Town of Frisco 2020 Budget
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Town Of Frisco 2020 Budget FRISCO Visit FriscoGov.com COLORADO or 970 668-5276 This Page Intentionally Left Blank Town of Frisco 2020 Budget 3 This Page Intentionally Left Blank 4 January 1, 2019 The Government Finance Officers Association of the United States and Canada (GFOA) presented a Distinguished Budget Presentation Award to Town of Frisco, Colorado for its annual budget for the fiscal year beginning January 1, 2019. In order to receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan, and as a communications device. This award is valid for a period of one year only. We believe our current budget continues to conform to program requirements and we are submitting it to GFOA to determine its eligibility for another award. 5 This Page Intentionally Left Blank 6 TABLE OF CONTENTS 2020 BUDGET INTRODUCTION 9-26 DISCRETIONARY GRANT REQUESTS 189-212 10 Transmittal Letter 18 Town Overview PERSONNEL INFORMATION 213-220 21 Local Economy 214 2020 Salary Ranges 25 Organizational Chart 215 2020 Salary Table 218 Employee Benefit Package BUDGET / FINANCIAL OVERVIEW 27-46 219 Personnel Summary - Part Time and 28 Budget Process Seasonal 28 Budget Basis 29 Fund Balances DEBT MANAGEMENT 221-224 31 Revenues 223 Legal Limits 33 Personnel 224 Lease Purchase Agreements 36 Expenditures 42 Fund Structure INVESTMENTS 225-242 43 Use of Funds By Department 227 Securities Held as of 10/31/2019 44 Budget Calendar 228 Investment Policy OLICY UESTIONS 47-104 P Q FINANCIAL SUMMARY 243-268 48 Policy Questions Index 244 Financial Condition 93 Policy Question Correlation to 2019-2020 247 2018 Actual Summary Strategic Plan 248 2019 Projected Summary 249 2020 Budget Summary TOWN ADOPTED PLANS 105-112 250 Multi-Year Budget Summary - All Funds 106 Key Policy Documents 251 Long Term Projections 107 Town Council Mission Statement 253 Town Ordinances/Resolution 108 Town Council Strategic Plan 258 Financial Policies 109 Town Council Values 264 Bidding Procedures and Contract 110 Adopted Plans Formation PROGRAM PRIORITIES 113-120 GLOSSARY 269-274 FUND SUMMARIES 121-188 122 General Fund 145 Capital Improvement Fund 151 Historic Preservation Fund 155 Conservation Trust Fund 159 Water Fund 163 Open Space Fund 167 SCHA 5A Fund 171 Insurance Reserve Fund 175 Lodging Tax Fund 183 Marina Fund 7 This Page Intentionally Left Blank 8 Introduction 9 (970) 668-5276 P.O. Box 4100 FAX (970) 668-0677 Town Hall, First & Main Frisco, Colorado 80443 TO: MAYOR AND COUNCIL FROM: NANCY KERRY, TOWN MANAGER RE: 2020 TOWN BUDGET DATE: SEPTEMBER 16, 2019 It is with pride that I present the 2020 Town of Frisco budget. The following is the proposed budget for discussion at the Town Council budget worksession. This document reflects a great deal of time, consideration, research, planning, prioritization, and visioning to make Frisco the best community it can be. This budget reflects what we believe is appropriate in an: - Investment in tourism - Investment in existing capital assets and infrastructure - Investment in our future Introduction The budget reflects the staff’s focus and commitment to work diligently to achieve a balance among adhering to a conservative fiscal policy, completing projects, meeting service expectations and supporting the desires of our community. The goal of this budget memo is to create a comprehensive summary of the anticipated revenues and expenditures and associated goals for 2020. It is my hope that this information will enable the Frisco Town Council to carry out its fiduciary responsibilities as effectively as possible. The 2020 budget is a balanced budget, totaling appropriations of $30,745,973 as required by Town Code; this was accomplished by the use of current revenues, appropriated fund balances and conservative expenditure forecasts. The chart below depicts these allocations by function and the summary preceding each individual fund provides further details regarding appropriated fund balances. 10 $31.6M Appropriations by Function (rounded) % of Function Amount Total Capital $13.4M 42% General Government $6.6M 21% Culture and Recreation $4.1M 13% Public Works $2.3M 7% Public Safety $1.8M 6% Community Development $1.8M 5% Transfers $893,347 3% Debt Service $681,000 3% The 2020 budget has been updated to reflect the themes and goals of the 2019-2020 Strategic Plan. Each policy question has been categorized to represent one of the five key goals of the Strategic Plan identified by the Town Council. This will help to distinguish how the Town is achieving these goals throughout the budget process. This budget document also reflects the continued shift from past format to what is now our eleventh year of using a format which we will submit to the Government Finance Officers’ Association (GFOA) for the Distinguished Budget Presentation Award. The Town recognizes the importance of these GFOA programs and the need for providing its citizens with such additional information. Council Goals This budget is, in part, an implementation tool for the Frisco Town Council 2019-2020 Strategic Plan. The overriding mission of that plan is “to preserve a family-oriented and economically vibrant mountain community that thrives on citizen involvement, respects our community character and natural environment, and enhances our quality of life.” The goals of the plan are as follows: I. Inclusive Community II. Thriving Economy III. Sustainable Environment IV. Vibrant Recreation V. Quality Core Services To view the action plan items associated with each of these main goals, please see the complete 2019-2020 Town Council Strategic Plan in the Town Adopted Plans section. Please also see the “Policy Questions” section of this introduction for a more complete discussion of how current-year policy initiatives relate directly to the Town Council’s long-term strategic plan. Each policy question has been categorized to represent at least one of the five key goals of the Strategic Plan identified by Town Council. Budget Document Format This budget document is designed to be used by a wide range of participants – citizens, financial organizations, Town Council, and Town staff. The budget document consists of eight sections (see tab dividers): Introduction, Fund/ Department Detail, Grant Requests, Personnel Information, Debt Management, Investments, Financial Summary, and Glossary. The Introduction section includes a letter from the Town Manager, Town Overview, Budget/Financial Overview, Budgeted Policy Questions by Department (including Department Successes and Training Allocations), Program Priorities, and Town Adopted Plan Update. 11 The Fund/Department Detail sections include information organized by fund: General Fund, Capital Improvement Fund, Historic Preservation Fund, Conservation Trust Fund, Water Fund, Open Space Fund, SCHA 5A Fund, Insurance Reserve Fund, Lodging Tax Fund, and the Marina Fund. All funds are appropriated by Council. The Grant Request section provides summary information regarding outside entities that have requested funding from the Town of Frisco. The Personnel Information section provides historical salary ranges, number of employees, and a brief description of the Town’s benefit package. The Debt Management section gives detailed information about the Town’s debt obligations. The Investment section gives summary information about the Town’s investments and contains a copy of the Town’s Investment Policy. The Financial Summary contains information about the Town’s financial condition, the Town’s Financial Policies, an entity-wide Budget Summary, Long-term Fund Balance, Revenue and Expenditures Projections and copies of the Budget Ordinances and Resolution. The Glossary provides definitions of terms used throughout the budget document. Policy Questions To assist the Council in its analysis, the department directors have compiled a list of 13 policy questions, each of which proposes a specific project, program, expenditure, or policy for Council deliberation and decision. The questions are grouped by department and are prefaced by a brief description of department mission, successes, training allocations and annual goals. The directors have provided some written background information on each question, and staff will be prepared to give additional information and answer any questions that may arise at the budget worksessions. Each policy question is extensively evaluated to assure the funding request is supported by the Town’s various policies and adopted plans; these references are intended to address long-term concerns and issues and guide the development of the budget for the upcoming budget year. All of the Town’s supporting plans are summarized below the description of the request. Further information about these guiding documents can be found under the sub-tab entitled “Adopted Plans”. In addition, the correlation table, immediately following the policy questions (and preceding the “Town Adopted Plans” section), groups each major policy initiative with at least one of the long-term strategic goal(s) to which it most closely relates. This table, along with the itemization of relevant principles and policies, correlates the current budget priorities with Council’s long-term strategic plan. Below the policy-question section for each department, staff has included a list of “budget highlights” the directors feel merit Council attention. Some of these highlights are significant expenditures to which the Town is committed through existing programs, policies,