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Town Council Resolution 45 2010TOWN OF SNOWMASS VILLAGE RESOLUTION NO. 45 SERIES OF 2010 A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF SNOWMASS VILLAGE, COLORADO, APPROVING THE INITIAL 2011 BUDGET FOR THE PITKIN COUNTY 112 CENT TRANSIT SALES AND USE TAX WHEREAS, the Town Council of Snowmass Village, the Aspen City Council and the Pitkin County Board of County Commissioners (the "Parties") have previously identified general elements of their Comprehensive Valley Transportation Plan (the "Plan") which are eligible for funding from the Pitkin County one-half cent transit sales and use tax; and WHEREAS, by intergovernmental agreement dated September 14, 1993, the Parties agreed: a. To conduct regular public meetings to continue to refine and agree upon proposed projects and transportation elements consistent with or complimentary to the Plan; and b. That all expenditures and projects to be funded from the County -wide one-half cent transit sales and use tax shall be agreed upon by the Parties and evidenced by a resolution adopted by the governing body of each party; and WHEREAS, at the EOTC meeting held on November 4, 2010, the Parties considered and approved the attached initial 2011 budget for the Pitkin County one-half cent transit sales and use tax with the projects listed herein in 2010 and 2011; and WHEREAS, the Town of Snowmass Village Council desires to ratify the approval given at the EOTC meeting by adoption of this resolution; and WHEREAS, at its meeting held on November 21, 2010, the Aspen City Council ratified the approval of the attached initial 2011 budget but on the condition that a discretionary funding deficit in 2011, resulting from the $250,000 approved for the design and engineering of a pedestrian crossing at the AABC, be repaid to the fund balance designated for the Entrance -to -Aspen out of discretionary funds over five years at $50,000 per year beginning in 2012; and WHEREAS, the Parties cannot commit future councils and commissioners to certain actions beyond the 2011 budget year but can indicate the intent of the EOTC to repay the 2011 discretionary funding deficit over five years by showing such repayment in the attached Multi-year Plan. T.C. Res. 10-45 Page 2of2 NOW THEREFORE BE IT RESOLVED by the Town Council of the Town of Snowmass Village, Colorado, that the attached Proposed 2011 budget for the one-half cent transit sales and use tax is hereby approved as summarized below: Total 2011 Revenues $4,621,287 Total 2011 Expenditures $3,932,170 AND BE IT FURTHER RESOLVED that the Town Council agrees to show the intent to repay the 2011 discretionary funding deficit over five years by showing such repayment in the attached Multi-year Plan. READ, APPROVED, AND ADOPTED by the Town Council of the Town of Snowmass Village, Colorado on the 6th of December, 2010, upon a motion made by Mayor Boineau, the second of Council Member Kucker and upon a vote of 3 in favor and 1 opposed. Council Member Wilkinson was opposed and Council Member Butler left the meeting early. TOWN OF SNOWMASS VILLAGE Bill Boineau, Mayor APPROVED AS TO FORM SIA John Dresser, Town Attorney ATTEST: Donna J. Garaa, CMC Deputy Town Clerk Proposed 2011 Budget and Multi-year Plan EOTC Transit Project Funding Revised Proposed Plan Plan Plan Plan Plan 2010 Revised & 2011 Proposed Budget 3,608,000 Budget Budget 3,739,000 Pitkin County 1/2%, use tax 934,000 981,000 1,030,000 1,082,000 1,136,000 1,193,000 2010 2011 2012 2013 2014 2015 2016 FUNDING SOURCES: Net revenue to be allocated 1,354,720 1,403,355 1,451,194 1,501,789 1,553,928 1,608,778 1,666,128 a) Pitkin County 1/2% sales tax 3,523,000 3,523,000 3,565,000 3,608,000 3,651,000 3,695,000 3,739,000 b) Pitkin County 1/2% use tax 934,000 981,000 1,030,000 1,082,000 1,136,000 1,193,000 1,253,000 c) Investment income & misc. 88,000 101,687 187,000 293,000 432,000 355,000 515,000 d) Brush Creek Lot rentals 13,800 15,600 15,600 15,600 15,600 15,600 15,600 Total Funding Sources 4,558,800 4,621,287 4,797,600 4,998,600 5,234,600 5.258.600 5.522.600 7) Snowmass Village transit improvements ($6.5 million total) 6,430,165 8) Buttermilk to Roundabout bus lanes, construction2p carryover from 'og 9) No -fare Aspen-Snowmass bus service (10/1/09-4/15/13) 578,760 578,760 601,910 248,625 10) No -fare Woody Creek bus service, winter and summer -4/15/13 4,030 2,765 2,876 2,936 11 SH82 & AABC pedestrian crossing design & engineering 250,000 Total Uses 4,081,090 3,932.170 3.748.592 3.439.772 9.663.237 3279222 3.325872 a) sales tax b) use tax c) investment earnings rate 4.5% 0.0% 1.2% 1.2% 1.2% 1.2% 1.2% -4.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 1.00% 1.10% 1.75% 2.50% 3.25% 4.00% 4.75% Calculation of amount allocated to Entrance -to -Aspen `t+OTC AN AL�SURPLUS, after' un�i``o eratlat)s�� "" � � 477r7f0 � `` F689117�,�� 1049008 ~1�558828� �` X428 333 �� Pitkin County 1/2% sales tax 3,523,000 3,523,000 3,565,000 3,608,000 3,651,000 3,695,000 3,739,000 Pitkin County 1/2%, use tax 934,000 981,000 1,030,000 1,082,000 1,136,000 1,193,000 1,253,000 (246,453) 81,545 557,635 965,576 906,859 1,085,976 less 50,000 per year reimbursement to ETA for 2011 discretionary funding deficit (50,000) 50,000) Net revenue to be allocated 1,354,720 1,403,355 1,451,194 1,501,789 1,553,928 1,608,778 1,666,128 Annual 2/3's allocation to Entrance -to -Aspen 903,147 935,570 967,463 1,001,193 1,035,952 1,072,519 1,110,752 50,000 per year reimbursement to ETA for 2011 discretionary funding deficit 2011 discretionary funding deficit yet to reimburse 50,000 50,000 50,000 50,000 46,453 plus/minus remaining annual discretions funding (29,417) 246,453 Year etitfUnclalanCe, deS►gnaet for EntKattce-taAspen, 3 574 043,,, z4,259�160 5276,&23. 62T 816 7,413,768_ 8,536 2$7 9,693 492: Calculation of amount allocated to discretionary funding `t+OTC AN AL�SURPLUS, after' un�i``o eratlat)s�� "" � � 477r7f0 � `` F689117�,�� 1049008 ~1�558828� �` X428 333 �� plus use of designated fund balance9 6 000 6,430,165 less Annual 2/3's allocation to Entrance -to -Aspen 903,147 (935,570) (967,463) 1,001,193) (1,035,952) (1,072,519) 1,110,752) Remaining annual discretionary funding (29,417) (246,453) 81,545 557,635 965,576 906,859 1,085,976 less 50,000 per year reimbursement to ETA for 2011 discretionary funding deficit (50,000) 50,000) 50,000) (50,000) (46,453) Net remaining annual discretionafunding after ETA reimbursement (246,453 31,545 507,635 915,576 856,859 1,039,523 EM 2011 discretionary funding deficit yet to reimburse (246,453) (196,453) (146,453) (96,453) (46,453) Fund balance designated for Snowmass Village transit improvements 6,430,165 6,430,165 6,430,165 6,430,165 12!7/2010 11 EOTC Budget w Conditional ETA Commitment.xlsx