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:
TITLE:
title
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:
N/A
• Required:
N/A
• Council Request:
N/A
• Other Key Facts:
N/A
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 $2.5 million, more than total expenditures. In particular, commercial water consumption is 3.4% above target, but is still well below the historical average prior to the pandemic.
• Capital Investment Program: Total expenditures are 30.7% of budget at the 45.8% point of the biennium.
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:
Proposed Upcoming Contact(s)
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Date |
Meeting |
Requested Action |
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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 Through November 2021.