FINANCIAL HIGHLIGHTS OF THE 2023 BUDGET (cont)

The overall expenditure growth in all funds has averaged 9% year-over-year. Capital projects are the primary driver of growth in the Parks and Recreation, Capital Improvement and Stormwater funds. The number of construction projects varies every year in those funds. The Cultural Fund shows flat growth due to the dip in program expenditures during the COVID-19 pandemic. Recreation costs have increased due to increased program costs and higher capital needs in recent years. Both the Fleet Services and Technology Management funds have increased due to cost increases and growth in service levels as the Town grows. Finally, the activities in the Law Enforcement Assistance Fund were moved to the General Fund in 2022.

Note: Interfund transfers are not included