Item 3B3 - 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
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