HomeMy WebLinkAbout11/21/2023 07.B. 2023 3rd Quarter Financial Report 1
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 7.B.
For Meeting of: November 21, 2023
ITEM TITLE: 2023 3rd Quarter Financial Report
SUBMITTED BY: Rosylen Oglesby,Assistant City Manager/Interim Director of
Finance & Budget
Kimberly Domine, Financial Services Manager
SUMMARY EXPLANATION:
The Third 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
❑ 11/7/2023 Corer Memo
2
FINANCE DEPARTMENT
I
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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: November 21,2023
Subject: 2023 3rd Quarter Financial Update
This financial update is a preliminary, unaudited,report for the 3rd quarter ended September 30,2023,
three quarters,or 75%of the year,intended to inform and assist governance decisions for future
planning. In total,city revenues are at 57.6%of budget and expenditures are at 52.3%of budget. The
timing of certain revenue payments and Capital fund expenditures are normally the biggest reasons that
revenues and expenditures are below 75%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 103.3%of the 3rd quarter last year,and currently exceeding budgeted amounts by 22.9%. 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 11.7%,
with general auto repair services remaining the largest contributor.
• Accommodations and food services are up 7.9%,mainly in the food services category,mostly due
to new restaurant openings and general inflation increases.
Finance Quarterly Report-Page 1
3
• The Wholesale category is currently at 7.8%,with the largest increases in book,periodical and
newspaper merchant wholesale.
• Construction is currently is showing an increase of 7.4%over last year,with new single-family
housing construction being the major component.
• Miscellaneous other is at (1.5%),mainly due to a surge in Healthcare and Social Assistance in the
first quarter of 2022.
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 23.4%
from budgeted amounts in the 3rd 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 74.2%. The most significant variances are:
• Other Revenue-investment and sales tax interest-is at 138.4%in the 3rd quarter, due mainly
to the return on interest from investments.
• Intergovernmental Revenue is at 50.5%,mostly due to a reduction in the Local Government
Assistance from the State,along with the loss of Criminal Justice High Crime funding that was
lost this year due to lower crime rates within the City.
• Property Tax is at 61.7%in the 3rd 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.
• Other Taxes,consisting of mainly gambling taxes,are at 64.9%,which is normal in the 3rd
quarter,and generally due to the timing of incoming payments.
General Fund Expenditures in total are at 71.9%. The most significant variances are:
• Intergovernmental expenditures (84.3%) are above 75%mainly due to the timing of these
payments-generally paid in the beginning of the year.
• Information Technology,Code Administration,Human Resources,Planning,Economic
Development and Purchasing are all currently under 65%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,had its balance
negatively affected at the end of 2022,mainly by the downturn in the fair value rate for investment
interest. The City of Yakima is now required by General Accepted Accounting Principles (GAAP)to
report investments at fair market value.
In the 3rd quarter of 2023,the General Fund balance is continuing to erode,with a reduction of$1.9
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 September at$146.3 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
$ o, , o
$75,000000,000oo 1111111111111111111111111111111111111111111
$50lo ,000,000
$25,000,000
$0
Sales Tax
This is the largest single funding source for the city. The 3rd quarter city-wide cumulative revenue of
$21.3 million exceeds the cumulative budget by$4.0 million or 22.9%and is greater than prior year by
$685,965. 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 July. 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 -
$0 I I I I I I I I I I
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 3rd 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 3rd quarter cumulative water operating revenue of$8.9 million through September is above budget
by$683,715. 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 3rd quarter cumulative wastewater operating revenue of$16.8 million is up$931,772 over budget
and$258,203 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
yam '
$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 3rd quarter cumulative operating assessments of$2,594,931 is up$15,768 over budget,and$363
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 -
$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 5
7
Refuse
The 3rd quarter cumulative automated residential revenue of$6.0 million is up$524,243 over budget and
$383,310 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
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative S Current Year Cumulative Prior Year Cumulative
Lodging Tax
The 3rd quarter cumulative revenue of$1,254,477 is up$237,690 over budget and up$109,211 compared
to prior year. The comparison of each month's revenue to the same month in prior year improved
throughout 2022,and into the 3rd quarter of 2023.
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 •Current Year Cumulative Prior Year Cumulative
Finance Quarterly Report-Page 6
8
Real Estate Excise Tax (REET I & II,combined)
The 3rd quarter cumulative revenue for REET continues to perform below expectations,with$1,782,459
in revenue,which is$671,561 under budget and$965,343 below prior year. This is believed to be mostly
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 3rd quarter cumulative revenues of$610,162 are up$123,071 over budget
and up$17,670 from 2022. Permit activity shows that there were 976 permits for 289 dwelling units in
the 3rd quarter for 2023,compared with 554 permits for 437 dwelling units in 2022,with the difference in
permit type mainly within the residential alteration category.
BUILDING PERMIT REVENUE
$1,000,000
$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 September 30 %of %Change
Beginning 2023 2023 Ending Amended in Fund
Balance Actual Rev. Actual Exp. Balance Budget Balance
General Fund(001) 9,534,450 51,044,763 52,149,703 8,429,510 11.6% (11.6)%
Criminal Justice(003) 1,457,735 2,422,651 3,048,618 831,768 21.9% (42.9)%
Firemen's Relief&Pension(612) 1,587,704 597,884 808,171 1,377,417 129.1% (13.2)%
General Fund Subtotal $ 12,579,889 $ 54,065,298 $ 56,006,492 $ 10,638,695 13.7% (15.4)%
Parks and Recreation 563,546 4,138,213 4,665,217 36,542 0.6% (93.5)%
Street&Traffic Operations 1,537,274 3,617,192 3,583,986 1,570,480 23.9% 2.2%
General Government Subtotal 14,680,709 61,820,703 64,255,695 12,245,717 95.6% (16.6)%
Other Governmental Operating Funds 8,229,941 12,845,198 14,279,268 6,795,871 17.3% (17.4)%
Government Capital Funds 17,373,589 7,543,177 9,047,591 15,869,175 45.9% (8.7)%
Enterprise Operating Funds 38,154,297 48,636,860 46,663,508 40,127,649 56.2% 5.2%
Enterprise Capital Funds 32,062,812 12,650,925 10,867,885 33,845,852 70.2% 5.6%
Internal Service Funds 6,320,400 7,671,163 7,388,471 6,603,092 43.4% 4.5%
Employee Benefit Reserve 4,914,861 12,312,388 13,339,564 3,887,685 21.1% (20.9)%
Risk Management Reserves 6,544,818 4,381,509 3,780,896 7,145,431 108.9% 9.2%
Debt Service&Agency Funds 4,043,184 6,069,216 3,820,680 6,291,720 90.8% 55.6%
Total $132,324,611 $173,931,139 $173,443,558 $132,812,192 52.4% 0.4%
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 11.6%at this point in time,which
falls below Council policy of maintaining 16.7%of reserves. Staff and Council continue 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 9/30 Rec'd Budget as of 9/30 Rec'd
General Fund $ 70,544,525 $ 50,160,641 71.1 % $ 72,887,325 $ 54,065,301 74.2 %
Parks and Recreation 5,710,259 3,681,556 64.5 % 6,162,753 4,138,213 67.1 %
Street&Traffic Operations 6,478,808 3,659,082 56.5 % 6,415,663 3,617,192 56.4%
General Government Subtotal 82,733,592 57,501,279 69.5 % 85,465,741 61,820,706 72.3 %
Other Government Operating Funds 46,513,849 23,623,690 50.8% 38,566,372 12,845,198 33.3 %
Government Capital Funds 41,148,287 7,715,312 18.8% 27,674,713 7,543,177 27.3 %
Enterprise Operating Funds 69,830,538 46,361,685 66.4% 66,220,984 48,636,860 73.4%
Enterprise Capital Funds 38,366,070 20,085,908 52.4% 41,431,638 12,650,925 30.5 %
Internal Service Funds 12,049,036 7,009,323 58.2 % 10,922,133 7,671,163 70.2 %
Employee Benefit Reserves 17,700,231 11,377,224 64.3 % 19,440,071 12,312,388 63.3 %
Risk Management Reserve 5,873,577 4,622,730 78.7% 5,438,458 4,381,509 80.6%
Debt Service&Agency Funds 7,100,227 6,041,030 85.1 % 6,932,357 6,069,216 87.5 %
Total $ 321,315,407 $ 184,338,181 57.4% $ 302,092,467 $ 173,931,142 57.6%
EXPENDITURE COMPARISON
(Budget vs.Actual)
2022 2023
Annual Annual
Amended Actual % Amended Actual cyo
Budget as of 9/30 Exp'd Budget as of 9/30 Exp'd
General Fund $ 72,847,262 $ 47,087,357 64.6% $ 77,848,701 $ 56,006,490 71.9 %
Parks and Recreation 6,386,672 4,400,623 68.9 % 6,233,727 4,665,217 74.8%
Street&Traffic Operations 6,567,056 3,878,435 59.1 % 6,573,038 3,583,986 54.5 %
General Government Subtotal 85,800,990 55,366,415 64.5 % 90,655,466 64,255,693 70.9 %
Other Government Operating Funds 38,743,539 11,859,468 30.6% 39,378,284 14,279,268 36.3 %
Government Capital Funds 37,008,593 6,155,883 16.6% 34,602,636 9,047,591 26.1 %
Enterprise Operating Funds 75,163,417 49,713,838 66.1 % 71,415,764 46,663,508 65.3 %
Enterprise Capital Funds 58,471,085 22,551,575 38.6% 48,211,297 10,867,885 22.5 %
Internal Service Funds 13,124,430 6,900,687 52.6% 15,198,437 7,388,471 48.6%
Employee Benefit Reserves 17,265,080 13,203,855 76.5 % 18,468,153 13,339,564 72.2 %
Risk Management Reserve 5,555,497 3,949,897 71.1 % 6,560,714 3,780,896 57.6%
Debt Service&Agency Funds 7,100,520 3,773,642 53.1 % 6,931,848 3,820,680 55.1 %
Total $ 338,233,151 $ 173,475,260 51.3 % $ 331,422,599 $ 173,443,556 52.3 %
Finance Quarterly Report-Page 9
11
GENERAL GOVERNMENT REVENUE DETAIL
GENERAL GOVERNMENT REVENUES
2023 2023
Revenues as of September 30 Amended Percent
General Fund 2021 2022 2023 Budget Rec'd
Property Tax $ 5,435,773 $ 5,586,234 $ 5,555,647 $ 9,005,763 61.7%
General Sales Tax 16,205,745 16,818,458 17,369,591 24,247,000 71.6%
Criminal Justice Sales Tax 3,695,973 3,747,639 3,882,472 5,207,000 74.6%
Utility&Franchise Taxes 15,144,105 14,895,934 16,610,149 20,334,354 81.7%
Other Taxes 606,089 690,506 722,400 1,112,400 64.9 %
Licenses and Permits 1,192,787 1,363,007 1,489,175 1,908,700 78.0%
Intergovernmental Revenues 2,888,413 3,019,200 2,443,297 4,837,162 50.5 %
Charges for Services 2,655,501 2,191,064 2,363,623 3,105,310 76.1 %
Fines and Forfeitures 1,061,170 885,810 1,084,053 1,291,000 84.0%
Other Revenue 824,901 962,790 2,544,894 1,838,636 138.4%
Total General Fund 49,710,457 50,160,642 54,065,301 72,887,325 74.2 %
Parks&Recreation
Property Tax 1,610,423 1,547,131 1,853,186 3,173,716 58.4%
Intergovernmental Revenues 33,756 26,544 36,653 64,830 56.5 %
Charges for Services 547,114 731,500 720,389 907,615 79.4%
Other Revenue 1,340,729 1,376,382 1,527,985 2,016,592 75.8%
Total Parks&Recreation 3,532,022 3,681,557 4,138,213 6,162,753 67.1 %
Streets
Property Tax 2,569,704 2,547,240 2,569,234 4,400,000 58.4%
Intergovernmental Revenues 1,024,582 1,072,913 1,042,005 1,488,000 70.0%
Charges for Services 254,970 3,182 1,800 527,663 0.3 %
Other Revenue 41,627 35,747 4,153 — n/a
Total Streets 3,890,883 3,659,082 3,617,192 6,415,663 56.4%
Total General Government $ 57,133,362 $ 57,501,281 $ 61,820,706 $ 85,465,741 72.3 %
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 September 30 Amended Percent
General Fund 2021 2022 2023 Budget Exp'd
Police $ 20,545,721 $ 21,351,872 $ 26,178,205 $ 34,679,354 75.5 %
Fire 11,577,232 12,236,912 14,381,199 18,547,280 77.5 %
Information Technology 2,723,881 2,687,686 2,714,761 4,657,840 58.3 %
Finance 1,746,601 1,895,517 1,897,629 2,684,943 70.7%
Legal 1,394,455 1,534,361 1,643,425 2,332,556 70.5 %
Municipal Court 1,215,001 1,216,233 1,552,101 2,192,980 70.8%
Code Administration 1,353,862 1,280,714 1,151,705 2,832,913 40.7%
Indigent Defense 825,238 857,174 1,180,591 1,500,000 78.7%
Human Resources 525,735 547,454 646,867 1,303,967 49.6%
Engineering 599,800 608,717 750,208 1,104,257 67.9 %
Firemen's Relief/Pension 825,266 789,046 808,171 1,066,840 75.8%
Planning 550,254 523,036 463,346 956,252 48.5 %
City Clerk/Records 365,038 392,329 516,114 839,064 61.5 %
City Management 600,136 570,679 469,382 711,898 65.9 %
Police Pension 531,988 481,947 628,978 812,130 77.4%
Economic Development 227,414 341,764 355,559 599,493 59.3 %
City Hall Facility 274,995 306,556 351,949 515,704 68.2 %
Purchasing 312,833 327,090 282,874 486,136 58.2 %
City Council 188,426 192,011 215,665 284,813 75.7%
Intergovernmental 102,083 127,741 115,650 137,189 84.3 %
Interfund Distributions 1 (1,026,080) (1,242,579) (297,681) (396,908) 75.0%
Parking 2 82,326 61,098 (208) - n/a
Clean City Fund 3 1,800 n/a
Total General Fund 45,544,005 47,087,358 56,006,490 77,848,701 71.9 %
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
13
OTHER FUNDS DETAIL
OTHER GOVERNMENT OPERATING FUNDS
2023 As of September 30 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Neighborhood Development 1,204,804 228,802 1,134,525 299,081 (75.2)%
Community Relations 778,111 431,004 462,796 746,319 (4.1)%
Clean City Program 269,222 639,621 504,035 404,808 50.4%
Cemetery 192,236 278,910 292,916 178,230 (7.3)%
Emergency Services 1 204,613 1,032,332 1,375,405 (138,460) (167.7)%
Public Safety Communication 1,623,079 3,162,478 3,088,565 1,696,992 4.6%
Police Grants 948,530 110,960 86,245 973,245 2.6%
PBIA(Park/Bus Improvement Area) 77,990 174,790 93,084 159,696 104.8%
Trolley 42,535 9,369 1,780 50,124 17.8%
Front Street Bus Improvement Area 8,013 3,080 1,733 9,360 16.8%
Convention&Event Center 716,785 1,539,041 1,550,429 705,397 (1.6)%
Capitol Theatre 102,725 325,792 309,157 119,360 16.2%
PFD-Convention Center 1,204,762 799,995 1,132,698 872,059 (27.6)%
Tourism Promotion Area 143,220 770,834 770,834 143,220 -%
PFD-Capitol Theatre 645,616 606,050 677,938 573,728 (11.1)%
American Rescue Plan Act(ARPA)2 67,700 2,732,140 2,797,128 2,712 (96.0)%
Total Other Gov't Operating Funds $ 8,229,941 $ 12,845,198 $ 14,279,268 $ 6,795,871 (17.4)%
GOVERNMENTAL CAPITAL FUNDS
2023 As of September 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 Construction3 86,977 213,275 336,401 (36,149) (141.6)%
Yakima Redevelopment Area 330,542 674,682 365,559 639,665 93.5%
Parks&Recreation Capital 12,181 723,158 641,763 93,576 668.2%
Fire Capital 510,237 120,500 28,409 602,328 18.0%
Law and Justice Capital 1,431,977 375,540 883,612 923,905 (35.5)%
Public Works Trust Construction 4,323,052 954,565 1,864,896 3,412,721 (21.1)%
REET 2 Capital 1,535,139 891,230 1,359,251 1,067,118 (30.5)%
Street Capital 4,281,860 1,268,777 584,510 4,966,127 16.0%
Street Overlay&Reconstruction 2,719,374 1,710,484 2,668,575 1,761,283 (35.2)%
Cony&Event Center Cap Impr 1,758,805 597,385 183,105 2,173,085 23.6%
Reserve for Capital Improvement 328,421 13,581 131,510 210,492 (35.9)%
Total Gov't Capital Funds $ 17,373,589 $ 7,543,177 $ 9,047,591 $ 15,869,175 (8.7)%
1 Emergency Services fund balance can go negative due to the timing of Property Tax receipts.
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. The fund balance
can become negative due to the timing of journal entries,as expenditures are only accounted for as the revenue is spent.
3 The Capitol Theatre Construction fund balance is negative due to the timing of a grant payment. This will correct next quarter.
Finance Quarterly Report-Page 12
14
ENTERPRISE OPERATING FUNDS
2023 As of September 30 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Airport Operating $ 1,156,059 $ 924,595 $ 1,075,266 $ 1,005,388 (13.0)%
Stormwater Operating 1,089,237 3,365,445 2,497,375 1,957,307 79.7%
Transit Operating 10,754,520 7,109,593 6,726,169 11,137,944 3.6%
Refuse 4,343,235 7,327,233 6,516,628 5,153,840 18.7%
Wastewater Operating 11,793,966 18,996,297 18,401,797 12,388,466 5.0%
Water Operating 7,698,591 9,359,796 9,590,398 7,467,989 (3.0)%
Irrigation 1,318,689 1,553,901 1,855,875 1,016,715 (22.9)%
Total Enterprise Operating Funds $ 38,154,297 $ 48,636,860 $ 46,663,508 $ 40,127,649 5.2%
ENTERPRISE CAPITAL FUNDS
2023 As of September 30 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Airport Capital $ 597,238 $ 56,981 $ 618,081 $ 36,138 (93.9)%
Stormwater Capital 5,418,295 493,167 404,617 5,506,845 1.6%
Transit Capital 3,492,382 3,503,714 3,765,475 3,230,621 (7.5)%
Wastewater Facilities Capital 5,570,122 739,917 1,436,843 4,873,196 (12.5)%
Wastewater Construction Capital 10,448,673 1,755,676 1,001,267 11,203,082 7.2%
Wastewater Capital 1,880,884 1,880,676 1,355,559 2,406,001 27.9%
Water Capital 5,835,538 2,733,904 162,656 8,406,786 44.1%
Irrigation Capital4 (1,180,320) 1,486,890 2,123,387 (1,816,817) 53.9%
Total Enterprise Capital Funds $ 32,062,812 $ 12,650,925 $ 10,867,885 $ 33,845,852 5.6%
INTERNAL SERVICE FUNDS
2023 As of September 30 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Equipment Rental $ 4,946,674 $ 4,464,231 $ 4,030,083 $ 5,380,822 8.8%
Environmental 289,858 203,843 200,750 292,951 1.1%
Public Works Administration 609,463 1,075,087 971,586 712,964 17.0%
Utility Services 474,405 1,928,002 2,186,052 216,355 (54.4)%
Total Enterprise Operating Funds $ 6,320,400 $ 7,671,163 $ 7,388,471 $ 6,603,092 4.5%
4 An expected grant for the Nelson Dam was not received,leaving the Irrigation Capital fund balance negative. This situation will be reviewed
for correction at year-end,when numbers are final,with an interfund loan the likely resolution.
Finance Quarterly Report-Page 13
15
EMPLOYEE BENEFIT RESERVES
2023 As of September 30 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Unemployment Comp Reserve $ 421,757 $ 208,474 $ 134,698 $ 495,533 17.5%
Employees Health Ben Reserve 4,170,588 10,024,264 10,575,349 3,619,503 (13.2)%
Worker's Comp Reserve 5 135,065 2,079,650 2,594,785 (380,070) (381.4)%
Wellness/EAP 187,451 - 34,732 152,719 (18.5)%
Total Employee Benefit Reserve $ 4,914,861 $ 12,312,388 $ 13,339,564 $ 3,887,685 (20.9)%
RISK MANAGEMENT RESERVE
2023 As of September 30 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Risk Management Reserve $ 6,544,818 $ 4,381,509 $ 3,780,896 $ 7,145,431 9.2%
DEBT SERVICE &AGENCY FUNDS
2023 As of September 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 $ 1,057,034 $ 309,534 $ 970,641 335.0%
2005 GO Various Bonds 6 17,626 1,887,009 2,218,332 (313,697) n/a
Total GO Bond Redemption $ 240,767 $ 2,944,043 $ 2,527,866 $ 656,944 172.9 %
Water/Sewer Revenue Bond Redemption
WW Rev Bond&2008 Debt Service $ 14,072 $ 287,100 $ 22,000 $ 279,172 n/a
Irrigation Bond Debt Service 28,827 207,450 34,000 202,277 601.7%
WW Rev Bond Rsv&2012 Debt Svc 1,613,482 873,600 14,933 2,472,149 53.2 %
Total W/S Rev Bond Redemption $ 1,656,381 $ 1,368,150 $ 70,933 $ 2,953,598 78.3 %
Agency Funds
YakCorps $ 1,109,166 $ 673,166 $ 275,090 $ 1,507,242 35.9 %
Custodial Fund 307,761 1,068,719 937,791 438,689 42.5 %
Cemetery Trust 729,109 15,138 9,000 735,247 0.8%
Total Agency Funds $ 2,146,036 $ 1,757,023 $ 1,221,881 2,681,178 24.9 %
Total Debt Service&Agency Funds $ 4,043,184 $ 6,069,216 $ 3,820,680 $ 6,291,720 55.6%
---End of Report
5 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 75%in the third quarter of 2023. Rates have been increased for 2024,and this situation continues to be monitored.
6 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