2023-01-31 City Council FIN Special Packet1.
o Agenda
Edmonds City Council
V�jn,.ny�FINANCE COMMITTEE - SPECIAL MEETING
CITY COUNCIL CONFERENCE ROOM
121 - 5TH AVENUE N, EDMONDS, WA 98020
JANUARY 31, 2023, 3:30 PM
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COMMITTEE MEMBERS: DIANE BUCKSHNIS (CHAIR), WILL CHEN, COUNCIL PRESIDENT (EX-OFFICIO
MEMBER)
CALL TO ORDER
COMMITTEE BUSINESS
1. Risk Management Policy (10 min)
2. ERP and OpenGov Budget Update (20 min)
3. Impact of the 2023 Budget on the Strategic Outlook (15 min)
4. Leak Adjustment Policy (10 min)
5. November Monthly Report (10 min)
ADJOURNMENT: 5:00 PM
Edmonds City Council Agenda
January 31, 2023
Page 1
2.1
City Council Agenda Item
Meeting Date: 01/31/2023
Risk Management Policy
Staff Lead: Dave Turley
Department: Administrative Services
Preparer: Dave Turley
Background/History
The City does not have a formal Risk Management Policy approved. This draft policy was brought to
Finance Committee for review on September 13, 2022. It was tentatively approved, pending
confirmation that it had also been reviewed and approved by the city attorney.
Staff Recommendation
For review and discussion. We would like approval tonight from the Finance Committee to place this on
a future consent agenda for approval by full council.
N/A
Attachments:
Risk Management Policy_Draft
Packet Pg. 2
2.1.a
City of Edmonds
RISK MANAGEMENT POLICIES
1.0 STATEMENT OF PURPOSE
The mission of the Risk Management function of the City of Edmonds is to
minimize the cost of risk and to maximize protection of City employees and its
assets. The Risk Management Program at the City of Edmonds establishes a
coordinated program for the processing, adjudication and determination of claim
and litigation against the City, its elected officials, officers, and employees.
2.0 RISK MANAGEMENT PROGRAM
The Risk Management Program shall be included in the City of Edmonds
Human Resource Department.
3.0 MANAGEMENT AND CONTROL OF THE RISK MANAGEMENT PROGRAM
• The management and control of the City's Risk Management Program
shall be the function of the Risk Manager.
• The Risk Manager shall have authority to establish rules and
procedures consistent with Council policy to ensure the safety and
well-being of employees and the public while on or using City property.
• These rules shall be drawn to aid in keeping the City's liability to a
minimum and premiums for insurance as low as possible consistent
with the insurance requirements and the exposures insured.
• The Risk Management Program shall be established as part of the
function of the Human Resources department, under control of the
department Director with the Administrative Service Director serving as
the alternate in the absence of the Human Resources Director.
• The City Safety & Disaster Coordinator shall be assigned to the
Department of Human Resources.
• The City Attorney shall serve as the legal advisor to Risk Management
1036=11,11111*1
• The Risk Manager shall be responsible for reviewing, assessing and
controlling the exposures to City employees, property and the general
public.
• The Risk Manager shall identify and analyze risks to the City and make
recommendations to the Mayor and City Council regarding insurance
coverage's, reserves, Self -insured retention (SIR) levels, loss
prevention, and general risk issues.
• The Risk Manager shall review the City's loss reports and annual Risk
Pool report annually with the City Council.
Created September 2022
Page 1
Risk Management Policy
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2.1.a
4.0 SAFETY AND LOSS PREVENTION
Safety and Loss Prevention Policies and Procedures shall be maintained by the
Risk Manager.
• All mandated trainings shall be maintained by the Safety and Disaster
Coordinator and approved by the Risk Manager.
• Policies and procedures will be reviewed and updated to ensure
compliance.
5.0 INSURANCE POLICIES
Liability and property policies will be maintained by the Human Resources
department. Copies of all Certificates of Insurance certificates issued on behalf
of the City shall be maintained by the Human Resources department.
I:- 1=Z1xd07:711.1
• Complete and accurate records regarding all claims against or by the
City shall be maintained by the Human Resources department.
• Files shall include but are not limited to claimants name, address,
description of claim and determination.
• Loss Runs shall be maintained prepared and available at least once
per year or as needed.
7.0 CLAIMS AND LITIGATION
The Risk Manager shall be the main point of contact with the City's Risk Pool
for all claims and litigation.
8.0 RISK EVALUATION COMMITTEE
• The Risk Manager and the City Attorney shall meet as needed to
review claims and litigation.
• The City Council shall be updated on large claims, or those with the
potential of litigation.
9.0 SETTLEMENT FUND
• A fund for small claim settlement of those claims not covered by the
City's insurance through the Risk Pool and for immediate claims
expenses and costs shall be established in the budget.
• Payments drawn on the account will require the authorization of these
positions:
1. Risk Manager
2. City Attorney
• The balance of the fund shall be $25,000 with no draft drawn on the
account in excess of $5,000.
Created September 2022 Page 2 Risk Management Policy
Packet Pg. 4
2.1.a
10.0 PLACEMENT OF INSURANCE
The Risk Manager may engage one or more Consultant/Broker(s) to assist and
advise the City in the placement of insurance for those losses not covered by
insurance through the risk pool and other lines as deemed appropriate by the
Risk Manager.
Insurance carried by the City shall be obtained through negotiations
directed by the Consult/Broker or the Risk Manager and when deemed
necessary and to the best interests of the City, by competitive process
solicited by the Consult/Broker or the Risk Manager and shall be
awarded to the insurance agents and/or companies who agree to
furnish the coverage required at the lowest and best price consistent
with good service and security.
11.0 AUTHORIZED INSURANCE
The coverages set forth below are intended as guidelines to the Risk Manager.
The following insurance may be carried in accordance with applicable rules and
regulations.
• Fire insurance covering all buildings owned or occupied by the City in
amounts as recommended by the Risk Manager or Risk Pool.
• Comprehensive liability insurance covering elected City officials, the
City's officers, agents and employees while acting in the discharge of
their duties within the scope of their employment and/or under the
direction of the City.
• Fidelity bonds protecting the members of the Council against loss
occasioned by fraud or dishonesty of officers and employees of the
City.
• Workers' Compensation insurance covering all employees of the City,
in accordance with the laws of the State of Washington governing
Workers' Compensation.
• Casualty, fire and theft insurance covering City property.
• Burglary and robbery insurance covering City property.
• Boiler and pressure vessel property damage insurance covering steel
boilers and other pressure vessels and property limits deemed
sufficient by the Risk Manager and Risk Pool.
• Underground and Above Ground Storage Tank coverage.
• Any other insurance coverage deemed appropriate such as inland
marine, money and securities, performance bonds or as the Council
may authorize.
Created September 2022
Page 3
Risk Management Policy
i�
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2.1.a
12.0 INSURABLE VALUE — BUILDINGS AND CONTENTS
• The insurable value of a building shall be defined as the replacement
cost of the building less the non insurable items set forth in the City's
property insurance forms.
• The term "contents" as used in connection with insurance shall be
defined to include all personal property not specifically excluded by the
terms of the standard form for fire insurance policies. The valuation of
contents, for insurance purposes, shall be the full replacement cost or
the actual cash value of the insured property.
• Uninsured property normally is defined as that which cannot be
replaced after a loss by standard fire/EC policies. Personal property
brought on work sites by employees usually is not insured. Verifiable
losses of uninsured property may be replaced or repaired using actual
cash value.
• Acquisition of property (real and personal) will be reported to Risk
Management each year. The statement of values with insurance
carriers will be updated as required by the Risk Pool and carriers as
necessary. Acquisition of larger parcels of improved real property will
be reported to Risk Management upon acquisition. Disposition of real
and personal property will be updated annually with the Risk Pool and
carriers as necessary.
13.0 LIABILITY CLAIM MANAGEMENT
• All claims against the City require a notarized claim form to be filed
with the City Clerk. Upon receipt, the City Clerk shall forward the claim
to the designated employee who will submit the claim to the Risk Pool
and contact named departments for additional information.
• All investigative materials will be forwarded to the Risk Manager.
Should insurance carriers be involved, the Risk Manager shall notify
those companies.
Claims will be managed on a "need -to -know" basis. City officials and
employees that are involved or need to be involved in the claim will be
notified. The City Attorney will be notified of all claims that involve
bodily injury or death.
14.0 SETTLEMENT OF LOSSES
Risk Manager shall have the authority to settle small claims, not to
exceed $5,000 that are not covered by the City's insurance
coverage through the Risk Pool.
Claims will be reviewed with the City Attorney.
Claims made for more than $5,000 will be brought forward to the
City Council Finance Committee for review.
Created September 2022
Page 4
Risk Management Policy
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2.1.a
15.0 PROPERTY LOSS REPORTING
Although most property losses are not insured, a property loss reporting system
enables the gathering of loss data that helps determine the following:
• Property insurance deductibles
• Budget line items for replacement of uninsured losses.
• Property inventory updates
Property losses that should NOT be reported under this procedure are:
• Vehicular accident damages that were reported under Section 13.4 —
Automobile/Equipment Accident
• Routine losses that are budgeted by Departments and where a loss
accounting system is already in use. Examples would be vandalized
signs, picnic tables, turf damage at parks, etc.
• Routine wear and tear of equipment or machinery
Property losses that should be reported under this procedure are:
THEFT: Any theft of City owned property. All thefts must be reported to
the law enforcement agency having jurisdiction.
• VANDALISM: Any vandalism that is not a routine budgeted loss
• FIRE: Any property loss that occurs as a result of fire, flood,
earthquake, windstorm, explosion or act of God.
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16.0 RISK RESERVE FUND
The Risk Reserve Fund as established by Ordinance 3891 shall be
expended for the administration, settlement, allocated expense of
claims brought against the City, its officers, agents, commissioners and
employees that are not covered by the City's insurance coverages
either through the Risk Pool or through the purchase of additional
coverages.
An account will exist to pay small claims not covered by insurance
coverage through the Risk Pool or through purchased additional
policies. The account balance will be maintained at $25,000. Drafts
drawn on that account will require the authorization of: the Risk
Manager; and that of the City Attorney. Budget amendments will be
submitted as needed in order to maintain the Risk Fund to the
maximum level established.
Departments may be charged for payments made from the Risk
Reserve fund as deemed appropriate by the Director of Administrative
Services.
Created September 2022
Page 5
Risk Management Policy
Packet Pg. 7
2.1.a
17.0 RISK RESERVE FUND CONTROLS
• The Risk Reserve Fund will require two (2) authorizations.
1. Risk Manager
2. City Attorney
• Each claim payment shall include an authorization signed by the two
(2) above listed position. The authorization shall be presented as the
means to initiate payment. A copy of each authorization shall be by the
Human Resources and Risk Management Department.
• A full Release of Damages shall be secured from the claimant(s) prior
to making payment.
• The Release of Damages and the payment authorization shall become
part of the permanent claims record.
• All payments made to claimants shall be through the City's Department
of Administrative Services.
Created September 2022 Page 6 Risk Management Policy
Packet Pg. 8
2.2
City Council Agenda Item
Meeting Date: 01/31/2023
ERP and OpenGov Budget Update
Staff Lead: Megan Menkveld
Department: Administrative Services
Preparer: Megan Menkveld
Background/History
In Spring 2022 the City of Edmonds signed a contract for OpenGov Budget software -as -a -service. Since
then the Administrative Services department has been working with OpenGov toward implementation.
Staff Recommendation
<Type or insert text here>
Narrative
This is an update on the OpenGov Budget project and brief update on the ERP Selection project.
Attachments:
January 2023 Finance Committee
Packet Pg. 9
ERP Selection &
OpenGov Budget Update
ERP Selection Update
1. Project is on -hold
2. Eden sunset in 2027
Packet Pg. 11
enGov Budget
Budget Configuration is Complete
Currently working through the online budget book
Interfacing with Eden is next, concurrent with #2.
Training — City Wide
PROJECT COMPLETION: APRIL 2023
Online Budget Book
1. Template/Page Creation
2. Department Participation
3. Editing and Review
Packet Pg. 13
Training Hours
Budget and Planning: Administrators
Budget and Planning: lasers
orkforce Planning
ipital Planning & Online Budget Book
kmmunication: Administrators
)mmunicatio n: Users
Sporting & Transparency: Administrators
reporting & Transparency: Users
Open Town Hall
TOTAL
E ntity Reporting E ntity
5
1 1
5.5
0.5 0.5
2.5
1 1
2
19 5.5 5.5
Packet Pg. 14
OpenGov University
First Marne:
Last Name:
Title:
Role:
Hours:
Megan
Menkveld
Deputy Director Ad
Entity (?) or Reportin
19
Debra
Sharp
Accountant
Entity Administrator
19
Dave
Turley
Director ofAdminis
Entity Administrator
19
Mark
Cockrum
Information Systerr
Entity User
5.5
Todd
Cort
Recreation SuperviE
Entity User
5.5
Julie
Espinoza
Court Clerk
Entity User
5.5
Brett
Gehrke
Public Works
Entity User
5.5
Dori
Jacobson
Accounting Speciali
Entity User
5.5
Kristin
Johns
Building Permit Coo
Entity User
5.5
Denise
Nelson
Development Servi
Entity User
5.5
Lori
Palmer
Accounting Speciali
Entity User
5.5
Carl
Rugg
Fleet Mechanic
Entity User
5.5
Thom
Sullivan
Facilities Manager
Entity User
5.5
Mike
Adams
Fleet Manager
Repor-LingAdministrz
5.5
Michelle
Bennett
Police Chief
Reporting Administrz
5.5
Leif
Bjorback
Building Official
Re po rti ng Ad mi nistrz5.5
Shannon
Burley
Deputy Director of
Reporting Administrz
5.5
Marissa
Cain
Accountant
Reporting Administrz
5.5
Frances
Chapin
Cultural Services M
Reporting Administrz
5.5
Michael
Derrick
VVV TP Program Ad
Reporting Administrj
5.5
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
Alexandra
Ehlert
Police Admin
Reporting Administr
5.5
Robert
English
Interim Director Pu
ReportingAdministr
5.5
Angie
Feser
Director Parks Depi
Reporting Administrz
5.5
Ross
Hahn
WV TP Manager
Reporting Administrz
5.5
Carrie
Haslam
Executive Assistant
Reporting Administrz
5.5
Carolyn
LaFave
Executive Assistant
Reporting Administrz
5.5
Kernen
Lien
Environmental ProE
Reporting Administrz
5.5
Megan
Luttrell
Program Coordinat
Reporting Administrz
5.5
Sarah
Mager
Accountant
Re po rti ng Administrz5.5
Michelle
Martin
Administrative Assi!
Re pc rti ng Administrz
5.5
Uneek
Maylor
CourLAdministratoi
RepertingAdministrz
5.5
Susan
McLaughlin
Director of Develop
RepertingAdministrz
5.5
Tod
Moles
Street/Storm Manaj
Reporting Administrz
5.5
Royce
Napolitino
Executive Assistant
Reporting Administrz
5.5
Jessica
Neill Hoyson
Director Human Re
Reporting Administrz
5.5
Scott
Passey
City Clerk
Reporting Administrz
5.5
Pamela
Randolph
WWTP Manager
Reporting Administrz
5.5
Whitney
Rivera
Pro-Tem Judge
RepertingAdministrz
5.5
Brian
Tuley
Information Systerr
ReportingAdministrz
5.5
Emily
Wagener
Human Resources
Reporting Administrj
5.5
2.3
City Council Agenda Item
Meeting Date: 01/31/2023
Impact of the 2023 Budget on the Strategic Outlook
Staff Lead: Dave Turley
Department: Administrative Services
Preparer: Dave Turley
Background/History
Council requested that this be placed on tonight's agenda for discussion. Prior to the meeting, the final
Adopted Budget, which includes the Strategic Outlook, will be made available to council members and
the public.
Staff Recommendation
No presentation or recommendation by staff. Discussion only.
N/A
Packet Pg. 16
2.4
City Council Agenda Item
Meeting Date: 01/31/2023
Leak Adjustment Policy
Staff Lead: Dave Turley
Department: Administrative Services
Preparer: Dave Turley
Background/History
The City's Leak Adjustment policy was last updated over 10 years ago. It is somewhat confusing and
does not allow for a payment plan after an adjustment was made. This policy was discussed in Finance
Committee in 2022, and several suggestions were made by Council on ways to improve the policy. We
would like to discuss the final policy with Council's suggestions implemented tonight.
Staff Recommendation
Approval of policy and recommend to place on Consent Agenda at a future meeting for full council
approval.
Narrative
N/A
Attachments:
Leak Adjustment Policy_Updated 2023
Policy Update - Leak Adjustments January 312023
Packet Pg. 17
2.4.a
CITY OF EDMONDS
121 51" Avenue North, Edmonds, WA 98020
(425) 771-0240 1 www.edmondswa.gov
MIKE NELSON, MAYOR
CITY OF EDMONDS
LEAK ADJUSTMENT POLICY
(Revised 01/2023)
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Leak adjustments are NOT available for leaks occurring within a residential or commercial structure where the
amount of the adjustment would have otherwise been less than $50 per billing. Also, adjustments are only
available in instances where water consumption is more than 20% greater than the same period in the previous
three years.
1. To qualify for a leak adjustment the:
a) Customer must satisfactorily demonstrate the leak was caused by unusual circumstances beyond the
customer's control; and
b) Must take action to repair the leak within thirty 30 days of when the customer discovers or is notified
of the leak; and
c) Complete a City application form, accompanied by a copy of the finalized water service line permit if
required, and submit it to the City of Edmonds Water Billing Department within 90 days of the repair.
If the repair is exempt from permit, a signature is required from the City of Edmonds Development
Services Department or the Administrative Services Department indicating a permit was not required.
2. Only one leak adjustment per customer will be granted in any three year period.
Adjustments exceeding $500 require approval by the Finance Director, Public Works Director, or their
designee.
4. If the final bill is more than $1,000 the customer has the option to repay that billing in equal installments of
up to 12 months at 0% interest.
5. A leak adjustment credit shall be calculated as follows:
a. The average consumption for the same period during the previous three years to be charged at the
City's retail rate, plus the excess consumption to be charged at the City's wholesale rate.
b. If the adjustment is for a commercial account that is billed for sewer service based on water
consumption, the City will also adjust the sewer portion based on the same calculations.
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Proposed Updates to Leak Adjustment Policy
January 31, 2023 E
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What is a Leak Adjustment?
Occasionally a water customer will discover that their plumbing has a leak. This will cause higher water
usage and a higher water bill. If caught quickly, the additional cost may only be a few hundred dollars more
than normal. Sometimes a leak may be large and go undetected for several weeks, causing the loss of large
amounts of water and increases to the customer's water bill of several thousand dollars. The City could just
charge the full amount, but we have tried to provide a way to mitigate this unexpected cost.
Our current policy is confusing and does not provide for a payment plan after an adjustment is made. The
new policy is easier to understand and compute, provides a reasonable reduction in the amount of water
the customer will be charged for, and provides for a payment plan.
Ot F.Dj, t
Packet Pg. 20
Current State:
Under the current policy the customer has to show that they took reasonable steps to fix the leak as soon as it was
discovered. Subject to meeting certain requirements, the City will do the following:
• Compute what their average bill has been and charge them that, then
• Forgive up to $1,000 of the excess, then
• Take the remainder and bill that amount to them at wholesale, then
• Add a 15% administration fee to the wholesale amount.
Proposal:
Under the proposed policy the customer still has to show that they took reasonable steps to fix the leak as soon as it was
discovered. Subject to meeting certain requirements, the City will do the following:
• Compute what their average bill has been for the same period during the previous three years and charge them that
usage at retail (currently $4.23 per unit), then
• Take the remainder and charge that amount to them at wholesale (currently $1.50 per unit).
• If the final bill is more than $1,000 the customer will have the option of paying the bill in equal installments of up to
12 months at 0% interest.
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2.5
City Council Agenda Item
Meeting Date: 01/31/2023
November Monthly Report
Staff Lead: Dave Turley
Department: Administrative Services
Preparer: Dave Turley
Background/History
Monthly finance report.
Staff Recommendation
For review and discussion.
Narrative
N/A
Attachments:
Finance Committee Mtg 01_31
Packet Pg. 22
November 2022 Monthly Financial Report
January 31, 2023
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General Fund Revenues for 11 months ended November 30
are $87,793 behind budget (2/10 of 1%)
General Fund
CUFnLIIaIiVC'
Monthly
YTD
Variance
Budget Forecast
Budget Forecast
Actuals
%
January $
February
March
April
May
June
Judy
August
September
October
November
December
2,504,390 $
4,952,844
7,433,841
10,592,238
19,497,731
22,094,674
24,642,914
27,281,283
29,678,983
33,756,809
42,396,838
44,986,484
2,504,390
2,448,454
2,480,997
3,158,396
8,905,494
2,596,943
2,548,239
2,618,369
2,397,701
4,077,826
8,640,029
2,589,646
$ 2,186,816
4,606,889
7,290,787
10,347,043
19,290,212
21,853,449
24,106,033
27,906,495
30,545,883
33,386,077
42,309,045
-12.68%
_6.9a%
-L92%
-2.31%
_L06%
-1.0996
-2.189�
2.29%
2.92%
-1.1096
-0.2196
General Fund
45.000.000
40000000
35.000.000
30.000. 000
`'5.000.000
20.000. 000 �
15.000.000
10.000.000 -
5.000.000
� T
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOVDEC
-Current Year -Budget Prior Year
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General Fund Spending for 11 months ended November 30
is $3,897,424 under budget
General Fund
Cumulative Monthly YTD Variance
Budget Forecast Budget Forecast Actuais %
January $
Feb ra ary
M-Orch
April
May
June
July
August
September
Oc to her
November
Dec€m beft r
5,399,107 $
9,322,929
13,595,543
17,33.6,584
21,3d4,446
26,228,329
30,401,954
34,3 51, 240
38,525,505
43,098,529
47,899,411
52,919,589
5,399,107
3,923,721
4,272,716
3,741,040
-1,967,862
4,923,883
4,17 3,626
3,949,285
4,174,266
4,573,023
4,900,883
5,020,178
d,585,579
8,118, 010
11,949,976
15,453,486
19,128.,482
23,484,941
27,d97,84S
30,839,095
34,679,613
39,7S7,475
44,001,987
-15.07%
-12.92%
-12.10%
-10.86%
-10.21%
-10.46%
-10.87%
-10.23%
-9,98%
-10.07%
-8.14 %
General Fund
55_DOD,DDO
50000,000
5.404,ODQ
QaQ,000
35 _Q OG, ODO
30.000,DDQ
75 _Q 00, DDO
?D_Q Q4, DDQ -
15.004, D0Q
1D_0O0,DDO
5.000-OW
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JAN FEB 1rL4R A;R NLAY 7UN JUL AUG SEP GC'T NO)' DEC
+Current Year -Budget PnorYear
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Sales Tax Revenues for 11 months ended November 30
are $872,971 ahead of last year, and $1,161,668 ahead of budget
nle- -md Use Tax
' Cumulative Monthly YTD Variance
Budget Far-Ecast Budget Forecast Actuals %
January
763.651 $
763,G51
S 857,872
Februarys
1.704,609
940,959
1,853,000
A arch
2.420,254
715,646
2,666,2543
Aprif
3.074, 639
6 S 4,384
3,469,412
May
3.893,081
819,442
4.493,34-9
June
4.672.507
779,426
5,402,133
juiyt
5,523,403
850,8436
6,337,518
August
6,4343,084
915,680
7,348,080
September
7,293.649
854,565
8,300,315
October
8,203,996
910,347
9,300,633
NovernbEr
9,1343,425
935,429
10,301,093
Amember
10,000,000
860,575
12.34%
S_ 71%
10.16%
12.94 %
15.IGM
15.62 %
14.74%
14.12%
13.aO%
13.37%
12.71%
11,000,00G
10,000,000
9-000.000
I�ODQ004
7,000.000
(XOOQ000
5,00Q0w
4,000.000
�,00Q000
Z000,000
L00Q000
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Sales Tax Revenues for 12 months ended November 30, by Category
Construction Trade,
1,604,295
Accommodation,
49,495
Clothing and
Accessories, $355,022.
Comminications,
2.2.0-890
-Wholesale Trade-
S324,5D1
Sales Tax Analysis By Category
Current Period: November 2022
Year -to -Date
Total S10,01109
Automotive Repair,
SM' 199
Health& Personal\
Care, S63,4DO
Mis c letaiL
1,930,800
Aunsearnt &
recreation, $69-2.13
Susiaess Services,
$1,082,671
a--
Others -S294,969
Gasoline, W0
Retail Food Stores.
IN $331,557
retain Automotive,
a- $2-485-889
M.mufacturM- g-
Eating Sz Brin1dug, $118-616
$1,156,514
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Real Estate Excise Tax Revenues for 11 months ended November 30
are under budget by $726,225 (partly due to an accounting change)
Real estate Emcise Tax 1 & 2
Cumulative Monthly YTD Variance
Budget Forecast Budget Forecast Actuals %
January � 376,007
February
604,457
A40rrt4
942,203
April
1,215,412
May
1,570,915
June
1,942,927
July
2,344,931
August
2,781,982
September
3,225,577
Dctaber
3,626.122
NDverrrber
4.01.9,664
December
4,404,000
$ 376,007 S 135.SOa -63-96%
228,050
377,997
-37-42%
338,145
5S1,S31
-41-46%
273,209
923,535
-24-01%
355,503
1,301,746
-17-13%
372,012
1,703,080
-12-34%
401,904
2,043,169
-12-96%
437,151
2,333,624
-16-12%
443,595
2,664,145
-17-41%
400,545
3,011,093
-16.95%
392,542
3,292,409
-18-07%
381,336
Real E5tate Exche T-ax 1 & ?
5.544J-VJJ
4-500-000
4-000-OW
3-SOQ�Od
3.000_
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Real Estate Excise Tax Revenues from 2010 - 2022
BEET - 010-2021 Actua lr 2022 Projected
S5,500,000
S5,000,000
54,500,000
54,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
1
S1,000,000
2010 2011 2012 2013 2014
2015 2016 2017 2018 2019 2020 2021 2022
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Noteworthy items:
• Page 4 & 19 — REET revenues are down a total of $(1,366,957) from last year. The decrease for property taxes and
REET is due in part to us having to back the December 2021 SnoCo deposit out of period 12022 and into period
12 of 2021. Since these reports are cash basis, that adjustment affected it whereas our year-end accruals don't
affect this report. It will be the same for the monthly report until December of 2022, and then next year won't be
affected by this. The entry that backed these revenues out of January 2022, decreased REET by $(242,395).
• Page 21— Gas Utility Tax is up $60,705 from last year.
• Page 21— Telephone Utility Tax is down $(74,613) from last year. This is also due in part to timing differences of
when payments for October (we receive the payments for October in November) were recorded. Most of the
October payments were recorded in December.
• Page 22 —Building Structure Permits are up $72,055 from last year. Development Services revenues overall are up
a total of $115,493 from last year.
• Page 22 — Parks & Recreation Program Fees are up $164,975 from last year.
• Page 23 - Total Interest Earnings for all funds are up a total of $138,425 from last year.
• Page 23 — We have received $250,493 more in interest with the LGIP from this point in time last year. And we
have received $199,054 more in interest with the SCIP from this point in time last year.
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Thank you.
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