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RESOLUTION NO. JL
SERIES OF 1997
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO,
APPROVING SUPPLEMENTAL BUDGETS FOR THE 1/2 CENT TRANSIT SALES AND
USE TAXES FOR 1997
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 to continue to refme 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, by prior resolution the Parties budgeted $1,624,000 from the one-half cent
transit sales and use tax in 1996 for the upper-valley share of the purchase of the rail right-of-
way in the Roaring Fork Valley; however, the right-of-way purchase has been delayed into 1997,
requiring reauthorization of this budget for 1997; and
WHEREAS, Great Outdoors Colorado ("GOCO") has granted $2 million toward the
purchase of the rail right-of-way, but only $1 million will be made available at closing with the
remainder to be paid within three years; and
WHEREAS, at a public meeting held on January 9, 1997, the Parties considered and
approved making up this shortfall at closing with $llnillion from the one-half cent transit sales
and use tax (attachment" A" illustrates the $2 million GOCO grant expenditure for the right-of-
way in 1997 with only $1 million of the grant revenue budgeted in 1997 and the remainder
anticipated in 1999); and
WHEREAS, at a public meeting held on February 6, 1997, the Parties considered and
approved the expenditure of up to $30,000 from the one-half cent transit sales and use tax for a
Transportation Linkages Workshop, with 50% of the cost to be reimbursed by the Aspen Skiing
Company; and
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WHEREAS, the City of wishes to ratify the budget approvals given at the previous public
meetings of the Parties by adoption of this resolution.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Aspen,
Colorado, that the following supplemental 1997 one-half cent transit sales and use tax revenue
and expenditure budgets are hereby approved.
Revenues:
Great Outdoors Colorado Grant
Reimbursement of Expenditures
$1,000,000
15,000
Total Supplemental Revenues
$1,015,000
Expenditures:
D&RGW ROW Acquisition (EOTC share)
D&RGW ROW Acquisition (GOCO grant)
Transportation Linkages Workshop
$1,624,000
2,000,000
30,000
Total Supplemental Expenditures
$3,654,000
RESOLVED, APPROVED, AND ADOPTED this 4 day of February, 1997, by the
City Council for the City of Aspen, Colorado.
JOhn~et;~
I, Kathryn S. Koch, 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 February~, 1997.
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1/9/97
Focus on ROW Acquisition
EOTC Transit Funding
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Proposed
1997
Budget
1996
1998
1999
EOTC SOURCES:
a) Pitkin County 1/2% sales tax
b) Pitkin County 1/2% use tax
c) GOCO grant
d) Investment income
Total EOTC Sources
2,666,000 2,826,000
275.000' 275,000
10,000 ~_tr~~
135,000 136,000
3,086,000 4,237,000
2,996,000 3,146,000
283,250 291,748
iB.QW.
167,000 303,000
3,446,250 4,740,748
EOTC USES:
1) 5 RFT A buses - debt service
2) Expanded RFTA bus service
3) RFTA operating shortfall
4) Airport intercept lot constr.
5) Intercept lot landscaping
6) Intercept lot shuttle service
7) Intercept lot maintenance
8) Project design, mgmt, & admin
9) Aspen reimbursements
10) Snowmass transit center design
11) Use tax collection costs
12) ROW acquisition efforts
13) ROW acquisition - EOTC
14) ROW acquisition - GOCO
5) ROW management & planning
Total EOTC Uses
2000
3,303,000
300,500
451,000
4,054,500
146,000 146,234 143,000 145,828 145,153
772,000 818,320 867,419 910,790 956,330
150,000
35,898
218,000 234,453 241,487 248,731 256,193
20,000 21,000 22,050 23,153 24,310
73,560 106,000 31,930 32,888 33,875
30,000
120,000 100,000
35,000 35,000 36,050 37,132 38,245
106,079
16,800
1,706,537 5,101,807 1,341,936 1,398,521
EOTC ANNUAL SURPLUS/(DEFICIT)
EOTC CUMULATIVE SURPLUS/(DEFICIT)
1,379,463
3,146,192
(864,807) 2,104,314
2,281,385 4.385,699
3,342,226
7,727,926
Notes:
Actual/projected increase in sales tax revenue
Projected inflation rate
Projected investment eamings rate
5.5%
6.0%
3.0%
5.0%
6.0%
3.0%
5.0%
5.0%
3.0%
5.0%
.
1,454,106
2,600,394
10,328,320
5.0%
3.0%
5.0%
Current 1997 Budget
e EOTC Transit Project Funding
Actual Actual Budget Budget
1994 1995 1996 1997
EOTC SOURCES:
a) Pitkin County 1/2% sales tax 2,455,143 2.526,855 2.666,000 2,826,000
b) Pitkin County 1/2% use tax 208,982 335,456 275,000 275,000
c) GOCO grant 5.000 10,000 1,000,000
d) Investment income & misc. 22.653 62.177 135.000 128,000
e) Reimbursement of expenditures 15,000
Total EOTC Sources 2,686.778 2.929,488 3,086,000 4,244,000
EOTC USES:
1) 5 RFT A buses - debt service 75,554 145,710 146,000 146,234
2) Expanded RFT A bus service 700.000 735,000 772,000 818.320
3) RFT A operating shortfall 146.000 150,000
4) Airport intercept iot constr. 635.376
5) Intercept lot landscaping 124,102 35.898
6) Intercept lot shuttle service 308,000 218.000 234,453
7) Intercept lot maintenance 20,000 21,000
8) Project desi9n, mgmt, & admin 700.537 39,987 73.560 136.000
9) Aspen reimbursements 65,824 3P,000
10) Snowmass transit center design 29,764 120,000 100,000
11) Use tax collection costs 51,834 35.000 35,000
12) ROW acquisition efforts 42,987 53,864 106.079
. 13) ROW acquisition - EOTC (56%) 1,624,000
14) ROW acquisition - GOCO 2.000,000
15) ROW management (56%) 16,800
16) ROW defense, railbanking, & planning (56%)
Total EOTC Uses 2,154,454 1.700.085 1.706.537 5.131,807
EOTC ANNUAL SURPLUS/(DEFICIT) 532,324 1,229,403 1,379,463 (887.807)
EOTC CUMULATIVE SURPLUS/(DEFICiT) 532,324 1,761,727 3,141,190 2,253,383
Notes:
Actuai/projected increase in sales tax revenue 2.9% 5.5% 6.0%
Projected inflation rate 2.5% 3.3% 3.0%
Projected investment earnings rate 5.0%
1997 expenditure budget detail:
8) $136,000 is composed of the following Items: 16,000 financial admin. and insurance
25,000 meeting support and facilitation
15,000 financial consultant
50,000 entrance to Aspen design
30,000 transportation linkages workshop
136,000 ($15,000 reimbursed by Aspen Skiing Company)
15) 56% upvalley share of $30,000: $25,000 1/2-time position pius $5.000 materials & training
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2/10/97
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