Item 3B2 - Monthly Financial ReportCITY OF
S0UTHLA1<,..-E
0
MONTHLY FINANCIAL
REPORT
January 2024
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 2/14/2024
ECONOMIC INDICATORS
NATIONAL ECONOMY
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 "advance" estimated GDP for the
h quarter of 2023 increased at a rate of 3.3%. In 7$9010001000
e 3rd quarter of 2023, GDP increased at a rate of
$80,000,000
Housing Starts: 4.30%
$70,000,000
Housing starts in December 2023 were at a
seasonally adjusted rate of 1,460,000, which is 4.3% $60,000,000
below the previous month figure of 1,525,000, but
7.6% above the same month last year.
$50,000,000
UNEMPLOYMENT RATES
National: V 3 7% $40,000,000
The National Unemployment rate for January 2024 $30,000,000
remained unchanged at 3.7% when compared to
December 2023. $20,000,000
State-wide: v/ 4.0%
The Texas Unemployment rate for December 2023
(preliminary) decreased slightly to 4.0% from 4.1 %
when compared to November 2023.
DFW Area: V 3.3%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate for December 2023 (preliminary)
remained unchanged at 3.3% when compared to
November 2023.
$10,000,000
FINANCIAL ACTIVITY
2020* 2021* 2022* 2023* 2024*
*October -January ■ Construction permit values
City of Southlake Monthly Financial Report 2 2/14/2024
OVERALL FUND PERFORMANCE:
GENERAL FUND REVENUE VS EXPENDITURES 2024
FY 2024
FY 2024
FY 2024 REVENUE FY 2024 EXPENDITURE
2023 EXPEND.
REVENUE
EXPENDITURE
VARIANCE
Oct $ 87-5 46
$ 3,014,402
$
(2,139,356)
$14,000,000
Nov $ 2,775,185
$ 4,319,159
$
(1,543,974)
Dec $ 10,357,022
$ 5,289,496
$
5,067,526
$12,000,000
Jan $ 12,951,009
$ 4,234,303
$
8,716,706
Feb $
$
$
$10,000,000
Mar $
$
$
$8,000,000
Apr $
$
$
May $
$
$
$6,000,000
Jun $ -
$ -
$
-
Jul $ -
$ -
$
$4,000,000
Aug $
$
$
Sep
$
$2,000,000
Tot $ 26,958,262
$ 16,857,360
$
10,100,902
CHART OUTLOOK:
POSITIVE
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 $10.1M.
The significant variance is due to the significant portion of
property tax revenue
collected (approximately
75%) of
the budgeted property tax revenue sources for the general fund.
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 $ 1,701,432
$ 1,813,575
$
1,652,674
Dec $ 2,383,801
$ 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 $ 5,724,829
$ 22,429,156
$
20,828,987
$-
Oct Nov Dec Jan Feb Mar Apr
May Jun Jul Aug Sep
CHART OUTLOOK: POSITIVE
Year to date collections are trending below FY 2023 (6.7%)
and slightly higher than FY 2022 (0.04%) collections. December sales are below December 2022 (4.9%) and December 2021 (3.0%) 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 2/14/2024
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 $ 8,236,314
$ 4,964,620 $ 6,068,454
$10,000,000
Jan $ 10,376,818
$ 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 $ 21,203,949
$ 26,731,098 $ 26,863,107
* Net transfer of TIF revenues to
CHART OUTLOOK:
POSITIVE TIF fund
As of January, the
2024 YTD property tax collections ($21,203,949)
are approximately 5.4% and 4.3% higher than 2023 YTD ($20,112,015) and 2022 YTD ($20,327,774), 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 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 $ 69,759
$ 88,212 $ 94,663 $800,000
Jan $ 90,986
$ 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
Tot $ 555,451
$ 157,382 $ 154,833
$ 1,719,924 $ 2,658,371 $100,000
CHART OUTLOOK:
POSITIVE
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
The value of new construction
permits ($78.1M+) issued for FY 2024 YTD is approximately 16.7% and 108.0% higher when compared to FY 2023 and FY 2022, respectively. FY 2024 YTD permit revenue is 3.6%
higher and 16.0% 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 2/14/2024
EXPENDITURE ANALYSIS
DEPARTMENTAL EXPENDITURES SUMMARY
FY 2024 ACTUAL
FY 2023 ACTUAL
FY 2024 BUDGET
FY
2023/2024 YTD
YTD (JANUARY)
YTD (JANUARY)
YTD
(JANUARY)
VARIANCE
BUDGET VARIANCE
FY 2024 %SPENT
CMO
$ 359,175
$
335,558
$
413,957
$
23,617
$
54,782
86.77%
COMM
$ 278,858
$
224,537
$
332,406
$
54,321
$
53,548
83.89%
CS
$ 2,283,509
$
2,008,976
$
2,837,709
$
274,533
$
554,200
80.47%
C5O
$ 188,770
$
183,446
$
253,034
$
5,324
$
64,264
74.60%
DPS
$ 7,334,857
$
6,349,854
$
9,440,708
$
985,003
$
2,105,851
77.69%
ED
$ 120,289
$
113,254
$
129,526
$
7,035
$
9,237
92.87%
FIN
$ 882,558
$
747,507
$
1,083,200
$
135,051
$
200,642
81.48%
HR
$ 309,329
$
283,571
$
366,530
$
25,758
$
57,201
84.39%
IT
$ 964,947
$
865,971
$
1,476,358
$
98,976
$
511,411
65.36%
PDS
$ 784,269
$
785,960
$
961,852
$
(1,691)
$
177,583
81.54%
PW
$ 1,982,723
$
1,504,361
$
2,194,263
$
478,362
$
211,540
90.36%
SS
$ 1,368,075
$
903,166
$
1,273,552
$
464,909
$
(94,523)
107.42%
Totals
$ 16,857,359
$
14,306,161
$
20,763,095
$
2,551,198
$
3,905,736
81.19%
FY 2024 ACTUAL YTD
(JANUARY)
FY
2023 ACTUAL YTD (JANUARY)
FY 2024 BUDGET YTD (JANUARY)
$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-
CIAO
COMM
CS
CSO
DPS
ED FIN
HR IT PDS PW SS
CHART OUTLOOK:
POSITIVE
As indicated above, 2024 expenditures are are higher than the 2023 expenditures for the same period
with an increase of 17.8% 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 2/14/2024