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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 7.D.
For Meeting of: March 18, 2025
ITEM TITLE: 2024 4th Quarter Financial Report
SUBMITTED BY: Mike Bailey, Interim Director of Finance & Budget
Kimberly Domine, Financial Services Manager
SUMMARY EXPLANATION:
The Fourth Quarter Financial Report for 2024 is attached and consists of the following:
• Summary Narrative
• Financial Reports
• Cash Balance Trend
• Material Revenue Performance Charts
• Fund Balance Summary
• Revenue and Expenditure Comparison to Budget and Actual Year to-Date
• General Government Revenue Historical Year-to-Date Detail
• General Government Expenditure Historical Year-to-Date Detail
• Other Funds - Revenue, Expenditure and Fund Balance Summary
This is an informational update, pending completion of year-end close process and independent audit.
ITEM BUDGETED: N/A
STRATEGIC PRIORITY 24-25: A Resilient Yakima
RECOMMENDATION: Review only. Submitted for routine transparency and accountability.
ATTACHMENTS:
2024 FN 4th Quarter Report.pdf
16
-.• i T"', FINANCE DEPARTMENT
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To: Honorable Mayor and Members of the City Council
Vicki Baker,City Manager
From: Mike Bailey,Interim Director of Finance&Budget
Kimberly Domine,Financial Services Manager
Kathy Miles,Finance Department Analyst
Date: March 18,2025
Subject: 2024 4th Quarter Financial Update
This financial update is a preliminary, unaudited,report for the 4th quarter ended December 31,2024, (all
quarters,or 100%of the year),intended to inform and assist governance decisions for future planning. In
total,city revenues are at 90.8%of budget and expenditures are at 79.3%of budget. The timing of certain
revenue payments and Capital fund expenditures are normally the biggest reasons that revenues and
expenditures are below 100%at this point in the year.
Cash position and revenue charts on the following pages provide insight into the monitoring of revenue
and the management of expenses. The Quarterly Treasury report: a separate report,also available on the
City's website,provides further cash and investment analysis.
This report is not a final report,as the annual independent audit for 2024 will not be completed until later
in 2025,which may affect final numbers.
COVID's Economic Effects on City Revenues
The American Rescue Plan Act (ARPA) funds have impacted budgeted revenues and expenses,affecting
"normal"budgetary percentages in the accompanying reports uniquely for 2021 through 2024,and will
likely do so until 2026,when this funding is required to be spent. The economic effects of COVID and
the CARES Act also affected the budget uniquely,further complicating comparison to prior years. As
has been monitored and reported continuously,there was a substantial economic impact to many of the
City's budgeted revenues as a result of the pandemic.
In more detail,Sales Tax revenue for 2023 averaged a 102.8%increase for the year,while the cost of living
increase based on the year was 3.2%1. The 4th quarter 2024 numbers are currently at 99.5%of 4th quarter
2023 numbers,and the cost of living index for 2024 has been set at 2.5%based on 2024. Significant
changes are shown below.
• Sales Tax is currently below budget by 5.2%at the end of the 4th quarter. Major categories that
effected this change in Sales Tax were:
1 Social Security Administration-Based on the increase in the Consumer Price Index(CPI-W)from the third quarter of 2022 through the third
quarter of 2023.
Finance Quarterly Report-Page 1 1 7
• The largest decrease is in Real Estate,including rentals and leasing,which was down 7.6%
from last year.
• Manufacturing was down 6.5%,with the largest change in chemical manufacturing.
• Wholesale Trade was down 5.7%,mainly in the merchant wholesalers and durable goods
category.
• The Miscellaneous Other category was up 14.8%,with the largest increase in crop
production.
• Fire Inspection Fees decreased dramatically during 2020 and into 2021 due to COVID,improving
marginally in 2022 and 2023. Revenue for the 4th quarter of 2024 is currently well below budget
forecasts-at only 41.8%budgeted revenue received. This revenue stream continues to be
monitored.
General Fund's Performance to Budget
General Fund Revenues in total are at 100.5%. The most significant variances are:
• Sales Tax,the major contributor to the General Fund,is at 93.5%of the Amended Budget,
basically declining since the first quarter of 2024.
• Intergovernmental revenue for the General Fund (64.6%)is below 100%mainly due to the
timing of incoming grant funds.
• Other Revenue (241.6%) is over 100%,mainly due to investment interest.
• Property Tax is currently at 96.4% due to the timing of these revenue payment from the
County.
General Fund Expenditures in total are at 86.3%. The most significant variances are:
• Economic Development is at 172.4% due to the purchase of the Chamber of Commerce
building.
• Indigent Defense is at 118.0%,mainly due to increased rates for professional services.
• City Management (109.6%) is above 100% due to the separation of the previous City Manager.
• Intergovernmental is at 108.8% due to the timing of payments to external agencies.
• Codes (60.4%) is under 100%of expenditures,mainly due to an ARPA Connecting Housing to
Infrastructure Program(CHIP) grant where the work has not yet been completed.
• City Clerk/Records (60.7%)is below 100% due to the timing of election costs that were
overestimated.
• Purchasing (70.8%) is currently under 100%of expenditures due to salary savings.
• Human Resources (77.0%)has arbitration expenses that have not yet materialized along with
vacant positions.
General Fund Balance
The General Fund (001),which provides for public safety and general government services,was
positively affected by the end of 2023 due to the upturn of the fair value rates and increased interest
returns. These revenues were the main reason the year ended with a minimal increase to fund balance
rather than a decrease.
In the 4th quarter of 2024,the General Fund (001)balance increased by$5.6 million,to$16.1 million
(20.6%). This is increase was only made possible due to the one-time transfer of ARPA Loss Revenue
funds of$11.0 million. Without the influx of this one-time revenue,the General Fund would be showing
a decrease of$5.4 million, dropping the fund balance to$5.1 million (7.6%). This amount will change as
the year progresses,but is an indicator of what is currently trending.
Finance Quarterly Report-Page 2 18
CASH POSITION AND REVENUE UPDATE
City staff monitors revenues and manages expenses continuously.
Cash& Investments
As a current over-all indicator,the 4-year historic core city-wide cash and investments balance trend
shows December at$149.4 million. Each month is best compared to the same month in previous years to
account for seasonality and other annual events.
CASH AND INVESTMENTS HISTORY
$175,000,000 -
$150,000,000 -
$125,000,000 —
$loo,000,000
$75,000,000
$50,000,000 -
$25,000,000 I-
$0
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Sales Tax
This is the largest single funding source for the city. The 4th quarter city-wide cumulative revenue of
$39.9 million is below the quarterly cumulative amount budgeted by$2.2 million or 5.2%,and is less than
the prior year 4th quarter number by$237,862. The city receives sales tax from the State on a 2-month
lag from the actual point-of-sale transactions so these figures are for actual transactions through October.
The stabilization of inflation and more cautious spending are the most likely items influencing the slower
rate of increase of revenues from sales tax receipts. The graph below shows General Fund Sales Tax
revenues (General Sales Tax (001) and Criminal Justice Sales Tax (003) -as seen on page 10).
SALES TAX REVENUE
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative Current Year Cumulative Prior Year Cumulative
9
Finance Quarterly Report-Page 3
Property Tax
The 4th quarter cumulative Property Tax revenue is currently tracking close to budgeted amounts. The
2024 budget increased by$635,459 due to assessed valuations (a combination of the existing cap at 1%
and new growth). The following graph includes city-wide property tax revenue.
PROPERTY TAX REVENUE
$30,000,000 -
$20,000,000 -
$10,000,000 -
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative S Current Year Cumulative Prior Year Cumulative
Water
The 4th quarter cumulative water operating revenue of$12.4 million through December is up$393,254
from last year,most likely due to warmer seasonal weather. A cost of service and rate study for the
division was presented to City Council in October.
WATER REVENUE
$15,000,000
$10,000,000
$5,000,000
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
• Budget Cumulative •Current Year Cumulative Prior Year Cumulative
20
Finance Quarterly Report-Page 4
Wastewater
The 4th quarter cumulative wastewater operating revenue of$23.1 million is up$1,259,504 over budget
and above prior year by$241,112. A cost of service and rate study for the division was presented in July
of 2024.
WASTEWATER REVENUE
$30,000,000 -
$20,000,000 -
$10,000,000 -
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
• Budget Cumulative S Current Year Cumulative Prior Year Cumulative
Stormwater
For the provision of stormwater compliance and stormwater collection services a tax is levied against the
total assessments collected from annual stormwater assessment charges at the current rate of fifteen
percent. The 4th quarter cumulative operating assessments of$4,216,009 is up$151,599 over budget and
$124,910 over prior year.
STORMWATER REVENUE
$5,000,000 -
$4,000,000 -
$3,000,000 -
$2,000,000 -
$1,000,000 -
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
• Budget Cumulative •Current Year Cumulative Prior Year Cumulative
21
Finance Quarterly Report-Page 5
Refuse
The 4th quarter cumulative automated residential revenue of$8.3 million is up$548,079 over budget and
$303,802 over prior year. An average 3.5%rate increase in Refuse rates was approved by Council for
each year 2021 through 2025.
REFUSE REVENUE
$io,000,000 -
$7,500,000 -
$5,000,000 -
$2,500,000 -
$0 i i i i i i i i i i i
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative S Current Year Cumulative Prior Year Cumulative
Lodging Tax
The 4th quarter cumulative revenues of$1,931,646 are up$256,646 over budget and up$139,095
compared to prior year,and are currently up 15.3%over budgeted amounts.
LODGING TAX REVENUE
$3,000,000 -
$2,000,000 -
$1,000,000 -
$0 1 1 1 1 1 1 1 1 1 1 1
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
• Budget Cumulative S Current Year Cumulative Prior Year Cumulative
22
Finance Quarterly Report-Page 6
Real Estate Excise Tax (REET I & II,combined)
REET continues to struggle,with the 4th quarter cumulative revenue for REET$332,781 under budget,
but up$30,721 over prior year,mainly due to fluctuating interest rates.
REET 1/REET 2
$4,000,000 -
$3,000,000 -
$2,000,000 -
$1,000,000 -
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
• Budget Cumulative •Current Year Cumulative Prior Year Cumulative
Building Permits
After posting a minor increase at the end of the first quarter,and with a continuing downward trend in
the last 3 quarters,the 2024 4th quarter cumulative revenues of$763,842 are$30,158 under budget and
$36,594 below prior year. Permit activity shows that there were 901 permits for 151 dwelling units in the
4th quarter for 2024,compared with 1203 permits for 326 dwelling units in 2023,with the difference in
permit type mainly within the single family and residential alteration categories.
BUILDING PERMIT REVENUE
$i,000,000 -
$750,000 -
$500,000 -
$250,000 -
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative Current Year Cumulative Prior Year Cumulative
23
Finance Quarterly Report-Page 7
CITY-WIDE FUND BALANCE SUMMARY
CHANGE IN FUND BALANCE
2024 As of December 31 %of Change
Beginning 2024 2024 Ending Amended in Fund
Balance Actual Rev. Actual Exp. Balance Budget Balance
General Fund(001) $ 10,527,088 $ 72,638,310 $ 67,051,772 $ 16,113,626 20.6% 53.1
Criminal Justice(003) 1,210,367 3,289,739 3,587,148 912,958 23.2% (24.6)%
Firemen's Relief&Pension(612) 1,460,073 886,795 1,131,848 1,215,020 98.2% (16.8)%
General Fund Subtotal 13,197,528 76,814,844 71,770,768 18,241,604 21.9% 38.2
Parks and Recreation 545,218 6,690,889 6,393,146 842,961 12.9% 54.6
Street&Traffic Operations 2,298,985 6,037,503 5,103,574 3,232,914 46.8% 40.6
General Government Subtotal 16,041,731 89,543,236 83,267,488 22,317,479 165.8% 39.1
Other Governmental Operating Funds 8,328,941 29,937,318 28,823,413 9,442,846 26.3% 13.4
Government Capital Funds 17,590,195 26,208,918 24,717,378 19,081,735 47.4% 8.5
Enterprise Operating Funds 43,342,317 69,186,348 70,317,591 42,211,074 56.8% (2.6)%
Enterprise Capital Funds 31,765,780 22,030,432 15,986,718 37,809,494 81.6% 19.0
Internal Service Funds 7,221,388 10,537,871 12,518,897 5,240,362 32.1% (27.4)%
Employee Benefit Reserve 5,100,317 19,979,643 19,699,415 5,380,545 27.8% 5.5
Risk Management Reserves 7,982,497 4,653,136 5,067,078 7,568,555 101.0% (5.2)%
Debt Svc,Custodial&Trust Funds 4,350,980 10,824,286 10,743,340 4,431,926 88.2% 1.9 %
Total $141,724,146 $282,901,188 $271,141,318 $153,484,016 59.4% 8.3 %
This is a progress report to provide transparency and accountability. This table shows fund balances by
fund at this point in time. This is intended to provide transparency and accountability but is a snapshot,
not necessarily a reliable measure of predicted year-end.
In the 4th quarter of 2024,the General Fund (001)balance increased by$5.6 million,to$16.1 million
(20.6%). This is increase was only made possible due to the one-time transfer of ARPA Loss Revenue
funds of$11.0 million. Without the influx of this one-time revenue,the General Fund would be showing
a decrease of$5.4 million, dropping the fund balance to$5.1 million (7.6%).
Staff and Council continue discussions to review options,new revenues or budget reductions to comply
with reserve policies in the coming years.
24
Finance Quarterly Report-Page 8
CITY WIDE REVENUES & EXPENDITURES BY FUND GROUPING
REVENUE COMPARISON
(Budget vs.Actual)
2023 2024
Annual Annual
Amended Actual % Amended Actual cyo
Budget as of 12/31 Rec'd Budget as of 12/31 Rec'd
General Fund $ 72,887,326 $ 76,844,591 105.4% $ 76,462,963 $ 76,814,843 100.5 %
Parks and Recreation 6,162,752 6,069,533 98.5 % 6,553,589 6,690,889 102.1 %
Street&Traffic Operations 6,415,663 5,816,930 90.7% 6,615,518 6,037,503 91.3 %
General Government Subtotal 85,465,741 88,731,054 103.8% 89,632,070 89,543,235 99.9 %
Other Government Operating Funds 38,566,372 20,115,673 52.2 % 36,514,776 29,937,318 82.0%
Government Capital Funds 27,674,713 14,735,133 53.2 % 40,145,035 26,208,918 65.3 %
Enterprise Operating Funds 66,220,984 68,953,010 104.1 % 67,722,972 69,186,348 102.2 %
Enterprise Capital Funds 41,431,638 20,894,942 50.4% 35,335,920 22,030,432 62.3 %
Internal Service Funds 10,922,133 10,560,247 96.7% 12,027,532 10,537,871 87.6%
Employee Benefit Reserves 19,440,071 17,955,585 92.4% 20,443,592 19,979,643 97.7%
Risk Management Reserve 5,438,458 5,790,952 106.5 % 4,546,286 4,653,136 102.4%
Debt Svc,Custodial and Trust Funds 6,932,357 12,438,360 179.4% 5,108,771 10,824,286 211.9 %
Total $ 302,092,467 $ 260,174,956 86.1 % $ 311,476,954 $ 282,901,187 90.8%
EXPENDITURE COMPARISON
(Budget vs.Actual)
2023 2024
Annual Annual
Amended Actual % Amended Actual cyo
Budget as of 12/31 Exp'd Budget as of 12/31 Exp'd
General Fund $ 77,848,701 $ 76,226,951 97.9 % $ 83,198,499 $ 71,770,768 86.3 %
Parks and Recreation 6,233,727 6,087,862 97.7% 6,558,589 6,393,146 97.5 %
Street&Traffic Operations 6,573,038 5,055,219 76.9 % 6,903,842 5,103,574 73.9 %
General Government Subtotal 90,655,466 87,370,032 96.4% 96,660,930 83,267,488 86.1 %
Other Government Operating Funds 39,378,284 20,016,673 50.8% 35,929,822 28,823,413 80.2 %
Government Capital Funds 34,602,636 14,518,527 42.0% 40,277,202 24,717,378 61.4%
Enterprise Operating Funds 71,415,764 63,482,787 88.9 % 74,312,073 70,317,591 94.6%
Enterprise Capital Funds 48,211,297 20,820,684 43.2 % 46,326,210 15,986,718 34.5 %
Internal Service Funds 15,198,437 10,132,737 66.7% 16,316,835 12,518,897 76.7%
Employee Benefit Reserves 18,468,153 17,770,727 96.2 % 19,366,358 19,699,415 101.7%
Risk Management Reserve 6,560,714 4,693,387 71.5 % 7,497,242 5,067,078 67.6%
Debt Svc,Custodial and Trust Funds 6,931,848 12,111,042 174.7% 5,024,842 10,743,340 213.8%
Total $ 331,422,599 $ 250,916,596 75.7% $ 341,711,514 $ 271,141,318 79.3 cyo
2S
Finance Quarterly Report-Page 9
GENERAL GOVERNMENT REVENUE DETAIL
GENERAL GOVERNMENT REVENUES
2024 2024
Revenues as of December 31 Amended Percent
General Fund 2022 2023 2024 Budget Rec'd
Property Tax $ 9,066,584 $ 8,852,130 $ 8,487,097 $ 8,807,406 96.4%
General Sales Tax 22,757,989 23,446,284 23,207,678 24,834,000 93.5 %
Criminal Justice Sales Tax 5,085,642 5,323,684 5,271,525 5,349,000 98.6%
Utility&Franchise Taxes 20,505,532 21,535,506 21,571,816 21,875,730 98.6%
Other Taxes 1,309,217 1,334,458 1,631,857 1,260,389 129.5 %
Licenses and Permits 1,796,136 2,000,113 1,962,807 1,921,200 102.2
Intergovernmental Revenues 4,485,636 3,319,896 3,468,531 5,368,558 64.6%
Charges for Services 2,871,331 3,310,876 3,304,126 3,130,502 105.5 %
Fines and Forfeitures 1,212,744 1,465,208 1,482,771 1,256,670 118.0%
Other Revenue (342,556) 6,256,435 6,426,635 2,659,508 241.6%
Total General Fund 68,748,255 76,844,590 76,814,843 76,462,963 100.5 %
Parks&Recreation
Property Tax 2,673,716 3,173,716 3,570,919 3,570,919 100.0%
Intergovernmental Revenues 178,739 42,610 70,973 64,830 109.5 %
Charges for Services 838,350 817,444 905,310 873,115 103.7%
Other Revenue 1,936,632 2,035,763 2,143,687 2,044,725 104.8%
Total Parks&Recreation 5,627,437 6,069,533 6,690,889 6,553,589 102.1 %
Streets
Property Tax 4,399,808 4,400,000 4,580,000 4,580,000 100.0%
Intergovernmental Revenues 1,393,740 1,399,144 1,368,386 1,501,000 91.2 %
Charges for Services 4,333 3,750 29,830 534,518 5.6%
Other Revenue 44,443 14,036 59,287 — n/a
Total Streets 5,842,324 5,816,930 6,037,503 6,615,518 91.3 %
Total General Government $ 80,218,016 $ 88,731,053 $ 89,543,235 $ 89,632,070 99.9 %
Year to date revenues above are mostly consistent with historical trends,significant differences are noted
below.
• Sales Tax,the major contributor to the General Fund,is at 93.5%of the Amended Budget,
basically declining since the first quarter of 2024.
• Intergovernmental revenue for the General Fund (64.6%)is below 100%mainly due to the
timing of incoming grant funds.
• Other Revenue (241.6%) is over 100%,mainly due to investment interest.
• Property Tax is currently at 96.4% due to the timing of these revenue payment from the
County.
26
Finance Quarterly Report-Page 10
GENERAL GOVERNMENT EXPENDITURE DETAIL
GENERAL FUND EXPENDITURE DETAIL
2024
Expenditures as of December 31 Amended Percent
General Fund 2022 2023 2024 Budget Exp'd
Police $ 33,614,945 $ 35,717,940 $ 38,468,438 $ 37,941,545 101.4
Fire 18,473,992 19,036,490 20,034,425 18,713,937 107.1 %
Information Technology 3,684,426 4,108,372 4,691,641 4,826,911 97.2 %
Code Administration 2,397,260 1,749,548 2,003,728 3,316,109 60.4%
Finance 2,571,208 2,573,541 2,088,344 2,151,216 97.1 %
Legal 2,081,204 2,262,956 2,312,815 2,385,387 97.0%
Municipal Court 1,736,641 2,014,370 2,044,739 2,460,117 83.1 %
Indigent Defense 1,152,637 1,610,047 1,769,696 1,500,000 118.0%
Human Resources 781,992 871,373 923,592 1,198,747 77.0%
Firemen's Relief/Pension 1,111,102 1,058,381 1,131,848 1,237,747 91.4%
Engineering 848,902 984,446 876,648 1,018,150 86.1 %
Planning 710,570 650,747 789,701 943,916 83.7%
Economic Development 495,919 464,018 1,332,165 772,593 172.4%
City Clerk/Records 639,186 905,962 441,075 727,037 60.7%
Police Pension 602,448 772,996 598,780 675,130 88.7%
City Management 742,827 623,355 736,875 672,620 109.6%
City Hall Facility 459,907 484,964 546,775 568,853 96.1 %
Purchasing 418,259 354,422 332,076 468,782 70.8%
City Council 238,827 273,488 328,562 355,595 92.4%
Intergovernmental 142,289 132,427 150,264 138,140 108.8%
Interfund Distributions 1 (1,542,496) (422,892) 1,161,155 1,125,967 103.1 %
Parking 2 80,273 n/a
Total General Fund 71,442,318 76,226,951 71,770,768 83,198,499 86.3 %
Year to date expenditures above are consistent with historical trends other than the items noted below.
• Economic Development is at 172.4% due to the purchase of the Chamber of Commerce
building.
• Indigent Defense is at 118.0%,mainly due to increased rates for professional services.
• City Management (109.6%) is above 100% due to the separation of the previous City Manager.
• Intergovernmental is at 108.8% due to the timing of payments to external agencies.
• Codes (60.4%) is under 100%of expenditures,mainly due to an ARPA Connecting Housing to
Infrastructure Program(CHIP) grant where the work has not yet been completed.
• City Clerk/Records (60.7%)is below 100% due to the timing of election costs that were
overestimated.
• Purchasing (70.8%) is currently under 100%of expenditures due to salary savings.
• Human Resources (77.0%)has arbitration expenses that have not yet materialized along with
vacant positions.
1 City Service charges are required to be shown as a reimbursement of expense instead of a revenue per the State Auditor. These numbers can
vary dependent upon the timing of the City Services Reimbursements and transfers out.
2 Parking was moved into the Police department as of 2023. A final journal entry will be done for 2023 once all reoccurring charges have
expired.
27
Finance Quarterly Report-Page 11
OTHER FUNDS DETAIL
OTHER GOVERNMENT OPERATING FUNDS
2024 As of December 31 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Neighborhood Development 1,084,145 1,296,115 1,357,099 1,023,161 (5.6)%
Community Relations 708,599 472,151 630,603 550,147 (22.4)%
Clean City Program 495,308 997,279 585,546 907,041 83.1%
Cemetery 183,077 334,752 416,907 100,922 (44.9)%
Emergency Services 107,751 2,638,083 2,160,866 584,968 442.9%
Public Safety Communication 1,871,928 4,605,006 4,685,356 1,791,578 (4.3)%
Police Grants 954,705 557,190 379,505 1,132,390 18.6%
PBIA(Park/Bus Improvement Area) 80,643 204,839 182,284 103,198 28.0%
Trolley 52,133 13,936 18,273 47,796 (8.3)%
Front Street Bus Improvement Area 10,094 4,000 7,473 6,621 (34.4)%
Convention&Event Center 822,377 2,215,182 1,911,767 1,125,792 36.9%
Capitol Theatre 107,989 409,776 421,500 96,265 (10.9)%
PFD-Convention Center 926,013 1,225,860 1,346,223 805,650 (13.0)%
Tourism Promotion Area 126,107 1,160,213 1,160,211 126,109 -%
PFD-Capitol Theatre 730,372 928,675 685,539 973,508 33.3%
American Rescue Plan Act(ARPA)1 67,700 12,874,261 12,874,261 67,700 -%
Total Other Gov't Operating Funds $ 8,328,941 $ 29,937,318 $ 28,823,413 $ 9,442,846 13.4%
GOVERNMENTAL CAPITAL FUNDS
2024 As of December 31 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Central Bus District Capital 55,024 - - 55,024 -%
Capitol Theatre Construction 197,361 89,454 62,557 224,258 13.6%
Yakima Redevelopment Area 745,825 2,000,822 525,876 2,220,771 197.8%
Parks&Recreation Capital 365,035 6,780,629 6,562,290 583,374 59.8%
Fire Capital 606,002 169,702 202,256 573,448 (5.4)%
Law and Justice Capital 975,025 488,738 37,974 1,425,789 46.2%
Public Works Trust Construction 2,978,608 1,326,057 1,458,562 2,846,103 (4.4)%
REET 2 Capital 1,114,692 1,241,609 1,888,420 467,881 (58.0)%
Street Capital 5,211,580 1,676,044 1,961,997 4,925,627 (5.5)%
Street Overlay&Reconstruction 3,308,660 11,655,863 11,448,121 3,516,402 6.3%
Cony&Event Center Cap Impr 1,839,511 780,000 420,526 2,198,985 19.5%
Reserve for Capital Improvement 192,872 - 148,799 44,073 (77.1)%
Total Gov't Capital Funds $ 17,590,195 $ 26,208,918 $ 24,717,378 $ 19,081,735 8.5%
1 The American Rescue Plan Act(ARPA)Special Revenue Fund(180)was created to account for funds received from the Office of Financial
Management(OFM)to aid in the recovery from the budgetary,economic,and financial impacts of the COVID pandemic.
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Finance Quarterly Report-Page 12
ENTERPRISE OPERATING FUNDS
2024 As of December 31 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Airport Operating $ 1,250,696 $ 1,873,120 $ 2,042,247 $ 1,081,569 (13.5)%
Stormwater Operating 2,702,965 4,211,969 3,429,470 3,485,464 28.9%
Transit Operating 13,239,870 13,419,544 10,657,156 16,002,258 20.9%
Refuse 5,042,505 10,184,224 9,479,229 5,747,500 14.0%
Wastewater Operating 12,518,020 24,809,291 28,774,988 8,552,323 (31.7)%
Water Operating 7,515,184 12,466,410 13,366,270 6,615,324 (12.0)%
Irrigation Operating 1,073,077 2,221,790 2,568,231 726,636 (32.3)%
Total Enterprise Operating Funds $ 43,342,317 $ 69,186,348 $ 70,317,591 $ 42,211,074 (2.6)%
ENTERPRISE CAPITAL FUNDS
2024 As of December 31 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Airport Capital $ 409,993 $ 1,190,831 $ 1,351,159 $ 249,665 (39.1)%
Stormwater Capital 4,678,448 803,782 451,231 5,030,999 7.5%
Transit Capital 4,585,744 1,845,931 872,663 5,559,012 21.2%
Wastewater Facilities Capital 2,904,321 1,000,000 1,316,552 2,587,769 (10.9)%
Wastewater Construction Capital 9,676,224 2,040,318 4,571,769 7,144,773 (26.2)%
Wastewater Capital 2,976,755 3,005,922 2,569,511 3,413,166 14.7%
Water Capital 8,179,481 8,000,000 1,418,151 14,761,330 80.5%
Irrigation Capital (1,645,186) 4,143,648 3,435,682 (937,220) (43.0)%
Total Enterprise Capital Funds $ 31,765,780 $ 22,030,432 $ 15,986,718 $ 37,809,494 19.0%
INTERNAL SERVICE FUNDS
2024 As of December 31 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Equipment Rental $ 5,499,479 $ 6,712,433 $ 8,455,856 $ 3,756,056 (31.7)%
Environmental 281,654 161,387 422,205 20,836 (92.6)%
Public Works Administration 700,567 1,445,058 1,425,828 719,797 2.7%
Utility Services 739,688 2,218,993 2,215,008 743,673 0.5%
Total Enterprise Operating Funds $ 7,221,388 $ 10,537,871 $ 12,518,897 $ 5,240,362 (27.4)%
2 The negative Irrigation Capital fund balance is due to project costs associated with the Nelson Dam Removal Project. An interfund loan from
the Wastewater/Stormwater Division partially corrected this in 2024. Meetings are scheduled on how to best correct the remaining negative
balance in 2025.
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Finance Quarterly Report-Page 13
EMPLOYEE BENEFIT RESERVES
2024 As of December 31 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Unemployment Comp Reserve $ 510,649 $ 262,919 $ 308,367 $ 465,201 (8.9)%
Employees Health Ben Reserve 4,020,232 15,683,334 16,172,755 3,530,811 (12.2)%
Worker's Comp Reserve 364,854 3,958,390 3,171,401 1,151,843 215.7%
Wellness/EAP 204,582 75,000 46,892 232,690 13.7%
Total Employee Benefit Reserve $ 5,100,317 $ 19,979,643 $ 19,699,415 $ 5,380,545 5.5%
RISK MANAGEMENT RESERVE
2024 As of December 31 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Risk Management Reserve $ 7,982,497 $ 4,653,136 $ 5,067,078 $ 7,568,555 (5.2)%
DEBT SERVICE,CUSTODIAL&TRUST FUNDS
2024 As of December 31 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
GO Bond Redemption
2002 GO Convention Center $ 366,200 $ 1,660,924 $ 1,404,278 $ 622,846 70.1 %
2005 GO Various Bonds 17,626 2,949,914 2,949,914 17,626 -%
Total GO Bond Redemption $ 383,826 $ 4,610,838 $ 4,354,192 $ 640,472 66.9 %
Water/Sewer Revenue Bond Redemption
WW Rev Bond&2008 Debt Service $ 14,897 $ 387,900 $ 384,325 $ 18,472 24.0 %
Irrigation Bond Debt Service 29,314 270,750 264,438 35,626 21.5 %
WW Rev Bond Rsv&2012 Debt Svc 1,620,948 1,620,948 0/0
Total W/S Rev Bond Redemption $ 1,665,159 $ 658,650 $ 648,763 $ 1,675,046 0.6 %
Custodial and Trust Funds
YakCorps $ 1,160,478 $ $ $ 1,160,478 0/0
Custodial Fund 402,770 5,538,150 5,728,385 212,535 (47.2)%
Cemetery Trust 738,747 16,648 12,000 743,395 0.6 %
Total Custodial and Trust Funds $ 2,301,995 $ 5,554,798 $ 5,740,385 2,116,408 (8.1)%
Total Debt Svc,Cust&Trust Funds $ 4,350,980 $ 10,824,286 $ 10,743,340 $ 4,431,926 1.9 cyo
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Finance Quarterly Report-Page 14