HomeMy WebLinkAbout08/05/2024 07.B. 2024 2nd Quarter Financial Report i4
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 7.B.
For Meeting of: August 5, 2024
ITEM TITLE: 2024 2nd Quarter Financial Report
SUBMITTED BY: *Rosylen Oglesby, Interim Director of Finance and Budget
Kimberly Domine, Financial Services Manager
Kathy Miles, Finance Department Analyst
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
• 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 purposes.
ATTACHMENTS:
2024 FN 2nd Quarter Report.pdf
22
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: August 5,2024
Subject: 2024 2nd Quarter Financial Update
This financial update is a preliminary, unaudited,report for the 2nd quarter ended June 30,2024,two
quarters,or 50%of the year,intended to inform and assist governance decisions for future planning. In
total,city revenues are at 40.2%of budget and expenditures are at 37.1%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 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 2nd quarter 2024 numbers are currently 101.5%,with significant
changes show below.
• Sales Tax is currently below budget by 2.6%in the 2nd quarter. Major categories that are effecting
this change in Sales Tax are:
Manufacturing is down 12.7%,mainly in the plastics product manufacturing category.
Finance Quarterly Report-Page 1 23
• Construction is showing minor gains,with an increase of 2.1%over last year.
• Miscellaneous other is at 17.6%,mainly due to a surge in custom computer programming
and design 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 18.9%from budgeted amounts in the 2nd quarter.
• Fire Inspection Fees decreased dramatically during 2020 and into 2021 due to COVID,improving
marginally in 2022,2023 and through the 2nd quarter of 2024. While the numbers are new
performing above budgeted expectations,they are still well below 2018-2021 actual numbers.
This revenue stream continues to be monitored.
General Fund's Performance to Budget
General Fund Revenues in total are at 48.2%. The most significant variances are:
• Other Revenue (67.1%) is over 50%,mainly due to investment interest.
• Intergovernmental revenue for the General Fund (29.4%)is below 50%mainly due to the
timing of incoming grant funds.
• Other Taxes are currently at 38.0% due to the timing of gambling tax revenues.
General Fund Expenditures in total are at 46.6%. The most significant variances are:
• Intergovernmental (90.0%) is above 50%mainly due to the timing of annual dues and
subscription payments.
• City Management (67.5%) is above 50% due to the separation of the previous City Manager.
• City Clerk/Records (25.1%) is below 50% due to the timing of election costs that were
overestimated.
• Human Resources (33.0%)has arbitration expenses that have not yet materialized along with
vacant positions.
• Codes (29.7%)is under 50%of expenditures,mainly due to an ARPA CHIP grant where the
work has not yet been completed.
• Purchasing (30.2%) is currently under 50%of expenditures due to salary savings.
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 2nd quarter of 2024,the General Fund (001)balance has improved somewhat with a current
increase of$814,699. This amount is likely to change as the year progresses,but is an indicator of what is
currently trending.
Finance Quarterly Report-Page 2 24
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$148.0 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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$75,000,000
$50,000,000 -
$25,000,000 -
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Sales Tax
This is the largest single funding source for the city. The 2nd quarter city-wide cumulative revenue of
$18.9 million is below the quarterly cumulative amount budgeted by$0.5 million or 2.6%,but is greater
than prior year 1st quarter number by$400,371. 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.
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
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative Current Year Cumulative Prior Year Cumulative
25
Finance Quarterly Report-Page 3
Property Tax
The 2nd 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
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$4.8 million through June is up$145,862 from
last year,most likely due to warmer spring weather. 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
26
Finance Quarterly Report-Page 4
Wastewater
The 2nd quarter cumulative wastewater operating revenue of$10.9 million is up$511,188 over budget
and above prior year by$24,471. 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,when it will be incorporated into the
upcoming budget for discussion.
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 •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 2nd quarter cumulative operating assessments of$2,588,032 is up$96,585 over budget and
$80,225 over prior year.
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
27
Finance Quarterly Report-Page 5
Refuse
The 2nd quarter cumulative automated residential revenue of$4.1 million is up$272,766 over budget
and$151,341 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
$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 2nd quarter cumulative revenues of$776,314 are up$123,258 over budget and up$77,427 compared
to prior year,and are currently up 18.9%over budget.
LODGING TAX REVENUE
$2,000,000 -
$1,500,000 -
$1,000,000 -
$500,000 -
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative S Current Year Cumulative Prior Year Cumulative
28
Finance Quarterly Report-Page 6
Real Estate Excise Tax (REET I & II,combined)
REET continues to struggle,with the 2nd quarter cumulative revenue for REET of$1,139,997,$128,199
under budget,but up$35,506 over prior year, 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 posting a minor increase at the end of the first quarter,the 2024 2nd quarter cumulative revenues of
$353,970 are$25,005 under budget and$28,076 below prior year. Permit activity shows that there were
449 permits for 76 dwelling units in the 2nd quarter for 2024,compared with 637 permits for 157
dwelling units in 2023,with the difference in permit type mainly within the single family and residential
alteration categories.
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
29
Finance Quarterly Report-Page 7
CITY-WIDE FUND BALANCE SUMMARY
CHANGE IN FUND BALANCE
2024 As of June 30 %of Change
Beginning 2024 2024 Ending Amended in Fund
Balance Actual Rev. Actual Exp. Balance Budget Balance
General Fund(001) $ 10,527,088 $ 34,670,432 $ 33,855,731 $ 11,341,789 15.4% 7.7%
Criminal Justice(003) 1,210,367 1,613,777 2,198,933 625,211 15.9% (48.3)%
Firemen's Relief&Pension(612) 1,460,073 558,552 574,826 1,443,799 134.3% (1.1)%
General Fund Subtotal 13,197,528 36,842,761 36,629,490 13,410,799 17.1% 1.6%
Parks and Recreation 545,218 3,582,106 2,819,958 1,307,366 19.9% 139.8%
Street&Traffic Operations 2,298,985 3,246,384 2,783,564 2,761,805 40.0% 20.1 %
General Government Subtotal 16,041,731 43,671,251 42,233,012 17,479,970 129.8% 9.0%
Other Governmental Operating Funds 8,328,941 9,338,400 9,141,587 8,525,754 25.1% 2.4%
Government Capital Funds 17,590,195 5,337,225 6,244,594 16,682,826 63.5% (5.2)%
Enterprise Operating Funds 43,342,317 31,032,040 32,894,741 41,479,616 56.7% (4.3)%
Enterprise Capital Funds 31,765,780 8,826,249 4,807,411 35,784,618 77.7% 12.7%
Internal Service Funds 7,221,388 4,746,058 4,524,398 7,443,048 48.8% 3.1 %
Employee Benefit Reserve 5,100,317 8,799,343 10,828,033 3,071,627 15.9% (39.8)%
Risk Management Reserves 7,982,497 2,317,077 3,992,514 6,307,060 85.8% (21.0)%
Debt Service&Agency Funds 4,350,980 3,357,856 3,385,317 4,323,519 86.0% (0.6)%
Total $141,724,146 $117,425,499 $118,051,607 $141,098,038 58.8% (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 necessarily a reliable measure of predicted year-end.
The ending fund balance in the General Fund (001)is 15.4% of expenditures at this point in time,which
falls below Council policy of maintaining 16.7%reserves.
Staff and Council continue budget discussions to review options,new revenues or budget reductions to
comply with reserve policies.
30
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 6/30 Rec'd Budget as of 6/30 Rec'd
General Fund $ 72,887,326 $ 36,847,838 50.6% $ 76,444,352 $ 36,842,760 48.2 %
Parks and Recreation 6,162,752 3,274,575 53.1 % 6,553,589 3,582,106 54.7%
Street&Traffic Operations 6,415,663 3,127,693 48.8% 6,615,518 3,246,384 49.1 %
General Government Subtotal 85,465,741 43,250,106 50.6% 89,613,459 43,671,250 48.7%
Other Government Operating Funds 38,566,372 9,662,873 25.1 % 34,181,084 9,338,400 27.3 %
Government Capital Funds 27,674,713 4,475,586 16.2 % 24,167,335 5,337,225 22.1 %
Enterprise Operating Funds 66,220,984 31,431,749 47.5 % 67,269,972 31,032,040 46.1 %
Enterprise Capital Funds 41,431,638 9,645,196 23.3 % 35,335,920 8,826,249 25.0%
Internal Service Funds 10,922,133 5,443,613 49.8% 11,186,190 4,746,058 42.4%
Employee Benefit Reserves 19,440,071 7,950,669 40.9 % 20,443,592 8,799,343 43.0%
Risk Management Reserve 5,438,458 3,017,878 55.5 % 4,546,286 2,317,077 51.0%
Debt Service&Agency Funds 6,932,357 4,517,386 65.2 % 5,074,841 3,357,856 66.2 %
Total $ 302,092,467 $ 119,395,056 39.5 % $ 291,818,679 $ 117,425,498 40.2 %
EXPENDITURE COMPARISON
(Budget vs.Actual)
2023 2024
Annual Annual
Amended Actual % Amended Actual cyo
Budget as of 6/30 Exp'd Budget as of 6/30 Exp'd
General Fund $ 77,848,701 $ 38,238,973 49.1 % $ 78,534,923 $ 36,629,490 46.6%
Parks and Recreation 6,233,727 2,611,725 41.9 % 6,558,589 2,819,958 43.0%
Street&Traffic Operations 6,573,038 2,603,158 39.6% 6,903,842 2,783,564 40.3 %
General Government Subtotal 90,655,466 43,453,856 47.9 % 91,997,354 42,233,012 45.9 %
Other Government Operating Funds 39,378,284 10,084,877 25.6% 33,925,773 9,141,587 26.9 %
Government Capital Funds 34,602,636 4,755,087 13.7% 26,278,502 6,244,594 23.8%
Enterprise Operating Funds 71,415,764 31,188,655 43.7% 73,188,073 32,894,741 44.9 %
Enterprise Capital Funds 48,211,297 7,628,253 15.8% 46,066,210 4,807,411 10.4%
Internal Service Funds 15,198,437 5,298,838 34.9 % 15,245,493 4,524,398 29.7%
Employee Benefit Reserves 18,468,153 8,744,695 47.4% 19,265,158 10,828,033 56.2 %
Risk Management Reserve 6,560,714 3,238,953 49.4% 7,352,242 3,992,514 54.3 %
Debt Service&Agency Funds 6,931,848 3,470,927 50.1 % 5,024,842 3,385,317 67.4%
Total $ 331,422,599 $ 117,864,141 35.6% $ 318,343,647 $ 118,051,607 37.1 %
31
Finance Quarterly Report-Page 9
GENERAL GOVERNMENT REVENUE DETAIL
GENERAL GOVERNMENT REVENUES
2024 2024
Revenues as of June 30 Amended Percent
General Fund 2022 2023 2024 Budget Rec'd
Property Tax $ 5,342,593 $ 5,311,816 $ 4,984,664 $ 8,807,406 56.6%
General Sales Tax 10,841,479 11,175,424 11,343,727 24,834,000 45.7%
Criminal Justice Sales Tax 2,423,548 2,489,243 2,586,116 5,349,000 48.3 %
Utility&Franchise Taxes 9,784,175 10,945,543 10,766,208 21,875,730 49.2 %
Other Taxes 348,543 404,574 478,950 1,260,389 38.0%
Licenses and Permits 890,527 968,992 916,693 1,921,200 47.7%
Intergovernmental Revenues 1,928,669 1,741,077 1,570,431 5,349,947 29.4%
Charges for Services 1,418,231 1,517,394 1,737,868 3,130,502 55.5 %
Fines and Forfeitures 589,894 632,453 672,951 1,256,670 53.6%
Other Revenue 413,370 1,661,321 1,785,152 2,659,508 67.1 %
Total General Fund 33,981,029 36,847,837 36,842,760 76,444,352 48.2 %
Parks&Recreation
Property Tax 1,485,575 1,775,716 1,993,008 3,570,919 55.8%
Intergovernmental Revenues 26,166 11,915 47,043 64,830 72.6%
Charges for Services 464,129 457,573 503,598 873,115 57.7%
Other Revenue 719,852 1,029,371 1,038,457 2,044,725 50.8%
Total Parks&Recreation 2,695,722 3,274,575 3,582,106 6,553,589 54.7%
Streets
Property Tax 2,445,946 2,461,831 2,560,826 4,580,000 55.9 %
Intergovernmental Revenues 684,021 662,119 646,553 1,501,000 43.1 %
Charges for Services 2,932 1,475 27,812 534,518 5.2 %
Other Revenue 29,241 2,268 11,193 — n/a
Total Streets 3,162,140 3,127,693 3,246,384 6,615,518 49.1 %
Total General Government $ 39,838,891 $ 43,250,105 $ 43,671,250 $ 89,613,459 48.7%
Year to date revenues above are consistent with historical trends other than the items noted below.
• Other Revenue (67.1%) is over 50%,mainly due to investment interest.
• Intergovernmental revenue for the General Fund (29.4%)is below 50%mainly due to the
timing of incoming grant funds.
• Other Taxes are currently at 38.0% due to the timing of gambling tax revenues.
32
Finance Quarterly Report-Page 10
GENERAL GOVERNMENT EXPENDITURE DETAIL
GENERAL FUND EXPENDITURE DETAIL
2024
Expenditures as of June 30 Amended Percent
General Fund 2022 2023 2024 Budget Exp'd
Police $ 14,154,452 $ 17,551,417 $ 17,890,102 $ 37,922,934 47.2 %
Fire 8,146,379 9,740,053 9,176,770 17,872,596 51.3
Information Technology 1,991,815 2,069,400 2,050,608 4,561,203 45.0
Code Administration 843,875 788,420 789,376 3,316,109 23.8
Finance 1,207,894 1,212,121 973,659 2,118,216 46.0
Legal 1,013,906 1,167,669 1,142,899 2,280,471 50.1
Municipal Court 839,483 1,117,900 1,018,212 2,460,117 41.4
Indigent Defense 568,078 756,455 868,620 1,500,000 57.9
Human Resources 356,854 429,855 389,917 1,180,747 33.0
Firemen's Relief/Pension 549,270 570,303 574,826 1,074,747 53.5
Engineering 401,990 518,018 483,603 1,018,150 47.5
Planning 358,418 291,712 393,524 943,916 41.7
Economic Development 230,357 314,194 287,013 772,593 37.1
City Clerk/Records 259,898 395,622 182,654 727,037 25.1
Police Pension 318,138 500,806 336,398 675,130 49.8
City Management 376,564 329,466 454,155 672,620 67.5
City Hall Facility 207,055 233,204 212,406 568,853 37.3
Purchasing 219,131 182,096 141,768 468,782 30.2
City Council 148,792 170,457 185,171 355,595 52.1
Intergovernmental 86,760 98,469 124,326 138,140 90.0
Interfund Distributions 1 (1,028,343) (198,454) (1,046,517) (2,093,033) 50.0%
Parking 2 40,061 (208) n/a
Total General Fund 31,290,827 38,238,975 36,629,490 78,534,923 46.6
Year to date expenditures above are consistent with historical trends other than the items noted below.
• City Management (67.5%)is above 50% due to the separation of the previous City Manager.
• City Clerk/Records (25.1%) is below 50% due to the timing of election costs that were
overestimated.
• Human Resources (33.0%)has arbitration expenses that have not yet materialized along with
vacant positions.
• Codes (29.7%)is under 50%of expenditures,mainly due to an ARPA CHIP grant where the
work has not yet been completed.
• Purchasing (30.2%) is currently under 50%of expenditures due to salary savings.
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.
33
Finance Quarterly Report-Page 11
OTHER FUNDS DETAIL
OTHER GOVERNMENT OPERATING FUNDS
2024 As of June 30 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Neighborhood Development 1,084,145 69,055 348,809 804,391 (25.8)%
Community Relations 708,599 243,440 311,695 640,344 (9.6)%
Clean City Program 495,308 472,351 252,373 715,286 44.4%
Cemetery 183,077 163,421 219,346 127,152 (30.5)%
Emergency Services 107,751 1,513,651 1,028,606 592,796 450.2%
Public Safety Communication 1,871,928 2,177,594 2,115,402 1,934,120 3.3%
Police Grants 954,705 90,291 191,130 853,866 (10.6)%
PBIA(Park/Bus Improvement Area) 80,643 130,360 49,968 161,035 99.7%
Trolley 52,133 8,936 7,278 53,791 3.2%
Front Street Bus Improvement Area 10,094 2,700 - 12,794 26.7%
Convention&Event Center 822,377 1,059,275 1,023,036 858,616 4.4%
Capitol Theatre 107,989 201,470 216,731 92,728 (14.1)%
PFD-Convention Center 926,013 492,615 712,950 705,678 (23.8)%
Tourism Promotion Area 126,107 487,459 487,457 126,109 -%
PFD-Capitol Theatre 730,372 373,189 324,213 779,348 6.7%
American Rescue Plan Act(ARPA)1 67,700 1,852,593 1,852,593 67,700 -%
Total Other Gov't Operating Funds $ 8,328,941 $ 9,338,400 $ 9,141,587 $ 8,525,754 2.4%
GOVERNMENTAL CAPITAL FUNDS
2024 As of June 30 %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 30,000 21,674 205,687 4.2%
Yakima Redevelopment Area 745,825 - 269,867 475,958 (36.2)%
Parks&Recreation Capital2 365,035 478,185 870,322 (27,102) (107.4)%
Fire Capital 606,002 77,585 13,087 670,500 10.6%
Law and Justice Capital 975,025 248,125 25,864 1,197,286 22.8%
Public Works Trust Construction 2,978,608 612,223 633,284 2,957,547 (0.7)%
REET 2 Capital 1,114,692 569,999 888,399 796,292 (28.6)%
Street Capital 5,211,580 820,192 358,113 5,673,659 8.9%
Street Overlay&Reconstruction 3,308,660 2,121,144 3,059,187 2,370,617 (28.4)%
Cony&Event Center Cap Impr 1,839,511 379,772 68,908 2,150,375 16.9%
Reserve for Capital Improvement 192,872 - 35,889 156,983 (18.6)%
Total Gov't Capital Funds $ 17,590,195 $ 5,337,225 $ 6,244,594 $ 16,682,826 (5.2)%
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.
2 Parks and Recreation Capital has a negative fund balance due to the approval to move forward with the Aquatic Center project,and the
timing of reimbursements that require completion before payments can be made.
34
Finance Quarterly Report-Page 12
ENTERPRISE OPERATING FUNDS
2024 As of June 30 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Airport Operating $ 1,250,696 $ 706,612 $ 796,035 $ 1,161,273 (7.1)%
Stormwater Operating 2,702,965 2,588,032 1,393,342 3,897,655 44.2%
Transit Operating 13,239,870 4,267,204 4,598,112 12,908,962 (2.5)%
Refuse 5,042,505 4,948,613 4,448,321 5,542,797 9.9%
Wastewater Operating 12,518,020 12,248,418 14,048,912 10,717,526 (14.4)%
Water Operating 7,515,184 5,150,116 6,146,466 6,518,834 (13.3)%
Irrigation Operating 1,073,077 1,123,045 1,463,553 732,569 (31.7)%
Total Enterprise Operating Funds $ 43,342,317 $ 31,032,040 $ 32,894,741 $ 41,479,616 (4.3)%
ENTERPRISE CAPITAL FUNDS
2024 As of June 30 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Airport Capital 3 $ 409,993 $ 72,035 $ 793,063 $ (311,035) (175.9)%
Stormwater Capital 4,678,448 375,000 348,875 4,704,573 0.6%
Transit Capital 4,585,744 363,167 482,252 4,466,659 (2.6)%
Wastewater Facilities Capital 2,904,321 489,917 317,552 3,076,686 5.9%
Wastewater Construction Capital 9,676,224 1,000,000 1,001,103 9,675,121 —%
Wastewater Capital 2,976,755 1,500,000 1,183,223 3,293,532 10.6%
Water Capital 8,179,481 4,000,000 353,310 11,826,171 44.6%
Irrigation Capital4 (1,645,186) 1,026,130 328,033 (947,089) (42.4)%
Total Enterprise Capital Funds $ 31,765,780 $ 8,826,249 $ 4,807,411 $ 35,784,618 12.7%
INTERNAL SERVICE FUNDS
2024 As of June 30 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Equipment Rental $ 5,499,479 $ 3,164,264 $ 2,752,150 $ 5,911,593 7.5%
Environmental 281,654 — 109,232 172,422 (38.8)%
Public Works Administration 700,567 733,863 660,069 774,361 10.5%
Utility Services 739,688 847,931 1,002,947 584,672 (21.0)%
Total Enterprise Operating Funds $ 7,221,388 $ 4,746,058 $ 4,524,398 $ 7,443,048 3.1%
3 The negative fund balance for Airport Capital is due to the timing of reimbursements that require project completion before payments can be
made. This should be corrected in the next quarter.
4 The negative Irrigation Capital fund balance is due to project costs associated with the Nelson Dam Removal Project. An interfund loan from
the Wastewater/Stormwater Division will correct the balance in the next quarter.
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Finance Quarterly Report-Page 13
EMPLOYEE BENEFIT RESERVES
2024 As of June 30 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Unemployment Comp Reserve $ 510,649 $ 128,079 $ 106,083 $ 532,645 4.3%
Employees Health Ben Reserve 4,020,232 6,729,174 8,982,758 1,766,648 (56.1)%
Worker's Comp Reserve 364,854 1,942,090 1,720,593 586,351 60.7%
Wellness/EAP 204,582 - 18,599 185,983 (9.1)%
Total Employee Benefit Reserve $ 5,100,317 $ 8,799,343 $ 10,828,033 $ 3,071,627 (39.8)%
RISK MANAGEMENT RESERVE
2024 As of June 30 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Risk Management Reserve $ 7,982,497 $ 2,317,077 $ 3,992,514 $ 6,307,060 (21.0)%
DEBT SERVICE &AGENCY FUNDS
2024 As of June 30 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
GO Bond Redemption
2002 GO Convention Center $ 366,200 $ 711,796 $ 299,639 $ 778,357 112.5 %
2005 GO Various Bonds5 17,626 1,611,558 2,300,082 (670,898) n/a
Total GO Bond Redemption $ 383,826 $ 2,323,354 $ 2,599,721 $ 107,459 (72.0)%
Water/Sewer Revenue Bond Redemption
WW Rev Bond&2008 Debt Service $ 14,897 $ 193,950 $ 17,875 $ 190,972 n/a
Irrigation Bond Debt Service 29,314 135,375 31,563 133,126 354.1 %
WW Rev Bond Rsv&2012 Debt Svc 1,620,948 1,620,948 0/0
Total W/S Rev Bond Redemption $ 1,665,159 $ 329,325 $ 49,438 $ 1,945,046 16.8%
Agency Funds
YakCorps $ 1,160,478 $ $ $ 1,160,478 0/0
Custodial Fund 402,770 698,092 730,158 370,704 (8.0)%
Cemetery Trust 738,747 7,085 6,000 739,832 0.1 %
Total Agency Funds $ 2,301,995 $ 705,177 $ 736,158 2,271,014 (1.3)%
Total Debt Service&Agency Funds $ 4,350,980 $ 3,357,856 $ 3,385,317 $ 4,323,519 (0.6)%
5 Fund balance may be negative due to the timing in interest accrual payments.These numbers should correct by year-end
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Finance Quarterly Report-Page 14