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TC Res. No. 2008-41 Amend the 2008 TOA budgetTOWN OF AVON, COLORADO RESOLUTION NO. 0841 SERIES OF 2008 A RESOLUTION TO AMEND THE 2008 TOWN OF AVON BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND AMENDING THE 2008 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 previously adopted the 2008 budget; and WHEREAS, the Town Council reviewed the revised estimated revenues and expenditures for all operating funds for 2008; and WHEREAS, the Town Council finds it necessary to amend the 2008 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 following funds are revised as follows for 2008: Original or Previously Amended 2008 Budd General Fund Beginning Fund Balance $ 7,295,426 Revenues and Other Sources 14,665,171 Expenditures and Other Uses 15,317,199 Ending Fund Balance 6.643.398 Current Proposed Amended 2008 Budget $ 7,295,426 14,557,201 15,249,878 6,602.749 Mall Maintenance Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance 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 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 Original or Previously Amended 2008 Budget $ 46,293 64,429 96,810 $ 13.912 $ 331,442 60,000 60,000 $ 331.442 $ 1,647,168 399,000 1,323,555 $ 722.613 $ 639,941 1,348,980 1,348,980 $ 639.941 $ 49,633 486,606 486,606 $ 49.633 $ 393,681 2,731,916 2,731,620 $ 393,977 Current Proposed Amended 2008 Budget $ 52,932 45,000 96,374 $ 1.558 $ 336,217 60,000 61,800 $ 334.417 $ 2,072,320 432,824 167,555 2.337.589 $ 657,106 1,348,980 1,348,980 $ 657.106 $ 56,969 486,606 486,606 $ 56.969 $ 393,681 2,523,377 2,519,287 $ 397.771 Resolution No. 08-41 08 Final Amended Page 2 of 3 Original or Current Previously Proposed Amended Amended 2008 Budget 2008 Budget Fleet Maintenance Enterprise Fund Beginning Fund Balance $ 597,088 $ 490,101 Revenues and Other Sources 2,446,834 2,502,090 Expenditures and Other Uses 2,439,426 2,496,865 Ending Fund Balance $ 604.496 $ 495.326 Equipment Replacement Internal Service Fund Beginning Fund Balance $ 1,684,526 $ 1,695,694 Revenues and Other Sources 636,491 677,491 Expenditures and Other Uses 693,618 687,660 Ending Fund Balance 1.627.399 1.685.525 . 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 11 t" day of November 2008. SOwN 0_k" .'9G ATTEST: c0 010gAD0~ C Pa {e Tdkvn C rk Resolution No. 08-41 08 Final Amended Page 3 of 3 TOWN OF AVON Financial Overview LIEUN REVENUES Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeitures Investment Earnings Other Revenue Total Operating Revenues Other Sources Sales of Fixed Assets Bond Proceeds Transfers4n 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 Original or Prev. Amend. Actual Budget 2007 2068 Final Revised Proposed Budget Budget 2008 2009 $ 12,482,669 $ 15,176,243 $ 15,260,442 $ 15,964,275 419,292 295,600 295,600 613,600 4,140,280 1,547,839 1,518,814 2,206,824 7,040,556 6,190,704 6,137,070 6,066,971 84,290 133,150 133,150 133,450 1,356,014 1,601,290 1,616,482 1,054,492 1,793,697 461,999 671,659 376,100 27,316,798 25,406,825 25,633,217 26,415,712 86,272 25,361 - 25,000,000 3,348,637 8,092,266 508,125 - 39,603 1,500 25,000,000 - 7,668,537 4,398,807 - 423,800 31,259,832 58,524,452 58,341,357 31,239,819- 2,871,963 2,570,951 2,558,639 2,721,086 902,634 886;155 885;372 995,064 2,203,803 2,661,464 2,672,394 2,859,679 3,424,566 4,064,142 4,142,657 4,694,104 5,450,666 5,171,046 5,016,152 4,181,405 2,483,910 2,749,347 2,727,865 2,983,142 17,337,542 18,103,105 18,003,079 18,434,474 - 20,000 20,000 20,000 1,830,298 3,265,241 2,977,788 2,824,171 8,660,575 13,259,996 12,666,433 22;317;749 2,402,637 8,880,466 7,668,537 4,398,807 •30,231,052 43,528408 41,335,837 47,995,201 1,028,780 14,995,644 17,005,520 (16,755,382) 19,865,345 20,642,793 20,894,125 37,899,645 $ 20,894,125 $ 35,638,437 $ 37,899,645 $ 21,144,263 Section I, Page 1 TOWN OF AVON Financial Overview t' F _OTABYFi~1MD~, WRV Special Revenue Funds Main Street Urban Community Affordable Facilities General Maintenance Renewal Enhancement Water Housing Reserve Fund Fund Fund Fund Fund Fund Fund REVENUE Taxes $ 10,624,894 $ - $ 519,365 $ - $ - $ - $ _ Licenses and Permits 613,600 - - Intergovernmental 958,134 - - Charges for Services 2,613,524 - - - 174,000 - - Fines and Forfeitures 133,450 - - - - Investment Earnings 400,000 - 512,392 Other Revenue 314,600 - - 60,000 - Total Operating Revenues 15,658,202 - 1,031,757 60,000 174,000 - - Other Sources Sales of Fixed Assets 1,500 Bond Proceeds - - _ Transfers-In From Other Funds 308,314 65,000 893,271 - - - 72,917 Capital Lease Proceeds 385,800 - - - _ TOTAL REVENUES 16,353,816 65,000 1,925,028 60,000 174,000 - 72,917 EXPENDITURES General Government, Housing and Finance 2,667,780 - 46,600 - - 6,700 - Community Development 995,064 - - _ _ Police 2,859,679 - - - _ Public Works, Engineering and Utilities 4,548,312 62,139 - - 83,653 - - transportation and Fleet Maintenance - - - - _ Recreation and Culture 2,983,142 - - - - _ Total Operating Expenditures 14,053,977 62,139 46,600 - 83,653 6,700 Contingency 20,000 - - Debt Service - - 1,145,577 Capital Expenditures - - 15,950,000 - - - - Other Uses Transfers-Out To Other Funds 2,422,843 - - - 819,379 - - TOTAL EXPENDITURES 16,496,820 62,139 17,142,177 - 903,032 6,700 - NET SOURCE (USE) OF FUNDS (143,004) 2,861 (15,217,149) 60,000 (729,032) (6,700) 72,917 FUND BALANCES, Beginning of Year 6,602,749 1,558 18,971,784 334,417 2,337,589 751,000 473,834 FUND BALANCES, End of Year $ 6,459,745 $ 4,419 $ 3,754,635 $ 394,417 $ 1,608,557 $ 744,300 $ 546,751 Section I, Page 2 TOWN OF AVON Financial Overview Internal Debt Service Funds Capital Enterprise Funds Service Percent Bond AMD Projects Transit Fleet Equipment of Redemption Fund Fund Fund Maintenance Replacement Total Total $ 545,360 $ 489,558 $ 3,745,098 $ 40,000 $ - $ - $ 15,964,275 60.43% - - - - - - 613,600 2.32% - - 1,248,690 - - - 2,206,824 8.35% - 9,900 2,480,129 789,418 6,066,971 22.97% - - - - - - 133,450 0.51% 13,750 - 128,350 - - - 1,054,492 3.99% - - 1,500 - - - 376,100 1.42% 559,110 489,558 5,123,638 49,900 2,480,129 789,418 26,415,712 100.00% 1,500 604,926 - 819,379 1,550,000 85,000 - 4,398,807 23,000 15,000 423,800 1,164,036 . 489,558 5,943,017 1,599,900 2,588,129 804,418 31,239,819 - - - - - - 2,721,080 14.76% - - - - - - 995,064 5.40% - - - - - - 2,859,679 15.51% - - - - - - 4,694,104 25.46% - - - 1,598,940 2,582,465 - 4,181,405 22.68% - - - - - - 2,983,142 16.18% - - - 1,598,940 2,582,465 - 18,434,474 100.00% - - - - - - 20,000 1,164,036 489558 25,000 - - - 2,824,171 - - 5,644,379 - - 723,370 22,317,749 - 1,156,585 - - - 4,398,807 1,164,036 489,558 6,825,964 1,598,940 2,582,465 723,370 47,995,201 - (882,947) 960 5,664 81,048 (16,755,382) 657,106 56,969 5,134,017 397,771 495,326 1,685,525 37,899,645 $ 657,106 $ 56,969 $ 4,251,070 $ 398,731 $ 500,990 $ 1,766,573 $ 21,144,263 Section I, Page 3 Memo To: Board Chairman and Commissioners Thru:. Larry Brooks, Executive Director From: Scott Wright, Treasurer Date: November 6, 2008 Re: 2009 Proposed and 2008 Revised Budgets Sumrnarye Attached are the final proposed and revised budgets for the Avon Urban Renewal Authority. The Authority is considered a separate legal entity from the Town authorized by the Colorado Urban Renewal Act. The Authority's budget is composed of a financial. summary and three separate funds - a. general fund, debt service fund, and capital projects fund. The Authority's budget in summary is also included for informational purposes in the Town's budget summary as a component unit of the Town. `Discussion: The budgets for the Authority are based upon the financial model previously prepared by Stan Bernstein and Associates. As you are aware, there is a possibility that the structure of the Authority's debt may change in some manner as a result of the ongoing credit crises. On December 2, the Town's financial advisors will present various financial models and scenarios in order to update the Board. However, it is unlikely that the Board would have information at that time that would change the 2009 budget significantly. Recommendation: Staff recommends that the Board adopt the resolutions as presented. L` Page 1 i • Attachments: A -Resolution No. 08-04 B - Resolution No. 0&05 C - Avon Urban Renewal Authority budget • 0 Page 2