CAPITAL PROJECTS FUNDS

FUND: Capital Renewal and Replacement Reserve Fund

Explanation Of Significant Budget Variances

2023 Adopted Budget vs. 2022 Projected Actual

• Cash reserves in the General Fund were transferred to this fund in 2021 and 2022 and are budgeted in 2023 to help fund Town infrastructure needs that were identified in the 2021 Facilities Master Plan

• The Capital Outlay in 2023 is for the Town Hall expansion, which is the highest priority project identified as needed in the master plan.

• The Fund Balance decreases $5,340,000 (10.3%) due to the timing differential between revenue inflows and construction being underway.