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URA Res.No.2011-03AVON URBAN RENEWAL AUTHORITY TOWN OF AVON, COLORADO RESOLUTION NO. 11 -03 SERIES OF 2011 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, 2012, AND ENDING ON THE LAST DAY OF DECEMBER, 2012. 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 September 13, 2011; 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 22, 2011 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 2012: Avon Urban Renewal Authority Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Avon Urban Renewal Authority Resolution No. 11 -03 Page 1 of 2 2012 Proposed Budget $ 706,200 1,237,845 1,245,173 $ 698.872 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 13th day of December, 2011. ATTEST: Bro pie ,Secretary CERTIFIED: AVON URBAN RENEWAL . TY Rich Carroll, Chairman 2j C p.. SFA r �D0 Avon Urban Renewal Authority Resolution No. 11 -03 Page 2 of 2 AVON URBAN RENEWAL AUTHORITY Summary REVENUES Taxes Investment Earnings Total Operating Revenues Other Sources Transfers In - Community Enhancement Fund Transfers In - CIP TOTAL REVENUES EXPENDITURES Current: General Government Capital Improvements Debt Service: Principal, Interest Treasurer Fees Other Uses FUND SUMMARY 985,805 946,603 990,525 687,845 - - 250,000 300,000 985,805 946,603 990,525 1,237,845 7,126 Original or Final 30,000 - Prev. Amend. Revised Proposed Actual Budget Budget Budget 2010 2011 2011 2012 37,362 28,360 28,360 22,001 $ 978,437 $ 936,603 $ 985,000 $ 680,938 7,368 10,000 5,525 6,907 985,805 946,603 990,525 687,845 - - 250,000 300,000 985,805 946,603 990,525 1,237,845 7,126 4,550 4,550 30,000 - 200,000 200,000 500,000 250,000 260,000 260,000 270,000 267,415 255,938 205,413 198,172 37,362 28,360 28,360 22,001 Transfers Out - Town Center West Mtc. Fund 230,000 225,000 275,000 225,000 TOTAL EXPENDITURES 791,903 973,848 973,323 1,245,173 NET SOURCE (USE) OF FUNDS 193,902 (27,245) 17,202 (7,328) FUND BALANCES, Beginning of Year 495,096 668,307 688,998 706,200 FUND BALANCES, End of Year $ 688,998 $ 641,062 $ 706,200 $ 698,872 Section II, Page 2 Function: General Government/Financial #140 Department: Finance #140 Program: Avon Urban Renewal Authority #148 Commodities: 62905 Books and Periodicals 62999 Office Supplies and Materials 62000 Total Commodities Contract Services: 63101 Legal Services 63199 Other Professional Services 63203 Printing and Reproduction 63000 Total Contract Services Other Operating Costs: 64101 Travel and Conference 64201 Telephone 64901 Advertising /Legal 64000 Total Other Operating Costs 60000 Total Expenditures N/A N/A N/A 288 1,000 1,000 Original or Final 6,838 3,000 3,000 28,000 Prev. Amend. Revised Proposed 250 Account - 20.00% Actual Budget Budget Budget Percent Number Account Description 2010 2011 2011 2012 Change Personnel: $ 7,126 $ 4,550 $ 61101 Regular Full -time Salaries $ - $ $ - $ 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 - N/A 61505 Long -term Disability Insurance - 61507 Dental Insurance - N/A 61509 Worker's Compensation - - - - N/A - N/A 61510 Unemployment Insurance - - - N/A 61000 Total Personnel - - N/A Commodities: 62905 Books and Periodicals 62999 Office Supplies and Materials 62000 Total Commodities Contract Services: 63101 Legal Services 63199 Other Professional Services 63203 Printing and Reproduction 63000 Total Contract Services Other Operating Costs: 64101 Travel and Conference 64201 Telephone 64901 Advertising /Legal 64000 Total Other Operating Costs 60000 Total Expenditures N/A N/A N/A 288 1,000 1,000 1,500 50.00% 6,838 3,000 3,000 28,000 833.33% - 250 250 200 - 20.00% 7,126 4,250 4,250 29,700 598.82% - - - N/A 50 50 50 0.00% 250 250 250 0.00% - 300 300 300 0.00% $ 7,126 $ 4,550 $ 4,550 $ 30,000 559.34% Section II, Page 3 TOWN OF "ON DETAILED BUDGET REQUESTS 2092 Section II, Page 4 Department: Finance Program: Avon Urban Renewal Authority Account 2012 Number Account Name Budget Justification 63101 Legal Services 1,500 AURA General Counsel Services 1,500 63199 Other Professional Services 28,000 Financial Modeling Services 3,000 Economic Feasibility Study 25,000 63230 Printing and Reproduction 200 Printing 200 63000 Total Contract Services 29,700 64201 Telephone 50 Conference Calls 50 64901 Advertising and Legal 250 Legal Notices 250 64000 Total Other Operating Costs 300 Section II, Page 4 AVON URBAN RENEWAL AUTHORITY Debt Service Debt Service Summary 60000 TOTAL DEBT SERVICE 554,777 544,298 493,773 490,173 Section II, Page 5 Original or Final Prev. Amend. Revised Proposed Account Actual Budget Budget Budget Number Description 2010 2011 2011 2012 DEBT SERVICE 931 Series 2009, Vectra Bank Loan: 64303 Treasurer Fees 37,362 28,360 28,360 22,001 65101 Principal 250,000 260,000 260,000 270,000 65102 Interest 267,415 255,938 205,413 198,172 60000 Sub -total 554,777 544,298 493,773 490,173 60000 TOTAL DEBT SERVICE 554,777 544,298 493,773 490,173 Section II, Page 5 AVON URBAN RENEWAL AUTHORITY Capital Projects mown Total Capital Improvement Projects $ - $ 200,000 $ 200,000 $ 500,000 Section II, Page 6 CIP Projects Inventory Original or Final Prev. Amend. Revised Proposed Account Actual Budget Budget Budget Number Description 2010 2011 2011 2012 CAPITAL IMPROVEMENT PROJECTS Roads and Streets: Street Improvements: 32012 Lake Street Realignment Design $ $ _ $ _ $ 32013 Lake Street Construction 32014 Main Street Design 32015 Main Street Easements _ 32016 Main Street Construction - 200,000 200,000 500,000 32017 Benchmark Road Design _ _ - Total Capital Improvement Projects $ - $ 200,000 $ 200,000 $ 500,000 Section II, Page 6