HomeMy WebLinkAboutresolution.council.108-21 RESOLUTION NO. 108
(SERIES OF 2021)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN,
COLORADO APPROVING SUPPLEMENTAL APPROPRIATIONS TO THE 2021
BUDGET FOR ASPEN PITKIN COUNTY HOUSING AUTHORITY, SMUGGLER
AFFORDABLE HOUSING FUND,AND APCHA DEVELOPMENT FUND
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WHEREAS, the Aspen Pitkin County Housing Authority is a standalone entity, uniquely
separate from the City of Aspen�nd Pitkin County, and
WHEREAS, the City of Aspen directly appoints one director and one alternate director, and
jointly with the County Commissioners appoints three additional directors and one alternate
director. The County Commissioners appoints the remaining two, one director and one
alternate director, for a total of the eight Board Members for the Aspen Pitkin County Housing
Authority, with the intent that City of Aspen is expressly represented in matters concerning
affordable housing in and around the Aspen community, and
WHEREAS,the City of Aspen annually subsidizes the operations of the Aspen Pitkin County
Housing Authority administrative functions, and
WHEREAS,the budget was originally approved by the City of Aspen on November 24, 2020
by Resolution 94 (Series 2020) and modified on May 11, 2021 by Ordinance No. 6 (Series
2021), and
WHEREAS the Board Members for the Aspen Pitkin County Housing Authority have
approved certain supplemental appropriations to the budget.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Aspen that
supplemental appropriations adjustments as itemized in Exhibit A are approved for the Housing
Administration Fund of $1,979,952; Smuggler Housing Fund of $15,000; and the APCHA
Development Fund of$10,000.
Adopted this 9th day of November 2021.
Torre, Mayor
I,Nicole Henning, duly appointed and acting City Clerk of the City of Aspen, Colorado, do
hereby certify that the foregoing is a true and accurate copy of the Resolution adopted by the City
Council at its meeting held on the 9th day of November 2021.
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Nicole Henning, City erk
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Exhibit B-Technical Adjustments
2023. TECHNICAL ADJUSTMENTS
Transfers
Department/Description Operating Capital Out
Accounting Entry to Record Sale of Single-Family Home:Staff is requesting authority $996,160
of$996,160 to record the sale of the single-family home at Burlingame, purchased in
2020.At the time of resale,per accounting standards,it is required to recognize the
expense when it regained possession and then the revenue for resale.
The other side of the accounting entry reduces the housing inventory,the net impact
is zero to the 620 Funds,cash balance.This is a technical adjustment to account for
the reduction in housing inventory.
Transfer of Single-Family Home Cash Back:In 2020,cash was transferred from the 632 $983,792
APCHA Development Fund to the 620 Housing Administration Fund to purchase a
single-family home in Burlingame.The housing unit is projected to be sold in 2021
which allows the funding transferred in 2020,to be returned to the APCHA
Development Fund.
620-Housing Administration Fund: $996,160 $0 $983,792
Smuggler Housing Unit Upgrades:On October 6th,2021,the APCHA Board approved $15,000
Resolution No.7 for up to$15,000 in upgrades in the Smuggler housing units.The
upgrades may include,but are not limited to electric panel,appliances,flooring,etc.,
needed to be done to each unit at turnover.
Staff is requesting the formal appropriation of an additional$15,000 in the Smuggler
Housing Fund.
622-Smuggler Housing Fund: $0 $15,000 $0
APCHA Owned Unit-Special Assessment and Other Costs:Staff is requesting$10,000 $10,000
to pay a special assessment and other costs for an APCHA owned property in 2021.
In 2022,this property will be rented.A revenue and expense proforma will be adopted
in the 2022 APCHA Development Fund budget for this property.
632-APCHA Development Fund: $10,000 $0 $0
Total Technical Adjustments-Operating/Capital/Transfers: $1,006,160 $15,000 $983,792
APCHA Fall Supplemental Exhibits-Page 2
Exhibit C-Revenues/Transfers In
2021 FALL REVENUE & TRANSFER DETAIL
Department/Description New Revenue Transfers In
Sale Proceeds of Burlingame Single-Family Home:The single-family home is projected to $1,200,000
sell at$1,200,000.The unit was purchased for$996,160.The difference in the sales price
and the purchase price will reimburse the 620 Housing Administration Fund for legal fees
and other costs associated with the purchase of the housing unit.
620-Housing Administration Fund: $1,200,000 $0
Transfer of Single-Family Home Cash Back:In 2020,cash was transferred from the 632 $983,792
APCHA Development Fund to the 620 Housing Administration Fund to purchase a single-
family home in Burlingame.The housing unit is projected to be sold in 2021 which will
allow the funding transferred in 2020 to be returned to the APCHA Development Fund.
632-APCHA Development Fund: $0 $983,792
Total Revenue/Transfers In: $1,200,000 $983,792
APCHA Fall Supplemental Exhibits-Page 3