Loading...
Item 3B3CITY OF S0UTHLA1<4,,E MONTHLY FINANCIAL REPORT or— 11 1 September 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. City of Southlake Monthly Financial Report 1 10/9/2021 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 "third" estimated GDP for the 2nd MW carter of 2021 increased at a rate of 6.7%. In the 1st $250,000,000 carter of 2021, GDP increased at a rate of 6.3%. V -2.8% Housing starts in August 2021 were at a seasonally adjusted rate of 1,076,000, which is 2.8% below the revised previous month figure of 1,107,000. UNEMPLOYMENT RATES National: V 4.8% The National Unemployment rate for September 2021 decreased to 4.8% when compared to 5.2% in August 2021. State-wide: V 5.9% The Texas Unemployment rate for August 2021 (preliminary) decreased slightly to 5.9% from 6.2% in July 2021. DFW Area: 4.7% The Dallas/Fort Worth/Arlington Metropolitan Area unemployment rate for August 2021 (preliminary) decreased to 4.7% when compared to 5.3% in July 2021. $200,000,000 $150,000,000 $100,000,000 $50,000,000 2017* 2018* 2019* 2020* 2021* *October -September ■ New Construction permit values City of Southlake Monthly Financial Report 2 10/9/2021 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 $ (1,033,145) $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 $ (1,425336) $8,000,000 May Jun $ 2,943,568 $ 2,529,282 $ 2,965,278 $ 3,760,196 $ $ (21:710) (3,230,914) $6,000,000 Jul $ 529,282 $ 3,760,196 $ (3,230,914) Aug $ 2,538,414 $ 3,197,273 $ (658,859) $4,000,000 Sep $ 2,353,222 $ 4,643,283 $ (2,290,061) $2 000,000 Tot $ 47,006,268 $ 39,876,351 $ 7,129,917 CHART OUTLOOK: POSITIVE I Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep The outlook for the year is positive as overall revenues are trending above budget and expenditures are on target with budget. The revenues exceed expenditures by $7.1 M. A significant portion of the variance is due to sales tax collections are exceeding budget, sales tax is the second 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 $3,000,000 Nov $ 1,084,677 $ 1,309,584 $ 1,140,440 Dec $ 1,926,407 $ 1,993,686 $ 1,613,337 $2,500,000 Jan $ 1,256,119 $ 1,360,873 $ 1,030,047 Feb $ 978,395 $ 1,011,429 $ 1,094,354 $2,000,000 Mar $ 1,727,925 $ 1,162,936 $ 1,321,691 Apr May $ 1,470,896 $ 1,262,973 $ 1,038,287 $ 1,153,263 $ $ 1,294,023 1,295,321 $1,500,000 , . WWW— Jun $ 2,586,036 $ 1,375,636 $ 1,274,338 $1,000,000 Jul $ 1,449,136 $ 1,190,064 $ 1,179,145 Aug $ 1,427,525 $ 1,233,673 $ 1,344,868 $500,000 Sep $ 1,416,226 $ 1,354,327 Tot $ 16,469,665 $ 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 (16.7%) and FY 2019 (19.0%) collections. June sales were 88% and 103% above June collections for FY 2020 and FY 2019, respectively. June collections included a significant audit adjustment which represented 38% of collections for the month. 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 10/9/2021 REVENUE ANALYSIS (continued) 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 $ 6,036,699 $ 9,161,119 $ 10,397,278 Jan $ 13,167,125 $ 10,088,389 $ 9,985,201 Feb $ 4,445,041 $ 4,237,797 $ 3,385,436 Mar $ 411,151 $ 420,930 $ 395,710 Apr $ 259,058 $ 55,958 $ 156,647 May $ 152,945 $ 105,567 $ Jun $ 389,839 $ 448,670 $ 312,620 Jul * $ (1,365,991) $ (1,457,677) $ (1,295,201) Aug $ 52,655 $ 52,000 $ 59,318 Sep $ 190,848 $ 28,446 $ 46,464 Tot $ 26,100,905 $ 25,357,489 $ 26,147,993 CHART OUTLOOK: POSITIVE * Net , transfer of TIF revenues to TIF GENERAL FUND PROPERTY TAX 3 YEAR TREND ■ FY 2021 ■ FY 2020 FY 2019 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $- ■� $(2,000,000) Oct Nov Dec $(4,000,000) Jan Feb Mar Apr May Jun Wr Aug 1 YTD property tax collections ($26,100,905) are approximately 2.9% higher than 2020 YTD ($25,357,489) and 0.2% less and 2019 YTD ($26,147,993) as of September. As indicated on the chart, the majority of )erty tax revenue is collected in the first few months of the fiscal year. YTD collections are trending slightly above budget. 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 $ 158,786 $ 148,103 $ 111,503 $300,000 Jul $ 170,985 $ 152,920 $ 163,760 $200,000 Aug $ 217,599 $ 69,101 $ 155,328 Sep $ 196,695 $ 246,547 $ 474,884 $100,000 Tot $ 1,542,740 $ 1,986,161 $ 2,370,258 CHART OUTLOOK: POSITIVE PERMIT REVENUE 2021-2019 COMPARISON � FY 2021 m FY 2020 FY 2019 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep value of new construction permits ($134.6M+) issued for FY 2021 YTD is approximately 5.7% higher and 56.4% lower when compared to FY 2020 and FY 2019 respectively. FY 2021 collections are 22.3% % below FY 2020 and 2019, respectively. Permit revenue exceeded the budget for the fiscal year therefore the outlook is considered positive. City of Southlake Monthly Financial Report 4 10/9/2021 EXPENDITURE ANALYSIS DEPARTMENTAL EXPENDITURES SUMMARY AMENDED FY 2020/2021 YTD FY 2021 YTD FY 2020 YTD FY 2021 BUDGET VARIANCE BUDGET VARIANCE FY 2021 % SPENT CMO $ 910,797 $ 957,427 $ 946,914 $ 46,630 $ 36,117 96.19% Comm $ 464,180 $ 440,762 $ 502,941 $ (23,418) $ 38,761 92.29% CS $ 5,272,169 $ 5,207,342 $ 5,725,834 $ (64,827) $ 453,665 92.08% CSO $ 526,049 $ 473,434 $ 560,266 $ (52,615) $ 34,217 93.89% DPS $ 18,090,327 $ 16,941,983 $ 18,763,382 $ (1,148,344) $ 673,055 96.41% ED $ 156,671 $ 150,056 $ 209,206 $ (6,615) $ 52,535 74.89% FIN $ 2,353,831 $ 2,224,249 $ 2,469,509 $ (129,582) $ 115,678 95.32% HR $ 808,891 $ 775,106 $ 878,141 $ (33,785) $ 69,250 92.11% IT $ 2,768,446 $ 2,742,618 $ 2,973,823 $ (25,828) $ 205,377 93.09% PDS $ 2,197,635 $ 2,126,121 $ 2,331,041 $ (71,514) $ 133,406 94.28% PW $ 4,433,733 $ 4,587,713 $ 4,858,557 $ 153,980 $ 424,824 91.26% SS $ 1,997,946 $ 1,882,416 $ 2,150,336 $ (115,530) $ 152,390 92.91% Totals $ 39,980,675 $ 38,509,227 $ 42,369,950 $ (1,471,448) $ 2,389,275 94.36% FY 2021 YTD FY 2020 YTD AMENDED FY 2021 BUDGET $18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 i $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 above 2020 expenditures for the same period with a increase of 3.82% primarily due to DPS expenditures eligible for CARES/grant funding in FY 2020. The outlook is positive expenditures are on pace to be below budgeted expenditures for the fiscal year. City of Southlake Monthly Financial Report 5 10/9/2021 EXP Sot September 28, 2021 I The Marq Financial Review EXPERIENCE SOUTHLAKE MARQ 53.70% r.88% Revewe Expense 2.49M 3.57M C E D C FINANCIAL DASHBOARD 20 Period(Period) as of. 9/2812021 12:13 PM Champions Club 51.30% f767211* Revenue Expense 2.16M 2.93M Net Revenue: Current & Previous Year •CCR *LHR —Previous Year 1 2J--{ OK 2d1K 237K Legends Hall 26A0°6 �+n3.t+,, Revenue Expense 334.08K 734.36K 44K —n 13W w 14M I 19" Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 20Z0 2020 2020 2020 2021 2021 2021 2021 2021 2021 2021 2021 2021 The Marq Rentals Revenue (Net) *CC -Rental -Revenue GLH-Rental-Revenue d0K 20K Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 2020 2020 2020 2020 2021 2021 2021 2021 2021 2021 2021 2021 2021 CC MEMBERSHIP TRENDS 2800 400 2600 2506 2513 350 2605 2444 Trendline �504 2574 7 2502400 // � 228/ 300 — 2378 023602418 234 � 2200 2��3312327 2273 2001 /2084 250 2240 � 1968 1956 �� IA sQ 2062 —� 1945 1944 02000 1955 1958 1941 200 E 1800 tn N 150 1600 100 1400 : 1200 50 ** 1000 0 Ln w N W m O ri N M 'n O N w m O r 4 N ri N M W* m w I� w Q1 Q1 Q1 Q1 Cl Q1 ' O ' O O O ' O ' O ' O ' O O O O O O O r-I ri ri ri ri ri ri ri ri ri ri ri r-I ri N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N Period CC Membership Joins vs. Terminations, and Retention Rate (Month -to -Month) through 8/31/2021 450 412 400 350 333 300 I 250 200 150 100 50 0 O tiO�Oti 224 201203 206 187 164 157 1 138 124 122 24111 25 20 112z 86 78 63 12F 0 0' 371 127 285 306 304 231 222 _ 198 190 157 155 153 149 160 128 2g 130 1 10309 13 103 6 107 101 9 ss sl OA % °� O O O ��� ��' O� Off' O� Off` Op OHO O� z Q, N .OHO (� J' O' O' O' O' O' O' O' O' O' O' O' O' O' O' O' O' O' O' ►�' ►�' ►�' ►�' �' �' �' ►�' i �O^ �O^ WOK WOK �O� �O� �# �# �O1' �O�' �O�' �# �# �# �O�' �O�' �O�' �O�' 'VO�' 100.0% 95.0% 90.0% � 85.0% Joins Terminations 80.0% Retention Rate 75.0% 70.0% 65.0% 60.0% 55.0% 50.0% 45.0% 40.0% CC MEMBERSHIP JOINS VS TERMINATIONS BY MONTH & TYPE a Adult w Fam - Fam-NC -SR -Youth 400 300 200 ,-.pmt at Cowd,19 104 4 :: 9 .m SS 5 41 � ; 57 '� 32 suwwrled 9esua S 2$ 0 a 0 i •26 2U fit: 3} -4:1 -1100 -11 � s a -7 I -4 `} t -17 .2 .2+68 -300 •4W 544 M fF 1d M M r M M �i 4A II � WFCID � b V! r N YI iLF4 i11 b fl •5 ro *1 M oFC+i � b M -1 b �Ftr yy 4ay QS —may 67 ; 4 Apr-20 May-20 Jun,20 Jul-20 Aug4O Sep-20 Orr ; O Ncv 20 Oac-20 Jan-21 Fotk-71 Mar-21 Apr-71 ftk y 711 Juiio-21 Jul-21 Ai<u ?1 90 aQ GQ 39 4 252119 24 9 3 fi 5 3 a DOVII19 Oct-20 39 mNov-2Q 25 mDec-2Q 21 =421 19 m F621 9 =Mar--21 T mApr-21 3 mMat21 5 Ja21 5 Jul-21 5 Aug-21 13 —% U.6% ;7tl1 <91 526 —- — Not Utildnp Membership 32 16 19 20 25 16 19 15 25 26 4fi 18.146 FY2021 CC MambusNp Terminations by Reason and by Month 80 87 75 62 56 1 51 _ Failed PaymePi 25 28 51 89 76 47 fit 58 75 61 87 45.2% 35 40 23 J 229 q-rr�' Relocatingfirave 2 2 9 21 4 6 5 12 23 35 40 11.1% 13 12 23 12in1515 Transfer 8 11 10 18 13 19 12 18 15 15 23 H.2% � 2 214111 21131122� 1512 Selected otherservioe provider ON7 Q 2 2 3 2 1 2 3 2 1 Q 1 4 2 1 2 Q 5 3 15 3 12 1.3% 3.3% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% EXPERIENCE SOUTHLAKE Three Year Revenue Comparison by Month $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 ■ Fiscal Year 2019 Actual Fiscal Year 2020 Actual ■ Fiscal Year 2021 Actual EXPERIENCE SOUTHLAKE