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TC Res. No. 2003-24RESOLUTION NO. 03-24 SERIES OF 2003 A RESOLUTION TO AMEND THE 2003 TOWN OF AVON BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND AMENDING THE 2003 BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2003, AND ENDING ON THE LAST DAY OF DECEMBER, 2003. WHEREAS, the Town Council of the Town of Avon has adopted the 2003 budget; and WHEREAS, the Town Council reviewed the revised estimated revenues and expenditures for 2003; and WHEREAS, the Town Council finds it necessary to amend the 2003 budget to more accurately reflect the revenues and expenditures for 2003; and WHEREAS, whatever increases may have been made in the expenditures, like increases were added to the revenues so that the budget remains in balance as required by law. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. That estimated revenues and expenditures for the following fund is as follows for 2003: Original or Previously Amended 2003 Bum Water Fund Beginning Fund Balance $ 1,999,796 Revenues and Other Sources 509,200 Expenditures and Other Uses 887,822 Current Proposed Amended 2003 Budget $ 1,965,547 509,200 1,267,822 Ending Fund Balance 1,621,174 1,206,925 Original or Previously Amended 2003 Budget Capital Proiects Fund Beginning Fund Balance $ 1,646,870 Revenues and Other Sources 2,121,149 Expenditures and Other Uses 1,452,271 Ending Fund Balance 2.315.748 Current Proposed Amended 2003 Budget $ 2,489,887 2,501,149 1,882,271 3.108.765 Section 2. That the budget, as submitted, amended, and hereinabove summarized by fund, hereby is approved and adopted as the budget of the Town of Avon for the year stated above. Section 3. That the budget hereby approved and adopted shall be signed by the Town Manager and made part of the public record of the Town. ADOPTED this 24th day of June 2003. TOWN OF AVON, COLORADO QwIj-A% . ~~4 Albert D. Reynolds, Mayor A I~ - n c r ;gQl OF a Patty c nny, T lerk ~S2E A j~ 2 a • sc&te ns -Am&4mem-ts - o r 6u4-r- em o CrezE- -Nranay ~ ion S TO: Honorable Mayor and Town Council Ttuu: Larry Brooks, Town Manager di ~y~ rl . Frorrx Scott Wright, Finance Directo Goo PYtFvr- (.e• t~7 ~.'t h ~¢c, UU C itrate, June 18, 2003 isrio-f UQ'd' c-`t5.• 0h - Re: Resolution 03-24, Water Fund and Capital projects Fund Budget Amendment Summary: U 0 A budget amendment is proposed to the Water Fund and Capital Project's Fund for the Buck Creek Drainage project. The total project cost is being increased from $869,000 to $1,249,000, a total of $380,000. This project is funded by transfers from the Water Fund which are also proposed to increase by $380,000. Bcnc h O,rLd ~~taj-r's 44~-c be-~"-t is Recommendation: gyzd Staff recommends that Council adopt the resolution discussed above as presented. !oca-horlr 61'14* 4k- Town Manager Comments:r~ Attachments: A- Summary of Proposed Amendment B- Resolution 03-24 'W LQ,r ry Czricerns ylta~ 4txx- '°I R.& c~u rrie~ 1 r? S~cQ ©°e ~°PrzsY~ Prep YV-\a~ MoJes ~ ~ a a,~r (l , ~)(A ,C lloaw~o Page 1 Y RESOLUTION NO. 03-24 SERIES OF 2003 A RESOLUTION TO AMEND THE 2003 TOWN OF AVON BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND AMENDING THE 2003 BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2003, AND ENDING ON THE LAST DAY OF DECEMBER, 2003. WHEREAS, the Town Council of the Town of Avon has adopted the 2003 budget; and WHEREAS, the Town Council reviewed the revised estimated revenues and expenditures for 2003; and WHEREAS, the Town Council finds it necessary to amend the 2003 budget to more accurately reflect the revenues and expenditures for 2003; and WHEREAS, whatever increases may have been made in the expenditures, like increases were added to the revenues so that the budget remains in balance as required by law. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. That estimated revenues and expenditures for the following fund is as follows for 2003: Original or Previously Amended 2003 Budget Water Fund Beginning Fund Balance $ 1,999,796 Revenues and Other Sources 509,200 Expenditures and Other Uses 887,822 Current Proposed Amended 2003 Budget $ 1,965,547 509,200 1,267,822 Ending Fund Balance 1.621,174 $ 1,206,925 is • 0 w 44 • • • Original or Previously Amended 2003 Budget Capital Proiects Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance $ 1,646,870 2,121,149 1,452,271 2.315.748 Current Proposed Amended 2003 Budget $ 2,489,887 2,501,149 1,882,271 3.108.765 Section 2. That the budget, as submitted, amended, and hereinabove summarized by fund, hereby is approved and adopted as the budget of the Town of Avon for the year stated above. Section 3. That the budget hereby approved and adopted shall be signed by the Town Manager and made part of the public record of the Town. ADOPTED this 24 h day of June 2003. ATTEST: Patty McKenny, Town Clerk TOWN OF AVON, COLORADO Albert D. Reynolds, Mayor 2 r1 U Memo To: Honorable Mayor and Town Council 1hra: Larry Brooks, Town Manager From: Scott Wright, Finance Director Date: June 19, 2003 Re: 2002 Annual Audit Report Summary: On Tuesday, Jack Schroeder from Clifton Gunderson CPA's will be here to go over highlights of the Town's 2002 Comprehensive Annual Financial Report. In addition, the acceptance of the annual audit is included in Tuesday night's consent agenda. • You may keep the audit report for your use. However, if you do not intend to use it, please return it to me after the meeting. Town Manager Comments: n U Page 1 Water Fund #24 Amended Budget #1 - : - - :'f- Oct Summa REVENUES Charges for Services Investment Earnings Other Revenues Total Operating Revenues Other Sources TOTAL REVENUES EXPENDITURES Water Utilities Total Operating Expenditures Mer Uses sfers-Out To Capital Projects TOTAL EXPENDITURES NET SOURCE (USE) OF FUNDS FUND BALANCES, Beginning of Year FUND BALANCES, End of Year Original or Current Prev. Amend. Proposed Difference Actual Actual Budget Amendment Increase 2001 2002 2003 2003 (Decrease) $ 663,557 $ 259,622 $ 459,200 $ 459,200 $ - 73,782 36,906 50,000 50,000 - 1,511 5,201 - - _ 738,850 301,729 509,200 509,200 - 738,850 301,729 509,200 509,200 - 60,917 138,090 93,822 93,822 - 60,917 138,090 93,822 93,822 - 280,000 635,000 794,000 1,174,000 380,000 340,917 773,090 887,822 1,267,822 380,000 397,933 (471,361) (378,622) (758,622) (380,000) 2,038,975 2,436,908 1,999,796 1,965,547 (34,249) $ 2,436,908 $ 1,965,547 $ 1,621,174 $ 1,206,925 $ (414,249) 0 Water Fund #24 Amended Budget #1 M-,~._ X04 - =-~tie.D"etaily t._: - 7-7 Account Actual Number Description 2001 Charges for Services: Original or Current Prev. Amend. Proposed Difference Actual Budget Amendment Increase 2002 2003 2003 (Decrease) 54401 Sales of Water $ 110,199 $ 115,030 $ 120,000 $ 120,000 $ - 54402 Tap Fees 484,216 51,318 284,400 284,400 - 54404 Tap Fees - Mountain Star 69,142 31,474 20,000 20,000 - 54405 Tap Fees - Village at (Avon) - 61,800 34,800 34,800 - 54000 Total Charges for Services 663,557 259,622 459,200 459,200 - 57101 Investment Earnings Other Revenues: 58999 Other 58000 Total Other Revenues 50000 TOTAL REVENUES 73,782 36,906 50,000 50,000 1,511 5,201 - 1,511 5,201 - - $ 738,850 $ 301,729 $ 509,200 $ 509,200 $ - 0 is Capital Projects Fund #41 Amended Budget #1 Original or Current Prev. Amend. Proposed Difference Actual Actual Budget Amendment Increase 2001 2002 2003 2003 (Decrease) REVENUES Taxes $ 2,058,942 $ 1,714,946 $ 1,000,000 $ 1,000,000 $ - Intergovernmental 426,540 1,044,313 290,000 290,000 - Investment Earnings 88,614 37,707 26,149 26,149 - Other Revenue 21,531 26,258 11,000 11,000 - Total Operating Revenues 2,595,627 2,823,224 1,327,149 1,327,149 - Other Sources: Transfer In from Other Funds 280,000 635,000 794,000 1,174,000 380,000 TOTAL REVENUES 2,875,627 3,458,224 2,121,149 2,501,149 380,000 EXPENDITURES Capital Improvements: Facilities 488,623 81,119 - - - nd and Land Improvements - _ _ - ~ ads and Streets 1,295,691 3,541,523 290,000 = 290,000 Recreation 58,904 - - - - Stormwater and Drainage 76,922 572,931 869,000 1,249,000 380,000 Development Services - 417,008 - - - Strategic Planning 84,189 5,215 25,000 25,000 - Communications 30,000 - - _ Other 2,250 5,250 6,000 6,000 - Developer Rebates 399,160 184,358 100,000 100,000 - Debt Service: Capital Lease Payments 122,739 41,070 - - _ Total 2,558,478 4,848,474 1,290,000 1,670,000 380,000 Other Uses Operating Transfer-Out to General Fund 100,000 - 150,000 200,000 50,000 Operating Transfer-Out to WiIdridge S.I.D. 14,231 13,251 12,271 12,271 - TOTAL EXPENDITURES 2,672,709 4,861,725 1,452,271 1,882,271 430,000 NET SOURCE (USE) OF FUNDS 202,918 (1,403,501) 668,878 618,878 (50,000) FUND BALANCE, Beginning of Year 3,690,470 3,893,388 1,646,870 2,489,887 843,017 FUND BALANCE, End of Year $ 3,893,388 $ 2,489,887 $ 2,315,748 $ 3,108,765 $ 793,017 U } Capital Projects Fund #41 Amended Budget #1 pip: Pro fas I Original or Current Prev. Amend. Proposed Difference Account Actual Actual Budget Amendment Increase Number Description 2001 2002 2003 2003 (Decrease) CAPITAL IMPROVEMENT PROJECTS Facilities: 11004 Information Kiosks - Town Center $ - $ 15001 Recreation Center Refurbishment 488,623 Land and Land Improvements: Parks: 21003 Land Trade Contribution - Roads and Streets: Streetscape: 31002 W. Beaver Creek Blvd. 8,677 31004 Nottingham Rd. Imp. / 1-70 to Buds Creek 103,539 31005 Nottingham Rd. Imp. / Buds Creek to Metcalf Rd. - 31006 Eaglebend Dr. - Street Improvements: 32001 Paving/Road Improvements 83,819 32003 Chapel Square Reimbursement 50,000 32004 E. Beaver Creek Blvd. Improvements 2,315 Multi-ModaUAftemative Mobility: 34002 East Avon Access and Circulation 54,009 34004 Eagle River Bikepath 173,354 34005 Eagle River Bikepath - Beaver Creek Blvd to Cord. 80,152 34006 Nottingham Road 11-70 bikepath 739,826 34007 widridge Traffic Calming & Pedestrian Circulation - Recreation: 51001 Nottingham Park Basketball Court 58,904 Stormwater and Drainage: 61001 Buds Creek / 1-70 to Eagle River - 61002 Metcalf Rd. Drainage / 1-70 to Eagle River 76,922 Development Services: 65001 Village at Avon, FIRM 1 - 65002 Village at Avon, Filing 2 - 65004 Buffalo Ridge - Strategic Planning: Development Analysis and Review. "71001 Village at (Avon) 3,385 71002 Downtown Master Plan 54,025 71003 Lot C 4,780 71004 Confluence / Beaver Creek Landing 6,525 79001 Planning and. Consulting 15,474 Communications: 81001 800Mhz Radio System 30,000 Other. 24,276 $ - $ - $ 56,843 - - 34,321 - - 143,521 200,000 200,000 - 176 90,000 90,000 2,855,036 490,536 - - 17,933 - - - 15,883 869,000 1,249,000 380,000 557,048 - - - 12,896 - - 6,949 - - - 397,163 - - 5,215 - - 25,000 25,000 - 91001 Fireplace Conversions 2,250 5,250 6,000 6,000 - Total Capital Improvement Projects $ 2,036,579 $ 4,623,046 $ 1,190,000 $ 1,570,000 $ 380,000 3 t• Capital Projects Fund #41 Amended Budget #1 ,Rev°enue:DeiaiC a 77- Account Actual Number Description 2001 Taxes: Original or Current Prev. Amend. Proposed Difference Actual Budget Amendment Increase 2002 2003 2003 (Decrease) 51401 Real Estate Transfer Tax $ 2,058,942 $ 1,714,946 $ 1,000,000 $ 1,000,000 $ - 51000 Total Taxes Intergovernmental: Federal Grants 53199 Community Development Block Grant State Grants: 53201 Colorado State Bikepath GOCO Grant Local GovemmenVOther Agency: 53401 Eagle County RTA (Trails Grant) 53401 Village at (Avon) 53401 Eagle River Water & Sanitation District Subtotal: Local Government/Other Agency 53000 Total Intergovernmental Investment Eamings: q01 Interest Earnings 57000 Total Investment Earnings Other Revenues: 58102 Utility Capital Facility Fees 58104 Fireplace Fees 58211 Development Reimbursements 58999 Miscellaneous Nonclassified Revenues 58000 Total Other Revenues Other Sources: 59201 Transfer In from Other Funds 59000 Total Other Sources 50000 TOTAL REVENUES E 2,058,942 1,714,946 1,000,000 1,000,000 - 397,163 - 136,040 - - 191,565 311,110 - - 225,000 200,000 290,000 290,000 - 9,975 - - _ 426,540 511,110 290,000 290,000 - 426,540 1,044,313 290,000 290,000 - 88,614 37,707 26,149 26,149 - 88,614 37,707 26,149 26,149 - 487 450 2,000 2,000 - - 1,500 9,000 9,000 - 10,561 22,637 - _ _ 10,483 1,671 21,531 26,258 11,000 11,000 - 280,000 635,000 794,000 1,174,000 380,000 280,000 635,000 794,000 1,174,000 380,000 $ 2,875,627 $ 3,458,224 $ 2,121,149 $ 2,501,149 $ 380,000 2