HomeMy WebLinkAbout06/04/2024 07.B. 2024 1st Quarter Financial Update i4
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 7.B.
For Meeting of: June 4, 2024
ITEM TITLE: 2024 1st Quarter Financial Update
SUBMITTED BY: Rosylen Oglesby, Interim Finance Director
SUMMARY EXPLANATION:
The First Quarter Financial Report for 2024 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: N/A
STRATEGIC PRIORITY: Fiscal Sustainability
RECOMMENDATION: Review only. Submitted for routine transparency and accountability.
ATTACHMENTS:
2024 Quarterly Report- 1st Quarter.pdf
13
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: May 21,2024
Subject: 2024 1st Quarter Financial Update
This financial update is a preliminary, unaudited,report for the 1st quarter ended March 31,2024,one
quarter,or 25%of the year,intended to inform and assist governance decisions for future planning. In
total,city revenues are at 18.0%of budget and expenditures are at 17.6%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 2024 will not be completed until later
in 2025,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 2024,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.
In more detail,Sales Tax revenue for 2023 averaged a 102.8%increase for the year,while the cost of living
increase for the year was 3.2%. The 1st quarter 2024 numbers are currently 101.7%,with significant
changes show below.
• Sales Tax is currently below budget by 2.7%in the 1st quarter. Major categories that are effecting
this change in Sales Tax are:
Manufacturing is down 9.3%,mainly due to the timing of seasonal receipts in agriculture
manufacturing.
Finance Quarterly Report-Page 1 14
• Information category is down 3.8%in cumulative 1st quarter,almost exclusively in the
software publishing sub-category.
• Real estate was down 3.6%,mainly in the Rental and Leasing Services category.
• Other services are down 2.3%,with automotive repair showing the largest decrease,after
over a year of being one of the largest increased categories.
• Construction is still showing improvement, with an increase of 6.3%over last year.
• Miscellaneous other is at 10.6%,mainly due to a surge in custom computer programming
services.
• Lodging Tax had a significant downturn in 2020 and 2021 due to the economic effects of the
COVID pandemic but began to improve significantly in 2022. This trend continues into 2024,
with Lodging Tax up 7.9%from budgeted amounts in the 1st quarter.
• Fire Inspection Fees decreased dramatically during 2020 and into 2021 due to COVID,improving
marginally in 2022,2023 and the first quarter of 2024,but are still performing below original
expectations. This revenue stream continues to be monitored.
General Fund's Performance to Budget
General Fund Revenues in total are at 21.6%. The most significant variances are:
• Utility and Franchise taxes are currently at 26.3%of the Amended Budget,most likely due to
the timing of utility payments.
• Property Tax is at 10.6%,as is usual in the first quarter of the year, due to the timing of
Property Tax receipts,which are higher in the months of April and November.
• Other Revenue (10.5%) is under 25%,however,a year end adjustment for the negative
amortization will occur at year end to correct this issue.
• Intergovernmental revenue (14.3%) is below 25%,mainly due to the timing of incoming grant
funds.
General Fund Expenditures in total are at 22.0%. The most significant variances are:
• Intergovernmental (67.7%) and City Council (36.3%)are above 25%mainly due to the timing
of annual dues and subscription payments.
• City Management (47.4%) is well above 25% due to the separation of the previous City
Manager.
• Codes and Purchasing are currently under 15%of expenditures,mainly due to an ARPA
CHIP grant for Codes where work has not yet been completed,and a vacant position in
Purchasing.
General Fund Balance
The General Fund (001),which provides for public safety and general government services,was
positively affected by the end of 2023 due to the upturn of the fair value rates and increased interest
returns These revenues were the main reason the year ended with a minimal increase to fund balance
rather than a decrease.
In the 1st quarter of 2024,the General Fund balance is continuing to decline,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 15
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$142.1 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
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Sales Tax
This is the largest single funding source for the city. The 1st quarter city-wide cumulative revenue of$9.3
million is below the quarterly cumulative amount budgeted by$0.3 million or 2.7%,but is greater than
prior year 1st quarter number by$192,627. 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.
The stabilization of inflation and more cautious spending are the most likely items influencing the slower
rate of increase of revenues from sales tax receipts. 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
$50,000,000 -
$40,000,000 -
$30,000,000 -
$20,000,000 -
$10,000,000 -
$0 — i ! i • + • • •
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 16
Property Tax
The 1st quarter cumulative Property Tax revenue is tracking right on budget. The 2024 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 '-- '� } T-�
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative S Current Year Cumulative Prior Year Cumulative
Water
The 1st quarter cumulative water operating revenue of$2.3 million through March is down$21,975 from
last year,most likely due to cooler spring weather and the timing of billings. A cost of service and rate
study for the division is currently in progress.
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
17
Finance Quarterly Report-Page 4
Wastewater
The 1st quarter cumulative wastewater operating revenue of$5.4 million is up$152,133 over budget,but
below prior year by$94,409. A cost of service and rate study for the division was planned and budgeted
for 2022,but will not be completed until June of 2024.
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
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. The 1st quarter cumulative operating assessments of$499,503 is down$74,680 under budget
and$78,450 under prior year. This is likely due to the timing of payments.
STORMWATER REVENUE
$5,000,000 -
$4,000,000 -
$3,000,000 -
$2,000,000 -
$1,000,000 -
$0 i f ♦ f 4-1p ♦ t
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
• Budget Cumulative •Current Year Cumulative Prior Year Cumulative
18 Finance Quarterly Report-Page 5
Refuse
The 1st quarter cumulative automated residential revenue of$2.0 million is up$125,595 over budget and
$66,734 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 2024 budget.
REFUSE REVENUE
$io,000,000 -
$7,500,000 -
$5,000,000 -
$2,500,000 -
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative S Current Year Cumulative Prior Year Cumulative
Lodging Tax
The 1st quarter cumulative revenue of$301,800 is up$22,192 over budget and up$2,569 compared to
prior year. Revenues are now where they should be,post COVID-19.
LODGING TAX REVENUE
$2,000,000 -
$1,500,000 -
$1,000,000 -
$500,000 -
$0 t t
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative S Current Year Cumulative Prior Year Cumulative
19
Finance Quarterly Report-Page 6
Real Estate Excise Tax (REET I & II,combined)
The 1st quarter cumulative revenue for REET of$560,551 is up$22,117 over budget and up$91,620 over
prior year,likely due to fluctuating interest rates.
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 •Current Year Cumulative Prior Year Cumulative
Building Permits
After a slow recovery start in January,the 2024 1st quarter cumulative revenues of$183,751 are up
$22,293 over budget and$20,984 above prior year. Permit activity shows that there were 180 permits for
43 dwelling units in the 1st quarter for 2024,compared with 278 permits for 83 dwelling units in 2023,
with the difference in permit type mainly within the commercial 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
20
Finance Quarterly Report-Page 7
CITY-WIDE FUND BALANCE SUMMARY
CHANGE IN FUND BALANCE
2024 As of March 31 %of Change
Beginning 2024 2024 Ending Amended in Fund
Balance Actual Rev. Actual Exp. Balance Budget Balance
General Fund(001) $ 10,527,088 $ 15,505,122 $ 15,934,060 $ 10,098,150 13.9% (4.1)%
Criminal Justice(003) 1,210,367 819,737 883,320 1,146,784 29.2% (5.3)%
Firemen's Relief&Pension(612) 1,460,073 67,995 284,858 1,243,210 115.7% (14.9)%
General Fund Subtotal 13,197,528 16,392,854 17,102,238 12,488,144 16.0% (5.4)%
Parks and Recreation 545,218 1,059,789 1,219,926 385,081 5.9% (29.4)%
Street&Traffic Operations 2,298,985 766,262 1,235,018 1,830,229 26.5% (20.4)%
General Government Subtotal 16,041,731 18,218,905 19,557,182 14,703,454 109.2% (8.3)%
Other Governmental Operating Funds 8,328,941 4,527,920 5,132,566 7,724,295 22.9% (7.3)%
Government Capital Funds 17,590,195 1,523,818 1,268,047 17,845,966 81.0% 1.5 %
Enterprise Operating Funds 39,595,653 14,041,344 15,198,340 38,438,657 52.5% (2.9)%
Enterprise Capital Funds 44,489,627 4,279,050 1,815,007 46,953,670 104.5% 5.5 %
Internal Service Funds 8,261,934 2,058,422 2,298,466 8,021,890 52.9% (2.9)%
Employee Benefit Reserve 5,177,838 4,387,996 5,917,891 3,647,943 18.9% (29.5)%
Risk Management Reserves 7,688,720 1,136,605 3,425,304 5,400,021 73.4% (29.8)%
Debt Service&Agency Funds 6,050,709 1,134,824 254,761 6,930,772 137.9% 14.5 %
Total $153,225,348 $ 51,308,884 $ 54,867,564 $149,666,668 63.9% (2.3)%
This is a progress report to provide transparency and accountability. This table shows fund balances by
fund at this point in time. This is intended to provide transparency and accountability but is a snapshot,
not a reliable measure of predicted year-end.
The ending fund balance in the General Fund (001)has been reduced to 13.9%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.
21
Finance Quarterly Report-Page 8
CITY WIDE REVENUES & EXPENDITURES BY FUND GROUPING
REVENUE COMPARISON
(Budget vs.Actual)
2023 2024
Annual Annual
Amended Actual % Amended Actual cyo
Budget as of 3/31 Rec'd Budget as of 3/31 Rec'd
General Fund $ 72,887,326 $ 16,556,114 22.7% $ 75,785,890 $ 16,392,852 21.6%
Parks and Recreation 6,162,752 976,688 15.8% 6,553,589 1,059,789 16.2 %
Street&Traffic Operations 6,415,663 750,199 11.7% 6,615,518 766,262 11.6%
General Government Subtotal 85,465,741 18,283,001 21.4% 88,954,997 18,218,903 20.5 %
Other Government Operating Funds 38,566,372 5,221,918 13.5 % 33,686,236 4,527,920 13.4%
Government Capital Funds 27,674,713 1,437,290 5.2 % 20,097,883 1,523,818 7.6%
Enterprise Operating Funds 66,220,984 14,419,037 21.8% 67,269,972 14,041,344 20.9 %
Enterprise Capital Funds 41,431,638 2,599,941 6.3 % 34,193,069 4,279,050 12.5 %
Internal Service Funds 10,922,133 2,383,235 21.8% 11,066,190 2,058,422 18.6%
Employee Benefit Reserves 19,440,071 3,970,856 20.4% 20,443,592 4,387,996 21.5 %
Risk Management Reserve 5,438,458 1,533,022 28.2 % 4,546,286 1,136,605 25.0%
Debt Service&Agency Funds 6,932,357 2,077,991 30.0% 5,074,841 1,134,824 22.4%
Total $ 302,092,467 $ 51,926,291 17.2 % $ 285,333,066 $ 51,308,882 18.0%
EXPENDITURE COMPARISON
(Budget vs.Actual)
2023 2024
Annual Annual
Amended Actual % Amended Actual cyo
Budget as of 3/31 Exp'd Budget as of 3/31 Exp'd
General Fund $ 77,848,701 $ 19,137,807 24.6% $ 77,851,461 $ 17,102,239 22.0%
Parks and Recreation 6,233,727 1,158,886 18.6% 6,558,589 1,219,926 18.6%
Street&Traffic Operations 6,573,038 1,223,901 18.6% 6,903,842 1,235,018 17.9 %
General Government Subtotal 90,655,466 21,520,594 23.7% 91,313,892 19,557,183 21.4%
Other Government Operating Funds 39,378,284 5,934,312 15.1 % 33,770,256 5,132,566 15.2 %
Government Capital Funds 34,602,636 1,338,968 3.9 % 22,025,786 1,268,047 5.8%
Enterprise Operating Funds 71,415,764 14,357,949 20.1 % 73,188,073 15,198,340 20.8%
Enterprise Capital Funds 48,211,297 5,386,163 11.2 % 44,923,359 1,815,007 4.0%
Internal Service Funds 15,198,437 2,079,467 13.7% 15,170,493 2,298,466 15.2 %
Employee Benefit Reserves 18,468,153 4,489,157 24.3 % 19,265,158 5,917,891 30.7%
Risk Management Reserve 6,560,714 2,897,971 44.2 % 7,352,242 3,425,304 46.6%
Debt Service&Agency Funds 6,931,848 452,283 6.5 % 5,024,842 254,761 5.1 %
Total $ 331,422,599 $ 58,456,864 17.6% $ 312,034,101 $ 54,867,565 17.6 cyo
Finance Quarterly Report-Page 9 22
GENERAL GOVERNMENT REVENUE DETAIL
GENERAL GOVERNMENT REVENUES
2024 2024
Revenues as of March 31 Amended Percent
General Fund 2022 2023 2024 Budget Rec'd
Property Tax $ 944,627 $ 989,703 $ 932,410 $ 8,807,406 10.6%
General Sales Tax 5,379,781 5,546,690 5,639,913 24,834,000 22.7%
Criminal Justice Sales Tax 1,203,154 1,246,253 1,310,270 5,349,000 24.5 %
Utility&Franchise Taxes 5,135,376 6,012,305 5,754,653 21,875,730 26.3 %
Other Taxes 10,048 44,969 319,778 1,260,389 25.4%
Licenses and Permits 430,645 444,244 476,114 1,921,200 24.8%
Intergovernmental Revenues 939,418 868,564 668,795 4,691,485 14.3 %
Charges for Services 684,121 690,104 730,015 3,130,502 23.3 %
Fines and Forfeitures 264,681 236,162 281,723 1,256,670 22.4%
Other Revenue 783,111 477,121 279,181 2,659,508 10.5 %
Total General Fund 15,774,962 16,556,115 16,392,852 75,785,890 21.6%
Parks&Recreation
Property Tax 238,121 305,408 323,741 3,570,919 9.1 %
Intergovernmental Revenues 7,992 5,958 41,085 64,830 63.4%
Charges for Services 166,359 164,725 172,260 873,115 19.7%
Other Revenue 118,583 500,598 522,703 2,044,725 25.6%
Total Parks&Recreation 531,055 976,689 1,059,789 6,553,589 16.2 %
Streets
Property Tax 391,846 423,414 415,225 4,580,000 9.1 %
Intergovernmental Revenues 338,967 323,991 316,962 1,501,000 21.1 %
Charges for Services 1,932 825 26,803 534,518 5.0%
Other Revenue 11,954 1,970 7,272 - n/a
Total Streets 744,699 750,200 766,262 6,615,518 11.6%
Total General Government $ 17,050,716 $ 18,283,004 $ 18,218,903 $ 88,954,997 20.5 %
Year to date revenues above are consistent with historical trends other than the items noted below.
• Other Revenue (10.5%) is under 25%,however,a year end adjustment for the negative
amortization will occur at year end to correct this issue.
• Intergovernmental revenue (14.3%) is below 25%,mainly due to the timing of incoming grant
funds.
23
Finance Quarterly Report-Page 10
GENERAL GOVERNMENT EXPENDITURE DETAIL
GENERAL FUND EXPENDITURE DETAIL
2024
Expenditures as of March 31 Amended Percent
General Fund 2022 2023 2024 Budget Exp'd
Police $ 6,888,260 $ 8,649,722 $ 7,911,377 $ 37,922,934 20.9 %
Fire 3,742,656 4,613,502 4,140,515 17,872,596 23.2 %
Information Technology 979,403 1,290,719 1,021,849 4,561,203 22.4%
Finance 606,330 613,437 466,538 2,118,216 22.0%
Legal 483,897 544,970 563,424 2,280,471 24.7%
Municipal Court 405,405 619,530 535,743 2,460,117 21.8%
Code Administration 402,853 412,391 391,538 2,657,647 14.7%
Indigent Defense 280,285 387,201 431,609 1,500,000 28.8%
Human Resources 171,589 178,083 181,511 1,180,747 15.4%
Engineering 198,388 276,475 228,374 1,018,150 22.4%
Firemen's Relief/Pension 309,888 302,530 284,858 1,074,747 26.5 %
Planning 166,290 138,027 248,895 943,916 26.4%
City Clerk/Records 119,571 136,437 121,440 727,037 16.7%
City Management 163,481 159,168 319,214 672,620 47.5 %
Police Pension 198,674 329,465 196,650 675,130 29.1 %
Economic Development 21,155 192,669 189,911 772,593 24.6%
City Hall Facility 103,284 113,069 110,232 568,853 19.4%
Purchasing 103,345 79,422 67,831 468,782 14.5 %
City Council 104,913 115,225 120,512 330,595 36.5 %
Intergovernmental 36,114 81,305 93,476 138,140 67.7%
Interfund Distributions 1 (791,925) (99,227) (523,258) (2,093,033) 25.0%
Parking 2 20,568 3,685 n/a
Total General Fund 14,714,424 19,137,805 17,102,239 77,851,461 22.0%
Year to date expenditures above are consistent with historical trends other than the items noted below.
• City Management (47.4%)is well above 25% due to the separation of the previous City
Manager.
• Codes and Purchasing are currently under 15%of expenditures,mainly due to an ARPA
CHIP grant for Codes where work has not yet been completed,and a vacant position in
Purchasing.
1 City Service charges are required to be shown as a reimbursement of expense instead of a revenue per the State Auditor. 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.
24
Finance Quarterly Report-Page 11
OTHER FUNDS DETAIL
OTHER GOVERNMENT OPERATING FUNDS
2024 As of March 31 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Neighborhood Development 1,084,145 13,098 208,182 889,061 (18.0)%
Community Relations 708,599 123,324 147,629 684,294 (3.4)%
Clean City Program 495,308 230,889 106,422 619,775 25.1%
Cemetery 183,077 76,878 100,982 158,973 (13.2)%
Emergency Services 1 107,751 254,196 464,432 (102,485) (195.1)%
Public Safety Communication 1,871,928 904,691 954,499 1,822,120 (2.7)%
Police Grants 954,705 12,267 27,618 939,354 (1.6)%
PBIA(Park/Bus Improvement Area) 80,643 3,793 533 83,903 4.0%
Trolley 52,133 2,500 3,910 50,723 (2.7)%
Front Street Bus Improvement Area 10,094 1,100 - 11,194 10.9%
Convention&Event Center 822,377 492,615 557,654 757,338 (7.9)%
Capitol Theatre 107,989 93,152 99,684 101,457 (6.0)%
PFD-Convention Center 926,013 211,967 356,271 781,709 (15.6)%
Tourism Promotion Area 126,107 187,291 186,802 126,596 0.4%
PFD-Capitol Theatre 730,372 160,578 161,902 729,048 (0.2)%
American Rescue Plan Act(ARPA)2 67,700 1,759,581 1,756,046 71,235 5.2%
Total Other Gov't Operating Funds $ 8,328,941 $ 4,527,920 $ 5,132,566 $ 7,724,295 (7.3)%
GOVERNMENTAL CAPITAL FUNDS
2024 As of March 31 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Central Bus District Capital 55,024 - - 55,024 -%
Capitol Theatre Construction 197,361 15,000 18,736 193,625 (1.9)%
Yakima Redevelopment Area 745,825 - 63,384 682,441 (8.5)%
Parks&Recreation Capital 365,035 34,712 64,864 334,883 (8.3)%
Fire Capital 606,002 27,475 12,826 620,651 2.4%
Law and Justice Capital 975,025 102,606 10,119 1,067,512 9.5%
Public Works Trust Construction 2,978,608 301,387 263,274 3,016,721 1.3%
REET 2 Capital 1,114,692 280,275 193,790 1,201,177 7.8%
Street Capital 5,211,580 359,048 114,564 5,456,064 4.7%
Street Overlay&Reconstruction 3,308,660 227,865 496,104 3,040,421 (8.1)%
Cony&Event Center Cap Impr 1,839,511 175,450 23,524 1,991,437 8.3%
Reserve for Capital Improvement 192,872 - 6,862 186,010 (3.6)%
Total Gov't Capital Funds $ 17,590,195 $ 1,523,818 $ 1,268,047 $ 17,845,966 1.5%
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.
ZJ
Finance Quarterly Report-Page 12
ENTERPRISE OPERATING FUNDS
2024 As of March 31 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Airport Operating $ 1,283,172 $ 319,669 $ 392,146 $ 1,210,695 (5.6)%
Stormwater Operating 2,850,657 499,503 633,317 2,716,843 (4.7)%
Transit Operating 13,626,253 2,121,233 2,048,439 13,699,047 0.5%
Refuse 5,227,823 2,295,317 2,036,418 5,486,722 5.0%
Wastewater Operating 9,333,282 5,900,520 6,478,255 8,755,547 (6.2)%
Water Operating 6,990,918 2,420,202 2,702,003 6,709,117 (4.0)%
Irrigation 3 283,548 484,900 907,762 (139,314) (149.1)%
Total Enterprise Operating Funds $ 39,595,653 $ 14,041,344 $ 15,198,340 $ 38,438,657 (2.9)%
ENTERPRISE CAPITAL FUNDS
2024 As of March 31 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Airport Capital 4 $ (993,248) $ 37,243 $ 208,393 $ (1,164,398) 17.2%
Stormwater Capital 5,725,136 187,500 307,915 5,604,721 (2.1)%
Transit Capital 8,422,584 111,094 327,655 8,206,023 (2.6)%
Wastewater Facilities Capital 6,296,577 239,917 199,792 6,336,702 0.6%
Wastewater Construction Capital 11,593,406 500,000 242,119 11,851,287 2.2%
Wastewater Capital 4,367,945 750,000 221,430 4,896,515 12.1%
Water Capital 8,405,053 2,000,000 178,338 10,226,715 21.7%
Irrigation Capital 672,174 453,296 129,365 996,105 48.2%
Total Enterprise Capital Funds $ 44,489,627 $ 4,279,050 $ 1,815,007 $ 46,953,670 5.5%
INTERNAL SERVICE FUNDS
2024 As of March 31 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Equipment Rental $ 6,311,139 $ 1,424,343 $ 1,493,128 $ 6,242,354 (1.1)%
Environmental 237,678 - 39,918 197,760 (16.8)%
Public Works Administration 725,251 368,333 338,848 754,736 4.1%
Utility Services 987,866 265,746 426,572 827,040 (16.3)%
Total Enterprise Operating Funds $ 8,261,934 $ 2,058,422 $ 2,298,466 $ 8,021,890 (2.9)%
3 The Irrigation Operating fund may require a transfer due to the negative fund balance once 2023 numbers are final(end of May).
4 Once the final journal entries are completed for 2023(end of May)the negative fund balance for Airport Capital should be corrected with a
transfer from Airport Operating. 26
Finance Quarterly Report-Page 13
EMPLOYEE BENEFIT RESERVES
2024 As of March 31 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Unemployment Comp Reserve $ 536,914 $ 61,189 $ 13,262 $ 584,841 8.9%
Employees Health Ben Reserve 4,037,685 3,369,148 5,223,697 2,183,136 (45.9)%
Worker's Comp Reserve 399,337 957,659 675,617 681,379 70.6%
Wellness/EAP 203,902 - 5,315 198,587 (2.6)%
Total Employee Benefit Reserve $ 5,177,838 $ 4,387,996 $ 5,917,891 $ 3,647,943 (29.5)%
RISK MANAGEMENT RESERVE
2024 As of March 31 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Risk Management Reserve $ 7,688,720 $ 1,136,605 $ 3,425,304 $ 5,400,021 (29.8)%
DEBT SERVICE &AGENCY FUNDS
2024 As of March 31 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
GO Bond Redemption
2002 GO Convention Center $ 366,200 $ 334,244 $ - $ 700,444 91.3 %
2005 GO Various Bonds 17,626 362,991 - 380,617 n/a
Total GO Bond Redemption $ 383,826 $ 697,235 $ - $ 1,081,061 181.7%
Water/Sewer Revenue Bond Redemption
WW Rev Bond&2008 Debt Service $ 359,203 $ 96,975 $ (3,575) $ 459,753 28.0%
Irrigation Bond Debt Service 230,107 67,688 (6,313) 304,108 32.2 %
WW Rev Bond Rsv&2012 Debt Svc 2,775,578 2,775,578 0/0
Total W/S Rev Bond Redemption $ 3,364,888 $ 164,663 $ (9,888) $ 3,539,439 5.2 %
Agency Funds
YakCorps $ 1,160,478 $ 1,782 $ - $ 1,162,260 0.2 %
Custodial Fund 402,770 267,934 261,649 409,055 1.6%
Cemetery Trust 738,747 3,210 3,000 738,957 0/0
Total Agency Funds $ 2,301,995 $ 272,926 $ 264,649 2,310,272 0.4%
Total Debt Service&Agency Funds $ 6,050,709 $ 1,134,824 $ 254,761 $ 6,930,772 14.5 %
27
Finance Quarterly Report-Page 14