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Home My WebLink Aboutagenda.council.worksession.20141020 CITY COUNCIL WORK SESSION October 20, 2014 5:00 PM, City Council Chambers MEETING AGENDA I. Budget Work Session - Housing Administration Fund Truscott Housing Fund Marolt Housing Fund Smuggler Housing Fund Grants 2015 Proposed Budget October 20, 2014 P1 I. Agenda for Oct. 20 •Housing Administration Fund (620) •Truscott Housing Fund (491) •Marolt Housing Fund (492) •Smuggler Housing Fund (622) •Grants 2 P2 I. Housing Administration Fund •City and County Subsidies Held Flat •Sales Revenue Remains Elevated Burlingame Phase II Adding $164,000 •Property Management Fees 5% of Rental Income •Foreclosures -Net Zero Impact to Fund City of Aspen Subsidy, $196,500 Pitkin County Subsidy $196,500 Property Management Fees $180,400 Foreclosures $500,000 Sales Revenue $423,880 ACI / TII Reimbursement s Tax Credits, $308,500 Other Revenues $67,000 Revenues = $1,872,780 3 P3 I. Housing Administration Fund •Base Budget Increase: 5.0% Labor: 3.0% Materials and Services: 2.0% Overhead: 24.9% •Including Foreclosures and Capital: 3.7% •Beyond 2015 •Transfers to AMP result from new City offices Operating Expenses $1,111,110 Overhead $165,800 Foreclosures $500,000 Capital Expenses $2,800 Expenditures = $1,779,710 4 P4 I. Housing Administration Fund Net Change to Fund Balance: $93,070 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 Housing Administration Fund Long Range Plan 2011-2019 Ending Balance Revenues Expenditures Reserve (12.5% of Uses) 5 P5 I. Truscott Housing Fund •Rental Rate Increase Allowance is for 3.0% or CPI •Transfers Increase for Capital Needs $1 million for foundations, flat work, re-grading Anticipated to be paid back in time Rental Income $1,072,000 Laundry Fees $33,400 Transfers $1,100,000 Other $16,000 Revenues = $2,225,900 6 P6 I. Truscott Housing Fund •Base Budget Increase: 8.0% Labor, Materials, Supplies: 1.3% Management Fee to Housing Admin: (0.7%) GF Overhead: 69.6% •With Debt Service and Transfers : 4.5% 2009 Bonds –Payments through 2021 •With Capital: 66.7% Drainage Improvement Project Operating Expenses $621,750 Overhead $117,000 Capital $1,309,750 Debt Service & Transfers $723,300 Expenditures = $2,771,800 7 P7 I. Truscott Housing Fund 2015 Project Cost Truscott Drainage Improvements $1,000,000 Cement Stairs Replacement $250,000 Concrete Sidewalk Repairs $29,000 Interior Painting $13,000 Fleet (Shared with Marolt)$7,750 Annual Building Repairs $5,000 Water Heater Tank Replacement $5,000 Total Capital Projects $1,309,750 8 P8 I. Truscott Housing Fund Net Change to Fund Balance: ($545,900) $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 Truscott Housing Fund Long Range Plan 2011-2019 Fund Balance Revenues Expenditures Reserve (12.5% of Uses) 9 P9 I. Marolt Housing Fund •Rents Much Improved Since 2012 Now over 90% of total income and 87% of total expenses •AMA Lease Current Contract through August 2019 •Support from 150 Fund minimalRental Income $864,430 Utilities, Music, Parking, Misc. $52,300 Cafeteria Lease and Utilities $19,500 Revenues = $936,230 10 P1 0 I. Marolt Housing Fund •Base Budget Increase: 1.7% Labor Decrease: 1.3% Property Mgmt Fee Increase: 27.8% •Including Capital Projects Decrease: 23.5% Completion of the new roofs •Aggregate Budget Decrease: 14.5% Debt Service ContinuesOperating Expenses $423,290 Overhead and Transfers $54,000 Capital Projects $79,350 Debt Service $431,400 Expenditures = $988,040 11 P1 1 I. Marolt Housing Fund 2015 Project Cost Carpet and Vinyl Replacements $25,000 Exterior Painting $20,000 Boiler & Plumbing Repairs $8,600 Fleet (Shared with Truscott)$7,750 Furniture and Fixture Replacements $6,000 Interior Painting $5,000 Microwave & Fridge Replacement $4,500 Window Replacement $2,500 Total Capital Projects $79,350 12 P1 2 I. Marolt Housing Fund Net Change to Fund Balance: ($51,810) $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 Marolt Housing Fund Long Range Plan 2011-2019 Fund Balance Revenues Expenditures Reserve (12.5% of Uses) 13 P1 3 I. Smuggler Housing Fund •APCHA Owned Property •Rental Income Steady •No Current Partnership Opportunity Exists Rental Income $65,645 Other Income $1,090 Revenues = $68,120 14 P1 4 I. Smuggler Housing Fund •Increase from 2014 Budget: 92% Operating budget reduction of 3% First time for capital improvements in 4 years Operating Expenses $53,950 Capital Expenses $60,350 Overhead $5,000 Expenditures = $119,300 15 P1 5 I. Smuggler Housing Fund 2015 Project Cost Exterior Painting $30,300 Replace Kitchen Appliances $14,900 Vinyl & Carpet Replacement $7,500 Asphalt Seal Coat $4,400 Hot Water Heater Replacement $3,250 Total Capital Projects $60,350 16 P1 6 I. Smuggler Housing Fund Net Change to Fund Balance: ($51,180) $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 2011 2012 2013 Budget Budget+Supp 2014 2015 2016 2017 2018 2019 Smuggler Housing Fund Long Range Plan 2011-2019 Fund Balance Revenues Expenditures Reserve (12.5% of Uses) 17 P1 7 I. Grants 2013 Awarded 2014 Awarded 2015 Recommendation General Fund -Community Non-Profits*$227,530 $178,090 $176,350 General Fund -Health and Human Services $373,210 $392,010 $399,850 General Fund -Other Non-Profits $401,170 $389,100 $396,890 General Fund -Total Monetary $1,001,910 $959,200 $973,090 General Fund -Total In-Kind $105,750 $93,750 $95,500 Parks and Open Space Fund $41,000 $41,000 $28,000 Wheeler Opera House Fund $352,500 $350,000 $345,800 Grand Total $1,501,160 $1,443,950 $1,442,390 •Community Non-Profits includes 10% increase for X-Games approved back in January 2014 •Annual Parks and Open Space grants of $13,000 shifted to General Fund 18 P1 8 I.