TC Res. No. 2005-06 AMEND THE 2005 TOWN OF AVON BUDGETTOWN OF AVON, COLORADO
RESOLUTION NO. 05-06
SERIES OF 2005
A RESOLUTION TO AMEND THE 2005 TOWN OF AVON BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY
FUND AND AMENDING THE 2005 CAPITAL PROJECTS FUND BUDGET FOR THE
TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE
FIRST DAY OF JANUARY, 2005, AND ENDING ON THE LAST DAY OF DECEMBER,
2005.
WHEREAS, the Town Council of the Town of Avon has adopted the 2005 capital
projects fund budget; and
- WHEREAS, the Town Council reviewed the revised estimated revenues and expenditures
for 2005; and
WHEREAS, the Town Council finds it necessary to amend the 2,005 capital projects fund
budget to more accurately reflect the revenues and expenditures for 2005; 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 capital project fund is as
follows for 2005:
Original or
Current
Previously
Proposed
Amended
Amended
2005
2005
Budget
Budget
Capital Proiects Fund
Beginning Fund Balance
$ 5,124,470
$ 6,062,470
Revenues and Other Sources
4,042;073
3,513,935
Expenditures and Other Uses
6,873,311
5,345,311
Ending Fund Balance
2,293,232
4,231,094
Resolution No. 05-06 CIP Budget Amendment
Page I of 2
Section 2. That the capital projects fund budget, as submitted, amended, and hereinabove
summarized, hereby is approved and adopted as the capital projects fund 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 22nd day of February 2005.
(411
0 F p
l l~d A L.
ATTEST:
AVON, COLORADO
&L&- c - i
V
Ronald C. Wolfe, Mayor
Patty c enny, To lerk
Resolution No. 05-06 CIP Budget Amendment
Page 2 of 2
2005 CAPITAL PROJECTS FUND BUDGET
CAPITAL PROJECTS INVENTORY 5-YEAR PLAN
SUMMARY OF REVISIONS
Februaryl6, 2005
Town Center Mall/Town Center Plan Implementation
2004 From $ 100,000 to -0-
2005 From $ 1,100,000 to $ 1,200,000
Revision: No funds expended in 2004. Move all funds to 2005. These funds are
more than adequate to cover the cost of Preliminary and Final Design Costs Plus some
construction costs. This original budget number was based upon the estimated cost to
construct Main Street from the Existing Bus Stop area to Benchmark Court and
Benchmark Court from Main Street southerly to Benchmark Road as the minimum
construction. required in conjunction with Lot 61 under the current PUD.
Nottingham Road Improvements (I-70 to Buck Creek)
2004 From $ 340,000 to $ 75,000
2005 From $ 2,210,000 to $ 25,000
2008 From -0- to $ 150,000
2009 From -0- to $ 1,800,000
Revision: Project was discontinued following the February 8, 2005 Council
Meeting. The Budget has been revised to reflect expenditures in 2004 and 2005 with
termination of the project. The 5-Year Plan has been revised to reactivate the project in
2008 and 2009. The 2008 funds will be required to verify'design details, confirm
easement descriptions, appraise and acquire easements and rights-of-way. The 2009
funds are based upon the most recent construction cost estimate. The 2005 Street
Improvement Project has been revised to include an asphalt overlay to maintain the
roadway surface until the scheduled reconstruction.
Nottingham Road Improvements (Buck Creek to Metcalf Road)
2005 From $ 168,000 to $ -0-
2006 From $ 1,347,000 to $ -0-
2009 From -0- to $ 168,000
2010 & Beyond From -0- to. $ 1,347,000
Revision: This project has been delayed to 2009 and 2010 based upon the revised
time schedule for the First Phase (I--70 to Buck Creek). The 2005 Street Improvement.
Project has been revised to include an asphalt overlay to maintain the roadway surface
until the scheduled reconstruction.
2005'Paving/Road Improvements
2005 From $ 300,000 to $ 865,000
Revision: This project budget has been revised to include the Wildridge Traffic
Calming and Pedestrian Circulation Project ($155,000), an asphalt overlay of . .
Nottingham Road from I-70 to the Cul-de-Sac ($180, 00 and replacing crosswalks on
Avon Road and adding in-surface warning lights ($230,000).
CADocuments And Settings\Swright\Local Settings\Temporary Internet Fi1es\0LK3\Rev Summary 2-16-052.Doc
Wildridge Traffic Calming & Pedestrian Circulation
2004 From $ 20,000 to -0-
2005 From $ 135,000 to -0-
Revision: Funds for this project have been moved to the 2005 Paving/Road
Improvements Budget to better reflect the Bid Package for a combined street
improvements project.
Transportation Center
2004 From $ 100,000 to -0-
2005 From $ 1,900,000 to $ 2,000,000
Revisions: No funds expended in 2004. Move all funds to 2005. This original
budget was based upon a grant application to the Federal Highway Administration
Transportation Program. This is an 80120-grant program with 20% matching funds from
the local entity. It wds assumed that these funds would be granted over a three-year'
period. Original Grant Funds Application: $1, 600, 000
Current anticipated grant funds are:
2003 $ 584,000 Available
2004 $ 160,000 (Used for bus purchase)
2005 $ 240,000 (Anticipated)
Total anticipated Grant Funds available for Transportation Center$ 824, 000
The Proposed Project Budget is outlined as follows with the expectation that portion of
the project utilizing grant funds will be limited to design and construction and will
exclude land acquisition:
Design & Construction Funds
Grant Funds 80% $ 824,000
TOA Matching Funds 20% $ 206.000
Total Design & Construction Funds $1,030,000
Land Acquisition TOA Funds $ 970.000
Total Project Budget
V,006,600
Revenues have been revised to reflect this lower anticipated grant amount.
Swift Gulch Road Bikepath Extension to Post Blvd.
2004 From $ 45,000 to -0-
2005 From -0- to $ 45,000
Revision: No funds were expended in 2004. We anticipate this path will be
completed in 2005 and the funds will be due and payable at that time.
Nottingham Puder Ditch Restoration
2004 From $ 150,000 to -0-
2005 From -0- to $ 150,000
Revision: No funds were expended in 2004. We are currently working with Traer
Creek Metropolitan District to develop a restoration program and define allocation of
expenses. We anticipate the first phase of this project will be completed this year.
CADocuments And Settings\SwrightV oval Settings\Temporary Internet Fi1es\0LK3\Rev Summary 2-16-052.Doc 2
L9
Capital Projects Fund #41
Amendment #1
Fund S,4mma
Original or
Estimated
Prev. Amended
Proposed
Difference
Actual
Year-end
Budget
Budget
Increase
2003
2004
2005
2005
(Decrease)
REVENUES
Taxes
$ 2,224,452
$ 2,338,000
$ 2,100,000
$ 2,100,000
$ -
Intergovernmental
297,837
212,000
1,745,000
1,049,000
(696,000)
Investment Earnings
33,699
37,569
46,073
63,935
17,862
Other Revenue
7,987
11,000
11,000
11,000
-
Total Operating Revenues 2,563,975 2,598,569 3,902,073 3,223,935 (678,138)
Other Sources:
Transfer In from Other Funds 1,186,931 405,000 140,000 290,000 150,000
TOTAL REVENUES 3,750,906 3,003,569 4,042,073 3,513,935 (528,138)
EXPENDITURES
Capital Improvements:
Facilities
-
-
1,970,000
2,070,000
100,000
Land and Land Improvements
25,640
-
400,000
400,000
-
Roads and Streets
307,943
292,000
3,953,000
2,175,000
(1,778,000)
Stormwater and Drainage
1,216,270
405,000
-
150,000
150,000
Development Services
97,837
-
-
-
-
Strategic Planning
18,563
120,000
25,000
25,000
-
Other
3,000
-
165,000
165,000
-
Developer Rebates
247,076
175,000
300,000
300,000
-
Total
1,916,329
992,000
6,813,000
5,285,000
(1,528,000)
Other Uses
Operating Transfer-Out to General Fund 200,000 50,000 50,000 50,000 -
Operating Transfer-Out to Wildridge S.I.D. 12,271 11,292 10,311 10,311 -
TOTAL EXPENDITURES 2,128,600 1,053,292 6,873,311 5,345,311 (1,528,000)
NET SOURCE (USE) OF FUNDS 1,622,306 1,950,277 (2,831,238) (1,831,376) 999,862
FUND BALANCE, Beginning of Year
2,489,887
4,112,193
5,124,470
6,062,470
938,000
FUND BALANCE, End of Year
$ 4,112,193
$ 6,062,470
$ 2,293,232
$ 4,231,094
$ 1,937,862
Page 1
A
Capital Projects Fund #41
Amendment.#1
Original or
Estimated
Prev. Amended
Proposed Difference
Account Actual Year-end
Budget
Budget Increase
Number Description 2003 2004
2005
2005 (Decrease)
Taxes:
51401 Real Estate Transfer Tax $ 2,224,452 $ 2,338,000. $ 2,100,000 $ _ 2,100,000 $ -
51000 Total Taxes 2,224,452 2,338,000 2,100,000 2,100,000 _
Intergovernmental:
Federal Grants:
"
53199
Community. Development Block Grant
97,837
-
-
-
-
53199
FTA/CDOT Transportation Center Grant
-
1,520,000
824,000
(696,000)
Local Government/Other Agency:
53401
Village at (Avon)'
200,000
212,000
200,000
200,000
-
63401
Eaglebend Housing Authority
-
-
25,000
25,000
-
53000
Total Intergovernmental
297,837
212,000
1,745,000
1,049,000
(696,000)
Investment Earnings:
67101
Interest Earnings
33,699
37,569
46,073
63,935
17,862
67000
Total Investment Earnings
33,699
37,569
46,073-
63,935-
11,862
Other Revenues:
58102
Utility Capital Facility Fees
444
2,000
2,000
2,000
-
58104
Fireplace Fees
1,500
9,000
9,000
9,000
-
58211
Development Reimbursements
4,029
-
-
-
-
58999
Miscellaneous Nonclassified Revenues
2,014
-
-
-
-
58000 Total Other Revenues 7,987 11,000 11,000 11,000
Other Sources:
59201 Transfer In from Other Funds 1,186,931 405,000 140,000 290,000 150,000
56600 Total Other Sources 1,186,931 405,000 140,000 290,000 150,000
50000 TOTAL REVENUES $ 3,750,906 $ 3,003,569 $ 4,042,073 $ 3,513,935 $ (528,138)
Page 2
`b
Capital Projects Fund #41
Aunendment #1
CtP P;ro 4-M- * mento
Original or
Estimated Prev. Amended Proposed Difference
Account Actual Year-end Budget Budget Increase
Number Description' 2003 2004 2005 2005 (Decrease)
CAPITAL IMPROVEMENT PROJECTS
Facilities:
11006
Council Chambers AudioNideo Upgrade $
- $
14001
Transportation Center
-
Land and Land Improvements:
Parks:
21004
Tract J Bridge Removal
25,640
21005
Wldridge Park Improvements and Playground
-
21006
Wildridge'PocketPark - New Block 3 or 4
-
Roads and Streets:
Streetscape:
31006
Eaglebend Dr.
-
31008
Nottingham Rd. Imp. / 1-70 to Buck Creek
-
31009
Nottingham Rd. Imp. / Buck Creek to Metcalf Rd.
1,902
Street Improvements:
32005
Buffalo Ridge Commitments
56,941
32007
Town Center-Mall Plan Implementation
-
32008
E. Beaver Creek Blvd. Improvements
-
.Annual Street Improvements:
33003
2003 Paving/Road Improvements
225,650
33004
2004 Paving/Road Improvements
-
33005
2005 Paving/Road Improvements
-
Multi-Modal/Altemative Mobility: -
34002
East Avon Access and Circulation
18,126
34005
Eagle River Bikepath - Beaver Creek Blvd to Conf.
5,324
34007
Wildridge Traffic Calming & Pedestrian Circulation
34009
Swift Gulch Road Bikepath Extension
-
Stormwater and Drainage:
61001
Buck Creek / 1-70 to Eagle River
1,216,270
61003
' Metcalf Rd. Drainage / 1-70 to Nottingham Rd.
-
61004
Nottingham-Puder Ditch Restoration
-
Development Services:
65004
Buffalo Ridge
97,837
Strategic Planning:
79001
General Planning and Consulting
18,563
79002
Comprehensive Plan
-
79004
2004 General Planning and Consulting
-
79005
2006 General Planning and Consulting
-
Other:
- $
70,000 $
70,000 $
-
-
1,900,000
2,000,000
100,000
-
150,000
150,000
-
-
250,000
250,000
-
-
40,000
40,000
-
75,000
2,210,000
25,000
(2,185,000)
-
168,000
-
(168,000)
-
1,100,000
1,200,000
100,000
12,000
-
-
-
205,000
-
-
-
-
300,000
865,000
565,000
-
135,000
-
(135,000)
-
-
45,000
45,000
405,600
-
-
-
-
-
150,000
150,000
95,000 - - -
25,000 - - -
25,000 25,000 -
91001 Fireplace Conversions 3,000 - - - -
93005 2005 Historic Preservation - - 140,000 140,000 -
94005 2005 Water Rights Acquisition - - 25,000 25,000 -
Total Capital Improvement Projects $ 1,669,253 $ 817,000 $ 6,513,000 $ 4,985,000 $ (1,528,000)
Page 3
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12
Memo
To: Honorable Mayor and Town Council
Thru: Larry Brooks, Town Manager
From: Norman Wood, Town Engineer
Date: February 16, 2005
Re: Capital Improvements Fund Budget Amendment
Resolution No. 05-06, Series of 2005
Summary: The attached Resolution No. 05-06, Series of 2005, Amending the
Capital Improvements Fund Budget has been prepared in response to recent council actions
related to capital projects. The Summary of Revisions describes and summarizes the proposed
changes. Also attached is the Capital Projects Fund financial statement showing the 2004
estimated year-end, as well as the original and proposed new 2005 budget. Finally we have
also included a revised Capital Projects Fund 5-year Plan. Revised budget items are shaded to
help identify the proposed changes.
The proposed revisions include changes to reflect actual revenues and expenditures in 2004 as
well as proposed changes to the Capital Improvement Program for 2005 and beyond. The
Revised Capital Projects Fund 5-Year Plan reflects a very healthy year-end fund balance
ranging from a low of $4,231,094 in 2005 to a high of $7,368,944 in 2008. Proposed project
for the years 2010 and beyond reflect a deficit fund balance of $11,007,888. However this
negative fund balance does not take into account projected revenues for 2010 and beyond.
We recommend council approve Resolution No. 05-06, Series of 2005, A Resolution
Amending the Capital Projects Fund Budget for 2005.
Financial Implications: The proposed CIP Budget Amendment amends the
Capital Projects Fund Budget to more accurately depict actual expenditures and revenues from
2004 and anticipated revenues, expenditures and fund balances based on a revised capital
improvement program being implemented to adjust to a changing development environment.
Recommendation: Approve Resolution No. 05-06, Series of 2005, A
Resolution Amending the Capital Projects Fund Budget for 2005.
IABudga & I.ongAmge Plaming\2005 BudgetWmeudn=ts\Amended BudgcN\Rev-1 Budget Main CapitaLDoc
Proposed Motion: I move to approve Resolution No. 05-06 Series of 2005, A
Resolution Amending the 2005 Capital Projects Fund Budget.
Attachment:
A. Resolution No. 05-06, Series of 2005, A Resolution Amending the 2005 Capital
Projects Fund Budget
B. 2005 Capital Projects Fund Budget & Capital Projects Inventory 5-Year Plan -
Summary of Revisions
C. Capital Projects Fund Amendment #1 Page 1-3
D. Capital Projects Fund 5-Year Plan Pages 1-4 (Revised)
Town Manager Comments:
-ft dj 4trVice reAt ctcd I nV
1'tvenues i5 thv reawc-trt9 r~^'r
rn~s
J~
I:\Budget & Lang-Range Pimmmg\2005 Budgd\An ndn=tsulmended Budgets\Rcv-1 Budget Met m Capital.Doco Page 2