HomeMy WebLinkAbout2023-10-31 TROC Agenda
Timber Ridge Operating Committee Agenda
Tuesday, October 31, 2023
8:30AM Î 9:30AM
Zoom Virtual Meeting
75 South Frontage Road West, Vail, CO 81657
Members:
Russell Forrest, Town Manager
Kathleen Halloran, Deputy Town Manager
Greg Hall, Public Works Director
John King, Facilities Manager
George Ruther, Housing Director
Carlie Smith, Finance Director
Corum Property Management: Staff:
Erica Weston Î Regional Portfolio Manager Missy Johnson, Housing Coordinator
Jocelyn Garcia Î Property Manager Martha Anderson, Housing Coordinator
Agenda:
1. Call to Order
2. Town of Vail Master Lease
3. Vacancies - Vail Resorts and Other
4. Turnover & Repairs
5. 2024 Budget
6. Adjournment
The next scheduled meeting of the Timber Ridge Operating Committee is
November 28, 2023.
TOWN OF VAIL 2024 PROPOSED BUDGET
SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
TIMBER RIDGE FUND
Proposed
2022202320232024
ActualBudgetAmendedBudget
Revenue
$ 1,865,7531,812,816$ 1,865,753$ 466,438$
Rental Income
Other Income50,736 14,724 14,724 3,681
Total Revenue1,863,552 1,880,477 1,880,477 470,119
Expenditures
Operating, Maintenance & Contracts
515,617510,985 547,617 171,872
-3,450 - -
Capital Outlay
-- 50,000 -
Contigency
Total Expenditures514,435 515,617 597,617 171,872
Operating Income 1,364,8601,349,117 1,282,860 298,247
Non-operating Revenues (Expenses)
Interest on Investments
1807,024 180 12,500
Loan Principal Repayment to Capital Projects Fund(389,728) (392,607) (392,607) (401,508)
Interest Payment to Capital Projects Fund
(70,392)(70,879) (70,392) (61,447)
Repayment of Debt Service @ Sale to CPF
Total Non-operating Revenues (Expenses) (462,819)(453,583) (462,819) (450,455)
Site and Podium
Site and Podium- Timber Ridge Redevelopment
(32,749,840)
Transfer from Housing Fund- Site and Podium
9,000,000
Transfer from General Fund- Site and Podium
23,749,840
Total Site and Podium -- - -
Building A- Debt Serivce
Loan from GF for Subsidy
4,300,000
Building D - Purchase Price
(5,847,933)
Total Building A- Debt Service
-- - (1,547,933)
Revenue Over (Under) Expenditures 902,041895,534 820,041 (1,700,141)
Beginning Fund Balance
2,060,1451,183,214 2,078,748 2,898,789
Ending Fund Balance$ 2,962,1862,078,748$ 2,898,789$ 1,198,648$