URA Res.No.2010-03AVON URBAN RENEWAL AUTHORITY
TOWN OF AVON, COLORADO
RESOLUTION NO. 10 -03
SERIES OF 2010
A RESOLUTION AMENDING THE
2010 AVON URBAN RENEWAL AUTHORITY BUDGET
WHEREAS, the Board of Commissioners of the Avon Urban Renewal Authority has
previously adopted the 2010 budget;
WHEREAS, the Board of Commissioners of the Avon Urban Renewal Authority reviewed
the revised estimated revenues and expenditures for all funds for 2010;
WHEREAS, the Board of Commissioners of the Avon Urban Renewal Authority finds it
necessary to amend the 2010 budget to more accurately reflect the revenues and expenditures for
2010;
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 BOARD OF COMMISSIONERS
OF THE AVON URBAN RENEWAL AUTHORITY:
Section 1. That estimated revenues and expenditures for the Avon Urban Renewal Authority
are revised as follows for 2010:
Ending Fund Balance $ 671.558
Avon Urban Renewal Authority
Resolution No. 10 -03
Page 1 of 2
Current
Proposed
Amended
2010 Budget
$ 486,837
955,366
773,896
$ 668,307
Original or
Previously
Amended
2010 Budget
Avon Urban Renewal Authority
Beginning Fund Balance
$ 508,070
Revenues and Other Sources
959,179
Expenditures and Other Uses
795,691
Ending Fund Balance $ 671.558
Avon Urban Renewal Authority
Resolution No. 10 -03
Page 1 of 2
Current
Proposed
Amended
2010 Budget
$ 486,837
955,366
773,896
$ 668,307
Section 2. That the budget, as submitted and amended hereby is approved and adopted as the
budget of the Avon Urban Renewal Authority for the year stated above.
Section 3. That the budget hereby approved and adopted shall be signed by the Chairman
and made part of the public record of the Authority.
ADOPTED this 23rd day of November, 2010.
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ATTEST: '. �.•
Secretary
CERTIFIED:
Patty c envy
Au ority lerk
Avon Urban Renewal Authority
Resolution No. 10 -03
Page 2 of 2
Memo
To: Board Chairman and Commissioners
Thru: Larry Brooks, Executive Director
Legal: Eric Heil, Town Attorney
From: Scott Wright, Treasurer
Date: February 3, 2010
Re: 2011 Proposed and 2010 Revised Budgets
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Summary
Initials
Attached are the final proposed and revised budget resolutions 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 summary is attached as an exhibit to this memorandum and is also
included for informational purposes in the Town's budget summary as a component unit of
the Town.
Discussion:
Previously, the Authority's Executive Director presented his recommended budget at the
Avon budget retreat held on October 12th, At the Avon URA meeting held two weeks ago 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 the Board adopt the resolutions as presented.
Executive Director Comments:
Page 1
Attachments:
A —Resolution No. 10-03
B —Resolution No. 10-04
C - Avon Urban Renewal Authority budget
0 Page 2
I
EXHIBIT A
AVON URBAN RENEWAL AUTHORITY
TOWN OF AVON, COLORADO
RESOLUTION NO. 10-03
SERIES OF 2010
A RESOLUTION AMENDING THE
2010 AVON URBAN RENEWAL AUTHORITY BUDGET
WHEREAS, the Board of Commissioners of the Avon Urban Renewal Authority has
previously adopted the 2010 budget;
WHEREAS, the Board of Commissioners of the Avon Urban Renewal Authority reviewed
the revised estimated revenues and expenditures for all funds for 2010;
WHEREAS, the Board of Commissioners of the Avon Urban Renewal Authority finds it
necessary to amend the 2010 budget to more accurately reflect the revenues and expenditures for
2010;
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
Cgiven 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 BOARD OF COMMISSIONERS
OF THE AVON URBAN RENEWAL AUTHORITY:
Section 1. That estimated revenues and expenditures for the Avon Urban Renewal Authority
are revised as follows for 2010:
Avon Urban Renewal Authority
Beginning Fund Balance
Revenues and Other Sources
Expenditures and Other Uses
Ending Fund Balance
Avon Urban Renewal Authority
Resolution No. 10-03
Page 1 of 2
Original or
Previously
Amended
2010 Budget
$ 508,070
959,179
795,691
671.558
Current
Proposed
Amended
2010 Budget
$ 486,837
955,366
773,896
$ 668.307
Section 2. That the budget, as submitted and amended hereby is approved and adopted as the
budget of the Avon Urban Renewal Authority for the year stated above.
Section 3. That the budget hereby approved and adopted shall be signed by the Chairman
and made part of the public record of the Authority.
ADOPTED this 23rd day of November, 2010.
AVON URBAN RENEWAL AUTHORITY
Ronald C. Wolfe, Chairman
ATTEST:
Larry Brooks, Secretary
CERTIFIED:
Patty McKenny
Authority Clerk
Avon Urban Renewal Authority
Resolution No. 10-03
Page 2 of 2
EXHIBIT B
AVON URBAN RENEWAL AUTHORITY
TOWN OF AVON, COLORADO
RESOLUTION NO. 10-04
SERIES OF 2010
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES AND
ADOPTING A BUDGET FOR THE AVON URBAN RENEWAL AUTHORITY FOR
THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2011, AND
ENDING ON THE LAST DAY OF DECEMBER, 2011.
WHEREAS, the Board of Commissioners of the Avon Urban Renewal Authority has
directed the Authority's Executive Director/Secretary to prepare and submit a proposed budget
for its consideration;
WHEREAS, Larry Brooks, Executive Director/Secretary, has submitted a proposed budget
to said governing body on October 12, 2010;
WHEREAS, upon due and proper notice, published or 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 objections 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 BOARD OF COMMISSIONERS
OF THE AVON URBAN RENEWAL AUTHORITY:
Section 1. That estimated revenues and expenditures for the Avon Urban Renewal Authority
are as follows for 2011:
Avon Urban Renewal Authority
Beginning Fund Balance
Revenues and Other Sources
Expenditures and Other Uses
Ending Fund Balance
Avon Urban Renewal Authority
Resolution No. 2010-04
Page 1 of 2
2011
Proposed
Budge
$ 668,307
946,603
973,848
$ 641,062
Section 2. That the budget, as submitted, hereby is approved and adopted as the budget of
the Avon Urban Renewal Authority for the year stated above.
Section 3. That the budget hereby approved and adopted shall be signed by the Chairman
and made part of the public record of the Authority.
ADOPTED this 23rd day of November, 2010.
AVON URBAN RENEWAL AUTHORITY
Ronald C. Wolfe, Chairman
ATTEST:
Larry Brooks, Secretary
CERTIFIED:
Patty McKemly, Authority Clerk
Avon Urban Renewal Authority
Resolution No. 2010-04
Page 2 of 2
AVON URBAN RENEWAL AUTHORITY
Summary
REVENUES
16,455
15,003
FUND SUMMARY
4,550
Taxes
$ 584,896 $
945,366 $
945,366 $
Original or
Final
38,482
Prev. Amend.
Revised
Proposed
Actual Budget
Budget
Budget
2009 2010
2010
2011
REVENUES
16,455
15,003
4,550
4,550
Taxes
$ 584,896 $
945,366 $
945,366 $
936,603
Investment Earnings
38,482
13,813
10,000
10,000
Total Operating Revenues
623,378
959,179
955,366
946,603
Other Sources
496,544
300,688
261,250
255,938
Bond Proceeds
7,200,000
-
-
-
Total Other Sources
7,200,000
-
-
-
TOTAL REVENUES
7,823,378
959,179
955,366
946,603
EXPENDITURES
Current:
General Government
16,455
15,003
4,550
4,550
Capital Improvements
238,032
-
-
200,000
Debt Service:
19,236,053
508,070
486,837
668,307
Principal
25,125,000
250,000
250,000
260,000
Interest
496,544
300,688
261,250
255,938
Treasurer Fees
8,259
9,453
28,096
28,360
Fiscal Charges
23,304
-
-
-
Bond Issuance Charges
160,000
-
-
Other Uses
Transfers Out - General Fund
170,000
-
-
-
Transfers Out - Town Center West Mtc. Fund
65,000
230,000
230,000
225,000
Transfers Out - TOA Capital Projects Fund
270,000
-
-
-
TOTAL EXPENDITURES
26,572,594
795,691
773,896
973,848
NET SOURCE (USE) OF FUNDS
(18,749,216)
163,488
181,470
(27,245)
FUND BALANCES, Beginning of Year
19,236,053
508,070
486,837
668,307
FUND BALANCES, End of Year
$ 486,837 $
671,558 $
668,307 $
641,062
Section II, Page 2