To: Honorable Mayor and Members of Town Council
From: Trish Muller, Finance Director
Title
2015 Mid-year Financial Review, Period Ending June 30, 2015 [10 minutes]
Body
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Executive Summary
Financial reporting is critical to the Town’s fiscal and asset management as well as transparency regarding Town finances. The following pages include discussion and financial summaries by major category for each fund included in the Town’s financial information. At the end of the second quarter of 2015, Castle Rock continues to encounter strong revenue collections on an overall basis combined with responsible expense management.
While total revenues for the Town are about 3% higher, or approximately $2.5 million more than the budget for the half of the year, sales tax is projected to end the year lower than budget. Much of the total revenue increase noted above is due to use taxes and impact fee revenue exceeding the budget. Townwide expenditures are 23% lower than budget, which is primarily due to the timing of capital expenditures. Significant precipitation in the spring of this year has contributed to a reduction in revenue in Utilities as well as additional project costs from the storms. Several of the recreation areas within Town have been impacted and are projecting decreased expenditures as a result of the additional precipitation. The increased development in the first half of 2015 has had a positive increase on a majority of revenue accounts in the town and there have been expenditure implications as employees strive to meet levels of service.
The financial information in this report includes:
• Incorporation of three approved budget amendments
• Projected 2015 year-end estimates for revenues and expenditures developed in coordination with departments
• 2014 Audited Year End numbers
While several factors contribute to the overall financial picture of the Town, below are items of note from the first half of 2015:
• Sales tax revenue from January through June in 2015, compared to the same period in 2014, is up about 6%
• General Fund operational expenditures are about 11% lower than the year to date budget for the second quarter. The status of key expenditure categories compared to the year to date budget is as follows:
- Personnel: under budget by 6%
- Services & Other: under budget by 22%
- Supplies: under budget by 30%
• Development activity remains strong; impact fee revenue is over 14% higher and related building permit revenues are up approximately 5% when compared to the same period in 2014.
Proposed Motion
This memo is intended to be for discussion purposes only.
Attachments
Attachment A: 2015 Second Quarter Financial Reports
1. Schedule A - General Fund
2. Schedule B - Transportation Fund
3. Schedule C - Parks and Recreation Capital Fund
4. Schedule D - Municipal Facilities Capital Fund
5. Schedule E - Fire Capital Fund
6. Schedule F - Police Capital Fund
7. Schedule G - Transportation Capital Projects Fund
8. Schedule H - General Long Term Planning Fund
9. Schedule I - Water Fund
10. Schedule J - Water Resources Fund
11. Schedule K - Stormwater Fund
12. Schedule L - Wastewater Fund
13. Schedule M - Golf Course Fund
14. Schedule N - Community Center Fund
15. Schedule O - Development Services Fund
16. Schedule P - Employee Benefits Fund
17. Schedule Q - Fleet Services Fund
18. Schedule R - Conservation Trust Fund
19. Schedule S - Philip S. Miller Trust Fund
20. Schedule T - Public Art Fund
21. Schedule U - Economic Development Fund
22. Schedule V - Police Forfeiture Fund
23. Schedule W - Downtown Development TIF Fund
Attachment B: Sales Tax Collections by Category and Geographical Area