TO: Committee of the Whole - Finance, Administration, and Communications
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
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Finance |
Kelley Cochran |
425-556-2748 |
TITLE:
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Monthly Financial Report through December 2020
OVERVIEW STATEMENT:
recommendation
Review the Monthly Financial Report from January 1, 2019 through December 31, 2020 along with the quarterly Overtime Report. Please note these numbers are not final as the City is continuing to go through its year-end closing procedures.
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☒ Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
☒ Receive Information ☐ Provide Direction ☐ Approve
REQUEST RATIONALE:
• Relevant Plans/Policies:
Review of the City’s finances between January 1, 2019 and December 31, 2020.
• Required:
N/A
• Council Request:
N/A
• Other Key Facts:
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OUTCOMES:
Each month the Finance Department reviews the previous month’s financial performance. Some highlights from the December Monthly Report, include:
General Fund
• Revenue collections are over targets by approximately 8.5% or $16.5 million.
• One-time sales tax on construction continues to be the revenue driver. Sales tax has exceeded targets by approximately 33.6% or $20 million.
• Property taxes are on target for the year.
• Utility taxes are below budgeted projections by approximately $4.4 million, consistent with past months, due to the purchase of wholesale electricity by a large customer and the vacancy of commercial buildings because of pandemic.
• Miscellaneous revenue is showing increased collections due to the sale of investments.
• Expenditures are below budget by approximately 7% or $16 million due to the curtailment of non-critical expenditures and the hiring freeze
Other Funds
• The Recreation Activity Fund has been drawn down to zero due to the lack of allowed recreational activity.
• The utility funds remain on target.
• Expenditures in the CIP remain low at 52%.
COVID Expenses
• As of December 27, 2020, direct COVID expenses totaled $602,282. A total of 75% of these costs will be reimbursable by FEMA.
Quarterly Overtime Report
• Overtime spending through December 31, 2020 has reached 137.6% of budget (see Attachment B).
• Several unexpected events are driving overtime such as weather-related incidents, the pandemic and wildfire response. In addition, police flagging overtime is up due to the developments happening around the City. Many of these costs are reimbursable.
Staff will provide revised financial information to Council as soon as the year-end closing procedures are complete.
COMMUNITY/STAKEHOLDER OUTREACH AND INVOLVEMENT:
• Timeline (previous or planned):
N/A
• Outreach Methods and Results:
N/A
• Feedback Summary:
N/A
BUDGET IMPACT:
Total Cost:
N/A
Approved in current biennial budget: ☐ Yes ☐ No ☒ N/A
Budget Offer Number:
N/A
Budget Priority:
Responsible Government
Other budget impacts or additional costs: ☐ Yes ☐ No ☒ N/A
If yes, explain:
N/A
Funding source(s):
N/A
Budget/Funding Constraints:
N/A
☐ Additional budget details attached
COUNCIL REVIEW:
Proposed Upcoming Contact(s)
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Date |
Meeting |
Requested Action |
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N/A |
None Proposed at this Time |
N/A |
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Time Constraints:
N/A
ANTICIPATED RESULT IF NOT APPROVED:
N/A
ATTACHMENTS:
Attachment A: Monthly Financial Report Ending December 31, 2020
Attachment B: Quarterly Overtime Report