C150254 Feasibility Study - Laserfiche WebLink

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BUDGET MESSAGE The Town of Hillrose uses a cash basis of accounting for the budget purposes. The registered voters of Hillrose approved a Tabor Ballot Issue at the coordinated general election on November 3, 1998, that allows the Town's revenues and spending to be increased by the full amount collected from the Town's property tax, state grants, fees, and other revenues, without creating, increasing or adding any taxes of any kind to the budget. The general fund has no debt. it function is to carry out tf~e business of the Town. It includes income and expenses for the Street Division and the Rental of property to the Post Office. These incomes and expenses are accounted for separately within the General Budget. The budget is divided into parts, General, Code Enforcement, Streets and Post Office Rental, in both income and expenses. It includes the mandated emergency reserve. It is budgeted in the street division to install and work on the drainage in the town and funds saved for street projects will be spent on this project. The Park ~ Recreation Fund currently has no debt service and revenues come from Colorado Lottery proceeds, donations and grants. All funds are used in the Hillrose Estates Petteys Memorial Park, the Roadside Park and the Volunteer Rose Trail for upkeep and development of the parks. It includes capital outlay of $2,000 for the beginning of a new project: Handicapped restroom in Hillrose Estates Petteys Memorial Park. The Park Fund Budget reflects CTF Income and Expenses separate from Other Income 8~ Expenses are required by state statute. The Sewer Fund is funded by collection of monthly fees and tap fees. It is an enterprise fund, not subject to TABOR rules. The expenses for this fund are separated by the plant expenses and other operating (office and administration) expenses. The Sewer fund currently has loans from FmHA and Energy and Mineral Impact Assistance. We have also received a grant for $170,975 from Energy and Mineral Impact Assistance. It is planned that any fees collected for taps will have the balance of funds after the installation of the tap applied to the oldest note first in a lump sum payment after payment of installations costs except in the years where funds are needed for capital outlay projects and/or major upgrades to the existing system. The revenues to operate the plant are generated by monthly fees of $25.00 per month for residential, $26.00 per month for commercial and $50.00 per month for services not in the town limits. (~ Th r Fund is funded by collection of monthly fees and tap fees. The monthly fee . 20.00 er residential service and commercial service. It is an enterprise fund, not subject to TABOR rules. The expenses for this fund are separated by the potable water expenses, yard water expenses and administration expenses. The Water Fund has debt of $69,311 for the purchase of private water rights purchased in June of 2004. Additional debt is planned for with our proje~t of $1.7 million that includes the purchase of Morgan County Quality Water District taps, a new distribution system for indoor potable water including meters and small upgrades to our existing water system which will be used for yard watering. It is budgeted in capital outlay for the project. The fund revenues include collection of $2.55 for Water Debt 1 and $22.85 for Water Debt 2 which are collected from all tap owners whether the service is on or off. An increase of water usage fees is anticipa#ed and budgeted for in 2007 to meet the new system costs. The Trash Enterprise Fund. The monthty fees are $17.50 per month for a 96 gallon toter, $8.75 per month for a shared toter, $12.25 per month for bi-weekty pickup, $8.75 per month for an add'I toter and $40 per month for a 1.5 yard dumpster. The trash pickup is contracted with Waste Management Inc. with a renewal date of March of 2009. BUDGET MESSAGE 2005