HomeMy WebLinkAboutReg 2014-06-02 Item 2C - Powerpoint Presentation Shown at Meeting - 2013 Financial Report Update2013 Annual
Financial Report
June 2, 2014
City of Tukwila
June 2, 2014
City of Tukwila Regular Council Meeting
1
2013 Annual Financial Report
2013 General Fund & Contingency Fund
Exceed Reserve Target
➢ G F Increase of
$3.6M
➢ Contingency fund
increase of $4.3M
➢ Exceeds reserve
requirement of
$5.2M
(in $ Millions)
Year
General
Fund
Balance
Contin-
gency
Fund
Balance
Reserve
Target
2009 $ 7.4 $ 0.9 , $ -
2010I 5.7I 0.9I 4.8
2011 ; 5.9 1.5 5.0
2012 6.0! 1.5 5.1
2013 9.6 5.8 I 5.2
June 2, 2014
c
0
$10
$9
$8
$7
$6
$5
$4
$3
$2
$1
$o
$9.6
$8
- - - - - -- -x$5.2
2009 2010 2011 2012 2013
General Fund Balance
Contingency Fund Balance —X— Reserve Target
City of Tukwila Regular Council Meeting 2
2013 Annual Financial Report
General Fund Ongoing Revenues
> Ongoing revenues
• $52M total
• 102% of budget
• $1.1M YOY increase
> Taxes comprise 75% of ongoing
revenues
> Intergovernmental includes:
• SST mitigation, $1.1M
• Seattle City Light fee, $2M
> Licenses /Permits includes:
• RGRL $1.7M
> Other includes:
• Charges for services $1.6M
• Fines /Penalties $242K
Other
$2.6
5%
Licenses/ permits
$3.7
7%
Intergovernmental
$4.8
9%
Indirect cost
allocation
$2.0 4%
Taxes
$38.9M
75%
June 2, 2014 City of Tukwila Regular Council Meeting
3
2013 Annual Financial Report
General Fund Taxes
> Sales and property
tax comprise:
• $30Mor77 %of all
taxes
• 58% of all ongoing
revenues
June 2, 2014
Sales & use
$16.5M
Property 42%
$13.8M
35%
Gambling
$2.3M
6%
Customer
utility
Other Interfund utility $3.9M
$0.8M $1.7M 10%
2% 4%
City of Tukwila Regular Council Meeting 4
2013 Annual Financial Report
Sales Tax by Sector
Sales & Use Tax by Sector
Sector
Annual Totals
(in Thous)
Change from
2012
2012
2013
$
Retail Trade
$ 7,848
$ 8,059
$211
3%
Services
3,937
4,211
274
7%
Construction
961
1,163
201
21%
Wholesale Trade
1,080
1,111
31
3%
Automotive
690
691
1
0%
Manufacturing
422
412
(9)
-2%
Transporation /Whsg
47
50
3
6%
Miscellaneous
57
191
134
236%
Total
$ 15,042
$ 15,888
$846
6%
June 2, 2014
Sales Tax by Sector
December 31, 2013
All Other
Sectors
$2.5
15%
Construction
1.2, 7%
Services
$4
27%
Retail
Trade
$8
51%
in $ Millions
City of Tukwila Regular Council Meeting 5
2013 Annual Financial Report
General Fund - Departmental Expenditures By Type
> Dept Expenditures
• $47M total
• 98% of budget
• $2.6M increase YOY
> Salary & Benefits
• $34.4M,
• 72% of departmental
expenditures
June 2, 2014
Intergovern-
mental
$2
4%
Professiona
services
$9
19%
Supplies and_\
capital
$2
3% Benefits
$8
18%
Salaries
$27
56%
City of Tukwila Regular Council Meeting 6
U
2013 Annual Financial Report
General Fund
Departmental Expenditures by Function
➢ Police & Fire
• $25.4M
• 54% of total
➢ 1St Responders
• Police, Fire,
Public Works
• $31M
• 66% of total
June 2, 2014
COURT
$1.1, 2%
COMMUNITY DEV,
$3.2, 7%
POLICE
$14.7
31%
FIRE
$10.7
23%
PUBLIC WORK
$6.2, 13%
RECREATION &�
PARKS,
$3.6, 8% ATTORNEY
$0.7, 1%
FINANCE, $2.3, 5%
1
MAYOR, $2.7, 6%
IT
\$1.2, 3%
COUNCIL, $0.3, 0%
HR, $0.6, 1%
City of Tukwila Regular Council Meeting 7
2013 Annual Financial Report
June 2, 2014
Departmental Budget Variances
> Overall, departmental expenditures came
in under budget.
> Departments experiencing very positive
results include:
• Mayor's Department at 93%
• Information Technology at 95%
> Departments exceeding budget included:
• Court at 103%
• Fire at 102%
City of Tukwila Regular Council Meeting 8
2013 Annual Financial Report
Highlights of Other Governmental Funds
➢ $2.6M early payoff of Golf Course
bonds
Close -out of Southcenter Parkway
and Klickitat projects
> Combined governmental ending fund
balances of $23M
June 2, 2014 City of Tukwila Regular Council Meeting 9
2013 Annual Financial Report
$7.0
$6.0
$5.0
$4.0
$3.0
$2.0
$1.0
$0.0
• 2012 Actuals
E 2013 Budget
C� 2013 Actuals
Enterprise Funds
Fund Balances
Year over Year and Budget to Actual
in Millions
$6.5
Water
$6.1
$4.8
$6.5
June 2, 2014
$3.6
Sewer
$2.2
$1.6
$3.6
$.6
Golf Course
$0.4
$0.3
$0.6
$2.2
Surface Water
$2.3
$1.1
$2.2
City of Tukwila Regular Council Meeting 10
2013 Annual Financial Report
$6.0
$5.0
$4.0
$3.0
$2.0
$1.0
$0.0
Internal Service Funds
Fund Balances -
Year Over Year and Budget to Actual
in Millions
L
• 2012 Actuals
❑ 2013 Budget
E.
$4.2
Equipment
Rental,Replacement
$4.1
$4.1
$4.5
Insurance Employees
$4.8
$4.1
$.9
Insurance LEOFF 1
Retirees
$1.7
$1.1
❑ 2013 Actuals
$4.2
$4.5
$0.9
June 2, 2014
City of Tukwila Regular Council Meeting 11
2013 Annual Financial Report
Self Insured Healthcare Plan for Active Employees
➢ $4.5M
Balance
exceeds
reserve
requirement
by $2.8M
➢ Council
Adopted
Reserve = 2.5
x IBNR
(Incurred But
Not Reported
claims)
$6
$5
$4
$3
$2
$1
$0
In $ Millions
Fund balance
Reserve balance
$4.5
$1.7
2009 2010 2011 2012 2013
■ ■Fund Balance $3,381,691 $4,553,247 $4,983,480 $4,794,386 $4,460,344
- Reserve Balance $1,167,751 $1,155,647 $1,507,100 $1,638,250 $1,669,250
June 2, 2014
City of Tukwila Regular Council Meeting
12
2013 Annual Financial Report
June 2, 2014
Looking Forward
> 2014 budgetary considerations:
• Fire department overtime
• Retiree insurance funding level
> Economic forecast is strong through 2016.
• Potential pressure on state shared
revenues including streamlined sales
tax mitigation.
> 2015 -16 Budget based on Council
priorities.
City of Tukwila Regular Council Meeting 13
2013 Annual Financial Report
June 2, 2014
Q &A
The City of opportunity,
the community of choice.
City of Tukwila Regular Council Meeting 14