Item 3B - Financial ReportReference
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MONTHLY FINANCIAL REPORT
September 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 10/14/2020
National GDP:
Housing Starts:
Housing starts in August 2020 were at a seasonally
adjusted rate of 1,416,000, which is 5.1% below the
revised previous month figure of 1,492,000 but
2.8% above the same month last year.
2.8%
UNEMPLOYMENT RATES
7.9%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate for August decreased to 6.3%
(preliminary) when compared to 7.5% in July 2020.
6.3%
State-wide:6.8%
The Texas Unemployment rate for August 2020
(preliminary) decreased to 6.8% from 8.0% in July
2020. This is the fourth consecutive monthly
decrease and the lowest rate since March 2020
when the Texas economy was initially impacted by
the COVID-19 pandemic.
DFW Area:
ECONOMIC INDICATORS
FINANCIAL ACTIVITY-31.40%
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 2020 decreased at a rate of
31.4%.
The National Unemployment rate dropped to 7.9%
in September from 8.4% in August 2020 due to the
COVID-19 crisis threw millions out of work. These
improvements in the labor market reflect the
continued resumption of economic activity that had
been curtailed due to the coronavirus (COVID-19)
pandemic and efforts to contain it.
National:
Texas Unemployment
City of Southlake Monthly Financial Report 2 10/14/2020
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$ 2,845,973$ (1,077,572)$
Jul 248,611$ 3,385,401$ (3,136,790)$
Aug 2,207,331$ 3,218,960$ (1,011,629)$
Sep 1,619,786$ 4,612,659$ (2,992,873)$
Tot 45,515,978$ 39,186,107$ 6,329,871$
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 1,233,673$ 1,344,868$ 1,265,360$
Sep 1,354,327$ $1,227,621
Tot 14,108,065$ 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 is positive as revenues are outpacing expenditures by $6.3M.There are year end expenditures (accruals)that will post over the next couple of 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.
FY 2020 was off to a great start,year to date sales tax collections (sales from October 2019 through August 2020)are above the two previous years.FY 2020 collections are 1.93%and 1.52%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
$14,000,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2020 REVENUE FY 2020 EXPENDITURE 2019 EXPEND.
City of Southlake Monthly Financial Report 3 10/14/2020
GENERAL FUND
FY 2020 FY 2019 FY 2018
Oct 790,236$ 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 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 28,446$ 46,464$ 137,747$
Tot 25,357,489$ 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 219,751$ 474,884$ 223,441$
Tot 1,959,365$ 2,370,258$ 1,878,976$
PERMIT REVENUE 2020-2018 COMPARISON
CHART OUTLOOK:
REVENUE ANALYSIS (continued)
PROPERTY TAX 3 YEAR TREND
CHART OUTLOOK:
POSITIVE
FY 2020 property tax collections ($25,357,489)are approximately 3.02%lower than 2019 ($26,147,993).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 ($127.3M+)issued for FY 2020 is approximately 42.0%and 15.6%lower when compared to FY 2019 and FY 2018 respectively.However,total permit revenue as of September
30, 2020 is 17.3% less than FY 2019 and 4.3% 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
$700,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2020 FY 2019 FY 2018
City of Southlake Monthly Financial Report 4 10/14/2020
FY 2020 YTD
(SEPTEMBER)
FY 2019 YTD
(SEPTEMBER)
AMENDED
FY 2020 BUDGET FY 2020 % SPENT
956,878$ 981,753$ 1,007,457$ 94.98%
439,280$ 423,894$ 482,117$ 91.11%
5,169,486$ 5,648,788$ 5,491,045$ 94.14%
470,348$ 462,850$ 532,764$ 88.28%
17,808,690$ 17,597,622$ 18,453,869$ 96.50%
136,883$ 139,722$ 160,422$ 85.33%
2,208,678$ 2,346,133$ 2,316,682$ 95.34%
759,295$ 790,768$ 857,082$ 88.59%
2,738,900$ 2,094,823$ 2,742,209$ 99.88%
2,120,633$ 2,136,364$ 2,247,870$ 94.34%
4,510,219$ 4,504,358$ 4,821,626$ 93.54%
1,817,419$ 1,315,391$ 1,917,249$ 94.79%
39,136,709$ 38,442,466$ 41,030,392$ 95.38%
EXPENDITURE ANALYSIS
POSITIVE
DPS
FIN
HR
IT
DEPARTMENTAL EXPENDITURES SUMMARY
(15,386)$ 42,837$
BUDGET VARIANCE
50,579$
321,559$
15,731$
(5,861)$
(502,028)$
(694,243)$
As indicated on the chart the 2020 expenditures are slightly higher than 2019 expenditures for the fiscal year with an increase of 1.81%. Overall fund expenditures are below budget.
FY 2019/2020 YTD
VARIANCE
24,875$
479,302$
(7,498)$
(211,068)$
2,839$
137,455$
SS
Totals
PW
CMO
CS
COMM
ED
1,893,683$
CHART OUTLOOK:
99,830$
311,407$
31,473$
127,237$ PDS
(644,077)$
62,416$
645,179$
23,539$
108,004$
97,787$
3,309$
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 (SEPTEMBER)FY 2019 YTD (SEPTEMBER)AMENDED FY 2020 BUDGET
City of Southlake Monthly Financial Report 5 10/14/2020
The Marq Financial Review
September 22, 2020
31
142
183 190
2032
2240
2331 2327 2378 2340 2360 2418
2504 2574 2605 2527 2502
2273
2062 1955
1943
0
50
100
150
200
250
300
350
400
1000
1200
1400
1600
1800
2000
2200
2400
2600
2800
Su
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p
e
n
s
i
o
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s
Me
m
b
e
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s
h
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Period
CC MEMBERSHIP TRENDS
IMPACT OF COVID-19 ON CHAMPIONS CLUB GROSS REVENUE BY MONTH
412
333
224
201
144
122 138
157
206
187
63
0 0
127
70
91
70 86
112 124
203
164
124 122
102
125 120
50
78
25
371
285
198
85
40.0%
45.0%
50.0%
55.0%
60.0%
65.0%
70.0%
75.0%
80.0%
85.0%
90.0%
95.0%
100.0%
0
50
100
150
200
250
300
350
400
450
CC Membership Joins vs. Terminations, and Retention Rate (Month-to-Month)
Joins
Terminations
Retention
Rate
* Denotes partial month
2021 Budget Revenue Update
FY 2020 Amended
Budget
FY 2021 Adopted
Budget
% Change
Legends Hall $ 236,505 $ 249,213 5.4%
Champions Club $1,741,360 $2,059,705 18.3%
Sales Tax $5,370,072 $5,254,816 -2.1%
Interest Income $ 75,000 $ 68,000 -9.3%
Total $7,422,937 $7,631,734 2.8%
53% Cost
Recovery
49% Cost
Recovery
Questions?