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
Second 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 June 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 June 30, 2022 include the following:
General Fund
* Total revenues are 24.3%, or $35.2 million, above target.
* Property tax is 1.0%, or $358,000, above target.
* Sales & use taxes are 83.2%, or $32.1 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 25.8%, or $8.9 million, above target. One-time retail sales tax, which primarily relates to construction, is $25.6 million through June 30, 2022.
* Utility & other taxes are 6.1%, or $1.0 million, above target primarily due to a spike in electric and gas utility tax.
* Intergovernmental revenues are 0.7%, or $173,000, below target.
* License & permit fees are 20.3%, or $3.7 million, above target primarily due to the high level of development activity.
* Total expenditures are 8.5%, or $15.9 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 33.5%, or $677,000, above target primarily due to indoor programs starting in 20...
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