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Home My WebLink AboutQ4 2014 Financial Report.pdf AGENDA BILL APPROVAL FORM Agenda Subject: 4rd Quarter 2014 Financial Report Date: March 18, 2015 Department: Finance Attachments: Quarterly Financial Report Budget Impact: $0 Administrative Recommendation: For discussion only. Background Summary: The purpose of the quarterly financial report is to summarize for the City Council the general state of Citywide financial affairs and to highlight significant items or trends that the City Council should be aware of. The following provides a high level summary of the City’s financial performance. Further details can be found within the attached financial report. The 4th Quarter status report is based on financial data available as of January 27, 2015 for the period ending December 31, 2014. Sales tax information represents business activity that occurred through October 2014. General Fund: The General Fund is the City’s largest fund and accounts for the majority of City resources and services, other than those required by statute to be accounted for in another fund. In 2014, General Fund revenues totaled $58.8 million and exceeded budget by $2.7 million. This is due primarily to: h Increased revenues from sales tax collections. Retail sales tax collections for the year exceeded budget by $843,000, or 6.5%. In addition, the sales tax credit for annexation and criminal justice sales tax revenues exceeded budget expectations by $432,000 and $427,000 respectively. h Increased revenues from development services fees due to continued growth in the local economy. Development services fees exceeded budget expectations by $363,000. h Increased revenues from building permits, also due to continued growth in the local economy. Building permits exceeded budget expectations by $337,000. General Fund expenditures for the year totaled $55.2 million as compared with a budget of $60.4 million. Overall departmental spending was $5.2 million – or 8.6% under budget due to court and jailing costs ending the year lower than anticipated, staff vacancies, underspending in contingency funds and continued vigilance in monitoring general spending. 2014 General Fund expenditures were $0.4 million above 2013 expenditures of $54.8 million due primarily due to an accounting change that occurred at the beginning of 2014, whereby the Golf Course Fund was changed from an Enterprise Fund to the General Fund. This change accounts for a $1.5 million increase in General Fund spending in 2014 compared to 2013. Ending 2014 fund balances will not be finalized until approximately June 2015 pending final year-end adjustments and certification by the State Auditor’s Office. Once the final ending 2014 fund balances are available, budgeted beginning 2015 fund balances will be reconciled and adjusted accordingly. 1 Agenda Subject: 4th Quarter 2014 Financial Report Date: 03/18/2015 In 2014, 5,811 pet licenses were sold resulting in $155,790 in revenue. For the same period in 2013, 5,093 licenses were sold resulting in $154,475 in revenue. Enterprise Funds: The City’s seven enterprise funds account for operations with revenues primarily provided from user fees, charges or contracts for services. At the end of 2014, the Water fund’s net operating income increased to $1,757,300 as compared to net income of $594,200 in 2013. The Sewer fund ended the year with $181,500 net operating income as compared to an operating loss of $640,200 in 2013. The Sewer-Metro Utility ended 2014 with operating income of $273,900 as compared to net operating income of $249,700 in 2013. Lastly, the Stormwater Utility ended the year with operating income of $1,486,200 as compared to operating income of $864,900 in 2013. The Cemetery ended 2014 with net operating income of $2,900 as compared to operating income of $44,900 in 2013. This difference is due primarily to water costs, which were charged to the Cemetery Fund in 2014 but not in 2013 or before. Internal Service Funds: Internal Service Funds provide services to other City departments and include functions such as Insurance, Worker’s Compensation, Facilities, Innovation and Technology, and Equipment Rental. All funds had sufficient revenues to cover expenditures in 2014. Investment Portfolio: The City’s total cash and investments at the end of 2014 was $120.5 million, as compared to $117.7 million at the end of 2013. Reviewed by Council & Committees: Reviewed by Departments & Divisions: Arts Commission COUNCIL COMMITTEES: Building M&O Airport Finance Cemetery Mayor Hearing Examiner Municipal Serv. Finance Parks Human Services Planning & CD Fire Planning Park Board Public Works Legal Police Planning Comm. Other Public Works Human Resources Information Services Action: Committee Approval: Yes No Council Approval: Yes No Call for Public Hearing ___/___/____ Referred to _________________________________ Until ____/___/____ Tabled ______________________________________ Until ___/___/____ Councilmember: Wales Staff: Coleman Meeting Date: March 23, 2015 Item Number: 2 Quarterly Financial Report Through Q4 2014 (1) Through December 31, 2013, Golf Course revenues and expenditures were reported under Fund 437. Effective January 1, 2014, Golf Course revenues and expenditures are now reported in the General Fund (above). Therefore, when comparing 2014 General Fund actuals to prior year, it is important to recognize this change. General Fund 2013 Summary of Sources and UsesAnnual BudgetYTD BudgetYTD ActualYTD ActualAmount Operating Revenues Property Tax 15,699,41715,699,41715,805,04114,415,456105,6240.7 % Sales Tax 13,048,55213,048,55213,891,46512,434,127842,9136.5 % Sales Tax - Annexation Credit 1,404,5901,404,5901,836,3911,694,630431,80130.7 % Criminal Justice Sales Tax 1,231,1851,231,1851,658,2281,516,946427,04334.7 % Brokered Natural Gas Tax 303,008303,008275,327273,298(27,681)(9.1)% City Utilities Tax 3,203,6733,203,6733,479,5703,322,456275,8978.6 % Admissions Tax 365,427365,427318,441325,560(46,986)(12.9)% Electric Tax 3,373,9053,373,9053,424,4273,297,976 50,5221.5 % Natural Gas Tax 1,213,9191,213,9191,136,9691,037,315(76,950)(6.3)% Cable TV Franchise Fee 816,000816,000880,909854,447 64,9098.0 % Cable TV Franchise Fee - Capital 62,31062,31062,993 62,701 6831.1 % Telephone Tax 2,042,7372,042,7371,805,5721,781,307(237,165)(11.6)% Garbage Tax (external)96,26196,261110,566101,084 14,30514.9 % Leasehold Excise Tax 50,75450,75437,233 37,215 (13,521)(26.6)% Gambling Excise Tax 250,237 250,237 280,736 257,284 30,499 12.2 % Taxes sub-total 43,161,97543,161,97545,003,86641,411,8021,841,8914.3 % Business License Fees 203,015203,015171,422236,162(31,594)(15.6)% Building Permits 1,169,1601,169,1601,505,7992,101,174336,63928.8 % Other Licenses & Permits 528,072528,072723,441704,612195,36937.0 % Intergovernmental (Grants, etc.)5,138,5885,138,5885,063,1084,818,360(75,480)(1.5)% Charges for Services: General Government Services 94,78394,783113,491106,073 18,70819.7 % Public Safety 580,449580,449479,866 21,905(100,583)(17.3)% Development Services Fees 738,881738,8811,101,6801,131,931362,79949.1 % Culture and Recreation - (1)2,047,5492,047,5492,219,387875,434171,8388.4 % Fines and Forfeits 1,562,575 1,562,575 1,239,233 1,424,524 (323,342)(20.7)% Fees/Charges/Fines sub-total12,063,07212,063,07212,617,42711,420,176554,3554.6 % Interests and Other Earnings42,23042,23041,76745,977(463)(1.1)% Rents, Leases and Concessions - (1)543,150543,150710,705284,178167,55530.8 % Contributions and Donations35,00035,00046,85158,90411,85133.9 % Other Miscellaneous - (1)113,200113,200168,35771,96455,15748.7 % Transfers In123,000123,000121,652193,548(1,348)(1.1)% Insurance Recoveries - Capital & Operating25,000 25,000 102,377 192,898 77,377 309.5 % Other Revenues sub-total 881,580881,5801,191,708847,470310,12835.2 % Total Operating Revenues 56,106,62756,106,62758,813,00253,679,4482,706,3754.8 % Operating Expenditures Council & Mayor 767,926767,926744,5691,017,725 23,3583.0 % Administration 882,363882,363719,335 0163,02818.5 % Community & Human Services 1,379,3351,379,335942,026897,919437,30931.7 % Municipal Court & Probation 1,870,9661,870,9661,265,243620,637605,72332.4 % Human Resources 1,557,1631,557,1631,305,0291,433,186252,13416.2 % Finance 1,369,8951,369,8951,148,1041,144,160221,79116.2 % City Attorney 1,880,9451,880,9451,742,1761,838,651138,7697.4 % Community Development 4,199,1074,199,1073,783,0493,869,868416,0589.9 % Jail - SCORE 5,786,1005,786,1005,504,7677,049,120281,3334.9 % Police 21,898,03621,898,03620,296,10019,202,0811,601,9367.3 % Public Works 2,656,7772,656,7772,647,5112,728,726 9,2660.3 % Parks, Arts & Recreation - (1)9,543,7539,543,7539,600,2018,135,678(56,448)(0.6)% Streets 3,306,7183,306,7183,227,0252,915,619 79,6932.4 % Non-Departmental 3,331,2073,331,2072,319,9803,932,9471,011,22730.4 % Total Operating Expenditures 60,430,29060,430,29055,245,11454,786,3165,185,1778.6 % 2014 2014 YTD Budget vs. Actual Favorable (Unfavorable) Percentage 3 Quarterly Financial Report Through Q4 2014 Overview This financial overview reflects the City’s overall financial position for the fiscal period ending December 31, 2014 (period 12) and represents financial data available as of January 27, 2015. General Fund revenues through December 2014 totaled $58.8 million and compares to 2013 collections of $53.7 and a 2014 budget of $56.1 million. Some highlights this year include: • Tax revenues totaled $45.0 million and were $1.8 million above budget. • Development services fees totaled $1.1 million and were $363,000 above budget, due primarily to increased plan check revenue. • Building permit revenue exceeds budget by $337,000 due to stronger than anticipated development activity. General Fund expenditures for the year totaled $55.2 million as compared to 2013 expenditures of $54.8 million and a 2014 budget of $60.4 million. Due to an accounting change effective January 1, 2014, all revenues and expenditures related to the Auburn Golf Course are now reported in the General Fund. Therefore, it is important to recognize this shift when comparing 2014 performance to prior year performance. After normalizing 2013 to include Golf Course expenditures of $1.5 million, the 2014 General Fund expenditures decreased by $1.0 million, or 1.8% compared to the prior year. Overall departmental spending in 2014 is $5.2 million, or 8.6%, under budget due to staff vacancies, court costs and jailing costs lower than anticipated, underspending in contingency funds, and continued vigilance in monitoring general spending. Ending 2014 fund balances will not be finalized until approximately June 2015 pending final year-end adjustments and certification by the State Auditor’s Office. Once the final ending 2014 fund balances are available, budgeted beginning 2015 fund balances will be reconciled and adjusted accordingly. $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 $50.0 $55.0 $60.0 $65.0 Revenues Expenditures Mi l l i o n s General Fund 2014 Revenues vs. Expenditures 2014 Budget 2014 Actual 4 Quarterly Financial Report Through Q4 2014 Revenues The combined total of property tax, sales/use tax, utility tax, gambling, and admissions tax provides approximately 80% of all resources supporting general governmental activities. The following section provides additional information on these sources. Property Tax collections in 2014 totaled $15.8 million and exceeded budget by $106,000 (0.7%). This compares to collections of $14.4 million in 2013. The majority of property tax revenues are collected during the months of April and October, coinciding with the due dates for the County property tax billings. $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 JanFebMarAprMayJunJulAugSepOctNovDec Mi l l i o n s Property Taxes 2014 budget 2014 actual to date 2013 actual 5 Quarterly Financial Report Through Q4 2014 Sales tax distributions Citywide totaled $15.6 million of which $13.9 million was distributed to the General Fund and $1.7 million to the Local Street Fund (SOS) program.* In 2014, total Sales Tax revenue collections in the General Fund exceeded budget expectations by $843,000, or 6.5%. * Beginning with the 2013-2014 budget, Local Street Fund (Fund 103) street repairs have been funded from sales taxes on construction. Total transferred through December 2014 was $1,753,532. The graphic above presents sales taxes under the current policy. The following table breaks out the City’s base sales tax, excluding Criminal Justice, Annexation Credit and Streamlined Sales Tax Mitigation, by major business sector. $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 JanFebMarAprMayJunJulAugSepOctNovDec Mi l l i o n s Sales & Use Tax (Net of Revenue from Construction) 2014 budget 2014 actual to date 2013 actual 20132014 Component GroupActualActualAmount Construction 1,942,7201,753,532(189,188)(9.7)% Manufacturing 624,3851,163,090538,70586.3 % Transportation & Warehousing45,69670,67924,98354.7 % Wholesale Trade 1,279,4071,204,714(74,693)(5.8)% Automotive 3,135,5593,309,404173,8455.5 % Retail Trade 4,218,5704,679,929461,35910.9 % Services 3,054,2833,321,827267,5448.8 % Miscellaneous 63,580119,61756,03888.1 % YE Total 14,364,20015,622,7911,258,5918.8 % Change from 2013 December-2014 Comparison of Sales Tax Collections by SIC Group Percentage 6 Quarterly Financial Report Through Q4 2014 As shown on the prior page, total Sales Tax revenue collected in 2014 totaled $15.6 million as compared with $14.4 million in 2013, representing an 8.8% year over year increase. The business sectors showing the largest increase in revenues compared to 2013 were the manufacturing and retail trade categories. Total 2014 sales tax revenue on construction, which is transferred to the Local Street Fund (Fund 103) for local street repair and maintenance, totaled $1,753,532 and exceeded budget of $1,560,000 by $194,000, reflecting higher than anticipated increases in commercial and residential construction activity throughout the City. $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 $2.0 JanFebMarAprMayJunJulAugSepOctNovDec Mi l l i o n s Sales Tax on Construction Transfer 2014 budget 2014 actual 2013 actual 7 Quarterly Financial Report Through Q4 2014 Utility Taxes consist of interfund taxes on City utilities (Water, Sewer, Storm and Solid Waste) and taxes on external utilities (Electric, Natural Gas, Telephone and Solid Waste). Utility taxes collected in 2014 totaled $10.0 million compared to $9.5 million collected in 2013. As shown in the table below, overall utility tax revenues collected were $10.0 million, slightly exceeding budget expectations by $27,000, or 0.3%. Increased collections from City interfund utilities partially offset lower than expected collections from private utility providers, specifically in the Telecommunications and Natural Gas markets. $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 JanFebMarAprMayJunJulAugSepOctNovDec Mi l l i o n s Utility Tax 2014 budget 2014 actual to date 2013 actual 201320142014 Month ActualBudgetActualAmount Amount City Interfund Utility Taxes3,322,4563,203,6733,479,570157,114 4.7 %275,897 8.6 % Electric 3,297,9763,373,9053,424,427126,451 3.8 %50,522 1.5 % Natural Gas 1,037,3151,213,9191,136,96999,654 9.6 %(76,950)(6.3)% Telephone 1,781,3072,042,7371,805,57224,264 1.4 %(237,165)(11.6)% Solid Waste (external)101,08496,261110,5669,482 9.4 %14,305 14.9 % YE Total 9,540,1399,930,4959,957,104416,965 4.4 %26,609 0.3 % December-2014 Utility Tax by Type 2014 vs. 2013 Actual2014 vs. Budget Percentage Percentage 8 Quarterly Financial Report Through Q4 2014 Cable TV Franchise Fees, which are collected quarterly, totaled $881,000 and exceeded budget by $65,000 or 8.0%. Licenses and Permits include business licenses, building permits, plumbing, electric and other licenses and permit fees. Building permit fees and business licenses make up 80% of the annual budgeted revenue in this category. Building permit revenues collected in 2014 totaled $1.5 million, compared to 2013 collections of $2.1 million and a 2014 budget of $1.2 million. 2014 building permit activity included permitting for several large commercial projects including various projects at Boeing, the Green River College Trades Building and Student Life Building, as well as the permitting of Wesley Homes. In addition, numerous housing developments were permitted in 2014 – most notably Edgeview, Auburn 40 PUD, Lakeland Villas and Vista Pointe. Of the $1.5 million in building permit revenues collected in 2014, 33% is attributable to commercial projects in the City and the remaining 67% is predominately single family housing permits. The total number of building permits issued in 2014 was 846 as compared to 969 building permits issued in 2013. $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 1st Quarter2nd Quarter3rd Quarter4th Quarter Th o u s a n d s Cable TV Franchise Fee 2014 budget 2014 actual to date 2013 actual 9 Quarterly Financial Report Through Q4 2014 Note: The spike seen in February 2013 (above) includes revenues for the Auburn High School Reconstruction and Modernization project. Business License revenues collected in 2014 totaled $171,000 compared to a budget of $203,000; these were $32,000 under budget due to timing of collections. The graphic below reflects the timing of payments by business owners, where the majority of business license payments are collected during the first two months of the year and the last month of the year. $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 $2.0 $2.2 JanFebMarAprMayJunJulAugSepOctNovDec Mi l l i o n s Building Permits 2014 budget 2014 actual to date 2013 actual $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 $220 $240 JanFebMarAprMayJunJulAugSepOctNovDec Th o u s a n d s Business Licenses 2014 budget 2014 actual to date 2013 actual 10 Quarterly Financial Report Through Q4 2014 Intergovernmental revenues include Grants (Direct & Indirect Federal, State and Local), state shared revenues and compact revenue from the Muckleshoot Indian Tribe (MIT). Collections through December totaled $5.1 million and were $75,000, or 1.5% under budget. Although grant revenues collected in 2014 were lower than anticipated, this was partially offset by an increased collection in state shared revenue, primarily in liquor profits and motor vehicle fuel tax revenues. State shared revenue includes $1,962,161 in Streamlined Sales Tax Mitigation payments. Charges for Services consist of general governmental services, public safety, development service fees and cultural & recreation fees. Overall, charges for services exceeded budget by $453,000, or 13.1%. General governmental revenues through December exceeded budget by $19,000 due to timing of payments from local jurisdictions that contract services through the City of Auburn, as well as increased revenues for passport services. Public safety revenues collected in 2014 totaled $480,000, which was $100,000 below budget. However, after adjusting period 13th accrual of Law Enforcement Services revenue of $78,000, public safety revenues will end the year within 4.0% of budget. Public safety revenues consist of revenues generated for Police Officer extra duty overtime, where officers are contracted for services and reimbursement is made by the hiring contractor. Effective June 2014, this revenue also includes reimbursement from the Muckleshoot Indian Tribe (MIT) for a full-time dedicated Police Officer and associated expenditures. Effective in 2014, the expenditures for Police Officer extra duty overtime are no longer netted against the revenues for this service. These are the two contributing factors as to why collections in 2014 are significantly higher than what was collected in 2013. Development services fee collections, which primarily consist of plan check fees, totaled $1.1 million for the year and exceed budget by $363,000. Total plan check fees collected in 2014 totaled $833,000, compared to a budget of $585,000. Plan check revenues in 2014 included various projects at Boeing, a commercial project on West Valley Hwy, the Green River College Student Life Building and Wesley Homes. Some of the single family housing projects include Edgeview, Kendall Ridge, Vista Pointe, and Sonata Hill. 201320142014 Revenue ActualBudgetActualAmount Amount Federal Grants 94,957346,508187,46892,510 97.4 %(159,040)(45.9)% State Grants 162,548335,976118,683(43,865)(27.0)%(217,293)(64.7)% Interlocal Grants 85,74440,90140,901(44,843)0.0 %0 0.0% State Shared Revenue3,879,9843,802,2034,049,104169,120 4.4 %246,901 6.5% Muckleshoot Casino Emerg.564,895605,000603,28338,388 6.8 %(1,717)(0.3)% Intergovernmental Service30,2328,00063,67033,438 110.6 %55,670 695.9% YE Total 4,818,3605,138,5885,063,108244,748 5.1 %(75,480)(1.5)% December-2014 Intergovernmental 2014 vs. 2013 Actual2014 vs. Budget % Change % Change 11 Quarterly Financial Report Through Q4 2014 Culture and recreation revenues collected in 2014 totaled $2.2 million and exceeded budget by $172,000 or 8.4%, reflecting increased ticket sales for Auburn Avenue Theatre as well as increased revenues from youth programs and summer camps. A significant factor in the year over year increase from 2013 seen in culture and recreation revenues was a change in accounting whereby Golf Course revenues and expenditures are now reported within the General Fund. Revenues in this category include golf lessons, pro shop sales, and greens fees. 201320142014 RevenueActualBudgetActualAmountAmount General Government106,07394,783113,4917,419 7.0 %18,708 19.7 % Public Safety 21,905580,449479,866457,961 2,090.7 %(100,583)(17.3)% Development Services1,131,931738,8811,101,680(30,251)(2.7)%362,799 49.1 % Culture & Recreation875,4342,047,5492,219,3871,343,953 153.5 %171,838 8.4 % YE Total 2,135,3433,461,6623,914,4241,779,08183.3 %452,762 13.1 % December-2014 Charges for Services by Type 2014 vs. 2013 Actual2014 vs. Budget Percentage Percentage $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 JanFebMarAprMayJunJulAugSepOctNovDec Mi l l i o n s Development Service Fees 2014 budget 2014 actual to date 2013 actual 12 Quarterly Financial Report Through Q4 2014 Note: The 2014 budget and actuals are considerably higher than 2013 due to the accounting change effective January 1, 2014 where the Golf Course is included in the General Fund. Fines & Penalties include traffic and parking infraction penalties, Redflex photo enforcement violations, criminal fines (including criminal traffic, criminal non traffic and criminal costs) as well as non-court fines such as false alarm fines. Total revenue collected in 2014 totaled $1.2 million compared to a budget of $1.6 million. A total of $476,000 in Civil Infraction Penalties were collected in 2014, which was below the budget of $657,000 due to lower than anticipated collections for traffic infractions. In addition, Redflex photo enforcement revenues collected for the year totaled $383,000 compared to a budget of $497,000; these were less than budget due to the fact that the Photo Enforcement Program was cancelled effective June 1, 2014. $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 $2.0 $2.2 $2.4 JanFebMarAprMayJunJulAugSepOctNovDec Mi l l i o n s Culture & Recreation 2014 budget 2014 actual to date 2013 actual 201320142014 MonthActualBudgetActualAmountAmount Civil Penalties18,50615,00016,984(1,522)(8.2)%1,984 13.2 % Civil Infraction Penalties446,650656,750476,20729,558 6.6 %(180,543)(27.5)% Redflex Photo Enforcement599,772497,475383,307(216,465)(36.1)%(114,168)(22.9)% Parking Infractions116,783170,000133,67616,893 14.5 %(36,324)(21.4)% Criminal Traffic Misdemeanor55,30382,00050,903(4,400)(8.0)%(31,097)(37.9)% Criminal Non-Traffic Fines58,02990,00042,941(15,088)(26.0)%(47,059)(52.3)% Criminal Costs30,47713,00047,15616,679 54.7 %34,156 262.7 % Non-Court Fines & Penalties99,00438,35088,060(10,944)(11.1)%49,710 129.6 % YE Total1,424,5241,562,5751,239,233(185,291)(13.0)%(323,342)(20.7)% December-2014 Fines & Forfeits by Type 2014 vs. 2013 Actual2014 vs. Budget Percentage Percentage 13 Quarterly Financial Report Through Q4 2014 $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 JanFebMarAprMayJunJulAugSepOctNovDec Mi l l i o n s Fines & Penalties 2014 budget 2014 actual to date 2013 actual $0 $100 $200 $300 $400 $500 $600 JanFebMarAprMayJunJulAugSepOctNovDec Th o u s a n d s Redflex Photo Enforcement 2014 budget 2014 actual to date 2013 actual 14 Quarterly Financial Report Through Q4 2014 Miscellaneous revenues primarily consist of income from facility rentals; other sources within this category include investment earnings, contributions & donations and other miscellaneous income. Total revenue collected in this category in 2014 totaled $968,000 as compared to a budget of $734,000. Revenues collected in the rents and leases category exceeded budget by $168,000, primarily due to stronger than anticipated revenues for facility rentals at multiple locations throughout the City. In addition, the other miscellaneous revenue category exceeded budget by $55,000 for the year due primarily to the collection of P-Card rebate monies in the amount of $59,000 in 2014. In comparing 2014 activity to 2013 activity within this category, it is important to note that effective January 1, 2014 golf cart rental revenues are now included in the General Fund and are collected in the rents and leases revenue category below. Total golf cart revenues collected in 2014 totaled $217,000. Real Estate Excise Tax (REET) revenue is receipted into the Capital Improvement Projects Fund and is used for governmental capital projects. 2014 REET revenue totaled $2.5 million and exceeded budget and prior year actuals by $1.1 million and $242,000, respectively. The increase in REET revenues is a result of increased real estate sales within the City and is a sign of economic recovery. 201320142014 Month ActualBudgetActualAmount Amount Interest & Investments 45,97742,23041,767(4,210)(9.2)%(463)(1.1)% Rents & Leases 284,178543,150710,705426,526150.1 %167,55530.8 % Contributions & Donations58,90435,00046,851(12,054)(20.5)%11,85133.9 % Other Miscellaneous Revenue71,964113,200168,35796,393133.9 %55,15748.7 % YE Total 461,024733,580967,680506,656109.9 %234,10031.9 % Miscellaneous Revenues by Type December-2014 2014 vs. 20132014 vs. Budget Percentage Percentage 201320142014 MonthActualBudgetActualAmount Amount Jan 113,61561,300119,7656,1505.4%58,46595.4% Feb 107,48592,200208,206100,72193.7%116,006125.8% Mar 143,19898,000118,578(24,620)(17.2)%20,57821.0% Apr 124,44569,100189,77165,32552.5%120,671174.6% May 162,75089,400243,47280,72149.6%154,072172.3% Jun 177,38095,800236,06758,68833.1%140,267146.4% Jul 267,976147,100305,21437,23813.9%158,114107.5% Aug 200,627112,200263,57362,94731.4%151,373134.9% Sep 183,507103,600182,829(678)(0.4)%79,22976.5% Oct 261,388260,600163,912(97,476)(37.3)%(96,688)(37.1)% Nov 287,776138,600259,026(28,749)(10.0)%120,42686.9% Dec 202,388132,100183,799(18,589)(9.2)%51,69939.1% YE Total2,232,5331,400,0002,474,212241,67810.8%1,074,21276.7% Percentage 2014 vs. 2013 2014 vs. Budget Percentage Real Estate Excise Tax Revenues December-2014 15 Quarterly Financial Report Through Q4 2014 $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 $2.0 $2.2 $2.4 $2.6 JanFebMarAprMayJunJulAugSepOctNovDec Mi l l i o n s Real Estate Excise Tax 2014 budget 2014 actual to date 2013 actual 16 Quarterly Financial Report Through Q4 2014 Pet Licensing In 2014, 5,811 pet licenses were sold resulting in $155,790 in revenue. For the same period in 2013, 5,093 licenses were sold resulting in $154,475 in revenue. 2014 Budget Goal: $240,000 or more 2014 Revenue = $155,790 2014 Licenses Sold = 5,811 2013 Licenses Sold = 5,093 0 100 200 300 400 500 600 700 800 900 Ja n Fe b Ma r Ap r Ma y Ju n Ju l Au g Se p Oc t No v De c Nu m b e r o f L i c e n s e s I s s u e d Month Pet Licenses Issued By Month 2014 vs 2013 2014 Licenses Issued 2013 Licenses Issued $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 Ja n Fe b Ma r Ap r Ma y Ju n Ju l Au g Se p Oc t No v De c Li c e n s e R e v e n u e Month Pet Licensing Revenue By Month 2014 2014 License Revenue 17 Quarterly Financial Report Through Q4 2014 Enterprise Funds The detailed Working Capital and Fund Balance statements for Enterprise and Internal Service funds can be found in the Appendix at the end of this report. The Water Utility’s net operating income increased from $594,200 in 2013 to $1,757,300 in 2014. 0 2,000 4,000 6,000 8,000 10,000 12,000 $0 $50,000 $100,000 $150,000 $200,000 $250,000 Ja n Fe b Ma r Ap r Ma y Ju n Ju l Au g Se p Oc t No v De c Nu m b e r o f L i c e n s e s I s s u e d Li c e n s e R e v e n u e Month Cumulative Pet Licensing Revenue & Licenses Issued 2014 vs 2013 2014 License Revenue (L) 2014 License Revenue (L) (Budget Goal: $240,000) 2014 Licenses Issued (R) 2013 Licenses Issued (R) $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 JanFebMarAprMayJunJulAugSepOctNovDec Th o u s a n d s Water Revenues vs Water Sold 2014 vs 2013 2013 Water Sales ($) 2014 Water Sales ($) 2013 Water Sold (ccf) 2014 Water Sold (ccf) 18 Quarterly Financial Report Through Q4 2014 The Sewer Utility ended the year with operating income of $181,500 as compared to an operating loss of $640,200 in 2013. The Sewer-Metro Utility ended 2014 with operating income of $273,900 as compared to $249,700 for the previous year. The Stormwater Utility ended the year with $1,486,200 in net operating income which compares to operating income of $864,900 for the same period last year. The Cemetery Fund ended December with operating income of $2,900 as compared to operating income of $44,900 for the same period last year. During 2014, the number of interments at the Cemetery totaled 250 (123 burials, 127 cremations) which compares to 226 (113 burials, 113 cremations) for the same period last year. $0 $20 $40 $60 $80 $100 $120 $140 JanFebMarAprMayJunJulAugSepOctNovDec Th o u s a n d s Cemetery Operating Revenues & Expenditures By Month 2014 vs 2013 2014 Bud. Revenue 2014 Act. Revenue 2013 Act. Revenue 2014 Act. Expenses 19 Quarterly Financial Report Through Q4 2014 Internal Service Funds Operating expenditures within the Insurance Fund represent the premium cost pool that were allocated monthly to other City funds over the course of 2014. As a result, this balance gradually diminishes each month throughout the year. No significant variances are reported in the Worker’s Compensation, Facilities, Innovation & Technology, or Equipment Rental Funds. All funds had sufficient revenues to cover 2014 expenditures. Contact Information This report is prepared by the Finance Department. Additional financial information can also be viewed at our website: http://www.auburnwa.gov/. For any questions about this report please contact Shelley Coleman at scoleman@auburnwa.gov. $0 $200 $400 $600 $800 $1,000 $1,200 JanFebMarAprMayJunJulAugSepOctNovDec Th o u s a n d s Cumulative Cemetery Revenues & Expenditures 2014 vs 2013 2014 Bud. Revenue 2014 Act. Revenue 2013 Act. Revenue 2014 Act. Expenses 20 Investment Purchase Purchase Maturity Yield to Type Date Price Date Maturity State Investment Pool Various 106,995,558$ Various 0.10% KeyBank Money Market Various 8,160,565 Various 0.00% US Treasury 05/04/1990 57,750 05/15/2016 5.72% FFCB 4/11/2013 3,000,000 4/11/2016 0.43% FHLB 2/19/2014 2,047,200 11/19/2018 1.98% LAKUTL 9/25/2013 235,919 11/1/2017 1.90% Total Cash & Investments 120,496,992$ 0.143% Investment Mix % of Total State Investment Pool 88.8%Current 6-month treasury rate 0.11% KeyBank Money Market 6.8%Current State Pool rate 0.10% US Treasury 0.0%KeyBank Money Market 0.00% FFCB 2.5%Blended Auburn rate 0.14% FHLMC 1.7% LAKUTL 0.2% 100.0% City of Auburn Investment Portfolio Summary December 31, 2014 Summary 21 SALES TAX SUMMARY DECEMBER 2014 SALES TAX DISTRIBUTIONS (FOR OCTOBER 2014 RETAIL ACTIVITY) 2013 Annual Total 2013 YTD 2014 YTD YTD 2013 Annual Total 2013 YTD 2014 YTD YTDNAICSCONSTRUCTION (Nov '12-Oct '13)(Nov '12 - Oct '13)(Nov '13 - Oct '14)% Diff NAICS AUTOMOTIVE (Nov '12-Oct '13)(Nov '12 - Oct '13)(Nov '13 - Oct '14)% Diff 236 Construction of Buildings 949,102 949,102 866,060 -8.7%441 Motor Vehicle and Parts Dealer 2,899,545 2,899,545 3,062,768 d 5.6%237 Heavy and Civil Construction 166,874 166,874 146,261 -12.4%447 Gasoline Stations 236,015 236,015 246,636 4.5% 238 Specialty Trade Contractors 826,744 826,744 741,211 -10.3%TOTAL AUTOMOTIVE 3,135,559 3,135,559 3,309,404 5.5%TOTAL CONSTRUCTION 1,942,720 1,942,720 1,753,532 -9.7%Overall Change from Previous Year 173,845 Overall Change from Previous Year -189,188 2013 Annual Total 2013 YTD 2014 YTD YTD2013 Annual Total 2013 YTD 2014 YTD YTD NAICS RETAIL TRADE (Nov '12-Oct '13)(Nov '12 - Oct '13)(Nov '13 - Oct '14)% Diff NAICS MANUFACTURING (Nov '12-Oct '13)(Nov '12 - Oct '13)(Nov '13 - Oct '14)% Diff 442 Furniture and Home Furnishings 235,036 235,036 254,103 8.1% 311 Food Manufacturing 1,836 1,836 3,220 75.4%443 Electronics and Appliances 173,552 173,552 236,955 36.5% 312 Beverage and Tobacco Products 7,670 7,670 8,257 7.7%444 Building Material and Garden 446,976 446,976 502,470 12.4%313 Textile Mills 272 272 234 -14.1%445 Food and Beverage Stores 335,409 335,409 352,552 5.1% 314 Textile Product Mills 3,435 3,435 2,970 -13.5%446 Health and Personal Care Store 173,874 173,874 187,715 8.0% 315 Apparel Manufacturing 280 280 244 -12.9%448 Clothing and Accessories 889,410 889,410 1,008,978 13.4% 316 Leather and Allied Products 11 11 15 29.7%451 Sporting Goods, Hobby, Books 125,040 125,040 212,015 69.6% 321 Wood Product Manufacturing 72,780 72,780 76,560 5.2%452 General Merchandise Stores 974,130 974,130 955,479 c -1.9% 322 Paper Manufacturing 3,442 3,442 5,237 52.2%453 Miscellaneous Store Retailers 548,688 548,688 587,784 7.1% 323 Printing and Related Support 26,277 26,277 44,114 67.9%454 Nonstore Retailers 316,455 316,455 381,876 20.7% 324 Petroleum and Coal Products 9,762 9,762 10,293 5.4%TOTAL RETAIL TRADE 4,218,570 4,218,570 4,679,929 10.9% 325 Chemical Manufacturing 8,995 8,995 5,397 -40.0%Overall Change from Previous Year 461,359 326 Plastics and Rubber Products 9,566 9,566 9,844 2.9% 327 Nonmetallic Mineral Products 20,455 20,455 19,801 -3.2% 331 Primary Metal Manufacturing 717 717 1,542 115.0%2013 Annual Total 2013 YTD 2014 YTD YTD 332 Fabricated Metal Product Manuf 13,135 b 13,135 b 33,900 158.1%NAICS SERVICES (Nov '12-Oct '13)(Nov '12 - Oct '13)(Nov '13 - Oct '14)% Diff 333 Machinery Manufacturing 25,232 25,232 24,491 -2.9%51*Information 445,827 445,827 486,856 9.2% 334 Computer and Electronic Produc 13,545 13,545 18,265 34.8%52*Finance and Insurance 91,439 91,439 87,574 -4.2% 335 Electric Equipment, Appliances 1,251 1,251 1,179 -5.8%53*Real Estate, Rental, Leasing 278,919 278,919 314,900 12.9% 336 Transportation Equipment Man 350,172 350,172 837,227 139.1%541 Professional, Scientific, Tech 183,904 183,904 216,494 17.7% 337 Furniture and Related Products 24,852 24,852 21,248 -14.5%551 Company Management 76 76 43 -43.6%339 Miscellaneous Manufacturing 30,699 30,699 39,052 27.2%56*Admin. Supp., Remed Svcs 336,269 336,269 350,417 4.2%TOTAL MANUFACTURING 624,385 624,385 1,163,090 86.3%611 Educational Services 50,183 50,183 49,123 -2.1% Overall Change from Previous Year 538,705 62*Health Care Social Assistance 32,608 32,608 66,359 103.5% 71*Arts and Entertainment 148,530 148,530 157,908 6.3% 72*Accomodation and Food Svcs 979,254 979,254 1,066,580 8.9% 2013 Annual Total 2013 YTD 2014 YTD YTD 81*Other Services 394,645 394,645 425,896 7.9%NAICS TRANSPORTATION AND WAREHOUSING (Nov '12-Oct '13)(Nov '12 - Oct '13)(Nov '13 - Oct '14)% Diff 92*Public Administration 112,629 112,629 99,676 -11.5% 481 Air Transportation 0 0 0 N/A TOTAL SERVICES 3,054,283 3,054,283 3,321,827 8.8% 482 Rail Transportation 9,552 9,552 8,069 -15.5%Overall Change from Previous Year 267,544 484 Truck Transportation -3,489 a -3,489 a 4,740 -235.8% 485 Transit and Ground Passengers 93 93 4 -95.9% 488 Transportation Support 27,757 27,757 26,786 -3.5%2013 Annual Total 2013 YTD 2014 YTD YTD 491 Postal Service 863 863 691 -19.9%NAICS MISCELLANEOUS (Nov '12-Oct '13)(Nov '12 - Oct '13)(Nov '13 - Oct '14)% Diff 492 Couriers and Messengers 1,272 1,272 672 -47.2%000 Unknown 0 0 0 N/A 493 Warehousing and Storage 9,648 9,648 29,718 e 208.0%111-115 Agriculture, Forestry, Fishing 4,385 4,385 7,488 70.8% TOTAL TRANSPORTATION 45,696 45,696 70,679 54.7%211-221 Mining & Utilities 22,645 22,645 28,687 26.7% Overall Change from Previous Year 24,983 999 Unclassifiable Establishments 36,549 36,549 83,442 128.3% TOTAL SERVICES 63,580 63,580 119,617 88.1% Overall Change from Previous Year 56,038 2013 Annual Total 2013 YTD 2014 YTD YTD NAICS WHOLESALE TRADE (Nov '12-Oct '13)(Nov '12 - Oct '13)(Nov '13 - Oct '14)% Diff 423 Wholesale Trade, Durable Goods 1,111,249 1,111,249 1,024,016 -7.8%GRAND TOTAL 14,364,200 14,364,200 15,622,791 424 Wholesale Trade, Nondurable 163,774 163,774 178,054 8.7%Overall Change from Previous Year 1,258,591 8.8% 425 Wholesale Electronic Markets 4,384 4,384 2,643 -39.7% TOTAL WHOLESALE 1,279,407 1,279,407 1,204,714 -5.8% Overall Change from Previous Year -74,693 a. WA State Dept of Revenue audit adjustment to sales tax returns for period Jan 2013 (adjustment: -$11,382). b. WA State Dept of Revenue audit adjustment to sales tax returns for period May 2013 (adjustment - $30,493). c. WA State Dept of Revenue audit adjustment to sales tax returns for period March 2014 (adjustment: -$45,145). d. WA State Dept of Revenue audit adjustment to sales tax returns for period April 2014 (adjustment: $10,242). e. WA State Dept of Revenue audit adjustment to sales tax returns for period August 2014 (adjustment: $25,146). 12/22/14 file:Monthly Sales Tax Report.xls Prepared by Auburn Finance Department 22 INNOVATION EQUIPMENT & TECHNOLOGY RENTAL OPERATING REVENUES Charges For Service 13,070,100 7,664,939 - 8,935,172 13,585,661 16,243 983,899 - 797,549 - - - Interfund Charges For Service - - - - - - - - - 3,399,860 4,778,931 2,935,003 Sewer Metro Service Revenue - - 15,303,530 - - - - - - - - - Rents, Leases, Concessions, & Other - - - - - 641,679 - - - 103,699 136,130 - TOTAL OPERATING REVENUES 13,070,100 7,664,939 15,303,530 8,935,172 13,585,661 657,922 983,899 - 797,549 3,503,559 4,915,061 2,935,003 OPERATING EXPENSES Salaries & Wages 2,411,359 1,552,354 - 2,157,479 417,615 21,175 408,725 - 81,478 503,182 1,495,037 562,964 Benefits 1,069,777 684,288 - 941,656 196,977 6,884 191,121 - 76,256 250,110 602,541 263,759 Supplies 229,535 81,545 - 90,358 18,866 112 146,859 - - 133,194 284,934 1,015,125 Other Service Charges 4,066,239 2,280,966 28 1,356,629 1,162,812 440,523 76,763 162,879 200,041 1,558,213 1,719,570 438,719 Intergovernmental Services - 2,825 - 69,939 418,283 - - - - - - - Waste Management Payments - - - - 10,320,983 - - - - - - - Sewer Metro Services - - 15,029,574 - - - - - - - - - Interfund Operating Rentals & Supplies 1,125,303 973,021 - 1,299,236 179,962 - 104,396 - - 118,512 288,396 247,589 Other Expenses - - - - - - - - - - - - Depreciation & Amortization 2,410,604 1,908,420 - 1,533,693 18,819 401,684 53,095 - - - 562,487 774,092 TOTAL OPERATING EXPENSES 11,312,817 7,483,418 15,029,602 7,448,989 12,734,318 870,378 980,960 162,879 357,775 2,563,211 4,952,965 3,302,249 OPERATING INCOME (LOSS)1,757,284 181,521 273,928 1,486,183 851,342 (212,456) 2,939 (162,879) 439,774 940,348 (37,904) (367,246) NON-OPERATING REVENUES & EXPENSES Interest Revenue 15,117 12,804 799 19,053 1,526 906 300 1,204 230 2,081 3,366 5,476 Contributions - - - 162,214 47,226 - 25 - - 2,354 - 6,485 Other Non-Operating Revenue 305,025 87,197 - 112,720 240 (1,266) 4,654 - - - 2,172 42,372 Gain (Loss) On Sale Of Fixed Assets - - - 322,871 - - - - - - - 1,060 Debt Service Interest 1 (546,254) (243,820) - (224,809) - (46,613) (21,429) - - - - - Other Non-Operating Expense - - - - - - - - - - - - TOTAL NON-OPERATING REVENUES & EXPENSES (226,113) (143,819) 799 392,048 48,992 (46,972) (16,450) 1,204 230 4,435 5,538 55,392 PLUS ITEMS NOT AFFECTING WORKING CAPITAL Depreciation 2,410,604 1,908,420 - 1,533,693 18,819 401,684 53,095 - - - 562,487 774,092 NET WORKING CAPITAL FROM OPERATIONS 3,941,775 1,946,122 274,728 3,411,925 919,154 142,255 39,583 (161,674) 440,004 944,783 530,122 462,238 Increase In Contributions - System Development 585,259 249,344 - 625,771 - - - - - - - - Increase In Contributions - Area Assessments - 3,282 - - - - - - - - - - Increase In Contributions - Other Governments 42,200 162,203 - 597,204 - 31,617 - - - - - - Increase In Contributions - Other Funds - - - - - - - - - - - - Increase In Contributions - FAA - - - - - 542,890 - - - - - - Proceeds of Debt Activity 129,115 - - - - - - - - - - - Operating Transfers In - - - 37,237 - 200,000 - - - - 256,822 444,324 Increase In Restricted Net Assets 1 859,634 136,350 - 415,589 - (587) - - - - - - Decrease In Long-Term Receivables - 90,000 - - - - - - - - - - Increase In Deferred Credits - - - - - 5,962 - - - - - - TOTAL RESOURCES OTHER THAN OPERATIONS 1,616,208 641,178 - 1,675,802 - 779,882 - - - - 256,822 444,324 Net Change In Restricted Net Assets 1,744,850 586,958 - 1,133,881 - (124,303) - - - 2,200 - (2,950) Increase In Fixed Assets - Salaries 182,386 101,071 - 221,151 - - - - - - - - Increase In Fixed Assets - Benefits 72,265 41,888 - 88,700 - - - - - - - - Increase In Fixed Assets - Site Improvements 35,555 - - - - - - - - - - - Increase In Fixed Assets - Land - - - 261,979 - - - - - - - - Increase In Fixed Assets - Equipment - - - 51,405 - - - - - - 649,629 1,003,986 Increase In Fixed Assets - Construction 2,591,807 1,141,611 - 2,986,340 - 858,708 - - - - - - Operating Transfers Out 87,485 85,416 - 182,732 - - - - - 662,675 - 7,000 Debt Service Principal 1 1,378,710 436,789 - 412,167 - 125,000 - - - - - - TOTAL USES OTHER THAN OPERATIONS 6,093,057 2,393,733 - 5,338,355 - 859,404 - - - 664,875 649,629 1,008,036 NET CHANGE IN WORKING CAPITAL (535,074) 193,568 274,728 (250,628) 919,154 62,732 39,583 (161,674) 440,004 279,908 137,314 (101,475) BEGINNING WORKING CAPITAL - January 1, 2014 14,189,404 12,952,797 1,826,811 15,762,939 1,504,560 801,284 261,934 1,815,731 - 1,976,512 3,406,012 5,920,444 ENDING WORKING CAPITAL - December 31, 2014 13,654,331 13,146,365 2,101,538 15,512,311 2,423,714 864,016 301,517 1,654,057 440,004 2,256,420 3,543,327 5,818,970 NET CHANGE IN WORKING CAPITAL (535,074) 193,568 274,728 (250,628) 919,154 62,732 39,583 (161,674) 440,004 279,908 137,314 (101,475) 1 Thirteenth month debt service activity has been added to the Water, Sewer, Storm, Airport, & Cemetery Funds. INTERNAL SERVICE FUNDSWORKING CAPITAL The following table presents the Working Capital Statement for each of the City's Enterprise and Internal Service funds. Working Capital is generally defined as the difference between current assets and current liabilities. CEMETERY INSURANCE WORKER'S COMPENSATION FACILITIESWATERSEWERSEWER METRO STORM SOLID WASTE AIRPORT ENTERPRISE FUNDS 23 INNOVATION EQUIPMENT & TECHNOLOGY RENTAL OPERATING REVENUES Charges For Service 13,070,100 7,664,939 - 8,935,172 13,585,661 16,243 983,899 - 797,549 - - - Interfund Charges For Service - - - - - - - - - 3,399,860 4,778,931 2,935,003 Sewer Metro Service Revenue - - 15,303,530 - - - - - - - - - Rents, Leases, Concessions, & Other - - - - - 641,679 - - - 103,699 136,130 - TOTAL OPERATING REVENUES 13,070,100 7,664,939 15,303,530 8,935,172 13,585,661 657,922 983,899 - 797,549 3,503,559 4,915,061 2,935,003 OPERATING EXPENSES Administration 2,941,351 2,177,958 28 2,980,814 760,138 466,641 280,817 162,879 - - - 901,697 Operations & Maintenance 5,960,861 3,397,041 - 2,934,481 1,634,377 2,054 647,049 - 357,775 2,563,211 4,390,478 1,626,461 Waste Management Payments - - - - 10,320,983 - - - - - - - Sewer Metro Services - - 15,029,574 - - - - - - - - - Depreciation & Amortization 2,410,604 1,908,420 - 1,533,693 18,819 401,684 53,095 - - - 562,487 774,092 TOTAL OPERATING EXPENSES 11,312,817 7,483,418 15,029,602 7,448,989 12,734,318 870,378 980,960 162,879 357,775 2,563,211 4,952,965 3,302,249 OPERATING INCOME (LOSS)1,757,284 181,521 273,928 1,486,183 851,342 (212,456) 2,939 (162,879) 439,774 940,348 (37,904) (367,246) NON-OPERATING REVENUES & EXPENSES Interest Revenue 15,117 12,804 799 19,053 1,526 906 300 1,204 230 2,081 3,366 5,476 Other Non-Operating Revenue 305,025 87,197 - 274,933 47,466 (1,266) 4,679 - - 2,354 2,172 48,856 Gain (Loss) On Sale Of Fixed Assets - - - 322,871 - - - - - - - 1,060 Other Non-Operating Expense (49,516) (17,659) - - - (41,675) (22,267) - - - - - TOTAL NON-OPERATING REVENUES & EXPENSES 270,625 82,342 799 616,858 48,992 (42,035) (17,289) 1,204 230 4,435 5,538 55,392 2,027,909 263,863 274,728 2,103,041 900,334 (254,491) (14,350) (161,674) 440,004 944,783 (32,365) (311,854) Contributions 627,459 414,829 - 1,222,975 - 574,507 - - - - - - Transfers In - - - 37,237 - 200,000 - - - - 256,822 444,324 Transfers Out (87,485) (85,416) - (182,732) - - - - - (662,675) - (7,000) TOTAL CONTRIBUTIONS & TRANSFERS 539,974 329,413 - 1,077,481 - 774,507 - - - (662,675) 256,822 437,324 CHANGE IN FUND BALANCE 2,567,884 593,276 274,728 3,180,522 900,334 520,016 (14,350) (161,674) 440,004 282,108 224,456 125,470 BEGINNING FUND BALANCE - January 1, 2014 68,655,974 75,821,385 1,826,811 51,686,935 1,598,247 9,318,866 888,882 1,815,731 - 1,938,141 4,604,445 10,714,407 ENDING FUND BALANCE - December 31, 2014 71,223,858 76,414,661 2,101,539 54,867,457 2,498,581 9,838,882 874,532 1,654,057 440,004 2,220,249 4,828,901 10,839,877 INTERNAL SERVICE FUNDSFUND BALANCE The following table provides an analysis of each of the City's Enterprise and Internal Service funds - showing 2014 revenues and expenditures by fund. INCOME (LOSS) BEFORE CONTRIBUTIONS & TRANSFERS CEMETERY INSURANCE WORKER'S COMPENSATION FACILITIESWATERSEWERSEWER METRO STORM SOLID WASTE AIRPORT ENTERPRISE FUNDS 24