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 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)
|
Date |
Meeting |
Requested Action |
|
N/A |
Item has not been presented to Council |
N/A |
Proposed Upcoming Contact(s)
|
Date |
Meeting |
Requested Action |
|
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 June 2021