HomeMy WebLinkAboutREG 2017-06-05 Item 5B - Powerpoint Presentation Shown at Meeting - 2016 Annual Financial Report2016 Annual
Financial Report
City of Tukwila
June 5, 2017
2016 Financial Highlights
1. Reserve Policy compliance
2. Investment in Public Safety
3. Investment in Technology
4. General fund ongoing revenues exceed
department expenditures
5. Departmental expenditures within budget
•
Reserve Policy Compliance
• The general fund ending fund balance of $11.84 million
exceeds the minimum requirement of $10.23
• million by $1.61 million.
• Reserve Policy: The general fund minimum fund balance must
equal or exceed 18% of the prior year ongoing general fund
revenues.
• The contingency fund ending fund balance of $6.05 million
also met the minimum requirement.
• Reserve Policy: The contingency fund minimum fund balance
must equal or exceed 10% of the prior year ongoing general fund
revenues plus 10% of the prior year one -time general fund
revenue.
June 5, 2017
2016 Annual Financial Report
3
•
Investment in Public Safety
• Voters approved $77.385 million bond measure.
• Justice Center to house Police and Court
• Rebuild 3 fire stations
• Provide fire apparatus and equipment for 20 years
• Bonds issued in December
June 5, 2017 2016 Annual Financial Report
•
Investment in Technology
• Police RMS system
• Recreation software
• Office 365
• Help desk support
June 5, 2017 2016 Annual Financial Report
•
General fund ongoing revenues exceed
department expenditures
Ongoing Revenue Compared to Department Expenditures
2016
2015
2014
$59.0
$53.5
$57,9
$52.0
$55,0
$48,7
50 510 520 530 540 550 560
Millions
• Revenues • Expenditures
•
Departmental expenditures within budget
General Fund
2016 Department Expenditures
Actual
Budget
$0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $50 $55 $60 $65
Millions
June 5, 2017
2016 Annual Financial Report
7
•
Ongoing General Fund Revenues total $59M
• Taxes = $44M or 75%
of total
June 5, 2017
Intergovernmental,
$SM, 8%
Licenses /Permits,
$4M, 7%
Sales tax,
$19M, 3 %
2016 Annual Financial Report
Other ongoing
revenues,
$6M, 1O%
8
Departmental Expenditures of $58.5M
SUPPLIES AND
CAPITAL, $2M,
4%
By Expenditure Type
INTERGOVERNMENTAL,
$3M, 5%
SALARIES,
$29M, 54%
June 5, 2017
COMMUNITY DELI.
$3M, 6%
2016 Annual Financial Report
By Department
POLICE
$16M, 32%
RECREATION &
PARKS
$4M, 8%
FIRE
$12M, 22%
PUBLIC WORK
$7M, 12%
MAYOR, **
$4M, 7%
9
•
Total Departmental Budget Savings
of $1.9M or 3.1
> Departments experiencing very positive results
include:
Police 95% $934K
Finance 91% $210K
Community Development 96% $137K
Mayor 97% $121K
City Attorney 87% $78K
Street Maintenance 92% $265K
June 5, 2017 2016 Annual Financial Report
10
•
$20
o $18
3 $16
$14
$12
$10
$8
$6
$4
$2
$0
June 5, 2017
Department Expenditures
Police Fire
2014 • 2015 • 2016
$7
$6
$5
$4
$5
$2
$1
50
Departmental
Expenditures
2014 — 2016 Actuals
Department Expenditures
1 11
PW Recreation DCD Mayor Support
2014 M 201 ■2016
2016 Annual Financial Report
11
•
Ongoing Revenues less Ongoing Expenditures =
Amount Available
for capital projects, reserves, other
2013 $ 52.1 $ 47.3 $2.9 $ 50.2 $ 1.9
2014 $54.2 $48.7 $3.2 $51.9 $3.1
2015 $56.8 $52.0 $2.8 $54.8 $2.0
2016 $58.2 $53.8 $2.9 $56.7 $1.5
June 5, 2017
2016 Annual Financial Report
•
Highlights of Other Governmental Funds
• REET $985K in December, total $2.7M split between Arterial Street
and Land Acquisition, Rec, Park Development Funds.
• Cascade View Safe Routes to School Phase II began in 2016.
• 42nd Ave S and 53rd Ave S sidewalk projects in design, construction
delayed until 2017.
• TUC Pedestrian Bridge groundbreaking held August 2016, and
BAR Bridge Rehabilitation construction delayed until 2017.
• Substantial progress on Duwamish Gardens project.
• 4 motels demolished on TIB.
June 5, 2017 2016 Annual Financial Report
13
$8.0
7.0
6.0
5.0
4.0
$3.0
$2.0
1.0
0.0
Enterprise Funds
Fund Balances
2014 - 2016
in Millions
Surface Water
❑ 2016 Actual s
June 5, 2017
2016 Annual Financial Report
14
•
$5.0
$4.0
$3.0
$2.0
1.0
$0.0
Internal Service Funds
Fund Balances
2014 -2016
in Millions
J
Equipment
Rentaf,Replacement
Insurance Employees
Insurance LEOFF 1
Retirees
• 2014 Actuals
$4.7
$2.5
$0.2
❑ 2015 Actuals
$4.5
$2.0
$0.8
❑ 2015 Actuals
$4.4
$1.5
$0.9
June 5, 2017 2016 Annual Financial Report
15
•
Looking Forward
> Economic forecast is strong through 2017.
• King County Office of Economic Development indicates
county -wide assessed value growth rate of 10% in 2017,
8% in 2018.
• Sales tax growth rate projected to be 5% in both 2017 and
2018.
• Seattle inflation rates (CPI -U) estimated to hit 3% in 2017;
highest rate since 2008.
> Focus on financial fundamentals
• Adherence to strong and sound financial reserve policy.
• Prudent use of City resources aligned with City's strategic
goals.
• Continued enhancements to financial reporting.
• Enhanced budget process.
June 5, 2017 2016 Annual Financial Report
16
•
Q &A
The city of opportunity,
the community of choice.
May 8, 2017 2016 Annual Financial Report
17