Item 3B2 - Financial ReportReference
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MONTHLY FINANCIAL REPORT
February 2023
= Negative Variance of > 4% compared to seasonal trends.
Positive
Negative
PERFORMANCE AT A GLANCE
Year to Date 3 year Trend
Positive
PERFORMANCE INDICATORS
Positive
Warning
Permit Revenues
Positive Positive
Departmental Expenditures Summary Positive
= Negative variance of 1-4% compared to seasonal trends
= Positive variance or negative variance <1% compared to seasonal trends.
GENERAL FUND
PositiveGeneral Fund Exp. Vs. Rev.
Sales Tax Revenue (2 months prior activity)
Property Tax Revenue
Positive
Positive Positive
Positive
City of Southlake Monthly Financial Report 1 3/13/2023
National GDP:
Housing Starts:
Housing starts in January were at a seasonally adjusted
rate of 1,309,000, which is 4.5% below the revised
previous month figure of 1,371,000.
4.50%
UNEMPLOYMENT RATES
3.6%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate for December 2022 (preliminary)
decreased slightly to 3.2% when compared to 3.3% in
November 2022.
3.2%
State-wide:3.9%
The Texas Unemployment rate for January 2023
(preliminary) remained unchanged at 3.9% from
December 2022.
DFW Area:
ECONOMIC INDICATORS
NATIONAL ECONOMY
FINANCIAL ACTIVITY2.7%
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 4th
quarter of 2022 increased at a rate of 2.7%. In the 3rd
quarter of 2022, GDP increased at a rate of 3.2%.
The National Unemployment rate for February 2023
slightly increased to 3.6% when compared to 3.4% in
January 2023.
National:
5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUES
$-
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
2019*2020*2021*2022*2023*
New Construction permit values*October -February
City of Southlake Monthly Financial Report 2 3/13/2023
GENERAL FUND
FY 2023
REVENUE
FY 2023
EXPENDITURE VARIANCE
Oct 604,909$ 2,824,236$ (2,219,327)$
Nov 2,466,143$ 3,685,749$ (1,219,606)$
Dec 7,240,751$ 4,390,002$ 2,850,749$
Jan 15,429,638$ 3,411,804$ 12,017,834$
Feb 10,323,717$ 3,235,727$ 7,087,990$
Mar -$ -$ -$
Apr -$ -$ -$
May -$ -$ -$
Jun -$ -$ -$
Jul -$ -$ -$
Aug -$ -$ -$
Sep -$ -$ -$
Tot 36,065,158$ 17,547,518$ 18,517,640$
POSITIVE
FY 2023 FY 2022 FY 2021
Oct 1,814,981$ 1,613,415$ 1,299,576$
Nov 1,813,575$ 1,652,674$ 1,084,677$
Dec 2,507,299$ 2,456,532$ 1,926,407$
Jan 1,539,514$ 1,602,323$ 1,256,119$
Feb -$ 1,388,859$ 978,395$
Mar -$ 1,975,175$ 1,727,925$
Apr -$ 1,714,270$ 1,470,896$
May -$ 1,725,777$ 1,262,973$
Jun -$ 1,792,755$ 2,586,036$
Jul -$ 1,607,427$ 1,449,136$
Aug -$ 1,659,141$ 1,427,525$
Sep -$ 1,640,639$ 1,687,605$
Tot 7,675,369$ 20,828,987$ 18,157,270$
GENERAL FUND REVENUE VS EXPENDITURES 2022
OVERALL FUND PERFORMANCE:
REVENUE ANALYSIS
GENERAL FUND SALES TAX 2023-2021 COMPARISON
CHART OUTLOOK:
CHART OUTLOOK:
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 $18.5M.The significant variance is due to the significant
portion of property tax revenue collected (approximately 93%) of the budgeted property tax revenue which is the largest revenue sources for the general fund.
Year to date sales tax collections are trending above FY 2022 (4.8%)and FY 2021 (37.9%)collections.However,due to an audit adjustment the January collections were 3.92%lower than January collections for FY 2022.
Year to date collections are above budget for the year therefore the outlook is considered positive. Staff will continue to closely monitor collections.
POSITIVE
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
FY 2023 FY 2022 FY 2021
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
$18,000,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2023 REVENUE FY 2023 EXPENDITURE 2022 EXPEND.
City of Southlake Monthly Financial Report 3 3/13/2023
GENERAL FUND
FY 2023 FY 2022 FY 2021
Oct 380,169$ 653,703$ 778,578$
Nov 2,011,080$ 2,017,203$ 1,582,957$
Dec 4,964,620$ 6,068,454$ 6,036,699$
Jan 12,756,146$ 11,588,414$ 13,167,125$
Feb 6,290,070$ 5,872,247$ 4,445,041$
Mar -$ 584,684$ 411,151$
Apr -$ 554,247$ 259,058$
May -$ 151,717$ 152,945$
Jun -$ 502,344$ 389,839$
Jul *-$ (1,310,741)$ (1,365,991)$
Aug -$ 69,630$ 52,655$
Sep -$ 111,205$ 190,848$
Tot 26,402,085$ 26,863,107$ 26,100,905$
POSITIVE
FY 2023 FY 2022 FY 2021
Oct 137,332$ 214,445$ 50,043$
Nov 118,803$ 185,109$ 69,734$
Dec 88,212$ 94,663$ 102,515$
Jan 231,884$ 167,045$ 88,737$
Feb 249,097$ 111,545$ 76,270$
Mar -$ 154,046$ 150,142$
Apr -$ 277,691$ 124,870$
May -$ 788,270$ 136,364$
Jun -$ 133,244$ 158,786$
Jul -$ 192,902$ 170,985$
Aug -$ 184,578$ 217,599$
Sep -$ 154,833$ 221,982$
Tot 825,328$ 2,658,371$ 1,568,027$
PERMIT REVENUE 2023-2021 COMPARISON
CHART OUTLOOK:
REVENUE ANALYSIS (continued)
PROPERTY TAX 3 YEAR TREND
CHART OUTLOOK:
As of February the 2023 YTD property tax collections ($26,402,085)are approximately 0.8%and 1.5%higher than 2022 YTD ($26,200,021)and 2021 YTD ($26,010,400),respectively.As indicated on the chart,the
majority of the property tax revenue is collected in the second quarter of the fiscal year. YTD collections are trending below budget.
* Net transfer of TIF revenues to TIF
fund
The value of new construction permits ($75.7M+)issued for FY 2023 YTD is approximately 37.3%and 82.0%higher when compared to FY 2022 and FY 2021,respectively.FY 2023 YTD permit revenue is 6.8%and
113.1% higher when compared to FY 2022 and 2021, respectively. The permit revenue year to date is trending above budget therefore the outlook is considered positive.
POSITIVE
$(4,000,000)
$(2,000,000)
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul *Aug
FY 2023 FY 2022 FY 2021
$-
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2023 FY 2022 FY 2021
City of Southlake Monthly Financial Report 4 3/13/2023
FY 2023 ACTUAL
YTD (FEBRUARY)
FY 2022 ACTUAL YTD
(FEBRUARY)
FY 2023 BUDGET
YTD (FEBRUARY)FY 2023 % SPENT
421,021$ 422,757$ 467,504$ 90.06%
270,585$ 234,762$ 326,494$ 82.88%
2,503,649$ 2,189,409$ 2,967,291$ 84.37%
226,736$ 214,492$ 284,124$ 79.80%
7,776,194$ 7,165,923$ 9,394,248$ 82.78%
141,113$ 121,244$ 151,819$ 92.95%
937,401$ 1,021,147$ 1,425,913$ 65.74%
353,445$ 303,840$ 423,681$ 83.42%
1,037,949$ 1,229,340$ 1,626,342$ 63.82%
956,175$ 851,566$ 1,101,955$ 86.77%
1,898,831$ 1,600,601$ 2,256,484$ 84.15%
1,024,210$ 904,215$ 1,587,084$ 64.53%
17,547,309$ 16,259,296$ 22,012,939$ 79.71%
EXPENDITURE ANALYSIS
POSITIVE
(191,391)$
57,388$
1,618,054$
10,706$
488,512$
70,236$
588,393$
CSO
DPS
ED
FIN
HR
IT
DEPARTMENTAL EXPENDITURES SUMMARY
35,823$ 55,909$ COMM
BUDGET VARIANCE
46,483$
463,642$
104,609$
298,230$
119,995$
1,288,013$
As indicated above,2023 expenditures are above 2022 expenditures for the same period with a increase of 7.92%primarily due to the employee compensation system moving DPS to the 80th percentile.The outlook is
positive expenditures are below budgeted expenditures for the fiscal year.
FY 2022/2023 YTD
VARIANCE
(1,736)$
314,240$
12,244$
610,271$
19,869$
(83,746)$
SS
Totals
PW
CMO
CS
4,465,630$
CHART OUTLOOK:
562,874$
357,653$
49,605$
145,780$ PDS
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
$18,000,000
CMO COMM CS CSO DPS ED FIN HR IT PDS PW SS
FY 2023 ACTUAL YTD (FEBRUARY)FY 2022 ACTUAL YTD (FEBRUARY)FY 2023 BUDGET YTD (FEBRUARY)
City of Southlake Monthly Financial Report 5 3/13/2023