TC Res. No. 2007-45 ADOPT THE 2008 TOWN OF AVON BUDGETTOWN OF AVON, COLORADO
RESOLUTION NO.07-45
SERIES OF 2007
A RESOLUTION TO ADOPT THE 2008 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, 2008, AND ENDING ON THE LAST DAY OF DECEMBER, 2008
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 16,
2007, 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 27, 2007, and interested taxpayers were given
the opportunity to file or register any comment to said proposed budget; an d
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 2008:
2008
Proposed
Budget
General Fund
Beginning Fund Balance
Revenues and Other Sources
Expenditures and Other Uses
$ 6,623,278
15,276,433
16,295,206
Ending Fund Balance
Mall Maintenance Fund
Beginning Fund Balance
Revenues and Other Sources
Expenditures and Other Uses
Ending Fund Balance
6,604,505.
$ 58,517
64,429
96,810
$ 26,136
1
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
2008
Proposed
Budge
.
$ 331,442
60,000
60,000,
$ 331,442
$ 1,647,168
399,000
1,322,555
$ 723,613
$ 751,000
$ 751,000
$ 400,917
72,917
$ 473,834
$ 639,941
1,348,980
1,348,980
$ 639,941
$ 48,121
486,606
486,606 .
$ 48,121
2
2008
Proposed
Budget
Transit Enterprise Fund
Beginning Fund Balance $ 204,335
Revenues and Other Sources 3,201,129
Expenditures and Other Uses 3,200,622
Ending Fund Balance 204.842
Fleet Maintenance Enterprise Fund
Beginning Fund Balance $ 597,088
Revenues and Other Sources .29446,834
'Expenditures and Other Uses 2,439,426
Ending Fund Balance $ 604,496
Equipment Replacement Internal.Service Fund
Beginning Fund_Balance $ 1,684,526
Revenues and Other Sources 636,491
Expenditures and Other Uses 693,618
Ending Fund Balance $ 1,627,399
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 11th day of November, 2007.
;onald OF VON, CO O
. 0,2 4C
N '6"
C. Wolfe, Mayor
t
AT T: '
Pa c envy
Toivn C1 rk
Resolution No. 0745 Budget 08
Page 3 of 3
o~ 4S
Town of Avon
Memo
To: Honorable Mayor and Town Council
Thna Larry Brooks, Town Manager
Frorm Scott Wright, Asst Town Manager - Finance
Date: December 5, 2007
Re: Adoption of 2008 Budget
surnruary:
The Town's final revised, operating budgets for 2007 and the proposed 2008 operating budgets are
hereby submitted for adoption by the Avon Town Council.
"According to State Statute, because the Town levies a property tax, the budget must be adopted by
Decerber 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 are also being
presented for adoption at the December 11th council meeting under a separate cover memo.
Previous Council Action:
Previously, the Town Manager presented his recommended budget at the'Council budget retreat held
on October 161' and 17th. Subsequent to the budget retreat two changeswere incorporated into the
General Fund budget
Changes for the 2008 proposed General Fund budget include the addition of $35,000 in appropriations
for a police department vehicle and the revision downward of $20,967 in property taxes due to the
reduction in taxable assessed value from the Avon Urban Renewal Authority increment
As a side note the budget for the Avon Urban Renewal Authority will be adopted separately from the
Town's budget adoption resolutions.
Finally, at the,last council meeting a public hearing was held for members of the public to comment on
the proposed 2008 budget No comments were heard at that time.
Recommendation:
Staff recommends that Council adopt the resolutions discussed above as presented.
Page 1
Town Manager Comments:
lA -2.068 Financial Overview, Total -All Funds
B - 2008 Financial Overview, Total by Fund
Co_- Resolution 07-43 .
D:- Resolution 07-45