05/09/2023 - PacketPort Orchard
Council Finance Committee
May 09, 2023
5:0o am Zoom Link
https://us02web.zoom.us/s/84094367918
US:+12532050468„84094367918#
1) Finance Department Finance Director, Noah Crocker
a. Sales Tax & REET Revenue Report
b. Update on Bay Street & REET Budget
c. City Hall Finance Plan
i. Timing
ii. Payment terms 15 or 20
1. Breakdown of payment sources
Other Items to come before the Committee.
Schedule Next Meeting Date
Role of the Finance Committee
The finance committee provides oversight of city budgeting, financial planning, and financial reporting. The committee recommends long-range
financial goals along with funding strategies for the operating and capital budgets. Human resource issues requiring policy direction are brought
before the committee. The committee serves as the advisory forum for transportation and street maintenance funding, and funding relating to the
transportation benefit district.
Sales Tax Collections
pu
Summary of Budget to 2022
Actuals
2023 2024
Biennial
Budget
Actual
5,340,000
6,565,000
6,895,000
13,460,000
7,783,763
2,454,000
-
2,454,000
Over/Under
$ 2,443,763
1 $ (4,111,000)
$ (6,895,000)
$ (11,006,000)
Actuals
2022
2023 2024
Biennial
January $ 543,145
February 626,678
March 524,545
April 548,118
May 665,944
June 682,922
July 668,890
August 742,304
September 707,709
October 693,521
November 730,655
December 649,332
$ 656,711
684,990
572,419
539,880
1
$ 656,711
$ 684,990
$ 572,419
$ 539,880
$ -
$
$
$
$
$
$
$
Total $ 7,783,763 $ 2,454,000 $
$ 2,454,000
Percentage of Biennial
Budget Received
18%
Actuals
Year over Year
%
Change
Change
$ 113,566
20.91%
$ 58,312
9.30%
$ 47,874
9.13%
$ (8,237)
-1.50%
$ 211,513
19.43%
Real Estate Excise Tax (REET) Collections
Summary of Budget to
Actuals
2022
2023 2024
Biennial
Budget
Actual
$ 1,808,000
1,945,903
$ 800,000 $ 800,000
527,375 -
$
1,600,000
$
527,375
Over/Under
$ 137,903
1 $ (272,625) $ (800,000)
$
(1,072,625)
108%
Actuals
2022
2023 2024
Biennial
January $ 82,213
February 166,226
March 204,469
April 126,410
May 151,824
June 190,761
July 249,922
August 172,743
September 181,406
October 151,035
November 121,635
December 147,258
$ 81,265
137,211
158,612
150,287
1
$ 81,265
$ 137,211
$ 158,612
$ 150,287
$ -
$
$
$
$
$
$
$
Total $ 1,945,903 $ 527,375 $
$ 927,3 55
Percentage of Biennial
Budget Received
33%
Actuals
Year over Year
%
Change
Change
$ (948)
-1.15%
$ (29,015)
-17.46%
$ (45,857)
-22.43%
$ 23,877
18.89%
$ (51,943)
Budget
2023 estimated
Budget vs Actual
%
based on 5yr avg
(Over/Under)
Over/Under
$
491,484
$ 165,226
33.6%
$
591,156
$ 93,834
15.9%
$
456,559
$ 115,860
25.4%
$
439,218
$ 100,662
22.9%
$
543,259
#VALUE!
$
539,409
#VALUE!
$
582,239
#VALUE!
$
611,427
#VALUE!
$
587,557
#VALUE!
$
577,620
#VALUE!
$
600,359
#VALUE!
$
544,712
#VALUE!
$
6,565,000
$ 475,582
24.041/6
Budget
2023 estimated
Budget vs Actual
%
based on 5yr avg
(Over/Under)
Over/Under
$
40,204
$
41,062
102.1%
$
61,301
$
75,910
123.8%
$
67,397
$
91,215
135.3%
$
59,145
$
91,141
154.1 %
$
54,140
#VALUE!
$
69,833
#VALUE!
$
115,834
#VALUE!
$
66,740
#VALUE!
$
77,911
#VALUE!
$
64,260
#VALUE!
$
47,001
#VALUE!
$
76,232
#VALUE!
$
800,000
$
299,328
131%
Bay Street Pedestrian Pathway- $10.042 million:
Project is completing the ROW Phase to acquire and then complete the construction of the Bay Street Pedestrian Pathway (Segment 1,6
11).
ROW -Consulting Services
$813,200
$573,200
$240,000
Approved ROW -Purchase
$3,229,000
$3,110,000
$119,000
Remaining ROW Purchases —Est.
$1,000,000
$0
$1,000,000
Construction
$5,000,000
$0
$5,000,000
Total
$10,042,200
$3,683,200
$6, 359,000
Funding Sources Remaining Amount Cash/Debt Budgeted Funding Available
*REET 1 balance
as of 05.01.2023
-$743,000k
*Need ar.
additional
$671, 000
City Hall Improvements-$8.865 million:
Project is currently in Design Phase (30%-100%) for improving the building exterior including roofing, siding, windows and HVAC system.
Design to Ad (100%) 10.01.2020 03.01.2023 $565,000
Construction 06.01.2023 06.01.2024 $8,300,000
Total
$8,865,000
It's estimated if project were delayed 1-year costs could increase by as much as 10% or - $830,000
City Hall Improvements Debt Options
$9 million 15 3.6%
$790,000
$11,771,203
$9 million 20 4.0%
$660,000
$13,150,571
$10 million 15 3.6%
$875,000
$13,069,078
$10 million 20 4.0%
$735,000
$14,602,670
85% General Fund
5% Water Fund
5% Storm Fund
5% Sewer Fund
$561,000-$744,000
$33,000-$44,000
$33,000-$44,000
$33,000-$44,000