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Home My WebLink AboutReport - Mail Packet - 10/15/2013 - General Fund Monthly Financial Report - September 2013All values are presented in thousands. 1 October 10, 2013 September 2013 POSITIVE WARNING NEGATIVE = No concerns noted = Staff monitoring current variance = Staff currently taking action on variance CURRENT MONTH YEAR TO DATE REFERENCE GENERAL FUND Revenue vs. Expenditures POSITIVE POSITIVE Page 2 Total Revenue POSITIVE POSITIVE Page 2 Sales Tax Revenue (prior month activity) POSITIVE POSITIVE Page 3 Use Tax Revenue (prior month activity) POSITIVE POSITIVE Page 3 Property Tax Revenue POSITIVE POSITIVE Page 4 Other Revenues POSITIVE POSITIVE Page 4 Fees and Charges POSITIVE POSITIVE Page 5 Expenditures POSITIVE POSITIVE Page 5 PERFORMANCE AT A GLANCE PERFORMANCE INDICATORS ACTUALS vs. BUDGET *Numbers in this report are subject to change as items are posted into the period they occurred. REPORT FINANCIAL MONTHLY GENERAL FUND All values are presented in thousands. 2 October 10, 2013 2013* Rev 2013* Exp Var. JAN $8,548 $8,525 $23 FEB 7,589 8,934 -1,345 MAR 11,719 7,810 3,909 APR 9,226 7,523 1,703 MAY 12,321 12,515 -194 JUN 9,793 8,340 1,453 JUL 12,259 8,979 3,280 AUG 9,251 8,997 254 SEP 9,303 8,547 756 OCT NOV DEC Totals $90,008 $80,169 $9,839 *Actuals REVENUE VS EXPENDITURES (Excludes Use Tax Economic Incentive Revenues and Expenditures) OVERALL FUND PERFORMANCE: September 2013 General Fund revenue collections were higher than September 2012 by 2.5%. Collections were up when POSITIVE compared to the monthly budget by $644 (7.4%). Year to date collections are up $4,830 (5.7%) compared to the budget. TOTAL REVENUE (Excludes Use Tax Economic Incentive Revenues) 0 2 4 6 8 10 12 14 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2013 Revenue 2013 Expenditures September 2013 generated a positive cash flow month with revenues higher than expenditures by $756. During the month revenues were 8.8% higher than expenditures. Property taxes are slightly lower than budget year to date, however, all other revenue categories are positive compared to budget year to date. POSITIVE 2013 Actual 2013 Budget Var. JAN $8,548 $8,504 $44 FEB 7,589 7,114 475 MAR 11,719 10,815 904 APR 9,226 9,307 -81 MAY 12,321 11,317 1,004 JUN 9,793 9,355 438 JUL 12,259 12,289 -30 AUG 9,251 7,818 1,433 SEP 9,303 8,659 644 OCT NOV DEC TOTALS $90,008 $85,179 $4,830 0 2 All values are presented in thousands. 3 October 10, 2013 2013 Actual 2013 Budget Var. JAN $734 $691 $44 FEB 621 691 -69 MAR 766 691 75 APR 761 691 70 MAY 865 691 175 JUN 985 691 295 JUL 996 691 305 AUG 960 691 269 SEP 842 691 151 OCT NOV DEC TOTALS $7,530 $6,216 $1,314 Use Tax Collections are for Sales in prior month. 2013 Actual 2013 Budget Var. JAN $5,936 $5,848 $88 FEB 4,327 4,235 92 MAR 4,162 4,106 56 APR 4,690 4,722 -33 MAY 4,351 4,392 -41 JUN 4,774 4,622 152 JUL 5,051 5,014 37 AUG 4,737 4,566 171 SEP 5,084 5,031 53 OCT NOV DEC TOTALS $43,111 $42,535 $576 Sales Tax collections are for Sales in prior month. Sales Tax represents just over 50% of the General Fund Budget and serves as the primary funding source for the general government. The General Fund allocation of sales tax remitted to the City in September and collected by merchants in August experienced an increase of 4.2% compared to sales tax remitted in September 2012. Monthly collections by merchants were higher than the budgeted amount by 1.0%, and year to date collections are up $576 (1.4%) compared to budget. GENERAL FUND REVENUE ANALYSIS: SALES TAX REVENUE POSITIVE Use Tax represents approximately 10% of the General Fund Budget. Use tax is volatile because it is heavily dependent on building activity and vehicle sales. Use Tax collections in September 2013 were up 21.9% compared to budget. Year to date collections are up $1,314 (21.1%). USE TAX REVENUE (Excludes Use Tax Economic Incentive Revenues) POSITIVE 0 1 2 3 4 5 6 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC All values are presented in thousands. 4 October 10, 2013 2013 Actual 2013 Budget Var. JAN $ - $ - $ - FEB 673 431 241 MAR 4,283 4,073 211 APR 1,462 1,676 -214 MAY 4,445 4,387 57 JUN 1,963 2,060 -97 JUL 3,587 3,791 -204 AUG 166 177 -11 SEP 125 181 -55 OCT NOV DEC TOTALS $16,704 $16,775 -$72 Property taxes represent 16% of the overall General Fund Budget. They are remitted in two installments due on February 28 and June 17 or they are paid in full by April 30. Whether paid by installment or in full by the April deadline, over 95% of the levy has typically been remitted to the City by the end of July each year. Property tax collections for September 2013 were lower than 2012 by 22.8% and lower than the budget by 30.4%. Year to date collections are lower than the budget by $72 (less than 1%). PROPERTY TAX REVEUNE REVENUE ANALYSIS (continued): GENERAL FUND POSITIVE 2013 Actual 2013 Budget Var. JAN $796 $927 -$131 FEB 885 700 185 MAR 1,421 890 531 APR 1,219 807 412 MAY 1,145 834 311 JUN 942 874 68 JUL 1,274 1,143 132 AUG 1,638 1,097 541 SEP 1,870 1,509 361 OCT NOV DEC TOTALS $11,192 $8,781 $2,411 Other revenue consists of licenses (e.g., contractor license, liquor license), permits (e.g., building permits, street cut permits), fines (e.g., court fines, camera radar fines), earnings on investments and miscellaneous. The volume of activity (i.e., building permits and fines) will fluctuate month to month. Other revenue collections were higher than September 2012 by 6.1% and were higher than the budget by 23.9%. Year to date collections are higher than the budget by $2,411 (27.5%). OTHER REVENUE POSITIVE 0 1 2 3 4 5 6 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2013 Actual 2013 Budget 2012 All values are presented in thousands. 5 October 10, 2013 2013 Actual 2013 Budget Var. JAN $1,081 $1,029 $52 FEB 1,082 1,066 16 MAR 1,086 1,056 30 APR 1,095 1,411 -316 MAY 1,515 1,013 501 JUN 1,129 1,109 19 JUL 1,352 1,652 -300 AUG 1,754 1,288 466 SEP 1,382 1,249 134 OCT NOV DEC TOTALS $11,475 $10,872 $603 REVENUE ANALYSIS (continued): FEES AND CHARGES REVENUE Fees and charges for services include the following: payments in lieu of taxes (“Pilot”) paid by the Utilities to the General Fund, administrative charges, plan checking fees, PUD Subdivision & zoning fees, real estate service fees, custodial service fees, project management service fees, and cable franchise fees. September 2013 Fees and Charges were higher than September 2012 by 6.5% and were 10.7% higher than the budget. Year to date collections are higher than the budget by $603 (5.5%). GENERAL FUND POSITIVE Expenditures for September 2013 were higher than September 2012 by 2.4%, but were lower than the budget by 8.0%. Year to POSITIVE date expenditures are lower than the budget by $3,655 (4.4%). 0.0 0.5 1.0 1.5 2.0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2013 Actual 2013 Budget 2012 EXPENDITURES (Excludes Use Tax Economic Incentive Expenditures) EXPENDITURE ANALYSIS: 2013 Actual 2013 Budget Var. JAN $8,525 $8,201 -$325 FEB 8,934 8,933 -1 MAR 7,810 9,141 1,331 APR 7,523 9,409 1,886 MAY 12,515 11,058 -1,457 JUN 8,340 9,463 1,123 JUL 8,979 9,076 98 AUG 8,997 9,249 252 SEP 8,547 9,295 748 OCT NOV DEC TOTALS $80,169 $83,825 $3,655 0 2 4 6 8 10 12 14 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2013 Actual 2013 Budget 2012 0 1 2 3 4 5 6 7 8 9 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2013 Actual 2013 Budget 2012 2013 Actual 2013 Budget 2012 0.0 0.2 0.4 0.6 0.8 1.0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2013 Actual 2013 Budget 4 6 8 10 12 14 16 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2013 Actual 2013 Budget 2012