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PRES 5 - Monthly Fin Report September
Finance Economic Development Regional Affairs Committee 4t" Tuesday of Month 5:00 pm CITY OF Federal Way Monthly Financial Report Policy Questions: Are expenditures within budget? Are revenues sufficient? Are investments within policy? Expenditures On Track.? ✓General Fund / Street Fund favorable to YTD budget Actual $45.8M within $46.91VI by $1.1 M or 2.4%. (p. 117) ✓Other Major Funds (p.118) favorable to YTD budget Actual 23.81VI within $24.3M by $0.41VI or 1.8%. �e�ieh� �e� L� �ttir+ie 2023 2023 2023 Actual Annual YTD YTD vs Budget Budget Actual Budget Sales Tax 20,170, 000 13, 080, 000 13, 870, 000 789,000 6 % Ut i I i ty Tax 18, 050, 000 11, 710, 000 12, 330, 000 620,000 5% Permits & Fees 4,340,000 3,010,000 41230,000 11221,000 41% Business License Fees 680,000 520,000 580,000 66,000 13% Investment Interest 1,800,000 1,350,000 2,770,000 1,422,000 105% R E ET 515201000 318701000 217801000 (1,089,000) - 28% Property Tax 11, 760, 000 6,620,000 6,460,000 (164, 000) - 2% Lodging Tax 290,000 190,000 190,000 (6,000) - 3% ales Tax Revenue City of Federal Way - General Fund - Sales Tax August YTD $16,000,000 --------------------------------------------- --------------------------------------------- --------------------------------------------- $14, 000,000 --------------------------------------------- -------------------------------------- - -------------------------------------- - ---------------------------------------- - $12, 000,000 ------------------------------ -------------------------- - -------------------------- - ------------ $10, 000,000- - $s,00a,oaa - - $6,000,00a $4,000,000 - - $2,000,000 - - $- - - 2017 2018 2019 2020 2021 2022 2023 City of Federal Way - Sales Tax Revenue Received $20.2 Current Year Actual vs. Budget and Prior Year million $22,000,000 -------------------------------------- $2a,aaa,aao $18,000,000 ------------ $14,aaa,aa0 $12,000,000 $10,0aa,aaa $8,00a,a00 $6,aaa,aaa=----------------- Budget Cumulative -_ $4,000,000 ----------- — Prior Year Cumulative =_ $2,000,000 --- —0-- Actual cumulative — $a Sao ��� jai PQc �mJ � ��� ems$ � 0 �0 City of Federal Way - Utility Tax YTD August $14,000,000 $12,000,000 --------------------------------------- ----------------------- $10,000,000----------------------- - $8,000,000 $6,000,000 $4,000,000 $2,000,000 13 2017 2018 2019 2020 2021 2022 2023 0e%/er1 I Ie City of Federal Way - Utility Tax Revenue Received $18.0 million $20,000,000 ------------------------------------------------------------ $18,000,000 ------------------------------------------------------------ $16,000,000 ---------------------------------------------------- -------------------------------------- $12,000,000 $10,000,000 --- ________ $8,000,000 ----------------- $6,000,000=_______= Budget Cumulative $4,000,000 =_____— PriorYearCumulative $2,000,000 4 Actual cumulative $0 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 City of Federal Way - Property Tax September YTD 2016 2017 2018 2019 MC 2C21 2C22 2023 $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 $11.8 Tax Revenue million ---------------- ;2. ------------- ------------ Budget Cumulative — Prior Year Cumulative —0-- Actual cumulative lac ��� mac PQc �aA Ah I City of Federal Way - REET Tax September YTD $5,000,000 --------------------------------------------- --------------------------------------------- --------------------------------------------- $4500000--------------------------------------------- ------------------------------ ------------------------------ $4,000,000------------------------------ ------------------------------ ----------------------- -------- -------- -------- -------- -------- ----------------------- $3,500,000---------------- -------- -------- $3,000,000---------------- -------- --------------- = = 6,000,000 $2,500,000 $2,000,000 = = _ $5,000,000 $1,500,000 $1,000,000 $4,000,000 $500,000 $- $ 3 000 000 2018 2019 2020 2021 2022 2023 ! ! $2,000,000 $1,000,000 $0 Ah I w City of Federal Way - REET Revenue Received $5.5 million 6161611219 City of Federal Way - Lodging Tax August YTD $210,1100 ------------------------------------------------------------ 5200.000 $150,000 $100,000 � Sso,000 s 2017 2018 2019 2020 2021 2022 2023 0 ev4ie 40 Ah 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 ______________ � Budget Cumulative ------------------- --------------- — Prior Yea r Cu mu lative $50,000 ------------ - —0-- Actual cumulative $0 2 $0.3 million -Ia# Fq� mac pQ� �aa ��c Ste\ p� :�� City of Federal Way - Investment Revenue September YTD $3,000,000 -------------------- $2,500,000------------------------------ -------------------------------------------------- ----------------------------------- $2,000,000--------------- -------------------------------------------------- -------------------------------------------------- $i,soo,000 ------------------------- -------------------------------------------------- $1,o00,000 --------------- $500,000 IVT--71 -------------------------- -------------------- - $- 1 2018 2019 2020 2021 2022 2023 ftr%t QAILsAft r, I Ie City of Federal Way - Investment Revenue $1.8 $4,000,000 Current Year Actual vs. Budget and Prior Year million $3,500,000 Budget Cumulative -_______ -------------------------------------- $3,000,000 Prior Year CumulatiW-------- Prior -------------- --- ---------------------- $2,500,000 ------------------ - --------------------- -------------------- ------------------------ --------------------------- -- -------------------------- -------------------------- --------------------------- $2,000,000-------------------------------------------------------- ----------------------------------------------- -- $1,500,000 ---------------------- -------------------------------------- --- ----------------- --- $1,000,000---------------- ----- $500,000 =_ $0 --- >`}c Ah US TREAS, $40,000,000 , 38.0% LGIP, $45,167,446 , 42.9% Ah •l[•11s[• City of Federal Way Diversification by Issuer - September 30, 2023 FHLB, $8,000,000 , 7.6% FFCB, $5,000,000 , 4.8% FNMA, $ 3,000,000 , 2.9% FHLMC, $ 2,000,000 , 1.9% TVA, $1,000,000 , 1.0% AAPL, $1,000,000 , 1.0% FRED%- —Federal Funds Target Range -Upper Limit 6 5 4 C N 3 v a 2 1 4 2014 2015 2016 2017 2018 FRED< f — MarketYleld on U.S. TreasurySecurltiesat2-Year Constant Maturity, Quoted on an Investment Basis 4 C N 3 v a 2 1 I 20'9 2020 2021 2022 - -- v 2014 2015 2016 2017 2018 2019 2020 2021 2022 2J23 Maturities: $1M $1M Purchases: $1M $1M Investments US Treasury US Treasury US Treasury US Treasury Sept2023 1.06% Sept2023 4.93% Feb 2028 4.31% Mar 2028 4.04% Cash Balance Trend Total Cash $116 million Investment portfolio $60 million Dated Orig. Pmts Balance Next Call 2023 2024 2025 2026 2027 2028 2030 2031 2032 2033 2034 2035 2036 2037 2038 Sect. 108 Conversion 2019-A Mar 28, 2019 2,712,000 2,547,273 2,076,000 Non -callable 223,026 218,863 214,621 210,267 206,720 202,128 197,352 192,256 187,080 181,824 176,488 171,072 165.576 3.080% 3.120% 3.160% 3.210% 3.240% 3.290% 3.360% 3.390% 3.410% 3.440% 3.460% 3.490% LTGO Bond (SCORE) 2019A Dec 11, 2019 10, 945, 000 13,497,125 9,765,000 Dec. 1, 2029 851,925 850,425 847,925 849,425 844,675 843,925 843,425 844,625 839,825 844,225 842,425 839,625 838,625 835,875 833,250 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 4.000% 4.000% 4.000% 4.000% 4.000% 4.000% 4.000% 2.75%/3.50% 2.75%/3.50% Community Center 2013 GO Mar 05, 2013 12, 415, 000 9,200,793 7,725,000 Dec. 1, 2022 822,123 827,873 828,148 827,273 836,023 835,773 834,923 843,473 846,123 847,253 851,813 2.375% 2.500% 2.500% 3.000% 3.000% 3.000% 3.000% 3.100% 3.200% 3.250% LTGO Bond (PAEC IFL) 2019B Dec 11, 2019 4,840,000 3,857,600 3,500,000 Non -callable 549,295 2.150% 549,298 2.200% 553,848 2.300% 552,578 2.400% 550,578 2.500% 552,828 2.600% 549, 778 1 2.650% = Non callable Summary Managing to Budget: ✓ Expenditures within budget ✓ Revenues are almost all favorable o Monitoring BEET, Lodging Tax ✓ Cash balances continue to be strong ✓ Investments preparing for rate drop by locking in current yield for 5 years LG 047.27792 - F 100 LG 04TZ7792 100