To: Honorable Mayor and Members of Town Council
From: Trish Muller, Finance Director
Title
Update to the 2019 First Quarter Financial Review, Period Ending March 31, 2019
Body
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Executive Summary
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 on track for the year.
• General Fund revenue was 5 percent over budget and expenditures were 10 percent under budget for the first quarter of 2019
• Capital expenditures make up 45 percent, or $145 million, of the amended 2019 budget for the Town; of this, only $3.5 million has been expended at this point in the year
• Development in Castle Rock included permitting for 188 single family and 0 multi-family units as well as 17 commercial projects through March 31st
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
• The 2019 year to date budget information has been adjusted to more accurately reflect the seasonal nature
• Incorporation of the first amendment of the 2019 budget as approved by Town Council
• 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: 2019 First Quarter 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