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TC Res. No. 2004-21 AMEND THE 2004 TOWN OF AVON BUDGETTOWN OF AVON, COLORADO RESOLUTION NO. 04-21 SERIES OF 2004 A RESOLUTION TO AMEND THE 2004 TOWN OF AVON BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND AMENDING THE 2004 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 adopted the 2004 budget; and WHEREAS, the Town Council reviewed the revised estimated revenues and expenditures for 2004; and WHEREAS, the Town Council finds it necessary to amend the 2004 budget to more accurately reflect the revenues and-expenditures for 2004; 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 funds are amended as follows for 2004: Original or Previously Amended 2004 Budget General Fund Beginning Fund Balance $ 3,373,340 Revenues and Other Sources 9,554,250 Expenditures and Other Uses 9,623,900 Current Proposed Amended 2004 Budget $ 3,760,312 9,554,250 9,624,900 Ending Fund Balance 3.303.690 3.689.662 Original or Previously Amended 2004 BBudget 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 Current Proposed Amended 2004 Budget $ 1,502,417 232,200 169,413 $ 1.565.204 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 8`h day of June, 2004. TOWN OF AVON, COLORADO Albert D. Reynolds, ayor ATTEST: fi v Ic- Pa"ken7 70n Clerk; 7 yj r,> A~ Resolution No. 04-21 Amend Budget Page 2 of 2 General Fund #10 Amendment No. 2 Fund~Sulmllna~~ Original or Current Prev. Amend. Proposed Difference Actual Budget Budget Amendment Increase 2002 2003 2004 2004 (Decrease) REVENUES Taxes $ 6,437,045 $ 6,254,926 $ 6,295,186 $ 6,295,186 $ - Licenses and Permits 571,557 200,251 1-32,050 132,050 - Intergovernmental 603,235 655,910 703,621 703,621 - Charges for Services 1,470,174 1,760,081 1,832,782 1,832,782 - Fines and, Forfeitures 44,603 58,675 50,750 50,750 - Investment Earnings 103,463 117,500 140,000 140,000 - Other Revenue 238,873 306,810 269,061 269,061 = Total Operating Revenues 9,468,950 9,354,153 9,423,450 9,423,450 - Other Sources Sales of Fixed Assets 2,362 5,000 5,000 5,000 - Transfer-In From Capital Projects Fund - 200,000 50,000 50,000 - Transfer-In From Employee Housing Fund 1,407 - - - _ Capital Lease Proceeds - 339,000 75,800 75,800 - Total Other Sources 3,769 544,000 130,800 130,800 - TOTAL REVENUES $ 9,472,719 $ 9,898,153 $ 9,554,250 $ 9,554,250 $ - EXPENDITURES General Government $ 1,962,978 $ 1,718,367 $ 1,700,894 $ 1,736,894 $ 36,000 Community Development 480,411 427,423 502,610 , 502,610 - Public Safety 1,561,029 1,621,256 1,634,189 1,634,189 - Public Works 2,381,528 2,732,440 2,610,031 2,610,031 - Recreation and Culture 1,931,794 2,039,996 2,020,557 2,020,557 - Total Operating Expenditures 8,317,740 8,539,482 8,468,281 8,504,281 36,000 Other Uses Transfers-Out to Mall Maintenance 25,000 - - - - Transfers-Out to Debt Service 450,000 480,120 480,120 480,120 - Transfers-Out to Wildridge SID - - 2,500 2,500 - Transfers-Out to Finance Authority 136,036 140,059 137,999 137,999 - Transfers-Out to Transit 600,000 700,000 370,000 370,000 - Transfers-Out to Sherwood Meadows 182,500 150,000 165,000 130,000 (35,000) Total Other Uses 1,393,536 1,470,179 1,155,619 1,120,619 (35,000) TOTAL EXPENDITURES 9,711,276 10,009,661 9,623,900 9,624,900 1,000 NET SOURCE (USE) OF FUNDS (238,557) (111,508) (69,650) (70,650) (1,000) FUND BALANCES, Beginning of Year 3,723,405 3,484,848 3,373,340 3,760,312 386,972 FUND BALANCES, End of Year $ 3,484,848 $ 3,373,340 $ 3,303,690 $ 3,689,662 $ 385,972 Page 1 'l General Fund #10 Amendment No. 2 DOW itriieittiFXO# diturej$ummaries - - - - Original or Current Prev. Amend. Proposed Difference Dept./Div. Actual Budget Budget Amendment Increase Number Description 2002 2003 2004 2004 (Decrease) General Govemment: Legislative: 111 Mayor and Town Council 112 Boards and Commissions 1,13 Town Attorney 114 Public Relations 115 Town Clerk Total Legislative Judicial: 121 Municipal Court Executive: 131 Town Manager 132 Human Resources Total Executive Finance Department: 141 Finance 142 Information Systems 149 Nondepartmental Total Financial Administration Total General Government Community Development: 211 Administration 212 Planning 213 Building Inspection Total Community Development Police Department: 311 Administration 312 Patrol 313 Investigations 315 Neighborhood Services Total Police $ 102,659 $ 92,939 $ 95,549 $ 95,549 $ - 12,728 15,105 15,342 15,342 - 77,670 60,000 70,000 106,000 36,000 259,539 84,950 60,440 60,440 - 86,707 77,723 94,763 94,763 - 539,303 330,717 336,094 372,094 36,000 76,061 70,408 71,118 71,118 - 313,188 137,725 220,970 127,783 233,083 113,958 233,083 - 113,958 - 450,913 348,753 347,041 347,041 - 434,103 424,726 448,266 448,266 - 160,746 129,302 128,761 128,761 - 301,852 414,461 369,614 369,614 - 896,701 968,489 946,641 946,641 - 1,962,978 1,718,367 1,700,894 1,736,894 36,000 132,324 103,515 103,668 103,668 - 130,993 131,157 193,954 193,954 - 217,094 192,751 204,988 204,988 480,411 427,423 502,610 502,610 - 345,503 264,315 268,154 268,154 - 1,054,662 1,192,761 1,276,572 1,276,572 - 83,173 87,619 89,463 89,463 - 77,691 76,561 - - - 1,561,029 1,621,256 1,634,189 1,634,189 - Page 2 General Fund #10 Amendment No. 2 De :artlmentEz _ entlitu%Summaries Original or Current Prev: Amend. Proposed Difference Dept./Div. Actual Budget Budget Amendment Increase Number Description 2002 2003 2004 2004 (Decrease) Public Works: 411 Administration 157,671 140,429 89,504 89,504 - 412 Engineering 333,668 356,026 260,843 260,843 - 413 Roads and Streets 758,502 1,154,554 1,127,727 1,127,727 - 414 Facilities Maintenance 408,326 308;976 332,306 332,306 - 415 Parks 723,361 772,455 799,651 799,651 - Total Public Works 2,381,528 2,732,440 2,610,031 2,610,031 - Recreation and Culture: 513 Special Events 114,874 183,993 214,549 214,549 - 514 Administration 364,172 341,694 304,910• 304,910 - 515 Adult Programs 113,781 98,499 87,242 87,242 - 516 Aquatics 364,660 370,155 372,447 372,447 - 517 Childcare 63,865 64,300 62,531 62,531 - 518 Fitness 140,636 134,972 103,419 103,419 - 519 Front Desk 223,420 221,361 225,630 225,630 - 520' Maintenance 468,897 535,248 561,070 561,070 - 521 Youth Programs 77,489 89,774 88,759 88,759 - Total Recreation and Culture 1,931,794 2,039,996 2,020,557 2,020,557 - TOTAL OPERATING EXPENDITURES $ 8,317,740 $ 8,539,482 $ 8,468,281 $ 8,504,281 $ 36,000 Page 3 Water Fund #24 Amendment No. 1 Firnd~Summ REVENUES Charges for Services Investment Earnings Other Revenues Total operating Revenues Other Sources TOTAL REVENUES EXPENDITURES Water Utilities Total Operating Expenditures Other Uses Transfers-Out To Capital Projects TOTAL EXPENDITURES NET SOURCE (USE) OF FUNDS FUND BALANCES, Beginning of Year FUND BALANCES, End of Year Original or Current Prev. Amend. Proposed Difference Actual Actual Budget Budget Increase 2002 2003 2004 2004 (Decrease) $ 259,622 $ 909,368 $ 207,200 $ 207,200 $ - 36,906 16,935 25,000 25,000 - 5,201 5,276 - - - 301,729 931,579 - 232,200 232,200 - 301,729 931,579 232,200 232,200 - 138,090 207,778 84,413 104,413. 20,000 138,090 207,778 84,413 104,413 20,000 635,000 1,186,931 65,000 65,000 - 773,090 1,394,709 149,413 169,413 20,000 (471,361) (463,130) 82,787 62,787 (20,000) 2,436,908 1,965,547 1,421,395 1,502,417 81,022 $ 1,965,547 $ 1,502,417 $ 1,504,182 $ 1,565,204 $ 61,022 Page 1 4 Memo TO: Honorable Mayor and Town Council Thru: Larry Brooks, Town Manager FrOM: Norman Wood, Town Engineer Scott Wright, Finance Director Date: June 3, 2004 IRO: Resolution No.' 04-21, Series of 2004, A Resolution to Amend the 2004 Town of Avon Budget Summary: Attached Resolution No. 0421 Amends the 2004 Town of Avon. Budget. ' Budget Amendments include, adjusting beginning Fund Balances to reflect actual balances as determined by the 2003 Audit. Other Amendments are: General Fund Town Attorney - Increase Legal Services from $60,000 to $96,000 Transfers-Out to Sherwood Meadows - Decrease from $165,000 to $130,000 Net Change - Increase Expenses $1,000 Water Fund Water Rights and Augmentation - Increase from $10,000 to $30,000 Net Change - Increase Expenses $20,000 The justification for these Budget Amendments is summarized' as: General Fund / Town Attorney - Legal activities have been very heavy during the first few months of this year with specific activities related to The Village (at Avon), Lot 61 PUD, Sherwood Meadows, Swift -Gulch MOU and Tract Y in addition to heavier than normal requests for typical routine activities. The requested increase anticipates that the remainder of the year will continue with a somewhat increased level of legal activities. . L•\Fngin=ing\Water\Waw Rights\Budget 04 Memo.Doc General Fund / Transfers-Out to Sherwood Meadows - The requirement for transfers from the General Fund to the Sherwood Meadows fluid has been reduced significantly with the sale of ten of the eleven units. This reduction will be even more significant in the future when the reduced ownership will extend over full years. Water Fund / Water Rights and Augmentation The work required by both the Water Engineer and Water Attorney to evaluate the Town's available water rights and related obligations has been substantially more extensive than originally projected at budget time. A major part of this time and effort has been spent reconciling information provided by Eagle River Water & Sanitation District with Town records and actual water consumption. The proposed Budget should be adequate complete the current evaluation process and to conclude negotiations with the Upper Eagle Regional Water Authority. If it becomes necessary to file an application with the Water Court for an Amendment to the Town's Augmentation Plan, then additional funds will be required. If it appears that this will be a desirable or necessary action we will try to obtain estimates for the related costs prior to malting a recommendation'to council for this action. Recommendation: We recommend approval of Resolution No. 04-21, Series of 2004, A Resolution to Amend the 2004 Town of Avon Budget. Proposed Motion: I make a motion to approve Resolution No. 0421, Series of 2004, A Resolution to Amend the 2004 Town of Avon Budget.' Torn Manager Comments: 0 Page 2