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HomeMy WebLinkAboutMONTH 2022 11Page 1 of 7 OVERVIEW This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through November 30, 2022. A detailed analysis, including budget to actual comparison, will be prepared quarterly in accordance with the City’s financial management policies. GENERAL FUND The General Fund is used to account for resources that are not generally dedicated for a specific purpose. The General Fund is used to meet the basic services that the City provides including, but not limited to, police protection, parks and recreation, human services, municipal court, street maintenance and planning, economic development, and administrative functions. The table below displays the year-to-date revenues and expenditures for the General Fund. Economic Development and Operating reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2021-2022 Adopted Budget. General REVENUES: Taxes 95,990,391$ Licenses and permits 6,984,967 Grants / intergovernmental 17,093,025 Charges for services 9,028,747 Fines and penalties 3,805,098 Miscellaneous 1,882,636 Sale of general fixed assets 2,000 Investment Earnings 771,524 Insurance recoveries 169,459 TOTAL REVENUES 135,727,847 EXPENDITURES: Personnel 61,325,113 Supplies 1,632,629 Contracted Services 19,000,660 Principal 225,309 Capital Outlay 116,926 Internal Services 15,359,993 TOTAL EXPENDITURES 97,660,630 Transfers In 14,187 Transfers Out (5,812,895) NET TRANSFERS (5,798,708) CHANGE IN FUND BALANCE 32,268,509 BEGINNING FUND BALANCE, Jan 1 69,102,662 Prior Period Adjustment 383,533 BEGINNING FUND BALANCE, Jan 1 - restated 69,486,195 ENDING FUND BALANCE, Nov 30 101,754,704$ ECONOMIC DEVELOPMENT RESERVE 2,500,000 OPERATING RESERVES 11,537,583 AVAILABLE FUND BALANCE, Nov 30 87,717,121$ Monthly Financial Report November 2022 Monthly Financial Report City of Renton, Washington November 2022 Page 2 of 7 DEBT SERVICE FUND Debt service funds are used to account for the accumulation of resources for the payment of principal and interest related to the City’s general obligation bond issues. The table below displays the year-to-date revenues and expenditures for the City’s debt service fund. Debt service reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2021-2022 Adopted Budget. General Governmental Misc Debt REVENUES: Grants / intergovernmental 44,705$ Investment Earnings 38,670 TOTAL REVENUES 83,375 EXPENDITURES: Principal 609,547 Interest 715,058 TOTAL EXPENDITURES 1,324,605 Transfers In 611,550 NET TRANSFERS 611,550 CHANGE IN FUND BALANCE (629,680) BEGINNING FUND BALANCE, Jan 1 5,218,125 ENDING FUND BALANCE, Nov 30 4,588,445$ Debt Service Reserve 2,717,575 AVAILABLE FUND BALANCE 1,870,870$ Monthly Financial Report City of Renton, Washington November 2022 Page 3 of 7 SPECIAL REVENUE FUNDS Special revenue funds are used to account for revenues that are to be used for a specific purpose as required by law or legislative action. The table below displays the year-to-date revenues and expenditures for the City’s special revenue funds. CAPITAL PROJECT FUNDS Capital project funds are used to account for the acquisition and construction of major capital facilities and equipment. The table below displays the year-to-date revenues and expenditures for the City’s capital project funds. Hotel-Motel Tax Cable Communications Housing and Supportive Services Springbrook Wetlands Fire Impact Mitigation School District Impact Mitigation Police Seizure Police CSAM Seizure REVENUES: Taxes 477,029$ -$ 4,006,936$ -$ -$ -$ -$ -$ Licenses and permits - 62,730 - - - - - - Charges for services - - - - 1,191,408 4,062,498 - - Fines and penalties - - - - - - - 9,626 Contributions 20,000 - - - - - 125,480 - Investment Earnings 6,781 4,624 34,593 3,294 22,842 3,927 4,174 1,332 Sale of Fixed Assets - - - 230,300 - - - - TOTAL REVENUES 503,810 67,354 4,041,529 233,594 1,214,250 4,066,425 129,654 10,958 EXPENDITURES: Personnel - - - 6,022 - - - - Supplies - 159,574 - - - - - - Contracted Services 357,620 163,999 1,529,533 4,400 - 4,060,963 8,609 44 Capital Outlay - - - - - - 145,535 18,311 TOTAL EXPENDITURES 357,620 323,573 1,529,533 10,422 - 4,060,963 154,144 18,355 - Transfers In - - - - - - - Transfers Out - - - - - - NET TRANSFERS - - - - - - - CHANGE IN FUND BALANCE 146,190 (256,219) 2,511,996 223,172 1,214,250 5,462 (24,490) (7,397) BEGINNING FUND BALANCE, Jan 1 728,421 731,245 3,171,729 234,325 1,960,733 12 631,525 174,826 Prior Period Adjustment - - - - - - - - BEGINNING FUND BALANCE, Jan 1 - restated 728,421 731,245 3,171,729 234,325 1,960,733 12 631,525 174,826 ENDING FUND BALANCE, Nov 30 874,611$ 475,026$ 5,683,725$ 457,497$ 3,174,983$ 5,474$ 607,035$ 167,429$ CS Impact Mitigation Transportation Impact Mitigation REET 1 REET 2 Municipal Facilities CIP Capital Investment Family First Center REVENUES: Taxes -$ -$ 3,210,548$ 3,210,548$ -$ -$ -$ Grants / intergovernmental - - - - 406,048 9,477,967 1,510,000 Charges for services 1,478,098 8,420,557 - - 33,950 - - Fines and penalties - - - - - (214) - Contributions - - - - 841,654 - 5,025,875 Sale of general fixed assets - - - - - - - Investment Earnings 35,990 91,829 52,968 87,060 140,752 65,403 64,967 TOTAL REVENUES 1,514,088 8,512,386 3,263,516 3,297,608 1,422,404 9,543,156 6,600,842 EXPENDITURES: Personnel - - - - 352,492 84,272 - Supplies - - - - - 117,391 - Contracted Services - - - - 166,450 205,441 42,466 Capital Outlay - - - - 4,795,238 15,803,817 9,825,405 TOTAL EXPENDITURES - - - - 5,314,180 16,210,921 9,867,871 Transfers In - - - - 3,000,000 - - Transfers Out - - - - - - (33) NET TRANSFERS - - - - 3,000,000 - (33) CHANGE IN FUND BALANCE 1,514,088 8,512,386 3,263,516 3,297,608 (891,776) (6,667,765) (3,267,062) BEGINNING FUND BALANCE, Jan 1 3,433,393 5,159,035 4,508,117 8,773,145 16,824,783 10,868,853 8,238,935 Prior Period Adjustment - - - - - - - BEGINNING FUND BALANCE, Jan 1 - restated 3,433,393 5,159,035 4,508,117 8,773,145 16,824,783 10,868,853 8,238,935 ENDING FUND BALANCE, Nov 30 4,947,481$ 13,671,421$ 7,771,633$ 12,070,753$ 15,933,007$ 4,201,088$ 4,971,873$ Monthly Financial Report City of Renton, Washington November 2022 Page 4 of 7 ENTERPRISE FUNDS Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business enterprises. The table below displays the year-to-date revenues and expenses of the City’s enterprise funds. Amounts restricted for debt service are in accordance with revenue bond requirements. Operating reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2021-2022 Adopted Budget. Airport Solid Waste Utility Golf Course Water Utility Wastewater Utility Metro Surface Water Utility REVENUES: Licenses and permits -$ -$ -$ -$ 86,846$ -$ 33,459$ Grants / intergovernmental 57,529 34,783 - - - - 1,442,131 Charges for services 3,154,438 19,411,214 2,635,467 17,446,706 10,716,538 17,773,710 11,714,937 Fines and penalties - - - - 56 - - Rents, leases, and misc fees 19,137 - 478,892 235,606 - - - Interest and other misc 135,507 33,024 (107,358) 1,383,325 891,765 47,879 1,557,302 TOTAL REVENUES 3,366,611 19,479,021 3,007,001 19,065,637 11,695,205 17,821,589 14,747,829 EXPENSES: Personnel 1,012,492 411,822 1,538,489 4,029,948 2,167,915 - 3,451,126 Supplies 89,165 8,954 342,470 1,005,218 60,794 - 78,549 Contracted Services 614,678 19,243,357 119,231 3,052,893 2,134,694 15,415,730 1,794,939 Internal Services 341,856 293,728 345,495 2,107,536 1,483,261 - 2,171,265 TOTAL OPERATING EXPENSES 2,058,191 19,957,861 2,345,685 10,195,595 5,846,664 15,415,730 7,495,879 CAPITAL, AND TRANSFERS 1,308,420 (478,840) 661,316 8,870,042 5,848,541 2,405,859 7,251,950 DEBT SERVICE: Principal - - 33,083 315,517 - - - Interest - - 1,580 91,087 39,657 - 48,178 TOTAL DEBT SERVICE - - 34,663 406,604 39,657 - 48,178 CAPITAL OUTLAY 155,346 - 418,513 2,665,124 3,223,508 - 3,472,326 Transfers In - - 186,100 - - - - Transfers Out - - (186,100) - (7,297) - (3,975) NET TRANSFERS - - - - (7,297) - (3,975) CHANGE IN FUND BALANCE 1,153,074 (478,840) 208,140 5,798,314 2,578,079 2,405,859 3,727,471 BEGINNING FUND BALANCE, Jan 1 7,741,751 3,392,243 1,222,897 43,849,867 20,788,687 3,764,012 21,682,758 ENDING FUND BALANCE, Nov 30 8,894,825$ 2,913,403$ 1,431,037$ 49,648,181$ 23,366,766$ 6,169,871$ 25,410,229$ Restricted for Debt Service - - - 1,394,050 661,227 - 754,868 Operating Reserve 241,390 400,000 746,233 1,712,156 962,039 380,000 1,204,613 AVAILABLE FUND BALANCE 8,653,435$ 2,513,403$ 684,804$ 46,541,975$ 21,743,500$ 5,789,871$ 23,450,748$ Monthly Financial Report City of Renton, Washington November 2022 Page 5 of 7 INTERNAL SERVICE FUNDS Internal service funds are used to account for the goods and services furnished by one City department to other City departments on a cost reimbursement basis. The table below displays the year-to-date revenues and expenses of the City’s internal service funds. Insurance reserves for the Healthcare Fund are established at a rate of 31% of current year budgeted expenses. 100% of the Retiree Healthcare fund balance is reserved for OPEB. Equipment Rental Insurance Information Technology Facilities Communications Healthcare Retiree Healthcare REVENUES: Technology Fee -$ -$ 237,773$ -$ -$ -$ -$ Grants / intergovernmental - - - - 3,000 - 38,624 Charges for services: Equipment rental m&o 2,417,330 - 6,846,561 - - - - Print and mail - - - - 357,456 - - Communications - - - - 672,514 - - Facilities - - - 4,870,241 - - - IT service contracts - - - - - - - Interest and other misc 91,527 163,278 45,778 5,414 1,348 60,405 150,753 Internal service fund misc: Vehicle / equipment capital recovery 2,491,493 - - - - - - Insurance premiums - 1,847,270 - - - - - Worker's comp/unemployment - 1,425,912 - - - - - Benefit premiums - - - - - 11,026,226 1,968,513 Other misc 3,713 104,939 319 91,884 - 505,554 171,558 Disposal of capital assets 22,430 - - - - - - Insurance recoveries 7,738 115,367 - - - - - TOTAL REVENUES 5,034,231 3,656,766 7,130,431 4,967,539 1,034,318 11,592,185 2,329,448 EXPENSES: Personnel 997,086 1,045,534 2,892,680 3,171,042 706,658 10,079,419 1,109,977 Supplies 1,509,009 68 1,810,403 787,388 43,160 2,658 - Contracted Services 347,827 2,763,770 2,595,161 1,623,963 273,598 450,414 47,970 Internal Services 35,724 - - 109,581 1,526 70,252 - TOTAL OPERATING EXPENSES 2,889,646 3,809,372 7,298,244 5,691,974 1,024,942 10,602,743 1,157,947 AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 2,144,585 (152,606) (167,813) (724,435) 9,376 989,442 1,171,501 TOTAL DEBT SERVICE - - - - - - - CAPITAL OUTLAY 384,842 - 260,740 11,045 - - - Transfers In - 152,772 2,086,034 11,045 - - - Transfers Out - (51,420) - - - - - NET TRANSFERS - 101,352 2,086,034 11,045 - - - CHANGE IN FUND BALANCE 1,759,743 (51,254) 1,657,481 (724,435) 9,376 989,442 1,171,501 BEGINNING FUND BALANCE, Jan 1 10,125,169 20,494,538 3,653,455 785,189 141,517 6,655,137 18,188,260 ENDING FUND BALANCE, Nov 30 11,884,912$ 20,443,284$ 5,310,936$ 60,754$ 150,893$ 7,644,579$ 19,359,761$ Insurance Reserves - 20,443,284 - - - 4,123,049 19,359,761 Opearting Reserves 9,305,868 - 2,068,477 - - - - AVAILABLE FUND BALANCE 2,579,044$ -$ 3,242,459$ 60,754$ 150,893$ 3,521,530$ -$ Monthly Financial Report City of Renton, Washington November 2022 Page 6 of 7 FIDUCIARY FUNDS Fiduciary funds are used to account for assets held by the City in a trustee capacity. These assets are not available for City use as they are not City assets. The table below displays year-to-date revenues and expenditures of the City’s fiduciary funds. Firemens' Pension Custodial Fund REVENUES: Intergovernmental 182,841$ -$ Investment Earnings 382,640 - Collected for Others - 1,713,048 TOTAL REVENUES 565,481 1,713,048 EXPENDITURES: Distributions to Others 242,020 1,406,650 TOTAL EXPENDITURES 207,633 1,406,650 NET TRANSFERS - - CHANGE IN FUND BALANCE 357,848 306,398 BEGINNING FUND BALANCE, Jan 1 8,371,183 - ENDING FUND BALANCE, Nov 30 8,729,031$ 306,398$ Monthly Financial Report City of Renton, Washington November 2022 Page 7 of 7 CONTACT INFORMATION This report is prepared by the Finance Department. For additional financial information, please also review our website: http://www.rentonwa.gov/. For any questions about the report, please feel free to contact Nate Malone nmalone@rentonwa.gov or Kristin Trivelas ktrivelas@rentonwa.gov . City of Renton All Funds - Revenue, Expenditures and Fund Balances Budgetary Basis through November 30, 2022 Funds Balance 01/01/2022 Budgeted Revenue Revenue 11/30/22 Total Funds Available Budgeted Expenditure Expenditure 11/30/22 Ending Balance GENERAL FUND 69,102,662 138,107,723 136,125,567 205,228,229 144,233,971 103,473,525 101,754,704 SPECIAL REVENUE FUNDS:7,632,816 9,897,979 10,267,574 17,900,390 8,741,401 6,454,610 11,445,780 110 Hotel Motel 728,421 225,000 503,810 1,232,231 618,207 357,620 874,611 127 Cable Communication 731,245 57,674 67,354 798,599 460,209 323,573 475,026 130 Housing and Supportive Services 3,171,729 3,490,000 4,041,529 7,213,258 1,710,000 1,529,533 5,683,725 135 Springbrook Wetlands Bank 234,325 231,305 233,594 467,919 51,000 10,422 457,497 140 Police Seizure 631,525 - 129,654 761,179 631,525 154,144 607,035 141 Police CSAM Seizure 174,826 - 10,958 185,784 174,826 18,355 167,429 31X School District Impact Mitigation 12 4,595,000 4,066,425 4,066,437 4,595,000 4,060,963 5,474 304 Fire Mitigation 1,960,733 1,299,000 1,214,250 3,174,983 500,634 - 3,174,983 DEBT SERVICE FUND 5,218,125 4,533,969 694,925 5,913,050 4,341,920 1,324,605 4,588,445 CAPITAL PROJECT FUNDS (CIP):57,806,261 101,217,561 37,154,000 94,960,261 141,358,340 31,393,005 63,567,256 303 Community Services Mitigation 3,433,393 1,386,500 1,514,088 4,947,481 3,380,595 - 4,947,481 305 Transportation Mitigation 5,159,035 8,044,696 8,512,386 13,671,421 6,851,255 - 13,671,421 308 REET1 4,508,117 2,300,000 3,263,516 7,771,633 5,579,996 - 7,771,633 309 REET2 8,773,145 2,300,000 3,297,608 12,070,753 6,921,118 - 12,070,753 316 Municipal Facilities CIP 16,824,783 20,848,957 4,422,404 21,247,187 37,665,866 5,314,180 15,933,007 317 Transportation CIP 10,868,853 53,494,765 9,543,156 20,412,009 63,181,252 16,210,921 4,201,088 336 New Library Development - - - - - - - 346 New Family First Center Dvlpmnt 8,238,935 12,842,643 6,600,842 14,839,777 17,778,258 9,867,904 4,971,873 ENTERPRISE FUNDS:102,442,215 115,114,412 89,368,993 191,811,208 171,626,571 73,976,896 117,834,312 4X2 Airport Operating & CIP 7,741,751 3,456,518 3,366,611 11,108,362 9,388,477 2,213,537 8,894,825 403 Solid Waste Utility 3,392,243 24,133,272 19,479,021 22,871,264 24,885,563 19,957,861 2,913,403 4X4 Golf Operating & CIP 1,222,897 3,428,832 3,193,101 4,415,998 3,655,054 2,984,961 1,431,037 4X5 Water Operating & CIP 43,849,867 20,933,613 19,065,637 62,915,504 51,456,362 13,267,323 49,648,181 4X6 Waste Water Operating & CIP 20,788,687 12,462,963 11,695,205 32,483,892 26,104,765 9,117,126 23,366,766 416 King County Metro 3,764,012 18,495,877 17,821,589 21,585,601 18,495,877 15,415,730 6,169,871 4X7 Surface Water Operating & CIP 21,682,758 32,203,337 14,747,829 36,430,587 37,640,473 11,020,358 25,410,229 INTERNAL SERVICE FUNDS:60,043,265 50,755,494 37,994,769 98,038,034 49,754,860 33,182,915 64,855,119 501 Equipment Repair/Replacement 10,125,169 6,445,116 5,034,231 15,159,400 7,264,417 3,274,488 11,884,912 502 Insurance 20,494,538 6,309,425 3,809,538 24,304,076 4,637,888 3,860,792 20,443,284 503 Information Services 3,653,455 13,669,859 9,216,465 12,869,920 14,413,705 7,558,984 5,310,936 504 Facilities 785,189 6,676,675 4,978,584 5,763,773 6,858,180 5,703,019 60,754 505 Communications 141,517 1,377,535 1,034,318 1,175,835 1,384,885 1,024,942 150,893 512 Insurance, Healthcare 6,655,137 13,566,817 11,592,185 18,247,322 13,743,496 10,602,743 7,644,579 522 Insurance, Leoff1 Retirees HC 18,188,260 2,710,067 2,329,448 20,517,708 1,452,289 1,157,947 19,359,761 FIDUCIARY FUNDS:8,371,183 290,000 2,278,529 10,649,712 200,475 1,614,283 9,035,429 611 Firemens' Pension 8,371,183 290,000 565,481 8,936,664 200,475 207,633 8,729,031 630 Custodial Fund - - 1,713,048 1,713,048 - 1,406,650 306,398 TOTAL FUNDS 310,616,527 419,917,138 313,884,357 624,500,884 520,257,538 251,419,839 373,081,045