HomeMy WebLinkAbout11/19/2024 07.B. 2024 3rd Quarter Financial Report r:-
`y s ljlt
kieii!
I I&1-
s• r
BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 7.B.
For Meeting of: November 19, 2024
ITEM TITLE: 2024 3rd Quarter Financial Report
SUBMITTED BY: Viren Mayani, Director of Finance & Budget
Kimberly Domine, Financial Services Manager
SUMMARY EXPLANATION:
The Third 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 24-25: A Resilient Yakima
RECOMMENDATION: Review only. Submitted for routine transparency and accountability.
ATTACHMENTS:
2024 FN 3rd Quarter Report.pdf
15
-;r.Y'� ':� . ,�a''., FINANCE DEPARTMENT,
To: Honorable Mayor and Members of the City Council
Vicki Baker,City Manager
From: Viren Mayani,Director of Finance &Budget
Kimberly Domine,Financial Services Manager
Kathy Miles,Finance Department Analyst
Date: November 19,2024
Subject: 2024 3rd Quarter Financial Update
This financial update is a preliminary, unaudited,report for the 3rd quarter ended September 30,2024,
(three quarters,or 75%of the year),intended to inform and assist governance decisions for future
planning. In total,city revenues are at 58.9%of budget and expenditures are at 55.0%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 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 3rd quarter 2024 numbers are currently at 99.8%of 3rd quarter 2023
numbers,with significant changes shown below.
• Sales Tax is currently below budget by 4.4%at the end of the 3rd quarter. Major categories that
effected this change in Sales Tax were:
The largest decrease is in Real Estate,including rentals and leasing,which was down 6.7%
from last year.
Finance Quarterly Report-Page 1 16
Wholesale Trade was down 5.1%,mainly in the merchant wholesalers and durable goods
category.
The Miscellaneous Other category was up 17.2%,with the largest increase in crop
production.
• Fire Inspection Fees decreased dramatically during 2020 and into 2021 due to COVID,improving
marginally in 2022 and 2023. Revenue for the 3rd quarter is currently not meeting budget
forecasts at this time. This revenue stream continues to be monitored.
General Fund's Performance to Budget
General Fund Revenues in total are at 70.9%. The most significant variances are:
• Other Revenue (121.9%) is over 75%,mainly due to investment interest.
• Intergovernmental revenue for the General Fund (49.7%)is below 75%mainly due to the
timing of incoming grant funds.
• Property Tax is currently at 58.8% due to the timing of these revenue payment from the
County.
General Fund Expenditures in total are at 70.8%. The most significant variances are:
• Intergovernmental is at 95.0% due to the timing of payments to external agencies.
• City Management (88.7%) is above 75% due to the separation of the previous City Manager.
• Indigent Defense is at 87.1%,mainly due to increased rates for professional services.
• City Clerk/Records (42.8%)is below 75% due to the timing of election costs that were
overestimated.
• Human Resources (53.2%)has arbitration expenses that have not yet materialized along with
vacant positions.
• Codes (35.4%) is under 75%of expenditures,mainly due to an ARPA Connecting Housing to
Infrastructure Program(CHIP) grant where the work has not yet been completed.
• Purchasing (44.8%) and Economic Development (48.2%)are currently under 75%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 3rd quarter of 2024,the General Fund (001)balance is shrinking,with a current decrease of
$3,990,587. This amount will change as the year progresses,but is an indicator of what is currently
trending.
Finance Quarterly Report-Page 2 1 7
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$147.8 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
titi��� \`1> ,, r1> ,��3�� ��� �\\`1> ��\`19' ��a���� �,\`19' \�>�������aA���� ,v\``. ,vA``1.>" , ���a0����
Sales Tax
This is the largest single funding source for the city. The 3rd quarter city-wide cumulative revenue of
$29.6 million is below the quarterly cumulative amount budgeted by$1.4 million or 4.4%,but is greater
than prior year 3rd quarter number by$84,950. 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.
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 411 Current Year Cumulative Prior Year Cumulative
18 Finance Quarterly Report-Page 3
Property Tax
The 3rd quarter cumulative Property Tax revenue is currently tracking close to budgeted amounts. 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 3rd quarter cumulative water operating revenue of$9.2 million through September is up$236,757
from last year,most likely due to warmer seasonal weather. A cost of service and rate study for the
division will be presented to City Council in October.
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
9
Finance Quarterly Report-Page 4
Wastewater
The 3rd quarter cumulative wastewater operating revenue of$17.1 million is up$1,031,309 over budget
and above prior year by$281,163. A cost of service and rate study for the division was planned and
budgeted for 2022,but will not be completed until mid-year 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 3rd quarter cumulative operating assessments of$2,673,569 is up$95,566 over budget and
$78,638 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
20
Finance Quarterly Report-Page 5
Refuse
The 3rd quarter cumulative automated residential revenue of$6.2 million is up$423,178 over budget and
$241,834 over prior year. An average 3.5%rate increase in Refuse rates was approved by Council for
each year 2021 through 2025.
REFUSE REVENUE
$io,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 revenues of$1,357,045 are up$184,833 over budget and up$102,568
compared to prior year,and are currently up 15.8%over budgeted amounts.
LODGING TAX REVENUE
$2,000,000 -
$1,500,000 -
$1,000,000 -
$500,000 -
$0 t f
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget Cumulative S Current Year Cumulative Prior Year Cumulative
21
Finance Quarterly Report-Page 6
Real Estate Excise Tax (REET I & II,combined)
REET continues to struggle,with the 3rd quarter cumulative revenue for REET of$1,808,681,$237,969
under budget,but up$26,222 over prior year,mainly 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,and a minor decrease in the 2nd quarter,the
2024 3rd quarter cumulative revenues of$558,407 are$46,849 under budget and$51,754 below prior year.
Permit activity shows that there were 703 permits for 231 dwelling units in the 3rd quarter for 2024,
compared with 976 permits for 289 dwelling units in 2023,with the difference in permit type mainly
within the single family and residential alteration categories.
BUILDING PERMIT REVENUE
$i3Ooo,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
22
Finance Quarterly Report-Page 7
CITY-WIDE FUND BALANCE SUMMARY
CHANGE IN FUND BALANCE
2024 As of September 30 %of Change
Beginning 2024 2024 Ending Amended in Fund
Balance Actual Rev. Actual Exp. Balance Budget Balance
General Fund(001) $ 10,527,088 $ 51,202,258 $ 55,192,843 $ 6,536,503 8.4% (37.9)%
Criminal Justice(003) 1,210,367 2,447,018 2,757,083 900,302 22.9% (25.6)%
Firemen's Relief&Pension(612) 1,460,073 576,328 822,506 1,213,895 112.9% (16.9)%
General Fund Subtotal 13,197,528 54,225,604 58,772,432 8,650,700 10.4% (34.5)%
Parks and Recreation 545,218 4,455,091 4,853,721 146,588 2.2% (73.1)%
Street&Traffic Operations 2,298,985 3,754,871 3,772,252 2,281,604 33.0% (0.8)%
General Government Subtotal 16,041,731 62,435,566 67,398,405 11,078,892 82.3% (30.9)%
Other Governmental Operating Funds 8,328,941 12,865,972 13,203,832 7,991,081 22.5% (4.1)%
Government Capital Funds 17,590,195 15,223,233 16,686,811 16,126,617 44.1% (8.3)%0
Enterprise Operating Funds 43,342,317 48,350,715 49,384,511 42,308,521 57.3% (2.4)%
Enterprise Capital Funds 31,765,780 12,995,487 8,635,499 36,125,768 78.0% 13.7%
Internal Service Funds 7,221,388 8,103,422 7,558,230 7,766,580 47.6% 7.5 %
Employee Benefit Reserve 5,100,317 13,327,158 14,259,736 4,167,739 21.6% (18.3)%
Risk Management Reserves 7,982,497 3,516,738 4,441,472 7,057,763 96.0% (11.6)%
Debt Svc,Custodial&Trust Funds 4,350,980 4,467,596 3,781,628 5,036,948 100.2% 15.8%
Total $141,724,146 $181,285,887 $185,350,124 $137,659,909 54.3% (2.9)%
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 8.4%of expenditures at this point in time,which
falls well 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.
23
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 9/30 Rec'd Budget as of 9/30 Rec'd
General Fund $ 72,887,326 $ 54,433,002 74.7% $ 76,462,963 $ 54,225,602 70.9 %
Parks and Recreation 6,162,752 4,138,213 67.1 % 6,553,589 4,455,091 68.0%
Street&Traffic Operations 6,415,663 3,617,193 56.4% 6,615,518 3,754,871 56.8%
General Government Subtotal 85,465,741 62,188,408 72.8% 89,632,070 62,435,564 69.7%
Other Government Operating Funds 38,566,372 12,845,197 33.3 % 36,514,776 12,865,972 35.2 %
Government Capital Funds 27,674,713 7,543,175 27.3 % 36,917,335 15,223,233 41.2 %
Enterprise Operating Funds 66,220,984 48,646,091 73.5 % 67,269,972 48,350,715 71.9 %
Enterprise Capital Funds 41,431,638 12,650,924 30.5 % 35,335,920 12,995,487 36.8%
Internal Service Funds 10,922,133 8,015,021 73.4% 12,027,532 8,103,422 67.4%
Employee Benefit Reserves 19,440,071 12,312,388 63.3 % 20,443,592 13,327,158 65.2 %
Risk Management Reserve 5,438,458 4,381,509 80.6% 4,546,286 3,516,738 77.4%
Debt Svc,Custodial and Trust Funds 6,932,357 6,071,691 87.6% 5,074,841 4,467,596 88.0%
Total $ 302,092,467 $ 174,654,404 57.8% $ 307,762,324 $ 181,285,885 58.9 %
EXPENDITURE COMPARISON
(Budget vs.Actual)
2023 2024
Annual Annual
Amended Actual % Amended Actual cyo
Budget as of 9/30 Exp'd Budget as of 9/30 Exp'd
General Fund $ 77,848,701 $ 56,420,421 72.5 % $ 83,035,499 $ 58,772,433 70.8%
Parks and Recreation 6,233,727 4,669,889 74.9 % 6,558,589 4,853,721 74.0%
Street&Traffic Operations 6,573,038 3,589,807 54.6% 6,903,842 3,772,252 54.6%
General Government Subtotal 90,655,466 64,680,117 71.3 % 96,497,930 67,398,406 69.8%
Other Government Operating Funds 39,378,284 14,279,724 36.3 % 35,578,892 13,203,832 37.1 %
Government Capital Funds 34,602,636 9,049,246 26.2 % 36,528,502 16,686,811 45.7%
Enterprise Operating Funds 71,415,764 47,019,608 65.8% 73,812,073 49,384,511 66.9 %
Enterprise Capital Funds 48,211,297 10,867,885 22.5 % 46,326,210 8,635,499 18.6%
Internal Service Funds 15,198,437 7,390,757 48.6% 16,316,835 7,558,230 46.3 %
Employee Benefit Reserves 18,468,153 13,339,564 72.2 % 19,265,158 14,259,736 74.0%
Risk Management Reserve 6,560,714 3,780,896 57.6% 7,352,242 4,441,472 60.4%
Debt Svc,Custodial and Trust Funds 6,931,848 3,820,680 55.1 % 5,024,842 3,781,628 75.3 %
Total $ 331,422,599 $ 174,228,477 52.6% $ 336,702,684 $ 185,350,125 55.0%
24
Finance Quarterly Report-Page 9
GENERAL GOVERNMENT REVENUE DETAIL
GENERAL GOVERNMENT REVENUES
2024 2024
Revenues as of September 30 Amended Percent
General Fund 2022 2023 2024 Budget Rec'd
Property Tax $ 5,586,234 $ 5,555,647 $ 5,178,637 $ 8,807,406 58.8%
General Sales Tax 16,818,458 17,369,591 17,335,499 24,834,000 69.8%
Criminal Justice Sales Tax 3,747,639 3,882,472 3,920,846 5,349,000 73.3 %
Utility&Franchise Taxes 14,895,934 16,610,149 16,094,333 21,875,730 73.6%
Other Taxes 690,506 717,379 814,606 1,260,389 64.6%
Licenses and Permits 1,363,007 1,489,175 1,435,243 1,921,200 74.7%
Intergovernmental Revenues 3,019,200 2,443,297 2,666,780 5,368,558 49.7%
Charges for Services 2,191,064 2,365,541 2,490,171 3,130,502 79.5 %
Fines and Forfeitures 885,810 1,084,053 1,048,330 1,256,670 83.4%
Other Revenue 962,790 2,915,701 3,241,157 2,659,508 121.9 %
Total General Fund 50,160,642 54,433,005 54,225,602 76,462,963 70.9 %
Parks&Recreation
Property Tax 1,547,131 1,853,186 2,077,641 3,570,919 58.2 %
Intergovernmental Revenues 26,544 36,653 53,000 64,830 81.8%
Charges for Services 731,500 720,389 767,593 873,115 87.9 %
Other Revenue 1,376,382 1,527,985 1,556,857 2,044,725 76.1 %
Total Parks&Recreation 3,681,557 4,138,213 4,455,091 6,553,589 68.0%
Streets
Property Tax 2,547,240 2,569,234 2,669,375 4,580,000 58.3 %
Intergovernmental Revenues 1,072,913 1,042,005 1,018,813 1,501,000 67.9 %
Charges for Services 3,182 1,800 29,494 534,518 5.5 %
Other Revenue 35,747 4,153 37,189 — n/a
Total Streets 3,659,082 3,617,192 3,754,871 6,615,518 56.8%
Total General Government $ 57,501,281 $ 62,188,410 $ 62,435,564 $ 89,632,070 69.7%
Year to date revenues above are mostly consistent with historical trends,significant differences are noted
below.
• Other Revenue (121.9%) is over 75%,mainly due to investment interest.
• Intergovernmental revenue for the General Fund (49.7%)is below 75%mainly due to the
timing of incoming grant funds.
• Property Tax is currently at 58.8% due to the timing of these revenue payment from the
County.
25
Finance Quarterly Report-Page 10
GENERAL GOVERNMENT EXPENDITURE DETAIL
GENERAL FUND EXPENDITURE DETAIL
2024
Expenditures as of September 30 Amended Percent
General Fund 2022 2023 2024 Budget Exp'd
Police $ 21,351,872 $ 26,271,457 $ 26,737,879 $ 37,941,545 70.5
Fire 12,236,912 14,399,826 14,546,070 18,713,937 77.7%
Information Technology 2,687,686 2,952,493 3,182,504 4,826,911 65.9 %
Code Administration 1,280,714 1,151,705 1,173,692 3,316,109 35.4%
Finance 1,895,517 1,897,629 1,568,432 2,151,216 72.9 %
Legal 1,534,361 1,707,745 1,707,987 2,385,387 71.6%
Municipal Court 1,216,233 1,552,101 1,544,537 2,460,117 62.8%
Indigent Defense 857,174 1,180,591 1,306,433 1,500,000 87.1 %
Human Resources 547,454 646,867 637,138 1,198,747 53.2 %
Firemen's Relief/Pension 789,046 808,171 822,506 1,074,747 76.5 %
Engineering 608,717 750,208 669,063 1,018,150 65.7%
Planning 523,036 463,346 570,581 943,916 60.4%
Economic Development 341,764 355,559 372,688 772,593 48.2 %
City Clerk/Records 392,329 516,114 311,193 727,037 42.8%
Police Pension 481,947 628,978 448,361 675,130 66.4%
City Management 570,679 469,382 596,311 672,620 88.7%
City Hall Facility 306,556 351,949 328,797 568,853 57.8%
Purchasing 327,090 282,874 210,104 468,782 44.8%
City Council 192,011 215,665 257,714 355,595 72.5 %
Intergovernmental 127,741 115,650 131,218 138,140 95.0%
Interfund Distributions 1 (1,242,579) (297,681) 1,649,225 1,125,967 146.5 %
Parking 2 61,098 (208) n/a
Total General Fund 47,087,358 56,420,421 58,772,433 83,035,499 70.8%
Year to date expenditures above are consistent with historical trends other than the items noted below.
• City Management (88.7%) is above 75% due to the separation of the previous City Manager.
• Indigent Defense is at 87.1%,mainly due to increased rates for professional services.
• City Clerk/Records (42.8%)is below 75% due to the timing of election costs that were
overestimated.
• Human Resources (53.2%)has arbitration expenses that have not yet materialized along with
vacant positions.
• Codes (35.4%) is under 75%of expenditures,mainly due to an ARPA CHIP grant where the
work has not yet been completed.
• Purchasing (44.8%) and Economic Development (48.2%)are currently under 75%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.
26
Finance Quarterly Report-Page 11
OTHER FUNDS DETAIL
OTHER GOVERNMENT OPERATING FUNDS
2024 As of September 30 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Neighborhood Development 1,084,145 67,756 808,775 343,126 (68.4)%
Community Relations 708,599 360,047 463,291 605,355 (14.6)%
Clean City Program 495,308 665,452 407,454 753,306 52.1%
Cemetery 183,077 260,364 314,984 128,457 (29.8)%
Emergency Services 107,751 1,586,899 1,591,899 102,751 (4.6)%
Public Safety Communication 1,871,928 3,192,723 3,244,334 1,820,317 (2.8)%
Police Grants 954,705 433,131 280,717 1,107,119 16.0%
PBIA(Park/Bus Improvement Area) 80,643 184,218 94,251 170,610 111.6%
Trolley 52,133 11,436 10,456 53,113 1.9%
Front Street Bus Improvement Area 10,094 3,900 - 13,994 38.6%
Convention&Event Center 822,377 1,671,164 1,508,074 985,467 19.8%
Capitol Theatre 107,989 318,067 320,836 105,220 (2.6)%
PFD-Convention Center 926,013 811,932 985,356 752,589 (18.7)%
Tourism Promotion Area 126,107 821,290 821,288 126,109 -%
PFD-Capitol Theatre 730,372 615,094 520,109 825,357 13.0%
American Rescue Plan Act(ARPA)1 67,700 1,862,499 1,832,008 98,191 45.0%
Total Other Gov't Operating Funds $ 8,328,941 $ 12,865,972 $ 13,203,832 $ 7,991,081 (4.1)%
GOVERNMENTAL CAPITAL FUNDS
2024 As of September 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 45,000 21,674 220,687 11.8%
Yakima Redevelopment Area 745,825 1,647,701 354,506 2,039,020 173.4%
Parks&Recreation Capital 365,035 5,020,254 4,592,694 792,595 117.1%
Fire Capital 606,002 131,491 183,507 553,986 (8.6)%
Law and Justice Capital 975,025 363,630 26,544 1,312,111 34.6%
Public Works Trust Construction 2,978,608 967,677 1,274,287 2,671,998 (10.3)%
REET 2 Capital 1,114,692 904,341 1,314,639 704,394 (36.8)%
Street Capital 5,211,580 1,274,560 1,176,163 5,309,977 1.9%
Street Overlay&Reconstruction 3,308,660 4,266,730 7,336,922 238,468 (92.8)%
Cony&Event Center Cap Impr 1,839,511 601,849 270,171 2,171,189 18.0%
Reserve for Capital Improvement 192,872 - 135,704 57,168 (70.4)%
Total Gov't Capital Funds $ 17,590,195 $ 15,223,233 $ 16,686,811 $ 16,126,617 (8.3)%
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.
27
Finance Quarterly Report-Page 12
ENTERPRISE OPERATING FUNDS
2024 As of September 30 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Airport Operating $ 1,250,696 $ 1,414,039 $ 1,200,516 $ 1,464,219 17.1%
Stormwater Operating 2,702,965 2,673,569 2,304,007 3,072,527 13.7%
Transit Operating 13,239,870 6,490,214 7,504,922 12,225,162 (7.7)%
Refuse 5,042,505 7,610,284 6,630,937 6,021,852 19.4%
Wastewater Operating 12,518,020 18,933,108 19,985,838 11,465,290 (8.4)%
Water Operating 7,515,184 9,615,661 9,761,341 7,369,504 (1.9)%
Irrigation Operating 1,073,077 1,613,840 1,996,950 689,967 (35.7)%
Total Enterprise Operating Funds $ 43,342,317 $ 48,350,715 $ 49,384,511 $ 42,308,521 (2.4)%
ENTERPRISE CAPITAL FUNDS
2024 As of September 30 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Airport Capital $ 409,993 $ 963,498 $ 1,126,281 $ 247,210 (39.7)%
Stormwater Capital 4,678,448 578,333 352,774 4,904,007 4.8%
Transit Capital 4,585,744 453,803 671,203 4,368,344 (4.7)%
Wastewater Facilities Capital 2,904,321 739,917 1,248,665 2,395,573 (17.5)%
Wastewater Construction Capital 9,676,224 1,515,255 1,555,810 9,635,669 (0.4)%
Wastewater Capital 2,976,755 2,253,349 2,130,194 3,099,910 4.1%
Water Capital 8,179,481 5,000,000 881,134 12,298,347 50.4%
Irrigation Capital (1,645,186) 1,491,332 669,438 (823,292) (50.0)%
Total Enterprise Capital Funds $ 31,765,780 $ 12,995,487 $ 8,635,499 $ 36,125,768 13.7%
INTERNAL SERVICE FUNDS
2024 As of September 30 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Equipment Rental $ 5,499,479 $ 5,644,329 $ 4,846,216 $ 6,297,592 14.5%
Environmental 281,654 33,404 183,735 131,323 (53.4)%
Public Works Administration 700,567 1,099,393 1,021,174 778,786 11.2%
Utility Services 739,688 1,326,296 1,507,105 558,879 (24.4)%
Total Enterprise Operating Funds $ 7,221,388 $ 8,103,422 $ 7,558,230 $ 7,766,580 7.5%
2 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 should correct the balance by year-end.
28
Finance Quarterly Report-Page 13
EMPLOYEE BENEFIT RESERVES
2024 As of September 30 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Unemployment Comp Reserve $ 510,649 $ 193,031 $ 173,526 $ 530,154 3.8%
Employees Health Ben Reserve 4,020,232 10,174,030 11,627,268 2,566,994 (36.1)%
Worker's Comp Reserve 364,854 2,960,097 2,431,455 893,496 144.9%
Wellness/EAP 204,582 — 27,487 177,095 (13.4)%
Total Employee Benefit Reserve $ 5,100,317 $ 13,327,158 $ 14,259,736 $ 4,167,739 (18.3)%
RISK MANAGEMENT RESERVE
2024 As of September 30 %Change
Beginning 2024 2024 Ending in Fund
Fund Balance Actual Rev. Actual Exp. Balance Balance
Risk Management Reserve $ 7,982,497 $ 3,516,738 $ 4,441,472 $ 7,057,763 (11.6)%
DEBT SERVICE,CUSTODIAL&TRUST FUNDS
2024 As of September 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 $ 1,065,983 $ 299,639 $ 1,132,544 209.3 %
2005 GO Various Bonds3 17,626 1,817,176 2,300,082 (465,280) n/a
Total GO Bond Redemption $ 383,826 $ 2,883,159 $ 2,599,721 $ 667,264 73.8%
Water/Sewer Revenue Bond Redemption
WW Rev Bond&2008 Debt Service $ 14,897 $ 290,925 $ 17,875 $ 287,947 n/a
Irrigation Bond Debt Service 29,314 203,063 31,563 200,814 585.0%
WW Rev Bond Rsv&2012 Debt Svc 1,620,948 1,620,948 0/0
Total W/S Rev Bond Redemption $ 1,665,159 $ 493,988 $ 49,438 $ 2,109,709 26.7%
Custodial and Trust Funds
YakCorps $ 1,160,478 $ $ $ 1,160,478 0/0
Custodial Fund 402,770 1,078,114 1,123,469 357,415 (11.3)%
Cemetery Trust 738,747 12,335 9,000 742,082 0.5 %
Total Custodial and Trust Funds $ 2,301,995 $ 1,090,449 $ 1,132,469 2,259,975 (1.8)%
Total Debt Svc,Cust&Trust Funds $ 4,350,980 $ 4,467,596 $ 3,781,628 $ 5,036,948 15.8%
3 Fund balance may be negative due to the timing in interest accrual payments.These numbers should correct by year-end
29
Finance Quarterly Report-Page 14