Treasurer's Reports

Jan 2012

Feb 2012

Mar 2012

Apr 2012

2011 Budget
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2012 Budget
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Revenue &
Expenditures
Year-to-Date

Balance Sheet

TOWN OF FOXFIELD FINANCIAL REPORT 2010

The Town of Foxfield remains in good financial condition, in spite of the downturn of the economy. The Board embraces policies that are fiscally conservative to ensure that the financial needs of the Town can be met while maintaining the tight control over taxes that has been the practice since the Town was incorporated.

GENERAL FUND

Apart from property taxes collected to provide law enforcement and to support the General Obligation Bond, the Town’s major sources of revenue are sales tax, use tax, ownership tax, franchise taxes, and traffic fines.

The revenues of the Town increased almost $108,000 from 2009. This was due in part to an increase in sales tax revenues, intergovernmental revenues, and traffic fines as well as a change in accounting for building permit fees. Total expenditures were $5,946 less than budgeted.

	General Fund
	2010	2009
REVENUES:
Property Taxes	81,956	83,088
Specific Ownership Tax	22,099	23,633
Franchise Fees	30,814	30,282
Sales Tax	232,721	197,580
Use Tax	17,694	7,593
Licenses & Permits	42,354	3,652
Intergovernmental	52,620	46,789
Traffic Fines	61,437	43,490
Other	9,765	7,755
Total revenues	$ 551,460	$ 443,862
EXPENSES:
Administration	169,182	110,101
Elections	84	0
Judicial	480	1,069
Public Safety	109,375	98,948
Public Works	132,565	107,513
ESTIP (Metro District Sales Tax)	87,946	87,553
Miscellaneous	6,000	12,109
Total expenses	$ 505,632	$ 417,293

NET ASSETS:

Net assets may serve over time as a useful indicator of a government’s financial position. The assets of the Town exceeded its liabilities at the close of the most recent year.

Town of Foxfield 's Net Assets
	Governmental Activities
	2010	2009
Current and other assets	1,765,671	1,767,300
Capital assets	1,931,312	2,085,612
Total assets	3,696,983	3,852,912

Long term liabilities	1,610,000	1,805,000
Other liabilities	403,591	398,897
Total liabilities	2,013,591	2,203,897

Invested in capital assets,
net of related debt	810,374	984,044
Restricted	121,538	117,915
Reserved – Roads	279,562	257,042
Unrestricted	471,918	290,014
Total net assets	$1,683,392	$ 1,649,015

By far the largest portion of the Town’s total assets (52%) reflects its investment in capital assets (e.g., roads). An additional portion of the Town’s net assets (3.8%) represents resources that are subject to external restrictions on how they may be used, such as in the Open Space grant funds. The Board has reserved $279,562 for resurfacing the roads or paying off bonds. The remaining $471,918 may be used to meet the Town’s ongoing obligations to citizens and creditors. At the end of the current fiscal year, the Town is able to report positive balances in all net assets.

DEBT SERVICE FUND

This fund was established for the collection of property taxes used to pay debt service on bonds issued to pave the Town streets and construct drainage improvements. The bonds were issued in 2003 in the principal amount of $3,000,000. Bonds due through December 1, 2012 are not subject to prior redemption. However, on December 1, 2012, the Town can call any bonds with maturity dates of December 1, 2013 or later.

The Town’s total long-term debt decreased by $195,000 during the current fiscal year. The amount of principal outstanding at the end of 2010 is $1,610,000. The bonds are scheduled to be paid in full in December, 2017.

SPECIAL IMPROVEMENT DISTRICT FUND

This fund was established for the collection of assessments and payment of debt service on the $2,500,000 in bonds that financed the construction of water improvements for the Town. The bonds were issued in 2001, with the first principal payment due in 2002. The amount outstanding on the bonds is $185,000.00 with the final payment due 2015.

METRO DISTRICT FUND

The Town entered into an Enhanced Sales Tax Incentive Agreement (ESTIP) with the Foxfield Metropolitan District No. 1 in 2006. Under the terms of the agreement, the District issued debt in the amount of $1,625,000. The bonds are term bonds due December 1, 2026, with mandatory sinking fund payments starting December 1, 2010. The bonds are subject to redemption prior to maturity at the option of the District on December 1, 2016. The bonds are secured by a mill levy and revenues provided through the ESTIP.

The Town reimburses the District 50% of the “Enhanced Sales Taxes” collected from the included properties. The Metro District Fund is used to hold and track the collection and transfer of these funds. In 2010, the Town distributed $87,946 to the Metro District. Approximately $550,000 has been reserved for payment of these bonds.