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Item 3B3 - Financial Reportoff - CITY OF S0UTHLA1<,.,,,E MONTHLY FINANCIAL REPORT mr- 11 1 May 2022 PERFORMANCE AT A GLANCE Year to Date 3 year Trend Reference General Fund Exp. Vs. Rev. Positive Positive Page 3 Sales Tax Revenue (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 6/16/2022 ECONOMIC INDICATORS NATIONAL ECONOMY 1.50% 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 second estimated GDP for the 1 st quarter of 2022 decreased at a rate of 1.5%. In the 4th $140,000,000 quarter of 2021. GDP increased at a rate of 6.9%. $120,000,000 Housinu Starts: V 0.2% Housing starts in April were at a seasonally adjusted $100,000,000 rate of 1,724,000, which is 0.2% below the revised previous month figure of 1,728,000 but is 14.6% above April 2021. $80,000,000 UNEMPLOYMENT RATES National: % 3.6% $60,000,000 The National Unemployment rate for May 2022 remained unchanged at 3.6% when compared to March $40,000,000 2022. State-wide: 4.3% $20,000,000 The Texas Unemployment rate for April 2022 (preliminary) decreased slightly to 4.3% from 4.4% in March 2022. $- FINANCIAL ACTIVITY DFW Area: V 3.2% 1 2018* 2019* 2020* 2021* 2022* * The Dallas/Fort Worth/Arlington Metropolitan Area October- May ■ New Construction permit values unemployment rate for April 2022 (preliminary) decreased to 3.2% when compared to 3.3% in March City of Southlake Monthly Financial Report 2 6/16/2022 i GENERAL FUND OVERALL FUND PERFORMANCE: GENERAL FUND REVENUE VS EXPENDITURES 2022 FY 2022 FY 2022 FY 2022 REVENUE FY 2022 EXPENDITURE —gh-2021 EXPEND. REVENUE EXPENDITURE VARIANCE Oct $ 1,158,989 $ 2,430,309 $ (1,271,320) $16,000,000 Nov $ 2,530,286 Dec $ 8,051,473 $ 3,030,028 $ 4,395,374 $ $ (499,742) 3,656,099 $14,000,000 Jan $ 13,878,168 $ 3,110,936 $ 10,767,232 $12,000,000 Feb $ 9,221,772 $ 3,292,649 $ 5,929,123 Mar $ 3,062,209 $ 3,845,975 $ (783,766) $10,000,000 Apr $ 2,609,891 May $ 4,154,292 $ 3,280,619 $ 3,521,267 $ $ (670,728) 633,025 $8,000,000 Jun $ - $ - $ - $6,000,000 Jul $ $ $ Aug $ $ $ $4,000,000 Sep $ Tot $ 44,667,080 $ $ 26,907,157 $ $ 17,7579 33 $2,000,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep CHART OUTLOOK: POSITIVE The outlook for the year is positive as overall revenues are exceeding budget projections and expenditures are on target to be below budget. The revenues are higher than expenditures by approximately $17.8M. 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 r 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 Jan $ 1,602,323 $ 1,926,407 $ 1,256,119 $ $ 1,993,686 1,360,873 $2,500,000 $ 1,388,859 $ 978,395 $ 1,011,429 $2,000,000 PAFeb Mar $ 1,975,175 $ 1,727,925 $ 1,162,936 Apr $ 1,714,270 $ 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 Nit Aug $ $ 1,427,525 $ 1,233,673 $500,000 Sep $ $ 1,687,605 $ 1,416,226 Tot $ 12,403,248 $ 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 (27.3%) and FY 2020 (35.5%) collections. The most recent collection for April sales were 16.5% and 65.1 % above April 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 6/16/2022 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 $8,000,00o Feb $ 5,872,247 $ 4,445,041 $ 4,237,797 Mar $ 584,684 $ 411,151 $ 420,930 $6,000,000 Apr $ 554,247 $ 259,058 $ 55,958 $4,000,000 Id May $ 151,717 $ 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 $ 27,490,669 $ 26,100,905 $ 25,357,489 * Net transfer of TIF revenues to TIF CHART OUTLOOK: POSITIVE fund 2022 YTD property tax collections ($27,490,669) are higher than 2021 YTD ($26,833,554) and 2020 YTD ($26,286,050) as of April. 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 $900,000 i Nov $ 185,109 $ 69,734 $ 238,528 Dec $ 94,663 $ 102,515 $ 135,168 $800,000 Jan $ 167,045 $ 88,737 $ 204,931 $700,000 Feb $ 111,545 $ 76,270 $ 212,195 Mar $ 154,046 $ 150,142 $ 126,842 $600,000 Apr $ 277,691 $ 124,870 $ 188,968 $500,000 May Jun $ 788,270 $ - $ 136,364 $ 158,786 $ $ 128,791 148,103 $400,000 Jul $ - $ 170,985 $ 152,920 $300,000 Aug $ $ 217,599 $ 69,101 $200,000 • Sep $ - $ 221,982 $ 246,547 Tot $ 1,992,814 $ 1,568,027 $ 1,986,161 $100,000 CHART OUTLOOK: POSITIVE Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep The value of new construction permits ($127.6M+) issued for FY 2022 YTD is approximately 73.5% and 73.4% higher when compared to FY 2021 and FY 2020, respectively. FY 2022 collections are 149.5% and 45.5% higher 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 6/16/2022 EXPENDITURE ANALYSIS DEPARTMENTAL EXPENDITURES SUMMARY FY 2022 ACTUAL FY 2021 ACTUAL YTD FY 2022 BUDGET FY 2021/2022 YTD YTD (MAY) (MAY) YTD (MAY) VARIANCE BUDGET VARIANCE FY 2022 % SPENT CIAO $ 675,236 $ 534,755 $ 680,903 $ (140,481) $ 5,667 99.17% COMM $ 324,317 $ 322,207 $ 388,811 $ (2,110) $ 64,494 83.41% CS $ 3,550,169 $ 3,148,578 $ 4,288,212 $ (401,591) $ 738,043 82.79% CSO $ 344,953 $ 331,727 $ 394,833 $ (13,226) $ 49,880 87.37% CPS $ 12,329,010 $ 10,964,851 $ 12,818,194 $ (1,364,159) $ 489,184 96.18% ED $ 195,172 $ 97,173 $ 175,145 $ (97,999) $ (20,027) 111.43% FIN $ 1,615,754 $ 1,558,266 $ 1,764,163 $ (57,488) $ 148,409 91.59% HR $ 510,986 $ 547,690 $ 604,623 $ 36,704 $ 93,637 84.51% IT $ 2,114,741 $ 1,925,985 $ 2,401,942 $ (188,756) $ 287,201 88.04% PDS $ 1,377,388 $ 1,364,970 $ 1,554,056 $ (12,418) $ 176,668 88.63% PW $ 2,722,926 $ 2,654,340 $ 3,276,936 $ (68,586) $ 554,010 83.09% SS $ 1,146,506 $ 1,228,818 $ 1,463,716 $ 82,312 $ 317,210 78.33% Totals $ 26,907,158 $ 24,679,360 $ 29,811,534 $ (2,227,798) $ 2,904,376 90.26% FY 2022 ACTUAL YTD (MAY) FY 2021 ACTUAL YTD (MAY) FY 2022 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 i $- ■ — 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 9.0% 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 6/16/2022 EXPERIENCE � SOUTHLAKE The Marq Financial Review MARQ 84.09% � vl. 65.12% 129.12% Target ATT 2.05M 2.44M Revenue Expense 10/112021 9/30/2022 CC 92.82% 71.01% 130.72% Target ATT 1.79M I 1.12M Revenue I Expense Net Revenue: Current & Previous Year CEDC FINANCIAL DASHBOARD as ot5r 2022 12:30 PM LH 51.06% 44.06% 1115.90%u Target ATT 260.33K 308.46K Revenue I Expense CCR LHR Totaf Revenue LY 350K 300K 42K 25K 27i 250K 44K 54K 37K 221C 5w 4FK 45K 20K 201K 200K 32K .:18 SK 213K ® 170K - --. 155K 150K 741*C 1�C 2153C 226K 211K Zd7K 209i( 235K 22W 295aC 22W 217K 100K 20PJ( 175K 50K DK May2021 Jn2021 Ju12021 Aun2021 Sep2021 0x2021 Nw2021 0-2021 Jan2022 F.1,2022 Ma2022 Apr2022 May2022 The Marq Rentals Revenue (Net) S CrRental-Revenue LH4;tenLala2evenue 50K 40K 30K 20K 10( May 2C21 Jan 2021 JW 2021 A. g 2C21 Sep 2021 D—, 2021 Nw 202t Lac 2021 Jan 2022 Feb 20M Mar 2022 Apr 2022 nay 2022 The Marq Membership Revenue (Net) 210K 200K 1901C 98CK 170K 100K 150K 140K May 211Z1 Jun 2021 Jul 2021 Aug 211Z1 Sep 2021 Dd21Q7 Nw 2021 D-2u21 Jen 2022 Feb 2022 Mar 2022 Apr 2022 May 2022 CHAMPIONS CLUB MEMBERSHIP TRENDS 3000 28: 2800 26622679 2605 2585 /000 2600 / 2513 2521 2738 000 \ 22453 /� 000 2400 2327 2340 2504 252725 // 506 \ / \ 2240 �� / --.. /► 0000 2378 2418 / 2458 Q 2200 \ /2331 2360 � 2289 22 2062 1956 2001 N 1968 ` 2084 L- 2000 - 2032 / 1958 /19411945 ��. /—// _ _ 00 E 1955 1944 1800 ' 1600 1� 188 178 179 1 1 4 1 1400 1 14 3 1200 1000 1 1 1 1 1 O O O O O O O O O O O O O O 7 O O O O O O O O O . . . O O O O 6) O) 6) O O O O O O CD CD O CD CD O 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 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 O O O O O O O O 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 400 350 ill 250 N C O .N 200 150 N 100 0 600 500 400 2 300 1 200 100 2 0 CC Membership Joins vs. Terminations, and Retention Rate (Month -to -Month) through 4/30/2022 100.0% ' 1 1 1 1 0 1 1 1 1 1 50 1 149 101 224 �f11 Bill] 1 21 FaP O� OHO OA 00 1 °1 4O N^ 0 O^ Off' O1 Off` Oh OHO OA 00 4P NO NN 0 O^ Off' OP Off` Ob OHO OA O`b 41 NO N^ �1 95.0% 90.0% 85.0% 80.0% 75.0% 70.0% 65.0% 60.0% 55.0% 50.0% 45.0% 40.0% m Terminations � Joins Retention Rate CC MEMBERSHIP JOINS VS TERMINATIONS BY MONTH & TYPE ■Adult Fam Fam-NC 6,SR *Youth 400 300 200 6 100 9 44 Member hips in 5..p ,i J i9 a 0 -100 28 18 8 15 10 13 16 5 26 8 8 7 16 77. 4 g g 4 55 57 1 - 1 58 5 41 15 44 1 25 8 42 35 � 26 28 13 13 36 3020 i 1ti ff -12 -20 -20 -20 -28 -28 -30 -13 -51 -33 -25 -38 -49 -39 -26 SO $ -43 -48 - -12 -`� -11 -10 7 -71 -58 j -12 -73 -11 _4 -9 -7 I -7 9 yygg H -15 i -13 _2 -15 -16 -15 -12 .13 �47 -so -11 -1 i 14 19 19 9 IIIIII��� 7 78 �61. 63 74 20 63 ; 3. 30 `` II 33 37 -53 I I f 43 20 -20 -21 64 --64 -21 27 -2S 46 -52 -13 -16 -62 -55 -3 7 -15 -12 -15 -12 _9 goo Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec 24 Jan-22 Feb-22 Mar-22 Apr-22 FY2022 CC Membership Terminations by Reason and by Month 80 72 60 40 20 d r Oct-21 � Nov-21 m Dec-21 m J ao-22 m Feb-22 m Mar-22 Apr-22 Unsatisfied with Fadlity or Selected other service Failed Payment Not Utilising Membership RelocatingJTravel Transfer Amenities provider No Reason! Other fig 43 18 19 0 d 9 65 27 12 18 1 4 6 72 29 12 17 0 1 6 65 28 38 16 5 2 10 55 35 14 14 10 2 9 65 19 15 11 6 3 7 fit 22 23 14 7 3 16 44.2% 19.8% 12.9% 10.6% 2.8% 1.5% 6.0% 50.0% 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% EXPERIENCE SOUTHLAKE k Three Year Revenue Comparison by Month 00 00 00 00 00 $o M FISCAL YEAR 2020 ■ FISCAL YEAR 2021 FISCAL YEAR 2022 EXPERIENCE SOUTHLAI<,.,.,E