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ROARING FORK TRANSIT AGENCY
PITKIN COUNTY, COLORADO
Resolution #92-7
1992 SUPPLEMENTAL BUDGET RESOLUTION
WHEREAS, more revenues are anticipated to be received in 1992 than
were appropriated, resulting in a portion of unappropriated fund balance
available for unanticipated expenditures that occur during the year, and
WHEREAS, funds budgeted in the 1992 budget can now be determined to
be in excess of those needed for certain purposes and can be returned to
fund balance, and
WHEREAS, upon due and proper notice, published in accordance with the
state budget law, said supplemental budget was open for inspection by the
public at a designated place, a public hearing was held on December 14,
1992, and interested taxpayers were given an opportunity to file or
register any objections to said supplemental budget,
NOW, THEREFORE,
Roaring Fork Transit
&~llOWS:
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BE IT RESOLVED by the Board of Directors of the
Agency that adjustments be made to the 1992 budget as
Previous
Budqet This Chanqe
Re~ised
proi Budqet
RFTA OPERATIONS FUND
Additional insurance premium from the Colorado Counties, Inc. Worker's
Compensation Pool will require an increase in budget of $103,000.
Additional insurance premium from Colorado Counties Cooperative for Health
Insurance Benefits will require an increase in budget of $100,000. These
costs are distributed to the operating programs based upon the staffing
within those departments.
Mechanics wages expenditures
Maintenance department
expenditures
$ 348,430 $ 27,939
$ 376,369
852,839
Operations wages expenditures
Operations department
expenditures
2,096,255
164,237
2,260,492
2,614,392
Administration salaries expenditures
Administration department
expenditures
153,705
10,824
164,529
813,809
$203,000
TA OPERATIONS FUND:
REVENUE (EXPENDITURE) CHANGE
(203,000)
.
Previous
Budqet
$
This Chanqe
$
RFTA CAPITAL EXPENDITURE FUND
Revised
Pro; Budqet
$
$ 1,700,000 of new sales tax revenue bonds were issued by Pitkin County
for R.F.T.A., to fund the acquisition of buses and other transit
improvements. $111,121 of the $ 1,700,000 was consumed as bond issuance
costs and appears in the Pitkin county transit sales tax debt fund. The
remaining $ 1,588,879 of bond proceeds will be added to fund balance for
expenditures on the improvements in 1993. Previously, $ 1,030,000 had been
budgeted for acquisition of buses in 1992 to be funded from lease/purchase
proceeds, and this can now be reversed. Also originally $ 57,000 was
budgeted as revenue from sale of old buses. These buses will not be sold
in 1992.
Bond proceeds (revenue)
Purchase of buses expenditures
Lease/purchase proceeds (rev)
Sale of bus revenue
$ -0-
1,030,000
1,030,000
57,000
$1,588,879
(1,030,000)
(1,030,000)
(57.000)
$1,531,879
$1,588,879
-0-
-0-
-0-
In conjunction with the issuance of new sales tax revenue bonds, $830,000
~outstanding 1983 sales tax revenue bonds were refunded at lower
'~erest rates. The resulting savings are shown here as a $ 120,643
'lncrease in sales tax revenue to R.F.T.A. capital Fund because that much
less in sales tax revenue is needed to pay debt in the (Pitco) Transit
Sales Tax Debt Service Fund. The refunding also freed up a $ 218,600 debt
service reserve which can be transferred to the R.F.T.A. Capital Fund.
$129,984 of these savings will be used to retire other high interest debt
now.
Sales tax revenue
Debt service-principal expend
Debt service-interest expend
Transfer from Transit Debt Srv
$
120,643
126,383
3,601
218.600
209,259
104,256 $
35,733
13,760
-0-
$
Purchase of fuel system
equipment expenditure
Purchase of trailers expenditure
-0- $
-0-
$
5,000
8,000
RFTA CAPITAL PROJECT FUND:
NET REVENUE (EXPENDITURE) CHANGE
$1,728,138
$ 224,899
162,116
17,361
218,600
$ 5,000
8,000
TOTAL RESOLUTION:
NET REVENUE (EXPENDITURE) CHANGE $1,525,138
(lit Introduced, read, and passed upon first reading by the Board of
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Previous
Budqet
$
This Chanqe
$
Revised
Pro; Budqet
$
Directors of the Roaring Fork Transit Agency, Pitkin County, Colorado, at
their regular meeting held November 19, 1992.
ATTEST:
ROARING FORK TRANSIT AGENCY
PITKIN COUNTY, COLORADO
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E've Ilome'tf'l:, T:ice.IChairperson
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APPROVED UPON SECOND READING by the Aspen city Council and Board of
County Commissioners of Pitkin County, Colorado, at their regular meetings
held December 14, 1992 and December 15, 1992 respectively.
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CITY OF ASPEN, COLORADO
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John ennett, Mayor
ATTEST:
BOARD OF COUNTY COMMISSIONERS
PITKIN COUNTY, COLORADO
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Chairman
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