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2019.08 Monthly Budget ReportMONTHLY BUDGET FINANCIAL STATUS UPDATE To: Mayor and Councilmembers From: Noah Crocker, Finance Director Period: August 2019 OVERVIEW: The Finance Department is committed to providing clear information to the Mayor, Council and staff regarding the budget status of the City. We have prepared the following reports to keep you up to date on the current budget status of the City. 1)Budget Report 2)Detail Fund Summary Report BUDGET REPORT: The Budget report will first provide Operational Funds and follow up with Capital Projects Funds. This report does not include beginning fund balance. This report is designed to provide a high-level view of each fund reviewing total revenues and expenses. The report does provide expense information by department. The goal of the City is to pay all current budget year expenses with current budget year revenues. We are not quite there yet, and this will show in the Surplus (Deficit) line at the end of each fund. We expect that future budget cycles will smooth out revenues and expenditures. The Budget Report provides information on current revenues and expenditures by fund including the following: •The original budgeted amount. •Current budget which would reflect any amendments that have been made. •Period activity which details the revenue and expense activity for the period in which the report was run. •Fiscal activity will provide the year to date expense and revenue amounts •Variance Shows the difference between budgeted and actual. •Percent remaining is the amount still needed to reach the budgeted amount. DETAIL CASH AND INVESTMENT FUND SUMMARY REPORT The Detail Cash and Investment Fund Summary Report provides information on current total cash & investment balances by Fund. Page 1 of 9 POINTS OF INTEREST: Current Expense Fund 001 – The Current Expense Fund is used for the general governmental functions of the City. The City has received 70.66% of the estimated budgeted revenues as of August 31st. The city has expended 53.59% of its budgeted operating expenditures, leaving 46.41% for September through December. Departments have done a great job to date in minimizing their expenditures. The table provides a breakout of various revenue sources received in August and Year to Date. Additionally, it provides revenues budgeted in each category for 2019. Real Estate Excise Tax Fund 109 and Impact Mitigation Fee Fund 111 Real Estate Excise Tax receipts fluctuate monthly but are currently trending slightly higher (2.10%) than receipts received in the same time period for 2018. The table below shows current balances for the REET and Impact fees. These restricted funds are used as a local funding source for capital projects that have been documented in the City’s comprehensive plans. REET funds are also used for debt payments. The table illustrates beginning 2019 Fund Balances, year to date revenue received, expenses budgeted for the biennium and expenses which are obligated for future projects but have not been officially budgeted yet. The intent of this table is to snapshot and illustrate available balances and what is projected for the end of the biennium. We do expect balances to adjust as projects are completed, new cost estimates are prepared and updated, and budget amendments are finalized. Capital Construction Fund 302 – Construction is complete at McCormick Woods Park and Rockwell Park. The City is currently working on project closeout. Street Capital Construction Fund 304 – Tremont Street is now open; the Public Works department is working on the final aspects of this project. Once these are finished final project closeout will begin. Bay Street Pedestrian Path Segment 3 is also in the final closeout process. The Bay Street Pedestrian Path Right of Way efforts are ongoing. Impact Fees REET Recreation Reserve MW Transport Impact Parks Impact Bayside Plat SEPA Transportation REET 1 REET 2 Recreation Reserve (001) Admissions 2019-2020 Beginning Balance 536,160 44,127 316,109 541,822 585,759 1,217,673 54,930 2019-2020 Revenue Received 107,110 68,138 4,673 129,407 339,867 349,219 30,014 2019-2020 Expenses Budgeted (172,000) - (313,285) - (159,932) (1,474,781) - 2019-2020 Obligated Expenses (465,000) - - (500,000) (458,000) - (10,000) 2019-2020 Ending Balance 6,270 112,265 7,498 171,229 307,695 92,112 74,944 Revenue Source August 2019 2019 YTD 2019 Budget Property Tax 6,988 941,298 1,841,000 Sales Tax 503,789 3,481,314 5,060,000 Other Taxes 122,454 1,508,551 2,088,300 Total Taxes 633,231 5,931,162 8,989,300 Licenses & Permits 25,444 400,326 403,400 Intergovernmental Revenue - 175,900 223,100 Charges for Goods & Services 13,355 400,809 438,700 Fines and Forfeits 21,054 183,280 176,300 Misc Revenues 26,957 234,110 172,500 Non Rev 5,611 13,247 - Capital Contributions - 12,294 - Revenue Totals 725,652 7,351,128 10,403,300 Current Expense Fund Revenues Page 2 of 9 ENTERPRISE/UTILITY FUNDS: Water operation revenues received through August are at 75 % of the total budgeted for 2019, and trending slightly higher than was estimated for this time period. However, this is likely to taper off as summer wanes and lawn watering and irrigation slows down. Expenditures for water utility operations are coming in a but under budget, however this could change as the weather cools and the remainder of the year unfolds. Sewer operation revenues are trending higher than budgeted due to new homes being connected to our system. We expect this trend to slow for the remainder of the biennium. Sewer expenses are trending lower at this point in the year. Storm Drainage operations revenues received are also slightly higher than projected and expenses for the Storm Drainage Operations Fund are as anticipated for this time period. SALES TAX REVENUES SUMMARY Total 2019 Budget: $5,060,000 Total 2019 YTD Actuals: $3,481,314 Year-to-Date Actual revenue collected is 5.14% higher when compared to Year-to Date Budgeted Year-to-Date Actual revenue collected is 4.29% higher when compared to Prior Year-to Date Actuals The tables provide additional information. Sales tax table 1 provides data on current sales tax revenue collected Year-to-date. Table 2 shows revenue received by month over a three-year period. Table 1: Table 2 Page 3 of 9 9/24/2019 11:40:25 AM Budget Report City of Port Orchard Group Summary For Fiscal: 2019 Period Ending: 08/31/2019 Fiscal Activity Variance Favorable (Unfavorable) Period Activity Current Total Budget Original Total Budget Percent RemainingDepartment Fund: 001 - Current Expense Revenue 00 - Revenues 7,351,128.11725,652.1710,403,300.00 10,403,300.00 -3,052,171.89 29.34 % 7,351,128.11725,652.1710,403,300.00 10,403,300.00 -3,052,171.89Revenue Total:29.34 % Expense 01 - Finance 450,118.6864,316.12853,400.00 853,400.00 403,281.32 47.26 % 02 - Court 336,995.7540,665.84625,500.00 625,500.00 288,504.25 46.12 % 03 - Law Enforcement 3,113,414.38378,990.515,823,008.00 5,823,008.00 2,709,593.62 46.53 % 04 - Community Development 814,709.41107,308.011,378,200.00 1,378,200.00 563,490.59 40.89 % 05 - Public Works 731,701.2182,913.541,262,351.00 1,262,351.00 530,649.79 42.04 % 06 - Miscellaneous 202,312.50812.50650,000.00 650,000.00 447,687.50 68.88 % 07 - Administration 672,070.8471,258.041,202,835.00 1,202,835.00 530,764.16 44.13 % 6,321,322.77746,264.5611,795,294.00 11,795,294.00 5,473,971.23Expense Total:46.41 % 1,029,805.34-20,612.39-1,391,994.00 -1,391,994.00 2,421,799.34Fund: 001 - Current Expense Surplus (Deficit):173.98 % Fund: 002 - City Street Fund Revenue 00 - Revenues 1,012,764.4551,917.921,934,000.00 1,934,000.00 -921,235.55 47.63 % 1,012,764.4551,917.921,934,000.00 1,934,000.00 -921,235.55Revenue Total:47.63 % Expense 05 - Public Works 1,176,880.63110,216.702,309,591.00 2,309,591.00 1,132,710.37 49.04 % 1,176,880.63110,216.702,309,591.00 2,309,591.00 1,132,710.37Expense Total:49.04 % -164,116.18-58,298.78-375,591.00 -375,591.00 211,474.82Fund: 002 - City Street Fund Surplus (Deficit):56.30 % Fund: 003 - Stabilization Fund Revenue 00 - Revenues 218,166.662,192.98200,000.00 200,000.00 18,166.66 9.08 % 218,166.662,192.98200,000.00 200,000.00 18,166.66Revenue Total:9.08 % 218,166.662,192.98200,000.00 200,000.00 18,166.66Fund: 003 - Stabilization Fund Total:9.08 % Fund: 103 - Criminal Justice Revenue 00 - Revenues 220,432.6024,442.20244,600.00 244,600.00 -24,167.40 9.88 % 220,432.6024,442.20244,600.00 244,600.00 -24,167.40Revenue Total:9.88 % Expense 03 - Law Enforcement 270,433.2418,844.78591,400.00 591,400.00 320,966.76 54.27 % 270,433.2418,844.78591,400.00 591,400.00 320,966.76Expense Total:54.27 % -50,000.645,597.42-346,800.00 -346,800.00 296,799.36Fund: 103 - Criminal Justice Surplus (Deficit):85.58 % Fund: 104 - Special Investigative Unit Revenue 00 - Revenues 14,517.8510,255.794,000.00 4,000.00 10,517.85 262.95 % 14,517.8510,255.794,000.00 4,000.00 10,517.85Revenue Total:262.95 % Expense 03 - Law Enforcement 427.01316.122,080.00 2,080.00 1,652.99 79.47 % 427.01316.122,080.00 2,080.00 1,652.99Expense Total:79.47 % 14,090.849,939.671,920.00 1,920.00 12,170.84Fund: 104 - Special Investigative Unit Surplus (Deficit):-633.90 % Fund: 107 - Community Events Revenue 00 - Revenues 75,046.2413,747.19100,000.00 100,000.00 -24,953.76 24.95 % 75,046.2413,747.19100,000.00 100,000.00 -24,953.76Revenue Total:24.95 % OPERATIONAL FUNDS _______________________________________________________________________________________________________________________________________________________ Page 4 of 9 Budget Report For Fiscal: 2019 Period Ending: 08/31/2019 9/24/2019 11:40:25 AM Fiscal Activity Variance Favorable (Unfavorable) Period ActivityDepartment Current Total Budget Original Total Budget Percent Remaining Expense 01 - Finance 0.000.002,500.00 2,500.00 2,500.00 100.00 % 06 - Miscellaneous 40,273.3227,550.62100,000.00 100,000.00 59,726.68 59.73 % 07 - Administration 3,190.770.009,700.00 9,700.00 6,509.23 67.11 % 43,464.0927,550.62112,200.00 112,200.00 68,735.91Expense Total:61.26 % 31,582.15-13,803.43-12,200.00 -12,200.00 43,782.15Fund: 107 - Community Events Surplus (Deficit):358.87 % Fund: 108 - Paths & Trails Revenue 00 - Revenues 942.51123.431,000.00 1,000.00 -57.49 5.75 % 942.51123.431,000.00 1,000.00 -57.49Revenue Total:5.75 % 942.51123.431,000.00 1,000.00 -57.49Fund: 108 - Paths & Trails Total:5.75 % Fund: 109 - Real Estate Excise Tax Revenue 00 - Revenues 689,087.00103,007.30700,000.00 700,000.00 -10,913.00 1.56 % 689,087.00103,007.30700,000.00 700,000.00 -10,913.00Revenue Total:1.56 % Expense 06 - Miscellaneous 307,991.16261,846.491,634,713.00 1,634,713.00 1,326,721.84 81.16 % 307,991.16261,846.491,634,713.00 1,634,713.00 1,326,721.84Expense Total:81.16 % 381,095.84-158,839.19-934,713.00 -934,713.00 1,315,808.84Fund: 109 - Real Estate Excise Tax Surplus (Deficit):140.77 % Fund: 111 - Impact Mitigation Fee Revenue 00 - Revenues 309,327.3311,251.07140,000.00 140,000.00 169,327.33 120.95 % 309,327.3311,251.07140,000.00 140,000.00 169,327.33Revenue Total:120.95 % Expense 05 - Public Works 0.000.00335,285.00 335,285.00 335,285.00 100.00 % 0.000.00335,285.00 335,285.00 335,285.00Expense Total:100.00 % 309,327.3311,251.07-195,285.00 -195,285.00 504,612.33Fund: 111 - Impact Mitigation Fee Surplus (Deficit):258.40 % Fund: 206 - Bond Redemption Fund Revenue 00 - Revenues 302,424.98261,846.49757,383.00 757,383.00 -454,958.02 60.07 % 302,424.98261,846.49757,383.00 757,383.00 -454,958.02Revenue Total:60.07 % Expense 06 - Miscellaneous 302,424.98261,846.49459,376.00 459,376.00 156,951.02 34.17 % 302,424.98261,846.49459,376.00 459,376.00 156,951.02Expense Total:34.17 % 0.000.00298,007.00 298,007.00 -298,007.00Fund: 206 - Bond Redemption Fund Surplus (Deficit):100.00 % Fund: 401 - Water-Sewer Utilities Revenue 00 - Revenues 22,588.582,683.860.00 0.00 22,588.58 0.00 % 22,588.582,683.860.00 0.00 22,588.58Revenue Total:0.00 % Expense 05 - Public Works 2,000,000.000.002,000,000.00 2,000,000.00 0.00 0.00 % 2,000,000.000.002,000,000.00 2,000,000.00 0.00Expense Total:0.00 % -1,977,411.422,683.86-2,000,000.00 -2,000,000.00 22,588.58Fund: 401 - Water-Sewer Utilities Surplus (Deficit):1.13 % Fund: 411 - Water Operating Revenue 00 - Revenues 3,060,043.19357,124.134,074,100.00 4,074,100.00 -1,014,056.81 24.89 % 3,060,043.19357,124.134,074,100.00 4,074,100.00 -1,014,056.81Revenue Total:24.89 % Expense 05 - Public Works 1,736,737.12132,910.723,563,478.00 3,563,478.00 1,826,740.88 51.26 % 1,736,737.12132,910.723,563,478.00 3,563,478.00 1,826,740.88Expense Total:51.26 % 1,323,306.07224,213.41510,622.00 510,622.00 812,684.07Fund: 411 - Water Operating Surplus (Deficit):-159.16 % Page 5 of 9 Budget Report For Fiscal: 2019 Period Ending: 08/31/2019 9/24/2019 11:40:25 AM Fiscal Activity Variance Favorable (Unfavorable) Period Activity Current Total Budget Original Total Budget Percent RemainingDepartment Fund: 412 - Water Stabilization Revenue 00 - Revenues 100,613.06195.60100,000.00 100,000.00 613.06 0.61 % 100,613.06195.60100,000.00 100,000.00 613.06Revenue Total:0.61 % 100,613.06195.60100,000.00 100,000.00 613.06Fund: 412 - Water Stabilization Total:0.61 % Fund: 414 - Water Debt Service Revenue 00 - Revenues 7,551.500.0080,128.00 80,128.00 -72,576.50 90.58 % 7,551.500.0080,128.00 80,128.00 -72,576.50Revenue Total:90.58 % Expense 05 - Public Works 7,551.500.0080,128.00 80,128.00 72,576.50 90.58 % 7,551.500.0080,128.00 80,128.00 72,576.50Expense Total:90.58 % 0.000.000.00 0.00 0.00Fund: 414 - Water Debt Service Surplus (Deficit):0.00 % Fund: 421 - Storm Drainage Utility Revenue 00 - Revenues 1,234,122.54141,434.501,614,500.00 1,614,500.00 -380,377.46 23.56 % 1,234,122.54141,434.501,614,500.00 1,614,500.00 -380,377.46Revenue Total:23.56 % Expense 05 - Public Works 1,147,593.32219,983.661,989,521.00 1,989,521.00 841,927.68 42.32 % 1,147,593.32219,983.661,989,521.00 1,989,521.00 841,927.68Expense Total:42.32 % 86,529.22-78,549.16-375,021.00 -375,021.00 461,550.22Fund: 421 - Storm Drainage Utility Surplus (Deficit):123.07 % Fund: 422 - Storm Drainage Stabilization Revenue 00 - Revenues 166,711.86324.10165,000.00 165,000.00 1,711.86 1.04 % 166,711.86324.10165,000.00 165,000.00 1,711.86Revenue Total:1.04 % 166,711.86324.10165,000.00 165,000.00 1,711.86Fund: 422 - Storm Drainage Stabilization Total:1.04 % Fund: 424 - Storm Drainage Debt Service Revenue 00 - Revenues 177,763.84140,994.26177,764.00 177,764.00 -0.16 0.00 % 177,763.84140,994.26177,764.00 177,764.00 -0.16Revenue Total:0.00 % Expense 05 - Public Works 177,763.84140,994.26177,764.00 177,764.00 0.16 0.00 % 177,763.84140,994.26177,764.00 177,764.00 0.16Expense Total:0.00 % 0.000.000.00 0.00 0.00Fund: 424 - Storm Drainage Debt Service Surplus (Deficit):0.00 % Fund: 431 - Sewer Operating Revenue 00 - Revenues 4,439,562.02448,672.065,998,200.00 5,998,200.00 -1,558,637.98 25.99 % 4,439,562.02448,672.065,998,200.00 5,998,200.00 -1,558,637.98Revenue Total:25.99 % Expense 05 - Public Works 2,764,982.40264,638.826,413,629.00 6,413,629.00 3,648,646.60 56.89 % 2,764,982.40264,638.826,413,629.00 6,413,629.00 3,648,646.60Expense Total:56.89 % 1,674,579.62184,033.24-415,429.00 -415,429.00 2,090,008.62Fund: 431 - Sewer Operating Surplus (Deficit):503.10 % Fund: 432 - Sewer Stabilization Revenue 00 - Revenues 295,648.62574.78588,300.00 588,300.00 -292,651.38 49.75 % 295,648.62574.78588,300.00 588,300.00 -292,651.38Revenue Total:49.75 % 295,648.62574.78588,300.00 588,300.00 -292,651.38Fund: 432 - Sewer Stabilization Total:49.75 % Fund: 434 - Sewer Debt Service Revenue 00 - Revenues 551.500.0030,128.00 30,128.00 -29,576.50 98.17 % 551.500.0030,128.00 30,128.00 -29,576.50Revenue Total:98.17 % Page 6 of 9 Budget Report For Fiscal: 2019 Period Ending: 08/31/2019 9/24/2019 11:40:25 AM Fiscal Activity Variance Favorable (Unfavorable) Period ActivityDepartment Current Total Budget Original Total Budget Percent Remaining Expense 05 - Public Works 551.500.0030,128.00 30,128.00 29,576.50 98.17 % 551.500.0030,128.00 30,128.00 29,576.50Expense Total:98.17 % 0.000.000.00 0.00 0.00Fund: 434 - Sewer Debt Service Surplus (Deficit):0.00 % Fund: 500 - Equipment Rental and Revolving Revenue 00 - Revenues 1,849,780.4036,477.763,479,632.00 3,479,632.00 -1,629,851.60 46.84 % 1,849,780.4036,477.763,479,632.00 3,479,632.00 -1,629,851.60Revenue Total:46.84 % Expense 10 - ER&R 265,316.2849,823.351,481,822.00 1,481,822.00 1,216,505.72 82.10 % 265,316.2849,823.351,481,822.00 1,481,822.00 1,216,505.72Expense Total:82.10 % 1,584,464.12-13,345.591,997,810.00 1,997,810.00 -413,345.88Fund: 500 - Equipment Rental and Revolving Surplus (Deficit):20.69 % Report Surplus (Deficit):97,681.02 5,025,335.00-2,184,374.00 -2,184,374.00 7,209,709.00 330.06 % Page 7 of 9 9/24/2019 11:43:13 AM Budget Report City of Port Orchard Group Summary For Fiscal: 2019 Period Ending: 08/31/2019 Fiscal Activity Variance Favorable (Unfavorable) Period ActivityAccount Typ… Current Total Budget Original Total Budget Percent Remaining Fund: 302 - Capital Construction Revenue 296,421.621.68818,000.00 818,000.00 -521,578.38 63.76 % Expense 531,262.3124,646.94500,000.00 500,000.00 -31,262.31 -6.25 % -234,840.69-24,645.26318,000.00 318,000.00 -552,840.69Fund: 302 - Capital Construction Surplus (Deficit):173.85 % Fund: 304 - Street Capital Projects Revenue 3,784,609.47749,199.855,325,094.00 5,325,094.00 -1,540,484.53 28.93 % Expense 3,467,910.421,119,150.334,882,500.00 4,882,500.00 1,414,589.58 28.97 % 316,699.05-369,950.48442,594.00 442,594.00 -125,894.95Fund: 304 - Street Capital Projects Surplus (Deficit):28.44 % Fund: 403 - Water-Sewer Cumulative Reserve Revenue 11,624.901,337.344,867,000.00 4,867,000.00 -4,855,375.10 99.76 % Expense 4,867,000.000.004,867,000.00 4,867,000.00 0.00 0.00 % -4,855,375.101,337.340.00 0.00 -4,855,375.10Fund: 403 - Water-Sewer Cumulative Reserve Surplus (Deficit):0.00 % Fund: 413 - Water Capital Revenue 3,336,048.7015,580.105,968,000.00 5,968,000.00 -2,631,951.30 44.10 % Expense 1,426,503.708,388.754,050,000.00 4,050,000.00 2,623,496.30 64.78 % 1,909,545.007,191.351,918,000.00 1,918,000.00 -8,455.00 0.44 %Fund: 413 - Water Capital Surplus (Deficit): Fund: 423 - Storm Drainage Capital Facility Revenue 14,359.23999.71670,440.00 670,440.00 -656,080.77 97.86 % Expense 594,104.42253,653.21168,800.00 168,800.00 -425,304.42 -251.96 % -579,745.19-252,653.50501,640.00 501,640.00 -1,081,385.19Fund: 423 - Storm Drainage Capital Facil Surplus (Deficit):215.57 % Fund: 433 - Sewer Capital Revenue 3,090,946.8520,238.417,314,000.00 7,314,000.00 -4,223,053.15 57.74 % Expense 546,456.996,377.265,696,600.00 5,696,600.00 5,150,143.01 90.41 % 2,544,489.8613,861.151,617,400.00 1,617,400.00 927,089.86Fund: 433 - Sewer Capital Surplus (Deficit):-57.32 % Report Surplus (Deficit):-624,859.40 -899,227.074,797,634.00 4,797,634.00 -5,696,861.07 118.74 % CAPITAL PROJECTS ______________________________________________________________________________________________________________________________________________________ Page 8 of 9 Detail Report Date Range: 08/01/2019 - 08/31/2019 9/24/2019 11:59:22 AM Ending BalanceBeginning BalanceFund Total Activity 001 - Current Expense 5,594,065.63 5,574,298.17-19,767.46 002 - City Street Fund 558,644.79 500,346.01-58,298.78 003 - Stabilization Fund 1,149,120.33 1,151,313.312,192.98 103 - Criminal Justice 458,203.26 463,800.685,597.42 104 - Special Investigative Unit 81,611.86 91,551.539,939.67 107 - Community Events 180,631.97 166,828.54-13,803.43 108 - Paths & Trails 9,276.12 9,399.55123.43 109 - Real Estate Excise Tax 2,549,881.47 2,391,042.28-158,839.19 111 - Impact Mitigation Fee 1,738,144.38 1,749,395.4511,251.07 206 - Bond Redemption Fund 0.00 0.000.00 302 - Capital Construction 138,519.57 113,874.31-24,645.26 304 - Street Capital Projects 2,773,748.91 2,403,798.43-369,950.48 401 - Water-Sewer Utilities 1,415,462.95 1,418,146.812,683.86 403 - Water-Sewer Cumulative Reserve 712,714.67 714,052.011,337.34 411 - Water Operating 1,099,094.42 1,323,307.83224,213.41 412 - Water Stabilization 100,417.46 100,613.06195.60 413 - Water Capital 1,902,353.65 1,909,545.007,191.35 414 - Water Debt Service 0.00 0.000.00 421 - Storm Drainage Utility 1,756,889.72 1,678,340.56-78,549.16 422 - Storm Drainage Stabilization 166,387.76 166,711.86324.10 423 - Storm Drainage Capital Facil 642,611.24 389,957.74-252,653.50 424 - Storm Drainage Debt Service 0.00 0.000.00 431 - Sewer Operating 1,490,548.14 1,674,581.38184,033.24 432 - Sewer Stabilization 295,073.84 295,648.62574.78 433 - Sewer Capital 2,530,628.71 2,544,489.8613,861.15 434 - Sewer Debt Service 0.00 0.000.00 500 - Equipment Rental and Revolving 2,680,452.71 2,667,107.12-13,345.59 631 - Trust and Agency 8,517.95 10,341.781,823.83 632 - Wastewater Treatment Facil Fee 2,568,268.58 2,583,981.0815,712.50 Grand Total:32,601,270.09 32,092,472.97-508,797.12 CASH AND INVESTMENT FUND SUMMARY ________________________________________________________________________________________________________________________________________________________________________________ Page 9 of 9