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TC Res. No. 2008-43 Adopt the 2009 Avon budgetTOWN OF AVON, COLORADO RESOLUTION NO.09 43 SERIES OF 2008 A RESOLUTION TO ADOPT THE 2009 TOWN OF AVON BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND AND ADOPTING A BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2009 AND ENDING ON THE LAST DAY OF DECEMBER, 2009 WHEREAS, the Town Council of the Town of Avon has appointed the Town Manager to prepare and submit a proposed budget to said governing body on October 7, 2008, for its consideration; and WHEREAS, upon due and proper notice, published and posted in accordance with the law, said proposed budget was open for inspection by the public at a designated place. A public hearing was held on October 28, 2008, and interested taxpayers were given the opportunity to file or register any comment to said proposed budget; 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 each fund are as follows for 2008: 2009 Proposed Budget General Fund Beginning Fund Balance $ 6,602,749 Revenues and Other Sources 16,353,816 Expenditures and Other Uses 16,496,820 Ending Fund Balance 6,459,745 Main Street Maintenance Fund Beginning Fund Balance $ 1,558 Revenues and Other Sources 65,000 Expenditures and Other Uses 62,139 Ending Fund Balance $ 4,419 2009 Proposed Budget Community Enhancement Fund Beginning Fund Balance $ 334,417 Revenues and Other Sources 60,000 Expenditures and Other Uses 0 Ending Fund Balance $ 394,417 Water Fund Beginning Fund Balance $ 2,337,589 Revenues and Other Sources 174,000 Expenditures and Other Uses .903,032 Ending Fund Balance 1,608,557 Affordable Housing Fund Beginning Fund Balance $ 751,000 Revenues and Other Sources 0 Expenditures and Other Uses 6,700 Ending Fund Balance $ 744,300 Facilities Reserve Fund Beginning Fund Balance $ 473,834 Revenues and Other Sources 72,917 Expenditures and Other Uses - Ending Fund Balance $ 546,751 Debt Service Fund Beginning Fund Balance $ 657,106 Revenues and Other Sources 1,164,036 Expenditures and Other Uses 1,164,036 Ending Fund Balance $ 657,106 Avon Metropolitan District Fund Beginning Fund Balance $ 56,969 Revenues and Other Sources 489,558 Expenditures and Other Uses 489,558 Ending Fund Balance 56,969 Resolution No. 0843 09 Budget Page 2 of 3 2009 Proposed Budget 'T'ransit Enterprise Fund Beginning Fund Balance $ 397,771 Revenues and Other Sources 1,599,900 Expenditures and Other Uses 1,598,940 Ending Fund Balance $ 398,731 Fleet Maintenance Enterprise Fund Beginning Fund Balance $ 495,326 Revenues and Other Sources 2,588,129 Expenditures and Other Uses 2,582,465 Ending Fund Balance $ 500.990 Equipment Replacement Internal Service Fund Beginning Fund Balance $ 1,685,525 Revenues and Other Sources 804,418 Expenditures and Other Uses 723,370 Ending Fund Balance 1.766.573 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 11 to day of November, 2008. ~pWN pF~ •2 1101c; ZT AVON, CO O Ronald C. Wolfe, Mayor ATT , Aoo c k__1 Pa cK enn To Cl Resolution No. 0843 09 Budget Page 3 of 3 To: Honorable Mayor and Town Council Thu: Lary Brooks, Town Manager From Scott Wright, Asst. Town Manager - Finance Date: November 5, 2008 Re: Adoption of 2009 Budget Summary: The Town's final revised operating budgets for 2008 and the proposed 2009 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. Previous Council Action: Previously, the Town Manager resented his recommended budget at the Council budget retreat held on October 7 h and 8h. During the budget retreat four changes were incorporated into the final proposed General Fund budget. The changes for the 2009 proposed General Fund budget include the reduction from $50,000 to $9,500 for the Ironkids Triathlon license, the addition of $2,500 in in-kind contributions to the Vail Symposium for the Healthy Home tour and fair, $10,000 in contributions to the Gore . Range Natural Science School, and $4,000 to Bravo! for community outreach programs for music matters programs. At the last council meeting a public hearing was held for members of the public to comment on the proposed 2009 budget. No changes to the budget have been made subsequent to the public hearing. Recommendation: • Staff recommends that Council adopt the resolutions discussed above as presented. Page 1 Town Manager Comments: ile~ Attachments: A - 2009 Financial Overview, Total - All Funds B - 2009 Financial Overview, Total by Fund C - Resolution 08-41 D - Resolution 08-43 • U • 0 Page 2