The URL can be used to link to this page

TC Res. No. 1998-37RESOLUTION NO. 98-37 SERIES OF 1998 A RESOLUTION TO AMEND THE 1998 TOWN OF AVON BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND AMENDING THE 1998 BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 1998, AND ENDING ON THE LAST DAY OF DECEMBER, 1998. WHEREAS, the Town Council of the Town of Avon has adopted the. 1998 budget; and WHEREAS, the Town Council reviewed the revised estimated revenues and expenditures for 1998; and WHEREAS, the Town Council finds it necessary to amend the 1998 budget to more accurately reflect the revenues and expenditures for 1998; and WHEREAS, whatever increases may have been made in the expenditures, like increases were added to the revenues so that the budget remains in balance as required by law. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. That estimated revenues and expenditures for the following fund is as follows for 1998: Original or Previously Amended 1998 Bu General Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Debt Service Fund Beginning Fund Balance Revenues and Other. Sources Expenditures and Other Uses $ 4,756,143 8,879,003 9,038.464 $ 4.596.682 Original or Previously Amended 1998 u e $ 266,672 1,296,902 1,296,902 Current Proposed Amended 1998 Budeet $ 5,539,667 8,879,003 9,755,891 $ 4,662,779 Current Proposed Amended 1998 Budget $ 297,570 2,045,842 1,454,822 Ending Fund Balance $ 266,672 Capital Projects Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Water Ent=rise Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Original or Previously Amended 1998 Bu $ 1,716,772 1,466,495 2,562.147 Original or Previously Amended 1998 Budget $ 1,825,427 623,170 194,904 $ 2.253.693 Current Proposed Amended 1998 Bu $ 2,015,383 10,882,170 12.262.433 Current Proposed Amended 1998 Budget $ 1,862,1.21 623,170 1,694,904 $ 790,387 Section 2. That the budget, as submitted, amended, and hereinabove summarized by fund, hereby is approved and adopted as the budget of the Town of Avon for the year stated above. Section 3. That the budget hereby approved and adopted shall be signed by the Town manager and made part of the public record of the Town. ADOPTED this 23'd day of June, 1998. A Kris Nash Town Clerk TOWN OF AVON, COLORADO 0" Jack awcett, Mayor General Fund #10 Amended Budget #2 -1998 Original or Current Prev.,Amend. Proposed Difference Actual Actual Budget Amendment Increase 1996 1997 1998 1998 (Decrease) REVENUES Taxes $ 5,205,580 $ 5,605,552 $ 5,917,555 $ 5,917,555 $ - Licenses and Permits 277,132 296,166 229,250 229,250 - Intergovernmental 1,364,229 1,572,414 510,548 510,548 - Charges for Services 4,279,505 3,964,656 1,265,000 1;265,000 - Fines and Forfeitures 50,424 45,538 51,700 51,700 - Investment Earnings 247,248 322,266 250,000 250,000 - Other Revenue 459,267 499,458 195,150 195,150 - Total Operating Revenues 11,883,385 12,306,050 8,419,203 8,419,203 - Other Sources 21,081 21,960 459,800 459,800 - TOTAL REVENUES $ 11,904,466 $ 12,328,010 $ 8,879,003 $ . 8,879,003 $ - EXPENDITURES General Government $ 1,179,939 $ 1,392,244 $ 1,574,618 $ 1,574,618 $ - Community Development 391,454 433,381 497,522 497,522 - Public Safety 2,198,046 2,206,089 1;084,091 1,084,091 - Public Works 1,753,771 1,655,115 2,634,029 2,634,029 - Transportation 3,408,694 3,325,255 - - - Recreation and Culture 1,528,249 1,601,614 1,879,397 1,879,397 - Total Operating Expenditures 10,460,153 10,613,698 7,669,657 7,669,657 Contingency - - 47,500 47,500 Other Uses Transfers-Out to Mall Maintenance Fund - - 31,558 31,558 - Transfers-Out to Fire Operations Fund - - 267,596 267,598 = Transfers-Out to Debt Service 519,000 541,578 537,432 695,352 157,920 TransfersOut to Capital Projects Fund - - - 559,507 559,507, Transfers-Out to Transit Enterprise Fund - - 262,034 262,034 - Transfers-Out to IS Internal Service Fund - - 222,685 222,685 TOTAL EXPENDITURES 10,979,153 11,155,276 9,038,464 9,755,891 717,427 NET SOURCE (USE) OF FUNDS 925,313 1,172,734 (159,461) (876,888) . (717,427) FUND BALANCES, Beginning of Year 3,441,620 4,366,933 4,756,143 5,539,667 783,524 FUND BALANCES, End of Year $ 4,366,933 $ 5,539,667 $ 4,596,682 $ 4,662,779 $ 66,097 Page 1 Debt Service Fund #31 Amended Budget #1 -1998 . ~7 urnma . 1 Original or Current Prev. Amend.', Proposed Difference Account Actual Actual Budget Amendment Increase Number Description 1996 1997 1998 1998 (Decrease) REVENUES 51101 General Property Taxes $ 578,943 $ 770,001 $ 759,470 $ 759,470 $ - 58999 Other Revenues 26,599 - - - - - Total Operating Revenues 605,542 770,001 759,470 759,470 Other Sources Proceeds of Refunding Bonds 59201 Transfers-In from General Fund 59201 Transfers-In from Capital Projects Fund TOTAL REVENUES EXPENDITURES Series 1994A, Aquatic Center Bonds: 914-65101 Principal 914-65102 Interest Series 1994B, Public Works Bonds: 915.65101 Principal 915-65102 Interest Series 1996, G.O. Refunding Bonds: 916-65101 'B' Coupons and Compound Interest 916-65101 Principal 916-65102 Interest Series 1997, G.O. Bonds 917-65101 S' Coupons and Compound Interest 917-65101 Principal 917-65162 Interest Series 1998, COPS ' 918-65101 Principal 918-65102 Interest Refunding Bond Issuance Costs 911-65103 Fiscal Agent Fees 911-64303 County Treasurer Fees TOTAL EXPENDITURES OTHER USES Payment to Refunding Bond Escrow Agent TOTAL EXPENDITURES & OTHER USES NET SOURCE (USE) OF FUNDS FUND BALANCE, Beginning of.Year FUND BALANCE, End of Year 5,346,869 - - - - 519,000 541,578 537;432 695,352 157,920 - - - 591,020 591,020 6,471,411 1,311,579 1,296,902 2,045,842 748,940 125,000 130,000 135,000 135,000 - 236,630 230,755 224,255 224,255 - 50,000 55,000 55,000. 55,000 - 103,088 100,738 97,988 97,988 - 430,000 350,000 .36,580 36,580 - - - 290,000 290,000 - 135,429 216,687 220,107 220,107 - - 15,000 25,000 25,000 - . - 165,353 187,783 187,783 - - - - 157,920 157,920 178,385 - - - - 1,794 1,714 10,000 10,000 - 11,651 15,434 15,189 15,189 - 1,271,977 1,280,681 1,296,902 1,454,822 157,920 5,163,919 6,435,896 1,280,681 1,296,902 1,454,822 157,920 35,515 231,157 30,898 266,672 - 591,020 266,672 297,570 591,020 30,898 $ 266,672 $ 297,570 $ 266,672 $ , 888,590 $ 621,918 Page 2 Capital Projects Fund #41 Amended Budget #3 -1998 un__ ua ma' Original or Current Prev. Amend. Proposed Difference Actual Actual Budget Amendment Increase 1996 1997 1998 1998 (Decrease) REVENUES Taxes $ 963,113 $ 1,543,707 $ 950,000 $ 950,000 $ - Intergovernmental 10,000 1,221,305 479,495 621,663 142,168 Investment Earnings 50,091 162,915 29,000 129,000 100,000 Other Revenue 132,681 3,439 8,000 8,000 - Total Operating Revenues 1,155,885 2,931,366 1,466,495 1,708,663 242,168 Other Sources: Transfers In from Other Funds - - - 2,059,507 2,059,507 Bond Proceeds - 3,619,721 - 7,000,000 7,000,000 Capital Lease Proceeds - - - 114,000 114,000 TOTAL, REVENUES 1,155,885 6,551,087 1,466,495 10,882,170 9,415,675 EXPENDITURES Capital Improvements: Facilities 332,218 80,104 711,458 9,151,385 8,439,927 Land and Land Improvements 96,767 173,439 150,000 150,000 - Roads and Streets 310,455 4,885,342 1,652,518 1,652,518 - Strategic Planning 155,437 26,195 25,000 25,000 - Communications - 23,784 - - - Other 12,051 3,750 6,000 6,000 - Debt Service: - Principal 50,000 50,000 - 397,321 397,321 Interest 7,500 3,750 - - - Bond Issuance Costs - 116,461 - 272,018 272,018 Total 964,428 5,362,825 2;544,976 11,654,242 9,109,266 Other Uses Operating Transfer-Out to Debt Service - - - 591,020 591,020 Operating Transfer-Out to Wildridge S.I.D. 19,131 18,151 17,171 17,171 - TOTAL EXPENDITURES 983,559 5,380,976 2,562,147 12,262,433 9,700,286 NET SOURCE (USE) OF FUNDS 172,326 1,170,111 (1,695,652) (1,380,263) (284,611) FUND BALANCE, Beginning of Year 672,946 845,272 1,716,772 2,015,383 298,611 FUND BALANCE, End of Year $ 845,272 $ 2,015,383 $ 621,120 $ 635,120 $ 14,000 Page 3 Capital Projects Fund #41 Amended Budget #3 -1998 Rem etas Original or Current Prev. Amend: Proposed Difference Account Actual Actual Budget Amendment Increase Number Description 1996 1997 1998. 1998. _(Decrease) Taxes: 51401 Real Estate Transfer Tax $ 963,113 $ 1,543,707 $ 950,000 $ 950,000 $ 51000 Total Taxes 963,113 1,543,707 950,000 950,000 Intergovernmental: Federal Grants: 53102 OEC Grant 10,000 40,000 - - - Subtotal: Federal Grants 10,000 40,000 - - - State Grants: 53201 CDOT - 268,000 89,319 89,319 - Subtotal: State Grants - 268,000 89,319 89,319 - Local Government/Other Agency: 53401 Beaver Creek Metro District - 578,691 283,798 283,798 - 53401 Bachelor Gulch/Smith Creek - 143,874 70,919 213,087 142,168 53401 Arrowhead - 70,910 35,459 '35,459 - 53401 Eagle River Water & Sanitation District - 119,830 - - - Subtotal: Local Government/Other Agency - 913,305' 390,176 532,344 142,168 53000 Total Intergovernmental 10,000 1,221,305 479,495 621,663 142,168 Investment Earnings: 57101 Interest Earnings 50,091 162,915 29,000 129,000 100,000 57000 Total investment Earnings 50,091 162,915 29,000 129,000 100,000 Other Revenues: 58102 Utility Capital Facility Fees 1,096 1,017 2,000 2,000 - 58103 Recreational Impact Fees 92,961 - - - - 58103 Fireplace Fees - 1,500 1,500 6,000 6,000 - 58999 Miscellaneous Nonclassified Revenues 37,124 922 - - - 58000 Total Other Revenues 132,681 3,439 8,000 8,000 - Other Sources: 59201 Transfer In from Other Funds - - - 2,059,507 2,059,507 59300 Certificates of Participation Proceeds - 3,619,721 - 7,000,000 7,000,000 59303 Capital Lease Proceeds - - - - 114,000 114,000 59000 Total Other Sources - 3,619,721 - 9,173,507 9,173,507 50000 TOTAL REVENUES $ 1,155,885 $ 6,551,087 $ 1,466,495 $ 10,882,170 9,415,675 Page 4 .Capital Projects Fund #41 Amended Budget #3 -1998 Origirial or Current Prev. Amend. Proposed Difference Account Actual Actual Budget Amend. Budget Increase Number Description 1996 1997 1998 1998 (Decrease) CAPITAL IMPROVEMENT PROJECTS Facilities: Recreation Center, Phase 2 $ 72,885 $ $ - $ - $ - 11001 Municipal Building Improvements - 3,626 392,599 392,599 - Municipal Building Rock Work - 9,867 - - - 13001 Swift Gulch Facility 259,333 66,611 - 8,439,927 8',439,927 13002 Pump House and Picnic Shelter - - 318,859 318,859 - Land and Land Improvements: Parks: 2100.1 Pocket Parks 36,535 2,699 150,000 150,000 - Lot 16 - 170,740 - - - Parking Structures and Lots 60,232 - - - - Roads and Streets: Streetscape: 31001. Streetscape Planning - - 25,000 25,000 - 31002 Beaver Creek Blvd. 9,120 - - - - Street Improvements: 32001 Paving/Road Improvements 132,948 153,871 180,000 180,000• - Sidewalks 27,982 30,675 - - - Traffic Control: Avon Rd. Signalization 16,650 - - - - Roundabouts: 35001 Engineering and Surveying - 527,211 52,600 52,600 - 35001 Inspection/Administration - 63,071. 4,500 4,500 - 35001 Right-of-way - 275,751 - - - 35001' Construction 118,755 3,745,242 1,122,462 1,122,462 - 35001 Contingency - 89,521 .117,956 117,956 - 36001 Public Art Work 5,000 - 150,000 150,000 - Recreation: - - - - - Strategic Planning: Development Analysis and Review 18,744 19,945 - - - Comprehensive Plan 72,488 - - - - Roundabout Study 64,205 - - - - 79001 Planning and Consulting - 6,250 25,000 25,000 - Communications: Telecommunications Study - 23,784 - - - Other: Nottingham Station Inspections 3,051 - - - - 91001 Fireplace Conversions. 9,000 3,750 6,000 6,000 - Total Capital Improvement Projects $ 906,928 $ 5,192,614 $ 2,544,976 $ 10,984,903 $ 8,439,927 Page 5 Water Enterprise Fund #51 Amended Budget #1 -1998 u u m iW X Original or Current Prev. Amend. Proposed Difference Actual Actual Budget Amendment Increase 1996 1997 1998. 1998 (Decrease) REVENUES Charges for Services $ 1,699,755 $ 412,646 $ 518,670 $ 518,670 $ - Investment Earnings 28,655 83,538 100,000 100,000 - Other Revenues 180,560 188,201 4,500 4,500 - Total Operating Revenues 1,908,970 684,385 623,170 623,170 - Other Sources TOTAL REVENUES EXPENDITURES Utilities: Raw Water Storage Operations and Maintenance General and Administrative Cost Recovery Capital Improvements Total Operating Expenditures Other Uses Transfers-Out To Capital Projects Fund TOTAL EXPENDITURES NET SOURCE (USE) OF FUNDS Equity Transfer-In 1,908,970 684,385 623,170 623,170 - - 13,548 14,850 14,850 - 667,555 12,244 35,382 35,382 - 224,999 25,727 29,672 29,672 - 172,226 25,150 90,000 90,000 - 141,774 196,440 25,000 25,000 - 1,206,554 273,109 194,904 194,904 - - - - 1,500,000 1,500,000 1,206,554 273,109 194,904 1,694,904 1,500,000 702,416 411,276 428,266 (1,071,734) (1,500,000) 748,429 - - - - FUND BALANCES, Beginning of Year - 1,450,845 1,825,427 1,862,121 36,694 FUND BALANCES, End of Year $ 1,450,845 $ 1,862,121 $ 2,253,693 $ 790,387 _ $(1,463,306) Page 6