TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Chip Corder
425-556-2189
DEPARTMENT STAFF:
Finance
Kelley Cochran
Deputy Finance Director
TITLE:
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2021 Second Quarter Financial Update
OVERVIEW STATEMENT:
recommendation
The purpose of this staff report is to review the quarterly financial performance from January 1, 2021 through June 30, 2021. Each month the Redmond City Council's Finance, Administration and Communications (FAC) Committee reviews the City's monthly financial report. At the end of each quarter the full City Council reviews the highlights from that quarter's financials.
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OUTCOMES:
As reported at the July Finance, Administration and Communications Committee of the Whole meeting, some financial highlights at the end of June include:
General Fund
* Total revenues are 35%, or $16.5 million, above the budget target through Q2 2021 primarily due to strong one-time construction sales tax, licenses & permits, and intergovernmental revenues.
* Comparing the first half of 2021 to the first half of 2020, total revenues are up 35%, or $16.5 million (which is coincidentally the same as total revenues through Q2 2021 vs. budget target through Q2 2021).
* Sales tax is 77%, or $9.1 million, above the budget target through Q2 2021. One-time sales tax from construction continues to be the driver at $7.6 million through Q2 2021, with $1.3 million received in June.
* Utility taxes are 2.0%, or $113,228, below the budget target through Q2 2021. This is an improvement over prior months due to a large payment received for unpaid electrical utility taxes.
* Intergovernmental revenue is 73%, or $5.1 million, above the budget target through Q2...
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