HomeMy WebLinkAbout04/02/2024 07.B. 2023 4th Quarter Financial Report 1
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 7.B.
For Meeting of:April 2, 2024
ITEM TITLE: 2023 4th Quarter Financial Report
SUBMITTED BY: *Rosylen Oglesby, Interim Director of Finance and Budget
SUMMARY EXPLANATION:
The Fourth 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
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FINANCE DEPARTMENT
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To: Honorable Mayor and Members of the City Council
Dave Zabell,Interim City Manager
From: Rosylen Oglesby,Interim Director of Finance&Budget
Kimberly Domine,Financial Services Manager
Kathy Miles,Finance Department Analyst
Date: April 2,2024
Subject: 2023 4th Quarter Financial Update
This financial update is a preliminary, unaudited,report for the 4th quarter ending December 31,2023.
As with all quarters,or 100%of the year,it is intended to inform and assist governance decisions for
future planning. In total,city revenues are 86.2%and expenditures are 75.7%of the amended budget.
The timing of certain revenue payments and Capital Fund expenditures are usually the biggest reasons
that revenues and expenses are below 100%at this point in the year.
Cash position and revenue charts on the following pages provide insight into monitoring of revenue and
managing expenses. The Quarterly Treasury Report,a separate report available on the City's website,
provides further cash and investment analysis.
This report is not final,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 continuously monitored and reported,there is a substantial economic impact to many of the City's
budgeted revenues as a result of the pandemic.
Revenues
Total Sales Tax revenue is keeping pace with the general economy at this time,currently at 102.8%of the
4th quarter last year,and just above amended budgeted amounts by 0.3%. 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 13.0%,
with general auto repair services remaining the largest contributor.
• Accommodations and food services are up 6.8%,mostly due to new business openings and
general inflation increases.
Finance Quarterly Report-Page 1
3
• Construction is currently showing an increase of 6.8%over last year,with new single-family
housing construction being the major component.
• The Manufacturing category is currently at 6.0%,with the largest increases in plastic
manufacturing.
The following revenues are monitored closely due to the impact of the economic effects of the COVID
pandemic:
• 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 8.8%from budgeted amounts in the 4th quarter.
• Fire Inspection Fees decreased drastically during 2020 and into 2021 due to COVID,and began
improving in 2022,2023 numbers continue to improve,but are still performing below pre-
pandemic levels.
General Fund's (001,003 and 612) Performance to Budget
General Fund Revenues in total are at 105.7%of the Amended Budget. The most significant variances
are:
• Other Revenue-investment and sales tax interest-is at 351.3%in the 4th quarter, due mainly
to increased rates of interest on investments,and that allocations to other departments have
been discontinued.
• Other Taxes,consisting of mainly gambling taxes,are at 119.2%,which is mostly due to
COVID economic recovery.
• Fines and Forfeitures are at 113.5%of the amended budget,mainly due to increased
Municipal Court Recoupments.
• Intergovernmental Revenue is at 68.4%,mostly due to fluctuation of grant amounts from the
state and federal governments. This includes the loss of Criminal Justice High Crime funding
as a result of local crime rates going down,while statewide crime rates increase.
General Fund Expenditures in total are at 98.2%. The most significant variances are:
• Indigent Defense is at 107.3%,mainly due to increased rates for professional services.
• City Clerks/Records is at 108.0%, due to the 2023 estimated election costs.
• Police (103.0%) and Fire (102.6%) are over mostly due to overtime/salary increases,but also in
supplies and professional services due to cost increases. As a point of note,Fire overtime cost
is underestimated due to the use of ARPA Funds to offset the expenditures
• Code Administration is at 61.8%mainly due to a Connecting Housing to Infrastructure
Program(CHIP)grant due to pending reimbursements.
• Human Resources,Planning,Economic Development and Purchasing are all currently under
80%of expenditures,mostly due to the timing of invoices received and vacant positions.
General Fund (001,003 and 612) Balance
The General Fund,which provides for public safety and general government services,balance was
negatively affected at the end of 2022 due to the downturn in the fair value rate for investment interest.
By the 4th quarter of 2023,the General Fund balance outlook improved by$599,304 due to the upturn of
the fair value rates and increased interest returns. This amount will likely change as final updates in
revenues and expenditures are made and the State audit commences,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 December at$150.8 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 4th quarter city-wide cumulative revenue of
$39.9 million exceeds the cumulative budget by$0.1 million or 0.3%and is greater than prior year by
$1,064,513. The city receives sales tax from Washington State on a 2-month lag from the actual point-of-
sale transactions;therefore,these figures are for actual transactions through October. Rising inflation,
unchanged spending and consumption by end users have all influenced the nominal increase of revenues
from sales tax receipts. Please note the 2022 revenue for July was not posted until August,creating the
anomaly in the graph below.
CITYWIDE SALES TAX REVENUE
$45,000,000 -
$40,I
,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 3
5
Property Tax
The 4th 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 4th quarter cumulative water operating revenue of$12.0 million through December is above budget
by$230,986. 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
• Budget Cumulative •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$870,394 over budget
and$54,490 under prior year. A cost of service and rate study for the division was planned and
budgeted for 2022,and is currently scheduled to be completed in the second quarter of 2024.
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 4th quarter cumulative operating assessments of$4,007,081 is$57,329 under budget,and$82,750
below prior year. This is likely 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 4th quarter cumulative automated residential revenue of$8.0 million is up$471,228 over budget and
$501,379 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 4th quarter cumulative revenue of$1,794,405 is up$144,405 over budget and up$125,143 compared
to prior year. The comparison of each month's revenue to the same month in prior year improved
throughout 2022,and into 2023.
LODGING TAX REVENUE
$2,000,000 -
$1,500,000 -
$1,000,000 -
$500,000 -
$o
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 4th quarter cumulative revenue for REET continues to perform below expectations,with$2,304,595
in revenue,which is$895,405 under budget and$1,260,577 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
The 4th quarter cumulative revenues for building permits of$798,447 are down$43,553 under budget,
but up$17,525 from 2022. Permit activity shows that there were 1,203 permits for 326 dwelling units in
the 4th quarter for 2023,compared with 1,131 permits for 540 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 December 31 %of %Change
Beginning 2023 2023 Ending Amended in Fund
Balance Actual Rev. Actual Exp. Balance Budget Balance
General Fund(001) 9,534,450 72,775,443 71,801,141 10,508,752 14.4% 10.2%
Criminal Justice(003) 1,457,735 3,321,949 3,569,317 1,210,367 31.9% (17.0)%
Firemen's Relief&Pension(612) 1,587,704 930,750 1,058,381 1,460,073 136.9% (8.0)%
General Fund Subtotal $ 12,579,889 $ 77,028,142 $ 76,428,839 $ 13,179,192 16.9% 4.8%
Parks and Recreation' 563,546 6,069,533 6,087,862 545,217 8.7% (3.3)%
Street&Traffic Operations 1,537,274 5,816,930 5,055,219 2,298,985 35.0% 49.5%
General Government Subtotal 14,680,709 88,914,605 87,571,920 16,023,394 17.7% 9.1%
Other Governmental Operating Funds 8,229,941 20,090,586 20,016,674 8,303,853 21.1% 0.9%
Government Capital Funds 17,373,589 14,735,133 14,518,528 17,590,194 50.8% 1.2%
Enterprise Operating Funds 38,154,297 69,135,731 63,482,787 43,807,241 61.3% 14.8%
Enterprise Capital Funds 32,062,812 20,776,236 20,820,684 32,018,364 66.4% (0.1)%
Internal Service Funds 6,320,400 10,554,524 10,126,295 6,748,629 44.4% 6.8%
Employee Benefit Reserve 4,914,861 17,955,584 17,770,728 5,099,717 27.6% 3.8%
Risk Management Reserves 6,544,818 5,790,952 4,345,962 7,989,808 121.8% 22.1%
Debt Service&Agency Funds 4,043,184 12,438,361 12,111,042 4,370,503 63.0% 8.1%
Total $132,324,611 $260,391,712 $250,764,620 $141,951,703 42.8% 7.3%
This table shows balances at the point in time that this report was created. It is intended to provide a
predicted year-end snapshot.
The ending fund balance in the General Fund (001) is currently 14.4%at this point in time,which falls
below City Council's policy of maintaining 16.7%of reserves. Staff and City Council continue
discussions to review options,new revenues or budget reductions to comply with reserve policies.
Note: Per the City Charter,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.
1 Parks and Recreation was budgeted in 2022 to use some of the fund balance,which reduced the percent of Amended Budget to 9.1%.
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 12/31 Rec'd Budget as of 12/31 Rec'd
General Fund $ 70,544,525 $ 68,748,255 97.5 % $ 72,887,325 $ 77,028,142 105.7%
Parks and Recreation 5,710,259 5,627,437 98.5 % 6,162,753 6,069,533 98.5 %
Street&Traffic Operations 6,478,808 5,842,323 90.2 % 6,415,663 5,816,930 90.7%
General Government Subtotal 82,733,592 80,218,015 97.0% 85,465,741 88,914,605 104.0%
Other Government Operating Funds 46,513,849 18,058,513 38.8% 38,566,372 20,090,586 52.1 %
Government Capital Funds 41,148,287 12,640,601 30.7% 27,674,713 14,735,133 53.2 %
Enterprise Operating Funds 69,830,538 66,768,491 95.6% 66,220,984 69,135,731 104.4%
Enterprise Capital Funds 38,366,070 25,082,912 65.4% 41,431,638 20,776,236 50.1 %
Internal Service Funds 12,049,036 12,016,936 99.7% 10,922,133 10,554,524 96.6%
Employee Benefit Reserves 17,700,231 16,450,482 92.9 % 19,440,071 17,955,584 92.4%
Risk Management Reserve 5,873,577 6,258,776 106.6% 5,438,458 5,790,952 106.5 %
Debt Service&Agency Funds 7,100,227 11,521,246 162.3 % 6,932,357 12,438,361 179.4%
Total $ 321,315,407 $ 249,015,972 77.5 % $ 302,092,467 $ 260,391,712 86.2 %
EXPENDITURE COMPARISON
(Budget vs.Actual)
2022 2023
Annual Annual
Amended Actual % Amended Actual cyo
Budget as of 12/31 Exp'd Budget as of 12/31 Exp'd
General Fund $ 72,847,262 $ 71,442,317 98.1 % $ 77,848,701 $ 76,428,838 98.2 %
Parks and Recreation 6,386,672 6,161,280 96.5 % 6,233,727 6,087,862 97.7%
Street&Traffic Operations 6,567,056 5,555,637 84.6% 6,573,038 5,055,219 76.9 %
General Government Subtotal 85,800,990 83,159,234 96.9 % 90,655,466 87,571,919 96.6%
Other Government Operating Funds 38,743,539 17,009,170 43.9 % 39,378,284 20,016,674 50.8%
Government Capital Funds 37,008,593 10,944,335 29.6% 34,602,636 14,518,528 42.0%
Enterprise Operating Funds 75,163,417 67,548,514 89.9 % 71,415,764 63,482,787 88.9 %
Enterprise Capital Funds 58,471,085 28,948,753 49.5 % 48,211,297 20,820,684 43.2 %
Internal Service Funds 13,124,430 10,300,859 78.5 % 15,198,437 10,126,295 66.6%
Employee Benefit Reserves 17,265,080 17,003,527 98.5 % 18,468,153 17,770,728 96.2 %
Risk Management Reserve 5,555,497 4,566,087 82.2 % 6,560,714 4,345,962 66.2 %
Debt Service&Agency Funds 7,100,520 11,078,010 156.0% 6,931,848 12,111,042 174.7%
Total $ 338,233,151 $ 250,558,489 74.1 % $ 331,422,599 $ 250,764,619 75.7%
Finance Quarterly Report-Page 9
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GENERAL GOVERNMENT REVENUE DETAIL
GENERAL GOVERNMENT REVENUES
2023 2023
Revenues as of December 31 Amended Percent
General Fund 2021 2022 2023 Budget Rec'd
Property Tax $ 8,967,221 $ 9,066,584 $ 8,852,130 $ 9,005,763 98.3 %
General Sales Tax 22,116,944 22,757,989 23,446,284 24,247,000 96.7%
Criminal Justice Sales Tax 5,032,902 5,085,642 5,323,684 5,207,000 102.2 %
Utility&Franchise Taxes 19,070,610 20,505,532 21,535,506 20,334,354 105.9 %
Other Taxes 1,273,990 1,309,217 1,325,922 1,112,400 119.2 %
Licenses and Permits 1,711,245 1,796,136 2,000,113 1,908,700 104.8%
Intergovernmental Revenues 3,697,113 4,485,636 3,310,096 4,837,162 68.4%
Charges for Services 3,470,078 2,871,331 3,310,876 3,105,310 106.6%
Fines and Forfeitures 1,381,103 1,212,744 1,465,208 1,291,000 113.5 %
Other Revenue' (932,373) (342,556) 6,458,323 1,838,636 351.3 %
Total General Fund 65,788,833 68,748,255 77,028,142 72,887,325 105.7%
Parks&Recreation
Property Tax 2,702,528 2,673,716 3,173,716 3,173,716 100.0%
Intergovernmental Revenues 67,142 178,739 42,610 64,830 65.7%
Charges for Services 647,360 838,350 817,444 907,615 90.1 %
Other Revenue 1,927,671 1,936,632 2,035,763 2,016,592 101.0%
Total Parks&Recreation 5,344,701 5,627,437 6,069,533 6,162,753 98.5 %
Streets
Property Tax 3,742,125 4,399,808 4,400,000 4,400,000 100.0%
Intergovernmental Revenues 1,426,144 1,393,740 1,399,144 1,488,000 94.0%
Charges for Services 5,020 4,333 3,750 527,663 0.7%
Other Revenue 65,269 44,443 14,036 — n/a
Total Streets 5,238,558 5,842,324 5,816,930 6,415,663 90.7%
Total General Government $ 76,372,092 $ 80,218,016 $ 88,914,605 $ 85,465,741 104.0%
Note: Year to date revenues above are consistent with historical trends other than those noted below.
Intergovernmental Revenue in the General Fund is currently at 68.4%mainly due to ARPA funding of
approximately$600,000 that has not yet been spent,and a Department of Commerce grant of$400,000
that was budgeted for,but has not yet been received.
Streets Charges for Services is at 0.7%of budget due to an accounting change regarding Stormwater
inspection fees.
1 This increase is due mainly to the return on interest from investments and investment interest-however,an investment allocation to other
departments will be done in March that will reduce this amount,but not significantly.
Finance Quarterly Report-Page 10
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GENERAL GOVERNMENT EXPENDITURE DETAIL
GENERAL FUND EXPENDITURE DETAIL
2023
Expenditures as of December 31 Amended Percent
General Fund 2021 2022 2023 Budget Exp'd
Police $ 29,366,419 $ 33,614,945 $ 35,717,940 $ 34,679,354 103.0
Fire 15,855,053 18,473,992 19,036,490 18,547,280 102.6%
Information Technology 3,837,328 3,684,426 4,310,259 4,657,840 92.5 %
Finance 2,350,457 2,571,208 2,573,541 2,684,943 95.9 %
Legal 1,831,365 2,081,204 2,262,956 2,332,556 97.0%
Municipal Court 1,674,931 1,736,641 2,014,370 2,192,980 91.9 %
Code Administration 1,834,935 2,397,260 1,749,548 2,832,913 61.8%
Indigent Defense 1,098,102 1,152,637 1,610,047 1,500,000 107.3 %
Human Resources 718,882 781,992 871,373 1,303,967 66.8%
Engineering 799,635 848,902 984,446 1,104,257 89.2 %
Firemen's Relief/Pension 1,072,915 1,111,102 1,058,381 1,066,840 99.2 %
Planning 724,355 710,570 650,747 956,252 68.1 %
City Clerk/Records 731,905 639,186 905,962 839,064 108.0%
City Management 813,362 742,827 623,355 711,898 87.6%
Police Pension 681,824 602,448 772,996 812,130 95.2 %
Economic Development 405,092 495,919 464,018 599,493 77.4%
City Hall Facility 388,918 459,907 484,964 515,704 94.0%
Purchasing 422,535 418,259 354,422 486,136 72.9 %
City Council 235,659 238,827 273,488 284,813 96.0%
Intergovernmental 170,685 142,289 132,427 137,189 96.5 %
Interfund Distributions 1 (1,328,441) (1,542,496) (422,892) (396,908) 106.5 %
Parking 2 124,562 80,273 n/a
Total General Fund 63,810,478 71,442,318 76,428,838 77,848,701 98.2 %
General Fund Expenditures in total are at 98.2%. The most significant variances are:
• Indigent Defense is at 107.3%,mainly due to increased rates for professional services.
• City Clerks/Records is at 108.0%, due to the 2023 estimated election costs.
• Police (103.0%) and Fire (102.6%) are over mostly due to overtime/salary increases,but also in
supplies and professional services due to cost increases. As a point of note,Fire overtime cost
is underestimated due to the use of ARPA Funds to offset the expenditures.
• Code Administration is at 61.8%mainly due to a Connecting Housing to Infrastructure
Program(CHIP)grant due to the pending reimbursements.
• Human Resources,Planning,Economic Development and Purchasing are all currently under
80%of expenditures,mostly due to the timing of invoices received and vacant positions.
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 if needed for 2023 once all reoccurring charges
have expired.
Finance Quarterly Report-Page 11
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OTHER FUNDS DETAIL
OTHER GOVERNMENT OPERATING FUNDS
2023 As of December 31 °A)Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Neighborhood Development 1,204,804 1,392,820 1,538,567 1,059,057 (12.1)%
Community Relations 778,111 565,208 634,720 708,599 (8.9)%
Clean City Program 269,222 885,097 659,011 495,308 84.0%
Cemetery 192,236 357,137 366,297 183,076 (4.8)%
Emergency Services 204,613 1,703,564 1,800,425 107,752 (47.3)%
Public Safety Communication 1,623,079 4,535,868 4,287,020 1,871,927 15.3%
Police Grants 948,530 160,757 154,582 954,705 0.7%
PBIA(Park/Bus Improvement Area) 77,990 183,578 180,925 80,643 3.4%
Trolley 42,535 11,869 2,270 52,134 22.6%
Front Street Bus Improvement Area 8,013 3,814 1,733 10,094 26.0%
Convention&Event Center 716,785 2,027,386 1,921,794 822,377 14.7%
Capitol Theatre 102,725 429,254 423,990 107,989 5.1%
PFD-Convention Center 1,204,762 1,233,062 1,511,811 926,013 (23.1)%
Tourism Promotion Area 143,220 1,083,494 1,100,607 126,107 (11.9)%
PFD-Capitol Theatre 645,616 934,130 849,374 730,372 13.1%
American Rescue Plan Act(ARPA) 67,700 4,583,548 4,583,548 67,700 -%
Total Other Gov't Operating Funds $ 8,229,941 $ 20,090,586 $ 20,016,674 $ 8,303,853 0.9%
GOVERNMENTAL CAPITAL FUNDS
2023 As of December 31 °A)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 86,977 473,275 362,890 197,362 126.9%
Yakima Redevelopment Area 330,542 1,011,033 595,750 745,825 125.6%
Parks&Recreation Capital 12,181 1,466,442 1,113,588 365,035 n/a
Fire Capital 510,237 165,676 69,912 606,001 18.8%
Law and Justice Capital 1,431,977 477,159 934,111 975,025 (31.9)%
Public Works Trust Construction 4,323,052 1,310,697 2,655,141 2,978,608 (31.1)%
REET 2 Capital 1,535,139 1,226,249 1,646,696 1,114,692 (27.4)%
Street Capital 4,281,860 1,677,033 747,313 5,211,580 21.7%
Street Overlay&Reconstruction 2,719,374 6,121,488 5,532,202 3,308,660 21.7%
Cony&Event Center Cap Impr 1,758,805 792,500 711,795 1,839,510 4.6%
Reserve for Capital Improvement 328,421 13,581 149,130 192,872 (41.3)%
Total Gov't Capital Funds $ 17,373,589 $ 14,735,133 $ 14,518,528 $ 17,590,194 1.2%
Finance Quarterly Report-Page 12
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ENTERPRISE OPERATING FUNDS
2023 As of December 31 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Airport Operating $ 1,156,059 $ 1,588,040 $ 1,543,562 $ 1,200,537 3.8%
Stormwater Operating 1,089,237 4,861,613 3,242,747 2,708,103 148.6%
Transit Operating 10,754,520 12,448,542 9,966,699 13,236,363 23.1%
Refuse 4,343,235 9,982,386 9,178,820 5,146,801 18.5%
Wastewater Operating 11,793,966 25,555,196 24,611,548 12,737,614 8.0%
Water Operating 7,698,591 12,530,595 12,570,570 7,658,616 (0.5)%
Irrigation 1,318,689 2,169,359 2,368,841 1,119,207 (15.1)%
Total Enterprise Operating Funds $ 38,154,297 $ 69,135,731 $ 63,482,787 $ 43,807,241 14.8%
ENTERPRISE CAPITAL FUNDS
2023 As of December 31 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Airport Capital $ 597,238 $ 2,555,709 $ 2,875,162 $ 277,785 (53.5)%
Stormwater Capital 5,418,295 660,593 1,437,906 4,640,982 (14.3)%
Transit Capital 3,492,382 6,058,380 4,988,018 4,562,744 30.6%
Wastewater Facilities Capital 5,570,122 1,000,000 3,665,801 2,904,321 (47.9)%
Wastewater Construction Capital 10,448,673 3,010,610 3,842,068 9,617,215 (8.0)%
Wastewater Capital 1,880,884 2,510,610 1,390,003 3,001,491 59.6%
Water Capital 5,835,538 2,733,904 331,714 8,237,728 41.2%
Irrigation Capital' (1,180,320) 2,246,430 2,290,012 (1,223,902) 3.7%
Total Enterprise Capital Funds $ 32,062,812 $ 20,776,236 $ 20,820,684 $ 32,018,364 (0.1)%
INTERNAL SERVICE FUNDS
2023 As of December 31 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Equipment Rental $ 4,946,674 $ 6,067,758 $ 5,729,598 $ 5,284,834 6.8%
Environmental 289,858 385,538 393,743 281,653 (2.8)%
Public Works Administration 609,463 1,433,450 1,343,161 699,752 14.8%
Utility Services 474,405 2,667,778 2,659,793 482,390 1.7%
Total Enterprise Operating Funds $ 6,320,400 $ 10,554,524 $ 10,126,295 $ 6,748,629 6.8%
1 An expected grant for the Nelson Dam was not received,leaving the Irrigation Capital fund balance negative. This situation will be reviewed
for correction after year-end,when numbers are final,with an interfund loan the likely resolution.
Finance Quarterly Report-Page 13
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EMPLOYEE BENEFIT RESERVES
2023 As of December 31 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Unemployment Comp Reserve $ 421,757 $ 274,158 $ 185,427 $ 510,488 21.0%
Employees Health Ben Reserve 4,170,588 14,046,446 14,197,007 4,020,027 (3.6)%
Worker's Comp Reserve 2 135,065 3,559,980 3,330,426 364,619 170.0%
Wellness/EAP 187,451 75,000 57,868 204,583 9.1%
Total Employee Benefit Reserve $ 4,914,861 $ 17,955,584 $ 17,770,728 $ 5,099,717 3.8%
RISK MANAGEMENT RESERVE
2023 As of December 31 %Change
Beginning 2023 2023 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Risk Management Reserve $ 6,544,818 $ 5,790,952 $ 4,345,962 $ 7,989,808 22.1%
DEBT SERVICE &AGENCY FUNDS
2023 As of December 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 $ 1,547,128 $ 1,404,068 $ 366,201 64.1 %
2005 GO Various Bonds 17,626 3,018,414 3,018,414 17,626 -%
Total GO Bond Redemption $ 240,767 $ 4,565,542 $ 4,422,482 $ 383,827 59.4 %
Water/Sewer Revenue Bond Redemption
WW Rev Bond&2008 Debt Service $ 14,072 $ 382,800 $ 378,400 $ 18,472 31.3 %
Irrigation Bond Debt Service 28,827 276,600 269,800 35,627 23.6 %
WW Rev Bond Rsv&2012 Debt Svc 1,613,482 1,164,800 1,157,333 1,620,949 0.5 %
Total W/S Rev Bond Redemption $ 1,656,381 $ 1,824,200 $ 1,805,533 $ 1,675,048 1.1 %
Agency Funds
YakCorps $ 1,109,166 $ 673,166 $ 612,222 $ 1,170,110 5.5 %
Custodial Fund 307,761 5,353,814 5,258,805 402,770 30.9 %
Cemetery Trust 729,109 21,639 12,000 738,748 1.3 %
Total Agency Funds $ 2,146,036 $ 6,048,619 $ 5,883,027 2,311,628 7.7 %
Total Debt Service&Agency Funds $ 4,043,184 $ 12,438,361 $ 12,111,042 $ 4,370,503 8.1 %
---End of Report
2 The Workers Compensation fund experienced greater claim activity in 2022,which was corrected by an increase in rates for 2023 and 2024.
This situation continues to be monitored.
Finance Quarterly Report-Page 14