TO: Committee of the Whole - Finance, Administration, and Communications
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Chip Corder
425-556-2189
TITLE:
title
Monthly Financial Report through August 2021
OVERVIEW STATEMENT:
recommendation
recommendation
Review the Monthly Financial Report from January 1, 2021 through August 31, 2021 which includes the budget adjustments adopted by ordinance on August 17, 2021.
body
? Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
? Receive Information ? Provide Direction ? Approve
REQUEST RATIONALE:
* Relevant Plans/Policies:
Review of the City's finances between January 1, 2021 and August 31, 2021.
* Required:
N/A
* Council Request:
N/A
* Other Key Facts:
N/A
OUTCOMES:
Key highlights from the Monthly Financial Report through August 2021 include:
General Fund
* Total revenues are 28.5%, or $17.1 million, above target.
* Sales tax is 80.2%, or $12.9 million, above target primarily due to the high level of development activity, which has generated $10.5 million in one-time construction sales tax through August 2021.
* Utility taxes are 0.3%, or $23,000, below target.
* License & permit fees are 28.3%, or $2.3 million, above target primarily due to the high level of development activity.
* Intergovernmental revenues are 25.0%, or $2.6 million, above target primarily due to the American Rescue Plan Act (ARPA) allocation to the City.
* Total expenditures are 16.3%, or $16.9 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 that impact 2022 or beyond (e.g., $5.0 million in ARPA funding won't be spent until 2022, and most of the Police body-worn camera program funding is reserved for 2023-2025).
Other Funds
* Recreation Activity Fund: Total revenues are 24.7%, or $209,000, above target primarily due to summer camps, field rentals, and donation...
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