July 2018 Monthly Financial Report

Transcription

1 GENERAL FUND OVERVIEW 2018 Budget YTD Projection YTD Actuals YTD YTD % $ 231,221,914 $ 138,631,902 $ 145,207,687 $ 6,575, % Expenditures $ 253,846,860 $ 142,357,476 $ 129,860,820 $ 12,496, % Revenue Over Expenditure (Fund Balance) $ (22,624,946) $ (3,725,574) $ 15,346,867 $ 19,072,440 SUMMARY Through the first seven months of 2018, revenues and expenditures were favorable, resulting in an overall $19.1 million positive position. However, this does not take into account encumbrances or delayed payments totaling approximate $6.8 M. REVENUE OVERVIEW Through, General Fund revenues were favorable by approximately $6.6 million. Business Taxes (+$2.6M), Sales Taxes (+$974k), Intergovernmental (+$671k), Licenses &Permits (+$444k), and Miscellaneous (+71k) were above plan. Sales Taxes are higher than expected in the wholesaling and real estate services categories. The favorable variance in Business Taxes is due to favorable retailing, wholesaling, manufacturing, and service taxes, but offset by weaker cellphone taxes. Intergovernmental are up due to greater than expected marijuana and criminal justice shared revenues. Miscellaneous were also up due to greater than planned interest earnings (+31k). EXPENDITURE OVERVIEW Through, General Fund expenditures were favorable by approximately $12.5 million. Of this, approximately.6 million is due to delays and is expected to be spent in the coming months including $3.5 million for the Eastside Community center. Non-Departmental, Police, and Neighborhood & Community Services experienced the largest positive variances, lower than projected jail contract spending (+$1.0M) and police and fire pension expenses (+$1.2M). 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. Police's previous labor savings have been reduced substantially due to the settlment of the latest labor contract but is still experiencing savings due to vacancies and other personnel items (+$690k) as well as fuel savings (+$186k). Prepared By The Office of Management and Budget Through 31, 2018 All financial data is from the City's financial management system. This is an unaudited financial report. 1

2 GENERAL FUND REVENUE OVERVIEW Jul 2018 YTD Plan Jul 2018 YTD Act Revenue Category 2018 Budget YTD Projection YTD Actuals YTD YTD % 1 Property Tax $ 58,955,220 $ 31,853,105 $ 32,065,361 $ 212, % 2 Sales Tax 54,318,430 31,145,999 32,120, , % 3 Business Tax 48,508,450 31,346,809 33,948,712 2,601, % 4 Utility Tax 45,441,868 27,470,644 28,065, , % 5 Intergovernmental 9,955,903 6,631,042 7,301, , % 6 Licenses & Permits 6,454,697 5,954,856 6,399, , % 7 Charges for Services 3,143,452 1,786,970 2,105, , % Other Taxes 1,973,328 1,021,365 1,076,216 54, % 8 Fines & Forfeits 696, , , , % 9 Miscellaneous 1,773,915 1,028,704 1,599, , % Total $ 231,221,914 $ 138,631,902 $ 145,207,687 $ 6,575, % Use of Fund Balance (Negative value denotes addition to cash) $ 22,624,946 $ 3,725,574 Total $ 253,846,860 $ 142,357,476 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 Property Tax - variance is under 1% and within expectations through. Sales Tax - variance is due to higher than planned sales taxes ($947k), driven by higher than expected taxes in wholesale and real estate services. Criminal justice taxes are also up (+$124k). Business Tax - variance is due to higher than anticipated revenues in retailing (+$1.0M), service taxes (+$814k), wholesale taxes (+$325k), and manufacturing taxes (+52k), but offset by cellphone taxes (-$111k) and telephone taxes (-$83k). Utility Tax - variance is due to greater than anticipated water (+$287k) and Rail gross earnings taxes (+$175k). Tacoma Power had previously paid less than anticipated gross earnings taxes but have since returned to expected levels. Intergovernmental - variance is due to unbudgeted Puyallup Tribe revenue (+$146k), greater than expected marijuana taxes (+$324k) and higher than expected criminal justice shared revenues (+$274k) but offset by South Sound 911 revenues that should be received in -$210k). Licenses & Permits - variance is due to greater than anticpated annual business license fees (+$232k) and alarm monitoring permits (+3k). Charges For Services - variance due to earlier than planned law enforcement services revenues (+$195k). This reflects a change in billing practice for School Resource Officers, but is not expected to bring in additional revenues. Fines & Forfeitures - variance is due to greater than planned penalties and interest on business taxes (+$231k) but offset by less than planned criminal penalties (-$68k). Miscellaneous - variance is due to greater than expected interest revenue (+31k). Prepared By The Office of Management and Budget Through 31, 2018 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 22,072,232 Monthly Actual $ $ 855,924 $ 22,928,156 17,336,093 18,570,377 1,234,284 11,725,273 12,455, ,581 17,817,991 18,450, ,421 35,688,672 37,607,009 1,918,336 17,829,709 17,161,267 (668,442) 16,161,932 18,034,613 1,872,681 14,396,566 #N/A #N/A 11,076,788 #N/A #N/A 17,528,373 #N/A #N/A 33,084,989 #N/A #N/A 16,503,296 #N/A #N/A 2017 Total $ 231,221,914 $ 145,207,687 $ 6,575,784 PROPERTY TAX $25 $20 $15 $10 Monthly Actual Monthly Actual $ 265,127 $ 245,978 $ (19,150) 155, ,389 (17,959) 746, , ,763 2,846,698 2,263,593 (583,105) 20,882,811 22,484,027 1,601,217 6,630,651 5,757,384 (873,267) 326, ,225 (72,242) 215,747 #N/A #N/A 263,795 #N/A #N/A 1,396,227 #N/A #N/A 19,841,684 #N/A #N/A 5,384,661 #N/A #N/A 2017 Total $ 58,955,220 $ 32,065,361 $ 212,255 SALES TAX $6 $4 $3 $2 $1 Monthly Actual Monthly Actual $ 4,507,662 $ 4,365,222 $ (142,441) 5,629,527 5,480,365 (149,162) 4,110,540 4,172,308 61,768 3,847,418 4,074, ,497 4,599,778 5,006, ,398 4,128,241 4,433, ,136 4,322,832 4,587, ,987 4,895,415 #N/A #N/A 4,733,476 #N/A #N/A 4,591,020 #N/A #N/A 4,554,239 #N/A #N/A 4,398,281 #N/A #N/A 2017 Total $ 54,318,430 $ 32,120,183 $ 974,184 All financial data is from the City's financial management system. This is an unaudited financial report. 3

4 GENERAL FUND REVENUES BUSINESS TAX $8 $7 $6 $4 $3 $2 $1 Actual Monthly Actual Monthly $ 6,394,522 $ 7,050,891 $ 656,369 5,787,092 6,611, ,259 1,086,308 1,286, ,790 5,615,723 6,409, ,521 4,801,136 4,103,600 (697,536) 1,235,460 1,033,875 (201,585) 6,426,567 7,453,651 1,027,084 4,362,809 #N/A #N/A 882,018 #N/A #N/A 6,175,841 #N/A #N/A 4,450,068 #N/A #N/A 1,290,905 #N/A #N/A 2017 Total $ 48,508,450 $ 33,948,712 $ 2,601,903 UTILITY/GROSS EARNINGS TAX $4 $3 $2 $1 Actual Monthly 4,357,122 Actual Monthly $ $ (190,560) $ 4,166,562 4,197,104 4,386, ,315 4,103,874 3,957,291 (146,582) 4,017,251 4,121, ,422 3,662,593 3,776, ,364 3,577,361 3,802, ,429 3,555,339 3,853, ,286 3,584,223 #N/A #N/A 3,841,879 #N/A #N/A 3,772,568 #N/A #N/A 3,177,396 #N/A #N/A 3,595,159 #N/A #N/A 2017 Total $ 45,441,868 $ 28,065,318 $ 594,674 OTHER REVENUES (Intergovernmental, Licenses & Permits, Charges for Service, Fines & Forfeits, and Miscellaneous ) $8 $7 $6 $4 $3 $2 $1 Actual Monthly Actual Monthly $ 6,547,798 $ 7,099,503 $ 551,705 1,567,022 1,954, ,831 1,678,549 2,117, ,841 1,490,900 1,580,986 90,086 1,742,355 2,236, ,893 2,257,995 2,133,840 (124,155) 1,530,726 1,885, ,566 1,338,373 #N/A #N/A 1,355,620 #N/A #N/A 1,592,716 #N/A #N/A 1,061,602 #N/A #N/A 1,834,290 #N/A #N/A 2017 Total $ 23,997,946 $ 19,008,113 $ 2,192,768 Prepared By The Office of Management and Budget Through 31, 2018 All financial data is from the City's financial management system. This is an unaudited financial report. 4

5 GENERAL FUND EXPENDITURE OVERVIEW Jul 2018 YTD Plan Jul 2018 YTD Act Department 2018 Budget YTD Projection YTD Actuals YTD YTD % City Attorney's Office $ 2,627,117 $ 1,533,322 $ 1,500,992 $ 32, % 1 City Manager's Office 641, , , , % 2 Community & Economic Development 4,837,040 2,935,555 2,188, , % 3 Finance 3,765,975 2,181,719 2,065, , % 4 Fire 59,777,449 34,904,909 34,580, , % 5 Library 13,656,431 7,851,848 7,017, , % 6 Municipal Court 4,168,452 2,446,295 2,297, , % 7 Neighborhood & Community Services 14,454,021 7,458,711 6,357,310 1,101, % 8 Planning & Development Services 2,576,135 1,462, , , % 9 Police 82,793,913 49,539,013 48,106,951 1,432, % Public Works 2,502,976 1,460,366 1,402,608 57, % 10 Non-Departmental 62,046,148 30,209,197 23,345,784 6,863, % Total Expenditures $ 253,846,860 $ 142,357,476 $ 129,860,820 $ 12,496, % 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 Manager - variance is due delayed capacity building spending (+$46k) and 2025 implementation (+$100k), but offset by labor costs that are expected to be offset by a federal grant (+$24k). Community & Economic Development - variance is due to personnel savings (+$163k), delays in Innovative Grant and Economic Development contracts (+$403k), and delays in art and event contracts (+$199k). Finance - Positive variance is due to vacancies that are now filled (+$64k) and delayed spending on license and maintenance fees (+$34k). Fire - variance is due to the net of an unfavorable personnel variance (-$71k) and favorable variances in fleet maintenance (+$191k) and various M&O categories (+$233K) due to delayed payments and savings. Library - Positive variance is due to vacancy savings (+$600k), delayed professional services contracts (+$23k), Communication Materials (+$33k), and library materials (+$96k). Municipal Court - variance due to personnel savings from an unfilled retirement (+$91k), and lower than anticipated juror (+$6k) and interepreter (+$12k) expenses. Neighborhood & Community Services - variance is due to labor savings and vacancies (+39k), delayed professional services and external contract spending (+37k). Planning & Development Services - variance is due to personnel savings (+$231k) and a delay of external contracts and professional serivces (+$291k). Police - variance is partially due to personnel and vacancy savings (+$690k). A portion of this savings will be used for overtime and new employee expenses as new hires go through their training process. The remaining variance is from fuel savings (+$186k), delayed training and professional development (+$107k), delayed property room (+$129k) and radio lease payments (+$88k), cellphone savings (+0k), and delayed purchases of law enforcement supplies (+$137k). Non-Departmental - variance is due to delayed transfer to Metro Parks for Eastside Community Center (+$3.5) and for parks maintenance contracts (+$257k), less than planned police and fire pensions expenses (+$1.2M) and jail contract expenses (+$1.0M), delayed contributions to Theaters (+$381k), and human services contract invoice delays (+$229k). Prepared By The Office of Management and Budget Through 31, 2018 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) Jul 2018 YTD Plan Jul 2018 YTD Act Fund 2018 Budget YTD Projection YTD Actuals YTD YTD % SPECIAL REVENUE FUNDS 1 PW Street Operations & Engineering 23,583,224 13,821,562 13,995, , % Expenditures 24,683,829 14,907,226 12,544,309 2,362, % 2 Traffic Enforcement, Engineering & Education 3,446,421 2,049,484 1,518,921 (530,563) -25.9% Expenditures 3,446,421 2,010,968 2,024,803 (13,835) -0.7% ENTERPRISE FUNDS 3 Permit Services 9,706,583 5,662,173 7,777,341 2,115, % Expenditures 10,845,208 6,328,579 5,632, , % 4 TVE Convention Center 11,541,355 5,816,843 7,524,078 1,707, % Expenditures 11,496,356 4,317,960 4,489,185 (171,225) -4.0% TVE Cheney Stadium 1,637, , ,444 43, % Expenditures 1,444, , ,846 15, % 5 TVE Tacoma Dome 7,990,228 4,769,489 5,370, , % Expenditures 9,556,087 4,986,385 5,090,221 (103,835) -2.1% 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, 2018 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 - : variance due to increased Gross Earnings Tax (+$376k) and reimbursements for damaged assets (+$210k), offset by delayed reimbursements for bridge maintenance and street striping work (-$456k). Expenses: variance due to personnel savings from 2017 (+$850k) to be used to cover positions approved at mid-biennium modification and unplanned projects such as Bus Rapid Transit Subarea plan, delayed spending from this fund as staff focus on streets initiative funded work (+$415k), delayed streetlight electricity payments (+25), delayed street striping (+$213k) and delayed bridge maintenance (+$358k). Traffic Enforcement, Engineering & Education - : Unfavorable variance due to delayed General Fund contribution as fund s revenues are monitored to determine need (-$395k) and less than planned fines revenue (-$135k). Permit Services - : due increased building permit inspections (+$1.4 M). Expenditures: due to personnel savings (+21k) and less than planned usage of external contracts for plan review (+$361k). TVE Convention Center - : due to timing of hotel/motel transfer (+$988k) and increased charges for services for restaurant services, rent, and other miscellaneous venue fees (+64k). Expenses: Unfavorable due to unbudgeted expenses including software (-0k) and event related expenses (-$114k). TVE Tacoma Dome - : due to an increased quantity and different mix of shows resulting in increased revenue in ticketing, parking, concessions, and facility fees (+10k). Expenditures: Unfavorable variance due greater event-related expenses (-$248k). Prepared By The Office of Management and Budget Through 31, 2018 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 Jul 2018 YTD Plan Jul 2018 YTD ACT Jul 2017 BTD Var Department 2018 Budget YTD Projection YTD Actuals YTD YTD % 1 City Attorney's Office $ 6,460,894 $ 3,768,850 $ 3,309,551 $ 459, % City Council 1,408, , ,818 14, % 2 City Manager's Office 4,126,168 2,424,787 2,061, , % Environmental Services 589, , ,749 (116) 0.0% 3 Finance 11,172,878 6,403,489 5,154,238 1,249, % Hearing Examiner 453, , ,116 15, % 4 Human Resources 6,006,030 3,633,517 3,282, , % 5 Information Technology 30,671,933 16,503,598 15,266,984 1,236, % 6 Office of Management & Budget 1,667, , , , % Total Expenditures $ 62,555,713 $ 35,138,922 $ 31,229,108 $ 3,909, % 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 (+$102k) and less than anticipated need for Legal Services and External Contract Services (+$396k) but offset by a transfer to Facilities for remodel expenses (-$100k). City Manager's Office - Positive expenditure variance is due to labor savings from vacant positions (+$114k), delayed association dues payments (+$44k), delays and savings in training/professional development expenses (+$80k), and delayed contracts (+6k). Finance - variance is due to labor vacancy savings (+$824k), delayed spending on operating supplies ($176k) and professional services ($280k). Human Resources - variance is due to delayed city-wide training (+$72k), professional services ($21k), and external contract services ($185k), but partially offset by higher than expected spending in association dues (-$20k). Information Technology - variance is due to vacancies and other personnel savings (+$434k), delayed professional services spending on the TIMS project (+$776k), HANA (+$30k), and FileLocal (+$116k); as well as delayed spending on PCI Assessment, O365 implementation and P2P phase III. Hardware Maintenance Fees have been spent ahead of budgeted amounts (-$418k). Office of Management & Budget - variance is due to vacancies that are now filled (+$207k). Prepared By The Office of Management and Budget Through 31, 2018 All financial data is from the City's financial management system. This is an unaudited financial report. 8