We have great news about the Town’s long-term Strategic Plan! In 2022, the Finance Department has won two awards bolstering the Plan’s focus area of Fiscally Responsive Governance. First, in April, the Government Finance Officers Association (GFOA) awarded the Certificate of Achievement for Excellence in Financial Reporting to the Town of Frederick for its annual comprehensive financial report for the fiscal year ending December 31, 2020. Judged by an impartial panel to meet the program’s high standards, the report demonstrates a constructive “spirit of full disclosure” to communicate its financial story. Then in May, the Finance Department was awarded the GFOA Distinguished Budget Presentation Award for the fiscal year beginning January 2022. These awards are the highest form of recognition in governmental accounting and financial reporting, and their attainment represents our Finance Department’s significant accomplishments. Go, Team Finance! You exceed expectations to cultivate the FRED vision with your dedication.
Town departments are off and running with their 2022 project lists! Every year, we work within a set budget to focus on core services for residents, including police services, planning services, water, stormwater utility services, parks maintenance, transportation networks and infrastructure, building oversight, and the teams doing the work. The goal is to enhance amenities for the community while maintaining a balanced budget. Believe it or not, we hear you throughout the year! Approved capital improvement projects result from implementing the various master plans in concert with the Board, staff, and most importantly, the community. Some of the notable items in the 2022 budget include:
- Police Department building renovations
- Street improvements, including work on Colorado Boulevard
- Intersection work at Colorado & Tipple and Silver Birch & Godding Hollow
- Water security with purchase of CBT units
- Dog park upgrades
- Additional employees to support the Town Strategic Plan
The budget is a plan. It is a financial proposal that annually directs the provision of public services and facilities. This plan represents the Town Manager and Board’s commitment to provide for the most important citizen needs within the boundaries of available funds.
The money collected by the Town from taxes, grants, fees and many other sources to pay for this plan is called revenue. The money spent on salaries, materials and equipment to provide planned services and facilities is called expenditures. Fund Balance is the difference between assets and liabilities in governmental funds. In the State of Colorado, budgeted expenditures cannot exceed the amount of funds that the Town has available in revenues and fund balance per CRS § 29-1-103.