FINANCIAL HIGHLIGHTS OF THE 2023 BUDGET (cont)

Other Fund Highlights

In addition to the General Fund, the Town has five other main operational and capital project funds. These are the Parks and Recreation, Cultural, Recreation, Public Improvements and Stormwater Utility Funds. Financials for each may be found under the Budget Detail tab. Highlights of variances between the 2023 Budget and the 2022 Projected Actuals for these funds follows.

Parks and Recreation Fund

The total revenue decline of $0.8 million is due to increased tax revenue of $0.5 million, decrease in transfers in of $1.1 million and a decrease of $0.2 million in contributions. On the expense side, the capital projects budgeted for 2023 are in line with the projects in 2022. The annual transfer to the Recreation Fund for parks and recreation programs is being moved from the Parks and Recreation Fund to the General Fund to free up cash for the robust Parks capital program.

Cultural Fund

Charges for services in the Cultural Fund are in line with the 2022 Projection. The 2022 Projection is higher than the 2022 Budget due to robust return of demand for programs and tickets following the COVID-19 pandemic. Revenues are not expected to increase significantly in 2023 due to the PACE center being almost at capacity for offering programs and shows. Expenditures are increasing by $0.8 million, reflecting the full cost of programs following COVID-19 and inflationary impacts in overhead costs. The Fund Balance decreases just under $600,000 (24.7%) due to funding one-time expenditures in 2023.

Recreation Fund

Charges for services in the Recreation fund are increasing $.8 million due to a strong return of demand for sports and youth programs. Expenditures are increasing $1.5 million, primarily in personnel. One full time position for a marketing coordinator is being added and the cost of the position is being shared with the Parks and Recreation Fund. The Fund Balance decreases approximately $310,000 (10.9%) due to funding one-time expenditures in 2023.

Public Improvements Fund

Revenues in the Public Improvements Fund are increasing $6.9 million due to an increase in project partner contributions. The Town is starting two major infrastructure projects with regional partners, including extending Dransfeldt Road. Projects in 2023 total $44.9 million, half of which is for the Dransfeldt Road Project. More information on capital projects can be found in that section of this document. The Fund Balance decreases $19.4 million (57.9%) due to the timing of capital projects. The Town is undertaking several major projects in 2023 due to available funding.

Stormwater Utility Fund

Stormwater revenue is down $5.6 million in 2023 due to fewer planned developer-funded capital projects as compared to 2022. Expenses are decreasing by $7.6 million for the same reason. The Fund Balance decreases just over $850,000 (37.9%) due to the timing of receipt of developer contributions.

All of the Town funds are included in the Budget Detail section of this document. Additional variance information may be found there for the above funds and also for those remaining funds not included above.