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File #: AM No. 20-157   
Type: Staff Report Status: Presented
File created: 11/3/2020 In control: City Council
On agenda: 11/17/2020 Final action: 11/17/2020
Title: 2020 Third Quarter Financial Report
Attachments: 1. Agenda Memo, 2. Attachment A: 2020 Third Quarter Financial Report

TO: Members of the City Council

FROM: Mayor Angela Birney

DEPARTMENT DIRECTOR CONTACT(S):

Finance

Malisa Files

425-556-2166

 

 

TITLE:

title

2020 Third Quarter Financial Report

OVERVIEW STATEMENT:

recommendation

Each month the Redmond City Council’s Finance, Administration and Communications (FAC) Committee reviews the City’s monthly financial report.  At the end of each calendar quarter the full City Council reviews the highlights from that quarter’s financial statements. The purpose of this staff report is to review the quarterly financial performance from January 1, 2019 through September 30, 2020.

body

  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:

As reported at the October Finance, Administration and Communications Committee of the Whole, some financial highlights at the end of September include:

General Fund

                     Revenue collections are over targets by approximately 10% or $15.9 million.

                     One-time sales tax on construction is the revenue driver. Sales tax has exceeded targets by 42.6% or $20.7 million.

                     Property taxes are on target for the year. Property taxes are collected twice per year. The City expects the next collection in November.

                     Utility taxes are below budgeted projections, consistent with past months, due to the purchase of wholesale electricity by a large customer and the vacancy of commercial buildings because of COVID 19.

                     Miscellaneous revenue is showing increased collections due to the sale of investments.

                     Expenditures are below budget by approximately 11.2% or $20.6 million due to the curtailment of non-critical expenditures and the hiring freeze

Other Funds

                     The Recreation Activity Fund is showing losses as expected due to the lack of allowed recreational activity.

                     The utility funds remain on target.

                     Expenditures in the CIP remain low at 42%.

 

 

COMMUNITY/STAKEHOLDER OUTREACH AND INVOLVEMENT:

 

                     Timeline (previous or planned):

N/A

                     Outreach Methods and Results:

N/A

                     Feedback Summary:

N/A

 

 

BUDGET IMPACT:

 

Total Cost:

N/A

 

Approved in current biennial budget:                                            Yes                                            No                                            N/A

 

Budget Offer Number:

N/A

 

Budget Priority:

N/A

 

Other budget impacts or additional costs:                       Yes                                            No                                            N/A

If yes, explain:

N/A

 

Funding source(s):

N/A

 

Budget/Funding Constraints:

N/A

 

  Additional budget details attached

 

 

COUNCIL REVIEW:

 

Previous Contact(s)

Date

Meeting

Requested Action

Monthly

Committee of the Whole - Finance, Administration, and Communications

Receive Information

 

Proposed Upcoming Contact(s)

Date

Meeting

Requested Action

N/A

None proposed at this time

N/A

 

Time Constraints:

N/A

 

 

ANTICIPATED RESULT IF NOT APPROVED:

N/A

 

 

ATTACHMENTS:

Attachment A: 2020 Third Quarter Financial Report Presentation