2024-08-20 Council FIN Committee Packet1
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ti Agenda
Edmonds City Council
1,00
FINANCE COMMITTEE - SPECIAL MEETING
CITY COUNCIL CONFERENCE ROOM
121 - 5TH AVENUE N, EDMONDS, WA 98020
AUGUST 20, 2024, 4:30 PM
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COMMITTEE MEMBERS: WILL CHEN (CHAIR), JENNA NAND, COUNCIL PRESIDENT (EX-OFFICIO
MEMBER)
CALL TO ORDER
COMMITTEE BUSINESS
1. 2024.08.24 ERP update (10 min)
2. Fund Balance Reserve Policy Update (10 min)
3. July Monthly Financial Report (15 min)
4. State Auditor Office 2023 Entrance Interview (30 min)
ADJOURNMENT: 6:00 PM
Edmonds City Council Agenda
August 20, 2024
Page 1
2.1
City Council Agenda Item
Meeting Date: 08/20/2024
2024.08.24 ERP update
Staff Lead: Brian Tuley
Department: Information Services
Preparer: Brian Tuley
Background/History
Council requested project staff.
Staff Recommendation
information update to include in council approval
Narrative
Staff intends to keep council informed on the status of the ERP project. Regular updates will be
presented to the Finance Committee as the project progresses. This update list the roles and assigned
staff for this project.
Attachments:
RolesResponsibilities
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2.1.a
Finance Committee ERP Update: 8/20/2024
The contract with Tyler Technology was approved in the August 6t" Council meeting. Since
the approval, the contract has been executed by both parties. The staff listed below are
assigned to the project.
We expect several months of waiting for the vendor to schedule resources and dates to the
project.
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Tyler Technology EERP Project —
City Roles &Responsibilities
City Roles Matrix
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Based on city staffing and job functions, some of the roles designated by Tyler Technologies
Statement of Work overlap. The city has idented the following individuals for required
project rolls.
Role
City Executive Sponsor
City Steering Committee
City Project Manger
Implementation Management
Resource Management
Contract Management
City Technical Lead
City Functional Leads
Planning
City Power Users
City End Users
City Stakeholders
Designee
Mayor Rosen
Kim Dunscombe / Brian Tuley
IS Manager Brian Tuley
Acting Finance Director Dunscomb
Sr. Systems Specialist Mark Cockrum
Sr Accountant: Deb Sharp
Sr Accountant: Sarah Mager
Accountant: Marissa Cain
Accounts Payable: Nori Jacobson
HR Manager: Reann Duarte
HR Analyst: Emily Wagner
Payroll: Lori Palmer
Utility Billing: Denise Kenyon
TBD as needed
Council Finance Committee
Department Directors
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City Staff Biographies
The following staff will be working on this project.
Brian Tuley
Brian is the Information Services manager for the City of Edmonds, a role he has held over
11 years. Brian has built and installed numerous systems throughout a technology career
spanning 3 decades. He worked manyyears as full stack developer and systems engineer.
His expertise includes developing, integrating and installing ERP, business intelligence, big
data, human capital management, and business continuity systems. Brian has a Bachelor
of Science from the University of South Dakota, and Master of Science in Information
Technology Management. Additionally, Brian was a certified ethical hacker (certification
expired) and is a trained project manager. Brian holds several FEMA certifications.
Kim Dunscombe
Kim is the Acting Finance Director for the City of Edmonds. Prior to Edmonds, she was the
Budget Manger for the City of Bainbridge Island. Kim has an MBA and is a Certified
Management Accountant.
Mark Cockrum
Mark is a Senior Systems Specialist with the City of Edmonds. He has been with the City
15 years and is the administrator the current accounting system. Mark holds both a
Bachelor and Master of Science in Computer Science.
Deb Sharp
Deb is a Senior Accountant with almost 25 years of experience with the City. Deb is critical
in building the City budget and CAFR financial statements.
Sarah Mager
Sarah is a Senior Accountant in Edmonds. She has been at with the City over 12 years and
is responsible for cash receipts, posting and reconciliation.
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Marissa Cain
Marissa is a Senior Accountant who has been with the City over 5 years. Marissa is a CPA in
the Finance Department who works with the preparation of the Annual Comprehensive
Financial Report, the State Audit, and the annual Budget process.
Nori Jacobson
Nori Jacobson is a Senior Accounting Specialist who has worked for the City of Edmonds
over 15 years. Nori's area of expertise is accounts payable.
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Reann Duarte W
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RaeAnn Duarte recentlyjoined the City of Edmonds' Human Resources Department as HR o
Manager on November 1, 2023. RaeAnn brings over a decade of Human Resource & Payroll N
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experience in a variety of industries that include local government, non-profit, and
hospitality. She has obtained a bachelor's degree in liberal arts and a master's degree in a
rehabilitation counseling from California State University, Fresno. In addition to her formal
education, RaeAnn holds certifications in Human Resource Management, Organizational c
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Change Management, Disability & Leave Management, and an IT Executive Credential from 0-
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California State Association of Counties (CSAC).
Emily Wagner
Emily Wagener is a Senior HR Analyst in the Human Resources Department at the City of
Edmonds. She has been with the City for 8 years. She enjoys implementing new
technologies that can be used to improve City Services. Emily was responsible for building
out the Onboard feature used by HR that is provided through NEOGOV and looks forward to
being part of the implementation team for the City's new accounting system.
Lori Palmer
Lori is as Senior Accounting Specialist with over 25 years at the City of Edmonds. Lori has
worked in utility billing and her current roll is payroll processing. Lori was assisted with the
current systems accounting and special assessments modules. +
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Denise Kenyon
Denise is a Senior Accounting Specialist with over 25 years at the City of Edmonds. Denise
is utility billing expert, and assisted the City during the previous implementation of utility
billing.
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2.1.a
Functional Position Descriptions
City resources will be assigned prior to the start of each Phase of the Project. One person
may be assigned to multiple Project roles.
City Executive Sponsor
The City executive sponsor provides support to the Project by providing strategic direction
and communicating key issues about the Project and its overall importance to the
organization. When called upon, the executive sponsor also acts as the final authority on
all escalated Project issues. The executive sponsor engages in the Project, as needed, to
provide necessary support, oversight, guidance, and escalation, but does not participate in
day-to-day Project activities. The executive sponsor empowers the City steering
committee, project manager(s), and functional leads to make critical business decisions
for the City.
• Champions the project at the executive level to secure buy -in.
• Authorizes required project resources.
• Actively participates in organizational change communications.
City Steering Committee
The City steering committee understands and supports the cultural change necessary for
the Project and fosters an appreciation for the Project's value throughout the organization.
The steering committee oversees the City project manager and Project through
participation in regular internal meetings. The City steering committee remains updated on
all Project progress, Project decisions, and achievement of Project milestones. The City
steering committee also serves as primary level of issue resolution for the Project.
• Works to resolve all decisions and/or issues not resolved at the project manager
level as part of the escalation process.
• Attends all scheduled steering committee meetings.
• Provides support for the project team.
• Assists with communicating key project messages throughout the organization.
• Prioritizes the project within the organization.
• Ensures the project staffed appropriately and that staff have necessary resources.
• Monitors project progress including progress towards agreed upon goals and
objectives.
• Has the authority to approve or deny changes impacting the following areas:
o Cost
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o Scope
o Schedule
o Project Goals
o City Policies Needs of other client projects
City Project Manager
The City shall assign project manager(s) prior to the start of this project with overall
responsibility and authority to make decisions related to Project Scope, scheduling, and
task assignment. The City Project Manager should communicate decisions and
commitments to the Tyler project manager(s) in a timely and efficient manner. When the
City project manager(s) do not have the knowledge or authority to make decisions, he or
she engages the necessary resources to participate in discussions and make decisions in a
timely fashion to avoid Project delays. The City project manager(s) are responsible for
reporting to the City steering committee and determining appropriate escalation points.
Contract Management
• Validates contract compliance throughout the project.
• Ensures that invoicing and Deliverables meet contract requirements.
• Acts as primary point of contact for all contract and invoicing questions.
Collaborates on and approves Change Requests, if needed, to ensure proper scope
and budgetary compliance.
Planning
• Reviews and accepts project planning documents.
• Defines project tasks and resource requirements for the City project team.
• Collaborates in the development and approval of the project schedule.
• Collaborates with Tyler project manager(s) to plan and schedule project timelines to
achieve on -time implementation.
Implementation Management
• Tightly manages project budget and scope.
• Collaborates with Tyler project manager(s) to establish a process and approval
matrix to ensure that scope changes and budget (planned versus actual) are
transparent and handled effectively and efficiently.
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• Collaborates with Tyler project manager to establish and manage a schedule and
resource plan that properly supports the project schedule as a whole and is also in
balance with scope and budget.
• Collaborates with Tyler project manager(s) to establish risk and issue tracking and
reporting process between the City and Tyler and takes all necessary steps to
proactively mitigate these items or communicate with transparency to Tyler any
items that may impact the outcomes of the project.
• Collaborates with Tyler project manager(s) to establish key business drivers and
success indicators that will help to govern project activities and key decisions to
ensure a quality outcome of the project. Routinely communicates with both the City
staff and Tyler, aiding in the understanding of goals, objectives, current status, and
health of the project by all team members.
• Manages the requirements gathering process and ensure timely and quality
business requirements are being provided to Tyler.
Resource Management
• Acts as liaison between project team and stakeholders.
• Identifies and coordinates all City resources across all modules, phases, and
activities including data conversions, forms design, hardware and software
installation, reports building, and satisfying invoices.
• Provides direction and support to project team.
• Builds partnerships among the various stakeholders, negotiating authority to move
the project forward.
• Manages the appropriate assignment and timely completion of tasks as defined
Assesses team performance and takes corrective action, if needed.
• Provides guidance to City technical teams to ensure appropriate response and
collaboration with Tyler Technical Support Teams to ensure timely response and
appropriate resolution.
• Owns the relationship with in -Scope 3rd party providers and aligns activities with
ongoing project tasks.
• Ensures that users have appropriate access to Tyler project toolsets as required.
Conducts training on proper use of toolsets.
• Validates completion of required assignments using toolsets.
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City Functional Leads
• Makes business process change decisions under time sensitive conditions.
Communicates existing business processes and procedures to Tyler consultants.
Assists in identifying business process changes that may require escalation.
• Contributes business process expertise for Current & Future State Analysis.
• Identifies and includes additional subject matter experts to participate in Current &
Future State Analysis.
• Validates that necessary skills have been retained by end users.
• Provides End Users with dedicated time to complete required homework tasks.
• Acts as an ambassador/champion of change for the new process and provide
business process change support.
• Identifies and communicates any additional training needs or scheduling conflicts
to the City project manager.
• Actively participates in all aspects of the implementation, including, but not limited
to, the following key activities:
o Task completion
o Stakeholder Meeting
o Project Management Plan development
o Schedule development
o Maintenance and monitoring of risk register
o Escalation of issues
o Communication with Tyler project team
o Coordination of City resources
o Attendance at scheduled sessions
o Change management activities
o Modification specification, demonstrations, testing and approval assistance
o Data analysis assistance
o Decentralized end user training
o Process testing
o Solution Validation
City Power Users
• Participate in project activities as required by the project team and project
manager(s). Provide subject matter expertise on the City business processes and
requirements.
• Act as subject matter experts and attend Current & Future State Analysis sessions
as needed. Attend all scheduled training sessions.
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• Participate in all required post -training processes as needed throughout project.
• Test all application configuration to ensure it satisfies business process
requirements. Become application experts.
• Participate in Solution Validation.
• Adopt and support changed procedures.
• Complete all deliverables by the due dates defined in the project schedule.
Demonstrate competency with Tyler products processing prior to Go -live. Provide
knowledge transfer to the City staff during and after implementation.
• Participate in conversion review and validation.
City End Users
• Attend all scheduled training sessions.
• Become proficient in application functions related to job duties. Adopt and utilize
changed procedures.
• Complete all deliverables by the due dates defined in the project schedule. Utilize
software to perform job functions at and beyond Go -live.
City Technical Lead
• Coordinates updates and releases with Tyler as needed.
• Coordinates the copying of source databases to training/testing databases as
needed for training days.
• Coordinates and adds new users, printers and other peripherals as needed.
• Validates that all users understand log -on process and have necessary permission
for all training sessions.
• Coordinates interface development for City third party interfaces. Develops or
assists in creating reports as needed.
• Ensures on -site system meets specifications provided by Tyler. Assists with
software installation as needed.
• Extracts and transmits conversion data and control reports from the City's legacy
system per the conversion schedule set forth in the project schedule.
City Upgrade Coordination
• Becomes familiar with the software upgrade process and required steps. Becomes
familiar with Tyler's releases and updates.
• Utilizes Tyler resources to stay abreast of the latest Tyler releases and updates, as
well as the latest helpful tools to manage the City's software upgrade process.
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• Assists with the software upgrade process during implementation. Manages
software upgrade activities post -implementation.
• Manages software upgrade plan activities.
• Coordinates software upgrade plan activities with City and Tyler resources.
Communicates changes affecting users and department stakeholders.
• Obtains department stakeholder acceptance to upgrade production environment.
City Change Management Lead
• Validates that users receive timely and thorough communication regarding process
changes. Provides coaching to supervisors to prepare them to support users
through the project changes. Identifies the impact areas resulting from project
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activities and develops a plan to address them proactively. o
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• Identifies areas of resistance and develops a plan to reinforce the change. Monitors
post -production performance and new process adherence.
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2.2
City Council Agenda Item
Meeting Date: 08/20/2024
Fund Balance Reserve Policy Update
Staff Lead: Kim Dunscombe
Department: Administrative Services
Preparer: Kimberly Dunscombe
Background/History
The current effective Fund Reserve Policy states in Article V Annual Fund Balance Types - Status Report
once a year, in August, the City Finance Director shall present to the Council Finance Committee a
comprehensive report on the City's fund balance reserve types as of June 301". The report shall include
an updated fund balance reserve level for each fund balance type. The report shall include the following
funds: 1. General Fund Operating Reserve balance; 2. Contingency Reserve Fund Balance.
Staff Recommendation
Information only.
Narrative
The Mid -Year Report provided to Council on August 13th will be used as the starting point for this
discussion.
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2.3
City Council Agenda Item
Meeting Date: 08/20/2024
July Monthly Financial Report
Staff Lead: Kim Dunscombe
Department: Administrative Services
Preparer: Kimberly Dunscombe
Background/History
Review July monthly financial report.
Staff Recommendation
Discussion only
Narrative
NA
Attachments:
July 2024 Monthly Financial Report
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CITY OF EDMONDS
MONTHLY BUDGETARY FINANCIAL REPORT
J U LY 2024
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MONTHLY HIGHLIGHTS
GENERAL FUND HIGHLIGHTS
• Real Personal/Property Tax and EMS Levy is up $305,698 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 $135,737 from this point last year and is right on target for the cumulative budget forecast. 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 $(106,358) falling short of
their perspective cumulative budget.
• Development services revenues overall are up a total of $332,867 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 $35,433 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
6,677,774 6,123,342
2,341,645 5,032,153
■ 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 $12,244 to date.
REET FUND HIGHLIGHTS
• REET revenues are 20.03% or $316,939 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 $951,938 was submitted in early July. Interest charged to the Parks Capital Construction Fund for
negative cash balance in 2024 equals $6,778.
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2.3.a
City of Edmonds
All Funds Financial Summary
As of July 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
28,806,583
28,669,246
137,337
2,629,797
(439,166)
009 LEOFF Medical Insurance Reserve
139,774
125,000
187,984
(62,984)
76,790
85,769
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
69,560
666,892
(597,332)
3,158,836
3,212,907
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
311,851
311,851
385,970
385,970
Total General Funds
9,753,732
29,313,294
29,528,507
(215,213)
9,538,519
6,532,606
Special Revenue Funds
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104 Drug Enforcement
40,843
1,835
-
1,835
42,678
42,153
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111 Street
4,701
1,385,471
1,456,588
(71,117)
(66,416)
(190,355)
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112 Street Construction
2,734,808
3,028,295
2,127,233
901,062
3,635,871
2,078,936
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117 Municipal Arts
657,265
43,651
26,996
16,656
673,921
665,436
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120 Hotel / Motel
151,247
69,345
56,075
13,271
164,517
146,654
121 Employee Parking
83,814
16,249
-
16,249
100,063
98,986
LL
122 Youth Scholarship
17,868
1,644
225
1,419
19,287
19,057
123 Tourism Promotion
138,157
27,194
12,781
14,413
152,570
145,603
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125 R E ET 2
1,992,459
1,049,164
435,555
613,608
2,606,067
2,629,783
2
126 R E ET 1
3,957,800
1,136, 064
405,697
730,367
4,688,167
4,635,106
2%
3
127 Gifts Catalog
3,140,448
317,445
296,525
20,920
3,161,368
3,120,791
130 Cemetery Maintenance
196,245
94,089
141,509
(47,420)
148,824
146,153
137 Cemetery Trust
1,212,121
63,515
73,000
(9,485)
1,202,635
1,187,055
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138 Sister City
18,681
3,262
2,271
991
19,672
19,429
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140 Business Improvement
37,682
61,220
37,120
24,099
61,782
61,782
70
141 Affordable Housing
309,127
28,085
-
28,085
337,211
328,814
=
142 Edmonds Rescue
36,932
6,719,788
6,716,871
2,917
39,849
186,644
c
143 Tree Fund
222,354
41,906
200,269
(158,363)
63,991
60,812
j,i
Capital Projects
139,615
1,031,104
706,177
324,927
464,542
(497,841)
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Debt Service
-
35,551
35,201
350
350
Enterprise Funds
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411 Combined Utility Operation
-
85,680
-
85,680
85,680
140,042
421 Water UtiIity
9,601,886
6,827,086
4,832,357
1,994,729
11,596,616
11,472,282
c
422 Storm Water Utility
6,983,494
4,367,941
2,785,914
1,582,028
8,565,521
8,103,638
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423 Sewer/ Wastewater Treatment Plar
14,903,525
11,007,681
8,742,234
2,265,447
17,168,972
17,762,664
3
424 Bond Reserve Fund
843,961
574,789
556,892
17,897
861,857
861,857
Internal Service Funds
=
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511 Equipment Rental
5,298,245
1,684,871
1,516,262
168,609
5,466,854
5,359,320
E
512 Technology Rental
421,587
1,270,969
1,073,318
197,651
619,238
624,524
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All Funds
62,898,595
70,287,187
61,765,576
8,521,611
71,420,207
65,741,931
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GENERAL FUND SUMMARY
City of Edmonds, WA
Monthly Revenue Summary -General Fund
2024
General Fund
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $ 2,711,054 $ 2,711,054 $ 2,532,339 $ 2,532,339 -6.59%
February 5,412,574 2,701,521 3,801,618 6,333,957 17.02%
March 8,234,389 2,821,815 4,006,316 10,340,274 25.57%
April 12,871,492 4,637,102 8,886,692 19,226,965 49.38%
May 21,881,117 9,009,625 3,958,085 23,185,051 5.96%
June 24,570,750 2,689,633 3,062,106 26,247,157 6.82%
July 27,555,506 2,984,755 2,559,427 28,806,583 4.54%
August 30,903,813 3,348,307
September 33,691,847 2,788,034
October 39,258,675 5,566,828
November 48,115,504 8,856,828
December 51,302,492 3,186,988
City of Edmonds, WA
Monthly Expenditure Summary -General Fund
2024
General Fund
Cumulative
Monthly
Monthly
YTD
Variance
Budget Forecast Budget Forecast
Actuals
Actuals
%
January
$ 4,823,378 $
4,823,378 $
4,652,570
$ 4,652,570
-3.54%
February
8,954,405
4,131,027
3,706,872
8,359,442
-6.64%
March
12,985,832
4,031,427
3,718,847
12,078,289
-6.99%
April
16,651,930
3,666,099
3,782,082
15,860,371
-4.75%
May
20,738,604
4,086,673
4,319,151
20,179,522
-2.70%
June
25,334,520
4,595,916
4,781,657
24,961,180
-1.47%
July
29,347,611
4,013,091
3,708,067
28,669,246
-2.31%
August
33,504,298
4,156,687
September
37,673,197
4,168,900
October
41,800,681
4,127,484
November
46,965,717
5,165,036
December
52,037,793
5,072,076
*The monthly budget forecast columns are based on a five-year average.
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MAJOR GENERAL FUND REVENUE SUMMARY
I 2.3.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
53,708
6,101,108
-1.08%
July
6,192,819
25,062
22,234
6,123,342
-1.12%
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
Ar
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
921,356
5,681,383
-1.99%
July
6,836,449
1,039,690
996,390
6,677,774
-2.32%
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. 20
MAJOR GENERAL FUND REVENUE SUMMARY
I 2.3.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
69,703
468,398
0.96%
July
573,149
109,202
107,776
576,174
0.53%
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
86,104
559,959
0.51%
July
659,773
102,634
103,022
662,981
0.49%
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. 21
I 2.3.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 $
410,810 $
410,810 $
297,980
$ 297,980
-27.47%
February
950,331
539,521
702,035
1,000,015
5.23%
March
1,344,389
394,057
1,404,775
2,404,790
78.88%
April
2,155,227
810,839
573,921
2,978,711
38.21%
May
3,145,803
990,576
477,751
3,456,462
9.88%
June
3,752,017
606,215
929,543
4,386,004
16.90%
July
4,337,554
585,536
494,283
4,880,288
12.51%
August
5,407,415
1,069,861
September
6,079,591
672,176
October
6,710,843
631,252
November
7,388,870
678,027
December
8,286,526
897,656
*The monthly budget forecast columns are based on a five-year average.
6
Packet Pg. 22
GENERAL FUND DEPARTMENT EXPENSE SUMMARY
I 2.3.a I
CITY OF EDMO NDS
EXPENDITURES - GENERAL FUND - BY DEPARTMENT IN SUMMARY
Title
CITY COUNCIL
OFFICE OF MAYOR
HUMAN RESOURCES
MUNICIPAL COURT
ADMINISTRATIVE SERVICES
CITY ATTORNEY
NON -DEPARTMENTAL
■ZQato) =1go:Ir/lei 9M
SATELLITE OFFICE
COMMUNITY SERVICES✓ECONOMIC DEV.
PLANNING& DEVELOPMENT
HUMAN SERVICES PROGRAM
PARKS& RECREATION
PUBLIC WORKS
FACILITIES MAINTENANCE
2024 Adopted 7/31/2023 7/31/2024 Amount
Budget Expenditures Expenditures Remaining %Spent
$ 479,286 $
249,010 $
293,962 $
185,324
61%
490,875
229,429
249,103
241,772
51%
1,222,438
531,164
706,032
516,406
58%
1,811,176
855,668
999,475
811,701
55%
0
O
O_
2,825,453
1,531,898
1,654,463
1,170,990
59%
1,161,780
534,282
594,507
567,273
51%
R
.O
6,857,495
10,555,304
3,163,393
3,694,102
46%
C
17,478,540
7,971,401
10,188,920
7,289,620
58%
IL
2,
172,105
62,723
84,737
87,368
49%
t
1,162,045
718,488
628,327
533,718
54%
00
4,396,605
2,263,472
2,197,191
2,199,414
50%
320,940
144,476
142,572
178,368
44%
6,520,597
3,206,401
3,393,117
3,127,480
52%
O
4,500,279
2,296,154
2,392,008
2,108,271
53%
CL
2,638,179
2,209,753
1,981,439
656,740
75%
70
$ 52,037,793 $
33,359,621 $
28,669,246 $
23,368,547
55%0
10
C
11
%
t
C
O
a
It
N
O
N
ZI
3
r.+
C
O
E
t
V
!C
a
Packet Pg. 23
GENERAL FUND DEPARTMENT EXPENSE SUMMARY
I 2.3.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%
34,601 257,859 9.99%
36,103 293,962 6.89%
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 $
33,901 $
33,901
-16.42%
February
82,159
41,598
35,511
69,412
-15.52%
March
124,596
42,436
36,798
106,210
-14.76%
April
165,441
40,846
36,154
142,364
-13.95%
May
205,791
40,350
34,804
177,167
-13.91%
June
245,843
40,052
32,377
209,545
-14.76%
July
287,251
41,408
39,558
249,103
-13.28%
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
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. 24 1
I 2.3.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
93,012
619,724
1.63%
July
691,435
81,671
86,308
706,032
2.11%
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
146,775
850,190
1.02%
July
987,720
146,091
149,286
999,475
1.19%
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. 25
GENERAL FUND DEPARTMENT EXPENSE SUMMARY
I 2.3.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
95,126
526,436
9.58%
July
570,789
90,397
101,892
628,327
10.08%
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 $
February
March
April
May
June
July
August
September
October
November
December
288,918 $
523,687
733,695
944,992
1,157,177
1,442,022
1,684,828
1,896,259
2,116,379
2,344,386
2,598,917
2,825,453
288,918 $
234,769
210,008
211,297
212,186
284,845
242,805
211,431
220,121
228,007
254,531
226,536
274,596 $ 274,596
208,739 483,335
217,967 701,302
212,849 914,151
372,263 1,286,415
184,491 1,470,906
183,557 1,654,463
-4.96%
-7.71%
-4.42%
-3.26%
11.17%
2.00%
-1.80%
Administrative Services
!,800,000
1,800,000
1600,000
1:400,000
1,200,000
11000,000
800,000
600,000
.0::
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. 26
I 2.3.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%
80,589 507,955-12.56%
86,552 594,507-12.28%
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
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
1,522,517
8,741,807
6.09%
July
9,689,531
1,449,593
1,447,113
10,188,920
5.15%
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. 27 1
I 2.3.a I
GENERAL FUND DEPARTMENT EXPENSE SUMMARY
City of Edmonds, WA
Monthly Expenditure Summary -Planning & Development
2024
Planning & Development
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
340,178 $
340,178 $
269,177
$ 269,177
-20.87%
February
694,434
354,255
267,692
536,869
-22.69%
March
1,033,937
339,503
393,779
930,649
-9.99%
April
1,394,846
360,909
303,822
1,234,470
-11.50%
May
1,750,281
355,436
318,775
1,553,246
-11.26%
June
2,093,976
343,695
341,020
1,894,266
-9.54%
July
2,468,929
374,953
302,925
2,197,191
-11.01%
August
2,820,106
351,176
September
3,176,611
356,505
October
3,535,290
358,679
November
3,929,353
394,063
December
4,396,605
467,252
City of Edmonds, WA
Monthly Expenditure Summary -Parks & Recreation
2024
Parks & Recreation
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
484,065
2,880,951
-3.48%
July
3,580,661
595,738
512,166
3,393,117
-5.24%
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. 28
GENERAL FUND DEPARTMENT EXPENSE SUMMARY
I 2.3.a I
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
575,626
1,767,646
63.33%
July
1,241,211
158,962
213,793
1,981,439
59.64%
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
260,767
1,616,993
-13.45%
July
2,185,239
316,973
264,710
1,881,703
-13.89%
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. 29
GENERAL FUND DEPARTMENT EXPENSE SUMMARY
I 2.3.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
-3.54%
February
1,489,596
563,569
221,547
1,465,934
-6.64%
March
2,012,000
522,404
285,014
1,750,948
-6.99%
April
2,395,260
383,260
211,983
1,962,932
-4.75%
May
2,923,480
528,220
178,984
2,141,916
-2.70%
June
3,677,256
753,776
824,054
2,965,970
-1.47%
July
4,126,291
449,035
197,423
3,163,393
-2.31%
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. 30
FUND SUMMARIES
I 2.3.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 $
127,788 $
127,788 $
138,032 $
138,032
8.02%
February
255,575
127,788
481,478
619,510
142.40%
March
383,363
127,788
9,472
628,982
64.07%
April
511,151
127,788
2,113
631,095
23.47%
May
638,938
127,788
28,074
659,169
3.17%
June
766,726
127,788
868
660,037
-13.91%
July
894,514
127,788
6,854
666,892
-25.45%
August
1,022,302
127,788
September
1,150,089
127,788
October
1,277,877
127,788
November
1,405,665
127,788
December
1,533,453
127,788
Fund 016 - Building Maintenance Fund
1,200,000
1,100, 000
1,000,000
900,000
800,000
700,000
600,000
#0000-
500,000
400000
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. 31
FUND SUMMARIES
■ 2.3.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
321,623
1,551,544
19.98%
July
1,573,012
279,874
347,663
1,899,207
20.74%
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
90,723
935,972
-6.90%
July
1,131,059
125,740
137,346
1,073,318
-5.11%
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. 32
I 2.3.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
847,725
5,572,402
8.94%
July
6,310,311
1,195,023
1,254,684
6,827,086
8.19%
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
900,416
3,877,215
-25.98%
July
6,385,874
1,148,103
955,142
4,832,357
-24.33%
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. 33
FUND 422 - STORM UTILITY FUND SUMMARY
I 2.3.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 $
672,191 $
672,191 $
542,348
$ 542,348
-19.32%
February
2,111,161
1,438,970
1,169,775
1,712,123
-18.90%
March
2,762,897
651,736
544,143
2,256,265
-18.34%
April
3,296,452
533,555
499,506
2,755,771
-16.40%
May
3,895,946
599,495
551,418
3,307,189
-15.11%
June
4,413,556
517,610
492,629
3,799,818
-13.91%
July
4,999,182
585,625
568,123
4,367,941
-12.63%
August
6,298,086
1,298,904
September
6,894,458
596,373
October
7,448,274
553,816
November
8,506,043
1,057,769
December
9,086,716
580,673
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 $
728,094 $
728,094 $
397,818
$ 397,818
-45.36%
February
2,286,738
1,558,644
457,806
855,625
-62.58%
March
2,992,676
705,938
332,627
1,188,252
-60.29%
April
3,570,604
577,928
372,195
1,560,446
-56.30%
May
4,219,957
649,352
354,257
1,914,703
-54.63%
June
4,780,614
560,658
443,803
2,358,506
-50.67%
July
5,414,944
634,330
427,407
2,785,914
-48.55%
August
6,821,872
1,406,928
September
7,467,843
645,970
October
8,067,717
599,874
November
9,213,457
1,145,740
December
9,842,422
628,965
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 000000,
I,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. 34
FUND 423 - SEWER UTILITY FUND SUMMARY
I 2.3.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
1,340,953
9,500,543
11.32%
July
10,048,029
1,513,948
1,507,137
11,007,681
9.55%
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
1,362,165
7,495,911
-10.79%
July
10,222,675
1,820,538
1,246,323
8,742,234
-14.48%
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. 35
UTILITY EXPENSE SUMMARY
CITY 0FEDMONDS
EXPENDITURES - UTLITY- BY FUND IN SUMMARY
2024 Adopted 7/31/2023 7/31/2024 Amount
Title Budget Expenditures Expenditures Remaining %Spent
WATER UTILITY FUND $ 13,837,584 $
5,131,925 $
4,832,357 $
9,005,228
STORM UTILITY FUND 9,842,422
2,991,356
2,785,914
7,056,508
SEWER/WWTP UTILITY FUND 23,397,507
8,542,895
8,742,234
14,655,273
BOND RESERVE FUND 1,988,830
574,892
556,892
1,431,938
$ 49,066,343 $ 17,241,068 $ 16,917,396 $ 32,148,947 34%
20
Packet Pg. 36
I 2.3.a I
INVESTMENT PORTFOLIO SUMMARY
City of Edmonds Investment Portfolio Detail
As of July 31, 2024
Years
Agency/ Investment Purchase to Par Market Maturity Coupon
Issuer Type Price Maturity Value Value Date Rate
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
1,960,906
0.12
2,000,000
1,995,386
09/13/24
3.50%
Bonds
950,774
0.30
1,000,000
987,113
11/18/24
0.90%
Bonds
207,260
0.34
200,000
197,870
12/01/24
2.10%
CD
245,000
0.41
245,000
245,000
12/27/24
2.47%
Bonds
974,798
0.62
1,000,000
990,955
03/13/25
3.75%
Bonds
1,995,088
0.71
2,000,000
1,986,371
04/17/25
4.25%
Bonds
969,524
0.99
1,000,000
986,829
07/28/25
3.60%
Note
964,597
1.04
1,000,000
983,570
08/15/25
3.13%
Bonds
1,982,692
1.36
2,000,000
1,982,451
12/08/25
4.13%
Bonds
1,994,172
1.51
2,000,000
1,979,393
02/02/26
3.95%
Bonds
993,661
1.98
1,115,000
1,038,695
07/22/26
0.83%
Bonds
2,057,309
2.30
2,305,000
2,144,296
11/17/26
1.15%
CD
2,803,516
3.29
2,803,516
2,803,516
11/15/27
2.96%
TOTAL SECURITIES
18,099,298
1.15
18,668,516
18,321,446
Washington State Local Gov't Investment Pool
TOTAL PORTFOLIO
Issuer Diversification
I First
Financial -
CD, 16%Spokane
Farmer County
Mac, 34% WA, 1%
FFCB, 21%
FHLMC,
11% FHLB, /
11�
52,335,209 52,335,209 Demand 5.41%
$ 71,003,725 $ 70,656,655
Cash and Investment Balances
Checking,
(in $ Millions)
$6.60, 9%
Note,
$1.00, 1%�
Bonds,
414
$14.62 ,
19%
CD's, $3.05�
,4%
i
State LGIP,
$52.34,
67%
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ca
C
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C
LL
L
C
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3
O
Q
O
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C
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It
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O
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3
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21
Packet Pg. 37 1
F 2.3.a I
INVESTMENT PORTFOLIO SUMMARY
$ 2,000, 000
$1,500, 000
$1,236,875
$1,000,000
$500,000
2019
Annual Interest Income
I
$1,6� 2 $1,614,986
$950,684 $1,091,709
J6
2021 2023 YTD 2024
22
Packet Pg. 38
2.4
City Council Agenda Item
Meeting Date: 08/20/2024
State Auditor Office 2023 Entrance Interview
Staff Lead: Kim Dunscombe
Department: Administrative Services
Preparer: Kimberly Dunscombe
Background/History
The 2023 financial audit has officially commenced as of July. This crucial process will help ensure the
accuracy and integrity of our financial statements, as well as our adherence to applicable regulations
and standards. The entrance interview, which marks the initial phase of the audit where the auditors
outline their focus areas and methodologies, is scheduled for August 20th at the Finance Committee.
During this meeting, the auditors will communicate any additional areas of emphasis that go beyond
their standard audit protocols.
Staff Recommendation
State Auditor Office guest presentation.
Narrative
This will commence exactly at 5:30pm. We will be joined by Irina Frolova and Kristina Baylor from the
State Auditor's Office.
Packet Pg. 39