To: Honorable Mayor and Members of Town Council
Through: David L. Corliss, Town Manager
From: Trish Muller, CPA, Finance Director
Title
Update: Third Quarter Financial Review, Period Ending September 30, 2022
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 12 percent through September compared to 2021
• General Fund expenditures are 12 percent under year to date budget for 2022 largely due to the timing of the Front Range Trail project within the Parks Department, vacancy savings, and timing of other projects
• Capital expenditures make up 47 percent, or $182.3 million, of the amended 2022 budget for the Town; through the third quarter of 2022 $31.3 million has been expended
• Budget amendment two was incorporated in mid-2022 and is accounted for in this report
• Through the third quarter, development activity slowed down comparatively in the first two quarters in Castle Rock and is now trending below forecasted budget
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 2022 year to date budget information has been adjusted to more accurately reflect seasonal variability
• Incorporation of budget amendment two
Proposed Motion
This memo is intended for discussion purposes only.
Attachments
Attachment A: 2022 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 - Lodging Tax Fund
• Schedule P - Community Center Fund
• Schedule Q - Golf Course Fund
• Schedule R - Economic Development Fund
• Schedule S - Downtown Development TIF Fund
• Schedule T - Philip S. Miller Trust 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 - Parking Fund
• Schedule Z - Tabor Fund
• Schedule AA - Townwide Summary
Attachment B: Sales Tax Collections by Category and Geographical Area
Attachment C: Investment Summary