Item 3B2 - Monthly 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
March 2024
= Negative Variance of > 4% compared to seasonal trends.
Positive
City of Southlake Monthly Financial Report 1 4/11/2024
National GDP:
ECONOMIC INDICATORS
NATIONAL ECONOMY
FINANCIAL ACTIVITY3.4%
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 4th
quarter of 2023 increased at a rate of 3.4%. In the
3rd quarter of 2023, GDP increased at a rate of
4.9%.
The National Unemployment rate for March 2024
slightly decreased to 3.8% when compared to 3.9%
in February 2024.
National:
5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUES
Housing Starts:
Housing starts in February 2024 were at a
seasonally adjusted rate of 1,072,000, which is
20.2% above the previous month revised figure of
1,012,000.
20.2%
UNEMPLOYMENT RATES
3.8%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate for February 2024 (preliminary)
increased to 4.2% when compared to 3.9% in
January 2024.
4.2%
State-wide:3.9%
The Texas Unemployment rate for February 2024
(preliminary) remained unchanged at 3.9% from
January 2024.
DFW Area:
$-
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
$90,000,000
$100,000,000
2020*2021*2022*2023*2024*
Construction permit values*October -March
City of Southlake Monthly Financial Report 2 4/11/2024
FY 2024
REVENUE
FY 2024
EXPENDITURE VARIANCE
Oct 855,780$ 3,014,402$ (2,158,622)$
Nov 2,752,442$ 4,319,159$ (1,566,717)$
Dec 10,340,523$ 5,289,496$ 5,051,027$
Jan 13,058,828$ 4,234,303$ 8,824,525$
Feb 9,417,330$ 4,129,715$ 5,287,615$
Mar 2,930,224$ 3,921,190$ (990,966)$
Apr -$ -$ -$
May -$ -$ -$
Jun -$ -$ -$
Jul -$ -$ -$
Aug -$ -$ -$
Sep -$
Tot 39,355,127$ 24,908,265$ 14,446,862$
POSITIVE
FY 2024 FY 2023 FY 2022
Oct 1,639,596$ 1,814,981$ 1,613,415$
Nov 1,701,432$ 1,813,575$ 1,652,674$
Dec 2,383,801$ 2,507,299$ 2,456,532$
Jan 1,643,095$ 1,539,514$ 1,602,323$
Feb 1,458,994$ 1,436,621$ 1,388,859$
Mar -$ 1,836,177$ 1,975,175$
Apr -$ 1,708,466$ 1,714,270$
May -$ 1,745,742$ 1,725,777$
Jun -$ 1,819,551$ 1,792,755$
Jul -$ 1,620,652$ 1,607,427$
Aug 2,618,139$ 1,659,141$
Sep 1,968,439$ 1,640,639$
Tot 8,826,918$ 22,429,156$ 20,828,987$
The outlook for the year is positive as overall revenues and expenditures are on target with budget.The expenditures are higher than revenues by $14.4M.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.
Year to date collections are trending below FY 2023 (3.1%)and slightly higher than FY 2022 (1.3%)collections.February sales are above February 2023 (1.56%)and February 2022 (4.4%)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.
POSITIVE
GENERAL FUND REVENUE VS EXPENDITURES 2024
OVERALL FUND PERFORMANCE:
REVENUE ANALYSIS
GENERAL FUND SALES TAX 2024-2022 COMPARISON
CHART OUTLOOK:
GENERAL FUND
CHART OUTLOOK:
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
FY 2024 FY 2023 FY 2022
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2024 REVENUE FY 2024 EXPENDITURE 2023 EXPEND.
City of Southlake Monthly Financial Report 3 4/11/2024
GENERAL FUND
FY 2024 FY 2023 FY 2022
Oct 577,913$ 380,169$ 653,703$
Nov 2,012,904$ 2,011,080$ 2,017,203$
Dec 8,236,314$ 4,964,620$ 6,068,454$
Jan 10,376,818$ 12,756,146$ 11,588,414$
Feb 5,623,897$ 6,290,070$ 5,872,247$
Mar 532,180$ 560,775$ 584,684$
Apr -$ 221,968$ 554,247$
May -$ 158,917$ 151,717$
Jun -$ 502,789$ 502,344$
Jul *-$ (1,226,605)$ (1,310,741)$
Aug -$ 69,910$ 69,630$
Sep -$ 41,259$ 111,205$
Tot 27,360,026$ 26,731,098$ 26,863,107$
POSITIVE
FY 2024 FY 2023 FY 2022
Oct 110,053$ 137,332$ 214,445$
Nov 284,653$ 118,803$ 185,109$
Dec 69,759$ 88,212$ 94,663$
Jan 90,986$ 231,884$ 167,045$
Feb 93,595$ 249,097$ 111,545$
Mar 226,182$ 98,675$ 154,046$
Apr -$ 77,670$ 277,691$
May -$ 187,731$ 788,270$
Jun -$ 143,738$ 133,244$
Jul -$ 92,872$ 192,902$
Aug -$ 136,528$ 184,578$
Sep 157,382$ 154,833$
Tot 875,228$ 1,719,924$ 2,658,371$
POSITIVE
As of March,the 2024 YTD property tax collections ($27,360,026)are approximately 1.5%and 2.2%higher than 2023 YTD ($26,962,860)and 2022 YTD ($26,784,705),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.
* Net transfer of TIF revenues to
TIF fund
The value of new construction permits ($90.9M+)issued for FY 2024 YTD is approximately 15.3%and 49.6%higher when compared to FY 2023 and FY 2022,respectively.FY 2024 YTD permit revenue is
approximately 5.3% and 5.6% 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.
PERMIT REVENUE 2024-2022 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 2024 FY 2023 FY 2022
$-
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2024 FY 2023 FY 2022
City of Southlake Monthly Financial Report 4 4/11/2024
FY 2024 ACTUAL
YTD (MARCH)
FY 2023 ACTUAL
YTD (MARCH)
FY 2024 BUDGET
YTD (MARCH)FY 2024 % SPENT
587,465$ 505,110$ 608,193$ 96.59%
373,750$ 314,979$ 445,583$ 83.88%
3,452,067$ 2,915,827$ 3,402,318$ 101.46%
277,284$ 280,280$ 356,489$ 77.78%
10,859,803$ 9,358,608$ 12,514,045$ 86.78%
174,176$ 164,455$ 198,452$ 87.77%
1,593,234$ 1,295,426$ 1,777,863$ 89.62%
468,696$ 445,600$ 533,560$ 87.84%
1,696,026$ 1,397,357$ 2,457,135$ 69.02%
1,183,410$ 1,125,288$ 1,370,924$ 86.32%
2,713,947$ 2,292,597$ 3,093,630$ 87.73%
1,528,407$ 1,170,084$ 1,708,533$ 89.46%
24,908,265$ 21,265,611$ 28,466,725$ 87.50%3,558,460$
CHART OUTLOOK:
180,126$
379,683$
23,096$
187,514$ PDS
BUDGET VARIANCE
20,728$
(49,749)$
58,122$
421,350$
358,323$
3,642,654$
As indicated above,2024 expenditures are are higher than the 2023 expenditures for the same period with an increase of 17.1%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.
FY 2023/2024 YTD
VARIANCE
82,355$
536,240$
(2,996)$
1,501,195$
9,721$
297,808$
SS
Totals
PW
CMO
CS
COMM
298,669$
79,205$
1,654,242$
24,276$
184,629$
64,864$
761,109$
CSO
DPS
ED
FIN
HR
IT
DEPARTMENTAL EXPENDITURES SUMMARY
58,771$ 71,833$
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 2024 ACTUAL YTD (MARCH)FY 2023 ACTUAL YTD (MARCH)FY 2024 BUDGET YTD (MARCH)
City of Southlake Monthly Financial Report 5 4/11/2024
The Marq Financial Review
March 26, 2024
27 17 24 1 1 - 1 1 1 - - - - - -
2444
2506 2513 2458 2521 2585 2662 2679 2738
2827
2989
3076 3131 3197
3153
3162
3230 3291 3365 3371 3413 3441
3530 3561 3580 3554 3496 3487 3486
3545
3635 3617
0
100
200
300
400
500
600
700
800
900
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2021-062021-072021-082021-102021-112021-122022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-122023-012023-022023-032023-042023-052023-062023-072023-082023-092023-102023-112023-122024-012024-02SuspensionsMembershipsPeriod
CHAMPIONS CLUB MEMBERSHIP TRENDS
JOINS TERMS JOINS TERMS JOINS TERMS JOINS TERMS
FY2021 FY2022 FY2023 FY2024
ADULT 588 -410 780 -568 854 -698 396 -297
FAM 424 -334 565 -391 645 -574 229 -225
FAM-NC 804 -698 931 -761 909 -873 296 -324
SENIOR 201 -124 274 -165 313 -247 138 -84
YOUTH 157 -115 197 -156 192 -174 73 -78
TOTALS 2174 -1681 2747 -2041 2913 -2566 1132 -1008
NET 493 706 347 124
588
-410
780
-568
854
-698
396
-297
424
-334
565
-391
645
-574
229
-225
804
-698
931
-761
909
-873
296
-324
201
-124
274
-165
313
-247
138
-84
157
-115
197
-156
192
-174
73
-78
-3000
-2000
-1000
0
1000
2000
3000
4000
-1000
-800
-600
-400
-200
0
200
400
600
800
1000
1200
MULTI-YEAR MEMBERSHIPS ANALYSIS BY MEMBERSHIP TYPE
ADULT FAM FAM-NC SENIOR YOUTH TOTALS NET
Sales Tax Update
Sales Tax Collections
$-
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
Three Year Revenue Comparison by Month
Fiscal Year 2022 Fiscal Year 2023 Fiscal Year 2024
Questions?