Item 3B2 - Financial ReportCITY OF
S0UTHLA1<4,,E
MONTHLY FINANCIAL
REPORT
or— 11 1
March 2022
PERFORMANCE AT A GLANCE
Year to Date
3 year Trend
Reference
Vs. Rev.
7..,al7Revenue
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.
EU-
City of Southlake Monthly Financial Report 1 4/14/2022
ECONOMIC INDICATORS
NATIONAL ECONOMY
FINANCIAL ACTIVITY
National GDP: 7.0%
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
5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUE
reported that the "second" estimated GDP for the 4th
quarter of 2021 increased at a rate of 7.0%. In the 3rd
$90,000,000
quarter of 2021, GDP increased at a rate of 2.3%.
$80,000,000
Housing Starts: 6.8%
$70,000,000
Housing starts in February were at a seasonally
$60,000,000
adjusted rate of 1,769,000, which is 6.8% above the
revised previous month figure of 1,657,000.
$50,000,000
UNEMPLOYMENT RATES
$40,000,000
National: V 3.6%
The National Unemployment rate for March 2022
$30,000,000
decreased to 3.6% when compared to 3.8% in February
2022.
$20,000,000
$10,000,000
State-wide: 4.7%
The Texas Unemployment rate for February 2022
(preliminary) decreased slightly to 4.7% from 4.8% in
January 2022.
$-
2018*
2019* 2020* 2021* 2022*
DFW Area: 4.1%
*October- March
■ New Construction permit values
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate for February 2022 (preliminary)
remained unchanged at 4.1% when compared to
previous month.
City of Southlake Monthly Financial Report 2 4/14/2022
GENERAL FUND
OVERALL FUND PERFORMANCE:
GENERAL FUND REVENUE VS EXPENDITURES 2022
FY 2022
FY 2022
FY 2022 REVENUE FY 2022 EXPENDITURE—4-2021 EXPEND.
REVENUE
EXPENDITURE
VARIANCE
Oct $ 1,158,989
$ 2,430,309
$
(1,271,320)
$16,000,000
Nov $ 2,530,286
$ 3,030,028
$
(499,742)
$14,000,000
Dec $ 8,051,473 $ 4,395,374 $ 3,656,099
Jan $ 13,878,168
$ 3,110,936
$
10,767,232
$12,000,000
Feb $ 9,221,772 $ 3,292,649 $ 5,929,123
Mar $ 3,127,353
$ 3,825,648
$
(698,295)
$10,000,000
Apr $
$
$
$8,000,000
May $ $ $
Jun $
$
$
$6,000,000
Jul $ -
$ -
$
-
Aug $
$
$
$4,000,000
Sep $
$
$
$2,000,000
Tot $ 37,968,041
$ 20,084,944
$
17,883,097
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 approximately $17.9M. The significant variance is due to the significant
portion of property tax revenue collected (over 90%) of the
budgeted property tax revenue which is the largest revenue sources for the general fund.
REVENUE ANALYSIS
GENERAL FUND SALES TAX 2022-2020 COMPARISON
FY 2022
FY 2021
FY 2020
FY 2022 FY 2021 ---FY 2020
Oct $ 1,613,415
$ 1,299,576
$
1,278,635
$3,000,000
Nov $ 1,652,674
$ 1,084,677
$
1,309,584
Dec $ 2,456,532
$ 1,926,407
$
1,993,686
$2,500,000
Jan $ 1,602,323
$ 1,256,119
$
1,360,873
Feb $ 1,388,859
$ 978,395
$
1,011,429
$2,000,000
'
Mar $ -
$ 1,727,925
$
1,162,936
Apr $
$ 1,470,896
$
1,038,287
$1,500,000
May $ -
$ 1,262,973
$
1,153,263
Jun $
$ 2,586,036
$
1,375,636
$1,000,000
Jul $ -
$ 1,449,136
$
1,190,064
Aug $
$ 1,427,525
$
1,233,673
$500,000
Sep $
$ 1,687,605
$
1,416,226
Tot $ 8,713,803
$ 18,157,270
$
15,524,291
$-
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
2021 (33.1 %) and FY 2020 (25.3%) collections. The most recent collection for February sales were 42.0% and 27.2% above February collections for FY 2021 and
FY 2020, respectively.
November collections
included an audit adjustment which represented 12% of collections for the month. Year to date collections are 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 4/14/2022
GENERAL FUND
REVENUE ANALYSIS (continued)
PROPERTY TAX 3 YEAR TREND
FY 2022
FY 2021
FY 2020 ■ FY 2022 ■ FY 2021 FY 2020
Oct $ 653,703
$
778,578 $
790,236 $14,000,000
Nov $ 2,017,203
$
1,582,957 $
1,426,054 $12,000,000
Dec $ 6,068,454
$
6,036,699 $
9,161,119 $10,000,000
Jan $ 11,588,414
$
13,167,125 $
10,088,389 $8,000,000
Feb $ 5,872,247
$
4,445,041 $
4,237,797
$6,000,000
Mar $ 584,684
$
411,151 $
420,930
Apr $ -
$
259,058 $
55,958 $4,000,000
May $ -
$
152,945 $
105,567 $2,000,000 .■
Jun $
$
389,839 $
448,670 $-
Jul * $ -
$
(1,365,991) $
(1,457,677) $(2,000,000) Oct Nov Dec Jan Feb Mar Apr May Jun Aug
Aug $
$
52,655 $
52,000 $(4,000,000)
Sep $
$
190,848 $
28,446
Tot $ 26,784,705
$
26,100,905 $
25,357,489
* Net
transfer of TIF revenues to TIF
CHART OUTLOOK:
POSITIVE fund
2022 YTD property tax collections ($26,784,705)
are higher than 2021 YTD ($26,421,551) and 2020 YTD ($26,124,525).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. YTD collections are trending slightly below budget.
PERMIT REVENUE 2022-2020 COMPARISON
FY 2022
FY 2021
FY 2020
FY 2022 FY 2021 FY 2020
Oct $ 214,445
$
50,043 $
134,067 $300,000
Nov $ 185,109
$
69,734 $
238,528
Dec $ 94,663
$
102,515 $
135,168 $250,000
Jan $ 167,045
$
88,737 $
204,931
Feb $ 111,545
$
76,270 $
212,195
Mar $ 154,046
$
150,142 $
126,842 $200,000
Apr $ -
$
124,870 $
188,968
May $ -
$
136,364 $
128,791 $150,000
Jun $
$
158,786 $
148,103
Jul $ -
$
170,985 $
152,920 $100,000
Aug $
$
217,599 $
69,101
Sep $
$
221,982 $
246,547 $50,000
Tot $ 926,853
$
1,568,027 $
1,986,161
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
CHART OUTLOOK: POSITIVE
The value of new construction permits ($60.7M+) issued for FY 2022 YTD is approximately 27.2% and 12.5% higher when compared to FY 2021 and FY 2020, respectively. FY 2022 collections are 72.5% higher and
11.9% lower when compared to FY 2021 and 2020, respectively. The permit revenue year to date is trending above budget therefore the outlook is considered positive.
City of Southlake Monthly Financial Report 4 4/14/2022
EXPENDITURE ANALYSIS
DEPARTMENTAL EXPENDITURES SUMMARY
FY 2022 ACTUAL
FY 2021 ACTUAL YTD
FY 2022 BUDGET
FY 2021/2022 YTD
YTD (MARCH)
(MARCH)
YTD (MARCH)
VARIANCE
BUDGET VARIANCE
FY 2022 % SPENT
CIVIC)
$ 506,860
$
388,652
$
519,533
$
(118,208)
$ 12,673
97.56%
COMM
$ 261,546
$
259,992
$
309,727
$
(1,554)
$ 48,181
84.44%
CS
$ 2,616,903
$
2,319,509
$
3,367,748
$
(297,394)
$ 750,845
77.70%
CSO
$ 256,058
$
251,882
$
310,884
$
(4,176)
$ 54,826
82.36%
DPS
$ 8,941,212
$
8,219,009
$
9,707,039
$
(722,203)
$ 765,827
92.11%
ED
$ 154,238
$
77,870
$
133,852
$
(76,368)
$ (20,386)
115.23%
FIN
$ 1,266,309
$
1,235,967
$
1,385,781
$
(30,342)
$ 119,472
91.38%
HR
$ 368,979
$
398,357
$
446,542
$
29,378
$ 77,563
82.63%
IT
$ 1,671,786
$
1,473,082
$
2,041,948
$
(198,704)
$ 370,162
81.87%
PDS
$ 1,013,036
$
1,026,282
$
1,197,984
$
13,246
$ 184,948
84.56%
PW
$ 2,018,939
$
1,885,165
$
2,437,873
$
(133,774)
$ 418,934
82.82%
SS
$ 1,009,078
$
1,044,902
$
1,257,157
$
35,824
$ 248,079
80.27%
Totals
$ 20,084,944
$
18,580,669
$
23,116,068
$
(1,504,275)
$ 3,031,124
86.89%
FY 2022 ACTUAL
YTD (MARCH) FY
2021 ACTUAL YTD (MARCH) FY 2022 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
il•
..
$
CMO COMM
CS
CSO
DPS
ED FIN HR
IT PDS PW SS
CHART OUTLOOK:
I POSITIVE
As indicated above, 2022 expenditures are above 2021 expenditures for the same period with a increase of 8.1 % primarily due to DPS expenditures eligible for CARES/grant funding and reduction in programing cost in FY
2021.The outlook is
positive expenditures
are below budgeted expenditures for the fiscal year.
City of Southlake Monthly Financial Report 5 4/14/2022
EXPERIENCE �
SOUTHLAKE
The Marq Financial Review
MARQ
87.59%
65.12%
134.50%
Target
ATT
1.49M
1.70M
Revenue
Expense
CEDC FINANCIAL DASHBOARD
as 4f3=02210.31 AM
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LH 1
97.52%
50.15%
71.01% 137.33%
44.06% 113.82%
Target + ATT
Target AFT
1.31 M
750.25K
178.54K 207.97K
Revenue
Expense I
! Revenue ` EM— 1
Net Revenue: Current & Previous Year
LGR LHR --Total Revenge LY
MW
MW
250E � E - -
41K
150E
235K
22&G
100E 1881( 202K 211K 220K 2p9K 223K 21 OK
775K
147H
50K
OK
The Marq Rentals Revenue (Net)
•CGR-W-Revenue LHaRenfaLRe—
50K
4n(
39K
29K
10K
9K
Mar 2021 Apr2921 May2921 Jun2021 Ad 2021 Aug 2021 Sep 2021 OctM1 Nov 2021 0-2021 Jan 2022 Feb 20M Mar 2022
20aK
180K
I"
1 401(
The Marq Membership Revenue (Net)
Mar 2021 Apr 2021 May 2021 J-2021 Jul 2021 Avg 2021 Sep 2021 CkA 2021 Nor 2021 0-2021 Jan 2022 Feb 2022 Mar 2022
WrZ&l Apr2021 May2021 Jm2U21 Ju12P21 Aug ZW1 Sr+y2121 WZ021 Nov2021 OM2021 Jan2022 Feb20e2 Ma=
CHAMPIONS CLUB MEMBERSHIP TRENDS
2800
2662 2679 400
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450
412
400
350 333
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CC Membership Joins vs. Terminations, and Retention Rate (Month -to -Month)
through 2/28/2022
371
306 304
1 285
250
248
231
224
222
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206
198
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- 95.0%
90.0%
- 85.0%
Joins
i Terminations
80.0%
Retention Rate
75.0%
70.0%
65.0%
i
a 60.0%
55.0%
50.0%
45.0%
40.0%
CC MEMBERSHIP JOINS VS TERMINATIONS BY MONTH & TYPE
.Adult , Farn Fam-IC . SR -Youth
400
300
200
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Jul-20
Aug-20
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Oct-20
Nov-21D
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug21
Sep-21
Oct21
Nov-21
Dec-21
Jan-22
Feb-22
�J
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act-21 6
=Nov-21 1
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—% 2.3%
FY2022 CC MemhTship Terminations by Reason and by Month
69 ]2
55 M 65
W Utiizirrg Mefthip
43
27
29
Failed Payment
89
85
72
Rdnc6 fTravel
18
12
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19
18
17
Selected other service provider
Q
4
1
N
9
7
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28
35
21.5%
85
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43A
38
14
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16
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11.2%
2
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1.2%
19
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7.4%
50.0%
40.0%
30.0%
20.0%
EXPERIENCE
SOUTHLAKE
k
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
$0
v
<<
FISCAL YEAR 2020 ■ FISCAL YEAR 2021 ■ FISCAL YEAR 2022
EXPERIENCE
SOUTHLAI<,.,.,E