Item 3B2 - Monthly Financial ReportCITY OF
S0UTHLA1<4,,E
MONTHLY FINANCIAL
REPORT
or— 11 1
March 2023
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 4/12/2023
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 second estimated GDP for the 4th
carter of 2022 increased at a rate of 2.6%. In the 3rd $90,000,000
carter of 2022, GDP increased at a rate of 3.2%.
$80,000,000
V 9.8%
$70,000,000
Housing starts in February were at a seasonally
adjusted rate of 1,450,000, which is 9.8% above the $60,000,000
revised previous month figure of 1,321,000.
$50,000,000
UNEMPLOYMENT RATES
National: V3.5% $40,000,000
The National Unemployment rate for March 2023 slight $30,000,000
decrease to 3.5% when compared to 3.6% in February
2023. $20,000,000
State-wide: V 4.0%
The Texas Unemployment rate for February 2023
(preliminary) slight increase to 4.0% from 3.9% in
January 2023.
DFW Area: 4.1 %
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate for February 2023 (preliminary)
decreased slightly to 4.1% when compared to 3.8% in
January 2023.
$10,000,000
F1
2019* 2020* 2021* 2022*
*October- March ■ New Construction permit values
2023*
City of Southlake Monthly Financial Report 2 4/12/2023
GENERAL FUND
OVERALL FUND PERFORMANCE:
GENERAL FUND REVENUE VS EXPENDITURES 2022
FY 2023
FY 2023
$18,000,000
REVENUE
EXPENDITURE
VARIANCE
FY 2023 REVENUE FY 2023 EXPENDITURE 2022 EXPEND.
Oct $ 604,909
$ 2,824,040
$
(2,219,131)
$16,000,000
Nov $ 2,466,143
$ 3,685,749
$
(1,219,606)
$14,000,000
Dec $ 7,240,751
$ 4,390,002
$
2,850,749
Jan $ 15,429,638
$ 3,413,662
$
12,015,976
$12,000,000
Feb $ 10,368,200
$ 3,355,416
$
7,012:714
$10,000,000
Mar $ 2,677,138
$ 3,410,673
$
(733535)
Apr $
$
$
$8,000,000
May $
$
$
Jun $
$
$
$6,000,000
—
Jul $
$
$
$4,000,000
Aug $
$
$
Sep $
$
$
$2,000,000
Tot $ 38,786,779
$ 21,079,542
$
17,707,237
$_
_
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
and expenditures are on target with budget. The revenues are higher than expenditures by approximately $17.7M.
The significant variance is due to the significant
portion of property tax revenue collected (approximately
94%) of the budgeted property tax revenue which is the largest revenue sources for the general fund.
REVENUE ANALYSIS
GENERAL FUND SALES TAX 2023-2021 COMPARISON
FY 2023
FY 2022
FY 2021
FY 2023 FY 2022 FY 2021
Oct $ 1,814,981
$ 1,613,415
$
1,299,576
$3,000,000
Nov $ 1,813,575
$ 1,652,674
$
1,084,677
Dec $ 2,507,299
$ 2,456,532
$
1,926,407
$2,500,000
Jan $ 1,539,514
$ 1,602,323
$
1,256,119
Feb $ 1,436,621
$ 1,388,859
$
978,395
'
$2,000,000
Mar $ -
$ 1,975,175
$
1,727,925
.
Apr $
$ 1,714,270
$
1,470,896
$1,500,000
May $ -
$ 1,725,777
$
1,262,973
Jun $
$ 1,792,755
$
2,586,036
$1,000,000
Jul $ -
$ 1,607,427
$
1,449,136
Aug $
$ 1,659,141
$
1,427,525
$500,000
Sep $
$ 1,640,639
$
1,687,605
Tot $ 9,111,990
$ 20,828,987
$
18,157,270
$-
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
2022 (4.6%) and FY 2021 (39.2%) 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.
City of Southlake Monthly Financial Report 3 4/12/2023
GENERAL FUND
REVENUE ANALYSIS (continued)
PROPERTY TAX 3 YEAR TREND
FY 2023
FY 2022
FY 2021
■ FY 2023 ■ FY 2022 FY 2021
Oct $ 380,169
$ 653,703 $
778,578
$14,000,000
Nov $ 2,011,080
$ 2,017,203 $
1,582,957
$12,000,000
Dec $ 4,964,620
$ 6,068,454 $
6,036,699
$10,000,000
Jan $ 12,756,146
$ 11,588,414 $
13,167,125
$8,000,000
Feb $ 6,290,070
$ 5,872,247 $
4,445,041
$6,000,000
Mar $ 560,775
$ 584,684 $
411,151
Apr $ -
$ 554,247 $
259,058
$4,000,000
May $ -
$ 151,717 $
152,945
$2,000,000
'
..
Jun $
$ 502,344 $
389,839
$-
Jul * $ -
$ (1,310,741) $
(1,365,991)
$(2,000,000)
Oct Nov Dec Jan Feb Mar Apr May
Jun u Aug
Aug $
$ 69,630 $
52,655
$(4,000,000)
Sep $
$ 111,205 $
190,848
Tot $ 26,962,860
$ 26,863,107 $
26,100,905
* Net
transfer of TIF revenues to TIF
CHART OUTLOOK:
POSITIVE fund
As of March the 2023 YTD property tax collections ($26,962,860) are approximately
0.67% and 2.05% higher than 2022 YTD ($26,784,705) and 2021 YTD ($26,421,551), 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.
PERMIT REVENUE 2023-2021 COMPARISON
FY 2023
FY 2022
FY 2021
FY 2023 FY 2022 FY 2021
Oct $ 137,332
$ 214,445 $
50,043 $900,000
Nov $ 118,803
$ 185,109 $
69,734
Dec $ 88,212
$ 94,663 $
102,515 $800,000
Jan $ 231,884
$ 167,045 $
88,737 $700,000
Feb $ 249,097
$ 111,545 $
76,270
Mar $ 98,675
$ 154,046 $
150,142 $600,000
Apr $ -
$ 277,691 $
124,870 $500,000
May $ -
$ 788,270 $
136,364
$400,000
Jun $
$ 133,244 $
158,786
Jul $ -
$ 192,902 $
170,985 $300,000
Aug $
Sep $
$ 184,578 $
$ $
217,599 $200,000
-
Tot $ 924,003
658,371
$ 2,658,371 $
1,568,027 $100,000
568,027
, 1
$-
Oct
Nov Dec Jan Feb Mar Apr May
Jun Jul Aug Sep
CHART OUTLOOK: POSITIVE
The value of new construction
permits ($78.8M+) issued for FY 2023 YTD is approximately 29.8% and 57.5% higher when compared to FY 2022 and FY 2021, respectively.
FY 2023 YTD permit revenue is 0.3% below
and 71.9% 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.
City of Southlake Monthly Financial Report 4 4/12/2023
EXPENDITURE ANALYSIS
DEPARTMENTAL EXPENDITURES
SUMMARY
FY 2023 ACTUAL
FY 2022 ACTUAL YTD
FY 2023 BUDGET
FY 2022/2023 YTD
YTD
(MARCH)
(MARCH)
YTD (MARCH)
VARIANCE
BUDGET VARIANCE
FY 2023 % SPENT
CIVIC)
$
505,045
$
506,860
$
551,158
$
(1,815)
$
46,113
91.63%
COMM
$
314,914
$
261,546
$
376,514
$
53,368
$
61,600
83.64%
CS
$
2,906,336
$
2,616,903
$
3,524,452
$
289,433
$
618,116
82.46%
CSO
$
280,215
$
256,058
$
333,922
$
24,157
$
53,707
83.92%
DPS
$
9,307,573
$
8,941,212
$
10,933,464
$
366,361
$
1,625,891
85.13%
ED
$
164,455
$
154,238
$
182,497
$
10,217
$
18,042
90.11%
FIN
$
1,292,446
$
1,266,309
$
1,632,436
$
26,137
$
339,990
79.17%
HR
$
445,473
$
368,979
$
495,355
$
76,494
$
49,882
89.93%
IT
$
1,307,090
$
1,671,786
$
2,191,095
$
(364,696)
$
884,005
59.65%
PDS
$
1,122,429
$
1,013,036
$
1,291,137
$
109,393
$
168,708
86.93%
PW
$
2,263,547
$
2,018,939
$
2,600,280
$
244,608
$
336,733
87.05%
SS
$
1,170,019
$
1,009,078
$
1,657,198
$
160,941
$
487,179
70.60%
Totals
$
21,079,542
$
20,084,944
$
25,769,508
$
994,598
$
4,689,966
81.80%
FY 2023 ACTUAL
YTD (MARCH)
FY
2022 ACTUAL YTD
(MARCH) FY 2023 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
$-
i�
■.
CMO
COMM
CS
CSO
DPS
ED
FIN HR IT PDS PW
SS
CHART OUTLOOK:
I
POSITIVE
As indicated above, 2023 expenditures are above 2022 expenditures for the same period with a increase of 4.95%.
The outlook is positive expenditures are below budgeted expenditures for the fiscal year.
City of Southlake Monthly Financial Report 5 4/12/2023
EXPERIENCE �
SOUTHLAKE
The Marq Financial Review
MARQ
79.47%
1D1112D22 913012a23
cc
87.13%
CEDC FINANCIAL DASHBOARD
m nr.312912O23 11-12 AM
LH
50.63%
59.90% I
132.67% 6720 I
129.65% 33.50 I
151.14%
Tar ATT Tar ATT Tar ATT
2.07M 2.61 M 1 80M 2.06M 277.35K 547.77K
Revenue Expense Revenue Expense Revenue Expense
Net Revenue: Current & Previous Year
CCR LHR —Total Rererue LY
050K , ■
51K 73K
300K _
48K
250K 2M 90K 270K
_ 250K
Z111K 232K
200K
1B3•C
150K 301DK 302K 292K 302K 281K 2DEK 313K 2M 334K
r5K
245KC 253K
228K
100K
50K
0K
Mar2022 Apr2022 "2022 Jm2022 Jd2022 Ag2022 5W2022 O¢322 Hw2022 Oec2022 Jan2023 Feb200 Mar2023
The Marq Rentals Revenue (Net)
•CCJ2enbi-Remenue LH-Pe ta4R—ue
6Oi
50KK
40K
30K
2GK
10K ... ... .. .. .. .. .. .. .. .. ..
oK
Mar2022 Apr 2022 May ZU22 Jun 2022 Ad 2022 Aug 2@2 Sep 2022 Qi 2022 Nor 2022 J-2u22 Jan 2023 Feb 2023 Mar 2323
The Marq Membership Revenue (Net)
250K
2001K
15Lk
100K
5➢K
OK
Mar2022 Apr 2022 May2022 Jun 2022 Jul 2022 Aug 2022 Sep 2022 Oc12022 1Aw 2022 3m 2022 Jan 2023 Feb 21123 Mar2023
CHAMPIONS CLUB MEMBERSHIP TRENDS
3500
3000
2605
I
I
a 2500
t
N
m
g 2000
1500
1000
2527 2502
2273
3365 3371
3291 11
I /r.
3131 3197 3153 3162 3230 I /
3076
2989 1 /
1/
2827
2679 2738
2662 I I
506 2585
2513 2121 /
I_ / 2458 1
2062N
2084
I
119551196811958 1956 1941 1945 1944 2001
183 188 178 179 186 1 1
142
'
1
3
31
#
1 1
1
1
1
M L0 (D
ti
O
00 O O N N cM �t LO
O O 0 0 0 0 0
CD
0
1—
0
00 O
0
N
0
N
09
M
It LO (.0 ti 00 0") O N N
0 0 0 0 0 0 —1 —19 O
O O O O
O O CD O
O
N
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 co
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
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
600
500
400
rn
c
0
.N
300
Q
N
cn
200
100
0
MULTI -YEAR MEMBERSHIPS ANALYSIS BY MEMBERSHIP TYPE
1200 3000
1000 931
804 780
800 - 2000
600 - 479
588 201157 1565
—
ff
400 379 ,424 344 373 1000
224 274 243
200 11282 97 / 14973
0 Ion
-200 - 1 14066 , 1241151,461-99-56
16b156 21 -1000
-400 , -20b
33 391 -324
-600 -36041� -410 � 568ki,
-2000
-800 700 -698
-761
-1000 JOINS TERMS JOINS TERMS JOINS TERMS JOINS TERMS -3000
FY2020 FY2021 FY2022 FY2023
ADULT 379 -360 588 -410 780 -568 344 -260
FAM 224 -414 424 -334 565 -391 243 -221
FAM-NC 479 -700 804 -698 931 -761 373 -324
SENIOR 112 -140 201 -124 274 -165 149 -99
YOUTH 82 -66 157 -115 197 -156 73 -56
TOTALS 1276 -1680 2174 -1681 2747 -2041 1182 -960
NET -404 493 706 222
ADULT FAM FAM-NC SENIOR YOUTH TOTALS NET
FY2023 CC Membership Terminations by Reason and by Month
100
94
82
Top Reason
$0
1
7
am too busy."
fi1
60
54
41
40
36
929 `~
20
—
00000a0
0 0 a 0 0 0 0
0
Failed Payment Not Utilizing Membership
50
Relocatingfrravel
Oct-22
71
54
25
.Nov-22
94
29
16
m Dec-22
81
29
19
mJan-23
67
36
50
m Feb-23
82
41
21
m Mar-23
0
0
0
m Apr-23
0
0
0
m May-23
0
0
0
mJun-23
0
0
0
Jul-23
0
0
0
mAug-23
0
0
0
mSep-23
0
0
0
—Totals
395
189
131
%
41.1%
19.7%
13.6%
3028
Oa00000 32343 0000a0
fi
551 10 0
192121 17
F ■12
0000000
Unsatisfied with Facility or
Transfer
Selected other service
Na Reason 1 Other
Amenbes
provider
22 3
5
19
19 2
5
21
23 3
1
21
30 4
6
12
2$ 3
1
17
0 0
0
0
0 0
0
0
0 0
0
0
0 0
0
0
0 0
0
0
0 0
0
0
0 0
0
0
122 15
18
90
12.7% 1.6%
1.99'0
9.4%
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
5
■ FISCAL YEAR 2021 FISCAL YEAR 2022 Fiscal Year 2023
EXPERIENCE
SOUTHLAI<,.,.,E