Laserfiche WebLink
City of Tukwila My WebLink |HelpSearch Tips |About |Sign Out
Highlights of the General Fund and Contingency (Reserve) Fund <br />The contingency fund ended the year with a fund 1111112 °14 111112°16 111112 °16 <br />balance of $6.1M, which meets the fund balance <br />policy requirement. The fund balance policy states <br />that fund balance in both the general and reserve funds shall equal or exceed 18% of the previous year <br />general fund revenue, exclusive of significant non - operating, non - recurring revenue. Additionally, 10% of <br />one -time revenue from the prior year was transferred in from the general fund, contributing to the 463K <br />increase in ending fund balance. <br />Revenue and Expenditure Highlights <br />Revenues— Taxes 2 014 <br />Property tax revenue was below budget by <br />$0 s10 s20 s30 s40 s60 s60 <br />$264K. The budget included a proposed <br />Millions <br />annexation that was subsequently not approved <br />by the Boundary Review Board, but the budget 110 Revenues 11 " "" Expenditures <br />was not adjusted. The City's levy rate continues <br />to be below the maximum levy rate. As such, the City continues to capture the full 1% increase allowed by <br />law. Additionally, new construction provides tax revenue above the 1% increase at the prior year levy rate. <br />Combined sales and use taxes, which include natural gas and criminal justice tax, brought in $18.9M, <br />exceeding budget by $277K. The retail trade category showed the largest year- over -year increase of <br />$199K and construction showed a year- over -year increase of $126K. The wholesale trade category <br />showed the largest year- over -year decrease of $732K. Due to this large decline in wholesale trade, total <br />sales and use taxes revenue was $426K below 2015 actual revenue. Sales tax is highly sensitive to <br />changes in the local economy and spending patterns. We continue to monitor this revenue source closely. <br />Utility taxes were slightly below budget with total revenue at $4.01VI, and $59K below budget. While 2016 <br />revenue is lower than budget, total revenue is higher than 2015 by $27K. Interfund utility tax revenue was <br />at $2.1 M and exceeded budget by $166K, or 8.4 %. Annual rate increases and maintaining consistent, level <br />consumption has contributed to the increase in interfund utility tax revenue over each of the last few years. <br />14 <br />