TC Res. No. 11-20 Accepting the Proposed Town of Avon Long Range Capital Program and Simultaneously Adopt the Year 2012 Capital Projects Fund BudgetTOWN OF AVON
RESOLUTION NO. 11-20
SERIES OF 2011
A RESOLUTION TO ACCEPT THE PROPOSED TOWN OF AVON
LONG RANGE CAPITAL PROGRAM AND SIMULTANEOUSLY ADOPT THE
YEAR 2012 CAPITAL PROJECTS FUND BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR
THE CAPITAL PROJECTS FUND AND ADOPTING A BUDGET 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 long-range capital program to said governing body for
its consideration; and
WHEREAS, the Town Council of the Town of Avon has also appointed the
Town Manager to prepare and submit a proposed Capital Projects Fund budget to said
governing body 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 Capital Projects Fund 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 the long-range capital program as submitted to the Town Council
is hereby accepted as an official Town document and planning tool, and that the
information contained therein may be revised or extended each year with regard to capital
improvements.
Section 2. That estimated revenues and expenditures for the Capital Projects
Fund are as follows for 2012:
Town of Avon
Resolution No. 11-20
Page l of 2
2012
Proposed
Budget
Capital Proiects Fund
Beginning Fund Balance $ 6,990,992
Revenues and Other Sources 12,570,185
Expenditures and Other Uses 17,331,323
Ending Fund Balance 1. 2.229.854
Section 3. That the budget, as submitted, and hereinabove summarized, hereby is
approved and adopted as the Capital Projects Fund budget of the Town of Avon for the
year stated above.
Section 4. That the Capital Projects Fund 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.
�NOFAIip�
'• TOWN OF AVON, COLORADO
•S EA If:
Rich Carroll, Mayor
ATTEST:
Town of Avon
Resolution No. 11-20
Page 2 of 2
MUNICIPAL SERVICES
Capital Projects Fund #41
Fund Summary
REVENUES
Taxes
Intergovernmental
Investment Earnings
Other Revenue
Total Operating Revenues
Other Sources:
Bond Proceeds
Transfer In - Community Enhancement- Fishing Pier
Transfer In - Community Enhancement- Stage
Transfer In - Community Enhancement- Undergrounding
Transfer In - Water Fund
Transfer In - Facilities Reserve Fund
Total Other Sources
TOTAL REVENUES
EXPENDITURES
Debt Service:
Bond Issuance Costs
Capital Improvements:
Facilities
Land and Land Improvements
Roads and Streets
Utilities
Recreation
Water Fund Projects
Communications and Technology
Strategic Planning
Other
Rebates and Capital Contributions
Total Capital Improvements
Other Uses
Operating Transfer -Out - General Fund
Operating Transfer Out - URA
Operating Transfer -Out - Debt Service Fund
Total Other Uses
TOTAL EXPENDITURES
NET SOURCE (USE) OF FUNDS
FUND BALANCE, Beginning of Year
Original or
Final
$ 1,474,462
Prev. Amend.
Revised
Proposed
Actual Budget
Budget
Budget
2010 2011
2011
2012
$ 2,159,525
$ 1,665,800
$ 1,474,462
$ 1,273,838
1,855,345
3,750,000
430,007
10,416,788
66,169
75,000
75,000
88,059
17,981
1,500
1,500
1,500
4,099,020 5,492,300 1,980,969 11,780,185
3,310,000
20,000
40,000 - _ _
- 100,000 - 100,000
42,674 902,000 160,000 690,000
100,000 - - -
3,512,674 1,002,000 160,000 790,000
7,611,694 6,494,300 2,140,969 12,570,185
77,695
464,129
4,995,485
828,529
11,542,322
232,162
1,100,000
103,085
1,000,000
304,329
955,000
9,280
2,260,000
4,280,421
-
51,980
-
42,674
902,000
160,000
690,000
110,817
55,000
5,000
-
17,605
25,000
25,000
650,000
25,675
-
37,000
-
73,814
-
_
_
5,629,321
8,032,485
1,219,874
16,142,322
317,563 317,563 175,350 178,857
- - - 300,000
232,305 251,230 726,680 710,144
549,868 568,793 902,030 1,189,001
6,179,189 8,601,278 2,121,904 17,331,323
1,432,505 (2,106,978) 19,065 (4,761,138)
5,539,422 5,629,324 6,971,927 6,990,992
FUND BALANCE, End of Year $ 6,971,927 $ 3,522,346 $ 6,990,992 $ 2,229,854
Section I, Page C-1
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Memo
To: Honorable Mayor and Town Council
Thru: Larry Brooks, Town Manager
Legal: Eric Heil, Town Attorney
From: Scott Wright, Asst. Town Manager — Finance
Date: November 15, 2011
Re: Capital Improvement Program — Long Range Plan Update
Summary:
Initials
Based upon discussions with the Town Manager and staff subsequent to the budget retreat and
recent issues with the Benchmark Lake line, the following changes have been made to the CIP
long-range plan. If these changes are acceptable after discussion with the Town Council at
Tuesday's Council Worksession, the proposed 2012 Capital Project Fund budget will be
revised to reflect such changes for adoption on December 13.
• Eliminated the Metcalf Climbing Lane Project in 2011 - $750,000;
• Eliminated the Nottingham Rd. Drainage Improvements in 2016 - $250,000;
• Eliminated the Nottingham-Puder Ditch Piping Project in 2015 — $100,000;
• Eliminated the Drainage Master Plan in 2015 - $250,000;
• Eliminated the W. B/C Blvd. 1-70 to RR Drainage Project in 2014 - $350,000;
• Added $50,000 for the Benchmark Lake Study in 2012, and $1,000,000 for the
Benchmark Lake Liner Replacement in 2013 as a non -discretionary project;
• Added $176,401 for the Mountain Star Water Tank contribution in 2014 as a
discretionary project;
• Added $30,000 for the Water Wheel, offset by $20,473 in grant revenues from the
Colorado Historical Society;
• Reduced the US Hwy 6 Trails Project by $190,000, and added back $190,000 for
the US Hwy Trails Project from COP Bond Proceeds;
• Added an Economic Development project in the amount of $1,000,000 ($650,000
in 2012 and $350,000 in 2013) from savings from the Metcalf Bike Lane project
and re -scoping of the Transit / PW Facilities Improvement project.
Page 1
Transit / PW Facilities Improvement Project
Re -scoping of this project will result in approximately $200,000 in unused bond proceeds.
These proceeds must be used to "construct, install, equip and furnish certain capital
improvements within the Town" according to the offering statement. Therefore we need to
have an audit trail as to where and how this will be accomplished. These proceeds were
assigned to the US Hwy 6 Trails project which then freed -up the same amount of funds for
economic development.
In addition, the Town is awaiting approval from the federal government on its TIGER 3 grant
application in the amount of $4.66 million. If approved this could possibly free -up $250,000
in matching funds currently coming from bond proceeds.
Water Fund
The Water Fund is projected to have $402,100 after transferring funds for both the Metcalf Rd
Drainage project and the Benchmark Lake Liner project. I did not estimate any grant funds at
this time but it is possible the Town may be able to procure some available grants by the time
of the 2013 fiscal year.
Urban Renewal Authority
In addition to the Economic Development funds identified above, the Avon Urban Renewal
Authority has funds in the amount of $663,911 remaining from the Town Center West Mall
Improvement project that could possibly be repurposed for other economic development
projects. The URA also has funds in the amount of $250,000 from the Community
Enhancement Fund but the use of these monies must be approved by Holy Cross for the
purposes identified in the Town's franchise agreement.
Town Manager Comments:
Attachments:
A — Capital Projects Fund 5 -Year Plan
0 Page 2
Memo
To: Honorable Mayor and Town Council
Thru: Larry Brooks, Town Manager Initials
Legal: Eric Heil, Town Attorney �JR ttA
From: Scott Wright, Asst. Town Manager - Finance qZ�_
Date: December 8, 2011
Re: 2012 Capital Project Fund Budget Adoption and Acceptance of Long-range Capital
Programe5O1w m_S qo . 11- OB
� `kno . I k - z o
Summary:
The Town's final revised Capital Projects Fund budget for 2011 and the proposed 2012
Capital Projects Fund budget are hereby submitted for adoption by the Avon Town Council.
Also submitted for acceptance by the Town Council is the long-range capital program
(otherwise referred to as the 5 -year plan).
Previous Council Action:
Concurrently with the presentation of the Town's operating budgets, the Town Manager
presented his recommended Capital Projects Fund budget at the Council budget retreat held on
September 13°i. A public hearing was held on November 22nd and final changes to the 2012
proposed budget and long-range plan were submitted to Council at that time (see attached
memorandum from Nov. 22)
Recommendation:
Staff recommends that Council adopt the resolutions discussed above as presented, and accept
the long-range capital program as submitted.
Town Manager Comments:
I
Page 1
Attachments:
A — Resolution 11-18
B — Resolution 11-20
C — Capital Projects Fund Budget
D — Long-range Capital Program (5 -year Plan)
E — Memorandum from TC Meeting of November 22, 2011
® Page 2
0
0
TOWN OF AVON
RESOLUTION NO. 11-18
SERIES OF 2011
A RESOLUTION TO AMEND THE 2011 TOWN OF AVON CAPITAL
PROJECTS FUND BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES
AND AMENDING THE 2011 CAPITAL PROJECTS FUND 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 adopted the 2011
Capital Projects Fund budget; and
WHEREAS, the Town Council has reviewed the revised estimated revenues and
expenditures for 2011; and
WHEREAS, the Town Council finds it necessary to amend the 2011 Capital
Projects Fund 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 Capital Projects
Fund is revised as follows for 2011:
Town of Avon
Resolution No. 11-18
Page 1 of 2
Capital Projects Fund
Beginning Fund Balance
Revenues and Other Sources
Expenditures and Other Uses
Ending Fund Balance
Original or
Previously
Amended
2011 Budget
$ 5,629,324
6,494,300
8,601,278
Current
Proposed
Amended
2011 Budget
$ 6,971,927
2,140,969
2,121,904
3.522.346 6.990.992
Section 2. That the Capital Projects Fund budget, as submitted, amended, and
hereinabove summarized, hereby is approved and adopted as the capital program budget
of the Town of Avon for the year stated above.
Section 3. That the Capital Projects Fund budget hereby approved, amended, and
adopted shall be signed by the Town Manager 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. 11-18
Page 2 of 2
TOWN OF AVON
RESOLUTION NO. 11-20
SERIES OF 2011
A RESOLUTION TO ACCEPT THE PROPOSED TOWN OF AVON
LONG RANGE CAPITAL PROGRAM AND SIMULTANEOUSLY ADOPT THE
YEAR 2012 CAPITAL PROJECTS FUND BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR
THE CAPITAL PROJECTS FUND AND ADOPTING A BUDGET 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 long-range capital program to said governing body for
its consideration; and
WHEREAS, the Town Council of the Town of Avon has also appointed the
Town Manager to prepare and submit a proposed Capital Projects Fund budget to said
governing body 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 Capital Projects Fund 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 the long-range capital program as submitted to the Town Council
is hereby accepted as an official Town document and planning tool, and that the
information contained therein may be revised or extended each year with regard to capital
improvements.
Section 2. That estimated revenues and expenditures for the Capital Projects
Fund are as follows for 2012:
Town of Avon
Resolution No. 11-20
Page 1 of 2
2012
Proposed
Bina et
Capital Projects Fund
Beginning Fund Balance $ 6,990,992
Revenues and Other Sources 12,570,185
Expenditures and Other Uses 17,331,323
Ending Fund Balance $ 2,229,854
Section 3. That the budget, as submitted, and hereinabove summarized, hereby is
approved and adopted as the Capital Projects Fund budget of the Town of Avon for the
year stated above.
Section 4. That the Capital Projects Fund 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. 11-20
Page 2 of 2
Memo
To: Honorable Mayor and Town Council
Thru: Larry Brooks, Town Manager
Legal: Eric Heil, Town Attorney
From: Scott Wright, Asst. Town Manager — Finance
Date: November 15, 2011
Re: Capital Improvement Program — Long Range Plan Update
Initials
Summary
i
Based upon discussions with the Town Manager and staff subsequent to the budget retreat and
recent issues with the Benchmark Lake line, the following changes have been made to the CIP
long-range plan. If these changes are acceptable after discussion with the Town Council at
Tuesday's Council Worksession, the proposed 2012 Capital Project Fund budget will be
revised to reflect such changes for adoption on December 13.
• Eliminated the Metcalf Climbing Lane Project in 2011 - $750,000;
• Eliminated the Nottingham Rd. Drainage Improvements in 2016 - $250,000;
• Eliminated the Nottingham-Puder Ditch Piping Project in 2015 — $100,000;
• Eliminated the Drainage Master Plan in 2015 - $250,000;
• Eliminated the W. B/C Blvd. I-70 to RR Drainage Project in 2014 - $350,000;
• Added $50,000 for the Benchmark Lake Study in 2012, and $1,000,000 for the
Benchmark Lake Liner Replacement in 2013 as a non -discretionary project;
• Added $176,401 for the Mountain Star Water Tank contribution in 2014 as a
discretionary project;
• Added $30,000 for the Water Wheel, offset by $20,473 in grant revenues from the
Colorado Historical Society;
• Reduced the US Hwy 6 Trails Project by $190,000, and added back $190,000 for
the US Hwy Trails Project from COP Bond Proceeds;
• Added an Economic Development project in the amount of $1,000,000 ($650,000
in 2012 and $350,000 in 2013) from savings from the Metcalf Bike Lane project
and re -scoping of the Transit / PW Facilities Improvement project.
Page 1
Transit / PW Facilities Improvement Project
Re -scoping of this project will result in approximately $200,000 in unused bond proceeds.
These proceeds must be used to "construct, install, equip and furnish certain capital
improvements within the Town" according to the offering statement. Therefore we need to
have an audit trail as to where and how this will be accomplished. These proceeds were
assigned to the US Hwy 6 Trails project which then freed -up the same amount of funds for
economic development.
In addition, the Town is awaiting approval from the federal government on its TIGER 3 grant
application in the amount of $4.66 million. If approved this could possibly free -up $250,000
in matching funds currently coming from bond proceeds.
Water Fund
The Water Fund is projected to have $402,100 after transferring funds for both the Metcalf Rd
Drainage project and the Benchmark Lake Liner project. I did not estimate any grant funds at
this time but it is possible the Town may be able to procure some available grants by the time
of the 2013 fiscal year.
Urban Renewal Authority
In addition to the Economic Development funds identified above, the Avon Urban Renewal
Authority has funds in the amount of $663,911 remaining from the Town Center West Mall
Improvement project that could possibly be repurposed for other economic development
projects. The URA also has funds in the amount of $250,000 from the Community
Enhancement Fund but the use of these monies must be approved by Holy Cross for the
purposes identified in the Town's franchise agreement.
Town Manager Comments:
Attachments:
A — Capital Projects Fund 5 -Year Plan
0 Page 2
MUNICIPAL SERVICES
Capital Projects Fund #41
Fund Summary
REVENUES
Taxes
Intergovernmental
Investment Earnings
Other Revenue
Total Operating Revenues
Other Sources:
Bond Proceeds
Transfer In - Community Enhancement- Fishing Pier
Transfer In - Community Enhancement- Stage
Transfer In - Community Enhancement- Undergrounding
Transfer In - Water Fund
Transfer In - Facilities Reserve Fund
Total Other Sources
TOTAL REVENUES
.XPENDITURES
Debt Service:
Bond Issuance Costs
Capital Improvements:
Facilities
Land and Land Improvements
Roads and Streets
Utilities
Recreation
Water Fund Projects
Communications and Technology
Strategic Planning
Other
Rebates and Capital Contributions
Total Capital Improvements
Other Uses
Operating Transfer -Out - General Fund
Operating Transfer Out - URA
Operating Transfer -Out - Debt Service Fund
Total Other Uses
TOTAL EXPENDITURES
NET SOURCE (USE) OF FUNDS
JND BALANCE, Beginning of Year
Original or
Final
$ 1,474,462
Prev. Amend.
Revised
Proposed
Actual Budget
Budget
Budget
2010 2011
2011
2012
$ 2,159,525
$ 1,665,800
$ 1,474,462
$ 1,273,838
1,855,345
3,750,000
430,007
10,416,788
66,169
75,000
75,000
88,059
17,981
1,500
1,500
1,500
4,099,020 5,492,300 1,980,969 11,780,185
3,310,000
20,000
40,000 - _ _
- 100,000 - 100,000
42,674 902,000 160,000 690,000
100,000 - _ -
3,512,674 1,002,000 160,000 790,000
7,611,694 6,494,300 2,140,969 12,570,185
77,695
464,129
4,995,485
828,529
11,542,322
232,162
1,100,000
103,085
1,000,000
304,329
955,000
9,280
2,260,000
4,280,421
-
51,980
-
42,674
902,000
160,000
690,000
110,817
55,000
5,000
-
17,605
25,000
25,000
650,000
25,675
-
37,000
-
73,814
-
-
-
5,629,321
8,032,485
1,219,874
16,142,322
317,563 317,563 175,350 178,857
- - - 300,000
232,305 251,230 726,680 710,144
549,868 568,793 902,030 1,189,001
6,179,189 8,601,278 2,121,904 17,331,323
1,432,505 (2,106,978) 19,065 (4,761,138)
5,539,422 5,629,324 6,971,927 6,990,992
FUND BALANCE, End of Year $ 6,971,927 $ 3,522,346 $ 6,990,992 $ 2,229,854
Section I, Page C-1
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