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URA Res. No. 2007-06RESOLUTION NO. 07-06 SERIES OF 2007 BEFORE THE BOARD OF COMMISSIONERS OF THE AVON URBAN RENEWAL AUTHORITY STATE OF COLORADO A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND AND ADOPTING A BUDGET FOR THE AVON URBAN RENEWAL AUTHORITY FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2008, AND ENDING ON THE LAST DAY OF DECEMBER, 2008. WHEREAS, the Board of Commissioners of the Avon Urban Renewal Authority has directed the Authority's Executive Director/Secretary to prepare and submit a proposed budget for its consideration; and WHEREAS, Larry Brooks, Executive Director/Secretary, has submitted a proposed budget to said governing body on October 9, 2007; and WHEREAS, upon due and proper notice, published or 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 December 11, 2007 and interested taxpayers were given the opportunity to file or register any objections 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 BOARD OF COMMISSIONERS OF THE AVON URBAN RENEWAL AUTHORITY, AVON, COLORADO: Section 1. That estimated revenues and expenditures for each fund are as follows for 2008: 2008 Proposed Budget General Fund Beginning Fund Balance $ 21,403 Revenues and Other Sources 50,000 Expenditures and Other Uses 50,400 Ending Fund Balance $ 21,003 2008 Proposed Budget Debt Service Fund Beginning Fund Balance $ - Revenues and Other Sources 4,997,660 Expenditures and Other Uses 872,260 Ending Fund Balance $ 4,125,400 Capital Projects Fund Beginning Fund Balance $ - Revenues and Other Sources 25,650,000 Expenditures and Other Uses 11,063,000 Ending Fund Balance 14,587,000 Section 2. That the budget, as submitted, amended, and hereinabove summarized by fund, hereby is approved and adopted as the budget of the Avon Urban Renewal Authority for the year stated above. Section 3. That the budget hereby approved and adopted shall be signed by the Chairman and made part of the public record of the Authority. ADOPTED this 11 day of December, 2007. ; G TO O ON, C QD 0 S. o'•. SEAL. ° C' Ronald C. Wolfe, Chairma ATTEST: ;2 3 Pat Mc enny Au ority lerk 2 C7 Memo To: Board Chairman and Commissioners Thru: Larry Brooks, Executive Director From: Scott Wright, Treasurer Date: December 5, 2007 Re: Authority 2008 Proposed Budget and Financial Models Summary: Attached is the final proposed 2008 budget for the Avon Urban Renewal Authority. The ® Authority is considered a separate legal entity from the Town authorized by the Colorado Urban Renewal Act. The Authority's budget is composed of a financial summary and three separate funds - a general fund, debt service fund, and capital projects fund. The Authority's budget in summary is also included for informational purposes in the Town's budget summary as a component unit of the Town. Discussion: This final budget presented to the Board reflects engineers estimates of the construction cost of the re-alignment of Lake Street. Due to escalations in estimates of the cost of the construction of Main Street in 2009 the total gross bond issuance has been increased to $25 million and revisions to debt service made accordingly. The budget for the Authority is based upon the attached financial model prepared by Stan Bernstein and Associates. Stan Bernstein and Association has also prepared a sensitivity model that shows the financial consequences if the build-out at the Riverfront PUD lags behind our current estimated schedule. As part of the budget presentation on Tuesday I will review the financial models in detail with the Board. Recommendation: • Staff recommends that the Board adopt the resolution approving the 2008 budget as presented. Page 1 Executive Director Comments: • Attachments: A -Avon Urban Renewal Authority Proposed 2008 Budget B - Financial Model -Westin Riverfront PUD C - Financial Model -Westin Riverfront PUD (Lagged Buildout) • U 0 Page 2 ® RESOLUTION NO. 07-06 SERIES OF 2007 BEFORE THE BOARD OF COMMISSIONERS OF THE AVON URBAN RENEWAL AUTHORITY STATE OF COLORADO A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND AND ADOPTING A BUDGET FOR THE AVON URBAN RENEWAL AUTHORITY FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2008, AND ENDING ON THE LAST DAY OF DECEMBER, 2008. WHEREAS, the Board of Commissioners of the Avon Urban Renewal Authority has directed the Authority's Executive Director/Secretary to prepare and submit a proposed budget for its consideration; and WHEREAS, Larry Brooks, Executive Director/Secretary, has submitted a proposed budget to said governing body on October 9, 2007; and WHEREAS, upon due and proper notice, published or 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 December 11, 2007 and interested taxpayers were given the opportunity to file or register any objections 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 BOARD OF COMMISSIONERS OF THE AVON URBAN RENEWAL AUTHORITY, AVON, COLORADO: Section 1. That estimated revenues and expenditures for each fund are as follows for 2008: 2008 Proposed Bind . et General Fund Beginning Fund Balance $ 21,403 Revenues and Other Sources 50,000 Expenditures and Other Uses 50,400 ® Ending Fund Balance $ 21,003 2008 Proposed Budget Debt Service Fund Beginning Fund Balance $ Revenues and Other Sources 4,997,660 Expenditures and Other Uses 872,260 Ending Fund Balance 4,125,400 Capital Projects Fund Beginning Fund Balance $ - Revenues and Other Sources 25,650,000 Expenditures and Other Uses 11,063,000 Ending Fund Balance 14,587,000 Section 2. That the budget, as submitted, amended, and hereinabove summarized by fund, hereby is approved and adopted as the budget of the Avon Urban Renewal Authority for the year stated above. • Section 3. That the budget hereby approved and adopted shall be signed by the Chairman and made part of the public record of the Authority. ADOPTED this 11 day of December, 2007. TOWN OF AVON, COLORADO Ronald C. Wolfe, Chairman ATTEST: Patty McKenny Authority Clerk • 2 • r] r1 AVON URBAN RENEWAL AUTHORITY Summary - All Funds TOTAL4..ALL FUmNDS Original or Final Prev. Amend. Revised Proposed Actual Budget Budget Budget 2006 2007 2007 2008 REVENUES Taxes Investment Earnings Other Revenue Total Operating Revenues Other Sources Bond Proceeds Transfers-In From Other Funds Total Other Sources TOTAL REVENUES EXPENDITURES General Government Total Operating Expenditures Debt Service Capital Improvements Other Uses $ - $ - $ - $ 126,370 786,290 - 912,660 - - - 25,000,000 120,000 - - 4,785,000 120,000 - - 29,785,000 120,000 - - 30,697,660 8,197 111,803 90,400 50,400 8,197 111,803 90,400 50,400 - - - 1,372,260 - 5,828,000 Transfers-Out To Other Funds - - - 4,735,000 TOTAL EXPENDITURES 8,197 111,803 90,400 11,985,660 NET SOURCE (USE) OF FUNDS 111,803 (111,803) (90,400) 18,712,000 FUND BALANCES, Beginning of Year - 111,803 111,803 21,403 FUND BALANCES, End of Year $ 111,803 $ - $ 21,403 $ 18,733,403 Page 1 AVON URBAN RENEWAL AUTHORITY General Fund Fund-Summary Original or Final Prev. Amend. Revised Proposed Account Actual Budget Budget Budget Number Description 2006 2007 2007 2008 REVENUES 58999 Other Revenue $ - $ - $ _ $ _ Total Operating Revenues - - - - Other Sources 59101 Transfers In - TOA General Fund 120,000 - - 50,000 50000 TOTAL REVENUES 120,000 - - 50,000 EXPENDITURES General Government 8,197 111,803 90,400 50,400 60000 TOTAL EXPENDITURES 8,197 111,803 90,400 50,400 NET SOURCE (USE) OF FUNDS 111;803 (111,803) (90,400) (40a FUND BALANCES, Beginning of Year - 111,803 111,803 21,403 FUND BALANCES, End of Year $ 111,803 $ - $ 21,403 $ 21,003 • Page 2 Town of Avon Line Item Detail ® Function: General Government/Financial #140 Department: Finance #140 Program: Avon Urban Renewal Authority #148 Account Number Account Description Personnel: 61101 Regular Full-time Salaries 61201 Automobile Allowance 61301 FT Pension 61303 Wellness 61304 Employee Assistance Program 61401 FICA/Medicare 61501 Group Health and Life Insurance 61505 Long-term Disability Insurance 61507 Dental Insurance 61509 Worker's Compensation 61510 Unemployment Insurance 61000 Total Personnel Commodities: 62905 Books and Periodicals 62999 Office Supplies and Materials ® 62000 Total Commodities Contract Services: 63101 Legal Services 63199 Other Professional Services 63000 Total Contract Services Other Operating Costs: 64201 Telephone 64206 Cellular and Paging 64000 Total Other Operating Costs 60000 Total Expenditures Original or Final Prev. Amend. Revised Proposed Actual Budget Budget Budget Percent 2006 2007 2007 2008 Change $ $ $ $ N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - - N/A 400 400 0.00% 400 400 N/A 6,342 1,855 53,658 58,145 25,000 65,000 20,000 30,000 -20.00% -53.85% 8,197 111,803 90,000 50,000 -44.44% N/A N/A N/A $ 8,197 $ 111,803 $ 90,400 $ 50,400 -44.25% Page 3 TOWN OF AVON DETAILED BUDGET REQUESTS 2008 Department: Finance and Information Systems Program: Avon Urban Renewal Authority Account 2008 Number Account Name Budget Justification Sherman and Howard Legal Services: 63101 Legal Services 20,000 AURA General Counsel Services 20,000 Financial Modeling Services 20,000 63199 Other Professional Services 30,000 Other Professional Services 10,000 63000 Total Contract Services 50,000 u Page 4 AVON URBAN RENEWAL AUTHORITY Debt Service Fund Fund.Summa Original or Final Prev. Amend. Revised Proposed Account Actual Budget Budget Budget Number Description 2006 2007 2007 2008 REVENUES Taxes: 51101 Property Tax - Current $ - $ - $ - $ 126,370 51102 Property Tax - Delinquent - 51103 Property Tax - Interest & Penalties - - - - 51000 Total Taxes - - - 126,370 Investment Earnings: 57101 Interest - - - 136,290 50000 Total Operating Revenues - - - 262,660 Other Sources Transfer In - AURA Capital Projects Fund - - - 4,735,000 ® TOTAL REVENUES - - - 4,997,660 EXPENDITURES AND OTHER USES Debt Service: Series 2008, TIF Revenue Bonds: 65101 Principal - - - - 65102 Interest - - - 872,260 65103 Fiscal Agent Fees - - _ - 64303 County Treasurer Fees - - _ - 60000 TOTAL EXPENDITURES - - - 872,260 NET SOURCE (USE) OF FUNDS - - - 4,125,400 FUND BALANCES, Beginning of Year - - _ _ FUND BALANCES, End of Year $ - $ - $ - $ 4,125,400 E Page 5 AVON URBAN RENEWAL AUTHORITY Capital Projects Fund Fund Summary Original or Final Prev. Amend. Revised Proposed Actual Budget Budget Budget Description 2006 2007 2007 2008 REVENUES Investment Earnings Other Revenue Total Operating Revenues Other Sources Bond Procceds Total Other Sources TOTAL REVENUES EXPENDITURES Debt Service: Bond Issuance Costs Capital Improvements Total Operating Expenditures Other Uses Transfers Out - AURA Debt Service Fund TOTAL EXPENDITURES NET SOURCE (USE) OF FUNDS FUND BALANCES, Beginning of Year FUND BALANCES, End of Year $ - $ - $ - $ 650,000 650,000 25,000,000 25,000,000 25,650,000 - - 500,000 - - 5,828,000 - - 6,328,000 - - 4,735,000 11,063,000 - - - 14,587,000 $ - $ - $ - $ 14,587,000 • • Page 6 AVON URBAN RENEWAL AUTHORITY Capital Projects Fund CLPx Pro'ects Inventor: Original or Final Prev. Amend. Revised Proposed Account Actual Budget Budget Budget Number Description 2006 2007 2007 2008 CAPITAL IMPROVEMENT PROJECTS Roads and Streets: Street Improvements: .Reimbursement to TOA re: Lake Street Re-alignment Design $ $ $ - $ 328,000 Lake Street Construction 4,500,000 Main Street Design - 800,000 Main Street Easements - 200,000 E Total Capital Improvement Projects Page 7 $ $ $ 5,828,000 2O ON I► 5 (a LL W m Q rx ~ O O ? 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