The URL can be used to link to this page

Home My WebLink Aboutagenda.council.worksession.20151020 CITY COUNCIL WORK SESSION October 20, 2015 4:00 PM, City Council Chambers MEETING AGENDA I. Budget Work Session - Housing Development, Wheeler, Stormwater, Electric, Water 2016 Proposed Budget October 20, 2015 P 1 I . Agenda •Wheeler Opera House Fund (120) •Housing Development Fund (150) •Stormwater Fund (160) •Water Utility Fund (421) •Electric Utility Fund (431) 2 P 2 I . Wheeler Opera House Fund 3 •0.5% Real Estate Transfer Tax adding to existing fund balance $29 million at start of 2015 •Returning to full operations Ticket revenue, bar sales, rentals all up Rental income increasing 0.5% Real Estate Transfer Tax $4,289,000 First Floor Leases $208,500 Ticket Sales / Commission $568,000 Bar Sales $89,500 Interest Income & Loan Reimbursement $378,200 Theater Rental $96,500 Revenues = $5,629,700 P 3 I . Wheeler Opera House Fund 4 •Base Budget Increase: <2.0% •Arts Grants $350,000 in total ($100,000 from WRETT) •Smaller Capital Improvements Website Upgrade: $30,000 Security / Camera Systems: $30,000 A/V System Upgrades: $30,000 Stage Lighting: $25,000 Ticketing System Upgrade: $25,000 Exterior Repairs: $25,000 Operating $1,885,030 Overhead $427,500 Professional Fees $623,000 Contributions $350,000 Transfers $57,000 Capital $165,000 Expenditures = $3,507,530 P 4 I . Wheeler Opera House Fund 5 Net Change to Fund Balance: $2,037,973 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 $40,000,000 2013 2014 2015 Forecast 2016 2017 2018 2019 2020 Ending Balance Revenues Expenditures Reserve (25% of Uses) P 5 I . Housing Development Fund 6 •1.0% Real Estate Transfer Tax • •Share of 0.45% Sales Tax •Lease Income •Impact Fees and In Lieu 1.0% Real Estate Transfer Tax $8,000,000 45% of 0.45% Sales Tax $1,383,600 Leases and Rents $537,100 Interest & Other Income $173,190 Impact Fees & In Lieu of Development $250,000 Revenues = $10,343,890 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000 $10,000,000 $11,000,000 $12,000,000 RETT Revenue Inflation Adj. to 2003 Level P 6 I . Housing Development Fund 7 •Operating + APCHA Subsidy: 7% Labor Costs Supplemental Impact •Transfers to Affordable Housing Funds Truscott: $250,000 Marolt: $275,000 Aspen Country Inn: $740,000 Administrative and Maintenance $273,270 APCHA Subsidy + Supplemental $214,300 Overhead $541,600 Transfers $10,100 Existing Housing Funds Subsidies $1,265,000 Expenditures = $2,304,270 P 7 I . Housing Development Fund 8 Net Change to Fund Balance: $8,039,620 $0 $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 2013 2014 2015 Forecast 2016 2017 2018 2019 2020 Ending Balance Revenues Expenditures Potential Future Projects / Uses for Fund Balance •New developments @ existing in-town properties •Partial funding of HOA capital reserves •Additional land banking purchases •Truscott 100 Building and Truscott II •Habitat for Humanity / 1230 E. Cooper P 8 I . Stormwater Fund 9 •Property Tax Revenue Budget assumes 0.040 mill levy credit •Fee-in-Lieu Not Generating Income 3% rate increase proposed •Engineering Fees Contribute to this Program 30% of building permit fees 10% of land lease collectionsProperty Tax (0.650 Mil Levy) $911,400 Development Fees $20,000 Permits / Land Use Fees $235,900 Interest Income $18,600 Revenues = $1,185,900 P 9 I . Stormwater Fund 10 •Base Budget Increase: 10% Labor costs: 12% Materials and Supplies: 2% •Capital Three Projects Intended to Push to 2016 Drainage Improvements @ Garmish: $500,000 Prockter Wetlands: $125,000 Water Quality Improvements @ Lake: $72,250 New Funding Procktor Wetlands: $180,000 Southwest Master Planning: $125,000 Water Quality Improvements TBD: $60,000 Operating Expenses $674,270 Capital Projects $374,500 Overhead $206,300 Transfers $18,000 Expenditures = $1,273,070 P 1 0 I . Stormwater Fund 11 Net Change to Fund Balance: ($585,890) $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 2013 2014 2015 Forecast 2016 2017 2018 2019 2020 Fund Balance Revenues Expenditures Reserve (12.5% of Uses) Identified Projects Currently Excluded Smuggler/Hunter Drainage Basin $4,000,000 Aspen Mtn. Drainage Basin $3,800,000 Metal to Concrete Piping (18 Blocks)$2,300,000 P 1 1 I . Water Utility Fund 12 •Variable Service Revenue 2015 was wet and cool 2016 assumed average year •Tap Fees From Increased Development Aspen Club Expansion Aspen Music School Sky Hotel,Hotel Aspen, Base 1 Boomerang •Development Review Fees Proposing adjustments to fee structure Water Service $5,630,000 Development Review Fees $370,000 Tap Fees $2,174,000 Transfers $385,000 Inventory, Grants, Investments, Misc. $98,300 Revenues = $8,657,300 P 1 2 I . 13 2015 2016 Proposed 2016 2017 Proposed 2017 Avg. Bill Rate Changes Avg. Bill Rate Changes Avg. Bill Water Variable $20 6.0%$21 6.0%$22 Water Demand $13 5.0%$14 5.0%$14 Fire Charge $4 6.0%$4 6.0%$4 Pump Charge $0 6.0%$0 6.0%$0 Avg. Residential 2.67 ECUs & 0 Pumps $37 $39 $41 5.6%5.7% Water Variable $40 6.0%$42 6.0%$45 Water Demand $71 5.0%$75 5.0%$78 Fire Charge $24 6.0%$25 6.0%$27 Pump Charge $0 6.0%$0 6.0%$0 Avg. Commercial 9.14 ECUs -No Pump $135 $142 $150 5.5%5.5% Water Utility Rates * Increases exclude any impact from fire mitigation charges P 1 3 I . 14 Colorado Single-Family Residential Survey –115,000 gallons per year P 1 4 I . Water Utility Fund 15 •Base Budget Increase: 0.8% Labor Decrease: 0.1% Materials and Contracted Services: 3.4% •Staffing Supplementals 1 year extension for Utilities Engineer: $33,000 Water Distribution Operator: $69,940 •Capital: $1.9 Million Pipe Upgrade at Roaring Fork Rd.: $500,000 Highlands PRV to Pump Station: $250,000 Distribution Replacement & Repair: $250,000 Infrastructure and Rate Study: $120,000 Treatment Plant Maintenance: $112,000 Operating Expenses $3,775,710 Overhead $812,300 Supplementals $102,940 Capital $1,894,900 Transfers $918,000 Expenditures = $7,503,850 P 1 5 I . Water Utility Fund 16 Net Change to Fund Balance: $1,153,450 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000 $10,000,000 2013 2014 2015 Forecast 2016 2017 2018 2019 2020 Fund Balance Revenues Expenditures Reserve (12.5% of Uses) P 1 6 I . Electric Utility Fund 17 •Proposed Rate Adjustments Commercial Service $4,091,000 Residential Service $2,600,400 City Facility Service $444,400 Availability Charges $612,000 Demand Charges $373,100 Other Misc. Revenues $118,600 Revenues = $8,239,500 Proposed Increases Residential (kwh)4.0% Sm. Commercial (kwh)3.0% Lg.Commerical (kwh)5.0% Sm. City Facility (kwh)4.0% Lg. City Facility (kwh)4.0% Demand Charges 10.0% Availability Charges 10.0% P 1 7 I . 18 2015 Avg. Bill Proposed Rate Change 2016 Avg. Bill Proposed Rate Change 2017 Avg. Bill kWh Charges $46 4.0%$48 4.0%$50 kW Charges $0 0.0%$0 0.0%$0 Availability Charges $13 10.0%$14 10.0%$16 Average Residential -200 AMP service $59 $62 $66 5.3%5.4% kWh Charges $185 3.0%$191 3.0%$196 kW Charges $0 0.0%$0 0.0%$0 Availability Charges $14 10.0%$15 10.0%$17 Average Small Commercial -200 AMP service $199 $206 $213 3.5%3.5% kWh Charges $3,524 5.0%$3,700 5.0%$3,885 kW Charges $1,229 10.0%$1,352 10.0%$1,487 Availability Charges $34 10.0%$37 10.0%$41 Average Large Commercial -400 AMP service $4,787 $5,089 $5,413 6.3%6.4% Electric Utility Rates P 1 8 I . 19 P 1 9 I . Electric Utility Fund 20 •100% Renewable Energy Achieved $145K less than budgeted in 2015 •Base Budget Growth: 3.5% •Supplemental Request: 1 year extension for Utilities Engineer: $33,020 •Roughly $1M In Capital Projects Electric System Replacement: $300,000 Other Renewable Opportunities: $100,000 Infrastructure & Rate Study: $90,000 Energy Conservation: $75,000 Micro Hydro Maroon / Castle: $50,000 Operating Expenses $1,600,450 Overhead $335,000 Purchased Power $4,561,700 Capital Expenses $951,600 Supplementals $33,020 Transfers & Debt Service $1,064,400 Expenditures = $8,546,170 P 2 0 I . Electric Utility Fund 21 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 $5,000,000 $5,500,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Purchased Power Costs P 2 1 I . Electric Utility Fund 22 Net Change to Fund Balance: ($306,670) $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 2013 2014 2015 Forecast 2016 2017 2018 2019 2020 Unrestriced Fund Balance Revenues Expenditures Reserve (12.5% of Uses) P 2 2 I .