Item 3B2 - Monthly Financial ReportCITY OF
S0UTHLA1<,..-E
0
MONTHLY FINANCIAL
REPORT
March 2024
PERFORMANCE AT A GLANCE
Year to Date
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 = Positive variance or negative variance <1 % compared to seasonal trends.
Warning = Negative variance of 1-4% compared to seasonal trends
Negative = Negative Variance of > 4% compared to seasonal trends.
City of Southlake Monthly Financial Report 1 4/11/2024
ECONOMIC INDICATORS
NATIONAL ECONOMY
FINANCIAL ACTIVITY
National GDP: h3.
GDP is defined as thee output of goodsds 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
5 YEAR TREND OF • •
quarter of 2023 increased at a rate of 3.4%. In the
$100,000,000
3rd quarter of 2023, GDP increased at a rate of
4.9%.
$90,000,000
$80,000,000
Housing Starts: 20.2%
Housing starts in February 2024 were at a
seasonally adjusted rate of 1,072,000, which is
$70,000,000
—
20.2% above the previous month revised figure of
$60,000,000
1,012,000.
$50,000,000
El
UNEMPLOYMENT RATES
$40,000,000
National: 3.8%
The National Unemployment rate for March 2024
slightly decreased to 3.8% when compared to 3.9%
$30,000,000
in February 2024.
$20,000,000
State-wide: 3.9%
The Texas Unemployment rate for February 2024
$10,000,000
(preliminary) remained unchanged at 3.9% from
January 2024.
$-
2020*
2021* 2022* 2023* 2024*
DFW Area: 4.2%
The Dallas/Fort Worth/Arlington Metropolitan Area
*October- March
Construction permit values
unemployment rate for February 2024 (preliminary)
increased to 4.2% when compared to 3.9% in
January 2024.
City of Southlake Monthly Financial Report 2 4/11/2024
GENERAL FUND
OVERALL FUND PERFORMANCE:
GENERAL FUND REVENUE VS EXPENDITURES 2024
FY 2024
FY 2024
FY 2024 REVENUE FY 2024 EXPENDITURE 2023 EXPEND.
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
$ 2,930,224
$ 3,921,190
$
(990,966)
$8 000,000
Apr
$
$
$
May
$
$
$
$6,000,000
Jun
$
$
$
Jul
$ -
$
$
-
$4,000,000
Aug
$
$
$
Sep
$
$2,000,000
Tot
$ 39,355,127
$ 24,908,265
$
14,446,862
CHART OUTLOOK:
POSITIVE
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 $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.
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
$ -
$ 1,836,177
$
1,975,175
Apr
$
$ 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
VVI I
Jul
$ -
$ 1,620,652
$
1,607,427
iflA I
Aug
$ 2,618,139
$
1,659,141
$500,000
Sep
$ 1,968,439
$
1,640,639
Tot
$ 8,826,918
$ 22,429,156
$
20,828,987
$-
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
CHART OUTLOOK: POSITIVE
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.
City of Southlake Monthly Financial Report 3 4/11/2024
GENERAL FUND
REVENUE ANALYSIS (continued)
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 $ -
$ 221,968 $ 554,247 $4,000,000
May $ -
$ 158,917 $ 151,717 $2,000,000
Jun $
$ 502,789 $ 502,344 $-
Jul * $ -
$ (1,226,605) $ (1,310,741) $(2,000,000) Oct Nov Dec Jan Feb Mar Apr May Jun u Aug
Aug $
$ 69,910 $ 69,630 $(4,000,000)
Sep $
$ 41,259 $ 111,205
Tot $ 27,360,026
$ 26,731,098 $ 26,863,107
* Net transfer of TIF revenues to
CHART OUTLOOK:
POSITIVE TIF fund
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.
PERMIT REVENUE 2024-2022 COMPARISON
FY 2024
FY 2023 FY 2022
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 $ -
$ 77,670 $ 277,691 $500,000
May $ -
$ 187,731 $ 788,270 $400,000
Jun $
$ 143,738 $ 133,244
Jul $ -
$ 92,872 $ 192,902 $300,000
Aug $
$ 136,528 $ 184,578 $200,000
■
Sep
Tot $ 875,228
$ 157,382 $ 154,833
$ 1,719,924 $ 2,658,371 $100,000
CHART OUTLOOK:
POSITIVE
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
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.
City of Southlake Monthly Financial Report 4 4/11/2024
EXPENDITURE ANALYSIS
DEPARTMENTAL EXPENDITURES SUMMARY
FY 2024 ACTUAL
FY 2023 ACTUAL
FY 2024 BUDGET
FY
2023/2024 YTD
YTD (MARCH)
YTD
(MARCH)
YTD (MARCH)
VARIANCE
BUDGET VARIANCE
FY 2024 % SPENT
CIAO
$
587,465
$
505,110
$
608,193
$
82,355
$ 20,728
96.59%
COMM
$
373,750
$
314,979
$
445,583
$
58,771
$ 71,833
83.88%
CS
$
3,452,067
$
2,915,827
$
3,402,318
$
536,240
$ (49,749)
101.46%
C5O
$
277,284
$
280,280
$
356,489
$
(2,996)
$ 79,205
77.78%
DPS
$
10,859,803
$
9,358,608
$
12,514,045
$
11501,195
$ 1,654,242
86.78%
ED
$
174,176
$
164,455
$
198,452
$
9,721
$ 24,276
87.77%
FIN
$
1,593,234
$
1,295,426
$
1,777,863
$
297,808
$ 184,629
89.62%
HR
$
468,696
$
445,600
$
533,560
$
23,096
$ 64,864
87.84%
IT
$
1,696,026
$
1,397,357
$
2,457,135
$
298,669
$ 761,109
69.02%
PDS
$
1,183,410
$
1,125,288
$
1,370,924
$
58,122
$ 187,514
86.32%
PW
$
2,713,947
$
2,292,597
$
3,093,630
$
421,350
$ 379,683
87.73%
SS
$
1,528,407
$
1,170,084
$
1,708,533
$
358,323
$ 180,126
89,46%
Totals
$
24,908,265
$
21,265,611
$
28,466,725
$
3,642,654
$ 3,558,460
87.50%
FY 2024 ACTUAL
YTD (MARCH)
FY 2023 ACTUAL YTD (MARCH) FY 2024 BUDGET YTD (MARCH)
$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
POSITIVE
CS
CSO
DPS
ED FIN HR
IT PDS PW SS
CHART OUTLOOK:
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.
City of Southlake Monthly Financial Report 5 4/11/2024
EXPERIENCE
SOUTHLAKE
March 26, 2024
The Marq Financial Review
MARQ
70.01 %
66.00% 106.08%
Target ATT
1D1112023 9/30/2024
cc
78.59%
73.00% 107.65%
Target ATT
CEDC FINANCIAL DASHBOARD
m nr3J261202411-36 AM
LH
36.64%
38.00% 9641%
Target ATT
2-17M 3-10M 1.94M 2-47M 232.14K 633.64K
Revenue Expense Revenue Expense Revenue Expense
Net Revenue: Current & Previous Year
CCR LHR —Total Revenue LY
400K 47K
971C 3B3K 389V(
37W 3M
31K 81K
e7K emc sac 54+ 53K a3 e.1c
22K
300K 327K '��
278K
200K
305K 374K
318K 304K 311K 322K 314K 324K 318K 318K 325K 318K 335K
100K
The Marq Rentals Revenue (Net)
•CCa2enlal-Revenue LH-Rental-Revenue
WKK
sm
40K
30K
WK �—
10K _
OK
Mer2023 Apr 2023 M y2023 J-2023 JW 21123 A g2023 Sep 2023 Oct 2023 Nw 2023 0-21123 Jai 2024 Feb 21124 M-2024
The Marq Membership Revenue (Met)
25W
200K
150K
100K
50K
OK
MUr2023 Apr2023 1by2023 Jm2023 JJ2023 Aug2023 Sep2023 OU2023 Nov2023 Dm2023 Jm2024 Feh2024 Mkr2024
OK
Wr2023 Apr 2023 Mey2W3 Jan 2023 .W120M Aug 2023 Sep 2023 Clti 2W3 Nov 2023 D-2023 Jen 2024 Feh 2024 Ur 2324
CHAMPIONS CLUB MEMBERSHIP TRENDS
4,000
3,500
3,000
N
2444
N
CD 2,500
E 25C
5; 1
2,000
1,500
3635 3617
3530 3561 3580 3554 3545
- I ' 3496 3486
3230 3291_3487
3371 3413 3441 I�
3 �65 �
'� �/ Trendline
3197 3162
/989 3076 �3131 3153
7
900
800
700
600
N
C
500 .0
N
c
a�
400
7
N
300
200
100
1,000 a m a 1 0
CO f-- w O N N M It LO (D ti O m O N N M "t lf) O O m O r N r N
N N N N N N N N N N N N M M M M M M M M M M M M 4
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
Period
MULTI -YEAR MEMBERSHIPS ANALYSIS BY MEMBERSHIP TYPE
1200
1000
804
800
588
600
2
400
200 01157
0 0
-200 1 12{
-400 1
-33
-
-600 410
-800 -698
-1000
JOINS
TERMS
FY2021
ADULT
588
-410
FAM
424
-334
FAM-NC
804
-698
SENIOR
201
-124
YOUTH
157
-115
TOTALS
2174
-1681
NET
493
� ADULT
931
909
780
854
n
,
iL4
13
192
1
1 L
1
6
24174
39
-568
57
-761
-698
-873
JOINS
TERMS
JOINS
TERMS
FY2022
FY2023
780
-568
854
-698
565
-391
645
-574
931
-761
909
-873
274
-165
313
-247
197
-156
192
-174
2747
-2041
2913
-2566
706
347
FAM �
FAM-NC SENIOR YOUTH
TOTALS
396
2�296
138
173
1 t ■
-8478
22
-297 -324
JOINS
TERMS
FY2024
396
-297
229
-225
296
-324
138
-84
73
-78
1132
-1008
124
NET
4000
3000
2000
1000
0
-1000
-2000
-3000
FY2024 CC Membership Terminations by Reason and by Month
140
120
100
80
60
40
20
0
iiiiiiiiiiiiiiOct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
iiiiiiiiiiiiiiJun-24
�Jul-24
Aug-24
Sep-24
Totals
%
121
Failed Payment
84
90
85
103
121
0
0
0
0
0
0
0
483
47.9°A
loapmReason Given:
too
5255
WIDOODODC
38
29
211918 1917211721
Oa0000a W 0 0 C 0 D 0 Q 5g000a00
Not Utilizing Membership RelocatingrTravel Transfer Unsatisfied with Facility or
Amenities
53 21 19 3
44 19 17 0
36 16 21 2
52 38 17 1
56 29 21 5
0 0 0 0
U D 00
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
241 125 95 11
23.9% 12.41A 9.4% 1.1 %
1310 8 7 9
4aoa2000aoao
aoa000
Selected other service
No Reason IOther
provider
4
13
0
10
0
8
0
7
2
9
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6
47
0.6%
4.7%
EXPERIENCE
SOUTHLAKE
Three Year Revenue Comparison by Month
,'I --� P,
z%
�o��t
OG
,ate
�OJ�
OeG�
r � �
Z�����
■ Fiscal Year 2022 Fiscal Year 2023 Fiscal Year 2024
EXPERIENCE
SOUTHLAI<,.,.,E