HomeMy WebLinkAboutR24-095 Adopting the Budget and Making Appropriations for Fiscal Year 2025 Docusign Envelope!0. D6FDEOFD-43A8-47E4-B909-8AE1 B419C488
Commissioner Chandler-Henry moved adoption
Of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2024- 095
RESOLUTION ADOPTING THE BUDGET AND
MAKING APPROPRIATIONS FOR THE COUNTY OF EAGLE, STATE OF
COLORADO, FOR FISCAL YEAR 2025
WHEREAS, C.R.S. §29-1-103, as amended, requires the Board of County
Commissioners of the County of Eagle, State of Colorado (hereinafter the "Board"), to adopt a
budget setting forth the revenues, fund balances and expenditures of the various county offices,
departments,boards, commissions, and other spending agencies for its fiscal year 2025
beginning January 1, 2025, and ending December 31, 2025; and
WHEREAS, pursuant to public notice duly published in accordance with C.R.S. §29-1-
106, as amended, the proposed 2025 budget for the County of Eagle has continuously been open
for public inspection from October 7, 2024; a public hearing was held December 5, 2024, before
the Board to consider the adoption of the subject 2025 proposed budget in accordance with
C.R.S. § 29-1-108; and interested taxpayers were and have continuously been given the
opportunity to file or register any objections to the subject proposed 2025 budget; and
WHEREAS, C.R.S. §29-1-108 (2) requires the Board to enact a resolution adopting the
2025 budget and making appropriations for 2025.
NOW, THEREFORE,BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board anticipates two hundred twenty seven million, four hundred ninety four
thousand, forty seven dollars ($227,494,047) as the total amount of budgeted revenues for the
County of Eagle, State of Colorado for fiscal year 2025.
THAT, the Board budgets two hundred eighty million, seven hundred sixty nine
thousand, forty five dollars ($280,769,045) as the total amount of budgeted expenditures for the
County of Eagle, State of Colorado, fiscal year 2025.
THAT, the Board has made provisions within the 2025 budget for the County of Eagle
for revenues including unappropriated fund balances in an amount equal to or greater than the
total proposed expenditures set forth within the subject 2025 budget.
THAT, the Board hereby adopts as the budget of the County of Eagle, State of Colorado,
for the 2025 fiscal year, containing all of the details required by C.R.S. § 29-1-103(1), attached
hereto as Exhibit A and incorporated herein by this reference, for the specific purposes,
functions, restrictions and amounts identified therein.
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THAT, the Board hereby appropriates to the various county funds, and for the various
county offices, departments, commissions, boards, and other spending agencies, the following
amounts from the following funds, as further detailed in Exhibit A:
General Fund S 76,007,289
Capital Improvements Fund $ 39,970,183
Eagle Valley Trail Construction Fund S 15,000,000
Special Revenue Funds:
Road and Bridge Fund $ 13,986,964
Human Services Fund $ 10,727,652
Offsite Road Improvements Fund $ 5,500
ECOTransitFund $ 32,163,842
ECO Trails Fund $ 3,735,605
Airport Fund S 18,889,119
Conservation Trust Fund S 79,600
800 MHz Fund S 490,245
Emergency Reserve(TABOR)Fund 5 -
Public Health Fund S 7,686,876
Mental Health Fund 5 706,167
Housing Loan Fund S 150,000
Housing Operations Fund 5 1,809,678
Workforce Housing Rentals Fund S 547,752
Open Space Fund S 9,357,433
Lodging Tax Fund S 4,027,500
Enterprise Funds:
Solid Waste and Recycling Fund $ 4,659,106
Internal Service Funds:
Fleet Fund $ 8,413,812
Property and Casualty Insurance Fund $ 1,790,201
Health Insurance Fund $ 12,564,987
Blended Component Units:
Eagle County Housing and Development Authority $ 5,700,451
The Valley Home Store S 382,252
Seniors on Broadway II S 127,165
Colorado Mountain College Building 2 $ 907,603
Eagle County Air Terminal Corporation $ 8,567,108
Custodial Fund
Public Trustee $ 80,628
Discretely Presented Component Units:
E911 Authority $ 1,918,075
Golden Eagle Elderly Housing Corporation $ 316,252
Total Appropriations for all Eagle County Funds $ 280,769,045
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THAT, pursuant to C.R.S. §29-1-113, the Eagle County Budget Administrator, is hereby
requested and directed to immediately transmit a copy of this Resolution to the officer or
employee of the County of Eagle whose duty it is to draw warrants or orders for the payment of
money.
THAT, pursuant to C.R.S. §29-1-113, the Eagle County Budget Administrator, is hereby
further requested and directed to file an original or certified copy of this Resolution with the
Division of Local Governments in the Department of Local Affairs.
THAT,the adopted 2025 budget and the 2025 appropriations made as set forth in this
Resolution are to be read as one comprehensive and integrated document. In no event shall a
county office, department, commission,board, or spending agency expend or contract to expend
any money; or incur any liability; or enter into any contract which, by its terms, involves the
expenditure of money which is in excess of the amounts appropriated in this Resolution for such
office, department, commission, board or other spending agency, and/or purpose; nor which
involves the expenditure of money inconsistent with the purposes, functions, restrictions,
clarifications and/or specified monetary amounts as detailed and set forth within this Resolution,
nor which involves the expenditure of money for any purpose which is not identified within the
aforementioned; unless prior to such expenditure the county office, department, commission,
board or spending agency has presented the same to the Board, and the Board duly approves
such expenditure in accordance with applicable law.
THAT, the Board hereby declares to be the legislative intent that the several provisions
of this Resolution shall be severable, in accordance with the provisions set forth below:
If any provision of this Resolution is declared to be invalid by a decision of any court of
competent jurisdiction, it is hereby declared to be the legislative intent that:
a. The effect of such decision shall be limited to that provision or provisions which
are expressly stated in the decision to be invalid; and
b. Such decision shall not affect, impair, or nullify this Resolution as a whole or any
other part thereof, but the rest of this Resolution shall continue in full force and effect.
THAT, this Resolution is necessary for the public health, safety and welfare of the
County of Eagle, State of Colorado.
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MOVED, READ AND ADOPTED by the Board of County Commissioners of the
County of Eagle, State of Colorado, at its public meeting held the 12th day of December, 2024.
Signed by:
��s3 COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
ATTEST: `o,...o° BOARD OF COUNTY COMMISSIONERS
Signed by:
Signed by:
Eetlailit.d• 0-i nuA, Auft Sduir
FQflR7F7ARRcaeen By. tti iB D7i8E0a73.
Clerk to the Board of Matt cf i
County Commissioners CouEnty Commissioners Chair
DocuSigned by:
0.
CM1AC128r8AA47A...
Jeanne McQueeney
Commissioner
. ��Siiiggnnedd- �by: � Q
1 I
RRARRIFFFRR4404
Kathy Chandler-Henry
Commissioner
Commissioner McQueeney seconded adoption of the foregoing resolution. The roll
having been called, the vote was as follows:
Commissioner Scherr Aye
Commissioner McQueeney Aye
Commissioner Chandler-Henry Aye
This Resolution passed by 3/0 vote of the Board of County Commissioners of the County
of Eagle, State of Colorado.
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Photo credit: Open Space and Natural Resources
2025 Budget
lio
EAGLE COUNTY
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Table of Contents
Table of Contents 2
Budget Message 3
Budget in Brief 7
Revenue Trends 10
Expenditure Trends 11
Budget Summary 12
Budgeted Expenditures by Fund 13
Fund Balance by Fund 14
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Budget Message
Administration
Jeff Shroll, County Manager
970-328-8605
jeff,shroil@eaglecounty.us
www.eaglecounty.us
EAGLE COUNTY
December 5, 2025
Eagle County Board of Commissioners
500 Broadway
Eagle, CO 81631
Honorable Chair and members of the Board:
Eagle County is a special place, and this budget is a reflection of our shared values and aspirations.
We are happy to present the fiscal year 2025 budget for Eagle County Government. This budget is
about investing in our people, protecting our environment, and building a resilient economy for
generations to come. We have listened carefully to your feedback, and this budget reflects our
commitment to creating a community where everyone can thrive.
Investing in Our Community
We are putting the community's tax dollars to good use. This budget focuses on things that matter
to you - better roads, workforce housing units, and top-notch services. But it is more than just bricks
and mortar. Our team is full of dedicated people,just like you,who truly care about this community.
We pour our hearts into serving the community every single day. Looking ahead, we plan to spend
$281 million in 2025, with $228 million of revenue coming in. To make sure we can tackle some
critical needs,we will be using $53 million from our savings this year for some vital investments that
you have told us are priorities.Together we do this work to make Eagle County an even better place
to live and work.
The budget is a financial plan that allocates resources to achieve strategic priorities and policy
directives of the elected officials of Eagle County. Like many communities,we are facing rising costs.
To ensure we can fund essential services and critical projects, we are planning to use some of our
savings this year.This is still a balanced budget, as required by state law, and we are committed to
being responsible with your tax dollars.The budget was prepared using the modified accrual budget
basis and includes all county funds, blended component units, discretely presented component
units and the Public Trustee custodial fund.The modified accrual budget basis attempts to show all
money coming into and going out of county funds as we expect those events to occur.This is further
defined in our Financial Policies and Budget Instructions.The county's annual comprehensive
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financial report is prepared on a Generally Accepted Accounting Principles(GAAP) basis, so each
year we make a reconciliation between the budget basis and GAAP basis of accounting within that
document.
How We Are Spending Your Money
After many years of stable and increasing fund balances across the organization, 2024 represented
the beginning of making significant investments in the community that are funded through a
combination of current year revenues and the use of fund balance. In 2024 we budgeted to
purchase and resell 43 workforce housing units at the Haymeadow development in Eagle.This work
will carry into 2025. A loan of$6.5 million was issued to the new owners of Eagle Villas to preserve
the affordability of 120 units at this property in Eagle.An allocation of$11 million was budgeted for
the construction of a 36-unit building at the Colorado Mountain Campus in Edwards.This project will
start in 2025. We enhanced the early childhood education network in the county by providing
coaching, salary stipends, and financial assistance to families and touched 240 households through
our Housing Eagle County programs. We invested in mitigating the potential impacts of wildfire in
our community. We visited the families of newborn children to connect them to community
resources.We funded counselors in our schools to support mental health improvements for the
community's children.
We expect that 2025 sales tax collections will be relatively stable as compared to sales tax collections
in 2022-2024.Year to date in 2024 we are inline with the budgeted revenues. While we expect sales
tax revenue to remain steady, we will see a decrease in federal grant funding this year. This is mainly
because some major airport and transportation projects wrapped up in 2024.We are actively
seeking new grant opportunities to support our priorities. Charges for services and property tax
revenue are budgeted to be similar to 2024. We are committed to making the most of every tax
dollar.
Expenses in this year's budget are sufficient to continue to provide core services upon which the
community relies. We are investing in our workforce by providing both cost of living and merit
increases, and we have increased intergovernmental expenditures because we are thrilled to
partner with Core Transit to provide transit services for the community. We will be working with our
teams to find ways to improve efficiency and collaboration.This might involve streamlining
processes, sharing resources between departments, and adopting new technologies. Our goal is to
free up resources so we can invest more in the services that matter most to you.
In 2025, we are investing$44 million in projects that align with our community's strategic priorities.
This includes using some of our savings to address critical needs now while planning responsibly for
the future. Here's how those funds will be used:
Support Our Workforce
• The Housing Eagle County programs will add 250 additional housing units to accommodate
the workforce and enhance housing availability. $3.3 million is budgeted to support these
programs. $388k will be spent on homeless services, which is offset by$280k of grant
revenue.
• $5.2 million will be used to increase capacity in licensed child care programs by funding
investments in the physical infrastructure of early childhood facilities, offering salary
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stipends to early childhood professionals, and strengthening the partnerships between the
local coordinating entity and community partners for capacity building.
• The Family Connects program provides home visits to families with newborns, connecting
them with valuable resources and support. This helps families thrive, which in turn supports
a strong workforce. We are investing$832k in this program.
• School based counselors will receive over$780k in funding. Success in this program will be
measured by mental health improvements of the students at the time of discharge.
Create a Resilient Economy
• There are 7.5 miles remaining to complete the Eagle Valley Trail. $15 million is budgeted in
2025 for construction of this portion of the trail. This project received a $5 million grant in
2024 that we are budgeting to receive and spend in 2025.
• Airport staff will work to promote increased, accessible, year-round air service by increasing
annual enplanements and capacity by 10%. While no dollars are set aside for the sole
purpose of meeting this goal, the work is part of the overall airport budget.
Protect our Mountain Ecosystem
• Eagle County will provide $2.6 million in resources and funding to ensure at least 71 homes
or properties receive energy efficiency improvements.This investment includes increasing
electrical capacity and storage in workforce housing neighborhoods.
• Eagle County will continue to electrify its buildings by investing$9.5 million to support
Geothermal conversion projects in 2025. We have received $4 million in federal grant dollars
to support this project.
• The wildland fire partnerships and landscape-scale fuel reduction projects in both the Eagle
River and Roaring Fork River valleys will be supported with $595k of funding.
• We will provide $663k in funding for the REALFire risk reduction program to assist 400 home
and property owners in making best practice improvements to their homes to mitigate the
risk of wildfire.
• $1 million will be contributed to the purchase of Shoshone water rights. The Shoshone water
rights are among the largest and most senior on the Colorado River. They ensure year-round
flows for over 250 miles of the river, from the Continental Divide to the Colorado-Utah
border.
• We are contributing$250,000 toward the East Vail Safe passage project. Interstate 70 and its
constant traffic flows effectively bisect wildlife movements north and south of the interstate.
An important travel corridor for Colorado's adventure community, residents, tourists and
industries, this stretch of 1-70 sees, on average, 22,000 vehicles a day.This much traffic
presents a significant barrier to wildlife and many animals no longer attempt to cross.
Looking Ahead
This budget reflects our shared values and our vision for the future of Eagle County. It is a
product of collaboration, careful planning, and a deep commitment to serving our community.
We are extremely proud of the investments outlined in this budget, and we believe they will
make a real difference in the lives of our residents.
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We invite you to join us on this journey. Explore the budget, share your feedback, and help us
build a brighter future for Eagle County.Together,we can make Eagle County a better place to
live for all.
Sincerely,
Jeff Shroll
County Manager and Jill Klosterman
Budget Officer Chief Financial Officer
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Budget in Brief
Eagle County's 2025 budget includes revenues of$227 million and expenditures of$281 million. The
result is a net expenditure of$53 million which reduces the county's fund balance for a total
estimated fund balance across all funds of$224 million.
Eagle County Revenues - 2025 Budgeted Revenues $227,494,047
Sales and Other Taxes: Sales tax includes the voter approved 1%sales tax
(approved in 1981), 0.5%mass transit tax(approved in 1995),2% lodging tax
(approved in 2022), marijuana sales and excise tax(approved in 2017),and
tobacco and nicotine tax(approved in 2019). It also includes the specific
24�/0 ownership tax levied on motor vehicles in Colorado(enacted in 1937).
Sales&Other Taxes
$55,075,353
Property Taxes:The revenue budget reflects net property tax,which is the total
levied minus uncollectible amounts.The calculation of levied property tax is
1 8%/O based on the December 2022 assessed valuation and reflects the county's 14%
share of total property tax collections(Where Do My Property Taxes Go?).
Property Taxes
$41,943,000
Grants:These revenues include federal, state, and local grants as well as
revenue from other governments. It also includes the payments in lieu of
1 6% property tax that we receive from the federal government.
Grants
$35,684,429
Charges for Services:This includes fees charged for the services provided by
14% the county. Major revenue sources include Treasurer's fees, landfill fees, airport
fees, bus fares, building permits,and motor vehicle and recording fees.
Charges for Services
$31,157,788
Other Revenues:Other revenues include investment earnings, interfund
13% transfers,other sources of financing.
Other Revenues
$28,835,744
9% Internal Service Revenue:The Fleet fund, Insurance Reserve fund, and Health
Internal Service Insurance fund account for the related county-wide programs.These revenues
Revenue are offset by expenditures in other county funds.
$21,043,219
6% Rental: Rents are collected primarily within the affordable and workforce
Rental housing entities and at the airport. Rents are charged to occupants of these
$13,754,514 facilities.
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Eagle County Expenditures - 2025 Budgeted Expenditures $280,769,045
Salaries and Benefits: One of Eagle County's largest expenditure is for its staff.
It is a service oriented organization and takes pride in fairly compensating the
people who carry out its mission. This classification of expenditures includes
wages and associated taxes, health insurance claims, retirement, and other
29% benefits.
Salaries & Benefits Additional information about staffing levels can be found in the Personnel
$80,467,276 Summary section of this book.
Capital Outlay: Capital outlay and leases includes capital projects across the
county. In 2025 Eagle County is planning several capital projects including the
22% continued construction of a new county building in Edwards and the completion
of the Eagle Valley Trail.
Capital Outlay
$60,666,442 Additional information about these projects can be found in the Capital
Expenditures section of this book.
Services:This classification includes all services purchased by Eagle County
1 $% departments. Major expenditures are contracts with vendors including
agreements to meet strategic priorities, utility costs, insurance premiums, and
Services maintenance of buildings,vehicles, and equipment.
$51,392,177
13% Intergovernmental Expenditures: Intergovernmental expenditures include
payments to the district attorney's office, pass through of sales tax and property
Intergovernmental tax revenues to towns, and other governmental partnerships.
Expenditures
$36,497,123
Other Expenditures: Other expenditures include staff training benefits,
1 2% interdepartmental services, transfers out to other county funds, and grants and
Other Expenditures contributions made to program partners.
$33,953,517
4% Supplies Supplies:This classification includes goods purchased by county departments.
$9,886,137 The largest expenditures include fuel and road maintenance supplies.
3% Debt Service Debt Service: Principal and interest payments along with debt issuance costs
$7,906,373 are included in this classification as explained in Current Debt Obligations.
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Eagle County Revenue and Expenditure Year over Year Changes
The table below shows the change from 2024 to 2025 for each revenue and expenditure category.
% Incr/Decr % Incr/Decr
Revenues 2025 from 2024 Expenditures 2025 from 2024
Sales&Other Taxes $55.1M 3.0% Salaries& Benefits $80.5M -1.7%
Property Taxes $41.9M 0.7% Capital Outlay $60.7M -55.0%
Grants $35.7M -26.5% Services $51.4M 17.9%
Charges for Services $31.2M -0.8% Intergovernmental Expenditures $36.4M 54.4%
Other Revenues $28.8M -51.9% Other Expenditures $34.0M 61.4%
Internal Service Revenue $21.0M -6.3% Supplies $9.9M 0.6%
Rental $13.8M 11.6% Debt Costs $7.9M 16.8%
[Total Revenues $227.5M -15.7% (Total Expenditures $280.8M -12.7%
Eagle County Fund Balance - 2025 Projected Fund Balance $223,778,651
The table below shows the trends in actual fund balances for Eagle County in 2021 -2023 and the
projected fund balances for 2024 and 2025.
ECG Fund Balances
S 400,000,000 III All Other Funds
▪ EC Housing and Development
Authority
S 328,946,927 $328.758.945 III Eagle County Air Terminal
Corporation
S 300,000,000 S 277,053,649 III Landfill Fund
U Capital Improvement Fund
S 248 010.245
III Open Space Fund
$223 778,651
Airport Fund
• ECO Transit Fund(includes RFV
5 200,000,000 Transit&Trails)
111 Road&Bridge Fund
General Fund
S 100,000,000
2021 2022 2023 2024 2025
• We are budgeting to reduce our fund balance across all funds in 2025 by$43 million.
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Detailed information on the changes in fund balance for each fund can be found in the Fund
Balances and Net Position section of this report.
Revenue Trends
The tables below show the trends in total revenues and major revenues collected by Eagle County in
2021 - 2023, the estimated revenue for 2024, and the budgeted revenue for 2025.
Major Revenue Trends($1,000's)
$120,000
Total Revenue Trends($1,000's)
$300,000
$100,000
$284,608
$275,000 $269,765•
$80,000
$250,000
$60,000
$,227,49, Ilr^&
$225,000
$40,000 /
94/753 $194,573
$20o,o�ob V
$20,000
2021 2022 2023 2024 2025
$175,000
2021 2022 2023 2024 2025 — Sales&Other Taxes — Property Taxes Grants
Total Revenues — Other Revenues
Revenues for 2025 are budgeted to decrease by 16%, or$42 million as compared to 2024. Revenue
changes include:
• $53.4 million decrease in miscellaneous revenue mainly from sales of Haymeadow units and
the issuance of COPs in 2024 to fund the new Eagle County Commons Building, which is
scheduled to be completed in the spring of 2026 and will contain an election center, office
space, and 20 units of workforce housing.
• $13 million decrease in grants. We have only budgeted for grants that we have a very high
likelihood of receiving in 2025. We plan to watch for available funding and apply for grants to
fund strategic priorities throughout the year. If we are successful in receiving additional
grant funds, we will incorporate them into the 2025 budget through the budget amendment
process.
• $1.4 million increase in rental income mainly due to a new rental agreement with Core
Transit for use of Eagle County owned buildings.
• $1.6 million increase in sales and other taxes. We saw strong sales tax revenue from 2022
through 2024 and we are budgeting for 2025 sales tax collections to remain in line with
those collections.
• $1.4 million decrease in internal service revenue due primarily to ECO Transit transitioning to
Core Transit.
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Expenditure Trends
The tables below show the trends in total expenditures and major expenditures of Eagle County in
2021 -2023, the estimated expenditures for 2024, and the budgeted expenditures for 2025.
Total Expenditures Trends($1,000's) Major Expenditures Trends($1,000's)
$350,000 $140,000
$325,000
$32.1 479 $120,000
$300,000
$100,000
$275,000 S 280,76�
$250,000 $80,000
$225,000 $60,000
$200,000 $
$.194,761 $40,000
:::: $20,000
$139,110
$125,000 2021 2022 2023 2024 2025
2021 2022 2023 2024 2025
Capital Outlay — Salaries&Benefits Services
Intergovernmental Expenditures
Expenditures for 2025 are budgeted to decrease by 13%, or$41 million as compared to 2024. The
significant changes in 2025 expenditures are:
• $74 million decrease in capital outlay. The 2025 capital projects are outlined in the Capital
Expenditures section.
• $1.4 million decrease in salaries and benefits. The decrease is due to ECO Transit employees
moving to Core Transit. Additional information can be found in the Personnel Summary and
Human Resources sections.
• A$13 million increase in intergovernmental expenditures due to the transfer of mass transit
sales tax collections and fund balance to Core Transit.
• A$1.1 million dollar increase in debt service is to account for principal and interest
payments for Certificates of Participation that were issued in 2024 for the construction of the
office space in the Eagle County Commons Building.Additional information can be found in
the Current Debt Obligations section.
• A$16 million increase in interfund transfers out reflects the reallocation of restricted
revenue for the Eagle Valley Trail construction. Starting in 2025, this project will be managed
within its own dedicated fund.
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Budget Summary
The following table shows a summary of all revenues and expenditures that make up the 2025 Eagle
County budget. Actual results are included for 2021-2023.The 2024 estimate is the amended budget
and represents our best estimate of actual results. Each fund and department is further described in
the following pages.
I Net Use of Funds 2025 OverviewFTEs Net Use per Capita I
$53,274,998IA 514.0 $963.64
ccount Classification 2021 Actual 2022 Actual 2023 Actual 2024 Estimate 2025 Budget
Revenues
Property Taxes $28,873,863 $29,893,773 $29,726,643 $41,641,152 $41,943,000
Sales&Other Taxes $42,424,677 $ 51,346,070 $ 55,493,427 $53,456,850 $55,075,353
Federal Grants $21,972,710 $25,532,740 $ 19,137,807 $41,912,928 $24,804,998
Grants- Non Federal $9,491,415 $6,505,523 $8,484,985 $6,622,121 $ 10,879,431
Charges for Services $30,538,182 $32,100,364 $32,734,006 $31,410,359 $31,157,788
Internal Service Revenue $ 15,658,873 $ 15,786,214 $ 17,310,316 $22,456,304 $21,043,219
Rental $ 14,134,604 $ 10,046,946 $ 11,896,810 $ 12,323,983 $ 13,754,5141
Investment Earnings $ 1,956,219 $4,585,151 $9,559,225 $ 10,129,366 $4,565,239
Miscellaneous Revenue $22,009,550 $49,528,016 $4,536,401 $43,215,250 $ 1,636,742
Interfund Transfers In $7,692,516 $ 59,283,165 $5,693,028 $ 6,596,233 $22,633,763
Total Revenues $ 194,752,609 $284,607,962 $ 194,572,648 $269,764,546 $227,494,047
%lnc/Dec 18% 46% -32% 39% -16%
Expenditures
FTEs 509.7 561.9 566.0 538.8 514.0
Salaries& Benefits $57,363,418 $65,795,933 $74,372,610 $81,833,591 $80,467,276
Miscellaneous $2,455,321 $(35,982) $2,058,289 $3,889,500 $2,995,000
Services $31,346,728 $32,043,036 $37,754,846 $43,598,779 $ 51,392,177
Internal Service Fees $6,746,012 $7,251,985 $7,675,190 $ 10,549,585 $8,324,754
Intergovernmental $9,182,727 $ 10,704,929 $ 12,914,051 $23,631,170 $36,497,123
Supplies $ 5,549,915 $7,227,316 $7,546,440 $9,829,107 $9,886,137
Capital Outlay $ 13,302,274 $ 17,936,059 $41,568,700 $ 134,773,727 $ 60,666,442
Debt Service $5,687,396 $ 5,640,213 $5,574,755 $ 6,768,150 $7,906,373
Interfund Transfers Out $7,476,052 $ 59,263,165 $ 5,295,748 $6,596,233 $22,633,763
Total Expenditures $ 139,109,842 $205,826,653 $ 194,756,630 $321,469,842 $280,769,045
%Inc/Dec -2% 48% -5% 65% -13%
Revenues less Expenditures $55,642,767 $78,781,308 $(183,982) $(51,705,296) $(53,274,998)
Beginning Fund Balance $ 192,367,478 $250,230,220 $328,946,927 $328,758,945 $277,053,649
Ending Fund Balance $ 248,010,245 $328,885,799 $328,758,945 $277,053,649 $223,778,651
Fund Balance as%of Expenditures 178% 160% 169% 86% 80%
Docusign Envelope ID:D6FDEOFD-43A8-47E4-B909-8AE1B419C488
Budgeted Expenditures by Fund
2023 Actual 2024 Estimated 2025 Budgeted Change 2024 to
R d Expenses Expenses Expenses 2025
Fund Type:General Fund
General Fund $ 58,725,863 S 79,621,304 $ 76,007,289 S (3,614,015)
Fund Type:Capital Improvements Fund
Capital Improvements Fund $ 28,081,622 $ 40,886,232 $ 39,970,183 $ (916,049)
Eagle Valley Trail Construction Fund S - S - $ 15,000,000 $ 15,000,000
Fund Type:Enterprise Fund
Solid Waste&Recycling Fund S 4,665,755 S 4,380,001 $ 4,659,106 $ 279,105
Fund Type:Internal Service Funds
Fleet Fund $ 8,180,710 $ 10,871,054 S 8,413,812 $ (2,457,242)
Health Insurance Fund $ 13,097,595 $ 13,130,636 $ 12,564,987 $ (565,649)
Property and Casualty Insurance Fund $ 1,142,701 $ 1,676,384 $ 1,790,201 S 113,817
Fund Type:Blended Component Units
EC Housing and Development Authority S 3,871,841 $ 48,597,614 $ 5,700,451 $ (42,897,163)
CMC Building 2 $ 3,168 S 261,664 $ 907,603 $ 645,939
The Valley Home Store S 274,353 $ 846,600 $ 382,252 $ (464,348)
Seniors on Broadway II S 246,264 $ 175,601 $ 127,165 $ (48,436)
Eagle County Air Terminal Corporation S 6,342,024 $ 9,009,868 S 8,567,108 $ (442,760)
Fund Type:Custodial Fund
Public Trustee Fund $ 61,980 $ 76,710 $ 80,628 S 3,918
Fund Type:Special Revenue Funds
ECO Transit Fund(Intl RFV) $ 17,331,068 $ 31,230,683 $ 32,163,842 $ 933,159
Airport Fund $ 14,100,926 $ 29,621,428 $ 18,889,119 S (10,732,309)
Road&Bridge Fund S 9,962,924 $ 13,312,711 $ 13,986,964 S 674,253
Human Services Fund S 10,479,793 $ 10,656,259 S 10,727,652 $ 71,393
Open Space Fund S 1,235,409 $ 3,552,760 $ 9,357,433 $ 5,804,673
Public Health Fund $ 7,173,148 S 7,209,077 $ 7,686,876 $ 477,799
Lodging Tax Fund S 713,257 $ 4,138,600 $ 4,027,500 $ (111,100)
ECO Trails Fund $ 1,973,172 $ 2,411,860 $ 3,735,605 $ 1,323,745
Housing Operations Fund $ 2,999,041 $ 2,619,410 S 1,809,678 $ (809,732)
Mental Health Fund $ 917,305 S 930,500 $ 706,167 $ (224,333)
Workforce Housing Rentals Fund $ 422,816 $ 552,240 $ 547,752 $ (4,488)
800 MHz Fund $ 475,746 S 554,433 $ 490,245 $ (64,188)
Housing Loan Fund S 120,288 $ 150,000 $ 150,000 $ -
Conservation Trust Fund S 72,655 $ 427,500 $ 79,600 $ (347,900)
Offsite Road Improvement Fund S 260,880 $ 2,641,512 $ 5,500 $ (2,636,012)
Emergency Reserve/TABOR Fund $ - S - S - $ -
Fund Type:Discretely Presented Component Units
E911 Fund $ 1,479,053 $ 1,607,873 $ 1,918,075 $ 310,202
Golden Eagle Apartments S 349,271 $ 319,328 $ 316,252 $ (3,076)
Totals $ 194,760,630 $ 321,469,842 $ 280,769,045 $ (40,700,797)
Docusign Envelope ID: D6FDE0FD-43A8 47E4-B909-8AE'B419C488
Fund Balance by Fund
Summary of Fund Balance and Net Position
Fund 2021 Actual 2022 Actual 2023 Actual 2024 Estimate 2025 Estimate
Beginning Fund Balance/Net
Position $172,589,284 $248,010,245 $328,946,927 $328,758,945 $277,053,649
General Fund $42,739,675 $47,258,176 $ 51,755,451 $41,684,907 $32,744,631 I
Public Trustee Fund $ 146,003 $ 114,208 $ 175,621 $ 130,511 $97,633
Road & Bridge Fund $ 10,061,757 $ 10,360,661 $ 10,119,955 $8,732,537 $6,879,254
Human Services Fund $4,691,303 $ 5,802,873 $6,033,904 $5,275,526 $4,577,873
Offsite Road Improvement Fund $ 1,265,921 $ 1,968,259 $2,569,965 $ 1,740,259 $2,284,759
ECO Transit Fund(incl RFV) $ 14,222,953 $23,990,585 $25,323,719 $ 16,060,464 $(0)I
ECO Trails Fund $2,642,730 $2,485,628 $2,093,132 $2,706,408 $634,3061
Airport Fund $ 13,006,804 $ 19,009,437 $ 19,574,041 $ 12,931,565 $ 11,044,7731
Eagle County Air Terminal
Corporation $27,610,254 $27,973,275 $31,395,970 $30,626,022 $30,413,035
Conservation Trust Fund $275,434 $388,367 $ 512,558 $268,558 $365,958
800 MHz Fund $ 1,849,811 $ 1,993,511 $ 2,121,242 $2,156,338 $2,255,6221
Emergency Reserve/TABOR Fund $2,747,426 $2,747,426 $3,672,426 $3,672,426 $3,672,4261
Public Health Fund $4,156,426 $4,501,770 $3,513,466 $2,511,956 $ 1,471,4291
Mental Health Fund $454,544 $462,153 $324,867 $ 102,167 $ 100,0001
Lodging Tax Fund $- $- $ 3,008,046 $2,559,446 $2,083,9461
Open Space Fund $ 13,494,737 $ 18,075,974 $22,716,288 $27,295,839 $ 25,320,4061
Capital Improvements Fund $37,291,117 $41,450,621 $28,905,057 $29,173,314 $6,074,6631
Eagle Valley Trail Construction
Fund $- $7,778,413
Solid Waste and Recycling Fund $ 17,059,066 $ 17,510,641 $ 17,714,941 $ 17,539,040 $ 17,334,534
Fleet Fund $ 18,714,132 $ 18,850,477 $ 17,881,122 $ 16,136,521 $ 15,784,736
Property and Casualty Insurance
Fund $361,804 $ 186,139 $354,553 $660,567 $669,485
Health Insurance Fund $8,235,582 $4,726,131 $ 1,948,910 $ 1,948,910 $2,074,383
Housing Operations Fund $5,529,144 $4,177,773 $ 2,010,878 $ 193,318 $283,192
Housing Loan Fund $551,565 $400,980 $306,582 $ 156,582 $6,5821
Workforce Housing Rentals Fund $51,746 $90,187 $ 154,295 $ 136,004 $ 162,4801
Docusign Envelope ID: D6FDEOFD-43A8-47E4-B909-8AE1B419C488
EC Housing and Development
Authority $ 18,146,874 $72,735,040 $72,190,067 $50,011,978 $47,091,737
•
The Valley Home Store $208,602 $383,896 $590,010 $222,910 $221,158
Lake Creek Village Apartments $ 1,480,630 $- $- $- $-
Seniors on Broadway II $- $- $ 109,571 $84,048 $ 72,536
CMC Building 2 $- $- $6,832 $ 501,375 $341,610
Golden Eagle Apartments $272,353 $82,219 $79,946 $74,299 $ 68,077
E911 Fund $741,852 $ 1,220,517 $ 1,595,528 $ 1,759,852 $ 1,869,012
Ending Fund Balance/Net
Position $248,010,245 $328,946,927 $328,758,945 $277,053,649 $223,778,651
Annual Change $75,420,962 $80,936,681 $(187,982) $(51,705,296) $(53,274,998)1
