TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
|
Finance |
Chip Corder |
425-556-2189 |
DEPARTMENT STAFF:
|
Finance |
Kelley Cochran |
Deputy Finance Director |
|
Finance |
Haritha Narra |
Financial Planning Manager |
TITLE:
title
Third Quarter 2022 Financial Report
OVERVIEW STATEMENT:
recommendation
The purpose of this staff report is to review the City’s quarterly financial performance from January 1, 2021 through September 30, 2022.
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☒ Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
☒ Receive Information ☐ Provide Direction ☐ Approve
REQUEST RATIONALE:
• Relevant Plans/Policies:
N/A
• Required:
N/A
• Council Request:
N/A
• Other Key Facts:
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OUTCOMES:
The key financial highlights from January 1, 2021 through September 30, 2022 include the following:
General Fund
• Total revenues are 26.1%, or $42.9 million, above target.
• Property tax is 0.2%, or $56,000, above target.
• Sales & use taxes are 79.1%, or $37.1 million, above target primarily due to the high level of development activity. This includes retail sales tax, criminal justice sales tax, and use tax. Ongoing retail sales tax is 25.6%, or $10.7 million, above target. One-time retail sales tax, which primarily relates to construction, is $30.2 million through September 30, 2022.
• Utility & other taxes are 7.6%, or $1.4 million, above target primarily due to an electric and gas utility tax spike.
• Intergovernmental revenues are 5.5%, or $1.6 million, above target primarily due to the second half of the American rescue Plan Act (ARPA) grant award, which was received in August 2022.
• License & permit fees are 22.2%, or $4.5 million, above target primarily due to the high level of development activity.
• Total expenditures are 6.6%, or $14.1 million, below target primarily due to position vacancies, reduced spending on travel and training, and the budget adjustments adopted by ordinance on August 17, 2021.
Other Funds
• Recreation Activity Fund: Total revenues are 42.2%, or $897,000, above target primarily due to indoor programs starting in 2022, winter/spring/summer program registrations, field rentals, and donations.
• Water/Wastewater M&O Fund: Total revenues are 9.1%, or $5.9 million, more than total expenditures. Commercial water consumption is 2.2% below target.
• Capital Investment Program: Total expenditures are 54.6% of budget at the 87.5% point of the 2021-2022 biennium.
COMMUNITY/STAKEHOLDER OUTREACH AND INVOLVEMENT:
• Timeline (previous or planned):
N/A
• Outreach Methods and Results:
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• Feedback Summary:
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BUDGET IMPACT:
Total Cost:
N/A
Approved in current biennial budget: ☐ Yes ☐ No ☒ N/A
Budget Offer Number:
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Budget Priority:
N/A
Other budget impacts or additional costs: ☐ Yes ☐ No ☒ N/A
If yes, explain:
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Funding source(s):
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Budget/Funding Constraints:
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☐ 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:
Third Quarter 2022 Financial Report Presentation