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Home My WebLink AboutEPURA RESOLUTION 3890RESOLUTIONNO.389ARESOLUTIONOFTHEESTESPARKURBANRENEWALAUTHORITYAMENDINGTHEFY200$BUDGETWHEREAS,thefinalyearoftheftmdinglifeoftheEstesParkUrbanRenewalAuthority(EPURA)hasbeensomewhatlessthantypical;andWHEREAS.allbondedindebtednesshasbeenpaidoffandthereareresidualmoniesintheDebtServiceFundthatshouldlogicallybeusedforcapitalprojects;andWHEREAS,moreaccurateestimatesarenowavailablerelativetothepropertytaxincrementandotherbudgetentries;andWHEREAS,FinanceOfficerMcFarlandhaspreparedspreadsheetsshowingtransfersamongstthefundsthatresultinabalancedbudget.NOW,THEREFORE,BEITRESOLVEDBYTHEESTESPARKURBANRENEWALAUTHORITYTHAT:TheEPURAFY200$BudgetbeamendedtoreflectandincorporatetheattachedspreadsheetspreparedbyfinanceOfficerMcfarlandshowingchangestotheGeneralFund,theCapitalProjectsFundandtheDebtServicefund.ADOPTED,this20thdayofAugust,200$.ATTEST:SecretaryESTESPARKURBANAUTHORITY c•0kiemorandumTo:JacquieHalbumtCC:WilSmithFrom:SteveMcFarlandDate:7/1/2008Re:2008EPURABudgetDuringtheproductionofthe2007CAFR,itwasdiscoveredthatEPURAhadnotproduceda2007budgetthatdescribedhowthethreeEPURAfunds(General,Capital,Deb)interactedintermsoftransfers.Withoutthetransfers,theCapitalportionofthebudgetbecameanillegalbudgetarydocumentinthatitbudgetedforanegativefundbalance.The2008EPURAbudgethasthesameissue.Therefore,Ihaveproducedrevisedbudgetdocumentsthatmakethebudgetslegal,ie,allfundsnowhaveprojectedpositivefundbalancesfor2008.Ihavealsomadeotherminorcorrections.Specifically,TheGeneralfundnowhas$100,000transferringoutofitandintotheCapitalFund.Thisleavesaflmdbalanceof$2,139intheGeneralFund.TheCapitalfundnowhas$100,000beingtransferredtoitfromtheGeneralFund,and$1,600,000transferredtoitfromtheDebtServicefund.Thiswillallowforafundbalanceof$331,099intheCapitalFund.TheDebtServiceFundhashadseveraladjustmentsmadetoit.•Propertytaxincrementincomehasbeenchangedtoreflectamoreaccurateestimate•Theconferencecenterpaymenthasbeenchangedtoreflectamoreaccurateestimate•Thedebtservicepaymenthasbeenchangedtoreflectamoreaccurateestimate•$1,600,000isbeingtransferredtotheCapitalFund.Allofthesechangesleaveafundbalanceof$18,553intheDebtServiceFund.TheSummarypageshowsthatEPURAshouldhaveapproximately$351,791attheendof2008.Allfundbalancesarenowshowntobepositiveatyearend,andcorrectionshavebeenmadewherenecessary.IwouldsuggestthatweadoptthisamendedbudgetatthenextEPURAmeeting.Wecouldalsowaitandadoptittowardstheendoftheyearwhenotherfinancialinformationmighthavebecomeavailable.Or,wecouldadopttheamendedbudgetnowandafurtheramendedbudgetlater.I RevenuesTransferinfromTownofEstesParkPropertytaxincrementConferenceCenterpaymentInvestmentincomeTotalRevenuesExpensesPersonnelServicesOperations&MaintenanceTotalCurrentExpensesDebtCapitalTotalExpensesiuldecoverprioryear:Transfersto/fromFrom:GeneralFund:To:Capitalfund:From:DebtServiceFund:Increase(decrease)inFundbalanceBeginningFundbalanceEndingFundbalance00EPURAEstesParkUrbanRenewalAuthority2007-2008BudgetPurpose:SUMMARYOriginalRevisedBudgetBudget20082008$200,000689,321214,76630,0001,134,087$200,000925,000217,12530,0001,372,125111,780101,220213,000921,0871,500,000111,780101,220213,000909,5441,500,0002,634,0872,622,54463%-24%0(100,000)01,700,0000(1,600,000)(1,500,000)(1,250,419)1,602,2101,602,210$102,210$351,791 RevenuesTransferinfromTownofEstesParkInvestmentincomeTotalRevenuesExpensesPersonnelServicesOperations&MaintenanceTotalCurrentExpensesCapital__________________________________TotalExpensesTransfertoCapitalFundIncrease(decrease)inFundbalanceBegiuningFundbalanceEndingFundbalance____________________________BudgetcommentsOperations&Maintenance(majorexpenditures)Auditing6,300Legal50,000Education/training8,000Publicationfees2,000Materials&supplies9,560Utilities900Subsidies-librarydistrict10,000CaEPURAEstesParkUrbanRenewalAuthority2008BudgetPurpose:GENERALOriginalRevisedBudgetBudget200$200$$200,00010,000210,000$200,00010,000210,000111,780111,78098,22098,220210,000210,00000210,000210,0000(100,000)00102,139102,139$102,139$2,139200$ RevenuesInvestmentincomeTotalRevenuesExpensesPersonnelServicesOperations&MaintenanceTotalCurrentExpensesCapital_______________________________TotalExpensesTransferfrom:GeneralFundDebtFundIncrease(decrease)inFundbalanceBeginningFundbalanceEndingFundbalanceBudgetcomments200$Operations&MaintenancenoneaEPURAEstesParkUrbanRenewalAuthority200$BudgetPurpose:CAPITALPROJECTSOriginalRevisedBudgetBudget200$2008$00$000000001,500,0001,500,0001,500,0001,500,0000100,00001,600,000(1,500,000)200,000131,099131,099($1,368,901)$331,099 EPURAEstesParkUrbanRenewalAuthority2008Budget0Purpose:)EBTSERVICEOriginalRevisedBudgetBudget200$200$BudgetcommentsOperations&MaintenancePrincipalonBondsinterestonBondsBankservice895,00014,5443,000$689,321214,76620,000924,087$925,000217,12520,0001,162,125RevenuesPropertytaxincrementConferenceCenterpaymentInvestmentincomeTotalRevenuesExpensesPersonnelServicesOperations&MaintenanceTotalCurrentExpensesDebtServiceTotalExpensesin/decoverprioryear:TransfertoCapitalFundIncrease(decrease)inFundbalanceBeginningFundbalanceEndingfundbalance003,0003,0003,0003,000921,087909,544924,087912,5442%-1%0(1,600,000)0(1,350,419)1,368,9721,368,972$1,368,972$18,5532008