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Home My WebLink AboutReport - Mail Packet - 3/18/2014 - General Fund Monthly Financial Report - January 2014All values are presented in thousands. 1 March 13, 2014 January 2014 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 March 13, 2014 2014* Rev 2014* Exp Var. JAN $9,441 $7,966 $1,475 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Totals $9,441 $7,966 $1,475 *Actuals REVENUE VS EXPENDITURES (Excludes Use Tax Economic Incentive Revenues and Expenditures) OVERALL FUND PERFORMANCE: January 2014 General Fund revenue collections were higher than January 2013 by 10.0% . Collections were up when POSITIVE compared to the monthly budget by $247 (2.7%). TOTAL REVENUE (Excludes Use Tax Economic Incentive Revenues) 0 2,000 4,000 6,000 8,000 10,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2014 Revenue 2014 Expenditures January 2014 generated a positive cash flow month with revenues higher than expenditures by $1,475. During the month revenues were 18.5% higher than expenditures. Historically revenues are greater the expenditures during the first half of the year. POSITIVE 2014 Actual 2014 Budget Var. JAN $9,441 $9,194 $247 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS $9,441 $9,194 $247 0 2,000 4,000 6,000 All values are presented in thousands. 3 March 13, 2014 2014 Actual 2014 Budget Var. JAN $990 $711 $279 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS $990 $711 $279 Use Tax Collections are for Sales in prior month. 2014 Actual 2014 Budget Var. JAN $6,345 $6,117 $228 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS $6,345 $6,117 $228 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 January and collected by merchants in December 2013 experienced an increase of 6.9% compared to sales tax remitted in January 2013. Monthly collections by merchants were higher than the budgeted amount by 3.7%. 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 January 2014 were up 39.2% compared to budget. USE TAX REVENUE (Excludes Use Tax Economic Incentive Revenues) POSITIVE 0 1,000 2,000 3,000 4,000 5,000 6,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2014 All values are presented in thousands. 4 March 13, 2014 2014 Actual 2014 Budget Var. JAN $ - $ - $ - FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS $ - $ - $ - Property taxes represent 15% of the overall General Fund Budget. They are remitted in two installments due on February 28 and June 16 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 taxes are not posted in January. PROPERTY TAX REVEUNE REVENUE ANALYSIS (continued): GENERAL FUND POSITIVE 2014 Actual 2014 Budget Var. JAN $920 $895 $25 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS $920 $895 $25 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 January 2013 by 15.5% and were higher than the budget by 2.8%. OTHER REVENUE POSITIVE 0 1,000 2,000 3,000 4,000 5,000 6,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2014 Actual 2014 Budget 2013 0 All values are presented in thousands. 5 March 13, 2014 2014 Actual 2014 Budget Var. JAN $1,186 $1,471 -$285 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS $1,186 $1,471 -$285 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. January 2014 Fees and Charges were higher than January 2013 by 9.7%, but were 19.4% lower than the budget. GENERAL FUND POSITIVE POSITIVE Expenditures for January 2014 were lower than January 2013 by 6.6% and were lower than the budget by 6.2%. 0 500 1,000 1,500 2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2014 Actual 2014 Budget 2013 EXPENDITURES (Excludes Use Tax Economic Incentive Expenditures) EXPENDITURE ANALYSIS: 2014 Actual 2014 Budget Var. JAN $7,966 $8,490 $524 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS $7,966 $8,490 $524 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2014 Actual 2014 Budget 2014 500 1,000 1,500 2,000 2,500 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2014 Actual 2014 Budget 2013 Actual 2014 Budget 2013 0 200 400 600 800 1,000 1,200 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2014 Actual 2014 Budget 8,000 10,000 12,000 14,000 16,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2014 Actual 2014 Budget 2013