HomeMy WebLinkAbout2012-12-04 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
2:00 P.M., DECEMBER 4, 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 - Separate Meeting
2nd Supplemental for 2012: Resolution No. 3, Series 2012, a resolution amending
the 2012 budget for the Vail Reinvestment Authority (5 min.)
PRESENTER(S): Kathleen Halloran
ACTION REQUESTED OF COUNCIL: Approve or approve with amendments
Resolution No. 3, Series 2012
BACKGROUND: Please see attached memo
STAFF RECOMMENDATION: Approve or approve with amendments Resolution
No. 3, Series 2012
2. ITEM/TOPIC: Adjournment (2:05 p.m.)
12/4/2012
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: December 4, 2012
ITEM/TOPIC: Vail Reinvestment Authority - Separate Meeting
2nd Supplemental for 2012: Resolution No. 3, Series 2012, a resolution amending the 2012
budget for the Vail Reinvestment Authority
PRESENTER(S): Kathleen Halloran
ACTION REQUESTED OF COUNCIL: Approve or approve with amendments Resolution No.
3, Series 2012
BACKGROUND: Please see attached memo
STAFF RECOMMENDATION: Approve or approve with amendments Resolution No. 3,
Series 2012
ATTACHMENTS:
VRA Supp
12/4/2012
TO: Vail Reinvestment Authority
FROM: Finance Department
DATE: November 28, 2012
SUBJECT: 2012 Budget Amendment – Resolution 3
I. SUMMARY
Staff is requesting approval of Resolution No. 3, making supplemental appropriations and
adjustments to the 2012 budget.
II. DISCUSSION
Property tax collections have been increased by $169,000, to update the budget for actual
collections during the year. Corresponding expenditures for treasurer fees paid to Eagle County
(3% of collections) and management fees paid to the Town of Vail (2%) have also been
increased.
The proposed budget changes adjust those two expenditures by a total of $44,410 to reflect the
impact of additional tax revenue.
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12/4/2012
Vail
Reinvestment
Authority
Summary
of
Revenue,
Expenditures,
and
Changes
in
Fund
Balance
20121st 20122nd 2012BudgetSupplemental
A
mendedSupplementalProposed
RevenueProperty Tax - LionsHead TI
F
2,084,000
$ 700,000$ 2,784,000$ 169,000$ 2,953,000$
Property Tax - Vail Square Metro District
s
385,000
385,000 32,000 417,000
Federal Subsidy for Build America Bond
s
173,343
173,343 173,343
Earnings on Investments32,000 32,000 32,000
Total Revenue2,674,343 700,000 3,374,343 201,000 3,575,343
Operating ExpendituresProfessional Fees25,000 25,000 25,000
Management Fee 41,680 41,680 17,380 59,060
Treasurer's Fee -LionsHead TIF62,520 62,520 26,070 88,590
Treasurer's Fee -Vail Square Metro Districts11,550 11,550 960 12,510
Vail Square Metro District Pass Through373,450 373,450 373,450
Total Operating514,200 - 514,200 44,410 558,610
Debt ServicePrincipal445,000 445,000 445,000
Interest618,778 618,778 618,778
Fiscal Agent fees2,200 2,200 2,200
Bond Issuance costs- - -
Total Debt Service
1,065,978
- 1,065,978 - 1,065,978
Total Expenditures
1,580,178
- 1,580,178 44,410 1,624,588
Excess of Revenues Over Expenditures1,094,165 700,000 1,794,165 156,590 1,950,755
Other Financing Sources (Uses)Debt Proceeds-
Transfer Out - Capital Projects FundLionsHead Transit Center-
(61,172)
(61,172)
(61,172)
LionsHead Welcome Center(304,700)
(822,818)
(1,127,518)
(1,127,518)
Guest Services Enhancements/Wayfinding(500,000)
(209,916)
(709,916)
(709,916)
Library Remodel(1,600,000)
(377,228)
(1,977,228)
(1,977,228)
East LionsHead Portal (VRA)(2,075,000) (41,289)
(2,116,289)
(2,116,289)
West LionsHead Portal (VRA)(750,000) (22,500)
(772,500)
(772,500)
Energy Audit Enhancements- (953,951)
(953,951)
(953,951)
CDOT-Required Parking(102,000)
(102,000)
(102,000)
Sundial Plaza fountain & surround(850,000)
(850,000)
(850,000)
LionsHead Parking Structure Capital Maintenance(365,000) (365,000) (365,000)
Total Other Financing Sources (Uses)
(6,546,700)
(2,488,874) (9,035,574) - (9,035,574)
Net Change in Fund Balance
(5,452,535)
(1,788,874) (7,241,409) (7,084,819)
Beginning Fund Balance7,639,022 2,504,969 10,143,991 10,143,991
Ending Fund Balance
2,186,487
$ 2,902,582$ 3,059,172$
‐
2 ‐
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12/4/2012
Resolution No. 3, Series 2012
RESOLUTION NO. 3, 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 26th
day of November, 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 $44,410 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
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12/4/2012