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TC Res. No. 2006-34 AMEND THE 2006 TOWN OF AVON CAPITAL PROJECTSTOWN OF AVON, COLORADO RESOLUTION NO. 06-34 SERIES OF 2006 A RESOLUTION TO AMEND THE 2006 TOWN OF AVON CAPITAL PROJECTS FUND BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND AMENDING THE 2006 CAPITAL PROJECTS FUND BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2006, AND ENDING ON THE LAST DAY OF DECEMBER, 2006 WHEREAS, the Town Council of the Town of Avon has adopted the 2006 Capital Projects Fund budget; and WHEREAS, the Town Council reviewed the revised estimated revenues and expenditures for 2006; and WHEREAS, the Town Council finds it necessary to amend the 2006 Capital Projects Fund budget to more accurately reflect the revenues and expenditures for 2006; and WHEREAS, whatever increases may have been made in the expenditures, like increases were added to the revenues so that the budget remains in balance as required by law. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. That estimated revenues and expenditures for the Capital Projects Fund is amended as follows for 2006: Original or Previously Amended 2006 Budizet Capital Proiects Fund Beginning Fund Balance $ 5,968,727 Revenues and Other Sources 4,544,270 Expenditures and Other Uses 8,173,105 Current Proposed Amended 2006 Budget $ 7,457,796 4,544,270 8,673,560 Ending Fund Balance 2,339,892 3,328,506 Section 2. That the Capital Projects Fund budget, as submitted, amended, and hereinabove summarized hereby is approved and adopted as the capital program budget of the Town of Avon for the year stated above. - Section 3. That the Capital Projects Fund budget hereby approved and adopted shall be signed by the Town Manager and made part of the public record of the Town. ADOPTED this 8th day of August, 2006. . F, E A I t ! J ATTEST: Pa M Kenny, To JCle k Resolution No. 06-34 Amended Capital Projects 2006 Page 2 of 2 Capital Projects Fund #41 Amendment No. 2 , . Fuhd'SWO, a 77 -77 Original or Proposed Prev. Amended Revised Difference Actual Actual Budget Budget Increase 2004 2005 2006 2006 (Decrease) REVENUES Taxes $ 2,338,060 $ 3,254,490 $ 2,500,000 $ 2,500,000 $ - Intergovernmental 200,000 236,110 1,214,296 1,214,296 - Investment Earnings 46,704 79,058 85,974 85,974 - Other Revenue 27,712 320,074 99,000 99,000 - Total Operating Revenues 2,612,476 3,889,732 3,899,270 3,899,270 - Other Sources: Transfer In from Other Funds 376,069 260,363 645,000 645,000 - TOTAL REVENUES 2,988,545 4,150,095 4,544,270 4,544,270 - EXPENDITURES Capital Improvements: Facilities - 1,092,017 1,767,610 1,767,610 - Land and Land Improvements 244 119,091 90,000 90,000 - Roads and Streets 287,199 1,050,739 4,634,000 4,634,000 - Recreation - 89,321 231,495 731,950 500,455 Stormwater and Drainage 376,069 - 40,000 40,000 - Strategic Planning 91,120 270,950 400,000 400,000 - Other - 3,920 485,000 485,000 - Developer Rebates 158,665 132,099 475,000 475,000 - Total Capital Improvements 913,297 2,758,137 8,123,105 8,623,560 500,455 Other Uses Operating Transfer-Out - General Fund 50,000 50,000 50,000 50,000 - Operating Transfer-Out - Wildridge S.I.D. 11,292 10,311 - - - Total Other Uses 61,292 60,311 50,000 50,000 - TOTAL EXPENDITURES 974,589 2,818,448 8,173,105 8,673,560 500,455 NET SOURCE (USE) OF FUNDS 2,013,956 1,331,647 (3,628,835) (4,129,290) (500,455) FUND BALANCE, Beginning of Year 4,112,193 6,126,149 5,968,727 7,457,796 1,489,069 FUND BALANCE, End of Year $ 6,126,149 $ 7,457,796 $ 2,339,892 $ 3,328,506 $ 988,614 Page 1 Capital Projects Fund #41 Amendment No. 2 Revenue Deta r - Original or Proposed Prev. Amended Revised Difference Account Actual Actual Budget Budget Increase Number Description 2004 2005 2006 2006 (Decrease) Taxes: 51401 Real Estate Transfer Tax $ 2,338,060 $ 3,254,490 $ 2,500,000 $ 2,500,000 $ - 51000 Total Taxes 2,338,060 3,254,490 2,500,000 2,500,000 - Intergovernmental: Federal Grants: 53199 CDOT Enhancement Funds Grant 53199 FTA/CDOT Transportation Center Grant State Grants: 53299 Colorado Historical Society Local Government/Other Agency: 53401 Vail Valley Foundation (Historical Preservation) 53401 Village at (Avon) 53401 Confluence Metro District 53401 Eaglebend Housing Authority 53401 ERWSD Sewer Line Replacement 53000 Total Intergovernmental Investment Earnings: 57101 Interest Earnings 57000 Total Investment Earnings Other Revenues: 58102 Utility Capital Facility Fees 58104 Fireplace Fees Reimbursements: 58211 Sheraton Mountain Vista - 2005 Application 58211 Confluence - East West Partners 58211 Eagle River Enhancement Project - East West Part 58211 Eagle River Enhancement Project - Eagle County 58211 Eagle River Enhancement Project - BCRC 58211 W. Avon Trails - Berry Creek Metro District 58999 Miscellaneous Nonclassified Revenues 58000 Total Other Revenues 149,000 149,000 - - 680,296 680,296 3,920 - - - - 1,000 - - - 200,000 200,000 200,000 200,000 - - - 160,000 160,000 - - 25,000 25,000 25,000 - - 6,190 - - - 200,000 236,110 1,214,296 1,214,296 - 46,704 79,058 85,974 85,974 - 46,704 79,058 85,974 85,974 - 376 319 - - - - 1,500 9,000 9,000 - 9,649 - - - - 188,133 - - - r - 2,500 50,000 50,000 - - 50,000 - - - - 55,000 - - - 9,438 - - 40,000 40,000 - 27,336 3,535 - - - 27,712 320,074 99,000 99,000 Other Sources: 59201 Transfer In from Other Funds 376,069 260,363 645,000 645,000 - 59000 Total Other Sources 376,069 260,363 645,000 645,000 - 50000 TOTAL REVENUES $ 2,988,545 $ 4,150,095 $ 4,544,270 $ 4,544,270 $ - Page 2 Capital Projects Fund #41 Amendment No. 2 CIP Projects Inventory Original or Proposed Prev. Amended Revised Difference Account Actual Actual Budget Budget Increase Number Description 2004 2005 2006 2006 (Decrease) CAPITAL IMPROVEMENT PROJECTS Facilities: 11006 Council Chambers Audio/Video Upgrade $ - $ 64,581 $ - $ - $ - 11007 Municipal Building Roof - 43,996 - - - 13004 Nottingham Lake Pump Station Expansion - - 75,000 75,000 - 14001 Transportation Center - 983,440 992,610 992,610 - 19001 Municipal Parking Facilities - - 700,000 700,000 - Land and Land Improvements: 21004 Tract J Bridge Removal 244 - 45,000 45,000 - 21005 Wildridge Park Improvements and Playground - 119,091 - - - 21007 1-70 Entrace Sign Removal - - 45,000 45,000 - Roads and Streets: Streetscape: 31006 Eaglebend Dr. - 52,584 700,000 700,000 - 31008 Nottingham Rd. Imp. / 1-70 to Buck Creek 73,694 24,153 - - - 31010 Lighting Study and Conversion - - 204,000 204,000 - Street Improvements: 32007 Town Center West / Mall - 121,152 2,800,000 2,800,000 - 32008 E. Beaver Creek Blvd. Improvements 6,585 - - - - Annual Street Improvements: 33004 2004 Paving/Road Improvements 205,735 - - - 33005 2005 Paving/Road Improvements - 803,635 - - - 33006 2006 Paving/Road Improvements - - 315,000 315,000 - Multi-Modal/Altemative Mobility: 34007 Wildridge Traffic Calming & Pedestrian Circulation 1,127 - 250,000 250,000 - 34009 Swift Gulch Road Bikepath Extension 58 28,195 - - - 34010 Swift Gulch Rd. Bikepath - 21,020 260,000 260,000 - 34011 Wildridge Emergency Access - - 25,000 25,000 - 34012 West Avon Trails and Access Enhancement - - 80,000 80,000 - Recreation: 51002 Eagle River Enhancement Project - 33,856 161,495 523,950 362,455 94006 RICD Water Rights Acquisition - 55,465 70,000 208,000 138,000 Stormwater and Drainage: 61003 Metcalf Rd. Drainage / 1-70 to Nottingham Rd. 376,069 - - - - 61005 W. Beaver Creek Blvd. / 1-70 to Railroad - - 40,000 40,000 - Strategic Planning: Development Analysis and Review: 71004 Confluence / Westin Riverfront Resort - 187,787 - - - 71005 The Gates - 678 - - - 71006 Sheraton Mountain Vista 2005 Application - 9,649 - - - 71007 Town Center East Commercial District - - 150,000 150,000 - Page 3 Capital Projects Fund #41 Amendment No. 2 - _~2,'<'~^~ ~si e~,xi'. -,it<<,a_: x.w~~as;:.ViQ~rOBG~SI'~nrl/ellt~~~~'~ _ .r, ,p, t .;~.~,.~{b.„,,• Original or Proposed Prev. Amended Revised Difference Account Actual Actual Budget Budget Increase Number Description 2004 2005 2006 2006 (Decrease) CAPITAL IMPROVEMENT PROJECTS Planning and Consulting: 79002 Comprehensive Plan 82,773 65,381 25,000 25,000 - 79004 2004 General Planning and Consulting 8,347 - - _ _ 79005 2005 General Planning and Consulting - 7,455 - - - 79006 2006 General Planning and Consulting - - 25,000 25,000 - 79101 Nottingham Park Master Plan - - 50,000 50,000 - 79102 Pedestrian Circulation Plan - - 100,000 100,000 - 79103 Retail Analysis - - 50,000 50,000 - Other: 93005 Historic Preservation - 3,920 25,000 25,000 - 94005 Water Rights Acquisition - - 460,000 460,000 - Total Capital Improvement Projects $ 754,632 $ 2,626,038 $ 7,648,105 $ 8,148,560 $ 500,455 Page 4 • Memo To: Honorable Mayor and Town Council Thru: Larry Brooks, Town Manager From: Norman Wood, Town Engineer Date: August 3, 2006 Re: Resolution No. 06-34, A Resolution to Amend the 2006 Town of Avon Capital Projects Fund Budget Summary: Resolution No. 06-34, Series of 2006, A Resolution to Amend the 2006 Town of Avon Capital Projects Fund Budget (Exhibit A) amends the budget to reflect an increased Beginning Fund Balance and increased costs for the Eagle River Recreation . Enhancement Project and the related RICD Water Rights Acquisition. The Beginning Fund Balance is increased by $1,489,069 to $7,457,796 reflecting final revenues and expenditures at the end of the 2005 Budget Year. Proposed Expenditures for 2006 are increased by $500,455 to $8,673,560. The increased expenditures for 2006 include $362,455 for the Eagle River Recreation Enhancement Project and $138,000 for the RICD Water Rights Acquisition. The net result of the proposed Amendment is an increase of $988,614 in the Ending Fund Balance to $3,328,506. Approval of Resolution No. 06-34, Series of 2006, A Resolution to Amend the 2006 Town of Avon Capital Projects Fund, is recommended. Discussion: Eagle River Recreation Enhancement Project: The current budget, which was based on a very preliminary construction cost estimate, for Eagle River Recreation Enhancement Project is $161,495. Based upon the one bid received for construction, a negotiated contract price for construction as recommended for approval by Council and the administrative and design costs incurred to date, we recommend project budget as follows: Construction (Base, T & M, Direct ToA) $ 455,000 Easement Acquisition (Surveying, Legal, Title, Etc.) 29,000 Engineering (Design & Construction Monitoring) 12,000 Project Administration 3,000 is Contingencies @ 5% 24,950 Total Recommended Project Budget $ 523,950 I:\Engineenng\AdmmistMtion\CJP Budget\2006\Res 06-34 Amnd No 2-Memo.Doc RICD Water Rights Acquisition: The current 2006 Budget for RICD Water Rights • Acquisition is $70,000. This was based on a multi-year project budget as follows: 2005 2006 2007 2008 Total $70,000 $70,000 $80,000 $80,000 $300,000 Based upon expenditures to date, anticipated schedules and estimates provided Gary Greer; we propose amending the budget for this Project as follows: Actual 2006 2007 2008 Total $55,465 $208,000 $33,000 $95,000 $391,465 This proposed budget anticipates continued negotiations with Objectors, CWCB hearing at their November 2006 meeting and a Water Court Date in 2008. This proposed budget schedule reflects the legal and engineering required at the front end to develop the required reports and information required by the CWCB and in response to Objectors questions and concerns that arise in the individual negotiations. After the CWCB hearing, a relatively small amount of activity is anticipated until a short time before the Water Court date which is anticipated to be in 2008. Resolution No. 06-34, amends the 2006 Capital Projects Fund Budget in accordance with the revised budget schedule as recommended. If this Resolution is approved the Five-Year Plan in the 2007 Capital Projects Fund Budget will include this change as well as the budget schedule as recommended above. 0 Recommendation: We recommend approval of Resolution No. 06-34, Series of 2006, A Resolution to Amend the 2006 Town of Avon Capital Projects Fund Budget. Proposed Motion: I move to approve Resolution No. 06-34, Series of 2006, A Resolution to Amend the 2006 Town of Avon Capital Projects Fund Budget. Town Manager Comments: Attachments: Exhibit A Resolution No. 06-34 0 IAEngineering\Admini= ion\CIP Budget\2006Aes 06-34 A=d No 2-Me=.Doc 2