To: Honorable Mayor and Members of Town Council
Through: David L. Corliss, Town Manager
From: Trish Muller, CPA, Finance Director
Title
Update: Year End Financial Review, Period Ending Dec. 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 13 percent through December compared to 2021
• General Fund expenditures are 16 percent under budget for 2022 largely due to the timing of the Front Range Trail project within the Parks Department, purchasing the Cantril Building, vacancy savings, and timing of other projects
• Capital expenditures make up 48 percent, or $199.4 million, of the amended 2022 budget for the Town; through 2022 yearend $65.7 million has been expended
• Capital projects were evaluated and funding for ongoing projects have been carried forward into 2023. Carryforward amounts have been determined and were accounted for during the Capital Carryforward Budget Amendment in 2023
• Development activity slowed in the last half of the year compared to the first two quarters in Castle Rock and ended the year under the forecasted budget
The financial information in this report includes:
• Highlights of year end revenue and expenditures including financial summaries by major category for each Town fund
• This is preliminary information and the presented number could change
• Status updates related to community priorities
• Discussion and financial summaries by major category for each fund
• Incorporation of the carryforward, first, second, and third, amendments to the 2022 budget as approved by Town Council
Proposed Motion
This memo is intended for discussion purposes only.
Attachments
Attachment A: 2022 Year End 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