05-19-2020 FinanceCity of Federal Way
Financial Update
May 19, 2020
Presented by:
Ade Ariwoola, Finance Director
Update On Our Facilities
▪Dumas Bay Centre.
▪Federal Way Community Center.
▪Performing Arts & Event Center.
▪Impact of the three on the City.
▪Sales tax.
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Impact on Dumas Bay Centre
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Jan.Feb.Mar.Apr.May(est)Jun(est)
2019 45,560 55,343 78,771 69,603 72,984 79,069
2020 64,882 71,972 77,028 75,100 38,342 40,118
Diff.19,322 16,629 1,743 5,497 34,642 38,951
Dumas Bay Expenditures
Jan.Feb.Mar.Apr.May(est)Jun.(est)
2019 63,506 41,133 124,586 53,645 104,628 93,397
2020 52,545 44,520 31,147 1,859 0 0
Diff.10,961 3,387 93,439 51,786 104,628 93,397
Dumas Bay Revenue Growth
3 FTE now
Impact on Community Center
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Jan.Feb.Mar.Apr.May(est)Jun.(est)
2019 143,912 169,033 268,994 212,586 200,241 201,964
2020 148,665 190,081 206,332 109,925 61,521 71,396
Diff.4,753 21,048 62,662 102,661 138,720 130,568
Community Center Expenditures
Jan.Feb.Mar.Apr.May(est)Jun.(est)
2019 183,256 133,001 135,892 101,774 113,908 194,941
2020 146,547 158,567 60,585 11,003 0 0
Diff.36,709 25,566 75,307 90,771 113,908 194,941
Community Center Revenue Growth
4 FTEs now
Impact on PAEC
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Jan.Feb.Mar.Apr.(est)May(est)Jun(est)
2019 19,567 19,797 97,319 103,974 19,996 103,970
2020 20,405 20,693 106,376 352,646 56,998 56,998
Diff.838 896 9,057 248,672 37,002 46,972
PAEC Expenditures
Jan.Feb.Mar.Apr.(est)May(est)Jun.(est)
2019 0 0 111,401 72,727 407 11,952
2020 0 0 85,775 167,537 0 0
Diff.0 0 25,626 94,810 407 11,952
PAEC Revenues
•3 FTE plus 1 City staff coordinating and Internal costs($21k) now.
•We are working with PAEC to have timely reporting
•April activities are for January and February of SPECTRA and monthly
cost for internal service and City staff
Impact of FWCC, DBC, and PAEC
on General Fund
Fund cannot go negative, it will have to use its fund balance,
borrow from another Fund or get money from the G.F.
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DBC FWCC PAEC Total
A. Budget 23,000 312,000 800,000 1,135,000
YTD 23,000 312,000 471,471 806,471
Balance 0 0 328,529 328,529
Current GF Support For Operation
•The support amount does not include debt payments on the construction.
•Both FWCC and PAEC have debt payments and debt payments are not included.
•Projected loss is in addition to already paid support.
Impact through the end of June
•Additional support for both DBC and FWCC through June.
•May through June are estimates.
•Working to control other costs.Total support $360,351 to $504,147
•Balance of Support to PAEC $328,529 (504, 147 –328,529 = $175,618)
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Dumas Bay FWCC PAEC Total
Beg. FB 4/30/2020 $1,465,144 $1,241,965 $114,117 $2,821,226
Expenditures (est.):
May 38,342 61,521 56,998 156,861
June 40,118 71,396 56,998 168,512
July
$1,386,684 $1,109,048 $121 $2,495,853
Required FB $1,500,000 $1,500,000 $0 $3,000,000
Extra Support $113,316 $390,952 $121 $504,147
Sales Tax Activities So Far
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Jan.Feb.Mar.Apr May Jun(est)
2019 0 1,501,715 1,104,726 997,513 1,346,880 1,229,132
2020 0 1,632,752 1,182,535 1,066,267 950,000 550,000
Diff.0 131,037 77,809 68,754 396,880 679,132
Sales Tax
Month of May’s
revenue is sale’s
activities of the
month of March
March activities -
last week of May
Potential loss
$798,412
Potential Net Loss
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Proprietary properties 175,618
Sales tax 798,412
Total $974,030
Projected loss through the end of June
-SCORE Savings -$2.1 million
-SCORE ADP Savings -0.38 million
-Utility tax (pending) -$1.0 million
-Contingency Reserves -$1.0 million
More information on the following next month:
•Sales tax,
•Utility tax,
•Motel/hotel tax, and
•Proprietary funds.
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Questions?
Thank You