REPORT TO THE CITY COUNCIL rd Avenue NE, Woodinville, WA

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1 To: From: By: Subject: CITY OF WOODINVILLE, WA REPORT TO THE CITY COUNCIL rd Avenue NE, Woodinville, WA Honorable City Council Richard A. Leahy, City Mana Jim Katica, Finance Directo Treasury Report for March 23'11 Date: May 3, 2011 I I $O FINANCIAL ACTION SUMMARY Expenditure Required Amount ed/approved Additional Amount Required ISSUE: Shall the City Council receive and file the Treasury Report for March 2011? RECOMMENDATION: To receive and file the Treasury Report for the month of March BACKGROUND/DISCUSSION: This report includes revenue and expenditures through the first quarter of Total Operating Revenues Through the first quarter of 2011 operating revenues are slightly ahead of projections, Primary Tax Revenues March sales taxes were higher than March of the previous year, and sales taxes have improved in significant categories. Retail sales are better by 3% over the previous year, and even construction activity has improved, largely from construction activity at the high school. Property Tax Collections continue to be receipted in as expected and utility taxes are within 2% of forecast. Construction-related Revenues Real Estate Excise Tax (REET) The first two months of 2011 were the slowest on record. March, however, improved because of the sale of the Waterford Apartments. This sale should keep REET taxes within forecast for the biennium. Development Services Permits and Plan Fees are tracking as expected. Expenditures Expenditures are within expectations. Capital The two rock wall projects have been added to the capital projects list, final payments to the fields, roundabouts and BNRP represent much of the capital costs to date. Summary Early in the biennium, there are no issues of concern. RECOMMENDED MOTION: I MOVE TO RECEIVE AND FILE THE MARCH TREASURY REPORT. Attachment 1: March Treasury Report 1

2 Treasury eport March 2011 City of Woodinville, Washington 1730] 133 1d Avenue NE Woodinville, Washington

3 Schedule No. 1: Monthly Comparison Graphs Jan-1 1 $340,435 $344,438 Feb-11 $795,397 $812,220 Mar-1 1 $1,099,533 $1,272,624 Apr-1 1 $1,400,131 May-1 1 $1,789,860 Jun-11 $2,137,024 Jul-1 1 $2,503,554 Aug-1 1 $2,941,227 Sep-1 1 $3,316,397 Oct-1 1 $3,704,322 Nov-1 1 $4,121,706 Dec-11 $4,518,637 Jan-12 $4,865,968 Feb-12 $5,330,146 Mar-12 $5,640,443 Apr-12 $5,947,131 May-12 $6,344,755 Jun-12 $6,698,951 Jul-12 $7,072,907 Aug-12 $7,519,446 Sep-12 $7,902,215 Oct-12 $8,297,998 Nov-12 $8,723,838 Dec-12 $9,128,675 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 Sales Tax Comparison (incuding SST mitigation) 2011/ / Year to Date $0 TT i I Jan-11 $4,494 $4,901 Feb-11 $22,017 $22,249 Mar-11 $85,219 $93,790 Apr-1 1 $806,388 May-1 1 $1,508,252 Jun-1 1 $1,527,164 Jul-1 1 $1,530,672 Aug-1 1 $1,538,170 Sep-11 $1,585,761 Oct-1 1 $2,497,458 Nov-1 1 $2,904,132 Dec-1 1 $2,916,691 Jan-12 $2,921,279 Feb-12 $2,939,166 Mar-12 $3,003,681 Apr-12 $3,739,839 May-12 $4,456,289 Jun-12 $4,475,595 Jul-12 $4,479,175 Aug-12 $4,486,829 Sep-12 $4,535,409 Oct-12 $5,466,053 Nov-12 $5,881,180 Dec-12 $5,894,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 Property Tax Comparison II YTD 4" 3

4 Schedule No. 1: Monthly Comparison Graphs - continued Jan-11 $87,683 $89,371 Feb-11 $196,028 $176,309 Mar-I1 $292,821 $285,545 Apr-11 $385,277 May-11 $477,129 Jun-11 $554,797 Jul-11 $627,316 Aug-11 $705,503 Sep-II $776,290 Oct-11 $850,972 Nov-11 $931,024 Dec-11 $1,009,123 Jan-12 $1,096,110 Feb-12 $1,183,142 Mar-12 $1,267,798 Apr-12 $1,352,119 May-12 $1,446,787 Jun-12 $1,534,712 Jul-12 $1,584,716 Aug-12 $1,689,745 Sep-12 $1,751,582 Oct-12 $1,817,472 Nov-12 $1,860,501 Dec-12 $1,957,380 $2,500, /2012 $2,000,000 - $1,500,000 - $1,000,000 $500,000 $0 Utility Tax Comparison /2010 rr -4- YTD er I ; r 1 I-1-7 Jan-II $10,537 $7,980 Feb-11 $12,792 $11,385 Mar-11 $24,439 $114,194 Apr-11 $32,716 May-11 $38,078 Jun-11 $48,866 Jul-11 $69,577 Aug-11 $85,260 Sep-11 $109,640 Oct-11 $120,587 Nov-I1 $141,385 Dec-11 $158,246 Jan-12 $179,812 Feb-12 $189,701 Mar-12 $203,317 Apr-12 $227,121 May-12 $243,093 Jun-12 $265,949 Jul-12 $285,915 Aug-12 $292,773 Sep-12 $304,248 Oct-12 $319,970 Nov-12 $331,487 Dec-12 $350,000 $400,000 $350,000 -I- $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 Real Estate Excise Tax Comparison (each 1/4%) YTD $0 -r -r' lrirr rilic 1 r -r- r 4

5 Schedule No. 1: Monthly Comparison Graphs - continued Jan-11 $1,200 Feb-11 $2,400 Mar-11 $3,600 Apr-11 $4,800 May-11 $6,000 Jun-11 $7,200 Jul-11 $8,400 Aug-11 $9,600 Sep-11 $10,800 Oct-11 $12,000 Nov-11 $13,200 Dec-11 $14,400 Jan-12 $15,600 Feb-12 $16,800 Mar-12 $18,000 Apr-12 $19,200 May-12 $20,400 Jun-12 $21,600 Jul-12 $22,800 Aug-12 $24,000 Sep-12 $25,200 Oct-12 $26,400 Nov-12 $27,600 Dec-12 $29,000 $741 $1,588 $14,320 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 = *-Actua YTD Traffic Impact Fees Comparison Jan-11 $0 $0 Feb-11 $0 $0 Mar-11 $0 $0 Apr-11 $3,000 May-11 $3,000 Jun-11 $3,000 Jul-11 $3,000 Aug-11 $6,000 Sep-11 $6,000 Oct-11 $6,000 Nov-11 $6,000 Dec-11 $6,000 Jan-12 $6,000 Feb-12 $9,000 Mar-12 $9,000 Apr-12 $9,000 May-12 $12,000 Jun-12 $15,000 Jul-12 $15,000 Aug-12 $18,000 Sep-12 $21,000 Oct-12 $22,000 Nov-12 $22,000 Dec-12 $22,000 $100,000 $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Park Impact Fee Comparison -*- YTD 5

6 City &Woodinville, Washington Schedule No. 1: Monthly Comparison Graphs - continued Jan-11 $34,000 $34,411 Feb-11 $68,000 $63,550 Mar-11 $78,000 $132,563 Apr-11 $108,000 May-11 $138,000 Jun-11 $168,000 Jul-11 $198,000 Aug-11 $200,000 Sep-11 $240,000 Oct-11 $290,000 Nov-11 $320,000 Dec-11 $355,630 Jan-12 $385,630 Feb-12 $415,630 Mar-12 $445,630 Apr-12 $475,630 May-12 $505,630 Jun-12 $535,630 Jul-12 $565,630 Aug-12 $595,630 Sep-12 $625,630 Oct-12 $655,630 Nov-12 $685,630 Dec-12 $717,053 Development Services Fees Comparison $2,000,000 $1,800,000 $1,600, F- YTD $1,400, $1,200,000 $1,000,000 $800,000 $600,000 - $400,000 $200,000 $0 r 1-7 -r T -T- Jan-11 $9,030 $3,218 Feb-11 $18,061 $3,882 Mar-11 $39,979 $14,044 Apr-11 $61,897 May-11 $83,815 Jun-11 $110,833 Jul-11 $126,783 Aug-11 $136,167 Sep-11 $157,711 Oct-11 $179,255 Nov-11 $197,433 Dec-11 $214,000 Jan-12 $223,030 Feb-12 $232,060 Mar-12 $253,978 Apr-12 $275,896 May-12 $297,814 Jun-12 $324,832 Jul-12 $340,781 Aug-12 $350,165 Sep-12 $371,709 Oct-12 $393,253 Nov-12 $411,431 Dec-12 $428,000 Parks & Recreation Fees Comparison $600,000 $500, $400,000 YTD $300,000 $200,000 $100,000 so wit---t 1" '11 ITI1 6

7 Schedule No. 1: Monthly Comparison Graphs continued Jan-11 $458,096 $522,192 Feb-11 $1,041,615 $1,096,333 Mar-11 $1,594,944 $1,770,344 Apr-11 $2,655,663 May-11 $3,771,362 Jun-11 $4,329,644 Jul-11 $4,800,046 Aug-11 $5,465,822 Sep-11 $6,024,169 Oct-11 $7,029,724 Nov-11 $8,236,762 Dec-11 $9,038,777 Jan-12 $9,483,925 Feb-12 $10,021,600 Mar-12 $10,541,833 Apr-12 $11,515,650 May-12 $12,854,789 Jun-12 $13,999,084 Jul-12 $14,189,200 Aug-12 $14,756,520 Sep-12 $15,399,187 Oct-12 $16,448,763 Nov-12 $17,637,297 Dec-12 $18,230,014 $20,000,000 $18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 General Fund, Streets, Parks & Rec, Development Svcs Equipment Repl., Unemployment, Affordable Housing Revenue Comparison ed and * YTD Jan-11 $490,637 $492,842 Feb-11 $1,023,422 $811,994 Mar-11 $1,587,616 $1,333,027 Apr-11 $2,134,761 May-11 $2,658,155 Jun-11 $4,115,277 Jul-11 $4,820,984 Aug-11 $5,576,651 Sep-11 $6,274,824 Oct-11 $6,903,740 Nov-11 $7,529,632 Dec-11 $8,281,492 Jan-12 $9,043,093 Feb-12 $9,598,659 Mar-12 $10,061,740 Apr-12 $10,573,610 May-12 $12,107,481 Jun-12 $12,745,538 Jul-12 $13,436,106 Aug-12 $13,921,541 Sep-12 $14,396,627 Oct-12 $15,686,967 Nov-12 $16,160,715 Dec-12 $17,081,961 General Fund, Streets, Parks & Rec, Development Svcs, Equipment Repl., Unemployment, Affordable Housing Expenditure Comparison ed, Amended and $20,000,000 $18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 4-- YTD 7

8 Schedule No. 1: Monthly Comparison Graphs - continued Operating Operating Revenue Exp Jan-11 $522,192 $492,842 Feb-11 $1,096,333 $811,994 Mar-11 $1,770,344 $1,333,027 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec- 12 $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 SO General Fund, Streets, arks & Ree, Ueverlopmean: Svcs, Equipment Repl., Unemployment, Affordalbile Ificumstrug Revenue vs Expenditures 4s ' qt- IN-- Revenue A-- Expenditure 4 6 q in O v6.,s,6 v6-.ky, 0- Az, 0,-, 4,5,i1p. 4 G 62.e 4e' c,z.g.* Pt' 8

9 Schedule No. 2: City of Woodinville Monthly Revenue/Expenditure Financial Report (General Fund, Streets, Parks & Rec, Development Svcs. Unemployment Affordable Housing) Amended % of % REVENUE SOURCES Thru Mar '11 Variance Operations Property Tax $5,894,000 $93,790 2% -11% Sales Tax $8,048,675 $1,138,491 14% 2% SST Mitigation $1,080,000 $134,133 12% 0% Other Taxes $551,000 $73,748 13% 1% Cable TV/PEG Fees/Licenses $353,571 $50,076 14% 2% Grants/Intergov $239,500 $45,512 19% 7% Other Chgs for Svcs $324,069 $2,385 1% -12% Miscellaneous $115,000 $32,104 28% 15% SubTotal General Fund $16,605,815 $1,570,239 9% -3% Gas Tax $479,146 $56,358 12% -1% Development Services $717,053 $132,563 18% 6% Parks & Recreation $428,000 $14,044 3% -9% Equipment Replacement $0 $0 n/a 0 Unemployment $0 $0 n/a 0 Affordable Housing $0 $0 n/a 0 Sub Total Other Op Funds $1,624,199 $202,965 12% 0% Total Revenue Operations $18,230,014 $1,773,204 10% -3% Debt Service $1,064,076 $0 0% _13% EXPENDITURES Amended % of Operations Thru Mar '11 Variance General Fund $12,163,332 $748,350 6% -6% Street Fund $1,699,640 $188,156 11% -I% Development Services $2,317,694 $309,240 13% 1% Parks & Recreation $727,194 $86,975 12% -1% Equipment Replacement $134,100 $0 0% -13% Affordable Housing $40,000 $0 0% -13% Total Expenditure Operations $17,081,960 $1,332,721 8% -5% Net Operations $83,978 $440,483 $0 Excluded: Debt Svc, HoteUMotel, Surface Water, Reserve Funds, CIP Funds 9

10 Schedule No. 3: Cash and Investment Activity 2011 March January February Beginning Cash & Investments $25,623,920 $25,685,023 $25,643,035 Receipts Deposits $228,200 $211,296 $237,855 King County - ACH $301,800 $28,084 $22,893 State of Washington Wire $516,401 $514,690 $406,160 State Investment Interest Revenue $4,846 $4,055 $4,935 Total Receipts $1,051,247 $758,126 $671,844 Total Available $26,675,166 $26,443,148 $26,314,878 Disbursements Claims $445,084 $537,478 $232,981 Payroll $283,731 $281,751 $396,874 Total Disbursements $728,815 $819,229 $629,856 Ending Cash & Investments $25,946,351 $25,623,920 $25,685,023 Schedule No, 3: Schedule of Cash Investments at Month End March February January Cash Bank Accounts (1) $1,270,833 $969,647 $1,549,496 State Investment Pool (2) $24,675,518 $24,654,272 $24,135,527 Total Cash and Investment Holdings $25,946,351 $25,623,920 $25,685,023 (1) Cash Balances reflect General Ledger Book Balances and not actual bank cash balances. (2) As of December 30, 2010, the State Investment Pool provided net earnings rate of 0.30%Treasury Information source: httpliwww.treas.gov/officesidomestic -tinanceidebt-managementlinterest-ratelyie1d_bistorical.shtml Interest Rate Comparison 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% /0 0.00% o o oc"- 9e-. -. e %4 e e N.% N.%.s%,40- -e t, 0 N.% N% <7.00 -sn's oc'` vzc sfs' 4) LGIP Net Earnings Rate 10 Year T-Bill Month T-Bill 1 0

11 Schedule No. 4: City of Woodinville Monthly Revenue/Expenditure Report CIF RELATED REVENUE SOURCES Thru Mar 13% % of Admission Tax $380,000 $49,484 13% Real Estate Excise Tax I & II $700,000 $228,388 33% Utility Tax $1,957,380 $261,377 13% Parks Levy $62,000 $582 1% Park Impact Fees $22,000 $0 0% Traffic Impact Fees $29,000 $14,320 49% Grant $3,000,000 $39,645 1% Total Capital Projects Revenues $6,150,380 $544,312 9% % of CIP RELATED EXPENDITURES Thru Mar 13% Street & Sidewalk Projects Overlay $1,400,000 $7,223 1% Rock Wall 1 and II $0 $37,855 Sammamish Bridge Replacement $7,159,000 $83,638 1% Wood Duvall Widening $600,000 $24,754 4% 202/148th Roundabouts $213,991 SR522/195th $700,000 $0 0% NE 145th Pedestrian Improvements $250,000 $339 0% BNRP $0 $165,715 n/a School Safety Zones $600,000 $0 0% Total Street & Sidewalk Projects $10,709,000 $533,515 5% Parks Projects Sportfields $0 $158,492 n/a Green Brier $62,000 $0 0% Eastside Rails Corridor Study $150,000 $0 0% Park Improvements - Tree Planting $187,000 $0 0% Total Parks Projects $399,000 $158,492 40% Surface Water Projects Chateau Reach Erosion/Sediment Control $261,000 $0 0% 140th/175th Street Storm Drain $150,000 $0 0% Misc Drainage Improvements $216,000 $2,375 1% Total Surface Water Projects $627,000 $2,375 0% Facility Projects Public Works Maintenance Shop $200,000 $0 0% Emergency Shelter Generator $200,000 $0 0% Total Facility Projects $400,000 $0 0% TOTAL CIP Expenses $12,135,000 $694,382 6% 11

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