TO: Committee of the Whole - Finance, Administration, and Communications
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Kelley Cochran
425-556-2748
TITLE:
title
Monthly Financial Report through January 2021
OVERVIEW STATEMENT:
Review the Monthly Financial Report from January 1, 2021 through January 31, 2021. Please note these numbers are not final as the City is continuing to go through its year-end closing procedures. recommendation
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REQUESTED ACTION:
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REQUEST RATIONALE:
* Relevant Plans/Policies:
Review of the City's finances between January 1, 2021 and January 31, 2021.
* Required:
N/A
* Council Request:
N/A
* Other Key Facts:
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OUTCOMES:
Each month the Finance Department reviews the previous month's financial performance. Some highlights from the January Monthly Report, include:
General Fund
* Revenue collections are over targets by approximately 11% or $626 thousand.
* Sales tax has exceeded targets by approximately 47.2% or $933 thousand. One-time sales tax on construction continues to be the revenue driver at $1.1 million for January.
* Utility taxes are below budgeted projections by approximately $288 thousand, consistent with past months, due to the purchase of wholesale electricity by a large customer and the vacancy of commercial buildings because of pandemic.
* Licenses & Permits revenue exceeded targets by $658 thousand and includes both business license permits and development permits.
* Expenditures are below budget by approximately 9% or $760 thousand.
Other Funds
* The Recreation Activity Fund has started to receive field rental revenue and recovery discussions have begun.
* The utility funds are on target.
* Expenditures in the CIP are low at 1%, due to the accrual of most large expenditures to the prior year.
Staff will continue to provide revised financial information to C...
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