07-21-2020 Financial UpdateCity of Federal Way
June Financial Update
Presented by:
Ade Ariwoola, Finance Director
July 21,2020
Update On Proprietary Funds
1.Dumas Bay Centre. 2.FWCC.3.PAEC.
•This is as of the end of June 30, 2020•The revenue shortfalls in this presentation are
addressed in the pending budget amendment with
SCORE savings, new Utility tax from water &
Sewer, and fund balances.
•They are still showing as revenue shortfalls because
the Budget Ordinance is pending final approval from
the Council and this is only through the end of June.
2
Update On Proprietary Funds
1.The estimates and projections are based on
two weeks of lockdown in March.
2.July through December’s numbers are
projections.
3.The numbers will be revised as more
information becomes available.
3
4
June Jan-June July August September October November December YTD
Beg. Fund Bal.110,546 110,546
Revenues:
PAEC Revenue 15,019 217,000 0 19,922 70,698 52,885 14,874 49,144 424,523
QualicB Revenue 74,374 148,747 0 0 0 0 0 0 148,747
Total Revenues 89,393 365,747 - 19,922 70,698 52,885 14,874 49,144 573,270
Spectra's Expenses:
Salaries & Wages 0 0 29,488 31,164 44,430 46,500 44,430 55,000 251,012
Supplies and Serv.77,235 592,953 26,440 38,074 25,590 28,040 36,090 27,090 774,277
City of FW Expenses:
Salaries & Wages 10,416 60,097 10,416 10,416 10,416 10,416 10,416 10,416 122,593
Interfund Charges/Other 11,039 64,212 10,193 10,193 10,193 10,193 10,193 10,193 125,370
QualicB Rent 86,048 172,096 0 0 0 0 0 0 172,096
Total Expenditures 184,738 889,358 76,537 89,847 90,629 95,149 101,129 102,699 1,445,348
Net Support from GF 634,157 634,157$
Ending Fund balance 348,467
Balance of Appropriated Support ($800,00-634,157 = 165,843) 165,843
Additional support required $182,624
PAEC
•Current General Fund Support Budget is $800k
•General Fund has transferred $634k already
•The fund needs about $983k instead of $800k
•May need additional $348k above the current $634k ($183k above
current budget)
PAEC
5
June Jan-June July August September October November December YTD
Beg. Fund Bal.1,601,055 1,601,055
Revenues:3,696 128,346 12,948 13,209 40,487 53,497 65,425 42,054 355,965
Total Revenues 3,696 1,729,401 12,948 13,209 40,487 53,497 65,425 42,054 1,957,020
Expenditures:
Salaries & Wages 25,550 211,338 35,500 35,500 37,000 38,000 39,000 37,000 433,338
Supplies and Serv.15,339 174,188 17,118 17,334 26,974 27,754 28,042 20,610 312,020
Total Expenditures 40,889 385,526 52,618 52,834 63,974 65,754 67,042 57,610 745,358
Net Support from GF/Utility tax 23,000 23,000
Ending Fund balance 1,234,662
Required Fund balance 1,500,000
Additional Support required $265,338
Dumas Bay Center
•Current General Fund Support $23k
•The fund needs total support of $288k
•Additional support of $265k
DUMAS BAY CENTRE
6
June Jan-June July August September October November December YTD
Beg. Fund Bal.1,208,267 1,208,267
Revenues:1,521 376,781 89,200 115,200 149,200 158,400 150,900 136,200 1,175,881
Total Revenues 1,521 1,585,048 89,200 115,200 149,200 158,400 150,900 136,200 2,384,148
Expenditures:
Total Salaries & Wages 18,558 512,375 98,586 114,544 129,091 131,091 127,091 125,591 1,238,369
Total Supplies and Services 21,857 243,971 43,334 36,212 40,897 48,581 32,827 62,371 508,192
Total Expenditures 40,415 756,346 141,920 150,755 169,988 179,672 159,918 187,962 1,746,560
Net Support from GF/Utility tax 312,000 312,000
Ending Fund balane 949,588
Required Fund balance 1,500,000
Additional support required $550,412
Federal Way Community Center
•Current General Fund support $312k
•The fund needs a total support of $862k.
•Additional support of $550k over current support.
FEDERAL WAY COMMUNITY CENTER.
7
Projected Revenue Loss Projection YTD Funded Budget
Sales Tax 1,492,374
Property tax 0
Utility Tax 548,690
Prop 1 157,789
Red Lights 929,558
Building Permits 1,059,297
Total Revenue Shorfall 4,187,708
Projected Additional Support
PAEC 182,624 634,157 800,000
DBC 265,338 23,000 23,000
FWCC 550,412 312,000 312,000
Total Additional Support 998,374 969,157 1,135,000
Total Revenue & Support 5,186,082
Projected Revenue Shorfall
•Projected revenue shortfall -$4.2 million
•Projected additional support to Proprietary funds -$1.0 million.
•SCORE savings -$2.1 million
•Gen. Fund Carry forward FB -$1.19 million.
PROJECTED IMPACT
8
•We have revenue shortfalls
•Mayor has addressed it in the pending
Budget Ordinance
•When the Budget Ordinance is approved the
projection and the support will change.
•The budget Ordinance includes the funding
for these shortfalls, new Utility tax on Water
and Sewer, the use of SCORE savings, and
the use of Fund balance.
CONCLUSION
9
Questions?
Thank You