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TC Res. No. 2008-14 Summarizing expenditures and revenues by fund and amending the 2008 capital projects fund budget for the town of avonTOWN OF AVON, COLORADO RESOLUTION. NO. 08-14 SERIES OF 2008 A RESOLUTION TO AMEND THE 2008 TOWN OF AVON CAPITAL PROJECTS FUND BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND AMENDING THE 2008 CAPITAL PROJECTS FUND BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2008, AND ENDING'ON THE LAST DAY OF DECEMBER, 2008 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 2008; and WHEREAS, the Town Council finds it necessary to amend the 2008 Capital Projects Fund budget to more accurately reflect the revenues and expenditures for 2008; 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 2008: Original or Current Previously Proposed . Amended Amended 2008 2008 Budget Budget Capital Proiects Fund Begfnnfng Fund Balance $ 5,292,355 $ 5,292,355 Revenues and Other Sources 10,272,204 10,272,204 Expenditures and Other Uses 7,494,332 7,448,842 Ending Fund Balance 8,070,227 8,115,717 1 . 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 13th day of May, 2008. ATTEST: Pa c envy, TovY TOWN VON; COLORADO Ronald C. Wolfe, Mayor 2 r Capital Projects Fund #41 Amendment No. 1 Final Original or Proposed Revised Prev. Amended Revised Difference Budget Budget Budget Increase 2007 2008 2008 (Decrease) REVENUES_ Taxes $ 2,500,000 $ 8,548,204 $ 8,648,204 $ - Intergovernmental 2,526,778 235,000 235,000 - Investment Earnings 250,000 250,000 250,000 - Other Revenue 1,374,000 9,000 9,000 - Total Operating Revenues 6,650,778 9,042,204 9,042,204 - Other Sources: Transfer In from Other Funds 486,559 1,230,000 1,230,000 - TOTAL REVENUES 7,137, 337 10,272,204 10,272,204 - EXPENDITURES Capital Improvements: Facilities 3,673,842 1,450,000 1,563,610 ` 113,610 Land and Land Improvements - 300,000 50,000 (250,000) Roads and Streets 4,530,797 2,277,000' 2,127,900 (149,100) Utilities - - 90,000 90,000 Recreation 242,774 95,000 95,000 - Stormwater and Drainage 486,559 1,230,000 1,230,000 - Strategic Planning 314,819 400,000 550,000 150,000 Other 46,680 _ 25,000 25,000 - Developer Rebates 81,630 1,467,771 1,467,771 = Total Capital Improvements 9,376,501 . 7,244,771 7,199,281 (46,490) Other Uses Operating Transfer-Out - General Fund 200,000 249,561 249,561 - Total Other Uses 200,000 249,561 249,561 - TOTAL EXPENDITURES 9,576,501. _ 7,494,332 7,448,842 (45,490) NET SOURCE (USE) OF FUNDS (2,439,164) 2,777,872 2,823,362 .45,490 FUND BALANCE, Beginning of Year 7,731,519 5,292,355 5,292,355 - FUND BALANCE; End of Year $ 5,292,355 $ 8,070,227 $ 8,115,717 $ 45,490 Page 1 Capital Projects Fund #41 Amendment No. 1 ~:'n ; ~:xv}~;„~•,.°~ R'xr~: -:,.r ~a^ - z~f ,Revers"lie':D,e_ta~f> Final Original or Proposed Revised Prev. Amended Revised Difference Account Budget Budget Budget Increase Number Description 2007 2008 2008 (Decrease% Taxes: 51401 Real Estate Transfer Tax $ 2,500,000. $ 8,548,204 $ 8,548,204 $ _ 51000 Total Taxes 2,500,000 -8,548,204 8,548,204 - Intergovernmental: Federal Grants: 53199 CDOT Enhancement Funds Grant . 53199 FTA/CDOT Transportation Center Grant Local Government/Other Agency: 53401 Village at (Avon) 53401 Nottingham-Puder Ditch Cost Sharing 53401 Eaglebend Housing Authority 53000 • Total Intergovernmental Investment Earnings: 57101 I nferest. Earnings 57000 Total. Investment Earnings Other Revenues: 58104 Fireplace Fees 58211 Developer Reimbursements: 58999 _ Sheriton Mountain Vista Rebate 58000 Total Other Revenues Other Sources: 59201- Transfer In from Other Funds 59000 Total Other Sources 50000 TOTAL REVENUES 171,290 - - - 2,130,488 - - 200,000 200,000 200,000 - - 10,000 10,000 - 25,000 25,000 25,000 - 2,526,778 235,000 235,000 - 250,000 250,000 250,000 250,000 250,000 250,000 - 9,000 9,000 9,000 - 65,000 - - - 1,300,000 - - - 1,374,000 9,000 9,000 - 486,559 1,230,000 1,230,000 - 486,559 1,230,000 1,230,000 - $ 7,137,337 10,272,204 $ 10,272,204 $ - Page 2 T" 41 r C O LL. 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Town Manager - FinancQ}c1- Date: May 8, 2008 Re: Resolution 08-14, Capital Projects Fund Budget Amendment Summary: Resolution 08-14 proposes to amend the Town's Capital Projects Fund budget for a number of different projects as discussed in further detail below. The net change in the Capital Projects Fund is to reduce appropriations from $7,244,771 to $7,233281, a reduction of $11,490. is Discussion: A discussion of the purpose of the various amendments follows: Public Works Facilities Improvement Program Design Services Contract On April 8 h, 2008, the Town awarded a professional services contract with an initial budget of $613,610. This amount was $113,610 above what was originally budgeted in the 2008 CIP. The base contract award ($500,000) provided for schematic design for both the Swift Gulch site and the Village sites, plus surveying and geotechnical investigation, and preparation of an environmental impact report for the Swift Gulch site. The additional $113,610 amount was approved by Town Council in order to allow the design consulting team to initiate LEED documentation (e.g., prepare a Sustainability Merit Report), evaluate geotechnical debris-flow issues, and conduct a solar power feasibility analysis for the Swift Gulch site during 2008 because these project elements have the greatest potential to impact the schematic design results. Staff indicated to Council that the additional costs would be transferred from another discretionary project - the Wildridge Parks Program. This budget amendment reflects a reduction in that project budget of $250,000. Waste Heat Recovery System Study. Town Council has verbally pledged $90,000 toward an effort to evaluate the potential of obtaining waste heat from the Avon Waste Water Treatment Plant and delivering it to Avon Station if the Eagle River Water and Sanitation District (ERWSD) would do the same. Staff has worked with ERWSD to enter into a professional • services agreement with a consultant to complete the draft grant application and conduct Page 1 engineering pre-design of a heat recovery facility which would extract heat from the Avon WWTP and provide a hot glycol supply to the Town. The consultant will be invoicing the Town for 50% of the work, up to $90,000. An estimated $750,000 to $1,000,000 in additional capital will be needed (e.g., in 2009) to complete construction of the Town's portion of the heat supply loop, although this estimate will be re-adjusted after pre-design has been completed The Town intends to apply for grants to fund majority of the construction cost. UnijZed Land Use Code Revisions. Based on earlier direction from Council, go-ahead has been given for the creation of a consolidated land use chapter, common among Colorado counties and municipalities, which will create a more user-friendly document for staff to administer and the development community to understand. This revision to our code will allow staff to strengthen the Town's land use regulations with more progressive policies and procedures, particularly with respect to the subdivision review process, as well as allow for necessary changes related to new statutory and/or case law. A estimate of the cost of this project is $250,000 with 60% of the cost ($150,000), added to the CIP budget for 2008, and the remainder to be completed in 2009. Media Improvements Program. A proposed new project in the amount of $34,000 has been included in the CIP budget amendment for media improvements in the Town Council chambers including a new video recoding and production system and the ability to provide video web streaming and links to Avon Town Council agendas. A presentation on this system will be given by staff during the Town Council worksession. Please also refer to the memorandum attached. Wil"ge Loop Pedestrian Improvements. The current project budget for the Wildridge Loop Pedestrian Improvements is $ 1,250,000. On April 22, 2008, Council approved Change Order 003, which included widening of Wildridge Road East and West. The proposed project budget is shown below: Wildridge Road East and West Construction $1,001,900 Project Administration 4,000 Contingency 100,000 Total Recommended Project Budget 1 105 00 2008 Street Improvements. The current project budget for the 2008 Street Improvements is $375,000. On April 22, 2008, Council approved Change Order 003, which included asphalt resurfacing of Sun Road and Longsun Lane. Change Order 004 will include pavement striping and required sidewalk work on West Beaver Creek Blvd Staff expects adjacent property owners to reimburse the Town $23,500 for sidewalk replacement on Sun Road and West Beaver Creek Blvd. The proposed project budget after Change Order 004 is shown below. 0 Page 2 • • • • Sun Road, Longsun Lane, and West Beaver Creek Blvd. Construction $ 325,000 Project Administration 4,000 Hurd Lane Geotech Investigation 6,200 Contingency 35,000 Total Recommended Project Budget 370 00 Recommendation: Staff recommends that Council adopt the resolution discussed above as presented. Town Manager Comments: RAJ • Attachments: A - Resolution 08-14 B - Capital Projects Fund, Pages 1-6 C - Memorandum - Media Improvements for Town Council Meetings • 0 Page 3 RESOLUTION NO. 08-14 SERIES OF 2008 A RESOLUTION TO AMEND THE 2008 TOWN OF AVON CAPITAL PROJECTS FUND BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND. AMENDING THE, 2008 CAPITAL PROJECTS FUND BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2008, AND ENDING ON THE.LAST DAY OF DECEMBER, 2008. 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 2008; and WHEREAS, the Town Council finds it necessary.to amend the 2008 `Capital Projects Fund budget to more accurately.reflect the revenues and expenditures for 2008; 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 2008: Original or Current Previously Proposed Amended Amended 2008 2008 Budget Budget Capital Projects Fund Beginning Fund Balance $ 5,292,355 $ 5,292,355.. Revenues and Other Sources 10,272,204 10,2,72,204,- Expenditures and Other Uses 7,494,332 7,482,842 . Ending Fund Balance 8,070,227 $ 8,081,717 U 1 P(