TO: Committee of the Whole - Finance, Administration, and Communications
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
|
Finance |
Kelley Cochran |
425-556-2748 |
DEPARTMENT STAFF:
TITLE:
title
Monthly Financial Report through May 2021
OVERVIEW STATEMENT:
recommendation
Review the Monthly Financial Report from January 1, 2021 through May 31, 2021.
body
☒ 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, 2021 and May 31, 2021.
• Required:
N/A
• Council Request:
N/A
• Other Key Facts:
N/A
OUTCOMES:
Each month the Finance Department reviews the previous month’s financial performance. Some highlights from the May Monthly Report, include:
General Fund
• Revenue collections are over targets by approximately 29% or $11.6 million.
• Property taxes collections were received in May and are above target by 1.9% or $200,000.
• Sales tax has exceeded targets by approximately 75% or $7.3 million. One-time sales tax on construction continues to be the revenue driver at $6.3 million for the year with $1.4 million received in May.
• Utility taxes are below budgeted projections by approximately 12.5% or $636,000. Consistent with past months revenues are down due to low occupancy of commercial buildings.
• Licenses & Permits revenue exceeded targets by 38% or $2.3 million and includes both business license permits and development permits.
• Expenditures are below budget by approximately 8.47% or $3.5 million.
Other Funds
• The Recreation Activity Fund has continued to receive field rental and program revenue.
• The Water/Wastewater Utility saw a decrease in commercial billings from April.
• Expenditures in the CIP are at 10.86%
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:
N/A
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:
Previous Contact(s)
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Date |
Meeting |
Requested Action |
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N/A |
Item has not been presented to Council |
N/A |
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 |
Time Constraints:
N/A
ANTICIPATED RESULT IF NOT APPROVED:
N/A
ATTACHMENTS:
Attachment A: Monthly Financial Report Ending May 2021