TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
|
Finance |
Kelley Cochran |
425-556-2748 |
DEPARTMENT STAFF:
|
Finance |
Haritha Narra |
Financial Planning Manager |
TITLE:
title
Second Quarter 2024 Financial Report
OVERVIEW STATEMENT:
recommendation
Review the City’s financial performance from January 2023 through June 2024.
☒ 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:
N/A
OUTCOMES:
The key financial highlights from January 1, 2023, through June 30, 2024, include the following:
REVENUE
• Property Tax is 1.3%, or $498,000, below target.
• Sales & Use Tax is 11.5%, or $6.8 million, above target primarily due to the level of development activity and retail sales. The total sales tax on construction is $20.0 million. The total includes retail sales tax, criminal justice sales tax, and use tax.
• Utility & Other Taxes are 15.0%, or $2.4 million, above target primarily due to increase electricity rates by PSE.
• Development Permit & Fees are 4.0%, or $618,000, below target.
• Business License Fees are 18.0%, or $1.8 million, below target primarily due to the timing of license renewals.
• Other Revenues are 88.0%, or $5.7 million, above target primarily due to high Annual Percentage Yield (APY) on short term investments.
EXPENDITURES:
• Total expenditures are 2.0%, or $4.5 million, below the target.
• Spend rate for some departments is over/below the target:
◦ Non-Departmental is 1.0%, or $653,000 million, over the target primarily due to the timing of operating transfers that are processed.
◦ Finance Department is 8.0%, or $900,000, under the target primarily due to position vacancies.
◦ Fire Department is 2.0%, or $896,000 million, over the target primarily in overtime driven by firefighter backfill while new recruits attend the Fire Academy.
◦ Planning Department is 9.0%, or $2.6 million, under the target primarily due to position vacancies and reduced spending in travel and training.
• Capital Investment Program (CIP): Total expenditures are 57.0% of budget at the 75.0% point of the 2023-2024 biennium.
• Business Technology Investment Program (BTIP): Total expenditures are 22.0% of budget at the 75.0% point of the 2023-2024 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:
Strategic and Responsive
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)
|
Date |
Meeting |
Requested Action |
|
N/A |
Item has not been presented to Council |
N/A |
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: Second Quarter 2024 Financial Report
Attachment B: Second Quarter 2024 Financial Report Presentation