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Item 3B2 Financial ReportReference Page 3 Page 3 Page 4 Page 4 Page 5 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 September 2019 = Negative Variance of > 4% compared to seasonal trends. Warning City of Southlake Monthly Financial Report 1 10/9/2019 National GDP: ECONOMIC INDICATORS NATIONAL ECONOMY FINANCIAL ACTIVITY2.00% 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 2019 increased at a rate of 2.0%. In the 1st quarter of 2019, GDP increased at a rate of 3.1%. The National Unemployment rate for September 2019 decreased to 3.5% when compared to 3.7% in August 2019. National: 5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUES Housing Starts: Housing starts in August 2019 were at a seasonally adjusted rate of 1,364,000, which is 12.3% above the revised July figure of 1,215,000 and 6.6% above the same month last year. 12.3% UNEMPLOYMENT RATES 3.5% The Dallas/Fort Worth/Arlington Metropolitan Area unemployment rate for August 2019 decreased to 3.3% (preliminary) when compared to 3.4% in July 2019. 3.3% State-wide:3.4% The Texas Unemployment rate for August 2019 remained unchanged at 3.4%(preliminary) when compared to July 2019. DFW Area: $- $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 $500,000,000 2015*2016*2017*2018*2019* Construction permit values*October-September City of Southlake Monthly Financial Report 2 10/9/2019 FY 2019 REVENUE FY 2019 EXPENDITURE VARIANCE Oct 1,961,498$ 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$ 3,504,128$ (1,583,160)$ Apr 1,984,450$ 2,792,483$ (808,033)$ May 2,861,030$ 3,286,854$ (425,824)$ Jun 2,109,311$ 2,715,569$ (606,258)$ Jul 941,806$ 2,983,152$ (2,041,346)$ Aug 1,607,105$ 4,365,628$ (2,758,523)$ Sep 1,890,055$ 2,558,779$ (668,724)$ Tot 47,584,261$ 37,233,471$ 10,350,790$ 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 1,294,023$ 1,096,365$ 1,195,811$ May 1,295,321$ 1,363,921$ 1,185,530$ Jun 1,274,338$ 1,292,089$ 1,243,537$ Jul 1,179,145$ 1,206,050$ 1,155,660$ Aug 1,265,360$ 1,262,402$ Sep $1,227,621 1,318,543$ Tot 12,496,112$ 15,124,646$ 14,876,208$ CHART OUTLOOK: The outlook for the year is positive as revenues are outpacing expenditures by $10.3M.There are year end expenditures (accurals)that will post over the next several weeks as we close the fiscal year financials.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 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. YTD the FY 2019 collections are 1.63% above FY 2017 and 1.07% below FY 2018 collections. 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 $14,000,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep FY 2019 REVENUE FY 2019 EXPENDITURE 2018 EXPEND. City of Southlake Monthly Financial Report 3 10/9/2019 FY 2019 FY 2018 FY 2017 Oct 1,151,812$ 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 312,620$ 426,191$ -$ Jul *(1,295,201)$ (1,431,282)$ (614,593)$ Aug 59,318$ -$ 44,839$ Sep 32,960$ 70,888$ 15,952$ Tot 26,134,489$ 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 601,621$ 98,364$ 153,442$ Jun 111,503$ 162,515$ 243,119$ Jul 163,760$ 168,508$ 108,137$ Aug 155,328$ 185,552$ 114,751$ Sep 478,770$ 223,441$ 154,374$ Tot 2,374,144$ 1,878,976$ 1,665,507$ Warning 2019 YTD property tax collections ($26,134,489)are approximately 7.5%higher than 2018 YTD ($24,295,125)as of September.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 ($219.6M+)issued for FY 2019 YTD is approximately 45.6%and 34.90%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 $700,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep FY 2019 FY 2018 FY 2017 City of Southlake Monthly Financial Report 4 10/9/2019 FY 2019 YTD (SEPTEMBER) FY 2018 YTD (SEPTEMBER) AMENDED FY 2019 BUDGET FY 2019 % SPENT 956,919$ 905,284$ 988,032$ 96.85% 410,732$ 395,077$ 454,187$ 90.43% 5,473,618$ 5,619,883$ 5,846,588$ 93.62% 444,958$ 437,009$ 529,124$ 84.09% 17,168,186$ 16,814,820$ 17,924,833$ 95.78% 126,733$ 146,457$ 140,054$ 90.49% 2,274,780$ 2,154,177$ 2,452,586$ 92.75% 759,878$ 730,057$ 853,526$ 89.03% 2,101,662$ 1,760,754$ 2,137,092$ 98.34% 2,076,418$ 2,086,271$ 2,282,733$ 90.96% 4,261,980$ 4,391,882$ 4,846,427$ 87.94% 1,213,107$ 1,229,914$ 1,429,226$ 84.88% 37,268,971$ 36,671,585$ 39,884,408$ 93.44%2,615,437$ CHART OUTLOOK: 216,119$ 584,447$ (29,821)$ 206,315$ PDS BUDGET VARIANCE 31,113$ 372,970$ 9,853$ 129,902$ 16,807$ (597,386)$ As indicated on the chart the 2019 expenditures are comparable to 2018 expenditures for the same period with an increase of 1.63%primarily due to approved pay plan adjustments.There are year end expenditures (accurals) that will post over the next several weeks as we close the fiscal year financials. The outlook is positive expenditures are on pace to be below budgeted expenditures for the fiscal year. FY 2018/2019 YTD VARIANCE (51,635)$ 146,265$ (7,949)$ (353,366)$ 19,724$ (120,603)$ SS Totals PW CMO CS COMM (340,908)$ 84,166$ 756,647$ 13,321$ 177,806$ 93,648$ 35,430$ CSO DPS ED FIN HR IT DEPARTMENTAL EXPENDITURES SUMMARY (15,655)$ 43,455$ 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 (SEPTEMBER)FY 2018 YTD (SEPTEMBER)AMENDED FY 2019 BUDGET City of Southlake Monthly Financial Report 5 10/9/2019 The Marq Financial Highlights September 24, 2019 As of September 24, 2019 2018 and 2019 Comparison 300 742 218 FY 2019 Events = 1,260 354 837 206 FY 2018 Events = 1,397 Private Events Senior Programs City/Community Events October -August Senior Center Membership 75% 25% Total Membership = 894 Residents (674) Non-Residents (220) Senior Center Program Attendance as August 31, 2019 1,384 159 2,276 86 134 1,845 5,236 201 786 119 127 1,476 - 800 1,600 2,400 3,200 4,000 4,800 5,600 6,400 7,200 Fitness Wellness Social Educational Trips MMOW * Resident Non- Resident * -As of August 31, 2019 Questions?