HomeMy WebLinkAbout03/07/2023 06.B. 2022 4th Quarter Financial Report ________;Th„„„„,„
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 6.B.
For Meeting of: March 7, 2023
ITEM TITLE: 2022 4th Quarter Financial Report
SUBMITTED BY: Jennifer Ferrer-Santa Ines, Director of Finance and Budget*
SUMMARY EXPLANATION:
The Fourth Quarter Financial Report for 2022 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: NA
STRATEGIC PRIORITY: Public Trust and Accountability
APPROVED FOR SUBMITTAL BY THE CITY MANAGER
RECOMMENDATION:
Review only. Submitted for routine transparency and accountability.
ATTACHMENTS:
Description Upload Date Type
0 rinancial I-report 2/28/2023 Backup Material
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To: Honorable Mayor and Members of the City Council
Bob Harrison,City Manager
From: Jennifer Ferrer-Santa Ines,Director of Finance &Budget
Kimberly Domine,Financial Services Manager
Kathy Miles,Finance Department Analyst
Date: March 7,2022
Subject: 2022 4th Quarter Financial Update
This financial update is a preliminary,unaudited,report for the 4th quarter ended December 31,2022,all
quarters,or 100%of the year,intended to inform and assist governance decisions for future planning. In
total,city revenues are at 77.1%of budget and expenditures are at 73.9%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 2022 will not be completed until later
in 2023,which may affect final numbers.
COVID's Economic Effects on City Revenues
The American Rescue Plan Act (ARPA) funds positively impacted 2022,increasing budgeted revenues
and expenses and affecting"normal"budgetary percentages in the accompanying reports uniquely. The
economic effects of COVID and the CARES Act affected 2021 uniquely,complicating comparison to prior
year.
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. While numbers for most of these revenues
improved in the first part of 2022 and year-to-date numbers are still showing growth from last year
(103.6%),the growth has slowed significantly from the beginning of the year (115.8%).
• Sales Tax is currently exceeding budget by 18.6%in the 4th quarter. Major categories that are
leading this increase in Sales Tax are:
Real Estate,Rental and Leasing is up 7.1%,with the largest increases in office machinery
and equipment rental.
Finance Quarterly Report-Page 1
3
• Accommodations and food services are up 12.5%,mainly due to the food services and
drinking places category.
• Construction is also going strong with an increase of 12.813/0 over last year,mostly in the
specialty trade category(masonry,plumbing,electrical,etc).
• Other services are up 17.7%,with linen supply services showing the largest increase.
• The Wholesale category is currently at 7.9%,with the largest increases in construction and
medical supplies.
• Lodging Tax had a significant downturn in 2020 and 2021 due to the economic effects of the
COVID pandemic but has improved significantly in 2022. Lodging Tax is now showing
significant signs of improvement,up 10.6%from budgeted amounts in the 4th quarter.
• Building Permits and Fire Inspection Fees decreased during 2020 and into 2021,and while
building permit revenue has improved (now above budget expectations),fire inspection fees are
still well below budget,and continue to be monitored monthly.
• Investment Interest is currently running over double the amount of budget due to increases in
Local Government Investment Pool(LGIP)rates.
General Fund's Performance to Budget
General Fund Revenues in total are at 96.7%;the largest components are:
• Licenses and Permits continues to show improvement from last year at 105.5%of 2021
numbers.
• Criminal Justice Tax is at 106.2%.
• Other Revenue, consisting mainly of investments interest and P-Card rebates,is at(24.3)%as
the result of an approximately$800,000 loss due to the requirement to report investments at
fair value,which changed drastically in December.
General Fund Expenditures in total are at 98.1%. The largest component variances are:
• Economic Development is currently at 110.7%due to a change in accounting presentation for
Section 108 debt.
• Fire is at 107.1%,mainly due to the settlement of the union contract and overtime.
• Firemen's Relief/Pension is at 106.3%due to increased claim activity.
• Indigent Defense is at 104.8%,due to increased caseload.
• City Clerk,Code Administration and Parking are all currently under 80% of expenditures,
mostly due to the timing of invoices received.
General Fund Balance
The General Fund (001),which provides for public safety and general government services. has been
negatively affected by two major factors.
• The settlement of both the Fire (1 year)and Police (3 year)union contract negotiations.
• The downturn in the fair value rate for investments interest at the end of the year.
After calculations and payout of Police and Fire labor contract agreements,fund balance has been further
reduced to offset the variance between budgeted labor increases and actual contract settlements by$2.4
million.
Finance Quarterly Report-Page 2
4
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$149.9 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 - -
$ ,000,000 -
$75,000,000
$50000000
$25100,000,000
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Sales Tax
This is the largest single funding source for the city. The 4th quarter city-wide cumulative revenue of
$27.8 million exceeds the cumulative budget by$4.4 million or 18.6%and is greater than prior year by
$624,153. 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. Rising inflation,unchanged
spending and consumption by end users have all influenced the increase of revenues from sales tax
receipts. Due to staff shortages,the revenue for July was not posted until August,creating the anomaly
in the chart below. 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
$30,000,000 -
$20,000,000 -
$10,000,000 -
$0 I Li*
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative Current Year Cumulative Prior Year Cumulative
Finance Quarterly Report-Page 3
5
Property Tax
The 4th quarter cumulative Property Tax revenue is tracking right on budget. The 2022 budget increased
by$313,175 due to assessed valuations(a combination of the existing cap at 1%and new growth). The
following chart includes city-wide property tax revenue.
PROPERTY TAX REVENUE
$30,000,000 -
$20,000,000 - /89
$10,000,000 -
$o i i I 1 I 1
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative Current Year Cumulative Prior Year Cumulative
Water
The 4th quarter cumulative water operating revenue of$11.3 million through December is down$25,685
from last year,most likely due to cooler spring weather,the timing of billings,and changes to the billing
cycle. A rate increases of 5% went into effect in January of 2022. January 2022 was overstated,as there
was a billing error in January that was corrected in February.
WATER REVENUE
$15,000,000
$10,000,000 -
$5,000,000 -1
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative U Current Year Cumulative Prior Year Cumulative
Finance Quarterly Report-Page 4
6
Wastewater
The 4th quarter cumulative wastewater operating revenue of$22.7 million is up$924,884 over budget
and $585,390 over prior year. An average 3.2%rate increase was approved by Council for 2022. A cost of
service and rate study for the division was planned and budgeted for 2022,but will not be completed
until 2023.
WASTEWATER REVENUE
$30,000,000 -
$20,000,000 -
$10,000,000 - — 1
$0 1 1 I I 1 1 1 I I I I
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
• Budget Cumulative u Current Year Cumulative Prior Year Cumulative
Stormwater
The 4th quarter cumulative operating assessments of$4.1 million are down$25,443 under budget and
$330,064 over prior year. 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. A journal entry at year end is required to account for the timing of
payments and the intergovernmental nature of this revenue.
STORMWATER REVENUE
$5,000,000 -
$4,000,000 -
$3,000,000 - /1\\
$2,000,000 -
$1,000,000 - - ``
$0 1 I I I I
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative U Current Year Cumulative Prior Year Cumulative
Finance Quarterly Report-Page 5
7
Refuse
The 4th quarter cumulative automated residential revenue of$7.5 million is up$190,219 over budget and
$601,607 over prior year. An average 3.5%rate increase in Refuse rates was approved by Council for
each year 2021 through 2025 as reflected in the 2022 budget.
REFUSE REVENUE
$10,000,000 -
$7,500,000 -
$5,000,000 -
$2,500,000 -
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative Current Year Cumulative Prior Year Cumulative
Lodging Tax
The 4th quarter cumulative revenue of$1.6 million is up$156,860 over budget and up$269,260 compared
to prior year. The comparison of each month's revenue to the same month in prior year improved
through the last six months of 2021,and into the 4th quarter of 2022,showing steady improvement for
the first time in almost two years. The City is hopeful that this positive trend steadily continues moving
forward. Due to staff shortages,the revenue for July was not posted until August,creating the anomaly
in the chart below.
LODGING TAX REVENUE
$2,000,000 -
$1,500,000 -
$1,000,000 -
$500,000 -
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative U Current Year Cumulative Prior Year Cumulative
Finance Quarterly Report-Page 6
8
Real Estate Excise Tax(REET I &II, combined)
The 4th quarter cumulative revenue for REET of$3.6 million is up$381,698 over budget and up$59,444
over prior year,most likely due to fluctuating interest rates.
REET 1/REET 2
$4,000,000 —
$3,000,000 —
$2,000,000 —
`$1,000,000 —
$o I I 11 I I I 1 I I
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
• Budget Cumulative U Current Year Cumulative Prior Year Cumulative
Building Permits
After a slow start in 2022, the 4th quarter cumulative revenues of$780,922 are up$138,922 over budget
and $37,210 above prior year,showing improvement from the slow start in the first two months of 2022.
Permit activity shows that there were 1131 permits for 540 dwelling units at the end of the year for 2022,
compared with 987 permits for 464 dwelling units in 2021,with the difference in permit type mainly
within the residential and commercial alteration categories.
BUILDING PERMIT REVENUE
$1,000,000 —
$750,000 —
$500,000 —
$250,000 —
1 I
$o I I I 1 1 1 1 1 I 1 1
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative _Current Year Cumulative Prior Year Cumulative
Finance Quarterly Report-Page 7
9
CITY-WIDE FUND BALANCE SUMMARY
CHANGE IN FUND BALANCE
2022 As of December 31 Percent Change
Beginning 2022 2022 Ending of in Fund
Balance Actual Rev. Actual Exp. Balance Exp Balance
General Fund (001) 12,006,180 63,988,430 67,043,343 8,951,267 13.4 % (25.4)%
Criminal Justice(003) 1,618,308 3,161,451 3,326,834 1,452,925 43.7% (10.2)%
Firemen's Relied&Pension(612) 1,649,463 1,049,342 1,111,102 1,587,703 142.9 % (3.7)%
General Fund Subtotal $ 15,273,951 $ 68,199,223 $ 71,481,279 $ 11,991,895 16.8 % (21.5)%
Parks and Recreation1 1,097,390 5,599,865 6,138,926 558,329 9.1 % (49.1)%
Street&Traffic Operations 1,250,587 5,862,263 5,702,102 1,410,748 24.7% 12.8
General Government Subtotal 17,621,928 79,661,351 83,322,307 13,960,972 16.8 % (20.8)%
Other Governmental Operating Funds 7,180,598 17,488,367 16,899,114 7,769,851 46.0 % 8.2%
Government Capital Funds 15,677,324 12,393,356 10,570,643 17,500,037 165.6 % 11.6%
Enterprise Operating Funds 39,315,874 67,064,161 67,509,610 38,870,425 57.6 % (1.1)%
Enterprise Capital Funds 35,562,232 25,062,103 28,908,394 31,715,941 109.7% (10.8)%
Internal Service Funds 4,086,213 11,812,892 10,253,545 5,645,560 55.1 % 38.2
Employee Benefit Reserve 5,240,036 16,450,482 16,755,291 4,935,227 29.5 % (5.8)%
Risk Management Reserves 4,852,012 6,235,080 4,566,087 6,521,005 142.8 % 34.4
Debt Service&Agency Funds 3,608,982 11,518,210 11,077,388 4,049,804 36.6 % 12.2
Total $133,145,199 $247,686,002 $249,862,379 $130,968,822 52.4 % (1.6)%
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 a reliable measure of predicted year-end.
The ending fund balance in the General Fund (001)has been reduced to 13.4%,which falls below Council
policy of maintaining 16.7%of reserves.
1 Parks and Recreation was budgeted in 2022 to use some of the fund balance,and is consequently showing a change of(49.1)%.
Finance Quarterly Report-Page 8
10
CITY WIDE REVENUES & EXPENDITURES BY FUND GROUPING
REVENUE COMPARISON
(Budget vs.Actual)
2021 2022
Annual Annual
Amended Actual % Amended Actual %
Budget as of 12/31 Rec'd Budget as of 12/31 Rec'd
General Fund $ 69,979,616 $ 65,788,833 94.0% $ 70,544,525 $ 68,199,222 96.7
Parks and Recreation 5,745,833 5,344,701 93.0% 5,710,260 5,599,865 98.1 %
Street&Traffic Operations 6,353,125 5,238,558 82.5 % 6,478,808 5,862,263 90.5 %
General Government Subtotal 82,078,574 76,372,092 93.0% 82,733,593 79,661,350 96.3 %
Other Government Operating Funds 34,206,215 20,179,800 59.0% 46,513,849 17,488,367 37.6
Government Capital Funds 23,266,690 21,939,879 94.3 % 41,148,287 12,393,356 30.1 %
Enterprise Operating Funds 68,198,108 64,897,366 95.2% 69,830,538 67,064,161 96.0 %
Enterprise Capital Funds 31,865,671 17,149,641 53.8% 38,366,070 25,062,103 65.3 %
Internal Service Funds 7,715,777 8,439,175 109.4% 12,049,036 11,812,892 98.0
Employee Benefit Reserves 16,293,943 15,761,251 96.7% 17,700,231 16,450,482 92.9
Risk Management Reserve 5,126,916 5,468,324 106.7% 5,873,577 6,235,080 106.2
Debt Service&Agency Funds 7,495,303 12,845,562 171.4% 7,100,227 11,518,210 162.2 %
Total $ 276,247,197 $ 243,053,090 88.0% $ 321,315,408 $ 247,686,001 77.1 %
EXPENDITURE COMPARISON
(Budget vs.Actual)
2021 2022
Annual Annual
Amended Actual % Amended Actual %
Budget as of 12131 Exp'd Budget as of 12/31 Exp'd
General Fund $ 70,950,328 $ 63,810,480 89.9% $ 72,847,260 $ 71,481,281 98.1
Parks and Recreation 5,861,436 5,307,755 90.6% 6,386,672 6,138,926 96.1
Street&Traffic Operations 6,352,464 4,903,394 77.2% 6,567,056 5,702,102 86.8 %
General Government Subtotal 83,164,228 74,021,629 89.0% 85,800,988 83,322,309 97.1 %
Other Government Operating Funds 29,723,343 18,464,135 62.1 % 38,743,539 16,899,114 43.6
Government Capital Funds 35,397,699 25,993,810 73.4% 37,008,593 10,570,643 28.6
Enterprise Operating Funds 67,535,670 57,766,606 85.5 % 75,163,417 67,509,610 89.8 %
Enterprise Capital Funds 37,588,968 15,212,379 40.5 % 58,471,085 28,908,394 49.4 %
Internal Service Funds 9,910,780 8,344,651 84.2% 13,124,430 10,253,545 78.1 %
Employee Benefit Reserves 16,933,061 16,265,817 96.1 % 17,265,080 16,755,291 97.0
Risk Management Reserve 5,688,793 5,453,619 95.9% 5,555,497 4,566,087 82.2
Debt Service&Agency Funds 7,554,302 11,784,578 156.0% 7,100,520 11,077,388 156.0
Total $ 293,496,844 $ 233,307,224 79.5 % $ 338,233,149 $ 249,862,381 73.9 %
Finance Quarterly Report-Page 9
11
GENERAL G D VERNMENT REVENUE DETAIL
GENERAL GOVERNMENT REVENUES
2022 2022
Revenues as of December 31 Amended Percent
General Fund 2020 2021 2022 Budget Rec'd
Property Tax $ 10,289,701 $ 8,967,221 $ 9,039,840 $ 9,335,615 96.8 %
General Sales Tax 19,076,166 22,116,944 22,695,379 22,306,000 101.7
Criminal Justice Sales Tax 3,839,176 5,032,902 5,078,620 4,781,000 106.2
Utility&Franchise Taxes 18,482,716 19,070,610 20,088,210 20,325,209 98.8
Other Taxes 760,317 1,273,990 1,328,879 1,082,000 122.8
Licenses and Permits 1,607,364 1,711,245 1,798,976 1,704,700 105.5 %
Intergovernmental Revenues 7,379,313 3,697,113 4,371,221 4,916,161 88.9 %
Charges for Services 2,872,647 3,470,078 2,883,411 3,449,776 83.6 %
Fines and Forfeitures 1,022,921 1,381,103 1,212,744 1,418,000 85.5 %
Other Revenuer 2,149,131 (932,373) (298,058) 1,226,064 (24.3)%
Total General Fund 67,479,452 65,788,833 68,199,222 70,544,525 96.7
Parks&Recreation
Property Tax 2,826,147 2,702,528 2,673,716 2,673,716 100.0 %
Intergovernmental Revenues 70,116 67,142 178,739 199,955 89.4 %
Charges for Services 206,647 647,360 838,350 945,115 88.7%
Other Revenue 1,740,965 1,927,671 1,909,060 1,891,474 100.9 %
Total Parks&Recreation 4,843,875 5,344,701 5,599,865 5,710,260 98.1
Streets
Property Tax 4,016,314 3,742,125 4,399,808 4,399,808 100.0
Intergovernmental Revenues 1,543,665 1,426,144 1,413,679 1,574,000 89.8 %
Charges for Services 544,958 5,020 4,333 505,000 0.9 %
Other Revenue 1,968,922 65,269 44,443 — n/a
Total Streets 8,073,859 5,238,558 5,862,263 6,478,808 90.5 %
Total General Government $ 80,397,186 $ 76,372,092 $ 79,661,350 $ 82,733,593 96.3 %
Note: Year to date revenues above are consistent with historical trends.
1 Other Revenue is at(24.3)%as the result of an approximately$800,000 loss due to the requirement to report investments at fair value,which
changed drastically in December.
Finance Quarterly Report-Page 10
12
GENERAL G D VERNMENT EXPENDITURE DETAIL
GENERAL FUND EXPENDITURE DETAIL
2022
Expenditures as of December 31 Amended Percent
General Fund 2020 2021 2022 Budget Exp'd
Police $ 28,521,699 $ 29,366,419 $ 33,609,451 $ 33,548,975 100.2%
Fire 15,650,247 15,855,053 18,470,079 17,241,271 107.1 %
Information Technology 2,739,420 3,837,328 3,680,084 4,518,741 81.4%
Finance 1,278,140 2,350,457 2,563,207 2,775,553 92.3%
Legal 1,720,293 1,831,365 2,067,411 2,201,864 93.9%
Code Administration 1,813,871 1,834,935 2,395,719 3,021,868 79.3%
Municipal Court 1,642,758 1,674,931 1,732,080 1,824,844 94.9%
Indigent Defense 1,078,094 1,098,102 1,152,637 1,100,000 104.8%
Firemen's Relief/Pension 1,180,451 1,072,915 1,111,102 1,045,252 106.3%
Engineering 735,620 799,635 845,434 987,677 85.6%
Human Resources 493,023 718,882 775,821 955,521 81.2%
Planning 815,926 724,355 707,814 826,804 85.6%
City Management 2,479,555 813,362 741,537 819,157 90.5%
Police Pension 730,654 681,824 602,448 717,932 83.9%
City Clerk/Records 366,023 731,905 528,010 685,847 77.0%
Economic Development 152,223 405,092 737,014 665,761 110.7%
City Hall Facility 359,230 388,918 459,142 518,211 88.6%
Purchasing 237,338 422,535 417,910 452,601 92.3%
City Council 127,494 235,659 235,827 284,804 82.8%
Interfund Distributions 1 2,117,457 (1,328,441) (1,574,008) (1,583,670) 99.4%
Parking 222,036 124,562 80,273 101,986 78.7%
Intergovernmental 236,474 170,685 142,289 136,261 104.4%
Clean City Fund 2 243,350 n/a
Total General Fund 64,941,376 63,810,478 71,481,281 72,847,260 98.1 %
1 As of 2021 City Service charges are required to be shown as a reimbursement of expense instead of a revenue per the State Auditor.This
change was implemented by the City at the end of the 2021 fiscal year.
2 The Clean City Fund,originally set up as part of the General Fund,was authorized as a special revenue fund by ordinance on 9/7/21.
Finance Quarterly Report-Page 11
13
OTHER FUNDS DETAIL
OTHER GOVERNMENT OPERATING FUNDS
2022 As of December 31 %Change
Beginning 2022 2022 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Economic Development 606,936 $ - $ - $ 606,936 -%
Neighborhood Development 427,756 1,526,320 1,651,979 302,097 (29.4)%
Community Relations 870,766 607,747 699,257 779,256 (10.5)%
Clean City Program 18,813 818,919 570,294 267,438 n/a
Cemetery 172,379 404,754 384,656 192,477 11.7%
Emergency Services 145,497 1,632,173 1,576,949 200,721 38.0%
Public Safety Communication 1,351,097 4,391,665 4,118,598 1,624,164 20.2%
Police Grants 936,847 629,082 739,195 826,734 (11.8)%
PBIA(Park/Bus Improvement Area) 80,691 164,430 166,352 78,769 (2.4)%
Trolley 41,242 13,734 8,708 46,268 12.2%
Front Street Bus Improvement Area 7,238 2,340 1,565 8,013 10.7%
Convention&Event Center 607,144 2,012,843 1,901,540 718,447 18.3%
Capitol Theatre 83,416 455,918 437,038 102,296 22.6%
PFD-Convention Center 1,248,458 1,196,722 1,236,807 1,208,373 (3.2)%
Tourism Promotion Area 91,785 1,164,401 1,164,401 91,785 -%
PFD-Capitol Theatre 422,833 906,621 681,077 648,377 53.3%
American Rescue Plan Act(ARPA)1 67,700 1,560,698 1,560,698 67,700 -%
Total Other Gov't Operating Funds $ 7,180,598 $ 17,488,367 $ 16,899,114 $ 7,769,851 8.2%
GOVERNMENTAL CAPITAL FUNDS
2022 As of December 31 %Change
Beginning 2022 2022 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Central Bus District Capital 55,012 12 - 55,024 -%
Capitol Theatre Construction2 273,635 60,000 246,658 86,977 (68.2)%
Yakima Redevelopment Area 20,664 1,000,000 647,097 373,567 n/a
Parks&Recreation Capital 313,601 450,573 592,390 171,784 (45.2)%
Fire Capital 455,050 138,573 83,386 510,237 12.1%
Law and Justice Capital 1,371,642 391,613 335,411 1,427,844 4.1%
Public Works Trust Construction 4,360,786 1,894,758 1,932,228 4,323,316 (0.9)%
REET 2 Capital 1,530,662 1,782,849 1,638,553 1,674,958 9.4%
Street Capital 3,066,264 1,674,208 541,409 4,199,063 36.9%
Street Overlay&Reconstruction 2,206,592 4,692,597 4,275,366 2,623,823 18.9%
Cony&Event Center Cap Impr 1,659,537 301,429 235,944 1,725,022 3.9%
Reserve for Capital Improvement 363,879 6,744 42,201 328,422 (9.7)%
Total Gov't Capital Funds $ 15,677,324 $ 12,393,356 $ 10,570,643 $ 17,500,037 11.6%
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.
2 The Capitol Theatre had emergency repairs on the building in 2022,including an HVAC unit,that reduced the fund balance.
Finance Quarterly Report-Page 12
ENTERPRISE OPERATING FUNDS i4
2022 As of December 31 %Change
Beginning 2022 2022 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Airport Operating $ 884,655 $ 2,051,715 $ 1,773,040 $ 1,163,330 31.5%
Stormwater Operating 1,478,187 4,089,853 4,455,307 1,112,733 (24.7)%
Transit Operating 9,187,659 11,555,894 10,007,815 10,735,738 16.8%
Refuse 3,540,581 9,524,946 8,460,024 4,605,503 30.1%
Wastewater Operating 14,123,584 25,669,498 27,671,723 12,121,359 (14.2)%
Water Operating 8,547,905 12,108,543 12,896,657 7,759,791 (9.2)%
Irrigation 1,553,303 2,063,712 2,245,044 1,371,971 (11.7)%
Total Enterprise Operating Funds $ 39,315,874 $ 67,064,161 $ 67,509,610 $ 38,870,425 (1.1)%
ENTERPRISE CAPITAL FUNDS
2022 As of December 31 %Change
Beginning 2022 2022 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Airport Capital $ 565,345 $ 2,019,264 $ 2,012,449 $ 572,160 1.2%
Stormwater Capital 4,151,107 1,605,994 323,508 5,433,593 30.9%
Transit Capital3 8,118,765 1,319,762 5,946,145 3,492,382 (57.0)%
Wastewater Facilities Capital 4,785,352 1,000,000 188,357 5,596,995 17.0%
Wastewater Construction Capital4 3,856,085 7,506,005 924,073 10,438,017 170.7%
Wastewater Capital 2,364,943 3,006,005 3,483,338 1,887,610 (20.2)%
Water Capital 6,398,743 1,000,000 1,621,452 5,777,291 (9.7)%
Irrigation Capitals 5,321,892 7,605,073 14,409,072 (1,482,107) (127.8)%
Total Enterprise Capital Funds $ 35,562,232 $ 25,062,103 $ 28,908,394 $ 31,715,941 (10.8)%
INTERNAL SERVICE FUNDS
2022 As of December 31 %Change
Beginning 2022 2022 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Equipment Rental $ 2,886,013 $ 7,177,318 $ 5,463,421 $ 4,599,910 59.4%
Environmental6 561,698 387,810 618,510 330,998 (41.1)%
Public Works Administration 496,401 1,405,343 1,289,196 612,548 23.4%
Utility Services 142,101 2,842,421 2,882,418 102,104 (28.1)%
Total Enterprise Operating Funds $ 4,086,213 $ 11,812,892 $ 10,253,545 $ 5,645,560 38.2%
3 Transit capital fund balance decreased a significant amount in 2022 due to the purchase of the Subaru property.
4 Wastewater Construction capital fund balance increased by$7.5 million due to an interfund transfer for upcoming projects.
5 The Irrigation Capital fund balance is in the negative at this time due to the timing of grant receipts and an interfund loan transfer.
6 The Environmental fund is currently below expectations in fund balance due to the timing of grant reimbursements.
Finance Quarterly Report-Page 13
EMPLOYEE BENEFIT RESERVES 1
5
2022 As of December 31 %Change
Beginning 2022 2022 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Unemployment Comp Reserve $ 386,847 $ 231,851 $ 196,899 $ 421,799 9.0%
Employees Health Ben Reserve 3,989,873 14,151,066 13,950,187 4,190,752 5.0%
Worker's Comp Reserve 7 700,755 1,992,565 2,558,095 135,225 (80.7)%
Wellness/EAP 162,561 75,000 50,110 187,451 15.3%
Total Employee Benefit Reserve $ 5,240,036 $ 16,450,482 $ 16,755,291 $ 4,935,227 (5.8)%
RISK MANAGEMENT RESERVE
2022 As of December 31 %Change
Beginning 2022 2022 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Risk Management Reserve $ 4,852,012 $ 6,235,080 $ 4,566,087 $ 6,521,005 34.4%
DEBT SERVICE &AGENCY FUNDS
2022 As of December 31 %Change
Beginning 2022 2022 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
GO Bond Redemption
2002 GO Convention Center $ 184,239 $ 1,438,538 $ 1,402,046 $ 220,731 19.8 %
2005 GO Various Bonds 16,603 3,217,846 3,216,822 17,627 6.2 %
Total GO Bond Redemption $ 200,842 $ 4,656,383 $ 4,618,868 $ 238,357 18.7 %
Water/Sewer Revenue Bond Redemption
WW Rev Bond&2008 Debt Service $ 13,272 $ 382,400 $ 377,200 $ 18,472 39.2 %
Irrigation Bond Debt Service 28,364 272,150 264,888 35,626 25.6 %
WW Rev Bond Rsv&2012 Debt Svc 1,606,315 1,162,800 1,148,167 1,620,948 0.9 %
Total W/S Rev Bond Redemption $ 1,647,951 $ 1,817,350 $ 1,790,255 $ 1,675,046 1.6 %
Agency Funds
YakCorps $ 868,688 $ 639,773 $ 408,927 $ 1,099,534 26.6 %
Custodial Fund 8 170,017 4,385,079 4,247,338 307,758 81.0 %
Cemetery Trust 721,484 19,625 12,000 729,109 1.1 %
Total Agency Funds $ 1,760,189 $ 5,044,477 $ 4,668,265 2,136,401 21.4 %
Total Debt Service&Agency Funds $ 3,608,982 $ 11,518,210 $ 11,077,388 $ 4,049,804 12.2 %
7 The Workers Compensation fund has experienced greater claim activity in 2022,which will be corrected by an increase in rates for 2023.
8 The Custodial fund requires year-end adjustments that have not yet been done due to the custodial nature of this account. Once done,the
account will be in line with expectations.
Finance Quarterly Report-Page 14