The Lynnwood City Council is scheduled to hear a first quarter 2014 financial report and a 2013 year end financial report at its 7 p.m., Monday, April 28 meeting in the City Council Chambers.
Administrative Services Director Lorenzo Hines is scheduled to give the presentation.
Among the highlights of the first quarter 2014 report are: As of March 31, year-to-date GF revenues were $6,755,794, trending below the estimated budgeted level of $7,451,314 by 9.3 percent or $695,520. However, year-to-date GF expenditures of $10,422,463 are also trending below the estimated budgeted level of $10,816,685 by 3.6 percent or $394,222.
The highlights for the 2013 year end report are: As of December 31, 2013, year-to-date GF revenues were $51,490,789, trending below the estimated budgeted level of $56,140,864 by 8.2 percent or $4,650,075. The budgeted revenues included $6,526,706 in Fund Balance. If these are removed, the actual revenues received is 3.8 percent above the budgeted revenues or $1,876,631. However, year-to-date GF expenditures of $49,046,154 are also trending below the estimated budgeted level of $55,100,663 by $6,054,509, or 11.0 percent. While the 2013 numbers are not completely final, the next reporting of the 2013 financials will be in the 2013 financial statements, to be completed in late May 2014.
In addition, the City Council is scheduled to discuss the city’s revenue and tax structure. The City has 73 revenue sources for its General Fund. However, 16 of these revenue sources represent 91.4 percent of all General Fund revenues. Data for two other cities will be presented.
Lorenzo Hines Jr., Adminstrative Services Director