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:
N/A
N/A
N/A
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...
Click here for full text