City Council Business Agenda Item City of Kenmore, WA Subject/Topic: For Council Meeting Agenda of: November 26, 2018 October 2018 Financial Report ‘ Department: Finance and Administration Prepared by: Joanne Gregory Initial 69:Date Approved by Department Head * I6 Approved by City Attorney: Approved by Finance Director: —(C—\% Approved by City Manager: Proposed Council Action/ Motion: Receive and File October 2018 Financial EXhibits/Attachments: Report for the City of Kenmore, Washington October 2018 Financial Report for the City of Kenmore, Washington. INFORMATION/BACKGROUND: The October 2018 monthly financial report is presented for Council review. This providesthe opportunity for the City Council and the community to receive information on the City of Kenmores biennium to date revenues and expenditures in comparison to the City‘s 2017—2018 adopted biennial budget. The budget was adopted on December 12, 2016 and amendedjuly 24, 2017 and November 27, 2017. This review also providesan opportunity to identify any additional potential variances or fluctuations from the budget which may require a future budget amendment. FISCAL CONSIDERATION: October is the 22nd month of the 2017—2018 biennium. As of October, revenues for the biennium exceeded expenditures in the General Fund by $1,710,877 primarily due to the receipt of the second half property taxes that became due on October 31. Also, revenues were 95.3% of the biennialbudget and expenditures were 88%. COUNCIL GOAL/BUDGET OBJECTIVE BEING ADDRESSED: Kenmore Budget Policy 9a: A revenue/expenditure report will be produced monthly so that it can be directly compared to the actual results of the fiscal year to date. Kenmore Budget Policy 9b: All budget amendments, both revenues and expenditures, will be noted in the monthly report. Priority Based Budgeting Result: Governance: Supports decisioirmaking with timely and accurate short—term and long»range analysis that enhances vision and planning. i:\admin & ?nance\monlhly reports\2D18\oct ab summary.docx
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City Council Business Agenda ItemCity of Kenmore, WA
Subject/Topic: For Council Meeting Agenda of: November 26, 2018October 2018 Financial Report
‘
Department: Finance and Administration
Prepared by: JoanneGregory
Initial 69:DateApproved by Department Head * I6Approved by City Attorney:Approved by Finance Director: —(C—\%Approved by City Manager:
Proposed Council Action/ Motion:Receive and File October 2018 Financial EXhibits/Attachments:Report for the City of Kenmore, Washington October 2018 Financial Report for the City of
Kenmore, Washington.
INFORMATION/BACKGROUND:
The October 2018 monthly financial report is presented for Council review. This providestheopportunity for the City Council and the community to receive information on the City of Kenmoresbiennium to date revenues and expendituresin comparison to the City‘s 2017—2018adoptedbiennialbudget. The budget was adoptedon December12, 2016 and amendedjuly 24, 2017and November 27,2017.This review also providesan opportunity to identifyany additional potentialvariances orfluctuations from the budget which may require a future budget amendment.
FISCAL CONSIDERATION:
October is the 22nd month of the 2017—2018biennium. As of October, revenues for the bienniumexceeded expendituresin the General Fund by $1,710,877primarilydue to the receipt of the second halfproperty taxes that becamedue on October 31. Also, revenues were 95.3% of the biennialbudget andexpenditures were 88%.
COUNCIL GOAL/BUDGETOBJECTIVEBEING ADDRESSED:
Kenmore Budget Policy9a: A revenue/expenditure report will be produced monthly so that it can bedirectly compared to the actual results of the fiscalyear to date. Kenmore BudgetPolicy9b: Allbudgetamendments, both revenues and expenditures,will be noted in the monthly report.Priority BasedBudgetingResult: Governance: Supports decisioirmaking with timelyand accurate
short—termand long»range analysisthat enhances vision and planning.
i:\admin & ?nance\monlhly reports\2D18\oct ab summary.docx
City of Kenmore, WashingtonMonthly Financial ReportOctober 2018
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$20,000,000 ~ ———j— —————— %A——————
$15,000,000 ~7*T—?——~————'— — ~ ———— *—
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I Monthly Revenues I Monthly Expenditures I YTDRevenues IYTD Expenditures
Total revenues for the month were $2,277,105. Biennium to date revenues are$22,429,141, which is 95% of the budgeted revenues of $23,533,174. Primary sources ofrevenue for the month included property taxes in the amount of $1,753,193, developmentfees & permits in the amount of $111,224, retail sales and use taxes in the amount of$205,300, and utility taxes in the amount of $73,086.
A summary of sales tax revenues received in October is attached. These receipts arebased on August sales activity. The chart below gives a historical perspective of monthlysales tax receipts over the last several years. The black dotted Target 2018 line is amonthly average of actual receipts during 2015, 2016, and 2017. The blue line represents2018 actual receipts, which are $115,646 above 2017 and ahead of the 2018 target by$304,467.
City of Kenmore, WashingtonMonthly Financial ReportOctober 2018
The following chart illustrates the historical trends of sales tax receipts from the majorsegments: construction, retail, wholesale, other (agriculture, services, manufacturing,transportation and utilities) from January 2009 through October 2018. Retail and Otherare on a favorable upward trend.
Monthly Slles nx Revenues bysaurne
January 2009 through October 2013
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The following chart illustrates the development revenue activity over the last twelveyears.
Monthly Development Revenueswith 6 Month MovingAverageNovember 2006 Th rough 0ctober2018
250000
200.000
150,000
100,000
50,000 —
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« «ca“ us” a9 Q96§ o°§ $3 <P° 9*“ “Q S‘ ,8‘ 9“ ‘O 5’ 9”’ $3’ 63 S’ 65’,,e“°‘Q“ 6*’ $5’ 6‘ ,5‘ 63’$2’‘Pw 1, w 4. \n {L 9 W {L ’L , (gr \,\\ ‘<1 5; Q1. ,5» ‘o ‘a ‘V {gr Kn \(L .5» Q» be \\{t\ b 0: n> «\ "9 vs .3‘ 9 at x e .9 t.‘ «S 1, '\
October 2018 expenditures were $948,781. Biennium to date expenditures are$20,718,264, which is 88% of the amended biennial budget expenditures of $23,535,546.
Street -11,856 850,000 838,144Transportation Capital -41,976 0 (41,976)Public Art 53,885 15,000 68,885Park Impact Fee —332,702 930,000 597,298Transportation Impact Fee 2,080,611 30,000 2,110,611
Swamp Creek Basin 42,115 1,400,000 1,442,115Transportation Bene?t District 113,910 0 113,910Sammamish Bridge Replacement -499,333 0 (499,333)Walkways & Waterways Debt Service 1,149,734 0 1,149,734Real Estate Excise Tax ' 3,611,393 0 3,611,393
Kenmore Village -247,734 450,000 202,266Park Capital -489,378 0 (489,378)Walkways & Waterways Bond 7,966,602 0 7,966,602Surface Water Management 1,263,326 510,000 1,773,326
Surface Water Capital -160,044 0 (160,044)Strategic Reserve 447,929 850,000 1,297,929
I \Admln 5 Fmance\Monlhly Raporrs\2018\O:tcberREET
City of Kenmore, WashingtonMonthly Report for Kenmore Village FundOctober 31, 2018
RevenuesLease Income (USPS & Kenmore Village)Investment InterestTransfer From General FundMisc. RevenuesLeasehold Excise Returned
Total Revenues
ExpendituresSalaries/Wages/BenefitsDowntown Plan ServicesEvents & Misc.Utilities and Insurance — Kenmore VillageRepairs, Maintenance, Other ServicesSurface Water and Fire Benefit FeesComputer SoftwareImprovementsKenmore Village Public SquareTotal Expenditures
NOTE: This schedule only reflects activity occurring on the City books and does not includethe lease revenue and expenditures accounted for by the property management firm.
I \Admin 5. Finance\Monih|y Reporls\Z01B\QcloberKenmore Village (2)