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05/21/2019 10 1st Quarter Financial Report to\'4\lyy t1-:4bxk ik 1 PPP PPP g. A P p P 1 PPi ittYlltYlt.\ta. BUSINESS OF THE CITY COUNCIL YAKIMA, WASHINGTON AGENDA STATEM ENT Item No. 10. For Meeting of: May 21, 2019 ITEM TITLE: 2019 1st Quarter Financial report SUBMITTED BY: Steve Groom, Director of Finance and Budget SUMMARY EXPLANATION: The First Quarter Financial Report for 2019 is attached and consists of the following: 1. Summary Narrative 2. Financial Reports • 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 ITEM BUDGETED: NA STRATEGIC PRIORITY: Public Trust and Accountability APPROVED FOR ' SUBMITTAL: City Manager STAFF RECOMMENDATION: Review only. Submitted for routine transparency and accountability. BOARD/COMMITTEE RECOMMENDATION: ATTACHMENTS: Description Upload Date Type D 0191 t C uarter Financial umma 5/7/ 019 r Me o D 20191st C uarter Financial Pia rPant 5/ /2019 r Mery a 2 R` ,. \ FINANCE DEPARTMENT is $r ti;{t To: Mayor and City Council Cliff Moore,City Manager From: Steve Groom,Finance Department Kathy Miles,Financial Services Date: May 21,2019 Subject: 2019 1st Quarter Financial Update This financial update is an unaudited report for the 1st quarter ended March 31,2019,3 months or 25%of the year,intended to inform and assist governance decisions for future planning. In total,city revenues are at 12.7%of budget and expenditures are at 15.9%of budget. The timing of Property Tax Revenue and the timing of Capital Fund Expenditures are the biggest reason that revenues and expenditures are well below 25%. All invoices are not yet received and complete accrual analysis is not done quarterly,so this report is intended as a progress report. General Fund's Performance to Budget General Fund Revenues in total are at 21.1%;the largest components are: • Sales Tax is at 23.7%,which is in line with prior year but lagging budget expectations • Property Tax is at 9.1% due primarily to timing since April and October have the largest receipts. This timing impacts the General Fund fund balance significantly but is expected to be on right on target at year-end • Utility and Franchise Taxes are at 20.9% General Fund Expenditures in total are at 22.1%;the largest components are: • Police expenditures are at 21.1% • Fire Expenditures are at 24.3% • Information Technology expenditures are at 24.6% Quarterly Financial Update-1 3 Other Funds'Performance to Budget Revenues and expenditures for other funds that deserve mention,because they do vary significantly, are: • Government Capital Funds. Revenues for are at 3.4% of budget and expenditures are at 4.0%because of the timing of largely off-setting revenues and expenses. • Enterprise Capital Funds. Revenues for are at 2.0% of budget and expenditures are at 4.9%because of the timing of largely off-setting revenues and expenses. • Internal Service Funds. Revenues for are at 19.4% of budget and expenditures are at 14.8%because of the timing of largely off-setting revenues and expenses. • Debt Service &Agency Funds. Revenues are at 15.8% and expenditures are at 3.7% because of the timing of largely off-setting revenues and expenses. Quarterly Financial Update-2 4 CITY-WIDE FUND BALANCE SUMMARY CHANGE IN FUND BALANCE 2019 As of March 31st Beginning 2019 2019 Ending Balance Actual Rev. Actual Exp. Balance General Fund $ 9,061,873 $ 14,242,060 $ 14,869,563 $ 8,434,370 Parks and Recreation 283,427 374,571 882,424 (224,426) Street&Traffic Operations 120,252 657,840 1,610,336 (832,244) General Government Subtotal 9,465,552 15,274,471 17,362,323 7,377,700 Other Governmental Operating Funds 5,541,290 1,834,531 3,648,114 3,727,707 Government Capital Funds 16,335,084 1,386,831 1,611,363 16,110,552 Enterprise Operating Funds 12,668,983 11,961,221 10,079,577 14,550,627 Enterprise Capital Funds 38,002,531 401,288 1,208,684 37,195,135 Internal Service Funds 3,891,854 1,188,957 1,072,419 4,008,392 Employee Benefit Reserve 2,912,767 3,884,392 3,340,978 3,456,181 Risk Management Reserves 1,862,082 1,057,824 2,182,790 737,116 Debt Service&Agency Funds 4,494,273 1,181,972 273,624 5,402,621 Total $ 95,174,416 $ 38,171,487 $ 40,779,872 $ 92,566,031 Quarterly Financial Update-3 5 CITY WIDE REVENUES & EXPENDITURES BY FUND GROUPING REVENUE COMPARISON (Budget vs.Actual) 2018 2019 Annual Actual % Amended Actual % as of 3/31 Rec'd Budget as of 3/31 Rec'd General $ 15,111,452 22.5% $ 67,436,673 $ 14,242,060 21.1 Parks and Recreation 823,536 15.1% 5,259,740 374,571 7.1 Street&Traffic Operations 632,266 11.4% 5,782,582 657,840 11.4% General Government Subtotal 16,567,254 21.2% 78,478,995 8,534,772 10.9% Other Government Operating Funds 2,540,657 17.1% 13,620,789 1,834,531 13.5 Government Capital Funds 1,781,058 3.8% 40,903,961 1,386,831 3.4% Enterprise Operating Funds 12,661,269 21.9% 60,490,047 11,961,221 19.8 Enterprise Capital Funds 1,989,087 10.2% 19,892,710 401,288 2.0 Internal Service Funds 1,059,630 17.3% 6,131,579 1,188,957 19.4 Employee Benefit Reserves 3,394,028 23.6% 16,388,226 3,884,392 23.7 Risk Management Reserve 2,121,783 50.8% 4,345,936 1,057,824 24.3 Debt Service&Agency Funds 2,832,896 26.1% 7,493,200 1,181,972 15.8 Total $ 44,947,662 17.8% $ 247,745,443 $ 31,431,788 12.7% EXPENDITURE COMPARISON (Budget vs.Actual) 2018 2019 Annual Actual % Amended Actual % as of 3/31 Exp'd Budget as of 3/31 Exp'd General $ 15,329,735 22.9% $ 67,182,594 $ 14,869,563 22.1 Parks and Recreation 995,852 17.7% 5,169,394 882,424 17.1 Street&Traffic Operations 645,147 11.8% 7,810,853 1,610,336 20.6 General Government Subtotal 16,970,734 21.7% 80,162,841 17,362,323 21.7% Other Government Operating Funds 2,710,684 18.3% 13,582,340 3,648,114 26.9 Government Capital Funds 571,065 1.4% 40,410,544 1,611,363 4.0 Enterprise Operating Funds 13,922,222 23.3% 62,162,879 10,079,577 16.2 Enterprise Capital Funds 1,660,562 6.0% 24,505,154 1,208,684 4.9 Internal Service Funds 677,725 10.5% 7,229,358 1,072,419 14.8 Employee Benefit Reserves 3,364,339 22.4% 16,128,416 3,340,978 20.7% Risk Management Reserve 1,990,365 49.5% 4,292,504 2,182,790 50.9 Debt Service&Agency Funds 405,564 3.7% 7,480,225 273,624 3.7 Total $ 42,273,260 16.3% $ 255,954,261 $ 40,779,872 15.9% Quarterly Financial Update-4 6 GENERAL GOVERNMENT REVENUE DETAIL GENERAL GOVERNMENT REVENUES 2019 Revenues as of 3/31 Amended Percent General Fund 2017 2018 2019 Budget Rec'd General Sales Tax $ 4,051,702 $ 4,324,326 $ 4,305,744 $ 18,173,950 23.7% Criminal Justice Sales Tax 810,299 891,971 864,547 3,584,560 24.1% Property Tax 988,484 1,124,576 958,095 10,557,065 9.1% Utility&Franchise Taxes 4,112,096 4,171,061 3,962,192 18,976,079 20.9% Charges for Services 2,059,818 2,231,375 2,024,468 7,977,136 25.4% State Shared Revenue 525,386 592,383 469,925 2,242,469 21.0% Other Intergovernmental 126,604 213,878 138,359 728,490 19.0% Fines and Forfeitures 462,379 457,121 429,505 1,939,817 22.1% Other Taxes&Fees 663,250 674,511 608,183 1,655,074 36.7% Licenses and Permits 215,687 296,941 427,528 939,850 45.5% Other Revenue 46,461 133,307 53,513 662,183 8.1% Total General Fund 14,062,166 15,111,450 14,242,059 67,436,673 21.1% Parks&Recreation Property Tax 194,382 227,453 195,506 2,560,000 7.6% Charges for Services 210,417 220,395 149,730 884,050 16.9% State Shared Revenue 5,775 5,958 5,958 23,830 25.0% Other Intergovernmental 6,275 9,334 4,787 50,500 9.5% Transfers from other Funds 326,548 332,093 1,513,060 -% Other Revenue 37,735 28,303 18,591 228,300 8.1% Total Parks&Recreation 781,132 823,536 374,572 5,259,740 7.1% Streets Property Tax 264,614 253,149 238,374 3,121,325 7.6% Charges for Services 2,250 1,650 7,766 720,000 1.1% State Shared Revenue 306,572 311,827 301,069 1,319,812 22.8% Other Intergovernmental 29,308 61,945 61,146 246,900 24.8% Other Taxes&Fees 150,000 -% Transfers from other Funds 176,545 -% Other Revenue 9,661 3,695 49,484 48,000 103.1% Total Streets 612,405 632,266 657,839 5,782,582 11.4% Total General Government $ 15,455,703 $ 16,567,252 $ 15,274,470 $ 78,478,995 19.5% Quarterly Financial Update-5 7 GENERAL GOVERNMENT EXPENDITURE DETAIL GENERAL GOVERNMENT EXPENDITURES 2019 Expenditures as of 3/31 Amended Percent 2017 2018 2019 Budget Exp'd Police $ 6,268,270 $ 6,348,872 $ 6,378,160 $ 30,231,349 21.1% Fire 3,054,086 3,284,915 3,459,978 14,259,577 24.3% Information Technology 967,702 952,896 915,238 3,713,248 24.6% Interfund Distributions 1,150,393 1,119,696 380,000 2,143,060 17.7% Code Administration 426,953 442,956 413,401 1,974,496 20.9% Legal 366,815 388,030 428,992 1,938,043 22.1% Finance 384,123 377,936 390,211 1,787,366 21.8% Municipal Court 336,169 363,584 370,435 1,711,215 21.6% Firemen's Relief/Pension 325,082 344,077 406,789 1,216,963 33.4% Indigent Defense 209,004 164,731 172,351 1,050,000 16.4% Police Pension 249,485 236,308 241,656 929,497 26.0 Engineering 165,483 169,247 188,271 778,311 24.2 Human Resources 147,867 170,136 188,657 768,113 24.6 City Clerk/Records 105,056 105,595 101,497 717,207 14.2% Planning 130,305 155,313 157,001 704,117 22.3 Purchasing 122,795 144,361 149,158 646,038 23.1 City Management 95,139 103,298 117,214 629,681 18.6 City Hall Facility 175,006 165,903 129,567 602,352 21.5 Economic Development 95,358 101,177 86,349 313,243 27.6 City Council 107,515 122,010 105,039 275,686 38.1 Parking 40,472 37,210 42,769 186,854 22.9 Intergovernmental 30,978 31,483 47,088 162,689 28.9% State Auditor 6,703 831 130,000 0.6 Contingency 313,489 n/a Total General Fund 14,960,759 15,329,734 14,870,652 67,182,594 22.1 Parks&Recreation Fund 1,049,286 995,852 882,424 5,169,394 17.1 Street&Traffic Ops. 1,750,999 645,147 1,610,336 7,810,853 20.6 Total General Government $ 17,761,044 $ 16,970,733 $ 17,363,412 $ 80,162,841 21.7% Quarterly Financial Update-6 8 OTHER FUNDS DETAIL OTHER GOVERNMENT OPERATING FUNDS 2019 As of March 31 Beginning 2019 2019 Ending Fund Balance Actual Rev. Actual Exp. Balance Economic Development $ 70,321 $ 22,984 $ 13,224 $ 80,081 Neighborhood Development 862,584 105,888 1,051,288 (82,816) Community Relations 741,290 166,354 136,146 771,498 Cemetery 118,508 20,152 106,858 31,802 Emergency Services 9,414 118,922 197,091 (68,755) Public Safety Communication 718,371 487,210 948,728 256,853 Police Grants 1,185,643 14,527 54,835 1,145,335 PBIA(Park/Bus Impr Area) 63,947 56,092 2,856 117,183 Trolley 19,856 1,275 7,074 14,057 Front Street Bus Impr Area 1,090 1,850 2,940 Cony Center(Tourist Promo) 377,237 194,676 502,902 69,011 Capitol Theatre 34,144 112,359 114,853 31,650 PFD-Convention Center 1,028,440 243,993 238,674 1,033,759 Tourism Promotion Area 69,902 103,409 103,409 69,902 PFD-Capitol Theatre 240,544 184,841 170,175 255,210 Capitol Theatre Reserve Total Other Gov't Oper Funds $ 5,541,291 $ 1,834,532 $ 3,648,113 $ 3,727,710 GOVERNMENTAL CAPITAL FUNDS 2019 As of March 31 Beginning 2019 2019 Ending Fund Balance Actual Rev. Actual Exp. Balance Arterial Street $ 2,147,691 $ 138,978 $ 96,449 $ 2,190,220 Central Bus District Capital (532,523) 14,114 (518,409) Capitol Theatre Construction 149,087 15,000 8,070 156,017 Yakima Redevelopment Area 3,080,389 16,432 16,393 3,080,428 Parks&Recreation Capital 4,021,729 41,683 1,406,373 2,657,039 Fire Capital 393,621 65,341 3,493 455,469 Law and Justice Capital 444,425 117,987 2,861 559,551 Public Works Trust Construction 2,980,111 218,237 10,727 3,187,621 REET 2 Capital 1,060,389 218,237 1,278,626 Street Capital 951,821 351,171 35,735 1,267,257 Convention Center Cap Impr 1,056,992 189,650 20,402 1,226,240 Reserve for Capital Impr 581,353 10,860 570,493 Total Gov't Capital Funds $ 16,335,085 $ 1,386,830 $ 1,611,363 $ 16,110,552 Quarterly Financial Update-7 9 ENTERPRISE OPERATING FUNDS 2019 As of March 31 Beginning 2019 2019 Ending Fund Balance Actual Rev. Actual Exp. Balance Airport Operating $ 156,648 $ 316,708 $ 356,152 $ 117,204 Stormwater Operating 1,162,243 330,668 418,249 1,074,662 Transit Operating 4,143,507 1,791,399 1,907,665 4,027,241 Refuse 1,630,791 1,647,134 1,499,753 1,778,172 Wastewater Operating 3,392,602 5,366,656 3,266,205 5,493,053 Water Operating 1,550,591 2,033,137 1,694,535 1,889,193 Irrigation 632,600 368,308 605,368 Utility Services 107,211 331,649 (224,438) Total Enterprise Oper Funds $ 12,668,982 $ 11,961,221 $ 10,079,576 $ 14,155,087 ENTERPRISE CAPITAL FUNDS 2019 As of March 31 Beginning 2019 2019 Ending Fund Balance Actual Rev. Actual Exp. Balance Airport Capital $ 942,680 $ 129,873 $ 99,937 $ 972,616 Stormwater Capital 5,605,362 1,265 19,885 5,586,742 Transit Capital 5,306,396 5,800 81,331 5,230,865 Wastewater Facilities Capital 3,133,277 20,167 18,441 3,135,003 Wastewater Const Capital 8,674,952 668,891 8,006,061 Wastewater Capital 5,787,084 117,262 5,669,822 Water Capital 4,324,604 202,936 4,121,668 Irrigation Capital 4,228,176 244,183 4,472,359 Total Enterprise Oper Funds $ 38,002,531 $ 401,288 $ 1,208,683 $ 37,195,136 INTERNAL SERVICE FUNDS 2019 As of March 31 Beginning 2019 2019 Ending Fund Balance Actual Rev. Actual Exp. Balance Equipment Rental $ 2,739,799 $ 775,034 $ 751,822 $ 2,763,011 Environmental 523,398 103,873 32,069 595,202 Public Works Admin 628,658 310,050 288,527 650,181 Total Enterprise Oper Funds $ 3,891,855 $ 1,188,957 $ 1,072,418 $ 4,008,394 Quarterly Financial Update-8 EMPLOYEE BENEFIT RESERVES Fund Unemployment Comp Rsv Employees Health Ben Rsv Worker's Comp Rsv Wellness/EAP Total Employee Ben Reserve Fund 2019 Beginning Balance 10 As of March 31 2019 2019 Actual Rev. Actual Exp. 195,913 $ 2,685,318 (3,580) 35,116 84,394 3,021,731 778,267 18,774 3,044,867 261,794 15,542 Ending Balance 261,533 2,662,182 512,893 19,574 2,912,767 3,884,392 $ 3,340,977 $ 3,456,182 RISK MANAGEMENT RESERVE Risk Management Reserve Fund 2019 Beginning Balance As of March 31 2019 2019 Actual Rev. Actual Exp. Ending Balance 1,862,082 $ 1,057,824 $ 2,182,790 $ 737,116 DEBT SERVICE & AGENCY FUNDS 2019 Beginning Balance As of March 31 2019 2019 Actual Rev. Actual Exp. Ending Balance GO Bond Redemption 2002 GO Convention Center 2005 GO Various Bonds 1996 GO LTD - Convention Center LID Debt Service Control Total GO Bond Redemption $ 166,440 $ 8,733 73,292 41,826 231,199 $ 224,184 61,522 27,338 397,639 232,917 134,814 69,164 290,291 $ 516,905 $ Water/Sewer Revenue Bond Redemption Water Rev Bonds & Debt Service $ 590,003 $ WW Rev Bond & 2008 Debt Service 260,397 Irrigation Bond Debt Service 120,276 WW Rev Bond Rsv & 2012 Debt Svc 2,548,911 Total W/S Rev Bond Redemption $ 3,519,587 $ Agency Funds Yakcorps Cemetery Trust Total Agency Funds 834,534 $ $ 590,003 (20,844) 281,241 27,526 92,750 (34,567) 2,583,478 $ (27,885) $ 3,547,472 684,396 635,912 301,509 1,817 -_ 334,403 686,213 684,396 $ 637,729 $ 301,509 1,020,616 uarterly Financial Update CO kJ . z 0 Q lauvalMO C CL • ATIMON • Cash as an indicator $100,000,000 $90,000,000 $80,000,000 $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $0 City of Yakima Liquidity Accounts - Historical Trend :sY tib „P D ,P tiA ,y sy yy 4) by tis 43 43 � Sc 43 w� '1 �'1 ti'I ti'1 '�'1 �$ 0> AN '`4 ''% �% ti4 'tioi � �$c �` ��A „ „e, ��� � �� N. ti �Qr ems „�c �� °� , czar 1�� a. aA �a� e • 43� yaw � e _C ■ Portfolio (par) ® LGIP Primary Acct • Key Checking USB Checking Debt as an indicator $90,000,000 $80,000,000 $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 so City of Yakima Longterm Debt Balance History Balance 12/31/14 Balance 12/31/15 Balance 12/31/16 Balance 12/31/17 Balance 12/31/18 O 2018 oak a 5po'ECOmpea lReF rd,.nt O 2013 Yak ma Co SED - ave- BB Bra,.e m er-WA6joata 2E .t8• • 2013 West Re:u',ac.ne Project {Pe -0.04 3} O 2015 Ap vat[ Cerate, YMCA O 2017 Yak.ma Co SED Loan -v45,, rg Project 12017 88.04 Project ,grt,rg O 2015 Yak'ma CTI 500 Loan -5020 O 2055 Yak .ma S00, Camper O 2015 va loTaC05ED Loan -214 Ave/Arpo-t ▪ 2014 Yak.m.a Co orry5ED Loa n 11_1E7 132011 Street Rmp'ovemat P:o ect 2013 02014 Cly POI or, of 911 Cai Ds0at5 Cenier O 2013 Street Rein fac re Pro80t ■ 2013 F aAppa•at:. O 2013 DESIGN, W -7P LAG0005 12013 ALT0v1ATED READING SYSTEM M2013 173I Po 8 535 235 12013 j70; Fire ArPack5 1201 WASTEWATER TREATMENT PIAN 012012 Wasterrater R even 88 80545, Sof 03B O 2012 INDUSTRIAL WASTE t 8850810 ■ 201_2 INDUSTRIAL SEWER MAIN EXTENSIONS 02011 Two F re Ap paratvs 82011 ENERGY EFFCEkct PROSECT O 2010 9AR500D GRADE aPARAT10h O 2009 FA ILROAD GRADE aPAa45100 92009 NEW WATER WELL ■ 2079 Cap75 Theatre ERpa5Srx, j8A85 02007 Capco Theatre Er pars:o=. • 2008 Water 8everve Bo ncs, Ref SBA ▪ 2008 Waster, ate' ;ewer L,e Bonaa 12005 m-frasti.aLce P-ojec: O 2008 P 0 L3 %ej 039 030.7 ■ 2007 ULTRAVIOLET D6at BECTON O 2007 RverF005/15Th PLtvae O 2007 Fre Stator {West Va, ey, 020 3; O 2007 Dourtown Rev :a ZB 05 P 8811 a 2007 Conver,ton Center Apo tor 1 ■ 2005 RN'EF ROAD SEWER • 2005 83805 Ant 800,01100 • 2005 NAC5ES R NER ^NTP FILTER R EFiAB ■ 2004 rtlg35O r System 0800040 Boras • 2004 C0nveni on Center Exp315.Gn 11 ■ 2003 53no0me 8030080 O 2503 NAGt5E5 WTP INP 000EMENT5 a200: FR USA LE N E IGh BOR 50005EWER O 1995 WAV TREATMENT FACILITY RE1,11511850.0 O 5.393 NEIGHBOR., GOD COUECT08 SYSTEM 11995 PART Av,EN UE IMPROVEMENTS ■ 199500815108175 ECONON0C RE VITALC'ATION BOARD 0 ]C W City of Yakima - Property Tax Revenue o 0 0 0 0 0 0 0 0 0 0 �` 0 o 0 0 © 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o o o 0 0 0 0 0 0 0 o oo lD 'd' N 0 oo 1,0 'd' N N v --i t-1 e -i e -i T -i 1!} 1" i/")- ilk x Revenue 0 r8 Ems 0 0 0 0 0 0 © 8 8 8 8 8 o 0 d 0 © . o o o o o o oo to © Lti Q vi d Ln m m N N Ge, 6 616166 0 o o o 0 0 0 0 58 Q 0 0 SRSRSRSRRS 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 000000 m ("4 Yakima - Lodging Tax Revenue Yakima - REET 1 Revenue 0 T-1 2 in @MINN& vi 0 U 11) Yakima - Transi 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 T-; 0 0 00 0° 1.0 0 0 r.4 0 0 nvestment Interes 0 ddd Ni T-1 r4 ddddddd esl Ja O 2 0 a c -0 c 0 0 1.) 0 • N 0 • 0 CU 0 N 0 LL 0 N 0 co 0 III MIMS 0 L 4-0 a rnro0L ai C) Zaj L • • s.. 11111111111011 co 0 u E u • • • • 0 CI MEM