Item 3B2 Financial ReportReference
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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