TO: Committee of the Whole - Finance, Administration, and Communications
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Chip Corder
425-556-2189
DEPARTMENT STAFF:
Finance
Kelley Cochran
Deputy Finance Director
TITLE:
title
Monthly Financial Report through October 2021 and Quarterly Overtime Report through September 2021
OVERVIEW STATEMENT:
recommendation
Review the Monthly Financial Report from January 1, 2021 through October 31, 2021 and the Quarterly Overtime Report from January 1, 2021 through September 30, 2021.
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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:
N/A
OUTCOMES:
Key highlights from the Monthly Financial Report through October 2021 include:
General Fund
* Total revenues are 24.0%, or $17.9 million, above target.
* Sales tax is 89.0%, or $18.3 million, above target primarily due to the high level of development activity. Ongoing sales tax is 37.6%, or $6.7 million, above target. One-time sales tax, which primarily relates to construction, is $13.7 million through October 2021.
* Utility taxes are 0.23%, or $22,000, below target.
* License & permit fees are 29.2%, or $2.7 million, above target primarily due to the high level of development activity.
* Intergovernmental revenues are 20.9%, or $2.4 million, above target primarily due to the American Rescue Act Plan (ARPA) allocation to the City.
* Total expenditures are 14.5%, or $17.5 million, below target due to position vacancies, the timing of one-time expenditures, and the budget adjustments adopted by ordinance on August 17, 2021 that impact 2022 and beyond. Regarding the budget adjustments, staff will fix the planned spend rate in 2021-2022 for the November 2021 financial report.
Other Funds
* Recreation Activity Fund: Total revenues are 7.3%, or $8...
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