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TC Res. No. 2005-16 AMEND THE 2005 TOWN OF AVON BUDGET
'-~eS©l kca- de c , te-~ TOWN OF AVON, COLORADO RESOLUTION NO. 05-16 SERIES OF 2005 A RESOLUTION TO AMEND THE 2005 TOWN OF AVON BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND AMENDING THE 2005 CAPITAL PROJECTS FUND BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2005, AND ENDING ON THE LAST DAY OF DECEMBER, 2005. WHEREAS, the Town Council of the Town of Avon has adopted the 2005 capital projects fund budget; and WHEREAS, the Town Council reviewed the revised estimated revenues and expenditures for 2005; and WHEREAS, the Town Council finds it necessary to amend the 2005 capital projects fund budget to more accurately reflect the revenues and expenditures for 2005; and WHEREAS, whatever increases may have been made in the expenditures, like increases were added to the revenues so that the budget remains in balance as required by law. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. That estimated revenues and expenditures for the capital project fund is as follows for 2005: Original or Previously Amended 2005 Budget Capital Proiects Fund Beginning Fund Balance $ 6,062,470 Revenues and Other Sources 3,518,935 Expenditures and Other Uses 5,402,811 Current Proposed Amended 2005 Budget $ 6,062,470 3,518,935 5,745,371 Ending Fund Balance $ 4,178,594 3,836,034 Section 2. That the capital projects fund budget, as submitted, amended, and hereinabove summarized, hereby is approved and adopted as the capital projects fund budget of the Town of Avon for the year stated above. Section 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 12th day of April, 2005. TOWN OF AVON, COLORADO Ronald C. Wolfe, Mayor ATTEST: Patty McKenny, Town Clerk Resolution No. 05-16 Amend 2005 CIP Page 2 of 2 ~xy/ a/ T h,Q., MUNICIPAL SERVICES Capital Projects Fund #41 (REVISED 4/07/05) -vent Oriainal or Final Account Number Description Actual 2003 Prev. Amend. Budget 2004 Revised Budget 2004 Proposed Budget 2005 CAPITAL IMPROVEMENT PROJECTS Facilities: 11006 Council Chambers AudioNideo Upgrade $ - $ - $ $ 70,000 14001,-' Transportation Center - 800,000 - 2,000,000 11007 Municipal Building - New Roof. 50,000 Land and Land Improvements: 21004 Tract J Bridge Removal 25,640 - - - 21005 Wildridge Park Improvements and Playground - - 150,000 21006 Wildridge PocketPark - New Block 3 or 4 - - - 250,000 Roads and Streets: Streetscape: _ 31006 Eaglebend Dr. - - - 40,000 31008 Nottingham Rd. Imp. / 1-70 to Buck Creek - 340,000 75,000 25,000 31009 Nottingham Rd. Imp. / Buck Creek to Metcalf Rd. 1,902 - - - Street Improvements: .32005 Buffalo Ridge Commitments 56,941 - - 32007 Town Center-Mall Plan Implementation - 1,200,000 - 1,200,000 32008 E. Beaver Creek Blvd. Improvements - 142,000 12,000 - Annual Street Improvements: 33003 2003 Paving/Road Improvements 225,650 - - - 33604' 2004 Paving/Road Improvements = 205,000 205,000 - 33065 2005 Paving/Road Improvements - - :1;207,560 f Multi-Modal/Altemative Mobility: 34002 East Avon Access and Circulation 18,126 - - 34005 Eagle River Bikepath - Beaver Creek Blvd to Conf. 5,324 - - 34007 Wildridge Traffic Calming & Pedestrian Circulation - 20,000 - - 34009 Swift Gulch Road Bikepath Extension - 45,000 - 45,000 Recreation: 51002 . . Eagle River Whitewater Park 7,500 Stormwater and Drainage: 61001 Buck Creek / 1-70 to Eagle River 1,216,270 - - - 61003 Metcalf Rd. Drainage / 1-70 to Nottingham Rd. - 65,000 405,000 - 61004 Nottingham-Ruder Ditch Restoration - - - 150,000 Development Services: 65004 Buffalo Ridge 97,837 - - - Strategic Planning: 79001 General Planning and Consulting 18,563 - - - 79002 Comprehensive Plan - 85,000 95,000 - 79004 2004 General Planning and Consulting 25,000 25,000 79005' 2005 General Planning and Consulting - - - 25,000 Other: 91001 Fireplace Conversions 3,000 - - - 93005 2005 Historic Preservation - - - 25,000 94005 2005 Water Rights Acquisition - - 140,000 Total Capital Improvement Projects $ 1,669,253 $ 2,927,000 $ 817,000 [$:7:5;385;Q60J Section I, Page, C-3 6 E: xH 13 p p c CD 0 q c R O O N O O O R O N V N M " ' 1 O 0 0 CL 0 - 0) N O O O L0 Lf O O n N r r 0 CD ' 1 t " " ' 0 O O 0 0 0 C co N0 0 O o 0c M C, O L N r o N 'O N U 64 CD a 0 0 0 ov 0 0_ A 0 N O « 0 O 0 O M N N N C, 69 oM o 0 o O 00 r 0 0 0 0 e Z 0_ It 0 o 0_ N O N CA Q O O i) -t Co C J N M N o , a N C W C. co 0 a v o v o 00 00 Ooo o e O M 0 0 It N _ N T O C Z C N 0 . 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Resolution No. 05-16 approves a Budget Amendment increasing the budget for the 2005 Street Improvements by' $342.560 from $865,000 to $1,207,560, This funding increase is required if the full contract is awarded in accordance with the Low Bid submitted by Elarkonstruction, Inc. The revised budget items are shaded to help identify the proposed changes. The Revised Capital Projects Fund 5-Year Plan reflects a healthy year-end `fund balance ranging from a low of $3,833,565 in 2005-to a high of $6,964,057 in 2008. Proposed projects for the years 2010 and beyond reflect a deficit fund balance of $11',417,836. However this negative fund balance does not take into account projected revenues for 2010 and beyond. Alternate No. 1: If the contract for 2005 Street Improvements Project is awarded to Elam Construction for the full amount of the bid ($1,068,560), we recommend Council approve Resolution No. 05-16, Series of 2005, A Resolution Amending the Capital Projects Fund Budget for 2005 and increasing the 2005 Street Improvements Budget from $865,000 to $1,207,560. Alternate No. 2: If the contract is awarded in conjunction with Change Order No. 1, deleting the Automatic Pedestrian Light System at Avon Road Crosswalks and'reducing the Contract Amount to $745,560 in accordance with Elam Construction, Inc., Bid Schedule, these additional funds are not required and Resolution No. 05-16 should be denied. L\Engineering\Administration\CIP Budget\2005\Budget Memo Res 05-16.Doc Recommendation:., Alternate No. 1: Approve Resolution No. 05-16, Series of 2005, A Resolution Amending the Capital Projects Fund Budget -for 2005, to increase the 2005 Street Improvements Budget from $865;000 to $1,207,560. Alternate No. 2: . Deny Resolution No. 05-16, Series of 2005, A Resolution Amending the Capital Projects Budget for 2005, to retain the current 2005 Street Improvements Budget of $865,000. Proposed Motion: Alternate_No.1: I move to approve Resolution No. 05-16 Series of 2005, A Resolution Amending the 2005 Capital Projects Fund Budget, to increase the 2005 Street Improvements Budget from $865,000 to $1,207,560. Alternate No. 21 I move to deny Resolution No.- 05-16, Series of 2005, A Resolution Amending the Capital Projects Budget for 2005, to retain the current 2005 Street Improvements Budget of $865,000. Attachment: A: Resolution No. 05-16, Series of 2005, A Resolution Amending the 2005 Capital Projects Fund Budget B. Municipal Services Capital Projects Fund #41, Page C-3 (Revised) C. Capital Projects Fund 5-Year Plan Pages C-5, C-6, C-7 and C-8 (Revised) Town Manager Comments: I:\Engineering\Adminis= ion\CP Budget\2005\Budget Memo Res 05-16.Doc* Page 2