HomeMy WebLinkAboutReg 2015-09-08 Item 2 - Powerpoint Presentation Shown at Meeting - 2015 Second Quarter Financial Report2015 2nd Quarter
Financial Report
City of Tukwila
September 8, 2015
City is on track to meet budgetary goals.
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September 8, 2015 2015 2nd Quarter Financial Report
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Revenues are exceeding expectations.
• General Fund tax revenue exceeds budget by $1.2M.
• Real estate excise tax of $719K is almost twice the
annual budget of $400K.
• Ongoing General Fund revenues are expected to
sufficiently offset the delay in Tukwila Village land sale
proceeds budgeted for 2015.
• As reported by King County, Tukwila's sales tax
growth of 12.9% is the highest in the County.
September 8, 2015
2015 2nd Quarter Financial Report
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King County
Most large cities have experienced sales
tax growth so far in 2015
Economic context: Local sales taxes
This map shows
nine cities that
have collected
the most sales
tax distributions
so far in 2015.
It also shows the
growth rate
though June,
2015 relative to
2014.
Kirkland
$8.9M
2.5% growth
Seattle
$95.5M
12.6% growth
Redmond
$9.4M
-9.1% growth
Tukwila
$8.8M
12.9% growth
Federal Way
$6.3M
9.3% growth
Bellevue
$29.0M
9.8% growth
Renton
$11.1M
8.4% growth
Kent
$9.1 M
10.4% growth
Auburn
$8.1M
6.5% growth
2015 OFM
Population
Estimates
(in thousands)
(1) Seattle - 662.4
(2) Bellevue -135.0
(3) Kent -122.9
(4) Renton - 98.4
(5) Fed. Way - 90.8
(6) Kirkland - 83.5
(7) Auburn - 65.9
(8) Redmond - 59.2
(19) Tukwila -19.3
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Expenditures are within budget overall.
• Expenditures are at 49.5% of budget.
• All departments are within budget with the
exception of the Police and Fire departments.
• Overage is due mainly to personnel costs
comprised of salaries, overtime and benefits.
September 8, 2015
2015 2nd Quarter Financial Report
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Outlook remains favorable.
• Construction projects within City include
Washington Place, Tukwila Village and the Holiday
Inn.
• King County economic expansion continues.
• Employment grew by 4.1% in the second quarter
relative to one year ago.
• Home prices continue to rise.
• Taxable sales were up 7.4% in April and May;
growth for 2016 is estimated at 4.3 %.
September 8, 2015
2015 2nd Quarter Financial Report
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IF
Economic events and trends will be
monitored for potential impacts on the
City.
• China slowdown and other global issues.
• U.S. anticipated interest rate increase.
September 8, 2015
2015 2nd Quarter Financial Report
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September 8, 2015
Q &A
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2015 2nd Quarter Financial Report
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