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Item 3B3 - 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 September 2024 = Negative Variance of > 4% compared to seasonal trends. Positive City of Southlake Monthly Financial Report 1 10/9/2024 National GDP: ECONOMIC INDICATORS NATIONAL ECONOMY FINANCIAL ACTIVITY3.0% 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 3.0%. In the 1st quarter of 2024, GDP increased at a rate of 1.6%. The National Unemployment rate for September 2024 slightly decreased to 4.1% when compared to 4.2% in August 2024. National: 5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUES Housing Starts: Single-family housing starts in August 2024 were at a seasonally adjusted rate of 992,000, 15.8% above the revised previous month figure of 857,000. 15.8% UNEMPLOYMENT RATES 4.1% The Dallas/Fort Worth/Arlington Metropolitan Area unemployment rate for August 2024 (preliminary) remained at 4.1% when compared to July 2024. 4.1% State-wide:4.1% The Texas Unemployment rate for August 2024 (preliminary) remained unchanged at 4.1% when compared to July 2024. DFW Area: $- $20,000,000 $40,000,000 $60,000,000 $80,000,000 $100,000,000 $120,000,000 $140,000,000 $160,000,000 $180,000,000 $200,000,000 2020*2021*2022*2023*2024* Construction permit values*October -September City of Southlake Monthly Financial Report 2 10/9/2024 GENERAL FUND FY 2024 REVENUE FY 2024 EXPENDITURE VARIANCE Oct 855,780$ 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 2,984,935$ 3,928,073$ (943,138)$ Apr 2,359,208$ 3,892,992$ (1,533,784)$ May 3,716,867$ 4,954,116$ (1,237,249)$ Jun 2,947,587$ 3,593,289$ (645,702)$ Jul 1,282,975$ 3,649,048$ (2,366,073)$ Aug 3,022,227$ 3,985,851$ (963,624)$ Sep 2,227,248$ 5,326,782$ (3,099,534)$ Tot 54,965,950$ 50,317,226$ 4,648,724$ 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 1,859,641$ 1,836,177$ 1,975,175$ Apr 1,749,381$ 1,708,466$ 1,714,270$ May 1,660,932$ 1,745,742$ 1,725,777$ Jun 1,777,233$ 1,819,551$ 1,792,755$ Jul 1,653,109$ 1,620,652$ 1,607,427$ Aug 1,710,382$ 2,618,139$ 1,659,141$ Sep 1,968,439$ 1,640,639$ Tot 19,237,596$ 22,429,156$ 20,828,987$ POSITIVE Year-to-date collections are trending below FY 2023 (6.0%)and slightly below FY 2022 (0.3%)collections.August sales were significantly lower than August 2023 (34.7%)and higher than August 2022 (3.1%).August 2023 sales included an audit adjustment which represented 36%of the sales tax collected for the month.However,year-to-date collections are above the original adopted budget for the year;therefore,the final amended budget included an increase in sales tax revenue. The outlook is considered positive. Staff will continue to monitor collections closely. GENERAL FUND REVENUE VS EXPENDITURES 2024 OVERALL FUND PERFORMANCE: REVENUE ANALYSIS GENERAL FUND SALES TAX 2024-2022 COMPARISON CHART OUTLOOK: CHART OUTLOOK: The outlook for the year is positive as overall revenues and expenditures are on target with the final amended budget. The expenditures are higher than revenues by $4.6M. $- $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 $14,000,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep FY 2024 REVENUE FY 2024 EXPENDITURE 2023 EXPEND. City of Southlake Monthly Financial Report 3 10/9/2024 GENERAL FUND FY 2024 FY 2023 FY 2022 Oct 577,913$ 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 257,466$ 221,968$ 554,247$ May 198,604$ 158,917$ 151,717$ Jun 516,677$ 502,789$ 502,344$ Jul *(1,139,094)$ (1,226,605)$ (1,310,741)$ Aug 88,418$ 69,910$ 69,630$ Sep 16,945$ 41,259$ 111,205$ Tot 27,299,042$ 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 121,572$ 77,670$ 277,691$ May 198,453$ 187,731$ 788,270$ Jun 159,935$ 143,738$ 133,244$ Jul 135,053$ 92,872$ 192,902$ Aug 100,564$ 136,528$ 184,578$ Sep 156,642$ 157,382$ 154,833$ Tot 1,747,447$ 1,719,924$ 2,658,371$ POSITIVE FY 2024 YTD property tax collections ($27,299,042)are approximately 2.1%and 1.6%higher than 2023 YTD ($26,731,098)and 2022 YTD ($26,863,107),respectively.As indicated on the chart,most of the property tax revenue is collected in the second quarter of the fiscal year. FY 2024 collections are slightly below the final amended budget of $27,340,607. * Net transfer of TIF revenues to TIF fund The value of new construction permits ($163.1M+)issued for FY 2024 YTD is approximately 13.2%higher than FY 2023 and 9.1%lower than FY 2022 permit values.FY 2024 YTD permit revenue is 1.6%higher and 34.3% lower than FY 2023 and 2022, respectively. The permit revenue year to date is trending above budget, so 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 $900,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep FY 2024 FY 2023 FY 2022 City of Southlake Monthly Financial Report 4 10/9/2024 FY 2024 ACTUAL YTD (SEPTEMBER) FY 2023 ACTUAL YTD (SEPTEMBER) FY 2024 BUDGET YTD (SEPTEMBER)FY 2024 % SPENT 1,218,011$ 1,107,942$ 1,245,953$ 97.76% 721,169$ 640,520$ 781,257$ 92.31% 7,143,168$ 6,754,306$ 7,529,649$ 94.87% 605,247$ 600,638$ 662,578$ 91.35% 22,486,366$ 21,765,541$ 23,709,577$ 94.84% 433,022$ 335,511$ 465,801$ 92.96% 3,063,617$ 2,797,356$ 3,099,763$ 98.83% 873,533$ 960,971$ 980,739$ 89.07% 3,306,784$ 3,133,852$ 3,681,901$ 89.81% 2,461,331$ 2,454,740$ 2,650,874$ 92.85% 5,522,743$ 5,278,793$ 5,887,840$ 93.80% 2,482,233$ 2,030,626$ 2,707,487$ 91.68% 50,317,224$ 47,860,796$ 53,403,419$ 94.22%3,086,195$ CHART OUTLOOK: 225,254$ 365,097$ (87,438)$ 189,543$ PDS BUDGET VARIANCE 27,942$ 386,481$ 6,591$ 243,950$ 451,607$ 2,456,428$ As indicated above,2024 expenditures are higher than the 2023 expenditures for the same period,with an increase of 5.1%primarily due to approved pay plan adjustments,increase in property insurance,and legal settlements. The outlook is positive. FY 2023/2024 YTD VARIANCE 110,069$ 388,862$ 4,609$ 720,825$ 97,511$ 266,261$ SS Totals PW CMO CS 172,932$ 57,331$ 1,223,211$ 32,779$ 36,146$ 107,206$ 375,117$ CSO DPS ED FIN HR IT DEPARTMENTAL EXPENDITURES SUMMARY 80,649$ 60,088$ COMM 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 (SEPTEMBER)FY 2023 ACTUAL YTD (SEPTEMBER)FY 2024 BUDGET YTD (SEPTEMBER) City of Southlake Monthly Financial Report 5 10/9/2024