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TC Res. No. 11-19 Adopting the 2012 Town of Avon BudgetTOWN OF AVON RESOLUTION NO. 11-19 SERIES OF 2011 A RESOLUTION TO ADOPT THE 2012 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, 2012 AND ENDING ON THE LAST DAY OF DECEMBER, 2012 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 September 13, 2011, 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 22, 2011, 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 2012: General Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Town Center West Maintenance Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Town of Avon Resolution No. 11-19 Page 1 of 3 2012 Proposed Budge 4,872,313 12,910,363 12,076,770 5.705.906 $ 74,318 240,000 289,933 $ 24.385 Community Enhancement Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance `Vater Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Affordable Mousing 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. 11-19 Page 2 of 3 2012 Proposed Budget $ 381,085 70,000 350,000 $ 101.085 $ 2,217,739 165,000 804,238 $ 1.578.501 $ 651,675 0 1,700 $ 649.975 $ 413,251 0 n 413,251 $ 508,700 1,264,800 1,264,800 508,700 $ 662,769 1,258,668 1,391,607 $ 529,830 2012 Proposed Budget _Fleet Maintenance Enterprise Fund Beginning Fund Balance $ 605,804 Revenues and Other Sources 1,491,049 Expenditures and Other Uses 1,666,452 Ending Fund Balance $ 430,401 Equipment Replacement Internal Service Fund Beginning Fund Balance $ 1,959,491 Revenues and Other Sources 744,399 Expenditures and Other Uses 598,892 Ending Fund Balance L 2,104,998 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 13" day of December, 2011. '(OWN OF9�0 A� 9ADO• Town of Avon Resolution No. 11-19 Page 3 of 3 TOWN OF AVON, COL O Rich Carroll, Mayor TOWN OF AVON Financial Overview EXPENDITURES TOTAL - ALL FUNDS General Government and Finance Original or Final 3,113,295 2,727,750 Community Development Prev. Amend. Revised Proposed 530,633 Actual Budget Budget Budget 2,518,896 2010 2011 2011 2012 REVENUES Transportation and Fleet Maintenance 2,916,196 2,983,713 3,006,746 Taxes $ 12,770,463 12,567,372 $ 12,654,086 $ 11,788,802 Licenses and Permits 215,635 198,600 243,100 265,600 Intergovernmental 2,760,523 4,656,568 1,348,299 11,620,016 Charges for Services 3,921,277 3,633,657 3,694,979 3,813,844 Fines and Forfeitures 147,058 144,500 205,928 204,250 Investment Earnings 163,992 192,000 166,875 181,316 Other Revenue 434,609 444,000 414,197 373,780 Total Operating Revenues 20,413,557 21,836,697 18,727,464 28,247,608 Other Sources FUND BALANCES, Beginning of Year 17,895,769 18,371,923 19,344,816 Sales of Fixed Assets 156,339 75,500 86,500 38,700 Bond Proceeds 6,729,913 - - Transfers -In From Other Funds 3,592,243 3,469,778 2,397,030 3,406,001 Capital Lease Proceeds - 565,731 565,731 260,000 TOTAL REVENUES 30,892,052 25,947,706 21,776,725 31,952,309 EXPENDITURES General Government and Finance 2,560,413 2,731,154 3,113,295 2,727,750 Community Development 598,692 536,647 536,506 530,633 Public Safety 2,354,232 2,388,860 2,488,173 2,518,896 Public Works, Engineering and Utilities 3,224,706 3,352,726 3,411,748 3,424,684 Transportation and Fleet Maintenance 2,916,196 2,983,713 3,006,746 3,058,059 Recreation and Culture 2,144,453 2,336,616 2,294,481 2,358,678 Total Operating Expenditures 13,798,692 14,329,716 14,850,949 14,618,700 Debt Service 2,278,750 1,816,522 1,765,997 1,754,973 Capital Improvements and Equipment Replacement 5,714,056 8,906,317 2,063,228 17,241,214 Other Uses Transfers -Out To Other Funds 7,651,507 3,469,778 2,397,030 3,406,001 TOTAL EXPENDITURES 29,443,005 28,522,333 21,077,204 37,020,888 NET SOURCE (USE) OF FUNDS 1,449,047 (2,574,627) 699,521 (5,068,579) FUND BALANCES, Beginning of Year 17,895,769 18,371,923 19,344,816 20,044,337 FUND BALANCES, End of Year $ 19,344,816 $ 15,797,296 $ 20,044,337 $ 14,975,758 Section I, Page 1 TOWN OF AVON Financial Overview Ll Total Operating Revenues 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 Transfers -Out To Other Funds TOTAL EXPENDITURES NET SOURCE (USE) OF FUNDS 12,730,006 687,845 70,000 165,000 1,500 178,857 240,000 550,000 - _ 12,910,363 240,000 1,237,845 70,000 165,000 2,696,050 4,872,313 TOTAL - BY FUND 706,200 1,700 530,633 651,675 Special Revenue Funds FUND BALANCES, End of Year $ 5,705,906 $ Town Urban Community Affordable Facilities 101,085 General Center Renewal Enhancement Water Housing Reserve 289,933 Fund West Fund Fund Fund Fund Fund REVENUE _ Taxes $ 9,240,349 $ $ 680,938 $ $ $ $ Licenses and Permits 265,600 _ 289,933 Intergovernmental 909.931 1,700 Charges for Services 1,731,196 165,000 Fines and Forfeitures 204,250 _ _ Investment Earnings 85,000 6,907 _ Other Revenue 293,680 - 70,000 Total Operating Revenues 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 Transfers -Out To Other Funds TOTAL EXPENDITURES NET SOURCE (USE) OF FUNDS 12,730,006 687,845 70,000 165,000 1,500 178,857 240,000 550,000 - _ 12,910,363 240,000 1,237,845 70,000 165,000 2,696,050 4,872,313 30,000 706,200 1,700 530,633 651,675 _ FUND BALANCES, End of Year $ 5,705,906 $ 2,518,896 - 101,085 _ $ 649,975 3,020,513 289,933 114,238 2,358,678 _ 11,124,770 289,933 30,000 114,238 1,700 - - 490,173 _ _ - 500,000 _ 952,000 - 225,000 350,000 690,000 12,076,770 289,933 1,245,173 350,000 804,238 1,700 833,593 (49,933) (7,328) (280,000) (639,238) (1,700) FUND BALANCES, Beginning of Year 4,872,313 74,318 706,200 381,085 2,217,739 651,675 413,251 FUND BALANCES, End of Year $ 5,705,906 $ 24,385 $ 698,872 $ 101,085 $ 1,578,501 $ 649,975 $ 413,251 Section I, Page 2 TOWN OF AVON Financial Overview - 37,200 38,700 - - - - 260,000 260,000 710,144 790,000 837,000 100,000 - 3,406,001 1,264,800 12,570,185 1,258,668 1,491,049 744,399 31,952,309 2,727,750 18.66% TOTAL - BY FUND 3.63% 2,518,896 Debt Service 3,424,684 23.43% Internal 20.92% - - 2,358,678 Fund Capital Enterprise Funds Service Percent Bond Projects Transit Fleet Equipment of Redemption Fund Fund Maintenance Replacement Total Total $ 553,306 $ 1,273,838 $ 40,371 $ $ $ 11,788,802 41.73% - - - 255,600 0.94% 10,416,788 293,297 11,620,016 41.14% - 88,000 1,382,449 447,199 3,813,844 13.50% - - - - 204,250 0.72% 1,350 88,059 - - 181,316 0.64% - 1,500 - 8,600 373,780 1.32% 100.00% 554,656 11,780,185 421,668 1,391,049 447,199 28,247,608 1 - 37,200 38,700 - - - - 260,000 260,000 710,144 790,000 837,000 100,000 - 3,406,001 1,264,800 12,570,185 1,258,668 1,491,049 744,399 31,952,309 2,727,750 18.66% 530,633 3.63% 2,518,896 17.23% 3,424,684 23.43% 1,391,607 1,666,452 3,058,059 20.92% - - 2,358,678 16.13% 1,391,607 1,666,452 14,618,700 100.00% 1,264,800 - - 1,754,973 - 16,142,322 598,892 17,241,214 1,189, 001 3,406,001 1,264,800 17,331,323 1,391,607 1,666,452 598,892 37,020,888 - (4,761,138) (132,939) (175,403) 145,507 (5,068,579) 508,700 6,990,992 662,769 605,804 1,959,491 20,044,337 $ 508,700 $ 2,229,854 $ 529,830 $ 430,401 $ 2,104,998 $ 14,975,758 Section I, Page 3 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 PSolk�tco,�S no. ; (10,11 - 19 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. Page 1 • 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 0 Page 2 TOWN 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 Housing 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 1.166,513 $ 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 Fleet Maintenance Enterprise Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Original or Previously Amended 2011 Budget $ 461,251 1,458,772 1,597,369 $ 322,654 Current Proposed Amended 2011 Budget $ 756,068 1,489,149 1,639,413 $ 605.804 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 1.914.6961.959.491 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. ADOPTED this 13t" day of December, 2011. TOWN OF AVON, COLORADO Rich Carroll, Mayor ATTEST: Patty McKenny Town Clerk Town of Avon Resolution No. 11-17 Page 3 of 3 TOWN OF AVON RESOLUTION NO. 11-19 SERIES OF 2011 A RESOLUTION TO ADOPT THE 2012 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, 2012 AND ENDING ON THE LAST DAY OF DECEMBER, 2012 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 September 13, 2011, 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 22, 2011, 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 2012: 2012 Proposed Budget General Fund Beginning Fund Balance $ 4,872,313 Revenues and Other Sources 12,910,363 Expenditures and Other Uses 12,076,770 Ending Fund Balance 5.705.906 Town Center West Maintenance Fund Beginning Fund Balance $ 74,318 Revenues and Other Sources 240,000 Expenditures and Other Uses 289,933 Ending Fund Balance $ 24,385 Town of Avon Resolution No. 11-19 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. 11-19 Page 2 of 3 2012 Proposed Budget $ 381,085 70,000 350,000 $ 101.085 $ 2,217,739 165,000 804,238 1,578.501 $ 651,675 0 1,700 $ 649.975 $ 413,251 0 0 $ 413.251 $ 508,700 1,264,800 1,264,800 $ 508.700 $ 662,769 1,258,668 1,391,607 529,830 2012 Proposed Buffet Fleet Maintenance Enterprise Fund Beginning Fund Balance $ 605,804 Revenues and Other Sources 1,491,049 Expenditures and Other Uses 1,666,452 Ending Fund Balance 430.401 Equipment Replacement Internal Service Fund Beginning Fund Balance $ 1,959,491 Revenues and Other Sources 744,399 Expenditures and Other Uses 598,892 Ending Fund Balance $ 2.104,998 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 13th day of December, 2011. TOWN OF AVON, COLORADO Rich Carroll, Mayor ATTEST: Patty McKenny Town Clerk Town of Avon Resolution No. 11-19 Page 3 of 3 TOWN OF AVON Financial Overview Other Sources 13,798,692 14,329,716 14,850,949 14,618,700 Sales of Fixed Assets TOTAL - ALL FUNDS 75,500 86,500 38,700 Bond Proceeds Original or Final - - Transfers -In From Other Funds Prev. Amend. Revised Proposed 3,406,001 Actual Budget Budget Budget 260,000 2010 2011 2011 2012 REVENUES Recreation and Culture 2,144,453 2,336,616 2,294,481 Taxes $ 12,770,463 12,567,372 $ 12,654,086 $ 11,788,802 Licenses and Permits 215,635 198,600 243,100 265,600 Intergovernmental 2,760,523 4,656,568 1,348,299 11,620,016 Charges for Services 3,921,277 3,633,657 3,694,979 3,813,844 Fines and Forfeitures 147,058 144,500 205,928 204,250 Investment Earnings 163,992 192,000 166,875 181,316 Other Revenue 434,609 444,000 414,197 373,780 Total Operating Revenues 20,413,557 21,836,697 18,727,464 28,247,608 Other Sources 13,798,692 14,329,716 14,850,949 14,618,700 Sales of Fixed Assets 156,339 75,500 86,500 38,700 Bond Proceeds 6,729,913 - - - Transfers -In From Other Funds 3,592,243 3,469,778 2,397,030 3,406,001 Capital Lease Proceeds - 565,731 565,731 260,000 TOTAL REVENUES 30,892,052 25,947,706 21,776,725 31,952,309 EXPENDITURES 13,798,692 14,329,716 14,850,949 14,618,700 General Government and Finance 2,560,413 2,731,154 3,113,295 2,727,750 Community Development 598,692 536,647 536,506 530,633 Public Safety 2,354,232 2,388,860 2,488,173 2,518,896 Public Works, Engineering and Utilities 3,224,706 3,352,726 3,411,748 3,424,684 Transportation and Fleet Maintenance 2,916,196 2,983,713 3,006,746 3,058,059 Recreation and Culture 2,144,453 2,336,616 2,294,481 2,358,678 Total Operating Expenditures 13,798,692 14,329,716 14,850,949 14,618,700 Debt Service 2,278,750 1,816,522 1,765,997 1,754,973 Capital Improvements and Equipment Replacement 5,714,056 8,906,317 2,063,228 17,241,214 Other Uses Transfers -Out To Other Funds 7,651,507 3,469,778 2,397,030 3,406,001 TOTAL EXPENDITURES 29,443,005 28,522,333 21,077,204 37,020,888 NET SOURCE (USE) OF FUNDS 1,449,047 (2,574,627) 699,521 (5,068,579) FUND BALANCES, Beginning of Year 17,895,769 18,371,923 19,344,816 20,044,337 FUND BALANCES, End of Year $ 19,344,816 $ 15,797,296 $ 20,044,337 $ 14,975,758 Section I, Page 1 TOWN OF AVON Financial Overview Total Operating Revenues 12,730,006 687,845 70,000 165,000 TOTAL - BY FUND Other Sources Sales of Fixed Assets Special Revenue Funds - Town Urban Community Affordable Facilities General Center Renewal Enhancement Water Housing Reserve - Fund West Fund Fund Fund Fund Fund REVENUE 178,857 240,000 550,000 Taxes $ 9,240,349 $ $ 680,938 $ $ $ $ Licenses and Permits 265,600 - 70,000 intergovernmental 909,931 EXPENDITURES Charges for Services 1, 731,196 165,000 Fines and Forfeitures 204,250 - - Investment Earnings 85,000 6,907 1,700 Other Revenue 293 680 - 70 000 Total Operating Revenues 12,730,006 687,845 70,000 165,000 Other Sources Sales of Fixed Assets 1,500 - - - Capital Lease Proceeds - - - Transfers -In From Other Funds 178,857 240,000 550,000 - - TOTAL REVENUES 12,910,363 240,000 1,237,845 70,000 165,000 EXPENDITURES General Government, Housing and Finance 2,696,050 - 30,000 - - 1,700 Community Development 530,633 - - Police 2,518,896 - - Public Works, Engineering and Utilities 3,020,513 289,933 114,238 Transportation and Fleet Maintenance - - - Recreation and Culture 2,358,678 - - - - Total Operating Expenditures 11,124,770 289,933 30,000 114,238 1,700 Debt Service - - 490,173 - - Capital Expenditures - 500,000 - - Other Uses Transfers -Out To Other Funds 952,000 - 225,000 350,000 690,000 - TOTAL EXPENDITURES 12,076,770 289,933 1,245,173 350,000 804,238 1,700 NET SOURCE (USE) OF FUNDS 833,593 (49,933) (7,328) (280,000) (639,238) (1,700) FUND BALANCES, Beginning of Year 4,872,313 74,318 706,200 381,085 2,217,739 651,675 413,251 FUND BALANCES, End of Year $ 5,705,906 $ 24,385 $ 698,872 $ 101,085 $ 1,578,501 $ 649,975 $ 413,251 Section I, Page 2 TOWN OF AVON Financial Overview - 37,200 38,700 - 260,000 260,000 710,144 790,000 837,000 100,000 - 3,406,001 1,264,800 12,570,185 1,258,668 1,491,049 744,399 31,952,309 1,391,607 1,666,452 - - 1,391,607 1,666,452 1,264,800 - - - 16,142,322 2,727,750 18.66% 530,633 3.63% 2,518,896 17.23% 3,424,684 TOTAL - BY FUND 3,058,059 20.92% 2,358,678 16.13% Debt Service Internal Fund Capital Enterprise Funds Service Percent Bond Projects Transit Fleet Equipment of Redemption Fund Fund Maintenance Replacement Total Total $ 553,306 $ 1,273,838 $ 40,371 $ $ $ 11,788,802 41.73% - - - 265,600 0.94% 10,416,788 293,297 11,620,016 41.14% - 88,000 1,382,449 447,199 3,813,844 13.50% - - - - 204,250 0.72% 1,350 88,059 - 181,316 0.64% - 1,500 - 8,600 373,780 1.32% 554,656 11,780,185 421,668 1,391,049 447,199 28,247,608 100.00% - 37,200 38,700 - 260,000 260,000 710,144 790,000 837,000 100,000 - 3,406,001 1,264,800 12,570,185 1,258,668 1,491,049 744,399 31,952,309 1,391,607 1,666,452 - - 1,391,607 1,666,452 1,264,800 - - - 16,142,322 2,727,750 18.66% 530,633 3.63% 2,518,896 17.23% 3,424,684 23.43% 3,058,059 20.92% 2,358,678 16.13% - 14,618,700 1 100.00%1 - 1,754,973 598,892 17,241, 214 - 1,189,001 - - - 3,406,001 1,264,800 17,331,323 1,391,607 1,666,452 598,892 37,020,888 - (4,761,138) (132,939) (175,403) 145,507 (5,068,579) 508,700 6,990,992 662,769 605,804 1,959,491 20,044,337 $ 508,700 $ 2,229,854 $ 529,830 $ 430,401 $ 2,104,998 $ 14,975,758 Section I, Page 3