TC Res. No. 2011-17 Amending the 2011 Town of Avon BudgetTOWN OF AVON, COLORADO
RESOLUTION NO. 11-17
SERIES OF 2011
A RESOLUTION TO AMEND THE 2011 TOWN OF AVON BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY
FUND AND AMENDING THE 2011 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 previously adopted the
2011 budget; and
WHEREAS, the Town Council reviewed the revised estimated revenues and
expenditures for all operating funds for 2011; and
WHEREAS, the Town Council finds it necessary to amend the 2011 budget to
more accurately reflect the revenues and expenditures for 2011; and
WHEREAS, upon due and proper notice, published or posted in accordance with
the law, the proposed budget amendment to the 2011 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 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 2011:
General Fund
Beginning Fund Balance
Revenues and Other Sources
Expenditures and Other Uses
Ending Fund Balance
Town of Avon
Resolution No. 11-17
Page 1 of 3
Original or
Previously
Amended
2011 Budget
$ 5,162,339
13,244,705
12,581,139
5.825.905
Current
Proposed
Amended
2011 Budget
$ 4,079,353
13,270,159
12,477,199
4.872.313
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 Rousing 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. 11-17
Page 2 of 3
Original or
Previously
Amended
2011 Budget
$ 79,300
225,000
227,575
$ 76.725
$ 320,018
70,000
160.000
$
230,018
$ 2,058,537
155,000
1,047,024
1, 66,513
$ 651,675
0
1.700
649.975
$ 508,700
1,272,224
1,272,224
508.700
$ 534,810
1,376,985
1,386,344
525,451
Current
Proposed
Amended
2011 Budget
$ 95,525
283,500
304,707
$ 74,318
$ 321,085
70,000
10,000
$ 381,085
$ 2,321,511
162,275
266.047
2.217 739
$ 653,375
0
1,700
$ 651.675
$ 502,885
1,278,039
1,272,224
508.700
$ 653,110
1,376,992
1,367,333
662.769
Ending Fund Balance
$ 1.914.696 $ 1,959,491
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.
ADOP'T'ED this 13" day of December, 2011,
ATTEST:
Town of Avon
Resolution No. 11-17
Page 3 of 3
TOWN OF AVON, COLO DO
Rich Carroll, Mayor
Original or
Current
Previously
Proposed
Amended
Amended
_2011 Budget
2011 Budget
Fleet Maintenance Enterprise Fund
Beginning Fund Balance
$ 461,251
$ 756,068
Revenues and Other Sources
1,458,772
1,489,149
Expenditures and Other Uses
1,597,369
1,639,413
Ending Fund Balance
$ 322.654
$ Q05.804
Equipment Replacement Internal Service
Fund
Beginning Fund Balance
$ 1,884,411
$ 1,887,728
Revenues and Other Sources
704,117
715,117
Expenditures and Other Uses
673,832
643,354
Ending Fund Balance
$ 1.914.696 $ 1,959,491
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.
ADOP'T'ED this 13" day of December, 2011,
ATTEST:
Town of Avon
Resolution No. 11-17
Page 3 of 3
TOWN OF AVON, COLO DO
Rich Carroll, Mayor
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
Date: December 8, 2011
Re: Adoption of Proposed 2012 and Final Revised 2011 Operating Budgets
Summary:
The Town's final revised operating budgets for 2011 and the proposed 2012 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 September 13th. Material changes to the proposed 2012 budget subsequent to
the budget retreat that have been incorporated into the final version for adoption on December
13 include the following:
Material changes to the proposed 2012 budget subsequent to the budget retreat that are
incorporated into the final version for adoption on December 13th include the following:
• Added an Economic Development program to the General Fund. Added $50,000 in
new appropriations and transferred $90,550 in existing appropriations from the Public
Relations program budget.
• Decreased transfers -in from Community Enhancement Fund to the General Fund by
$50,000.
• Reduced miscellaneous revenues in the General Fund by $50,000.
• Increased estimated sales tax revenues in the General Fund by $138,205.
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• Added approximately 1,500 service hours to the transit budget offset by revenues of
$78,000 from Beaver Creek Resort Company and a reduction of the 2012 equipment
replacement transfer due to the acquisition of one new bus in 2011 by capital lease and
the upcoming acquisition of another bus in 2012 by the use of grant proceeds.
Public Hearing. As required by Town Charter, on November 22, 2011, a public hearing was
held for members of the public to comment on the proposed 2012 budget. No comments were
presented at that meeting by the public.
Recommendation:
Staff recommends that Council adopt the resolutions discussed above as presented.
Town Manager Comments:
Attachments:
A - 2012 Financial Overview, Total - All Funds
B - 2012 Financial Overview, Total by Fund
C — Resolution 11-17
D — Resolution 11-19
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