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Home My WebLink Aboutagenda.council.worksession.20151006 CITY COUNCIL WORK SESSION October 06, 2015 4:00 PM, City Council Chambers MEETING AGENDA I. Budget Work Session - Housing Administration, Affordable Housing Funds, Grants 2016 Proposed Budget October 6, 2015 P 1 I . Agenda •Housing Administration Fund (620) •Truscott Housing Fund (491) •Marolt Housing Fund (492) •Smuggler Housing Fund (622) •Aspen Country Inn Fund (640) •Grants 2 P 2 I . Housing Administration Fund 3 •City and County Subsidies Proposed to Increase Re-Organization Impact: $35,600 New Offices Impact: 3% per year starting 2017 •Fees from Sales Reflects Status Quo Burlingame Phase II Only $27,000 •Property Management Fees 5% of Rental Income •Foreclosures -Net Zero Impact to FundCity of Aspen Subsidy $196,500 Pitkin County Subsidy $196,500 Property Management Fees $186,200 Foreclosures $500,000 Sales Revenue $336,000 Supplemental Revenues $17,080 ACI / TII Reimbursements Tax Credits $306,790 Investment & Other Revenues $54,230 Revenues = $1,793,300 P 3 I . Housing Administration Fund 4 •Base Budget Increase: 1.7% Labor: 1.5% Materials & Services: 2.0% •Re-Org Supplemental: $17,080 New Business / Website System Analyst Maintenance Supervisor Position Reduction Shuffling of duties and benefitting parties •No Capital Planned in 2016 •2017 includes costs associated with new offices Operating Expenses $816,100 Overhead $194,300 Foreclosures $500,000 ACI & Truscott II Labor $306,790 Supplemental $17,080 Expenditures = $1,834,720 P 4 I . Housing Administration Fund 5 Net Change to Fund Balance: ($40,970) $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 2013 2014 2015 Forecast 2016 2017 2018 2019 2020 Ending Balance Revenues Expenditures Reserve (12.5% of Uses) P 5 I . Truscott Housing Fund 6 •Rental Rate Increase Allowance is for 3.0% or CPI •Transfers To Partially Offset Debt Service Expense roughly $700K per year through 2021 Anticipated to be paid back in timeRental Income $1,161,000 Laundry Fees $30,000 Transfers $250,000 Interest Income & Other $17,300 Revenues = $1,458,300 P 6 I . Truscott Housing Fund 7 •Base Budget Increase: 0.7% Labor costs decreasing 1.4% Materials and Services: 2.0% •APCHA Re-Org Impact Reduced labor costs by $25,310 •Capital Projects of $183,600 Exterior Improvements: $125,600 Interior Improvements: $50,000 Equipment Replacement: $8,000 Operating Expenses (Including Supplemental) $546,860 Overhead $140,000 Capital $183,600 APCHA Manangement Fees $58,100 Debt Service & Transfers $720,600 Expenditures = $1,649,160 P 7 I . Truscott Housing Fund 8 Net Change to Fund Balance: ($190,860) $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 2013 2014 2015 Forecast 2016 2017 2018 2019 2020 Fund Balance Revenues Expenditures Reserve (12.5% of Uses) P 8 I . Marolt Housing Fund 9 •Rental Income Remains Steady Allowable Increase Up To CPI Change Or 3% •MAA Lease Current Contract through August 2019 •Transfer from Housing Development Fund Rental Income $883,500 Utilities, Music, Parking, Misc. $38,700 Transfers $275,000 Cafeteria Lease and Utilities $19,850 Revenues = $1,217,050 P 9 I . Marolt Housing Fund 10 •Base Budget Increase: 5.8% Labor Increase: 11.1% Materials & Services: 2.0% •APCHA Re-Org Supplemental Impact Small reduction of $1,740 •Capital Projects Total $182,000 Carpet and Furniture Replacement: $50,000 Boilers: $49,000 Exterior Painting: $27,000 Fire Suppression Systems: $27,000 Operating With Supplemental $400,440 Overhead and Transfers $60,000 Capital Projects $182,000 APCHA Management Fees $44,200 Debt Service $433,400 Expenditures = $1,120,040 P 1 0 I . Marolt Housing Fund 11 Net Change to Fund Balance: $97,010 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 2013 2014 2015 Forecast 2016 2017 2018 2019 2020 Fund Balance Revenues Expenditures Reserve (12.5% of Uses) P 1 1 I . Smuggler Housing Fund 12 •APCHA Owned Property •Rental Income Steady APCHA Board approved increase of __% to rents Rental Income $70,340 Late Fees, Laundry & Interest Income $2,870 Revenues = $73,210 P 1 2 I . Smuggler Housing Fund 13 •Base Budget Increase 3.0% Labor Increase: 4.2% Materials & Services: 2.0% •APCHA Fees Equal to 5% of Rental Income •Capital Improvements: $37,380 Kitchen Appliances: $17,880 Flooring Replacement: $9,000 Laundry Room Washers / Dryers: $6,000 Hot Water Heaters: $4,500 Operating Including Supplemental $50,470 Capital Expenses $37,380 APCHA Management Fees $3,500 Overhead $5,000 Expenditures = $96,350 P 1 3 I . Smuggler Housing Fund 14 Net Change to Fund Balance: ($23,140) $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 2013 2014 2015 Forecast 2016 2017 2018 2019 2020 Fund Balance Revenues Expenditures Reserve (12.5% of Uses) P 1 4 I . Aspen Country Inn Housing Fund 15 •LLC Owns Property City of Aspen will be majority partner in LLC •Transfer from Housing Development Fund 2015: $160,000 (Fall Supplemental) 2016: $740,000 •Tax Credits for Additional Improvements Rental Income $408,000 Rental Subsidy $8,770 Laundry, Interest and Other Fees $9,370 New Tax Credit Financing $1,720,000 Transfers $740,000 Revenues = $2,886,140 P 1 5 I . Aspen Country Inn Housing Fund 16 •Base Budget First Year in Adopted Budget •Many Operational Costs Are Transfers Reimburse Costs Incurred In 620 Fund Management Fees 5% of Rental Income •Lender Payments Will Continue •Capital Improvements $2.4 Million Placeholder Operating Plus Transfers $229,460 Debt Service $146,440 Capital Expenses $2,460,000 Expenditures = $2,835,900 P 1 6 I . Aspen Country Inn Housing Fund 17 Net Change to Fund Balance: $50,240 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 2013 2014 2015 Forecast 2016 2017 2018 2019 2020 Adjusted Fund Balance Revenues Expenditures Reserve (12.5% of Uses) P 1 7 I . Grants 18 2013 Budgeted 2014 Budgeted 2015 Budgeted 2016 Included in Budget Figures General Fund -Community Non-Profits $226,840 $218,190 $217,250 $218,870 General Fund -Health and Human Services $333,900 $351,910 $358,950 $366,130 General Fund -Other Non-Profits $401,170 $389,100 $396,890 $404,830 General Fund –Monetary $1,001,910 $959,200 $973,090 $989,830 Parks and Open Space –Monetary $41,000 $41,000 $28,000 $28,000 Wheeler Opera House Fund –Monetary $350,000 $350,000 $350,000 $350,000 General Fund –In Kind $105,750 $93,750 $95,500 $50,700 Parks and Open Space –In Kind $0 $0 $700 $700 Wheeler Opera House Fund –In Kind $2,500 $0 $0 $2,500 Grand Total $1,501,160 $1,443,950 $1,447,290 $1,421,730 P 1 8 I .