HomeMy WebLinkAboutresolution.council.018-02 RESOLUTION NO. i ~
SERGES OF 2002
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO,
APPROVING THE 2002 EOTC BUDGET FOR THE PITKIN COUNTY 1/2 CENT
TRANSIT SALES AND USE TAXES.
WHEREAS, the Aspen City Council, the Pitldn 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 February 7, 2002, the Parties considered
and approved the attached initial budget for the year 2002 for the Pitldn County one-half
cent transit sales and use tax; and
WHEREAS, the City of Aspen wi~hes to ratify the approval given at the February
7th meeting by adoption of this msolution.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Aspen,
Colorado, that the attached initial one-half cent transit sales and use tax budget for the year
2002 is hereby approved as summarized below:
Total Revenues $4,104,811
Total Expenditures $1,986,104
RESOLVED, APPROVED, AND ADOPTED this 25th day of February, 2002, by
the City Council for the City of Aspen, Colorado._ J/~'- ~/' ~ d,,~/~,~ ~
Jelen ral{n l~af, d~
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 February 25, 2002.
. j~ ..¢~ Kathryn S. IG~ch, City Clerk
2002 Budget
EOTC Transit Project Funding
Actual Estimate Initial Budget
1994-2000 2001 2002
EOTC SOURCES:
a) Pitkin County 1/2% sales tax 19,698,588 3,077,685 2,963,811
b) Pitkin County 1/2% use tax 2,580,240 450,000 400,000
c) Grants 5,810,000 397,000
d) Investment income & misc. 894,636 226,000 344,000
e/ Reimbursement of expenditures 53,358
Total EOTC Sources 29,036,822 3,753,685 4,104,811
EOTC USES:
1) RTA contribution (48.04% of 1/2% sales tax) 1,478,520 1,423,815
2) Use fax collection costs 285,329 82,869 88,845
3) Intercept lot maintenance 39,853 3,000
4) Project design, mgmt, &admin 1,057,435 19,602 30,444
5) Bus stop safety imprvs / cab ride in-lieu 8,500 16,000
6) Snowmass transit center design 501,316 10,500
7) 5 RFTA buses - debt service 944,361
8) Expanded RFTA bus service 5,736,237
9) RFTAoperating shortfall 696,000
10) RFRHA budget share 1,552,801
11) Brush Creek Study 135,428
12) Airport intercept lot constr. 635,376
13) Airport intercept lot landscaping 162,687
14) Airport intercept lot shuttle service 782,885
15) Entrance-to-Aspen design/engineering 301,524
16) Aspen reimbursements 113,824
17) ROW acquisition efforts 400,240
18) ROW acquisition - EOTC (56%) 1,624,000
19) ROW acquisition - grants 5,593,075
20) RFRHA ClS advance
21) RFRHA CIS contribution 573,504
22) RFRHAenhanced publicprecess 127,000
23) RFRHNRTA CIS grant exp 1,198,305 397,000
24) Regional Transit Authority Plan 125,000 5,780
25) Roundabout loan 1,624,419 (1,513,457)
26) Federal funding COnsultant 30,000
Total EOTC Uses 24,210,599 95,314 1,986,104
EOTC ANNUAL SURPLUS/(DEFICIT) 3,658,371 2,118,707
EOTC CUMULATIVE SURPLUS/(DEFICIT) 4,826,223 8,484,594 10,603,301
Notes:
Actual/projected increase in sales tax revenue -3.0% -3.7%
Projected investment earnings rate 3.40% 3.60%
4) Project admin, includes the following: 2001 2002
financial admin, and insurance 14,602 15,444
meeting support and facilitation 5,000 15,000
19,602 30,444
potential additional resources
GOCO grant 500,000
federal grant 500,000
ROW pre-acquisition cost reimbursement 91,437
short-farm bonding authority 8,600,000
9,691,437.
02/20/2002 halfcent022.xls