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HomeMy WebLinkAbout05 2023Page 1 of 7 OVERVIEW This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through May 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 49,308,832$ Licenses and permits 3,492,886 Grants / intergovernmental 2,000,701 Charges for services 3,560,870 Fines and penalties 1,676,461 Miscellaneous 857,942 Sale of general fixed assets - Investment Earnings 1,080,054 Insurance recoveries 17,423 TOTAL REVENUES 61,995,169 EXPENDITURES: Personnel 29,550,762 Supplies 948,130 Contracted Services 8,669,738 Principal - Capital Outlay 84,609 Internal Services 5,122,735 TOTAL EXPENDITURES 44,375,974 Transfers In 33,750 Transfers Out (49,289) NET TRANSFERS (15,539) CHANGE IN FUND BALANCE 17,603,656 BEGINNING FUND BALANCE, Jan 1 83,605,978 Prior Period Adjustment 14,796 BEGINNING FUND BALANCE, Jan 1 - restated 83,620,774 ENDING FUND BALANCE, May 31 101,224,430$ ECONOMIC DEVELOPMENT RESERVE 2,500,000 OPERATING RESERVES 10,980,959 AVAILABLE FUND BALANCE, May 31 87,743,471$ Monthly Financial Report May 2023 Monthly Financial Report City of Renton, Washington May 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 38,319$ Investment Earnings 57,605 TOTAL REVENUES 95,924 EXPENDITURES: Principal 2,533,188 Interest 82,957 TOTAL EXPENDITURES 2,616,145 Transfers In 2,595,376 NET TRANSFERS 2,595,376 CHANGE IN FUND BALANCE 75,155 BEGINNING FUND BALANCE, Jan 1 5,262,665 ENDING FUND BALANCE, May 31 5,337,820$ Debt Service Reserve 2,711,725 AVAILABLE FUND BALANCE 2,626,095$ Monthly Financial Report City of Renton, Washington May 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 174,454$ -$ 1,792,705$ -$ -$ -$ -$ -$ Licenses and permits - 27,949 - - - - - - Charges for services - - - - 27,756 115,999 - - Fines and penalties - - - - - - - 491 Investment Earnings 8,959 5,223 78,335 5,157 30,951 290 4,103 1,933 TOTAL REVENUES 183,413 33,172 1,871,040 257,020 58,707 116,289 67,113 2,424 EXPENDITURES: Personnel - - - 5,814 - - - - Supplies - 40,346 - - - - 448 - Contracted Services 43,581 40,485 6,190 - 177,789 116,195 20,625 4,544 TOTAL EXPENDITURES 43,581 80,831 6,190 5,814 177,789 116,195 21,073 4,544 - Transfers In - - - - - - - - Transfers Out - - - - (2,595,376) - - - NET TRANSFERS - - - - (2,595,376) - - - CHANGE IN FUND BALANCE 139,832 (47,659) 1,864,850 251,206 (2,714,458) 94 46,040 (2,120) 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, May 31 852,216$ 405,488$ 7,975,240$ 705,834$ 9,729$ 94$ 385,854$ 170,684$ CS Impact Mitigation Transportation Impact Mitigation REET 1 REET 2 Municipal Facilities CIP Capital Investment Family First Center REVENUES: Taxes -$ -$ 697,926$ 697,926$ -$ -$ -$ Grants / intergovernmental - - - - 1,581,183 3,494,421 2,796,484 Charges for services 71,272 487,600 - - 21,246 - - Contributions - - - - - 200,000 203,516 Investment Earnings 18,409 80,278 38,026 71,612 258,509 168,369 22,081 TOTAL REVENUES 89,681 567,878 735,952 769,538 1,860,938 3,862,790 3,022,081 EXPENDITURES: Personnel - - - - 25,067 22,010 - Supplies - - - - - 28,455 - Contracted Services - - - - 131,030 53,743 - Capital Outlay - - - - 8,340,848 2,183,597 1,972,058 TOTAL EXPENDITURES - - - - 8,496,945 2,287,805 1,972,058 Transfers In - - - - - - - Transfers Out - - - - - - - NET TRANSFERS - - - - - - - CHANGE IN FUND BALANCE 89,681 567,878 735,952 769,538 (6,636,007) 1,574,985 1,050,023 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, May 31 1,685,070$ 7,531,889$ 3,785,663$ 6,789,499$ 18,035,377$ 14,136,960$ 3,845,318$ Monthly Financial Report City of Renton, Washington May 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 2023-2024 Adopted Budget. Airport Solid Waste Utility Golf Course Water Utility Wastewater Utility Metro Surface Water Utility REVENUES: Licenses and permits -$ -$ -$ -$ 27,375$ -$ 15,000$ Grants / intergovernmental 29,954 165,834 - 38,125 - - 1,199,369 Charges for services 2,816,556 7,410,916 1,092,576 6,559,928 4,960,134 8,319,272 5,710,136 Rents, leases, and misc fees 19,137 - 197,067 138,738 - - - Interest and other misc 103,295 45,740 21,972 918,294 530,366 70,070 1,117,239 TOTAL REVENUES 2,968,942 7,622,490 1,311,615 7,655,085 5,517,875 8,389,342 8,041,744 EXPENSES: Personnel 465,783 224,148 709,972 1,966,135 1,001,662 - 1,613,869 Supplies 32,023 8,769 194,917 365,097 67,806 - 64,000 Contracted Services 165,393 9,113,369 56,641 1,145,523 983,497 8,434,211 548,989 Internal Services 111,424 131,754 117,083 733,827 499,797 - 747,430 TOTAL OPERATING EXPENSES 774,623 9,478,040 1,078,613 4,210,582 2,552,762 8,434,211 2,974,288 CAPITAL, AND TRANSFERS 2,194,319 (1,855,550) 233,002 3,444,503 2,965,113 (44,869) 5,067,456 DEBT SERVICE: Principal - - 14,796 - - - - Interest - - 610 - - - - TOTAL DEBT SERVICE - - 15,406 - - - - CAPITAL OUTLAY 153,733 - 16,462 1,918,048 400,328 - 556,849 Transfers In - - 38,750 - - - - Transfers Out - - (38,750) (861) - - - NET TRANSFERS - - - (861) - - - CHANGE IN FUND BALANCE 2,040,586 (1,855,550) 201,134 1,525,594 2,564,785 (44,869) 4,510,607 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, May 31 10,966,275$ 2,095,641$ 1,811,061$ 49,733,671$ 25,415,656$ 6,192,273$ 32,825,363$ Restricted for Debt Service 1,930,472 - - 1,394,051 661,227 - 754,868 Operating Reserve 242,677 400,000 718,815 1,723,303 975,361 380,000 1,245,213 AVAILABLE FUND BALANCE 8,793,126$ 1,695,641$ 1,092,246$ 46,616,317$ 23,779,068$ 5,812,273$ 30,825,282$ Monthly Financial Report City of Renton, Washington May 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 -$ -$ 103,612$ -$ -$ -$ -$ Charges for services: Equipment rental m&o 855,616 - 1,838,899 - - - - Print and mail - - - - 127,785 - - Communications - - - - 270,316 - - Facilities - - - 1,704,157 - - - Interest and other misc 151,150 260,730 92,141 8,051 4,358 84,980 225,786 Internal service fund misc: Vehicle / equipment capital recovery 830,804 - - - - - - Insurance premiums - 721,044 - - - - - Worker's comp/unemployment - 709,008 - - - - - Benefit premiums - - - - - 5,513,267 456,250 Other misc 549 9,912 11,454 43,569 - 265,266 87,092 Insurance recoveries 28,630 176,736 - - - - - TOTAL REVENUES 1,866,749 1,877,430 2,046,106 1,755,777 402,459 5,863,513 769,128 EXPENSES: Personnel 482,200 591,906 1,394,576 1,474,843 393,121 4,978,356 522,336 Supplies 698,980 - 131,186 473,371 21,369 1,650 - Contracted Services 152,521 1,096,582 1,323,130 646,447 141,111 207,787 30,266 Internal Services 32,841 - 1,634 68,272 1,174 29,084 - TOTAL OPERATING EXPENSES 1,366,542 1,688,488 2,850,526 2,662,933 556,775 5,216,877 552,602 AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 500,207 188,942 (804,420) (907,156) (154,316) 646,636 216,526 TOTAL DEBT SERVICE - - - - - - - CAPITAL OUTLAY 1,119,680 - 938,658 17,160 - - - Transfers In - - 16,400 - - - - Transfers Out - - - - - - - NET TRANSFERS - - 16,400 - - - - CHANGE IN FUND BALANCE (619,473) 188,942 (1,726,678) (924,316) (154,316) 646,636 216,526 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, May 31 12,658,162$ 23,409,962$ 7,294,665$ 13,606$ 274,408$ 7,582,280$ 20,145,318$ Insurance Reserves - 16,747,439 - - - 4,559,148 20,145,318 Opearting Reserves 13,787,139 - 2,326,091 - - - - AVAILABLE FUND BALANCE (1,128,977)$ 6,662,523$ 4,968,574$ 13,606$ 274,408$ 3,023,132$ -$ Monthly Financial Report City of Renton, Washington May 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 199,566$ -$ Investment Earnings 92,408 - Collected for Others - 1,082,597 TOTAL REVENUES 291,974 1,082,597 EXPENDITURES: Distributions to Others 146,511 496,928 TOTAL EXPENDITURES 108,624 496,928 NET TRANSFERS - - CHANGE IN FUND BALANCE 183,350 585,669 BEGINNING FUND BALANCE, Jan 1 8,733,791 - ENDING FUND BALANCE, May 31 8,917,141$ 585,669$ Monthly Financial Report City of Renton, Washington May 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 May 31, 2023 Funds Balance 01/01/2022 Budgeted Revenue Revenue 05/31/23 Total Funds Available Budgeted Expenditure Expenditure 05/31/23 Ending Balance GENERAL FUND 83,605,978 131,681,538 62,043,715 145,649,693 137,261,989 44,425,263 101,224,430 SPECIAL REVENUE FUNDS:10,967,354 5,152,674 2,589,178 13,556,532 8,288,007 3,051,393 10,505,139 110 Hotel Motel 712,384 200,000 183,413 895,797 454,616 43,581 852,216 127 Cable Communication 453,147 57,674 33,172 486,319 161,586 80,831 405,488 130 Housing and Supportive Services 6,110,390 3,500,000 1,871,040 7,981,430 3,000,000 6,190 7,975,240 135 Springbrook Wetlands Bank 454,628 - 257,020 711,648 40,000 5,814 705,834 140 Police Seizure 339,814 - 67,113 406,927 339,814 21,073 385,854 141 Police CSAM Seizure 172,804 - 2,424 175,228 172,804 4,544 170,684 31X School District Impact Mitigation - 995,000 116,289 116,289 995,000 116,195 94 304 Fire Mitigation 2,724,187 400,000 58,707 2,782,894 3,124,187 2,773,165 9,729 DEBT SERVICE FUND 5,262,665 5,755,022 2,691,300 7,953,965 5,565,690 2,616,145 5,337,820 CAPITAL PROJECT FUNDS (CIP):57,657,726 63,915,506 10,908,858 68,566,584 105,824,795 12,756,808 55,809,776 303 Community Services Mitigation 1,595,389 86,500 89,681 1,685,070 950,000 - 1,685,070 305 Transportation Mitigation 6,964,011 1,780,000 567,878 7,531,889 5,785,897 - 7,531,889 308 REET1 3,049,711 2,300,000 735,952 3,785,663 2,500,000 - 3,785,663 309 REET2 6,019,961 2,300,000 769,538 6,789,499 3,403,625 - 6,789,499 316 Municipal Facilities CIP 24,671,384 11,617,871 1,860,938 26,532,322 36,191,473 8,496,945 18,035,377 317 Transportation CIP 12,561,975 42,494,135 3,862,790 16,424,765 54,259,973 2,287,805 14,136,960 346 New Family First Center Dvlpmnt 2,795,295 3,337,000 3,022,081 5,817,376 2,733,827 1,972,058 3,845,318 ENTERPRISE FUNDS:120,097,653 112,126,975 41,545,843 161,643,496 177,396,114 32,603,556 129,039,940 4X2 Airport Operating & CIP 8,925,689 4,531,000 2,968,942 11,894,631 9,531,180 928,356 10,966,275 403 Solid Waste Utility 3,951,191 25,533,751 7,622,490 11,573,681 25,975,969 9,478,040 2,095,641 4X4 Golf Operating & CIP 1,609,927 3,230,125 1,350,365 2,960,292 3,304,574 1,149,231 1,811,061 4X5 Water Operating & CIP 48,208,077 20,789,505 7,655,085 55,863,162 52,238,128 6,129,491 49,733,671 4X6 Waste Water Operating & CIP 22,850,871 12,064,965 5,517,875 28,368,746 25,445,102 2,953,090 25,415,656 416 King County Metro 6,237,142 19,358,929 8,389,342 14,626,484 20,173,811 8,434,211 6,192,273 4X7 Surface Water Operating & CIP 28,314,756 26,618,700 8,041,744 36,356,500 40,727,350 3,531,137 32,825,363 INTERNAL SERVICE FUNDS:73,751,080 50,375,743 14,597,562 88,348,642 55,206,020 16,970,241 71,378,401 501 Equipment Repair/Replacement 13,277,635 9,760,394 1,866,749 15,144,384 9,250,890 2,486,222 12,658,162 502 Insurance 23,221,020 4,997,328 1,877,430 25,098,450 6,925,014 1,688,488 23,409,962 503 Information Services 9,021,343 8,804,266 2,062,506 11,083,849 13,697,399 3,789,184 7,294,665 504 Facilities 937,922 7,062,137 1,755,777 2,693,699 7,100,672 2,680,093 13,606 505 Communications 428,724 1,593,402 402,459 831,183 1,665,050 556,775 274,408 512 Insurance, Healthcare 6,935,644 16,123,216 5,863,513 12,799,157 15,197,161 5,216,877 7,582,280 522 Insurance, Leoff1 Retirees HC 19,928,792 2,035,000 769,128 20,697,920 1,369,834 552,602 20,145,318 FIDUCIARY FUNDS:8,733,791 400,000 1,374,571 10,108,362 253,475 605,552 9,502,810 611 Firemens' Pension 8,733,791 400,000 291,974 9,025,765 253,475 108,624 8,917,141 630 Custodial Fund - - 1,082,597 1,082,597 - 496,928 585,669 TOTAL FUNDS 360,076,247 369,407,458 135,751,027 495,827,274 489,796,090 113,028,958 382,798,316