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:
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TITLE:
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Monthly Financial Report through November 2021
OVERVIEW STATEMENT:
recommendation
Review the Monthly Financial Report from January 1, 2021 through November 30, 2021.
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? Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
? Receive Information ? Provide Direction ? Approve
REQUEST RATIONALE:
* Relevant Plans/Policies:
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* Required:
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* Council Request:
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* Other Key Facts:
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OUTCOMES:
Key highlights from the Monthly Financial Report through November 2021 include:
General Fund
* Total revenues are 26.6%, or $23.4 million, above target.
* Property tax is 3.5%, or $757,000, below target, because the due date for the second half 2021 property tax payment was November 1st (typically, it's October 31st).
* Sales tax is 87.6%, or $20.2 million, above target primarily due to the high level of development activity. Ongoing sales tax is 30.1%, or $6.3 million, above target. One-time sales tax, which primarily relates to construction, is $15.3 million through November 2021.
* Utility taxes are 3.2%, or $318,000, above target.
* License & permit fees are 25.5%, or $2.6 million, above target primarily due to the high level of development activity.
* Intergovernmental revenues are 6.5%, or $1.1 million, above target primarily due to the American Rescue Act Plan (ARPA) allocation to the City.
* Total expenditures are 13.6%, or $17.4 million, below target primarily due to position vacancies, the timing of one-time expenditures, and the budget adjustments adopted by ordinance on August 17, 2021.
Other Funds
* Recreation Activity Fund: Total revenues are 5.4%, or $64,000, above target primarily due to summer camps, field rentals, and donations.
* Water/Wastewater M&O Fund: Total revenues are 7.4%, or $2....
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