Frisco finances: Better than expected |

Frisco finances: Better than expected

Kathryn Corazzelli
Summit Daily News

As of right now, Frisco’s year-end fund balance is projected to exceed expectations by almost 8 percent, or $731,100, according to a report given to the town council Tuesday. The forecasted figure is $10,434,668.

Much of that is due to the over-performance of both the general and capital funds, Chad Most, Frisco’s revenue specialist told the council. Currently, the general fund is projected to amount to $2,477,962, which is 14.2 percent – or $308,000 – more than expected, due to 2010 year-end revenues exceeding original projections and expenditures amounting to less. The result was a larger beginning fund balance for 2011.

“Not only did we do better last year, but we’re expecting to do better this year as well,” Most said.

Capital fund revenue and balance projections are also higher than expected. An over-performance of the real estate investment fund, mostly due to two large commercial sales – the Best Western and several units at Frisco Station – puts the real estate fund at $100,000, or 20 percent, higher than originally projected, bumping up capital fund revenues. Real estate sales volume, while up, so far has mostly been on the “lower end of the market,” according to Most. The capital fund balance is projected to be up $437,803, or 17.33 percent more than expected because of projects that weren’t done last year.

Frisco’s total year-end revenues, however, are expected to finish about $173,951 – 1.59 percent – less than projected. General fund revenues are down $146,200 due to unexpected weather-related closures and delays in terrain park opening at the Frisco Adventure Park, poor BBQ Challenge revenues and less building fees and permits than expected. Marina revenues have also been less than expected.

The town is taking a very conservative approach to its finances, especially considering the indeterminate economy, town manager Michael Penny said. He told the council to expect to see that reflected in 2012, in both a cautious operations budget and lack of policy questions.

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