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.
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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:
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)
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Date |
Meeting |
Requested Action |
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Monthly |
Committee of the Whole - Finance, Administration, and Communications |
Receive Information |
Proposed Upcoming Contact(s)
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Date |
Meeting |
Requested Action |
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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