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TC Res. No. 2012-17 Amend 2012 TOA BudgetTOWN OF AVON, COLORADO RESOLUTION NO. 12 -17 SERIES OF 2012 A RESOLUTION TO AMEND THE 2012 TOWN OF AVON BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND AMENDING THE 2012 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, upon due and proper notice, published or posted in accordance with the law, the proposed budget amendment to the 2012 budget was open for inspection by the public at a designated place, a public hearing was held on October 23, 2012 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 2012: Original or Previously Amended 2012 Budget General Fund Beginning Fund Balance $ 4,872,313 Revenues and Other Sources 12,910,363 Expenditures and Other Uses 12,076,770 Ending Fund Balance $ 5,705,906 Town of Avon Resolution No. 12 -17 Page 1 of 3 Current Proposed Amended 2012 Budget $ 3,787,944 11,814,249 12,133,611 $ 3,468,582 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 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. 12 -17 Page 2 of 3 Original or Previously Amended 2012 Budget $ 74,318 240,000 289,933 $ 24,385 $ 381,085 70,000 350,000 $ 101,085 $ 2,217,739 165,000 804,238 $ 1578,501 $ 502,885 1,264,800 1,264,800 $ 502,885 $ 662,769 1,258,668 1,391,607 $ 529,830 Current Proposed Amended 2012 Budget $ 76,793 240,000 290,020 $ 26,773 $ 385,468 75,000 0 �•1 �•: $ 2,339,866 181,896 858;699 $ 1.663,063 $ 494,552 1,264,800 1,264,800 $ 494,552 $ 702,512 1,246,550 1,384,404 564,658 Fleet Maintenance Enterprise Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Equipment Replacement Internal Service Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Original or Previously Amended 2012 Budget $ 605,804 1,491,049 1,666,452 $ 430,401 $ 1,959,491 744,399 598,892 $ 2,104,998 Current Proposed Amended 2012 Budget $ 553,491 1,283,629 1,386,236 .., $ 1,982,423 744,399 598,024 $ 2,128,798 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 13" day of November, 2012. TOWN OF AVON, COLORADO RichCarrol , -yor Town of Avon Resolution No. 12 -17 Page 3 of 3 llAk I I To: Honorable Mayor and Town Council Thru: Patty McKenny, Acting Town Manager Initials Legal: Eric Heil, Town Attorney From: Scott Wright, Finance Director Date: November 8, 2012 Re: Adoption of Proposed 2013 and Final Revised 2012 Operating Budgets Summary: The Town's final revised operating budgets for 2012 and the proposed 2013 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 Acting Town Manager presented her recommended budget at the Council budget retreat held on October 18th. Material changes to the proposed 2013 General Fund budget subsequent to the budget retreat that have been incorporated into the final version for adoption on November 13 include the following: • Added $42,500 to economic development for two additional programs: the Vail Leadership Entrepreneurs Base Camp - $7,500, and the 2013 Women's Birds of Prey World Cup - $35,000. Partially offset by an error in the MTRiPS appropriation of $8,325 and by applying unused contingency of $11,150. • Increased miscellaneous revenues by $12,000 for additional lease revenues. Increased estimated sales tax revenues by $14,950. • Identified salary savings of $40,727 through staff attrition and turnover. Added a 3% merit pool in the amount of $38,036. • Capital lease reduction in Public Works of $25,950 due to sale and payoff of LeeBoy. • Discontinued short-term leave benefit for employees - $18,687. Page 1 • Increased group health insurance costs due to increase in 2013 renewal by $68,791. These changes result in a final General Fund surplus for 2013 of $260. There were no other significant changes to any of the Town's other budgets. Public Hearing. As required by Town Charter, on October 23, 2012, a public hearing was held for members of the public to comment on the proposed 2013 budget. No comments were presented at that meeting by the public. Recommendation: Staff recommends that Council adopt the resolutions discussed above as presented. Town Manager Comments: Attachments: A - 2013 Financial Overview, Total - All Funds B - 2013 Financial Overview, Total by Fund C — Resolution 12 -17 D — Resolution 12 -19 • Page 2 A T� AM 2 To: Honorable Mayor and Town Council Thru: Patty McKenny, Acting Town Manager Initials Legal: Eric Heil, Town Attorney From: Scott Wright, Finance Director Date: November 8, 2012 Re: Adoption of Proposed 2013 and Final Revised 2012 Operating Budgets Summary The Town's final revised operating budgets for 2012 and the proposed 2013 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 Acting Town Manager presented her recommended budget at the Council budget retreat held on October 18d'. Material changes to the proposed 2013 General Fund budget subsequent to the budget retreat that have been incorporated into the final version for adoption on November 13 include the following: • Added $42,500 to economic development for two additional programs: the Vail Leadership Entrepreneurs Base Camp - $7,500, and the 201' ) Women's Birds of Prey World Cup - $35,000. Partially offset by an error in the MTRiPS appropriation of $8,325 and by applying unused contingency of $11,150. • Increased miscellaneous revenues by $12,000 for additional lease revenues. Increased estimated sales tax revenues by $14,950. • Identified salary savings of $40,727 through staff attrition and turnover. Added a 3% merit pool in the amount of $38,036. • Capital lease reduction in Public Works of $25,950 due to sale and payoff of LeeBoy. • Discontinued short-term leave benefit for employees - $18,687. Page 1 • Increased group health insurance costs due to increase in 2013 renewal by $68,791. These changes result in a final General Fund surplus for 2013 of $260. There were no other significant changes to any of the Town's other budgets. Public Hearing. As required by Town Charter, on October 23, 2012, a public hearing was held for members of the public to comment on the proposed 2013 budget. No comments were presented at that meeting by the public. Recommendation: Staff recommends that Council adopt the resolutions discussed above as presented. Town Manager Comments: Attachments: A - 201' ) Financial Overview, Total - All Funds B - 2013 Financial Overview, Total by Fund C — Resolution 12 -17 D — Resolution 12 -19 0 Page 2 TOWN OF AVON, COLORADO RESOLUTION NO. 12 -19 SERIES OF 2012 A RESOLUTION TO AMEND THE 2012 TOWN OF AVON BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND AMENDING THE 2012 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, upon due and proper notice, published or posted in accordance with the law, the proposed budget amendment to the 2012 budget was open for inspection by the public at a designated place, a public hearing was held on October 23, 2012 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 2012: Original or Previously Amended 2012 Budget General Fund Beginning Fund Balance $ 4,872,313 Revenues and Other Sources 12,910,363 Expenditures and Other Uses 12,076,770 Ending Fund Balance $ 5705,906 Town of Avon Resolution No. 12 -17 Page 1 of 3 Current Proposed Amended 2012 Budget $ 3,787,944 11,814,249 12,133,611 $ 3,468,582 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 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. 12 -17 Page 2 of 3 Original or Previously Amended 2012 Budget $ 74,318 240,000 289.933 $ 24,385 $ 381,085 70,000 350,000 $ 101,085 $ 2,217,739 165,000 804,238 $ 1,578,501 $ 502,885 1,264,800 1,264,800 $ 502,885 $ 662,769 1,258,668 1,391,607 $ 529,830 Current Proposed Amended 2012 Budget $ 76,793 240,000 290,020 $ 26,773 $ 385,468 75,000 0 $ 460,468 $ 2,339,866 181,896 858,699 $ 1,663,063 $ 494,552 1,264,800 1,264,800 $ 494,552 $ 702,512 1,246,550 1,384,404 $ 564,658 Fleet Maintenance Enterprise Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Equipment Replacement Internal Service Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Original or Previously Amended 2012 Budget $ 605,804 1,491,049 1.666.452 $ 430,401 $ 1,959,491 744,399 598,892 $ 2,104,998 Current Proposed Amended 2012 Budget $ 553,491 1,283,629 1,386,236 $ 450,884 $ 1,982,423 744,399 598,024 $ 2,128,798 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 13th day of November, 2012. TOWN OF AVON, COLORADO Rich Carroll, Mayor ATTEST: Patty McKenny Town Clerk Town of Avon Resolution No. 12 -17 Page 3 of 3 TOWN OF AVON RESOLUTION NO. 12 -19 SERIES OF 2012 A RESOLUTION TO ADOPT THE 2013 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, 2013 AND ENDING ON THE LAST DAY OF DECEMBER, 2013 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 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 23, 2012, 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 2013: 2013 Proposed Budget General Fund Beginning Fund Balance $ 3,468,582 Revenues and Other Sources 12,353,925 Expenditures and Other Uses 12,353,665 Ending Fund Balance $ 3,468,842 Town Center West Maintenance Fund Beginning Fund Balance $ 26,773 Revenues and Other Sources 290,000 Expenditures and Other Uses 300,700 Ending Fund Balance $ 16,073 Town of Avon Resolution No. 12 -19 Page 1 of 3 Affordable Housing Fund 2013 Beginning Fund Balance Proposed Revenues and Other Sources Budge Community Enhancement Fund 1,700 Beginning Fund Balance $ 460,468 Revenues and Other Sources 75,000 Expenditures and Other Uses 350,000 Ending Fund Balance $ 185,468 Water Fund 0 Beginning Fund Balance $ 1,663,063 Revenues and Other Sources 397,000 Expenditures and Other Uses 1,390,621 Ending Fund Balance $ 669,442 Affordable Housing Fund Beginning Fund Balance $ 535,975 Revenues and Other Sources 0 Expenditures and Other Uses 1,700 Ending Fund Balance $ 534,275 Facilities Reserve Fund Beginning Fund Balance $ 413,251 Revenues and Other Sources 0 Expenditures and Other Uses 0 Ending Fund Balance $ 413,251 Debt Service Fund Beginning Fund Balance $ 494,552 Revenues and Other Sources 1,261,806 Expenditures and Other Uses 1,261,806 Ending Fund Balance $ 494,552 Transit Enternrise Fund Beginning Fund Balance $ 564,658 Revenues and Other Sources 956,817 Expenditures and Other Uses 1,007,440 Ending Fund Balance $ 514,035 Town of Avon Resolution No. 12 -19 Page 2 of 3 Equipment Replacement Internal Service Fund Beginning Fund Balance $ 2,128,798 Revenues and Other Sources 461,035 Expenditures and Other Uses 216,489 Ending Fund Balance $ 2,373,344 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 13" day of November, 2012. TOWN OF AVON, COLORADO Rich Carroll, Mayor ATTEST: Patty McKenny Town Clerk Town of Avon Resolution No. 12 -19 Page 3 of 3 2013 Proposed Budget Fleet Maintenance Enterprise Fund Beginning Fund Balance $ 450,884 Revenues and Other Sources 1,432,629 Expenditures and Other Uses 1,457,654 Ending Fund Balance $ 425,884 Equipment Replacement Internal Service Fund Beginning Fund Balance $ 2,128,798 Revenues and Other Sources 461,035 Expenditures and Other Uses 216,489 Ending Fund Balance $ 2,373,344 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 13" day of November, 2012. TOWN OF AVON, COLORADO Rich Carroll, Mayor ATTEST: Patty McKenny Town Clerk Town of Avon Resolution No. 12 -19 Page 3 of 3 TOWN OF AVON Financial Overview REVENUES Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeitures Investment Earnings Other Revenue Total Operating Revenues Other Sources Sales of Fixed Assets Transfers -In From Other Funds Capital Lease Proceeds TOTAL REVENUES EXPENDITURES f- 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 Original or Final Prev. Amend. Revised Proposed Actual Budget Budget Budget 2011 2012 2012 2013 $ 12,123,774 11,788,802 $ 11,398,717 $ 11,793,748 219,265 265,600 195,600 325,600 1,164,171 12,052,551 12,075,566 918,883 3,553,833 3,813,844 3,173,021 3,584,235 197,103 204,250 173,750 177,750 87,099 181,316 68,663 71,525 379,383 373,780 365,684 409,180 17,724,628 28,680,143 27,451,001 17,280,921 64,972 38,700 108,700 11,000 2,325,335 3,306,001 3,109,493 3,757,237 563,811 260,000 260,000 55,000 20,678,746 32,284,844 30,929,194 21,104,158 3,411,329 2,841,750 2,986,291 2,707,571 519,268 530,633 431,971 526,808 2,516,612 2,518,896 2,568,767 2,603,773 3,429,238 3,424,684 3,480,400 3,637,397 2,921,284 3,058,059 2,770,640 2,465,094 2,054,477 2,358,678 2,274,856 2,382,087 14, 852,208 14,732,700 14,512,925 14, 322,730 1,777,902 1,754,973 1,757,711 1,765,791 1,637,893 17,701,884 16,601,016 3,474,338 2,315,515 3,406,001 3,110,393 3,757,237 20,583,518 37,595,558 35,982,045 23,320,096 95,228 (5,310,714) (5,052,851) (2,215,938) 19,242,583 20,203,841 19,337,811 14,284,960 $ 19,337,811 $ 14,893,127 $ 14,284,960 $ 12,069,022 Section I, Page 1 REVENUE Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeitures Investment Earnings Other Revenue Total Operating Revenues 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 Transfers -Out To Other Funds TOTAL EXPENDITURES NET SOURCE (USE) OF FUNDS FUND BALANCES, Beginning of Year FUND BALANCES, End of Year TOWN OF AVON Financial Overview 25,000 - - 227,571 290,000 - - - - 12,353,925 290,000 759,446 75,000 397,000 - 2,704,921 Special Revenue Funds 526,808 - Town Urban Community Affordable General Center Renewal Enhancement Water Housing Fund West Fund Fund Fund Fund 350,000 - - 503,985 - - - - $ 8,953,370 $ - $ 753,921 $ - $ $ - 325,600 - - (10,700) (379,232) 918,883 - (993,621) (1,700) 3,468,582 1,369,571 - 1,170,387 - 397,000 - 177,750 - - - 50,000 - 5,525 $ 3,468,842 306,180 - - 75,000 - 534,275 12,101,354 - 759,446 75,000 397,000 - 25,000 - - 227,571 290,000 - - - - 12,353,925 290,000 759,446 75,000 397,000 - 2,704,921 950 1,700 526,808 - - - - 2,603,773 - - - 3,196,076 300,700 - 140,621 2,382,087 - - - - 11,413,665 300,700 950 140,621 1,700 1,138,678 350,000 - - 503,985 - - - - 358,743 940,000 - 275,000 350,000 1,250,000 - 12,353,665 300,700 1,138,678 350,000 1,390,621 1,700 260 (10,700) (379,232) (275,000) (993,621) (1,700) 3,468,582 26,773 1,170,387 460,468 1,663,063 535,975 $ 3,468,842 $ 16,073 $ 791,155 $ 185,468 $ 669,442 $ 534,275 Section I, Page 2 TOWN OF AVON Financial Overview - - 11,000 11,000 - - - - 30,000 - 55,000 - 714,666 1,600,000 800,000 125,000 - 3,757,237 - 1,261,806 3,116,500 956,817 1,432,629 461,035 21,104,158 - - - - 2,707,571 18.90% - - - 526,808 3.68% - - - - - 2,603,773 18.18% - - 3,637,397 25.40% 1,007,440 1,457,654 2,465,094 17.21% - - - - - 2,382,087 16.63% Debt Service 100.00% Internal - - (724,843) Facilities Fund Capital Enterprise Funds Service 564,658 Percent Reserve Bond Projects Transit Fleet Equipment $ 413,251 $ 494,552 $ 2,182,726 $ of Fund Redemption Fund Fund Maintenance Replacement Total Total $ - $ 546,140 $ 1,500,000 $ 40,317 $ $ $ 11,793,748 68.25% - - - - 325,600 1.88% - - 918,883 5.32% 90,000 1,277,629 450,035 3,584,235 20.74% - - - - - - 177,750 1.03% - 1,000 15,000 - 71,525 0.41% - - 1,500 26,500 - - 409,180 2.37% - 547,140 1,516,500 156,817 1,277,629 450,035 17,280,921 100.00% - - 11,000 11,000 - - - - 30,000 - 55,000 - 714,666 1,600,000 800,000 125,000 - 3,757,237 - 1,261,806 3,116,500 956,817 1,432,629 461,035 21,104,158 - - - - 2,707,571 18.90% - - - 526,808 3.68% - - - - - 2,603,773 18.18% - - 3,637,397 25.40% 1,007,440 1,457,654 2,465,094 17.21% - - - - - 2,382,087 16.63% - - 1,007,440 1,457,654 14,322,730 100.00% 1,261,806 - - - - 1,765,791 - 2,899,106 - 216,489 3,474,338 - - 942,237 - - 3,757,237 - 1,261,806 3,841,343 1,007,440 1,457,654 216,489 23,320,096 - - (724,843) (50,623) (25,025) 244,546 (2,215,938) 413,251 494,552 2,907,569 564,658 450,884 2,128,798 14,284,960 $ 413,251 $ 494,552 $ 2,182,726 $ 514,035 $ 425,859 $ 2,373,344 $ 12,069,022 Section I, Page 3