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HomeMy WebLinkAboutOctober 2013 AGENDA BILL APPROVAL FORM Agenda Subject: October 2013 Financial Report Date: December 3, 2013 Department: Finance Attachments: Monthly Financial Report Budget Impact: $0 Administrative Recommendation: For discussion only. Background Summary: The purpose of the monthly financial reports 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 detail can be found within the attached financial report. The October status report is based on financial data available as of November 26, 2013 for the period ending October 31, 2013. Sales tax information represents business activity that occurred in August 2013. 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. Through October 2013, General Fund revenues totaled $47.1 million and were sufficient to support total General Fund expenditures of $43.7 million. Overall, General Fund revenues exceed budget by $2.0 million, and exceeded collections for the same period last year by $1.5 million. The increase in revenues over the previous year are due to several factors and include an increase in property taxes of $1.8 million. Per the 2013-2014 budget, Local Street Fund street repairs are funded from sales taxes on construction; previously these repairs were funded with property taxes. Other significant factors contributing to the improvement in General Fund revenues over the previous year include building permits (up $447,000), and City utility taxes (up $356,000). Total building permit revenues collected through October totals $1.8 million and compares to budget of $1.6 million. Year to date building permits issued through totaled 779, and compares to 763 during the same period last year. Progress on significant projects around the City include the Franciscan Medical Pavilion, which is nearing completion and is expected to open during the first quarter 2014. Construction continues for the Auburn High School renovation project, which should be completed in time for the first day of school next year. In the downtown core, ground-breaking is scheduled to occur in early December for the Trek building and building permits have been requested for redevelopment of the Teutsch property, which will eventually house a six-story mixed use building. General Fund expenditures totaled $43.7 million and compare to budget of $46.7 million and $44.2 million for the same period last year. After adjusting for one-time expenses in 2012, 2013 expenditures to date are comparable to 2012 levels. During the month of October, 452 pet licenses were sold (as compared to 931 in 2012) resulting in $15,930 in revenue. Year-to-date, 4,328 licenses have been sold (compared to 5,664 in 2012) bringing in a total of $132,850. 1 Agenda Subject: October 2013 Financial Report Date: 12/3/2013 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 October, the Water fund’s net operating income decreased to $715,900 (as compared to income of $976,500 in the previous year) reflecting purchased water payments to Tacoma Public Utilities. The Sewer fund ended with a $489,900 operating loss (compared to an operating loss of $1,105,300 the previous year, excluding Metro); the Sewer-Metro Utility ended the period with operating income of $234,900; and the Stormwater Utility ended with operating income of $844,200 (as compared to an operating loss of $219,300 the previous year). The Golf Course ended the period with an operating loss of $141,900 compared to an operating loss of $186,900 for the same period last year and reflects an improvement in the year-to-date rounds played at the Golf Course (44,540 compared to 43,286 for the same period last year). The number of rounds played in October improved as a result of drier weather conditions (1.6 inches of rain as compared to an average of 3.5 inches). The Cemetery ended October with net operating income of $65,900 compared to an operating loss of $121,200 for the previous year, reflecting an increase in operating revenue and a decrease in salaries/benefits expenditures. Internal Service Funds: Internal Service Funds provide services to other City departments and include functions such as Insurance, Facilities, Innovation and Technology, and Equipment Rental. All funds have sufficient revenues to cover year-to-date expenditures. Investment Portfolio: The City’s total cash and investments at the end of October was $111.3 million and compares to $112.1 million the month prior. Reviewed by Council & Committees: Reviewed by Departments & Divisions: Arts Commission COUNCIL COMMITTEES: Building M&O Airport Finance Cemetery Mayor Hearing Examiner Municipal Serv. Finance Parks Human Services Planning & CD Fire Planning Park Board Public Works Legal Police Planning Comm. Other Public Works Human Resources Information Services Action: Committee Approval: Yes No Council Approval: Yes No Call for Public Hearing ___/___/____ Referred to _________________________________ Until ____/___/____ Tabled ______________________________________ Until ___/___/____ Councilmember: Partridge Staff: Coleman Meeting Date: December 16, 2013 Item Number: 2 Monthly Financial Report October 2013 General Fund 2012 Summary of Sources and Uses Annual Budget YTD BudgetYTD ActualYTD Actual Amount Operating Revenues Property Tax 14,299,417.00$ 12,979,517.00$ 13,342,633.22$ 11,523,422.52$ 363,116.22$ 2.8 % Sales Tax 11,695,309.00 9,605,100.0010,321,225.6410,578,432.24 716,125.647.5 % Sales Tax - Annexation Credit 1,397,602.00 1,146,700.00 1,390,937.12 1,249,655.89 244,237.1221.3 % Criminal Justice Sales Tax 1,225,059.00 1,016,100.00 1,249,442.20 1,153,614.89 233,342.2023.0 % Brokered Natural Gas Tax 301,500.00 263,300.00 235,920.22 265,787.01 (27,379.78)(10.4)% City Utilities Tax 2,991,933.00 2,539,900.002,800,630.02 2,444,836.97 260,730.0210.3 % Admissions Tax 363,609.00 361,500.00 323,438.64 342,731.32 (38,061.36)(10.5)% Electric Tax 3,340,500.00 3,340,500.003,297,976.03 3,151,923.19 (42,523.97)(1.3)% Natural Gas Tax 1,201,900.00 1,201,900.00 1,035,822.44 1,113,400.11 (166,077.56)(13.8)% Cable TV Franchise Fee 808,000.00 808,000.00 854,446.55 812,228.47 46,446.555.7 % Cable TV Franchise Fee - Capital 62,000.00 54,300.00 62,701.38 47,268.79 8,401.3815.5 % Telephone Tax 2,032,574.00 1,658,100.00 1,455,809.27 1,597,586.22 (202,290.73)(12.2)% Garbage Tax (external)151,504.00 131,500.00 83,209.97 95,741.79 (48,290.03)(36.7)% Leasehold Excise Tax 50,501.00 33,300.00 27,942.02 28,792.15 (5,357.98)(16.1)% Gambling Excise Tax 247,965.00 196,600.00 207,796.99 205,725.04 11,196.99 5.7 % Taxes sub-total 40,169,373.0035,336,317.0036,689,931.7134,611,146.601,353,614.713.8 % Business License Fees 202,005.00 116,200.00 120,070.00 133,704.50 3,870.003.3 % Building Permits 1,899,966.00 1,567,800.00 1,800,425.47 1,353,503.03 232,625.4714.8 % Other Licenses & Permits 454,413.00 369,413.00 600,227.07 321,501.96 230,814.0762.5 % Intergovernmental (Grants, etc.) - (1)4,661,784.00 4,016,946.00 4,110,901.505,003,499.70 93,955.502.3 % Charges for Services: General Government Services 94,467.00 78,300.00 95,298.47 99,083.70 16,998.4721.7 % Public Safety 17,300.00 15,600.00 19,579.80 204,557.78 3,979.8025.5 % Development Services Fees 963,458.00 846,100.00 973,628.59 1,122,531.45 127,528.5915.1 % Culture and Recreation 809,717.00 717,200.00 777,470.61 775,846.25 60,270.618.4 % Fines and Forfeits 1,556,500.00 1,326,900.00 1,187,849.00 1,314,422.81 (139,051.00)(10.5)% Fees/Charges/Fines sub-total 10,659,610.009,054,459.009,685,450.5110,328,651.18 630,991.517.0 % Interests and Other Earnings 64,900.00 49,700.00 38,705.78 70,456.25 (10,994.22)(22.1)% Rents, Leases and Concessions 308,000.00 244,400.00 263,309.08 264,106.85 18,909.087.7 % Contributions and Donations 41,000.00 33,900.00 46,222.10 44,058.54 12,322.1036.3 % Other Miscellaneous 92,200.00 79,600.00 69,247.20 106,685.48 (10,352.80)(13.0)% Transfers In 267,000.00 267,000.00 193,548.00 17,000.00 (73,452.00)(27.5)% Insurance Recoveries - Capital & Operating 25,000.00 15,705.35 132,956.27 142,057.49 117,250.92 746.6 % Other Revenues sub-total 798,100.00690,305.35743,988.43 644,364.61 53,683.087.8 % Total Operating Revenues 51,627,083.00$ 45,081,081.35$ 47,119,370.65$ 45,584,162.39$ 2,038,289.30$ 4.5 % Operating Expenditures Council & Mayor 1,020,762.99$ 850,635.83$ 844,721.51$ 737,825.32$ 5,914.32$ 0.7 % Municipal Court & Probation 682,424.39 623,390.00 535,240.71 2,868,161.48 88,149.2914.1 % Human Resources 1,608,800.00 1,309,000.00 1,155,865.35 698,695.43 153,134.6511.7 % Finance 1,315,343.78 1,087,444.00 956,073.17 936,612.15 131,370.8312.1 % City Attorney 1,836,346.17 1,529,100.00 1,556,718.20 1,352,970.53 (27,618.20)(1.8)% Planning 4,007,214.94 3,339,345.78 3,142,668.63 3,123,153.63 196,677.155.9 % Community & Human Services 1,272,579.74 1,128,680.00 725,236.49 888,990.48 403,443.5135.7 % Jail - SCORE 7,046,419.00 6,194,344.67 6,197,046.02 3,019,158.51 (2,701.35)(0.0)% Police 20,136,997.21 16,441,197.0015,646,080.6314,816,083.68 795,116.374.8 % Engineering 2,836,440.40 2,317,940.00 2,234,554.31 2,079,903.33 83,385.693.6 % Parks and Recreation 8,138,564.48 6,824,600.006,774,553.05 6,124,981.80 50,046.950.7 % Streets 3,273,353.35 2,584,900.00 2,336,150.04 2,329,923.05 248,749.969.6 % Non-Departmental 2,962,767.93 2,508,973.28 1,608,931.72 5,246,816.02 900,041.5535.9 % Total Operating Expenditures 56,138,014.38$ 46,739,550.55$ 43,713,839.83$ 44,223,275.41$ 3,025,710.72$ 6.5 % 2013 2013 YTD Budget vs. Actual Favorable (Unfavorable) Percentage (1) Streamlined Sales Tax mitigation payments represent intergovernmental revenues from the State of Washington and are presented above in the Intergovernmental Revenue category. For the first ten months of 2013, $1,620,508.12 in Streamlined Sales Tax mitigation payments is included and is based upon the actual and anticipated 2013 Streamlined Sales Tax mitigation payments of $2,000,000.00. This is reconciled at the end of each quarter and is based upon actual distributions from the State. 3 Monthly Financial Report October 2013 Overview This financial overview reflects the City’s overall financial position for the fiscal period ending October 31, 2013 and represents financial data available as of November 26, 2013. The budgeted year-to-date revenues and operating expenditures are primarily based on collection/disbursement average for the same period of the two years prior. General Fund revenues totals $47.1 million as of the end of October 2013 and compares to previous year to date collections of $45.6 million and budget of $45.1 million. Year to date improvement in General Fund revenue performance is primarily due to continued strength in sales tax revenues, increased City utility tax revenues, and increased revenues from development activity. General Fund expenditures totals $43.7 million as of the end of October 2013 and compares to previous year to date expenditures of $44.2 million and budget of $46.7 million. Department spending is within budget and expectations, with the majority of under-expenditures due to timing of expenditures and salary savings from current and earlier vacancies. $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 Revenues Expenditures Mi l l i o n s General Fund Revenues vs. Expenditures 2013 Actual 2013 Budget 4 Monthly Financial Report October 2013 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 additional information on these sources. Property Tax collections to date totals $13.3 million and compare to collections of $13.4 million for the same period the previous year, after adjusting for transfers to the Local Street Fund (SOS) program1. The majority of property tax revenues are collected during the months of April and October, coinciding with the due date 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 2013 budget 2013 actual to date 2012 actual * Per 2013-2014 budget, Local Street Fund (Fund 103) street repairs are funded from sales taxes on construction. 1 In 2012, property taxes for the same period totaled $13,357,982.75. Of this amount, $11,523,422.52 was distributed to the General Fund and $1,834,560.23 was distributed to the Local Street Fund (Fund 103). 5 Monthly Financial Report October 2013 Sales tax distributions Citywide totaled $11.8 million of which $10.3 million was distributed to the General Fund and $1.5 million to the Local Street Fund (SOS) program.* $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) 2013 budget 2013 actual to date 2012 actual * Per 2013-2014 budget, Local Street Fund (Fund 103) street repairs are funded from sales taxes on construction. Total transferred year to date through October: $1,473,310.38. 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 sectors. Note: 2012 actuals for the Manufacturing sector include an adjustment of -$74,000 by the State Department of Revenue as a result of an audit. 20122013 Component GroupActualActualAmount Construction 926,842.251,473,310.69546,468.4459.0 % Manufacturing 317,062.04516,262.19199,200.1562.8 % Transportation & Warehousing48,156.9436,250.00(11,906.94)(24.7)% Wholesale Trade 1,103,711.141,062,286.88(41,424.26)(3.8)% Automotive 2,506,212.472,643,673.17137,460.705.5 % Retail Trade 3,236,542.333,481,869.93245,327.607.6 % Services 2,396,964.112,530,712.18133,748.075.6 % Miscellaneous 50,819.5449,557.53(1,262.01)(2.5)% YTD Total 10,586,310.8211,793,922.571,207,611.7511.4 % Change from 2012 October-2013 Comparison of Sales Tax Collections by SIC Group Percentage 6 Monthly Financial Report October 2013 As shown on the prior page, the areas showing the largest amount of increase in revenues compared to 2012 are in the construction trade and the retail trade categories. These changes reflect the increased level of construction activity within the City as well as improvement in general economic conditions and consumer spending. In general, consumer spending accounts for approximately two-thirds of economic activity. Year to date sales tax revenue on construction, which is transferred to the Local Street Fund (Fund 103) for local street repair and maintenance, totals $1,473,000 and exceeds budget by $312,000, reflecting increased 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 2013 budget 2013 actual to date 7 Monthly Financial Report October 2013 Utility Taxes consists of City interfund utility taxes (Water, Sewer, Storm and Solid Waste) and external utility taxes (Electric, Natural Gas, Telephone and Solid Waste). Utility tax collections through October were $8.7 million and compares to $8.4 million collected the same period last year. $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 JanFebMarAprMayJunJulAugSepOctNovDec Mi l l i o n s Utility Tax 2013 budget 2013 actual to date 2012 actual As shown in the table below, increased collections from City interfund utilities partially offset lower than expected collections from private utility providers. A mild winter has reduced consumer heating demands and resulted in a decline in electric and natural gas revenue collections. Earlier this year, the Washington Utilities and Transportation Commission approved a rate decrease for natural gas - which reduced the residential rates by approximately 7% and commercial rates by approximately 10%. This rate decrease was a result of an abundant domestic supply of natural gas. Telephone utility tax revenues are under budget by $202,000 year to date, reflecting the rapid change in this industry as more individuals move from traditional land lines to cellular and internet-based phone services. 201220132013 Month ActualBudgetActualAmount Amount City Interfund Utility Taxes2,444,836.972,539,900.002,800,630.02355,793.05 14.6 %260,730.02 10.3 % Electric 3,151,923.193,340,500.003,297,976.03146,052.84 4.6 %(42,523.97)(1.3)% Natural Gas 1,113,400.111,201,900.001,035,822.44(77,577.67)(7.0)%(166,077.56)(13.8)% Telephone 1,597,586.221,658,100.001,455,809.27(141,776.95)(8.9)%(202,290.73)(12.2)% Solid Waste (external)95,741.79131,500.0083,209.97(12,531.82)(13.1)%(48,290.03)(36.7)% YTD Total 8,403,488.288,871,900.008,673,447.73269,959.45 3.2 %(198,452.27)(2.2)% October-2013 Utility Tax by Type 2013 vs. 2012 Actual 2013 vs. Budget Percentage Percentage 8 Monthly Financial Report October 2013 Cable TV Franchise Fees, which are collected quarterly, totals $855,000 and exceeds budget by $46,000 or 5.7%. $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 2013 budget 2013 actual to date 2012 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 collected through October totals $1.8 million and compares to budget of $1.6 million. Year to date building permits issued through October totals 779, and compares to 763 during the same period last year. Major projects contributing to revenues this year include the Auburn High School Modernization project, the remodel of The Outlet Collection – Seattle, various projects at Boeing, the Franciscan Medical Pavilion, the Walter E. Nelson Building (janitorial supply distributor) as well as several housing developments including The Ridge at Bowman Creek, Auburn 40 PUD, Lakeland East, and Kendall Ridge. 9 Monthly Financial Report October 2013 $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 2013 budget 2013 actual to date 2012 actual Business License revenues collected to date totals $120,000 and is on target with budget. 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 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 $220 $240 JanFebMarAprMayJunJulAugSepOctNovDec Th o u s a n d s Business Licenses 2013 budget 2013 actual to date 2012 actual 10 Monthly Financial Report October 2013 Intergovernmental includes Grants (Direct & Indirect Federal, State and Local), state shared revenues and compact revenue from the Muckleshoot Indian Tribe (MIT). Collections to date total $4.1 million. October includes the 4th quarter payment from MIT and also includes the first quarterly distribution of Liquor Excise Tax revenues this year of $47,700 since the State legislature mandated a one-year black out period which ended June 30 as a means to balance the State budget. 201220132013 Revenue ActualBudgetActualAmount Amount Federal Grants 607,501.6435,400.0083,124.47(524,377.17)(86.3)%47,724.47 134.8% State Grants 124,457.47127,800.00145,173.6720,716.20 16.6 %17,373.67 13.6% Interlocal Grants 15,048.9225,900.0058,485.7843,436.86 288.6 %32,585.78 125.8% State Shared Revenue3,532,276.483,257,346.003,228,990.33(303,286.15)(8.6)%(28,355.67)(0.9)% Muckleshoot Casino Emerg.711,063.00565,000.00564,895.00(146,168.00)(20.6)%(105.00)(0.0)% Intergovernmental Service13,152.195,500.0030,232.2517,080.06 129.9 %24,732.25 449.7% YTD Total 5,003,499.704,016,946.004,110,901.50(892,598.20)(17.8)%93,955.50 2.3% October-2013 Intergovernmental 2013 vs. 2012 Actual2013 vs. Budget % Change % Change State shared revenue includes actual and anticipated Streamlined Sales Tax mitigation payments in the amount of $1,620,508.12 through October. Charges for Services consists of general governmental services, public safety, development service fees and cultural & recreation fees. Development service fees and culture and recreation fees make up over 85% of the revenue within this category. Development service fee collections through October, which primarily consist of plan check fees, exceed budget by $128,000 to date. Plan check fees collected in October totaled $64,000 and included projects such as Kendall Ridge, Edgeview subdivision, and the Omega storage facility located on West Valley Highway. The year over year decline in development service fees reflect plan check fees for the Auburn High School Modernization and the Boeing re-roofing projects both of which were received in 2012. Culture and recreation revenues are $60,000 higher than budget; reflecting increased activity from City special events and league fees. The year over year decline in Public Safety charges reflect the elimination of Adult Probation revenue (these revenues are retained by King County under the City-King County District Court contract). 20122013 2013 Revenue ActualBudgetActualAmount Amount General Government99,083.7078,300.0095,298.47(3,785.23)(3.8)%16,998.47 21.7 % Public Safety 204,557.7815,600.0019,579.80(184,977.98)(90.4)%3,979.80 25.5 % Development Services1,122,531.45846,100.00973,628.59(148,902.86)(13.3)%127,528.59 15.1 % Culture & Recreation775,846.25717,200.00777,470.611,624.36 0.2 %60,270.61 8.4 % YTD Total2,202,019.181,657,200.001,865,977.47(336,041.71)(15.3)%208,777.47 12.6 % October-2013 Charges for Services by Type 2013 vs. 2012 Actual2013 vs. Budget Percentage Percentage 11 Monthly Financial Report October 2013 Note: August 2012 collections include plan check fees related to the Boeing re-roofing project as well as fees paid by the Auburn School District for the Auburn High School modernization and reconstruction project. [Source: August 2012 monthly financial report] $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 2013 budget 2013 actual to date 2012 actual $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 JanFebMarAprMayJunJulAugSepOctNovDec Th o u s a n d s Culture & Recreation 2013 budget 2013 actual to date 2012 actual 12 Monthly Financial Report October 2013 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 and shopping cart fines. Total revenue to date is $1.2 million and compares to budget of $1.3 million. Civil Infraction Penalties include traffic infractions and other non-parking infractions. The majority of the revenues collected in this category relate to traffic infractions. Year to date through October, a total of $379,000 has been collected for traffic infractions, compared to $513,000 for the same period last year. 201220132013 Month ActualBudgetActualAmount Amount Civil Penalties 14,292.2512,100.0016,018.141,725.89 12.1 %3,918.14 32.4 % Civil Infraction Penalties 517,871.80559,500.00383,392.85(134,478.95)(26.0)%(176,107.15)(31.5)% Redflex Photo Enforcement460,244.84411,500.00473,458.7413,213.90 2.9 %61,958.74 15.1 % Parking Infractions 96,332.82149,800.00105,213.148,880.32 9.2 %(44,586.86)(29.8)% Criminal Traffic Misdemeanor79,694.0072,200.0048,978.84(30,715.16)(38.5)%(23,221.16)(32.2)% Criminal Non-Traffic Fines76,061.4978,200.0050,651.37(25,410.12)(33.4)%(27,548.63)(35.2)% Criminal Costs 14,178.0511,500.0025,422.1811,244.13 79.3 %13,922.18 121.1 % Non-Court Fines & Penalties55,747.5632,100.0084,713.7428,966.18 52.0 %52,613.74 163.9 % YTD Total 1,314,422.811,326,900.001,187,849.00(126,573.81)(9.6)%(139,051.00)(10.5)% October-2013 Fines & Forfeits by Type 2013 vs. 2012 Actual2013 vs. Budget Percentage Percentage $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 JanFebMarAprMayJunJulAugSepOctNovDec Mi l l i o n s Fines & Penalties 2013 budget 2013 actual to date 2012 actual 13 Monthly Financial Report October 2013 $0 $100 $200 $300 $400 $500 $600 $700 JanFebMarAprMayJunJulAugSepOctNovDec Th o u s a n d s Redflex Photo Enforcement 2013 budget 2013 actual to date 2012 actual 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 to date is $417,000 compared to budget of $408,000. 201220132013 Month ActualBudgetActualAmount Amount Interest & Investments 70,456.2549,700.0038,705.78(31,750.47)(45.1)%(10,994.22)(22.1)% Rents & Leases 264,106.85244,400.00263,309.08(797.77)(0.3)%18,909.087.7 % Contributions & Donations44,058.5433,900.0046,222.102,163.564.9 %12,322.1036.3 % Other Miscellaneous Revenue106,685.4879,600.0069,247.20(37,438.28)(35.1)%(10,352.80)(13.0)% YTD Total 485,307.12407,600.00417,484.16(67,822.96)(14.0)%9,884.162.4 % Miscellaneous Revenues by Type October-2013 2013 vs. 2012 2013 vs. Budget Percentage Percentage Real Estate Excise Tax (REET) revenue is receipted into the Capital Improvement Projects Fund and is used for governmental capital projects. Total revenue at the end of October was $1.7 million and exceeds budget and prior year actuals by $568,000 and $259,000 respectively, reflecting a robust local and regional real estate market. As shown in the table below, REET revenues collected in October totals $261,000 and compares to $483,000 collected the same month in 2012. It is important to note that October 2012 had a large spike in REET revenues due to the sale of Auburn Regional Medical Center. 14 Monthly Financial Report October 2013 2012 2013 2013 Month ActualBudgetActualAmountPercentageAmountPercentage Jan 61,442.4971,106.27113,614.7952,172.3084.9%42,508.5259.8% Feb 155,948.4285,001.51107,484.61(48,463.81)-31.1%22,483.1026.5% Mar 136,790.25159,419.95143,198.356,408.104.7%(16,221.60)-10.2% Apr 73,078.0272,572.39124,445.4951,367.4770.3%51,873.1071.5% May 92,567.53124,286.11162,750.3670,182.8375.8%38,464.2530.9% Jun 96,292.0599,944.08177,379.5281,087.4784.2%77,435.4477.5% Jul 152,248.61177,428.46267,976.11115,727.5076.0%90,547.6551.0% Aug 119,924.2590,201.91200,626.5680,702.3167.3%110,424.65122.4% Sep 112,406.7575,348.48183,506.7171,099.9663.3%108,158.23143.5% Oct 482,980.66219,270.33261,387.96(221,592.70)-45.9%42,117.6319.2% Nov 108,095.04112,080.14 ##########-100.0%(112,080.14)-100.0% Dec 174,868.17113,340.35 (174,868.17)-100.0%(113,340.35)-100.0% YTD Total1,483,679.031,174,579.511,742,370.46258,691.4317.4%567,790.9548.3% Real Estate Excise Tax Revenues 2013 vs. 20122013 vs. Budget October-2013 Note: October 2012 revenue increase reflected in the graphic above was due in part to the sale of $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 Real Estate Excise Tax 2013 budget 2013 actual to date 2012 actual the Auburn Regional Medical Center to Multicare. 15 Monthly Financial Report October 2013 Pet Licensing During the month of October, 452 pet licenses were sold resulting in $15,930 in revenue. Year- to-date revenues total $132,850, surpassing the 2013 budget goal of $96,000. During the same month in 2012, 931 licenses were sold, resulting in $27,014 in revenue to King County. 0 100 200 300 400 500 600 700 800 900 1000 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 S o l d Month Pet License Sales By Month 2013 vs 2012 2013 Licenses Sold 2012 Licenses Sold 2013 Budget Goal: $ 96,000 or more 2014 Budget Goal: $240,000 or more Year-to-Date Revenue 2013 (through October) = $132,850 Year-to-Date Licenses 2013 (through October) = 4,328 Year-to-Date Licenses 2012 (through October) = 5,664 as reported by King County $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 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 2013 2013 License Revenue 16 Monthly Financial Report October 2013 0 2,000 4,000 6,000 8,000 10,000 12,000 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 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 S o l d Li c e n s e R e v e n u e Month Cumulative Pet Licensing Revenue & Sales 2013 vs 2012 2013 License Revenue (L) 2013 License Revenue(Budget Goal: $96,000) 2013 Licenses Sold (R) 2012 Licenses Sold (R) 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 decreased from $976,500 in 2012 to $715,900 in 2013, primarily reflecting the effects of the cost of purchased water through Tacoma Public Utilities. $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 JanFebMarAprMayJunJulAugSepOctNovDec Th o u s a n d s Water Revenues vs Water Sold 2013 vs 2012 2012 Water Sales ($) 2013 Water Sales ($) 2012 Water Sold (ccf) 2013 Water Sold (ccf) The Sewer Utility ended the period with a $489,900 net operating loss and compares to a $1,105,300 net loss for the same period in 2012 (excluding Metro wastewater treatment revenues and expenditures, which are now being tracked separately in the Sewer-Metro fund). The Sewer-Metro Utility ended October with net operating income of $234,900. 17 Monthly Financial Report October 2013 The Stormwater Utility ended the period with $844,200 in net operating income which compares to an operating loss of $219,300 for the same period last year. The number of rounds played at the Auburn Golf Course (AGC) in October totaled 3,243 as compared to 2,503 for the same period last year, reflecting a much dryer month than in 2012, and helped to improve year-to-date rounds to 44,540 versus 43,286 rounds in 2012. The AGC ended October with a net operating loss of $141,900 compared to a loss of $186,900 for the same period last year. $0 $50 $100 $150 $200 $250 $300 JanFebMarAprMayJunJulAugSepOctNovDec Th o u s a n d s Golf Course Operating Revenues & Expenditures By Month 2013 vs 2012 2013 Bud. Revenue 2013 Act. Revenue 2012 Act. Revenue 2013 Act. Expenses $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 JanFebMarAprMayJunJulAugSepOctNovDec Th o u s a n d s Cumulative Golf Course Revenues & Expenditures 2013 vs 2012 2013 Bud. Revenue 2013 Act. Revenue 2012 Act. Revenue 2013 Act. Expenses The Cemetery Fund ended October with operating income of $65,900 compared to a $121,200 net operating loss for the same period last year which reflects a decline in Cemetery operating expenditures and an increase in operating revenue. In October, the number of interments at the Cemetery totaled 17 (6 burials, 11 cremations) which compares to 21 (9 burials, 12 cremations) for 18 Monthly Financial Report October 2013 the same period last year. Year-to-date interments total 189 (88 burials, 101 cremations) compared to 208 (90 burials, 118 cremations) in 2012. $0 $20 $40 $60 $80 $100 $120 $140 JanFebMarAprMayJunJulAugSepOctNovDec Th o u s a n d s Cemetery Operating Revenues & Expenditures By Month 2013 vs 2012 2013 Bud. Revenue 2013 Act. Revenue 2012 Act. Revenue 2013 Act. Expenses $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 JanFebMarAprMayJunJulAugSepOctNovDec Th o u s a n d s Cumulative Cemetery Revenues & Expenditures 2013 vs 2012 2013 Bud. Revenue 2013 Act. Revenue 2012 Act. Revenue 2013 Act. Expenses 19 Monthly Financial Report October 2013 Internal Service Funds Operating expenditures within the Insurance Fund represents the premium cost-pool that will be allocated monthly to other City funds over the course of 2013. As a result, this balance will gradually diminish each month throughout the year. No significant variances are reported in the Facilities, Innovation & Technology, or Equipment Rental Funds. All funds have sufficient revenues to cover year-to-date expenditures. Contact Information This report is prepared by the Finance Department. Additional financial information can also be viewed at our website: http://www.auburnwa.gov/. For any questions about the report please contact us at mchaw@auburnwa.gov or scoleman@auburnwa.gov. 20 Investment Purchase Purchase Maturity Yield to Type Date Price Date Maturity State Investment Pool Various 95,372,375$ Various 0.13% KeyBank Money Market Various 11,660,190 Various 0.15% US Treasury 05/04/1990 57,750 05/15/2016 5.72% FFCB 4/11/2013 3,000,000 4/11/2016 0.43% FNMA 9/6/2013 1,000,000 9/6/2016 1.00% LAKUTL 9/25/2013 235,919 11/1/2017 1.90% Total Cash & Investments 111,326,234$ 0.151% Investment Mix % of Total State Investment Pool 85.7%Current 6-month treasury rate 0.08% KeyBank Money Market 10.5%Current State Pool rate 0.13% US Treasury 0.1%KeyBank Money Market 0.15% FFCB 2.7%Blended Auburn rate 0.15% FHLMC 0.0% FNMA 0.9% LAKUTL 0.2% 100.0% City of Auburn Investment Portfolio Summary October 31, 2013 Summary 21 SALES TAX SUMMARY OCTOBER 2013 SALES TAX DISTRIBUTIONS (FOR AUGUST 2013 RETAIL ACTIVITY) 2012 Annual Total 2012 YTD 2013 YTD YTD 2012 Annual Total 2012 YTD 2013 YTD YTD NAICS CONSTRUCTION (Nov '11-Oct '12)(Nov '11 - Aug '12)(Nov '12 - Aug '13)% Diff NAICS AUTOMOTIVE (Nov '11-Oct '12)(Nov '11 - Aug '12)(Nov '12 - Aug '13)% Diff 236 Construction of Buildings 483,408.87 346,201.39 721,678.36 108.5%441 Motor Vehicle and Parts Dealer 2,795,163.85 2,321,966.75 2,444,137.61 5.3% 237 Heavy and Civil Construction 114,822.92 91,455.72 90,418.86 -1.1%447 Gasoline Stations 223,463.26 184,245.72 199,535.56 8.3% 238 Specialty Trade Contractors 622,980.45 489,185.14 661,213.47 35.2%TOTAL AUTOMOTIVE 3,018,627.11$ 2,506,212.47$ 2,643,673.17$ 5.5% TOTAL CONSTRUCTION 1,221,212.24$ 926,842.25$ 1,473,310.69$ 59.0%Overall Change from Previous Year 137,460.70$ Overall Change from Previous Year 546,468.44$ 2012 Annual Total 2012 YTD 2013 YTD YTD 2012 Annual Total 2012 YTD 2013 YTD YTD NAICS RETAIL TRADE (Nov '11-Oct '12)(Nov '11 - Aug '12)(Nov '12 - Aug '13)% Diff NAICS MANUFACTURING (Nov '11-Oct '12)(Nov '11 - Aug '12)(Nov '12 - Aug '13)% Diff 442 Furniture and Home Furnishings 226,308.94 185,384.70 194,878.26 5.1% 311 Food Manufacturing 2,932.07 2,660.53 1,413.15 -46.9%443 Electronics and Appliances 145,390.62 122,221.64 138,800.17 13.6% 312 Beverage and Tobacco Products 5,855.42 4,657.73 6,199.06 33.1%444 Building Material and Garden 425,493.64 344,677.29 375,394.65 8.9% 313 Textile Mills 569.85 80.52 228.49 183.8%445 Food and Beverage Stores 341,378.74 283,317.50 276,200.29 -2.5% 314 Textile Product Mills 4,456.85 3,964.65 3,197.81 -19.3%446 Health and Personal Care Store 148,812.47 126,380.43 145,933.23 15.5% 315 Apparel Manufacturing 217.67 205.42 272.26 32.5%448 Clothing and Accessories 772,153.02 634,349.70 723,464.51 14.0%316 Leather and Allied Products 58.91 57.58 8.19 -85.8%451 Sporting Goods, Hobby, Books 120,507.49 101,981.55 99,683.18 -2.3% 321 Wood Product Manufacturing 31,417.29 22,567.23 63,574.76 181.7%452 General Merchandise Stores 967,039.39 821,600.38 816,362.61 -0.6% 322 Paper Manufacturing 3,943.50 3,257.05 2,956.61 -9.2%453 Miscellaneous Store Retailers 508,326.14 394,808.96 448,480.22 13.6% 323 Printing and Related Support 28,275.22 23,795.74 20,563.62 -13.6%454 Nonstore Retailers 268,502.71 221,820.18 262,672.81 18.4% 324 Petroleum and Coal Products 10,532.00 9,042.53 8,140.48 -10.0%TOTAL RETAIL TRADE 3,923,913.16$ 3,236,542.33$ 3,481,869.93$ 7.6% 325 Chemical Manufacturing 8,088.54 6,277.51 7,448.36 18.7%Overall Change from Previous Year 245,327.60$ 326 Plastics and Rubber Products 9,468.87 7,940.28 7,605.95 -4.2% 327 Nonmetallic Mineral Products 17,323.71 13,749.63 16,286.22 18.4% 331 Primary Metal Manufacturing 1,765.68 1,713.01 614.06 -64.2%2012 Annual Total 2012 YTD 2013 YTD YTD 332 Fabricated Metal Product Manuf 24,964.99 20,008.74 9,130.13 d -54.4%NAICS SERVICES (Nov '11-Oct '12)(Nov '11 - Aug '12)(Nov '12 - Aug '13)% Diff 333 Machinery Manufacturing 12,890.22 9,955.37 17,965.44 80.5%51*Information 396,353.38 329,259.59 362,383.40 10.1% 334 Computer and Electronic Produc 10,260.16 7,711.07 11,399.97 47.8%52*Finance and Insurance 53,290.56 39,842.27 b 77,038.24 93.4% 335 Electric Equipment, Appliances 426.32 343.71 1,105.86 221.7%53*Real Estate, Rental, Leasing 326,259.42 254,259.80 229,707.58 -9.7% 336 Transportation Equipment Man 187,175.19 142,320.25 a 292,978.82 105.9%541 Professional, Scientific, Tech 173,274.20 142,126.58 151,467.36 6.6% 337 Furniture and Related Products 18,721.33 15,498.84 20,632.13 33.1%551 Company Management 15.78 13.58 81.11 497.3% 339 Miscellaneous Manufacturing 25,368.10 21,254.65 24,540.82 15.5%56*Admin. Supp., Remed Svcs 334,354.06 221,889.99 283,021.03 27.6% TOTAL MANUFACTURING 404,711.89$ 317,062.04$ 516,262.19$ 62.8%611 Educational Services 53,671.83 40,003.08 37,279.51 -6.8% Overall Change from Previous Year 199,200.15$ 62*Health Care Social Assistance 114,832.81 23,908.69 29,137.85 21.9% 71*Arts and Entertainment 153,417.34 138,558.78 133,659.05 -3.5% 72*Accomodation and Food Svcs 920,555.95 764,479.15 808,396.18 5.7% 2012 Annual Total 2012 YTD 2013 YTD YTD 81*Other Services 388,278.72 325,881.92 326,542.67 0.2% NAICS TRANSPORTATION AND WAREHOUSING (Nov '11-Oct '12)(Nov '11 - Aug '12)(Nov '12 - Aug '13)% Diff 92*Public Administration 142,187.99 116,740.68 91,998.20 -21.2% 481 Air Transportation 0.00 0.00 0.00 N/A TOTAL SERVICES 3,056,492.04$ 2,396,964.11$ 2,530,712.18$ 5.6% 482 Rail Transportation 19,181.85 18,235.33 8,852.65 -51.5%Overall Change from Previous Year 133,748.07$ 484 Truck Transportation 10,245.48 8,439.79 (4,146.48)c -149.1% 485 Transit and Ground Passengers 268.22 268.22 93.19 -65.3% 488 Transportation Support 18,841.37 15,592.40 20,462.32 31.2%2012 Annual Total 2012 YTD 2013 YTD YTD 491 Postal Service 470.02 333.18 728.44 118.6%NAICS MISCELLANEOUS (Nov '11-Oct '12)(Nov '11 - Aug '12)(Nov '12 - Aug '13)% Diff 492 Couriers and Messengers 568.35 438.66 1,089.61 148.4%000 Unknown 1.04 1.04 0.00 -100.0% 493 Warehousing and Storage 5,376.49 4,849.36 9,170.27 89.1%111-115 Agriculture, Forestry, Fishing 2,868.29 2,244.02 3,408.85 51.9% TOTAL TRANSPORTATION 54,951.78$ 48,156.94$ 36,250.00$ -24.7%211-221 Mining & Utilities 30,228.91 26,041.25 19,432.64 -25.4% Overall Change from Previous Year (11,906.94)$ 999 Unclassifiable Establishments 27,601.09 22,533.23 26,716.04 18.6% TOTAL SERVICES 60,699.33$ 50,819.54$ 49,557.53$ -2.5% Overall Change from Previous Year (1,262.01)$ 2012 Annual Total 2012 YTD 2013 YTD YTD NAICS WHOLESALE TRADE (Nov '11-Oct '12)(Nov '11 - Aug '12)(Nov '12 - Aug '13)% Diff 423 Wholesale Trade, Durable Goods 1,137,932.04 972,362.05 922,468.94 -5.1%GRAND TOTAL 13,037,325.52$ 10,586,310.82$ 11,793,922.57$ 424 Wholesale Trade, Nondurable 153,721.30 126,960.23 135,801.47 7.0%Overall Change from Previous Year 1,207,611.75$ 11.4% 425 Wholesale Electronic Markets 5,064.63 4,388.86 4,016.47 -8.5% TOTAL WHOLESALE 1,296,717.97$ 1,103,711.14$ 1,062,286.88$ -3.8% Overall Change from Previous Year (41,424.26)$ a. Wa. State Dept of Revenue audit adjustment to sales tax returns for period Nov 2011 (adjustment: -$73,971). b. Wa. State Dept of Revenue audit adjustment to sales tax returns for period Dec 2011 (adjustment: -$20,014). c. Wa. State Dept of Revenue audit adjustment to sales tax returns for period Jan 2013 (adjustment: -$11,382). d. Wa. State Dept of Revenue audit adjustment to sales tax returns for period May 2013 (adjustment - $30,493). 10/28/13 file:Monthly Sales Tax Report.xls Prepared by Auburn Finance Department 22 INNOVATION EQUIPMENT & TECHNOLOGY RENTAL OPERATING REVENUES Charges For Service 9,820,894.82 5,667,269.17 - 6,781,742.77 10,761,838.01 12,817.52 812,741.04 990,494.22 - - - - Interfund Charges For Service - - - - - - - - - 2,925,835.00 3,984,105.00 2,452,758.04 Sewer Metro Service Revenue - - 12,278,860.56 - - - - - - - - - Rents, Leases, Concessions, & Other - - - - - 510,205.79 - 383,810.21 - 104,647.50 65,743.25 - TOTAL OPERATING REVENUES 9,820,894.82 5,667,269.17 12,278,860.56 6,781,742.77 10,761,838.01 523,023.31 812,741.04 1,374,304.43 - 3,030,482.50 4,049,848.25 2,452,758.04 OPERATING EXPENSES Salaries & Wages 1,918,562.97 1,263,230.74 - 1,679,096.38 325,098.37 17,262.92 325,499.90 496,528.69 - 528,439.86 1,150,602.41 392,465.64 Benefits 867,588.57 556,760.76 - 733,324.34 148,671.30 5,656.82 160,836.20 242,684.88 - 233,284.62 476,860.31 175,021.23 Supplies 137,147.10 53,973.55 - 66,282.53 39,270.56 285.70 115,145.18 236,231.67 - 87,287.12 139,001.85 679,366.08 Other Service Charges 3,344,133.31 1,895,523.25 - 1,095,698.81 901,983.36 415,283.32 50,429.55 149,497.04 339,235.55 1,179,650.04 1,272,216.93 386,508.56 Intergovernmental Services - 2,481.81 - 11,740.65 309,752.04 - - - - - - - Waste Management Payments - - - - 7,579,235.98 - - - - - - - Sewer Metro Services - - 12,043,943.80 - - - - - - - - - Interfund Operating Rentals & Supplies 930,634.01 814,116.28 - 1,076,471.65 150,750.00 - 46,830.00 137,080.00 - 99,340.00 251,420.00 206,318.35 Other Expenses - - - - - - - - - - - - Depreciation & Amortization 1,906,955.98 1,571,054.65 - 1,274,898.64 15,682.74 336,073.35 48,069.51 254,199.62 - - 384,481.64 586,331.87 TOTAL OPERATING EXPENSES 9,105,021.94 6,157,141.04 12,043,943.80 5,937,513.00 9,470,444.35 774,562.11 746,810.34 1,516,221.90 339,235.55 2,128,001.64 3,674,583.14 2,426,011.73 OPERATING INCOME (LOSS)715,872.88 (489,871.87) 234,916.76 844,229.77 1,291,393.66 (251,538.80) 65,930.70 (141,917.47) (339,235.55) 902,480.86 375,265.11 26,746.31 NON-OPERATING REVENUES & EXPENSES Interest Revenue 21,333.49 17,487.94 39.00 20,827.64 1,120.12 1,345.44 338.75 577.22 1,827.69 2,393.43 4,284.88 7,635.03 Contributions - - - 69,770.47 27,735.13 - 55.00 - - 42,270.00 - - Other Non-Operating Revenue 118,172.53 144,697.01 - 33,215.99 1,930.00 2,050.00 (0.50) - - - 23,581.05 33,631.28 Gain (Loss) On Sale Of Fixed Assets - - - - - - - - - - - (10,858.56) Debt Service Interest (242,692.73) (19,099.90) - (157,207.91) - (23,137.50) (11,133.72) - - - - - Other Non-Operating Expense - - - - - - - - - - - - TOTAL NON-OPERATING REVENUES & EXPENSES (103,186.71) 143,085.05 39.00 (33,393.81) 30,785.25 (19,742.06) (10,740.47) 577.22 1,827.69 44,663.43 27,865.93 30,407.75 PLUS ITEMS NOT EFFECTING WORKING CAPITAL Depreciation 1,906,955.98 1,571,054.65 - 1,274,898.64 15,682.74 336,073.35 48,069.51 254,199.62 - - 384,481.64 586,331.87 NET WORKING CAPITAL FROM OPERATIONS 2,519,642.15 1,224,267.83 234,955.76 2,085,734.60 1,337,861.65 64,792.49 103,259.74 112,859.37 (337,407.86) 947,144.29 787,612.68 643,485.93 Increase In Contributions - System Development 1 530,008.00 2,346,461.50 - 616,271.35 - - - - - - - - Increase In Contributions - Area Assessments 224.13 3,243.22 - - - - - - - - - - Increase In Contributions - Other Governments - - - - - 108,744.88 - - - - - - Increase In Contributions - Other Funds - - - - - - - - - - - - Increase In Contributions - FAA - - - - - - - - - - - - Proceeds of Debt Activity 8,651,428.91 - - 5,235,686.06 - - - - - - - - Operating Transfers In - - - - - - - 49,524.72 - - - - Increase In Restricted Net Assets 12,198.33 14,884.80 - - - 4,869.67 - - - - - - Decrease In Long-Term Receivables - 112,500.00 - - - - - - - - - - Increase In Deferred Credits - - - - - 3,209.34 - - - - - - TOTAL RESOURCES OTHER THAN OPERATIONS 9,193,859.37 2,477,089.52 - 5,851,957.41 - 116,823.89 - 49,524.72 - - - - Net Change In Restricted Net Assets 771,797.11 1,602,567.51 (1,460,182.19) 345,657.31 - 4,869.67 - (14,360.90) - - - (31,005.06) Increase In Fixed Assets - Salaries 194,375.78 50,056.47 - 132,024.03 - - - - - - - - Increase In Fixed Assets - Benefits 76,516.25 21,088.94 - 55,995.11 - - - - - - - - Increase In Fixed Assets - Site Improvements 34,101.57 - - 11,782.20 - - - - - - - 8,470.78 Increase In Fixed Assets - Equipment - - - 17,960.19 - - - - - - 233,069.75 177,918.46 Increase In Fixed Assets - Construction 4,641,883.83 241,097.32 - 1,054,687.77 - 126,624.25 - - - - - - Operating Transfers Out 50,000.00 50,000.00 - 124,000.00 - - - - - 736,684.96 - 7,000.00 Debt Service Principal 629,868.48 288,261.96 - 140,700.00 - - - - - - - - TOTAL USES OTHER THAN OPERATIONS 6,398,543.02 2,253,072.20 (1,460,182.19) 1,882,806.61 - 131,493.92 - (14,360.90) - 736,684.96 233,069.75 162,384.18 NET CHANGE IN WORKING CAPITAL 5,314,958.50 1,448,285.15 1,695,137.95 6,054,885.40 1,337,861.65 50,122.46 103,259.74 176,744.99 (337,407.86) 210,459.33 554,542.93 481,101.75 BEGINNING WORKING CAPITAL - January 1, 2013 10,196,281.10 12,072,579.09 - 10,218,848.21 1,018,487.34 818,912.00 182,098.05 90,691.62 2,028,681.08 1,473,040.96 2,885,527.19 5,559,564.94 ENDING WORKING CAPITAL - October 31, 2013 15,511,239.60 13,520,864.24 1,695,137.95 16,273,733.61 2,356,348.99 869,034.46 285,357.79 267,436.61 1,691,273.22 1,683,500.29 3,440,070.12 6,040,666.69 NET CHANGE IN WORKING CAPITAL 5,314,958.50 1,448,285.15 1,695,137.95 6,054,885.40 1,337,861.65 50,122.46 103,259.74 176,744.99 (337,407.86) 210,459.33 554,542.93 481,101.75 ENTERPRISE 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 GOLF INSURANCE FACILITIESWATERSEWERSEWER METRO STORM SOLID WASTE AIRPORT 23 INNOVATION EQUIPMENT & TECHNOLOGY RENTAL OPERATING REVENUES Charges For Service 9,820,894.82 5,667,269.17 - 6,781,742.77 10,761,838.01 12,817.52 812,741.04 990,494.22 - - - - Interfund Charges For Service - - - - - - - - - 2,925,835.00 3,984,105.00 2,452,758.04 Sewer Metro Service Revenue - - 12,278,860.56 - - - - - - - - - Rents, Leases, Concessions, & Other - - - - - 510,205.79 - 383,810.21 - 104,647.50 65,743.25 - TOTAL OPERATING REVENUES 9,820,894.82 5,667,269.17 12,278,860.56 6,781,742.77 10,761,838.01 523,023.31 812,741.04 1,374,304.43 - 3,030,482.50 4,049,848.25 2,452,758.04 OPERATING EXPENSES Administration 2,423,329.00 1,740,690.11 - 2,312,218.65 604,130.79 423,884.97 196,897.75 191,996.51 339,235.55 - - 730,856.48 Operations & Maintenance 4,774,736.96 2,845,396.28 - 2,350,395.71 1,271,394.84 14,603.79 501,843.08 1,070,025.77 - 2,128,001.64 3,290,101.50 1,108,823.38 Waste Management Payments - - - - 7,579,235.98 - - - - - - - Sewer Metro Services - - 12,043,943.80 - - - - - - - - - Depreciation & Amortization 1,906,955.98 1,571,054.65 - 1,274,898.64 15,682.74 336,073.35 48,069.51 254,199.62 - - 384,481.64 586,331.87 TOTAL OPERATING EXPENSES 9,105,021.94 6,157,141.04 12,043,943.80 5,937,513.00 9,470,444.35 774,562.11 746,810.34 1,516,221.90 339,235.55 2,128,001.64 3,674,583.14 2,426,011.73 OPERATING INCOME (LOSS)715,872.88 (489,871.87) 234,916.76 844,229.77 1,291,393.66 (251,538.80) 65,930.70 (141,917.47) (339,235.55) 902,480.86 375,265.11 26,746.31 NON-OPERATING REVENUES & EXPENSES Interest Revenue 21,333.49 17,487.94 39.00 20,827.64 1,120.12 1,345.44 338.75 577.22 1,827.69 2,393.43 4,284.88 7,635.03 Other Non-Operating Revenue 118,172.53 144,697.01 - 102,986.46 29,665.13 2,050.00 54.50 - - 42,270.00 23,581.05 33,631.28 Gain (Loss) On Sale Of Fixed Assets - - - - - - - - - - - (10,858.56) Other Non-Operating Expense (242,692.73) (19,099.90) - (157,207.91) - (23,137.50) (11,133.72) - - - - - TOTAL NON-OPERATING REVENUES & EXPENSES (103,186.71) 143,085.05 39.00 (33,393.81) 30,785.25 (19,742.06) (10,740.47) 577.22 1,827.69 44,663.43 27,865.93 30,407.75 612,686.17 (346,786.82) 234,955.76 810,835.96 1,322,178.91 (271,280.86) 55,190.23 (141,340.25) (337,407.86) 947,144.29 403,131.04 57,154.06 Contributions 1 530,232.13 2,349,704.72 - 616,271.35 - 108,744.88 - - - - - - Transfers In - - - - - - - 49,524.72 - - - - Transfers Out (50,000.00) (50,000.00) - (124,000.00) - - - - - (736,684.96) - (7,000.00) TOTAL CONTRIBUTIONS & TRANSFERS 480,232.13 2,299,704.72 - 492,271.35 - 108,744.88 - 49,524.72 - (736,684.96) - (7,000.00) CHANGE IN FUND BALANCE 1,092,918.30 1,952,917.90 234,955.76 1,303,107.31 1,322,178.91 (162,535.98) 55,190.23 (91,815.53) (337,407.86) 210,459.33 403,131.04 50,154.06 BEGINNING FUND BALANCE - January 1, 2013 67,719,034.00 73,319,311.00 1,460,182.00 49,964,488.00 1,128,442.00 9,439,263.00 872,103.00 8,578,904.00 2,028,681.00 1,415,971.00 4,069,294.00 10,502,921.00 ENDING FUND BALANCE - October 31, 2013 68,811,952.30 75,272,228.90 1,695,137.76 51,267,595.31 2,450,620.91 9,276,727.02 927,293.23 8,487,088.47 1,691,273.14 1,626,430.33 4,472,425.04 10,553,075.06 1 Sewer contributions reflect System Development Charges resulting from the Goedecke land swap agreement with the WA Department of Transportation. FUND BALANCE ENTERPRISE FUNDS INTERNAL SERVICE FUNDS The following table provides an analysis of each of the City's Enterprise and Internal Service funds - showing 2013 revenues and expenditures by fund. INCOME (LOSS) BEFORE CONTRIBUTIONS & TRANSFERS CEMETERY GOLF INSURANCE FACILITIESWATERSEWERSEWER METRO STORM SOLID WASTE AIRPORT 24