TC Res. No. 2007-11 SUMMARIZING EXPENDITURES AND, REVENUES- BY FUND ANDTOWN OF AVON, COLORADO .
RESOLUTION NO. 07-11
SERIES OF 2007
A RESOLUTION TO. AMEND THE 2007 TOWN OF AVON CAPITAL
PROJECTS FUND-BUDGET
A. RESOLUTION SUMMARIZING EXPENDITURES AND, REVENUES- BY FUND AND
AMENDING THE 2007 CAPITAL PROJECTS FUND BUDGET FOR THE TOWN OF
AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST
DAY OF JANUARY, 2007, AND ENDING ON THE LAST DAY OF DECEMBER, 2007
WHEREAS, the Town Council of the Town of Avon has adopted the. 2007 Capital
Projects Fund budget; and
WHEREAS, the Town Council reviewed the revised estimated revenues and expenditures
for 2007; and
WHEREAS, the Town Council finds it necessary to amend the 2007 Capital Projects
Fund budget to more accurately reflect the revenues and expenditures for 2007; and
WHEREAS; whatever increases may have been made iri 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 2007:
Original or
Previously
Amended
2007
Budget
Capital Projects Fund
Beginning Fund Balance
Revenues and Other Sources
Expenditures and Other Uses
Ending Fund Balance
$ 6,073,511
7,344,752
8,835,600 .
4,582,663
1
Current ,
Proposed
Amended
2007
Budget
$ 7;527,761
7,344,752
9,929,919
4.942.594
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 27th day of March, 2007.
. , %~Y q'yYGT~
e
ATTEST: z F~
4 0 0°
'IPa c nny, T lerk
TOWN OF. AVON, COLORADO.
da-, I ~~o -
Ronald C. Wolfe, Mayor
2
Capital Projects Fund #41
Amendment No. 1
Fund Summa
Original or
Proposed
Estimated
Prev. Amended
Revised Difference
Actual
Actual
Budget
Budget Increase
2005
2006
2007
2007 (Decrease)
REVENUES
Taxes
$ 3,254,490
$ 3,039,518
$ 2,150,000
$ 2,150,000 $ -
Intergovernmental
236,110
1,617,880
2,526,778
2,526,778 -
Investment Earnings
79,058
85,974
85,974
85,974 -
Other Revenue
320,074
230,387
1,309,000
1,309,000 -
Total Operating Revenues
3,889,732
4,973,759
6,071,752
6,071,752 -
Other Sources:
Transfer In from Other Funds
260,363
262,178
1,273,000
1,273,000 -
TOTAL REVENUES
4,150,095
5,235,937
7,344,752
7,344,752 -
EXPENDITURES
Capital Improvements:
Facilities
Land and Land Improvements
Roads and Streets
Recreation
Stormwater and Drainage
Strategic Planning
Other
Developer Rebates
1,092,017
612,485
119,091
49,313
1,050,739
1,187,159
89,321
741,051
-
33,441
270,950
310,345
3,920
9,312
132,099
1,296,866
3,074,100
3,133,289
59,189
-
46,377
46,377
3,633,500
4,460,797
827,297
383,000
401,798
18,798
780,000
806,559
26,559
280,000
375,019
95,019
485,000
506,080
21,080
Total Capital Improvements
Other Uses
2,758,137 4,239,972 8,635,600 9,729,919 1,094,319
Operating Transfer-Out - General Fund 50,000 80,000 200,000 200,000 -
Operating Transfer-Out - Affordable Housing - 846,000 - - -
Operating Transfer-Out - Wildridge S.I.D. 10,311 - - - -
Total Other Uses 60,311 926,000 200,000 200,000 -
TOTAL EXPENDITURES
2,818,448
5,165,972
8,835,600
9,929,919
1,094,319
NET SOURCE (USE) OF FUNDS
1,331,647
69,965
(1,490,848)
(2,585,167)
(1,094,319)
FUND BALANCE, Beginning of Year
6,126,149
7,457,796
6,073,511
7,527,761
1,454,250
FUND BALANCE, End of Year
$ 7,457,796
$ 7,527,761
$ 4,582,663
$ 4,942,594
$ 359,931
Page 1
Capital Projects Fund•#41
Amendment No. 1
Revenue Detail
Original or
Proposed
Estimated
Prev. Amended
Revised Difference
Account
Actual Actual
Budget
Budget Increase
Number Description
2005 2006
2007
2007 (Decrease)
Taxes:
51401 Real Estate Transfer Tax
$ 3,254,490 $ 3,039,518
$ 2,150,000
$ 2,150,000 $ -
51000 Total Taxes
3,254,490 3,039,518
2,150,000
2,150,000 -
Intergovernmental:
Federal Grants:
53199
CDOT Enhancement Funds Grant
53199
FTAICDOT Transportation Center Grant
State Grants:
53299
Colorado Historical Society
Local Government/Other Agency:
53401
Eagle County Transportation Center Grant
53401
ECO Trails Grant
53401
Village at (Avon)
53401
Confluence Metro District
53401
Vail Valley Foundation
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
58108 Finance Charges
58104 Fireplace Fees
Reimbursements:
58211 Sheraton Mountain Vista - 2005 Application
58211 The Gates at Beaver Creek
58211 Confluence - East West Partners
58211 Eagle River Enhancement Project - E/W Partners
58211 Eagle River Enhancement Project - Eagle Co.
58211 Eagle River Enhancement Project - BCRC
58999 Sheriton Mountain Vista Rebate
58999 Miscellaneous Nonclassified Revenues
58000 Total Other Revenues
171,290 171,290
- 2,130,488 2,130,488 -
3,920 5,880 - -
-
400,000 - -
-
6,000 - -
200,000
200,000 200,000 200,000 -
-
1,006,000 - - -
1,000
- - -
25,000
- 25,000 25,000 -
6,190
- - - -
236,110
1,617,880 2,526,778 2,526,778 -
79,058
85,974
85,974
85,974 -
79,058
85,974
85,974
85,974 -
319 - - -
- 13 - -
1,500 6,000 9,000 9,000 -
9,649
7,058 - - -
9,438
13,447 - -
188,133
152,625 - - -
2,500
50,000 - - -
50,000
- - '
55,000
- - - '
-
- 1,300,000 1,300,000 -
3,535
1,244 - - -
320,074
230,387 1,309,000 1,309,000 -
Page 2 Q
U
Capital Projects Fund #41
Amendment No. 1
Revenue Detail
Original or
Proposed
Estimated
Prev. Amended
Revised Difference
Account
Actual
Actual
Budget
Budget Increase
Number
Description
2005
2006
2007
2007 (Decrease)
Other Sources:
59201
Transfer In from Other Funds
260,363
262,178
1,273,000
1,273,000 -
59000
Total Other Sources
260,363
262,178
1,273,000
1,273,000 -
50000
TOTAL REVENUES
$ 4,150,095
$ 5,235,937
$ 7,344,752
$ 7,344,752 $ -
Page 3
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Memo
To:
Honorable Mayor and Town Council
Thru:
Larry Brooks, Town Manager
From:
Norman Wood, Town Engineer G CJ
Jeffrey Schneider, Engineer II
Date:
March 22, 2007
Re:
Resolution No. 07-11, A Resolution to Amend the 2007 Town of Avon
Capital Projects Fund Budget
Summary: Resolution No. 07-11, Series of 2007, A Resolution to Amend the 2007
Town of Avon Capital Projects Fund Budget (Exhibit A) amends the budget to reflect a
projected increased Beginning Fund Balance and costs projected from actual bids received for
the Municipal Building Expansion, Eaglebend Drive Streetscape Improvements, Town of
Avon 2007 Street Improvements, Wildridge Traffic Calming & Pedestrian Circulation, Avon
Road Roundabout 4 Upgrade and the Public Works Site Master Plan plus the addition of
Payment of Tap Fees for the Village (at Avon) Filing 1, Lot 5 (Stone Creek Charter School).
The projected Beginning Fund Balance is increased by $1,454,250 to $7,527,761 reflecting
projected final revenues and expenditures at the end of the 2006 Budget Year. Proposed
Expenditures for 2007 are increased by $1,094,319 to $9,929,919. The increased
expenditures for 2007 include $100,000 for the Municipal Building Expansion project,
$465,000 for the Eaglebend Drive/Stonebridge Road Streetscape Improvements, $420,000 for
the Roundabout #4 Conversion, $46,377 for Stone Creek Charter School Tap Fees, and
$57,000 for a Public Works Master Plan. Decreased expenditures for 2007 include a
reduction of $20,000 from the 2007 Paving/Road Improvements, decrease of $50,000 for a.
Bus Storage Facility design, and a decrease of $565,000 from the 2007 Wildridge Traffic
Calming. The net result of the proposed Amendment is an increase of $359,931 in the Ending
Fund Balance to $4,942,594.
Staff recommends approval of Resolution No. 07-11, Series of 2007, A Resolution to Amend
the 2007 Town of Avon Capital Projects Fund.
Discussion:
Municipal Building Expansion: The current budget for the Municipal Building
Expansion is $400,000. Scope of work changes and a project redirection were presented to
Council and approved at the March 13, 2007 meeting based on a project budget as follows:
1:\Enginwring\Adminisn ion\ClP Budget\2007\M 07-11 Amnd No I-Memo Rev.Doc
Construction
$ 399,950
Project Design
60,000
Contract Administration
5,000
Project Administration
2,500
Contingencies
32,550
Total Recommended Project Budget
$ 500,000
Eaglebend Drive Streetscape: The current Project Budget for the Eaglebend
Drive/Stonebridge Road Streetscape Improvements is $885,000. Staff recommends the
project budget as follows based on increased construction costs:
Design $ 85,000
Construction 1,160,000
Contract Administration 15,000
Project Administration 5,000
Contingencies 85,000
Total Recommended Project Budget $ 1,350,000
Roundabout 4 Conversion: The current Project Budget for the Roundabout 4
Conversion project is $ 450,000. Staff recommends the project budget as follows based on
higher than anticipated construction bids:
Design (Civil) $ 44,550
Design (Roundabout) 10,000
Construction 744,250
Contract Administration 10,000
Project Administration 5,000
Contingencies 58,700
Total Recommended Project Budget $ 870,000
2007 Street Improvements: The current Project Budget for the 2007 Street
Improvements, comprised of resurfacing West Beaver Creek Boulevard and Wildridge Road
West, is $430,000. Construction bids for the two portions of roadway were lower than the
estimated amount therefore; staff recommends a project budget as follows:
West Beaver Creek Boulevard & Wildridge Road West
Design
Construction
Contract Administration
Project Administration
Contingencies
Total Recommended Project Budget
Total 2007 Proposed Street Improvements Budget
$ 30,900
333,700
10,000
5,000
30,400
$ 410,000
$ 410,000
I:\Engineering\Administmtion\ClP Budget\2007Vtes 07-11 Amnd No 1-Memo Rev.Doc 2
Wildridge Traffic Calming & Pedestrian Circulation: The current Project Budget for
the Wildridge Traffic Calming & Pedestrian Circulation project is $ 855,000. We have
recommended that Wildridge Road East Improvements be postponed to allocate funds to
other projects with more pressing timeframes. The proposed project budget is shown below:
Saddleridge Loop
Construction $ 266,000
Contract Administration 2,500
Project Administration 5,000
Contingencies 21,000
Total Recommended Project Budget $ 290,000
Wildridge Road East - (Construction - $ 615,000) Deleted
Total Wildridge Traffic Calming & Pedestrian Circulation $ 290,000
Public Works Master Plan: This project was initially described as Bus Storage Facility.
The proposed budget is based on a proposal from Maintenance Design Group, Inc., for
creation of a Public Works Master Plan. This proposal was approved in the amount of
$56,230 at the March 13, 2007 council meeting, based on a forthcoming budget amendment.
The Budget Amendment proposes elimination of the $ 50,000 Bus Storage Facility line item
and addition of a Public Works Master Plan line item in the amount of $57,000. The
proposed budgets are outlined below:
Bus Storage Facility (removed) $ (50,000)
Public Works Master Plan Recommended $ 57,000
Budget
Lot 5, Filing 1, Village at Avon Tap Fees: At the February 13, 2007 Council Meeting,
Council approved payment of the tap fees for the property leased by the Stone Creek Charter
School. The proposed budget for the tap fee payment is shown below:
Village at Avon, Filing 1, Lot 5 Tap Fees $ 46,377
Resolution No. 07-11 amends the 2007 Capital Projects Fund Budget in accordance with the
revised budget schedule as recommended. The revised Capital Projects Fund Amendment
No. 1 is attached as Exhibit B. It should be noted that budgetary figures in this memorandum
may differ slightly from the corresponding individual project contract award memorandums
due to rounding. The rounding differences were added to individual project contingencies.
Recommendation: Staff recommends approval of Resolution No. 07-11, Series of
2007, A Resolution to Amend the 2007 Town of Avon Capital Projects Fund Budget.
1:\Engineering\Adminisb aon\C1P BudwQO07\Res 07-11 Amnd No 1-Memo Rev.Doc
Proposed Motion: I move to approve Resolution No. 07-11, Series of 2007, A
Resolution to Amend the 2007 Town of Avon Capital Projects Fund Budget.
Attachments:
Exhibit A Resolution No. 07-11, Series of 2007, A Resolution to Amend the 2007
Town of Avon Capital Projects Fund Budget
Exhibit B Capital Projects Fund Amendment No. 1
Town Manager Comments:
I:\Engineering\Administ ation\ClP Budge62007Utes 07-11 Amnd No 1-Maw Rev.Doc 4
ir Ix If
TOWN OF AVON
RESOLUTION NO. 07-11
SERIES OF 2007
A RESOLUTION TO AMEND THE 2007 TOWN OF AVON CAPITAL
PROJECTS FUND BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES
BY FUND AND AMENDING THE 2007 CAPITAL PROJECTS FUND BUDGET
FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR
BEGINNING ON THE FIRST DAY OF JANUARY, 2007, AND ENDING ON THE
LAST DAY OF DECEMBER, 2007.
WHEREAS, the Town Council of the Town of Avon has adopted the 2007
Capital Projects Fund budget; and
WHEREAS, the Town Council reviewed the revised estimated revenues and
expenditures for 2007; and
WHEREAS, the Town Council finds it necessary to amend the 2007 Capital
Projects Fund budget to more accurately reflect the revenues and expenditures for 2007;
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 2007:
Original or
Previously
Amended
2007
Budget
Capital Projects Fund
Beginning Fund Balance $ 6,073,511
Revenues and Other Sources 7,344,752
Expenditures and Other Uses 8,835,600
Ending Fund Balance $ 4.582.663
Current
Proposed
Amended
2007
Budget
$ 7,527,761
7,344,752
9,929,919
$ 4.942.594
6
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 27th day of March, 2007.
TOWN OF AVON, COLORADO
Ronald C. Wolfe, Mayor
ATTEST:
Patty McKenny, Town Clerk
2
LP
Capital Projects Fund #41
Amendment No. 1
Fund Summa
REVENUES
Taxes
Intergovernmental
Investment Earnings
Other Revenue
Total Operating Revenues
Other Sources:
Transfer In from Other Funds
TOTAL REVENUES
EXPENDITURES
Capital Improvements:
Facilities
Land and Land Improvements
Roads and Streets
Recreation
Stormwater and Drainage
Strategic Planning
Other
Developer Rebates
Total Capital Improvements
Other Uses
Operating Transfer-Out - General Fund
Operating Transfer-Out - Affordable Housing
Operating Transfer-Out - Wildridge S.I.D.
Total Other Uses
TOTAL EXPENDITURES
NET SOURCE (USE) OF FUNDS
FUND BALANCE, Beginning of Year
FUND BALANCE, End of Year
Original or
Proposed
Estimated
Prev. Amended
Revised Difference .
Actual
Actual
Budget
Budget Increase
2005
2006
2007
2007 (Decrease)
$ 3,254,490
$ 3,039,518
$ 2,150,000
$ 2,150,000 $ -
236,110
1,617,880
2,526,778
2,526,778 -
79,058
85,974
85,974
85,974 -
320,074
230,387
1,309,000
1,309,000 -
3,889,732
4,973,759
6,071,752
6,071,752 -
260,363 262,178 1,273,000 1,273,000 -
4,150,095 5,235,937 7,344,752 7,344,752 -
1,092,017
612,485
3,074,100
3,133,289
59,189
119,091
49,313
-
46,377
46,377
1,050,739
1,187,159
3,633,500
4,460,797
827,297
89,321
741,051
383,000
401,798
18,798
-
33,441
780,000
806,559
26,559
270,950
310,345
280,000
375,019
95,019
3,920
9,312
485,000
506,080
21,080
132,099
1,296,866
-
-
-
2,758,137 4,239,972 8,635,600 9,729,919 1,094,319
50,000 80,000 200,000 200,000 -
846,000 - - -
10,311 - - - -
60,311 926,000 200,000 - 200,000 -
2,818,448 5,165,972 8,835,600 9,929,919 1,094,319
1,331,647 69,965 (1,490,848) (2,585,167) (1,094,319)
6,126,149 7,457,796 6,073,511 7,527,761 1,454,250
$ 7,457,796 $ 7,527,761 $ 4,582,663 $ 4,942,594 $ 359,931
Page 1
Capital Projects Fund.#41
Amendment No. 1
Revenue Detail
Original or
Proposed
Estimated
Prev. Amended
Revised Difference
Account
Actual Actual
Budget
Budget Increase
Number Description
2005 2006
2007
2007 (Decrease)
Taxes:
51401 Real Estate Transfer Tax
$ 3,254,490 $ 3,039,518
$ 2,150,000
$ 2,150,000 $ -
51000 Total Taxes
3,254,490 3,039,518
2,150,000
2,150,000 -
Intergovernmental:
Federal Grants:
53199 CDOT Enhancement Funds Grant
53199 FTAICDOT Transportation Center Grant
State Grants:
53299 Colorado Historical Society
Local Government/Other Agency:
53401 Eagle County Transportation Center Grant
53401 ECO Trails Grant
53401 Village at (Avon)
53401 Confluence Metro District
53401 Vail Valley Foundation
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
58108 Finance Charges
58104 Fireplace Fees
Reimbursements:
58211 Sheraton Mountain Vista - 2005 Application
58211 The Gates at Beaver Creek
58211 Confluence - East West Partners
58211 Eagle River Enhancement Project - EMI Partners
58211 Eagle River Enhancement Project - Eagle Co.
58211 Eagle River Enhancement Project - BCRC
58999 Sheaton Mountain Vista Rebate
58999 Miscellaneous Nonclassified Revenues
58000 Total Other Revenues
171,290 171,290 -
- - 2,130,488 2,130,488 -
3,920 5,880 - -
-
400,000 - -
-
6,000 - -
200,000
200,000 200,000 200,000 -
-
1,006,000 - - -
1,000
- - -
25,000
- 25,000 25,000 -
6,190
- - - -
236,110
1,617,880 2,526,778 2,526,778 -
79,058
85,974
85,974
85,974 -
79,058
85,974
85,974
85,974 -
319 - - -
- 13 - -
1,500 6,000 9,000 9,000 -
9,649
7,058 - - -
9,438
13,447 - -
188,133
152,625 - - -
2,500
50,000 - - -
50,000
- - - -
55,000
- - - -
-
- 1,300,000 1,300,000 -
3,535
1,244 - - -
320,074
230,387 1,309,000 1,309,000 -
Page 2
~D
Capital Projects Fund #41
Amendment No. 1
Revenue Detail
Original or
Proposed
Estimated
Prev. Amended
Revised Difference
Account
Actual
Actual
Budget
Budget Increase
Number
Description
2005
2006
2007
2007 (Decrease)
Other Sources:
59201
Transfer In from Other Funds
260,363
262,178
1,273,000
1,273,000 -
59000
Total Other Sources
260,363
262,178
1,273,000
1,273,000 -
50000
TOTAL REVENUES
$ 4,150,095
$ 5,235,937
$ 7,344,752
$ 7,344,752 $ -
Page 3
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