The URL can be used to link to this page

Home My WebLink Aboutresolution.council.040-15 RESOLUTION NO. 40 SERIES OF 2015 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN,COLORADO, APPROVING A REVISION TO THE 2015 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 (`ROTC") 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 March 5, 2015, the Parties considered and approved the following supplemental budget requests for 2015: (1) increase Rubey Park construction contribution by $1 million to $4.9 million (funded from Aspen Transportation Savings Fund),and(2) add $280,000 for Buttermilk Transit Parking Lot paving (funded from 2015 annual surplus); 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 following increases to the 2015 budget for the one-half cent transit sales and use tax are hereby approved as summarized below: Additional contribution for Rubey Park construction $1,000,000 Buttermilk Transit Parking Lot paving 280,000 RESOLVED, APPROVED, AND AD 11)(this 13'" day of April, 2015, by the City Council for the City of Aspen, Colorado. Steve Ska ron,Mayor 1, Linda Manning, 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 April I3t',2015. Linda Mannin ,Cit Clerk Manning,'City 2015 EOTC BUDGET AND MULTI-YEAR PLAN EOTC Transit Project Funding Adwl Budget Budget Plan Plan Plan Plan 2013 2014 2015 2016 2017 2018 2019 FUNDING SOURCES: a) Pitkin County 1/2%sales tax 4,185,934 4,433,000 4,655,000 4,888,000 5,059,000 5,236,000 5,419,000 b) Pitkin County 1/2%use tax 813,034 878,000 918,000 946,000 974,000 1,003,000 1,033,000 c Investment income&misc. 41,522 56,000 61,000 123 ODD 218,000 284,000 334,000 Total Funding Sources 5,040,490 5,367,000 5,634,000 5,957,000 6,251,000 6,523,000 6,786,000 FUNDING USES: 1) Use tax collection costs 46,874 111,796 85,100 87,653 90,283 92,991 95,781 2) Administrative cost allocation&meeting costs 16,725 18,827 17,937 18,475 19,029 19,600 20,188 2a) Planning retreat 6,800 3) Cab ride in-lieu of bus stop safety imprvs 5,527 8,000 10,000 10,300 10,609 10,927 11,255 4) X-Games transit subsidy 100,000 100,000 115,000 115,000 115,000 115,000 115,000 5) Brush Creek Intercept Lot operating costs 18,057 35,000 36,000 37,080 38,192 39,338 40,518 6) RFTA contribution(81.04%of 1/2%sales tax) 3,392,281 3,592,503 3,772,412 3,961,235 4,099,814 4,243,254 4,391,558 7) No-fare Aspen-Snowmass-Woody Creek bus service-year-round 551,900 551,900 551,900 551,900 551,900 7a) requested increase 69,758 132,479 195,199 204,959 215,207 8) No-fare bus service-winter,spring,fall 478,148 476,211 9) No-fare bus service-summer(funded from Snowmass Village Savings) 75,689 75,689 10) Capital projects pool(advanced equally from Aspen&Snowmass Savings) 10a) AABC pedestrian crossing design&engineering(addtl$125,000) 20,720 1ob) AABC pedestrian crossing construction contribution 2,025,000 10C) AABC pedestrian crossing construction -savings returned (100,000) 11) AABC ped.crossing design&engineering($250k advanced from Aspen Savings) 12) Rubey Park(funded from Aspen Savings) 12a) scoping&conceptual design 204,216 12b) final design,land use&permitting 650,000 12c) construction 4,900,000 13) Regional Travel Patterns study 30,000 14) Buttermilk lot paving 280,000 15 Basalt pedestrian underpass 750.000 Total Uses 6,383,237 5,104,826 9,738,107 5,664.122 5.120 026 5,277,970 5,441,407 EOTC ANNUAL SURPLUS/(DEFICIT) (1,342,747) 262,174 (4,104,107) 292,878 1.130,974 1.245,030 1,344,593 EOTC CUMULATIVE SURPLUS FUND BALANCE 9.423,154 9.685,328 5,581,221 5,874,100 7,005,073 8,250,104 9,594,696 Revenue oroiections: a) sales tax 7.0% 59% 5.0% 5.0% 3.5% 35% 3.5% b) use fax 36% 80% 4.5% 3.0% 3.0% 3.0% 3.0% c) investment earnings rate 0.5% 0.5% 0.6% 2.2% 3.7% 41% 4.1% DISTRIBUTION OF ANNUAL SURPLUS(excludes Oroiects funded from savings funds) 695,893 292,878 1,130,974 1,245,030 1,344,593 25%to Snowmass Village Savings until restored to$6,278,787 173,973 73,220 282,743 311,258 183,789 remainder to Aspen Savings 521,920 219,659 848,230 933,773 1,160,803 3/25/2015 15b EOTC.xlsx 2015 EOTC BUDGET AND MULTI-YEAR PLAN Actual Budget Budget Plan Plan Plan Plan Savings Fund for Greater Snowmass Village Area 2013 2014 2015 2016 2017 2018 2019 less summer no-fare service (75,689) (75,689) - - - - less 1/2 of advance to capital pool (1,022,860) - 50,000 - - - lus reimbursement of advance to capital pool 173,973 73,220 282,743 311,258 183,789 Savings Fund for greater Snowmass Village Area($6,278,787 max) 5,279,493 5,203,804 5,427,777 5,500,997 5,783,740 6,094.998 6,278,787 Actual Budget Budget Plan Plan Plan Plan Calculation of amount allocated to Savings Fund for greater Aspen Area 2013 2014 2016 2016 2017 2018 2019 Pitkin County 1/2%sales tax 4,185,934 4,433,000 4,655,000 4,888,000 5,059,000 5,236,000 5.419,000 Pitkin County 1/2%use tax 813.034 878,000 918,000 946,000 974,000 1,003,000 1,033,000 Investment income&misc. 61,000 123,000 218,000 284,000 334,000 less committed funding (187,183) (280,423) (1,165,695) (1,702,887) (1,020,212) (1,034,716) (1,049,849) less RFTA contribution 81.04%of 1/2%sales tax 3,392,281 3,592,503 (3,772,412) 3,961,235 4,099,814 4,243,254 4 391,558 Annual Surplus to be allocated 1,419,504 1,438,074 695,893 292,878 1,130,974 1,245,030 1,344,593 Annual 2/3's allocation to Aspen Savings through 2014 946,336 958,716 Annual surplus remaining after reimbursement of advances - - 380,515 933,773 1,160,803 plus reimbursement for$250,000 pedestrian crossing funding 36,542 29,147 184,311 - - - less 1/2 of advance to capital pool (1,022,860) - 50,000 - - - - plus reimbursement of advance to capital pool - - 337,609 219,659 467,715 - - less Rubey Park funded from Aspen Savings 204,216 650,000 4,900,000 Savings Fund for greater Aspen Area 4,143,661 4,481,524 153,444 373,103 1,221,333 2,155,106 3,315,909 Actual Budget Budget Plan Plan Plan Plan Advances from Aspen and Snowmass Village Savings Funds 2013 2014 2015 2016 2017 2018 2019 remaining balance to reimburse Snow ass Savings for advance to capital pool 1,074,983 1,074,983 851,010 777,790 495,047 183,789 - remaining balance to reimburse Aspen Savings for advance to capital pool 1,074,983 1,074,983 687,374 467,715 - - - remaining balance to reimburse Aspen Savings for 2011-12$250,000 advance 213,458 184,311 - - Actual Budget Budget Calculation of amount allocated to discretions funding N/A after 2014 2013 2014 2015 EOTC ANNUAL SURPLUS(after funding operations) (1,342,747) 282,174 less annual 2/3's allocation to Aspen Savings through 2014 (946,336) (958,716) plus advance for capital projects pool 2,045,720 - (100,000) plus Rubey Park planning funded from Aspen Savings 204,216 650,000 plus summer no-fare bus service funded from Sowmass Village Savings 75,689 75,889 Remaining annual discretionary funding 36,542 29,147 less reimbursement to Aspen Savings for$250,000 ped crossing funding (36,542) (29,147) less reimbursement of advance to capital pool Net annual discretionary funding after reimbursements Cumulative remaining discretionary funding aftr reimbursements 3/25/2015 15b EOTC,xlsx