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07/19/2022 - Packet
Port Orchard Council Finance Committee July 19, 2022 5:00 pm Join Zoom Meeting https://us02web.zoom. us/j/84480729546 Meeting ID; 844 8072 9546 +12532158782„84480729543# US (Tacoma) 1) Water Utility Rate Discussion 2) Finance Report a. Sales Tax Revenue Report b. Fund Balances c. Monthly Budget Report PW Operating, Jacki Brown Katy Isaksen & Associates Finance Director, Noah Crocker 3) Current 2021-2022 Budget a. Re -appropriation Contracts DCD Director, Nick Bond b. Re -appropriation Water Main PW Operating, Jacki Brown 4) 2023-2024 Budget Finance Director, Noah Crocker a. Sales Tax Revenue Assumption i. 5-year Average ii. 3-year Average iii. 2-Year Average 5) Park Impact Fee Other Items to come before the Committee. Schedule Next Meeting Date Role of the Finance Committee DCD Director, Nick Bond 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 Population Summary of Budget to Actuals dw Biennial Budget Actual 6,735,000 5,340,000 12,075,000 6,801,337 3,591,352 10,392,689 Over/Under $ 66,337 $ (1,748,648) $ (1,682,311) Actuals 2021 Biennial January February March April May June July August September October November December $ 502,448 $ 625,058 481,233 456,673 603,566 590,896 605,455 621,368 603,523 $ 572,116 598,570 540,431 543,145 626,678 524,545 548,118 665,944 682,922 $ 1,045,593 $ 1,251,736 $ 1,005,778 $ 1,004,791 $ 1,269,510 $ 1,273,818 $ 605,455 $ 621,368 $ 603,523 $ 572,116 $ 598,570 $ 540,431 Total $ 6,801,337 $ 3,591,352 $ 10,392,689 Percentage of Biennial Budget Received 86% Actuals Year over Year % Change Change $ 40,697 8.10% $ 1,621 0.26% $ 43,311 9.00% $ 91,445 20.02% $ 62,378 10.33% $ 92,026 15.57% $ 331,478 10.17% Real Estate Excise Tax (REET) Collections Summary of Budget to 2021 2022 Biennial Actuals Budget $ 1,550,000 $ 700,000 $ 2,250,000 Actual 2,049,121 921,903 2,971,024 Over/Under $ 499,121 $ 221,903 $ 721,024 132% 132% Actuals 2021 2022 Biennial January February March April May June July August September October November December $ $ $ $ $ $ $ $ $ $ $ $ 73,375 $ 220,864 167,145 178,846 112,705 144,431 505,628 141,915 221,545 89,233 96,061 97,373 82,213 166,226 204,469 126,410 151,824 190,761 $ 155,589 $ 387,090 $ 371,615 $ 305,255 $ 264,529 $ 335,192 $ 505,628 $ 141,915 $ 221,545 $ 89,233 $ 96,061 $ 97,373 Total $ 2,049,121 $ 921,903 $ 2,971,024 Percentage of Biennial Budget Received 132% Actuals Year over Year % Change Change $ 8,838 12.05% $ (54,637) -24.74% $ 37,324 22.33% $ (52,436) -29.32% $ 39,119 34.71 % $ 46,329 32.08% $ 24,537 2.73% Budget 2022 estimated Budget vs Actual % based on Syr avg (Over/Under) Over/Under $ 406,968 $ 136,177 33.5% $ 502,112 $ 124,566 24.8% $ 373,269 $ 151,276 40.5% $ 354,303 $ 193,815 54.7% $ 437,214 $ 228,729 52.3% $ 426,421 $ 256,501 60.2% $ 475,696 #VALUE! $ 496,582 #VALUE! $ 471,982 #VALUE! $ 469,230 #VALUE! $ 483,873 #VALUE! $ 442,349 #VALUE! $ 5,340,000 1 $ 1,091,0651 43.64% Budget 2022 estimated Budget vs Actual % based on Syr avg 16, (Over/Under) Over/Under $ 31,470 $ 50,743 161.2% $ 46,256 $ 119,970 259.4% $ 73,672 $ 130,797 177.5% $ 51,067 $ 75,343 147.5% $ 44,319 $ 107,505 242.6% $ 56,273 $ 134,488 239.0% $ 96,186 #VALUE! $ 55,941 #VALUE! $ 71,062 #VALUE! $ 58,905 #VALUE! $ 42,640 #VALUE! $ 72,210 #VALUE! $ 700,000 $ 618,846 204% � ORCHARD Finance Co itte 2023-2024 Budge Sales Tax Discussio 07.19.2022 Note: This is intended to illustrate the project estimates and potential funding sou Fiscal Year Growth Rate 2017 2018 8% 2019 5% 2020 8% 2021 18% 2022 5% Sales Tax Revenue History (5+ Current Year) $8,000,000 $ 7,000, 000 $ 6,000, 000 $ 5, 000, 000 $ 4,000, 000 $ 3, 000, 000 $ 2,000, 000 $1,000, 000 $4,725,746 2017 Sales Tax Collections $6,801,337 $ $5,763,046 $5,088,978 $5,344,307 - 2018 2019 2020 2021 2022 Sales Tax Scenarios for 2023-2024 Biennial Budget Scenarios Requested: FY 2023 FY2024 ► 5-Year Average+ 5% Growth ► 3-Year Average+ 5% Growth ► 2-Year Average+ 5% Growth ► Flat + 5% Growth $6,026,096 $6,565,732 $679679075 $7,132,814 $6,327,4C $6.9894,01 $7,315,4� $7,489,4! Sales Tax History and 2023-2024 Biennial Budget Assumptions $8,000, 000 $7,000,000 $6,000,000 $5,000, 000 $4,000, 000 $3,000,000 $2,000,000 $1,000, 000 Sales Tax History + Budget Assumption 201Y 2018 2019 2020 2021 2022 2023 2024 ■ Actual ■ 5-yr Avg ■ 3-yr Avg ■ 2-yr Avg ■ Flat In