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URA Res. No. 2008-05TOWN OF AVON, COLORADO RESOLUTION NO. 08-05 SERIES OF 2008 BEFORE THE BOARD OF COMMISSIONERS OF THE AVON URBAN RENEWAL AUTHORITY STATE OF COLORADO A RESOLUTION TO AMEND THE 2008 AVON URBAN RENEWAL AUTHORITY BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND AMENDING THE 2008 BUDGET FOR THE AVON URBAN RENEWAL AUTHORITY FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2008 AND ENDING ON THE LAST DAY OF DECEMBER, 2008 WHEREAS, the Board of Commissioners of the Avon Urban Renewal Authority has previously adopted the 2008 budget; and WHEREAS, the Board of Commissioners of the Avon Urban Renewal Authority reviewed the revised estimated revenues and expenditures for all funds for 2008; and WHEREAS, the Board of Commissioners of the Avon Urban Renewal Authority 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 BOARD OF COMMISSIONERS OF THE AVON URBAN RENEWAL AUTHORITY: Section 1. That estimated revenues and expenditures for the following funds are revised as follows for 2008: Original or Current Previously Proposed Amended Amended 2008 Budget 2008 Budget General Fund Beginning Fund Balance $ 111,803 $ (2,113) Revenues and Other Sources 50,000 50,000 Expenditures and Other Uses 50,400 40,025 Ending Fund Balance 111,403 $ 7,862 Original or Previously Amended 2008 Budget Debt Service Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Capital Proiects Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance $ 0 4,997,660 872,260 Current Proposed Amended 2008 Budget $ 0 5,094,395 882,202 $ 4.125,400 $ 4,212,193 Original or Previously Amended 2008 Budget Current Proposed Amended 2008 Budget $ 0 25,650,000 11,063,000 $ 14,587,000 $ 0 25,650,000 10,898,271 $ 14,751.729 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 l I"' day of November, 2008. ATTEST: atty Me enny ,uthori Clerk NOFA-o~ AVON URB ENEWAL AUTHORITY S E Ronald C. Wolfe, Chairman URA Resolution No. 08-05 08 Final Amended Pagc 2 of 2 AVON URBAN RENEWAL AUTHORITY Summary - All Funds TOTALt ALL'FUNDS Original or Final Prev. Amend. Revised Proposed Actual Budget Budget Budget 2007 2008 2008 2009 REVENUES Taxes $ - $ 126,370 $ 132,642 $ 519,365 Investment Earnings - 786,290 801,482 512,392 Total Operating Revenues - 912,660 934,124 1,031,757 Other Sources Bond Proceeds - 25,000,000 25,000,000 - Transfers In - AURA Debt Service Fund - 4,735,000 4,810,271 - Transfers In - TOA General Fund - 50,000 50,000 45,000 Transfers In - TOA Capital Projects Fund - - - 848,271 Total Other Sources - 29,785,000 29,860,271 893,271 TOTAL REVENUES - 30,697,660 30,794,395 1,925,028 EXPENDITURES General Government 113,916 50,400 40,025 46,600 Total Operating Expenditures 113,916 50,400 40,025 46,600 Debt Service - 1,372,260 1,142,202 1,145,577 Capital Improvements - 5,828,000 5,828,000 15,950,000 Other Uses Transfers Out - AURA Capital Projects Fund - 4,735,000 4,810,271 - TOTAL EXPENDITURES 113,916 11,985,660 11,820,498 17,142,177 NET SOURCE (USE) OF FUNDS (113,916) 18,712,000 18,973,897 (15,217,149) FUND BALANCES, Beginning of Year 111,803 111,803 (2,113) 18,971,784 FUND BALANCES, End of Year $ (2,113) $ 18,823,803 $ 18,971,784 $ 3,754,635 Section II, Page 3 AVON URBAN RENEWAL AUTHORITY General Fund :pi Fund Summary Original or Final Prev. Amend. Revised Proposed Account Actual Budget Budget Budget Number Description 2007 2008 2008 2009 REVENUES 58999 Other Revenue $ - $ - $ Total Operating Revenues Other Sources 59201 Transfers In - TOA General Fund 50000 TOTAL REVENUES 50,000 50,000 45,000 50,000 50,000 45,000 EXPENDITURES General Government 113,916 50,400 40,025 46,600 60000 TOTAL EXPENDITURES 113,916 50,400 40,025 46,600 NET SOURCE (USE) OF FUNDS (113,916) (400) 9,975 (1,600) FUND BALANCES, Beginning of Year 111,803 111,803 (2,113) 7,862 FUND BALANCES, End of Year $ (2,113) $ 111,403 $ 7,862 $ 6,262 Section II, Page 4 Town of Avon Line Item Detail Function: General Government/Financial #140 Department: Finance #140 Program: Avon Urban Renewal Authority #148 Account Number ccount Description Actual 2007 Original or Prev. Amend. Budget 2008 Final Revised Budget 2008 Proposed Budget 2009 Percent Change Personnel: 61101 Regular Full-time Salaries $ $ $ $ N/A 61201 Automobile Allowance N/A 61301 FT Pension N/A 61303 Wellness N/A 61304 Employee Assistance Program N/A 61401 FICA/Medicare N/A 61501 Group Health and Life Insurance N/A 61505 Long-term Disability Insurance N/A 61507 Dental Insurance N/A 61509 Worker's Compensation N/A 61510 Unemployment Insurance N/A 61000 Total Personnel N/A Commodities: 62905 Books and Periodicals N/A 62999 Office Supplies and Materials 392 400 N/A 62000 Total Commodities 392 400 N/A Contract Services: 63101 Legal Services 47,598 20,000 20,000 10,000 -50.00% 63199 Other Professional Services 65,097 30,000 20,000 35,000 75.00% 63203 Printing and Reproduction 256 - - 1,000 N/A 63000 Total Contract Services 112,951 50,000 40,000 46,000 15.00% Other Operating Costs: 64201 Telephone 85 - 25 100 300.00% 64301 Postage and Delivery 54 - - N/A 64901 Advertising/Legal 434 - 500 N/A 64000 Total Other Operating Costs 573 - 25 600 N/A 60000 Total Expenditures $ 113,916 $ 50,400 $ 40,025 $ 46,600 16.43% Section II, Page 5 TOWN OF AVON DETAILED BUDGET REQUESTS 2009 Department: Finance and Information Systems Program: Avon Urban Renewal Authority Account 2009 Number Account Name Budget Justification AURA General Counsel Services 5,000 63101 Legal Services 10,000 East Avon Town Center URA Plan 5,000 Financial Modeling Services 10,000 Other Professional Services - East Avon 63199 Other Professional Services 35,000 Town Center URA Plan 25,000 63230 Printing and Reproduction 1,000 East Avon Town Center URA Plan 1,000 63000 Total Contract Services 46,000 64201 Telephone 100 Conference Calls 100 64901 Advertising and Legal 500 Legal Notices 500 64000 Total Other Operating Costs 600 Section II, Page 6 AVON URBAN RENEWAL AUTHORITY Debt Service Fund Fund Su M;I Original or Final Prev. Amend. Revised Proposed Account Actual Budget Budget Budget Number Description 2007 2008 2008 2009 REVENUES Taxes: 51101 Property Tax - Current 51101 Less: TIF Rebate 51000 Total Taxes 57101 Investment Earnings: 50000 Total Operating Revenues $ - $ 126,370 $ 234,244 $ 888,542 - (101,602) (369,177) 126,370 132,642 519,365 - 136,290 151,482 162,392 262,660 284,124 681,757 Other Sources 59201 Transfers In - AURA Capital Projects Fund TOTAL REVENUES - 4,735,000 4,810,271 - - 4,997,660 5,094,395 681,757 EXPENDITURES AND OTHER USES Debt Service: Series 2008, TIF Revenue Bonds: 65101 Principal - - - - 65102 Interest - 872,260 783,719 1,011,250 65103 Fiscal Agent Fees - - 5,000 5,000 65106 Letter of Credit Fees - - 62,237 80,306 65107 Remarketing Fees - - 24,219 31,250 64303 County Treasurer Fees - - 7,027 17,771 60000 TOTAL EXPENDITURES - 872,260 882,202 1,145,577 NET SOURCE (USE) OF FUNDS - 4,125,400 4,212,193 (463,820) FUND BALANCES, Beginning of Year - - - 4,212,193 FUND BALANCES, End of Year $ - $ 4,125,400 $ 4,212,193 $ 3,748,373 Section II, Page 7 AVON URBAN RENEWAL AUTHORITY Capital Projects Fund Fund; Summary. Original or Final Prev. Amend. Revised Proposed Account Actual Budget Budget Budget Number Description 2007 2008 2008 2009 REVENUES 57101 Investment Earnings $ - $ 650,000 $ 650,000 $ 350,000 Total Operating Revenues - 650,000 650,000 350,000 Other Sources 59101 Bond Procceds - 25,000,000 25,000,000 - 59201 Transfers In - TOA Capital Projects Fund - - - 848,271 Total Other Sources - 25,000,000 25,000,000 848,271 50000 TOTAL REVENUES - 25,650,000 25,650,000 1,198,271 EXPENDITURES Debt Service: 65104 Bond Issuance Costs - 500,000 260,000 - Capital Improvements - 5,828,000 5,828,000 15,950,000 Total - 6,328,000 6,088,000 15,950,000 Other Uses 69101 Transfers Out -AURA Debt Service Fund - 4,735,000 4,810,271 - 60000 TOTAL EXPENDITURES - 11,063,000 10,898,271 15,950,000 NET SOURCE (USE) OF FUNDS - 14,587,000 14,751,729 (14,751,729) FUND BALANCES, Beginning of Year - - - 14,751,729 FUND BALANCES, End of Year $ - $ 14,587,000 $ 14,751,729 $ - Section II, Page 8 AVON URBAN RENEWAL AUTHORITY Capital Projects Fund CIP Pro ects,ln~ento"" Original or Final Prev. Amend. Revised Proposed Account Actual Budget Budget Budget Number Description 2007 2008 2008 2009 CAPITAL IMPROVEMENT PROJECTS Roads and Streets: Street Improvements: 32012 Lake Street Realignment Design $ $ 328,000 $ 328,000 $ 32013 Lake Street Construction 4,500,000 4,500,000 32014 Main Street Design 800,000 800,000 32015 Main Street Easements 200,000 200,000 32016 Main Street Construction - - 15,800,000 32017 Benchmark Road Design - - 150,000 Total Capital Improvement Projects $ $ 5,828,000 $ 5,828,000 $ 15,950,000 Section II, Page 9