Item 3B2 Financial ReportCity of Southlake Monthly Financial Report 1 6/10/2020
City of Southlake Monthly Financial Report 2 6/10/2020
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outlook for the year was positive for the reporting period ending May 31, 2020. However in the current environment with COVID -19, the executive team will closely monitor and adjust financial
rdingly.
REVENUE ANALYSIS
FY 2020
FY 2020
mm FY 2020 REVENUE mom FY 2020 EXPENDITURE *, 2019 EXPEND.
==FY2020 m=FY2019 FY 2018
REVENUE
EXPENDITURE
VARIANCE
$
Oct
$ 1,222,686
$ 2,363,689
$ (1„141,003)
$14,000,000
Nov
$ 2,040,190
$ 3,573,571
$ (1,533,381)
$ 1,993,686
Dec
$ 11,056,112
$ 2,902,978
$ 8,153,134
$12,000,000 ... ------------------------------------ —
Jan
$ 12,177,688
$ 4,005,943
$ 8,171,745
$2,000,000
Feb
$ 7,400,320
$ 3,154,520
$ 4,245,800
$10,000,000
Mar
$ 2,160,861
$ 3,200,484
$ (1,039,623)
$
1,251,079
Apr
$ 1,395,998
$ 2,911,352
$ (1,515,354)
$8,000,000
$
May
$ 2,208,199
$ 2,999,692
$ (791,493)
$6,000,000
$ 1,295,321
$
Jun
$ -
$ -
$
Jul
$
$
$
$4,000,000
orf
Aug
$ -
$ -
$
,r:,,.
Jul
.A
,.,,.,,.,,,, ,�
�-� �,.,yr..,�u...., r ...�. ,,,.�.
Sep
$
1,206,050
$
,„�.,
$2,000,000
-
Tot
$ 39,662,054
$ 25,112,229
$ 14,549,825
$ 1,344,868
$
1,265,360
$500,000
Sep
$ 1,354,327
CHART OUTLOOK;
POSITIVE
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
outlook for the year was positive for the reporting period ending May 31, 2020. However in the current environment with COVID -19, the executive team will closely monitor and adjust financial
rdingly.
REVENUE ANALYSIS
FY 2020 was off to a great start, year to date sales tax collections (sales from October 2019 through April 2020) are above the two previous years. FY 2020 collections are 4.67% and 4.40% above FY 2019 and 2018
respectively. The economic impact from COVID-19 will necessitate an amendment to the sales tax projections. As indicated on the chart, March and April 2020 sales were below both 2019 and 2018 sales for the
same period.
City of Southlake Monthly Financial Report 3 6/10/2020
FY 2020
FY 2019
FY 2018
==FY2020 m=FY2019 FY 2018
Oct
$ 1,278,635
$ 1,253,417
$
1,214,148
$2,500,000
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
$2,000,000
Feb
$ 1,011,429
$ 1,094,354
$
1,055,400
Mar
$ 1,162,936
$ 1,321,691
$
1,251,079
$1,500,000
Apr
$ 1,038,287
$ 1,294,023
$
1,096,365
May
$ -
$ 1,295,321
$
1,363,921
$1,000,000
Jun
$
$ 1,274,338
$
1,292,089
Jul
$
$ 1,179,145
$
1,206,050
Aug
$ 1,344,868
$
1,265,360
$500,000
Sep
$ 1,354,327
$1,227,621
Tot
$ 9,155,429
$ 15,195,307
$
15,124,646
$--......
.............
...—
..._.._.._.. ..........
,...,,_
_.._.._.....
__________-- ,...... ----------- ,.-__________.. ,...... _
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
CHART OUTLOOK:
"WARMING
FY 2020 was off to a great start, year to date sales tax collections (sales from October 2019 through April 2020) are above the two previous years. FY 2020 collections are 4.67% and 4.40% above FY 2019 and 2018
respectively. The economic impact from COVID-19 will necessitate an amendment to the sales tax projections. As indicated on the chart, March and April 2020 sales were below both 2019 and 2018 sales for the
same period.
City of Southlake Monthly Financial Report 3 6/10/2020
REVENUE ANALYSIS (continued)
FY 2020 FY 2019 FY 2018 n FY 2020 0 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 $ 9,161,119 $ 10,397,278 $ 6,601,683 $10,000,000 -
Jan $ 10,088,389 $ 9,985,201 $ 12,435,268 $8,000,000
Feb $ 4,237,797 $ 3,385,436 $ 3,744,931
Mar $ 420,930 $ 395,710 $ 196,116 $6,000,000 -
Apr $ 55,958 $ 156,647 $ 102,531 $4,000,000 - ..
May $ 105,567 $ - $ 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 u ""' Aug
Aug $ - $ 59,318 $ - $(4,000,000) -
Sep $ $ 46,464 $ 137,747
Tot $ 26,286,050 $ 26,147,993 $ 24,361,984
CHART OUTLOOK: POSITIVE * Net transfer of TIF revenues to
TIF fund
2020 YTD property tax collections ($26,286,050) are approximately 2.73% lower than 2019 YTD ($27,024,792) as of April. 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.
FY 2020 FY 2019 FY 2018
Oct $ 134,067 $ 85,534 $ 126,131 $700,000
Nov $ 238,528 $ 75,588 $ 145,755
Dec $ 135,168 $ 160,859 $ 87,701 $600,000
Jan $ 204,931 $ 121,526 $ 126,075
Feb $ 212,195 $ 121,533 $ 199,087 $500,000
Mar $ 126,842 $ 186,152 $ 229,059
Apr $ 188,968 $ 111,970 $ 126,788 $400,000
May $ 128,791 $ 601,621 $ 98,364
Jun $ - $ 111,503 $ 162,515 $300,000
Jul $ $ 163,760 $ 168,508 $200,000
Aug $ - $ 155,328 $ 185,552
Sep $ 474,884 $ 223,441 $100,000
Tot $ 1,369,490 $ 2,370,258 $ 1,878,976
CHART OUTLOOK: POSITIVE
FY 2020 ==FY2019 = --- FY 2018
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
value of new construction permits ($73.6M+) issued for FY 2020 YTD is approximately 30.2% and 25.6% lower when compared to FY 2019 and FY 2018 respectively. However, total permit revenue as of May 31
) is 6.5% less than FY 2019 and 20.2% higher than FY 2018 revenue.
City of Southlake Monthly Financial Report 4 6/10/2020
EXPENDITURE ANALYSIS
$20,000,000
$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
CMO COMM CS CSO DPS ED FIN HR IT PDS PW SS
IMMKIIHIN
indicated on the chart the 2020 expenditures are higher when comparable to 2019 expenditures for the same period with an increase of 2.06% primarily due to approved public safety pay plan adjustments and
of IT investments. Overall fund expenditures are trending below budget.
City of Southlake Monthly Financial Report 5 6/10/2020
FY 2020 YTD
FY 2019 YTD
FY 2019/2020 YTD
(MAY)
(MAY)
FY 2020 BUDGET
VARIANCE
BUDGET VARIANCE
FY 2020 % SPENT
CMO
$
631,271
$ 614,440
$ 1,034,611
$ (16,831)
$
403,340
61.02%
COMM
$
284,473
$ 280,628
$ 486,472
$ (3,845)
$
201,999
58.48%
CS
$
3,320,534
$ 3,524,940
$ 6,076,456
$ 204,406
$
2,755,922
54.65%
CSO
$
307,607
$ 292,603
$ 527,181
$ (15,004)
$
219,574
58.35%
DPS
$
11,457,648
$ 11,209,228
$ 18,451,018
$ (248,420)
$
6,993,370
62.10%
ED
$
85,539
$ 79,197
$ 154,872
$ (6,342)
$
69,333
55.23%
FIN
$
1,476,440
$ 1,572,003
$ 2,509,163
$ 95,563
$
1,032,723
58.84%
HR
$
496,752
$ 489,443
$ 866,157
$ (7,309)
$
369,405
57.35%
IT
$
1,700,049
$ 1,417,275
$ 2,858,866
$ (282,774)
$
1,158,817
59.47%
PDS
$
1,324,703
$ 1,365,810
$ 2,293,889
$ 41,107
$
969,186
57.75%
PW
$
2,886,615
$ 2,850,118
$ 4,846,636
$ (36,497)
$
1,960,021
59.56%
SS
$
1,140,598
$ 908,610
$ 1,781,845
$ (231,988)
$
641,247
64.01%
Totals
$
25,112,229
$ 24,604,295
$ 41,887,166
$ (507,934)
$
16,774,937
59.95%
FY 2020 YTD (MAY)
now FY 2019 YTD (MAY) ,,-,,,ae.,,FY 2020 BUDGET
$20,000,000
$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
CMO COMM CS CSO DPS ED FIN HR IT PDS PW SS
IMMKIIHIN
indicated on the chart the 2020 expenditures are higher when comparable to 2019 expenditures for the same period with an increase of 2.06% primarily due to approved public safety pay plan adjustments and
of IT investments. Overall fund expenditures are trending below budget.
City of Southlake Monthly Financial Report 5 6/10/2020