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TC Res. No. 2012-19 2013 TOA BudgetTOWN 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 2' ), 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 fiend are as follows for 2013: 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 I of 3 2013 Proposed Bum 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 I of 3 2013 Proposed Budget Community Enhancement Fund Beginning Fund Balance $ 460,468 zD Revenues and Other Sources 75,000 Expenditures and Other Uses 350,000 Ending Fund Balance $ 185,468 Water Fund 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 Enterprise 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 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 $ 2373,344 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 13t' day of November, 2012. TOWN OF AVON, COLORADO Rich Carroll, Mayor ATE =E"ST: / Q Town of Avon Resolution No. 12 -19 Page 3 of 3 TOWN OF AVON Financial Overview im INNER TOTAL /ALL FUNDS �� , Original or Final Prev. Amend. Revised Proposed Actual Budget Budget Budget 2011 2012 2012 2013 REVENUES Taxes $ 12,123,774 11,788,802 $ 11,398,717 $ 11,793,748 Licenses and Permits 219,265 265,600 195,600 325,600 Intergovernmental 1,164,171 12,052,551 12,075,566 918,883 Charges for Services 3,553,833 3,813,844 3,173,021 3,584,235 Fines and Forfeitures 197,103 204,250 173,750 177,750 Investment Earnings 87,099 181,316 68,663 71,525 Other Revenue 379,383 373,780 365,684 409,180 Total Operating Revenues 17,724,628 28,680,143 27,451,001 17,280,921 Other Sources Sales of Fixed Assets 64,972 38,700 108,700 11,000 Transfers -In From Other Funds 2,325,335 3,306,001 3,109,493 3,757,237 Capital Lease Proceeds 563,811 260,000 260,000 55,000 TOTAL REVENUES 20,678,746 32,284,844 30,929,194 21,104,158 EXPENDITURES General Government and Finance 3,411,329 2,841,750 2,986,291 2,707,571 Community Development 519,268 530,633 431,971 526,808 Public Safety 2,516,612 2,518,896 2,568,767 2,603,773 Public Works, Engineering and Utilities 3,429,238 3,424,684 3,480,400 3,637,397 Transportation and Fleet Maintenance 2,921,284 3,058,059 2,770,640 2,465,094 Recreation and Culture 2,054,477 2,358,678 2,274,856 2,382,087 Total Operating Expenditures 14,852,208 14,732,700 14,512,925 14,322,730 Debt Service 1,777,902 1,754,973 1,757,711 1,765,791 Capital Improvements and Equipment Replacement 1,637,893 17,701,884 16,601,016 3,474,338 Other Uses Transfers -Out To Other Funds 2,315,515 3,406,001 3,110,393 3,757,237 TOTAL EXPENDITURES 20,583,518 37,595,558 35,982,045 23,320,096 NET SOURCE (USE) OF FUNDS 95,228 (5,310,714) (5,052,851) (2,215,938) FUND BALANCES, Beginning of Year 19,242,583 20,203,841 19,337,811 14,284,960 FUND BALANCES, End of Year $ 19,337,811 $ 14,893,127 $ 14,284,960 $ 12,069,022 Section I, Page 1 TOWN OF AVON Financial Overview EXPENDITURES General Government, Housing and Finance 2,704,921 Special Revenue Funds 950 Town Urban Community Affordable 526,808 General Center Renewal Enhancement Water Housing - Fund West Fund Fund Fund Fund REVENUE - - Public Works, Engineering and Utilities 3,196,076 Taxes $ 8,953,370 $ - $ 753,921 $ $ $ Licenses and Permits 325,600 - - Intergovernmental 918,883 - - - - Charges for Services 1,369,571 - - - 397,000 - Fines and Forfeitures 177,750 - - - Investment Earnings 50,000 - 5,525 - - Other Revenue 306,180 - - 75,000 - - Total Operating Revenues 12,101,354 - 759,446 75,000 397,000 - Other Sources Sales of Fixed Assets - Transfers -Out To Other Funds - - - - Capital Lease Proceeds 25,000 - - - - Transfers -In From Other Funds 227,571 290,000 - - - - TOTAL REVENUES 12,353,925 290,000 759,446 75,000 397,000 EXPENDITURES General Government, Housing and Finance 2,704,921 - 950 - 1,700 Community Development 526,808 - - - - Police 2,603,773 - - - - - Public Works, Engineering and Utilities 3,196,076 300,700 140,621 Transportation and Fleet Maintenance - - - - Recreation and Culture 2,382,087 - - - - - Total Operating Expenditures 11,413,665 300,700 950 140,621 1,700 Debt Service - - 503,985 - - - Capital Expenditures - - 358,743 - - Other Uses Transfers -Out To Other Funds 940,000 - 275,000 350,000 1,250,000 - TOTAL EXPENDITURES 12,353,665 300,700 1,138,678 350,000 1,390,621 1,700 NET SOURCE (USE) OF FUNDS 260 (10,700) (379,232) (275,000) (993,621) (1,700) FUND BALANCES, Beginning of Year 3,468,582 26,773 1,170,387 460,468 1,663,063 535,975 FUND BALANCES, End of Year $ 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 Debt Service - 1,007,440 1,457,654 - 2,465,094 17.21% Internal 16.63% Facilities Fund Capital Enterprise Funds Service Percent Reserve Bond Projects Transit Fleet Equipment of Fund Redemption Fund Fund Maintenance Replacement Total Total 450,884 2,128,798 14,284,960 $ - $ 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