TO: Committee of the Whole - Finance, Administration, and Communications
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
|
Finance |
Chip Corder |
425-556-2189 |
DEPARTMENT STAFF:
TITLE:
title
Monthly Financial Report through September 30, 2021
OVERVIEW STATEMENT:
recommendation
Review the Monthly Financial Report from January 1, 2021 through September 30, 2021.
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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, 2021 and September 30, 2021.
• Required:
N/A
• Council Request:
N/A
• Other Key Facts:
N/A
OUTCOMES:
Key highlights from the Monthly Financial Report through September 30, 2021 include:
General Fund
• Total revenues are 30.3%, or $19.7 million, above target.
• Sales tax is 84.9%, or $15.8 million, above target primarily due to the high level of development activity, which has generated $12.1 million in one-time construction sales tax. Ongoing sales tax is 40.7%, or $6.3 million, above target.
• Utility taxes are 2.8%, or $226,000, above target.
• License & permit fees are 27.9%, or $2.4 million, above target primarily due to the high level of development activity.
• Intergovernmental revenues are 22.5%, or $2.5 million, above target primarily due to the American Rescue Act Plan (ARPA) allocation to the City.
• Total expenditures are 15.6%, or $17.4 million, below target primarily due to position vacancies, the timing of one-time expenditures, and the budget adjustments adopted by ordinance on August 17, 2021 that impact 2022 or beyond (e.g., $5.0 million in ARPA funding won’t be spent until 2022, and most of the Police body-worn camera program funding is reserved for 2023-2025).
Other Funds
• Recreation Activity Fund: Total revenues are 20.9%, or $200,000, above target primarily due to summer camps, field rentals, and donations.
• Water/Wastewater M&O Fund: Total revenues are 11.7%, or $3.2 million, more than total expenditures. Of particular note, commercial water consumption is 11.0% above target, but is still well below the historical average prior to the pandemic.
• Capital Investment Program: Total expenditures are 26.2% of budget at the 37.5% point of the biennium.
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:
Proposed Upcoming Contact(s)
|
Date |
Meeting |
Requested Action |
|
N/A |
None proposed at this time |
N/A |
Time Constraints:
N/A
ANTICIPATED RESULT IF NOT APPROVED:
N/A
ATTACHMENTS:
Attachment A: September 2021 Monthly Financial Report