To: Honorable Mayor and Members of Town Council
Through: David L. Corliss, Town Manager
From: Trish Muller, CPA, Finance Director
Title
Update: First Quarter Financial Review, Period Ending March 31, 2022
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 to be on track for the year.
Some highlights contained in this report include:
• Sales tax revenue was up 14 percent through March compared to 2021
• General Fund expenditures are 18 percent under year to date budget for 2022 largely due to the timing of the Front Range Trail project within the Parks Department, vacancy savings, and timing of other projects
• Capital expenditures make up 47 percent, or $157.9 million, of the amended 2022 budget for the Town; through the first quarter of 2022 $4.6 million has been expended
• 2021 Capital carryforward that were included in a budget amendment in early 2022 are accounted for in this report
• Through the first quarter, development activity remains strong in Castle Rock and is trending ahead of forecasted budget
The financial information in this report includes:
• Highlights of 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
• The 2022 year to date budget information has been adjusted to more accurately reflect seasonal variability
• Incorporation of the carryforward amendment to the 2022 budget as approved by Town Council
Proposed Motion
This memo is intended for discussion purposes only.
Attachments
Attachment A: 2022 First Quarter 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 - 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
• Schedule AA - Townwide Summary
Attachment B: Sales Tax Collections by Category and Geographical Area
Attachment C: Investment Summary