Castle Rock has proposed a 2014 budget with no new taxes or fees and tens of millions of dollars for capital improvement projects.
Castle Rock residents will continue to pay $40 a year in property taxes and no new fees for town services will be instated.
Total expenditures for 2014 are $225,155,019 with $97 million of that devoted for capital improvement projects, mainly work on the North Meadows Parkway Extension. The town plans to devote $67.9 million to construct the new road that will go from Castle View High School to Colorado 85 and Interstate 25. It’s expected to completed by the end of 2015. Total revenues for 2014 are projected to be $166,534,042.
Finance Director Trish Muller said $58 million is being taken from reserves to make up the difference between revenues and expenditures. She said the town is still projecting to have about $103 million in reserves by the end of 2014.
“If we know there’s going to be a significant operating expense coming along, we need to make sure that in our current capacity we can do that,” Muller said. “We’re very prudent in our finances and conservative when it comes to budgeting.”
She said the town has been preparing for the construction of the North Meadows Parkway Extension, which began this year, since voters approved a bond in 2005.
“It’s been years trying to get this moved forward,” said Mayor Paul Donahue. “Not only will it help alleviate some traffic problems, but will open up the area to economic development to get some good jobs for the residents of Castle Rock.”
The budget also provides for $4.98 million for the implementation of the WISE and Stillwater Resources renewable water project.
Another $1 million will be devoted to building an Adventure Playground and soft-surface trails by the fall 2014 at the new Philip S. Miller Park. Already under construction are the pool, athletic fields, park-wide infrastructure and the fieldhouse, which is projected to be operating in fall next year.
“I think we’re in a good financial position and it’s going to be heavy year for capital projects, but that’s what we planned for,” Muller said.
To account for the increased growth, the city will be adding two maintenance positions at Miller Park, an additional fire safety inspector, a police administrative assistant and a community relations position. Employees will also see a 3 percent compensation increase, equating to $377,025.
The budget is also projecting a 5.5 percent increase in sales-tax revenue for 2014. Muller said the town has already seen a 9 percent increase through August, but is estimating conservatively for a 7 percent increase by the end of the year.
As part of its financial planning habits, the town is planning to fund a new fire station sometime in the next decade to accommodate growth, but not in the next five years. Muller said the new station is projected to cost $1.5 million.
The town also has $4.7 million devoted in the budget to economic development projects, which could include the new Promenade project near the Outlets.
Donahue said the town may have to look at getting permission to use tax dollars from voters as the Taxpayers Bill of Rights state amendment prohibits governments from collecting too much tax revenue.
Clayton Woullard: 303-954-2671, cwoullard@denverpost.com or
