To: Honorable Mayor and Members of Town Council
Through: David L. Corliss, Town Manager
From: Trish Muller, CPA, Finance Director
Title
Update: Preliminary Year End Financial Review, Period Ending December 31, 2025
Body
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Executive Summary
The following discussion and financial information reflects the positive financial condition of the Town and highlights the continued focus on strategic priorities established by Town Council. Financial reporting for the Town takes a team effort between Finance, Department Heads, and staff. Reporting helps to keep departments apprised of potential revenue shortages that could trigger budget adjustments.
As demonstrated by the following information, departments continue effective and responsible management of the Town’s finances while working towards accomplishing community priorities. The preliminary year-end review indicates that the Town's overall financial position remains positive, with all funds projected to remain on track as the fiscal year concludes.
Some highlights contained in this report include:
• Gross sales tax revenue was up 15.5 percent through December compared to 2024
• General Fund expenditures are 15 percent under budget for 2025 largely due to the timing of projects such as trail improvements, vacancy savings, and the timing of other projects
• Capital expenditures make up 61 percent, or $405.5 million, of the amended 2025 budget for the Town; through 2025 year-end $128.3 million has been expended
• Capital projects were evaluated and funding for ongoing projects have been carried forward into 2026. Carryforward amounts have been determined and were accounted for during the Capital Carryforward Budget Amendment in 2026
• Development activity for single family homes has slowed as compared to 2024 and ended the year below the forecasted budget; however, multi-family permits ended the year above the forecasted budget at 298
The financial information in this report includes:
• Highlights of year end revenue and expenditures including financial summaries by major category for each Town fund
• The financial information presented is preliminary and the presented numbers could change
• Status updates related to community priorities
• Discussion and financial summaries by major category for each fund
Proposed Motion
This memo is intended for discussion purposes only.
Attachments
Attachment A: 2025 Year End Financial Reports
• Schedule AA - Townwide Summary
• Schedule A - General Fund
• Schedule B - Development Services Fund
• Schedule C - Water Fund
• Schedule D - Water Resources Fund
• Schedule E - Stormwater Fund
• Schedule F - Wastewater Fund
• Schedule G - Transportation Fund
• Schedule H - Transportation Capital Fund
• Schedule I - Fleet Services Fund
• Schedule J - Fire Capital Fund
• Schedule K - Police Capital Fund
• Schedule L - Police Forfeiture Fund
• Schedule M - Parks and Recreation Capital Fund
• Schedule N - Conservation Trust Fund
• Schedule O - Lodging Tax Fund
• Schedule P - Community Center Fund
• Schedule Q - Golf Course Fund
• Schedule R - Economic Development Fund
• Schedule S - Downtown Development TIF Fund
• Schedule T - Philip S. Miller Trust Fund
• Schedule U - Public Art Fund
• Schedule V - Municipal Facilities Capital Fund
• Schedule W - General Long Term Planning Fund
• Schedule X - Employee Benefits Fund
• Schedule Y - Parking Fund
• Schedule Z - Tabor Fund
• Schedule ZZ - Public Safety Fund
Attachment B: Sales Tax Collections by Category and Geographical Area
Attachment C: Investment Summary