HomeMy WebLinkAboutMINUTES Estes Park Building Authority 2001-07-10Record of Proceedings
Estes Park Building Authority
July 10,2001
Members attending:Richard Widmer,President;Peggy Lynch,Vice President;Jim
Banker;Dr.James Durward;Pete Brandjord
Absent:none
President Widmer called the meeting to order at 12:05 PM.
Minutes of the January 31,2000,meeting were reviewed.It was moved and seconded
(Banker,Lynch),and unanimously approved to accept the minutes as presented.
The slate of officers for 2001 was presented and moved,seconded (Banker,Lynch)and
unanimously approved as follows:
Richard Widmer —President
Peggy Lynch —Vice President
Pete Brandjord —Secretary/Treasurer
The financial statements for the year ended December 31,2001,were presented.It was
moved,seconded (Banker,Lynch)and unanimously approved to accept the reports as
submitted.
The budget for the year ending December 31,2002,was presented.It was moved,
seconded (Durward,Banker)and unanimously approved to accept the budget as
submitted.
Other business:
The Events Center/Ice Rink project was presented to the Board by Mr.Widmer.The
timeline for the project was discussed with the board,culminating in an election in
November of200l.The cost of the project was estimated to be 7.7 million dollars.The
project would be a partnership with the Recreation District,and an intergovernmental
agreement would specify the roles and responsibilities of the respective parties.
Jim Mineer of James Capital Advisors was introduced to the board.Mr.Mineer
compared the financing methods of certificates of participation (COP’s)versus traditional
debt financing in reference to the Events Center/Ice Rink project.
A general discussion followed.Dr.Durward questioned the proposed siting of the project
in Stanley Park.Mr.Banker questioned the use of the Urban Renewal Authority for
financing of the project.Ms.Lynch asked about the status of the Performing Arts Center.
Dr.Dunvard commented on the political climate and its effect on the election for the
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Events Center/Ice Rink.Ms.Lynch commented on the timing available before the
election and the need to promote the project.
There being no further business,the meeting was adjourned at 1:40PM.
Pete Brandjord,Sect
a
TOWN OF ESTES PARK,COLORADO
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES.EXPENDITURES
AND CHANGES IN FUND BALANCE
Year Ended December 31,2001
URBAN
BUILDING RENEWAL
AUTHORITY AUTHORITY TOTALS
FUND FUND 2001 2000
REVENUES
Incremental Property Tax $-$499,520 $499,520 $2,377,973IncrementalSalesTax
-2,516,090 2,516,090 463,897InterestIncome93,640 76,892 170,532 92,610RentalIncome
-265,000 265,000 94,078
TOTAL REVENUES 93.640 3,357,502 3,451,142 3,028,558
EXPENDITURES
Urban Development
-1,504 1.504 -Debt Service i’e
Principal ‘.ii”58,000 115,000 173,000 $54,000InterestandfiscalèTarges35,640 152,049 187,689 214,159
TOTAL EXPENDITURES 93,640 268,553 362,193 1,068,159
EXCESS (DEFICIENCY)OF REVENUES
OVER EXPENDITURES
-3,088,949 3,088,949 1,960,405
OTHER FINANCING SOURCES (USES)
Operating Transfers Out (3,832,383)(3,832,383)(2,934,677)
TOTAL OTHER FINANCING
SOURCES (USES)(3,832,383)(3,832,383)(2,934,677)
EXCESS (DEFICIENCY)OF REVENUES AND
OTHER FINANCING SOURCES (USES)
OVER EXPENDITURES
-(743,434)(743,434)(974,272)
FUND BALANCE,Beginning (2 1,164,493 1,164,495 2,138,767
FUND BALANCE,Ending $$421,059 $421,061 $1,164,495
See the accompanying Independent Auditors’Report.
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TOWN OF ESThS PARK,COLORADO
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31,2001
URBAN
BUILDING RENEWAL
AUTHORITY AUTHORITY
______
TOTALS
FUND FUND 2001 2000
ASSETS
Cash and Investments $2 $1,814,936 $1,814,938 $2
Restricted Cash
-1,246,344 1,246,344 2,243,487
Accounts Receivable
-2,311,616 2,311,616 2,705,950
Interest Receivable
-200,996 200,996
Taxes Receivable
-566,533 566.533 496,400
TOTAL ASSETS $2 $6,140.425 $6,140,427 $5,445,839
LIABILITIES AND FUND BALANCE
LIABILITIES
Due to Other Funds $-$248,472 $248,472 $1,286,068
Deferred Revenue
-5.470,894 5,470,894 2,995,276
TOTAL LIABILITIES
-5,719,366 5,719,366 4,281,344
FUND BALANCE
Unreserved 2 421,059 421,06!1,164,495
TOTALLIABILITIESANDFUNDBALANCE $2 $6,140,425 $6,140,427 $5,445,839
See the accompanying Independent Auditors’Report.
44
7
Town of Estes Park 2003-2004 Budget
Building Authority
Debt Service
Program Purpose:To administer Certificate of Participations issued for go If
course improvements by the Town of Estes Park and the
Recreation District,due to mature in 2009.
Actual Budget Budget Budget
FYE2001 fYE2002 FYE2003 FYE2004
Beginning Fund Balance $$-$-$
Revenues
Debt Service
93,640 93,450 93,095 93,575
93,640 93,450 93,095 93,575
$-$-$-$-
Ending Fund Balance
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ESThS PARK BUILDING AUTHORITY
Certificate Fund
Statement of Revenue &Expenditures
for the period ending December 31,2000
Year-to
Budget Date
Revenue:
Lease Rental Revenues $92,610 $92,610
Interest Earnings 0 0.00
TOTAL REVENUE $92,610 $92,610
Expenditures:
Bond refunding expenses 0 0
Excess funds payment (Rec.Dist.)0 0
Bond Payment 54,000 54,000
Interest Payment 38,610 38,610
TOTAL EXPENDITURES $92,610 $92,610
n fl
ESThS PARK BUThDNG AUTHORITY
Certificate Fund
Balance Sheet
For the period ending December 31,2000
ASSETS
Cash &Investments $1.81
TOTAL ASSETS $1.81
LIABILITIES AND FUND BALANCE
fund Balance:
Reserved for Debt Service $1.81
TOTAL FUND BALANCE 1.81
TOTAL LIABIUTTIES AND FUND BALANCE $1.81
7tQ
ESTES PARK BUILDING AUTHORITY
2000 CERTIFICATE FUND
Budget for the period January;through December 31,2001
1999 2000 2001
Revenue:Actual Actual Budget
LeaseRentalRevenue $93,470 $92,610 $93,640
Interest Earnings 36 0 0
Refunding Bond Proceeds 0 0 0
Transfer from Reserve Fund 0 0 0
TOTAL REVENUE $93,506 $92,610 $93,640
Expenditures:
Bond refunding expenses 0 0 0
Excess funds payment (Rec.Dist)1,285 0 0
Bond Payment 52,000 54,000 58,000
Interest Payment 41,470 38,610 35,640
TOTAL EXPENDITURES 94,755 92,610 93,640
Revenue Over/(Under)Expenditures $(1,249)$-$-