Item 3B1 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
May 2019
= Negative Variance of > 4% compared to seasonal trends.
Warning
City of Southlake Monthly Financial Report 1 6/11/2019
National GDP:
ECONOMIC INDICATORS
NATIONAL ECONOMY
FINANCIAL ACTIVITY3.10%
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
estimate" estimated GDP for the 1st quarter of
2019 increased at a rate of 3.1%. In the 4th quarter
of 2018, GDP increased at a rate of 2.2%.
The National Unemployment rate for May 2019
remains unchanged at 3.6% when compared to
April 2019.
National:
5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUES
Housing Starts:
Housing starts in April 2019 were at a seasonally
adjusted rate of 1,235,000, which is 5.7% above
the revised March figure of 1,267,000, but 2.5%
below the same month last year.
5.7%
UNEMPLOYMENT RATES
3.6%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate for April 2019 decreased to
2.8% (preliminary) when compared to 3.3% in
March 2019.
2.8%
State-wide:3.7%
The Texas Unemployment rate for April 2019
decreased to 3.7% (preliminary) when compared to
3.8% in March 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
$180,000,000
$200,000,000
2015*2016*2017*2018*2019*
Construction permit values*October-May
City of Southlake Monthly Financial Report 2 6/11/2019
FY 2019
REVENUE
FY 2019
EXPENDITURE VARIANCE
Oct 1,961,498$ 2,322,392$ (360,894)$
Nov 2,186,077$ 3,557,416$ (1,371,339)$
Dec 12,013,491$ 3,156,232$ 8,857,259$
Jan 11,895,339$ 2,736,019$ 9,159,320$
Feb 6,213,131$ 3,254,819$ 2,958,312$
Mar 1,920,968$ 3,502,477$ (1,581,509)$
Apr 1,984,450$ 2,790,729$ (806,279)$
May 2,861,030$ 3,282,439$ (421,409)$
Jun -$ -$ -$
Jul -$ -$ -$
Aug -$ -$ -$
Sep -$
Tot 41,035,984$ 24,602,523$ 16,433,461$
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 1,321,691$ 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 7,453,285$ 15,124,646$ 14,876,208$
CHART OUTLOOK:
The outlook for the year is positive as revenues are outpacing expenditures by $16.4M.The significant variance is due to property tax revenue is the largest revenue source for the general fund and property taxes are
due in January which is early in the fiscal year.
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 0.8%and 2.9%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
$14,000,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2019 REVENUE FY 2019 EXPENDITURE 2018 EXPEND.
City of Southlake Monthly Financial Report 3 6/11/2019
FY 2019 FY 2018 FY 2017
Oct 1,151,812$ 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 395,710$ 196,116$ 341,747$
Apr 156,647$ 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 27,024,792$ 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 111,970$ 126,788$ 208,205$
May 586,166$ 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 1,449,328$ 1,878,976$ 1,665,507$
Warning
2019 YTD property tax collections ($27,024,792)are approximately 7.0%higher than 2018 YTD ($25,229,328)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 ($105.3M+)issued for FY 2019 YTD is approximately 6.5%and 8.7%above when compared to FY 2018 and FY 2017 respectively.Until May,FY 2019 permit values were
trending approximately 20% below FY 2018 and 2017 the noted change is specifically due to two new construction permits issued in early May 2019.
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
$-
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2019 FY 2018 FY 2017
City of Southlake Monthly Financial Report 4 6/11/2019
FY 2019 YTD
(MAY)
FY 2018 YTD
(MAY)FY 2019 BUDGET
B
U
D FY 2019 % SPENT
614,440$ 587,040$ 975,301$ 63.00%
280,628$ 273,491$ 451,642$ 62.14%
3,524,940$ 3,864,842$ 5,962,023$ 59.12%
292,603$ 281,918$ 525,624$ 55.67%
11,209,228$ 10,847,614$ 17,814,605$ 62.92%
79,197$ 92,483$ 141,254$ 56.07%
1,572,003$ 1,493,271$ 2,443,295$ 64.34%
489,443$ 484,739$ 820,876$ 59.62%
1,417,275$ 1,173,401$ 2,118,827$ 66.89%
1,365,810$ 1,332,865$ 2,275,733$ 60.02%
2,850,118$ 2,830,873$ 4,925,899$ 57.86%
908,610$ 891,039$ 1,429,329$ 63.57%
24,604,295$ 24,153,576$ 39,884,408$ 61.69%15,280,113$
CHART OUTLOOK:
520,719$
2,075,781$
(4,704)$
909,923$ PDS
BUDGET VARIANCE
360,861$
2,437,083$
(32,945)$
(19,245)$
(17,571)$
(450,719)$
As indicated on the chart the 2019 expenditures are comparable to 2018 expenditures for the same period with an increase of 1.87%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
(27,400)$
339,902$
(10,685)$
(361,614)$
13,286$
(78,732)$
SS
Totals
PW
CMO
CS
COMM
(243,874)$
233,021$
6,605,377$
62,057$
871,292$
331,433$
701,552$
CSO
DPS
ED
FIN
HR
IT
DEPARTMENTAL EXPENDITURES SUMMARY
(7,137)$ 171,014$
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 (MAY)FY 2018 YTD (MAY)FY 2019 BUDGET
City of Southlake Monthly Financial Report 5 6/11/2019
The Marq Financial Highlights
May 28, 2019
As of May 28, 2019 May 28, 2019
2018 and 2019 Comparison
192
507
162
FY 2019 Events = 861
224
500
116
FY 2018 Events = 840
Private Events Senior Programs City/Community Events
October - April
Questions?