PRES 1 - Aug Monthly Financial ReportFinance
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 $40.2M within $40.41VI by $0.21VI or 0.5%.
(p. 201)
✓Other Major Funds (p.2o2)
favorable to YTD budget
Actual 22.01VI within $22.6M by $0.61VI or 2.5%.
!D..r:
Sales Tax
Uti I ity Tax
Permits & Fees
Business License Fees
Investment Interest
REET
Property Tax
Lodging Tax
Ah■A■MrAhtq%i�M■0■■V■Ah
2022
2022
2022
Annual
YTD
YTD
Budget
Budget
Actual
19, 890, 000
11, 230, 000
12, 020, 000
17, 800, 000
10, 4501 000
11, 020, 000
4,050,000
2,570,000
3,590,000
6501000
4601000
5101000
1,800,000
112001000
214301000
5,520,000
11, 760, 000
2901000
314501000
6,440,000
1601000
2,330,000
6,350,000
1501000
Actual
vs
Budget
783,000
7%
5661000
5%
1,027,000
40%
48,000
10%
11229,000
102%
(1,126,000) -33%
(95, 000) -1%
(5,000) -3%
ales Tax Revenue
City of Federal Way - Sales Tax Revenue Received
Current Year Actual vs. Budget and Prior Year
$20,000,000
$18,000,000
$16,000,000
----------------------------------------------------------------
--------------------
$14,000,000 ---------------------------------------------------------------
------------------------------------------------------ --
-----_--------------------------------------------
$12,000,000 -----------------------------------------
$10,000,000
$8,000,000
$6,000,000 o Budget Cumulative
$4,000,000 Prior Year Cumulative
$2,000,000 -01- Actual cumulative
$0
City of Federal Way - Utility Tax Revenue Received
$20,000,000
61 o nnn nnn
-----------------------------------------------------------------------------
----------------------------------------------------------------------------
--------------------------------------------------------------------------
$ 1 6,000,000 ------ -------------------------------------------------------------------------
------------------------------------------------------------------- --
-_-------------------------------------------------------_-_----------
$ 14,000,000------------------------------------------------------ ---
------------------------------------------------------ ---
--------------------
$ 1 2,000,000--------------------------------------------------- -
---------------------------------------------- ----- -
$10,000,000-------- -
$8,000,000
$6,000,000 Budget Cumulative
$4,000,000 Prior Year Cumulative
$2,000,000 o Actual cumulative
$0
a
$12, 000, 00❑
$10,000,000
NEB I
$ 6,000, 000
$4,000,000
$2,000,000
$❑
•l•I:
City ❑f Federal Way - General Fund - Property
Tax Revenue
Budget Cumulative
Prior Year Cumulative
Q Actual cumulative
$ 5, 000,00❑
$5,000,000
$4,000,00❑
$3,000,000
$2,000,000
$1,000,000
$0
I&
I
Ah
I
City of Federal Way - REET Revenue Received
w
0 Budget Cumulative
Prior Year Cumulative
dd Actual cumulative
ncla-inn Tax Revenue
City of Federal Way -Lodging Tax Revenue Received
$350,000 Current Year Actual Ws. Budget and Prior Year
$ 300,000
$250,00❑
$ 200,000
$150,00❑
$100,000
$50,000
$o
��� �Ce� 40
vs� 40 I�p ,lam 49 Op- 0
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1, 500,000
$1,000,000
$ 500,000
$0
Ah
;jpelkir!
City of Federal Way - Investment Revenue
Current Year Actual vs. Budget and Prior Year
Budget Cumulative --
Prior Year Cumulative --------
Prior Year Cumulative --------
Actual cumulative--------------------
-
Ah
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Cash Balance Trend
Total Cash $116 million
Investment portfolio $60 million
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City of Federal Way
Diversification by Issuer -August 31, 2023 FHLB,
US TREAS,
$8,000,000 ,
$40,000,000 , 7.6%
38.1%
AdmlhL� FFCB,
$5,000,000 ,
4.8%
US Federal Government Credit Rating Downgraded FHLMC,
$2,000,000 ,
1.9%
Fitch AAA to AA+ (July 2023) FNMA,
S&P AAA to AA+ (Aug011) $3,0
00g �- 2.9%9%
M o o d y's AAA TVA,
$1,000,000 ,
1.0% i
AA P L,
LL
00,000,LGIP, 42% Treasuries .0%
$45,046,259, 23% Agencies
42.9%
FRED%T — Federal Funds Target Range -Upper limit
F
5
4
C
61
3
v
a
2
1
•a
2014 2015
20"E 2017 2018
FRED,�—MarketYleld on U.S_ Treasury5ecurltiesat2-Year Constant Maturity, Quoted on an Investment Basis
5
4
3
C
N
N
a
2
1
I
2019 2-20 2021 2022 2,23
v 2014 2915 2016 2017 2013 2019 202•0 2021 2022 2023
Maturities:
$1M
$1M
Purchases:
Investments
US Treasury
FHLMC
$1M US Treasury
$1M US Treasury
$1M US Treasury
$1M US Treasury
$1M LAAPLJ
$1M US Treasury
$1M US Treasury
July
2023
1.38%
Aug
2023
1.44%
July
2027
4.31%
Aug
2027
4.04%
Sep
2027
4.13%
Oct
2027
4.20%
Nov
2027
4.47%
Dec
2027
4.26%
Jan
2028
4.16%
Managing to Budget
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
Next Month
2024 Tax Levy
• October FEDRAC discussion
• November 1st and 2nd hearings
2023 Budget Amendment
• All departments are reviewing
• Last chance for 2023 changes
• October FEDRAC discussion
• November 1st and 2nd hearings
LG 047.27792 -
F 100
LG 04TZ7792
100