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HomeMy WebLinkAbout1988-12-06 Support Documentation Town Council Work Session. ,_ VAIL TOWN COUNCIL WORK SESSION TUESDAY, DECEMBER 6, 1988 2:00 p.m. AGENDA 1. Town Council/Design Review Board Joint Meeting regarding Sign Code Issues 2. Eagle County Television Translator Committee Presentation 3. Discussion of 1988 Third Quarter Financial Report 4. Discussion of West Vail Street Improvements 5. Information Update 6. Other VAIL TOWN COUNCIL WORK SESSION TUESDAY, DECEMBER 6, 1988 2.00 p.m. EXPANDED AGENDA 2:00 1. Town Council/Design Review Board Joint Meeting regarding Sign Code Issues Background Rationale: Discuss neon sign issue. 2:30 2. Eagle County Television Translator Committee Presentation Norm Woods Mike Cacioppo Action Requested of Council: Receive presentation and make comments as required. 3:00 3. Discussion of 1988 Third Quarter Financial Report Steve Barwick Action Requested of Council: Receive 1988 Third Quarter Financial Report and ask questions or give direction as desired. 3:20 4. Discussion of West Vail Street Improvements Pete Burnett Action Requested of Council: Decide best manner in which to respond to Dick Peterson's letter. Background Rationale: Stan's memo to Ron addressing each item in Dick Peterson's letter was handed out to Council members at the last meeting. Please review and be ready to discuss the appropriate means of response to Dick - letter, meeting, both, etc. 3:50 5. Information Update Ron Phillips 3:55 6. Other lows o u ia 75 south frontage road veil, Colorado 81657 (303) 476-7000 MEMORANDUM TO: Ron Phillips FROM: Finance Staff ~~^`' L~ DATE: November 29, 1988 RE: 1988 Third Quarter Financial Report Please find attached the 1988 Third Quarter Financial Report. The financial condition of the Town's General Fund continues to improve. Due to very strong revenues and some savings in expenditures, the General Fund is now projected to actually increase its fund balance by over $100,000 in 1988. The resulting $2.2 million fund balance is $100,000 larger than the anticipated fund balance recently discussed during the 1989 budget process. The Capital Projects Fund is expected to have an increase in fund balance of approximately $153,000 in 1988. However, it will be necessary to expend an additional $312,000 in 1989 in order to complete all capital projects which were authorized in 1988, resulting in a real fund balance decrease of about $159,000. The Real Estate Transfer Tax Fund has experienced a substantial increase in revenues during 1988. RETT revenues are already over $1.4 million to date and are expected to reach a record $1.5 million for the year. As a result, the RETT fund balance should be at least $1.8 million at the end of 1988. $500,000 of these additional funds will be available for expenditure on open space projects in 1989. SHB/ds TOWN OF VAIL THIRD QUARTER FINANCIAL REPORT November 29, 1988 seLasTea NONTB 1980 1981 1982 ------------------------------------------ December 549,000 590,242 820,762 January 626,448 514,102 675,186 February 624,040 594,292 687,792 Narch 683,000 69T,464 853,648 April 246,820 308,436 355,300 `J Nay 89,180 135,774 141,378 June 176,044 295,204. 247,326 July 281,846 339,418 349,116 eugust 268,052 332,124 348,756 September 176,090 285,918 268,598 October 131,376 225,029 223,830 ------------------------------------------ SOBTOT9L 3,857,896 4,268,598 9,977,692 ------------------------------------------ November 140,630 210,254 245,894 December ------------------------------------------ ?OTAL 3,998,526 4,478,852 5,223,586 1983 737,506 696,752 751,856 977,828 319,596 15s,5aa 257,744 407,479 384,338 324,670 198,614 5,212,918 281,104 5,494,620 TOWN OF VAIL SeLFS Tea HSTINeTIOH WORdSHEBT 1984 853,100 142,262 824,650 1,084,814 481,204 166,200 262,696 406,462 402,792 384,864 206,248 5,815,292 310,588 6,125,880 1985 1986 906,758 905,955 881,304 890,585 918,154 946,552 1,187,520 1,316,652 531,668 430,811 162,912 244,987 280,828 361,627 447,815 419,507 386,985 512,513 340,102 374,060 209,282 237,504 6,253,328 6,700,819 229,083 316,657 6,482,411 T,077,476 1988 1987 ; BODGBT 1,161,280 ; 1,225,000 1,063,196 ; 1,075,000 1,135, 786 1,135, 000 1,378,782 ; 1,350,000 425,961 ; 590,000 245,518 240,000 331,581 363,000. 419,201 ; 490,000 536,904 ; 559,000 442,402 ; 960,000 273,951 ; 285,000 7,480,562 1,T12,000 386,270 ; 398,000 1,225,000 7,866,832 ; 9,395,000 1988 eCTOeL 1,245,612 1,115,130 1,230,520 1,593,475 565,534 174,466 328,328 559,683 575,054 920,631 279,000 8,08T,433 8,087,433 Revised: 11/28/88 z Change z Change from from Variance 1987 Budget 2o,s12 s.7z 1.7z 40,130 4.9X 3.7X 95,520 8.3X 8.4X 243,475 15.6X 18.OX (24,466) 32.8X ( 4.1X) (65,534) (28.9X) ( 27.3X) (34,672) ( 1.0X) ( 9.6X) 69,683 16.8X 19.2X 16,054 7.1X 2.9X (39,369) ( 4.9X) ( 8.6X) ( 6,000) 1.8X ( 2.1X) 315,433 8.1X 9.1X 315,433 RETT Revised: 11/ 1/88. TOWN OF VAIL REAL ESTATE TRANSFER TAX History and Budget 1988 1980 1981 1982 1983 1984 1985 1986 1987 ; 1988 1988 BUDGET MONTH ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ------ ACTUAL ---------- ACTUAL ----------- ; -- BUDGET ----------- ACTUAL ----------- VARIANCE ---------- ------------ January --------- 63,999 ------------ 98,089 ---------- 106,981 ----------- 119,972 ----------- 78,053 -- --- 80,733 - 101,374 131,916 ; 88,320 96,119 7,799 February 40,595 69,018 105,024 132,220 86,289 170,052 64,906 44,040 ; 75,687 109,873 34,186 March 69,886 126,935 109,533 137,820 62,693 63,831 92,557 38,791 ; 79,300 68,104 ( 11,196) April 76,855 94,653 65,900 103,526 173,321 90,396 182,743 95,554 ; 95,731 179,671 83,940 May 42,738 84,324 54,663 90,599 96,006 228,673 98,651 120,984 ; 82,287 99,917 17,630 June 62,239 125,433 54,488 140,638 76,467 49,513 79,915 73,509 ; 71,243 101,364 30,121 July 49,367 186,110 104,262 68,539 157,598 88,528 70,441 47,949 ; 81,307 126,537 45,230 August 79,859 115,499 71,282 97,806 58,937 32,860 100,182 61,137 ; 70,813 109,315 38,502 September 59,800 113,992 49,332 96,746 64,671 48,516 108,167 78,819 ; 69,052 116,557 47,505 N October 108,510 154,000 42,498 122,546 88,732 109,633 ------ -- 93,860 ----------- 124,291 ----------- ; --- 97,733 ---------- 178,493 ----------- 80,760 ---------- ------------ Subtotal --------- 653,848 ------------ 1,168,053 ---------- 763,963 ----------- 1,110,412 ----------- 942,767 -- - 962,735 ---- -- 992,796 ----------- 816,990 ----------- --- 811,475 ---------- 1,185,950 ----------- 374,475 ---------- ------------ November --------- 102,623 ------------ 107,768 ---------- 81,698 ----------- 91,385 ----------- 105,109 --- - - 74,909 89,047 114,839 ; 87,177 December 142,662 133,867 110,911 56,533 81,890 333,139 - 106,695 --------- 95,495 ----------- --- 101,348 ---------- ----------- --------- ------------ TOTAL --------- 899,133 ------------ 1,409,688 ---------- 956,572 ----------- 1,258,330 ----------- 1,129,766 ------ ---- 2,370,783 -- 1,188,538 1,027,324 1,000,000 1,185,950 - 374,475 M 89FNDBAL TOWN OF VAIL STATEMENT OF PROJECTED CHANGES IN FL1ND BALANCE (Operating Funds C)nly) 1/1/88 - 12/31/89 Revieed: 11/23/1988 REAL ESTATE SPEC. PARKING HEAVY ; GENERAL CAPITAL TRANSFER ASSESSMENT EQUIPMENT ; ; FUND PROJECTS FUND TAX FUND FUND FUND TOTAL ---------------------------------- Fund Balance 1/1/88 ------------- 2,102,740 --------------- 554,695 ------------- 2,051,774 ---------------- 261,970 ------------- 51,110 --- ; -------------- 5,022,289 ; Pro3ected 1988 Revenue 11,200,200 5,770,662 1,720,000 144,000 1,474,400 ; 20,309,262 ; ~''~ Pro,~ected 1988 Expenditures ---------------------- - 11,093,478 ------------- 5,617,280 --------------- 1,941,594 -------------- 169,000 ----------- 1,211,400 ---- - 20,032,752 ---- - - ---- ------- ---- Gain/(Loss) 106,722 153,382 ( 221,594) ----- ( 25,000) ----- --- 263,000 - - { - - - - 276,.510 ; ~ ---------------------------------- Projected Fund Balance 12/31/88 ---------------------------------- ---------------------------------- -------------- 2,209,462 -------------- -------------- -------------- 708,077 -------------- -------------- -------------- 1,830,180 -------------- -------------- ---------------- 236,970 ---------------- ---------------- ----------- 314,110 ------------ ------------ --- --- ---------- 5,298,799 ; -------------- -------------- 1989 Revenue Budget 11,129,453 5,017,695 1,185,000 290,000 1,209,700 ; 18,831,848 ; 1989 Expenditure Budget 11,247,998 5,017,695 1,439,019 -------- 250,000 --------- 1,216,340 ; 19,171,052 ; ---------------------------------- Gain/(Loss) ------------- ( 118,545) --------------- 0 ------ ( 254,019) ------- 40,000 ( ------------ 6,640) ---- ( ------------- 339,204) ; Less Probable 1988 Rollforwards ( 27,000) ( 311,700) ( 68,000) ; ( 406,700) ; ---------------------------------- Pro3ected Fund Balance 12/31/89 ---------------------------------- ---------------------------------- -------------- 2,063,917 -------------- -------------- -------------- 396,37? -------------- -------------- -------------- 1,508,161 -------------- -------------- ---------------- 276,970 ---------------- ---------------- ------------ 307,470 ------------ ------------ --- --- ---- --4,552,895 , ' -------------- ------------- 88QTRRPT TOWN OF VAIL 1988 Financial Report Estimates to Year End 1988 ESTIMATE TO VARIANCE GENERAL FtTND REVENITE BtIDGET YEAR END OVER/ (LINDER ) ------------------------ Taxes --- ---------- ------------- ------------- Property & Ownership Taxes 1,625,000 1,689,000 64,000 Retail Sales Tax 4,843,000 5,123,000 280,000 Ski Lift Tax 570,0(10 600,0001 30,000 Franchise Fees 340,000 357,5(1 C) 17,500 Penalty & Interest/Prop Tax --------------------------------- 15,(100 ------------- 1(1,000 --------- - (5,000) 7,393,000 -- - 7,779,500 ------------- 386,500 Construction Fees 139,600 205,()00 65,400 Licenses & Permits 97,600 99,700 2,100 Charges for Services 228,020 223,000 (5,020) Transportation Centers 1,039,410 1,060,00(1 20,590 Dobson Ice Arena 427,100 391,0(1(1 (36,100) Recreation Programs 258,820 265,000 6,180 Intergovernmental Revenue 651,668 662,000 10,332 Fines & Forfeitures 121,300 162,000 40,700 Other ~ 311,300 353,000 41,700 ------------- TOTAL GF REVENUE ------------- 10,667,818 ------------- 11,200,200 ------------- 532,382 GENERAL Ft1ND EXPENDITtTRES Town Officials 563,878 557,112 (6,766) Administrative Services 814,236 814,000) (236) Community Development 537,131 505,(1(10 (32,131) Police 1,784,267 1,792,000 7,733 Fire 825,461 S12,Cl00 (13,461) Public Works 1,484,876 1,484,876 0 Transit 1,279,508 1,260,0(10 (19,508) Transportation Centers 810,9(13 798,(100 (12,903) Dobson Ice Arena 617,585 601,700 (15,885) Recreation Programs 613,243 613,243 0 Library 439,718 438,(100 (1,718) Contributions & Events 515,438 495,500 (19,938) Employee Benefits 78,(100 59,(!00 (19,000) Insurance 377,9(10 377,900 0 Contingency 21,147 21,147 Q Transfer to Capital Projects Fund 164,(1(10 164,(100 0 :Transfer to Heavy Equipment Fund 300, 000 3ClCl, 0010 0 ------------------------- TOTAL GF EXPENDITIIRES ---------- ___ 11,227,291 ______________ 11,0193,478 ___________ (133,813) SURPLUS/(SHORTFALL) 4 (559,473) 106,722 666,195 1988 ESTIMATE TO VARIANCE CAPITAL PROJECTS FLIND REVENtTE BITDGET YEAR END OVER/ (LINDER ) ---------- Retail Sales Tax --------- 4 , 587 , C-t-C- -------- 4 , 712 , C-C-C- -------------- 125 , 000 County Sales Tax 137 , C1C-0 142 , C-C-C! 5 , 000 Ski Lift Tax 570, 000 6C-C-, 11(1(1 30, 000 Street tlse Tax 58 , 11(1(1 0 ( 58 , C-00 ) Recreation Amenities Fees 20,0(1(1 35,(1(10 15,000 Earnings on Investments 65,0(10 110,000 45,000 Other Income 107,662 7,662 (lOU,OC-0) Transfer from General Fund 0 164, C-t-C- 164, 000 TOTAL REVENUE ---------------------------------- ---------------------------------- 5,544,662 ------------ ------------ 5,770,662 ------------- ------------- 226,000 ------------- ------------- REVISED 1988 ESTIMATE TC) VARIANCE CAPITAL PROJECTS FtTND EXP. ---------------------------------- BUDGET ------------ YEAR END ------------- LIVER/(t1NDER) ------------- Bus Grant Lobbying Expense 40,000 45,(1110 5,000 Street Maintenance & Improvments 1,021,760 1,C-15,C-C-C- (6,760) Street Light Improvement 30,00(1 37,0(10 7,000 Misc . Bldg . Maintenance 1C-0 , C-C-0 97 , C-C-C- ( 3 , 000 ) Recreational Paths Maintenance 7C-, C-C-0 7C-, C-C)C- 0 Fire Station Bay Improvements 2C-,OOU 20,000 0 Dobson Arena Safety Improvements 8, C10C- 9, C-C-C! 1, C-00 Parking Structures Projects 105,OC-U 108,000 3,000 Bus & Facility Grant Match 280,1100 42,(1(1(1 (23x,000) Communications Equipment 15,000 15,(1(10 0 Bus Interior Refurbishment 26,(1(10 26,000 0 Helipad 25,000 0 (25,000) Dobson Arena Equipment 57,5(10 21,00(1 (36,500) Village Improv. District Design 25,(1(10 0 (25-,000) Dispatch Move 12,000 12,(100 0 Visitor Center Remodel 0 75,(10(1 75,000 Pay cash for Muni. Bldg. Remodel 152,0(1(1 162,OOU 10,000 Pay cash far Communications Equip 96,000 99,(1(10 3,000 Forest Road Bridge roll-forward 5,000 5,000 0 Black Gore Bridge roll-forward 5,0(10 5,5(1(1 500 I-70 Interchange roll-forward. 160,600 73,000 (87,600) Signage Project roll-forward 198,700 17C-,C1C-C1 (28,700) Communications Equip roll-forward 20,()00 2(1,0(10 0 Transfer to Debt Service (Bonds) 475,(1(10 475,0(1() 0 Transfer to Computer Project 24(1, OOC1 24C-, C1C-C- 0 Transfer to Debt Service ----------------------------------- 2,775,780 ----------- 2,775,780 ------------- 0 ------------- ----------------------------------- TUTAL EXPENDITURES ----------------------------------- ----------------------------------- ----------- 5,963,340 ----------- ----------- ------------- 5,617,280 ------------- ------------- ------------- (346,060) ------------- ------------- SLIRPLtIS/(SHORTFALL) (418,678) 153,382 572,060 1988 ESTIMATE TC} VARIANCE LC)TTERY Ft1ND BUDGET YEAR END C)VER/ (UNDER ) ------------------------------------------------------------------------ ------------------------------------------------------------------------ REVENtTE 7,000 8,710 1,710 EXPENDITURES 7, OCJO 8, 710 1, 710 ------------------------------------------------------------------------ ------------------------------------------------------------------------ SURPLt1S/ (SHO)RTFALL ) 0 0 0 REVISED 1988 ESTIMATE TO VARIANCE REAL ESTATE TRANS TAX FtTND BtTDGET YEAR END C>VER/ (t1NDER ) ------------------------------------------------------------------------ REVENUE RETT Taxes 1, 0CJ2, C100 1, 5CJCJ, CJ00 498, 000 Golf Course Lease/VMRD 70,000 7CJ,OOU 0 Earnings on Investments 145, CJCJCJ 12CJ, CJ CJ CJ (25, 000) Trout Stream Contributions - --- - U 3CJ, CJ CI CJ 30, 000 -- ---- ---------------------- TOTAL RETT REVENt1E -------------- 1 , 217 , 000 -------------- 1 , 72CJ , CJC-0 ----------- 503 , 000 EXPENDITURES Purchase of Open Space 395,932 395,932 0 Transfer to Debt Service Fund 788,662 788,662 0 Projects ---------------------------------- 813,170 ------------- 757,CJCJO -------------- (56,170) ----------- TOTAL RETT EXPENDITURES 1,997,764 1,941,594 (56,170) SURPLtTS/(SHORTFALL) (78C-,764) (221,594) 559,170 _ 1988 ESTIMATE TC) VARIANCE HEAVY EQUIPMENT FUND BUDGET YEAR END C)VER/(tTNDER) ------------------------------------------------------------------------ ------------------------------------------------------------------------ REVENtTE 1,174,400 1,474,400 300,000 EX'_'ENDITtTRES 1,222,325 1,211,400 (10,925) ------------------------------------------------------------------------ ------------------------------------------------------------------------ 6 MNTHRPT Revised: 11/28/88 TOWN OF VAIL FISCAL YEAR-TO-DATE REVENUE SUMMARY As of October 31, 1988 (Operating Funds C)nly) 1987 1988 1987 OCT YTD % 1988 OCT YTD % OVER Ft1ND ----- OCT YTD ---- OF TOTAL OCT YTD OF BtIDGET (tINDER ) GENERAL FIND -------- ----------- ----------- ----------- -------- Sales Tax (September) 4,222,715 91.6% 4,595,412 95.6% 0% 4 Property Taxes 1,410,440 93.3% 1,575,217 100.5% . 7 2% Ski Lift Tax 370,590 74.1% 478,497 83.9% . 9% 9 Trans. Centers 732,055 75.1% 832,C179 80.1% . 0% 5 Dobson Arena 231,594 66.4% 260,9C16 61.1% . ( 5.3%) Recreation 217,418 84.3% 259,286 100.2% 15.9% Other ----------------- 1,457,938 - 80.3% 1,7C13,361 86.1% 5.7% GENERAL FUND TOTAL ----------- 8,642,750 ----------- 86.3% ----------- 9,704,758 ----------- 91.1% -------- 4.9% CAPITAL PROJECTS FtTND Sales Tax (September) 2,983,896 91.6% 3,213,348 95.6% 4.0% Ski Lift Tax 37C1,590 74.1% 478,497 83.9% 9.9% Street Use Tax 128,684 87.9% 0 .0% ( g7.g%) Other 183,904 68.3% 160,715 48.8% ( 19.6%) Transfer from G. F. 0 0 CAPITAL PROJECTS TOTAL 3,667,074 82.0% 3,852,560 85.9% 4.0% LOTTERY TOTAL 5,946 100.0% 8,710 124.4% 24.4% GRAND TOTAL 12,315,770 84.9% 13,566,02.8 89.6% 4.7% 7 MNTHRPT Revised: 11/28/88 TOWN OF VAIL FISCAL YEAR-TO-DATE EXPENDITt1RE SUMMARY As of October 31, 1988 (Operating Funds Only) 1987 1988 1987 OCT YTD % 1988 OCT YTD % OVER FtTND ------------------------- OCT YTD -- OF TOTAL OCT YTD OF BtIDGET (tINDER ) GENERAL FtIND --------- ---------- ------------ ----------- -------- Town Officials 337,000 72.1% 790,919 76.9% 4.8% Administrative Serv. 567,401 76.8% 660,739 81.1% 4.3% Community Development 360,149 81.7% 358,663 66.8% ( 15.0%) Police 1,278,268 81.6% 1,418,984 79.5% ( 2.1%) Fire 590,582 81.8% 658,883 79.8% ( 2.0%) Public Works 1,030,649 74.1% 1,148,1015 77.3% 3.2% Transit 684,087 60.8% 853,720 66.7% 6.0% Transportation Centers 508,109 69.7% 548,474 67.6% ( 2.1%) Dobson Ice Arena ~ 40(),493 68.4% 433,489 70.2% 1.8% Recreation Programs 503,775 85.8% 516,170 84.2% ( 1.6%) Library 334,064 79.7% 355,746 8(1.9% 1.2% Contrib. & Events 365,697 85.3% 467,(157. - 90.6% 5.3% Employee Benefits 22,278 80.9% 71,942 92.2% 11.3% Insurance 570,452 170.9% 529,397, 14.0.1% ( 30.8%) Contingency Q .0% 0 0% 0% GENERAL FtIND TOTAL 7,553,004 79.0% 8,812,288 78.5% ( .5%) CAPITAL PROJECTS Capital Projects 673,369 55.0% 1,593,348 64.4% 9.4% Transfers ------------------------ 243,732 7.9% 1,603,586 45.9% 38.0% - CAPITAL PROJECTS TOTAL ----------- 917,101 ----------- 21.3% ----------- 3,196,934 ----------- 53.6% -------- 32.3% LOTTERY TOTAL ------------------------- 0 ----------- .0% ----------- 0 ----------- .0% ----------- .0% -------- GRAND TOTAL 8,470,105 61.0% 12,009,222 69.8% 8.8% 8 J .~ 88RF L Revised: 11/29/1988 TOWN OF VAIL Estimated Project Rollforwards needed in 1989 PROJECTED REQt1IRED IN 1988 1988 1989 FOR FUND PROJECT BUDGET EXPENSES COMPLETION General Master Transportation Plan 18,000 0 18,000 General ----------- Air Quality Study ------------------------ 9,000 0 9,000 SUBTOTAL: ----- GENERAL FUND ---------- 27,000 ----------- 0 ------------ 27,000 Cap. Proj. Bus & Facil. Grant Match 280,000 42,000 258,000 Cap. Proj. Village Improv. Design 25,000 0 25,000 Cap. Proj. Signage Project 198,700 170,000 28,700 SUBTOTAL: CAPITAL PROJECTS FUND 503,700 212,000 311,700 RETT Ford Park Construction 500,000 452,000 38,000 RETT Bighorn Park 37,000 7,000 30,000 SUBTOTAL: RETT FUND 537,000 459,000. 68,000 GRAND TOTAL $1,067,700 $671,.000 $406,700 9 CONTING TOWN C)F VAIL COtTNCIL CONTINGENCY REPORT as of October 31, 1988 ACCOUNT 01-0100-52857 C)riginal Budget $150,000 t1SES 01 -0100 -51210 Cemetery Site Selection 2,800 O1 -8300 -52836 Contribution to Bravo! Colorado 22,625 01 -CJ1CJ CJ -51210 Marketing Analysis 4, 7010 O1 -0100 -52858 VVI Condominium Assessments 3,000 O1 -0100 -51210 Boothfalls Rock Falls Mitigation 20,000 O1 -8300 -52818 Contribution to Mountain Bike Race 5,000 O1 -5140 -501CJ0 Additional Weekend Bus Service 7,130 01 -83CJ0 -52817 TV Translator Study Contribution 2,500 Additional Town Clean tTp Crew 29,986 01 -8300 -82816 Miss Colorado Donation 5,000 01 -- -0100 ----- -51210 ------- Summer Marketing Film ---------------------------------- 26,112 ---- Total Contingency Used- ---------- 128,853 Council Contingency Remaining: $21,147 10