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The preliminary year-end report for the 2015 fiscal year was presented to Town Council in early April, and it is good financial news.
The Town ended 2015 in the positive. Revenues exceeded expenditures by about $4.9 million. This success is the result of strong fiscal management.
Each year, the Town builds its budget based on conservative estimates of projected income and necessary investments in Town Council’s top priorities.
The Town is mostly funded by sales tax. According to the preliminary year-end financial report, 2015 sales tax revenues were approximately 8 percent over 2014 and very close to what was estimated for 2015. Another source of Town revenue is impact fees for new developments, which were higher than anticipated. The Town is also partially funded by user fees.
These revenues are placed into specific funds for precise purposes. All Town funds ended 2015 in the positive. Specifically, the General Fund ended 2015 $3 million under projected expenditures.
Once the Town estimates income, it can plan expenditures in line with Council’s top community priorities. In 2015, those priorities included: public safety, building the new Castle Rock Parkway, long-term water projects, Philip S. Miller Park, economic development and community character.
Here is a look at those investments in 2015:
• Four positions were added in public safety, and the radio system was upgraded• Significant progress was made on Castle Rock Parkway, which will open later this year• The Town invested in studies, asset acquisitions, water rights and infrastructure improvements for long-term water • Construction began on new amenities at Philip S. Miller Park, including the Amphitheater, Millhouse and Plaza area• The Town added numerous new special events as an investment in community character• The Town continued its ongoing commitment to fund incentives to attract and retain businesses and realize job growth
Specifically, some of these capital projects were funded with revenues the Town had saved over time for these one-time uses in 2015.
Late last year, Council approved the 2016 budget. See how the Town has financially planned for 2016 at CRgov.com/2016budget.
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