Item 3B2 Financial ReportCITY OF
SOUTHLAKE
MONTHLY FINANCIAL REPORT
11 1 May 2024
PERFORMANCE AT A GLANCE
Year to Date 1 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 I = Positive variance or negative variance <1 % compared to seasonal trends.
Warning I = Negative variance of 1-4% compared to seasonal trends
Negative I = Negative Variance of > 4% compared to seasonal trends.
City of Southlake Monthly Financial Report 1 6/12/2024
ECONOMIC INDICATORS
NATIONAL ECONOMY
National GDP: 1.3%
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
2nd quarter of 2024 increased at a rate of 1.3%. In
the 4th quarter of 2023, GDP increased at a rate of
FINANCIAL ACTIVITY
$140,000,000
$120,000,000
Housino Starts: 0.4%
Single-family housing starts in April 2024 were at a $100,000,000
seasonally adjusted rate of 1,031,000, which is 0.4%
below the previous month revised figure of
1,035,000. tQ ,
UNEMPLOYMENT RATES
National: 1/ 4.0% $60,000,000
The National Unemployment rate for May 2024
slightly increased to 4.0% when compared to 3.9% in $40,000,000
April 2024.
State-wide: V 4.0%
The Texas Unemployment rate for April 2024
(preliminary) slightly increased to 4.0% from 3.9% in
March 2024.
DFW Area: 3.4%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate for April 2024 (preliminary)
decreased to 3.4% when compared to 3.9% in
March 2024.
$20,000,000
S
2020* 2021* 2022*
*October- May Construction permit values
2023*
2024*
City of Southlake Monthly Financial Report 2 6/12/2024
OVERALL FUND PERFORMANCE:
rx cUcw rr mLw
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 $10,000,000
Feb $ 9,417,330 $ 4,129,715 $ 5,287,615
Mar $ 2,984,935 $ 3,928,073 $ (943,138) $8 000,000
Apr $ 2,359,208 $ 3,892,992 $ (1,533,784)
May $ 3,597,249 $ 4,846,445 $ (1,249,196) $6,000,000
Jun $ $ $
Jul $ - $ $ - $4,000,000
Aug $ $ $
Sep $ $2,000,000
Tot $ 45,366,295 $ 33,654,585 $ 11,711,710
CHART OUTLOOK: I POSITIVE
� FY 2024 REVENUE � FY 2024 EXPENDITURE 2023 EXPEND.
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 $11.7M. 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 $ 1,458,994 $ 1,436,621 $ 1,388,859 $2,000,000
Mar $ 1,859,641 $ 1,836,177 $ 1,975,175 -
Apr $ 1,749,381 $ 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 $ 12,435,940 $ 22,429,156 $ 20,828,987 $- —
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
CHART OUTLOOK: I POSITIVE
Year to date collections are trending slightly below FY 2023 (1.7%) and slightly above FY 2022 (0.3%) collections. April sales are above April 2023 (2.4%) and April 2022 (1.8%) 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 6/12/2024
REVENUE ANALYSIS (continued)
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 $ 257,466 $ 221,968 $ 554,247
May $ 198,604 $ 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 $ 27,816,096 $ 26,731,098 $ 26,863,107
* Net transfer of TIF revenues to
CHART OUTLOOK: POSITIVE TIF fund
GENERAL FUND
PROPERTY TAX 3 YEAR TREND
■ FY 2024 ■ FY 2023 FY 2022
$14,000,000 -
$12,000,000 -
$10,000,000 -
$8,000,000 -
$6,000,000 -
$4,000,000 -
$2,000,000
$-
$(2,000,000) - Oct Nov Dec Jan Feb Mar Apr May
$(4,000,000) -
Jun P"R Aug
As of May, the 2024 YTD property tax collections ($27,816,096) are approximately 1.73% and 1.18% higher than 2023 YTD ($27,343,745) and 2022 YTD ($27,490,669), 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.
FY 2024
Oct $ 110,053 $
Nov $ 284,653 $
Dec $ 69,759 $
Jan $ 90,986 $
Feb $ 93,595 $
Mar $ 226,182 $
Apr $ 121,572 $
May $ 198,453 $
Jun $ - $
Jul $ $
Aug $ $
Sep $
Tot $ 1,195,253 $
CHART OUTLOOK:
FY 2023
137,332 $
118,803 $
88,212 $
231,884 $
249,097 $
98,675 $
77,670 $
187,731 $
143,738 $
92,872 $
136,528 $
157,382 $
1,719,924 $
POSITIVE
FY 2022
214,445
185,109
94,663
167,045
111,545
154,046
277,691
788,270
133,244
192,902
184,578
154,833
2,658,371
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
PERMIT REVENUE 2024-2022 COMPARISON
� FY 2024 � FY 2023 FY 2022
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
The value of new construction permits ($123.OM+) issued for FY 2024 YTD is approximately 22.0% higher than FY 2023 and 3.6% less than FY 2022 permit values. FY 2024 YTD permit revenue is 0.5% higher and
40.0% 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 6/12/2024
EXPENDITURE ANALYSIS
FY 2024 ACTUAL
FY 2023 ACTUAL
FY 2024 BUDGET
YTD (MAY)
YTD (MAY)
YTD (MAY)
CIAO
$
785,438
$ 679,882
$ 824,340 $
COMM
$
493,161
$ 405,433
$ 567,878 $
CS
$
4,601,014
$ 4,004,046
$ 5,323,030 $
CSO
$
395,087
$ 371,954
$ 465,426 $
DPS
$
14,918,816
$ 12,536,503
$ 16,452,323 $
ED
$
263,703
$ 206,847
$ 268,116 $
FIN
$
2,170,406
$ 11815,155
$ 2,303,753 $
HR
$
626,653
$ 598,817
$ 734,161 $
IT
$
2,186,610
$ 2,132,339
$ 2,899,976 $
PDS
$
1,660,222
$ 1,509,938
$ 1,858,777 $
PW
$
3,734,504
$ 3,317,839
$ 4,088,580 $
SS
$
1,818,971
$ 1,358,846
$ 2,017,984 $
Totals
$
33,654,585
$ 28,937,599
$ 37,804,344 $
$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
CMO COMM CS
CHART OUTLOOK: I POSITIVE
DEPARTMENTAL EXPENDITURES SUMMARY
FY 2023/2024 YTD
VARIANCE
BUDGET
VARIANCE
105,556
$
38,902
87,728
$
74,717
596,968
$
722,016
23,133
$
70,339
2,382,313
$
1,533,507
56,856
$
4,413
355,251
$
133,347
27,836
$
107,508
54,271
$
713,366
150,284
$
198,555
416,665
$
354,076
460,125
$
199,013
4,716,986
$
4,149,759
� FY 2024 ACTUAL YTD (MAY) � FY 2023 ACTUAL YTD (MAY)
CSO DPS ED FIN
FY 2024 % SPENT
95.28%
86.84%
86.44%
84.89%
90.68%
98.35%
94.21%
85.36%
75.40%
89.32%
91.34%
90.14%
89.02%
FY 2024 BUDGET YTD (MAY)
HR
IT PDS PW SS
As indicated above, 2024 expenditures are are higher than the 2023 expenditures for the same period with an increase of 16.5% 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 6/12/2024