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File #: ID 2021-122    Version: 1 Name:
Type: Update/Presentation Item Status: Filed
File created: 1/13/2021 In control: Town Council
On agenda: 11/16/2021 Final action: 11/16/2021
Title: Update of the Third Quarter Financial Review, Period Ending Sept. 30, 2021
Attachments: 1. Staff Report, 2. Attachment A: 2021 Third Quarter Financial Reports, 3. Attachment B: Sales Tax Collections by Category and Geographical Area, 4. Attachment C: Investment Summary, 5. Presentation

To:                     Honorable Mayor and Members of Town Council

 

Through: David L. Corliss, Town Manager

 

From:                     Trish Muller, CPA, Finance Director

 

Title

Update of the Third Quarter Financial Review, Period Ending Sept. 30, 2021

Body

________________________________________________________________________________

 

Executive Summary

 

The following discussion and financial information reflects the positive 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 Heads, and staff. Reporting helps to keep departments apprised of potential revenue shortages that could trigger budget adjustments.

 

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 to be on track for the year.

 

Some highlights contained in this report include:

 

                     Sales tax revenue was up 16 percent through August (Sales tax collected in September is from August spending) compared to 2020. Yearend sales tax estimates are 15 percent over 2020 actuals

                     General Fund expenditures are 11 percent under budget through the third quarter largely due to the timing of multiple trail improvements within the Parks Department, vacancy savings, and timing of projects

                     Capital expenditures make up 42 percent, or $125.6 million, of the amended 2021 budget for the Town; of this, $42.2 million has been expended so far in 2021

                     Capital projects are currently being reevaluated and funding for ongoing projects will be carried forward into 2022. Carryforward amounts will be determined after actual expenditures are finalized for the year

                     Development activity remains strong in Castle Rock and has exceeded 2021 permitting projections,

 

 

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

                     The 2021 year-to-date budget information has been adjusted to more accurately reflect seasonal variability

                     Incorporation of the first and second amendments to the 2021 budget as approved by Town Council

                     Yearend estimates for Town funds which were prepared and reviewed with departments during the third quarter

 

 

Proposed Motion

 

This memo is intended for discussion purposes only.

 

Attachments

 

Attachment A:  2021 Third 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