FUNDS OVERVIEW (cont)

• Public Improvements Fund: This fund accounts for streets capital projects which include Town-constructed road and bridge additions, extension and expansions of roads, traffic signal installations and median landscaping.

Debt Service Funds

Debt Service Funds are used to account for resources that will be used to pay the interest and principal of long-term debts.

FUNDS

• General Debt Service Fund: This fund is for payments of principal and interest on the 2014 Certificates of Participation issued to finance construction of the Public Works Operation Center (PWOC).

• Recreation Debt Service Fund: This fund is for payments of principal and interest on the sales and use tax bonds and Certificates of Participation issued to finance construction of recreation capital projects.

Enterprise Fund

Enterprise Funds account for operations that are financed and operated in a manner similar to private businesses, where the intent of the Town is that the fund will be self-supporting.

The Town of Parker has one Enterprise Fund, so the detailed section for the fund includes the revenue and expenditures, including the ending fund balance for this fund.

FUND

• Stormwater Utility Fund: This fund accounts for fees collected from residential and commercial properties so that the Town can properly plan, construct and maintain stormwater systems.

Internal Service Funds

Internal Service Funds account for the financing of goods and services provided primarily by one Town department to other Town departments or agencies, or to other governments, on a costreimbursement basis.

FUNDS

• Facility Services Fund: This fund accounts for the maintenance of most Town facilities, including the building maintenance and janitorial services of approximately 32 sites.

• Fleet Services Fund: This fund accounts for the acquisition, maintenance, record-keeping and disposal of the Town’s fleet of cars, trucks, and heavy and light equipment.

• Medical Benefits Fund: This fund accounts for the payment of medical claims for employees and their covered dependents. The Town is partially self-funded for medical care.

• Technology Management Fund: This fund accounts for computer maintenance and replacement, software management, network administration, data security, data backup and recovery, GIS mapping, end user support and technical support for all Town departments.

General Fund

GENERAL FUND

SUMMARY

GENERAL FUND REVENUE (IN TOTAL)

GENERAL FUND EXPENDITURES (BY DEPARTMENT)

• Communications

• Community Development

• Economic Incentives and Interfund Transfers

• Elected Officials

• Emergency Response - COVID-19

• Finance

• Human Resources

• Interdepartmental

• Municipal Court

• P3 Support Services

• Parks and Forestry/Open Space

• Police

• Public Works

• Town Attorney

• Town Clerk

• Town Manager

SPECIAL REVENUE FUNDS

CAPITAL PROJECTS FUNDS

DEBT SERVICE FUNDS

ENTERPRISE FUND

INTERNAL SERVICE FUNDS

GENERAL FUND: SUMMARY

Explanation Of Significant Budget Variances

Five Year Historical Highlights

The Compound Annual Growth Rate (CAGR) shows the growth or contraction in each of the major revenue and expenditure lines for the five-year time period of 2019 – 2023. Use of the CAGR helps to show a longer period trend rather than focusing on just one year change over another.

• Not including the debt refunding proceeds in 2019, total Revenues have grown by 8% which is just under the 10% growth in the Taxes category. Sales tax is the primary revenue source in the General Fund so it is to be expected that there is a strong correlation between these two rates.

• Licenses and Permits reflect the growth in building permits for new housing developments in Town.

• Fines and Forfeitures are flat largely due to the Police Department’s current strong emphasis on community policing and education of citizens rather than a focus on ticket issuance.

• Interest revenue has fluctuated since 2019 due to the impact of Federal Reserve rate changes.

• Community contributions to the Town are the primary revenue source in the Miscellaneous category and vary from year to year.