Item 3 Financial ReportCity of Southlake Monthly Financial Report 1 1/10/2019
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
November 2018
= Negative Variance of > 4% compared to seasonal trends.
Positive
City of Southlake Monthly Financial Report 2 1/10/2019
National GDP:
ECONOMIC INDICATORS
NATIONAL ECONOMY
FINANCIAL ACTIVITY3.40%
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 3rd quarter of 2018
increased at a rate of 3.4%. In the 2nd quarter of
2018, GDP increased at a rate of 4.2%.
The National Unemployment rate for November
2018 remained unchanged at 3.7% from October
2018 but a decrease when compared to
November 2017 rate of 4.1%
National:
5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUES
Housing Starts:
Housing starts in November 2018 were at a
seasonally adjusted rate of 1,256,000, which is
3.2% below the previous month figure of
1,217,000, but 3.6% below the same month last
year.
3.2%
UNEMPLOYMENT RATES
3.7%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate remanded unchanged at
3.2%(preliminary) in November 2018 from
October 2018.
3.2%
State-wide:3.7%
The Texas Unemployment rate for November
2018 remained unchanged from October 2018 at
3.7%.
DFW Area:
$-
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
2015*2016*2017*2018*2019*
Construction permit values*October-November
City of Southlake Monthly Financial Report 3 1/10/2019
FY 2019
REVENUE
FY 2019
EXPENDITURE VARIANCE
Oct 1,961,498$ 2,322,392$ (360,894)$
Nov 2,186,077$ 3,321,995$ (1,135,918)$
Dec -$ -$ -$
Jan -$ -$ -$
Feb -$ -$ -$
Mar -$ -$ -$
Apr -$ -$ -$
May -$ -$ -$
Jun -$ -$ -$
Jul -$ -$ -$
Aug -$ -$ -$
Sep -$
Tot 4,147,575$ 5,644,387$ (1,496,812)$
POSITIVE
FY 2019 FY 2018 FY 2017
Oct 1,253,417$ 1,214,148$ 1,198,502$
Nov 1,140,440$ 1,272,500$ 1,449,661$
Dec -$ 1,744,684$ 1,556,737$
Jan -$ 1,135,430$ 1,129,266$
Feb -$ 1,055,400$ 853,929$
Mar -$ 1,251,079$ 1,326,630$
Apr -$ 1,096,365$ 1,195,811$
May -$ 1,363,921$ 1,185,530$
Jun -$ 1,292,089$ 1,243,537$
Jul -$ 1,206,050$ 1,155,660$
Aug 1,265,360$ 1,262,402$
Sep $1,227,621 1,318,543$
Tot 2,393,856$ 15,124,646$ 14,876,208$
POSITIVE
CHART OUTLOOK:
The outlook for the year is positive as overall revenues and expenditures are on target with budget. The expenditures are outpacing revenues by $1.5M. The significant variance is due to the significant portion of
property tax revenue will be collected in late December and January.
Year to date sales tax collections are trending below the 2 previous years with the largest variance compared to FY 2017 which is primarily related to construction that occurred in FY 2017.FY 2019 collections are
9.6% and 3.7% below FY 2017 and 2018, respectively. Staff will continue to closely monitor collections.
GENERAL FUND REVENUE VS EXPENDITURES 2019
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 2019 FY 2018 FY 2017
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2019 REVENUE FY 2019 EXPENDITURE 2018 EXPEND.
City of Southlake Monthly Financial Report 4 1/10/2019
FY 2019 FY 2018 FY 2017
Oct 1,151,812$ 217,086$ 658,177$
Nov 1,552,708$ 1,832,023$ 1,237,982$
Dec -$ 6,601,683$ 9,403,107$
Jan -$ 12,435,268$ 8,618,274$
Feb -$ 3,744,931$ 2,935,185$
Mar -$ 196,116$ 341,747$
Apr -$ 102,531$ 161,330$
May -$ 99,690$ 111,591$
Jun -$ 426,191$ -$
Jul *-$ (1,431,282)$ (614,593)$
Aug -$ -$ 44,839$
Sep 70,888$ 15,952$
Tot 2,704,520$ 24,295,125$ 22,913,591$
POSITIVE
FY 2019 FY 2018 FY 2017
Oct 85,534$ 126,131$ 81,765$
Nov 75,588$ 145,755$ 121,569$
Dec -$ 87,701$ 133,374$
Jan -$ 126,075$ 120,595$
Feb -$ 199,087$ 66,545$
Mar -$ 229,059$ 159,631$
Apr -$ 126,788$ 208,205$
May -$ 98,364$ 153,442$
Jun -$ 162,515$ 243,119$
Jul -$ 168,508$ 108,137$
Aug -$ 185,552$ 114,751$
Sep 223,441$ 154,374$
Tot 161,122$ 1,878,976$ 1,665,507$
Negative
2019 YTD property tax collections ($2,704,520) are approximately 32% higher than 2018 YTD ($2,049,109) as of November.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 ($14.4M+) issued for FY 2019 YTD is approximately 37.6% and 30.9% lower when compared to FY 2018 and FY 2017 respectively.
PERMIT REVENUE 2018-2016 COMPARISON
CHART OUTLOOK:
GENERAL FUND
REVENUE ANALYSIS (continued)
PROPERTY TAX 3 YEAR TREND
CHART OUTLOOK:
$(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 2019 FY 2018 FY 2017
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2019 FY 2018 FY 2017
City of Southlake Monthly Financial Report 5 1/10/2019
FY 2019 YTD
(NOVEMBER)
FY 2018 YTD
(NOVEMBER)FY 2019 BUDGET FY 2018 % SPENT
129,354$ 124,449$ 975,301$ 13.26%
85,276$ 88,634$ 451,642$ 18.88%
737,888$ 900,644$ 5,962,023$ 12.38%
62,008$ 64,336$ 525,624$ 11.80%
2,384,384$ 2,095,520$ 17,814,605$ 13.38%
20,223$ 22,479$ 141,254$ 14.32%
456,236$ 263,613$ 2,443,295$ 18.67%
90,808$ 84,073$ 820,876$ 11.06%
289,158$ 295,350$ 2,118,827$ 13.65%
310,538$ 285,056$ 2,275,733$ 13.65%
535,341$ 598,096$ 4,925,899$ 10.87%
543,174$ 461,864$ 1,429,329$ 38.00%
5,644,388$ 5,284,114$ 39,884,408$ 14.15%34,240,020$
CHART OUTLOOK:
886,155$
4,390,558$
(6,735)$
1,965,195$ PDS
BUDGET VARIANCE
845,947$
5,224,135$
(25,482)$
62,755$
(81,310)$
(360,274)$
As indicated on the chart the 2019 expenditures are comparable to 2018 expenditures for the same period with an increase of 6.8%primarily due to approved pay plan adjustments and the annual Tarrant County
payment was made in November of the current year as opposed to December in the prior year. The outlook is positive expenditures are on pace to be below budgeted expenditures for the fiscal year.
FY 2018/2019 YTD
VARIANCE
(4,905)$
162,756$
2,328$
(288,864)$
2,256$
(192,623)$
SS
Totals
PW
CMO
CS
COMM
6,192$
463,616$
15,430,221$
121,031$
1,987,059$
730,068$
1,829,669$
CSO
DPS
ED
FIN
HR
IT
DEPARTMENTAL EXPENDITURES SUMMARY
3,358$ 366,366$
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
$18,000,000
CMO COMM CS CSO DPS ED FIN HR IT PDS PW SS
FY 2019 YTD (NOVEMBER)FY 2018 YTD (NOVEMBER)FY 2019 BUDGET
City of Southlake Monthly Financial Report 6 1/10/2019
City of Southlake Monthly Financial Report 7 1/10/2019
City of Southlake Monthly Financial Report 8 1/10/2019
(1,282,408.00)
20,353,110$
242,341$
879298
1163986
($7,150,326)
14308537.39
20283440
0.705429522
(8,298.74) (8,353.09)
- (27,481.89)
(23,111.68) 802,831.10
City of Southlake Monthly Financial Report 9 1/10/2019
- (534,160.77)
801,356.39 (112,622.50)
- (164,832.90)
(365,712.81)
-
140,146 (9,621) 130,524.11
(33,166) (15,750) (48,915.70)
(325,717) (8,294) (334,011.14)
(398,468) (398,467.54)
(230,273) (7,599) (237,872.78)
(157,496) 920 (156,575.74)
(322,545) 859 (321,686.48)
(5,493,908) 1,791 (5,492,117.84)
(5,557,444) (17,226) (5,574,669.85)
(7,416,622) (1,082) (7,417,704.66)
(814,899) (8,618) (823,517.49)
(469,133) 4,265 (464,867.99)
(19,446,456.83)
Sep-11 40,422.00
71820 135,763.00
City of Southlake Monthly Financial Report 10 1/10/2019
accrued payroll
290,792.71$ dps
CMO 117,013 81,798.17$
16,965.54$ cso CS 1,086,123 931,440.92$
35,214.83$ cmo CSO 69,895 52,929.46$
21,289.27$ hr DPS 2,194,306 1,903,513.29$
1,000.17$ comm ED 36,570 29,256.68$
27,499.66$ it FIN 438,732 368,599.22$
7,313.32$ ed HR 67,421 46,131.73$
79,304.40$ plan IT 327,252 299,752.34$
70,132.78$ fin PDS 315,605 236,300.60$
96,127.44$ pw PW 604,945 507,817.39$
154,682.08$ com svc SS 365,472 365,472
14.15%
800,322.35$ 5,623,334 4,823,012
800322.2121
(235,420)$ 0
-6.82%
(0.14)$ (0.07)
7313.318571 facilities
1983219
(6,308,531)$
(5,508,208.65)$