To: Honorable Mayor and Members of Town Council
From: Trish Muller, Finance Director
Title
Update of the Preliminary 2019 Unaudited Year-end Financial Review
Body
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Executive Summary
The following discussion and financial information reflects the 2019 year-end 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 Managers and their staff. Reporting helps to keep departments apprised of the Town’s financial position and potential budget adjustments that could be needed.
Currently, staff is evaluating the potential financial impact of the current COVID-19 crisis on the Town. The need for potential budget adjustments will be analyzed and addressed with Council separately.
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 for the year.
• General Fund revenue was about 3 percent over budget and expenditures were 6 percent under budget for 2019.
• Capital expenditures make up 44 percent, or $148 million, of the amended 2019 budget for the Town; and finished about 50 percent under budget, primarily due to the timing of capital projects that will be carried forward to 2020.
• Development in Castle Rock included permitting for 901 single family and 23 multi-family units as well as 44 commercial projects.
• Staff continue to monitor the Town’s financial position relative to TABOR and preliminary 2019 year-end information indicates no TABOR surplus for the year.
The financial information in this report includes:
• Highlights of preliminary year end 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 the first, second and third amendments to the 2019 Budget as approved by Town Council.
Proposed Motion
This memo is intended for discussion purposes only.
Attachments
Attachment A: 2019 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