Item 3B1-September Financial ReportCity of Southlake Monthly Financial Report 1 10/10/2018
Reference
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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