TC Res. No. 2000-20RESOLUTION NO. 00-20
SERIES OF 2000
A RESOLUTION TO AMEND THE 2000 TOWN OF AVON BUDGET
A RESOLUTION ESTABLISING AN EMPLOYEE HOUSING ENTERPRISE
FUND AND SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND
AMENDING THE 2000 BUDGET FOR THE TOWN OF AVON, COLORADO, FOR
THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2000,
AND ENDING ON THE LAST DAY OF DECEMBER, 2000.
WHEREAS, the Town has entered into a real estate contract to purchase
condominium units for employee housing; and
WHEREAS, it is necessary to create an enterprise fund to account for the
expenditures 'and revenues related to the Town's operation and lease of such
condominium units; and
WHEREAS, the Town Council of the Town of Avon has adopted the 2000
budget; and
WHEREAS, the Town Council reviewed the revised estimated revenues and
expenditures for 2000; and
WHEREAS, the Town Council finds it necessary to amend the 2000 budget to
more accurately reflect the revenues and expenditures for 2000; 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 an enterprise fund is hereby established for the purpose of
accounting for transactions associated with the Town's operation and leasing of Town-
owned condominium units for employee housing.
Section 2. That estimated revenues and expenditures for the following fund is as
follows for 2000:
Original or
Previously
Amended
2000
Budget
Employee Housing Enterprise Fund
Beginning Fund Balance $ -
Revenues and Other Sources -
Expenditures and Other Uses -
Ending Fund Balance $ -
Current
Proposed
Amended
2000
Budget
2,389,350
2,206,276
$ 183,074
Section 3. 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 4. 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 25* day of April, 2000.
TOWN OF AVON, COLORADO
Yod or
Nash, Town Clerk
2
Employee Housing Enterprise Fund #53
Amendment #1
_
Fund Suinmary
Original or
Current
Prev. Amend.
Proposed Difference
Actual Actual Budget
Amendment 'Increase
1998 1999 2000
2000 (Decrease)
REVENUES
Other Revenues
Total Operating Revenues
Other Sources
Bond Proceeds
TOTAL REVENUES
EXPENDITURES
Capital. Expenditures
Facilities
Operating Expenditures:
Employee Housing
Debt Service:
Bond Issuance Costs
Principal
Interest
TOTAL EXPENDITURES
NET SOURCE (USE) OF FUNDS
FUND BALANCES, Beginning of Year
FUND BALANCES, End of Year
$ - $ - $ - $ 54,350'- $ _ _54,350
- 54,350 54,350
- 2,335,000. 2,335;000 _
- 2,389,350 2,389,350 _
- - - 2,000,000
2,000,000
- - - 32,525
32,525
- - - 98,350
98,350
- - - 75,401
75,401
- - - 2,206,276
21206,276
- - - 183,074
183,074
$ - $ - $ - $ 183,074 $ 183,074
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Town of Avon
Memo
TO: Honorable Mayor and Town Council
Thrm Bill Efting,'Town Manager
Fronc Scott Wright, Finance Director
Date: April 20, 2000
liter Resolution 00-20, Budget Amendment
Summary:
A budget amendment is proposed for the 2000 budget for the following item:
Employee Housing Enterprise Fund
Establishment of an employee housing enterprise fund to account for the purchase and
operation of the Sherwood Meadows condominiums. Total revenues including bond proceeds
equal $2,389,350. Total expenditures equal $2,206,276.
Recommendation:
Staff recommends that Council adopt the resolution discussed above as presented.
Town Manager Comment:
Attachments:
A - Resolution 00-20
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