HomeMy WebLinkAboutJanuary 2012
AGENDA BILL APPROVAL FORM
Agenda Subject: January 2012 Financial Report
Date: 03/12/2012
Department: Finance
Attachments: Monthly Financial
Report
Budget Impact: $0
Administrative Recommendation:
Background Summary:
The purpose of the monthly financial reports is to summarize for the City Council the general state of city-
wide 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 detail can be
found within the attached financial report.
The January status report is based on financial data available as of March 8, 2012. Sales tax information
represents business activity that occurred in November 2011.
General Fund:
The general fund is the City’s largest fund and is used to account for the majority of City resources and
services except those required by statute or to be accounted for in another fund.
At year end, General Fund revenue collections totaled $3.9 million, and compare to 2012 year-to-date
budget of $4.1 million and were sufficient to meet expenses of $3.6 million. Total General Fund revenues
for the City at the end of the year were slightly below budget due to the timing of reimbursements and
lowered fines from the red-light traffic enforcement program.
The City’s sales tax totaled $1.16 million and is slightly ahead of budget of $1.13 million. Sales taxes
have been gradually improving, and mirror the broader strengthening of the regional and national
economies. This improvement has been led by a decline in the nation’s unemployment rate and
improvement in overall consumer confidence and spending. Consumer spending is critical to the recovery
as it drives approximately two-thirds of the economy.
General Fund expenditures totaled $3.6 million, or 13.6% below budget reflecting the timing of invoices
from SCORE for the incarceration of City inmates.
Enterprise Funds:
The City’s eight enterprise funds account for operations with revenues primarily provided from user fees,
charges or contracts for services.
At the end of January, the Water fund ended with a small net loss of $45,000. This is primarily due to
seasonality, as the water sales are expected to increase during the summer to late fall. The Sewer fund
ended this period with a $290,000 operating loss. Approximately one-third of this loss is due to the timing
of payments to Metro for sewer services with the remainder due to expenditures exceeding available rate
revenues. Stormwater revenues are on target and are sufficient to meet expenses. A rate study update
has been completed by City staff for all three utilities, the results of which are currently being reviewed by
Council.
1
Agenda Subject: January 2012 Financial Report
Date: 03/19/2012
The Golf Course ended January with an operating loss of $85,000 and reflect the relatively lower level of
play during this time of the year. Cemetery revenues at the end of January totaled $64,000 and were
slightly below expenses. A transfer of $200,000 from the Cumulative Reserve Fund is proposed as part
of budget amendment #7 to support anticipated Cemetery fund cash flow needs in 2012.
Internal Service Funds:
Internal Service Funds provide services to other City departments and include functions such as
Insurance, Facilities, Information Services, and Equipment Rental. At the end of the year, revenue from
charges assessed to internal client departments was sufficient to meet expenses.
Investment Portfolio:
The City’s total cash and investments at the end of January was $98.9 million and was comparable to
December 2011.
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: Partridge Staff: Coleman
Meeting Date: April 2, 2012 Item Number:
2
Monthly Financial Report January 2012
General Fund 2011
Summary of Sources and Uses
Annual BudgetYTD BudgetYTD ActualYTD ActualAmountPercentage
OPERATING REVENUES
Property Tax 12,562,565 38,500 25,549 49,663 (12,951) -33.6%
Sales Tax (1)14,295,000 1,134,100 1,162,135 1,195,711 28,035 2.5%
Sales Tax - Annexation Credit 1,383,730 104,200 113,647 110,776 9,447 9.1%
Criminal Justice Sales Tax 1,212,900 92,800 107,079 101,274 14,279 15.4%
Brokered Natural Gas Tax 260,000 25,900 33,214 30,740 7,314 28.2%
City Utilities Tax 2,620,200 199,700 194,050 191,844 (5,650) -2.8%
Admissions Tax 360,000 63,400 51,617 59,072 (11,783) -18.6%
Electric Tax 3,275,000 826,000 812,586 789,549 (13,414) -1.6%
Natural Gas Tax 1,295,820 321,500 295,289 268,472 (26,211) -8.2%
Cable TV Franchise Fee 703,600 177,200 202,201 204,994 25,001 14.1%
Cable TV Franchise Fee - Capital 75,000 18,300 15,824 15,993 (2,476) -13.5%
Telephone Tax 2,012,400 103,600 148,887 142,983 45,287 43.7%
Garbage Tax (external)150,000 9,000 4,214 9,468 (4,786) -53.2%
Leasehold Excise Tax 50,000 - - - - N/A
Gambling Excise Tax 331,500 41,900 59,160 7,482 17,260 41.2%
Taxes sub-total 40,587,715 3,156,100 3,225,452 3,178,020 69,352 2.2%
Business License Fees 200,000 26,200 29,394 52,583 3,194 12.2%
Building Permits 700,000 62,400 92,333 78,928 29,933 48.0%
Other Licenses & Permits 229,000 18,000 25,624 23,951 7,624 42.4%
Intergovernmental (Grants, etc)3,756,285 414,100 210,083 605,147 (204,017) -49.3%
Charges for Services:
General Government Services 64,600 5,600 8,156 7,128 2,556 45.6%
Public Safety 223,500 13,800 15,430 14,473 1,630 11.8%
Development Services Fees 627,000 36,600 33,758 30,479 (2,842) -7.8%
Culture and Recreation 920,000 66,300 53,504 53,943 (12,796) -19.3%
Fines and Forfeits 2,208,500 208,100 119,438 167,066 (88,662) -42.6%
Fees/Charges/Fines sub-total 8,928,885 851,100 587,720 1,033,699 (263,380) -30.9%
Interests and Other Earnings 115,000 6,600 5,837 5,511 (763) -11.6%
Rents, Leases and Concessions 311,000 44,900 25,658 80,394 (19,242) -42.9%
Contributions and Donations 20,500 900 2,367 1,904 1,467 163.0%
Other Miscellaneous 46,200 3,700 4,382 5,026 682 18.4%
Transfers In 17,000 17,000 17,000 17,000 - 0.0%
Insurance Recoveries- Capital & Operating 25,000 2,083 4,841 15,121 2,757 132.3%
Other Revenues sub-total 534,700 75,183 60,085 124,955 (15,098) -20.1%
Total Operating Revenues 50,051,300 4,082,383 3,873,257 4,336,675 (209,127) -5.1%
Operating Expenditures
Council & Mayor 869,890 64,800 61,077 55,147 3,723 5.7%
Municipal Court & Probation 3,399,260 230,900 222,121 208,329 8,779 3.8%
Human Resources 886,530 66,800 66,422 58,994 378 0.6%
Finance 1,235,590 94,000 90,112 86,192 3,888 4.1%
City Attorney 1,699,500 126,200 118,183 114,951 8,017 6.4%
Planning 3,892,870 343,700 349,711 319,659 (6,011) -1.7%
Community & Human Services 1,101,360 83,900 35,568 106,338 48,332 57.6%
Jail - SCORE 4,726,250 320,800 - - 320,800 100.0%
Police 20,512,690 1,623,100 1,611,303 1,552,113 11,797 0.7%
Engineering 2,623,770 202,700 198,285 178,207 4,415 2.2%
Parks and Recreation 7,552,230 507,900 516,213 458,753 (8,313) -1.6%
Streets 3,215,280 188,400 198,951 168,499 (10,551) -5.6%
Non-Departmental 4,736,200 317,000 136,911 178,116 180,089 56.8%
Total Operating Expenditures 56,451,420 4,170,200 3,604,858 3,485,298 565,342 13.6%
2012 2012 YTD Budget vs. Actual
Favorable (Unfavorable)
(1) Total Sales Tax revenue includes $167,151 in Streamlined Sales Tax mitigation payments and $4,214 in Pierce
County Park Sales Tax. Streamlined Sales tax payments are expected to total $2 million for the year.
Overview
This financial overview reflects the City’s overall financial position for the fiscal period ending
January 31, 2012 and represents financial data available as of March 08, 2012. The budgeted
year-to-date revenues and operating expenses are primarily based on the collection/disbursement
average for the same period of the two prior years.
General Fund revenue highlights include:
- Tax revenues totaled $3.2 million and were on-target with expectations. Sales taxes,
including estimated streamlined sales tax mitigation payments and sales taxes from Pierce
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Monthly Financial Report January 2012
County parks, totaled $1.2 million and were nearly the same as January 2011 and slightly
ahead of year-to-date budget. Retail sales activity continues to gradually improve,
mirroring the regional and national improvement in employment and consumer
confidence and spending.
- Revenues from fees, charges and fines totaled $588,000 and were below budget,
reflecting the timing of grant reimbursements and lowered revenue from red-light photo
enforcement traffic fines.
- Other revenues were slightly below budget and reflect lowered revenue from rents and
leases.
General Fund expenses totaled $3.6 million and were below budget, reflecting the timing of
invoices from SCORE for municipal jail services. Non-departmental expenditures were also
below budget, and reflect unspent budget for retirement benefits.
Revenues
The combined total of property tax, sales/use tax, utility tax, gambling, and admissions tax
provide approximately 80% of all resources supporting general governmental activities. The
following section provides detail information on these sources.
Property Tax collections totaled $26,000 and were within expectations. 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.
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Property Taxes
2012 budget
2012 actual to date
2011 actual
4
Monthly Financial Report January 2012
Sales taxes totaled $1.16 million and are about 2.5% ahead of the year-to-date budget of $1.13
million. The annual budget for sales taxes is $14.3 million. Total collections for 2012 are
expected to slightly exceed this level, consistent with the trend seen in 2011. Sales taxes include
an allocated payment of $167,000 for Streamlined Sales Tax Mitigation payments.
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$2.0
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Sales & Use Tax
2012 budget
2012 actual to date
2011 actual
The following table breaks out the City’s base sales tax, excluding Criminal Justice, Annexation
Credit and Streamlined Sales Tax Mitigation by major business sectors.
Note: 2012 actuals include a one-time $73,971 correcting adjustment in January by Washington State. Accounting for this correction,
January sales taxes would have totaled $1,064,741, or 3.5% greater than the same period 2011.
20112012
Component GroupActualActualAmountPercentage
New Construction 108,082 105,682 (2,400) -2.2%
Manufacturing 20,896 (35,065) (55,961) -267.8%
Transportation & Warehousing8,802 2,798 (6,004) -68.2%
Wholesale Trade 77,569 98,006 20,437 26.3%
Automotive 202,024 223,347 21,323 10.6%
Retail Trade 323,129 324,109 980 0.3%
Services 282,540 269,211 (13,329) -4.7%
Miscellaneous 4,948 2,682 (2,266) -45.8%
YTD Total 1,027,990 990,770 (37,220) -3.6%
Change from 2011
Year to Date through January
Comparison of Sales Tax Collections by SIC Group
5
Monthly Financial Report January 2012
Utility Taxes consists of City inter-fund utility taxes (Water, Sewer, Storm and Solid Waste) and
external utility taxes (Electric, Natural gas, Telephone and Solid Waste). January collections
totaled $1.46 million and are on-target with expectations.
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Utility Tax
2012 budget
2012 actual to date
2011 actual
The following table presents utility tax collections by source:
201120122012
Month ActualBudgetActualAmountPercentageAmountPercentage
City Interfund Utility Taxes191,844 199,700 194,050 2,206 1.2%(5,650) -2.8%
Electric 789,549 826,000 812,586 23,037 2.9%(13,414) -1.6%
Natural Gas 268,472 321,500 295,289 26,817 10.0%(26,211) -8.2%
Telephone 142,983 103,600 148,887 5,904 4.1%45,287 43.7%
Solid Waste 9,468 9,000 4,214 (5,255) -55.5%(4,786) -53.2%
YTD Total 1,402,316 1,459,800 1,455,026 52,710 3.8%(4,774) -0.3%
Annual Total 8,890,614 9,353,420
Year to Date through January
Utility Tax by Type
2012 vs. 20112012 vs. Budget
6
Monthly Financial Report January 2012
Cable TV Franchise Fees, which are collected quarterly, totaled $202,200 for the 1st quarter, and
is above budget and similar to 2011 collection levels. This revenue source is likely to outperform
budget by the end of 2012 and end at levels similar to the previous year.
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Cable TV Franchise Fee
2012 budget
2012 actual to date
2011 actual
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.
Total building permit revenues at the end of January were $92,000 and was ahead of both
budget and prior year levels. The increase in January is primarily due to permits related to
commercial alterations.
201120122012
MonthActualBudgetActualAmountPercentageAmountPercentage
Jan 78,928 62,400 92,333 13,405 17.0%29,933 48.0%
Feb53,862 38,700 0.0%0.0%
Mar40,897 31,600 0.0%0.0%
Apr84,239 48,100 0.0%0.0%
May104,495 75,000 0.0%0.0%
Jun151,177 84,400 0.0%0.0%
Jul178,330 93,800 0.0%0.0%
Aug124,922 69,500 0.0%0.0%
Sep 92,413 55,100 0.0%0.0%
Oct87,970 56,200 0.0%0.0%
Nov46,726 29,100 0.0%0.0%
Dec60,226 56,100 0.0%0.0%
YTD Total78,928 62,400 92,333 13,405 17.0%29,933 48.0%
Annual Total1,104,185 700,000
Year to Date through January
Building Permits
2012 vs. 20112012 vs. Budget
7
Monthly Financial Report January 2012
Business License revenues totaled $29,000 and were on-target with budget but lower than
collections at the same time last year, due to the timing of payments.
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$250
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Business Licenses
2012 budget
2012 actual to date
2011 actual
Intergovernmental include Grants (Direct & Indirect Federal, State and Local); State shared
revenues and compact revenue from the Muckleshoot Indian Tribe. January collections were
below budget due primarily to the timing of reimbursements from the Muckleshoot Casino for
public safety services.
201120122012
Revenue ActualBudgetActual% Change% Change
Federal Grants - 100 - N/A-100.0%
State Grants - - - N/A 0.0%
Interlocal Grants 4,167 3,100 - -100.0%-100.0%
State Shared Revenue 254,455 242,800 210,083 -17.4%-13.5%
Muckleshoot Casino Emerg.335,525 168,100 - -100.0%-100.0%
Intergovernmental Service11,000 - - -100.0%N/A
YTD Total 605,147 414,100 210,083 -65.3%-49.3%
Annual Total 3,432,394 3,756,285
YTD %18%11%6%
Year to Date through January
Intergovernmental
2012 vs. 20112012 vs. Budget
8
Monthly Financial Report January 2012
State shared revenues totaled $210,000. The 2012 budget for the Motor Vehicle Fuel Tax has
not yet been adjusted to reflect the change in revenue recognition to the Arterial Street fund and
Recreational Trails fund. This adjustment will be included in the next budget adjustment
ordinance to the City Council.
201120122012
Revenue ActualBudgetActualAmountPercentageAmountPercentage
Trial Court Improvements - - - - N/A- N/A
Court Interpreter Program - - - - N/A- N/A
Motor Vehicle Fuel Tax 114,569 117,900 70,869 (43,701) -38.1%(47,031) -39.9%
Criminal Justice -High Crime37,353 - 35,698 (1,655) -4.4%35,698 N/A
Criminal Justice -Population3,817 25,100 3,884 67 1.8%(21,216) -84.5%
Criminal Justice -Spec. Prog.14,412 13,800 14,657 245 1.7%857 6.2%
State DUI 3,107 1,600 3,389 282 9.1%1,789 111.8%
Fire Insurance Premium Tax - - - - N/A- N/A
Liquor Excise Tax 81,197 84,400 81,587 390 0.5%(2,813) -3.3%
Liquor Profits - - - - N/A- N/A
YTD Total 254,455 242,800 210,083 (44,372) -17.4%(32,717) -13.5%
Annual Total2,073,650 2,540,130
Year to Date through January
State Shared Revenues
2012 vs. 20112012 vs. Budget
Charges for Services consists of general governmental services, public safety, development service
fees and cultural & recreation fees. Development services and culture & recreation revenues make
up approximately 80% of revenue for this category. Revenues in this category total $111,000
and are below budget due primarily to lower revenues from recreation classes.
201120122012
Revenue ActualBudgetActualAmountPercentageAmountPercentage
General Government 7,128 5,600 8,156 1,028 14.41%2,556 45.64%
Public Safety 14,473 13,800 15,430 957 6.6%1,630 11.8%
Development Services 30,479 36,600 33,758 3,279 10.8%(2,842) -7.8%
Culture & Recreation 53,943 66,300 53,504 (439) -0.8%(12,796) -19.3%
YTD Total 106,024 122,300 110,849 4,825 4.6%(11,451) -9.4%
Annual Total1,651,371 1,835,100
Year to Date through January
Charges for Services by Type
2012 vs. 20112012 vs. Budget
9
Monthly Financial Report January 2012
Development services include engineering fees, zoning & subdivision fees and plan check fees.
January collections totaled $34,000 and are consistent with expectations.
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Development Service Fees
2012 budget
2012 actual to date
2011 actual
Culture & Recreation revenues totaled $54,000 and consist of theater ticket sales, recreational
classes, arts commission and senior citizen program fees. Collections are comparable to 2011
levels and are running below budget due to lower revenue from adult health & fitness classes and
afterschool programs.
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Culture & Recreation
2012 budget
2012 actual to date
2011 actual
10
Monthly Financial Report January 2012
Fines & Penalties includes traffic and parking infraction penalties, criminal (traffic, non traffic and
costs) and false alarm fines. Revenue from the City’s photo enforcement program makes up
nearly half of total revenues from this category. January collections totaled $119,000 due
primarily to lower photo enforcement revenues and non-court fines and penalties.
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Fines & Penalties
2012 budget
2012 actual to date
2011 actual
201120122012
Month ActualBudgetActualAmountPercentageAmountPercentage
Civil Penalties 1,168 1,300 1,038 (131) -11.2%(262) -20.2%
Civil Infraction Penalties 42,870 42,600 44,664 1,794 4.2%2,064 4.8%
Red Light Photo Enforcement85,867 130,400 53,881 (31,986) -37.3%(76,519) -58.7%
Parking Infractions 12,161 14,400 7,596 (4,565) -37.5%(6,804) -47.3%
Criminal Traffic Misdemeanor7,392 8,200 5,077 (2,316) -31.3%(3,123) -38.1%
Criminal Non-Traffic Fines5,424 6,000 4,402 (1,022) -18.8%(1,598) -26.6%
Criminal Costs 1,140 800 868 (272) -23.8%68 8.5%
Non-Court Fines & Penalties79,462 63,000 1,912 (77,550) -97.6%(61,088) -97.0%
YTD Total 235,485 266,700 119,438 (116,047) -49.3%(147,262) -55.2%
Annual Total 1,940,326 2,208,500
Year to Date through January
Fines & Forfeits by Type
2012 vs. 20112012 vs. Budget
11
Monthly Financial Report January 2012
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JanFebMarAprMayJunJulAugSepOctNovDec
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Photo Enforcement
2012 budget
2012 actual to date
2011 actual
Miscellaneous revenues include interest and other investment earnings, rents, leases &
concessions, contributions & donations and other miscellaneous income. January revenues in this
category totaled $38,000 and are below budget, due primarily to the timing of revenues from
rents and leases.
201120122012
Month ActualBudgetActualAmountPercentageAmountPercentage
Interest & Investments 5,511 6,600 5,837 327 5.9%(763) -11.6%
Rents & Leases 80,394 44,900 25,658 (54,736) -68.1%(19,242) -42.9%
Contributions & Donations1,904 900 2,367 463 24.3%1,467 163.0%
Other Miscellaneous Revenue5,026 3,700 4,382 (644) -12.8%682 18.4%
YTD Total 92,834 56,100 38,244 (54,590) -58.8%(17,856) -31.8%
Annual Total 649,927 492,700
Miscellaneous Revenues by Type
Year to Date through January
2012 vs. 20112012 vs. Budget
12
Monthly Financial Report January 2012
Real Estate Excise Tax (REET) revenue is received into the Capital Improvement Projects Fund
and is used for governmental capital projects. Revenue at the end of January totaled $61,400,
and is running below budget and prior year.
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Real Estate Excise Tax
2012 budget
2012 actual to date
2011 actual
13
Monthly Financial Report January 2012
Enterprise Funds
The following table provides an analysis of all City Enterprise funds through the first month in
2012.
Water Sewer StormSolid WasteAirportCemetery Golf
OPERATING REVENUES
Charges for services 626,046 332,811 596,338 889,237 2,215 63,259 25,238
Sewer Metro Service Revenue - 924,181 - - - - -
Rents, Leases, Concessions & Other - - - - 52,351 293 6,462
TOTAL OPERATING REVENUES 626,046 1,256,993 596,338 889,237 54,566 63,552 31,700
OPERATING EXPENSES:
Administration 199,500 161,720 191,648 59,269 37,459 23,568 18,536
Operations & Maintenance 249,514 186,408 198,811 61,483 - 40,733 71,653
Sewer Metro Services - 1,044,597 - - - - -
Depreciation & Amortization 224,360 154,356 105,061 1,568 31,587 4,807 26,366
TOTAL OPERATING EXPENSES 673,374 1,547,081 495,521 122,320 69,046 69,109 116,555
OPERATING INCOME (LOSS)(47,328) (290,089) 100,817 766,917 (14,480) (5,557) (84,855)
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 1,728 1,065 993 47 121 9 42
Other Non Operating Revenue 111 - 1,524 20,133 20 - -
Other Non Operating Expense - - - - - - -
TOTAL NON-OPERATING REVENUES (EXPENSES)1,839 1,065 2,517 20,180 141 9 42
(45,488) (289,024) 103,334 787,097 (14,339) (5,547) (84,813)
Contributions 8,896 17,340 20,940 - - - -
Transfers In 1,006
Transfers Out (50,000) (50,000) (50,000) - - - -
TOTAL CONTRIBUTIONS & TRANSFERS (41,104) (32,660) (29,060) - - - 1,006
CHANGE IN FUND BALANCE (86,592) (321,684) 74,274 787,097 (14,339) (5,547) (83,807)
BEGINNING FUND BALANCE, January 1, 2012 63,028,695 73,274,006 47,772,204 760,681 9,731,158 814,709 5,144,962
ENDING FUND BALANCE,January 31, 2012 62,942,103 72,952,322 47,846,478 1,547,778 9,716,819 809,162 5,061,154
INCOME (LOSS) BEFORE CONTRIBUTIONS &
TRANSFERS
14
Monthly Financial Report January 2012
The following table presents the Enterprise funds working capital statements. Working capital is
generally defined as the difference between current assets and current liabilities.
Water Sewer StormSolid WasteAirportCemetery Golf
OPERATING REVENUES
Charges for services 626,046 332,811 596,338 889,237 2,215 63,259 25,238
Sewer Metro Service Revenue - 924,181 - - - - -
Rents, Leases, Concessions & Other - - - - 52,351 293 6,462
TOTAL OPERATING REVENUES 626,046 1,256,993 596,338 889,237 54,566 63,552 31,700
OPERATING EXPENSES:
Salaries & Wages 176,523 121,437 156,099 35,398 1,589 35,524 43,598
Benefits 75,942 50,343 66,599 15,520 536 17,892 22,099
Supplies 476 153 1,098 - - 3,007 5,678
Other Service Charges 109,728 108,631 55,754 54,459 35,333 2,370 5,314
Intergovernmental Services - - - - - - -
Sewer Metro Services - 1,044,597 - - - - -
Interfund Operating Rentals/Supplies 86,345 67,564 110,909 15,375 - 5,509 13,501
Depreciation & Amortization 224,360 154,356 105,061 1,568 31,587 4,807 26,366
TOTAL OPERATING EXPENSES 673,374 1,547,081 495,521 122,320 69,046 69,109 116,555
OPERATING INCOME (LOSS)(47,328) (290,089) 100,817 766,917 (14,480) (5,557) (84,855)
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 1,728 1,065 993 47 121 9 42
Other Non Operating Revenue 111 - 1,524 20,133 20 - -
Other Non Operating Expense - - - - - - -
TOTAL NON-OPERATING REVENUES (EXPENSES)1,839 1,065 2,517 20,180 141 9 42
Plus Items Not Effecting Working Capital
Depreciation 224,360 154,356 105,061 1,568 31,587 4,807 26,366
178,871 (134,668) 208,395 788,665 17,248 (740) (58,448)
Increase in Contributions -System Development 8,896 17,340 20,940 - - - -
Increase in Contributions -Area Assessments - - - - - - -
Increase in Contributions -FAA Grants - - - - - - -
Increase in Contributions -KC Flood Zone Dist.- - - - - - -
Operating Transfers In - - - - - - 1,006
Increase in Restricted Net Assets 11,999 - - - (670) -
Decrease in Long term Receivables - - - - - - -
Increase in Deferred Credits - - - - (13,872) - -
TOTAL RESOURCES OTHER THAN OPERATIONS 20,895 17,340 20,940 - (14,542) - 1,006
Net Change in Restricted Net Assets 131 45 92 - (1,251) - 950
Increase in Fixed Assets - Salaries 11,545 7,455 2,817 - - - -
Increase in Fixed Assets - Benefits 4,659 3,275 1,114 - - - -
Increase in Fixed Assets - Site Improvements - - - - - - -
Increase in Fixed Assets - Equipment - - - - - - -
Increase in Fixed Assets - Construction 15,669 - 715 - - - -
Operating Transfers Out 50,000 50,000 50,000 - - - -
Debt Service Principal - - - - - - -
TOTAL USES OTHER THAN OPERATIONS 82,004 60,775 54,738 - (1,251) - 950
NET CHANGE IN WORKING CAPITAL 117,762 (178,103) 174,598 788,665 3,957 (740) (58,391)
BEGINNING WORING CAPITAL, January 1, 2012 16,945,811 12,806,527 9,102,000 632,263 961,633 71,820 68,320
ENDING WORKING CAPITAL, January 31, 2012 17,063,573 12,628,425 9,276,598 1,420,928 965,591 71,080 9,928
NET CHANGE IN WORKING CAPITAL 117,762 (178,103) 174,598 788,665 3,957 (740) (58,391)
NET WORKING CAPITAL FROM OPERATIONS
15
Monthly Financial Report January 2012
The Water Utility ended January with a small operating loss. Water sales are comparable to the
same period 2011.
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
JanFebMarAprMayJunJulAugSepOctNovDec
Water Revenues ($) vs Water Sold (ccf)
2011 -Present
2011 Water Sales ($)
2012 Water Sales ($)
2011 Water Sold (ccf)
2012 Water Sold (ccf)
The Sewer utility ended January with a $290,000 operating loss at the end of January. About
one-third of this is due to the timing of Metro payments and billings while the remainder reflects
a lowered level of revenue from water usage. Year-to-date Metro billings totaled $924,000 and
compares to payments of $1.05M. Billings for sewer treatment services are based on the average
number of residential customer equivalents for the previous 12 months and include adjustments
for Boeing and GSA during 2010. Billings for sewer treatment services are not expected to
normalize until the first half of 2012 when the effects of the timing of these adjustments are
worked through the rolling 12 month Metro billing cycle. The Stormwater utility ended January
with positive operating income.
A rate study is currently underway to evaluate the revised rate revenue requirements for the
water, sewer, and stormwater utilities. Results of the rate study will be reviewed with the
Council during the first quarter 2012.
While revenues for the Auburn Golf Course improved in January over the previous year as a
result of slightly better conditions compared the January 2011, the Golf Course ended the period
with an operating loss of $85,000, comparable to the financial performance for the same period
2011. Actual rounds played in January totaled 1,125 in 2012 as compared to 701 rounds for the
same month 2011.
16
Monthly Financial Report January 2012
$0
$50
$100
$150
$200
$250
$300
$350
JanFebMarAprMayJunJulAugSepOctNovDec
Th
o
u
s
a
n
d
s
Golf Course Operating Revenues by Month
(2012 vs 2011)
2012 Monthly Budget
2012 Actual
2011 Actual
The Cemetery Fund ended January with a slight operating loss. While revenues improved over
the previous year, reflecting an increase in revenue from marker sales, revenues are running
below budget and the Cemetery Fund is expected to experience cash flow needs in 2012, similar
in level to the previous year. As a result, the City will transfer under Budget Amendment #7
$200,000 from the Cumulative Reserve fund to the Cemetery Fund in 2012.
$0
$20
$40
$60
$80
$100
$120
$140
JanFebMar Apr MayJunJulAugSepOctNovDec
Th
o
u
s
a
n
d
s
Cemetery Operating Revenues by Month
(2011 vs 2010)
2012 Monthly Budget
2012 Actual
2011 Actual
17
Monthly Financial Report January 2012
Internal Service Funds
The table below provides an analysis of all City Internal Service funds and shows 2012 revenues
and expenditures for each fund.
InformationEquipment
InsuranceFacilities ServicesRental
OPERATING REVENUES:
Interfund Charges for services - 286,425 344,592 59,838
Rents, Leases, Concessions & Other - 6,161 7,027 193,625
TOTAL OPERATING REVENUES - 292,586 351,619 253,463
OPERATING EXPENSES:
Administration - 18,358 53,803
Insurance fund -Unemployment Claims -
Operations & Maintenance 931,828 136,579 449,460 102,459
Depreciation & Amortization - - 46,833 62,407
TOTAL OPERATING EXPENSES 931,828 136,579 514,651 218,668
OPERATING INCOME (LOSS)(931,828) 156,006 (163,033) 34,795
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 133 208 356 423
Other Non Operating Revenue - - - 30,142
Other Non Operating Expense - - - -
TOTAL NON-OPERATING REVENUES (EXPENSES)133 208 356 30,565
INCOME (LOSS) BEFORE CONTRIBUTIONS & TRANSFERS(931,695) 156,215 (162,677) 65,360
Contributions - - - -
Transfers In
Transfers Out - - - (7,000)
TOTAL CONTRIBUTIONS & TRANSFERS - - - (7,000)
CHANGE IN FUND BALANCE (931,695) 156,215 (162,677) 58,360
BEGINNING FUND BALANCE, January 1, 2012 2,184,680 1,570,419 4,350,183 10,135,919
ENDING FUND BALANCE, January 31, 2012 1,252,985 1,726,633 4,187,506 10,194,279
18
Monthly Financial Report January 2012
The working capital statements for the Internal Service funds are presented on the table below.
InformationEquipment
InsuranceFacilities Services Rental
OPERATING REVENUES:
Interfund Charges for services - 286,425 344,592 59,838
Rents, Leases, Concessions & Other - 6,161 7,027 193,625
TOTAL OPERATING REVENUES - 292,586 351,619 253,463
OPERATING EXPENSES:
Salaries & Wages - 52,800 108,234 35,991
Benefits - 23,484 46,059 13,723
Supplies - 3,841 8,621 65,026
Other Service Charges 931,828 48,297 280,813 23,704
Interfund Operating Rentals/Supplies - 8,158 24,090 17,817
Depreciation & Amortization - - 46,833 62,407
TOTAL OPERATING EXPENSES 931,828 136,579 514,651 218,668
OPERATING INCOME (LOSS)(931,828) 156,006 (163,033) 34,795
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 133 208 356 423
Other Non Operating Revenue - - - 30,142
Other Non Operating Expense - - - -
TOTAL NON-OPERATING REVENUES (EXPENSES)133 208 356 30,565
Plus Items Not Effecting Working Capital
Depreciation - - 46,833 62,407
(931,695) 156,215 (115,844) 127,766
Increase in Contributions -Other Government - - - -
Increase in Contributions -Other Funds - - -
TOTAL RESOURCES OTHER THAN OPERATIONS - - - -
Net Change in Restricted Net Assets - - - -
Increase in Fixed Assets - Equipment - - - 16
Increase in Fixed Assets - Construction - - - -
Operating Transfers Out - - - 7,000
TOTAL USES OTHER THAN OPERATIONS - - - 7,016
NET CHANGE IN WORKING CAPITAL (931,695) 156,215 (115,844) 120,750
BEGINNING WORING CAPITAL, January 1, 2012 2,184,680 1,622,449 3,118,686 5,793,165
ENDING WORKING CAPITAL, January 31, 2012 1,252,985 1,778,663 3,002,842 5,913,915
NET CHANGE IN WORKING CAPITAL (931,695) 156,215 (115,844) 120,750
NET WORKING CAPITAL FROM OPERATIONS
Other services and charges within the Insurance Fund represent the premium cost-pool that will
be allocated monthly to other City funds over the course of 2012. As a result, this balance will
gradually diminish each month through December. The Information Services Fund ended
January with an operating loss, reflecting the timing of expenditures. No significant variances
are reported for the Facilities Fund and Equipment Rental Fund. Both funds had sufficient
revenues to cover expenses during January.
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.
19
SALES TAX SUMMARY
JAN 2011 SALES TAX DISTRIBUTIONS (FOR NOV 2011 RETAIL ACTIVITY)
10 Total 10 YTD 11 YTD YTD 10 Total 10 YTD 11 YTD YTD
NAICS CONSTRUCTION (NOV-OCT)(NOV-NOV)(NOV-NOV)% Diff NAICS AUTOMOTIVE (NOV-OCT)(NOV-NOV)(NOV-NOV)% Diff
236 Construction of Buildings 582,840 44,466 31,483 -29.2%441 Motor Vehicle and Parts Dealer 2,560,962 186,179 206,933 11.1%
237 Heavy and Civil Construction 108,727 10,843 16,401 51.3%447 Gasoline Stations 224,459 15,845 16,414 3.6%
238 Specialty Trade Contractors 604,245 52,773 57,798 9.5%TOTAL AUTOMOTIVE 2,785,421$ 202,024$ 223,347$ 10.6%
TOTAL CONSTRUCTION 1,295,813$ 108,082$ 105,682$ -2.2%Overall Change from Previous Year 21,323$
Overall Change from Previous Year (2,400)$
10 Total 10 YTD 11 YTD YTD
10 Total 10 YTD 11 YTD YTD NAICS RETAIL TRADE (NOV-OCT)(NOV-NOV)(NOV-NOV)% Diff
NAICS MANUFACTURING (NOV-OCT)(NOV-NOV)(NOV-NOV)% Diff 442 Furniture and Home Furnishings 218,335 18,650 19,290 3.4%
311 Food Manufacturing 2,674 55 231 321.8%443 Electronics and Appliances 126,870 10,456 10,748 2.8%
312 Beverage and Tobacco Products 3,864 330 320 -3.1%444 Building Material and Garden 382,504 25,938 28,287 9.1%
313 Textile Mills 959 16 13 -17.5%445 Food and Beverage Stores 330,776 29,987 29,048 -3.1%
314 Textile Product Mills 2,625 149 323 116.2%446 Health and Personal Care Store 148,387 12,008 12,702 5.8%315 Apparel Manufacturing 2,519 2,121 13 -99.4%448 Clothing and Accessories 754,407 67,558 68,391 1.2%
316 Leather and Allied Products 175 2 6 219.0%451 Sporting Goods, Hobby, Books 126,042 10,806 10,563 -2.3%
321 Wood Product Manufacturing 24,075 1,608 1,905 18.4%452 General Merchandise Stores 967,627 84,346 85,383 1.2%
322 Paper Manufacturing 11,026 999 272 -72.7%453 Miscellaneous Store Retailers 489,259 37,112 36,016 -3.0%
323 Printing and Related Support 38,511 4,229 3,198 -24.4%454 Nonstore Retailers 235,923 26,268 23,682 -9.8%324 Petroleum and Coal Products 9,771 109 712 553.0%TOTAL RETAIL TRADE 3,780,129$ 323,129$ 324,109$ 0.3%
325 Chemical Manufacturing 7,937 554 487 -12.1%Overall Change from Previous Year 980$
326 Plastics and Rubber Products 9,777 677 933 37.8%
327 Nonmetallic Mineral Products 16,218 772 1,158 50.0%
331 Primary Metal Manufacturing 452 - - N/A 10 Total 10 YTD 11 YTD YTD332Fabricated Metal Product Manuf 19,661 1,606 712 -55.7%NAICS SERVICES (NOV-OCT)(NOV-NOV)(NOV-NOV)% Diff
333 Machinery Manufacturing 14,242 891 1,189 33.5%51*Information 481,043 35,905 32,011 -10.8%334 Computer and Electronic Produc 16,776 662 435 -34.3%52*Finance and Insurance 65,518 4,889 6,038 23.5%
335 Electric Equipment, Appliances 780 14 25 79.2%53*Real Estate, Rental, Leasing 303,750 20,787 27,396 31.8%
336 Transportation Equipment Man 362,149 3,303 (49,007) a -1583.6%541 Professional, Scientific, Tech 174,718 11,089 15,939 43.7%
337 Furniture and Related Products 13,135 662 584 -11.7%551 Company Management 351 10 1 -91.3%
339 Miscellaneous Manufacturing 25,531 2,138 1,427 -33.3%56*Admin. Supp., Remed Svcs 294,603 15,994 18,414 15.1%
TOTAL MANUFACTURING 582,858$ 20,896$ (35,065)$ -267.8%611 Educational Services 52,563 1,466 2,573 75.6%
Overall Change from Previous Year (55,961)$ 62*Health Care Social Assistannce 40,737 2,830 7,518 165.6%
71*Arts and Entertainment 148,629 93,920 58,132 -38.1%
72*Accomodation and Food Svcs 838,924 60,646 67,198 10.8%
10 Total 10 YTD 11 YTD YTD 81*Other Services 389,241 27,107 27,547 1.6%
NAICS TRANSPORTATION AND WAREHOUSING (NOV-OCT)(NOV-NOV)(NOV-NOV)% Diff 92*Public Administration 92,163 7,897 6,444 -18.4%
481 Air Transportation 24 - - N/A TOTAL SERVICES 2,882,241$ 282,540$ 269,211$ -4.7%482 Rail Transportation 17,831 6,542 487 -92.6%Overall Change from Previous Year (13,329)$
484 Truck Transportation 36,261 489 811 65.7%
485 Transit and Ground Passengers 68 - - N/A
488 Transportation Support 18,083 1,283 1,137 -11.4%10 Total 10 YTD 11 YTD YTD
491 Postal Service 202 12 17 50.0%NAICS MISCELLANEOUS (NOV-OCT)(NOV-NOV)(NOV-NOV)% Diff
492 Couriers and Messengers 1,492 142 32 -77.2%000 Unknown 1,958 - - N/A
493 Warehousing and Storage 3,121 334 313 -6.1%111-115 Agriculture, Forestry, Fishing 7,355 679 96 -85.9%
TOTAL TRANSPORTATION 77,083$ 8,802$ 2,798$ -68.2%211-221 Mining & Utilities 21,830 1,212 842 -30.5%
Overall Change from Previous Year (6,003)$ 999 Unclassifiable Establishments 192,496 3,057 1,744 -43.0%
TOTAL SERVICES 223,639$ 4,948$ 2,682$ -45.8%
Overall Change from Previous Year (2,266)$
10 Total 10 YTD 11 YTD YTD
NAICS WHOLESALE TRADE (NOV-OCT)(NOV-NOV)(NOV-NOV)% Diff
423 Wholesale Trade, Durable Goods 1,095,905 68,879 88,408 28.4%GRAND TOTAL 12,887,267$ 1,027,989$ 990,770$ 424 Wholesale Trade, Nondurable 150,480 8,402 9,226 9.8%Overall Change from Previous Year (37,220)$ -3.6%
425 Wholesale Electronic Markets 13,698 289 373 29.3%
TOTAL WHOLESALE 1,260,083$ 77,569$ 98,006$ 26.3%
Overall Change from Previous Year 20,437$
a. Wa. State Dept of Revenue adjustment to sales tax returns for period Nov 2011 due to correction of duplicate State computer records (adjustment: -$73,971).
01/25/12 file:Monthly Sales Tax Report.xls
Prepared by Auburn Financial Planning
20
Investment PurchasePurchaseMaturityYield to
Type Date Price DateMaturity
State Investment PoolVarious 82,090,242$ Various 0.12%
KeyBank Money MarketVarious 6,767,383Various 0.15%
US Treasury 05/04/1990 57,75005/15/20165.72%
FHLB 3/28/20112,000,0003/28/20141.300%
FFCB 6/6/20112,000,0006/6/20141.180%
FHLB 6/13/20112,000,0006/13/20141.150%
FHLMC 12/19/20112,000,00012/19/20141.000%
FNMA 12/29/20112,000,00012/29/20140.900%
Total Cash & Investments 98,915,375$ 0.226%
Investment Mix% of Total
State Investment Pool 83.0%Current 6-month treasury rate0.07%
KeyBank Money Market 6.8%Current State Pool rate0.12%
US Treasury 0.1%KeyBank Money Market0.15%
FHLB 4.0%Blended Auburn rate0.23%
FFCB 2.0%
FHLMC 2.0%
FNMA 2.0%
100.0%
City of Auburn
Investment Portfolio Summary
January 31, 2012
Summary
21