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HomeMy WebLinkAbout03 2023Page 1 of 7 OVERVIEW This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through March 31, 2023. A detailed analysis, including budget to actual comparison, will be prepared quarterly in accordance with the City’s financial management policies. GENERAL FUND The General Fund is used to account for resources that are not generally dedicated for a specific purpose. The General Fund is used to meet the basic services that the City provides including, but not limited to, police protection, parks and recreation, human services, municipal court, street maintenance and planning, economic development, and administrative functions. The table below displays the year-to-date revenues and expenditures for the General Fund. Economic Development and Operating reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2023-2024 Adopted Budget. General REVENUES: Taxes 20,522,808$ Licenses and permits 2,218,372 Grants / intergovernmental 1,435,738 Charges for services 2,800,603 Fines and penalties 935,110 Miscellaneous 681,121 Sale of general fixed assets - Investment Earnings 552,399 Insurance recoveries 3,625 TOTAL REVENUES 29,149,776 EXPENDITURES: Personnel 17,757,817 Supplies 430,372 Contracted Services 4,970,439 Principal - Capital Outlay 46,017 Internal Services 5,122,735 TOTAL EXPENDITURES 28,327,380 Transfers In 33,750 Transfers Out (49,289) NET TRANSFERS (15,539) CHANGE IN FUND BALANCE 806,857 BEGINNING FUND BALANCE, Jan 1 83,605,978 Prior Period Adjustment 11,092 BEGINNING FUND BALANCE, Jan 1 - restated 83,617,070 ENDING FUND BALANCE, Mar 31 84,423,927$ ECONOMIC DEVELOPMENT RESERVE 2,500,000 OPERATING RESERVES 10,300,000 AVAILABLE FUND BALANCE, Mar 31 71,623,927$ Monthly Financial Report March 2023 Monthly Financial Report City of Renton, Washington March 2023 Page 2 of 7 DEBT SERVICE FUND Debt service funds are used to account for the accumulation of resources for the payment of principal and interest related to the City’s general obligation bond issues. The table below displays the year-to-date revenues and expenditures for the City’s debt service fund. Debt service reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2023-2024 Adopted Budget. General Governmental Misc Debt REVENUES: Grants / intergovernmental 19,159$ Investment Earnings 30,392 TOTAL REVENUES 49,551 EXPENDITURES: Principal 203,210 Interest 67,876 TOTAL EXPENDITURES 271,086 Transfers In - NET TRANSFERS - CHANGE IN FUND BALANCE (221,535) BEGINNING FUND BALANCE, Jan 1 5,262,665 ENDING FUND BALANCE, Mar 31 5,041,130$ Debt Service Reserve 2,711,725 AVAILABLE FUND BALANCE 2,329,405$ Monthly Financial Report City of Renton, Washington March 2023 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 95,819$ -$ 1,099,368$ -$ -$ -$ -$ -$ Licenses and permits - 14,244 - - - - - - Charges for services - - - - 15,786 64,974 - - Fines and penalties - - - - - - - 384 Investment Earnings 4,642 2,795 38,279 2,685 16,046 132 1,980 1,017 TOTAL REVENUES 100,461 17,039 1,137,647 6,696 31,832 65,106 64,990 1,401 EXPENDITURES: Personnel - - - 2,997 - - - - Supplies - 1,425 - - - - 448 - Contracted Services 31,752 8,663 - - - 40,716 14,090 4,544 TOTAL EXPENDITURES 31,752 10,088 - 2,997 - 40,716 14,538 4,544 - Transfers In - - - - - - - - Transfers Out - - - - - - - - NET TRANSFERS - - - - - - - - CHANGE IN FUND BALANCE 68,709 6,951 1,137,647 3,699 31,832 24,390 50,452 (3,143) BEGINNING FUND BALANCE, Jan 1 712,384 453,147 6,110,390 454,628 2,724,187 - 339,814 172,804 Prior Period Adjustment - - - - - - - - BEGINNING FUND BALANCE, Jan 1 - restated 712,384 453,147 6,110,390 454,628 2,724,187 - 339,814 172,804 ENDING FUND BALANCE, Mar 31 781,093$ 460,098$ 7,248,037$ 458,327$ 2,756,019$ 24,390$ 390,266$ 169,661$ CS Impact Mitigation Transportation Impact Mitigation REET 1 REET 2 Municipal Facilities CIP Capital Investment Family First Center REVENUES: Taxes -$ -$ 382,428$ 382,429$ -$ -$ -$ Grants / intergovernmental - - - - 198,042 3,354,655 20,000 Charges for services 48,337 162,456 - - - - - Fines and penalties - - - - - - - Contributions - - - - 1,000 200,000 - Sale of general fixed assets - - - - - - - Investment Earnings 9,448 41,278 18,531 35,991 147,034 85,039 15,489 TOTAL REVENUES 57,785 203,734 400,959 418,420 346,076 3,639,694 35,489 EXPENDITURES: Personnel - - - - 19,492 19,115 - Supplies - - - - - - - Contracted Services - - - - 68,578 19,203 - Capital Outlay - - - - 3,184,273 737,555 1,545,399 TOTAL EXPENDITURES - - - - 3,272,343 775,873 1,545,399 Transfers In - - - - - - - Transfers Out - - - - - - - NET TRANSFERS - - - - - - - CHANGE IN FUND BALANCE 57,785 203,734 400,959 418,420 (2,926,267) 2,863,821 (1,509,910) BEGINNING FUND BALANCE, Jan 1 1,595,389 6,964,011 3,049,711 6,019,961 24,671,384 12,561,975 2,795,295 Prior Period Adjustment - - - - - - - BEGINNING FUND BALANCE, Jan 1 - restated 1,595,389 6,964,011 3,049,711 6,019,961 24,671,384 12,561,975 2,795,295 ENDING FUND BALANCE, Mar 31 1,653,174$ 7,167,745$ 3,450,670$ 6,438,381$ 21,745,117$ 15,425,796$ 1,285,385$ Monthly Financial Report City of Renton, Washington March 2023 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 -$ -$ -$ -$ 10,500$ -$ 9,375$ Grants / intergovernmental 29,954 - - - - - 1,004,890 - - 18,973 - - - - Charges for services 848,396 6,102,084 437,912 3,941,433 2,979,285 4,999,452 3,207,485 Fines and penalties - - - - - - - Rents, leases, and misc fees 19,137 - 89,155 106,141 - - - Interest and other misc 53,640 19,461 11,638 301,588 196,779 36,684 623,856 TOTAL REVENUES 951,127 6,121,545 557,678 4,349,162 3,186,564 5,036,136 4,845,606 EXPENSES: Personnel 282,708 116,423 402,527 1,179,087 592,421 - 957,674 Supplies 20,627 4,431 87,005 225,127 47,991 - 32,208 Contracted Services 90,163 4,898,870 41,092 675,640 565,344 5,043,453 295,315 Internal Services 111,424 131,754 117,083 733,827 499,797 - 747,430 TOTAL OPERATING EXPENSES 504,922 5,151,478 647,707 2,813,681 1,705,553 5,043,453 2,032,627 CAPITAL, AND TRANSFERS 446,205 970,067 (90,029) 1,535,481 1,481,011 (7,317) 2,812,979 DEBT SERVICE: Principal - - 11,092 - - - - Interest - - 462 - - - - TOTAL DEBT SERVICE - - 11,554 - - - - CAPITAL OUTLAY 152,506 - - 999,613 202,640 - 300,171 Transfers In - - 38,750 - - - - Transfers Out - - (38,750) - - - - NET TRANSFERS - - - - - - - CHANGE IN FUND BALANCE 293,699 970,067 (101,583) 535,868 1,278,371 (7,317) 2,512,808 BEGINNING FUND BALANCE, Jan 1 8,925,689 3,951,191 1,609,927 48,208,077 22,850,871 6,237,142 28,314,756 ENDING FUND BALANCE, Mar 31 9,219,388$ 4,921,258$ 1,508,344$ 48,743,945$ 24,129,242$ 6,229,825$ 30,827,564$ Restricted for Debt Service 1,930,472 - - 1,394,051 661,227 - 754,868 Operating Reserve 237,749 400,000 718,815 1,494,850 887,217 380,000 1,131,139 AVAILABLE FUND BALANCE 7,051,167$ 4,521,258$ 789,529$ 45,855,044$ 22,580,798$ 5,849,825$ 28,941,557$ Monthly Financial Report City of Renton, Washington March 2023 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 -$ -$ 54,897$ -$ -$ -$ -$ Grants / intergovernmental - - - - - - - Charges for services: Equipment rental m&o 824,144 - 1,838,899 - - - - Print and mail - - - - 127,785 - - Communications - - - - 270,316 - - Facilities - - - 1,704,157 - - - IT service contracts - - - - - - - Interest and other misc 76,762 134,041 48,388 3,231 1,910 43,337 116,837 Internal service fund misc: Vehicle / equipment capital recovery 830,804 - - - - - - Insurance premiums - 721,044 - - - - - Worker's comp/unemployment - 419,836 - - - - - Benefit premiums - - - - - 3,291,116 456,250 Other misc 232 9,912 - 25,352 - 145,209 33,615 Disposal of capital assets - - - - - - - Insurance recoveries 28,630 170,998 - - - - - TOTAL REVENUES 1,760,572 1,455,831 1,942,184 1,732,740 400,011 3,479,662 606,702 EXPENSES: Personnel 290,050 340,431 848,986 870,466 230,261 2,703,733 303,441 Supplies 391,474 - 77,864 291,331 13,760 1,375 - Contracted Services 77,495 789,142 791,357 333,645 69,477 139,931 14,186 Internal Services 32,841 - 1,634 68,272 1,174 29,084 - TOTAL OPERATING EXPENSES 791,860 1,129,573 1,719,841 1,563,714 314,672 2,874,123 317,627 AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 968,712 326,258 222,343 169,026 85,339 605,539 289,075 TOTAL DEBT SERVICE - - - - - - - CAPITAL OUTLAY 116,070 - 824,452 17,160 - - - Transfers In - - 15,539 - - - - Transfers Out - - - - - - - NET TRANSFERS - - 15,539 - - - - CHANGE IN FUND BALANCE 852,642 326,258 (586,570) 151,866 85,339 605,539 289,075 BEGINNING FUND BALANCE, Jan 1 13,277,635 23,221,020 9,021,343 937,922 428,724 6,935,644 19,928,792 ENDING FUND BALANCE, Mar 31 14,130,277$ 23,547,278$ 8,434,773$ 1,089,788$ 514,063$ 7,541,183$ 20,217,867$ Insurance Reserves - 18,100,000 - - - 4,561,072 20,217,867 Opearting Reserves 10,771,120 - 3,301,303 - - - - AVAILABLE FUND BALANCE 3,359,157$ 5,447,278$ 5,133,470$ 1,089,788$ 514,063$ 2,980,111$ -$ Monthly Financial Report City of Renton, Washington March 2023 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 -$ -$ Investment Earnings 48,213 - Collected for Others - 435,757 TOTAL REVENUES 48,213 435,757 EXPENDITURES: Distributions to Others 114,087 114,343 TOTAL EXPENDITURES 76,200 114,343 NET TRANSFERS - - CHANGE IN FUND BALANCE (27,987) 321,414 BEGINNING FUND BALANCE, Jan 1 8,733,791 - ENDING FUND BALANCE, Mar 31 8,705,804$ 321,414$ Monthly Financial Report City of Renton, Washington March 2023 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 March 31, 2023 Funds Balance 01/01/2022 Budgeted Revenue Revenue 03/31/23 Total Funds Available Budgeted Expenditure Expenditure 03/31/23 Ending Balance GENERAL FUND 83,605,978 131,681,538 29,194,618 112,800,596 137,261,989 28,376,669 84,423,927 SPECIAL REVENUE FUNDS:10,967,354 5,152,674 1,425,172 12,392,526 8,288,007 104,635 12,287,891 110 Hotel Motel 712,384 200,000 100,461 812,845 454,616 31,752 781,093 127 Cable Communication 453,147 57,674 17,039 470,186 161,586 10,088 460,098 130 Housing and Supportive Services 6,110,390 3,500,000 1,137,647 7,248,037 3,000,000 - 7,248,037 135 Springbrook Wetlands Bank 454,628 - 6,696 461,324 40,000 2,997 458,327 140 Police Seizure 339,814 - 64,990 404,804 339,814 14,538 390,266 141 Police CSAM Seizure 172,804 - 1,401 174,205 172,804 4,544 169,661 31X School District Impact Mitigation - 995,000 65,106 65,106 995,000 40,716 24,390 304 Fire Mitigation 2,724,187 400,000 31,832 2,756,019 3,124,187 - 2,756,019 DEBT SERVICE FUND 5,262,665 5,755,022 49,551 5,312,216 5,565,690 271,086 5,041,130 CAPITAL PROJECT FUNDS (CIP):57,657,726 63,915,506 5,102,157 62,759,883 105,824,795 5,593,615 57,166,268 303 Community Services Mitigation 1,595,389 86,500 57,785 1,653,174 950,000 - 1,653,174 305 Transportation Mitigation 6,964,011 1,780,000 203,734 7,167,745 5,785,897 - 7,167,745 308 REET1 3,049,711 2,300,000 400,959 3,450,670 2,500,000 - 3,450,670 309 REET2 6,019,961 2,300,000 418,420 6,438,381 3,403,625 - 6,438,381 316 Municipal Facilities CIP 24,671,384 11,617,871 346,076 25,017,460 36,191,473 3,272,343 21,745,117 317 Transportation CIP 12,561,975 42,494,135 3,639,694 16,201,669 54,259,973 775,873 15,425,796 346 New Family First Center Dvlpmnt 2,795,295 3,337,000 35,489 2,830,784 2,733,827 1,545,399 1,285,385 ENTERPRISE FUNDS:120,097,653 112,126,975 25,086,568 145,184,221 177,396,114 19,604,655 125,579,566 4X2 Airport Operating & CIP 8,925,689 4,531,000 951,127 9,876,816 9,531,180 657,428 9,219,388 403 Solid Waste Utility 3,951,191 25,533,751 6,121,545 10,072,736 25,975,969 5,151,478 4,921,258 4X4 Golf Operating & CIP 1,609,927 3,230,125 596,428 2,206,355 3,304,574 698,011 1,508,344 4X5 Water Operating & CIP 48,208,077 20,789,505 4,349,162 52,557,239 52,238,128 3,813,294 48,743,945 4X6 Waste Water Operating & CIP 22,850,871 12,064,965 3,186,564 26,037,435 25,445,102 1,908,193 24,129,242 416 King County Metro 6,237,142 19,358,929 5,036,136 11,273,278 20,173,811 5,043,453 6,229,825 4X7 Surface Water Operating & CIP 28,314,756 26,618,700 4,845,606 33,160,362 40,727,350 2,332,798 30,827,564 INTERNAL SERVICE FUNDS:73,751,080 50,375,743 11,393,241 85,144,321 55,206,020 9,669,092 75,475,229 501 Equipment Repair/Replacement 13,277,635 9,760,394 1,760,572 15,038,207 9,250,890 907,930 14,130,277 502 Insurance 23,221,020 4,997,328 1,455,831 24,676,851 6,925,014 1,129,573 23,547,278 503 Information Services 9,021,343 8,804,266 1,957,723 10,979,066 13,697,399 2,544,293 8,434,773 504 Facilities 937,922 7,062,137 1,732,740 2,670,662 7,100,672 1,580,874 1,089,788 505 Communications 428,724 1,593,402 400,011 828,735 1,665,050 314,672 514,063 512 Insurance, Healthcare 6,935,644 16,123,216 3,479,662 10,415,306 15,197,161 2,874,123 7,541,183 522 Insurance, Leoff1 Retirees HC 19,928,792 2,035,000 606,702 20,535,494 1,369,834 317,627 20,217,867 FIDUCIARY FUNDS:8,733,791 400,000 483,970 9,217,761 253,475 190,543 9,027,218 611 Firemens' Pension 8,733,791 400,000 48,213 8,782,004 253,475 76,200 8,705,804 630 Custodial Fund - - 435,757 435,757 - 114,343 321,414 TOTAL FUNDS 360,076,247 369,407,458 72,735,277 432,811,524 489,796,090 63,810,295 369,001,229