TC Res. No. 2005-55 AMEND THE 2005 TOWN OF AVON BUDGETTOWN OF AVON, COLORADO
RESOLUTION NO. 05-55
SERIES OF 2005
A RESOLUTION TO AMEND THE 2005 TOWN OF AVON BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES 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 has reviewed the revised estimated revenues and
expenditures for 2005; and
WHEREAS, the Town Council finds it necessary to amend the 2005 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 Projects Fund is
revised as follows for 2005: ' '
Original or
Previously
Amended
2005
Budget
Capital Proiects Fund
Beginning Fund Balance $ 6,126,149
Revenues and Other Sources 3,515,209
Expenditures and Other Uses 3,632,631
Current
Proposed
Amended
2005
Budget
$ 6,126,149
3,515,209
3,672,631
Ending Fund Balance 6.008.727 5.968.727
Section 2. That the Capital Projects Fund budget, as submitted, amended, and
hereinabove summarized, hereby is approved and adopted as the capital program budget of the
Town of Avon for the year stated above.
Section 3. That the Capital Projects Fund budget hereby approved, amended, and
adopted shall be signed by the Town Manager and made part of the public record of the Town.
ADOPTED this 22nd day of November, 2005.
~ _A7
ATTEST:
TO VON,COLO
Ronald C. Wolfe, Mayor
Pa-1c ~enny
T wn Cl rk
Resolution No. 05-55 Final Amended CIP 2005
Page 2 of 2
Capital Projects Fund #41
Amendment #6
Original or
Prev. Amended
Proposed
Difference
Actual
Actual
Budget
Budget
Increase
2003
2004
2005
2005
(Decrease)
REVENUES
Taxes
$ 2,224,452
$ 2,338,060
$ 2,350,000 $
2,350,000
$ -
Intergovemmental
297,837
200,000
230,290
230,290
-
Investment Earnings
33,699
46,704
81,419
81,419
-
Other Revenue
7,987
27,712
318,500
318,500
-
Total Operating Revenues
2,563,975
2,612,476
2,980,209
2,980,209
-
Other Sources:
Transfer In from Other Funds
1,186,931
376,069
535,000
535,000
_ -
TOTAL REVENUES
3,750,906
2,988,545
3,515,209
3,515,209
-
EXPENDITURES
Capital Improvements:
Facilities
1,168,050
1,168,050
-
Land and Land Improvements
25,640
244
156,000
150,000
-
Roads and Streets
307,943
287,199
1,435,000
1,435,000
-
Recreation
-
-
30,905
30,905
-
Stormwater and Drainage
1,216,270
376,069
150,000
150,000
-
Development Services
97,837
_
_
-
_
Strategic Planning
18,563
91,120
284,700
284,700
-
Other
3,000
-
195,000
235,000
40,060
Developer Rebates
247,076
158,665
158,665
158,665
-
Total
1,916,329
913,297
3,572,320
3,612,320
40,000
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
974,589
3,632,631
3,672,631
40,000
NET SOURCE (USE) OF FUNDS
1,622,306
2,013,956
(117,422)
(157,422)
(40,000)
FUND BALANCE, Beginning of Year
2,489,887
4,112,193
6,126,149
6,126,149
-
FUND BALANCE, End of Year
$ 4,112,193
$ 6,126,149,
6,008,727 $
5,968,727
$ (40,000)
Page Y
Capital Projects Fund #41
Amendment #6
eve e 0#
Account
Number Description
Taxes:
51401 Real Estate Transfer Tax
51000 Total Taxes
Intergovernmental:
Federal Grants:
53199
Community Development Block Grant
53199
FTA/CDOT Transportation Center Grant
Local Government/Other Agency:
53401
ERWSD Sewer Line Reimb.
53401
Village at (Avon)
53401
Eaglebend Housing Authority
53000 Total Intergovernmental
Investment Earnings:
57101 Interest Earnings
57000 Total Investment Earnings
Other Revenues:
58102
Utility Capital Facility Fees
58104
Fireplace Fees
58211
Development Reimbursements
58211
Eagle River Enhancement Reimbursements
58211
W. Avon Trails Reimbursement
58999
Miscellaneous Nonclassified Revenues
58000 Total Other Revenues
Other Sources:
59201 Transfer In from Other Funds
Original or
Prev. Amended
Proposed Difference
Actual Actual Budget
Budget Increase
2003 2004 2005
2005 (Decrease)
$ 2,224,452 $ 2,338,060 $ 2,350,000 $ 2,350,000 $ -
2,224,452 2,338,060 2,350,000 2,350,000 -
97,837 - - - -
- - 5,290 5,290 -
200,000 200,000 200,000 200,000 -
- - 25,000 25,000 -
297,837 200,000 230,290 230,290: -
33,699 46,704 81,419 81,419 -
33,699 46,704 81,419 81,419 -
444
376 2,000
2,000 -
1,500
- 9,000
9,000 -
4,029
18,328 192,500
192,500 -
-
- 107,500
107,500 -
-
- 2,500
2,500 -
2,014
9,008 5,000
5,000 -
7,987 27,712 318,500 318,500 -
1,186,931 376,069._ 535,000 535,000. -
59000
Total Other Sources
1,186,931
376,069 _
535,000
535,000 -
50000
TOTAL REVENUES
3,750,906 $
2,988,545 $
3,515,209 $
3,515,209 $ -
Page 2
V
Capital Projects Fund #41
Amendment #6
.
CIP P r9°- t- etit, _A
Original or
Prev. Amended
Proposed Difference
Account
Actual Actual
Budget
Budget Increase
Number
Description
2003 2004
2005-
2005 (Decrease)
CAPITAL IMPROVEMENT PROJECTS
Facilities:
11006
Council Chambers AudioMdeo Upgrade
$ - $ -
$ 70,000
$ 70,000 $ -
11007
Municipal Building Roof Replacement
- -
50,000
50,000 -
14001
Transportation Center
- -
1,048,050
1,048,050 -
Land and Land Improvements:
Parks:
21004
Tract J Bridge Removal
25,640 244
-
- -
21005
W'ildridge Park Improvements and Playground
- -
150,000
150,000 -
21006
Wildridge PocketPark - New Block 3 or 4
- -
-
- -
Roads and Streets:
Streetscape:
31006
Eaglebend Dr.
- -
50,000
50,000 -
31008
Nottingham Rd. Imp. / 1-70 to Buck Creek
- 73,694
25,000
25,000 -
31009
Nottingham Rd. Imp. / Buds Creek to Metcalf Rd.
1,902 -
-
- '
Street Improvements:
32005
Buffalo Ridge Commitments
56,941 -
-
- -
32007
Town Center-Mall Plan implementation
- -
400,000
400,000 -
32008
E. Beaver Creek Blvd. Improvements
- 6,585
-
- -
Annual Street Improvements:
'33003
2003 Paving/Road Improvements
225,650 -
-
- '
33004
2004 Paving/Road Improvements
- 205,735
-
- -
-
33005
2005 Paving/Road Improvements
- -
890,000
890,000 -
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
- 1,127
-
-
34009
Swift Gulch Road Bikepath Extension -
- 58
45,000
45,000 -
34010
Swift Gulch Rd. Bikepath from RA #1
- -
20,000
20,000 -
34012
West Avon Trails and Access Enhancement
- -
5,000
5,000 -
Recreation:
51002
Eagle River Whitewater Park, Access & Viewing
- -
30,905
30,905 -
Storniwater and Drainage:
61001
Buck Creek / 1-70 to Eagle River
1,216,270 -
-
- '
61003
Metcalf Rd. Drainage / 1-70 to Nottingham Rd.
- 376,069
-
- -
61004
Nottingham-Puder Ditch Restoration
- -
150,000
150,000 -
Development Services:
65004
Buffalo Ridge
97,837 -
-
- -
Page 3
Capital Projects Fund #41
Amendment #6
Gy tnyent_r
Original or
Prev. Amended
Proposed Difference
Account
Actual Actual Budget
Budget Increase
Number
Description
2003 2004 2005-
2005 (Decrease) '
CAPITAL IMPROVEMENT PROJECTS
Strategic Planning:
Development Analysis and Review:
71004
Confluence / Westin Riverfront Resort
- - 175,000
175,000 -
71006
Sheraton Mountain Vista 2005 Application
- - 17,500
17,500 -
79001
General Planning and Consulting
18,563 - -
- - -
79002
Comprehensive Plan
- 82,773 67,200
67,200 -
79004
2004 General Planning and Consulting
- 8,347 -
- -
79005
2005 General Planning and Consulting
- - 25,000
25,000 -
Other:
91001
Fireplace Conversions
3,000 - -
- -
93005
2005 Historic Preservation
- - -
- -
93006
Historic Analysis Study
25,000
25,000 -
94005
2005 Water Rights Acquisition
- - 140,000
140,000 -
94006
RICD Water Rights Acquisition
- - 30,000
70,000 40,000
Total Capital Improvement Projects
$ 1,669,253 754,632 $ 3,413,655 $
3,453,655' 40,000
Page 4
Memo
To: Honorable Mayor and Town Council
Thru: Larry Brooks, Town Manager
From: Norman Wood, Town EnIn'nee
Date: November 16, 2005
Re: Resolution No. 05-55, Series of 2005, A Resolution to Amend the 2005 Town
of Avon Budget - A Resolution Summarizing Expenditures and Revenues 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.
Summary: The RICD Water Rights Acquisition Project is currently budgeted as:
2005 2006 2007 2008
$ 30,000 $ 70,000 $ 100,000 $ 100,000
Based upon refinement of the process and development of the scope of services required from
various professionals for the acquisition of RICD Water Rights, the estimated costs for 2005
are summarized as:
Legal - Water Attorney (Engagement Letter) $ 25,650
Engineering Design - RiverRestoration.org (Proposal) 15,788
Water Rights Engineering - Leonard Rice (Estimate) 30,000
Total Estimated & Proposed Costs $ 71,438
Note: Proposal from RiverRestoration org includes costs that will not be incurred until 2006,
after the RICD Application is filed, therefore we are recommending a budget amendment as
follows:
2005 2006 2007 2008
$ 70,000 $ 70,000 $ 80,000 $ 80,000
Attached Resolution No. 05-55, Series of 2005, A Resolution to Amend the 2005 Town of
Avon Budget will increase the 2005 Budget by $ 40,000 from $ 30,000 to $ 70,000 as
recommended to fund the RICD Water Rights Application in 2005. The total budget for this
project has not changed but the projected expenditures are expected to be more evenly
distributed over the anticipated 4-year span required to finalize the process.
We recommend approval of Resolution No. 05-55, Series 2005, A Resolution to Amend the
2005 Town of Avon Budget - A Resolution Summarizing the Expenditures and Revenues 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.
Financial Implications: This amendment does not increase the anticipated
overall costs for the Project but represents a higher front end cost and a more even distribution
of costs over the 4-years projected to be required to complete the process.
Recommendation: Approve Resolution No. 05-55, Series 2005, A Resolution to
Amend the 2005 Town of Avon Budget - A Resolution Summarizing the Expenditures and
Revenues 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.
Proposed Motion: I move to approve Resolution No. 05-55, Series 2005, A
Resolution to Amend the 2005 Town of Avon Budget - A Resolution Summarizing the
Expenditures and Revenues 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.
Town Manager Comments: 0) k-"~
1 AEngineering\CIP\RICD\ 1.0 Administration\ 1.2 Budget\Rcs 05-55 Memo.Doc