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File #: ID 2017-098    Version: 1 Name:
Type: Update/Presentation Item Status: Filed
File created: 12/12/2016 In control: Town Council
On agenda: 11/14/2017 Final action: 11/14/2017
Title: Update: 2017 Third Quarter Financial Review, Period Ending September 30, 2017
Attachments: 1. Staff Report, 2. Attachment A: 2017 Third Quarter Financial Reports, 3. Attachment B: Third Quarter Sales Tax Collections by Category and Geographical Area

To:                     Honorable Mayor and Members of Town Council

 

From:                     Trish Muller, Finance Director

 

Title

Update: 2017 Third Quarter Financial Review, Period Ending September 30, 2017

Body

________________________________________________________________________________

 

Executive Summary

 

Significant progress toward Town priorities has been accomplished through September 2017. The following discussion and financial information reflects the overall positive financial condition of the Town and highlights the continued focus on strategic priorities established by Council. These priorities include:

 

                     Ensuring outstanding public safety:  Construction of the new Fire Station 152 is underway along with the fabrication of new apparatus that will be housed at the Crystal Valley station. In addition, the Police Department has hired two additional officers previously approved as part of the 2017 Budget.

                     Securing our water future:  Castle Rock Water is working to provide high quality water service to customers, with a focus on the goal of bringing additional renewable water to the Town. Multiple projects are underway, including construction of additional groundwater wells, ongoing WISE partnership work and the acquisition of additional water rights and storage capacity.

                     Enhancing our transportation:  Design is underway on multiple growth related transportation projects, including the widening of Ridge Road, improvements at Crowfoot Valley Road and Founders Parkway and improvements at Allen Way and Founders Parkway. In addition, construction is underway on multiple street reconstruction projects and the annual Pavement Maintenance Program.

                     Maintaining strong parks and recreation:  The renovation of Festival Park is underway and is currently scheduled to be open for the annual Starlighting event in November.

 

The financial information in this report also includes:

 

                     Discussion and financial summaries by major category for each fund included in the Town’s financial information

                     2016 Audited Year-end numbers

                     Incorporation of two Council approved budget amendments

                     The year-end estimates reflected here have been revised since the second quarter report and information reflected in the 2018 Budget

 

The overall financial condition of the Town through the third quarter remains strong, as evidenced by the information that follows. The year to date budget represented in this report has been adjusted to reflect seasonal trends and one-time items within funds in order to provide a more accurate reflection of Town financial trends at this point in the year.

 

Total revenues for the Town are under budget through September by $825 thousand, or less than 1% and are estimated to end the year slightly over budget. Town wide expenditures are about 22% lower than budget, which is primarily due to the timing of capital expenditures and other projects. Overall expenditures are expected to end 2017 about 12% under budget.

 

While several factors contribute to the overall financial picture of the Town, below are other items of note through the third quarter of 2017:

 

                     Net sales tax collections are higher by an estimated 10% when compared to the same period of 2016

                     General Fund operational expenditures are about 6% lower than the amended budget through the third quarter

                     Overall development activity remains steady in the town for 2017.  However, some variation may be found in some funds due to the type and square footage of actual development activity through the third quarter.

 

Staff also continues to monitor revenue trends concerning the Taxpayer Bill of Rights (TABOR) and will continue to evaluate significant revenue sources such as Sales Tax and update 2017 TABOR calculations accordingly.

 

Proposed Motion

 

This memo is intended to be for discussion purposes only.

 

Attachments

 

Attachment A:  2017 Third Quarter Financial Reports

Schedule A - General Fund

Schedule B - Transportation Fund

Schedule C - Parks and Recreation Capital Fund

Schedule D - Municipal Facilities Capital Fund

Schedule E - Fire Capital Fund

Schedule F - Police Capital Fund

Schedule G - Transportation Capital Projects Fund

Schedule H - General Long Term Planning Fund

Schedule I - Water Fund

Schedule J - Water Resources Fund

Schedule K - Stormwater Fund

Schedule L - Wastewater Fund

Schedule M - Golf Course Fund

Schedule N - Community Center Fund

Schedule O - Development Services Fund

Schedule P - Employee Benefits Fund

Schedule Q - Fleet Services Fund

Schedule R - Conservation Trust Fund

Schedule S - Philip S. Miller Trust Fund

Schedule T - Public Art Fund

Schedule U - Economic Development Fund

Schedule V - Police Forfeiture Fund

Schedule W - Downtown Development TIF Fund

Schedule X - Special Events Fund

Schedule Y - Townwide Summary

 

Attachment B:  Third Quarter Sales Tax Collections by Category and Geographical Area