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09-12-11 Town Council Packets SNOWMASS VILLAGE TOWN COUNCIL SPECIAL MEETING AGENDA SEPTEMBER 12, 2011 PLEASE NOTE THAT ALL TIMES ARE APPROXIMATE ITEMS COULD START EARLIER OR LATER THAN THE STATED TIME CALL TO ORDER AT 4:00 P.M. Item No. 1: ROLL CALL Item No. 2: FINANCIAL SUSTAINABILITY OF THE TOWNS REVENUE SOURCES (Time: 45 Minutes) ACTION REQUESTED OF COUNCIL: Receive presentation and provide input to staff. Marianne Rakowski Page 1 (TAB A) Item No. 3: CONTINUATION OF CAPITAL IMPROVEMENT PROJECTS DISCUSSION (Time: 120 Minutes) ACTION REQUESTED OF COUNCIL: Receive presentation and provide input to staff. -Hunt Walker Page 10 (TAB B) Item No. 4: ADJOURNMENT NOTE: APPROXIMATE TIME OF THE MEETING IS 3 HOURS ALL ITEMS AND TIMES ARE TENTATIVE AND SUBJECT TO CHANGE WITHOUT FURTHER NOTICE. PLEASE CALL THE OFFICE OF THE TOWN CLERK AT 923 -3777 ON THE DAY OF THE MEETING FOR ANY AGENDA CHANGES. MEMORANDUM TO: Snowmass Village Town Council FROM: Russ Forrest, Town Manager Marianne Rakowski, Finance Director DATE: September 12, 2011 SUBJECT: Financial Sustainability of Town Revenues I. PURPOSE AND ACTIONS REQUESTED OF COUNCIL: The Town Council requested the opportunity to have a discussion regarding the financial sustainability of the Town's General Fund revenue sources primarily the reliance on sales taxes versus property taxes. II. BACKGROUND Staff has prepared a spreadsheet (Attachment A) which summarizes the Town's revenue sources for all Town funds and the major sources of revenues. In summary, of the Towns total revenue sources, Property Taxes make up 19.6 Sales Taxes make up 25.6 Lodging Taxes make up 4.2 RETT makes up 5.3%, Excise Taxes make up 2.3% and all other revenue sources make up 42.9% (excluding Transfers between funds because they are already accounted for in the above totals). Since every municipality provides different services, funding sources and accounting funds, it is difficult to see how the Town "stacks up" against other municipalities. However, knowing that one of the basic questions surrounds the somewhat volatile nature of sales tax revenues and the relatively stable nature of property tax funding, staff put together a spreadsheet using five municipalities (in addition to the Town) to determine how much of their General Fund revenue budget is supported by property taxes versus sales taxes. We also looked at the number of employees per capita in resort towns and non resort towns. The resort towns tend to have a higher number of employees per capita due to having to provide higher levels of services to support the fluctuation in population for visitors. The resort towns also appear to rely heavier on sales tax revenues whereas the non -resort towns rely more heavily on property tax revenues (Attachment B). In 2008, the Town did a comparison of property tax bills for a variety of other jurisdiction in the nation against Snowmass Village with a property market value of $1M- Attachment G. 009Y 0000 In a study conducted by the Colorado Municipal League (CML) in 2007 (the most recent information available through their website), overall, property taxes account for 11.2% of all Colorado municipal tax revenue and sales /use taxes account for 76.2 Attachment C is a chart showing the cost to a property owner (per year, both residential and commercial) to replace sales tax revenues if the Town were to decrease our sales tax rate by 1 .25%,.50% and .75% We have also included for your information, the revenue pie chart for the General Fund Attachment D; a breakdown of the total mill levy for Snowmass Village property owners Attachment E and a 10 -year look at the Town's assessed valuation, mill levy and property tax revenues Attachment F. III. STAFF RECOMMENDATION Review and discuss the various revenue sources and whether Council feels that the Town has an overall diverse revenue base supporting fiscal sustainability. With the additional Property Taxes supporting Transportation Services, the Town was able to maintain basic service levels in this difficult economic environment and remain fiscally sustainable. Without it and with continued economic uncertainty, the Town may need to revisit many of the difficult budget cuts it would have had to consider in 2011 i.e. bus service cuts. It should also be noted that the Real Estate Transfer Tax has been the Town's most volatile revenue source, which becomes problematic when we depend on it for day -to -day operations. Although Property Tax revenue is generally more stable than other revenue sources, even with property tax the Town is currently experiencing declining property values, which is putting a strain on the Road Fund budget and its ability to fund future road projects. 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MEMORANDUM TO: Snowmass Village Town Council FROM: Hunt Walker DATE: September 12, 2011 SUBJECT: Capital Improvement Program Discussion I. PURPOSE AND ACTIONS REQUESTED OF COUNCIL: The purpose of the meeting is to review, discuss and potentially prioritize the Capital Improvement Program projects. (Find the 2011 2015 CIP, from the August 1, 2001 packet, in your Council book.) II. BACKGROUND Staff presented Council the draft 2011 -2015 CIP at the August 1, 2011 meeting. It appeared that Council accepted the Policies and Procedures outlined in the plan, and were willing to begin developing their own CIP project list. At the September 12, 2011 Council Meeting, Council is encouraged to accept or modify the current draft project list and consider adding additional projects. In an effort to understand how the Council feels about the 22 projects on the list Staff will email each Council Member a list of the projects to rate on a scale of 1- 5. (See attached list.) Staff will present the results at the 2012 meeting. III. STAFF RECOMMENDATION Staff recommends Council review, discuss, and potentially prioritize the CIP project list. IV. NEXT STEPS 1. Staff to develop a draft project schedule with funding sources. 2. 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