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Item 3B2 Financial ReportCITY OF S0UTHLA1<,..-E 0 MONTHLY FINANCIAL REPORT February 2024 PERFORMANCE AT A GLANCE Year to Date 3 year Trend Reference Gen�FundVs. 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 3/12/2024 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 "second" estimated GDP for the 4th carter of 2023 increased at a rate of 3.2%. In the $g0,000,000 d quarter of 2023, GDP increased at a rate of 9%. $80,000,000 ousing Starts: -1> 4.70% $70,000,000 Housing starts in January 2024 were at a seasonally adjusted rate of 1,004,000, which is 4.7% below the $60,000,000 previous month figure of 1,054,000. $50,000,000 UNEMPLOYMENT RATES National: V 3.9% $40,000,000 The National Unemployment rate for February 2024 $30,000,000 slightly increased to 3.9% when compared to 3.7% in January 2024. $20,000,000 State-wide: v/ 3.9% The Texas Unemployment rate for January 2024 (preliminary) remained unchanged at 3.9% from December 2023. DFW Area: 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- February ■ Construction permit values City of Southlake Monthly Financial Report 2 3/12/2024 GENERAL FUND 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 $ 855,780 $ 3,014,402 $ (2,158,622) $14,000,000 Nov $ 2,752,442 $ 4,319,159 $ (1,566,717) Dec $ 10,340,523 $ 5,289,496 $ 5,051,027 $12,000,000 Jan $ 13,058,828 $ 4,234,303 $ 8,824,525 Feb $ 9,271,978 $ 4,093,989 $ 5,177,989 $10,000,000 Mar $ - $ - $ $8,000,000 Apr $ $ $ May $ $ $ $6,000,000 Jun $ $ $ Jul $ - $ - $ $4,000,000 IIIIIIIIIIISIL — — — Aug $ $ $ Sep $ $2,000,000 Tot $ 36,279,551 $ 20,951,349 $ 15,328,202 -Ij CHART OUTLOOK:—F 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 $15.3M. The significant variance is due to the significant portion of property tax revenue collected (approximately 95%) 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 $ 1,643,095 $ 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 $ $ 1,819,551 $ 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 $ 7,367,924 $ 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 (4.0%) and slightly higher than FY 2022 (0.59%) collections. January sales are above January 2023 (6.7%) and January 2022 (2.5%) 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 3/12/2024 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 $ 5,623,897 $ 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 $ 26,827,846 $ 26,731,098 $ 26,863,107 * Net transfer of TIF revenues to CHART OUTLOOK: POSITIVE TIF fund As of February, the 2024 YTD property tax collections ($26,827,846) are approximately 1.6% and 2.4% higher than 2023 YTD ($26,402,085) and 2022 YTD ($26,200,021), 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 $ 93,595 $ 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 $ 649,046 $ 719,924 $ 658,833 $ 1,719,924 $ 2,658,371 $100,000 371 , $- CHART OUTLOOK: POSITIVE Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep The value of new construction permits ($84.1M+) issued for FY 2024 YTD is approximately 11.1% and 52.19% higher when compared to FY 2023 and FY 2022, respectively. FY 2024 YTD permit revenue is approximately 1.6% and 2.4% 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 3/12/2024 EXPENDITURE ANALYSIS DEPARTMENTAL EXPENDITURES SUMMARY FY 2024 ACTUAL FY 2023 ACTUAL FY 2024 BUDGET FY 2023/2024 YTD YTD (FEBRUARY) YTD (FEBRUARY) YTD (FEBRUARY) VARIANCE BUDGET VARIANCE FY 2024 % SPENT CMO $ 530,847 $ 421,076 $ 508,649 $ 109,771 $ (22,198) 104.36% COMM $ 324,879 $ 270,727 $ 387,614 $ 54,152 $ 62,735 83.82% CS $ 2,854,820 $ 2,509,338 $ 3,402,318 $ 345,482 $ 547,498 83.91% C5O $ 231,984 $ 228,088 $ 301,630 $ 3,896 $ 69,646 76.91% DPS $ 8,921,382 $ 7,801,965 $ 10,960,654 $ 1,119,417 $ 2,039,272 81.39% ED $ 141,022 $ 141,113 $ 166,850 $ (91) $ 25,828 84.52% FIN $ 1,368,861 $ 939,559 $ 1,340,911 $ 429,302 $ (27,950) 102.08% HR $ 392,223 $ 353,675 $ 453,320 $ 38,548 $ 61,097 86.52% IT $ 1,308,249 $ 1,098,201 $ 1,853,354 $ 210,048 $ 545,105 70.59% PDS $ 983,958 $ 957,090 $ 1,166,453 $ 26,868 $ 182,495 84.35% PW $ 2,420,903 $ 1,923,827 $ 2,633,213 $ 497,076 $ 212,310 91.94% SS $ 1,472,456 $ 1,024,210 $ 1,489,922 $ 448,246 $ 17,466 98.83% Totals $ 20,951,584 $ 17,668,869 $ 24,664,888 $ 3,282,715 $ 3,713,304 84.94% FY 2024 ACTUAL YTD (FEBRUARY) FY 2023 ACTUAL YTD (FEBRUARY) FY 2024 BUDGET YTD (FEBRUARY) $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 - $_ �- CIAO 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 18.6% 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 3/12/2024 EXPERIENCE � SOUTHLAKE The Marq Financial Review MARQ 74.13% 66-00% 112-32% Target ATT 1.78M 2-40M Revenue Expense 1D1112D23 913012D24 cc 82.80 % 73-00% 113-42% Target ATT 1-57M 1-90M Revenue Expense CEDC FINANCIAL DASHBOARD as or: 22WO24 2-30 PM LH 40.90% 38-00% 107.62% Target ATT 202.86K 496.01 K Revenue Expense Net Revenue- Current & Previous Year CCR • LHR —Total Revenue LY 400K 35I1( 3MK 3W ■ K 5� 300K _ 200K 38'5K 374K 318K 304K 311K 332K 314K 324K 318K 318K 325K 2831C 28BV( 100K The Marq Rentals Revenue (Net) ACC-Reffhd R— LH-ReFftWJ evenue WKK 5eKK 40K 30K zaK 10K 0K Feb2023 Mar 2023 Apr2023 May 2123 J-2023 JJ 2023 Aag2023 Sep 2023 Oct 2023 Nw 21123 Dec 2023 J-2024 Feb 2024 The Marq Membership Revenue (Net) 250K 200K 150K 100K 50K OK Fb2023 Aar2023 Apr2023 Nry2023 J-2073 A2023 Aug2023 Sep2023 OU2023 Nw2023 Oec2O23 Jaa2021 Feb2024 OK Feb2023 Mar 2023 Apr2023 May 2023 Jm2023 JJ2023 Aug 2023 Sep 2023 Oct2023 Nor 2023 Dec 2023 J-2024 Feb2024 CHAMPIONS CLUB MEMBERSHIP TRENDS m 3,500 i s 2,500 2,000 1,500 900 363 3530 35613 580 3554 3487 3486 3545 800 /� 3496 3365 3371 34133�4� 3230 3291 700 / 3197 73162 / 3131 600 3153 �3076 989 / N C / 2444 2827 500.0 2738 I2662 2679 / 2585 2506 2513 2521 2458 400 t� 7 N 300 200 - 100 1,000 a m a 1 0 CO r— M O N N M �t LO CO � M M O N N M �t Lf) CO rl- M M O N O O O — — — O O O O O O O O O r — r O O O O O O O O O — — — O N N N N N N N N N N N N M M M M M M M M M M M M 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 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 Period MULTI -YEAR MEMBERSHIPS ANALYSIS BY MEMBERSHIP TYPE 1200 1000 804 800 588 600 2 400 200 01157 -200 1 12415 -400 1 -33 - -600 410 -800 -698 -1000 JOINS TERMS FY2021 � ADU LT 588 -410 FAM 424 -334 FAM-NC 804 -698 SENIOR 201 -124 YOUTH 157 -115 TOTALS 2174 -1681 NET 493 � ADULT 931 854 9009 ►1 4 13 192 - Y -761 JOINS TERMS FY2022 780 -568 565 -391 931 -761 274 -165 197 -156 2747 -2041 706 FAM � FAM-NC SENIOR 1 • 74 247 57 -698 -873 JOINS TERMS FY2023 854 -698 645 -574 909 -873 313 -247 192 -174 2913 -2566 347 YOUTH TOTALS 319 22 17g34 111' 064 ' 171-59-62 -224 -250 JOINS TERMS FY2024 319 -224 179 -170 234 -250 110 -59 64 -62 141 NET 4000 3000 2000 1000 0 -1000 -2000 -3000 FY2024 CC Membership Terminations by Reason and by Month 120 103 100 90 gq 85 80 60 40 20 o00a00a0 0 Failed Payment Oct-23 84 Nov-23 90 Dec-23 85 iiiiiiiiiiiiiiiiiiJan-24 103 Feb-24 0 Mar-24 0 Apr-24 0 May-24 0 iiiiiiiiiiiiiiiiiiJun-24 0 = Jul-24 0 iiiiiiiiiiiiiiiiiiAug-24 0 IiiiiiiiiiiiiiiiiIS@p-24 0 —Totals 362 % 47.3% Top Reasan Given: " I am too busy." 53 52 4 38 21191 21 1310 00000000 00000000 0000000a 0 0a00a00 8 7 4000000000 0 0 0 0 a 0 Unsatisfied with Facility or Selected other serviceNo Not Utilizing Membership Relocating/Travel Transfer Reason I ether Amenities provider 53 21 19 3 4 13 44 19 17 0 0 10 36 18 21 2 0 8 52 38 17 1 0 7 0 0 0 a 0 0 0 0 0 0 0 0 0 0 0 a 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 0 185 96 74 6 4 38 24.2% 12.5% 9.7% 0_13 /0 0.5°/o 5.0% EXPERIENCE SOUTHLAKE Three Year Revenue Comparison by Month ,'I --� P, ej ■ Fiscal Year 2022 Fiscal Year 2023 Fiscal Year 2024 EXPERIENCE SOUTHLAI<,.,.,E