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Item 3B2 Financial ReportCITY OF SOUTHLAI<,.-E MONTHLY FINANCIAL REPORT E 11 1 May 2021 PERFORMANCE AT A GLANCE Year to Date 3 year Trend Reference 7G...,.I.FundVs. Rev. Positive Positive Page 3 (2 months 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. 6mm E City of Southlake Monthly Financial Report 1 6/10/2021 ECONOMIC INDICATORS NATIONAL ECONOMY FINANCIAL ACTIVITY 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 "second" estimated GDP for the 1st ME carter of 2021 increased at a rate of 6.4%. In the 4th $120,000,000 carter of 2020, GDP increased at a rate of 4.3%. Housing Starts: V 9.5% $100,000,000 Housing starts in April 2021 were at a seasonally adjusted rate of 1,569,000, which is 9.5% below the $80,000,000 revised previous month figure of 1,733,000, but 67.3% above April 2020 rate of 938,000. $60,000,000 UNEMPLOYMENT RATES National: 5.8% The National Unemployment rate for May 2021 $40,000,000 decreased to 5.8% when compared to 6.1% in April 2021. $20,000,000 State-wide: 6.7% The Texas Unemployment rate for April 2021 (preliminary) decreased slightly to 6.7% from 6.9% in March 2021. $- DFW Area: V 5.7% 2017* 2018* 2019* 2020* 2021* The Dallas/Fort Worth/Arlington Metropolitan Area *October -May ■ New Construction permit values unemployment rate for April 2021 (preliminary) decreased to 5.7% when compared to 6.5% in March 2021. 0 City of Southlake Monthly Financial Report 2 6/10/2021 GENERAL FUND OVERALL FUND PERFORMANCE: GENERAL FUND REVENUE VS EXPENDITURES 2021 FY 2021 FY 2021 FY 2021 REVENUE FY 2021 EXPENDITURE ---2020 EXPEND. REVENUE EXPENDITURE VARIANCE Oct $ 1,141,203 $ 2,174,348 $ (1,033145) $16,000,000 Nov $ 1,850,321 $ 2,812,519 $ (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 $ 2,085,482 $ 3,281,698 $ (1,196,216) $10,000,000 Apr $ 1,690,587 $ 3,115,923 $ (1,425,336) $8,000,000 May $ 2,928,532 $ 2,931,142 $ (2,610) Jun $ $ $ $6,000,000 Jul $ $ $ Aug $ - $ - $ - $4,000,000 Sep $ $2,000,000 Tot $ 39,400,561 $ 24,592,380 $ 14,808,181 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 $14.8M. 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 Feb $ 978,395 $ 1,360,873 $ 1,011,429 $ $ 1,030,047 1,094,354 $2,000,000 Mar $ 1,727,925 $ 1,162,936 $ 1,321,691 $1,500,000 _ Apr $ 1,470,896 $ 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 $ 9,743,995 $ 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 above FY 2020 (6.4%) and FY 2019 (11.4%) collections. The most recent collection for April sales was 41.7% and 13.4% above April collections for FY 2020 and FY 2019, respectively. 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 6/10/2021 GENERAL FUND REVENUE ANALYSIS (continued) PROPERTY TAX 3 YEAR TREND FY 2021 FY 2020 FY 2019 ■ FY 2021 ■ FY 2020 FY 2019 Oct $ 778,578 $ 790,236 $ 1,151,812 $14,000,000 Nov $ 1,582,957 $ 1,426,054 $ 1,552,708 $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 $ 259,058 $ 55,958 $ 156,647 $4,000,000 May $ 188,130 $ 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 $ 26,868,739 $ 25,357,489 $ 26,147,993 * Net transfer of TIF revenues to TIF CHART OUTLOOK: POSITIVE fund 2021 YTD property tax collections ($26,868,739) are approximately 2.2% higher than 2020 YTD (26,286,050) and 0.6% less and 2019 YTD ($27,024,792) as of May. As indicated on the chart, the majority of the property tax revenue is collected in the first few months of the fiscal year. YTD collections are trending slightly above budget therefore the outlook is considered postiive. 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 $ 124,870 $ 188,968 $ 111,970 $400,000 May $ 136,364 $ 128,791 $ 601,621 Jun $ - $ 148,103 $ 111,503 $300,000 Jul $ - $ 152,920 $ 163,760 $200,000 Aug $ $ 69,101 $ 155,328 Sep $ 246,547 $ 474,884 $100,000 Tot $ 798,675 $ 1,986,161 $ 2,370,258 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep CHART OUTLOOK: POSITIVE The value of new construction permits ($73.6MM+) issued for FY 2021 YTD is approximately 0.04% and 32.16% lower when compared to FY 2020 and FY 2019 respectively. FY 2021 collections are 41.7% and 45.5% 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 6/10/2021 EXPENDITURE ANALYSIS DEPARTMENTAL EXPENDITURES SUMMARY FY 2021 ACTUAL FY 2020 ACTUAL YTD FY 2021 BUDGET FY 2020/2021 YTD YTD (MAY) (MAY) YTD (MAY) VARIANCE BUDGET VARIANCE FY 2021 % SPENT CIVIC) $ 534,755 $ 631,271 $ 715,852 $ 96,516 $ 181,097 74.70% COMM $ 322,207 $ 284,473 $ 354,984 $ (37,734) $ 32,777 90.77% CS $ 3,148,578 $ 3,322,070 $ 4,264,902 $ 173,492 $ 1,116,324 73.83% CSO $ 331,727 $ 307,607 $ 377,627 $ (24,120) $ 45,900 87.85% DPS $ 10,964,851 $ 11,464,253 $ 12,873,975 $ 499,402 $ 1,909,124 85.17% ED $ 97,173 $ 85,539 $ 178,942 $ (11,634) $ 81,769 54.30% FIN $ 1,558,266 $ 1,389,839 $ 1,750,681 $ (168,427) $ 192,415 89.01% HR $ 547,690 $ 496,753 $ 590,374 $ (50,937) $ 42,684 92.77% IT $ 1,925,985 $ 1,700,049 $ 2,198,289 $ (225,936) $ 272,304 87.61% PDS $ 1,364,970 $ 1,325,372 $ 1,566,869 $ (39,598) $ 201,899 87.11% PW $ 2,654,340 $ 2,888,274 $ 3,162,014 $ 233,934 $ 507,674 83.94% SS $ 1,228,818 $ 1,140,598 $ 1,347,424 $ (88,220) $ 118,606 91,20% Totals $ 24,679,360 $ 25,036,098 $ 29,381,933 $ 356,738 $ 4,702,573 84,00% FY 2021 ACTUAL YTD (MAY) FY 2020 ACTUAL YTD (MAY) FY 2021 BUDGET YTD (MAY) $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 1.4% 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 6/10/2021 9 EXPERIENC SOUTHLF May 25, 2021 The Marq Financial Review EXPERIENCE SOUTHLAKE MARL 53.70% r6965! Revenue Expense 1.38M 1.98M CEDC FINANCIAL DASHBOARD as of. 5/2512021 12-17 PM Champions Club 61.3Q96 77.371 Revenue Expense 1.21M 1.57M Legends Hall 26A04� 40.12gb Revenue Expense 164.64K 410.32K Net Revenue: Current & Previous Year 0CCR •LHR —Previous Year 300K WPM r— May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 2020 2020 2020 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 FY, Period 2D21 (FY) + g (period) The Marq Rentals Revenue (Net) ■CC -Rental -Revenue GLH-Rental-Revenue 20K . .............................. May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 2020 2020 2020 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 The Marq Membership Revenue (Net) =X K ... .............. 156K ................. 100K .......... 50K ...... OK ... May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 2020 2020 2020 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 CC MEMBERSHIP TRENDS 2800 2600 f lulls] 2200 Ln a N 2000 v E 1800 cu 1600 1400 1200 1000 �25742605 " 0000 �504 2527250 23312327237823402360 202 40 Ln O O r% O 00 O 01 O O IV ri T-I N rq O N O M O 1* L!1 O O 01 01 rl r-1 01 r-I 01 rl 01 r-I cn r-I 01 01 O N O N O O O O O O O O O O O N N N N N N N N N N N N N N N N Period m 350 title] 227 4 250 1968 200120 N �� c �19581956194119451944 . 2062 — --- % — 1955 200 a 3 150 N 1 1 1 1 7 100 1 123 50 1 0 O I1% 00 01 O TA N r-I N M RT O O O O IV IV IV O O O O C O O O O O O -q -.1 -4 % -I N N N N N N N N N N N O O O O O O O O O O O N N N N N N N N N N N CC Membership Joins vs. Terminations, and Retention Rate (Month -to -Month) through 4/30/2021 450 412 400 � 350 333 300 250 224 201 203 206 200 187 164 157 150 1 138 124 22 124 22 125 120 12 102 100 s 0 78 63 50 2 0 05 0 100.0% 95.0% 371 90.0% 85.0% Joins 285 80.0% � Terminations 75.0% 198 70.0% Retention 190 65.0% Rate 157 155 153 127 128 128130 60.0% 118 113 103109 103 96 70 55.0% 9 88 87 7 50.0% 45.0% 40.0% Oh OHO 01 O`b O°� ►�O ^^ ►��' O� Off' O� Off` O� OHO O� O`b O°� �O ^^ ��' O� Off' O� Off` O' O' O' O' O' O' O' O' O' O' O' O' O' O' O' O' O' O' O' O' ►�' �' ^' �' O� O^ O� O� O� O� O� O� Off' Off' Off' Off' Off' Off' Off' Off' Off' Off' Off' Off' Off' Off' Off' Off' ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti 200 100 0 -34 400 1 -39 200 -300 -400 CC MEMBERSHIP JOINS VS TERMINATIONS BY MONTH & TYPE ■Adult ■ Fam Fam-NC ■ SR ■ Youth 48 -10 -500 Vr in ui VY ui ut N N ut ui vi 0 0 in in ui ui ui ui in ui 0 V. ui V! N N N N N N N Jan-20 Feb-20 Mar-20 Apr 20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan21 Feb-21 Mar 21 Apr-21 90 80 70 60 50 39 40 30 2010 kT 0 COVID-19 .act-20 39 Nov-20 25 Dec-20 21 Jan-21 19 Feb-21 9 Mar-21 7 Apr-21 3 -1/0 15 5010 32 8076 FY2021 CC Membership Terminations by Reason and by Month 62 161— 91O-51619 0'2 21 131912 Ofi2 111000 01o1001 0222204 0000111 1101000 Not Utilizing FamilylHealth Selected other Unsatisfied with Unsatisfied with Membership Failed Payment RelocatinglTravel Transfer NoReasonlOther Emergency service provider FacilitylEquipment Member Amenities 32 25 2 8 1 0 0 0 1 16 26 2 11 1 1 2 0 1 19 51 9 10 1 0 2 0 0 20 80 21 10 1 1 2 0 1 25 76 4 13 0 0 2 1 0 16 47 6 19 0 0 0 1 0 19 62 5 12 0 1 4 1 0 18.5% 46.2% 6.2% 10.5% 0.5% 0.4% 1.5% 0.4% 0.4% 35 Lc 3L',Lro 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% = Oct-20 = Nov-20 = Dec-2e =Jao-21 = Re 21 = Mar-21 = Apr-21 —% EXPERIENCE SOUTHLAKE Three Year Revenue Comparison by Month $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 o��� Fiscal Year 2019 Actual Fiscal Year 2020 Actual ■ Fiscal Year 2021 Actual EXPERIENCE SOUTHLAI<,.,.,E