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Item 3B1-September Financial ReportCity of Southlake Monthly Financial Report 1 10/10/2018 Reference Page 3 Page 3 Page 4 Page 4 Page 5 MONTHLY FINANCIAL REPORT September 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 2 10/10/2018 National GDP: ECONOMIC INDICATORS NATIONAL ECONOMY FINANCIAL ACTIVITY4.20% 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 2nd quarter of 2018 increased at a rate of 4.2%. In the 1st quarter of 2018, GDP increased at a rate of 2.2%. 5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUES Housing Starts: Housing starts in August 2018 were at a seasonally adjusted rate of 1,282,000, which is 09.4% above the revised July figure of 1,172,000. 9.4% UNEMPLOYMENT RATES 3.7% The Dallas/Fort Worth/Arlington Metropolitan Area unemployment rate remainded unchanged at 3.6%(preliminary) in August 2018. 3.6% State-wide:3.9% The Texas Unemployment preliminary rate for August 2018 dropped to 3.9% from 4.0% in August 2018. DFW Area: The National Unemployment rate for September 2018 decreased to 3.7% when compared to 3.9% in August 2018. National: $- $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 $300,000,000 $350,000,000 $400,000,000 $450,000,000 $500,000,000 2014*2015*2016*2017*2018* Construction permit values*October-July City of Southlake Monthly Financial Report 3 10/10/2018 FY 2018 REVENUE FY 2018 EXPENDITURES VARIANCE Oct 947,081$ 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 2,373,468$ 3,381,504$ (1,008,036)$ Jun 1,815,593$ 2,723,332$ (907,739)$ Jul *96,676$ 2,874,890$ (2,778,214)$ Aug 2,110,613$ 3,606,573$ (1,495,960)$ Sep 1,434,206$ 3,295,095$ (1,860,889)$ Tot 43,427,238$ 36,671,309$ 6,755,929$ 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 1,363,921$ 1,185,530$ 1,174,498$ Jun 1,292,089$ 1,243,537$ 1,356,021$ Jul 1,206,050$ 1,155,660$ 1,096,917$ Aug 1,265,360$ 1,262,402$ 1,145,172$ Sep 1,318,543$ 1,325,236$ Tot 13,897,025$ 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 $6.7M.At the end of the fiscal year, the excess revenue is transferred to the Strategic Initiative Fund and will assist with funding the approved Capital Improvement Plan and other approved initiatives. Year to date sales tax collections continue to trend upward when compared with the 2 previous years.FY 2018 collections are 6.57% and 2.5% above FY 2016 and 2017, respectively. Staff will continue to closely monitor collections. * Net transfer of TIF revenues to TIF 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 $16,000,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul *Aug Sep FY 2018 REVENUE FY 2018 EXPENDITURES 2017 EXPEND. City of Southlake Monthly Financial Report 4 10/10/2018 FY 2018 FY 2017 FY 2016 Oct 217,086$ 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 99,690$ 111,591$ 237,873$ Jun 426,191$ -$ 398,468$ Jul *(1,431,282)$ (614,593)$ (1,025,119)$ Aug -$ 44,839$ 48,916$ Sep 15,952$ 1,228,606$ Tot 24,224,237$ 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 98,364$ 180,287$ 206,481$ Jun 162,515$ 260,479$ 137,535$ Jul 168,508$ 122,087$ 746,615$ Aug 185,552$ 127,807$ 154,673$ Sep 223,441$ 170,209$ 199,578$ Tot 1,878,976$ 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 ($24,224,237)are comparable to 2017 YTD ($22,913,591)as of August.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 ($150.8M+) issued for FY 2018 YTD is approximately 7.4% and 54.9% lower compared to FY 2017 and FY 2016, respectively. Negative $(4,000,000) $(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 $800,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep FY 2018 FY 2017 FY 2016 City of Southlake Monthly Financial Report 5 10/10/2018 FY 2018 YTD (SEPTEMBER) FY 2017 YTD (SEPTEMBER)FY 2018 BUDGET B U D FY 2018 % SPENT 905,284$ 903,393$ 936,015$ 96.72% 395,077$ 322,080$ 417,229$ 94.69% 5,619,883$ 5,880,159$ 5,875,178$ 95.65% 437,009$ 551,664$ 491,786$ 88.86% 16,814,820$ 15,588,094$ 16,933,494$ 99.30% 146,457$ 109,402$ 164,274$ 89.15% 2,154,177$ 2,083,208$ 2,291,872$ 93.99% 730,057$ 691,262$ 746,258$ 97.83% 1,760,754$ 1,666,284$ 1,896,137$ 92.86% 2,086,271$ 1,997,606$ 2,194,527$ 95.07% 4,391,882$ 4,897,188$ 4,961,677$ 88.52% 1,229,914$ 1,052,750$ 1,329,756$ 92.49% 36,671,585$ 35,743,090$ 38,238,203$ 95.90% EXPENDITURE ANALYSIS POSITIVE (94,470)$ 54,777$ 118,674$ 17,817$ 137,695$ 16,201$ 135,383$ CSO DPS ED FIN HR IT DEPARTMENTAL EXPENDITURES SUMMARY (72,997)$ 22,152$ BUDGET VARIANCE 30,731$ 255,295$ (88,665)$ 505,306$ (177,164)$ (928,495)$ As indicated on the chart the 2018 expenditures are comparable to 2017 expenditures for the same period with an increase of 2.6%primarily due to approved pay plan adjustments.The outlook is positive expenditures are below budgeted expenditures for the fiscal year. FY 2017/2018 YTD VARIANCE (1,891)$ 260,276$ 114,655$ (1,226,726)$ (37,055)$ (70,969)$ SS Totals PW CMO CS COMM 1,566,618$ CHART OUTLOOK: 99,842$ 569,795$ (38,795)$ 108,256$ 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 (SEPTEMBER)FY 2017 YTD (SEPTEMBER)FY 2018 BUDGET