Item 2B1 Financial ReportReference
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MONTHLY FINANCIAL REPORT
March 2020
= Negative Variance of > 4% compared to seasonal trends.
Positive
Negative
PERFORMANCE AT A GLANCE
Year to Date 3 year Trend
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.
GENERAL FUND
PositiveGeneral Fund Exp. Vs. Rev.
Sales Tax Revenue (2 months prior activity)
Property Tax Revenue
Positive
Positive Positive
Positive
City of Southlake Monthly Financial Report 1 4/14/2020
National GDP:
Housing Starts:
Housing starts in February 2020 were at a
seasonally adjusted rate of 1,599,000, which is
1.5% below the revised previous month figure of
1,624,000, but 39.2% above the same month last
year.
-1.5%
UNEMPLOYMENT RATES
4.4%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate for January decreased to 3.2%
when compared to 3.3% in January 2020. COVID-
19 will impact the DFW unemployment rate for
March and April 2020.
3.2%
State-wide:3.5%
The Texas Unemployment rate for February 2020
remained unchanged at 3.5% from January 2020.
Based on recent unemployment claims, the Texas
unemployment rate will be higher than 3.5% for
March 2020.
DFW Area:
ECONOMIC INDICATORS
NATIONAL ECONOMY
FINANCIAL ACTIVITY2.10%
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" estimated GDP for
the 4th quarter of 2019 increased at a rate of 2.1%.
The growth rate is the same as in the "second"
estimate released in February.
The National Unemployment rate of 4.4% for
March 2020 experienced an increase when
compared to February 2020 rate of 3.5%. Due to
the impact of COVID-19, March 2020
unemployment rate is the highest since August
2017 and well above market expectations of 3.8%.
National:
NEW CONSTRUCTION PERMIT VALUES
$-
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
$160,000,000
2016*2017*2018*2019*2020*
Construction permit values*October-February
City of Southlake Monthly Financial Report 2 4/14/2020
FY 2020
REVENUE
FY 2020
EXPENDITURE VARIANCE
Oct 1,222,686$ 2,363,689$ (1,141,003)$
Nov 2,040,190$ 1,533,381$ 506,809$
Dec 11,056,112$ 2,902,978$ 8,153,134$
Jan 12,177,688$ 4,005,943$ 8,171,745$
Feb 7,400,320$ 3,154,520$ 4,245,800$
Mar 2,082,521$ 3,187,863$ (1,105,342)$
Apr -$ -$ -$
May -$ -$ -$
Jun -$ -$ -$
Jul -$ -$ -$
Aug -$ -$ -$
Sep -$
Tot 35,979,517$ 17,148,374$ 18,831,143$
POSITIVE
FY 2020 FY 2019 FY 2018
Oct 1,278,635$ 1,253,417$ 1,214,148$
Nov 1,309,584$ 1,140,440$ 1,272,500$
Dec 1,993,686$ 1,613,337$ 1,744,684$
Jan 1,360,873$ 1,030,047$ 1,135,430$
Feb 1,011,429$ 1,094,354$ 1,055,400$
Mar -$ 1,321,691$ 1,251,079$
Apr -$ 1,294,023$ 1,096,365$
May -$ 1,295,321$ 1,363,921$
Jun -$ 1,274,338$ 1,292,089$
Jul -$ 1,179,145$ 1,206,050$
Aug 1,344,868$ 1,265,360$
Sep 1,354,327$ $1,227,621
Tot 6,954,206$ 15,195,307$ 15,124,646$
GENERAL FUND REVENUE VS EXPENDITURES 2020
OVERALL FUND PERFORMANCE:
REVENUE ANALYSIS
GENERAL FUND SALES TAX 2020-2018 COMPARISON
CHART OUTLOOK:
GENERAL FUND
CHART OUTLOOK:
POSITIVE
The outlook for the year was positive for the reporting period ending March 31,2020.However in the current environment with COVID -19,the executive team will closely monitor and adjust financial forecast
accordingly.
FY 2020 was off to a great start,year to date sales tax collections (sales from October 2019 through February 2020)are above the two previous years.FY 2020 collections are 13.42%and 8.28%above FY 2019 and
2018,respectively.The economic impact from COVID-19 will necessitate an amendment to the sales tax projections.The city will not receive collections from the sales that occurred in March and April until May and
June.
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
FY 2020 FY 2019 FY 2018
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2020 REVENUE FY 2020 EXPENDITURE 2019 EXPEND.
City of Southlake Monthly Financial Report 3 4/14/2020
GENERAL FUND
FY 2020 FY 2019 FY 2018
Oct 790,236$ 1,151,812$ 217,086$
Nov 1,426,054$ 1,552,708$ 1,832,023$
Dec 9,161,119$ 10,397,278$ 6,601,683$
Jan 10,088,389$ 9,985,201$ 12,435,268$
Feb 4,237,797$ 3,385,436$ 3,744,931$
Mar 420,930$ 395,710$ 196,116$
Apr -$ 156,647$ 102,531$
May -$ -$ 99,690$
Jun -$ 312,620$ 426,191$
Jul *-$ (1,295,201)$ (1,431,282)$
Aug -$ 59,318$ -$
Sep -$ 46,464$ 137,747$
Tot 26,124,525$ 26,147,993$ 24,361,984$
POSITIVE
FY 2020 FY 2019 FY 2018
Oct 134,067$ 85,534$ 126,131$
Nov 238,528$ 75,588$ 145,755$
Dec 135,168$ 160,859$ 87,701$
Jan 204,931$ 121,526$ 126,075$
Feb 212,195$ 121,533$ 199,087$
Mar 126,842$ 186,152$ 229,059$
Apr -$ 111,970$ 126,788$
May -$ 601,621$ 98,364$
Jun -$ 111,503$ 162,515$
Jul -$ 163,760$ 168,508$
Aug -$ 155,328$ 185,552$
Sep 474,884$ 223,441$
Tot 1,051,731$ 2,370,258$ 1,878,976$
PERMIT REVENUE 2020-2018 COMPARISON
CHART OUTLOOK:
REVENUE ANALYSIS (continued)
PROPERTY TAX 3 YEAR TREND
CHART OUTLOOK:
POSITIVE
2020 YTD property tax collections ($26,124,525)are approximately 4.1%lower than 2019 YTD ($27,236,356)as of March.The tax rate reduction from .447 to .41 per $100 is the primary reason for the reduction in
revenue. 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 ($53.9M+) issued for FY 2020 YTD is approximately 1.05% and 30.9% higher when compared to FY 2019 and FY 2018 respectively.
$(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 2020 FY 2019 FY 2018
$-
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2020 FY 2019 FY 2018
City of Southlake Monthly Financial Report 4 4/14/2020
FY 2020 YTD
(MARCH)
FY 2019 YTD
(MARCH)FY 2020 BUDGET FY 2020 % SPENT
719,000$ 461,443$ 1,034,611$ 69.49%
230,052$ 223,448$ 486,472$ 47.29%
2,619,620$ 2,649,658$ 6,076,456$ 43.11%
237,932$ 223,264$ 527,181$ 45.13%
8,677,311$ 8,377,859$ 18,451,018$ 47.03%
70,163$ 61,030$ 154,872$ 45.30%
1,158,744$ 1,247,041$ 2,509,163$ 46.18%
360,230$ 353,783$ 866,157$ 41.59%
1,254,910$ 1,164,378$ 2,858,866$ 43.90%
994,521$ 1,042,452$ 2,293,889$ 43.36%
2,103,825$ 2,033,700$ 4,846,636$ 43.41%
762,254$ 772,935$ 1,781,845$ 42.78%
19,188,562$ 18,610,991$ 41,887,166$ 45.81%
EXPENDITURE ANALYSIS
POSITIVE
DPS
ED
FIN
HR
IT
DEPARTMENTAL EXPENDITURES SUMMARY
(6,604)$ 256,420$
BUDGET VARIANCE
315,611$
3,456,836$
47,931$
(70,125)$
10,681$
(577,571)$
As indicated on the chart the 2020 expenditures are higher when comparable to 2019 expenditures for the same period with an increase of 3.10%primarily due to approved public safety 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.
FY 2019/2020 YTD
VARIANCE
(257,557)$
30,038$
(14,668)$
(299,452)$
(9,133)$
88,297$
SS
Totals
PW
CMO
CS
COMM
22,698,604$
CHART OUTLOOK:
1,019,591$
2,742,811$
(6,447)$
1,299,368$ PDS
(90,532)$
289,249$
9,773,707$
84,709$
1,350,419$
505,927$
1,603,956$
CSO
$-
$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
$20,000,000
CMO COMM CS CSO DPS ED FIN HR IT PDS PW SS
FY 2020 YTD (MARCH)FY 2019 YTD (MARCH)FY 2020 BUDGET
City of Southlake Monthly Financial Report 5 4/14/2020