TC Res. No. 2008-30 Summarizing expenditures and revenues by fund and amending the 2008 capital projects fund budget for the TOA The calendar year beginning on the first day of January 2008 and ending on the last day of december 2008TOWN OF AVON, COLORADO
RESOLUTION NO. 08-30
SERIES OF 2008
A RESOLUTION TO AMEND THE 2008 TOWN OF AVON CAPITAL
PROJECTS FUND BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY
FUND AND AMENDING THE 2008 CAPITAL PROJECTS FUND 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 adopted the 2008
Capital Projects Fund budget; and
WHEREAS, the Town Council reviewed the revised estimated revenues and
expenditures for 2008; and
WHEREAS, the Town Council finds it necessary to amend the 2008 Capital
Projects Fund budget to more accurately reflect the revenues and expenditures for 2008;
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 amended as follows for 2008:
Capital Proiects Fund
Beginning Fund Balance
Revenues and Other Sources
Expenditures and Other Uses
Ending Fund Balance
Original or
Current
Previously
Proposed
Amended
Amended
2008
2008
Bud et
Budget
$ 5,292,355 $ 6,693,875
10,272,204 49914,448
7,448,842 7,045,334
8.115.717 4.562.989
1
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 and adopted
shall be signed by the Town Manager and made part of the public record of the Town.
ADOPTED this 22nd day of July, 2008.
ulvo",*~A
ATTEST:" C
pa- nnny, Town Cl
TOW AVON, CO RADO
Ronald C. Wolfe, Mayor
2
Capital Projects Fund #41
Amendment No. 2
Fund Summa
Original or
Proposed
Prev. Amended
Revised
Difference
Actual
Budget
Budget
Increase
2007
2008
2008
(Decrease)
REVENUES
Taxes
$ 2,540,943
$ 8,548,204
$ 4,030,067
$ (4,518,137)
Intergovern mental
2,526,778
235,000
205,311
(29,689)
Investment Earnings
469,792
250,000
250,000
-
Other Revenue
1,363,265
9,000
49,070
40,070
Total Operating Revenues
6,900,778
9,042,204
4,534,448
(4,507,756)
Other Sources:
Transfer In from Other Funds
48,168
1,230,000
380,000
(850,000)
TOTAL REVENUES
6,948,946
10,272,204
4,914,448
(5,357,756)
EXPENDITURES
Capital Improvements:
Facilities
3,566, 527
1,563,610
1,667, 974
104,364
Land and Land Improvements
-
50,000
90,791
40,791
Roads and Streets
3,737,295
2,127,900
2,432,387
304,487
Utilities
-
90,000
90,000
-
Recreabon
173,046
95,000
30,000
(65,000)
Stormwater and Drainage
48,168
1,230,000
380,000
(850,000)
Strategic Planning
248,870
550,000
611,850
61,850
Other
12,684
25,000
25,000
-
Developer Rebates
-
1,467,771
1,467,771
-
Total Capital Improvements
7,786,590
7,199,281
6,795,773
(403,508)
Other Uses
Operating Transfer-Out - General Fund
200,000
249,561
249,561
-
Total Other Uses
200,000
249,561
249,561
-
TOTAL EXPENDITURES
7,986,590
7,448,842
7,045,334
. (403,508)
NET SOURCE (USE) OF FUNDS
(1,037,644)
2,823,362
(2,130,886)
(4,954,248)
FUND BALANCE, Beginning of Year
7,731,519
5,292,355
6,693,875
1,401,520
FUND BALANCE, End of Year
$ 6,693,875 $
8,115,717 $
4,562,989
$ (3,552,728)
Page 1
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To: Honorable Mayor and. Town Council
Thru:. Larry Brooks; Town Manager
From:, Scott Wright, Asst.. Town Manager - FinanceDate: July 17; 2008
Re: - Resolution 08-30, Capital Projects Fund Budget Amendment
Summarye -Resolution 08,-30 proposes to amend the Town's Capital, Projects. Fund
budget for a number of different projects and estimated revenues as discussed in further detail
below. The net changes in the Capital Projects Fund reduces total expenditures from
$7,488,842 to $7,045,334, a reduction of $403,508, and reduces estimated revenues from
$10,272,204 to $4,914,448, a reduction of $5,357,756. These reductions,. along'~with an
increase in the beginning fund balance of $1,401,520 result in a net reduction in the estimated
ending f ind.balance.of $3,552,728.
Discussion:
A discussion of the purpose of the various changes to the budget follows:
Real Estate Transfer Taxes. Real estate transfer tax (RETT) has been reduced from
$8,548,204 to $4,030,067 for 2008. This reduction comes, from three areas of RETT
revenues: (1) normal recurring RETT revenues has been reduced from $2.5 million to $1.5
million; (2) estimated RETT from the Gates project originally estimated at $1 million has been
deferred to 2009; and (3) estimated RETT from the Riverside PUD has been reduced from
$5,048,204 to $2,530,067 due to the deferral of the construction of the Riverfront Lodge and
the completion date of Timeshare West. Also, the sale of 45 of the condo hotel ro oms has
been deferred to 2009. These reductions are based on a revised model and buildout schedule
from Stan Bernstein and Associates and confirmed by Andy Gunion with East West Partners.
Forest Service Land Acquisition. This project has been added to the Capital Fund budget
after approval by the Council of an additional $25,000. The total project amount authorized is
$50,000, however $9,209 was expended in 2007 from the General Fund so the amount
reflected in this budget amendment is $40,791.
Page 1
Carryover of unexpended project funds from 2007. The 2008 budget is being revised to
reflect the carryover of unexpended appropriation from the previous -year including the •
following projects: Transit Center Facility ($44,364), Recreation Center Temporary Storage
($60,000), Eaglebend Drive ($2,628), Lighting Study and Conversion ($105,501), Town
Center West Investment Plan ($10,963), Railroad Crossings to Confluence ($205,286),
Wildridge Loop Pedestrian Improvements ($7,109), Eagle River Enhancements Project
($20,000), and East Avon Redevelopment Master Plan ($14,062). These rollovers increase
the current 2008 budgeted expenditures by a total of $469,913. It should be noted that none of
these projects have exceeded their total project budget.
Delay or reduction of previously approved projects. The 2008 budget is also being revised to
reflect either reductions of current project expenditures, or delays in project start dates as
follows: Wildridge Trails program deferred to 2009 ($30,000), RICD 'Water Rights
Acquisition reduced ($85,000), W. Beaver Creek Blvd. Drainage project deferred to 2009
($300,000), Drainage Master Plan deferred to 2009 ($250,000). The total of these deferral
and reductions is $665,000.
Development Analysis and Review. Development project analysis and review for the most
part are covered by reimbursement agreements. A total of $47,788 in appropriations and
$47,750 in developer reimbursements have been added to this revised budget.
Recommendation: •
Staff recommends that Council adopt the resolution discussed above as presented.
Town Manager Comments:
Attachments:
A - Resolution 08-30
B -Capital Projects Fund, Pages 1-6
•
9 Page 2