TC Res. No. 2004-10 AMEND THE 2004 TOWN OF AVON BUDGETTOWN OF AVON, COLORADO
RESOLUTION NO. 04-10
SERIES OF 2004
A RESOLUTION TO AMEND THE 2004 TOWN OF AVON BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND
AMENDING THE 2004 BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE
CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2004, AND ENDING
ON THE LAST DAY OF DECEMBER, 2004.
WHEREAS, the Town Council of the Town of Avon has adopted the 2004 budget; and
WHEREAS, the Town Council reviewed the revised estimated revenues and expenditures for
2004; and
WHEREAS, the Town Council finds it necessary to amend the 2004 budget to more accurately
reflect the revenues and expenditures for 2004; and
WHEREAS, whatever increases may have been made in the expenditures, like increases were
added to the revenues so that the budget remains in balance as required by law.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
AVON,COLORADO:
Section 1. That estimated revenues and expenditures for the following funds are amended as
follows for 2004:
Original or
Previously
Amended
2004
Budget
Town of Avon Finance Authority
Beginning Fund Balance $ 783,640
Revenues and Other Sources 756,186
Expenditures and Other Uses 756,186
Current
Proposed
Amended
2004
Buffet
$ 783,640
2,539,329
2,746,057
Ending Fund Balance $ 783,640 $ 576,912
Original or
Previously
Amended
2004
Budget
Sherwood Meadows Enterprise Fund
Beginning Fund Balance $ 5,486
Revenues and Other Sources 273,864
Expenditures and Other Uses 272,675
Ending Fund Balance $ 6,675
Current
Proposed
Amended
2004
Budget
$ 5,802
2,008,555
2,012,573
$ 1.784
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 13`h day of April, 2004.
,9- 17, AIJ
ATTEST:
L090
Pa M Kenny, T wn Clerk
TOWN OF AVON, COLORADO
Albert D. Reynolds, Ma r
2
Finance Authority Debt Service Fund #34
• Amendment #1
Original or
Current
Account
Prev. Amend.
Proposed
Difference
Actual
Number Descri
tion
Actual Budget
Budget
Increase
p
2002
2003 2004
2004
(Decrease)
REVENUES
Investment Earnings:
57101 Investment Earnings $ 13,271 $ 7,871 $ 10,000 $ 5,600 $ (4,400)
Other Revenues:
58201 Lease of Property- Sherwood Meadows Fun 192,429 193,371 194,193 -1,981,736 1,787,543
58201 Lease of Property- Fleet Maintenance Fund 4_ 08_106 420,178 413,994 413,994 -
Total Other Revenues
Other Sources:
59201 Transfers-In from General Fund
Total Other Sources
TOTAL REVENUES
600,535 613,549 608,187 2,395,730 1,787,543
136,036
140,059
137,999
137,999 _
136,036
140,059
137,999
137,999 -
749,842
761,479
756,186
2,539,329 1,783,143
EXPENDITURES
• Debt Service:
921 Series 2000, Certificates of Participation:
65101 Principal 75,000 75,000 80,000 2,125,000 2,045,000
65102 Interest 120,508 117,020 113,458 56,729 (56,729)
65103 Fiscal Agent Fees 900 2,400 3,400 5,000 1,600
920 Series 1998, Certificates of Participation:
65101 Principal
65102 Interest
250,000
270,000
275,000
275,000
65103 Fiscal Agent Fees
303,562
900
292,938
3
250
281,328
3
000
281,328
3
,
,
,000 -
TOTAL EXPENDITURES
750,870
760,608
756,186
2,746,057 1,989,871
NET SOURCE (USE) OF FUNDS
(1,028)
871
-
(206,728) (206,728)
FUND BALANCES, Beginning of Year
784,668
783,640
783,640
783,640 -
FUND BALANCES, End of Year
$ 783,640
$ 784,511
$'783,640
$ 576,912 $ (206,728)
Page 1
Sherwood Meadows Enterprise Fund #53
Amendment #1
7~77 -,7
iid
REVENUES
Charges for- Services
Total Operating Revenues
Other Sources
Sales of Fixed Assets
Operating Transfers In
Total Other Sources
TOTAL REVENUES
EXPENDITURES
General Government:
Employee Housing
Total Operating Expenditures
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
Budget
Increase
2002 2003 2004
2004
(Decrease)
$ 121,306 $ 92,357 $ 108,864 $ 15,555 $ (93,309)
121,306 92,357 108,864 15,555 (93,309)
- - - 1,863,000 1,863,000
182,500 150,000 165,000 130,000 (35,000)
182,500 150,000 165,000 1,993,000 1,828,000
303,806 242,357 .273,864. 2,008,555 1,734,691
269,120 265,715 272,675 2,012,573 1,739,898
269,120 265,715 272,675 2,012,573 1,739,898 0
269,120 265,715 272,675 2,012,573 1,739,898
34,686 (23,358) 1,189 (4,018) (5,207)
(5,526) 29,160 5,486 5,802 316
$ 29,160 $ 5,802 $ 6,675 $ 1,784 $ (4,891)
U
Page 1
Sherwood Meadows Enterprise Fund #53
• Amendment #1
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Original or
Current
Prev. Amend.
Proposed Difference
Actual Actual Budget
Budget Increase
Description 2002 2003 2004
2004 (Decrease)
Charges for Services:
Employee Housing:
Rental Revenues - Employees
Employee Housing Maintenance
Rental Revenues - Nonemployee
Late Fees and Other Charges
Total Charges for Services
Other Sources:
Sales of Fixed Assets
Operating Transfer In
Total Other Sources
TOTAL REVENUES
•
•
$ 78,752 $ 81,272 $ 108,864 $ 15,555 $ (93,309)
9,422 588
33,032 10,497
100 -
121,306 92,357 108,864 15,555 (93,309)
1,863,000 1,863,000
182,500 150,000 165,000 (165,000)
. 182,500
150,000
165,000
1,863,000
1,698,000
$ 303,806
$ 242,357
$ 273,864
$ 1,878,555
$1,604,691
Page 2
Town of Avon
Line Item Detail
Amendment #1
Function: General Government/Housing 9100
Department, N/A
Program: Sherwood Meadows #191
Original or
Current
Prev. Amend.
Proposed Difference
Account
Actual
Actual
Budget
Budget Increase
Number
Account Description
2002
2003
2004
2004 (Decrease)
Personnel Services:
61101
Regular Full-time Salaries
$ 2,482
$ -
$ -
$ - $ -
61121
PTS Wages
-
278
- -
61304
Employee Assistance Program
1
-
61401
FICA/Medicare
36
4
-
- -
61402
Group Health and Life Insurance
331
-
-
- -
61505
Long-term Disability Insurance
12
2
61507
Dental Insurance
31
3
-
- -
61509
Worker's Compensation
104
8
-
- -
61510
Unemployment Insurance
8
61000
Total Personnel
3,005
295
-
- -
Commodities:
62899 Other Miscellaneous Operating Supplies
62000 Total Commodities
Purchased and Contracted Services:
63501 R&M - Buildings and Facilities 20,330 14,920 14,040 10,000 (4,040)
63999 Other Purchased and Contracted Services 2,822 1,787 5,500 304 (5,196) •
63000 Total Purchased and Contracted Services 23,152 16,707 19,540 10,304 (9,236)
Other Operating Costs:
64102
Dues, Licenses and Memberships
64203
Electric
64207
Cable Television
64901
Advertising and Legal Notices
64905
Insurance Premiums
64000 Total Other Operating Costs
Debt Service:
65201
Capital Lease Payments
65000
Total Debt Service
Capital Outlay:
66404
Furniture and Fixtures
66000
Total Capital Outlay
60000
Total Expenditures
31,716
33,696
35,628
11,232
(24,396)
13,243
14,705
16,000
7,000
(9,000)
3,631
5,930
6,513
2,000
(4,513)
550
742
500
-
(500)
1,394
269
301
301
-
50,534
55,342
58,942
20,533
(38,409)
192,429 193,371 194,193 1,981,736 1,787,543
192,429 193,371 194,193 1,981, 736 1,787,543
$ 269,120 $ 265,715 $ 272,675 $ 2,012,573 $ 1,739,898
Page 3
i
•
Memo
TO. Honorable Mayor and Town Council
Thee Lary Brooks, Town Manager
Prone Scott Wright, Finance Director Q_>~
Date: April 8, 2004
Re: Sherwood Meadows Purchase Option Resolution No. 04-09, Budget Amendment Resolution
No. 0410
Summary:
As staff has previously discussed with Council, attached is Resolution No. 04-09 from bond
council authorizing the Town of Avon to exercise and pay the purchase option in order to
acquire the Sherwood Meadows condominium units.
Also attached is Resolution No. 04-10, amending the Town of Avon Finance Authority and
Sherwood Meadows Enterprise Fund budgets to reflect the pay-off of the COPs and the sale
of ten condominium units. The net effect of these budget' amendments is a reduction in the
Town's subsidy to Sherwood Meadows from $165,000 to $130,000, remembering that the
Town is retaining one unit.
As of today, 9 of the 10 units for sale are under contract for closing on April 30"'.
Recommendation:
Staff recommends that Council adopt the resolutions discussed above as presented.
Town Manager Comments:
Attachments"
A - Resolution 0409
B - Resolution 0410
C - Summary of Proposed Amendments by Fund
•
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