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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