Item 3B2 Financial ReportReference
Page 3
Page 3
Page 4
Page 4
Page 5
MONTHLY FINANCIAL REPORT
August 2020
= Negative Variance of > 4% compared to seasonal trends.
Positive
Negative
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
GENERAL FUND
PositiveGeneral Fund Exp. Vs. Rev.
Sales Tax Revenue (2 months prior activity)
Property Tax Revenue
Positive
Positive Positive
Positive
Positive
PERFORMANCE INDICATORS
Positive
Warning
Permit Revenues
Positive Positive
City of Southlake Monthly Financial Report 1 9/10/2020
National GDP:
Housing Starts:
Housing starts in July 2020 were at a seasonally
adjusted rate of 1,496,000, which is 22.6% above
the revised previous month figure of 1,220,000 and
23.4% above the same month last year.
22.6%
UNEMPLOYMENT RATES
8.4%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate for July decreased to 7.5%
(preliminary) when compared to 8.4% in June
2020. Following the 2008 financial crisis, the DFW
area unemployment average was just under 8% in
2009 and 2010.
7.5%
State-wide:8.0%
The Texas Unemployment rate for July 2020
(preliminary) decreased to 8.0% from 8.6% in June
2020. April unemployment rate was the state's
worst on record at 13.5%. In a short seven-week
period during March and April, more than 1.8M
Texans applied for unemployment insurance, which
is more than in all of 2019.
DFW Area:
ECONOMIC INDICATORS
FINANCIAL ACTIVITY-31.70%
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" estimated GDP
for the 2nd quarter of 2020 decreased at a rate of
31.7%.
The National Unemployment rate dropped to 8.4%
in August from 10.2% in July 2020 due to the
COVID-19 crisis threw millions out of work.
National:
National GDP
City of Southlake Monthly Financial Report 2 9/10/2020
GENERAL FUND
FY 2020
REVENUE
FY 2020
EXPENDITURE VARIANCE
Oct 1,222,686$ 2,363,689$ (1,141,003)$
Nov 2,040,190$ 3,573,571$ (1,533,381)$
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 2,160,861$ 3,200,484$ (1,039,623)$
Apr 1,395,998$ 2,911,352$ (1,515,354)$
May 2,217,994$ 3,010,577$ (792,583)$
Jun 1,768,401$ 3,001,062$ (1,232,661)$
Jul 248,611$ 3,379,293$ (3,130,682)$
Aug 2,190,357$ 3,198,651$ (1,008,294)$
Sep -$
Tot 43,879,218$ 34,702,120$ 9,177,098$
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 1,162,936$ 1,321,691$ 1,251,079$
Apr 1,038,287$ 1,294,023$ 1,096,365$
May 1,153,263$ 1,295,321$ 1,363,921$
Jun 1,375,636$ 1,274,338$ 1,292,089$
Jul 1,190,064$ 1,179,145$ 1,206,050$
Aug 1,344,868$ 1,265,360$
Sep 1,354,327$ $1,227,621
Tot 12,874,392$ 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:
CHART OUTLOOK:
POSITIVE
The outlook for the year was positive for the reporting period ending August 31,2020.However in the current environment with COVID -19,the executive team will continue to 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 July 2020)are above the two previous years.FY 2020 collections are 3.03%and 1.92%above FY 2019 and 2018,
respectively. Staff will continue to monitor collections closely.
$-
$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
$14,000,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2020 REVENUE FY 2020 EXPENDITURE 2019 EXPEND.
City of Southlake Monthly Financial Report 3 9/10/2020
GENERAL FUND
FY 2020 FY 2019 FY 2018
Oct 790,236$ 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 55,958$ 156,647$ 102,531$
May 105,567$ -$ 99,690$
Jun 448,670$ 312,620$ 426,191$
Jul *(1,457,677)$ (1,295,201)$ (1,431,282)$
Aug 52,000$ 59,318$ -$
Sep -$ 46,464$ 137,747$
Tot 25,329,043$ 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 188,968$ 111,970$ 126,788$
May 128,791$ 601,621$ 98,364$
Jun 148,103$ 111,503$ 162,515$
Jul 152,920$ 163,760$ 168,508$
Aug 69,101$ 155,328$ 185,552$
Sep 474,884$ 223,441$
Tot 1,739,614$ 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 ($25,329,043)are approximately 2.96%lower than 2019 YTD ($26,101,529)as of August.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 ($116.6M+)issued for FY 2020 YTD is approximately 28.8%and 28.7%lower when compared to FY 2019 and FY 2018 respectively.However,total permit revenue as of August
31, 2020 is 8.2% less than FY 2019 and 5.0% higher than FY 2018 revenue.
$(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
$700,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2020 FY 2019 FY 2018
City of Southlake Monthly Financial Report 4 9/10/2020
FY 2020 YTD
(AUGUST)
FY 2019 YTD
(AUGUST)FY 2020 BUDGET FY 2020 % SPENT
877,761$ 882,517$ 1,034,611$ 84.84%
386,160$ 384,589$ 486,472$ 79.38%
4,621,832$ 5,141,718$ 6,076,456$ 76.06%
419,053$ 414,918$ 527,181$ 79.49%
15,983,761$ 16,038,422$ 18,451,018$ 86.63%
117,547$ 118,945$ 154,872$ 75.90%
1,976,986$ 2,121,455$ 2,509,163$ 78.79%
675,000$ 706,799$ 866,157$ 77.93%
2,291,282$ 2,028,843$ 2,858,866$ 80.15%
1,885,879$ 1,919,112$ 2,293,889$ 82.21%
3,844,573$ 3,907,341$ 4,846,636$ 79.32%
1,470,540$ 1,083,537$ 1,781,845$ 82.53%
34,550,374$ 34,748,196$ 41,887,166$ 82.48%
EXPENDITURE ANALYSIS
POSITIVE
DPS
FIN
HR
IT
DEPARTMENTAL EXPENDITURES SUMMARY
(1,571)$ 100,312$
BUDGET VARIANCE
156,850$
1,454,624$
33,233$
62,768$
(387,003)$
197,822$
As indicated on the chart the 2020 expenditures are slightly lower than 2019 expenditures for the same period with an decrease of 0.57%. Overall fund expenditures are trending below budget.
FY 2019/2020 YTD
VARIANCE
4,756$
519,886$
(4,135)$
54,661$
1,398$
144,469$
SS
Totals
PW
CMO
CS
COMM
ED
7,336,792$
CHART OUTLOOK:
311,305$
1,002,063$
31,799$
408,010$ PDS
(262,439)$
108,128$
2,467,257$
37,325$
532,177$
191,157$
567,584$
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 (AUGUST)FY 2019 YTD (AUGUST)FY 2020 BUDGET
City of Southlake Monthly Financial Report 5 9/10/2020