To: Honorable Mayor and Members of Town Council
From: Trish Muller, Finance Director
Title
Update of the Preliminary 2018 Unaudited Year-end Financial Review
Body
________________________________________________________________________________
Executive Summary
Throughout the year, the Town accomplished significant progress toward community priorities as identified within the 2018 Budget. The following discussion and financial information reflect the positive financial condition of the Town and highlight 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 under expense budgets for the year.
• General Fund revenue was 3 percent, or $1.5 million, under budget for 2018. This is due in part to grant revenue of $1 million related to the East Plum Creek trail project that was planned to be received in 2018 but is now expected in 2019.
• General Fund expenditures were 15 percent under budget primarily due to timing of capital project expenditures. Of the roughly $8.8 million under budget, $6 million will be carried forward to 2019 to complete ongoing projects.
• Capital expenditures for the Town were 64 percent under budget for the year and most of the remaining budget will be carried forward to 2019 in order to complete ongoing projects
• Development in Castle Rock included permitting for 1,400 single family and multi-family units as well as 58 commercial projects
The financial information 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
• Discussion and financial summaries by major category for each fund included in the Town’s financial information
• Incorporation of two 2018 Council approved budget amendments
• Preliminary 2018 year-end actual information for revenues and expenditures.
Please note that final numbers may change due to year-end processing and any audit adjustments.
Proposed Motion
This memo is intended for discussion purposes only.
Attachments
Attachment A: 2018 Preliminary Year-end Financial Reports
• 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: Sales Tax Collections by Category and Geographical Area
Attachment C: Investment Summary