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Home My WebLink Aboutresolution.council.108-13 RESOLUTION NO. 108 SERIES OF 2013 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, APPROVING THE INITIAL 2014 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 21, 2013, the Parties considered and approved the attached initial 2014 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 2014 budget for the one-half cent transit sales and use tax is hereby approved as summarized below: Total 2014 Revenues $5,194,000 Total 2014 Expenditures $4,964,427 RESOLVED, APPROVED, AND ADOPTF this 2nd day of December, 2013, by the City Council for the City of Aspen,Colorado. Stev ka on,Mayor 1, 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 December 2,2013. KathP,olcV, ity Clerk H:ACouncil Meeting Dec 2 2013\Resolution#108 series 2013.docx EOTC BUDGET AND MULTI-YEAR PLAN EOTC Transit Project Funding Proposed Actual Budget Budget Plan Plan Plan Plan 2012 2013 2014 2015 2016 2017 2018 FUNDING SOURCES: a) Pitkin County 1/2%sales tax 3,913,565 4,116,000 4,260,000 4,409,000 4,563,000 4,723,000 4,888,000 b) Pitkin County 1/2%use tax 784,524 813,000 878,000 918,000 946,000 974,000 1,003,000 c Investment income&misc. 51,181 54,000 56,000 58,000 185,000 412,000 546,000 Total Funding Sources 4,749,270 4,983,000 5,194,000 5,385,000 5,694,000 6,109,000 6,437,000 FUNDING USES: 1) Use tax collection costs 78,773 101,809 111,596 116,060 120,702 125,530 130,552 2) Administrative cost allocation&meeting costs 25,041 17,392 18,827 19,768 20,757 21,795 22,884 2a) Planning retreat 6,800 3) Cab ride in-lieu of bus stop safety imprvs 5,171 8,000 8,000 8,280 8,570 8,870 9,180 4) X-Games transit subsidy 50,000 100,000 100,000 100,000 100,000 100,000 100,000 5) Brush Creek Intercept Lot operating costs 28,478 32,000 35,000 36,225 37,493 38,805 40,163 6) RFTA contribution(81.04%of 1/2%sales tax) 3,171,553 3,335,606 3,452,304 3,573,054 3,697,855 3,697,855 3,697,855 7) No-fare Aspen-Snowmass-Woody Creek bus service-year-round 553,838 8) No-fare bus service-winter,spring,fall 478,148 476,211 476,211 490,497 490,497 490,497 9) No-fare bus service-summer(funded from SVTC lockbox) 75,689 75,689 75,689 77,960 77,960 77,960 10) Capital projects pool($3M advanced equally from ETA&SVTC lockboxes) 10a) AABC pedestrian crossing design&engineering(addtl$125,000) 104,246 20,754 10b) AABC pedestrian crossing construction contribution 2,025,000 10c) remainder-unallocated 850,000 11) AABC ped.crossing design&engineering($250k advanced from ETA lockbox) 158,632 12) Rubey Park planning,scoping&conceptual design(funded from ETA) 12a) scoping&conceptual design 200,000 12b) final design,landuse&permitting 650,000 13) Regional Travel Patterns study 30,000 Total Uses 4,175,732 6,394,398 4,964,427 5,255,287 4,553,834 4,561,312 4,569,091 EOTC ANNUAL SURPLUS/(DEFICIT) 573,538 (1,411,398) 229,573 129,713 1,140,166 1,547,688 1,867,909 EOTC CUMULATIVE SURPLUS/(DEFICIT)FUND BALANCE 10,765,901 9,354,503 9,584,076 9,713,789 10,853,955 12,401,644 14,269,552 Revenue proiections: a) sales tax 3.0% 5.2% 3.5% 3.5% 3.5% 3.5% 3.5% b) use tax 2.5% 3.6% 8.0% 4.5% 3.0% 3.0% 3.0% c) investment earnings rate 0.5% 0.5% 0.6% 0.6% 1.9% 3.8% 4.4% 11/15/2013 14 EOTC.xlsx EOTC BUDGET AND MULTI-YEAR PLAN Actual Budget Proposed Plan Plan Plan Plan Fund balance designated for Snowmass Village Transit Center(SVTC) 2012 2013 2014 2015 2016 2017 2018 less summer no-fare service (75,689) (75,689) (75,689) (77,960) (77,960) (77,960) less 1/2 of advance to capital pool (52,123) (1,022,877) (425,000) - - - lus reimbursement of advance to capital pool - - - 32,116 244,775 342,812 Fy-ear-end fund balance designated for Snowmass Village Transit Center 6,378,042 5,279,476 5,203,787 4,703,098 4,657,255 4,824,070 5,088,923 Advance 880,296 receivable Actual Budget Proposed Plan Plan Plan Plan Calculation of amount allocated to Entrance-to-Aspen(ETA) 2012 2013 2014 2015 2016 2017 2018 Pitkin County 1/2%sales tax 3,913,565 4,116,000 4,260,000 4,409,000 4,563,000 4,723,000 4,888,000 Pitkin County 1/2%use tax 784,524 813,000 878,000 918,000 946,000 974,000 1,003,000 less committed funding (187,463) (259,201) (280,223) (280,333) (287,522) (295,000) (302,779) less RFTA contribution 81.04%of 1/2%sales tax 3,171,553 3,335,606 31452,304) 3,573,054 3,697,855 3,697,855 3,697,855 Net revenue to be allocated 1,339,073 1,334,193 1,405,473 1,473,613 1,523,623 1,704,145 1,890,366 Annual 2/3's allocation to Entrance-to-Aspen 892,715 889,462 936,982 982,409 1,015,749 1,136,097 1,260,244 plus reimbursement to ETA for$250,000 pedestrian crossing funding 20,583 18,280 72,993 138,144 - - less 1/2 of advance to capital pool (52,123) (1,022,877) - (425,000) - - - plus reimbursement of advance to capital pool - 32,116 244,775 342,812 less Rubey Park planning funded from ETA (200,000) (650,000) less annual discretionary funding deficit 214,931 Year-end fund balance designated for Entrance-to-Aspen (ETA) 4,387,859 4,075,027 4,380,289 5,010,691 6,196,701 7,577,573 9,180,629 Advance 880,296 receivable Actual Budget Proposed Plan Plan Plan Plan Calculation of amount allocated to discretionary funding 2012 2013 2014 2015 2016 2017 2018 EOTC ANNUAL SURPLUS(after funding operations) 573,538 (1,411,398) 229,573 129,713 1,140,166 1,547,688 1,867,909 less Annual 2/3's allocation to Entrance-to-Aspen (892,715) (889,462) (936,982) (982,409) (1,015,749) (1,136,097) (1,260,244) plus advance for capital projects pool 104,246 2,045,754 - 850,000 - - - plus Rubey Park planning funded from ETA 200,000 650,000 plus summer no-fare bus service funded from SVTC lockbox 75,689 75,689 75,689 77,960 77,960 77,960 Remaining annual discretionary funding (214,931) 20,583 18,280 72,993 202,377 489,551 685,624 less reimbursement to ETA for$250,000 ped crossing funding (20,583) (18,280) (72,993) (138,144) - - less reimbursement of advance to capital pool 64,233 (489,551) (685,624) Net annual discretionary funding after reimbursements Cumulative remaining discretionary funding after reimbursements - - - - - remaining balance to reimburse ETA&SVTC for advance to capital pool 104,246 2,150,000 2,150,000 3,000,000 2,935,767 2,446,216 1,760,592 remaining balance to reimburse ETA for 2011-12$250,000 advance 250,000 229,417 211,137 138,144 - - - Advance 1,760,5 payable 11/15/2013 14 EOTC.xl,x