Item 3A2 r
W SOUTH LAKE
CITY Of-.
MONTHLY FINANCIAL REPORT
May 2013
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 act vay) Positive Positive Page 3
Property Tax Revenue Positive Positive Page 4
Permit Revenues Positive Positive Page 4
Departmental Expenditures Summary Positive Positive Page 5
PERFORMANCE INDICATO
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 6/18/2013
ECONOMIC INDICATORS
NATIONAL ECONOMY
National GDP: 0.10%
GDP is defined as the output of goods and FINANCIAL ACTIVITY
services produced by labor and property located in
the United States, The Bureau of Labor and
Economic Analysis reported that the estimated 5 YEAR TREND OF CONSTRUCTION PERMIT VALUES
GDP for the 1st quarter of 2013 increased at a 5200,000,000
rate of 2.4 %. In the 4th quarter of 2012, GDP
increased at a rate of 0.4 %. slao,000,000
Housing Starts: -; 2.09% Sieo,000,000
Housing starts in April 2013 were at a seasonally
° $140,000,000
adjusted rate of 610,000, which is 2.09% below the
previous month figure of 623,000, but 20.8%
above the same month last year. $120,000,000
UNEMPLOYMENT RATES $100,000,000
National: 7.60% $80,000,000
The National Unemployment rate for May 2013
increased to 7.60% from April 2013 rate of 7.50% Sao,000,000
State -wide: 6.40% $40,000,000
The Texas Unemployment rate remained at 6.4% ! $20,000,000
for March and April 2013 but lower than same
month last year's rate of 7.0% (April 2012) S
DFW Area: 6.00% 2009* 2010* 2011* 2012* 2013
The Dallas /Fort Worth /Arlington Metropolitan Area *October- February • Construction permit values
unemployment rate decreased to
6.00 %(preliminary) in April 2013, which is down
from 6.20% in March 2013.
City of Southlake Monthly Financial Report 2 6/18/2013
GENERAL FUND
OVERALL FUND PERFORMANCE:
GENERAL FUND REVENUE VS EXPENDITURES 2013
FY 2013 FY 2013 REVENUE rr FY 2013 EXPEND. 2012 EXPEND.
REVENUE FY 2013 EXPEND. VARIANCE
Oct $ 1,727,556 $ 1,912,528 $ (184,972) $10,000,000
Nov $ 1,829,400 $ 2,874,549 $ (1,045,149) $9,000,000
Dec $ 9,100,217 $ 2,803,094 $ 6,297,123
$8,000,000
Jan $ 8,525,450 $ 2,786,918 $ 5,738,532
Feb $ 4,358,485 $ 2,417,626 $ 1,940,859 $7.000,000
Mar $ 1,588,225 $ 2,418,447 $ (830,222) $6,000,000
Apr $ 1,326,405 $ 2,465,320 $ (1,138,915) $5,000,000
May $ 2,763,487 $ 2,966,715 $ (203,228)
Jun $ - $ - $ _ $4,000,000
Jul $ - $ - $ - $3,000,000
Aug $ $ $ $2,000,000 Ili i il iii ii
Sep $ -
Tot $ 31,219,225 $ 20,645,197 $ 10,574,028 $1,000,000
$-
CHART OUTLOOK: POSITIVE Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
The outlook for the year is positive as revenues are outpacing expenditures by $10.6M. The significant variance is due to the significant portion of property tax revenue collected (96.52 %) of the budgeted property
tax revenue which is the largest revenue source for the general fund.
REVENUE ANALYSIS
GENERAL FUND SALES TAX 2013 -2011 COMPARISON
FY 2013 FY 2012 FY 2011 ■ FY 2013 FY 2012 FY 2011
Oct $ 848,376 $ 639,737 $ 703,770 $1400,000
Nov $ 837,828 $ 790,535 $ 756,991
Dec $ 1,293,838 $ 1,246,867 $ 1,112,965 51,200,000
Jan $ 837,172 $ 691,298 $ 688,448
Feb $ 816,932 $ 696,332 $ 571,598 51,000,000
III Ap Mar $ 976,128 $ 957,766 $ 942,332 $800,000
it ii, L ..,,,r2
r $ 925,224 $ 823,333 $ 744,210
May $ - $ 818,901 $ 723,593 $600,000
Jun $ - $ 947,763 $ 946,628
Jul $ - $ 892,534 $ 728,864 $400,000
Aug $ 789,664 $ 745,067
$200,000
Sep $ 980,649 $ 915,961
Tot $ 6,535,498 $ 10,275,379 $ 9,580,427 5
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
CHART OUTLOOK: ( POSITIVE
Sales tax collections continue to trend upward when compared with the 2 previous years.
City of Southlake Monthly Financial Report 3 6/18/2013
GENERAL FUND
REVENUE ANALYSIS (continued)
PROPERTY TAX 3 YEAR TREND
FY2013 FY2012 FY2011 ■ FY2013 a FY2012 FY2011
Oct $ 497,319 $ 416,327 $ 324,028 $9,000,000
Nov $ 1,099,048 $ 1,138,181 $ 900,222 $8,000,000
Dec $ 6,714,571 $ 6,075,504 $ 4,840,017 $7,000,000
Jan $ 7,000,049 $ 6,693,615 $ 8,345,377 $6,000,000
Feb $ 2,357,851 $ 2,931,150 $ 2,533,562 $5,000,000
Mar $ 195,290 $ 192,289 $ 252,370 $4,000,000
Apr $ 138,208 $ 111,944 $ 94,688 $3,000,000
$2,000,000
M
A, d .....
ay $ 643,397 $ 131,292 $ 101,532
$1,000,000
Jun $ - $ 481,625 $ 544,490 fi _ t_ NW
Jul* $ - $ (629,789) $ (619,730) $(1,000,000) Oct Nov Dec Jan Feb Mar Apr May Jun ! Aug
Aug $ - $ 31,648 $ 39,500 $(2,000,000)
Sep $ 22,524 $ 17,557
Tot $ 18,645,733 $ 17,596,310 $ 17,373,613
* Net transfer of TIF revenues to
CHART OUTLOOK: POSITIVE TIF fund
2013 YTD property tax collections ($18,645,733) are higher than the 2012 YTD ($17,690,302). As indicated on the chart, the majority of the property tax revenue is collected in the first few months of the fiscal year.
PERMIT REVENUE 2011 -2013 COMPARISON
FY 2013 FY 2012 FY 2011 ■ FY 2013 FY 2012 FY 2011
Oct $ 115,065 $ 107,761 $ 64,430 $700,000
Nov $ 124,059 $ 59,622 $ 52,943
Dec $ 160,364 $ 60,578 $ 126,363 $600,000
Jan $ 95,232 $ 152,399 $ 123,056
Feb $ 152,081 $ 57,000 $ 55,885 $500,000
Mar $ 208,421 $ 186,211 $ 78,443
Apr $ 195,180 $ 152,217 $ 102,088 $400,000
May $ 189,853 $ 618,373 $ 132,527
Jun $ - $ 144,341 $ 96,213 $300,000
Jul $ - $ 78,781 $ 81,721
Aug $ - $ 126,294 $ 70,722 $200,000
Sep $ 79,498 $ 71,820 $100,000 P I
Tot $ 1,240,255 $ 1,823,075 $ 1,056,211 111 L 16 L
•
No
1
CHART OUTLOOK: POSITIVE Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
The value of construction permits ($103.2M +) issued for FY 2013 YTD is approximately 42.9% lower when compared to FY 2012. The significant variance in May 2012 due to the Verizon data center expansion.
City of Southlake Monthly Financial Report 4 6/18/2013
EXPENDITURE ANALYSIS
DEPARTMENTAL EXPENDITURES SUMMARY
FY 2013 YTD FY 2012 YTD FY 2012/2013 YTD
(MAY) (MAY) FY 2013 BUDGET VARIANCE BUDGET VARIANCE FY 2013 % SPENT
CMO $ 438,247 $ 382,150 $ 621,444 $ (56,097) $ 183,197 70.52%
CS $ 3,709,739 $ 3,367,068 $ 6,048,714 $ (342,671) $ 2,338,975 61.33%
CSO $ 228,282 $ 238,385 $ 394,133 $ 10,103 $ 165,851 57.92%
DPS $ 8,706,152 $ 8,404,325 $ 14,512,732 $ (301,827) $ 5,806,580 59.99%
ED $ 138,573 $ 125,382 $ 219,660 $ (13,191) $ 81,087 63.09%
FIN $ 1,271,548 $ 1,270,427 $ 1,949,988 $ (1,121) $ 678,440 65.21%
HR $ 302,119 $ 243,348 $ 533,676 $ (58,771) $ 231,557 56.61%
IT $ 1,295,290 $ 1,205,914 $ 2,020,539 $ (89,376) $ 725,249 64.11%
PDS $ 1,092,876 $ 1,068,194 $ 1,823,859 $ (24,682) $ 730,983 59.92%
PW $ 2,577,798 $ 2,758,119 $ 4,406,635 $ 180,321 $ 1,828,837 58.50%
SS $ 905,306 $ 623,670 $ 1,186,574 $ (281,636) $ 281,268 76.30%
Totals $ 20,665,930 $ 19,686,982 $ 33,717,954 $ (978,948) $ 13,052,024 61.29%
■ FY 2013 YTD (MAY) FY 2012 YTD (MAY) FY 2013 BUDGET
$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
III I
CMO CS CSO DPS ED FIN HR IT PDS PW SS
CHART OUTLOOK: POSITIVE
As indicated on the chart the 2013 expenditures are higher than 2012 expenditures for the same period with an increase of 4.97 %. The increase in expenditures are due to additional personnel, legal fees, and
utilities. The outlook is positive expenditures are on pace to be within budgeted expenditures for the fiscal year.
City of Southlake Monthly Financial Report 5 6/18/2013