HomeMy WebLinkAboutMinutes - Finance Committee - 12/19/2011 -_____C.Finance Administration____I 0 215 N.Mason—••tFloorI—Ort LOLL Fort Collins,CO 80522
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Council Audit ft Finance Committee
Minutes
12/19/11
10:00 to 12:00
CIC Room
Council Attendees:Mayor Karen Weitkunat,Mayor Pro Tem KeLly
OhLson,Ben Manvet
Staff:Darin Atteberry,Mike Beckstead,John Voss,
Lawrence Pollack,Josh Birks,Christina Vincent,
Bruce Hendee,Megan BoUn,Steve Mason,Josh
Jones,Heather Shepherd
Others:John Knezovich,citizen
Approval of Minutes
Ben Manvel moved approval of the December 19,2011 minutes and Karen Weitkunat seconded
the motion.The minutes are approved unanimously.
Kelly Ohlson would like to further discuss the topic of City Salary Structure in more detail at a
future date in 2012.
URA Long Term Financial Forecast
The purpose of this information is to keep the Council Finance Committee periodically apprised
of the status of the URA.
URA projects:
-N college marketplace
-Union place
-In nosphere
-Kaufman Robinson
-Jax
-Valley steel
Josh Birks said the Kaufman and Robinson project exceeded the city’s expectations on building
and TIE,and so did Jax.This is the last year for the City on the loan related to Valley steel.
Christina Vincent said Larimer County raised the tax increment estimates for next year.
C~fFdFt°CoLLins
Kelly Ohlson asked if the City currently has money in the Union Place development project.It
does not.
Kelly also asked when the City gets the $5.3 million back from Innosphere and Josh jaid the
loan is a 20 year time period but it could be paid back as soon as the next couple years.By
early August 2012,a good estimate of tax collections will be available and that will indicate
when the payment can be expected in full.
Christina Vincent will be participating in communication meetings starting in January 2012 so
she can be made aware of any potential problems or pitfalls and address them.
The Financial Forecast for the URA is summarized as follows:
•All loans paid off by end of 2029
•Forecast is sensitive to growth in property values
-In general it assumes 1%next 4 years,1.5%afterwards
•Assumes N.C.Marketplace fills out in 3 years
John Voss stated that the forecast is very tied to growth.
Karen Weitkunat suggested that a URA summary be presented to Council Finance Committee
on a regular basis each year.Possibly twice a year.She also reiterated the need for specific
details on each of these project presentations.Data presented should include background
information,the ‘big picture’and current progress.
Financial Update
Lawrence Pollack presented the spending and remaining balace for
Building Community Choices:
Amount Ordinance DescriDtion
$7,064,568 Available Balance 12/31/2010
($135,000)Ord.#62 Lincoln Center Renovation -structural improvements
($2,700,000)Ord.#64 North College Improvements -to be repaid by the URA
($1,500,000)Ord.#87 Museum of Discovery DDA shortfall,DDA seeking financing
$2,729,568 Remaining Balance
r City ofFortCoLLins
And for Building on Basics (BOB):
Total Appropriations Total Future Total
through 2010 AppropriationsAppropriations
Capital Expenses
Adrninistrativeeharge 141 497 181.875 323.372
Fort Coflins Museum/Dis00very 0
Science CenterJoint Fadlity 6183750 0 6,183.750
Lincoln Center Renovation 5487 877 0 5,487 877
Park Upgrades and Enhancements 304,897 1,703,622 2,008,519
FortCollins Senior Center Expansion 0 5.147.533 5.147.533
Police Ser.ices CAD Replacement 0 712.612 712,612
Ilamiony Rd..Seneca to College Ave.3,000,000 0 3.000.000
Intersection Improvements and Traffic Signals 4.500.000 6.500,000 11,000,000
North College Avenue Improvements 428.490 4.275,671 4.704,161
North College from Ped Plan 83.000 0 83.000
Timberline,Drake to Prospect -Adequate 400.000 0 400.000
Closed project savings added back (1,086)0 (1.088)
Timberline.Drake to Prospect -Ultimate 5.871.218 5.871,218
Bicycle Program Plan Implementation 375 000 625.000 1.000,000
Pedestrian Plan and ADA Improvements 1,510,500 1500.000 3.010.500
Ped Plan moved to North Couege (83.000)0 (83,000)
Cultura Ser,.,ces -Faa ties Plan 150.000 0 150,000
Library District Library Technology 2 232.000 3718,000 5.950.000
Ti~nsit Services -Replacement Buses 632 242 363.626 1,015,868
Total Capital 25,345,165 30 619.157 55.964.322
And for Keep Fort Collins Great:
Estimate of Year
2011 Original End Unspent!Estimate of 2012
Offer Title Budget Unencumbered Reappropriation
Street Maintenance 6,171,000 --
Other Transportation 3,179,000 1,697,989 426,989
Police 3,179,000 2,190,000 -
Fire 2,057,000 --
Parks and Recreation 2,056,058 151,000 6,000
Other Community Priorities 2,051,731 339,339 87,000
Grand Total $18,693,789 $4,378,328 $519,989
Staff recommended that any unused portion of operational budgets using KFCG funds require
City Council approval in order to use that money for something else.Another alternative
recommendation is to include the detail of where the money was spent in a report to City
Manager,who can then pass it along to City Council.