HomeMy WebLinkAboutresolution.council.094-10 RESOLUTION NO.94
SERIES OF 2010
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO,
APPROVING THE INITIAL 2011 BUDGET FOR THE PITKIN 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 as the Elected Officials Transit
Committee ( "EOTC ") 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; and
WHEREAS, the City of Aspen wishes to ratify the approvals given at the EOTC meeting by
adoption of this resolution.
WHEREAS, at its meeting held on November 22, 2010, the Aspen City Council ratified the
approval of the attached initial 2011 budget but on the condition that the 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.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Aspen,
Colorado, that the attached initial 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 $3,923,170
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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.
RESOLVED, APPROVED, AND ADOPTED this 22 day of November, 2010, by the City
Council for the City of Aspen, Colorado.
1 4/alAer
Michael C. Ireland, Mayo
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 November 22, 2010.
/Je
Kathryn S. id ch, City Clerk
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Proposed 2011 Budget and Multi -year Plan
EOTC Transit Project Funding Revised Proposed Plan Plan Plan Plan Plan
Budget Budget
2010 2011 2012 2013 2014 2015 2016
FUNDING SOURCES:
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
FUNDING USES:
1) Use tax collection costs 126,549 117,032 122,884 129,028 135,479 142,253 149,366
2) Administrative cost allocation 34,192 31,674 33,258 • 34,921 36,667 38,500 40,425
3) Bus stop safety imprvs / cab ride in -lieu 11,500 12,500 12,813 13,133 13,461 13,798 14,143
4) X -Games transit subsidy 50,000 50,000 50,000 50,000 50,000 50,000 50,000
5) Brush Creek parking expansion - annual operating costs 25,000 34,400 35,776 37,207 38,695 40,243 41,853
6) RFTA contribution (81.04% of 1/2% sales tax) 2,855,039 2,855,039 2,889,076 2,923,923 2,958,770 2,994,428 3,030,086
7) Snowmass Village transit improvements ($6.5 million total) 6,430,165
8) Buttermilk to Roundabout bus lanes, construction 396,020 carryover from '09
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 3.279,222 3,325,872
EOTC ANNUAL SURPLUS /(DEFICIT) 477,710 689,117 1,049,008 1,558,828 (4,428,637) 1,979,378 2,196,728
EOTC CUMULATIVE SURPLUS /(DEFICIT) FUND BALANCE 10,000,208 10,689,325 11,738,333 13,297,161 8,868,524 10,847,902 13.044,630
Revenue projections
a) sales fax 4 5% 0.0% 1.2% 1.2% 1.2% 1.2% 1.2%
b) use tax -4 0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
c) investment earnings rate 1.00 % 1.10% 1.75% 2.50% 3.25% 4.00% 4.75%
Calculation of amount allocated to Entrance -to -Aspen
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
less committed funding (247,241) (245,606) (254,730) (264,288) (274,302) (284,794) (295,786)
less RFTA contribution (81.04% of 1/2% sales tax) (2,855,039) (2,855,039) (2,889,076) (2,923,923) (2,958,770) (2,994,428) (3,030,086)
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 50,000 50,000 50,000 50,000 46,453
plus /minus remaining annual discretionary funding (29,417) (246,453)
Year -end fund balance designated for Entrance - to-Aspen 3,570,043 4,259,160 5,276,623 6,327,816 7,413,768 8,536,287 9,693,492
Calculation of amount allocated to discretionary funding
EOTC ANNUAL SURPLOSTafteer funding operations) 477,710 689,117 1,049,008 1,558,828 (4,428,637) 1,979,378 2,196,728
plus use of designated fund balance 396,020 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 discretionary funding after ETA reimbursement (246,453) 31,545 507,635 915,576 856,859 1,039,523
Cumulative remaining discretionary funding after ETA reimbursement 31,545 539,180 1,454,756 2,311,615 3,351,137
2011 discretionary funding deficit yet to reimburse (246,453) (196.453) (146,453) (96,453) (46,453) -
I Fund balance designated for Snowmass Village transit improvements 6,430,165 6,430,165 6,430,165 6,430,165
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