To: Honorable Mayor and Members of Town Council
Through: David L. Corliss, Town Manager
From: Trish Muller, CPA, Finance Director
Title
Update: Third Quarter Financial Review, Period Ending September 30, 2024
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 expected to be on track for the year.
Some highlights contained in this report include:
• Gross sales tax revenue was up 5.1 percent through September compared to 2023
• General Fund expenditures are 8 percent under the year to date budget for 2024 largely due to a timing of Public Safety expenses
• Capital expenditures make up 53 percent, or $325.4 million, of the amended 2024 budget for the Town; through the third quarter of 2024, $75.1 million has been expended
• Budget amendment two is accounted for in this report
• Development activity for single family permits is trending higher than 2023 and on budget for 2024, however, multi-family permits have slowed down compared to 2023 and is now trending below forecasted budget and is expected to remain below budget for the rest of 2024
The financial information in this report includes:
• Highlights of seasonally adjusted year to date 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 second amendment to the 2024 budget as approved by Town Council
Proposed Motion
This memo is intended for discussion purposes only.
Attachments
Attachment A: 2024 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
Attachment B: Sales Tax Collections by Category and Geographical Area
Attachment C: Investment Summary