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
Financial Planning Manager
TITLE:
title
Second Quarter 2024 Financial Report
OVERVIEW STATEMENT:
recommendation
Review the City's financial performance from January 2023 through June 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 June 30, 2024, include the following:
REVENUE
? Property Tax is 1.3%, or $498,000, below target.
? Sales & Use Tax is 11.5%, or $6.8 million, above target primarily due to the level of development activity and retail sales. The total sales tax on construction is $20.0 million. The total includes retail sales tax, criminal justice sales tax, and use tax.
? Utility & Other Taxes are 15.0%, or $2.4 million, above target primarily due to increase electricity rates by PSE.
? Development Permit & Fees are 4.0%, or $618,000, below target.
? Business License Fees are 18.0%, or $1.8 million, below target primarily due to the timing of license renewals.
? Other Revenues are 88.0%, or $5.7 million, above target primarily due to high Annual Percentage Yield (APY) on short term investments.
EXPENDITURES:
? Total expenditures are 2.0%, or $4.5 million, below the target.
? Spend rate for some departments is over/below the target:
? Non-Departmental is 1.0%, or $653,000 million, over the target primarily due to the timing of operating transfers that are processed.
? Finance Department is 8.0%, or $900,000, under the target primarily due to position vacancies.
? Fire Department is 2.0%, or $896,000 million, over the target primarily in overtime driven by firefighter backfill while n...
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