October 2017 Monthly Financial Report

Transcription

1 GENERAL FUND OVERVIEW BTD Projection BTD Actuals BTD BTD % $ 450,269,075 $ 173,891,518 $ 181,528,672 $ 7,637, % Expenditures $ 472,660,334 $ 180,624,776 $ 174,595,293 $ 6,029, % Revenue Over Expenditure (Fund Balance) $ (22,391,259) $ (6,733,258) $ 6,933,379 $ 13,666,637 SUMMARY Through the first ten months of the Biennium, revenues and expenditures were favorable, resulting in an overall $13.7 million positive position. As a reminder, as part of the mid-biennium adjustment the Council is reallocating savings and recognizing additional revenues. As a result, some of the savings shown in this report will be redistributed and replanned in the report. REVENUE OVERVIEW Through 2017, General Fund revenues were favorable by approximately $7.6 million. Utility Taxes (+$1.7M), Business Taxes (+$2.5M), Sales Taxes (+$1.1M), Intergovernmental (+$387k), Licenses & Permits (+$1.0M), and Miscellaneous (+23k) explain the majority of the positive variance. The favorable variance in Utility Taxes is due to greater than anticipated use of scale-house and commercial solid waste, bulk power sales, and positive trends in water. The positive Business Taxes variance is due to greater than anticipated revenues in telephone tax, cable television tax, natural gas tax, and service tax. Additionally, revenue from audits continue to offset negative trends in retailing and wholesale taxes. Intergovernmental Services' favorable variance is due to greater than anticipated revenues in fire protection services and in liquor excise tax. The favorable variance for Licenses & Permits is due to the timing of billing for annual business licenses and greater than anticipated alarm monitor permits. Also, business license penalties are positive due to increases in the cost of an annual business license. The positive Miscellaneous variance is due to greater than anticipated interest earnings. EXPENDITURE OVERVIEW Through 2017, General Fund expenditures were favorable by approximately $6.0 million. Most departments are experiencing favorable variances as a result of vacancies or expenditures that have been deferred. The three departments with the largest favorable variances are Police (+$2.8M), Neighborhood & Community Services (+$1.3M), and Non-Departmental (+$1.5M). The Police Department has a favorable variance due to personnel and fuel savings. Neighborhood & Community Services has a favorable variance due to vacancy savings, contractual savings, and delayed spending on human services and site reclamation contracts. Non-Departmental has a favorable variance due to a combination of delayed billing and underexpensed jail services, lower than projected fire and police pension expenses, and Metro Parks payment delays due to contract delays. However, this positive variance is partially offset by unbudgeted spending on homelessness services. It is important to note that the current jail contract and fire pension savings could unpredictably be expended due to the high amount of uncertainty and risk associated with these contracts. Finally, the Fire Department has a negative variance (-$1.2M) due to hiring recruit classes ahead of schedule, leave severance and Paid Time Off payouts, and expenses that will be reimbursed for special hurricane related deployments. Prepared By The Office of Management and Budget Through 31, 2017 GENFUND Overview All financial data is from the City's financial management system. This is an unaudited financial report. 1

2 GENERAL FUND REVENUE OVERVIEW Oct 2017 BTD Plan Oct 2017 BTD Act Revenue Category BTD Projection BTD Actuals BTD BTD % Property Tax $ 115,955,284 $ 32,815,379 $ 32,900,203 $ 84, % 1 Sales Tax 105,809,825 42,903,986 44,016,004 1,112, % 2 Business Tax 94,632,523 40,969,838 43,489,497 2,519, % 3 Utility Tax 86,297,859 35,953,897 37,670,755 1,716, % 4 Intergovernmental 19,618,179 8,838,948 9,225, , % 5 Licenses & Permits 12,640,800 6,019,822 7,036,913 1,017, % Charges for Services 6,281,758 2,556,680 2,651,941 95, % 6 Other Taxes 3,727,884 1,433,005 1,561, , % Fines & Forfeits 1,393, , ,334 53, % 7 Miscellaneous 3,911,661 1,797,782 2,320, , % Total $ 450,269,075 $ 173,891,518 $ 181,528,672 $ 7,637, % Use of Fund Balance (Negative value denotes addition to cash) $ 22,391,259 $ 6,733,258 Total $ 472,660,334 $ 180,624,776 Analysis for revenue variances are provided for all line items in which the actual amount differs from the planned amount by at least 10.0% or $100,000. VARIANCE NOTES Sales Tax - Slightly favorable variance is due to greater than anticipated revenue from Sales and Use Tax due to construction (+$902k) and Natural Gas and Use Tax (+$149k). Business Tax - variance is primarily due to greater than anticipated revenues in telephone tax (+$644k), cable television Tax (+$380k), natural gas tax (+$404k), retailing (+$312k), and service tax (+$800k). Utility Tax - variance due to greater than anticipated use of Scale-House and Commercial Solid Waste (+$201k) and in Power with bulk sales and greater than anticipated residential power use (+$1.0M). Positive trends in Water (+$282k). Intergovernmental - variance is due to greater than anticipated revenues in Fire Protection Services (+$78k) and in Liquor Excise Tax (+$364k). Licenses & Permits - variance is due to the timing of billing for annual business licenses (+$326k) and greater than anticipated use of alarm monitors (+$139k). Also, Business license penalties (+$128k) and business license audits (+$228k) are positive due to increases in the cost of an annual business license. Other Taxes - variance is due to greater than anticipated interest earnings (+$478k) and BABs Federal Subsidy (+$30k). Miscellaneous - variance is due to greater than anticipated interest earnings (+$429k), and an early payment for Build America Bonds federal subsidy (+$30k). Prepared By The Office of Management and Budget Through 31, 2017 GENFUND Rev All financial data is from the City's financial management system. This is an unaudited financial report. 2

3 GENERAL FUND REVENUES ALL REVENUE SOURCES $40 $35 $30 $25 $20 $15 $10 Monthly Actual 21,377,921 Monthly Actual $ $ 21,879,942 $ 502,021 17,195,901 16,931,475 (264,426) 11,664,584 12,029, ,762 16,183,665 17,740,075 1,556,410 34,570,569 35,295, ,359 18,067,746 18,256, ,517 14,030,776 16,274,328 2,243,552 14,371,904 14,502, ,364 10,997,082 11,160, ,103 15,431,370 17,458,863 2,027,493 32,815,096 #N/A #N/A 17,040,470 #N/A #N/A 2017 Total $ 223,747,084 $ 181,528,672 $ 7,637,154 PROPERTY TAX $25 $20 $15 $10 Monthly Actual 258,749 Monthly Actual $ $ 267,800 $ 9, , ,718 (13,858) 726, ,707 9,657 2,769,659 2,543,884 (225,775) 20,315,482 19,720,862 (594,620) 6,450,811 7,407, , , ,748 24, , ,496 45, , ,570 33,841 1,358,499 1,197,641 (160,858) 19,302,269 #N/A #N/A 5,238,362 #N/A #N/A 2017 Total $ 57,356,009 $ 32,900,203 $ 84,825 SALES TAX $6 $4 $3 $2 $1 Monthly Actual 4,198,158 Monthly Actual $ $ 4,261,212 $ 63,054 5,274,543 5,352,847 78,304 4,056,448 3,915,090 (141,358) 3,796,671 3,786,240 (10,432) 4,302,897 4,462, ,920 4,014,451 4,033,875 19,424 4,192,876 4,236,073 43,198 4,445,503 4,819, ,804 4,378,113 4,626, ,350 4,244,325 4,522, ,754 4,393,090 #N/A #N/A 5,293,092 #N/A #N/A 2017 Total $ 52,590,169 $ 44,016,004 $ 1,112,018 GENFUND Rev Charts All financial data is from the City's financial management system. This is an unaudited financial report. 3

4 GENERAL FUND REVENUES BUSINESS TAX $7 $6 $4 $3 $2 $1 Actual Monthly 5,973,035 Actual Monthly $ $ 6,273,039 $ 300,005 6,473,101 6,104,978 (368,122) 1,524,717 1,374,247 (150,470) 4,403,573 5,514,855 1,111,282 5,390,994 5,435,209 44,215 1,428, ,361 (713,235) 4,670,565 6,506,846 1,836,281 5,041,987 4,437,820 (604,166) 1,357, ,146 (599,160) 4,705,966 6,368,996 1,663,030 5,069,789 #N/A #N/A 1,257,386 #N/A #N/A 2017 Total $ 47,297,013 $ 43,489,497 $ 2,519,660 UTILITY/GROSS EARNINGS TAX $4 $3 $2 $1 Actual Monthly 4,037,638 Actual Monthly $ $ 3,841,725 $ (195,913) 3,896,752 4,095, ,126 3,816,267 3,785,390 (30,878) 3,722,971 4,146, ,547 3,406,161 3,466,548 60,387 3,327,753 3,943, ,270 3,306,656 3,573, ,684 3,339,723 3,563, ,747 3,589,006 3,784, ,489 3,510,970 3,470,369 (40,601) 2,967,429 #N/A #N/A 3,337,459 #N/A #N/A 2017 Total $ 42,258,785 $ 37,670,755 $ 1,716,859 OTHER REVENUES (Intergovernmental, Licenses & Permits, Charges for Service, Fines & Forfeits, and Miscellaneous ) $8 $7 $6 $4 $3 $2 $1 Actual Monthly 6,910,342 Actual Monthly $ $ 7,236,166 $ 325,825 1,399,929 1,240,053 (159,877) 1,541,103 2,218, ,810 1,490,791 1,748, ,787 1,155,034 2,210,491 1,055,456 2,846,135 2,156,227 (689,908) 1,542,860 1,615,321 72,461 1,334,686 1,426,174 91,488 1,415,928 1,700, ,583 1,611,610 1,899, ,168 1,082,519 #N/A #N/A 1,914,170 #N/A #N/A 2017 Total $ 24,245,108 $ 23,452,212 $ 2,203,793 Prepared By The Office of Management and Budget Through 31, 2017 GENFUND Rev Charts All financial data is from the City's financial management system. This is an unaudited financial report. 4

5 GENERAL FUND EXPENDITURE OVERVIEW Oct 2017 BTD Plan Oct 2017 BTD Act Department BTD BTD % BTD Projection BTD Actuals City Attorney's Office $ 5,164,991 $ 2,132,105 $ 2,071,158 $ 60, % City Manager's Office 1,030, , ,873 51, % 1 Community & Economic Development 9,158,103 3,803,863 3,546, , % 2 Finance 6,963,166 2,810,575 2,947,843 (137,268) -4.9% 3 Fire 115,986,892 46,964,523 48,170,619 (1,206,095) -2.6% 4 Library 26,288,953 10,807,276 9,998, , % 5 Municipal Court 8,235,902 3,416,907 3,211, , % 6 Neighborhood & Community Services 23,827,628 9,104,537 7,847,079 1,257, % 7 Planning & Development Services 3,772,764 1,522,586 1,179, , % 8 Police 158,143,451 65,464,392 62,651,345 2,813, % 9 Public Works 4,886,051 2,013,846 1,913, , % 10 Non-Departmental 109,201,673 32,176,961 30,702,238 1,474, % Total Expenditures $ 472,660,334 $ 180,624,776 $ 174,595,293 $ 6,029, % Analysis for expenditure variances are provided for all departments in which the actual amount differs from the planned amount by at least $100, VARIANCE NOTES Community & Economic Development - variance is due to personnel savings (+$41k), Innovative Grant project and Economic Development contract delays (+$165k), and arts contract delays (+$114k) but is offset by overages in travel (-$24k) and advertising costs (-$19k). Finance - Unfavorable variance is due to overtime to process an increased number of business license renewals (-$66k) and increased Lock Box Fees and Credit Card Discount Fees (-4k). Fire - Unfavorable variance is due to hiring paramedic class (-$220k), leave severance and PTO payouts (-$320k), expenses that will be reimbursed for special hurricane related deployments (-$297k), and the activation of Enginge 5 (-$229k). Library - variance is due to vacancy savings (+$350k), delayed spending on operating and computer supplies (+$95k), licensing and maintance fees (+$131k), and library materials (+$76k). Municipal Court - variance is due to vacancy savings (+$144k) and rent savings (+$30k). Neighborhood & Community Services - variance is due to labor savings and vacancies (+$175k), delayed contract spending (+$776k), and a delayed transfer to support Summer Jobs 253 that will occur in the fourth quarter (+$167k). Planning & Development Services - variance is due to professional services and other external contract savings (+$337k), but partially offset by overages in personnel (-$11k). Police - variance is due to personnel and vacancy savings and delayed union contract settlement (+$2.2M). This personnel savings variance will likely be reduced once a union contract settlement is reached. Fuel savings also accounts for a portion (+$381k) of the Police Department expenditure variance. Public Works - variance is due to delayed purchases for anti-graffiti efforts (+$25k), labor savings due to vacancies (+0k), and delayed insurance payments (+$20k). Non-Departmental - variance is due to a combination of delayed billing (+$246k) and under-expensed jail services (+$851k), lower than projected fire (+$1.2M) and police (+$250k) pension expenses, and Metro Parks payment delays due to contract delays (+$272k). This positive variance is partially offset by unbudgeted spending on homelessness services (-$1.3M). Prepared By The Office of Management and Budget Through 31, 2017 GENFUND Exp All financial data is from the City's financial management system. This is an unaudited financial report. 5

6 OTHER FUNDS OVERVIEW (REVENUE AND EXPENSE) Oct 2017 BTD Plan Oct 2017 BTD Act Fund BTD Projection BTD Actuals BTD BTD % SPECIAL REVENUE FUNDS 1 PW Street Operations & Engineering 45,726,466 19,000,617 19,012,659 12, % Expenditures 46,003,639 19,249,872 16,922,736 2,327, % Traffic Enforcement, Engineering & Education 6,797,464 2,847,179 2,935,175 87, % Expenditures 6,797,464 2,792,905 2,757,403 35, % ENTERPRISE FUNDS 2 Permit Services 18,822,786 7,596,841 9,748,889 2,152, % Expenditures 18,927,554 7,778,729 7,425, , % 3 TVE Convention Center 22,304,641 6,021,581 6,367, , % Expenditures 22,304,641 5,571,932 5,493,738 78, % 4 TVE Cheney Stadium 3,249,169 1,059, ,274 (101,490) -9.6% Expenditures 2,949, , ,252 (192,012) -30.5% 5 TVE Tacoma Dome 17,112,550 6,953,575 8,551,934 1,598, % Expenditures 18,005,550 7,443,688 7,447,711 (4,022) -0.1% Note: In instances where revenues for the biennium do not match expenditures, cash balance is being utilized. General Fund Supported Funds shaded grey. Prepared By The Office of Management and Budget Through 31, 2017 Other Funds All financial data is from the City's financial management system. This is an unaudited financial report. 6

7 OTHER FUNDS OVERVIEW (REVENUE AND EXPENSE) VARIANCE NOTES PW Street Operations & Engineering - Expenditures: due to delayed spending for bridge contracts and maintenance and roadway striping (+$603k), delayed review work for Sound Transit for Link extension (+$247k), greater than planned charges to capital projects (+36k), and delayed street operations spending as work focuses on streets initiative funded work (+$867k). Permit Services - : due to issuing more permits over 00K than planned (+$1.8M). Expenditures: due to personnel savings (+$211k) and delayed contracts (+$146k). TVE Convention Center - : due to incorrectly posted rent (+$206k), hotel/motel and admissions taxes (+$83k), and investment earnings (+$24k). 4 5 TVE Cheney Stadium - : Unfavorable due to timing of tax revenues transfers (-$100k). Expenditures: Unfavorable due to unexpected HVAC and centerfield batter's eye wall repairs (-$167k) and timing of tax payments (-$28k). TVE Tacoma Dome - : due to an increased quantity and different mix of shows resulting in increased revenue in ticketing, parking, concessions, and facility fees (+$2.5M) and investment revenues (+0k), but offset by delayed capital project contributions (-$718k) and sponsorships (-$212k). Expenses: Unfavorable variance is due to the increased need for staffing, EMS services, rentals, etc., due to the increased quantity of shows at the Tacoma Dome (- $920k), but offset by slower than anticipated capital spending (+$916k). Prepared By The Office of Management and Budget Through 31, 2017 Other Funds Notes All financial data is from the City's financial management system. This is an unaudited financial report. 7

8 GENERAL GOVERNMENT INTERNAL SERVICE FUND OVERVIEW Oct 2017 BTD Plan Oct 2017 BTD ACT Oct 2017 BTD Var Department BTD BTD % BTD Projection BTD Actuals 1 City Attorney's Office $ 11,717,039 $ 4,926,727 $ 4,339,169 $ 587, % City Council 2,664,244 1,157,331 1,111,796 45, % 2 City Manager's Office 7,885,095 3,260,073 3,056, , % Environmental Services 1,225, , ,761 (115) 0.0% 3 Finance 19,811,573 8,129,295 7,190, , % 4 Hearing Examiner 884, , ,520 (4,037) -1.1% 5 Human Resources 10,972,709 4,735,813 4,280, , % 6 Information Technology 54,374,435 21,388,743 19,723,411 1,665, % 7 Office of Management & Budget 3,111,860 1,266,464 1,149, , % Total Expenditures $ 112,647,540 $ 45,757,577 $ 41,748,799 $ 4,008, % Analysis for expenditure variances are provided for all departments in which the actual amount differs from the planned amount by at least $100, VARIANCE NOTES City Attorney's Office - variance is due to personnel savings (+$289k) and delayed spending on legal services (+$91k) and City Clerk external contract services (+$85k). City Manager's Office - variance is due to project delays; civic engagement study ($100k), CityNet project ($300k), and franchise fees audit ($100k). Finance - variance is due to vacancies (+$712k) and delayed professional services spending on investment management fees and Ariba invoice uploads (+$154k). Hearing Examiner - Unfavorable variance is due to leave severance payout in personnel services (-$12k), but is partially offset by delays in external contracts (+$7k) and operating supplies (+$1k). Human Resources - variance is due to vacancy savings (+$211k), delayed city-wide training (+$162k) and other external contracts (+$136k), but is partially offset by greater than planned spending in legal services (-$33k). Information Technology - variance is due to vacancy savings (+$1.2M) and delayed spending on the TIMS project (+$1.2M). This is offset by spending ahead of plan in software license and maintenance fees (-89k) and hardware licenses and maintenance fees (-$252k). Office of Management & Budget - variance is due to vacancies that are now filled (+$99k). Prepared By The Office of Management and Budget Through 31, 2017 GenGov ISF All financial data is from the City's financial management system. This is an unaudited financial report. 8