KN Approved by: KW€¦ · Recommended by: Kim Newhart KN Approved by: Kevin S. Woods KW Ordinance previously introduced by: Presenter(s): _____ Kim Newhart, Finance Director Erika

COUNCIL COMMUNICATION Meeting Date:

October 13, 2020

Agenda Item:

10B

Agenda Location:

Consent Calendar

Goal(s):

Legal Review:

N/A

___ 1st Reading ___ 2nd Reading

Subject: Monthly Financial Report for August 2020.

Recommended by: Kim Newhart KN Approved by: Kevin S. Woods KW Ordinance previously introduced by:

___________________ Presenter(s): Kim Newhart, Finance Director Erika Senna, Budget Manager

SYNOPSIS: The financial report for the eight-month period ending August 31, 2020 is attached. RECOMMENDATION: For informational purposes only. BUDGET/STAFF IMPLICATIONS: None. ALTERNATIVES: For informational purposes only.

BACKGROUND (ANALYSIS/NEXT STEPS/HISTORY): (includes previous City Council action) None.

MONTHLY FINANCIAL

REPORT

August 2020

CITY OF THORNTON

The purpose of the monthly financial report is to provide regular updates of the City’s financial position tothe public. Each of the City’s funds are summarized by comparing year-to-date (YTD) activity with prioryear activity, as well as the 2020 Budget. This provides context to the financial data and the City’s currentfinancial position. Substantial variances from the current year financial plan or from prior year activity willbe highlighted and explained throughout this document to increase transparency and understanding forthe public.

GOVERNMENTAL FUNDS

ENTERPRISE FUNDS

CAPITAL PROJECTS TIMELINE

REVENUES

EXPENSES

3

WATER

SEWER

ENVIRONMENTAL SERVICES

STORMWATER

6

16

OTHER FUNDS

TDAS

OTHER CITY FUNDS

SPECIAL REVENUE FUNDS

10

INTRODUCTION

Retail

The August 2020 Financial Report includes sales taxgenerated through the month of July. Retail sales continueto recover as a whole after the mandatory closures thatwere required of non-essential businesses at the end ofMarch. Sales tax YTD for the City, (including all ThorntonDevelopment Authority (TDA) areas), is up almost 4%,when compared to the same time last year.

When TDA areas are excluded, sales tax reported is up 2%.Essential general merchandise businesses (Costco,Amazon, Walmart, etc.) continue to be the primary driverfor this increase, with sales in this category still up over20% since Coronavirus Disease 2019 (COVID-19) began.Construction, fast food restaurants, and liquor storescontinued to see growth, with month over month sales up10%, 12.3%, and 27.2%, respectively. Grocery sales appearto have slowed a little, only finishing the month up 3.7%month over month. This category still remains up up over12% YTD. Non-essential general merchandise businesses,(stores located at the Denver Premium Outlets, HobbyLobby, etc.), remain down almost 28% YTD, but were onlydown 6.7% compared to the same month last year. Sitdown restaurants, down 44% YTD entering the month, sawsales declines slow slightly (down 9% month over month),which brought their YTD numbers to a negative 37.2%.Lodging tax (down 36.6% YTD) and vehicle use tax (down16.8% YTD) continue to struggle as several other industriesstart to rebound.

HIGHLIGHTS

GOVERNMENTAL ACCOUNTS SUMMARY

FUND OVERVIEW

The City has two main general governmental funds: the General Fund, which is the primary operating fundof the City and the Governmental Capital Fund, which funds the City’s capital improvement program. TheGeneral Fund covers the majority of City services, including police, fire and emergency medical response,parks and recreation, streets and drainage way maintenance, development services, economicdevelopment, finance, legal, and general administration activities. Sales and use tax, property tax, userfees, fines, permit fees, license fees, intergovernmental revenue, and administrative charges are the mainsources of General Governmental revenue.

GOVERNMENTAL REVENUES:HIGHLIGHTSThe black vertical dotted line in the chart above, showsprojected revenue for 2020 of $187.5M.

Governmental revenues are up 1%, or $1.1M, which islower than the 5.3% budgeted revenue increase over2019.

Current projections are higher than the originalBudget, due to grant and intergovernmental revenues.These revenues have a matching expense, creating azero net effect on fund balance. Most of this additionalrevenue was from the Coronavirus Aid, Relief andEconomic Security (CARES) Act.

GOVERNMENTAL REVENUES GOVERNMENTAL OPERATING EXPENSES

GOVERNMENTAL OPERATING EXPENSES: HIGHLIGHTSThe black vertical dotted line in the chart above, showsprojected expenditures for 2020 of $150M.

Staff is looking for savings City-wide to help offset theprojected $9M revenue shortfall. Areas heavily impacted bythese measures include:

• Reduced proactive maintenance of City facilities andInformation Technology (IT) equipment ($700K)

• Hiring freeze on non-first responder positions ($1M+)

YTD REV,

68%,

$108.6M

YTD REV,

63%,

$109.7M

2019

TOTAL

BUDGET $167.1M

2020

TOTAL BUDGET

$182.5M

$- $25 $50 $75 $100 $125 $150 $175

20

19

20

20

REVENUES (in millions) YTD BUDGET PROJECTION

YTD EXP,

60%,

$87M

YTD EXP,

58%,

$89.4M

2019

TOTAL

BUDGET

$144.1M

2020

TOTAL

BUDGET

$155.4M

$- $25 $50 $75 $100 $125 $150 $175

20

19

20

20

REVENUES (in millions) YTD BUDGET PROJECTIONS

$9.2M, 49%

$16.2M, 96% BUDGET -

$13.1M

$4.8M, 41% $4.2M, 75%

BUDGET -

$18.8M

BUDGET -

$16.9M$13.5M,

103%

BUDGET -

$11.7MBUDGET -

$5.7M

$0

$5

$10

$15

$20

$25

Charges for Services

Other Revenues

Grants & Intergovernmental

Property TaxLicensing &

Permits

$58.9M,

54%

BUDGET -

$109.2M

$0

$20

$40

$60

$80

$100

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Uses

GOVERNMENTAL REVENUES

• Sales, Use & Other Taxes are down 3.6%, or $2,186,970, compared to2019. This includes sales tax for retail sales made through July.

• A large majority of this decrease is from Building Use Tax. Building usetax is down 28.7%, or $1,700,567. Roughly half of this decrease is from alarge building use tax refund. Otherwise, it would be down 17.4%, or$1,029,662, from 2019. The majority of this decrease in revenue is theresult of a decrease in multi-family permits (0 in 2020 and 14 in 2019)and residential roofing permits (608 in 2020 and 1,639 in 2019).

• Vehicle use tax is down 16.8%, or $923,535.

Property tax is up 21.3%, or $2,853,661,compared to 2019. This is the directresult of an increase in the assessedvalue in the City. 2019 assessed valueused to calculate 2020 property tax billsincreased 22.4% over the prior year.

2020 GENERAL FUND REVENUES BY CATEGORY – YTD AND BUDGETED

Grants & Intergovernmental funds areprojected to end the year $15.4Mhigher than the original Budget. TheCity entered into an IntergovernmentalAgreement (IGA) with Adams County forthe purpose of disbursing fundsprovided by the CARES Act to provideup to $11.2M in relief for costs incurreddue to COVID-19.

• Charges for services are down 20.6%, or $2,398,034, compared to 2019.Recreation charges including the Thorncreek Golf course account forthe majority of the decrease or $1,314,917, a 35.3% decrease from 2019.

• Fines and Fees account for $528,718, a 33.6% decrease from 2019related to a decrease in traffic fines.

GOVERNMENTAL FUNDS - REVENUE SUMMARYDescription Actual YTD 2019 Actual YTD 2020 2020 Projections Total Budget 2020

Sales, Use & Other Taxes $ 61,072,252 $ 58,885,282 $ 103,400,000 $ 109,170,517

Charges for Services 11,626,050 9,228,016 15,140,000 18,764,834

Property Tax 13,389,014 16,242,675 16,913,072 16,913,072

Other Revenues 4,108,569 4,834,058 10,700,000 11,676,751

Licensing & Permits 4,214,470 4,217,458 5,653,954 5,653,954

Subtotal $ 94,410,355 $ 93,407,489 $ 151,807,026 $ 162,179,128

Grants & Intergovernmental 10,579,875 13,497,869 28,577,920 13,133,752

Transfers In 3,636,053 2,771,964 7,137,477 7,137,477

Total Revenues $ 108,626,283 $ 109,677,322 $ 187,522,423 $ 182,450,357

GOVERNMENTAL EXPENSES

2020 GOVERNMENTAL CAPITAL EXPENSES

2020 GOVERNMENTAL OPERATING EXPENSES BY CATEGORY YTD AND BUDGET

Total Available Budget on

August 31, 2020:$85.1 M

$22.6M, 57%$26M, 62%

$13M, 63% $13.8M, 54%

$7.5M, 62%$5.3M, 60%

$1.1M, 16%

BUDGET -

$39.5M

BUDGET -

$41.7M

BUDGET -

$20.7M

BUDGET -

$25.4M

BUDGET -

$12.1M BUDGET -

$8.8M BUDGET -

$7.2M

$0

$10

$20

$30

$40

EXP

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General Governmental

FireParks, Recreation and Community

ServicesPolice Infrastructure

City Development

Debt & Contractual Obligations

GENERAL FUND - EXPENDITURE SUMMARYDescription Actual YTD 2019 Actual YTD 2020 2020 Projections Total Budget 2020

General Government $ 22,981,017 $ 22,618,616 $ 36,390,000 $ 39,541,054

Police 24,684,168 26,036,613 41,699,701 41,699,701

Fire 12,185,007 12,952,558 20,693,005 20,693,005

Parks, Recreation and Community Programs

13,239,930 13,785,052 23,250,000 25,377,096

Infrastructure 7,123,500 7,494,993 12,050,197 12,050,197

City Development 5,348,100 5,344,516 8,839,099 8,839,099

Debt & Contractual Obligations 1,473,117 1,125,497 7,174,022 7,174,022

Total Expenditures $ 87,034,840 $ 89,357,844 $ 150,096,024 $ 155,374,174

ENTERPRISE FUNDS SUMMARY

SEWER FUND OVERVIEWThe Sewer Fund is responsible for operating and maintaining the City’s wastewater collectionsystem. While the City collects wastewater, it does not own or operate a wastewater treatmentplant. The City sends wastewater to the Metro Wastewater Reclamation District (MWRD) fortreatment. Charges for services and tap fees are the main sources of Sewer Fund revenue.

WATER FUND OVERVIEWThe Water Fund is responsible for operating, maintaining, and planning for the future of the City’swater utility. The City is proud to provide quality water services, from the protection of watersources to the distribution of water to homes and businesses. Charges for services, leases, and tapfees are the main sources of Water Fund revenue.

STORMWATER FUND OVERVIEWThe Stormwater Fund was established in 2019 and is responsible for operation, maintenance, andcapital improvement projects of the drain and drainage system throughout the City. Stormwaterfees are the main source of Stormwater Fund revenue.

ENVIRONMENTAL SERVICES OVERVIEWThe Environmental Services Fund provides curbside trash and recycling collection services toover 30,000 homes throughout the community, as well as a number of special collection servicesfor Thornton residents. Charges for services are the main source of Environmental Servicesrevenue.

$51.2M

$18.8M

$54.5M,

66%

$19M,

58%

$32.1M

$82.3M

$32.5M

$157.1M

$0

$20

$40

$60

$80

$100

$120

$140

$160

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2019 YTD2020 YTD2020 BUDGET

ExpensesRevenuesCapital

Expenses

Charges for Services are up 20.6%, or $5,448,258, compared to 2019. Customer water sales increased by 25.6%, or$5,651,132, because of an increase in the number of accounts the utility serves, a rate increase of 3% effectiveJanuary 2020, and higher water consumption during the spring and summer months in 2020. The increase inCustomer Water sales is offset by a decrease in late fees and non-payment charges of $406,470, or 64.7%. Totalbilled water consumption YTD was up 20.3%, when compared to the same period in 2019. The City began wavinglate charges and stopped performing turn-offs for delinquent accounts during the second half of March due to theCOVID-19 pandemic.

Capital Expenses, including rollover appropriations, are highlighted:

• In 2020, the City funded Advanced Metering Infrastructure, which will provide enhanced meter reading, billing, and water conservation.

• The Thornton Water Project is ongoing, with construction on a segment of pipe beginning in 2020 and several sections of pipe design continuing.

ENTERPRISE FUND – WATER FUND

WATER FUND REVENUES & EXPENSES – YTD AND BUDGETED

WATER FUND SUMMARYDescription Actual YTD 2019 Actual YTD 2020 2020 Projections Total Budget 2020

Revenues $ 51,244,890 $ 54,510,965 $ 82,313,714 $ 82,313,714

Expenses 18,813,008 18,962,039 32,503,263 32,503,263

Capital 34,624,117 32,127,682 N/A 157,147,691

ENTERPRISE FUND – SEWER FUND

SEWER FUND REVENUES & EXPENSES – YTD AND BUDGETED

An example of a capital expense is the City’s replacement of the old Remington Lift Station, with a 12-inch sanitary sewer gravity main, that will run from the old Remington Lift Station to the Riverdale Park Lift Station in 2020. The Riverdale Station is also in the process of being replaced with a new lift station.

• Sewer rates increased 1.8% in January 2020 as a result of an increase in fees charged by the MWRD for treatment of the City’s sewage flows.

• The largest driver of the 2020 Budget is the payment to the MWRD for treating the City’s sewage flows.

• Projected operating savings of over $700K, due mostly to a lower MWRD charge than anticipated.

$10.6M

$7.7M

$11.1M,

57% $7.4M,

51% $7M

$19.5M

$14.7M

$19.8M

$0

$5

$10

$15

$20

$25

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2019 YTD2020 YTD2020 BUDGET


Expenses

SEWER FUND SUMMARY

Description Actual YTD 2019 Actual YTD 2020 2020 Projections Total Budget 2020

Revenues $ 10,615,769 $ 11,129,409 $ 19,524,507 $ 19,524,507

Expenses 7,729,285 7,431,257 13,920,000 14,668,600

Capital 453,405 6,966,163 N/A 19,799,829

ENTERPRISE FUND:

ENVIRONMENTAL SERVICES & STORMWATER

ENVIRONMENTAL SERVICES REVENUES & EXPENSES – YTD AND BUDGETED

The 2020 Budget includes appropriationfor five replacement trucks and two newtrash trucks as well as two additionalemployees who were added tosupplement the trash and recycle curbsideroutes.

The Stormwater Fund began providingservices on April 1, 2019. Revenues aretrending as expected. A mix of stormwatersystem maintenance costs as well as capitalprojects make up the bulk of the 2020Budget.

STORMWATER FUND REVENUES & EXPENSES – YTD AND BUDGETED

$3.5M $3.3M$3.5M,

61% $3.1M,

58%

$0, 0%

$5.8M$5.4M

$1.9M

$0

$2

$4

$6

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2019 YTD 2020 YTD 2020 BUDGET


Expenses

ENVIRONMENTAL SERVICES FUND SUMMARYDescription Actual YTD 2019 Actual YTD 2020 2020 Projections Total Budget 2020

Revenues $ 3,450,397 $ 3,544,460 $ 5,801,792 $ 5,801,792

Expenses 3,349,282 3,136,209 5,376,154 5,376,154

Capital 533 - N/A 1,946,000

$2.8M,

67% $1.3M, 60% $1.6M,

19%

$4.1M

$2.2M

$8.7M

$0

$2

$4

$6

$8

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2020 YTD 2020 BUDGET

ExpensesRevenues Capital Expenses

STORMWATER FUND SUMMARYDescription Actual YTD 2019 Actual YTD 2020 2020 Projections Total Budget 2020

Revenues $ 1,672,053 $ 2,780,175 $ 4,145,962 $ 4,145,962

Expenses 1,114,242 1,329,518 2,218,528 2,218,528

Capital 1,060 1,622,891 N/A 8,684,925

OTHER FUNDS

THORNTON DEVELOPMENT AUTHORITY (TDA) FUNDS OVERVIEW

TDA North: The City Council established, by ordinance in October 2003, the North Washington StreetUrban Renewal Plan to reduce, eliminate, and prevent the spread of blight within the urban renewal areaand to stimulate growth and development of the North Washington Street corridor. Property tax and saletax increment revenues are the main sources of TDA North revenue.

TDA South: The City Council established, by ordinance in October 2012, the South Thornton UrbanRenewal Plan to reduce, eliminate, and prevent the spread of blight within the urban renewal area and tostimulate growth and development in South Thornton. Property tax increment revenue is the mainsource of TDA South revenue.

TDA 144th: The City Council established, by ordinance in November 2012, the 144th Avenue and Interstate25 Urban Renewal Plan to reduce, eliminate, and prevent the spread of blight within the urban renewalarea and to stimulate growth and development in the 144th Avenue and Interstate 25 corridor. Propertytax and sales tax increment revenues are the main sources of TDA 144th revenue.

OTHER CITY FUNDS OVERVIEW

Thornton Arts, Sciences and Humanities Council (TASHCO): TASHCO was established by City Council in1991 to address the community’s need for additional arts and cultural programs. TASHCO conductsfundraising, actively supports all City sponsored arts and culture events, and encourages membershipand public participation.

136th Avenue General Improvement District (GID): The 136th Avenue GID was established by City Councilin 2000 to help fund the construction of an interchange at 136th Avenue and Interstate 25. Property taxrevenue is the main source of 136th Avenue GID Fund revenue.

Thornton Emergency Telephone Service (E-911) Authority: The Thornton E-911 Authority was establishedby City Council in 2004 to collect surcharges for 911 emergency telephone services in the City and tomanage the provisions of the emergency telephone service. The monthly emergency telephonesurcharge remitted to the Authority is used to pay for a portion of equipment, personnel, technologymaintenance, and other authorized costs pursuant to State Statute for the City to provide emergencytelephone service.

Risk: Risk Management is responsible for evaluating risk exposures throughout the City and coordinatingways to transfer and manage the exposures via contractual agreements or through insurance coveragevia various insurance carriers for property casualty, workers’ compensation, and general professionaland public official liability. Revenues for Risk Management come from charges for service to the City’soperating divisions. Revenues are constant throughout the year, though expenses will vary.

Currently, YTD revenues through August are $4.3M, with a budget of $6.2M. YTD expenses are $3.2M, witha budget of $6.3M.

$14.3M

$7.9M

$10.2M,

46%

$13.9M,

82%

$22M

$17M

$0 $5 $10 $15 $20(IN MILLIONS)


2020 20192020 2019

REVENUES THROUGH AUGUST

EXPENSES THROUGH AUGUST

Sales tax generated in the Larkridgeshopping area was up 16.9% YTD. Theseincreases are expected to decline in thenext few months, as the City will begin tocompare a period in time in which Floorand Décor (July 2019) and Top Golf(August 2019) were open and operating.

The 2020 Budget includes debt paymentsfor TDA North, a contribution towards theBig Dry Creek Sewer Project, the BullCanal relocation at 152nd Avenue, andincentive payments.

The 2020 Budget includesa TDA South revitalizationplan as well as the SouthThornton Attraction andRevitalization Grant.

*Budgeted expensesshown for TDA North andTDA South include capitalcarryover from the prioryear.

Sales tax generated in the Grove shopping center saw another month of positive sales growth (up 2.8% month over month). YTD, this shopping center is now flat. It was recently announced the Stein Mart filed for bankruptcy, and will be closing its doors.

The 2020 Budget includes debt payments for infrastructure built in the TDA 144th.

THORNTON DEVELOPMENT AUTHORITY

TDA 144TH – YTD AND BUDGETED

TDA SOUTH* – YTD AND BUDGETED

TDA NORTH* – YTD AND BUDGETED

$200.2K

$739K

$381K, 24%

$873K, 94%

$1.6M

$926K

$0 $5 $10 $15 (IN $100,000)

2019 YTD 2020 YTD 2020 BUDGET 2020 2019

2020 2019



$1.1M, 38%

$2.2M

$1.1M, 38%

$2.6M, 80%

$2.9M

$3.2M

$0 $10 $20 $30(IN $100,000)

2019 YTD

2020 YTD

2020 BUDGET

2020 20192020 2019



$56.1K

$42.2K

$36K, 10%

$50.4K, 45%

$361.4K

$111.4K

$0 $100,000 $200,000 $300,000 $400,000


2020 20192020 2019



(IN THOUSANDS)

The assessed property valuation of the 136th

Avenue GID increased 80.4%, or $3,381,210, over 2018, generating an additional $43,239 of property tax revenue from this area. The 2020 Budget includes a transfer to the General Fund.

The 2020 Budget includes the planned spending down of fund balance on public art at the 128th

Avenue roundabout.

The 2020 Budget

includes a transfer to the General Fund to help cover costs of the emergency communications center.

OTHER CITY FUNDS

TASHCO – YTD AND BUDGETED

E-911– YTD AND BUDGETED

136TH GENERAL IMPROVEMENT DISTRICT – YTD AND BUDGETED

$31K

$60K

$50K, 50%

$109K, 109%

$100K

$0 $20 $40 $60 $80 $100 $120(IN THOUSANDS)

2019 YTD 2020 YTD 2020 BUDGET 2020 20192020 2019



$600K

$655K

$550K, 50%

$659K, 60%

$1.1M

$1.1M

$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100(IN THOUSANDS)


2020 20192020 2019



$1.2M

$674K, 41%

$870K

$1M

BUDGET, $1.6M

$0 $5 $10 $15 $20(IN 100,000S)

2020 CAPITAL EXPENSE APPROPRIATION 2019 CAPITAL EXPENSES CARRYOVER

REVENUES20202019

CAPITAL BUDGET

SPECIAL REVENUE FUNDS

SPECIAL REVENUE FUNDS OVERVIEW

Cash in Lieu Fund: Accounts for the proceeds from developer contributions associated with differentdevelopments throughout the City. The Cash in Lieu Fund capital projects are managed by the Parks,Recreation and Community Programs Department.

Conservation Trust Fund: Accounts for the proceeds the City receives from the Colorado State Lottery. TheConservation Trust capital projects are managed by the Parks, Recreation and Community ProgramsDepartment.

Parks, Open Space, and Parks and Open Space Funds: These three funds account for the proceeds fromthe City’s 0.25% sales tax devoted to parks and open space. In prior years, the proceeds were dividedequally between the three funds, but now all revenue is directed to the Parks and Open Space Fund. TheParks, Open Space, and Parks and Open Space capital projects are managed by the Parks, Recreation andCommunity Programs Department. Financial information can be found on the following page.

CASH-IN-LIEU – YTD AND BUDGETED REVENUES & CAPITAL BUDGET

The 2020 Budget includes funding for a conceptual plan for Lambertson Farms and supplemental funding for trail connections.

Total capital budget available on January 1, 2020: $689K

CONSERVATION TRUST – YTD AND BUDGETED REVENUES & CAPITAL BUDGET

The 2020 Budget covers a variety of maintenance and repairs to City recreation sites.

Total capital budget available on January 1, 2020: $2.2M

$48.7K

$19.8K, 9% BUDGET, $225K

$0 $50,000 $100,000 $150,000 $200,000

2019 YTD 2020 YTDREVENUES2020

$559K $130K

(IN 100,000S)


CAPITAL BUDGET

$4.7M

$5.3M, 65% BUDGET, $8.1M

$0 $1 $2 $3 $4 $5 $6 $7 $8 $9(IN MILLIONS)

2019 YTD 2020 YTD 2020 BUDGET REVENUES2020 2019

$240K

$118K, 8% BUDGET, $1.5M

$0 $5 $10 $15(IN 100,000S)

2019 YTD 2020 YTD 2020 BUDGET REVENUES2020 2019

$8.4M $32.6M

$0 $10 $20 $30 $40 $50

(IN MILLIONS)


CAPITAL BUDGET

SPECIAL REVENUE FUNDS:

PARKS & OPEN SPACE FUNDS

The Parks & Open Space Budget includes a variety of capital projects, including: the new Thornton Active Adult Center, the Margaret W. Carpenter Recreation Center Aquatics Renovation, and flush toilets at Community Park.

The Open Space 2020 Budget includes appropriation for trail connections throughout the City as well as improvements to the Skylake Open Lands.

PARKS & OPEN SPACE FUND –YTD AND BUDGETED REVENUES & CAPITAL BUDGET

OPEN SPACE FUND – YTD AND BUDGETED REVENUES & CAPITAL BUDGET

PARKS FUND – YTD AND BUDGETED REVENUES & CAPITAL BUDGET

Total capital budget available on January 1,

2020: $623K


Total capital budget available on January 1, 2020: $41M

The Parks Fund Capital Budget includes carryover appropriation from prior years to help fund the new 88th Avenue and Huron Street Park.

$623K

$0 $2 $4 $6(IN 100,000S)

2019 CAPITAL EXPENSES CARRYOVERCAPITAL BUDGET

$2.6M $3.8M

$0 $2 $4 $6(IN MILLIONS)


CAPITAL BUDGET

$15K

$11.3K, 11% BUDGET, $98K

$0 $20,000 $40,000 $60,000 $80,000 $100,000

2019 YTD 2020 YTDREVENUES2020 2019

$655K

$731K, 24% BUDGET, $3M

$0 $1 $2 $3 $4

2019 YTD 2020 YTD 2020 BUDGET REVENUES

$1.7M

$2.6M, 74% BUDGET, $3.5M

$0 $1 $2 $3 $4(IN MILLIONS)

2019 YTD 2020 YTDREVENUES2020 2019

$2.8M $6.4M

$0 $2 $4 $6 $8(IN MILLIONS)


CAPITAL BUDGET

SPECIAL REVENUE FUNDS:

ADAMS COUNTY FUNDS

ADCO Road & Bridge Revenues are up $811,892, compared to 2019. A majority of this increase is related to a developer contribution of $556,225, a reimbursement for improvements to 120th

Avenue. The 2020 Budget covers 50% of the City’s Street Rehabilitation Program. The other 50% is covered by the Governmental Capital Fund.

The ADCO Open Space 2020 Budget includes landscape and playground rehabilitation as well as funding for art at parks and recreation facilities.

ADCO OPEN SPACE– YTD AND BUDGETED REVENUES & CAPITAL BUDGET

ADCO ROAD & BRIDGE – YTD AND BUDGETED REVENUES & CAPITAL BUDGET


SPECIAL REVENUE FUNDS OVERVIEW (CONTINUED)

Adams County (ADCO) Road and Bridge: Accounts for the proceeds the City receives from the ADCO Roadand Bridge sales tax of 0.5%. The Adams County Road and Bridge capital projects are managed by theInfrastructure Department.

ADCO Open Space Fund: Accounts for the proceeds the City receives from the ADCO Open Space salestax of 0.25%, as well as Open Space grant funding received through the County. The ADCO Open Spacecapital projects are managed by the Parks, Recreation and Community Programs Department.


$906K $3.2M

$0 $1 $1 $2 $2 $3 $3 $4 $4 $5(IN MILLIONS)


CAPITAL BUDGET

Notes

1For the 144th Avenue corridor, projects include improving the intersections at Colorado Boulevard and York Street for $2.5M, and widening 144th Avenue from Washington Street to Colorado Boulevard for $12.8M. The section of widening from York to Colorado Boulevard is currently on hold due to the financial impact of COVID-19.

2Funded from multiple funds, including Governmental Capital and Special Revenue

3Funding split between the Water Fund (75%) and Sewer Fund (25%)

CAPITAL PROJECTS TIMELINE

Questions?

Contact Kimberly Newhart

(303-538-7255, Kimberly.Newhart

@thorntonco.gov) or Erika Senna

(303-538-7321, Erika.Senna@

thorntonco.gov)

mailto:[email protected]

mailto:[email protected]

Documents

KN Approved by: KW€¦ · Recommended by: Kim Newhart KN Approved by: Kevin S. Woods KW Ordinance previously introduced by: Presenter(s): _____ Kim Newhart, Finance Director Erika