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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 Z J CL a LU Z O Z n LL LL O cn Z L— LL F- NO w CL J LL Q U m C � C 7 6. 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U ¢ Ti O Y c m m O d a m U a (J C c N T m m 0 u c Z m 0 v 0.y m `mM '� �m otU `a, c> II� A= a yin m' .j iri H.�ln� om° v a m m m¢ c c c uo U m- w ° v o U w" m °> w maf0i=° E m 0E a m E m 'om`m U a- v v u a o o �z�m o o, m coi u w Z m `m .c m> E y cY ° o° m o a mm'�a m2zz o -��ui� �� m' � o�� U u .j it zi �Eo Nowa U 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 9 U (1) Mr aj C O U O O W O i i i i i i i p p p LD i i i i p Lb Vi C Ln m rn m m N o m O N (V N (.j ch [h e O I� Lp r� O N Ln v_ " ,� t Ln O Ln Ln r O� N (`] r c6 c U N p O N It o O b O L' O N c 69 6% O (fl O O i i i i i i i i i p O i to (D i i i i p O O (oD c V Ln o O o m o n L 1- o o ri o N O O N J N w fR fA Q LOD1 W o O O O O O O Ln O O O coLO Ln Nlc O O O O o o r c o 0 c O o C c O (n LD O O 0 0 O O M @ N M O O) r oo V' O O N L- (D O O Ln m O O O O .- O (Vo o O m O O a o CL N N V' c V m c) M (h r r L j O p 2 m r- N Q z U_ LL N O ' i N N i i . i CO i p i p i O i i i O Cl LA O ED O N (N7 I� V' O O O Ln (D O o O O O G N y F—o G d to L� o r o 0'1 N � - o oo 0 0 o L 3 7 N (D O (D cD W U m N O 0 � w ^ Ln D1 (O L- r-Vi N r- ' ' ' ' ' ' ' (D ' LO ' M N ' O h MN O O O O ' O O O n o r m (.a. _ LN Ql N n N O c O c O O (fl O @ O m (D O r -ch (D I-- V' ch m 0 0 0 N O N Uo N c) N V' V O LIi O Q N N r V (h co L� F c a � C 7 .0 d O > m 6) N m CO N L O U N U N @ C m o a a m ii in a` m o E CTI) ' 3:o a) > > aci ami ami 6 E E E C Ln O m m a U U = C @ U LL C LL ocm C C C H (.D Z Q W t r r Z O > CL , w C C C d W W W m m o c mL) = c c n a �_ �_ w m@ N �' C7 U� C7 E c O C C c n U 3>> W N O O Li- m m (� rn ti ti n N m o E E E `m' h m W W .. 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