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/Quarterly Overtime Report
OVERVIEW STATEMENT:
recommendation
Review the Monthly Financial Report from January 1, 2021 through March 31, 2021. Please note these numbers are not final as the City is continuing to go through its year-end closing procedures.
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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 March 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 March Monthly Report, include:
General Fund
• Revenue collections are over targets by approximately 22% or $4.2 million.
• Sales tax has exceeded targets by approximately 70% or $4.3 million. One-time sales tax on construction continues to be the revenue driver at $3.8 million for the year with $1.1 million received in March.
• Utility taxes are below budgeted projections by approximately 5.9% or $184 thousand, consistent with past months. We expect to see an increase in the coming months due to a rate increase imposed by Puget Sound Energy.
• Licenses & Permits revenue exceeded targets by 41% or $2 million and includes both business license permits and development permits.
• Expenditures are below budget by approximately 8.55% or $2.16 million.
Other Funds
• The Recreation Activity Fund has continued to receive field rental revenue and is starting to receive program revenue.
• The Water/Wastewater Utility saw a slight increase in commercial billings from February, but the amount is still under the amount billed in January.
• Expenditures in the CIP are low at 5.23%
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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N/A |
Item has not been presented to Council |
N/A |
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 March 31, 2021