HomeMy WebLinkAboutJanuary 2011 AGENDA BILL AP PROVAL FORM Agenda Subject: January 2011 Financial Report Date: 03/21/2011 Department: Finance Attachments: January Monthly Report Budget Impact: 0 Administrative Recommendation: Background Summary: The January 2011 status report highlights City revenues and expenditures and is based on financial data available as of March 03, 2011. Sales tax reported in January is for business activities that occurred in November 2010. Total General Fund revenues for the City at the end of January including an adjustment of $163,789 for anticipated Streamlined Sales Tax Mitigation were $4,336,675 which is 8.7% of the annual budgeted revenues. Compared to budgeted year-to-date revenues, total General Fund revenue is $454.3K more primarily due higher than anticipated receipts from intergovernmental revenues, electric and telephone utility taxes. Expenditures for the General Fund totaled $3,485,298 which is $713.9K (17.0%) under the projected monthly budget at the end of January. This is primarily due to professional services, utilities and intergovernmental payments for SCORE that are anticipated to be paid in later periods. 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: Backus Staff: Coleman Meeting Date: March 21, 2011 Item Number: Page 1
Monthly Financial Report January 2011 General Fund Summary of Sources and Uses Annual BudgetYTD BudgetYTD ActualAmountPercentage OPERATING REVENUES Property Tax 12,022,340 34,300 49,663 15,363 44.8%Sales Tax (1)14,255,000 1,184,300 1,195,711 11,411 1.0%Sales Tax - Annexation Credit 1,356,600 107,600 110,776 3,176 3.0%Criminal Justice Sales Tax 1,177,600 95,500 101,274 5,774 6.0%Brokered Natural Gas Tax 260,000 27,600 30,740 3,140 11.4%City Utilities Tax 2,522,800 198,500 191,844 (6,656) -3.4%Admissions Tax 350,000 76,500 59,072 (17,428) -22.8%Electric Tax 2,850,000 702,000 789,549 87,549 12.5%Natural Gas Tax 1,270,410 296,300 268,472 (27,828) -9.4%Cable TV Franchise Fee 689,800 172,400 204,994 32,594 18.9%Cable TV Franchise Fee - Capital 75,000 18,600 15,993 (2,607) -14.0%Telephone Tax 1,972,900 67,900 142,983 75,083 110.6%Garbage Tax (external)150,000 8,700 9,468 768 8.8%Leasehold Excise Tax 45,000 - - - N/A Gambling Excise Tax 326,500 17,500 7,482 (10,018) -57.2%Business License Fees 200,000 51,000 52,583 1,583 3.1%Building Permits 700,000 45,900 78,928 33,028 72.0%Other Licenses & Permits 229,000 22,700 23,951 1,251 5.5%Intergovernmental (Grants, etc)3,841,685 351,800 605,147 253,347 72.0%Charges for Services: General Government Services 64,600 5,600 7,128 1,528 27.3% Public Safety 210,000 13,300 14,473 1,173 8.8% Development Services Fees 627,000 48,600 30,479 (18,121) -37.3% Culture and Recreation 877,500 71,300 53,943 (17,357) -24.3%Fines and Forfeits 2,208,500 198,800 167,066 (31,734) -16.0%Interests and Other Earnings 110,000 13,700 5,511 (8,189) -59.8%Rents, Leases and Concessions 315,000 26,600 80,394 53,794 202.2%Contributions and Donations 12,000 1,000 1,904 904 90.4%Other Miscellaneous 46,200 5,300 5,026 (274) -5.2%Transfers In 1,033,468 17,000 17,000 - 0.0%Insurance Recoveries- Capital & Operating 25,000 2,100 15,121 13,021 620.1%Total Operating Revenues 49,823,903 3,882,400 4,336,675 454,275 11.7%Operating Expenditures Council & Mayor 789,980 63,300 55,147 8,153 12.9%Municipal Court & Probation 3,216,460 223,800 208,329 15,471 6.9%Human Resources 815,360 66,600 58,994 7,606 11.4%Finance 1,159,740 89,100 86,192 2,908 3.3%City Attorney 1,659,560 130,800 114,951 15,849 12.1%Planning 3,721,770 357,500 319,659 37,841 10.6%Community & Human Services 1,092,980 42,500 106,338 (63,838) -150.2%Jail - SCORE 6,087,470 413,200 - 413,200 100.0%Police 19,668,600 1,559,200 1,552,113 7,087 0.5%Engineering 2,415,200 204,000 178,207 25,793 12.6%Parks and Recreation 7,279,570 503,000 458,753 44,247 8.8%Streets 3,183,130 237,500 168,499 69,001 29.1%Non-Departmental 4,049,500 308,700 178,116 130,584 42.3%Total Operating Expenditures 55,139,320 4,199,200 3,485,298 713,902 17.0%2011 2011 YTD Budget vs. Actual Favorable (Unfavorable) (1) The anticipated Streamlined Sales Tax for 2011 is $1,965,470. The year to date actual sales tax amount is adjusted to include $163,789 estimated SST Mi tigation prorated for January. Page 2
Monthly Financial Report January 2011 Overview This financial overview reflects the City’s overa ll financial position for the fiscal year through January 31, 2011. The report represents financ ial data available as of March 3, 2011. The budgeted year to date revenues and operating expenditures are primarily based on the collection/disbursement average for the same period of the prior two years. The table on the previous page summarizes the General Fund revenues and expenditures. At the end of January, General Fund revenues totaled $4.3 million and were sufficient to meet expenses of $3.5 million. General Fund revenu es were 11.7% greater than budgeted levels, primarily due to the timing of intergovernmental revenues received from the Muckleshoot Indian Tribe. General Fund expenses were 17.0% below budgeted levels, reflecting the timing of intergovernmental payments for SCORE and underexpenditures in professional services and utilities. Revenues Through the end of January, General Fund revenues totaled $4.3 million. The combined total of property tax, sales/use tax, utility tax, gamb ling, and admissions tax represents 73.3% of all resources supporting general governmental activities. The following section provides detail information on property and sales taxes. Property Tax Year to date collection at the end of January is $49,663 and is 0.41% of the $12,022,340 annual budget. Compared to 2010, the City collected $21,928 or 79.1% more for the same period. At the end of the January, property tax revenue is $15,363 or 44.8% more than the year to date budget. The majority of property tax revenues are collected during the months of April and October, coinciding with the due date for County property tax billings. 201020112011 MonthActualBudgetActualAmountPercentageAmountPercentage Jan 27,735 34,300 49,663 21,928 79.1%15,363 44.8%Feb 131,275 125,400 0.0%0.0%Mar 294,363 266,800 0.0%0.0%Apr4,877,655 4,683,800 0.0%0.0%May1,200,112 1,060,400 0.0%0.0%Jun 76,369 59,000 0.0%0.0%Jul 29,190 26,000 0.0%0.0%Aug 54,328 44,900 0.0%0.0%Sep 189,677 199,700 0.0%0.0%Oct4,657,943 4,388,040 0.0%0.0%Nov1,051,178 1,068,600 0.0%0.0%Dec 79,985 65,400 0.0%0.0%Y TD Total27,735 34,300 49,663 21,928 79.1%15,363 44.8%Annual Total12,669,811 12,022,340 Property Tax Revenue 2010 vs. 2011 2011 vs. Budget Year to Date through January Page 3
Monthly Financial Report January 2011 Sales Tax At the end of January, sales tax revenue includi ng estimated Streamlined Sales Tax Mitigation of $163,789 totaled 1,195,711 and is $67.1K or 5.9% more than 2010 and $11.4K greater than the current YTD budget. Total estimated Streamlined Sales Tax Mitigation for 2011 is $1,965,470 but the actual amount the City will receive from the State is reduced by taxes received from companies that have voluntarily complied with the new destination based sales tax. Review of sales tax returns by SIC sector indicate an improvement in nearly all sectors of the local economy, albeit a very modest one, and is reflective of the tentative nature of the broader economic conditions of the region and nation. While there is some strengthening of the general economy, threats to the pace of the recovery remain and include continued weakness in the labor market, rising energy prices, an unstable geo-political climate in the north African and middle-eastern areas of the world, and the unprecedented scale of damage as a result of the massive earthquake in northern Japan. 2010 20112011 MonthActual *Budget *ActualAmountPercentageAmountPercentage Jan 1,128,608 1,184,300 1,195,711 67,103 5.9%11,411 1.0%Feb 1,303,518 1,295,400 0.0%0.0%Mar 1,012,173 1,039,000 0.0%0.0%Apr 1,495,567 1,272,500 0.0%0.0%May 1,190,021 1,179,200 0.0%0.0%Jun 1,045,316 1,074,900 0.0%0.0%Jul 1,104,591 1,132,000 0.0%0.0%Aug 1,302,641 1,280,200 0.0%0.0%Sep 1,221,393 1,188,500 0.0%0.0%Oct 1,171,092 1,216,400 0.0%0.0%Nov1,368,390 1,286,600 0.0%0.0%Dec 1,139,497 1,106,000 0.0%0.0%Y TD Total1,128,608 1,184,300 1,195,711 67,103 5.9%11,411 1.0%Annual Total14,482,806 14,255,000 Sales & Use Tax Revenue 2011 vs. 2010 2011 vs. Budget Year to Date through January *Includes Sales Tax Mitigation prorated monthly. Page 4
Monthly Financial Report January 2011 The following table breaks out the City’s base sa les tax excluding Criminal Justice, Annexation Credit and Streamlined Sales Tax Mitigation by major business sectors. 20102011 Component Group ActualActualAmountPercentage New Construction 98,946 108,082 9,136 9.2%Manufacturing 28,519 20,896 (7,623) -26.7%Transportation & Warehousing 1,781 8,802 7,021 394.2%Wholesale Trade 105,981 77,569 (28,412) -26.8%Automotive 176,975 202,024 25,049 14.2%Retail Trade 298,978 323,129 24,151 8.1%Services 248,024 282,540 34,516 13.9%Miscellaneous 2,965 4,948 1,983 66.9%YTD Total 962,169 1,027,990 65,821 6.8%Year to Date through January Comparison of Sales Tax Collections by SIC Group Change from 2010 Utility Tax This revenue source consists of City inter-fund utility taxes (Water, Sewer, Storm and Solid Waste) and external utility taxes (Electric, Natural gas, Te lephone and Solid Waste). Year to date utility tax revenue is $1,402,316, or $143.5K (11.4%) mo re than 2010, due primarily to the timing of transfers of 1% telephone utility tax dedicated to the Arterial Street Preservation Fund. January 2010 reflects a reduction in revenues by$108,074 (3 months) utility tax restricted for Arterial Street Preservation compared to $28,597 (1 month) reduction in January 2011. Overall, the 2011 actual revenues are greater by $128.9K or 10.1% more than budgeted tax revenues. The main source of this increase is attributed to higher than anticipated revenues from the electric and telephone utility taxes. 201020112011 MonthActualBudgetActualAmountPercentageAmountPercentage Jan1,258,792 1,273,400 1,402,316 143,524 11.4%128,916 10.1%Feb483,456 502,900 - 0.0%0.0%Mar 416,213 336,000 - 0.0%0.0%Apr1,505,874 1,707,500 - 0.0%0.0%May492,247 499,000 - 0.0%0.0%Jun 365,171 376,200 - 0.0%0.0%Jul1,303,301 1,299,510 - 0.0%0.0%Aug458,060 504,500 - 0.0%0.0%Sep364,769 382,100 - 0.0%0.0%Oct1,181,926 1,111,000 - 0.0%0.0%Nov427,125 442,100 - 0.0%0.0%Dec334,326 331,900 - 0.0%0.0%Y TD Total1,258,792 1,273,400 1,402,316 143,524 11.4%128,916 10.1%Annual Total8,591,258 8,766,110 Utility Tax Revenues 2011 vs. 2010 2011 vs. Budget Year to Date through January Page 5
Monthly Financial Report January 2011 The following table presents utility tax collections by source: 201020112011 Month ActualBudgetActualAmoun tPercentageAmountPercentage City Interfund Utility Taxes182,308 198,500 191,844 9,536 5.2%(6,656) -3.4%Electric 746,132 702,000 789,549 43,417 5.8%87,549 12.5%Natural Gas 255,003 296,300 268,472 13,469 5.3%(27,828) -9.4%Telephone 66,692 67,900 142,983 76,291 114.4%75,083 110.6%Solid Waste 8,657 8,700 9,468 811 9.4%768 8.8%Y TD Total 1,258,792 1,273,400 1,402,316 143,524 11.4%128,916 10.1%Annual Total 8,591,258 8,766,110 Utilty Tax by Type Year to Date through January 2011 vs. 2010 2011 vs. Budget Cable TV Franchise Fees are received quarterly and are shown on the table below. January revenues total $204,994 and are $34.2K or 20% greater than the 2011 year to date budget. 201020112011 MonthActualBudgetActualAmountPercentageAmountPercentage Jan - 170,800 204,994 204,994 N/A34,194 20.0%Feb 193,004 - Mar - - Apr 194,032 169,300 May - - Jun - - Jul 195,778 171,200 Aug - - Sep - - Oct 211,916 178,500 Nov - - Dec - - YTD Total - 170,800 204,994 204,994 N/A34,194 20.0%Annual Total794,731 689,800 Cable TV Franchise Fee Year to Date through January 2011 vs. 2010 2011 vs. Budget Licenses and Permits This revenue source is comprised of business licenses, building permits, plumbing, electric and other licenses and permit fees. At the end of January, the City has collected 13.8% of the annual projected revenue from licenses and permits. Building permit fees and Business licenses make up 80% of the annual budgeted revenue in this category. Page 6
Monthly Financial Report January 2011 Total building permit revenues at the end of January were $78,928. This was $9.2K lower than 2010 for the same period and $19.0K or 31.8% more than budgeted year to date revenues in 2011. 201020112011 MonthActualBudgetActualAmountPercentageAmountPercentage Jan 88,175 59,900 78,928 (9,246) -10.5%19,028 31.8%Feb 49,731 38,300 0.0%0.0%Mar 43,796 37,500 0.0%0.0%Apr 44,422 56,800 0.0%0.0%May 96,244 61,500 0.0%0.0%Jun 74,701 94,500 0.0%0.0%Jul 72,745 64,300 0.0%0.0%Aug 61,216 50,600 0.0%0.0%Sep 55,073 42,600 0.0%0.0%Oct 62,522 63,500 0.0%0.0%Nov 31,192 38,300 0.0%0.0%Dec 89,861 92,200 0.0%0.0%YTD Total88,175 59,900 78,928 (9,246) -10.5%19,028 31.8%Annual Total769,678 700,000 Building Permits Year to Date through January 2011 vs. 2010 2011 vs. Budget Business License revenues at the end of January were $48.6K more than 2010 and $1.6K or 3.1% more than the 2011 year to date budget. January revenues are higher compared to 2010 for the same period due to the change in timing of payments. In prior years, payments received mid year were for a 12 month period. In contrast, starting July 2010, these payments were only for the last 6 months of the year. Business license fees were billed again in December to cover a full year in 2011. 201020112011 MonthActualBudgetActualAmountPercentageAmountPercentage Jan 3,945 51,000 52,583 48,638 1232.9%1,583 3.1%Feb 4,347 14,100 0.0%0.0%Mar 3,627 7,900 0.0%0.0%Apr 4,342 3,900 0.0%0.0%May 1,987 3,000 0.0%0.0%Jun 22,171 6,700 0.0%0.0%Jul 53,961 4,500 0.0%0.0%Aug 13,403 4,000 0.0%0.0%Sep 6,850 2,200 0.0%0.0%Oct 4,940 3,300 0.0%0.0%Nov 3,468 4,100 0.0%0.0%Dec 92,229 95,300 0.0%0.0%YTD Total3,945 51,000 52,583 48,638 1232.9%1,583 3.1%Annual Total215,268 200,000 Business License Year to Date through January 2011 vs. 2010 2011 vs. Budget Page 7
Monthly Financial Report January 2011 Intergovernmental Revenues in this category include Grants (Direct & Indirect Federal, State and Local), State shared revenues and compact revenue from the Muckleshoot Indian Tribe. At the end of January intergovernmental revenues were 149% more than 2010 and 21.9% more than budget due to the timing of revenue for the Muckleshoot compact. Timing of grant revenue varies as they are processed on a reimbursement basis. 201020112011 Revenue ActualBudgetActual% Change% Change Federal Grants 246 200 - -100.0%-100.0%Interlocal Grants 8,142 4,300 4,167 -48.8%-3.1%State Shared Revenue 234,658 262,880 254,455 8.4%-3.2%Muckleshoot Casino Emerg.- 229,100 335,525 N/A 46.5%Intergovernmental Service - - 11,000 N/A N/A YTD Total 243,046 496,480 605,147 149.0%21.9%Annual Total 4,089,803 3,841,685 YTD %6%13%16%Intergovernmental Year to Date through January 2011 vs. 20102011 vs. Budget Total state shared revenues are $19.8K greater than the same period 2010 due to the new revenue source for Criminal Justice-High crime. Based on crime statistics, starting July 2010 the City began receiving this revenue source which partially offset a decrease in revenues from Criminal Justice –Population. At the end of January, total state shared revenues are in line with the budget and are only $8.4K or 3.2% lower than year to date budget. 201020112011 Revenue ActualBudgetActualAmountPercentageAmountPercentage Court Interpreter Program4,518 - - (4,518) 0.00%- N/A Motor Vehicle Fuel Tax 115,067 115,200 114,569 (498) -0.4%(631) -0.5%Criminal Justice -High Crime - 37,100 37,353 37,353 N/A253 N/A Criminal Justice -Population17,034 12,980 3,817 (13,217) -77.6%(9,163) -70.6%Criminal Justice -Spec. Prog.14,056 13,600 14,412 356 2.5%812 6.0%State DUI 3,156 1,000 3,107 (49) -1.6%2,107 210.7%Liquor Excise Tax 80,826 83,000 81,197 372 0.5%(1,803) -2.2%YTD Total 234,658 262,880 254,455 19,797 8.4%(8,425) -3.2%Annual Total 2,520,224 2,496,510 State Shared Revenues Year to Date through January 2011 vs. 2010 2011 vs. Budget Page 8
Monthly Financial Report January 2011 Charges for Services This revenue source consists of general governmental services, public safety, development service fees and cultural & recreation fees. Development services and culture & recreation revenues make up approximately 85% of the $1,779,100 annual budget for this category and are presented following the Charges for Service table below. At the end of January $106,024 or 0.06% of the annual budget has been received for all charges for services. General government services include passport services, administrative fees, court duplicating costs and sale of maps & publications. This income ca tegory is down compared to 2010 primarily due to lower passport services revenue. Public Safety consists of law enforcement servic es, probation and prisoner lodging fees; overall this revenue source is in line with the budget and is only $1.2K or 8.8% more than budget at the end of January. Probation fees account for $12.3K of the $14.5K received to date for this category. 201020112011 Revenue ActualBudgetActualAmountPercentageAmountPercentage General Government 7,812 5,600 7,128 (684) -8.76%1,528 27.29%Public Safety 14,606 13,300 14,473 (133) -0.9%1,173 8.8%Development Services 39,755 48,600 30,479 (9,276) -23.3%(18,121) -37.3%Culture & Recreation 65,917 71,300 53,943 (11,974) -18.2%(17,357) -24.3%YTD Total 128,091 138,800 106,024 (22,067) -17.2%(32,776) -23.6%Annual Total 1,861,204 1,779,100 Charges for Services by Type Year to Date through January 2011 vs. 2010 2011 vs. Budget Development services include engineering fees, zoni ng & subdivision fees and plan check fees. At the end of January, revenues totaled $30,479 and is 23.3% or $9.3K less than the same period in 2010. Total development service revenue is less than the budget for the year by $18.1K or 37.3% primarily due to lower than anticipated engineering and plan check fees revenue. 201020112011 MonthActualBudgetActualAmountPercentageAmountPercentage Jan 39,755 48,600 30,479 (9,276) -23.3%(18,121) -37.3%Feb 53,677 53,300 0.0%0.0%Mar 82,904 59,400 0.0%0.0%Apr 28,762 39,200 0.0%0.0%May 18,069 22,100 0.0%0.0%Jun 38,276 66,400 0.0%0.0%Jul 43,402 45,600 0.0%0.0%Aug 70,844 65,700 0.0%0.0%Sep 99,904 70,200 0.0%0.0%Oct 64,904 42,400 0.0%0.0%Nov 37,476 34,000 0.0%0.0%Dec 109,756 80,100 0.0%0.0%Y TD Total39,755 48,600 30,479 (9,276) -23.3%(18,121) -37.3%Annual Total687,729 627,000 Development Service Fees Year to Date through January 2011 vs. 2010 2011 vs. Budget Page 9
Monthly Financial Report January 2011 Culture & Recreation revenues consist of theater ti cket sales, recreational classes, arts commission and senior citizen program fees. Total revenue at the end of January shows a decrease of $12K from 2010 and $17.4K less than 2011 annual budget primarily due to lower recreational classes revenue from adult classes and family programs. 201020112011 MonthActualBudgetActualAmountPercentageAmountPercentage Jan 65,917 71,300 53,943 (11,974) -18.2%(17,357) -24.3%Feb 57,959 57,000 0.0%0.0%Mar133,930 134,100 0.0%0.0%Apr 69,877 78,600 0.0%0.0%May 70,119 75,600 0.0%0.0%Jun 109,364 103,500 0.0%0.0%Jul 89,315 86,600 0.0%0.0%Aug 76,531 74,300 0.0%0.0%Sep 60,648 63,300 0.0%0.0%Oct 39,341 41,700 0.0%0.0%Nov 41,030 44,200 0.0%0.0%Dec 44,629 47,300 0.0%0.0%Y TD Total65,917 71,300 53,943 (11,974) -18.2%(17,357) -24.3%Annual Total858,661 877,500 Culture & Recreation Year to Date through January 2011 vs. 2010 2011 vs. Budget Fines & Penalties This revenue category includes traffic and parking in fraction penalties, criminal (traffic, non traffic and costs) false alarm and shopping cart fines. Year to date, this revenue source is $167,066 or 29.4% less than 2010 for the same period and $31,734 or 16.0% lower than the projected budget. The overall decrease in January is primarily due to lower traffic infraction and photo enforcement revenues. 201020112011 MonthActualBudgetActualAmountPercentageAmountPercentage Jan 236,675 198,800 167,066 (69,609) -29.4%(31,734) -16.0%Feb 223,295 188,200 0.0%0.0%Mar252,739 210,200 0.0%0.0%Apr 239,856 204,000 0.0%0.0%May228,603 205,300 0.0%0.0%Jun 204,577 188,200 0.0%0.0%Jul 219,109 195,300 0.0%0.0%Aug 177,615 161,000 0.0%0.0%Sep 165,581 144,800 0.0%0.0%Oct 121,530 127,100 0.0%0.0%Nov204,643 182,900 0.0%0.0%Dec 198,188 202,700 0.0%0.0%Y TD Total236,675 198,800 167,066 (69,609) -29.4%(31,734) -16.0%Annual Total2,472,411 2,208,500 Fines & Forfeits by Month Year to Date through January 2011 vs. 2010 2011 vs. Budget Page 10
Monthly Financial Report January 2011 201020112011 Month ActualBudgetActualAmountPercentageAmountPercentage Civil Penalties 2,489 1,300 1,168 (1,321) -53.1%(132) -10.1%Civil Infraction Penalties 63,541 41,700 42,870 (20,671) -32.5%1,170 2.8%Red Light Photo Enforcement134,182 122,100 85,867 (48,316) -36.0%(36,233) -29.7%Parking Infractions 18,580 15,300 12,161 (6,418) -34.5%(3,139) -20.5%Criminal Traffic Misdemeanor5,726 7,600 7,392 1,666 29.1%(208) -2.7%Criminal Non-Traffic Fines 7,908 7,300 5,424 (2,484) -31.4%(1,876) -25.7%Criminal Costs 864 1,100 1,140 276 31.9%40 3.6%Non-Court Fines & Penalties3,384 2,400 11,044 7,659 226.3%8,644 360.1%Y TD Total 236,675 198,800 167,066 (69,609) -29.4%(31,734) -16.0%Annual Total 2,472,411 2,208,500 Fines & Forfeits by Type Year to Date through January 2011 vs. 20102011 vs. Budget 201020112011 MonthActualBudgetActualAmountPercentageAmountPercentage Jan 134,182 122,100 85,867 (48,316) -36.0%(36,233) -29.7%Feb 103,153 97,500 0.0%0.0%Mar 118,358 109,300 0.0%0.0%Apr 122,490 113,200 0.0%0.0%May 117,742 115,500 0.0%0.0%Jun 98,202 103,000 0.0%0.0%Jul 122,177 118,500 0.0%0.0%Aug 75,485 81,600 0.0%0.0%Sep 50,624 57,900 0.0%0.0%Oct 49,153 54,800 0.0%0.0%Nov 114,621 111,000 0.0%0.0%Dec 93,709 115,600 0.0%0.0%YTD Total134,182 122,100 85,867 (48,316) -36.0%(36,233) -29.7%Annual Total1,199,896 1,200,000 Photo Enforcement Year to Date through January 2011 vs. 2010 2011 vs. Budget Page 11
Monthly Financial Report January 2011 Miscellaneous This revenue source is comprised of interest and other investment earnings, rents, leases & concessions, contributions & donations and other miscellaneous income. The 2011 budget for this revenue category is $483,200 and interest & investment and rentals & leases make up 88% of the annual budget. Decreased interest revenue reflects the decline in the financial markets; the Local Government Investment Pool interest has decreased from 0.28% in January 2010 to 0.23% in January 2011. The increase in rentals & leases compared to 2010 revenue and 2011 year to date budget is primarily due to revenue from park facility rental deposits. Other miscellaneous revenue is budgeted conservatively and 2010 receipts for January are higher than 2011 for the same period because it included $15.6K reimbursement for General Fund expenditures. 201020112011 Month ActualBudgetActualAmountPercentageAmountPercentage Interest & Investments 8,194 13,700 5,511 (2,684) -32.8%(8,189) -59.8%Rents & Leases 32,049 26,600 80,394 48,345 150.8%53,794 202.2%Contributions & Donations 3,247 1,000 1,904 (1,343) -41.4%904 90.4%Other Miscellaneous Revenue19,547 5,300 5,026 (14,521) -74.3%(274) -5.2%Y TD Total 63,037 46,600 92,834 29,797 47.3%46,234 99.2%Annual Total 899,378 483,200 Miscellaneous Revenues by Type Year to Date through January 2011 vs. 20102011 vs. Budget Real Estate Excise Tax The Real Estate Excise Tax (REET) revenue is received in the Capital Improvement Projects Fund and is used for governmental capital projects. Total revenue at the end of January is $72.1K or 163.2% more than 2010 and $71.4K or 158.6% more than budget. This increase in REET revenues indicates recovery in the commercial and residential markets. 201020112011 MonthActualBudgetActualAmountPercentageAmountPercentage Jan 44,219 45,000 116,369 72,149 163.2%71,369 158.6%Feb 56,636 77,700 0.0%0.0%Mar 74,986 85,500 0.0%0.0%Apr 89,679 74,800 0.0%0.0%May207,808 125,100 0.0%0.0%Jun 153,434 133,300 0.0%0.0%Jul 114,879 100,100 0.0%0.0%Aug 49,393 74,400 0.0%0.0%Sep 22,789 91,200 0.0%0.0%Oct 122,410 197,200 0.0%0.0%Nov 166,145 158,600 0.0%0.0%Dec (5,235) 37,100 0.0%0.0%Y TD Total44,219 45,000 116,369 72,149 163.2%71,369 158.6%Annual Total1,097,144 1,200,000 Real Estate Excise Tax Revenues 2011 vs. 2010 2011 vs. Budget Year to Date through January Page 12
Monthly Financial Report January 2011 Enterprise Funds The table below provides an analysis of all City Enterprise funds and shows the year to date revenues and expenditures for each enterprise fund. Water Sewer StormSolid WasteAirportCemetery Golf OPERATING REVENUES Charges for services 621,196 1,345,455 556,613 744,755 2,103 59,396 18,525 Rents, Leases, Concessions & Other - - - - 51,920 - 3,983 TOTAL OPERATING REVENUES 621,196 1,345,455 556,613 744,755 54,022 59,396 22,507 OPERATING EXPENSES:Administration 199,641 154,425 174,553 56,652 69,501 22,814 19,578 Operations & Maintenance 216,393 1,211,485 184,784 55,728 - 39,523 66,740 Depreciation & Amortization 168,496 126,964 89,884 1,568 17,559 4,767 27,458 TOTAL OPERATING EXPENSES 584,531 1,492,874 449,221 113,948 87,060 67,104 113,776 OPERATING INCOME (LOSS)36,666 (147,419) 107,392 630,807 (33,037) (7,709) (91,268) NON-OPERATING REVENUES & EXPENSES Interest Revenue 3,726 2,393 1,434 98 219 29 - Other Non Operating Revenue (165) - - - 75 5 - Other Non Operating Expense - - - - - - TOTAL NON-OPERATING REVENUES (EXPENSES)3,561 2,393 1,434 98 294 34 - 40,226 (145,026) 108,826 630,905 (32,743) (7,675) (91,268) Contributions 19,392 26,480 31,374 - - - - Transfers In 619 Transfers Out (50,000) (50,000) (50,000) - - - - TOTAL CONTRIBUTIONS & TRANSFERS (30,608) (23,520) (18,626) - - - 619 CHANGE IN FUND BALANCE 9,618 (168,546) 90,200 630,905 (32,743) (7,675) (90,649) BEGINNING FUND BALANCE, January 1, 2011 58,962,689 67,629,064 40,956,334 923,810 9,705,318 865,780 5,140,529 ENDING FUND BALANCE, January 31, 2011 58,972,307 67,460,518 41,046,534 1,554,715 9,672,575 858,105 5,049,880 INCOME (LOSS) BEFORE CONTRIBUTIONS & TRANSFERS Solid Waste operating expenses are low due to timing of invoices from Waste Management; the January billing of $627,127 was posted in February. Page 13
Monthly Financial Report January 2011 Internal Service Funds The table below provides an analysis of all City Internal Service funds and shows the year to date revenues and expenditures for each fund. InformationEquipment InsuranceFacilities ServicesRental OPERATING REVENUES:Interfund Charges for services - 323,608 346,619 236,278 Rents, Leases, Concessions & Other - 5,420 2,024 - TOTAL OPERATING REVENUES - 329,028 348,643 236,278 OPERATING EXPENSES:Administration 974,610 - 20,550 45,742 Operations & Maintenance - 88,608 378,834 93,363 Depreciation & Amortization - - 33,109 78,290 TOTAL OPERATING EXPENSES 974,610 88,608 432,493 217,395 OPERATING INCOME (LOSS)(974,610) 240,420 (83,850) 18,883 NON-OPERATING REVENUES & EXPENSES Interest Revenue 261 196 771 1,100 Other Non Operating Revenue - - - 2,776 Other Non Operating Expense - - - - TOTAL NON-OPERATING REVENUES (EXPENSES)261 196 771 3,875 INCOME (LOSS) BEFORE CONTRIBUTIONS & TRANSFERS (974,349) 240,615 (83,079) 22,758 Contributions - - - Transfers In Transfers Out - - (7,000) TOTAL CONTRIBUTIONS & TRANSFERS - - - (7,000) CHANGE IN FUND BALANCE (974,349) 240,615 (83,079) 15,758 BEGINNING FUND BALANCE, January 1, 2011 2,366,832 731,686 4,918,922 10,611,968 ENDING FUND BALANCE, January 31, 2011 1,392,483 972,301 4,835,843 10,627,726 The Insurance Fund expenses include $974,196 balance of the annual insurance payment. This amount will be decreasing throughout the year as the expense is being allocated to various departments and funds on a monthly journal entry. Equipment rental fund balance of $10,627,726 includes approximately $4.8 M in fixed assets net of depreciation which primarily consists of the City’s fleet vehicles. 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 the report please contact us at mchaw@auburnwa.gov or scoleman@auburnwa.gov . Page 14
SALES TAX SUMMARY JANUARY 2011 SALES TAX DISTRIBUTIONS (FOR NOVEMBER 2010 RETAIL ACTIVITY)YTD YTD NAICSCONSTRUCTION 10 Total10 YTD11 YTD% DiffNAICSAUTOMOTIVE10 Total10 YTD11 YTD% Diff 236Construction of Buildings607,355 33,231 44,466 33.8%441Motor Vehicle and Parts Dealer 2,346,944 160,098 186,179 16.3%237Heavy and Civil Construction 121,822 22,529 10,843 -51.9%447Gasoline Stations 210,961 16,877 15,845 -6.1%238Specialty Trade Contractors 594,645 43,187 52,773 22.2%TOTAL AUTOMOTIVE 2,557,905 $ 176,975 $ 202,024 $ TOTAL CONSTRUCTION 1,323,822 $ 98,946 $ 108,082 $ Overall Change from Previous Year 25,050 $ 14.2%Overall Change from Previous Year 9,136 $ 9.2%YTD YTDNAICS RETAIL TRADE 10 Total10 YTD11 YTD% Diff NAICS MANUFACTURING 10 Total10 YTD11 YTD% Diff 442Furniture and Home Furnishings 193,852 17,814 18,650 4.7%311Food Manufacturing 2,062 69 55 -20.8%443Electronics and Appliances 120,703 8,736 10,456 19.7%312Beverage and Tobacco Products 3,610 223 330 48.0%444Building Material and Garden 389,137 35,891 25,938 -27.7%313Textile Mills 121 21 16 -24.5%445Food and Beverage Stores 351,329 29,033 29,987 3.3%314Textile Product Mills 1,682 116 149 29.0%446Health and Personal Care Store 143,820 11,261 12,008 6.6%315Apparel Manufacturing 2,202 66 2,121 3136.4%448Clothing and Accessories 730,903 62,452 67,558 8.2%316Leather and Allied Products 45 0 2 387.5%451Sporting Goods, Hobby, Books 116,615 9,427 10,806 14.6%321Wood Product Manufacturing 30,078 2,912 1,608 -44.8%452General Merchandise Stores 801,501 67,070 84,346 25.8%322Paper Manufacturing 10,842 231 999 331.9%453Miscellaneous Store Retailers 504,303 37,145 37,112 -0.1%323Printing and Related Support 43,243 4,044 4,229 4.6%454Nonstore Retailers 234,807 20,149 26,268 30.4%324Petroleum and Coal Products 3,320 182 109 -40.1%TOTAL RETAIL TRADE 3,586,970 $ 298,978 $ 323,129 $ 325Chemical Manufacturing 8,684 362 554 52.7%Overall Change from Previous Year 24,151 $ 8.1%326Plastics and Rubber Products 9,254 714 677 -5.2%327Nonmetallic Mineral Products 19,031 1,164 772 -33.7%331Primary Metal Manufacturing 189 (16) - -100.0%YTD 332Fabricated Metal Product Manuf 17,110 2,302 1,606 -30.2%NAICS SERVICES 10 Total10 YTD11 YTD% Diff 333Machinery Manufacturing 13,445 1,036 891 -14.0%51*Information 978,115 33,539 35,905 7.1%334Computer and Electronic Produc 12,773 833 662 -20.6%52*Finance and Insurance 68,357 5,442 4,889 -10.2%335Electric Equipment, Appliances 192 1 14 909.6%53*Real Estate, Rental, Leasing 288,013 22,625 20,787 -8.1%336Transportation Equipment Man 186,247 10,795 3,303 -69.4%541Professional, Scientific, Tech 188,696 12,733 11,089 -12.9%337Furniture and Related Products 12,784 1,807 662 -63.4%551Company Management 165 12 10 -12.1%339Miscellaneous Manufacturing 27,899 1,656 2,138 29.1%56*Admin. Supp., Remed Svcs 234,384 17,701 15,994 -9.6%TOTAL MANUFACTURING 404,813 $ 28,519 $ 20,896 $ 611Educational Services 55,877 1,478 1,466 -0.8%Overall Change from Previous Year (7,622)$ -26.7%62*Health Care Social Assistannce 37,475 2,863 2,830 -1.1%71*Arts and Entertainment 153,918 57,351 93,920 63.8%72*Accomodation and Food Svcs 806,733 61,685 60,646 -1.7%YTD 81*Other Services 385,105 27,623 27,107 -1.9%NAICSTRANSPORTATION AND WAREHOUSING10 Total10 YTD11 YTD% Diff 92*Public Administration 109,678 4,974 7,897 58.8%481Air Transportation - - - N/A TOTAL SERVICES 3,306,516 $ 248,024 $ 282,540 $ 482Rail Transportation 4,500 121 6,542 5299.4%Overall Change from Previous Year 34,515 $ 13.9%484Truck Transportation 7,660 398 489 23.0%485Transit and Ground Passengers 57 - - N/A 488Transportation Support 13,207 921 1,283 39.2%YTD 491Postal Service 194 18 12 -36.8%NAICS MISCELLANEOUS 10 Total10 YTD11 YTD% Diff 492Couriers and Messengers 993 - 142 N/A000Unknown 754 - - N/A 493Warehousing and Storage 2,574 323 334 3.4%111-115Agriculture, Forestry, Fishing 2,839 37 679 1741.0%TOTAL TRANSPORTATION 29,185 $ 1,781 $ 8,802 $ 211-221Mining & Utilities 22,364 1,236 1,212 -1.9%Overall Change from Previous Year 7,021 $ 394.1%999Unclassifiable Establishments 102,180 1,693 3,057 80.6%TOTAL SERVICES 128,138 $ 2,965 $ 4,948 $ Overall Change from Previous Year 1,983 $ 66.9%YTD NAICS WHOLESALE TRADE 10 Total10 YTD11 YTD% Diff 423Wholesale Trade, Durable Goods 1,020,802 96,285 68,879 -28.5%GRAND TOTAL 12,522,789 $ 962,169 $ 1,027,989 $ 424Wholesale Trade, Nondurable 160,317 9,544 8,402 -12.0%Overall Change from Previous Year 65,820 $ 6.8%425Wholesale Electronic Markets 4,320 152 289 90.1%TOTAL WHOLESALE 1,185,440 $ 105,981 $ 77,569 $ Overall Change from Previous Year (28,412)$ -26.8%March 7,2011 file:Monthly Sales Tax Report.xls Prepared by Auburn Financial Planning Page 15
Investment PurchasePurchaseMaturityYield to Type Date Price DateMaturity State Investment PoolVarious 89,919,029 $ Various 0.26%KeyBank Money MarketVarious 9,904,574Various 0.10%US Treasury 05/04/1990 57,75005/15/20165.72%FHLB 2/2/20091,000,000.002/2/20111.540%FHLB 2/2/20091,000,000.008/2/20111.840%FHLB 3/24/20102,000,000.0012/24/20121.550%FNMA 3/25/20102,000,000.003/25/20131.850%FNMA 5/13/20101,725,000.0012/24/20131.550%FHLB 5/20/20102,500,000.002/20/20131.625%FHLMC 6/24/20102,000,000.0012/24/20131.750%FNMA 6/30/20101,000,000.0012/30/20131.750% Total Cash & Investments 113,106,352 $ 0.418%Investment Mix% of Total State Investment Pool 79.5%Current 6-month treasury rate0.19%KeyBank Money Market 8.8%Current State Pool rate0.26%US Treasury 0.1%KeyBank Money Market0.10%FHLB 5.7%Blended Auburn rate0.42%FNMA 4.2%FHLMC 1.8%100.0%City of Auburn Investment Portfolio Summary As of January 31, 2011 Summary Page 16