To: Honorable Mayor and Members of Town Council
Through: David L. Corliss, Town Manager
From: Trish Muller, CPA, Finance Director
Title
Update: Year End Financial Review, Period Ending Dec. 31, 2021
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 overall financial position of the Town remains positive with all funds on track for the year.
Some highlights contained in this report include:
• Sales tax revenue was up 16 percent through December compared to 2020
• General Fund expenditures are 7 percent under budget for 2021 largely due to the timing of multiple trail improvements within the Parks Department, vacancy savings, and timing of projects
• Capital expenditures make up 42 percent, or $125.6 million, of the amended 2021 budget for the Town; through 2021 yearend $61.7 million has been expended
• Capital projects were evaluated and funding for ongoing projects will carried forward into 2022. Carryforward amounts have been determined and were accounted for during the Capital Carryforward Budget Amendment in 2022
• Development activity remains strong in Castle Rock and has exceeded 2021 permitting projections
The financial information in this report includes:
• Highlights of yearend revenue and expenditures including financial summaries by major category for each Town fund
• Status updates related to community priorities
• Discussion and financial summaries by major category for each fund
• Incorporation of the carryforward, first, second, and third, amendments to the 2021 budget as approved by Town Council
Proposed Motion
This memo is intended for discussion purposes only.
Attachments
Attachment A: 2021 Year End Financial Reports
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 - Community Center Fund
Schedule P - Golf Course Fund
Schedule Q - Economic Development Fund
Schedule R - Downtown Development TIF Fund
Schedule S - Philip S. Miller Trust Fund
Schedule T - Public Art Fund
Schedule U - Municipal Facilities Capital Fund
Schedule V - General Long Term Planning Fund
Schedule W - Employee Benefits Fund
Schedule X - Parking Fund
Schedule Y - Tabor Fund
Schedule Z - Townwide Summary
Attachment B: Sales Tax Collections by Category and Geographical Area
Attachment C: Investment Summary