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2024-06-18 Council FIN Packet1 2 OF BbMG ti Agenda Edmonds City Council 1,00 FINANCE COMMITTEE CITY COUNCIL CONFERENCE ROOM 121 - 5TH AVENUE N, EDMONDS, WA 98020 J U N E 18, 2024, 5:30 PM COUNCIL COMMITTEE MEETINGS ARE WORK SESSIONS FOR THE COUNCIL AND CITY STAFF. COMMITTEE MEETING AGENDAS DO NOT INCLUDE AUDIENCE COMMENTS OR PUBLIC HEARINGS. STAFF AND COUNCILMEMBERS ATTEND COMMITTEE MEETINGS VIRTUALLY, AND MEMBERS OF THE PUBLIC ARE ENCOURAGED TO ATTEND THE SAME WAY. PERSONS WISHING TO ATTEND THIS MEETING VIRTUALLY IN LIEU OF IN -PERSON ATTENDANCE CAN CLICK ON OR PASTE THE FOLLOWING ZOOM MEETING LINK INTO A WEB BROWSER USING A COMPUTER OR SMART PHONE: HTTPS://ZOOM. US/J/95798484261 OR JOIN BY DIAL -UP PHONE: US: +1 253 215 8782 WEBINAR ID: 957 9848 4261 IF MEMBERS OF THE PUBLIC CANNOT ACCESS THE VIRTUAL COMMITTEE MEETINGS WITH THEIR PERSONAL DEVICES, A MONITOR IS PROVIDED AT THE CITY COUNCIL CONFERENCE ROOM AT 121 5TH AVE N, EDMONDS WA. COMMITTEE MEMBERS: WILL CHEN (CHAIR), JENNA NAND, COUNCIL PRESIDENT (EX-OFFICIO MEMBER) CALL TO ORDER COMMITTEE BUSINESS 1. ERP update (10 min) 2. May 2042 Monthly Financial Report (10 min) 3. Resolution Budget Calendar (15 min) 4. Community Survey Info Brief (15 min) ADJOURNMENT: 7:30 PM Edmonds City Council Agenda June 18, 2024 Page 1 2.1 City Council Agenda Item Meeting Date: 06/18/2024 ERP update Staff Lead: Brian Tuley Department: Information Services Preparer: Brian Tuley Background/History CM Chen is requesting an update to the ERP process - a timeline, budget, if/when council approval will be needed. Staff Recommendation review current status with finance committee. Request next steps. Narrative We have the finalized price proposal from our vendor. The vendor's backlog of implementation puts project kick off in January of 2025. Next steps are committee / council review of contract. Packet Pg. 2 2.2 City Council Agenda Item Meeting Date: 06/18/2024 May 2042 Monthly Financial Report Staff Lead: Kim Dunscombe Department: Administrative Services Preparer: Sarah Mager Background/History N/A Staff Recommendation Review and move to full council to be received for filing. Narrative May 2024 Monthly Financial Report Attachments: May 2024 Monthly Financial Report Packet Pg. 3 I 2.2.a I U~ O-V EDP � d 1)7 c 1 g0v CITY OF EDMONDS MONTHLY BUDGETARY FINANCIAL REPORT MAY 2024 Packet Pg. 4 1 I 2.2.a I MONTHLY HIGHLIGHTS GENERAL FUND HIGHLIGHTS • Real Personal/Property Tax and EMS Levy is up $304,435 from this point last year. Despite this current good news, our forecast for property tax will likely finish under budget by $(130,000). • Sales tax is up $152,719 from this point last year, yet it falls short of the cumulative budget by $(61,012). Our forecast indicates this revenue source to be close to or slightly under budget. • Utility taxes are categorized under "Other Taxes" in the chart below, exhibit divergent trends, with some surpassing the cumulative budget while others lag behind. Notably, gas tax from Puget Sound Energy is down by $(121,683) falling short of their perspective cumulative budget. • Development services revenues overall are up a total of $337,330 from this point last year. The increase is notably due to the city receiving permit revenue for development of the Edmonds Green Apartments. • Interest charged to the General Fund for negative cash balance in 2024 equals $33,452 to date. • There is a noticeable uptick in salaries and benefits for May. This increase is attributed to retroactive payments and salary adjustments resulting from a new collective bargaining agreement for the same bargaining unit. General Fund Tax Revenue (2024 YTD) 14,000, 000 12,000,000 10,000,000 8,000,000 X 6,000,000 a 4,000,000 — 2,000,000 ■ Sales Tax Property Tax EMS Tax Other Taxes Actual 4,760,027 6,047,399 2,312,579 3,827,524 0 Budget 12,300,000 11,327,000 4,578,000 9,229,949 STREET FUND HIGHLIGHTS • Interest charged to the Street Fund for negative cash balance in 2024 equals $10,583 to date. REET FUND HIGHLIGHTS • REET revenues are 16.75% or $176,414 higher than last year. Projections indicate REET revenues are on track to meet the budget target of $3.0 million. CAPITAL FUND 332 HIGHLIGHTS • The negative fund balance in Fund 332 — Capital Construction is a result of the Mee property purchase and the timing of grant receipt. A reimbursement of $697,000 is expected by early July. 0 a m �a c ca c ii 21 s w 0 2 v N O N R 2 0 CL a� c �a c ii 21 t c 0 2 N O N �a c m E s c� Q 1 Packet Pg. 5 2.2.a City of Edmonds All Funds Financial Summary As of May 31, 2024 Beginning Fund Revenues / Expenditures / Revenues less Ending Fund Fund Balance Sources Uses Expenditures Balance Cash Balance Governmental 001 General Fund 2,492,460 23,185,051 20,179,522 3,005,529 5,497,989 2,570,510 009 LEOFF Medical Insurance Reserve 139,774 - 145,296 (145,296) (5,522) 3,457 012 Contingency Reserve 2,228,672 - - - 2,228,672 2,228,672 014 Historic Sub -Fund 8,944 - 4,385 (4,385) 4,559 4,559 016 Building Maintenance 3,756,168 46,889 659,169 (612,280) 3,143,887 3,197,959 017 Marsh Restoration 853,595 300 - 300 853,895 853,895 018 Homeless Response 200,000 - - 200,000 200,000 019 Opioid Response 74,119 143,391 143,391 217,510 217,510 _ Total General Funds 9,753,732 23,375,630 20,988,372 2,387,258 12,140,990 9,276,561 0 O Special Revenue Funds y 104 Drug Enforcement 40,843 1,281 - 1,281 42,123 41,598 IX 111 Street 4,701 634,866 1,082,772 (447,906) (443,206) (566,345) 5 112 Street Construction 2,734,808 2,083,984 1,403,733 680,250 3,415,059 1,996,159 ca 117 Municipal Arts 657,265 32,725 8,945 23,780 681,046 672,561 = 120 Hotel / Motel 151,247 45,873 37,431 8,442 159,689 141,825 LL 121 Employee Parking 83,814 13,805 - 13,805 97,619 96,542 w 122 Youth Scholarship 17,868 559 150 409 18,277 18,047 cc O 123 Tourism Promotion 138,157 18,102 7,330 10,772 148,929 141,962 125 REET2 1,992,459 682,389 317,216 365,173 2,357,632 2,381,531 N 126 R E ET 1 3,957,800 743,113 259,154 483,959 4,441,759 4,388,699 N 127 Gifts Catalog 3,140,448 260,031 163,898 96,133 3,236,581 3,196,005 130 Cemetery Maintenance 196,245 62,427 98,815 (36,388) 159,857 157,185 137 Cemetery Trust 1,212,121 44,387 - 44,387 1,256,508 1,240,928 138 Sister City 18,681 3,000 80 2,920 21,601 21,357 Q 140 Business Improvement 37,682 49,340 26,688 22,653 60,335 60,335 0 141 Affordable Housing 309,127 19,441 - 19,441 328,567 320,171 142 Edmonds Rescue 36,932 4,799,848 4,797,765 2,083 39,016 2,104,916 143 Tree Fund 222,354 11,018 200,102 (189,084) 33,270 30,091 Capital Projects 139,615 60,028 701,377 (641,349) (501,734) (512,180) jy Debt Service - 27,708 - 27,708 27,708 27,358 >+ Enterprise Funds C 411 Combined Utility Operation - 64,965 - 64,965 64,965 124,411 O 421 Water UtiIity 9,601,886 4,724,677 2,976,799 1,747,877 11,349,764 11,336,584 422 Storm Water Utility 6,983,494 3,307,189 1,914,703 1,392,486 8,375,979 7,936,049 c 423 Sewer/ Wastewater Treatment Plar 14,903,525 8,159,590 6,133,745 2,025,845 16,929,370 16,620,927 N 424 Bond Reserve Fund 843,961 11,824 - 11,824 855,784 855,784 Internal Service Funds 511 Equipment Rental 10,923,491 1,157,763 1,134,880 22,883 10,946,374 5,213,594 d 512 Technology Rental 847,906 907,835 845,248 62,587 910,493 490,184 t All Funds 68,950,161 51,303,397 43,099,204 8,204,193 77,154,354 67,812,840 v ca Q 2 Packet Pg. 6 I 2.2.a I GENERAL FUND SUMMARY City of Edmonds, WA Monthly Revenue Summary -General Fund 2024 General Fund Cumulative Monthly Budget Forecast Budget Forecast Monthly Actuals YTD Actuals Variance % January $ 2,698,070 $ 2,698,070 $ 2,532,339 $ 2,532,339 -6.14% February 5,386,652 2,688,582 3,801,618 6,333,957 17.59% March 8,194,953 2,808,300 4,006,316 10,340,274 26.18% April 12,809,847 4,614,894 8,886,692 19,226,965 50.10% May 21,776,323 8,966,476 3,958,085 23,185,051 6.47% June 24,453,075 2,676,752 July 27,423,536 2,970,461 August 30,755,807 3,332,272 September 33,530,489 2,774,682 October 39,070,656 5,540,167 November 47,885,067 8,814,411 December 51,056,792 3,171,725 City of Edmonds, WA Monthly Expenditure Summary -General Fund 2024 General Fund Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 4,809,938 $ 4,809,938 $ 4,652,570 $ 4,652,570 -3.27% February 8,929,454 4,119,516 3,706,872 8,359,442 -6.38% March 12,949,647 4,020,193 3,718,847 12,078,289 -6.73% April 16,605,531 3,655,883 3,782,082 15,860,371 -4.49% May 20,680,817 4,075,286 4,319,151 20,179,522 -2.42% June 25,263,927 4,583,110 July 29,265,836 4,001,909 August 33,410,940 4,145,104 September 37,568,223 4,157,283 October 41,684,206 4,115,983 November 46,834,850 5,150,644 December 51,892,793 5,057,943 *The monthly budget forecast columns are based on a five-year average. 3 Packet Pg. 7 MAJOR GENERAL FUND REVENUE SUMMARY I 2.2.a I City of Edmonds, WA Monthly Revenue Summary -Real Personal/Property Tax 2024 Real Personal/Property Tax Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 28,172 $ 28,172 $ 15,003 $ 15,003 -46.75% February 156,833 128,661 265,415 280,418 78.80% March 877,571 720,738 546,457 826,875 -5.78% April 5,200,702 4,323,131 4,451,219 5,278,095 1.49% May 6,113,323 912,621 769,305 6,047,399 -1.08% June 6,167,757 54,434 July 6,192,819 25,062 August 6,247,276 54,457 September 6,423,953 176,676 October 10,550,884 4,126,931 November 11,287,789 736,905 December 11,327,000 39,211 Sales and Use Tax Real Personal/Property Tax 12,000,000 11,000,000 10,000,000 9,000,000 8,000,000 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Current Year -Budget Prior Year City of Edmonds, WA Monthly Revenue Summary -Sales Tax 2024 Cumulative Monthly Budget Forecast Budget Forecast Monthly Actuals YTD Actuals Variance % January $ 956,967 $ 956,967 $ 975,066 $ 975,066 1.89% February 2,084,047 1,127,080 1,059,532 2,034,598 -2.37% March 2,987,849 903,802 870,730 2,905,328 -2.76% April 3,814,928 827,079 870,807 3,776,135 -1.02% May 4,821,039 1,006,111 983,892 4,760,027 -1.27% June 5,796,759 975,721 July 6,836,449 1,039,690 August 7,953,072 1,116,623 September 8,995,564 1,042,491 October 10,116,626 1,121,062 November 11,238,239 1,121,613 December 12,300,000 1,061,761 *The monthly budget forecast columns are based on a five-year average. 4 Packet Pg. 8 MAJOR GENERAL FUND REVENUE SUMMARY I 2.2.a I City of Edmonds, WA Monthly Revenue Summary -Water Utility Tax 2024 Water Utility Tax Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 90,844 $ 90,844 $ 92,691 92,691 2.03% February 154,355 63,511 62,177 154,868 0.33% March 244,152 89,797 90,963 245,831 0.69% April 304,356 60,204 62,146 307,977 1.19% May 393,634 89,278 90,718 398,695 1.29% June 463,947 70,313 July 573,149 109,202 August 666,476 93,327 September 791,033 124,557 October 881,630 90,597 November 983,292 101,662 December 1,047,289 63,997 Water Utility Tax 1,100,000 1,000,000 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC _Current Year -Budget Prior Year City of Edmonds, WA Monthly Revenue Summary -Sewer Utility Tax 2024 Sewer Utility Tax Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 101,297 $ 101,297 $ 101,472 $ 101,472 0.17% February 185,730 84,433 84,516 185,988 0.14% March 286,530 100,799 101,250 287,238 0.25% April 371,027 84,497 85,581 372,818 0.48% May 472,427 101,400 101,036 473,855 0.30% June 557,139 84,712 July 659,773 102,634 August 744,838 85,065 September 850,226 105,388 October 936,127 85,902 November 1,039,506 103,379 December 1,123,814 84,308 Sewer Utility Tax 1,200,000 1,100,000 1,000,000 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC _Current Year -Budget Prior Year *The monthly budget forecast columns are based on a five-year average. 5 Packet Pg. 9 I 2.2.a I MAJOR GENERAL FUND REVENUE SUMMARY City of Edmonds, WA Monthly Revenue Summary -General Fund Charges forServices 2024 General Fund - Charges for Services Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 402,596 $ 402,596 $ 297,980 $ 297,980 -25.99% February 931,328 528,732 702,035 1,000,015 7.38% March 1,317,506 386,178 1,404,775 2,404,790 82.53% April 2,112,130 794,625 573,921 2,978,711 41.03% May 3,082,898 970,768 477,751 3,456,462 12.12% June 3,676,991 594,093 July 4,250,819 573,828 August 5,299,286 1,048,468 September 5,958,021 658,735 October 6,576,651 618,629 November 7,241,120 664,469 December 8,120,826 879,706 *The monthly budget forecast columns are based on a five-year average. 6 Packet Pg. 10 GENERAL FUND DEPARTMENT EXPENSE SUMMARY I 2.2.a I C ITY O F FDMO NDS EXPENDITURES - GENERAL FUND - BY DEPARTMENT IN SUMMARY Title CITY COUNCIL OFFICE OF MAYOR HUMAN RESOURCES MUNICIPAL COURT ADMINISTRATIVE SERVICES CITY ATTORNEY NON -DEPARTMENTAL POLICE SERVICES SATELLITE OFFICE COMMUNITY SERVICESIECONOMIC DEV. PLANNING& DEVELOPMENT failul:�►i.�il W31 PARKS& RECREATION PUBLIC WORKS FACILITIES MAINTENANCE 2024 Adopted 5/31/2023 5/31/2024 Amount Budget Expenditures Expenditures Remaining %Spent $ 479,286 $ 180,396 $ 223,258 $ 256,028 47% 490,875 164,114 177,167 313,708 36% 1,222,438 367,942 526,711 695,727 43% 1,811,176 611,186 703,414 1,107,762 39% Q d w 2,825,453 1,156,484 1,286,415 1,539,038 46% 1,161,780 347,909 427,366 734,414 37% 6,857,495 7,245,913 2,141,916 4,715,579 31% IL 17,478,540 5,521,298 7,219,290 10,259,250 41% 2' t 172,105 49,688 61,951 110,154 36% G 1,162,045 470,437 431,310 730,735 37% 2 qq 4,251,605 1,622,646 1,553,246 2,698,359 37% o N 320,940 102,311 107,708 213,232 34% 6,520,597 2,229,794 2,396,886 4,123,711 37% 4,500,279 1,623,373 1,730,864 2,769,415 38% 0 O Q 2,638,179 1,803,967 1,192,021 1,446,158 45% $ 51,892,793 $ 23,497,459 $ 20,179,522 $ 31,713,271 39% io C �0 C LL A t r C O 2 le N O N M 2 r.+ C d L V lC r.+ a Packet Pg. 11 GENERAL FUND DEPARTMENT EXPENSE SUMMARY I 2.2.a I City of Edmonds, WA Monthly Expenditure Summary -City Council 2024 City Council Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 34,240 $ 34,240 $ February 71,153 36,913 March 112,189 41,036 April 150,403 38,214 May 193,081 42,678 June 234,428 41,347 July 275,019 40,591 August 316,493 41,474 September 357,868 41,375 October 394,551 36,684 November 435,285 40,734 December 479,286 44,001 40,574 $ 40,574 18.50% 54,006 94,579 32.92% 35,007 129,587 15.51 % 35,974 165,561 10.08% 57,697 223,258 15.63% City of Edmonds, WA Monthly Expenditure Summary -Office of Mayor 2024 Office of Mayor Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 40,561 $ 40,561 $ February 82,159 41,598 March 124,596 42,436 April 165,441 40,846 May 205,791 40,350 June 245,843 40,052 July 287,251 41,408 August 327,468 40,217 September 367,326 39,858 October 406,988 39,662 November 449,726 42,738 December 490,875 41,149 33,901 $ 33,901-16.42% 35,511 69,412-15.52% 36,798 106,210-14.76% 36,154 142,364-13.95% 34,804 177,167-13.91% Office of Mayor 500,000 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Current Year -Budget -Prior Year *The monthly budget forecast columns are based on a five-year average. N Packet Pg. 12 1 I 2.2.a I GENERAL FUND DEPARTMENT EXPENSE SUMMARY City of Edmonds, WA Monthly Expenditure Summary -Human Resources 2024 Human Resources Cumulative Budget Forecast Monthly Budget Forecast Monthly Actuals YTD Actuals Variance % January $ 110,919 $ 110,919 $ 129,960 $ 129,960 17.17% February 206,083 95,165 103,533 233,493 13.30% March 293,020 86,937 100,807 334,300 14.09% April 385,026 92,006 98,181 432,481 12.33% May 477,507 92,481 94,231 526,711 10.30% June 609,764 132,257 July 691,435 81,671 August 781,445 90,009 September 882,461 101,016 October 976,331 93,870 November 1,084,356 108,025 December 1,222,438 138,082 City of Edmonds, WA Monthly Expenditure Summary -Municipal Court 2024 Municipal Court Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 133,120 $ 133,120 $ 136,698 $ 136,698 2.69% February 268,761 135,641 143,646 280,344 4.31% March 408,462 139,701 138,149 418,493 2.46% April 549,323 140,861 140,705 559,198 1.80% May 702,755 153,432 144,216 703,414 0.09% June 841,629 138,874 July 987,720 146,091 August 1,144,145 156,425 September 1,291,990 147,845 October 1,441,979 149,989 November 1,629,476 187,497 December 1,811,176 181,700 *The monthly budget forecast columns are based on a five-year average. 9 Packet Pg. 13 GENERAL FUND DEPARTMENT EXPENSE SUMMARY I 2.2.a I City of Edmonds, WA Monthly Expenditure Summary -Community Services/Economic Development 2024 Community Services/Economic Development Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 70,938 $ 70,938 $ 84,711 $ 84,711 19.42% February 150,629 79,691 85,764 170,475 13.18% March 228,686 78,058 85,735 256,210 12.04% April 308,932 80,246 91,280 347,490 12.48% May 391,061 82,128 83,820 431,310 10.29% June 480,392 89,331 July 570,789 90,397 August 679,369 108,580 September 777,142 97,773 October 877,976 100,834 November 1,007,121 129,145 December 1,162,045 154,924 Community Services/Economic Development 1,400,000 1,300,000 1,200,000 1,100,000 1,000,000 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC _ Current Year -Budget - Prior Year City of Edmonds, WA Monthly Expenditure Summary -Administrative Services 2024 Administrative Services Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 288,918 $ 288,918 $ 274,596 $ 274,596 -4.96% February 523,687 234,769 208,739 483,335 -7.71% March 733,695 210,008 217,967 701,302 -4.42% April 944,992 211,297 212,849 914,151 -3.26% May 1,157,177 212,186 372,263 1,286,415 11.17% June 1,442,022 284,845 July 1,684,828 242,805 August 1,896,259 211,431 September 2,116,379 220,121 October 2,344,386 228,007 November 2,598,917 254,531 December 2,825,453 226,536 Administrative Services !,800,000 1,800,000 1600,000 1:400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Current Year -Budget Prior Year *The monthly budget forecast columns are based on a five-year average. 10 Packet Pg. 14 I 2.2.a I GENERAL FUND DEPARTMENT EXPENSE SUMMARY City of Edmonds, WA Monthly Expenditure Summary -City Attorney 2024 City Attorney Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 96,815 $ 96,815 $ February 193,630 96,815 March 290,445 96,815 April 387,260 96,815 May 484,075 96,815 June 580,890 96,815 July 677,705 96,815 August 774,520 96,815 September 871,335 96,815 October 968,150 96,815 November 1,064,965 96,815 December 1,161,780 96,815 Police - $ - 0.00% 127,250 127,250-34.28% 93,007 220,257-24.17% 108,383 328,640-15.14% 98,726 427,366-11.71% City Attorney 1,200,000 1,100,000 1,000,000 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 AK JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC -C=mtYear -Budget Prior Year City of Edmonds, WA Monthly Expenditure Summary -Police 2024 Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 1,325,644 $ 1,325,644 $ 1,320,779 $ 1,320,779 -0.37% February 2,644,333 1,318,689 1,322,826 2,643,606 -0.03% March 4,027,557 1,383,224 1,252,027 3,895,633 -3.28% April 5,378,981 1,351,424 1,459,657 5,355,290 -0.44% May 6,782,808 1,403,826 1,864,000 7,219,290 6.44% June 8,239,937 1,457,130 July 9,689,531 1,449,593 August 11,039,396 1,349,866 September 12,478,176 1,438,780 October 13,942,747 1,464,571 November 15,677,275 1,734,528 December 17,478,540 1,801,265 Police 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC � Current Year -Budget -Prior Year *The monthly budget forecast columns are based on a five-year average. 11 Packet Pg. 15 1 GENERAL FUND DEPARTMENT EXPENSE SUMMARY I 2.2.a I City of Edmonds, WA Monthly Expenditure Summary -Planning & Development 2024 Planning & Development Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 328,959 $ 328,959 $ 269,177 $ 269,177 -18.17% February 671,531 342,572 267,692 536,869 -20.05% March 999,838 328,306 393,779 930,649 -6.92% April 1,348,844 349,006 303,822 1,234,470 -8.48% May 1,692,557 343,714 318,775 1,553,246 -8.23% June 2,024,917 332,360 July 2,387,504 362,587 August 2,727,099 339,594 September 3,071,846 344,748 October 3,418,696 346,849 November 3,799,763 381,067 December 4,251,605 451,842 Parks & Recreation Planning & Development 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Current Year -Budget Prior Year City of Edmonds, WA Monthly Expenditure Summary -Parks & Recreation 2024 Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 498,850 $ 498,850 $ 453,277 $ 453,277 -9.14% February 986,757 487,907 470,870 924,147 -6.35% March 1,483,576 496,818 491,227 1,415,374 -4.60% April 1,955,557 471,981 483,624 1,898,998 -2.89% May 2,461,256 505,698 497,889 2,396,886 -2.62% June 2,984,923 523,667 July 3,580,661 595,738 August 4,186,784 606,123 September 4,840,484 653,700 October 5,394,700 554,215 November 5,962,605 567,905 December 6,520,597 557,992 Parks & Recreation 1,500,000 1 ;oar 1,000,000 500 000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Current Year -Budget �Prlor Year *The monthly budget forecast columns are based on a five-year average. 12 Packet Pg. 16 I 2.2.a I GENERAL FUND DEPARTMENT EXPENSE SUMMARY City of Edmonds, WA Monthly Expenditure Summary -Facilities Maintenance 2024 Facilities Maintenance Cumulative Budget Forecast Monthly Budget Forecast Monthly Actuals YTD Actuals Variance % January $ 156,775 $ 156,775 $ 280,811 $ 280,811 79.12% February 389,674 232,899 265,070 545,881 40.09% March 593,572 203,898 223,593 769,473 29.63% April 769,278 175,706 218,971 988,445 28.49% May 948,275 178,997 203,576 1,192,021 25.70% June 1,082,249 133,974 July 1,241,211 158,962 August 1,449,110 207,898 September 1,701,700 252,590 October 1,994,272 292,572 November 2,251,849 257,577 December 2,638,179 386,330 City of Edmonds, WA Monthly Expenditure Summary -Engineering 2024 Engineering Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 301,531 $ 301,531 $ 283,081 $ 283,081 -6.12% February 604,565 303,034 286,618 569,699 -5.77% March 913,824 309,259 255,452 825,151 -9.70% April 1,223,821 309,997 270,205 1,095,355 -10.50% May 1,553,842 330,021 260,871 1,356,226 -12.72% June 1,868,266 314,424 July 2,185,239 316,973 August 2,491,236 305,997 September 2,797,476 306,240 October 3,102,475 304,999 November 3,439,952 337,477 December 3,777,853 337,901 Engineering 1,500,000 1,000,000 500,000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC -Current Year -Budget Prior Year *The monthly budget forecast columns are based on a five-year average. 13 Packet Pg. 17 GENERAL FUND DEPARTMENT EXPENSE SUMMARY I 2.2.a I City of Edmonds, WA Monthly Expenditure Summary -Non -Departmental 2024 Non -Departmental Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 926,027 $ 926,027 $ 1,244,387 $ 1,244,387 -3.27% February 1,489,596 563,569 221,547 1,465,934 -6.38% March 2,012,000 522,404 285,014 1,750,948 -6.73% April 2,395,260 383,260 211,983 1,962,932 -4.49% May 2,923,480 528,220 178,984 2,141,916 -2.42% June 3,677,256 753,776 July 4,126,291 449,035 August 4,662,507 536,216 September 5,123,698 461,191 October 5,544,111 420,414 November 6,294,725 750,614 December 6,857,495 562,770 Non -Departmental 20,000,000 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC -CurrentYear -Budget Prior Year *The monthly budget forecast columns are based on a five-year average. 14 Packet Pg. 18 FUND SUMMARIES I 2.2.a I City of Edmonds, WA Monthly Expenditure Summary -Fund 016 - Building Maintenance Fund 2024 Fund 016 - Building Maintenance Fund Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 93,773 $ 93,773 $ February 187,546 93,773 March 281,318 93,773 April 375,091 93,773 May 468,864 93,773 June 562,637 93,773 July 656,410 93,773 August 750,182 93,773 September 843,955 93,773 October 937,728 93,773 November 1,031,501 93,773 December 1,125,275 93,773 138,032 $ 138,032 47.20% 481,478 619,510 230.33% 9,472 628,982 123.58% 2,113 631,095 68.25% 28,074 659,169 40.59% Fund 016 -Building Maintenance Fund 1,200,000 1,100,000 1,000,000 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Current Year -Budget -Prior Year *The monthly budget forecast columns are based on a five-year average. 15 Packet Pg. 19 FUND SUMMARIES ■ 2.2.a City of Edmonds, WA Monthly Revenue Summary -Real Estate Excise Tax 1 & 2 2024 Real Estate Excise Tax 1 & 2 Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 225,388 $ 225,388 $ 158,734 $ 158,734 -29.57% February 376,297 150,909 141,173 299,908 -20.30% March 569,768 193,471 237,275 537,183 -5.72% April 775,427 205,659 354,193 891,375 14.95% May 1,036,020 260,593 338,546 1,229,921 18.72% June 1,293,139 257,119 July 1,573,012 279,874 August 1,849,679 276,667 September 2,151,102 301,423 October 2,420,735 269,633 November 2,687,175 266,440 December 3,000,000 312,825 Real Estate Excise Tax 1 & 2 2,700,000 2,100,000 1,800,000 / 1,500,000 1,200,000 900,000 600,000 300,000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC _Current Year -Budget -Prior Year City of Edmonds, WA Monthly Expenditure Summary -Fund 512 - Technology Rental Fund 2024 Fund 512 - Technology Rental Fund Expenses Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 278,067 $ 278,067 $ 450,425 $ 450,425 61.98% February 459,653 181,586 88,246 538,670 17.19% March 687,018 227,364 99,476 638,146 -7.11% April 781,894 94,876 88,852 726,999 -7.02% May 882,974 101,080 118,249 845,248 -4.27% June 1,005,318 122,345 July 1,131,059 125,740 August 1,299,834 168,775 September 1,465,789 165,955 October 1,643,179 177,391 November 1,772,621 129,442 December 2,011,076 238,455 Fund 512 -Technology Rental l'lu1d Expenses 2,200,000 2,000,000 11800,000 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Current Year -Budget �Prior Year *The monthly budget forecast columns are based on a five-year average. 16 Packet Pg. 20 I 2.2.a I FUND 421 - WATER UTILITY FUND SUMMARY City of Edmonds, WA Monthly Revenue Summary -Fund 421- Water Utility Fund 2024 Fund 421 - Water Utility Fund Revenues Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 980,443 $ 980,443 $ 1,090,370 $ 1,090,370 11.21% February 1,712,436 731,993 711,773 1,802,143 5.24% March 2,701,940 989,503 1,075,486 2,877,629 6.50% April 3,356,766 654,827 785,359 3,662,988 9.12% May 4,316,356 959,590 1,061,688 4,724,677 9.46% June 5,115,288 798,932 July 6,310,311 1,195,023 August 7,304,483 994,172 September 8,635,357 1,330,874 October 9,613,693 978,336 November 11,500,392 1,886,699 December 12,314,744 814,352 City of Edmonds, WA Monthly Expenditure Summary -Fund 421- Water Utility Fund 2024 Fund 421 - Water Utility Fund Ripenses Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 641,026 $ 641,026 $ 503,314 $ 503,314 -21.48% February 1,300,480 659,453 589,193 1,092,506 -15.99% March 2,051,423 750,943 586,629 1,679,136 -18.15% April 2,887,784 836,362 705,351 2,384,486 -17.43% May 3,786,010 898,226 592,313 2,976,799 -21.37% June 5,237,771 1,451,761 July 6,385,874 1,148,103 August 7,778,196 1,392,322 September 8,859,399 1,081,203 October 9,774,932 915,533 November 11,599,342 1,824,410 December 13,837,584 2,238,242 *The monthly budget forecast columns are based on a five-year average. 17 Packet Pg. 21 FUND 422 - STORM UTILITY FUND SUMMARY I 2.2.a I City of Edmonds, WA Monthly Revenue Summary -Fund 422 - Storm Utility Fund 2024 Fund 422 - Storm Utility Fund Revenues Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 663,684 $ 663,684 $ 542,348 $ 542,348 -18.28% February 2,084,443 1,420,759 1,169,775 1,712,123 -17.86% March 2,727,930 643,488 544,143 2,256,265 -17.29% April 3,254,732 526,802 499,506 2,755,771 -15.33% May 3,846,640 591,908 551,418 3,307,189 -14.02% June 4,357,699 511,059 July 4,935,913 578,214 August 6,218,378 1,282,465 September 6,807,203 588,825 October 7,354,010 546,807 November 8,398,392 1,044,382 December 8,971,716 573,324 Fund 422 - Storm Utility Fund Revenues 9,000,000 8,000,000 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Current Year -Budget -Prior Year City of Edmonds, WA Monthly Expenditure Summary -Fund 422 - Storm Utility Fund 2024 Fund 422 - Storm Utility Fund Expenses Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 717,368 $ 717,368 $ 397,818 $ 397,818 -44.54% February 2,253,049 1,535,682 457,806 855,625 -62.02% March 2,948,588 695,538 332,627 1,188,252 -59.70% April 3,518,002 569,414 372,195 1,560,446 -55.64% May 4,157,788 639,786 354,257 1,914,703 -53.95% June 4,710,186 552,398 July 5,335,170 624,985 August 6,721,372 1,386,201 September 7,357,826 636,454 October 7,948,863 591,037 November 9,077,723 1,128,861 December 9,697,422 619,699 Fund 422 - Storm Utility Fund Expenses 10,000,000 9,000,000 8,000,000 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Current Year Budget —Prior Year *The monthly budget forecast columns are based on a five-year average. 18 Packet Pg. 22 FUND 423 - SEWER UTILITY FUND SUMMARY I 2.2.a I City of Edmonds, WA Monthly Revenue Summary -Fund 423 - Sewer Utility Fund 2024 Fund 423 - Sewer Utility FWnd Revenues Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 1,687,922 $ 1,687,922 $ 1,476,339 $ 1,476,339 -12.54% February 3,157,126 1,469,204 1,418,266 2,894,605 -8.32% March 4,456,021 1,298,895 1,449,133 4,343,737 -2.52% April 5,760,746 1,304,725 2,353,378 6,697,115 16.25% May 7,543,920 1,783,174 1,462,475 8,159,590 8.16% June 8,534,081 990,162 July 10,048,029 1,513,948 August 11,755,236 1,707,207 September 13,439,062 1,683,826 October 14,631,473 1,192,411 November 18,018,844 3,387,371 December 20,019,768 2,000,924 City of Edmonds, WA Monthly Expenditure Summary -Fund 423 - Sewer Utility Fund 2024 Fund 423 - Sewer Utility ]Fund Expenses Cumulative Monthly Monthly YTD Variance Budget Forecast Budget Forecast Actuals Actuals % January $ 1,035,408 $ 1,035,408 $ 1,373,009 $ 1,373,009 32.61% February 2,009,872 974,464 1,032,356 2,405,366 19.68% March 3,218,482 1,208,610 1,115,359 3,520,725 9.39% April 4,925,786 1,707,303 1,702,160 5,222,885 6.03% May 6,562,115 1,636,329 910,860 6,133,745 -6.53% June 8,402,137 1,840,022 July 10,222,675 1,820,538 August 11,835,035 1,612,360 September 14,187,219 2,352,184 October 15,857,930 1,670,711 November 17,953,941 2,096,010 December 23,397,507 5,443,566 Ind 423 - Sewer Utility Fund Expenses 24,000,000 22,000,000 20,000,000 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC _Current Year -Budget Prior Year *The monthly budget forecast columns are based on a five-year average. 19 Packet Pg. 23 UTILITY EXPENSE SUMMARY CITY OF EDMO NDS EXPENDITURES - UTILITY- BY FUND IN SUMMARY 2024 Adopted 5/31/2023 5/31/2024 Amount Title Budget Expenditures Expenditures Remaining % Spent WATER UTILITY FUND $ 13,837,584 $ 2,988,333 $ 2,976,799 $ 10,860,785 STORM UTILITY FUND 9,697,422 2,044,743 1,914,703 7,782,719 SEWER/WWTP UTILITY FUND 23,397,507 5,979,189 6,133,745 17,263,762 BOND RESERVE FUND 1,988,830 - - 1,988,830 $ 48,921,343 $ 11,012,265 $ 11,025,248 $ 37,896,095 23% 20 Packet Pg. 24 I 2.2.a I INVESTMENT PORTFOLIO SUMMARY City of Edmonds Investment Portfolio Detail As of May 31, 2024 Years Agency/ Investment Purchase to Par Market Maturity Coupon Issuer Type Price Maturity Value Value Date Rate FM FNMA FFCB FHLB Spokane County WA First Financial - Waterfront Center FHLMC Farmer Mac FHLB US Treasury Note FFCB Farmer Mac FHLMC Farmer Mac First Financial - ECA Bonds 996,082 0.05 1,000,000 998,538 06/17/24 2.80% Bonds 992,693 0.09 1,000,000 996,760 07/02/24 1.75% Bonds 1,960,906 0.29 2,000,000 1,988,365 09/13/24 3.50% Bonds 950,774 0.47 1,000,000 979,548 11/18/24 0.90% Bonds 207,260 0.50 200,000 196,770 12/01/24 2.10% CD 245,000 0.58 245,000 245,000 12/27/24 2.47% Bonds 974,798 0.78 1,000,000 988,057 03/13/25 3.75% Bonds 1,995,088 0.88 2,000,000 1,982,999 04/17/25 4.25% Bonds 969,524 1.16 1,000,000 984,001 07/28/25 3.60% Note 964,597 1.21 1,000,000 976,445 08/15/25 3.13% Bonds 1,982,692 1.52 2,000,000 1,970,887 12/08/25 4.13% Bonds 1,994,172 1.68 2,000,000 1,963,550 02/02/26 3.95% Bonds 993,661 2.14 1,115,000 1,021,672 07/22/26 0.83% Bonds 2,057,309 2.47 2,305,000 2,108,054 11/17/26 1.15% CD 2,803,516 3.46 2,803,516 2,803,516 11/15/27 2.96% TOTAL SECURITIES 20,088,073 1.15 20,668,516 20,204,162 Washington State Local Gov't Investment Pool TOTAL PORTFOLIO Issuer Diversification First Spokane Financial Farmer CD, 15% County WA, 1% Mac, 31% FFCB, 19% FHLMC, FHLB, 10% 100/ / 41,251,431 41,251,431 Demand 5.40% $ 61,919,948 $ 61,455,594 Cash and Investment Balances (in $ Millions) Note, Bonds, Checking, $1.00, 1% $16.62, $44 1 24% CD's, $3.05 State LGIP, 4% $41.25 , 58% 21 Packet Pg. 25 1 2 INVESTMENT PORTFOLIO SUMMARY Annual Interest Income .,L,000,000 $1 683 872 $1,500, 000 $1 236 875 $1,091,709 $1,071,873 ;1,000,000 947 931 $950,684 $500,000 — $ --I 2019 2020 2021 2022 2023 YTD 2024 22 Packet Pg. 26 2.3 City Council Agenda Item Meeting Date: 06/18/2024 Resolution Budget Calendar Staff Lead: Kim Dunscombe Department: Administrative Services Preparer: Kimberly Dunscombe Background/History In accordance with Chapter 35A RCW, the City Council intends to adopt the 2025-2026 Biennial Budget calendar. Staff Recommendation Staff recommends approving this item to be placed on the next Council meeting's consent agenda. Narrative Attachments: 2024-06-11 Resolution Budget Calendar Packet Pg. 27 2.3.a RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, ADOPTING THE PLANNING CALENDAR FOR THE 2025 — 2026 BIENNIAL BUDGET. WHEREAS, in accordance with Title 35A RCW, the City Council intends to adopt the 2025-2026 Biennial Budget in its final form; and WHEREAS, the City Council understands the benefits of a budget calendar to set expectations and approach for the budget process; and WHEREAS, the City Council has incorporated scheduling recommendations from City Staff and Administration. THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, HEREBY RESOLVES AS FOLLOWS: Section 1. Adoption of the 2024 Budget Schedule for the 2025-2026 Biennial Budget. The events and dates specified by Exhibit A to this Resolution shall comprise the 2024 budget planning calendar for the 2025-2026 biennial budget. Exhibit A is attached hereto and incorporated herein by this reference as if set forth in full. Section 2. The City Council shall retain its full authority to modify or amend the planning calendar as the Council deems necessary, and in a manner consistent with applicable law, adopted polices and standard practices. RESOLVED this day of June 2024. ATTEST: CITY CLERK, SCOTT PASSEY CITY OF EDMONDS MAYOR, MIKE ROSEN 1 Packet Pg. 28 2.3.a FILED WITH THE CITY CLERK: PASSED BY THE CITY COUNCIL: RESOLUTION NO. Q Packet Pg. 29 2.3.a EXHIBIT A 2025-2026 Budget Schedule DATE ITEM DESCRIPTION Pre -Budget Items Adopted and update financial policies Spring/Summer 2024 Community outreach August Departments present revenue and expenditure estimates to Mayor. August 13 Mid -Year report August 23 Council retreat* September 11 Presentation of CIP/CFP to Planning Board September 24 CIP/CFP capital budget briefing to Council September 25 Planning Board CIP/CFP public hearing September 27 Preliminary budget filed at the Clerk's office October 1 Mayor's Message and presentation of Preliminary Budget CIP/CFP presentation to Council October 8 Department operating budget presentation CIP/CFP presentation to Council 1 St public hearing — Property Tax 1st reading of the budget ordinance 1st reading of the CIP/CFP ordinance October 22 Department operating budget presentations (con't) 1 St public hearing CIP/CFP 2" d public hearing - Revenue 2" d reading of the budget ordinance 2ad reading of the CIP/CFP ordinance November 12 Council workshop / deliberations 3ra public hearing - final November 26 Final budget review and adoption of the 2025-2026 Biennial Budget and adoption of the CIP/CFP Property tax levy filed with the County November 27 *Subject to change as needed Packet Pg. 30 2.4 City Council Agenda Item Meeting Date: 06/18/2024 Community Survey Info Brief Staff Lead: Todd Tatum Department: Community Services Preparer: Todd Tatum Background/History The Mayor and City Council have discussed a shift to Priority Based Budgeting (PBB). This shift from our current practices has been discussed with City Council by Mr. Mike Bailey in previous council meetings. Many cities who use the PBB framework also utilize a community survey to gauge the importance of multiple city functions to the population. Examples can be seen in Shoreline, Redmonds, Kirkland, and Bellevue, amongst others. Staff Recommendation No decision is being requested at this time. This is an information brief only. Narrative At the direction of the Mayor, staff interviewed several firms offering statistically valid surveying services. Each of these companies had previous experience in conducting community surveys. Several had experience in community surveys which were used in the PBB process. EMC Research was the selected company and is now under contract with the city. The draft survey will go through several rounds of internal reviews, including staff, the Mayor's office, a citizen advisory group, and select members of Council. Tonight's brief will give an overview of the survey's objectives, timeline, and review process. Council Members will have an opportunity to ask questions and have them answered by the staff involved in the project. Packet Pg. 31