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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