HomeMy WebLinkAbout05/16/2023 06.B. 2023 1st Quarter Financial Report 1
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 6.B.
For Meeting of: May 16, 2023
ITEM TITLE: 2023 1st Quarter Financial Report
SUBMITTED BY: Jennifer Ferrer-Santa Ines, Director of Finance and Budget*
Kimberly Domine, Financial Services Manager
SUMMARY EXPLANATION:
The First Quarter Financial Report for 2023 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
D 1st Quarter Financial Report 5/9/2023 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: May 16,2023
Subject: 2023 1st Quarter Financial Update
This financial update is a preliminary,unaudited,report for the 1st quarter ended March 31,2023, one
quarter,or 25%of the year,intended to inform and assist governance decisions for future planning. In
total,city revenues are at 17.7%of budget and expenditures are at 18.3%of budget. The timing of certain
revenue payments and Capital fund expenditures are normally the biggest reasons that revenues and
expenditures are below 25% 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 2023 will not be completed until later
in 2024,which may affect final numbers.
COVID's Economic Effects on City Revenues
The American Rescue Plan Act (ARPA) funds positively impacted 2023,increasing budgeted revenues
and expenses and affecting"normal"budgetary percentages in the accompanying reports uniquely. The
economic effects of COVID and the CARES Act also affected 2021 and 2022 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 improved significantly in the first part of 2022 (averaging 113.0%in the
first quarter),however,by year end,it was at 103.E%. In comparison, 1st quarter 2023 numbers are
currently 103.2%,slightly less than year-end 2022. Significant changes are:
• Sales Tax is currently exceeding budget by 22.7%in the 1st quarter. Major categories that are
leading this increase in Sales Tax are:
Other services are up 19.6%,with general auto repair services showing the largest
increase.
Finance Quarterly Report-Page 1
3
• Construction is also going strong with an increase of 12.213/0 over last year,with new
single-family housing construction almost double compared to last year.
• Accommodations and food services are up 9.9%,generally split between all areas, and
most likely mainly due to inflation.
• The Wholesale category is currently at 8.8%,with the largest increases in electronic and
industrial machinery equipment.
• Miscellaneous other is at(6.4%),mainly due to a surge in Healthcare and Social Assistance
in the first quarter of 2022.
State Pools was negatively impact in the first quarter,down by(21.9%)
• Lodging Tax had a significant downturn in 2020 and 2021 due to the economic effects of the
COVID pandemic but improved significantly in 2022. This trend continues into 2023,with
Lodging Tax up 27.4%from budgeted amounts in the 1st quarter.
• Fire Inspection Fees decreased during 2020 and into 2021,improving somewhat in 2022,but are
still performing below budget expectations. This trend has continued into the first quarter of
2023,and continues to be monitored.
General Fund's Performance to Budget
General Fund Revenues in total are at 22.5%. The most significant variances are:
• Utility and Franchise taxes are currently at 29.6% of the Amended Budget, almost$800,000
over the amount from last year during the same time frame-most likely due to the timing of
utility payments.
• Property Tax is at 10.7%,as is usual in the first quarter of the year,due to the timing of
Property Tax.
• Other Taxes 4.8%and Other Revenue 9.2%are well below 25%,which is normal in the first
quarter,also mainly due to the timing of incoming revenue payments.
General Fund Expenditures in total are at 25.1%. The most significant variances are:
• Intergovernmental(59.3%),City Council(40.1%) and Economic Development (32.1%) are
above 25%mainly due to the timing of payments.
• Police Pension is at 51.7%due to the Collective Bargaining Agreement (CBA)adjustment
posted in January.
• Firemen's Relief/Pension is at 31.3%,also due to CBA adjustments in the first quarter.
• Human Resources and Planning are currently under 15% 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, was
negatively affected by two major factors at the end of 2022 which affected the 2023 beginning balance.
• 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.
In the 1st quarter of 2023,the General Fund balance is continuing to erode,with a reduction of$3.2
million. This amount is likely to change as the year progresses,but is an indicator of what is currently
trending.
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 March at$137.7 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 - 1
$150,000,000 -
$125,000,000 -
111111111111111111111111111111
$100,000,000 -
$75000,000 -
$50,000,000 -
$25,000,000 -
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Sales Tax
This is the largest single funding source for the city. The 1st quarter city-wide cumulative revenue of$6.8
million exceeds the cumulative budget by$1.3 million or 22.7%and is greater than prior year by
$210,008. 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 January. 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 2022 revenue for July was not posted until August,creating the
anomaly in the graph 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 - -
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 1st quarter cumulative Property Tax revenue is tracking right on budget. The 2023 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 f 4
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative Current Year Cumulative Prior Year Cumulative
Water
The 1st quarter cumulative water operating revenue of$2.3 million through March is down$221,657
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 2023. 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 -
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
I Budget Cumulative U Current Year Cumulative Prior Year Cumulative
Finance Quarterly Report-Page 4
6
Wastewater
The 1st quarter cumulative wastewater operating revenue of$5.5 million is up$616,290 over budget and
$408,057 over prior year. 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 -
$0 I 1 ♦ 11 f • • 11 4
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative Current Year Cumulative Prior Year Cumulative
Stormwater
The 1st quarter cumulative operating assessments of$577,953 are down$32,902 under budget and
$36,723 under prior year. This is consistent with prior years due to the timing of payments. 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.
STORM WATER REVENUE
$5,000,000 -
::::::::
-
-
$2,000,000 - -
1000.0000.400
$1,000,000 - + -
I
I I It 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 1st quarter cumulative automated residential revenue of$1.9 million is up$312,059 over budget and
$269,990 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 2023 budget.
REFUSE REVENUE
$10,000,000 -
$7,500,000 -
$5,000,000 - —
$2,500,000 -
$0 i I ♦ 4 • t f 4
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative Current Year Cumulative Prior Year Cumulative
Lodging Tax
The 1st quarter cumulative revenue of$299,231 is up$64,435 over budget and up$34,767 compared to
prior year. The comparison of each month's revenue to the same month in prior year improved
throughout 2022,and into the 1st quarter of 2023,showing steady improvement. Due to staff shortages,
the 2022 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 S Current Year Cumulative Prior Year Cumulative
Finance Quarterly Report-Page 6
8
Real Estate Excise Tax(REET I &II, combined)
The 1st quarter cumulative revenue for REET of$468,930 is down$132,389 under budget and down
$204,376 under prior year,most likely due to fluctuating interest rates.
REET 1/BEET 2
$4,000,000 -
$3,000,000 -
$2,000,000 -
$1,000,000 -
$o , a 4 t • ♦ t
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 1st quarter cumulative revenues of$162,767 are up$22,205 over budget and
$8,211 below prior year. Permit activity shows that there were 278 permits for 83 dwelling units in the
1st quarter for 2023,compared with 188 permits for 85 dwelling units in 2022, 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
$0 "11.11.11. t • i • 11 I • •
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1. Budget Cumulative ili Current Year Cumulative Prior Year Cumulative
Finance Quarterly Report-Page 7
9
CITY-WIDE FUND BALANCE SUMMARY
CHANGE IN FUND BALANCE
2023 As of March 31 %of Change
Beginning 2023 2023 Ending Amended in Fund
Balance Actual Rev. Actual Exp. Balance Budget Balance
General Fund (001) 9,534,450 15,398,902 17,582,198 7,351,154 10.5% (22.9)%
Criminal Justice(003) 1,457,735 780,719 843,719 1,394,735 37.3% (4.3)%
Firemen's Relief&Pension(612) 1,587,704 76,984 302,530 1,362,158 140.9% (14.2)%
General Fund Subtotal $ 12,579,889 $ 16,256,605 $ 18,728,447 $ 10,108,047 13.5% (19.6)%
Parks and Recreation 563,546 976,689 1,157,885 382,350 6.1% (32.2)%
Street&Traffic Operations 1,537,274 750,200 1,322,061 965,413 14.7% (37.2)%
General Government Subtotal 14,680,709 17,983,494 21,208,393 11,455,810 89.6% (22.0)%
Other Governmental Operating Funds 8,229,941 5,221,515 5,943,665 7,507,791 19.4% (8.8)%
Government Capital Funds 17,373,589 1,390,989 1,245,114 17,519,464 61.0% 0.8%
Enterprise Operating Funds 34,914,960 14,204,698 14,120,640 34,999,018 49.3% 0.2%
Enterprise Capital Funds 55,965,955 2,594,614 5,386,163 53,174,406 114.4% (5.0)%
Internal Service Funds 7,019,347 2,430,497 2,072,617 7,377,227 54.4% 5.1 %
Employee Benefit Reserve 4,713,761 3,970,856 4,489,157 4,195,460 24.3% (11.0)%
Risk Management Reserves 6,646,597 1,533,022 2,897,971 5,281,648 81.5% (20.5)%
Debt Service&Agency Funds 5,669,071 2,078,375 452,283 7,295,163 106.7% 28.7%
Total $155,213,930 $ 51,408,060 $ 57,816,003 $148,805,987 61.5% (4.1)%
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 10.5%at this point in time,which
falls below Council policy of maintaining 16.7%of reserves.
Staff and Council continue budget discussions to review options,new revenues or budget reductions to
comply with reserve policies.
Finance Quarterly Report-Page 8
10
CITY WIDE REVENUES & EXPENDITURES BY FUND GROUPING
REVENUE COMPARISON
(Budget vs.Actual)
2022 2023
Annual Annual
Amended Actual % Amended Actual %
Budget as of 3131 Rec'd Budget as of 3/31 Rec'd
General Fund $ 70,544,525 $ 15,774,962 22.4% $ 72,217,525 $ 16,256,605 22.5
Parks and Recreation 5,710,259 531,055 9.3 % 6,162,753 976,689 15.8 %
Street&Traffic Operations 6,478,808 744,699 11.5 % 6,415,663 750,200 11.7%
General Government Subtotal 82,733,592 17,050,716 20.6% 84,795,941 17,983,494 21.2 %
Other Government Operating Funds 46,513,849 2,686,688 5.8% 38,067,160 5,221,515 13.7
Government Capital Funds 41,148,287 1,645,129 4.0% 21,702,284 1,390,989 6.4 %
Enterprise Operating Funds 69,830,538 13,181,522 18.9% 65,952,528 14,204,698 21.5 %
Enterprise Capital Funds 38,366,070 3,864,800 10.1 % 39,855,154 2,594,614 6.5 %
Internal Service Funds 12,049,036 2,060,477 17.1 % 10,307,381 2,430,497 23.6
Employee Benefit Reserves 17,700,231 3,789,391 21.4% 18,292,441 3,970,856 21.7
Risk Management Reserve 5,873,577 1,548,705 26.4% 5,438,458 1,533,022 28.2
Debt Service&Agency Funds 7,100,227 2,186,121 30.8% 6,837,743 2,078,375 30.4 %
Total $ 321,315,407 $ 48,013,549 14.9% $ 291,249,090 $ 51,408,060 17.7%
EXPENDITURE COMPARISON
(Budget vs.Actual)
2022 2023
Annual Annual
Amended Actual % Amended Actual %
Budget as of 3/31 Exp'd Budget as of 3/31 Exp'd
General Fund $ 72,847,262 $ 14,714,425 20.2% $ 74,661,209 $ 18,728,447 25.1
Parks and Recreation 6,386,672 1,097,051 17.2% 6,233,727 1,157,885 18.6
Street&Traffic Operations 6,567,056 1,170,623 17.8% 6,558,038 1,322,061 20.2 %
General Government Subtotal 85,800,990 16,982,099 19.8% 87,452,974 21,208,393 24.3 %
Other Government Operating Funds 38,743,539 3,523,130 9.1 % 38,628,565 5,943,665 15.4
Government Capital Funds 37,008,593 610,893 1.7% 28,728,913 1,245,114 4.3
Enterprise Operating Funds 75,163,417 14,831,644 19.7% 70,983,688 14,120,640 19.9 %
Enterprise Capital Funds 58,471,085 2,794,239 4.8% 46,499,813 5,386,163 11.6 %
Internal Service Funds 13,124,430 2,364,717 18.0% 13,567,171 2,072,617 15.3 %
Employee Benefit Reserves 17,265,080 4,296,050 24.9% 17,272,153 4,489,157 26.0
Risk Management Reserve 5,555,497 2,991,439 53.8% 6,477,822 2,897,971 44.7
Debt Service&Agency Funds 7,100,520 307,341 4.3 % 6,837,234 452,283 6.6
Total $ 338,233,151 $ 48,701,552 14.4% $ 316,448,333 $ 57,816,003 18.3 %
Finance Quarterly Report-Page 9
11
GENERAL G D VERNMENT REVENUE DETAIL
GENERAL GOVERNMENT REVENUES
2023 2023
Revenues as of March 31 Amended Percent
General Fund 2021 2022 2023 Budget Rec'd
Property Tax $ 910,407 $ 944,627 $ 989,703 $ 9,229,468 10.7
General Sales Tax 4,967,269 5,379,781 5,546,690 24,247,000 22.9
Criminal Justice Sales Tax 1,017,169 1,203,154 1,246,253 5,207,000 23.9
Utility&Franchise Taxes 5,082,235 5,135,376 6,012,305 20,334,354 29.6
Other Taxes 16,698 10,048 53,603 1,112,400 4.8
Licenses and Permits 414,010 430,645 444,244 1,908,700 23.3 %
Intergovernmental Revenues 692,708 939,418 868,564 3,943,657 22.0 %
Charges for Services 1,750,641 684,121 690,050 3,105,310 22.2 %
Fines and Forfeitures 203,033 264,681 236,162 1,291,000 18.3 %
Other Revenue 278,084 783,111 169,031 1,838,636 9.2
Total General Fund 15,332,254 15,774,962 16,256,605 72,217,525 22.5
Parks&Recreation
Property Tax 250,624 238,121 305,408 3,173,716 9.6 %
Intergovernmental Revenues 5,958 7,992 5,958 64,830 9.2 %
Charges for Services 81,399 166,359 164,725 907,615 18.1 %
Other Revenue 349,959 118,583 500,598 2,016,592 24.8 %
Total Parks&Recreation 687,940 531,055 976,689 6,162,753 15.8
Streets
Property Tax 399,914 391,846 423,414 4,400,000 9.6
Intergovernmental Revenues 316,583 338,967 323,991 1,488,000 21.8 %
Charges for Services 2,970 1,932 825 527,663 0.2 %
Other Revenue 36,977 11,954 1,970 - n/a
Total Streets 756,444 744,699 750,200 6,415,663 11.7%
Total General Government $ 16,776,638 $ 17,050,716 $ 17,983,494 $ 84,795,941 21.2 %
Note: Year to date revenues above are consistent with historical trends.
Finance Quarterly Report-Page 10
12
GENERAL G D VERNMENT EXPENDITURE DETAIL
GENERAL FUND EXPENDITURE DETAIL
2023
Expenditures as of March 31 Amended Percent
General Fund 2021 2022 2023 Budget Exp'd
Police $ 6,036,731 $ 6,888,260 $ 8,505,256 $ 33,879,657 25.1 %
Fire 3,505,152 3,742,656 4,601,484 17,257,776 26.7%
Information Technology 1,218,406 979,403 1,049,028 4,637,440 22.6%
Finance 570,542 606,330 612,747 2,684,943 22.8%
Legal 549,380 483,897 543,903 2,332,556 23.3%
Municipal Court 380,804 405,405 618,857 2,192,980 28.2%
Code Administration 425,292 402,853 408,362 2,030,022 20.1 %
Indigent Defense 274,138 280,285 387,201 1,500,000 25.8%
Human Resources 173,740 171,589 177,299 1,303,967 13.6%
Engineering 202,902 198,388 275,310 1,104,257 24.9%
Firemen's Relief/Pension 334,054 309,888 302,530 966,840 31.3%
Planning 182,429 166,290 137,811 956,252 14.4%
City Clerk/Records 113,880 119,571 136,199 839,064 16.2%
City Management 149,375 163,481 158,283 711,898 22.2%
Police Pension 226,629 198,674 329,465 637,130 51.7%
Economic Development 60,810 21,155 192,669 599,493 32.1 %
City Hall Facility 92,552 103,284 112,828 515,704 21.9%
Purchasing 103,444 103,345 79,237 486,136 16.3%
City Council 104,070 104,913 114,215 284,813 40.1 %
Intergovernmental 41,597 36,114 81,305 137,189 59.3%
Interfund Distributions 1 391,415 (791,925) (99,227) (396,908) 25.0%
Parking 2 36,125 20,568 3,685 - n/a
Clean City Fund 3 48,768 n/a
Total General Fund 15,222,235 14,714,424 18,728,447 74,661,209 25.1 %
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 Parking was moved into the Police department as of 2023.
3 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
2023 As of March 31 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Neighborhood Development 1,204,804 - 120,394 1,084,410 (10.0)%
Community Relations 778,111 148,048 154,597 771,562 (0.8)%
Clean City Program 269,222 198,580 170,432 297,370 10.5%
Cemetery 192,236 93,154 86,001 199,389 3.7%
Emergency Services 1 204,613 181,753 467,521 (81,155) (139.7)%
Public Safety Communication 1,623,079 901,026 946,470 1,577,635 (2.8)%
Police Grants 948,530 20,094 17,094 951,530 0.3%
PBIA(Park/Bus Improvement Area) 77,990 45,137 340 122,787 57.4%
Trolley 42,535 2,500 538 44,497 4.6%
Front Street Bus Improvement Area 8,013 863 - 8,876 10.8%
Convention&Event Center 716,785 427,223 598,270 545,738 (23.9)%
Capitol Theatre 102,725 97,626 98,221 102,130 (0.6)%
PFD-Convention Center 1,204,762 199,119 377,558 1,026,323 (14.8)%
Tourism Promotion Area 143,220 212,090 212,090 143,220 -%
PFD-Capitol Theatre 645,616 150,845 169,880 626,581 (2.9)%
American Rescue Plan Act(ARPA)2 67,700 2,543,457 2,524,259 86,898 28.4%
Total Other Gov't Operating Funds $ 8,229,941 $ 5,221,515 $ 5,943,665 $ 7,507,791 (8.8)%
GOVERNMENTAL CAPITAL FUNDS
2023 As of March 31 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Central Bus District Capital 55,024 - - 55,024 -%
Capitol Theatre Construction 86,977 15,000 - 101,977 17.2%
Yakima Redevelopment Area 330,542 - 7,852 322,690 (2.4)%
Parks&Recreation Capital 12,181 29,928 9,962 32,147 163.9%
Fire Capital 510,237 25,000 6,726 528,511 3.6%
Law and Justice Capital 1,431,977 100,080 314,896 1,217,161 (15.0)%
Public Works Trust Construction 4,323,052 255,577 197,449 4,381,180 1.3%
REET 2 Capital 1,535,139 234,465 176,187 1,593,417 3.8%
Street Capital 4,281,860 346,955 338,157 4,290,658 0.2%
Street Overlay&Reconstruction 2,719,374 205,939 314,502 2,610,811 (4.0)%
Cony&Event Center Cap Impr 1,758,805 178,045 (120,617) 2,057,467 17.0%
Reserve for Capital Improvement 328,421 - - 328,421 -%
Total Gov't Capital Funds $ 17,373,589 $ 1,390,989 $ 1,245,114 $ 17,519,464 0.8%
1 Emergency Services fund balance is negative due to the timing of Property Tax in the first quarter.
2 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.
Finance Quarterly Report-Page 12
ENTERPRISE OPERATING FUNDS i4
2023 As of March 31 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Airport Operating $ 1,395,854 $ 225,746 $ 309,457 $ 1,312,143 (6.0)%
Stormwater Operating 1,178,326 577,953 829,151 927,128 (21.3)%
Transit Operating 11,078,853 2,071,521 1,907,060 11,243,314 1.5%
Refuse 4,518,024 2,198,801 1,976,140 4,740,685 4.9%
Wastewater Operating 8,669,177 6,144,540 5,441,641 9,372,076 8.1%
Water Operating 7,204,357 2,521,367 2,813,402 6,912,322 (4.1)%
Irrigation 870,369 464,770 843,789 491,350 (43.5)%
Total Enterprise Operating Funds $ 34,914,960 $ 14,204,698 $ 14,120,640 $ 34,999,018 0.2%
ENTERPRISE CAPITAL FUNDS
2023 As of March 31 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Airport Capital $ 20,083 $ 17,703 $ 6,065 $ 31,721 57.9%
Stormwater Capital 5,274,607 162,500 80,304 5,356,803 1.6%
Transit Capital 8,538,336 109,995 3,338,821 5,309,510 (37.8)%
Wastewater Facilities Capital 5,740,655 239,917 86,814 5,893,758 2.7%
Wastewater Construction Capital 11,235,140 250,000 130,605 11,354,535 1.1%
Wastewater Capital 5,355,860 625,000 850,644 5,130,216 (4.2)%
Water Capital 7,184,285 750,000 36,501 7,897,784 9.9%
Irrigation Capital 12,616,989 439,499 856,409 12,200,079 (3.3)%
Total Enterprise Capital Funds $ 55,965,955 $ 2,594,614 $ 5,386,163 $ 53,174,406 (5.0)%
INTERNAL SERVICE FUNDS
2023 As of March 31 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Equipment Rental $ 5,378,257 $ 1,582,880 $ 1,060,783 $ 5,900,354 9.7%
Environmental 470,167 - 146,547 323,620 (31.2)%
Public Works Administration 649,924 358,362 378,311 629,975 (3.1)%
Utility Services 520,999 489,255 486,976 523,278 0.4%
Total Enterprise Operating Funds $ 7,019,347 $ 2,430,497 $ 2,072,617 $ 7,377,227 5.1%
Finance Quarterly Report-Page 13
EMPLOYEE BENEFIT RESERVES 1
5
2023 As of March 31 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Unemployment Comp Reserve $ 427,771 $ 79,409 $ 22,613 $ 484,567 13.3%
Employees Health Ben Reserve 4,057,840 3,341,592 3,368,033 4,031,399 (0.7)%
Worker's Comp Reserve 3 41,380 549,855 1,090,712 (499,477) n/a
Wellness/EAP 186,770 - 7,799 178,971 (4.2)%
Total Employee Benefit Reserve $ 4,713,761 $ 3,970,856 $ 4,489,157 $ 4,195,460 (11.0)%
RISK MANAGEMENT RESERVE
2023 As of March 31 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Risk Management Reserve $ 6,646,597 $ 1,533,022 $ 2,897,971 $ 5,281,648 (20.5)%
DEBT SERVICE &AGENCY FUNDS
2023 As of March 31 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
GO Bond Redemption
2002 GO Convention Center $ 223,141 $ 327,117 $ - $ 550,258 146.6%
2005 GO Various Bonds 17,626 405,739 - 423,365 n/a
Total GO Bond Redemption $ 240,767 $ 732,856 $ - $ 973,623 304.4%
Water/Sewer Revenue Bond Redemption
WW Rev Bond&2008 Debt Service $ 346,103 $ 95,700 $ (4,400) $ 446,203 28.9%
Irrigation Bond Debt Service 213,054 69,150 (6,800) 289,004 35.6%
WW Rev Bond Rsv&2012 Debt Svc 2,723,111 291,200 (7,467) 3,021,778 11.0%
Total W/S Rev Bond Redemption $ 3,282,268 $ 456,050 $ (18,667) $ 3,756,985 14.5 %
Agency Funds
YakCorps $ 1,109,166 $ 673,166 $ 262,390 $ 1,519,942 37.0%
Custodial Fund 307,761 208,964 205,560 311,165 1.1 %
Cemetery Trust 729,109 7,339 3,000 733,448 0.6%
Total Agency Funds $ 2,146,036 $ 889,469 $ 470,950 2,564,555 19.5 %
Total Debt Service&Agency Funds $ 5,669,071 $ 2,078,375 $ 452,283 $ 7,295,163 28.7%
3 The Workers Compensation fund experienced greater claim activity in 2022,which was corrected by an increase in rates for 2023. However,
claims are currently at 67%in the first quarter of 2023. This situation is being monitored.
Finance Quarterly Report-Page 14