Item 3B2 Financial ReportReference
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GENERAL FUND
PositiveGeneral Fund Exp. Vs. Rev.
Sales Tax Revenue (2 months prior activity)
Property Tax Revenue
Positive
Positive Negative
Positive
Positive
PERFORMANCE INDICATORS
Positive
Warning
Permit Revenues
Positive Positive
Departmental Expenditures Summary Positive
= Negative variance of 1-4% compared to seasonal trends
= Positive variance or negative variance <1% compared to seasonal trends.
PERFORMANCE AT A GLANCE
Year to Date 3 year Trend
Negative
MONTHLY FINANCIAL REPORT
January 2018
= Negative Variance of > 4% compared to seasonal trends.
Positive
City of Southlake Monthly Financial Report 1 2/15/2018
National GDP:
ECONOMIC INDICATORS
NATIONAL ECONOMY
FINANCIAL ACTIVITY2.60%
GDP is defined as the output of goods and
services produced by labor and property located in
the United States, The Bureau of Labor and
Economic Analysis reported that the advanced
estimated GDP for the 4th quarter of 2017
increased at a rate of 2.6%. In the 3rd quarter of
2017, GDP increased at a rate of 3.2%.
The National Unemployment rate for December
2017 remained unchanged at 4.1% from
November 2017 but a decrease when compared to
December 2016 rate of 4.7%
National:
5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUES
Housing Starts:
Housing starts in December 2017 were at a
seasonally adjusted rate of 836,000, which is
13.4% below the previous month figure of
948,000, but 3.5% above the same month last
year.
3.5%
UNEMPLOYMENT RATES
4.1%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate decreased to
3.1%(preliminary) in December 2017, which is
down from 3.2% in November 2017.
3.1%
State-wide:3.9%
The Texas Unemployment rate for December 2017
increased to 3.9% from November 2017 rate of
3.8%
DFW Area:
$-
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
2014*2015*2016*2017*2018*
Construction permit values*October-January
City of Southlake Monthly Financial Report 2 2/15/2018
FY 2018
REVENUE
FY 2018
EXPENDITURES VARIANCE
Oct 947,081$ 2,277,588$ (1,330,507)$
Nov 2,126,924$ 3,006,524$ (879,600)$
Dec 8,220,348$ 3,258,012$ 4,962,336$
Jan 10,393,420$ 2,845,425$ 7,547,995$
Feb -$ -$ -$
Mar -$ -$ -$
Apr -$ -$ -$
May -$ -$ -$
Jun -$ -$ -$
Jul -$ -$ -$
Aug -$ -$ -$
Sep -$
Tot 21,687,773$ 11,387,549$ 10,300,224$
POSITIVE
FY 2018 FY 2017 FY 2016
Oct 1,214,148$ 1,198,502$ 1,156,634$
Nov 1,272,500$ 1,449,661$ 1,146,695$
Dec 1,744,684$ 1,556,737$ 1,585,931$
Jan -$ 1,129,266$ 974,314$
Feb -$ 853,929$ 1,000,216$
Mar -$ 1,326,630$ 1,323,293$
Apr -$ 1,195,811$ 1,080,997$
May -$ 1,185,530$ 1,174,498$
Jun -$ 1,243,537$ 1,356,021$
Jul -$ 1,155,660$ 1,096,917$
Aug 1,262,402$ 1,145,172$
Sep 1,318,543$ 1,325,236$
Tot 4,231,332$ 14,876,208$ 14,365,925$
POSITIVE
CHART OUTLOOK:
The outlook for the year is positive as revenues are outpacing expenditures by $10.3M.The significant variance is due to the significant portion of property tax revenue collected (over 85%)of the budgeted property
tax revenue which is the largest revenue source for the general fund.
Year to date sales tax collections continue to trend upward when compared with the 2 previous years.FY 2018 collections are 8.8%and 0.63%above FY 2016 and 2017,respectively.Staff will continue to closely
monitor collections.
GENERAL FUND REVENUE VS EXPENDITURES 2018
OVERALL FUND PERFORMANCE:
REVENUE ANALYSIS
GENERAL FUND SALES TAX 2018-2016 COMPARISON
CHART OUTLOOK:
GENERAL FUND
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
$2,000,000
FY 2018 FY 2017 FY 2016
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2018 REVENUE FY 2018 EXPENDITURES 2017 EXPEND.
City of Southlake Monthly Financial Report 3 2/15/2018
FY 2018 FY 2017 FY 2016
Oct 662,442$ 658,177$ 464,868$
Nov 1,229,364$ 1,237,982$ 823,517$
Dec 9,402,025$ 9,403,107$ 7,417,705$
Jan 8,601,048$ 8,618,274$ 5,574,670$
Feb -$ 2,935,185$ 5,492,118$
Mar -$ 341,747$ 321,686$
Apr -$ 161,330$ 156,576$
May -$ 111,591$ 237,873$
Jun -$ -$ 398,468$
Jul *-$ (614,593)$ (1,025,119)$
Aug -$ 44,839$ 48,916$
Sep 15,952$ 1,228,606$
Tot 19,894,879$ 22,913,591$ 21,139,884$
POSITIVE
FY 2018 FY 2017 FY 2016
Oct 112,311$ 81,765$ 182,901$
Nov 134,510$ 121,569$ 142,657$
Dec 80,016$ 133,374$ 177,164$
Jan 49,252$ 120,595$ 289,544$
Feb -$ 66,545$ 94,931$
Mar -$ 159,631$ 114,738$
Apr -$ 208,205$ 88,816$
May -$ 153,442$ 184,463$
Jun -$ 243,119$ 120,610$
Jul -$ 108,137$ 733,332$
Aug -$ 114,751$ 142,226$
Sep 154,374$ 188,683$
Tot 376,089$ 1,665,507$ 2,460,065$
Negative
2018 YTD property tax collections ($19,894,879)are comparable to 2017 YTD ($19,917,540)as of January.As indicated on the chart,the majority of the property tax revenue is collected in the first few months of the
fiscal year. As of January 2018, the city has collected 85.5% of budgeted property tax.
* Net transfer of TIF revenues to
TIF fund
The value of new construction permits ($38.9M+) issued for FY 2018 YTD is approximately 15.4% and 65.9% lower when compared to FY 2017 and FY 2016, respectively.
PERMIT REVENUE 2018-2016 COMPARISON
CHART OUTLOOK:
GENERAL FUND
REVENUE ANALYSIS (continued)
PROPERTY TAX 3 YEAR TREND
CHART OUTLOOK:
$(2,000,000)
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul *Aug
FY 2018 FY 2017 FY 2016
$-
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2018 FY 2017 FY 2016
City of Southlake Monthly Financial Report 4 2/15/2018
FY 2018 YTD
(JANUARY)
FY 2017 YTD
(JANUARY)FY 2018 BUDGET
B
U
D FY 2018 % SPENT
259,901$ 274,703$ 929,833$ 27.95%
142,460$ 71,441$ 412,323$ 34.55%
1,850,656$ 1,828,537$ 5,988,558$ 30.90%
138,277$ 142,338$ 517,426$ 26.72%
4,961,576$ 4,744,762$ 16,758,466$ 29.61%
44,770$ 35,612$ 165,309$ 27.08%
735,329$ 724,919$ 2,280,080$ 32.25%
209,281$ 206,433$ 757,433$ 27.63%
531,548$ 568,442$ 1,900,345$ 27.97%
609,864$ 604,641$ 2,198,572$ 27.74%
1,309,496$ 1,227,824$ 5,078,247$ 25.79%
594,391$ 501,658$ 1,254,591$ 47.38%
11,387,549$ 10,931,310$ 38,241,183$ 29.78%26,853,634$
CHART OUTLOOK:
660,200$
3,768,751$
(2,848)$
1,588,708$ PDS
BUDGET VARIANCE
669,932$
4,137,902$
(5,223)$
(81,672)$
(92,733)$
(456,239)$
As indicated on the chart the 2018 expenditures are comparable to 2017 expenditures for the same period with an increase of 4.1%primarily due to approved pay plan adjustments.The outlook is positive
expenditures are on pace to be below budgeted expenditures for the fiscal year.
FY 2017/2018 YTD
VARIANCE
14,802$
(22,119)$
4,061$
(216,814)$
(9,158)$
(10,410)$
SS
Totals
PW
CMO
CS
COMM
36,894$
379,149$
11,796,890$
120,539$
1,544,751$
548,152$
1,368,797$
CSO
DPS
ED
FIN
HR
IT
DEPARTMENTAL EXPENDITURES SUMMARY
(71,019)$ 269,863$
EXPENDITURE ANALYSIS
POSITIVE
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
$18,000,000
CMO COMM CS CSO DPS ED FIN HR IT PDS PW SS
FY 2018 YTD (JANUARY)FY 2017 YTD (JANUARY)FY 2018 BUDGET
City of Southlake Monthly Financial Report 5 2/15/2018