HomeMy WebLinkAboutMINUTES Town Board Study Session Budget Meeting 07-23-2003 Town of Estes Park, Larimer County, Colorado, July 23, 2003
Minutes of a Regular meeting of the TOWN BOARD STUDY SESSION of
the Town of Estes Park, Larimer County, Colorado. Meeting held in the
Municipal Building in said Town of Estes Park on the 23rd day of July, 2003.
Board: Mayor Baudek, Trustees Barker, Doylen, Gillette, Habecker,
Jeffrey-Clark, Newsom
Attending: All
Also Attending: Town Administrator Widmer, Assistant Town Administrator
Repola, Clerk O’Connor, Directors Brandjord and Linnane
Absent: None
Mayor Baudek called the meeting to order at 7:00 p.m.
COMMUNITY REINVESTMENT FUND – 5-YR. CAPITAL IMPROVEMENT PLAN.
Town Administrator Widmer referred to the EPURA Bond Issue, Series 2003 and
reviewed how, through several iterations with bond counsel and financial advisors, staff
derived at the following:
Total Revenue Available
$3,250,000
Less Town Transfer -2,500,000
Remainder 750,000
Less EPURA Operating Expenses -200,000
Available for EPURA Debt Service 550,000
Bond Issue based on above Debt Service 2,500,000
EPURA fund Balance available for projects 3,000,000
TOTAL AVAILABLE FOR PROJECTS $5,500,000
The Community Reinvestment Fund Cash Flow Sheet was also reviewed. Taking into
consideration the conservative 1% growth increment utilized in bond issue projections,
staff believes sufficient funding would be provided to EPURA for reasonable projects.
The Plan is intended to be a guide for future funding decisions; highlights are listed below:
New Parks Shop Design (new building in 2005)
Bond Park Remodel, 2004 (design), 2007 and 2008 (renovation)
New Police Building, 2004 (design), (new building in 2006)
Payments for Lot 4, Stanley Historic District, refinanced Conference Center, and
Performing Arts Center
Municipal Building Remodeling, 2003, 2004 & 2007
Museum Remodeling, Phase II, 2004
Annual Street Improvement Project (funded at increased levels in 2005 through
2008)
Post Office Parking Lot Reconstruction, 2005
Tallant Park Reconstruction, 2008
Various Streetscape Replace, 2008
Trail Construction, $150,000/yr. beginning in 2005 (additional funding available in
the Open Space Fund)
Stanley Park was not included as the Master Plan has not yet been prepared, and the
Street Improvement Program was lowered.
Town Board Study Session - July 23, 2003 – Page 2
Discussion items included:
Confirmation that the CIP is a guide.
Confirmation that adoption of the CIP is not required.
Concern on how the public will interpret the project list
Within 30-45 days, a site location, operational study, and feasibility analysis will
follow.
Concern that Stanley Park is not included on the CIP list.
Concern with substantial reduction of the Fund Balance.
Concern with the funds expended for Performance Park compared to sales tax
generation.
Trustee Jeffrey-Clark suggested staff prepare a prioritized list of projects, including how the
Town could “partner” on these projects.
Consensus was reached that the Town Board has no objection to the 5-yr. Capital
Improvement Plan approach as presented, and staff should prepare an IGA based upon the
figures presented earlier for the EPURA bond issue.
There being no further business, Chairman adjourned the meeting at 8:23 p.m.
Vickie O’Connor, CMC, Town Clerk