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PRES 8 - Monthly Fin Report OctoberMonthly Financial Report Policy Questions: Are expenditures within budget? Are revenues sufficient? Are investments within policy? Expenditures On Track.? ✓General Fund / Street Fund (p.253,255) favorable to YTD budget Actual $52.21VI virtually on -budget ✓Other Major Funds (p.256) favorable to YTD budget Actual 26.91VI virtually on -budget �e�ieh� �e� L� �ttir+ie 2023 2023 2023 Actual Annual YTD YTD vs Budget Budget Actual Budget Sales Tax 20,170, 000 14, 890, 000 15, 710, 000 822,000 6% Ut i I i ty Tax 18, 050, 000 13, 300, 000 13, 970, 000 6641000 5% Permits & Fees 413301000 314701000 415201000 110501000 30% Business License Fees 680,000 560,000 640,000 81,000 14% Investment Interest 1,800,000 1,500,000 3,120,000 1,615,000 108% R E ET 5,520,000 4,320,000 2,980,000 (1,348,000) - 31% Property Tax 11, 760, 000 10, 290, 000 10, 680, 000 388,000 4% Lodging Tax 2901000 2301000 2201000 (9,000) -4% ales Tax Revenue City of Federal Way - General Fund - Sales Tax September YTD $18, 000,000 $16,ccc,000------------------------------------- -------= -------------------------------------- - $14, 000,000 -------------------------------------- - $12,o0a,aaa $10,000,000 = _ $8,ccc,aaa = _ $6,00a,aaa - - $4,000,000 $2,000,000 s = $- 1-1 --� 1 11 1=1 k l 1 H 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 ------------------------------------------------------------------ $20,0aa,a0o==================================================================== -------------------------------------------------------------- - $18,000,00a ------------------------------------------ $14,000,000 $12,000,000 $10,0aa,aaa $6,aaa,aaa------------ Budget Cumulative $4,000,000 — Prior Year Cumulative $2,000,000 =- r -.0— Actual cumulative $0 �aJ ,�� Qom$ �� o �0 Oec City of Federal Way - Utility Tax YTD September ;16,000,000 $14,000,000 EE ;12,000,000------------- E Ifl000 00E 2017 2018 2019 2020 2021 2022 2023 0e%/er% I Ie City of Federal Way - Utility Tax Revenue Received $18.0 million $20,000,000 ------------------------------------------------------------ $18,000,000ZZ $16,000,000 $12,000,000 ------------------------------------- ----------------------------------- ---------------------------------- $10,000,000 =------------------------------- $8,000,000 $6,000,000 ............. O Budget Cumulative $4,000,000 =_____ — Prior Year Cumulative $2,000,000 —0— Actual cumulative $0 9e� �0 Q�c 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 Prone City of Federal Way - Property Tax October YTD 2C16 2017 2018 2019 202C 2021 2022 $12, 000,000 $10, O00, 000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 do City of Federal Way - General Fund - Property $11.8 Tax Revenue million Budget Cumulative — Prior Year Cumulative —0-- Actual cumulative ��A O�� :l�IFWl ■ =M Fol pw City of Federal Way - REET Tax October YTD $5,000,000 $4,500,000 ------------------------------- ------------------------------- ------------------------------- $4,000,000 ----------------------- ---------------- $3,500,000------------------------ ------------------------ --------_ $3, 000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 - - $500,000 - - - S- Ah I w City of Federal Way - REET Revenue Received $5.5 million $ 6,000,000 $ 5,000,000 -------------------------------- -------------------------------- -------------------------------- $ 4, 000, 000 ----------------------------- $3,000,000- ---- $2,000,000 $1,000,000 RES Budget Cumulative — Prior Year Cumulative —0-- Actual cumulative ,at. �e� jai Pic �aA 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 October YTD -------------------------------------------------- $2,soo,0o0 -------------------------------------------------- -------------------- -------------------------------------------------- -------------------------------------------------- $2,000,000 -------------------------------------------------- -------------------------------------------------- ------------------------- Si,soo,000 -------------------------------------------------- 5t,000,000 =______________----- _______________------ _________ ---------- $500,000 -- --------------------- --- -------- ----------- 71 __ $- ____________ 1 M 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 __-- Budget Cumulative __________________________________ $3,500,000 $ 3, 0a0, 00a Prior Year Cumulative ____________________________________: Actualcumulativ=______________________________________ $2,500,000 ------------------------------------- $2,000,000 ------------------------------- -----------------------_-_--- --- $1,500,000 --- -_: $1,000,000 $ 500, 000 $a Ah US TREAS, $41,000,000 , 40.1% LGIP, $42,290,496 , 41.3% Ah City of Federal Way Diversification by Issuer - November 14, 2023 FHLB, $8,000,000 , 7.8% FFCB, $4,000,000 , 3.9% FNMA, $ 3,000,000 , 2.9% FHLMC, $ 2,000,000 , 2.0% TVA, $1,000,000 , 1.0% AAPL, $1,000,000 , 1.0% FREQ � —Federal Funds Target Range - upper Umlt 4 C 61 3 v a 2 1 2014 2015 2016 2017 2018 FREQ— MarketYleld on US. TreasurySecurltiesat2-Year Constant Maturity, Quoted on an Investment Basis 6 5 4 C N 3 v a 2 1 ❑ 201L 2015 2016 2017 2018 I 2019 2019 202❑ 2020 2021 2021 2022 2022 2❑23 2023 Maturities: $1M Purchases: $1M Investments US Treasury Oct 2023 1.07% US Treasury Apr2028 4.59% Cash Balance Trend Total Cash $121 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