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
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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