To: Honorable Mayor and Members of Town Council
From: David L. Corliss, Town Manager
Title
Ordinance: Adopting the 2016 Budget For The Town of Castle Rock, Colorado (Second Reading)
Body
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The Ordinance was approved on first reading on November 3, 2015 with a vote of 5 to 0 with changes as follows.
Executive Summary
On behalf of the Town staff, we are pleased to submit to Town Council and community the Town’s Proposed 2016 Budget.
Town staff provided an overview of the proposed budget at the October 20, 2015 Town Council meeting.
The 2016 Budget was approved on first reading, November 3, 2015 with a vote of 5 to 0. Based upon Council feedback, information provided and guidance received regarding the proposed Festival Park project, the following considerations are included for the second reading:
1. Funds are budgeted to accommodate the funding option, as proposed on November 3, 2015, for the expansion and renovation of Festival Park. The budget change includes transfers out from funds, as contributing to the project and the project cost within the Parks and Recreation Capital Fund. Since $500,000 in costs for construction documents is planned to occur in 2015, and $250,000 is budgeted within the Stormwater Fund for creek improvements, the additional proposed amount for the project is $4.25 million in the Parks and Recreation Capital Fund. As identified, amounts are also included in the total request as transfers in to the Parks and Recreation Capital Fund from other contributing funds.
The following is a summary of the revenue and expenditure additions proposed to accommodate the project by fund:
Parks Capital Fund Revenue: $3,950,000 (transfers in revenue)
Parks Capital Fund Expenditure: $4,250,000 (difference is use of fund balance)
Downtown Development Authority TIF Fund Revenue: $2,500,000 (loan)
Downtown Development Authority TIF Fund Expenditure: $2,500,000 (transfer to Parks Capital Fund)
Conservation Trust Fund Revenue: $200,000 (draw of shareback funds)
Conservation Trust Fund Expenditure: $450,000 (transfer to Parks Capital Fund)
General Long Term Planning Fund Expenditure: $500,000 (transfer to Parks Capital Fund)
2. An additional $18,000 is included in the Transportation Fund budget to accommodate the proposed
In addition to the 2016 Proposed Budget, attached to this memo is the Ordinance pertaining to the adoption of the 2016 Budget for the Town of Castle Rock on first reading. The 2016 Budget Message, which provides an explanation and summary of the proposed budget and major issues.
The complete Proposed 2016 Budget, along with revenue and expenditure details and a four-page Budget in Brief document, is also available on the Town’s website at CRgov.com/2016budget.
Attachments
Attachment A: Ordinance
Attachment B: 2016 Budget Message
Attachment C: 2016 Proposed Budget (Available at crgov.com/2016budget)