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Home My WebLink AboutReport - Mail Packet - 8/19/2014 - General Fund Monthly Financial Report - July 2014All values are presented in thousands. 1 August 13, 2014 July 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 August 13, 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 11,001 6,430 4,571 JUL 13,460 10,201 3,259 AUG SEP OCT NOV DEC Totals $79,702 $70,155 $9,547 *Actuals REVENUE VS EXPENDITURES (Excludes Use Tax Economic Incentive Revenues and Expenditures) OVERALL FUND PERFORMANCE: July 2014 General Fund revenue collections were higher than July 2013 by 5.4% . Collections were up when compared to the monthly budget by $731 (5.7%). A majority of the difference is due to higher sales and use tax collections (a total of $676). Year to date collections are up $6,366 (8.7%) 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 July 2014 generated a positive cash flow month with revenues higher than expenditures by $3,259. During the month revenues were 31.9% higher than expenditures. Revenues are typically higher than expenditures in July because the second coupon payment for property taxes are due in June and remitted to the City in July. POSITIVE 2014 Actual 2014 Budget Var. JAN $9,441 $9,243 $197 FEB 8,440 7,518 922 MAR 12,689 11,292 1,397 APR 10,282 9,813 469 MAY 14,389 12,835 1,554 JUN 11,001 9,906 1,096 JUL 13,460 12,729 731 AUG SEP OCT NOV DEC All values are presented in thousands. 3 August 13, 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 1,181 711 470 AUG SEP OCT NOV DEC TOTALS $7,588 $4,979 $2,608 Use Tax Collections are for Sales in prior m onth. 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 5,450 5,244 206 AUG SEP OCT NOV DEC TOTALS $35,616 $34,454 $1,162 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 July and collected by merchants in June experienced an increase of 7.9% compared to sales tax remitted in July 2013. Monthly collections by merchants were higher than the budget by $206 (3.9%) and year to date collections are up $1,162 (3.4%) 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 July 2014 were up 19.3% compared to 2013 and were 66.1% higher than the budget. Year to date collections are up $2,608 (52.4%) 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 August 13, 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 3,753 3,836 -84 AUG SEP OCT NOV DEC TOTALS $17,301 $16,634 $667 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 July 2014 were higher than 2013 by 4.6%, but were lower than the monthly budget by less than 1%. Year to date collections are higher than the budget by $667 (4.0%). PROPERTY TAX REVEUNE REVENUE ANALYSIS (continued): GENERAL FUND POSITIVE 2014 Actual 2014 Budget Var. JAN $920 $928 -$9 FEB 1,568 807 761 MAR 953 1,037 -83 APR 1,656 908 748 MAY 2,250 2,067 183 JUN 1,427 1,086 341 JUL 1,619 1,185 434 AUG SEP OCT NOV DEC TOTALS $10,393 $8,019 $2,375 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 July 2014 were higher than 2013 by 27.1% and were higher than the budget by 36.6%. Year to date collections are higher than the budget by $2,375 (29.6%). 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 August 13, 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 1,457 1,752 -295 AUG SEP OCT NOV DEC TOTALS $8,804 $9,250 -$446 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. July 2014 Fees and Charges were higher than July 2013 by 7.8%, but were 16.8% lower than the budget. Year to date collections are lower than the budget by $446 (4.8%). GENERAL FUND POSITIVE Expenditures for July 2014 were higher than July 2013 by 13.6% and were higher than the budget by 16.0%. Year to date POSITIVE expenditures are lower than the budget by $5,150 (6.8%). 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) 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 10,201 8,797 -1,404 AUG SEP OCT NOV DEC TOTALS $70,155 $75,305 $5,150 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 EXPENDITURE ANALYSIS: 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 $79,702 $73,336 $6,366 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