Item 3B1 - Financial ReportCITY OF
S0UTHLA1<,..-E
0
MONTHLY FINANCIAL
REPORT
November 2023
PERFORMANCE AT A GLANCE
Year to Date
3 year Trend
Reference
.
General Fund Exp. Vs. Rev.
Positive
Positive
Page 3
Sales Tax Revenue (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 1-4% compared to seasonal trends
Negative = Negative Variance of > 4% compared to seasonal trends.
City of Southlake Monthly Financial Report 1 12/14/2023
ECONOMIC INDICATORS
NATIONAL ECONOMY
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
3rd quarter of 2023 increased at a rate of 5.2%. In
$30,000,000
the 2nd quarter of 2023, GDP increased at a rate of
2.1 %.
$25,000,000
Housing Starts: 1.2%
Housing starts in October 2023 were at a seasonally
adjusted rate of 1,372,000, which is 1.2% above the
previous month figure of 1,346,000, but 4.2% below
$20,000,000
the same month last year.
$15,000,000
UNEMPLOYMENT RATES
National: 3.7%
The National Unemployment rate for November
$10,000,000
2023 slightly decreased to 3.7% when compared to
3.9% in October 2023.
$5,000,000
State-wide: v/ 4.1 %
The Texas Unemployment rate for October 2023
(preliminary) remained unchanged at 4.1 % when
compared to September 2023.
$-
FINANCIAL ACTIVITY
DFW Area: V 3.6% 11 2020* 2021* 2022* 2023* 2024*
The Dallas/Fort Worth/Arlington Metropolitan Area *October -November ■ Construction permit values
unemployment rate for October 2023 (preliminary)
decreased to 3.6% when compared to 3.9% in
September 2023. ffw
City of Southlake Monthly Financial Report 2 12/14/2023
GENERAL FUND
OVERALL FUND PERFORMANCE:
GENERAL FUND REVENUE VS EXPENDITURES 2021
FY 2024 FY 2024
FY 2024 REVENUE FY 2024 EXPENDITURE f2023 EXPEND.
REVENUE EXPENDITURE
VARIANCE
Oct $ 1,292,818 $ 3,014,402
$
(1,721,584)
$6,000,000
Nov $ 2,682,433 $ 4,197,424
$
(1,514,991)
Dec $ $
$
$5,000,000
Jan $ $
$
Feb $ $
$
$4,000,000
,
Mar $ $
$
Apr $ $
$
$3,000,000
May $ $
$
Jun $ $
$
Jul $ $
$
$2,000,000
Aug $ $
$
Sep
$
$1,000,000
Tot $ 3,975,251 $ 7,211,826
$
(3,236,575)
CHART OUTLOOK: POSITIVE
I
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
The outlook for the year is positive as overall revenues and expenditures are on target with budget. The expenditures are higher than revenues by $3.2M however the majority of property tax revenue will be collected in
late December and January.
REVENUE ANALYSIS
GENERAL FUND SALES TAX 2024-2022 COMPARISON
FY 2024 FY 2023
FY 2022
FY 2024 FY 2023 FY 2022
Oct $ 1,639,596 $ 1,814,981
$
1,613,415
$3,000,000
Nov $ - $ 1,813,575
$
1,652,674
Dec $ $ 2,507,299
$
2,456,532
$2,500,000
Jan $ - $ 1,539,514
$
1,602,323
Feb $ $ 1,436,621
$
1,388,859
$2,000,000
Mar $ - $ 1,836,177
$
1,975,175
/
Apr $ $ 1,708,466
$
1,714,270
$1,500,000
May $ - $ 1,745,742
$
1,725,777
Jun $ $ 11819,551
$
1,792,755
$1,000,000
Jul $ - $ 1,620,652
$
1,607,427
Aug $ 2,618,139
$
1,659,141
$500,000
Sep $ 1,968,439
$
1,640,639
Tot $ 1,639,596 $ 22,429,156
$
20,828,987
$-
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
CHART OUTLOOK: POSITIVE
Collections for FY 2024 (October 2023
salea) are 9.7% lower than October 2022 collections and 1.6% above October 2021 collections. However 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 12/14/2023
GENERAL FUND
REVENUE ANALYSIS (continued)
PROPERTY TAX 3 YEAR TREND
FY 2024
FY 2023 FY 2022
■ FY 2024 ■ FY 2023 FY 2022
Oct $ 577,913
$
380,169 $ 653,703
$14,000,000
Nov $ 2,012,904
$
2,011,080 $ 2,017,203
$12,000,000
Dec $ -
$
4,964,620 $ 6,068,454
$10,000,000
Jan $ -
$
12,756,146 $ 11,588,414
$8,000,000
Feb $
$
6,290,070 $ 5,872,247
Mar $ -
$
560,775 $ 584,684
$6,000,000
Apr $
$
221,968 $ 554,247
$4,000,000
May $ -
$
158,917 $ 151,717
'
$2,000,000
Jun $
$
502,789 $ 502,344
$-
Jul * $ -
$
(1,226,605) $ (1,310,741)
$(2,000,000) Oct Nov Dec Jan Feb Mar Apr May Jun u Aug
Aug $
$
69,910 $ 69,630
$(4,000,000)
Sep $
$
41,259 $ 111,205
Tot $ 2,590,817
$
26,731,098 $ 26,863,107
* Net transfer of TIF
revenues to
CHART OUTLOOK:
POSITIVE TIF fund
2024 YTD property
tax
collections ($2,590,817) are approximately
8.4% higher than 2023 YTD ($2,391,249) as of November. As indicated on the chart, the majority of the property tax revenue is collected in the first few
months of the fiscal
year.
PERMIT REVENUE 2024-2022 COMPARISON
FY 2024
FY 2023 FY 2022
FY 2024 FY 2023 FY 2022
Oct $ 110,053
$
137,332 $ 214,445
$900,000
Nov $ 284,653
$
118,803 $ 185,109
Dec $ -
$
88,212 $ 94,663
$800,000
Jan $ -
$
231,884 $ 167,045
$700,000
Feb $
$
249,097 $ 111,545
Mar $ -
$
98,675 $ 154,046
$600,000
Apr $
$
77,670 $ 277,691
$500,000
May $ -
$
187,731 $ 788,270
$400,000
Jun $
$
143,738 $ 133,244
Jul $ -
$
92,872 $ 192,902
$300,000
Aug $
$
136,528 $ 184,578
$200,000
,
Sep $ 719,924 $ 658,833
Tot $ 394,706 $ 1,719,924 $ 2,658,371 $100,000
371
$-
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
CHART OUTLOOK: POSITIVE
The value of new construction permits ($18.9M+) issued for FY 2024 YTD is approximately 14.9% higher than FY 2023 and 23.8% lower than FY 2022 permit values. FY 2024 YTD permit revenue is 54.1 % higher and
1.2% lower when compared to FY 2023 and 2022, respectively. The permit revenue year to date is trending above budget therefore the outlook is considered positive.
City of Southlake Monthly Financial Report 4 12/14/2023
EXPENDITURE ANALYSIS
DEPARTMENTAL EXPENDITURES SUMMARY
FY 2024 ACTUAL
FY 2023 ACTUAL
FY 2024 BUDGET
FY
2023/2024 YTD
YTD (NOVEMBER)
YTD (NOVEMBER)
YTD (NOVEMBER)
VARIANCE
BUDGET VARIANCE
FY 2024 % SPENT
CMO
$ 139,374
$
130,313
$
179,845
$
9,061
$
40,471
77.50%
COMM
$ 154,869
$
108,061
$
166,237
$
46,808
$
11,368
93.16%
CS
$ 953,969
$
845,536
$
1,355,747
$
108,433
$
401,778
70.36%
C50
$ 73,210
$
64,830
$
103,127
$
8,380
$
29,917
70.99%
DPS
$ 2,876,584
$
2,677,362
$
3,680,490
$
199,222
$
803,906
78.16%
ED
$ 44,809
$
55,679
$
56,327
$
(10,870)
$
11,518
79.55%
FIN
$ 318,986
$
291,113
$
395,375
$
27,873
$
76,389
80.68%
HR
$ 109,859
$
107,749
$
154,137
$
2,110
$
44,278
71.27%
IT
$ 506,353
$
524,774
$
661,650
$
(18,421)
$
155,297
76.53%
PDS
$ 306,499
$
359,105
$
435,513
$
(52,606)
$
129,014
70.38%
PW
$ 570,353
$
605,734
$
898,238
$
(35,381)
$
327,885
63.50%
SS
$ 1,156,911
$
739,535
$
1,028,623
$
417,376
$
(128,288)
112.47%
Totals
$ 7,211,776
$
6,509,791
$
9,115,309
$
701,985
$
1,903,533
79.12%
FY 2024
ACTUAL YTD (NOVEMBER) FY 2023 ACTUAL YTD (NOVEMBER)
FY 2024 BUDGET YTD (NOVEMBER)
$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
='z
CMO COMM
POSITIVE
CS
CSO
DPS
ED FIN
HR IT PDS PW SS
CHART OUTLOOK:
As indicated above, 2024 expenditures are are higher than the 2023 expenditures for the same period
with an increase of 10.8% primarily due to to approved pay plan adjustments, increase in property insurance and
legal settlements.
The outlook is positive expenditures are
on pace to
be within
budgeted expenditures for the fiscal year.
City of Southlake Monthly Financial Report 5 12/14/2023
EXPERIENCE
SOUTHLAKE
11� ZZ 07i's F,; -t I
November 28.,2023
The Marq Financial Review
MARQ
73.17%
59-90% 122.15%
Target ATT
4-43M 6.05M
Revenue Expense
1D1112D22 913012a23
cc
78.80%
67-20% 117-26%
Target I ATT
3.81 M 4.84M
Revenue Expense
CEDC FINANCIAL DASHBOARD
m uMl/2812023 10:03AM
LH
50.77%
33-50% I
151.55%
Target ATT
617.02K 1.22M
Revenue Expense
Net Revenue- Current & Previous Year
CCR LHR —Tnlal Rererue LY
400K 47K
97K
65K ! ■
39K 61K 67K
300K 43K _
25M _
250K
200K
365K 374K
318K 293<( 318V( 304K 311K ��
281K 314K 224K 206K
`��
f00K
The Marq Rentals Revenue (Net)
•CC-Rerdal-Revenue LH-Re Ial-!R—ue
60K
50K
40K
MK
20K
10K.. ..........................
OK
Nw= Om 2022 Jai 2023 Feb 2023 Mw2023 Apr 2023 May 2023 Jun 3023 Ju12023 Aug 2U23 Sep 2U23 Oct2023 Nw2023
The Marq Membership Revenue (Net)
250K
UK
Nw2222 nm2222 Jm2023 Feb2023 Ma2023 Apr2023 May2023 Jun2023 J12023 Aug2U23 Sep2223 Ott= Mw2023
OK
Hw2022 3-21322 Jan 2023 Feb 2023 Wr2023 Apr 21323 May2323 Jun 2023 Jul 2023 Aug 2323 Sep 2023 Oct 2323 Nw 2023
CHAMPIONS CLUB MEMBERSHIP TRENDS
4000
900
3530 3580
3413 I \ 3554 3487
3365
800
3500
I I i
3230 _ i 3561 3496
3131 3153 � 3441
700
., 3371
2989 I/ \� I� oo 3291
3000
, 3162
3197
2827
600
076
Q
2605 2679 Ir/
N
/
C
S
I 2506 258 2738
500
i
2500
\ 2458 2662
C
�
2527 2502 2513 2521
/444
d
CL
E
400
to
CD
2273 J\
fn
1955 2289
2000
1958 1941 1944
300
2062 2084
1968 1956 1945 2001
200
1500
100
1000
i ■
- 0
M lf) O I- CO O O— N r N MN;T ul CO I-- M O— N— N M�u') CD I- M M O— N— N MqT M CD I- M M O
O O O O O O O --- 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 0 0 0 0 0 0 0 0 � � � � N N N N N N N N N N N N M M M M M M M M M M
N N N N
O O O O 0 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 0
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 N N N N N N N N
Period
MULTI -YEAR MEMBERSHIPS ANALYSIS BY MEMBERSHIP TYPE
1200
1000
804
800
588
600
424
400
201 157
200
' ,
0
-200
-400
-600
-800
-1000
1 •
6 1 124
-33
-410
-698
JOINS
TERMS
FY2021
ADULT
588
-410
FAM
424
-334
FAM-NC
804
-698
SENIOR
201
-124
YOUTH
157
-115
TOTALS
2174
-1681
NET
493
� ADULT
931
780 p
761
JOINS
TERM
FY2022
780
-568
565
-391
931
-761
274
-165
197
-156
2747
-204
706
FAM � FAM-NC
854 909
n
645
313
192
' 68 30 44 30 16
65-156 -174
-247
57
-698
-873
4000
3000
2000
1000
m m 0
-50-45 -63 -20
-19
-1000
S JOINS
1
TERMS
JOINS
TERMS
FY2023
FY2024
854
-698
68
-50
645
-574
30
-45
909
-873
44
-63
313
-247
30
-19
192
-174
16
-20
2913
-2566
347
-9
SENIOR YOUTH
TOTALS
NET
-2000
-3000
MULTI -YEAR MEMBERSHIP TERMINATIONS BY REASON
1200
1000
800
600
400
200
0
1003
FAILED PAYMENT
NOT UTILIZING
RELOCATING f
MEMBERSHIP
TRAVEL
� FY2020
355
395
159
� FY2021
744
311
187
� FY2022
801
415
360
� FY2023
1003
519
449
—TOTALS
2903
1640
1155
— %
36.51A
20.6%
14.5%
3500
3000
2500
2000
1500
1000
500
0 0
UNSATISFIED Wl
SELECTED OTHER
TRANSFER
FACILITY OR
SERVICE
NO REASON I
COVID-19 CLOSURE
OTHER
AMENITIES
PROVIDER
158
13
76
539
177
21
58
180
207
51
31
153
0
299
36
34
226
0
841
87
99
513
719
10.6%
1.1 %
1.2%
6.41/o
9.0%
0
FY2024 CC Membership Terminations by Reason and by Month
100
84
80
60
40
20
0
� Oct-23
� Nov-23
� Dec-23
Jan-24
� Feb-24
� Mar-24
� Apr-24
� May-24
Jun-24
�Jul-24
� Aug-24
Sep-24
—Totals
%
00DOD0I1011 100000a0000
Failed Payment Not Utilizing Membership
84
53
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
84
53
42.6%
26.9%
0 0 a 0 0 0 0 0 0 0 0
RelocatinVravel
21
0
0
0
0
0
0
0
0
0
0
0
21
10.7%
19
Ia000000006
Transfer
19
0
0
0
0
0
0
0
0
0
0
0
19
9.6%
0 3DDD0 00DOD0 4 000U0aa0
Unsatisfied with Facility or Selected other service
Amenities provider
3 _ 4
0 0
0 0
a 0
a 0
0 0
0 0
0 0
0 0
0 0
0 0
a 0
3 4
1.5% 2.0%
I3
�0D0000D0000
No Reason 1 Other
13
0
0
0
0
0
0
0
0
0
0
0
13
6.6%
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
■ FISCAL YEAR 2021 FISCAL YEAR 2022 Fiscal Year 2023
EXPERIENCE
SOUTHLAI<,.,.,E