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File #: AM No. 24-119   
Type: Staff Report Status: Presented
File created: 7/16/2024 In control: City Council
On agenda: 8/5/2024 Final action: 8/5/2024
Title: Second Quarter 2024 Financial Report
Attachments: 1. Agenda Memo, 2. Attachment A: Second Quarter 2024 Financial Report, 3. Attachment B: Second Quarter 2024 Financial Report Presentation
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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