Item 3B2 - Financial ReportCITY OF
SOUTHLAKE
MONTHLY FINANCIAL REPORT
August2024
PERFORMANCE AT A GLANCE
Year to Date
13 year Trend
Reference
EL
1
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 9/11/2024
ECONOMIC INDICATORS
NATIONAL ECONOMY
National GDP: d 3.0% FINANCIAL ACTIVITY
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 5 YEAR TREND OF • •
2nd quarter of 2024 increased at a rate of 3.0%. In $180,000,000
the 1 st quarter of 2024, GDP increased at a rate of
1.4%.
$160,000,000
Housina Starts: - 14.10%
Single-family housing starts in July 2024 were at a
seasonally adjusted rate of 851,000, which is 14.1%
below the revised previous month figure of 991,000.
UNEMPLOYMENT RATES
National: d 4.2%
The National Unemployment rate for August 2024
slightly decreased to 4.2% when compared to 4.3%
in July 2024.
State-wide: d 4.1%
The Texas Unemployment rate for July 2024
(preliminary) slightly increased to 4.1 % when
compared to 4.0% in June 2024.
DFWArea: 11�1 4.1%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate for July 2024 (preliminary)
decreased to 4.1 % when compared to 4.3% in June
2024.
$140,000,000
$120,000,000
$100,000,000 -P
$80,000,000
$60,000,000
$40,000,000
$20,000,000
2020*
-October - August
a
2021*
2022*
Construction permit values
2023*
2024*
City of Southlake Monthly Financial Report 2 9/11/2024
OVERALL FUND PERFORMANCE:
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
$ 9,417,330
$ 4,129,715
$ 5,287,615
$10,000,000
Mar
$ 2,984,935
$ 3,928,073
$ (943,138)
$8 000,000
Apr
$ 2,359,208
$ 3,892,992
$ (1,533,784)
May
$ 3,716,867
$ 4,954,116
$ (1,237,249)
$6,000,000
Jun
$ 2,947,587
$ 3,593,289
$ (645,702)
Jul
$ 1,282,975
$ 3,647,666
$ (2,364,691)
$4,000,000
Aug
$ 3,022,227
$ 3,819,317
$ (797,090)
Sep
$ -
$2,000,000
Tot
$ 52,738,702
$ 44,822,528
$ 7,916,174
CHART
OUTLOOK: I
POSITIVE
� FY 2024 REVENUE � FY 2024 EXPENDITURE 2023 EXPEND.
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
The outlook for the year is positive as overall revenues and expenditures are on target with budget. The expenditures are higher than revenues by $7.9M.
REVENUE ANALYSIS
Sep
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 $ 1,660,932 $ 1,745,742 $ 1,725,777
Jun $ 1,777,233 $ 1,819,551 $ 1,792,755 $1,000,000
Jul $ 1,653,109 $ 1,620,652 $ 1,607,427
Aug $ 2,618,139 $ 1,659,141 $500,000 -
Sep $ 1,968,439 $ 1,640,639
Tot $ 17,527,214 $ 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 (1.8%) and FY 2022 (0.01%) collections. July sales are higher than July 2023 (2.0%) and July 2022 (2.8%) 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 9/11/2024
REVENUE ANALYSIS (continued)
GENERAL FUND
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 $ 532,180
$ 560,775
$ 584,684
$6,000,000 -
Apr $ 257,466
$ 221,968
$ 554,247
$4,000,000
May $ 198,604
$ 158,917
$ 151,717
$2,000,000 -
Jun $ 516,677
$ 502,789
$ 502,344
$-
Jul * $ (1,139,094)
$ (1,226,605)
$ (1,310,741)
$(2,000,000) - Oct Nov Dec Jan Feb Mar Apr May Jun Aug
Aug $ 88,418
$ 69,910
$ 69,630
$(4,000,000)
Sep $ -
$ 41,259
$ 111,205
Tot $ 27,282,097
$ 26,731,098
$ 26,863,107
* Net transfer of TIF revenues to
CHART OUTLOOK:
POSITIVE
TIF fund
As of August, the 2024 YTD property tax collections ($27,282,097) are approximately 2.2% and 2.0% higher than 2023 YTD ($26,731,098) and 2022 YTD ($26,863,107), 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 the adopted budget and the appropriate budget adjustment will be reflected in the amended
budget for approval.
PERMIT REVENUE 2024-2022 COMPARISON
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 $ 226,182 $ 98,675 $ 154,046 $600,000
Apr $ 121,572 $ 77,670 $ 277,691 $500,000
May $ 198,453 $ 187,731 $ 788,270 $400,000
Jun $ 159,935 $ 143,738 $ 133,244
Jul $ 135,053 $ 92,872 $ 192,902 $300,000
Aug $ 100,564 $ 136,528 $ 184,578 $200,000 ,
Sep $ 157,382 $ 154,833
Tot $ 1,590,805 $ 1,719,924 $ 2,658,371 $100,000
$- A&A"
CHART OUTLOOK: I POSITIVE I Oct Nov Dec Jan
� FY 2024 � FY 2023 FY 2022
Feb Mar Apr May Jun Jul Aug Sep
The value of new construction permits ($154.7M+) issued for FY 2024 YTD is approximately 18.1% higher than FY 2023 and 8.9% lower than FY 2022 permit values. FY 2024 YTD permit revenue is 1.8% higher and
36.5% 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 9/11/2024
EXPENDITURE ANALYSIS
DEPARTMENTAL EXPENDITURES SUMMARY
FY 2024 ACTUAL
FY 2023 ACTUAL
FY 2024 BUDGET
FY 2023/2024 YTD
YTD (AUGUST)
YTD (AUGUST)
YTD (AUGUST)
VARIANCE
BUDGET VARIANCE
FY 2024 % SPENT
CMO
$
1,079,183
$ 975,024
$
1,112,942
$ 104,159
$ 33,759
96.97%
COMM
$
644,129
$ 558,874
$
734,725
$ 85,255
$ 90,596
87.67%
CS
$
6,384,315
$ 5,966,528
$
7,212,600
$ 417,787
$ 828,285
88.52%
CSO
$
537,631
$ 518,938
$
621,349
$ 18,693
$ 83,718
86.53%
DPS
$
20,090,145
$ 19,250,783
$
22,339,180
$ 839,362
$ 2,249,035
89.93%
ED
$
373,992
$ 292,214
$
352,313
$ 81,778
$ (21,679)
106.15%
FIN
$
2,724,911
$ 2,490,143
$
3,005,222
$ 234,768
$ 280,311
90.67%
HR
$
792,435
$ 849,830
$
989,736
$ (57,395)
$ 197,301
80.07%
IT
$
2,953,383
$ 2,835,448
$
3,499,956
$ 117,935
$ 546,573
84.38%
PDS
$
2,185,647
$ 2,167,204
$
2,500,904
$ 18,443
$ 315,257
87.39%
PW
$
4,845,178
$ 4,606,083
$
5,470,007
$ 239,095
$ 624,829
88.58%
SS
$
2,211,579
$ 1,654,466
$
2,712,693
$ 557,113
$ 501,114
81.53%
Totals
$
44,822,528
$ 42,165,535
$
50,551,627
$ 2,656,993
$ 5,729,099
88.67%
FY 2024 ACTUAL YTD (AUGUST)
FY 2023 ACTUAL YTD (AUGUST)
FY 2024 BUDGET YTD (AUGUST)
$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 CS CSO DPS ED FIN HR IT PDS PW SS
CHART OUTLOOK: POSITIVE
As indicated above, 2024 expenditures are are higher than the 2023 expenditures for the same period with an increase of 6.3% primarily due to to approved pay plan adjustments, increase in property insurance and
legal settlements. The outlook is positive however the budget will require amendment to cover the cost of the legal settlements and increase in property insurance.
City of Southlake Monthly Financial Report 5 9/11/2024