FUNDS OVERVIEW (cont)

Special Revenue Funds

Special Revenue Funds account for activities supported by revenues that are legally restricted for a specific purpose.

There are two Special Revenue Funds that are not included in this budget, but are included in the Annual Comprehensive Financial Report: the Parker Authority for Reinvestment Fund and the Greater Parker Foundation Fund. These funds are legally separate entities for which the Town is financially accountable.

Funds

• Conservation Trust Fund: This fund accounts for lottery funds from the State of Colorado, based on a formula tied to population. These funds are restricted and can only be used for parks, recreation and open space purposes.

• Cultural Fund: This fund is for activities related to the Cultural Department, also known as Parker Arts.

• Law Enforcement Assistance Fund: This fund historically included crisis intervention, police training and equipment, and victim services and support. This fund will be closed in 2022, and these activities will be accounted for in the General Fund in the Police Department.

• Parks and Recreation Fund: This fund primarily accounts for planning, design and construction of parks, trails and recreation facilities. Other uses include land acquisition, repayment of debt issued and special studies and analysis related to the overall operation, functionality and implementation of park and recreational facilities.

• Recreation Fund: This fund accounts for the operations of recreational facilities, including the Fieldhouse, Recreation Center and parks.

Capital Projects Funds

Capital Projects Funds account for financial resources that must be used for the acquisition, improvements or construction of major capital projects.

Funds

• Capital Renewal and Replacement Reserve Fund: This fund accounts for funds which can be used to fill budgetary gaps related to the renewal and/or replacement of aging equipment and facilities.

• Excise Tax Fund: This fund holds new development excise taxes to be transfered to other funds to pay for roads, parks or municipal facilities.

• Impact Fee Funds: This fund accounts for the impact fee revenue received for a few months before voters replaced it with an increased excise tax. The balance may be used for specific capital projects.

• Hess Ranch Metropolitan Fund: This fund accounts for the property tax of 5 mills to be remitted by the Hess Ranch Metro District to the Town of Parker for the planning, design, construction and maintenance of the Town infrastructure related to the Hess Ranch development.

• Parkglenn Construction Fund: This fund historically held funds in escrow for a traffic signal at Parker Road and Parkglenn Way. The signal was budgeted for construction in 2022. The fund has a zero balance for the current budget year but remains in this document for historical information.