Item 3B2 Financial ReportCity of Southlake Monthly Financial Report 1 1/15/2020
CITY of
SOUTH LAI<..,E.....
MONTHLY FINANCIAL
REPORT
November 2019
PERFORMANCE AT A GLANCE
Year to Date
3 year Trend
Reference
General Fund Exp. Vs. Rev.
Positive
Positive
Page 3
Sales Tax Revenue (2 months prior activity)
Positive
Warning
Page 3
Property Tax Revenue
Positive
Positive
Page 4
Permit Revenues
Positive
Negative
Page 4
Departmental Expenditures Summary
Positive
Positive
Page 5
Positive = Positive variance or negative variance <1 % compared to seasonal trends.
Warning = Negative variance of 1-4% compared to seasonal trends
Negative = Negative Variance of > 4% compared to seasonal trends.
City of Southlake Monthly Financial Report 1 1/15/2020
ECONOMIC INDICATORS
NATIONAL ECONOMY
FINANCIAL ACTIVITY
National GDP: 2.10%
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 "third"
5 YEAR TREND OF • •
estimated GDP for the 3rd quarter of 2019
$5,000,000
increased at a rate of 2.1 %. In the 2nd quarter of
2019, GDP increased at a rate of 2.0%.
$4,500,000
$4,000,000
Housing Starts: 3.2%
Housing starts in November 2019 were at a
seasonally adjusted rate of 1,365,000, which is
$3,500,000
3.2% above the previous month figure of
1,323,000, and 13.6% below the same month last
$3,000,000
year.
$2,500,000
UNEMPLOYMENT RATES
National: 3.5%
$2,000,000
The National Unemployment rate for November
2019 decreased to 3.5% when compared to 3.6%
$1,500,000
in October 2019.
$1,000,000
State-wide: 3.4%
The Texas Unemployment rate for November 2019
$500,000
remained unchanged from October 2019 at 3.4%.
S-
DFW Area: 3.0%
2016*
2017* 2018* 2019* 2020*
The Dallas/Fort Worth/Arlington Metropolitan Area
*October -November
■ Construction permit values
unemployment rate for November decreased to
3.0% (preliminary) when compared to 3.1% in
October 2019.
City of Southlake Monthly Financial Report 2 1/15/2020
City of Southlake Monthly Financial Report 3 1/15/2020
GENERAL FUND
OVERALL FUND PERFORMANCE:
GENERAL FUND REVENUE VS EXPENDITURES 2020
FY 2020 FY 2020
FY 2020 REVENUE FY 2020 EXPENDITURE 2019 EXPEND.
REVENUE EXPENDITURE
VARIANCE
Oct $ 1,228,305 $ 2,363,689
(1,135,384)
$5,000,000
Nov $ 2,047,172 $ 3,573,571
:'
(1,526,399)
$4,500,000
Dec $ - $ -
$-
$4,000,000
Jan $ _ $ _
$
_
Feb $ - $ -
$
_
$3,500,000
Mar $ - $ -
$
-
$3,000,000
04
Apr $ - $ -
$-
May $ _ $ _
$
-
$2,500,000
Jun $ - $ -
$
-
$2,000,000
Jul $ - $ -
$
-
$1,500,000
Au$
Aug
g $ - $ -
$
-
_
$1,000,000Sep
—
Tot $ 3,275,477 $ 5,937,260
$
(2,661,783)
$500,000
—
$-
CHART OUTLOOK: POSITIVE
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
The outlook for the year is positive as overall revenues and expenditures
are on target with budget. The expenditures are higher than revenues by $2.6M however the majority of property tax revenue will be collected
in late December and January.
REVENUE ANALYSIS
GENERAL FUND SALES TAX 2020-2018 COMPARISON
FY 2020 FY 2019
FY 2018
FY 2020 FY 2019 FY 2018
Oct $ 1,278,635 $ 1,253,417
$
1,214,148
$2,000,000
Nov $ 1,309,584 $ 1,140,440
$
1,272,500
Dec $ - $ 1,613,337
$
1,744,684
$1,800,000
Jan $ - $ 1,030,047
$
1,135,430
$1,600,000
Feb $ - $ 1,094,354
$
1,055,400
$1,400,000
Mar $ - $ 1,321,691
$
1,251,079
$1,200,000
Apr $ - $ 1,294,023
$
1,096,365
$1,000,000
May $ - $ 1,295,321
$
1,363,921
$800,000
Jun $ - $ 1,274,338
$
1,292,089
Jul $ - $ 1,179,145
$
1,206,050
$600,000
Aug $ 1,344,868
$
1,265,360
$400,000
Sep $ 1,354,327
$1,227,621
$200,000
Tot $ 2,588,218 $ 15,195,307
$
15,124,646
$_
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
CHART OUTLOOK: Warning
FY 2020 is off to a great start, year to date sales tax collections are trending above the 2 previous years. FY 2020 collections are 8.12% and 4.08% above FY 2019 and 2018, respectively. Staff will continue to closely
monitor collections.
City of Southlake Monthly Financial Report 3 1/15/2020
City of Southlake Monthly Financial Report 4 1/15/2020
GENERAL FUND
REVENUE ANALYSIS (continued)
PROPERTY TAX 3 YEAR TREND
FY 2020
FY 2019
FY 2018
■ FY 2020 FY 2019 FY 2018
Oct $ 790,236
$
1,151,812
$ 217,086
$14,000,000
Nov $ 1,426,054
$
1,552,708
$ 1,832,023
$12,000,000
Dec $ -
$
10,397,278
$ 6,601,683
$10,000,000
Jan $ -
$
9,985,201
$ 12,435,268
$8,000,000
Feb $ -
$
3,385,436
$ 3,744,931
Mar $ -
$
395,710
$ 196,116
$6,000,000
Apr $ -
$
156,647
$ 102,531
$4,000,000
May $ -
$
-
$ 99,690
$2,000,000
Jun $ -
$
312,620
$ 426,191
$-
Jul " $ -
$
(1,295,201)
$ (1,431,282)
$(2,000,000) Oct Nov Dec Jan Feb Mar Apr May Jun Jul * Aug
Aug $ -
$
59,318
$ -
$(4,000,000)
Sep $ -
$
46,464
$ 137,747
Tot $ 2,216,290
$
26,147,993
$ 24,361,984
* Net transfer of TIF
revenues to
CHART OUTLOOK:
POSITIVE
TIF fund
2020 YTD property tax collections ($2,216,290) are approximately 18.1
% lower than 2019 YTD ($2,704,520) 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.
PERMIT REVENUE 2018-2016 COMPARISON
FY 2020
FY 2019
FY 2018
FY 2020 FY 2019 FY 2018
Oct $ 134,067
$
85,534
$ 126,131
$700,000
Nov $ 238,528
$
75,588
$ 145,755
Dec $ -
$
160,859
$ 87,701
$600,000
Jan $ -
$
121,526
$ 126,075
Feb $ -
$
121,533
$ 199,087
$500,000
Mar $ -
$
186,152
$ 229,059
Apr $ -
$
111,970
$ 126,788
$400,000
May $ -
$
601,621
$ 98,364
Jun $ -
$
111,503
$ 162,515
$300,000
Jul $ -
$
163,760
$ 168,508
Aug $ -
$
155,328
$ 185,552
$200,000
Sep
$
474,884
$ 223,441
$100,000
-
Ti
Tot $ 372,595
$
2,370,258
$ 1,878,976
11
$-
CHART OUTLOOK:
Negative
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
The value of new construction permits ($2.4M+) issued for FY 2020 YTD is approximately 11.6% and 45.14% lower when compared to FY 2019 and FY 2018 respectively.
City of Southlake Monthly Financial Report 4 1/15/2020
EXPENDITURE ANALYSIS
CMO
COMM
CS
CSO
DPS
ED
FIN
HR
IT
PDS
PW
SS
Totals
$18,000,000
$16,000,000
$14,000,000
$12,000,000
$10,000,000
$8,000,000
$6,000,000
$4,000,000
$2,000,000
CHART OUTLOOK
FY 2020 YTD
(NOVEMBER)
$ 190,348
$ 98,238
$ 780,014
$ 66,923
$ 2,620,034
$ 14,049
$ 422,178
$ 92,393
$ 391,031
$ 281,997
$ 433,586
$ 546,469
$ 5,937,260
FY 2019 YTD
(NOVEMBER)
$ 129,354
$ 85,276
$ 737,888
$ 62,008
$ 2,384,384
$ 20,223
$ 456,236
$ 90,808
$ 289,158
$ 310,538
$ 535,341
$ 543,174
$ 5,644,388
FY 2020 BUDGET
$ 1,034,611
$ 486,472
$ 6,076,456
$ 527,181
$ 18,451,018
$ 154,872
$ 2,509,163
$ 866,157
$ 2,858,866
$ 2,293,889
$ 4,846,636
$ 1,781,845
$ 41,887,166
DEPARTMENTAL EXPENDITURES SUMMARY
FY 2019/2020 YTD
VARIANCE
BUDGET VARIANCE
FY 2018 % SPENT
$ (60,994)
$
844,263
18.40%
$ (12,962)
$
388,234
20.19%
$ (42,126)
$
5,296,442
12.84%
$ (4,915)
$
460,258
12.69%
$ (235,650)
$
15,830,984
14.20%
$ 6,174
$
140,823
9.07%
$ 34,058
$
2,086,985
16.83%
$ (1,585)
$
773,764
10.67%
$ (101,873)
$
2,467,835
13.68%
$ 28,541
$
2,011,892
12.29%
$ 101,755
$
4,413,050
8.95%
$ (3,295)
$
1,235,376
30.67%
$ (292,872)
$
35,949,906
14.17%
� FY 2020 YTD (NOVEMBER)
FY 2019 YTD (NOVEMBER) FY 2020 BUDGET
CMO COMM CS CSO DPS ED FIN HR
POSITIVE
IT PDS PW SS
As indicated on the chart the 2020 expenditures are comparable to 2019 expenditures for the same period with an increase of 5.19% primarily due to approved pay plan adjustments and true -up of IT investments. The
outlook is positive expenditures are on pace to be below budgeted expenditures for the fiscal year.
City of Southlake Monthly Financial Report 5 1/15/2020