Finance Committee Meeting

Agenda City of Ocean Shores Finance Committee Meeting Join Zoom Meeting Online Click Here Join Zoom Meeting by Phone Phone Number: 1.253.215.8782 Meeting ID: 845 5745 1488 Passcode: 607880 Thursday Ocean Shores Library April 24, 2025 573 Point Brown Ave NW 5:00PM Ocean Shores, Washington Page Call to Order Financials 2 - 10 1. 2025 March Financial Update  Led by: Finance Director, Sara D. Logan 2. Cost Allocation Update  Led by: Finance Director, Sara D. Logan 3. Revenue and Expense Fund Cleanup Project  Led by: Finance Director, Sara D. Logan 2019-2020/2021-2022/2023-2024 Revenue and Expense Documentation Future Meeting Date 4. Thursday, May 22, 2025 at 5:00 PM in the Ocean Shores Library Meeting Room. Adjourn _________________________________________________________ Public Notice:  Persons requiring auxiliary aids or special arrangements in order to participate in meetings should call 360.940.7498 at least two business days prior to the scheduled meeting. Page 1 of 10  City of Ocean Shores March 2025 - Executive and General Fund Summaries City of Ocean Shores 800 Anchor Ave NW Ocean Shores, Washington 98569 360-289-2488 1. 2025 March Financial Update Led by: Finance Director, Sara D. Logan Page 2 of 10  This Page Intentionally Left Blank. 1. 2025 March Financial Update Led by: Finance Director, Sara D. Logan Page 3 of 10  City of Ocean Shores March 2025 Executive Summary Narrative During the first quarter of each year we make a number of "annual" payments that impact the comparison of actual to budget performa The payments cover insurance, and annual membership dues to state, county and local groups. Two of our main tax revenues are very cyclical. The bulk of our property taxes are paid to us primarily in May/June and Nov/Dec. This affects the General Fund (001) and EMS fund (104). The majority of our Hotel/Motel taxes are collected between July and November. This affects the Hotel/Motel fund (105). The following schedule indicates what our actual cash figures would look like if we "biennialized" the one-time "annual" expenses and t It also shows the revenue adjustments to equalize fluctuations in property and hotel/motel tax receipts. It only shows the operating funds that are affected by these items. It will help to explain many of those situations where our actual reven more or less than planned and our expenses are more than planned throughout the biennium. 2025 Adjusted Performance for Selected Funds March Target is 12.5% (03/24 months) Revenue adjustments to equalize fluctuations in property tax and hotel/motel tax receipts Expense adjustments to biennialize one time payments and transfers made in the first quarter of each year Budgeted BTD % of Budgeted BTD % of Fund Description Revenues Revenues Total Expenses Expenses Total 001 Legislative $ 253,200 $ 15,753 6.22% 001 Executive $ 853,514 $ 91,371 10.71% 001 City Hall $ 3,450,294 $ 1,399,359 40.56% 001 Fire $ 2,726,445 $ 332,448 12.19% 001 Municipal Vehicles $ 1,146,454 $ 178,125 15.54% 001 Planning $ 855,595 $ 126,795 14.82% 001 Total General Fund $ 24,024,940 $ 2,286,374 9.52% $ 25,266,528 $ 3,932,895 15.57% 101 Streets $ 1,655,837 $ 202,966 12.26% $ 1,740,817 $ 166,303 9.55% 104 EMS $ 9,731,429 $ 895,400 9.20% $ 9,815,629 $ 1,225,439 12.48% 105 Hotel-Motel Tax $ 2,424,400 $ 208,008 8.58% $ 3,024,638 $ 378,081 12.50% 106 Convention Center $ 3,958,976 $ 475,777 12.02% $ 3,965,739 $ 753,127 18.99% 434 Water $ 8,743,100 $ 1,049,931 12.01% $ 9,009,274 $ 1,235,089 13.71% 435 Sewer $ 5,592,305 $ 665,842 11.91% $ 6,434,806 $ 875,185 13.60% 438 Storm $ 3,310,000 $ 581,698 17.57% $ 2,969,613 $ 254,105 8.56% 439 Sh Utility $ 1,063,100 $ 133,974 12.60% $ 981,784 $ 192,171 19.57% 504 Severance $ 833,400 $ 98,247 11.79% $ 827,000 $ (8,714) -1.05% Year to Date Comparison to 2024 Year to Date Comparison to 2023 2025 2024 % Change 2025 2023 % Change Property Taxes- GF $ 76,589 $ 86,188 -11% Property Taxes-GF $ 76,589 $ 80,354 -5% Sales Taxes $ 397,959 $ 386,107 3% Sales Taxes $ 397,959 $ 383,087 4% Utility Taxes $ 463,470 $ 440,151 5% Utility Taxes $ 463,470 $ 478,355 -3% Building Permits $ 186,987 $ 167,220 12% Building Permits $ 186,987 $ 158,684 18% Hotel/Motel Taxes $ 201,661 $ 179,504 12% Hotel/Motel Taxes $ 201,661 $ 226,001 -11% Real Estate Excise Tax $ 66,583 $ 71,488 -7% Real Estate Excise Tax $ 66,583 $ 72,679 -8% Gasoline Taxes $ 27,298 $ 30,414 -10% Gasoline Taxes $ 27,298 $ 30,363 -10% March.25 Exec Narr MAR25 4/14/2025 1. 2025 March Financial Update Led by: Finance Director, Sara D. Logan Page 4 of 10  City of Ocean Shores Monthly Cash Activity Summary - Per Actuals March 2025 Financial Report MTD Fund Description MTD Beg Balance MTD Revenues Ending Balance Expenditures 001 GENERAL FUND 2,816,530.79 902,980.98 1,268,892.94 2,450,618.83 002 CONTINGENCY FUND 352,365.37 0.00 0.00 352,365.37 003 CUMULATIVE RESERVE - ARPA 719,099.74 2,506.36 8,788.75 712,817.35 101 STREETS 34,076.31 65,654.17 59,025.24 40,705.24 102 GOLF COURSE 47,270.60 9,000.00 17,168.11 39,102.49 103 STREET RESERVE 332,140.01 1,157.64 0.00 333,297.65 104 EMERGENCY CARE 1,343,468.91 319,405.76 350,080.18 1,312,794.49 105 HOTEL-MOTEL TAX 567,232.50 73,160.09 126,027.00 514,365.59 106 CONVENTION/TOURISM & CATERING 433,070.88 169,750.96 451,488.08 151,333.76 107 CONFISCATED PROPERTY FUND 4,721.73 0.00 0.00 4,721.73 110 EQUIPMENT RESERVE 240,259.94 837.40 0.00 241,097.34 112 BOATING SAFETY 52,355.06 1,667.00 0.00 54,022.06 114 REPAIR & DEMOLITION 87,183.64 0.00 0.00 87,183.64 117 LID ADMINISTRATIVE COST 1,555,592.54 15,968.88 7,393.18 1,564,168.24 202 GO FIRE BOND REDEMPTION 74,979.92 32,482.00 0.00 107,461.92 206 GO CONV CENTER BOND REDEMPTION 499,146.39 57,346.76 0.00 556,493.15 213 LID BOND GUARANTY 212,118.71 739.32 10,527.00 202,331.03 214 LID 07-01 BOND REDEMPTION 107,316.02 25,736.22 0.00 133,052.24 301 CAPITAL IMPROVEMENT 1,908,506.37 87,333.90 113,860.34 1,881,979.93 320 WATER CAPITAL REPLACEMENT FUND 4,800,447.18 96,939.52 0.00 4,897,386.70 330 SEWER CAPITAL REPLACEMENT FUND 591,761.87 2,062.53 0.00 593,824.40 350 CONVENTION CENTER CAP IMPROVMT 1,109,627.96 39,284.51 0.00 1,148,912.47 373 FAA AIRPORT IMPROVEMENTS 70,842.63 0.00 0.00 70,842.63 406 MITIGATION LAND BANK 441,183.29 1,537.70 2,917.00 439,803.99 407 WATER-ARRA LOAD 28,398.27 12,826.00 0.00 41,224.27 408 WATER-CTED LOAD 16,954.88 7,495.00 0.00 24,449.88 409 W/S REVENUE BOND REDEMPTION 29,721.98 13,883.00 0.00 43,604.98 412 LID 95-01 BOND REDEMPTION 838.10 0.00 20.00 818.10 415 GO WATER/SEWER BOND REDEMPTION 48,042.95 174.60 3,013.00 45,204.55 417 LID 98-01 BOND REDEMPTION 7,969.92 0.00 0.00 7,969.92 420 WATER CAPITAL IMPROVEMENT FUND 1,839,306.13 34,991.74 20,321.00 1,853,976.87 430 SEWER CAPITAL IMPROVEMENT FUND 628,121.56 7,408.26 0.00 635,529.82 434 WATER UTILITY OPERATIONS 1,017,611.72 330,923.28 401,078.04 947,456.96 435 SEWER UTILITY OPERATIONS 1,088,349.79 205,442.30 137,163.30 1,156,628.79 438 STORM DRAIN UTILITY OPERATIONS 2,435,145.37 242,779.47 89,057.44 2,588,867.40 439 SHARED UTILITY FUND 40,390.16 45,412.95 48,051.52 37,751.59 503 UNEMPLOYMENT COMPENSATION FUND 180,906.61 2,301.40 0.00 183,208.01 504 SELF INSURANCE FUND 437,859.22 32,913.02 -15,841.03 486,613.27 621 AVIATION SCHOLARSHIP TRUST 1,842.13 0.45 0.00 1,842.58 622 MUNICIPAL COURT TRUST 19,309.99 9,361.65 12,074.80 16,596.84 632 CLAIMS CLEARING 831,796.77 2,504,214.04 2,744,042.21 591,968.60 633 TREASURER'S CLEARING 4,764.64 859.42 249.00 5,375.06 634 TRANSPORT BENEFIT DISTRICT-TBD 2,231,059.85 37,489.83 0.00 2,268,549.68 TOTAL ALL FUNDS $ 29,289,688.40 $ 5,394,028.11 $ 5,855,397.10 $ 28,828,319.41 1. 2025 March Financial Update Led by: Finance Director, Sara D. Logan Page 5 of 10  City of Ocean Shores All Fund Summary - Biennium Budget vs BTD Actuals March 2025 Financial Report 2025-2026 2025-2026 Fund Description BTD Revenues % of Total BTD Expenditures % of Total Revenues Appropriations 001 GENERAL FUND 24,024,939.72 2,286,373.61 9.52% 25,266,527.86 3,932,894.77 15.57% 002 CONTINGENCY FUND 0.00 0.00 0.00 0.00 003 CUMULATIVE RESERVE - ARPA 0.00 7,549.89 580,430.00 50,441.50 8.69% 101 STREETS 1,655,837.26 202,966.16 12.26% 1,740,817.25 166,302.78 9.55% 102 GOLF COURSE 216,250.00 27,000.00 12.49% 120,000.00 22,930.62 19.11% 103 STREET RESERVE 20,000.00 3,411.44 17.06% 0.00 14,839.00 104 EMERGENCY CARE 9,731,428.50 895,399.54 9.20% 9,815,628.96 1,225,439.05 12.48% 105 HOTEL-MOTEL TAX 2,424,400.00 208,007.93 8.58% 3,024,638.00 378,081.00 12.50% 106 CONVENTION/TOURISM & CATERING 3,958,976.00 475,776.61 12.02% 3,965,739.16 753,126.67 18.99% 110 EQUIPMENT RESERVE 40,000.00 2,430.24 6.08% 235,000.00 0.00 0.00% 112 BOATING SAFETY 44,000.00 5,001.00 11.37% 49,454.95 0.00 0.00% 114 REPAIR & DEMOLITION 0.00 0.00 65,000.00 0.00 0.00% 117 LID ADMINISTRATIVE COST 313,125.16 47,359.89 15.12% 329,739.94 25,733.24 7.80% 202 GO FIRE BOND REDEMPTION 779,540.00 97,446.00 12.50% 779,550.00 0.00 0.00% 206 GO CONV CENTER BOND REDEMPTION 1,230,800.00 163,466.49 13.28% 1,309,050.00 0.00 0.00% 213 LID BOND GUARANTY 20,000.00 2,252.15 11.26% 252,643.00 31,581.00 12.50% 214 LID 07-01 BOND REDEMPTION 1,332,176.00 78,621.47 5.90% 1,579,732.00 606,987.46 38.42% 301 CAPITAL IMPROVEMENT 6,783,450.00 259,378.24 3.82% 6,863,802.36 583,803.06 8.51% 320 WATER CAPITAL REPLACEMENT FUND 2,125,000.00 288,369.01 13.57% 2,425,000.00 0.00 0.00% 330 SEWER CAPITAL REPLACEMENT FUND 50,000.00 7,274.31 14.55% 380,000.00 248,962.57 65.52% 350 CONVENTION CENTER CAP IMPROVMT 920,680.00 117,928.88 12.81% 910,379.44 232,635.87 25.55% 373 FAA AIRPORT IMPROVEMENTS 401,254.00 0.00 0.00% 472,097.56 0.00 0.00% 406 MITIGATION LAND BANK 283,509.04 11,865.58 4.19% 93,998.00 13,751.00 14.63% 407 WATER-ARRA LOAD 308,865.45 38,478.00 12.46% 307,820.00 0.00 0.00% 408 WATER-CTED LOAD 181,054.54 22,485.00 12.42% 179,706.00 0.00 0.00% 409 W/S REVENUE BOND REDEMPTION 334,036.36 41,649.00 12.47% 333,798.00 0.00 0.00% 412 LID 95-01 BOND REDEMPTION 0.00 0.00 484.00 60.00 12.40% 415 GO WATER/SEWER BOND REDEMPTION 25,000.00 526.75 2.11% 72,305.40 9,039.00 12.50% 417 LID 98-01 BOND REDEMPTION 0.00 0.00 0.00 0.00 420 WATER CAPITAL IMPROVEMENT FUND 957,000.00 91,747.30 9.59% 887,696.00 60,963.00 6.87% 430 SEWER CAPITAL IMPROVEMENT FUND 230,000.00 24,165.84 10.51% 580,000.00 0.00 434 WATER UTILITY OPERATIONS 8,743,100.00 1,049,930.97 12.01% 9,009,274.44 1,235,088.84 13.71% 435 SEWER UTILITY OPERATIONS 5,592,305.40 665,842.06 11.91% 6,434,806.46 875,184.86 13.60% 438 STORM DRAIN UTILITY OPERATIONS 3,310,000.00 581,697.75 17.57% 2,969,613.38 254,105.32 8.56% 439 SHARED UTILITY FUND 1,063,100.00 133,974.10 12.60% 981,784.36 192,171.03 19.57% 503 UNEMPLOYMENT COMPENSATION FUND 45,600.00 6,782.03 14.87% 50,000.00 0.00 0.00% 504 SELF INSURANCE FUND 833,400.00 98,246.59 11.79% 827,000.00 -8,713.66 -1.05% 634 TRANSPORT BENEFIT DISTRICT-TBD 984,200.00 114,416.15 11.63% 1,220,000.00 0.00 0.00% TOTAL ALL FUNDS $ 78,963,027.43 $ 8,057,819.98 10.20% $ 84,113,516.52 $ 10,905,407.98 12.97% 1. 2025 March Financial Update Led by: Finance Director, Sara D. Logan Page 6 of 10  General Fund City of Ocean Shores March 2025 Financial Report 2025-2026 Biennium-to- Revenues % of Total Budget Date BEGINNING BALANCE AND REVENUES 308 - Beginning Balance 4,097,139.99 4,097,139.99 100.00% 010 - Taxes 16,657,893.00 1,148,127.93 6.89% 020 - Licenses and Permits 1,663,700.00 224,663.83 13.50% 030 - Intergovernmental 558,344.72 258,924.12 46.37% 040 - Charges for Goods and Services 200,880.00 29,412.83 14.64% 050 - Fines and Penalties 60,900.00 6,465.36 10.62% 060 - Miscellaneous 348,700.00 51,945.52 14.90% 080 - Nonrevenues 3,600.00 467.02 12.97% TOTAL REVENUES 19,494,017.72 1,720,006.61 8.82% TOTAL BEGINNING BALANCE AND REVENUES 23,591,157.71 5,817,146.60 24.66% OTHER REVENUES AND TRANSFERS IN Trf In - Cost Allocation/CE 101 341,756.00 42,720.00 12.50% Trf In - Cost Allocation/CE 104 1,005,937.00 125,742.00 12.50% Trf In - Cost Allocation/CE 106 630,510.00 78,813.00 12.50% Trf In - Cost Allocation/CE 416 27,038.00 3,381.00 12.50% Trf In - Cost Allocation/ce 434 1,291,258.00 161,406.00 12.50% Trf In - Cost Allocation/ce 435 807,794.00 100,974.00 12.50% Trf In - Cost Allocation/ce 438 304,936.00 38,118.00 12.50% Trf In - Cost Allocation/CE 439 121,693.00 15,213.00 12.50% TOTAL OTHER REVENUES AND TRANSFERS IN 4,530,922.00 566,367.00 12.50% GRAND TOTAL GENERAL FUND SOURCES 28,122,079.71 6,383,513.60 22.70% 1. 2025 March Financial Update Led by: Finance Director, Sara D. Logan Page 7 of 10  General Fund City of Ocean Shores March 2025 Financial Report APPROPRIATIONS/USES 2025-2026 % of Departments Biennium-to-Date Budget Total 001-110: Legislative 253,200.00 15,752.85 6.22% 001-120: Municipal Court 374,665.78 49,633.69 13.25% 001-130: Executive 853,514.02 91,371.35 10.71% 001-142: Finance 1,137,733.08 146,608.07 12.89% 001-143: City Clerk 901,621.37 105,539.93 11.71% 001-145: City Hall 3,450,294.27 1,399,358.97 40.56% 001-150: Legal Services 578,480.00 61,338.76 10.60% 001-160: Civil Service 3,500.00 0.00 0.00% 001-184: Purchasing 241,543.24 30,975.71 12.82% 001-210: Police 6,047,872.77 617,857.46 10.22% 001-220: Fire 2,726,445.20 332,447.50 12.19% 001-320: Engineering 339,546.96 32,036.84 9.44% 001-370: Litter Control 426,678.90 17,524.91 4.11% 001-390: Code Enforcement 352,114.46 58,573.08 16.63% 001-460: Airport 151,790.42 12,250.93 8.07% 001-480: Municipal Vehicles 1,146,453.68 178,125.48 15.54% 001-570: Radio Station 144,600.00 16,138.63 11.16% 001-580: Planning 855,595.28 126,795.48 14.82% 001-590: Building & Permitting 511,680.95 74,762.10 14.61% 001-720: Library 1,063,165.64 122,461.75 11.52% 001-760: Parks 586,344.58 53,377.28 9.10% TOTAL GENERAL FUND DEPARTMENT USES 22,146,840.60 3,542,930.77 16.00% 1. 2025 March Financial Update Led by: Finance Director, Sara D. Logan Page 8 of 10  This Page Intentionally Left Blank. 1. 2025 March Financial Update Led by: Finance Director, Sara D. Logan Page 9 of 10  General Fund City of Ocean Shores March 2025 Financial Report 2025-2026 Biennium-to- Transfers Out % of Total Budget Date Trf Out-Street 101 1,405,337.26 175,668.00 12.50% Trf Out-Fund Boating Safety 40,000.00 5,001.00 12.50% Trf Out-Gen Fund Hydrants/434 146,350.00 18,294.00 12.50% Trf Out-Golf Course 102 216,000.00 27,000.00 12.50% Trf Out-Self Ins 504 (leoff 1) 340,000.00 42,501.00 12.50% Trf Out 301 - Gen Fund Surplus 650,000.00 81,249.00 12.50% Trf Out Fund 301/SCBA Reserve 322,000.00 40,251.00 12.50% Total Transfers Out 3,119,687.26 389,964.00 12.50% TOTAL EXPENDITURES & TRANSFERS OUT 25,266,527.86 3,932,894.77 GENERAL FUND ENDING BALANCE: 2,855,551.85 2,450,618.83 1. 2025 March Financial Update Led by: Finance Director, Sara D. Logan Page 10 of 10