HomeMy WebLinkAboutJuly 2011
AGENDA BILL APPROVAL FORM
Agenda Subject: July 2011 Financial Report
Date: 09/19/2011
Department: Finance
Attachments: July Monthly 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
financial affairs throughout the City 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 July 2011 status report highlights City revenues and expenditures and is based on financial data
available as of August 31, 2011. Sales tax reported in July is for business activities that occurred in May
2011.
General Fund:
The general fund accounts for all of the City’s financial resources except those required by statute or to
be accounted for in another fund. The General Fund is the City’s largest fund and is used to account for
the majority of City services.
As of the end of July, General Fund revenue collections totaled $30.6 million, and compares to year-to-
date budget of $29.0 million and were sufficient to meet expenses of $28.3 million. Total General Fund
revenues for the City at the end of July are $1.6 million higher than budget due to relatively stronger than
anticipated collections in property and sales taxes, electric utility taxes and building permit fees.
The City’s sales taxes totaled $8.6 million and are 3.7% higher than last year. Improvement in retail
activity was noted in all areas with the exception of services which remain weak. However, consumer
concerns over national debt and continued high unemployment have slowed the pace of the economic
recovery.
Expenditures for the General Fund were $3.6 million below budget at the end of July. This is primarily
due to the timing of payments for SCORE, debt service payments and under expenditures in professional
services.
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 July the Water fund revenues are lower than average due to the loss of Covington as a
wholesale customer and a general decline in water sales. Sewer revenues are low compared to
expenses due to a one time adjustment in April to correct prior years’ consumption reads and timing of
payments to Metro for sewer services. Stormwater revenues are on target and are sufficient to meet
expenses.
Golf Course revenues for June and July improved compared to the same periods 2010, reflecting
favorable weather conditions. While this is an improvement, revenues in total remain below year-to-date
2010 levels and 2011 budgeted levels with the fund reporting a continued net operating loss as of July.
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Agenda Subject: July 2011 Financial Report
Date: 9/19/2011
Cemetery program revenues were higher than the same period last year but were not sufficient to erase a
year-to-date operating loss. Revenues for the Cemetery fund will be monitored closely to determine of
the year-to-date losses can be reversed by the end of the year.
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 July, revenue from charges assessed to internal client departments was sufficient to
meet expenses. Year to date expenses for the insurance fund included payment of the annual insurance
premium and will be offset by allocations to various departments that will occur throughout the remainder
of the year.
Investment Portfolio:
The City’s total cash and investments at the end of July was $109.3 million and compares to $110.7
million in June. The decrease was to cover current operations and capital expenses.
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: September 19, 2011 Item Number:
2
Monthly Financial Report July 2011
Overview
This financial overview reflects the City’s overall financial position for the fiscal year through July
31, 2011. The report represents financial data available as of August 31, 2011. 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. The table on this page summarizes the
General Fund revenues and expenditures.
At the end of July, General Fund revenues totaled $30.6 million and is slightly lower compared
to the same period of 2010. General Fund revenue highlights include:
- Property taxes totaled $6.6 million and reflect the first half 2011 property tax payments
and are almost equal to the level collected for the same period last year.
- Sales taxes totaled $8.6 million, are slightly higher compared to collections as of July
2010. Review of sales tax activity by sector show improvements in all sectors with the
exception of services, which is below the same period last year due to a one-time sales tax
adjustment in 2010.
- Developmental service fees, culture and recreational charges for services and fines and
penalties, primarily from photo enforcement showed declines over the previous year.
General Fund expenses at the end of July totaled $28.3 million compared to $28.9 million for
same period 2010. When compared to budget, General Fund expenses were 11.2% below
expectations. Highlights include:
- Timing of intergovernmental payments for SCORE accounted for the majority of the
variance against budget. Currently there is over $379K in expenses for June and $154K
for May that will be posted in August. It is anticipated this line item will be in line with
budget by the 3rd quarter as timing of payments are addressed.
- Police expenditures are low compared to budget due to lower than anticipated photo
enforcement billings; and is currently $143K below year to date budget.
- Streets expenditures were below budget due to pavement marking maintenance expense
that is typically spent later in the year.
- Non departmental was below budget primarily due to unspent budget for retirement
benefits, debt service payments, SCORE start up transition costs and transfers out that are
anticipated to occur in later periods.
Revenues
The combined total of property tax, sales/use tax, utility tax, gambling, and admissions tax
provide 79% 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 July is $6.6 million, reflecting the majority of the first half
2011 property tax payments, and is slightly higher than targeted revenues. 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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Monthly Financial Report July 2011
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Property Taxes
2011 budget
2011 actual to date
2010 actual
Sales Tax
Year to date sales tax revenue totaled $8.6 million, including Streamlined Sales Tax Mitigation of
$995,195 received for through the 2nd quarter plus $163,789 allocation for July and compares to
a year-to-date budget of $8.2 million. 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 continued improvement in nearly all sectors of
the local economy. While initial sales tax returns have improved and reflect the economic
conditions from the first half the year, concerns over unemployment continue to dampen overall
consumer sentiment and the pace of the economic recovery in the short term.
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Sales & Use Tax
2011 budget
2011 actual to date
2010 actual
*Includes Sales Tax Mitigation prorated monthly.
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Monthly Financial Report July 2011
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.
20102011
Component GroupActualActualAmountPercentage
New Construction 682,321 686,714 4,393 0.6%
Manufacturing 216,859 367,965 151,106 69.7%
Transportation & Warehousing17,050 56,947 39,897 234.0%
Wholesale Trade 645,572 737,804 92,232 14.3%
Automotive 1,430,472 1,596,932 166,460 11.6%
Retail Trade 2,068,644 2,229,739 161,095 7.8%
Services 2,016,549 1,617,135 (399,414) -19.8%
Miscellaneous 88,486 156,526 68,040 76.9%
YTD Total 7,165,953 7,449,762 283,809 4.0%
Change from 2010
Year to Date through July
Comparison of Sales Tax Collections by SIC Group
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, Telephone and Solid Waste). Total year to date
utility tax revenue is in line with expectations, totaling $6 million or 3.8% more than 2010, due
primarily to higher revenues from the electric and telephone utility taxes which have offset lower
than anticipated revenues from City inter-fund, natural gas and solid waste utility taxes.
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Utility Tax
2011 budget
2011 actual to date
2010 actual
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Monthly Financial Report July 2011
The following table presents utility tax collections by source:
201020112011
Month ActualBudgetActualAmountPercentageAmountPercentage
City Interfund Utility Taxes1,369,389 1,490,500 1,375,936 6,547 0.5%(114,564) -7.7%
Electric 2,305,154 2,210,600 2,412,727 107,573 4.7%202,127 9.1%
Natural Gas 867,960 1,133,210 998,853 130,893 15.1%(134,357) -11.9%
Telephone 1,201,679 1,078,600 1,174,665 (27,014) -2.2%96,065 8.9%
Solid Waste 80,870 81,600 81,497 627 0.8%(103) -0.1%
YTD Total 5,825,052 5,994,510 6,043,678 218,625 3.8%49,168 0.8%
Annual Total 8,591,258 8,766,110
Year to Date through July
Utilty Tax by Type
2011 vs. 2010 2011 vs. Budget
Cable TV Franchise Fees are received quarterly and are shown on the table below. Year to date
revenues total $604,357 and are 3.7% greater than 2010 for the same period and 17.1% greater
than the 2011 year to date budget of $516,100.
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Cable TV Franchise Fee
2011 budget
2011 actual to date
2010 actual
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 July, the City has collected 92.8% 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.
Total building permit revenues at the end of July were $691,929; this was $279.1K or 67.6%
more than the 2011 budgeted year to date revenues. The increase in July is primarily due to
permits related to multi-family construction and commercial alterations.
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Monthly Financial Report July 2011
201020112011
MonthActualBudgetActualAmountPercentageAmountPercentage
Jan 88,175 59,900 78,928 (9,246) -10.5%19,028 31.8%
Feb 49,731 38,300 53,862 4,131 8.3%15,562 40.6%
Mar 43,796 37,500 40,897 (2,899) -6.6%3,397 9.1%
Apr 44,422 56,800 84,239 39,817 89.6%27,439 48.3%
May 96,244 61,500 104,495 8,252 8.6%42,995 69.9%
Jun 74,701 94,500 151,177 76,476 102.4%56,677 60.0%
Jul 72,745 64,300 178,330 105,585 145.1%114,030 177.3%
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 Total469,813 412,800 691,929 222,116 47.3%279,129 67.6%
Annual Total769,678 700,000
Year to Date through July
Building Permits
2011 vs. 20102011 vs. Budget
Business License revenues at the end of July were $18.5K more than 2010 and $21.7K or 23.9%
more than the 2011 year to date budget. 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.
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Business License
2011 budget
2011 actual to date
2010 actual
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Monthly Financial Report July 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 July
intergovernmental revenues were 4.8% more than 2010 and 11.1% more than budget mainly
due to the timing of grant reimbursements and the MIT compact revenue.
201020112011
Revenue ActualBudgetActual% Change% Change
Federal Grants 328,340 323,000 296,183 -9.8%-8.3%
State Grants 79,925 7,500 64,809 -18.9%764.1%
Interlocal Grants 101,705 26,200 3,151 -96.9%-88.0%
State Shared Revenue 1,542,887 1,575,305 1,611,504 4.4%2.3%
Muckleshoot Casino Emerg.368,231 351,100 549,012 49.1%56.4%
Intergovernmental Service - - 11,880 N/A N/A
YTD Total 2,421,087 2,283,105 2,536,539 4.8%11.1%
Annual Total 4,089,803 4,069,745
YTD %59%56%62%
Year to Date through July
Intergovernmental
2011 vs. 20102011 vs. Budget
Total state shared revenues are $68.6K 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 July, total state shared revenues are in line with the
budget, exceeding budgeted projections by 2.3%.
201020112011
Revenue ActualBudgetActualAmountPercentageAmountPercentage
Trial Court Improvements11,360 14,100 11,234 (126) -1.1%(2,866) -20.33%
Court Interpreter Program - 3,300 6,643 6,643 N/A3,343 101.30%
Motor Vehicle Fuel Tax821,033 819,300 830,868 9,835 1.2%11,568 1.4%
Criminal Justice -High Crime37,276 111,575 110,880 73,603 197.5%(695) -0.62%
Criminal Justice -Population37,878 12,300 11,595 (26,284) -69.4%(705) -5.7%
Criminal Justice -Spec. Prog.42,497 41,200 43,777 1,280 3.0%2,577 6.3%
State DUI 9,409 3,000 11,338 1,929 20.5%8,338 277.9%
Fire Insurance Premium Tax63,545 65,000 66,116 2,572 4.0%1,116 1.72%
Liquor Excise Tax 244,986 252,300 249,869 4,882 2.0%(2,431) -1.0%
Liquor Profits 274,901 253,230 269,184 (5,716) -2.1%15,954 6.30%
YTD Total 1,542,887 1,575,305 1,611,504 68,617 4.4%36,199 2.3%
Annual Total2,594,749 2,624,945
Year to Date through July
State Shared Revenues
2011 vs. 20102011 vs. Budget
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Monthly Financial Report July 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 84% of the $1.78 million annual budget for this category and are presented
following the Charges for Service table below. At the end of July, revenue from charges for
services totaled $1.0 million and was 9.0% below budget due to lower than anticipated revenues
from development services and culture & recreation programs.
General government services include passport services, administrative fees, court duplicating costs
and sale of maps & publications. This income category is low compared to 2010 primarily due to
a decrease in court related administrative fees and passport services revenue.
Public Safety consists of law enforcement services, probation and prisoner lodging fees; overall
this revenue source is $10.9K or 8.0% more than budget at the end of July due to increased
receipts from probation fees.
201020112011
Revenue ActualBudgetActualAmountPercentageAmountPercentage
General Government 60,262 40,800 48,629 (11,633) -19.30%7,829 19.19%
Public Safety 143,477 135,500 146,366 2,889 2.0%10,866 8.0%
Development Services304,845 334,600 284,470 (20,375) -6.7%(50,130) -15.0%
Culture & Recreation 596,482 606,700 537,906 (58,576) -9.8%(68,794) -11.3%
YTD Total 1,105,066 1,117,600 1,017,371 (87,694) -7.9%(100,229) -9.0%
Annual Total1,861,204 1,785,100
Year to Date through July
Charges for Services by Type
2011 vs. 20102011 vs. Budget
Development services include engineering fees, zoning & subdivision fees and plan check fees. At
the end of July, revenues totaled $284.5K and are 6.7% less than the same period in 2010.
Total development service revenue is less than the budget for the year by $50.1K or 15.0%
primarily due to lower than anticipated engineering and zoning & subdivision fees.
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Development Service Fees
2011 budget
2011 actual to date
2010 actual
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Monthly Financial Report July 2011
Culture & Recreation revenues consist of theater ticket sales, recreational classes, arts commission
and senior citizen program fees. Total revenue at the end of July shows a decrease of $58.6K
from 2010 and $68.8K less than 2011 annual budget primarily due to lower recreational class
revenue from adult health & fitness classes, adult softball program, youth camp and sports
programs.
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Culture & Recreation
2011 budget
2011 actual to date
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Fines & Penalties
This revenue category includes traffic and parking infraction penalties, criminal (traffic, non traffic
and costs) and false alarm fines. Year to date, this revenue source totaled $1.3M or $103.5K or
7.4% lower than the projected budget, due primarily to lower photo enforcement revenues.
Revenue from the City’s photo enforcement program makes up nearly half of total revenues
from this category.
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Fines & Penalties
2011 budget
2011 actual to date
2010 actual
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Monthly Financial Report July 2011
201020112011
Month ActualBudgetActualAmountPercentageAmountPercentage
Civil Penalties 14,231 9,000 11,698 (2,533) -17.8%2,698 30.0%
Civil Infraction Penalties 472,075 342,000 409,753 (62,322) -13.2%67,753 19.8%
Red Light Photo Enforcement816,305 779,100 593,511 (222,794) -27.3%(185,589) -23.8%
Parking Infractions 113,022 98,200 105,807 (7,215) -6.4%7,607 7.7%
Criminal Traffic Misdemeanor60,188 67,600 49,943 (10,245) -17.0%(17,657) -26.1%
Criminal Non-Traffic Fines72,008 59,500 53,932 (18,076) -25.1%(5,568) -9.4%
Criminal Costs 7,120 7,500 8,612 1,492 21.0%1,112 14.8%
Non-Court Fines & Penalties49,906 27,100 53,275 3,368 6.7%26,175 96.6%
YTD Total 1,604,854 1,390,000 1,286,530 (318,324) -19.8%(103,470) -7.4%
Annual Total 2,472,411 2,208,500
Year to Date through July
Fines & Forfeits by Type
2011 vs. 20102011 vs. Budget
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Photo Enforcement
2011 budget
2011 actual to date
2010 actual
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 $491,880 and interest & investment and rentals & leases make up 86% of the
annual budget. Decreased interest revenue reflects impact of timing of investment activity and
the low interest rates; the Local Government Investment Pool interest has decreased from 0.28%
in January 2010 to 0.16% in July 2011.
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Monthly Financial Report July 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 year to date 2010 receipts are higher than 2011 for the same period
because of a $95.7K reimbursement from the Crisis Clinic in March 2010.
201020112011
Month ActualBudgetActualAmountPercentageAmountPercentage
Interest & Investments 87,484 72,700 47,768 (39,716) -45.4%(24,932) -34.3%
Rents & Leases 210,919 206,300 253,993 43,075 20.4%47,693 23.1%
Contributions & Donations38,441 9,600 31,841 (6,600) -17.2%22,241 231.7%
Other Miscellaneous Revenue142,758 37,700 46,655 (96,103) -67.3%8,955 23.8%
YTD Total 479,601 326,300 380,257 (99,344) -20.7%53,957 16.5%
Annual Total 899,378 491,900
Miscellaneous Revenues by Type
Year to Date through July
2011 vs. 20102011 vs. Budget
Real Estate Excise Tax
The Real Estate Excise Tax (REET) revenue is received into the Capital Improvement Projects
Fund and is used for governmental capital projects. Total revenue at the end of July is $961.7K
or 29.7% more than 2010 and $320.2K or 49.9% more than budget. The sharp increase in
REET revenue in July is primarily due to several multi-family and a commercial property
transactions.
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2011 budget
2011 actual to date
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Monthly Financial Report July 2011
Enterprise Funds
The following table provides an analysis of all City Enterprise funds and shows the year to date
revenues and expenditures for each enterprise fund.
WaterSewer StormSolid WasteAirportCemeteryGolf
OPERATING REVENUES
Charges for services 4,590,167 9,397,698 3,970,503 5,325,543 15,365 449,725 670,175
Rents, Leases, Concessions & Other - - - - 365,707 815 149,216
TOTAL OPERATING REVENUES 4,590,167 9,397,698 3,970,503 5,325,543 381,072 450,540 819,391
OPERATING EXPENSES:
Administration 1,375,925 1,120,707 1,571,480 444,369 331,775 163,783 137,364
Operations & Maintenance 2,256,491 8,979,628 1,474,550 4,586,799 93 403,689 666,537
Depreciation & Amortization 1,216,715 943,843 753,095 10,978 235,141 33,962 189,648
TOTAL OPERATING EXPENSES 4,849,131 11,044,177 3,799,126 5,042,146 567,009 601,433 993,549
OPERATING INCOME (LOSS)(258,964) (1,646,479) 171,378 283,397 (185,937) (150,893) (174,158)
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 30,109 32,315 43,501 450 1,493 99 387
Other Non Operating Revenue 98,599 67,422 31,460 40,240 92,793 30 -
Other Non Operating Expense (324,589) (152,781) (109,434) - (27,238) (11,134) (94,139)
TOTAL NON-OPERATING REVENUES (EXPENSES)(195,881) (53,045) (34,473) 40,690 67,048 (11,005) (93,752)
(454,844) (1,699,524) 136,904 324,087 (118,889) (161,898) (267,910)
Contributions 186,672 160,744 372,394 - - - -
Transfers In 31,300 429,496
Transfers Out (50,000) (50,000) (96,000) - - - -
TOTAL CONTRIBUTIONS & TRANSFERS 136,672 110,744 276,394 - - 31,300 429,496
CHANGE IN FUND BALANCE (318,172) (1,588,780) 413,298 324,087 (118,889) (130,598) 161,586
BEGINNING FUND BALANCE, January 1, 201159,674,990 67,629,064 40,956,334 923,810 9,705,318 865,780 5,210,529
ENDING FUND BALANCE, July 31, 2011 59,356,818 66,040,284 41,369,632 1,247,897 9,586,429 735,182 5,372,115
INCOME (LOSS) BEFORE CONTRIBUTIONS &
TRANSFERS
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Monthly Financial Report July 2011
The following table presents the Enterprise funds working capital statements. Working capital is
generally defined as the difference between current assets and current liabilities.
WaterSewer StormSolid WasteAirportCemeteryGolf
OPERATING REVENUES
Charges for services 4,590,167 9,397,698 3,970,503 5,325,543 15,365 449,725 670,175
Rents, Leases, Concessions & Other - - - - 365,707 815 149,216
TOTAL OPERATING REVENUES 4,590,167 9,397,698 3,970,503 5,325,543 381,072 450,540 819,391
OPERATING EXPENSES:
Salaries & Wages 1,179,375 810,196 1,038,966 241,281 11,089 273,609 320,238
Benefits 474,638 328,986 426,819 96,038 2,863 117,989 143,025
Supplies 118,385 31,733 35,131 31,014 - 105,232 150,425
Other Service Charges 1,246,279 1,019,795 756,669 4,412,898 317,916 30,209 87,194
Intergovernmental Services - 7,449,076 9,954 140,857 - - -
Interfund Operating Rentals/Supplies 613,738 460,549 778,491 109,081 - 40,432 103,019
Depreciation & Amortization 1,216,715 943,843 753,095 10,978 235,141 33,962 189,648
TOTAL OPERATING EXPENSES 4,849,131 11,044,177 3,799,126 5,042,146 567,009 601,433 993,549
OPERATING INCOME (LOSS)(258,964) (1,646,479) 171,378 283,397 (185,937) (150,893) (174,158)
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 30,109 32,315 43,501 450 1,493 99 387
Other Non Operating Revenue 98,599 67,422 31,460 40,240 550 30 -
Other Non Operating Expense (324,589) (152,781) (109,434) - (27,238) (11,134) (94,139)
TOTAL NON-OPERATING REVENUES (EXPENSES)(195,881) (53,045) (34,473) 40,690 (25,195) (11,005) (93,752)
Plus Items Not Effecting Working Capital
Depreciation 1,216,715 943,843 753,095 10,978 235,141 33,962 189,648
761,870 (755,681) 890,000 335,065 24,009 (127,936) (78,262)
Increase in Contributions -System Development186,672 148,788 362,749 - - - -
Increase in Contributions -Area Assessments - 11,956 9,644 - - - -
Increase in Contributions -FAA - - - - 92,243
Operating Transfers In - - - - - 31,300 429,496
Increase in Restricted Net Assets 10,112 6,766 - - 827 -
Decrease in Long term Receivables - 45,000 - - - - -
Increase in Deferred Credits - - - - 6,802 - -
TOTAL RESOURCES OTHER THAN OPERATIONS196,784 212,510 372,394 - 99,872 31,300 429,496
Net Change in Restricted Net Assets 49,411 532 12,015 - 827 - (18,367)
Increase in Fixed Assets - Salaries 124,688 53,838 62,939 - - - -
Increase in Fixed Assets - Benefits 46,428 19,086 25,856 - - - -
Increase in Fixed Assets - Site Improvements 63,475 - - - - - -
Increase in Fixed Assets - Equipment 24,980 - - - - 9,487 -
Increase in Fixed Assets - Construction 2,287,405 875,294 397,901 - 89,354 54,916 -
Operating Transfers Out 50,000 50,000 96,000 - - - -
Debt Service Principal 435,568 288,262 - - - - -
TOTAL USES OTHER THAN OPERATIONS 3,081,955 1,287,011 594,711 - 90,181 64,403 (18,367)
NET CHANGE IN WORKING CAPITAL (2,123,301) (1,830,183) 667,682 335,065 33,700 (161,039) 369,601
BEGINNING WORING CAPITAL, January 1, 201121,606,067 16,021,979 9,795,538 775,690 969,009 124,129 3,752
ENDING WORKING CAPITAL, July 31, 2011 19,482,766 14,191,796 10,463,220 1,110,755 1,002,709 (36,910) 373,353
NET CHANGE IN WORKING CAPITAL (2,123,301) (1,830,183) 667,682 335,065 33,700 (161,039) 369,601
NET WORKING CAPITAL FROM OPERATIONS
14
Monthly Financial Report July 2011
The Water utility incurred an operating loss at the end of July, reflecting a decline in water sales.
Water sales totaled $4.6 million compared to $5.0 million for the same period last year. This
decline is due to the loss of Covington as a wholesale water customer and a general decrease in
water usage among other City customer classes during the first half of the year. Water usage for
irrigation customers increased, reflecting warmer weather and greater outdoor water needs.
As shown in the following chart, water sales and consumption in 2011 is trending below prior
year levels.1 Despite rates increase of 7% effective January 1, 2011, the decline in water
consumption more than offset the increase in rates. While water sales are expected to continue
to increase as the weather warms, overall sales for 2011 will likely remain below 2010 levels for
the remainder of the year. Finance plans to prepare a study of the Water utility and rate revenue
sufficiency later this year.
‐
200,000
400,000
600,000
800,000
1,000,000
1,200,000
Water Revenues ($) vs Water Sold (ccf)
2010 ‐Present
2010 Water Sales ($)
2011 Water Sales ($)
2010 Water Sold (ccf)
2011 Water Sold (ccf)
The Sewer fund operating loss at the end of July is primarily due to increased expenses related to
the Metro sewer treatment services. Year to date Metro billings for 2011 totaled $7.4M and
compares to $6.5M for the same period 2010. 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 3rd quarter 2011 when the effects of the timing of these
adjustments are worked through the Metro billing cycle.
Solid Waste operating expenses are low due to timing of invoices form Waste Management. July
billing of $639,967 was posted in August.
Golf Course operating revenues totaled $819.4K at the end of July 2011 and compares to
$867.5K for the same period 2010 and a 2011 budget of $1.03 million, due to a decline in the
1 May 2010 water sales and consumption reflect a one-time adjustment for Boeing while the change in water sales and consumption
between April 2011 and May 2011 reflect a one-time adjustment for the Auburn School District. First quarter 2011 and May 2011
water sales have been adjusted to reflect wholesale water back bills for January, February and March 2011.
15
Monthly Financial Report July 2011
level of golfing activity during the first half of the year. Although recent weather conditions have
improved and resulted in 8,058 rounds played in 2011 (vs. 7,767 in 2010), year-to-date rounds
played are currently running about 8% below 2010 levels (27,545 rounds played in 2011 vs.
29,914 rounds in 2010). While increasing revenues are anticipated to continue through August,
operating losses at the Golf Course are expected to continue for the remainder of 2011.
$0
$50
$100
$150
$200
$250
$300
$350
JanFebMarAprMayJunJulAugSepOctNovDec
Th
o
u
s
a
n
d
s
Golf Course Operating Revenues by Month
(2011 vs 2010)
2010 Monthly Budget
2011 Actual
2010 Actual
Cemetery operating revenues totaled $450K at the end of July and compares to $413K for the
same period last year. While 2011 collections are up over last year, the Cemetery ended July
with a year-to-date operating loss. Close monitoring of this program is warranted to determine
whether the year-to-date deficiency will be recovered over the remainder of the year.
$0
$20
$40
$60
$80
$100
$120
JanFebMarAprMayJunJulAugSepOctNovDec
Th
o
u
s
a
n
d
s
Cemetery Operating Revenues by Month
(2011 vs 2010)
2010 Monthly Budget
2011 Actual
2010 Actual
16
Monthly Financial Report July 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 - 2,265,256 2,426,333 372,327
Rents, Leases, Concessions & Other - 64,976 23,935 1,290,849
TOTAL OPERATING REVENUES - 2,330,232 2,450,268 1,663,176
OPERATING EXPENSES:
Administration 538,098 - 143,850 398,577
Operations & Maintenance - 1,140,353 2,074,207 729,849
Depreciation & Amortization - - 268,935 504,616
TOTAL OPERATING EXPENSES 538,098 1,140,353 2,486,992 1,633,042
OPERATING INCOME (LOSS)(538,098) 1,189,879 (36,724) 30,135
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 2,028 1,632 5,242 6,718
Other Non Operating Revenue - 32,439 - 39,144
Other Non Operating Expense - - - -
TOTAL NON-OPERATING REVENUES (EXPENSES)2,028 34,071 5,242 45,862
INCOME (LOSS) BEFORE CONTRIBUTIONS & TRANSFERS(536,070) 1,223,950 (31,482) 75,996
Contributions - - -
Transfers In
Transfers Out - (437,500) (7,000)
TOTAL CONTRIBUTIONS & TRANSFERS - (437,500) - (7,000)
CHANGE IN FUND BALANCE (536,070) 786,450 (31,482) 68,996
BEGINNING FUND BALANCE, January 1, 2011 2,366,832 661,686 4,918,922 10,611,968
ENDING FUND BALANCE, July 31, 2011 1,830,762 1,448,136 4,887,440 10,680,964
17
Monthly Financial Report July 2011
The working capital statements for the Internal Service funds are presented on the table below.
InformationEquipment
InsuranceFacilities ServicesRental
OPERATING REVENUES:
Interfund Charges for services - 2,265,256 2,426,333 372,327
Rents, Leases, Concessions & Other - 64,976 23,935 1,290,849
TOTAL OPERATING REVENUES - 2,330,232 2,450,268 1,663,176
OPERATING EXPENSES:
Salaries & Wages - 379,372 725,992 201,414
Benefits 92,926 151,827 252,574 79,269
Supplies - 49,843 89,133 481,331
Other Service Charges 445,172 506,581 963,808 229,985
Interfund Operating Rentals/Supplies - 52,731 186,550 136,428
Depreciation & Amortization - - 268,935 504,616
TOTAL OPERATING EXPENSES 538,098 1,140,353 2,486,992 1,633,042
OPERATING INCOME (LOSS)(538,098) 1,189,879 (36,724) 30,135
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 2,028 1,632 5,242 6,718
Other Non Operating Revenue - 22,023 - 39,144
Other Non Operating Expense - - - -
TOTAL NON-OPERATING REVENUES (EXPENSES)2,028 23,655 5,242 45,862
Plus Items Not Effecting Working Capital
Depreciation - - 268,935 504,616
(536,070) 1,213,534 237,453 580,612
Increase in Contributions -Other Government - 10,417 - -
Transfers In - - -
TOTAL RESOURCES OTHER THAN OPERATIONS - 10,417 - -
Net Change in Restricted Net Assets - 1,200 - (4,002)
Increase in Fixed Assets - Equipment - - 82,555 57,736
Increase in Fixed Assets - Construction - - 46,062 5,072
Operating Transfers Out - 437,500 - 7,000
TOTAL USES OTHER THAN OPERATIONS - 438,700 128,617 65,805
NET CHANGE IN WORKING CAPITAL (536,070) 785,250 108,837 514,807
BEGINNING WORING CAPITAL, January 1, 2011 2,366,832 714,944 3,949,793 5,826,195
ENDING WORKING CAPITAL, July 31, 2011 1,830,763 1,500,195 4,058,630 6,341,002
NET CHANGE IN WORKING CAPITAL (536,070) 785,250 108,837 514,807
NET WORKING CAPITAL FROM OPERATIONS
The Insurance Fund expenses include $443,118 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.
The Facilities Fund revenues of $2,330,232 cover expenses totaling 1,577,853 that include
$437,500 in transfers out for debt service related to the annex building. Expenses are low
compared to budget due to professional services, utilities and repairs and maintenance that are
anticipated to be spent later in the year.
Equipment rental fund balance of $10,680,964 includes $4.4 M in fixed assets net of depreciation
which primarily consists of the City’s fleet vehicles.
18
Monthly Financial Report July 2011
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
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32
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32
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s
234,807
128,415 137,705 7.2%
32
4
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3,586,970
$
2,068,644$ 2,229,739$ 7.8%
32
5
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32
6
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32
7
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19
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10 Total10 YTD11 YTDYTD
33
2
F
a
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978,115
702,235 235,278 -66.5%
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68,357
37,416 40,283 7.7%
33
5
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288,013
164,973 165,414 0.3%
33
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188,696
109,874 107,899 -1.8%
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33
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TO
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$
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42
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file:Monthly Sales Tax Report.xls
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20
Investment PurchasePurchaseMaturityYield to
Type Date Price DateMaturity
State Investment PoolVarious 92,038,412$ Various 0.16%
KeyBank Money MarketVarious 8,238,872Various 0.10%
US Treasury 05/04/1990 57,75005/15/20165.72%
FHLB 2/2/20091,000,0008/2/20111.840%
FHLB 3/28/20112,000,0003/28/20141.300%
FHLB 6/13/20112,000,0006/13/20141.150%
FHLMC 5/27/20112,000,0002/28/20141.250%
FFCB 6/6/20112,000,0006/6/20141.180%
Total Cash & Investments 109,335,034$ 0.226%
Investment Mix% of Total
State Investment Pool 84.2%Current 6-month treasury rate0.08%
KeyBank Money Market 7.5%Current State Pool rate0.16%
US Treasury 0.1%KeyBank Money Market0.10%
FHLB 4.6%Blended Auburn rate0.23%
FHLMC 1.8%
FFCB 1.8%
100.0%
City of Auburn
Investment Portfolio Summary
As of July 31, 2011
Summary
21