Item 3B1 Financial ReportCity of Southlake Monthly Financial Report 1 4/11/2018
Reference
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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
March 2018
= Negative Variance of > 4% compared to seasonal trends.
Positive
City of Southlake Monthly Financial Report 2 4/11/2018
National GDP:
ECONOMIC INDICATORS
NATIONAL ECONOMY
FINANCIAL ACTIVITY2.90%
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 "third" estimated GDP for
the 4th quarter of 2017 increased at a rate of 2.9%.
In the 3rd quarter of 2017, GDP increased at a rate
of 3.2%.
The National Unemployment rate for March 2018
remained unchanged since October 2017 at 4.1%.
National:
5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUES
Housing Starts:
Housing starts in February 2018 were at a
seasonally adjusted rate of 902,000, which is 2.9%
above the revised January figure of 877,000.
2.9%
UNEMPLOYMENT RATES
4.1%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate increased to 3.7%(preliminary)
in February 2018, which is up from 3.6% in January
2018.
3.7%
State-wide:4.0%
The Texas Unemployment preliminary rate for
February 2018 remained unchanged at 4.0% from
December 2017 revised rate.
DFW Area:
$-
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
$160,000,000
2014*2015*2016*2017*2018*
Construction permit values*October-March
City of Southlake Monthly Financial Report 3 4/11/2018
FY 2018
REVENUE
FY 2018
EXPENDITURES VARIANCE
Oct 947,081$ 2,277,588$ (1,330,507)$
Nov 2,126,924$ 3,006,524$ (879,600)$
Dec 8,220,348$ 3,263,341$ 4,957,007$
Jan 14,149,731$ 2,862,951$ 11,286,780$
Feb 6,717,577$ 3,075,553$ 3,642,024$
Mar 1,907,095$ 3,391,432$ (1,484,337)$
Apr -$ -$ -$
May -$ -$ -$
Jun -$ -$ -$
Jul -$ -$ -$
Aug -$ -$ -$
Sep -$
Tot 34,068,756$ 17,877,389$ 16,191,367$
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 1,135,430$ 1,129,266$ 974,314$
Feb 1,055,400$ 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 6,422,162$ 14,876,208$ 14,365,925$
POSITIVE
CHART OUTLOOK:
The outlook for the year is positive as revenues are outpacing expenditures by $16.2M. The significant variance is due to the significant portion of property tax revenue collected 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 9.52% and 3.78% 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
$14,000,000
$16,000,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2018 REVENUE FY 2018 EXPENDITURES 2017 EXPEND.
City of Southlake Monthly Financial Report 4 4/11/2018
FY 2018 FY 2017 FY 2016
Oct 217,086$ 658,177$ 464,868$
Nov 1,832,023$ 1,237,982$ 823,517$
Dec 6,601,683$ 9,403,107$ 7,417,705$
Jan 12,435,268$ 8,618,274$ 5,574,670$
Feb 3,744,931$ 2,935,185$ 5,492,118$
Mar 196,116$ 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 25,027,107$ 22,913,591$ 21,139,884$
POSITIVE
FY 2018 FY 2017 FY 2016
Oct 126,131$ 88,905$ 189,142$
Nov 145,755$ 126,508$ 148,546$
Dec 87,701$ 140,123$ 184,995$
Jan 126,075$ 127,286$ 294,379$
Feb 199,087$ 75,535$ 104,000$
Mar 224,830$ 170,241$ 124,448$
Apr -$ 223,875$ 105,861$
May -$ 180,287$ 206,481$
Jun -$ 260,479$ 137,535$
Jul -$ 122,087$ 746,615$
Aug -$ 127,807$ 154,673$
Sep 170,209$ 199,578$
Tot 909,579$ 1,813,342$ 2,596,253$
Negative
2018 YTD property tax collections ($25,027,107)are comparable to 2017 YTD ($23,194,472)as of March.As indicated on the chart,the majority of the property tax revenue is collected in the first few months of the
fiscal year.
* Net transfer of TIF revenues to
TIF fund
The value of new construction permits ($78.1M+) issued for FY 2018 YTD is approximately 2.3% higher compared to FY 2017 and 41.9% lower compared to FY 2016.
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
$12,000,000
$14,000,000
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
$800,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2018 FY 2017 FY 2016
City of Southlake Monthly Financial Report 5 4/11/2018
FY 2018 YTD
(MARCH)
FY 2017 YTD
(MARCH)FY 2018 BUDGET
B
U
D FY 2018 % SPENT
438,899$ 437,574$ 929,833$ 47.20%
208,051$ 136,951$ 412,323$ 50.46%
2,849,682$ 2,865,069$ 5,988,558$ 47.59%
213,249$ 236,291$ 517,426$ 41.21%
7,918,780$ 7,588,142$ 16,758,466$ 47.25%
69,425$ 54,609$ 165,309$ 42.00%
1,203,206$ 1,105,206$ 2,280,080$ 52.77%
360,880$ 342,376$ 757,433$ 47.65%
904,227$ 840,613$ 1,900,345$ 47.58%
1,002,811$ 970,456$ 2,198,572$ 45.61%
1,989,388$ 2,116,337$ 5,078,247$ 39.17%
718,792$ 636,882$ 1,254,591$ 57.29%
17,877,390$ 17,330,506$ 38,241,183$ 46.75%20,363,793$
CHART OUTLOOK:
535,799$
3,088,859$
(18,504)$
1,195,761$ PDS
BUDGET VARIANCE
490,934$
3,138,876$
(32,355)$
126,949$
(81,910)$
(546,884)$
As indicated on the chart the 2018 expenditures are comparable to 2017 expenditures for the same period with an increase of 3.2%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
(1,325)$
15,387$
23,042$
(330,638)$
(14,816)$
(98,000)$
SS
Totals
PW
CMO
CS
COMM
(63,614)$
304,177$
8,839,686$
95,884$
1,076,874$
396,553$
996,118$
CSO
DPS
ED
FIN
HR
IT
DEPARTMENTAL EXPENDITURES SUMMARY
(71,100)$ 204,272$
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 (MARCH)FY 2017 YTD (MARCH)FY 2018 BUDGET