Item 3B2 - Financial ReportCITY OF
S0UTHLA1<4,,E
MONTHLY FINANCIAL
REPORT
or— 11 1
August2022
PERFORMANCE AT A GLANCE
Year to Date
3 year Trend
Reference
7G...,.'.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 9/16/2022
ECONOMIC INDICATORS
NATIONAL ECONOMY
FINANCIAL ACTIVITY
National GDP: y -0.60%
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 2nd
quarter of 2022 decreased at a rate of 0.6%. In the 1st
$180,000,000
quarter of 2022, GDPdecreased at a rate of 1.6%.
$160,000,000
Housing Starts: 9.60%
$140,000,000
Housing starts in July were at a seasonally adjusted
rate of 1,446,000, which is 9.6% below the revised
$120,000,000
previous month figure of 1,559,000 and is 8.1% below
July 2021.
$100,000,000
UNEMPLOYMENT RATES
National: V 3.7%
$80,000,000
The National Unemployment rate for August 2022
$60,000,000
increased slightly to 3.7% when compared to 3.5% in
July 2022.
$40,000,000
State-wide: 4.0%
The Texas Unemployment rate for July 2022
$20,000,000
(preliminary) decreased slightly to 4.0% from 4.1 % in
June 2022.
$-
2018*
2019* 2020* 2021* 2022*
DFW Area: 3.8%
*October - August
New Construction permit values
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate for July 2022 (preliminary) remained
unchanged at 3.8% when compared to June 2022.
City of Southlake Monthly Financial Report 2 9/16/2022
1
0 GENERAL FUND
OVERALL FUND PERFORMANCE:
GENERAL FUND REVENUE VS EXPENDITURES 2022
FY 2022
FY 2022
FY 2022 REVENUE FY 2022 EXPENDITURE ---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
$12,000,000
Jan $ 13,878,168
$ 3,110,936
$
10,767232
Feb $ 9,221,772
$ 3,292,649
$
5,929:123
$10,000,000
Mar $ 3,062,209
$ 3,845,975
$
(783,766)
$8,000,000
Apr $ 2,609,891
$ 3,280,619
$
(670,728)
$6,000,000
May $ 4,154,042
$ 3,546,371
$
607671
Jun $ 2,668,193
$ 3,787,807
$
(1,119:614)
$4,000,000
Jul * $ 1,742,831
$ (3,796,321)
$
5,539,152
$2,000,000
Aug $ 2,532,533
$ 3,380,768
$
(848,235)
$-
Oct Nov Dec Jan Feb Mar Apr May Jun J Aug Sep
Sep $ -
$ -
$
$(2,000,000)
Tot $ 51,610,387 $ 30,304,515 $ 21,305,872
$(4,000,000)
CHART OUTLOOK:
POSITIVE
1
$(6,000,000)
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 $21.3M. The
significant variance is due to ARPA funding
received and
applied to Public Safety expenditures during the month of July.
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 $ 1,714,270
$ 1,470,896
$
1,038,936
Apr $ 1,714,270
$ 1,470,896
$
287
1,038,287
$1,500,000
May $ 1,725,777
$ 1,262,973
$
1,153,263
,
Jun * $ 1,792,755
$ 2,586,036
$
1,375,636
$1,000,000
Jul $ 1,607,427
$ 1,449,136
$
1,190,064
Aug $ -
$ 1,427,525
$
1,233,673
$500,000
Sep $ -
$ 1,687,605
$
1,416,226
Tot $ 17,529,207
$ 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 (16.5%) and FY 2020 (36.1%) collections.June sales were 31% below June 2021 collections and 30% above June collections for June 2020. June 2021
collections included an
audit adjustment which
represented 38% 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 9/16/2022
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
$8,000,000
Feb
$ 5,872,247
$ 4,445,041
$
4,237,797
$6,000,000
Mar
$ 584,684
$ 411,151
$
420,930
Apr
$ 554,247
$ 259,058
$
55,958
$4,000,000
May
$ 151,717
$ 152,945
$
105,567
$2,000,000 .■
Jun
$ 502,344
$ 389,839
$
448,670
$-
Jul *
$ (1,310,741)
$ (1,365,991)
$
(1,457,677)
$(2,000,000) Oct Nov Dec Jan Feb Mar Apr May Jun
Aug
Aug
$ 69,630
$ 52,655
$
52,000
$(4,000,000)
Sep
$ -
$ 190,848
$
28,446
Tot
$ 26,751,902
$ 26,100,905
$
25,357,489
* Net
transfer of TIF revenues to TIF
CHART
OUTLOOK:
POSITIVE
fund
2022
YTD property tax
collections ($26,751,902)
are higher than 2021 YTD ($25,910,057) and 2020 YTD ($25,329,043) as of August. 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.
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
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
$ 788,270
$ 136,364
$
128,791 $400,000
Jun
$ 133,244
$ 158,786
$
148,103
Jul
$ 192,902
$ 170,985
$
152,920 $300,000
-
Aug
Sep
$ 184,578
$
$ 217,599
$
$
$
69,101 $200,000
Tot
$ 2,503,538
568,027
$ 1,568,027
$
986,547
1,986,161 $100,000
161
■
'
$-
Oct Nov Dec Jan Feb Mar Apr May Jun
Jul Aug Sep
CHART OUTLOOK: POSITIVE
The value of new construction permits ($169.8M+) issued for FY 2022 YTD is approximately 43.1% and 44.9% higher when compared to FY 2021 and FY 2020, respectively. FY
2022 collections are 86.0% and 43.9%
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 9/16/2022
EXPENDITURE ANALYSIS
DEPARTMENTAL EXPENDITURES SUMMARY
FY 2022 ACTUAL
FY 2021 ACTUAL YTD
FY 2022 BUDGET
FY 2021/2022 YTD
YTD (AUGUST)
(AUGUST)
YTD (AUGUST)
VARIANCE
BUDGET
VARIANCE
FY 2022 % SPENT
CIVIC)
$ 955,308
$
797,416
$ 957,587
$
(157,892)
$
2,279
99.76%
COMM
$ 455,574
$
421,433
$ 515,330
$
(34,141)
$
59,756
88.40%
CS
$ 5,286,763
$
4,675,837
$ 5,851,154
$
(610,926)
$
564,391
90.35%
CSO
$ 507,377
$
471,347
$ 539,709
$
(36,030)
$
32,332
94.01%
DPS
$ 9,706,324
$
16,061,346
$ 17,614,480
$
6,355,022
$
7,908,156
55.10%
ED
$ 265,439
$
135,818
$ 234,129
$
(129,621)
$
(31,310)
113.37%
FIN
$ 2,210,138
$
2,100,641
$ 2,342,929
$
(109,497)
$
132,791
94.33%
HR
$ 755,635
$
707,078
$ 823,164
$
(48,557)
$
67,529
91.80%
IT
$ 2,689,388
$
2,481,768
$ 2,987,653
$
(207,620)
$
298,265
90.02%
PDS
$ 2,010,209
$
1,956,330
$ 2,167,669
$
(53,879)
$
157,460
92.74%
PW
$ 4,058,859
$
3,876,346
$ 4,567,092
$
(182,513)
$
508,233
88.87%
SS
$ 1,403,049
$
1,634,366
$ 1,925,827
$
231,317
$
522,778
72.85%
Totals
$ 30,304,063
$
35,319,726
$ 40,526,723
$
5,015,663
$
10,222,660
74.78%
FY 2022 ACTUAL YTD (AUGUST) FY 2021 ACTUAL YTD (AUGUST) FY 2022 BUDGET
YTD (AUGUST)
$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
I POSITIVE
CS
CSO
DPS
ED FIN HR
IT PDS PW
SS
CHART OUTLOOK:
As indicated above, 2022 expenditures are
below 2021 expenditures for the same period with a
significant decrease of 14.2% due to DPS expenditures eligible for ARPA (American Rescue Plan Act).
It is important to note
ARPA funding is a
one-time funding source.
The outlook
is positive expenditures are below budgeted expenditures for the fiscal year.
City of Southlake Monthly Financial Report 5 9/16/2022