HomeMy WebLinkAboutQ4 2025 Financial ReportQuarterly Financial Report Through December 2025
This report provides an overview of the City’s overall cash-basis financial position for the fiscal year ending December 31, 2025, reflecting data available as of March 20, 2026. The City’s fiscal year is the same as the calendar year. References to budget, actual and prior year amounts reflect year-to-date numbers, unless stated otherwise. Year-to-date performance expectations are
generally based on the two prior years of data. General Fund Overview
Although 2024 closed favorable to both revenue and expenditure projections, the new year began with a higher degree of uncertainty. The favorable variances experienced last year were anticipated to be more moderate in 2025. With the adoption of Ordinance No. 7000 in November 2025, the annual budget consists of $109.0 million in revenues and $136.9 million in expenditures - a planned decrease in General Fund balance of $28.0 million.
Throughout 2025, the General Fund outperformed revenue expectations by $6.6 million or 6%. General Fund revenue collections were $684,000 or 1% higher than in 2024; controlling for the final transfer-in of ARPA monies to the General Fund last year, 2025 revenues were still $4.9 million
higher than 2024. A major driver of the favorable variance was Business and Occupation (B&O) tax revenue. The City collected $13.4 million in B&O taxes including backdated payments. Although the program has had strong performance since its inception in 2022, the City anticipates B&O
revenues will eventually plateau as collections of back taxes decrease. As noted later in the report, this City’s investment portfolio outperformed budget expectations and collected $1.8 million higher than expected. Conversely, the photo enforcement program generated $1.9 million in revenue in 2025. This is short of projections by $262,000 and below last year’s collection of $2.7 million, slightly mitigating some of the favorable variance. The City also saw expenditures increase from the same period last year by $23.9 million or 24%. This was due to planned increases in overhead costs, professional services (citywide projects and improvements), insurance premiums, and a transfer of $15 million from the General Fund to the Cumulative Reserve fund. Overall, General Fund revenues collected throughout 2025 totaled $115.6 million as compared to the annual budget of $109.0 million, and were $6.6 million, or 6% above budget expectations.
General Fund expenditures totaled $123.5 million compared to the annual budget of $136.9 million, resulting in a $13.4 million or 10% underspend.
Quarterly Financial Report Through December 2025 2
Revenue: The following factors had the most significant impact on the budget vs. actual revenue collected:
• Interest and Investment Earnings: Interest and investment earnings totaled $2.5 million in collections and hold a $1.8 million higher than budgeted. The City had a large investment mature during this time, contributing to the favorable variance. [pages 3-4 & 21]
• Business & Occupation Tax: Collections totaled $13.4 million, exceeding the annual budget expectation by $1.7 million. Some of this favorable variance is due to the collection of tax obligations incurred in prior years, which is not expected to continue
at the same level in the future. [page 11]
• Intergovernmental: Revenues totaled $6.8 million and were $1.6 million lower than budget expectations. This variance is primarily due to the timing of federal and state grant reimbursements. Because these grants are typically received after eligible costs are incurred, lower revenues in this category generally align with lower expenditures on the related projects or programs. These variances are common and expected to resolve as the projects progress. [pages 16-17]
• Fines and Penalties: Revenues totaled $3.4 million, exceeding budget projections by $867,000 or 34%. This is mainly due to the fines and penalties assessed on backdated B&O taxes, which generated $1.0 million during the year and accounted for 27% of revenues collected in this category. In contrast, photo enforcement collections declined $730,000 or 27% compared to the prior year. This was anticipated by the City as the program goal of increasing safety takes effect; reduced collections reflect increased compliance. [pages 20-21]
• Solid Waste Tax (External): Revenues collected totaled $1.8 million, significantly above the expected budget amount of $898,000. This was mainly due to solid waste haulers increasing rates at the beginning of the year. These revenues were also above prior
year totals by $413,000 or 31%. The City is expecting this trend to continue throughout next year. [pages 11-13]
• Culture and Recreation: Revenues collected totaled $3.6 million, surpassing budget expectations by $590,000 or 19%. This is mainly due to the collections from the golf
course and recreation classes. These sources contribute 83% of the total revenues collected in this category. [pages 19-20]
Expenditures: Most of the City’s departments operated within annual expectations throughout 2025, with some variances due to the timing of professional services payments. Overall, General Fund expenditures were $13.4 million below budget. A key contributor to the variance was savings
in salaries and benefits expenses of roughly $4.3 million; as of the compilation of this report, there were 26 vacant regular full-time positions in the City. In addition, services and charges were approximately $4.8 million below budget, due in part to the timing of spending on non-ARPA related projects currently in progress.
Quarterly Financial Report Through December 2025 3
Citywide Cash and Investments As of December 31, 2025, the City of Auburn’s Investment Portfolio is comprised of liquid balances (62.9%), investments in agencies (21.2%), and treasuries (15.9%).
Liquid balances are comprised of the City’s cash balances plus the amount invested in the State’s Local Government Investment Pool (LGIP). The LGIP is operated by the State Treasurer, and provides a “safe, liquid, and competitive” investment option for Washington local governments. The City can access and withdraw the entire amount of LGIP and cash balances at any time. As of December 31, the City maintained a balance of $153.3 million with the LGIP and $24.4 million in cash. The City’s investment portfolio also includes 21 current investments in agencies and treasuries,
each with a par value of $5 million for a total of $105 million. As of December 31, the market value of these investments was $105.8 million. As depicted in the graphic below, all investments mature within a 5-year period, with the highest amount of cash flow coming in 1-2 and 4-5 years ($25
million).
The table below details the current position of the City’s investments through the end of the year. As illustrated in the unrealized gain/loss column, the City currently holds an overall gain of roughly $1.1 million. This is calculated by subtracting the book value (value of investment after liabilities are backed out) against the market value (current price of investment on the market). As the investments move closer to maturity, the unrealized gain/loss will fluctuate based on current market conditions.
The current cash-flow projections for 2025 can be seen below. Projected collections from investments in the upcoming year total $24.0 million and average $6.0 million of collections per
quarter. The current structure of maturing investments creates a consistent inflow of cash throughout the year, making it easier for the City to manage its cash flow accordingly.
Quarterly Financial Report Through December 2025 4
Street Funds Overview The City’s two street funds are special revenue funds with revenues sources and expenditures legally restricted for transportation purposes. These funds support street capital construction, as
well as local and arterial street repair and preservation. Prior to 2025, this activity was distributed across three funds: Arterial Street, Local Street, and Arterial Street Preservation. Beginning in 2025, all construction activity was combined into one General Transportation Fund. The former
Arterial Street Preservation Fund was repurposed as the Transportation Benefit District Fund, which now serves as the repository for restricted Transportation Benefit District revenues.
Most expenditures related to streets capital projects occur during the second half of the year, when weather conditions are optimal for pavement construction. Year-to-year variances between budgeted and actual amounts generally reflect the timing and activity level of projects and, correspondingly, the timing of associated grant reimbursements and other funding. In 2025, construction activity increased significantly as many projects moved out of design and into active construction. This shift resulted in higher expenditure levels along with corresponding increases in grant reimbursement revenue. General Transportation revenues in 2025 totaled $31.7 million compared to $11.3 million in 2024, while expenditures increased $10.6 million from $8.5 million in 2024 to $19.1 million in
2025. There were 41 active projects in this fund in 2025, compared to 52 active projects across the three streets funds in the prior year. As noted above, although the project count decreased from 2024, increased revenue and expenditure activity is due to the increase in construction
activity for these projects during 2025. [pages 25–26] Transportation Benefit District (“TBD”) revenues through 2025 decreased $1.0 million
compared to 2024, reflecting the fund’s narrowed purpose in 2025 to receiving TBD revenues only. This revenue source remained relatively flat compared to the prior year, increasing only $54,000 to a total of $2.7 million in 2025. The fund also received $320,000 in total interest earnings, compared to $211,000 in the prior year. The only expenditures in this fund in 2025 were operating transfers out. These transfers were triggered by costs incurred for arterial street preservation projects that were previously budgeted in this fund which are now recorded in the General Transportation Fund. Of the $3.7 million in operating transfers out budgeted in 2025, $1.7 million was transferred. The remaining $2.0 million will be included in our analysis for capital carryforwards into 2026, as activity for these projects is expected to continue. [pages 27–28]
Quarterly Financial Report Through December 2025 5
Enterprise Funds Overview The City’s enterprise funds account for operations with revenues primarily generated from user fees, charges, or contracts for services. In the prior year the City’s cash and investment balances
increased significantly due to increased interest rates and yields to maturity for the City’s investment accounts. In 2025, as those investments matured, the enterprise funds continued to benefit from elevated interest income, though at a more moderate growth rate. Interest earnings across all enterprise funds increased $165,000 to $3.7 million compared to $3.5 million in the prior year. The Water Utility Fund ended 2025 with an operating income of $8.4 million, an increase of approximately $722,000 over the prior year. Revenues for this fund were $22.7 million through
2025, compared to $20.2 million through 2024. These revenues were offset by $14.3 million in expenditures, compared to $12.6 million in 2024. In total, operating income had a $3.0 million favorable variance compared to the 2025 budget, driven by higher-than-expected revenues
(+$2.6 million) and lower-than-budgeted expenditures (-$432,000). After factoring in non-operating revenues and expenses, such as capital construction and payment of debt service, the Water Utility experienced a modest overall increase to working capital of $195,000. [pages 29–31] The Sewer Utility Fund ended 2025 with an operating income of $5.1 million, which is relatively flat compared to the $5.2 million reported in the same period last year. Operating revenues increased $971,000 from $12.1 million in 2024 to $13.1 million in 2025, but this was offset by a $1.1 million increase in operating expenses. Operating income was $3.1 million favorable to budget, driven by favorable variances in revenues (+$2.7 million) and expenditures (-$401,000). Net changes in non-operating income and capital project related activity increased the overall change in working capital for the Sewer Utility to $3.7 million. [pages 31-32] The Stormwater Utility Fund ended 2025 with an operating income of $3.5 million compared to
$3.4 million last year. Operating revenues totaled $14.5 million in 2025, up from $13.4 million in 2024, while operating expenses increased by $1.2 million, rising from $9.9 million to $11.1 million over the same period. Compared to the 2025 budget, operating income held a $1.4 million
favorable variance due to favorable variances in both revenues (+$1.3 million) and expenditures (-$31,000). Net changes in non-operating income and capital project activity increased the overall change in working capital to $1.5 million. [pages 32-33] The Solid Waste Utility Fund ended 2025 with an operating income of $938,000, up from $620,000 in the prior year. Operating revenues increased $2.2 million, rising from $31.0 million in 2024 to $33.1 million in 2025. Operating expenditures also increased, totaling $32.2 million compared to $30.3 million in 2024. Like the other enterprise funds, operating income was favorable to the 2025 budget, due to a $472,000 favorable variance in revenues and a $350,000 favorable variance in expenditures. [pages 33-34] The Airport Fund ended 2025 with operating income of $416,000, which was $62,000 higher than operating income for the same period last year. Operating revenues also increased by $587,000, from $2.0 million in 2024 to $2.6 million in 2025. The increase in revenues was partially
offset by a $525,000 year-over-year increase in operating expenditures. Overall, the Airport Fund had a favorable operating income budget variance of $321,000 in 2025. Factoring in additional expenditures related to capital projects this fund saw an increase of $730,000 in total working
capital. [page 34-35]
Quarterly Financial Report Through December 2025 6
The Cemetery Fund ended 2025 with operating income of $175,000, an increase of $89,000 compared to $86,000 through the same period last year. This improvement was driven by higher operating revenues (+$241,000), partially offset by a $152,000 increase in operating expenditures. Compared to budget, the Cemetery Fund had favorable budget variances in both
operating revenues (+$481,000) and expenditures (-$83,000). Although $140,000 was spent on capital projects during the year, the Cemetery Fund still realized an increase in working capital of $34,000. [pages 35-36] Internal Service Funds Overview Internal service funds provide centralized support to other City departments and include functions such as Insurance, Worker’s Compensation, Facilities, Innovation & Technology, and Equipment Rental. Internal service fund revenues are primarily driven by internal cost-allocation models, and year-to-date performance is best evaluated by analyzing expenditures and major expenditure variances. Revenue variances are discussed when they reflect non-allocation
sources or otherwise materially affect fund performance. The Facilities Fund budgeted $4.7 million in operating expenditures; however, due to timing differences between budgeted and actual professional services expenditures, expenditures in 2025 were $645,000 lower than expected. Most of the remaining budget for contracted professional services that were not completed in 2025 is expected to carry forward into 2026. Operating expenditures in 2025 were $4.0 million, $691,000 lower than 2024. The primary driver of this decrease was professional services (-$892,000) and was partially offset by increases in expenditures for interfund allocations (+$160,000) and supplies (+$56,000). The Equipment Rental Fund saw a $4.6 million increase in interfund allocations, from $3.5 million in 2024 to $8.1 million in 2025, which included both budgeted vehicle replacements as well as carryforwards of replacements originally planned in the prior year. However, the fund recorded $6.9 million in vehicle replacement expenditures, which was $2.4 million lower than anticipated.
This is due to timing differences between when the fund orders vehicles for replacement and when the vehicles are actually received and the expense is recorded. Additionally, replacement costs are collected over the life of the vehicle, meaning the fund’s interfund replacement revenue
will not always be aligned with the expenditures in a given year. Most of the remaining budget for these replacements is expected to be carried forward into 2026. No other significant variances were reported in the Internal Service funds during 2025. [page 36]
Quarterly Financial Report Through December 2025 7
General Fund Details The General Fund is the City’s primary operating fund and supports most day-to-day services, including public safety, parks, planning and economic development, general government
operations, and any other activity that is not legally required to be recorded in a separate fund. The following chart provides a detailed breakdown of General Fund revenues and expenditures, organized by major revenue source and by department. With the exception of the Streets1 and Municipal Court and Probation2 departments, all departments operated within budget authority.
1 The Streets Department experienced higher-than-budgeted utility costs.
2 The Municipal Court and Probation cost center experienced higher-than-budgeted defense costs.
General Fund 2025 2024
Summary of Sources and Uses Annual YE YE YE
Budget Budget Actual Amount Percentage Actual Amount Percentage
Operating Revenues
Property Tax 25,302,800$ 25,302,800$ 25,483,497$ 180,697$ 0.7 %24,780,732$ $ 702,764 2.8 %
Retail Sales Tax 22,579,330 22,579,330 23,034,634 455,304 2.0 %22,905,129 129,505 0.6 %Affordable Housing Sales Tax Credit 148,000 148,000 152,033 4,033 2.7 %149,352 2,681 1.8 %
Sales Tax - Pierce County Parks 131,100 131,100 138,845 7,745 5.9 %135,512 3,333 2.5 %
Criminal Justice Sales Tax 3,067,500 3,067,500 3,133,797 66,297 2.2 %3,056,862 76,935 2.5 %
Brokered Natural Gas Tax 314,000 314,000 231,589 (82,411)(26.2)%240,833 (9,244)(3.8)%
City Utilities Tax 7,228,200 7,228,200 7,368,741 140,541 1.9 %6,733,102 635,639 9.4 %Business & Occupation Tax 11,691,700 11,691,700 13,356,573 1,664,873 14.2 %11,605,183 1,751,390 15.1 %
Admissions Tax 252,500 252,500 511,472 258,972 102.6 %702,930 (191,458)(27.2)%
Electric Tax 4,895,800 4,895,800 5,216,570 320,770 6.6 %4,696,372 520,199 11.1 %
Natural Gas Tax 1,417,400 1,417,400 1,521,337 103,937 7.3 %1,289,448 231,889 18.0 %
Cable Franchise Fee 888,000 888,000 695,450 (192,550)(21.7)%753,919 (58,468)(7.8)%Cable Utility Tax 917,400 917,400 791,575 (125,825)(13.7)%798,527 (6,952)(0.9)%
Cable Franchise Fee - Capital 51,200 51,200 33,948 (17,252)(33.7)%39,176 (5,228)(13.3)%
Telephone Tax 606,240 606,240 731,413 125,173 20.6 %687,102 44,311 6.4 %
Solid Waste Tax (external)897,900 897,900 1,755,759 857,859 95.5 %1,342,295 413,464 30.8 %
Leasehold Excise Tax 286,000 286,000 305,924 19,924 7.0 %303,727 2,196 0.7 %Gambling Excise Tax 287,500 287,500 517,568 230,068 80.0 %212,097 305,471 144.0 %
Taxes sub-total 80,962,570$ 80,962,570$ 84,980,726$ 4,018,156$ 5.0 %80,432,299$ $ 4,548,427 5.7 %
Business License Fees 585,100$ 585,100$ 717,518$ 132,418$ 22.6 %640,082$ $ 77,436 12.1 %
Building Permits 950,200 950,200 1,045,143 94,943 10.0 %767,031 278,112 36.3 %Other Licenses & Permits 1,414,300 1,414,300 1,057,339 (356,961)(25.2)%1,199,438 (142,099)(11.8)%
Intergovernmental (Grants, etc.)8,416,714 8,416,714 6,780,956 (1,635,758)(19.4)%7,967,969 (1,187,013)(14.9)%
Charges for Services: - N/A
General Government Services 5,114,176 5,114,176 5,117,690 3,514 0.1 %4,532,458 585,232 12.9 %
Public Safety 1,215,556 1,215,556 1,617,121 401,565 33.0 %1,644,675 (27,553)(1.7)%Development Services Fees 2,175,100 2,175,100 2,261,827 86,727 4.0 %1,138,214 1,123,612 98.7 %
Culture and Recreation 3,031,200 3,031,200 3,620,282 589,082 19.4 %3,399,314 220,968 6.5 %
Fines and Penalties 2,522,706 2,522,706 3,390,045 867,339 34.4 %3,762,521 (372,476)(9.9)%
Fees/Charges/Fines sub-total 25,425,052$ 25,425,052$ 25,607,920$ 182,868$ 0.7 %25,051,700$ $ 556,220 2.2 %
Interest and Investment Earnings 782,500$ 782,500$ 2,542,154$ 1,759,654$ 224.9 %2,218,003$ $ 324,151 14.6 %
Rents and Leases 1,168,180 1,168,180 1,360,083 191,903 16.4 %1,394,828 (34,745)(2.5)%
Contributions and Donations 33,623 33,623 33,014 (609)(1.8)%24,030 8,985 37.4 %
Other Miscellaneous 266,660 266,660 711,128 444,468 166.7 %850,739 (139,611)(16.4)%
Transfers In 206,558 206,558 206,558 0 0.0 %4,790,709 (4,584,151)(95.7)%Insurance Recoveries - Capital & Operating 110,407 110,407 117,895 7,488 6.8 %113,283 4,612 4.1 %
Other Revenues sub-total 2,567,928$ 2,567,928$ 4,970,833$ 2,402,905$ 93.6 %9,391,592$ $ (4,420,759)(47.1)%
Total Operating Revenues 108,955,550$ 108,955,550$ 115,559,479$ 6,603,929$ 6.1 %114,875,590$ $ 683,889 0.6 %
Operating ExpendituresCouncil & Mayor 1,964,474$ 1,964,474$ 1,698,210$ 266,264$ 13.6 %1,444,985$ $ (253,225)(17.5)%
Administration 1,055,607 1,055,607 909,560 146,047 13.8 %1,309,653 400,093 30.5 %
Human Resources 2,750,455 2,750,455 2,678,505 71,950 2.6 %2,521,116 (157,389)(6.2)%
Municipal Court & Probation 4,194,752 4,194,752 4,378,799 (184,047)(4.4)%3,324,616 (1,054,183)(31.7)%
Finance 6,128,609 6,128,609 5,868,363 260,246 4.2 %4,861,292 (1,007,071)(20.7)%City Attorney 4,804,178 4,804,178 4,625,239 178,939 3.7 %4,692,554 67,315 1.4 %
Court 85,906 85,906 - 85,906 100.0 %- - N/A %
Community Development 8,920,635 8,920,635 7,171,350 1,749,285 19.6 %6,649,256 (522,094)(7.9)%
Human Services 5,176,012 5,176,012 2,710,974 2,465,038 47.6 %3,090,240 379,265 12.3 %
Office of Equity 1,051,203 1,051,203 510,927 540,276 51.4 %868,952 358,026 41.2 %Jail - SCORE 6,065,000 6,065,000 6,064,586 414 0.0 %4,865,975 (1,198,611)(24.6)%
Police 41,912,572 41,912,572 39,399,219 2,513,353 6.0 %34,780,325 (4,618,894)(13.3)%
Public Works 4,910,158 4,910,158 4,904,346 5,812 0.1 %5,044,662 140,316 2.8 %
Parks, Arts & Recreation 17,924,001 17,924,001 16,559,667 1,364,334 7.6 %16,689,872 130,206 0.8 %
Streets 5,901,844 5,901,844 5,973,516 (71,672)(1.2)%4,773,367 (1,200,148)(25.1)%Non-Departmental 24,099,085 24,099,085 20,065,735 4,033,350 16.7 %4,734,268 (15,331,467)(323.8)%
Total Operating Expenditures 136,944,491$ 136,944,491$ 123,518,995$ 13,425,496$ 9.8 %99,651,133$ $(23,867,862)(24.0)%
2024 YTD Actual vs. 2023 Actual
Favorable (Unfavorable)
2025 YE Budget vs. Actual
Favorable (Unfavorable)
Quarterly Financial Report Through December 2025 8
Quarterly Financial Report Through December 2025 9
Revenue Tax revenues, including property, sales and use, utility, business & occupation, gambling, and admissions taxes provide over 74% of all resources that support general governmental activities. Licenses, charges for services, intergovernmental revenue (grants, state shared revenue, etc.) and
fines contribute a further 22% of total revenue to the General Fund. The remaining 4% consists of various one-time or less predictable revenue sources. The following section highlights the most significant tax revenue streams. Property Tax collections throughout 2025 totaled $25.5 million, approximately $181,000 (0.7%) above budget expectations. As shown in the chart below, most property tax revenue is received in April and October, aligning county property tax due dates. Property tax accounts for roughly 22% of all General Fund revenue and is the fund’s single largest revenue source.
State law limits annual property tax levy increases to 1%, plus the value of new construction added to the tax roll. As a result, property tax revenues have grown by an average of 2.5% per
year since 2018.
Retail Sales Tax collections through 2025 totaled $23.0 million, representing taxes remitted to the City based on sales from November 2024 through October 2025. Overall, these revenues increased by $130,000, or 0.6%, from 2024. Growth varied across industries: (+$317,587), manufacturing (+$86,877), and transportation and warehousing (+$22,877). Offsetting the year-over-year increases were the construction (-$213,300), retail trade (-$22,931), services (-$26,479), and wholesale trade (-$25,878) categories. As in prior years, collections were stronger in the
second half of the year, driven largely by seasonal spending during the holiday period. Retail sales tax revenue ended the year nearly $455,000 (2%) favorable to its $22.6 million budget. Due to economic uncertainty and historic volatility of year-over-year growth, the City had adopted a conservative estimate for 2025, reflecting a expected decrease of $326,000 (1%) from 2024 actuals.
Quarterly Financial Report Through December 2025 10
The following table breaks out the City’s retail sales tax collections by major business sector.
2024 2025
Component Group YE Actual YE Actual Amount
Construction 2,710,442$ 2,497,143$ (213,300)$
Comparison of Retail Sales Tax Collections by Group
Through December 2025
Change from 2024
Percentage
Quarterly Financial Report Through December 2025 11
Business & Occupation (B&O) Taxes were implemented by the City at the beginning of 2022. These taxes are assessed on businesses based on the value of gross receipts or square footage of occupied warehousing space, subject to certain constraints. Although the City receives revenue throughout the year, B&O taxes are primarily remitted on a quarterly basis.
By reconciling against the State’s Business Licensing System, the City has been able to identify taxes collectable from prior periods. This has significantly contributed to the performance of this revenue and is the primary reason total revenues for 2025 ($13.4 million) exceed the annual budget of $11.5 million.. Of the $13.4 million collected, roughly $7.3 million (54%) consists of back taxes. Collections for 2025 also exceeded 2024 collections by $1.8 million (15%), although the contribution of back taxes is anticipated to decrease over time.
Compared to prior annual totals, revenues from the gross receipts portion of the tax increased by approximately $1.5 million (24%), while square-footage-based collections increased by $230,000 (4%).
Utility Taxes consist of an 11.5% tax on the gross revenues of water, sewer, storm drainage and solid waste utilities and a 6% tax on electric, natural gas, and telephone utilities operating within the City. Of those utilities taxed at 11.5%, the General Fund receives 9% with the remaining 2.5% dedicated to City street projects. For utilities taxed at 6%, the General Fund receives 5% and 1% is allocated to street funding. Overall, utility taxes increased by $1.8 million (12%) from the prior year and were $1.3 million above
budget expectations. Roughly 71% of total utility taxes collected by the City come from City interfund utility taxes and electric utility taxes. Together, these sources accounted for $12.6 million of the $17.6 million collected in 2025.
2024RevenueAnnual Budget YE Budget YE Actual Amount Percentage YE Actual Amount Percentage
Gross Receipts 7,972,966$ 7,972,966$ 7,824,523$ (148,443)$ -1.9%6,303,314$ 1,521,208$ 24.1%
Square Footage 3,718,734 3,718,734 5,532,051 1,813,317 48.8%5,301,868 230,182 4.3%
Total 11,691,700$ 11,691,700$ 13,356,573$ 1,664,873$ 14.2% 11,605,183$ 1,751,390$ 15.1%
Business & Occupation Tax
Through December 2025
2025 Favorable (Unfavorable)2025 Actual vs. 2024 Actual
Quarterly Financial Report Through December 2025 12
The largest portion of the favorable variance to budget—$858,000 above expectations and $413,000 above the prior year—occurred within external utility taxes. This is largely due to higher solid waste hauler revenues, resulting from rate increases implemented at the beginning of the year. These higher revenues are expected to continue into next year.
Electric utility taxes also contributed to the favorable variance, supported by an increase in usage and higher electric rates effective in 2025. This category exceeded budget expectations by $321,000 and prior year collections by $520,000. Additional favorable variances resulted from the collection of backdated taxes across all categories; while these collections are expected to continue, large increases from newly identified taxpayers are likely to diminish over time. Telephone taxes increased slightly from 2024 by $44,000, which was mainly the result of the timing
of collections from prior year activity and $125,000 above budget expectations. Telephone taxes are collected in arrears on a quarterly basis, which causes the timing variance from prior year and quarters. Conversely, cable tax revenues partially offset other favorable variances in collections by
coming in at the end of the year $126,000 less than expected to budget. The table and charts below present utility tax revenues and compare actual collections to budget.
These amounts represent only the General Fund portion of revenues, and exclude the share allocated for funding City street projects.
2024
Revenue Annual Budget YE Budget YE Actual Amount Percentage YE Actual Amount Percentage
City Interfund Utility Taxes 7,228,200$ 7,228,200$ 7,368,741$ 140,541$ 1.9% 6,733,102$ 635,639$ 9.4%
Electric 4,895,800 4,895,800 5,216,570 320,770 6.6% 4,696,372 520,199 11.1%
Natural Gas 1,417,400 1,417,400 1,521,337 103,937 7.3% 1,289,448 231,889 18.0%
Telephone 606,240 606,240 731,413 125,173 20.6% 687,102 44,311 6.4%
External Utility Taxes 897,900 897,900 1,755,759 857,859 95.5% 1,342,295 413,464 30.8%Brokered Natural Gas 314,000 314,000 231,589 (82,411) -26.2% 240,833 (9,244) -3.8%
Cable 917,400 917,400 791,575 (125,825) -13.7% 798,527 (6,952) -0.9%
Total 16,276,940$ 16,276,940$ 17,616,986$ 1,340,046$ 8.2% 15,787,679$ 1,829,306$ 11.6%
Utility Tax by Type (General Fund Portion)
2025 Favorable (Unfavorable)2025 Actual vs. 2024 Actual
Through December 2025
Quarterly Financial Report Through December 2025 13
Note: The significant jump from 2022 ($12.8 million) to 2023 ($15.8 million) is largely due to higher service revenue following an annual rate increase effective in 2023, combined with higher service
usage and the collection of B&O taxes on businesses that provide utility services.
An Admission Tax of 5.0% is placed on charges for general admission, season tickets, cover charges, and similar activities, and is generally collected on a quarterly basis. Admission tax revenues totaled approximately $511,000 in 2025, a decrease of 27% from prior year largely due
to a one-time payment received in 2024 as part of an agreement. After adjusting for this non-recurring payment, admission taxes are still roughly $85,000 below 2024 collections.
Despite the year-over-year decrease, revenues were favorable to budget by $259,000 (103%). Admission tax revenue has historically been volatile, ranging from a low of $154,000 in 2022 to a high of $703,000 in 2024.
Quarterly Financial Report Through December 2025 14
Gambling Tax applies to all card games, punch board games, pull tabs, bingo games, raffles and amusement games played within City limits. The majority of this revenue is generated from card games (70%) and amusement games (19%). Collections totaled $518,000 in 2025, which is $305,000 higher than 2024 and represents a $230,000 (80%) favorable variance to budget. This
increase is primarily driven by higher collections from card games (+$215,000) and punch boards and pull tabs (+$36,000). Gambling tax revenues historically have been highly volatile from both month to month and year to year. Excluding 2021 (where revenues were significantly affected by COVID-19 restrictions), recent annual collections average about $253,000, ranging from a high of $413,000 in 2018 to a low of $110,000 in 2020. Because gambling activity can be an indicator of discretionary spending, the City will continue monitoring these revenues closely alongside sales tax performance
Licenses and Permits include business licenses as well as building, plumbing, electric and other licenses and permit fees. Building permit fees and other licenses (excavation, street/curb, and
plumbing permits) typically comprise most of the budgeted revenue in this category, at approximately 32% and 48%, respectively. This revenue category had an annual budget of $2.9 million, but actual collections totaled $2.8 million or 4% less than budgeted. The annual Business License renewal fee for each business located within the City is $107, with renewal dates determined by the anniversary of each business’s original license issuance. Business license collections totaled $718,000 in 2025, an increase of 12% from the $640,000 collected in 2024. Historically, these revenues have been highly volatile and were therefore
budgeted conservatively. However, through discovery efforts and use of the State’s Business Licensing System—particularly due to the rollout of B&O taxes—collections have become more consistent. Business license revenues were favorable to budget by $132,000 (23%). The City
typically sees the highest collection activity in the first and fourth quarters due to the renewal cycle.
Quarterly Financial Report Through December 2025 15
Building Permit revenues totaled $1.0 million in 2025, which is $278,000 higher than collections
in 2024 and $95,000 (10%) above the 2025 budget. This favorable performance compared to last year is primarily due to higher-value construction permits, particularly for warehouse projects. However, the number of permit applications submitted decreased by 14% compared to 2024, indicating a lower overall volume of construction activity citywide. Much of the 2025 revenue has been generated due to two high-value projects currently underway, which account for the majority of permit collections during this period.
Quarterly Financial Report Through December 2025 16
Intergovernmental revenues include grants and stimulus monies from federal, state, and local sources, revenue from the Muckleshoot Indian Tribe (MIT) compact, and state shared revenues. Collections in 2025 totaled $6.8 million and were $1.6 million unfavorable to budget. This shortfall is primarily due to delays in receiving reimbursement for federal and state grants. Because these grants are generally reimbursed on a cost-recovery basis, project delays throughout 2025 resulted
in corresponding delays in revenue collection. Additionally, the City’s proposed 2025 MIT compact request was approved by MIT at a lower amount than requested, though the full approved amount was received by year-end. The City anticipates completing delayed projects and receiving the
associated reimbursements in 2026.
Quarterly Financial Report Through December 2025 17
Note: 2020 revenue was higher than normal due to the receipt of $3.8 million in federal CARES
grant money from the Department of Treasury.
Federal Grants 1,135,547$ 1,135,547$ 509,283$ (626,264)$ -55.2% 143,807$ 365,475$ 254.1%
State Grants 1,394,225 1,394,225 744,858 (649,367) -46.6% 928,292 (183,435) -19.8%
Interlocal Grants 483,142 483,142 457,795 (25,347) -5.2% 611,104 (153,309) -25.1%
Muckleshoot Casino Services 1,680,000 1,680,000 1,677,106 (2,894) -0.2% 2,652,318 (975,212) -36.8%
State Shared Revenues: Streamlined Sales Tax 460,900 460,900 460,873 (27) 0.0% 576,091 (115,218) -20.0%
Motor Vehicle Fuel Tax 1,173,700 1,173,700 993,451 (180,249) -15.4% 1,097,029 (103,578) -9.4% Criminal Justice - High Crime 291,200 291,200 310,092 18,892 6.5% 291,589 18,503 6.3%
Criminal Justice - Population 34,500 34,500 36,351 1,851 5.4% 33,948 2,403 7.1%
Criminal Justice - Special Prog.121,100 121,100 127,222 6,122 5.1% 119,271 7,950 6.7%
Marijuana Excise Tax 200,600 200,600 195,723 (4,877) -2.4% 224,867 (29,144) -13.0%
State DUI 7,800 7,800 8,889 1,089 14.0% 8,647 242 2.8% Fire Insurance Tax 121,600 121,600 - (121,600) -100.0%- -
Liquor Excise 645,300 645,300 586,607 (58,693) -9.1% 610,509 (23,902) -3.9%
Liquor Profit 667,100 667,100 672,708 5,608 0.8% 670,497 2,211 0.3%
Subtotal State Shared:3,723,800 3,723,800 3,391,914 (331,886) -8.9% 3,632,447 (240,533) -6.6%
YTD Total 8,416,714$ 8,416,714$ 6,780,956$ (1,635,758)$ -19.4% 7,967,969$ (1,187,013)$ -14.9%
Quarterly Financial Report Through December 2025 18
Charges for Services consist of general governmental service charges, public safety fees,
development service fees, and culture and recreation fees. In 2025, collections totaled $12.6
million, exceeding budget expectations by $1.1 million (9%). This positive variance was primarily driven by higher-than-anticipated revenues from culture and recreation programs—particularly recreation classes—and stronger-than-expected public safety revenues.
The General Government revenue category primarily consists of interfund charges for support
departments, including Finance, Human Resources and Legal. Operating costs for these activities are charged to the respective General Fund home department and the portion of those costs that provide citywide benefit are recouped from other funds via interfund charges. This category also includes fees for passport services, and quarterly administrative fees related to South King Housing and Homelessness Partners (SKHHP).
Public Safety revenues mainly consist of collections for extra duty security service provided by police officers to other entities. The City pays the officers for these services directly and collects the contracted payment from the hiring agency, meaning these revenues are mostly offset by related expenses. This category also includes reimbursements from the Muckleshoot Indian Tribe (MIT) for a full-time dedicated police officer and related costs, as well as payments collected from the Auburn School District for SRO services rendered. Public safety revenues totaled $1.6 million in 2025, representing a $28,000 decrease from 2024.The decline is largely attributed to a $71,000 drop in DUI fee collections. Despite this year-over-year decrease, collections exceeded the 2025
budget by $402,000 due to stronger-than-expected extra duty security revenues. Development Services fee collections consist primarily of plan check fees, facility extension
charges (FAC), and zoning and subdivision fees. In 2025, collections totaled $2.3 million, exceeding budget expectations by $87,000 and surpassing prior-year revenues by $1.1 million. Favorable variances to budget occurred in plan check fees (+$499,000), FAC charges (+$159,000),
and zoning and subdivision fees (+$36,000). The large variance within plan check fees is the result of assessments on two large development projects within City limits. These variances were offset by an unfavorable variance in other planning and development fees (-$599,000), driven by the timing of collections on another major project currently in progress. The City expects to collect the remaining balance for this project by the end of 2026.
2024RevenueAnnual Budget YE Budget YE Actual Amount Percentage YE Actual Amount Percentage
General Government 5,114,176$ 5,114,176$ 5,117,690$ 3,514$ 0.1% 4,532,458$ 585,232$ 12.9%
Public Safety 1,215,556 1,215,556 1,617,121 401,565 33.0% 1,644,675 (27,553) -1.7%Development Services 2,175,100 2,175,100 2,261,827 86,727 4.0% 1,138,214 1,123,612 98.7%
Culture & Recreation 3,031,200 3,031,200 3,620,282 589,082 19.4% 3,399,314 220,968 6.5%
Total 11,536,032$ 11,536,032$ 12,616,920$ 1,080,888$ 9.4% 10,714,660$ 1,902,260$ 17.8%
2025 Favorable (Unfavorable)2025 Actual vs. 2024 Actual
Charges for Services by Type
Through December 2025
Quarterly Financial Report Through December 2025 19
Culture and Recreation revenues are primarily generated from green fees and pro shop sales at the Auburn Golf Course, recreation classes, ticket sales at the Auburn Avenue Theater (currently hosted at other venues during construction), senior programs, and special events. Overall, this category outperformed its annual budget of $3.0 million by $589,000 (19%).
Approximately 64% of Culture and Recreation revenues collected come from this revenue source. Green fee revenues increased by $182,000 (10%) from last year and ended the year $375,000
above budget. The pace of green fee collections slowed later in the year, consistent with historical patterns, as roughly 65 percent of annual revenues are typically earned during the peak months of May through September. Since 2018, green fee revenues have increased annually, seeing a large
spike in 2020 through 2021, followed by modest increases during 2022-2024. Despite the revenue increase, the total number of rounds played declined by 1,350 (2%) compared to the prior year. Recreation classes accounted for a further 19% of annual Culture and Recreation collections and remained consistent with prior years, totaling $704,000 in collections. Ticket sales for performances held at local school venues (previously held at the Auburn Avenue Theater) have increased by $6,000 (6%) compared to last year and ended with a favorable budget variance of $3,100 Throughout most of the year, ticket sales were lower than normal as the popularity of various shows was not as high as last year. However, the City was able to close out the year with higher community participation and end the year off strong. The City is anticipating building on this momentum within culture and recreation and see increased collections next year.
Quarterly Financial Report Through December 2025 20
Fines & Penalties include civil penalties (such as code compliance fines), parking and traffic infraction penalties, criminal fines (including criminal traffic, criminal non-traffic, and other criminal
offenses) as well as non-court fines such as false alarm fines. The table below shows a detailed breakdown of the different types of fines and penalties collected by the City.
Total revenues collected throughout 2025 were $3.4 million as compared to a budget of $2.5 million and were 34% above budget expectations. This is primarily due to an influx of non-court fines &
penalties throughout the year stemming from the assessed fines and penalties associated with the backpay of B&O taxes. Revenues from the photo enforcement program, which are recorded as parking infractions, have an unfavorable variance of $262,000 compared to budget and were roughly $730,000 below 2024 collections. Historically, about 36% of annual photo enforcement revenue is collected in the fourth quarter. In 2025, only 27% was collected during that period. This may indicate that the program is having the intended effect of reducing speeding, thereby contributing to improved public safety and fewer infractions.
The City contracts with the King County Court for municipal court services. Since 2019, the number of hearings, judgments, and overall collections activity has steadily declined. Although revenues spiked in 2023 and 2024, these increases were largely attributable to photo enforcement and
B&O-related collections. Excluding these sources, the remaining court-related collections have declined to $406,000 – approximately one-third of the average annual collections during 2015-2019, prior to contracting with King County. In response to long-term trends, the City Council has
approved the establishment of a municipal court effective January 1, 2027.
2024RevenueAnnual Budget YE Budget YE Actual Amount Percentage YE Actual Amount Percentage
Civil Penalties 1,000$ 1,000$ 1,992$ 992$ 99.2% 9,102$ (7,110)$ -78.1%
Civil Infraction Penalties 148,400 148,400 260,545 112,145 75.6% 183,777 76,768 41.8%
Photo Enforcement 1,100 1,100 - (1,100) -100.0% 407 (407) -100.0%Parking Infractions 2,233,506 2,233,506 1,972,004 (261,502) -11.7% 2,701,857 (729,854) -27.0%
Criminal Traffic Misdemeanor 31,200 31,200 71,861 40,661 130.3% 46,862 24,998 53.3%
Criminal Non-Traffic Fines 48,200 48,200 66,275 18,075 37.5% 75,213 (8,938) -11.9%Criminal Costs 12,200 12,200 4,921 (7,279) -59.7% 8,790 (3,870) -44.0%
Non-Court Fines & Penalties 47,100 47,100 1,012,447 965,347 2049.6% 736,511 275,936 37.5%
Total 2,522,706$ 2,522,706$ 3,390,045$ 867,339$ 34.4% 3,762,521$ (372,476)$ -9.9%
Fines & Penalties by Type
2025 Favorable (Unfavorable)2025 Actual vs. 2024 Actual
Through December 2025
Quarterly Financial Report Through December 2025 21
Miscellaneous Revenues consist of investment earnings, income from facility rentals, revenue
collected for golf cart rentals at the Auburn Golf Course, contributions and donations, and other income including the quarterly purchasing card (P-card) rebates. A breakdown of the most significant miscellaneous revenue categories is listed in the table below.
Total collections in 2025 were $4.6 million, exceeding budget by $2.4 million (106%). Of the favorable variance to budget, 73% was comprised of interest and investment collections, far exceeding budget expectations due to higher-than-expected interest rates (although lower than
prior year) and the maturation of multiple investments during the first half of the year. The Rents and Leases category includes payments for facility rentals, golf cart rentals, and the
restaurant lease at the Auburn Golf Course. This category ended the year $192,000 above budget, aided in part by revenue from a temporary easement of City property. Golf cart rentals were favorable to budget by $38,000. Warm summer weather also contributed to an increase in general rentals and concessions, generating an additional $126,000 of favorable variance. Facility rentals were also favorable to budget by $19,000, further contributing to the strong performance of the category. The Rents and Leases category exhibits seasonality, peaking in the spring and summer months.
This past summer the City saw lower year-over-year collections from rents and leases coming in $35,000 below 2024 collections. This is due to decreased numbers of events that request the use of City facilities from last year.
2024RevenueAnnual Budget YE Budget YE Actual Amount Percentage YE Actual Amount Percentage
Interest & Investments 782,500$ 782,500$ 2,542,154$ 1,759,654$ 224.9% 2,218,003$ 324,151$ 14.6%Rents & Leases 1,168,180 1,168,180 1,360,083 191,903 16.4% 1,394,828 (34,745) -2.5%
Contributions & Donations 33,623 33,623 33,014 (609) -1.8% 24,030 8,985 37.4%
Other Miscellaneous Revenue 266,660 266,660 711,128 444,468 166.7% 850,739 (139,611) -16.4%
Total 2,250,963$ 2,250,963$ 4,646,380$ 2,395,417$ 106.4% 4,487,600$ 158,780$ 3.5%
Miscellaneous Revenues by Type
2025 Favorable (Unfavorable)2025 Actual vs. 2024 Actual
Through December 2025
Quarterly Financial Report Through December 2025 22
The “Other Miscellaneous Revenue” sub-category reported $140,000 less than the prior year but still exceeded the 2025 budget by $444,000. This category includes revenue from the national opioid settlement distribution program. The City received $70,000 in settlement payments during the third quarter which was the bulk of the collections, contributing to the favorable variance against
the budget. However, this amount is far lower than the previous year’s collections of opioid distributions, resulting in the category’s year-over-year decrease. These payments are expected to fluctuate in the coming years as some companies choose to settle early while others remain in ongoing settlement processes.
OTHER FUNDS Real Estate Excise Tax (REET) revenues are taxes on the sale of both commercial properties and single-family residences. These collections are received into the Capital Improvement Projects Fund and support governmental capital projects. In 2025, REET revenues totaled $3.6
million, exceeding the budget by $1.8 million (51%). Due to the historical volatility of this revenue source, REET is budgeted conservatively.
Quarterly Financial Report Through December 2025 23
Although collections were favorable to budget, they were $1.9 million (34%) lower than 2024 totals. This decline is mainly attributable to two large commercial property transactions that occurred in 2024, significantly increasing last year’s total. Collections in 2025 were well under the five-year
average from 2020 to 2024, despite increasing property values and declining interest rates suggesting supportive conditions for real estate activity in the King County. In recent years, REET collections peaked in 2021, following two years of exceptionally low interest rates maintained by the Federal Reserve in response to COVID-19. Interest rates were increased throughout 2022 and 2023 to address severe inflation, contributing to a slowdown in real estate activity and lower REET revenues during those years. The current market data indicated another
rate cut in January 2026 and another in April 2026. With market uncertainty throughout the country, the City continues to monitor REET collections closely. REET revenues have reflected the overall market volatility in recent years, with a standard deviation of $961,000 or 28% of the average annual
collections over the period of 2017 to 2024.
Real Estate Excise Tax 1,800,000$ 1,800,000$ 3,641,096$ 1,841,096$ 50.6%5,545,240$ (1,904,145)$ -34.3%
Total 1,800,000$ 1,800,000$ 3,641,096$ 1,841,096$ 50.6%5,545,240$ (1,904,145)$ -34.3%
Quarterly Financial Report Through December 2025 24
American Rescue Plan Act (ARPA) Fund In March 2021, the American Rescue Plan Act (ARPA) was signed into law to help mitigate the economic impacts of COVID-19. The City was allocated $14.75 million through ARPA’s State and
Local Government Fiscal Recovery Fund program. The City Council approved acceptance of ARPA funds through Resolution No. 5608, and Ordinance No. 6832 established the general spending categories as recommended by an ad hoc committee. The City’s ARPA spending strategy focused on mitigating the cost of providing public safety services. By applying ARPA funding toward eligible public safety expenditures, the City was able to redirect General Fund resources to support projects identified and approved by the Council ad hoc committee. The City fully expended its $14.75 million ARPA allocation as of the first quarter of
2024. Throughout 2025, the City was able to direct $3.2 million of the General Fund capacity created
through ARPA cost-mitigation toward Council-approved projects. Since 2021, a total of $10.1 million has been dedicated to these projects, as shown in the following table.
The Traffic Signals project (MS2505) involves converting existing streetlights to LED and installing new lighting at strategic locations to address specific transportation safety needs. Converting standard streetlights to LED supports reduced greenhouse gas emissions and provides more consistent, uniform lighting. The project was completed in the fourth quarter. Total spending was $135,000, with $84,030 expended during the fourth quarter.
The Tyler Tech Financial Implementation (cp2410) project supports the implementation of the City’s new financial software. Project costs consist of contracted professional services provided by
BerryDunn, the City’s implementation consultant. The project was allocated $301,500 in ARPA funding, and these funds were completely expended over the course of the year. While the overall project is still ongoing, the ARPA-funded portion is now complete.
The Emergency Housing Voucher Program, initiated in 2023, is budgeted at $2 million over the life of the program. This program assists residents of Auburn who are experiencing homelessness and drug addiction who are willing to enroll in and complete inpatient treatment. The program covers up to three years of clean-and-sober housing for participants who meet the terms of the program’s housing agreement. There are currently 18 individuals enrolled in the program. Life-to-date project spend is $868,872 with $46,725 spent in the fourth quarter of 2025.
2025 Lifetime Spend
Title Budget Q4 Spend (includes this quarter)Remaining
Completed Projects 4,517,064 - 4,517,064 -
Neighborhood Street Light Program 1,730,000 - 1,678,053 51,947
Neighborhood Traffic Calming 200,000 - 170,000 30,000
Traffic Signals 135,000 84,030 135,000 -
Human Services Grants Includes Admin 1,000,000 - 445,882 554,118
Theater 389,700 - - 389,700
Tyler Tech Financial Implementation 301,500 301,500 301,500 -
2023 Local Street Preservation 148,167 10,627 58,793 89,374
Translation Services 25,000 - 1,685 23,315
Cyber Security Locks 50,000 50,000 50,000 -
Auburn Way South Roundabout 150,000 - 53,924 96,076
Emergency Housing Voucher Program 2,000,000 46,725 868,872 1,131,128
DEI Dashboard (Inclusive Auburn)130,000 - 92,805 37,195
Downtown Infrastructure Improvements includes Theater 1,819,409 731,544 1,555,477 263,932
Community Violence Intervention Programs (Drone, SPIDR Tech)236,248 - 204,436 31,812
Other Projects (not started)1,919,144 - - 1,919,143
Total:14,751,231 1,207,029 10,133,491 4,617,740
Quarterly Financial Report Through December 2025 25
The Downtown Infrastructure Improvements (Including Theater) project (cp2321) consists of infrastructure improvements in downtown Auburn along Auburn Avenue from East Main Street N to 1st St. NE and on East Main Street from Auburn Avenue to B Street NE, including B Street Plaza. The improvements will support existing and future re-development efforts and replace infrastructure
that is at or near the end of its useful life. Construction has begun and is anticipated to be completed in early 2026. To date, $1.6 million has been spent on the project, with $731,544 expended in the fourth quarter. Street Funds This section provides a financial overview of the City’s street funds for the period ending December 31, 2025. Historically, the City maintained three streets funds: the Arterial Street Fund
(Fund 102), the Local Street Fund (Fund 103), and the Arterial Street Preservation Fund (Fund 105). Beginning in 2025, all capital project activity in these funds was consolidated into Fund 102 – General Transportation. Fund 105 now serves exclusively as the recipient of Transportation
Benefit District (TBD) funds, which are used to support specific preservation projects in the General Transportation Fund. As noted in the Street Funds Overview at the beginning of this report, variances between budget and actual amounts are generally driven by project schedules and activity, and the timing of grant reimbursements and other funding. Many projects entered the construction phase in 2024 and continued to increase in activity through 2025, resulting in increased expenditures and corresponding increases in revenues. Fund 102 – General Transportation Fund The General Transportation Fund is a special revenue fund that is funded primarily by transportation grants, traffic impact fees, a portion of the City’s gas tax receipts, Public Works Trust Fund loans, and developer contributions. As of December 31, 2025 there were 41 separate
street projects budgeted in this fund—an increase from prior years resulting from the consolidation of all transportation capital projects into Fund 102 beginning in 2025.
Revenues collected in 2025 totaled $31.7 million compared to $11.3 million in 2024 (reflecting the combined revenues previously recorded in the Arterial Street, Local Street and non-TBD funds in the Arterial Street Preservation funds). 83% of the Fund’s 2025 revenues were from direct reimbursements via grants ($10.7 million) and operating transfers in ($15.6 million). The remaining 17% of revenues were from interfund and external utility tax revenues ($4.2 million), Motor Vehicle Fuel (MVFT) and Multimodal taxes ($644,000), investment income ($467,000) and other miscellaneous income ($125,000). Total expenditures in 2025 were $19.1 million compared to the combined funds’ $8.5 million in the prior year. These year-over-year increases were expected based on the progression of capital projects into more active phases from 2024 to 2025. Variances in revenues and expenditures are largely due to the timing of capital spending and any associated reimbursement via grants, intergovernmental loans and operating transfers. Expenditures generally increase as projects transition from design into construction, and revenue patterns follow the corresponding reimbursement schedule.
Quarterly Financial Report Through December 2025 26
The table below presents the status of the projects with the most significant budget impact on the fund. Many capital projects are budgeted over multiple years; what is displayed below is the 2025 portion of each project’s budget and annual expenditures.
2024
YE Budget YE Actual Amount YE Actual
Revenues
Federal Grants 14,062,912$ 7,450,979$ (6,611,933)$ (47.0)%2,267,341$
State And Local Grants 9,906,227 3,241,344 (6,664,883) (67.3)%1,022,186
Operating Transfer In 16,047,827 15,584,507 (463,320) (2.9)%2,085,303
Subtotal - Direct Reimbursements 40,016,966 26,276,830 (13,740,136) (34.3)%5,374,830
Motor Vehicle Fuel and Multimodal Taxes 643,500 643,935 435 0.1 %582,810
Interfund Utility Taxes 1,947,900 2,046,873 98,973 5.1 %1,870,306
Electric Utility Tax 939,200 1,043,314 104,114 11.1 %939,274
Natural Gas Utility Tax 283,500 304,267 20,767 7.3 %257,890
Cable TV Tax 177,600 140,490 (37,110) (20.9)%118,005
Telephone Utility Tax 129,600 146,331 16,731 12.9 %137,436
Water Utility Tax 78,000 139,577 61,577 78.9 %-
Sew er/Storm Drainage Utility Tax 11,600 23,325 11,725 101.1 %-
Garbage Utility Tax (External Haulers)107,900 324,644 216,744 200.9 %201,314
Miscellaneous Revenue 288,465 62,674 (225,791) (78.3)%1,396,835
Contributions & Donations 339,500 62,500 (277,000) (81.6)%-
Investment Income 25,000 467,199 442,199 1768.8 %404,369
Subtotal - Other Income 4,971,765 5,405,128 433,363 8.7 %5,908,239
Total Revenues 44,988,731$ 31,681,958$ (13,306,773)$ (29.6)%11,283,069$
Expenditures
Salary and Benefits -$ 1,397,771$ (1,397,771)$ 706,460$
Capital Outlay 50,948,685 17,000,555 33,948,130 66.6 %7,350,105
Subtotal - Capital Project Expenditures 50,948,685 18,398,326 32,550,359 63.9 %8,056,566
Services and Charges 270,000 468,563 (198,563) (73.5)%256,821
Interfund Payments for Services 26,500 26,496 4 0.0 %30,300
Debt Service Principal and Interest 204,100 207,018 (2,918) (1.4)%204,650
Operating Transfer Out 100,000 49,670 50,330 50.3 -
Total Expenditures 51,549,285$ 19,150,073$ 32,399,212$ 62.9 %8,548,337$
Net Change in Fund Balance (6,560,554)$ 12,531,884$ 19,092,438$ 291.0 %2,734,732$
Beg. Fund Balance, January 2025 11,386,320$
Net Change in Fund Balance, December 2025 12,531,884
Ending Fund Balance, December 2025 23,918,204$
2025 Budgeted Ending Fund Balance 4,825,766$
2025
Fund 102 - General Transportation Fund
Summary of Sources and Uses Through December 2025
Favorable (Unfavorable)
Percentage
Quarterly Financial Report Through December 2025 27
The projects noted above are in various stages of activity; remaining budget for eligible projects
will be carried over into 2026 as work continues to progress.
Fund 105 – Transportation Benefit District Fund
The Transportation Benefit District (TBD) Fund is a special revenue fund that was historically designated as the Arterial Street Preservation Fund and funded by a portion of the City’s utility tax revenues. Beginning in 2023, this funding was replaced by a 0.1% sales and use tax enacted by
the City’s Transportation Benefit District via Ordinance No. 6881, and the fund was repurposed accordingly. To ensure that restricted TBD revenues are not commingled with other funding, all other street-related revenues are now recorded exclusively in the General Transportation Fund.
Collections of the Public Transportation Sales & Use Tax remained flat in 2025 compared to 2024, totaling $2.7 million. Interest earnings rose from $211,000 in 2024 to $320,000 in 2025, a $109,000 increase. The 2025 budget included $3.7 million in transfers out for Arterial Street Preservation projections; however, only $1.7 million was transferred through year-end. Given that interfund transfers occur as expenditures are incurred, the remaining budget for these projects are expected to be carried forward into 2026. The table below presents the fund’s total revenues and expenditures through December 31,
2025.
Name 2025 Budget YE Actual Remaining
% of Capital
Project Budget
Total 50,950,000$ 18,400,000$ 32,550,000$ 100%
Capital Projects Status (rounded)
Fund 102 - General Transportation Fund
Quarterly Financial Report Through December 2025 28
Fund 124 – Mitigation Fees The Mitigation Fees Fund is a special revenue fund for fees that are assessed at the time development applications are received. These revenues are used to address costs associated with City growth and consist of two primary types of fees: mitigation fees and impact fees.
Mitigation fees are variable charges collected through the State Environmental Policy Act (SEPA) review process when the City’s determines that a project must compensate for a unique effect it has on the community. Impact fees are fixed fees collected automatically on eligible projects. These fees are adopted
annually by the City Council based on projects anticipated in the six-year Capital Facilities Plan. Fire and School Impact fees are collected and reimtted on behalf of the Valley Regional Fire Authority, Auburn School District, Kent School District, Federal Way School District, and Dieringer School District. Expenditures from this fund consists of transfers to capital project funds to support the cost of transporation and parks capital projects. These projects represent new or enhanced infrastructure necessary to absorb the impact of development.
In 2025, the City received $719,000 in mitigation and impact revenues, largely driven by commercial transportation impact fees ($640,000), parks impact fees ($38,000) and fire impact
fees ($34,000). Interest and investment income totaled $578,000 in 2025, an increase of $23,000 from the prior year’s $555,000.
2024
YE Budget YE Actual Amount YE Actual
Revenues
Cable TV Tax - - - 41,701
Public Transportation Sales & Use Tax 2,124,000 2,709,672 585,672 27.6 %2,655,210
Grants - - - 766,752
Transportation - - - 361,768
Interest Earnings 20,000 320,313 300,313 1501.6 %210,947
Total Revenues 2,144,000$ 3,029,985$ 885,985$ 41.3 %4,036,378$
Expenditures
Salary and Benefits -$ -$ -$ 412,545$
Capital Outlay - - - 3,751,436
Subtotal - Capital Project Expenditures - - - 4,163,981
Services and Charges - - - 125,473
Operating Transfer Out 3,663,366 1,685,254 1,978,112 54.0 %-
Total Expenditures 3,663,366$ 1,685,254$ 1,978,112$ 54.0 %4,289,454$
Net Change in Fund Balance (1,519,366)$ 1,344,731$ 2,864,097$ (188.5)%(253,076)$
Beg. Fund Balance, January 2025 5,519,945$
Net Change in Fund Balance, December 2025 1,344,731
Percentage
2025
Fund 105 - Transportation Benefit Fund
Summary of Sources and Uses Through December 2025
Favorable (Unfavorable)
Quarterly Financial Report Through December 2025 29
Overall, the fund experienced a $8.5 million favorable variance to budget, driven by lower-than-budgeted expenditures (-$8.4 million) and marginally higher than budgeted revenues (+$60,000). Similar to the streets funds, expenditure budget-to-actual variances are largely driven by project timing. The underspend in this fund is the result of the timing of multiple capital projects funded by
mitigation and impact fee revenues.
Enterprise Funds
A detailed working capital report for Enterprise and Internal Service funds are provided in an attachment at the end of this report. The attachment provides operating and capital activity for these funds showing budget, actuals, and variances.
Through December 2025, the Water Utility Fund outperformed revenue expectations by $2.6 million. Water sales increased from $19.2 million in 2024 to $21.7 million in 2025, a gain of $2.5 million. Interest earnings remained flat at $1.0 million, consistent with expectations based on the fund activity and overall performance of the City’s cash and investments portfolio. The fund also came in $432,000 below budgeted operating expenditures, performing favorably across all categories except for supplies, which were $94,000 overbudget. This pattern is consistent with the fund’s performance in the prior year. Compared to 2024, operating expenditures increased by $1.8 million, mainly due to increases in personnel costs (+$239,000), public utilities charges (+$130,000), utilities interfund and excise taxes (+$509,000), and interfund
allocations (+$803,000). In 2025, the Water Utility Fund had operating income of $8.4 million (operating revenues less
operating expenditures), approximately $722,000 above last year. When combined with non-operating income and the activities of the capital sub-fund, the utility’s total working capital increased by $195,000 for the year. Ending working capital for the fund was $13.8 million
favorable to budget due to the favorable variances noted above in operating revenues (+$2.6 million) and operating expenditures (-$431,000), along with lower-than-budgeted capital project spending due to scheduling delays (-$12.9 million). Given the lower project spend, grant revenues were also lower than budgeted (-$1.2 million), partially offsetting these favorable results.
EndingFee Type Fund Balance
Total 1,236,900$ 13,057,089$ 1,296,669$ 4,664,362$ 12,714,584$ 59,769$ 8,392,727$
Beginning Fund Balance, January 2025 16,082,277$
Net Change in Fund Balance, December 2025 (3,367,693)
Estimated Ending Fund Balance, December 2025 12,714,584$
Revenues Expenditures Revenues Expenditures Revenues Expenditures
Fund 124 - Mitigation Fees
Summary of Sources and Uses Through December 2025
Budget YE Actuals Favorable (Unfavorable) Variance
Quarterly Financial Report Through December 2025 30
Eight of the 40 capital projects budgeted in 2025 were completed during the year, representing $1.7 million (9.0%) of the Water Utility Fund’s capital budget. The remaining 32 projects are in various stages of completion and are expected to continue into 2026.
Billable water consumption in 2025 totaled 3.2 million ccf (ccf = hundred cubic feet), approximately 200,000 ccf (6.6%) higher than 2024. Updated water rates also contributed to the increase in water sales revenue compared to the prior year. Every customer class experienced a year-over-year increase in usage except for municipality accounts, which decreased nominally compared to the overall increase in usage (-705 ccf).
Name 2025 Budget YE Actual Remaining
% of Capital
Project Budget
Total 19,100,000$ 6,209,000$ 12,891,000$ 100%
Fund 430 - Water Utility
Capital Projects Status (rounded)
Quarterly Financial Report Through December 2025 31
Through the end of 2025, the Sewer Utility Fund finished with operating income of $5.1 million, a marginal decrease of $97,000 compared to the $5.2 million recorded last year. Net of non-operating activity, including increased capital project spending, the utility experienced an overall increase in working capital of $3.7 million. Operating revenues were up $971,000 (8.0%) compared to last year, due primarily to an increase of $998,000 in charges for sewer service. Interest earnings stayed steady at $1.3 million year-over-year. Both charges for service and interest earnings exceeded budget expectations in 2025, contributing to revenues that exceeded budget by $2.7 million.
Operating expenditures totaled $8.0 million, coming in $401,000 below the $8.4 million budget. This favorable variance was driven primarily by savings of $243,000 in personnel costs and lower-than-anticipated service charges (-$192,000).
Although expenditures were favorable to budget, actual operating costs increased from $6.9 million in 2024 to $8.0 million in 2025. This was due primarily to increased supplies costs
(+$71,000), miscellaneous service charges (+$144,000), repairs and maintenance costs (+$373,000), and interfund support charges (+$522,000). Ending working capital for the Sewer Utility Fund was $16.6 million favorable to budget, due to the variances noted above in operating revenues (+$2.7 million), and lower than anticipated capital project spend due to scheduling delays (-$13.3 million).
Quarterly Financial Report Through December 2025 32
Three of the 15 Sewer Utility Fund projects budgeted in 2025 were completed, representing $128,000 of the $13.8 million capital budget for the Sewer Utility Fund. The remaining 12 projects
are in various stages of completion and are expected to continue into 2026 In 2025, the Stormwater Utility Fund exceeded budgeted operating revenues by $1.3 million, driven by charges for storm drainage service (+$363,000) and interest earnings (+$967,000). Compared to 2024, operating revenues were up by $1.2 million, driven by increased collections for storm service charges (+$900,000) and interest earnings (+$295,000). Because most storm drainage service charges are based on a flat rate, there are not typically seasonal fluctuations in revenue. Accordingly, service charge revenues generated on average $3.4 million per quarter in
2025, totaling $13.5 million through December and up from the prior year’s quarterly average of $3.1 million.
Operating expenditures were $57,000 below budget, due to lower-than-anticipated expenditures on personnel costs and service charges, but partially offset by higher than anticipated supply costs. Total operating expenditures of $11.1 million were $1.2 million higher compared to last
year. Most of this increase is due to higher other service charges (+$477,000), including professional services (+$171,000) and other charges such as utility and excise taxes (+$117,000). Like the other enterprise funds, the Stormwater Utility also saw an increase in interfund support charges of $579,000 compared to 2024.
Name 2025 Budget YE Actual Remaining % of BudgetRainier Ridge Pump Station Rehab./Replac 9,430,000$ 40,000$ 9,380,000$ 68%
2026 Sewer Repair & Replace Improvement 1,810,000 90,000 1,730,000 13%
2024 Sewer Repair and Replacement 1,080,000 60,000 1,020,000 8%
All Other Projects (12 budgeted)1,480,000 290,000 1,190,000 11%
Total 13,800,000$ 480,000$ 13,320,000$
Fund 431 - Sewer Utility
Capital Projects Status (rounded)
Quarterly Financial Report Through December 2025 33
Overall, the Stormwater Utility recorded operating income of $3.5 million compared to $3.4 million last year. The fund finished the year with a net increase in working capital of $1.5 million. Ending working capital for the Stormwater Utility Fund was $15.2 million favorable to budget, due to the favorable variances noted above in operating activity (+$1.4 million) and lower than anticipated
capital project spend due to scheduling delays (-$14.2 million).
24 total capital projects were budgeted in the Stormwater Utility Fund in 2025. All of these projects were active as of December 31, 2025, and activity is expected to continue into 2026.
The Solid Waste Utility Fund finished 2025 operating income $822,000 higher than budgeted. This outcome reflects stronger-than-expected revenues (+$472,000) along with expenditures that came in $350,000 below budget.
Operating revenues rose by $2.2 million, increasing from $31.0 million in 2024 to $33.1 million in 2025. This increase is due primarily to higher service rates compared to the year prior, which drove revenue from service charges from $31.0 million in 2024 to $32.9 million in 2025. Operating income for the year was $938,000, an increase of $318,000 compared to 2024.
Name 2025 Budget YE Actual Remaining
% of Capital
Project Budget
Total 14,800,000$ 630,000$ 14,170,000$ 100%
Fund 432 - Storm Utility
Capital Projects Status (rounded)
Quarterly Financial Report Through December 2025 34
Operating expenditures increased $1.8 million, from $30.3 million in 2024 to $32.2 million in 2025. The primary cost increase drivers were payments to the City’s contracted solid waste provider (+$1.3 million), litter control services (+$138,000) and other miscellaneous service charges (+$184,000), .These increases were partially offset by year-over-year decreases in supplies
(-$23,000), interfund support charges (-$22,000) and personnel costs (-$18,000). The current mix of solid waste customer account types is:
• 92.7% Residential
• 5.7% Commercial
• 1.6% Multifamily Tonnage collected increased marginally from 65,914 tons in 2024 to 66,680 tons in 2025. The diversion rate - representing the portion of waste recycled or collected as yard waste rather than
sent to the landfill - was 26% for 2025, totaling 17,530 diverted tons. This is slightly below the 2024 diversion level of 18,000 tons (27%). The Airport Fund saw operating revenues exceed budget by $251,000, while operating expenditures were $70,000 below budget. There is a direct correlation between supply costs for fuel for resale and revenues for fuel sales which is reflected in the fund’s activity in 2025. Together, these outcomes combined for operating activity that was $321,000 favorable to budget. Revenues exceeded expectations across several categories, including charges for service (+$55,000), interest earnings (+$56,000) and rent and lease revenue (+$118,000). On the expenditure side, lower-than-anticipated personnel costs (-$27,000) and supply costs (-$23,000) were the primary contributors to spending coming in below budget.
Operating income for the year was $416,000, an increase of approximately $62,000 compared to 2024. This growth was driven mainly by increased fuel sales(+$423,000) and miscellaneous revenues such as rentals and leases (+$150,000). These gains were partially offset by higher operating costs, including fuel purchased for resale (+$317,000) and interfund support charges (+$180,000).
In all, the Airport Fund saw a higher-than-expected increase in working capital of $1.3 million compared in 2025, due in part to favorable operating activity as noted above (+$321,000) and slower than anticipated activity related to fund’s capital projects (-$2.1 million) .
Quarterly Financial Report Through December 2025 35
This fund had five projects budgeted in 2025, for a total of $3.3 million. As of December 31, 2025, the Runway and Taxiway Improvement & RSA Grading project was considered substantially
complete. The remaining four projects are active, with activity expected to continue into 2026. The Cemetery Fund ended 2025 with operating revenues $481,000 above budget and operating expenditures $83,000 below budget, resulting in operating income $563,000 higher than expected. The Cemetery fund saw increases in operating expenditures (+$152,000) compared to the prior year, driven by increases in personnel costs (+$38,000), and interfund cost allocation for support
services (+$127,000). These increased expenses were partially offset by savings in supplies expenditures (-$14,000).
Working capital increased by $34,000 in 2025, compared to a decrease of $178,000 in the prior year. This fluctuation was due in part to increased capital project activity in 2024. Total operating income increased $89,000 from $86,000 in 2024 to $175,000 in 2025, driven primarily by an
increase of $251,000 in charges for service, and a decrease of $10,000 in interest earnings.
Name 2025 Budget YE Actual Remaining
% of Capital
Project Budget
Total 3,310,000$ 1,190,000$ 2,120,000$ 100%
Fund 435 - Airport
Capital Projects Status (rounded)
Quarterly Financial Report Through December 2025 36
The Forest Walk – Phase 3a project was completed in 2025, and activity related to the Cemetery Development – 10th addition project is expected to continue in 2026. Internal Service Funds
Internal service funds generate revenues through charges to other City departments to sufficiently cover anticipated expenditures. If an internal service fund sees net operating income or loss, it is generally caused by timing differences between collections from other City departments and the fund’s expenditures. The Facilities Fund’s operating expenditures were $4.0 million in 2025, $645,000 lower than the $6.7 million that was budgeted. This is due to the timing difference between budgeted professional services contracts and actual work performed (-$518,000), as well as lower-than-expected personnel costs (-$109,000) and interfund allocations (-$48,000). The fund saw a decrease of $691,000 in operating expenditures from $4.7 million in 2024 to $4.0
million in 2025. The primary driver of this decrease was contracted professional services that were not completed in 2025, which are expected to be carried forward into 2026. The fund’s year-over-year decrease in professional services was partially offset by increases in supplies
(+$56,000) and interfund allocations (+$160,000).
Name 2025 Budget YE Actual Remaining
% of Capital
Project Budget
Total 180,000$ 140,000$ 40,000$ 100%
Fund 436 - Cemetery
Capital Projects Status (rounded)
Quarterly Financial Report Through December 2025 37
The Equipment Rental Fund saw a significant increase in interfund allocations, from $3.5 million in 2024 to $8.1 million in 2025, due to planned vehicle replacements either expected in 2025 or carried forward from the prior year.
In 2025, the fund expended $6.9 million on vehicle replacements, which was $2.4 million lower than anticipated. This was due in part to the timing difference between when vehicle replacements were ordered and when they were received. Most of this remaining budget is expected to be carried forward into 2026. Operating expenditures increased by $324,000 in 2025 compared to 2024, driven by higher personnel costs (+$155,000), supplies ($44,000) and interfund allocations to other internal service funds (+$313,000). These increases were partially offset by decreases in other service
charges (-$189,000). Despite the year-over-year increase, operating expenditures overall came in $106,000 lower than
anticipated. While supplies costs were higher than expected (+$20,000), expenses related to personnel costs (-$70,000), service charges (-$18,000) and interfund allocations to other internal service funds (-$36,000) were lower than budgeted.
No significant variances were reported in the Workers’ Compensation, Insurance, or
Innovation & Technology Funds through 2025.
Contact Information
This report is prepared by the Finance Department. Additional financial information can also be viewed on the City’s website: http://www.auburnwa.gov/. For any questions about this report
please contact Jamie Thomas at jdthomas@auburnwa.gov.
Through December 2025
Budget
YTD
Actual Variance Budget
YTD
Actual Variance Budget
YTD
Actual Variance Budget
YTD
Actual Variance
OPERATING REVENUES
Charges For Service 20,055,000 21,670,976 1,615,976 10,345,000 11,833,784 1,488,784 23,095,000 22,947,963 (147,037) 13,135,200 13,497,755 362,555
Grants - - - - - - - - - - - -
Interest Earnings 75,000 1,002,172 927,172 75,000 1,282,640 1,207,640 20,000 77,387 57,387 75,000 1,041,713 966,713
Rents, Leases, Concessions, & Other 39,588 62,134 22,546 - 991 991 - - - - 7,041 7,041
TOTAL OPERATING REVENUES 20,169,588 22,735,282 2,565,694 10,420,000 13,117,415 2,697,415 23,115,000 23,025,350 (89,650) 13,210,200 14,546,509 1,336,309
OPERATING EXPENSES
Salaries & Wages 3,457,996 3,233,591 224,405 2,114,746 2,023,212 91,534 - - - 3,270,074 3,331,884 (61,810)
Benefits 1,689,114 1,444,642 244,472 1,008,519 856,730 151,789 - - - 1,592,146 1,472,500 119,646
Supplies 440,950 535,298 (94,348) 203,150 237,351 (34,201) - - - 98,150 129,987 (31,837)
Other Service Charges 5,754,693 5,716,330 38,363 2,994,978 2,802,875 192,103 23,076,000 22,365,137 710,863 3,051,422 3,004,260 47,162
Intergovernmental Services (Less Transfers Out) - - - - - - - - - - - 0
Waste Management Payments - - - - - - - - - - - 0
Sewer Metro Services - - - - - - - - - - - 0
Interfund Operating Rentals & Supplies 3,433,779 3,414,969 18,810 2,058,355 2,058,625 (270) - - - 3,130,347 3,146,116 (15,769)
OPERATING EXPENSES 14,776,532 14,344,831 431,701 8,379,748 7,978,793 400,955 23,076,000 22,365,137 710,863 11,142,139 11,084,747 57,392
OPERATING REVENUES LESS EXPENSES BEFORE
DEPRECIATION 5,393,056 8,390,451 2,997,395 2,040,252 5,138,622 3,098,370 39,000 660,214 621,214 2,068,061 3,461,762 1,393,701
NON-OPERATING REVENUES
Grants 2,450,324 1,226,993 (1,223,332) - - - - - - 130,000 130,000 -
Increase In Contributions - System Development 550,000 577,294 27,294 325,000 325,129 129 - - - 450,000 200,211 (249,789)
Proceeds of Debt Activity - 882,809 882,809 - - - - - - - - -
Operating Transfers In - - - - - - - - - - - -
Intergovernmental Loan 882,809 - 882,809 - - - - - - - - -
Revenue Bond Proceeds - - - - - - - - - - - -
Gain (Loss) On Sale Of Fixed Assets - 153,148 153,148 - - - - - - - - -
Other Non-Operating Revenue - - - - - - - - - - (3,422) -
TOTAL NON-OPERATING REVENUES 3,883,133 2,840,244 722,728 325,000 325,129 129 - - - 580,000 326,788 (249,789)
NON-OPERATING EXPENSES
Capital Projects - Salaries - 267,202 (267,202) - 153,956 (153,956) - - - - 49,498 (49,498)
Capital Projects - Benefits - 110,536 (110,536) - 59,088 (59,088) - - - - 19,565 (19,565)
Capital Projects - Supplies - - - - - - - - - - - -
Capital Projects - Services - - - - - - - - - - - -
Capital Projects - Construction 19,097,798 5,830,806 13,266,992 13,797,044 262,610 13,534,434 - - - 14,800,237 554,285 14,245,952
Operating Transfers Out 512,065 387,065 125,000 513,177 388,177 125,000 - - - 587,177 462,177 125,000
Debt Service Principal 2,388,724 2,055,507 333,217 795,600 461,515 334,085 - - - 820,200 487,183 333,017
Debt Service Interest 866,058 867,339 (1,281) 97,100 100,422 (3,322) - - - 172,200 173,731 (1,531)
Net Change in Restricted Net Assets - 1,517,635 (1,517,635) - 304,944 (304,944) - - - - 529,799 (529,799)
TOTAL NON-OPERATING EXPENSES 22,864,645 11,036,090 11,828,555 15,202,921 1,730,714 13,472,207 - - - 16,379,814 2,276,238 14,103,576
BEGINNING WORKING CAPITAL - January 1, 2025 21,703,848 21,703,848 - 31,021,956 31,021,956 - 4,879,211 4,879,211 - 23,011,582 23,011,582 -
ENDING WORKING CAPITAL - December 2025 8,115,392 21,898,453 13,783,060 18,184,287 34,754,994 16,570,707 4,918,211 5,539,425 621,214 9,279,829 24,523,894 15,244,065
NET CHANGE IN WORKING CAPITAL (13,588,456) 194,605 13,783,060 (12,837,669) 3,733,038 16,570,707 39,000 660,214 621,214 (13,731,753) 1,512,312 15,244,065
(*) Depreciation - 4,154,661 - - 2,543,173 - - - - - 2,230,404 -
Working Capital = Current Assets
minus Current Liabilities
ENTERPRISE FUNDS
WATER SEWER SEWER METRO STORM
Through December 2025
Budget
YTD
Actual Variance Budget
YTD
Actual Variance Budget
YTD
Actual Variance Budget
YTD
Actual Variance
OPERATING REVENUES
Charges For Service 32,402,700 32,903,081 500,381 1,099,300 1,154,009 54,709 1,631,800 2,064,565 432,765 4,862,996 4,218,124 (644,872)
Grants 203,222 62,829 (140,393) - - - - - - - - -
Interest Earnings 50,000 162,142 112,142 10,400 66,488 56,088 21,500 68,660 47,160 19,500 53,709 34,209
Rents, Leases, Concessions, & Other - - - 1,232,946 1,373,388 140,442 - 861 861 - - -
TOTAL OPERATING REVENUES 32,655,922 33,128,052 472,130 2,342,646 2,593,885 251,239 1,653,300 2,134,086 480,786 4,882,496 4,271,833 (610,663)
OPERATING EXPENSES
Salaries & Wages - - - 408,270 396,711 11,559 665,165 659,929 5,236 - - -
Benefits - - - 165,987 150,071 15,916 314,719 286,024 28,695 175,000 119,655 55,345
Supplies 60,811 8,888 51,923 919,000 896,354 22,646 330,500 305,927 24,573 - - -
Other Service Charges 5,261,111 5,105,038 156,073 355,400 352,688 2,712 220,450 221,384 (934) 4,870,496 4,227,796 642,700
Intergovernmental Services (Less Transfers Out) - - 0 - - - - - - - - -
Waste Management Payments 27,052,200 26,911,368 140,832 - - - - - - - - -
Sewer Metro Services - - 0 - - - - - - - - -
Interfund Operating Rentals & Supplies 165,778 164,582 1,196 398,898 382,148 16,750 511,241 486,287 24,954 - - -
OPERATING EXPENSES 32,539,900 32,189,877 350,023 2,247,555 2,177,972 69,583 2,042,075 1,959,551 82,524 5,045,496 4,347,451 698,045
OPERATING REVENUES LESS EXPENSES BEFORE
DEPRECIATION 116,022 938,175 822,153 95,091 415,913 320,822 (388,775) 174,535 563,310 (163,000) (75,618) 87,382
NON-OPERATING REVENUES
Grants - - - 2,718,172 1,638,762 (1,079,410) - - - - - -
Increase In Contributions - System Development - - - - - - - - - - - -
Proceeds of Debt Activity - - - - - - - - - - - -
Operating Transfers In - - - - - - - - - - - -
Intergovernmental Loan - - - - - - - - - - - -
Revenue Bond Proceeds - - - - - - - - - - - -
Gain (Loss) On Sale Of Fixed Assets - - - - - - - - - - - -
Other Non-Operating Revenue - - - - - - - - - - - -
TOTAL NON-OPERATING REVENUES - - - 2,718,172 1,638,762 (1,079,410) - - - - - -
NON-OPERATING EXPENSES
Capital Projects - Salaries - - - - - - - - - - - -
Capital Projects - Benefits - - - - - - - - - - - -
Capital Projects - Supplies - - - - - - - - - - - -
Capital Projects - Services - - - - - - - - - - - -
Capital Projects - Construction - - - 3,309,798 1,195,636 2,114,162 174,953 140,089 34,864 - - -
Operating Transfers Out - - - - - - - - - - - -
Debt Service Principal - - - 75,344 77,161 (1,817) - - - - - -
Debt Service Interest - - - 16,500 14,461 2,039 - - - - - -
Net Change in Restricted Net Assets - - - - 37,447 (37,447) - - - - - -
TOTAL NON-OPERATING EXPENSES - - - 3,401,642 1,324,705 2,076,937 174,953 140,089 34,864 - - -
BEGINNING WORKING CAPITAL - January 1, 2025 1,816,469 1,816,469 - 1,926,743 1,926,743 - 1,588,649 1,588,649 - 1,313,034 1,313,034 -
ENDING WORKING CAPITAL - December 2025 1,932,491 2,754,644 822,153 1,338,364 2,656,713 1,318,349 1,024,921 1,623,094 598,173 1,150,034 1,237,416 87,382
NET CHANGE IN WORKING CAPITAL 116,022 938,175 822,153 (588,379) 729,970 1,318,349 (563,728) 34,445 598,173 (163,000) (75,618) 87,382
(*) Depreciation - - - - 860,325 - - 48,440 - - - -
Working Capital = Current Assets
minus Current Liabilities
ENTERPRISE FUNDS INTERNAL SERVICE FUNDS
SOLID WASTE AIRPORT CEMETERY INSURANCE
Through December 2025
Budget
YTD
Actual Variance Budget
YTD
Actual Variance Budget
YTD
Actual Variance Budget
YTD
Actual Variance
OPERATING REVENUES
Charges For Service 1,130,500 1,200,958 70,458 5,068,500 4,983,512 (84,988) 9,170,935 9,130,666 (40,269) 8,078,768 8,148,255 69,487
Grants - - - - - - - - - - - -
Interest Earnings 64,800 203,657 138,857 10,000 30,263 20,263 51,400 123,184 71,784 35,000 329,691 294,691
Rents, Leases, Concessions, & Other 660,000 631,462 (28,538) 43,000 100,160 57,160 - 526 526 - 169,035 169,035
TOTAL OPERATING REVENUES 1,855,300 2,036,077 180,777 5,121,500 5,113,935 (7,565) 9,222,335 9,254,377 32,042 8,113,768 8,646,981 533,213
OPERATING EXPENSES
Salaries & Wages - - - 922,480 877,870 44,610 2,564,520 2,566,530 (2,010) 945,000 916,177 28,823
Benefits 350,000 334,282 15,718 493,152 428,626 64,526 1,115,571 962,318 153,253 470,633 429,203 41,430
Supplies - - - 140,200 170,554 (30,354) 419,580 322,294 97,286 1,213,200 1,233,080 (19,880)
Other Service Charges 1,618,800 1,920,730 (301,930) 2,324,649 1,806,265 518,384 6,013,297 4,939,554 1,073,743 473,650 455,436 18,214
Intergovernmental Services (Less Transfers Out) - - - - - - - - - - - -
Waste Management Payments - - - - - - - - - - - -
Sewer Metro Services - - - - - - - - - - - -
Interfund Operating Rentals & Supplies 11,400 11,400 - 787,960 739,848 48,112 1,143,856 1,127,748 16,108 883,516 845,917 37,599
OPERATING EXPENSES 1,980,200 2,266,412 (286,212) 4,668,441 4,023,163 645,278 11,256,824 9,918,444 1,338,380 3,985,999 3,879,813 106,186
OPERATING REVENUES LESS EXPENSES BEFORE
DEPRECIATION (124,900) (230,335) (105,435) 453,059 1,090,772 637,713 (2,034,489) (664,067) 1,370,422 4,127,769 4,767,168 639,399
NON-OPERATING REVENUES
Grants - - - - - - - - - 609,720 - (609,720)
Increase In Contributions - System Development - - - - - - - - - - - -
Proceeds of Debt Activity - - - - - - - - - - - -
Operating Transfers In - - - - - - 2,543,200 1,003,360 (1,539,840) 3,322,258 3,021,380 (300,878)
Intergovernmental Loan - - - - - - - - - - - -
Revenue Bond Proceeds - - - - - - - - - - - -
Gain (Loss) On Sale Of Fixed Assets - - - - - - - - - - 42,836 42,836
Other Non-Operating Revenue - - - - - - - - - - - -
TOTAL NON-OPERATING REVENUES - - - - - - 2,543,200 1,003,360 (1,539,840) 3,931,978 3,064,216 (867,762)
NON-OPERATING EXPENSES
Capital Projects - Salaries - - - - - - - - - - (0) 0
Capital Projects - Benefits - - - - - - - - - - (0) 0
Capital Projects - Supplies - - - - - - - - - - - -
Capital Projects - Services - - - - - - - - - - - -
Capital Projects - Construction - - - - - - 1,275,697 801,454 474,243 9,271,370 6,874,942 2,396,428
Operating Transfers Out - - - 553,800 553,750 50 - - - - - -
Debt Service Principal - - - - - - - - - - - -
Debt Service Interest - - - - - - - - - - - -
Net Change in Restricted Net Assets - - - - - - - - - - (194,542) 194,542
TOTAL NON-OPERATING EXPENSES - - - 553,800 553,750 50 1,275,697 801,454 474,243 9,271,370 6,680,400 2,590,970
BEGINNING WORKING CAPITAL - January 1, 2025 3,889,479 3,889,479 - 118,406 118,406 - 3,432,201 3,432,201 - 8,070,671 8,070,671 -
ENDING WORKING CAPITAL - December 2025 3,764,579 3,659,144 (105,435) 17,665 655,428 637,763 2,665,215 2,970,040 304,825 6,859,048 9,221,655 2,362,607
NET CHANGE IN WORKING CAPITAL (124,900) (230,335) (105,435) (100,741) 537,022 637,763 (766,986) (462,161) 304,825 (1,211,623) 1,150,984 2,362,607
(*) Depreciation - - - - - - - 300,239 - - 2,243,070 -
Working Capital = Current Assets
minus Current Liabilities
EQUIPMENT RENTAL
INTERNAL SERVICE FUNDS
WORKER'S COMPENSATION FACILITIES INNOVATION & TECHNOLOGY