FINANCIAL REPORT

2018Fleet ServiceS Fund

July

Public Utility Board

WOODROW JONES

Chair

KAREN LARKIN Vice-Chair

BRYAN FLINT Secretary

MARK PATTERSON Member

CHRISTINE COOLEY Member

JACKIE FLOWERS Director of Utilities

DON ASHMORE Utilities Fleet Manager

ANDREW CHERULLO Finance Director

DEPARTMENT OF PUBLIC UTILITIES

CITY OF TACOMA

CITY OF TACOMA, WASHINGTON DEPARTMENT OF PUBLIC UTILITIES

FLEET SERVICES FUND

TABLE OF CONTENTS

Note: These financial statements are interim, unaudited reports prepared primarily for the use of management. Not all transactions reported in these statements have been recorded on the full accrual basis of accounting or in accordance with generally accepted accounting principles.

STATEMENTS OF NET POSITION ................................................ 1 - 2

STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION ............................................. 3 - 4

SUPPLEMENTAL DATA .................................................................. 6 - 8

2018 2017

ASSETS

FIXED

Office Furniture and Equipment ................. $616,901 $616,901

Stores and Shop Equipment ...................... 719,411 719,381

Transportation Equipment ....................... 43,742,716 42,810,288

Power-Operated Equipment ....................... 16,375,559 19,105,895

Accumulated Depreciation ....................... (38,249,434) (39,379,525)

Total Fixed Assets ........................... 23,205,153 23,872,940

Construction Work in Progress .................. 3,116,721 1,777,482

Net Fixed Assets ............................. 26,321,874 25,650,422

CURRENT

Current Fund Cash & Equity in Pooled Investments 17,147,492 19,075,775

Materials and Supplies ......................... 343,856 295,470

Total Current Assets ......................... 17,491,348 19,371,245

DEFERRED OUTFLOWS OF RESOURCES

Deferred Outflows for Pensions ................. 915,881 964,710

TOTAL ASSETS AND DEFERRED OUTFLOWS................ $44,729,103 $45,986,377

These statements should be read in conjunction with the Notes to

Financial Statements contained in the 2017 Annual Report.

CITY OF TACOMA, WASHINGTON

DEPARTMENT OF PUBLIC UTILITIES

FLEET SERVICES FUND

STATEMENTS OF NET POSITION

JULY 31, 2018 AND JULY 31, 2017

July 2018 Financial Report - 1 - Fleet Services Fund

2018 2017

NET POSITION AND LIABILITIES

NET POSITION

Net Investment in Capital Assets .............. $26,321,874 $25,650,422

Restricted for:

Tacoma Power ............................... 18,095,346 18,095,346

Tacoma Water ............................... 7,199,933 7,199,933

Tacoma Rail ................................ 981,147 981,147

Unrestricted .................................. (9,325,874) (7,203,097)

TOTAL NET POSITION .......................... 43,272,426 44,723,751

LIABILITIES

CURRENT LIABILITIES

Accounts Payable & Other ...................... 96,275 58,194

Wages Payable ................................. 87,893 82,146

Total Current Liabilities ................... 184,168 140,340

LONG-TERM LIABILITIES

Employee Vacation and Sick Leave Accrual ...... 209,679 231,004

Net Pension Liability ......................... 874,422 835,359

Total Long-term Liabilities ................. 1,084,101 1,066,363

TOTAL LIABILITIES ........................... 1,268,269 1,206,703

DEFERRED INFLOW OF RESOURCES

Deferred Inflows for Pensions ................. 188,408 55,923

TOTAL NET POSITION,LIABILITIES AND DEFERRED INFLOWS $44,729,103 $45,986,377

July 2018 Financial Report - 2 - Fleet Services Fund

CITY OF TACOMA, WASHINGTON

DEPARTMENT OF PUBLIC UTILITIES

FLEET SERVICES FUND

STATEMENTS OF REVENUE, EXPENSES AND CHANGES IN NET POSITION

JULY 31, 2018 AND JULY 31, 2017

YEAR TO DATE

JULY JULY

2018 2017

OPERATING REVENUE

Maintenance Revenue .......................... 161,032 $168,492

Capital Recovery ............................. 207,303 207,206

Administrative Overhead ...................... 113,400 237,424

Fuel and Fuel Loading ........................ 5,429 4,154

Pool Car Rental .............................. 13,312 10,742

Total Operating Revenue .................... 500,476 628,018

OPERATING EXPENSES

Repairs and Servicing

Shop Operations ............................. 173,631 225,079

Outside Services ............................ 17,776 5,119

Total Repairs and Servicing ................ 191,407 230,198

Stores Operations ............................ 28,392 26,312

Administration ............................... 137,939 121,139

Depreciation ................................. 299,404 292,697

Total Operating Expenses ................... 657,142 670,346

OPERATING INCOME (LOSS)......................... (156,666) (42,328)

NON-OPERATING REVENUES (EXPENSES)

Interest Income .............................. 10,572 4,772

Gain (Loss) on Disposition of Equipment ...... 152,645 -

Sale of Scrap ................................ 555 -

Total Non-Operating Revenues (Expenses) .... 163,772 4,772

CHANGE IN NET POSITION ......................... $7,106 ($37,556)

TOTAL NET POSITION - JANUARY 1 ................................................................

TOTAL NET POSITION - JULY 31 .................................................................

These statements should be read in conjunction with the Management

Discussion and Analysis in the June 2018 Financial Report.

July 2018 Financial Report - 3 - Fleet Services Fund

YEAR TO DATE YEAR TO DATE

JULY JULY 2018/2017 PERCENT

2018 2017 VARIANCE CHANGE

$1,147,071 $1,329,049 ($181,978) -13.7%

1,470,809 1,326,151 144,658 10.9%

783,677 790,554 (6,877) -0.9%

37,787 32,596 5,191 15.9%

70,241 69,604 637 0.9%

3,509,585 3,547,954 (38,369) -1.1%

1,394,871 1,538,415 (143,544) -9.3%

47,171 28,684 18,487 64.5%

1,442,042 1,567,099 (125,057) -8.0%

198,699 178,542 20,157 11.3%

929,639 829,201 100,438 12.1%

2,091,262 2,055,053 36,209 1.8%

4,661,642 4,629,895 31,747 0.7%

(1,152,057) (1,081,941) (70,116) 6.5%

171,121 90,188 80,933 89.7%

185,876 121,294 64,582 53.2%

555 12,513 (11,958) -95.6%

357,552 223,995 133,557 59.6%

(794,505) (857,946) $63,441 -7.4%

44,066,931 45,581,697

$43,272,426 $44,723,751

July 2018 Financial Report - 4 - Fleet Services Fund

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July 2018 Financial Report - 5 - Fleet Services Fund

Supplemental Data

July 2018 Financial Report - 6 - Fleet Services Fund

Maintenance Revenues

33%

Capital Recovery42%

All Others25%

TOTAL OPERATING REVENUESYear to Date - July 2018 ($3,509,585)

Maintenance Revenues

38%

Capital Recovery37%

All Others25%

TOTAL OPERATING REVENUESYear to Date - July 2017 ($3,547,954)

July 2018 Financial Report - 7 - Fleet Services Fund

Depreciation45%

Administration20%

Stores Operations4%

Repairs31%

TOTAL OPERATING EXPENSESYear to Date - July 2018 ($4,661,642)

Depreciation44%

Administration18%

Stores Operations4%

Repairs34%

TOTAL OPERATING EXPENSESYear to Date - July 2017 ($4,629,895)

July 2018 Financial Report - 8 - Fleet Services Fund

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