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HomeMy WebLinkAboutresolution.council.032-10RESOLUTION NO. SERIES OF 2010 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, APPROVING A REVISED 2010 BUDGET FOR THE PTI'KIN COUNTY 1/2 CENT TRANSIT SALES AND USE TAX 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, at a public meeting held on Mazch 18, 2010, the Parties considered the following supplemental budget requests for the yeaz 2010 for the Pitkin County one-half cent transit sales and use tax: a. Increase sales tax revenue by $174,000 to $3,523,000; b. Increase use tax revenue by $245,000 to $934,000; c. Increase RFTA's 81.04% shaze of the sales tax revenue by $141,009 to $2,855,039; d. Increase the no-fare Aspen-Snowmass bus service subsidy by $296,039 to $578,760 in order to extend the service through year-end; and e. Increase the no-fare Woody Creek bus service subsidy by $1,420 to $4,030 in order to extend the service through year-end WHEREAS, the City of Aspen wishes to approve the supplemental budget requests by adoption of this resolution. NOW THEREFORE BE IT RESOLVED by the City Council of the City of Aspen, Colorado, that the attached revised 2010 budget for the one-half cent transit sales and use tax is hereby approved as summarized below: Tota12010 Revenues $4,558,800 Tota12010 Expenditures $4,081,090 RESOLVED, APPROVED, AND ADOPTED this April 12, 2010, by the City Council for the City of Aspen, Colorado. Michael C. Ire and, Mayor 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, at a meeting held April 12, 2010. ~4~~- Kathryn S. Koc ,City Clerk 2010 Budget and Multi-year Plan EOTC Transit Project Funding Actual) Revised Plan Plan Plan Plan Budget 2009 2010 2011 2012 2013 2014 a) Pitkin County 1/2°k sales tax 3,371,170 3,523,000 3,576,000 3,630,000 3,684,000 3,739,000 b) Pitkin County 1/2% use tax 959,004 934,000 981,000 1,030,000 1,082,000 1,136,000 c Investment income 8 misc. 101,800 262,800 455,800 629,800 725,800 Total Fundin Sources 4,504,174 4,558,800 4,819,800 5,115,800 5,395,800 5,600,800 1) Use tax collection costs 141,900 2) Administrative cost allocation 3) Bus stop safety imprvs /cab ride in-lieu 7,804 4) X-Games transit subsidy 50,000 5) Brush Creek parking expansion 6) Brush Creek parking expansion -annual operating costs 15,070 7) Snowmass Village transit improvements ($6.5 million total) 6,430,165 8) RFTA contribution (81.04°k of 1l2°k sales tax) 2,731,996 2,855,039 2,897,990 2,941,752 2,985,514 3,030,086 9) Buttermilk to Roundabout bus lanes, construction 538,779 r '`; $98,020 carryover from '09 10) No-fare Aspen-Snowmass bus service (11/23/08-0/12/09) 186,748 11) No-fare Aspen-Snowmass bus service (4/13/09-6/14/09) 44,012 12) No-fare Aspen-Snowmass bus service (6/15/09-9/30/09) 79,365 13) No-fare Aspen-Snowmass bus service (10/1/09-0/15/13) 118,843 578,760 601,910 625,987 248,625 14) No-fare Aspen-Snowmass bus service study 17,617 15 No-fare Wood Creek bus service winter and summer -0/15/13 4,030 4,191 4,359 2,936 Total Uses 3,967148 4081090 3,760,657 3,838,437 3463,659 9,697,573 EOTC CUMULATIVE SURPLUSI DEFICI FUND BALANCE 9,501,447 9 979 157 11,038,300 12,315,663 14,247,804 10 151,031 Revenue oroiections: a) sales tax -16.4% 4.5% 1.5% 1.5% 1.5% 1.5% b) use tax -2.6% 5.0% 5.0% 5.0% 5.0% c) investment earnings rate 1.0% 2.5% 4.0% 5.0% 5.0% FUND BALANCE DESIGNATIONS Fund balance deli nated for Snowmass Villa a transit im rovementa 8 430 165 6430185 6 430 165 6,430,165 8 430 165 Fbid.. - . ., ,._... a .. ' .. :°. ,..38602Q~* a~.~r .~a~?s2sr,2=,. .:; _ _ Annual allocation to Entrance-to-As n 873,730 839,481 980,871 1,015,947 1,052,383 Fund=bafen ' ,. °. alre[ds'. _ n .,'s ~ -~ 2E75'282=~ . = - ~ kn. ':+f88 = a= `. a - Remainin annual discre0ona fundin 36,143 119,662 296,692 918,194 1,281,009 Calcgl ao of amount allocated to Entra -to-ASOen and to discretionary f nd'nc Pitkin County 1l2°h sales tax 3,523,000 3,576,000 3,630,000 3,684,000 3,739,000 Pitkin County 1/2°~ use tax 934,000 981,000 1,030,000 1,082,000 1,136,000 less committed funding less RFTA contribution (81.04°h of 1/2°/ sales tax) 2,855,039 2,897,990 2,941,752 2,985,514 3,030,086 Net revenue to be allocated 1 364,810 1,409,221 1,471,007 1,523,920 1,578,575 Annual 2/3's allocation to Entrance-to-Aspen 909,873 939,481 980,671 1,015,947 1,052,383 plus use of designated fund balance (budget carry-avers/Snowmass transit imprvs) 396,OZQ=' 6,430,165 less Annual 2/3's allocation to Entrance-to-As en 909,873 939,481 980,671 1,015,947 1,052,383 Ramainin annual discretiona fundin 38143 119,662 296,692 916,194 1 281 009 4/8/2010 10EOTC b.xlsx