HomeMy WebLinkAboutFeb 2011
AGENDA BILL APPROVAL FORM
Agenda Subject: February 2011 Financial Report
Date: 04/18/2011
Department: Finance
Attachments: February Monthly
Report
Budget Impact: 0
Administrative Recommendation:
Background Summary:
The February 2011 status report highlights City revenues and expenditures and is based on
financial data available as of March 28, 2011. Sales tax reported in February is for business
activities that occurred in December 2010.
Total General Fund revenues for the City at the end of February including an adjustment of
$327,578 for anticipated Streamlined Sales Tax Mitigation were $7,319,768 which is 14.7% of
the annual budgeted revenues. Compared to budgeted year-to-date revenues, total General
Fund revenue is $434.2K more primarily due to higher than anticipated receipts from sales tax,
intergovernmental revenues, electric utility taxes and rental revenue.
Expenditures for the General Fund totaled $6,861,069 which is $1,463.8K (17.6%) under the
projected year to date budget at the end of February. This is primarily due to professional
services, utilities, debt service and intergovernmental payments for SCORE that are anticipated
to be paid in later periods.
Reviewed by Council & Committees: Reviewed by Departments & Divisions:
Arts Commission COUNCIL COMMITTEES: Building M&O
Airport Finance Cemetery Mayor
Hearing Examiner Municipal Serv. Finance Parks
Human Services Planning & CD Fire Planning
Park Board Public Works Legal Police
Planning Comm. Other Public Works Human Resources
Information Services
Action:
Committee Approval: Yes No
Council Approval: Yes No Call for Public Hearing ___/___/____
Referred to _________________________________ Until ____/___/____
Tabled ______________________________________ Until ___/___/____
Councilmember: Backus Staff: Coleman
Meeting Date: April 18, 2011 Item Number:
Page 1
Monthly Financial Report February 2011
General Fund 2010
Summary of Sources and Uses
Annual Budget YTD Budget YTD Actual YTD Actual Amount Percentage
OPERATING REVENUES
Property Tax 12,022,340 159,700 198,113 159,011 38,413 24.1%
Sales Tax (1)14,295,000 2,486,600 2,617,758 2,432,126 131,158 5.3%
Sales Tax - Annexation Credit 1,356,600 234,400 259,369 246,728 24,969 10.7%
Criminal Justice Sales Tax 1,177,600 218,600 233,300 227,350 14,700 6.7%
Brokered Natural Gas Tax 260,000 57,500 69,748 56,124 12,248 21.3%
City Utilities Tax 2,522,800 416,900 388,246 380,203 (28,654) -6.9%
Admissions Tax 350,000 79,100 60,369 71,507 (18,731) -23.7%
Electric Tax 2,850,000 702,000 789,549 746,132 87,549 12.5%
Natural Gas Tax 1,270,410 296,300 268,472 255,003 (27,828) -9.4%
Cable TV Franchise Fee 689,800 172,400 204,994 193,004 32,594 18.9%
Cable TV Franchise Fee - Capital 75,000 18,600 15,993 - (2,607) -14.0%
Telephone Tax 1,972,900 337,800 375,567 337,190 37,767 11.2%
Garbage Tax (external)150,000 23,300 31,697 23,719 8,397 36.0%
Leasehold Excise Tax 45,000 15,800 12,346 9,611 (3,454) -21.9%
Gambling Excise Tax 326,500 57,000 58,900 112,734 1,900 3.3%
Business License Fees 200,000 65,100 74,289 8,292 9,189 14.1%
Building Permits 700,000 98,200 132,791 137,906 34,591 35.2%
Other Licenses & Permits 229,000 36,400 35,807 63,032 (593) -1.6%
Intergovernmental (Grants, etc)3,841,685 622,580 726,559 735,143 103,979 16.7%
Charges for Services:
General Government Services 64,600 11,500 13,019 15,720 1,519 13.2%
Public Safety 210,000 38,100 42,781 39,792 4,681 12.3%
Development Services Fees 627,000 101,900 60,195 93,433 (41,705) -40.9%
Culture and Recreation 877,500 128,300 100,548 123,876 (27,752) -21.6%
Fines and Forfeits 2,208,500 387,000 360,998 459,970 (26,002) -6.7%
Interests and Other Earnings 110,000 26,200 12,222 25,471 (13,978) -53.4%
Rents, Leases and Concessions 315,000 48,500 103,952 46,750 55,452 114.3%
Contributions and Donations 12,000 2,000 3,462 6,538 1,462 73.1%
Other Miscellaneous 46,200 7,200 9,283 25,576 2,083 28.9%
Transfers In 1,079,468 32,400 32,439 17,000 39 0.1%
Insurance Recoveries- Capital & Operating 25,000 4,200 27,003 24,231 22,803 542.9%
Total Operating Revenues 49,909,903 6,885,580 7,319,768 7,073,172 434,188 6.3%
Operating Expenditures
Council & Mayor 851,470 148,070 120,357 104,965 27,713 18.7%
Municipal Court & Probation 3,216,460 482,060 442,594 388,717 39,466 8.2%
Human Resources 815,360 131,360 117,923 110,411 13,437 10.2%
Finance 1,159,740 184,240 171,059 162,702 13,181 7.2%
City Attorney 1,659,560 273,560 241,341 244,477 32,219 11.8%
Planning 3,721,770 653,070 582,876 555,457 70,194 10.7%
Community & Human Services 1,092,980 165,180 158,348 162,231 6,832 4.1%
Jail - SCORE 6,087,470 851,800 - - 851,800 100.0%
Police 19,668,600 3,001,700 2,887,107 3,170,734 114,593 3.8%
Engineering 2,415,200 403,200 354,015 392,269 49,185 12.2%
Parks and Recreation 7,353,440 1,100,000 1,009,501 966,988 90,499 8.2%
Streets 3,183,130 503,600 446,605 374,795 56,995 11.3%
Non-Departmental 4,049,500 427,000 329,343 467,955 97,657 22.9%
Total Operating Expenditures 55,274,680 8,324,840 6,861,069 7,101,701 1,463,771 17.6%
2011 2011 YTD Budget vs. Actual
Favorable (Unfavorable)
(1) The anticipated Streamlined Sales Tax for 2011 is $1,965,470. The year to date actual sales tax amount is adjusted
to include $327,578 estimated SST Mitigation prorated for January & February.
Page 2
Monthly Financial Report February 2011
Overview
This financial overview reflects the City’s overall financial position for the fiscal year through
February 28, 2011. The report represents financial data available as of March 28, 2011. The
budgeted year to date revenues and operating expenditures are primarily based on the
collection/disbursement average for the same period of the prior two years. The table on the
previous page summarizes the General Fund revenues and expenditures.
At the end of February, General Fund revenues totaled $7.3 million and compares to $7.1
million for the same period 2010. The improvement in revenue performance is due primarily to
improved sales tax revenue collections. Sales taxes continue to show signs of improvement,
reflecting the general improvement in the local and national economies.
General Fund expenses at the end of January totaled $6.9 million and is comparable to the same
period 2010. When compared to budget, General Fund expenses were 17.6% below
expectations, reflecting the timing of intergovernmental payments for SCORE, debt service
payments and underexpenditures in professional services and utilities.
Revenues
Through the end of February, General Fund revenues totaled $7.3 million. The combined total
of property tax, sales/use tax, utility tax, gambling, and admissions tax represents 73.3% of all
resources supporting general governmental activities. The following section provides detail
information on property and sales taxes.
Property Tax
Year to date collection at the end of February is $198,113 and is on target with 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.
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecMillionsProperty Taxes
2011 budget
2011 actual to date
2010 actual
Page 3
Monthly Financial Report February 2011
Sales Tax
At the end of February, sales tax revenue including estimated Streamlined Sales Tax Mitigation of
$327,578 totaled $2,617,758 and is $185.6K or 7.6% more than 2010 and $131.2K greater than
the current YTD budget. Total estimated Streamlined Sales Tax Mitigation for 2011 is $1,965,470
but the actual amount the City will receive from the State is reduced by taxes received from
companies that have voluntarily complied with the new destination based sales tax.
Review of sales tax returns by SIC sector indicate continued improvement in nearly all sectors of
the local economy, reflecting the broader economic conditions of the region and nation. While
there is some strengthening of the general economy, short-term threats to the pace of the
recovery remain and include continued weakness in the labor market, rising energy prices, an
unstable geo-political climate in the north African and middle-eastern areas of the world, and the
unprecedented scale of damage as a result of the massive earthquake in northern Japan.
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecMillionsSales & Use Tax
2011 budget
2011 actual to date
2010 actual
*Includes Sales Tax Mitigation prorated monthly.
Page 4
Monthly Financial Report February 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.
2010 2011
Component Group Actual Actual Amount Percentage
New Construction 228,847 225,397 (3,450) -1.5%
Manufacturing 68,617 153,306 84,689 123.4%
Transportation & Warehousing 4,889 12,804 7,915 161.9%
Wholesale Trade 211,284 206,041 (5,243) -2.5%
Automotive 384,892 436,051 51,159 13.3%
Retail Trade 731,173 800,593 69,420 9.5%
Services 514,870 487,324 (27,546) -5.4%
Miscellaneous 6,370 12,300 5,930 93.1%
YTD Total 2,150,942 2,333,816 182,874 8.5%
Year to Date through February
Comparison of Sales Tax Collections by SIC Group
Change from 2010
Utility Tax
This revenue source consists of City inter-fund utility taxes (Water, Sewer, Storm and Solid Waste)
and external utility taxes (Electric, Natural gas, Telephone and Solid Waste). Year to date utility
tax revenue is in line with expectations and totaled $1,853,532 or $111.3K (6.4%) more than
2010, due primarily to the timing of transfers of 1% telephone utility tax dedicated to the Arterial
Street Preservation Fund. Overall, the 2011 actual revenues are greater by $77.2K or 4.3% more
than budgeted tax revenues. The main source of this increase is attributed to higher than
anticipated revenues from the electric and telephone utility taxes.
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
$10.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecMillionsUtility Tax
2011 budget
2011 actual to date
2010 actual
Page 5
Monthly Financial Report February 2011
The following table presents utility tax collections by source:
2010 2011 2011
Month Actual Budget Actual Amount Percentage Amount Percentage
City Interfund Utility Taxes 380,203 416,900 388,246 8,043 2.1% (28,654) -6.9%
Electric 746,132 702,000 789,549 43,417 5.8% 87,549 12.5%
Natural Gas 255,003 296,300 268,472 13,469 5.3% (27,828) -9.4%
Telephone 337,189 337,800 375,567 38,378 11.4% 37,767 11.2%
Solid Waste 23,720 23,300 31,697 7,977 33.6% 8,397 36.0%
YTD Total 1,742,248 1,776,300 1,853,532 111,284 6.4% 77,232 4.3%
Annual Total 8,591,258 8,766,110
Utilty Tax by Type
Year to Date through February
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 $204,994 and are $12K or 6.2% greater than 2010 for the same period and 32.6K
or 18.9% greater than the 2011 year to date budget.
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
1st Quarter 2nd Quarter 3rd Quarter 4th QuarterThousandsCable 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 February, the City has collected 21.5% 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 February were $132,791, $34.6K or 35.2% more
than budgeted year to date revenues in 2011.
Page 6
Monthly Financial Report February 2011
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecThousandsBuilding Permits
2011 budget
2011 actual to date
2010 actual
Business License revenues at the end of February were $66K more than 2010 and $9.2K or 14.1%
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.
$0
$50
$100
$150
$200
$250
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecThousandsBusiness License
2011 budget
2011 actual to date
2010 actual
Page 7
Monthly Financial Report February 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 February
intergovernmental revenues were 1.2% less than 2010 and 16.7% more than budget mainly due
to the timing of proceeds from the Muckleshoot compact. This revenue is negotiated yearly and
fluctuates according to the Tribe’s net profits from gaming activities. Timing of grant revenue
varies as they are processed on a reimbursement basis.
2010 2011 2011
Revenue Actual Budget Actual % Change % Change
Federal Grants 1,246 7,100 100 -92.0%-98.6%
Interlocal Grants 8,142 8,700 8,334 2.4%-4.2%
State Shared Revenue 357,524 377,680 371,600 3.9%-1.6%
Muckleshoot Casino Emerg. 368,231 229,100 335,525 -8.9%46.5%
Intergovernmental Service - - 11,000 N/A N/A
YTD Total 735,143 622,580 726,559 -1.2%16.7%
Annual Total 4,089,803 3,841,685
YTD %18%16% 19%
Intergovernmental
Year to Date through February
2011 vs. 2010 2011 vs. Budget
Total state shared revenues are $14.1K 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 February, total state shared revenues are in line with
the budget and are only $6.1K or 1.6% lower than year to date budget.
2010 2011 2011
Revenue Actual Budget Actual Amount Percentage Amount Percentage
Trial Court Improvements 5,680 3,400 - (5,680) N/A (3,400) N/A
Court Interpreter Program - - - - #DIV/0!- N/A
Motor Vehicle Fuel Tax 236,771 226,600 231,715 (5,057) -2.1% 5,115 2.3%
Criminal Justice -High Crime - 37,100 37,353 37,353 N/A 253 N/A
Criminal Justice -Population 17,034 12,980 3,817 (13,217) -77.6% (9,163) -70.6%
Criminal Justice -Spec. Prog. 14,056 13,600 14,412 356 2.5% 812 6.0%
State DUI 3,156 1,000 3,107 (49) -1.6% 2,107 210.7%
Fire Insurance Premium Tax - - - - N/A - N/A
Liquor Excise Tax 80,826 83,000 81,197 372 0.5% (1,803) -2.2%
Liquor Profits - - - - N/A - N/A
YTD Total 357,524 377,680 371,600 14,076 3.9% (6,080) -1.6%
Annual Total 2,594,749 2,570,785
State Shared Revenues
Year to Date through February
2011 vs. 2010 2011 vs. Budget
Page 8
Monthly Financial Report February 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 m
up approximately 85% of the $1,779,100 annual budget for this category and are presented
following the Charges for Service table below. At the end of Feb
ake
ruary $216,543 or 12.17% of
e annual budget has been received for all charges for services.
10 primarily due to
decrease in court related administrative fees and passport services revenue.
ation fees. This revenue accounts for $39.8K of the $42.8K received to date
for public safety.
th
General government services include passport services, administrative fees, court duplicating costs
and sale of maps & publications. This income category is low compared to 20
a
Public Safety consists of law enforcement services, probation and prisoner lodging fees; overall
this revenue source is $4.7K or 12.3% more than budget at the end of February due to increased
receipts from prob
2010 2011 2011
Revenue Actual Budget Actual Amount Percentage Amount Percentage
General Government 15,720 11,500 13,019 (2,701) -17.18% 1,519 13.21%
Public Safety 39,792 38,100 42,781 2,989 7.5% 4,681 12.3%
Development Services 93,433 101,900 60,195 (33,238) -35.6% (41,705) -40.9%
Culture & Recreation 123,876 128,300 100,548 (23,328) -18.8% (27,752) -21.6%
YTD Total 272,821 279,800 216,543 (56,277) -20.6% (63,257) -22.6%
Annual Total 1,861,204 1,779,100
Charges for Services by Type
Year to Date through February
2011 vs. 2010 2011 vs. Budget
Development services include engineering fees, zoning & subdivision fees and plan check fee
the end of February, revenues totaled $60,195 and is 35.6% or $33.2K less than the same
period in 2010. Total development service revenue is less than the budget for the year by $4
s. At
1.7K
r 40.9% primarily due to lower than anticipated engineering and plan check fees revenue.
o
$0
$100
$200
$300
$400
$500
$600
$700
$800
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecThousandsDevelopment Service Fees
2011 budget
2011 actual to date
2010 actual
Page 9
Monthly Financial Report February 2011
sion
e to lower recreational
asses revenue from adult health & fitness classes and camp programs.
Culture & Recreation revenues consist of theater ticket sales, recreational classes, arts commis
and senior citizen program fees. Total revenue at the end of February shows a decrease of
$23.3K from 2010 and $27.8K less than 2011 annual budget primarily du
cl
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecThousandsCulture & Recreation
2011 budget
2011 actual to date
2010 actual
Fines & Penalties
c
budget.
ruary is primarily due to lower traffic infraction and photo
nforcement revenues.
This revenue category includes traffic and parking infraction penalties, criminal (traffic, non traffi
and costs) false alarm and shopping cart fines. Year to date, this revenue source is $360,998 or
21.5% less than 2010 for the same period and $26K or 6.7% lower than the projected
The overall decrease in Feb
e
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecMillionsFines & Penalties
2011 budget
2011 actual to date
2010 actual
Page 10
Monthly Financial Report February 2011
2010 2011 2011
Month Actual Budget Actual Amount Percentage Amount Percentage
Civil Penalties 4,436 2,400 2,789 (1,647) -37.1% 389 16.2%
Civil Infraction Penalties 142,940 94,700 110,416 (32,525) -22.8% 15,716 16.6%
Red Light Photo Enforcement 237,335 219,600 167,592 (69,743) -29.4% (52,008) -23.7%
Parking Infractions 32,440 27,200 29,001 (3,439) -10.6% 1,801 6.6%
Criminal Traffic Misdemeanor 14,308 18,500 16,269 1,961 13.7% (2,231) -12.1%
Criminal Non-Traffic Fines 20,180 17,200 13,795 (6,385) -31.6% (3,405) -19.8%
Criminal Costs 2,480 2,700 3,267 787 31.7% 567 21.0%
Non-Court Fines & Penalties 5,851 4,700 17,869 12,019 205.4% 13,169 280.2%
YTD Total 459,970 387,000 360,998 (98,973) -21.5% (26,002) -6.7%
A nnual Total 2,472,411 2,208,500
Fines & Forfeits by Type
Year to Date through February
2011 vs. 2010 2011 vs. Budget
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecMillionsPhoto Enforcement
2011 budget
2011 actual to date
2010 actual
Page 11
Monthly Financial Report February 2011
iscellaneousM
is
y
ly and year
me period because of a $15.6K
imbursement for General Fund in January 2010.
This revenue source is comprised of interest and other investment earnings, rents, leases &
concessions, contributions & donations and other miscellaneous income. The 2011 budget for th
revenue category is $483,200 and interest & investment and rentals & leases make up 88% of
the annual budget. Decreased interest revenue reflects impact of timing of investment activit
and the decline in the financial markets; the Local Government Investment Pool interest has
decreased from 0.28% in January 2010 to 0.22% in February 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 conservative
to date 2010 receipts are higher than 2011 for the sa
re
2010 2011 2011
Month Actual Budget Actual Amount Percentage Amount Percentage
Interest & Investments 25,471 26,200 12,222 (13,249) -52.0% (13,978) -53.4%
Rents & Leases 52,032 48,500 103,952 51,920 99.8% 55,452 114.3%
Contributions & Donations 6,538 2,000 3,462 (3,076) -47.1% 1,462 73.1%
Other Miscellaneous Revenue 25,576 7,200 9,283 (16,293) -63.7% 2,083 28.9%
YTD Total 109,617 83,900 128,918 19,301 17.6% 45,018 53.7%
A nnual Total 899,378 483,200
Miscellaneous Revenues by Type
Year to Date through February
2011 vs. 2010 2011 vs. Budget
Real Estate Excise Tax
.3K
s increase in REET
venues indicates recovery in the commercial and residential markets.
The Real Estate Excise Tax (REET) revenue is received in the Capital Improvement Projects Fund
and is used for governmental capital projects. Total revenue at the end of February is $68
or 67.8% more than 2010 and $46.5K or 37.9% more than budget. Thi
re
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecMillionsReal Estate Excise Tax
2011 budget
2011 actual to date
2010 actual
Page 12
Monthly Financial Report February 2011
Enterprise Funds
The table below provides an analysis of all City Enterprise funds and shows the year to date
revenues and expenditures for each enterprise fund.
Water Sewer Storm Solid Waste Airport Cemetery Golf
OPERATING REVENUES
Charges for services 1,272,109 2,781,703 1,127,877 1,500,897 4,499 116,762 53,740
Rents, Leases, Concessions & Other - - - - 107,058 - 8,652
TOTAL OPERATING REVENUES 1,272,109 2,781,703 1,127,877 1,500,897 111,557 116,762 62,392
OPERATING EXPENSES:
Administration 388,347 309,325 376,585 116,703 105,639 45,864 39,267
Operations & Maintenance 583,941 2,450,685 389,358 778,106 16 94,742 151,399
Depreciation & Amortization 352,393 283,267 226,330 3,137 77,204 9,817 54,916
TOTAL OPERATING EXPENSES 1,324,681 3,043,277 992,274 897,945 182,858 150,423 245,582
OPERATING INCOME (LOSS)(52,572) (261,575) 135,603 602,952 (71,301) (33,661) (183,189)
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 6,919 20,692 2,688 179 411 49 -
Other Non Operating Revenue (165) - 658 - 125 5 -
Other Non Operating Expense - - - - - - -
TOTAL NON-OPERATING REVENUES (EXPENSES) 6,754 20,692 3,346 179 536 54 -
(45,818) (240,882) 138,949 603,131 (70,764) (33,607) (183,189)
Contributions 25,864 31,910 40,523 - - - -
Transfers In 1,916
Transfers Out (50,000) (50,000) (50,000) - - - -
TOTAL CONTRIBUTIONS & TRANSFERS (24,136) (18,090) (9,477) - - - 1,916
CHANGE IN FUND BALANCE (69,954) (258,973) 129,471 603,131 (70,764) (33,607) (181,273)
BEGINNING FUND BALANCE, January 1, 2011 58,962,689 67,629,064 40,956,334 923,810 9,705,318 865,780 5,140,529
ENDING FUND BALANCE, February 28, 2011 58,892,735 67,370,091 41,085,805 1,526,941 9,634,554 832,174 4,959,256
INCOME (LOSS) BEFORE CONTRIBUTIONS &
TRANSFERS
Solid Waste operating expenses are low due to timing of invoices from Waste Management; the
February billing of $643,966 was posted in March.
Page 13
Monthly Financial Report February 2011
Golf Course operating revenues are typically low during the winter months and are down
compared to 2010 actuals due to current economic conditions. Revenues are anticipated to
increase during the spring and summer months.
$0.0
$50.0
$100.0
$150.0
$200.0
$250.0
$300.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecThousandsGolf Course Operating Revenues
2011 actual to date
2010 actual
Page 14
Monthly Financial Report February 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.
Information Equipment
Insurance Facilities Services Rental
OPERATING REVENUES:
Interfund Charges for services - 647,216 693,238 472,781
Rents, Leases, Concessions & Other - 10,639 4,048 -
TOTAL OPERATING REVENUES - 657,855 697,286 472,781
OPERATING EXPENSES:
Administration 938,641 - 41,100 94,616
Operations & Maintenance - 306,522 648,073 185,970
Depreciation & Amortization - - 81,546 159,157
TOTAL OPERATING EXPENSES 938,641 306,522 770,719 439,743
OPERATING INCOME (LOSS)(938,641) 351,333 (73,433) 33,039
NON-OPERATING REVENUES & EXPENSES
Interest Revenue 493 390 1,434 2,066
Other Non Operating Revenue - 10,417 -
Other Non Operating Expense - - - -
TOTAL NON-OPERATING REVENUES (EXPENSES)493 10,806 1,434 2,066
INCOME (LOSS) BEFORE CONTRIBUTIONS & TRANSFERS (938,148) 362,140 (71,999) 35,104
Contributions - - -
Transfers In
Transfers Out - - (7,000)
TOTAL CONTRIBUTIONS & TRANSFERS - - - (7,000)
CHANGE IN FUND BALANCE (938,148) 362,140 (71,999) 28,104
BEGINNING FUND BALANCE, January 1, 2011 2,366,832 731,686 4,918,922 10,611,968
ENDING FUND BALANCE, February 28, 2011 1,428,684 1,093,826 4,846,923 10,640,072
The Insurance Fund expenses include $885,633 balance of the annual insurance payment. This
amount will be decreasing throughout the year as the expense is being allocated to various
departments and funds on a monthly journal entry.
Equipment rental fund balance of $10,640,072 includes approximately $4.7 M in fixed assets net
of depreciation which primarily consists of the City’s fleet vehicles.
Contact Information
This report is prepared by the Finance Department. Additional financial information can also be
viewed at our website: http://www.auburnwa.gov/. For any questions about the report please
contact us at mchaw@auburnwa.gov or scoleman@auburnwa.gov.
Page 15
SALES TAX SUMMARYFEBRUARY 2011 SALES TAX DISTRIBUTIONS (FOR DECEMBER 2010 RETAIL ACTIVITY)YTDYTDNAICS CONSTRUCTION 10 Total 10 YTD 11 YTD % Diff NAICS AUTOMOTIVE 10 Total 10 YTD 11 YTD % Diff236 Construction of Buildings 607,355 90,487 91,676 1.3% 441 Motor Vehicle and Parts Dealer2,346,944 349,811 399,779 14.3%237 Heavy and Civil Construction121,822 40,202 17,549 -56.3% 447 Gasoline Stations210,961 35,081 36,272 3.4%238 Specialty Trade Contractors594,645 98,157 116,172 18.4%TOTAL AUTOMOTIVE2,557,905$ 384,892$ 436,051$ TOTAL CONSTRUCTION 1,323,822$ 228,847$ 225,397$ Overall Change from Previous Year51,159$ 13.3%Overall Change from Previous Year(3,449)$ -1.5%YTDYTD NAICSRETAIL TRADE10 Total 10 YTD 11 YTD % DiffNAICSMANUFACTURING10 Total 10 YTD 11 YTD % Diff442 Furniture and Home Furnishings193,852 42,201 39,742 -5.8%311 Food Manufacturing2,062 359 370 3.1% 443 Electronics and Appliances120,703 25,296 26,642 5.3%312 Beverage and Tobacco Products3,610 654 772 18.0% 444 Building Material and Garden389,137 63,949 54,616 -14.6%313 Textile Mills121 41 42 4.3% 445 Food and Beverage Stores351,329 60,195 60,402 0.3%314 Textile Product Mills1,682 344 344 -0.2% 446 Health and Personal Care Store143,820 29,547 30,279 2.5%315 Apparel Manufacturing2,202 162 2,294 1316.7% 448 Clothing and Accessories730,903 159,174 168,590 5.9%316 Leather and Allied Products45 9 6 -39.7% 451 Sporting Goods, Hobby, Books116,615 29,107 30,862 6.0%321 Wood Product Manufacturing30,078 8,212 3,839 -53.2% 452 General Merchandise Stores801,501 183,901 236,144 28.4%322 Paper Manufacturing10,842 2,115 1,998 -5.6% 453 Miscellaneous Store Retailers504,303 87,649 95,919 9.4%323 Printing and Related Support43,243 9,579 8,059 -15.9% 454 Nonstore Retailers234,807 50,153 57,397 14.4%324 Petroleum and Coal Products3,320 383 410 7.0%TOTAL RETAIL TRADE3,586,970$ 731,173$ 800,593$ 325 Chemical Manufacturing8,684 752 952 26.6%Overall Change from Previous Year69,420$ 9.5%326 Plastics and Rubber Products9,254 1,884 1,381 -26.7%327 Nonmetallic Mineral Products19,031 2,215 2,021 -8.8%331 Primary Metal Manufacturing189 25 22 -12.6%YTD332 Fabricated Metal Product Manuf17,110 3,774 2,790 -26.1%NAICSSERVICES10 Total 10 YTD 11 YTD % Diff333 Machinery Manufacturing13,445 3,756 2,455 -34.6% 51* Information978,115 67,740 68,776 1.5%334 Computer and Electronic Produc12,773 1,652 2,943 78.2% 52* Finance and Insurance68,357 12,807 11,487 -10.3%335 Electric Equipment, Appliances192 16 21 29.1% 53* Real Estate, Rental, Leasing288,013 50,806 48,038 -5.4%336 Transportation Equipment Man186,247 23,204 115,206 396.5% 541 Professional, Scientific, Tech188,696 43,427 33,616 -22.6%337 Furniture and Related Products12,784 3,006 1,748 -41.8% 551 Company Management165 36 36 -0.3%339 Miscellaneous Manufacturing27,899 6,474 5,635 -13.0% 56* Admin. Supp., Remed Svcs234,384 36,545 43,952 20.3%TOTAL MANUFACTURING404,813$ 68,617$ 153,306$ 611 Educational Services55,877 5,745 4,718 -17.9%Overall Change from Previous Year84,689$ 123.4%62* Health Care Social Assistannce37,475 15,761 5,180 -67.1%71* Arts and Entertainment153,918 63,571 64,463 1.4%72* Accomodation and Food Svcs806,733 130,937 128,484 -1.9%YTD81* Other Services385,105 70,444 65,007 -7.7%NAICS TRANSPORTATION AND WAREHOUSING 10 Total 10 YTD 11 YTD % Diff92* Public Administration109,678 17,051 13,566 -20.4%481 Air Transportation- - 24 N/ATOTAL SERVICES3,306,516$ 514,870$ 487,324$ 482 Rail Transportation4,500 151 7,120 4602.9%Overall Change from Previous Year(27,546)$ -5.4%484 Truck Transportation7,660 1,349 1,506 11.6%485 Transit and Ground Passengers57 1 39 3295.6%488 Transportation Support13,207 2,436 2,887 18.5%YTD491 Postal Service194 49 47 -4.5%NAICSMISCELLANEOUS10 Total 10 YTD 11 YTD % Diff492 Couriers and Messengers993 369 522 41.6% 000 Unknown754 - - N/A493 Warehousing and Storage2,574 534 659 23.4% 111-115 Agriculture, Forestry, Fishing2,839 372 1,149 208.6%TOTAL TRANSPORTATION29,185$ 4,889$ 12,804$ 211-221 Mining & Utilities22,364 2,630 2,187 -16.8%Overall Change from Previous Year7,915$ 161.9%999 Unclassifiable Establishments102,180 3,368 8,964 166.2%TOTAL SERVICES128,138$ 6,370$ 12,300$ Overall Change from Previous Year5,930$ 93.1%YTDNAICSWHOLESALE TRADE10 Total 10 YTD 11 YTD % Diff423 Wholesale Trade, Durable Goods1,020,802 183,148 182,046 -0.6%GRAND TOTAL12,522,789$ 2,150,942$ 2,333,816$ 424 Wholesale Trade, Nondurable160,317 27,754 23,484 -15.4%Overall Change from Previous Year182,874$ 8.5%425 Wholesale Electronic Markets4,320 383 510 33.2%TOTAL WHOLESALE1,185,440$ 211,284$ 206,041$ Overall Change from Previous Year(5,243)$ -2.5%February 28,2011file:Monthly Sales Tax Report.xlsPrepared by Auburn Financial PlanningPage 16
Investment Purchase Purchase Maturity Yield to
Type Date Price Date Maturity
State Investment Pool Various 88,951,540$ Various 0.22%
KeyBank Money Market Various 8,299,693 Various 0.10%
US Treasury 05/04/1990 57,750 05/15/2016 5.72%
FHLB 2/2/2009 1,000,000.00 8/2/2011 1.840%
FHLB 3/24/2010 2,000,000.00 12/24/2012 1.550%
FNMA 3/25/2010 2,000,000.00 3/25/2013 1.850%
FNMA 5/13/2010 1,725,000.00 12/24/2013 1.550%
FHLB 5/20/2010 2,500,000.00 2/20/2013 1.625%
FHLMC 6/24/2010 2,000,000.00 12/24/2013 1.750%
FNMA 6/30/2010 1,000,000.00 12/30/2013 1.750%
Total Cash & Investments 109,533,983$ 0.377%
Investment Mix % of Total
State Investment Pool 81.2% Current 6-month treasury rate 0.17%
KeyBank Money Market 7.6%Current State Pool rate 0.22%
US Treasury 0.1%KeyBank Money Market 0.10%
FHLB 5.0%Blended Auburn rate 0.38%
FNMA 4.3%
FHLMC 1.8%
100.0%
City of Auburn
Investment Portfolio Summary
As of February 28, 2011
Summary
Page 17