HomeMy WebLinkAboutresolution.council.038-01 RESOLUTION NO. ~
SERIES OF 2001
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO,
APPROVING THE 2001 BUDGET FOR THE PITKIN COUNTY 1/2 CENT TRANSIT
SALES AND USE TAXES
WHEREAS, the Aspen City Council, the Pitkin County Board of County Commissioners
and the Town Council of Snowmass Village (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, in November of 1993 Pitkin County voters authorized the issuance of up to
$13,650,000 of revenue bonds for the purpose of improving the public mass transportation
system in the Roaring Fork Valley (the "Revenue Bond Authorization") if such improvements
are authorized by agreement between the Parties; and
WHEREAS, pursuant to voter approval the use tax had to be used first for the acquisition
of the rail right-of-way and then for other transit projects; and
WHEREAS, the Parties desire to approve the attached 2001 budget with the
understanding that upon the successful acquisition of the rail right-of-way in 1997, the one-half
cent use tax revenues became available for other transit projects on an equal footing with projects
funded by the one-half cent sales tax revenues; and
WHEREAS, at a public meeting held on March 13, 2001, the Parties considered and
approved the attached requested budget for the year 2001 for the Pitkin County one-half cent
transit sales and use taxes; and
WHEREAS, by adoption of this resolution, the City Council of the City of Aspen wishes
to ratify the approvals given at the March 13, 2001 meeting.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Aspen,
Colorado, that the attached 2001 one-half cent transit sales and use tax revenue and expenditure
budgets are hereby approved.
1/2% Transit Sales and Use Tax
2001
Total Projected Revenues $4,673,947
Total Approved Expenditures $1,'/51,321
RESOLVED, APPROVED, AND ADOPTED this 26th day of March, 2001, by the City
Council for the City of Aspen, Colorado.
I, Kathryn S. Koch, duly appointed and acting City Clerk do certify that the foregoing is
a true and accurate copy of that resolution adopted by the City Council of the City of Aspen,
Colorado. ar a meeting held March 26, 2001.
Kathryn S. I~h, City Clerk
Budget for 2001
EOTC Transit Project Funding
1994 1995 1996 1997 1998 1999 2000 2001
EOTC SOURCES:
a) Pitkin County 1/2% salestax 2,455,143 2,526,955 2,641,380 2,826,666 3,052,234 3,022,783 3,175,000 3,309,947
b) Pitkin County 1/2% use tax 208~982 335,456 299,414 341,193 391,128 510,498 390,000 500,000
c) Grants 5,000 5,000 4,600,000 1,200,000 500,000
d} Investment income & misc. 22,653 62,177 118,635 131,671 150,284 179,733 217,000 364,000
e) ReimburSement of expenditures 17,377 10,981 25,000
Tota~ EOTC Sources 2,656,773 2,929,486 3,081,806 7,910,511 3,618,646 4,913,014 3,782,000 4,673,947
EOTC USES:
1) 5 RFTA buses ~ debt service 78,554 145,710 142,884 146,232 143,000 145,828 145,153
2) Expanded RFTA bus service 700,000 735,000 772,000 826,152 892,081 883,473 927,347
3~ RFTA operating shortfall 146,000 150,000 400,000
a/ =<TA cent f/but/on 1,590,099
5} Airport ~ntercem ~ot constr 635.376
6) Intercept lot landscaping 124102 38,585
?~ intercept lot snume ser~ce 308.000 218.000 150,747 106.138
8 nterceDt lot maintenance 19.592 9,579 7.830 1.380 13.000 3,000
9] Pro/eot design, mgrof. & admm 700.537 39.987 63.480 112.679 88,674 30.464 41,124 29,602
10) Entrance-to-Aspen aes~gn/engtneer~ng 30,080 149.908 118.536 25,000
· " As~e~ re~moursemen~s 65.824 30.000 18.000
12~ Snowmass transit centar design 29,764 87,671 100.383 300.900
13~ Use tax COlleCtion costs 51,834 15.074 34400 27.063 72,625 80.500 103,620
14} ROW acouisition effor[s 42.987 53,964 177787 151.623 (26.021
15~ ROWac~uisition - EOTC (56%~ 1.624.000
16} ROWacauisi0on - grants 5 593,075
.7, RFRHA budgez share 172.999 396.833 597848 385.121
13' RFRHA ClS advance 119.125 56.875 (175.000
191 RFRHA cig coofl Dut~on 618,009 144 496/
203 RFRHA enhanced DUDltC process 127,000
21) RFRHA Cig grant exp I 198.305
22~ Moore Ooen Soace aDpra~sa~ 3.000
23) Regional Transit Authority Plat 75000
24 Erush Creek Study 75.333 49.667
25' RFTA mitigaz~en of roundabout construc~or
261 Roundabout loan 1.496,827
Total EOTC Uses 2.154,454 1 700.085 - 715.073 9.990,691 2,688.402 4.475.485 2.342412 1,751,321
EOTC ANNUAL SURPLUS/ DEFICIT} 532,324 1.229403 1.366.733 (1.080,150~ 930.244 437529 I439.588 2,922,626
EOTC CUMULATIVE SURPLUS ~EFICIT~ 532,324 1.761,727 3 128.460 2,048,280 2.978.524 3.416.053 4855.641 7,778,267
Actual orc. ectea increase in sales tax revenue 2.9% 4,5% 7.0% 8.0% -1 0% 5,0% 4,3%
Projected inflation rate 2,5¥~ 3.3% 2,3% 1.7% 1.7% 2.0% 3.0%
Projecte(3 ~nvestment earnings raze 5.5% 50% 4.5% 5.5% 5,75%
* sales tax increase for 1999 if one-time revenue from sale of Ritz Carlton Hotel in 1998 is excluded from base 1.0%
expenditure detail: 1997 1998 1999 2000 2001
9~ is composed of the following:
financial admin, and ~nsurance 14.099 16.556 15.607 16,124 14.602
meeting BUppo~ and facilitation 9.668 21,487 14.857 25,000 15.000
transportation I~nkages workshop (1/2 re/mb by ASC} 21,962 50,631
~natch for Regional TransPortation Partnerships grant 30.000
'all aemonstrat~on project 36950
112.679 88.674 30.464 41,124 29.602
2000 b~oget ~mes:
24) $49.667 for Brush Creek Studif is a carryover of unsr)ent 1999 b~dget
2001 ~ua~et nines:
c) reduced GOCO grant for ROW acquisition; possibly to De oaid $150.000 in 2001. 3350,000 ~ 2003
ROWore-ac~3u~sl~on costs 91,437 2001-20037
RounaaDoul 1.496.827 2002
1.588.264