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<br /> <br /> AGENDA BILL APPROVAL FORM <br /> <br /> <br /> <br /> <br />Agenda Subject: 3rd Quarter 2014 Financial Report Date: November 5, 2014 <br /> <br />Department: Finance <br /> <br />Attachments: Quarterly Financial <br />Report <br />Budget Impact: $0 <br />Administrative Recommendation: For discussion only. <br /> <br />Background Summary: <br /> <br />The purpose of the quarterly financial report is to summarize for the City Council the general state of <br />Citywide financial affairs and to highlight significant items or trends that the City Council should be aware <br />of. The following provides a high level summary of the City’s financial performance. Further detail can be <br />found within the attached financial report. <br /> <br />The 3rd Quarter status report is based on financial data available as of October 17, 2014 for the period <br />ending September 30, 2014. Sales tax information represents business activity that occurred through <br />July 2014. <br /> <br />General Fund: <br />The General Fund is the City’s largest fund and is used to account for the majority of City resources and <br />services except those required by statute or to be accounted for in another fund. <br /> <br />Through September 2014, General Fund revenues totaled $41.3 million and were sufficient to support <br />total General Fund expenditures of $40.7 million. General Fund revenues exceed budget by $2.3 million, <br />or 5.9% primarily due to increases in retail sales tax collections, building permit revenues, and <br />development services fees. <br /> <br />General Fund expenditures through September totaled $40.7 million and are $3.4 million, or 7.7% under <br />budget. The year to date underspend is a result of many factors including staff vacancies, continued <br />vigilance in monitoring general spending, and underspend of contingency funds. Through September <br />2014, payments to SCORE have decreased by $1.3 million compared to the same period in 2013. The <br />majority of this reduction in expenditures is due to reduced monthly payments for incarceration services <br />(current year monthly payments are based upon prior year City inmate counts). In addition, the annual <br />payment to King County District Court for municipal court services was $550,000 lower than budgeted for <br />the year. <br /> <br />Year to date, 4,348 pet licenses have been sold resulting in $114,330 in revenue. For the same period in <br />2013, 3,876 licenses were sold resulting in $116,920 in revenue. <br /> <br />Enterprise Funds: <br />The City’s seven enterprise funds account for operations with revenues primarily provided from user fees, <br />charges or contracts for services. <br /> <br />At the end of the third quarter, the Water fund’s net operating income increased to $1,289,500 and <br />compares to income of $517,000 the previous year. The Sewer fund ended the quarter with $98,900 net <br />operating income compared to an operating loss of $497,800 the previous year; the Sewer-Metro Utility <br />ended the quarter with operating income of $94,900 compared to operating income of $61,900 the <br />previous year; and the Stormwater Utility ended the quarter with operating income of $1,098,900 and <br />compares to operating income of $813,500 the previous year. <br />1