Item 3B1 - Financial ReportCity of Southlake Monthly Financial Report 1 4/15/2021
lipCITY OF
SOUTHLAI<,.,E
MONTHLY FINANCIAL
REPORT
E 11 1
March 2021
PERFORMANCE AT A GLANCE
Year to Date
3 year Trend
Reference
General Fund Exp. Vs. Rev.
Positive
Positive
Page 3
Sales Tax Revenue (2 moms prior activity)
Positive
Positive
Page 3
Property Tax Revenue
Positive
Positive
Page 4
Permit Revenues
Positive
Positive
Page 4
Departmental Expenditures Summary
Positive
Positive
Page 5
Positive = positive variance or negative variance <1 % compared to seasonal trends.
Warning = Negative variance of 14% compared to seasonal trends
Negative = Negative Variance of > 4% compared to seasonal trends.
City of Southlake Monthly Financial Report 1 4/15/2021
ECONOMIC INDICATORS
NATIONAL ECONOMY
s/ 4.3%
DP is defined as the output of goods and services
oduced by labor and property located in the United
:ates, The Bureau of Labor and Economic Analysis
ported that the "third" estimated GDP for the 4th
carter of 2020 increased at a rate of 4.3%. In the 3rd $90,000,000
carter of 2020, GDP increased at a rate of 33.4%.
$80,000,000
Housing Starts: _J 10.5%
$70,000,000
Housing starts in February 2021 were at a seasonally
adjusted rate of 1,421,000, which is 10.5% below the $60,000,000
revised previous month figure of 1,584,000, and 9.3%
below the same month last year.
$50,000,000
UNEMPLOYMENT RATES
National: 6.0% $40,000,000
The National Unemployment rate for March 2021 $30,000,000
decreased to 6.0% when compared to 6.2% in
February 2021. $20,000,000
ie -wide: -D 6.9%
Texas Unemployment rate for February 2021 $10,000,000
liminary) decreased to 6.9% from 6.8% in January
1. $-
V Area: J 6.8%
Dallas/Fort Worth/Arlington Metropolitan Area October -March
mployment rate for February 2021 (preliminary)
aased to 6.8% when compared to 6.5% in January
1.
FINANCIAL ACTIVITY
2017* 2018* 2019* 2020* 2021*
■ New Construction permit values
City of Southlake Monthly Financial Report 2 4/15/2021
City of Southlake Monthly Financial Report 3 4/15/2021
GENERAL FUND
OVERALL FUND PERFORMANCE:
GENERAL FUND REVENUE VS EXPENDITURES 2021
FY 2021
FY 2021
FY 2021 REVENUE FY 2021 EXPENDITURE X2020 EXPEND.
REVENUE
EXPENDITURE
VARIANCE
Oct $ 1,141,203
$ 2,174,348
$
(1,033,145)
$16,000,000
Nov $ 1,850,321
$ 2,812,519
S
(962,198)
$14,000,000
Dec $ 7,709,670 $ 4,221,574 $ 3,488,096
Jan $ 14,791,267
$ 2,764,227
$
12,027,040
$12,000,000
Feb $ 7,203,499 $ 3,290,949 $ 3,912,550
Mar $ 2,074,865
$ 3,246,548
$
(1,171,683)
$10,000,000
Apr $
$
$
$8,000,000
May $ $ $ -
Jun $
$
$
$6,000,000
Jul $ $ $ -
Aug $ -
Sep
Tot $ 34,770,825
$
$ 18,510,165
$
$
$
-
16,260,660
$4,000,000
$2,000,000
—
CHART OUTLOOK:
POSITIVE
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
The outlook for the year is positive as overall revenues and expenditures are on target with budget. The revenues are higher than expenditures by $16.3M. The significant variance is due to the significant portion of
property tax revenue
collected (over 97%)
of the budgeted property tax revenue which is the largest revenue source for the general fund.
REVENUE ANALYSIS
GENERAL FUND SALES TAX 2021-2019 COMPARISON
FY 2021
FY 2020
FY 2019
FY 2021 FY 2020 FY 2019
Oct $ 1,299,576
$ 1,278,635
$
1,253,417
$2,500,000
Nov $ 1,084,677
$ 1,309,584
$
1,140,440
Dec $ 1,926,407
$ 1,993,686
$
1,613,337
Jan $ 1,256,119
$ 1,360,873
$
1,030,047
$2,000,000
Feb $ 978,395
$ 1,011,429
$
1,094,354
Mar $ -
$ 1,162,936
$
1,321,691
$1,500,000
Apr $
$ 1,038,287
$
1,294,023
May $ -
$ 1,153,263
$
1,295,321
$1,000,000
Jun $
$ 1,375,636
$
1,274,338
Jul $ -
$ 1,190,064
$
1,179,145
Aug
$ 1,233,673
$
1,344,868
$500,000
Sep
$ 1,416,226
$
1,354,327
Tot $ 6,545,174
$ 15,524,291
$
15,195,307
$-
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
CHART OUTLOOK: POSITIVE
Year to date sales tax
collections are trending below FY 2020 (-5.9%)
and above FY 2019 (6.8%) collections. The largest variance compared to FY 2020 is primarily related to a large audit adjustment in November
collections. However year to date collections are trending above budget
for the year therefore the outlook is considered positive. Staff will continue to closely monitor collections.
City of Southlake Monthly Financial Report 3 4/15/2021
City of Southlake Monthly Financial Report 4 4/15/2021
GENERAL FUND
REVENUE ANALYSIS (continued)
PROPERTY TAX 3 YEAR TREND
FY 2021
FY 2020
FY 2019
■ FY 2021 ■ FY 2020 FY 2019
Oct
Nov
$ 778,578
$ 1,582,957
$ 790,236
$ 1,426,054
$
$
1,151,812
1,552,708
$14,000,000
$12,000,000
Dec
$ 6,036,699
$ 9,161,119
$
10,397,278
$10,000,000
Jan
$ 13,167,125
$ 10,088,389
$
9,985,201
$8,000,000
Feb
$ 4,445,041
$ 4,237,797
$
3,385,436
Mar
$ 411,151
$ 420,930
$
395,710
$6,000,000
Apr
$ -
$ 55,958
$
156,647
$4,000,000
May
$ -
$ 105,567
$
-
$2,000,000
Jun
$
$ 448,670
$
312,620
$- -
Jul *
$ -
$ (1,457,677)
$
(1,295,201)
$(2,000,000) - Oct Nov Dec Jan Feb Mar Apr May Jun Aug
Aug
$
$ 52,000
$
59,318
$(4,000,000)
Sep
$
$ 28,446
$
46,464
Tot
$ 26,421,551
$ 25,357,489
$
26,147,993
* Net
transfer of TIF revenues to TIF
CHART OUTLOOK:
POSITIVE
fund
2021
YTD property tax
collections ($26,421,551) are approximately
1.14% higher than 2020 YTD ($26,124,525) and 1.66% less and 2019 YTD ($26,868,145) as of March. As indicated on the chart, the majority of the
property tax revenue
is collected in the first few months of the fiscal year.
PERMIT REVENUE 2021-2019 COMPARISON
FY 2021
FY 2020
FY 2019
FY 2021 � FY 2020 -*--FY 2019
Oct
$ 50,043
$ 134,067
$
85,534 $700,000
Nov
$ 69,734
$ 238,528
$
75,588
Dec
$ 102,515
$ 135,168
$
160,859 $600,000 -
Jan
$ 88,737
$ 204,931
$
121,526
Feb
$ 76,270
$ 212,195
$
121,533 $500,000
Mar
$ 150,142
$ 126,842
$
186,152
Apr
$ -
$ 188,968
$
111,970 $400,000
May
$ -
$ 128,791
$
601,621
Jun
$
$ 148,103
$
111,503 $300,000
Jul
Aug
$ -
$
$ 152,920
$ 69,101
$
$
163,760 $200,000
155,328
Sep
$ 246,547
$
474,884
Tot
$ 537,441
$ 1,986,161
$
2,370,258
CHART OUTLOOK:
POSITIVE
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
The value of new construction permits ($47.8M+) issued for FY 2021 YTD is approximately 11.5% and 8.7% lower when compared to FY 2020 and FY 2019 respectively. FY 2021 collections are 48.9% and 28.5% below
FY 2020 and 2019,
respectively. The
primary
reason for the significant variance is due to the timing related to one commercial permit issued in Q1 (October 2, 2020) but revenue was collected in Q4 of FY 2020. The
permit revenue year to date is trending above budget therefore the outlook is considered positive.
City of Southlake Monthly Financial Report 4 4/15/2021
EXPENDITURE ANALYSIS
DEPARTMENTAL EXPENDITURES SUMMARY
FY 2021 ACTUAL
FY 2020 ACTUAL YTD
FY 2021 BUDGET
FY 2020/2021 YTD
YTD (MARCH)
(MARCH)
YTD (MARCH)
VARIANCE
BUDGET VARIANCE
FY 2021 % SPENT
CMO
$ 388,652
$
484,335
$
534,523
$
95,683
$ 145,871
72.71%
COMM
$ 259,992
$
230,052
$
277,237
$
(29,940)
$ 17,245
93.78%
CS
$ 2,319,509
$
2,621,033
$
3,273,744
$
301,524
$ 954,235
70.85%
CSO
$ 251,882
$
237,932
$
294,705
$
(13,950)
$ 42,823
85.47%
DPS
$ 8,219,009
$
8,684,020
$
9,507,891
$
465,011
$ 1,288,882
86.44%
ED
$ 77,870
$
70,166
$
133,970
$
(7,704)
$ 56,100
58.12%
FIN
$ 1,235,967
$
1,159,415
$
1,352,824
$
(76,552)
$ 116,857
91.36%
HR
$ 398,357
$
360,230
$
440,973
$
(38,127)
$ 42,616
90.34%
IT
$ 1,473,082
$
1,254,910
$
1,805,607
$
(218,172)
$ 332,525
81.58%
PDS
$ 1,026,282
$
994,911
$
1,172,515
$
(31,371)
$ 146,233
87.53%
PW
$ 1,885,165
$
2,107,243
$
2,305,355
$
222,078
$ 420,190
81.77%
SS
$ 1,044,902
$
996,919
$
1,164,553
$
(47,983)
$ 119,651
89.73%
Totals
$ 18,580,669
$
19,201,166
$
22,263,897
$
620,497
$ 3,683,228
83.46%
� FY 2021 ACTUAL YTD (MARCH)
FY 2020 ACTUAL YTD (MARCH) FY 2021 BUDGET YTD (MARCH)
$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
$-
CMO
COMM
CS
CSO
DPS
ED FIN HR
IT PDS PW SS
CHART OUTLOOK: I POSITIVE
As indicated above, 2021 expenditures are below 2020
expenditures for the
same period with a decrease of 3.23% primarily due to DPS expenditures eligible for CARES/grants funding, reduction in recreation and
vacancy savings.
The outlook is positive expenditures
are on pace to be below budgeted expenditures for the fiscal year.
City of Southlake Monthly Financial Report 5 4/15/2021
SOUTHLa
March 23, 2021
The Marq Financial Review
EXPERIENCE
SOUTHLAKE
MARQ
53.70%
66.18°fa
Revenue Expe-:se
812.98K 1.23M
CEDC FINANCIAL DASHBOARD
as Of: 312312021 2-17 PM
Champions Club
61.3 "t
74:451
Revenue Expense
723.92K 972.39K
Legends Hall
26.4IX'�
�4.7$d/o
Revenue Expense
89.05K 256.05K
F Net Revenue: Current & Previous Year
lC.CR !LHR —Previous Year
200K
103K
e
3K
Mar Apr May Jun Jul ,Aug Sep Od Nov Dec Jan Feb
2020 2020 2020 2020 2,120 2020 2020 2020 2020 2320 2(121 2021 2021
FY, Period
2021 (FY) + 5 (period)
The Marq Rentals Revenue (Net)
!C -Rental -Revenue !LH -Rental -Revenue
40K ... ............... ...
20K... ..................... ................
261,mw -
0K .
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
2020 2020 2020 2020 2020 2020 2020 2020 21320 2020 2021 2021 2021
The Marq Membership Revenue (Net)
50K
100K
50K
0K
,r Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
2020 2020 2020 2021)' 2020 2020 2020 2020 2020 20200 2021 2021 2021
CC MEMBERSHIP TRENDS
2800
2600 / ww-,�
2574 2605
2400 / / 2504 2527 250
2418
2378
2200 331 2327 2340 2360
/240 227
1968
.
Q
/
19581956 1941 194515
2000
2032 2062
1955
E 1800
1600
1400
1200
1000
Ul to N W C1 O N N 00 al O N c-1 N
O O O O O r'1 � N O O M � � �
� � � � i i rl V"1
C1 G1 Q1 Q1 01 Q1 ' '
V-1 el 1-1 e-1 e-1 1.4 O O N N O O O O N N N N N N N N
O O O O O O O O N N N N O O O O O O O O
N N N N N NN N N N N N N N N N N N N N N N
Period
m
350
300
250 N
0
200
CL
150
100
50
Ell
CC Membership Joins vs. Terminations, and Retention Rate (Month -to -Month) through 2/28/2021
450 100.0%
412
95.0%
400
371
90.0%
350 333 I
85.0%
Joins
300 285 80.0%
250 75.0% Terminations
224
200
201203 206 187 70.0%
198 Retention
65.0% Rate
164 157 157 155
150 14 138 60.0%
124 122124 122 125 120 127 128 112 8 13 128 13
11 102 103109 103 55.0%
100 86 78 91 8887
63 7 50.0%
50
50
25 45.0%
0 0 01 40.0%
CC MEMBERSHIP JOINS VS TERMINATIONS BY MONTH & TYPE
■ Adult q. Faris Fam-NC a 5R ■'youth
200 11
1�
87 73
100 - '4
28 29
19 cc
0,4• -
Memberships in
} 9QQ Suspended Status
400 39
f -4
-200
-400
Impact of Covid-19
�I7
9 755
T; 41 15 4 44
35 , 23 ';, 9 5 'i, 42 28
20 ; 36
-20
-50 -5133 _ -433
-7 _7 4
91
-7 -15
-2
-_-11--
-600
QED N N N W N N N EW m N N N [iY iQ N N EI7 Eli ER N N N @} N N Ef7 Eh
= E S E E 5 E _ E E e E E 5 E C E E E
0 0 0 i 0 0 0 u— 0 0 r 0 0 '- 0 0 0 0 t-
-5 i i � n � 9 i H � � 9 n 9 n H � n H
Jan -20 Feb -20 Mar -20 Apr -20 May -20 Jun -20 Jul -20 Aug -20 Sep -20 Oct -20 Nov -20 Dec -20 Jan -21 Feb -21
000
500
400
300
200
100
0
FY2020 CC Membership Terminations by Reason
COVID-19 Not Utilizing Failed Payment Relocatinfravel
Closure Membership
539 395 355 159
—° 31.8°10 23.3% 20.9°1 9.A
Transfer
158
9.3%
35.0°
30.Fo
25.0%
20.0°
15.0°
10.0%
5.0%
M -%
0.0%
Family/Health
Selected other
Unsatisfied with
Unsatisfied with
No Reason/Other Emergency
service provider
Facility/Equipment
Member
Amenities
40 18
13
13
5
2.4% 1.1%
0.B%
0.8%
0.3%
M -%
90
80
70
60
50 39
40 32
30 25 25
2119 1619 20
20
10
0
COVID-19 Not Utking
Membership
=Oct -20 39 32
-Nov-20 25 16
Dec -20 21 19
=Jan -21 19 20
Feb -21 9 25
—% 19.1%0 19.0%
FY2021 CC Membership Terminations by Reason and by Month
80 76
51
25 26 21
9
22
Failed Payment Rol ocatingIT ravel
13
1110 01014
Transfer No Reason101her
25
2
8 1
26
2
11 1
51
9
10 1
80
21
10 1
76
4
13 0
43.7%
6.4%
8.8% 0.7%
FamilyfFfealth
Emergency
0
1
0
1
C
0.3°l0
M Oct -2e M No I [pec -20 m 1a0-21 M F621 —%
02222 04401 110
Selected other
Llnsalfsffed With
unsatisfied A
service provider
Facility/Equipment
Member Amenities
0
0
1
2
0
1
2
0
0
2
0
1
2
1
0
1.4%
0.21/o
0.5°/0
54.0%
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.wo
0.0%
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0
Q
Three Year Revenue Comparison by Month
5
Fiscal Year 2019 Actual Fiscal Year 2020 Actual ■ Fiscal Year 2021 Actual
EXPERIENCE
SOUTHLAI<,,..,E