To: Honorable Mayor and Members of Town Council
Through: David L. Corliss, Town Manager
From: Trish Muller, CPA, Finance Director
Title
2021 First Quarter Financial Review, Period Ending March 31, 2021
Body
________________________________________________________________________________
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 Town Council. Financial reporting helps to keep departments apprised of financial conditions that could trigger short or long-term budget adjustments and is completed through a team effort between Finance, Department Heads and staff.
As demonstrated by the following information, departments continue effective and responsible management of the Town’s finances while working towards accomplishing community priorities. Financial information within this report shows that all funds are in a positive position through the first quarter. Some highlights contained in this report include:
• Town Sales tax revenue collections are up 17 percent over budget for the first quarter.
• General Fund revenues are 8 percent over and expenditures are 17 percent under budget for the first quarter.
• The 2021 budget was revised in March to include the budget carryforward of $49,824,231 into 2021, for ongoing capital projects. Additionally, the first budget amendment has not been added to this report. View ongoing projects and capital carryforward amounts at:
<https://castlerock-co.legistar.com/LegislationDetail.aspx?ID=4851777&GUID=B56C8E85-0E2D-44F5-BD42-310EF4F33FE7>
• Capital expenditures make up 38 percent or $106 million of the revised 2021 budget for the Town; only 10 percent of this has been spent so far in 2021.
• Permits for 366 single family and 126 multi-family units as well as 15 commercial projects were issued.
The financial information in this report includes:
• Highlights of 2021 first quarter 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
• The 2021 year to date budget information has been adjusted to more accurately reflect the seasonal nature
• The first quarter report does not include supplemental appropriations approved by Council through the first 2021 budget amendment as these budget adjustments will not be reflected until the second quarter
• 2020 numbers in this report are preliminary and may not match those shown in the 2020 year-end report due to 2020 audit adjustments.
Proposed Motion
This memo is for discussion purposes only.
Attachments
Attachment A: 2021 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 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 - Public Art Fund
• Schedule U - Municipal Facilities Capital Fund
• Schedule V - General Long Term Planning Fund
• Schedule W - Employee Benefits Fund
• Schedule X - Parking Fund
• Schedule Y - Townwide Summary
Attachment B: Sales Tax Collections by Category and Geographical Area
Attachment C: Investment Summary