Item 3B2 - Financial ReportReference
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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