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Item 3B2 - Financial ReportReference Page 3 Page 3 Page 4 Page 4 Page 5 GENERAL FUND PositiveGeneral Fund Exp. Vs. Rev. Sales Tax Revenue (2 months prior activity) Property Tax Revenue Positive Positive Positive Positive 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. PERFORMANCE AT A GLANCE Year to Date 3 year Trend Negative MONTHLY FINANCIAL REPORT August 2023 = Negative Variance of > 4% compared to seasonal trends. Positive City of Southlake Monthly Financial Report 1 9/15/2023 National GDP: ECONOMIC INDICATORS NATIONAL ECONOMY FINANCIAL ACTIVITY2.1% 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 estimated GDP for the 2nd quarter of 2023 increased at a rate of 2.1%. In the 1st quarter of 2023, GDP increased at a rate of 2.0%. The National Unemployment rate for August 2023 slight increase to 3.8% when compared to 3.5% in July 2023. National: 5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUES Housing Starts: Housing starts in July were at a seasonally adjusted rate of 1,452,000, which is 3.9% above the revised previous month figure of 1,398,000 and 5.9% above the July 2022 rate of 1,371,000. 3.9% UNEMPLOYMENT RATES 3.8% The Dallas/Fort Worth/Arlington Metropolitan Area unemployment rate for July 2023 (preliminary) increased slightly to 4.1% when compared to 3.9% in June 2023. 4.1% State-wide:4.1% The Texas Unemployment rate for July 2023 (preliminary) remained unchanged at 4.1% from June 2023. DFW Area: $- $20,000,000 $40,000,000 $60,000,000 $80,000,000 $100,000,000 $120,000,000 $140,000,000 $160,000,000 $180,000,000 2019*2020*2021*2022*2023* New Construction permit values*October - May City of Southlake Monthly Financial Report 2 9/15/2023 GENERAL FUND FY 2023 REVENUE FY 2023 EXPENDITURE VARIANCE Oct 604,909$ 2,824,040$ (2,219,131)$ Nov 2,466,143$ 3,685,749$ (1,219,606)$ Dec 7,240,751$ 4,390,002$ 2,850,749$ Jan 15,429,638$ 3,413,662$ 12,015,976$ Feb 10,368,200$ 3,355,416$ 7,012,784$ Mar 2,797,920$ 3,506,641$ (708,721)$ Apr 2,312,660$ 3,880,022$ (1,567,362)$ May 3,643,729$ 3,882,328$ (238,599)$ Jun 2,992,758$ 4,469,034$ (1,476,276)$ Jul 1,347,991$ 5,036,735$ (3,688,744)$ Aug 2,683,198$ 3,721,904$ (1,038,706)$ Sep -$ -$ -$ Tot 51,887,897$ 42,165,533$ 9,722,364$ 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 1,436,621$ 1,388,859$ 978,395$ Mar 1,836,177$ 1,975,175$ 1,727,925$ Apr 1,708,466$ 1,714,270$ 1,470,896$ May 1,745,742$ 1,725,777$ 1,262,973$ Jun 1,819,551$ 1,792,755$ 2,586,036$ Jul 1,620,652$ 1,607,427$ 1,449,136$ Aug -$ 1,659,141$ 1,427,525$ Sep -$ 1,640,639$ 1,687,605$ Tot 17,842,578$ 20,828,987$ 18,157,270$ POSITIVE Year to date sales tax collections are trending above FY 2022 (1.8%)and FY 2021 (18.6%)collections.However,March collections were 7.0%lower than March collections for FY 2022 due to a large audit adjustment.Year to date collections are above budget for the year however staff will coninue to closely mointor collections. 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 $9.7M. $- $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 $18,000,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep FY 2023 REVENUE FY 2023 EXPENDITURE 2022 EXPEND. City of Southlake Monthly Financial Report 3 9/15/2023 GENERAL FUND FY 2023 FY 2022 FY 2021 Oct 380,169$ 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 560,775$ 584,684$ 411,151$ Apr 221,968$ 554,247$ 259,058$ May 158,917$ 151,717$ 152,945$ Jun 502,789$ 502,344$ 389,839$ Jul *(1,226,605)$ (1,310,741)$ (1,365,991)$ Aug 69,910$ 69,630$ 52,655$ Sep -$ 111,205$ 190,848$ Tot 26,689,839$ 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 98,675$ 154,046$ 150,142$ Apr 77,670$ 277,691$ 124,870$ May 187,731$ 788,270$ 136,364$ Jun 143,738$ 133,244$ 158,786$ Jul 92,872$ 192,902$ 170,985$ Aug 136,528$ 184,578$ 217,599$ Sep -$ 154,833$ 221,982$ Tot 1,562,542$ 2,658,371$ 1,568,027$ POSITIVE As of August the 2023 YTD property tax collections ($26,689,839)are approximately 0.23%less than 2022 YTD ($26,751,902)and 3.01%higher than 2021 YTD ($25,910,057).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 ($131M+)issued for FY 2023 YTD is approximately 22.9%less than FY 2022 and 10.5%higher than FY 2021 permit values.FY 2023 YTD permit revenue is 37.6%below and 16.1% 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. PERMIT REVENUE 2023-2021 COMPARISON CHART OUTLOOK: REVENUE ANALYSIS (continued) PROPERTY TAX 3 YEAR TREND CHART OUTLOOK: $(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 $900,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep FY 2023 FY 2022 FY 2021 City of Southlake Monthly Financial Report 4 9/15/2023 FY 2023 ACTUAL YTD (AUGUST) FY 2022 ACTUAL YTD (AUGUST) FY 2023 BUDGET YTD (AUGUST)FY 2023 % SPENT 975,024$ 955,308$ 1,011,528$ 96.39% 558,874$ 455,574$ 653,632$ 85.50% 5,966,528$ 5,286,763$ 6,346,220$ 94.02% 518,938$ 507,377$ 584,473$ 88.79% 19,250,783$ 9,706,324$ 19,728,256$ 97.58% 292,214$ 265,439$ 321,376$ 90.93% 2,490,143$ 2,210,138$ 2,802,130$ 88.87% 849,830$ 755,635$ 918,339$ 92.54% 2,835,448$ 2,689,388$ 3,254,485$ 87.12% 2,167,204$ 2,010,209$ 2,337,882$ 92.70% 4,606,083$ 4,058,859$ 4,939,469$ 93.25% 1,654,466$ 1,403,049$ 2,127,979$ 77.75% 42,165,535$ 30,304,063$ 45,025,769$ 93.65%2,860,234$ CHART OUTLOOK: 473,513$ 333,386$ 94,195$ 170,678$ PDS BUDGET VARIANCE 36,504$ 379,692$ 156,995$ 547,224$ 251,417$ 11,861,472$ As indicated above,2023 expenditures are above 2022 expenditures for the same period with a increase of 39.1%.The primary reason for the increase is related to the ARPA funding used to pay public safety personnel expenditures. The outlook is positive expenditures are below budgeted expenditures for the fiscal year. FY 2022/2023 YTD VARIANCE 19,716$ 679,765$ 11,561$ 9,544,459$ 26,775$ 280,005$ SS Totals PW CMO CS 146,060$ 65,535$ 477,473$ 29,162$ 311,987$ 68,509$ 419,037$ CSO DPS ED FIN HR IT DEPARTMENTAL EXPENDITURES SUMMARY 103,300$ 94,758$ COMM EXPENDITURE ANALYSIS POSITIVE $- $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 (AUGUST)FY 2022 ACTUAL YTD (AUGUST)FY 2023 BUDGET YTD (AUGUST) City of Southlake Monthly Financial Report 5 9/15/2023