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HomeMy WebLinkAboutMINUTES Estes Park Building Authority 1999-02-01RECORD OF PROCEEDINGS Estes Park Building Authority February 01,1999 Attending:Jim Banker,Dr.Jim Durward,Peggy Lynch, Monte Vavra,Rich Widmer Absent:None President Withner called the meeting to order at 8:07 A.M. Minutes of the January 26,1998,meeting were reviewed.It was moved,seconded (Banker/Lynch),and unanimously approved to accept the minutes as presented. Minutes of the September 08,1998,special meeting were reviewed. It was moved,seconded (Banker/Lynch),and unanimously approved to accept the minutes as presented. It was moved,seconded (Durward/Lyncli),and unanimously approved to appoint Jim Banker and Dr.Jim Durward to three—year terms from 1999 to 2002 as ratified by the Town of Estes Park Board of Trustees. The slate of officers for 1999 was moved,seconded (Durward/Lynch), and unanimously approved as follows: Richard Widmer -President Jim Banker —Vice-President Monte Vavra —Secretary/Treasurer Secretary/Treasurer Vavra presented the 1998 financial statements. It was moved,seconded (Durward/Banker),and unanimously approved to accept the reports as presented. Secretary/Treasurer Vavra presented an amendment to the 1998 Budget.The refunding of the COP issue in 1998 incurred various professional fees,principal payments and interfund transfers to the Recreation District,which were not included in the original 1998 budget.It was moved and seconded (Vavra/Lynch)and unanimously approved to amend the 1998 Budget as requested. Secretary/Treasurer Vavra presented the proposed 1999 Budget for the debt service fund.The 1998 refunding bond issue no longer requires a reserve fund budget.It was moved,seconded (Withner/Lynch),and unanimously approved to adopt the 1999 Budget as presented. Other Business: President Widmer informed the Building Authority Board that the City of Westminster recently used their building authority for some creative financing.They transferred ownership of the city buildings to the building authority to use as “security”to borrow funds to build other municipal buildings. Estes Park Building Authority Memo To:Estes Park Building Authority Board Frorm Monte L.Vavra,Secretary/Treasurer Date:January29,1999 Re:1998 Budget Supplement In 1998 the Estes Park Building Authority approved a resolution which authorized the Town of Estes Park to refund the 1990 COP issue.The refunding was completed in October1998,which necessitated financial activity to be processed through the Building Authority financial records (see the 12)31/98 financial statements).As a result,the 1998 budget will need to be amended to property reflect the COP refunding active.A summary of the items that need amended are: A)Reserve fund transfer to the Certificate fund to be increased from $5,400 to $115,704. B)Certificate Fund revenue increased from $110,384 to $968,133.This is the net transactiOns of no December 31,1998 lease revenue $(74,754),increased interest earnings of $3,199,refunding bond proceeds of $819,000,and the increased transfer from the reserve fund of $110,304. C)Certificate Fund expenses increased from $104,794 to $967,357.The increase is from the bond refunding expenses of $28,929,excess refund to the Recreation District of $3,634,and the bond payment of $830,000. I would recommend a motion to amend the 1998 budget to reflect the above adjustments. •Page 1 Estes Park Building Authority Memo To Estes Pari’Building Authority Board Fromi Monte L.Vavra,Secretary!Treasurer Date:January26,1999 Re:1998 Budget Supplement In 1998 the Estes Park Building Authority approved a resolution which authorized the Town of Estes Park to refund the 1990 COP issue.The refunding was completed in October1998,which necessitated financial activity to be processed through the Building Authority financial records (see the 12131198 financial statements).As a result,the 1998 budget will need to be amended to property reflect the COP refunding active.A summary of the items that need amended are: A)Reserve fund transfer to the Certificate fund to be increased from $5,400 to $115,704. B)Certificate Fund revenue increased from $110,384 to $968,133.This is the net transactions of no December 31,1998 lease revenue $(74,754),increased interest earnings of $3,199,refunding bond proceeds of $819,000,and the increased transfer from the reserve fund of $110,304. C)Certificate Fund expenses increased from $14,794 to $967,357.The increase is from the bond refunding expenses of $28,929,excess refund to the Recreation District of —$3,634,and the bond payment of $830,000. I would recommend a motion to amend the 1998 budget to reflect the above adjustments. •Page 1 Annual Budget ESTES PARK BUILDING AUTHORITY 1999 DEBT SERVICE FUND 1997 1998 1999 evenue:Actual A.ual-.Budget Lease Rental Revenue 101,379 040)93,470 Interest Earnings 195 3,389 0 Refunding Bond Proceeds 0 819,000 0 Transfer from Reserve Fund 5,449 115,703 0 TOTAL REVENUE 107,023 968,132 93,470 Expenditures: Bond refunding expenses 0 28,929 1,249 Excess funds payment (Rec.Dist)0 3,634 0 Bond Payment 40,000 870,000 52,000 Interest Payment 67,554 64,794 41,470 TOTAL EXPENDITURES 107,554 967,357 94,719 Revenue Over/(Under)Expenditures -531 775 -1,249 Beginning Balance 1,005 474 1,249 Ending Balance 474 1,249 0 Page 1 © ESTES PARK BUILDING AUTHORITY Certificate Fund Balance Sheet 12131/98 ASSETS Cash &Investments I ,250.OO TOTAL ASSETS 1 ,250.DO LIABILITIES Fund Balance: Revenues 968132.69 Expenditures -967355.40 Beginning Fund Balance 47371 TOTAL FUND BALANCE I ,250.00 Quarieriy Financials/1/26/99 -. ESIES PARK BUILDING AUTHORITY Certificate Fund Statement of Revenue &Expenditures 12131198 Year-to Budget Quarter Date Revenue: —Lease Rental Revenues 104,794 0.00 30,040.47 Interest Earnings 190 3,324.17 3,388.78 Refunding Bond Proceeds 0 819,000.00 819,000.00 Transfer from RFund 5,400 111,548.77 115,703.44 TOTAL REVENUE 110,384 933,872.94 968,132.69 Expenditures: Bond rejing ses 0 28,928.81 28,928.81 Excess funds payment (Rec.Dist)0 3,633.83 3,633.83 Bond Payment 40,000 870,000.00 870,000.00 Interest Payment 64,794 32,396.88 64,793.76 TOTAL EXPENDITURES 104,794 934,959.52 967,356.40 Quarterly Financialslf/26/99 ESTES PARK BUILDING AUTHORITY Reserve Fund Balance Sheet 12131)98 AS SETS Cash &Investments 0.16 TOTAL ASSETS 0.16 LIABILITIES Fund aIance: Revenues 4803.02 Expenditures -11 5,703.44 Beginning Fund Balance 110,900.58 TOTAL FUND BALANCE 0.16 Quarterly Financialsfl/26/99 .c) ESTES PARK BUILDING AUTHORITY Reserve Fund Statement of Revenue &Expenditures 12131/98 -Year-to Budget Quarter Date Revenue: Interest Earnings 5,400 648.35 4803.02 Total Revenue 5,400 648.35 4,803.02 Expe ndhu res: Transfer to Certificate Fund 5,400 111,548.77 115,703.44 Total Expenditures 5,400 111,548.77 115,703.44 Quarterly Financials/1/26/99