TC Council Packet 05-11-2010TOWN OF AVON,, COLORADO o A�
AVON REGULAR MEETING FOR TUESDAY, MAY 11, 2010
MEETING BEGINS AT 5:30 PM
AVON TOWN HALL, ONE LAKE STREET
PRESIDING OFFICIALS
MAYOR RON WOLFE
MAYOR PRO TEM BRIAN SIPES
COUNCILORS RICHARD CARROLL, DAVE DANTAS, KRISTI FERRARO
AMY PHILLIPS, ALBERT "Buz" REYNOLDS, JR.
TOWN STAFF
TOWN ATTORNEY: ERIC HEIL TOWN MANAGER: LARRY BROOKS TOWN CLERK: PATTY MCKENNY
ALL REGULAR MEETINGS ARE OPEN TO THE PUBLIC EXCEPT EXECUTIVE SESSIONS
COMMENTS FROM THE PUBLIC ARE WELCOME DURING CITIZEN AND COMMUNITY INPUT AND PUBLIC HEARINGS
PLEASE VIEW AVON'S WEBSITE, HTTP: / /WWW.AVON.ORG, FOR MEETING AGENDAS AND MEETING MATERIALS
AGENDAS ARE POSTED AT AVON TOWN HALL AND RECREATION CENTER, ALPINE BANK, AND AVON LIBRARY
THE AVON TOWN COUNCIL MEETS ON THE SECOND AND FOURTH TUESDAYS OF EVERY MONTH
1. CALL TO ORDER AND ROLL CALL
2. APPROVAL OF AGENDA
3. DISCLOSURE OF POTENTIAL CONFLICT OF INTEREST
4. COMMUNITY & CITIZEN INPUT
5. CONSENT AGENDA
a. Minutes from April 27, 2010
b. Polling Place Agreement (Patty McKenny, Assistant Town Manager) Proposal from Eagle County
Clerk's Office for use of Avon Town Hall as polling location in November 2010
d. Sponsorship Contract between the Town of Avon and Westin Riverfront Resort and Spa (Meryl
Jacobs, Recreation Director) Agreement for 2010 Salute to U.S.A July 3`d event
e. Sponsorship Contract between Town of Avon and Western Enterprise for Salute to the USA
(Meryl Jacobs, Recreation Director) Agreement for 2010 Salute to U.S.A. July 3`d event
6. ORDINANCES
a. Ordinance No. 10 -08, Series of 2010, First Reading, Ordinance Consenting to Improvements of
the Eagle County Energy Smart Local Improvement District Within the Town of Avon (Sally
Vecchio, Assistant Town Manager Community Development and Adam Palmer, Environmental Policy
Planner for Eagle County) Legislation supporting town participation in the Eagle County Energy Smart
Local Improvement District for the purpose of encouraging, accommodating, and financing energy
efficiency improvements and renewable energy improvements
b. Ordinance No. 10 -09, Series of 2010, First Reading, Ordinance Amending Section 9.12.080(A)
of the Avon Municipal Code (Eric Heil, Town Attorney) Proposed Legislation Addressing Alcohol in
Town Parks
7. RESOLUTIONS
8. TOWN MANAGER REPORT
9. TOWN ATTORNEY REPORT
10. MAYOR REPORT
11. ADJOURNMENT
FUTURE COUNCIL AGENDA DATES & PROPOSED TOPICS:
May 25th: Adopt Final 2009 Audited Financial Report, Show Cause Hearings on Liquor License Violations
Avon Council Meeting. 10.05.11
Page 3 of 3
MINUTES OF THE REGULAR MEETING OF THE AVON TOWN COUNCIL
HELD APRIL 27, 2010
A regular meeting of the Town of Avon, Colorado was held at the Avon Municipal Building, One
Lake Street, Avon, Colorado in the Council Chambers.
Mayor Ron Wolfe called the meeting to order at 5:30 PM. A roll call was taken and Council
members present were Rich Carroll, Dave Dantas Kristi Ferraro, Amy Phillips, and Brian Sipes.
Buz Reynolds was absent. Also present were Town Attorney Eric Heil, Town Manager Larry
Brooks, Asst. Town Manager Mgmt Services Patty McKenny, Assistant Town Manager Finance
Scott Wright, Assistant Town Manager Community Development Sally Vecchio, Recreation
Director Meryl Jacobs, Community Relations Officer Jaime Walker as well as members of the
public.
DISCLOSURE OF POTENTIAL CONFLICT OF INTEREST
There were no changes to the agenda and no conflict of interest topics on the agenda.
SWEAR IN AVON'S NEW POLICE CHIEF
Municipal Judge Buck Allen was present to swear in new Police Chief Bob Ticer. The Avon
Police Department was sworn in with the public safety oath as well.
COMMUNITY / CITIZEN INPUT
Roger Benedict, Ruggs Benedict, commented on the Avon's CAN proposal for funding parking
and transportation services.
CONSENT AGENDA
Mayor Wolfe asked for a motion on the consent agenda. Questions were asked on letters c)
and d). Mayor Pro Tern Sipes moved to approve the consent agenda; Councilor Ferraro
seconded the motion and it passed unanimously by those present (Reynolds absent):
a. Minutes from April 13, 2010
b. Ticino LLC d /b /a Ticino Lease Agreement (Patty McKenny, Assistant Town Manager) Renew
license agreement that allows Ticino to lease patio space from the Town
c. 2010 Street Improvements: Construction Contract Award to Elam Construction, Inc.
(Shane Pegram, Engineer II) Award of construction contract to Elam Construction for
reconstruction and asphalt overlay of the Municipal Building parking lot area and rehabilitation of
the East Benchmark Road crosswalks
d. Radar Engineering, Inc. Proposal (Shane Pegram, Engineer II) Proposal to conduct
Investigation, Evaluation and Recommendations for the Town Hall HVAC Control System
PLANNING & ZONING COMMISSION MEMBER INTERVIEWS
Meet the following applicants who are interested in serving on Planning & Zoning Commission and
appoint four members to serve on the Planning & Zoning Commission
1) Todd Goulding, 2) Sherrif Masry, 3) Guy Patterson, 4) Scott Prince, 5) Phil Struve
Council agreed to waive telephoning Phil Struve who was unable to make the meeting due to
knee surgery. Town Clerk Patty McKenny tabulated and read the results of the voting that
supported Todd Goulding, Guy Patterson, Scott Prince, and Phil Struve as the new P &Z
Commission members.
RESOLUTIONS
Sally Vecchio, Assistant Town Manager Community Development, presented Resolution No.
10 -14, Series of 2010, Resolution Adopting Transportation Vision Statements as an Amendment
to the Avon Comprehensive Plan. She reviewed the vision statements approved by P &Z
Commission and noted that the statements were drafted in hopes of providing additional
guidance on future transportation outcomes for the Town as well as a reinforcement of existing
goals numerous documents. Some discussion was held on the statements and changes were
proposed. Mayor Wolfe opened the Public Hearing; no comments were made and the hearing
was closed. Councilor Carroll moved to approve Resolution No. 10 -14, Series of 2010,
Resolution Adopting Transportation Vision Statements as an Amendment to the Avon
Comprehensive Plan with the following revisions shown in bold:
1. Avon has an environmentally friendly and functional transportation system which ties to the regional
transportation system and provides safe, strategic, convenient travel options that prioritize
pedestrians and cyclists throughout Avon and over motorists in Town Center including but not limited
to the commercial centers, resort facilities, and parking facilities.
2. The Town's transportation system is fiscally sustainable, manages both demand and capacity, serves
areas of planned density as described in the Town's planning documents, optimizes technology,
stimulates the vibrancy of Town Center and joins roadways, pedestrian and bicycle paths and
facilities into a fully interconnected transportation network.
3. Parking in Avon is sufficient for guests, businesses and especially residents, which is strategically
located, and enhances the community character of Avon.
4. The Town's transportation system promotes the region's economy and environmental goals, and
operates for the benefit of our community in a convenient, attractive and safe setting.
Councilor Dantas seconded the motion and it passed unanimously by those present (Reynolds
absent).
ORDINANCES
Jenny Strehler, Director PW &T, presented Ordinance No 10 -06, Series of 2010, Second
Reading, Ordinance Enacting Weed Control Regulations. She noted the proposed
amendments would provide for current and clearer language associated with weed control
which would improve the town's ability to regulate the problem of noxious weeds. She noted
that the discussion and feedback at the least meeting resulted in the decision to delete the
nuisance weed portion of the text from the ordinance. She committed to returning with a
separate proposal to address the nuisance weed. It was noted that the action would involve
amending the "International Property Maintenance Code (2009) ". Mayor Wolfe opened the
Public Hearing; no comments were made and the hearing was closed. Councilor Phillips moved
to approve Ordinance No 10 -06, Series of 2010, Ordinance Enacting Weed Control Regulation.
Mayor Pro Tern Sipes seconded the motion and it passed unanimously by those present
(Reynolds absent).
Matt Jamison, Police Services Officer, presented Ordinance No 10 -07, Series of 2010, Second
Reading, An Ordinance Repealing and Reenacting Avon Municipal Code Chapter 8.32 Wildlife
Protection Regulations. He reviewed the proposed amendments to the wildlife protection
regulations and noted that the language better defines what is required of residential and
commercial property owners. Mayor Wolfe opened the Public Hearing; no comments were
made and the hearing was closed. Mayor Pro Tern Sipes moved to approve Ordinance
Repealing and Reenacting Avon Municipal Code Chapter 8.32 Wildlife Protection Regulations.
Councilor Dantas seconded the motion and it passed unanimously by those present (Reynolds
absent).
Regular Council Meeting Page 2 of 3
10.04.27.doc
PUBLIC HEARING FOR AMPLIFIED SOUND PERMIT
Mayor Wolfe reviewed the amplified sound permit application for Vail Pet Partners. He opened
the public hearing, no comments were made, the hearing was closed. Councilor Ferraro moved
to approve the permit; Councilor Phillips seconded the motion and it passed unanimously by
those present (Reynolds absent).
a. Applicant Name: Vail Pet Partners
Event Name: Doggie Dash
Event Date: June 13, 2010; 8:30 AM until 12 Noon
Event Manager: Kate Kunert
Event Location: Harry A. Nottingham Park
TOWN MANAGERS REPORT
Larry Brooks, Town Manager, informed Council that Jenny Strehler would be presenting Avon's
Community Heat Recovery Project to the International Conference on Energy Sustainability held
in Arizona next month, great job to Jenny on the project.
There being no further business to come before the Council, the regular meeting adjourned at
7:25 PM.
RESPECTFULLY SUBMITTED:
Patty B. McKenny, Town Clerk
APPROVED:
Rich Carroll
Dave Dantas
Kristi Ferraro
Amy Phillips
Albert "Buz" Reynolds
Brian Sipes
Ron Wolfe
Regular Council Meeting Page 3 of 3
10.04.27.doc
Memo
To: Mayor & Avon Town Council
cc: Larry Brooks, Town Manager
Thru: Eric Heil, Town Attorney
From: Patty McKenny, Assistant Town Manager — Management Services
Date: May 6, 2010
Re: Eagle County Clerk & Recorder— Request to use Avon Town Hall as Polling
Location
Summary:
Attached is a request from Eagle County Clerk & Recorder, Teak Simonton, to use Avon's Town
Hall for the polling location for Precincts 15 & 19 for the General Election, November 2nd.
Background:
Avon Town Hall has served as the polling location for both precincts 15 & 19 in 04, 06, and 08. Prior
to that, Avon Elementary School served as the polling location.
Discussion:
There is a conflict on that date in that there is a regularly scheduled Planning & Zoning Commission
meeting on November 2nd. In order to provide the room, that meeting would need to be either
changed to another date, another location on the same date or cancelled. Town Council & P &Z
meetings have been held at various other locations in an effort to accommodate this request, such
as the Avon Public Library. It is noted that the County Clerk's office is not requesting to use the
location for the primary election because that will be a mail ballot election per the letter.
Staff is looking for Council input and a decision on this polling location request from the Eagle
County Clerk's Office.
TEAK J. SIMONTON
Eagle County Clerk & Recorder
MIA
April 27, 2010
Patty McKenny
Town of Avon
P O Box 975
Avon CO 81620
P.O. Box 537
500 Broadway
Eagle, Colorado 81631 -0537
(970) 328 -8710
www.eaglecounty.us/clerk
Recording: (970) 328 -8723
Fax: (970) 328-8716
TDD: (970) 328 -8797
Thank you in advance for allowing us to use Avon Municipal Building as a precinct polling
place for the November election. Enclosed are two copies of the Polling Place Agreement for
the November 2, 2010 General Election. Please fill in all required information, sign the
agreement and return one copy to me by May 14, 2010 and keep one for your files. We are
required to notify voters about election details in May, so your timely response is much
appreciated. Also, please note that we will be conducting the August 10, 2010 Primary Election
by mail.
If you have any questions, please call me at 970 - 328 -8728.
Sincerely,
Teak J. Simonton
Encl.
POLLING PLACE AGREEMENT
This agreement is entered into by Teak J. Simonton, Eagle County Clerk and Recorder and Town of
Avon for use of Avon Town Hall, l Lake Street, which location is to be used as a polling place for the
General Election being held on Tuesday, November 2, 2010.
WHEREAS, C.R.S. `1 -5 -101 et seq, provides that the Clerk and Recorder of each County shall
designate the locations where elections are to be held;
WHEREAS, Avon Town Hall is desirous of allowing its locations designated as a polling place;
NOW THEREFORE, in exchange for valuable consideration, the receipt of which is hereby
acknowledged by the parties, it is agreed as follows:
1. The Town of Avon agrees to allow the following described areas, including available
parking areas and directly'connecting passageways to be used as a polling place: Avon Town Hall
Building
The premises are to be occupied and used primarily for election purposes from 6:00 a.m. to 8:00 p.m.
or until all Election Day activities are complete. No other scheduled activities should be allowed in the
reserved space to interfere or compete with the election process and judges' work until the entire
process is complete.
2. The Town will permit access to the premises on dates and times in addition to the above
mentioned date for purposes of checking the location and phone line, delivering, setting up and
removal of election equipment and supplies. Arrangements between the County Clerk's office and the
Town will be made by mutual agreement.
3. The Town understands the building will be posted as a polling location on or before October
21, 2010 for the General Election, and that as of said posting no electioneering, (including but not
limited to advertising, distribution of literature, meetings or campaigning) can knowingly take place
within 100 feet of the official entrance /exits of the polling location. Every effort should be made by the
agent to reasonably comply. The Town is asked to notify the County Clerk immediately if
electioneering activity occurs.
4. The Town will provide the premises in a clean and usable condition. The County Clerk's
office will leave the premises in as much the same condition as is possible at the end of the Election
Day.
The Town has available for use four 8 -foot tables and 20 chairs to be used throughout the
day and one trash receptacles.
6. The Town will provide convenient access to a telephone throughout the day. That telephone
number is 748 -4035. If unable to do so, the Town will notify the County Clerk immediately to make
alternative arrangements.
7. The contact person for the Town is Patty McKenny who can be reached during business
hours by calling 748 -4035 or during non - business hours by calling 970 -390 -7848.
8. The Town agrees to pen-nit entry to the premises on Election Day at 6:00 a.m. according to
the following arrangements: Town staff will be present to open the building.
9: The Town requires the following additional conditions:
the parties have executed this Agreement on the dates stated below:
C CSC% 1 �� ti res q- /1D
I
Teak J Simoi ton date
Eagle County Clerk & Recorder
Ronald C. Wolfe, Avon Mayor date
MEMO
To: Honorable Mayor and Town Council
Thru: Larry Brooks, Town Manager
Legal Review: Eric Heil, Town Attorney
Approved By: Meryl Jacobs — Director of Recreation and Cultural Services
From: Danita Chirichillo — Special Events Supervisor
Date: May 5, 2010
Re: Westin Riverfront Resort & Spa Sponsorship Contract
Summary:
Attached for signature is the agreement with the Westin Riverfront Resort & Spa to be the title
sponsor for the 2010 Salute to the USA.
Financial Implications:
Through a series of negotiations staff has agreed to $25,000 for the title sponsorship for 2010
Salute to the USA; this is $10,000 more than paid in 2009. Staff is hoping to secure full price
($30,000) for the title sponsorship in 2011. This is the Westin's third year as the title sponsor
since American National Bank elected not to renew in 2008.
Town Manager Comments:
LETTER OF AGREEMENT
Between
Town of Avon Title Sponsor
P.O. Box 975 The Westin Riverfront Resort & Spa
Avon, Colorado 81620 P.O. Drawer 9690
970 748 4032 Avon, CO 81620
This Agreement is entered into by and between Town of Avon (the "TOA "), an incorporated
Town of the State of Colorado and The Westin Riverfront Resort & Spa ( "Sponsor ").
WITNESSETH:
Whereas, the TOA has the exclusive right to organize and conduct the "Salute to the U.S.A."
( "the Event ") within Nottingham Park and has scheduled activities as part of its summer
programs on July 3, 2010.
Whereas, Sponsor is interested in providing financial support for the Event in exchange for certain
promotional rights to be provided by the TOA for Sponsor's interests;
NOW, THEREFORE, in consideration of the mutual promises herein contained, the adequacy and
sufficiency of which is herby acknowledged, the parties hereby agree as follows:
1. Term
This term of this Agreement begins on the date the Agreement is signed by both parties and shall
continue in full force and effect through July 3, 2010, except the provisions of Paragraph 12
hereof, which provisions shall be effective as provided in that paragraph.
2. Nature of Services
The services are described in this Agreement and the related Attachments. The TOA hereby
grants Sponsor the exclusive rights to the Sponsorship acknowledgments and benefits as outlined
herein and in Attachment A. Sponsor shall have exclusive rights for this category level and
hotel /fractional ownerships only be accepted up to the $2000 sponsorship levels. Banners from
additional hotel /fractional ownerships will be limited to two per company and will not be hung
at the entrance /exit area of the event and will not be hung on the stage.
3. Compensation and Commitments
Sponsor agrees to pay the TOA by the date specified in Attachment B and the amount outlined
in Attachment B in exchange for the Sponsorship and benefits promised herein and in related
Attachments. Should the Sponsorship Fee not be paid in full by the date specified in Attachment
B, the TOA has the right to ban all Sponsor's activities and signage from setting up on Event
grounds. Sponsor agrees to fulfill its pre -event and on -site obligations and commitments as
outlined herein and in related Attachments.
4. Reference to Sponsorship in Advertising
Subject to the TOA's rights of approval as described in this Agreement, during the term of this
Agreement, Sponsor may identify itself as a Sponsor of Event and may use the name of the
event or location in its advertising.
5. Use of Trademarks
Sponsor grants the TOA the right and non - exclusive license, worldwide and royalty free, during
the term of this Agreement, to use the Sponsor's trademarks to advertise, publicly represent and
otherwise promote the fact that it is a Sponsor of the Event. This license specifically authorizes
the TOA to refer to "The Westin Riverfront Resort & Spa" as a Sponsor of the Event.
Please acknowledge that each page is satisfactory by initialing:
TOA Sponsor
Page 1
The TOA grants Sponsor the right and non - exclusive license, worldwide and royalty free, during
the term of this Agreement, to use the TOA's trademarks to advertise, publicly represent and
otherwise promote the fact that it is a Sponsor of the Event. This license specifically authorizes
Sponsor and /or "The Westin Riverfront Resort & Spa" to refer to itself as a Sponsor of the Event.
Before either party may use the trademark licenses referred to in this Agreement, it shall first
submit the concept or a sample of the proposed use to the other party, for approval, which
approval shall not be unreasonably withheld.
Sample of the TOA's trademark:
HEART of the VALLEY
I
I
C O L O R A D O
Sample of the Sponsor's trademark:
6. Signage and Banners
All Sponsor signage at the Event must represent Sponsor, and be approved by the TOA in
advance of the Event, which approval will not be unreasonably withheld. The TOA assumes no
responsibility in case of loss or damage to signage submitted for use during the Event. No third
party or handwritten signage is allowed and all signage must be of professional quality. Signage
of designated media Sponsors is allowed, subject to approval by the TOA and Sponsor. Sponsor
must make best efforts to ensure that handbills /flyers /posters etc. created for the Event are
distributed legally and with proper approval.
7. Fulfillment/ Force Majeure Events
In the event that any scheduled performance or activity is subject to cancellation by illness,
accidents, failure of means of transportation, lack of event funding, act of God, riots, strikes,
labor difficulties, act or order of any public authority, or any cause similar, to the foregoing which
is beyond control of the parties, both shall be relieved of their respective obligations for the
performance or activity so prevented, and Sponsor shall be entitled to an immediate refund of
the Sponsorship fee. In the event that the event is postponed for one day due to rain, the
Sponsorship fee will not be refunded.
8. Discretionary Matters
It is agreed that the TOA enters into this agreement as the producer of the Event, and it has sole
and exclusive control over the production and presentation of scheduled Event performances
or activities, including but not limited to, details, means and methods of performances and
activities presented, and persons employed by the TOA. Sponsor has no right to control or direct
the result of or the details, methods, manner or means by which the TOA manages or operates
its business or performs the services related to transportation, facilities, equipment and supplies
needed to fulfill this Agreement. The TOA reserves the right to terminate this agreement with
Sponsor when Sponsor's actions are determined to be materially detrimental to the good image
of the Event. Any decision affecting any matter not expressly provided herein or attached
hereto shall rest solely with the TOA.
Please acknowledge that each page is satisfactory by initialing:
TOA Sponsor
Page 2
9. Notices
All notices, payments and statements provided for herein shall be in writing and shall be
deemed given if sent by Registered or Certified Mail, postage prepaid, by express delivery
service (receipt requested), or by verifiable facsimile transmission, addressed to the parties at
their respective address set forth below, or at such other addresses as either party may from time
to time specify to the other in writing:
The TOA: Town of Avon
Town Clerk
One Lake Street
P.O. Box 975
Avon, Colorado 81620
Phone: 970 748 4035
Fax: 970 748 -4078
Sponsor: The Westin Riverfront Resort & Spa
Mrs. Kristen Pryor
P.O. Drawer 9690
Avon, CO 81620
10. Governing Law, Venue, and Enforcement
This Agreement shall be governed by and interpreted according to the law of the State of
Colorado. Venue for any action arising under this Agreement shall be in the appropriate court
for Eagle County, Colorado. To reduce the cost of dispute resolution and to expedite the
resolution of disputes under this Agreement, the parties hereby waive any and all right either
may have to request a jury trial in any civil action relating primarily to the enforcement of this
Agreement. The Parties agree that the rule that ambiguities in a contract are to be construed
against the drafting party shall not apply to the interpretation of this Agreement. If there is any
conflict between the language of this Agreement and any exhibit or attachment, the language
of this Agreement shall govern.
11. No Waiver of Governmental Immunity
Nothing in this Agreement shall be construed to waive, limit, or otherwise modify any
governmental immunity that may be available by law to TOA, its officials, employees,
contractors, or agents, or any other person acting on behalf of the Town of Avon and, in
particular, governmental immunity afforded or available pursuant to the Colorado
Governmental Immunity Act, Title 24, Article 10, Part 1 of the Colorado Revised Statutes.
12. No Third Party Beneficiaries
Nothing contained in this Agreement is intended to or shall create a contractual relationship
with, cause of action in favor of, or claim for relief for, any third party, including any agent, sub -
consultant or sub - contractor of Sponsor. Absolutely no third party beneficiaries are intended by
this Agreement. Any third -party receiving a benefit from this Agreement is an incidental and
unintended beneficiary only.
Please acknowledge that each page is satisfactory by initialing:
TOA Sponsor
Page 3
13. Damages
The parties agree that the Town of Avon shall not be liable for incidental, indirect or
consequential damages and that any liability of the Town of Avon for monetary damages shall
be limited to the amount of sponsorship funds received by the Town of Avon.
In WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first
written above.
Town of Avon Date
Mayor Ron Wolfe
Sponsor Signature Date
Title
Please acknowledge that each page is satisfactory by initialing:
TOA Sponsor
Page 4
ATTACHMENT A
SPONSOR ACKNOWLEDGEMENTS & BENEFITS
Definition of Sponsorship:
Sponsor shall be the Title Sponsor of Salute to the U.S.A. to be held in Avon, Colorado.
The TOA will provide Sponsor with the following event - related acknowledgements and benefits:
1. Sponsor Will be Recognized as the Title Sponsor:
• The name of the event will appear as follows in all promotions, (including print materials,
advertising, radio ads, web submissions and signage):
"Title Sponsor's" Salute to the USA in Avon, CO.
• Event name will be included in event press release.
• Event name will be featured on TOA website.
• The "Westin" name will be displayed on the variable message boards along Highway 6
east and west bound in conjunction with event /fireworks announcement.
2. Sponsor Logo Prominent Placement In /On:
• All print and web related marketing developed in support of the Event.
• On TOA web site home page, Avon Recreation Center home page with web site click
through.
• Bridge Banner to hang on Railroad Bridge in Avon for one month prior to Salute.
• Posters to be distributed prior to event in local and regional businesses.
• Event VIP and parking passes.
• Sponsor may produce sponsor signage to be hung on lightpole banners at Avon
roundabouts from June 3 - July 4, 2010 Town of Avon may produce Independence Day
themed banners to alternate with sponsor light pole banners.
3. Sponsor On -Site Exposure:
• Sponsor will be thanked during stage announcements made prior to artists performing on
the stage, during set breaks, and prior to fireworks show.
• Placement of 20 Sponsor banners throughout event site. Sponsor and TOA will mutually
agree upon a venue signage plan, including prominent entrance and stage sponsor
signage placement. Signage costs are not included in the Sponsorship fee.
4. Sponsor Promotions:
• Sponsor has the opportunity to develop, produce, and implement promotions related to
the Event with prior approval by The TOA. The TOA must have the opportunity to review
and authorize any promotions or advertisement utilizing the Event name, likeness, or logo
during the conceptual stage, and then again prior to final production. Such authorization
shall not be unreasonably withheld.
• Sponsor has the opportunity to develop Product placement /display on site in
Nottingham Park during the event and possibly in Avon Rec Center lobby prior to event.
The TOA. The TOA must have the opportunity to review and authorize any promotions
during the conceptual stage, and then again prior to final production. Such
authorization shall not be unreasonably withheld.
Please acknowledge that each page is satisfactory by initialing:
TOA Sponsor
Page 5
5. VIP Passes /Additional Benefits:
• The TOA will provide thirty -five (35) VIP passes to the Sponsor, and 15 VIP parking passes.
These passes allow access the pumphouse deck for prime viewing of the fireworks. In addition,
we provide a catered meal, beer, and soda /water. The parking for VIP's is in any of the close -in
lots which are identified on event day.
• Sponsor will receive either two (2) annual passes or five (5) 25 -punch admission cards to
the Avon Rec Center.
Please acknowledge that each page is satisfactory by initialing:
TOA Sponsor
Page 6
ATTACHMENT B
• SPONSORSHIP FEES & ADVERTISING COMMITMENTS
• The Westin Riverfront Resort & Spa (Sponsor) agrees to pay the TOA $25,000 dollars ($) by
May 10, 2010.
• Sponsorship fee entitles the Sponsor to the terms listed in the above agreement.
Please acknowledge that each page is satisfactory by initialing:
TOA Sponsor
Page 7
MEMO
To: Honorable Mayor and Town Council
Thru: Larry Brooks, Town Manager
Legal Review: Eric Heil, Town Attorney
Approved By: Meryl Jacobs — Director of Recreation and Cultural Services
From: Danita Chirichillo — Special Events Supervisor
Date: May 5, 2010
Re: Western Enterprises Sponsorship Contract
Summary:
Attached for signature is the agreement with Western Enterprises to be an associate sponsor
for the 2010 Salute to the USA. The price is $6,000.
Financial Implications:
The revenue generated through this sponsorship has been approved as part of the 2010 budget.
Town Manager Comments:
LETTER OF AGREEMENT
Between
Town of Avon
P.O. Box 975
Avon, Colorado 81620
970 748 4032
Associate Sponsor
Western Enterprises
13513 West Carrier Road
Carrier, OK 73727
This Agreement is entered into by and between Town of Avon (the "TOA "), an incorporated
Town of the State of Colorado and Western Enterprises ( "Sponsor ").
WITNESSETH:
Whereas, the TOA has the exclusive right to organize and conduct the "Salute to the U.S.A."
( "the Event ") within Nottingham Park and has scheduled activities as part of its summer
programs on July 3, 2010 and
Whereas, Sponsor is interested in providing financial support for the Event in exchange for certain
promotional rights to be provided by the TOA for Sponsor's interests;
NOW, THEREFORE, in consideration of the mutual promises herein contained, the adequacy and
sufficiency of which is herby acknowledged, the parties hereby agree as follows:
1. Term
This term of this Agreement begins on the date the Agreement is signed by both parties and shall
continue in full force and effect through July 3, 2010.
2. Nature of Services
The services are described in this Agreement and the related Attachments. The TOA hereby
grants Sponsor the non - exclusive rights to the Sponsorship acknowledgments and benefits as
outlined herein and in Attachment A. Sponsor shall have non - exclusive rights for this category
level.
3. Compensation and Commitments
Sponsor agrees to pay the TOA by the date specified in Attachment B and the amount outlined
in Attachment B in exchange for the Sponsorship and benefits promised herein and in related;
Attachments. Should the Sponsorship Fee not be paid in full by the date specified in Attachment
B, the TOA has the right to ban all Sponsor's activities and signage from setting up on Event
grounds. Sponsor agrees to fulfill its pre -event and on -site obligations and commitments as
outlined herein and in related Attachments.
4. Reference to Sponsorship in Advertising
Subject to the TOA's rights of approval as described in this Agreement, during the term of this
Agreement, Sponsor may identify itself as a Sponsor of Event and may use the name of the
event or location in its advertising.
5. Use of Trademarks
Sponsor grants the TOA the right and non - exclusive license, worldwide and royalty free, during
the term of this Agreement, to use the Sponsor's trademarks to advertise, publicly represent and
otherwise promote the facf that it is a Sponsor of the Event. This license specifically authorizes
the TOA to refer to "Sponsor" as a Sponsor of the Event.
The TOA grants Sponsor the right and non - exclusive license, worldwide and royalty free, during
the term of this Agreement, to use the TOA's trademarks to advertise, publicly represent and
Please acknowledge that each page is satisfactory by initialing:
Page 1
TOA YSnsor
otherwise promote the fact that it is a Sponsor of The Event. This license specifically authorizes
Sponsor and /or "Sponsor" to refer to itself as a Sponsor of the Event.
Before either party may use the trademark licenses referred to in this Agreement, it shall first
submit the concept or a sample of the proposed use to the other party, for approval, which
approval shall not be unreasonably withheld.
Sample of the TOA's trademark:
C O L O R A D O
Sample of the Sponsor's trademark:
6. Signage and Banners
All Sponsor signage at the Event must represent Sponsor, and be approved by the TOA in
advance of the Event, which approval will not be unreasonably withheld. The TOA assumes no
responsibility in case of loss or damage to signage submitted for use during the Event. No third
party or handwritten signage is allowed and all signage must be of professional quality. Signage
of designated media Sponsors is allowed, subject to approval by the TOA and Sponsor. Sponsor
must make best efforts to ensure that handbills /flyers /posters etc. created for the Event are
distributed legally and with proper approval.
7. Fulfillment/ Force Majeure Events
In the event that any scheduled performance or activity is subject to cancellation by illness,
accidents, failure of means of transportation, lack of event funding, act of God, riots, strikes,
labor difficulties, act or order of any public authority, or any cause similar, to the foregoing which
is beyond control of the parties, both shall be relieved of their respective obligations for the
performance or activity so prevented, and Sponsor shall be entitled to an immediate refund of
the Sponsorship fee. In the event that the event is postponed for one day due to rain, the
Sponsorship fee will not be refunded.
8.Discretionary Matters
It is agreed that the TOA enters into this agreement as the producer of the Event, and it has sole
and exclusive control over the production and presentation of scheduled Event performances
or activities, including but not limited to, details, means and methods of performances and
activities presented, and persons employed by the TOA. Sponsor has no right to control or direct
the result of or the details, methods, manner or means by which the TOA manages or operates
its business or performs the services related to transportation, facilities, equipment and supplies
needed to fulfill this Agreement. The TOA reserves the right to terminate this agreement with
Sponsor when Sponsor's actions are determined to be materially detrimental to the good image
of the Event. Any decision affecting any matter not expressly provided herein or attached
hereto shall rest solely with the TOA.
Please acknowledge that each page is satisfactory by initialing:
TOA S nsor
Page 2
9. Notices
All notices, payments and statements provided for herein shall be in writing and shall be
deemed given if sent by Registered or Certified Mail, postage prepaid, by express delivery
service (receipt requested), or by verifiable facsimile transmission, addressed to the parties at
their respective address set forth below, or at such other addresses as either party may from time
to time specify to the other in writing:
The TOA: Town of Avon
Sponsor:
Town Clerk
One Lake Street
P.O. Box 975
Avon, Colorado 81620
Phone: 970 748 4035
Fax: 970 748 -4078
Mr. Jim Burnett
Western Enterprises
13513 West Carrier Road
Carrier, OK 73727
10. Governing Law, Venue, and Enforcement
This Agreement shall be governed by and interpreted according to the law of the State of
Colorado. Venue for any action arising under this Agreement shall be in the appropriate court
for Eagle County, Colorado. To reduce the cost of dispute resolution and to expedite the
resolution of disputes under this Agreement, the parties hereby waive any and all right either
may have to request a jury trial in any civil action relating primarily to the enforcement of this
Agreement. The Parties agree that the rule that ambiguities in a contract are to be construed
against the drafting party shall not apply to the interpretation of this Agreement. If there is any
conflict between the language of this Agreement and any exhibit or attachment, the language
of this Agreement shall govern.
11. No Waiver of Governmental Immunity
Nothing in this Agreement shall be construed to waive, limit, or otherwise modify any
governmental immunity that may be available by law to TOA, its officials, employees,
contractors, or agents, or any other person acting on behalf of the Town of Avon and, in
particular, governmental immunity afforded or available pursuant to the Colorado
Governmental Immunity Act, Title 24, Article 10, Part 1 of the Colorado Revised Statutes.
12. No Third Party Beneficiaries
Nothing contained in this Agreement is intended to or shall create a contractual relationship
with, cause of action in favor of, or claim for relief for, any third party, including any agent, sub -
consultant or sub - contractor of Sponsor. Absolutely no third party beneficiaries are intended by
this Agreement. Any third -party receiving a benefit from this Agreement is an incidental and
unintended beneficiary only.
Please acknowledge that each page is satisfactory by initialing: " u�
TOA #nsor
Page 3
13. Damages
The parties agree that the Town of Avon shall not be liable for incidental, indirect or
consequential damages and that any liability of the Town of Avon for monetary damages shall
be limited to the amount of sponsorship funds received by the Town of Avon.
In WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first
written above.
Town of Avon
Mayor Ron Wolfe
Date
-/ — /L- r3
Sp &r r Si ature Date
S sw d eud
Title
Please acknowledge that each page is satisfactory by initialing:
TOA Sponsor
Page 4
ATTACHMENT A
SPONSOR ACKNOWLEDGEMENTS & BENEFITS
Definition of Sponsorship:
Sponsor shall be an Associate Sponsor of Salute to the U.S.A. to be held in Avon, Colorado.
The TOA will provide Sponsor with the following event - related acknowledgements and benefits:
1. Sponsor Name /Logo Placement In /On:
• All TOA print and web related marketing and advertising developed in support of the
Event.
• Radio advertising.
• Event press release.
• Posters to be distributed prior to event in local and regional businesses.
2. Sponsor On -Site Exposure:
• Sponsor will be thanked during stage announcements made prior to artists performing on
the stage, during set breaks, and prior to fireworks show.
• Placement of 4 Sponsor banners prominently throughout event site. Signage costs are not
included in the Sponsorship fee.
3. Sponsor Promotions:
• Sponsor has the opportunity to develop, produce, and implement promotions related to
the Event with prior approval by The TOA. The TOA must have the opportunity to review
and authorize any promotions or advertisement utilizing the Event name, likeness, or logo
during the conceptual stage, and then again prior to final production. Such authorization
shall not be unreasonably withheld.
• Sponsor has the opportunity to develop Product placement /display on site in
Nottingham Park during the event. The TOA must have the opportunity to review and
authorize any promotions during the conceptual stage, and then again prior to final
production. Such authorization shall not be unreasonably withheld.
4. VIP Passes /Additional Benefits:
• The TOA will provide eight (8) VIP passes to the Sponsor, and 2 parking passes.
• Sponsor will receive one (1) 25 -punch admission card to the Avon Rec Center.
Please acknowledge that each page is satisfactory by initialing: V
TOA S nsor
Page 5
ATTACHMENT B
SPONSORSHIP FEES & ADVERTISING COMMITMENTS
• Western Enterprises, Inc. (Sponsor) agrees to pay the TOA 6,000 dollars ($) by May 10,
2010.
• Sponsorship fee entitles the Sponsor to the terms listed in the above agreement.
Please acknowledge that each page is satisfactory by initialing:
TOA
Page 6
Memo
To: Honorable Mayor and Town Council and the Initials
Thru: Larry Brooks, Town Manager
Eric Heil, Town Attorney
From: Sally Vecchio, Asst Town Mgr/ Comm Deve
Date: May 5, 2010
Re: Participation in the Eagle County Energy Smart Local Improvement District
Summary:
At the request of Council, the town attorney has prepared the attached ordinance consenting to include
properties within the Town of Avon in the Eagle County Energy Smart Local Improvement District.
This is the first reading of Ordinance 10 -08 Consenting to Improvements of the Eagle County Energy Smart
Local Improvement District within the Town of Avon.
Background:
The Energy Smart Loan Program (the "Program ") was approved by the voters of Eagle County in
November, 2009. The Program allows Eagle County to offer qualified property- owners in the Limited
Improvement District special financing for energy efficient and /or renewable energy improvements. Loan
repayments are collected through special assessments on a participant's property taxes.
Although the Limited Improvement District has been established in unincorporated Eagle County, towns
within Eagle County wishing to participate in the Program must opt -in by passing an ordinance agreeing to
include the jurisdiction with the District.
Currently the Program is only available for residential properties; and only for existing homes and not new
construction. The attached Energy Smart Plan handout from the County provides specific Program details
on eligible properties, eligible improvements, enrollment terms, and loan repayment terms.
Discussion:
Eagle County voters approved the formation of a County -wide Local Improvement District for energy
efficiency and renewable energy production projects Eagle County last November. C.R.S. §30 -20 -603
provides that the County is authorized to construct improvements within a municipality only if the municipality
grants consent by ordinance. Ordinance 10 -08 establishes a general consent for the program, but provides
that consent for specific projects shall be provided by resolution so that the Town can monitor the program.
Also, this approach avoids providing an open -ended consent to improvement projects which are not yet
defined. Town review of specific projects is anticipated to be very limited and approval of specific projects is
anticipated to be included on the consent agenda. Ordinance 10 -08 also includes a provision which allows
the Town to withdraw the general consent for the program by ordinance.
Town Manager Comments:
TOWN OF AVON, COLORADO
ORDINANCE NO. 10 -08
SERIES OF 2010
AN ORDINANCE CONSENTING TO IMPROVEMENTS OF THE
EAGLE COUNTY ENERGY SMART LOCAL IMPROVEMENT
DISTRICT WITHIN THE TOWN OF AVON
WHEREAS, pursuant to part 6 of article 20 of title 30, Colorado Revised Statutes ( "Act "),
Eagle County has authorized the Eagle County Energy Smart Local Improvement District
( "BE/RE District "), a local improvement district for the purpose of encouraging,
accommodating, and financing energy efficiency improvements and renewable energy
improvements; and
WHEREAS, Eagle County desires to encourage, accommodate and provide financing for
energy efficiency and renewable energy by and through the EE /RE District improvements,
(`BE /RE ") pursuant to the Act for the purpose of accomplishing the improvements, including
paying all costs necessary and incidental thereto; and
WHEREAS, the Town Council of the Town of Avon, Colorado, ( "Town ") finds that consent
to inclusion of properties within the Town of Avon in the EE /RE District will promote the goals
in the Avon Comprehensive Plan related to energy conservation and sustainability; and
WHEREAS, Colorado Revised Statute §30- 20- 603(1)(a) authorizes municipalities to grant
consent by ordinance for improvements by a county authorized local improvement district within
the boundaries of such municipality; and
WHEREAS, approval of this Ordinance on first reading is intended only to confirm that the
Town Council desires to comply the requirements of the Avon Home Rule Charter by setting a
public hearing in order to provide the public an opportunity to present testimony and evidence
regarding the application and that approval of this Ordinance on first reading does not constitute
a representation that the Town Council, or any member of the Town Council, supports, approves,
rejects, or denies this ordinance;
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO the following:
Section 1. Recitals Incorporated. The above and foregoing recitals are incorporated herein
by reference and adopted as findings and determinations of the Town Council.
Section 2. Consent Granted. Subject to the provisions for future consent set forth below
in Section 3, the Town Council of the Town of Avon hereby consents, as provided in §30-20 -
603(1)(a), Colorado Revised Statutes, as amended, to energy efficiency and renewable energy
systems and improvements being installed upon any private property within the Town of Avon,
through Eagle County's Energy Smart Local Improvement District, pursuant to the Act, in order
Ord No 10-08 Eagle County EE /RE Improvement District Consent
May 5, 2010
Page 1 of 3
that owners of properties located anywhere within the Town may voluntarily agree to participate
in the District's program.
Section 3. Future Consent. Future consent shall be required for each specific project for
EE /RE Improvements within the Town of Avon which may be approved by Town Council by
resolution. The Director of Community Development is authorized to determine the required
information to be submitted to the Town for consent of a specific project. The Town Council
may withhold consent for a specific project where the Town Council finds a project proposes
excessive debt obligation or tax burden or may diminish the ability of a property to discharge
existing financial obligations to other public entities including but not limited to the Town of
Avon.
Section 4. Repeal of Consent. The Town Council may repeal the consent of the Town for
additional EE /RE Improvements by ordinance. Any such repeal shall not affect the validity of
consent granted by the Town for specific projects.
Section 5. Actions Authorized. The officers of the Town of Avon may shall take such
other steps or actions necessary or reasonably required to carry out the terms and intent of this
Ordinance and Consent.
Section 6. SeverabiH . If any provision of this Ordinance, or the application of such
provision to any person or circumstance, is for any reason held to be invalid, such invalidity shall
not affect other provisions or applications of this Ordinance which can be given effect without
the invalid provision or application, and to this end the provisions of this Ordinance are declared
to be severable. The Town Council hereby declares that it would have passed this Ordinance and
each provision thereof, even though any one of the provisions might be declared unconstitutional
or invalid. As used in this Section, the term "provision" means and includes any part, division,
subdivision, section, subsection, sentence, clause or phrase; the term "application" means and
includes an application of an ordinance or any part thereof, whether considered or construed
alone or together with another ordinance or ordinances, or part thereof, of the Town.
Section 7. Effective Date. This Ordinance shall take effect seven days after public notice
following final passage in accordance with Section 6.4 of the Avon Home Rule Charter.
Section 8. Safety Clause. The Town Council hereby finds, determines and declares that this
Ordinance is promulgated under the general police power of the Town of Avon, that it is
promulgated for the health, safety and welfare of the public, and that this Ordinance is necessary
for the preservation of health and safety and for the protection of public convenience and
welfare. The Town Council further determines that the Ordinance bears a rational relation to the
proper legislative object sought to be obtained.
Section 9. Publication by Posting. The Town Clerk is ordered to publish this Ordinance by
posting notice of adoption of this Ordinance on final reading by title in at least three public
places within the Town and posting at the office of the Town Clerk, which notice shall contain a
Ord No 10-08 Eagle County EE /RE Improvement District Consent
May 5, 2010
Page 2 of 3
statement that a copy of the ordinance in full is available for public inspection in the office of the
Town Clerk during normal business hours.
INTRODUCED, APPROVED, PASSED ON FIRST READING, ORDERED POSTED
AND REFERRED TO PUBLIC HEARING and setting such public hearing for May 25, 2010
at the Council Chambers of the Avon Municipal Building, located at One Lake Street, Avon,
Colorado, on May 11, 2010.
Ronald C. Wolfe, Mayor
Published by posting in at least three public places in Town and posting at the office of the Town
Clerk at least seven days prior to final action by the Town Council.
ATTEST: APPROVED AS TO FORM:
Patty McKenny, Town Clerk Eric Heil, Town Attorney
INTRODUCED, FINALLY APPROVED, AND PASSED ON SECOND READING, AND
ORDERED PUBLISHED BY POSTING on May 25, 2010.
Ronald C. Wolfe, Mayor
Published by posting by title in at least three public places in Town and posting by title at the
office of the Town Clerk.
ATTEST:
Patty McKenny, Town Clerk
Ord No 10-08 Eagle County EE/RE Improvement District Consent
May 5, 2010
Page 3 of 3
Energy Smart Draft Plan
March 2, 2010
In November 2009, the voters of Eagle County approved Referendum 1 A to develop the Energy Smart
Loan Program. This approval allows Eagle County to offer financing for energy efficiency andi'or
renewable energy improvements, and payments are collected on participating properties through special
assessments upon their property taxes. The program is voluntary and only affects property owners
choosing to participate.
Eagle County Staff has researched other similar Property Assessed Clean Energy (PACE) programs in
existence across the country and has developed the following draft for public review and input.
Comments are encouraged and requested prior to March 24, 2010 and can be forwarded via email to
adam.palmer(- kaglecounty.us .
The recommended eligibility, eligible measures, process, special assessment terms, and details are as
follows for the Energy Smart program start up:
Participants must be property owners in Eagle County, Colorado. Also while the goal of the program is
to expand to commercial properties, currently the program will only be available to residential
properties. Any property that defaulted on property tax and/or special assessment payments within the
past 3 years is not eligible.
Energy Efficiency (EE)
• INSULATION AND AIR SEALING UPGRADES
• BOILER OR FURNACE REPLACEMENT
• DOOR AND /OR WINDOW REPLACEMENT
• PROGRAMMABLE THERMOSTATS*
• TECHNICAL ENERGY AUDIT*
• INSULATING WINDOW SHADES SHUTTERS*
*since these are typically smaller cost items, most cases these items would only be eligible if
incorporated with other eligible measures totaling over the proposed $3, 000 minimum participation
requirement.
Renewable Energy (RE)
• SOLAR PHOTOVOLTAIC SYSTEMS
• SOLAR THERMAL SYSTEMS
• SMALL WIND ( <20 KW) SYSTEMS
• PELLET OR WOOD CHIP BOILERS /FURNACES
• GEOTHERMAL /GROUND SOURCE HEAT PUMP SYSTEMS
See attached performance standards document associated with proposed eligible measures.
A key component of the Energy Smart Loan Program (ESLP) is that it provides for rolling enrollment,
instead of a pre- defined sign -up deadline. So whenever a homeowner is ready to make the proposed
energy efficiency or renewable energy improvements eligible under the program, they may do so at any
time as long as funds are available. This process allows for much better accessibility to the public,
scheduling and capacity for contractors, and more manageable program administration. The proposed
homeowner process would include the following:
1. Complete a free energy audit on the home through Holy Cross Energy. This is a
requirement for all participating homes within the Holy Cross service territory. For
homes outside the Holy Cross service territory, a home energy audit is highly
recommended but not required.
2. Acquire bids for the work to be completed on the home, select contractor to perform the
work. Eagle Valley Home Builders Association will provide lists of local contractors
who can perform the proposed scope of work.
3. Submit an application online or in person which includes a signed contract between
owner and contractor, and a copy of the energy audit. A $100 non - refundable fee is paid
along with the application to help cover some administration costs and eliminate projects
not intending to move forward within the proposed 90 day limit of project completion
from unnecessarily allocating funds.
4. The owner is given a notice to proceed which states their project is eligible for ESLP
funding and payment will be issued upon completion.
5. The owner submits a statement of completion and a copy of the final inspection by the
relevant local authority, based upon existing building department practices. This
statement clearly states that the work is complete and the owner is satisfied with the
improvements made by the contractor. For improvements which do not require
permitting within the underlying jurisdiction, an inspection will be performed by a
representative of the ESLP to ensure that the proposed scope of work has been
completed on the subject property.
6. Payment is forwarded directly to the contractor named on the application in the
contracted amount.
7. The cost of the improvement is attached to the subject property by Eagle County as a
special assessment and amortized over 15 years. The first payment due on the
assessment would be on the following year's tax notice. The assessment can be paid in
two halves as with the primary property tax amount, in full for the annual amount due, or
the entire assessment may be paid off at any time without prepayment penalty. If the
property ownership changes, the assessment lies with the land unless the remaining
balance is paid off in its entirety.
The target loan package is a 15 -year term with a fixed 5% interest rate. The interest rate covers
associated administration costs of the program, as well as provides a return on the Eagle County
Treasurer's investment of securities into the program. This investment does not affect the general fund
nor reserve funds. It is proposed that the program is to begin with $1,000,000 available to eligible
homeowners. A minimum limit of $3,000 and a maximum limit of $50,000 is proposed per
participating property.
Staff is concurrently pursuing other funding options for the program should demand exceed the
$1,000,000. One is a partnership with local banks to provide financing for the program through a long
term low interest line of credit to Eagle County which it would then administer to participating property
owners. Other larger scale opportunities exist in the form of low interest bonds; however, bonding only
makes sense in a larger multiple- county framework which is currently not an option. The current goal to
launch the program is to start small, utilizing available funding sources, and grow the program as it is
warranted.
• While the Limited Improvement District has been established in unincorporated Eagle County to
participate in the program, Towns within Eagle County wishing to participate must opt -in by
passing a town ordinance for property owners within their jurisdiction to participate in the
program. A generic sample draft ordinance is attached, as is a draft list of eligible measure
minimum performance standards.
• Deed restricted homes can participate but cannot include over base appreciation unless entirely
paid off before time of sale.
• Condominium owners are eligible with appropriate authorization from their Home Owners
Association, if necessary, for improvement measure(s).
• Do- it- yourselfers may participate but only for materials, not time.
• The program is eligible for existing homes only; not new construction.
• Contractors in compliance with relevant professional regulations within the underlying
jurisdiction are eligible to provide services in the Energy Smart Loan Program. A 3 -year
minimum warrantee on materials and workmanship is required for participating contractors.
This will be clearly stated on the signed contract between the owner and contractor submitted
prior to loan initiation.
• Any solar rebates will be allocated to the loan buy down prior to the special assessment being
finalized. It is the full responsibility of the owner to complete any paperwork necessary for the
issuance of such rebates. In no case will solar rebates be issued directly to the owner or
contractor for projects participating in the ESLP.
• Any applicable IRS tax credits available to property owners for improvements completed under
the ESLP will be the full responsibility of the owner and will not be addressed in any way by the
ESLP.
• Energy use of participating properties would be monitored by local utility districts to
demonstrate general energy use trends before and after participation in the program. No
personal use information would be shared without express written consent of the property owner
or representative.
• All eligible measures are subject to all applicable existing regulations and permitting processes
of the applicable permitting authority of the subject property.
• The listing of eligible measures does not constitute a warranty of any kind. While the eligible
measures are expected to have positive returns on investment and generate positive cash flow
within the term of the special assessment, the Energy Smart Loan Program can not guarantee
energy or cost savings associated with these measures.
Air Sealing
Energy Smart Loan
Energy
Air Sealing
D•.
Program Eligible Measures
Efficiency Measures
measures should result in final ACH of .35
Duct Sealing
mastic only
Whole House Fan
Must have controls (thermostat or timer, multi- speed). Fan opening must be
properly insulated and sealed in winter.
Ventilation
Attic Fan
Must have controls (thermostat or timer, multi- speed). Fan opening must be
properly insulated and sealed in winter. May be solar-powered.
Heat Recovery Ventilator
Must meet Energy Star criteria, no integral electric resistance heater.
Attic
R -49 minimum required in open attic; cathedral ceilings will vary.
Wall
R -22 minimum
Insulation
Floor
R -38 minimum
Ducts
R -8 minimum
Perimeter
R -10 minimum
Crawls ace
Sealed seam and edge vapor barrier. R -30 minimum wall insulation
High Efficiency Furnace
AFUE >= 95 %
Heating
Boiler
AFUE >= 93 %
Ground Source Heat Pump
Closed loop only. Must meet Energy Star: EER >14.1, COP > =3.3. Installer must be
IGSPHA certified.
Programmable Thermostats
installed per manufacturer's specifications
_
Cooliniz
Evaporative CoolinR
installed per manufacturer's specifications
Water Heating
On-Demandfrankless
Energy Factor of 0.82 or higher (Energy Star listed)
Lighting
Fixtures ballasts
Hard wired electronic ballasts only
Timers & Sensors
Must be hardwired to electrical service
Home Energy Monitor
Must be hardwired to electrical service
Windows. Doors, and
Skylights
Window Repair
Reglazing and repair of historic, old growth windows, does not include coatings or
finishes.
Exterior windows and glass doors
Replacements. U.30 maximum
Storm windows
Weatherstripping required. Total window assembly of U<0.30
Window Film
Must meet Energy Star criteria
Insulating shutters or blinds
R -5 minimum for shutters, R -3 for blinds, proper installation required
Insulating exterior doors
U -32 minimum
Skylights
Renewable
Replacements only. U .32 minimum
Energy Measures
Solar Hot Water
menu
Must be rated by the Solar Rating and Certification Corportation. R-4 minimum
for insulation on collector pipes. NABCEP /COSEIA certified installer.
Solar Photovoltaic
NABCEP /COSEIA certified installer.
Small Wind
Pellet Stoves /Boilers
Pellet Stoves Boilers
Minimum 75 %efficiency, 2 rams /hr or less particulate ratio
All eligible measures are subject to all applicable existing regulations and permitting processes. Payment will be made to the contractor upon
final inspection by the relevant local authority, based upon exisitng building department practices. Contractors in compliance with relevant
professional regulations are eligible to provide services in the Energy Smart Loan Program. The listing of eligible members does not constitute a
warranty of any kind, nor does the Energy Smart Loan Program guarantee energy or cast savings associated with these measures.
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NEIL LAW
& PLANNING, LLC
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TO: Honorable Mayor Wolfe and Town Council members
CC: Larry Brooks, Town Manager
FROM: Eric Heil, Town Attorney
DATE: June 7, 2010
SUBJECT: Ordinance No. 10 -09 Repealing Allowance of 3.2 Beer in Nottingham
Park
Summary: The Colorado Liquor Code does not allow the consumption of alcohol in
public parks or other public places unless a liquor license has been issued or the
exemptions for special event permits apply. Ordinance No. 10 -09 amends section
9.12.080(a) of the Avon Municipal Code to comply with the Colorado Liquor Code. The
primary purpose for amending the Municipal Code is because the Colorado Liquor Code
places an affirmative duty on police officers to enforce the Colorado Liquor Code. Avon,
as a home rule community, cannot supersede the Colorado Liquor Code. The
inconsistency between the Municipal Code and Colorado Liquor Code creates potential
conflicts for Avon police officers as well as conflicts for enforcement of the Municipal
Code in municipal court.
As proposed, the revisions would allow the consumption of alcohol in public parks only
under the following circumstances:
1. A Picnic Event Permit is issued by the Town.
2. The alcohol is provided without charge (i.e. served for free).
3. The alcohol is consumed by members and guests of organizations qualified to
obtain a special event liquor license (governmental and non - profit organizations).
4. The consumption of beer and wine is allowed but not spirits.
Special Event Permit liquor licenses would not be affected by this ordinance.
The relevant state statutes reprinted for your convenience as follows:
12 -47 -901. Unlawful Acts - Exceptions
(1) Except as provided in section 18 -13 -122, C.R.S., it is unlawful for any person:
(h) (1) To consume malt, vinous, or spirituous liquor in any public place except on any licensed premises
permitted under this article to sell such liquor by the drink for consumption thereon; to consume any
alcohol beverage upon any premises licensed to sell liquor for consumption on the licensed premises, the
Heil Law & Planning, «C Eric Heil, Esq., A.I.C.P.
1499 Blake Street, Unit 1 -G Tel: 303.975.6120
Denver, CO 80202 eheil0avon.org
Avon Town Council
RE: Ord. 10 -09
May 7, 2010
Page 2 of 2
sale of which is not authorized by the state licensing authority; to consume alcohol beverages at any time
on such premises other than such alcohol beverage as is purchased from such establishment; or to consume
alcohol beverages in any public room on such premises during such hours as the sale of such beverage is
prohibited under this article.
12 -47 -904. Duties of inspectors and police officers
(2) It is the duty of all sheriffs and police officers to enforce the provisions of this article and articles 46 and
48 of this title and the rules and regulations made pursuant to said articles and to arrest and complain
against any person violating any of the provisions of this article or rules and regulations pertaining thereto.
It is the duty of the district attorney of the respective judicial districts of this state to prosecute all violations
of said articles in the manner and form as is now provided by law for the prosecution of crimes and
misdemeanors, and it is a violation of said articles for any such person, knowingly, to fail to perform any
duties pursuant to this section.
12 -48 -102. Qualifications of organizations for permit - qualifications of municipalities or
municipalities owning arts facilities - qualifications of candidates
(1) A special event permit issued under this article may be issued to an organization, whether or not
presently licensed under articles 46 and 47 of this title, which has been incorporated under the laws of this
state for purposes of a social, fraternal, patriotic, political, or athletic nature, and not for pecuniary gain, or
which is a regularly chartered branch, lodge, or chapter of a national organization or society organized for
such purposes and being nonprofit in nature, or which is a regularly established religious or philanthropic
institution, and to any political candidate who has filed the necessary reports and statements with the
secretary of state pursuant to article 45 of title 1, C.R.S.
(2) A special event permit may be issued to any municipality owning arts facilities at which productions or
performances of an artistic or cultural nature are presented for use at such facilities, subject to the
provisions of this article.
12 -48 -108. Exemptions
An organization otherwise qualifying under section 12 -48 -102 shall be exempt from the provisions of this
article and shall be deemed to be dispensing gratuitously and not to be selling fermented malt beverages or
malt, spirituous, or vinous liquors when it serves, by the drink, fermented malt beverages or malt,
spirituous, or vinous liquors to its members and their guests at a private function held by such organization
on unlicensed premises so long as any admission or other charge, if any, required to be paid or given by
any such member as a condition to entry or participation in the event is uniform as to all without regard to
whether or not a member or such member's guest consumes or does not consume such beverages or liquors.
Requested Action: Approval of first reading of Ordinance No. 10 -09 AN ORDINANCE
AMENDING SECTION 9.12.080(a) OF THE AVON MUNICIPAL CODE
TOWN OF AVON, COLORADO
ORDINANCE NO. 10 -09
SERIES OF 2010
AN ORDINANCE AMENDING SECTION 9.12.080(a)
OF THE AVON MUNICIPAL CODE
WHEREAS, pursuant to C.R.S. §31 -15 -103 and §31 -15 -104, and pursuant to the home rule
powers of the Town of Avon ( "Town "), the Town Council has the power to make and publish
ordinances necessary and proper to provide for the safety, preserve the health, promote the
prosperity, and improve the morals, order, comfort, and convenience of its inhabitants; and
WHEREAS, Articles 47 and 48, Title 12, of the Colorado Revised Statutes, the consumption
of alcohol on streets, alleys, public parks, public places, and public buildings is not lawful except
pursuant to limited circumstances and C.R.S. §12 -47 -904 establishes an affirmative duty of
police officers to enforce the liquor code; and
WHEREAS, the Town Council finds that enacting regulations concerning the proper use of
parks and special event areas and providing penalties for violation of those regulations will
enhance the community's ability to enjoy the Town's recreational opportunities and therefore the
Town Council finds that passage of this Ordinance will promote and preserve the health, safety,
and welfare of the Avon community.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN
OF AVON, COLORADO the following:
Section 1. Recitals Incorporated. The above and foregoing recitals are incorporated herein
by reference and adopted as findings and determinations of the Town Council.
Section 2. Amendment. Section 9.12.080(a) of the Avon Municipal Code is hereby
amended by repealing Section 9.12.080(a) in its entirety and re- enacting Section 9.12.080(a) to
read as follows:
"(a) It is unlawful for any person to consume any malt, vinous or spirituous liquors or
fermented malt beverages upon any street, alley, sidewalk, park, public property, public
building or public parking lot in the Town or in any vehicle upon such places unless (1) a
special events permit has been issued pursuant to Article 48, Title 12, Colorado Revised
Statutes or (2) such person is a member or guest of a qualifying organization which has
obtained a picnic event permit from the Town and which event meets the qualifications
for exemption from special event permits pursuant to C.R.S. §12 -48 -108, except that the
consumption of spirituous liquors shall not be permitted by any person at an event which
meets the qualifications for exemption from special event permits pursuant to C.R.S. §12-
48- 108."
Ord 10 -09 Repealing 3.2 in Parks 5 -5 -10
Page 1 of 3
Section 3. Codification Amendments. The codifier of the Town's Municipal Code, Colorado
Code Publishing, is hereby authorized to make such numerical and formatting changes as may be
necessary to incorporate the provisions of this Ordinance within the Avon Municipal Code. The
Town Clerk is authorized to correct, or approve the correction by the codifier, of any
typographical error in the enacted regulations, provided that such correction shall not
substantively change any provision of the regulations adopted in this Ordinance. Such
corrections may include spelling, reference, citation, enumeration, and grammatical errors.
Section 4. Severability. If any provision of this Ordinance, or the application of such provision
to any person or circumstance, is for any reason held to be invalid, such invalidity shall not affect
other provisions or applications of this Ordinance which can be given effect without the invalid
provision or application, and to this end the provisions of this Ordinance are declared to be
severable. The Town Council hereby declares that it would have passed this Ordinance and each
provision thereof, even though any one of the provisions might be declared unconstitutional or
invalid. As used in this Section, the term "provision" means and includes any part, division,
subdivision, section, subsection, sentence, clause or phrase; the term "application" means and
includes an application of an ordinance or any part thereof, whether considered or construed
alone or together with another ordinance or ordinances, or part thereof, of the Town.
Section 5. Effective Date. This Ordinance shall take effect seven days after public notice
following final passage in accordance with Section 6.4 of the Avon Home Rule Charter.
Section 6. Safety Clause. The Town Council hereby finds, determines and declares that this
Ordinance is promulgated under the general police power of the Town of Avon, that it is
promulgated for the health, safety and welfare of the public, and that this Ordinance is necessary
for the preservation of health and safety and for the protection of public convenience and
welfare. The Town Council further determines that the Ordinance bears a rational relation to the
proper legislative object sought to be obtained.
Section 7. No Existing Violation Affected. Nothing in this Ordinance shall be construed to
release, extinguish, alter, modify, or change in whole or in part any penalty, liability or right or
affect any audit, suit, or proceeding pending in any court, or any rights acquired, or liability
incurred, or any cause or causes of action acquired or existing which may have been incurred or
obtained under any ordinance or provision hereby repealed or amended by this Ordinance. Any
such ordinance or provision thereof so amended, repealed, or superseded by this Ordinance shall
be treated and held as remaining in force for the purpose of sustaining any and all proper actions,
suits, proceedings and prosecutions, for the enforcement of such penalty, liability, or right, and
for the purpose of sustaining any judgment, decree or order which can or may be rendered,
entered, or made in such actions, suits or proceedings, or prosecutions imposing, inflicting, or
declaring such penalty or liability or enforcing such right, and shall be treated and held as
remaining in force for the purpose of sustaining any and all proceedings, actions, hearings, and
appeals pending before any court or administrative tribunal.
Ord 10 -09 Repealing 3.2 in Parks 5 -5 -10
Page 2 of 3
Section 8. Publication by Posting. The Town Clerk is ordered to publish this Ordinance by
posting notice of adoption of this Ordinance on final reading by title in at least three public
places within the Town and posting at the office of the Town Clerk, which notice shall contain a
statement that a copy of the ordinance in full is available for public inspection in the office of the
Town Clerk during normal business hours.
INTRODUCED, APPROVED, PASSED ON FIRST READING, ORDERED POSTED
AND REFERRED TO PUBLIC HEARING and setting such public hearing for May 25, 2010
at the Council Chambers of the Avon Municipal Building, located at One Lake Street, Avon,
Colorado, on May 11, 2010.
Ronald C. Wolfe, Mayor
Published by posting in at least three public places in Town and posting at the office of the Town
Clerk at least seven days prior to final action by the Town Council.
ATTEST: APPROVED AS TO FORM:
Patty McKenny, Town Clerk Eric Heil, Town Attorney
INTRODUCED, FINALLY APPROVED, AND PASSED ON SECOND READING, AND
ORDERED PUBLISHED BY POSTING on May 25, 2010.
Ronald C. Wolfe, Mayor
Published by posting by title in at least three public places in Town and posting by title at the
office of the Town Clerk.
ATTEST:
Patty McKenny, Town Clerk
Ord 10 -09 Repealing 3.2 in Parks 5 -5 -10
Page 3 of 3
TOWN OF AVON, COLORADO VON
AVON WORK SESSION MEETING FOR TUESDAY, MAY 11, 2010
MEETING BEGINS AT 1:30 PM
AVON TOWN HALL, ONE LAKE STREET
PRESIDING OFFICIALS
MAYOR RON WOLFE
MAYOR PRO TEM BRIAN SIPES
COUNCILORS RICHARD CARROLL, DAVE DANTAS, KRISTI FERRARO
AMY PHILLIPS, ALBERT "Buz" REYNOLDS, JR.
TOWN STAFF
TOWN ATTORNEY: ERIC HEIL TOWN MANAGER: LARRY BROOKS TOWN CLERK: PATTY MCKENNY
ALL WORK SESSION MEETINGS ARE OPEN TO THE PUBLIC EXCEPT EXECUTIVE SESSIONS
COMMENTS FROM THE PUBLIC ARE WELCOME; PLEASE TELL THE MAYOR YOU WOULD LIKE TO SPEAK UNDER No. 2 BELOW
ESTIMATED TIMES ARE SHOWN FOR INFORMATIONAL PURPOSES ONLY, SUBJECT TO CHANGE WITHOUT NOTICE
PLEASE VIEW AVON'S WEBSITE, HTTP: / /WWW.AVON.ORG, FOR MEETING AGENDAS AND MEETING MATERIALS
AGENDAS ARE POSTED AT AVON TOWN HALL AND RECREATION CENTER, ALPINE BANK, AND AVON LIBRARY
THE AVON TOWN COUNCIL MEETS ON THE SECOND AND FOURTH TUESDAYS OF EVERY MONTH
1:30 PM — 2:30 PM 1. EXECUTIVE SESSION
a. Receiving legal advice pursuant to Colorado Revised Statute §24- 6- 402(4)(b)
and for developing a strategy for negotiations and instructing negotiators
pursuant to Colorado Revised Statute §24- 6- 402(4)(d) specifically related to
pending litigation and settlement discussions regarding Town of Avon v Traer
Creek Metropolitan District, 2008 CV 0385
b. Receiving legal advice pursuant to Colorado Revised Statute §24- 6- 402(4)(b)
specifically related to a lawsuit filed against the Town of Avon by Traer Creek,
LLC and other parties
c. Receiving legal advice pursuant to Colorado Revised Statute §24- 6- 402(4)(b),
developing a strategy for negotiations and instructing negotiators pursuant to
Colorado Revised Statute §24- 6- 402(4)(d), and for the discussion of potential
transfer of real property pursuant to Colorado Revised Statute §24- 6- 402(4)(a)
specifically related to the Upper Eagle River Water Authority Avon water
treatment plant site
2. INQUIRY OF THE PUBLIC FOR COMMENT AND APPROVAL OF AGENDA
2:30 PM — 3:00 PM 3. COUNCIL COMMITTEE AND STAFF UPDATES
a. Harry A. Nottingham Park Pavilion Update (Justin Hildreth, Town Engineer)
Review design renderings completed by Vag, Inc.
b. Department Project Updates from Community Development (Sally Vecchio,
Assistant Town Manager Community Development) Review Community
Development activity
c. Suicide Prevention Coalition of Eagle County Update (Bob Ticer, Police
Chief) Review status of activities addressed by suicide prevention coalition
d. Review Draft of 2009 Year End Audited Financial Statements (Scott
Wright, Assistant Town Manager Finance) / Memo only
3:00 PM — 3:05 PM 4. SETUP FOR JOINT MEETING
3:05 PM — 5:00 PM S. .JOINT MEETING WITH PLANNING & ZONING COMMISSION TO DISCUSS AVON
DEVELOPMENT CODE (Sally Vecchio, Assistant Town Manager Community
Development, Eric Heil, Town Attorney) Review several aspects of the development
code including Development and Design Standards
5:OOPM 6. ADJOURNMENT AND SETUP FOR REGULAR MEETING
Avon Council Meeting. 10.05.11
Page 1 of 3
Memo
Initials
To: Honorable Mayor and Town Council
Tinc Larry Brooks, Town Manager
Approved by: Sally Vecchio, Assistant Town Mgr /Director of Comm. Dev.
From: Justin Hildreth P.E., Town Engineer if
Shane Pegram P.E., Engineer II
Date: May 6, 2010
Re: H.A. Nottingham Park Pavilion — Project Update
Summary: This memorandum is to provide Town Council with an update on the progress of the H.A
Nottingham Park Pavilion project. The project was presented to Town of Avon Planning and Zoning
Commission (P &Z) for Final Design approval at their May 4, 2010 meeting during which Final Design
was received. Next, the contract documents will be completed and marketing documents will be
prepared for several Town Council members to solicit additional construction funds.
Background: The H.A. Nottingham Park Pavilion plans were presented to Town Council on January
26, 2010. The presentation included three phases for construction. Phase one included the pavilion
structure only with a budget of $250,000. Enhanced Phase 1 included an "enhanced" pavilion with
some aesthetic improvements beyond Phase 1 and a budget of $300,000. Phase two was a fully
developed pavilion, and would require an additional $200,000 for construction. Town Council
directed Staff to design the "enhanced" Phase 1.
Discussion: Construction of the pavilion was delayed until additional funds could be raised to
complete the project. The "enhanced" plans, along with the final phase that could be built in the
future, were presented to the Planning Commission during their March 16, 2010 meeting. The
Planning commission shared their comments and questions with staff, but no formal action is taken at
the Sketch Plan level. Their comments were geared towards design features of the project and the
suitability of its location, as well as requesting a three - dimensional rendering.
Vail Architecture Group (VAg) incorporated the P &Z's Sketch Plan comments into the Final Design
plans and presented the Final Design at the May 4th, 2010, meeting. P &Z approved the Final Design
and provided very positive feedback on the design. The three - dimensional renderings and an
expanded site plan are included in Exhibit A for Town Council comment. The final design plans and
three - dimensional renderings requested by P &Z will be incorporated into marketing materials for
solicitation of funds for the project.
Town Manager Comments:
IOYVI_�k yp
Attachments
Exhibit A: Pavilion Site Plan and Renderings
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Memo
To: Honorable Mayor and Town Council Initials
Thru: Larry Brooks, Town Manager
From: Sally Vecchio, Dir. Ass't Town Manager /Comm. Dev.
Date: May 6, 2010
Re: Department Project Updates
PLANNING /ZONING
1. Timeshare East. PZC approved the Final Design for Timeshare East on April 20, 2010.
2. Land Development Code Update – The PZC and TC held five work sessions between April 6 and
May 4, to discuss some of the revisions in the proposed Code. A final joint work session with
both bodies will be held on May 11, 2010 to review the comments and work plan leading up the
PZC public hearing, targeted for June 15, 2010.
3. Transportation Vision Statements PZC drafted four vision statements for the Transportation
Comprehensive Plan. Council reviewed and revised the vision statements and adopted them as
amendments to the Comprehensive Plan on April 27, 2010.
'LAN REVIEW ACTIVITY
APPLICATION PROJECT ADDRESS
Minor Design 47 E Beaver Ck Blvd
Minor Design 4090 Wildridge Rd
Minor Design 2618 Beartrap Rd
STATUS
Staff Approved
Staff Approved
Staff Approved
— =QE6RIPT1b-Rl1101E
Christie Lodge exterior improvement to
hot tub, pool area and lighting.
Color Change
Residential Addition
Minor Design
137 Benchmark Dr
Under Staff Review
Seasons Communication Equip
Minor Design
37347 Hwy 6
Under Staff Review
Brookside Communication Equip
Minor Design
950 Nottingham Rd
Under Review
Commercial Color Change
Minor Design
210 Nottingham Rd
Staff Approved
Deck Addition
Minor Design
5381 Eaglebend Dr
Staff Approved
Door and Window Replacement
Sketch Design
208.0 Beaver Creek P.
PZC Reviewed 3/2
Single Family Residence
Sketch Design
One Lake St.
PZC Reviewed 3/16
HA Nottingham Park Pavilion
Final Design
130 Buck Creek Rd
PZC Approved 3/2
Gore Range Science School
Final Design
2101 Saddle Ridge Rd
PZC Approved 5/4
Two Duplex Structures
Final Design
5075 Wildridge Rd
PZC Approved 5/4
Single - Family Residence
Final Design
42 Riverfront Ln
PZC Approved 4/20
Timeshare East Building
Final Design
One Lake St
PZC Approved 5/4
HA Nottingham Park Pavilion
Zoning
Brookside Condos
PZC Approved 3/2
Short Term Rental Overlay
Zoning
Canyon Run Condos
PZC Approved 3/2
Short Term Rental Overlay
Special Review
Use
Trees of Colorado
PZC Approved 3/2
Extension Approved for Tree Sales
ATTAINABLE HOUSING PROGRAM
1. Units Sold Between Jan 1 and April 20, 2010:
a. Lodge at Brookside Unit #31
b. Grandview Unit #203
2. No. of refinance applications approved: Two (2)
3. Units Listed For Sale:
a. Brookside Unit #211
b. Chapel Square Unit #304
c. Grandview Unit #106
d. Wildwood Townhomes South Unit A2
4. No. of Purchasers Qualified: Two (2)
5. No. of Approved Tenants for Restricted Rental Units: Five (5) for Sheraton Mtn Vista units.
HISTORIC PRESERVATION
1. Waterwheel Installation. Awaiting final contract approval from the Colorado Mountain College
(CMC) for the Historic Waterwheel installation. The water wheel paddles have been
reconstructed and the site must now be prepared with a slab foundation.
BUILDING DEPARTMENT
1. Building Permit Activity between Jan 1 -April 20, 2010 -See Tables 1.1, 1.2a, 1.2b, and 1.3.
ENGINEERING DEPARTMENT
1. Heat Recovery Project. GE Johnson, Inc. is the low bidder for the project and construction is
scheduled to start in 4 to 6 weeks.
2. Fishing is Fun Pier. The project is currently under construction and should be completed in one
month
3. Recreation Center Roof Replacement. The roof is currently being designed and construction is
scheduled for summer 2010.
4. H.A. Nottingham Park Sign Replacement. The sign wording is being finalized and will be
replaced this spring.
5. Town Hall Parking Lot. The parking lot will be overlaid, drainage problems fixed and handicap
ramps replaced once the asphalt plants open this spring. Elam Construction is the low bidder.
6. Town Hall HVAC Improvements. Rader Engineering has been selected to perform a diagnostic
of the existing HVAC system and has one month to complete the work.
7. Nottingham - Puder Ditch had a blow out in Lot 1 of the Village (at Avon) between the recycling
site and rodeo lot. Attempting to coordinate with the other owner of the ditch.
8. H.A. Nottingham Park Pavilion. VAg completing the design of the Pavilion and obtained final
design approval from P &Z on May 4th, 2010.
9. Buck Creek PUD. The contractor is mobilizing on site and construction work is starting for Phase
1 of the project. Engineering Staff will conduct daily inspections and field reports monitoring
the construction.
GIS DEPARTMENT
Special Project Maps
1. Land Use Code Maps- 40% slope, Wildlife data, Wildfire hazard, Town Core Boundary, and New
Commercial Zoning Districts.
2. Salute Maps for Rec Center and Fire District.
Page 12
3. ECO Trails updated as part of the intergovernmental trails master plan. Supplied maps for trails
grant application.
4. Park Maps for Engineering's sign project.
5. Public Works Vicinity Map for a potential new CDOT /Greyhound drop- off /pickup proposal at
Avon Station.
6. CAN Project Maps. Assessed value and voter registration research and maps. Printed maps for
CAN open house.
7. Engineering Road Overlay /Improvement Maps for spring projects.
8. Update Bus Route Map for summer bus schedule printing.
Ongoing Projects
1. US Census — involved with the Complete Count Committee headed up by the County.
Distributing information, attending meetings, working with Jaime on press releases.
2. Asset Management Database -GPS project with Public Works to collect data on Avon's Assets.
Street signs and trashcans are currently being GPS'd, and light posts will be GPS'd this summer.
Building Permit and Development Application Revenues
January 1— April 20 2010
Table 1.1
Building Permit Revenue By Type
Jan — Dec 2009
Tnbla 1 _9n
Building Addition /Remodel
Revenues Received
Waived Revenues
Revenues Received
Revenues Waived
Fees /Revenue
Jan -Aug 2009
Aug -Dec 2009
Jan —April 2010
Jan.— April2010
Contractor License Fees
$5,205.00
0
0
0
Building Permit Fees
$43,097.62
$25,849.37
$73,769.87
$19,078.02
Subdivision Review Fees
$4,627.50
$877.50
$2,160.00
0
Design Review Fees
$12,925.00
$7,886.17
0
$8,521.42
TOTALS
$78,464.91
$34,613.04
$75,929.87
$27,599.44
Building Permit Revenue By Type
Jan — Dec 2009
Tnbla 1 _9n
Building Addition /Remodel
$25,803.00
New Building
$14,418.00
Mechanical
$1,430.00
Plumbing
$600.00
Building Permit Revenue By Type
January 1 — April 20, 2010
Tabla 1.26
Building Addition /Remodel
$25,824.92
New Building
$50,418.61
Mechanical
$1,111.42
Plumbing
$75.00
Building Permit Valuations
2008-2010
Table 1.3
Permit Valuations
2008
2009
Jan. —April
2010
New Commercial Construction Valuation
$2,525,749.00
$0
$0
New Residential Construction Valuation
$11,165,780.00
$3,521,000.00
$3,898,614.00
New Residential Permits Issued
15
4
1
TOTAL PERMITS ISSUED
143
60
35
Page 13
Memo
To:
Honorable Mayor and Town Council
Thru:
Larry Brooks, Town Manager
From:
Robert L. Ticer, Police Chief
Date:
May 4, 2010
Re:
Suicide Prevention Coalition of Eagle County Update
Summary: Update to the council on the activities of the Suicide Prevention
Coalition of Eagle County since its development in August 2009.
Background: In the summer of 2009, the Avon Town Council tasked the Avon
Police Department with seeking what resources were available in Eagle County
in regards to mental health services and suicide prevention.
Discussion: In July, the Avon Police Department contacted the Bright Future
Foundation, Eagle River Youth Coalition and Colorado West Regional Mental
Health to begin the foundation of a public education outreach for Suicide
Prevention. The Avon Police Department hosted and paid for QPR (Question,
Persuade, Refer) training. This is a one hour gatekeeper training. 15 people
attended that training.
On September 24, 2009 the first coalition meeting took place with 23 people in
attendance creating a very successful collaborative unit consisting of
representatives from law enforcement, first responders, private
psychologists /counselors, the faith community, community members, Vail
Resorts, Eagle County School District, Eagle River Youth Coalition, Bright Future
Foundation, Colorado West Regional Mental Health, Samaritan Counseling
Center and Heartbeat. We initially believed that it was important to offer suicide
specific training, evaluate all of our current resources that we were aware of,
brainstorm new resources and figure out the best way to make referrals before
crisis. Data provided by the Healthy Kids Colorado survey suggested that the
youth in Eagle County have a very large suicide ideation rate. As a group we felt
that it was essential to build a relationship with the schools to help reduce that
rate and provide our youth with a message that there is help. Meetings have
continued monthly since this date.
With funding from a grant that was awarded to the Eagle River Youth Coalition
from the Colorado Office of Suicide Prevention 60 people have received QPR
training (1 hour), 50 SafeTALK (3 hours) and 23 ASIST (Applied Suicide
Intervention Skills Training 15 hours) for a total of 148 individuals that are now
trained as gate keepers in our communities. Additional grant money has also
been allocated to the Second Wind Fund. This fund provides treatment to Youth,
that are under insured or do not have insurance at all and are at risk for suicide.
The Suicide Prevention Coalition of Eagle County also applied for a $7500.00
grant from Vail Valley Cares for funding for PSA's and other media education.
As a group we are also working on bringing Bryce Mackey to speak to high
school and middle school students in the fall. The Eagle County Prevention
committee will fund a portion of this presentation and we will be seeking other
donors. We will try our best to bring this presentation during Suicide Prevention
Week. We also have funding for TeenLink which is a program designed for
middle school age children that will be taught in three 45 minute sessions. We
are hoping to implement this class at Berry Creek Middle School in the fall.
Financial Implications: Other than time associated with participating on this
Coalition, there are no financial implication to the Town of Avon. Ms. Krista
Jaramillo is the primary Avon Police Department Representative on this
Coalition.
Recommendation: It is recommended that Avon Police Department continues
to lead this important Coalition for the health of our community.
Recommended Motion: I approve to continue the Town of Avon's participation
on the Suicide Prevention Coalition of Eagle County.
Town Manager Comments:
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: May 6, 2010
Re: Proposed Final Draft — 2009 Comprehensive Annual Financial Report
Summary:
The proposed final draft of the Town's 2009 Comprehensive Annual Financial Report is
included in your Council packets for your review and comment. The Town's auditor's have
completed their field work and are finalizing their review of this document in order to issue
their opinion. A representative from McMahan and Associates, CPAs will present the final
printed and bound report on May 25'x' for Council's acceptance.
I will not be present at the Town Council worksession and meeting on Tuesday. If you have
any comments or suggestions on the final draft please forward those to me (or through Larry
or Patty) no later than Wednesday, May 12th. We are scheduled to go to print on the 13''.
Town Manager Comments:
Attachments:
A — Town of Avon 2009 Comprehensive Annual Financial Report (Final Draft form)
Page 1
Cl
C O T. O R A 1) 0
Prepared by:
Department of Finance
EJPORT
11•
Scott C. Wright, CPA, CPFO, Asst Town Manager- Finance
TOWN OF AVON, COLORADO
LIST OF ELECTED AND APPOINTED OFFICIALS
December 31, 2009
Wel
McMahan and Associates, LLC
Certified Public Accountants
)evelopment
ice
istration
isportation
TOWN OF AVON, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 2009
TABLE OF CONTENTS
INTRODUCTION
Letter of Transmittal Page
Certificate of Achievement for Excellence in Financial v -x
Reporting
Town of Avon Organization Chart xi
Xii
FINANCIAL SECTION
Independent Auditor's Report
Management's Discussion and Analysis 1 -2
3 -16
Basic Financial Statements
Government -wide Financial Statements:
Statement of Net Assets
Statement of Activities
17
18 -19
Fund Financial Statements:
Balance Sheet — Governmental Funds
Statement of Revenues, Expenditures and Changes in Fund
20 -21
Balances — Governmental Funds
Statement of Net Assets — Proprietary Funds
22 -23
Statement of Revenues, Expenses and Changes in Fund Net
24
Assets — Proprietary Funds
Statement of Cash Flows — Proprietary Funds
25
Notes to the Financial Statements
26 -27
28 -52
Required Supplemental Information
Schedule of Revenues, Expenditures and Changes in Fund
Balances (Budgetary Basis) — Budget and Actual —
General Fund
Schedule of Revenues, Expenditures and Changes in Fund 53
Balances (Budgetary Basis) — Budget and Actual — Avon
Urban Renewal Authority Fund
Schedule of Revenues, Expenditures and Changes in Fund 54
Balances (Budgetary Basis) — Budget and Actual — Water
Fund 55
Notes to Required Supplemental Information 56
TOWN OF AVON, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 2009
TABLE OF CONTENTS - CONTINUED
79
Other Supplemental Information
Page
Nonmajor Governmental Funds
57
Combining Balance Sheet — Nonmajor Governmental Funds
58 -59
Combining Statement of Revenues, Expenditures and
82 -84
Changes in Fund Balances — Nonmajor Governmental
102
Funds
60 -61
Schedules of Revenues, Expenditures and Changes in Fund
Balances (Budgetary Basis) - Budget and Actual:
86 -87
Main Street Maintenance Fund
62
Community Enhancement Fund
63
Affordable Housing Fund
64
Facilities Reserve Fund
65
Debt Service Fund
66
Avon Metropolitan District Debt Service Fund
67
Capital Projects Fund
68
Transit Fund
70 -71
Fleet Maintenance Fund
72 -73
Equipment Replacement Fund
76 -77
Miscellaneous Schedules:
Debt Schedule
79
Detailed Schedule of General Fund Expenditures (Budgetary
94 -97
Basis) — Budget and Actual
80 -81
Detailed Schedule of General Fund Revenues (Budgetary
100
Basis) — Budget and Actual
82 -84
Schedule of Avon Urban Renewal Authority Project
102
Expenditures
85
Schedule of Capital Project Fund Project Expenditures
(Budgetary Basis) — Budget and Actual
86 -87
Local Highway Finance Report
88 -89
STATISTICAL SECTION
Net Assets by Component
92 -93
Changes in Net Assets
94 -97
Changes in Fund Balances, Governmental Funds
98 -99
Fund Balances, Governmental Funds
100
Tax Revenues by Source, Governmental Funds
101
Assessed Value and Actual Value of Taxable Property
102
Direct and Overlapping Property Tax Rates
103
ii
STATISTICAL SECTION (continued)
Principal Taxpayers
Property Tax Levies and Collections
Ratios of Outstanding Debt by Type
Direct and Overlapping Governmental Activities Debt
Ratio of General Bonded Debt Outstanding and Legal Debt
Margin
Demographic and Economic Statistics
Principal Employers
Commercial and Residential Construction
Full -time Equivalent Employees by Function / Program
Operating Indicators by Function / Program
iii
Page
104
105
106
107
108 -109
110
111
112
113
114 -115
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iv
AV0 N
C 0 L._ 0 R A D o
Post Office Box 975
One Lake Street
Avon... a smoke free community Avon, Colorado 81620
970 - 748 -4000
970 - 949 -9139 Fai
Relay recognized
www.avoti.org
May 25, 2010
To the Honorable Mayor, Members of the Town Council
and Citizens of the Town of Avon:
Town Charter and State statutes require that the Town of Avon (Town) issue a
complete set of financial statements presented in conformance with generally
accepted accounting principles (GAAP) and audited in accordance with generally
accepted auditing standards by a firm of licensed independent certified public
accountants. Pursuant to these requirements, we hereby issue the comprehensive
annual financial report of the Town of Avon for the fiscal year ended December 31,
2009.
This report consists of management's representations concerning the finances of the
Town of Avon. Consequently, management assumes full responsibility for the
completeness and reliability of all of the information presented in this report. To
provide a reasonable basis for making these representations, management of the
Town of Avon has established a comprehensive internal control framework that is
designed both to protect the Town's assets from loss, theft, or misuse and to compile
sufficient reliable information for the preparation of the Town of Avon's financial
statements in conformity with GAAP. Because the cost of internal controls should
not outweigh their benefits, the Town of Avon's comprehensive framework of
internal controls has been designed to provide reasonable rather than absolute
assurance that the financial statements will be free from material misstatement. As
management, we assert that, to the best of our knowledge and belief, this financial
report is complete and reliable in all material respects.
The Town of Avon's financial statements have been audited by McMahan and
Associates, L.L.C., a firm of certified public accountants. The goal of the
independent audit was to provide reasonable assurance that the financial statements of
the Town of Avon for the fiscal year ended December 31, 2009, are free of material
misstatement. The independent audit involved examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements; assessing the
accounting principles used and significant estimates made by management; and
evaluating the overall financial statement presentation. The independent auditor
concluded, based upon the audit, that there was a reasonable basis for rendering an
unqualified opinion that the Town of Avon's financial statements for the fiscal year
ended December 31, 2009, are fairly presented in conformity with GAAP. The
independent auditor's report is presented as the first component of the financial
section of this report.
v
Letter of Transmittal
Town of Avon, Colorado
May 25, 2010
GAAP require that management provide a narrative introduction, overview, and
analysis to accompany the basic financial statements in the form of Management's
Discussion and Analysis (MD &A). This letter of transmittal is designed to
complement the MD &A and should be read in conjunction with it. The Town of
Avon's MD &A can be found immediately following the report of the independent
auditors.
Profile of the Town
The Town of Avon was incorporated in 1978 and is located in Eagle County, eight
miles west of the Town of Vail and seventeen miles east of the Town of Eagle. The
Town sits north of U.S. Highway 6, directly adjacent to the Beaver Creek Resort and
is bisected by Interstate Highway 70 from east to west. The primary transportation
route to and from Avon is I -70. Aviation services and transportation are available at
the Eagle County Airport, 24 miles west of the Town. The Town provides bus
transportation services within the Town and offers a high -speed gondola that provides
direct access to Beaver Creek Resort. Avon is also served by the Eagle County
Regional Transit Authority which provides bus service throughout Eagle County.
Eagle County encompasses approximately 1,694 square miles and spans from the
summit of Vail Pass to Glenwood Canyon. Approximately 80% of Eagle County's
land is public — comprised of National Forests, wilderness areas, Bureau of Land
Management properties, and state and local public lands.
The Town of Avon currently encompasses approximately 8'/4 square miles. With a
population of 7,455, as most recently projected by a 2006 housing needs assessment
performed by the Town, it is Eagle County's most populous town. This figure
represents the permanent resident population. Total population increases significantly
during the winter season.
The Town operates under the council /manager form of government. Policy - making
and legislative authority are vested in the Town Council, which consists of a mayor
and a six - member council. The Town Council is responsible, among other things, for
passing ordinances, adopting the budget, and appointing a Town Manager, Town
Attorney, Town Clerk and Municipal Judge. The Town Manager is responsible for
carrying out the policies and ordinances of the Council, overseeing the day -to -day
operations of the Town, and for appointing the heads of the Town's departments.
The Council is elected on a non - partisan basis. Council members are elected to four -
year staggered terms with three council members elected in November, 2008, and the
remaining four to be elected in November, 2010. The mayor and mayor pro -tem are
elected from amongst the elected council members by a majority vote. The mayor
presides at meetings of council but has no power to vote except in the case of a tie of
the council members present and voting.
v1
Letter of Transmittal
Town of Avon, Colorado
May 25, 2010
The Town is a home -rule community empowered to levy a property tax on the
assessed value of real property located within the Town. The Town collects a 4%
sales tax on all retail sales, and a 4% accommodations tax on the lease or rental of
hotel rooms, condominium units and other accommodations within the Town. The
Town also collects a 2% real estate transfer tax on all sales of real property located
within the Town. An important exception is within The Village at Avon Planned
Unit Development where, in accordance with the Annexation and Development
Agreement of October 13, 1998, and as subsequently amended, the Town does not
currently collect these taxes. The Town has the power by state statute to extend its
corporate limits by annexation, which is done periodically when deemed appropriate
by the Town Council.
The Town provides a full range of municipal services including police protection; the
construction and maintenance of parks, streets and roads, and infrastructure;
recreational amenities and cultural activities and events; community planning and
zoning; and general administrative services.
The annual budget serves as the foundation for the Town of Avon's financial
planning and control. No later than October 15th, the Town Manager submits to the
Mayor and Town Council a proposed budget for the calendar year commencing the
following January 1St. The budget is prepared by fund, department, program and
project and includes information on the prior year, current estimates and requested
appropriations and estimated revenues for the upcoming year.
The Town Council holds public hearings and may change appropriations except for
expenditures required by law for debt service or for estimated cash deficits. No
change to the budget may increase the authorized expenditures to any amount greater
than the total amount of funds available. The Town Council must adopt the budget
by resolution prior to December 15th. Once adopted, the Town Council may at any
time, by resolution, amend the budget. In addition, the Town Manager may transfer
part or all of any unencumbered appropriation balance among programs within a
department. A department is defined by the Town as a distinct, principal or
specialized division (e.g. the department of public works).
Expenditures may not legally exceed budgeted appropriations at the fund level.
Budget to actual comparison are provided in this report for all funds and are presented
at a lower -than- required level of control to facilitate detailed financial analysis.
Budgetary comparisons for the Town's general fund and its major special revenue
funds (Avon Urban Renewal Authority, Water Fund) are presented as required
supplemental information in this report. Budget to actual comparisons for all other
Town funds, are included as other supplemental information in this report.
vii
Letter of Transmittal
Town of Avon, Colorado
May 25, 2010
Factors Affecting Financial Condition
Recreation and Tourism. Year -round tourism and skiing - related businesses account
for a significant portion of the employment and earned income of area residents.
Skier visits at Vail and Beaver Creek account for almost 20% of the total skier visits
in Colorado. In addition, Vail was ranked by SKI Magazine as the #3 ski resort in
North America for the 2009 -10 season, while Beaver Creek was ranked 5th.
In addition to skiing and associated winter -time activities, the area promotes a
number of summer activities. The Town of Avon sponsors numerous special events
throughout the year to area residents and visitors including a 4th of July fireworks
display; multiple sporting events, such as Colorado's annual Triple Bypass Bike
Tour; and other family- friendly activities like Lakeside Cinema and Father's Day
Fishing Derby. Avon's Whitewater Park, with three distinct water features, is also
open all summer for boaters and spectators to enjoy. Several championship golf
courses are located in Eagle County and Golf Digest has rated Eagle County as one of
the top 40 golf communities in which to live. Other summer activities include hiking,
horseback riding, bicycling, kayaking and rafting, and other recreational sports.
The inaugural IronKids Avon Triathlon was held in September, 2009 and was a great
success. 270 kids registered for the event with 256 competing on race day. Avon's
Riverside Westin Hotel and Spa booked a total of 86 room nights. The IronKids
Team was very excited to be in Avon and thoroughly enjoyed hosting the event in our
community and will return to Avon in July, 2010 for the second annual event.
Current Initiatives
Despite the fiscal challenges due to the current economic recession, the Town worked
hard in 2009 to continue to provide excellent service while positioning itself for long-
term success. The accomplishments discussed below reflect the Town's initiatives
and budgetary priorities in becoming a more multi -modal community, redeveloping
the town center core, establishing sustainability programs and providing a pleasant
and safe community for its residents.
Connect Avon Now. Connect Avon Now (CAN) is a walkable communities initiative
that the Town has embarked on in order to transform Avon into a more multi -modal
community. This initiative has many components and includes enhancing Avon's
mass transit service, providing additional pedestrian and bike trails, providing for
parking in the Town center, and improving Avon's recreational trails. Below is a
summary of the projects completed in 2009 that will help the Town prepare for its
CAN ballot initiative in 2010.
Transit Survey. The Town of Avon, in partnership with Beaver Creek Resort
Company, recently conducted a transit survey to understand whether or not Avon
viii
Letter of Transmittal
Town of Avon, Colorado
May 25, 2010
residents desired and supported increasing Avon's transit and multi -modal services.
Survey results indicated positive support for adding service to the Village at Avon
(including the Buffalo Ridge affordable housing project), a Beaver Creek winter ski
shuttle, and some level of service to the Wildridge area. In addition, a high level
support was indicated for more pedestrian and trail improvements. All of these areas
showed well over 60% support in the survey.
Recreational Trails Master Plan. In February, 2009 the Town Council adopted a
Recreational Trails Master Plan for the Town of Avon. The Plan is intended to
provide guidance to Avon for the initial development of its recreational trails program
so that the Town can effectively manage and maintain a formalized system of
sustainable trails that will serve the year -round leisure needs of area residents and
visitors.
Transportation Master Plan. The Comprehensive Transportation Master Plan,
adopted in September, 2009 incorporates traffic, transit, and bicycle /pedestrian
elements to ensure a balanced, multi -modal transportation system to serve Avon's
travel needs into the future. The plan reflects the current philosophy of Avon, as
contemplated in the Comprehensive Plan and Town Center West Investment Plan, for
a more transit and pedestrian- oriented community.
Development
Red House Annexation. The Red House parcel, recently annexed into the Town of
Avon, is located at the intersection of Highway 6 and Avon Road on just over an acre
of developable land. While not an immediate part of the Town Center Core, this
development is adjacent to the Town Center and provides connectivity to the Town
Center. This development will include fifteen (15) townhouse units. A river parcel
has been dedicated to the Town of Avon, and kayak access to the Eagle River will be
provided.
Cash Management Policies and Procedures. Cash temporarily idle during the year
was invested in direct obligations of the U.S. Treasury and U.S. Instrumentalities, as
well as local government investment pools and money market mutual funds. At year-
end, the maturities of the U.S Treasury and Instrumentality obligations range from 13
days to 4.46 years, with a weighted average final maturity of .86 years. The weighted
average yield at cost on the entire portfolio of investments is 2.63 %.
Investment income includes appreciation in the fair value of investments. Increases
in fair value during the current year, however, do not necessarily represent trends that
will continue; nor is it always possible to realize such amounts, especially in the case
of temporary changes in the fair value of investments that the Town intends to hold to
maturity.
ix
Letter of Transmittal
Town of Avon, Colorado
May 25, 2010
Risk Management. The Town of Avon has an aggressive risk management program
which encompasses the functions of safety /loss prevention, loss control, risk
financing, risk transfer, and risk assessment. Any claims are promptly reported to the
Town's Director of Administration for investigation and follow -up.
Vehicular and property claims are reviewed during the Town's weekly safety review
meeting for recommendation regarding possible corrective action.
The Town has continued its participation in CIRSA, the Colorado Intergovernmental
Risk Sharing Agency, which is a self - funded municipal pool of approximately 240
Colorado municipalities and special districts. Workers compensation insurance is
purchased from Pinnacol Assurance Company.
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada
(GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting
to the Town of Avon for its comprehensive annual financial report (CAFR) for the
fiscal year ended December 31, 2008. This was the sixteenth consecutive year that
the Town has received this prestigious award. In order to be awarded a Certificate of
Achievement, the Town published an easily readable and efficiently organized
CAFR. This report satisfied both GAAP and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that
our current CAFR continues to meet the Certificate of Achievement Program's
requirements, and we are submitting it to the GFOA to determine its eligibility for
another certificate.
The preparation of this report could not have been possible without the efficient and
dedicated services of the entire staff of the finance department. Each member of the
department has my sincere appreciation for the contributions made in the preparation
of this report. Due credit should also be given to the Mayor, Town Council, and
Town Manager for their interest, support and leadership in planning and conducting
the operations of the Town in a responsible and progressive manner.
Respectfully Submitted,
S ott C. Wright, CPA, CP O
Assistant Town Manager - Finance
x
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Town of Avon
Colorado
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
December 31, 2008
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
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Management's Discussion and Analysis
As management of the Town of Avon, we offer readers of the Town of Avon's financial
statements this narrative overview and analysis of the financial activities of the Town of Avon
for the fiscal year ended December 31, 2009. We encourage readers to consider the information
presented here in conjunction with additional information that we have furnished in our letter of
transmittal, which can be found on pages v -x of this report.
Financial Highlights
• The assets of the Town of Avon exceeded its liabilities at the close of the most recent fiscal
year by $56,552,558 (net assets). Of this amount, $17,636,442 is unrestricted and may be
used to meet the Town's ongoing obligations to citizens and creditors.
• The Town's total net assets decreased by $1,242,901.
• As of the close of the current fiscal year, the Town of Avon's governmental funds reported
combined ending fund balances of $15,063,308, a decrease of $21,095,481 from the prior
year. Approximately fifty -nine percent (59 %) of this total amount, $8,930,909, is available
for spending at the Town's discretion (unreserved fund balance).
• At the end of the current fiscal year, unreserved fund balance for the general fund was
$3,959,093, or thirty -three percent (33 %) of total general fund expenditures.
• The Town of Avon's bonded debt decreased by a net $19,466,127 during the current fiscal
year. Regular principal payments were made on bonded debt in the amount of $1,661,250
and original interest discounts were amortized in the amount of $4,877. In addition, tax
increment adjustable rate revenue bonds were defeased by the Avon Urban Renewal
Authority in the amount of $25,000,000 and a tax increment loan issued in the amount of
$7,200,000.
Overview of the Financial Statements
This discussion and analysis are intended to serve as an introduction to the Town of Avon's basic
financial statements. The Town's basic financial statements are comprised of three components:
1) government -wide financial statements, 2) fund financial statements, and 3) notes to the
financial statements. This report also contains required supplementary information and other
supplementary information in addition to the basic financial statements themselves.
Government -wide financial statements. The government -wide financial statements are
designed to provide readers with a broad overview of the Town of Avon's finances, in a manner
similar to a private sector business.
The statement of net assets presents information on all of the Town of Avon's assets and
liabilities, with the difference between the two reported as net assets. Over time, increases or
decreases in net assets may serve as a useful indicator of whether the financial position of the
Town is improving or deteriorating.
The statement of activities presents information showing how the Town's net assets changed
during the most recent fiscal year. All changes in net assets are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of related cashflows.
3
Thus, revenues and expenses are reported in this statement for some items that will only result in
cash flows in future fiscal periods (e.g., earned but unused vacation leave).
Both of the government -wide financial statements distinguish functions of the Town of Avon
that are principally supported by taxes and intergovernmental revenues (governmental activities)
from other functions that are intended to recover all or a significant portion of their costs through
user fees and charges (business -type activities). The governmental activities of the Town of
Avon include general government, community development, public safety, public works and
utilities, and recreation and culture. The business -type activities of the Town include
transportation and fleet maintenance operations.
The government -wide financial statements include not only the Town of Avon itself (known as
the primary government), but also the Town of Avon Finance Authority (Authority) which was
incorporated in 1998 as a Colorado nonprofit corporation, with the sole purpose of facilitating
Town financings, including capital leases. The Authority has a three- member board of directors
who serve without compensation and have no private or proprietary interest in the Authority.
The Authority is included in the Town's financial statements because the Town appoints the
board members of the Authority and has financial accountability for the Authority. The
Authority's accounting transactions have been blended with the Town's general fund and fleet
maintenance fund. The Avon Urban Renewal Authority, also a legally separate entity, was
established in August, 2007 to undertake urban renewal plans and projects with the Town. All
members of the governing body are Town Council members. For financial reporting purposes,
AURA is blended into the Town's financial statements and is reported as a major fund in the
basic financial statements.
The government -wide financial statements can be found on pages 17 -19 of this report.
Fund financial statements. A fund is a grouping of related accounts that is used to maintain
control over resources that have been segregated for specific activities or objectives. The Town
of Avon, like other state and local governments, uses fund accounting to ensure and demonstrate
compliance with finance- related legal requirements. All of the funds of the Town can be divided
into two categories: governmental funds, and proprietary funds.
Governmental funds. Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government -wide financial statements. However,
unlike the government -wide financial statements, governmental fund financial statements focus
on near -term inflow and outflows of spendable resources, as well as on balances of spendable
resources available at the end of the fiscal year. Such information may be useful in evaluating a
government's near -term financing requirements.
Because the focus of governmental funds is narrower than that of the government -wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government -wide financial statements.
By doing so, readers may better understand the long -term impact of the Town's near -term
financing decisions. Both the governmental fund balance sheet and the governmental fund
statement of revenues, expenditures, and changes in fund balances provide a reconciliation to
facilitate this comparison between governmental funds and governmental activities.
4
The Town of Avon maintains ten individual governmental funds. Information is presented
separately in the governmental fund balance sheet and in the governmental fund statement of
revenues, expenditures, and changes in fund balances for the general fund, Avon Urban Renewal
Authority fund, debt service fund and capital projects fund, all of which are considered to be
major funds. Data from the other six nonmajor governmental funds (Main Street maintenance
fund, water fund, community enhancement fund, affordable housing fund, facilities reserve fund,
and Avon Metropolitan District debt service fund) are combined into a single, aggregate
presentation.
Individual fund data for each of these nonmajor governmental funds is provided in the form of
combining statements elsewhere in this report. The basic governmental fund financial statements
can be found on pages 20 -23 of this report.
Proprietary funds. The Town of Avon maintains two different types of proprietary funds.
Enterprise funds are used to report the same function presented as business -type activities in the
government -wide financial statements. The Town of Avon uses enterprise funds to account for
its transportation operations and its fleet maintenance operations. Internal service funds are an
accounting device used to accumulate and allocate costs internally among the Town's various
functions. The Town of Avon uses an internal service fund to account for the rental of vehicles
and equipment to Town departments for the accumulation of funds for future replacement.
Because this service predominately benefits governmental rather than business -type functions, it
has been included within governmental activities in the government -wide financial statements.
Proprietary funds provide the same type of information as the government -wide financial
statements, only in more detail. The proprietary fund financial statements provide separate
information for the transit fund and the fleet maintenance fund operations. Separate information
is also provided for the Town's internal service fund. The basic proprietary fund financial
statements can be found on pages 24 -27 of this report.
Notes to the Financial Statements. The notes provide additional information that is essential to
a full understanding of the data provided in the government -wide and fund financial statements.
The notes to the financial statements can be found on pages 28 -52 of this report.
Required Supplemental Information. In addition to the basic financial statements and
accompanying notes, this report also presents certain other required supplemental information.
The Town of Avon adopts an annual appropriated budget for its general fund and major special
revenue fund. Budgetary comparison statements have been provided for the general fund and
water fund to demonstrate compliance with these budgets and can be found on pages 53 -55 of
this report.
Other Supplemental Information. The combining statements referred to earlier in connection
with nonmajor governmental funds are presented under other supplemental information
immediately following the required supplemental information. Individual fund statements and
schedules and other miscellaneous schedules can also be found in this section on pages 57 -89 of
this report.
5
Government -wide Financial Analysis
NET ASSETS
Net Assets:
Investment in Capital
Assets, Net of
Related Debt 34,458,411 16,344,236 2,729,412 2,855,688 37,187,823 19,199,924
Restricted 1,728,293 20,291,867 - - 1,728,293 20,291,867
Unrestricted 16,488,477 17,245,855 1,147,965 1,057,813 17,636,442 18,303,668
Total Net Assets $52,675,181 53.881.958 3 8 3 3.913.5 1 56.552.558 57.795.459
The largest portion of the Town's net assets (66 %) reflects its investment in capital assets (e.g.
land, buildings, machinery and equipment, and infrastructure), net of any related debt used to
acquire those assets that is still outstanding. The Town uses these assets to provide services to
citizens, consequently, these assets are not available for future spending. Although the Town's
investment in capital assets is reported net of related debt, it should be noted that the resources
needed to repay this debt must be provided from other sources, since the capital assets
themselves cannot be used to liquidate these liabilities.
An additional portion of the Town's net assets (20 %) represents resources that are subject to
external restrictions on how they may be used. The remaining balance of unrestricted net assets
($17,636,442) may be used to meet the Town's ongoing obligations to citizens and creditors.
6
Governmental Activities
Business -type Activities
Total Government
2009
2008
2009
2008
2009
2008
Current and Other Assets
$23,450,719
$24,449,949
$1,418,199
$1,302,986
$ 24,868,918
$25,752,935
Restricted Assets
1,116,067
20,436,753
-
-
1,116,067
20,436,753
Capital Assets, net
48,486,278
49,612,547
5,742,866
6,139,760
54,229,144
55,752,307
Total Assets
73,053,064
94,499,249
7,161,065
7,442,746
80,214,129
101,941,995
Other Liabilities
5,798,610
6,732,732
190,678
179,633
5,989,288
6,912,365
Noncurrent Liabilities
14,579,273
33,884,559
3,093,010
3,349,612
17,672,283
37,234,171
Total Liabilities
20,377,883
40,617,291
3,283,688
3,529,245
23,661,571
44,146,536
Net Assets:
Investment in Capital
Assets, Net of
Related Debt 34,458,411 16,344,236 2,729,412 2,855,688 37,187,823 19,199,924
Restricted 1,728,293 20,291,867 - - 1,728,293 20,291,867
Unrestricted 16,488,477 17,245,855 1,147,965 1,057,813 17,636,442 18,303,668
Total Net Assets $52,675,181 53.881.958 3 8 3 3.913.5 1 56.552.558 57.795.459
The largest portion of the Town's net assets (66 %) reflects its investment in capital assets (e.g.
land, buildings, machinery and equipment, and infrastructure), net of any related debt used to
acquire those assets that is still outstanding. The Town uses these assets to provide services to
citizens, consequently, these assets are not available for future spending. Although the Town's
investment in capital assets is reported net of related debt, it should be noted that the resources
needed to repay this debt must be provided from other sources, since the capital assets
themselves cannot be used to liquidate these liabilities.
An additional portion of the Town's net assets (20 %) represents resources that are subject to
external restrictions on how they may be used. The remaining balance of unrestricted net assets
($17,636,442) may be used to meet the Town's ongoing obligations to citizens and creditors.
6
CHANGE IN NET ASSETS
Governmental Activities. Governmental activities decreased the Town's net assets by
$1,206,777 for 2009, accounting for 97% of the decline in the net assets of the Town. The key
element of this decline was the write -down of accounts receivable from the Traer Creek
Metropolitan District.
7
Governmental Activities
Business -type
Activities
Total Government
2009
2008
2009
2008
2009
2008
REVENUES
Program Revenues:
Charges for Services
$ 2,306,454
$ 3,248,745
$ 2,437,178
$ 3,084,123
$ 4,743,632
$ 6,332,868
Operating Grants and Contributions
59,857
21,573
-
-
59,857
21,573
Capital Grants and Contributions
269,853
3,458,199
-
310,624
269,853
3,458,199
General Revenues:
Taxes:
Property Taxes
3,640,183
3,340,475
42,800
-
3,682,983
3,340,475
Real Estate Transfer Tax
1,761,980
3,093,021
-
-
1,761,980
3,093,021
Sales and Accommodation Taxes
5,651,085
6,841,114
-
5,651,085
6,841,114
Other Taxes
1,334,692
710,624
-
1,334,692
710,624
Unrestricted Investment Earnings
246,225
1,496,801
-
246,225
1,496,801
Intergovernmental
872,084
890,750
-
872,084
890,750
Miscellaneous
518,585
532,046
-
-
518,585
532,046
Gain (Loss) on Disposal of Capital
Assets
4,335
-
(10.000)
-
(5.665)
Total Revenues
16.665.333
23.633348
2.469.978
3.394.747
19.135.311
27.028.095
EXPENSES
Program Activities:
Governmental Activities:
General Government
2,431,143
3,082,524
-
2,431,143
3,082,524
Community Development
1,286,956
2,212,996
-
1,286,956
2,212,996
Public Safety
2,608,604
4,458,553
-
-
2,608,604
4,458,553
Public Works and Utilities
6,302,284
5,024,946
-
-
6,302,284
5,024,946
Recreation and Culture
2,752,142
2,572,347
-
-
2,752,142
2,572,347
Interest on Long -term Debt
1,195,981
1,225,348
-
-
1,195,981
1,225,348
Business -type Activities:
Transportation
-
-
1,475,763
2,224,427
1,475,763
2,224,427
Fleet Maintenance
2325339
2.424.791
2.325.339
2.424.791
Total Expenses
16.577.I 10
18.576.714
3.801.102
4.649.218
20378.212
23.225.932
Excess (Deficiency) Before Transfers
88,223
5,056,634
(1,331,124)
(1,254,471)
(1,242,901)
3,802,163
Transfers
(1.295.000)
(1.633.000)
1.295.000
1.633.000
Decrease in Net Assets
(1,206,777)
3,423,634
(36,124)
378,529
(1,242,901)
3,802,163
Net Assets, Beginning
53.881.958
50.458.324
3.913.501
1534.972
57.795.459
53.993.296
Net Assets, Ending
$ 52 675 181
$ 53.881.958
$ -8
$ 3.913.501
$ 56.552.558
$ 57.795.459
Governmental Activities. Governmental activities decreased the Town's net assets by
$1,206,777 for 2009, accounting for 97% of the decline in the net assets of the Town. The key
element of this decline was the write -down of accounts receivable from the Traer Creek
Metropolitan District.
7
Expenses and Program Revenues — Governmental Activities
$7,000,000
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
General Comm Dev Public Safety Public Works Recreation & Interest on Long -
Government and Utilities Culture term Debt
Revenues by Source — Governmental Activities
Investment Ea
1.48%
Charges for Servic(
13.85%
Other Taxes
8.01%
Grants Intergovernmental
1.98% 5.23%
Miscellaneous
3 11% Property Taxes
Sales and Accom Taxes
33.92%
RETT Taxes
10.57%
Business -type activities. Net assets of business -type activities decreased by $36,124 in 2009.
The key element of this decrease was a reduction in operating subsidies from the General Fund.
8
Expenses and Program Revenues — Business -type Activities
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
9 Expenses
Transportation Fleet Maintenance
Revenues by Source — Business -type Activities
Transfers
34.30°/
Property '
1.14°
Financial Analysis of the Town's Funds
iarges for Services
64.56%
The following schedule presents a summary of governmental fund revenues for the year ended
December 31, 2009 and the amount and percentage of increases and decreases in relation to the
prior year.
9
Tax collections decreased a total of $2,275,086 due to a $652,729 decrease in sales tax revenues,
a default in the payment of payments -in- lieu -of sales taxes from Traer Creek Metropolitan
District of $465,114, and a decrease in real estate transfer taxes of $1,331,041.
Total assessed value of all property within the Town increased by $1,900,540 or 0.8 %, net of
tax- increment financing (TIF) district increments. New construction totaled $13,147,430, nearly
all occurring within the TIF district. The general operating mill rate for the Town remained the
same at 8.956 mills while the debt service mill rate dropped .879 mills to 2.436 mills. The debt
service mill rate for the Avon Metropolitan District increase .111 mills from 2.594 mills in 2008
to 2.705 mills in 2009.
The Town collects a 2% tax from all sales of real property within the Town except within The
Village at Avon Planned Unit Development. These revenues are dedicated solely for capital
improvement projects. Real estate transfer tax collections decreased 43 %, from $3,093,021 in
2008 to $1,761,980 in 2009. Of this total, $559,348 was from sales of units at the new Westin
Riverfront Hotel and Spa.
Licenses and permits continued their decline in 2009 by a total of $121,663. In 2007, significant
building permit and plan check fees associated with the new Riverfront Village development
project provided a large increase in the normal level of licenses and permits revenues and
charges for services. However, in 2008 and 2009, the economic downturn has dramatically
impacted this source of revenues for the Town.
Intergovernmental revenues increased slightly in 2009 due to cost - sharing revenues from Eagle
County Transit of $235,360 for preliminary design work towards a grant application from the
Federal Transit Administration for a facilities improvement project.
Charges for services declined by $878,053 due to nonpayment of municipal services billings to
Traer Creek Metropolitan District of $337,373, a decline in recreation charges of $135,685, and a
decline in plan check and design review fees of $85,430. In addition, in 2008 the Town realized
one -time charges of approximately $324,463 in tap fees from the Westin Riverfront
development.
Investment earnings declined by $1,250,576 in 2009. Due to the economic downturn,
approximately $17.8 million in bond proceeds that had been held in trust and reserved for capital
construction were used to defease the existing bonds, therefore reducing the investment earnings
on those proceeds.
10
Amount of
Percent
2009
Percent of
2008
Increase
Increase
Revenues
Amount
Total
Amount
(Decrease)
Decrease
Taxes
$11,710,148
75.12%
$13,985,234
$(2,275,086)
(16.27 %)
Licenses and Permits
124,130
.80%
245,793
(121,663)
(49.50 %)
Intergovernmental
1,201,794
7.71%
1,178,614
23,180
1.97%
Charges for Services
1,706,803
10.95%
2,584,856
(878,053)
(33.97 %)
Fines and Forfeitures
129,530
.83%
131,525
(1,995)
(1.52 %)
Investment Earnings
246,225
1.58%
1,496,801
(1,250,576)
(83.55 %)
Other Revenues
469,688
3.01%
498,973
(29,285)
(5.87 %)
Total
15.588.318
100.00%
20.121.796
(4.533.478)
Tax collections decreased a total of $2,275,086 due to a $652,729 decrease in sales tax revenues,
a default in the payment of payments -in- lieu -of sales taxes from Traer Creek Metropolitan
District of $465,114, and a decrease in real estate transfer taxes of $1,331,041.
Total assessed value of all property within the Town increased by $1,900,540 or 0.8 %, net of
tax- increment financing (TIF) district increments. New construction totaled $13,147,430, nearly
all occurring within the TIF district. The general operating mill rate for the Town remained the
same at 8.956 mills while the debt service mill rate dropped .879 mills to 2.436 mills. The debt
service mill rate for the Avon Metropolitan District increase .111 mills from 2.594 mills in 2008
to 2.705 mills in 2009.
The Town collects a 2% tax from all sales of real property within the Town except within The
Village at Avon Planned Unit Development. These revenues are dedicated solely for capital
improvement projects. Real estate transfer tax collections decreased 43 %, from $3,093,021 in
2008 to $1,761,980 in 2009. Of this total, $559,348 was from sales of units at the new Westin
Riverfront Hotel and Spa.
Licenses and permits continued their decline in 2009 by a total of $121,663. In 2007, significant
building permit and plan check fees associated with the new Riverfront Village development
project provided a large increase in the normal level of licenses and permits revenues and
charges for services. However, in 2008 and 2009, the economic downturn has dramatically
impacted this source of revenues for the Town.
Intergovernmental revenues increased slightly in 2009 due to cost - sharing revenues from Eagle
County Transit of $235,360 for preliminary design work towards a grant application from the
Federal Transit Administration for a facilities improvement project.
Charges for services declined by $878,053 due to nonpayment of municipal services billings to
Traer Creek Metropolitan District of $337,373, a decline in recreation charges of $135,685, and a
decline in plan check and design review fees of $85,430. In addition, in 2008 the Town realized
one -time charges of approximately $324,463 in tap fees from the Westin Riverfront
development.
Investment earnings declined by $1,250,576 in 2009. Due to the economic downturn,
approximately $17.8 million in bond proceeds that had been held in trust and reserved for capital
construction were used to defease the existing bonds, therefore reducing the investment earnings
on those proceeds.
10
The following schedule presents a summary of governmental fund expenditures for the year
ended December 31, 2009 and the amount and percentage of increases and decreases in relation
to the prior year.
Capital improvement expenditures decreased in 2009 by 7,233,683 or 72.48% due to several
large capital projects having been completed in the prior year including the construction of Lake
Street, and the design of Main Street by the Avon Urban Renewal Authority. In addition, the
Wildridge Road loop pedestrian improvements, the office expansion and remodel of the Avon
recreation center, and the preliminary design of the transit/public works facilities improvement
project were all completed in the prior year. Significant capital improvement expenditures for
2009 are detailed under the capital assets discussion on page 13 of this report.
With the exception of general governmental expenditures all operating departments reported
decreases in expenditures generally related to budgetary reductions early in 2009 in order to
address concerns about a slowdown in the economy and reductions in tax revenues. These
overall reductions included the implementation of employee furloughs, cut -backs in capital
outlay expenditures and other efforts to defer or delay expenditures.
Debt Service principal payments increased significantly in 2009 due to the defeasance of the
Avon Urban Renewal Authority's Series 2008 Tax Increment Adjustable Rate Revenue Bonds in
the amount of $25 million. The bonds were defeased with the remainder of the unused bond
proceeds of $17.8 million combined with proceeds from the Series 2009 Vectra Bank Variable
Rate Refunding loan in the amount of $7.2 million.
The Town of Avon's governmental funds reported combined ending fund balances of
$15,063,308, a decrease of $21,095,481 from the prior year. Approximately 88% of this total
amount ($13,335,015) constitutes unreserved fund balance, which is available for spending at
the Town's discretion. The remainder of fund balance is reserved to indicate that it is not
available for spending because it has already been committed for debt service, or to be expended
only in the instance of a "emergency" as defined by the Colorado constitution.
Percent
Amount of
Percent
2009
of
2008
Increase
Increase
Expenditures
Amount
Total
Amount
(Decrease
(Decrease)
Current:
General Government
$ 3,138,391
7.37%
$ 3,038,856
$ 99,535
3.28%
Community Development
697,820
1.64%
823,902
(126,082)
(15.30 %)
Public Safety
2,511,717
5.90%
2,628,330
(116,613)
(4.44 %)
Public Works and Utilities
3,660,540
8.59%
3,725,749
(65,209)
(1.75 %)
Recreation and Culture
2,375,945
5.58%
2,579,779
(203,834)
(7.90 %)
Capital Improvements
2,746,286
6.45%
9,979,969
(7,233,683)
(72.48 %)
Debt Service:
Principal
26,416,250
62.03%
1,407,500
25,008,750
1,776.82%
Interest
824,535
1.94%
1,048,416
(223,881)
(21.35 %)
Fiscal Charges
57,315
0.13%
157,722
(100,407)
(63.66 %)
Bond Issuance Costs
160,000
0.37%
280,734
(120,734)
(43.01 %)
Total
$42,588,799
100.00 °!0
$25.670.957
16.917.842
Capital improvement expenditures decreased in 2009 by 7,233,683 or 72.48% due to several
large capital projects having been completed in the prior year including the construction of Lake
Street, and the design of Main Street by the Avon Urban Renewal Authority. In addition, the
Wildridge Road loop pedestrian improvements, the office expansion and remodel of the Avon
recreation center, and the preliminary design of the transit/public works facilities improvement
project were all completed in the prior year. Significant capital improvement expenditures for
2009 are detailed under the capital assets discussion on page 13 of this report.
With the exception of general governmental expenditures all operating departments reported
decreases in expenditures generally related to budgetary reductions early in 2009 in order to
address concerns about a slowdown in the economy and reductions in tax revenues. These
overall reductions included the implementation of employee furloughs, cut -backs in capital
outlay expenditures and other efforts to defer or delay expenditures.
Debt Service principal payments increased significantly in 2009 due to the defeasance of the
Avon Urban Renewal Authority's Series 2008 Tax Increment Adjustable Rate Revenue Bonds in
the amount of $25 million. The bonds were defeased with the remainder of the unused bond
proceeds of $17.8 million combined with proceeds from the Series 2009 Vectra Bank Variable
Rate Refunding loan in the amount of $7.2 million.
The Town of Avon's governmental funds reported combined ending fund balances of
$15,063,308, a decrease of $21,095,481 from the prior year. Approximately 88% of this total
amount ($13,335,015) constitutes unreserved fund balance, which is available for spending at
the Town's discretion. The remainder of fund balance is reserved to indicate that it is not
available for spending because it has already been committed for debt service, or to be expended
only in the instance of a "emergency" as defined by the Colorado constitution.
The general fund is the chief operating fund of the Town of Avon. At the end of the current
fiscal year, unreserved fund balance of the general fund was $3,959,093, while total fund balance
reached $4,429,130. As a measure of the general fund's liquidity, it can be useful to compare
both unreserved fund balance and total fund balance to total fund expenditures. Unreserved fund
balance represents 32.9% of total fund expenditures, while total fund balance represents 36.8%
of that same amount.
The fund balance of the general fund decreased by $1,973,102, or 30.8 %, in 2009. This was an
unfavorable variance of $1,827,142 over the decrease of $145,960 reported in the final 2009
budget. The recognition of an allowance for doubtful accounts in the amount of 1,584,986 for
unpaid invoices from Traer Creek Metropolitan District for municipal services and payments -in-
lieu-of sales taxes was the primary reason for this unfavorable variance.
The fund balance of the general fund represents approximately forty percent (40 %) of 2010
revised general fund appropriations or the equivalent of approximately 4.8 months of operations.
The Town has felt it necessary to retain this level of fund balance because of its heavy reliance
on sales tax revenues. The Town's position as a resort community also places a heavy reliance
upon several other factors including weather, the national economy, and tourism in general. The
Town's fund balance provides the resources necessary to be more adaptable to the short-term
financial environment and limits the need for capital financing.
The fund balance of the Avon Urban Renewal Authority decreased by $18,740,957 in 2009 due
to the aforementioned defeasance of its Series 2008 Tax Increment Adjustable Rate Revenue
Bonds.
The fund balance of the Town's capital projects fund decreased by $161,743 or 2.8 %, in 2009.
The Town has typically funded its capital improvements on a pay -as- you -go basis, so
accumulations of large fund balances are necessary to fund large projects. Because of the nature
of this fund, where large capital improvement project expenditures are reported, large decreases
in fund balance are also not unusual.
The fund balance of the Town's debt service fund increased by $8,221 during 2009 to a total
balance of $644,720. Debt service reserves from the Series 1998 Certificates of Participation
that are held in trust constitute $563,542 of the balance.
General Fund Budgetary Highlights
A number of budget changes are typically made throughout the year and at the Town's adoption
of its final revised budget in November. For the most part these changes are very minor and the
increases and decreases are offsetting. However, early in fiscal 2009 it became apparent that a
significant economic downturn was occurring and the Town's earlier revenue projections were
much too high. In May, 2009 the Town adopted a budget amendment for its General Fund that
significantly reduced its estimated revenues and appropriations. The net difference between the
original budget and the final amended budget resulted in a decrease of $2,421,405 in
appropriations and transfers -out for the 2009 budget year.
Actual revenues fell short of estimated revenues by a total of $1,903,885. Of this amount,
$1,108,728 was due to the previously discussed non - payments Traer Creek Metropolitan District.
12
In addition, tax revenues fell short of projections by $294,306, and nearly all other revenues
sources missed their mark. Expenditures were under budget by a total of $498,018. However,
the was offset by the bad debt of $476,261 from previous year unpaid billings to Traer Creek
Metropolitan District.
Capital Asset and Debt Administration
Capital assets. The Town of Avon's investment in capital assets for its governmental and
business -type activities as of December, 31, 2009, amounts to $54,229,144 (net of accumulated
depreciation). This investment in capital assets includes land, public art, buildings,
infrastructure, and machinery and equipment (see table below). The total decrease in the Town's
investment in capital assets for the current fiscal year was 2.7% (a 2.3% decrease for
governmental activities and a 6.5% decrease for business -type activities).
Major capital assets events during the current fiscal year included the following:
• Fleet replacements totaled $266,800 including one police patrol vehicle, a Toro mower, and a
Peterbilt plow truck. Machinery and equipment replacements included two variable
messaging boards totaling $36,600. New machinery and equipment additions included a new
fingerprinting system for the Police Department totaling $14,444. Computer equipment
replacements included a new main tape backup in the amount of $12,470. Fitness equipment
replacements in the Avon Recreation center totaled $53,009 including five upright bicycles,
five recumbent bicycles, a Nautilus Stairmaster, a sound system for the aerobics studio, and a
new inflatable movie screen.
• Fleet Maintenance Fund equipment purchases totaled $34,720 and included a tire balancer,
scissor lift, and transmission flush machine.
• Avon Urban Renewal Authority fund capital improvement expenditures totaled $238,032 in
2009 for additional landscape work on Lake Street and completion of the Main Street design.
• Capital Project Fund expenditures totaled $2,508,254 in 2009. Capital projects completed
during the year included the preliminary design of the transit/public works facilities
improvement project, office expansion and remodel of the Avon Recreation Center, system
design for the waste heat recovery project, restoration of the Nottingham - Puder ditch,
replacement of the Nottingham Lake spillway, a comprehensive transportation plan and the
implementation of the Laserfiche records management system. Ongoing projects include
repairs of the vapor barrier and CMU block at the Avon Recreation Center, trail maintenance
and signage in Nottingham Park, and the unified land use code revision.
Town of Avon's Capital Assets (net of depreciation)
13
Governmental Activities
Business -type
Activities
Total
2009
2008
2009
2008
2009
2008
Land
$ 8,837,639
$ 8,837,639
$ 130,384
$ 130,384
$ 8,968,023
$ 8,968,023
Public Art
1,361,400
1,361,400
-
-
1,361,400
1,361,400
Water Rights
1,792,959
1,792,959
-
-
1,792,959
1,792,959
Constr. in Prog.
1,322,912
699,443
-
-
1,322,912
699,443
Buildings
8,407,236
8,750,620
4,146,883
4,362,229
12,554,119
13,112,849
Mach. & Equip.
2,006,676
2,144,941
1,465,599
1,647,147
3,472,275
3,792,088
Infrastructure
24,757,456
26,025,545
24,757,456
26,025,545
Total
48.486.278
$49.612.547
$ 5.742.866
S 6.139.760
154229J44
55.752.307
13
Additional information on the Town of Avon's capital assets can be found in Note 4 on pages
38 -39 of this report.
Long -term debt. At the end of the current fiscal year, the Town of Avon had total bonded debt
outstanding in the amount of $16,785,000. Of this amount, $3,670,000 comprises general
obligation debt secured by a pledge of the full faith and credit of the Town and payable from ad
valorem taxes which may be levied against all taxable property within the Town. Certificates of
Participation which evidence assignments of proportionate interests in the right to receive
payments pursuant to annually renewable lease agreements total $3,990,000. The remainder of
the Town's debt, $9,125,000, represents bonds and loans secured solely by specified revenue
sources (i.e. revenue bonds).
Town of Avon's Outstanding Debt
Business -type Activities
2009 2008
Total
2009 2008
$ 3,670,000 $ 4,496,127
2,050,000 27,420,000
2,992,500 3,251,250 3,990,000 4,335,000
7,075,000
Total 13.792.500 32.999.877 2.992.500 2 25 16.785.000 36.251.127
The Town of Avon's bonded debt decreased by a net $19,466,127 during the current fiscal year.
Regular principal payments were made on bonded debt in the amount of $1,661,250 and original
interest discounts were amortized in the amount of $4,877. Tax increment adjustable rate
revenue bonds were defeased by the Avon Urban Renewal Authority in the amount of
$25,000,000 and a tax increment loan issued in the amount of $7,200,000.
Town Charter limits the amount of general obligation debt the Town may issue to 25% of
assessed valuation of all taxable property within the Town, or $15 million, whichever is greater.
The current legal debt margin for the Town is $56,536,060, which is significantly greater than
the Town's outstanding general obligation debt.
The Town's ratio of net bonded debt to actual taxable property value is 0.17 %, which is the
lowest in history and down from a high of 2.32% in 1997. In addition, the Town's net bonded
debt per capita is $465, again the lowest in the Town's history.
Additional information on the Town's long -term debt can be found in Note 5 on pages 40 -46 of
this report.
Economic Factors and Next Year's Budget and Rates
The original 2010 budget reflected the Town's recognition of continued difficult economic times
by projecting relatively flat revenues, while continuing to place an emphasis on the Town's
priorities in redeveloping the Town center core, maintaining service levels, retaining personnel,
prioritizing its capital improvement projects, reducing its carbon footprint and balancing the
budget. In addition, the Town plans to continue to place a high priority on sustainability and in
14
Governmental Activities
2009
2008
G. O. Bonds
$ 3,670,000
$ 4,496,127
Revenue Bonds
2,050,000
27,420,000
Certificates of
Participation
997,500
1,083,750
Loans
7,075,000
Business -type Activities
2009 2008
Total
2009 2008
$ 3,670,000 $ 4,496,127
2,050,000 27,420,000
2,992,500 3,251,250 3,990,000 4,335,000
7,075,000
Total 13.792.500 32.999.877 2.992.500 2 25 16.785.000 36.251.127
The Town of Avon's bonded debt decreased by a net $19,466,127 during the current fiscal year.
Regular principal payments were made on bonded debt in the amount of $1,661,250 and original
interest discounts were amortized in the amount of $4,877. Tax increment adjustable rate
revenue bonds were defeased by the Avon Urban Renewal Authority in the amount of
$25,000,000 and a tax increment loan issued in the amount of $7,200,000.
Town Charter limits the amount of general obligation debt the Town may issue to 25% of
assessed valuation of all taxable property within the Town, or $15 million, whichever is greater.
The current legal debt margin for the Town is $56,536,060, which is significantly greater than
the Town's outstanding general obligation debt.
The Town's ratio of net bonded debt to actual taxable property value is 0.17 %, which is the
lowest in history and down from a high of 2.32% in 1997. In addition, the Town's net bonded
debt per capita is $465, again the lowest in the Town's history.
Additional information on the Town's long -term debt can be found in Note 5 on pages 40 -46 of
this report.
Economic Factors and Next Year's Budget and Rates
The original 2010 budget reflected the Town's recognition of continued difficult economic times
by projecting relatively flat revenues, while continuing to place an emphasis on the Town's
priorities in redeveloping the Town center core, maintaining service levels, retaining personnel,
prioritizing its capital improvement projects, reducing its carbon footprint and balancing the
budget. In addition, the Town plans to continue to place a high priority on sustainability and in
14
improving services and business practices with projects such as the Community Waste Heat
Recovery Facility, a new Voice Over Internet Protocol (VOIP) telephony system, and
implementation of a unified land use code.
Connect Avon Now. Connect Avon Now (CAN) is a walkable communities initiative the Town
has embarked on in order to help Avon transform itself into a more multi -modal community.
This initiative has many components to it and includes enhancing Avon's mass transit service,
providing more pedestrian and bike trails, providing for parking in the town center, and
improving Avon's recreational trails. In 2010, the Town is planning to move forward with a
ballot question to help fund its multi -modal vision for Avon. This process will include a
educating and dialoging with the community, businesses owners and other stakeholders in order
to develop the best project possible.
As adopted by the Town Council on November 24, 2009, the Town's total appropriations for
2010 equal $28,667,249. Total estimated revenues for 2010 are $26,245,995, and estimated
ending fund balances are $14,912,995. Expenditures exceed revenues in primarily due to the
spend -down of fund balances in the capital projects fund.
Taxes make up 60.07% of estimated operating revenues, with charges for services making up
22.56% and intergovernmental revenues 11.84 %. Capital improvements and equipment
replacement constitute the highest percentage of expenditures at 23.97 %, with transportation and
fleet maintenance expenditures at 18.88 %, and public works and recreation making up 15.47%
and 10.24 %, respectively.
General Fund revenues are estimated at $13,930,074 in 2010, with taxes making up the majority
($9,563,488; 70.57. %) of operating revenues. Sales and accommodation tax collections
represent 62.24% of total taxes, with general property taxes representing 23.02% and payments
in- lieu -of sales tax 6.84 %.
Appropriations for general fund operating expenditures for 2010 total $13,932,913.
Expenditures for public works makes up the largest portion, equaling approximately 29.85% of
general operating expenditures for 2010. Recreational expenditures make up an additional
21.83% of general operating expenditures and public safety 21.70 %.
The Town collects a 2% tax from all sales of real property within the Town that is dedicated for
capital improvement projects. Real estate transfer tax are budgeted to increase in 2010 to
$2,091,798 due to continued sales of units at the Westin Hotel and the recently opened Starwood
Vacation Ownership timeshare next door. Other real estate sales are estimated to be flat for
2010.
Proposed debt service appropriations equal $2,205,524 for 2010. Revenues for payment of debt
service come from property tax revenues, including tax increment, sales tax revenues and interest
earnings. The final debt service payment for the Avon Metropolitan District Series 2001 General
Obligation Refunding bonds will occur in 2010.
15
Appropriations for the Transit Enterprise Fund total $1,164,151 in 2010. Of this amount,
$1,125,000 is budgeted to be subsidized from the Town's general fund. Other revenues include
property tax revenues of $40,364 from the new General Improvement District No. 1 from the
Gates development.
The Town's gross assessed valuation grew by 11.43% in 2009 to a total value of $263,431,330.
The Town's mill rate for general operating purposes will remain at 8.956 mills, while the mill
rate for debt service will decrease slightly from 2.436 to 2.252 mills. This decrease will allow
property tax revenues in the debt service fund to remain approximately at the same level as the
prior year.
Budget Revisions and Traer Creek Metropolitan District. In March, 2010, the Avon Town
Council was presented with a list of recommended 2010 budget reductions pursuant to
recognition of an approximate $1.1 million shortfall in revenues due to the non - payment of 2010
municipal services and sales tax shortfall invoices by Traer Creek Metropolitan District. The
financial implications of the proposed budget reductions was to offset a large part of the
anticipated failure of Traer Creek Metropolitan District to pay its municipal services and sales
tax shortfall invoices.
Requests for Information
This financial report is designed to provide a general overview of the Town of Avon's finances
for all those with an interest in the Town's fiscal management. Questions concerning any of the
information provided in this report or requests for additional financial information should be
addressed to the Assistant Town Manager - Finance, Town of Avon, Colorado, P.O. Box 975,
Avon, CO 81620.
Qt�c� —) a
Scott Wright, CPA, CHO
Assistant Town Manager - Finance
16
TOWN OF AVON, COLORADO
STATEMENT OF NET ASSETS
DECEMBER 31, 2009
ASSETS
Cash and Cash Equivalents
Investments
Receivables
Internal Balances
Inventory
Deposits
Restricted Assets - Cash and Cash Equivalents
Other Assets
Notes Receivable
Capital Assets, net of accumulated depreciation:
Nondepreciable
Depreciable
Total Assets
LIABILITIES
Accounts Payable
Accrued Liabilities
Retainages Payable
Accrued Interest Payable
Deposits and Reserves
Deferred Taxes
Unearned Revenues
Noncurrent Liabilities:
Due Within One Year
Due In More Than One Year
Total Liabilities
NET ASSETS
Investment in Capital Assets, net of Related Debt
Restricted For:
Debt Service
TABOR Emergency Reserve
Unrestricted
Total Net Assets
Governmental Business -type
Activites Activities Total
$ 5,247,983
$ 692,257
$ 5,940,240
10,228,229
-
10,228,229
7,356,682
292,287
7,648,969
100,000
(100,000)
-
-
533,655
533,655
17,425
-
17,425
1,116,067
-
1,116,067
212,775
-
212,775
287,625
-
287,625
13, 314, 910
130,384
13,445,294
35,171,368
5,612,482
40,783,850
73,053,064
7,161,065
80,214,129
298,131
96,056
394,187
203,423
41,858
245,281
11,349
-
11,349
70,252
12,400
82,652
1,037,517
-
1,037,517
4,174,789
40,364
4,215,153
3,149
-
3,149
2,083,807
361,889
2,445,696
12,495,466
2,731,121
15,226,587
20,377,883
3,283,688
23,661,571
34,458,411
2,729,412
37,187,823
1,258,256
-
1,258,256
470,037
-
470,037
16,488,477
1,147,965
17,63 6,442
$ 52,675,181 $ 3,877,377 $ 56,552,558
The accompanying notes are an integral part of the financial statements.
17
TOWN OF AVON, COLORADO
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED DECEMBER 31, 2009
Program Revenues
Operating Capital
Charges for Grants and Grants and
Functions /Programs Expenses Services Contributions Contributions
Governmental Activities:
General Government
Community Development
Public Safety
Public Works and Utilities
Recreation and Culture
Interest and Fiscal Charges on Long -term Debt
Total Governmental Activities
Business -type Activities:
Transportation
Fleet Maintenance
Total Business -type Activities
Total Primary Government
$ 2,431,143 $ 164,061 $ -
1,286,956 143,826 - -
2,608,604 221,262 59,857 -
6,302,284 504,403 - 269,853
2,752,142 1,272,902 - -
1,195,981 - - -
16,577,110 2,306,454 59,857 269,853
1,475,763 17,506
2,325,339 2,419,672
3,801,102 2,437,178 -
$ 20,378,212 $ 4,743,632 $ 59,857 $ 269,853
General Revenues:
Property Taxes, Levied for General Purposes
Property Taxes, Levied for Debt Service
Real Estate Transfer Taxes
Sales and Accommodation Taxes
Other Taxes
Unrestricted Investment Earnings
Intergovernmental
Miscellaneous
Gain (Loss) on Disposal of Capital Assets
Transfers
Total General Revenues and Transfers
Decrease in Net Assets
Net Assets - Beginning of Year
Net Assets - End of Year
The accompanying notes are an integral part of the financial statements.
18
Net (Expense) Revenue and
Changes in Net Assets
Governmental Business -type
Activities Activities Total
$ (2,267,082) $
- $ (2,267,082)
(1,143,130)
- (1,143,130)
(2,327,485)
- (2,327,485)
(5,528,028)
- (5,528,028)
(1,479,240)
- (1,479,240)
(1,195,981)
- (1,195,981)
(13,940,946) - (13,940,946)
(1,458,257) (1,458,257)
94,333 94,333
(1,363,924) (1,363,924)
(13,940,946) (1,363,924) (15,304,870)
2,589,184
42,800
2,631,984
1,050,999
-
1,050,999
1,761,980
-
1,761,980
5,651,085
-
5,651,085
1,334,692
-
1,334,692
246,225
-
246,225
872,084
-
872,084
518,585
-
518,585
4,335
(10,000)
(5,665)
(1,295,000)
1,295,000
-
12,734,169
1,327,800
14,061,969
(1,206,777)
(36,124)
(1,242,901)
53,881,958
3,913,501
57,795,459
$ 52,675,181
$ 3,877,377
$ 56,552,558
m
TOWN OF AVON, COLORADO
BALANCESHEET
GOVERNMENTAL FUNDS
DECEMBER 31, 2009
Avon Urban
Debt
Capital
General Renewal
Water
Service
Projects
Fund Fund
Fund
Fund
Fund
ASSETS
Cash and Cash Equivalents $ - $ 17,953
$ 1,431,547
$ 86,540
$ 376,398
Investments 4,345,902 -
891,393
-
4,990,934
Receivables:
- Interest
- Taxes
- Accounts
- Intergovernmental
- Employees
Due from Other Funds
Deposits
Notes Receivable
Restricted Assets - Cash and
Cash Equivalents
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Accrued Liabilities
Retainages Payable
Deposits and Reserves
Due to Other Funds
Deferred Taxes
Deferred or Unearned Revenues
Total Liabilities
Fund Balances:
Reserved For:
- Debt Service
- TABOR Emergency Reserve
- Capital Improvement Projects
Unreserved, Designated for, Reported in:
- Subsequent Year's Expenditures
- Special Revenue Funds
Unreserved, Reported In:
- General Fund
- Special Revenue Funds
- Capital Projects Funds
Total Fund Balances
Total Liabilities and Fund Balances
52,253 700 - - 45,452
3,257,759 945,366 - 548,300 159,444
5,809 - - - 26,653
117,662 - 20,585 - -
32,132 - - - -
163,000 - - - -
17,425 - - - -
552,525 - 563,542 -
$ 7,991,942 $ 1,516,544 $ 2,343,525 $ 1,198,382 $ 5,598,881
$ 126,024 $ 16,082 $ 26,735 $ 5,362 $ 48,110
199,207 - 799 - -
- - - - 11,349
1,037,517 - - - -
- 60,000 - - -
2,196,915 945,366 - 548,300 -
3,149 - - - -
3,562,812 1,021,448 27,534 553,662 59,459
- 552,525 - 644,720 -
470,037 - - - -
365,884 - 2,460,284
3,959,093 - - - -
- (57,429) 1,950,107 - -
- - - 3,079,138
4,429,130 495,096 2,315,991 644,720 5,539,422
$ 7,991,942 $ 1,516,544 $ 2,343,525 $ 1,198,382 $ 5,598,881
The accompanying notes are an integral part of the financial statements.
20
Other
Governmental
Funds Total
$ 1,580,908 $ 3,493,346
- 10,228,229
484,208
70,135
287,625
98,405
5,395,077
102,597
138,247
32,132
163,000
17,425
287,625
1,116,067
$ 2,422,876 $21,072,150
$ 5,677
$ 227,990
3,417
203,423
-
11,349
-
1,037,517
3,000
63,000
484,208
4,174,789
287,625
290,774
783,927 6,008,842
61,011
276,331
1,301,607
1,258,256
470,037
3,102,499
1,301,607
3,959,093
1,892,678
3,079,138
1,638,949 15,063,308
$ 2,422,876 $21,072,150
RECONCILIATION OF TOTAL GOVERNMENTAL
FUND BALANCE TO NET ASSETS OF
GOVERNMENTAL ACTIVITIES
DECEMBER 31, 2009
Total Governmental Fund Balances
Amounts reported for governmental activities in the
statement of net assets are different because:
Capital assets used in governmental activities are not financial
resources and therefore are not reported in the fund balance sheet.
- Capital assets
- Accumulated depreciation
Some liabilities, including bonds, notes and leases payable, and
compensated absences are not due and payable in the current period
and therefore are not reported in the fund balance sheet.
- Bonds payable
- Capital lease obligations payable
- Compensated absences payable
Governmental funds report the effect of debt issuance costs when
debt is first issued, whereas these amounts are deferred and amortized
over the life of the debt in the Statement of Activities.
Notes receivable are not available to pay for current period
expenditures and have been deferred in the fund balance sheet.
Certain long -term receivables are not available to pay for current period
expenditures and are not reported in the fund balance sheet.
Accrued interest payable is recognized for governmental activities
but is not due and payable in the current period and therefore is not
reported as a liability in the governmental funds.
T. 15.061 3nR
75,816,667
(30,357,966)
45,458,701
(13,737,274)
(503,368)
(338,631)
(14,579,273)
212,775
287,625
1,590,224
(70,252)
The internal service fund is used by management to charge the rental
cost of certain vehicles and equipment to individual funds. The assets
and liabilities of the internal service fund is included in governmental
activities in the Statement of Net Assets. 4,712,073
Net Assets of Governmental Activities $ 52,675,181
21
TOWN OF AVON, COLORADO
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2009
Bond Proceeds
Total Other Financing Sources (Uses) (1,434,529) 6,695,000 (278,875) 604,926 240,561
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of year
(1,973,102) (18,740,957) (179,156) 8,221 (161,743)
6,402,232 19,236,053 2,495,147 636,499 5,701,165
$ 4,429,130 $ 495,096 $ 2,315,991 $ 644,720 $ 5,539,422
The accompanying notes are an integral part of the financial statements.
22
Avon Urban
Debt
Capital
General
Renewal
Water
Service
Projects
Fund
Fund
Fund
Fund
Fund
Revenues
Taxes
$ 8,312,273
$ 584,896
$ -
$ 565,382
$ 1,761,980
Licenses and Permits
124,130
-
-
-
-
Intergovernmental
931,941
-
-
-
269,853
Charges for Services
1,509,475
-
197,328
-
-
Fines and Forfeitures
129,530
-
-
-
-
Investment Earnings
134,892
38,482
-
3,578
69,273
Other Revenues
343,515
-
1,292
-
54,745
Total Revenues
11,485,756
623,378
198,620
568,960
2,155,851
Expenditures
Current:
General Government
2,974,410
16,455
-
-
49,901
Community Development
697,820
-
-
-
-
Public Safety
2,511,717
-
-
-
-
Public Works and Utilities
3,464,437
-
98,901
-
-
Recreation and Culture
2,375,945
-
-
-
-
Capital Improvements
-
238,032
-
-
2,508,254
Debt Service:
Principal
-
25,125,000
-
851,250
-
Interest
-
496,544
-
295,268
-
Fiscal Charges
-
23,304
-
19,147
-
Bond Issuance Costs
-
160,000
-
-
-
Total Expenditures
12,024,329
26,059,335
98,901
1,165,665
2,558,155
Excess (Deficiency) of Revenues
Over (Under) Expenditures
(538,573)
(25,435,957)
99,719
(596,705)
(402,304)
Other Financing Sources (Uses)
Transfers In
518,314
-
-
604,926
548,875
Transfers Out
(1,952,843)
(505,000)
(278,875)
-
(308,314)
Loan Proceeds
-
7,200,000
-
-
-
Bond Proceeds
Total Other Financing Sources (Uses) (1,434,529) 6,695,000 (278,875) 604,926 240,561
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of year
(1,973,102) (18,740,957) (179,156) 8,221 (161,743)
6,402,232 19,236,053 2,495,147 636,499 5,701,165
$ 4,429,130 $ 495,096 $ 2,315,991 $ 644,720 $ 5,539,422
The accompanying notes are an integral part of the financial statements.
22
2 ;
RECONCILIATION OF THE STATEMENT OF
REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED DECEMBER 31, 2009
Other
Net change in fund balances - Total Governmental Funds
$(21,095,481)
Governmental
Amounts reported for governmental activities in the
Funds
Total
statement of activities are different because:
$ 485,617
$11,710,148
Governmental funds report capital outlays as expenditures. However,
-
124,130
for governmental activities, those capital outlays other than the
-
1,201,794
noncapitalizable items are shown in the Statement of Activities and the
-
1,706,803
cost of those assets is allocated over their estimated useful lives and
-
129,530
reported as depreciation expense:
-
246,225
- Capital outlay
1,858,846
70,136
469,688
- Depreciation
(2,726,991)
(868,145)
555,753
15,588,318
Expenses reported in the Statement of Activities that do not require
the use of current financial resources are not reported as expenditures
in governmental funds.
- Decrease in Construction in Progress
(50,471)
97,625
3,138,391
- Change in compensated absences payable
(55,914)
-
697,820
- Change in accrued interest payable on outstanding bonds
(16,517)
-
2,511,717
- Amortization of deferred loss on refunding and bond premium
(7,985)
97,202
3,660,540
- Amortization of original issue discount
(8,873)
-
2,375,945
- Amortization of bond issuance costs
(280,756)
-
2,746,286
(420,516)
Down payment assistance to employees in the form of notes receivable
440,000
26,416,250
is reported in the governmental funds as expenditures. However, these
32,723
824,535
transactions have no effect on net assets.
287,625
14,864
57,315
-
160,000
Governmental funds report debt issuance costs as an expenditure in
the year issued whereas these amounts are deferred and amortized
682,414
42,588,799
over the life of the debt in the Statement of Activities
160,000
The issuance of bond proceeds provides current financial resources
(126,661)
(27,000,481)
to governmental funds, but issuing debt increases long -term liabilities
in the Statement of Activities.
(7,200,000)
137,917
1,810,032
Revenues that are not available to pay for current period
(60,000)
(3,105,032)
expenditures are not reported in the governmental funds.
1,590,224
-
7,200,000
-
-
Repayment of bond and lease principal are reported an expenditure in
the governmental funds, but the repayment reduces long -term liabilities
77,917
5,905,000
in the Statement of Net Assets:
- Capital lease principal payments
161,808
(48,744)
(21,095,481)
- Bond principal retirements
26,416,250
26,578,058
1,687,693
36,158,789
The internal service fund is used by management to charge the rental
cost of certain vehicles and equipment to individual funds. The
$ 1,638,949
$ 15,063,308
decrease in net assets of the internal service fund is included in
governmental activities.
(238,542)
Change in Net Assets of Governmental Activities
$ (1,206,777)
2 ;
TOWN OF AVON, COLORADO
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
DECEMBER 31, 2009
ASSETS
Current Assets:
Cash and Cash Equivalents
Receivables:
- Taxes
- Intergovernmental
Inventory
Total Current Assets
Noncurrent Assets:
Capital Assets:
-Land
- Buildings
- Machinery and Equipment
- Accumulated Depreciation
Business -Type Activities - Enterprise Funds Governmental
Fleet Activities -
Transit Maintenance Internal
Fund Fund Totals Service Fund
$ 618,275 $ 73,982 $ 692,257 $ 1,754,637
40,364 - 40,364 -
- 251,923 251,923 -
533,655 533,655 -
658,639 859,560 1,518,199 1,754,637
- 130,384 130,384 -
16,650 6,276,298 6,292,948 1,620,017
2,506,538 235,830 2,742,368 5,040,779
(1,138,589) (2,284,245) (3,422,834) (3,633,219)
Net Capital Assets \ Total Noncurrent Assets 1,384,599 4,358,267 5,742,866 3,027,577
Total Assets 2,043,238 5,217,827 7,261,065 4,782,214
LIABILITIES
Current Liabilities:
Accounts Payable
Accrued Liabilities
Accrued Interest Payable
Compensated Absenses Payable
Due to Other Funds
Deferred Taxes
Certificates of Participation - Current
Capital Leases Payable - Current
Total Current Liabilities
Noncurrent Liabilities:
Certificates of Participation
Capital Leases Payable
Total Noncurrent Liabilities
36,592
59,464
96,056 70,141
19,108
22,750
41,858 -
-
12,400
12,400 -
31,671
47,885
79,556 -
-
100,000
100,000 -
40,364
-
40,364 -
-
270,000
270,000 -
-
12,333
12,333 -
127,735
524,832
652,567 70,141
2,722,500 2,722,500
8,621 8,621
2,731,121 2,731,121
Total Liabilities 127,735 3,255,953 3,383,688 70,141
NET ASSETS
Investment in Capital Assets, net of Related Debt 1,384,599 1,344,813 2,729,412 3,027,577
Unrestricted 530,904 617,061 1,147,965 1,684,496
Total Net Assets $ 1,915,503 $ 1,961,874 $ 3,877,377 $ 4,712,073
The accompanying notes are an integral part of the financial statements.
24
TOWN OF AVON, COLORADO
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2009
Operating Revenues:
Charges for Services
Other Operating Revenues
Total Operating Revenues
Operating Expenses:
Cost of Operations
Depreciation
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses):
Taxes
Gain (Loss) on Disposal of Capital Assets
Interest Expense
Business -Type Activities - Enterprise Funds Governmental
Fleet Activities -
Transit Maintenance Internal
Fund Fund Totals Service Fund
$ 7,130 $ 2,396,339 $ 2,403,469 $ 368,990
10,376 23,333 33,709 -
17,506 2,419,672 2,437,178 368,990
1,285,510 1,932,735 3,218,245 21,598
190,253 230,461 420,714 604,713
1,475,763 2,163,196 3,638,959 626,311
(1,458,257) 256,476 (1,201,781) (257,321)
42,800 - 42,800 -
(10,000) - (10,000) 4,335
(162,143) (162,143) -
Total Nonoperating Revenues (Expenses)
32,800
(162,143)
(129,343)
4,335
Income (Loss) Before
Contributions and Transfers
(1,425,457)
94,333
(1,331,124)
(252,986)
Capital Asset Contributions
-
-
-
14,444
Transfers In
1,290,000
5,000
1,295,000
-
Increase in Net Assets
(135,457)
99,333
(36,124)
(238,542)
Total Net Assets, Beginning of Year
2,050,960
1,862,541
3,913,501
4,950,615
Total Net Assets, End of Year
$ 1,915,503
$ 1,961,874
$ 3,877,377
$ 4,712,073
The accompanying notes are an integral part of the financial statements.
25
TOWN OF AVON, COLORADO
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2009
Cash Flows From Operating Activities
Cash Received from Customers and Users
Cash Received from Interfund Services Provided
Cash Payments to Suppliers
Cash Payments to Employees
Cash Payments for Interfand Services Used
Other Operating Revenues
Net Cash Provided by (Used in)
Operating Activities
Cash Flows From Noncapital Financing Activities
Business -Type Activities - Enterprise Funds Governmental
Fleet Activities -
Transit Maintenance Internal
Fund Fund Totals Service Fund
$ 7,130 $ 1,758,758 $ 1,765,888 $ -
- 628,048 628,048 368,990
(372,320) (1,097,760) (1,470,080) (21,598)
(681,112) (864,401) (1,545,513) -
(227,303) - (227,303) -
10,376 23,333 33,709 -
(1,263,229) 447,978 (815,251) 347,392
Net Deposits Refunded (933) - (933)
Repayments of Advances from Other Funds - - -
Taxes Received 42,800 - 42,800
Transfer In from Other Funds 1,290,000 5,000 1,295,000
Net Cash Provided by Noncapital
Financing Activities
Cash Flows From Capital Financing Activities
Acquisition and Construction of Capital Assets
Proceeds from Sales of Capital Assets
Grant Proceeds Received
Interest Paid on Long -term Debt
Principal Paid on Long -term Debt
Net Cash Used in Capital Financing Activities
Net Increase (Decrease) in
Cash and Cash Equivalents
1,331,867 5,000 1,336,867
(33,820) (33,820)
(163,146) (163,146)
(270,618) (270,618)
(308,640)
500
(467,584) (467,584) (308,140)
68,638 (14,606) 54,032 39,252
Cash and Cash Equivalents, Beginning of Year 549,637 88,588 638,225 1,715,385
Cash and Cash Equivalents, End of Year $ 618,275 $ 73,982 $ 692,257 $ 1,754,637
The accompanying notes are an integral part of the financial statements.
26
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES
Operating Income (Loss)
Adjustments to Reconcile Operating Income
(Loss) to Net Cash Provided by (Used in)
Operating Activities
Depreciation
Change in Assets and Liabilities:
Increase in Accounts Receivable
Increase in Inventory
Increase in Accounts Payable
Increase (Decrease) in Accrued Liabilities
Increase in Compensated Absences Payable
Total Adjustments
Net Cash Provided by (Used in)
Operating Activities
NONCASH INVESTING, CAPITAL
AND FINANCING ACTIVITIES
Business -Type Activities - Enterprise Funds
Fleet
Transit Maintenance
Fund Fund Totals
Governmental
Activities -
Internal
Service Fund
$ (1,458,257) $ 256,476 $ (1,201,781) $ (257,321)
190,253
230,461
420,714 604,713
-
(9,532)
(9,532) -
-
(51,285)
(51,285) -
1,935
9,722
11,657 -
(882)
1,842
960 -
3,722
10,294
14,016 -
195,028
191,502
386,530 604,713
$ (1,263,229) $
447,978 $
(815,251) $ 347,392
Noncash Transactions Affecting Financial Position
Contributions of Capital Assets from
Governmental Activities $ - $ - $ - $ 14,444
27
TOWN OF AVON, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2009
The financial statements of the Town of Avon have been prepared in conformity with
generally accepted accounting principles ( "GAAP ") as applied to governmental entities.
The Governmental Accounting Standards Board ( "GASB ") is the accepted standard- setting
board for establishing governmental accounting and financial reporting principles. The
following notes are an integral part of the Town's Comprehensive Annual Financial Report.
Note 1. Summary of Significant Accounting Policies
A. Financial Reporting Entity
Primary Government. The Town of Avon, Colorado, was incorporated as a Town on April
24, 1978. On June 13, 1978, the citizenry voted to become a Home Rule City, as authorized
by Article 20 of the Colorado State Constitution. The Town operates under a Council -
Manager form of government and provides the following services as authorized by its
charter: public safety, highways and streets, culture- recreation, public improvements,
community development, planning and zoning, transportation, and general administrative
services.
As required by generally accepted accounting principles, these financial statements present
the Town of Avon (the primary government) and its component units for which the Town is
considered financially accountable. Financial accountability exists if the Town appoints a
voting majority of an organization's governing board and is able to impose its will on the
organization, or if the organization provided benefits to, or imposes financial burdens upon
the Town. Blended component units, although legally separate entities, are, in substance,
part of the Town's operations and so data from these units are combined with data of the
Town.
The Town's blended component units are -
Town of Avon Finance Authority (Authority) — The Authority was incorporated in 1998 as a
Colorado nonprofit corporation, with the sole purpose of facilitating Town financings,
including capital leases. The Authority has a three- member board of directors who serve
without compensation and have no private or proprietary interest in the Authority. The
Authority's activities have been collapsed and blended into the Town's Debt Service and
Fleet Maintenance funds. The Authority is included in the Town's financial statements
because the Town appoints the board members and has financial accountability for the
Authority. This component unit does not issue separate financial statements.
Avon Urban Renewal Authority (AURA) — The AURA is a body corporate duly organized
and existing as an urban renewal authority established by the Town of Avon, Colorado
pursuant to the Urban Renewal Law of the State of Colorado for the purpose of undertaking
certain urban renewal activities within the Town. The boundaries of the AURA are
coterminous with the boundaries of the Town. The bylaws of the AURA provide that the
members of the Avon Town Council shall constitute the Commissioners of the AURA. The
28
Mayor of the Town services as Chairman, the Mayor Pro -Tem serves as Vice Chairman, the
Town Manager serves as the Executive Director and Secretary, the Finance Director serves
as Treasurer, and the Town Clerk serves as the AURA Clerk. For financial reporting
purposes, the AURA is blended into the Town's financial statements and is reported in a
single special revenue fund as a blended component unit. A separate budget is adopted for
the AURA, however separate financial statements of the AURA are not issued.
B. Government -wide and Fund Financial Statements
Government -wide Financial Statements. The government -wide financial statements (i.e. the
Statement of Net Assets and the Statement of Activities) report information on all non-
fiduciary activities of the Town (the primary government) and its component units.
Governmental activities, which normally are supported by taxes and intergovernmental
revenues, are reported separately from business -type activities, which primarily rely on fees
and charges for support. As a general rule, the effect of interf ind activity has been
eliminated to from the government -wide financial statements.
The Statement of Activities demonstrates the degree to which the direct expenses of a given
function or business segment are offset by program revenues and helps identify the extent to
which each is self - financing or draws from the general revenues of the Town. Direct
expenses are those that are clearly identifiable with a specific function or business segment.
Program revenues include 1) charges to customers who purchase, use, or directly benefit
from goods, services, or privileges provided by a given function and, 2) grants and
contributions that are restricted to meeting the operational or capital requirements of a
particular function or business segment. Taxes and other items not properly included among
program revenues are reported instead as general revenues.
Fund Financial Statements. Fund financial statements report detailed information about the
Town with the focus on major funds rather than on reporting funds by type. Separate
financial statements are provided for governmental funds and proprietary funds. Major
individual governmental funds and major individual enterprise funds are reported as separate
columns in the fund financial statements. Nonrnaj or funds are aggregated and presented in a
single column. The internal service fund is presented in a single column on the face of the
proprietary fund statements.
C. Measurement Focus, Basis of Accounting and Financial Statement Presentation
Measurement Focus and Basis of Accounting. The government -wide financial statements
have been prepared using the economic resources measurement focus and the accrual basis
of accounting. This is the same approach used in the preparation of the proprietary fund
financial statements. Revenues are recognized when earned and expenses are recognized
when the liability is incurred regardless of the timing of related cash flows. Depreciation is
computed and recorded as an operating expense. Expenditures for property, plant and
29
TOWN OF AVON, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2009
equipment are shown as increases in assets and redemption of bonds and notes are recorded
as a reduction in liabilities.
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenue is recorded
when susceptible to accrual, i.e., both measurable and available. Available means
collectible within the current period or soon enough thereafter to be used to pay liabilities of
the current period (60 days). The major sources of revenue which are susceptible to accrual
are property taxes, accommodations and sales taxes, and certain intergovernmental revenues.
Expenditures generally are recorded when the liability is incurred, as under full accrual
accounting. However, debt service expenditures, as well as expenditures related to
compensated absences and claims and judgments, are recorded only when payment is due.
Financial Statement Presentation - Fund Accounting. A fund is defined as a fiscal and
accounting entity with a self - balancing set of accounts which are segregated for the purpose
of accounting for specific activities. The Town uses funds to report results of operations and
financial position, and demonstrate compliance with legal, contractual and regulatory
requirements.
The Town's funds are classified into two broad fund categories and six generic fund types
for financial reporting purposes: Governmental funds include the general, special revenue,
debt service, and capital projects funds. Proprietary funds include enterprise funds and an
internal service fund.
The Town's major governmental funds are:
• General Fund - This is the Town's primary operating fund. It is used to account for
all activities of the Town not required to be accounted for in some other fund.
• Avon Urban Renewal Fund - This fund is used to account for the activities of
redevelopment that are undertaken by the Avon Urban Renewal Authority, including
issuing debt and constructing public improvements.
• Water Fund - This fund is used to account for the cost of maintaining certain water -
related assets and for the receipt of water surcharges and tap fees within the Town
limits.
• Debt Service Fund - This fund is used to account for the accumulation of resources
and payment of principal and interest on the Town's general obligation and sales tax
revenue bonds.
• Capital Projects Fund - This fund is used to account for the acquisition and
construction of major capital facilities other than those financed by proprietary
funds.
Proprietary funds distinguish operating revenues and expenses from nonoperating items.
Operating revenues and expenses generally result from providing services and producing
and delivering goods in connection with a proprietary fund's principal ongoing operations.
30
The principal operating revenues of all the Town's enterprise and internal service funds are
charges to customers for sales and services. Operating expenses for enterprise and internal
service funds include the cost of sales and services, administrative expenses, and
depreciation on capital assets. All revenues and expenses not meeting this definition are
reported as nonoperating revenues and expenses.
The Town's major proprietary funds are:
• Transit Fund — This fund is used to account for the activities involved in operating
the Town's transportation system. In addition to transportation routes within the
Town of Avon, the Town contracts with other entities for management and operation
of their transportation systems within Eagle County.
• Fleet Maintenance Fund — This fund is used to account for the accumulation and
allocation of costs associated with the maintenance of vehicles and rolling stock for
the Town and certain other third party governmental entities.
The Town's only internal service fund is the Equipment Replacement Fund. This fund is
used to account for the rental of certain vehicles and equipment to other departments for the
accumulation of funds for future replacement.
Private - sector standards of accounting and financial reporting issued prior to December 1,
1989, generally are followed in both the government -wide and proprietary fund financial
statements to the extent that those standards do not conflict with or contradict guidance of
the Governmental Accounting Standards Board. Governments also have the option of
following subsequent private- sector guidance for their business -type activities and enterprise
funds, subject to this same limitation. The Town has elected not to follow subsequent
private - sector guidance.
D. Budgets
Budgets are adopted on a basis consistent with generally accepted accounting principles for
all funds, with the exception of proprietary funds which are budgeted on the modified
accrual basis of accounting. According to the Town's Charter, all appropriations except for
capital projects or special revenue funds lapse at fiscal year -end. However, as a matter of
practice, the Town adopts annual budgets for all funds. During the year, changes may be
made to budgets by adoption of supplemental amendments by resolution of the Town
Council.
E. Cash and Investments
The Town concentrates the cash resources of its various funds in order to facilitate the
management of cash. The balance in this concentration account is available to meet the
Town's current operating requirements. Cash resources in excess of current requirements is
31
TOWN OF AVON, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2009
invested in various interest - bearing securities and disclosed as part of the Town's
investments.
Town Charter and Colorado State statutes authorize the Town to invest its excess funds in
direct U.S. Government securities, agencies, bonds and other obligations of states and
political subdivisions, corporate bonds, money market mutual funds, and local government
investment pools. Investments are stated at fair value on the balance sheet except for
money - market investments that have a remaining maturity at time of purchase of one year or
less. Investment income is recognized when earned.
F. Inventories
Inventories are valued at cost using the first - in/first -out (FIFO) method. The costs of any
governmental fund inventories are recorded as expenditures when consumed rather than
when purchased.
G. Restricted Assets
Debt Service Fund. Restricted assets in the amount of $563,542 are reported in the Debt
Service Fund. This amount consists of a $561,713 required debt service reserve account and
an additional $1,829 in a certificate account for the Series 1998 Certificates of Participation.
Both of these accounts are held in the trust department of American National Bank.
Avon Urban Renewal Fund. Restricted assets in the amount of $552,525 are reported in the
Avon Urban Renewal Fund. This amount consists of a restricted Vectra Bank certificate of
deposit issued from the proceeds of a $7.2 million loan entered into by the Authority in
May, 2009.
When both restricted and unrestricted resources are available for use, it is the Town's policy
to use unrestricted resources first, then restricted, as they are needed.
H. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets are
reported in the applicable governmental or business -type activities columns in the
government -wide financial statements. It is the Town's policy to capitalize expenditures
with a cost greater than $5,000 and an estimated useful life of more than one year. All
purchased capital assets are stated at cost or estimated historical cost if actual historical
records are not available. Donated capital assets are recorded at their estimated fair market
value at the date of contribution. Major outlays for capital improvement projects are
capitalized as projects are completed.
The Town's infrastructure consists of streets and roads, bridges, storm drainage, water rights
and storage, irrigation ditches, bike paths, and public parking.
32
The costs of normal maintenance and repair that do not add to the value of the asset or
extend the estimated useful life are not capitalized but charged to operations as incurred.
Depreciation of property, plant and equipment is computed using the straight -line method
over the following estimated useful lives:
Buildings and Facilities 20 -40 years
Infrastructure 35 -50 years
Vehicles and Rolling Stock 7 -15 years
Machinery and Equipment 7 -10 years
I. Long -term Obligations
In the government -wide financial statements, and proprietary fund types in the fund
financial statements, long -term debt and other long -term obligations are reported as
liabilities in the applicable governmental activities, business -type activities, or proprietary
fund type statement of net assets. Bond premiums and discounts, issuance costs, and loss on
refunding are deferred and amortized over the life of the bonds using the straight -line
method, which approximates the interest method. Bonds payable are reported net of the
applicable bond premium or discount. Bond issuance costs are reported as deferred charges
and amortized over the term of the related debt.
In the fund financial statements, governmental fund types recognize bond premiums and
discounts, as well as bond issuance costs, during the current period. The face amount of
debt issued is reported as other financing sources. Premiums received on debt issuances are
reported as other financing sources while discounts on debt issuances are reported as other
financing uses. Issuance costs, whether or not withheld from the actual debt proceeds are
reported as debt service expenditures.
J. Property Taxes
Property taxes are levied by the Town Council. The levy is based on the assessed valuation
of property located within the Town as determined by the County Assessor generally as of
January 1 of each year. The levy is normally set by December 15 by certification to the
County Commissioners. The County Treasurer collects the property taxes during the
ensuing calendar year and remits the taxes collected to the Town on a monthly basis.
Property taxes are payable in full by April 30, or if in two equal installments, by February 28
and June 15. Delinquent taxpayers are notified in August and generally sales of the tax liens
on delinquent properties are held in November or December. Property taxes, net of
estimated uncollectible taxes, are recorded as receivable in the year levied and offset to
deferred revenue since they typically do not meet the availability criterion.
33
TOWN OF AVON, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2009
K. Compensated Absences
It is the Town's policy to permit employees to accumulate earned but unused personal time
off (a combination of vacation and holidays) and sick pay benefits. There is no liability for
unpaid accumulated sick leave since the Town's policy is to not pay for accumulated sick
leave when employees separate from service. The liability for compensated absences is
recorded as a non - current liability in the government -wide financial statements. The current
portion of this debt is estimated based on historical trends. In the fund financial statements
governmental funds report a compensated liability payable only if they have matured, for
example, as a result of employee resignations and retirements, while the proprietary funds
report the liability as it is incurred. Within the governmental funds, the General Fund
typically is used to liquidate any liabilities for compensated absences.
L. Fund Equity
In the fund financial statements, reserves are used to segregate portions of fund balance or
net assets that are legally restricted for specific future uses or not available for appropriation.
Designated fund balances represent tentative plans for future use of financial resources. The
Town considers all unreserved fund balances to be "reserves" for future operations or capital
replacement as defined within Article X, Section 20 of the Constitution of the State of
Colorado (see Note 8).
M. Statements of Cash Flows
For purposes of the statement of cash flows, the Town considers all highly liquid
investments with a maturity when purchased of three months or less and all local
government investment pools to be cash equivalents.
N. Debt Costs
Debt issuance costs in the amount of $212,775 (net of accumulated amortization of $45,873)
are included in other assets. Unamortized premiums of $44,230 (net of accumulated
amortization of $32508) and loss on refundings (contra- liability) of $99,456 (net of
accumulated amortization of $73,098) are reflected in noncurrent liabilities. Capitalized
debt costs are amortized over the remaining lives of the related debt issues using the
straight -line method, which approximates the effective interest method.
Note 2. Legal Compliance — Budgets
No later than October 15th, the Town Manager submits to the Mayor and Town Council a
proposed budget for the calendar year commencing the following January 1St. The budget is
prepared by fund, department, program and project and includes information on the prior
year, current estimates and requested appropriations and estimated revenues for the
upcoming year.
34
The Town Council holds public hearings and may change appropriations except for
expenditures required by law for debt service or for estimated cash deficits. No change to
the budget may increase the authorized expenditures to any amount greater than the total
amount of funds available. The Town Council must adopt the budget by resolution prior to
December 15th. Once adopted, the Town Council may at any time, by resolution, amend the
budget. In addition, the Town Manager may transfer part or all of any unencumbered
appropriation balance among programs within a department. A department is defined by the
Town as a distinct, principal or specialized division (i.e. the department of public works).
Expenditures may not legally exceed budgeted appropriations at the fund level. Budgetary
comparisons in the accompanying combined financial statements and in the individual fund
statements are presented at a lower -than- required level of control to facilitate detailed
financial analysis.
The Town incurred expenditures in excess of appropriations for the year ended December
31, 2009, in the following funds: General Fund - $21,757; Avon Urban Renewal Authority -
$8,573; Water Fund - $3,748; Town Center West Maintenance Fund - $1,941; and Debt
Service Fund - $1,629. According to Colorado State Statute these may be violations of the
Local Government Budget Law.
Note 3. Cash and Investments
Cash and investments as of December 31, 2009 are classified in the accompanying financial
statements as follows:
Cash and Cash Equivalents $ 5,940,239
Investments 10,228,229
Restricted Assets - Cash and Cash Equivalents 1,116,067
Total 17.284.535
Cash and investments as of December 31, 2009 consist of the following:
Cash on Hand
$ 6,175
Deposits With Financial Institutions
1,778,557
Investments
15,499,803
Total
17.284.535
Investments Authorized by the Town of Avon Investment Policy
The table below identifies the investment types that are authorized for the Town by the
Town's investment policy. The table also identifies certain provision of the Town's
investment policy that address interest rate risk, credit risk, and concentration of credit
risk.
35
TOWN OF AVON, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2009
Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair
value of an investment. Generally, the longer the maturity of an investment, the greater the
sensitivity of its fair market value to changes in market interest rates. The investment policy
of the Town states that, to the extent possible, investments shall be matched with anticipated
cash flow requirements and known future liabilities. Unless matched to a specific cash flow
requirement, the Town will not invest in securities maturing more than five years from the
date of purchase. In addition, the Town shall maintain at least 15% of its total investment
portfolio in investments maturing in 120 days or less. At least 10% of the portfolio shall be
invested in overnight investments or securities that can be sold to raise cash on one day's
notice.
Information about the sensitivity of the fair values of the Town's investments to market
interest rate fluctuations is provided by the following table that shows the distribution of the
Town's investments by maturity:
Weighted Average
Maximum
Maximum
Authorized
Maximum
Percentage
Investment
Investment Type
Maturi
Of Portfolio
In One Issuer
Federal Home Loan Bank
3,234,617
U.S. Treasury Obligations
5 years
None
None
Federal Agency Securities
5 years
None
None
Federal Instrumentality Securities
5 years
None
None
Repurchase Agreements
180 days
None
None
Commercial Paper
270 days
20%
5%
General Obligation Debt
5 years
None
None
Revenue Obligation Debt
5 years
None
None
Local Government Investment Pools
N/A
None
None
Money Market Funds
N/A
None
None
Time Certificates of Deposit
I year
None
None
Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair
value of an investment. Generally, the longer the maturity of an investment, the greater the
sensitivity of its fair market value to changes in market interest rates. The investment policy
of the Town states that, to the extent possible, investments shall be matched with anticipated
cash flow requirements and known future liabilities. Unless matched to a specific cash flow
requirement, the Town will not invest in securities maturing more than five years from the
date of purchase. In addition, the Town shall maintain at least 15% of its total investment
portfolio in investments maturing in 120 days or less. At least 10% of the portfolio shall be
invested in overnight investments or securities that can be sold to raise cash on one day's
notice.
Information about the sensitivity of the fair values of the Town's investments to market
interest rate fluctuations is provided by the following table that shows the distribution of the
Town's investments by maturity:
Weighted Average
Total
36
$ 15.499.803
Maturity
Investment Type
in Years
Federal Instrumentality Securities:
Federal Farm Credit Bank
$ 1,703,388
2.25
Federal Home Loan Bank
3,234,617
2.24
Federal Home Loan Mortgage Corp.
3,010,052
0.22
Federal National Mortgage Assn.
2,280,172
0.33
Local Government Investment Pools
3,958,409
NA
Money Market Funds
749,623
NA
Held by Bond Trustee:
Local Government Investment Pools
563,542
NA
Total
36
$ 15.499.803
Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation
to the holder of the investment. This is measured by the assignment of a rating by a
nationally recognized statistical rating organization. All of the Town's investments are rated
AAA or AAAm by Standard and Poors, and Aaa by Moody's.
Concentration of Credit Risk
With the exception of commercial paper investments, the investment policy of the Town
contains no limitations on the amount that can be invested in any one issuer. Commercial
paper issuers are limited to no more than 5% of the Town's portfolio. The Town had no
investments in commercial paper at December 31, 2009.
Investments in any one issuer (other than U.S. Treasury obligations, mutual funds, and local
government investment pools) that represent 5% or more of total Town investments are as
follows:
Reported
% of Total
Issuer Investment Tyne
Amount
Investments
Federal Farm Credit Bank Federal Instrumentality Securities
$ 1,703,388
10.99%
Federal Home Loan Bank Federal Instrumentality Securities
3,234,617
20.87%
Federal Home Loan Mortgage Corp. Federal Instrumentality Securities
3,010,052
19.42%
Federal National Mortgage Assn. Federal Instrumentality Securities
2,280,172
14.71%
Custodial Credit Risk
Deposits. Custodial credit risk for deposits is the risk that, in the vent of the failure of a
depository financial institution, the Town would not be able to recover its deposits or would
not be able to recover collateral securities that are in the possession of an outside party.
The Colorado Public Deposit Protection Act (PDPA) requires that cash be deposited in
eligible public depositories and that deposits in excess of federal insurance levels must be
collateralized. The eligible collateral is determined by the PDPA. PDPA allows the
institution to create a single collateral pool for all public funds with the Town being a named
participant in the single institution collateral pool. The minimum pledging requirement is
102% of the uninsured deposits. The Colorado State Banking Board verifies the market
value at least monthly. Bank assets (usually securities) are required by PDPA to be
delivered to a third -party institution for safekeeping, and pledged to the Colorado Division
of Banking. Based on the above, the Colorado State Auditor has concluded that there is no
custodial risk for public deposits collateralized under PDPA.
Investments. Custodial credit risk for investments is the risk that, in the event of the failure
of the counterparty (e.g. broker - dealer) to a transaction, the Town would not be able to
recover the value of its investment or collateral securities that are in the possession of
another party. The Town's investment policy provides that all investment securities, except
37
TOWN OF AVON, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2009
certificates of deposit, local government investment pools, and money market funds
purchased by the Town shall be settled on a delivery versus payment basis and will be
delivered by either book entry or physical delivery and will be held in third -party
safekeeping by the Town's approved custodian bank, its correspondent bank or the
Depository Trust Company. An approved Safekeeping Agreement must be executed with
each custodian bank prior to utilizing that bank's safekeeping services and to be eligible a
financial institution must have an average Highline Banking Data Services Rating of 20 or
better. The Town's depository bank, 1St Bank of Avon, had a rating of 74 as of September,
2009.
Local Government Investment Pools
Local government investment pools are trusts established for local government entities in
Colorado to pool surplus funds. The State Securities Commissioner administers and
enforces all State statutes governing the trusts. The trusts operate similarly to a money
market fund and each share is equal in value to $1.00. A designated custodial bank serves as
custodian pursuant to a custodian agreement. The custodian acts as safekeeping agent for
the trusts' investment portfolios and provides services as the depository in connection with
direct investments and withdrawals. The custodian's internal records segregate investments
owned by the trusts.
As of December 31, 2009, the Town of Avon held investments in the Colorado Local
Government Liquid Asset Trust ( Colotrust). Colotrust offers shares in two portfolios, Prime
and Plus. Both portfolios may invest in U.S. Treasury securities and repurchase agreements
collateralized by U.S. Treasury securities. Colotrust Plus may also invest in certain
obligations of U.S. government agencies, highest rated commercial paper and repurchase
agreements collateralized by certain obligations of U.S. government agencies.
Note 4. Capital Assets
Capital asset activity for the year ended December 31, 2009 was as follows:
Governmental Activities:
Capital Assets, Not Being Depreciated:
Land
Public Art
Water Rights
Construction in Progress
Total Capital Assets, Not Being Depreciated
Capital Assets, Being Depreciated:
Buildings
Machinery and Equipment
Infrastructure
Beginning
Ending
Balance
Increases
Decreases
Balance
$ 8,837,639
$ -
$ -
$ 8,837,639
1,361,400
-
-
1,361,400
1,792,959
-
-
1,792,959
699,443
935,065
(311,596)
1,322,912
12,691,441
935,065
(311,596)
13,314,910
13,704,318
133,447
-
13,837,765
4,757,738
383,323
(100,282)
5,040,779
49,218,699
1,065,310
-
50,284,009
Total Capital Assets, Being Depreciated $67,680,755 $ 1,582,080 $ (100,282) $ 69,162,553
38
Less Accumulated Depreciation:
Buildings
Machinery and Equipment
Infrastructure
Total Accumulated Depreciation
Total Capital Assets, Being Depreciated, Net
Governmental Activities Capital Assets, Net
Business -type Activities:
Capital Assets, Not Being Depreciated:
Land
Capital Assets, Being Depreciated:
Buildings
Machinery and Equipment
Total Capital Assets, Being Depreciated
Less Accumulated Depreciation:
Buildings and Facilities
Machinery and Equipment
Total Accumulated Depreciation
Total Capital Assets, Being Depreciated, Net
Business -type Activities Capital Assets, Net
Beginning
-
-
Ending
Balance
Increases
Decreases
Balance
$ (4,953,698)
$ (476,831)
$ -
$ (5,430,529)
(2,612,797)
(521,473)
100,167
(3,034,103)
(23,193,154)
(2,333,399)
-
(25,526,553)
(30,759,649)
(3,331,703)
100,167
(33,991,185)
36,921,106
(1,749,623)
(814.5581
(115)
35,171,368
$ 49.612.547
$ 48.486.278
(311.711)
$ 130,384 $ $ $ 130,384
6,292,948
-
-
6,292,948
2,869,094
34,720
(161,446)
2,742,368
9,162,042
34,720
(161,446)
9,035,316
(1,930,719)
(215,346)
-
(2,146,065)
(1,221,947)
(205,369)
150,547
(1,276,769)
(3,152,666)
(420,715)
150,547
(3,422,834)
6,009,376
$ 6.139.760
(385,995)
�)
(10,899)
5,612,482
$ 5.742.866
$ (10.899)
Depreciation expense was charged to functions /programs of the Town as follows:
Governmental Activities:
General Government $ 114,913
Community Development 6,357
Public Safety 186,260
Public Works and Utilities, including depreciation of general
infrastructure assets 2,674,788
Recreation and Culture 349.385
Total Depreciation Expense — Governmental Activities 3.331.703
Business -type Activities:
Transportation $ 190,253
Fleet Maintenance 230,462
Total Depreciation Expense — Business -type Activities $ 420.715
39
TOWN OF AVON, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2009
Note 5. Long -term Debt
General Obligation Bonds. The Town has issued general obligation bonds in order to
provide funds for the acquisition and construction of major capital facilities and to refund
outstanding general obligation bonds. These bonds are direct obligations and pledge the full
faith and credit of the Town and are ultimately secured by the Town's general ad valorem
tax collections.
General Obligation Bonds — Avon Metropolitan District. Effective May 31, 1998, the Avon
Metropolitan District was dissolved pursuant to an Agreement for Dissolution adopted by
both the Avon Metropolitan District and the Town of Avon and executed with the District
Court of Eagle County. According to the Agreement, the District shall continue in existence
for the sole purpose of securing payment in full of the principal and interest of existing
indebtedness. A new debt service fund was created by the Town in order to account for the
payment of principal and interest on the existing indebtedness, consisting of Series 1990
General Obligation Refunding Bonds. The Town Council was appointed to act as the
District Board of Directors in order to set mill levies as necessary to pay the outstanding
indebtedness. The Series 1990 bonds were subsequently refunded in 2001 by issuing Series
2001 Avon Metropolitan District General Obligation Refunding Bonds.
General obligation bonds currently outstanding at December 31, 2009, are as follows:
Purpose Interest Rates Amount
General Government — Avon Metropolitan District
Refunding 3.50% - 4.20% $ 455,000
General Government - Refunding 3.00% - 4.00% 3,215,000
Annual debt service requirements to maturity for general obligation bonds outstanding at
December 31, 2009, are as follows:
Year Ending
Governmental Activities
December 31
Principal
Interest
2010
$ 865,000
$ 135,108
2011
425,000
107,397
2012
445,000
90,398
2013
455,000
73,710
2014
475,000
58,012
2015 -2016
1,005,000
60,800
Total
3.670.000 525.425
Revenue Bonds. The Town has issued bonds whereby the bonds are payable solely from and
secured by an irrevocable first lien on the Town's sales tax revenues. These revenue bonds
40
were issued to refund previously issued revenue bonds that were used for construction of a
recreation center and for acquisition of land for a public works and transportation facility.
Revenue Bonds and Loans - Avon Urban Renewal Authority. Pursuant to the Urban
Renewal Plan adopted for the Town Center West Urban Renewal Project Area (Project
Area), generally known as Avon Town Center West, the Avon Urban Renewal Authority
issued $25 million in Series 2008 Tax Increment Adjustable Rate Revenue Bonds (Series
2008 Bonds) in February, 2008 for the purpose of financing the cost of constructing traffic,
street and pedestrian improvements.
The Series 2008 Bonds are special, limited revenue obligations of the Authority payable
from property tax increment revenues that represent that portion of ad valorem property
taxes produced by levies at the rates fixed each year by the various taxing jurisdictions
within or overlapping the Project Area upon that portion of the assessed valuation of taxable
property within the Project Area which is in excess of the Property Tax Base Amount. The
Property Tax Base Amount is the amount certified by the County Assessor as the assessed
value of taxable property within the Project Area prior to the adoption of the Urban Renewal
Plan.
In 2009, the Avon Urban Renewal Authority entered into a Series 2009 Variable Rate Loan
Agreement (Series 2009 Loan) in the amount of $7,200,000 with Vectra Bank for the
purpose of financing a redemption of the Authority's Series 2008 Tax Increment Adjustable
Rate Revenue Bonds. Net proceeds from the Series 2009 Loan, along with unused proceeds
and the reserve account balance from the Series 2008 bonds, were used to redeem the Series
2008 bonds.
The Series 2009 Loan bears an initial interest rate of 4.25% and adjusts annually
commencing on June 1, based upon the one -year LIBOR swap rate plus two percent (2 %).
Revenue bonds and loans outstanding at December 31, 2009, are as follows:
Purpose
General Government — Refunding
General Government — Avon Urban Renewal Authority
Total
41
Interest Rates
3.25% -4.55%
Variable
Amount
$ 2,050,000
7,075,000
12
TOWN OF AVON, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2009
Annual debt service requirements to maturity for revenue bonds outstanding at December
31, 2009, are as follows:
Certificates of Participation. In 1998, the Town of Avon Finance Authority issued
Certificates of Participation in order to finance the cost of constructing a fleet maintenance
facility. The Certificates evidence assignments of proportionate interest in rights to receive
payments pursuant to an annually terminable Lease Purchase and Sublease Agreement,
dated as of July 1, 1998, and entered into between the Authority as lessor, and the Town of
Avon as lessee. In 1999, the fleet maintenance facility was completed and the proceeds
from the Certificates that were used directly in the construction of the fleet maintenance
facility in the amount of $5,141,250 (approximately 75 %) were capitalized in the Fleet
Maintenance Fund and are reported as Capital Leases Payable.
Certificates of Participation outstanding at December 31, 2009, are as follows:
P=ose Interest Rates Amount
General Government - Fleet Maintenance Facility 3.90% - 5.00% 3.990.000
Annual debt service requirements to maturity for Certificates of Participation outstanding at
December 31, 2009, are as follows:
Year Ending
December 31
2010
2011
2012
2013
2014
2015 -2018
Total
Governmental Activities
Principal
Avon Urban
$ 90,000
$ 49,600
Year Ending
Renewal Authority
Governmental Activities
December 31
Principal
Principal
Interest
2010
$ 250,000
$ 380,000
$ 93,275
2011
260,000
395,000
75,985
2012
270,000
405,000
58,013
2013
280,000
870 000
59,833
2014
295,000
-
-
2015 -2019
1,675,000
-
-
2020 -2024
2,060,000
-
-
2025 -2029
1,985,000
-
-
Total 7.075.000
2.050.000
287.106
Certificates of Participation. In 1998, the Town of Avon Finance Authority issued
Certificates of Participation in order to finance the cost of constructing a fleet maintenance
facility. The Certificates evidence assignments of proportionate interest in rights to receive
payments pursuant to an annually terminable Lease Purchase and Sublease Agreement,
dated as of July 1, 1998, and entered into between the Authority as lessor, and the Town of
Avon as lessee. In 1999, the fleet maintenance facility was completed and the proceeds
from the Certificates that were used directly in the construction of the fleet maintenance
facility in the amount of $5,141,250 (approximately 75 %) were capitalized in the Fleet
Maintenance Fund and are reported as Capital Leases Payable.
Certificates of Participation outstanding at December 31, 2009, are as follows:
P=ose Interest Rates Amount
General Government - Fleet Maintenance Facility 3.90% - 5.00% 3.990.000
Annual debt service requirements to maturity for Certificates of Participation outstanding at
December 31, 2009, are as follows:
Year Ending
December 31
2010
2011
2012
2013
2014
2015 -2018
Total
Governmental Activities
Principal
Interest
$ 90,000
$ 49,600
95,000
45,280
100,000
40,625
105,000
35,625
110,000
30,375
497,500
63,750
42
Business -tvoe Activities
Principal
Interest
$ 270,000
$ 148,800
285,000
135,840
300,000
121,875
315,000
106,875
330,000
91,125
1,492,500
191,250
mu- 1� . .
Capital Lease Obligations. The following leases are renewable on an annual basis, at the
option of the Town, for consecutive one year periods. Upon final payment, title to the
leased assets will pass to the Town.
• Lease obligation for equipment with a total cost of $338,571 and a book value net of
accumulated depreciation at December 31, 2009 of $159,879. Due in seven annual
installments of $56,794 through March, 2010. Amortization is based on an interest
rate of 4.15 %. The Town may terminate the lease by paying the applicable purchase
option price on any scheduled payment. Balance at December 31, 2009 is $54,531.
• Lease obligation for equipment with a total cost of $93,598 and a book value net of
accumulated depreciation at December 31, 2009 of $26,676. Due in five annual
installments of $20,965 through February, 2010. Amortization is based on an
interest rate of 3.35 %. The Town may terminate the lease by paying the applicable
purchase option price on any scheduled payment. Balance at December 31, 2009 is
$20,285.
• Lease obligation for equipment with a total cost of $169,556 and a book value net of
accumulated depreciation at December 31, 2009 of $106,678. Due in five annual
installments of $39,006 through December, 2011. Amortization is based on an
interest rate of 4.20 %. The Town may terminate the lease by paying the applicable
purchase option price on any scheduled payment. Balance at December 31, 2009 is
$73,358.
• Lease obligation for equipment with a total cost of $508,125 and a book value net of
accumulated depreciation at December 31, 2009 of $402,368. Due in seven annual
installments of $83,972 through December, 2014. Amortization is based on an
interest rate of 3.78 %. The Town may terminate the lease by paying the applicable
purchase option price on any scheduled payment. Balance at December 31, 2009 is
$376,148.
Annual debt service requirements to maturity for Capital Lease Obligations outstanding at
December 31, 2009, are as follows:
Year Ending
Governmental Activities
Business -type
Activities
December 31
Principal Interest
Principal
Interest
2010
$ 168,161 $ 19,396
$ 12,333
$ 845
2011
101,202 12,792
8,621
362
2012
75,126 8,845
-
-
2013
77,966 6,006
-
-
2014
80.913 3.059
-
-
Total__ 50.098 54 20
43
TOWN OF AVON, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2009
Changes in Long -term Liabilities. Long -term liability activity for the year ended December
31, 2009, was as follows:
Governmental Activities:
Bonds Payable:
- General Obligation Bonds
- Revenue Bonds
- Certificates of Participation
- Bond Premium
- Loss on Refunding
Total Bonds Payable
Loans Payable
Capitalized Leases Payable
Compensated Absences
Governmental Activity Long-
Beginning
Balance Additions
$ 4,496,127 $ -
27,420,000 -
1,083,750 -
32,999,877 -
50,625 -
(113,836) -
32,936,666 -
- 7,200,000
665,176 -
292,717 551,086
Ending Due Within
Deletions Balance One Year
$ 826,127 $ 3,670,000 $ 865,000
25,370,000
2,050,000
380,000
86,250
997,500
90,000
26,282,377
6,717,500
1,335,000
6,395
44,230
6,395
(14,380)
(99,456)
(14,380)
26,274,392
6,662,274
1,327,015
125,000
7,075,000
250,000
161,808
503,368
168,161
505,172
338,631
338,631
term Liabilities kia&am
Business -type Activities:
Compensated Absences
$ 65,540 $
113,150 $ 99,134
$ 79,556 $ 79,556
Certificates of Participation
3,251,250
- 258,750
2,992,500 270,000
Capitalized Leases Payable
32,822
- 11,868
20,954 12,333
Business -type Activity Long-
term Liabilities
3.349.612
113.150 $ 369.752
3.093.010 $ 361.889
Conduit Debt Obligations. The Town has sponsored the issuance of revenue bonds in prior
years to provide financial assistance to private- sector entities for the acquisition and
construction of facilities deemed to be in the public interest. Neither the Town, the State of
Colorado, nor any political subdivision thereof is obligated in any manner for repayment of
the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying
general purpose financial statements. Conduit debt obligations at December 31, 2009, are
described as follows:
Eaglebend Affordable Housing Corporation. The Eaglebend Affordable Housing
Corporation (Eaglebend) was formed on October 23, 1990, to help provide for affordable
housing within the Town of Avon. Eaglebend operates exclusively on behalf and for the
benefit of the Town to operate a 294 unit apartment project within the Town. The Town
approved the formation and the issuance of the revenue bonds to finance the project and will
obtain full legal title to the land, buildings and equipment upon payment in full of the bonds
issued by Eaglebend.
On August 30, 2006, Eaglebend issued $18,495,000 of Multifamily Housing Project
Revenue Refunding Bonds Series 2006A, Series 2006B, and Series C Subordinate
Multifamily Housing Project Bonds in order to defease $17,455,000 of outstanding Series
1997A Eaglebend Affordable Housing Corporation Revenue Refunding Bonds, and
44
$1,355,000 of outstanding Series 1997B &C Subordinate Eaglebend Affordable Housing
Corporation Revenue Refunding Bonds. At December 31, 2009, there was $16,880,000
outstanding in Multifamily Housing Project Revenue Refunding Bonds, Series 2006A and
Series 2006B.
Eaglebend Dowd Affordable Housing Corporation. The Eaglebend Dowd Affordable
Housing Corporation (Dowd) was formed on March 24, 1998, to help provide for affordable
housing within Eagle County. Dowd operates a 50 unit apartment project within Eagle
County. The Town approved the formation and the issuance of the revenue bonds to finance
the project and will obtain full legal title to the land, buildings and equipment upon payment
in full of the bonds. The Town, however, is in no way obligated to pay the debt service on
the bonds.
In 2003, the Town approved the issuance by Dowd of $9,520,000 in Series 2003 Refunding
Revenue Bonds in order to defease the outstanding Series 1998A Revenue Bonds by placing
the proceeds of the Series 2003 bonds in an irrevocable trust to provide for all future debt
service payments on the old bonds. As of December 31, 2009, there was $8,845,000
outstanding in Series 2003 Refunding Revenue Bonds, and $1,600,000 outstanding in Series
1998 B &C Subordinate Revenue Bonds.
Buffalo Ridge I and II Apartment Project. The Buffalo Ridge I Apartment Project consists of
68 units composed of 2 and 3 bedroom units in four buildings located on the north side of
Interstate 70 east of the Town of Avon municipal fleet maintenance facility. The owner of
the Buffalo Ridge I Apartments is the Buffalo Ridge Affordable Housing Corporation.
Multifamily housing project revenue bonds were issued by Buffalo Ridge Affordable
Housing Corporation to finance this project. Pursuant to the plan of financing, this project
will be transferred to the Town of Avon upon the repayment in full of the outstanding bonds.
As of December 31, 2009, there was $9,805,000 outstanding in Buffalo Ridge Affordable
Housing Corporation Multifamily Housing Project Revenue Bonds. The Town is in no way
obligated to pay the debt service on the bonds.
The project above is part of a total development comprised of 244 units. The Buffalo Ridge
II Apartment Project consists of approximately 176 units in eleven (11) three -story
buildings. The Town of Avon issued multifamily housing revenue bonds dated May 1,
2002, in order to provide financing to Buffalo Ridge II, LLLP, a Colorado limited liability
partnership formed for the principal purpose of owning the project. As of December 31,
2009, there was $11,000,000 outstanding in Series 2002A Multifamily Housing Project
Revenue Bonds, and $4,125,000 outstanding in Series 2002B Taxable Multifamily Housing
Project Revenue Bonds. The Town is in no way obligated to pay the debt service on the
bonds.
Defeased Debt. In addition to the outstanding debt discussed above, other bonds previously
issued by the Town and the Avon Metropolitan District (AMD) have been defeased (debt
45
TOWN OF AVON, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2009
legally satisfied) by the issuance of refunding bonds. The detail of defeased bonds
outstanding at December 31, 2009, is as follows:
Series 1990, Avon Metropolitan District G.O. Refunding Bonds $
520,000
Series 1994, Town of Avon Sales Tax Revenue Bonds
1,365,000
Series 1994B, Town of Avon Sales Tax Revenue Bonds
635,000
Series 1996B, Town of Avon General Obligation Bonds
3,175,000
Note 6. Employee Retirement Plans
Full -time Employees. The Town maintains two single- employer, defined contribution
pension plans for full -time employees: (1) the Town of Avon Police Officers Money
Purchase Pension Plan, and (2) the Town of Avon General Employee Money Purchase
Pension Plan. These plans are administered by Wells Fargo Institutional Trust Group.
A defined contribution pension plan has terms that specify how contributions to an
individual's account are to be determined rather than the amount of pension benefits the
individual is to receive. In a defined contribution plan, the pension benefits a participant
will receive depend only on the amount contributed to the participant's account, earnings on
investments of those contributions, and forfeitures of other participant's benefits that may be
allocated to the participant's account.
All full -time employees are required to participate in one of the above retirement plans upon
employment with the Town. The type of plan that an employee participates in is dependent
on the type of employee (police officer or general government employee). Town ordinance
provides that both the employee and the Town will contribute an amount equal to 11 % of
the employee's base salary each month.
Employees hired prior to September 30, 1990, become vested in accordance with a vesting
schedule which is dependent on the type of employee and hire date. All employees hired
after September 30, 1990, start partial vesting after two years of service and are fully vested
after five years of service. In addition, if an employee reaches normal retirement age, dies,
or becomes totally and permanently disabled his account becomes fully vested regardless of
length of service. Forfeitures by employees who leave employment before being fully
vested are applied, first, to offset administrative expenses of the plans, and second, to reduce
matching employer contributions.
During the year there were no differences between contribution requirements and
contributions actually made by plan participants or the Town. Contributions made by plan
members and the Town for the three years ended December 31, 2009, 2008 and 2007, are as
follows:
46
2009 2008 2007
Employees 16ZU24 JaLI08
Town 1626 624 618 678 85 108
Both the Town and the covered employees each made the required 11 % contributions to the
plans. There are no liabilities for benefits beyond the Town's matching payments. No
changes in the various plan's provisions occurred in 2009.
Part -time, Temporary and Seasonal Employees. On October 14, 1997, the Town adopted a
PTS Retirement Plan administered by the ICMA Retirement Corporation, and established
under Section 457 of the Internal Revenue Code that pertains to deferred compensation
plans. The PTS plan is designed specifically for employees who are part-time, temporary, or
seasonal, and is defined as a Social Security replacement retirement plan. The PTS plan
allows participants to defer federal and state income taxes on savings until retirement. The
PTS plan requires a minimum contribution of 7.5% of an employee's salary per plan year.
This 7.5% may be the employee's contribution, the employer's contribution or a
combination of both. The Town elected to have 3.75% contributed by the employee and
3.75% matched by the Town. Employees also have the option to contribute additional
amounts.
Upon separation of service, participants may withdraw the account balance in a lump -sum
payment, roll the account balance over into another 457 plan, or continue to allow the
account balance earn interest tax free. Taxes are paid when funds are withdrawn from the
plan.
Contributions actually made by plan members and the Town for the three years ended
December 31, 2009, 2008, and 2007, are as follows:
2009 2008 2007
Employees 40 4 5 3 2 42 306
Town 33 6 35 155 3 2 0
Both the Town and the covered employees each made the required 3.75% contributions to
the plan. There are no liabilities for benefits beyond the Town's matching payments.
Note 7. Interfund Receivables, Payables and Transfers
Activity between funds that are representative of lending/borrowing arrangements
outstanding at the end of the fiscal year are reported in the fund financial statements as "due
to /from other funds ". These interfund receivables and payables are expected to be repaid
within the next year. The composition of these interfund balances as of December 31, 2009,
is as follows:
47
TOWN OF AVON, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2009
Receivable Fund
Payable Fund
Amount
General Fund
Main Street Maintenance Fund
$ 3,000
General Fund
Avon Urban Renewal Authority Fund
60,000
General Fund
Fleet Maintenance Fund
100,000
Total
-
Uilm
Interfund Transfers:
In the fund financial statements, total transfers in of $3,119,476 are greater than total
transfers out of $3,105,032 because of the treatment of transfers of capital assets to the
internal service fund. During the year capital assets purchased in 2009 related to
governmental funds, with a book value of $14,444 were transferred to the internal service
fund. No amounts were reported in the governmental funds as the amounts did not involve
the transfer of financial resources. However, the internal service fund reported a transfer in
for the capital resources received.
Note 8. Commitments and Contingencies
Litigation. On October 14, 2008, the Town filed suit against Traer Creek Metropolitan
District (the "District ") in Eagle County, Colorado District Court. The Town asserts in its
Complaint that the District has breached certain financial and other obligations under the
Annexation and Development Agreement (Agreement). In particular, the financial
assertions by the Town state that the District (a) failed to make a $200,000 payment due to
the Town on September 1, 2008; (b) failed to make $1,168,678.14 in sales tax shortfall
payments due to the Town; and (c) failed to make $629,753.45 in Municipal Services
48
Transfers
Transfers
Fund
In
Out
Major Funds:
General Fund
$ 518,314
$ 1,952,843
Urban Renewal Fund
-
505,000
Water Fund
-
278,875
Debt Service Fund
604,926
-
Capital Projects Fund
548,875
308,314
Transit Enterprise Fund
1,290,000
-
Fleet Maintenance Fund
5,000
-
Nonmajor Governmental Funds:
Main Street Maintenance Fund
65,000
-
Community Enhancement Fund
-
60,000
Facilities Reserve Fund
72,917
3,105,032
3,105,032
Transfer In of Capital Assets:
To Internal Service Fund
14,444
Total
JJJL9�4M
UdU.Q32
In the fund financial statements, total transfers in of $3,119,476 are greater than total
transfers out of $3,105,032 because of the treatment of transfers of capital assets to the
internal service fund. During the year capital assets purchased in 2009 related to
governmental funds, with a book value of $14,444 were transferred to the internal service
fund. No amounts were reported in the governmental funds as the amounts did not involve
the transfer of financial resources. However, the internal service fund reported a transfer in
for the capital resources received.
Note 8. Commitments and Contingencies
Litigation. On October 14, 2008, the Town filed suit against Traer Creek Metropolitan
District (the "District ") in Eagle County, Colorado District Court. The Town asserts in its
Complaint that the District has breached certain financial and other obligations under the
Annexation and Development Agreement (Agreement). In particular, the financial
assertions by the Town state that the District (a) failed to make a $200,000 payment due to
the Town on September 1, 2008; (b) failed to make $1,168,678.14 in sales tax shortfall
payments due to the Town; and (c) failed to make $629,753.45 in Municipal Services
48
payments due to the Town. The Town's Complaint asks the court to, among other things:
(1) to enter a judgment declaring that the District is in default of its obligations to the Town
under the Agreement; (2) enter a money judgment in favor of the Town and against the
District in the total amount owed by the District to the Town under the Agreement, plus
interest; (3) enter judgment declaring the rights and obligations of the Town and the District
under the Agreement, including: (a) the Town's right to discontinue providing Municipal
Services while amounts owing by the District to the Town remain unpaid; (b) that the Town
is entitled to the accrual and payment of interest on amounts owed by the District to the
Town; and (c) that the Town is relieved, in whole or in part, of its obligation to issue a credit
or waiver of retail sales taxes, use taxes, real estate transfer taxes and
accommodations /lodging taxes on transactions within the District.
In a Counterclaim filed on February 2, 2010, the District denied the allegations of the
Town's Complaint and asserted counterclaims alleging that the Town, not the District, has
breached the Agreement. The Town has established an allowance for bad debts totaling
$1,683,784 as of December 31, 2009.
Riverfront Subdivision and PUD Development Plan. In 2006, the Town approved a
development agreement with the owner of a parcel of land formerly referred to as the
Confluence for a mixed used development including the Westin Riverfront Resort & Spa.
The agreement provides for the Town to rebate to the owner /developer a net amount of
$1,557,000 in real estate transfer tax revenues received from the development toward certain
public improvements and amenities. As of December 31, 2009 the Town has rebated a total
of $1,483,622 to the developer.
Tax, Spending and Debt Limitations. Article X, Section 20 of the Colorado Constitution,
commonly known as the Taxpayer's Bill of Rights (TABOR) contains tax, spending,
revenue and debt limitations which apply to the State of Colorado and all local governments.
Spending and revenue limits are determined based on the prior year's Fiscal Year Spending
adjusted for allowable increases based upon inflation and local growth. Fiscal Year
Spending is generally defined as expenditures plus reserve increases with certain exceptions.
Revenue in excess of the Fiscal Year Spending limit must be refunded unless the voters
approve retention of such revenue.
Enterprises, defined as government -owned business authorized to issue revenue bonds and
receiving less than 10 percent of annual revenue in grants from all state and local
governments combined, are excluded from the provisions of TABOR. TABOR also
requires local governments to establish Emergency Reserves. These reserves must be at
least 3% of Fiscal Year Spending (excluding bonded debt service). Local governments are
not allowed to use the emergency reserves to compensate for economic conditions, revenue
shortfalls, or salary or benefit increases. The Town has established an emergency reserve in
the General Fund for the year ended December 31, 2009 in the amount of $470,037.
49
TOWN OF AVON, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2009
In November 1997, voters within the Town passed a ballot issue which permanently
authorizes the Town, without an election, to take action on all spending and revenue raising
measures which are limited by TABOR. In addition, voters authorized the Town to keep
and spend all revenue collected by the Town regardless of any limitation contained in
TABOR. The only exceptions are proposed sales or use tax rate increases and property tax
rate increases which must be submitted to the voters, unless otherwise allowed by law.
The Town's management believes it is in compliance with the provisions of TABOR.
However, TABOR is complex and subject to interpretation. Many of the provisions,
including the interpretation of how to calculate Fiscal Year Spending limits will require
judicial interpretation.
Note 9. Employee Health Care
The Town has a self - insurance plan for employee health and dental care. A third -party
administrator processes individual employee claims and negotiates excess stop -loss
insurance policies. Excess stop -loss insurance policies are purchased to cover individual
claims in excess of $35,000 and aggregate total yearly claims in excess of $997,159. Settled
benefit claims did not exceed the aggregate total yearly claims for 2009. As of December
31, 2009, the Town held reserves for future claims in the amount of $799,360.
The following represents the changes in the claims reserve for the Town for 2009 and 2008:
Note 10. Risk Management
The Town is exposed to various risks of loss related to torts; thefts of, damage to, and
destruction of assets; errors or omissions; injuries to employees; and natural disasters.
The Town is a member of the Colorado Intergovernmental Risk Sharing Agency ( CIRSA).
CIRSA is a joint self insurance pool created by intergovernmental agreement of 202
municipalities and 32 special districts to provide property, general and automobile liability
and public officials coverage to its members. CIRSA is governed by a seven member Board
elected by and from its members.
Coverage is provided through pooling of self - insured losses and the purchase of excess
insurance coverage. CIRSA has a legal obligation for claims against its members to the
50
2009
2008
Claims Reserve for Future Claims, Beginning of Year
$ 965,088
$ 659,795
Current Year Deposits for Estimated Claims
862,356
1,177,342
Excess Stop Loss Refunds for Specific (Individual) Claims
96,644
254,737
Claim Payments
(1,124,728)
(1,126,786)
Claims Reserve for Future Claims, End of Year
S 799.3605
Note 10. Risk Management
The Town is exposed to various risks of loss related to torts; thefts of, damage to, and
destruction of assets; errors or omissions; injuries to employees; and natural disasters.
The Town is a member of the Colorado Intergovernmental Risk Sharing Agency ( CIRSA).
CIRSA is a joint self insurance pool created by intergovernmental agreement of 202
municipalities and 32 special districts to provide property, general and automobile liability
and public officials coverage to its members. CIRSA is governed by a seven member Board
elected by and from its members.
Coverage is provided through pooling of self - insured losses and the purchase of excess
insurance coverage. CIRSA has a legal obligation for claims against its members to the
50
extent that funds are available in its annually established loss fund and that amounts are
available from insurance providers under excess specific and aggregate insurance contracts.
Losses incurred in excess of loss funds and amounts recoverable from excess insurance are
direct liabilities of the participating members. CIRSA has indicated that the amount of any
excess losses would be billed to members in proportion to their contributions in the year
such excess occurs, although it is not legally required to do so. The Town's annual
contribution to CIRSA amounted to $184,872 for 2009. The Town has not been informed of
any excess losses that may have been incurred by the pool.
The Town continues to carry commercial
including workers compensation. Settled
coverage in any of the past three fiscal years.
insurance coverage for other risks of loss
claims have not exceeded this commercial
Note 11. Upper Eagle Regional Water Authority
The Town is a participant in the Upper Eagle Regional Water Authority. The Authority was
formed pursuant to an establishing contract on September 18, 1984, by the following
municipal and quasi - municipal corporations (Members) located in Eagle County, Colorado.
Arrowhead Metropolitan District
Beaver Creek Metropolitan District
Berry Creek Metropolitan District
Eagle -Vail Metropolitan District
Edwards Metropolitan District
Town of Avon
The Authority also provides water services to the Cordillera and Bachelor Gulch
developments through contracts with Members.
The Authority was formed to make the best practicable use of the member's joint resources
in supplying water to the members and to further develop water resources and facilities in
Eagle County. The Authority may not be terminated so long as bonds, notes or other
obligations are outstanding, unless provision for full payment of such obligations has been
made. At December 31, 2009, the Authority had debt with maturities through the year 2039.
The Town has a service contract with the Authority whereby the Authority provides and
bills residents of the Town with water at a rate which is expected to cover its costs in
providing water services and other functions. Such costs specifically include debt service
requirements, depreciation, and operations and maintenance, including maintenance of the
Town's water distribution system. As part of the agreement, the Town conveyed its water
distributions facilities and leased its water rights, associated easements and improvements to
the Authority at no cost. In consideration, the Authority has agreed to maintain the
51
TOWN OF AVON, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2009
associated improvements and to administer and protect the Town's plan for augmentation
and water decrees at no cost.
During 2009, the Authority collected $146,570 in water surcharges for the Town.
Note 12. Major Taxpayers
For the year ended December 31, 2009 approximately 51% of the Town's sales tax revenues
were received from the ten highest - paying companies.
Note 13. The Village at Avon Development and Annexation Agreement
On October 13, 1998, the Town entered into a an Annexation and Development Agreement
( "Village Agreement ") with the owners ( "Village Owners ") of approximately 1,790 acres of
property on the east side of the town known as The Village at Avon ( "the Village "). In the
Village Agreement, the Town effectively agrees that it will waive all retail sales taxes, use
taxes, real estate transfer taxes and accommodation taxes with respect to transactions within
the Village, so long as comparable fees are imposed by a nonprofit public improvement
company (the "PIC ") formed by the Village Owners. The Village Agreement contemplates
that such comparable fees will be imposed by the PIC and the proceeds of such fees will be
used to pay debt service on bonds issued by Traer Creek Metropolitan District ( "TCMD') to
finance the construction of infrastructure within the Village. Upon payment in full of the
bonds, the Village Agreement contemplates that the PIC and TCMD will be dissolved and
the Town will cease the waiver of the various taxes mentioned above.
The Village Agreement further establishes an indemnification procedure. If, upon relocation
of either Wal -Mart or City Market (both significant Town sales taxpayers) to a site within
the Village, the Town experiences a decrease in net sales tax revenue, the Village
Agreement provides that the Town is entitled to receive a fee in lieu of sales tax equal to the
related net sales tax revenues in the twelve months prior to the relocation. This
indemnification procedure began in July, 2003 when Wal -Mart relocated to the Village.
52
TOWN OF AVON, COLORADO
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
(BUDGETARY BASIS) - BUDGET AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31, 2009
Revenues
Taxes
Licenses and Permits
Intergovernmental
Charges for Services
Fines and Forfeitures
Investment Earnings
Other Revenues
Total Revenues
Expenditures
Current:
General Government
Community Development
Public Safety
Public Works
Recreation and Culture
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Budgeted Amounts
Original Final
Actual
Amounts
Variance with
Final Budget -
Positive
(Negative)
$ 10,624,894
$ 9,284,371
$ 8,312,273
$ (972,098)
613,600
218,600
124,130
(94,470)
958,134
957,025
931,941
(25,084)
2,613,524
2,085,045
1,509,475
(575,570)
133,450
138,450
129,530
(8,920)
400,000
350,000
134,892
(215,108)
314,600
356,150
343,515
(12,635)
15,658,202
13,389,641
11,485,756
(1,903,885)
2,667,780
2,546,608
2,974,410
(427,802)
995,064
728,190
697,820
30,370
2,859,679
2,632,899
2,511,717
121,182
4,548,312
3,584,676
3,464,437
120,239
2,983,142
2,510,199
2,375,945
134,254
14,053,977
12,002,572
12,024,329
(21,757)
1,604,225
1,387,069
(538,573)
(1,925,642)
Contingency 20,000
Other Financing Sources (Uses)
Transfers In 308,314 518,314 518,314 -
Transfers Out (2,422,843) (2,052,843) (1,952,843) 100,000
Sale of Capital Assets 1,500 1,500 - (1,500)
Capital Lease Proceeds 385,800 - - -
Total Other Financing Sources (Uses) (1,727,229) (1,533,029) (1,434,529) 98,500
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of year
(143,004) (145,960) (1,973,102) (1,827,142)
6,602,749 6,402,232 6,402,232 -
$ 6,459,745 $ 6,256,272 $ 4,429,130 $ (1,827,142)
53
TOWN OF AVON, COLORADO
AVON URBAN RENEWAL AUTHORITY FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
(BUDGETARY BASIS) - BUDGET AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31, 2009
Revenues
Taxes
Investment Earnings
Total Revenues
Expenditures
Current:
General Government
Capital Improvements
Debt Service:
Principal
Interest
Fiscal Charges
Bond Issuance Costs
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Transfers In:
General Fund
Capital Projects Fund
Transfers Out:
General Fund
Town Center West Maintenance Fund
Capital Projects Fund
Loan Proceeds
Budgeted Amounts
Original Final
Actual
Amounts
Variance with
Final Budget -
Positive
(Negative)
$ 519,365 $ 590,796 $ 584,896 $ (5,900)
512,392 36,983 38,482 1,499
1,031,757 627,779 623,378 (4,401)
46,600
21,600
16,455
5,145
15,950,000
245,368
238,032
7,336
-
25,125,000
25,125,000
-
1,011,250
494,794
496,544
(1,750)
134,327
25,000
23,304
1,696
-
139,000
160,000
(21,000)
17,142,177
26,050,762
26,059,335
(8,573)
(16,110,420) (25,422,983) (25,435,957) (12,974)
45,000 -
- -
848,271 -
- -
- (170,000)
(170,000) -
- (65,000)
(65,000) -
- (270,000)
(270,000) -
- 7,200,000
7,200,000 -
Total Other Financing Sources (Uses) 893,271 6,695,000 6,695,000
Net Change in Fund Balances (15,217,149) (18,727,983) (18,740,957)
Fund Balances, Beginning of Year
18,971,784 19,236,053 19,236,053
(12,974)
Fund Balances, End of year $ 3,754,635 $ 508,070 $ 495,096 $ (12,974)
54
TOWN OF AVON, COLORADO
WATER FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
(BUDGETARY BASIS) - BUDGET AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31, 2009
Revenues
Charges for Services
Other Revenues
Total Revenues
Expenditures
Current:
Public Works and Utilities
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Transfers Out:
Capital Projects Fund
Net Change in Fund Balances
Fund Balances, Beginning of Year
Budgeted Amounts
Original Final
Actual
Amounts
Variance with
Final Budget -
Positive
(Negative)
$ 174,000 $ 184,000 $ 197,328 $ 13,328
- - 1,292 1,292
174,000 184,000 198,620 14,620
83,653 95,153 98,901 (3,748)
83,653 95,153 98,901 (3,748)
90,347 88,847 99,719 10,872
(819,379) (428,821) (278,875) 149,946
(729,032) (339,974) (179,156) 160,818
2,337,589 2,495,147 2,495,147
Fund Balances, End of year $ 1,608,557 $ 2,155,173 $ 2,315,991 $ 160,818
55
TOWN OF AVON, COLORADO
NOTES TO REQUIRED SUPPLEMENTAL INFORMATION
DECEMBER 31, 2009
Note 1. Budgetary Information
An annual budget is legally adopted on a basis consistent with generally accepted accounting
principles for all funds, with the exception of proprietary funds which are budgeted on the
modified accrual basis of accounting. Appropriations lapse at fiscal year -end except for capital
projects and special revenue funds which may have project - length budgets that carryover from
year -to -year. However, as a matter of practice, the Town adopts annual budgets for all funds.
The budget is prepared by fund, department, program, object and project. Expenditures may not
legally exceed budgeted appropriations at the fund level.
The Town Council holds public hearings and may change appropriations except for expenditures
required by law for debt service or for estimated cash deficits. No change to the budget may
increase the authorized expenditures to any amount greater than the total amount of funds
available. The Town Council must adopt the budget by resolution prior to December 15th. Once
adopted, the Town Council may at any time, by resolution, amend the budget. In addition, the
Town Manager may transfer part or all of any unencumbered appropriation balance among
programs within a department. A department is defined by the Town as a distinct, principal or
specialized division (i.e. the department of public works).
56
NONMAJOR GOVERNMENTAL FUNDS
Special Revenue Funds
Special revenue funds are used to account for specific revenues that are legally restricted to
expenditure for particular purposes.
Main Street Maintenance Fund — This fund is used to account for revenues collected from
various public and private sources that are specifically restricted to the maintenance of Town
Center West.
Community Enhancement Fund — This fund is used to account for revenues received from a
franchisee and restricted for use for beautification projects, energy conservation projects,
equipment and technology upgrades for schools, scholarship funds, acquisition of open space
and/or park land and development thereof, sponsorship of special community events, and
undergrounding of overhead electric and other utility lines.
Affordable Housing Fund — This fund is used to accumulate and account for resources received
and restricted for use in the Town's affordable housing program.
Facilities Reserve Fund — This fund is used to account for the accumulation of resources for the
future repair and replacement of major components of Town facilities.
Debt Service Funds
Debt service funds are used for the accumulation of resources and payment of bond principal and
interest from government resources and special assessment bond principal and interest from
special assessment levies when the government is obligated in some manner for the payment.
Avon Metropolitan District Debt Service Fund — This fund is used to account for the
accumulation of resources and payment of principal and interest on the District's general
obligation bonds. In 1998 the District was dissolved and remains in existence only for this
purpose. The Town Council of the Town of Avon was appointed to act as the District Board of
Directors for setting mill levies as necessary until the indebtedness is paid in full.
57
TOWN OF AVON, COLORADO
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
DECEMBER 31, 2009
Special Revenue
Main Street Community Affordable Facilities
Maintenance Enhancement Housing Reserve
Fund Fund Fund Fund
ASSETS
Cash and Cash Equivalents $ 58,711 $ 288,883 $ 653,375 $ 513,251
Receivables:
- Taxes - - - -
- Accounts - 70,135 - -
- Intergovernmental - - - -
Notes Receivable - - 287,625 -
Total Assets $ 58,711 $ 359,018 $ 941,000 $ 513,251
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
$ -
$ -
$ - $
-
Accrued Liabilities
3,417
-
-
-
Due to Other Funds
3,000
-
-
-
Deferred Taxes
-
-
-
-
Deferred Revenues
-
-
287,625
-
Total Liabilities
6,417
-
287,625
-
Fund Balances:
Reserved for Debt Service
-
-
-
-
Unreserved:
Designated for Subsequent Year's Expenditures
-
215,000
1,700
59,631
Unreserved, Undesignated
52,294
144,018
651,675
453,620
Total Fund Balances
52,294
359,018
653,375
513,251
Total Liabilities and Fund Balances
$ 58,711
$ 359,018
$ 941,000 $
513,251
58
Avon
Metropolitan
Total
District
Nonmajor
Debt Service
Governmental
Fund
Funds
$ 66,688 $ 1,580,908
484,208 484,208
- 70,135
287,625
$ 550,896 $ 2,422,876
$ 5,677 $ 5,677
- 3,417
- 3,000
484,208 484,208
- 287,625
489,885 783,927
61,011 61,011
276,331
1,301,607
61,011 1,638,949
$ 550,896 $ 2,422,876
59
TOWN OF AVON, COLORADO
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2009
Revenues
Taxes:
Property Taxes
Charges for Services
Other Revenues
Total Revenues
Expenditures
Current:
General Government
Public Works and Utilities
Debt Service:
Principal
Interest
Fiscal Charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Transfers In:
General Fund
Avon Urban Renewal Authority
Transfers Out:
General Fund
Capital Projects Fund
Fleet Maintenance Fund
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of year
Special Revenue
Main Street Community Affordable Facilities
Maintenance Enhancement Housing Reserve
Fund Fund Fund Fund
70,136 - -
70,136 - -
- - 97,625 -
63,702 - - 33,500
63,702 -
97,625 33,500
(63,702) 70,136 (97,625) (33,500)
- - - 72,917
65,000 - - -
(40,000) - -
- (20,000) - -
65,000 (60,000) - 72,917
1,298 10,136 (97,625) 39,417
50,996 348,882 751,000 473,834
$ 52,294 $ 359,018 $ 653,375 $ 513,251
60
Debt
Service
Avon
Total
Metropolitan
Nonmajor
District
Governmental
Debt Service
Funds
$ 485,617 $ 485,617
70,136
485,617 555,753
97,625
97,202
440,000 440,000
32,723 32,723
14,864 14,864
487,587 682,414
(1,970) (126,661)
72,917
65,000
(40,000)
(20,000)
77,917
(1,970) (48,744)
62,981 1,687,693
$ 61,011 $ 1,638,949
m
TOWN OF AVON, COLORADO
MAIN STREET MAINTENANCE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
FOR THE YEAR ENDED DECEMBER 31, 2009
Budgeted Amounts
Original Final
Revenues
Other Revenues
Actual
Amounts
Variance with
Final Budget -
Positive
(Negative)
Total Revenues - - - -
Expenditures
Current:
Public Works and Utilities 62,139 61,761 63,702 (1,941)
Total Expenditures 62,139 61,761 63,702 (1,941)
Excess (Deficiency) of Revenues
Over (Under) Expenditures
(62,139)
(61,761)
(63,702) (1,941)
Other Financing Sources (Uses):
Transfers In:
General Fund
65,000
-
- -
Avon Urban Renewal Authority
-
65,000
65,000 -
Total Other Financing Sources (Uses)
65,000
65,000
65,000 -
Net Change in Fund Balances
2,861
3,239
1,298 (1,941)
Fund Balances, Beginning of Year
1,558
50,996
50,996 -
Fund Balances, End of year $
4,419 $
54,235 $
52,294 $ (1,941)
62
TOWN OF AVON, COLORADO
COMMUNITY ENHANCEMENT FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
FOR THE YEAR ENDED DECEMBER 31, 2009
Revenues
Other Revenues
Total Revenues
Expenditures
Current:
Public Works and Utilities
Total Expenditures
Excess (Deficiency) of Revenues
Variance with
Final Budget -
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ 60,000 $ 65,000 $ 70,136 $ 5,136
60,000 65,000 70,136 5,136
Over (Under) Expenditures
60,000
65,000
70,136 5,136
Other Financing Sources (Uses):
Transfers Out:
General Fund
-
(40,000)
(40,000) -
Fleet Maintenance Fund
-
(20,000)
(20,000) -
Total Other Financing Sources (Uses)
-
(60,000)
(60,000) -
Net Change in Fund Balances
60,000
5,000
10,136 5,136
Fund Balances, Beginning of Year
334,417
348,882
348,882 -
Fund Balances, End of year $
394,417 $
353,882
$ 359,018 $ 5,136
63
TOWN OF AVON, COLORADO
AFFORDABLE HOUSING FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
FOR THE YEAR ENDED DECEMBER 31, 2009
Variance with
Final Budget -
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
Revenues
Other Revenues $ - $ - $ - $ -
Total Revenues - - - -
Expenditures
Current:
General Government 6,700 99,325 97,625 1,700
Total Expenditures 6,700 99,325 97,625 1,700
Net Change in Fund Balances (6,700) (99,325) (97,625) 1,700
Fund Balances, Beginning of Year
751,000
751,000
751,000 -
Fund Balances, End of year
$ 744,300 $
651,675 $
653,375 $ 1,700
64
TOWN OF AVON, COLORADO
FACILITIES RESERVE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
FOR THE YEAR ENDED DECEMBER 31, 2009
Revenues
Other Revenues
Total Revenues
Expenditures
Current:
Public Works and Utilities
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers In:
General Fund
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of year
Variance with
Final Budget -
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
33,500 33,500 -
33,500 33,500 -
(33,500) (33,500)
72,917 72,917 72,917
72,917 39,417 39,417
473,834 473,834 473,834
$ 546,751 $ 513,251 $ 513,251 $
65
TOWN OF AVON, COLORADO
DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
FOR THE YEAR ENDED DECEMBER 31, 2009
Revenues
Taxes:
Property Taxes
Investment Earnings
Total Revenues
Expenditures
Debt Service:
Principal
Interest
Fiscal Charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Transfers In:
General Fund
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of year
Variance with
Final Budget -
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ 545,360 $ 545,360 $ 565,382 $ 20,022
13,750 13,750 3,578 (10,172)
559,110 559,110 568,960 9,850
851,250
851,250
851,250 -
295,269
295,269
295,268 1
17,517
17,517
19,147 (1,630)
1,164,036
1,164,036
1,165,665 (1,629)
(604,926)
(604,926)
(596,705) 8,221
604,926 604,926 604,926 -
8,221 8,221
657,106 636,499 636,499 -
$ 657,106 $ 636,499 $ 644,720 $ 8,221
66
TOWN OF AVON, COLORADO
AVON METROPOLITAN DISTRICT DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
FOR THE YEAR ENDED DECEMBER 31, 2009
Expenditures
Variance with
Debt Service:
Final Budget -
Budgeted Amounts
Actual
Positive
440,000
Original Final
Amounts
(Negative)
Revenues
32,723
32,723
-
Taxes:
16,835
16,835
14,864
Property Taxes
$ 489,558 $ 489,558
$ 485,617
$ (3,941)
Total Revenues
489,558 489,558
485,617
(3,941)
Expenditures
Debt Service:
Principal
440,000
440,000
440,000
-
Interest
32,723
32,723
32,723
-
Fiscal Charges
16,835
16,835
14,864
1,971
Total Expenditures
489,558
489,558
487,587
1,971
Net Change in Fund Balances
-
-
(1,970)
(1,970)
Fund Balances, Beginning of Year
56,969
56,969
62,981
6,012
Fund Balances, End of year
$ 56,969 $
56,969 $
61,011 $
4,042
67
TOWN OF AVON, COLORADO
CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
FOR THE YEAR ENDED DECEMBER 31, 2009
Revenues
Taxes:
Real Estate Transfer Tax
Intergovernmental
Investment Earnings
Other Revenues
Total Revenues
Expenditures
Current:
General Government
Capital Projects:
Facilities
Land and Land Improvements
Roads and Streets
Utilities
Recreation
Water Fund Projects
Strategic Planning
Communications and Technology
Other
Rebates & Capital Contributions
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Transfers In:
Water Fund
Avon Urban Renewal Authority
Transfers Out:
General Fund
Avon Urban Renewal Authority
Budgeted Amounts
Original Final
Actual
Amounts
Variance with
Final Budget -
Positive
(Negative)
$ 3,745,098
$ 1,475,000
$ 1,761,980
$ 286,980
1,248,690
705,470
269,853
(435,617)
128,350
128,350
69,273
(59,077)
1,500
16,500
54,745
38,245
5,123,638
2,325,320
2,155,851
(169,469)
1,350,000
1,300,000
1,295,000
680,000
819,379
150,000
50,000
25,000
49,901 (49,901)
1,511,646
647,287
864,359
280,791
61,015
219,776
1,152,859
693,460
459,399
729,540
187,661
541,879
428,821
278,875
149,946
392,581
301,300
91,281
50,000
39,720
10,280
25,000
3,277
21,723
371,587
295,659
75,928
5,669,379 4,942,825 2,558,155 2,384,670
(545,741) (2,617,505) (402,304) 2,215,201
819,379 428,821 278,875 (149,946)
- 270,000 270,000 -
(308,314) - - -
(848,271) (308,314) (308,314) -
Total Other Financing Sources (Uses) (337,206) 390,507 240,561 (149,946)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
(882,947) (2,226,998) (161,743) 2,065,255
5,134,017 5,701,165 5,701,165 -
$ 4,251,070 $ 3,474,167 $ 5,539,422 $ 2,065,255
68
ENTERPRISE FUNDS
Enterprise funds are used to account for operations that are financed and operated in a
manner similar to private business enterprises — where the intent of the Town Council is
that the costs of providing goods or services to the general public on a continuing basis be
financed or recovered through user charges: or where the Town Council has decided that
periodic determination of net income is appropriate for accountability purposes.
Transit Fund — This fund is used to account for the activities involved in operating the
Town's transportation system. In addition to transportation routes within the Town of
Avon, the Town contracts with other entities for management and operation of their
transportation systems within Eagle County.
Fleet Maintenance Fund — This fund is used to account for the accumulation and
allocation of costs associated with the maintenance of vehicles and rolling stock for the
Town and certain other third party governmental entities.
69
TOWN OF AVON, COLORADO
TRANSIT FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
FOR THE YEAR ENDED DECEMBER 31, 2009
Revenues:
Taxes
Charges for Services
Other Revenues
Total Revenues
Expenditures:
Administration
Operations
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers In:
General Fund
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
Budgeted Amounts
Original Final
$ 40,000
9,900
Variance with
Final Budget -
Actual Positive
Amounts (Negative)
$ 40,000 $ 42,800 $ 2,800
9,900 7,130 (2,770)
5,651 10,376 4,725
49,900 55,551 60,306 4,755
208,504 166,696 160,325 6,371
1,390,436 1,173,075 1,125,185 47,890
1,598,940 1,339,771 1,285,510 54,261
(1,549,040) (1,284,220) (1,225,204) 59,016
1,550,000 1,290,000 1,290,000 -
960 5,780 64,796 59,016
397,771 466,108 466,108 -
$ 398,731 $ 471,888 $ 530,904 $ 59,016
Fund Balances at December 31, 2009, is computed as follows:
Current Assets
Less: Current Liabilities
Fund Balances - December 31, 2009
70
$ 658,639
(127,735)
$ 530,904
RECONCILIATION OF NET CHANGE IN FUND BALANCES (BUDGETARY BASIS)
TO CHANGE IN NET ASSETS (GAAP BASIS)
Net Change in Fund Balances (Budgetary Basis)
Adjustments to Reconcile Budgetary
Basis to GAAP Basis
Book Value of Capital Assets Disposed
Depreciation
Total Adjustments
Change in Net Assets (GAAP Basis)
71
$ 64,796
(10,000)
(190,253)
(200,253)
$ (135,457)
TOWN OF AVON, COLORADO
FLEET MAINTENANCE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
FOR THE YEAR ENDED DECEMBER 31, 2009
Revenues:
Charges for Services:
Fleet Maintenance Charges
Wash Bay Charges
Fuel Mark -up
Other Revenues
Total Revenues
Expenditures:
Fleet Maintenance
Washbay
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers In:
General Fund
Capital Lease Proceeds
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
Budgeted Amounts
Original Final
Variance with
Final Budget -
Actual Positive
Amounts (Negative)
$ 2,317,284
$ 2,388,727
$ 2,207,940
$ (180,787)
57,561
107,561
123,572
16,011
105,284
105,284
64,827
(40,457)
-
16,493
23,333
6,840
2,480,129
2,618,065
2,419,672
(198,393)
2,472,870
2,529,936
2,351,796
178,140
109,595
109,595
47,520
62,075
2,582,465
2,639,531
2,399,316
240,215
(102,336)
(21,466)
20,356
41,822
85,000 105,000 5,000 (100,000)
23,000 - - -
108,000 105,000 5,000 (100,000)
5,664 83,534 25,356 (58,178)
495,326 591,705 591,705 -
$ 500,990 $ 675,239 $ 617,061 $ (58,178)
Fund Balances at December 31, 2009, is computed as follows:
Current Assets
Less: Current Liabilities
Add: Current Portion of Certificates of Participation
Add: Current Portion of Capital Leases Payable
Fund Balances - December 31, 2009
72
$ 859,560
(524,832)
270,000
12,333
$ 617,061
RECONCILIATION OF NET CHANGE IN FUND BALANCES (BUDGETARY BASIS)
TO CHANGE IN NET ASSETS (GAAP BASIS)
Net Change in Fund Balances (Budgetary Basis)
Adjustments to Reconcile Budgetary
Basis to GAAP Basis
Principal Paid on Capital Leases
Capitalization of Fixed Assets
Depreciation
Total Adjustments
Change in Net Assets (GAAP Basis)
73
$ 25,356
270,618
33,820
(230,461)
73,977
$ 99,333
THIS PAGE INTENTIONALLY LEFT BLANK
74
INTERNAL SERVICE FUNDS
Internal service funds are used to account for the financing of goods or services provided
by one department or agency to other departments or agencies of the Town and to other
government units, on a cost reimbursement basis.
Equipment Replacement Fund — This fund is used to account for the rental of certain
vehicles and equipment to other departments for the accumulation of funds for future
replacement.
75
TOWN OF AVON, COLORADO
EQUIPMENT REPLACEMENT FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
FOR THE YEAR ENDED DECEMBER 31, 2009
Revenues:
Charges for Services:
Equipment Replacement Charges
Other Revenues
Total Revenues
Variance with
Final Budget -
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ 789,418 $
369,318
$ 368,990 $ (328)
789,418 369,318 368,990 (328)
Expenditures:
Capital Outlay:
Fleet and Heavy Equipment 481,600 424,000
Recreation Center Equipment & Improvement: 115,250 82,395
Computer and Office Equipment 89,530 35,401
Machinery and Equipment 36,990 36,990
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Sales of Capital Assets
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
270,459 153,541
78,918 3,477
51,002 (15,601)
- 36,990
723,370 578,786 400,379 178,407
66,048 (209,468) (31,389) 178,079
15,000 15,000
81,048 (194,468)
500 (14,500)
(30,889) 163,579
1,685,525 1,715,385 1,715,385 -
$ 1,766,573 $ 1,520,917 $ 1,684,496 $ 163,579
Fund Balances at December 31, 2008, is computed as follows:
Current Assets
Less: Current Liabilities
Fund Balances - December 31, 2008
76
$ 1,754,637
(70,141)
$ 1,684,496
RECONCILIATION OF NET CHANGE IN FUND BALANCES (BUDGETARY BASIS)
TO CHANGE IN NET ASSETS (GAAP BASIS)
Net Change in Fund Balances (Budgetary Basis)
Basis to GAAP Basis
Capitalization of Fixed Assets
Book Value of Capital Assets Disposed
Gain on Disposal of Capital Assets
Transfers In of Non- fmancial Resources
Depreciation
Total Adjustments
Change in Net Assets (GAAP Basis)
77
$ (30,889)
378,781
(115)
3,950
14,444
(604,713)
(207,653)
$ (238,542)
MISCELLANEOUS SCHEDULES
78
TOWN OF AVON, COLORADO
DEBT SCHEDULE
DECEMBER 31, 2009
Payments Due
Schedule of Indebtedness In 2010
Date Interest Maturity Amount Amount
Purpose Issued Rate/Yield Date Issued Outstanding Principal Interest
General Obligation Bonds:
Series 2001:
Avon Metropolitan District General
Obligation Refunding Bonds
Supplemental "B" Coupons
Less: Original Issue Discount
Series 2004:
General Obligation Bonds
Detached 'B' Interest Certificates
Less: Original Issue Discount
Net General Obligation Bonds
Revenue Bonds:
Series 1999, Revenue Refunding Bonds
Total Revenue Bonds
Certificates of Participation:
Series 1998, Certificates of Participation
Total Certificates of Participation
Loans
Series 2009 Avon URA Tax Increment
Adjustable Rate Revenue Refunding Loan
Total Loans
Capital Lease Obligations
Master Lease- Purchase, Wells Fargo
Master Lease- Purchase, Wells Fargo
Master Lease- Purchase, Wells Fargo
Master Lease - Purchase, Comerica Leasing
Total Capital Lease Obligations
Total Long -term Debt
2/1/01 3.50% - 4.20% 11 /1 /10 3,705,000 455,000 455,000 14,385
2/1/01 3.50% 11 /l /01 245,000 - - -
2/1/01 N/A I1 /l /01 (3,030) - -
12/14/04 3.00% - 4.00% 12/1/16 3,460,000 3,215,000 410,000 120,723
12/14/04 2.38 % - 3.25% 12/1/09 215,000 - - -
12/14/04 N/A 12/1/09 (18,827) -
7,603,143 3,670,000 865,000 135,108
1/15/99 3.25 % -4.55% 9/15/14 5,580,000 2,050,000 380,000 93,275
5,580,000 2,050,000 380,000 93,275
6/30/98 3.90 % -4.90% 11/30/18 7,085,000 3,990,000 360,000 198,400
5/28/09 Variable
3/28/03
2/23/05
12/14/06
12/11/07
4.15%
3.35%
4.20%
3.78%
7,085,000 3,990,000 360,000 198,400
12/1/28 7,200,000 7,075,000 250,000 300,688
7,200,000 7,075,000 250,000 300,688
3/28/10 339,000
54,531
54,531
2,263
2/23/10 95,061
20,285
20,285
680
12/14/11 172,676
73,358
35,925
3,081
12/20/14 508,125
376,148
69,753
14,218
79
1,114,862
524,322
180,494
20,242
$ 28,583,005
$ 17,309,322
$ 2,035,494
$ 747,713
TOWN OF AVON, COLORADO
DETAILED SCHEDULE OF GENERAL FUND EXPENDITURES
(BUDGETARY BASIS) - BUDGET AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31, 2009
Variance with
Final Budget -
Budgeted Amounts Actual Positive
Description Original Final Amounts (Negative)
General Government:
Legislative:
Mayor and Town Council
$ 135,699 $
129,657 $
137,870 $
(8,213)
Boards and Commissions
15,792
15,792
12,882
2,910
Town Attorney
175,000
325,000
380,714
(55,714)
Town Clerk
92,966
89,129
90,787
(1,658)
Total Legislative 419,457 559,578 622,253 (62,675)
Judicial:
Municipal Court 133,566 128,150 125,670 2,480
Executive:
Town Manager 240,496 219,132 218,638 494
Human Resources 225,693 201,322 193,462 7,860
Community Relations 287,405 239,004 202,270 36,734
Total Executive 753,594 659,458 614,370 45,088
Finance Department
Finance 727,523 622,691 602,511 20,180
Information Systems 330,425 276,309 239,223 37,086
Total Finance Department 1,057,948 899,000 841,734 57,266
Nondepartmental 303,215 300,422 770,383 (469,961)
Total General Government 2,667,780 2,546,608 2,974,410 (427,802)
Community Development:
Administration 194,590 150,100 149,638 462
Planning 368,864 353,276 328,921 24,355
Building Inspection 431,610 224,814 219,261 5,553
Total Community Development 995,064 728,190 697,820 30,370
80
Total Public Safety 2,859,679 2,632,899 2,511,717 121,182
Public Works:
Variance with
Administration
110,617
Final Budget -
104,419
Budgeted Amounts
Actual
Positive
Description
Original Final
Amounts
(Negative)
2,236,952
1,658,554
1,643,461
15,093
Public Safety:
594,289
498,786
466,864
Police:
Parks
1,166,005
906,408
Administration
$ 511,268 $ 465,896 $
466,006 $
(110)
Patrol
2,220,547 2,051,631
1,940,411
111,220
Investigations
127,864 115,372
105,300
10,072
Total Public Safety 2,859,679 2,632,899 2,511,717 121,182
Public Works:
Administration
110,617
103,558
104,419
(861)
Engineering
440,449
417,370
372,100
45,270
Roads and Streets
2,236,952
1,658,554
1,643,461
15,093
Facilities Maintenance
594,289
498,786
466,864
31,922
Parks
1,166,005
906,408
877,593
28,815
Total Public Works 4,548,312 3,584,676 3,464,437 120,239
Recreation and Culture:
Special Events
381,160
359,526
326,136
33,390
Administration
394,782
367,834
349,695
18,139
Adult Programs
56,561
33,982
31,413
2,569
Aquatics
529,393
442,316
414,962
27,354
Child Care
52,964
49,415
48,054
1,361
Fitness
158,176
118,961
116,468
2,493
Front Desk
270,009
223,651
200,197
23,454
Maintenance
904,136
733,220
713,922
19,298
Youth Programs
181,560
135,319
133,775
1,544
Cabin
54,401
45,975
41,323
4,652
Total Recreation and Culture 2,983,142 2,510,199 2,375,945 134,254
TOTAL OPERATING
EXPENDITURES $ 14,053,977 $ 12,002,572 $ 12,024,329 $ (21,757)
81
TOWN OF AVON, COLORADO
DETAILED SCHEDULE OF GENERAL FUND REVENUES
(BUDGETARY BASIS) - BUDGET AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31, 2009
Description
Budgeted Amounts
Original Final
Actual
Amounts
Variance with
Final Budget -
Positive
(Negative)
Taxes:
General Property Tax
$ 2,047,299 $
2,047,299 $
1,993,283
$ (54,016)
General Property Tax - Delinquent Collections
50
650
1,120
470
General Property Tax - Interest and Penalties
2,500
8,500
9,885
1,385
Specific Ownership Tax
165,000
150,000
132,059
(17,941)
Sales Tax
6,492,758
5,259,527
5,080,089
(179,438)
Utility Tax
164,195
150,000
129,118
(20,882)
Accommodations Tax
789,167
557,103
570,996
13,893
Penalties and Interest
17,500
25,000
16,084
(8,916)
Sales Tax Audit Assessments
20,000
8,500
8,447
(53)
Payments In- Lieu -Of Sales Tax
469,346
677,792
-
(677,792)
Franchise Fees
457,079
400,000
371,192
(28,808)
Total Taxes
10,624,894
9,284,371
8,312,273
(972,098)
Licenses and Permits:
Liquor Licenses
5,500
8,000
7,515
(485)
Business Licenses
20,000
22,000
22,905
905
Contractor's Licenses
18,000
13,500
11,930
(1,570)
Building Permits
560,000
150,000
63,083
(86,917)
Road Cut Permits
10,000
25,000
18,697
(6,303)
Other Licenses and Permits
100
100
-
(100)
Total Licenses and Permits
613,600
218,600
124,130
(94,470)
Intergovernmental:
Federal:
Other Federal Grants
13,500
43,904
27,028
(16,876)
State:
LEAF Grant
-
20,000
19,350
(650)
Local Government/Other Agency
Eagle County - Ironkids
-
10,000
10,000
-
Eagle County - Brightstart Grant
-
3,479
3,479
-
State /County Shared Revenue:
Conservation Trust
75,000
70,000
61,663
(8,337)
Motor Vehicle Registration
24,000
23,000
22,660
(340)
Highway User's Tax
155,634
182,642
172,435
(10,207)
Cigarette Tax
55,000
54,000
50,631
(3,369)
County Sales Tax
440,000
360,000
374,991
14,991
Road & Bridge Fund
185,000
185,000
187,110
2,110
State Severance Tax
10,000
5,000
2,594
(2,406)
Total Intergovernmental
958,134
957,025
931,941
(25,084)
82
Description
Budgeted Amounts
Original Final
Actual
Amounts
Variance with
Final Budget -
Positive
(Negative)
Charges for Services:
General Government:
Sale of Map and Publications
$ 250 $
250 $
-
$ (250)
Photocopying Charges
1,500
1,500
309
(1,191)
License Hearing Fees
100
100
100
-
Other Fees and Charges
2,500
2,500
804
(1,696)
Plan Check Fees
360,000
90,000
22,202
(67,798)
Subdivision Review Fees
35,000
35,000
8,002
(26,998)
Design Review Fees
35,000
25,000
15,850
(9,150)
Animal Control Fees
2,000
2,000
1,890
(110)
Abatement Services
100
5,500
5,459
(41)
Impact Fee Administrative Fees
6,000
1,000
341
(659)
Police Reports
2,500
2,500
434
(2,066)
Off -duty Police Employment
20,000
20,000
10,449
(9,551)
Fingerprinting Fees
4,000
4,000
3,764
(236)
VIN Inspection Fees
25,000
15,000
9,030
(5,970)
False Alarm Fees
5,000
5,000
4,840
(160)
National Night Out
500
2,300
2,300
-
DUI Reimbursement
3,000
3,000
851
(2,149)
Village at (Avon) Municipal Service Charges
580,881
580,881
149,948
(430,933)
Subtotal: General Government
1,083,331
795,531
236,573
(558,958)
Recreation Center:
Admission Fees
1,075,000
900,000
865,035
(34,965)
Program Fees
42,860
42,860
42,001
(859)
Rentals
4,620
2,000
3,320
1,320
Merchandise Sales
21,884
12,000
10,I78
(1,822)
Childcare
10,000
9,000
10,132
1,132
Other Recreation Center Services
20,000
15,000
16,005
1,005
Fitness Program Revenues
33,029
30,000
34,493
4,493
Locker Rental
300
-
-
-
Other Recreation:
Adult Program Revenues
16,685
10,000
13,421
3,421
Cabin Equipment Rentals
35,675
30,000
36,314
6,314
Athletic Field Rentals
3,760
6,700
6,740
40
Cabin Concessions
6,579
5,500
5,711
211
Youth Program Revenues
154,101
144,454
155,293
10,839
Sponsorships
89,700
63,000
54,935
(8,065)
Event Fees
16,000
19,000
19,324
324
Subtotal: Recreation
1,530,193
1,289,514
1,272,902
(16,612)
Total Charges for Services
2,613,524
2,085,045
1,509,475
(575,570)
83
TOWN OF AVON, COLORADO
DETAILED SCHEDULE OF GENERAL FUND REVENUES
(BUDGETARY BASIS) - BUDGET AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31, 2009 (CONTINUED)
Description
Budgeted Amounts
Original Final
Actual
Amounts
Variance with
Final Budget -
Positive
(Negative)
Fines and Forfeitures:
Recreational Amenity Fees
141,600
155,000
157,453
Court Fines - Traffic
$ 68,000 $
73,000 $
71,572 $
(1,428)
Court Fines - Criminal
38,000
38,000
27,660
(10,340)
Court Fines - Parking
8,000
8,000
15,549
7,549
Court Fines - General
3,500
3,500
-
(3,500)
Court Costs
5,500
5,500
4,880
(620)
Jury Fees
150
150
-
(150)
Bond Forfeitures
300
300
2,325
2,025
Miscellaneous Court Revenues
1,000
1,000
33
(967)
Police Training Surcharge
9,000
9,000
7,511
(1,489)
Total Fines and Forfeitures 133,450 138,450 129,530 (8,920)
Investment Earnings 400,000 350,000 134,892 (215,108)
Miscellaneous Revenues:
Recreational Amenity Fees
141,600
155,000
157,453
2,453
Bond Issuance Fee
11,000
11,150
11,103
(47)
Lease of Town -owned Property
62,000
50,000
51,548
1,548
Miscellaneous Nonclassified Revenues
100,000
140,000
123,411
(16,589)
Total Miscellaneous Revenues
314,600
356,150
343,515
(12,635)
TOTAL REVENUES
$ 15,658,202 $
13,389,641 $
11,485,756 $
(1,903,885)
84
TOWN OF AVON, COLORADO
SCHEDULE OF AVON URBAN RENEWAL AUTHORITY FUND PROJECT EXPENDITURES
(BUDGETARY BASIS) - BUDGET AND ACTUAL
FROM INCEPTION AND FOR THE YEAR ENDED DECEMBER 31, 2009
Actual Amounts
Prior Current
Project Description Years Year Total
Variance with
Total Budget -
Project Positive
Budget (Negative)
AVON URBAN RENEWAL FUND IMPROVEMENTS:
Roads and Streets:
Street Improvements:
Lake Street Design and Construction $ 4,355,919 $ 77,722 $ 4,433,641 $ 4,828,000 $ 394,359
Main Street Design 949,350 160,310 1,109,660 1,000,000 (109,660)
Total Avon Urban Renewal
Fund Improvements $ 5,305,269 $ 238,032 $ 5,543,301 $ 5,828,000 $ 284,699
M
TOWN OF AVON, COLORADO
SCHEDULE OF CAPITAL PROJECT FUND PROJECT EXPENDITURES
(BUDGETARY BASIS) - BUDGET AND ACTUAL
FROM INCEPTION AND FOR THE YEAR ENDED DECEMBER 31, 2009
Variance with
Actual Amounts Total Budget -
Prior Current Project Positive
Project Description Years Year Total Budget (Negative)
CAPITAL IMPROVEMENT PROJECTS
Facilities:
Transit / PW Facilities Improvement Project:
Pre - design, Planning and Permitting
Design
Avon Station Transportation Center Facility
Recreation Ctr. Office & Storage Remodel
Recreation Ctr. CMU Block Deteriation Invest.
Recreation Ctr. Vapor Barrier Repair
Land and Land Improvements:
Forest Service Land Acquisition
Nottingham Park Trail Maintenance & Signage
Nottingham Park Stage
Nottingham Park Fishing Pier
Roads and Streets:
Streetscape:
Lighting Study and Conversion
Street Improvements:
E. Beaver Creek Blvd. Improvements
Annual Street Improvements:
2009 Paving/Road Improvements
Multi- Modal/Alternative Mobility:
West Avon Trails & Access Improvements
Recreational Trails Master Plan
Utilities:
Waste Heat Recovery Project:
System Study
System Design
Constuction
Water Fund Projects:
Nottingham -Puder Ditch Restoration
W. Beaver Creek Blvd. Drainage / I -70 to RR
Metcalf Road Drainage
Nottingham Lake Spillway Replacement
Water Rights Acquisition
$ 409,449 $ 461,580 $ 871,029 $ 613,610 $ (257,419)
- -
-
1,300,000
1,300,000
3,190,117 40
3,190,157
3,207,928
17,771
634,130 59,761
693,891
660,000
(33,891)
- 26,184
26,184
27,000
816
- 99,722
99,722
125,000
25,278
28,796 -
28,796
1,150,000
1,121,204
- 60,623
60,623
200,000
139,377
- 392
392
200,000
199,608
- -
-
200,000
200,000
520,509
162,847
683,356
1,013,176
329,820
49,901
48,407
98,308
149,901
51,593
-
478,100
478,100
700,000
221,900
31,275
-
31,275
92,295
61,020
18,161
4,106
22,267
60,000
37,733
68,659
21,420
90,079
90,000
(79)
-
166,241
166,241
690,000
523,759
-
-
-
3,563,746
3,563,746
10,621
169,679
180,300
250,621
70,321
42,022
-
42,022
385,000
342,978
50,145
2,972
53,117
1,053,966
1,000,849
-
97,794
97,794
100,000
2,206
-
8,430
8,430
NA
NA
86
Project Description
Prior
Years
Actual Amounts
Current
Year
Total
Total
Project
Budget
Variance with
Budget -
Positive
(Negative)
CAPITAL IMPROVEMENT PROJECTS
249,326
251,876
2,550
Strategic Planning:
$ 7,609,183
$ 2,508,254
$ 10,117,437
2009 Development Analysis and Review:
$ 9,127,344
Vail Resorts Red House Annexation
14,690
21,488
36,178
NA
NA
Buck Creek PUD
-
3,054
3,054
NA
NA
Planning and Consulting:
2009 General Planning and Consulting
-
-
-
25,000
25,000
Comprehensive Transportation Plan
58,030
140,517
198,547
200,000
1,453
Unified Land Use Code Revision
39,389
136,241
175,630
250,000
74,370
Communications and Technology:
Records Management
-
39,720
39,720
50,000
10,280
Other:
2009 Historic Preservation
-
3,277
3,277
25,000
21,723
Developer Rebates and Capital Contributions
Capital Contributions:
Westin Riverfront Resort
Westin Riverfront Resort - Interest
Total Capital Improvement Projects
2,209,948
279,674
2,489,622
2,563,000
73,378
233,341
15,985
249,326
251,876
2,550
$ 7,609,183
$ 2,508,254
$ 10,117,437
$ 19,197,119
$ 9,127,344
87
The public report burden for this information collection is estimated to average 380 hours annuallv.
Financial Planning 02/01
Form # 350- 050 -36
LOCAL HIGHWAY FINANCE REPORT
City or County:
Town of Avon
YEAR ENDING:
December 2009
This Information From The Records Of (example - City of _ or County of
Prepared By: Valerie Barry
Phone: 970 - 748 -4044
I. DISPOSITION OF HIGHWAY -USER REVENUES AVAILABLE FOR LOCAL GOVERNMENT EXPENDITURE
A. Local B. ocal C. Receipts from D. Receipts from
ITEM Motor -Fuel Motor - Vehicle State Highway- Federal Highway
Taxes Taxes User Taxes Administration
1. Total receipts available
2. Minus amount used for collection ex crises
3. Minus amount used for nonhi hwa u oses
4. Minus amount used for mass transit
5. Remainder use or tg way purposes
II. RECEIPTS FOR ROAD AND STREET PURPOSES III. DISBURSEMENTS FOR ROAD
AND STREET PURPOSES
ITEM
AMOUNT ITEM
AMOUNT
A. Receipts from local sources:
A. Local highway disbursements:
1. Local highway-user taxes
1. Capital outlay from page 2
286,439
a. Motor Fuel from Item I.A.5.
2. Maintenance:
1,874 490
b. Motor Vehicle from Item I.B.5.
3. Road and street services:
c. Total a. +b.
a. Traffic control operations
53,235
2. General fund appropriations
2 455 176 b. Snow and ice removal
445,240
3. Other local imposts from page 2
132,059 c. Other
4. Miscellaneous local receipts from a e 2
927,387 d. Total a. throu h c.)
498,475
5. Transfers from toll facilities
4. General administration & miscellaneous
26,105
6. Proceeds of sale of bonds and notes:
5. Highway law enforcement and safety
291,062
a. Bonds - Original Issues
6. Total 1 through 5
2,976,570
b. Bonds - Refunding Issues
B. Debt service on local obligations:
c. Notes
1. Bonds:
d. Total a. + b. + c.
0
a. Interest
132 188
7. Total 1 through 6
3,514,622
b. Redemption
340,828
B. Private Contributions
c. Total a. + b.
473,016
C. Receipts from State government
from page 2
2. Notes:
195,096
Interest
158,950
D. Receipts from Federal Government
from a e 2
Redem tion
Total (a. + b.
j
101,181
260,131
0
E. ota recei is + + + a .c + .c CPents to State for highways
D. Pam Ws to toll facilities
ota is ursements + B.3 + C + ,
IV. LOCAL HIGHWAY DEBT STATUS
Show all entries at par)
Opening Debt Amount Issued
Redemptions Closing Debt
A. Bonds Total 3,385,368
340 828 3,044,540
1. Bonds (Refunding Portion)
otes ota 2 ,
,
V. LOCAL ROAD AND STREET FUND BALANCE
A. Beginning Balance
B. Total Receipts
JC.Total Disbursement
D. Endin Balance
E. Reconciliation
3,709,717
3,709 717
0
Notes and Comments: Debt Svc Expense 733,147
GF Expense 2,049,184
Specific Ownership (132,059)
HUTF (172,435)
Motor Vehicle Reg (22,660
GF Appropriation 2,455,176
FORM FHWA -536 (Rev. 1 -05) PREVIOUS EDITIONS OBSOLETE (Next Page)
88
LOCAL HIGHWAY FINANCE REPORT
STATE:
Colorado
YEAR ENDING (mm/yy):
December 2009
II. RECEIPTS FOR ROAD AND STREET PURPOSES - DETAIL
ITEM AMOUNT I ITEM
AMOUNT
A.3. Other local imposts: A.4. Miscellaneous local receipts:
a. Property Taxes and Assessments a. Interest on investments
b. Other local imposts: b. Traffic Fines & Penalities
1. Sales Taxes c. Parking Garage Fees
2. Infrastructure & Impact Fees d. Parking Meter Fees
3. Liens e. Sale of Surplus Property
4. Licenses f. Charges for Services
5. Specific Ownership & /or Other 132,059 g. Other Misc. Receipts
6. Total 1. through 5. 132,059 h. Other Real Estate Transfer Tax
927,387
c. Total a.+ b.) 132,059 i. Total (a. through h.) 927,387
(Carry forward to page 1) M(Carry forward to page 1)
ITEM AMOUNT ITEM
AMOUNT
C. Receipts from State Government D. Receipts from Federal Government
1. Highway-user taxes 172,435 1. FHWA from Item I.D.5.
2. State general funds 2. Other Federal agencies:
3. Other State funds: a. Forest Service
a. State bond proceeds b. FEMA
b. Project Match c. HUD
c. Motor Vehicle Registrations 22,660 d. Federal Transit Admin
d. Other (Specify) - DOLA Grant e. U.S. Corps of Engineers
e. Other (Specify) f. Other Federal
f. Total a. through e. 22,660 g. Total a. through f.
0
4. Total (1. + 2. + 3. 195,096 3. Total 1. + 2.
=(Carry
forward to age 1)
III. DISBURSEMENTS FOR ROAD AND STREET PURPOSES - DETAIL
A.1. Capital outlay:
a. Right-Of-Way Costs
ON NATIONAL
HIGHWAY
SYSTEM
(a)
8,401
OFF NATIONAL
HIGHWAY
SYSTEM
b
TOTAL
c
8,401
b. Engineering Costs
c. Construction:
(1). New Facilities
200,317
77,722
200,317
77,722
(2). Capacity Improvements
0
(3). System Preservation
0
(4). System Enhancement & Operation
0
(5). Total Construction 1 + 2) + 3 + 4
77,722
0
77,722
d. Total Capital Outlay Lines La. + Lb. + 1.c.5
286,439
0
286,439
(,arry forward to a e 1)
Notes and Comments:
CIP Expenditures 927,387
Real Estate Xfer Tax 927,387
FORM FHWA -536 (Rev-1-05) PREVIOUS EDITIONS OBSOLETE
89
THIS PAGE INTENTIONALLY LEFT BLANK
90
STATISTICAL SECTION
This section of the Town of Avon's comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements, note
disclosures, and required supplementary information says about the Town's overall financial
health.
Financial Trends (Pages 92 -101) — These schedules contain trend information to help readers
understand how the Town's financial performance and well -being have changed over time.
Revenue Capacity (Pages 102 -105) — These schedules contain information to help readers
understand and assess the factors affecting the Town's ability to generate its own - source
revenues, specifically property taxes.
Debt Capacity (Pages 106 -109) — These schedules present information to help readers
understand and assess the Town's debt burden and ability to issue additional debt.
Demographic and Economic Information (Pages 110 -112) — These schedules offer
demographic and economic information to help readers understand the environment in which the
Town's financial activities take place and to provide information that facilitates comparisons of
financial statement information over time and among other local governments.
Operating Information (Pages 113 -115) — These schedules contain service and infrastructure
information to help readers understand how the information in the Town's financial report relates
to the services the Town provides and the activities it performs.
RE
TOWN OF AVON, COLORADO
NET ASSETS BY COMPONENT
LAST SEVEN FISCAL YEARS (1)
Governmental Activities
Investment in Capital Assets, Net of Related Debt
Restricted For:
Debt Service
TABOR Emergency Reserve
Capital Improvement Projects
Unrestricted
Total Governmental Activities Net Assets
Business -type Activities
Investment in Capital Assets, Net of Related Debt
Unrestricted
Total Business -type Activities Net Assets
Primary Government
Investment in Capital Assets, Net of Related Debt
Restricted
Unrestricted
Total Primary Government Net Assets
Source: Town of Avon Finance Department
Fiscal Year
2003 2004 2005
$ 9,599,212 $ 12,206,057 $ 23,123,596
847,163
635,342
88,136
384,946
384,678
472,201
9,889,514
12,529,657
15,063,082
$ 20,720,835 $ 25,755,734 $ 38,747,015
$ 1,609,885 $ 1,941,513 $ 2,039,744
64,450 254,907 471,481
$ 1,674,335 $ 2,196,420 $ 2,511,225
$ 11,209,097 $ 14,147,570 $ 25,163,340
1,232,109 1,020,020 560,337
9,953,964 12,784,564 15,534,563
$ 22,395,170 $ 27,952,154 $ 41,258,240
(1) GASB Statement No. 34 was effective for fiscal years beginning after June 15, 2002. Therefore only the last seven
fiscal years of information for this statistical table are available.
92
Fiscal Year
2006 2007 2008 2009
$ 23,801,715 $ 30,782,567 $ 16,344,236 $ 34,458,411
129,581 151,575 4,962,675 1,258,256
567,512 618,739 566,949 470,037
- - 14,762,243 -
18,928,339 18,905,443 17,245,855 16,488,477
$ 43,427,147 $ 50,458,324 $ 53,881,958 $ 52,675,181
$ 1,884,063 $ 2,651,190 $ 2,855,688 $ 2,729,412
861,582 883,782 1,057,813 1,147,965
$ 2,745,645 $ 3,534,972 $ 3,913,501 $ 3,877,377
$ 25,685,778
$ 33,433,757
$ 19,199,924
$ 37,187,823
697,093
770,314
20,291,867
1,728,293
19,789,921
19,789,225
18,303,668
17,636,442
$ 46,172,792 $ 53,993,296 $ 57,795,459 $ 56,552,558
93
TOWN OF AVON, COLORADO
CHANGES IN NET ASSETS
LAST SEVEN FISCAL YEARS (1)
Expenses
Governmental Activities:
General Government
Community Development
Public Safety
Public Works and Utilities
Recreation and Culture
Interest and Fiscal Charges on Long -term Debt
Total Governmental Activity Expenses
Business -type Activities:
Transportation
Housing
Fleet Maintenance
Total Business -type Activity Expenses
Total Primary Government Expenses
Program Revenues
Governmental Activities:
Charges for Services
Operating Grants and Contributions
Capital Grants and Contributions
Total Governmental Activity Program Revenues
Business -type Activities:
Charges for Services
Capital Grants and Contributions
Total Business -type Activity Program Revenues
Total Primary Government Program Revenues
Net (Expense) Revenue
Governmental Activities
Business -type Activities
Fiscal Year
2003
2004
2005
$ 1,730,580
$ 1,646,483
$ 1,873,292
683,160
727,955
935,419
1,569,552
1,610,667
1,637,769
2,819,107
3,105,233
4,925,854
2,117,520
2,094,440
2,208,149
758,737
705,452
606,188
9,678,656
9,890,230
12,186,671
1,677,058
1,680,756
1,855,183
298,467
313,633
-
1,517,564
1,755,478
1,942,338
3,493,089
3,749,867
3,797,521
$ 13,171,745 $ 13,640,097 $ 15,984,192
$ 2,857,329
124,200
$ 2,505,400 $ 2,750,881
19,258 10,283
177,854 -
2,981,529 2,702,512 2,761,164
2,319,273 2,647,377 2,921,794
- 117,966 195,532
2,319,273 2,765,343 3,117,326
$ 5,300,802 $ 5,467,855 $ 5,878,490
$ (6,697,127) $ (7,187,718) $ (9,425,507)
(1,173,816) (984,524) (680,195)
Total Primary Government Net Expense $ (7,870,943) $ (8,172,242) $ (10,105,702)
94
Fiscal Year
2006 2007
2008 2009
$ 2,234,335
$ 2,936,738
$ 3,082,524
$ 2,431,143
1,392,669
1,132,260
2,212,996
1,286,956
1,853,452
2,157,400
4,458,553
2,608,604
5,975,905
4,958,488
5,024,946
6,302,284
2,313,164
2,604,528
2,572,347
2,752,142
552,492
495,734
1,225,348
1,195,981
14,322,017 14,285,148 18,576,714 16,577,110
2,187,410
2,321,139
2,224,427
1,475,763
1,989,005
2,362,400
2,424,791
2,325,339
4,176,415 4,683,539 4,649,218 3,801,102
$ 18,498,432 $ 18,968,687 $ 23,225,932 $ 20,378,212
$ 4,150,236
$ 3,751,666
$ 3,248,745
$ 2,306,454
52,538
74,078
21,573
59,857
1,662,000
2,301,778
3,458,199
269,853
5,864,774
6,127,522
6,728,517
2,636,164
3,190,835
3,313,517 3,084,123 2,437,178
684,349 310,624 -
3,190,835 3,997,866 3,394,747 2,437,178
$ 9,055,609 $ 10,125,388 $ 10,123,264 $ 5,073,342
$ (8,457,243) $ (8,157,626) $ (11,848,197) $ (13,940,946)
(985,580) (685,673) (1,254,471) (1,363,924)
$ (9,442,823) $ (8,843,299) $ (13,102,668) $ (15,304,870)
95
TOWN OF AVON, COLORADO
CHANGES IN NET ASSETS (CONTINUED)
LAST SEVEN FISCAL YEARS (1)
General Revenues and Other Changes
in Net Assets
Governmental Activities:
Taxes:
Property Taxes
Real Estate Transfer Taxes
Sales and Accommodation Taxes
Other Taxes
Unrestricted Investment Earnings
Intergovernmental
Miscellaneous
Gain (Loss) on Disposal of Capital Assets
Transfers
Total Governmental Activities
Business -type Activities:
Property Taxes
Gain (Loss) on Disposal of Capital Assets
Transfers
Total Business -type Activities
Total Primary Government
Change in Net Assets
Governmental Activities
Business -type Activities
Total Primary Government
Source: Town of Avon Finance Department
Fiscal Year
2003 2004 2005
$ 2,542,791
$ 2,697,086
$ 2,763,432
2,224,452
2,338,060
3,254,490
4,593,196
4,797,825
5,590,224
555,798
444,491
480,665
161,588
198,574
446,097
596,707
662,845
737,940
480,293
447,659
977,457
(850,000) (907,087) (995,000)
10,3 04,825 10,679,453 13,255,3 05
850,000 907,087 995,000
850,000 907,087 995,000
$ 11,154,825 $ 11,586,540 $ 14,250,305
$ 3,607,698 $ 3,491,735 $ 3,829,798
(323,816) (77,437) 314,805
$ 3,283,882 $ 3,414,298 $ 4,144,603
(1) GASB Statement No. 34 was effective for fiscal years beginning after June 15, 2002. Therefore only the last seven
fiscal years of information for this statistical table are available.
96
Fiscal Year
2006 2007 2008 2009
$ 2,765,362
$ 2,766,725
$ 3,340,475
$ 3,640,183
3,039,518
2,540,943
3,093,021
1,761,980
5,873,857
6,518,299
6,841,114
5,651,085
716,685
656,702
710,624
1,334,692
826,004
1,3 56,013
1,496, 801
246,225
852,938
1,080,075
890,750
872,084
283,011
1,745,046
532,046
518,585
-
-
-
4,335
(1,220,000)
(1,475,000)
(1,633,000)
(1,295,000)
13,137,375
15,188,803
15,271,831
12,734,169
42,800
- - - (10,000)
1,220,000 1,475,000 1,633,000 1,295,000
1,220,000 1,475,000 1,633, 000 1,327, 800
$ 14,357,375 $ 16,663,803 $ 16,904,831 $ 14,061,969
$ 4,680,132 $ 7,031,177 $ 3,423,634 $ (1,206,777)
234,420 789,327 378,529 (36,124)
$ 4,914,552 $ 7,820,504 $ 3,802,163 $ (1,242,901)
97
TOWN OF AVON, COLORADO
CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
Source: Town of Avon Finance Department
98
Fiscal Year
2000
2001
2002
2003
Revenues
Taxes
$ 9,611,252
$ 9,937,542 $
9,420,818
$ 9,870,673
Licenses and Permits
498,904
192,672
571,557
186,948
Intergovernmental
2,804,849
1,009,532
1,647,548
920,907
Charges for Services
1,807,848
2,026,770
1,754,118
2,564,384
Fines and Forfeitures
46,873
60,486
44,603
56,866
Special Assessments
61,926
53,407
47,854
45,564
Investment Earnings
725,186
471,315
192,010
161,588
Other Revenues
1,262,079
985,834
920,975
942,087
Total Revenues
16,818,917
14,737,558
14,599,483
14,749,017
Expenditures
Current:
General Government and Housing
2,329,465
2,166,837
1,986,382
1,652,538
Community Development
608,175
605,560
480,411
416,569
Public Safety
4,241,344
1,662,108
1,561,029
1,557,109
Public Works and Utilities
2,550,880
2,604,511
2,590,299
2,781,036
Recreation and Culture
2,056,555
2,080,409
1,931,794
1,939,224
Capital Improvements
1,997,224
2,435,739
4,807,404
1,916,329
Debt Service:
Principal
1,291,529
1,603,287
1,459,133
1,435,000
Interest
1,313,703
1,148,614
1,125,017
1,062,916
Fiscal Charges
40,142
47,112
37,719
39,584
Bond Issuance Costs
-
104,549
-
-
Total Expenditures
16,429,017
14,458,726
15,979,188
12,800,305
Excess (Defieiency) of Revenues
Over (Under) Expenditures
389,900
278,832
(1,379,705)
1,948,712
Other Financing Sources (Uses)
Transfers In
1,104,249
1,004,246
1,260,694
2,019,381
Transfers Out
(1,393,283)
(2,064,246)
(2,043,195)
(2,869,381)
Proceeds from Borrowing
702,781
-
-
339,000
Proceeds from Refunding
-
3,964,113
-
-
Payments to Escrow Agent
-
(3,851,327)
-
-
Sales of Capital Assets
44,546
1,840
2,362
378
Total Other Financing
Sources (Uses)
458,293
(945,374)
(780,139)
(510,622)
Net Change in Fund Balances
$ 848,193
$ (666,542) $
(2,159,844)
$ 1,438,090
Debt Service as a Percentage of
Noncapital Expenditures
18.33%
24.15%
23.47%
23.31%
Source: Town of Avon Finance Department
98
Fiscal Year
2004
2005
2006
2007
2008
2009
$ 10,239,779
$ 12,057,347
$ 12,395,422
$ 12,482,669
$ 13,985,234
$ 11,710,148
236,867
249,032
827,890
419,292
245,793
124,130
882,103
984,333
2,523,356
3,455,931
1,178,614
1,201,794
2,153,941
2,388,948
3,004,306
3,244,484
2,584,856
1,706,803
58,757
53,448
73,854
84,290
131,525
129,530
37,683
31,464
-
-
-
-
198,574
446,097
826,004
1,356,013
1,496,801
246,225
2,896,383
804,332
573,414
1,750,580
498,973
469,688
16,704,087
17,015,001
20,224,246
22,793,259
20,121,796
15,588,318
1,576,203
1,742,961
2,127,325
2,871,963
3,038,856
3,138,391
477,045
532,290
912,855
902,634
823,902
697,820
1,652,782
1,667,280
1,879,582
2,203,803
2,628,330
2,511,717
2,574,772
2,748,931
2,819,023
3,424,566
3,725,749
3,660,540
1,943,124
2,024,614
2,168,903
2,483,910
2,579,779
2,375,945
913,297
2,758,137
4,245,404
7,786,590
9,979,969
2,746,286
3,540,000
1,297,500
1,296,250
1,348,750
1,407,500
26,416,250
940,228
555,343
504,122
448,474
1,048,416
824,535
52,195
35,762
36,179
33,074
157,722
57,315
98,648
-
-
-
280,734
160,000
13,768,294
13,362,818
15,989,643
21,503,764
25,670,957
42,588,799
2,935,793
3,652,183
4,234,603
1,289,495
(5,549,161)
(27,000,481)
1,063,480
1,540,361
2,601,594
927,637
1,337,667
1,810,032
(1,970,567)
(2,535,361)
(3,821,594)
(2,402,637)
(2,970,667)
(3,105,032)
75,864
74,403
130,621
170,156
25,000,000
7,200,000
3,732,911
-
-
-
-
-
(3,632,554)
-
-
-
-
-
1,410
1,001
1,504
-
-
-
(729,456)
(919,596)
(1,087,875)
(1,304,844)
23,367,000
5,905,000
$ 2,206,337
$ 2,732,587
$ 3,146,728
$ (15,349)
$ 17,817,839
$ (21,095,481)
36.03%
17.81%
15.64%
13.34%
18.45%
68.92%
99
TOWN OF AVON, COLORADO
FUND BALANCES, GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
All Other Governmental Funds
Reserved
922,097
885,105
Fiscal Year
847,163
635,342
Unreserved, Reported In:
2000
2001
2002
2003
2004
General Fund
2,094,759
2,490,503
2,023,079
1,550,979
1,331,621
Reserved
$ 426,410
$ 381,173
$ 380,049
$ 384,946
$ 384,678
Unreserved
4,525,207
3,342,232
3,104,799
3,375,366
3,999,194
Total General Fund
4,951,617
3,723,405
3,484,848
3,760,312
4,383,872
All Other Governmental Funds
Reserved
922,097
885,105
834,743
847,163
635,342
Unreserved, Reported In:
Special Revenue Funds
2,094,759
2,490,503
2,023,079
1,550,979
1,331,621
Capital Projects Fund
3,690,470
3,893,388
2,489,887
4,112,193
6,126,149
Total All Other
Total All Other
Governmental Funds
$ 6,707,326
$ 7,268,996
$ 5,347,709
$ 6,510,335
$ 8,093,112
$ 11,448,346
$ 11,045,524
$ 29,756,557
$ 10,634,178
Fiscal Year
2005
2006
2007
2008
2009
General Fund
Reserved
$ 472,201
$ 567,512
$ 618,739
$ 566,949
$ 470,037
Unreserved
5,301,416
6,340,441
6,676,687
5,835,283
3,959,093
Total General Fund
5,773,617
6,907,953
7,295,426
6,402,232
4,429,130
All Other Governmental Funds
Reserved
650,636
692,081
714,075
19,778,653
1,258,256
Unreserved, Reported In:
Special Revenue Funds
1,327,522
3,024,746
3,637,574
4,276,739
6,296,784
Capital Projects Fund
7,457,796
7,731,519
6,693,875
5,701,165
3,079,138
Total All Other
Governmental Funds
$ 9,435,954
$ 11,448,346
$ 11,045,524
$ 29,756,557
$ 10,634,178
Source: Town of Avon Finance Department
100
TOWN OF AVON, COLORADO
TAX REVENUES BY SOURCE, GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
Property Tax (1)
Specific Penalties & Delinquent Sales
Year General Ownership Interest Taxes Tax
2000
$ 2,670,258 $
205,030 $
6,014 $
1,046 $
4,696,369
2001
2,425,991
189,666
5,419
514
4,902,010
2002
2,505,746
162,683
4,453
60
4,699,935
2003
2,537,783
147,760
5,008
-
4,593,196
2004
2,534,887
158,257
3,676
266
4,797,825
2005
2,593,082
165,810
3,986
554
5,246,245
2006
2,745,820
179,560
3,791
15,753
5,484,458
2007
2,762,486
171,976
4,126
113
6,083,115
2008
3,281,400
160,180
4,766
54,309
6,311,439
2009
3,608,547
132,059
12,663
18,973
5,104,620
(2)
Utility Franchise Accom. Real Estate
Year Tax Tax Tax Transfer Tax Total
2000 $
70,094 $
208,230 $
- $
1,754,211 $
9,611,252
2001
112,666
242,334
-
2,058,942
9,937,542
2002
107,129
225,866
-
1,714,946
9,420,818
2003
116,981
245,493
-
2,224,452
9,870,673
2004
117,711
289,097
-
2,338,060
10,239,779
2005
124,945
324,256
343,979
3,254,490
12,057,347
2006
129,537
361,779
435,206
3,039,518
12,395,422
2007
121,462
343,528
454,920
2,540,943
12,482,669
2008
153,842
396,602
529,675
3,093,021
13,985,234
2009
129,118
371,192
570,996
1,761,980
11,710,148
Source: Town of Avon Finance Department
(1) Includes Payments In- Lieu -Of Sales Tax beginning in 2003.
(2) From 1998 to 2004 the Town's accommodations taxes were accounted for in the Transit Enterprise fund.
101
TOWN OF AVON, COLORADO
ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
1999
2000
- 114,811,920
18.347
692,365,810
16.58%
Total Gross
Levy
Collection
Vacant
Residential
Commercial
Other
Assessed
Year
Year
Land
Property
Property
Property
Value
1999
2000
$ 22,512,350
$ 47,391,820
$ 43,515,240
$ 1,392,510
$ 114,811,920
2000
2001
20,814,730
52,400,440
45,746,620
1,310,010
120,271,800
2001
2002
22,499,340
63,257,860
51,363,470
2,199,270
139,319,940
2002
2003
20,470,660
67,986,410
53,710,780
2,335,760
144,503,610
2003
2004
23,859,850
60,523,900
58,730,200
2,659,120
145,773,070
2004
2005
24,076,670
63,669,310
64,454,400
744,600
152,944,980
2005
2006
24,665,930
72,486,190
70,880,090
874,430
168,906,640
2006
2007
22,385,870
74,772,170
72,119,390
2,018,740
171,296,170
2007
2008
25,836,770
110,306,220
88,205,160
2,153,460
226,501,610
2008
2009
22,764,190
120,861,970
90,753,760
2,030,920
236,410,840
Less TIF
Total Net
Direct
Actual
Value as a
Levy
Collection
District
Assessed
Tax
Taxable
Percentage of
Year
Year
Increment (1)
Value
Rate
Value
Actual Value
1999
2000
- 114,811,920
18.347
692,365,810
16.58%
2000
2001
- 120,271,800
15.488
746,742,920
16.11%
2001
2002
- 139,319,940
14.606
928,319,150
15.01%
2002
2003
- 144,503,610
14.234
978,914,070
14.76%
2003
2004
- 145,773,070
14.111
1,026,692,120
14.20%
2004
2005
- 152,944,980
13.781
1,070,116,330
14.29%
2005
2006
- 168,906,640
13.339
1,202,381,510
14.05%
2006
2007
- 171,296,170
13.287
1,232,738,120
13.90%
2007
2008
2,257,820 224,243,790
12.271
1,746,859,870
12.97%
2008
2009
10,266,600 226,144,240
11.392
1,880,466,430
12.57%
Source: Eagle County Assessor's Office, Abstract of Assessments
Notes: Property tax rates are stated in mills per $1,000 of assessed valuation. Other property includes state
assessed, agricultural, and abatements and corrections.
(1) The Avon Urban Renewal Authority was established in August, 2007.
102
TOWN OF AVON, COLORADO
DIRECT AND OVERLAPPING PROPERTY TAX RATES
LAST TEN FISCAL YEARS
Levy Collection
Year Year
Overlapping Rates
2000
Town of Avon Direct Rates
Mtn. Vista Village
Consery Health Svc Metropolitan Metropolitan
Overlapping Rates
District District District District
District District
General
2001
0.253
0.842
Eagle
-
-
Obligation
Avon
2002
County
Levy
Collection
General
Debt
Total
Metropolitan
Eagle
Library
Year
Year
Operating
Service
Direct
District
County
District
1999
2000
11.456
6.891
18.347
5.079
7.050
2.750
2000
2001
8.956
6.532
15.488
4.857
7.079
2.750
2001
2002
8.956
5.650
14.606
3.607
6.999
2.750
2002
2003
8.956
5.278
14.234
3.478
6.999
2.750
2003
2004
8.956
5.155
14.111
3.619
8.499
2.750
2004
2005
8.956
4.825
13.781
3.479
8.499
2.750
2005
2006
8.956
4.383
13.339
3.283
8.499
2.750
2006
2007
8.956
4.331
13.287
3.281
8.499
2.750
2007
2008
8.956
3.315
12.271
2.594
8.499
2.750
2008
2009
8.956
2.436
11.392
2.705
8.499
2.750
Overlapping Rates
Eagle
UEV
Eagle River
County
Consolid
UEV
Water &
Colorado
School
Sanitation
Sanitation
Sanitation
Eagle River
Levy
Collection
Mountain
District
District
District
District
Fire Protect
Year
Year
College
RE -50J
(Basic)
(DS)
(DS)
District
1999
2000
3.655
22.047
0.385
0.478
1.154
3.800
2000
2001
3.997
22.312
0.385
-
1.135
3.800
2001
2002
3.997
21.655
0.356
-
0.970
3.800
2002
2003
3.997
21.981
-
-
1.300
3.800
2003
2004
3.997
21.120
-
-
1.335
3.800
2004
2005
3.997
21.080
-
-
1.330
3.800
2005
2006
3.997
19.595
-
-
1.214
3.800
2006
2007
3.997
23.050
-
-
1.111
5.550
2007
2008
3.997
20.051
-
-
0.826
5.550
2008
2009
3.997
20.414
-
-
0.826
5.550
Levy Collection
Year Year
Overlapping Rates
2000
CO River Water Eagle County Confluence Avon Station
Mtn. Vista Village
Consery Health Svc Metropolitan Metropolitan
Metropolitan Metropolitan
District District District District
District District
1999
2000
0.282
0.842
-
-
2000
2001
0.253
0.842
-
-
-
-
2001
2002
0.253
0.748
-
-
-
-
2002
2003
0.255
2.011
-
-
-
-
2003
2004
0.255
2.005
45.000
45.000
45.000
15.000
2004
2005
0.252
2.013
45.000
45.000
45.000
15.000
2005
2006
0.230
2.010
45.000
45.000
45.000
15.000
2006
2007
0.221
2.006
45.000
45.000
33.000
15.000
2007
2008
0.191
2.019
45.000
45.000
33.000
15.000
2008
2009
0.199
2.055
45.000
45.000
25.000
15.000
Source: Eagle County Assessor's Office, Abstract of Assessment
Notes: Property tax rates are stated in mills per $1,000 of assessed valuation. The Town's general operating mill rate may
be increased only by a majority approval of the Town's residents during a general election. Rates for debt service are set
based on each year's debt service requirements.
103
TOWN OF AVON, COLORADO
PRINCIPAL PROPERTY TAX PAYERS
CURRENT YEAR AND NINE YEARS AGO
Total Assessed Value of the
Ten Largest Taxpayers 39,664,590 16.78% 21,160,350 17.59%
Total Gross Assessed Value
of Other Taxpayers 196,746,250
Total Gross Assessed Value
of All Taxpayers $ 236,410,840
Source: Eagle County Assessor's Office
104
83.22% 99,111,450
100.00% $ 120,271,800
82.41%
100.00%
2009
2000
Percentage
Percentage
of Total
of Total
Taxable
Town of Avon
Taxable
Town of Avon
Assessed
Assessed
Assessed
Assessed
Taxpayer
Value
Rank
Value
Value
Rank
Value
Riverfront Village Hotel, LLC
$ 11,714,450
1
4.96%
$ -
NA
0.00%
Points of Colorado
8,718,880
2
3.69%
-
NA
0.00%
Traer Creek -WMT LLC
7,508,370
3
3.18%
-
NA
0.00%
Traer Creek -L2 LLC
5,412,970
4
2.29%
-
NA
0.00%
Avon Partners II, LLC
5,398,100
5
2.28%
3,458,290
2
2.88%
Traer Creek -HD LLC
5,382,540
6
2.28%
-
NA
0.00%
Chapel Square Ventures LP
5,296,510
7
2.24%
4,974,510
1
4.14%
CSC Land LLC
4,295,830
8
1.82%
-
NA
0.00%
ARI Mountain Center LLC
3,412,810
9
1.44%
-
NA
0.00%
Avon Wynfield LLC
2,957,460
10
1.25%
2,054,810
3
1.71%
Traer Creek -RP LLC
2,414,760
11
1.02%
-
NA
0.00%
Riverview Park Assoc, Inc
2,204,950
12
0.93%
1,942,150
5
1.61%
Dillon Real Estate Co, Inc
2,174,780
13
0.92%
1,342,370
8
1.12%
Christie Lodge Assoc LTD
2,063,870
14
0.87%
-
NA
0.00%
East Avon - Hudson LLC
1,560,930
15
0.66%
-
NA
0.00%
Vail Corp dba Vail Associates Inc
-
NA
0.00%
2,015,680
4
1.68%
Mountain Star, LLC
-
NA
0.00%
1,768,120
6
1.47%
Vail Associates Inc
-
NA
0.00%
1,389,250
7
1.16%
Mountain Owners (Benchmark) LP
-
NA
0.00%
1,085,520
10
0.90%
Avon Commercial Center, LTD
-
NA
0.00%
1,129,650
9
0.94%
Total Assessed Value of the
Ten Largest Taxpayers 39,664,590 16.78% 21,160,350 17.59%
Total Gross Assessed Value
of Other Taxpayers 196,746,250
Total Gross Assessed Value
of All Taxpayers $ 236,410,840
Source: Eagle County Assessor's Office
104
83.22% 99,111,450
100.00% $ 120,271,800
82.41%
100.00%
TOWN OF AVON, COLORADO
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Levy Collection
Year Year
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Source: Town of Avon Finance Department
Notes: (1) Taxes are due and payable on January 1 based on the prior year's assessed valuation.
(2) Information on outstanding delinquent taxes is not available.
105
Ratio of
Total Tax
Collections
To Total
Tax Levy
99.97%
99.82%
99.36%
99.58%
99.43%
99.92%
100.74%
99.96%
100.48%
99.06%
(2)
(1)
Current
Percent of
Delinquent
Total
Total
Tax
Current Taxes
Tax
Tax
Tax Levy
Collections
Collected
Collections
Collections
$ 2,672,106
$ 2,670,258
99.93%
$ 1,046
$ 2,671,304
2,430,796
2,425,991
99.80%
514
2,426,505
2,522,027
2,505,746
99.35%
60
2,505,806
2,548,453
2,537,783
99.58%
-
2,537,783
2,549,757
2,534,887
99.42%
266
2,535,153
2,595,743
2,593,082
99.90%
554
2,593,636
2,741,233
2,745,820
100.17%
15,753
2,761,573
2,763,603
2,762,486
99.96%
114
2,762,600
3,243,214
3,205,612
98.84%
53,309
3,258,921
3,110,763
3,060,762
98.39%
20,742
3,081,504
Source: Town of Avon Finance Department
Notes: (1) Taxes are due and payable on January 1 based on the prior year's assessed valuation.
(2) Information on outstanding delinquent taxes is not available.
105
Ratio of
Total Tax
Collections
To Total
Tax Levy
99.97%
99.82%
99.36%
99.58%
99.43%
99.92%
100.74%
99.96%
100.48%
99.06%
TOWN OF AVON, COLORADO
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Business -Type Activities
Certificates Total
Fiscal of Capital Primary
Year Participation Leases Government
Percentage
of Personal
Income
Per
Capita
2000
$ 7,306,250
$ 207,578
Governmental Activities
1.62%
$ 4,607
2001
General
Special
24,155,631
Certificates
3,968
Fiscal
Obligation
Assessment
Revenue
of
Capital
Year
Bonds
Bonds
Bonds
Participation
Leases
2000
$ 10,814,047
$ 245,000
$ 4,935,000
$ 1,653,750
$ 458,195
2001
10,219,023
195,000
4,655,000
1,592,500
279,857
2002
9,480,000
140,000
4,360,000
1,530,000
172,307
2003
8,725,000
100,000
4,065,000
1,462,500
439,169
2004
8,136,173
50,000
3,760,000
1,393,750
397,148
2005
7,282,075
-
3,440,000
1,321,250
380,007
2006
6,393,774
-
3,110,000
1,245,000
427,307
2007
5,466,798
-
2,770,000
1,166,250
820,870
2008
4,496,127
-
27,420,000
1,083,750
665,176
2009
3,670,000
-
2,050,000
997,500
503,368
Business -Type Activities
Certificates Total
Fiscal of Capital Primary
Year Participation Leases Government
Percentage
of Personal
Income
Per
Capita
2000
$ 7,306,250
$ 207,578
$ 25,619,820
1.62%
$ 4,607
2001
7,052,500
161,751
24,155,631
1.44%
3,968
2002
6,790,000
113,548
22,585,855
1.34%
3,705
2003
6,512,500
75,376
21,379,545
1.22%
3,173
2004
4,181,250
15,959
17,934,280
0.93%
2,645
2005
3,963,750
19,023
16,406,105
0.78%
2,427
2006
3,735,000
54,549
14,965,630
0.63%
2,208
2007
3,498,750
44,243
13,766,911
0.51%
2,013
2008
3,251,250
32,822
36,949,125
1.39%
5,340
2009
2,992,500
20,954
10,234,323
0.41%
1,479
Source: Town of Avon Finance Department
106
TOWN OF AVON, COLORADO
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
DECEMBER 31, 2009
Subtotal - Overlapping
Total
190,440,000
$ 193,655,000
Source: Various Governmental Entities, Eagle County Finance Department
Note: Overlapping governments are those that coincide, at least in part, with the geogrphic boundaries of
the Town. This schedule estimates the portion of the outstanding debt of those overlapping governments
that is borne by the residents and businesses of the Town.
107
16,947,367
$ 20,162,367
Net General
Percentage
Amount
Obligation
Applicable
Applicable
Bonded Debt
to Town
to Town
Name of Governmental Entity
Outstanding
of Avon
of Avon
Direct:
Town of Avon
$ 3,215,000
100.00%
$ 3,215,000
Overlapping:
Avon Metropolitan District
455,000
100.00%
455,000
Eagle County School District RE -50J
169,300,000
8.22%
13,916,460
Eagle -Vail Metropolitan District
7,000,000
16.14%
1,129,450
Eagle Valley Library District
2,235,000
11.49%
256,802
Eagle River Water and Sanitation District
11,450,000
10.39%
1,189,655
Subtotal - Overlapping
Total
190,440,000
$ 193,655,000
Source: Various Governmental Entities, Eagle County Finance Department
Note: Overlapping governments are those that coincide, at least in part, with the geogrphic boundaries of
the Town. This schedule estimates the portion of the outstanding debt of those overlapping governments
that is borne by the residents and businesses of the Town.
107
16,947,367
$ 20,162,367
TOWN OF AVON, COLORADO
RATIO OF GENERAL BONDED DEBT OUTSTANDING AND LEGAL DEBT MARGIN
LAST TEN FISCAL YEARS
General Bonded Debt Outstanding
General Obligation Bonds
Actual Taxable Property Value
Net Assessed Value
Percentage of Actual Taxable Property Value
to General Bonded Debt Outstanding
Town of Avon Population
Per Capita
Legal Debt Limit
Total Debt Applicable to Limit
Legal Debt Margin
Total Net Debt Applicable to the Limit
as a Percentage of Debt Limit
Fiscal Year
2000 2001 2002 2003
$ 7,120,000
$ 6,695,000
$ 6,305,000
$ 5,895,000
692,365,810
746,742,920
928,319,150
978,914,070
114,811,920
120,271,800
139,319,940
144,503,610
1.03%
0.90%
0.68%
0.60%
5,561
6,088
6,096
6,737
$ 1,280
$ 1,100
$ 1,034
$ 875
$ 28,702,980
$ 30,067,950
$ 34,829,985
$ 36,125,903
(7,120,000)
(6,695,000)
(6,305,000)
(5,895,000)
$ 21,582,980
$ 23,372,950
$ 28,524,985
$ 30,230,903
75.19%
77.73%
81.90%
83.68%
Source: Eagle County Assessor's Office, State of Colorado Division of Local Governments
108
Fiscal Year
2004 2005 2006 2007 2008 2009
$ 5,666,173
$ 5,182,075
$ 4,678,774
$ 4,151,798
$ 3,601,127
$ 3,215,000
1,026,692,120
1,070,116,330
1,202,381,510
1,232,738,120
1,746,859,870
1,880,466,430
145,773,070
152,944,980
168,906,640
171,296,170
224,243,790
226,144,240
0.55%
0.48%
0.39%
0.34%
0.21%
0.17%
6,780
6,759
6,778
6,838
6,919
6,919
$ 836 $
767 $
690 $
607 $
520 $
465
$ 36,443,268
$ 38,236,245
$ 42,226,660
$ 42,824,043
$ 56,060,948
$ 56,536,060
(5,666,173)
(5,182,075)
(4,678,774)
(4,151,798)
(3,601,127)
(3,215,000)
$ 30,777,095
$ 33,054,170
$ 37,547,886
$ 38,672,245
$ 52,459,821
$ 53,321,060
84.45%
86.45%
88.92%
90.30%
93.58%
94.31%
109
TOWN OF AVON, COLORADO
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
Eagle
5,561
41,659
Eagle
37,770
County
Eagle County
Eagle
County
Denver / Eagle
Town of Eagle Personal
Per Capita
County
RE -50J
Boulder County
Avon County Income
Personal
Median
School
Consumer Unemployment
Year Population Population (In $1,000's)
Income
Age
Enrollment
Price Index Rate
2000
5,561
41,659
$ 1,584,204 $
37,770
31.30
5,150
173.2
2.20%
2001
6,088
43,027
1,676,826
38,733
31.70
5,295
181.3
3.00%
2002
6,096
45,067
1,687,236
38,060
32.30
5,373
184.8
4.70%
2003
6,737
46,978
1,758,671
39,816
32.90
5,368
186.8
3.40%
2004
6,780
47,955
1,930,354
41,773
33.50
5,061
187.0
4.40%
2005
6,759
48,820
2,107,633
44,220
34.20
5,376
190.9
3.30%
2006
6,778
50,612
2,364,690
46,985
34.70
5,885
197.7
3.40%
2007
6,838
52,517
2,676,538
47,511
35.20
5,820
202.0
3.10%
2008
6,919
53,898
2,662,600
49,635
35.70
5,940
209.9
3.60%
2009
NA
55,269
2,511,100
45,430
36.30
NA
208.5
7.30%
Sources: Colorado Division of Local Governments; Eagle County RE -50J School District, Eagle County
110
TOWN OF AVON, COLORADO
PRINCIPAL EMPLOYERS
CURRENT YEAR
2009
Employer Employees Rank
Westin Riverfront Resort & Spa
205
1
Wal -Mart
200
2
Restaurant Avondale
140
3
Home Depot
133
4
City Market
115
5
Town of Avon
104
6
Eagle River Water & Sanitation
92
7
Sheraton Mountain Vista
87
8
Christie Lodge
76
9
Finnegan's
71
10
Sources: Various Town of Avon Businesses, Department of Labor
111
TOWN OF AVON, COLORADO
COMMERCIAL AND RESIDENTIAL CONSTRUCTION
LAST TEN FISCAL YEARS
Source: Town of Avon Community Development Department
112
Total
Commercial Construction
Residential Construction
Building
Square
No. of
Construction
Year
Footage
Value
Units
Value
Value
2000
156,027
$ 16,700,998
47
$ 30,823,673
$ 47,524,671
2001
3,480
157,156
21
15,883,271
16,040,427
2002
401,304
38,830,606
289
20,490,119
59,320,725
2003
97,959
3,615,219
20
7,796,720
11,411,939
2004
140,059
3,818,000
20
12,417,897
16,235,897
2005
-
250,000
19
15,052,119
15,302,119
2006
26,639
114,860,200
12
13,980,955
128,841,155
2007
19,242
25,248,538
93
10,970,648
36,219,186
2008
11,416
2,525,749
15
11,165,780
13,691,529
2009
-
-
4
3,521,000
3,521,000
Source: Town of Avon Community Development Department
112
TOWN OF AVON, COLORADO
FULL -TIME EQUIVALENT EMPLOYEES BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
2005
2006
2007
Full -time
Equivalent Employees as of December 31
General Government
2000
2001
2002
2003
2004
General Government
5.00
5.75
5.75
Finance
6.00
Administration
6.75
6.75
6.00
5.00
5.00
Finance
5.50
5.50
6.00
6.00
6.00
Community Development
9.00
9.00
6.00
6.00
7.00
Police
18.00
19.00
18.00
17.00
17.00
Public Works & Engineering
21.00
21.00
24.00
22.50
22.00
Transportation
24.75
22.75
13.00
8.50
10.00
Fleet Maintenance
11.00
12.00
10.00
10.00
10.00
Recreation
21.00
20.00
20.00
18.00
17.00
Total
117.00
116.00
103.00
93.00
94.00
Source: Town of Avon Budget
113
2005
2006
2007
2008
2009
General Government
Administration
5.00
5.00
5.00
5.75
5.75
Finance
6.00
6.00
7.00
7.00
7.00
Community Development
7.00
8.00
9.00
8.75
6.75
Police
17.00
18.00
19.00
21.00
22.00
Public Works & Engineering
20.90
21.90
25.90
26.90
25.65
Transportation
10.00
13.00
13.00
14.00
8.00
Fleet Maintenance
10.10
11.10
12.10
12.10
13.10
Recreation
17.00
17.00
18.00
19.00
16.00
Total
93.00
100.00
109.00
114.50
104.25
Source: Town of Avon Budget
113
TOWN OF AVON, COLORADO
OPERATING INDICATORS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Town of Avon Facilities and Services:
Miles of Streets
Number of Street Lights
Culture and Recreation:
Miles of Bike/Pedestrian Paths
Parks / Lakes
Park Acreage
Tennis / Volleyball / Basketball Courts
Recreation Centers
Softball / Soccer Fields
Police Protection:
Number of Stations
Number of Police Personnel and Officers
Number of Patrol Units
Number of Law Violations:
General Ordinance Violations
Traffic Violations
Parking Violations
Fire Protection:
Number of Stations
Number of Fire Personnel and Officers
Number of Calls Answered
Number of Inspections Conducted
Facilities and Services Not Included in the Reporting Entity:
Libraries:
Number of Libraries / Volumes
Water System:
Miles of Water Mains
Number of Service Connections
Daily Average Consumption in Gallons
Maximum Daily Capacity of Plant in Gallons
Sanitary Sewer System:
Miles of Sanitary Sewers
Number of Treatment Plants
Number of Service Connections
Maximum Daily Capacity of Treatment Plant in Gallons
Education:
Number of Elementary Schools / Instructors
Fire Protection:
Number of Stations
Number of Fire Personnel and Officers
Number of Calls Answered
Number of Inspections Conducted
114
1 /38,000 1/38,000 1 / 43,289 1/72,107
15.68
Fiscal Year
23.16
2000
2001
2002
2003
18.61
19.18
18.62
22.34
156
272
386
465
0.00
0.00
0.00
5.00
2/1
2/1
3/1
3/1
668
668
668
668
2/3/2
2/3/2
4/3/2
4/3/3
1
1
1
1
1/0
1/0
1/2
1/2
1
1
1
1
18
19
18
17
12
13
12
11
298
314
220
273
252
162
230
375
500
536
361
204
5
0
0
0
25
0
0
0
2,321
0
0
0
850
0
0
0
1 /38,000 1/38,000 1 / 43,289 1/72,107
15.68
15.68
23.16
24.99
2,786
2,786
2,916
3,358
750,000
750,000
756,137
713,058
l0MGD
l0MGD
lOMGD
IOMGD
28.11
28.11
28.11
33.44
1
1
1
1
2,916
2,916
2,916
3,489
4.3MGD
4.3MGD
4.3MGD
4.3MGD
1/30
1/30
1/35
1/30
0
4
6
6
0
28
28
44
0
2,141
2,200
2,144
0
62
146
280
Fiscal Year
2004
2005
2006
2007
2008
2009
22.34
23.11
23.04
23.04
23.73
23.73
465
465
408
408
433
433
5.48
5.48
5.60
5.60
5.60
5.60
4/1
4/1
511
511
511
511
671
671
672
672
672
672
4/3/3
4/3/3
4/3/3
4/3/3
4/3/3
4/3/3
1
1
1
1
1
1
1/2
1/2
1/2
1/2
1/2
1/2
1
1
1
1
1
1
17
17
18
16
18
21
11
11
12
12
14
13
303
284
278
333
267
168
230
309
566
243
351
287
201
286
245
6
3
13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1/73,329
1 / 77,966
1/78,021
1 /85,378
1/76,228
1 /79,560
24.99
24.99
24.99
24.99
24.99
24.99
3,376
3,409
3,462
3,675
3,761
3,787
779,263
790,945
842,234
778,373
943,787
687,693
lOMGD
lOMGD
lOMGD
lOMGD
lOMGD
lOMGD
33.44
33.44
33.44
33.44
33.44
33.44
1
1
1
1
1
1
3,507
3,536
3,546
3,801
3,821
3,913
4.3MGD
4.3MGD
4.3MGD
4.3MGD
4.3MGD
4.3MGD
1/30
1/23
1/32
1/53
1/27
1/23
8
8
8
9
9
9
45
44
44
51
56
47
2,272
2,364
2,572
2,469
2,855
2,262
168
215
385
494
565
397
115
THIS PAGE INTENTIONALLY LEFT BLANK
116
Memo
To: Honorable Mayor and Town Council and the Initials
Planning and Zoning Commission
Thru: Larry Brooks, Town Manager
From: Sally Vecchio, Asst Town Mgr/ Comm Deve
Date: May 5, 2010
Re: Land Development Code Review— Summary of Work Session Discussions
Summary:
As part of the Land Development Code (the Code) public review process, the Town Council and Planning
and Zoning Commission (PZC) have held a series of 5 work sessions to discuss the major changes to the
Code and whether the revisions have adequately addressed the "themes" identified in the Code Diagnosis
prepared by Clarion & Associates in January, 2009.
This purpose of this final joint work session with the Council and PZC will be to review the comments and
direction given by both bodies during the previous work sessions, and to discuss the next steps in the public
review process.
Background:
The Town Council and PZC have held 5 work sessions including two joint work sessions on the following
regulations in the proposed Land Development Code:
1. The new commercial zone districts
2. Bonus density formulas
3. Parking regulations in the Town Center
4. The PUD regulations
5. The development standards
6. Sustainability; and
7. The Alternative Equivalent Compliance (AEC) process
The purpose of the work sessions was to receive guidance on the following issues related to those
regulations:
1. What is the appropriate Floor Area Ratio (FAR) to assign to the commercial zone districts?
2. Do the Bonus Development formulas and related public benefits represent the Town's current
policies and long -range goals?
3. How should the Code address parking requirements in the Town Core?
4. Do the Design Standards support the design and development patterns articulated in the
Comprehensive Plan and the East and West Town Center Investment Plans?
5. Should the Sustainability Index Score requirement remain in the Code with a different menu of
choices or should the scoring provision be eliminate altogether?
6. Does the AEC process provide sufficient flexibility to ensure that creative design proposals can
be accommodated within the framework of the standards?
In response to the issues described above, the following conclusions and observations were shared by the
Council and PZC:
1. The baseline density permitted in the Town Center Zone District should be set at a 2:1 FAR. This
would permit density consistent with current conditions and recently approved PUDs in Town
Center.
2. The Bonus Density formulas are consistent with the town's current policies and long range goals,
including a desire for more attainable housing opportunities, and public plazas, transportation
improvements and civic facilities in Town Center. The LEED bonus should be removed, because
the requirements relate more to Building Code than planning and zoning. Council and PZC both
agree that more information is needed to evaluate the formulas and the "Percentage Multiplier",
which is currently set at 85% and adjusts the formula so that the resulting Development Bonus
provides an appropriate incentive for the public capital improvement.
3. The parking regulations must be enforced in Town Center. If enforcement of the parking
regulations will make higher density development more difficult to park in Town Center, then the
Town should consider forming a parking district and using a pay -in -lieu program to help pay for a
shared public parking facility.
4. The Design Standards do support the design and development patterns articulated in the
Comprehensive Plan and the East and West Town Center Investment Plans. Staff and PZC
should continue refining the standards, including new standards to address the massing issues
with duplex homes, and the size and scale of the garages located on front facades.
5. The concept of the Sustainability Index Score is compelling; however, the list of sustainable
features required to obtain a score is redundant with other regulations in the Code or would be
more appropriate in the Building Code. Remove the entire program from the Code and review
the International Green Code when it is ready for public review.
With respect to the Alternative Equivalent Compliance process, the PZC and Council appear to have
different points of view. While both bodies agree that the AEC process provides sufficient flexibility to
accommodate alternative design solutions, some PZC members expressed concern with the Council's
desire to have final design approval for projects in the Town Core.
The complete list of comments from all of the work sessions is attached herein as Exhibit A.
Discussion:
Staff will continue to work with the PZC in preparing a public hearing draft of the Code, based on the
direction provided during the work sessions, with specific attention to the following:
1. The percentage multiplier used in the bonus density formulas.
2. Adding design standards to address the massing and size of duplex units.
3. Updating pay -in -lieu standards for the parking district program; and
4. Revisions to the Development Standards.
Staff requests additional direction on the AEC process. Exhibit B provides flow charts of the development
review processes, including the AEC process as discussed during the work sessions.
Given the comments and direction received during these work session, staff believes that a final draft of the
Code can be prepared for a June 15, 2010 public hearing with the PZC.
Town Manager Comments:
Exhibit A
Town Council and PZC Comments
Topic 1 Joint Work Session: Commercial Zoning, Bonus Density, PUDS and Parking
April 20, 2010
The PZC and Town Council work sessions on the proposed commercial zone districts and
bonus density regulations in the new Land Development Code provided an opportunity for
members of both bodies and the community to review the proposed changes and discuss policy
issues related to the proposed revisions.
Staff has organized the comments received during those work sessions into topic areas and
provided written responses. Comments related to the commercial design standards are included
at the end of this memorandum and will be addressed during the next series of work sessions
on the Development and Design Standards of the Land Development Code.
Residential Density
1. Is the residential density calculated by SFEs in the same manner as we do today?
RESPONSE: Each lot in Town is allocated Single Family Equivalents (SFEs) based on its
existing zoning. For instance Lot B is allocated 120.3 SFEs which assumes 110 dwelling units
& 50,000 square ft of commercial uses. If the developer wants to increase the dwelling units on
Lot B, she needs to provide the water rights for those additional units.
SFEs (Title 13, Appendix 13 -A, AMC)
1 SFE = Dwelling unit less than 3,000 square ft
.50 SFE - Efficiency room (studio with kitchen).
.35 SFE - Hotel room (studio without kitchen)
2. Was the density for Sheraton derived from number of keys or from number of units?
RESPONSE: Residential density was calculated by the number of SFEs assigned to the
dwelling unit type.
3. Increase potential development bonus for density (i.e. residential units per acre). Water &
parking are a priority and the final dwelling unit number is not significant. For Sheraton and
Avon 21, the number of dwelling units was not the issue but those developments should be
parked.
RESPONSE: The number of allowed dwelling units /acre is related to allocated water rights for
commercial properties (30 du /acre). Given the significant range in the size of dwelling units in
the commercial zone districts, t he number of dwelling units does not necessarily affect the
massing or density of the building (measured in FAR). Staff however does recommend that
some residential density cap be maintained to ensure that each development include a mix of
uses A density allowable between 50% to 70% above the 30du /acre would
Commercial Development Standards
4. Small residential redevelopment opportunities should be looked at.
RESPONSE. The Mixed Commercial Zone District and the Neighborhood Commercial District
both permit single use development (such as an apartment or townhouse project), if it can be
demonstrated that adjacent properties will provide a complementary diversity of uses. The
Town Center District requires a mix of uses within each development in order to achieve the
Comprehensive Plan goal of create development patterns that increase opportunities for more
pedestrian trips and connectivity within the commercial core.
5. How would Avon 21 be able to provide residential on the ground floor? The requirement to
front a public street doesn't make sense for Avon 21 on Avon Road given the grade differential?
RESPONSE: Commercial should be required on ground floor along designated streets to
implement Avon Comprehensive Plan. Market conditions should prevail on remainder of
building.
6. What is deemed "retail" for ground floor?
RESPONSE: Ground floor commercial uses are required in all of the new commercial zone
districts. Retail uses are a subset of commercial uses. Commercial uses may include offices,
hotel lobbies, restaurants, and personal services uses such as a dry cleaner. Retail use means
a business primarily characterized by the sale of goods or merchandise to the local public and
tourists for personal, household or business consumption, and rendering of services incidental
to the sale of such goods.
7. Mixed -use and more commercial on bottom floor needs to be more integrated. More density
should equal more commercial space to support the Town (i.e. Sheraton).
RESPONSE: Commercial should be required on ground floor along designated streets to
implement Comp Plan. Market conditions should prevail on remainder of building. It is doubtful
that Avon can support 100% ground floor retail for every building in the Town Core.
Commercial viability goes hand in hand with traffic, which relates to critical mass of residences
and accommodations. Implementing the Comprehensive Plan only means establishing ground
floor commercial on the designated streets.
8. Should a minimum and maximum commercial ratio be implemented to assure proper mix?
RESPONSE: Commercial should be required on ground floor along designated streets to
implement Comp Plan. Market conditions should prevail on remainder of building. If the market
actually produced all high density and medium density commercial, office, retail, and
commercial hotel projects in the Town Core, Avon would be swimming in excess revenues.
This would not be the type of problem that I see a need for Avon to zone against and I certainly
don't see this actually happening.
9. Look into Alternative Equivalent Compliance to ensure it is available for allowing the
flexibility of permitting non - commercial uses on the ground floor where appropriate.
RESPONSE: "Mixed -use zoning" allows maximum flexibility except that Commercial uses
should be required on ground floor along designated streets to implement the Comprehensive
Plan.
Bonus Density
10. LEED Certification is a problem due to the timing of getting development certified at least 1
year after construction. More prescriptive measures, such as those from the International
Green Construction Code or other building permit review items should be considered.
RESPONSE: I would offer an easy policy decision for the group to delete this section with the
understanding that the Green Code will be considered for adoption in some form in the near
future once available. It would be more effective to set this as a mandatory standard rather than
a bonus, incentive or sustainable point and both PZC and TC have strong voices advocating in
this direction.
11. Bonus density analysis should be presented for. 1) Riverfront, 2) Red House, 3) Buck
Creek, and 4) Chateau St. Claire and several commercial sites along Nottingham Rd.
RESPONSE: Please see attached design tests (Exhibit 1).
PUDs
12. Do PUDs not allow density increases?
RESPONSE. The modified PUD is an overlay district that would allow the developer to modify
the location and configuration of development on the site. The development standards,
including density, building height and permitted uses would be dictated by the underlying zone
district. Additional density would permitted pursuant to the guidelines and standards
established in the Development Bonus Regulations
13. What zone district replaces an existing PUD after it expires?
RESPONSE. If the approval of a planned unit development expires the Town Council or
property -owner may initiate an amendment of the Town's Official Zoning Map to eliminate the
approved PUD plan and return the land to the zoning district in which it is located. If there was
no original zone district, the Town would select an appropriated zone district based on the
recommendations from the Town's Comprehensive Plan.
General Comments
14. How are we addressing phasing if PUD is not used?
RESPONSE: It depends on the project. Public improvements shall be required up front (before
construction on private improvements begins or before Certificates of Occupancy are issued).
Any project which proposes to phase public improvements or which requests public financial
incentives will then be subject to a development agreement and phasing plan. The Code as
written provides Council with the discretion to determine appropriate phasing. However, the
default is that no project is required to be phased because all projects are required to construct
all public improvements up front and no project is entitled to public financial subsidies.
15. Is there guidance to property owners and staff when rezoning?
RESPONSE: Applications for rezoning are reviewed by the Community Development staff for
appropriateness based upon availability of water, wastewater and other utility services,
compatibility with surrounding land uses and environmental factors such as steep slopes or
flood plains. The Comprehensive Plan recommends future land uses in the Town and provides
guidance for future zoning requests.
DESIGN STANDARDS
1. Site plan review should not be divorced from building design review process.
2. Standards such as being required to front a street are more of a requirement for a
metropolitan area with a grid street plan.
Town Council Comments
Topic 2 Work Session — Design and Development Standards
April 27, 2010
• Council is generally satisfied with the Development Standards, although they agreed that
the specific standards should continue to be refined during the public review process of the
document.
• Council is satisfied that the Design Standards are consistent with the East and West Town
Center District Investment Plans and the Comprehensive Plan recommendations for site
design and architecture.
• Council would like to see additional standards for duplex units which address massing,
articulation and connections (common walls) between units.
• Development Standards should not prevent opportunities for duplex lots to redevelop as
single family lots.
• Garages attached to multifamily uses including townhomes should be minimized on the front
fagade, but not necessarily reduced to a single stall.
• Council agreed that the Sustainability Index Score requirement did not address any
additional sustainably standards that haven't already been addressed elsewhere in the
Code, and that the proposed International Green Code will be reviewed by the Town when a
final draft is made available.
• Council agreed that the Alternative Equivalent Compliance (AEC) process provides
sufficient flexibility to ensure that creative design proposals can be accommodated within
the framework of the standards, but felt that Council should have final decision - making
authority on AEC applications for all commercial and mixed use projects and final design
review approval for projects in the Town Core.
Planning and Zoning Commission Comments
Topic 2 Work Session — Design and Development Standards
May 4, 2010
PARKING, LOADING AND ACCESS
• Check out Eagle County diagrams and illustrations for parking and loading standards.
• Add parking garage standards for minimum inside clearance height for large profile
vehicles, and dimensions for drive aisles and turn radius.
• Should we add a requirement that limits surface parking on a lot in Town Center?
• Add a lighting requirement specific for Town Center that limits pole height and the
number of light fixtures in a surface parking lot. Stop over lighting.
• Stacking requirements at driveway entrances?
• Snow storage — is 20% enough? Vail requires 30% with a 10% reduction for heated
surface areas.
• Parking lot landscaping requirements — change 10 ft island requirement to 6 ft.
• Curb openings — change from 10 ft to maybe 30ft?
• Sidewalk requirements — why is concrete not an approved material?
MOBILITY /CONNECTIVITY
• Do the standards allow paths and walkways to be located "where you walk" or do they
have to be located along the perimeter of lots and along ROW only?
• Ensure that we have trail standards for slope, width and separation (bike and
pedestrian).
LANDSCAPE, SCREENING, WALLS & FENCES
• Retaining walls material should be "compatible" and "cohesive ".
• Add landscape standards that require cohesive, natural design.
• Retaining walls needs more standards to prevent tall, unattractive, poorly landscaped
walls visible from public views. When is MSE material OK, when is it not? Need to
address irrigation as well (plantings don't usually survive b/c we don't require irrigation.
• When is civil engineering required for retaining wall? Vail has a 6ft height limit.
DESIGN STANDARDS
Residential
• The Pitched roof requirement OK, and flat roofs should be exception — but under want
conditions? True pueblo architecture should be permitted.
• Stone fagade requirement is too much.
• Massing of duplex units needs to addressed, and all standards for duplexes should
apply to single family units.
• Standards require "curb appeal ".
• Repetition in building form and massing should be discouraged.
• Front entrances to homes should dominate front fagade — not the garage.
Commercial
• Four sided architecture is fine, but what if the back side of the building is not visible?
• Standards should support pedestrian scale
• Define "articulation" and the intent of the articulation standards.
• Define intent of the massing standards.
ALTERNATIVE EQ COMPLIANCE
• Process should make it difficult for applicant to get an AEC
• Each change in a standard should be separate application with big fee. $1000 per
application?
• Make sure a clear and specific "intent" statement is included with each development
standard, so it creates a standard by which to review an AEC application.
• How can we be sure that this doesn't turn into a loophole for waiving the Development
Standards?
• Why does Town Council want to review Development Plans and AEC applications in
Town Core?
Exhibit B
Development Review Processes
Minor Development Application
A Minor Development review is intended for less complex site plans needing regulatory approval. Minor
Development reviews are administrative and required prior to issuance of a building permit. Generally, it
applies to the following:
All new building construction less than 600 sf
1. Change of use
2. Design changes such as: Minor Development
• changes to dumpster locations Application
• screen wall changes
• landscape changes
• deck changes, additions or new construction
• mechanical equipment changes
• window changes Director Decision
• alteration of minor architectural details
• exterior color and /or material changes and
• other similar changes to a structure or property that do not significantly impact the site layout or
design of a building.
Major Development Application
Major Development Applications are required for all new building construction 600 sf or greater. Major
Development Application approval by PZC is required for all non - commercial developments. The Town
Council shall approve Major Development Applications for projects in the Town Core.
Major Development
Application
Projects outside of I) I Projects in Town Core
Town Core
Director Review II 1 Director Review
PZC Decision I1 u PZC
I RPrnmmPnrlatinn
Town Council Decision
Alternative Equivalency Compliance Application
Alternative Equivalency Compliance (AEC) review allows developer to propose alternative design solutions the
following development standards: Mobility and Connectivity, Landscaping, Screening, Walls and Fences, Design
and
Alternative Equivalent
Compliance
Major or Minor f Major Development
Development I Application in Town
Director Review Il I Director Review
PZC Decision I PZC
Recommendation
Town Council
Decision
Sustainability. Alternative design must achieve the intent of the standard in the same or better degree. The
Planning Commission is required to approve AEC applications for projects located outside of the Town Core.
The Town is required to approve all AEC applications for projects in the Town Core.