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File #: ID 2015-205    Version: 1 Name:
Type: Update/Presentation Item Status: Filed
File created: 5/11/2015 In control: Town Council
On agenda: 9/1/2015 Final action: 9/1/2015
Title: 2015 Mid-year Financial Review, Period Ending June 30, 2015 [10 minutes]
Attachments: 1. Staff Report, 2. Attachment A: Quarterly Financial Review 2015-Q2, 3. Attachment B: Sales Tax Report

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

________________________________________________________________________________

 

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