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Item 3B2 - Monthly Financial ReportReference Page 3 Page 3 Page 4 Page 4 Page 5 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?