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TC Res. No. 2006-45 ADOPT THE 2007 TOWN OF AVON-BUDGETTOWN OF AVON, COLORADO RESOLUTION NO. 06-45 SERIES OF 2006 A RESOLUTION TO ADOPT THE 2007 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,_ 2007, AND ENDING ON THE LAST DAY OF DECEMBER, 2007 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 10, 2006, 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,October 24, 2006, 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 2007: 2007 Proposed Bud let General Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses $ 6,239,226 13,744,950 13,570,207 Ending Fund Balance Mall Maintenance Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses 6,413,969 $ 46,293 68,354 88,882 Ending Fund Balance $ 25,765 2007 Proposed Budge Community Enhancement Fund Beginning Fund Balance- $ 295,309 Revenues, and Other Sources 60,000. 'Expenditures and Other Uses 60,000 Ending Fund Balance $ 295,309 Water Fund . Beginning Fund Balance $ 1,072,152 Revenues and Other Sources 950,000 Expenditures and Other Uses 1,359,018 Ending Fund Balance $ 663,134 i Affordable-Housing Fund Beginning Fund Balance $ 946,000 Revenues and Other Sources - Expenditures, and Other Uses - Ending Fund Balance $ 946,000 Facilities'Reserve Fund Beginning Fund Balance $ 328,000 Revenues and Other Sources 72;917 Expenditures and Other Uses - Ending-Fund Balance $ 400,917 Debt Service Fund Beginning Fund Balance $ 625,903 Revenues and Other Sources 1,351,002 Expenditures and Other Uses 1,351,002 Ending Fund Balance $ 625,903 Avon Metropolitan District Fund Beginning Fund Balance $ 44,233 Revenues and Other Sources 482,687 Expenditures and Other Uses 482,687 Ending Fund Balance $ 44,233 Resolution No. 06-45 - Adopted Budget - 2007 Page 2 of 3 2007 Proposed Budge Transit Enterprise Fund Beginning Fund Balance $ 100,192 Revenues and Other Sources 2,870,172 Expenditures and Other Uses 2,862,492 Ending Fund Balance $ 107.872 Fleet Maintenance Enterprise Fund Beginning Fund Balance $ 521,450 Revenues and Other Sources 2,302,022 Expenditures and Other Uses 2,174,105 Ending Fund Balance $ 649,367 Equipment Replacement Internal Service Fund Beginning Fund Balance $ 1,514,718 Revenues and Other Sources 895,673 Expenditures and Other Uses 866,355 Ending Fund Balance 1,544,036 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 14`" day of November, 2006. s Y AF AVON,CO ORADO Ronald C. Wolfe, Mayor Resolution No. 06-45 - Adopted Budget - 2007 Page 3 of 3 Town of Avon Memo TO. Honorable Mayor and Town Council Thnr. Larry Brooks, Town Manager From: Scott Wright, Finance Directcc, Date: November 9, 2006 Re: Adoption of 2007 Budget summary: The Town's final revised operating budgets for 2006 and the proposed 2007 operating budgets are hereby submitted for adoption by the Avon Town Council. A:ccording to State Statute, because the Town levies a property tax, the budget must be adopted by December 15, and filed with the Division of Local Governments no later than January 31. This budget meets this and all other legal requirements for submission. The resolutions levying property taxes for the Town and the Avon Metropolitan District will be presented for adoption at the December 12th council meeting due to the timing of the receipt of the final certification of assessed values from the County Assessor. Previous Council Action: Previously, the Town Manager presented his recommended budget at the Council budget retreat held on October 10"' and 11t'. Subsequent to the budget retreat certain changes were incorporated into the budget at the request of Council. Changes for the 2007 proposed budget included $8,000 in appropriations for additional SWAT team training and supplies, $2,000 for the purchase of bus passes for employees, and a reduction of $3,538 in membership dues for the 1-70 Coalition. These changes were all in the General Fund. In addition, $285,000 in operating transfers out was added to the Water Fund for the Metcalf Ditch Drainage project. Finally, at the last council meeting a public hearing was held for members of the public to comment on the proposed 2007 budget. Recommendation: Staff recommends that Council adopt the resolutions discussed above as presented. Page 1 Town Manager Comments: Attachments: A - 2007 Financial Overview, Total - Al Funds B - 2007 Financial Overview, Total by Fund C - Resolution 06-43 D - Resolution 06-45 • Page 2 TOWN OF AVON Financial Overview TOTAL -ALL FUNDS - Original or Final Prev. Amend. Revised Proposed Actual Budget Budget Budget 2005 2006 2006 2007 REVENUES Taxes $ 12,057,347 $ 11,421,765 $ 11,863,809 $ 11,919,172 Licenses and Permits 249,032 830,504 832,004 786,100 Intergovernmental 1,179,865 2,378,489 2,714,902 3,871,544 Charges for Services 5,681,453 6,614,895 6,483,479 7,469,137 Fines and Forfeitures 53,448 59,900 74,350 80,250 Special Assessments 31,464 - - - Investment Earnings 446,097 203,500 550,974 600,974 Other Revenue 838,679 416,378 506,419 1,629,883 Total Operating Revenues 20,537,385 21,925,431 23,025,937 26,357,060 Other Sources Sales of Fixed Assets Transfers-In From Other Funds Capital Lease Proceeds TOTAL REVENUES EXPENDITURES General Government and Finance Community Development Public Safety Public Works, Engineering and Utilities Transportation and Fleet Maintenance Recreation and Culture Total Operating Expenditures Contingency Debt Service Capital Improvements and Equipment Replacement Other Uses Transfers-Out To Other Funds TOTAL EXPENDITURES NET SOURCE (USE) OF FUNDS FUND BALANCES, Beginning of Year FUND BALANCES, End of Year 6,255 4,500 27,768 345,500 2,535,361 2,385,107 3,967,416 3,272,469 93,426 170,000 170,000 167,500 23,172,427 24,485,038 27,191,121 30,142,529 1,742,961 2,062,824 2,226,459 2,398,004 532,290 934,384 938,545 1,009,363 1,667,280 1,903,228 1,911,592 2,219,846 2,748,931 3,107,451 3,171,517 3,807,765 3,914,775 4,456,043 4,612,308 5,036,597 2,024,614 2,318,940 2,329,448 2,610,660 12,630,851 14,782,870 15,189,869 17,082,235 - 5,000 5,000 20,000 1,888,605 1,836,825 1,836,825 1,833,689 3,243,927 8,928,425 5,365,595 9,501,955 2,535,361 2,385,107 3,967,416 3,212,469 20,298,744 27,938,227 26,364,705 31,650,348 2,873,683 (3,453,189) 826,416 (1,507,819) 14,106,888 16,524,614 16,980,571 17,806,987 $ 16,980,571 $ 13,071,425 $ 17,806,987 $ 16,299,168 Section I. Page 1 3 TOWN OF AVON Financial -Overview 3 I_ - - - - - - - - - - TOTA`L~~ Bll',,F1-, ND - Special Revenue Funds, Mall Urban Community Affordable Facilities General Maintenance Renewal Enhancement Water Housing Reserve Fund Fund Fund Fund Fund Fund Fund REVENUE Taxes $ 8,552,035 $ - $ - $ - $ - $ - $ Licenses and Permits 786,100 - - - - - - Intergovernmental, 944,766 - - - - - - Charges for Services 2,355,270 - • - - 910,000 - Fines and Forfeitures 80,250 - - - - - ' - Special Assessments i - - - - - - Investment Earnings 450,000 - - - 40,000 - - Other Revenue 207,529 53,354 - 60,000 - - Total Operating Revenues 13,375,950 53,354 - 60,000 950,000 - - Other Sources Sales of Fixed Assets Transfers-In From Other Funds Capital Lease Proceeds TOTAL REVENUES EXPENDITURES General Government, Housing and Finance Community Development Police Public Works, Engineering and Utilities Transportation and Fleet Maintenance Recreation and Culture Total Operating Expenditures Contingency Debt Service Capital Expenditures Other Uses ; - Transfers-Out To Other Funds TOTAL EXPENDITURES NET SOURCE (USE) OF FUNDS 1,500, - - - - - 200,000 15,000 - - 72,917 167,500 - - - - 13,744,950 68,354 - 60,000 950,000 72,917 2,398,004 - 1,009;363 - - 2,219,846 - - 3,572,865 88,882 60,000 86,018 - - 2,610,660 - - - - 11,810,738 88,882 - 60,000 86,018 - 20,000 1,739,469 - 1,273,000 - 13,570,207 88,882 60,000 1,359,018 _ 174,743 (20,528) - (409,018) 72,917 FUND BALANCES, Beginning of Year 6,239,226 46,293 295,309 1,072,152 946,000 328,000 FUND BALANCES, End of Year $ 6,413,969 $ 25,765 $ $ 295,309 $ 663,134 - $ 946,000 $ 400,917 Section I, Page 2 TOWN OF AVON Financial Overview TOTAL'- BY FUND " Internal Debt Service Funds . Capital Enterprise Funds Service Percent Bond AMD Projects Transit Fleet Equipment of Redemption Fund Fund Fund Maintenance Replacement Total Total $ 734,450 $ 482,687 $ 2,150,000 $ $ - $ - $ 11,919,172 45.22% - - - - - 786,100, 2.98% - - 2,526,778 400,000 - 3,871,544 14.69% - - - 1,537,172 2,142,022 524,673 7,469,137 28.34% - - - - - - 80,250 0.30% - - - - - 0.00% 25,000 - 85,974 - - 600,974 2.28% - - 1,309,000 - - 1,629,883 6.18% 759,460. 482,687 6,071,752 1,937,172 2,142,022 524,673 26,357,060 100.00% - - - 8,000 - 336,000 345,500 591,552 - 1,273,000 925,000 160,000 35,000 3,272,469 _ _ - - - - 167,500 1,351,002 _482,687 7,344,752 2,870,172 2,302,022 895,673 30,142,529 - - - - 2,398,004 14.04% - - - - 1,009,363 5.91% - 2,219,846 13.00% - - - 3,807,765 22.29% - 2,862,492 2,174,105 - 5,036,597 29.48% - - - 2,610,660 15.28% - 2,862,492 2,174,105 17,082,235 100.00%' 20,000 1,351,002 482,687 - - - - 1,833,689 - 8,635,600 866,355 9,501,955 - - 200,000 - 3,212,469 1,351,002 482,687 8,835,600 2,862,492 2,174,105 866,355 31,650,348 - - (1,490,848) 7,680 127,917 29,318 (1,507,819) 625,903 44,233 6,073,511 100,192, 521,450 1,514,718 17,806,987 $ 625,903 $ 44,233 $ 4,582,663 $ 107,872 $ . 649,367 $ 1,544,036 $ 16,299,168 Section I, Page 3 RESOLUTION NO. 06-43 SERIES OF 2006 A RESOLUTION TO AMEND THE 2006 TOWN OF AVON BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND AMENDING THE 2006 BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2006, AND ENDING ON THE LAST DAY OF DECEMBER, 2006. WHEREAS, the Town Council of the Town of Avon has previously, adopted the 2006 budget; and .WHEREAS, the Town Council wishes to establish-certain new funds in order to properly budget and account for revenues and expenditures related to new activities; and WHEREAS, these new funds include a Community Enhancement Fund, Affordable Housing fund, and Facilities Reserve Fund; and WHEREAS, the Town Council reviewed the revised estimated revenues and expenditures for all operating funds for 2006; and WHEREAS, the Town Council finds it necessary to amend the 2006 budget to more accurately reflect the revenues and expenditures for 2006; 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 the Community Enhancement Fund, Affordable Housing Fund, and Facilities Reserve Fund are hereby established as special -revenue funds of the Town of Avon. Section 2, That estimated revenues and expenditures for the following funds are revised as follows for 2006: Original or Current Previously Proposed Amended Amended 2006 Budget 2006 Budget General Fund Beginning Fund Balance $ 5,773,617 $ 5,773,617 Revenues and Other Sources 12,697,388 13,403,628 Expenditures and Other Uses 11.879.548 12,938,019 . Ending Fund Balance $ 6,591,457 $ 6.239.226 a r Lf Mall Maintenance Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Communitv Enhancement Fund Beginning Fund Balance. Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Water Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Affordable Housing Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Facilities Reserve Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance 2 Original or Current Previously Proposed Amended Amended 2006 Bud-get 2006 Budget $ 21,862 $ 43;397. 71,033 89;281 86.385 86.385 $ 6.510 $ 46.293 295,309 $ $ 295.309 $ 927,372 $ 1,284,125 222,000 267,600 701,001 479,573 $ 448.371 $ 1,072,152 946,000 $ L--J46 000 328,000 $ - $ 328,000 Debt Service Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance AMD Debt Service 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 Fleet Maintenance Enterprise 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 3 Original or Previously Amended 2006 Budget $ 589,697 1,356,519 1,353,519 $ 592,697 $ 42,089 483;306 483,306 $ 42,089 $ 113,099 : 2,643,396- 2,543,881 $ 212,614 $ 324,352 1,960,934 1,912,162 $ 373,124 Current Proposed Amended 2006 Budget $ 606,403 1,373,019 1,353,519 $ 625.903 $ 44,233 483,306 483,306 ~ 44,233 $ 97,922 2,5 86,461 2,584,191 $ 100,192 $ 373,559 2,176,008 2,028,117 $ 521.450 $ 1,274,730 $ 1,299,5,19 506,192- 527,535 304,865 312,336 1,476,057 $ 1,514,718 e ~b 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 Mayor and made part of the public record of the Town. ADOPTED this 14`n day of November, 2006. TOWN OF AVON, COLORADO ' Ronald C. Wolfe, Mayor ATTEST: Patty McKenny. Town Clerk 4 RESOLUTION NO. 06-45 SERIES OF 2006 A RESOLUTION TO ADOPT THE 2007 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, 2007, AND ENDING ON THE LAST DAY OF DECEMBER; 2007 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 10, 2006, 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 October 24, 2006, 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 2007: 2007 Proposed Budget General Fund Beginning Fund Balance $ 6,239,226 Revenues and Other Sources 13,744,950 Expenditures and Other Uses 13,570,207 Ending Fund Balance 6,413,969 Mall Maintenance Fund Beginning Fund Balance $ 46,293 Revenues and Other Sources 68,354 Expenditures and Other Uses 88,882 Ending Fund Balance $ 25,765 ~a Community Enhancement Fund Beginning Fund Balance Revenues and Other Sources Expenditures ''and Other Uses .Ending Fund-Balance Water Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Affordable Housing Fund Beginning Fund Balance Revenues and Other Sources Expenditures'and Other Uses Ending Fund Balance Facilities Reserve Fund Beginning Fund Balance Revenues. and 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 Avon Metropolitan District Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance 2 2007 Proposed Bud,, et $ 295,309 60,000 60,000 $ 295.309 $ 1,072,152 950,000 1,359,018 $ 663,134 $ 946,000 . 946.000 $ 328,000 72,917 $ 400,917 $ 625,903 1,351,002 1.351.002 $ 625.903 $ 44,233 482,687 482,687 $ 44.233 Transit Enterprise Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Fleet Maintenance Enterprise Fund Beginning Fund Balance' Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance EoUipment-Replacement Internal'_Service Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance 2007 Proposed Budget $ 100,192 2,870,172 2.862:492 _ _ 107.872 $ 521,450 2,302,022 2,174,105 $ 649.367 $ 1,514,718 895,673 866,355. 1,544,036 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 14`h day of November, 2006. TOWN OF AVON, COLORADO Ronald C. Wolfe, Mayor ATTEST: Patty McKenny Town Clerk 3