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
Deputy Finance Director
TITLE:
title
Third Quarter 2024 Financial Report
OVERVIEW STATEMENT:
recommendation
Review the City's financial performance from January 2023 through September 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 September 30, 2024, include the following:
REVENUE:
Total revenue is 7.4%, or $14.5 million, over the budget.
* Property Tax is 1.1%, or $432,000, below target.
* Sales & Use Tax is 16.6%, or $11.5 million, above target, partially due to increased wholesale and retail sales. While the main driver of this increase is development activity, there is a decline in 2024 compared to previous years. The total one-time sales tax from construction amounts to $23.0 million.
* Utility & Other Taxes are 16.9%, or $3.1 million, above target primarily due to increased electricity rates by Puget Sound Energy.
* Development Permits and Fees are 5.2%, or $1.1 million, below target, due to a decrease in construction activity compared to previous years. Development fees were updated in 2024.
* Business License Fees are 19.5%, or $2.1 million, below target in 2024 due to the timing of license renewals.
* Other Revenues are 87.0%, or $6.0 million, above target due to high Annual Percentage Yield (APY) on short term investments.
EXPENDITURES:
* Total expenditures are 3%, or $8.6 million, under the target.
* Spend rate for some departments is over/below the target:
o The Finance Department is 9.0%, or $989,000, under the target primarily due to position vacancies.
o The Fire Department i...
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