Castle Rock releases 2017 financial report

Daunting document is accompanied by shorter guide

Posted 7/6/18

The Town of Castle Rock has released its 2017 Comprehensive Annual Financial Report, a 200-page document that is a state-mandated audit of the town conducted by an independent firm. To make the …

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Castle Rock releases 2017 financial report

Daunting document is accompanied by shorter guide

Posted

The Town of Castle Rock has released its 2017 Comprehensive Annual Financial Report, a 200-page document that is a state-mandated audit of the town conducted by an independent firm.

To make the information easier for residents to digest, Castle Rock also released a 12-page highlight reel of the full report. Nonetheless, the shortened version is chock full of information on the rapidly growing and evolving community.

First, here's some demographics. The town's estimated population exceeded 65,000 in 2017, an increase of roughly 20,000 people over the past decade. The median home value was $373,254 and median household income was $93,153.

When it comes to building, the town issued more residential permits in 2017 than in 2016 — with 1,264 last year and 1,150 the year before.

System development and impact fees, which are collected on new construction, account for 18 percent of the town's budget. These fees were increased in 2017 and the town expects them to generate $35.7 million this year.

Major employers included the Douglas County School District, Douglas County, the Castle Rock Adventist Medical Campus and the town government. The list also named large retailers like Sam's Club, King Soopers and Walmart.

Some town council members have expressed a desire to attract more primary employers to town — about 80 percent of residents leave Castle Rock for work each day.

The issue arose during discussions around projects like Miller's Landing, which proposed bringing a hotel and convention center to town — in addition to more office space — to help attract more businesses. The project's financial package is also listed in the report.

Overall, the town's net worth increased by $53.2 million in 2017, the report says, and its credit remains strong. Both the 12-page report, called the Popular Annual Financial Report, and the full 200-page version are available at CRgov.com.

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