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Home My WebLink AboutReport - Mail Packet - 4/22/2014 - General Fund Monthly Financial Report - March 2014All values are presented in thousands. 1 April 16, 2014 March 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 April 16, 2014 2014* Rev 2014* Exp Var. JAN $9,441 $7,966 $1,475 FEB 8,440 8,930 -489 MAR 12,645 14,273 -1,627 APR MAY JUN JUL AUG SEP OCT NOV DEC Totals $30,527 $31,168 -$641 *Actuals REVENUE VS EXPENDITURES (Excludes Use Tax Economic Incentive Revenues and Expenditures) OVERALL FUND PERFORMANCE: March 2014 General Fund revenue collections were higher than March 2013 by 7.7% . Collections were up when compared to POSITIVE the monthly budget by $1,356 (12.0%). Year to date collections are up $2,528 (9.0%) compared to the budget. TOTAL REVENUE (Excludes Use Tax Economic Incentive Revenues) 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2014 Revenue 2014 Expenditures March 2014 generated a negative cash flow month with expenditures higher than revenues by $1,627. During the month expenditures were 12.9% higher than revenues. Historically revenues are greater the expenditures during the first half of the year. March expenditures included the annual transfer to the capital projects fund which accounted for the negative cash flow. POSITIVE 2014 Actual 2014 Budget Var. JAN $9,441 $9,194 $247 FEB 8,440 7,516 924 MAR 12,645 11,289 1,356 APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS $30,527 $27,999 $2,528 0 2,000 All values are presented in thousands. 3 April 16, 2014 2014 Actual 2014 Budget Var. JAN $990 $711 $279 FEB 886 711 174 MAR 1,194 711 482 APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS $3,070 $2,134 $936 Use Tax Collections are for Sales in prior month. 2014 Actual 2014 Budget Var. JAN $6,345 $6,117 $228 FEB 4,427 4,430 -3 MAR 4,294 4,296 -2 APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS $15,066 $14,842 $224 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 March and collected by merchants in February experienced an increase of 3.2% compared to sales tax remitted in March 2013. Monthly collections by merchants were lower than the budgeted amount by less than 1%, but year to date collections are up $224 (1.5%) 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 March 2014 were up 50.9% compared to 2013 and were 67.8% higher than the March 2014 budget. Year to date collections are up $936 (43.9%). 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 All values are presented in thousands. 4 April 16, 2014 2014 Actual 2014 Budget Var. JAN $ - $ - $ - FEB 436 434 2 MAR 5,110 4,121 989 APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS $5,546 $4,555 $992 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 tax collections for March 2014 were higher than 2013 by 19.3% and were higher than the March 2014 budget by 24.0%. Year to date collections are higher than the budget by $992 (21.8%). PROPERTY TAX REVEUNE REVENUE ANALYSIS (continued): GENERAL FUND POSITIVE 2014 Actual 2014 Budget Var. JAN $920 $895 $25 FEB 1,568 805 763 MAR 910 1,034 -124 APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS $3,397 $2,734 $663 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 lower than March 2013 by 36.0% and were lower than the budget by 12.0%. Year to date collections are higher than the budget by $663 (24.3%). 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 All values are presented in thousands. 5 April 16, 2014 2014 Actual 2014 Budget Var. JAN $1,186 $1,471 -$285 FEB 1,124 1,136 -13 MAR 1,138 1,127 11 APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS $3,448 $3,734 -$286 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. March 2014 Fees and Charges were higher than March 2013 by 4.8% and were 1.0% higher than the budget. Year to date collections are lower than the budget by $286 (7.7%). GENERAL FUND POSITIVE Expenditures for March 2014 were higher than March 2013 by 82.8% and were higher than the budget by 54.3%. Year to date expenditures are higher than the budget by $2,867 (10.1%). The majority of the difference for March is the annual transfer to the capital projects fund which for 2014 was $5,882. POSITIVE 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 8,930 10,560 1,630 MAR 14,273 9,251 -5,022 APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS $31,168 $28,301 -$2,867 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 2013 0 500 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 2014 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 2013 4,000 6,000 8,000 10,000 12,000 14,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2014 Actual 2014 Budget 2013