Item 3B2off -
CITY OF
S0UTHLA1<,.,,,E
MONTHLY FINANCIAL
REPORT
mr- 11 1
December 2022
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 14% compared to seasonal trends
Negative = Negative Variance of > 4% compared to seasonal trends.
EU-
City of Southlake Monthly Financial Report 1 1/17/2023
ECONOMIC INDICATORS
NATIONAL ECONOMY
National GDP: V 3.2%
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 estimated GDP for the 3rd quarter of
2022 increased at a rate of 3.2%. In the 2nd quarter of $45,000,000
2022, GDP decreased at a rate of 0.6%.
$40,000,000
V -0.5%
Housing starts in November were at a seasonally
adjusted rate of 1,427,000, which is 0.5% below the
revised previous month figure of 1,434,000.
UNEMPLOYMENT RATES
National: 3.5%
The National Unemployment rate for December 2022
decreased to 3.5% when compared to 3.6% in
November 2022.
State-wide: V 4.0%
The Texas Unemployment rate for November 2022
(preliminary) remained unchanged at 4.0% from
October 2022.
DFW Area: 3.3%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate for November 2022 (preliminary)
decreased slightly to 3.3% when compared to 3.4% in
October 2022.
$35,000,000
$30,000,000
$25,000,000
$20,000,000
$15,000,000
$10,000,000
$5,000,000
*October -December 2019*
FINANCIAL ACTIVITY
2020* 2021* 2022*
■ New Construction permit values
2023*
City of Southlake Monthly Financial Report 2 1/17/2023
i
GENERAL FUND
OVERALL FUND PERFORMANCE:
GENERAL FUND REVENUE VS EXPENDITURES 2022
FY 2023
FY 2023
$8,000,000
REVENUE
EXPENDITURE
VARIANCE
FY 2023 REVENUE � FY 2023 EXPENDITURE—rr2022 EXPEND.
Oct $ 624,773
$ 2,824,236
$
(2,199,463)
$7,000,000
Nov $ 2,518,723
$ 3,685,598
$
(1,166,875)
Dec $ 7,198,034
$ 4,318,832
$
2,879,202
$6,000,000
Jan $ -
$ -
$
AL
Feb $
$ -
$
-
$5,000,000
Mar $ -
$ -
$
-
$4,000,000
Apr $ $ $
May $ -
$ -
$
-
$3,000,000
Jun $ $ $
Jul $
$
$
$2,000,000
Aug $
$
$
Sep $
$
$
$1,000,000
Tot $ 10,341,530
$ 10,828,666
$
(487,136)
$
Oct Nov Dec Jan Feb Mar
Apr May Jun Jul
Aug
Sep
CHART OUTLOOK:
POSITIVE
The outlook for the year is positive as overall revenues and expenditures are on target with budget.
REVENUE ANALYSIS
GENERAL FUND SALES TAX 2023-2021 COMPARISON
FY 2023
FY 2022
FY 2021
FY 2023 FY 2022
FY 2021
Oct $ 1,814,981
$ 1,613,415
$
1,299,576
$3,000,000
Nov $ 1,813,575
$ 1,652,674
$
1,084,677
Dec $ -
Jan $
$ 2,456,532
$ 1,602,323
$
$
1,926,407
1,256,119
$2,500,000
Feb $
$ 1,388,859
$
978,395
$2,000,000
Mar $
$ 1,975,175
$
1,727,925
Apr $
$ 1,714,270
$
1,470,896
$1,500,000
MEN
May $
$ 1,725,777
$
1,262,973
Jun $
$ 1,792,755
$
2,586,036
$1,000,000
Jul $
$ 1,607,427
$
1,449,136
Aug $
$ 1,659,141
$
1,427,525
$500,000
Sep $
$ 1,640,639
$
1,687,605
Tot $ 3,628,556
$ 20,828,987
$
18,157,270
$-
Oct Nov Dec Jan Feb Mar
Apr May Jun Jul
Aug
Sep
CHART OUTLOOK: POSITIVE
Year to date sales tax collections are trending
above FY 2022 (11.1%) and FY 2021 (52.2%) collections. November sales were 9.7% and 67.2% above November collections for FY 2022 and FY 2021, respectively.
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 1/17/2023
GENERAL FUND
REVENUE ANALYSIS
(continued)
PROPERTY TAX 3 YEAR TREND
FY 2023
FY 2022
FY 2021
■ FY 2023 ■ FY 2022 FY 2021
Oct $ 380,169
$ 653,703 $
778,578
$14,000,000
Nov $ 2,011,080
$ 2,017,203 $
1,582,957
$12,000,000
Dec $ 4,964,620
$ 6,068,454 $
6,036,699
$10,000,000
Jan $ -
$ 11,588,414 $
13,167,125
$8,00o,000
Feb $
$ 5,872,247 $
4,445,041
Mar $ -
$ 584,684 $
411,151
$6,000,000
Apr $
$ 554,247 $
259,058
$4,000,000
May $ -
$ 151,717 $
152,945
'
$2,000,000
Jun $
$ 502,344 $
389,839
$-
�
Jul * $ -
$ (1,310,741) $
(1,365,991)
$(2,000,000) Oct Nov Dec Jan Feb Mar Apr May Jun
1T' Aug
Aug $
$ 69,630 $
52,655
$(4,000,000)
Sep $ -
$ 111,205 $
190,848
Tot $ 7,355,869
$ 26,863,107 $
26,100,905
* Net
transfer of TIF revenues to TIF
CHART OUTLOOK:
POSITIVE
fund
As of December the 2023 YTD property tax collections ($7,355,869)
are approximately 15.8% and 12.4% lower than 2022 YTD ($8,739,360) and 2021 YTD ($8,398,234), 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 2023-2021 COMPARISON
FY 2023
FY 2022
FY 2021
FY 2023 FY 2022 FY 2021
Oct $ 137,332
$ 214,445 $
50,043 $900,000
Nov $ 118,803
$ 185,109 $
69,734
Dec $ 88,212
$ 94,663 $
102,515 $800,000
Jan $ -
$ 167,045 $
88,737 $700,000
Feb $
$ 111,545 $
76,270
Mar $ -
$ 154,046 $
$600,000
150,142
Apr $
$ 277,691 $
124,870 $500,000
May $ -
$ 788,270 $
136,364 $400,000
Jun $
$ 133,244 $
158,786
Jul $ -
$ 192,902 $
170,985 $300,000
Aug $
$ 184,578 $
217,599 $200,000
Sep $ - $ $
Tot $ 344,347
$ 2,658,371 $
658,371
568,982
1,568,027 $100,000
027
,
$-
CHART OUTLOOK:
POSITIVE
Oct Nov Dec Jan Feb Mar Apr May Jun
Jul Aug Sep
The value of new construction permits ($41.3M+)
issued for FY 2023 YTD is approximately 30.4% and 45.0% higher when compared to FY 2022 and FY 2021, respectively.
FY 2023 collections are 30.3% lower and
54.9% higher when compared to FY 2022 and 2021, respectively. The permit revenue year to date is trending above budget therefore the outlook is considered positive.
City of Southlake Monthly Financial Report 4 1/17/2023
EXPENDITURE ANALYSIS
DEPARTMENTAL EXPENDITURES SUMMARY
FY 2023 ACTUAL
FY 2022
ACTUAL YTD
FY 2023 BUDGET
FY 2022/2023 YTD
YTD (DECEMBER)
(DECEMBER)
YTD (DECEMBER)
VARIANCE BUDGET VARIANCE
FY 2021 % SPENT
CIVIC)
$ 251,576
$
242,831
$ 297,712
$ (8,745) $
46,136
84.50%
COMM
$ 182,810
$
172,205
$ 184,633
$ (10,605) $
1,823
99.01%
CS
$ 1,516,983
$
1,267,970
$ 1,840,600
$ (249,013) $
323,617
82.42%
CSO
$ 123,970
$
129,188
$ 169,031
$ 5,218 $
45,061
73.34%
CPS
$ 4,696,807
$
4,199,768
$ 5,743,928
$ (497,039) $
1,047,121
81.77%
ED
$ 87,952
$
64,897
$ 97,672
$ (23,055) $
9,720
90.05%
FIN
$ 549,806
$
659,551
$ 817,720
$ 109,745 $
267,914
67.24%
HR
$ 210,257
$
183,037
$ 271,535
$ (27,220) $
61,278
77.43%
IT
$ 687,436
$
757,528
$ 918,653
$ 70,092 $
231,217
74.83%
PDS
$ 601,691
$
503,012
$ 684,485
$ (98,679) $
82,794
87.90%
PW
$ 1,070,018
$
881,398
$ 1,431,310
$ (188,620) $
361,292
74.76%
SS
$ 849,360
$
772,710
$ 874,805
$ (76,650) $
25,445
97.09%
Totals
$ 10,828,666
$
9,834,095
$ 13,332,084
$ (994,571) $
2,503,418
81.22%
FY 2023
ACTUAL YTD (DECEMBER)
FY 2022 ACTUAL YTD (DECEMBER) FY 2023 BUDGET YTD (DECEMBER)
$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
CIVIC, COMM
CS
CSO
DPS
ED FIN HR
IT PDS Pw SS
CHART OUTLOOK: I POSITIVE
As indicated above, 2023 expenditures are above
2022 expenditures for the
same period with a increase of 10.1% primarily due to the employee compensation system moving DPS to the 80th percentile. The outlook is
positive expenditures are below budgeted expenditures for the fiscal year.
City of Southlake Monthly Financial Report 5 1/17/2023