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Home My WebLink Aboutresolution.council.014-90 I. ... l Ie ASPEN/PITKIN COUNTY HOUSING AUTHORITY Resolution *90- I~ 1989 SUPPLEMENTAL BUDGET RESOLUTION J7V')(' -#/ WHEREAS, more revenues are antic~pated to be received in 1989 than were appropriated, result~ng ~n a portion of unappropriated fund balance available for unanticipated expenditures that occur during the year, and WHEREAS, certain revenues will become available that were not a~ticipated during the preparation of the 1989 budget, and WHEREAS, certain revenues anticipated to be received in 1989 will not be realized and will result in a decrease in fund balance, and WHEREAS, funds budgeted in the 1989 budget can now be determined to bp in excess of those needed for certain purposes and can be returned to fund balance, and NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Aspen!P~tkin County Housing Authority that adjustments be made to the 1989 bl1dget as follows: PLEASE NOTE THAT ALTHOUGH SPECIFIC BUDGET ITEMS ARE SEGREGA~ED BY TRANS- ACTION TYPE, E.G., UNANTICIPATED EXPENDITURES, UNANTICIPATED REVENUES, ETr.., EXPLANATION OF THE TOTAL IMPACT OF THESE ELEMENTS ON A PROJECT OR PROGRAM IS REPORTED IN THE "FUND BALANCE ANALYSIS" AT THE END OF EACH BUDGET RESOLUTION. Previous Budqet $ Revised PrOl Budqet $ This Chanqe $ I) $ 8,667 IN ACCOUNTING CHANGES Hous~nq Authority Administrat10n The Housing Authority became a separate political SUbdivision of the state on September 26, 1989 when the city of Aspen city Counc~l and P1tkin County Board of County Commissioners slgned a new inter- governmental agreement. Due to this change, accounting for the Housing Authority has changed: 1) The Housing Authority operations fund on the county books has been transformed into a proprietary fund on the Housing Author~ty books. This change requires an equity transfer on January 1, 1989 of $ 881,364. 2) Because the Housing Authority operations fund is now a prop- r~etary fund, the accounting for just the county share 1S converted to an entlty operations accounting, show1ng the complete history of all revenue and expenditure transactions. Housing operating revenues Hous~ng operatlng expendltures 75,231 75.231 -0- 128,655 150,274 53,424 75,043 'e ,. .' It, , , \ , - ~e '1 ~ Previous Budqet $ Rev~sed Prol Budqet $ Th~s Chanqe $ 3) The subsidy from Pitkin County was previously reported as a transfer from the county's general fund. It will now be con- sidered an expense of the county and a revenue for the Houslng Authority. The account1ng for the C~ty of Aspen subs~dy remains unchanged. Hsg authrty opertng revenue 148,828 128,655 20,173 The county's general fund transfer of $ 23,867 will be ellminated, resulting in a reduction of resources of $ 3,964. 4) Non-current sick and vacation accruals must be recognized for employees of the Housing Authority because the accounting system changed to a proprietary fund. Housing operations expend~tures 150,274 4,703 154,97~ 5) The Clty of Aspen has requested that the Housing Author1ty transfer the $ 350,000 designated for Truscott Place debt reserve from the Houslng Authority accounting system to the Truscott Place accounting system. II) $ 2,086,451 IN UNANTICIPATED EXPENDITURES 1) Housinq Authority Administration Payment-in-lieu-of-housing project clean-up: A) Marolt Ranch project costs in 1989 were $ 55,000 greater than anticipated. Th~s project w~ll be funded initially by Aspen payment-in-lieu-of-housing resources and Houslng Author~ty seed money will be reimbursed in 1990 when the project bonds are issued. B) Moore property conceptual master plan lS funded by pitkln payment-in-lieu-of-housing. APILH - Marolt Ranch expend PPILH - Moore property expend 55,000 2.174 57,174 163,000 2,174 108,000 -0- 2) Truscott Place Operations 2 I- I. (e 1'- [, , Previous Budqet $ This Chanqe $ Rev~sed Prol Budqet $ Property management operations expenditures for 1.5 months of 1989: Administrative expenditures utili ties General expenditures Operating maintenance 6,717 18,593 3,274 7.009 35,593 Trusctt PIc operating expenditures -0- 35,593 35,593 3) Hunter-Lonqhouse Operations Property management operations expenditures for 10 months of 1989: Management & malntenance costs Extraordinary repairs Administration fees 44,088 4,270 6.300 54,658 Hntr-longhse operating expend 54,658 -0- 54,658 4) Hunter-Lonqhouse Construction Bond issuance costs, construction costs, and 1989 debt serv~ce: Hntr-longhse debt issuance expend Hntr-longhse constrctn expend Hntr-longhse debt service expend 98,986 1,698,127 141,913 -0- -0- -0- 98,986 1,698,127 141. 913 1,939,026 III) $ 2,457,380 IN UNANTICIPATED REVENUE 1) Housinq Authority Administration Addi tional revenue was received from administration of spec1al housing construction projects. Housing operations revenue 148,828 9,006 157,834 2) Housinq Authority Administration Meadowridge bond proceeds have reimbursed the Housing Author1ty for the seed money used to kick-off this project. Some expenses wlll occur ln 1990 and those, too, will be reimbursed from loan proceeds. 3 Ie (~ (e IV) Previous Budqet $ This Chanqe $ PPILH-Meadowridge proj revenue PPILH-Meadowridge proj expend -0- 95,000 86,737 (8.263) 95,000 3 ) Hunter-Lonqhouse Construction proj ect construction bond proceeds, orig~nal Hunter-Longhouse reserve, and contribut~on Employee Housing, Inc. Housing Authority from Aspen/P~tk1n Hntr-longhse bond proceeds Original hntr-longhse reserve rev Prior non-profit corp contribution -0- -0- -0- 1,775,000 111,920 169.728 2,056,648 Revised Prol Budqet $ 86,737 86,737 1,775,000 111,920 169,728 These two resources funded various special and debt reserves required by law or POllCY of the Housing Authority: Bond reserve fund Repair & repllce fund Housing Authority reserve 178,719 50,000 61.920 290,639 These reserves appear as specific components of the Hunter- longhouse fund balance. 4) Hunter-Lonqhouse Operations Property management operations revenue for 10 months of 1989: Rents Interest income Miscellaneous rents 180,292 43,597 3.786 227,675 Hntr-Longhse operating revenue -0- 227,675 227,675 5) Truscott Place Operations Property management operations revenue for 1.5 months of 1989: Trusctt PIc operating revenues -0- 69,051 $ 35,294 IN REVENUES NOT RECEIVED 1) Housinq Authority Administration 4 69,051 '. 1,1" (a.. \..- ~e V) Previous Budqet $ Revised Prol Budqet $ This Chanqe $ Funds originally committed to the county from Hunter-Longhouse construction project are not available to reimburse county payment-in-lieu-of-housing funds in 1989; Hunter-Longhouse operations will try to develop a multi-year repayment plan commencing in 1990. The scope of the reimbursement includes: a) $ 4,250 was spent to relocate the building maintenance structure that was at the commun~ty Center to make room for the additional Hunter-Longhouse unlts. b) County payment-in-lieu-of-housing seed money in 1988 and 1989, totallng $ 31,044. PPILH-Mtnc bldg relocation rev JPILH-Hunter-Lnghse const rev (4,250) (31,044) (35,294) -0- -0- 4,250 31,044 $ 107,400 IN FUNDS NO LONGZR NEEDED 1) Housinq Authoritv Administration The in~t~al phases of the Truscott Place housing project, whose seed money was funded by city of Aspen payment-in-lieu-of- housing, were completed for less than originally estimated. APILH-Truscott place expend 350,000 107,400 242,600 2) Housinq Authority Administration The Hamwi residence purchase occurred in 1989. The Hous1ng Authority sequestered $ 153,400 in a designated fund balance until the purchase was completed. Those funds can now be returned to the City payment-in-lleu-of-housing designated fund balance. VI) ZERO COST PROGRAMS 1) Housinq Authority Administration The c~ty of Aspen contrlbuted $ 2,126 to Housing Authority for temporary help to complete initial enforcement program data base development as a carryover from 1988. Housing authority opertng rev Housing authorlty opertng exp 150,062 140,724 147,936 138,598 2,126 2.126 -0- 5 (e . (:- Previous Budqet $ This Chanqe $ ReVlsec: Prol Budqet $ 2) Truscott Place Debt Service Bond issuance language prescribes that Truscott Place construct1on bond proceeds and accrued interest will be util~zed to fund the flrst annual lease purchase payment for the Truscott Place construct1on debt. Truscott place debt srvc revenue Tcuscott place debt srvc expend -0- -0- 6 135,000 135,000 -0- 135,000 135,000 let Previous Budqet $ This Chanqe $ Revised Prol Budqet $ IntL,duced, read, and passed upon first reading by the Board of Directors of Lhe Aspen/Pitkin County Housing Authority, Pitkin County, Colorado, at theLr regular meeting held Apr11 18, 1990, and o~dered published in full. ASPEN/PITKIN COUNTY HOUSING AUTHORITY PITKIN COUNTY, COLORADO Attest: ~~ ~m Adamski, Director 1,- (e 7 ~a '. Ie I. " APPROVED UPON SECOND READING by the Aspen City Counc~l and the Board 0f County Commissioners of pitkin County, Colorado, at their regular meetings held Apr~l 23 & 24, 1990, respectively. CITY OF ASPEN, COLORADO ~~ Wlll~am L. stirling, Mayor Attest: >Jk L Yathryn S Clty Cle BOARD OF COUNTY COMMISSIONERS PITKIN COUNTY, COLORADO ~ C-\ Il-udl f'L,()il/L Herschel Ross, Chairman Attes~: /7 ')t't-tu!Z~ UVZ-J Je<y1'ette Jones / / . Deputy County Clerkt/ " \lhdc\word\work\89HAreso 8 t:. Od;18/90 , (89hafba) HOUSING AUTHORITY 1989 FUND BALANCE ANALYSIS 1/1/89 & InItIal Budget Approprlatns Current Yr-to-Date Approprlatn ReVIsed Budget OPERATING RESERVES: Housing Author1ty Admlnsltratn 27,505 (12,749) 339 IS,095 COlmty payment-ln-l1eu-of-hsg 313,712 (6,131) 73,054 380,635 c,ty payment-1n-l1eu-of-hsg 428,472 (91,322) 190,278 527,428 CIty PILH - Hamwi residence 153,400 0 (153,400) 0 Bandar contrIbutIon 0 514,612 0 514,612 Truscott Place OperatIons 0 0 33,458 33,458 Hunter-Longhse OperatIons 0 0 0 0 ----------- ----------- ----------- ----------- Ie 923,089 404,410 143,729 1,471,228 DEBT SERVICE RESERVES: CIty's Truscott place debt reserve 0 350,000 0 350,000 Hunter-Longhse debt reserves: Bond reserve fund 0 0 178,719 178,719 RepaIr & replacement fund 0 0 50,000 50,000 HousIng author~ty reserve 0 0 61,920 61,920 ----------- ----------- ---~------- ----------- 0 350,000 290,639 640,639 TOTAL FUND BALANCES 923,089 754,410 434,368 2,111,867 2,111,867 '_' " \;1 " -