TC Res. No. 2012-10 Amend Affordable Housing BudgetTOWN OF AVON, COLORADO
RESOLUTION NO. 12 -10
SERIES OF 2012
A RESOLUTION TO AMEND THE 2012 TOWN OF AVON
AFFORDABLE HOUSING FUND BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY
FUND AND AMENDING THE 2012 AFFORDABLE HOUSING FUND BUDGET
FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR
BEGINNING ON THE FIRST DAY OF JANUARY, 2012 AND ENDING ON THE
LAST DAY OF DECEMBER, 2012
WHEREAS, the Town Council of the Town of Avon has previously adopted the
2012 budget; and
WHEREAS, the Town Council reviewed the revised estimated revenues and
expenditures for all operating funds for 2012; and
WHEREAS, the Town Council finds it necessary to amend the 2012 budget to
more accurately reflect the revenues and expenditures for 2012; 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 2012:
Ending Fund Balance $ 607,225
Town of Avon
Resolution No. 12 -10
Page 1 of 2
Current
Proposed
Amended
2012 Budget
$ 651,675
0
1 15,700
$ 535,975
Original or
Previously
Amended
2012 Budget
Affordable Housing Fund
Beginning Fund Balance
$ 651,675
Revenues and Other Sources
0
Expenditures and Other Uses
44,450
Ending Fund Balance $ 607,225
Town of Avon
Resolution No. 12 -10
Page 1 of 2
Current
Proposed
Amended
2012 Budget
$ 651,675
0
1 15,700
$ 535,975
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 28th day of August, 2012.
Town of Avon
Resolution No. 12 -10
Page 2 of 2
TOWN OF AVON, COLORADO
'f
Richard Carroll, Mayor
EXHIBIT B
Affordable Housing Fund #25
Amendment No. 2
REVENUES
Other Revenue
Total Operating Revenues
Other Sources
Transfers In - General Fund
Transfers In - Capital Projects Fund
Total Other Sources
TOTAL REVENUES
EXPENDITURES
General Government:
Affordable Housing
Total Operating Expenditures
TOTAL EXPENDITURES
NET SOURCE (USE) OF FUNDS
FUND BALANCES, Beginning of Year
FUND BALANCES, End of Year
1,700
44,450
Fund Summa -
— —
Original or
Proposed
Prev. Amend.
Revised Difference
Actual Budget
Budget Increase
2011 2012
2012 (Decrease)
REVENUES
Other Revenue
Total Operating Revenues
Other Sources
Transfers In - General Fund
Transfers In - Capital Projects Fund
Total Other Sources
TOTAL REVENUES
EXPENDITURES
General Government:
Affordable Housing
Total Operating Expenditures
TOTAL EXPENDITURES
NET SOURCE (USE) OF FUNDS
FUND BALANCES, Beginning of Year
FUND BALANCES, End of Year
1,700
44,450
115,700
71,250
1,700
44,450
115,700
71,250
1,700
44,450
115,700
71,250
(1,700)
(44,450)
(115,700)
(71,250)
653,375
651,675
651,675
-
$ 651,675 $
607,225 $
535,975
$ (71,250)
Page 1
Memo
To: Honorable Mayor and Town Council
Thru: Patty McKenny, Acting Town Manager Initials
From: Scott Wright, Finance Director
Date: August 23, 2012
Re: Resolution No. 12 -10, Affordable Housing Fund
Supplemental Budget Amendment #2
Summary:
Resolution 12 -10 amends the Town's Affordable Housing Fund budget for the employee
housing loan recently approved by the Town Council in the amount of $71,250. This
amendment results in a final estimated ending fund balance for 2012 of $535,975.
Discussion:
I have been informed that Council would like to review the housing loan program that the
Town currently offers to its employees and will be happy to answer any questions at that time.
Recommendation:
Staff recommends that Council adopt the resolution discussed above as presented.
Town Manager Comments:
Attachments:
A - Resolution 12 -10
B — Affordable Housing Fund Summary, Page 1
Page 1
EXHIBIT A
TOWN OF AVON, COLC
RESOLUTION NO. 12-10
SERIES OF 2012
A RESOLUTION TO AMEND THE 2012 TOWN OF AVON
AFFORDABLE HOUSING FUND BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY
FUND AND AMENDING THE 2012 AFFORDABLE HOUSING FUND BUDGET
FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR
BEGINNING ON THE FIRST DAY OF JANUARY, 2012 AND ENDING ON THE
LAST DAY OF DECEMBER, 2012
WHEREAS, the Town Council of the Town of Avon has previously adopted the
2012 budget; and
WHEREAS, the Town Council reviewed the revised estimated revenues and
expenditures for all operating funds for 2012; and
WHEREAS, the Town Council finds it necessary to amend the 2012 budget to
more accurately reflect the revenues and expenditures for 2012; 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 2012:
Ending Fund Balance 607,225
Town of Avon
Resolution No. 12 -10
Page 1 of 2
Current
Proposed
Amended
2012 Budget
$ 651,675
0
115,700
� 535,975
Original or
Previously
Amended
2012 Budget
Affordable Housing Fund
Beginning Fund Balance
$ 651,675
Revenues and Other Sources
0
Expenditures and Other Uses
44,450
Ending Fund Balance 607,225
Town of Avon
Resolution No. 12 -10
Page 1 of 2
Current
Proposed
Amended
2012 Budget
$ 651,675
0
115,700
� 535,975
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 28th day of August, 2012.
TOWN OF AVON, COLORADO
Richard Carroll, Mayor
ATTEST:
Patty McKenny
Town Clerk
Town of Avon
Resolution No. 12 -10
Page 2 of 2