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Home My WebLink AboutReport - Mail Packet - 7/22/2014 - General Fund Monthly Financial Report - June 2014All values are presented in thousands. 1 July 17, 2014 June 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 July 17, 2014 2014* Rev 2014* Exp Var. JAN $9,441 $7,966 $1,475 FEB 8,440 8,930 -489 MAR 12,689 14,273 -1,584 APR 10,282 8,645 1,636 MAY 14,389 13,710 679 JUN 10,990 6,430 4,560 JUL AUG SEP OCT NOV DEC Totals $66,231 $59,954 $6,277 *Actuals REVENUE VS EXPENDITURES (Excludes Use Tax Economic Incentive Revenues and Expenditures) OVERALL FUND PERFORMANCE: June 2014 General Fund revenue collections were higher than June 2013 by 12.0% . Collections were up when compared to the monthly budget by $1,087 (11.0%). A majority of the difference is due to higher sales and use tax collections (a total of $812). Year to date collections are up $5,670 (9.4%) compared to the budget. POSITIVE TOTAL REVENUE (Excludes Use Tax Economic Incentive Revenues) 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 Revenue 2014 Expenditures June 2014 generated a positive cash flow month with revenues higher than expenditures by $4,560. During the month revenues were 71.0% higher than expenditures. The reason for expenditures being under budget during the month was due to the North College Avenue project which received grant funding allowing $2.9 Million to be returned to the General Fund. POSITIVE 2014 Actual 2014 Budget Var. JAN $9,441 $9,210 $231 FEB 8,440 7,516 924 MAR 12,689 11,289 1,400 APR 10,282 9,810 472 MAY 14,389 12,832 1,557 JUN 10,990 9,903 1,087 JUL AUG SEP OCT NOV DEC All values are presented in thousands. 3 July 17, 2014 2014 Actual 2014 Budget Var. JAN $990 $711 $279 FEB 886 711 174 MAR 1,194 711 482 APR 871 711 160 MAY 1,235 711 523 JUN 1,231 711 520 JUL AUG SEP OCT NOV DEC TOTALS $6,406 $4,268 $2,138 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 5,163 4,940 223 MAY 4,812 4,594 217 JUN 5,126 4,834 292 JUL AUG SEP OCT NOV DEC TOTALS $30,166 $29,210 $956 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 June and collected by merchants in May experienced an increase of 7.4% compared to sales tax remitted in June 2013. Monthly collections by merchants were higher than the budget by $292 (6.0%) and year to date collections are up $956 (3.3%) 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 June 2014 were up 42.6% compared to 2013 and were 73.1% higher than the budget. Year to date collections are up $2,138 (50.1%) due to increased collections in building permit use tax. 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 July 17, 2014 2014 Actual 2014 Budget Var. JAN $ - $ - $ - FEB 436 451 -15 MAR 5,110 4,121 989 APR 1,491 1,700 -209 MAY 4,494 4,438 55 JUN 2,017 2,088 -71 JUL AUG SEP OCT NOV DEC TOTALS $13,548 $12,797 $751 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 June 2014 were higher than 2013 by 2.8%, but were lower than the monthly budget by less than 1%. Year to date collections are higher than the budget by $751 (5.9%). PROPERTY TAX REVEUNE REVENUE ANALYSIS (continued): GENERAL FUND POSITIVE 2014 Actual 2014 Budget Var. JAN $920 $895 $25 FEB 1,568 805 763 MAR 953 1,034 -81 APR 1,656 906 751 MAY 2,250 2,065 185 JUN 1,416 1,083 332 JUL AUG SEP OCT NOV DEC TOTALS $8,763 $6,787 $1,975 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 for June 2014 were higher than 2013 by 55.1% and were higher than the budget by 30.7%. Year to date collections are higher than the budget by $1,975 (29.1%). 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 July 17, 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 1,101 1,554 -453 MAY 1,599 1,024 575 JUN 1,201 1,187 14 JUL AUG SEP OCT NOV DEC TOTALS $7,348 $7,498 -$150 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. June 2014 Fees and Charges were higher than June 2013 by 6.4% and were 1.2% higher than the budget. Year to date collections are lower than the budget by $150 (2.0%). GENERAL FUND POSITIVE Expenditures for June 2014 were lower than June 2013 by 22.9% and were lower than the budget by 47.8%. Year to date expenditures are lower than the budget by $6,554 (9.9%). The main reasons for expenditures being under budget during the month is due to the North College Avenue project which received grant funding allowing $2.9 Million to be returned to the General Fund and the fact that June had three pay periods budgeted where there were only two (this is an offset of the overspend in May). 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 $9,008 $1,042 FEB 8,930 8,600 -330 MAR 14,273 14,912 640 APR 8,645 9,475 830 MAY 13,710 12,189 -1,521 JUN 6,430 12,323 5,893 JUL AUG SEP OCT NOV DEC TOTALS $59,954 $66,508 $6,554 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 1,400 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2014 Actual 2014 Budget 2013 TOTALS $66,231 $60,560 $5,670 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