 2024 vs. Budget 2023 2024 2024 ActualBudgetActual$%$% Passport Fees 4,410 4,727 4,595 185 4.2%(132) ‐2.8% Court Services 67,019 57,412 89,017 21,999 32.8% 31,607 55.1% General Government Services 53 ‐ 47 (7) ‐12.5%47 100.0% Public Safety Services 278,970 439,692 449,370 170,400 61.1% 9,678 2.2% Development Services 1,330,880 1,194,400 1,095,452 (235,428) ‐17.7% (98,949) ‐8.3% Transportation Services 23,578 ‐ 29,650 6,072 25.8% 29,650 100.0% Social Services 78,508 39,022 15,000 (63,508) ‐80.9% (24,022) ‐61.6% Recreation/Farmer's Market/Events 635,711 349,672 536,016 (99,696) ‐15.7%186,344 53.3% Interfund Services 3,084,449 3,690,575 3,381,986 297,536 9.6%(308,589) ‐8.4% YTD Total 5,503,578$ 5,775,500$ 5,601,132$ 97,555$ 1.8%(174,367)$ ‐3.0% Annual Total 11,287,999$ 11,103,924$ Year to Date through June Charges for Services by Type Revenue 2024 vs. 2023 2024 vs. Budget Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 5 of 31 FINES AND PENALTIES Photo Enforcement Program – Photo enforcement is currently under the 2024 budget and prior year due to an 8% decrease in first notices issuances and a 16% decrease overall collections. Additionally, a new collections agency contract in 2023 caused a one‐time increase in collections for Q1 of 2023. Non‐Court Fines, Forfeitures and Penalties – The increase in fines, forfeitures, and penalties over 2024 budget is due to higher levels of business license penalties and code violations, with the largest from a Puget Sound Energy sidewalk project code violation. MISCELLANEOUS REVENUES Interest and Other Investment Earnings – Investment earnings have varied over the past couple of years as the market has seen large fluctuations in interest rates as this revenue is highly influenced by the federal funds rate. Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city holds roughly 50% of the total cash and investments for the city in the LGIP. Rents, Leases, and Concessions – Rents, leases, and concessions revenues are currently over the 2024 budget due to, recreation facility rentals at the Renton Community Center, Senior Activity Center, HMAC, and other locations as the budget reflected a slow recovery from the pandemic and these revenues are recovering faster than anticipated. Other – The amount over budget and prior year is primarily driven by two new substantial unbudgeted opioid settlements in the amount of $780K received in 2024. These settlements are one time funding, therefore, the increase noted above will not be ongoing. 2023 2024 2024 ActualBudgetActual$%$% Civil Penalties 120,740$ 155,952$ 121,022$ 282$ 0.2%(34,930)$ ‐22.4% Photo Enforcement Program 1,753,578 1,864,249 1,501,726 (251,852) ‐14.4% (362,523) ‐19.4% Criminal Traffic Misdemeanor Fines 12,468 23,590 5,617 (6,851) ‐55.0% (17,973) ‐76.2% Criminal Non‐Traffic Fines 1,985 4,378 845 (1,139) ‐57.4% (3,532) ‐80.7% Criminal Costs 12,638 19,039 8,529 (4,110) ‐32.5% (10,510) ‐55.2% Non‐Court Fines, Forfeitures and Penalties 70,142 55,579 163,968 93,826 133.8% 108,389 195.0% YTD Total 1,971,551$ 2,122,786$ 1,801,706$ (169,845)$ ‐8.6% (321,080)$ ‐15.1% Annual Total 3,763,898$ 3,841,442$ Fines and Penalties by Type Revenue 2024 vs. 2023 2024 vs. Budget Year to Date through June 2023 2024 2024 ActualBudgetActual$%$% Interest and Other Investment Earnings 1,401,574$ 119,901$ 2,269,222$ 867,648$ 61.9% 2,149,321$ 1792.6% Rents, Leases, and Concessions 927,923 655,196 957,729 29,806 3.2% 302,533 46.2% Contributions/Donations from Private Sources 20,553 89,173 92,189 71,636 348.5% 3,016 3.4% Other 137,331 119,581 929,211 791,880 576.6% 809,630 677.1% YTD Total 2,487,381$ 983,851$ 4,248,351$ 1,760,970$ 70.8% 3,264,500$ 331.8% Annual Total 5,896,278$ 2,429,892$ Miscellaneous by Type Year to Date through June Revenue 2024 vs. 2023 2024 vs. Budget Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 6 of 31 OTHER FINANCING SOURCES Transfers from Other Funds – The amount under budget is due to the timing of budgeted transfers. Annual transfers occur in December each year. GENERAL FUND EXPENDITURES The following tables summarize expenditures by category for each department within the General Fund. Personnel – Personnel costs are budgeted at 100% of the position cost each year resulting in a budget variance if positions remain open for any part of the year. The increase in personnel costs over prior year is due to filling positions that were previously held vacant in 2023, newly approved positions, as well as cost of living adjustments from newly approved police contract. Personnel costs under budget is due to open positions; there are currently 62 vacancies as of June 30th. Supplies – The amount over budget is primarily due to inflation causing costs for goods being higher. We will do non‐ ordinance budget adjustments to cover the amount over budget where departments had budget savings. Contracted Services ‐ The increase in contracted services over prior year is due to the following: ‐ Police contracted services increased $500K due to increases in the city’s shared costs at SCORE jail and emergency communication services. ‐ Human Services contracts increased $460K from prior year, primarily due to the security services added to the downtown specifically in and around the parking garage. ‐ City Clerk over $300K due to special election costs incurred from the Raise the Wage initiative. Internal Services – The increase from prior year is primarily due to increased costs for insurance and facilities maintenance. 2023 2024 2024 ActualBudgetActual$%$% Transfers from Other Funds ‐$ 938,000$ ‐$ ‐ N/A (938,000) 0.0% Interfund Loan Payment Received 22,212 46,216 22,435 223 1.0%(23,781) ‐51.5% Insurance Recoveries 17,423 ‐ 2,706 (14,717) ‐84.5%2,706 100.0% Sale of Capital Assets ‐ ‐ 20,700 20,700 100.0% 20,700 100.0% YTD Total 39,635$ 984,216$ 45,841$ 6,206$ 15.7%(938,375)$ ‐95.3% Annual Total 1,936,996$ 984,216$ Revenue 2024 vs. 2023 2024 vs. Budget Year to Date through June Other Financing Sources by Type General Fund Summary of Uses 2023 Year to Date through June YTD Actual YTD Budget YTD Actual $%$% Personnel 35,961,285$ 42,036,617$ 37,442,339$ (1,481,054)$ ‐4.1%4,594,278$ 10.9% Supplies 1,139,336 987,095 1,178,139 (38,803) ‐3.4% (191,044) ‐19.4% Contracted Services 10,213,027 12,535,883 11,707,481 (1,494,454) ‐14.6%828,402 6.6% Capital Outlay 120,634 4,548 71,674 48,960 40.6%(67,126) ‐1475.9% Internal Services 10,245,374 10,487,287 10,487,290 (241,916) ‐2.4% (4) 0.0% Transfers Out 15,539 ‐ ‐ 15,539 100.0%‐ 0.0% Total Expenditures 57,695,195 66,051,429 60,886,923 (3,191,728) ‐5.5% 5,164,506 7.8% Annual Total 132,691,388 148,732,189 2024 2024 vs. 2023 2024 vs. Budget Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 7 of 31 DEBT SERVICE FUNDS 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. YTD budgets are not prepared for debt service funds. GENERAL GOVERNMENTAL MISCELLANEOUS DEBT FUND The General Governmental Miscellaneous Debt Fund is the only debt service fund maintained by the city. Investment Earnings ‐ Investment earnings have varied over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city holds roughly 50% of the total cash and investments for the city in the LGIP. Principal – Decrease in principal is due to a prior year payment on the FD40 loan, which was paid off in May 2023. The remainder of the principal expenditures will be paid in Q4 of 2024. Interest – The amount under budget is due to timing of debt payments. The remainder of interest on debt will be paid in Q4 of 2024. Transfers In – The amount under budget is due to the timing of budgeted transfers. Annual transfers occur in December each year. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Grants / intergovernmental 38,319$ 32,642$ 16,192$ (22,127)$ (16,450)$ 49.60% Investment Earnings 71,645 ‐ 105,102 33,457 105,102 N/A TOTAL REVENUES 109,964 32,642 121,294 11,330 88,652 371.59% EXPENDITURES: Principal 2,533,188 1,995,000 ‐ 2,533,188 1,995,000 0.00% Interest 582,994 965,690 479,745 103,249 485,945 49.68% TOTAL EXPENDITURES 3,116,182 2,960,690 479,745 2,636,437 2,480,945 16.20% Transfers In 2,595,376 3,120,775 ‐ (2,595,376) (3,120,775) 0.00% NET TRANSFERS 2,595,376 3,120,775 ‐ (2,595,376) (3,120,775) 0.00% CHANGE IN FUND BALANCE (410,843) 192,727 (358,451) 52,392 (551,178) ‐185.99% BEGINNING FUND BALANCE, Jan 1 5,262,665 5,412,174 5,412,174 149,509 ‐ 100.00% ENDING FUND BALANCE, Jun 30 4,851,822$ 5,604,901$ 5,053,723$ 201,901$ (551,178)$ 90.17% Debt Service Reserve 2,717,575 2,717,575 2,717,575 AVAILABLE FUND BALANCE 2,134,247$ 2,887,326$ 2,336,148$ VARIANCE FAVORABLE (UNFAVORABLE) GENERAL GOVERNMENTAL MISCELLANEOUS DEBT Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 8 of 31 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. YTD budgets are not prepared for special revenue funds. Detailed explanations will be provided for material differences between prior year and or budgeted amounts. Hotel/Motel Fund The Hotel/Motel Fund accounts for monies collected through an increase of 1% in hotel/motel taxes for the purpose of increasing tourism in the City of Renton, as authorized under RCW 67.28.180. The Lodging Tax Advisory Committee solicits applications for awards and brings their recommendations to Council for approval at least once per year. Awards for events are paid to applicants at the conclusion of the event once certain reporting requirements have been met. Cable Communications Fund The Cable Communications Fund accounts for funding for promotion and development of cable communications as established by city ordinance. The main use of the fund is to support the broadcasting of City Council meetings on Channel 21. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Taxes 217,060$ 434,000$ 217,756$ 696$ (216,244)$ 50.17% Contributions ‐ 35,000 25,000 25,000 (10,000) 71.43% Investment Earnings 11,200 ‐ 18,704 7,504 18,704 N/A TOTAL REVENUES 228,260 469,000 261,460 33,200 (207,540) 55.75% EXPENDITURES: Contracted Services 74,041 460,604 139,040 (64,999) 321,564 30.19% TOTAL EXPENDITURES 74,041 460,604 139,040 (64,999) 321,564 30.19% Transfers Out ‐ (10,000) ‐ ‐ ‐ N/A NET TRANSFERS ‐ (10,000) ‐ ‐ ‐ N/A CHANGE IN FUND BALANCE 154,219 (1,604) 122,420 (31,799) 124,024 ‐7632.17% BEGINNING FUND BALANCE, Jan 1 712,384 889,272 889,272 176,888 ‐ 124.83% ENDING FUND BALANCE, Jun 30 866,603$ 887,668$ 1,011,692$ 145,089$ 124,024$ 116.74% VARIANCE FAVORABLE (UNFAVORABLE) HOTEL/MOTEL 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Licenses and permits 27,950$ 57,674$ 24,041$ (3,909)$ (33,633)$ 41.68% Investment Earnings 6,331 ‐ 7,314 983 7,314 N/A TOTAL REVENUES 34,281 57,674 31,355 (2,926) (26,319) 54.37% EXPENDITURES: Supplies 21,238 6,302 2,755 (18,483) 3,547 43.72% Contracted Services 62,023 51,372 26,054 (35,969) 25,318 50.72% Capital Outlay ‐ 40,000 ‐ ‐ 40,000 0.00% TOTAL EXPENDITURES 83,261 97,674 28,809 (54,452) 68,865 29.50% Transfers In ‐ ‐ ‐ ‐ ‐ N/A NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A CHANGE IN FUND BALANCE (48,980) (40,000) 2,546 51,526 42,546 N/A BEGINNING FUND BALANCE, Jan 1 453,147 358,300 358,300 (94,847) ‐ 100.00% ENDING FUND BALANCE, Jun 30 404,167$ 318,300$ 360,846$ (43,321)$ 42,546$ 113.37% CABLE COMMUNICATIONS VARIANCE FAVORABLE (UNFAVORABLE) Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 9 of 31 Housing & Supportive Services In accordance with HB 1590, the City Council passed ORD 5983 authorizing an additional 0.1% sales and use tax, effective January 1, 2021. The additional sales and use tax is restricted for housing and related services, in accordance with RCW 82.14.530. Taxes – Taxes have exceeded prior year and are currently on track to exceed the annual budget. This tax revenue will increase or decrease with the economy as it is a direct sales tax upon consumer purchases. Investment Earnings ‐ Investment earnings have varied over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city holds roughly 50% of the total cash and investments for the city in the LGIP. Contracted Services – The increase over prior year is due to a contract for behavioural and mental health services and assisting with FD CARES plan for the city. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Taxes 2,142,926$ 3,500,000$ 2,194,904$ 51,978$ (1,305,096)$ 62.71% Investment Earnings 99,320 ‐ 227,385 128,065 227,385 N/A TOTAL REVENUES 2,242,246 3,500,000 2,422,289 180,043 (1,077,711) 69.21% EXPENDITURES: Contracted Services 15,000 309,000 144,719 129,719 164,281 46.83% TOTAL EXPENDITURES 15,000 309,000 144,719 129,719 164,281 46.83% Transfers In ‐ ‐ ‐ ‐ ‐ N/A Transfers Out ‐ ‐ ‐ ‐ ‐ N/A NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A CHANGE IN FUND BALANCE 2,227,246 3,191,000 2,277,570 50,324 (913,430) 71.37% BEGINNING FUND BALANCE, Jan 1 6,110,390 10,811,847 10,811,847 4,701,457 ‐ 100.00% ENDING FUND BALANCE, Jun 30 8,337,636$ 14,002,847$ 13,089,417$ 4,751,781$ (913,430)$ 93.48% HOUSING & SUPPORTIVE SERVICES VARIANCE FAVORABLE (UNFAVORABLE) Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 10 of 31 Springbrook Wetlands Fund The Springbrook Wetlands Fund was established in 2007 for the purpose of providing accounting for the Springbrook Creek Wetland and Habitat Mitigation Bank project. The proceeds of selling wetlands credits will be used to fund the ongoing maintenance of the wetland in perpetuity. Police Seizure Fund The Police Seizure Fund was established in the 2nd quarter of 2020 for the purpose of providing transparency in the accounting for assets seized by Police in accordance with RCW 9A.83.030 and 69.50.505, previously accounted for within the General Fund. These seizure funds are restricted to use exclusively for the expansion and improvement of controlled substances related law enforcement activity. The total fund balance remaining at the end of the year is budgeted in full the following year. Contributions – The contribution revenue over prior year is due to a large seizure that took place in Q2 2024. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Grants / intergovernmental 4,011$ 4,011$ 4,132$ 120$ 120$ 103.00% Investment Earnings 7,015 ‐ 13,839 6,824 13,839 N/A TOTAL REVENUES 258,878 4,011 17,971 (240,907) 13,959 448.04% EXPENDITURES: Personnel 6,142 ‐ 3,076 3,065 (3,076) N/A Contracted Services 4,132 40,000 261 3,871 39,739 0.65% TOTAL EXPENDITURES 10,273 40,000 3,337 6,936 36,663 8.34% NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A CHANGE IN FUND BALANCE 248,605 (35,989) 14,634 (233,971) 50,623 N/A BEGINNING FUND BALANCE, Jan 1 454,628 711,118 711,118 256,490 ‐ 100.00% ENDING FUND BALANCE, Jun 30 703,233$ 675,129$ 725,752$ 22,519$ 50,623$ 107.50% SPRINGBROOK WETLANDS VARIANCE FAVORABLE (UNFAVORABLE) 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Contributions 106,159$ ‐$ 393,772$ 287,612$ 393,772$ N/A Investment Earnings 5,117 ‐ 12,022 6,905 12,022 N/A TOTAL REVENUES 111,276 ‐ 405,794 294,517 405,794 N/A EXPENDITURES: Supplies 448 731,928 11,473 11,025 720,455 1.57% Contracted Services 20,624 ‐ 104,123 83,499 (104,123) N/A Capital Outlay ‐ ‐ 86,900 86,900 (86,900) N/A TOTAL EXPENDITURES 21,072 731,928 202,496 181,424 529,432 27.67% Transfers Out ‐ ‐ ‐ ‐ ‐ N/A NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A CHANGE IN FUND BALANCE 90,204 (731,928) 203,298 113,093 935,226 N/A BEGINNING FUND BALANCE, Jan 1 339,814 731,928 731,928 392,114 ‐ 100.00% ENDING FUND BALANCE, Jun 30 430,018$ ‐$ 935,226$ 505,208$ 935,226$ N/A POLICE SEIZURE VARIANCE FAVORABLE (UNFAVORABLE) Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 11 of 31 Police CSAM Seizure Fund The Police CSAM Seizure Fund was established in the 2nd quarter of 2020 for the purpose of providing transparency in the accounting for assets seized by Police in accordance with RCW 9A.88.150, previously accounted for within the General Fund. These seizure funds are restricted to the exclusive use of enforcing the provisions of chapter 9A.88 RCW, Indecent Exposure‐ Prostitution, or chapter 9.68A RCW, Sexual Exploitation of Children. Affordable Housing Development Per ordinance 6137, in 2024, a new fund was created fund 150, Affordable Housing Development Fund. The city expanded its current affordable housing program under RMC‐4‐9‐065 to allow receipt of additional payment from developers who prefer to contribute financially towards the development of low‐income housing rather than incorporate such housing within developments. The purpose of the fund is to provide a way to account for revenue and expenditure of said payments. Charges for Services – The amount under budget is due to a fee in lieu payment to be recorded in Q3. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Fines and penalties 490$ ‐$ 1,670$ 1,180$ 1,670$ N/A Investment Earnings 2,382 ‐ 2,657 275 2,657 N/A TOTAL REVENUES 2,872 ‐ 4,327 1,455 4,327 N/A EXPENDITURES: Contracted Services 4,544 169,577 44 (4,500) 169,533 0.03% Capital Outlay ‐ ‐ 40,278 40,278 (40,278) N/A TOTAL EXPENDITURES 4,544 169,577 40,322 35,778 129,255 23.78% NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A CHANGE IN FUND BALANCE (1,672) (169,577) (35,995) (34,323) 133,582 N/A BEGINNING FUND BALANCE, Jan 1 172,804 169,577 169,577 (3,227) ‐ 100.00% ENDING FUND BALANCE, Jun 30 171,132$ ‐$ 133,582$ (37,550)$ 133,582$ N/A POLICE CSAM SEIZURE VARIANCE FAVORABLE (UNFAVORABLE) 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Charges for services ‐ 292,000 ‐ ‐ (292,000) 0.00% TOTAL REVENUES ‐ 292,000 ‐ ‐ (292,000) 0.00% EXPENDITURES: TOTAL EXPENDITURES ‐ ‐ ‐ ‐ ‐ N/A Transfers In ‐ ‐ ‐ ‐ ‐ N/A Transfers Out ‐ ‐ ‐ ‐ ‐ N/A NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A CHANGE IN FUND BALANCE ‐ 292,000 ‐ ‐ (292,000) 0.00% BEGINNING FUND BALANCE, Jan 1 ‐ ‐ ‐ ‐ ‐ N/A ENDING FUND BALANCE, Jun 30 ‐$ 292,000$ ‐$ ‐$ (292,000)$ 0.00% AFFORDABLE HOUSING DEVELOPMENT VARIANCE FAVORABLE (UNFAVORABLE) Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 12 of 31 Fire Impact Mitigation Fund This fund accounts for fire impact fees collected from developers as authorized under RCW 82.02.050‐.110. These fees are used to offset the cost of system improvements necessary to serve the new development. The impact fee collections are subsequently disbursed to the Renton Regional Fire Authority for use on qualifying capital projects. Charges for Services and Contracted Services – Charges for services and contracted services have decreased from prior year and are behind the expected budget percentage through June. The impact fee revenues are collected from developers and may significantly fluctuate year to year based on the development projects around the city. Transfer Out – The decrease from prior year is due to the payoff of debt in 2023 transfers out to the debt fund are no longer required. School District Impact Mitigation This fund accounts for school district impact fees collected from developers as authorized under RCW 82.02.050‐.110. These fees are used to help offset the cost of system improvements necessary to service the new development. Impact fees are held in this fund and subsequently transferred to the Kent, Issaquah, or Renton School District for use on qualifying capital projects. Charges for Services and Contracted Services – Charges for services and contracted services have decreased from prior year and are behind the expected budget percentage through June. The impact fee revenues are collected from developers and may significantly fluctuate year to year based on the development projects around the city. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Charges for services 29,416$ 200,000$ 20,246$ (9,170)$ (179,754)$ 10.12% Investment Earnings 30,951 ‐ ‐ (30,951) ‐ N/A TOTAL REVENUES 60,367 200,000 20,246 (40,121) (179,754) 10.12% EXPENDITURES: Contracted Services 187,518 200,000 15,248 (172,270) 184,752 7.62% TOTAL EXPENDITURES 187,518 200,000 15,248 (172,270) 184,752 7.62% Transfers Out (2,595,376) ‐ ‐ 2,595,376 ‐ N/A NET TRANSFERS (2,595,376) ‐ ‐ (2,595,376) ‐ N/A CHANGE IN FUND BALANCE (2,722,527) ‐ 4,998 2,727,525 4,998 #DIV/0! BEGINNING FUND BALANCE, Jan 1 2,724,187 ‐ ‐ (2,724,187) ‐ N/A ENDING FUND BALANCE, Jun 30 1,660$ ‐$ 4,998$ 3,338$ 4,998$ N/A FIRE IMPACT MITIGATION VARIANCE FAVORABLE (UNFAVORABLE) 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Charges for services 121,821$ 600,000$ 50,086$ (71,735)$ (549,914)$ 8.35% Investment Earnings 306 ‐ 343 37 343 N/A TOTAL REVENUES 122,127 600,000 50,429 (71,697) (549,571) 8.40% EXPENDITURES: Contracted Services 116,195 600,000 48,031 (68,164) 551,969 8.01% TOTAL EXPENDITURES 116,195 600,000 48,031 (68,164) 551,969 8.01% NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A CHANGE IN FUND BALANCE 5,932 ‐ 2,398 (3,534) 2,398 N/A BEGINNING FUND BALANCE, Jan 1 ‐ 34 34 34 ‐ 100.00% ENDING FUND BALANCE, Jun 30 5,932$ 34$ 2,432$ (3,500)$ 2,398$ 7152.94% SCHOOL DISTRICT IMPACT MITIGATION VARIANCE FAVORABLE (UNFAVORABLE) Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 13 of 31 CAPITAL PROJECT FUNDS Capital project funds are used to account for the acquisition and construction of major capital facilities and equipment. YTD budgets are not prepared for capital project funds. Project budgets are adopted when funding is secured, and balances are carried forward each year until they are either 1) fully spent or 2) reallocated to another project through the budget adjustment process. Detailed explanations will be provided for material differences between prior year and or budgeted amounts. Community Services Impact Mitigation Fund This fund accounts for park impact fees collected from developers as authorized under RCW 82.02.050‐.110. These fees are used to help offset the cost of system improvements necessary to service the new development. Impact fees are held in this fund and subsequently transferred to the Municipal Facilities CIP Fund when qualifying capital projects are budgeted. Transportation Impact Mitigation Fund This fund accounts for transportation impact fees collected from developers as authorized under RCW 82.02.050‐.110. These fees are used to offset the cost of system improvements necessary to serve the new development. Impact fees are held in this fund and subsequently transferred to the Capital Improvement Fund when qualifying projects are budgeted. Charges for Services – The decrease from prior year is primarily due to decreased impact fees from development projects. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Charges for services 77,825$ 86,500$ 55,700$ (22,125)$ (30,800)$ 64.39% Investment Earnings 22,836 ‐ 13,766 (9,070) 13,766 N/A TOTAL REVENUES 100,661 86,500 69,466 (31,195) (17,034) 80.31% EXPENDITURES: TOTAL EXPENDITURES ‐ ‐ ‐ ‐ ‐ N/A Transfers In ‐ ‐ ‐ ‐ ‐ N/A Transfers Out ‐ (525,000) ‐ ‐ (525,000) 0.00% NET TRANSFERS ‐ (525,000) ‐ ‐ 525,000 0.00% CHANGE IN FUND BALANCE 100,661 (438,500) 69,466 (31,195) 507,966 ‐15.84% BEGINNING FUND BALANCE, Jan 1 1,595,389 681,333 681,333 (914,056) ‐ 100.00% ENDING FUND BALANCE, Jun 30 1,696,050$ 242,833$ 750,799$ (945,251)$ 507,966$ 309.18% COMMUNITY SERVICES IMPACT MITIGATION VARIANCE FAVORABLE (UNFAVORABLE) 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Charges for services 515,918$ 511,152$ 352,395$ (163,523)$ (158,757)$ 68.94% Investment Earnings 100,082 ‐ 47,048 (53,034) 47,048 N/A TOTAL REVENUES 616,000 511,152 399,443 (216,557) (111,709) 78.15% EXPENDITURES: TOTAL EXPENDITURES ‐ ‐ ‐ ‐ ‐ N/A Transfers Out ‐ (100,000) ‐ ‐ (100,000) 0.00% NET TRANSFERS ‐ (100,000) ‐ ‐ (100,000) 0.00% CHANGE IN FUND BALANCE 616,000 411,152 399,443 (216,557) (11,709) N/A BEGINNING FUND BALANCE, Jan 1 6,964,011 2,220,270 2,220,270 (4,743,741) ‐ 100.00% ENDING FUND BALANCE, Jun 30 7,580,011$ 2,631,422$ 2,619,713$ (4,960,298)$ (11,709)$ 99.56% TRANSPORTATION IMPACT MITIGATION VARIANCE FAVORABLE (UNFAVORABLE) Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 14 of 31 REET 1 Fund This fund was established in the 2nd quarter of 2020 to account for the first quarter percent of real estate excise tax (REET) levied in accordance with RCW 82.46.010. The tax may be used for eligible capital projects, as defined in RCW.82.46.010(6), that are included in the capital facilities element of the city’s comprehensive plan. REET 1 tax revenues are held in this fund and subsequently transferred to the appropriate capital project fund when qualifying projects are budgeted. Taxes – The increase in taxes from prior year are due to increased real estate transactions which were at low levels in 2023. As interest rates fluctuate, we may continue to see some impact on real estate excise taxes. REET 2 Fund This fund was established in the 2nd quarter of 2020 to account for the second quarter percent of real estate excise tax (REET) levied in accordance with RCW 82.46.035. The tax may be used for eligible capital projects, as defined in RCW.82.46.035(5), that are included in the capital facilities element of the city’s comprehensive plan. REET 2 tax revenues are held in this fund and subsequently transferred to the appropriate capital project fund when qualifying projects are budgeted. Taxes – The increase in taxes from prior year are due to increased real estate transactions which were at low levels in 2023. As interest rates fluctuate, we may continue to see some impact on real estate excise taxes. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Taxes 1,053,793$ 2,300,000$ 1,549,764$ 495,971$ (750,236)$ 67.38% Investment Earnings 48,078 ‐ 45,843 (2,235) 45,843 N/A TOTAL REVENUES 1,101,871 2,300,000 1,595,607 493,736 (704,393) 69.37% EXPENDITURES: TOTAL EXPENDITURES ‐ ‐ ‐ ‐ ‐ N/A Transfers In ‐ ‐ ‐ ‐ ‐ N/A Transfers Out ‐ ‐ ‐ ‐ ‐ N/A NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A CHANGE IN FUND BALANCE 1,101,871 2,300,000 1,595,607 493,736 (704,393) 69.37% BEGINNING FUND BALANCE, Jan 1 3,049,711 1,765,153 1,765,153 (1,284,558) ‐ 100.00% ENDING FUND BALANCE, Jun 30 4,151,582$ 4,065,153$ 3,360,760$ (790,822)$ (704,393)$ 82.67% REET 1 VARIANCE FAVORABLE (UNFAVORABLE) 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Taxes 1,053,792$ 2,300,000$ 1,549,765$ 495,973$ (750,235)$ 67.38% Investment Earnings 89,563 ‐ 72,586 (16,977) 72,586 N/A TOTAL REVENUES 1,143,355 2,300,000 1,622,351 478,996 (677,649) 70.54% EXPENDITURES: TOTAL EXPENDITURES ‐ ‐ ‐ ‐ ‐ N/A Transfers In ‐ ‐ ‐ ‐ ‐ N/A Transfers Out ‐ (4,183,425) ‐ ‐ (4,183,425) 0.00% NET TRANSFERS ‐ (4,183,425) ‐ ‐ 4,183,425 0.00% CHANGE IN FUND BALANCE 1,143,355 (1,883,425) 1,622,351 478,996 3,505,776 ‐86.14% BEGINNING FUND BALANCE, Jan 1 6,019,961 3,145,503 3,145,503 (2,874,458) ‐ 100.00% ENDING FUND BALANCE, Jun 30 7,163,316$ 1,262,078$ 4,767,854$ (2,395,462)$ 3,505,776$ 377.78% REET 2 VARIANCE FAVORABLE (UNFAVORABLE) Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 15 of 31 Municipal Facilities CIP Fund This fund accounts for general governmental facility construction, improvement, and renovation; property acquisitions for parks and city space needs; parks development and equipment; and major maintenance of existing general governmental assets. Transportation capital improvements are accounted for in a separate fund. Grants/intergovernmental – Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant revenue is budgeted at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award year is carried forward each year until the grant funds are fully received or the grant agreement expires. The increase from prior year is largely due to receiving grant funds for the downtown streetscape project. Investment Earnings – Investment earnings have varied over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city holds roughly 50% of the total cash and investments for the city in the LGIP. Contracted Services – Contracted services are largely project driven and are dependent on the project timeline. The increase from 2023 levels is largely due to large non‐capital projects, such as the demolition of the 300 Rainier building for 180K. Capital Outlay – Capital outlay fluctuates greatly with capital project schedules and contractor’s billings. The decrease from prior year is due to large bond projects: Kiwanis Park ($1.5 million), Philip Arnold Park Improvements ($3 million), and Coulon Park Waterwalk ($3.2 million). 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Grants / intergovernmental 1,807,815$ 7,866,112$ 1,010,908$ (796,907)$ (6,855,204)$ 12.85% Contributions ‐ ‐ 26,457 26,457 26,457 N/A Investment Earnings 306,052 ‐ 418,782 112,730 418,782 N/A TOTAL REVENUES 2,135,112 7,866,112 1,456,147 (678,965) (6,409,965) 18.51% EXPENDITURES: Personnel 26,719 41,000 31,559 4,840 9,441 76.97% Contracted Services 278,517 11,721,573 545,516 266,999 11,176,057 4.65% Capital Outlay 9,590,339 18,907,985 2,878,069 (6,712,270) 16,029,916 15.22% TOTAL EXPENDITURES 9,895,575 30,670,558 3,455,144 (6,440,431) 27,215,414 11.27% Transfers In ‐ 9,837,858 ‐ ‐ (9,837,858) 0.00% Transfers Out ‐ (174,955) (164,955) (164,955) (10,000) N/A NET TRANSFERS ‐ 9,662,903 (164,955) 164,955 (9,827,858) ‐1.71% CHANGE IN FUND BALANCE (7,760,463) (13,141,543) (2,163,952) 5,596,511 10,977,591 16.47% BEGINNING FUND BALANCE, Jan 1 24,671,384 21,980,020 21,980,020 (2,691,364) ‐ 100.00% ENDING FUND BALANCE, Jun 30 16,910,921$ 8,838,477$ 19,816,068$ 2,905,147$ 10,977,591$ 224.20% MUNICIPAL FACILITIES CIP VARIANCE FAVORABLE (UNFAVORABLE) Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 16 of 31 Capital Improvement Fund This fund accounts for the city’s transportation capital projects. Capital projects are budgeted in their entirety at the inception of the project; funds are spent as the project progresses and may span over multiple years. Grants/Intergovernmental– Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of grant awards procured, timing of grant expenditures, and reimbursement of related expenditures. Grant revenue is budgeted at 100% of award at the time the grant agreement is executed, sometimes resulting in a budget variance due to reimbursement of grant expenditures occurring in a future year. Any grant revenue not received in award year is carried forward each year until the grant funds are fully received or the grant agreement expires. The decrease from prior year largely relates to the timing of revenue recognition of grant revenue from the Wells & Williams project received in 2023. Investment Earnings – Investment earnings have varied over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city holds roughly 50% of the total cash and investments for the city in the LGIP. Contributions – The amount over prior year is due to the contribution from private contributors for the Rainier Ave Phase 4 project. Capital Outlay – Increase in capital outlay expenditures from prior year is due to large ongoing projects reaching significant completion dates. Largest increase includes Rainier Phase 4 which incurred significant expenditures at the beginning of 2024 ($2.2M). 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Grants / intergovernmental 3,735,568$ 25,552,089$ 3,882,335$ 146,767$ (21,669,754)$ 15.19% Charges for services 9,862 90,225 650 (9,212) (89,575) 0.72% Contributions 200,000 2,582,253 3,072,893 2,872,893 490,640 119.00% Investment Earnings 205,564 ‐ 292,006 86,442 292,006 N/A TOTAL REVENUES 4,150,994 30,849,567 7,594,771 3,443,777 (23,254,796) 24.62% EXPENDITURES: Personnel 16,617 18,415 34,273 17,656 (15,858) 186.11% Supplies 28,455 17,913 ‐ (28,455) 17,913 0.00% Contracted Services 74,308 599,434 66,345 (7,963) 533,089 11.07% Capital Outlay 4,261,494 44,318,041 7,046,722 2,785,228 37,271,319 15.90% Internal Services 26,500 56,000 28,000 1,500 28,000 50.00% TOTAL EXPENDITURES 4,407,374 45,009,803 7,175,340 2,767,966 37,834,463 15.94% Transfers In ‐ 2,889,000 ‐ ‐ (2,889,000) 0.00% Transfers Out ‐ (18,000) ‐ ‐ 18,000 N/A NET TRANSFERS ‐ 2,871,000 ‐ ‐ (2,907,000) 0.00% CHANGE IN FUND BALANCE (256,380) (11,289,236) 419,431 675,811 11,708,667 N/A BEGINNING FUND BALANCE, Jan 1 12,561,975 15,282,117 15,282,117 2,720,142 ‐ 100.00% ENDING FUND BALANCE, Jun 30 12,305,595$ 3,992,881$ 15,701,548$ 3,395,953$ 11,708,667$ 393.24% CAPITAL IMPROVEMENT VARIANCE FAVORABLE (UNFAVORABLE) Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 17 of 31 Family First Center Fund This fund is used to account for the construction of the new Family First Center. Funds accumulated for the construction of the Family First Center are maintained in the fund balance until such time that Council authorizes their use through the approval of contracts and additional project budget is established through the budget adjustment process. Contributions – The amount over budget is due to timing of receiving outstanding contributions related to 2023 project change orders. Capital Outlay – Decrease from prior year is due to the project timeline, the project was completed in 2023 and has not incurred expenditures this year. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Grants / intergovernmental 20,000$ ‐$ ‐$ (20,000)$ ‐$ N/A Contributions 2,980,000 ‐ 145,522 (2,834,478) 145,522 N/A Investment Earnings 32,260 ‐ 71,403 39,143 71,403 N/A TOTAL REVENUES 3,032,260 ‐ 216,925 (2,815,335) 216,925 N/A EXPENDITURES: Contracted Services ‐ ‐ ‐ ‐ ‐ N/A Capital Outlay 2,014,827 ‐ ‐ (2,014,827) ‐ N/A TOTAL EXPENDITURES 2,014,827 ‐ ‐ (2,014,827) ‐ N/A Transfers In ‐ ‐ ‐ ‐ ‐ N/A Transfers Out ‐ ‐ ‐ ‐ ‐ N/A NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A CHANGE IN FUND BALANCE 1,017,433 ‐ 216,925 (800,508) 216,925 N/A BEGINNING FUND BALANCE, Jan 1 2,795,295 3,643,436 3,643,436 848,141 ‐ 100.00% ENDING FUND BALANCE, Jun 30 3,812,728$ 3,643,436$ 3,860,361$ 47,633$ 216,925$ 105.95% FAMILY FIRST CENTER VARIANCE FAVORABLE (UNFAVORABLE) Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 18 of 31 ENTERPRISE FUNDS Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business enterprises. YTD budgets are not prepared for Enterprise Funds. Most Enterprise Funds maintain two separate “management funds”, an operating fund and a capital fund. The funds are consolidated for budget/reporting purposes. Operating budgets lapse at the end of the year. Project budgets are adopted when funding is secured, and balances are carried forward each year until they are either 1) fully spent or 2) reallocated to another project through the budget adjustment process. Detailed explanations will be provided for material differences between prior year and or budgeted amounts. Airport Fund This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and maintenance of the Renton Municipal Airport. Grants/Intergovernmental – The increase from prior year is largely due to the receipt of an FAA grant for the Taxiway Alpha Rehabilitation project. Charges for Services – The decrease from prior year is due to a one‐time large payment in 2023 for a large lease agreement that was finalized. Investment Earnings – Investment earnings have varied over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is adjusted. Capital Outlay ‐ The increase from prior year is due to work on the airport office rehabilitation project in 2024. The amount under budget is due to several large projects delayed, including $1.3M for Taxiway Alpha Rehabilitation. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Grants / intergovernmental 29,954$ 1,136,896$ 272,007$ 242,053$ (864,889)$ 23.93% Charges for services 3,248,676 4,826,162 2,256,903 (991,773) (2,569,259) 46.76% Interest and other misc 132,150 3,857 226,856 94,706 222,999 5881.67% TOTAL REVENUES 3,410,780 5,966,915 2,755,766 (655,014) (3,211,149) 46.18% EXPENSES: Personnel 559,665 1,677,162 601,986 (42,321) 1,075,176 35.89% Supplies 41,413 47,630 50,412 (8,999) (2,782) 105.84% Contracted Services 222,916 482,855 281,889 (58,973) 200,966 58.38% Internal Services 222,848 457,549 228,775 (5,927) 228,774 50.00% TOTAL OPERATING EXPENSES 1,046,842 2,665,196 1,163,062 (116,220) 1,502,134 43.64% AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 2,363,938 3,301,719 1,592,704 (771,234) (1,709,015) 48.24% TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A CAPITAL OUTLAY 290,891 7,464,493 704,618 (413,727) 6,759,875 9.44% TRANSFERS OUT ‐ (2,900) ‐ ‐ (2,900) N/A NET TRANSFERS ‐ 162,055 164,955 164,955 2,900 101.79% CHANGE IN FUND BALANCE 2,073,047 (4,000,719) 1,053,041 (1,020,006) 5,053,760 N/A BEGINNING FUND BALANCE, Jan 1 8,925,690 11,276,837 11,276,837 2,351,147 ‐ 100.00% ENDING FUND BALANCE, Jun 30 10,998,737$ 7,276,118$ 12,329,878$ 1,331,141$ 5,053,760$ 169.46% Operating Reserve 216,784 282,520 282,520 AVAILABLE FUND BALANCE 10,781,953$ 6,993,598$ 12,047,358$ VARIANCE AIRPORT Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 19 of 31 Solid Waste Fund This fund accounts for revenues and expenses for administration and operating of solid waste, recycling, and yard waste collection services for the city. Grants/intergovernmental – The decrease from prior year is due to timing of receiving funding, which is based on when allowable costs occur. The amount under budget is due to timing of receiving contributions from King County for the city’s participation in the Re+ initiative to minimize waste and regenerate natural systems. Charges for Services – This account will fluctuate based on when actual payments are received for services. The increase from prior year is largely due to an increase in rates charged to Renton customers. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Grants / intergovernmental 165,834$ 498,139$ 68,987$ (96,847)$ (429,152)$ 13.85% Charges for services 12,348,401 25,648,540 13,221,123 872,722 (12,427,417) 51.55% Interest and other misc 51,248 5,000 72,331 21,083 67,331 1446.62% TOTAL REVENUES 12,565,483 26,151,679 13,362,441 796,958 (12,789,238) 51.10% EXPENSES: Personnel 276,290 767,267 309,853 (33,563) 457,414 40.38% Supplies 9,616 28,100 6,939 2,677 21,161 24.69% Contracted Services 10,154,502 25,697,101 10,100,089 54,413 15,597,012 39.30% Internal Services 263,508 543,910 271,955 (8,447) 271,955 50.00% TOTAL OPERATING EXPENSES 10,703,916 27,036,378 10,688,836 15,080 16,347,542 39.54% AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 1,861,567 (884,699) 2,673,605 812,038 3,558,304 N/A TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A TRANSFERS OUT ‐ (9,185) ‐ ‐ (9,185) N/A NET TRANSFERS ‐ (9,185) ‐ ‐ 9,185 N/A CHANGE IN FUND BALANCE 1,861,567 (893,884) 2,673,605 812,038 3,567,489 N/A BEGINNING FUND BALANCE, Jan 1 3,951,191 3,928,543 3,928,543 (22,648) ‐ 100.00% ENDING FUND BALANCE, Jun 30 5,812,758$ 3,034,659$ 6,602,148$ 789,390$ 3,567,489$ 217.56% Operating Reserve 400,000 400,000 400,000 AVAILABLE FUND BALANCE 5,412,758$ 2,634,659$ 6,202,148$ SOLID WASTE VARIANCE Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 20 of 31 Golf Course Fund This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and maintenance of the Maplewood Golf Course. Charges for Services – The increase over prior year is due to higher green fees charged in 2024. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Charges for services 1,418,494$ 3,106,080$ 1,540,623$ 122,129$ (1,565,457)$ 49.60% Rents, leases, and misc fees 271,148 544,675 263,663 (7,485) (281,012) 48.41% Interest and other misc 27,709 1,370 43,632 15,923 42,262 3184.82% TOTAL REVENUES 1,717,351 3,652,125 1,847,918 130,567 (1,804,207) 50.60% EXPENSES: Personnel 872,151 1,925,976 932,999 (60,848) 992,977 48.44% Supplies 238,038 312,500 245,750 (7,712) 66,750 78.64% Contracted Services 77,308 227,200 122,288 (44,980) 104,912 53.82% Internal Services 234,167 480,398 240,199 (6,032) 240,199 50.00% TOTAL OPERATING EXPENSES 1,421,664 2,946,074 1,541,236 (119,572) 1,404,838 52.31% AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 295,687 706,051 306,682 10,995 (399,369) 43.44% DEBT SERVICE: Principal 22,212 44,982 22,435 (223) 22,547 49.88% Interest 896 1,234 673 223 561 54.54% TOTAL DEBT SERVICE 23,108 46,216 23,108 ‐ 23,108 50.00% CAPITAL OUTLAY 16,462 619,921 ‐ 16,462 619,921 0.00% TRANSFERS IN 77,500 165,000 82,500 5,000 (82,500) 50.00% TRANSFERS OUT (77,500) (165,000) (82,500) 5,000 (82,500) N/A NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A CHANGE IN FUND BALANCE 256,117 39,914 283,574 27,457 243,660 710.46% BEGINNING FUND BALANCE, Jan 1 1,609,927 1,884,907 1,884,907 274,980 ‐ 100.00% ENDING FUND BALANCE, Jun 30 1,866,044$ 1,924,821$ 2,168,481$ 302,437$ 243,660$ 112.66% Operating Reserve 641,500 764,018 764,018 AVAILABLE FUND BALANCE 1,224,544$ 1,160,803$ 1,404,463$ GOLF COURSE VARIANCE Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 21 of 31 Water Utility Fund This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and maintenance of the city’s water utility. Grants/Intergovernmental – The increase over prior year is primarily due to the receipt of two grants. One for Sunset Boulevard project and another for the Watershed Apartment project. Interest and Other Misc. – Increase over prior year is primarily due to investment earnings. Investment earnings have varied over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is adjusted. Personnel – The increase from prior year is largely due to an increase for cost‐of‐living adjustments and timing of filling vacant positions. Debt Principal – The amount under budget is due to timing of debt payments. The remaining principal payments will be in Q4 of 2024. Capital Outlay – The amount under budget is due large projects that started incurring costs but are still in the pre‐construction phase: Highlands 435 reservoir replacement ($20.6 million) and watermain replacement ($7.6 million). The decrease from prior year is due to majority of work for the Rainier Ave project occurring in 2023. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Licenses and permits ‐$ ‐$ 1,025$ 1,025$ 1,025$ N/A Grants / intergovernmental 38,125$ 625,332$ 121,824$ 83,699$ (503,508)$ 19.48% Charges for services 8,190,725 19,242,503 8,264,342 73,617 (10,978,161) 42.95% Rents, leases, and misc fees 160,422 234,465 82,773 (77,649) (151,692) 35.30% Interest and other misc 1,106,874 47,000 1,804,602 697,728 1,757,602 3839.58% TOTAL REVENUES 9,496,146 20,149,300 10,274,566 778,420 (9,874,734) 50.99% EXPENSES: Personnel 2,343,501 5,536,236 2,537,763 (194,262) 2,998,473 45.84% Supplies 470,379 886,189 445,475 24,904 440,714 50.27% Contracted Services 1,502,091 3,718,869 1,506,541 (4,450) 2,212,328 40.51% Internal Services 1,470,285 3,017,922 1,508,961 (38,676) 1,508,961 50.00% TOTAL OPERATING EXPENSES 5,786,256 13,159,216 5,998,740 (212,484) 7,160,476 45.59% AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 3,709,890 6,990,084 4,275,826 565,936 (2,714,258) 61.17% DEBT SERVICE: Principal 272,647 1,534,847 272,647 ‐ 1,262,200 17.76% Interest 83,511 132,895 67,036 16,475 65,859 50.44% TOTAL DEBT SERVICE 356,158 1,667,742 339,683 16,475 1,328,059 20.37% CAPITAL OUTLAY 2,322,625 37,885,996 1,607,257 715,368 36,278,739 4.24% TRANSFERS OUT (861) (127,058) ‐ (861) (127,058) N/A NET TRANSFERS (861) (2,058) ‐ 861 2,058 N/A CHANGE IN FUND BALANCE 1,030,246 (32,565,712) 2,328,886 1,298,640 34,894,598 N/A BEGINNING FUND BALANCE, Jan 1 48,208,076 52,071,465 52,071,465 3,863,389 ‐ 100.00% ENDING FUND BALANCE, Jun 30 49,238,322$ 19,505,753$ 54,400,351$ 5,162,029$ 34,894,598$ 278.89% Restricted for Debt Service 1,394,050 1,394,050 1,394,050 Operating Reserve 1,624,606 1,760,696 1,760,696 AVAILABLE FUND BALANCE 46,219,666$ 16,351,007$ 51,245,605$ WATER UTILITY VARIANCE Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 22 of 31 Wastewater Utility Fund This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and maintenance of the city’s wastewater utility. Charges for Services – The increase over prior year is due to an increase in utility rates of 4% beginning January 2024 Interest and other misc. ‐ Investment earnings have varied over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city holds roughly 50% of the total cash and investments for the city in the LGIP. Personnel – The increase from prior year is largely due to an increase for cost‐of‐living adjustments. Debt Principal – The amount under budget is due to timing of debt payments. The remaining principal payments will be in Q4 of 2024. Capital Outlay – The increase over prior year is due to the work on the Thunder Hills Interceptor ($1.1M) project in 2024. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Licenses and permits 35,900$ 63,048$ 49,854$ 13,954$ (13,194)$ 79.07% Charges for services 5,985,098 12,345,881 6,402,881 417,783 (5,943,000) 51.86% Interest and other misc 700,985 74,000 1,119,653 418,668 1,045,653 1513.04% TOTAL REVENUES 6,721,983 12,482,929 7,572,388 850,405 (4,910,541) 60.66% EXPENSES: Personnel 1,215,981 3,299,478 1,322,321 (106,340) 1,977,157 40.08% Supplies 78,570 74,441 43,598 34,972 30,843 58.57% Contracted Services 1,194,257 2,736,026 1,279,329 (85,072) 1,456,697 46.76% Internal Services 999,594 2,108,521 1,054,261 (54,667) 1,054,260 50.00% TOTAL OPERATING EXPENSES 3,488,402 8,218,466 3,699,509 (211,107) 4,518,957 45.01% AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 3,233,581 4,264,463 3,872,879 639,298 (391,584) 90.82% DEBT SERVICE: Principal ‐ 601,700 ‐ ‐ 601,700 0.00% Interest 36,575 59,537 29,746 6,829 29,791 49.96% TOTAL DEBT SERVICE 36,575 661,237 29,746 6,829 631,491 4.50% CAPITAL OUTLAY 469,552 20,503,019 2,713,611 (2,244,059) 17,789,408 13.24% TRANSFERS IN ‐ 2,058 ‐ ‐ (2,058) 0.00% TRANSFERS OUT ‐ ‐ (1,347) 1,347 1,347 N/A NET TRANSFERS ‐ 2,058 (1,347) (1,347) (3,405) ‐65.45% CHANGE IN FUND BALANCE 2,727,454 (16,897,735) 1,128,175 (1,599,279) 18,025,910 N/A BEGINNING FUND BALANCE, Jan 1 22,850,870 26,162,847 26,162,847 3,311,977 ‐ 100.00% ENDING FUND BALANCE, Jun 30 25,578,324$ 9,265,112$ 27,291,022$ 1,712,698$ 18,025,910$ 294.56% Restricted for Debt Service 661,227 661,227 661,227 Operating Reserve 913,756 1,045,195 1,045,195 AVAILABLE FUND BALANCE 24,003,341$ 7,558,690$ 25,584,600$ WASTEWATER UTILITY VARIANCE Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 23 of 31 King County Metro Fund This fund accounts for revenues and expenses for operation of the city’s wastewater utility, as it relates to charges for and payment to King County Metro for water treatment services. Charges for Services and Contracted Services – Increase from prior year is largely due the increase in King County fees which is passed through to wastewater customers. Fees from King County increased approximately 5% in 2024. Interest and other misc. ‐ Investment earnings have varied over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city holds roughly 50% of the total cash and investments for the city in the LGIP. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Charges for services 10,031,792$ 21,791,462$ 10,906,425$ 874,633$ (10,885,037)$ 50.05% Interest and other misc 86,355 ‐ 127,163 40,808 127,163 N/A TOTAL REVENUES 10,118,147 21,791,462 11,033,588 915,441 (10,757,874) 50.63% EXPENSES: Contracted Services 10,129,590 21,791,462 10,626,659 (497,069) 11,164,803 48.77% TOTAL OPERATING EXPENSES 10,129,590 21,791,462 10,626,659 (497,069) 11,164,803 48.77% AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS (11,443) ‐ 406,929 418,372 406,929 N/A TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A CHANGE IN FUND BALANCE (11,443) ‐ 406,929 418,372 406,929 N/A BEGINNING FUND BALANCE, Jan 1 6,237,142 6,589,443 6,589,443 352,301 ‐ 100.00% ENDING FUND BALANCE, Jun 30 6,225,699$ 6,589,443$ 6,996,372$ 770,673$ 406,929$ 106.18% Operating Reserve 380,000 380,000 380,000 AVAILABLE FUND BALANCE 5,845,699$ 6,209,443$ 6,616,372$ KING COUNTY METRO VARIANCE Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 24 of 31 Surface Water Utility Fund This fund accounts for revenues and expenses for administration, debt service, operation, capital improvements, and maintenance of the city’s surface water utility. Grants/Intergovernmental – Federal/State/Local grant revenue varies significantly from year‐to‐year based on volume of grant awards procured, timing of grant expenses, and reimbursement of related expenses. The primary drivers here are NE 16th and Jefferson Ave Projects (275k), Madsen Creek Improvement Grants (385k), and Cedar River Gravel Removal Grants (150k), which were received in 2023. Interest and other misc. ‐ Investment earnings have varied over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is adjusted. Debt Principal – The amount under budget is due to timing of debt payments. The remaining principal payments will be in Q4 of 2024. Contracted Services – The amount under budget is due to delay in work for the Cedar River gravel removal repairs ($2.2 million) and the Rolling Hills Creek system improvement ($600K). Capital Outlay – Increase from 2023 is primarily due to the Monroe Ave NE and N 2nd St. Infiltration System Project which has expended $8 million in Q2 of 2024. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Licenses and permits 16,125$ 51,473$ 12,750$ (3,375)$ (38,723)$ 24.77% Grants / intergovernmental 2,077,962 23,910,298 1,640,469 (437,493) (22,269,829) 6.86% Charges for services 6,740,212 13,620,366 6,712,454 (27,758) (6,907,912) 49.28% Interest and other misc 455,579 61,500 547,122 91,543 485,622 889.63% TOTAL REVENUES 9,289,878 37,643,637 8,912,795 (377,083) (28,730,842) 23.68% EXPENSES: Personnel 1,939,205 4,904,121 1,956,521 (17,316) 2,947,600 39.90% Supplies 65,626 174,650 44,344 21,282 130,306 25.39% Contracted Services 763,844 4,619,671 855,655 (91,811) 3,764,016 18.52% Internal Services 1,494,860 3,044,597 1,522,298 (27,438) 1,522,299 50.00% TOTAL OPERATING EXPENSES 4,263,535 12,743,039 4,378,818 (115,283) 8,364,221 34.36% AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 5,026,343 24,900,598 4,533,977 (492,366) (20,366,621) 18.21% DEBT SERVICE: Principal ‐ 681,100 ‐ ‐ 681,100 0.00% Interest 45,117 73,424 36,667 8,450 36,757 49.94% TOTAL DEBT SERVICE 45,117 754,524 36,667 8,450 717,857 4.86% CAPITAL OUTLAY 728,592 40,404,179 9,024,427 (8,295,835) 31,379,752 22.34% Transfers In ‐ ‐ ‐ ‐ ‐ N/A Transfers Out ‐ (201,590) 596 (596) (202,186) N/A NET TRANSFERS ‐ (201,590) 596 596 202,186 N/A CHANGE IN FUND BALANCE 4,252,634 (16,459,695) (4,526,521) (8,779,155) 11,933,174 N/A BEGINNING FUND BALANCE, Jan 1 28,314,755 29,287,066 29,287,066 972,311 ‐ 100.00% ENDING FUND BALANCE, Jun 30 32,567,389$ 12,827,371$ 24,760,545$ (7,806,844)$ 11,933,174$ 193.03% Restricted for Debt Service 754,868 754,868 754,868 Operating Reserve 1,109,340 1,314,713 1,314,713 AVAILABLE FUND BALANCE 30,703,181$ 10,757,790$ 22,690,964$ SURFACE WATER UTILITY VARIANCE Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 25 of 31 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. YTD budgets are not prepared for Internal Service Funds. Equipment Rental Fund This fund accounts for revenues and expenses for administration, purchase, and maintenance of the city’s vehicle and equipment fleet services. Departments pay in monthly amounts for maintenance and operations. Replacement reserves are paid monthly over the estimated useful lives of each individual vehicle or piece of equipment. These reserves are accumulated in fund balance so that they are available to fund the replacement of the vehicle/equipment when the time comes. Interest and other misc. ‐ Investment earnings have varied over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city holds roughly 50% of the total cash and investments for the city in the LGIP. Supplies –Decrease from prior year is largely due fuel costs which were significantly higher in 2023 due to market pricing. Contract Services – Increase over budget due to higher than anticipated repair and maintenance costs, mainly due to accident repairs. In the Q3 budget adjustment, there will be an increase to the contracted services budget. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Charges for services 41,017$ ‐$ 32,414$ (8,603)$ 32,414$ N/A Interdepartmental services 3,274,108 6,394,449 3,268,837 (5,271) (3,125,612) 51.12% Interest and other misc 216,055 12,000 380,986 164,931 368,986 3174.88% TOTAL REVENUES 3,531,180 6,406,449 3,682,237 151,057 (2,724,212) 57.48% EXPENSES: Personnel 577,290 1,413,138 593,472 (16,182) 819,666 42.00% Supplies 863,430 1,531,153 746,133 117,297 785,020 48.73% Contracted Services 207,501 133,166 269,731 (62,230) (136,565) 202.55% Internal Services 65,682 135,269 67,635 (1,953) 67,634 50.00% TOTAL OPERATING EXPENSES 1,713,903 3,212,726 1,676,971 36,932 1,535,755 52.20% AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 1,817,277 3,193,723 2,005,266 187,989 (1,188,457) 62.79% TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A CAPITAL OUTLAY 1,705,389 8,645,111 1,512,732 192,657 7,132,379 17.50% TRANSFERS IN ‐ 568,372 ‐ ‐ (568,372) 0.00% TRANSFERS OUT ‐ ‐ ‐ ‐ ‐ N/A NET TRANSFERS ‐ 568,372 ‐ ‐ (568,372) 0.00% CHANGE IN FUND BALANCE 111,888 (4,883,016) 492,534 380,646 5,375,550 N/A BEGINNING FUND BALANCE, Jan 1 13,277,635 18,278,075 18,278,075 5,000,440 ‐ 100.00% ENDING FUND BALANCE, Jun 30 13,389,523$ 13,395,059$ 18,770,609$ 5,381,086$ 5,375,550$ 140.13% Operating Reserves 13,395,059$ 13,395,059$ AVAILABLE FUND BALANCE 13,389,523$ ‐$ 5,375,550$ EQUIPMENT RENTAL VARIANCE Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 26 of 31 Insurance Fund This fund accounts for the administration and operation of the city’s self‐insurance programs for property losses, liability, workers’ compensation, and unemployment compensation. Expenses are paid by the Insurance Fund and rates are charged to departments based on their claims history over the preceding five years and coverage requirements. Interest and other misc. ‐ Investment earnings have varied over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city holds roughly 50% of the total cash and investments for the city in the LGIP. Contracted Services – The amount over prior year is primarily due to an increase in market prices for liability insurance premiums for 2024. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Interdepartmental services 2,302,126$ 4,881,805$ 2,397,044$ 94,918$ (2,484,761)$ 49.10% Interest and other misc 528,154 200,000 523,866 (4,288) 323,866 261.93% TOTAL REVENUES 2,830,280 5,081,805 2,920,910 90,630 (2,160,895) 57.48% EXPENSES: Personnel 713,647 2,170,477 619,176 94,471 1,551,301 28.53% Supplies ‐ 6,956 ‐ ‐ 6,956 0.00% Contracted Services 1,107,987 4,811,759 1,425,864 (317,877) 3,385,895 29.63% TOTAL OPERATING EXPENSES 1,821,634 6,989,192 2,045,040 (223,406) 4,944,152 29.26% AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 1,008,646 (1,907,387) 875,870 (132,776) 2,783,257 N/A TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A Transfers In ‐ 78,243 ‐ ‐ (78,243) 0.00% Transfers Out ‐ (950,000) ‐ ‐ (950,000) N/A NET TRANSFERS ‐ (871,757) ‐ ‐ 871,757 N/A CHANGE IN FUND BALANCE 1,008,646 (2,779,144) 875,870 (132,776) 3,655,014 N/A BEGINNING FUND BALANCE, Jan 1 23,221,020 24,691,220 24,691,220 1,470,200 ‐ 100.00% ENDING FUND BALANCE, Jun 30 24,229,666$ 21,912,076$ 25,567,090$ 1,337,424$ 3,655,014$ 116.68% Operating Reserves 13,952,413 19,462,783 19,462,783 AVAILABLE FUND BALANCE 10,277,253$ 2,449,293$ 6,104,307$ INSURANCE VARIANCE Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 27 of 31 Information Technology Fund This fund accounts for the administration, purchase, and operation of the city’s information technology systems, including computer hardware and software, network servers and infrastructure, phone systems, and cell phones. Expenses are paid by the Information Technology Fund and rates are charged to departments based on use. Personnel – The increase from prior year is largely due to an increase for cost‐of‐living adjustments. Supplies – The increase from prior year is due to computer replacement program with a large number of replacements occurring in 2024 due to timing of replacements occurring earlier compared to prior year. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Licenses and permits 122,644$ 250,000$ 89,774$ (32,870)$ (160,226)$ 35.91% Interdepartmental services 3,677,798 7,537,436 3,768,719 90,921 (3,768,717) 50.00% Interest and other misc 122,829 7,000 163,447 40,618 156,447 2334.96% TOTAL REVENUES 3,923,271 7,899,436 4,050,121 126,850 (3,849,315) 51.27% EXPENSES: Personnel 1,659,349 4,133,003 1,800,416 (141,067) 2,332,587 43.56% Supplies 171,381 1,584,391 358,910 (187,529) 1,225,481 22.65% Contracted Services 1,698,391 3,924,905 1,750,929 (52,538) 2,173,976 44.61% Internal Services 3,269 6,696 3,348 (79) 3,348 50.00% TOTAL OPERATING EXPENSES 3,532,390 9,648,995 3,913,603 (381,213) 5,735,392 40.56% AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 390,881 (1,749,559) 136,518 (254,363) 1,886,077 N/A TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A CAPITAL OUTLAY 946,430 5,260,692 801,685 144,745 4,459,007 15.24% TRANSFERS IN 16,400 1,706,379 2,512 (13,888) (1,703,867) 0.15% TRANSFERS OUT ‐ (40,888) ‐ ‐ (40,888) N/A NET TRANSFERS 16,400 1,665,491 2,512 (13,888) (1,662,979) 0.15% CHANGE IN FUND BALANCE (539,149) (5,344,760) (662,655) (123,506) 4,682,105 N/A BEGINNING FUND BALANCE, Jan 1 9,021,343 9,416,600 9,416,600 395,257 ‐ 100.00% ENDING FUND BALANCE, Jun 30 8,482,194$ 4,071,840$ 8,753,945$ 271,751$ 4,682,105$ 214.99% Operating Reserves 2,551,999$ 2,551,999$ AVAILABLE FUND BALANCE 8,482,194$ 1,519,841$ 6,864,601$ INFORMATION TECHNOLOGY VARIANCE Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 28 of 31 Facilities Fund This fund accounts for the administration, maintenance, and operation of city‐owned facilities. Expenses are paid by the Facilities Fund and rates are charged to departments based on square footage. Interdepartmental services – The increase over prior year is due to overall expense increase that are covered through interdepartmental revenues. Personnel – The increase from prior year is largely due to an increase for cost‐of‐living adjustments. Supplies ‐ Supplies is down from prior year due to large city hall and remote location projects that took place in 2023, specifically the purchasing of office furniture for those locations. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Interdepartmental services 3,459,015$ 7,127,634$ 3,586,338$ 127,323$ (3,541,296)$ 50.32% Interest and other misc 8,246 4,000 15,385 7,139 11,385 384.63% TOTAL REVENUES 3,467,261 7,131,634 3,601,723 134,462 (3,529,911) 50.50% EXPENSES: Personnel 1,796,509 4,520,618 1,939,712 (143,203) 2,580,906 42.91% Supplies 519,497 465,396 297,581 221,916 167,815 63.94% Contracted Services 824,787 1,979,233 801,210 23,577 1,178,023 40.48% Internal Services 136,543 279,399 139,700 (3,157) 139,699 50.00% TOTAL OPERATING EXPENSES 3,277,336 7,244,646 3,178,203 99,133 4,066,443 43.87% AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 189,925 (113,012) 423,520 233,595 536,532 N/A TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A CAPITAL OUTLAY 7,550 ‐ 1,065 6,485 (1,065) N/A Transfers In ‐ 64,605 ‐ ‐ (64,605) 0.00% NET TRANSFERS ‐ 64,605 ‐ ‐ (64,605) 0.00% CHANGE IN FUND BALANCE 182,375 (48,407) 422,455 240,080 470,862 N/A BEGINNING FUND BALANCE, Jan 1 937,922 1,046,533 1,046,533 108,611 ‐ 100.00% ENDING FUND BALANCE, Jun 30 1,120,297$ 998,126$ 1,468,988$ 348,691$ 470,862$ 147.17% FACILITIES VARIANCE Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 29 of 31 Communications Fund This fund accounts for community and intergovernmental relations and communications with the public. Communications is a major activity of the city’s administration responsible for external communications, employee communications, media relations, and coordination of all departments in producing the city’s website. Expenses are paid by the Communications Fund and rates are charged to departments based on usage. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Interdepartmental services 796,151$ 1,663,767$ 831,884$ 35,733$ (831,883)$ 50.00% Interest and other misc 5,085 1,000 11,504 6,419 10,504 1150.40% TOTAL REVENUES 801,236 1,664,767 843,388 42,152 (821,379) 50.66% EXPENSES: Personnel 474,394 1,412,860 535,220 (60,826) 877,640 37.88% Supplies 25,015 55,432 19,252 5,763 36,180 34.73% Contracted Services 161,376 346,912 167,801 (6,425) 179,111 48.37% Internal Services 2,348 4,811 2,406 (58) 2,405 50.01% TOTAL OPERATING EXPENSES 663,133 1,820,015 724,679 (61,546) 1,095,336 39.82% AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 138,103 (155,248) 118,709 (19,394) 273,957 N/A TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A Transfers Out ‐ (2,445) ‐ ‐ (2,445) N/A NET TRANSFERS ‐ (2,445) ‐ ‐ 2,445 N/A CHANGE IN FUND BALANCE 138,103 (157,693) 118,709 (19,394) 276,402 N/A BEGINNING FUND BALANCE, Jan 1 428,724 641,437 641,437 212,713 ‐ 100.00% ENDING FUND BALANCE, Jun 30 566,827$ 483,744$ 760,146$ 193,319$ 276,402$ 157.14% COMMUNICATIONS VARIANCE Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 30 of 31 Health Insurance Fund This fund accounts for the city’s self‐insured health insurance program. Expenses/claims are paid by the Health Insurance Fund and rates are charged to employees and departments based on annual premiums determined by the city’s Employee Health Plan Board for each type of coverage elected by the employee; paid semi‐monthly in conjunction with each payroll. Premiums – The increase in premiums from prior year is due to increasing insurance costs, which grew about 4% from prior year. Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city holds roughly 50% of the total cash and investments for the city in the LGIP. Medical/Dental Claims – Medical and dental claims are based on staff utilizing city healthcare benefits. The claim costs can fluctuate from year to year. The increase from prior year is due to increased medical costs. 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Premiums 6,630,422$ 16,842,018$ 6,882,091$ 251,669$ (9,959,927)$ 40.86% Interest and other misc 373,385 520,000 551,149 177,764 31,149 105.99% TOTAL REVENUES 7,003,807 17,362,018 7,433,240 429,433 (9,928,778) 42.81% EXPENSES: Personnel 165,343 363,295 161,429 3,914 201,866 44.43% Medical/Dental Claims 5,991,493 15,328,221 6,193,968 (202,475) 9,134,253 40.41% Supplies 2,035 7,500 2,210 (175) 5,290 29.47% Contracted Services 240,161 589,819 270,050 (29,889) 319,769 45.79% Internal Services 51,876 114,058 57,029 (5,153) 57,029 50.00% TOTAL OPERATING EXPENSES 6,450,908 16,402,893 6,684,686 (233,778) 9,718,207 40.75% AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 552,899 959,125 748,554 195,655 (210,571) 78.05% TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A CHANGE IN FUND BALANCE 552,899 959,125 748,554 195,655 (210,571) 78.05% BEGINNING FUND BALANCE, Jan 1 6,935,644 8,946,970 8,946,970 2,011,326 ‐ 100.00% ENDING FUND BALANCE, Jun 30 7,488,543$ 9,906,095$ 9,695,524$ 2,206,981$ (210,571)$ 97.87% Insurance Reserves 3,774,249 4,920,868 4,920,868 AVAILABLE FUND BALANCE 3,714,294$ 4,985,227$ 4,774,656$ HEALTH INSURANCE VARIANCE Quarterly Financial Report City of Renton, Washington 2nd Quarter 2024 Page 31 of 31 Retiree Healthcare Fund This fund accounts for the city’s self‐insured health insurance program for LEOFF1 retirees. Benefits include medical, prescription drug, Medicare Part B premiums, long‐term care, and vision coverage for retired law enforcement officers and firefighters that were employed by the city prior to October 1, 1977. Dependent spouses and children are not covered. 100% of premiums are provided by the General Fund with annual contributions determined after review of a report prepared by actuaries. Premiums – The annual funding by the general fund was reduced in 2024 as the latest actuary report showed the gap between the expected long‐term care costs and fund balance was smaller than in prior years. Interest and Other Misc. – Investment earnings have varied over the past couple of years as the market has seen uncertainty with the pandemic and now concerns of recession. This revenue is highly influenced by the federal funds rate, and we may continue to see a rise in investment earnings as this is adjusted. Investments within the Local Government Investment Pool (LGIP) maintain a high level of liquidity and will closely track with the federal funds rate as it decreases or increases; the city holds roughly 50% of the total cash and investments for the city in the LGIP. 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 at nmalone@rentonwa.gov or Kristin Trivelas ktrivelas@rentonwa.gov . 2023 2024 2024 YTD YTD ACTUAL ANNUAL BUDGET YTD ACTUAL PRIOR YEAR BUDGET % BUDGET REVENUES: Grants / intergovernmental ‐$ 220,000$ ‐$ ‐$ (220,000)$ 0.00% Premiums 912,500 570,000 285,000 (627,500) (285,000) 50.00% Interest and other misc 365,939 170,000 518,441 152,502 348,441 304.97% TOTAL REVENUES 1,278,439 960,000 803,441 (474,998) (156,559) 83.69% EXPENSES: Personnel 49,008 110,883 51,718 (2,710) 59,165 46.64% Medical/Dental Claims 607,637 1,398,025 606,595 1,042 791,430 43.39% Contracted Services 38,123 69,979 25,695 12,428 44,284 36.72% TOTAL OPERATING EXPENSES 694,768 1,578,887 684,008 10,760 894,879 43.32% AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 583,671 (618,887) 119,433 (464,238) 738,320 N/A TOTAL DEBT SERVICE ‐ ‐ ‐ ‐ ‐ N/A CAPITAL OUTLAY ‐ ‐ ‐ ‐ ‐ N/A NET TRANSFERS ‐ ‐ ‐ ‐ ‐ N/A CHANGE IN FUND BALANCE 583,671 (618,887) 119,433 (464,238) 738,320 N/A BEGINNING FUND BALANCE, Jan 1 19,928,792 20,320,818 20,320,818 392,026 ‐ 100.00% ENDING FUND BALANCE, Jun 30 20,512,463$ 19,701,931$ 20,440,251$ (72,212)$ 738,320$ 103.75% Insurance Reserves 20,512,463 19,701,931 20,440,251 AVAILABLE FUND BALANCE ‐$ ‐$ ‐$ RETIREE HEALTHCARE VARIANCE