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TC Res. No. 2010-22 Summarizing expenditure and revenues by fund and amending the 2010 budget for the town of avon for the calendar year beginning on the first day on january 2010 and ending on the last day of december 2010TOWN OF AVON, COLORADO RESOLUTION NO. 10 -22 SERIES OF 2010 A RESOLUTION TO AMEND THE 2010 TOWN OF AVON BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND AMENDING THE 2010 BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2010 AND ENDING ON THE LAST DAY OF DECEMBER, 2010 WHEREAS, the Town Council of the Town of Avon has previously adopted the 2010 budget; and WHEREAS, the Town Council reviewed the revised estimated revenues and expenditures for all operating funds for 2010; and WHEREAS, the Town Council finds it necessary to amend the 2010 budget to more accurately reflect the revenues and expenditures for 2010; and WHEREAS, upon due and proper notice, published or posted in accordance with the law, the proposed budget amendment to the 2010 budget was open for inspection by the public at a designated place, a public hearing was held on November 23, 2010 and interested taxpayers were given the opportunity to file or register any objections to the proposed budget amendment; 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 2010: Original or Previously Amended 2010 Budget General Fund Beginning Fund Balance $ 6,093,630 Revenues and Other Sources 13,716,573 Expenditures and Other Uses 12,825,609 Ending Fund Balance 6,984.594 Town of Avon Resolution No. 10 -22 Page 1 of 4 Current Proposed Amended 2010 Budget $ 4,429,130 13,453,851 12,720,642 5,162.339 Town Center West Maintenance Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Community Enhancement 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 Facilities Reserve 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 Town of Avon Resolution No. 10 -22 Page 2 of 4 Original or Previously Amended 2010 Budget $ 54,235 230,000 227,395 $ 56,840 $ 353,882 65,000 280,000 $ 138,882 $ 2,155,173 165,000 530,884 1,789.289 $ 651,675 0 1 ,700 $ 649,975 $ 513,251 77,702 137,333 $ 453,620 $ 636,499 1,161,175 1,161,175 $ 636,499 Current Proposed Amended 2010 Budget $ 52,294 230,000 202,994 $ 79,300 $ 359,018 70,000 109,000 320,018 $ 2,315,991 157,810 415,264 $ 2,058,537 $ 653,375 0 1,700 $ 651,675 $ 513,251 0 100,000 $ 413,251 $ 644,720 1,588,725 1,724,745 $ 508,700 Ending Fund Balance 1,493,621 1,884,41 l 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. Town of Avon Resolution No. 10 -22 Page 3 of 4 Original or Current Previously Proposed Amended Amended 2010 Budget 2010 Budget AMD Debt Service Fund Beginning Fund Balance $ 62,981 $ 61,011 Revenues and Other Sources 484,208 484,208 Expenditures and Other Uses 484,208 545,219 Ending Fund Balance $ 62,981 $ 0 Transit Enterprise Fund Beginning Fund Balance $ 533,302 $ 530,904 Revenues and Other Sources 1,165,364 1,125,364 Expenditures and Other Uses 1,164,151 1,121,458 Ending Fund Balance $ 534,515 $ 534,810 Fleet Maintenance Enterprise Fund Beginning Fund Balance $ 645,898 $ 617,061 Revenues and Other Sources 2,361,423 6,095,572 Expenditures and Other Uses 2,360,829 6,251,382 Ending Fund Balance $ 646,492 $ 461,251 Equipment Replacement Internal Service Fund Beginning Fund Balance $ 1,520,917 $ 1,684,496 Revenues and Other Sources 384,319 372,319 Expenditures and Other Uses 411,615 172,404 Ending Fund Balance 1,493,621 1,884,41 l 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. Town of Avon Resolution No. 10 -22 Page 3 of 4 ADOPTED this 23rd day of November, 2010. ATTEST: Town of Avon Resolution No. 10 -22 Page 4 of 4 TOWNS AVON, COLORADO `Ronald . Wolfe, Mayor y \pF NVON 1 III r • To: Honorable Mayor and Town Council Thru: Larry Brooks, Town Manager Initials Legal: Eric Heil, Town Attorney From: Scott Wright, Asst. Town Manager — Finance Date: November 15, 2010 Re: Adoption of Proposed 2011 and Final Revised 2010 Operating Budgets '��e 5OWit rn�-S (l0. 2Z. * 2 H Summary The Town's final revised operating budgets for 2010 and the proposed 2011 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 presented his recommended budget at the Council budget retreat held on October 120'. Material changes to the proposed 2011 budget subsequent to the budget retreat that have been incorporated into the final version for adoption on November 23`d include the following: • Incorporation of the 2010 Certificates of Participation that were recently issued. The results of this issuance include a net reduction of debt service costs to the Town and new bond proceeds in the amount of $3 million to be used towards the Swift Gulch transit facilities and improvement project. • Recognition of a FTA State of Good Repair grant in the amount of $7.5 million in the Capital Projects Fund for the Swift Gulch project. • Funding of the 2011 Birds of Prey World Cup event in the amount of $40,000 and a commitment of $50,000 per year for 5 years towards the 2015 World Alpine Ski Page 1 A Championships. The Town is requesting funding for the latter from the Holy Cross Community Enhancement Funds. • Public Hearing. As required by Town Charter, on November 9`" a public hearing was held for members of the public to comment on the proposed 2011 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. Town Manager Comments: Attachments: A - 2011 Financial Overview, Total - All Funds B - 2011 Financial Overview, Total by Fund C — Resolution 10 -22 D — Resolution 10 -24 • Page 2 • TOWN OF AVON Financial Overview REVENUES 16,500 4,500 TOTAL - ALL FUNDS 7,200,000 Original or Final Prev. Amend. Revised Proposed Actual Budget Budget Budget 2009 2010 2010 2011 REVENUES 16,500 4,500 55,500 7,200,000 - 3,310,000 Taxes $ 11,752,948 $ 13,564,727 $ 13,326,997 $ 12,567,372 Licenses and Permits 124,130 138,600 195,100 198,600 Intergovernmental 1,201,794 2,667,756 2,663,788 4,949,865 Charges for Services 4,479,262 4,804,113 4,274,340 4,417,627 Fines and Forfeitures 129,530 130,000 144,500 144,500 Investment Earnings 246,225 454,917 322,104 292,000 Other Revenue 503,397 472,200 424,456 444,000 Total Operating Revenues Other Sources Sales of Fixed Assets Bond Proceeds Transfers -In From Other Funds Capital Lease Proceeds TOTAL REVENUES •EXPENDITURES General Government and Finance Community Development Public Safety Public Works, Engineering and Utilities Transportation and Fleet Maintenance Recreation and Culture Total Operating Expenditures Debt Service Capital Improvements and Equipment Replacement Other Uses Transfers -Out To Other Funds TOTAL EXPENDITURES NET SOURCE (USE) OF FUNDS FUND BALANCES, Beginning of Year FUND BALANCES, End of Year • 18,437,286 22,232,313 21,351,285 23,013,964 500 16,500 4,500 55,500 7,200,000 - 3,310,000 - 3,105,032 3,021,460 2,953,769 3,118,828 - - - 485,731 28,742,818 25,270,273 27,619,554 26,674,023 3,088,490 2,428,703 2,464,521 2,551,079 697,820 642,913 612,355 613,824 2,511,717 2,401,642 2,423,342 2,440,030 3,660,540 3,561,936 3,426,791 3,344,782 3,684,826 3,524,980 3,395,607 3,803,743 2,375,945 2,450,855 2,357,256 2,326,601 16,019,338 15,011,029 14,679,872 15,080,059 27,458,100 2,196,071 2,156,633 1,677,212 3,196,566 7,054,666 7,030,366 8,846,317 3,105,032 3,079,438 3,186,074 3,497,668 49,779,036 27,341,204 27,052,945 29,101,256 (21,036,218) (2,070,931) 566,609 (2,427,233) 38,931,987 19,317,832 17,895,769 18,462,378 $ 17,895,769 $ 17,246,901 $ 18,462,378 $ 16,035,145 Section I, Page 1 TOWN OF AVON Financial Overview VA Other Sources Sales of Fixed Assets Capital Lease Proceeds Transfers -In From Other Funds TOTAL REVENUES EXPENDITURES General Government, Housing and Finance Community Development Police Public Works, Engineering and Utilities Transportation and Fleet Maintenance Recreation and Culture Total Operating Expenditures Debt Service Capital Expenditures Other Uses 1,500 - TOTAL - BY FUND 225,000 - - - - - 270,000 952,000 13,379,579 225,000 946,603 70,000 155,000 - - 12,439,342 227,575 2,544,829 - 4,550 - - 1,700 - 613,824 Special Revenue Funds 2,440,030 - - - - Town Urban Community Affordable Facilities - - - - - - General Center Renewal Enhancement Water Housing Reserve 704,662 Fund West Fund Fund Fund Fund Fund REVENUE $ 76,725 $ 705,777 $ 120,018 $ 1,176,513 $ Taxes $ 9,374,596 $ $ 936,603 $ - $ $ $ _ Licenses and Permits 198,600 - Intergovernmental 906,568 - Charges for Services 1,795,752 - 155,000 _ Fines and Forfeitures 144,500 - - - Investment Earnings 200,000 10,000 - Other Revenue 370,500 - 70,000 - - Total Operating Revenues 12,990,516 946,603 70,000 155,000 - Other Sources Sales of Fixed Assets Capital Lease Proceeds Transfers -In From Other Funds TOTAL REVENUES EXPENDITURES General Government, Housing and Finance Community Development Police Public Works, Engineering and Utilities Transportation and Fleet Maintenance Recreation and Culture Total Operating Expenditures Debt Service Capital Expenditures Other Uses 1,500 - 387,563 225,000 - - - - - 270,000 952,000 13,379,579 225,000 946,603 70,000 155,000 - - 12,439,342 227,575 2,544,829 - 4,550 - - 1,700 - 613,824 - - - - 2,440,030 - - - - 3,032,183 227,575 85,024 - - 2,326,601 - - - - - - (1,700) - FUND BALANCES, Beginning of Year 10,957,467 227,575 4,550 85,024 1,700 - 515,938 - - 200,000 - Transfers -Out To Other Funds 1,481,875 - 225,000 270,000 952,000 - TOTAL EXPENDITURES 12,439,342 227,575 945,488 270,000 1,037,024 1,700 - NET SOURCE (USE) OF FUNDS 940,237 (2,575) 1,115 (200,000) (882,024) (1,700) - FUND BALANCES, Beginning of Year 5,079,869 79,300 704,662 320,018 2,058,537 651,675 413,251 FUND BALANCES, End of Year $ 6,020,106 $ 76,725 $ 705,777 $ 120,018 $ 1,176,513 $ 649,975 $ 413,251 r �J J Section I, Page 2 0 • • TOWN OF AVON Financial Overview - - 54,000 55,500 - - 366,621 119,110 485,731 604,265 1,002,000 900,000 - - 3,118,828 1,161,274 6,494,300 1,600,282 2,017,868 624,117 26,674,023 1,674,376 2,129,367 - 1,674,376 2,129,367 - 2,551,079 16.92% 613,824 4.07% 2,440,030 16.18% 3,344,782 TOTAL - BY FUND 3,803,743 25.22% 2,326,601 15.43% (111,499) 10,285 (2,427,233) Debt Service 534,810 455,001 Internal 18,462,378 Fund Capital Enterprise Funds Service $ 640,720 $ 3,522,346 Percent Bond Projects Transit Fleet Equipment of Redemption Fund Fund Maintenance Replacement Total Total $ 550,009 $ 1,665,800 $ 40,364 $ $ - $ 12,567,372 54.61% - - - - - 198,600 0.86% 3,750,000 293,297 - 4,949,865 21.51% - - - 2,015,868 451,007 4,417,627 19.20% - - - 144,500 0.63% 7,000 75,000 - - 292,000 1.27% - 1,500 - 2,000 - 444,000 1.93% 557,009 5,492,300 333,661 2,017,868 451,007 23,013,964 L 100.00% - - 54,000 55,500 - - 366,621 119,110 485,731 604,265 1,002,000 900,000 - - 3,118,828 1,161,274 6,494,300 1,600,282 2,017,868 624,117 26,674,023 1,674,376 2,129,367 - 1,674,376 2,129,367 - 2,551,079 16.92% 613,824 4.07% 2,440,030 16.18% 3,344,782 22.18% 3,803,743 25.22% 2,326,601 15.43% 15,080,059 1 100.00% 1,161,274 - - - - 1,677,212 - 8,032,485 - - 613,832 8,846,317 - 568,793 3,497,668 1,161,274 8,601,278 1,674,376 2,129,367 613,832 29,101,256 - (2,106,978) (74,094) (111,499) 10,285 (2,427,233) 640,720 5,629,324 534,810 455,001 1,895,211 18,462,378 $ 640,720 $ 3,522,346 $ 460,716 $ 343,502 $ 1,905,496 $ 16,035,145 Section I, Page 3 TOWN OF AVON, COLORADO ` RESOLUTION NO. 10 -22 SERIES OF 2010 • A RESOLUTION TO AMEND THE 2010 TOWN OF AVON BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND AMENDING THE 2010 BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2010 AND ENDING ON THE LAST DAY OF DECEMBER, 2010 WHEREAS, the Town Council of the Town of Avon has previously adopted the 2010 budget; and WHEREAS, the Town Council reviewed the revised estimated revenues and expenditures for all operating funds for 2010; and WHEREAS, the Town Council finds it necessary to amend the 2010 budget to more accurately reflect the revenues and expenditures for 2010; and WHEREAS, upon due and proper notice, published or posted in accordance with the law, the proposed budget amendment to the 2010 budget was open for inspection by the public at a designated place, a public hearing was held on November 23, 2010 and interested taxpayers were given the opportunity to file or register any objections to the proposed budget amendment; 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 2010: Original or Current Previously Proposed Amended Amended 2010 Budget 2010 Budget General Fund Beginning Fund Balance $ 6,093,630 $ 4,429,130 Revenues and Other Sources 13,716,573 13,453,851 Expenditures and Other Uses 12,825,609 12,720,642 Ending Fund Balance 6,984,594 5,162,339 Town of Avon • Resolution No. 10 -22 Page 1 of 4 J, r� • • Town Center West Maintenance Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Community Enhancement 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 Facilities Reserve 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 Town of Avon Resolution No. 10 -22 Page 2 of 4 Original or Previously Amended 2010 Budizet $ 54,235 230,000 227,395 $ 56,840 $ 353,882 65,000 280,000 138,882 $ 2,155,173 165,000 530,884 1,789.289 $ 651,675 0 1,700 $ 649,975 $ 513,251 77,702 137,333 $ 453,620 $ 636,499 1,161,175 1,161,175 $ 636,499 Current Proposed Amended 2010 Budget $ 52,294 230,000 202,994 $ 79.300 $ 359,018 70,000 109,000 $ 320,018 $ 2,315,991 157,810 415,264 2.058.537 $ 653,375 0 1,700 $ 651,675 $ 513,251 0 100,000 413,251 $ 644,720 1,588,725 1,724,745 $ 508 700 AMD Debt Service Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Transit Enterprise Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Fleet Maintenance Enterprise Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Original or Previously Amended 2010 Budget $ 62,981 484,208 484,208 $ 62.981 $ 533,302 1,165,364 1,164,151 534,515 $ 645,898 2,361,423 2,360,829 646.492 Current Proposed Amended 2010 Budget $ 61,011 484,208 545,219 $ 0 $ 530,904 1,125,364 1,121,458 534.810 $ 617,061 6,095,572 6,251,382 461.251 Equipment Replacement Internal Service Fund Beginning Fund Balance $ 1,520,917 $ 1,684,496 Revenues and Other Sources 384,319 372,319 Expenditures and Other Uses 411,615 172,404 Ending Fund Balance 1.493.621 1.884.411 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 23rd day of November, 2010. TOWN OF AVON, COLORADO Town of Avon Resolution No. 10 -22 Page 3 of 4 t L� • is Ronald C. Wolfe, Mayor ATTEST: • Patty McKenny Town Clerk • • Town of Avon Resolution No. 10 -22 Page 4 of 4 TOWN OF AVON RESOLUTION NO. 10 -24 SERIES OF 2010 • A RESOLUTION TO ADOPT THE 2011 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, 2011 AND ENDING ON THE LAST DAY OF DECEMBER, 2011 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 12, 2010, 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 November 9, 2010, 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 2011: Ending Fund Balance 76,725 Town of Avon • Resolution No. 10 -24 Page 1 of 3 2011 Proposed Budget General Fund Beginning Fund Balance $ 5,162,339 Revenues and Other Sources 13,429,579 Expenditures and Other Uses 12,301,452 Ending Fund Balance 6.290.466 Town Center West Maintenance Fund Beginning Fund Balance $ 79,300 Revenues and Other Sources 225,000 Expenditures and Other Uses 227,575 Ending Fund Balance 76,725 Town of Avon • Resolution No. 10 -24 Page 1 of 3 • Community Enhancement 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 • Facilities Reserve 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 Transit Enterprise Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance • Town of Avon Resolution No. 10 -24 Page 2 of 3 2011 Proposed Budget $ 320,018 70,000 160.000 $ 230.018 $ 2,058,537 155,000 1,047,024 1,166,513 $ 651,675 0 1,700 $ 649.975 $ 413,251 0 0 413,251 $ 508,700 1,272,224 1,272,224 508,700 $ 534,810 1,306,985 1,307,755 $ 534,040 2011 Proposed Budge • Fleet Maintenance Enterprise Fund Beginning Fund Balance $ 461,251 Revenues and Other Sources 2,017,868 Expenditures and Other Uses 1,962,284 Ending Fund Balance $ 516,835 Equipment Replacement Internal Service Fund Beginning Fund Balance $ 1,884,411 Revenues and Other Sources 704,117 Expenditures and Other Uses 673,832 Ending Fund Balance 1,914,696 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. r • ADOPTED this 23 'day of November, 2010. TOWN OF AVON, COLORADO Ronald C. Wolfe, Mayor ATTEST: Patty McKenny Town Clerk Town of Avon • Resolution No. 10 -24 Page 3 of 3