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 2015
Body
________________________________________________________________________________
Executive Summary
Town Council approved the original 2015 budget for the Downtown Development Authority (DDA) on December 2, 2014.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 will be presented to the DDA board on December 3, 2015 due to the material nature of the supplemental appropriation in comparison to the original 2015 DDA budget, the amendment is also being presented to Council for approval. Exhibit 1 includes the request to increase. This budget amendment is the increase in certain revenue and expenses throughout the two funds. Also included in the budget amendment is a request to transfer between funds in an effort to supplement the operation of the Ice rink. Total requested changes to appropriations referred to in Exhibit 1 result in an increase in total expenditures for 2015 of $44,500 and a corresponding revenue increase of $20,896.
Discussion
The following items are being requested to amend the 2015 DDA budget;
• The Operating Fund has transferred $10,500 to the Ice Rink Fund to support operations of the Ice Rink Fund.
• The operating fund had increased personnel costs taking on additional staff. One position was split into two positions sharing costs with the EDC, DDA and DMA increase of $20,000.
• The operating fund had an increase in expense and revenue for the Patio and Flower box Program. Patio sign ups were more than expected and flowers were at a higher than anticipated cost. Increase of $14,000
• The Ice Rink fund had additional admissions and rental revenue of $3,000
• The Ice Rink fund received a transfer from the operating fund for $10,500
Budget Impact
No direct budgetary impact to the Town. This item is presented to the Town Council for their consideration and approval due to the material nature of the amendment in relation to the DDA’s original budget.
Staff Recommendation
Staff recommends that Town Council approve the Resolution as written.
Proposed Motion
“I move to approve a Resolution approving Changes of Appropriations for the Year 2015 DDA 4th Quarter Budget”
Attachments
Attachment A: Resolution
Exhibit 1: Requests for Supplemental Appropriations
Attachment B: Estimated Ending Funds Available for 2015