HomeMy WebLinkAboutReport - Mail Packet - 12/24/2013 - General Fund Monthly Financial Report - November 2013All values are presented in thousands. 1 December 18, 2013
November 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 December 18, 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 9,255 8,997 258
SEP 9,303 8,547 756
OCT 9,176 8,966 210
NOV 8,548 15,440 -6,893
DEC
Totals $107,735 $104,576 $3,159
REVENUE VS EXPENDITURES (Excludes Use Tax Economic Incentive Revenues and Expenditures)
OVERALL FUND PERFORMANCE:
November 2013 General Fund revenue collections were lower than November 2012 by 3.2% . Collections were up when
POSITIVE compared to the monthly budget by $1,430 (20.1%). Year to date collections are up $6,650 (6.6%) compared to the budget.
TOTAL REVENUE (Excludes Use Tax Economic Incentive Revenues)
0
2
4
6
8
10
12
14
16
18
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
2013
Revenue
2013
Expenditures
November 2013 generated a negative cash flow month with expenditures higher than revenues by $6,893. During the month
expenditures were 80.6% higher than revenues. Historically expenditures are greater the revenues during the second half of
the year, and the reason for higher expenditures during the month was the $5 million payment to the URA for the Capstone project.
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 9,255 7,818 1,436
SEP 9,303 8,659 644
OCT 9,176 8,788 388
NOV 8,548 7,085 1,463
DEC
TOTALS $107,735 $101,051 $6,684
0
All values are presented in thousands. 3 December 18, 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 1,011 691 320
NOV 894 691 203
DEC
TOTALS $9,435 $7,598 $1,837
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 4,979 4,750 228
NOV 4,647 4,375 272
DEC
TOTALS $52,737 $51,661 $1,077
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 November and collected by merchants in October
experienced an increase of 2.8% compared to sales tax remitted in November 2012. Monthly collections by merchants were higher than the budgeted
amount by 6.2%, and year to date collections are up $1,077 (2.1%) 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 November 2013 were up 29.4% compared to budget. Year to date
collections are up $1,837 (24.2%).
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 December 18, 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 72 75 -4
NOV 45 69 -24
DEC
TOTALS $16,820 $16,919 -$99
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 November 2013 were higher than 2012 by 18.4%, but
were lower than the budget by 34.8%. Year to date collections are lower than the budget by $99 (1%).
PROPERTY TAX REVEUNE
REVENUE ANALYSIS (continued):
GENERAL FUND
POSITIVE
2013
Actual
2013
Budget Var.
JAN $796 $894 -$98
FEB 885 697 188
MAR 1,421 887 534
APR 1,219 804 414
MAY 1,145 832 314
JUN 942 872 71
JUL 1,274 1,140 134
AUG 1,638 1,031 607
SEP 1,870 1,506 363
OCT 1,996 1,657 339
NOV 1,416 919 497
DEC
TOTALS $14,604 $11,239 $3,365
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 November 2012 by 30.9% and were higher than the
budget by 54.1%. Year to date collections are higher than the budget by $3,365 (29.9%).
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 December 18, 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 1,119 1,512 -393
NOV 1,545 1,031 514
DEC
TOTALS $14,139 $13,416 $723
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. November 2013 Fees and Charges were higher than November 2012 by 2.4% and were
49.9% higher than the budget. Year to date collections are higher than the budget by $723 (5.4%).
GENERAL FUND
POSITIVE
Expenditures for November 2013 were higher than November 2012 by 65.3% and were higher than the budget by 38%. Year to
date expenditures are lower than the budget by $779 (1%). The majority of the difference during the month was the $5 million
payment to the URA for the Capstone project.
POSITIVE
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 8,966 10,344 1,378
NOV 15,440 11,186 -4,255
DEC
TOTALS $104,576 $105,354 $779
0
2
4
6
8
10
12
14
16
18
20
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
1.2
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
2013
Actual
2013
Budget
2
4
6
8
10
12
14
16
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
2013 Actual 2013
Budget
2012