TC Res. No. 2013-09 CIP Fund Budget AmendmentTOWN OF AVON, COLORADO
RESOLUTION NO. 13 -09
SERIES OF 2013
A RESOLUTION TO AMEND THE 2013 TOWN OF AVON CAPITAL
PROJECTS FUND BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY
FUND AND AMENDING THE 2013 CAPITAL PROJECTS FUND 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 previously adopted the
2013 Capital Projects Fund budget; and
WHEREAS, the Town Council reviewed the revised estimated revenues and
expenditures for 2013; and
WHEREAS, the Town Council finds it necessary to amend the 2013 Capital
Projects Fund budget to more accurately reflect the revenues and expenditures for 2013;
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 2013:
Town of Avon
Resolution No. 13 -09
Page i of 2
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 26th day of March, 2013.
C ATTEST:
Patty c enny
To Cler
Town of Avon
Resolution No. 13 -09
Page 2 of 2
TOWN OF AVON, COLORADO
R teiard Carroll, Mayor
Original or
Current
Previously
Proposed
Amended
Amended
2013 Budget
2013 Budget
Capital Projects Fund
Beginning Fund Balance
$ 2,907,569
$ 6,186,560
Revenues and Other Sources
3,116,500
11,138,973
Expenditures and Other Uses
3,841,343
14,373,650
Ending Fund Balance
$ 2,182,726
$ 2,951,883
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 26th day of March, 2013.
C ATTEST:
Patty c enny
To Cler
Town of Avon
Resolution No. 13 -09
Page 2 of 2
TOWN OF AVON, COLORADO
R teiard Carroll, Mayor
Capital Projects Fund #41
Amendment No. 1
REVENUES
Taxes
Intergovernmental
Investment Earnings
Other Revenue
Total Operating Revenues
Other Sources:
Transfer In from Other Funds
Total Other Sources
TOTAL REVENUES
EXPENDITURES
Capital Improvements:
Facilities
Land and Land Improvements
Roads and Streets
Utilities
Water Fund Projects
Communications and Technology
Strategic Planning
Total Capital Improvements
Other Uses
Operating Transfer -Out - General Fund
Operating Transfer -Out - Debt Service Fund
Total Other Uses
TOTAL EXPENDITURES
NET SOURCE (USE) OF FUNDS
FUND BALANCE, Beginning of Year
FUND BALANCE, End of Year
Fund Summary
Original or
Proposed
Prev. Amended
Revised Difference
Actual Budget
Budget Increase
2012 2013
2013 (Decrease)
$ 1,707,648 $ 1,500,000 $ 1,500,000 $ -
1,707,114 - 8,372,473 8,372,473
11,018 15,000 15,000 -
693 1,500 1,500
3,426,473 1,516,500 9,888,973 8,372,473
648,274 1,600,000 1,250,000 (350,000)
648,274 1,600,000 1,250,000 (350,000)
4,074,747 3,116,500 11,138,973 8,022,473
3,110,537
80,000
9,013,307
8,933,307
575
50,000
1,050,000
1,000,000
230,403
250,000
1,144,000
894,000
43,521
350,000
55,000
(295,000)
648,274
1,250,000
1,250,000
_
-
139,106
139,106
-
780,000
780,000
4,033,310 2,899,106 13,431,413 10,532,307
217,204 227,571 227,571 -
710,594 714,666 714,666
927,798 942,237 942,237
4,961,108 3,841,343 14,373,650 10,532,307
(886,361) (724,843) (3,234,677) (2,509,834)
7,072,921 2,907,569 6,186,560 3,278,991
$ 6,186,560 $ 2,182,726 $ 2,951,883 $ 769,157
Page 1
Capital Projects Fund #41
Amendment No. 1
Revenue Detail
Original or Proposed
Prev. Amended Revised Difference
Account Actual Budget Budget Increase
Number Description 2012 2013 2013 (Decrease)
Taxes:
51401 Real Estate Transfer Tax $ 1,707,648 $ 1,500,000 $ 1,500,000 $
Page 2
Intergovernmental:
Federal / State:
53150
FTA 90 SGR Grant
1,118,012
6,360,876
6,360,876
53151
FTA 84 BBF Grant
155,342
-
-
53152
FTA / CDOT ARRA Grant
-
523,000
523,000
53153
FHWA / CDOT Hwy 6 Trail Project
-
355,000
355,000
53205
CDOT FASTER Grant
414,403
586,597
586,597
53202
GOCO Grant - Eagle River Pedestrian /Bike Bridge
-
497,000
497,000
53299
State of Colorado Historical Grant (Water Wheel)
19,357
-
_
Local Government/ Other:
53402
Eagle County Trails Grant
-
50,000
50,000
53000
Total Intergovernmental
1,707,114
-
8,372,473
8,372,473
Investment Earnings:
57101
Interest Earnings
11,018
15,000
15,000
-
Other Revenues:
58104
Fireplace Fees
-
1,500
1,500
58999
Nonclassifed
693
-
58000
Total Other Revenues
693
1,500
1,500
Other Sources:
59201
Transfer In from Community Enhancement Fund
-
350,000
-
(350,000)
59201
Transfer In from Water Fund
648,274
1,250,000
1,250,000
59000
Total Other Sources
648,274
1,600,000
1,250,000
(350,000)
50000
TOTAL REVENUES
$ 4,074,747 $
3,116,500 $
11,138,973 $
8,022,473
Page 2
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To: Honorable Mayor Rich Carroll and Avon Town Council
From: Scott Wright, Finance Director
Date: March 20, 2013
Re: 2013 Capital Projects Fund Supplemental Budget Amendment,
Resolution 13 -09
Summary:
Resolution 13 -09 amends the 2013 Capital Projects Fund budget for the carryover of unexpended
project budgets and associated revenues from 2012, as follows.
I70 Regional Transportation Facility $ 8,928,307
Forest Service Land Acquisition 1,000,000
US Hwy 6 Eagle River Pedestrian Bridge 894,000
10,822,307
In addition, the following projects were not anticipated at the time that the original budget was
adopted. tD
Fuel Spill Cleanup (Swift Gulch) 5,000
Heat Recovery Mall Expansion Design 55,000
60,000
Finally, the Heat Recovery Expansion project originally included in the 2013 budget has been
delayed to 2014 due to the development of Lot 61 by Wyndham Resorts.
Heat Recovery Expansion (350,000)
Total Net Increase In Expenditures $10,532,307
On the revenue side, a total of $8,372,473 in federal grant revenues not realized in the previous
year on the 170 Regional Transportation Facility project have been carried over. In addition,
transfers in from the Community Enhancement Fund in the amount of $350,000 for the Heat
Recovery Expansion were eliminated due to the delay in that project as mentioned above.
Finally, beginning fund balances were increased by $3,278,991 due primarily to the carryover of
$2,530,266 in matching requirements on the I70 Regional Transportation Facility project, a
positive $307,648 in real estate transfer tax collections compared to the 2012 estimate. and
Page 1
elimination of $300,000 in transfers out to the urban renewal authority because of delays in the
Avon Mall Improvement project. However, this sum continues to be a commitment of Capital
Projects fund balance.
The net financial effect of all of the above changes result in a net increase to the estimated
ending fund balance for 2013 of $769,157.
Recommendation
Staff recommends that Council adopt Resolution 13 -09, Series of 2013, a Resolution Amending
the Town of Avon 2013 Capital Projects Fund, as presented.
Exhibits and Attachments:
Resolution No. 13 -09
Capital Projects Fund Amendment No. 1
e Page 2
TOWN OF AVON, COLORADO
RESOLUTION NO. 13 -09
SERIES OF 2013
A RESOLUTION TO AMEND THE 2013 TOWN OF AVON CAPITAL
PROJECTS FUND BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY
FUND AND AMENDING THE 2013 CAPITAL PROJECTS FUND 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 previously adopted the
2013 Capital Projects Fund budget; and
WHEREAS, the Town Council reviewed the revised estimated revenues and
expenditures for 2013; and
WHEREAS, the Town Council finds it necessary to amend the 2013 Capital
Projects Fund budget to more accurately reflect the revenues and expenditures for 2013;
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 2013:
Town of Avon
Resolution No. 13 -09
Page I of 2
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 26th day of March, 2013.
TOWN OF AVON, COLORADO
Richard Carroll, Mayor
ATTEST:
Patty McKenny
Town Clerk
Town of Avon
Resolution No. 13 -09
Page 2 of 2
Original or
Current
Previously
Proposed
Amended
Amended
2013 Budget
2013 Budget
Capital Projects Fund
Beginning Fund Balance
$ 2,907,569
$ 6,186,560
Revenues and Other Sources
3,116,500
11,138,973
Expenditures and Other Uses
'.84134' )
14373,650
Ending Fund Balance
$ 2.182,726
$ 2,951.883
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 26th day of March, 2013.
TOWN OF AVON, COLORADO
Richard Carroll, Mayor
ATTEST:
Patty McKenny
Town Clerk
Town of Avon
Resolution No. 13 -09
Page 2 of 2