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