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TC Res. No. 2010-12 Amending the 2010 town of avon capital projects fund budgetTOWN OF AVON, COLORADO RESOLUTION NO. 10 -12 SERIES OF 2010 A RESOLUTION TO AMEND THE 2010 TOWN OF AVON CAPITAL PROJECTS FUND BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND AMENDING THE 2010 CAPITAL PROJECTS FUND BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2010 AND ENDING ON THE LAST DAY OF DECEMBER, 2010 WHEREAS, the Town Council of the Town of Avon has previously adopted the 2010 Capital Projects Fund budget; and WHEREAS, the Town Council reviewed the revised estimated revenues and expenditures for 2010; and WHEREAS, the Town Council finds it necessary to amend the 2010 Capital Projects Fund budget to more accurately reflect the revenues and expenditures for 2010; and WHEREAS, the Town Council has caused to be published a notice containing the date and time of a public hearing at which the adoption of the proposed budget amendment will be considered and a statement that the proposed budget amendment is available for public inspection at the office of the Town Clerk located in the Avon Town Hall during normal business hours, and that any interested elector of the Town of Avon may file any objection to the proposed budget amendment at any time prior to the final adoption of the proposed budget amendment; 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 are revised as follows for 2010: Town of Avon Resolution No. 10 -12 Page 1 of 2 Attachments: A — Resolution 10 -12, A Resolution to Amend the 2010 Town of Avon Capital Projects Fund Budget B — Capital Projects Fund Budget Amendment No. 1, Pages 1 -5 • Page 3 Section 2. That the Capital Projects Fund budget, as submitted, amended, and hereinabove summarized by fund, 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 as hereby approved and adopted shall be signed by the Mayor and made part of the public record of the Town. ADOPTED this 13' day of April, 2010. F AVON, nald C. Wolfe, Mayor ATTEST: cbAO 0 Town of Avon Resolution No. 10 -12 Page 2 of 2 Original or Current Previously Proposed Amended Amended 2010 Budget 2010 Budget Capital Proiects Fund Beginning Fund Balance $ 3,474,167 $ 5,588,319 Revenues and Other Sources 4,418,802 4,500,330 Expenditures and Other Uses 5,946,769 6,960,614 Ending Fund Balance 1,946.200 3,128,035 Section 2. That the Capital Projects Fund budget, as submitted, amended, and hereinabove summarized by fund, 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 as hereby approved and adopted shall be signed by the Mayor and made part of the public record of the Town. ADOPTED this 13' day of April, 2010. F AVON, nald C. Wolfe, Mayor ATTEST: cbAO 0 Town of Avon Resolution No. 10 -12 Page 2 of 2 Capital Projects Fund #41 Amendment No. 1 FUND BALANCE, Beginning of Year Fund Summa 3,474,167 5,588,319 2,114,152 FUND BALANCE, End of Year $ 5,588,319 $ Original or Proposed 1,181,835 Prev. Amended Revised Difference Actual Budget Budget Increase 2009 2010 2010 (Decrease) REVENUES Taxes $ 1,761,980 $ 2,091,798 $ 2,091,798 $ - Intergovernmental 346,860 1,500,400 1,767,608 267,208 Investment Earnings 69,273 80,104 80,104 - Other Revenue 26,635 1,500 1,500 - Total Operating Revenues 2,204,748 3,673,802 3,941,010 267,208 Other Sources: Transfer In from Other Funds 548,875 745,000 559,320 (185,680) TOTAL REVENUES 2,753,623 4,418,802 4,500,330 81,528 EXPENDITURES Current: Allowance for Bad Debts 49,901 - - - Capital Improvements: Facilities 647,287 675,000 700,278 25,278 Land and Land Improvements 61,015 360,000 538,985 178,985 Roads and Streets 693,460 200,000 481,665 281,665 Utilities 187,661 3,794,206 4,357,505 563,299 Recreation - - - - Water Fund Projects 278,875 425,000 239,320 (185,680) Communications and Technology 39,720 125,000 125,000 - Strategic Planning 301,300 25,000 99,370 74,370 Other 3,277 25,000 25,000 - Developer Rebates 295,659 - 75,928 75,928 Total Capital Improvements 2,558,155 5,629,206 6,643,051 1,013,845 Other Uses Operating Transfer -Out - General Fund 308,314 317,563 317,563 - Total Other Uses 308,314 317,563 317,563 - TOTAL EXPENDITURES 2,866,469 5,946,769 6,960,614 1,013,845 NET SOURCE (USE) OF FUNDS (112,846) (1,527,967) (2,460,284) (932,317) FUND BALANCE, Beginning of Year 5,701,165 3,474,167 5,588,319 2,114,152 FUND BALANCE, End of Year $ 5,588,319 $ 1,946,200 $ 3,128,035 $ 1,181,835 Page 1 Capital Projects Fund #41 Amendment No. 1 Page 2 Revenue Detail Original or Proposed Prev. Amended Revised Difference Account Actual Budget Budget Increase Number Description 2009 2010 2010 (Decrease) Taxes: 51401 Real Estate Transfer Tax $ 1,761,980 $ 2,091,798 $ 2,091,798 $ - Intergovernmental: Federal / State: 53199 Department of Local Affairs (DOLA) Construction Grant 22,792 1,112,000 1,327,208 215,208 53199 Department of Wildlife (DOW) FIF Grant - 108,000 108,000 - Local Government/ Other: 53401 ECO Cost Sharing (Transit Facilities Imp. Project) 235,360 - - - 53401 ERWSD Cost Sharing (Heat Recovery Project) - 280,400 332,400 52,000 53401 Eagle County Trails Grant 11,700 - - - Traer Creek Metro District: 53401 Nottingham -Puder Ditch Cost Sharing 28,110 53401 East Beaver Creek Blvd. 48,898 - - - 53000 Total Intergovernmental 346,860 1,500,400 1,767,608 267,208 Investment Earnings: 57101 Interest Earnings 69,273 80,104 80,104 - Other Revenues: 58104 Fireplace Fees - 1,500 1,500 - 58108 Finance Charges 511 - - - 58211 Developer Reimbursements: 58211 Vail Resorts (Red House Annexation) 21,462 - 58999 Nonclassifed 4,662 - - - 58000 Total Other Revenues 26,635 1,500 1,500 - Other Sources: 59201 Transfer In from Community Enhancement Fund - 220,000 220,000 - 59201 Transfer In from Water Fund 278,875 425,000 239,320 (185,680) 59201 Transfer In from Facilities Reserve Fund - 100,000 100,000 59201 Transfer In from Avon Urban Renewal Authority 270,000 - - 59000 Total Other Sources 548,875 745,000 559,320 (185,680) 50000 TOTAL REVENUES $ 2,474,748 $ 3,673,802 $ 3,941,010 $ 267,208 Page 2 Capital Projects Fund #41 Amendment No. 1 Account Number Description (1) 2008 and Prior Actuals $ 100,000 CAPITAL IMPROVEMENT PROJECTS Revised Current Facilities: Estimated Total Project Budget Difference Actual Budget General Government Facilities Project -to -Date Increase 11009 Town Hall Control System $ - $ 3,190,157 Transit / PW Facilities Improvement Project: 3,207,928 - 13006 Preliminary Design 409,449 14001 Transportation Center Facility 3,190,117 14003 Bus Stop Improvements - 15002 Recreation Center Storage I Office 634,130 15004 Rec. Center CMU Block Deterioration Invest. - 15005 Rec. Center Vapor Barrier Repair - 15006 Rec. Center CMU Block Deterioration Mitigation - 15007 Rec. Center Roof Repair - - Land and Land Improvements: 125,000 21009 Forest Service Land Acquisition 28,796 21010 Nottingham Park Trail Maintenance and Signage - 21011 Nottingham Park Stage 400,000 - 21012 Nottingham Park Fishing Pier - 28,796 Roads and Streets: 1,150,000 - 60,623 Streetscape: 139,377 31010 Lighting Study and Conversion 520,509 392 Street Improvements: 199,608 32008 E. Beaver Creek Blvd. Improvements 49,901 CIP Projects Inventory Project Expenditures (2) (3) (4) (1 +2 +4) $ 100,000 Proposed Revised Current Revised Estimated Total Project Budget Difference Actual Budget Budget Project -to -Date Increase 2009 2010 2010 Expenditures Current Proposed (Decrease) - $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ - 461,580 - - 871,029 613,610 613,610 - 40 - - 3,190,157 3,207,928 3,207,928 - - 50,000 50,000 50,000 100,000 100,000 - 59,761 - - 693,891 660,000 660,000 - 26,184 - 26,184 27,000 27,000 - 99,722 - 25,278 125,000 125,000 125,000 - - 125,000 125,000 125,000 125,000 125,000 - - 400,000 400,000 400,000 400,000 400,000 - - - - 28,796 1,150,000 1,150,000 - 60,623 - 139,377 200,000 200,000 200,000 - 392 180,000 199,608 200,000 200,000 200,000 - - 180,000 200,000 200,000 200,000 200,000 162,847 - 87,153 770,509 1,013,176 1,013,176 - 48,407 - 98,308 149,901 149,901 - Page 3 Capital Projects Fund #41 Amendment No. 1 Account Number Description (1) 2008 and Prior Actuals 166,241 - 523,759 690,000 CAPITAL IMPROVEMENT PROJECTS Revised Current Annual Street Improvements: Estimated Total Project Budget Difference 33009 2009 Paving /Road Improvements Project -to -Date Increase 33010 2010 Paving /Road Improvements - 166,320 (83,680) Multi -Modal /Alternative Mobility: - 97,794 34012 West Avon Trails and Access Improvements 31,275 34013 Recreational Trails Master Plan 18,161 Utilities: Waste Heat Recovery Project 41001 System Study 68,659 41002 System Design - 41003 Construction - 41004 Main Street Piping - Recreation: Water Fund Projects: 61004 Nottingham -Puder Ditch Restoration 10,621 61005 W. Beaver Creek Blvd. Drainage / 1 -70 to Railroad 42,022 61006 Metcalf Road Drainage 50,145 61007 Drainage Master Plan - 61008 Nottingham Lake Spillway Replacement 94005 Water Rights Acquisition - CIP Projects Inventory Project Expenditures (2) (3) (4) (1 +2 +4) 166,241 - 523,759 690,000 Proposed Revised Current Revised Estimated Total Project Budget Difference Actual Budget Budget Project -to -Date Increase 2009 2010 2010 Expenditures Current Proposed (Decrease) 478,100 - - 478,100 700,000 700,000 - - 200,000 394,512 394,512 200,000 394,512 194,512 - - - 31,275 92,295 92,295 - 4,106 - 22,267 60,000 60,000 21,420 - - 90,079 90,000 90,000 166,241 - 523,759 690,000 690,000 690,000 - 3,524,206 3,563,746 3,563,746 3,563,746 3,563,746 - 270,000 270,000 270,000 270,000 270,000 169,679 180,300 250,621 250,621 - - - - 42,022 385,000 385,000 - 2,972 75,000 75,000 128,117 1,053,966 1,053,966 - - 250,000 64,320 64,320 250,000 166,320 (83,680) 97,794 - - 97,794 100,000 100,000 - 8,430 100,000 100,000 108,430 NA NA Page 4 Capital Projects Fund #41 Amendment No. 1 Communications and Technology: 81003 Records Management - 81004 VOIP Telephone System - Other: 93009 2009 Historic Preservation - 93010 2010 Historic Preservation - Developer Rebates and Capital Contributions Capital Contributions: CIP Projects Inventory Project Expenditures (2) Actual 2009 21,488 3,054 140,517 136,241 39,720 3,277 (3) (4) (1) NA Proposed 2008 and Account Revised Prior Number Description Actuals 2010 2010 Expenditures Current Proposed (Decrease) 200,000 CAPITAL IMPROVEMENT PROJECTS 250,000 250,000 Strategic Planning: - - 39,720 Development Analysis and Review: 50,000 71011 Vail Resorts Annexation 14,690 71012 Buck Creek PUD - NA Planning and Consulting: 25,000 25,000 79010 2010 General Planning and Consulting - 79106 Comprehensive Transportation Plan 58,030 79107 Unified Land Use Code Revision 39,389 Communications and Technology: 81003 Records Management - 81004 VOIP Telephone System - Other: 93009 2009 Historic Preservation - 93010 2010 Historic Preservation - Developer Rebates and Capital Contributions Capital Contributions: CIP Projects Inventory Project Expenditures (2) Actual 2009 21,488 3,054 140,517 136,241 39,720 3,277 (3) (4) (1 +2 +4) NA Proposed Revised Current Revised Estimated Total Project Budget Difference Budget Budget Project -to -Date Increase 2010 2010 Expenditures Current Proposed (Decrease) - 36,178 NA NA - - 3,054 NA NA 25,000 25,000 25,000 NA NA - - 198,547 200,000 200,000 - 74,370 250,000 250,000 250,000 - - 39,720 50,000 50,000 125,000 125,000 125,000 200,000 200,000 - - 3,277 NA NA 25,000 25,000 25,000 NA NA 92002 Westin Riverfront Resort 2,209,948 279,674 - 73,378 2,563,000 2,563,000 2,563,000 92002 Westin Riverfront Resort - Interest 233,341 15,985 - 2,550 251,876 251,876 251,876 Total Capital Improvement Projects $ 7,609,183 $ 2,508,254 $ 5,629,206 $ 6,643,051 $ 16,760,488 $ 19,492,119 $ 19,602,951 $ 110,832 Page 5 TOWN OF AVON, COLORADO CAPITAL PROJECTS FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) FOR THE YEAR ENDED DECEMBER 31, 2009 Revenues Taxes: Real Estate Transfer Tax Intergovernmental Investment Earnings Other Revenues Total Revenues Expenditures Capital Projects: Facilities Land and Land Improvements Roads and Streets Utilities Recreation Water Fund Projects Strategic Planning Communications and Technology Other Rebates & Capital Contributions Total Expenditures Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses) Transfers In: Water Fund Avon Urban Renewal Authority Transfers Out: General Fund Avon Urban Renewal Authority 1,350,000 1,511,646 647,287 Variance with 1,300,000 280,791 61,015 Final Budget - Budgeted Amounts Actual Positive Original Final Amounts (Negative) 819,379 428,821 278,875 $ 3,745,098 $ 1,475,000 $ 1,761,980 $ 286,980 1,248,690 705,470 269,853 (435,617) 128,350 128,350 69,273 (59,077) 1,500 16,500 103,642 87,142 5,123,638 2,325,320 2,204,748 (120,572) 1,350,000 1,511,646 647,287 864,359 1,300,000 280,791 61,015 219,776 1,295,000 1,152,859 693,460 459,399 680,000 729,540 187,661 541,879 819,379 428,821 278,875 149,946 150,000 392,581 301,300 91,281 50,000 50,000 39,720 10,280 25,000 25,000 3,277 21,723 - 371,587 295,659 75,928 5,669,379 4,942,825 2,508,254 2,434,571 (545,741) (2,617,505) (303,506) 2,313,999 819,379 428,821 278,875 (149,946) - 270,000 270,000 - (308,314) - - (848,271) (308,314) (308,314) Total Other Financing Sources (Uses) (337,206) 390,507 240,561 (149,946) Net Change in Fund Balances Fund Balances, Beginning of Year Fund Balances, End of Year (882,947) (2,226,998) (62,945) 2,164,053 5,134,017 5,701,165 5,701,165 - $ 4,251,070 $ 3,474,167 $ 5,638,220 $ 2,164,053 69 • Avon Recreation Center vapor barrier repair - $25,278; • Nottingham Park trail maintenance and signage - $139,377; • Nottingham Park Stage - $19,608; • Nottingham Lake fishing pier - $20,000; • Lighting Conversion - $87,153; • 2010 paving program - $194,512; • Waste Heat Recovery system design - $523,759; • Waster Heat Recovery construction - $39,540; • Unified Land Use Code - $74,370; • Westin Riverfront capital contributions (RETT rebates) - $75,928 Total amounts carried forward for these projects from 2009 to 2010 total $1,199,525. Project reductions. The following projects have been reduced in the 2010 budget: • Drainage Master Plan - $185,680. Tasks related to the completion of this project have been transferred to the Town's engineering staff with a corresponding reduction in the overall cost of the project. In addition, due to the work demand of the engineering staff this project is now scheduled to continued over for completion in 2011. A corresponding reduction in transfers -in from the Water Fund has been reflected in this budget amendment. Revenues. Delays in the start-up of the Waste Heat Recovery project has resulted in the carryover from 2009 to 2010 of billings to both the Eagle River Water and Sanitation District ($52,000) and the Department of Local Affairs ($215,208). Financial Implications: If adopted, the net Capital Projects Fund impacts of the above revisions will result in a revised ending fund balance for 2010 of $3,128,035, an increase of $1,181,835 from the original 2010 budget. Recommendation: Staff recommends that the supplemental budget resolution for the 2010 Capital Projects Fund be adopted. Town Manager Comments: • Page 2 Memo To: Honorable Mayor and Town Council Thru: Larry Brooks, Town Manager Initials Legal: Eric Heil, Town Attorney From: Scott Wright, Asst. Town Manager — Finance (it Date: April 7, 2010 Re: Supplemental Capital Projects Fund Budget Amendment Resolution No. 10 -12 summary: Staff has prepared a formal supplement budget amendment to the 2010 Capital Projects Fund budget to recognize changes occurring in the current budget year as a primary result of the carryover of unspent appropriations from the prior year. In addition, one project is being reduced in cost as a result of performing the project with in -house staff. Discussion: Closed -out projects. The following projects were closed -out in 2009 or have been closed -out so far in 2010: • Preliminary design and planning for the Transit / Public Works facilities improvement project; • Avon Recreation Center office and storage space remodel; • Avon Recreation Center CMU block deterioration investigation project; • Waste Heat Recovery system study; • Nottingham -Puder Ditch restoration project; • Nottingham Lake spillway replacement; • Comprehensive Transportation Plan; • Laserfiche Records Management System. Carryover projects. Unspent appropriations have been carried over from 2009 to 2010 for the following uncompleted projects: Page 1