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:
title
2021 Third Quarter Financial Report & Selected 2021 Financial Forecasts
OVERVIEW STATEMENT:
recommendation
The purpose of this staff report is to review the quarterly financial performance from January 1, 2021 through September 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 City Council reviews the highlights from that quarter's financials. In addition, a 2021 financial forecast is provided for the General Fund, Water/Wastewater M&O Fund, and major CIP revenues (real estate excise tax, impact fees, and business tax).
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? Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
? Receive Information ? Provide Direction ? Approve
REQUEST RATIONALE:
* Relevant Plans/Policies:
N/A
* Required:
N/A
* Council Request:
N/A
* Other Key Facts:
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OUTCOMES:
As reported at the October 26, 2021 Finance, Administration and Communications Committee of the Whole meeting, the key financial highlights through September 30, 2021 include the following:
General Fund
* Total revenues are 30.3%, or $19.7 million, above target.
* Sales tax is 84.9%, or $15.8 million, above target primarily due to the high level of development activity, which has generated $11.8 million in one-time construction sales tax. Ongoing sales tax is 40.7%, or $6.3 million, above target.
* Utility taxes are 2.8%, or $226,000, above target.
* License & permit fees are 27.9%, or $2.4 million, above target primarily due to the high level of development activity.
* Intergovernmental revenues are 22.5%, or $2.5 million, above target primarily due to the American Rescue Act Plan (ARPA) allocation to the City.
* Total expenditu...
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