To: Honorable Mayor and Members of Town Council
From: Trish Muller, Finance Director
Title
Update: 2018 Third Quarter Financial Review, Period Ending September 30, 2018
Body
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Executive Summary
This Third Quarter Financial Review is presented in a new format which endeavors to communicate a financial update for the Town of Castle Rock in a comprehensive and engaging presentation. Additional financial information can be found at CRGov.com/transparency.
The Town has accomplished significant progress toward community priorities as identified within the 2018 Budget through the third quarter of the year. The following discussion and financial information reflects the positive financial condition of the Town and highlights the continued focus on strategic priorities established by Council. Financial reporting for the Town takes a team effort between Finance, Department Managers and staff. Reporting helps to keep departments apprised of potential revenue shortages that could trigger spending reductions and deferrals.
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 currently estimated to end the year under expense budgets. Town staff will continue to monitor the items below throughout the last quarter of the year.
• Sales Tax: Revenue remains consistent with previous estimates of 4.5 percent growth over 2017 at this time
• Development Revenue: Revenue remains strong and year-end estimates have been revised to reflect permitting numbers totaling 990 single family and 372 multi-family units
• Employee Benefits: Medical and prescription claim costs are trending higher than in previous years
• Capital Projects: The timing of capital projects is being monitored by the Finance department for year-end status and carryforward to 2019
This 2018 Third Quarter Financial Review serves as a snapshot of the Town’s third quarter’s financial activity in comparison to the seasonally adjusted 2018 amended budget. Note that the year to date budget represented in this report has been adjusted to reflect seasonal trends within funds in order to provide a more accurate reflection of Town financial trends through the third quarter of the year.
The financial information as of the third quarter of 2018 in this report includes:
• Highlights of year-to-date revenue and expenditures including financial summaries by major category for each Town fund
• Status updates related to community priorities
• Sales tax revenue reporting
• Town of Castle Rock investment summary information
• Budget Amendment items approved by council on October 16th
Proposed Motion
This memo is intended for discussion purposes only.
Attachments
Attachment A: 2018 Third Quarter Financial Information by Fund
• 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 Projects 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 - Community Center Fund
• Schedule P - Golf Course Fund
• Schedule Q - Economic Development Fund
• Schedule R - Downtown Development TIF Fund
• Schedule S - Philip S. Miller Trust Fund
• Schedule T - Special Events 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 - Townwide Summary
Attachment B: Third Quarter Sales Tax Collections by Category and Geographical Area
Attachment C: Investment Summary