HomeMy WebLinkAboutBOCC Packet 04142010 Half Cent Tax
AGENDA ITEM SUMMARY
REGULAR MEETING DATE:
April 14, 2010
AGENDA ITEM TITLE:
Resolution Approving the Revised Elected Officials 2010
Budget for the 1/2 Cent Transit Sales and Use Tax Fund
STAFF RESPONSIBLE:
Tom Oken
ISSUE STATEMENT:
Attached for your review and approval is a resolution and budget
which, if approved, would authorize the following supplemental 2010 Elected Officials
Transportation Committee (EOTC) 1/2 cent transit sales and use tax budget:
a.Increase sales tax revenue by $174,000 to $3,523,000;
b.Increase use tax revenue by $245,000 to $934,000;
c.Increase RFTA’s 81.04% share of the sales tax revenue by $141,009 to $2,855,039;
d.Increase the no-fare Aspen-Snowmass bus service subsidy by $296,039 to $578,760
in order to extend the service through year-end; and
e.Increase the no-fare Woody Creek bus service subsidy by $1,420 to $4,030 in order to
extend the service through year-end
Each of the members of the Elected Officials Transportation Committee (“EOTC”) is required to
approve of budget requests by its own resolution before the budget can be considered adopted.
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BACKGROUND:
Changes a. – c. above were unanimously approved at the March 18
EOTC meeting. A motion to make a policy commitment to fully fund, on a year-round basis, the
no-fare service between Aspen and Snowmass and Woody Creek for three years, through the end
of the ski season for 2013, was approved by Pitkin County and the Snowmass Town Council at
the EOTC meeting but was not approved by the Aspen City Council (2-2 vote). Consequently,
the EOTC requested that a budget resolution to extend the no-fare service only through year-end
2010be presented for approval at a regular meeting of each entity.
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The EOTC at its March 18meeting also unanimously approved a revised allocation method for
calculating the 2/3’s designation of funds for the Entrance to Aspen. This revised method
changes the calculation of the net revenue to be allocated to the Entrance to Aspen and to
discretionary funding by deducting “committed funding” as well as the RFTA contribution
(81.04% of ½ sales tax) from the total of the Pitkin County ½% sales tax and ½% use tax.
The revised allocation method is illustrated at the bottom of the attached 2010 Budget and Multi-
year Plan. The Multi-year Planalso includes the estimated cost to fully fund the no-fare service
between Aspen and Snowmass and Woody Creek for three years, through the end of the ski
season for 2013. Adopting the resolution does not approve a three-year commitment, however,
2010 Budget and Multi-year Plan
Multi-
year Plan
LINK TO STRATEGIC PLAN:
KEY DISCUSSION ITEMS:
BUDGETARY IMPACT:
RECOMMENDED BOCC ACTION:
ATTACHMENTS:
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF PITKIN
COUNTY, COLORADO, APPROVING A REVISED ELECTED OFFICIALS 2010
BUDGET FOR THE 1/2 CENT TRANSIT SALES AND USE TAXFUND
RESOLUTION NO. _______-2010
RECITALS
1.The Aspen City Council, the Pitkin County Board of County Commissioners and the Town
Council of Snowmass Village (the "Parties") have previously identified general elements of
their Comprehensive Valley Transportation Plan (the "Plan") which are eligible for funding
from the Pitkin County one-half cent transit sales and use tax.
2.By intergovernmental agreement dated September 14, 1993, the Parties agreed:
a.to conduct regular public meetings to continue to refine and agree upon proposed
projects and transportation elements consistent with or complimentary to the Plan; and
b.that all expenditures and projects to be funded from the County-wide one-half cent
transit sales and use tax shall be agreed upon by the Parties and evidenced by a
resolution adopted by the governing body ofeach party.
3.At a public meeting held on March 18, 2010, the Parties considered the following
supplemental budget requests for the year 2010 for the Pitkin County one-half cent transit
sales and use tax:
a.Increase sales tax revenue by $174,000 to $3,523,000;
b.Increase use tax revenue by $245,000 to $934,000;
c.Increase RFTA’s 81.04% share of the sales tax revenue by $141,009 to $2,855,039;
d.Increase the no-fare Aspen-Snowmass bus service subsidy by $296,039 to $578,760 in
order to extend the service throughyear-end; and
e.Increase the no-fare Woody Creek bus service subsidy by $1,420 to $4,030 in order to
extend the service through year-end
4.By adoption of this resolution the Board of County Commissioners wishes to approve the
supplemental budget requests.
NOW THEREFORE BE IT RESOLVED
by the Board of County Commissioners of
Pitkin County, Colorado,that the attached revised 2010 budget for the one-half cent transit sales and
use tax is hereby approved as summarized below:
Total 2010 Revenues $4,558,800
Total 2010 Expenditures $4,081,090
ATTEST: BOARD OF COUNTY COMMISSIONERS
OF PITKIN COUNTY, COLORADO
_________________________ By: _________________________________
Jeanette Jones George Newman, Chair
Deputy County Clerk
Date: ________________
MANAGER APPROVAL:
______________________
Hilary Fletcher
County Manager
2010 Budget and Multi-year Plan
EOTC Transit Project Funding
Actual/RevisedPlanPlanPlanPlan
EstimateBudget
200920102011201220132014
FUNDING SOURCES:
3,523,000
a)Pitkin County 1/2% sales tax3,371,1703,576,0003,630,0003,684,0003,739,000
934,000
b)Pitkin County 1/2% use tax959,004981,0001,030,0001,082,0001,136,000
101,800
c)Investment income & misc.174,000262,800455,800629,800725,800
4,558,800
Total Funding Sources4,504,1744,819,8005,115,8005,395,8005,600,800
FUNDING USES:
126,549
1)Use tax collection costs141,900132,876139,520146,496153,821
34,192
2)Administrative cost allocation35,01535,90237,69739,58241,561
11,500
3)Bus stop safety imprvs / cab ride in-lieu7,80411,78812,08212,38412,694
50,000
4)X-Games transit subsidy 50,00050,00050,000
5)Brush Creek parking expansion
25,000
6)Brush Creek parking expansion - annual operating costs15,07026,00027,04028,12229,246
7)Snowmass Village transit improvements ($6.5 million total)6,430,165
2,855,039
8)RFTA contribution (81.04% of 1/2% sales tax)2,731,9962,897,9902,941,7522,985,5143,030,086
396,020
9)Buttermilk to Roundabout bus lanes, construction538,779
carryover from '09
10)No-fare Aspen-Snowmass bus service (11/23/08-4/12/09)186,748
11)No-fare Aspen-Snowmass bus service (4/13/09-6/14/09)44,012
12)No-fare Aspen-Snowmass bus service (6/15/09-9/30/09)79,365
578,760
13)No-fare Aspen-Snowmass bus service (10/1/09-4/15/13)118,843601,910625,987248,625
14)No-fare Aspen-Snowmass bus service study17,617
4,030
15)No-fare Woody Creek bus service winter and summer -4/15/134,1914,3592,936
4,081,090
Total Uses3,967,1483,760,6573,838,4373,463,6599,697,573
EOTC ANNUAL SURPLUS/(DEFICIT)537,026477,7101,059,1431,277,3631,932,141 (4,096,773)
EOTC CUMULATIVE SURPLUS/(DEFICIT) FUND BALANCE9,501,4479,979,15711,038,30012,315,66314,247,80410,151,031
Revenue projections:
4.5%
a)sales tax -16.4%1.5%1.5%1.5%1.5%
-2.6%
b)use tax5.0%5.0%5.0%5.0%
c)investment earnings rate1.0%2.5%4.0%5.0%5.0%
FUND BALANCE DESIGNATIONS
6,430,165
Fund balance designated for Snowmass Village transit improvements6,430,1656,430,1656,430,1656,430,165-
Fund balance designated for budget carry-overs396,020
873,730
Annual allocation to Entrance-to-Aspen939,481980,6711,015,9471,052,383
3,548,992
Fund balance designated for Entrance-to-Aspen2,675,2624,488,4735,469,1446,485,0917,537,474
Remaining annual discretionary funding(36,143)119,662296,692916,1941,281,009
Calculation of amount allocated to Entrance -to-Aspen and to discretionary funding
3,523,000
Pitkin County 1/2% sales tax3,576,0003,630,0003,684,0003,739,000
934,000
Pitkin County 1/2% use tax981,0001,030,0001,082,0001,136,000
(237,151)
less committed funding(249,789)(247,241)(256,566)(266,339)
(2,855,039)
less RFTA contribution (81.04% of 1/2% sales tax)(2,897,990) (2,941,752) (2,985,514) (3,030,086)
1,364,810
Net revenue to be allocated1,409,2211,471,0071,523,9201,578,575
909,873
Annual 2/3's allocation to Entrance-to-Aspen939,481980,6711,015,9471,052,383
477,710
EOTC ANNUAL SURPLUS (after funding operations)1,059,1431,277,3631,932,141 (4,096,773)
396,020
plus use of designated fund balance (budget carry-overs/Snowmass transit imprvs)6,430,165
(909,873)
less Annual 2/3's allocation to Entrance-to-Aspen(939,481)(980,671) (1,015,947) (1,052,383)
Remaining annual discretionary funding(36,143)119,662296,692916,1941,281,009
4/8/201010EOTC b.xlsx