HomeMy WebLinkAbout06/10/2008 13A 1st Quarter 2008 Revenue and Expenditure Report 0 BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT .
Item No. -- 1 A
For Meeting Of June 10, 2008
ITEM TITLE: 1st Quarter 2008 Revenue and Expen Report
SUBMITTED BY: Dick Zais, City Manager
Rita DeBord, Finance Director
Cindy Epperson, Financial Services Manager
CONTACT PERSON/TELEPHONE: Cindy Epperson, 575 -6070
SUMMARY EXPLANATION:
The attached report provides a comprehensive summary of the City of Yakima's 2008 budget
and expenditure status through March 31, 2008. Overall, the 1st quarter activity reflects a
stable, but guarded fiscal position. General City expenses are within budget estimates at 23.2%
through March 31 and General Government revenues are at 21.9% through this period. The
City's other operating and enterprise funds have generated revenues of 20.2% and expenditures
of 20% of budget estimates this is through the first quarter of 2008.
• In several recent year -end reports a disturbing trend was discussed, whereby the rate of growth
in revenue is less than the rate of growth in expenditures in General Government (i.e. tax
supported) funds. This trend is likely to continue long -term because of the pressures of costs
largely outside the control of the City (i.e. labor contracts; spiraling jail costs; mandated state
retirement system costs; and other external private sector costs, such as private utilities,
equipment, and fuel expenses. Note: Given the significant increases in fuel prices since the
2008 budget was prepared, staff anticipates that a budget adjustment for a fuel appropriation will
likely become necessary by mid year.) .
The 2008 beginning balances used in this report are preliminary and may be affected by final
year -end and /or audit adjustments; however, no material changes to these amounts are
anticipated.
Resolution Ordinance Other (Specify) Report
Contract Mail to (name and address)
Phone
Funding Source Not Applica
APPROVED FOR SUBMITTAL _ City Manager
0 STAFF RECOMMENDATION: Accept Report
BOARD /COMMISSION /COMMITTEE RECOMMENDATION:
COUNCIL ACTION:
MEMORANDUM
JUNE 10, 2008
TO: The Honorable Mayor and Members of the City Council
FROM: Dick Zais, City Manager
Rita DeBord, Finance Director
Cindy Epperson, Deputy Director of Accounting & Budgeting
SUBJECT: First Quarter 2008 Budget Revenue and Expenditure Report
This report provides a comprehensive summary of the City's financial status from
January 1 through March 31, 2008. This summary information is provided by fund in
fa the following categories:
• General Government Resources
• General Government Expenditures
• Other Operating and Enterprise Funds
• Capital Funds
• Reserve Funds
•
Overall, the City's first quarter budget status reflects a stable fiscal position.
As of this date, the 2008 amended City of Yakima Budget is $186,376,696 or $4,912,156
greater than the adopted 2008 Budget. The increase is due primarily to carry -over 2008'
encumbrances of $4.4 million; a non - lapsing appropriation for Capitol Theatre
construction projects of $143,000; and an appropriation for the Office of Neighborhood
Development Services (ONDS) of $150,000.
•
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GENERAL GOVERNMENT RESOURCES
Table I identifies and compares General Government resources by major source through the
first quarter for 2006, 2007 and 2008. As of March 31, 2008, total General Government
resources which include actual beginning balances, are at $20,405,040 or 32.5% of the total 2008
budget. (This compares to a level of 30.7% for the same period in 2007.)
GENERAL FUND RESOURCES
Property Tax receipts for the first three months of 2008 are $559,496 or 7.6% of this year's
budget compared to $532,819 or 7.8% of last year's budget for the same period. The flow of
receipts to date depends on collection activity. The first half assessment is due to the County
by April 30. Yakima County Treasurer's Office estimates that we should collect between 96%
and 97% of the current year levy, and 50% of the delinquent tax balance. Collections appear to
be on target to meet this estimate.
Local Criminal Justice Sales Tax (General Fund) receipts through the first quarter are $413,483
or 25.5% compared to $357,656 or 24.9% at this time last year for the new 0.3% Criminal Justice
Sales Tax. (The allocation was changed to redirect more of this revenue from the capital to
operating fund by $90,000 in the 2008 budget, explaining the increase in the amount, although
the percentage is comparable.) The City's portion of the 0.1% sales tax is $224,240 or 24.7% of
estimates to date, versus $214,201 or 25.4% at the same time last year. (See discussion on
General Sales Tax below.)
Sales tax receipts through March 31 are $3,394,798 or 24.8% of budget estimates compared to
$3,194,567 or 24.3% at this time last year, representing a growth rate of 6.3% through the first
quarter. The 2008 budget was set assuming modest growth of about 2.75% in sales tax revenue,
as the permitting function is still predicting the continuation of new construction, so this
important revenue source appears to be exceeding estimates at this point in time. However,
because of a major retailer moving out of the City limits later this year; the Streamlined Sales
Tax change being implemented July 1, 2008; and the heavy spring freeze, the strong sales tax
collections may not hold through the end of the year. There is a two -month lag from the point
of sale to our receipt of sales tax revenues.
Franchise tax receipts of $2,454 through the first quarter are at 5.7% of budget estimates, which
is similar to 2007. The Natural Gas franchise tax was remitted once a year in February, and
because of the change from franchise tax to utility tax in the fall of 2005, the 2% gas franchise
fee was discontinued and transferred to utility tax. The Water franchise fee is paid monthly.
Utility tax receipts through the first quarter are $3,148,773 or 29.1% for 2008 compared to
$2,990,445 or 29.0% for the first three months of 2007. The Occidental annexation, effective in
the spring of 2007, accounts for a portion of the increase. These taxes are functions of usage
(which is heavily impacted by weather), rates, and the timing of billings.
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General Government Resources (Continued )
0 Business License receipts through the first quarter of 2008 are $474,200 or 94.8% compared to
$468,169 or 93.6% for the first three months of 2007. Most of this revenue is collected at the
beginning of the budget year, as this is an annual fee.
Gambling Tax continued its downward trend in the first quarter. The total collected of
$226,150 is 23.8% of budget. One establishment is seriously delinquent; the legal department is
involved in collection efforts. Until this delinquency is resolved, it is uncertain whether this
revenue will meet the estimate by year end.
The Police and Fire Federal Grants revenues were billed for the first quarter after its
completion. Subsequent grant receipts are about $67,000 and are on target for the budget year.
State Shared Revenue such as Liquor Excise of $96,285 or 24.5% is close to budget estimates for
this period, as are Liquor Profits of $143,535 or 23.7 %. As these are per capita allocations, they
are expected to approximate budget by year -end.
Criminal Justice funds are $152,380 or 35.9% of budget, compared to $151,960 in 2007. As the
formula is recalculated annually starting with the July distribution, the budget assumes a
reduction for the last half of 2008.
40 Overall, Total Intergovernmental revenues are on target with $593,822 or 23.9% received
through March 31, 2008.
Licenses and Permits revenue is $224,269 or 25.7% of budget through the first quarter of 2008,
compared with $223,181 or 28.3% of budget received in the same time in 2007. Since 2007 was a
record year, and permitting activity is similar in the first quarter, it appears that this activity is
remaining strong — development in the Westside annexation areas should continue to
positively affect this revenue stream. Because permits are the precursor to construction
spending, this trend should continue to have a positive effect on future sales tax receipts, as
noted above.
Fines and Forfeitures receipts of $428,651 are 31.1% of budget, and are 18.6% more than the
2007 level of $361,473. The increased number of Police Officers hired because of the 0.3%
Criminal Justice Sales Tax and the Safe Community Action Plan appears to be generating more
infraction /penalty activity.
All other significant General Fund revenue sources are performing as expected.
Beginning Balance
The actual 2008 General Fund Beginning Balance is currently estimated to be $6,250,708;
$810,850 more than the 2007 final amended Beginning Balance of $5,439,858. Of the total 2008
e Beginning Balance, $1,954,256 is presently obligated to balance the amended General Fund
budget, as compared to $1,823,919 of Beginning Balance which was used to balance the 2007
amended General Fund budget.
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General Government Resources (Continued )
Total General Fund Resources equal $17,351,305 or 33.8% of budget through March 31, 2008.
This compares with $15,808,601 or 32.3% of last year's budget resources through the first
quarter of the year.
Summary:
Overall, General Government revenue is performing reasonably well and is with budget
tolerance.
PARKS AND RECREATION FUND RESOURCES
Parks and Recreation revenues of $553,531 are at 13.6% of budget estimates through the first
quarter of 2008. This compares with last year's resources to budget for three months of
$581,047 or 14.1 %. Utility Tax receipts on City —owned utilities amounting to $216,646 (20.7% of
the 2008 estimate) have been transferred, to date, to the Parks Fund from the General Fund.
The total revenue is below 25% because of the timing of Parks program activities (such as
swimming, golf and softball) coupled with the Property Tax receipts, which aren't collected
from the County until the second quarter.
STREET AND TRAFFIC OPERATIONS FUND RESOURCES
Total Street Fund revenues are $564,696 or 9.9 %. Fuel tax receipts are $312,412 or 21.8 % - -as this
is a per gallon tax, the escalating fuel costs are pushing down consumption. As of March 31,
2008 Property Tax, the major revenue category in the Street Fund, is $238,056 or 5.6% of the total
2008 (as compared to 5.5% or $216,584 for the same period last year) because of the timing of
receipts.
Summary
Table II identifies the beginning balance, revenues and expenditures to date, and the ending
balance for each of the three General Government Funds. For 2008, at the end of the first quarter,
the Cumulative General Government Revenue is $12,218,824 or 21.9% of budget compared to
$11,527,820 or 21.6% at March 31, 2007.
At March 31, 2008, the net General Government Balance (beginning reserves plus current
revenues less current expenditures) is $6,857,913, compared to $6,314,238 in 2007.
In several recent year -end reports a disturbing trend was discussed, whereby the rate of
growth in revenue is less than the rate of growth in expenditures in General Government (i.e.
tax supported) funds. This trend is likely to continue long -term because of the pressures of
costs largely outside the control of the City (i.e. labor contracts; spiraling jail and fuel costs;
•
mandated retirement system costs; and other external private sector costs, such as private
utilities, equipment, and fuel costs.)
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GENERAL GOVERNMENT EXPENDITURES
•
Table III summarizes expenditure activity on a departmental basis for General Government
budgets.
GENERAL FUND EXPENDITURES
General Fund budget data of interest include:
Police expenditures, $5,013,612 or 23.7% are below first quarter averages, due primarily to
position vacancies. The entire budget for insurance /risk management is transferred to the Risk
Management Fund in the first quarter, as the annual insurance premiums are due in this
period. This expense was offset by the timing of the jail payments (only 2 months are included
in this .total.)
Fire expenditures of $2,027,054 are 24.1% of the 2008 budget through the first quarter. This
slight saving is the result of the timing of supply purchases, offset by the full payment for risk
management (as described above in the Police narrative.)
Information Systems expenditures are at $700,444 or 25.6% because of the timing of contract
payments and project implementation.
Legal, Financial Services, Municipal Court, Engineering, Utility Services, and Planning are
respectively at 23.8 %, 22.7 %, 21.8 %, 20.1 %, 22.5 %, and 23.8% of budget, due primarily to
position vacancies.
Human Resources incurred expenditures of $104,331 or 22A% of budget, a function of the
timing of supply purchases and outside professional services.
City Manager division has spent $116,477 or 23.8% of budget through March 31, 2008,
primarily because of the timing of temporary staff deployment.
Records expenditures of $62,424 or 12.7% exclude one -time payment of election costs estimated
to be $190,000 in 2008. The City is in receipt of the election bill, and the actual cost is about
$129,000, which will be paid in the 2 quarter: This division also experienced salary savings
from a position vacancy in the 1St quarter.
City Hall Maintenance expenditures are $159,101 or 38.0% of budget, primarily because the
entire insurance payment of about $80,000 was made to the Risk Management fund to
purchase property /boiler insurance in the first quarter.
Purchasing costs through March 31st amounted to $57,218 or 21.1% of budget. The 2008
budget includes $17,000 for a study of purchasing procedures and potential consolidation with
Yakima County, which was just getting under way at the end of the first quarter.
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General Government Expenditures (Continued )
Intergovernmental expenditures of $105,822 are 36.7% because the City pays all of the
Yakima County Emergency Management assessment in the first quarter. Additionally, Yakima
County Development Association (YCDA) receives a semi - annual payment in the first quarter.
City Council pays the City's annual dues to the Association of Washington Cities in the first
quarter. Therefore, expenditures of $95,655 are 46.7% of budget at March 31, 2008.
SunDome paid $4,977 or 3.3% of its budget in the first quarter of 2007 because of timing of
annual debt service payments.
State Examiner only incurred incidental expenditures of $2,515 in the first quarter as the 2007
Audit is just in planning stages.
Urban Area Hearings Examiner expenditures to date are $1,918 or 2.7 %, reflecting the number
of cases heard and paid for as of March 31, 2008.
District Court expenditures of $901 or 6.6% match the revenue being submitted on old cases
still being collected by District Court. As most of the receivables are several years old, both the
revenue and expenditures are dropping off as time passes.
All other General Fund Departments are close to the first quarter average of 25 %.
P q g
Summary:
In total, the General Fund is 23.7% expended through the first quarter, and is within
authorized budget levels. The 2008 General Fund budgeted ending balance is projected to
be $3,347,923 or about 7% of the budget.
PARKS AND STREETS EXPENDITURES
Parks expenditures are at $854,525 or 19.9 %, and Street and Traffic Operations expenditures
are at $1,299,766 or 21.1% to date. In both areas, many costs are seasonal in nature, and as the
impact of summer recreation and parks maintenance programs is accounted for, the associated
program costs should bring actual expenditure levels closer to budget by year —end. Higher
oil/petroleum costs in the first quarter of 2008 have had an impact for both vehicle operation
and the cost of raw materials used in street maintenance.
Summary:
Overall, General Government expenditures are within budget estimates -- 23.2% through
March 31, 2008.
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OTHER OPERATING AND ENTERPRISE FUNDS
Table IV represents the status of the Operating and Enterprise Funds.
The Economic Development Fund has a fund balance of $221,123 at March 31. Revenues
amount to $23,429 or 20.5 %, while expenditures are at $24,981 or 16.0% of budget. The savings
are a result of the timing of the deployment of professional services (i.e. historical preservation,
HUD 108 loans, etc.)
The Community Development Fund shows a fund balance of $267,375 at the end of the first
quarter. Revenues are at $210,233 or 4.5% of budget, while expenditures are $339,289 or 7.0%
of budget. The budget includes about $2.2 million of program carryover from the prior year
(including the Marvin Gardens development), while the 2008 HUD grants were recently
awarded, and programs using the new grant funds were just getting started.
Community Relations Fund revenues are $79,579 or 17.1% of budget through the first quarter
(the March franchise fee was received in April —when this is added in, the revenue is at 25.2 %).
Expenditures are $115,699 or 21.1 %; resulting in a fund balance of $803,852 at March 31.
The Community Services Fund consisting of the Healthy Families Yakima program
experienced revenues of $51,685 or 8.8 %, and expenditures of $53,246 or 9% of the 2008 budget,
0 as amended for project carryover. The program was launching its media campaign in the first
quarter, and some administrative costs are being postponed because of match requirements.
The fund balance is ($1,019) at the end of the first quarter, because of the timing of match
requirements /donations.
Growth Management Fund had no activity in the first quarter, and a fund balance of $24,372 at
March 31. This budget contemplates grants to update portions of the Comprehensive Plan in
compliance with the Growth Management Act.
Cemetery Fund revenues are $62,914 or 22Y% of budget through the first quarter.
Expenditures are $65,006 or 25.2 %. The fund balance at March 31 is $35,023.
Emergency Services Fund revenues are $76,082 or 7.2% of budget and expenditures are
$251,887 or 22.8% of budget through the first quarter. The fund balance at March 31, 2008 is
$43,421. The revenue source is a special voter - approved property tax, with the first half due in
the second quarter.
Public Safety Communications Fund revenues are $569,778 or 22.9% of budget and
expenditures are $721,465 or 26.8 %, slightly above the first quarter target because of an annual
software maintenance payment. The March 31 fund balance is $280,845.
ill
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Other Operating and Enterprise Funds (Continued )
PBIA (Parking and Business Improvement) assessments and collections follow quarterly
cycles. Revenues are at $20,047 or 30.1% and expenditures are $20,831 or 21.6% of budget. The
fund balance at March 31 is $34,086.
Trolley (Yakima Interurban Lines) Operating Fund revenues are $206,861 or 44.0% and
expenditures are $207,597 or 44.3 %. The majority of the revenue and expense budgets are a
grant to upgrade the trolley facilities, and this project incurred expenses which were
reimbursed by a grant in the first quarter. The balance at March 31 is $410.
Front Street Business Improvement Area revenues are $984 or 36.0 %, and no expenditures
were made in the first quarter; resulting in a balance of $7,164.
Tourist Promotion Fund revenues of $312,240 are presently at 22.5% of budget. Expenditures
are $336,049 or 23.8% of budget. The balance at March 31 is $138,275. Historically, the first
quarter revenues are lower than the rest of the year, because of the slowdown in convention
business and Hotel/Motel tax generated during the winter months. However, revenues are
expected to steadily increase as the year progresses because of scheduled convention center
business.
Public Facilities District Fund realized revenues of $186,192 — 16.9% of the 2008 budget.
Expenditures totaled $175,105 — 15.7% of budget. The new state sales tax credit earmarked for
the Capitol Theatre expansion project started in April. The ending fund balance is $146,793. . •
Tourism Promotion Area Fund receipts are $65,782 or 17.8% of the 2008 budget. Expenditures
total $44,260 or 12.0 %. Like hotel /motel tax, the tourism promotion fee is lowest in the first
quarter through the winter months. All fees collected are forwarded by contract to the Yakima
Valley Visitors' and Convention Bureau for promotion emphases —the March payment was
made later than anticipated. The ending balance at March 31, 2007 is $21,936.
Capitol Theatre Fund revenues are $73,251 or 24.1% of budget. Expenditures of $72,787 are at
28.9 %, a function of the timing of major maintenance projects. The fund balance at March 31 is
$154,429.
Stormwater Operating Fund revenues are $94,725 or 9.0% of budget, while expenditures are
$144,052 or 13.8% of budget, because this new utility was in a start -up phase in the Pt quarter.
The fund balance at March 31 is ($49,327), a temporary shortfall because the underlying
revenue was billed on the County property tax statements, with a majority due in April.
Transit operations completed the first quarter of 2008 with revenues totaling $1,412,212 or
19.8% of budget, which exclude the federal grant, and expenditures at $1,911,564 or 26.9 %. (As
noted in other narratives, the entire insurance transfer is made in the first quarter.) The
operating fund balance at March 31 is $164,729.
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Other Operating and Enterprise Funds (Continued )
•
Refuse expenditures are $980,002 or 22.1% of the budget through March 31, 2008. This is
below scheduled levels because of the timing of payments for landfill charges (only two
months are included.) Total revenues are at $934,642 or 22.2 %, as the rate adjustment . was just
being factored into billings at the end of the quarter. The fund balance at March 31 is $414,902.
Wastewater Operating Fund revenues are $3,927,101 or 24.4% of estimated levels, while
expenditures are at $2,821,767 or 17.0% of budget due primarily to the timing of transfers to
capital /debt service funds. The fund balance at March 31 is $3,117,111.
Water Operating Fund revenues of $1,125,190 to date equal 16.8% of budget estimates, and
reflect the timing of billing cycles and historically lower water usage in the winter months.
Expenditures are at $1,468,254 or 20.1 %, also a function of the timing of capital /debt service
transfers. The fund balance at March 31 is $1,546,439.
Irrigation Fund revenues are at $713,142 or 27.8% of budget estimates. Expenditures are
$795,262 or 29.8% through the first quarter —ditch charges and insurance contributions are
paid in the first quarter. The fund balance at March 31 is $203,091.
The Equipment Rental Fund shows revenues of $1,276,316 or 22.9% of budget estimates.
0 Expenditures are at $1,181,324 or 22.4 %, a function of the timing of capital purchases. The fund
balance at March 31 is $3,976,545.
Environmental Fund had no revenue activity in the first quarter. Expenditures are $2,733 or
0.6% of budget. The fund balance at March 31 is $574,144. This fund's revenue comes in
primarily at the end of the year, while expenditure timing is related to projects —about one-
third of this budget is undesignated for environmental contingencies.
Public Works Administration revenues are $297,473 or 25.0% of budget through the first
quarter, and expenditures are $310,226 or 28.7% of budget over the same time period. As
mentioned in other discussions, the insurance contribution is paid in the first quarter. The
fund balance at March 31 is $122,916.
Summary:
In total, Other Operating and Enterprise Funds have generated revenues of $11,719,868 or
20.2 %, while expenditures are at $12,043,386 or 20.0% of budget estimates through the first
three months of 2008. These results are similar to the first quarter of the prior year.
•
III
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CAPITAL FUNDS
411
Table V represents the status of our Capital Construction and Capital Reserve Fund balance.
The activity in the Capital Funds is dependent on the scope and timing of capital projects;
therefore, the first quarter percentage comparison to total budget is not expected to reflect the
percentage of the year completed.
Several projects are approaching the construction phase in the Arterial Street Fund. $7,365,987
is budgeted for construction projects during 2008 - -the major ones being the 3rd Avenue grind
and overlay, 16th and Washington Avenue intersection reconstruction, and the W.O. Douglas
bridge and trail pathways. Revenue through March is $161,063 or 2.3% of budget.
Expenditures, which are based on an approved project prospectus, are $17,818 or 0.2% of
budget. The fund balance at March 31 is $1,191,227.
The Central Business District (CBD) Capital Fund provides resources for CBD studies and
capital projects, and the 2008 budget includes the third phase of improvements along Yakima
Avenue being done as part of the Downtown Yakima Futures Initiative. The balance at March
31 is $1,667,111, consisting primarily of bond proceeds from the June 2007 issue. Revenues of
$20,953 represent 2.0% of budget, while expenditures to date are $34,255 or 2.1 %, as Phase II is
nearing completion, and Phase III is in the design stage.
The Capitol Theatre Construction Fund was reactivated to account for major capital projects
proposed for the Theatre. Expenditures of $6,887 or .5% of budget have been made for start -up
costs relating to the expansion project. This budget also includes the carryforward of
improvements to be funded by a federal grant. As there have been no revenues, the first
quarter fund balance is $131,096.
Parks and Recreation Capital Fund revenue to date is $91,396 or 8.6% of budget, while
expenditures are at $11,668 or 0.9 %. The major project included in the 2008 budget is the
development of upper Kiwanis Park. The balance at March 31 is $553,551.
Fire Capital Fund expenditures through the first quarter of 2008 are at $255,702 or 20.2%
consisting primarily of the balance of the replacement pumper truck, and revenues of $78,658
or 6.0% have been received. The balance at March 31 is $379,710. The major project in this
fund's budget is the replacement of a ladder truck.
Law and Justice Capital Fund revenues to date are $167,040 or 20.1% and expenditures are
$95,736 or 11.6% of budget. The fund balance at March 31 is. $590,875.
The Public Works Trust Construction Fund was created to accumulate revenue received and
to track capital projects, including those associated with the State Public Works Trust Loan
Program. Revenue of $216,980 or 21.0% of budget has been received through the first quarter,
and include the first quarter percent Real Estate Excise Tax. Expenditures of $204,907 or 11.7%
of budget were made through the same period. The fund balance at the end of the first quarter
is $2,039,881. Loan payments are due in the second quarter.
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Capital Funds (Continued )
0 The Real Estate Excise Tax— Second quarter percent (REET 2) Capital Construction
fund is used to account for the second quarter percent Real Estate Excise Tax (REET 2).
Through the first quarter, $216,980 or 15.1% of the revenue budget have been received. There
have been no expenditures out of this fund to date, because of the timing of street
improvement projects.. The fund balance at March 31, 2008 is $1,490,132.
The Local Improvement District (LID) Construction Control Fund is used to account for
resources and costs associated with LID projects. Projects are paid for through interest bearing
warrants redeemable at the end of the project either by pay -off's by effected property owners
or proceeds.,of bond sales. Therefore, this fund will carry a negative fund balance until active
projects are completed. The balance as of March 31 is ($46,413).
The Transit Capital Reserve Fund has a current fund balance of $2,003,739. This represents
the reserve that the City Council has directed be set aside to provide funds for capital projects -
and equipment. Expenditures are at $239,389 or 9.9 %, while revenues are 1,777 or 0.2 %. (All
Transit sales tax goes into the operating fund until the grant is drawn down.)
The Stormwater Capital Fund did not have any activity in this start -up phase of the utility.
The revenue budget of $200,000 consists of a transfer from the operating fund, and the
expenditure budget of $175,000 is available for study and design of stormwater capital projects.
0
The Convention Center P
Capital Improvement Fund reflected a balance of $235,890 in the
P
Convention Center Reserve at the end of the first quarter of 2008. Revenues were $31,125 or
34.7% of budget. Expenditures are $11,895 or 11% to date, as the capital projects are in various
stages of completion.
At the end of the first quarter the Cumulative Reserve for Capital Improvement Fund
shows a balance of ($55,459). Expenditures are $223,709 or 2.4% of budget, while there have
been no revenues to date, because of the timing of grant reimbursements. The major project
budgeted in this fund is the Railroad Grade Separation. As this is a large project to be funded
primarily by reimbursable grants, Finance will be researching options to provide adequate
cash flow during the interim times between project payments and the receipt of grant
reimbursements.
The purpose of the Wastewater Facilities Capital Reserve Fund is to provide resources for
contingency modifications at the Wastewater Treatment Plant. Revenues of $152,000 are
estimated for 2008 and will be generated primarily from Sewer Operating Fund contributions,
Sewer Service Agreements with Union Gap and Terrace Heights, and investment income. To
date, $3,525 or 2.3% of budgeted revenues have been received. Planned expenditures of
$720,000 in 2008 are for miscellaneous capital improvements and replacement of the digester
Dystor covers - there have been no expenditures to date. The fund balance at March 31 is
II) $889,272.
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Capital Funds (Continued )
The Sewer Construction Fund provides principally for off -site system improvements such as
new interceptor and trunk line extensions. Revenue is budgeted at $1,441,350 -- actual revenue
is $250,000 or 17.3 %. $2,115,000 is presently budgeted for sewer system planning and
improvement, with the major projects being a sewer trunk line in the Congdon annexation area
and sewer improvements in under- served neighborhoods. Actual expenditures at the end of
the first quarter amounted to $1,185 or 0.1 %. The fund balance at March 31 is $1,180,281.
Expenditures are $155,316' or 7.5% through the first quarter in the Domestic Water
Improvement Fund. The major projects in the 2008 budget of.$2,065,200 are phase 2 of the 2nd
level reservoir pipe improvements and a new well at Gardner Park. Revenues are budgeted to
be $1,708,000 and include a Public Works Trust Fund loan, a transfer from the operating fund
and interest earnings. As of March 31, there was no revenue because of the timing of the
contribution from the operating fund, therefore, the ending balance was $1,358,504.
The Wastewater Facility Project Fund ended first quarter 2008 with a fund balance of
$1,165,996. For 2008, budget expenditures of $7,187,473 are anticipated to continue
construction of capital improvements mandated by NPDES permit requirements. Actual
expenditures through the first quarter of 2008 are $779,351 or 10.8% and revenues to date are
$611,007 or 7.7 %, again the result of timing of operating fund contributions coupled with the
timing of the issuance of $5.5 million of revenue bonds.
The Irrigation System Improvement Fund revenues through the first quarter of 2008 amount
to $270,573 or 29.1 %. $1,023,666 or 29.6% has been expended for system repairs, leaving a fund
balance of $3,758,178, consisting mainly of accumulated capital contributions.
CJE /Finance Page 12
Rev /Exp 1st Qtr 2008 Report.doc -- 06/05/08
RESERVE FUNDS
ID Table VI illustrates the position of the City's Employee Benefit and Pension Reserve Funds.
The Unemployment Compensation Reserve is used to pay unemployment claims filed by
former employees. Through the first quarter, the City had actual expenditures amounting to
$34,037 or 25.3% of the 2008 budget. Revenue, which is primarily from pro- rations to City
operating departments, is $19,864. or 24.2% through the first quarter. The current reserve
balance is $445,624. The City operates a self — insured program.
The Employees Health Benefit Reserve pays for group medical and dental claims for covered
City employees and eligible dependents. Revenues for this fund are primarily generated from
monthly charges for each covered employee which are paid by operating budgets through
assessments, and through payments from active and retired employees and other persons who
are entitled to participate in the City's health benefit plan. Actual revenues through the first
quarter were $2,198,004 or 24.8% while expenditures of $1,854,360 or 19.9% were experienced.
The current fund balance is $3,857,319, before considering the required 15% reserve of
approximately $1.2 million.
The Worker's Compensation Reserve provides for payment by the City of industrial insurance
medical claims and time loss payments for City employees who are injured while performing
their assigned duties. Through the first quarter, expenditures were $408,411 or 29.8% of
0 budget. Revenues, billed on an interfund basis, are at $259,373 or 20.1 %. The March 31, 2008
fund balance is $1,066,667 on a cash basis, without considering the liability of ongoing claims of
about $500,000.
The Wellness /Employee Assistance Program fund expenditures during the first quarter were
$26,588 or 21.0% of budget, leaving a balance of $115,151 at March 31, 2008. Revenues are
recorded at the end of the year as medical insurance savings from vacant positions.
Firemens' Relief and Pension expenditures are at $392,197 or 24.1% of budget through March
31, 2008. Revenue to date, which is largely dependent upon the flow of property tax receipts, is
$93,259 or 5.8 %. The first quarter balance is $346,915.
General Contingency Reserves
Table VI also illustrates the position of the Contingency Reserve Funds of the City.
The General Contingency Fund has a $390,441 balance at March 31, 2008.
The Capitol Theatre Reserve is programmed to transfer $71,927 consisting of interest income
and the cash reserve to the Capitol Theatre Operating Fund to help support the major capital
maintenance program of the theatre. Additionally, this fund is budgeted to extend an interfund
0 loan of $500,000 to the construction fund, to complete the utility relocation portion of the
Theatre's expansion project._ (This loan is proposed to be paid back upon the issuance of a
General Obligation bond in 2009.) The fund balance as of March 31 is $557,172.
CJE /Finance Page 13
Rev /Exp 1st Qtr 2008 Report.doc -- 06/05/08
Reserve Funds (Continued )
The Risk Management Reserve provides for payment of liability insurance and litigation
defense through an internal service fund. The Reserve is funded by allocations from the
various operating funds of the City transferred at the beginning of the year, and interest
earned by the fund. Revenue to date amounts to $2,054,504 or 90.1% of budget. Expenditures,
which encompass payment of the City's annual premiums for liability, property and
miscellaneous coverages; broker fees; and legal services are $681,243 or 28.4% of budget. The
cash balance at March 31 is $2,411,224 without considering the liability for incurred but unpaid
claims of about $1.1 million. This reserve balance will be monitored for adequacy throughout
2008, and may require enhanced contributions from operating funds.
Bond Redemption Funds
Table VII illustrates the financial position of the City's General Obligation and Revenue Bond
Funds. The timing of actual expenditures are a function of the terms of each bond and its
related repayment schedule —most bond principal payments are due in the last quarter of the
year.
•
CJE /Finance Page 14
Rev /Exp 1st Qtr 2008 Report.doc -- 06/05/08
• lik Yakima Table I
Page 1 of 2 General Government Resources 25.0%
3 Year Comparison - March Year to Date of Year
General Fund Resources: 2006 2007 2008
Percent Percent Amended Percent
To -Date Received To -Date Received Budget To -Date Received
Property Tax $593,628 8.3% $532,819 7.8% $7,327,800 $559,496 7.6%
Criminal Justice Sales Tax Inc .3% 349,111 26.1% 357,656 24.9% 1,624,000 413,483 25.5%
Criminal Justice Sales Tax 200,692 25.6% 214,201 25.4% 909,000 224,240 24.7%
Sales Tax 3,073,766 25.1% 3,194,567 24.3% 13,675,000 3,394,798 24.8%
Franchise Tax
Nob Hill Water Assn. - -2.0% 6,321 19.8% 2,496 6.7% 43,000 2,454 5.7%
Natural Gas -- (2.0% 2005) 285,634 86.0% 0 0.0% 0 0 n/a
Total Franchise Tax 291,955 80.2% 2,496 6.7% 43,000 2,454 5.7%
Utility Tax
Pacific Power -- 6.0% 863,115 31.4% 906,584 31.6% 3,012,792 1,076,661 35.7%
Nob Hill Water Assn. - -14.0% 44,409 20.1% 17,664 6.4% 300,000 17,381 5.8%
Natural Gas - -6.0% (4% 2005) 703,997 81.9% 762,783 50.9% 1,545,000 620,449 40.2%
Yakima Waste Systems - -10.0% 86,222 24.5% 81,352 23.0% 348,000 78,420 22.5%
Cellular Telephone -- 6.0% 285,224 27.8% 238,107 20.9% 1,174,000 341,367 29.1%
Telephone -- 6.0% 304,040 23.2% 314,337 26.1% 1,240,000 322,200 26.0%
Water -- 14.0% 153,174 18.5% 155,320 18.7% 906,000 147,265 16.3%
Sewer -- 14.0% 444,757 25.7% 432,224 23.9% 1,939,000 460,211 23.7%
Refuse -- 9.0% 77,958 24.1% 82,074 24.1% 371,000 84,819 22.9%
Total Utility Tax 2,962,896 31.5% 2,990,445 29.0% 10,835,792 3,148,773 29.1%
Business License Tax 458,797 91.8% 468,169 93.6% 500,000 474,200 94.8%
Gambling Tax 254,860 23.8% 238,356 24.2% 951,000 226,150 23.8%
Dangerous Bldg Tax Assessment 4,384 n/a 0 n/a 10,000 2,724 27.2%
Leasehold Excise Tax 49 24.5% 1,221 610.5% 200 1,161 580.5%
Total Taxes 8,190,138 26.0% 7,999,930 23.4% 35,875,792 8,447,479 23.5%
Police Federal Grants 0 0.0% 29,181 17.2% 265,000 0 0.0%
Fire Federal Grants 0 0.0% 11,186 13.7% 70,000 0 0.0%
Criminal Justice Funds 59,983 15.5% 151,960 38.7% 424,150 152,380 35.9%
Liquor Excise Tax 81,585 25.5% 89,590 26.2% 393,000 96,285 24.5%
Liquor Profits 132,020 21.6% 127,184 21.1% 605,000 143,535 23.7%
School Dist. #7 Resource Officers 85,638 24.9% 85,638 24.9% 352,800 88,207 25.0%
Other Intergovermental 82,628 30.7% 38,381 14.6% 372,268 113,415 30.5%
Total Intergovernmental 441,854 19.6% 533,120 24.3% 2,482,218 593,822 23.9%
cie /wla 6/4/2008 3:21 PM Cony of Revenues Gen Gov -2008
City of Yakima Table I
Page 2 of 2 General Government Resources 25.0%
3 Year Comparison - March Year to Date of Year
General Fund Resources (Contd.) 2006 2007 2008
Percent Percent Amended Percent
To -Date Received To -Date Received Budget To -Date Received
Licenses and Permits $185,795 31.4% $223,181 28.3% $871,500 $224,269 25.7%
Charges for Service 980,926 23.9% 1,018,434 23.7% 4,511,293 1,188,945 26.4%
Fines and Forfeitures 335,277 25.5% 361,473 27.9% 1,378,700 428,651 31.1%
Misc. Revenue 191,822 30.3% 187,303 23.9% 942,700 217,066 23.0%
Non - Revenue 94 0.1% 5,302 530.2% 1,000 365 36.5%
Transfers From Other Funds 75,000 68.2% 40,000 100.0% 40,000 0 0.0%
Capital Lease Financing 0 0 0 0
Total General Fund Revenue $10,400,906 25.6% $10,368,743 23.8% $46,103,203 $11,100,597 24.1%
Beginning Balance 4,762,269 100.0% 5,439,858 100.0% 5,302,179 6,250,708 117.9%
Total General Fund Resources $15,163,175 33.4% $15,808,601 32.3% $51,405,382 $17,351,305 33.8%
Parks & Recreation Fund Resources:
Property Tax 107,186 5.8% 107,071 5.5% 1,800,000 101,536 5.6%
Intergovernmental 9,902 11.6% 42,333 23.4% 174,700 22,374 12.8%
Charges for Services 161,793 20.3% 191,590 25.0% 799,465 182,290 22.8%
Misc. Revenue/Non- Revenue 41,861 20.6% 28,360 11.1% 248,270 30,685 12.4%
Transfers From Other Funds 221,080 23.1% 211,693 21.5% 1,045,000 216,646 20.7%
Total Parks/Rec. Fund Revenue $541,822 13.9% $581,047 14.1% $4,067,435 $553,531 13.6%
Beginning Balance 479,487 100.0% 431,032 ' 100.0% 575,059 549,439 95.5%
Total Parks/Rec. Fund Resources $1,021,309 23.4% $1,012,079 22.2% $4,642,494 $1,102,970 23.8%
Street/Traffic Fund Resources:
Property Tax 192,863 5.8% 216,584 5.5% 4,220,202 238,056 5.6%
County Road Tax 0 0.0% 0 0.0% 0 0 0.0%
Fuel Tax - Street 302,431 24.4% 326,509 23.2% 1,430,000 312,412 21.8%
Other Intergovernmental 0 0.0% 0 0.0% 8,760 0 0.0%
Charges for Services 13,647 80.3% 10,065 59.2% 7,000 4,307 61.5%
Misc. Revenue/Non- Revenue 2,546 25.3% 24,872 41.4% 60,050 9,921 16.5%
Total Street/Traffic Fund Revenue $511,487 10.0% $578,030 10.3% $5,726,012 $564,696 9.9%
Beginning Balance 1,133,674 100.0% 1,064,222 100.0% 1,059,014 1,386,069 130.9%
Total Street/Traffic Fund Resources $1,645,161 26.4% $1,642,252 24.6% $6,785,026 $1,950,765 28.8%
Total General Government Resources $17,829,645 31.8% $18,462,932 30.7% $62,832,902 $20,405,040 32.5%
® 0
III
cie /wla 6/4/2008 3:21 PM Conv of Revenues Gen Gov -2008
Cef Yakima Table II
i
General Government Summary of Operations 25.0%
3 Year Comparison - March Year to Date Of Year
2006 2007 2008
Percent Percent Percent
Received Received Amended Received
To -Date Expended To -Date Expended Budget To -Date Expended
General Fund
Beginning Balance $4,762,269 $5,439,858 $5,302,179 $6,250,708
Revenues $10,400,906 25.6% $10,368,743 23.8% $46,103,203 $11,100,597 24.1%
Expenditures $10,553,050 29.6% $9,897,647 21.8% $48,057,459 $11,392,836 23.7%
Ending Balance $4,610,125 $5,910,954 $3,347,923 $5,958,469
Parks and Recreation Fund
Beginning Balance $479,487 • $431,032 $575,059 $549,439
Revenues $541,822 13.9% $581,047 14.1% $4,067,435 $553,531 13.6%
Expenditures $929,821 26.5% $842,181 20.1% $4,284,706 $854,525 19.9%
Ending Balance $91,488 $169,898 $357,788 $248,445
Street/Traffic Fund
Beginning Balance $1,133,674 $1,064,222 $1,059,014 • $1,386,069
Revenues $511,487 10.0% $578,030 10.3% $5,726,012 $564,696 9.9%
Expenditures $1,349,558 28.0% $1,408,866 23.8% $6,171,683 $1,299,766 21.1%
Ending Balance $295,603 $233,386 $613,343 $650,999
Total General Government
Beginning Balance $6,375,430 $6,935,112 $6,936,252 $8,186,216
Revenues $11,454,215 23.1% $11,527,820 21.6% $55,896,650 $12,218,824 21.9%
Expenditures $12,832,429 29.2% $12;148,694 21.9% $58,513,848 $13,547,127 23.2%
Net General Government Balance $4,997,216 $6,314,238 $4,319,054 $6,857,913
rie /wla 6/400f1R 1.21 PM Cony of Revenues Gen Gov - 2008
Table III
City of Yakima
0
General Government Expenditures
2008 Budget vs. Actual
2008 2008
Amended Expenditures Unexpended Percent
Budget To 3/31/08 Balance Spent
Police $ 21,194,224 $ 5,013,612 $ 16,180,612 23.7%
Fire 8,426,307 2,027,054 6,399,253 24.1%
Information Systems 2,734,751 700,444 2,034,307 25.6%
Transfers To Other Funds 2,192,535 505,095 1,687,440 23.0%
Code Administration \ 1,641,453 390,341 1,251,112 23.8%
Police Pension 1,412,950 363,480 1,049,470 25.7%
Legal 1,354,666 322,703 1,031,963 23.8%
Financial Services 1,453,768 329,590 1,124,178 22.7%
Municipal Court 1,289,964 281,275 1,008,689 21.8%
Engineering 1,154,464 232,331 922,133 20.1%
Utility Services 1,089,336 244,940 844,396 22.5%
Planning 737,706 175,206 562,500 23.8%
Human Resources 465,627 104,331 361,296 22.4%
City Manager 488,608 116,477 372,131 23.8%
411
Records 490,224 62,424 427,800 12.7%
City Hall Maintenance 418,299 159,101 259,198 38.0%
Indigent Defense 385,000 90,000 295,000 23.4%
Purchasing 271,231 57,218 214,013 21.1%
Intergovernmental 288,685 105,822 182,863 36.7%
City Council 204,961 95,655 109,306 46.7%
SunDome 150,000 4,977 145,023 3.3%
State Examiner 103,000 2,515 100,485 2.4%
Urban Area Hearings Exam. 71,000 1,918 69,082 2.7%
Probation Services 25,000 5,426 19,574 21.7%
District Court 13,700 901 12,799 6.6%
Total General Fund $ 48,057,459 $ 11,392,836 36,664,623 23.7%
Parks & Recreation Fund 4,284,706 854,525 3,430,181 19.9%
Street & Traffic Ops. 6,171,683 1,299,766 4,871,917 21.1%
Total General Government $ 58,513,848 $ 13,547,127 44,966,721 23.2%
•
cje 6/4/2008
ill _ •V
City of Yakima
Other Operating/Enterprise Funds
2008 Budget vs. Actual
Actual Revenue Appropriations
Beginning % % Ending
Other Operating/ Balance Amended Actual Re- Amended Actual Ex- Balance
Enterprise Funds " 1/1/2008 Budget Revenue ceived Budget Expenditures pended 3/31/2008
Economic Development $ 222,675 $ 114,168 $ 23,429 20.5% $ 156,556 $ 24,981 16.0% $ 221,123
Community Development 396,431 4,653,480 210,233 4.5% 4,829,359 339,289 7.0% 267,375
Community Relations 839,972 466,100 79,579 17.1% 547,054 115,699 21.1% 803,852
Community Services 542 584,485 51,685 8.8% 590,107 53,246 9.0% (1,019)
Growth Management 24,372 25,466 0 0.0% 49,745 0 0.0% 24,372
Cemetery 37,115 277,550 62,914 22.7% 257,599 65,006 25.2% 35,023
Emergency Services 219,226 1,050,213 76,082 7.2% 1,104,501 251,887 22.8% 43,421
Public Safety Communications 432,532 2;490,581 569,778 22.9% 2,691,381 721,465 26.8% 280,845
P.B.I.A. (Parking & Business Imp.) 34,870 66,600 20,047 30.1% 96,343 20,831 21.6% 34,086
Trolley 1,146 469,653 206,861 44.0% 468,619 207,597 44.3% 410
Front Street Business Imp. Area 6,180 2,735 984 36.0% 3,000 0 0.0% 7,164
Convention Center
(Tourist Promotion) 162,084 1,386,724 312,240 22.5% 1,410,662 336,049 23.8% 138,275
Public Facilities District 135,706 1,101,000 186,192 16.9% 1,114,424 175,105 15.7% 146,793
Tourism Promotion Area 414 370,000 65,782 17.8% 370,000 44,260 12.0% 21,936
Capitol Theatre 153,965 304,567 73,251 24.1% 304,737 72,787 23.9% 154,429
Stormwater Operating Fund 0 1,056,000 94,725 9.0% 1,045,506 144,052 13.8% (49,327)
Transit 664,081 7,150,005 1,412,212 19.8% 7,112,376 1,911,564 26.9% 164,729
Refuse 460,262 4,209,470 934,642 22.2% 4,425,990 980,002 22.1% 414,902
Wastewater Operating 2,011,777 16,124,580 3,927,101 24.4% 16,609,719 2,821,767 17.0% 3,117,111
Water Operating 1,889,503 6,710,437 1,125,190 16.8% 7,294,587 1,468,254 20.1% 1,546,439
Irrigation 285,201 2,562,950 713,152 27.8% 2,666,215 795,262 29.8% 203,091
Equipment Rental 3,881,553 5,564,401 1,276,316 22.9% 5,267,173 1,181,324 22.4% 3,976,545
Environmental 576,877 135,000 0 0.0% 454,750 2,733 0.6% 574,144
Public Works Admin. 135,669 1,189,940 297,473 25.0% 1,205,464 310,226 25.7% 122,916
Total Other Operating Funds $ 12,572,153 $ 58,066,105 $ 11,719,868 20.2% $ .60,075,867 $ 12,043,386 20.0% $ 12,248,635
cje 6/4/2008
Table V
City of Yakima
Capital Improvement Funds
2008 Budget vs. Actual
Actual Revenue Appropriations
Beginning % % Ending
Balance Amended Actual Re- ' Amended Actual Ex- Balance
Capital Improvement Funds 1/1/2008 Budget Revenue ceived Budget Expenditures pended 3/31/2008
Arterial Street $ 1,047,982 $ 7,136,981 $ 161,063 2.3% $ 7,365,987 $ 17,818 0.2% $ 1,191,227
Central Business District Capital 1,680,413 1,030,800 20,953 2.0% 1,657,227 34,255 2.1% 1,667,111
Capitol Theatre Construction 137,983 1,308,353 0 0.0% 1,281,103 6,887 0.5% 131,096
Parks and Recreation Capital 473,823 1,065,000 91,396 8.6% 1,330,000 11,668 0.9% 553,551
Fire Capital 556,754 1,309,588 78,658 6.0% 1,265,272 255,702 20.2% 379,710'
Law and Justice Capital 519,571 833,000 167,040 20.1% 828,300 95,736 11.6% 590,875
Public Works Trust Construction 2,027,808 1,035,000 216,980 21.0% 1,752,702 204,907 117% 2,039,881
REET 2 Capital 1,273,152 1,440,000 216,980 15.1% 2,016,215 0 0.0% 1,490,132
LID Construction Control (37,413) 385,000 0 0.0% 385,000 9,000 2.3% (46,413)
Transit Capital Reserve 2,241,351 1,146,000 1,777 0.2% . 2,407,652. 239,389 9.9% 2,003,739
Stormwater Capital Fund 0 200,000 0 0.0% 175,000 0 0.0% 0
Convention Center
Capital Improvement 216,660 89,700 31,125 34.7% 107,682 11,895 11.0% 235,890
Reserve for Capital Improvement 168,250 9,380,100 0 0.0% 9,375,000 223,709 2.4% (55,459)
Wastewater Facilities
Capital Reserve 885,747 152,000 3,525 2.3% 720,000 0 0.0% 889,272
Sewer Construction 931,466 1,441,350 250,000 17.3% 2,115,000 1,185 0.1% 1,180,281
Domestic Water Improvement 1,513,820 1,708,000 0 0.0% 2,065,200 155,316 7.5% 1,358,504
Wastewater Facility Project 1,334,340 7,972,467 611,007 7.7% 7,187,473 779,351 10.8% 1,165,996
Irrigation System Improvement 4,511,271 931,000 270,573 29.1% 3,463,400 1,023,666 29.6% 3,758,178
Total Capital Improvement Funds $ 19,482,978 $ 38,564,339 $ 2,121,077 5.5% $ 45,498,213 $ 3,070,484 6.7% $ 18,533,571
cje 6/4/
011110 •
0 ADVI 41)
City of Yakima
Reserves and Other Funds
2008 Budget vs. Actual
Actual Revenue Appropriations
Beginning % % Ending
Employee Benefit Balance Amended Actual Re- Amended Actual Ex- Balance
Reserves 1/1/2008 Budget Revenue ceived Budget . Expenditures vended 3/31/2008
Unemployment Compensation
Reserve $ 459,797 $ 82,000 $ 19,864 24.2% $ 134,739 $ 34,037 25.3% $ 445,624
Employees Health Benefit
Reserve 3,513,675 8,856,940 2,198,004 24.8% 9,310,906 1,854,360 19.9% 3,857,319 (1)
Worker's Compensation Reserve - 1,215,705 1,290,300 259,373 20.1% 1,369,838 408,411 29.8% 1,066,667 (1)
Wellness/EAP 141,739 115,000 0 0.0% 126,382 26,588 21.0% 115,151
Firemens' Relief and Pension 645,853 1,617,230 93,259 5.8% 1,630,203 392,197 24.1% 346,915
Total Employee Benefit
Reserve Funds $ 5,976,769 $ 11,961,470 $ 2,570,500 21.5% $ 12,572,068 $ 2,715,593 21.6% $ 5,831,676
Operating Reserves
Contingency $ 359,070 $ 75,000 $ 37,500 50.0% $ 300,000 $ 6,129 2.0% $ 390,441
Capitol Theatre Reserve 575,070 30,000 84 0.3% 571,927 17,982 3.1% 557,172
Risk Management Reserve 1,037,963 2,281,057 2,054,504 90.1% 2,396,668 681,243 28.4% 2,411,224 (1)
Total Operating Reserve Funds $ 1,972,103 $ 2,386,057 $ 2,092,088 87.7% $ 3,268,595 $ 705,354 21.6% $ 3,358,837.
Other Funds
Cemetery Trust $ 555,681 $ 26,000 $ 2,553 9.8% $ 20,000 $ - 0.0% $ 558,234
Pass Through Grants $ - $ - $ - $ - $ - $ -
(1) These fund balances exclude an accrual for incurred but not reported claims.
cje 6/4/2008
Table VII
City of Yakima
Bond Redemption Funds
2008 Budget vs. Actual
Actual Revenue Appropriations
Beginning % % Ending
General Obligation Bond Balance Amended Actual Re- Amended Actual Ex- Balance
Redemption 1/1/2008 Budget . Revenue ceived Budget Expenditures vended 3/31/2008
L.I.D. Guaranty $ 79,682 $ 300 $ 39 $ - $ = $ 79,721
1994 G.O. Ltd. - Police & Streets 267,586 514,100 100,500 19.5% 517,938 0 0.0% 368,086
1995 G.O. Street, Parks & Fire 194,363 295,000 19,588 6.6% 293,788 0 0.0% 213,951
1997 G.O. Line of Credit 918 23,500 24,366 103.7% 23,500 25,284 107.6% 0
1996 G.O. LTD - Convention Center 59,062 431,000 73,726 17.1% 428,645 0 0.0% 132,788
1998 G.O. Street Bond 90,977 ` 87,961 87,961 100.0% 178,938 0 0.0% 178,938
2002 G.O. Convention Center 150,482 460,000 115,000 25.0% 459,075 0 0.0% 265,482
2005 G.O. Parks and Recreation Bond 4,661 650,100 0 0.0% 650,101 0 0.0% 4,661
L.I.D. Debt Service Control 20,477 191,000 11,408 6.0% 187,000 0 0.0% 31,885
Total General Obligation Bond
Redemption Funds $ 868,208 $ 2;652,961 $ 432,588 16.3% $ 2,738,985 $ 25,284 0.9% $ 1,275,512
Water /Sewer Revenue Bond Redemption
1997 Water Revenue Bond Reserve $ 269,207 $ 400 $ - 0.0% $ - $ - $ 269,207
1978 Revenue Bond Reserve 346,527 700 0 0.0% 345,827 0 346,527
Water /Sewer Revenue Bonds 109,529 547,595 0 0.0% 547,195 0 0.0% 109,529
Apple Tree Sewer Revenue Bond 0 250,000 21,383 8.6% 250,000 21,383 8.6% 0
1997 Water Revenue Bonds 4,466 243,085 90,128 37.1% 243,060 90,128 37.1% 4,466
1978 Water /Sewer Revenue Bond 165,636 472,564 0 0.0% 638,200 0 0.0% 165,636
2003 Wastewater Bond Redemption 1 1,346,635 0 0.0% 1,346,635 0 0.0% 1
2003 Irrigation Bond Redemption 35,435 318,203 79,551 25.0% 318,203 106,601 33.5% 8,385
Water /Sewer Revenue Bond Reserve 962,700 2,500 0 0.0% 0 0 962,700
2003 Sewer Revenue Bond Reserve 828,650 0 - 0 0 0 828,650
Total Water /Sewer Revenue ,
Bond Redemption Funds $ 2,722,151 $ 3,181,682 $ 191,062 6.0% $ 3,689,120 $ 218,112 5.9% $ 2,695,101
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