Item 3B2 - March 2019 Financial ReportReference
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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 2019
= Negative Variance of > 4% compared to seasonal trends.
Positive
City of Southlake Monthly Financial Report 1 4/10/2019
National GDP:
ECONOMIC INDICATORS
NATIONAL ECONOMY
FINANCIAL ACTIVITY2.20%
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 "thirdl"
estimated GDP for the 4th quarter of 2018
increased at a rate of 2.2%. In the 3rd quarter of
2018, GDP increased at a rate of 3.4%.
The National Unemployment rate for March
remains unchanged at 3.8% from February 2019.
National:
5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUES
Housing Starts:
Housing starts in February 2019 were at a
seasonally adjusted rate of 1,162,000, which is
8.7% below the revised January figure of
1,273,000, but 9.9% below the same month last
year.
-8.7%
UNEMPLOYMENT RATES
3.8%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate for February 2019 decreased
to 3.6% (preliminary) when compared to 3.9% in
January 2019.
3.6%
State-wide:3.8%
The Texas Unemployment rate for February 2019
remains unchanged at 3.8% (preliminary) when
compared to January 2019.
DFW Area:
$-
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
$160,000,000
2015*2016*2017*2018*2019*
Construction permit values*October-March
City of Southlake Monthly Financial Report 2 4/10/2019
FY 2019
REVENUE
FY 2019
EXPENDITURE VARIANCE
Oct 1,961,498$ 2,322,392$ (360,894)$
Nov 2,186,077$ 3,557,416$ (1,371,339)$
Dec 12,013,491$ 6,156,232$ 5,857,259$
Jan 11,895,339$ 2,736,019$ 9,159,320$
Feb 6,213,131$ 3,254,819$ 2,958,312$
Mar 1,843,672$ 3,502,477$ (1,658,805)$
Apr -$ -$ -$
May -$ -$ -$
Jun -$ -$ -$
Jul -$ -$ -$
Aug -$ -$ -$
Sep -$
Tot 36,113,208$ 21,529,355$ 14,583,853$
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 1,613,337$ 1,744,684$ 1,556,737$
Jan 1,030,047$ 1,135,430$ 1,129,266$
Feb 1,094,354$ 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 6,131,594$ 15,124,646$ 14,876,208$
CHART OUTLOOK:
The outlook for the year is positive as revenues are outpacing expenditures by $14.6M.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 are trending below the 2 previous years with the largest variance in the first quarter (October-December)which is primarily related to construction and a few retailers trending in the
red.The decline for January sales is largely related to an audit adjustment from the comptroller for various businesses.YTD the FY 2019 collections are 0.9%and 4.5%below FY 2017 and 2018,respectively.Staff
will continue to closely monitor collections.
Warning
GENERAL FUND REVENUE VS EXPENDITURES 2019
OVERALL FUND PERFORMANCE:
REVENUE ANALYSIS
GENERAL FUND SALES TAX 2019-2017 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
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2019 REVENUE FY 2019 EXPENDITURE 2018 EXPEND.
City of Southlake Monthly Financial Report 3 4/10/2019
FY 2019 FY 2018 FY 2017
Oct 1,151,812$ 217,086$ 658,177$
Nov 1,552,708$ 1,832,023$ 1,237,982$
Dec 10,397,278$ 6,601,683$ 9,403,107$
Jan 9,985,201$ 12,435,268$ 8,618,274$
Feb 3,385,436$ 3,744,931$ 2,935,185$
Mar 359,449$ 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 26,831,884$ 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 160,859$ 87,701$ 133,374$
Jan 121,526$ 126,075$ 120,595$
Feb 121,533$ 199,087$ 66,545$
Mar 186,152$ 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 751,192$ 1,878,976$ 1,665,507$
Negative
2019 YTD property tax collections ($26,831,884)are approximately 7.2%higher than 2018 YTD ($25,027,107)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 ($54.5M+) issued for FY 2019 YTD is approximately 30.1% and 28.6% 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
$300,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2019 FY 2018 FY 2017
City of Southlake Monthly Financial Report 4 4/10/2019
FY 2019 YTD
(MARCH)
FY 2018 YTD
(MARCH)FY 2019 BUDGET
B
U
D FY 2019 % SPENT
461,443$ 438,899$ 975,301$ 47.31%
223,448$ 208,051$ 451,642$ 49.47%
2,649,444$ 2,849,682$ 5,962,023$ 44.44%
222,764$ 213,249$ 525,624$ 42.38%
8,298,655$ 7,918,780$ 17,814,605$ 46.58%
61,030$ 69,425$ 141,254$ 43.21%
1,247,041$ 1,203,206$ 2,443,295$ 51.04%
353,783$ 360,880$ 820,876$ 43.10%
1,164,363$ 904,227$ 2,118,827$ 54.95%
1,042,372$ 1,002,811$ 2,275,733$ 45.80%
2,032,076$ 1,989,388$ 4,925,899$ 41.25%
772,935$ 718,792$ 1,429,329$ 54.08%
18,529,354$ 17,877,390$ 39,884,408$ 46.46%21,355,054$
CHART OUTLOOK:
656,394$
2,893,823$
7,097$
1,233,361$ PDS
BUDGET VARIANCE
513,858$
3,312,579$
(39,561)$
(42,688)$
(54,143)$
(651,964)$
As indicated on the chart the 2019 expenditures are comparable to 2018 expenditures for the same period with an increase of 3.65%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 2018/2019 YTD
VARIANCE
(22,544)$
200,238$
(9,515)$
(379,875)$
8,395$
(43,835)$
SS
Totals
PW
CMO
CS
COMM
(260,136)$
302,860$
9,515,950$
80,224$
1,196,254$
467,093$
954,464$
CSO
DPS
ED
FIN
HR
IT
DEPARTMENTAL EXPENDITURES SUMMARY
(15,397)$ 228,194$
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 (MARCH)FY 2018 YTD (MARCH)FY 2019 BUDGET
City of Southlake Monthly Financial Report 5 4/10/2019