HomeMy WebLinkAbout10. Budget Message PresentationVEAC2019 Budget MessageFINANCE | March 12, 2019
PRESENTERSKathleen Halloran, C.P.A. Finance DirectorCarlie Smith, C.P.A. Financial Services ManagerTown of Vail | Finance | 3/12/2019
Town of Vail | Finance | 3/12/2019BUDGET MESSAGE | Priority SpendingThe Town’s 2019 Budget Message reflects the town’s vision to be the premier international mountain resort community in a fiscally responsible manner.Council goals:• Grow a balanced community• Provide a world class guest experience• Build a vibrant and diverse economy• Balance economic, environmental and social needs to deliver a sustainable community
Town of Vail | Finance | 3/12/2019BUDGET MESSAGE | Priority SpendingPriory Spending for 2019Housing: $2.5M • Vail InDeedEnvironmental Sustainability: $1.8M• Water Quality Infrastructure• Gore Creek streambank mitigation• Public Education Economic Development: $3.2M• Commission of Special events• Signature and Destination events• Education and Enrichment programming
Town of Vail | Finance | 3/12/20192019 BUDGET MESSAGE | What to expect in 2019Highlights• Total budget revenues of $69.4M across all funds• Projected Sales Tax revenues of $27.1M, 39% of net revenue• Total budgeted expenditures of $73.2MWhat to expect in 2019• Operations of Red Sandstone parking structure• Continued public engagement to develop the Civic Area Master Plan• Updating the Public Works Master Plan• Installation of a secondary data center• Continuing Vail’s interest in evaluating emerging technologies • Maintain the “Great Place To Work” designation
Town of Vail | Finance | 3/12/20192019 Budget Message | Capital SpendingReal Estate Transfer Tax Fund• Expansion of Vail Valley Drive Path ($800K)• A weather shelter at Ford Park softball fields ($585K)• Placeholder for the design of a new Nature Center ($400K)• Safety improvements to Stephan’s Park ($300K)Capital Projects Fund• Adding a 2nddata center at Station 3 ($2M)• Update the public works master plan for expansion and remodel ($8M)• Replacement of Bridge Rd. Bridge ($450K)• Vehicle Expansion ($115K)
Town of Vail | Finance | 3/12/20192019 Budget Message | RevenueSales Tax39%Property and Ownership Tax8%Use Tax3%Ski Lift Tax and Franchise Fees9%Real Estate Transfer Tax9%Licenses and Permits4%Intergovernmental Revenue6%Transportation Centers8%Charges for Services3%Rent, Fines & Miscellaneous7%Transfer from VRA 4%2019 Budgeted Revenue: $69.4M
Town of Vail | Finance | 3/12/20192019 Budget Message | Where the Money Goes2019 Budgeted Expenditures: $73.2MPolice 11%Public Safety Communications5%Fire10%Town Officials4%Administrative Services & Risk Management10%Community Development7%Library2%Contributions, Marketing, & Special Events12%Public Works & Streets10%Parks & AIPP4%Transportation & Parking14%Facilities & Fleet Maintenance9%Employee Housing EHOP Program2%Municipal Services by AreaMunicipal Services70.0%Capital Improvements30.0%Debt Service0.0%
Town of Vail | Finance | 3/12/20192019 Budget Message | Reserves$82.4$72.5$51.3$47.5$46.8$43.9 ‐ 10 20 30 40 50 60 70 80 902016 Actual 2017 Actual 2018 Amended 2019 2020 2021MillionsAll OtherConference CenterFundRETT FundCapital ProjectsFundGeneral FundReserve Min 30%
Town of Vail | Finance | 3/12/2019| Finance | 4/19/20162019 Budget Message