HomeMy WebLinkAbout2013-04-02 Agenda and Support Documentation Special SessionVAIL TOWN COUNCIL
SPECIAL MEETING AGENDA ��y�� ,��' �(,�j��
VAIL TOWN COUNCIL CHAMBERS
75 S. Frontage Road W.
Vail, CO 81657
10:00 A.M., APRIL 2, 2013
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
ITEM/TOPIC: Vail Reinvestment Authority - Separate Meeting
1st Supplemental for 2013: Resolution No. 1, Series of 2013, a resolution
amending the 2013 budget for the Vail Reinvestment Authority (5 min. )
PRESENTER(S): Kathleen Halloran
ACTION REQUESTED OF COUNCIL: Approve or approve with amendments
Resolution No. 1, Series of 2013
BACKGROUND: Please see attached memorandum
STAFF RECOMMENDATION: Approve or approve with amendments Resolution
No. 1, Series of 2013.
4/2/2013
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VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: April 2, 2013
ITEM/TOPIC: Vail Reinvestment Authority - Separate Meeting
1 st Supplemental for 2013: Resolution No. 1, Series of 2013, a resolution amending the 2013
budget for the Vail Reinvestment Authority
PRESENTER(S): Kathleen Halloran
ACTION REQUESTED OF COUNCIL: Approve or approve with amendments Resolution No.
1, Series of 2013
BACKGROUND: Please see attached memorandum
STAFF RECOMMENDATION: Approve or approve with amendments Resolution No. 1,
Series of 2013.
ATTACHMENTS:
Resolution No. 1, Series of 2013
4/2/2013
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Memoranc�um
TO: Vail Reinvestment Authority
FROM: Finance Department
DATE: March 28, 2013
SUBJECT: 2013 Budget Amendment — Resolution 1
I. SUMMARY
Staff is requesting approval of Resolution No. 1, making supplemental appropriations and
adjustments to the 2013 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. All funds relate to projects
not completed prior to the end of 2012. These projects, such as the East and West Lionshead
Entry Portals, Guest Services Enhancements, the Vail Library remodel (final bills) and Sundial
Plaza have continued into 2013.
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.
Revenue projections have been adjusted to reflect collections in 2012, which also impact
expenditure line items for treasurer fees paid to Eagle County.
4/2/2013
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Revenue
Property Tax - LionsHead TIF
Property Tax - Vail Square Metro Districts
Federal Subsidy for Build America Bonds
Earnings on Investments
Total Revenue
Operating Expenditures
Professional Fees
Management Fee
Treasurer's Fee -LionsHead TIF
Treasurer's Fee -Vail Square Metro Districts
Vail Square Metro District Pass Through
Total Operating
Debt Service
Principal
Interest
Fiscal Agent fees
Bond Issuance costs
Total Debt Service
� �
� N Total Expenditures
� N
O
n� W Excess of Revenues Over Expenditures
Other Financing Sources (Uses)
Debt Proceeds
Transfer Out - Capital Projects Fund
LionsHead Transit Center
LionsHead Welcome Center
Guest Services Enhancements/Wayfinding
Library Remodel
East LionsHead Portal (VRA)
West LionsHead Portal (VRA)
Energy Audit Enhancements
LionsHead Parking Structure Entry
CDOT-Required Parking
Sundial Plaza fountain & surround
Simba Run Underpass Feasibility study
LionsHead Parking Structure Capital Maintenance
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Beginning Fund Balance
Ending Fund Balance
Vail Reinvestment Authority
Summary of Revenue, Expenditures, and Changes in Fund Balance
2012 2013
2011 Original 2012 2012 Original 2013
Actual Budget Amended Actual Budget 1st Supplemental Proposed
$ 2,885,313 $ 2,084,000 $ 2,784,000 $ 2,967,340 $ 2,784,000 $ 180,000 $ 2,964,000
481,281 385,000 385,000 416,153 385,000 30,000 415,000
194,165 173,343 173, 343 180,619 173, 343 173,343
35,873 32,000 32,000 12,817 33,000 33,000
3,596,632 2,674,343 3,374,343 3,576,929 3,375,343 210,000 3,585,343
2,125 25,000 25,000 1,535 25,000 25,000
57,706 41,680 41,680 59,352 55,680 55,680
86,563 62,520 62,520 89,027 83,520 5,400 88,920
14,438 11,550 11,550 12,485 11,550 900 12,450
466,842 373,450 373,450 403,668 373,450 373,450
627,675 514,200 514,200 566,067 549,200 6,300 555,500
250,000 445,000
676,675 618,778
2,200 2,200
928,875 1,065,978
445,000 445,000
618,778 618,778
2,200 -
1,065,978 1,063,778
460,000
605,203
2,200
1,067,403
460,000
605,203
2,200
1,067,403
1,556,550 1,580,178 1,580,178 1,629,845 1,616,603 6,300 1,622,903
2,040,082 1,094,165 1,794,165 1,947,084 1,758,740 203,700 1,962,440
(238,828) - (61,172)
(6,594,501) (304,700) (1,127,518) (829,027) (94,536) (94,536)
(7,884) (500,000) (709,916) (265,610) (500,000) (70,000) (570,000)
(72,772) (1,600,000) (1,977,228) (1,955,231) (298,497) (298,497)
(158,711) (2,075,000) (2,116,289) (1,652,728) (463,561) (463,561)
(52,500) (750,000) (772,500) (642,956) (129,544) (129,544)
- - (953,951) -
(200,000) (200,000)
(102,000) (102,000) -
(850,000) (850,000) (9,432) (840,568) (840,568)
(200,000) (200,000)
- (365,000) (365,000) - (310,000) (310,000)
(7,125,196) (6,546,700) (9,035,574) (5,354,984) (1,210,000) (1,896,706) (3,106,706)
(5,085,114) (5,452,535) (7,241,409) (3,407,900) 548,740 (1,693,006) (1,144,266)
15,229,105 7,639,022 10,143,991 10,143,991 2,902,582 6,736,091
$ 10,143,991 $ 2,186,487 $ 2,902,582 $ 6,736,091 $ 3,451,322 $ 5,591,825
2-
RESOLUTION NO. 1, SERIES OF 2013
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,
2013, THROUGH DECEMBER 31, 2013.
WHEREAS, contingencies have arisen during the fiscal year 2013 which could
not have been reasonably foreseen or anticipated by the Vail Reinvestment
Authority at the time it enacted Resolution No. 2, Series of 2012, adopting the
2013 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 28th
day of March, 2013; 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 $1,903,006 for expenditures beginning on the first day of January
2013 and ending on the 31 St day of December 2013.
Attested:
Signed:
Stan Zemler, Secretary Andrew P. Daly, Chairman
Resolution No. l, Series 2013 4/2/2013
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