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FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Chip Corder
425-556-2189
DEPARTMENT STAFF:
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TITLE:
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Monthly Financial Report through January 2022 and Quarterly Overtime Report through December 2021
OVERVIEW STATEMENT:
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Review the Monthly Financial Report from January 1, 2021 through January 31, 2022 and the Quarterly Overtime Report from January 1, 2021 through December 31, 2021. Please note these numbers are not final as the City is continuing to go through its year-end closing procedures.
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REQUEST RATIONALE:
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OUTCOMES:
Key highlights from the Monthly Financial Report through January 2022 include:
General Fund
* Total revenues are 26.4%, or $26.6 million, above target.
* Sales tax is 85.9%, or $23.7 million, above target primarily due to the high level of development activity. Ongoing sales tax is 24.0%, or $6.1 million, above target. One-time sales tax, which primarily relates to construction, is $18.4 million through January 2022.
* Utility taxes are 3.5%, or $416,000, above target.
* License & permit fees are 20.2%, or $2.5 million, above target primarily due to the high level of development activity.
* Intergovernmental revenues are 3.5%, or $646,000, above target.
* Charges for services are 66.4%, or $1.8 million, above target primarily due to engineering review services related to the high level of development activity.
* Total expenditures are 11.8%, or $17.2 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.
Other Funds
* Recreation Activity Fund: Total revenues are 6.7%, or $85,000, above target primarily due to sum...
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