TO: Committee of the Whole - Finance, Administration, and Communications
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
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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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☒ 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 January 31, 2021.
• Required:
N/A
• Council Request:
N/A
• Other Key Facts:
N/A
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 Council as soon as the year-end closing procedures are complete.
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:
Responsible Government
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:
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: Monthly Financial Report Ending January 31, 2021