Item 3B2 May Financial ReportReference
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MONTHLY FINANCIAL REPORT
May 2018
= Negative Variance of > 4% compared to seasonal trends.
Positive
Negative
PERFORMANCE AT A GLANCE
Year to Date 3 year Trend
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.
GENERAL FUND
PositiveGeneral Fund Exp. Vs. Rev.
Sales Tax Revenue (2 months prior activity)
Property Tax Revenue
Positive
Positive Warning
Positive
City of Southlake Monthly Financial Report 1 6/13/2018
National GDP:
Housing Starts:
Housing starts in April 2018 were at a seasonally
adjusted rate of 894,000, which is .11% above the
revised March figure of 893,000.
0.1%
UNEMPLOYMENT RATES
3.8%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate decreased to 3.4%(preliminary)
in April 2018, which is down from 3.7% in March.
3.4%
State-wide:4.1%
The Texas Unemployment preliminary rate for April
2018 increased slightly to 4.1% from March 2018
rate of 4.0% but a decreased when compared to
April 2017 rate of 4.5%.
DFW Area:
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 "second" estimated GDP
for the 1st quarter of 2018 increased at a rate of
2.2%. In the 4th quarter of 2017, GDP increased at
a rate of 2.9%.
The National Unemployment rate for May 2018
decreased to 3.8% from April 2018 rate of 3.9%.
National:
5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUES
$-
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
$160,000,000
$180,000,000
$200,000,000
2014*2015*2016*2017*2018*
Construction permit values*October-May
City of Southlake Monthly Financial Report 2 6/13/2018
FY 2018
REVENUE
FY 2018
EXPENDITURES VARIANCE
Oct 947,081$ 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 1,923,331$ 3,407,987$ (1,484,656)$
Apr 1,511,690$ 2,895,971$ (1,384,281)$
May 2,244,037$ 3,361,820$ (1,117,783)$
Jun -$ -$ -$
Jul -$ -$ -$
Aug -$ -$ -$
Sep -$
Tot 37,840,719$ 24,151,735$ 13,688,984$
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 1,251,079$ 1,326,630$ 1,323,293$
Apr 1,096,365$ 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 8,769,606$ 14,876,208$ 14,365,925$
POSITIVE
GENERAL FUND REVENUE VS EXPENDITURES 2018
OVERALL FUND PERFORMANCE:
REVENUE ANALYSIS
GENERAL FUND SALES TAX 2018-2016 COMPARISON
CHART OUTLOOK:
GENERAL FUND
CHART OUTLOOK:
The outlook for the year is positive as revenues are outpacing expenditures by $13.7M.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 6.07%and 0.68%above FY 2016 and 2017,respectively.Staff will continue to closely
monitor collections and make the necessary amendments during the budget process.
$-
$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
$16,000,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2018 REVENUE FY 2018 EXPENDITURES 2017 EXPEND.
City of Southlake Monthly Financial Report 3 6/13/2018
FY 2018 FY 2017 FY 2016
Oct 217,086$ 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 102,531$ 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 25,129,638$ 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 229,059$ 170,241$ 124,448$
Apr 126,788$ 223,875$ 105,861$
May 102,143$ 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 1,142,739$ 1,813,342$ 2,596,253$
PERMIT REVENUE 2018-2016 COMPARISON
CHART OUTLOOK:
GENERAL FUND
REVENUE ANALYSIS (continued)
PROPERTY TAX 3 YEAR TREND
CHART OUTLOOK:
2018 YTD property tax collections ($25,129,638)are comparable to 2017 YTD ($23,467,393)as of May.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 ($98.9M+) issued for FY 2018 YTD is approximately 2.02% higher compared to FY 2017 and 36.43% lower compared to FY 2016.
Negative
$(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
$800,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2018 FY 2017 FY 2016
City of Southlake Monthly Financial Report 4 6/13/2018
FY 2018 YTD
(MAY)
FY 2017 YTD
(MAY)FY 2018 BUDGET
B
U
D FY 2018 % SPENT
587,040$ 576,165$ 929,833$ 63.13%
273,491$ 184,242$ 412,323$ 66.33%
3,864,842$ 3,887,616$ 5,988,558$ 64.54%
281,918$ 327,911$ 517,426$ 54.48%
10,847,614$ 10,180,692$ 16,758,466$ 64.73%
92,483$ 70,341$ 165,309$ 55.95%
1,493,271$ 1,401,833$ 2,280,080$ 65.49%
484,739$ 455,415$ 757,433$ 64.00%
1,173,401$ 1,126,271$ 1,900,345$ 61.75%
1,332,865$ 1,271,420$ 2,198,572$ 60.62%
2,830,873$ 2,835,703$ 5,078,247$ 55.75%
891,039$ 751,911$ 1,254,591$ 71.02%
24,153,576$ 23,069,520$ 38,241,183$ 63.16%
EXPENDITURE ANALYSIS
POSITIVE
(47,130)$
235,508$
5,910,852$
72,826$
786,809$
272,694$
726,944$
CSO
DPS
ED
FIN
HR
IT
DEPARTMENTAL EXPENDITURES SUMMARY
(89,249)$ 138,832$
BUDGET VARIANCE
342,793$
2,123,716$
(61,445)$
4,830$
(139,128)$
(1,084,056)$
As indicated on the chart the 2018 expenditures are comparable to 2017 expenditures for the same period with an increase of 4.7%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
(10,875)$
22,774$
45,993$
(666,922)$
(22,142)$
(91,438)$
SS
Totals
PW
CMO
CS
COMM
14,087,607$
CHART OUTLOOK:
363,552$
2,247,374$
(29,324)$
865,707$ PDS
$-
$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 (MAY)FY 2017 YTD (MAY)FY 2018 BUDGET
City of Southlake Monthly Financial Report 5 6/13/2018