To: Honorable Mayor and Members of Town Council
Through: David L. Corliss, Town Manager
From: Trish Muller, CPA, Finance Director
Title
Update: Third Quarter Financial Review, Period Ending September 30, 2025
Body
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Executive Summary
The following discussion and financial information reflect 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 expected to be on track for the year.
Some highlights contained in this report include:
• Gross sales tax revenue was up 16.3 percent through September compared to 2024, this increase includes the .2% public safety sales tax as approved by voters
• General Fund expenditures are 20 percent under the year to date budget for 2025 largely due to a timing of Public Safety expenses and Parks trail improvements.
• Capital expenditures make up 62 percent, or $398.8 million, of the amended 2025 budget for the Town; through the third quarter of 2025, $65.1 million has been expended
• Development activity for single family and multi-family permits are trending below 2024 year to date, however, multi-family is anticipated to come in at budget or higher and single family is expected to remain below budget for the rest of 2025
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 second amendment the 2025 budget as approved by Town Council
Proposed Motion
This memo is intended for discussion purposes only.
Attachments
Attachment A: 2025 Year End Financial Reports
• Schedule AA - Townwide Summary
• 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 ZZ - Public Safety Fund
Attachment B: Sales Tax Collections by Category and Geographical Area
Attachment C: Investment Summary