To: Honorable Mayor and Members of Town Council
From: Trish Muller, Finance Director
Title
Update: Preliminary 2015 Unaudited Year-End Financial Review
Body
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Executive Summary
The Town of Castle Rock ended 2015 strong on a preliminary basis, with revenues exceeding expenditures across all funds by approximately $4.9 million. The Town’s commitment to responsible fiscal management in support of the Council’s strategic priorities continues to direct staff in the responsible use of Town funds and is evident in the summary information in the pages that follow. This 2015 preliminary year-end report is intended to provide discussion and summary of financial information for each Town managed fund.
As of the end of 2015, total revenue collections for all Town funds ended the year strong at 3.1% over the 2015 budget. Expenditures at the end of 2015 were approximately 20%, or about $46 million, under the budget amount. The difference in budget to actual expenditures is primarily attributable to the timing of major capital projects. The Town routinely accumulates funds in order to accommodate significant capital projects, but planning, design and construction often span multiple years. These projects include:
• North Meadows Extension: $36.5 million of the original 2014 appropriated project budget was included in 2015, but total 2015 project expenditures were nearly $22 million. Total project budget remaining is approximately $14.6 million, of which $9.4 million was included in the 2016 Budget and $5.2 million is requested to be re-appropriated in the 2nd 2016 Budget Amendment. The project is expected to open in summer 2016.
• Long Term Water: The 2015 Water Resources Fund capital budget included a total of $14 million in long term water projects, $4.6 million of which was spent in 2015. These projects include The WISE partnership, Alternative Source of Supply and the construction of additional wells. The timing of these projects is variable due to complex planning processes and multi-year construction. Unspent funds are requested to be re-appropriated in 2016 to accommodate these projects.
• Philip S. Miller Park: The construction of additional amenities including a core plaza, amphitheater and millhouse at Philip S. Miller Park began in 2015. This project is anticipated to be completed in the spring of 2016. In order to accommodate the completion of this project, $1.1 million is requested to be carried forward as part of the 2nd Budget Amendment of 2016.
Proposed Motion
This memo is intended to be for discussion purposes only.
Attachments
Attachment A: 2015 Preliminary 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
24. Schedule X - Townwide Summary
Attachment B: Sales Tax Collections by Category and Geographical Area