TC Res. No. 2007-43 AMEND THE 2007 TOWN OF AVON BUDGETTOWN OF AVON, COLORADO
RESOLUTION NO.07-43
SERIES OF 2007
A RESOLUTION TO AMEND THE 2007 TOWN OF AVON BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY
FUND AND AMENDING THE 2007 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 previously adopted the
2007 budget; and
WHEREAS, the Town Council reviewed the revised estimated revenues and
expenditures for all operating funds for 2007; and
WHEREAS, the Town Council finds it necessary, to amend the 2007 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 following funds are
revised as follows for 2007:
Original or
Current
Previously
Proposed
•
Amended
Amended
2007 Budget
2007 Budget
General Fund .
Beginning Fund Balance
$ 5,773,617
$ 6,906,434
Revenues and Other, Sources
13,762,833
13,531,421 .
Expenditures and Other Uses
14,025,735
13,814,577
Ending Fund Balance
5.510.715
6623.278
1
Mall Maintenance Fund
Beginning Fund Balance
Revenues and Other Sources
Expenditures and Other Uses
Ending Fund Balance
Community--Ehhancement Fund
Beginning Fund Balance
Revenues and'' Other Sources
Expenditures and Other Uses
Ending Fund Balance
Water Fund
Beginning Fund Balance
Revenues and Other Sources
Expenditures and Other Uses
Ending Fund Balance
Affordable Housing Fund
Beginning Fund Balance
Revenues and Other Sources
Expenditures and Other Uses
Ending Fund Balance
Debt Service Fund
Beginning Fund Balance
Revenues and Other Sources
Expenditures and Other Uses
Ending. Fund Balance
AMD Debt Service Fund
Beginning Fund Balance
Revenues and Other Sources
Expenditures and Other Uses
Ending Fund Balance
Ori ginal or
Previously
Amended
2007 Budget
$ 46,293
68,354
88,882
$ 25.765
$ 295,309
60,000
60,000
$ 295,309
$ 1,277,438
`960,400
1,369,418
$ 868,420
946,000
$ 946,000
$ ' 625,903
1,351,002
1,351.002
$ 625.903
$ 44,233
482,687
482,687
44.233
Current
Proposed
Amended
2007 Budget
$ 69,698
71,338
82,519.
$ 58,517
$ 299,442
60,000 .
28,000
$ 331.442
$ 1,269;803
960,400
583,035
1.647.168
$ 946,000
195,000 .
$ _ 751.000 .
$ 642,448:
1,349,995
1,352502
$ 639941
$ 48,121
481,175
481,175
$ 48,121
2'
Original or
Current
Previously
Proposed,
Amended
Amended
2007 Budget
2007 Budget
Transit Enterprise Fund
Beginning Fund Balance
$ 292,885
$ . 2945503
Revenues and Other Sources
3,475,701
.3,213,979
Expenditures and Other Uses
3,564,848
3,304,147
Ending Fund Balance
$ 203,738
$ 204335
Fleet Maintenance.Enterprise Fund
Beginning Fund Balance $ 521,450 $ 567,079
Revenues and Other Sources . 2,302,022 2,334,840
Expenditures and Other Uses 2,174,105 2,3 04,831
Ending Fund Balance $ 649,367 $ 597,088
Equipment. Replacement Internal, Service
Fund
Beginning Fund Balance $ .1,514;718 $ 1,619,765
Revenues and Other Sources 895,673 946,945
Expenditures and Other Uses 866355 882184
Ending Fund Balance 1,544,036 1.684526
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
, Mayor.and made part, of the public record of the Town.,
ADOPTED this 11th day of December, 2007.
OF AVpN TO F VON, COLORADO
Ronald C. Wolfe, Mayor
ATTEST: COLO~P~~
D
ttY Kenny
Town C erk
3
0`1-43
61-- 4S
Memo
Toe Honorable Mayor and Town Council
Thru: Larry Brooks, Town Manager
Prom: Scott Wright, Asst Town Manager - Finance
Date: December 5, 2007
Re: Adoption of 2008 Budget
Summauv:
The Town's final revised operating budgets for 2007 and the proposed 2008 operating budgets are
hereby submitted for adoption by the Avon Town Council.
According to State Statute, because the Town levies a property tax, the budget must be adopted by
December 15, and filed with the Division of Local Governments no later than January 31. This budget
meets this and all other legal requirements for submission.
The resolutions levying property taxes for the Town and the Avon Metropolitan District are also being
presented for adoption at the December 11 m council meeting under a separate cover memo.
Previous Council Action:
Previously, the Town Manager presented his recommended budget at the Council budget retreat held
on October 16th and 17th. Subsequent to the budget retreat two changes were incorporated into the
General Fund budget
Changes for the 2008 proposed General Fund budget include the addition of $35,000 in appropriations
for a police department vehicle and the revision downward of $20,967 in property taxes due to the
reduction in taxable assessed value from the Avon Urban Renewal Authority increment
As a side note the budget for the Avon Urban Renewal Authority will be adopted separately from the
Town's budget adoption resolutions.
Finally, at the last council meeting a public hearing was held for members of the public to comment on
the proposed 2008 budget No comments were heard at that time.
Recommendation:
Staff recommends that Council adopt the resolutions discussed above as presented.
Page 1
A - 2008 Financial Overview, Total - All Funds
B - 2008 Financial Overview, Total by Fund
C - Resolution 07-43
D - Resolution 07-45
0 Page 2
Town Manager Comments: