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