HomeMy WebLinkAbout2020 Comprehensive Annual Financial Report - City of RentonFor the year ended December 31, 2019
CITY OF RENTON
Renton City Hall • 1055 South Grady Way • Renton, WA 98057 • rentonwa.gov
Comprehensive Annual Financial Report
For the year ended December 31, 2020
i
CITY OF RENTON
2020
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For Year Ended December 31, 2020
Administrative Services Department
City of Renton
1055 South Grady Way
Renton, Washington 98057
(425) 430‐6858
Website: www.rentonwa.gov
ii
ACKNOWLEDGEMENTS
Prepared by the Finance Division of the
Administrative Services Department
Interim Administrative Services Administrator
Fiscal Services Director
Kari Roller
Budget and Accounting Manager
Kristin Trivelas
Accounting Staff
Misty Baker, Senior Finance Analyst
Raevel Chea, Senior Finance Analyst
Sean Hollingsworth, Finance Analyst III
Jen Hughes, Financial Services Manager
Nate Malone, Tax & Licensing Program Manager
Stacy Robinson, Senior Finance Analyst
Terri Weishaupt, Accounting Supervisor
Print/Design Staff
Karl Hurst, Print/Mail Supervisor
Sheila Cowley, Communications Specialist I
TABLE OF CONTENTS
DECEMBER 31, 2020
ITEM PAGE
iii
INTRODUCTORY SECTION
Letter of Transmittal ..................................................................................................................................... 1‐1
2019 Comprehensive Annual Financial Report Award ................................................................................. 1‐6
Corporate Organization Structure & Reporting Relations ............................................................................ 1‐7
FINANCIAL SECTION
Independent Auditor’s Report .................................................................................................................... 2‐1
Management Discussion and Analysis ........................................................................................................ 3‐1
Basic Financial Statements:
Government‐wide Financial Statements:
Statement of Net Position ............................................................................................................... 4‐1
Statement of Activities .................................................................................................................... 4‐2
Fund Statements:
Governmental Fund Financial Statements:
Balance Sheet .................................................................................................................................. 4‐3
Reconciliation of Balance Sheet to the Statement of Net Position ................................................. 4‐4
Statement of Revenues, Expenditures and Changes in Fund Balances ........................................... 4‐5
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities .................................... 4‐6
Proprietary Fund Financial Statements:
Statement of Net Position ............................................................................................................... 4‐7
Statement of Revenues, Expenses, and Changes in Net Position ................................................... 4‐8
Statement of Cash Flows ................................................................................................................. 4‐9
Fiduciary Fund Statements:
Statement of Fiduciary Net Position ............................................................................................. 4‐11
Statement of Changes in Fiduciary Net Position ........................................................................... 4‐12
Notes to Financial Statements:
Note 1: Significant Accounting Policies ........................................................................................ 4‐13
Note 2: Deposits and Investments ............................................................................................... 4‐25
Note 3: Property Taxes ................................................................................................................. 4‐29
Note 4: Capital Assets and Depreciation ...................................................................................... 4‐31
Note 5: Pensions ........................................................................................................................... 4‐34
Note 6: Other Post Employment Benefits .................................................................................... 4‐49
Note 7: Contingencies .................................................................................................................. 4‐52
Note 8: Risk Management ............................................................................................................ 4‐52
Note 9: Interfund Transactions ..................................................................................................... 4‐54
Note 10: Long Term Debt .............................................................................................................. 4‐56
Note 11: Joint Ventures ................................................................................................................. 4‐60
Note 12: Airport Leases ................................................................................................................. 4‐63
Note 13: Capital Lease ................................................................................................................... 4‐64
Note 14: Tax Abatement ............................................................................................................... 4‐64
Note 15: Subsequent Events ......................................................................................................... 4‐66
Note 16: COVID Pandemic ............................................................................................................. 4‐66
Note 17: Prior Period Adjustment ................................................................................................. 4‐67
Note 18: Special Items ................................................................................................................... 4‐69
TABLE OF CONTENTS
DECEMBER 31, 2020
ITEM PAGE
iv
Required Supplementary Information Other than MD&A:
Schedule of Revenues, Expenditures, and Changes in Fund Balance ‐ Budget and Actual
General Fund ................................................................................................................................... 5‐1
Notes to Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual
General Fund ................................................................................................................................... 5‐2
Schedule of the City’s Proportionate Share of the Net Pension Liability ‐ PERS Plan 1 ......................... 5‐4
Schedule of the City’s Proportionate Share of the Net Pension Liability ‐ PERS Plan 2/3 ..................... 5‐5
Schedule of the City’s Proportionate Share of the Net Pension Liability ‐ PSERS Plan 2 ....................... 5‐6
Schedule of the City’s Proportionate Share of the Net Pension Liability ‐ LEOFF Plan 1 ....................... 5‐7
Schedule of the City’s Proportionate Share of the Net Pension Liability ‐ LEOFF Plan 2 ....................... 5‐8
Schedule of Employer Contributions ‐ WA Department of Retirement Systems .................................. 5‐9
Schedule of Changes in Net Pension Liability and Related Ratios ‐ Firefighters’ Pension Fund .......... 5‐10
Schedule of Employer Contributions ‐ Firefighters’ Pension Fund ...................................................... 5‐11
Schedule of Investment Returns ‐ Firefighters’ Pension Fund ............................................................. 5‐12
Schedule of Changes in Total OPEB Liability and Related Ratios………………………………. .................... ...5‐13
Combining Statements and Other Supplementary Information:
Non‐Major Fund Descriptions ................................................................................................................ 6‐1
Combining Governmental Balance Sheet ‐ Nonmajor Governmental Funds
Summary by Fund Type ................................................................................................................... 6‐5
Combining Balance Sheet ‐ Nonmajor Special Revenue Funds ............................................................. 6‐6
Combining Balance Sheet ‐ Nonmajor Debt Service Funds ................................................................... 6‐7
Combining Balance Sheet ‐ Nonmajor Capital Project Funds ................................................................ 6‐8
Combining Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Nonmajor
Governmental Funds Summary by Fund Type ................................................................................ 6‐9
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ‐ Nonmajor
Special Revenue Funds .................................................................................................................. 6‐10
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ‐ Nonmajor
Debt Service Funds ........................................................................................................................ 6‐11
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ‐ Nonmajor
Capital Project Funds ..................................................................................................................... 6‐12
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
General Fund – Municipal Art ....................................................................................................... 6‐13
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Municipal Facilities ........................................................................................................................ 6‐14
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Municipal Facilities CIP – Housing Opportunity ............................................................................ 6‐15
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Municipal Facilities CIP – New Library Development .................................................................... 6‐16
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Municipal Facilities CIP – New Family First Center Development ................................................. 6‐17
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Capital Improvement ..................................................................................................................... 6‐18
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Hotel/Motel Tax ............................................................................................................................ 6‐19
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Cable Communications Development ........................................................................................... 6‐20
TABLE OF CONTENTS
DECEMBER 31, 2020
ITEM PAGE
v
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Springbrook Wetlands Bank .......................................................................................................... 6‐21
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Police Seizure ................................................................................................................................. 6‐22
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Police CSAM Seizure ...................................................................................................................... 6‐23
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
General Debt ................................................................................................................................. 6‐24
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Community Development Impact Mitigation ................................................................................ 6‐25
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Fire Impact Mitigation ................................................................................................................... 6‐26
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Transportation Impact Mitigation ................................................................................................. 6‐27
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
REET1 ............................................................................................................................................ 6‐28
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
REET2 ............................................................................................................................................ 6‐29
Combining Statement of Net Position, Nonmajor Enterprise Funds ................................................... 6‐30
Combining Statement of Revenues, Expenses and Changes in Fund Net Position ‐
Nonmajor Enterprise Funds ........................................................................................................... 6‐31
Combining Statement of Cash Flows ‐ Nonmajor Enterprise Funds .................................................... 6‐32
Combining Statement of Net Position, Internal Service Funds ............................................................ 6‐34
Combining Statement of Revenues, Expenses, and Changes in Fund Net Position,
Internal Service Funds ................................................................................................................... 6‐35
Combining Statement of Cash Flows, Internal Service Funds .............................................................. 6‐36
STATISTICAL SECTION
Statistical Section Description ................................................................................................................ 7‐1
Financial Trends:
Table 1: Net Position by Component ................................................................................................. 7‐2
Table 2: Changes in Net Position ........................................................................................................ 7‐3
Table 3: Fund Balance of Governmental Funds ................................................................................. 7‐5
Table 4: Changes in Fund Balance of Governmental Funds ............................................................... 7‐6
Revenue Capacity:
Table 5: Water Utility Systems Revenue Information ........................................................................ 7‐7
Table 6: Principal Rate Payers ............................................................................................................ 7‐8
Table 7: Water Utility Rates ............................................................................................................. 7‐11
Table 8: General Government Tax Revenue by Source .................................................................... 7‐14
Table 9: Principal Property Tax Payers ............................................................................................. 7‐15
Table 10: Assessed Value of Taxable Property ................................................................................... 7‐16
Table 11: Property Tax Rates Direct and Overlapping Governments ................................................ 7‐17
Table 12: Property Tax Levies and Collections ................................................................................... 7‐18
Table 13: Sales Tax Collections by Sector ........................................................................................... 7‐19
TABLE OF CONTENTS
DECEMBER 31, 2020
ITEM PAGE
vi
Debt Capacity:
Table 14: Ratios of Outstanding Debt by Type ................................................................................... 7‐20
Table 15: Legal Debt Margin Information .......................................................................................... 7‐21
Table 16: Ratios of General Bonded Debt Outstanding to Assessed Value ....................................... 7‐22
Table 17: Direct and Overlapping Governmental Activities Debt ...................................................... 7‐23
Table 18: Pledged‐Revenue Coverage ................................................................................................ 7‐24
Demographic and Economic Information:
Table 19: Demographic and Economic Statistics ................................................................................ 7‐25
Table 20: Principal Employers ............................................................................................................ 7‐26
Operating Information:
Table 21: Full Time Equivalent City Government Employees by Function ......................................... 7‐27
Table 22: Operating Indicators by Function ....................................................................................... 7‐28
Table 23: Utility Systems Supplemental Operating Information ....................................................... 7‐29
Table 24: Capital Assets Statistics by Function ................................................................................... 7‐30
June 29, 2021
Honorable Armondo Pavone, Mayor
Members of the Renton City Council
Residents of Renton
City of Renton, Washington
Mr. Mayor, Honorable Councilmembers, and Citizens of Renton:
We are pleased to present the City’s Comprehensive Annual Financial Report for the year ended
December 31, 2020. The City maintains a system of internal controls designed to provide reasonable
assurance that assets are safeguarded against loss or unauthorized use, and that financial records can
be relied upon to produce accurate and fairly presented financial statements in accordance with
generally accepted accounting principles.
Management assumes full responsibility for the completeness and reliability of the information
contained in this report. To the best of our knowledge and belief, the enclosed financial statements
and all supporting schedules are accurate in all material respects and are reported in a manner
designed to present fairly the financial position and results of operations of the City. The concept of
reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to be
derived, and the evaluation of the relative costs and benefits of the control system requires estimates
and judgments by management.
These financial statements have been audited by the Washington State Auditor’s Office. This
independent audit was conducted in accordance with generally accepted auditing standards and
generally accepted government auditing standards to provide an independent assessment of fair
presentation of the City’s financial position. The State Auditor’s Office has issued an unmodified
(“clean”) opinion on the City’s financial statements, which is included at the front of the financial
statement section of this report.
Management’s Discussion and Analysis (MD&A) immediately follows the State Auditor’s report and
provides a narrative introduction, overview, and analysis to accompany the basic financial statements.
This letter of transmittal is designed to complement the MD&A and should be read in conjunction with
it.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Introduction, 1-1
PROFILE OF THE CITY
Incorporated on September 6, 1901, Renton is a city in King County, Washington. Situated 11 miles
southeast of downtown Seattle, 5 miles from SeaTac Airport, Renton straddles the southeast shore of
Lake Washington, at the junction of key north‐south and east‐west transportation corridors. The City’s
early economy was based on coal mining, clay production, and timber export. Today, Renton is best
known as the final assembly point for the Boeing 737 family of commercial airplanes, but it is also
home to a growing number of well‐known manufacturing, technology, health care service companies
and government institutions, including Boeing, Paccar, Wizards of the Coast gaming, Ikea Home
Furnishing, Valley Medical Center, Providence Health & Services, Kaiser Permanente, the Seattle
Seahawks headquarters, Seattle Branch of Federal Reserve Bank, Southport office campus and FAA
Northwest Regional offices.
The City of Renton has a strong mayor form of government with an appointed Chief Administrative
Officer. The Mayor is independently elected to a four‐year term. The Mayor’s job is to manage day‐to‐
day operations, and to lead policy development and implementation with the seven‐member City
Council elected at large on a non‐partisan basis.
With a population of 105,500 in 2020, Renton is the 8th largest city in the state, and the 4th largest in
King County. The City provides a full range of municipal services to an incorporated area of 23.7 square
miles. These services include police, street construction and maintenance, planning and zoning,
municipal court, general administrative services, municipal airport, golf course, and parks and
recreational facilities that includes an aquatic center, senior center, community center, two
neighborhood centers, and a museum.
The City operates four utilities: water, sewer, surface water, and contracts out its solid waste
collection. These are operated very similar to a private business where the revenues from rates and
other direct sources must pay for the operational, capital, and long‐term debt costs. The City has its
own water supplies and does not rely on purchased water to meet normal service demands. The City’s
sewage is treated by King County, but the City is responsible for transferring and maintaining the
system to King County. The City bills Renton residents a monthly fee for the cost of sewer treatment
performed by King County.
Since the 2011‐12 biennium, the City has adopted a biennial budget. The Council is required to adopt
an initial budget for the biennium no later than December 31 preceding the beginning of the fiscal year
on January 1. The City of Renton maintains budgetary controls to ensure compliance with legal
provisions embodied in the budget. All activities are appropriated through the budget process and
published in the City’s Budget document. The City Council must adopt an ordinance to increase or
decrease total appropriations in a Fund. The Mayor has the authority to move appropriations within a
Fund.
A more thorough discussion of the City’s accounting policies can be found under the Summary of
Significant Accounting Policies in the Notes to the Financial Statements.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Introduction, 1-2
ECONOMIC CONDITION AND OUTLOOK
Renton’s economy was impacted by the pandemic, similar to many other neighboring communities.
In terms of employment, the Puget Sound region has outpaced national results in 2020 with an overall
employment loss of 5%. Employment growth in the first few months of the year were on pace to be in
line with prior years, but then took a sharp declined in March of 2020. The employment figures have
shown some rebound as the year ended, however, still an overall loss in employment growth for the
year.
A staple of Renton’s economy is the presence of the Boeing Company, which operates out of the
Renton Municipal Airport. Boeing initiates its maiden 737 MAX flights from this airport. Boeing’s 737
Max was grounded worldwide in March 2019 and production was suspended temporarily in January
2020. In April 2020, the Boeing Company announced that they began taking action to lower their
number of employees by roughly 10% through a combination of voluntary layoffs, natural turnover and
involuntary layoffs, as necessary. They reduced commercial airplane production rates due to the
impact of COVID‐19 on the airline industry. In November 2020, Boeing received clearance from the
FAA and began to gradually resume 737 MAX production, to correspond to market demand.
The City of Renton is following the regional trend of a strong increase in value and demand in the
housing sector, with assessed value increasing 8% for existing homes in 2020. As more of the
workforce begins to change their work patterns in remote working, we are seeing some trends of
residents moving from the urban core to more of the surrounding suburbs. This, coupled with a low
borrowing interest rate, has bolstered the housing market in outlying communities such as Renton.
The City of Renton saw significant decrease in sales and retail tax revenue in 2020 due to the impacts
of the pandemic. Sales tax was down 6.6% in 2020 compared to 2019, as a result of the statewide
shutdown. This change in actual sales tax was $1.9 million lower than 2019 actual revenues. The
CARES Act passed in March 2020 helped bolster the overall spending and the economy performed
better last summer and fall than expected. As we wait to see how the overall economy recovers from
the effects of the pandemic, a pullback in consumer and business spending in our region could still be a
possibility.
Overall, the economic outlook for Renton is showing improvement, although the financial impacts on
revenues related to COVID‐19 has created a need to implement interim cost containment measures.
The large‐scale capital investments within the City in recent years will support a healthy growth in
taxable retail sales and an attractive center for healthcare, retail, and manufacturing.
LONG‐TERM FINANCIAL PLANNING
Unrestricted fund balance (the aggregate of committed, assigned, and unassigned components of
fund balance) in the General Fund was 68 percent of the total General Fund expenditures, compared
to 58 percent in 2019. This fund balance includes the City’s catastrophic reserves, anti‐recessionary
reserves, insurance reserves, and sales tax annexation credit reserves.
The ramp‐up of these fund balances was a direct result of an enhanced stabilization fund policy, which
was originally adopted in late‐2013. During the great recession, the City depleted much of its reserves
2020 Comprehensive Annual Financial Report City of Renton, Washington
Introduction, 1-3
and has since rebuilt them. Although economic factors are improving, the City still faces several short
and long‐term constraints, including the impact of COVID‐19 on the City’s revenues. The rate of salary
and healthcare costs and deferred maintenance on City buildings continue to increase at a faster rate
than revenues. In addition, the 10‐year sales tax annexation credit ended in mid‐2018, which provided
approximately $3.1 million in sales tax revenue to the General Fund. The enhanced stabilization fund
policy will help the City bridge an increasing gap in operating expenditures and revenues.
As part of the enhancements to the City’s stabilization policy, the Council also adopted a reserve fund
for Economic Development, which currently has accumulated a $2.5 million balance. The reserve fund
will help the City leverage Local Revitalization Financing (LRF) funds made available by the State of
Washington through a local sales tax option levy. The LRF program offers $500,000 to be used in
approved revitalization areas. The City issued bonds for infrastructure improvements needed in the
Southport revitalization area in early 2019 and the debt service will be paid by the annual $500,000
local sales tax option credit provided by the State of Washington.
As part of the 2015‐2016 biennial budget, the City Council adopted a Business and Occupation (B&O)
Tax effective January 1, 2016. The B&O tax was structured in a way to minimize the impact to the
business community, while at the same time generating enough sustainable revenue for funding
General Fund operations into the future without significant decreases to basic City services. The B&O
tax generated $8.1 million in General Fund revenue for 2020 and 29% decrease over 2019. As the
impact of the pandemic begin to lessen, this tax revenue base is also expected to stabilize.
The City has been very responsible and responsive in balancing the services the community needs with
the changing mixture and level of resources. In addition to strong financial policies, the City has also
continued to expand its economy and pursue progressive economic development strategies to
maintain a thriving and sustainable economy.
RELEVANT FINANCIAL POLICIES
The City has adopted a comprehensive set of financial policies, including a multi‐tiered stabilization
policy that ensures available reserves for future General Fund funding gaps, long‐term economic
development initiatives, capital commitments, equipment reserves, catastrophic and anti‐recessionary
reserves, and general operating cash flow requirements.
Due to strong financial policies, management, and economic factors, the City of Renton received an
upgraded LTGO bond rating of AAA by Standard & Poor’s in March 2019.
OTHER INFORMATION
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City of Renton for its
comprehensive annual financial report for the fiscal year ended December 31, 2019. The City has a
long history of achieving this prestigious award. In order to be awarded a Certificate of Achievement, a
government must publish an easily readable and efficiently organized comprehensive annual financial
2020 Comprehensive Annual Financial Report City of Renton, Washington
Introduction, 1-4
report. This report must satisfy both generally accepted accounting principles and applicable legal
requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current
comprehensive annual financial report continues to meet the Certificate of Achievement Program’s
requirements and we are submitting it to the GFOA to determine its eligibility for another certificate.
The dedicated staff of the Finance Division work hard each day to ensure that the City’s financial
transactions are processed accurately and records are maintained orderly and in conformance with
policies and procedures. Special thanks are due to Misty Baker, Senior Finance Analyst, who served as
the project lead. Further appreciation is extended to the City Council and City Management for their
support in conducing financial operations of the City in a sound and progressive manner, and in
conformance with internal and external requirements.
For more information regarding the City’s budget please refer to the City’s website for 2021‐2022
adopted budget as well as monthly sales tax and budgetary financial reports.
Respectfully,
Kari Roller
Fiscal Services Director
2020 Comprehensive Annual Financial Report City of Renton, Washington
Introduction, 1-5
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Renton
Washington
For its Comprehensive Annual
Financial Report
For the Fiscal Year Ended
December 31, 2019
Executive Director/CEO
2020 Comprehensive Annual Financial Report City of Renton, Washington
Introduction, 1-6
ADMINISTRATIVE SERVICES
Kari Roller, Interim Administrator
425‐430‐6858
RENTON CITIZENS
MAYOR
Armondo Pavone
425‐430‐6500
MUNICIPAL COURT JUDGES
Terry Jurado
Kara Murphy Richards
425‐430‐6550
CITY COUNCIL
Randy Corman, PresidentAngelina Benedetti, Ruth Pérez, Ryan
McIrvin, Valerie O'Halloran, Ed
Prince, Kim‐Khánh Văn
425‐430‐6500
CHIEF ADMINISTRATIVEOFFICER
Ed VanValey
425‐430‐6500
COMMUNITY SERVICES
Kelly Beymer, Administrator
425‐430‐6600
PUBLIC WORKS
Martin Pastucha, Administrator
425‐430‐7394
EXECUTIVE
COMMUNITY AND ECONOMIC
DEVELOPMENT
Chip Vincent, Administrator
425‐430‐6580
POLICE
Jon Schuldt, Interim Chief
425‐430‐7503
HUMAN RESOURCES & RISK
MANAGEMENT
Ellen Bradley‐Mak, Administrator
425‐430‐7650
Facilities
Jeffrey Minisci, Director
Renton History Museum
Elizabeth Stewart, Manager
Golf Course
Steve Meyers, Acting Manager
Maintenance Services
Michael Stenhouse, Director
Utility Systems
Ronald Straka, Director
Transportation Systems
Jim Seitz, Director
Economic Development
Cliff Long, Director
Long Range Planning
Angie Mathias, Manager
Planning
Mayor's Office
City Clerk / Cable Manager
Jason Seth, City Clerk
Public Affairs
Preeti Shridhar, Deputy Public
Affairs Administrator
Support Operations Bureau
Field Operations Bureau
Emergency Management
Deborah Needham, Director
Human Resources
Kim Gilman, Manager
Risk Management
Kelsey Ternes, Manager
Benefits
Wendy Rittereiser, Manager
Finance
Kari Roller, Director
Information Technology
Mehdi Sadri, Director
Staff Services
Special Operations
Investigations
Administrative
Services
Patrol Services
Patrol Operations
CITY ATTORNEY
Shane Maloney, Administrator
425‐255‐8678
Parks and Trails
Cailin Hunsaker, Director
Human Services
Guy Williams, Manager
Parks Planning and Natural
Resources
Leslie Betlach, Director
Recreation and
Neighborhoods
Mary Jane Van Cleave, Director Vanessa Dolbee, Director
Airport
Vacant, Manager Building Official
Robert Shuey Organizational Development
Kristi Rowland, Manager
2020 Comprehensive Annual Financial Report City of Renton, Washington
Introduction, 1-7
Office of the Washington State Auditor
Pat McCarthy
INDEPENDENT AUDITOR’S REPORT ON THE FINANCIAL STATEMENTS
Mayor and City Council
City of Renton
Renton, Washington
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of the governmental activities, the business-
type activities, each major fund and the aggregate remaining fund information of the City of Renton, as
of and for the year ended December 31, 2020, and the related notes to the financial statements, which
collectively comprise the City’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the City’s
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the City’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating
2020 Comprehensive Annual Financial Report City of Renton, Washington
Independent Auditor's Report, 2-1
the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major fund
and the aggregate remaining fund information of the City of Renton, as of December 31, 2020, and the
respective changes in financial position and, where applicable, cash flows thereof for the year then ended
in accordance with accounting principles generally accepted in the United States of America.
Matters of Emphasis
As discussed in Note 16 to the 2020 financial statements, the full extent of the COVID-19 pandemic’s
direct or indirect financial impact on the District is unknown. Our opinion is not modified with respect
to this matter.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis and required supplementary information listed in the table of contents be
presented to supplement the basic financial statements. Such information, although not a part of the basic
financial statements, is required by the Governmental Accounting Standards Board who considers it to
be an essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the United States
of America, which consisted of inquiries of management about the methods of preparing the information
and comparing the information for consistency with management’s responses to our inquiries, the basic
financial statements, and other knowledge we obtained during our audit of the basic financial statements.
We do not express an opinion or provide any assurance on the information because the limited
procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Supplementary and Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City’s basic financial statements as a whole. The combining financial statements and
schedules are presented for the purposes of additional analysis and are not a required part of the basic
financial statements. Such information is the responsibility of management and was derived from and
relates directly to the underlying accounting and other records used to prepare the financial statements.
This information has been subjected to auditing procedures applied in the audit of the basic financial
2020 Comprehensive Annual Financial Report City of Renton, Washington
Independent Auditor's Report, 2-2
statements and certain additional procedures, including comparing and reconciling such information
directly to the underlying accounting and other records used to prepare the financial statements or to the
financial statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, the information is fairly stated, in all
material respects, in relation to the basic financial statements taken as a whole.
The Introductory and Statistical Sections are presented for purposes of additional analysis and are not a
required part of the basic financial statements of the City. Such information has not been subjected to
the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not
express an opinion or provide any assurance on it.
OTHER REPORTING REQUIRED BY GOVERNMENT AUDITING STANDARDS
In accordance with Government Auditing Standards, we will also issue our report dated June 29, 2021,
on our consideration of the City’s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts and grant agreements and other
matters. That report will be issued under separate cover in the City’s Single Audit Report. The purpose
of that report is to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on internal control over financial
reporting or on compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the City’s internal control over financial reporting and
compliance.
Sincerely,
Pat McCarthy, State Auditor
Olympia, WA
June 29, 2021
2020 Comprehensive Annual Financial Report City of Renton, Washington
Independent Auditor's Report, 2-3
MANAGEMENT’S DISCUSSION AND ANALYSIS
The City of Renton’s management offers this Management’s Discussion and Analysis (MD&A), which is
an overview and analysis of the City of Renton’s financial activities for the year ended December 31,
2020. To best understand the City’s financial activities, we encourage readers to consider the
information in this discussion and analysis in conjunction with information provided in the letter of
transmittal and the basic financial statements.
FINANCIAL HIGHLIGHTS
•As of December 31, 2020, the City of Renton’s total assets and deferred outflows of resources
exceed liabilities and deferred inflows of resources by $1.03 billion. Of this amount, $189
million represents unrestricted net position, which may be used to meet the government’s
ongoing obligations to citizens and creditors.
•The City of Renton’s total net position increased $31.2 million. This increase was due to
accumulation of reserves, capital asset acquisitions and reduction of long‐term debt in both the
governmental and business‐type activities.
•At the close of the current fiscal year, the City of Renton’s governmental funds reported
combined fund balances of $129.8 million, an increase of $3.3 million from 2019. This increase
is due to two reasons. The first is due to revenues exceeding expenditures in the general fund
by $12.2 million. Although the city experienced a large decrease in tax revenues in 2020 due to
the impacts of the COVID‐19 pandemic, the City made significant cost cuts in 2020 to help
offset the projected revenue decreases. The City participated in a various cost cutting
measures such as implementing a hiring freeze of any open positions as of March 2020, cut
discretionary spending such as travel, supplies and training as well as postponed capital
investments. The increase was offset by the decrease in fund balance for the Municipal
Facilities CIP and Capital Improvement funds due to large capital improvement projects
completed in 2020.
•Approximately 38.5 percent ($49.9 million) of the total governmental fund balance is available
for spending at the City’s discretion (unassigned fund balance).
•Total unrestricted fund balance (the total of committed, assigned and unassigned fund balance
components) for the general fund was $62.9 million, which is approximately 68 percent of
general fund 2020 expenditures.
•The City of Renton’s total outstanding long‐term debt decreased by $9.1 million during the
current fiscal year because current resources and grants are being used to finance current
operations and capital projects. The City has continued to pay down its current debt
obligations without issuance of new debt.
OVERVIEW OF THE FINANCIAL STATEMENTS
The discussion and analysis provided here are intended to serve as an introduction to the City’s basic
financial statements. The basic financial statements consist of three components: (1) government‐
wide financial statements, (2) fund financial statements, and (3) notes to the basic financial
statements.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-1
Government‐wide Financial Statements
The government‐wide financial statements provide both long‐term and short‐term information about
the City’s overall financial status, in a manner similar to a private‐sector business.
Statement of Net Position – The first of these government‐wide statements is the statement of net
position. The statement of net position presents the City’s assets, liabilities, and deferred
inflows/outflows of resources, with the difference reported as net position. Over time, increases or
decreases in net position may serve as a useful indicator of whether the financial position of the City is
improving or deteriorating.
Statement of Activities – The second government‐wide statement is the statement of activities, which
reports how the City’s net position changed during the current fiscal year. All changes in net position
are reported as soon as the underlying event giving rise to the change, regardless of the timing of
related cash flows. Thus, revenues and expenses are reported for some items that will only result in
cash flows in future fiscal periods (ex. uncollected taxes and compensated absences). An important
purpose of the design of the statement of activities is to show the financial reliance of the City’s
distinct activities or functions on revenues provided by the City’s taxpayers. Another indicator to
consider when evaluating the financial position of the City includes changes to the property tax base,
general economic conditions as demonstrated through business licenses fees or sales tax revenue, and
the condition of the City’s infrastructure (roads, drainage systems, bridges, and water infrastructure).
Both of the government‐wide financial statements distinguish governmental activities of the City
(activities principally supported by taxes and intergovernmental revenue), and business‐type activities
of the City (activities that are intended to recover all, or a significant portion, of their costs through
user fees and charges). Governmental activities include general government, judicial, public safety,
utilities, transportation, economic environment, health and human services, and culture and
recreation. The equipment rental and insurance internal service funds are also reported as
governmental activities. The business‐type activities include the waterworks utility, solid waste,
airport, and golf course funds. The government‐wide financial statements can be found on page 4‐1
and 4‐2 of this report.
Fund Financial Statements
The City uses fund structure to ensure and demonstrate fiscal integrity and compliance with finance‐
related legal requirements. A fund is a group of related accounts used to maintain control over
resources that have been segregated for specific activities and objectives. There are three types of
funds: governmental, proprietary, and fiduciary. The fund financial statements focus on major funds
separately while all others are combined into a single aggregated presentation. Individual data for
non‐major funds is presented in a following section, Combining Statements.
Governmental Funds – The governmental funds are used to account for the same functions reported
as governmental activities in the government‐wide financial statements. However, unlike the
government‐wide statements, the focus of governmental fund financial statements is on near‐term
inflows and outflows of available financial resources and on balances of resources available at the end
of the fiscal year. Such information is useful in evaluating whether there are more or less financial
resources that can used in the near future to finance City services. The basic governmental fund
2020 Comprehensive Annual Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-2
financial statements can be found on pages 4‐3 and 4‐5 of this report.
Because the focus of governmental fund financial statements is a narrower view than that of the
government‐wide financial statements, it is useful to compare similar information in order to gain a
better understanding of the long‐term impact of the government’s near‐term financing decisions. The
Reconciliation of the Balance Sheet and Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of the Governmental Funds reconciles to the differences between the
governmental fund statements and the governmental activities column in the government‐wide
statements.
The City maintains fourteen individual governmental funds. Information for the City’s major
governmental funds (general, municipal facilities CIP and capital improvement) are presented
separately in the governmental fund balance sheet and the governmental fund statement of revenues,
expenditures, and changes in fund balance. Data from the other eleven funds are combined into a
single aggregated presentation. Individual fund data for each of these non‐major governmental funds
is presented in the combining statements section of this report.
The City maintains budgetary controls over its governmental funds. Budgetary controls ensure
compliance with legal provisions embodied in the annual appropriated budget. Governmental fund
budgets are established in accordance with state law and are adopted on a fund level. A budgetary
comparison statement has been provided for the general fund to demonstrate compliance with this
budget.
Proprietary Funds – The proprietary fund statements present information for two types of funds.
Enterprise funds operate as business‐type activities in the government‐wide statements and include
the waterworks utility, solid waste, golf course, and airport funds. The other proprietary fund types are
internal service funds. Internal service funds are used to report activities that provide supplies and
services to various City departments and to allocate the associated costs of providing these services to
the various governmental and enterprise functions. The revenues and expenses of internal service
funds that support governmental activities are eliminated in the government‐wide statements and the
remaining activity is combined within the governmental activities in the government‐wide statements.
The proprietary fund statements provide the same information as the government‐wide financial
statements, only in more detail. The City reports the activity of its two major enterprise funds,
waterworks utility (water, wastewater, and storm water) and solid waste separately. Information from
the remaining non‐major enterprise funds are combined and presented in a single, aggregated column
in the fund statements. Internal service funds are also aggregated and reported separately in this
section. The basic proprietary fund financial statements can be found on pages 4‐7 through 4‐10 of
this report.
Fiduciary Funds – Fiduciary Funds are used to account for resources held for the benefit of parties
outside the government. Fiduciary funds are not reported in the government‐wide financial
statements because the resources of those funds are not available to support the City’s own
operations. The accounting used for fiduciary funds is much like that used for proprietary funds. The
fiduciary fund financial statements can be found on pages 4‐11 and 4‐12 of this report.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-3
Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the information
provided and are an integral part of the government‐wide and fund financial statements. The notes to
the financial statements can be found pages 4‐13 through 4‐69 of this report.
Other information
In addition to the basic finance statements and accompanying notes, this report also presents:
1. Required Supplemental Information (RSI)
RSI provides budgetary comparisons for the general fund budget to actual, as well as the City’s
funding progress for the Firefighters’ Pension Trust Fund and Other Post‐Employment Benefits
(LEOFF 1 Retiree Medical). RSI can be found on page 5‐1 through 5‐13 of this report.
2. Combining Statements
The combining statements provide additional detail for other government funds, internal service
funds, and fiduciary funds. Combining and individual fund statements and schedules can be found
on page 6‐1 through 6‐37 of this report.
3. Statistical Information
This section includes unaudited trends and demographic information. The statistical section can be
found on page 7‐1 through 7‐30 of this report.
GOVERNMENT‐WIDE FINANCIAL ANALYSIS
Statement of Net Position
The following is a summary of the City’s net position as of December 31, 2020, with comparison to
2019:
2020 2019 2020 2019 2020 2019
Current assets 207,030,676$ 198,042,461$ 112,483,917$ 104,374,957$ 319,514,593$ 302,417,418$
Capital assets 502,445,923 496,080,559 307,820,630 314,365,996 810,266,553 810,446,555
Other non‐current assets 58,365,006 61,095,814 2,828,702 53,768 61,193,708 61,149,582
TOTAL ASSETS 767,841,605 755,218,834 423,133,249 418,794,721 1,190,974,854 1,174,013,555
Deferred Outflows of Resources 6,177,362 #5,428,540 1,610,882 1,636,807 7,788,244 7,065,347
Long‐term liabilities 118,868,089 121,634,136 23,158,918 25,845,604 142,027,007 147,479,740
Other liabilities 14,939,841 13,830,419 3,516,246 6,538,987 18,456,087 20,369,406
TOTAL LIABILITIES 133,807,930 135,464,555 26,675,164 32,384,591 160,483,094 167,849,146
Deferred Inflows of Resources 5,205,825 10,485,616 938,780 1,859,210 6,144,605 12,344,826
NET POSITION:
488,387,204 478,173,369 289,121,692 293,076,667 777,508,896 771,250,036
Restricted 63,265,226 61,745,083 2,810,145 2,810,145 66,075,371 64,555,228
Unrestricted 83,352,782 74,778,751 105,198,350 90,300,915 188,551,132 165,079,666
TOTAL NET POSITION 635,005,212$ 614,697,203$ 397,130,187$ 386,187,727$ 1,032,135,399$ 1,000,884,930$
Net Investment in Capital Assets
Governmental Activities Business‐type Activities
CONDENSED STATEMENT OF NET POSITION
Total
As noted earlier, the change in net position over time, may serve as a useful indicator of a
government’s financial situation. At the close of the most recent fiscal year, assets and deferred
outflows of resources exceeded liabilities and deferred inflows of resources by $1.03 billion, a $31.2
million increase over 2019.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-4
Net Position – Net Investment in Capital
Assets. $778 million (75%) of total net
position reflects the City’s investment in
capital, net of related debt that was used to
acquire those assets. The City uses these
assets to provide a variety of services to
citizens. Accordingly, these assets are not
available for future spending. Although
investment in capital assets are reported net
of related debt, it should be noted that the
resources used to repay this debt must be
provided from other sources, since the
capital assets themselves cannot be used to
liquidate these liabilities.
Net Position – Restricted. Total restricted net
position accounts for $66.1 million of the
City’s net position, which is a $1.5 million
increase (2%) from 2019. This increase
reflects small changes in debt service, grants,
pensions, and special purpose revenues
sources that have not been spent (REET, KC
Parks Levy, Impact Mitigation Fees). There
was a large issuance of debt in 2019 to fund
large capital projects that has not been
spent. Many of the restricted revenue
sources have been budgeted for capital
projects that have been carried forward for
expenditure in 2021.
Net Position – Unrestricted. The remaining
$188.5 million of net position is unrestricted
and may be used to meet the government’s
ongoing obligations for governmental and
business type activities ($83.3 million and
$105.2 million, respectively).
At the end of the current fiscal year, the City
reports a positive net position in all net
position categories, for both governmental
activities and business‐type activities. The
same held true for the prior fiscal year.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-5
Statement of Activities and Change in Net Position
The following is a condensed summary statement of activities and change in net position as of
December 31, 2020, with comparison to 2019.
CONDENSED STATEMENT OF ACTIVITIES
2020 2019 2020 2019 2020 2019
Revenues:
Program revenues:
Charges for services 18,183,463$ 24,606,512$ 82,388,681$ 83,939,119$ 100,572,144$ 108,545,631$
Operating grants and contributions 10,990,611 7,458,503 1,233,103 1,099,731 12,223,714 8,558,234
Capital grants and contributions 10,743,119 7,615,827 3,940,585 7,341,238 14,683,704 14,957,065
Taxes and other general revenues:‐
Property taxes 21,964,194 21,706,506 ‐ ‐ 21,964,194 21,706,506
Sales taxes 31,034,947 32,955,528 ‐ ‐ 31,034,947 32,955,528
Other Taxes 33,101,847 36,637,695 ‐ ‐ 33,101,847 36,637,695
Other general revenue 3,461,713 3,719,259 1,405,886 1,609,376 4,867,599 5,328,635
Total revenues 129,479,894 134,699,830 88,968,255 93,989,464 218,448,149 228,689,294
Expenses:
General government 21,069,221 13,188,036 ‐ ‐ 21,069,221 13,188,036
Judicial 3,170,019 3,036,172 ‐ ‐ 3,170,019 3,036,172
Public safety 39,807,638 34,493,076 ‐ ‐ 39,807,638 34,493,076
Utilities 206,150 270,397 ‐ ‐ 206,150 270,397
Transportation 18,145,346 20,091,069 ‐ ‐ 18,145,346 20,091,069
Economic and natural environment 9,488,896 8,032,974 ‐ ‐ 9,488,896 8,032,974
Health and human services 2,910,797 2,486,008 ‐ ‐ 2,910,797 2,486,008
Culture and recreation 13,421,450 15,040,743 ‐ ‐ 13,421,450 15,040,743
Interest on long‐term debt 1,489,077 1,562,735 ‐ ‐ 1,489,077 1,562,735
Airport ‐ ‐ 2,736,107 3,270,117 2,736,107 3,270,117
Golf Course ‐ ‐ 2,341,478 2,442,180 2,341,478 2,442,180
Solid Waste ‐ ‐ 20,132,851 20,544,997 20,132,851 20,544,997
Waterworks Utility ‐ ‐ 50,782,704 54,263,991 50,782,704 54,263,991
Total expenses 109,708,594 98,201,210 75,993,140 80,521,285 185,701,734 178,722,495
19,771,300 36,498,620 12,975,115 13,468,179 32,746,415 49,966,799
Transfers 6,339 68,783 (6,339) (68,783) ‐ ‐
Special Items (866,131) ‐ ‐ ‐ (866,131) ‐
Increase (decrease) in net position 18,911,508 36,567,403 12,968,776 13,399,396 31,880,284 49,966,799
Net position ‐ beginning 614,697,203 578,129,800 386,187,727 372,788,331 1,000,884,930 950,918,131
Prior Period Adjustment 1,396,501 ‐ (2,026,316) ‐ (629,815) ‐
Change in Accounting Principle ‐ ‐ ‐ ‐ ‐
Net position ‐ ending 635,005,212$ 614,697,203$ 397,130,187$ 386,187,727$ 1,032,135,399$ 1,000,884,930$
Governmental Activities Business‐type Activities Total
Increase in net position before transfers
Citywide revenue. Total revenue (governmental and business‐type) decreased by $10.2 million, or 4.5
percent. Most which is attributed to a $3.4 million increase in capital and operating grants and
contributions (Business‐type and Governmental Activities) and a $0.3 million increase in property taxes
(Governmental Activities). Offset by a $8 million decrease in charges for services (Governmental and
Business‐type Activities), a $1.9 million decrease in sales taxes (Governmental Activities), $3.5 million
decrease in other taxes (Governmental Activities) and a $0.5 million decrease in other general
revenues (Governmental and Business‐type Activities).
2020 Comprehensive Annual Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-6
The $3.8 million increase in operating grants and contributions is a result of the $4.7 million received
in CARES funding from the Department of Commerce in response to the COVID‐19 pandemic. Further,
the decrease in tax revenues and charges for services were also in relation to the impact to the
economy from the COVID‐19 pandemic.
Citywide expenses. Expenses totaled $185.7 million in 2020, a $7 million increase from 2019.
Governmental activities expenses increased $11.5 million due to an increase in overall net change in
the OPEB liability for the health plan for LEOFF Plan 1 retirees and an overall net change in joint
ventures offset by a decrease in personnel costs from many open positions left unfilled. Business‐type
expenses decreased by $4.5 million due to a decrease to contracted services for utility system repairs,
a decrease in personnel costs from many open positions that were left unfilled to help offset revenue
reductions expected from the pandemic and lastly, there was an assessment from King County Waste
Water audit in 2019 that was a one‐time cost.
Change in net position. The resulting change in net position was a decrease in 2020 by $18.1 million: a
$17.7 million decrease from governmental activities and a $0.4 million decrease from business‐type
activities. The decrease in governmental activities and business‐type activities is related to revenue
and expenditure variances explained above.
Governmental Activities Analysis
Governmental activities cost a total of $108.2 million in 2020 against program generated revenue
(excluding taxes and other general revenue) of $39.9 million. Program revenues support 37 percent of
the governmental program costs, while the remaining 63 percent of governmental program costs are
supported by general revenues (taxes and other general revenue). Compared to 2019, governmental
activities cost increased $11.6 million and program revenues increased $0.2 million.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-7
Chart 1 portrays the extent that the cost of each of the City’s governmental programs is supported by
its own program generated revenue (fees, intergovernmental revenues, and contributions specifically
related to that program). Public safety accounts for 37 percent of the total governmental activity costs
but generates the lowest percentage of program revenues compared to its program costs (14 percent).
Conversely, judicial recovered all of their costs in 2020 through program revenues, which consist of
traffic citations, parking citations, criminal charges, miscellaneous court fees, and red‐light camera
fees.
Chart 2 depicts the source
breakdown for all revenues that
fund governmental activities.
Approximately 67 percent of the
total governmental activity
revenues come from taxes. The
City’s largest governmental
revenue source is other taxing
sources (26 percent), which
consists of Business and
Occupation Tax and Excise Tax.
The second largest source is sales
and use tax (24 percent). Property
tax accounts for 17 percent of the
City’s general governmental
revenue. While program specific
charges for services, grants and
contributions generate 30 percent
of total revenue for general
governmental activities, the City is
largely dependent on tax revenue and as a result, the general economy has a major impact on the
City’s revenue streams. Other general revenue accounts for 3 percent of revenue sources and includes
interest and miscellaneous revenue.
Business‐Type Activities Analysis
Since the primary source of revenue for business‐type activities is user fees and charges, there is much
less disparity between program costs and related program revenue. Chart 3 shows the expense of
each of the City’s business‐type program along with each programs’ revenue (fees and
intergovernmental revenues specifically related to that program).
2020 Comprehensive Annual Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-8
The Waterworks Utility generated $56.2 million in fees for services, and the operating and debt service
costs were $50.8 million. In addition, the waterworks utility received $5 million in grants,
contributions, and capital contributions from developers, for a combined increase in net position of
$10.4 million. The operating balance is necessary for future planned system infrastructure
replacements, repairs, and enhancements. Compared to 2019, the waterworks utility had a $3.4
million decrease operating revenue collections and a $3.5 million decrease operating expenses. Like
the general fund, the waterworks utility cut costs in anticipation of projected revenue losses. The
expenses cut were freezing open positions, and discretionary expenses such as training and supplies.
The Solid Waste Utility generated $20.7 million in total revenue and incurred $20.1 million in program
expenses. In addition, the solid waste fund received $69 thousand in grants and contributions,
resulting in an increase in net position of $624 thousand.
The Airport generated a total of $2.9 million in revenue from charges for services and $2.7 million in
expenses along with $109 thousand in grants and contributions in 2020, which resulted in a $279
thousand increase in net position.
The Golf Course generated a total of $2.6 million in green fees, driving range charges, and other user
fees. The total expenses for the Golf Course were $2.3 million. The Golf Course had a $264 thousand
increase in net position for the year as there was an increase in demand for outdoor recreational
activities due to the restrictions from the pandemic on indoor activities.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-9
Chart 4 illustrates the source of revenue for
Business‐type activities, which are supported
primarily from charges for services. Charges
for services generated $82.4 million, or 93
percent, of the total revenue sources, while
grant revenue and contributions generated
$5.2 million, or 5 percent, of the total
revenue sources. This is consistent with the
in charges for services and a $1.2 million
increase in grants and contributions from
2019.
FUND FINANCIAL ANALYSIS
Governmental Funds
The governmental fund statements provide information on near‐term inflows, outflows, and balances
of spendable resources. Such information is useful in assessing the City’s ability to meet financing
requirements in the near term. In particular, unassigned fund balance may serve as a useful measure
of a government’s net resources available for spending at the end of the fiscal year.
General Fund – At the end of the fiscal year, the City had a fund balance of $63.7 million, which is an
increase of $8.7 million from 2019. Overall, the City’s general fund revenues decreased $4.7 million
over 2019 (net effect of decrease in taxes and charges for services), and general fund expenditures
have increased by $85 thousand. Due to the pandemic, many stores and businesses were shut down
for a significant part of the year, impacting the business taxes. The City also was required to shut
down general city services such as the community pool and recreation center that impacted the
decrease in charges for service. In anticipation of the decrease in general revenues, the City made cuts
in general fund expenditures to help offset the expected decline in revenues.
Municipal Facilities CIP Fund – This fund accounts for all the City’s parks and facilities related capital
projects (new construction, major maintenance, and improvements). Overall revenue increased $1.7
million over 2019 which was attributed to two large grants from the Washington State Department of
Commerce for the construction of the new Sunset Park and Gene Coulon playground improvements.
Expenditures decreased $2.2 million, a result of several large construction projects related to the
Coulon deck replacement and City Hall repairs completed in 2019.
Capital Improvement Fund – This fund accounts for all the street, roadway and transportation related
capital projects and programs. Overall revenue decreased $2.7 million over 2019. In prior years, a
portion of the tax revenue was previously allocated to this fund but it was determined to allocate all
tax revenue to the general fund and then process a transfer to this fund to support these capital
projects, thus explaining the overall revenue decrease. Overall expenditures increased $4.0 million as
a result of the construction costs related to street improvements at Williams and Wells.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-10
Proprietary Funds
The proprietary fund financial statements provide the same type of information found in the
government‐wide financial statements, but in more detail. The analysis for the proprietary funds is
found within the business‐type activities analysis and discussion above. The proprietary fund
statements also include a column for internal services fund activities in aggregate. These activities are
consolidated with general governmental activities in the government‐wide statements.
GENERAL FUND BUDGETARY HIGHLIGHTS
The City uses a biennial budget process that adopts two one‐year budgets at one time. 2020 was the
second year of the 2019‐20 biennium. The following is a condensed summary of the 2020 general fund
budget comparison.
Original Final Actual
Taxes 74,148,812$ 69,685,704$ 79,222,355$ 9,536,651$
Various charges 19,351,930 21,763,338 22,868,426 1,105,088
Other Revenues 7,034,453 6,725,958 7,209,861 483,903
TOTAL REVENUES 100,535,195 98,175,000 109,300,642 11,125,642
Current Operating 102,076,507 104,581,587 96,181,140 8,400,447
Capital Outlay 5,200 1,047,066 684,168 362,898
Debt Service 175,000 175,000 175,000 ‐
TOTAL EXPENDITURES 102,256,707 105,803,653 97,040,308 8,763,345
Transfers/insurance recoveries (1,418,000) (980,792) (3,119,009) (2,138,217)
(3,139,512) (8,609,445) 9,141,325 17,750,770
FUND BALANCE, JANUARY 1 28,895,226 48,056,982 48,056,982 ‐
Prior Period Adjustment (723,357) (723,357)
FUND BALANCE ‐ DECEMBER 31 25,755,714$ 39,447,537$ 56,474,950$ 17,027,413$
GENERAL FUND BUDGET COMPARISON
Budgeted Amounts
Net Change in Fund Balance
Variance with Final
Budget
Favorable
(Unfavorable)
Original budget for tax revenues including property taxes, business and occupation taxes and other
miscellaneous taxes are budgeted based on the previous four to five years collection rates. The final
budget was adjusted to more accurately reflect the overall tax revenues and reflect the projected
effects of the pandemic on the City’s revenue base. Even though there was a large statewide shut
down of many businesses, the overall impact was better than expected. Sales tax, business and
occupation taxes and gambling taxes came in higher than projected for an overall variance of $9.5
million.
Original budget for expenditures had a net increase of 3.6 million. Prior to the pandemic, the budget
was increased to allow for the hiring of 12 new positions in the general fund, 8 of which were for park
maintenance positions, in addition to increased wages and overtime from the ratification of union
2020 Comprehensive Annual Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-11
contracts and increased funding for Renton Housing Authority. In the second quarter of 2020, the City
made significant cuts to the overall general fund budget to help offset the projected revenue
decreases from the COVID‐19 pandemic. These decreases included personnel costs in connection with
freezing open positions, reduction in transfers to fund capital projects/replacements that were put on
hold, reduction in discretionary spending, and a reduction of funding to the LEOFF 1 retiree healthcare
fund.
Current expenditures were down from the adjusted 2020 budget primarily due to not filling positions
that were vacated during the year through normal attrition, a decrease in community events and the
extended closure of the recreation center and pool. Overall, City staff made a conscience effort to
make careful decisions on spending until the overall impact of the pandemic to the City’s finances
could be better projected.
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The City of Renton’s investment in capital assets, including construction in progress and net of
accumulated depreciation, for governmental and business‐type activities amounts to $810.3 million as
of December 31, 2020, compared to $810.5 million in 2019.
CAPITAL ASSETS
(Net of Depreciation/Amortization)
2020 2019 2020 2019 2020 2019
Land and Land Improvements 213,458,539$ 212,297,657$ 6,150,056$ 6,150,056$ 219,608,595$ 218,447,713$
Capital Assets 268,099,012 269,504,702 285,911,791 291,264,108 554,010,803 560,768,810
Intangible Assets 1,054,725 524,919 906,236 951,950 1,960,961 1,476,869
Construction in Progress 19,833,647 13,753,281 14,852,547 15,999,882 34,686,194 29,753,163
Total 502,445,923$ 496,080,559$ 307,820,630$ 314,365,996$ 810,266,553$ 810,446,555$
Governmental Activities Business‐Type Activities Total
There was very little net change in the total capital assets, although the governmental activities did see
an overall increase of $8 million which is attributed to a couple of large capital projects. These largest
projects include new construction for the Williams and Wells street improvements ($4.0 million), and
the completion of the Sunset Park ($4.0 million). The business type activities showed a net decrease
due to annual depreciation outpacing any new projects added. This net change is also due to a large
prior period adjustment recorded to correct beginning balances for 2020. A more detailed discussion
is located in note 17 of the Notes to Financial Statements.
As of December 31, 2020, depreciable capital assets for governmental activities were 42 percent
depreciated, slightly higher than the 2019 rate (39 percent). This comparison indicates the City is
replacing its assets at almost the same rate that are depreciating, which is a positive indicator. More
detailed capital asset information is provided in Note 4 of the Notes to Financial Statements.
Debt Administration
The City’s total outstanding debt at December 31, 2020, was $80.5 million, a $9.1 million (10 percent)
decrease from the prior year which is attributed to the City’s continued commitment to paying down
debt. More detailed debt information is provided in Note 10 of the Notes to Financial Statements.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-12
2020 2019 2020 2019 2020 2019
General Obligation Bonds 34,235,000$ 39,275,000$ ‐$ ‐$ 34,235,000$ 39,275,000$
Revenue Bonds ‐ ‐ 17,755,000 20,040,000 17,755,000 20,040,000
Other Long‐Term Debt 23,594,046 24,588,551 1,206,630 1,552,448 24,800,676 26,140,999
Unamortized Premium (Discount)3,352,428 3,723,621 354,334 404,953 3,706,762 4,128,574
Total 61,181,474$ 67,587,172$ 19,315,964$ 21,997,401$ 80,497,438$ 89,584,573$
Governmental Activities Business‐Type Activities
LONG‐TERM DEBT
Total
The City’s general obligation debt rating was upgraded to AAA by Standard and Poor in March 2019.
REQUESTS FOR FINANCIAL INFORMATION
This financial report is designed to provide our citizens, creditors, investors, and others interested in
the City’s finances with a general overview of the City’s finances and to show the City’s accountability
for financial resources it receives. If you have any questions about this report or need additional
information, please contact Kari Roller, Interim Administrative Services Administrator, 1055 South
Grady Way, Renton, WA 98057 or visit our web site at www.rentonwa.gov.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Management's Discussion and Analysis, 3-13
Governmental
Activities
Business‐type
Activities Total
ASSETS
Current assets:
Cash and cash equivalents $ 134,877,161 $ 74,846,737 $ 209,723,898
Cash with fiscal agent 1,128,387 ‐ 1,128,387
Investments at fair value 45,281,356 26,320,977 71,602,333
Receivables (net of allowance for uncollectibles) 25,877,315 10,119,552 35,996,867
Internal balances (775,836) 775,836 ‐
Inventories 226,357 341,491 567,848
Prepayments 335,936 ‐ 335,936
Notes and assessments receivable 80,000 79,324 159,324
Restricted assets:
Cash and cash equivalents ‐ 2,810,145 2,810,145
Noncurrent assets:
Notes and assessments receivable 481,022 18,557 499,579
Net pension asset 21,135,311 ‐ 21,135,311
Investment in joint ventures (net) 36,748,673 ‐ 36,748,673
Capital assets not being depreciated:
Land 213,458,539 6,150,056 219,608,595
Construction in progress 19,833,647 14,852,547 34,686,194
Capital assets (net of accumulated depreciation) 268,099,012 285,911,791 554,010,803
Intangible assets (net of accumulated amortization) 1,054,725 906,236 1,960,961
TOTAL ASSETS 767,841,605 423,133,249 1,190,974,854
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 5,757,551 993,857 6,751,408
Deferred amount on refunding 419,811 617,025 1,036,836
TOTAL DEFERRED OUTFLOWS OF RESOURCES 6,177,362 1,610,882 7,788,244
LIABILITIES
Current liabilities:
Accounts payable and other current liabilities 13,718,472 3,086,779 16,805,251
Interest payable 251,638 37,810 289,448
Unearned revenue 969,731 391,657 1,361,388
Noncurrent liabilities:
Due within one year 10,279,427 3,158,562 13,437,989
Due in more than one year 108,588,662 20,000,356 128,589,018
TOTAL LIABILITIES 133,807,930 26,675,164 160,483,094
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 5,205,825 938,780 6,144,605
TOTAL DEFERRED INFLOWS OF RESOURCES 5,205,825 938,780 6,144,605
NET POSITION
Net investment in capital assets 488,387,204 289,121,692 777,508,896
Restricted for:
Debt service 251,600 2,810,145 3,061,745
Grants and contributions 1,337,143 ‐ 1,337,143
Pensions 21,135,311 ‐ 21,135,311
Special purpose taxes & assessments 21,948,436 ‐ 21,948,436
Special purpose bonds 18,592,736 ‐ 18,592,736
Unrestricted 83,352,782 105,198,350 188,551,132
TOTAL NET POSITION $ 635,005,212 $ 397,130,187 $ 1,032,135,399
City of Renton
Statement of Net Position
December 31, 2020
Primary Government
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-1The notes to the financial statements are an integral part of this statement.
Functions/ProgramsExpenses Charges for ServicesOperating Grants and ContributionsCapital Grants and ContributionsGovernmental ActivitiesBusiness‐type ActivitiesTotalPRIMARY GOVERNMENT:GOVERNMENTAL ACTIVITIES:General government $ 21,069,221 $ 5,553,209 $ 3,315,564 $ 67,500 $ (12,132,948) $ ‐ $ (12,132,948)Judicial 3,170,019 3,825,074 43,072 ‐ 698,127 ‐ 698,127 Public safety 39,807,638 1,237,536 4,385,918 ‐ (34,184,184) ‐ (34,184,184)Utilities 206,150 ‐ ‐ ‐ (206,150) ‐ (206,150)Transportation 18,145,346 2,186,138 1,915,246 6,795,963 (7,247,999) ‐ (7,247,999)Economic environment 9,488,896 4,244,701 299,602 623,371 (4,321,222) ‐ (4,321,222)Health and human services 2,910,797 42,348 888,644 ‐ (1,979,805) ‐ (1,979,805)Culture and recreation 13,421,450 1,094,457 84,677 3,256,285 (8,986,031) ‐ (8,986,031)Interest on long‐term debt 1,489,077 ‐ 57,888 ‐ (1,431,189) ‐ (1,431,189)TOTAL GOVERNMENTAL ACTIVITIES 109,708,594 18,183,463 10,990,611 10,743,119 (69,791,401) ‐ (69,791,401)BUSINESS‐TYPE ACTIVITIES:Airport 2,736,107 2,906,657 109,000 ‐ ‐ 279,550 279,550 Golf Course 2,341,478 2,605,574 ‐ ‐ ‐ 264,096 264,096 Solid Waste 20,132,851 20,687,309 69,495 ‐ ‐ 623,953 623,953 Waterworks Utility 50,782,704 56,189,141 1,054,608 3,940,585 ‐ 10,401,630 10,401,630 TOTAL BUSINESS‐TYPE ACTIVITIES 75,993,140 82,388,681 1,233,103 3,940,585 ‐ 11,569,229 11,569,229 TOTAL PRIMARY GOVERNMENT $ 185,701,734 $ 100,572,144 $ 12,223,714 $ 14,683,704 (69,791,401) 11,569,229 (58,222,172) 21,964,194 ‐ 21,964,194 31,034,947 ‐ 31,034,947 26,378,666 ‐ 26,378,666 6,723,181 ‐ 6,723,181 2,702,607 1,197,741 3,900,348 747,850 208,145 955,995 11,256 ‐ 11,256 6,339 (6,339) ‐ SPECIAL ITEMS: (866,131) ‐ (866,131) 88,702,909 1,399,547 90,102,456 18,911,508 12,968,776 31,880,284 614,697,203 386,187,727 1,000,884,930 1,396,501 (2,026,316) (629,815) 616,093,704 384,161,411 1,000,255,115 $ 635,005,212 $ 397,130,187 $ 1,032,135,399 City of RentonStatement of ActivitiesFor the Year Ended December 31, 2020Net (Expense) Revenue and Changes in Net PositionProgram RevenuesPrimary GovernmentGENERAL REVENUES:Taxes:Property taxesRetail sales taxesNET POSITION ‐ DECEMBER 31Business taxesExcise taxesInterest and investment earningsMiscellaneousGain on sale of assetsTRANSFERSFire station equipment fund payoutTOTAL GENERAL REVENUES, TRANSFERS, AND SPECIAL ITEMSCHANGE IN NET POSITIONNET POSITION ‐ JANUARY 1Prior Period AdjustmentNET POSITION ‐ JANUARY 1 RESTATED2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonBasic Financial Statements, 4-2The notes to the financial statements are an integral part of this statement.
General Municipal Facilities CIP Capital Improvement Total Nonmajor Funds
Total Governmental
Funds
ASSETS
Cash & cash equivalents $ 42,833,499 $ 21,760,974 $ 13,663,242 $ 15,529,802 $ 93,787,517
Cash with fiscal agent 1,128,387 ‐ ‐ ‐ 1,128,387
Investments at fair value 15,094,752 7,403,609 4,654,054 5,285,235 32,437,650
Receivables, net of allowances:
Taxes 11,055,818 ‐ ‐ 43,270 11,099,088
Customer accounts 8,684,719 ‐ ‐ 18,900 8,703,619
Accrued interest & penalties 247,999 136,255 54,242 68,871 507,367
Notes and assessments receivable 481,022 80,000 ‐ ‐ 561,022
Due from other funds 22,652 67,500 135,305 ‐ 225,457
Due from other governments 1,215,363 589,853 3,292,734 48,007 5,145,957
TOTAL ASSETS $ 80,764,211 $ 30,038,191 $ 21,799,577 $ 20,994,085 $ 153,596,064
LIABILITIES
Accounts payable $ 2,167,187 $ 872,184 $ 2,145,927 $ 325,846 $ 5,511,144
Taxes payable ‐ ‐ ‐ ‐ ‐
Retainage payable 55,270 192,254 ‐ ‐ 247,524
Due to other funds 869,473 ‐ ‐ 186,186 1,055,659
Customer deposits 2,137,586 ‐ ‐ ‐ 2,137,586
Unearned revenues 921,724 ‐ ‐ 48,007 969,731
Wages and benefits payable 2,370,202 ‐ ‐ ‐ 2,370,202
TOTAL LIABILITIES 8,521,442 1,064,438 2,145,927 560,039 12,291,846
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues 8,546,547 ‐ 2,985,111 ‐ 11,531,658
TOTAL DEFERRED INFLOWS OF RESOURCES 8,546,547 ‐ 2,985,111 ‐ 11,531,658
FUND BALANCES (DEFICITS)
Restricted 754,367 16,031,205 10,112,129 15,232,213 42,129,914
Committed 2,565,246 4,553,154 9,376,070 240,666 16,735,136
Assigned 7,654,675 8,389,394 ‐ 4,961,167 21,005,236
Unassigned 52,721,934 ‐ (2,819,660) ‐ 49,902,274
TOTAL FUND BALANCES 63,696,222 28,973,753 16,668,539 20,434,046 129,772,560
TOTAL LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES $ 80,764,211 $ 30,038,191 $ 21,799,577 $ 20,994,085 $ 153,596,064
City of Renton
Balance Sheet
Governmental Funds
December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-3The notes to the financial statements are an integral part of this statement.
FUND BALANCES ‐ TOTAL GOVERNMENTAL FUNDS $ 129,772,560
Amounts reported for governmental activities in the statement of net position are different because:
Other non‐current assets and deferred outflows of resources used in governmental activities are not
financial resources and, therefore, are not reported in the governmental funds.
Investment in Joint Venture‐SCORE 29,710,945
Investment in Joint Venture‐Valley Communications 7,037,728
Net pension assets 21,135,311
Deferred outflows related to pensions 5,096,167
Deferred outflows related to refundings 419,811 63,399,962
Capital assets used in governmental activities are not financial resources and, therefore, are not reported
in the governmental funds.
Land 213,458,539
Construction in progress 19,831,447
Capital assets (net of accumulated depreciation)254,881,515
Intangible assets (net of accumulated amortization)687,593 488,859,094
Other long‐term assets are not available to pay for current period expenditures and, therefore, are
reported as unavailable revenue in the funds.
Property and business tax revenue 325,600
Photo enforcement revenue 6,901,815
Municipal court revenue 620,593
Intergovernmental revenue 3,379,464
Other 304,186 11,531,658
Certain liabilities are not due and payable in the current period and, therefore, are not reported in the
governmental funds.
Interest payable (251,638)
Bonds payable (61,059,931)
Compensated absences (3,934,129)
Net pension liabilities (8,538,712)
Deferred inflows related to pensions (4,581,092) (78,365,502)
Accrued pension expense reported in the governmental funds is not included in the calculation of the net
pension liability.168,295
Internal service funds are used by management to charge the costs of certain activities, such as equipment
rental, self‐insurance, information technology and facility services to individual funds. The assets and
liabilities of the internal service funds are included in the governmental activities in the statement of net
position.19,639,145
NET POSITION OF GOVERNMENTAL ACTIVITIES $ 635,005,212
Reconciliation of the Balance Sheet
To the Statement of Net Position
December 31, 2020
City of Renton
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-4The notes to the financial statements are an integral part of this statement.
General Municipal Facilities CIP Capital Improvement Total Nonmajor Funds
Total Governmental
Funds
REVENUES
Taxes $ 79,222,355 $ ‐ $ ‐ $ 6,715,666 $ 85,938,021
Licenses and permits 5,164,397 ‐ ‐ 78,295 5,242,692
Intergovernmental revenues 10,196,108 3,331,778 2,373,399 444,716 16,346,001
Charges for services 4,222,325 4,140 ‐ 2,649,800 6,876,265
Fines and forfeits 3,285,596 ‐ 23,482 21,799 3,330,877
Contributions 375,677 4,920 ‐ 353,507 734,104
Investment earnings 1,236,807 385,988 217,284 238,529 2,078,608
Miscellaneous revenue 962,008 ‐ ‐ ‐ 962,008
Total revenues 104,665,273 3,726,826 2,614,165 10,502,312 121,508,576
EXPENDITURES
Current:
General government 13,757,930 ‐ ‐ ‐ 13,757,930
Judicial 3,252,116 ‐ ‐ ‐ 3,252,116
Public safety 41,027,819 ‐ ‐ 148,403 41,176,222
Utilities 209,398 ‐ ‐ ‐ 209,398
Transportation 10,304,108 ‐ ‐ ‐ 10,304,108
Economic environment 9,162,197 ‐ ‐ 285,519 9,447,716
Health and human services 3,006,025 ‐ ‐ ‐ 3,006,025
Culture and recreation 10,967,337 540,547 ‐ 51,955 11,559,839
Capital outlay:
General government ‐ 1,736,406 ‐ ‐ 1,736,406
Public safety ‐ ‐ ‐ 97,872 97,872
Transportation 13,818 ‐ 9,530,285 ‐ 9,544,103
Economic environment 670,350 ‐ ‐ ‐ 670,350
Culture and recreation 73,130 6,672,422 ‐ ‐ 6,745,552
Debt service:
Principal payment ‐ ‐ ‐ 5,405,922 5,405,922
Interest and fiscal charges ‐ ‐ ‐ 1,756,060 1,756,060
Total expenditures 92,444,228 8,949,375 9,530,285 7,745,731 118,669,619
Excess (deficiency) of revenues over expenditures 12,221,045 (5,222,549) (6,916,120) 2,756,581 2,838,957
OTHER FINANCING SOURCES (USES)
Transfer in 4,790,839 1,242,795 3,905,909 8,584,338 18,523,881
Transfers out (7,763,456) (4,756,476) ‐ (6,037,492) (18,557,424)
Sale of capital assets 7,050 ‐ ‐ ‐ 7,050
Insurance Recoveries 27,218 ‐ ‐ ‐ 27,218
Total other financing sources (uses) (2,938,349) (3,513,681) 3,905,909 2,546,846 725
SPECIAL ITEMS
Fire station equipment fund payout ‐ (866,131) ‐ ‐ (866,131)
Total special items ‐ (866,131) ‐ ‐ (866,131)
Net change in fund balances 9,282,696 (9,602,361) (3,010,211) 5,303,427 1,973,551
FUND BALANCE ‐ JANUARY 1 55,136,883 38,576,114 19,569,550 13,204,068 126,486,615
Prior Period Adjustment (723,357) ‐ 109,200 1,926,551 1,312,394
FUND BALANCE ‐ JANUARY 1, RESTATED 54,413,526 38,576,114 19,678,750 15,130,619 127,799,009
FUND BALANCE ‐ DECEMBER 31 $ 63,696,222 $ 28,973,753 $ 16,668,539 $ 20,434,046 $ 129,772,560
City of Renton
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-5The notes to the financial statements are an integral part of this statement.
NET CHANGES IN FUND BALANCES ‐ TOTAL GOVERNMENTAL FUNDS $ 1,973,551
Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost
of those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the
amount by which depreciation and amortization expenses and the loss on transfer of capital assets to other
governments exceeded capital outlays.
Capital expenditures 16,412,880
Depreciation and amortization expense (10,803,950)
Book value of capital assets sold/abandoned (52,157) 5,556,773
Governmental funds report pension expenditures when due and payable from current financial resources.
However, in the statement of activities, pension expense is measured by the change in the net pension
assets, net pension liabilities, and related deferred outflows and inflows. This is the net difference in pension
expense.4,062,248
Donations of property and infrastructure from developers are not reported in the governmental funds.
However, in the statement of activities, the fair market value of those assets is recognized as revenue.1,330,100
Revenues in the statement of activities that do not provide current financial resources are not reported as
revenue in the funds. Unavailable revenue increased by this amount.3,967,860
The issuance of long‐term debt (e.g., bonds, leases) provides current financial resources to governmental
funds, while the repayment of the principle of long‐term debt consumes the current financial resources of
governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds
report the effect of premiums, discounts, and refundings when debt is first issued, whereas these amounts
are deferred and amortized in the statement of activities. This amount is the net effect of these differences in
the treatment of long‐term debt and related items.5,422,282
Increase (decrease) in Investment in Joint Ventures which do not provide current financial resources and,
therefore, are not reported in the funds.
Equity interest‐SCORE (524,445)
Equity interest‐Valley Communications 606,843 82,398
Internal service funds are used by management to charge the costs of certain activities to individual funds.
The net revenue (expense) of the internal service funds are reported with governmental activities.(3,483,704)
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 18,911,508
For the Year Ended December 31, 2020
City of Renton
Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of the Governmental Funds
To the Statement of Activities
Governmental Activities
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-6The notes to the financial statements are an integral part of this statement.
Governmental
Activities
Waterworks Utility Solid Waste Total Nonmajor Funds Total Enterprise Funds Internal Service Funds
ASSETS
Current assets:
Cash & cash equivalents $ 65,877,711 $ 2,560,204 $ 6,408,822 $ 74,846,737 $ 41,089,643
Investments at fair value 23,358,375 868,349 2,094,253 26,320,977 12,843,706
Receivables (net of allowances)
Customer accounts 6,013,508 2,763,911 92,355 8,869,774 192,125
Special assessments 79,324 ‐ ‐ 79,324 ‐
Interest & penalties 421,394 13,763 26,395 461,552 229,159
Due from other funds 775,836 ‐ ‐ 775,836 99,448
Due from other governments 718,730 69,496 ‐ 788,226 ‐
Supplies inventory 261,381 ‐ 80,110 341,491 226,357
Prepayments ‐ ‐ ‐ ‐ 335,936
Total current assets 97,506,259 6,275,723 8,701,935 112,483,917 55,016,374
Noncurrent assets:
Restricted cash, cash equivalents 2,810,145 ‐ ‐ 2,810,145 ‐
Special assessments 18,557 ‐ ‐ 18,557 ‐
Capital assets not being depreciated:
Land 2,682,776 ‐ 3,467,280 6,150,056 ‐
Construction in Progress 14,317,798 ‐ 534,749 14,852,547 2,200
Capital assets, net of accumulated depreciation/amortization:
Capital assets (net) 265,279,713 ‐ 20,632,078 285,911,791 13,217,497
Intangible assets (net) 906,236 ‐ ‐ 906,236 367,132
Total noncurrent assets 286,015,225 ‐ 24,634,107 310,649,332 13,586,829
TOTAL ASSETS 383,521,484 6,275,723 33,336,042 423,133,249 68,603,203
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 765,087 45,843 182,927 993,857 661,384
Deferred amount on refunding 617,025 ‐ ‐ 617,025 ‐
TOTAL DEFERRED OUTFLOWS OF RESOURCES 1,382,112 45,843 182,927 1,610,882 661,384
LIABILITIES
Current liabilities:
Accounts payable 841,755 1,165,495 165,901 2,173,151 923,981
Claims incurred but not reported ‐ ‐ ‐ ‐ 2,369,128
Retainage payable 44,113 ‐ 1,400 45,513 7,063
Due to other funds ‐ ‐ ‐ ‐ 45,082
Interest payable 37,810 ‐ ‐ 37,810 ‐
Accrued wages and benefits payable 397,800 15,167 91,675 504,642 320,138
Customer deposits 41,080 ‐ 322,393 363,473 ‐
Unearned revenues 231,379 ‐ 160,278 391,657 ‐
Compensated absences payable 381,384 27,149 74,211 482,744 324,759
Leases payable ‐ ‐ ‐ ‐ 25,611
Public works trust fund loan payable 345,818 ‐ ‐ 345,818 ‐
Revenue bonds payable 2,330,000 ‐ ‐ 2,330,000 ‐
OPEB Liability ‐ ‐ ‐ ‐ 1,082,021
Total current liabilities 4,651,139 1,207,811 815,858 6,674,808 5,097,783
Noncurrent liabilities:
Compensated absences payable 251,471 28,215 44,870 324,556 194,746
Capital lease payable ‐ ‐ ‐ ‐ 95,932
Public works trust fund loan payable 860,812 ‐ ‐ 860,812 ‐
Revenue bonds payable 15,779,334 ‐ ‐ 15,779,334 ‐
Net pension liability 2,336,896 140,023 558,735 3,035,654 2,020,144
OPEB Liability ‐ ‐ ‐ ‐ 41,592,104
Total noncurrent liabilities 19,228,513 168,238 603,605 20,000,356 43,902,926
TOTAL LIABILITIES 23,879,652 1,376,049 1,419,463 26,675,164 49,000,709
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 722,689 43,302 172,789 938,780 624,733
TOTAL DEFERRED INFLOWS OF RESOURCES 722,689 43,302 172,789 938,780 624,733
NET POSITION
Net investment in capital assets 264,487,583 ‐ 24,634,109 289,121,692 13,465,285
Restricted 2,810,145 ‐ ‐ 2,810,145 ‐
Unrestricted 93,003,527 4,902,215 7,292,608 105,198,350 6,173,860
TOTAL NET POSITION $ 360,301,255 $ 4,902,215 $ 31,926,717 $ 397,130,187 $ 19,639,145
Business‐type Activities
City of Renton
Statement of Net Position
Proprietary Funds
December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-7The notes to the financial statements are an integral part of this statement.
Governmental
Activities
Waterworks Utility Solid Waste Total Nonmajor Funds Total Enterprise Funds Internal Service Funds
OPERATING REVENUES
Charges for services $ 55,923,601 $ 20,685,168 $ 2,347,900 $ 78,956,669 $ 29,424,181
Interfund revenues 85,290 2,141 ‐ 87,431 ‐
Miscellaneous revenue 180,250 ‐ 3,164,331 3,344,581 253,620
TOTAL OPERATING REVENUES 56,189,141 20,687,309 5,512,231 82,388,681 29,677,801
OPERATING EXPENSES
Supplies 1,059,995 11,477 350,161 1,421,633 2,060,463
Personnel services 11,516,951 757,660 2,273,586 14,548,197 7,941,012
Contracted services 23,249,853 16,902,959 1,113,486 41,266,298 5,312,174
Insurance ‐ ‐ ‐ ‐ 16,074,225
Taxes 4,609,671 2,460,755 25,206 7,095,632 3,648
Depreciation and amortization 9,317,693 ‐ 1,315,146 10,632,839 2,943,012
TOTAL OPERATING EXPENSES 49,754,163 20,132,851 5,077,585 74,964,599 34,334,534
OPERATING INCOME (LOSS) 6,434,978 554,458 434,646 7,424,082 (4,656,733)
NONOPERATING REVENUES (EXPENSES)
Intergovernmental revenues 1,054,608 69,495 69,000 1,193,103 146,070
Contributions ‐ ‐ 40,000 40,000 18,275
Interest revenue 1,070,512 36,590 90,639 1,197,741 623,999
Gain (loss) on capital assets (2,050) ‐ ‐ (2,050) 7,463
Other non‐operating revenue (expenses) 208,145 ‐ ‐ 208,145 208,028
Interest expense (1,026,492) ‐ ‐ (1,026,492) (1,933)
Insurance Recoveries ‐ ‐ ‐ ‐ 131,245
TOTAL NONOPERATING REVENUES (EXPENSES) 1,304,723 106,085 199,639 1,610,447 1,133,147
INCOME (LOSS) BEFORE CONTRIBUTIONS,
TRANSFERS, AND SPECIAL ITEMS 7,739,701 660,543 634,285 9,034,529 (3,523,586)
Capital contributions 3,940,585 ‐ ‐ 3,940,585 ‐
Transfer in ‐ ‐ ‐ ‐ 39,882
Transfers out (1,997) (284) (4,058) (6,339) ‐
Special Items:
CHANGE IN NET POSITION 11,678,289 660,259 630,227 12,968,775 (3,483,704)
NET POSITION ‐ JANUARY 1 350,429,443 4,390,211 31,368,073 386,187,727 23,102,698
Prior Period Adjustment (1,806,477) (148,255) (71,583) (2,026,315) 20,151
NET POSITION ‐ JANUARY 1, RESTATED 348,622,966 4,241,956 31,296,490 384,161,412 23,122,849
NET POSITION ‐ DECEMBER 31 $ 360,301,255 $ 4,902,215 $ 31,926,717 $ 397,130,187 $ 19,639,145
Business‐type Activities
City of Renton
Statement of Revenues, Expenses, and Changes in Net Position
Proprietary Funds
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-8The notes to the financial statements are an integral part of this statement.
GOVERNMENTAL
OTHER TOTAL ACTIVITIES
WATERWORKS SOLID ENTERPRISE ENTERPRISE INTERNAL SERVICE
UTILITY WASTE FUNDS FUNDS FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services $ 55,864,082 $ 20,590,611 $ 5,607,802 $ 82,062,495 $ 29,530,213
Cash paid to suppliers for goods & services (29,422,277) (20,490,358) (1,517,837) (51,430,472) (20,106,287)
Cash paid to employees (12,152,551) (811,698) (2,562,953) (15,527,202) (8,483,145)
Other non‐operating receipts 208,145 ‐ ‐ 208,145 339,273
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 14,497,399 (711,445) 1,527,012 15,312,966 1,280,054
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds ‐ ‐ ‐ ‐ 39,882
Transfers to other funds (1,997) (284) (4,058) (6,339) ‐
Operating grants and contributions 1,040,659 89,663 109,000 1,239,322 164,345
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES 1,038,662 89,379 104,942 1,232,983 204,227
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Proceeds from the sale of equipment ‐ ‐ ‐ ‐ 50,214
System development charges 910,397 ‐ ‐ 910,397 ‐
Acquisition & construction of capital assets (5,301,279) ‐ (88,740) (5,390,019) (2,241,749)
Special assessments 315,624 ‐ ‐ 315,624 ‐
Capital grants (87,734) ‐ ‐ (87,734) ‐
Principal payments on debt (2,681,437) ‐ ‐ (2,681,437) (15,126)
Interest payments on debt (940,062) ‐ ‐ (940,062) (1,933)
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES (7,784,491) ‐ (88,740) (7,873,231) (2,208,594)
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal proceeds from interfund loans ‐ ‐ ‐ ‐ 175,000
Proceeds from sale of investments ‐ 168,253 ‐ 168,253 743,247
Payments for investments (1,792,387) ‐ (366,965) (2,159,352) ‐
Interest on investments and loans 714,183 24,484 115,250 853,917 787,891
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (1,078,204) 192,737 (251,715) (1,137,182) 1,706,138
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS 6,673,366 (429,329) 1,291,499 7,535,536 981,825
CASH & CASH EQUIVALENTS, JANUARY 1 59,204,345 2,989,533 5,117,323 67,311,201 40,107,818
RESTRICTED CASH & CASH EQUIVALENTS, JANUARY 1 2,810,145 ‐ ‐ 2,810,145 ‐
TOTAL CASH, RESTRICTED CASH, & CASH
EQUIVALENTS, DECEMBER 31 $ 68,687,856 $ 2,560,204 $ 6,408,822 $ 77,656,882 $ 41,089,643
City of Renton
BUSINESS‐TYPE ACTIVITIES
ENTERPRISE FUNDS
Statement of Cash Flows
Proprietary Funds
Page 1 of 2
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-9The notes to the financial statements are an integral part of this statement.
GOVERNMENTAL
ACTIVITIES
OTHER TOTAL INTERNAL
WATERWORKS SOLID ENTERPRISE ENTERPRISE SERVICE
UTILITY WASTE FUNDS FUNDS FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)$ 6,434,978 $ 554,458 $ 434,646 $ 7,424,082 $ (4,656,733)
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization 9,317,693 ‐ 1,315,146 10,632,839 2,943,012
Other non‐operating revenue 208,145 ‐ ‐ 208,145 339,273
(Increase) decrease in
accounts receivable (316,298) (96,698) 127,335 (285,661) (147,588)
Increase (decrease) in due from
other funds (52,147) ‐ ‐ (52,147) (99,448)
(Increase) decrease in inventory
& prepaid items 22,768 ‐ 12,192 34,960 (164,668)
(Increase) decrease in deferred outflows
related to pensions (67,226) (1,522) 3,626 (65,122) (69,895)
Increase (decrease) in operating
accounts payable (473,379) (1,115,167) (40,844) (1,629,390) 134,642
Increase (decrease) in due to
other funds ‐ ‐ (332) (332) 45,082
Increase (decrease) in other
short‐term liabilities 29,732 ‐ ‐ 29,732 178,506
Increase (decrease) in
customer deposits 5,510 ‐ (3,106) 2,404 ‐
Increase (decrease) in
unearned revenues (14,271) ‐ (28,658) (42,929) ‐
Increase (decrease) in
OPEB liability ‐ ‐ ‐ ‐ 3,250,109
Increase (decrease) in accrued
employee wages and benefits 103,990 3,065 (18,941) 88,114 71,192
Increase (decrease) in net pension liability
and deferred inflows related to pensions (702,096) (55,581) (274,052) (1,031,729) (543,430)
Total adjustments 8,062,421 (1,265,903) 1,092,366 7,888,884 5,936,787
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES $ 14,497,399 $ (711,445) $ 1,527,012 $ 15,312,966 $ 1,280,054
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Loss on abandonment of capital assets $ 2,050 $‐ $‐ $ 2,050 $‐
Contributions of capital assets $ 2,660,926 $‐ $‐ $ 2,660,926 $‐
Depreciation & amortization $ 9,317,693 $‐ $ 1,315,146 $ 10,632,839 $ 2,943,012
Increase (decrease) in fair value of investments $ 300,440 $ 11,454 $ 26,751 $ 338,645 $166,522
Equipment obtained by means of capital lease $‐ $‐ $‐ $‐ $134,064
Prior period adjustment to correct asset balances $ (2,529,834) $‐ $(71,583) $ (2,601,417) $20,151
City of Renton
BUSINESS‐TYPE ACTIVITIES
ENTERPRISE FUNDS
Statement of Cash Flows
Proprietary Funds
Page 2 of 2
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-10The notes to the financial statements are an integral part of this statement.
Pension (and Other
Employee Benefit)
Trust Funds Custodial Funds
ASSETS
Cash & cash equivalents $ 5,302,427 $ ‐
Investments at fair value:
CDs 543,040 ‐
Federal Home Loan Mortgage Corporation 246,300 ‐
Federal Farm Credit Bank 254,245 ‐
Federal Home Loan Bank 630,435 ‐
Federal National Mortgage Association 235,288 ‐
US Treasury Strip 1,146,462 ‐
Receivables (net of allowances):
Due from the City ‐ 453,023
Interest & penalties 1,806,414 ‐
TOTAL ASSETS 10,164,611 453,023
LIABILITIES
Accounts payable ‐ 380,440
TOTAL LIABILITIES ‐ 380,440
NET POSITION
Restricted for:
Pensions 10,164,611 ‐
Other Governments, Organizations, and Individuals ‐ 72,583
TOTAL NET POSITION $ 10,164,611 $ 72,583
City of Renton
Statement of Fiduciary Net Position
December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-11The notes to the financial statements are an integral part of this statement.
Pension (and Other
Employee Benefit)
Trust Funds Custodial Funds
ADDITIONS
Contributions:
Fire insurance premiums transferred in $ 165,917 $ ‐
Court amounts collected for the State ‐ 350,340
Taxes, fines, and permits collected for other governments ‐ 836,990
Amounts collected for other individuals and organizations ‐ 218,941
Total contributions 165,917 1,406,271
Investment earnings:
Interest revenue 266,856 ‐
Total investment earnings 266,856 ‐
TOTAL ADDITIONS 432,773 1,406,271
DEDUCTIONS
Administrative and general 3,400 ‐
Benefits paid 209,774 ‐
Court amounts distributed to the State 350,340
Taxes, fines, and permits distributed to other governments ‐ 836,989
Distributions to other individuals and organizations 181,716
TOTAL DEDUCTIONS 213,174 1,369,045
NET INCREASE (DECREASE) IN FIDUCIARY NET POSITION 219,599 37,226
NET POSITION ‐ JANUARY 1 9,945,012 2,121,001
Prior Period Adjustment ‐ (2,085,644)
NET POSITION ‐ JANUARY 1, RESTATED 9,945,012 35,357
NET POSITION ‐ DECEMBER 31 $ 10,164,611 $ 72,583
City of Renton
Statement of Changes in Fiduciary Net Position
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-12The notes to the financial statements are an integral part of this statement.
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Renton’s financial statements have been prepared in conformity with generally accepted
accounting principles (GAAP) in the United States, as applied to governments. The Governmental
Accounting Standards Board (GASB) is the standard setting body for governmental accounting and
financial reporting.
For the reporting year ended December 31, 2020 the City has implemented the following GASB
Statements:
GASB Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance ‐ this
Statement provides temporary relief to governments and other stakeholders in light of the COVID‐
19 pandemic. The City of Renton is utilizing the postponement of GASB Statement No. 87, Leases,
and will implement that Statement in 2022.
GASB Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting
for Internal Revenue Code Section 457 Deferred Compensation Plans– the objective of this Statement
is to create more consistent reporting of defined contribution plans, defined contribution OPEB
plans, and other employee benefits plans, while mitigating the costs associated with reporting those
plans. This Statement requires immediate implementation in 2020 for component units that meet
the criterion listed in paragraph 3 of GASB Statement No. 67, or paragraph 3 of GASB Statement No.
74. The City of Renton does not have any entities that meet these criterion.
A. REPORTING ENTITY
The City of Renton was incorporated on September 6, 1901, and operates under the laws of the
State of Washington applicable to a Non‐Charter code city with a Mayor/Council form of government.
A full‐time Mayor and seven part‐time Council members serve the City, all elected at large to four‐year
terms. The City provides the full range of municipal services authorized by state statutes, together with
a Municipal Airport, a Waterworks Utility, a Solid Waste Utility, and a Municipal Golf Course.
The City of Renton has no component units (either blended or discretely presented) included in these
statements. The City of Renton’s Mayor appoints the Governing Board for the Renton Housing
Authority, which is not considered a component unit of the City. The City is under no obligation to
subsidize, nor does it exercise any other prerequisite for inclusion.
B. BASIS OF PRESENTATION
The City’s basic financial statements include both government‐wide statements and fund financial
statements. The government‐wide statements report financial information for the City as a whole, while
the fund statements present detailed financial information at the fund level. The City’s fiduciary funds
are presented in the fund financial statements. Since the assets are being held for the benefit of a third
party and cannot be used for obligations of the City, they are not included in the government‐wide
statements.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-13
Government‐wide financial statements
In the government‐wide statement of net position governmental and business‐type activities are
reported. Governmental activities are mostly supported by taxes, intergovernmental revenue, and
other non‐exchange transactions. The governmental activities column includes the combined data
from all governmental funds and internal service funds. Business‐type activities mostly rely on fees
and charges for services to external customers and include data from the City’s enterprise funds.
The government‐wide statement of activities presents a comparison between direct expenses and
program revenues for each of the City’s governmental activities (general government, judicial, public
safety, utilities, transportation, economic environment, health and human services, and culture and
recreation) and for each identifiable business‐type activity (waterworks utility, airport, solid waste
utility, and golf course). Direct expenses are those that are specifically associated with a function and
therefore clearly identifiable to that particular function.
The statement of activities reports the expenses of a given function offset by a program revenue directly
associated with the functional program. Program revenues include: 1) charges for services which reports
fees and charges for users of the City’s service, 2) operating grants and contributions which support
annual operating activities, and 3) capital grants and contributions which finance the acquisition,
construction, or rehabilitation of capital assets. For determining the function, charges for services are
tied to the function that generates the revenue and grants and contributions are tied to the function in
which functional use they are restricted towards.
Taxes and other sources that are not directly related to a program are reported as general revenue.
The comparison of direct expenses with program revenues identifies the extent each governmental
function and business activity are self‐sustaining and requires a draw from the general revenues of the
City.
Generally, the effect of interfund activity has been eliminated from the government‐wide financial
statements, with the exception of various charges for services among different functions within the
government. Elimination of these charges would distort the direct costs and program revenues reported
for the various functions involved.
Fund financial statements
The City’s activities are tracked in individual funds to segregate the transactions to aid in financial
management and, in some cases, demonstrate legal compliance. The fund financial statements are
intended to present the City’s financial activities at a more detailed level. Separate financial statements
are provided for each fund category ‐ governmental, proprietary, and fiduciary funds. Each of the City’s
major funds, within each fund category, are presented in a separate column. All non‐major funds, within
each fund category, are aggregated into one column; internal service funds are aggregated into one
column and reported on the face of the proprietary fund statements; and fiduciary funds are reported
by type.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-14
The City reports the following major governmental funds:
General Fund is the primary operating fund of the City. It is used to account for the resources and
disbursements of ordinary City operations that are not required to be accounted for in another fund.
These include the costs of legislative and executive departments, court services, finance and legal
departments, development services and police departments, human resources and technical services,
community services, parks, economic development, streets, property management for City owned
leased facilities, farmers market, and museum. The major sources of revenue are property taxes, utility
taxes, and sales taxes. Licenses and permits, charges for services, and fines and forfeits provide
additional support. Community development block grant activities are also accounted for within this
fund, which is federally funded.
Municipal Facilities CIP Fund is used to fund facility construction improvement and renovation, property
acquisitions for parks and City space needs, parks development and equipment, and major capital
requirements as identified in the Capital Investment Program (CIP).
Capital Improvement Fund accounts for transportation capital projects, many of which are dependent
on the acquisition of various state and federal grant programs and impact mitigation fees.
The City reports the following major enterprise funds:
Waterworks Utility Fund accounts for all operating and capital improvement programs for water,
wastewater, and storm water services within the City. The operating activities are primarily supported
by user fees and include: administration, billings and collections, debt service, engineering and
operation, maintenance and repairs. The primary resources for capital improvement programs are
revenue bond proceeds, grants (as available), and utility connection charges.
Solid Waste Fund accounts for solid waste, recycling, and yard waste collection services for the City and
is supported entirely by service fees. The expenses include payment to the City’s garbage contractor
and other service charges.
Additionally, the government reports the following fund types:
Internal Service Funds include 1) the equipment rental fund (equipment replacement, information
technology, facilities, and communications) and 2) the insurance fund (including risk management,
workers compensation, unemployment compensation, and employee health care program). The
equipment rental fund factors all costs, including depreciation, into the rates charged to each user
department. The insurance fund pays expense and rates are charged to departments based on use
and/or coverage requirements.
Pension Trust Fund accounts for the payment of administrative costs and benefits for retired
firefighters and their beneficiaries, who were employed prior to March 1, 1970. Primary revenues
sources are the fire premium tax (contributed from the City) and investment income.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-15
Custodial Fund accounts for Administrative Office of the Courts mandated fees, taxes, fines, permit
revenues, human services payments, and other amounts collected and distributed on behalf of other
governments, organizations, and individuals.
Special Revenue Funds are used to account for specific revenues that are restricted by external parties
or committed through enabling legislation for specific purposes.
Debt Service Funds account for the accumulation of resources for and the payment of general obligation
and special assessment bonds.
During the course of operations the City has activity between funds for various purposes. Any
residual balances outstanding at year‐end are reported as due to/from other funds and advances
to/from other funds. While these balances are reported in the fund financial statements, certain
eliminations are made in the preparation of the government‐wide financial statements. Balances
between funds included in the governmental activities (generally between governmental and internal
service funds) are eliminated so that only the net amount is included as internal balances in the
governmental activities column. Similarly, balances between the funds included in the business‐type
activities are eliminated so that only the net amount is included as internal balances in the business‐
type activities column.
Further, certain activity occurs during the year involving transfers of resources between funds. In
fund financial statements these amounts are reported as gross amounts as transfers in/out. While
reported in fund financial statements, certain eliminations are made in the preparation of government‐
wide financial statements. Transfers between the funds included in governmental activities are
eliminated so that only the net amount is included as transfers in the governmental activities column.
Similarly, balances between the funds included in business‐type activities are eliminated so that only
the net amount is included in transfers in the business‐type activities column.
C. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING
Basis of Accounting refers to the point at which revenue or expenditure/expense transactions or events
are recognized in the accounts and reported in the financial statements. Measurement focus is
measured one of two ways: either the current financial resource or the economic resource method.
Government‐wide financial statements – the government‐wide financial statements are prepared
using the economic resources measurement focus and the accrual basis of accounting. Revenues are
recorded when earned and expenses are recorded when the liability is incurred, regardless of the timing
of related cash flows. Property taxes are recognized as revenue in the year they are levied and grants
are recognized as revenue as soon as all eligibility requirements have been met.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-16
Governmental fund financial statements – the governmental fund financial statements use a different
measurement focus from the proprietary fund statements and government‐wide statements. The
governmental fund financial statements use the current financial resources measurement and the
modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable
and available. Revenues are considered to be available when they are collectible within the current
reporting period or soon enough thereafter to pay liabilities of the current period.
The City considers revenues available if they are collected within 60 days of the end of the current
fiscal period. Expenditures are generally recorded when a liability is incurred, the same as accrual
accounting. However, debt service expenditures, as well as expenditures related to compensated
absences, and claims and judgements are recorded only when payment is due. General capital asset
acquisitions are reported as current expenditures in governmental funds. Issuance of long‐term debt
and capital lease acquisitions are reported as other financing sources.
Property taxes, sales tax, franchise taxes, licenses, and interest associated with the current period are
all considered susceptible to accrual and have been recognized as revenue in the current fiscal period.
Expenditure‐driven grants are recognized as revenue when the qualifying expenditure amount is
received during the period or within the availability period for this revenue source. All other revenue
is considered measurable and available only when the cash is received by the City.
Since the measurement focus between the governmental fund financial statements and the
governmental activities in the government‐wide statements vary, a detailed reconciliation is included in
the fund statements to identify the relationship between the two statement types.
Proprietary fund financial statements – the proprietary fund statements and fiduciary fund
statements are reported using the economic resources measurement focus and accrual basis of
accounting, the same as the government‐wide statements.
D. ASSETS, LIABILITIES, DEFERRED OUTFLOWS/INFLOWS OF RESOURCES, AND NET POSITION/FUND
BALANCE
1. Cash and Cash Equivalents
The City has defined cash and cash equivalents as cash on hand, demand deposits, and all highly
liquid investments (including restricted assets) with maturity of three months or less when
purchased. These amounts are classified on the balance sheet or in the statement of net position as
cash and cash equivalents or investments in the various funds. Included in this category are all funds
invested in the Local Government Investment Pool. Excluded from this category are cash balances
held by Fiscal Agents since the City does not have discretionary use of these funds.
Most of the City’s cash balances are pooled and invested. Interest earned from investments
purchased with pooled cash is allocated monthly to each fund based on the fund’s beginning equity
balance in the pooled fund.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-17
2. Investments
Investments are recorded at amortized cost or at fair value in accordance with GASB Statement No.
72, Fair Value Measurement and Application. Accordingly, the change in fair value of investments is
recognized as an increase or decrease to investment assets and investment income.
3. Receivables
Receivables have been reported net of estimated uncollectible accounts. Because property taxes,
special assessments, and utility billings are considered liens on property, no estimated uncollectible
amounts are established.
Taxes receivable consists of property taxes, utility taxes, gambling taxes, business & occupation,
taxes, and admission taxes. Property taxes are an enforceable lien on real property and are due
the first day of the levy year and may be paid in two equal installments. The first half is due April
1 and the balance is due October 31. The City collects approximately 99% of the property tax due
in the year it is levied and delinquent taxes are collected within the following few years. Property
tax due, but not collected within 60 days of year end, is recorded as a receivable and offset by
deferred inflow of resources – unavailable revenue. There is no allowance for uncollectable property
tax because historically all taxes are collected and/or enforceable via lien (refer to Note 3 for more
information).
Accrued interest receivable consists of amounts earned on investments, notes, and contracts.
Customer accounts receivable consists of amounts owed from private individuals or organizations
for goods and services. If the transactions are receivable from another governmental unit, it is
accounted for within “due from other governments.”
Notes receivable consist of amounts due from the Renton Housing Authority related to their
purchase of the old Highlands Library building and amounts outstanding under the terms of
forgivable loans made using CDBG grant funds to business owners in the downtown area for façade
improvements.
Special assessments are recorded when levied and are liens against the property benefited.
Special assessments receivable consists of current and delinquent assessments. Amounts not due
within one year are reported as deferred inflows of resources in the governmental fund statements.
4. Internal Balances, Interfund Loan Receivables/Payable and Due To/From Other Funds
Activities between funds that are representative of lending/borrowing arrangements outstanding
at the end of the fiscal year are referred to as interfund loans receivable/payable. All other
outstanding balances between funds are reported as due to/from other funds. These amounts are
eliminated within the governmental activities and business‐type activities in the government‐wide
statement, except for the residual balances outstanding between the governmental activities and
business‐type activities, which are reported as internal balances. Refer to Note 9 for a detailed
summary of interfund activity.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-18
5. Inventories and Prepaid items
All City inventories are maintained on a consumption basis of accounting where items are purchased
for inventory and charged to the budgetary accounts as the items are consumed. Any material
inventories at year‐end are included in the balance sheet of the appropriate fund. All inventories are
carried at cost on the first in, first out – FIFO basis, with the exception of the Public Works
Maintenance shops inventory. The value of this inventory is calculated using the average cost
method. The cost of inventories is recorded as an expenditure/expense when consumed rather than
when purchased.
Certain payments to vendors reflect costs applicable to future accounting periods and are reported
as prepaid items in both the government‐wide and fund statements.
6. Capital Assets
General capital assets are those assets not specifically related to activities reported by the
proprietary funds. These assets generally result from expenditures in governmental funds or
contributions. The City reports these assets in the governmental activities column of the
government‐wide statement of net position but does not report these assets in the governmental
fund financial statements. Capital assets utilized by the propriety funds are reported both in the
business‐type activities of the government‐wide statement of net position and in the proprietary
fund statement of net position.
All capital assets are valued and capitalized at cost (or estimated historical cost when actual historical
cost is unknown) and updated for additions and retirements during the year. Donated capital assets
are recorded at their acquisition value as of the date received. The City maintains a capitalization
threshold of $5,000 and an estimated useful life in excess of one year. Improvements to City assets
and infrastructure are capitalized, but the cost of normal maintenance and repairs that do not extend
the useful life, or increase capacity or efficiency, are expensed.
All capital assets, other than land, right‐of‐ways, water rights, mitigation bank credits, and
construction in progress, are depreciated using the straight‐line method over the following
estimated useful lives:
Amortization on all intangible assets is provided on the straight‐line basis over the following useful
lives:
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-19
7. Other non‐current Assets
A portion of notes and special assessments receivable are collectible in greater than one year. This
long‐term portion of the receivable is reported as an other non‐current asset.
Investment in joint ventures consists of the City’s equity balances and investment in debt of
Valley Communications Center and South Correctional Entity (see also Note 11).
8. Deferred outflows/inflows of resources
In addition to assets, the statement of financial position will report a separate section for deferred
outflows of resources. This separate financial statement element, deferred outflow of resources,
represents a consumption of net position that applies to a future period and will not be recognized
as an outflow (expense/expenditure) until that reporting period. The City has two items that qualify
for reporting in this category. Deferred amount on refunding is reported on the government‐wide
statement of net position and the proprietary fund statement of net position.
A deferred amount on refunding results from the difference in the carrying value of refunded debt
and its reacquisition price. This amount is deferred and amortized over the life of the refunded or
refunding debt, whichever is shorter. Deferred amounts related to pensions are differences between
actual and projected experience, investment earnings and actuarial assumptions, changes in
proportion, and the City’s contributions to pensions subsequent to the measurement date, which
was June 30, 2020, provided by the State of Washington. Refer to Note 5 for more information on
pensions.
In addition to liabilities, the statement of financial position will report a separate section for deferred
inflows of resources. This separate financial statement element represents an acquisition of net
position that applies to a future period(s) and so will not be recognized as an inflow of resources
(revenue) until that time (in prior years this inflow was recognized as “deferred revenue” within the
liabilities). The City has three items that it reports as a deferred inflow of resources. Unavailable
revenue arises only on the modified accrual basis, in the governmental fund balance sheet. The
amount reported in unavailable revenue is comprised of three sources: delinquent municipal court
receivables, delinquent photo enforcement receivables, and delinquent property tax receivables.
These amounts are deferred and recognized as revenue in the period the amounts become available.
On the government‐wide statements (accrual basis of accounting) the amounts are considered
available and recognized as inflow of resource in the current period. Deferred amount of special
assessments is the long‐term principal due to the City from special assessment connections. This
amount is only reported in the governmental fund balance sheet. Deferred amounts related to
pensions are the differences between actual and projected experience, investment earnings and
actuarial assumptions, and changes in proportion. Refer to Note 5 for more information on pensions.
9. Unearned Revenues
This account includes amounts collected in advance for services not yet rendered. The amounts are
subject to return to the payor in the event the associated services are not performed.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-20
10. Customer Deposits
This amount reflects the net monetary liability of customer deposits for special deposit funds. This
includes security deposits for lessees, developer deposits, gift certificates for the Maplewood Golf
Course, and on account credits.
11. Compensated Absences
The City’s policy permits employees to accumulate earned but unused vacation leave benefits, which
are eligible for payment upon separation from City service. For employees hired prior to January 1,
1994, a fifty percent cash out of accumulated earned but unused sick leave is also eligible for
payment upon separation. The City accrues accumulated unpaid vacation and sick leave (when
eligible) when earned (or estimated to be earned) by the employee. The total compensated absences
liability is reported on the government‐wide statements and in each proprietary fund.
12. Fund Equity
Fund equity at the governmental fund level is classified as fund balance. Fund equity for all other
reporting is classified as net position.
Fund balance represents the difference between the current assets and deferred outflows of
resources and current liabilities and deferred inflows of resources in the governmental fund financial
statements. Fund balance classifications comprise of a hierarchy based primarily on the extent to
which the City is bound to honor constraints on the specific purpose for which amounts in those
funds can be spent. Fund balances are classified as follows:
a. Nonspendable – items that cannot be spent due to form; inventories, prepaid amounts, long‐
term loan receivables, or amounts that must be maintained intact legally.
b. Restricted – amounts constrained for specific purposes imposed through the judicial process
and enabling legislation adopted by the City; or through external restrictions imposed by
creditors, grantors, or laws or regulations of other governments.
c. Committed – amounts constrained by the City Council. Only the Council can, by ordinance,
establish, modify, or rescind constraints on committed fund balances.
d. Assigned – constraints imposed by the City Council for amounts intended for specific purposes,
but do not meet the criteria of restricted or committed. It is the City’s policy that intent of
use can be assigned by the City Council, or by a designated official, adopted through either the
biennial budget ordinance or an amending budget ordinance. For governmental funds, other
than the General Fund, the residual fund balance that is not restricted or committed is reported
as assigned because the use of fund balance, at a minimum, should be used for the purpose of
that fund. Additional action does not need to be taken to remove an assignment, whereas
additional action is essential to remove a commitment.
e. Unassigned – any remaining fund balance in the General Fund that does not meet any of the
above criteria. The General Fund is the only fund that reports a positive unassigned fund balance
amount. In other governmental funds, not the General Fund, may report a negative unassigned
fund balance if expenditures incurred for a specific purpose exceed the amounts of restricted,
committed, or assigned amounts to those purposes.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-21
The following shows the composition of the fund balance in governmental funds for the year
ended December 31, 2020:
Deficit in unassigned fund balance ‐ At December 31, 2020 the Capital Improvements Fund reported
a negative unassigned fund balance of ($2,819,660). Per GASB 54 paragraph 19 you cannot have
negative assigned fund balance, so this is being reported as unassigned. The negative unassigned
fund balance is the result of grant reimbursement requests included in unavailable revenue.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-22
Fund balance flow assumptions ‐ when multiple categories of fund balance are available for
incurred expenditures, it is the City’s policy to consider restricted fund balance to have been
depleted before using any of the components of unrestricted fund balance (the total of committed,
assigned, and unassigned fund balance). Further, when the components of unrestricted fund
balance can be used for the same purpose, committed fund balance is depleted first, followed by
assigned fund balance. Unassigned fund balance is applied last.
Net position reflects the difference between assets and liabilities, in the government‐wide and
proprietary fund statement of net position. The component net investment in capital assets consists
of capital assets, net of accumulated depreciation, reduced by any outstanding balances of any
borrowing (ex. bonds or loans and related deferred amounts on refunding) for the acquisition,
construction, or improvement of those assets. The net position is reported as restricted when
there are limitations imposed on their use either through enabling legislation adopted by the
City or through external restrictions imposed by creditors, grantors, or laws or regulations of
other governments. The balance of the net position is reported as unrestricted.
The following shows the composition of the restricted net position balances reported in the
government‐wide and proprietary fund statements for the year ended December 31, 2020:
Deficit in fund net position – At December 31, 2020 the Insurance Fund reported a deficit in net
position of ($2,632,080). The deficit is a result of GASB Statement No. 75, which requires the City to
recognize a total OPEB liability.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-23
Net position flow assumptions – In order to calculate the amounts to be reported as restricted
net position and unrestricted net position on the government‐wide and proprietary fund
statements, a flow assumption is made. It is the City’s policy to consider restricted net position to
have been depleted before unrestricted net position.
Minimum fund balance policy – The City Council has adopted a financial policy to maintain a
minimum level of unrestricted fund balance in the general fund. The target level is set at 12
percent, with a minimum of 8 percent, of general fund operating expenditures. This amount is
intended to provide fiscal stability when economic downturns and other unexpected events occur.
Stabilization fund policy – The City has adopted a comprehensive stabilization policy that helps
provide stability through uncertain times. This allows for temporary cushion and flexibility when
needed. The City Council, through ordinance, has established the following stabilization reserves:
1. Economic development revolving fund reserve: the City has accumulated reserves of $2.5
million for economic development projects. Expenditure utilizing this reserve will require a two‐
thirds majority vote of the City Council.
2. Catastrophic reserve: the City will maintain a targeted amount of 8 percent for risk management
reserves, for catastrophic emergencies. Expenditure utilizing this reserve will require a two‐
thirds majority vote of the City Council.
3. Anti‐recessionary reserve: the City will maintain a targeted reserve equal to 4 percent of the
general fund operating expense. Expenditures utilizing this reserve will require a two‐thirds
majority vote of the City Council and must be replenished within three years.
4. Annexation sales tax credit expiration/transition reserve: to help support debt service
obligations between the time the annexation sales tax credit expires (mid‐2019) and when the
downtown parking garage and library bond are paid (2022). Expenditures utilizing this reserve
will require a two‐thirds majority vote of the City Council.
5. General obligation bond payment reserve: for all councilmatic, general obligation bonds issued
after 2013, a one year payment reserve shall be established.
E. REVENUES, EXPENDITURES, AND EXPENSES
1. Operating Revenues and Expenses
Proprietary funds distinguish operating revenues and expenses from non‐operating revenues
and expenses. Operating revenue and expense generally result from providing services and
producing and delivering goods in connection with a proprietary fund’s principal ongoing
operations. The principal operating revenue of the waterworks utility, solid waste, airport, golf
course, and internal service funds are charges to customers for sales and services. The waterworks
utility also recognizes water meter installation fees, and wastewater and surface water
construction permit fees as operating revenue because these charges are intended to offset the
cost of connecting new customers to the system. Operating expense for proprietary funds and
internal service funds include the cost of sales and services, administrative expenses, and
depreciation of capital assets. All revenues and expenses not meeting this definition are reported
as non‐operating revenue and expense.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-24
2. Program Revenue
Amounts reported as program revenue, on the government‐wide statement of activities,
include: 1) charges for customers or applicants who purchase, use, or directly benefit from goods,
services, or privileges provided by a given function and 2) grants and contributions that are restricted
to meeting the operation or capital requirements of a given function. All taxes, included those
dedicated to specific purposes, are reported as general revenue rather than program revenue.
3. Capital Contributions
Capital contributions reported in the proprietary fund statements and the government‐wide
statements reflect the value of outside contributions of capital assets (i.e. developers, land
donations), capital grants, special assessments, and system development charges.
4. Interfund Activity
Exchange transactions between funds are reported as revenue in the selling fund and as an
expenditure/expense in the purchasing funds. On the government‐wide statement of activities, the
exchange transactions between the internal service funds and the user funds are eliminated. Flows
of cash or goods from one fund to another without a requirement of repayment are reported as
interfund transfers in/out. Interfund transfers in/out are reported as other financing sources/uses in
the governmental funds and following non‐operating revenues and expenses in the proprietary
funds. In the government‐wide statement of activities, transfers between governmental and
business‐type activities are reported as general revenue. Transfers between funds in governmental
activities are eliminated and transfers between funds in business‐type activities are eliminated.
5. Expenditures/Expenses
Expenses in the Government‐wide Statement of Activities are reported by function as a
governmental activity (general government, judicial, public safety, utilities, transportation, economic
environment, health and human services, culture and recreation), interest on long‐term debt, or
business‐type activity (waterworks utility, airport, solid waste utility, or golf course). In the fund
financial statements, expenditures of governmental funds are classified by: function, debt service
principal and interest payments, or purchases of capital items. Proprietary expenditures are classified
as operating or non‐operating.
The City recovers certain administrative costs through indirect cost allocations to departments city‐
wide. These allocated costs are consolidated and reported by function in the government‐wide
statement of activities.
NOTE 2. DEPOSITS AND INVESTMENTS
Deposits
Custodial Credit Risk
Custodial Credit Risk is the risk that in the event of a failure of the counterparty to an investment
transaction the City would not be able to recover the value of the investment or collateral securities.
The City does not currently have a policy regarding deposits concerning custodial credit risk or foreign
currency risk.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-25
At December 31, 2020 the City had the following balances on deposit with financial institutions:
The City’s deposits and certificates of deposit are entirely covered by the Federal Depository Insurance
Corporation (FDIC) or held in a multiple financial institution collateral pool administrated by the State of
Washington Public Deposit Protection Commission (PDPC). The City’s deposits comply with the
guidelines within Chapter 35A.40.030 of the Revised Code of Washington (RCW).
Investments
Investments that are not Measured at Fair Value
At December 31, 2020 the City had the following investments at amortized cost:
The City is a participant in the Local Government Investment Pool authorized by Chapter 294, Laws of
1986, and is managed and operated by the Washington State Treasurer. The State Treasurer is
responsible for establishing the investment policy for the pool and reviews the policy annually and
proposed changes are reviewed by the LGIP advisory Committee.
Investments in the LGIP, a qualified external investment pool, are reported at amortized cost which
approximates fair value. The LGIP is an unrated external investment pool. The pool portfolio is invested
in a manner that meets the maturity, quality, diversification and liquidity requirements set forth by the
GASB Statement No. 79 for external investments pools that elect to measure, for financial reporting
purposes, investments at amortized cost. The LGIP does not have any legally binding guarantees of share
values. The LGIP does not impose liquidity fees or redemption gates on participant withdrawals. The
Office of the State Treasurer prepares a stand‐alone LGIP financial report. A copy of the report is
available from the Office of the State Treasurer, PO Box 40200, Olympia, Washington 98504‐0200, online
at http://www.tre.wa.gov.
Investments Measured at Fair Value
The City measures and records its investments within the fair value hierarchy established by generally
accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair
value of the asset. The guidelines recognize a three‐tiered fair value hierarchy, as follows:
Deposits Deposits at 12/31/2020
Bank Deposits 66,738,118$
Non‐negotiable Certificates of Deposit (CD's) 21,546,962
TOTAL DEPOSITS 88,285,080$
Security Type Amortized Cost
Local Government Investment Pool (LGIP) 146,334,899$
TOTAL INVESTMENTS 146,334,899$
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-26
Level 1: Quoted prices in active markets for identical assets or liabilities;
Level 2: These are quoted market prices for similar assets or liabilities, quoted prices for identical or
similar assets or liabilities in markets that are not active, or other than quoted prices that are not
observable.
Level 3: Unobservable inputs for an asset or liability.
At December 31, 2020 the City had the following recurring fair value measurements:
Valuation techniques to determine fair value should be consistent with one or more of three approaches:
the market approach, cost approach, and income approach. The City uses the market approach for the
valuation of Significant Other Observable Inputs Investments (Level 2). The market approach to
measuring fair value uses prices and other relevant information generated by market transactions
involving identical or similar assets, liabilities, or groups of assets and liabilities. Using quoted market
prices is a technique that is consistent with the market approach.
The City invests excess and inactive funds in accordance with the City’s Investment Policy (last updated
and approved on February 23, 2009), which complies with the guidelines within Chapter 35A.40.050 of
the Revised Code of Washington (RCW). This allows for investment of excess cash and inactive cash,
directs that the responsibility for determining available cash for investment is placed upon the
department administering the funds, and allows for pooling of the cash provided that the allocation of
income is proportionate to the investment of each fund. Currently, the City invests in obligations of the
U.S. Government, U.S. agency issues, and Certificates of Deposit with Washington State banks and
savings and loan institutions as allowed by RCW.
Credit risk. Credit Risk is the risk that an issuer or other counterparty to an investment will not fulfill its
obligations. The City invests in US Treasury securities which are considered free of credit risk, and in
securities backed by the full faith and credit of the U.S. Government as well as U.S. government
sponsored enterprises including Federal Home Loan Mortgage Corporation.
Security Type Total
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
U.S. Agency Securities 50,055,371$ 50,055,371$
TOTAL INVESTMENTS 50,055,371$ 50,055,371$
Fair Value Measurements Using
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-27
Interest Rate Risk. Interest rate risk is the risk that changes in interest rates over time, adversely affecting
the fair value of an investment. The City’s portfolio is managed within the parameters established by
the Investment Policy, which limits the weighted average maturity of the portfolio to five years.
The City’s Investment Policy directs that the standard of prudence for investment activities shall be the
Prudent Investor Standard that states: “Investments shall be made with judgment and care, under
circumstances then prevailing, which person of prudence, discretion, and intelligence would use in the
management of their own affairs, not for speculation, but for investment purposes, considering the
probable safety of their capital as well as the probable income to be derived.”
Investment Type Cost Fair Value Moody's S&P
Local Government Investment Pool (LGIP)146,334,899$ 146,334,899$ unrated unrated
Federal Farm Credit Bank 9,945,644 10,088,042 Aaa AA+
Federal Home Loan Bank 24,368,987 25,014,657 Aaa AA+
Federal National Mortgage Association 5,152,786 5,179,873 Aaa AA+
Federal Home Loan Mortgage Corporation 9,757,047 9,772,800 Aaa AA+
TOTAL INVESTMENTS 195,559,363$ 196,390,270$
Investment Type Cost Fair Value
Average
Interest
Rate
Local Government Investment Pool (LGIP)146,334,899$ 146,334,899$ 0.105%
Federal Farm Credit Bank 9,945,644 10,088,042 1.600%
Federal Home Loan Bank 24,368,987 25,014,657 1.320%
Federal National Mortgage Association 5,152,786 5,179,873 1.689%
Federal Home Loan Mortgage Corporation 9,757,047 9,772,800 0.240%
TOTAL INVESTMENTS 195,559,363$ 196,390,270$
Investment Type
0‐6
months
6 months ‐
1 year
1‐3
years
3+
years Totals
Local Government Investment Pool (LGIP) 146,334,899$ ‐$ ‐$ ‐$ 146,334,899$
Federal Farm Credit Bank ‐ ‐ 5,009,680 5,078,362 10,088,042
Federal National Mortgage Association ‐ ‐ ‐ 5,179,873 5,179,873
Federal Home Loan Mortgage Corporation ‐ ‐ 9,772,800 ‐ 9,772,800
Federal Home Loan Bank ‐ 4,949,183 5,030,840 15,034,633 25,014,657
TOTAL INVESTMENTS 146,334,899$ 4,949,183$ 19,813,320$ 25,292,868$ 196,390,270$
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-28
Concentration of Credit Risk. Concentration of credit risk is the risk of loss attributed to the magnitude
of a government’s investment in a single issuer. The City diversifies its investment instruments to avoid
incurring unreasonable risk inherent with the over‐investment of instruments and issuers using the
following target distribution as a guide during normal economic times while allowing flexibility when
appropriate. The City has agency bonds with Federal Farm Credit Bank equal to 5% and agency bonds
with Federal Home Loan Bank equal to 13%. The City’s remaining individual issuers are less than 5% of
total investments or are otherwise excluded from this disclosure due to the low risk nature of the
investment.
Target Maximum per Policy
Instrument
Maximum
Issuer
Maximum
U.S. Treasuries 100% 100%
U.S. Agencies 75% 50%
Certificates of Deposit (within WPDPC) 75% 20%
Local Governmental Investment Pool
(LGIP) 75% 75%
Commercial Paper 25% 5%
Custodial Credit Risk – Investments. Custodial credit risk for investments is the risk that, in the event of
the failure of the counter party to a transaction, a government will not be able to recover the value of
investment or collateral securities that are in the possession of an outside party. All security
transactions, including collateral for repurchase agreements, entered into by the City are conducted on
a delivery‐versus‐payment (DVP) basis and are held in our safekeeping trust account with Wells Fargo
under terms negotiated by the State of Washington.
NOTE 3. PROPERTY TAXES
The King County Finance Director acts as an agent to collect property taxes levied in the county for all
taxing authorities. Taxes are levied annually, January 1, on property value listed as of the prior August
31. Assessed values are established by the King County Assessor at 100 percent of fair market value. A
revaluation of all property is required every two years; however, King County has the ability to revalue
annually.
Property taxes levied by the King County Assessor and collected by the King County Finance Director
become a lien on the first day of the levy year and may be paid in two equal installments if the total
amount exceeds $30. The first half of real property taxes is due on April 30 and the balance is due
October 31. Delinquent taxes bear interest at the rate of 12 percent and are subject to additional
penalties if not paid as scheduled. No allowance for uncollectible taxes is established because delinquent
taxes are considered fully collectible.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-29
At year‐end, property taxes are recorded as a receivable with the portion not expected to be collected
within 60 days offset by unavailable revenue. During the year, property tax revenues are recognized
when cash is received.
The tax rate for general City operations is limited to $3.825 per $1,000 of assessed value (RCW
84.52.043), less the actual amount levied by the King County Library System (maximum $0.50/$1,000)
and the actual amount levied by the Renton Regional Fire Authority (maximum $1.00/$1,000). Included
in this amount, up to $0.225 (22.5 cents) per $1,000 may be designated for contribution to the Firemen’s
Pension Fund. If a report by a qualified actuary on the condition of the Firemen’s Pension Fund
establishes that this amount (or portion of) is not necessary to maintain the actuarial soundness of the
fund, the amount can be used for any other municipal purpose (RCW 41.16.060). The maximum statutory
rate for 2020, after reductions noted above, was $2.68104.
The tax rate limit may be reduced for any of the following reasons:
1. The Levy Limit: the levy limit calculation applies to a taxing district’s budget, and not to increases in
the assessed value or tax bill of individual properties. Initiative 747 which restricted individual taxing
districts from collecting, in any year, more than a one percent increase in their regular, non‐voted,
levy over the highest levy amount since 1985 was overturned by the courts. However during 2007,
the state legislature reinstated this limit with the passage of HB2416. New construction,
annexations, and excess levies approved by the voters are not included in the levy limit calculation.
If the assessed valuation increases by more than one percent due to revaluation, the levy rate will
be decreased.
2. The One Percent Constitution Limit: The Washington State Constitution limits the regular (non‐
voted) combined property tax rate applied to an individual’s property to one percent ($10 per
$1,000) on the market valuation. Voters may approve special levies that are added to this figure. If
the taxes of all districts exceed this amount, each is proportionately reduced until the total is at or
below the one percent limit.
3. The City may voluntarily levy taxes below the legal limit.
Special levies approved by the voters are not subject to the above limitations. There is currently no
excess levy for General Obligation Bond debt. The City’s regular levy per the King County Assessor’s 2020
Annual Report is $1.105.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-30
NOTE 4. CAPITAL ASSETS AND DEPRECIATION
Governmental activities capital asset activity for the year ended December 31, 2020 was as follows:
Depreciation and amortization were charged to the functions as follows:
Restated
Beginning Prior Period Beginning Ending
Balance Adjustment Balnance Increases Decreases Reallocation Balance
Governmental activities :
Capital assets, not being depreciated:
Land and land improvements $ 212,297,657 $ ‐ $ 212,297,657 $ 1,159,404 $ (7,522) $ 9,000 $ 213,458,539
Construction in progress 13,753,281 ‐ 13,753,281 11,263,733 ‐ (5,183,367) 19,833,647
Total capital assets, not being depreciated 226,050,938 ‐ 226,050,938 12,423,137 (7,522) (5,174,367) 233,292,186
Capital assets, being depreciated:
Buildings and structures 84,797,235 ‐ 84,797,235 1,516,088 ‐ 915,296 87,228,619
Other improvements 328,237,240 33,441 328,270,681 2,168,341 (44,822) 3,919,165 334,313,365
Machinery and equipment 38,376,599 ‐ 38,376,599 3,968,580 (453,246) 339,906 42,231,839
Total capital assets being depreciated 451,411,074 33,441 451,444,515 7,653,009 (498,068) 5,174,367 463,773,823
Less accumulated depreciation for:
Buildings and structures (41,941,368) (309,601) (42,250,969) (2,237,212) ‐ ‐ (44,488,181)
Other improvements (115,253,025) (275,232) (115,528,257) (8,442,523) 187 ‐ (123,970,593)
Machinery and equipment (24,711,979) 17,084 (24,694,895) (2,931,638) 410,496 ‐ (27,216,037)
Total accumulated depreciation (181,906,372) (567,749) (182,474,121) (13,611,373) 410,683 ‐ (195,674,811)
Total capital assets, being depreciated, net 269,504,702 (534,308) 268,970,394 (5,958,364) (87,385) 5,174,367 268,099,012
Intangible Assets:
Intangible assets, not being amortized ‐ 618,415 618,415 46,979 ‐ ‐ 665,394
Intangible assets, being amortized 5,230,597 ‐ 5,230,597 ‐ ‐ ‐ 5,230,597
Less accumulated amortization (4,705,678) ‐ (4,705,678) (135,588) ‐ ‐ (4,841,266)
Total intangible asset, being amortized, net 524,919 ‐ 524,919 (135,588) ‐ ‐ 389,331
Total Intangible assets 524,919 618,415 1,143,334 (88,609) ‐ ‐ 1,054,725
Governmental activities capital assets, net $ 496,080,559 $ 84,107 $ 496,164,666 $ 6,376,164 $ (94,907) $ ‐ $ 502,445,923
Depreciation Amortization Total
General Government $ 1,158,343 $ ‐ 1,158,343$
Judicial ‐ ‐ ‐
Public Safety 425,088 7,643 432,731
Physical Environment 58,148 ‐ 58,148
Transportation 7,022,890 ‐ 7,022,890
Economic Development 481,863 ‐ 481,863
Culture and Recreation 1,643,360 ‐ 1,643,360
Health and Human Services 6,615 ‐ 6,615
Internal Service Funds (General Governmental) 2,815,066 127,945 2,943,011
$ 13,611,373 $ 135,588 $ 13,746,961 Total‐Governmental Activities
Governmental Activities
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-31
Business‐type activities capital asset activity for the year ended December 31, 2020 was as follows:
Depreciation and amortization were charged to the functions as follows:
Restated
Beginning Prior Period Beginning Ending
Balance Adjustment Balnance Increases Decreases Reallocation Balance
Business‐type activities:
Capital assets, not being depreciated:
Land and land improvements $ 6,150,056 $ ‐ $ 6,150,056 $ ‐ $ ‐ $ ‐ $ 6,150,056
Construction in progress 15,999,882 ‐ 15,999,882 3,983,131 ‐ (5,130,466) 14,852,547
Total capital assets, not being depreciated 22,149,938 ‐ 22,149,938 3,983,131 ‐ (5,130,466) 21,002,603
Capital assets, being depreciated:
Buildings and structures 17,576,346 ‐ 17,576,346 ‐ ‐ ‐ 17,576,346
Other improvements 443,906,053 ‐ 443,906,053 2,682,015 (5,395) 5,130,466 451,713,139
Machinery and equipment 3,170,088 ‐ 3,170,088 25,792 ‐ ‐ 3,195,880
Total capital assets being depreciated 464,652,487 ‐ 464,652,487 2,707,807 (5,395) 5,130,466 472,485,365
Less accumulated depreciation for:
Buildings and structures (9,199,052) (63,446) (9,262,498) (412,333) ‐ ‐ (9,674,831)
Other improvements (161,927,233) (2,534,631) (164,461,864) (10,035,478) 3,205 ‐ (174,494,137)
Machinery and equipment (2,262,094) (3,198) (2,265,292) (139,314) ‐ ‐ (2,404,606)
Total accumulated depreciation (173,388,379) (2,601,275) (175,989,654) (10,587,125) 3,205 ‐ (186,573,574)
Total capital assets, being depreciated, net 291,264,108 (2,601,275) 288,662,833 (7,879,318) (2,190) 5,130,466 285,911,791
Intangible Assets:
Intangible assets, not being amortized 811,000 ‐ 811,000 ‐ ‐ ‐ 811,000
Intangible assets, being amortized 527,222 ‐ 527,222 ‐ ‐ ‐ 527,222
Less accumulated amortization (386,272) ‐ (386,272) (45,714) ‐ ‐ (431,986)
Total intangible asset, being amortized, net 140,950 ‐ 140,950 (45,714) ‐ ‐ 95,236
Total Intangible assets 951,950 ‐ 951,950 (45,714) ‐ ‐ 906,236
Business‐type activities capital assets, net $ 314,365,996 $ (2,601,275) $ 311,764,721 $ (3,941,901) $ (2,190) $ ‐ $ 307,820,630
Depreciation Amortization Total
Waterworks $ 9,271,979 $ 45,714 9,317,693$
Airport 1,116,488 ‐ 1,116,488
Golf Course 198,658 ‐ 198,658
$ 10,587,125 $ 45,714 $ 10,632,839 Total‐Business‐Type Activities
Business‐Type Activities
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-32
At the end of 2020, a total of 44 projects comprise the Construction in Progress. Upon completion, the
projects will be reallocated to their appropriate categories.
Construction commitments as of December 31, 2020, are as follows:
Governmental Activities Projects:
Construction
in progress
Remaining
Commitment
Bronson Bridge 156,234 66,464
City Hall Elevator Replacement 2,254,597 ‐
Coulon North Waterwalk 142,195 ‐
Coulon Park Playground Equipment 589,853 ‐
Coulon Trestle Bridge 164,440 ‐
Downtown Streetscape 681,335 115,466
Duvall Ave 7th to Sunset 1,400,459 107,944
Family First Center 1,179,306 491,151
Highlands to Landing Pedestrian Lighting 125,615 10,756
Houser Way Intersection & Ped Improvement 269,536 63,153
Houser Way N. Bridge 88,753 108,321
Intersect Safety & Mobility 224,154 7,693
Kenyon Property Building 73,991 ‐
Kenyon Property Instahot Water Heater 10,556 ‐
Kiwanis Park 227,434 ‐
Lake Washington Loop Trail 1,019,120 8,312
Liberty Park Improvement 18,631 ‐
Park Ave Extension 1,152,697 91,878
Phillip Arnold Park Improvements 257,800 ‐
Police Brazos Parking Citation System 2,200 ‐
Rainier Ave S/N Phase 4 2,406,609 346,511
RCC Security Camera System 10,496 ‐
Regis Park Athletic Field Expansion 124,044 ‐
Renton Connector 12,800 ‐
Renton School Crossings 201,431 15,814
S. 2nd Street Conversion 6,462 ‐
Safe Routes to Transit 823,255 328,397
Sunset Blvd Corridor 272,949 65,034
Williams Ave S & Wells Ave S Conversion 5,864,387 6,381,765
Williams Bridge 72,308 124,628
Total governmental activities 19,833,647$ 8,333,287$
Business‐Type Activities Projects:
Construction
in progress
Remaining
Commitment
Airport Office Rehab 441,995$ 3,731$
Downton Sewer Replacement/Rehab 984,534 176,296
Downtown Storm System Improvements 949,515 75,168
Downtown Water Main Replacement 512,206 571,535
Duvall Ave NE Water Main Replacement 2,400 40,583
Highlands 435 ‐ Resevoirs Replacement 2,151,734 171,799
Highlands Water Main Impro 40,728 3,562
Kennydale 320‐Reservoir 8,138,635 633,915
Lift Station Rehabilitation 92,754 3,732
Madsen Creek Improvement 104,051 2,237
NE 16th/Jefferson Ave NE Stormwater 459,265 2,601
SE 172nd St/125th Ave SE Storm Sys 319,248 131,088
Thunder Hills Sanitary 570,779 129,611
Water Pump Stations Rehab 84,703 ‐
Total business‐type activities 14,852,547$ 1,945,858$
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-33
Springbrook Creek Wetland and Habitat Mitigation Bank
The City entered into an agreement with Washington State Department of Transportation to jointly
share in the development, construction, maintenance and operation of the Springbrook Creek Wetland
and Habitat Mitigation Bank. Each agency has contributed toward the establishment of the Bank and
mitigation credits earned are split evenly between the two agencies. Credits are earned over a 10‐year
period as certain performance measures are met and are available for use by the City in lieu of
performing mitigation measures otherwise required for certain capital projects or the City may choose
to sell the credits to external developers. The City will assume site management and monitoring costs at
the end of the 10‐year performance period (2021) and is obligated to maintain and monitor the wetland
in perpetuity, which includes ensuring that functional benefits of the mitigation activities are not
degraded, ensuring long‐term protection of wetland and buffer areas and maintaining native plant
communities and wildlife habitat diversity.
Asset Retirement Obligation
The City completed a thorough review of all tangible capital assets to determine if there are any legally
enforceable liabilities associated with the retirement of the assets, as required by GASB Statement 83,
Asset Retirement Obligation. The Waterworks Utility has 10 water wells that have regulatory
requirements associated with decommissioning. The assets have no foreseeable disposition, and the City
has no intent of decommissioning the wells. For this reason, an asset retirement obligation has not been
recognized in the Proprietary Funds Statement of Net Position. If it is determined that the wells need to
be retired in the future, the current estimated cost of doing so is approximately $1.05M.
The City also has two underground fuel storage tanks included in general governmental assets. The tanks
are expected to be replaced with new tanks when they exhaust their useful lives. Based on the
regulations and statues required by Department of Ecology, WAC‐173‐360A‐0810, the estimated lesser
cost to decommission the tanks is $100,000 per tank. The City has determined this amount is not material
and no asset retirement obligation has been recorded for these assets. When the tanks are replaced in
the future, an asset retirement obligation will be recorded at that time.
NOTE 5. PENSION PLANS
For purposes of measuring the net pension liability/asset, deferred outflows of resources and deferred
inflows of resources related to pensions, and pension expense, information about the fiduciary net
position of the Plans and additions to/deductions from the Plan’s fiduciary net position have been
determined on the same basis as they are reported by the State of Washington Department of
Retirement Systems (DRS). For this purpose, benefit payments (including refunds of employee
contributions) are recognized when due and payable in accordance with the benefit terms. Investments
are reported at fair value.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-34
General Information about the Pension Plans
All of the City’s full‐time and qualifying part‐time employees are eligible to participate in one of the
following statewide retirement systems administered by the Washington State Department of
Retirement Systems:
Public Employees’ Retirement System (PERS) Plans 1, 2, and 3
Law Enforcement Officers’ and Firefighters’ Retirement System (LEOFF) Plans 1 and 2
Public Safety Employees’ Retirement System (PSERS) Plan 2
The Department of Retirement Systems (DRS), a department within the primary government of the State
of Washington, issues a publicly available comprehensive annual financial report (CAFR) that includes
financial statements and required supplementary information for each plan. The DRS CAFR may be
obtained by contacting the Washington State Department of Retirement Systems, P.O. Box 48380,
Olympia, WA 98504‐8380; or online from the DRS website at www.drs.wa.gov.
The City is the administrator of the Firefighters’ Pension Plan for all firefighters employed prior to March
1, 1970. The Firefighters’ Pension Plan is included within the City of Renton’s statements as a pension
trust fund. There is no separate GAAP‐based audited report. A schedule of employer contributions,
prepared by Milliman, Inc. is included in the Required Supplemental Information section. Additional
information from the actuarial report prepared for the Firefighters’ Pension Plan, by Milliman, Inc., may
be obtained by contacting the City of Renton, Finance Division, 1055 South Grady Way, Renton, WA
98057.
A. State Sponsored Pension Plans
Public Employees’ Retirement System (PERS)
Plan description. PERS was established by the state legislature in 1947 under the Revised Code of
Washington (RCW) chapter 41.40. PERS is a multiple‐employer cost‐sharing retirement system.
Membership in the system includes: elected officials; state employees; employees of the Supreme,
Appeals, and Superior Courts (other than judges currently in a judicial retirement system); employees of
legislative committees; community and technical colleges, college and university employees not in
national higher education retirement programs; judges of district and municipal courts; and employees
of local governments.
PERS consists of three plans. PERS participants, who joined the PERS system by September 30, 1977, are
Plan 1 members. Plan 1 is closed to new members. Those who joined on or after October 1, 1977; and
by either, February 28, 2002 for state and higher education employees, or August 31, 2002 for local
government employees, are Plan 2 members unless they exercise an option to transfer their membership
to Plan 3. PERS participants joining the system on or after March 1, 2002 for state and higher education
employees, or September 1, 2002 for local government employees, have the irrevocable option of
choosing membership in either PERS Plan 2 or PERS Plan 3. The option must be exercised within 90 days
of employment. An employee is reported in Plan 2 until a choice is made. Employees who fail to choose
within 90 days default to PERS Plan 3.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-35
Benefits provided. PERS plans provide retirement, disability, and death benefits to eligible members.
PERS Plan 1 members are vested after the completion of five years of eligible service. Plan 1 members
are eligible for retirement after 30 years of service, or at the age of 60 with five years of service, or at
the age of 55 with 25 years of service. The monthly benefit is two percent of the average final
compensation (AFC) per year of service, capped at sixty percent. The AFC is the average of the member’s
24 highest consecutive service months. Plan 1 members who retire from inactive status prior to the age
of 65 may receive actuarially reduced benefits. Plan 1 members may elect to receive an optional cost of
living allowance (COLA) that provides an automatic annual adjustment based on the Consumer Price
Index. The adjustment is caped at three percent annually. To offset the cost of this annual adjustment
the benefit is reduced.
PERS Plan 2 members are vested after completion of five years of eligible service. Plan 2 members are
eligible for normal retirement at the age of 65 with five years of service. The monthly benefit is two
percent of the AFC per year of service. There is no cap on years of service credit and a COLA is granted
based on the Consumer Price Index, capped at three percent annually. The AFC is the average of the
member’s 60 highest paid consecutive months. Plan 2 members have the option to retire early with
reduced benefits.
PERS Plan 3 has a dual benefit structure. Employer contributions finance a defined benefit component,
and member contributions finance a defined contribution component. The defined benefit portion
provides members a monthly benefit that is one percent of the AFC per year of service. There is no cap
on years of service credit. Plan 3 provides the same COLA as Plan 2. The AFC is the average of the
member’s 60 highest paid consecutive months. Effective June 7, 2006, Plan 3 members are vested in the
defined benefit portion of their plan after ten years of service; or after five years of service, if twelve
months of that service are earned after age 44; or after five service credit years earned in PERS Plan 2
by June 1, 2003. Plan 3 members are immediately vested in the defined contribution portion of their
plan.
The Judicial Benefit Multiplier (JBM) Program began January 1, 2007. This program gave eligible justices
and judges an option to increase the benefit multiplier used in their retirement benefit calculation for
their judicial service period of employment. Beginning January, 2007, any justice or judge who was in a
judicial position at that time could choose to join JBM. Any justice or judge elected or appointed to office
on or after January 1, 2007, who elects to join DRS membership will also be mandated into JBM. If they
have already established membership in PERS or TRS Plan 1 they will rejoin that plan, but if they have
never had membership they will be enrolled as a member of both PERS Plan 2 and JBM.
Contributions. PERS defined benefit retirement benefits are financed from a combination of investment
earnings and employer and employee contributions. Each biennium, the state Pension Funding Council
adopts Plan 1 employer contribution rates, Plan 2 employer and employee contribution rates, and Plan
3 employer contribution rates. The methods used to determine contribution requirements are
established under state statute.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-36
The required contribution rates, expressed as a percentage of covered payroll, were as follows:
Employer contributions were $1,901,580, $2,563,868, and $555,867 for Plans 1, 2, and 3, respectively.
Public Safety Employee’s Retirement System (PSERS)
Plan description. The PSERS system was created by the 2004 Legislature and became effective July 1,
2006 under RCW 41.37. PSERS is a multiple‐employer cost‐sharing retirement system comprised of a
single defined benefit plan, PSERS Plan2. PSERS membership includes full‐time employees meeting
specific eligibility criteria that are employed by Department of Corrections, Department of Natural
Resources, Gambling Commissions, Liquor Control Board, Parks and Recreation Commission,
Washington State Patrol, Washington state counties, corrections departments of Washington state cities
except for Seattle, Tacoma, and Spokane, or correctional entities formed by PSERS employers under the
Interlocal Cooperation Act.
Benefits provided. PSERS provides retirement, disability, and death benefits to eligible members.
PSERS members are vested after an employee completes five years of eligible service, PSERS members
may retire at the age of 65 with five years of service, or at the age of 60 with at least ten years of PSERS
service credit, or at age 53 with twenty years of service with a monthly benefit of two percent of the
average final compensation (AFC). A cost of living allowance (COLA) is granted based on the Consumer
Price Index, capped at three percent annually. The AFC is the average of the member’s 60 highest paid
consecutive months.
PSERS members have the option to retire early with reduced benefits. PSERS members meeting specific
eligibility requirements have options available to enhance their retirement benefits. Some of these
options are available to their survivors, generally with reduced benefits.
Required Contribution Rates Employer Employee
Plan 1Plan 2Plan 3Plan 1Plan 2Plan 3
PERS
Members not participating in JBM
State agencies, local governmental units 12.68% 12.68% 12.68% 6.00% 7.90% **
Administrative fee 0.18% 0.18% 0.18%
Total 12.86% 12.86% 12.86% *
Members participating in JBM
Local governmental units 12.68% 12.68% 12.68% 12.26% 19.75% 7.5%***
Administrative fee 0.18% 0.18% 0.18%
Total 12.86% 12.86% 12.86% *
*Plan 3 defined benefit portion only.
** Variable from 5% to 15% based on rate selected by the member.
*** Minimum rate.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-37
Contributions. PSERS defined benefit retirement benefits are financed from a combination of investment
earnings and employer and employee contributions. Each biennium, the state Pension Funding Council
adopts Plan 2 employer and employee contribution rates. The employer and employee contribution
rates for Plan 2 are developed by the Office of the State Actuary to fully fund Plan 2. The methods used
to determine the contribution requirements are established under state statute.
The required contribution rates, expressed as a percentage of covered payroll, were as follows:
Employer contributions to PSERS Plan 2 were $21,967.
Law Enforcement Officers’ and Firefighters’ Retirement System (LEOFF)
Plan description. LEOFF was established by the state legislature in 1970 under the Revised Code of
Washington (RCW) chapter 41.26. LEOFF is a multiple‐employer cost‐sharing retirement system.
Membership in the system includes all full‐time, fully compensated, local law enforcement
commissioned officers, firefighters, and as of July 24, 2005, emergency medical technicians. LEOFF
membership is comprised primarily of non‐state employees, with Department of Fish and Wildlife
enforcement officers who were first included effective July 27, 2003, being an exception.
LEOFF consists of two separate defined benefit plans. LEOFF participants who joined the system by
September 30, 1977, are Plan 1 members. Plan 1 is closed to new members. Those who joined on or
after October 1, 1977, are Plan 2 members.
Effective July 1, 2003, the LEOFF Plan 2 Retirement Board was established by Initiative 790 to provide
governance of LEOFF Plan 2. The Board’s duties include adopting contribution rates and recommending
policy changes to the Legislature for the LEOFF Plan 2 retirement plan.
Benefits provided. LEOFF plans provide retirement, disability, and death benefits to eligible members.
LEOFF Plan 1 members are vested after the completion of five years of eligible service. Plan 1 members
are eligible for retirement with five years of service at the age of 50. The benefit per year of service
calculated as a percent of final average salary (FAS) is as follows:
Term of Service
Percent of Final
Average Salary
20 or more years 2.0%
10 but less than 20 years 1.5%
5 but less than 10 years 1.0%
A cost of living allowance (COLA) is granted based on the Consumer Price Index.
Required Contribution Rates Employer Employee
Plan 2Plan 2
PSERS
State agencies, local governmental units 11.96% 7.20%
Administrative fee 0.18%
Total 12.14%
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-38
LEOFF Plan 2 members are vested after the completion of five years of eligible service. Plan 2 members
are eligible for retirement at the age of 53 with five years of service, or at age 50 with twenty years of
service. Plan 2 members receive a benefit of two percent of the FAS per year of service. FAS is based on
the highest consecutive 60 months. A COLA is granted based on the Consumer Price Index, capped at
three percent annually.
LEOFF members have the option to retire early with reduced benefits. LEOFF members meeting specific
eligibility requirements have options available to enhance their retirement benefits. Some of these
options are available to their survivors, generally with reduced benefits.
Contributions. LEOFF defined benefit retirement benefits are financed from a combination of investment
earnings, employer and employee contributions, and a special funding situation in which the state pays
through state legislative appropriations.
Employer and employee contribution rates are developed by the Office of the State Actuary to fully fund
the plans. Starting on July 1, 2000, Plan 1 employers and employees are not required to contribute as
long as the plan remains fully funded. Plan 2 employers and employees are required to pay at the level
adopted by the LEOFF Plan 2 Retirement Board. The methods used to determine contribution
requirements are established under state statute.
The required contribution rates, expressed as a percentage of covered payroll, were as follows:
Employer contributions to LEOFF Plan 2 were $843,081.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions
As of June 30, 2020, the City reported its proportionate share of the net pension liability/(asset) as
follows:
Required Contribution Rates Employer Employee
Plan 1Plan 2Plan 1Plan 2
LEOFF
Local governmental units N/A 5.15% N/A 8.59%
Administrative fee 0.18% 0.18%
Total 0.18% 5.33%
N/A Indicates data not applicable.
Plan Liability Asset
PERS Plan 1 9,263,396$ ‐$
PERS Plan 2/3 4,331,115 ‐
PSERS Plan 2 ‐ (6,843)
LEOFF Plan 1 ‐ (4,525,699)
LEOFF Plan 2 ‐ (8,791,342)
Total 13,594,511$ (13,323,884)$
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-39
The amount of the liability/(asset) reported above for LEOFF Plan 1 and LEOFF Plan 2 reflects a reduction
for the City’s collective liability to be paid by the State. The City recognized $539,087 as contribution
revenue for the State’s on behalf payment for 2020. The amount recognized by the City as its
proportionate share of the net pension liability/(asset), the portion of the City’s net pension
liability/(asset) to be paid by the State, and the total portion of the net pension liability/(asset) that was
associated with the City were as follows:
The collective net pension liability was measured as of June 30, 2020, and the total pension liability used
to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2019, with
the results rolled forward to June 30, 2020 using standard update procedures. Employer contribution
transmittals received and processed by the DRS for the fiscal year ended June 30 are used as the basis
for determining each employer’s proportionate share of the collective pension amounts reported by the
DRS in the Schedules of Employer and Non‐employer Allocations for all plans except LEOFF Plan 1. LEOFF
Plan 1 allocation percentages are based on the total historical employer contributions to LEOFF Plan 1
from 1971 through 2000 and the retirement benefit payments in fiscal year 2020. Historical data was
obtained from a 2011 study by the office of the State Actuary (OSA). In the fiscal year 2020, the State of
Washington contributed 87.12 percent of LEOFF Plan 1 employer contributions and all other employers
contributed the remaining 12.88 percent of employer contributions. LEOFF Plan 1 is fully funded and no
further employer contributions have been required since June 2000. If the plan becomes underfunded,
funding of the remaining liability will require new legislation. The allocation method the plan chose
reflects the projected long‐term contribution effort based on historical data. At June 30, 2020, the City’s
proportionate share of the collective net pension assets/liabilities was as follows:
Liability/(Asset)
LEOFF Plan 1 ‐ employer's proportionate share (4,525,699)$
LEOFF Plan 1 ‐ State's proportionate share of the net
pension liability/(asset) associated with the employer (30,611,716)
TOTAL (35,137,415)$
Liability/(Asset)
LEOFF Plan 2 ‐ employer's proportionate share (8,791,342)$
LEOFF Plan 2 ‐ State's proportionate share of the net
pension liability/(asset) associated with the employer (5,621,397)
TOTAL (14,412,739)$
Proportionate Share Proportionate Share Change in
6/30/2019 6/30/2020 Proportion
PERS Plan 1 0.268500% 0.262379%‐0.006121%
PERS Plan 2/3 0.342614% 0.338648%‐0.003966%
PSERS Plan 2 0.055527% 0.049734%‐0.005793%
LEOFF Plan 1 0.235664% 0.239644% 0.003980%
LEOFF Plan 2 0.445635% 0.430979%‐0.014656%
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-40
For the year ended December 31, 2020 the City recognized pension expense as follows:
At December 31, 2020, the City reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
For PERS Plan 1, $937,619, for PERS Plan 2/3, $1,527,147, for PSERS Plan 2, $18,320, and for LEOFF Plan
2, $415,999, reported as deferred outflows of resources related to contributions resulting from City
contributions subsequent to the measurement date will be recognized as a reduction of the net pension
liability in the year ended December 31, 2021.
Pension Expense
PERS Plan 1 201,981$
PERS Plan 2/3 439,036
PSERS Plan 2 15,084
LEOFF Plan 1 (303,111)
LEOFF Plan 2 349,591
Total 702,581$
Deferred Outflows of Resources PERS Plan 1PERS Plan 2/3 PSERS Plan 2LEOFF Plan 2Total
Differences between expected and
actual experience ‐$ 1,550,476$ 9,403$ 1,216,428$ 2,776,307$
Net difference between projected
and actual earnings on pension
plan investments ‐ ‐ 366 ‐ 366
Changes of assumptions ‐ 61,687 35 12,736 74,458
Changes in proportion and
differences between City
contributions and proportionate
share of contributions ‐ 373,839 ‐ 431,756 805,595
City contributions subsequent to
the measurement date 937,619 1,527,147 18,320 415,999 2,899,085
Total 937,619$ 3,513,149$ 28,124$ 2,076,919$ 6,555,811$
Deferred Inflows of Resources PERS Plan 1PERS Plan 2/3 PSERS Plan 2LEOFF Plan 1LEOFF Plan 2Total
Differences between expected and
actual experience ‐$ 542,792$ 512$ ‐$ 155,922$ 699,226$
Net difference between projected
and actual earnings on pension
plan investments 51,575 219,958 ‐ 47,339 97,987 416,859
Changes of assumptions ‐ 2,958,526 12,936 ‐ 1,361,289 4,332,751
Changes in proportion and
differences between City
contributions and proportionate
share of contributions ‐ 431,271 ‐ ‐ 264,498 695,769
Total 51,575$ 4,152,547$ 13,448$ 47,339$ 1,879,696$ 6,144,605$
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-41
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to
pensions will be recognized as pension expense as follows:
Differences Between Projected and Actual Earnings on Plan Investments
Year PERS Plan 1PERS Plan 2/3 PSERS Plan 2LEOFF Plan 1LEOFF Plan 2Total
2021 (234,049)$ (1,430,645)$ (2,811)$ (168,985)$ (612,531)$ (2,449,021)$
2022 (7,361) (63,073) (5) (8,809) (27,894) (107,142)
2023 71,415 443,487 1,072 48,039 189,205 753,218
2024 118,420 830,273 2,110 82,416 353,233 1,386,452
Total (51,575)$ (219,958)$ 366$ (47,339)$ (97,987)$ (416,493)$
The recognition period is a closed, five‐year period for all plans.
Differences Between Expected and Actual Experience
Recognition Period
(Years)1 7.2 11.7 10.6
Year PERS Plan 2/3 PSERS Plan 2LEOFF Plan 2Total
2021 184,291$ 2,135$ 133,253$ 319,679$
2022 184,291 713 112,294 297,298
2023 184,291 698 112,294 297,283
2024 110,671 698 112,294 223,663
2025 182,507 698 112,294 295,499
Thereafter 161,633 3,949 478,077 643,659
Total 1,007,684$ 8,891$ 1,060,506$ 2,077,081$
The recognition period for each plan is equal to the average of the expected remaining service lives of all
employees provided with pensions through the pension plan, which was determined at the beginning of the
measurement period.
Changes of Assumptions
Recognition Period
(Years)1 7.2 11.7 10.6
Year PERS Plan 2/3 PSERS Plan 2LEOFF Plan 2Total
2021 (550,408)$ (1,236)$ (168,801)$ (720,445)$
2022 (550,408) (1,246) (169,254) (720,908)
2023 (550,408) (1,251) (169,254) (720,913)
2024 (550,992) (1,251) (169,254) (721,497)
2025 (338,914) (1,251) (169,254) (509,419)
Thereafter (355,709) (6,666) (502,736) (865,111)
Total (2,896,839)$ (12,901)$ (1,348,553)$ (4,258,293)$
The recognition period for each plan is equal to the average of the expected remaining service lives of all
employees provided with pensions through the pension plan, which was determined at the beginning of the
measurement period.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-42
Actuarial assumptions. The total pension liability was determined using the following actuarial
assumptions.
Inflation 2.75%
Salary Increases 3.50%
Investment rate of return 7.40%
Mortality rates were developed using the Society of Actuaries PUB. H‐2010 mortality rates as the base
table. The Office of the State Actuary applied offsets to the base table to better tailor the mortality rates
to the demographics of each plan. The long term MP‐2017 generational improvement scale was applied
to project mortality rates for every year after the 2010 base table. Mortality rates are applied on a
generational basis meaning each member is assumed to receive additional mortality improvements in
each future year, throughout his or her lifetime.
The actuarial assumptions used in the June 30, 2019, valuation were based on the results of the 2013‐
2018 Demographic Experience Study Report and the 2019 Economic Experience Study. Additional
assumptions for subsequent events and law changes are current as of the 2019 actuarial valuation
report.
The long‐term expected rate of return on pension plan investments was determined using a building‐
block method in which the Washington State Investment Board (WSIB) used a best estimate of expected
future rates of return (expected returns net of pension plan investment expense but including inflation)
to develop each major asset class. Those expected returns make up one component of WSIB’s Capital
Market Assumptions (CMAs). The CMAs contain the following three pieces of information for each class
of assets the WSIB currently invest in:
Expected annual return
Standard deviation of the annual return
Correlations between the annual returns of each asset class with every other asset class
Recognition Period
(Years)1 7.2 10.6
Year PERS Plan 2/3 LEOFF Plan 2Total
2021 19,647$ 11,919$ 31,566$
2022 19,647 9,564 29,211
2023 19,647 9,564 29,211
2024 (59,650) 9,564 (50,086)
2025 (37,967) 9,564 (28,403)
Thereafter (18,756) 117,083 98,327
Total (57,432)$ 167,258$ 109,826$
The recognition period for each plan is equal to the average of the expected remaining
service lives of all employees provided with pensions through the pension plan, which was
determined at the beginning of the measurement period.
Changes in Proportion and Differences Between City Contributions and Proportionate
Share of Contributions
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-43
The WSIB uses the CMAs and their target asset allocation to stimulate future investment returns over
various time horizons.
The long‐term expected rate of return of 7.4 percent approximately equals the median of the simulated
investment returns over a fifty‐year time horizon, adjusted to remove or dampen any short‐term
changes to WSIB’s CMAs that aren’t expected over the entire fifty year measurement period.
Best estimates of arithmetic real rates of return for each major asset class included in the pension plan’s
target asset allocation as of June 30, 2020, are summarized in the following table:
Asset Class Target Allocation
Lont‐Term Expected
Real Rate of Return
Fixed Income 20.00% 2.20%
Tangible Assets 7.00% 5.10%
Real Estate 18.00%5.80%
Global Equity 32.00%6.30%
Private Equity 23.00%9.30%
The inflation component used to create the table above is 2.20 percent, and represents WSIB’s most
recent long‐term estimate of broad economic inflation.
Discount rate. The discount rate used to measure the total pension liability was 7.40 percent for all
plans. To determine the discount rate, an asset sufficiency test was completed to test whether each
pension plan’s fiduciary net position was sufficient to make all projected future payments for current
plan members.
Based on the assumptions described in OSA’s certification letter within the DRS annual report, the
pension plan’s fiduciary net position was projected to be available to make all projected future benefit
payments of current plan members. Therefore, the long‐term expected rate of return of 7.40 percent
on pension plan investments was applied to determine the total pension liability.
Sensitivity of the Net Pension Liability/(Asset) to Changes in the Discount Rate. The following presents
the City’s proportionate share of the net pension liability/(asset), calculated using the discount rate of
7.40 percent, as well as what the net pension liability/(asset) would be if it were calculated using a
discount rate that is one percentage point lower (6.40 percent) or one percentage point higher (8.40
percent) than the current rate.
1% Decrease
6.40%
Current
Discount Rate
7.40%
1% Increase
8.40%
PERS Plan 1 11,602,929$ 9,263,396$ 7,223,081$
PERS Plan 2/3 26,949,357$ 4,331,115$ (14,295,020)$
PSERS Plan 2 74,500$ (6,843)$ (71,223)$
LEOFF Plan 1 (3,683,688)$ (4,525,699)$ (5,254,180)$
LEOFF Plan 2 (174,042)$ (8,791,342)$ (15,847,193)$
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-44
B. Firefighters’ Pension
Plan Description ‐ The Firefighters’ Plan (Plan) is a closed, single‐employer defined benefit pension plan
administered by the City of Renton through the firefighters’ pension board. The plan provides pensions
for firefighters that were employed prior to March 1, 1970, when the LEOFF retirement system was
established.
The firefighters’ pension board consists of five members: the Mayor who serves as chair of the board,
the chairperson of the Council Finance Committee, and three members elected by secret ballot of the
retired firefighters for two‐year terms.
Plan Membership – Membership is limited to active members of the Firefighters’ Pension Plan (FPP) as
of March 1, 1970. On that date, the Washington Law Enforcement Officers’ and Firefighters’ System
(LEOFF) was established. The plan is closed to new members. At December 31, 2020, FPF membership
consisted of the following:
Benefits Provided ‐ All benefit terms are in statutes RCW 41.16, 41.18, and 41.26. The Firefighters’
Pension Plan (FPP) provides retirement, disability, and death benefits. Each firefighter in service on
March 1, 1970 receives the greater of the benefit payable under the Washington Law Enforcement
Officers’ and Firefighters’ Retirement (LEOFF) System and the benefits available under the provisions of
prior law. Where benefits under the old law exceed those under the new law for any firefighter, the
excess benefits are paid from the FPF of the city employing the member on March 1, 1970.
All members are retired and drawing benefits. Benefit terms provide for cost‐of‐living adjustments to
each member’s retirement benefit. There are two types of increases: escalation by salary in proportion
to current salary of rank from which the firefighter retired or increase proportionate to the increase in
the Seattle‐area consumer price index, with the change computed annually. Regardless of the change in
the consumer price index, benefits are increased at least two percent each year. The former applies to
firefighters who retired from service after 1969, their survivors, and to firefighters who retired from duty
disability (but not their survivors) after 1961. The latter applies to all other types of monthly benefits.
Benefits and refunds of the Plan are recognized when due and payable in accordance with the terms of
the Plan. For 2020, $209,774 was paid for pension benefit payments.
Contributions. As long as the FPP provides for benefits to covered members, the City will be eligible to
receive a share of the State’s distribution of the fire insurance premium taxes. The amount the City
receives is 25% of all monies received by the State from taxes on fire insurance premiums. Contributions
can also come from taxes paid pursuant to the provisions of RCW 41.16.060. This statute requires that
each municipality levy up to $0.45 (only $0.225 of which can be in excess of the property tax limit
pursuant to RCW 84.52.043) per $1,000 of assessed valuation, based on reports by a qualified actuary,
to maintain the fund. 2020 employer contributions to the Firefighters’ Pension Plan were $165,917.
Inactive employees or beneficiaries currently receiving benefits 23
Inactive employees or beneficiaries receiving full retirement through LEOFF 2
Total 25
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-45
Investments
Investment Policy – The pension plan’s policy in regard to the allocation of invested assets is established
and may be amended by a majority vote of its members. It is the policy of the FPF board to pursue an
investment strategy that emphasizes prudent and professional standards. The primary investment
requirements, in order of priority, are: safety, compliance, liquidity, and return on investment. The Board
has designated daily operations, internal controls, and investment decisions to the City’s finance
director. No significant investment policy changes were made during the reporting year. Investments are
recorded at fair value in accordance with GASB Statement No. 72, Fair Value Measurement and
Application. Accordingly, the change in fair value of investments is recognized as an increase or decrease
to investment assets and investment income.
Rate of Return – For the year ended December 31, 2020, the annual money‐weighted rate of return on
pension plan investments, net of pension plan investment expense, was 2.68%. The money‐weighted
rate of return expresses investment performance, net of investment expense, adjusted for the changing
amounts actually invested.
Concentrations – For the year ended December 31, 2020, 6.56% of the plan’s fiduciary net position was
invested in US Federal Agency Securities, 5.65% was invested in certificates of deposit, 1.09% was
invested in FNMA Zero Coupon bonds, and 11.92% was invested in US Treasury Strips.
Net Pension Liability/(Asset)
The City’s net pension liability/(asset) was measured as of December 31, 2020, and the total pension
liability used to calculate the net pension liability/(asset) of $(7,811,427) was determined by an actuarial
valuation as of that date.
The plan’s fiduciary net position of $10,164,611 is 432% of the plan’s total pension liability at December
31, 2020.
Increase (Decrease)
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability
(a) ‐ (b)
Balances at December 31,2019 2,373,393$ 9,945,012$ (7,571,619)$
Changes for the Year
Interest on total pension liability 62,403 ‐ 62,403
Effect of economic/demographic gains or losses ‐ ‐ ‐
Effect of assumptions chages or inputs 127,162 ‐ 127,162
Benefit payments (209,774) (209,774) ‐
Contributions from state fire insurance premium tax ‐ 165,917 (165,917)
Net investment income ‐ 266,856 (266,856)
Administrative expenses ‐ (3,400) 3,400
Net Changes (20,209) 219,599 (239,808)
Balances at December 31,2020 2,353,184$ 10,164,611$ (7,811,427)$
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-46
Actuarial assumptions. The total pension liability was determined by an actuarial valuation as of
December 31, 2020, using the following actuarial assumptions.
Inflation 2.25%
Salary increases 3.25%
Investment rate of return 2.00%
Actuarial cost method Entry age normal
Mortality rates were based on the RP‐2000 Mortality Table (combined healthy) with generational
projection using 100% of Projection Scale BB, with ages set back one year for males and forward one
year for females (set forward two years for disabled members).
The long‐term expected rate of return on pension plan investments was determined using a building‐
block method in which best estimate ranges of expected future real rates of return (expected returns,
net of pension plan investment expense and inflation) are developed. We used the weighted expected
returns of the City’s portfolio of cash, US Treasuries (to be held to maturity), and receivables to develop
the long‐term expected rate of return.
The best‐estimate range for the long‐term expected rate of return for each major asset class included in
the pension plan’s target asset allocation as of December 31, 2020, are summarized in the following
table:
Discount rate. The discount rate used to measure the total pension liability was 2.0%. The projection of
cash flows used to determine the discount rate assumed City contributions were equal to revenue
received from Fire Insurance premiums and the amount received would increase at the inflation rate of
2.25%. Based on this assumption, the pension plan’s fiduciary net position was projected to be available
to make all projected future benefit payment of current plan members. Therefore, the long‐term
expected rate of return on pension plan investments was applied to all periods of projected benefit
payments to determine the total pension liability.
Asset Class Index
Long‐Term Expected Real
Rate of Return
Cash Citigroup 90‐Day T‐Bills ‐0.49%
Short‐Term Bonds Barclays 1‐3 Year Gov/Cred 0.45%
Long‐Term Bonds Barclays Long Gov/Cred 1.87%
Mortgages 0.87%
Assumed Inflation ‐ Mean 2.25%
Long‐Term Expected Rate of Return 2.00%
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-47
Sensitivity of the net pension liability to changes in the discount rate. The following presents the net
pension liability of the City, calculated using the discount rate of 2.0%, as well as what the City’s net
pension liability would be if it were calculated using a discount rate that is one percentage point lower
(1.0%), or one percentage point higher (3.0%), that the current rate.
Pension Expense and Deferred Outflows or Resources and Deferred Inflows of Resources Related to
Pensions
As of December 31, 2020, the deferred inflows and outflows of resources are as follows:
Amounts reported as deferred outflows of resources and deferred inflows of resources related to
pensions will be recognized in pension expense as follows:
*Note that additional future deferred inflows and outflows of resources may impact these numbers.
The Firefighters’ Pension Plan is currently overfunded. Changes in the net pension asset and deferred
outflows resulted in a reduction of City pension expense in the amount of $94,799.
1% Decrease
1.00%
Current
Discount Rate
2.00%
1% Increase
3.00%
Total Pension Liability 2,543,148$ 2,353,184$ 2,186,241$
Fiduciary Net Position 10,164,611 10,164,611 10,164,611
Net Pension Liability (7,621,463) (7,811,427) (7,978,370)
Deferred Inflows of
Resources
Deferred Outflows
of Resources
Differences between expected and actual experience ‐$ ‐$
Changes of assumptions ‐ ‐
Net difference between projected and actual earnings
on pension plan investments ‐ 195,597
Changes in proportion ‐ ‐
Contributions subsequent to the measurement date ‐ ‐
Total ‐$ 195,597$
Year ended December 31 Amount
2021 111,702$
2022 62,799
2023 19,898
2024 1,198
2025 ‐
Thereafter*‐
195,597$
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-48
NOTE 6. OTHER POST EMPLOYMENT BENEFITS
General Information
The City implemented Governmental Accounting Standards Board (GASB) Statement 75, Accounting and
Financial Reporting for Postemployment Benefits Other Than Pensions for calendar year 2018 financial
reporting. Previously, the City accounted for its other postemployment benefit (OPEB) expenses related
to the Health Plan based on a computed annual required contribution (ARC) and an amount to amortize
unfunded actuarial accrued liabilities.
Plan Description
In accordance with the Revised Code of Washington (RCW) 41.26, the City administers a single‐employer
defined benefit healthcare plan (the Health Plan) for law enforcement officers and firefighters employed
prior to October 1, 1977. The City maintains a standalone internal service fund, LEOFF 1 Retirees
Healthcare Fund. No assets are accumulated in a trust that meets the criteria in paragraph 4 of Statement
75.
The Health Plan’s actuary is Milliman, Inc. The report may be obtained by contacting the City of Renton,
Finance Division, 1055 South Grady Way, Renton, WA 98057. The Health Plan does not issue a separate
standalone financial report.
Benefits Provided
The Health Plan provides medical, prescription drug, dental, Medicare Part B premiums, long‐term care,
and vision expenses for LEOFF Plan 1 retirees. Dependent spouses and children are not covered. There
are currently 78 retirees covered under the plan and the plan is closed to new entrants.
Funding Policy
Funding for LEOFF 1 retiree healthcare costs is provided entirely by the City as required by the Revised
Code of Washington (RCW) 41.26. The City does not require retiree contributions.
OPEB Liability
The OPEB liability was determined by an actuarial valuation as of the valuation date, calculated based
on the discount rate below, and was then projected forward to the measurement date. There have been
no significant changes between the valuation date and fiscal year ends. The City’s total OPEB Liability of
$42,674,125 was measured as of December 31, 2020.
Total OPEB Liability
12/31/2019 12/31/2020
Total OPEB Liability $ 39,424,016 $ 42,674,125
Covered employee
payroll $ ‐ $ ‐
Total OPEB liability as
of a % of covered
employee payroll
N/A N/A
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-49
Actuarial Methods and Assumptions
An actuarial valuation was completed as of January 1, 2019. Projections of benefits for financial reporting
purposes are based on the substantive plan (the plan as understood by the employer and plan members)
and include the types of benefits provided at the time of each valuation. The actuarial methods and
assumptions used include techniques that are designed to reduce the effects of short‐term volatility in
actuarial accrued liabilities and the actuarial value of assets, consistent with the long‐term perspective
of the calculations.
The Bond Buyer General Obligation 20‐bond municipal bond index for bonds that mature in 20 years is
2.12% as of December 31, 2020. Rounding to the nearest ¼% results in a discount of 2.00% as of the
December 31, 2020 measurement date. The Bond Buyer General Obligation 20‐bond municipal bond
index for bonds that mature in 20 years is 2.74% as of December 26, 2019. Rounding this to the nearest
¼% results in a discount rate of 2.75% as of the December 31, 2019 measurement date.
Mortality rates were based on the following assumptions:
Service‐retired members were based on the RP‐2000 Mortality Table (combined healthy) with
generational projection using 100% of Projection Scale BB, with ages set back one year for males and set
forward one year for females.
Disabled members were based on the RP‐2000 Mortality Table (combined healthy) with generational
projection using 100% of Projection Scale BB, with ages set forward two years.
Valuation Date January 1, 2019
Measurement Date December 31, 2020
Actuarial Cost Method Entry Age Normal
Amortization Method
Actuarial Assumptions:
Discount Rate 2.00%
Long Term Care Trend Rate 2.00%
Projected Salary Changes 3.25%
Inflation Rate 2.25%
Medical and Dental Trend (before
inclusion of excise tax)Year Pre‐65 Post‐65
2020‐2021 N/A 5.10%
2021‐2022 N/A 4.90%
2022‐2023 N/A 4.80%
2023‐2024 N/A 4.70%
2024‐2025 N/A 4.70%
Grading down to an ultimate of 3.7%
Medical Trend
5 year amortiation for investment
gains and losses. Immediate
recognition for the experience gains
and losses and assumption/input
changes.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-50
Changes in the Total OPEB Liability
The following table presents the change in the total OPEB liability as of December 31, 2020.
Sensitivity of the total OPEB liability to Changes in the Discount Rate.
The following presents the total OPEB liability of the City as well as what the total OPEB liability would
be if it were calculated using trend rates that are 1% point lower or 1% point higher than the current
rate.
The following presents the total OPEB liability of the City, calculated using the current healthcare cost
trend rates as well as what the City’s total OPEB liability would be if it were calculated using trend rates
that are 1% point lower or 1% higher than the current trend rates.
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources related to
OPEB
For the year ended December 31, 2020, the City recognized OPEB Expense of $4,868,065. As of
December 31, 2020 the City reported no deferred outflows or inflows of resources related to OPEB.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-51
NOTE 7. CONTINGENCIES
The City has recorded in its financial statements all material liabilities, including an estimate for
situations which are not yet resolved but where, based on available information, management believes
it is probable that the City will have to make payment. In the opinion of management, the City’s
insurance policies and/or self‐insurance reserves are adequate to pay all known or pending claims.
The City participates in a number of federal and state assisted programs. These grants are subject to
program compliance audits by the Single Audit Act. Such audits could result in reimbursement to grantor
agencies for expenditures disallowed under the terms of the grants. The amount of expenditure that
may be disallowed, if any, cannot be determined at this time and the City’s management believes that
such disallowances, if any, will be immaterial.
NOTE 8. RISK MANAGEMENT
The City of Renton is exposed to various risks of loss related to tort; theft of, damage to, and destruction
of assets; errors and omissions; injuries to employees; and natural disasters. The City of Renton protects
itself against unforeseen losses by utilizing a three‐pronged risk management approach. First, the City
self‐funds first level losses through its Insurance Fund. Second, insurance and excess insurance is
purchased to cover medium and large losses. Third, the City reserves the right to utilize the provisions
of Chapter 35A.31.070 RCW to fund catastrophic or uninsured losses. This State statute allows cities to
levy a non‐voted property tax increase to pay for uninsured claims. There were no settlements in excess
of the insurance coverage in any of the three prior fiscal years.
The risk management internal service fund is funded by charges to the City of Renton’s other funds and
is based primarily upon the contributing funds’ claims experience. Liabilities of the fund are reported
when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated.
Liabilities include an amount for claims that have been incurred but not reported (IBNRs). The result of
the process to estimate the claims liability is not an exact amount as it depends on many complex factors,
such as, inflation, changes in legal doctrines, and damage awards. Accordingly, claims are reevaluated
periodically to consider the effects of inflation, recent claim settlement trends (including frequency and
amount of pay‐outs), and other economic and social factors. The estimate of the claims liability also
includes amounts for incremental claim adjustment expenses related to specific claims and other claim
adjustment expense regardless of whether allocated to specific claims. Estimated recoveries, for
example from salvage or subrogation, are another component of the claims liability estimate.
The City's Risk Management Program is administered under the authority of the Human Resources and
Risk Management Administrator, with claims being processed by the carriers shown below.
An analysis of the insurance deductibles and self‐insured retention levels, limits of insurance, and
carriers for the major types of coverage are as follows:
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-52
* There is a 24‐hour utility interruption clause, prior to the deductible becoming applicable.
Type of Coverage
Risk
Retention
Occurrence Aggregate Amount Carrier
Property –
Expires 07/01/2021
$50,000 $200,000,000 (per
occurrence subject to
annual aggregate & sub‐
limits)
Alliant Property
Insurance Program
(APIP)
Cyber Liability –
Expires 07/01/2021
Pollution Liability ‐
Expires 07/01/2021
$50,000
$100,000
$2,000,000
(subject to sub‐limits)
$2,000,000
(subject to sub‐limits)
APIP
APIP
Liability –
Expires 01/01/2021
Liability –
Expires 01/01/2021
Liability –
Expires 01/01/2021
$250,000
$5,000,000
$15,000,000
$1,000,000
(per occurrence)
$10,000,000
(per occurrence)
$5,000,000
(per occurrence)
Safety National
AWAC
Hallmark
Specialty
Liability –
Expires 01/01/2021
$20,000,000
$5,000,000
(per occurrence)
AWAC
Unmanned Aircraft Liability
Expires 01/01/2021
$0 $1,000,000
(per occurrence)
National Union Fire
Auto Liability‐
Expires 01/01/2021
$250,000 $5,000,000
(subject to sub‐limits)
Safety National
Casualty Corp
Auto Physical Damage – Expires
07/01/2021
$25,000 ACV or Replacement Cost;
per Occurrence
APIP
Equipment Breakdown – Expires
07/01/2021
$10,000* $100,000,000 APIP
Employee Fidelity/Crime –
Expires 07/01/2021
$10,000 $2,500,000 National Union Fire
Airport Liability –
Expires 01/01/2021
$0 $100,000,000 National Union Fire
Underground Storage Tank – Expires
01/01/2021
$2,500 $1,000,000 Great American
Excess Workers’ Comp – Expires
01/01/2021
$500,000 Statutory Safety National
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-53
As of December 31, 2020, the City had accrued the following amounts for outstanding claims:
NOTE 9. INTERFUND TRANSACTIONS
INTERFUND TRANSFERS
The following is the composition of interfund transfers for the year ended December 31, 2020:
Coverage
Total Claims Payable
12/31/2020
Property & liability 248,323$
Workers' compensation 498,804
Employee health 1,622,000
TOTAL 2,369,128$
2020
Property &
Liability
Workers'
Compensation
Employee
Health Totals
IBNR claims at beginning of the year 185,210$ 507,612$ 1,497,800$ 2,190,622$
Current year and changes in estimates (505,814) (258,567) (14,265,621) (15,030,002)
Claims payments 568,927 249,759 14,389,821 15,208,508
IBNR claims at end of the year 248,323$ 498,804$ 1,622,000$ 2,369,128$
2019
Property &
Liability
Workers'
Compensation
Employee
Health Totals
IBNR claims at beginning of the year 41,916$ 417,735$ 1,367,200$ 1,826,850$
Current year and changes in estimates (1,042,478) (327,314) (6,907,144) (8,276,936)
Claims payments 1,185,772 417,192 7,037,744 8,640,708
IBNR claims at end of the year 185,210$ 507,612$ 1,497,800$ 2,190,622$
Internal Service
Fund
General
Cable
Communications
Development Police Seizure
Police CSAM
Seizure
Municipal
Facilities CIP
Capital
Improvement General Debt Equipment Rental Total
Transfer Out:
Governmental Funds:
General ‐ 40,000 711,102 126,011 ‐ 2,093,922 4,762,015 30,406 7,763,456
Hotel/Motel Tax 37,500 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 37,500
Comm. Dev. Impact Mitigation ‐ ‐ ‐ ‐ 601,795 ‐ ‐ ‐ 601,795
Fire Impact Mitigation ‐ ‐ ‐ ‐ ‐ ‐ 113,806 ‐ 113,806
Transportation Impact Mitigation ‐ ‐ ‐ ‐ ‐ 1,811,987 ‐ ‐ 1,811,987
REET 1 ‐ ‐ ‐ ‐ 641,000 ‐ 1,780,000 ‐ 2,421,000
REET 2 ‐ ‐ ‐ ‐ ‐ ‐ 1,051,404 ‐ 1,051,404
Municipal Facilities CIP 4,753,339 ‐ ‐ ‐ ‐ ‐ ‐ 3,137 4,756,476
Enterprise Funds:
Solid Waste ‐ ‐ ‐ ‐ ‐ ‐ ‐ 284 284
Airport ‐ ‐ ‐ ‐ ‐ ‐ ‐ 1,363 1,363
Golf ‐ ‐ ‐ ‐ ‐ ‐ ‐ 2,695 2,695
Waterworks Utility ‐ ‐ ‐ ‐ ‐ ‐ ‐ 1,997 1,997
Total 4,790,839 40,000 711,102 126,011 1,242,795 3,905,909 7,707,225 39,882 18,563,763
Governmental Funds
Transfer In:
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-54
During the year transfers were used to fund anticipated capital projects and equipment purchases.
All transfers either occur on a regular basis or are consistent with the purpose of the fund making the
transfer. Transfers that occur within the governmental funds are eliminated on the government‐wide
statement of activities.
The City made the following one‐time transfers during the year ending December 31, 2020:
1. $2.09 million transfer from the General Fund, $1.81 million transfer from Transportation Impact
Mitigation Fund to the Capital Improvement Fund to fund various Transportation capital projects.
2. $40 thousand transfer from the General Fund to the Cable Communications Development Fund for
capital related expenses.
3. $37.5 thousand transfer from the Hotel/Motel Tax Fund to the General Fund for matching a Port of
Seattle grant for economic development activities.
4. $711 thousand transfer from the General Fund to the Police Seizure Fund to provide more
transparency in accordance with RCW 9A.83.030 and 69.50.505.
5. $126 thousand transfer from the General Fund to the Police CSAM Seizure Fund to provide more
transparency in accordance with RCW 9A.88.150.
6. $4.75 million transfer from Municipal Facilities CIP Fund to the General Fund for various items
including closing out the Housing Opportunity Fund, COVID‐19 capital project cuts, and funding
capital and housing grants.
7. $4.7 million transfer from the General Fund, $113 thousand from the Fire Impact Mitigation Fund, $1.78
million from the REET 1 Fund and $1.05 million from the REET 2 to the General Debt Fund to fund the annual
debt payments.
8. $601 thousand transfer from the Community Development Impact Mitigation Fund, $641 thousand
transfer from the REET 1 Fund to the Municipal Facilities CIP fund for the City Hall Elevators
Modernization and the Fawcett property acquisition.
9. Various transfers from the General Fund, Municipal Facilities CIP, and enterprise funds to the
Equipment Rental Fund to fund previously unbudgeted equipment/furniture purchases.
INTERFUND RECEIVABLES AND PAYABLES
The composition of interfund receivables/ payables as of December 31, 2020 is as follows:
Due from/to:
Receivable Fund Payable Fund Amount
General Insurance 22,652$
Capital Improvement Springbrook Wetlands Bank 109,200
Municipal Facilites CIP General 67,500
Capital Improvement General 26,105
Waterworks Utility General 775,836
Equipment Rental Police Seizure 76,986
Equipment Rental Insurance 22,430
Insurance General 32
Total 1,100,741$
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-55
These are the outstanding balances between funds during the year ending December 31, 2020:
1. $109 thousand from the Springbrook Wetlands Bank Fund to the Capital Improvement Fund to
return mitigation bank credit proceeds.
2. $67 thousand from the General Fund to the Municipal Facilities CIP Fund for grant revenue
received to deferred revenue.
3. $26 thousand from the General Fund to the Capital Improvement Fund for grant revenue
received as deferred and water charges paid in error.
4. $775 thousand from the General Fund to the Surface Water CIP Fund for mitigation bank credit
and interest costs.
5. $76 thousand from the Police Seizure Fund to the Equipment Rental Fund for seizure vehicles
paid for by Fleet.
6. $32 from the General Fund to the Insurance Fund for Wellness Credits.
7. Various transfers from the Insurance Fund to the Equipment Rental Fund and the General Fund
for insurance reimbursements.
NOTE 10. LONG TERM DEBT
General Obligation Bonds
General obligation bonds are direct obligations of the City for which its full faith and credit are pledged.
Debt service for voter‐approved bonds, which the City has none, would be funded by special property
tax levies. Debt service for City Council authorized bonds (councilmatic bonds) is funded from regular
property taxes or general revenues, and is generally paid from debt service funds.
General Obligation Bonds outstanding at year‐end are as follows:
2010 Limited Tax General Obligation refunding bonds which refunded a portion of the 2001 limited
tax general obligation bonds for the construction of a downtown parking facility.
2011 Limited Tax General Obligation bonds which funded the development and construction of two
new libraries.
2013 Limited Tax General Obligation qualified energy conservation bonds (QECB) which provided
funding for streetlight improvements.
2015 (A & B) Limited Tax General Obligation refunding bonds which refunded a portion of the 2006
limited tax general obligation bonds for the construction of South Lake Washington infrastructure
improvements.
2019 Limited Tax General Obligation bonds which funded improvements to parks, trails and
recreational facilities in the City.
2019 Limited Tax General Obligation local revitalization financing bonds (LRF) which provided funding
for public infrastructure improvements in the South Lake Washington Revitalization Area.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-56
Other intergovernmental debt, backed by the full faith and credit of the City:
2009 intergovernmental debt related to the Fire District #40 asset transfer as a result of the Benson
Hill annexation.
2019 intergovernmental debt which refunded the outstanding balance of the 2009 (A & B)
intergovernmental debt for the acquisition, construction and equipping of the SCORE facility.
Pursuant to a restated and amended interlocal agreement, the City is obligated to pay 40.96 percent
of the debt service on the SCORE bonds.
Revenue Bonds
Revenue bonds are pledged from water, sewer, and storm revenues generated from the charges for
service revenues in those funds. The City is required by bond covenants to secure parity reserves for
these revenue bonds. The current parity reserves are $2,810,145.
Revenue Bonds outstanding at year‐end are as follows:
2012 Water/Sewer Revenue Refunding Bonds (Ordinance #5672) were issued in the amount of
$9,190,000 and dated December 7, 2012. The average interest rate is 2.5%. These bonds were issued
for the purpose of refunding a portion of the 2004 Water/Sewer Revenue Bonds.
2016 Water/Sewer Revenue Refunding Bonds (2008A) (Ordinance #5812) were issued in the amount
of $9,385,000 and dated October 20, 2016. The average interest rate is 1.73%. These bonds were
issued for the purpose of refunding a portion of the 2008 (A) Water/Sewer Revenue Bonds (Exempt).
2017 Water/Sewer Revenue Refunding Bonds (2007 & 2007 Ref) (Ordinance #5846) were issued in
the amount of $6,283,168 and dated September 6, 2017. The average interest rate is 1.85%. These
bonds were issued for the purpose of partially refunding the 2007 Water/Sewer Revenue Bonds and
2007 Water/Sewer Revenue Refunding Bonds (02).
State of Washington Public Works Trust Fund Loans (PWTFL)
PWTFL are the direct responsibility of the City. At year‐end the City has three outstanding loans, with a
remaining balance of $1,206,630. All of the remaining loans are for water capital improvements.
Remaining loans are pledged from water system revenues.
PWTFL outstanding at year‐end are as follows:
Maplewood Water Treatment Improvement loan was to fund the costs to eliminate quality problems
in water from the Maplewood wellfield wells.
CT Pipeline for Wells RW‐1, RW‐2 and RW‐3 loan was to construct the CT detention pipeline for wells
RW‐1, RW‐2 and RW‐3 at Liberty Park.
Maplewood Drinking Water Treatment Improvement loan was to construct the drinking water
treatment improvements at Maplewood.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-57
Compensated Absences and Net Pension Liability
Compensated absences and net pension liability are paid by those funds that have employees. These are
mostly payable from the General Fund and Waterworks Utility Fund.
Capital Leases
The City leases certain machinery and equipment. These lease payments are payable from the
Equipment Rental Fund.
OPEB
OPEB liabilities are paid by the City’s Insurance Fund.
The following schedules summarize the long‐term debt transactions of the City for the year ended
December 31, 2020. The first two tables reflect total annual debt service requirements to maturity, while
the third table provides detailed information on all long‐term debt.
Year Principal Interest Principal Interest
2021 6,163,822 2,315,726 215,000 55,384
2022 3,638,931 2,037,015 215,000 48,461
2023 2,929,586 1,877,455 215,000 41,538
2024 3,052,631 1,754,374 215,000 34,615
2025 3,183,747 1,625,609 215,000 27,692
2026‐2030 14,358,793 6,036,280 645,000 41,538
2031‐2035 12,044,152 3,271,696 ‐ ‐
2036‐2040 9,235,841 950,343 ‐ ‐
2041‐2045 1,380,000 112,000 ‐ ‐
Totals 55,987,503 19,980,498 1,720,000 249,228
Bonds Bonds ‐ Direct Placements
Governmental Activities
Year Principal Interest Principal Interest Principal Interest
2021 295,000 252,300 2,035,000 165,223 345,818 6,033
2022 305,000 243,450 2,070,000 128,255 315,517 4,304
2023 1,470,000 234,300 1,015,000 90,652 272,647 2,726
2024 1,515,000 190,200 1,030,000 73,093 272,648 1,363
2025 1,560,000 144,750 1,045,000 55,274 ‐ ‐
2026‐2030 3,265,000 147,600 2,150,000 55,966 ‐ ‐
2031‐2035 ‐ ‐ ‐ ‐ ‐ ‐
2036‐2040 ‐ ‐ ‐ ‐ ‐ ‐
2041‐2045 ‐ ‐ ‐ ‐ ‐ ‐
Totals 8,410,000 1,212,600 9,345,000 568,462 1,206,630 14,427
Revenue Bonds‐ Direct PlacementsRevenue Bonds
Business‐Type Activities
Loans ‐ Direct Borrowings
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-58
The outstanding loans from direct borrowings related to business‐type activities of $30,301 and $85,740
contain (1) a provision that in the event of default, outstanding amounts become immediately due if the
City is unable to make payment and (2) a provision that if the City fails to comply with the terms of the
agreement or fails to use the loan proceeds for the identified activities, the loan agreement will be
terminated and the remaining balance become immediately due.
Issue Name Interest Rates Maturity Date
Original Issue
Amount
Beginning
Balance
01/01/2020 Additions Deductions
Ending Balance
12/31/2020
Due Within
One Year
GOVERNMENTAL‐TYPE DEBT:
Limited General Obligation Bonds:
2010 GO Refunding Bonds 3.00%‐4.50% 12/1/2021 $ 6,170,000 3,125,000$ ‐ 1,530,000$ 1,595,000$ 1,595,000$
2011 GO Library Bonds 2.00%‐5.00% 12/1/2022 16,715,000 4,460,000 ‐ 1,780,000 2,680,000 1,865,000
2015 (A) GO S LK WA Infr Refunding (BQ) 3.00%‐4.00% 12/1/2028 8,825,000 8,825,000 ‐ 275,000 8,550,000 935,000
2015 (B) GO S LK WA Infr Refunding (Tax) 0.50%‐2.07% 12/1/2020 3,695,000 635,000 ‐ 635,000 ‐ ‐
2019 GO Parks Bonds 3.00%‐5.00% 12/1/2038 12,960,000 12,695,000 ‐ 425,000 12,270,000 445,000
2019 GO LRF Bonds (Transportation) 3.00%‐5.00% 12/1/2043 7,885,000 7,600,000 ‐ 180,000 7,420,000 190,000
Unamortized (discount)/premium 3,723,621 ‐ 371,193 3,352,428 ‐
56,250,000 41,063,621 ‐ 5,196,193 35,867,428 5,030,000
General Obligation Bonds from Direct Placements:
2013 GO QECB 3.22% 7/1/2028 3,200,000 1,935,000 ‐ 215,000 1,720,000 215,000
3,200,000 1,935,000 ‐ 215,000 1,720,000 215,000
2009 FD 40 Loan for acquisition of FS13 3.75% 9/1/2028 6,798,085 3,673,818 ‐ 365,923 3,307,895 380,158
2019 SCORE Refunding Bonds 3.00%‐5.00% 12/1/2038 20,912,128 20,912,128 ‐ 747,520 20,164,608 753,664
Total Intergovernmental Debt 27,710,213 24,585,946 ‐ 1,113,443 23,472,503 1,133,822
Other Long‐Term Liabilities:
Employee Leave Benefits ‐ Compensated Absences 4,117,177 3,318,178 2,981,721 4,453,634 2,792,973
Other Post Employment Benefits (OPEB)* 39,424,016 3,250,109 ‐ 42,674,125 1,082,021
Net Pension Liability 10,505,772 53,084 ‐ 10,558,856 ‐
Capital Leases 3.00% 6/1/2025 134,064 2,605 134,064 15,126 121,543 25,611
Total Other Long‐Term Liabilities 134,064 54,049,570 6,755,435 2,996,847 57,808,158 3,900,605
87,294,277$ 121,634,136$ 6,755,435$ 9,521,483$ 118,868,089$ 10,279,427$
BUSINESS‐TYPE DEBT:
Revenue Bonds:
2012 Water/Sewer Refunding 2.00%‐3.00% 12/1/2027 $ 9,190,000 8,690,000$ ‐ 280,000$ 8,410,000$ 295,000$
Unamortized (discount)/premium 404,953 ‐ 50,619 354,334 ‐
Total Revenue Bonds 9,190,000 9,094,953 ‐ 330,619 8,764,334 295,000
Revenue Bonds from Direct Placements:
2016 Water/Sewer Refunding (2008A) 1.73% 12/1/2027 9,385,000 7,705,000 ‐ 800,000 6,905,000 825,000
2017 Water/Sewer Refunding (2007 & 2007 Ref) 1.85% 12/1/2022 6,283,168 3,645,000 ‐ 1,205,000 2,440,000 1,210,000
Total Revenue Bonds from Direct Placements 15,668,168 11,350,000 ‐ 2,005,000 9,345,000 2,035,000
Loans from Direct Borrowings:
Public Works Trust Fund Loans:
Maplewood Water Treatment Improvement 0.50% 7/1/2021 567,831 60,602 ‐ 30,301 30,301 30,301
Construct CT Pipeline for Wells 0.50% 7/1/2022 814,527 128,610 ‐ 42,870 85,740 42,870
Maplewood Water Treatment Improvement 0.50% 7/1/2024 5,150,000 1,363,236 ‐ 272,647 1,090,589 272,647
6,532,358 1,552,448 ‐ 345,818 1,206,630 345,818
Other Long‐Term Liabilities:
Employee Leave Benefits ‐ Compensated Absences 701,250 590,673 484,623 807,300 482,744
Net Pension Liability 3,146,953 ‐ 111,299 3,035,654 ‐
Total Other Long‐Term Liabilities 3,848,203 590,673 595,922 3,842,954 482,744
$ 31,390,526 25,845,604$ 590,673$ 3,277,359$ 23,158,918$ 3,158,562$
$ 118,684,803 $ 147,479,740 $ 7,346,108 $ 12,798,842 $ 142,027,007 $ 13,437,989
*GASB Statement Number 75 changed OPEB reporting from net to total
Schedule of Changes of Long‐Term Debt
TOTAL ALL FUNDS
TOTAL BUSINESS‐TYPE DEBT
TOTAL GOVERNMENTAL‐TYPE DEBT
Total Loans from Direct Borrowingss
Total General Obligation Bonds
Other Intergovernmental ‐ Backed by full faith and credit of the City:
Total General Obligation Bonds from Direct Placements
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-59
Debt Limit Capacity
State law provides that debt cannot be incurred in excess of the following percentages of the value of
the taxable property of the City: 1.5 percent without a vote of the people provided the indebtedness
with a vote is 1 percent or less; 2.5 percent with a vote of the people; 5.0 percent with a vote of the
people, provided the indebtedness in excess of 2.5 percent is for utilities; and 7.5 percent with a vote of
the people provided the indebtedness in excess of 5.0 percent is for open space development and parks
facilities. Table 16 in the Statistical Section shows the computation of legal debt margin for general and
special purpose capacities for the City of Renton.
Estimated Arbitrage Rebate
The City engages an outside agency to calculate its arbitrage rebate liability on outstanding tax‐exempt
bonds and certificates of participation under Section 148(f) of the Internal Revenue Code. No additional
rebate was found due for any revenue or general obligation bonds for 2020.
Issued/Refunded Debt
The City did not issue or refund any debt in 2020.
NOTE 11. JOINT VENTURES
A joint venture is a legal entity or other organization that results from a contractual agreement and that
is owned, operated, or governed by two or more participants as a separate and specific activity subject
to joint control in which the participants retain (a) an on‐going financial interest or (b) an on‐going
financial responsibility. The City participates in two joint ventures, both of which are sanctioned by the
provisions and terms of the Interlocal Cooperation Act pursuant to Chapter 39.34 RCW.
VALLEY COMMUNICATIONS CENTER
The Valley Communications Center (Valley Com) was established August 20, 1976, when an Interlocal
Agreement was entered into by four original participating municipal corporations, including the cities of
Renton, Kent, Auburn, and Tukwila. Federal Way was formally admitted in 2000. The initial duration of
the agreement was five years, and thereafter is automatically extended for consecutive five‐year
periods.
The purpose of the joint operation, hereafter referred to as Valley Com, is to provide improved
consolidated emergency communications (dispatch) services for police, fire, and medical aid to the five
participating cities and to several subscribing agencies that include: King County Fire Districts 2, 20, 44,
47; City of Pacific Police Department; City of Black Diamond Police Department; City of Des Moines Police
Department; City of Algona Police Department; Enumclaw Fire; Valley Regional Fire Authority; North
Highline Fire Department; South King Fire & Rescue; Vashon Island Fire & Rescue; King County Airport;
Puget Sound Regional Fire Authority; Renton Regional Fire Authority, KC Sheriff’s Office; and KC Medic
One. Separate agreements between Valley Com and the subscribing agencies have been executed,
which set forth conditions of services and rates charged.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-60
The City made payments totaling $2,911,585 to support Valley Com’s operating costs during the year
ended December 31, 2020.
The City reports its share of equity interest in the Governmental Activities column within the
Government‐wide financial statements under non‐current assets – investments in joint ventures. The
following is condensed financial information as of December 31, 2020 related to Valley Communications
Center:
Complete Financial Statements for Valley Com can be obtained from the Valley Communications Center,
23807 – 98th Avenue South, Kent, WA 98031.
SOUTH CORRECTIONAL ENTITY (SCORE)
The South Correctional Entity (SCORE), a consolidated correctional facility, was established February 25,
2009, when an interlocal agreement was entered into by seven participating municipal governments
(“owner cities”) of Auburn, Burien, Des Moines, Federal Way, Renton, SeaTac and Tukwila. This
agreement was amended and restated October 1, 2009 and named the City of Des Moines as the “host
city”. Pursuant to a separate “Host City Agreement” dated October 1, 2009, the host city will not enjoy
the same equity position as the original owner cities until all debts issued are paid and the host city fulfills
all of its obligations as outlined in the Agreement. On December 11, 2019, the internal local agreement
was again amended to reflect the withdrawal of Federal Way as an owner city and added the City of Des
Moines as an owner city, terminating the host city agreement. The internal local agreement also
included other revisions to provide the issuance of bonds to refund the 2009 bonds.
The purpose of the interlocal operation, SCORE, is to serve the Member Cities and Subscribing Agencies
which are in need of correctional facilities. SCORE provides correctional services and functions incidental
thereto, for the purpose of detaining arrestees and sentenced offenders in the furtherance of public
safety and emergencies within the jurisdiction of the Member Cities. Separate agreements between
SCORE and subscribing agencies have been executed, which set forth conditions of services and rates
charged.
Member City Percent of Equity
2019 Equity
Balance 2020 Distribution
2020 Equity
Balance
Auburn 21.74% 6,633,680$ 600,390$ 7,234,070
Federal Way 18.10% 5,451,596 570,949 6,022,545
Kent 28.74% 8,797,965 766,590 9,564,555
Renton 21.15% 6,430,886 606,843 7,037,728
Tukwila 10.27% 3,169,345 246,866 3,416,212
Grand Totals 100.00% 30,483,472$ 2,791,638$ 33,275,110$
Valley Communications Center
2020 Owner Cities Equity Allocation
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-61
Financing for the acquisition, construction, equipping, and improvement of the SCORE Facility was
provided by bonds issued by the South Correctional Entity Facility Public Development Authority (the
“SCORE PDA”), a public development authority chartered by the City of Renton pursuant to RCW
35.21.730 through 35.21.755 and secured by the full faith and credit of the Cities of Auburn, Burien,
Federal Way, Renton, SeaTac, and Tukwila (the owner cities). The SCORE PDA issued $86 million in special
obligation bonds in 2009 to carry out the facility development project. As previously mentioned SCORE
issued refunding bonds on December 11, 2019 in the amount of $51,055,000 (2019 Bonds). The
proceeds of the 2019 bonds were used together with a contribution from Federal Way to fully pay its
2009 Capital Contribution, to defease and refund all of the outstanding 2009 bonds. Federal Way has
also reduced their owner equity balance to zero in 2019 and no longer holds responsibility for any long‐
term debt.
The following is a summary of the debt service requirements, for each owner city:
The City reports its share of equity interest in the Governmental Activities column within the
Government‐wide financial statements under non‐current assets – investments in joint ventures. The
following is condensed financial information as of December 31, 2020 related to SCORE:
Auburn Burien Des Moines Renton SeaTac Tukwila
Year 34.94% 4.82% 6.02% 40.96% 3.62% 9.64%
2021 1,366,049 188,448 235,364 1,601,413 141,531 376,895
2022 1,366,538 188,515 235,448 1,601,987 141,582 377,030
2023 1,365,979 188,438 235,352 1,601,331 141,524 376,876
2024 1,366,119 188,457 235,376 1,601,496 141,538 376,914
2025 1,366,888 188,563 235,508 1,602,396 141,618 377,126
2026‐2030 6,830,333 942,250 1,176,835 8,007,168 707,665 1,884,500
2031‐2035 6,829,250 942,100 1,176,648 8,005,898 707,553 1,884,201
2036‐2038 4,098,270 565,359 706,113 4,804,383 424,606 1,130,719
Totals 24,589,426$ 3,392,130$ 4,236,644$ 28,826,072$ 2,547,617$ 6,784,261$
Debt Service Allocation to Owner Cities
Member City Percent of Equity
2019 Equity
Balance 2020 Distribution
2020 Equity
Balance
Auburn 42.75% 13,485,956$ (518,256)$ 12,967,700$
Burien 5.21% 1,642,751 (94,368) 1,548,383
Des Moines 4.65% 1,465,438 (72,731) 1,392,707
Renton 31.93% 10,070,783 (524,445) 9,546,337
SeaTac 7.59% 2,395,411 (88,853) 2,306,559
Tukwila 7.87% 2,481,579 (123,602) 2,357,977
Grand Totals 100.00% 31,541,918$ (1,422,255)$ 30,119,663$
South Correctional Entity (SCORE)
2020 Owner Cities Equity Allocation
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-62
The City of Renton made payments totaling $4,707,758 to support SCORE’s operating costs during the
year ended December 31, 2020.
Complete financial statements for SCORE and SCORE PDA can be obtained at SCORE, 20817 17th Avenue
South, Des Moines, WA 98198.
NOTE 12. AIRPORT LEASES
The majority of the Municipal Airport’s revenue is derived from leases which convey the right to use land
and various airport facilities which are accounted for as operating leases. Minimum future rental on non‐
cancellable operating leases are as follows:
Of the amounts shown above, one tenant comprises 60% of all future minimum lease rentals. The
tenant’s multiple leases expire in 2030.
A summary of assets leased or available for tenant use is as follows:
For the Year Ended
December 31:
2021 2,895,790$
2022 2,906,131
2023 2,786,351
2024 2,710,348
2025 2,775,824
Thereafter 18,419,265
32,493,709$
Cost 28,181,512$
Less: Accumulated Depreciation (11,191,436)
Carrying Value 16,990,076$
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-63
NOTE 13. CAPITAL LEASE
In June 2020, the City entered into a lease agreement as lessee for financing the acquisition of three
Xerox copiers valued at $134,064. The equipment has a five‐year estimated useful life. This year,
$15,641 was included in depreciation expense and accumulated depreciation at December 31, 2020
was $15,641.
The future minimum lease obligations and the net present value of these lease payments as of December 31,
2020, were as follows:
NOTE 14. TAX ABATEMENT
As of December 31, 2020, the City provides tax abatements through two programs ‐ the Affordable Multi‐
Family Housing Property Tax Exemption and the New Job Business & Occupation Tax Credit.
Multifamily Housing Property Tax Exemption
Under the provisions of the Preservation Tax Exemption program (RCW 84.14), the City has taken
advantage of the option to provide targeted property tax exemption to existing property owners who
agree to restrict rents and provide income‐eligibility for a portion of the units within their properties.
The purpose of this program incentivizes the creation of affordable and improved housing quality and
prevent displacement for citizens that are in the most need. The City has a comprehensive program that
has specific parameters for project eligibility and duration of exemption.
Provided a property meets the eligibility criteria and the property owner continues to fulfill the
requirements of affordable housing, the property will receive a property tax exemption on the appraised
value of improvements, regardless of assessed valuation. This exemption is not extended to the
appraised value of land or non‐eligible improvements on the same parcel. Eligibility criteria includes, at
a minimum: the property owner must provide affordable housing to low‐income households for 20% of
the multi‐units available for rent and the property must be located in one of the designated “residential
Year ending December 31:
Governmental
Activities
2021 28,907
2022 28,907
2023 28,907
2024 28,907
2025 14,454
Total 130,084
Less amount representing interest (8,540)
Present value of minimum lease payments 121,543$
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-64
target areas”. All exemptions granted after July 2007 range from 8‐12 years depending on the exemption
option selected. There are no provisions to recapture abated taxes.
As of December 31, 2020, the City has four projects that are subject to property tax abatement.
New Jobs Business & Occupation Tax Credit
The purpose of the New Jobs Business & Occupation Tax Credit is to provide a temporary tax credit
relating to new businesses to encourage business growth or relocation into the City. In order to qualify
for the tax credit, businesses must create fifty or more new full‐time employment positions in the first
year of business in the City. The credit is equal to one thousand dollars for each new full‐time
employment position created and is used to reduce the amount of Business & Occupation tax owed by
the business. A business may claim the credit under this program for the first twelve consecution
reporting quarters or three reporting years.
Tax Abatement Program
Tax abated in the
fiscal year ending
12/31/2020
Property Tax Exemption for Affordable Multi‐Family
Housing $ 392,775
New Jobs Business & Occupation Tax Credit $ 108,663
State of Washington Sales Tax Exemptions
The State of Washington has tax abatements that allow for sales/use tax exemptions and deferrals.
Purchases for computer hardware, computer peripherals, or software used primarily in the
development, design and engineering of aerospace products or providing aerospace services or sales are
exempt from sales and use tax per RCW 82.08.975 and 82.12.975. The exemption also applies to sales
of labor and services rendered in respect to installing the computer hardware, peripherals or software
used to develop or design aerospace products. The eligible purchaser must present a Buyers’ Retail Sales
Tax Exemption Certificate to the seller at the time of purchase.
The State of Washington is prohibited by the law to disclose detail on the amount of abatements
provided under these exemption and deferrals.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-65
NOTE 15. SUBSEQUENT EVENTS
On January 1, 2021, Ordinance 5983 became effective, increasing the City’s retail sales and use tax by
0.1 percent to finance 1) constructing affordable housing, 2) constructing mental and behavioral health‐
related facilities, 3) funding the operations and maintenance costs of new units of affordable housing
and facilities where housing‐related programs are provided, or newly constructed evaluation and
treatment centers, and 4) funding the operation, delivery, or evaluation of mental and behavioral health
treatment programs and services or housing‐related services in accordance with RCW 82.14.530, as
amended by HB 1590.
NOTE 16. COVID PANDEMIC
In February 2020, the Governor of the state of Washington declared a state of emergency in response
to the spread of the deadly new virus known as COVID‐19. In the months following the declaration,
precautionary measures to slow the spread of the virus were ordered. These measures included closing
schools, cancelling public events, limiting public and private gatherings, and restricting business
operations, travel, and non‐essential activities.
City services continued to be offered online such as applications for permits, business licensing, and
payment of utility bills. In accordance with Governor orders, extensions to pay utility bills and taxes were
granted along with waiving any penalties for late payment. Several lessees were granted waivers for rent
of City facilities during months the buildings were ordered closed. The City’s community center,
neighborhood centers, senior center, and aquatic center remained closed through the end of 2020. It is
anticipated these facilities will reopen in the summer/fall of 2021.
Due to the potential for significant reductions in revenues, the policy team immediately made decisions
to reduce discretionary funding, delay hiring for vacant positions, eliminate out of state travel and
training, reduce staff overtime, identify capital improvement projects that could be eliminated or
deferred, participate in a shared‐work program for furloughed employees and implemented a voluntary
separation program.
The City was able to secure $4.7M in CARES Act funding from the federal government, passed through
the Washington Department of Commerce. This funding was used to offset the City’s cost of responding
to the public health crisis and to provide small business grants, rental and food assistance.
The length of time these measures will continue to be in place, and the full extent of the financial impact
on the City is unknown at this time.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-66
NOTE 17. PRIOR PERIOD ADJUSTMENT
Multiple prior period adjustments were made to correct errors related to prior years.
Correction of accumulated depreciation of assets placed in service prior to 2010.
A detailed review of capital asset records revealed certain assets placed into service prior to 2010 had not been
properly depreciated. Accumulated depreciation was recalculated for all capital assets and a prior period
adjustment was recorded to correct the beginning balances for 2020. The corrections resulted in the following
increases/(decreases):
Correction of the rate charged for Parks Impact Fees in 2019.
During preparation of the 2021‐2022 budget an error was identified in the Parks Impact Fee rate included in the
2019‐2020 fee schedule. A detailed review of all impact fees collected at the inflated rate was performed and
refund checks were issued to affected customers. The correction resulted in a prior period adjustment in the
Community Development Impact Mitigation fund of ($85,250).
Correction of intergovernmental revenues and due from other governments reported in 2019.
During a routine review of aged accounts receivable an error was detected in the amount reported as due from
other governments in 2019. A grant reimbursement invoice was included in the intergovernmental revenues and
due from other governments at December 31, 2019 that should not have been. The payment from the grantor
had been received during 2019, but had been credited directly to the revenue account, bypassing accounts
receivable. This resulted in an overstatement of both revenues and receivables in 2019. The correction resulted
in a prior period adjustment in the Solid Waste fund in the amount of ($148,255).
Correction of transactions related to Wetland Mitigation Bank Credits.
Inquiries related to the Springbrook Creek Wetland and Habitat Mitigation Bank revealed the existence of
intangible assets in the form of saleable wetland mitigation credits that had not been previously capitalized. Costs
capitalizable under GASB 51 had been expensed in the Waterworks Utility since October 2006. In addition to the
failure to capitalize the costs, it was also determined that the costs should have been paid out of the General Fund
as Ordinance 5269 requires the proceeds from the sale of the credits to be deposited into the Springbrook
Wetlands Bank Fund, a governmental special revenue fund.
Reporting Unit
Capital Assets,
net
Net
Investment in
Capital Assets
Airport Fund (63,689) (63,689)
Equipment Rental Fund 20,151 20,151
Golf Course Fund (7,894) (7,894)
Waterworks Utility Fund (2,529,835) (2,529,835)
Governmental Activities (577,775) (577,775)
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-67
The correction resulted in the following increases/(decreases):
Investment earnings are allocated to the various funds based on each fund’s cash position during the year, so a
correction to the interest allocation between the General Fund and the Waterworks Utility was also deemed
necessary. The correction resulted in the following increases/(decreases):
During the establishment phase of the Springbrook Creek Wetland Mitigation Bank, credits are released by the
State, making them available for sale/use, as certain performance measures are met. Review of the credit ledger
maintained by the State revealed that four credit reduction transactions have taken place. Since the credit costs
had not been previously capitalized, the reduction of value for the credits used also had not been recorded. The
corrections resulted in the following increases/(decreases):
Utilization of credits by the Municipal Facilities CIP Fund involved a capital project, therefore the correction to
record the use of credits also resulted in adjustment to the cost‐basis and associated accumulated depreciation
of the resulting capital asset.
Reporting Unit
Due from
Other Funds
Due to Other
Funds
Unrestricted
Net Position
Unassigned
Fund Balance
Waterworks Utility Fund 676,698 ‐ 676,698 ‐
General Fund ‐ 676,698 ‐ (676,698)
Reporting Unit
Intangible
assets, net
Net
Investment in
Capital Assets
Governmental Activities 676,698 676,698
Reporting Unit
Due from
Other Funds
Due to Other
Funds
Unrestricted
Net Position
Unassigned
Fund Balance
Waterworks Utility 46,659 ‐ 46,659 ‐
General Fund ‐ 46,659 ‐ (46,659)
Reporting Unit
Intangible
assets, net
Net
Investment in
Capital Assets
Governmental Activities (58,283) (58,283)
Reporting Unit
Capital assets,
net
Net
Investment in
Capital Assets
Governmental Activities 23,316 23,316
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-68
The Capital Improvement Fund was charged market rate for the utilization of credits associated with a capital
project in 2008. Transfer of capital assets within the same governmental entity must be recorded at book value.
Further, since both the credits and the Transportation capital project that utilized them are capital assets of the
Governmental Activities, no monetary exchange should have occurred. The correction resulted in the following
increases/(decreases):
Correction to the implementation of GASB 84.
The City implemented GASB 84 in 2018. During implementation it was incorrectly determined that the Fire Impact
Mitigation Fund should be reported as a custodial fund. Per RCW 82.02.050.110 and WAC 365‐196‐850 impact
fees can only be levied by cities and counties, therefore, the collection of fire impact fees to be distributed to the
Renton Regional Fire Authority does not qualify as a fiduciary activity, but rather revenue and expenditure of the
City. The Fire Impact Mitigation Fund has been converted from a custodial fund to a capital project fund in 2020.
The correction resulted in the following increases/(decreases):
NOTE 18. SPECIAL ITEMS
The City had one special item during the year ended December 31, 2020. The item was a significant item,
subject to management’s control, that is not reasonably expected to occur in the foreseeable future.
Renton Regional Fire Authority – Transfer of Fire Station Equipment Fund Balance
On April 26, 2016 Renton voters approved the formation of the Renton Regional Fire Authority (RRFA).
The RRFA became a separate legal entity on July 1, 2016, a consolidation of King County Fire District #25
and the City of Renton fire department. As part of the RRFA formation process voters approved the
Regional Fire Authority Plan. The Plan requires the City to build the RRFA a new fire station, referred to
as Fire Station 15, and to provide $1M toward the cost of furnishing and equipping the fire station.
During construction of Fire Station 15 certain purchases of furniture and appliances were made by the
City. The remaining balance in the fire station equipment fund, $866,131, was transferred to the RRFA
to allow RRFA personnel to complete the purchasing of items to fully equip the fire station. This amount
is reported as a special item in the Municipal Facilities CIP fund.
Construction of Fire Station 15 was complete in February 2019. A short plat must be recorded to separate
the fire station property from other City property before the fire station can be legally transferred to the
RRFA. The property transfer will be reported as a special item in the year the transfer is recorded with
the King County Recorder’s Office.
Reporting Unit
Restricted Fund
Balance
Fire Impact Mitigation 2,121,001
Fire Impact Mitigation Fund
2020 Comprehensive Annual Financial Report City of Renton, Washington
Basic Financial Statements, 4-69
Variance with
Original Final Actual Final Budget
REVENUES
Taxes $ 74,148,812 $ 69,685,704 $ 79,222,355 $ 9,536,651
Licenses and permits 6,372,685 4,676,877 5,164,397 487,520
Intergovernmental revenues 3,797,277 11,086,103 10,196,108 (889,995)
Charges for services 4,922,781 2,716,171 4,222,325 1,506,154
Fines and forfeits 4,259,187 3,284,187 3,285,596 1,409
Contributions 129,818 90,000 375,677 285,677
Interfund revenues 4,408,768 4,797,542 4,636,941 (160,601)
Interest revenue 825,000 825,000 1,235,235 410,235
Miscellaneous revenue 1,670,867 1,013,416 962,008 (51,408)
Total revenues 100,535,195 98,175,000 109,300,642 11,125,642
EXPENDITURES
Current:
General government 15,897,239 17,655,711 15,606,118 2,049,593
Judicial 3,200,176 3,589,695 3,252,116 337,579
Public safety 43,583,979 42,239,343 41,027,819 1,211,524
Utilities 539,529 505,376 437,263 68,113
Transportation 12,485,511 11,885,641 11,437,677 447,964
Economic environment 10,203,707 11,811,098 10,106,586 1,704,512
Health and human services 2,304,083 4,443,139 3,006,025 1,437,114
Culture and recreation 13,862,283 12,451,584 11,307,536 1,144,048
Total current 102,076,507 104,581,587 96,181,140 8,400,447
Capital outlay:
Public safety ‐ 59,592 ‐ 59,592
Transportation 5,200 5,200 13,818 (8,618)
Economic environment ‐ 953,949 670,350 283,599
Culture and recreation ‐ 28,325 ‐ 28,325
Total capital outlay 5,200 1,047,066 684,168 362,898
Debt service:
Principal payment 175,000 175,000 175,000 ‐
Total debt service 175,000 175,000 175,000 ‐
Total expenditures 102,256,707 105,803,653 97,040,308 8,763,345
Excess (deficiency) of revenues over expenditures (1,721,512)(7,628,653)12,260,334 19,888,987
OTHER FINANCING SOURCES (USES)
Transfer in 900,000 21,951,170 17,451,170 (4,500,000)
Transfers out (2,318,000)(22,931,962)(20,604,447)2,327,515
Sale of capital assets ‐ ‐ 7,050 7,050
Insurance Recoveries ‐ ‐ 27,218 27,218
Total other financing sources (uses)(1,418,000)(980,792)(3,119,009)(2,138,217)
Net change in fund balances (3,139,512)(8,609,445)9,141,325 17,750,770
FUND BALANCE ‐ JANUARY 1 28,895,226 48,056,982 48,056,982 ‐
Prior Period Adjustment ‐ ‐ (723,357)(723,357)
FUND BALANCE ‐ JANUARY 1, RESTATED 28,895,226 48,056,982 47,333,625 (723,357)
FUND BALANCE ‐ DECEMBER 31 $ 25,755,714 $ 39,447,537 $ 56,474,950 $ 17,027,413
Budgeted Amounts
City of Renton
General
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Required Supplementary Information, 5-1
NOTES TO SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL – GENERAL FUND
NOTE 1. BUDGETARY BASIS OF ACCOUNTING
The City of Renton’s biennial budget procedures are mandated by the Chapter 35A.33 of the Revised
Code of Washington (RCW). The budget, as adopted, constitutes the legal authority for expenditures.
The biennial budget is adopted with budgetary control at the fund level, so expenditures may not legally
exceed appropriations at that level of detail. Transfers or revisions within funds are allowed, but only
the City Council has the legal authority to increase or decrease a given fund’s annual budget. This is
accomplished by City ordinance. Adopted budgets lapse at year‐end and must be re‐appropriated
(carried forward) the next fiscal year.
The Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual is presented
on a budgetary basis (non‐GAAP). The budgetary basis of accounting is substantially the same as the
modified accrual basis of accounting in all governmental funds except for the following differences:
Perspective differences – the General Fund is structured differently for budgeting purposes than
it is for reporting under GAAP. The Schedule of Revenues, Expenditures, and Changes in Fund
Balance – Budget and Actual for the General Fund is presented on the budgetary basis for the
legally adopted budget of the General Fund. The differences are as follows:
o The City maintains various management funds that are reported within the General Fund.
Consolidation of the funds results in the elimination of transfers between the
consolidated funds for GAAP reporting.
o The Municipal Arts Fund is budgeted as a special revenue fund. The fund does not qualify
as a special revenue fund under GASB Statement No. 54 and is reported within the
General Fund for GAAP reporting.
Basis differences – certain payments and receipts are budgeted for in a manner that is
inconsistent with GAAP:
o Interfund payments for indirect cost allocations and reimbursement of payroll costs
associated with capital projects are budgeted as interfund revenues, however, these
payments are reclassified as a reduction of the expenditure for GAAP reporting.
o Interfund loan payments are budgeted as debt service expenditures, however, these
payments are reclassified as a reduction of the interfund loan payable for GAAP reporting.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Required Supplementary Information, 5-2
NOTES TO SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL – GENERAL FUND
A reconciliation of Revenues, Expenditures, and Changes in Fund Balance budgetary basis to GAAP
basis is as follows:
General Fund
Budgetary
Basis
Sub‐fund
Consolidation
Municipal Art
Fund
Total
Perpective
Differences
Interfund
Revenues
Interfund
loan
payment
Total Basis
Differences
General Fund
GAAP Basis
REVENUES
Taxes $79,222,355 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $79,222,355
Licenses and permits 5,164,397 ‐ ‐ ‐ ‐ ‐ ‐ 5,164,397
Intergovernmental revenues 10,196,108 ‐ ‐ ‐ ‐ ‐ ‐ 10,196,108
Charges for services 8,859,266 ‐ ‐ ‐ (4,636,941) ‐ (4,636,941) 4,222,325
Fines and forfeits 3,285,596 ‐ ‐ ‐ ‐ ‐ ‐ 3,285,596
Contributions 375,677 ‐ ‐ ‐ ‐ ‐ ‐ 375,677
Interest revenue 1,235,235 ‐ 1,572 1,572 ‐ ‐ ‐ 1,236,807
Miscellaneous revenue 962,008 ‐ ‐ ‐ ‐ ‐ ‐ 962,008
Total revenues 109,300,642 ‐ 1,572 1,572 (4,636,941) ‐ (4,636,941) 104,665,273
EXPENDITURES
Current:
General government 15,606,118 ‐ ‐ ‐ (1,848,188) ‐ (1,848,188) 13,757,930
Judicial 3,252,116 ‐ ‐ ‐ ‐ ‐ ‐ 3,252,116
Public safety 41,027,819 ‐ ‐ ‐ ‐ ‐ ‐ 41,027,819
Utilities 437,263 ‐ ‐ ‐ (227,865) ‐ (227,865) 209,398
Transportation 11,437,677 ‐ ‐ ‐ (1,133,569) ‐ (1,133,569) 10,304,108
Economic environment 10,106,586 ‐ ‐ ‐ (944,389) ‐ (944,389) 9,162,197
Health and human services 3,006,025 ‐ ‐ ‐ ‐ ‐ ‐ 3,006,025
Culture and recreation 11,307,536 ‐ 142,731 142,731 (482,930) ‐ (482,930) 10,967,337
Total current 96,181,140 ‐ 142,731 142,731 (4,636,941) ‐ (4,636,941) 91,686,930
Capital outlay:
General government ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Public safety 13,818 ‐ ‐ ‐ ‐ ‐ ‐ 13,818
Economic environment 670,350 ‐ ‐ ‐ ‐ ‐ ‐ 670,350
Culture and recreation ‐ ‐ ‐ 73,130 ‐ ‐ ‐ 73,130
Total capital outlay 684,168 ‐ ‐ 73,130 ‐ ‐ ‐ 757,298
Debt service:
Principal payment 175,000 ‐ ‐ ‐ ‐ (175,000) (175,000) ‐
Total debt service 175,000 ‐ ‐ ‐ ‐ (175,000) (175,000) ‐
Total expenditures 97,040,308 ‐ 142,731 215,861 (4,636,941) (175,000) (4,811,941) 92,444,228
Excess (deficiency) of revenues
over expenditures 12,260,334 ‐ (141,159) (214,289) ‐ 175,000 175,000 12,221,045
OTHER FINANCING SOURCES (USES)
Transfers in 17,451,170 (12,840,991) 180,660 (12,660,331) ‐ ‐ ‐ 4,790,839
Transfers out (20,604,447) 12,840,991 ‐ 12,840,991 ‐ ‐ ‐ (7,763,456)
Sale of capital assets 7,050 ‐ ‐ ‐ ‐ ‐ ‐ 7,050
Insurance Recoveries 27,218 ‐ ‐ ‐ ‐ ‐ ‐ 27,218
Total other financing sources
(uses) (3,119,009) ‐ 180,660 180,660 ‐ ‐ ‐ (2,938,349)
Net change in fund balances $ 9,141,325 $ ‐ $ 39,501 $ (33,629) $ ‐ $ 175,000 $ 175,000 $ 9,282,696
Basis DifferencesPerspective Differences
2020 Comprehensive Annual Financial Report City of Renton, Washington
Required Supplementary Information, 5-3
City of Renton
Schedule of the City's Proportionate Share of the Net Pension Liability/(Asset)
Measurement Date of June 30 *
Last 10 Fiscal Years
PERS Plan 1 2020 2019 2018 2017 2016 2015
City's proportion of the net pension liability/(asset)0.262379% 0.268500% 0.271486% 0.282530% 0.276331% 0.275830%
City's proportionate share of the net pension
liability/(asset)**9,263,396$ 10,324,778$ 12,124,657$ 13,406,269$ 14,840,276$ 14,428,474$
City's covered payroll 39,795,650$ 37,595,653$ 36,344,451$ 35,481,222$ 32,889,898$ 31,005,185$
City's proportionate share of the net pension
liability/(asset) as a percentage of its covered
payroll 23.28% 27.46% 33.36% 37.78%45.12%46.54%
Plan fiduciary net position as a percentage of the
total pension liability 68.64% 67.12% 63.22% 61.24%57.03%59.10%
* This schedule will be built prospectively until it contains ten years of data.
** 2016 amount includes $280,481 in net pension liability transferred to the RFA on 6/30/16 to avoid skewing percentage of
covered payroll ratio.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Required Supplementary Information, 5-4
City of Renton
Schedule of the City's Proportionate Share of the Net Pension Liability/(Asset)
Measurement Date of June 30 *
Last 10 Fiscal Years
PERS Plan 2/3 2020 2019 2018 2017 2016 2015
City's proportion of the net pension liability/(asset)0.338648% 0.342614% 0.344584% 0.356727% 0.343835% 0.345072%
City's proportionate share of the net pension
liability/(asset)**4,331,115$ 3,327,947$ 5,883,465$ 12,394,558$ 17,311,821$ 12,329,619$
City's covered payroll 39,490,308$ 37,260,677$ 36,036,413$ 35,045,479$ 32,370,185$ 30,618,109$
City's proportionate share of the net pension
liability/(asset) as a percentage of its covered
payroll 10.97% 8.93% 16.33% 35.37% 53.48% 40.27%
Plan fiduciary net position as a percentage of the
total pension liability 97.22% 97.77% 95.77% 90.97% 85.82% 89.20%
* This schedule will be built prospectively until it contains ten years of data.
** 2016 amount includes $327,194 in net pension liability transferred to the RFA on 6/30/16 to avoid skewing percentage of
covered payroll ratio.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Required Supplementary Information, 5-5
City of Renton
Schedule of the City's Proportionate Share of the Net Pension Liability/(Asset)
Measurement Date of June 30 *
Last 10 Fiscal Years
PSERS Plan 2 2020 2019 2018 2017 2016 2015
City's proportion of the net pension liability/(asset)0.049734% 0.055527% 0.057762% 0.065808% 0.065158% 0.042991%
City's proportionate share of the net pension
liability/(asset)(6,843)$ (7,221)$ 716$ 27,967$ 11,892$ 7,846$
City's covered payroll 305,343$ 255,388$ 226,589$ 233,001$ 211,427$ 124,200$
City's proportionate share of the net pension
liability/(asset) as a percentage of its covered
payroll ‐2.24% ‐2.83% 0.32% 12.00% 5.62% 6.32%
Plan fiduciary net position as a percentage of the
total pension liability 101.68% 101.85% 99.79% 90.41% 95.08% 95.08%
* This schedule will be built prospectively until it contains ten years of data.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Required Supplementary Information, 5-6
City of Renton
Schedule of the City's Proportionate Share of the Net Pension Liability/(Asset)
Measurement Date of June 30 *
Last 10 Fiscal Years
LEOFF Plan 1 2020 2019 2018 2017 2016 2015
City's proportion of the net pension liability/(asset)0.239644% 0.235664% 0.233551% 0.235931% 0.231059% 0.229885%
City's proportionate share of the net pension
liability/(asset)**(4,525,699)$ (4,658,161)$ (4,240,123)$ (2,430,764)$ (2,784,772)$ (2,770,622)$
State's proportionate share of the net pension
liability/(asset) associated with the City (30,611,716) (31,507,679) (28,680,087) (24,212,271) (16,524,364) (18,740,418)
Total (35,137,415)$ (36,165,840)$ (32,920,210)$ (26,643,035)$ (19,309,136)$ (21,511,040)$
City's covered payroll ‐$ ‐$ ‐$ ‐$ ‐$ ‐$
City's proportionate share of the net pension
liability/(asset) as a percentage of its covered
payroll N/A N/A N/A N/A N/A N/A
Plan fiduciary net position as a percentage of the
total pension liability 146.88% 148.78% 144.42% 123.74% 127.36% 127.36%
* This schedule will be built prospectively until it contains ten years of data.
** 2016 amount includes $1,325,025 in net pension asset transferred to the RFA on 6/30/16 to avoid skewing percentage of
covered payroll ratio.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Required Supplementary Information, 5-7
City of Renton
Schedule of the City's Proportionate Share of the Net Pension Liability/(Asset)
Measurement Date of June 30 *
Last 10 Fiscal Years
LEOFF Plan 2 2020 2019 2018 2017 2016 2015
City's proportion of the net pension liability/(asset)0.430979% 0.445635% 0.451824% 0.468330% 0.947284% 0.954715%
City's proportionate share of the net pension
liability/(asset)**(8,791,342)$ (10,323,995)$ (9,173,012)$ (2,723,948)$ (9,736,185)$ (9,812,561)$
State's proportionate share of the net pension
liability/(asset) associated with the City (5,621,397) (6,760,833) (5,939,352) (4,215,723) (1,592,656) (925,241)
Total (14,412,739)$ (17,084,828)$ (15,112,364)$ (6,939,671)$ (11,328,841)$ (10,737,802)$
City's covered payroll 16,022,905$ 15,336,814$ 14,669,121$ 14,650,540$ 28,694,750$ 27,709,532$
City's proportionate share of the net pension
liability/(asset) as a percentage of its covered
payroll ‐54.87% ‐67.32% ‐62.53% ‐18.59% ‐33.93% ‐35.41%
Plan fiduciary net position as a percentage of the
total pension liability 115.83% 119.43% 118.50% 106.04% 111.67% 111.67%
* This schedule will be built prospectively until it contains ten years of data.
** 2016 amount includes $3,066,692 in net pension asset transferred to the RFA on 6/30/16 to avoid skewing percentage of
covered payroll ratio.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Required Supplementary Information, 5-8
Schedule of Employer Contributions
WA Department of Retirement Systems
As of December 31
Last 10 Fiscal Years
PERS Plan 1 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Contractually Required Contribution 1,887,308$ 1,926,964$ 1,879,300$ 1,717,805$ 1,619,494$ 2,190,238$ 1,253,454$ N/A N/A N/A
Contributions in relation to the
contractually required contribution 1,887,308 1,926,964 1,879,300 1,717,805 1,619,494 2,190,238 1,253,454 N/A N/A N/A
Contribution deficiency (excess)‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/A N/A N/A
Covered payroll 39,386,689$ 38,826,806$ 37,103,778$ 35,120,529$ 33,737,587$ 48,318,549$ 30,448,215$ N/A N/A N/A
Contributions as a percentage of covered
payroll 4.79%4.96%5.06%4.89%4.80%4.53% 4.12%N/A N/A N/A
PERS Plan 2/3 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Contractually Required Contribution 3,095,333$ 2,964,353$ 2,752,176$ 2,375,793$ 2,067,865$ 2,743,908$ 1,490,022$ N/A N/A N/A
Contributions in relation to the
contractually required contribution 3,095,333 2,964,353 2,752,176 2,375,793 2,067,865 2,743,908 1,490,022 N/A N/A N/A
Contribution deficiency (excess)‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/A N/A N/A
Covered payroll 39,082,343$ 38,495,775$ 36,791,404$ 34,783,770$ 33,263,999$ 47,552,982$ 29,821,815$ N/A N/A N/A
Contributions as a percentage of covered
payroll 7.92%7.70%7.48%6.83%6.22%5.77% 5.00%N/A N/A N/A
PSERS Plan 2 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Contractually Required Contribution 21,913$ 20,872$ 15,723$ 14,929$ 14,489$ 18,418$ 7,845$ N/A N/A N/A
Contributions in relation to the
contractually required contribution 21,913 20,872 15,723 14,929 14,489 18,418 7,845 N/A N/A N/A
Contribution deficiency (excess)‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/A N/A N/A
Covered payroll 304,345$ 292,650$ 229,922$ 224,038$ 219,869$ 282,407$ 122,185$ N/A N/A N/A
Contributions as a percentage of covered
payroll 7.20% 7.13% 6.84% 6.66% 6.59% 6.52% 6.42% N/A N/A N/A
LEOFF Plan 2 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Contractually Required Contribution 836,869$ 840,501$ 801,240$ 715,573$ 1,049,917$ 2,160,553$ 1,368,037$ N/A N/A N/A
Contributions in relation to the
contractually required contribution 836,869 840,501 801,240 715,573 1,049,917 2,160,553 1,368,037 N/A N/A N/A
Contribution deficiency (excess)‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/A N/A N/A
Covered payroll 15,936,186$ 15,818,413$ 14,805,412$ 13,896,060$ 20,790,373$ 42,778,479$ 27,089,783$ N/A N/A N/A
Contributions as a percentage of covered
payroll 5.25%5.31%5.41%5.15%5.05%5.05% 5.05%N/A N/A N/A
Note: Prior years' information is unavailable
2020 Comprehensive Annual Financial Report City of Renton, Washington
Required Supplementary Information, 5-9
City of RentonSchedule of Changes in Net Pension Liability and Related RatiosFirefighters' Pension FundLast 10 Fiscal Years$ Thousands2020 2019 2018 2017 2016 2015 2014 2013 2012 2011Total Pension LiabilityService Cost‐$ ‐$ ‐$ ‐$ ‐$ ‐ ‐ N/A N/A N/AInterest on Total Pension Liability62 100 94 103 106 109 112 N/A N/A N/AEffect of Plan Changes‐ ‐ ‐ ‐ ‐ ‐ ‐ N/A N/A N/AEffect of Economic/Demographic Gains or (Losses)‐ (331) ‐ ‐ (29) ‐ ‐ N/A N/A N/AEffect of Assumption Changes or Inputs127 207 (94) 52 (125) ‐ ‐ N/A N/A N/ABenefit payments(210) (194) (193) (240) (208) (205) (204) N/A N/A N/ANet Change in Total Pension Liability(20) (219) (192) (84) (256) (96) (92) N/A N/A N/ATotal Pension Liability ‐ Beginning2,373 2,592 2,784 2,868 3,125 3,221 3,313 N/A N/A N/ATotal Pension Liability ‐ Ending (a)2,353$ 2,373$ 2,592$ 2,784$ 2,868$ 3,125$ 3,221$ N/A N/A N/APlan Fiduciary Net PositionEmployer Contributions‐$ ‐$ ‐$ ‐$ ‐$ ‐ ‐ N/A N/A N/AContributions from State Fire Insurance Premium Tax166 155 154 151 148 146 143 N/A N/A N/AInvestment Income Net of Investment Expenses267 294 121 114 136 134 394 N/A N/A N/ABenefit payments(210) (194) (193) (240) (208) (205) (204) N/A N/A N/AMedical Payments from Fund‐ ‐ ‐ ‐ ‐ ‐ ‐ N/A N/A N/AAdministrative Expense(3) (12) ‐ (12) ‐ (12) (1) N/A N/A N/ANet Change in plan fiduciary net position220 242 83 13 76 63 332 N/A N/A N/APlan fiduciary net position ‐ beginning9,945 9,703 9,619 9,607 9,531 9,468 9,136 N/A N/A N/APlan fiduciary net position ‐ ending (b)10,165 9,945 9,703 9,619 9,607 9,531 9,468 N/A N/A N/ANet pension liability ‐ ending =(a)‐(b)(7,811)$ (7,572)$ (7,111)$ (6,835)$ (6,739)$ (6,406)$ (6,247)$ N/A N/A N/AFiduciary net position as a percentage of the total pension liability431.95% 419.09% 374.34% 345.51% 334.97% 304.99% 293.95% N/A N/A N/ACovered Payroll‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ N/A N/A N/ANet pension liability as a percentage of covered payrollN/A N/A N/A N/A N/A N/A N/A N/A N/A N/ANotes to schedule:Prior years' information is unavailable.2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-10
Schedule of Employer ContributionsFirefighters' Pension FundLast 10 Fiscal Years2020 2019 2018 2017 2016 2015 20142013 2012 2011Actuarially determined contribution‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ Contributions in relation to the actuarially determined contribution165,917 155,413 154,275 150,951 148,034 146,358 142,706 124,391 118,775 102,354 Contribution deficiency (excess)(165,917)$ (155,413)$ (154,275)$ (150,951)$ (148,034)$ (146,358)$ (142,706)$ (124,391)$ (118,775)$ (102,354)$ Covered ‐ employee payroll‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ Contribution as a percentage of covered ‐ employee payrollN/AN/AN/AN/AN/AN/AN/AN/AN/AN/ANote:Contributions are a portion of State Fire Insurance Premium Taxes.2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-11
City of Renton
Schedule of Investment Returns
Firefighters' Pension Fund
December 31, 2020
Last 10 Fiscal Years
Fiscal Year
Ending
December 31
Net
Money‐Weighted Rate of
Return
2011 N/A
2012 N/A
2013 N/A
2014 4.31%
2015 1.42%
2016 1.43%
2017 1.19%
2018 1.26%
2019 3.03%
2020 2.68%
2020 Comprehensive Annual Financial Report City of Renton, Washington
Required Supplementary Information, 5-12
City of RentonSchedule of Changes in Total OPEB Liability and Related RatiosLEOFF 1 Retiree Medical BenefitsLast 10 Fiscal Years$ Thousands20202019 2018 2017 2016 2015 2014 2013 2012 2011Total OPEB LiabilityService Cost‐$ ‐$ ‐ N/A N/A N/A N/A N/A N/A N/AInterest on Total OPEB Liability1,062 1,692 1,576 N/A N/A N/A N/A N/A N/A N/AChanges of benefit terms‐ ‐ ‐ N/A N/A N/A N/A N/A N/A N/AEffect of Economic/Demographic Gains or (Losses)‐ (2,946) ‐ N/A N/A N/A N/A N/A N/A N/AEffect of Assumption Changes or Inputs3,806 (859) (2,764) N/A N/A N/A N/A N/A N/A N/AExpected benefit payments(1,618) (1,491) (1,586) N/A N/A N/A N/A N/A N/A N/ANet Change in Total OPEB Liability3,250 (3,605) (2,774) N/A N/A N/A N/A N/A N/A N/ATotal OPEB Liability ‐ Beginning39,424 43,029 45,803 N/A N/A N/A N/A N/A N/A N/ATotal OPEB Liability ‐ Ending (a)42,674$ 39,424$ 43,029$ N/A N/A N/A N/A N/A N/A N/ACovered Payroll‐$ ‐$ ‐$ N/A N/A N/A N/A N/A N/A N/ATotal OPEB liability as a percentage of covered payrollN/A N/A N/A N/A N/A N/A N/A N/A N/A N/ANotes to schedule:This schedule is presented to illustrate the requirement to show information for 10 years. However, recalculations of prior years are not rquired, and if prior years are not reported inaccordance with the current GASB standards, they should not be reported.2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonRequired Supplementary Information, 5-13
Non‐Major Governmental Funds
Capital Project Funds
COMMUNITY DEVELOPMENT IMPACT MITIGATION FUND
Accounts for park impact fees collected from developers as authorized under RCW 82.02.050‐
.110 to offset the cost of system improvements necessary to serve the new development.
TRANSPORTATION IMPACT MITIGATION FUND
Accounts for transportation impact fees collected from developers as authorized under RCW
82.02.050‐.110 to offset the cost of system improvements necessary to serve the new
development.
FIRE IMPACT MITIGATION FUND
Accounts for fire impact fees collected from developers as authorized under RCW 82.02.050‐.110
to offset the cost of system improvements necessary to serve the new development.
REET 1 FUND
Accounts for “REET 1” or “first quarter percent” excise taxes imposed upon taxable real estate
sales as authorized under RCW 82.46.010(2). REET 1 revenues are restricted for use on capital
projects that are listed in the capital facilities plan element of the City’s comprehensive plan.
RCW 82.46.010(6) defines “capital projects” as: “Those public works projects of a local
government for planning, acquisition, construction, reconstruction, repair, replacement,
rehabilitation, or improvement of streets, roads, highways, sidewalks, street and road lighting
systems, traffic signals, bridges, domestic water systems, storm and sanitary sewer systems,
parks, recreational facilities, law enforcement facilities, fire protection facilities, trails, libraries,
administrative facilities, judicial facilities, river flood control projects, and technology
infrastructure that is integral to the capital project.
REET 2 FUND
Accounts for “REET 2” or “second quarter percent” excise taxes imposed upon taxable real estate
sales as authorized under RCW 82.46.035. REET 2 revenues are restricted for use on capital
projects that are listed in the capital facilities plan element of the City’s comprehensive plan.
RCW 82.46.035(5) defines “capital projects” as: “Those public works projects of a local
government for planning, acquisition, construction, reconstruction, repair, replacement,
rehabilitation, or improvement of streets, roads, highways, sidewalks, street and road lighting
systems, traffic signals, bridges, domestic water systems, storm and sanitary sewer systems, and
planning, construction, reconstruction, repair, rehabilitation, or improvement of parks.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-1
Debt Service Funds
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT SERVICE FUND
This debt service fund accounts for the following outstanding debt issues:
2009 intergovernmental debt related to the Fire District #40 asset transfer as a result of
the Benson Hill annexation.
2010 limited tax general obligation refunding bonds which refunded a portion of the 2001
limited tax general obligation bonds for the construction of a downtown parking facility.
2011 limited tax general obligation bonds which funded the development and
construction of 2 new libraries.
2013 limited tax general obligation qualified energy conservation bonds (QECB) which
provided funding for streetlight improvements.
2015 (A&B) limited tax general obligation refunding bonds which refunded a portion of
the 2006 limited tax general obligation bonds for the construction of South Lake
Washington infrastructure improvements.
2019 limited tax general obligation bonds which are funding multiple parks capital
projects.
2019 limited tax general obligation Local Revitalization Funding (LRF) bonds which are
funding transportation capital projects within the South Lake Washington Local
Revitalization Area.
2019 limited tax general obligation refunding bonds which refunded a portion of the 2009
(A & B) intergovernmental debt related to the acquisition, construction, and equipping of
the SCORE facility.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-2
Special Revenue Funds
HOTEL/MOTEL TAX 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.
CABLE COMMUNICATIONS DEVELOPMENT FUND
The Cable Communications Development Fund accounts for funding for promotion and
development of cable communications as established by City ordinance.
SPRINGBROOK WETLANDS BANK FUND
The City of Renton established this fund in 2007 for the purpose of providing accounting for the
Springbrook Creek Wetland and Habitat Mitigation Bank project. The fund will receive revenue
by selling Wetlands Credits to third parties and to the City’s internal departments.
POLICE SEIZURE FUND
The Police Seizure Fund was established in 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.
POLICE CSAM SEIZURE FUND
The Police CSAM Seizure Fund was established in 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.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-3
Non‐Major Proprietary Funds
Enterprise Funds
AIRPORT FUND
The Airport Fund accounts for revenues and expenses for administration, debt services,
operation, capital improvements, and maintenance of the Renton Municipal Airport and Will
Rodger‐Wily Post Memorial Seaplane Base. Sources of support to the fund are leases, fuel
charges, investment interest, and grant funding as available.
GOLF COURSE FUND
The Golf Course Fund was created after the City acquired the Maplewood Golf Course. The fund
accounts for the operation, maintenance, debt service, and capital improvements of the facility.
Internal Service Funds
EQUIPMENT RENTAL FUND
The Equipment Rental Fund accounts for the costs of maintaining and replacing all City vehicles
and auxiliary equipment. In addition, this fund accounts for the City’s information technology,
facilities and communications costs. All costs, including depreciation, are factors in calculating
the rates that are charged to each user department.
INSURANCE FUND
The Insurance Fund provides accounting for self‐insurance services to all City departments,
including provisions for losses on property, liability, worker’s compensation, unemployment
compensation, and the health care program. Expenses are paid from the Insurance Fund and
rates are charged to departments based on use and/or coverage requirements.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-4
Special revenue funds Debt service funds Capital projects fundsTotal Nonmajor Governmental FundsASSETSCash & cash equivalents $ 2,257,843 $ 3,753,374 $ 9,518,585 $ 15,529,802 Investments at fair value 768,409 1,277,380 3,239,446 5,285,235 Receivables, net of allowances:Taxes 27,432 ‐ 15,838 43,270 Customer accounts 18,900 ‐ ‐ 18,900 Accrued interest & penalties 8,258 22,586 38,027 68,871 Due from other governments ‐ 48,007 ‐ 48,007 TOTAL ASSETS $ 3,080,842 $ 5,101,347 $ 12,811,896 $ 20,994,085 LIABILITIESAccounts payable 82,251 ‐ 243,595 325,846 Due to other funds 186,186 ‐ ‐ 186,186 Unearned revenues ‐ 48,007 ‐ 48,007 TOTAL LIABILITIES 268,437 48,007 243,595 560,039 DEFERRED INFLOWS OF RESOURCESTOTAL DEFERRED INFLOW OF RESOURCES ‐ ‐ ‐ ‐ FUND BALANCES Restricted 2,571,739 92,173 12,568,301 15,232,213 Committed 240,666 ‐ ‐ 240,666 Assigned ‐ 4,961,167 ‐ 4,961,167 TOTAL FUND BALANCES 2,812,405 5,053,340 12,568,301 20,434,046 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES $ 3,080,842 $ 5,101,347 $ 12,811,896 $ 20,994,085 City of RentonCombining Governmental Balance SheetNonmajor Governmental FundsSummary by Fund Type December 31, 20202020 Comprehensive Annual Financial ReportCity of Renton, WashingtonCombining Statements & Schedules, 6-5
Hotel/Motel TaxCable Communications DevelopmentSpringbrook Wetlands Bank Police Seizure Police CSAM SeizureTotal Nonmajor Special revenue fundsASSETSCash & cash equivalents $ 688,269 $ 508,374 $ 259,901 $ 688,769 $ 112,530 $ 2,257,843 Investments at fair value 234,238 173,014 88,452 234,408 38,297 768,409 Receivables, net of allowances:Taxes 27,432 ‐ ‐ ‐ ‐ 27,432 Customer accounts ‐ 18,900 ‐ ‐ ‐ 18,900 Accrued interest & penalties 3,660 2,606 1,513 219 260 8,258 TOTAL ASSETS $ 953,599 $ 702,894 $ 349,866 $ 923,396 $ 151,087 $ 3,080,842 LIABILITIESAccounts payable $ 29,810 $ 4,250 $ ‐ $ 48,191 $ ‐ $ 82,251 Due to other funds ‐ ‐ 109,200 76,986 ‐ 186,186 TOTAL LIABILITIES 29,810 4,250 109,200 125,177 ‐ 268,437 DEFERRED INFLOWS OF RESOURCESTOTAL DEFERRED INFLOWS OF RESOURCES ‐ ‐ ‐ ‐ ‐ ‐ FUND BALANCESRestricted 923,789 698,644 ‐ 798,219 151,087 2,571,739 Committed ‐ ‐ 240,666 ‐ ‐ 240,666 TOTAL FUND BALANCES 923,789 698,644 240,666 798,219 151,087 2,812,405 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES $ 953,599 $ 702,894 $ 349,866 $ 923,396 $ 151,087 $ 3,080,842 City of RentonCombining Balance SheetNonmajor Special revenue funds December 31, 20202020 Comprehensive Annual Financial ReportCity of Renton, WashingtonCombining Statements & Schedules, 6-6
General Debt
Total Nonmajor Debt
service funds
ASSETS
Cash & cash equivalents $ 3,753,374 $ 3,753,374
Investments at fair value 1,277,380 1,277,380
Receivables, net of allowances:
Accrued interest & penalties 22,586 22,586
Due from other governments 48,007 48,007
TOTAL ASSETS $ 5,101,347 $ 5,101,347
LIABILITIES
Unearned revenues $ 48,007 $ 48,007
TOTAL LIABILITIES 48,007 48,007
DEFERRED INFLOWS OF RESOURCES
TOTAL DEFERRED INFLOWS OF RESOURCES ‐ ‐
FUND BALANCES
Restricted 92,173 92,173
Assigned 4,961,167 4,961,167
TOTAL FUND BALANCES 5,053,340 5,053,340
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND
FUND BALANCES $ 5,101,347 $ 5,101,347
City of Renton
Combining Balance Sheet
Nonmajor Debt service funds
December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-7
Community Development Impact Mitigation Fire Impact MitigationTransportation Impact Mitigation REET1 REET2Total Nonmajor Capital projects fundsASSETSCash & cash equivalents $ 1,456,526 $ 1,633,751 $ 2,349,030 $ 1,527,191 $ 2,552,087 $ 9,518,585 Investments at fair value 495,697 556,012 799,442 519,747 868,548 3,239,446 Receivables, net of allowances:Taxes ‐ ‐ ‐ 7,919 7,919 15,838 Accrued interest & penalties 11,033 8,226 15,882 1,443 1,443 38,027 TOTAL ASSETS $ 1,963,256 $ 2,197,989 $ 3,164,354 $ 2,056,300 $ 3,429,997 $ 12,811,896 LIABILITIESAccounts payable $ 243,595 $ ‐ $ ‐ $ ‐ $ ‐ $ 243,595 TOTAL LIABILITIES 243,595 ‐ ‐ ‐ ‐ 243,595 DEFERRED INFLOWS OF RESOURCESTOTAL DEFERRED INFLOWS OF RESOURCES ‐ ‐ ‐ ‐ ‐ ‐ FUND BALANCESRestricted 1,719,661 2,197,989 3,164,354 2,056,300 3,429,997 $ 12,568,301 TOTAL FUND BALANCES 1,719,661 2,197,989 3,164,354 2,056,300 3,429,997 12,568,301 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES $ 1,963,256 $ 2,197,989 $ 3,164,354 $ 2,056,300 $ 3,429,997 $ 12,811,896 City of RentonCombining Balance SheetNonmajor Capital projects funds December 31, 20202020 Comprehensive Annual Financial ReportCity of Renton, WashingtonCombining Statements & Schedules, 6-8
Special revenue funds Debt service funds Capital projects funds
Total Nonmajor
Governmental Funds
REVENUES
Taxes $ 201,662 $ ‐ $ 6,514,004 $ 6,715,666
Licenses and permits 78,295 ‐ ‐ 78,295
Intergovernmental revenues ‐ 444,716 ‐ 444,716
Charges for services ‐ ‐ 2,649,800 2,649,800
Fines and forfeits 21,799 ‐ ‐ 21,799
Contributions 353,507 ‐ ‐ 353,507
Investment earnings 36,443 61,582 140,504 238,529
TOTAL REVENUES 691,706 506,298 9,304,308 10,502,312
EXPENDITURES
Current:
Public safety 148,403 ‐ ‐ 148,403
Economic environment 285,519 ‐ ‐ 285,519
Culture and recreation 51,955 ‐ ‐ 51,955
Capital outlay:
Public safety 97,872 ‐ ‐ 97,872
Debt service:
Principal payment ‐ 5,405,922 ‐ 5,405,922
Interest and fiscal charges ‐ 1,756,060 ‐ 1,756,060
TOTAL EXPENDITURES 583,749 7,161,982 ‐ 7,745,731
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 107,957 (6,655,684) 9,304,308 2,756,581
OTHER FINANCING SOURCES (USES)
Transfer in 877,113 7,707,225 ‐ 8,584,338
Transfer out (37,500) ‐ (5,999,992) (6,037,492)
TOTAL OTHER FINANCING SOURCES (USES) 839,613 7,707,225 (5,999,992) 2,546,846
NET CHANGE IN FUND BALANCE 947,570 1,051,541 3,304,316 5,303,427
FUND BALANCE ‐ JANUARY 1 1,974,035 4,001,799 7,228,234 13,204,068
Prior Period Adjustment (109,200) ‐ 2,035,751 1,926,551
FUND BALANCE ‐ JANUARY 1, RESTATED 1,864,835 4,001,799 9,263,985 15,130,619
FUND BALANCE ‐ DECEMBER 31 $ 2,812,405 $ 5,053,340 $ 12,568,301 $ 20,434,046
City of Renton
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Nonmajor Governmental Funds
Summary by Fund Type
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-9
Hotel/Motel TaxCable Communications DevelopmentSpringbrook Wetlands Bank Police Seizure Police CSAM SeizureTotal Nonmajor Special revenue fundsREVENUESTaxes $ 201,662 $ ‐ $ ‐ $ ‐ $ ‐ $ 201,662 Licenses and permits ‐ 78,295 ‐ ‐ ‐ 78,295 Fines and forfeits ‐ ‐ ‐ ‐ 21,799 21,799 Contributions 30,000 ‐ ‐ 323,507 ‐ 353,507 Investment earnings 11,453 7,683 4,145 8,384 4,778 36,443 TOTAL REVENUES 243,115 85,978 4,145 331,891 26,577 691,706 EXPENDITURESCurrent:Public safety ‐ ‐ ‐ 146,902 1,501 148,403 Economic environment 285,519 ‐ ‐ ‐ ‐ 285,519 Culture and recreation ‐ 51,955 ‐ ‐ ‐ 51,955 Capital outlay:Public safety ‐ ‐ ‐ 97,872 97,872 TOTAL EXPENDITURES 285,519 51,955 ‐ 244,774 1,501 583,749 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (42,404) 34,023 4,145 87,117 25,076 107,957 OTHER FINANCING SOURCES (USES)Transfer in ‐ 40,000 ‐ 711,102 126,011 877,113 Transfer out (37,500) ‐ ‐ ‐ ‐ (37,500)TOTAL OTHER FINANCING SOURCES (USES) (37,500) 40,000 ‐ 711,102 126,011 839,613 NET CHANGE IN FUND BALANCE (79,904) 74,023 4,145 798,219 151,087 947,570 FUND BALANCE ‐ JANUARY 1 1,003,693 624,621 345,721 ‐ ‐ 1,974,035 Prior Period Adjustment ‐ ‐ (109,200) ‐ ‐ (109,200)FUND BALANCE ‐ JANUARY 1, RESTATED 1,003,693 624,621 236,521 ‐ ‐ 1,864,835 FUND BALANCE ‐ DECEMBER 31 $ 923,789 $ 698,644 $ 240,666 $ 798,219 $ 151,087 $ 2,812,405 City of RentonCombining Statement of Revenues, Expenditures, and Changes in Fund BalancesNonmajor Special revenue fundsFor the Year Ended December 31, 20202020 Comprehensive Annual Financial ReportCity of Renton, WashingtonCombining Statements & Schedules, 6-10
General Debt
Total Nonmajor Debt
service funds
REVENUES
Intergovernmental revenues $ 444,716 $ 444,716
Investment earnings 61,582 61,582
TOTAL REVENUES 506,298 506,298
EXPENDITURES
Debt service:
Principal payment 5,405,922 5,405,922
Interest and fiscal charges 1,756,060 1,756,060
TOTAL EXPENDITURES 7,161,982 7,161,982
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (6,655,684) (6,655,684)
OTHER FINANCING SOURCES (USES)
Transfer in 7,707,225 7,707,225
TOTAL OTHER FINANCING SOURCES (USES) 7,707,225 7,707,225
NET CHANGE IN FUND BALANCE 1,051,541 1,051,541
FUND BALANCE ‐ JANUARY 1 4,001,799 4,001,799
FUND BALANCE ‐ DECEMBER 31 $ 5,053,340 $ 5,053,340
City of Renton
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Nonmajor Debt service funds
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-11
Community Development Impact Mitigation Fire Impact MitigationTransportation Impact MitigationREET1REET2Total Nonmajor Capital projects fundsREVENUESTaxes $ ‐ $ ‐ $ ‐ $ 3,257,002 $ 3,257,002 $ 6,514,004 Charges for services 495,647 164,824 1,989,329 ‐ ‐ 2,649,800 Investment earnings 23,210 25,970 43,153 22,035 26,136 140,504 TOTAL REVENUES 518,857 190,794 2,032,482 3,279,037 3,283,138 9,304,308 EXPENDITURESTOTAL EXPENDITURES ‐ ‐ ‐ ‐ ‐ ‐ EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 518,857 190,794 2,032,482 3,279,037 3,283,138 9,304,308 OTHER FINANCING SOURCES (USES)Transfer out (601,795) (113,806) (1,811,987) (2,421,000) (1,051,404) (5,999,992)TOTAL OTHER FINANCING SOURCES (USES) (601,795) (113,806) (1,811,987) (2,421,000) (1,051,404) (5,999,992)NET CHANGE IN FUND BALANCE (82,938) 76,988 220,495 858,037 2,231,734 3,304,316 FUND BALANCE ‐ JANUARY 1 1,887,849 ‐ 2,943,859 1,198,263 1,198,263 7,228,234 Prior Period Adjustment (85,250) 2,121,001 ‐ ‐ ‐ 2,035,751 FUND BALANCE ‐ JANUARY 1, RESTATED 1,802,599 2,121,001 2,943,859 1,198,263 1,198,263 9,263,985 FUND BALANCE ‐ DECEMBER 31 $ 1,719,661 $ 2,197,989 $ 3,164,354 $ 2,056,300 $ 3,429,997 $ 12,568,301 City of RentonCombining Statement of Revenues, Expenditures, and Changes in Fund BalancesNonmajor Capital projects fundsFor the Year Ended December 31, 20202020 Comprehensive Annual Financial ReportCity of Renton, WashingtonCombining Statements & Schedules, 6-12
Variance with
Original Final Actual Final Budget
REVENUES
Interest revenue $ ‐ $ ‐ $ 1,572 $ 1,572
Total revenues ‐ ‐ 1,572 1,572
EXPENDITURES
Current:
Culture and recreation ‐ 183,660 142,731 40,929
Total current ‐ 183,660 142,731 40,929
Capital outlay:
Culture and recreation 15,000 88,130 73,130 15,000
Total capital outlay 15,000 88,130 73,130 15,000
Total expenditures 15,000 271,790 215,861 55,929
Excess (deficiency) of revenues over expenditures (15,000) (271,790) (214,289) 57,501
OTHER FINANCING SOURCES (USES)
Transfers in 15,000 180,660 180,660 ‐
Total other financing sources (uses) 15,000 180,660 180,660 ‐
Net change in fund balances ‐ (91,130) (33,629) 57,501
FUND BALANCE ‐ JANUARY 1 64,426 98,865 98,875 10
FUND BALANCE ‐ DECEMBER 31 $ 64,426 $ 7,735 $ 65,246 $ 57,511
Budgeted Amounts
City of Renton
General Fund ‐ Municipal Art
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-13
Variance with
Original Final Actual Final Budget
REVENUES
Taxes $ 1,732,000 $ ‐ $ ‐ $ ‐
Intergovernmental revenues ‐ 3,820,752 3,331,778 (488,974)
Charges for services ‐ ‐ 4,140 4,140
Contributions ‐ 11,000 ‐ (11,000)
Interest revenue ‐ 175,910 277,789 101,879
Total revenues 1,732,000 4,007,662 3,613,707 (393,955)
EXPENDITURES
Current:
General government 156,996 ‐ ‐ ‐
Public safety ‐ ‐ ‐ ‐
Culture and recreation 249,680 756,459 482,929 273,530
Total current 406,676 756,459 482,929 273,530
Capital outlay:
General government 1,843,004 5,052,278 1,736,406 3,315,872
Public safety ‐ 992,989 ‐ 992,989
Economic environment ‐ 90,000 ‐ 90,000
Culture and recreation 2,600,000 23,017,657 6,453,867 16,563,790
Total capital outlay 4,443,004 29,152,924 8,190,273 20,962,651
Total expenditures 4,849,680 29,909,383 8,673,202 21,236,181
Excess (deficiency) of revenues over expenditures (3,117,680) (25,901,721) (5,059,495) 20,842,226
OTHER FINANCING SOURCES (USES)
Transfer in 2,868,000 2,774,909 1,242,795 (1,532,114)
Transfers out ‐ (2,723,680) (2,179,817) 543,863
Sale of capital assets ‐ 560,000 ‐ (560,000)
Total other financing sources (uses) 2,868,000 611,229 (937,022) (1,548,251)
SPECIAL ITEMS:
Fire station equipment fund payout ‐ ‐ (866,131) (866,131)
Total special items ‐ ‐ (866,131) (866,131)
Net change in fund balances (249,680) (25,290,492) (6,862,648) 18,427,844
FUND BALANCE ‐ JANUARY 1 1,398,166 26,395,567 27,438,045 1,042,478
FUND BALANCE ‐ DECEMBER 31 $ 1,148,486 $ 1,105,075 $ 20,575,397 $ 19,470,322
Budgeted Amounts
City of Renton
Municipal Facilities CIP
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-14
Variance with
Original Final Actual Final Budget
REVENUES
Interest revenue $ ‐ $ 6,309 $ 5,833 $ (476)
Total revenues ‐ 6,309 5,833 (476)
EXPENDITURES
Total expenditures ‐ ‐ ‐ ‐
Excess (deficiency) of revenues over expenditures ‐ 6,309 5,833 (476)
OTHER FINANCING SOURCES (USES)
Transfers out ‐ (2,576,659) (2,576,659) ‐
Total other financing sources (uses) ‐ (2,576,659) (2,576,659) ‐
Net change in fund balances ‐ (2,570,350) (2,570,826) (476)
FUND BALANCE ‐ JANUARY 1 2,548,975 2,570,350 2,570,826 476
FUND BALANCE ‐ DECEMBER 31 $ 2,548,975 $ ‐ $ ‐ $ ‐
Budgeted Amounts
City of Renton
Municipal Facilities CIP ‐ Housing Opportunity
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-15
Variance with
Original Final Actual Final Budget
REVENUES
Interest revenue $ ‐ $ ‐ $ 76 $ 76
Total revenues ‐ ‐ 76 76
EXPENDITURES
Total expenditures ‐ ‐ ‐ ‐
Excess (deficiency) of revenues over expenditures ‐ ‐ 76 76
OTHER FINANCING SOURCES (USES)
Total other financing sources (uses) ‐ ‐ ‐ ‐
Net change in fund balances ‐ ‐ 76 76
FUND BALANCE ‐ JANUARY 1 451,093 16,408 16,408 ‐
FUND BALANCE ‐ DECEMBER 31 $ 451,093 $ 16,408 $ 16,484 $ 76
Budgeted Amounts
City of Renton
Municipal Facilities CIP ‐ New Library Development
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-16
Variance with
Original Final Actual Final Budget
REVENUES
Intergovernmental revenues $ ‐ $ 75,000 $ ‐ $ (75,000)
Contributions ‐ ‐ 4,920 4,920
Interest revenue ‐ ‐ 102,290 102,290
Total revenues ‐ 75,000 107,210 32,210
EXPENDITURES
Current:
Culture and recreation ‐ ‐ 57,618 (57,618)
Total current ‐ ‐ 57,618 (57,618)
Capital outlay:
Culture and recreation ‐ 648,948 218,555 430,393
Total capital outlay ‐ 648,948 218,555 430,393
Total expenditures ‐ 648,948 276,173 372,775
Excess (deficiency) of revenues over expenditures ‐ (573,948) (168,963) 404,985
OTHER FINANCING SOURCES (USES)
Total other financing sources (uses) ‐ ‐ ‐ ‐
Net change in fund balances ‐ (573,948) (168,963) 404,985
FUND BALANCE ‐ JANUARY 1 3,826,891 8,551,401 8,550,640 (761)
FUND BALANCE ‐ DECEMBER 31 $ 3,826,891 $ 7,977,453 $ 8,381,677 $ 404,224
Budgeted Amounts
City of Renton
Municipal Facilities CIP ‐ Family First Center
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-17
Variance with
Original Final Actual Final Budget
REVENUES
Taxes $ 2,040,000 $ ‐ $ ‐ $ ‐
Intergovernmental revenues 12,356,761 28,444,057 2,373,399 (26,070,658)
Charges for services ‐ 250,000 ‐ (250,000)
Fines and forfeits ‐ 7,200 23,482 16,282
Interest revenue ‐ 70,000 217,284 147,284
Total revenues 14,396,761 28,771,257 2,614,165 (26,157,092)
EXPENDITURES
Capital outlay:
Transportation 17,564,673 51,611,373 9,530,285 42,081,088
Total capital outlay 17,564,673 51,611,373 9,530,285 42,081,088
Total expenditures 17,564,673 51,611,373 9,530,285 42,081,088
Excess (deficiency) of revenues over expenditures (3,167,912) (22,840,116) (6,916,120) 15,923,996
OTHER FINANCING SOURCES (USES)
Transfer in 2,400,362 3,963,609 3,905,909 (57,700)
Transfers out (15,000) ‐ ‐ ‐
Total other financing sources (uses) 2,385,362 3,963,609 3,905,909 (57,700)
Net change in fund balances (782,550) (18,876,507) (3,010,211) 15,866,296
FUND BALANCE ‐ JANUARY 1 1,631,831 18,947,853 19,569,550 621,697
Prior Period Adjustment ‐ ‐ 109,200 109,200
FUND BALANCE ‐ JANUARY 1, RESTATED 1,631,831 18,947,853 19,678,750 730,897
FUND BALANCE ‐ DECEMBER 31 $ 849,281 $ 71,346 $ 16,668,539 $ 16,597,193
Budgeted Amounts
City of Renton
Capital Improvement
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-18
Variance with
Original Final Actual Final Budget
REVENUES
Taxes $ 200,000 $ 200,000 $ 201,662 $ 1,662
Contributions ‐ 25,000 30,000 5,000
Interest revenue ‐ ‐ 11,453 11,453
Total revenues 200,000 225,000 243,115 18,115
EXPENDITURES
Current:
Economic environment ‐ 416,562 285,519 131,043
Total current ‐ 416,562 285,519 131,043
Total expenditures ‐ 416,562 285,519 131,043
Excess (deficiency) of revenues over expenditures 200,000 (191,562) (42,404) 149,158
OTHER FINANCING SOURCES (USES)
Transfers out ‐ (37,500) (37,500) ‐
Total other financing sources (uses) ‐ (37,500) (37,500) ‐
Net change in fund balances 200,000 (229,062) (79,904) 149,158
FUND BALANCE ‐ JANUARY 1 551,805 943,889 1,003,693 59,804
FUND BALANCE ‐ DECEMBER 31 $ 751,805 $ 714,827 $ 923,789 $ 208,962
Budgeted Amounts
City of Renton
Hotel/Motel Tax
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-19
Variance with
Original Final Actual Final Budget
REVENUES
Taxes $ 40,000 $ ‐ $ ‐ $ ‐
Licenses and permits 57,674 57,674 78,295 20,621
Interest revenue ‐ ‐ 7,683 7,683
Total revenues 97,674 57,674 85,978 28,304
EXPENDITURES
Current:
Culture and recreation 57,674 57,674 51,955 5,719
Total current 57,674 57,674 51,955 5,719
Capital outlay:
Culture and recreation 40,000 40,000 ‐ 40,000
Total capital outlay 40,000 40,000 ‐ 40,000
Total expenditures 97,674 97,674 51,955 45,719
Excess (deficiency) of revenues over expenditures ‐ (40,000) 34,023 74,023
OTHER FINANCING SOURCES (USES)
Transfer in ‐ 40,000 40,000 ‐
Total other financing sources (uses) ‐ 40,000 40,000 ‐
Net change in fund balances ‐ ‐ 74,023 74,023
FUND BALANCE ‐ JANUARY 1 472,489 603,760 624,621 20,861
FUND BALANCE ‐ DECEMBER 31 $ 472,489 $ 603,760 $ 698,644 $ 94,884
Budgeted Amounts
City of Renton
Cable Communications Development
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-20
Variance with
Original Final Actual Final Budget
REVENUES
Interest revenue $ ‐ $ ‐ $ 4,145 $ 4,145
Total revenues ‐ ‐ 4,145 4,145
EXPENDITURES
Total expenditures ‐ ‐ ‐ ‐
Excess (deficiency) of revenues over expenditures ‐ ‐ 4,145 4,145
OTHER FINANCING SOURCES (USES)
Total other financing sources (uses) ‐ ‐ ‐ ‐
Net change in fund balances ‐ ‐ 4,145 4,145
FUND BALANCE ‐ JANUARY 1 336,528 345,658 345,721 63
Prior Period Adjustment ‐ ‐ (109,200) 109,200
FUND BALANCE ‐ JANUARY 1, RESTATED 336,528 345,658 236,521 109,137
FUND BALANCE ‐ DECEMBER 31 $ 336,528 $ 345,658 $ 240,666 $ 113,408
Budgeted Amounts
City of Renton
Springbrook Wetlands Bank
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-21
Variance with
Original Final Actual Final Budget
REVENUES
Interest revenue $ ‐ $ ‐ $ 8,384 $ 8,384
Contributions ‐ ‐ 323,507 323,507
Total revenues ‐ ‐ 331,891 331,891
EXPENDITURES
Current:
Public safety ‐ 711,102 146,902 564,200
Total current ‐ 711,102 146,902 564,200
Capital outlay:
Public safety ‐ ‐ 97,872 (97,872)
Total capital outlay ‐ ‐ 97,872 (97,872)
Total expenditures ‐ 711,102 244,774 466,328
Excess (deficiency) of revenues over expenditures ‐ (711,102) 87,117 798,219
OTHER FINANCING SOURCES (USES)
Transfer in ‐ 711,102 711,102 ‐
Total other financing sources (uses) ‐ 711,102 711,102 ‐
Net change in fund balances ‐ ‐ 798,219 798,219
FUND BALANCE ‐ JANUARY 1 ‐ ‐ ‐ ‐
FUND BALANCE ‐ DECEMBER 31 $ ‐ $ ‐ $ 798,219 $ 798,219
Budgeted Amounts
City of Renton
Police Seizure
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-22
Variance with
Original Final Actual Final Budget
REVENUES
Fines and forfeits $ ‐ $ ‐ $ 21,799 $ 21,799
Interest revenue ‐ ‐ 4,778 4,778
Total revenues ‐ ‐ 26,577 26,577
EXPENDITURES
Current:
Public safety ‐ 60,606 1,501 59,105
Health and human services ‐ 65,405 ‐ 65,405
Total current ‐ 126,011 1,501 124,510
Total expenditures ‐ 126,011 1,501 124,510
Excess (deficiency) of revenues over expenditures ‐ (126,011) 25,076 151,087
OTHER FINANCING SOURCES (USES)
Transfer in 126,011 126,011 ‐
Total other financing sources (uses) ‐ 126,011 126,011 ‐
Net change in fund balances ‐ ‐ 151,087 151,087
FUND BALANCE ‐ JANUARY 1 ‐ ‐ ‐ ‐
FUND BALANCE ‐ DECEMBER 31 $ ‐ $ ‐ $ 151,087 $ 151,087
Budgeted Amounts
City of Renton
Police CSAM Seizure
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-23
Variance with
Original Final Actual Final Budget
REVENUES
Taxes $ 7,585,442 $ ‐ $ ‐ $ ‐
Intergovernmental revenues 443,757 443,757 444,716 959
Interest revenue ‐ ‐ 61,582 61,582
Total revenues 8,029,199 443,757 506,298 62,541
EXPENDITURES
Debt service:
Principal payment 6,505,922 5,405,922 5,405,922 ‐
Interest and fiscal charges 1,756,464 1,756,464 1,756,060 404
Total debt service 8,262,386 7,162,386 7,161,982 404
Total expenditures 8,262,386 7,162,386 7,161,982 404
Excess (deficiency) of revenues over expenditures (233,187) (6,718,629) (6,655,684) 62,945
OTHER FINANCING SOURCES (USES)
Transfer in 113,808 7,707,227 7,707,225 (2)
Total other financing sources (uses) 113,808 7,707,227 7,707,225 (2)
Net change in fund balances (119,379) 988,598 1,051,541 62,943
FUND BALANCE ‐ JANUARY 1 2,144,063 3,999,457 4,001,799 2,342
FUND BALANCE ‐ DECEMBER 31 $ 2,024,684 $ 4,988,055 $ 5,053,340 $ 65,285
Budgeted Amounts
City of Renton
General Debt
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-24
Variance with
Original Final Actual Final Budget
REVENUES
Charges for services $ 86,500 $ 86,500 $ 495,647 $ 409,147
Interest revenue ‐ ‐ 23,210 23,210
Total revenues 86,500 86,500 518,857 432,357
EXPENDITURES
Total expenditures ‐ ‐ ‐ ‐
Excess (deficiency) of revenues over expenditures 86,500 86,500 518,857 432,357
OTHER FINANCING SOURCES (USES)
Transfers out (600,000) (945,909) (601,795) 344,114
Total other financing sources (uses) (600,000) (945,909) (601,795) 344,114
Net change in fund balances (513,500) (859,409) (82,938) 776,471
FUND BALANCE ‐ JANUARY 1 683,893 1,886,999 1,887,849 850
Prior Period Adjustment ‐ ‐ (85,250) (85,250)
FUND BALANCE ‐ DECEMBER 31 $ 170,393 $ 1,027,590 $ 1,719,661 $ 692,071
Budgeted Amounts
City of Renton
Community Development Impact Mitigation
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-25
Variance with
Original Final Actual Final Budget
REVENUES
Charges for services $ 99,000 $ 99,000 $ 164,824 $ 65,824
Interest revenue ‐ ‐ 25,970 25,970
Total revenues 99,000 99,000 190,794 91,794
EXPENDITURES
Total expenditures ‐ ‐ ‐ ‐
Excess (deficiency) of revenues over expenditures 99,000 99,000 190,794 91,794
OTHER FINANCING SOURCES (USES)
Transfers out (113,808) (113,808) (113,806) 2
Total other financing sources (uses) (113,808) (113,808) (113,806) 2
Net change in fund balances (14,808) (14,808) 76,988 91,796
FUND BALANCE ‐ JANUARY 1 863,421 2,120,558 ‐ (2,120,558)
Prior Period Adjustment ‐ ‐ 2,121,001 2,121,001
FUND BALANCE ‐ JANUARY 1, RESTATED 863,421 2,120,558 2,121,001 443
FUND BALANCE ‐ DECEMBER 31 $ 848,613 $ 2,105,750 $ 2,197,989 $ 92,239
Budgeted Amounts
City of Renton
Fire Impact Mitigation
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-26
Variance with
Original Final Actual Final Budget
REVENUES
Charges for services $ 1,435,875 $ 1,435,875 $ 1,989,329 $ 553,454
Interest revenue ‐ ‐ 43,153 43,153
Total revenues 1,435,875 1,435,875 2,032,482 596,607
EXPENDITURES
Total expenditures ‐ ‐ ‐ ‐
Excess (deficiency) of revenues over expenditures 1,435,875 1,435,875 2,032,482 596,607
OTHER FINANCING SOURCES (USES)
Transfers out (1,640,362) (1,811,987) (1,811,987) ‐
Total other financing sources (uses) (1,640,362) (1,811,987) (1,811,987) ‐
Net change in fund balances (204,487) (376,112) 220,495 596,607
FUND BALANCE ‐ JANUARY 1 1,008,362 2,942,344 2,943,859 1,515
FUND BALANCE ‐ DECEMBER 31 $ 803,875 $ 2,566,232 $ 3,164,354 $ 598,122
Budgeted Amounts
City of Renton
Transportation Impact Mitigation
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-27
Variance with
Original Final Actual Final Budget
REVENUES
Taxes $ ‐ $ 2,000,000 $ 3,257,002 $ 1,257,002
Interest revenue ‐ ‐ 22,035 22,035
Total revenues ‐ 2,000,000 3,279,037 1,279,037
EXPENDITURES
Total expenditures ‐ ‐ ‐ ‐
Excess (deficiency) of revenues over expenditures ‐ 2,000,000 3,279,037 1,279,037
OTHER FINANCING SOURCES (USES)
Transfer in ‐ 1,143,855 ‐ (1,143,855)
Transfers out ‐ (2,421,000) (2,421,000) ‐
Total other financing sources (uses) ‐ (1,277,145) (2,421,000) (1,143,855)
Net change in fund balances ‐ 722,855 858,037 135,182
FUND BALANCE ‐ JANUARY 1 ‐ ‐ 1,198,263 1,198,263
FUND BALANCE ‐ DECEMBER 31 $ ‐ $ 722,855 $ 2,056,300 $ 1,333,445
Budgeted Amounts
City of Renton
REET1
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-28
Variance with
Original Final Actual Final Budget
REVENUES
Taxes $ ‐ $ 2,000,000 $ 3,257,002 $ 1,257,002
Interest revenue ‐ ‐ 26,136 26,136
Total revenues ‐ 2,000,000 3,283,138 1,283,138
EXPENDITURES
Total expenditures ‐ ‐ ‐ ‐
Excess (deficiency) of revenues over expenditures ‐ 2,000,000 3,283,138 1,283,138
OTHER FINANCING SOURCES (USES)
Transfer in ‐ 1,143,855 ‐ (1,143,855)
Transfers out ‐ (1,692,404) (1,051,404) 641,000
Total other financing sources (uses) ‐ (548,549) (1,051,404) (502,855)
Net change in fund balances ‐ 1,451,451 2,231,734 780,283
FUND BALANCE ‐ JANUARY 1 ‐ ‐ 1,198,263 1,198,263
FUND BALANCE ‐ DECEMBER 31 $ ‐ $ 1,451,451 $ 3,429,997 $ 1,978,546
Budgeted Amounts
City of Renton
REET2
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-29
Airport Golf Course
Total Nonmajor
Enterprise funds
ASSETS
Current assets:
Cash & cash equivalents $ 5,787,572 $ 621,250 $ 6,408,822
Investments at fair value 1,883,995 210,258 2,094,253
Receivables (net of allowances):
Customer accounts 38,290 54,065 92,355
Interest & penalties 24,373 2,022 26,395
Supplies inventory ‐ 80,110 80,110
Total current assets 7,734,230 967,705 8,701,935
Noncurrent assets:
Capital assets not being depreciated:
Land 784,080 2,683,200 3,467,280
Construction in Progress 534,749 ‐ 534,749
Capital assets being depreciated/amortized:
Capital assets (net) 16,710,870 3,921,208 20,632,078
Total noncurrent assets 18,029,699 6,604,408 24,634,107
TOTAL ASSETS 25,763,929 7,572,113 33,336,042
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 78,779 104,148 182,927
TOTAL DEFERRED OUTFLOWS OF RESOURCES 78,779 104,148 182,927
LIABILITIES
Current liabilities:
Accounts payable 129,414 36,487 165,901
Retainage payable 1,400 ‐ 1,400
Accrued wages and benefits payable 40,135 51,540 91,675
Customer deposits ‐ 322,393 322,393
Unearned revenue 160,278 ‐ 160,278
Compensated absences payable 12,372 61,839 74,211
Total current liabilities 343,599 472,259 815,858
Noncurrent liabilities:
Compensated absences payable 6,139 38,731 44,870
Net pension liability 240,623 318,112 558,735
Total noncurrent liabilities 246,762 356,843 603,605
TOTAL LIABILITIES 590,361 829,102 1,419,463
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 74,413 98,376 172,789
TOTAL DEFERRED INFLOWS OF RESOURCES 74,413 98,376 172,789
NET POSITION
Net investment in capital assets 18,029,700 6,604,409 24,634,109
Unrestricted 7,148,234 144,374 7,292,608
TOTAL NET POSITION $ 25,177,934 $ 6,748,783 $ 31,926,717
City of Renton
Combining Statement of Net Position
Nonmajor Enterprise funds
December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-30
Airport Golf Course Total Enterprise funds
OPERATING REVENUES
Charges for services $ 77,433 $ 2,270,467 $ 2,347,900
Miscellaneous revenue 2,829,224 335,107 3,164,331
TOTAL OPERATING REVENUES 2,906,657 2,605,574 5,512,231
OPERATING EXPENSES
Supplies 46,115 304,046 350,161
Personnel services 837,769 1,435,817 2,273,586
Contracted services 734,354 379,132 1,113,486
Taxes 1,381 23,825 25,206
Depreciation and amortization 1,116,488 198,658 1,315,146
TOTAL OPERATING EXPENSES 2,736,107 2,341,478 5,077,585
OPERATING INCOME (LOSS) 170,550 264,096 434,646
NONOPERATING REVENUES (EXPENSES)
Intergovernmental Revenues 69,000 ‐ 69,000
Contributions 40,000 ‐ 40,000
Interest revenue 83,530 7,109 90,639
TOTAL NONOPERATING REVENUES (EXPENSES) 192,530 7,109 199,639
INCOME (LOSS) BEFORE CONTRIBUTIONS AND TRANSFERS 363,080 271,205 634,285
Transfers out (1,363) (2,695) (4,058)
CHANGE IN NET POSITION 361,717 268,510 630,227
NET POSITION ‐ JANUARY 1 24,879,906 6,488,167 31,368,073
Prior Period Adjustment (63,689) (7,894) (71,583)
NET POSITION ‐ JANUARY 1, RESTATED 24,816,217 6,480,273 31,296,490
NET POSITION ‐ DECEMBER 31 $ 25,177,934 $ 6,748,783 $ 31,926,717
City of Renton
Combining Statement of Revenues, Expenditures, and Changes in Net Position
Enterprise funds
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-31
T0TAL
NON‐MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services 3,037,844$ 2,569,958$ 5,607,802$
Cash paid to suppliers for goods & services (827,232) (690,605) (1,517,837)
Cash paid to employees (1,004,626) (1,558,327) (2,562,953)
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 1,205,986 321,026 1,527,012
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers to other funds (1,363) (2,695) (4,058)
Operating grants and contributions 109,000 ‐ 109,000
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES 107,637 (2,695) 104,942
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Acquisition & construction of capital assets (88,740) ‐ (88,740)
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES (88,740) ‐ (88,740)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for investments (282,827) (84,138) (366,965)
Interest on investments 105,649 9,601 115,250
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (177,178) (74,537) (251,715)
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS 1,047,705 243,794 1,291,499
CASH & CASH EQUIVALENTS, JANUARY 1 4,739,867 377,456 5,117,323
RESTRICTED CASH, JANUARY 1 ‐ ‐ ‐
CASH & CASH EQUIVALENTS, DECEMBER 31 5,787,572$ 621,250$ 6,408,822$
ENTERPRISE FUNDS
BUSINESS‐TYPE ACTIVITIES
City of Renton
Combining Statement of Cash Flows
Non‐Major Enterprise Funds
For the Year Ended December 31, 2020
Page 1 of 2
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-32
TOTAL
NON‐MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)170,550$ 264,096$ 434,646$
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization 1,116,488 198,658 1,315,146
(Increase) decrease in
accounts receivable 159,845 (32,510) 127,335
(Increase) decrease in inventory
& prepaid items ‐ 12,192 12,192
(Increase) decrease in deferred outflows
related to pensions 9,864 (6,238) 3,626
Increase (decrease) in operating
accounts payable (45,050) 4,206 (40,844)
Increase (decrease) in due to
other funds (332) ‐ (332)
Increase (decrease) in
customer deposits ‐ (3,106) (3,106)
Increase (decrease) in
unearned revenues (28,658) ‐ (28,658)
Increase (decrease) in accrued
employee leave benefits (13,945) (4,996) (18,941)
Increase (decrease) in net pension liability
and deferred inflows related to pensions (162,776) (111,276) (274,052)
Total adjustments 1,035,436 56,930 1,092,366
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 1,205,986$ 321,026$ 1,527,012$
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Depreciation & amortization 1,116,488$ 198,658$ 1,315,146$
Increase (decrease) in fair value of investments 24,123$ 2,628$ 26,751$
Prior period adjustment to correct asset balances (63,689)$ (7,894)$ (71,583)$
ENTERPRISE FUNDS
City of Renton
Combining Statement of Cash Flows
Non‐Major Enterprise Funds
For the Year Ended December 31, 2020
Page 2 of 2
BUSINESS‐TYPE ACTIVITIES
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-33
Equipment Rental Insurance
Total Nonmajor
Internal service funds
ASSETS
Current assets:
Cash & cash equivalents $ 8,695,701 $ 32,393,942 $ 41,089,643
Investments at fair value 3,013,159 9,830,547 12,843,706
Receivables (net of allowances):
Customer accounts 55,344 136,781 192,125
Interest & penalties 56,662 172,497 229,159
Due from other funds 99,416 32 99,448
Supplies inventory 226,357 ‐ 226,357
Prepayments ‐ 335,936 335,936
Total current assets 12,146,639 42,869,735 55,016,374
Noncurrent assets:
Capital assets not being depreciated:
Construction in Progress 2,200 ‐ 2,200
Capital assets being depreciated/amortized:
Capital assets (net) 13,217,497 ‐ 13,217,497
Intangible assets (net) 367,132 ‐ 367,132
Total noncurrent assets 13,586,829 ‐ 13,586,829
TOTAL ASSETS 25,733,468 42,869,735 68,603,203
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 602,189 59,195 661,384
TOTAL DEFERRED OUTFLOWS OF RESOURCES 602,189 59,195 661,384
LIABILITIES
Current liabilities:
Accounts payable 765,986 157,995 923,981
Claims incurred but not reported ‐ 2,369,128 2,369,128
Retainage payable 7,063 ‐ 7,063
Due to other funds ‐ 45,082 45,082
Accrued wages and benefits payable 294,478 25,660 320,138
Compensated absences payable 292,850 31,909 324,759
Leases payable 25,611 ‐ 25,611
OPEB Liability ‐ 1,082,021 1,082,021
Total current liabilities 1,385,988 3,711,795 5,097,783
Noncurrent liabilities:
Compensated absences payable 174,357 20,389 194,746
Leases payable 95,932 ‐ 95,932
Net pension liability 1,839,337 180,807 2,020,144
OPEB Liability ‐ 41,592,104 41,592,104
Total noncurrent liabilities 2,109,626 41,793,300 43,902,926
TOTAL LIABILITIES 3,495,614 45,505,095 49,000,709
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 568,818 55,915 624,733
TOTAL DEFERRED INFLOWS OF RESOURCES 568,818 55,915 624,733
NET POSITION
Net investment in capital assets 13,465,285 ‐ 13,465,285
Unrestricted 8,805,940 (2,632,080) 6,173,860
TOTAL NET POSITION $ 22,271,225 $ (2,632,080) $ 19,639,145
City of Renton
Combining Statement of Net Position
Nonmajor Internal service funds
December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-34
Equipment Rental Insurance
Total Internal service
funds
OPERATING REVENUES
Charges for services $ 13,571,845 $ 15,852,336 $ 29,424,181
Miscellaneous revenue 253,620 ‐ 253,620
TOTAL OPERATING REVENUES 13,825,465 15,852,336 29,677,801
OPERATING EXPENSES
Supplies 2,052,750 7,713 2,060,463
Personnel services 7,105,026 835,986 7,941,012
Contracted services 4,419,899 892,275 5,312,174
Insurance ‐ 16,074,225 16,074,225
Taxes 767 2,881 3,648
Depreciation and amortization 2,943,012 ‐ 2,943,012
TOTAL OPERATING EXPENSES 16,521,454 17,813,080 34,334,534
OPERATING INCOME (LOSS) (2,695,989) (1,960,744) (4,656,733)
NONOPERATING REVENUES (EXPENSES)
Intergovernmental revenues 71,525 74,545 146,070
Contributions 18,275 ‐ 18,275
Interest revenue 154,883 469,116 623,999
Gain (loss) on capital assets 7,463 ‐ 7,463
Other non‐operating revenue (expenses) 3,739 204,289 208,028
Interest expense (1,933) ‐ (1,933)
Insurance Recoveries ‐ 131,245 131,245
TOTAL NONOPERATING REVENUES (EXPENSES) 253,952 879,195 1,133,147
INCOME (LOSS) BEFORE CONTRIBUTIONS AND TRANSFERS (2,442,037) (1,081,549) (3,523,586)
Transfers in 39,882 ‐ 39,882
CHANGE IN NET POSITION (2,402,155) (1,081,549) (3,483,704)
NET POSITION ‐ JANUARY 1 24,653,229 (1,550,531) 23,102,698
Prior Period Adjustment 20,151 ‐ 20,151
NET POSITION ‐ JANUARY 1, RESTATED 24,673,380 (1,550,531) 23,122,849
NET POSITION ‐ DECEMBER 31 $ 22,271,225 $ (2,632,080) $ 19,639,145
City of Renton
Combining Statement of Revenues, Expenditures, and Changes in Net Position
Internal service funds
For the Year Ended December 31, 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-35
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from other funds for services $ 13,786,918 $ 15,743,295 $ 29,530,213
Cash paid to suppliers for goods & services (6,509,917) (13,596,370) (20,106,287)
Cash paid to employees (7,591,868) (891,277) (8,483,145)
Other non‐operating receipts 3,739 335,534 339,273
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES (311,128) 1,591,182 1,280,054
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds 39,882 ‐ 39,882
Operating grants and contributions 89,800 74,545 164,345
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES 129,682 74,545 204,227
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Proceeds from the sale of equipment 50,214 ‐ 50,214
Acquisition & construction of capital assets (2,241,749) ‐ (2,241,749)
Principal payments on capital leases (15,126) ‐ (15,126)
Interest payments on capital leases (1,933) ‐ (1,933)
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES (2,208,594) ‐ (2,208,594)
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal proceeds from interfund loans ‐ 175,000 175,000
Proceeds from sale of investments 509,199 234,048 743,247
Interest on investments and loans 192,204 595,687 787,891
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES 701,403 1,004,735 1,706,138
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS (1,688,637) 2,670,462 981,825
CASH & CASH EQUIVALENTS, JANUARY 1 10,384,338 29,723,480 40,107,818
CASH & CASH EQUIVALENTS, DECEMBER 31 $8,695,701 $ 32,393,942 $ 41,089,643
INTERNAL SERVICE FUNDS
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended December 31, 2020
Page 1 of 2
City of Renton
GOVERNMENTAL ACTIVITIES
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-36
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)(2,695,989)$ (1,960,744)$ (4,656,733)$
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization 2,943,012 ‐ 2,943,012
Other non‐operating revenue 3,739 335,534 339,273
(Increase) decrease in
accounts receivable (38,547) (109,041) (147,588)
(Increase) decrease in
due from other funds (99,416) (32) (99,448)
(Increase) decrease in inventory
& prepaid items (42,392) (122,276) (164,668)
(Increase) decrease in deferred outflows
related to pensions (65,900) (3,995) (69,895)
Increase (decrease) in operating
accounts payable 105,307 29,335 134,642
Increase (decrease) in due to
other funds ‐ 45,082 45,082
Increase (decrease) in other
short‐term liabilities ‐ 178,506 178,506
Increase (decrease) in
OPEB liability ‐ 3,250,109 3,250,109
Increase (decrease) in accrued
employee wages and benefits 61,664 9,528 71,192
Increase (decrease) in net pension liability
and deferred inflows related to pensions (482,606) (60,824) (543,430)
Total adjustments 2,384,861 3,551,926 5,936,787
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES (311,128)$ 1,591,182$ 1,280,054$
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Depreciation & amortization 2,943,012$ ‐$ 2,943,012$
Increase (decrease) in fair value of investments 38,562$ 127,960$ 166,522$
Equipment obtained by means of capital lease 134,064$ ‐$ 134,064$
Prior period adjustment to correct asset balances 20,151$ ‐$ 20,151$
For the Year Ended December 31, 2020
Combining Statement of Cash Flows
Internal Service Funds
Page 2 of 2
City of Renton
INTERNAL SERVICE FUNDS
GOVERNMENTAL ACTIVITIES
2020 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-37
STATISTICAL SECTION
December 31, 2020
Presentations included in the Statistical Section of the Comprehensive Annual Financial Report (CAFR)
provide users detailed information as a context for understanding what the information in the
financial statements, note disclosures and the supporting schedules say about the government’s
overall financial health. The section is divided into five categories based on the following:
FINANCIAL TRENDS
These schedules contain trend information to help the reader understand how the government’s
financial performance and well‐being have changed over time.
REVENUE CAPACITY
These schedules present information to help the reader assess the government’s most significant local
revenue source – property tax.
DEBT CAPACITY
These schedules present information to help the reader assess the affordability of the government’s
current levels of outstanding debt and the government’s ability to issue additional debt in the future.
DEMOGRAPHIC AND ECONOMIC INFORMATION
These schedules offer demographic and economic indicators to help the reader understand the
environment within which the government’s financial activities take place.
OPERATING INFORMATION
These schedules contain service and infrastructure data to help the reader understand how the
information in the government’s financial report relates to the services the government provides and
the activities it performs.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Statistical Section, 7-1
Fiscal Year2011201220132014201520162017201820192020Governmental activitiesNet investment in capital assets373,641,842$ 425,581,342$ 445,277,657$ 457,337,430$ 467,609,532$ 453,278,699$ 466,996,814$ 473,667,290$ 478,173,369$ 488,387,204$ Restricted 26,432,127 7,953,634 23,873,159 18,973,294 26,987,147 18,939,968 31,304,501 36,805,133 61,745,083 63,265,226 Unrestricted 53,244,297 54,159,950 41,681,336 57,074,155 50,203,343 61,174,111 77,331,398 67,657,377 74,778,751 83,352,782 Total governmental activities net position453,318,266$ 487,694,926$ 440,591,809$ 453,318,266$ 544,800,022$ 533,392,778$ 575,632,713$ 578,129,800$ 614,697,203$ 635,005,212$ Business‐type activitiesNet investment in capital assets 217,103,722$ 224,893,271$ 241,679,585$ 255,631,135$ 271,016,825$ 279,506,339$ 281,531,560$ 285,507,078$ 293,076,667$ 289,121,692$ Restricted ‐ 2,909,578 2,909,578 2,909,578 2,909,578 2,909,578 2,810,145 2,810,145 2,810,145 2,810,145 Unrestricted23,340,910 28,692,024 34,537,714 41,941,669 51,330,478 63,236,920 72,699,879 84,471,108 90,300,915 105,198,350 Total business‐type activities net position 240,444,632$ 256,494,873$ 231,802,937$ 240,444,632$ 325,256,881$ 345,652,837$ 357,041,584$ 372,788,331$ 386,187,727$ 397,130,187$ Primary governmentNet investment in capital assets 590,745,564$ 686,957,242$ 686,957,242$ 712,968,565$ 738,626,357$ 732,785,038$ 748,528,374$ 759,174,368$ 771,250,036$ 777,508,896$ Restricted 26,432,127 26,782,737 26,782,737 21,882,872 29,896,725 21,849,546 34,114,646 39,615,278 64,555,228 66,075,371 Unrestricted76,585,207 76,219,050 76,219,050 99,015,824 101,533,821 124,411,031 150,031,277 152,128,485 165,079,666 188,551,132 Total primary government net position693,762,898$ 789,959,029$ 672,394,746$ 693,762,898$ 870,056,903$ 879,045,615$ 932,674,297$ 950,918,131$ 1,000,884,930$ 1,032,135,399$ Source : City of Renton Finance DivisionTABLE 1NET POSITION BY COMPONENTLAST TEN FISCAL YEARS(accrual basis of accounting)2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-2
TABLE 2CHANGES IN NET POSITIONLAST TEN FISCAL YEARS(accrual basis of accounting)Page 1 of 2EXPENSES2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Government activities:General government4,268,321$ 9,859,550$ 10,923,530$ 10,928,669$ 9,829,338$ 10,230,923$ 11,619,780$ 11,693,087$ 13,188,036$ 21,069,221$ Judicial2,563,989 2,610,481 2,372,115 2,406,797 2,342,557 2,501,487 2,631,350 2,612,931 3,036,172 3,170,019 Public safety52,627,849 58,152,773 53,930,214 55,143,750 57,863,131 49,272,668 34,970,381 35,406,820 34,493,076 39,807,638 Utilities2,151,322 2,643,930 964,942 746,363 694,469 691,798 686,356 675,076 270,397 206,150 Transportation25,376,308 13,571,691 18,842,487 14,641,476 15,918,953 19,560,699 18,369,818 18,828,845 20,091,069 18,145,346 Economic and natural environment6,491,151 6,330,233 7,146,022 6,584,984 7,362,822 7,578,069 8,280,445 7,514,571 8,032,974 9,488,896 Health and human services819,138 827,802 1,873,028 1,885,761 1,925,253 2,098,190 2,210,690 2,260,902 2,486,008 2,910,797 Culture and recreation11,955,737 13,011,327 12,938,589 12,338,932 13,636,384 12,999,863 14,307,593 13,802,266 15,040,743 13,421,450 Interest on long‐term debt2,165,960 3,087,269 3,411,488 2,932,298 1,247,934 948,685 1,146,722 1,077,950 1,562,735 1,489,077 Total governmental activities expenses 108,419,775 110,095,056 112,402,415 107,609,030 110,820,841 105,882,382 94,223,135 93,872,448 98,201,210 109,708,594 Business‐type activities:Airport2,026,804 2,251,434 3,300,550 2,771,616 4,319,084 2,974,582 3,178,004 2,713,567 3,270,117 2,736,107 Golf course2,099,936 2,139,847 2,250,748 2,298,804 2,200,740 2,173,590 2,386,006 2,277,544 2,442,180 2,341,478 Solid Waste14,434,201 14,780,647 16,226,857 17,157,550 16,907,652 16,850,054 19,367,124 19,648,560 20,544,997 20,132,851 Waterworks Utility37,148,813 39,419,864 40,333,170 43,274,617 45,184,377 53,960,170 51,849,388 50,408,232 54,263,991 50,782,704 Total Business‐type activities expenses 55,709,754 58,591,792 62,111,325 65,502,587 68,611,853 75,958,396 76,780,522 75,047,903 80,521,285 75,993,140 Total Primary Government expenses 164,129,529 168,686,848 174,513,740 172,913,375 179,432,694 181,840,778 171,003,657 168,920,351 178,722,495 185,701,734 PROGRAM REVENUESGovernmental activities:Charges for services:General government 2,756,613 2,586,799 3,372,595 4,336,464 4,354,150 5,028,744 7,954,848 7,172,729 7,400,036 5,553,209 Judicial 3,565,216 3,493,071 3,011,028 3,059,061 3,476,485 3,077,775 3,318,723 5,480,833 5,237,160 3,825,074 Public safety641,483 650,129 6,578,528 6,961,962 7,677,351 4,836,073 1,478,987 1,561,148 1,529,648 1,237,536 Utilities1,015,323 1,326,517 3,755 278,568 668 1,436 ‐ ‐ ‐ ‐ Transportation 3,275,596 3,329,054 2,712,137 3,140,008 3,823,320 2,638,216 2,218,114 3,568,302 2,383,972 2,186,138 Economic and natural environment2,486,396 3,130,530 3,766,499 3,791,108 5,641,135 4,992,629 4,814,488 4,747,410 5,253,540 4,244,701 Health and human services‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 123,391 42,348 Culture and recreation 1,793,863 1,811,127 2,096,514 2,676,783 2,331,046 2,260,812 2,347,627 2,176,752 2,678,765 1,094,457 Operating grants and contributions15,540,897 12,794,132 6,621,431 6,422,816 6,614,030 8,226,834 5,984,222 6,921,332 7,458,503 10,990,611 Capital grants and contributions12,135,982 33,529,033 23,077,914 11,640,501 8,658,075 10,913,636 10,167,007 5,700,805 7,615,827 10,743,119 Total governmental activities program revenues 43,211,369 62,650,392 51,240,401 42,307,271 42,576,260 41,976,155 38,284,016 37,329,311 39,680,842 39,917,193 Business‐type activities:Charges for services:Airport2,294,383 2,436,543 2,494,436 2,652,808 2,614,311 2,718,441 2,820,574 3,503,323 3,177,298 2,906,657 Golf course2,014,983 2,128,452 2,142,433 2,127,512 2,302,635 2,196,062 2,166,680 2,329,889 2,397,796 2,605,574 Solid waste utility15,015,434 14,905,934 16,429,165 17,310,807 17,146,266 17,152,279 17,787,705 19,656,483 21,817,526 20,687,309 Waterworks Utility43,003,494 47,314,389 49,024,626 51,354,475 53,263,702 53,685,591 56,202,702 57,067,220 56,546,499 56,189,141 Total Business‐type charges62,328,294 66,785,318 70,090,660 73,445,602 75,326,914 75,752,373 78,977,661 82,556,915 83,939,119 82,388,681 Operating grants and contributions465,468 165,164 105,695 1,108,920 704,367 8,400,008 1,213,388 572,719 1,099,731 1,233,103 Capital grants and contributions2,473,309 7,668,558 18,879,992 12,531,671 23,291,274 12,559,755 7,664,875 6,285,279 7,341,238 3,940,585 Total business‐type activities program revenues65,267,071 74,619,040 89,076,347 87,086,193 99,322,555 96,712,136 87,855,924 89,414,913 92,380,088 87,562,369 Total primary government program revenues 108,478,440$ 137,269,432$ 140,316,748$ 129,393,464$ 141,898,815$ 138,688,291$ 126,139,940$ 126,744,224$ 132,060,930$ 127,479,562$ Net (expense)/revenueGovernmental activities (65,208,406)$ (47,444,664)$ (61,162,014)$ (65,301,759)$ (68,244,581)$ (63,906,227)$ (55,939,119)$ (56,543,137)$ (58,520,368)$ (69,791,401)$ Business‐type activities9,557,317 16,027,248 26,965,022 21,583,606 30,710,702 20,753,740 11,075,402 14,367,010 11,858,803 11,569,229 Total primary government net expense (55,651,089)$ (31,417,416)$ (34,196,992)$ (43,718,153)$ (37,533,879)$ (43,152,487)$ (44,863,717)$ (42,176,127)$ (46,661,565)$ (58,222,172)$ Fiscal Year2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-3
TABLE 2CHANGES IN NET POSITIONLAST TEN FISCAL YEARS(accrual basis of accounting)Page 2 of 2GENERAL REVENUES AND OTHER CHANGES2011201220132014201520162017201820192020Governmental activities:TaxesProperty taxes33,309,975$ 33,932,290$ 32,536,533$ 35,112,669$ 35,418,323$ 37,105,988$ 24,669,058$ 19,046,123$ 21,706,506$ 21,964,194$ Timber taxes‐$ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Retail sales taxes22,008,777 23,653,706 25,541,972 27,223,521 29,567,506 32,933,987 33,381,395 33,564,285 32,955,528 31,034,947 Business taxes16,870,284 17,632,759 16,439,502 18,575,350 20,561,270 26,376,964 30,135,189 30,055,917 30,151,752 26,378,666 Excise taxes4,113,705 4,286,883 5,838,149 4,595,540 5,736,582 6,123,700 7,193,498 7,951,859 6,485,943 6,723,181 Penalties and interest380 9,486 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Investment earnings602,516 589,616 613,097 1,137,752 1,303,414 1,441,471 1,587,589 2,374,510 3,011,779 2,702,607 Miscellaneous991,772 1,179,112 1,232,066 760,292 580,042 1,746,009 689,371 938,045 663,782 747,850 Gain on sale of capital assets1‐ ‐ ‐ ‐ 17,109 13,710 992,114 914,008 43,698 11,256 Transfers37,454 233,961 2,341,160 449,362 131,491 173,917 218,212 (256,835) 68,783 6,339 Special ItemsTransfer of fire operations(32,665,407) ‐ ‐ ‐ (866,131) Transfer of library assets(18,527,290) ‐ ‐ ‐ ‐ Total governmental activities 77,934,863 81,517,813 84,542,479 87,656,244 93,315,737 54,723,049 98,866,426 94,587,912 95,087,771 88,702,909 Business‐type activities:Investment earnings117,090 105,129 94,077 96,625 225,515 332,931 483,356 1,105,019 1,365,411 1,197,741 Miscellaneous71,235 44,842 124,281 30,863 38,014 18,051 48,201 17,883 243,965 208,145 Gain on sale of capital assets1‐ ‐ ‐ 93,773 ‐ ‐ ‐ ‐ ‐ ‐ Transfers(37,454) (233,961) (2,341,160) (449,362) (131,491) (173,917) (218,212) 256,835 (68,783) (6,339) Total business‐type activities150,871 (83,990) (2,122,802) (228,101) (569,680) 177,065 313,345 1,379,737 1,540,593 1,399,547 Total primary government 78,085,734$ 81,433,823$ 82,419,677$ 87,428,143$ 92,746,057$ 54,900,114$ 99,179,771$ 95,967,649$ 96,628,364$ 90,102,456$ CHANGES IN NET POSITIONGovernmental activities 12,726,457$ 34,073,149$ 23,380,465$ 22,552,727$ 25,071,156$ (9,183,178)$ 42,927,307$ 38,044,775$ 36,567,403$ 18,911,508$ Business‐type activities 9,708,188 15,943,258 24,842,220 21,355,505 30,842,740 20,930,805 11,388,747 15,746,747 13,399,396 12,968,776 Total primary government 22,434,645$ 50,016,407$ 48,222,685$ 43,908,232$ 55,913,896$ 11,747,627$ 54,316,054$ 53,791,522$ 49,966,799$ 31,880,284$ Source : City of Renton Finance Division1 Prior to 2014 Gain (loss) on sale of capital assets were previously reported as "Miscellaneous".2In 2013 certain amounts previously reported as "interfund revenue" are now reported as "transfers"2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-4
TABLE 3FUND BALANCE OF GOVERNMENT FUNDSLAST TEN FISCAL YEARS(modified accrual basis of accounting)2011 2012 2013 2014 2015 2016 2017 2018 2019 2020General fundReserved‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ Unreserved‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Nonspendable1,149,907 ‐ ‐ ‐ ‐ 200,000 ‐ ‐ ‐ ‐ Restricted786,611 690,655 303,051 250,717 156,105 974,770 1,341,610 1,428,578 1,607,617 754,367 Committed‐ ‐ 4,236,362 ‐ 1,185,085 ‐ ‐ ‐ ‐ 2,565,246 Assigned13,812,258 16,566,659 15,929,712 286,516 260,342 236,772 8,853,636 9,545,607 7,829,990 7,654,675 Unassigned‐ 1,427,130 ‐ 19,517,236 20,183,002 28,579,805 29,077,267 41,085,590 45,660,733 52,721,934 Total general fund15,748,776$ 18,684,444$ 20,469,125$ 20,054,469$ 21,784,534$ 29,991,347$ 39,272,513$ 52,059,775$ 55,098,340$ 63,696,222$ All other governmental fundsReserved‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ Unreserved, reported in:Special revenue funds‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Debt service funds‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Capital project funds‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Nonspendable‐ ‐ ‐ ‐ ‐ 64,783 ‐ ‐ ‐ ‐ Restricted19,152,913 23,730,688 22,888,877 18,722,577 7,841,326 7,528,348 13,049,222 14,852,808 37,576,471 41,375,547 Committed7,468,491 6,085,812 8,513,816 ‐ 15,844,472 20,134,020 11,763,443 17,125,460 18,352,497 14,169,890 Assigned6,828,410 1,220,008 137,605 12,594,651 3,290,869 6,150,838 18,261,594 13,963,776 15,519,639 13,350,561 Unassigned‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ (2,819,660) Total all other governmental funds33,449,814$ 31,036,508$ 31,540,298$ 31,317,228$ 26,976,667$ 33,877,989$ 43,074,259$ 45,942,044$ 71,448,607$ 66,076,338$ Source : City of Renton Finance Division $‐ $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 $70,000,000 $80,000,0002011 2012 2013 2014 2015 2016 2017 2018 2019 2020General fundAll other governmental funds2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-5
TABLE 4CHANGES IN FUND BALANCES OF GOVERNMENT FUNDSLAST TEN FISCAL YEARS(modified accrual basis of accounting)2011 2012 2013 2014 2015 2016 2017 2018 2019 2020REVENUESTaxes 76,266,688$ 79,878,467$ 80,300,752$ 85,244,091$ 91,417,887$ 102,741,519$ 95,576,042$ 90,772,400$ 91,299,359$ 85,938,021$ Licenses and permits4,410,862 4,843,446 6,828,797 7,724,038 8,541,090 7,504,210 6,462,056 5,892,914 5,836,382 5,242,692 Intergovernmental19,441,957 33,430,078 22,879,043 13,717,109 10,546,797 14,058,888 10,944,312 9,662,231 8,464,679 16,346,001 Charges for services4,191,024 4,497,039 9,641,812 11,030,501 13,337,291 9,077,603 6,863,066 8,036,603 7,912,645 6,876,265 Fines and forfeits3,150,326 3,053,938 2,788,573 2,708,477 3,049,542 3,131,466 2,978,800 4,330,947 4,748,321 3,330,877 Interfund revenues 13,057,642 3,375,134 294,039 264,539 296,649 ‐ ‐ ‐ ‐ ‐ Contributions 4,288,448 1,488,384 3,878,978 947,927 187,616 792,699 551,968 598,662 238,587 734,104 Investment Earnings475,278 494,518 500,330 1,039,626 1,108,572 1,214,516 1,330,442 1,752,835 2,266,107 2,078,608 Miscellaneous Revenues648,608 942,998 2,208,853 2,117,198 1,994,532 3,036,059 2,280,640 2,375,518 2,079,530 962,008 Total revenues120,409,318 114,678,981 110,308,182 115,930,833 130,479,976 141,556,960 126,987,326 123,422,110 122,845,610 121,508,576 EXPENDITURES CurrentGeneral government10,937,806 8,371,489 9,348,241 10,142,332 11,334,485 11,961,260 12,492,727 12,267,911 12,423,213 13,757,930 Judicial2,563,989 2,610,481 2,364,631 2,400,097 2,461,668 2,536,835 2,650,678 2,727,689 3,162,916 3,252,116 Public safety52,986,589 54,378,422 53,112,143 55,174,723 58,211,446 47,619,491 36,063,481 39,768,443 42,841,721 41,176,222 Utilities2,048,971 2,608,369 468,442 252,826 236,245 238,057 240,611 244,244 244,452 209,398 Transportation10,038,344 10,137,750 11,769,366 10,092,425 10,898,934 13,631,324 12,567,755 12,947,686 10,634,812 10,304,108 Economic environment 6,447,163 6,283,264 6,652,593 6,088,295 6,628,136 7,130,650 7,730,872 7,674,325 8,094,074 9,447,716 Health and human services 511,934 523,577 1,827,736 1,840,312 1,876,841 2,068,295 2,175,116 2,371,428 2,515,683 3,006,025 Culture and recreation 11,166,081 11,537,450 11,040,787 10,942,620 12,250,743 11,786,172 13,080,103 12,897,526 13,608,275 11,559,839 Capital outlay 14,981,858 24,989,777 25,356,592 16,829,123 20,274,185 12,637,649 11,895,890 11,362,136 16,171,373 18,794,283 Debt servicePrincipal payments 2,783,237 7,116,917 4,744,439 5,076,530 4,834,225 4,530,216 4,672,672 4,480,075 5,167,947 5,405,922 Interest and fiscal charges 2,502,876 3,368,903 3,315,011 3,324,433 1,660,586 1,570,322 1,390,904 1,216,109 1,646,927 1,756,060 Total expenditures 122,980,366 139,533,248 112,368,179 116,968,848 130,667,494 115,710,271 104,960,809 107,957,572 116,511,393 118,669,619 EXCESS (DEFICIENCY) OF REVENUESOVER EXPENDITURES (2,571,048) (24,854,267) (2,059,997) (1,038,015) (187,518) 25,846,689 22,026,517 15,464,538 6,334,217 2,838,957 OTHER FINANCING SOURCES (USES)Transfers in 3,886,650 4,183,185 5,860,038 5,175,933 9,326,629 10,252,886 9,891,918 2,440,000 18,898,175 18,523,881 Transfer (out)(4,144,157) (4,113,465) (6,102,584) (8,463,285) (10,786,043) (8,480,721) (14,374,763) (3,931,548) (20,157,065) (18,557,424) Refunding bonds issued9,425,000 ‐ ‐ ‐ 12,520,000 ‐ ‐ ‐ ‐ ‐ GO Bonds issued16,715,000 ‐ 3,200,000 ‐ ‐ ‐ ‐ ‐ 20,845,000 ‐ Premium on general obligation debt2,268,169 ‐ ‐ ‐ 1,171,804 ‐ ‐ ‐ 2,593,852 ‐ Sale of capital assets500 375,039 9,821 5,170 ‐ ‐ 916,547 1,662,460 20,000 7,050 Payment to refunded bond escrow agent(9,950,000) ‐ ‐ ‐ (13,573,341) ‐ ‐ ‐ ‐ ‐ Insurance Recoveries‐ ‐ ‐ 14,666 14,724 29,061 17,217 19,597 10,949 27,218 Total other financing sources (uses)18,201,162 444,759 2,967,275 18,201,162 (1,326,227) 1,801,226 (3,549,081) 190,509 22,210,911 725 SPECIAL ITEMSTransfer of fire operations(12,300,367) ‐ ‐ ‐ (866,131) Total special items‐ ‐ ‐ ‐ ‐ (12,300,367) ‐ ‐ ‐ (866,131) Net change in fund balance(2,697,405)$ (13,442,533)$ (2,129,272)$ 17,163,147$ (1,513,745)$ 15,347,548$ 18,477,436$ 15,655,047$ 28,545,128$ 1,973,551$ Debt service as a percentage ofnon capital expenditures5.18%7.70%7.98%7.98%5.88%5.92%6.52%5.90%6.38%7.00% Source : City of Renton Finance DivisionTables prior to 2010 used the titles "Security of persons and property" and "Mental and physical health" for functions now being referred to as "Public Safety" and "Health and Human Services", respectively. Tables Prior to 2013 used the title "Physical environment" for functions now being referred to as "Utilities".1 2011‐2012 Interfund revenues include amounts received for indirect costs allocated to departments. Beginning in 2013 these amounts are recorded as a reduction of the expenses, rather than revenue, in accordance with Generally Accepted Accounting Principles.2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-6
TABLE 5WATER UTILITY SYSTEMS REVENUE INFORMATIONLAST TEN FISCAL YEARS 12011 2012 2013 2014 2015 2016 2017 2018 2019 2020City Population92,590 93,910 95,540 97,130 98,470 101,300 102,700 104,100 104,700 105,500Water SystemRate Increase18.0% 16.0% 5.0% 5.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0%BillingSingle Family4,811,663$ 9,575,942$ 5,887,603$ 6,339,653$ 6,526,128$ 6,386,047$ 6,558,914$ 6,567,867$ 6,472,448$ 6,885,014$ Multi‐Family, Commercial, Industrial5,538,570 6,410,943 6,772,971 6,977,452 6,823,857 7,072,435 7,297,389 7,277,957 7,084,008 6,865,880 Irrigation1,546,874 1,922,822 1,468,453 2,245,010 2,537,017 2,357,006 2,425,206 2,745,461 2,319,170 2,249,841 Fire Service227,699 275,952 292,149 311,936 315,931 322,539 333,951 337,687 340,641 355,375 Other2342,100 454,370 443,825 488,502 607,944 506,044 489,559 455,627 511,488 408,575 Total Water Billing12,466,906 18,640,029 14,865,001 16,362,553 16,810,877 16,644,071 17,105,020 17,384,599 16,727,755 16,764,684 Wastewater SystemRate Increase42.0% 5.0% 5.0% 5.0% 0.0% 0.0% 4.0% 4.0% 0.0% 2.0%BillingSingle Family4,194,277$ 4,464,521$ 4,757,734$ 5,069,164$ 5,173,757$ 5,262,490$ 5,551,146$ 5,820,715$ 5,875,324$ 6,046,959$ Multi‐Family, Commercial, Industrial, Other 3,751,082 4,059,646 4,359,018 4,560,119 4,217,237 4,467,264 4,627,298 4,794,217 4,733,681 4,521,708 Total City Wastewater Billing7,945,359 8,524,167 9,116,752 9,629,283 9,390,994 9,729,754 10,178,444 10,614,932 10,609,005 10,568,667 King County Metro Charges13,468,616 13,751,047 15,357,431 15,440,140 15,556,018 16,156,367 16,865,542 16,895,073 17,314,045 16,848,625 Total All21,413,975 22,275,214 24,474,183 25,069,423 24,947,012 25,886,121 27,043,986 27,510,005 27,923,050 27,417,292 Storm Water SystemRate Increase40.0% 11.0% 5.0% 5.0% 4.0% 4.0% 4.0% 4.0% 0.0% 2.0%BillingSingle Family2,602,439$ 2,952,519$ 3,130,413$ 3,332,758$ 3,498,882$ 3,671,923$ 3,848,958$ 4,022,009$ 4,043,489$ 4,144,288$ Multi‐Family, Commercial, Industrial, Other4,342,672 4,801,900 5,035,416 5,742,495 6,012,017 6,235,149 6,690,859 6,906,349 6,932,067 7,046,139 Total Storm Water Billing6,945,111 7,754,419 8,165,829 9,075,253 9,510,899 9,907,072 10,539,817 10,928,358 10,975,556 11,190,426 1 Data for prior years provided where available.2 Includes wholesale water provided to the Skyway Water and Sewer District through a single metered connection.2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-7
TABLE 6PRINCIPAL RATEPAYERSPage 1 of 3WATER20202011% of Total% of TotalRatepayerRevenue Rank RevenueRevenue Rank RevenueBoeing Commercial448,222$ 1 2.67%349,489$ 2 2.80%City Of Renton389,680 2 2.32%308,656 3 2.48%King County353,124 3 2.11%374,518 1 3.00%Skyway Water and Sewer District191,970 4 1.15% 112,342 5 0.90%Renton School District 156,843 5 0.94% 136,883 4 1.10%Public Hosp Dist #1 of KC 139,411 6 0.83% 89,301 9 0.72%CPT The Landing LLC 118,903 7 0.71% ‐ 0.00%Copper Ridge Renton LLC 114,727 8 0.68% ‐ 0.00%TLUS Rise Renton LP 112,818 9 0.67% ‐ 0.00%Renton Housing Authority110,552 10 0.66% ‐ 0.00%Service Linen Supply Inc102,782 6 0.82%The Arbors at Sunset92,959 7 0.75%Axis Grand Apartments92,059 8 0.74%Ashburn Condominiums86,584 10 0.70%All Other7,889,925 47.06% 6,069,093 48.68%Single Family6,728,155 40.13% 4,652,293 37.32%Misc 10,061 0.06%Total Revenue 16,764,390$ 100.00% 12,466,958$ 100.00%Source : City of Renton Finance Division2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-8
TABLE 6PRINCIPAL RATEPAYERSPage 2 of 3SURFACE WATER20202011% of Total% of TotalRatepayerRevenue Rank RevenueRevenue Rank RevenueCity of Renton1,259,152$ 1 11.25%419,931$ 1 6.05%Boeing Commercial401,612 2 3.59%275,801 2 3.97%Renton School District283,035 3 2.53%193,703 3 2.79%King County244,754 4 2.19%159,654 4 2.30%WA State Dept of Transportation125,028 5 1.12%61,709 5 0.89%Kenworth Truck Company85,916 6 0.77%58,841 6 0.85%Stoneway Rock and Recycling69,140 7 0.62%47,347 7 0.68%Leisure Estates Office67,104 8 0.60%45,947 8 0.66%The Kroger Co53,251 9 0.48%36,461 10 0.53%CPT The Landing LLC50,152 10 0.45%Pearlmark Harvest Lakeshore LLC36,730 9 0.53%All Other4,464,373 39.90% 3,062,243 44.09%Single Family4,078,939 36.45% 2,546,741 36.67%Misc 7,442 0.07%Total Revenue 11,189,897$ 100.00% 6,945,107$ 100.00%Source : City of Renton Finance Division2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-9
TABLE 6PRINCIPAL RATEPAYERSPage 3 of 3WASTEWATER20202011% of Total% of TotalRatepayerRevenue Rank RevenueRevenue Rank RevenueBoeing Commercial154,200$ 1 1.46%174,596$ 1 2.20%Public Hosp Dist #1 of KC89,405 2 0.85%72,107 3 0.91%Copper Ridge Renton LLC78,463 3 0.74%Renton Preservation LP69,090 4 0.65%AMFP IV Renton Sage LLC68,029 5 0.64%TLUS Rise Renton LP67,404 6 0.64%Renton Housing Authority63,921 7 0.61%1202 North 10th LLC 61,565 8 0.58%Renton Building Properties LLC60,738 9 0.58%Sunset View Owner LLC 60,181 10 0.57%Service Linen Supply Inc85,659 2 1.08%City of Renton65,319 6 0.82%The Arbors at Sunset71,983 4 0.91%Ergis IX Reo LLC58,662 7 0.74%Axis Grand Apartments56,749 8 0.71%G and K Services69,315 5 0.87%Holiday Inn Renton53,083 9 0.67%Maplewood LLC50,679 10 0.64%All Other3,856,426 36.49% 3,114,671 39.20%Single Family5,927,206 56.08% 4,072,527 51.26%Misc 11,823 0.11%Total Revenue 10,568,450$ 100.00% 7,945,351$ 100.00%Source : City of Renton Finance Division2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-10
TABLE 7WATER UTILITY RATESLAST 10 FISCAL YEARS 1Page 1 of 32011 2012 2013 2014 2015 2016 2017 2018 2019 2020Water RatesMonthly RatesBasic Charge3/4" 13.76 15.96 16.76 17.60 17.60 17.60 17.60 17.60 17.60 17.951" 28.50 33.06 34.71 34.89 34.89 34.89 34.89 34.89 34.89 35.591 1/2" 52.65 61.07 64.12 67.33 67.33 67.33 67.33 67.33 67.33 68.682" 82.51 95.71 100.50 105.52 105.52 105.52 105.52 105.52 105.52 107.633" 169.53 196.65 206.48 216.81 216.81 216.81 216.81 216.81 216.81 221.154" 258.70 300.00 315.00 330.75 330.75 330.75 330.75 330.75 330.75 337.376" 504.52 585.24 614.50 645.28 645.28 645.28 645.28 645.28 645.28 658.198" 987.59 1,145.52 1,202.80 1,262.94 1,262.94 1,262.94 1,262.94 1,262.94 1,262.94 1,288.2010"1,472.07 1,707.60 1,792.98 1,882.63 1,882.63 1,882.63 1,882.63 1,882.63 1,882.63 1,920.2812"2,142.35 2,485.13 2,609.39 2,739.86 2,739.86 2,739.86 2,739.86 2,739.86 2,739.86 2,794.66Charge for Irrigation3/4"8.28 9.60 10.08 10.58 10.58 10.58 10.58 10.58 10.58 10.791"14.79 17.16 18.02 18.92 18.92 18.92 18.92 18.92 18.92 19.301 1/2"25.25 29.29 30.75 32.29 32.29 32.29 32.29 32.29 32.29 32.942"38.67 44.86 47.10 49.46 49.46 49.46 49.46 49.46 49.46 50.453"81.84 94.94 99.69 104.57 104.57 104.57 104.57 104.57 104.57 106.664"121.71 141.18 148.24 155.65 155.65 155.65 155.65 155.65 155.65 158.766"230.51 267.40 280.77 294.81 294.81 294.81 294.81 294.81 294.81 300.718"504.44 585.15 614.41 645.13 645.13 645.13 645.13 645.13 645.13 658.0310"648.65 752.43 790.05 829.55 829.55 829.55 829.55 829.55 829.55 846.1412"936.66 1,086.53 1,140.86 1,197.90 1,197.90 1,197.90 1,197.90 1,197.90 1,197.90 1,221.861 Data for prior years provided where available.2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-11
TABLE 7WATER UTILITY RATESLAST 10 FISCAL YEARS 1Page 2 of 32011 2012 2013 2014 2015 2016 2017 2018 2019 2020Water Rates, continuedMonthly RatesFire Meterper meter inch1"4.91 5.69 5.97 6.27 6.27 6.27 6.27 6.27 6.27 6.401 1/2"5.48 6.36 6.68 7.01 7.01 7.01 7.01 7.01 7.01 7.152"7.04 8.17 8.58 9.01 9.01 9.01 9.01 9.01 9.01 9.193"18.60 21.58 22.66 23.79 23.79 23.79 23.79 23.79 23.79 24.274"22.89 26.55 27.88 29.27 29.27 29.27 29.27 29.27 29.27 29.866"32.89 38.15 40.06 42.06 42.06 42.06 42.06 42.06 42.06 42.908"44.29 51.38 53.95 56.65 56.65 56.65 56.65 56.65 56.65 57.7810"57.15 66.29 69.60 73.08 73.08 73.08 73.08 73.08 73.08 74.5412"N/A N/A N/A N/A N/A N/A 87.68 87.68 87.68 89.43Useage Ratesrate/100 cf (100cf = 748 gallons)Single Family:< 500 cf/mo1.98 2.30 2.42 2.54 2.54 2.54 2.54 2.54 2.54 2.59500‐1,000 cf/mo2.67 3.09 3.24 3.41 3.41 3.41 3.41 3.41 3.41 3.48< 1,000 cf/mo> 1,000 cf/mo3.36 3.90 4.10 4.30 4.30 4.30 4.30 4.30 4.30 4.39All Other UsersMulti‐family2.57 2.98 3.13 3.29 3.29 3.29 3.29 3.29 3.29 3.36Non‐residential2.73 3.16 3.32 3.48 3.48 3.48 3.48 3.48 3.48 3.55Private irrigation4.37 5.06 5.31 5.58 5.58 5.58 5.58 5.58 5.58 5.69City irrigation3.07 3.56 3.74 3.92 3.92 3.92 3.92 3.92 3.92 4.00Hydrant MeterN/A N/A N/A N/A N/A N/A 5.58 5.58 5.58 5.691 Data for prior years provided where available.2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-12
TABLE 7WATER UTILITY RATESLAST 10 FISCAL YEARS 1Page 3 of 32011 2012 2013 2014 2015 2016 2017 2018 2019 2020Surface Water RatesMonthly ratesSingle‐family 10.37 11.51 12.09 12.69 13.20 13.73 14.28 14.85 14.85 15.15Commercial Minimums<= .5 acreMonthly rateLow Intensity25.68 28.50 29.93 31.42 32.68 33.99 35.35 36.76 36.76 37.50Medium Intensity37.14 41.23 43.29 45.46 47.28 49.17 51.14 53.18 53.18 54.24High Intensity47.89 53.16 55.82 58.61 60.95 63.39 65.93 68.56 68.56 69.93> .5 acreRate per acreLow Intensity51.37 57.02 59.87 62.86 65.37 67.98 70.70 73.53 73.53 75.00Medium Intensity74.26 82.42 86.54 90.87 94.50 98.28 102.21 106.30 106.30 108.43High Intensity95.77 106.31 111.63 117.21 121.90 126.78 131.85 137.13 137.13 139.87Wastewater RatesMonthly RatesSingle‐familyRenton 23.88 25.08 26.33 27.65 27.65 27.65 28.76 29.91 29.91 30.51King County 37.26 37.26 40.95 40.95 42.61 42.61 44.22 44.22 45.33 45.33Other UsersRentonBase charge 3.61 3.79 4.05 4.25 4.25 4.25 4.42 4.60 4.60 4.69Per 100 cf 2.70 2.83 2.97 3.12 3.12 3.12 3.24 3.37 3.37 3.44King CountyPer 750 cf 37.26 37.26 40.95 40.95 42.61 42.61 44.22 44.22 45.33 45.331 Data for prior years provided where available.2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-13
TABLE 8GENERAL GOVERNMENT TAX REVENUE BY SOURCELAST TEN FISCAL YEARS(accrual basis of accounting) FISCAL YEAR PROPERTY TAX SALES TAX BUSINESS TAXES EXCISE TAX TOTAL TAX 2011 33,309,975 22,008,777 16,870,284 4,113,705 76,302,741 2012 33,932,290 23,653,706 17,632,759 4,286,883 79,505,638 2013 32,536,533 25,541,972 16,439,502 5,838,149 80,356,156 2014 35,112,669 27,223,521 18,575,350 4,595,540 85,507,080 2015 35,418,323 29,567,506 20,561,270 5,736,582 91,283,681 2016 37,105,988 32,933,987 26,376,964 6,123,700 102,540,639 2017 24,669,058 33,381,395 30,135,189 7,193,498 95,379,140 2018 19,046,123 33,564,285 30,055,917 7,951,859 90,618,184 2019 21,706,506 32,955,528 30,151,752 6,485,943 91,299,729 2020 21,964,194 31,034,947 26,378,666 6,723,181 86,100,988 Source : City of Renton Finance Division$0$20,000,000$40,000,000$60,000,000$80,000,000$100,000,000$120,000,0002011 2012 2013 2014 2015 2016 2017 2018 2019 2020Property TaxSales TaxBusiness TaxExcise Tax2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-14
TABLE 9PRINCIPAL PROPERTY TAX PAYERS2020 2011% OF TOTAL % OF TOTALTAXABLE1TAXABLETAXABLE1TAXABLEASSESSED ASSESSED ASSESSED ASSESSEDTAXPAYER VALUE RANK VALUE VALUE RANK VALUEBoeing1,300,478,288$ 1 6.49%765,951,604$ 1 6.67%1202 North 10th LLC287,525,000$ 2 1.43%Southport LLC236,522,000 3 1.18%Paccar198,059,137 4 0.99%83,847,100 2 0.73%CPT The Landing LLC161,996,500 5 0.81%Puget Sound Energy‐Elec/Gas138,199,503 6 0.69% 76,550,185 3 0.67%Hotel at Southport LLC109,325,128 7 0.55%TLUS Rise Renton LP 102,578,500 8 0.51%Port Quendall Company99,304,300 9 0.50%Oaksdale Business Park LLC 98,059,800 10 0.49%BMF IV WA Grammercy LLCTranswestern Harvest Lakeshore69,486,249 4 0.61%Renton Properties LLC52,108,900 5 0.45%Fred Meyer Stores Inc44,300,759 6 0.39%Axis Grand Holdings41,166,000 7 0.36%Providence Health38,786,186 8 0.34%Black River JV LLC (formerly ECI Two WTC LLC)37,194,900 9 0.32%Renton Acquisition LLC (Walton Renton Investors III)30,713,800 10 0.27%All Others17,306,113,517 86.37% 10,240,360,678 89.20%Total Assessed Valuation20,038,161,673$ 100.00% 11,480,466,361$ 100.00%Source: 1King County Department of Assessments2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-15
FISCAL YEARCOMMERCIAL PROPERTYINDUSTRIAL PROPERTY RESIDENTIAL PROPERTY LESS: EXEMPT REAL PROPERTY4PERSONAL PROPERTY3ADJUSTMENTS TO BASE2TOTAL TAXABLE ASSESSED VALUE3DIRECT TAX RATE32011 3,003,796,896 1,746,154,400 6,654,066,896 1,636,584,396 821,141,161 891,891,404 11,480,466,361 2.8322012 2,971,359,393 1,373,778,056 6,482,467,387 1,585,047,600 806,821,188 766,080,093 10,815,458,517 3.1002013 2,693,600,191 1,312,002,800 6,753,032,784 511,297,275 806,299,478 (464,916,779) 10,588,721,199 3.1002014 2,433,225,730 1,267,488,700 7,926,464,800 539,444,058 949,284,799 (704,693,058) 11,332,326,913 3.1522015 2,509,928,450 1,147,653,230 8,794,605,250 592,768,450 923,325,641 154,013,498 12,936,757,619 2.8332016 2,681,711,050 1,271,788,530 9,078,657,800 645,210,723 935,849,150 489,977,352 13,812,773,159 2.7102017 3,051,049,072 1,340,511,480 10,672,639,000 648,346,872 1,032,050,717 (341,864,438) 15,106,038,959 1.6102018 4,000,946,859 1,460,628,600 12,419,995,863 654,990,948 1,042,332,172 (1,359,862,495) 16,909,050,051 1.1542019 4,117,936,086 1,645,625,551 12,865,889,234 673,157,602 960,517,474 235,213,572 19,152,024,315 1.1182020 4,572,656,086 2,062,403,500 14,391,944,472 555,590,799 1,069,343,294 (1,502,594,880) 20,038,161,673 1.105Tax rate for general City operations is limited to $3.10 per $1,000 of assessed value (RCW 84.52.043). Tax rate limit may be reduced for any of the following reasons:Levy Limit; The One Percent Constitution Limit; City may levy taxes below the legal limit. For further explanation refer to Note 4 Property Taxes.4Change to state law (RCW 84. 40.045 and 84.40.175) by the 2013 Legislature eliminated revaluation of government owned parcels.2Includes adjustments to the tax base for senior citizen exemptions, prior year omits, etc. 3King County Assessor Annual Reports1King County Department of Assessments Data; prior year data has been updated with current method of data collection via City of Renton GIS Services.Sources:TABLE 10ASSESSED VALUE OF TAXABLE PROPERTYLAST TEN FISCAL YEARSREAL PROPERTY 1$2.83$3.10$3.10$3.15$2.83$2.71$1.61$1.15$1.12$1.101.0001.5002.0002.5003.0003.5004.0004.5005.0005.5006.000 $‐ $5 $10 $15 $20 $252011 2012 2013 2014 2015 2016 2017 2018 2019 2020BillionsTotal Taxable Assessed ValueDirect Tax Rate2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-16
TABLE 11PROPERTY TAX RATES DIRECT AND OVERLAPPING GOVERNMENTS LAST TEN FISCAL YEARSDIRECT RATESOVERLAPPING RATESCITY OF RENTON CONSOLIDATED LEVY SCHOOL DISTRICTFISCAL YEAR OPERATING MILLAGE DEBT SERVICE MILLAGE TOTAL CITY MILLAGE State of Washington KING COUNTY OPERATING MILLAGE KING COUNTY DEBT SERVICE MILLAGE Port (Operating and Debt) Total Consolidated Levy(State, County & Port) SPECIAL DISTRICTS1 OPERATING MILLAGE DEBT SERVICE MILLAGE BUILDING FUND MILLAGE TOTAL SCHOOL MILLAGE TOTAL OVERLAPPING MILLAGETOTAL DIRECT AND OVERLAPPING MILLAGE2011 2.83207 ‐ 2.83207 2.27990 1.14534 0.19282 0.22366 3.84172 1.47089 1.86118 1.85585 0.35198 4.06901 9.38162 12.21369 2012 3.10000 ‐ 3.10000 2.42266 1.21477 0.20111 0.22982 4.06836 1.41988 2.08341 2.18222 0.37368 4.63931 10.12755 13.22755 2013 3.10000 ‐ 3.10000 2.56720 1.34165 0.19885 0.23324 4.34094 1.50331 2.49448 2.30546 0.55769 5.35763 11.20188 14.30188 2014 3.15158 ‐ 3.15158 2.47044 1.32983 0.18622 0.21533 4.20182 1.55393 2.44841 2.43218 0.52436 5.40495 11.16070 14.31228 2015 2.83283 ‐ 2.83283 2.28514 1.19644 0.14878 0.18885 3.81921 1.44353 2.41546 1.71412 0.46343 4.59301 9.85575 12.68858 2016 2.70956 ‐ 2.70956 2.16898 1.32977 0.15051 0.16954 3.81880 1.38929 2.35107 2.57140 0.43248 5.35495 10.56304 13.27260 2017 1.60954 ‐ 1.60954 2.03205 1.24349 0.13945 0.15334 3.56833 2.58252 2.30780 1.33954 1.31244 4.95978 11.11063 12.72017 2018 1.15364 ‐ 1.15364 2.91820 1.20156 0.12579 0.13518 4.38073 2.36018 2.32725 1.19417 1.14765 4.66907 11.40998 12.56362 2019 1.18417 ‐ 1.18417 2.62922 1.09639 0.12267 0.12266 3.97094 1.73095 1.50000 1.03306 0.97338 3.50644 9.20833 10.39250 2020 1.10460 ‐ 1.10460 3.02799 1.12785 0.11168 0.11944 4.38696 2.13786 1.48644 1.09602 0.90622 3.48868 10.01350 11.11810 Source: King County Codes and Levies1 Special Districts include Emergency Medical Services, Hospital districts, Library, Flood Zones, Fire Districts, and Other.12.21369 13.22755 14.30188 14.31228 12.68858 13.27260 12.72017 12.56362 10.39250 11.11810 ‐ 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.02011 2012 2013 2014 2015 2016 2017 2018 2019 2020CityConsolidated LevySpecial DistrictsSchool DistrictsTotal direct and overlapping2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-17
TABLE 12PROPERTY TAX LEVIES AND COLLECTIONSLAST TEN FISCAL YEARSTOTAL TAXCOLLECTED WITHIN THE 1COLLECTIONS 1,2 TOTAL COLLECTIONS TO FISCAL LEVY FOR FISCAL YEAR OF THE LEVY IN SUBSEQUENT DATE 2YEAR FISCAL YEAR AMOUNT % OF LEVY YEARSAMOUNT % OF LEVY201132,330,000 31,538,875 97.6%795,195 32,334,069.92 100.0%201233,400,000 32,904,890 98.5%506,853 33,411,742.69 100.0%201332,563,355 32,170,706 98.1%396,838 32,567,543.87 100.0%201435,520,000 35,054,493 98.7%467,763 35,522,256.68 100.0%201536,420,000 36,026,892 98.9%392,690 36,419,581.56 100.0%201637,269,743 36,862,540 98.9%430,328 37,292,868.44 100.1%201724,200,000 23,756,999 98.2%444,793 24,201,792.21 100.0%201819,400,000 19,192,947 98.9%145,856 19,338,802.56 99.7%201921,058,328 20,833,805 98.9%N/A 20,833,805.00 98.9%202021,985,155 21,689,642 98.7%N/A 21,689,641.59 98.7%‐$ Sources: 1 Annual Tax Receivable Summary from King County2 Includes Collections and Levy Changes in subsequent years95%96%97%98%99%100% $‐ $5 $10 $15 $20 $25 $30 $35 $402011 2012 2013 2014 2015 2016 2017 2018 2019 2020MillionsTax LeviedCollected in Year Levied2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-18
TABLE 13SALES TAX COLLECTIONS BY SECTORLAST TEN FISCAL YEARS2011 2012 2013 2014 2015 2016 2017 2018 2019 2020RETAIL TRADE SECTORFurniture 1,186,244$ 1,320,786$ 1,461,950$ 1,552,003$ 1,670,492$ 1,727,458$ 1,820,848$ 514,310$ 284,862$ 271,641$ Electronics and Appliances988,355 962,595 742,150 785,507 815,051 832,583 815,267 860,895 821,722 800,336 General Merchandise1,652,442 1,722,213 1,707,695 1,733,558 1,826,260 1,856,109 1,859,900 1,790,704 1,726,997 1,750,719 Misc Retail Trade594,226 614,814 661,905 653,772 635,438 545,156 598,632 2,060,038 2,485,865 2,398,916 Others 1,649,231 1,862,533 2,003,901 1,992,620 2,166,015 2,334,225 2,616,887 2,529,467 2,681,185 2,951,365 Subtotal Retail 6,070,498 6,482,942 6,577,601 6,717,460 7,113,256 7,295,531 7,711,534 7,755,414 8,000,631 8,172,977 OTHER SECTORSConstruction 1,576,127 1,844,545 2,694,710 2,316,188 3,019,042 4,682,830 4,246,126 4,585,841 3,751,460 3,094,016 Manufacturing452,778 551,622 552,474 446,615 448,230 514,526 460,241 500,576 491,889 478,853 Transportation366,556 620,297 492,237 770,889 1,592,590 1,295,994 1,090,118 1,349,230 1,370,784 918,986 Wholesale1,148,660 1,169,432 1,174,007 1,157,750 1,198,961 1,435,378 1,405,676 1,571,217 1,654,800 1,645,489 Automotive 3,179,418 3,361,196 3,731,241 4,104,744 4,597,151 4,809,026 4,775,263 5,118,532 5,220,618 4,735,375 Services3,960,151 4,221,446 4,362,344 4,576,039 5,145,373 5,635,186 5,884,292 6,855,309 7,178,122 6,696,450 Miscellaneous721,805 441,252 553,106 590,685 566,166 684,762 758,384 692,516 650,275 710,691 Subtotal ‐ Other Sectors 11,405,496 12,209,789 13,560,119 13,962,910 16,567,513 19,057,702 18,620,100 20,673,221 20,317,948 18,279,860 Total Sales Tax17,475,994$ 18,692,731$ 20,137,720$ 20,680,370$ 23,680,769$ 26,353,233$ 26,331,634$ 28,428,635$ 28,318,579$ 26,452,837$ Source : City of Renton Finance DivisionIn 2007, the State of Washington changed industry classification from the Standard Industry Classification (SIC) to the North American Industry Classification System (NAICS). This change reclassified various other retail activities to the expanded service classification. $‐ $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,0002011 2012 2013 2014 2015 2016 2017 2018 2019 2020RetailConstructionManufacturingTransportationWholesaleAutomotiveServicesMiscellaneous2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-19
TABLE 14
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
GOVERNMENTAL ACTIVITIES BUSINESS‐TYPE ACTIVITIES
FISCAL
YEAR
GENERAL
OBLIGATION
BONDS
SPECIAL
ASSESSMENT
BONDS
OTHER
GENERAL
OBLIGATION2
REVENUE
BONDS
OTHER LONG
TERM DEBT
TOTAL PRIMARY
GOVERNMENT
DEBT
PERCENTAGE
OF PERSONAL
INCOME1
DEBT PER
CAPITA
% of Actual
Taxable Value
of Property
2011 52,993,407 ‐ 38,053,639 34,926,581 6,443,218 132,416,845 11.26% 1,430 1.01%
2012 46,743,675 ‐ 36,891,722 32,492,802 5,538,929 121,667,128 9.16% 1,296 1.15%
2013 46,103,944 ‐ 35,692,283 31,208,819 4,660,282 117,665,328 8.61% 1,232 1.12%
2014 41,882,832 ‐ 34,639,998 28,677,301 3,951,670 109,151,801 7.20% 1,124 1.11%
2015 37,399,331 ‐ 33,340,737 27,175,783 3,248,163 101,164,014 6.23% 1,027 0.96%
2016 32,867,371 ‐ 32,220,614 25,547,511 2,639,258 93,274,754 5.39% 921 0.67%
2017 29,093,663 ‐ 31,052,617 24,919,359 2,244,083 87,309,722 4.68% 850 0.58%
2018 24,705,089 ‐ 29,845,813 22,740,572 1,898,266 79,189,740 3.90% 761 0.47%
2019 42,998,621 24,588,550 20,444,953 1,552,448 89,584,571 4.19% 856 0.47%
2020 37,587,428 23,594,046 18,109,334 1,206,630 80,497,438 N/A 763 0.40%
Source : City of Renton Finance Division
1 The percentage of Personal Income column is based on personal income of King County. (See Table 19). Renton data is not available.
2 Other GO debt includes debt issued by related entities that are backed by the City's full faith and credit as well as intergovernmental loans and capital leases.
Prior years have been updated to reflect the Capital Lease agreement that started in 2014.
$‐
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
General Obligation (Governmental)Other Long Term (Governmental)Revenue (Business‐Type)Other Long Term (Business‐Type)
2020 Comprehensive Annual Financial Report City of Renton, Washington
Statistical Section, 7-20
TABLE 15LEGAL DEBT MARGIN INFORMATIONLAST TEN FISCAL YEARS2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 LEGAL DEBT MARGIN CALCULATION Taxable Assessed value 11,480,466,361$ 10,815,458,517$ 10,588,721,199$ 11,332,326,913$ 12,936,757,619$ 13,812,773,159$ 15,106,038,959$ 16,909,050,051$ 19,152,024,315$ 20,038,161,673$ Total Taxable Assessed Value 11,480,466,361 10,815,458,517 10,588,721,199 11,332,326,913 12,936,757,619 13,812,773,159 15,106,038,959 16,909,050,051 19,152,024,315 20,038,161,673 Debt limit 1.5% of General purpose limit, non‐voted 172,206,995 162,231,878 158,830,818 169,984,904 194,051,364 207,191,597 226,590,584 253,635,751 287,280,365 300,572,425 1.0% General purpose limit, voted 114,804,664 108,154,585 105,887,212 113,323,269 129,367,576 138,127,732 151,060,390 169,090,501 191,520,243 200,381,617 2.5% General purpose combined limit 287,011,659 270,386,463 264,718,030 283,308,173 323,418,940 345,319,329 377,650,974 422,726,251 478,800,608 500,954,042 2.5% Utility purpose limit, voted 287,011,659 270,386,463 264,718,030 283,308,173 323,418,940 345,319,329 377,650,974 422,726,251 478,800,608 500,954,042 2.5% Open space, park facilities, voted 287,011,659 270,386,463 264,718,030 283,308,173 323,418,940 345,319,329 377,650,974 422,726,251 478,800,608 500,954,042 Total debt limit 861,034,977 811,159,389 794,154,090 849,924,518 970,256,821 1,035,957,987 1,132,952,922 1,268,178,754 1,436,401,824 1,502,862,125 Debt applicable to limitGeneral obligation bonds52,993,407 46,743,675 46,103,944 41,882,832 37,399,331 32,867,371 29,093,663 24,705,089 42,998,621 37,587,428 Other long term debt38,053,639 36,891,722 35,692,283 34,639,998 33,340,737 32,220,614 31,052,617 29,845,813 24,588,550 23,594,046 Total Debt 91,047,046 83,635,397 81,796,227 76,522,830 70,740,068 65,087,985 60,146,280 54,550,902 67,587,171 61,181,474 Less: Amount set aside for repayment of general obligation debt and contracts payable(1,032,360) (1,160,000) (1,279,231) (1,639,891) (2,368,177) (2,428,018) (2,359,933) (2,787,931) (4,001,799) (5,053,340) Total net debt applicable to limit 90,014,686 82,475,397 80,516,996 74,882,939 68,371,891 62,659,967 57,786,347 51,762,971 63,585,372 56,128,134 Legal debt margin 771,020,291$ 728,683,991$ 713,637,094$ 775,041,580$ 901,884,931$ 973,298,020$ 1,075,166,575$ 1,216,415,783$ 1,372,816,452$ 1,446,733,992$ Percentage of net debt to debt limit10.45% 10.17% 10.14% 8.81% 7.05% 6.05% 5.10% 4.08% 4.43% 3.73%Source : City of Renton Finance DivisionState law provides that debt cannot be incurred in excess of the following percentages of the value of the taxable property of the City: 1.5 percent without a vote of the people; 2.5 percent with a vote of the people5.0 percent with a vote of the people, provided the indebtedness in excess of 2.5 percent is for utilities; and 7.5 percent with a vote of the people provided the indebtedness in excess of 5.0 percent is for open space development and parks facilities2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-21
% OF GEN BONDED2
GENERAL 1 DEBT TO
FISCAL BONDED ASSESSED2 ASSESSED PER3
YEAR DEBT VALUE VALUE CAPITA
2011 91,047,046 11,480,466,361 0.79%983
2012 83,635,397 10,815,458,517 0.77%891
2013 81,796,227 10,588,721,199 0.77%856
2014 76,522,830 11,332,326,913 0.68%788
2015 70,740,068 12,936,757,619 0.55%718
2016 65,087,985 13,812,773,159 0.47%643
2017 60,146,280 15,106,038,959 0.40%586
2018 54,550,902 16,909,050,051 0.32%524
2019 67,587,171 19,152,024,315 0.35%646
2020 61,181,474 20,038,161,673 0.31%580
Source:
1 City of Renton Finance Division
2 King County Department of Assessments
3 Population Data can be found in Table 19
TABLE 16
RATIOS OF GENERAL BONDED DEBT OUSTANDING TO ASSESSED VALUE
LAST TEN FISCAL YEARS
$‐
200
400
600
800
1,000
1,200
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
2020 Comprehensive Annual Financial Report City of Renton, Washington
Statistical Section, 7-22
Utilities
GOVERNMENTAL UNIT
Debt
Outstanding1
Estimated Percent
Applicable2
Estimated Share of
overlapping debt
City of Renton Direct Debt 61,181,474$ 100% 61,181,474$
City of Renton Overlapping Debt 4
King County 3 663,157,000 3.20% 21,250,651
Port of Seattle 311,175,000 3.20% 9,971,502
Renton School District #403 311,255,000 68.68% 213,760,030
Issaquah School District #411 724,055,000 2.29% 16,574,551
Kent School District #415 215,816,000 1.48% 3,200,839
Fire District 10‐1 2,785,000 0.35% 9,787
Fire District 40‐1 170,000 43.52% 73,989
King County Library 56,875,000 1.06% 604,838
City of Renton Overlapping Debt 265,446,188
Total Direct and Overlapping Debt 326,627,661$
Sources:
2 King County Department of Assessments
TABLE 17
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
1 King County Department of Executive Services
⁴ Overlapping percentages are determined by checking within the levy codes of the reporting district to see which taxing districts overlap
with that reporting district. For example, within levy code 2100, the Renton School District and the King County Library district overlap with
the city and both have debt. Since they both have debt and they overlap with the City, those two districts are reported and the value within
that levy code is reported as overlapping with the school and library districts.
3 King County's gross outstanding debt excludes available cash in debt service funds, proprietary‐type debt, debt financed from component
unit, credit enhanced program.
Renton
19%
King County
7%
Schools
71%
Port of Seattle
3%
Others
0%
2020 Comprehensive Annual Financial Report City of Renton, Washington
Statistical Section, 7-23
TABLE 18
PLEDGED‐REVENUE COVERAGE
LAST TEN FISCAL YEARS
Ratio
Fiscal
Year Revenue
1
Expenses without
Taxes/
Depreciation
Net Revenue
Available for
Debt Service Principal Interest Coverage2
2011 40,538,269 25,424,551 15,113,718 2,934,290 1,673,045 3.28
2012 44,534,579 27,225,957 17,308,622 3,379,290 1,577,350 3.49
2013 45,849,249 27,538,433 18,310,816 2,168,648 1,292,497 5.29
2014 48,247,542 29,685,885 18,561,657 3,253,612 1,243,751 4.13
2015 50,143,096 30,737,021 19,406,075 2,218,509 1,124,534 5.80
2016 50,614,218 39,147,449 11,466,769 2,348,901 887,754 3.54
2017 53,140,049 35,056,056 18,083,993 2,165,175 669,440 6.38
2018 54,486,431 35,196,065 19,290,366 2,473,986 556,599 6.37
2019 54,435,195 38,164,206 16,270,989 2,590,818 514,821 5.24
2020 53,911,213 35,826,799 18,084,414 2,630,818 470,315 5.83
1 Revenue includes operating revenue, interest revenue, and other non‐operating revenue, net of utility taxes.
2 Bond financing requirements are that the average annual coverage is at least 1.25 times the annual debt service for Water and Sewer revenue
bonds.
Revenue Debt Service
3.28
3.49
5.29 4.13 5.80
3.54
6.38
6.37 5.24 5.83
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Waterworks Net Revenue available for debt service Debt Service Coverage
2020 Comprehensive Annual Financial Report City of Renton, Washington
Statistical Section, 7-24
PER CAPITA
PERSONAL PERSONAL SCHOOL
POPULATION INCOME INCOME ENROLLMENT 5 RATE 6
FISCAL MEDIAN RENTON SCHOOL
YEAR KING COUNTY 2 RENTON 1 KING COUNTY 2 KING COUNTY 3 AGE 4 DISTRICT KING COUNTY RENTON
2011 1,974,200 92,590 117,594,650,000 59,566 37.38 14,440 8.0% 6.8%
2012 2,011,197 93,910 132,860,453,000 66,060 37.70 14,590 6.4% 6.0%
2013 2,047,223 95,540 136,740,508,000 66,793 37.70 14,783 5.0% 4.7%
2014 2,085,225 97,130 151,506,547,000 72,657 37.44 15,080 4.6% 4.2%
2015 2,126,178 98,470 162,285,799,000 76,327 37.24 15,241 4.6% 4.3%
2016 2,166,350 101,300 173,036,160,000 79,875 36.20 15,319 3.4% 3.2%
2017 2,203,836 102,700 186,440,160,000 84,598 35.91 15,334 3.6% 3.8%
2018 2,228,364 104,100 203,139,369,000 91,161 35.90 15,414 3.5% 3.7%
2019 2,252,782 104,700 213,956,690,000 94,974 35.91 15,204 3.0% 3.2%
2020 * 105,500 * * 35.99 14,854 7.6% 8.8%
Sources:
1 Washington State Office of Financial Management ‐ prior year data updated to reflect actuals where adjusted
2 U.S. Bureau of Economic Analysis. Data shown is for King County. Specific data for the City of Renton is not available.
3 U.S. Bureau of Economic Analysis. Data shown is for King County. Specific data for the City of Renton is not available.
4 Washington State Office of Financial Management ‐ prior year data updated to reflect actuals where adjusted
5 Enrollment is based on entire Renton School District, which includes schools located outside city boundaries but excludes schools of Kent
and Issaquah school districts located within Renton city limits.
6 US Bureau of Labor Statistics; annual rates, not seasonally adjusted, 2010‐2014 are provisional and subject to change
* Data not available at time of publication
TABLE 19
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
UNEMPLOYMENT
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
King County Unemployment Rate City of Renton Unemployment Rate
2020 Comprehensive Annual Financial Report City of Renton, Washington
Statistical Section, 7-25
EMPLOYER EMPLOYEES RANK % OF TOTAL EMPLOYEES RANK % OF TOTAL
BOEING COMPANY 10,163 1 14.64% 12,528 1 27.93%
VALLEY MEDICAL CENTER 3,435 2 4.95% 2,033 2 4.53%
KAISER PERMANENTE 3,010 3 4.34% 0.00%
RENTON SCHOOL DISTRICT 2,677 4 3.86% 1,837 3 4.10%
PROVIDENCE WA REGIONAL SERVICES 1,822 5 2.62% 838 6 1.87%
PACCAR INC 1,432 6 2.06% 1,077 5 2.40%
FRED MEYER STORES 944 7 1.36%
CITY OF RENTON 759 8 1.09% 698 7 1.56%
WIZARDS OF THE COAST 670 9 0.97%
IKEA 563 10 0.81%
DOT ‐ FEDERAL AVIATION ADMINISTRATION 1,480 4 3.30%
KING COUNTY 516 8 1.15%
CONVERGENT OUTSOURCING INC. 428 9 0.95%
PUGET SOUND EDUCATIONAL SERVICES DISTRICT 364 10 0.81%
Total Principal Employers 25,475 36.70%21,799 48.61%
Total All Other Employers 43,943 63.30%23,049 51.39%
Total Employees working within Renton1 69,418 100.00%44,848 100.00%
Sources:
Employee and Employer Data, Business License Data, City of Renton (2011)
TABLE 20
PRINCIPAL EMPLOYERS
2020 2011
12011 Total Employees Working in Renton, PSRC. Data for 2020 Total Employees working within Renton was not available at the time this
report was published. Total employees for 2020 was estimated using prior data inflated by 2%, which is the average increase in the last 5 years.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Statistical Section, 7-26
TABLE 21
FULL TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
2011 2012
1 2013 2014 2015 2016
2 2017 2018 2019 2020
FUNCTION
General Government 143.5 147.3 135.4 135.4 139.4 151.0 156.0 161.0 172.1 174.1
Public Safety
Police
Commissioned Officers 123.0 123.0 123.0 121.5 119.0 124.0 129.0 129.0 129.0 129.0
Non‐Commissioned Officers 28.4 28.4 28.4 28.4 29.4 30.4 32.9 32.9 34.4 34.4
Fire
Commissioned Officers 145.0 145.0 145.0 140.0 145.0 0.0 0.0 0.0 0.0 0.0
Non‐Commissioned Officers 16.0 16.0 16.0 16.0 16.0 0.0 0.0 0.0 0.0 0.0
Public Works
Administration 3.0 3.0 3.0 3.0 3.0 2.0 2.0 2.0 2.0 2.0
Transportation Systems 33.0 33.0 33.0 31.0 31.0 33.5 38.5 37.5 40.0 40.0
Utility Systems 29.5 25.5 25.5 23.5 23.5 25.5 27.5 27.5 28.5 28.5
Maintenance Services 78.0 80.0 80.0 80.0 82.0 82.0 87.0 88.0 92.0 92.0
Culture and Recreation
Parks/Recreation/Facilities/Human Svs 82.8 83.6 83.6 80.0 80.0 83.0 83.0 82.8 89.5 103.5
Museum 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Golf Course 9.5 9.5 9.5 9.5 9.5 9.5 10.5 9.8 9.0 12.0
Total 692.7 695.2 683.4 669.3 678.8 541.9 567.4 571.4 597.5 616.5
Source: City of Renton Finance Division
1 Farmers's Market Program was moved from Community and Economic Department to Community Services Department in 2012.
2 City of Renton Fire transferred to the Renton Regional Fire Authority on July 1, 2016.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Statistical Section, 7-27
TABLE 22
OPERATING INDICATORS BY FUNCTION
LAST TEN FISCAL YEARS
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
FUNCTION
Public Safety
Police
Physical arrests 2,810 1,968 1,725 1,515 1,653 1,492 2,099 2,373 2,517 1,515
Parking violations 4,757 4,855 4,799 4,049 4,464 4,664 4,992 5,114 5,992 3,777
Traffic violations 8,805 7,943 8,388 5,925 4,828 5,152 4,576 5,970 3,946 2,406
Photo Enforcement Violations 21,301 22,036 15,733 21,015 25,562 23,208 25,257 48,281 51,474 34,998
Infractions non traffic 446 16 210 149 125 53 43 55 35 46
Criminal non trafic 1,687 1,279 1,346 1,522 1,466 1,351 1,430 1,687 1,631 1,778
Fire1
Number of calls answered 12,752 13,667 13,848 14,337 14,945 ‐ ‐ ‐ ‐ ‐
Inspections 2,300 1,807 689 997 2,517 ‐ ‐ ‐ ‐ ‐
Transportation
Street resurfacing (miles)2.07 2.19 0.84 2.82 1.67 0.44 2.78 1.07 1.32 0.00
Aircraft Operations 80,005 93,406 93,911 100,544 112,335 118,568 131,702 145,811 128,030 99,972
Physical/Economic Environment
Building Permits Received 3,642 3,912 4,237 4,287 4,898 4,830 4,404 5,009 4,735 4,284
Building Permits Issued 3,555 3,765 4,038 4,204 4,691 4,661 4,092 4,732 4,474 4,048
Public Works Permits Received 1,334 1,337 1,488 1,526 1,472 1,468 1,270 1,450 1,335 1,404
Public Works Permits Issued 1,245 1,328 1,411 1,493 1,359 1,437 1,093 1,214 1,154 1,229
Solid Waste Utility
Recyclables collected (tons/yr) 12,565 13,509 13,616 13,993 15,218 17,846 12,331 14,075 13,309 13,409
Culture and Recreation2
Athletic field attendance 93,000 94,000 94,000 94,000 93,000 94,000 56,000 65,897 93,504 1,090
Community Center admissions 3 105,458 98,022 102,525 102,308 102,312 98,282 92,026 85,762 85,762 2,133
Rounds of Golf 54,350 58,680 56,180 55,600 56,775 51,546 47,462 48,734 46,581 48,649
1 The Renton Regional Fire Authority formed July 1, 2016 replacing the City of Renton Fire Department.
22020 numbers are significantly lower than prior years due to closures related to the Covid‐19 pandemic.
3 Community Center admissions were updated through 2018 using CLASS reports for registered participants, membership pass scans, and drop ins.
Source: City of Renton
2020 Comprehensive Annual Financial Report City of Renton, Washington
Statistical Section, 7-28
TABLE 23UTILITY SYSTEMS SUPPLEMENTAL OPERATING INFORMATIONLAST TEN FISCAL YEARS 12011 2012 2013 2014 2015 2016 2017 2018 2019 2020City Population92,590 93,910 95,540 97,130 98,470 101,300 102,700 104,100 104,700 105,500Water SystemService Area Population‐‐‐‐ 62,100 60,000 67,125 67,000 68,666 72,164 73,750 75,130Number of Connections:Single Family13,739 13,876 13,942 13,764 14,083 14,162 14,190 14,223 14,288 14,378Multi‐Family, Commercial, Industrial2,591 2,542 2,542 2,715 2,541 2,578 2,557 2,592 2,599 2,586Irrigation721733734726738756755766765771Fire Service624645652652663682682690693694Other 2536059116748167889084Total Connections17,728 17,856 17,929 17,973 18,099 18,259 18,251 18,359 18,435 18,513Water Production/Consumption (in hundreds of cubic feet ‐ ccf)(in hundreds of cubic feet ‐ ccf)Purchased88,645 51,087 43,815 47,774 54,951 43,009 56,667 57,192 39,003 15,552Production 3,244,628 3,172,169 3,197,643 3,306,194 3,512,789 3,410,648 3,490,563 3,524,353 3,364,884 3,340,031Consumption2,899,443 2,955,531 2,937,989 2,938,282 3,094,114 3,028,174 3,146,552 3,205,135 3,008,546 2,919,760Non‐revenue 433,830 267,725 303,469 415,686 473,626 425,483 400,678 376,410 395,341 435,823Consumption (thousands of gallons)Average Daily6,650 6,483 6,553 6,775 7,199 6,971 7,154 7,223 6,896 6,896Peak Daily12,476 11,445 12,361 12,411 13,590 12,751 13,098 12,335 11,687 11,687Sewer SystemService Area Population‐‐‐‐‐‐ 80,780 81,759 83,850 86,982 87,402 87,744 89,720Number of Connections:Single Family14,675 14,953 15,183 15,154 15,173 15,384 15,507 15,652 15,790 15,923Multi‐Family, Commercial, Industrial, Other2,457 2,453 2,450 2,708 2,713 2,704 2,714 2,727 2,726 2,707Out of City Connections10812132180233242264279272285Total Connections17,240 17,418 17,765 18,042 18,119 18,330 18,485 18,658 18,788 18,915Storm Drainages SystemService Area Population‐‐‐‐‐‐ 97,130 98,470 101,300 102,700 104,100 104,700 105,500Number of Connections:Single Family20,980 21,521 21,756 21,893 22,125 22,352 22,455 22,587 22,605 22,785Multi‐Family, Commercial, Industrial, Other1,847 1,761 1,738 1,728 1,732 1,744 1,750 1,755 1,736 1,732Total Connections22,827 23,282 23,494 23,621 23,857 24,096 24,205 24,342 24,341 24,517Solid Waste 3Service Area Population‐‐‐‐‐‐‐‐‐‐Number of Connections:Single Family16,688 16,927 16,958 17,000 17,154 17,129 16,926 23,577 24,034 24,095Multi‐Family, Commercial, Industrial, Other1,581 1,569 1,535 1,533 1,589 1,586 1,554 1,759 1,858 1,947Total Connections18,269 18,496 18,493 18,533 18,743 18,715 18,480 25,336 25,892 26,0421 Data for prior years provided where available.2 Includes wholesale water provided to the Skyway Water and Sewer District througha single metered connection.3 2018 numbers are sourced from the Republic Services Annual Report as the City of Renton no longer handles the billing for Solid Waste.2020 Comprehensive Annual Financial ReportCity of Renton, WashingtonStatistical Section, 7-29
TABLE 24
CAPITAL ASSETS STATISTICS BY FUNCTION
LAST TEN FISCAL YEARS
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
FUNCTION
Public safety
Police Stations 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Police Patrol Districts 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0
Fire stations1 6.06.06.06.06.0‐‐‐‐‐
Transportation
Street (miles) 266.1 266.1 266.1 294.0 304.1 315.5 311.0 311.0 311.0 318.0
Streetlights 4,015 4,172 4,182 4,302 4,342 4,720 4,878 5,120 5,120 5,237
Culture and recreation
Parks acreage 1,205.8 1,210.6 1,213.8 1,227.0 1,239.5 1,240.4 1,245.5 1,245.5 1,244.5 1,244.8
Parks 32.0 32.0 32 32 32.0 32.0 32.0 32.0 32.0 32.0
Swimming pools 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Tennis courts 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0
Community centers2 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0
Waterworks Utility
Water mains (miles) 305.0 306.0 308.0 304.6 307.5 311.0 313.0 314.0 315.0 316.0
Fire hydrants 3,639 3,655 3,670 3,697 3,740 3,769 3,777 3,811 3,818 3,838
Sanitary sewers (miles) 219.3 219.9 223.4 225.9 231.2 232.1 233.9 234.6 235.8 235.9
Storm sewers (miles) 276.1 278.5 282.0 267.7 265.6 276.6 278.0 279.9 282.8 286.1
1 City of Renton Fire and ES Services employees transferred to the Renton Regional Fire Authority on July 1, 2016.
Source: City of Renton Departments
2Community centers includes the Renton Community Center, the Renton Senior Activity Center, and two neighborhood centers that are
regularly programmed.
2020 Comprehensive Annual Financial Report City of Renton, Washington
Statistical Section, 7-30
Renton City Hall
1055 South Grady Way
Renton, WA 98057
rentonwa.gov