06-16-2020 BudgetCity of Federal Way
Financial Update
June 16, 2020
Presented by:
Ade Ariwoola, Finance Director
Update On Proprietary Funds
1.Dumas Bay Centre.
2.FWCC.
3.PAEC.
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Update On Proprietary Funds
1.The estimates and projections are based on
two weeks of lockdown in March.
2.June through December’s numbers are
projections.
3.The numbers will be revised as more
information becomes available.
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Jan-May June July August September October November December YTD
110,546 110,546
Revenues:276,354 3,000 0 19,922 70,698 52,885 14,874 49,144 486,877
Total Revenues 276,354 3,000 0 19,922 70,698 52,885 14,874 49,144 486,877
Spectra's Expenses:
Salaries & Wages 21,634.33 29,488.37 31,163.57 44,430.00 46,500.00 44,430.00 55,000.00 272,646
Supplies and Serv.515,718 28,840.00 26,440.00 38,074.00 25,590.00 28,040.00 36,090.00 27,090.00 725,882
City of FW Expenses
Salaries & Interfund 188,902 20,608.58 20,608.58 20,608.58 20,608.58 20,608.58 20,608.58 20,608.58 333,162
Total Expenditures 704,620 71,082.91 76,536.95 89,846.15 90,628.58 95,148.58 101,128.58 102,698.58 1,331,690
Net Support from GF 538,813 538,813$
Ending Fund balance 416,546
Balance of Appropriated Support ($800,00-538,813 = 261,187) 261,187
Additional support required $155,359
PAEC
•Current General Fund Support Budget $800k
•General Fund has transferred $539k already
•The fund needs about $955k instead of $800k
•Additional $417k above the current $539k ($155k above current budget)
PAEC
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Jan-May June July August September October November December YTD
Beg. Fund Bal.1,601,055 1,601,055
Revenues:132,042 0 12,948 13,209 40,487 53,497 65,425 42,054 359,661
Total Revenues 132,042 0 12,948 13,209 40,487 53,497 65,425 42,054 359,661
Expenditures:0
Salaries & Wages 185,788 29,000 35,500 35,500 37,000 38,000 39,000 37,000 436,788
Supplies and Serv.158,849 10,618 17,118 17,334 26,974 27,754 28,042 20,610 307,299
Total Expenditures 344,637 39,618 52,618 52,834 63,974 65,754 67,042 57,610 744,087
Net Support from GF/Utility tax 23,000 23,000
Ending Fund balance 1,239,629
Required Fund balance 1,500,000
Additional Support required $260,371
Dumas Bay Center
•Current General Fund Support $23k
•The fund needs total support of $283k
•Additional support of $260k
DUMAS BAY CENTRE
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Jan-May June July August September October November December YTD
Beg. Fund Bal.1,208,267 1,208,267
Total Revenues 375,260 0 89,200 115,200 149,200 158,400 150,900 136,200 1,174,360
Expenditures:
Total Salaries & Wages 490,815 43,333 98,586 114,544 129,091 131,091 127,091 125,591 1,260,141
Total Supplies and Services 225,116 17,136 43,334 36,212 40,897 48,581 32,827 62,371 506,473
Total Expenditures 715,931 60,469 141,920 150,755 169,988 179,672 159,918 187,962 1,766,614
Net Support from GF/Utility tax 312,000 312,000
Ending Fund balane 928,013
Required Fund balance 1,500,000
Additional support required $571,987
Federal Way Community Center
•Current General Fund support $312k
•The fund needs a total support of $884k.
•Additional support of $572k over current support.
FEDERAL WAY COMMUNITY CENTER.
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Projected Revenue Loss Projection YTD Funded Budget
Sales Tax 1,784,263
Property tax 0
Utility Tax 548,690
Prop 1 157,789
Red Lights 1,063,830
Building Permits 1,059,297
Total Revenue Shorfall 4,613,869
Projected Additional Support
PAEC 155,359 538,813 800,000
DBC 260,371 23,000 23,000
FWCC 571,987 312,000 312,000
Total Additional Support 987,717 873,813 1,135,000
Total Additional Revenue 5,601,586
Projected Revenue Shorfall
•Projected revenue shortfall -$4.6 million
•Projected additional support to Proprietary funds -$0.99 million.
•SCORE savings -$2.1 million
•Gen. Fund Carry forward FB -$1.19 million.
PROJECTED IMPACT
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Questions?
Thank You