1. Quarterly Budget Update 2018 first Quarter Report
Gary Robinson, Finance Director
8/2/2017

2. General Fund Expenditures Special Revenue Funds Enterprise Funds
Agenda
2017 Closing General Fund
Economic Indicators
General Fund Revenues
General Fund Expenditures
Special Revenue Funds
Enterprise Funds
Vacancy Savings
Cash Balance
8/2/2017

3. 2017 Comprehensive Annual Financial Report General Fund (Budget Basis)
2017 Closing - General Fund
2017 Comprehensive Annual Financial Report
General Fund (Budget Basis)
(Thousands)
Total Revenues
$311,825
Total Expenditures
289,327
Under Expenditure
22,498
Other Financing
Sale Of Capital Assets 73
Transfers In
3,946
Transfers Out
-17,737
Total Other Financing
-13,718
Net Change in Fund Balance
8,780
Fund Balance - Beginning Of Year
52,413
Fund Balance - End Of Year
$61,193

4. Economic Indicator: Unemployment
Comparing first quarter 2018 to 2017, the unemployment rate for Washington decreased through March of 2018 to 5.2% from 5.3% in The rate for Pierce County is 5.9%, the same as 2017, King County increased to 3.7% from 3.6%, and Snohomish County increased from 4.1% in 2017 to 4.2% in 2018.
The total average employment for Pierce County continues to increase in 2018 compared to The average employment for 2018 was 395,214. The average employment for 2017 was 391,813.
Source: LAUS
8/2/2017

5. Economic Indicator: Permits
All residential permit activity increased 5.3% compared to the first quarter of New start permits increased 4.7% compared to Other permits increased 6.0% compared to 2017.

6. Economic Indicator: Real Estate Activity
Source: Real Estats, March 2018

7. General Fund Revenues
Sales tax revenue is at 25% of the total budget through March. The timing of revenue collections results in some funds being above or below the 25% mark. Such patterns exist for Other Taxes/Delinquent Penalties, Fines, and Interest/Other revenues. The state investment pool interest rate has continued to increase in 2018 over At the end of March the daily yield is 1.67% compared to 0.82% in 2017.

8. Unincorporated Sales and Use Tax
Comparing revenue from 2018 to 2017: Total construction categories increased 30.9% or $454,813. Retail increased 11.2% or $286,667.

9. PALS Fund/Charges Revenues
Planning and Land Services (PALS) Fund revenues increased 9.8% compared to the first quarter of This level represents 17.6% of PALS total budgeted revenue for 2018.

10. General Fund Expenditures: Percent of Budget
As of March 31st, General Fund expenditures totaled $68,291,690 which equals 20.9% of the budget.
Assessor-Treasurer expenditures include payments made for scheduled software maintenance.
Miscellaneous Current Expense expenditures are lower primarily because of the timing of inter-fund loan transfers and facility maintenance.

11. Special Revenue Funds
Several funds rely upon grant reimbursement revenues, which are billed and received after the expenditures have been incurred.
Prior year surplus has been used to balance several of these budgets which results in a planned deficit during the current year. For example, Conservation Futures relies on fund balance until property tax payments arrive in April and October.
Traffic impact fees are higher due to the quantity and infrastructure cost of projects in the area (generally south of SR512 and west of SR161).

12. Enterprise Funds
The majority of golf courses revenue is collected in second and third quarters when the weather is favorable. Solid Waste has a number of payments that are received the quarter after billing. Examples include Conservation District and the Tacoma Pierce County Health Department.

13. General Fund Vacancy Savings – Through March 25, 2018
Total vacancy savings is $2,208,980 Total vacancy savings used $170,970 Net vacancy savings is $2,038,010
Company
Vacancy Savings
Use of Vacancy Savings
Assessor-Treasurer
73,700
Assigned Counsel
170,460
Auditor
60,290
Clerk
9,050
County Council
19,000
District Court
115,290
Economic Development
10,480
Emergency Management
48,070
Executive
27,210
Finance
88,500
Company
Vacancy Savings
Use of Vacancy Savings
Human Resources
118,120
Juvenile
120,520
Medical Examiner
84,840
Parks and Recreation
39,990
Planning and Land Services
31,860
7,000
Prosecuting Attorney
169,240
163,970
Sheriff's Corrections
517,460
Sheriff's Law Enforcement
423,580
Special Projects
49,500
Superior Court
31,820

14. Other Funds Vacancy Savings – Through March 25, 2018
Total vacancy savings is $2,498,160 Total vacancy savings used $261,925 Net vacancy savings is $2,236,235
Fund
Vacancy Savings
Use of Vacancy Savings
Veterans Relief
30,040
Auditor’s M&O
10,160
Criminal Justice
25,240
Conservation Futures
21,750
Community Connections
242,300
911 System Fund
9,550
Housing Repair Programs
5,900
Community Development
23,940
Low Income Housing Fee
790
Emergency Management Grants
22,950
Company
Vacancy Savings
Use of Vacancy Savings
County Road
624,240
Surface Water Management
258,280
Community Action
26,550
PALS Building & Development
153,540
40,000
Combined Comm. Network
58,980
REET Capital Improvement
88,500
Sewer Utility
355,330
Chambers Bay Golf Course
21,580
Airport Fund
8,010
Solid Waste Mgmt Admin
14,340

15. Other Funds Vacancy Savings – Through March 25, 2018
Total vacancy savings is $2,498,160 Total vacancy savings used $261,925 Net vacancy savings is $2,236,235
Fund
Vacancy Savings
Use of Vacancy Savings
Ferry Services
24,120
Equipment Services Division
26,510
Information Technology
291,220
221,925
Facilities Management
105,770
Radio Communications
48,570

16. Cash Balance
The first quarter cash balance is $6.1 million more than the first quarter of The difference is due to timing of collections and expenditures, and increases in economic activity.
The first half property tax payments for the year were due at the end of April.