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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 Fourth Quarter Financial Report
OVERVIEW STATEMENT:
recommendation
The purpose of this staff report is to review the City's quarterly financial performance from January 1, 2021 through December 31, 2021. The key highlights were included in the December 2021 financial report, which was presented to the Finance, Administration and Communications (FAC) Committee of the Whole on February 8, 2022. Please note that these numbers are not final as the City is continuing to go through its 2021 year-end closing procedures.
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OUTCOMES:
As reported at the February 8, 2021 Finance, Administration and Communications Committee of the Whole meeting, the key financial highlights through December 31, 2021 include the following:
General Fund
* Total revenues are 26.2%, or $24.7 million, above target.
* Sales tax is 83.4%, or $21.4 million, above target primarily due to the high level of development activity. Ongoing sales tax is 22.3%, or $5.3 million, above target. One-time sales tax, which primarily relates to construction, is $17.0 million through year-end.
* Utility taxes are 3.3%, or $360,000, below target.
* License & permit fees are 31.3%, or $3.3 million, above target primarily due to the high level of development activity.
* Total expenditures are 12.3%, or $16.9 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 7.0%, or $86,000, ...
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