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URA Res.No.2010-03AVON URBAN RENEWAL AUTHORITY TOWN OF AVON, COLORADO RESOLUTION NO. 10 -03 SERIES OF 2010 A RESOLUTION AMENDING THE 2010 AVON URBAN RENEWAL AUTHORITY BUDGET WHEREAS, the Board of Commissioners of the Avon Urban Renewal Authority has previously adopted the 2010 budget; WHEREAS, the Board of Commissioners of the Avon Urban Renewal Authority reviewed the revised estimated revenues and expenditures for all funds for 2010; WHEREAS, the Board of Commissioners of the Avon Urban Renewal Authority finds it necessary to amend the 2010 budget to more accurately reflect the revenues and expenditures for 2010; WHEREAS, upon due and proper notice, published or posted in accordance with the law, the proposed budget amendment to the 2010 budget was open for inspection by the public at a designated place, a public hearing was held on November 23, 2010 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 BOARD OF COMMISSIONERS OF THE AVON URBAN RENEWAL AUTHORITY: Section 1. That estimated revenues and expenditures for the Avon Urban Renewal Authority are revised as follows for 2010: Ending Fund Balance $ 671.558 Avon Urban Renewal Authority Resolution No. 10 -03 Page 1 of 2 Current Proposed Amended 2010 Budget $ 486,837 955,366 773,896 $ 668,307 Original or Previously Amended 2010 Budget Avon Urban Renewal Authority Beginning Fund Balance $ 508,070 Revenues and Other Sources 959,179 Expenditures and Other Uses 795,691 Ending Fund Balance $ 671.558 Avon Urban Renewal Authority Resolution No. 10 -03 Page 1 of 2 Current Proposed Amended 2010 Budget $ 486,837 955,366 773,896 $ 668,307 Section 2. That the budget, as submitted and amended 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 23rd day of November, 2010. • R . FF.4� " Aii, i R f ATTEST: '. �.• Secretary CERTIFIED: Patty c envy Au ority lerk Avon Urban Renewal Authority Resolution No. 10 -03 Page 2 of 2 Memo To: Board Chairman and Commissioners Thru: Larry Brooks, Executive Director Legal: Eric Heil, Town Attorney From: Scott Wright, Treasurer Date: February 3, 2010 Re: 2011 Proposed and 2010 Revised Budgets �so �k'��on ►Jo -03 � ,� 46t1 - Summary Initials Attached are the final proposed and revised budget resolutions 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 summary is attached as an exhibit to this memorandum and is also included for informational purposes in the Town's budget summary as a component unit of the Town. Discussion: Previously, the Authority's Executive Director presented his recommended budget at the Avon budget retreat held on October 12th, At the Avon URA meeting held two weeks ago a public hearing was held for members of the public to comment on the proposed 2011 budget. No changes to the budget have been made subsequent to the public hearing. Recommendation: Staff recommends that the Board adopt the resolutions as presented. Executive Director Comments: Page 1 Attachments: A —Resolution No. 10-03 B —Resolution No. 10-04 C - Avon Urban Renewal Authority budget 0 Page 2 I EXHIBIT A AVON URBAN RENEWAL AUTHORITY TOWN OF AVON, COLORADO RESOLUTION NO. 10-03 SERIES OF 2010 A RESOLUTION AMENDING THE 2010 AVON URBAN RENEWAL AUTHORITY BUDGET WHEREAS, the Board of Commissioners of the Avon Urban Renewal Authority has previously adopted the 2010 budget; WHEREAS, the Board of Commissioners of the Avon Urban Renewal Authority reviewed the revised estimated revenues and expenditures for all funds for 2010; WHEREAS, the Board of Commissioners of the Avon Urban Renewal Authority finds it necessary to amend the 2010 budget to more accurately reflect the revenues and expenditures for 2010; WHEREAS, upon due and proper notice, published or posted in accordance with the law, the proposed budget amendment to the 2010 budget was open for inspection by the public at a designated place, a public hearing was held on November 23, 2010 and interested taxpayers were Cgiven 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 BOARD OF COMMISSIONERS OF THE AVON URBAN RENEWAL AUTHORITY: Section 1. That estimated revenues and expenditures for the Avon Urban Renewal Authority are revised as follows for 2010: Avon Urban Renewal Authority Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Avon Urban Renewal Authority Resolution No. 10-03 Page 1 of 2 Original or Previously Amended 2010 Budget $ 508,070 959,179 795,691 671.558 Current Proposed Amended 2010 Budget $ 486,837 955,366 773,896 $ 668.307 Section 2. That the budget, as submitted and amended 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 23rd day of November, 2010. AVON URBAN RENEWAL AUTHORITY Ronald C. Wolfe, Chairman ATTEST: Larry Brooks, Secretary CERTIFIED: Patty McKenny Authority Clerk Avon Urban Renewal Authority Resolution No. 10-03 Page 2 of 2 EXHIBIT B AVON URBAN RENEWAL AUTHORITY TOWN OF AVON, COLORADO RESOLUTION NO. 10-04 SERIES OF 2010 A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES AND ADOPTING A BUDGET FOR THE AVON URBAN RENEWAL AUTHORITY FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2011, AND ENDING ON THE LAST DAY OF DECEMBER, 2011. 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; WHEREAS, Larry Brooks, Executive Director/Secretary, has submitted a proposed budget to said governing body on October 12, 2010; 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 November 9, 2010 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: Section 1. That estimated revenues and expenditures for the Avon Urban Renewal Authority are as follows for 2011: Avon Urban Renewal Authority Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Avon Urban Renewal Authority Resolution No. 2010-04 Page 1 of 2 2011 Proposed Budge $ 668,307 946,603 973,848 $ 641,062 Section 2. That the budget, as submitted, 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 23rd day of November, 2010. AVON URBAN RENEWAL AUTHORITY Ronald C. Wolfe, Chairman ATTEST: Larry Brooks, Secretary CERTIFIED: Patty McKemly, Authority Clerk Avon Urban Renewal Authority Resolution No. 2010-04 Page 2 of 2 AVON URBAN RENEWAL AUTHORITY Summary REVENUES 16,455 15,003 FUND SUMMARY 4,550 Taxes $ 584,896 $ 945,366 $ 945,366 $ Original or Final 38,482 Prev. Amend. Revised Proposed Actual Budget Budget Budget 2009 2010 2010 2011 REVENUES 16,455 15,003 4,550 4,550 Taxes $ 584,896 $ 945,366 $ 945,366 $ 936,603 Investment Earnings 38,482 13,813 10,000 10,000 Total Operating Revenues 623,378 959,179 955,366 946,603 Other Sources 496,544 300,688 261,250 255,938 Bond Proceeds 7,200,000 - - - Total Other Sources 7,200,000 - - - TOTAL REVENUES 7,823,378 959,179 955,366 946,603 EXPENDITURES Current: General Government 16,455 15,003 4,550 4,550 Capital Improvements 238,032 - - 200,000 Debt Service: 19,236,053 508,070 486,837 668,307 Principal 25,125,000 250,000 250,000 260,000 Interest 496,544 300,688 261,250 255,938 Treasurer Fees 8,259 9,453 28,096 28,360 Fiscal Charges 23,304 - - - Bond Issuance Charges 160,000 - - Other Uses Transfers Out - General Fund 170,000 - - - Transfers Out - Town Center West Mtc. Fund 65,000 230,000 230,000 225,000 Transfers Out - TOA Capital Projects Fund 270,000 - - - TOTAL EXPENDITURES 26,572,594 795,691 773,896 973,848 NET SOURCE (USE) OF FUNDS (18,749,216) 163,488 181,470 (27,245) FUND BALANCES, Beginning of Year 19,236,053 508,070 486,837 668,307 FUND BALANCES, End of Year $ 486,837 $ 671,558 $ 668,307 $ 641,062 Section II, Page 2