City financial position remains strong
This information has been provided by the City of Castle Pines North.
The City of Castle Pines North’s financial position remains strong through the first half of the year. The latest fiscal updates include:
Actual Compared to Budget:
The City is in a favorable position to budget both at the revenue and net funds level. Total revenues YTD through June are $1,783,212, exceeding budget by $154,626 or 9.5%. Revenues over expenditures (equivalent to net profit) YTD through June are $134,635, exceeding budget by $26,059 or by 24%.
Prior Year:
The City’s finances are favorable in comparison to the prior year. Revenues for 2010 through June YTD exceeded 2009 revenues by $287,986. Expenditures through June 2010 were below 2009 expenditures by $158,026, demonstrating cost savings against the prior year.
Cash:
The cash balance as of 6/30/10 is $2,283,730, with unrestricted cash totals $2,089,195. The cash balance on 1/1/10 was $2,218,541. Cash has increased by $65,190 from the beginning of the year.
Capital budget and street repair:
One of the key elements of the City Budget involves public works expenses related to the operation and maintenance of our streets. The City is near to completion of a comprehensive set of studies on the state of our streets, curbs, and gutters.
A repairs plan was also prepared for 2010 which rated needed projects in three categories: Category 1—representing safety hazards that must be addressed immediately; Category 2—non critical areas in need of repair or replacement in the next year or two; and Category 3—aesthetical issues. A backlog of projects has appeared due to past deferred maintenance prior to incorporating as a City and the age of streets approaching their useful lives.
Funding for 2010 is sufficient to cover all Category 1 items. Category 2 and 3 items will be covered over the next two-to-four years. Total replacement of all categories of issues is not a desirable approach. Staggering replacement over time allows the City to better manage expenditures in the present and in the future and avoid raising taxes for a one time need for massive street replacement. In addition, the City is looking at traffic calming approaches to reduce noise and speed on some streets. Traffic calming involves different street design and would be made unattractive if we simply replaced all the streets at once.
The City’s 2010 budget allocated approximately $425,000 for repair and maintenance of our streets. That number covers both snow removal, street sweeping, and repair/replacement items. Without any major changes in the budget for 2011, that amount can be raised by approximately $150,000 because the incorporation repayment expenses to the CPN Master Association will no longer be in the budget. Additional amounts may also be available because of the conservative management of expenditures in 2010.
