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PRES 3 - Vouchers and MFRFinance Economic Development Regional Affairs Committee 4t" Tuesday of Month 5:00 pm CITY OF Federal Way Voucher Approval February 2024 CITY OF �_W Federal Way AP/PKIF'OUChers AP voucher Iota Is; • FebrU a ry $3,63.3,185.02 Computer Hardware 104,871 Consulti ng contracts 412,442 Fire Department Permit 163,285 Jail Services total 450,510 Operating Rentals/Leases 117,333 Professional Services 880,090 Repairs & Ma inten3 nce 138,507 Transportation Equipment 312,723 • January $5,820,840.51 • December $6,102,208.36 Payroll voucher Iota Is; • FebrU a ry $4,42.3,105.09 • January $4,338,167.84 • December $6,352,689.00 Back to normal (P• 6) (p, 12) (p, 15) (p, 24) (p, 31) (p, 39) (p, 45) $1,820,915 Retention Incentive LG 047.27792 - F 100 LG 04TZ7792 100 Monthly Financial Report February 2024 CITY OF Federal Way Monthly Financial Report Policy Questions: Are expenditures within budget? Are revenues sufficient? Are investments within policy? General/Street Fund Preliminary 2 months: ✓ Revenues are favorable to YTD budget of $3,694,000 by $362,000 ✓ Expenditures are favorable to YTD budget of $9,245,000 by $1,601 (pre-paids and annual dues paid in January) LI 7- City of Federal Way - General Fund - Sales Tax January 2018 2019 2020 2021 2022 2023 2024 City of Federal Way - Sales Tax Revenue Received Current Year Actual vs. Budget and Prior Year $22,000,000 ------------------------------------------------------------------- ------------------------------------------------------------------- --------------------------------------------------------------- -- ----------------------------------------------------------- -- ---------------------------------------------------------- -- -------------------------------------------------------- -- $18,000,000------------------------------------------------------- -- ---------------------------------------------------- -- --------------------------------------------------- -- -------------------------------------------------- -- $16,000,000------------------------------------------------- -- ---------------------------------------------- -- --------------------------------------------- -- -------------------------------------------- -- $14,000,000------------------------------------------- -- ---------------------------------------- -- --------------------------------------- -- -------------------------------------- -- $12,000,000------------------------------------ -- ---------------------------------- -- --------------------------------- -- -------------------------------- -- $10,000,000------------------------------- -- ---------------------------- -- --------------------------- -- -------- -- $8,000,000 ----------_------------------ $6,000,000----- ---- -- ____ 0 Budget Cumulative __ $4 000 000------— Prior YearCumulative =_ $2,000,000 Actual cumulative - - $0 City of Federal Way - Utility Tax January --------------------------------------------------- City Of Federal Way - Utility Tax Revenue Received $20,000,000 ----------------------------------------------------------- ------------------------------------------------------------ ----------------------------------------------------------- $18,000,000 ---------------------------------------------------------- $16,000,000 $14,000,000 -------------------------------------- $12,000,000 --------------------------------------- -------------------------------------- ------------------------------------ - $10,000,000--------------- -- ------------------------- - - $8,000,000 ________________________ $6,000,000 = Budget Cumulative ------------ - $4,000,000 — Prior Year Cumulative $21000,000 -0-- Actual cumulative $0 wr. City of Federal Way - Permit Fee Revenue February YTD $soo,oaa ------------------- ------------------- $700,000 $600,000 $500,000---------- -- $400,000---------- ---------- $300,000 - - $200,000 - - $100,000 - $- - 2020 2021 2022 2023 2024 !% An Q e1L ie Ah City of Federal Way - Permit Fees $6,444,440 Current Year Actual vs. Budget and Prior Year --------------- ---------------- - Budget Cumulative ---------------- ---------------- Prior Year Cumulative --------- $ 4, 444, 444 Actual cumulative ----------------------------------- $ 3,000,000 ---- ------------------ $ 2, 000, 000 $1,000,000 $0 ,�� <�� fat p�� NNE �`�\ Q�4O �RQ Op, �� City of Federal Way - Property Tax February YTD 140,000 120,000 100,000 80,000 60,000 40,000 11 20,000 ■ 2017 2018 2019 2020 2021 2022 2023 2024 $12, 000, 000 $10, 000, 000 $8,000,000 $ 6,000,000 $4,000,000 $2,000,000 $0 City of Federal Way - General Fund - Property yee :l�IFOl ■ =M Fol pw City of Federal Way - REET Tax February YTD $900,000 ------------------------------------------------- ------------------------------------------------- $800,000 - _ ----------------------------------------- ---------------------------------------- - ----------------------------------------- $700,000 - ----------------------------------------- - ----------------------------------------- $e0o,000 = ---------------------------------------- _ --------------------------------------- - --------------------------------------- --------------------------------- - ---------- ---------------- -_ -_-_--------_-------- $400,000 $300,000 $200,000 $100,000 - - - - 2019 2020 2021 2022 2023 2024 $ 6,000,000 $5,000,000 - $ 4, 000, 000 $3,000,000 $2,000,000 $1,000,000 a Ah I w City of Federal Way - REET Revenue Received City of Federal Way - Lodging Tax January YTD 1 $25,000 NEW- ----- ---------------------------------- ----- ----------------------------------- $20,000 ------- ---------------------------- ----------------------------- ----------------------------- $15,000 ------------ $10,000 $5,000 2018 2019 2020 2021 2022 2023 2024 ""M FO T 74 MT, ZMITE X&I A Ilkpp City of Federal Way- Lodging Tax Revenue Received $350,000 Current Year Actual vs. Budget and Prior Year $300,000 ----- -__ $250,000 $200,000 - - $150,000 $100,000 O Budget Cumulative — Prior Year Cumulative - - - $50,000 — Actual cumulative $0 Monthly Investment Actolvity February 2024 CITY OF Federal Way r-1 is ;jA\/e is City of Federal Way - Investment Revenue February YTD $700,000 ------------------------------------------------------------ $600,000 --------------------------------------------------- $500,000 --------------------------------------------------- $aoo,000----------------------------------------- - ----------------------------------------- - $300,000 ----------------------------------------- ----------------------------------------- $200,000 ------------- ------------------------------- $100,000 -------------------------------- - ------------ $ - ------------r- - 2019 2020 2021 2022 2023 2024 City of Federal Way - Investment Revenue $4,000,000 Current Year Actual Va. Budget and PI U Y $3,500,000 O Budget Cumulative -___________ $3,000,000 _ Prior Year Cumulative=_E _______ Actualcumuiativ--------- $2,500,000------- ------------------------------------ ----------------------------------- - $2,000,000 ----------------------------------- ------------------------------ ----- -_-------------------- $1,500,000 ------------------- ----------------- ----------------- $1,000,000 - $500,000 _ $0 --- r ear ------------- �0 �G Investments Maturities: $1 M FNMA Feb 2024 0.73% $1 M FHLB Feb 2024 5.23% Purchases: $1 M FHLB Feb 2025 4.84% $1 M FHGLB Dec 2028 4.04% $1 M US Treasury Feb 2029 4.26% $140X0X0 $100,000,000 $8010001000 $ 60, 000, 000 $4010001000 $20,aao,000 $0 I 4F I Am City of Federal Way Cash & Investments Trend Ab E 0 Investments (yield) 0 LGIP (liquidity) ❑ Checking (safety) Ah US TREAS, $46,000,000 , 49.6% ARPA $10 million Ah •l[•1111[• City of Federal Way Diversification by Issuer - February, 2024 LGIP, $27,801,772 , 30.0% IVICXV LQI IU $6.5 million FHLB, $9,000,000 , 9.7% FFCB, $4,000,000 , 4.3% FNMA, $ 2, 000,000 , 2.2% FHLMC, $ 2,000,000 , 2.2% TVA, $1,000,000 , 1.1% AAPL, $1,000,000 , 1.1% $24 million DIM as of 12/31/23 1 Community Center LTGO Bond (SCORE) LTGO Bond (PAEC IFL) Sect. 108 Conversion Dated Orig. Remaining Pmts 2013 GO 2019A 2019B 2019-A Mar 05, 2013 Dec 11, 2019 Dec 11, 2019 Mar 28, 2019 12, 415, 000 10, 945, 000 4,840,000 2,712,000 8,378,670 12,645,200 3,308,305 2,324,247 Balance 7,125,000 9,335,000 3,035,000 1,917,000 ,Principal Pmt December December December August 2024 827,873 2.375% 850,425 5.000% 549,298 2.200% 218,863 3.120% 2025 828,148 2.500% 847,925 5.000% 553,848 2.300% 214,621 3.160% 2026 827,273 2.500% 849,425 5.000% 552,578 2.400% 210,267 3.210% 2027 836,023 3.000% 844,675 5.000% 550,578 2.500% 206,720 3.240% 2028 835,773 3.000% 843,925 5.000% 552,828 2.600% 202,128 3.290% 2029 834,923 3.000% 846,925 5.000% 549,178 2.650% 197,352 3.340% 2030 843,473 3.000% 843,425 4.000% 192,256 3.360% 2031 846,123 3.100% 844,625 4.000% 187,080 3.390% 2032 847,253 3.200% 839,825 4.000% 181,824 3.410% 2033 851,813 3.250% 844,225 4.000% 176,488 3.440% 2034 842,425 4.000% 171,072 3.460% 2035 839,625 4.000% 165,576 3.490% 2036 838,625 4.000% 2037 835,875 2.75%/3.50% 2038 833,250 2.75%/3.50% = Non callable M&O Debt Issue Process 1. Financial Planning 2. Bond Documents begin 3. Bond Ordinance to FEDRAC 4. Bond Ordinance 5. Credit Rating Presentation 6. Bond Issue closing Jan -April April May June July August M&O Debt Issue Team City Staff • Steve Groom • Chase Donnelly Financial Advisors PFM • Duncan Brown • Matt Schoenfeld Bond Counsel (Foster -Garvey) • Bill Tonkin The Road to 2025=26 Budget preview CITY OF �_W Federal Way Revenue Opportunities 2023 Actual: o Sales Tax o Utilitv Taxes o Property Tax o Real Estate Excise Tax o Interest Revenue o Lodging Tax $205800,000 18)400,000 11,600,000 354005000 35800,000 3005000 Investments City Inputs: Economic Outputs: o Public Safety o Prosperity o Streets o Opportunity o Parks o Quality of life o Codes and Planning o City Revenues Budget Fundamentals Infrastructure: Operations: o Public Safety o Public Safety o Streets o Streets o Parks o Parks o Planning o Code Enforcement o IT Wait List 1. Revenue Forecast 2. Capital & Debt Planning 3. Prior Year Audit completion 4. Salary steps & Benefits cost increases 5. Insurance and other non -discretionary 6. Wait -list priorities 40* 7. Current Budget Mid -Year (July) 8. Mayor's Budget and Study Sessions LG 047.27792 - F 100 LG 04TZ7792 100