TC Res. No. 2010-22 Summarizing expenditure and revenues by fund and amending the 2010 budget for the town of avon for the calendar year beginning on the first day on january 2010 and ending on the last day of december 2010TOWN OF AVON, COLORADO
RESOLUTION NO. 10 -22
SERIES OF 2010
A RESOLUTION TO AMEND THE 2010 TOWN OF AVON BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY
FUND AND AMENDING THE 2010 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 budget; and
WHEREAS, the Town Council reviewed the revised estimated revenues and
expenditures for all operating funds for 2010; and
WHEREAS, the Town Council finds it necessary to amend the 2010 budget to
more accurately reflect the revenues and expenditures for 2010; and
WHEREAS, upon due and proper notice, published or posted in accordance with
the law, the proposed budget amendment to the 2010 budget was open for inspection by
the public at a designated place, a public hearing was held on November 23, 2010 and
interested taxpayers were given the opportunity to file or register any objections to 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 following funds are
revised as follows for 2010:
Original or
Previously
Amended
2010 Budget
General Fund
Beginning Fund Balance $ 6,093,630
Revenues and Other Sources 13,716,573
Expenditures and Other Uses 12,825,609
Ending Fund Balance 6,984.594
Town of Avon
Resolution No. 10 -22
Page 1 of 4
Current
Proposed
Amended
2010 Budget
$ 4,429,130
13,453,851
12,720,642
5,162.339
Town Center West 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
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
Town of Avon
Resolution No. 10 -22
Page 2 of 4
Original or
Previously
Amended
2010 Budget
$ 54,235
230,000
227,395
$ 56,840
$ 353,882
65,000
280,000
$ 138,882
$ 2,155,173
165,000
530,884
1,789.289
$ 651,675
0
1 ,700
$ 649,975
$ 513,251
77,702
137,333
$ 453,620
$ 636,499
1,161,175
1,161,175
$ 636,499
Current
Proposed
Amended
2010 Budget
$ 52,294
230,000
202,994
$ 79,300
$ 359,018
70,000
109,000
320,018
$ 2,315,991
157,810
415,264
$ 2,058,537
$ 653,375
0
1,700
$ 651,675
$ 513,251
0
100,000
$ 413,251
$ 644,720
1,588,725
1,724,745
$ 508,700
Ending Fund Balance
1,493,621 1,884,41 l
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.
Town of Avon
Resolution No. 10 -22
Page 3 of 4
Original or
Current
Previously
Proposed
Amended
Amended
2010 Budget
2010 Budget
AMD Debt Service Fund
Beginning Fund Balance
$ 62,981
$ 61,011
Revenues and Other Sources
484,208
484,208
Expenditures and Other Uses
484,208
545,219
Ending Fund Balance
$ 62,981
$ 0
Transit Enterprise Fund
Beginning Fund Balance
$ 533,302
$ 530,904
Revenues and Other Sources
1,165,364
1,125,364
Expenditures and Other Uses
1,164,151
1,121,458
Ending Fund Balance
$ 534,515
$ 534,810
Fleet Maintenance Enterprise Fund
Beginning Fund Balance
$ 645,898
$ 617,061
Revenues and Other Sources
2,361,423
6,095,572
Expenditures and Other Uses
2,360,829
6,251,382
Ending Fund Balance
$ 646,492
$ 461,251
Equipment Replacement Internal Service
Fund
Beginning Fund Balance
$ 1,520,917
$ 1,684,496
Revenues and Other Sources
384,319
372,319
Expenditures and Other Uses
411,615
172,404
Ending Fund Balance
1,493,621 1,884,41 l
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.
Town of Avon
Resolution No. 10 -22
Page 3 of 4
ADOPTED this 23rd day of November, 2010.
ATTEST:
Town of Avon
Resolution No. 10 -22
Page 4 of 4
TOWNS AVON, COLORADO
`Ronald . Wolfe, Mayor
y \pF NVON
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To: Honorable Mayor and Town Council
Thru: Larry Brooks, Town Manager Initials
Legal: Eric Heil, Town Attorney
From: Scott Wright, Asst. Town Manager — Finance
Date: November 15, 2010
Re: Adoption of Proposed 2011 and Final Revised 2010 Operating Budgets
'��e 5OWit rn�-S (l0. 2Z. * 2 H
Summary
The Town's final revised operating budgets for 2010 and the proposed 2011 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 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.
•
Previous Council Action:
Previously, the Town Manager presented his recommended budget at the Council budget
retreat held on October 120'. Material changes to the proposed 2011 budget subsequent to the
budget retreat that have been incorporated into the final version for adoption on November
23`d include the following:
• Incorporation of the 2010 Certificates of Participation that were recently issued. The
results of this issuance include a net reduction of debt service costs to the Town and
new bond proceeds in the amount of $3 million to be used towards the Swift Gulch
transit facilities and improvement project.
• Recognition of a FTA State of Good Repair grant in the amount of $7.5 million in the
Capital Projects Fund for the Swift Gulch project.
• Funding of the 2011 Birds of Prey World Cup event in the amount of $40,000 and a
commitment of $50,000 per year for 5 years towards the 2015 World Alpine Ski
Page 1
A
Championships. The Town is requesting funding for the latter from the Holy Cross
Community Enhancement Funds. •
Public Hearing. As required by Town Charter, on November 9`" a public hearing was held
for members of the public to comment on the proposed 2011 budget. No changes to the
budget have been made subsequent to the public hearing.
Recommendation:
Staff recommends that Council adopt the resolutions discussed above as presented.
Town Manager Comments:
Attachments:
A - 2011 Financial Overview, Total - All Funds
B - 2011 Financial Overview, Total by Fund
C — Resolution 10 -22
D — Resolution 10 -24
• Page 2
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TOWN OF AVON
Financial Overview
REVENUES
16,500 4,500
TOTAL - ALL FUNDS
7,200,000
Original or
Final
Prev. Amend.
Revised Proposed
Actual Budget
Budget Budget
2009 2010
2010 2011
REVENUES
16,500 4,500
55,500
7,200,000
- 3,310,000
Taxes
$ 11,752,948 $
13,564,727 $
13,326,997 $
12,567,372
Licenses and Permits
124,130
138,600
195,100
198,600
Intergovernmental
1,201,794
2,667,756
2,663,788
4,949,865
Charges for Services
4,479,262
4,804,113
4,274,340
4,417,627
Fines and Forfeitures
129,530
130,000
144,500
144,500
Investment Earnings
246,225
454,917
322,104
292,000
Other Revenue
503,397
472,200
424,456
444,000
Total Operating Revenues
Other Sources
Sales of Fixed Assets
Bond Proceeds
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
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
•
18,437,286 22,232,313 21,351,285 23,013,964
500
16,500 4,500
55,500
7,200,000
- 3,310,000
-
3,105,032
3,021,460 2,953,769
3,118,828
-
- -
485,731
28,742,818
25,270,273 27,619,554
26,674,023
3,088,490
2,428,703
2,464,521
2,551,079
697,820
642,913
612,355
613,824
2,511,717
2,401,642
2,423,342
2,440,030
3,660,540
3,561,936
3,426,791
3,344,782
3,684,826
3,524,980
3,395,607
3,803,743
2,375,945
2,450,855
2,357,256
2,326,601
16,019,338
15,011,029
14,679,872
15,080,059
27,458,100
2,196,071
2,156,633
1,677,212
3,196,566
7,054,666
7,030,366
8,846,317
3,105,032
3,079,438
3,186,074
3,497,668
49,779,036
27,341,204
27,052,945
29,101,256
(21,036,218)
(2,070,931)
566,609
(2,427,233)
38,931,987 19,317,832 17,895,769 18,462,378
$ 17,895,769 $ 17,246,901 $ 18,462,378 $ 16,035,145
Section I, Page 1
TOWN OF AVON
Financial Overview
VA
Other Sources
Sales of Fixed Assets
Capital Lease Proceeds
Transfers -In From Other Funds
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
Debt Service
Capital Expenditures
Other Uses
1,500
-
TOTAL - BY FUND
225,000 - - - - -
270,000
952,000
13,379,579
225,000 946,603 70,000 155,000 - -
12,439,342
227,575
2,544,829
- 4,550 - - 1,700 -
613,824
Special Revenue Funds
2,440,030
- - - -
Town Urban
Community
Affordable Facilities
- - - - - -
General
Center Renewal
Enhancement
Water Housing Reserve
704,662
Fund
West Fund
Fund
Fund Fund Fund
REVENUE
$ 76,725 $
705,777
$ 120,018
$ 1,176,513 $
Taxes
$ 9,374,596
$ $ 936,603
$ - $
$ $ _
Licenses and Permits
198,600
-
Intergovernmental
906,568
-
Charges for Services
1,795,752
-
155,000 _
Fines and Forfeitures
144,500
-
- -
Investment Earnings
200,000
10,000
-
Other Revenue
370,500
-
70,000
- -
Total Operating Revenues
12,990,516
946,603
70,000
155,000 -
Other Sources
Sales of Fixed Assets
Capital Lease Proceeds
Transfers -In From Other Funds
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
Debt Service
Capital Expenditures
Other Uses
1,500
-
387,563
225,000 - - - - -
270,000
952,000
13,379,579
225,000 946,603 70,000 155,000 - -
12,439,342
227,575
2,544,829
- 4,550 - - 1,700 -
613,824
- - - -
2,440,030
- - - -
3,032,183
227,575 85,024 - -
2,326,601
- - - - - -
(1,700) -
FUND BALANCES, Beginning of Year
10,957,467
227,575 4,550 85,024 1,700 -
515,938 - -
200,000 -
Transfers -Out To Other Funds
1,481,875
-
225,000
270,000
952,000
-
TOTAL EXPENDITURES
12,439,342
227,575
945,488
270,000
1,037,024
1,700 -
NET SOURCE (USE) OF FUNDS
940,237
(2,575)
1,115
(200,000)
(882,024)
(1,700) -
FUND BALANCES, Beginning of Year
5,079,869
79,300
704,662
320,018
2,058,537
651,675 413,251
FUND BALANCES, End of Year
$ 6,020,106
$ 76,725 $
705,777
$ 120,018
$ 1,176,513 $
649,975 $ 413,251
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Section I, Page 2
0
•
•
TOWN OF AVON
Financial Overview
- - 54,000 55,500
- - 366,621 119,110 485,731
604,265 1,002,000 900,000 - - 3,118,828
1,161,274 6,494,300 1,600,282 2,017,868 624,117 26,674,023
1,674,376 2,129,367 -
1,674,376 2,129,367 -
2,551,079
16.92%
613,824
4.07%
2,440,030
16.18%
3,344,782
TOTAL - BY FUND
3,803,743
25.22%
2,326,601
15.43%
(111,499)
10,285
(2,427,233)
Debt Service
534,810
455,001
Internal
18,462,378
Fund
Capital
Enterprise Funds
Service
$ 640,720 $ 3,522,346
Percent
Bond
Projects
Transit Fleet
Equipment
of
Redemption
Fund
Fund Maintenance
Replacement
Total
Total
$ 550,009
$ 1,665,800
$ 40,364 $
$ -
$ 12,567,372
54.61%
-
-
- -
-
198,600
0.86%
3,750,000
293,297
-
4,949,865
21.51%
-
-
- 2,015,868
451,007
4,417,627
19.20%
-
-
-
144,500
0.63%
7,000
75,000
-
-
292,000
1.27%
-
1,500
- 2,000
-
444,000
1.93%
557,009
5,492,300
333,661 2,017,868
451,007
23,013,964
L 100.00%
- - 54,000 55,500
- - 366,621 119,110 485,731
604,265 1,002,000 900,000 - - 3,118,828
1,161,274 6,494,300 1,600,282 2,017,868 624,117 26,674,023
1,674,376 2,129,367 -
1,674,376 2,129,367 -
2,551,079
16.92%
613,824
4.07%
2,440,030
16.18%
3,344,782
22.18%
3,803,743
25.22%
2,326,601
15.43%
15,080,059 1 100.00%
1,161,274 - - - - 1,677,212
- 8,032,485 - - 613,832 8,846,317
- 568,793 3,497,668
1,161,274 8,601,278
1,674,376
2,129,367
613,832
29,101,256
- (2,106,978)
(74,094)
(111,499)
10,285
(2,427,233)
640,720 5,629,324
534,810
455,001
1,895,211
18,462,378
$ 640,720 $ 3,522,346
$ 460,716
$ 343,502
$ 1,905,496
$ 16,035,145
Section I, Page 3
TOWN OF AVON, COLORADO `
RESOLUTION NO. 10 -22
SERIES OF 2010 •
A RESOLUTION TO AMEND THE 2010 TOWN OF AVON BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY
FUND AND AMENDING THE 2010 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 budget; and
WHEREAS, the Town Council reviewed the revised estimated revenues and
expenditures for all operating funds for 2010; and
WHEREAS, the Town Council finds it necessary to amend the 2010 budget to
more accurately reflect the revenues and expenditures for 2010; and
WHEREAS, upon due and proper notice, published or posted in accordance with
the law, the proposed budget amendment to the 2010 budget was open for inspection by
the public at a designated place, a public hearing was held on November 23, 2010 and
interested taxpayers were given the opportunity to file or register any objections to 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 following funds are
revised as follows for 2010:
Original or
Current
Previously
Proposed
Amended
Amended
2010 Budget
2010 Budget
General Fund
Beginning Fund Balance
$ 6,093,630
$ 4,429,130
Revenues and Other Sources
13,716,573
13,453,851
Expenditures and Other Uses
12,825,609
12,720,642
Ending Fund Balance 6,984,594 5,162,339
Town of Avon •
Resolution No. 10 -22
Page 1 of 4
J,
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•
Town Center West 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
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
Town of Avon
Resolution No. 10 -22
Page 2 of 4
Original or
Previously
Amended
2010 Budizet
$ 54,235
230,000
227,395
$ 56,840
$ 353,882
65,000
280,000
138,882
$ 2,155,173
165,000
530,884
1,789.289
$ 651,675
0
1,700
$ 649,975
$ 513,251
77,702
137,333
$ 453,620
$ 636,499
1,161,175
1,161,175
$ 636,499
Current
Proposed
Amended
2010 Budget
$ 52,294
230,000
202,994
$ 79.300
$ 359,018
70,000
109,000
$ 320,018
$ 2,315,991
157,810
415,264
2.058.537
$ 653,375
0
1,700
$ 651,675
$ 513,251
0
100,000
413,251
$ 644,720
1,588,725
1,724,745
$ 508 700
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
Original or
Previously
Amended
2010 Budget
$ 62,981
484,208
484,208
$ 62.981
$ 533,302
1,165,364
1,164,151
534,515
$ 645,898
2,361,423
2,360,829
646.492
Current
Proposed
Amended
2010 Budget
$ 61,011
484,208
545,219
$ 0
$ 530,904
1,125,364
1,121,458
534.810
$ 617,061
6,095,572
6,251,382
461.251
Equipment Replacement Internal Service
Fund
Beginning Fund Balance $ 1,520,917 $ 1,684,496
Revenues and Other Sources 384,319 372,319
Expenditures and Other Uses 411,615 172,404
Ending Fund Balance
1.493.621 1.884.411
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 23rd day of November, 2010.
TOWN OF AVON, COLORADO
Town of Avon
Resolution No. 10 -22
Page 3 of 4
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Ronald C. Wolfe, Mayor
ATTEST:
•
Patty McKenny
Town Clerk
•
• Town of Avon
Resolution No. 10 -22
Page 4 of 4
TOWN OF AVON
RESOLUTION NO. 10 -24
SERIES OF 2010 •
A RESOLUTION TO ADOPT THE 2011 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, 2011
AND ENDING ON THE LAST DAY OF DECEMBER, 2011
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 12, 2010, 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 9, 2010, 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
2011:
Ending Fund Balance 76,725
Town of Avon •
Resolution No. 10 -24
Page 1 of 3
2011
Proposed
Budget
General Fund
Beginning Fund Balance
$ 5,162,339
Revenues and Other Sources
13,429,579
Expenditures and Other Uses
12,301,452
Ending Fund Balance
6.290.466
Town Center West Maintenance Fund
Beginning Fund Balance
$ 79,300
Revenues and Other Sources
225,000
Expenditures and Other Uses
227,575
Ending Fund Balance 76,725
Town of Avon •
Resolution No. 10 -24
Page 1 of 3
• 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
Transit Enterprise Fund
Beginning Fund Balance
Revenues and Other Sources
Expenditures and Other Uses
Ending Fund Balance
• Town of Avon
Resolution No. 10 -24
Page 2 of 3
2011
Proposed
Budget
$ 320,018
70,000
160.000
$ 230.018
$ 2,058,537
155,000
1,047,024
1,166,513
$ 651,675
0
1,700
$ 649.975
$ 413,251
0
0
413,251
$ 508,700
1,272,224
1,272,224
508,700
$ 534,810
1,306,985
1,307,755
$ 534,040
2011
Proposed
Budge •
Fleet Maintenance Enterprise Fund
Beginning Fund Balance $ 461,251
Revenues and Other Sources 2,017,868
Expenditures and Other Uses 1,962,284
Ending Fund Balance $ 516,835
Equipment Replacement Internal Service Fund
Beginning Fund Balance $ 1,884,411
Revenues and Other Sources 704,117
Expenditures and Other Uses 673,832
Ending Fund Balance 1,914,696
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.
r •
ADOPTED this 23 'day of November, 2010.
TOWN OF AVON, COLORADO
Ronald C. Wolfe, Mayor
ATTEST:
Patty McKenny
Town Clerk
Town of Avon •
Resolution No. 10 -24
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