HomeMy WebLinkAboutresolution.council.079-11 RESOLUTION NO.
SERIES OF 2011
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO,
APPROVING THE INITIAL 2012 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 October 20, 2011, the Parties considered and
approved the attached initial 2012 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.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Aspen,
Colorado, that the attached initial 2012 budget for the one -half cent transit sales and use tax is
hereby approved as summarized below:
Total 2012 Revenues $4,723,660
Total 2012 Expenditures $3,839,590
RESOLVED, APPROVED, AND ADOPTED this 28th day of November, 2012, by the
City Council for the City of Aspen, Colorado.
Michael C. Ireland, 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 November 28, 2011.
, ice , _
Kathryn S. j f. ch, City Clerk
C.\ Users \kathrynk\AppData \Local \Microsoft\ Windows \Temporary Internet Files\ Content.Outlook \YPI3WCKO \I2EOTC Aspen a.docx
Proposed 2012 Budget and Multi -year Plan
EOTC Transit Project Funding Actual Revised Proposed
Estimate Budget Plan Plan Plan Plan
2010 2011 2012 2013 2014 2015 2016
I FUNDING SOURCES:
a) Pitkin County 1/2% sales tax 3,580,664 3,724,000 3,798,000 3,893,000 4,010,000 4,150,000 4,295,000
b) Pitkin County 1/2% use tax 815,178 820,000 850,000 810,000 800,000 840,000 882,000
c) Investment income &mist. 112,981 86,000 75,660 99,000 275,000 442,000 305,000
d) Brush Creek Lot rentals 12,550 4,000
Total Funding Sources 4,521,373 4,634,000 4,723,660 4,802,000 5,085,000 5,432,000 5,482,000
FUNDING USES:
1) Use tax collection costs 159,073 90,688 97,463 99,412 104,383 109,602 115,082
2) Administrative cost allocation 36,437 15,880 19,390 20,360 21,377 22,446 23,569
3) Bus stop safety imprvs / cab ride in -lieu 9,186 11,000 11,000 11,275 11,557 11,846 12,142
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 33,341 29,485 30,000 31,200 32,448 33,746 35,096
6) RFTA contribution (81.04% of 1/2% sales tax) 2,901,770 3,017,930 3,077,899 3,154,887 3,249,704 3,363,160 3,480,668
1 7) Snowmass Village transit improvements (56.5 million total) 6,430,165
8) Buttermilk to Roundabout bus lanes, construction 475,922 carryover from 2009
9) No-fare Aspen - Snowmass -Woody Creek bus service (10/1/09 - 4/7/13) 551,071 553,838 553,838 275,881
10) SH82 & AABC pedestrian crossing design & engineering 250,000
J Total Uses 4,216,800 4,018,821 3,839,590 3,643,015 3,469,469 10,020,965 3,716,556
7 EOTC ANNUAL SURPLUS /(DEFICIT) 304,573 615,180 884,070 1,158,985 1,615,531 (4,588,965) 1,765,444
EOTC CUMULATIVE SURPLUS /(DEFICIT) FUND BALANCE 9,545,256 10,160,435 11,044,505 12,203,490 13,819,021 9,230,056 10,995,500
Revenue projections:
a) sales tax - estimate 6.2% 4.0% 2.0% 2.5% .? u% 3.5% 3.5%
b) usetax - estimate 18.0% 0.6% 3.7% -4.7% -1 2% 5.0% 5.0%
c) investment earnings rate 1.12% 0.90% 0.75% 0.90% 2.25% 3.20% 3.30%
Calculation of amount allocated to Entrance - to - Aspen
Pitkin County 1/2% sales tax 3,580,664 3,724,000 3,798,000 3,893,000 4,010,000 4,150,000 4,295,000
Pitkin County 1/2% use tax 815,178 820,000 850,000 810,000 800,000 840,000 882,000
less committed funding (288,037) (197,053) (207,853) (212,247) (219,765) (227,640) (235,888)
less RFTA contribution (81.04% of 1/2% sales tax) (2,901,770) (3,017,930) (3,077,899) (3,154,887) (3,249,704) (3,363,160) (3,480,668)
Net revenue to be allocated 1,206,035 1,329,018 1,362,248 1,335,866 1,340,531 1,399,200 1,460,444
. Annual 2/3's allocation to Entrance - to-Aspen 804,023 886,012 908,165 890,577 893,687 932,800 973,629
$50,000 per year reimbursement to ETA for 2011 $250,000 ped crossing funding 50,000 50,000 50,000 50,000
plus /minus remaining annual discretionary funding (23,528) (270,833) (24,095)
Year - end fund balance designated for Entrance - - Aspen 3,115,091 3,730,270 4,614,340 5,554,917 6,498,604 7,481,404 8,505,033
Calculation of amount allocated to discretionary funding
EOTC ANNUAL SURPLUS (after funding operations) 304,573 615,180 884,070 1,158,985 1,615,531 (4,588,965) 1,765,444
4 plus use of designated fund balance for bus lanes construction carryover from 2009 475,922
plus use of designated fund balance for Snowmass Village transit improvements 6,430,165 -
less Annual 2 /3's allocation to Entrance - to-Aspen (804,023) (886,012) (908,165) (890,577) (893,687) (932,800) (973,629)
4 Remaining annual discretionary funding (23,528) (270,833) (24,096) 268,408 721,844 908,400 791,815
less 50,000 per year reimbursement to ETA for 2011 $250,000 ped crossing funding (50,000) (50,000) (50,000) (50,000)
Net remaining annual discretionary funding after ETA reimbursement 218,408 671,844 858,400 741,815
Cumulative remaining discretionary funding after ETA reimbursement 218,408 890,252 1,748,652 2,490,466
remaining balance to reimburse ETA for 2011 $250,000 advance 250,000 260,000 200,000 150,000 100,000 50,000
I Fund balance designated for Snowmass Village transit improvements 6,430,165 6,430,165 6,430,165 6,430,165 6,430,165 - - I
11116/2011 12 EOTC proposed budget.xlsx