HomeMy WebLinkAbout02 2023Page 1 of 7
OVERVIEW
This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through February 28,
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 13,968,757$
Licenses and permits 1,766,249
Grants / intergovernmental 732,872
Charges for services 980,182
Fines and penalties 612,194
Miscellaneous 565,701
Sale of general fixed assets -
Investment Earnings 339,894
Insurance recoveries -
TOTAL REVENUES 18,965,849
EXPENDITURES:
Personnel 11,504,108
Supplies 235,470
Contracted Services 2,980,904
Principal -
Capital Outlay -
Internal Services 50
TOTAL EXPENDITURES 14,720,532
Transfers In -
Transfers Out (8,677)
NET TRANSFERS (8,677)
CHANGE IN FUND BALANCE 4,236,640
BEGINNING FUND BALANCE, Jan 1 83,605,978
Prior Period Adjustment 7,392
BEGINNING FUND BALANCE, Jan 1 - restated 83,613,370
ENDING FUND BALANCE, Feb 28 87,850,010$
ECONOMIC DEVELOPMENT RESERVE 2,500,000
OPERATING RESERVES 10,300,000
AVAILABLE FUND BALANCE, Feb 28 75,050,010$
Monthly Financial Report February 2023
Monthly Financial Report City of Renton, Washington February 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 19,297
TOTAL REVENUES 38,456
EXPENDITURES:
Principal 203,210
Interest 67,876
TOTAL EXPENDITURES 271,086
Transfers In -
NET TRANSFERS -
CHANGE IN FUND BALANCE (232,630)
BEGINNING FUND BALANCE, Jan 1 5,262,665
ENDING FUND BALANCE, Feb 28 5,030,035$
Debt Service Reserve 2,711,725
AVAILABLE FUND BALANCE 2,318,310$
Monthly Financial Report City of Renton, Washington February 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 62,618$ -$ 775,914$ -$ -$ -$ -$ -$
Licenses and permits - 14,243 - - - - - -
Charges for services - - - - 9,573 40,667 - -
Fines and penalties - - - - - - - 288
Investment Earnings 2,927 1,749 23,092 1,674 9,995 75 1,245 634
TOTAL REVENUES 65,545 15,992 799,006 5,685 19,568 40,742 1,245 922
EXPENDITURES:
Personnel - - - 1,836 - - - -
Supplies - 1,425 - - - - - -
Contracted Services 399 6,380 26,270 - - 14,837 7,756 4,544
TOTAL EXPENDITURES 399 7,805 26,270 1,836 - 14,837 7,756 4,544
-
Transfers In - - - - - - - -
Transfers Out - - - - - - - -
NET TRANSFERS - - - - - - - -
CHANGE IN FUND BALANCE 65,146 8,187 772,736 3,849 19,568 25,905 (6,511) (3,622)
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, Feb 28 777,530$ 461,334$ 6,883,126$ 458,477$ 2,743,755$ 25,905$ 333,303$ 169,182$
CS Impact
Mitigation
Transportation
Impact
Mitigation REET 1 REET 2
Municipal
Facilities CIP
Capital
Investment
Family First
Center
REVENUES:
Taxes -$ -$ 202,142$ 202,142$ -$ -$ -$
Grants / intergovernmental - - - - - 2,841,450 20,000
Charges for services 28,872 108,047 - - - - -
Fines and penalties - - - - - - -
Contributions - - - - - - -
Sale of general fixed assets - - - - - - -
Investment Earnings 5,857 25,632 11,339 22,226 94,520 51,613 11,625
TOTAL REVENUES 34,729 133,679 213,481 224,368 94,520 2,893,063 31,625
EXPENDITURES:
Personnel - - - - 18,633 3,385 -
Supplies - - - - - - -
Contracted Services - - - - 46,984 7,886 -
Capital Outlay - - - - 957,127 441,921 1,070,313
TOTAL EXPENDITURES - - - - 1,022,744 453,192 1,070,313
Transfers In - - - - - - -
Transfers Out - - - - - - -
NET TRANSFERS - - - - - - -
CHANGE IN FUND BALANCE 34,729 133,679 213,481 224,368 (928,224) 2,439,871 (1,038,688)
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, Feb 28 1,630,118$ 7,097,690$ 3,263,192$ 6,244,329$ 23,743,160$ 15,001,846$ 1,756,607$
Monthly Financial Report City of Renton, Washington February 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 -$ -$ -$ -$ 6,375$ -$ 6,375$
Grants / intergovernmental - - - - - - -
- - 10,967 - - - -
Charges for services 557,258 1,326,952 250,792 2,696,453 2,000,146 3,345,133 2,211,082
Fines and penalties - - - - - - -
Rents, leases, and misc fees 19,137 - 61,729 46,579 - - -
Interest and other misc 32,893 13,441 7,264 183,933 116,821 22,914 280,186
TOTAL REVENUES 609,288 1,340,393 330,752 2,926,965 2,123,342 3,368,047 2,497,643
EXPENSES:
Personnel 189,618 72,380 263,672 787,612 391,489 - 640,184
Supplies 15,283 999 47,033 123,469 33,347 - 24,751
Contracted Services 47,459 2,488,813 653 440,019 349,132 3,362,302 170,301
Internal Services - - - - - - -
TOTAL OPERATING EXPENSES 252,360 2,562,192 311,358 1,351,100 773,968 3,362,302 835,236
CAPITAL, AND TRANSFERS 356,928 (1,221,799) 19,394 1,575,865 1,349,374 5,745 1,662,407
DEBT SERVICE:
Principal - - 7,392 - - - -
Interest - - 311 - - - -
TOTAL DEBT SERVICE - - 7,703 - - - -
CAPITAL OUTLAY - - - 129,675 67,048 - 126,056
Transfers In - - - - - - -
Transfers Out - - - - - - -
NET TRANSFERS - - - - - - -
CHANGE IN FUND BALANCE 356,928 (1,221,799) 11,691 1,446,190 1,282,326 5,745 1,536,351
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, Feb 28 9,282,617$ 2,729,392$ 1,621,618$ 49,654,267$ 24,133,197$ 6,242,887$ 29,851,107$
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 7,114,396$ 2,329,392$ 902,803$ 46,765,366$ 22,584,753$ 5,862,887$ 27,965,100$
Monthly Financial Report City of Renton, Washington February 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 -$ -$ 39,808$ -$ -$ -$ -$
Grants / intergovernmental - - - - - - -
Charges for services:
Equipment rental m&o 35,519 - - - - - -
Print and mail - - - - - - -
Communications - - - - - - -
Facilities - - - - - - -
IT service contracts - - - - - - -
Interest and other misc 48,485 84,128 32,391 3,149 1,424 26,027 72,966
Internal service fund misc:
Vehicle / equipment capital recovery - - - - - - -
Insurance premiums - - - - - - -
Worker's comp/unemployment - 276,645 - - - - -
Benefit premiums - - - - - 2,187,434 -
Other misc 161 9,912 - 15,763 - 144,940 33,249
Disposal of capital assets - - - - - - -
Insurance recoveries 2,477 38,126 - - - - -
TOTAL REVENUES 86,642 408,811 72,199 18,912 1,424 2,358,401 106,215
EXPENSES:
Personnel 192,902 243,434 569,519 576,517 148,830 1,681,854 172,444
Supplies 238,311 - 43,923 188,502 11,522 660 -
Contracted Services 42,084 771,195 465,842 211,195 52,412 97,544 10,425
Internal Services - - - - - - -
TOTAL OPERATING EXPENSES 473,297 1,014,629 1,079,284 976,214 212,764 1,780,058 182,869
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS (386,655) (605,818) (1,007,085) (957,302) (211,340) 578,343 (76,654)
TOTAL DEBT SERVICE - - - - - - -
CAPITAL OUTLAY 110,220 - 790,931 12,255 - - -
Transfers In - - 8,677 - - - -
Transfers Out - - - - - - -
NET TRANSFERS - - 8,677 - - - -
CHANGE IN FUND BALANCE (496,875) (605,818) (1,789,339) (969,557) (211,340) 578,343 (76,654)
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, Feb 28 12,780,760$ 22,615,202$ 7,232,004$ (31,635)$ 217,384$ 7,513,987$ 19,852,138$
Insurance Reserves - 18,100,000 - - - 4,561,072 19,852,138
Opearting Reserves 10,771,120 - 3,301,303 - - - -
AVAILABLE FUND BALANCE 2,009,640$ 4,515,202$ 3,930,701$ (31,635)$ 217,384$ 2,952,915$ -$
Monthly Financial Report City of Renton, Washington February 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 30,121 -
Collected for Others - 364,593
TOTAL REVENUES 30,121 364,593
EXPENDITURES:
Distributions to Others 89,241 416,638
TOTAL EXPENDITURES 51,354 416,638
NET TRANSFERS - -
CHANGE IN FUND BALANCE (21,233) (52,045)
BEGINNING FUND BALANCE, Jan 1 8,733,791 -
ENDING FUND BALANCE, Feb 28 8,712,558$ (52,045)$
Monthly Financial Report City of Renton, Washington February 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 February 28, 2023
Funds
Balance
01/01/2022
Budgeted
Revenue
Revenue
02/28/23
Total Funds
Available
Budgeted
Expenditure
Expenditure
02/28/23 Ending Balance
GENERAL FUND 83,605,978 125,712,830 18,973,241 102,579,219 128,494,420 14,729,209 87,850,010
SPECIAL REVENUE FUNDS:10,967,354 5,152,674 948,705 11,916,059 1,633,309 63,447 11,852,612
110 Hotel Motel 712,384 200,000 65,545 777,929 - 399 777,530
127 Cable Communication 453,147 57,674 15,992 469,139 97,674 7,805 461,334
130 Housing and Supportive Services 6,110,390 3,500,000 799,006 6,909,396 - 26,270 6,883,126
135 Springbrook Wetlands Bank 454,628 - 5,685 460,313 40,000 1,836 458,477
140 Police Seizure 339,814 - 1,245 341,059 - 7,756 333,303
141 Police CSAM Seizure 172,804 - 922 173,726 - 4,544 169,182
31X School District Impact Mitigation - 995,000 40,742 40,742 995,000 14,837 25,905
304 Fire Mitigation 2,724,187 400,000 19,568 2,743,755 500,635 - 2,743,755
DEBT SERVICE FUND 5,262,665 3,660,280 38,456 5,301,121 3,465,948 271,086 5,030,035
CAPITAL PROJECT FUNDS (CIP):57,657,726 10,818,500 3,625,465 61,283,191 8,555,625 2,546,249 58,736,942
303 Community Services Mitigation 1,595,389 86,500 34,729 1,630,118 50,000 - 1,630,118
305 Transportation Mitigation 6,964,011 1,780,000 133,679 7,097,690 750,000 - 7,097,690
308 REET1 3,049,711 2,300,000 213,481 3,263,192 - - 3,263,192
309 REET2 6,019,961 2,300,000 224,368 6,244,329 3,403,625 - 6,244,329
316 Municipal Facilities CIP 24,671,384 1,390,000 94,520 24,765,904 1,390,000 1,022,744 23,743,160
317 Transportation CIP 12,561,975 2,962,000 2,893,063 15,455,038 2,962,000 453,192 15,001,846
346 New Family First Center Dvlpmnt 2,795,295 - 31,625 2,826,920 - 1,070,313 1,756,607
ENTERPRISE FUNDS:120,097,653 95,268,427 13,196,430 133,294,083 96,376,491 9,778,998 123,515,085
4X2 Airport Operating & CIP 8,925,689 3,051,767 609,288 9,534,977 2,387,494 252,360 9,282,617
403 Solid Waste Utility 3,951,191 25,173,583 1,340,393 5,291,584 25,764,434 2,562,192 2,729,392
4X4 Golf Operating & CIP 1,609,927 3,230,125 330,752 1,940,679 2,956,476 319,061 1,621,618
4X5 Water Operating & CIP 48,208,077 19,317,468 2,926,965 51,135,042 17,876,995 1,480,775 49,654,267
4X6 Waste Water Operating & CIP 22,850,871 12,064,965 2,123,342 24,974,213 10,911,188 841,016 24,133,197
416 King County Metro 6,237,142 19,358,929 3,368,047 9,605,189 19,358,929 3,362,302 6,242,887
4X7 Surface Water Operating & CIP 28,314,756 13,071,590 2,497,643 30,812,399 17,120,975 961,292 29,851,107
INTERNAL SERVICE FUNDS:73,751,080 46,349,003 3,061,281 76,812,361 44,226,678 6,632,521 70,179,840
501 Equipment Repair/Replacement 13,277,635 6,738,394 86,642 13,364,277 5,296,129 583,517 12,780,760
502 Insurance 23,221,020 4,997,328 408,811 23,629,831 5,850,375 1,014,629 22,615,202
503 Information Services 9,021,343 8,480,026 80,876 9,102,219 8,088,332 1,870,215 7,232,004
504 Facilities 937,922 6,952,137 18,912 956,834 6,808,241 988,469 (31,635)
505 Communications 428,724 1,593,402 1,424 430,148 1,610,237 212,764 217,384
512 Insurance, Healthcare 6,935,644 15,702,716 2,358,401 9,294,045 15,203,573 1,780,058 7,513,987
522 Insurance, Leoff1 Retirees HC 19,928,792 1,885,000 106,215 20,035,007 1,369,791 182,869 19,852,138
FIDUCIARY FUNDS:8,733,791 400,000 394,714 9,128,505 253,475 467,992 8,660,513
611 Firemens' Pension 8,733,791 400,000 30,121 8,763,912 253,475 51,354 8,712,558
630 Custodial Fund - - 364,593 364,593 - 416,638 (52,045)
TOTAL FUNDS 360,076,247 287,361,714 40,238,292 400,314,539 283,005,946 34,489,502 365,825,037