Frisco reports $600K windfall of unplanned revenue
August 29, 2013
A conservative approach to budgeting is resulting in a strong return for the town of Frisco in 2013, officials.
The town's revenue specialist, Chad Most, went over the projections for year-end revenue and fund balances at a town council workshop Tuesday.
Most said the budget presentation will give council members a good grasp on where they're at financially while planning for 2014. Not only were revenues up more than 5.66 percent, but various town funding pools also exceeded budget totals.
"We've had a very strong year with revenues all across the board," Most said.
“We operate on a very conservative budget methodology, so we try plan for any emergencies or contingencies.”
Frisco’s revenue specialist
At the end of the year, the town is projected to have $12.67 million in revenue. That's $678,411 over what was budgeted at the start of the year.
General fund revenue, capital improvement funds revenue, water fund revenue and lodging tax all came in greater than expected.
The town's marina fund came in $55,700 less than anticipated. This is due to the slip, fuel and zebra mussel reimbursement funds declining, early poor water levels and available dock space, Most said. Despite that, rental and retail revenues are approaching record levels, he said.
"Although it is 6.86 percent under the 2013 budget, this is actually a little bit stronger than I expected when the season began," Most said.
The town is expected to end the year with more than $1.3 million dollars in excess of the budget through various funding pools. It should end the year at about $12.67 million.
Frisco's general fund balance brought in more than $600,000 over original budget estimates. The capitol improvement fund, water fund, lodging tax and marina fund are all ending the year better than expected.
"I don't know how you do it, but you do a good job," Frisco Councilmember Kathleen Bartz told Most during the workshop.
The town's revenue specialist said the strong returns are due mostly to the careful considerations taken while planning the budget.
"We operate on a very conservative budget methodology, so we try plan for any emergencies or contingencies," he said.
Because the town projects revenues very cautiously they typically see revenues exceed what they plan for, he said. Town officials also take risk into account.
"We rely on some pretty volatile revenue streams so we try to factor that in," Most said.
The town is trying to work it's way up to a 9-month budget reserve by 2016. When and if this happens, Frisco would have one of the strongest municipal reserves in the country, Most said. Right now, he said the town has about 6 months reserve funds. State law requires each municipality to have at least 1 month's worth of extra funds set aside, he said.
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