To: Honorable Mayor and Members of Town Council
Through: David L. Corliss, Town Manager
From: Trish Muller, CPA, Finance Director
Title
Update: Fourth Quarter Financial Review, Period Ending December 31, 2024
Body
________________________________________________________________________________
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 preliminary year-end review indicates that the Town's overall
financial position remains positive, with all funds projected to remain on track as the fiscal
year concludes.
Some highlights contained in this report include:
• Gross sales tax revenue was up 6 percent through December compared to 2023
• General Fund expenditures are 18 percent under the year-end budget for 2024
• largely due to $13 million decrease in the amount of a planned loan to the
• Transportation Capital Fund for the Crystal Valley Interchange project, vacancy
• savings, and timing of other projects such as the Downtown Quiet Zone
• Capital expenditures make up 52 percent, or $326 million, of the amended 2024
• budget for the Town; through the fourth quarter of 2024, $119.4 million has been
• expended
• Metered water sales in 2024 have increased compared to the previous year, due to
• lower water sales in 2023
• Development activity has slowed down as compared to 2023 and ended the year
• below the forecasted budget
• The financial information in this report includes:
• Highlights of seasonally adjusted 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
• Incorporation of the third amendment to the 2024 budget as approved by Town
• Council
Proposed Motion
This memo is intended for discussion purposes only.
Attachments
Attachment A: 2024 Year End Financial Reports
o Schedule AA - Townwide Summary
o Schedule A - General Fund
o Schedule B - Development Services Fund
o Schedule C - Water Fund
o Schedule D - Water Resources Fund
o Schedule E - Stormwater Fund
o Schedule F - Wastewater Fund
o Schedule G - Transportation Fund
o Schedule H - Transportation Capital Fund
o Schedule I - Fleet Services Fund
o Schedule J - Fire Capital Fund
o Schedule K - Police Capital Fund
o Schedule L - Police Forfeiture Fund
o Schedule M - Parks and Recreation Capital Fund
o Schedule N - Conservation Trust Fund
o Schedule O - Lodging Tax Fund
o Schedule P - Community Center Fund
o Schedule Q - Golf Course Fund
o Schedule R - Economic Development Fund
o Schedule S - Downtown Development TIF Fund
o Schedule T - Philip S. Miller Trust Fund
o Schedule U - Public Art Fund
o Schedule V - Municipal Facilities Capital Fund
o Schedule W - General Long Term Planning Fund
o Schedule X - Employee Benefits Fund
o Schedule Y - Parking Fund
o Schedule Z - Tabor Fund
Attachment B: Sales Tax Collections by Category and Geographical Area
Attachment C: Investment Summary