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HomeMy WebLinkAboutMINUTES Estes Park Building Authority 1997-01-27o 0 RECORD OF PROCEEDINGS Estes Park Building Authority January 27,1997 Attending:Jim Banker,Peggy Lynch,Monte Vavra,Gary Kiaphake —Town Administrator Absent:Dr.Jim Durward,Rich Widmer Vice-President Lynch called the meeting to order at 8:07 A.M. Minutes of the January 23,1996,meeting were reviewed.It was moved,seconded (Banker/Vavra),and unanimously approved to accept the minutes as presented. It was moved,seconded (Banker/Vavra),and unanimously approved to appoint Rich Widxner to a three-year term from 1997 to 2000 as ratified by the Town of Estes Park Board of Trustees. It was moved,seconded (Banker/Lynch),and unanimously approved to retain the 1996 slate of officers for 1997 as follows: Richard Widmer -President Peggy Lynch -Vice-President Monte Vavra —Secretary/Treasurer Secretary/Treasurer Vavra presented and briefly discussed the 1996 financial statements.It was moved,seconded (Banker/Vavra),and unanimously approved to accept the reports as presented. Secretary/Treasurer Vavra presented the proposed 1997 Budget for the Reserve and Debt Service Funds.It was moved,seconded f3anker/Vavra),and unanimously approved to adopt the 1997 Budget as presented. Other Business: A.Secretary/Treasurer Vavra informed the board that refinancing the outstanding COPs was researched in 1996;however,due to current market conditions,it was unfeasible at this time. There is no market for a COP issue in Colorado at this time. B.Jim Banker requested the current amount Qf outstanding COP bonds.Secretary/Treasurer Vavra said he would get back to the board on the amount.- There being no further business,the meeting was adjourned at 8:17 A.M. Mpll’te L.Vavra,Secretary/Treasurer Note:The amount of outstanding COP bonds as of 12-31—96 is $910,000 with the final payment due 12—01—2009. ESTES PARK BUILDING AUTHORITY Reserve Fund Balance Sheet -- December31 ,1997 ASSETS Vcash &Investments 110,900.58 POTAL ASSETS 110,900.58 LIABILITIES und Balance: Revenues 5,448.70 ipenditures -5,448.70 Beginning Fund Balance 110,900.58 /TOTAL FUND BANCE 110,900.58 Quarterly Financials/1/22/98 © ESTES PARK BUILDING AUTHORITY Reserve Fund Statement of Revenue &Expenditures December 31 ,1 997 Budget Quarter Year-to Date Revenue: Interest Earnings Total Revenue Expenditures: 5250 1,382.45 5,448.70 5,250 1,382.45 5,448.70 Transfer to Certificate Fund Total Expenditures 5,250 5,250 1,382.45 1,382.45 5,448.70 5,448.70 Quarterly Financials/1/22198 ESTES PARK BUILDING AUTHORITY Certificate Fund Balance Sheet December31 ,1997 ASSETS Cash &Investments 473.71 TOTAL ASSETS 47371 LIABILITIES Fund Balance: Revenues 107,022.85 Expenditures -107,553.77 Beginning Fund Balance 1,004.63 TOTAL FUND BALANCE 473.71 Quarterly Financials/1/22/98 fl n ESTES PARK BUILDING AUTHORITY Certificate Fund Statement of Revenue &Expenditures December 31,1 997 Year-to Budget Quarter Date Revenue: Lease Rental Revenues 107,554 70,415.01 101,378.90 Interest Earnings 200 34.40 195.19 Transfer from Reserve Fund 5,250 1 ,322A5 5,448.76 TOTAL REVENUE 113,004 71,831.86 107,022.85 /Expenditu res: I Bond Payment 40,000 40,000.00 40,000.00 Interest Payment 67,554 33,776.88 67,553.77 1/1OTAL EXPENDITURES 107,554 73,776.88 107,553.77 Quarterly Financials/1/22/98 0 Annual Budget 0 ESTES PARK BUILDING AUTHORITY 1998 RESERVE FUND 1996 1997 1998 Revenue:Actual Actuat Budget 4nterest Earnings 5,342 5,449 5,400 TOTAL REVENUE 5,342 5,449 5,400 Expenditures: Transfer to Debt Service 5,342 5,449 5,400 TOTAL EXPENDITURES 5,342 5,449 5,400 Revenues Over/(Under)Expenditures 0 0 0 Beginning Balance 1’l0,900 110,900 110,900 Ending Balance 110,900 110,900 110,900 Page 1 0 Annual Budget 0 ESTES PARK BUILDING AUTHORITY 1998 DEBT SERVICE EUND 1996 1997 1998 Revenue:Actual Actual Budget Lease Rental Revenue 99,942 101,379 104,794 Interest Earnings 185 195 190 Tcanssfer from Reserve Fund 5,342 5,449 5,400 7’OTAL REVENUE 105,469 107,023 110,384 Expenditures: Bond Payment 35,000 40,000 40,000 Interest Payment 69951 67,554 64,794 TOTAL EXPENDITURES 104,951 107,554 104,794 Revenue Over/fUnder)Expenditures 518 -531 5,590 Beginning Balance 487 1,005 474 Ending Balance 1,005 474 6,064 / Page 1