HomeMy WebLinkAboutagenda.council.worksession.20100315MEMORANDUM
TO: Mayor and City Council
FROM: Don Taylor, Director of Finance
THRU: Randy Ready, Assistant City Manager
DATE OF MEMO: March 9, 2010
MEETING DATE: March 15, 2010
RE: Financial Update
REQUEST OF COUNCIL: This is to provide City Council with an updated financial
status for its major operating funds.
PREVIOUS COUNCIL ACTION: The City Council decided to freeze a number of
approved capital projects for the 2010 budget year until at least a few months of the 2010 ski
season was behind us to insure that the projected revenues were likely to be realized. City
council had also decided to draw down slightly below its minimum fund balance policy
expecting a certain amount of under spending for the 2009 budget year. This reviews our status
as it relates to these decisions.
BACKGROUND: There were dramatic changes in the Aspen economy for 2008/2009.
Lodging rates and occupancy dropped dramatically and construction activity came to a standstill.
Real estate activity also slowed rather significantly. The changes over prior years were as
follows. Sales tax down 14%, Lodging taxes down 25%, Real estate transfer taxes were down
47% from 2006 and building permit fees are down 42% from 2008. The City reacted quickly and
went through a serious restructuring of its financial budget. By the time the 2010 budget was
adopted, staff and city Council felt that it had brought its budget in line with its new revenue
reality but to be sure it wanted to wait and see what the first few months of the year looked like.
DISCUSSION It appears that there has been some stabilization for some of the City's
major revenue sources except for those related to real estate development and sales. First the
good news. After 15 consecutive months of year over year declines in sales tax, December 2009
was even with December 2008 and January was 6% over .Ianuary 2009. Lodging taxes were also
up 6% in January 2010 as well. As the national economy seems to have stabilized so it seems
that local retail sales have as well.
On the other hand, Real estate development fees and transfer taxes have not recovered at all.
Building permit fees are off to a slow start for 2010. For the first 68 days of the year building
Page I of 3
permits are down 71% from an already dismal 2009. It is still early however and there is time to
make some of this back up. The monthly tax report for January is attached as Exhibit A.
Exhibit B includes a YTD report that gives the most recent projection of where we stand for
2010 for revenues and expenditures for major funds. It includes an up to date estimate of the
fund balance for the beginning of the year and also includes the carry-forward requests and
departmental savings appropriations that will be coming to Council in April. Updated revenue
estimates are also included.
The General Fund (001) estimated ending fund balance for 2010 after carry forwards and
departmental savings will be approximately $5,447,614 (there still may be same final
adjustments in closing out the year). This is better than what was assumed in the original
adopted 2010 budget ($4,855,964) but is still short of our fund balance policy by $102,012. This
should be covered in order to remain in compliance with our fund balance policy.
The Asset Management fund's (000) major revenue source is the property tax which is a fairly
stable revenue source. When the 2010 budget was adopted, just to be extra conservative, a
number of capital projects were "frozen" until we were into the ski season and had a better idea
of where we might stand. Based on early sales tax returns and pace of business in Town it
would be appropriate to release those capital projects at this time. Contracts for these projects
will still require Council approval so if the economy made a reversal there would still be time to
make some adjustments.
The Parks fund (100) ended 2009 better than projected. The ending fund balance for 2010 is
now $2,165,372 compared to $1,412,804 in the adopted budget.
The Housing Development fund (150) is heavily dependent on real estate transfer taxes which
can be a very volatile revenue source. Early in 2010 Real estate transfer taxes are coming in
very slow, about 60% of the rate necessary to meet budget. Once again it is very early in the year
and anecdotally, a windfall transfer tax may be in the near future. We should monitor this tax
source closely. The ending Fund balance for this fund is now projected at $923,000.
The Marolt housing fund projections have changed dramatically from the assumptions used in
the 2010 budget and is worthy of note. Winter seasonal rentals are down significantly from years
past. Estimates for rents in 2010 have declined from $1,142,140 in the original budget to an
estimated $645,590. There is enough fund balance to cover the short fall in the near term, but if
occupancy does not return to higher levels in the near term, subsidies of this fund may be
required. Ending fund balance for 2010 is now estimated to be $691,187 versus $1,139,423 in the
2010 adopted budget.
FINANCIAL/BUDGET IMPACTS: While most major revenue sources seem to have
stabilized after last year's precipitous decline there are still a few areas to monitor closely. These
are building development fees, real estate transfer taxes, use taxes and season rents at Marolt
housing.
Page 2 of 3
RECOMMENDED ACTION: It now seems likely that the City will realize its budget
numbers for sales tax in the general fund so it would be appropriate to allow budgeted capital
projects to proceed with implementation. Most of these will still need to come to city Council
for contract approval. Staff will provide recommendations for budget changes to reduce the 2010
budget by $102,012 in order to meet the adopted fund balance policy for the General Fund.
ALTERNATIVES: As an alternative, a portion or none of the capital projects proposed for
2010 could be released until better revenue data is available.
PROPOSED MOTION: I move to allow the capital projects approved in the 2010 adopted
budget to proceed as proposed.
CITY MANAGER COMMENTS:
ATTACHMENTS:
January Monthly Sales Tax Report
Major Funds Status Report
Go/No Go capital project list
Memo from Tim Anderson on Gymnastics Pits
Pagc 3 of 3
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THE CffY Uf~ ASi~EN
To: Aspen City Council
From: Don Taylor, Finance Director
Date: March 4, 2010
Re: January 2010 Consumption Tax Report for the City of Aspen
Attached is the City of Aspen's monthly report for consumption based tax collections. This report
includes year to date analysis of the City's sales tax and lodging tax collections through January
2010, Aspen's portion of Pitkin County's 3.6% sales tax collections through December 2009 and real
estate transfer tax (RETT) collections through February 2010.
The current report suggests Aspen's recent declining economy is beginning to improve. Sales
taxable sales for January 2010 showed that we were 4% up in January. However, starting in
September 2009 the City of Aspen tax rate decreased from 2.2% to 2.1% or stated another way the
tax rate is now 4.5% lower than prior to September. Therefore year to year revenue comparisons
will not be relevant until September 2010. We added an industrial category for Automobile. The
Automobile sales tax is collected by Pitkin County and remitted to us monthly. The amount is highly
variable and has previously been included in our General Retail category.
Lodging tax collections for January were up 6% from last January.
Aspen's portion of Pitkin County's sales tax for December 2009 (one month behind city collection
statistics because they are collected by the State of Colorado) were up 1% from 2008.
The year to date activity for Wheeler and Housing real estate transfer tax collections through
February 2010 were 64% down compared to February 2009. Wide fluctuations in the real estate
transfer taxes are the norm. Both of the RETT's are reflecting a year to date amount below 2009
most likely a result of closing of units at the Residences at the Little Nell and other fractional in
2009.
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January 2010
rev and Transfers Budgeted Amount Current Estimate Variance % of Budget YTD
Current rev
Overhead - 67500 $ 3,738,750 $ 3,738,750 $ - 100%
Property Tax-Operations - 60010 3,688,350 3,688,350 - 100%
City's Share of PitCo 3.5% Sales Tax - 60200 5,714,450 5,810,000 (95,550) 102%
Other Taxes - 60 1,510,000 1,430,000 80,000 95%
Licenses & Permits - 61 239,700 239,700 - 100%
Grants &Inter-Government Revenue - 62 333,390 363,000 (29,610) 109%
Fees for Service - 63 181,660 181,660 - 100%
Building Permit/Inspection Fees - 631 1,205,000 1,100,000 105,000 91%
Land Use Fees - 638 212,500 200,000 12,500 94%
Fee Revenue - 64 2,079,070 2,079,070 - 100°k
Fine Revenue - 65 69,280 69,280 - 100%
Rentals & Leases - 66 60,420 60,420 - 100%
Refunds - 67 1,204,400 1,284,400 (80,000) 107%
Contributions - 68 7,000 7,000 - 100%
Misc. rev - 69 37,470 37,470 - 100%
Fixed Asset Sale - 92 - - - 0%
rev Subtotal 10,281,440 20,289,100 (7,660) 100%
Transfers
Transfers In - 95 1,532,520 1,532,520 - 100%
Transfers Subtotal 1,532,510 1,531,510 - 100%
TOTAL Revenue and Transfers $ 21,813,960 $ 21,811,620 $ (7,660) 100%
Operating and Capital Expenditures
Budgeted Amount YTD Exp /
Encumbrances Remaining
% of Budget yTD
Operating Expenditures
Contributions-02 $ 1,725,000 $ 1,725,000 $ - 100%
City Council - 03 326,640 326,640 - 100%
City Manager - OS 890,960 890,960 - 100%
Personnel/Risk Management - 06 600,270 600,270 - 100%
City Clerk - 07 610,840 610,840 - 100%
City Attorney - 09 464,690 464,690 - 100%
City Finance - 11 1,445,790 1,445,790 - 100%
Community Development - 13 1,005,000 1,005,000 - 100%
Engineering-15 769,010 769,010 - 100°/
8uildinglnspection-21 924,850 924,850 - 100%
Environmental Health - 25 454,870 454,870 - 100%
Police - 31 3,489,950 3,489,950 - 100%
Records-33 72,850 72,850 - 100%
Communications - 39 475,480 475,480 - 100°/
Streets - 41 1,881,010 1,881,010 - 100%
GISDepartment-60 329,120 329,120 - 100%
Data Processing - 61 1,508,550 1,508,550 - 100%
Special Events - 70 778,370 778,370 - 100%
Recreation Activities - 71 994,050 994,050 - 100%
Aspen Recreation Center - 72 2,069,640 2,069,640 - 100%
Ice Garden Operations - 74 526,230 526,230 - 100%
Asset Management Plan - 91 401,300 401,300 - 100%
Capital Maintenance - 94 - - - 0%
Operating Expenditures Subtota! 21,744,470 21,744,470 - 100%
Transfers
Outgoing Transfers - 95 176,970 176,970 - 100%
Transfers Subtotal 176,970 176,970 - 100%
Supplemental Requests
Carry Forwards and Supplemental Requests SOS,4B7 505,487
Departments/Savings 1,651,630 1,651,630
TOTAL Operating Expenditures and Transfers $ 24,079,887 $ 24,079,557 $ - 100%
Fund Balance Summary Budget Actual
Estimated Beginning Fund Balance (Unaudited} $ 7,762,657 $ 7,762,657
2010 Over (Short) (2,265,597) (2,257,937)
Fund Balance as of the end of 2010 $ 5,497,060 $ 5,504,720
Operating Reserve $5,606,732
-$102,012
City of Aspen Monthly Report - 7
City of Aspen - 2010 Budget
000 Asset Management Plan Fund
Audited Audited Audited Projected Budget
2006 2007 2008 2009 2010
Beginning Balance $2,165,364 $1,743,289 $5,119,385 $4,489,216 $5,188,309
Revenues
C
R
urrent
evenue
Property Tax
$1,174,571
$3,144,301
$2,333,647
$2,075,197
$1,735,690
Tabor Excess Property Tax $437,989 $236,221 $1,221,265 $1,055,158 $566,810
Timeshare Mitigation Fees $0 $0 $0 $0 $73,990
Fleet Trade in Revenue -General Fund $46,963 $187,920 $71,990 $127,323 $25,500
CORE Grant $0 $0 $0 $9,990 $0
Power Plant Restoration Grant $0 $0 $0 $87,986 $0
CCOT Grant $0 $0 $0 $116,035 $0
Red Brick Lease Revenue $65,000 $88,750 $84,000 $84,764 $85,000
Pedestrian Amenity Fees -from 600 Fund $0 $0 $158,080 $0 $135,000
TDM Air Quality -Fees - EH $0 $0 $0 $29,984 $0
Reimbursements /Miscellaneous $0 $0 $0 $57,882 $0
McKinstry -Lease Finance Proceeds $0 $0 $0 $0 $441,449
Animal Shelter Apt Lease Revenue $3,216 $0 $0 $0 $0
Cemetery Lane Rents $11,520 $9,900 $1,500 $0 $0
ISIS Closing & Development $0 $9,355,000 $0 $0 $0
Inter-fund Loan- Red Brick Improvements $680,000 $0 $0 $0 $0
Zupancis -Property Sale -Estimate $0 $0 $0 $0 $0
Interest Income $148,297 $413,791 $349,365 $237,443 $0
Outside Entity Reimbursement $0 $1,877 $6,485 $0 $0
County Contributions $0 $0 $0 $0 $20,000
County Reimbursements ~ 128 970 355 673 143 550 301440
Subtotal, Current Revenue $2,567,556 $13,566,730 $4,582,005 $4,025,312 $3,384,879
Transfers
General Fund -New and CFWD Projects $60,115 $5,180,870 $1,067,840 $74,900 $0
Other Fund Transfers ~ ~ ~ 74 890
General Funds -Spring -New Projects $0
Subtotal, Transfer $60,115 $5,180,870 $1,067,840 $149,790 $0
Total Current Revenues and Transfers $2,627,671 $18,747,600 $5,649,845 $4,175,102 $3,384,879
Expenditures
General Fund Asset Management Plan $1,538,923 $2,814,399 $4,439,761 $2,414,946 $2,956,010
Labor $0 $0 $0 SO $101,045
Health Insurance $0 $0 $0 $0 $14,045
Tabor Projects - 2010 transfer to 141 $232,671 $812,411 $919,738 $445,477 $566,810
TABOR Projects 09 - 10 Re-appropriation $0 $0 $0 $0 $593,563
Red Brick Improvements $423,550 $406,850 $0 $0 $D
New 2009 Capital Requests $0 $0 $0 $0 $0
Capital Projects - 09 - 10 Re-appropriation $0 $0 $0 $0 $1,790,479
ARC Energy Improvements $0 $994,902 $144,977 $0 $0
Isis Closing and Redevelopment $0 $9,403,118 $0 $0 $0
Property Tax Collection Fees $32,253 $77,072 $118,089 $62,271 $46,020
Transfer -Employee Housing Fund AABC $0 $0 $111,049 $0 $0
Transfer -Parking Fund for Plaza Project $0 $0 $0 $0 $40,000
Transfer -Red Brick Inter-fund Loan $D $88,491 $85,000 $91,980 $88,490
Other Transfers 822 350 774 260 461400 461 334 118 890
Total Uses $3,049,746 $15,371,504 $6,280,014 $3,476,008 $6,315,351
Increase(Decrease)to Fund Balance ($422,075) $3,376,095 ($630,169) $699,094 ($2,930,473)
Ending Fund Balance -Budget Basis $1,743,289 $5,119,385 $4,489,216 $5,188,309 $2,257,837
Percent of Fund Balance 457% 266% 572% 1,194% 286%
Reserve (12.5%ofUses) $381,218 $1,921,438 $785,002 $434,501 $789,419
Over/(Short) of Target $1,362,071 $3,197,947 $3,704,214 $4,753,808 51,468,418
GAAP Basis Ad/ustment ($1,723,368) ($1,349,460) ($954,242) ($536,502) ($447,722)
Ending Fund Balance - GAAP Basis $19,921 $3, 769,926 $3,534,976 $4,651,807 $1,810,115
Revenues and Transfers Budgeted Amount Current Estimate Remaining %of Budget YTD
Current Revenues
Sales Tax for Parks & Open Space - 60000 $ 6,530,780 $ 6,769,000 $ (238,220) 104%
Fees for Service & Impact Fees - 63000 25,550 25,550 - 100%
Rental & Lease Revenue - 66000 31,280 26,000 5,280 83%
Refunds & Mitigation Fees - 67000 447,320 360,000 87,320 80%
Investmentlnterest-67010 51,760 51,760 - 100%
Misc. Revenues - 69000 - - - OYo
Revenues Subtotal 7,086,690 7,232,310 (145,620) 102%
Transfers
Transfers from Other Funds-95000 262,180 262,180 - 100%
Transfers Subtotal 262,180 262,180 - 100%
TOTAL Revenue and Tronsfers $ 7,348,870 $ 7,494,490 $ (145,620) 102%
Operating and Capital Expenditures Budgeted Amount
Operating Expenditures
YTD Exp /
Encumbrances
Remaining %of Budget YTD
Overhead Allocation-00001 $ 928,740 $ 928,740 $
Environmental Ranger-25600 33,420 33,420
Color the Core - 03010 4,200 4,200
Non Profit Groups-04323 35,730 35,730
Food Tax Refund - 44321 147,910 147,910
CCLCMalllmprovements-04330 37,330 37,330
Parks Administration - 55000 1,864,530 1,864,530
Parks Management-55200 433,100 433,100
Services - 55201 5,600 5,600
MaIlMaintenance-55300 60,930 60,930
Recycling Program/City of Aspen - 55305 16,130 16,130
Forestry & Natural Areas - 55400 77,130 77,130
Trails Maintenance-55521 23,770 23,770
Nordic Trails - 55523 182,620 182,620 _
Operating Expenditures Subtotal 3,851,140 3,851,140
Transfers
Transfer to Capital Fund 340 1,069,640 1,069,640
O1 Park/Open SP Sales Tax Bonds - 31055 853,140 853,140
2005 Bonds Transfer to Fund 250 - 31065 1,089,100 1,089,100
Debt Service Transfer -31066 840,900 840,900
Transfer to Transportation Plaza Repair 40,000 40,000
Transfers Subtotal 3,892,780 3,892,780
- 100%
- 100%
- 100%
- 100%
- 100%
- 100%
- 100%
- 100%
- 100'Ya
- 100%
- 100%
- 100%
- 100%
- 100%
100%
100%
100%
100%
100%
100%
- 100%
TOTAL Operoting Expenditures and Transfers $ 7,743,920 $ 7,743,920 $ - 100%
Fund Balance Summary Budget Actual
Estimated Beginning Fund Balance (Unaudited) $ 2,165,373 $ 2,165,373
2010 Over (Short) (395,050) (249,430)
Fund Balance as of the end of 2010 $ 1,770,323 $ 1,915,943
City of Aspen Monthly Report - 9
Revenues and Transfers Budgeted Amount Current Estimate Remaining %of Budget ttD
Current Revenues
.46%Sales Tax and Penalties/Housing Portion-60230,60610 $ 881,020 $ 915,600 $ (34,580) 104%
Real Estate Transfer Tax-60310 4,850,000 4,650,000 200,000 96%
In Lieu of Development Fees - 63050 10,000 10,000 - 100%
For Sale Affordable Housing - 63950,69000 1,300,000 1,274,000 26,000 98%
Benedict Commons Parking Revenues-66138 - - - 0%
Investment Interest-67010 22,570 100,000 (77,430) 443%
Refund of Expenditures-67010 - - - 0%
Lease Revenue BMC West Corp. - 66010 679,600 679,600 - 100%
Revenues Subtotal 7,743,190 7,629,200 113,990 99%
Transfers
Transfers From Other Funds-95000 2,300,000 2,300,000 100%
Transfers Su6to[a/ 2,300,000 2,300,000 - 100%
TOTAL Revenue and Transfers $ 10,043,190 $ 9,929,200 $ 113,990 99%
ttD Ezp /
Operating and Capital Expenditures Budgeted Amount Encumbrances Remaining %of Budget YTD
Operatng Expenditures
Overhead Allocation-00001 $ 394,170 $ 394,170
Operating Expenditures subtotal 394,170 394,170
Capital Expenditures
Housing Administration Fund - 23000
Benedict Commons- 23100
Burlingame AH - 23121
Housing Development Misc. - 23140
Burlingame Lot Subsidy - 23150
Capital Planning-23700
Rental Property Maintenance - 55110
Other
Capftal Expenditures Subtotal
Transfers
General Transfer to Truscott
Transfer to Parks Fund for Food Tax Refund -44321
General Transfer to Wheeler Loan Repayment
Transfer Subtotal
- 100%
100%
334,990 334,990 - 100%
14,390 14,390 - 100%
- 209,309 (209,309) N/A
150,000 280,000 (130,000) 187%
605,350 662,130 (56,780) 109%
2,800,000 3,951,876 (1,151,876) 141%
33,600 33,600 - 100%
84,219 (84,219) N/A
3,938,330 5,570,514 (1,632,184) 141%
742,620 742,620
14,270 14,270
5,703,130 5,703,130
6,460,020 6,460,020
- 100%
- 100%
- 100%
100%
TOTAL Expenditures and Transfers $ 10,792,520 $ 12,424,704 $ (1,632,184) 115%
GAAP Adjustment
Interfund Loan Principal Payments 5,452,320 5,452,320 - 100%
Net Change in Fund Balance $ 4,702,990 $ 2,956,816 $ 1,746,174 N/A
Fund Balance summary Budget Actual
Estimated Beginning Fund Balance (Unaudited) $ (2,033,564) $ (2,033,564)
2010 Over (Short) 4,702,990 2,956,816
Fund Balance as of the end of 2010 $ 2,669,426 $ 923,252
City of Aspen Monthly Report - 17
Revenues and Transfers Budgeted Amount Current Estimate Remaining %of Budget TTD
Curcent Revenues
.15%Sales Tax-60220 $ 653,080 $ 667,870 $ (14,790) 102%
Use Tax Revenue - 60250 1,310,000 1,100,000 210,000 84%
Car 2 GO Program - 63487 41,600 35,000 6,600 84%
Investment Interest-67010 89,430 250,000 (160,570) 280%
Grant Revenue 163,000 (163,000)
Highland Route Subsidy-67500 135,900 135,900 - 100%
Revenues Subtotal 2,230,010 2,351,770 /121,760) 105%
Transfers
Transfers From Other Funds - 95000 1,006,810 1,006,810 - 100%
Transfers Subtotal 1,006,810 1,006,810 - 100%
TOTAL Revenue and Transfers $ 3,236,820 $ $358,580 $ /121,760/ 104%
YTD Exp /
Operating and Capital Expenditures Budgeted Amount Encumbrances Remaining %of Budget YTD
Operating Expenditures
Overhead Allocation - 00001 $ 156,000 $ 156,000 $ - 100%
Transportation Operations-34000 1,477,380 1,625,410 (148,030) 110%
Operating Expenditures Subtotal 1,633,380 1,781,410 (148,030/ 109%
Capital Expendtures
Rubey Park Repair and Maint - 94127
Phone System City - 94159
Capital Expenditures Subtotal
Transfers
Use Tax Admin Transfer - 95001
Employee Housing Contribution - 95505
Transfers Subtotal
10,000 235,869 (225,869) 2,359%
900 900 - 100%
10,900 236,769 /229,869/ 2,172%
90,160 90,160
4,000 4,000
94,160 94,160
- 100%
- 100%
- 300%
TOTAL Expenditures and Transfers $ 1,738,440 $ 2,112,339 $ /373,899) 122%
Estimated Fund Balance Summary Budget Actual
Estimated Beginning Fund Balance (Unaudited) $ 1,682,645 $ 1,682,645
2010 Over (Short) 1,498,380 1,246,241
Fund Balance as of the end of 2010 $ 3,181,025 $ 2,928,886
City of Aspen Monthly Report - 15
Revenues and Transfers Budgeted Amount Current Estimate Remaining %of Budget YTD
Current Revenues
Rental Income All Categories-66000 $ 1,169,340 $ 645,590 $ 523,750 66%
Investment Interest-45046&00000.67010 35,870 35,870 - 100%
Laundrylncome- Operating Receipts-69060 16,000 16,000 - 100%
Misc. Revenues-69000 15,000 15,000 - 100%
TOTAL Revenue $ 1,236,210 $ 712,460 $ 523,750 58%
YTD Exp /
Operating and Capital Expenses Budgeted Amount Encumbrances Remaining % of Budget YTD
Operating Expenses
Overhead & Yr. End Allocations - 00001 $ 54,340 $ 54,340 $ - 100%
Maintenance-45005 67,540 67,840 - 100%
Management-45030 82,890 82,890 - 100%
Utilities & Other Services - 45041 179,970 152,250 27,720 86%
Housing Department Maintenance-45043 95,790 95,790 - 100%
Housing Department General Expenses - 45044 24,460 24,460 - 100%
Administration Fee - 45045 58,520 30,920 27,900 63%
misc. budget cuts (64,240) 64,240
2003 GO Refunding Bonds - 31062 435,500 435,500 - 100%
Operating Expenses Subtotal 999,610 879,750 119,860 88%
Capital Expenses
Marolt Ranch Employee House Asset Mgt- 94081 117,000 91,000 26,000 78%
Capital Expenses Subtotal 117,000 91,000 26,000 78%
Transfers
Employee Housing Fund Contribution -95505 5,060 5,060 - 100%
Transfers Subtota/ 5,060 5,060 - 100%
TOTAL Expenses and Transfers $ 1,121,670 $ 975,810 $ 145,860 87%
Fund Balance Summary Budget Actual
Estimated Beginning Fund Balance (Unaudited) $ 951,732 $ 951,732
2010 Over (Short) 114,540 (263,350)
Fund Balance as of the end of 2010 $ 1,066,272 $ 688,382
City of Aspen Monthly Report - 41
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MEMORANDUM
TO: MAYOR & CITY COUNCIL
FROM: TIM ANDERSON, RECREATION DIRECTOR
CC: DON TAYLOR, FINANCE DEPARTMENT
JEFF WOODS, PARKS & RECREATION
MEETING DATE: MARCH 15, 2010
DATE: MARCH 4, 2010
RE: FUNDING OF GYMNASTICS PITS
Summary:
As Council considers the funding of the Gymnastics Pits within the 2010 AMP budget, staff has
financial considerations for Council at this time that need to be brought forward.
The construction of the Gymnastics Pits would cause the closure of the Red Brick Gym and
Programming for the period of construction. Programs affected would be fitness programs,
gymnastics, climbing, and rentals such as birthday parties. Staff has laid out a worst case
scenario if the construction were to close down programming in the Red Brick Gym for up to 3
months in the summer. The impact of this construction means the discontinuation and/or
disruption of these programs by the Recreation Division during those months and a potential
loss of revenues by over $35,000 (see attachment "A").
Staff has been seeking alternative locations for Red Brick programming. Obviously the
gymnastics is unable to relocate; the climbing facility is also unable to relocate. Fitness classes
and birthday parties in some cases could utilize the Yellow Brick Gym. Staff has contacted
Shirley Ritter to discuss the possibility of using the Yellow Brick Gym; however hours would be
limited due to the use by the childcare programs. Times available at the Yellow Brick would not
be the times which users wish to participate in programming. Available hours at the Yellow
Brick would only accommodate about 5% of the current programming, however surveys of
users have found that alternative hours and locations are not accommodating to most.
We don't know the true affect of revenue loss by the construction of the Gymnastics Pits; staff
simply wishes to make Council aware that there will be some impacts to the General Fund and
the Recreation Division Subsidy level.
The alternative to increasing the subsidy to Recreation would be the reduction of service levels
to accommodate the revenue losses. This would involve the elimination of some programs
and/or hours of operations at facilities in order to maintain budget. Following 2009 reductions
there are no further areas to reduce expenditures without service reductions.
Staff realizes the need for the gymnastics pits due to the growth of the program and the level of
competency in use of the facilities and in noway is trying to impede the progress of
construction of these pits. Staff simply wants Council to understand the potential impact to
revenues, the additional subsidy to the General Fund, as the division is unable; with recent
budget reductions, to absorb this hit to revenue production.
Manager's Comments:
Attachments:
Attachment "A": Breakdown of users and lost revenue during construction
Attachment "B": Identification of lost revenue cost of rental space, and potential user
base loss.
Attachment "C": Challenges of continuing Red Brick Programming during construction
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Aspen Recreation Red Brick Gym
Revenue Loss:
Fitness
Open Climbing
Playhouse
Showers
Climbing Classes
Gymnastics
Birthday Rentals
Lost Revenue
Space Rental @ $50/hr
Savings on Instructor Pay
Total Lost Revenue
Cost of Rebuilding the program
Loss of participants
June -December
$ 12,675.00
$ 6,488.50
$ 710.00
$ 1,545.00
$ 5,400.00
$ 7,162.50
$ 1,600.00
7 classes/wk - 3 months
11 classes/wk - 3 months
$ 35,581.00
$ 4,200.00
$ (3,960.00)
$ 35,821.00
4,062 participants @ $7.50 $ 30,465.00
75% loss $ 22,848.75
50% loss $ 15,232.50
25°~ loss $ 7,616.25
Total Loss of Revenue Based on 75% participant loss $ 66,286.00
~~ocln \~,~~
Should the construction of the gymnastics pits commence at the Red Brick Gym, several
Recreational programs would be affected. These include Fitness, climbing classes, open
climbing, preschool playhouse, youth birthday parties and public showers. There would
be a loss in revenue of approximately $35,821.00. In addition, there would be a potential
loss of up to $22,850 should we lose class participants to other health clubs.
Challenges:
Fitness:
• Reduction in customer service level
• Relocate 18 fitness classes per week
• Relocate equipment for fitness classes
• Finding a venue large enough to accommodate all current participants
• Retaining participants and instructors during and after construction
• Rebuilding of program
Climbing:
• No other space to hold youth bouldering climbing classes
• Loss of revenue for drop-in climbers and private lessons/groups
• Rebuilding of program if there is a reduction in participation
Preschool Open Gym (Playhouse)
• Loss of revenue
• Use as a rainy day activity for parents and toddlers
Showers:
• $5.00 showers for campers -approximately 300 uses during summer months
Loss of Revenue from Gymnastics Rent
If we have to absorb the revenue loss, there would be program and service level cuts. We
would look at eliminating youth programs, including intramurals, sailing, flag football,
track, playdayz and possibly soccer to cover these costs.