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Home My WebLink About08 2023Page 1 of 7 OVERVIEW This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through August 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 74,526,420$ Licenses and permits 4,735,609 Grants / intergovernmental 3,519,869 Charges for services 7,071,200 Fines and penalties 2,592,608 Miscellaneous 1,509,885 Investment Earnings 2,023,501 Insurance recoveries 17,423 TOTAL REVENUES 95,996,515 EXPENDITURES: Personnel 48,496,757 Supplies 1,598,871 Contracted Services 14,266,748 Capital Outlay 136,973 Internal Services 10,245,367 TOTAL EXPENDITURES 74,744,716 Transfers In - Transfers Out (21,100) NET TRANSFERS (21,100) CHANGE IN FUND BALANCE 21,230,699 BEGINNING FUND BALANCE, Jan 1 83,605,978 Prior Period Adjustment 29,640 BEGINNING FUND BALANCE, Jan 1 - restated 83,635,618 ENDING FUND BALANCE, Aug 31 104,866,317$ ECONOMIC DEVELOPMENT RESERVE 2,500,000 OPERATING RESERVES 13,585,276 AVAILABLE FUND BALANCE, Aug 31 88,781,041$ Monthly Financial Report August 2023 Monthly Financial Report City of Renton, Washington August 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 97,512 TOTAL REVENUES 135,831 EXPENDITURES: Principal 2,748,188 Interest 606,114 TOTAL EXPENDITURES 3,354,302 Transfers In 2,595,376 NET TRANSFERS 2,595,376 CHANGE IN FUND BALANCE (623,095) BEGINNING FUND BALANCE, Jan 1 5,262,665 ENDING FUND BALANCE, Aug 31 4,639,570$ Debt Service Reserve 2,711,725 AVAILABLE FUND BALANCE 1,927,845$ Monthly Financial Report City of Renton, Washington August 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 331,506$ -$ 2,905,283$ -$ -$ -$ -$ -$ Licenses and permits - 41,047 - - - - - - Grants / intergovernmental - - - 4,011 - - - - Charges for services - - - - 35,224 167,596 - - Fines and penalties - - - - - - - 491 Contributions - - - - - - 106,159 - Investment Earnings 16,200 8,620 148,186 10,959 30,951 338 7,406 3,341 Sale of Fixed Assets - - - 247,852 - - - - TOTAL REVENUES 347,706 49,667 3,053,469 262,822 66,175 167,934 113,565 3,832 EXPENDITURES: Personnel - - - 6,281 - - - - Supplies - 46,230 - - - - 31,566 - Contracted Services 112,343 77,699 32,000 4,132 190,008 122,127 35,106 4,588 TOTAL EXPENDITURES 112,343 123,929 32,000 10,413 190,008 122,127 66,672 4,588 - Transfers In - - - - - - - - Transfers Out - - - - (2,595,376) - - - NET TRANSFERS - - - - (2,595,376) - - - CHANGE IN FUND BALANCE 235,363 (74,262) 3,021,469 252,409 (2,719,209) 45,807 46,893 (756) 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, Aug 31 947,747$ 378,885$ 9,131,859$ 707,037$ 4,978$ 45,807$ 386,707$ 172,048$ CS Impact Mitigation Transportation Impact Mitigation REET 1 REET 2 Municipal Facilities CIP Capital Investment Family First Center REVENUES: Taxes -$ -$ 1,607,456$ 1,607,456$ -$ -$ -$ Grants / intergovernmental - - - - 2,281,181 6,066,573 20,000 Charges for services 100,760 511,152 - - 21,245 100,087 - Contributions - - - - 3,055 211,490 3,027,479 Investment Earnings 32,412 142,846 72,244 130,611 392,014 267,981 52,003 TOTAL REVENUES 133,172 653,998 1,679,700 1,738,067 2,697,495 6,646,131 3,099,482 EXPENDITURES: Personnel - - - - 34,191 46,334 - Supplies - - - - - 51,938 - Contracted Services - - - - 722,647 95,115 4,089 Capital Outlay - - - - 12,042,481 9,113,036 2,580,585 TOTAL EXPENDITURES - - - - 12,799,319 9,306,423 2,584,674 Transfers In - - - - - - - Transfers Out - - - - (100,000) - - NET TRANSFERS - - - - (100,000) - - CHANGE IN FUND BALANCE 133,172 653,998 1,679,700 1,738,067 (10,201,824) (2,660,292) 514,808 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, Aug 31 1,728,561$ 7,618,009$ 4,729,411$ 7,758,028$ 14,469,560$ 9,901,683$ 3,310,103$ Monthly Financial Report City of Renton, Washington August 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 -$ -$ -$ -$ 42,650$ -$ 17,250$ Grants / intergovernmental 149,837 165,834 - 846,705 - - 1,475,185 Charges for services 4,113,115 13,633,751 2,192,098 12,362,161 8,060,477 13,561,647 9,112,755 Rents, leases, and misc fees - - 419,470 198,025 - - - Interest and other misc 194,060 74,010 40,476 1,421,442 883,104 121,694 1,516,822 TOTAL REVENUES 4,457,012 13,873,595 2,652,044 14,828,333 8,986,231 13,683,341 12,122,012 EXPENSES: Personnel 746,729 380,601 1,200,973 3,099,491 1,625,411 - 2,603,912 Supplies 52,657 30,014 309,880 717,489 106,924 - 85,502 Contracted Services 348,002 14,509,736 119,946 2,164,646 1,609,376 13,519,855 1,072,340 Internal Services 222,848 263,508 234,167 1,470,285 999,594 - 1,494,860 TOTAL OPERATING EXPENSES 1,370,236 15,183,859 1,864,966 7,451,911 4,341,305 13,519,855 5,256,614 CAPITAL, AND TRANSFERS 3,086,776 (1,310,264) 787,078 7,376,422 4,644,926 163,486 6,865,398 DEBT SERVICE: Principal - - 29,640 272,647 - - - Interest - - 1,171 83,686 36,645 - 45,222 TOTAL DEBT SERVICE - - 30,811 356,333 36,645 - 45,222 CAPITAL OUTLAY 855,241 - 326,882 3,327,949 1,074,720 - 1,066,614 Transfers In - - 77,500 - - - - Transfers Out - - (77,500) (861) - - - NET TRANSFERS - - - (861) - - - CHANGE IN FUND BALANCE 2,231,535 (1,310,264) 429,385 3,691,279 3,533,561 163,486 5,753,562 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, Aug 31 11,157,224$ 2,640,927$ 2,039,312$ 51,899,356$ 26,384,432$ 6,400,628$ 34,068,318$ Restricted for Debt Service - - - 1,394,051 661,227 - 754,868 Operating Reserve 244,162 400,000 787,490 1,706,759 975,361 380,000 1,245,213 AVAILABLE FUND BALANCE 10,913,062$ 2,240,927$ 1,251,822$ 48,798,546$ 24,747,844$ 6,020,628$ 32,068,237$ Monthly Financial Report City of Renton, Washington August 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 -$ -$ 147,266$ -$ -$ -$ -$ Equipment rental m&o 1,692,364 - 3,677,798 - - - - Print and mail - - - - 255,569 - - Communications - - - - 540,581 - - Facilities - - - 3,408,314 - - - Interest and other misc 257,267 450,566 153,645 10,142 7,399 151,375 393,333 Internal service fund misc: Vehicle / equipment capital recovery 1,661,609 - - - - - - Insurance premiums - 1,442,089 - - - - - Worker's comp/unemployment - 1,187,897 - - - - - Benefit premiums - - - - - 8,830,671 912,500 Other misc 859 9,912 11,454 65,196 - 402,830 137,192 Insurance recoveries 41,231 197,718 - - - 2,141 - TOTAL REVENUES 3,653,330 3,288,182 3,990,163 3,483,652 803,549 9,387,017 1,443,025 EXPENSES: Personnel 758,646 962,150 2,188,744 2,420,636 636,047 7,960,051 863,727 Supplies 1,131,141 - 263,974 620,479 32,132 2,640 - Contracted Services 251,320 2,557,745 2,489,683 1,316,295 201,358 329,592 48,360 Internal Services 65,682 - 3,269 136,543 2,348 51,876 - TOTAL OPERATING EXPENSES 2,206,789 3,519,895 4,945,670 4,493,953 871,885 8,344,159 912,087 AMOUNT AVAILABLE FOR DEBT SERVICE, CAPITAL, AND TRANSFERS 1,446,541 (231,713) (955,507) (1,010,301) (68,336) 1,042,858 530,938 TOTAL DEBT SERVICE - - - - - - - CAPITAL OUTLAY 1,967,070 - 965,270 27,003 - - - Transfers In - - 76,327 100,000 - - - Transfers Out - (54,366) - - - - - NET TRANSFERS - (54,366) 76,327 100,000 - - - CHANGE IN FUND BALANCE (520,529) (286,079) (1,844,450) (937,304) (68,336) 1,042,858 530,938 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, Aug 31 12,757,106$ 22,934,941$ 7,176,893$ 618$ 360,388$ 7,978,502$ 20,459,730$ Insurance Reserves - 16,897,915 - - - 4,559,148 20,459,730 Opearting Reserves 12,757,106 - 2,326,091 - - - - AVAILABLE FUND BALANCE -$ 6,037,026$ 4,850,802$ 618$ 360,388$ 3,419,354$ -$ Monthly Financial Report City of Renton, Washington August 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 161,501 - Collected for Others - 1,582,495 TOTAL REVENUES 361,067 1,582,495 EXPENDITURES: Distributions to Others 167,718 1,168,637 TOTAL EXPENDITURES 167,718 1,168,637 NET TRANSFERS - - CHANGE IN FUND BALANCE 193,349 413,858 BEGINNING FUND BALANCE, Jan 1 8,733,791 - ENDING FUND BALANCE, Aug 31 8,927,140$ 413,858$ Monthly Financial Report City of Renton, Washington August 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 August 31, 2023 Funds Balance 01/01/2022 Budgeted Revenue Revenue 08/31/23 Total Funds Available Budgeted Expenditure Expenditure 08/31/23 Ending Balance GENERAL FUND 83,605,978 133,148,027 96,026,155 179,632,133 138,565,955 74,765,816 104,866,317 SPECIAL REVENUE FUNDS:10,967,354 5,152,674 4,065,170 15,032,524 5,642,007 3,257,456 11,775,068 110 Hotel Motel 712,384 200,000 347,706 1,060,090 454,616 112,343 947,747 127 Cable Communication 453,147 57,674 49,667 502,814 255,586 123,929 378,885 130 Housing and Supportive Services 6,110,390 3,500,000 3,053,469 9,163,859 260,000 32,000 9,131,859 135 Springbrook Wetlands Bank 454,628 - 262,822 717,450 40,000 10,413 707,037 140 Police Seizure 339,814 - 113,565 453,379 339,814 66,672 386,707 141 Police CSAM Seizure 172,804 - 3,832 176,636 172,804 4,588 172,048 31X School District Impact Mitigation - 995,000 167,934 167,934 995,000 122,127 45,807 304 Fire Mitigation 2,724,187 400,000 66,175 2,790,362 3,124,187 2,785,384 4,978 DEBT SERVICE FUND 5,262,665 5,755,022 2,731,207 7,993,872 5,565,690 3,354,302 4,639,570 CAPITAL PROJECT FUNDS (CIP):57,657,726 63,242,649 16,648,045 74,305,771 107,866,332 24,790,416 49,515,355 303 Community Services Mitigation 1,595,389 86,500 133,172 1,728,561 1,090,000 - 1,728,561 305 Transportation Mitigation 6,964,011 1,780,000 653,998 7,618,009 5,817,897 - 7,618,009 308 REET1 3,049,711 2,300,000 1,679,700 4,729,411 3,500,000 - 4,729,411 309 REET2 6,019,961 2,300,000 1,738,067 7,758,028 5,403,625 - 7,758,028 316 Municipal Facilities CIP 24,671,384 10,441,251 2,697,495 27,368,879 35,030,341 12,899,319 14,469,560 317 Transportation CIP 12,561,975 41,712,746 6,646,131 19,208,106 53,190,642 9,306,423 9,901,683 346 New Family First Center Dvlpmnt 2,795,295 4,622,152 3,099,482 5,894,777 3,833,827 2,584,674 3,310,103 ENTERPRISE FUNDS:120,097,653 113,328,675 70,680,068 190,777,721 179,033,479 56,187,524 134,590,197 4X2 Airport Operating & CIP 8,925,689 4,531,000 4,457,012 13,382,701 9,546,030 2,225,477 11,157,224 403 Solid Waste Utility 3,951,191 25,533,751 13,873,595 17,824,786 25,980,244 15,183,859 2,640,927 4X4 Golf Operating & CIP 1,609,927 3,504,825 2,729,544 4,339,471 3,853,974 2,300,159 2,039,312 4X5 Water Operating & CIP 48,208,077 20,789,505 14,828,333 63,036,410 52,379,968 11,137,054 51,899,356 4X6 Waste Water Operating & CIP 22,850,871 12,064,965 8,986,231 31,837,102 25,445,102 5,452,670 26,384,432 416 King County Metro 6,237,142 19,358,929 13,683,341 19,920,483 20,173,811 13,519,855 6,400,628 4X7 Surface Water Operating & CIP 28,314,756 27,545,700 12,122,012 40,436,768 41,654,350 6,368,450 34,068,318 INTERNAL SERVICE FUNDS:73,751,080 50,607,131 26,225,245 99,976,325 56,678,469 28,308,147 71,668,178 501 Equipment Repair/Replacement 13,277,635 9,885,963 3,653,330 16,930,965 9,812,590 4,173,859 12,757,106 502 Insurance 23,221,020 4,997,328 3,288,182 26,509,202 7,358,743 3,574,261 22,934,941 503 Information Services 9,021,343 8,830,085 4,066,490 13,087,833 13,962,728 5,910,940 7,176,893 504 Facilities 937,922 7,142,137 3,583,652 4,521,574 7,265,712 4,520,956 618 505 Communications 428,724 1,593,402 803,549 1,232,273 1,711,701 871,885 360,388 512 Insurance, Healthcare 6,935,644 16,123,216 9,387,017 16,322,661 15,197,161 8,344,159 7,978,502 522 Insurance, Leoff1 Retirees HC 19,928,792 2,035,000 1,443,025 21,371,817 1,369,834 912,087 20,459,730 FIDUCIARY FUNDS:8,733,791 400,000 1,943,562 10,677,353 253,475 1,336,355 9,340,998 611 Firemens' Pension 8,733,791 400,000 361,067 9,094,858 253,475 167,718 8,927,140 630 Custodial Fund - - 1,582,495 1,582,495 - 1,168,637 413,858 TOTAL FUNDS 360,076,247 371,634,178 218,319,452 578,395,699 493,605,407 192,000,016 386,395,683