HomeMy WebLinkAbout08/15/2023 06.B. 2023 2nd Quarter Financial Report 1
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 6.B.
For Meeting of:August 15, 2023
ITEM TITLE: 2023 2nd Quarter Financial Report
SUBMITTED BY: Rosylen Oglesby,Assistant City Manager/Interim Director of
Finance & Budget
*Kimberly Domine, Financial Services Manager
SUMMARY EXPLANATION:
The Second 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
❑ 2023 2nd Quarter Financial update 8/4/2023 Corer Memo
2
=1Oti*:i FINANCE DEPARTMENT
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To: Honorable Mayor and Members of the City Council
Bob Harrison,City Manager
From: Rosylen Oglesby,Assistant City Manager
Kimberly Domine,Financial Services Manager
Kathy Miles,Finance Department Analyst
Date: August 15,2023
Subject: 2023 2nd Quarter Financial Update
This financial update is a preliminary, unaudited,report for the 2nd quarter ended June 30,2023,two
quarters,or 50%of the year,intended to inform and assist governance decisions for future planning. In
total,city revenues are at 40.5%of budget and expenditures are at 36.7%of budget. The timing of certain
revenue payments and Capital fund expenditures are normally the biggest reasons that revenues and
expenditures are below 50%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 have impacted budgeted revenues and expenses,affecting
"normal"budgetary percentages in the accompanying reports uniquely for 2021 through 2023,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.
Revenues
In more detail,actual Sales Tax revenue is keeping pace with the general economy at this time,currently
at 103.1%of the second quarter last year,and currently exceeding budgeted amounts by 22.5%.
Significant categorical differences from last year are:
• Other services continue to be up over 10%,a trend that began in the last half of 2021, up 11.8%,
with general auto repair services remaining the largest contributor.
• Construction is currently is showing an increase of 9.2%over last year,with new single-family
and multi family housing construction being the major components.
Finance Quarterly Report-Page 1
3
• Accommodations and food services are up 8.1%,generally split between all areas,likely due to
inflation.
• The Wholesale category is currently at 6.7%,with the largest increases in industrial machinery
equipment.
• Miscellaneous other is at (3.5%),mainly due to a surge in Healthcare and Social Assistance in the
first quarter of 2023.
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 21.5%
from budgeted amounts in the 2nd quarter.
Fire Inspection Fees decreased drastically during 2020 and into 2021 due to COVID,and began
improving in 2022,but are still performing below budget expectations due to staffing issues.
General Fund's Performance to Budget
General Fund Revenues in total are at 50.5%. The most significant variances are:
• Other Revenue-mainly investment and sales tax interest-is at 70.1%in the 2nd quarter,
normal for this time of year, due the the timing of incoming revenues.
• Property Tax is at 57.6%in the 2nd quarter of the year. Variances in this category are mainly
due to the timing of Property Tax receipts,which are higher in the months of April and
November.
• Utility and Franchise taxes are currently at 53.8%of the Amended Budget,most likely due to
the timing of utility payments and rate increases for 2023.
• Other Taxes,consisting of mainly gambling taxes,are at 38.0%,which is normal in the2nd
quarter,also due to the timing of incoming revenue payments.
General Fund Expenditures in total are at 50.6%. The most significant variances are:
• Intergovernmental revenues (71.8%)are above 50%mainly due to the timing of payments.
• Police Pension is at 78.6% due to the Collective Bargaining Agreement (CBA) adjustment
posted in January.
• Firemen's Relief/Pension is at 59.0%,also due to CBA adjustments in the first quarter.
• Information Technology,Code Administration,Human Resources,Planning and City Council
are currently under 40%of expenditures,mostly due to the timing of invoices received.
General Fund Balance
The General Fund,which provides for public safety and general government services,was negatively
affected by the downturn in the fair value rate for investment interest at the end of the year. The City of
Yakima is required by General Accepted Accounting Principles (GAAP)to report investments at fair
market value.
In the 2nd quarter of 2023,the General Fund balance is continuing to erode,with a reduction of$1.3
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 June at$147.9 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 -
$100,000,000 -
$75,000,000 -
$50,000,000 -
$25,000,000 -
$0
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Sales Tax
This is the largest single funding source for the city. The 2nd quarter city-wide cumulative revenue of
$13.7 million exceeds the cumulative budget by$2.5 million or 22.5%and is greater than prior year by
$399,640. 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 April. 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 -
II III
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative 111 Current Year Cumulative Prior Year Cumulative
Finance Quarterly Report-Page 3
5
Property Tax
The 2nd 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
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative S Current Year Cumulative Prior Year Cumulative
Water
The 2nd quarter cumulative water operating revenue of$4.7 million through June is above budget by
$280,519. 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 -
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative •Current Year Cumulative Prior Year Cumulative
Finance Quarterly Report-Page 4
6
Wastewater
The 2nd quarter cumulative wastewater operating revenue of$10.9 million is up$814,702 over budget
and$386,577 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
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative S Current Year Cumulative Prior Year Cumulative
Stormwater
The 2nd quarter cumulative operating assessments of$2,507,807 is up$2,809 over budget,and$12,858
below 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.
STORMWATER REVENUE
$5,000,000 -
$4,000,000 -
$3,000,000 - —
$2,000,000 -
$1,000,000 -
II II
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 5
7
Refuse
The 2nd quarter cumulative automated residential revenue of$4.0 million is up$438,763 over budget
and$346,669 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 t t 1 •
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative S Current Year Cumulative Prior Year Cumulative
Lodging Tax
The 2nd quarter cumulative revenue of$698,887 is up$123,892 over budget and up$51,237 compared to
prior year. The comparison of each month's revenue to the same month in prior year improved
throughout 2022,and into the 2nd quarter of 2023,showing steady improvement.
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
al Budget Cumulative •Current Year Cumulative Prior Year Cumulative
Finance Quarterly Report-Page 6
8
Real Estate Excise Tax (REET I & II,combined)
The 2nd quarter cumulative revenue for REET of$1,104,491 is$320,264 under budget and$490,828 below
prior year,which it is believed is due to higher mortgage rates and the ensuing drop in home sales
activity.
REET 1/REET 2
$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 S Current Year Cumulative Prior Year Cumulative
Building Permits
After a slow start in 2022,the 2nd quarter cumulative revenues of$382,046 are up$77,713 over budget
and up$11,858 from 2022. Permit activity shows that there were 637 permits for 157 dwelling units in
the 2nd quarter for 2023,compared with 513 permits for 189 dwelling units in 2022,with the difference in
permit type mainly within the residential alteration category.
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
Finance Quarterly Report-Page 7
9
CITY-WIDE FUND BALANCE SUMMARY
CHANGE IN FUND BALANCE
2023 As of June 30 %of %Change
Beginning 2023 2023 Ending Amended in Fund
Balance Actual Rev. Actual Exp. Balance Budget Balance
General Fund(001) 9,534,450 34,351,493 35,328,930 8,557,013 12.2% (10.3)%
Criminal Justice(003) 1,457,735 1,553,044 1,864,321 1,146,458 30.5% (21.4)%
Firemen's Relief&Pension(612) 1,587,704 578,356 570,303 1,595,757 165.0% 0.5%
General Fund Subtotal $ 12,579,889 $ 36,482,893 $ 37,763,554 $ 11,299,228 15.1% (10.2)%
Parks and Recreation 563,546 3,274,575 2,587,137 1,250,984 20.1% 122.0%
Street&Traffic Operations 1,537,274 3,127,693 2,569,813 2,095,154 31.9% 36.3%
General Government Subtotal 14,680,709 42,885,161 42,920,504 14,645,366 114.5% (0.2)%
Other Governmental Operating Funds 8,229,941 9,662,473 10,014,319 7,878,095 20.1% (4.3)%
Government Capital Funds 17,373,589 4,429,288 4,770,962 17,031,915 57.9% (2.0)%
Enterprise Operating Funds 31,675,625 31,418,073 30,881,127 32,212,571 45.4% 1.7%
Enterprise Capital Funds 79,869,102 9,635,874 7,628,253 81,876,723 175.6% 2.5%
Internal Service Funds 7,718,292 5,169,614 5,290,631 7,597,275 54.2% (1.6)%
Employee Benefit Reserve 4,512,663 7,950,670 8,716,980 3,746,353 21.7% (17.0)%
Risk Management Reserves 6,748,375 3,017,878 3,238,953 6,527,300 100.8% (3.3)%
Debt Service&Agency Funds 7,294,958 4,514,004 3,470,927 8,338,035 122.0% 14.3%
Total $178,103,254 $118,683,035 $116,932,656 $179,853,633 73.8% 1.0%
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 12.2%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.
Note: Parks and Recreation revenues increased in 2023 due to a reallocation of property tax (from
General Fund) for salaries and wages,mainly due to the minimum wage increase.
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 cyo
Budget as of 6/30 Rec'd Budget as of 6/30 Rec'd
General Fund $ 70,544,525 $ 33,981,029 48.2 % $ 72,222,571 $ 36,482,893 50.5 %
Parks and Recreation 5,710,259 2,695,722 47.2 % 6,162,753 3,274,575 53.1 %
Street&Traffic Operations 6,478,808 3,162,140 48.8% 6,415,663 3,127,693 48.8%
General Government Subtotal 82,733,592 39,838,891 48.2 % 84,800,987 42,885,161 50.6%
Other Government Operating Funds 46,513,849 20,204,317 43.4% 38,566,372 9,662,473 25.1 %
Government Capital Funds 41,148,287 3,990,240 9.7% 22,260,559 4,429,288 19.9 %
Enterprise Operating Funds 69,830,538 29,526,062 42.3 % 66,220,984 31,418,073 47.4%
Enterprise Capital Funds 38,366,070 13,138,211 34.2 % 39,855,154 9,635,874 24.2 %
Internal Service Funds 12,049,036 4,528,741 37.6% 10,762,133 5,169,614 48.0%
Employee Benefit Reserves 17,700,231 7,600,814 42.9 % 18,292,441 7,950,670 43.5 %
Risk Management Reserve 5,873,577 3,104,411 52.9 % 5,438,458 3,017,878 55.5 %
Debt Service&Agency Funds 7,100,227 4,634,401 65.3 % 6,837,743 4,514,004 66.0%
Total $ 321,315,407 $ 126,566,088 39.4% $ 293,034,831 $ 118,683,035 40.5 %
EXPENDITURE COMPARISON
(Budget vs.Actual)
2022 2023
Annual Annual
Amended Actual % Amended Actual cyo
Budget as of 6/30 Exp'd Budget as of 6/30 Exp'd
General Fund $ 72,847,262 $ 31,290,826 43.0% $ 74,686,655 $ 37,763,554 50.6%
Parks and Recreation 6,386,672 2,652,649 41.5 % 6,233,727 2,587,137 41.5 %
Street&Traffic Operations 6,567,056 2,665,539 40.6% 6,558,038 2,569,813 39.2 %
General Government Subtotal 85,800,990 36,609,014 42.7% 87,478,420 42,920,504 49.1 %
Other Government Operating Funds 38,743,539 7,684,948 19.8% 39,186,051 10,014,319 25.6%
Government Capital Funds 37,008,593 3,783,876 10.2 % 29,412,187 4,770,962 16.2 %
Enterprise Operating Funds 75,163,417 33,554,413 44.6% 70,983,688 30,881,127 43.5 %
Enterprise Capital Funds 58,471,085 7,539,667 12.9 % 46,634,813 7,628,253 16.4%
Internal Service Funds 13,124,430 4,713,644 35.9 % 14,021,923 5,290,631 37.7%
Employee Benefit Reserves 17,265,080 8,614,058 49.9 % 17,272,153 8,716,980 50.5 %
Risk Management Reserve 5,555,497 3,319,001 59.7% 6,477,822 3,238,953 50.0%
Debt Service&Agency Funds 7,100,520 3,451,915 48.6% 6,837,234 3,470,927 50.8%
Total $ 338,233,151 $ 109,270,536 32.3 % $ 318,304,291 $ 116,932,656 36.7%
Finance Quarterly Report-Page 9
11
GENERAL GOVERNMENT REVENUE DETAIL
GENERAL GOVERNMENT REVENUES
2023 2023
Revenues as of June 30 Amended Percent
General Fund 2021 2022 2023 Budget Rec'd
Property Tax $ 5,164,793 $ 5,342,593 $ 5,311,816 $ 9,229,468 57.6%
General Sales Tax 10,343,662 10,841,479 11,175,424 24,247,000 46.1 %
Criminal Justice Sales Tax 2,110,294 2,423,548 2,489,243 5,207,000 47.8%
Utility&Franchise Taxes 10,141,099 9,784,175 10,945,543 20,334,354 53.8%
Other Taxes 301,478 348,543 422,487 1,112,400 38.0%
Licenses and Permits 805,960 890,527 968,992 1,908,700 50.8%
Intergovernmental Revenues 14,717,128 1,928,669 1,741,077 3,948,703 44.1 %
Charges for Services 3,673,933 1,418,231 1,506,947 3,105,310 48.5 %
Fines and Forfeitures 659,023 589,894 632,453 1,291,000 49.0%
Other Revenue 581,245 413,370 1,288,911 1,838,636 70.1 %
Total General Fund 48,498,615 33,981,029 36,482,893 72,222,571 50.5 %
Parks&Recreation
Property Tax 1,536,122 1,485,575 1,775,716 3,173,716 56.0%
Intergovernmental Revenues 5,958 26,166 11,915 64,830 18.4%
Charges for Services 333,933 464,129 457,573 907,615 50.4%
Other Revenue 1,094,676 719,852 1,029,371 2,016,592 51.0%
Total Parks&Recreation 2,970,689 2,695,722 3,274,575 6,162,753 53.1 %
Streets
Property Tax 2,451,144 2,445,946 2,461,831 4,400,000 56.0%
Intergovernmental Revenues 647,040 684,021 662,119 1,488,000 44.5 %
Charges for Services 253,720 2,932 1,475 527,663 0.3 %
Other Revenue 39,385 29,241 2,268 — n/a
Total Streets 3,391,289 3,162,140 3,127,693 6,415,663 48.8%
Total General Government $ 54,860,593 $ 39,838,891 $ 42,885,161 $ 84,800,987 50.6%
Note: Year to date revenues above are consistent with historical trends.
Finance Quarterly Report-Page 10
12
GENERAL GOVERNMENT EXPENDITURE DETAIL
GENERAL FUND EXPENDITURE DETAIL
2023
Expenditures as of June 30 Amended Percent
General Fund 2021 2022 2023 Budget Exp'd
Police $ 13,654,857 $ 14,154,452 $ 17,444,313 $ 33,884,703 51.5 %
Fire 7,743,017 8,146,379 9,661,707 17,257,776 56.0%
Information Technology 2,054,530 1,991,815 1,827,518 4,657,840 39.2 %
Finance 1,107,242 1,207,894 1,211,391 2,684,943 45.1 %
Legal 1,002,973 1,013,906 1,101,870 2,332,556 47.2 %
Municipal Court 824,533 839,483 1,117,185 2,192,980 50.9 %
Code Administration 897,865 843,875 784,675 2,030,022 38.7%
Indigent Defense 546,859 568,078 756,455 1,500,000 50.4%
Human Resources 356,902 356,854 456,969 1,303,967 35.0%
Engineering 452,425 401,990 516,832 1,104,257 46.8%
Firemen's Relief/Pension 580,142 549,270 570,303 966,840 59.0%
Planning 360,123 358,418 291,479 956,252 30.5 %
City Clerk/Records 248,624 259,898 395,366 839,064 47.1 %
City Management 384,064 376,564 328,548 711,898 46.2 %
Police Pension 387,099 318,138 500,806 637,130 78.6%
Economic Development 158,958 230,357 314,194 599,493 52.4%
City Hall Facility 186,663 207,055 232,709 515,704 45.1 %
Purchasing 212,127 219,131 181,911 486,136 37.4%
City Council 144,184 148,792 169,516 284,813 59.5 %
Intergovernmental 76,563 86,760 98,469 137,189 71.8%
Interfund Distributions 1 1,278,413 (1,028,343) (198,454) (396,908) 50.0%
Parking 2 46,807 40,061 (208) - n/a
Clean City Fund 3 145,790 n/a
Total General Fund 32,850,760 31,290,827 37,763,554 74,686,655 50.6%
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. 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.
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
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OTHER FUNDS DETAIL
OTHER GOVERNMENT OPERATING FUNDS
2023 As of June 30 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Neighborhood Development 1,204,804 194,526 623,535 775,795 (35.6)%
Community Relations 778,111 290,951 312,738 756,324 (2.8)%
Clean City Program 269,222 416,916 328,384 357,754 32.9%
Cemetery 192,236 193,430 187,454 198,212 3.1%
Emergency Services 204,613 982,327 929,602 257,338 25.8%
Public Safety Communication 1,623,079 2,348,161 1,993,940 1,977,300 21.8%
Police Grants 948,530 89,757 45,669 992,618 4.6%
PBIA(Park/Bus Improvement Area) 77,990 154,041 48,994 183,037 134.7%
Trolley 42,535 6,869 1,022 48,382 13.7%
Front Street Bus Improvement Area 8,013 2,096 - 10,109 26.2%
Convention&Event Center 716,785 934,930 1,063,174 588,541 (17.9)%
Capitol Theatre 102,725 205,128 206,446 101,407 (1.3)%
PFD-Convention Center 1,204,762 481,977 755,142 931,597 (22.7)%
Tourism Promotion Area 143,220 452,778 452,778 143,220 -%
PFD-Capitol Theatre 645,616 365,129 449,786 560,959 (13.1)%
American Rescue Plan Act(ARPA)1 67,700 2,543,457 2,615,655 (4,498) (106.6)%
Total Other Gov't Operating Funds $ 8,229,941 $ 9,662,473 $ 10,014,319 $ 7,878,095 (4.3)%
GOVERNMENTAL CAPITAL FUNDS
2023 As of June 30 %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 86,977 140,000 26,488 200,489 130.5%
Yakima Redevelopment Area 330,542 7,143 251,199 86,486 (73.8)%
Parks&Recreation Capital 12,181 413,545 299,001 126,725 940.3%
Fire Capital 510,237 95,500 7,617 598,120 17.2%
Law and Justice Capital 1,431,977 212,971 680,793 964,155 (32.7)%
Public Works Trust Construction 4,323,052 594,470 1,285,066 3,632,456 (16.0)%
REET 2 Capital 1,535,139 552,246 779,070 1,308,315 (14.8)%
Street Capital 4,281,860 803,725 429,386 4,656,199 8.7%
Street Overlay&Reconstruction 2,719,374 1,235,794 883,905 3,071,263 12.9%
Cony&Event Center Cap Impr 1,758,805 373,894 128,437 2,004,262 14.0%
Reserve for Capital Improvement 328,421 - - 328,421 -%
Total Gov't Capital Funds $ 17,373,589 $ 4,429,288 $ 4,770,962 $ 17,031,915 (2.0)%
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. The fund balance
can become negative due to the timing of journal entries,as expenditures are only accounted for as the revenue is spent.
Finance Quarterly Report-Page 12
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ENTERPRISE OPERATING FUNDS
2023 As of June 30 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Airport Operating $ 1,635,649 $ 682,495 $ 680,275 $ 1,637,869 0.1%
Stormwater Operating 1,267,415 3,145,821 1,663,245 2,749,991 117.0%
Transit Operating 11,403,186 4,550,208 4,541,534 11,411,860 0.1%
Refuse 4,692,814 4,786,438 4,140,484 5,338,768 13.8%
Wastewater Operating 5,544,388 12,177,145 12,456,253 5,265,280 (5.0)%
Water Operating 6,710,123 4,993,441 6,158,773 5,544,791 (17.4)%
Irrigation 422,050 1,082,525 1,240,563 264,012 (37.4)%
Total Enterprise Operating Funds $ 31,675,625 $ 31,418,073 $ 30,881,127 $ 32,212,571 1.7%
ENTERPRISE CAPITAL FUNDS
2023 As of June 30 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Airport Capital 2 $ (557,072) $ 37,180 $ 517,618 $ (1,037,510) 86.2%
Stormwater Capital 5,130,919 325,000 147,320 5,308,599 3.5%
Transit Capital 13,584,291 3,360,195 3,383,041 13,561,445 (0.2)%
Wastewater Facilities Capital 5,911,188 489,917 236,410 6,164,695 4.3%
Wastewater Construction Capital 12,021,608 500,000 189,584 12,332,024 2.6%
Wastewater Capital 8,830,837 1,250,000 1,200,269 8,880,568 0.6%
Water Capital 8,533,032 2,733,532 104,486 11,162,078 30.8%
Irrigation Capital 26,414,299 940,050 1,849,525 25,504,824 (3.4)%
Total Enterprise Capital Funds $ 79,869,102 $ 9,635,874 $ 7,628,253 $ 81,876,723 2.5%
INTERNAL SERVICE FUNDS
2023 As of June 30 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Equipment Rental $ 5,809,840 $ 2,950,731 $ 2,834,886 $ 5,925,685 2.0%
Environmental 650,475 108,988 185,554 573,909 (11.8)%
Public Works Administration 690,385 716,725 689,509 717,601 3.9%
Utility Services 567,592 1,393,170 1,580,682 380,080 (33.0)%
Total Enterprise Operating Funds $ 7,718,292 $ 5,169,614 $ 5,290,631 $ 7,597,275 (1.6)%
2 The Airport Capital fund can be negative due to the timing of grant reimbursements,however,the operating fund combined with the capital
fund continues to remain in the positive.
Finance Quarterly Report-Page 13
15
EMPLOYEE BENEFIT RESERVES
2023 As of June 30 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Unemployment Comp Reserve $ 433,785 $ 146,029 $ 71,137 $ 508,677 17.3%
Employees Health Ben Reserve 3,945,093 6,691,556 6,913,958 3,722,691 (5.6)%
Worker's Comp Reserve 3 (52,304) 1,113,085 1,709,550 (648,769) n/a
Wellness/EAP 186,089 - 22,335 163,754 (12.0)%
Total Employee Benefit Reserve $ 4,512,663 $ 7,950,670 $ 8,716,980 $ 3,746,353 (17.0)%
RISK MANAGEMENT RESERVE
2023 As of June 30 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Risk Management Reserve $ 6,748,375 $ 3,017,878 $ 3,238,953 $ 6,527,300 (3.3)%
DEBT SERVICE &AGENCY FUNDS
2023 As of June 30 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
GO Bond Redemption
2002 GO Convention Center $ 223,141 $ 675,537 $ 309,534 $ 589,144 164.0%
2005 GO Various Bonds 4 17,626 1,644,214 2,218,332 (556,492) n/a
Total GO Bond Redemption $ 240,767 $ 2,319,751 $ 2,527,866 $ 32,652 (86.4)%
Water/Sewer Revenue Bond Redemption
WW Rev Bond&2008 Debt Service $ 678,134 $ 191,400 $ 22,000 $ 847,534 25.0%
Irrigation Bond Debt Service 397,281 138,300 34,000 501,581 26.3 %
WW Rev Bond Rsv&2012 Debt Svc 3,832,740 582,400 14,933 4,400,207 14.8%
Total W/S Rev Bond Redemption $ 4,908,155 $ 912,100 $ 70,933 $ 5,749,322 17.1 %
Agency Funds
YakCorps $ 1,109,166 $ 673,166 $ 274,390 $ 1,507,942 36.0%
Custodial Fund 307,761 596,442 591,738 312,465 1.5 %
Cemetery Trust 729,109 12,545 6,000 735,654 0.9 %
Total Agency Funds $ 2,146,036 $ 1,282,153 $ 872,128 2,556,061 19.1 %
Total Debt Service&Agency Funds $ 7,294,958 $ 4,514,004 $ 3,470,927 $ 8,338,035 14.3 %
---End of Report
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 76%in the second quarter of 2023. This situation is being reviewed and a rate adjustment is planned.
4 Fund balance may be negative due to the timing in interest accrual payments.These numbers should correct by year-end.
Finance Quarterly Report-Page 14