The URL can be used to link to this page

Home My WebLink About2012-04-17 Agenda and Support Documentation Town Council Special SessionVAIL TOWN COUNCIL SPECIAL MEETING AGENDA VAIL TOWN COUNCIL CHAMBERS 75 S. Frontage Road W. Vail, CO 81657 10:00 A.M., APRIL 17, 2012 NOTE: Times of items are approximate, subject to change, and cannot be relied upon to determine at what time Council will consider an item. Public comments on work session item may be solicited by the Town Council 1. ITEM/TOPIC: Vail Reinvestment Authority Meeting - Separate Meeting: Resolution No. 1, Series 2012, a resolution adopting an amended budget for the Vail Reinvestment Authority (15 min.) PRESENTER(S): Kathleen Halloran ACTION REQUESTED OF COUNCIL: Approve or approve with amendments Resolution No. 1, Series 2012 BACKGROUND: Please see attached memo STAFF RECOMMENDATION: Approve or approve with amendments Resolution No. 1, Series 2012 2. ITEM/TOPIC: Adjournment (10:15 a.m.) 4/17/2012 VAIL TOWN COUNCIL AGENDA MEMO MEETING DATE: April 17, 2012 ITEM/TOPIC: Vail Reinvestment Authority Meeting - Separate Meeting: Resolution No. 1, Series 2012, a resolution adopting an amended budget for the Vail Reinvestment Authority PRESENTER(S): Kathleen Halloran ACTION REQUESTED OF COUNCIL: Approve or approve with amendments Resolution No. 1, Series 2012 BACKGROUND: Please see attached memo STAFF RECOMMENDATION: Approve or approve with amendments Resolution No. 1, Series 2012 ATTACHMENTS: VRA Supp 4/17/2012 TO: Vail Reinvestment Authority FROM: Finance Department DATE: April 11, 2012 SUBJECT: 2012 Budget Amendment – Resolution 1 I. SUMMARY Staff is requesting approval of Resolution No. 1, making supplemental appropriations and adjustments to the 2012 budget. II. DISCUSSION This supplemental appropriation request relates directly to a transfer of funds to support items approved in the town’s supplemental for the Capital Projects Fund. With the exception of $350,000 approved for the Vail Library renovation, all funds relate to projects not completed prior to the end of 2011. These projects, such as the LionsHead Welcome Center, Guest Services Enhancements, the Vail Library remodel and Energy Enhancements have continued into 2012. The projects are being paid for out of the Capital Projects Fund, with reimbursement from the Vail Reinvestment Authority (VRA) because those projects (or a related portion) are capital improvements within the TIF district. Property tax collections have been increased by $700,000, to update the budget for the most recent County assessor data issued in November, 2011. 1 - 1 - 1 4/17/2012 Vail Reinvestment Authority Summary of Revenue, Expenditures, and Changes in Fund Balance 20112011Variance20121st 2012 Amended Actual Fav / (Unfav)Budget Supplemental Proposed Revenue Property Tax - LionsHead TIF 2,883,000$ 2,885,313$ 2,313$ 2,084,000$ 700,000$ 2,784,000$ Property Tax - Vail Square Metro Districts 476,647 481,281 4,634 385,000 385,000 Federal Subsidy for Build America Bonds 190,463 194,165 3,702 173,343 173,343 Earnings on Investments 50,000 35,873 (14,127) 32,000 32,000 Total Revenue 3,600,110 3,596,632 (3,478) 2,674,343 700,000 3,374,343 Operating Expenditures Professional Fees 25,000 2,125 22,875 25,000 25,000 Management Fee 72,240 57,706 14,534 41,680 41,680 Treasurer's Fee -LionsHead TIF108,360 86,563 21,797 62,520 62,520 Treasurer's Fee -Vail Square Metro Districts14,299 14,438 (139) 11,550 11,550 Vail Square Metro District Pass Through462,348 466,842 (4,494) 373,450 373,450 Total Operating 682,247 627,675 54,572 514,200 - 514,200 Debt Service Principal 250,000 250,000 - 445,000 445,000 Interest 676,676 676,675 1 618,778 618,778 Fiscal Agent fees 2,200 2,200 - 2,200 2,200 Bond Issuance costs - - - - - Total Debt Service 928,876 928,875 1 1,065,978 - 1,065,978 Total Expenditures 1,611,123 1,556,550 54,573 1,580,178 - 1,580,178 Excess of Revenues Over Expenditures1,988,987 2,040,082 51,095 1,094,165 700,000 1,794,165 Other Financing Sources (Uses) Debt Proceeds - - Transfer Out - Capital Projects Fund LionsHead Transit Center (300,000) (238,828) 61,172 - (61,172) (61,172) LionsHead Welcome Center(7,417,319) (6,594,501) 822,818 (304,700) (822,818) (1,127,518) Guest Services Enhancements/Wayfinding(217,800) (7,884) 209,916 (500,000) (209,916) (709,916) Library Remodel (100,000) (72,772) 27,228 (1,600,000) (377,228) (1,977,228) East LionsHead Portal (VRA)(200,000) (158,711) 41,289 (2,075,000) (41,289) (2,116,289) West LionsHead Portal (VRA)(75,000) (52,500) 22,500 (750,000) (22,500) (772,500) Energy Audit Enhancements (953,951) - 953,951 - (953,951) (953,951) CDOT-Required Parking - (102,000) (102,000) Sundial Plaza fountain & surround - (850,000) (850,000) LionsHead Parking Structure Capital Maintenance(315,000) - 315,000 (365,000) (365,000) Total Other Financing Sources (Uses)(9,579,070) (7,125,196) 2,453,874 (6,546,700) (2,488,874) (9,035,574) Net Change in Fund Balance (7,590,083) (5,085,114) 2,504,969 (5,452,535) (1,788,874) (7,241,409) Beginning Fund Balance 15,229,105 15,229,105 7,639,022 2,504,969 10,143,991 Ending Fund Balance 7,639,022$ 10,143,991$ 2,186,487$ 2,902,582$ - 2 - 1 - 1 - 2 4/17/2012 Resolution No. 1, Series 2012 RESOLUTION NO. 1, SERIES OF 2012 VAIL REINVESTMENT AUTHORITY A RESOLUTION ADOPTING AN AMENDED BUDGET AND MAKING APPROPRIATIONS TO PAY THE COSTS, EXPENSES, AND LIABILITIES OF THE VAIL REINVESTMENT AUTHORITY FOR ITS FISCAL YEAR JANUARY 1, 2012, THROUGH DECEMBER 31, 2012. WHEREAS, contingencies have arisen during the fiscal year 2012 which could not have been reasonably foreseen or anticipated by the Vail Reinvestment Authority at the time it enacted Resolution No. 2, Series of 2011, adopting the 2012 Budget for the Vail Reinvestment Authority of Vail, Colorado; and WHEREAS, in accordance with CRS section 29-1-106 a notice of budget hearing has been published; and WHEREAS, notice of this public hearing to consider the adoption of the proposed Vail Reinvestment Authority budget was published in the VAIL DAILY on the 10th day of April, 2012; and NOW, THEREFORE, LET IT BE RESOLVED by the Vail Reinvestment Authority of Vail, Colorado, as follows: The Vail Reinvestment Authority adopts the amended budget and appropriates an additional $2,488,874 for expenditures beginning on the first day of January 2012 and ending on the 31st day of December 2012. Attested: Signed: _________________________ _______________________ Stan Zemler, Secretary Andrew P. Daly, Chairman 1 - 1 - 3 4/17/2012 VAIL TOWN COUNCIL AGENDA MEMO MEETING DATE: April 17, 2012 ITEM/TOPIC: Adjournment (10:15 a.m.) 4/17/2012