TO: Committee of the Whole - Finance, Administration, and Communications
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Chip Corder
425-556-2189
DEPARTMENT STAFF:
Finance
Kelley Cochran
Deputy Finance Director
TITLE:
title
Monthly Financial Report through June 2021
OVERVIEW STATEMENT:
recommendation
Review the Monthly Financial Report from January 1, 2021 through June 30, 2021.
body
? 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 June 30, 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 June Monthly Report include:
General Fund
* Total revenues are ahead of target by approximately 35%, or $16.5 million.
* Sales tax exceeds target by approximately 77%, or $9.1 million. One-time sales tax on construction continues to be the revenue driver at $7.6 million for the year, with $1.3 million received in June.
* Utility taxes are below target by approximately 1.9%, or $113,000. This is an improvement over prior months due to a large payment received for unpaid electric utility taxes.
* Intergovernmental revenue is ahead of target by approximately 73%, or $5.1 million, mostly due to the receipt of the 2021 American Rescue Act Plan allocation.
* License & permit revenues exceed target by 34%, or $2.3 million.
* Total expenditures are below target by approximately 8.50%, or $4.3 million.
Other Funds
* The Recreation Activity Fund has received $1.0 million in field rental and program revenue through June.
* The Water/Wastewater Utility Fund experienced an increase in commercial billings from May.
* Total expenditures in the CIP are 20% of budget.
COMMUNITY/STAKEHOLDER OUTREACH AND INVOLVEMEN...
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