To: Honorable Mayor and Members of Town Council
From: Trish Muller, Finance Director
Title
Resolution Approving the Castle Rock Downtown Development Authority Fourth Quarter Budget Amendment for 2017
Body
________________________________________________________________________________
Executive Summary
Town Council approved the original 2017 budget for the Downtown Development Authority (DDA) on October 18, 2016. The changes of appropriation in this proposed DDA 4th Quarter Budget Amendment include items requested for consideration for supplemental appropriation. This 4th Quarter Budget amendment was discussed with the DDA board on October 5th, 2017. (Attachment B) reflects the 2017 preliminary year end estimates for the Ice Rink Fund and reflects the request to increase expenditures to accommodate unforeseen costs associated with ice rink operations. Total requested changes to appropriations referred to in (Attachment B) result in an increase in total expenditures for 2017 of $12,000 and also reflects a revenue increase of $30,000.
Discussion
The following items are being requested to amend the 2017 DDA budget;
• The Ice Rink Fund appropriation request includes recognition of additional skating admission revenue in the amount of $30,000.
• To support operations of the Ice Rink Fund, the DDA is requesting an appropriation increase to pay for unforeseen costs associated with increased personnel costs, utilities, chemical costs and skate supplies for customer rentals.
Budget Impact
No direct budgetary impact to the Town.
Staff Recommendation
Staff recommends that Town Council approve the Resolution as written.
Proposed Motion
“I move to approve a Resolution Approving the Castle Rock Downtown Development Authority Fourth Quarter Budget Amendment for 2017”
Attachments
Attachment A: Resolution
Attachment B: Ice Rink 2017 Year End Estimates