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Item 3B2 Financial ReportReference Page 3 Page 3 Page 4 Page 4 Page 5 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 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 Negative MONTHLY FINANCIAL REPORT November 2020 = Negative Variance of > 4% compared to seasonal trends. Positive City of Southlake Monthly Financial Report 1 1/14/2021 National GDP: ECONOMIC INDICATORS NATIONAL ECONOMY FINANCIAL ACTIVITY33.4% 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 3rd quarter of 2020 increased at a rate of 33.4%. In the 2nd quarter of 2020, GDP decreased at a rate of 31.4%. The National Unemployment rate for November 2020 decreased to 6.7% when compared to 6.9% in October 2020. National: 5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUES Housing Starts: Housing starts in November 2020 were at a seasonally adjusted rate of 1,547,000, which is 1.2% above the previous month figure of 1,528,000, and 13.3% above the same month last year. 1.2% UNEMPLOYMENT RATES 6.7% The Dallas/Fort Worth/Arlington Metropolitan Area unemployment rate for November 2020 (preliminary) increased to 7.1% when compared to 6.0% in October 2020. Following the 2008 financial crisis, the DFW area unemployment average was just under 8% in 2009 and 2010. 7.1% State-wide:8.1% The Texas Unemployment rate for November 2020 (preliminary) increased to 8.1% from 6.9% in October 2020. DFW Area: $- $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 2017*2018*2019*2020*2021* Construction permit values*October-November City of Southlake Monthly Financial Report 2 1/14/2021 FY 2021 REVENUE FY 2021 EXPENDITURE VARIANCE Oct 1,291,213$ 2,174,348$ (883,135)$ Nov 1,854,477$ 2,812,519$ (958,042)$ Dec -$ -$ -$ Jan -$ -$ -$ Feb -$ -$ -$ Mar -$ -$ -$ Apr -$ -$ -$ May -$ -$ -$ Jun -$ -$ -$ Jul -$ -$ -$ Aug -$ -$ -$ Sep -$ Tot 3,145,690$ 4,986,867$ (1,841,177)$ POSITIVE FY 2021 FY 2020 FY 2019 Oct 1,299,576$ 1,278,635$ 1,253,417$ Nov 1,084,677$ 1,309,584$ 1,140,440$ Dec -$ 1,993,686$ 1,613,337$ Jan -$ 1,360,873$ 1,030,047$ Feb -$ 1,011,429$ 1,094,354$ Mar -$ 1,162,936$ 1,321,691$ Apr -$ 1,038,287$ 1,294,023$ May -$ 1,153,263$ 1,295,321$ Jun -$ 1,375,636$ 1,274,338$ Jul -$ 1,190,064$ 1,179,145$ Aug 1,233,673$ 1,344,868$ Sep 1,416,226$ 1,354,327$ Tot 2,384,253$ 15,524,291$ 15,195,307$ The outlook for the year is positive as overall revenues and expenditures are on target with budget.The expenditures are higher than revenues by $1.8M however the majority of property tax revenue will be collected in late December and January. Year to date sales tax collections are trending below the 2 previous years with the largest variance compared to FY 2020 which is primarily related to a large audit adjustment in November collections.Staff will reveiw the audit adjustment once the collection details are available from the Comptroller.FY 2021 collections are -7.9%and -0.4%below FY 2020 and 2019,respectively.However year to date collections are trending 8.0% above budget for the year therefore the outlook is considered positive. Staff will continue to closely monitor collections. POSITIVE GENERAL FUND REVENUE VS EXPENDITURES 2021 OVERALL FUND PERFORMANCE: REVENUE ANALYSIS GENERAL FUND SALES TAX 2021-2019 COMPARISON CHART OUTLOOK: GENERAL FUND CHART OUTLOOK: $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 FY 2021 FY 2020 FY 2019 $- $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep FY 2021 REVENUE FY 2021 EXPENDITURE 2020 EXPEND. City of Southlake Monthly Financial Report 3 1/14/2021 GENERAL FUND FY 2021 FY 2020 FY 2019 Oct 778,578$ 790,236$ 1,151,812$ Nov 1,582,957$ 1,426,054$ 1,552,708$ Dec -$ 9,161,119$ 10,397,278$ Jan -$ 10,088,389$ 9,985,201$ Feb -$ 4,237,797$ 3,385,436$ Mar -$ 420,930$ 395,710$ Apr -$ 55,958$ 156,647$ May -$ 105,567$ -$ Jun -$ 448,670$ 312,620$ Jul *-$ (1,457,677)$ (1,295,201)$ Aug -$ 52,000$ 59,318$ Sep -$ 28,446$ 46,464$ Tot 2,361,535$ 25,357,489$ 26,147,993$ POSITIVE FY 2021 FY 2020 FY 2019 Oct 50,043$ 134,067$ 85,534$ Nov 69,734$ 238,528$ 75,588$ Dec -$ 135,168$ 160,859$ Jan -$ 204,931$ 121,526$ Feb -$ 212,195$ 121,533$ Mar -$ 126,842$ 186,152$ Apr -$ 188,968$ 111,970$ May -$ 128,791$ 601,621$ Jun -$ 148,103$ 111,503$ Jul -$ 152,920$ 163,760$ Aug -$ 69,101$ 155,328$ Sep 246,547$ 474,884$ Tot 119,777$ 1,986,161$ 2,370,258$ POSITIVE 2021 YTD property tax collections ($2,361,535)are approximately 6.55%higher than 2020 YTD ($2,216,290)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. * Net transfer of TIF revenues to TIF fund The value of new construction permits ($25.1M+)issued for FY 2021 YTD is approximately 73.4%and 46.4%higher when compared to FY 2020 and FY 2019 respectively.The primay reason for the significant variance is due to the timing related to one commerical permit issued in Q1 (October 2,2020)but reveue was collected in Q4 of FY 2020.The permit revenue year to date is trending above budget therefore the outlook is considered positive. PERMIT REVENUE 2021-2019 COMPARISON CHART OUTLOOK: REVENUE ANALYSIS (continued) PROPERTY TAX 3 YEAR TREND CHART OUTLOOK: $(4,000,000) $(2,000,000) $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul *Aug FY 2021 FY 2020 FY 2019 $- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep FY 2021 FY 2020 FY 2019 City of Southlake Monthly Financial Report 4 1/14/2021 FY 2021 ACTUAL YTD (NOVEMBER) FY 2020 ACTUAL YTD (NOVEMBER) FY 2021 BUDGET YTD (NOVEMBER)FY 2021 % SPENT 98,167$ 126,410$ 179,576$ 54.67% 103,922$ 98,238$ 142,108$ 73.13% 659,433$ 780,014$ 1,239,137$ 53.22% 62,904$ 66,923$ 95,435$ 65.91% 2,085,116$ 2,620,034$ 3,438,152$ 60.65% 21,262$ 14,049$ 55,563$ 38.27% 256,060$ 422,178$ 374,990$ 68.28% 93,598$ 92,393$ 153,045$ 61.16% 397,359$ 391,031$ 556,210$ 71.44% 274,982$ 281,997$ 411,043$ 66.90% 382,307$ 433,586$ 812,992$ 47.02% 622,259$ 610,406$ 758,403$ 82.05% 5,057,369$ 5,937,259$ 8,216,654$ 61.55%3,159,285$ CHART OUTLOOK: 136,144$ 430,685$ (1,205)$ 136,061$ PDS BUDGET VARIANCE 81,409$ 579,704$ 7,015$ 51,279$ (11,853)$ 879,890$ As indicated above,2021 expenditures are below 2020 expenditures for the same period with a decrease of 14.8%primarily due to DPS expenditures eligible for CARES/grants funding.The outlook is positive expenditures are on pace to be below budgeted expenditures for the fiscal year. FY 2020/2021 YTD VARIANCE 28,243$ 120,581$ 4,019$ 534,918$ (7,213)$ 166,118$ SS Totals PW CMO CS COMM (6,328)$ 32,531$ 1,353,036$ 34,301$ 118,930$ 59,447$ 158,851$ CSO DPS ED FIN HR IT DEPARTMENTAL EXPENDITURES SUMMARY (5,684)$ 38,186$ EXPENDITURE ANALYSIS POSITIVE $- $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 CMO COMM CS CSO DPS ED FIN HR IT PDS PW SS FY 2021 ACTUAL YTD (NOVEMBER)FY 2020 ACTUAL YTD (NOVEMBER)FY 2021 BUDGET YTD (NOVEMBER) City of Southlake Monthly Financial Report 5 1/14/2021