Monthly Financial Report / Annual Impact Fee Report

 

Key highlights from the Monthly Financial Report through August 2021 include: General Fund

 · Total revenues are 28.5%, or $17.1 million, above target. 

· Sales tax is 80.2%, or $12.9 million, above target primarily due to the high level of development activity, which has generated $10.5 million in one-time construction sales tax through August 2021. · Utility taxes are 0.3%, or $23,000, below target. 

· License & permit fees are 28.3%, or $2.3 million, above target primarily due to the high level of development activity.

· Intergovernmental revenues are 25.0%, or $2.6 million, above target primarily due to the American Rescue Act. 

 · Total expenditures are 16.3%, or $16.9 million, below target primarily due to position vacancies, the timing of one-time expenditures, and the budget adjustments adopted by ordinance on August 17, 2021 that impact 2022 or beyond (e.g., $5.0 million in ARPA funding won’t be spent until 2022, and most of the Police body-worn camera program funding is reserved for 2023-2025). 

Other Funds

· Recreation Activity Fund: Total revenues are 24.7%, or $209,000, above target primarily due to summer camps, field rentals, and donations.

· Water/Wastewater M&O Fund: Total revenues are 3.6%, or $873,000, more than total expenditures. In particular, commercial water consumption is 10.2% above target, but is still well below the historical average prior to the pandemic. 

· Capital Investment Program: Total expenditures are 23.3% of budget at the 33.3% point of the biennium. 

In total, the City collected $5,955,746 in impact fees in 2020 and spent $1,655,290. Of interest, $714,325 impact fees were spent on debt repayment of the downtown park. 

Overall impact fee collections for 2020 increased from 2019 collections by $1,171,046 or 24 percent (%). The increase is due to an increase in the total number of building permits issued in 2020 for new dwelling units as well as the timing of revenue collection between the years. A total of $1,504,399 was collected in 2020 for school impact fee and disbursed to Lake Washington School District.

-- Committee of the Whole memo, 9/28/2021

Thanks to the Mayor for bringing transparency to the Monthly Finance Report.