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TC Res. No. 2003-48TOWN OF AVON, COLORADO RESOLUTION NO. 03-48 SERIES OF 2003 A RESOLUTION TO ADOPT THE 2004 TOWN OF AVON BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND AND ADOPTING A BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2004, AND ENDING ON THE LAST DAY OF DECEMBER, 2004. WHEREAS, the Town Council of the Town of Avon has appointed the Town Manager to prepare and submit a proposed budget to said governing body on October 7, 2003, for its consideration; and WHEREAS, upon due and proper notice, published and posted in accordance with the law, said proposed budget was open for inspection by the public at a designated place. A public hearing was held on November 11, 2003, and interested taxpayers were given the opportunity to file or register any comment to said proposed budget; 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 each fund are as follows for 2004: 2004 Proposed Budget General Fund Beginning Fund Balance $ 3,373,340 Revenues and Other Sources 9,545,610 Expenditures and Other Uses 9,576,290 Ending Fund Balance 3,342,660 2004 Proposed Budget Mall Maintenance Fund Beginning Fund Balance $ 52,122 Revenues and Other Sources 77,024 Expenditures and Other Uses 84,290 Ending Fund Balance $ 44,856 2004 Proposed Budget Water Fund Beginning Fund Balance $ 1,421,395 Revenues and Other Sources 232,200 Expenditures and Other Uses 149,413 Ending Fund Balance 1,504,182 2004 Proposed Budget Debt Service Fund Beginning Fund Balance $ 10,288 Revenues and Other Sources 1,224,113 Expenditures and Other Uses 1,223,048 Ending Fund Balance 11,353 2004 Proposed Budget Wildridge Special Assessment Fund Beginning Fund Balance $ 15,646 Revenues and Other Sources 47,292 Expenditures and Other Uses 62,140 Ending Fund Balance $ 798 2 Resolution No. 03-48 2004 Proposed Budget Avon Metropolitan District Fund Beginning Fund Balance $ 31,835 Revenues and Other Sources 487,843 Expenditures and Other Uses 487,695 Ending Fund Balance $ 31,983 2004 Proposed Budget Finance Authority Fund Beginning Fund Balance $ 783,640 Revenues and Other Sources 756,186 Expenditures and Other Uses 756,186 Ending Fund Balance $ 783,640 2004 Proposed Budget Transit Enterprise Fund Beginning Fund Balance - $ 1,998 Revenues and Other Sources 1,714,216 Expenditures and Other Uses 1,710,160 Ending Fund Balance 6,054 2004 Proposed Budget Sherwood Meadows Enterprise Fund Beginning Fund Balance $ 5,486 Revenues and Other Sources 273,864 Expenditures and Other Uses 272,675 Ending Fund Balance $ 6,675 3 Resolution No. 03-48 2004 Proposed Budget Fleet Maintenance Internal Service Fund Beginning Fund Balance $ 65,724 Revenues and Other Sources 1,545,629 Expenditures and Other Uses 1,542,324 Ending Fund Balance $ 69.029 2004 Proposed Budge Equip. Replacement Internal Service Fund Beginning Fund Balance $ 1,140,850 Revenues and Other Sources 396,441 Expenditures and Other Uses 177,914 Ending Fund Balance 1,359,377 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 Mayor and made part of the public record of the Town. ADOPTED this 25h day of November, 2003. 'r i. ATTEST: P 4y Mc envy To erk TOWN OF AVON, COLORADO Albert D. Reynolds, Ma or 4 Resolution No. 03-48 Tow n of A von Memo To: Honorable Mayor and Tom Council Thrro Lang Brooks, Town Manager From' Scott Wright, Finance Director -------------Date-November-a 8, 2003------ - - Re: Adoption of 2004 Budget Summa n►: The final revised budget for 2003 and the final proposed 2004 budget are hereby submitted for adoption by the Avon Town Council. There have been no changes since the public hearing. In addition, 2 resolutions levying property taxes for general operating, debt service and the Avon Metropolitan District are also hereby submitted for adoption. The property tax mill rates are proposed as follows: o General operating purposes - 8.956 mills; o Debt service - 5.140 mills; o Avon Metro District - 3.607 mills. Recommendation: Staff recommends that Council adopt the resolutions discussed above as presented. Attachments: A - Resolution 03-46 B - Resolution 03-48 C - Resolution 03-50 D - Resolution 03-51 Page 1 I RESOLUTION NO. 03-46 SERIES OF 2003 A RESOLUTION TO AMEND THE 2003 TOWN OF AVON BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND AMENDING THE 2003 BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON, THE FIRST DAY OF JANUARY, 2003; AND ENDING ON THE LAST DAY OF DECEMBER, 2003. WHEREAS, the Town Council of the Town of Avon has adopted the 2003 budget; and WHEREAS, the Town Council reviewed the revised estimated revenues and - - - expenditures or 20 3; ari - WHEREAS, the Town Council finds it necessary to amend the 2003 budget to more accurately reflect the revenues and expenditures for 2003; and i 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 funds are as follows for 2003: Original,or Current. - Previously Proposed Amended A_-m_ ended 2003 2003 Budget Budaet General Fund Beginning Fund Balance ` $ 3,484,848 $ 3,484,848 Revenues and Other Sources 10,001,310 9,898,153 Expenditures and Other Uses 9,835,847 10,009461 Ending Fund Balance $ 3.650.311 3.373.340 I Mall Maintenance Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Water Fund Beginning Fund Balance Revenues and Other Sources I Expenditures' and Other Uses Ending Fund Balance Debt Service Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Original or Previously Amended 2003 Budget $ 39,765 90,676 82,077 $ 48,364 Original or Previously Amended - - - - - --2003--- Budget $ 1,965,547 509,200 1;267,822 $ 1.206.925 Wildridee Suecial Improvement District Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Original or Previously Amended 2003 Budget $ 5,288 1,243;822 1,243,822 $ 5,288 Original or Previously Amended- 2003 Budget $ 13,478 55,071 56,623 $ 11,926 Current Proposed Amended 2003 Budget $ 57,532 76;667 82,077 $ 52.122 Current Proposed Amended -2003-------- - - Budget $ 1,965,547 861,000 1,405,152 $ 1.421.395 Current Proposed Amended 2003 Budget $ 5,288 1,243,822 1,238,822 8 Current Proposed Amended 2003 Budget $ 15,980 56,221 56,555 $ 15.646 2 } AMD Debt Service Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses 1 Ending Fund Balance Finance Authority Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Transit Enterprise Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Sherwood Meadows Enterprise Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance 3 Original or Previously Amended 2003 Budget $ 28,830 488,722 488,722 $ 28,830 Original or Previously Amended 2003 Budget $ 784,668 757,958 757,958 $ 784,668 Original or Previously Amended 2003 Budget 1,960,517 1,960,027 $ 490 Original or Previously Amended 2003 Budget $ 1,331 263,476 260,520 $ 4,287 Current Proposed Amended 2003 Budget $ 29,835 488,722 486,722 $ 31.835 Current Proposed Amended -2003 - Budget $ 783,640 761,358 761,358 $ 783.640 Current Proposed Amended 2003 Budget $ (47,598) 1,932,664 1,883,068 $ 1.998 Current Proposed Amended 2003 Budget $ 29,160 242,485 266,159 $ 5.486 Fleet Maintenance Internal. Service Fund Beginning Fund Balance Revenues and Other Sources Expenditures and, Other Uses Ending Fund Balance Equipment Replacement- Internal Service Fund. Beginning Fund Balance Revenues and Other Sources Expenditures and Other-Uses Ending Fund Balance Original or Previously Amended 2003 Budget $ 64,996 1,539,816 1,538,393 $ 66,419 Original or Previously Amended 2003 Budget- - $ 805,414 373,768 69,295 Current Proposed Amended 2003 Budget $ 64,996 1,512,576 1,511,848 $ 65.724 Current Proposed Amended 2003 - --Budget - - $ 836,377 .373,768 69,295 1,109,882 $ 1.140.850 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 Mayor and made part of the public record of the Town. ADOPTED this 25th day of November, 2003. ATTEST: Patty McKenny Town Clerk TOWN OF AVON, COLORADO Albert D. Reynolds, Mayor 4 ^I RESOLUTION NO. 03-48 SERIES OF 2003 A-RESOLUTION TO ADOPT THE 2004 TOWN OF AVON BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND'REVENUES FOR EACH FUND AND ADOPTING A BUDGET FOR THE'TOWN OF AVON, COLORADOJOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY; 2004, AND ENDING ON THE LAST DAY OF DECEMBER, 2004. WHEREAS, the Town Council of the Town of Avon has appointed the Town Manager to prepare and submit a proposed budget to said governing b6dy.on October 7, 2003, for its consideration; and i WHEREAS, upon due and proper notice, published and posted in accordance with the law,said,proposed budget was open for inspection by the public at a designated place. A public, hearing was held on November 11, 2003, and interested taxpayers were given the opportunity to file or register any comment to said proposed budget; and WHEREAS, whatever increases may have been made. in the expenditures, Iike 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 each fund are as follows for 2004: General Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance 2004 Proposed Budget $ 3,373,340 9,545,610 ' 9,576,290 $ 3,342.660 1 Mall Maintenance Fund Beginning Fund Balance Revenues and Othei:Sources Expenditures and Other Uses Ending Fund Balance 1 Water Fund Beginning Fund Balance Revenues a nd Other Sources Expenditures and Other Uses Ending Fund Balance Debt Service Fund Beginning Fund Balance Revenues. and Other Sources Expenditures and Other Uses Ending Fund Balance Wildridge Special Assessment Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance 2004 Proposed Budget $ 52,122 77,024 84,290 $ 44.856 ' 2004 Proposed -----Budget----- - - $ 1,421,395 232,200 149,413 1.504.182 2004 . Proposed Budget $ 10,288 1,224,113 1.223.048 $ 11.353 2004 Proposed Budget $ 15,646 47,292 62.140 $ 798 2 Avon Metropolitan District Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance 1 Finance Authority Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Transit Enterprise Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Sherwood Meadows Enterprise Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance 2004 Proposed Budget $ 31,835 487,843 487,695 $ 31,983 2004 Proposed Budget $ 783,640 756,186 756,186 $ 783,6400- 2004 Proposed Budget $ 1,998 1,714,216 1,710,160 $ 6.054 2004 Proposed Budget $ 5,486 273,864 272,675 $ 6,675 3 N Fleet Maintenance Internal -Service Fund Beginning Fund Balance Revenues and Other'Sources, Expenditures and Other Uses Ending Fund Balance Equip. Replacement Internal Service Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses' Ending Fund Balance 2004 Proposed Budget $ 65,724 1,545,629 1,542,324 $ 69.029 2004 Proposed Budget $ 1,140,850 396,441 1177,914 1.359,377 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 Mayor and made part of the public record of the Town. ADOPTED this 25h day of November, 2003. TOWN OF AVON, COLORADO ATTEST: Patty McKenny Town Clerk Albert D. Reynolds, Mayor 4 RESOLUTION NO.'03-50 SERIES OF 2003 A RESOLUTION LEVYING GENERAL PROPERTY TAXES FOR THE YEAR 2003, TO HELP DEFRAY THE COSTS OF GOVERNMENT FOR THE TOWN OF AVON, COLORADO, FOR THE 2004 BUDGET YEAR WHEREAS, the Town Council of the Town of Avon has adopted the annual budget in accordance with the Local Government Budget Law on November 25, 2003; and WHEREAS, the amount of money necessary to balance the bud et for general operating purposes from property tax revenue is $1,309,558; and WHEREAS, the amount of money to balance the budget for bonds and interest is $743,993; and WHEREAS, the 2003, valuation for assessment for, the Town of Avon, as certified by the County Assessor is $146,221,260. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. That for the purpose of meeting all general operating expenses of the Town of Avon during the 2004 budget year there is levied a tax of 8.956 mills upon each dollar of the total valuation for assessment of all taxable property within the Town of Avon-for the year 2003. Section 2. That for the purpose of meeting all bonds and interest of the Town of Avon during the 2004 budget year there is levied a tax of 5.140 mills upon each dollar of the total valuation for assessment of all taxable property within the Town of Avon for the year 2003. Section 3. That the Mayor is hereby authorized and directed to immediately certify to the County Commissioners of Eagle County, Colorado, the mill levies for the Town of Avon as hereinabove determined and set. i ADOPTED this 25`h day of November, 2003. TOWN OF AVON, COLORADO Albert D. Reynolds, Mayor ATTEST: Patty McKenny Town Clerk - RESOLUTION NOA3=51 SERIES OF 2003. A RESOLUTION LEVYING GENERAL PROPERTY TAXES FOR THE YEAR 2003, TO HELP DEFRAY THE COSTS OF GOVERNMENT FOR THE AVON METROPOLITAN DISTRICT, AVON, COLORADO, FOR THE 2004 BUDGET YEAR WHEREAS, an Agreement for Dissolution of the Avon Metropolitan District was . executed and a petition filed by-the District with the District Court of Eagle County and the District was effectively dissolved on May 31, 1998; and- - - - - - WHEREAS, pursuant to the Agreement,-the-District shall continue m existence as a political subdivision of the State for the sole purpose of securing payment in full of the principal and interest of existing indebtedness; and WHEREAS, pursuant to the Agreement, the Town Council was appointed as the District.Board of Directors and shall set mill levies as necessary in order to pay in full the costs of annual payments on the outstanding indebtedness; and WHEREAS, the Town Council of the Town of Avon has adopted the annual budget of the Town of Avon including the Avon Metropolitan District Debt Service Fund in accordance with the Local Government Budget Law on November 25, 2003; and WHEREAS, the amount of money to balance the Avon Metropolitan District Fund budget for bonds and interest is $487,843; and WHEREAS, the 2003 valuation for assessment for the Avon Metropolitan District as certified by the County Assessor is $136,605,490. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. That for the purpose of meeting all bonds and interest of the Town of Avon during the 2004 budget year there is levied a tax of 3.607 mills upon each dollar of the total valuation for assessment of all taxable property within the Avon Metropolitan District for the year 2003. - Section 2. - That the Mayor is hereby authorized and directed to immediately certify to the County Commissioners of Eagle County, Colorado, the mill levies for the Avon Metropolitan District as hereinabove determined and set. ~i i` ADOPTED this 25`x' day of November, 2003. TOWN OF AVON, COLORADO Albert D. Reynolds, Mayor ATTEST: Patty McKenny Town Clerk