TC Res. No. 2011-07 Amend the 2011 town of avon capital projects fund budgetSr
TOWN OF AVON, COLORADO
RESOLUTION NO. 11 -07
SERIES OF 2011
A RESOLUTION TO AMEND THE 2011 TOWN OF AVON CAPITAL
PROJECTS FUND BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY
FUND AND AMENDING THE 2011 CAPITAL PROJECTS FUND 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 previously adopted the
2011 Capital Projects Fund budget; and
WHEREAS, the Town Council reviewed the revised estimated revenues and
expenditures for 2011; and
WHEREAS, the Town Council finds it necessary to amend the 2011 Capital
Projects Fund budget to more accurately reflect the revenues and expenditures for 2011;
and
WHEREAS, the Town Council has caused to be published a notice containing
the date and time of a public hearing at which the adoption of the proposed budget
amendment will be considered and a statement that the proposed budget amendment is
available for public inspection at the office of the Town Clerk located in the Avon Town
Hall during normal business hours, and that any interested elector of the Town of Avon
may file any objection to the proposed budget amendment at any time prior to the final
adoption of 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 Capital Projects
Fund are revised as follows for 2011:
Town of Avon
Resolution No. 11 -07
Page l of 2
.r
Section 2. That the Capital Projects Fund budget, as submitted, amended, and
hereinabove summarized by fund, 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 as hereby approved and adopted
shall be signed by the Mayor and made part of the public record of the Town.
ADOPTED this 22 °d day of March, 2011.
ATTEST:
:SEAL
�O�nRAO��
Town of Avon
Resolution No. 11 -07
Page 2 of 2
TOWN OF AVON, COLORADO
Richard Carroll, Mayor
Original or
Current
Previously
Proposed
Amended
Amended
2011 Budget
2011 Budget
Capital Proiects Fund
Beginning Fund Balance
$ 5,629,324
$ 6,969,457
Revenues and Other Sources
6,494,300
6,744,300
Expenditures and Other Uses
8,601,278
9,615,538
Ending Fund Balance
3,522,346
4,098.219
Section 2. That the Capital Projects Fund budget, as submitted, amended, and
hereinabove summarized by fund, 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 as hereby approved and adopted
shall be signed by the Mayor and made part of the public record of the Town.
ADOPTED this 22 °d day of March, 2011.
ATTEST:
:SEAL
�O�nRAO��
Town of Avon
Resolution No. 11 -07
Page 2 of 2
TOWN OF AVON, COLORADO
Richard Carroll, Mayor
•
Capital Projects Fund #41
Amendment No. 1
Page 1
Total Operating Revenues
4,099,020
5,492,300
5,742,300
250,000
Fund Summary
Other Sources:
Original or
Proposed
Prev. Amended
Revised
Difference
-
Actual
Budget
Budget
Increase
1,002,000
2010
2011
2011
(Decrease)
REVENUES
Total Other Sources
3,512,674
Taxes
$ 2,159,525
$ 1,665,800
$ 1,915,800
$ 250,000
Intergovernmental
1,855,345
3,750,000
3,750,000
-
Investment Earnings
66,169
75,000
75,000
-
Other Revenue
17,981
1,500
1,500
-
Page 1
Total Operating Revenues
4,099,020
5,492,300
5,742,300
250,000
Other Sources:
Bond Proceeds
3,310,000
-
-
-
Transfer In from Other Funds
202,674
1,002,000
1,002,000
-
Total Other Sources
3,512,674
1,002,000
1,002,000
-
TOTAL REVENUES
7,611,694
6,494,300
6,744,300
250,000
EXPENDITURES
Debt Service:
Issuance Costs
77,695
-
-
-
•Bond
Capital Improvements:
Facilities
464,129
4,995,485
5,481,530
486,045
Land and Land Improvements
232,162
1,100,000
1,100,000
-
Roads and Streets
306,799
955,000
960,250
5,250
Utilities
4,280,421
-
51,980
51,980
Water Fund Projects
42,674
902,000
902,000
-
Communications and Technology
110,817
55,000
55,000
-
Strategic Planning
17,605
25,000
25,000
-
Other
25,675
-
-
-
Developer Rebates
73,814
-
-
-
Total Capital Improvements
5,631,791
8,032,485
8,575,760
543,275
Other Uses
Operating Transfer -Out - General Fund
317,563
317,563
317,563
-
Operating Transfer -Out - D/S Fund 2010 COPs
232,305
251,230
251,230
-
Operating Transfer -Out - D/S Fund 1999 Rev Bds
-
-
470,985
470,985
Total Other Uses
549,868
568,793
1,039,778
470,985
TOTAL EXPENDITURES
6,181,659
8,601,278
9,615,538
1,014,260
NET SOURCE (USE) OF FUNDS
1,430,035
(2,106,978)
(2,871,238)
(764,260)
FUND BALANCE, Beginning of Year
5,539,422
5,629,324
6,969,457
1,340,133
•
FUND BALANCE, End of Year $
6,969,457
$ 3,522,346 $
4,098,219 $
575,873
Page 1
Capital Projects Fund #41
Amendment No. 1
Asa
•
Page 2
Original or
Proposed
Prev. Amended
Revised
Difference
Account
Actual
Budget
Budget
Increase
Number
Description
2010
2011
2011
(Decrease)
Taxes:
51401
Real Estate Transfer Tax
$ 2,159,525
$ 1,665,800
$ 1,915,800
$ 250,000
Intergovernmental:
Federal / State:
53150
FTA Grant - Transit Facilities Improvement Project
-
3,750,000
3,750,000
-
53199
Department of Local Affairs (DOLA) Construction Grant
1,477,207
-
-
53199
Department of Wildlife (DOW) FIF Grant
83,977
-
Local Government / Other:
53401
ERWSD Cost Sharing (Heat Recovery Project)
286,936
-
53401
Eagle County Trails Grant
7,225
-
-
53000
Total Intergovernmental
1,855,345
3,750,000
3,750,000
Investment Earnings:
57101
Interest Earnings
66,169
75,000
75,000
-
Other Revenues:
•
58104
Fireplace Fees
-
1,500
1,500
58211
Developer Reimbursements:
58211
Vail Resorts (Red House Annexation)
14,751
-
-
58999
Nonclassifed
3,230
-
-
-
58000
Total Other Revenues
17,981
1,500
1,500
Other Sources:
59304
Proceeds from Certifications of Participation
3,310,000
-
-
-
59201
Transfer In from Community Enhancement Fund
60,000
100,000
100,000
-
59201
Transfer In from Water Fund
42,674
902,000
902,000
59201
Transfer In from Facilities Reserve Fund
100,000
-
-
59000
Total Other Sources
3,512,674
1,002,000
1,002,000
-
50000
TOTAL REVENUES
$ 7,611,694
$ 6,494,300
$ 6,744,300
$ 250,000
•
Page 2
1 ,
Capital Projects Fund #41 ;
Amendment No. 1
Page 3
CIP Projects Inventonf
Project Expenditures
(1)
(2)
(3)
(4)
(1 +2 +4)
Proposed
Revised
2009 and
Current
Revised
Estimated
Total Project Budget Difference
Account
Prior
Actual
Budget
Budget
Project -to -Date
Increase
Number
Description
Actuals
2010
2011
2011
Expenditures
Current
Proposed (Decrease)
CAPITAL IMPROVEMENT PROJECTS
Facilities:
General Government Facilities
11009
Town Hall Control System
$
$ 82,681
$ - $
42,319
$ 125,000 $
125,000
$ 125,000 $
Transit/ PW Facilities Improvement Project:
13007
Final Design Phase 1
-
-
700,000
1,000,000
1,000,000
1,000,000
1,000,000 -
13008
Bus Fuel / Wash / Site Improvements
-
-
3,000,000
3,000,000
3,000,000
3,000,000
3,000,000
13009
Sitework / Foundation for Bus Storage Facility
-
875,000
875,000
875,000
875,000
875,000 -
13010
Public Works Improvements
-
-
360,485
360,485
360,485
360,485
360,485 -
14004
Fuel Depot Replacement
-
-
60,000
60,000
60,000
60,000
60,000 -
15005
Rec. Center Vapor Barrier Repair
99,723
174
-
-
99,897
125,000
125,000 -
15006
Rec. Center CMU Block Deterioration Mitigation
-
91,465
-
33,535
125,000
125,000
125,000 -
15007
Rec. Center Roof Repair
-
289,809
-
110,191
400,000
400,000
400,000 -
Land and Land Improvements:
21009
Forest Service Land Acquisition
28,796
-
1,000,000
1,000,000
1,028,796
1,150,000
1,150,000 -
21010
Nottingham Park Trail Maintenance and Signage
60,623
53,306
-
-
113,929
139,377
139,377 -
21011
Nottingham Park Stage
392
36,941
-
-
37,333
40,000
40,000 -
21013
Nottingham Park Fishing Pier
-
131,235
-
-
131,235
200,000
200,000 -
21014
Nottingham Park Capital Improvements
-
-
100,000
100,000
100,000
100,000
100,000 -
21050
Whitewater Park Repairs
-
10,680
-
-
12,624
12,624
12,624 -
Page 3
Capital Projects Fund #41
Amendment No. 1
is 104 • l••
CIP Projectsinventory
-
Project Expenditures
(1)
(2)
(3)
(4)
(1 +2 +4)
Proposed
Revised
2009 and
Current
Revised
Estimated
Total Project Budget Difference
Account
Prior
Actual
Budget
Budget
Project -to -Date
Increase
Number
Description
Actuals
2010
2011
2011
Expenditures
Current
Proposed (Decrease)
CAPITAL IMPROVEMENT PROJECTS
Roads and Streets:
Streetscape:
31010
Lighting Study and Conversion
683,356
21,001
-
5,250
709,607
1,013,176
1,013,176 -
31012
1 -70 Noise Reduction Design
-
2,470
-
-
2,470
20,000
20,000 -
31013
1 -70 Noise Reduction
-
50,000
50,000
50,000
100,000
100,000 -
Street Improvements:
32012
F/S Wildridge Access & Drainage Improvements
-
-
25,000
25,000
25,000
25,000
25,000 -
Annual Street Improvements:
33010
2010 Paving /Road Improvements
-
283,328
-
-
283,328
394,512
394,512 -
Multi -Modal /Alternative Mobility:
34014
Metcalf Bicycle Climbing Lane
-
-
750,000
750,000
750,000
750,000
750,000 -
34015
US Hwy 6 Trail Project
-
30,000
30,000
30,000
30,000
30,000 -
34016
US Hwy 6 Trail Project Undergrounding
-
-
100,000
100,000
100,000
100,000
100,000 -
Utilities:
Waste Heat Recovery Project
41002
System Design
166,241
498,655
-
-
664,896
690,000
690,000 -
41003
Construction
-
3,781,766
-
51,980
3,833,746
3,833,746
3,833,746 -
Recreation:
is 104 • l••
t
Capital Projects Fund #41
Amendment No. 1
Developer Rebates and Capital Contributions
Capital Contributions:
95001 Westin Riverfront Resort 2,489,622 73,378 - - 2,563,000 2,563,000 2,563,000 -
95001 Westin Riverfront Resort - Interest 249,326 436 - - 249,762 251,876 251,876 -
Total Capital Improvement Projects $ 4,284,920 $ 5,554,096 $ 8,032,485 $ 8,575,760 $ 18,416,720 $ 19,509,703 $ 19,341,384 $ (168,319)
Page 5
CIP Projects Inventory
Project Expenditures
Water Fund Projects:
(1)
(2) (3)
(4)
(1 +2 +4)
Proposed
Revised
2009 and
Current
Revised
Estimated Total Project Budget Difference
Account Prior
Actual Budget
Budget
Project -to -Date Increase
Number Description Actuals
2010 2011
2011
Expenditures Current Proposed (Decrease)
Developer Rebates and Capital Contributions
Capital Contributions:
95001 Westin Riverfront Resort 2,489,622 73,378 - - 2,563,000 2,563,000 2,563,000 -
95001 Westin Riverfront Resort - Interest 249,326 436 - - 249,762 251,876 251,876 -
Total Capital Improvement Projects $ 4,284,920 $ 5,554,096 $ 8,032,485 $ 8,575,760 $ 18,416,720 $ 19,509,703 $ 19,341,384 $ (168,319)
Page 5
CAPITAL IMPROVEMENT PROJECTS
Water Fund Projects:
61004
Nottingham -Puder Ditch Restoration
180,300
34
-
-
180,334
250,621
250,621 -
61006
Metcalf Road Drainage
53,117
32,530
800,000
800,000
885,647
1,053,966
885,647 (168,319)
61007
Drainage Master Plan
-
10,035
102,000
102,000
112,035
166,320
166,320 -
61008
Nottingham Lake Spillway Replacement
97,794
75
-
-
97,869
100,000
100,000 -
Communications and Technology:
81004
VOIP Telephone System
-
110,817
30,000
30,000
140,817
155,000
155,000 -
81005
E-gov Projects
-
-
25,000
25,000
25,000
25,000
25,000 -
Strategic Planning:
Planning and Consulting:
79011
2011 General Planning and Consulting
-
-
25,000
25,000
25,000
NA
NA
79107
Unified Land Use Code Revision
175,630
17,605
-
-
193,235
250,000
250,000 -
Other:
91010
Abatement - Lot 42, Block 4 Wildridge
-
14,751
-
14,751
-
-
93010
2010 Historic Preservation
-
10,924
-
10,924
25,000
25,000
Developer Rebates and Capital Contributions
Capital Contributions:
95001 Westin Riverfront Resort 2,489,622 73,378 - - 2,563,000 2,563,000 2,563,000 -
95001 Westin Riverfront Resort - Interest 249,326 436 - - 249,762 251,876 251,876 -
Total Capital Improvement Projects $ 4,284,920 $ 5,554,096 $ 8,032,485 $ 8,575,760 $ 18,416,720 $ 19,509,703 $ 19,341,384 $ (168,319)
Page 5
•
Memo
To: Honorable Mayor and Town Council
Thru: Larry Brooks, Town Manager ials
Thru: Scott Wright, Asst. Town Manager — Finance
From: Kelly Huitt, Budget Analyst
Date: March 10, 2011
Re: Resolution No. 11 -07, Capital Projects Fund Supplemental Budget Amendment
Summary:
• Resolution 11 -07 proposes to amend the Town's Capital Projects Fund budget for a number of
different projects and estimated revenues as discussed in further detail below. The net
changes in the Capital Projects Fund increases total expenditures by $1,014,260 and increases
estimated revenues by $250,000. These changes, along with an increase in the beginning fund
balance of $1,340,133 result in a net increase of $575,873 to the estimated ending fund
balance for 2011.
•
Discussion:
A discussion of the purpose of the various changes to the budget follows:
Real Estate Transfer Taxes. Real estate transfer tax (RETT) has been increased by $250,000
for 2011 due to the anticipated sale of all 49 of the units at the Ascent (formerly The Gates).
Carryover of unexpended project funds from 2010. The 2011 budget is being revised to
reflect the carryover of unexpended appropriations from the previous year including the
following projects: Town Hall Control System ($42.319); Final Design Phase 1 of the
Transit/PW Facilities Improvement Project ($300,000); Recreation Center CMU Block
Deterioration Mitigation ($33,535) and Recreation Center Roof Repair ($110,191); Lighting
Study and Conversion ($5,250); and Waste Heat Recovery Project ($51,980). These rollovers
increase the current 2011 budgeted expenditures by a total of $543,275. It should be noted
that none of these projects have exceeded their total project budget.
Page 1
Operating Transfers Out — Debt Service Fund. Transfers out to the Debt Service Fund are
being increased by a total of $470,985 for 2011. This transfer to the Debt Service Fund covers •
the annual debt service on the Town's Series 1999 Revenue Refunding Bonds that were
originally issued in 1994 to help finance the construction of the Town's recreation center. The
bonds will mature in 2014. In past years, these bonds have been supported by the Town's
General Fund. However, in light of the budget shortfalls facing the Town in 2011 and the
next couple of years, it is believed that the remaining 4 years of debt service can and should be
supported by the Capital Projects Fund. Avon Municipal Code Section 3.12.110 provides that
debt service incurred by the Town related to capital improvements is an allowed use for real
estate transfer tax purposes.
Recommendation:
Staff recommends that Council adopt the resolution discussed above as presented.
Town Manager Comments:
a
•
Attachments:
A - Resolution 11 -07
B — Capital Projects Fund Summary, Pages 1 -5
•
• Page 2
TOWN OF AVON, COLORADO
RESOLUTION NO. 11 -07
• SERIES OF 2011
A RESOLUTION TO AMEND THE 2011 TOWN OF AVON CAPITAL
PROJECTS FUND BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY
FUND AND AMENDING THE 2011 CAPITAL PROJECTS FUND 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 previously adopted the
2011 Capital Projects Fund budget; and
WHEREAS, the Town Council reviewed the revised estimated revenues and
expenditures for 2011; and
WHEREAS, the Town Council finds it necessary to amend the 2011 Capital
Projects Fund budget to more accurately reflect the revenues and expenditures for 2011;
and
WHEREAS, the Town Council has caused to be published a notice containing
• the date and time of a public hearing at which the adoption of the proposed budget
amendment will be considered and a statement that the proposed budget amendment is
available for public inspection at the office of the Town Clerk located in the Avon Town
Hall during normal business hours, and that any interested elector of the Town of Avon
may file any objection to the proposed budget amendment at any time prior to the final
adoption of 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 Capital Projects
Fund are revised as follows for 2011:
• Town of Avon
Resolution No. 11 -07
Page 1 of 2
Original or Current
Previously Proposed
Amended Amended
2011 Budizet 2011 Budget
Capital Projects Fund
•
Beginning Fund Balance $ 5,629,324 $ 6,969,457
Revenues and Other Sources 6,494,300 6,744,300
Expenditures and Other Uses 8,601,278 9,615,538
Ending Fund Balance 3,522,346 4,098,219
Section 2. That the Capital Projects Fund budget, as submitted, amended, and
hereinabove summarized by fund, 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 as hereby approved and adopted
shall be signed by the Mayor and made part of the public record of the Town.
ADOPTED this 22nd day of March, 2011.
TOWN OF AVON, COLORADO
Richard Carroll, Mayor
ATTEST:
•
Patty McKenny
Town Clerk
Town of Avon •
Resolution No. 11 -07
Page 2 of 2