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HomeMy WebLinkAbout2025-06-17 Agenda and Supporting Documentation Town Council Afternoon Meeting1.Site Visit: West Middle Creek (11:30am) 351 N. Frontage Road W. Vail, CO 81657 2.Lunch and West Middle Creek Groundbreaking Ceremony at Grand View (12:00pm) 395 S. Frontage Road W. Vail, CO 81657 3.Site Visit: Tour of Dobson Arena (1:15pm) 321 E. Lionshead Circle Vail, CO 81657 4.Regular afternoon Town Council meeting will convene after the Vail Reinvestment Authority at 3:35pm. 5.Presentation/Discussion (3:35pm) 5.1 2024 Audited Financial Statements for the Town of Vail (3:35pm) 15 min. The 2024 audited financial statements are presented to Town Council for information only; No action requested Presenter(s): Carlie Smith, Finance Director and Michael Jenkins, McMahan and Associates LLC Background: In accordance with section 9.11 of the Vail Town Charter, an independent audit shall be made of all town accounts at least annually. The audit shall be conducted by certified public accountants and made available for public inspection. The 2024 audit was conducted by McMahan and Associates. 5.2 Shoshone Water Rights Discussion (3:50pm)25 min. Listen to presentation. Presenter(s): Andy Mueller, General Manager, Colorado River District Background: This presentation will be an update on the status of the Colorado River District's collaborative efforts to obtain and preserve the historic Shoshone water rights. VAIL TOWN COUNCIL MEETING Afternoon Session Agenda Vail Town Council Chambers and virtually by Zoom. Zoom meeting link: https://vail.zoom.us/webinar/register/WN_vQf5PhQiRpqgitpLqDRkRw 11:30 AM, June 17, 2025 Notes: Times of items are approximate, subject to change, and cannot be relied upon to determine what time Council will consider an item. Staff Presentation - 2024 Financials & Audit Attachment A. Town of Vail Audited 2024 Financial Statements Council Memo - Shoshone Water Rights Attachment A. Shoshone Briefing Packet 1 6.DRB/PEC (4:15pm) 6.1 DRB/PEC Update (5 min.) 7.Information Update (4:20pm) 7.1 April 8, 2025 VLHA Meeting Minutes 7.2 May 5, 2025 AIPP Meeting Minutes 7.3 May 20, 2025 VLHA Meeting Minutes 7.4 May 27, 2025 VLHA Meeting Minutes 8.Matters from Mayor, Council, Town Manager and Committee Reports (4:20pm) 8.1 Matters from Mayor, Council, and Committee Reports (15 min.) 8.2 Town Manager Report (5 min.) 8.3 Council Matters and Status Updates 9.Executive Session (4:40pm) (40 min.) Executive session pursuant to: 1. C.R.S. §24-6-402(4)(b) - to hold a conference with the Town Attorney, to receive legal advice on specific legal questions regarding: a. Pending litigation; b. Town Code procedure and amendments; c. TOWN OF VAIL and EARTHSCAPE PLAY INC., Court File No. T-1403-24; and d. Correspondence from Waas Campbell Rivera Johnson & Velasquez dated June 13, 2025; and 2. C.R.S. §24-6-402(4)(a) - to consider the purchase, acquisition, lease, transfer or sale of real, personal or other property and C.R.S. §24-6-402(4)(e) to determine positions relative to matters that may be subject to negotiations, develop a strategy for negotiations, and/or instruct negotiators on the topic of a potential Vail InDEED purchase. 10.Recess 5:20pm (estimate) Staff Presentation - Shoshone Water Rights DRB Results 6-04-2025 PEC Results 6-09-2025 VHLA Meeting Minutes 4-08-2025 AIPP Meeting Minutes 5-05-2025 VLHA Meeting Minutes 5-20-2025 VLHA Meeting Minutes 5-27-2025 Town Manager Report 6-17-2025 Future Topics Council Matters 6-17-2025 Meeting agendas and materials can be accessed prior to meeting day on the Town of Vail website www.vail.gov. All Town Council meetings will be streamed live by High Five Access Media and available 2 for public viewing as the meeting is happening. The meeting videos are also posted to High Five Access Media website the week following meeting day, www.highfivemedia.org. Please call 970-479-2460 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711. 3 AGENDA ITEM NO. 5.1 Item Cover Page DATE:June 17, 2025 TIME:15 min. SUBMITTED BY:Carlie Smith, Finance ITEM TYPE:Presentation/Discussion AGENDA SECTION:Presentation/Discussion (3:35pm) SUBJECT:2024 Audited Financial Statements for the Town of Vail (3:35pm) SUGGESTED ACTION:The 2024 audited financial statements are presented to Town Council for information only; No action requested PRESENTER(S):Carlie Smith, Finance Director and Michael Jenkins, McMahan and Associates LLC VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Staff Presentation - 2024 Financials & Audit Attachment A. Town of Vail Audited 2024 Financial Statements 4 2024 FINANCIAL STATEMENTS & AUDIT REPORT FINANCE | June 17, 2025 5 PRESENTERS Carlie Smith, C.P.A. Finance Director Michael N. Jenkins, C.A., C.P.A. Partner, McMahan & Associates, LLC Town of Vail   |   Finance   |   06/17/2025 6 2024 FINANCIAL STATEMENTS | Government Wide Statements Provide a broad overview similar to a private sector business, including capital assets and long-term debt on a full accrual basis STATEMENT OF NET POSITION Assets exceed liabilities by $475.1M $273.1M net investment in capital assets $3.6M TABOR reserves; $8.1K restricted; $198.0M unrestricted STATEMENT OF ACTIVITIES $42.2M increase in net position $133.4M revenue; $31.6M program specific and $101.8M general revenue $91.2M expenses * Timber Ridge sales proceeds booked in Financial Statements as Receivable and Revenue of $40.4M Town of Vail   |   Finance   |   06/17/2025 7 Town of Vail   |   Finance   |   6/20/2023 2024 FINANCIAL STATEMENTS | Fund Statements Record financial transactions for specific activities or governmental functions; focus on near-term inflows and outflows and spendable balances GOVERNMENTAL FUNDS General Fund Capital Projects Fund Housing Fund Real Estate Transfer Tax Fund Marketing Fund Vail Local Marketing District Vail Reinvestment Authority PROPRIETARY FUNDS Internal Services – Heavy Equipment Fund Health Insurance Fund Enterprise Funds – Dispatch Services Fund Timber Ridge Fund Residences at Main Vail Fund 8 Town of Vail   |   Finance   |   06/17/2025 2024 FINANCIAL STATEMENTS | Fund Statements %Better (Worse) 2024 ActualFinal Budget Flat$(300)K$68.1M$68.4MRevenue 9.4%5.8M(55.7)M(61.5)MExpenditures N/A10.4M(20.1)M*(30.5)MTR Transfer N/A$15.9M$(7.7)M$(23.6)MNet Change Revenue‐Slightly down from budget due to investment income Expenditures –$2.1M savings from personnel and vacancies; $2.5M in operating expenditures; $1.7M  savings in transfer to marketing fund for  events Fund Balance ‐$49.2M * Adjusted to reflect $20.1M Loan to Timber Ridge offset with receivable revenue in Financial Statements General Fund Favorable to Budget by $15.9M 9 Town of Vail   |   Finance   |   6/17/2025 2024 FINANCIAL STATEMENTS | Fund Statements Capital Projects Fund Managed $25.2M in Projects Better (Worse)2024 ActualFinal Budget $(5.4)M$29.9M$35.3MRevenue 27.7M(25.2)M(52.9)MCapital Expenditures Flat(2.8)M(2.8)MTransfers (out) Flat(1.2)M(1.2)MDebt Service $22.1M$675.0K$(21.4)MNet Change Revenue –Tax collections exceeded budget by $2.0M but was offset by the timing of  grants/reimbursement for  capital projects and timing of utilizing franchise fees Expenditures – Variance for  approved projects not yet completed and carried over to 2025  $25.4M;  $2.3M in project savings during 2024 Fund Balance ‐$53.9M; Spent down to $10.1M in 2025 with $5.0M reserved for  WMC  housing operations 10 2024 FINANCIAL STATEMENTS | Fund Statements RETT Fund Managed $21.5M in Projects; $6.2M Operations Better (Worse)2024 ActualFinal Budget $800K$11.0M$10.2MRevenue 10.0M(27.7)M(37.7)MExpenditures $10.8M$(16.7)M$(27.5)MNet Change Revenue – Revenue variance due to higher RETT collections Expenditures –Variance due to approved projects and programs not yet  completed and carried over to 2024 $7.5M; $2.5M of savings  Fund Balance ‐$15.2M; Spent down to $6.5M in 2025 Town of Vail   |   Finance   |   06/17/2025 11 2024 FINANCIAL STATEMENTS | Fund Statements Housing Fund spent $15.9M on housing projects including TR Better (Worse)2024 ActualFinal Budget $(0.8)M$14.4M$15.2MRevenue 9.6M(6.3)M(15.9)MExpenditures Flat(10.8)M*(10.8)MTransfer to TR $12.5M$(2.7)M$(11.5)MNet Change Revenue – Revenue variance due to timing of buydown unit sales Expenditures –Variance due to approved projects and programs not yet completed and  carried over to 2024 $9.6M including InDeed, Buy Down, land acquisition, and WMC Fund Balance ‐$17.2M; Spent down to 1.0M in 2025 with loan of $5.5M due to CPF * Adjusted to reflect $10.8M Loan to Timber Ridge offset with receivable revenue in  Financial Statements Town of Vail   |   Finance   |   06/17/2025 12 2024 FINANCIAL STATEMENTS | Fund Statements $116.6M$160.5M $165.8M $173.9M $144.2M $68.8M $90.5M $91.4M $102.8M $0.0M $20.0M $40.0M $60.0M $80.0M $100.0M $120.0M $140.0M $160.0M $180.0M $200.0M 2021 2022 2023 2024 2025 Amended Budget 2026 2027 2028 2029 2030 TOV  Reserves‐All Funds 5 Year  History & 5 Year  Projection All Other Housing Fund RETT Fund Capital Projects Fund General Fund Reserve Min (All Funds Combined) $109.4M Town of Vail   |   Finance   |   06/17/2025 13 2024 FINANCIAL STATEMENTS Town of Vail   |   Finance   |   06/17/2025 14 15 i Town of Vail, Colorado Financial Report December 31, 2024 Table of Contents Page(s) INDEPENDENT AUDITOR’S REPORT A1 – A3 Management’s Discussion and Analysis B1 – B9 Government-wide Financial Statements: Statement of Net Position C1 Statement of Activities C2 Fund Financial Statements: Governmental Funds: Balance Sheet C3 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position C4 Statement of Revenues, Expenditures and Changes in Fund Balances C5 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities C6 Proprietary Funds: Statement of Net Position C7 Statement of Revenues, Expenses and Changes in Fund Net Position C8 Statement of Cash Flows C9 Fiduciary Funds: Statement of Fiduciary Net Position C10 Statement of Changes in Fiduciary Net Position C11 Notes to the Financial Statements D1 – D29 Required Supplementary Information: General Fund: Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget (GAAP Basis) and Actual E1 – E2 Major Special Revenue Funds: Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget (GAAP Basis) and Actual: Vail Marketing Fund E3 Vail Local Marketing District E4 Vail Reinvestment Authority E5 Housing Fund E6 16 ii Town of Vail, Colorado Financial Report December 31, 2024 Table of Contents (Continued) Page(s) Supplementary Information: Capital Projects Fund: Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget (GAAP Basis) and Actual F1 Real Estate Transfer Tax Fund: Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget (GAAP Basis) and Actual F2 Enterprise Funds: Schedule of Revenues, Expenses and Changes in Net Position – Budget (Non-GAAP Basis) and Actual with Reconciliation to GAAP Basis: Timber Ridge Fund F3 Dispatch Services Fund F4 Residences at Main Vail Fund F5 Internal Service Funds: Heavy Equipment Fund: Schedule of Revenues, Expenses and Changes in Net Position – Budget (Non-GAAP Basis) and Actual with Reconciliation to GAAP Basis F6 Health Insurance Fund: Schedule of Revenues, Expenses and Changes in Net Position – Budget (GAAP Basis) and Actual F7 Combining Statement of Net Position F8 Combining Statement of Revenues, Expenses and Changes in Fund Net Position F9 Combining Statement of Cash Flows F10 Schedule of Project Expenditures – Budget (GAAP Basis) and Actual: Capital Projects Fund F11 Real Estate Transfer Tax Fund F12 Housing Fund F13 Local Highway Finance Report F14 – F15 Undertaking to Provide Continuing Disclosure: Table I – Vail Reinvestment Authority History of Pledged Revenues G1 Table II – Vail Reinvestment Authority History of Assessed Valuations G1 Table III – Mill Levies Affecting Property Owners within the Vail Reinvestment Authority Plan Area G1 Table IV – Largest Taxpayers in the Authority G2 Table V – 2024 Preliminary Assessed Valuation of Classes of Property in the Authority G2 Table VI – History of Revenues, Expenditures and Changes in Fund Balance – Vail Reinvestment Authority G3 Table VII – 2024 Budget Summary and Actual Comparison / 2025 Budget – Vail Reinvestment Authority G4 Table VIII –Outstanding Revenue Obligations G4 17 18 19 20 21 INDEPENDENT AUDITOR’S REPORT To the Mayor and Town Council Town of Vail, Colorado A3 Required Supplementary Information (continued) The budgetary comparison information in section E is not a required part of the basic financial statements but is supplementary information required by U.S. GAAP. The supplementary information in section E is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with U.S. GAAS. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements as a whole. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Town’s basic financial statements. The accompanying supplementary information in section F (including individual fund budgetary schedules, internal service fund combining statements, budgetary schedules for project expenditures, and the Local Highway Finance Report), section G (the Town’s Undertaking to Provide Continuing Disclosure), and section H (the Schedule of Expenditures of Federal Awards as required by Title 2, U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards included in the Single Audit Section) are presented for purposes of additional analysis and are not a required part of the basic financial statements. The supplementary information in sections F, G, and H is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information in sections F and H has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with U.S. GAAS. In our opinion, the information in sections F and H is fairly stated in all material aspects in relation to the financial statements as a whole. The information included in the Town’s Undertaking to Provide Continuing Disclosure in section G has not been subjected to the auditing procedures applied in the audit of the Town’s basic financial statements and, accordingly, we do not express an opinion or provide any assurance on it. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated June 11, 2025 on our consideration of the Town’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Town’s internal control over financial reporting and on compliance. McMahan and Associates, L.L.C. Avon, Colorado June 11, 2025 22 23 B1 Town of Vail, Colorado Management’s Discussion and Analysis December 31, 2024 As management of the Town of Vail, Colorado (the “Town”), we offer readers of the Town’s financial statements this narrative overview and analysis of the financial activities of the Town for the fiscal year ended December 31, 2024. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the Town’s basic financial statements. The Town’s basic financial statements include three components: 1) government-wide financial statements: 2) fund financial statements: and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements. Financial Highlights: The assets of the Town exceeded its liabilities at the close of the 2024 fiscal year by $475,140,502 (net position). Of this amount, $3,620,000 is restricted for TABOR emergency reserves. The Town’s total net position increased in the 2024 fiscal year by $42,207,149 which was attributable to an increase from governmental activities of $46,553,092 and a decrease of $4,345,943 from business-type activities. At December 31, 2024, the fund balance of the General Fund was $73,816,203. Of that amount, $3,178,101 was restricted for TABOR emergency reserves, and $20,115,596 is nonspendable for a receivable tied to housing unit sales expected in late 2025 and 2026. Full repayment in cash is not guaranteed. Additional information on this transaction is located in the notes. Government-wide financial statements: The government-wide financial statements are designed to provide readers with a broad overview of the Town’s finances in a manner similar to a private-sector business. The Statement of Net Position presents information on the Town’s assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Town is improving or deteriorating. The Statement of Activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g. uncollected grant revenues or earned but unused vacation leave.) Both of the government-wide financial statements distinguish functions of the Town that are principally supported by taxes and intergovernmental revenues (governmental activities) and those that are supported by external revenues (business-type activities). The governmental activities of the Town include general government, public safety, public works, transportation, culture and recreation, and economic development. The business-type activities of the Town consist of housing conducted through Timber Ridge Apartments and the Residences at Main Vail Apartments, in addition to dispatch services, conducted through Vail Public Safety Communications (both enterprise funds of the Town). The government-wide financial statements include not only the Town itself (known as the primary government), but also a legally separate marketing district (Vail Local Marketing District) and a legally separate urban renewal authority (Vail Reinvestment Authority). Because these component units function for all practical purposes as departments of the Town, their financial position and activities have been included as an integral part of the primary government. The government-wide financial statements can be found on pages C1 and C2 of this report. 24 B2 Overview of the Financial Statements (continued) Fund Financial Statements: A fund is an accounting entity that has a set of self-balancing accounts that record all financial transactions for specific activities or governmental functions. The Town, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements. The Town’s funds can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental Funds: Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the governments’ near-term financing decisions. Both the governmental fund Balance Sheet and the governmental Statement of Revenues, Expenditures and Changes in Fund Balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Town’s governmental funds include the General Fund in addition to four Special Revenue Funds and two Capital Projects Funds. The Town’s Special Revenue Funds are the Vail Marketing Fund and Housing Fund, as well as the Vail Local Marketing District and the Vail Reinvestment Authority, which are component units of the Town. The Capital Projects Funds include the Capital Projects Fund and the Real Estate Transfer Tax Fund. The Housing Fund was created in 2022 to account for an additional 0.5% sales tax dedicated to housing programs, initiatives, and projects. During the November 2021 election, Vail voters voted in favor of this tax, which became effective on January 1, 2022. The 0.5% housing sales tax applies to all items except food for home consumption and will sunset on December 31, 2052. The Town adopts an annual appropriated budget for all governmental funds. A budgetary comparison statement has been provided for all funds to demonstrate compliance with the state budget statute. The basic governmental fund financial statements can be found on pages C3 and C4 of this report. Proprietary Funds: The Town reports two categories of proprietary funds – Internal Service and Enterprise. The Heavy Equipment Fund and Health Insurance Fund are internal service funds, while Timber Ridge, Residences at Main Vail, and the Dispatch Services Fund are reported as Enterprise Funds. As their name implies, the internal service funds provide services to the Town’s governmental activities. Timber Ridge and the Residences at Main Vail provide workforce deed-restricted rental housing to people who work in Vail. During 2024, Timber Ridge was vacated and operations closed as the town moved forward to redevelop the property into 302 deed-restricted for-sale units. The units are expected to be available in late 2025. The Dispatch Services Fund provides dispatch services to emergency service agencies throughout Eagle County. Enterprise fund functions are presented as business-type activities in the government-wide financial statements. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The basic proprietary fund financial statements can be found on pages C5 through C7 of this report. The Town also presents a budgetary comparison for its proprietary funds. Fiduciary Funds: Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the Town’s own programs. 25 B3 Overview of the Financial Statements (continued) The accounting used for fiduciary funds is much like that used for proprietary funds. The basic fiduciary fund financial statements, for the Town’s pension plan, can be found on pages C8 and C9 of this report. Notes to the Financial Statements: The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The Notes to the Financial Statements can be found on pages D1 through D29 of this report. Government-wide Financial Analysis: As previously mentioned, the government-wide financial statements are designed to provide readers with a broad overview and long-term analysis of the Town’s finances, in a manner similar to a private-sector business. Net position may serve over time as a useful indicator of a government’s financial position. In the case of the Town, governmental assets exceeded liabilities by $448,684,426 at the close of the most recent fiscal year. Approximately 59% of the Town’s governmental net position are invested in capital assets (land, buildings, equipment), less related outstanding debt. Since the Town uses these capital assets to provide services to citizens, these assets are not available for future spending, including the provision of resources to repay the debt. The table below shows the Town’s net position for 2024 and 2023. More information on a new accounting standard and resulting restatement is on page D29 of the notes. 2024 2023 2024 2023 2024 2023 Current and other assets $ 213,413,756 $ 206,208,146 $ 17,213,939 $ 8,945,423 $ 222,359,179 $ 428,567,325 Capital assets(net) 278,563,244 241,766,426 33,610,986 44,168,592 312,174,230 285,935,018 Total assets 491,977,000 447,974,572 50,824,925 53,114,015 534,533,409 714,502,343 Long-term liabilities outstanding 5,459,997 5,408,316 23,470,369 24,005,993 28,930,366 29,414,309 Other liabilities 25,162,077 26,899,059 5,898,480 2,947,155 31,060,557 29,846,214 Total liabilities 30,622,074 32,307,375 29,368,849 26,953,148 59,990,923 59,260,523 Deferred inflows 7,670,500 7,545,729 - 318,587 7,670,500 7,864,316 Net Position: Invested in capital assets, net of related debt 263,085,259 224,743,723 10,014,000 14,837,813 273,099,259 239,581,536 Restricted 3,590,101 20,865,191 38,000 94,000 3,628,101 20,959,191 Unrestricted 187,009,066 162,512,554 11,404,076 10,910,467 198,413,142 173,423,021 Total net position $ 453,684,426 $ 408,121,468 $ 21,456,076 $ 25,842,280 $ 475,140,502 $ 433,963,748 Governmental Activities Business-type Activities Total The Town’s current assets from governmental activities increased by $2.2M during 2024. The cash balance decreased by $7.5 million, primarily due to the use of reserves to fund housing development projects. However, this reduction was offset by increased interfund receivables between governmental and business-type activities. Specifically, the General Fund and Housing Fund provided loans to the Timber Ridge Fund to support the redevelopment of the property. These amounts are recorded as receivables in the General Fund and Housing Fund. Capital assets increased by $36.8M, which included significant asset additions such as the purchase of the Booth Heights open space land parcel, six new hybrid buses, and the replacements of a fire truck. The Town’s liabilities from governmental activities decreased mainly due to payments on annual debt obligations on the Vail Reinvestment Authority bonds, the Residences at Main Vail bonds, and the public works streets facility site and improvement lease. Current assets related to business-type activities increased by $13.3 million. This change primarily reflects a $40.4 million construction receivable related to the reimbursement from the developer for the expected unit sales at the redeveloped Timber Ridge property. This receivable is offset by a $29.8 million interfund payable owed to the Town’s General Fund and Housing Fund, which advanced funds to support the project. Capital assets related to business-type activities decreased by $10.6 million, primarily due to the transfer of the Timber Ridge land parcel to a developer as part of the redevelopment project. 26 B4 Business activities liabilities increased in total by $2.4M due to year-end payable due to the developer of the Timber Ridge development. The Timber Ridge Enterprise Fund has an $8.0M note payable to the Town maturing in 2033. The promissory note balance is reported as “internal balances” in the government-wide presentation on page C1. Details of the promissory notes due from the Timber Ridge Enterprise Fund are found in note IV.F of this report. This note it expected to be paid back in full early in 2026, utilizing sales revenues from the newly redeveloped unit sales. The Timber Ridge Enterprise Fund received cash transfers in from both the General Fund and the Capital Projects Fund to support the redevelopment of the property. These transfers are reported as "internal balances" in the governmental presentation (see page C1). The Timber Ridge Fund contributed $39.0 million in cash towards the total project cost and is expected to be reimbursed through the sale of deed- restricted, for-sale properties. The anticipated proceeds from these sales are recorded as a “loan receivable” on the government-wide statements. The chart below provides financial information from the Town’s Statement of Activities for the years 2024 and 2023. 2024 2023 2024 2023 2024 2023 Revenue: Program Revenue Charges for services 16,843,296$ 15,556,924$ 5,307,122$ 4,786,153$ 22,150,418$ 20,343,077$ Operating grants 3,925,892 5,186,829 1,167,993 2,536,370 5,093,885 7,723,199 Capital grants 4,343,035 - - 2,064,080 4,343,035 2,064,080 General Revenue Property and ownership tax 15,182,352 10,696,807 - - 15,182,352 10,696,807 Sales and lodging tax 58,295,272 57,173,104 - - 58,295,272 57,173,104 Other taxes 17,894,174 16,433,425 - - 17,894,174 16,433,425 Interest and other revenue 8,656,064 7,847,791 207,230 409,348 8,863,294 8,257,139 Gain on disposal of capital assets (1,170,648) (422,815) 267,356 (79,568) (903,292) (502,383) Miscellaneous 2,490,674 1,895,018 - 42,346 2,490,674 1,937,364 Transfers 4,746,735 (6,097,806) (4,746,735) 6,097,806 - - Total Revenue 131,206,846 108,269,277 2,202,966 15,856,535 133,409,812 124,125,812 Expenses: General government 12,223,969 12,722,342 - - 12,223,969 12,722,342 Public safety 18,054,112 17,108,392 3,557,860 3,347,405 21,611,972 20,455,797 Public works and transportation 32,330,700 30,747,564 - - 32,330,700 30,747,564 Culture and recreation 10,718,354 15,250,814 - - 10,718,354 15,250,814 Economic development 11,058,773 10,189,768 - - 11,058,773 10,189,768 Housing - - 2,991,049 2,365,858 2,991,049 2,365,858 Interest 267,846 292,377 - - 267,846 292,377 Total Expenses 84,653,754 86,311,257 6,548,909 5,713,263 91,202,663 92,024,520 Change in Net Position 46,553,092 21,958,020 (4,345,943) 10,143,272 42,207,149 32,101,292 Net Position January 1 407,131,334 386,163,448 25,802,019 15,699,008 432,933,353 401,862,456 Net Position December 31 453,684,426$ 408,121,468$ 21,456,076$ 25,842,280$ 475,140,502$ 433,963,748$ Activities Activities Total Town of Vail's Changes in Net Position Governmental Business-type 27 B5 Overview of the Financial Statements (continued) Effective January 1, 2024, the Town implemented GASB Statement No. 101, Compensated Absences, which restated beginning balances for estimated sick leave liabilities as follows: 12/31/2023 Restatement: As Previously Increase / 12/31/2023 Reported (Decrease) As Restated Government-wide: Governmental activities 408,121,468$ (990,134)$ 407,131,334$ Business-type activities 25,842,280 (40,261) 25,802,019 Total 433,963,748$ (1,030,395)$ 432,933,353$ Governmental Funds: Internal service funds: Heavy Equipment Fund 9,250,187$ (70,131) 9,180,056$ Enterprise Funds: Dispatch Fund 3,559,520$ (40,261) 3,519,259$ Financial Analysis of the Town’s Funds Governmental Activities: Governmental activities increased the Town’s net position by $46,553,092 in 2024, representing an increase of approximately $20.6 million, or 98%, compared to the prior year. This includes a $26.0 million revenue receivable from the Timber Ridge Fund, based on the assumption that the Town will receive a full cash reimbursement from the sales of Timber Ridge units, offsetting its $40.0 million contribution to the project. These funds are not guaranteed to be reimbursed in cash. The sales of the units are expected in late 2025 and into 2026. Revenues across all categories and programs saw modest growth, with the most significant increases driven by higher property tax collections of $4.5 million, reflecting the 2024 reassessment and increased capital grant revenues of $1.8 million. These increases were partially offset by a reduction in transfers to business-type activities of $5.9 million. 2023 experienced rising interest rates, easing inflation, and the normalization of revenue collections following the pandemic. These trends continued into 2024. Expenditures decreased by $2.6 million, or 3.0%, primarily due to the Town's strategic focus on major capital projects and redevelopment initiatives. The following items represent significant governmental activities during 2024: General 4% sales tax collections totaled $42.2M an increase of 0.4% compared to 2023. Sales tax collections by category increased as follows: Retail decreased by 1.2% or $82,495 Lodging increased by 1.8% or $307,539 Food and beverage increased 3.3% or $330,682 Other decreased 7.3% or $216,158 The 0.5% housing sales tax collections totaled $5.1 million during 2024, consistent with the prior year. This is aligned with general sales tax collections. The 1.4% marketing tax on lodging totaled $5.5 million in 2024, flat with 2023 and reflecting a normalization in revenue collections. The Town collected $9.3 million of Real Estate Transfer Tax (RETT) in 2024, a $1.4 million increase compared to 2023. RETT collections have gradually normalized following the surge in real estate activity during 2020 and 2021. While interest rates remained high, property values continued to hold, contributing to sustained and increased revenue levels. Construction use tax collections remained strong in 2024, totaling $3.1M, an increase of $540,437 compared to 2023. Use tax collections were generally related to a mix of residential and commercial improvements but did not generate any major revenue during the year. 28 B6 Financial Analysis of the Town’s Funds (continued) Lift ticket admissions tax totaled $6.7M in 2024 an increase of 3.0% or $209,118 over the prior year. The increase is primarily attributable to higher pass sale prices for both the 2023/2024 and early 2024/2025 winter seasons Parking revenues totaled $9.4 million, flat with the prior year. This reflects the full-year impact of revised pricing strategies implemented before the 2022/2023 ski season to manage parking demand and behavior. Business-type Activities: Business-type activities include the Timber Ridge Enterprise Fund, which provides deed-restricted rental housing for individuals working in Vail; the Residences at Main Vail Enterprise Fund, a new deed-restricted rental housing project that began operations in fall 2023; and the Vail Public Safety Communications Center Enterprise Fund, which delivers dispatch services to emergency service agencies across Eagle County. The following items represent significant business activities during 2024: In September 2023, The Residences at Main Vail, a deed-restricted housing project for rent, began operations. The Residences at Main Vail is a 72-unit one—and two-bedroom apartment complex for Vail’s local workforce. 2024 was the first full year of operations, with revenues totaling $1,827,872 and budget basis change in bet position of $191,984. In August 2023, redevelopment began on Timber Ridge, a deed-restricted rental property. It is being developed into 302 deed-restricted for-sale units, ranging from one to four bedrooms, with availability starting in late 2025/early 2026. The Town partnered with a private developer on the $163.2 million project, contributing $38.6 million in cash, land, and a new transit stop. As units are sold, the Town expects to be reimbursed $49.1 million, covering its cash contribution, land value, and the remaining Timber Ridge loan balance. The Town uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental Funds: The Town’s governmental funds focus on information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the Town’s financing requirements. In particular, fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. As of the end of the current fiscal year, the Town’s governmental funds reported combined ending fund balances of $184,862,847, an increase of $7,697,407 from the prior year’s ending fund balances primarily due to increased grant revenues for capital projects, property tax revenues reflective of an assessment year. Revenues increased by $12.5 million; however, that was offset by an increase in expenditures as the Town’s strategic plan focused on significant capital projects including the redevelopment of Timber Ridge, predevelopment for the West Middle Creek housing project, and predevelopment costs for Dobson ice arena renovation. West Middle Creek and Dobson Arean will begin construction phase in 2025. The following details ending fund balances for Governmental Funds over the past five years: Fund 2020 2021 2022 2023 2024 General Fund $38,547,757 $44,426,288 $53,449,555 $61,440,888 $73,816,203 Housing Fund - - 13,957,070 19,870,982 28,019,076 Capital Projects Fund 53,843,487 59,841,742 52,565,769 53,257,917 53,933,003 Real Estate Transfer Tax 20,353,072 28,077,540 29,923,875 31,877,953 15,184,790 Vail Marketing Fund 387,124 409,749 416,323 360,109 124,901 Vail Local Marketing District 2,078,809 2,710,863 3,901,319 3,463,798 3,213,340 Vail Reinvestment Authority 4,917,063 2,548,036 4,892,971 6,884,186 10,571,534 Total $120,127,312 $138,014,218 $159,106,882 $177,155,833 $184,862,847 The General Fund ended 2024 with a fund balance of $73,816,203, an increase of $12,375,315 from the prior year. This increase is due to the recognition of the receivable from the sales of Timber Ridge; however, those sales are not final or guaranteed. Without the receivable, the General Fund would reflect a decrease of fund balance of $7,740,281. 29 B7 Financial Analysis of the Town’s Funds (continued) Overall revenues have normalized after record increases in sales tax, real estate transfer tax, and construction use tax over the past several years. During 2024, there were no significant changes to the revenue structure. The Capital Projects Fund had a fund balance of $53,933,003 at the end of 2024, an increase of $675,086. Revenues within the capital projects fund reflected a modest increase compared to the prior year with the exception of state and federal bus grants totaling $4.3M. Additionally, capital project expenditures increased $10,635,727 or 72% compared to prior year. Several significant capital projects utilizing fund balance during 2025 include underground utility improvements, bus replacements, a new transit stop, parking structure structural improvements, employee housing unit purchases, and exploration of a geothermal energy system. The Capital Projects Fund also accounts for the debt service of a $15.2 million lease purchase agreement to finance the construction of the new public works streets building. The total cost of this project was $20.9 million. The annual debt service payment totaled $1.2 million in 2024. Additional information on the site lease can be found in the Notes to the Financial Statements on page D22. The Real Estate Transfer Tax Fund ended 2024 with a fund balance of $15,184,790, a decrease of $16,693,163 compared to the prior year. The decrease in fund balance is related to the purchase of the Booth Heights open space parcel. The total cost of this land acquisition was $19.8 million. The Housing Fund is a new fund as of January 1, 2022 and was created due to a new 0.5% sales tax supported by Town of Vail voters during the November 2021 election. This tax is dedicated to community housing projects, programs, and initiatives in or around the Town of Vail. This tax generated $5.1 million during 2024. The fund had a fund balance of $28.0M at the end of 2024, an increase of $8,14,8094. Similar to the General Fund, a receivable for the sales revenue for new deed-restricted housing of $5.8M was accrued. Without this receivable, the fund would reflect a use of fund balance of $2,664,661. In 2025, fund balances in the housing fund has been allocated towards the InDeed deed restriction program, purchasing homes and deed restricting them through the town’s buy down program, and lastly towards the development of a parcel of land called West Middle Creek into deed restricted for rent units. The Vail Local Marketing District ended the year with a fund balance of $3,213,340, a decrease of $250,458, or 7.2% from the prior year. This is attributed to an increase in marketing spend and improvements to data and website. The Vail Reinvestment Authority (VRA) was added in 2004 to administer an urban renewal authority established in the Lionshead area of the Town. The incremental property taxes generated a total of $6.8M million in 2023, an increase of $2.5M from the prior year due to assessment rate increases. The property tax revenue provides a funding mechanism for capital improvements within the district by covering annual debt service payments of $676,004 relating to $11.9 million in bonds originally issued in 2010. The bonds funded several projects, including the Red Sandstone parking structure, the Sandstone Underpass, Zeke M. Piece Skate Park, and the new Lionshead Transit and Welcome Center. In June 2020, the town took advantage of favorable interest rates, and the bonds were refunded through a Tax Increment Revenue Refunding Loan. The loan has a 1.19% interest rate and an outstanding balance of $3.9M. The loan will mature June 1, 2030. During 2024, funds were used for predevelopment costs related to the redevelopment of Dobson Arena. The remaining fund balances, as well as future incremented generated tax revenues through the authority expiration in June 2030, are expected to go towards refunding the town for the Dobson redevelopment, estimated to cost a total of $54.0M. The Vail Marketing Fund funds and tracks Town of Vail event spending. The Marketing Fund generated $345,095 in revenues from business licenses and a $1,745,858 transfer from the General Fund to support events. Total 2025 revenues were $2.1M, and event spending totaled $2.3M. 30 B8 Financial Analysis of the Town’s Funds (continued) Proprietary Funds: The Town’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. In September of 2023, the town completed the construction of a 72-unit one and two-bedroom deed- restricted housing project., The Residences at Main Vail project was completed, and operations began in September. In addition, $1.2M was made towards debt service. This project cost $30.4 million of which the majority is funded by $22,260,000 of Certificates of Participation issued in October of 2021. Information on the Series 2021 Certificates of Participation is included in the Notes to the Financial Statements on page D23. During 2024, revenues totaled $20.0 of which the majority was related to rent collections. Operating expenditures related the property totaled $1.5M with debt service payments related to the COP totaling $681.6K. The Timber Ridge Fund is used to account for the operations of the Timber Ridge for rental deed- restricted housing. During 2024, this property was vacated to be redeveloped into 302 residential units including studio, one, two, three, or four-bedroom living spaces. All homes will be 100% deed-restricted for local workers. The total cost of the project is projected to be XX with the town contributing $40.0M to the development. The $40.0M is expected to be reimbursed through the sales of the units beginning in late 2025 and into 2026. Reserves: The Town’s reserves continue to be strong. During 2024 governmental reserve balances totaled $179.9 million however only $25.8 million of that is unassigned. Reserve balances increased $2.7 million. However, without the anticipated receivable from the sales of Timber Ridge units that would reflect as a decrease in fund balances of 23.3 million. Looking to 2025, General Fund, Capital Projects Fund and Housing Fund reserves are expected to help cash-fund some major near-future capital projects that are a priority for both the community and Town Council and identified in the Council's strategic plan. In the past, the Town’s strong reserve levels have enabled Town Council to cash-fund past major capital projects Long-term Debt: In 2021, the town issued $22,260,000 of Certificates of Participation to fund the Residences at Main Vail workforce housing project. The Series 2021 Certificates have an interest rate of 2.76% and are payable on June 1 and December 1 through 2051. At the end of 2024, the Certificates of Participation has a balance of $21.1 million, of which $450,000 of principal will be due within one year. During 2021, the town also entered into lease-purchase agreement to finance the construction of a new Public Works streets facility. The loan bears interest at 1.75% and are payable on June 1 and December 1 through 2035. At the end of 2023, the lease had a balance of $11.5 million, of which $955,000 of principal will be due within one year. As of the end of the current fiscal year, the Vail Reinvestment Authority had $3.9 million of tax increment revenue refunding loan, of which $636,000 of bond principal is due within one year. Additional information regarding the Town and Authority's debt can be found in the Notes to the Financial Statements in footnote IV.G of this report. 31 B9 Financial Analysis of the Town’s Funds (continued) Sales Tax: Sales tax is the Town’s largest revenue generator. During 2023, the Town had a 4% general sales tax to support governmental operations, including capital expenditures. The Town collected a total of $42.2 million, flat with prior year. During the 2021 November election, Vail voters, approved a 0.5% increase in sales tax on all items, excluding food for home consumption. The increase in sales tax began being collected in January 2022 and is dedicated to funding community housing initiatives, housing development, and housing programs. The following chart shows changes in the general sales tax for the past ten years. The new housing sales tax is also represented in the chart below. Next Year’s Budget and Rates: The Town’s General Fund balance at the end of the current 2025 fiscal year was $42,955,537 representing 66% of annual revenue compared to Town Council’s directive of a minimum of 25%. Additional information, as well as a detailed classification of the Town’s net capital assets, can be found in the Notes to the Financial Statements in footnote IV.C of this report. Request for Information This financial report is designed to provide a general overview of the Town’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report should be addressed to the Town of Vail, Finance Director, 75 S. Frontage Road, Vail, Colorado 81657. 32 33 Governmental Business-type Activities Activities Total Assets: Equity in pooled cash and investments 137,610,286 3,335,465 140,945,751 Unrestricted cash and investments 15,702,213 7,930,849 23,633,062 Cash - Restricted 798,780 318,858 1,117,638 Receivables (net of allowance for uncollectible accounts): Property taxes assessed 7,670,500 - 7,670,500 Other taxes 9,263,000 - 9,263,000 Other governments 1,260,498 - 1,260,498 Other 1,528,951 22,537 1,551,488 Inventory 1,304,549 - 1,304,549 Prepaid expenses 2,379,372 11,062 2,390,434 Interest receivable 24,349 - 24,349 Internal balances 34,824,065 (34,824,065) - Loans receivable: Collectible in more than one year 1,047,193 40,419,233 41,466,426 Capital assets not being depreciated 76,780,557 171,020 76,951,577 Capital assets being depreciated, net of accumulated depreciation 201,782,687 33,439,966 235,222,653 Total Assets 491,977,000 50,824,925 542,801,925 Liabilities: Accounts payable 5,001,166 4,928,822 9,929,988 Due to other governments 504,807 - 504,807 Retainage payable 87,985 - 87,985 Accrued salaries and wages 1,574,915 32,697 1,607,612 Interest payable 20,714 88,214 108,928 Unearned revenue 4,609,023 206,469 4,815,492 Deposits payable 310,611 146,351 456,962 Compensated absences: Due within one year 936,856 45,927 982,783 Due in more than one year 2,185,997 107,162 2,293,159 Bonds payable: Due within one year 636,000 450,000 1,086,000 Due in more than one year 3,274,000 23,363,207 26,637,207 Financed purchase obligation: Due within one year 955,000 - 955,000 Due in more than one year 10,525,000 - 10,525,000 Total Liabilities 30,622,074 29,368,849 59,990,923 Deferred Inflow of Resources: Unavailable property taxes 7,670,500 - 7,670,500 Net Position: Net investment in capital assets 263,085,259 10,014,000 273,099,259 Restricted for: Emergencies 3,582,000 38,000 3,620,000 Other purposes 8,101 - 8,101 Unrestricted 187,009,066 11,404,076 198,413,142 Total Net Position 453,684,426 21,456,076 475,140,502 Town of Vail, Colorado Statement of Net Position December 31, 2024 The accompanying notes are an integral part of these financial statements. C1 34 Net (Expenses) Revenues and Program Revenues Changes in Net Position Operating Capital Charges for Grants and Grants and Governmental Business-type Expenses Services Contributions Contributions Activities Activities Total Governmental Activities: General government 12,223,969 6,033,077 2,607,201 - (3,583,691) (3,583,691) Public safety 18,054,112 556,129 - - (17,497,983) (17,497,983) Public works and transportation 32,330,700 9,610,257 737,525 4,343,035 (17,639,883) (17,639,883) Culture and recreation 10,718,354 298,738 570,566 - (9,849,050) (9,849,050) Economic development 11,058,773 345,095 10,600 - (10,703,078) (10,703,078) Interest on long-term debt 267,846 - - - (267,846) (267,846) Total - Governmental Activities 84,653,754 16,843,296 3,925,892 4,343,035 (59,541,531) (59,541,531) Business-type Activities: Dispatch services 3,557,860 2,289,610 1,167,993 - (100,257) (100,257) Housing (Timber Ridge) 785,284 1,027,797 - - 242,513 242,513 Residences at Main Vail 2,205,765 1,989,715 - - (216,050) (216,050) Total - Business-type Activities 6,548,909 5,307,122 1,167,993 - (73,794) (73,794) Totals 91,202,663 22,150,418 5,093,885 4,343,035 (59,541,531) (73,794) (59,615,325) General Revenues: Taxes: Sales and use taxes 52,778,700 - 52,778,700 Real estate transfer taxes 9,349,910 - 9,349,910 Lodging taxes 5,516,572 - 5,516,572 Property and specific ownership taxes 15,182,352 - 15,182,352 Ski area lift ticket admissions tax 6,745,551 - 6,745,551 Franchise taxes 1,258,322 - 1,258,322 Tobacco taxes 540,391 - 540,391 Investment earnings 8,656,064 207,230 8,863,294 Gain on disposal of capital assets (1,170,648) 267,356 (903,292) Miscellaneous 2,490,674 - 2,490,674 Transfers 4,746,735 (4,746,735) - Total - General Revenues and Transfers 106,094,623 (4,272,149) 101,822,474 Change in Net Position 46,553,092 (4,345,943) 42,207,149 Net Position - January 1 (restated)407,131,334 25,802,019 432,933,353 Net Position - December 31 453,684,426 21,456,076 475,140,502 Town of Vail, Colorado Statement of Activities For the Year Ended December 31, 2024 The accompanying notes are an integral part of these financial statements. C2 35 36 Vail Vail Local Vail Capital Real Estate Total General Marketing Marketing Reinvestment Housing Projects Transfer Tax Governmental Fund Fund District Authority Fund Fund Fund Funds Assets: Equity in pooled cash and investments 46,645,526 598,591 - - 15,906,304 50,824,793 15,831,241 129,806,455 Cash and cash equivalents - Unrestricted 16,544 - 2,547,983 13,137,686 - - - 15,702,213 Receivables, net: Property taxes assessed 7,670,500 - - - - - - 7,670,500 Other taxes 7,498,953 - 1,018,316 - 745,731 - - 9,263,000 Other governments 845,662 - - - - 101,649 313,187 1,260,498 Other 936,227 10,000 - - - 311,228 111,999 1,369,454 Due from other funds 20,246,607 - - - 10,812,755 2,425,271 - 33,484,633 Loans receivable 1,047,193 - - - - 3,895,714 - 4,942,907 Inventories - - - - 785,808 - - 785,808 Prepaid expenses 29,985 - 36,378 - - 2,252,909 - 2,319,272 Total Assets 84,937,197 608,591 3,602,677 13,137,686 28,250,598 59,811,564 16,256,427 206,604,740 Liabilities and Fund Balances: Liabilities: Accounts payable 1,316,796 264,305 389,337 9,870 231,522 1,409,981 905,776 4,527,587 Due to other governments 52,870 3,334 - - - 361,226 87,377 504,807 Due to other funds - - - 2,556,282 - - - 2,556,282 Retainage payable - - - - - 78,121 9,864 87,985 Accrued payroll and related liabilities 1,475,098 - - - - - - 1,475,098 Unearned revenue 295,119 216,051 - - - 4,029,233 68,620 4,609,023 Deposits payable 310,611 - - - - - - 310,611 Total Liabilities 3,450,494 483,690 389,337 2,566,152 231,522 5,878,561 1,071,637 14,071,393 Deferred Inflows of Resources: Property taxes 7,670,500 - - - - - - 7,670,500 Fund Balances: Non-spendable 21,192,474 - 36,378 - 11,598,563 6,148,623 - 38,976,038 Restricted 3,178,101 - 181,000 231,000 - - - 3,590,101 Committed 23,644,286 124,901 2,995,962 - 16,420,513 45,354,880 15,184,790 103,725,332 Assigned - - - 10,340,534 - 2,429,500 - 12,770,034 Unassigned 25,801,342 - - - - - - 25,801,342 Total Fund Balances 73,816,203 124,901 3,213,340 10,571,534 28,019,076 53,933,003 15,184,790 184,862,847 Total Liabilities and Fund Balances 84,937,197 608,591 3,602,677 13,137,686 28,250,598 59,811,564 16,256,427 206,604,740 Town of Vail, Colorado Balance Sheet Governmental Funds December 31, 2024 Capital Projects FundsSpecial Revenue Funds The accompanying notes are an integral part of these financial statements. C3 37 Total Governmental Fund Balances 184,862,847 Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. 271,547,034 Other long-term assets and unearned charges are not available as current financial resources and, therefore, are not reported in the funds. Accrued interest income 24,349 Pension forfeiture receivable 798,780 823,129 Internal service funds are used by management to charge the costs of heavy equipment and health insurance to individual funds. The assets and liabilities of the internal service funds are included in governmental activities in the Statement of Net Position. 14,940,853 Long-term liabilities, including bonds payable, interest payable, financed purchases, and compensated absences within governmental activities are not due and payable in the current period and, therefore, are not reported in the funds. Compensated absences and retirement bonus (3,078,723) Refinancing loan (3,910,000) Lease purchase financing (11,480,000) Accrued interest payable (20,714) (18,489,437) Net Position of Governmental Activities 453,684,426 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position Town of Vail, Colorado December 31, 2024 The accompanying notes are an integral part of these financial statements. C4 38 Vail Vail Local Vail Capital Real Estate Total General Marketing Marketing Reinvestment Housing Projects Transfer Tax Governmental Fund Fund District Authority Fund Fund Fund Funds Revenues: Taxes 42,118,034 - 5,516,572 7,069,100 5,110,322 20,661,554 9,349,910 89,825,492 Permits and licenses 3,588,340 345,095 - - - - - 3,933,435 Intergovernmental revenue 4,046,162 - - - - 4,343,035 397,095 8,786,292 Charges for services 13,247,998 - - - - 168,826 197,894 13,614,718 Investment income 3,904,454 9,381 240,117 612,766 754,888 2,076,221 721,472 8,319,299 Miscellaneous 200,991 10,600 - - 724,949 39,182 290,223 1,265,945 Total Revenues 67,105,979 365,076 5,756,689 7,681,866 6,590,159 27,288,818 10,956,594 125,745,181 Expenditures: General government 11,444,908 - - - - - - 11,444,908 Public safety 16,167,525 - - - - - 639,579 16,807,104 Public works and transportation 22,650,191 - - - 6,251,044 25,247,645 21,524,393 75,673,273 Culture and recreation 1,536,881 - - - - - 4,414,416 5,951,297 Economic development 1,840,549 2,271,483 6,007,147 893,243 - - 138,695 11,151,117 Debt service: Principal - - - 626,000 - 940,000 - 1,566,000 Interest - - - 50,004 - 218,592 - 268,596 Total Expenditures 53,640,054 2,271,483 6,007,147 1,569,247 6,251,044 26,406,237 26,717,083 122,862,295 Excess (Deficiency) of Revenues Over Expenditures 13,465,925 (1,906,407) (250,458) 6,112,619 339,115 882,581 (15,760,489) 2,882,886 Other Financing Sources (Uses): Sale of assets 14,537 - - - - 54,500 - 69,037 Debt issuance costs - - - - - (1,250) - (1,250) Transfers in 945,247 1,745,858 - - 7,808,979 2,548,224 2,976 13,051,284 Transfers (out) (2,050,394) (74,659) - (2,425,271) - (2,808,979) (945,247) (8,304,550) Total Other Financing Sources (Uses)(1,090,610) 1,671,199 - (2,425,271) 7,808,979 (207,505) (942,271) 4,814,521 Net Change in Fund Balances 12,375,315 (235,208) (250,458) 3,687,348 8,148,094 675,076 (16,702,760) 7,697,407 Fund Balances - January 1 61,440,888 360,109 3,463,798 6,884,186 19,870,982 53,257,927 31,887,550 177,165,440 Fund Balances - December 31 73,816,203 124,901 3,213,340 10,571,534 28,019,076 53,933,003 15,184,790 184,862,847 Town of Vail, Colorado Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds For the Year Ended December 31, 2024 Capital Projects FundsSpecial Revenue Funds The accompanying notes are in integral part of these financial statements. C5 39 Net Change in Fund Balances of Governmental Funds 7,697,407 Amounts reported for governmental activities in the Statement of Activities are different because: Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense. This is the amount by which capital outlay exceeded depreciation expense, net of disposals and disposals and transfers, for the year. 36,373,781 Internal service funds are used by management to charge the cost of heavy equipment and health insurance to individual funds. This is the amount of internal service fund change in net position for the year. 686,270 Repayment of bond and lease principal are expenditures in the governmental funds, but the repayment reduces long-term liabilities in the Statement of Net Position. This is the amount of principal repayments. 1,566,000 Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the governmental funds. Accrued interest income (2,510) Pension forfeitures 205,019 202,509 Some expenses reported in the Statement of Activities - such as changes in accrued interest and compensated absences - do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds. 27,125 Change in Net Position of Governmental Activities 46,553,092 Town of Vail, Colorado Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities For the Year Ended December 31, 2024 The accompanying notes are in integral part of these financial statements. C6 40 Governmental Dispatch Activities - Services Residences at Internal Timber Ridge Fund Main Vail TOTAL Service Funds Assets: Current Assets: Equity in pooled cash and investments - 3,335,465 - 3,335,465 7,803,831 Cash and cash equivalents - Unrestricted 7,363,988 - 566,861 7,930,849 - Accounts receivable, net of allowance for uncollectibles - 749 21,788 22,537 159,497 Inventory - - - - 518,741 Prepaid expenses - 11,062 - 11,062 60,100 Total - Current Assets 7,363,988 3,347,276 588,649 11,299,913 8,542,169 10,812,755 Non-current Assets: Cash and cash equivalents - Restricted 3,272 - 315,586 318,858 - Loan receivable 40,419,233 - - 40,419,233 - Property, plant, and equipment, net of accumulated depreciation - 653,077 32,957,909 33,610,986 7,016,209 Total - Non-current Assets 40,422,505 653,077 33,273,495 74,349,077 7,016,209 Total Assets 47,786,493 4,000,353 33,862,144 85,648,990 15,558,378 Liabilities: Current Liabilities: Accounts payable 4,882,744 10,579 35,499 4,928,822 473,579 Accrued salaries and wages - 32,697 - 32,697 5,816 Interfund payable 30,928,351 - - 30,928,351 - Interest payable 24,348 - 63,866 88,214 - Unearned revenue - - 206,469 206,469 - Deposits payable - - 146,351 146,351 - Current portion of bonds payable - - 450,000 450,000 - Current portion of notes payable 407,530 - - 407,530 - Current portion of compensated absences - 45,927 - 45,927 41,439 Total - Current Liabilities 36,242,973 89,203 902,185 37,234,361 520,834 Non-current Liabilities: Bonds payable, net of current portion - - 23,363,207 23,363,207 - Notes payable, net of current portion 3,488,184 - - 3,488,184 - Compensated absences, net of current portion - 107,162 - 107,162 96,691 Total - Non-current Liabilities 3,488,184 107,162 23,363,207 26,958,553 96,691 Total Liabilities 39,731,157 196,365 24,265,392 64,192,914 617,525 Net Position: Net investment in capital assets - 653,077 9,360,923 10,014,000 7,016,209 Restricted for emergencies 38,000 - - 38,000 - Unrestricted 8,017,336 3,150,911 235,829 11,404,076 7,924,644 Total Net Position 8,055,336 3,803,988 9,596,752 21,456,076 14,940,853 Enterprise Funds Town of Vail, Colorado Proprietary Funds Statement of Net Position December 31, 2024 Business-type Activities The accompanying notes are an integral part of these financial statements. C7 41 Governmental Dispatch Activities - Services Residences at Internal Timber Ridge Fund Main Vail TOTAL Service Funds Operating Revenues: Charges for services - Internal - 691,448 - 691,448 8,356,471 Charges for services - External - 1,598,162 - 1,598,162 904,326 Rents 573,251 - 1,827,762 2,401,013 - Ground lease 454,546 - - 454,546 - Insurance reimbursements - - - - 735,981 Other - - 161,953 161,953 32,933 Total Operating Revenues 1,027,797 2,289,610 1,989,715 5,307,122 10,029,711 Operating Expenses: Operations 545,185 3,443,639 668,599 4,657,423 3,384,739 Health claims and premiums - - - - 5,595,069 Depreciation 181,161 114,221 852,003 1,147,385 1,198,120 Total Operating Expenses 726,346 3,557,860 1,520,602 5,804,808 10,177,928 Operating Income (Loss)301,451 (1,268,250) 469,113 (497,686) (148,217) Non-Operating Revenues (Expenses): Intergovernmental revenues - 1,167,993 - 1,167,993 23,342 Gain (loss) on disposal of assets 267,356 - - 267,356 152,141 Investment income 69,478 131,721 6,031 207,230 339,275 Interest expense (58,938) - (681,663) (740,601) - Financing fees - - (3,500) (3,500) - Total Non-Operating Revenues (Expenses)277,896 1,299,714 (679,132) 898,478 514,758 Income (Loss) Before Transfers and Capital Contributions 579,347 31,464 (210,019) 400,792 366,541 Transfers, net (5,000,000) 253,265 - (4,746,735) - Capital contributions, net - - - - 319,729 Change in Net Position (4,420,653) 284,729 (210,019) (4,345,943) 686,270 Net Position - January 1 (restated)12,475,989 3,519,259 9,806,771 25,802,019 14,254,583 Net Position - December 31 8,055,336 3,803,988 9,596,752 21,456,076 14,940,853 Enterprise Funds Town of Vail, Colorado Proprietary Funds Statement of Revenues, Expenses and Changes in Fund Net Position For the Year Ended December 31, 2024 Business-type Activities The accompanying notes are an integral part of these financial statements. C8 42 Governmental Dispatch Activities - Services Residences at Internal Timber Ridge Fund Main Vail TOTAL Service Funds Cash Flows From Operating Activities: Cash received from other funds - 691,448 - 691,448 8,356,471 Cash received from tenants for rent 5,481,882 - 1,847,569 7,329,451 - Other cash receipts - 1,598,298 161,953 1,760,251 1,525,625 Cash paid for goods and services (25,776,411) (730,145) (1,543,269) (28,049,825) (8,104,118) Cash paid to employees - (2,811,331) - (2,811,331) (1,379,992) Net Cash Provided (Used) by Operating Activities (20,294,529) (1,251,730) 466,253 (21,080,006) 397,986 Cash Flows From Non-Capital Financing Activities: Transfer (to) other funds (5,401,508) - - (5,401,508) - Transfer from other funds 30,928,351 253,265 - 31,181,616 - Cash received from operating grants - 1,167,993 - 1,167,993 23,342 Net Cash Provided (Used) by Non-Capital Financing Activities 25,526,843 1,421,258 - 26,948,101 23,342 Cash Flows From Capital and Related Financing Activities: Cash received on disposal of fixed assets - - - - 359,482 Principal repaid on bonds and notes - - (535,674) (535,674) - Interest paid (61,448) - (683,113) (744,561) - Financing fees paid - - (3,500) (3,500) - Acquisition and construction of capital assets (1,532,955) - - (1,532,955) (1,508,764) Net Cash Provided (Used) by Capital and Related Financing Activities (1,594,403) - (1,222,287) (2,816,690) (1,149,282) Cash Flows From Investing Activities: Interest on investments 69,478 131,721 6,031 207,230 339,275 Net Cash Provided (Used) by Investing Activities 69,478 131,721 6,031 207,230 339,275 Net Increase (Decrease) in Cash and Cash Equivalents 3,707,389 301,249 (750,003) 3,258,635 (388,679) Cash and Cash Equivalents - January 1 3,659,871 3,034,216 1,632,450 8,326,537 8,192,510 Cash and Cash Equivalents - December 31 7,367,260 3,335,465 882,447 11,585,172 7,803,831 Cash and Cash Equivalents at December 31 is Comprised of: Equity in pooled cash and investments - 3,335,465 - 3,335,465 7,803,831 Cash and cash equivalents - Unrestricted 7,363,988 - 566,861 7,930,849 - Cash and cash equivalents - Restricted 3,272 - 315,586 318,858 - Total - Cash and Cash Equivalents 7,367,260 3,335,465 882,447 11,585,172 7,803,831 Reconciliation of Operating Income (Loss) to Net Cash Provided (Used) by Operating Activities: Operating income / (loss) 301,451 (1,268,250) 469,113 (497,686) (148,217) Adjustments: Depreciation 181,161 114,221 852,003 1,147,385 1,198,120 (Increase) decrease in accounts receivable (29,208,701) 136 - (29,208,565) (147,615) (Increase) decrease in rent receivable 4,880,571 - 9,120 4,889,691 - (Increase) decrease in inventory - - - - (56,318) (Increase) decrease in prepaid expenses 3,741 (11,062) - (7,321) - Increase (decrease) in accounts payable 3,973,734 (8,808) (874,670) 3,090,256 (429,017) Increase (decrease) in tenant security deposits (94,192) - 3,101 (91,091) - Increase (decrease) in prepaid rent (13,707) - 7,586 (6,121) - Increase (decrease) in deferred inflows (318,587) - - (318,587) Increase (decrease) in accrued wages and benefits - (77,967) - (77,967) (18,967) Total Adjustments (20,595,980) 16,520 (2,860) (20,582,320) 546,203 Net Cash Provided (Used) by Operating Activities (20,294,529) (1,251,730) 466,253 (21,080,006) 397,986 Non-cash Investing, Capital and Financing Activities: Assets contributed by Capital Projects Fund - - - - 319,729 Enterprise Funds Town of Vail, Colorado Proprietary Funds Statement of Cash Flows For the Year Ended December 31, 2024 Business-type Activities The accompanying notes are an integral part of these financial statements. C9 43 Deferred Pension Compensation Trust Plan Assets: Cash and investments - Restricted 102,391,751 29,509,928 Loans to participants 383,451 - Total Assets 102,775,202 29,509,928 Net Position: Held in trust for pension benefits and other purposes 102,775,202 29,509,928 Total Net Position 102,775,202 29,509,928 Town of Vail, Colorado Pension Trust Funds Statement of Fiduciary Net Position December 31, 2024 The accompanying notes are an integral part of these financial statements. C10 44 Deferred Pension Compensation Trust Plan Additions: Contributions: Contributions 5,006,838 9,981,249 Net investment earnings: Investment earnings 11,224,152 3,278,103 Investment expenses (161,092) (49,773) Net investment earnings 11,063,060 3,228,330 Total Additions 16,069,898 13,209,579 Deductions: Benefits paid 8,121,377 9,990,441 Total Deductions 8,121,377 9,990,441 Change in Net Position 7,948,521 3,219,138 Net Position - January 1 94,826,681 26,290,790 Net Position - December 31 102,775,202 29,509,928 Town of Vail, Colorado Pension Trust Funds Statement of Changes in Fiduciary Net Position For the Year Ended December 31, 2024 The accompanying notes are an integral part of these financial statements. C11 45 46 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 D1 I. Summary of Significant Accounting Policies The Town of Vail, Colorado (the “Town”) was incorporated in 1972, under the provisions of Article XX of the Colorado Constitution and Municipal Home Rule Act of 1971. The Town operates under a Council-Manager form of government. The Town’s major operations include public safety, public works and transportation, culture and recreation, economic development, administration (general government), and housing. The Town’s financial statements are prepared in accordance with generally accepted accounting principles (“GAAP”). The Governmental Accounting Standards Board (“GASB”) is responsible for establishing GAAP for state and local governments through its pronouncements (Statements and Interpretations). The more significant accounting policies established by GAAP used by the Town are discussed below. A. Reporting Entity The reporting entity consists of (a) the primary government; i.e., the Town, and (b) organizations for which the Town is financially accountable. The Town is considered financially accountable for legally separate organizations if it is able to appoint a voting majority of an organization's governing body and is either able to impose its will on that organization or there is a potential for the organization to provide specific financial benefits to, or to impose specific financial burdens on, the Town. Consideration is also given to other organizations which are fiscally dependent; i.e., unable to adopt a budget, levy taxes, or issue debt without approval by the Town. Organizations for which the nature and significance of their relationship with the Town are such that exclusion would cause the reporting entity's financial statements to be misleading or incomplete are also included in the reporting entity. The accompanying financial statements present the primary government and its component units; entities for which the government is considered to be financially accountable. Blended component units, although legally separate entities, are, in substance, part of the Town’s operations. There are two blended component units reported in the Town’s financial statements: Vail Local Marketing District (“VLMD”), and Vail Reinvestment Authority (“VRA”). The financial statements of these entities can be obtained from the Town’s administrative offices. A third blended component unit, Town of Vail General Improvement District No. 1, is a dormant entity and, therefore, has no financial statements to report. 1. Vail Local Marketing District VLMD was authorized on November 2, 1999 by a general election that established a 1.4% tax on lodging within the Town’s boundaries, beginning January 1, 2000. Proceeds from the tax are to be used for organization, management, promotion, and marketing of public events, for business recruitment, and for tourism promotion. Town Council members also act as VLMD’s Board of Directors. VLMD is reported as a special revenue fund. 2. Vail Reinvestment Authority VRA was created on November 4, 2003 pursuant to the Colorado Urban Renewal Law (C.R.S. 31-25-1) to oversee development and redevelopment of identified blighted areas within the Town. The Town Council approved the formation of VRA at a public hearing, and filed applicable certification of compliance with the Division of Local Government. Its operations are governed by a Board of Commissioners comprised solely of members of the Town Council. VRA is reported as a special revenue fund. 47 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D2 I. Summary of Significant Accounting Policies (continued) A. Reporting Entity (continued) 3. Town of Vail General Improvement District No. 1 On October 3, 2006, the Town Council accepted a petition requesting formation of Town of Vail General Improvement District No. 1. The District is a public, or quasi-municipal, subdivision of the state of Colorado and a body corporate with the powers set forth in Part 6, Article 25, Title 31 of the Colorado Revised Statutes. The Town Council is the ex-officio Board of Directors of the District. Services provided by the District include (a) programming, regulating, and generally administering public functions to be conducted on the public plaza which will be constructed as part of the Solaris redevelopment project and (b) maintaining the plaza to the extent that the Solaris Metropolitan District fails to do so. At a special election on November 7, 2006, the eligible electors of the District authorized imposition of a mill levy of not more than fifteen mills in any year for the purpose of funding the administration, operation, and maintenance of the District’s facilities should the Solaris Metropolitan District fail to do so. As of December 31, 2024, the District had not begun operations or imposed a mill levy, resulting in no financial statements to be reported. B. Government-wide and Fund Financial Statements The Town’s basic financial statements include both government-wide (reporting the Town as a whole) and fund financial statements (reporting the Town’s major funds). Government-wide financial statements report on information of all of the non-fiduciary activities of the Town and its component units. Both the government-wide and fund financial statements categorize primary activities as either governmental or business- type. The Town’s public safety, public works and transportation, culture and recreation, economic development, and administration functions are classified as governmental activities. Timber Ridge, Residences at Main Vail, and emergency dispatch services of the Town are classified as business-type activities. The government-wide Statement of Activities reports both the gross and net cost of each of the Town’s governmental functions and business-type activities. The governmental functions are also supported by general government revenues (sales taxes, property and specific ownership taxes, investment earnings, etc.). The Statement of Activities reduces gross expenses (including depreciation) by related program revenues, operating and capital grants. Program revenues must be directly associated with the governmental function or a business-type activity. Operating grants include operating-specific and discretionary (either operating or capital) grants while the capital grants column reflects capital-specific grants. The government-wide focus is on the sustainability of the Town as an entity and the change in the Town’s net position resulting from the current year’s activities. 48 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D3 I. Summary of Significant Accounting Policies (continued) C. Fund Financial Statements The financial transactions of the Town are reported in individual funds in the fund financial statements. Each fund is accounted for by providing a separate set of self- balancing accounts that comprises its assets, liabilities, fund equity, revenues and expenditures / expenses. The fund focus is on current available resources and budget compliance. The Town reports the following major governmental funds: The General Fund is the Town’s primary operating fund. It accounts for all financial resources of the Town, except those required to be accounted for in another fund. Resources restricted within this fund relate to TABOR reserve requirements (see Note III.C) and Police Confiscation funds. The Vail Marketing Fund accounts for the collection of business license fees which are specifically restricted for expenditures related to the marketing of the Town. The Vail Local Marketing District accounts for collection of lodging taxes, which are restricted for VLMD’s activities. The Vail Reinvestment Authority accounts for the collection of Tax Increment Financing revenues which are restricted for use for the activities of VRA. The Capital Projects Fund accounts for and reports financial resources that are restricted by outside parties (i.e., a portion of the Town’s sales tax as well as restricted intergovernmental grants and awards received) as well as amounts committed by Council for expenditures of capital outlay, including the acquisition or construction of capital facilities and other capital assets. It excludes those types of capital-related cash outflows financed by proprietary funds or for assets that will be held in trust for individuals, private organizations, or other governments. The Real Estate Transfer Tax Fund is used to account for the collection of a real estate transfer tax which is specifically restricted per Town ordinance for acquiring, maintaining, and improving real property for parks, recreation, open space, and for supporting sustainable environmental practices. The Housing Fund accounts for the collection of a 0.5% sales tax dedicated to housing projects, programs, and initiatives. The Town reports the following major proprietary or business-type funds: The Timber Ridge Enterprise Fund ("Timber Ridge") accounts for the activities of the 198-unit rental housing project located in the Town (the “Project”). The Town began redevelopment of the property in 2024. The Dispatch Services Fund accounts for the emergency dispatch services provided by the Town within Eagle County, Colorado. The Residences at Main Vail Fund accounts for the 72 one- and two-bedroom unit rental housing project constructed by the Town. 49 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D4 I. Summary of Significant Accounting Policies (continued) C. Fund Financial Statements (continued) Additionally, the Town reports the following fund types: Internal service funds account for the repair and maintenance costs and purchase of Town vehicles and equipment, excluding buses and fire trucks. In addition, internal service funds are used to account for the health insurance plan provided to Town employees. Fiduciary funds are used to account for the accumulation of resources for pension benefit payments to qualified Town employees and to account for assets held for employees in accordance with the provisions of Internal Revenue Code section 457. No budget is adopted for the Town’s fiduciary trust funds. D. Measurement Focus, Basis of Accounting, and Financial Statement Presentation Measurement focus refers to whether financial statements measure changes in current resources only (current financial focus) or changes in both current and long-term resources (long-term economic focus). Basis of accounting refers to the point at which revenues, expenditures, or expenses are recognized in the accounts and reported in the financial statements. Financial statement presentation refers to classification of revenues by source and expenses by function. 1. Long-term Economic Focus and Accrual Basis Both governmental and business-type activities in the government-wide financial statements and the proprietary and fiduciary fund financial statements use the long-term economic focus and are presented on the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred, regardless of the timing of the related cash flows. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from grants and donations are recognized in the fiscal year in which all eligibility requirements have been satisfied. 2. Current Financial Focus and Modified Accrual Basis The governmental fund financial statements use the current financial focus and are presented on the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recorded when susceptible to accrual; i.e., both measurable and available. The Town considers all revenues reported in the governmental funds to be available if they are collected within sixty days after year-end. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, claims and judgments, and compensated absences, which are recognized as expenditures when due. General capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities and acquisitions under financed purchases are reported as other financing sources. 50 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D5 I. Summary of Significant Accounting Policies (continued) D. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (continued) 3. Financial Statement Presentation As a general rule the effect of interfund activity has been eliminated from the government-wide financial statements. Exceptions to this rule are payments where the amounts are reasonably equivalent to the value of the interfund services provided and other charges between the various functions of the Town. Elimination of these charges would distort the direct costs and program revenues are reported. Amounts reported as program revenues include 1) charges to customers and applicants for goods, services or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes. Proprietary funds distinguish operating revenues and expenses from non- operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenue of the Town’s enterprise funds are rents from individuals employed in the Town and charges for services related to emergency dispatch. Operating expenses for the enterprise fund include operating expenses and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses. E. Financial Statement Accounts Presentation 1. Equity in Pooled Cash and Investments The Town has a policy of central cash management whereby cash balances of each of the Town’s funds are pooled in and invested in certain investments for all funds except the Pension Trust Fund and the Deferred Compensation Plan Fund. Additionally, the component units do not participate in the Town’s central cash management. Equity in pooled cash and investments include demand deposits, short-term investments with original maturities of three months or less from the date of acquisition, and long-term investments in U.S. government obligations. Investments are stated at fair market value. 2. Cash, Cash Equivalents, and Investments Cash and cash equivalents include cash on hand and investments with original maturities of three months or less from the date of acquisition. 51 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D6 I. Summary of Significant Accounting Policies (continued) E. Financial Statement Accounts Presentation (continued) 2. Cash, Cash Equivalents, and Investments (continued) Cash equivalents are both readily convertible to cash and are so near their maturity that they present insignificant risk of change in value due to interest rate changes. Restricted cash and cash equivalents represent certain proceeds of debt issuances, as well as certain resources set aside for their repayments because their use is limited by the applicable covenants. Restricted assets also include certain deposits that have been limited as to usage pursuant to escrow and similar agreements. Investments are stated at fair value or net asset value. The change in fair value of investments is recognized as an increase or decrease to investment assets and investment income. The Town’s investment policy permits investments in the following types of obligations: U.S. Treasury obligations Government agency securities FDIC-insured certificates of deposit Colorado investment pools Money market mutual funds Taxable municipal securities 3. Receivables Receivables are reported net of an allowance for uncollectible accounts. Loans receivable in governmental funds consist of housing and other loans that are generally not expected or scheduled to be collected in the subsequent year. 4. Inventory Inventory is valued at cost using the first-in / first-out (“FIFO”) method. Inventories of governmental funds are recorded as expenditures when consumed rather than when purchased. The Housing Fund records inventory for affordable housing units held for sale. 5. Prepaid Items Payments to vendors that reflect costs applicable to future accounting periods are recorded as prepaid items in both government-wide and fund financial statements. 52 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D7 I. Summary of Significant Accounting Policies (continued) E. Financial Statement Accounts Presentation (continued) 6. Interfund Transactions Interfund services provided and used are accounted for as revenues, expenditures or expenses. Transactions that constitute reimbursements to a fund for expenditures or expenses initially made from it that are properly applicable to another fund, are recorded as “due from other funds” or “due to other funds” on the balance sheet when they are expected to be liquidated within one year. Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as “internal balances”. 7. Capital Assets Capital assets, which include land, buildings, improvements, equipment, vehicles and infrastructure assets, are reported in the applicable governmental or business-type activity columns in the government-wide financial statements. Capital assets are defined by the Town as assets with an initial cost of $5,000 or more and an estimated useful life exceeding one year. Such assets are recorded at cost where historical records are available and at an estimated historical cost where no historical record exists. Donated capital assets are recorded at the acquisition value as of the date received. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives of the related fixed assets, as applicable. Capital outlay for projects is capitalized as projects are constructed. Costs related to the construction of assets include engineering, legal, surveying and landscaping that were incurred from the beginning of construction until the assets were substantially complete are capitalized. Interest incurred during the construction phase is expensed as incurred. Capital assets (excluding land and art) are depreciated using the straight-line method, over the estimated useful life. 8. Compensated Absences The Town estimates how much of vacation or sick leave is more likely than not to be used as paid leave and recognizes that portion as a liability for compensated absences. Vested or accumulated vacation leave that is expected to be liquidated with expendable available financial resources is reported as expenditure and a fund liability of the governmental fund that will pay it. Amounts of vested or accumulated vacation and sick leave that are not expected to be liquidated with expendable available financial resources are reported in the governmental activities’ column in the government-wide financial statements. Vested or accumulated vacation and sick leave of the proprietary fund type is recorded as an expense and liability of that fund as the benefits accrue to employees. 53 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D8 I. Summary of Significant Accounting Policies (continued) E. Financial Statement Accounts Presentation (continued) 9. Deferred Outflows and Inflows of Resources Deferred outflows of resources represent a consumption of net assets that applies to a future period and so will not be recognized as an outflow of resources (expenses/expenditures) until then. The Town has no items that qualify for reporting under this category on the government-wide Statement of Net Position. Deferred inflows of resources represent an acquisition of net assets that applies to a future period and so will not be recognized as an inflow of resources (revenue) until that time. The Town has one item that qualify for reporting in this category, unavailable revenue from property taxes reported in the governmental balance sheet and on the Statement of Net Position. Property taxes are assessed in one year as a lien on the property, but not collected by the governmental unit until the subsequent year. Therefore, these amounts are deferred and recognized as an inflow from resources in the period that amounts become available. 10. Unearned Revenue For governmental funds, unearned revenues arise when potential revenue does not meet both the “measurable” and “available” criteria for recognition in the current period. For proprietary funds, unearned revenues arise when potential revenue is unearned. In subsequent periods, when revenue recognition criteria are met, or when the Town has legal claim to the resources, the liability for unearned revenue is removed and revenue is recognized. 11. Fund Balance Classifications Governmental accounting standards establish fund balance classifications that comprise a hierarchy based primarily on the extent to which a government is bound to observe constraints imposed upon the use of the resources reported in governmental funds. Fund balance classifications include Non-spendable, Restricted, Committed, Assigned, and Unassigned. These classifications reflect not only the nature of the funds, but also provide clarity to the level of restriction placed upon fund balance. Fund balance can have different levels of restraint, such as external versus internal compliance requirements. Unassigned fund balance is a residual classification within the General Fund. The General Fund should be the only fund that reports a positive unassigned balance. In all other funds, unassigned is limited to negative residual fund balance. For further details of the various fund balance classifications refer to Note IV.J. F. Significant Accounting Policies 1. Use of Estimates The preparation of financial statements in conformity with GAAP requires the Town’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenditures or expenses during the reporting period. Actual results could differ from those estimates. 54 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D9 I. Summary of Significant Accounting Policies (continued) F. Significant Accounting Policies 1. Use of Estimates The preparation of financial statements in conformity with GAAP requires the Town’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenditures or expenses during the reporting period. Actual results could differ from those estimates. 2. Credit Risk The receivables of the various funds of the Town are primarily due from other governments. Management believes that the credit risk related to the receivables is minimal. 3. Restricted and Unrestricted Resources When both restricted and unrestricted resources are available for use, it is the Town’s policy to use restricted resources first, then unrestricted resources as they are needed. II. Reconciliation of Government-wide and Fund Financial Statements A. Explanation of Certain Differences Between the Governmental Funds Balance Sheet and the Government-wide Statement of Net Position These financial statements include a reconciliation between the total fund balances of all governmental funds presented on the Governmental Funds Balance Sheet and the net position of governmental activities reported on the government-wide Statement of Net Position. One element of that reconciliation explains "Capital assets used in governmental activities are not financial resources and, therefore are not reported in the funds.” This $271,547,034 difference is related to property, plant and equipment of $473,814,316 less accumulated depreciation of $202,267,281. Another element of that reconciliation explains “Other long-term assets and unearned charges are not available as current financial resources and, therefore, are not reported in the funds.” This $823,128 difference is comprised of pension forfeitures of $798,780 and interest receivable of $24,348. Net position totaling $14,940,853 for internal service funds used by management to charge the costs of heavy equipment and health insurance to individual funds is included in the governmental activities in the Statement of Net Position. Additionally, the reconciliation states that “Long-term liabilities, including bonds payable, interest payable, financed purchases, and compensated absences within governmental activities are not due and payable in the current period and, therefore, are not reported in the funds.“ This $18,489,437 difference is related to bonds and notes payable of $15,390,000; accrued compensated absences of $2,984,723; retirement bonus payable of $94,000; and interest payable of $20,714. 55 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D10 II. Reconciliation of Government-wide and Fund Financial Statements (continued) B. Explanation of Certain Differences Between the Governmental Fund Statement of Revenue, Expenditures and Changes in Fund Balances and the Government-wide Statement of Activities These financial statements include a reconciliation between the total net change in fund balances of all governmental funds presented on the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances and the change in net position of governmental activities reported in the government-wide Statement of Activities. One element of that reconciliation explains “Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense.” This $36,373,781 difference is comprised of capital outlay of $49,953,404 less depreciation expense of $12,773,122; net book value of disposed assets of $806,501 and net book value of transferred assets of $0. III. Stewardship, Compliance, and Accountability A. Budgetary Information An annual budget and appropriation ordinance is adopted by Town Council in accordance with the Town’s Home Rule Charter. Budgets are prepared on the basis of GAAP for all funds, except the Timber Ridge Enterprise Fund, the Dispatch Services Enterprise Fund, the Residences at Main Vail Enterprise Fund, and the Heavy Equipment Internal Service Fund. As required by Colorado statutes, all funds have legally adopted budgets and appropriations. Total expenditures for each fund may not exceed the amounts appropriated. Appropriations for a fund may be increased if offset by unanticipated revenues. All appropriations lapse at year-end. The budgets for these funds have been adopted on a non-GAAP budget and are reconciled to GAAP below: Timber Ridge Dispatch Residences at Heavy Enterprise Services Main Vail Equipment Fund Fund Fund Fund Change in Net Position - Budget Basis (671,985)$ 420,449$ 191,984$ (158,062)$ add/(less): Capital contributions - - - 319,729 Interfund advances (30,928,351) - - - Loan principal repayment to Capital Projects Fund 401,508 - - - Lease receivable repayment (5,000,000) - - - Bond principal payments - - 450,000 - Reimbursable capital outlays 31,691,980 - - - Change in accrued compensated absences - (21,499) - (81,522) Capitalized assets - - - 1,828,533 Net book value of disposed assets 267,356 - - (206,830) Depreciation (181,161) (114,221) (852,003) (1,198,120) Change in Net Position - GAAP Basis (4,420,653)$ 284,729$ (210,019)$ 503,728$ 56 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D11 III. Stewardship, Compliance, and Accountability (continued) A. Budgetary Information (continued) The Town followed these procedures in preparing, approving, and enacting its budget for 2024: (1) For the 2024 budget year, prior to August 25, 2023, the County Assessor sent the Town a certified assessed valuation of all taxable property within the Town’s boundaries. (2) Prior to the end of the 2023 fiscal year, the Town Manager submitted to the Town Council a budget and accompanying message. (3) Prior to December 15, 2023, the Town computed and certified to the County Commissioners a levy rate that derived the necessary property taxes as computed in the proposed budget. (4) After a required publication of “Notice of Proposed Budget”, the Town adopted the proposed budget and an appropriation ordinance which legally appropriated expenditures for the upcoming year. (5) After adoption of the budget ordinance, the Town may make the following changes: a) transfer appropriated money between funds; b) approve supplemental appropriations to the extent of revenues in excess of those estimated in the budget; c) approve emergency appropriations; and d) reduce appropriations for which originally estimated revenues are insufficient. Property taxes levied in one year are collected in the succeeding year. Thus, taxes certified in 2023 were collected in 2024 and taxes certified in 2024 will be collected in 2025. Taxes are due on January 1 in the year of collection; however, they may be paid in either one installment (no later than April 30) or two equal installments (not later than February 28 and June 15) without interest or penalty. Taxes that are not paid within the prescribed time bear interest at the rate of one percent (1%) per month until paid. Unpaid amounts and the accrued interest thereon become delinquent on June 16. VLMD’s budget timetable varies from the Town’s. VLMD followed these procedures in preparing, approving, and enacting its budget for 2024: (1) On or before September 30, 2023, VLMD must submit to the Board a recommended budget that details the revenues necessary to meet VLMD's operating requirements. This was done on September 7, 2023. (2) After appropriate public notice and a required public hearing, the Board must adopt the proposed budget and a resolution that legally appropriated expenditures for the upcoming year on or before December 5, 2023. The Board adopted the 2024 budget on November 17, 2023. (3) After adoption of the initial budget resolution, VLMD may make the following changes: a) approve supplemental appropriations to the extent of revenues in excess of those estimated in the budget; b) approve emergency appropriations; and c) reduce appropriations for which originally estimated revenues are insufficient. 57 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D12 III. Stewardship, Compliance, and Accountability (continued) A. Budgetary Information (continued) VRA’s budget timetable generally aligns with Town’s in order to reflect reimbursements for capital projects within the VRA district. VRA followed these procedures in preparing, approving, and enacting its budget for 2024: (1) For the 2024 budget year, prior to August 25, 2023, the County Assessor sent the Town a certified assessed valuation of all taxable property within the VRA’s boundaries. (2) After appropriate public notice and a required public hearing, the VRA must adopt the proposed budget and a resolution that legally appropriated expenditures for the upcoming year. This resolution generally aligns with the Town’s second reading of the budget ordinance. The VRA adopted the 2024 budget on November 7, 2023. (3) After adoption of the initial budget resolution, VRA may make the following changes: a) approve supplemental appropriations to the extent of revenues in excess of those estimated in the budget; b) approve emergency appropriations; and c) reduce appropriations for which originally estimated revenues are insufficient. During the year, supplemental appropriations were necessary for certain of the funds of the Town, VLMD, and VRA. The budgetary comparison schedules reflect the original budget and the final budget after legally authorized revisions were made. Expenditures in the Residences at Main Vail Enterprise Fund exceeded budgeted appropriations for the year, which may be a violation of Colorado’s Budget Law. B. TABOR Amendment In November 1992, Colorado voters amended Article X of the Colorado Constitution by adding Section 20, commonly known as the Taxpayer's Bill of Rights (“TABOR”). TABOR contains revenue, spending, tax and debt limitations that apply to the State of Colorado and local governments. TABOR requires, with certain exceptions, advance voter approval for any new tax, tax rate increase, mill levy above that for the prior year, extension of any expiring tax, or tax policy change directly causing a net tax revenue gain to any local government. Except for refinancing bonded debt at a lower interest rate or adding new employees to existing pension plans, TABOR requires advance voter approval for the creation of any multiple-fiscal year debt or other financial obligation unless adequate present cash reserves are pledged irrevocably and held for payments in all future fiscal years. TABOR also requires local governments to establish an emergency reserve to be used for declared emergencies only. Emergencies, as defined by TABOR, exclude economic conditions, revenue shortfalls, or salary or fringe benefit increases. The reserve is calculated at 3% of fiscal year spending for fiscal years ending after December 31, 1995. Fiscal year spending excludes bonded debt service and enterprise spending. The Town has reserved a portion of the December 31, 2024 fund balance in the General Fund and the Vail Reinvestment Authority Fund for this purpose in the amounts of $3,170,000 and $231,000, respectively, which are the approximate required reserves. 58 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D13 II. Stewardship, Compliance, and Accountability (continued) B. TABOR Amendment (continued) The initial base for local government spending and revenue limits is December 31, 1992 fiscal year spending. Future spending and revenue limits are determined based on the prior year's fiscal year spending adjusted for inflation in the prior calendar year plus annual local growth. Fiscal year spending is generally defined as expenditures and reserve increases with certain exceptions. Revenue, if any, in excess of the fiscal year spending limit must be refunded in the next fiscal year unless voters approve retention of such revenue. On November 16, 1993, voters of the Town approved the collection and expenditure of all revenues generated, including reduction in debt service during 1993 and each subsequent year (not including revenue generated from ad valorem property taxes) without any increase in such tax rates and the expenditure of such revenues for debt service, municipal operations, and capital projects, effective January 1, 1994. On November 7, 2000, the Town’s electorate approved the collection and expenditure of all revenues received from ad valorem property taxes levied in 2000 and each year thereafter. The remaining restrictions of the TABOR Amendment apply, which are: Voter approval of all new taxes and tax rate increases; Voter approval for new or additional Town debt; No increase or imposition of a new real estate transfer tax; and, All election requirements remain in effect. The Town's management believes it is in compliance with the financial provisions of TABOR. However, TABOR is complex and subject to interpretation. Many of its provisions, including the interpretation of how to calculate fiscal year spending limits, will require judicial interpretation. C. TABOR Amendment – Vail Local Marketing District As required by TABOR, VLMD has reserved $181,000 of its fund balance for emergencies, which is the approximate required reserve at December 31, 2024. The ballot question approved by VLMD voters on November 2, 1999, which established the 1.4% tax on lodging within the Town’s boundaries, also authorized VLMD to collect and spend the proceeds of the lodging tax, investment income, and all other revenues, without regard to the limitations imposed by TABOR, effective January 1, 2000. VLMD’s management believes it is in compliance with the financial provisions of TABOR. However, TABOR is complex and subject to interpretation. Many of its provisions will require judicial interpretation. 59 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D14 IV. Detailed Notes on all Funds A. Deposit and Investments Pursuant to its charter, the Town has adopted, by ordinance, an investment policy governing the types of institutions and investments with which it may deposit funds and transact business. Under this policy, the Town may invest in federally insured banks, debt obligations of the U.S. Government, its agencies and instrumentalities, governmental mutual funds and pools including 2a7-like pools, and repurchase agreements subject to policy requirements. The Town also accounts for the operations of the employees' pension plans that are administered by select employees acting as trustees who are governed by a trust agreement. The trust agreement gives the trustees considerable latitude with investment alternatives. As a result, all pension investments are considered legal under the trust agreement. The Town’s deposits and certificates of deposit are entirely covered by federal depository insurance (FDIC) or by collateral held under Colorado Public Deposit Protection Act (“PDPA”). The FDIC insures the first $250,000 of the Town’s deposits at each financial institution. Deposit balances over $250,000 are collateralized as required by PDPA. As of year-end, the bank balance of the Town’s deposits was $39,066,460. The difference between the bank balance and book balance is primarily due to deposits in transit or outstanding checks at December 31, 2024. Fair Value of Investments: The Town measures and records its investments using fair value measurement guidelines established by generally accepted accounting principles. These guidelines recognize a three-tiered fair value hierarchy, as follows: Level 1: Quoted prices for identical investments in active markets; Level 2: Observable inputs other than quoted market prices; and, Level 3: Unobservable inputs. At December 31, 2024, the Town had the following recurring fair value measurements: Fair Value Measurements Using Investments Measured at Fair Value: Total Level 1 Level 2 Level 3 Certificates of deposit 20,958,103$ -$ 20,958,103$ -$ US Agency bonds 9,170,990 - 9,170,990 - Mortgage pools 29,178,536 - - 29,178,536 Total 59,307,629$ -$ 30,129,093$ 29,178,536$ Investments Measured at Net Asset Value: COLOTRUST 65,494,400$ 60 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D15 IV. Detailed Notes on all Funds (continued) A. Deposit and Investments (continued) Debt and equity securities classified in Level 1 are valued using prices quoted in active markets for those securities. Debt and equity securities classified in Level 2 are valued using the following approaches: U.S. Treasuries, U.S. Agencies, and Commercial Paper: quoted prices for identical securities in markets that are not active; Negotiable Certificates of Deposit: matrix pricing based on the securities relationship to benchmark quoted prices; Debt securities, namely mortgage pools, classified in Level 3 are valued using an appraisal service. Pools: The Town has invested in the Colorado Government Liquid Asset Trust (“COLOTRUST”), which is an investment vehicle established for local government entities in Colorado to pool surplus funds. They operate similarly to a money market fund and each share is equal in value to $1. Investments of the trusts consist of U.S. Treasury bills, notes and note strips, and repurchase agreements collateralized by U.S. Treasury securities. COLOTRUST is rated AAAm by Standard and Poor’s. Interest Rate Risk: As a means of limiting its exposure to interest rate risk, the Town diversifies its investments by security type and institution, and limits holdings in any one type of investment with any one issuer. The Town coordinates its investments maturities to closely match cash flow needs and invests primarily in securities with a maximum investment term less than five years from the purchase date. As a result of the limited length of maturities the Town has limited its interest rate risk. Credit Risk: The Town’s general investment policy is to apply the prudent-person rule; investments are made as a prudent person would be expected to act, with discretion and intelligence, to seek reasonable income, preserve capital, and, in general, avoid speculative investments. Concentration of Credit Risk: The Town diversifies its investments by security type and institution. Credit quality distribution for investments, with credit exposure as a percentage of total investments, are as follows at year end: Investment Type Rating Percentage COLOTRUST AAAm 28% 61 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D16 IV. Detailed Notes on all Funds (continued) A. Deposit and Investments (continued) At year end, the Town had the following investments and maturities: Carrying Type Rating Maturities Value Deposits: Cash on hand 16,544$ Demand deposits 40,877,878 Certificates of deposit <1 year 19,548,927 Certificates of deposit <5 years 1,409,176 Total - Deposits 61,852,525$ Investments: US Agency bonds 9,170,990$ Mortgage pools AA+ N/A 29,178,536 COLOTRUST AAAm N/A 65,494,400 Pension and Section 457 investments N/A N/A 132,285,130 Total - Investments 236,129,056$ Total deposits and investments 297,981,581$ Reconciliation to Statement of Net Position: Equity in pooled cash and investments 140,945,751$ Cash and cash equivalents - Unrestricted 23,633,062 Cash and cash equivalents - Restricted 1,117,638 Fiduciary funds 132,285,130 Total 297,981,581$ Investments in the Deferred Compensation Plan and the Pension Trust funds are held by trustees and are not categorized because they are not evidenced by specific securities that exist in physical or book form. 62 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D17 IV. Detailed Notes on all Funds (continued) B. Receivables Receivables as of year-end for the Town’s funds, including applicable allowances for uncollectible accounts, are as follows: Vail Vail Local Capital Real Estate General Marketing Marketing Housing Projects Transfer Fund Fund District Fund Fund Tax Fund Receivables: Property taxes 7,670,500$ -$ -$ -$ -$ -$ Other taxes 7,498,953 - 1,018,316 745,731 - - Other governments 845,662 - - - 101,649 313,187 Other 971,227 10,000 - - 311,228 111,999 Receivables - Gross 16,986,342 10,000 1,018,316 745,731 412,877 425,186 Less: Allowance for uncollectibles (35,000) - - - - - Receivables, net 16,951,342$ 10,000$ 1,018,316$ 745,731$ 412,877$ 425,186$ Dispatch Heavy Health Timber Services Residences Equipment Insurance Ridge Fund at Main Vail Fund Fund Total Receivables: Property taxes -$ -$ -$ -$ -$ 7,670,500$ Other taxes - - - - - 9,263,000 Other governments - - - - - 1,260,498 Other - 749 21,788 61,418 98,079 1,586,488 Receivables - Gross - 749 21,788 61,418 98,079 30,593,241 Less: Allowance for uncollectibles - - - - - (35,000) Receivables, net -$ 749$ 21,788$ 61,418$ 98,079$ 30,558,241$ Governmental funds report unearned revenue in connection with receivables for revenues that are not considered to be available to liquidate liabilities of the current period. Total unearned revenue for governmental activities totaled $4,609,023 at December 31, 2024 and is comprised of the following: Vail Capital Real Estate General Marketing Projects Transfer Tax Fund Fund Fund Fund Total Unearned revenues: Business licenses -$ 216,051$ -$ -$ 216,051$ Art projects - - - 15,826 15,826 Environmental programs - - - 52,794 52,794 Parking fees 131,714 - - - 131,714 Library grants 70,297 - - - 70,297 Police programs 93,108 - - - 93,108 Construction projects - - 4,029,233 - 4,029,233 295,119$ 216,051$ 4,029,233$ 68,620$ 4,609,023$ Unearned revenue for construction projects in the Capital Projects Fund includes $2,126,062 collected from Holy Cross Energy for community enhancement to place utilities underground and $1,903,171 collected from developers for road improvements. The revenue will be recognized in the year the money is spent. 63 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D18 IV. Detailed Notes on all Funds (continued) B. Receivables (continued) Loans receivable for governmental activities at December 31, 2024 are comprised of amounts due under the Town’s EHOP Program, which assists qualified full-time Town employees with the purchase of a primary residence within certain geographic boundaries, by providing secured, non-interest bearing loans. Repayment of loans made under the EHOP Program is over a maximum 15-year term, including the principal balance plus a portion of any recognized appreciation in the value of the underlying property. All such advances may be repaid at any time by the borrower-employee. The balance of EHOP Program loans receivable at December 31, 2024 was $1,047,193. During 2024, the Town executed an agreement with Triumph Timber Ridge, LLC (“the Developer”) detailing the Town’s participation in the Developer’s redevelopment of the Timber Ridge Apartments into deed-restricted employee housing. As part of the agreement, the Timber Ridge Enterprise Fund contributed land of $10,446,722 and construction services totaling $29,972,511 in 2024 to the Developer, and recorded a cost reimbursement receivable which is to be repaid from future proceeds on sales of the new deed-restricted units. Under the terms of the agreement, net sales proceeds are designated to pay half the Developer’s fee and construction loan prior to repaying contributions by the Town; consequently, this is reported as a long-term loan receivable. C. Capital Assets Capital asset activity for the Town’s governmental activities during 2024 was as follows: Beginning Ending Balance Increases Decreases Balance Governmental Activities: Capital Assets, Not Being Depreciated: Land 24,814,199$ 19,787,339$ -$ 44,601,538$ Art 3,016,276 62,600 - 3,078,876 Construction in process 6,234,314 7,190,928 (2,014,644) 11,410,598 Intangibles 17,161,732 527,813 - 17,689,545 Total Capital Assets, Not Being Depreciated 51,226,521 27,568,680 (2,014,644) 76,780,557 Capital Assets, Being Depreciated: Buildings and improvements 149,029,991 8,564,388 (31,333) 157,563,046 Infrastructure and improvements 187,636,414 3,511,846 (305,639) 190,842,621 Equipment and vehicles 56,822,733 14,151,671 (5,525,872) 65,448,532 Total Capital Assets Being Depreciated 393,489,138 26,227,905 (5,862,844) 413,854,199 Less Accumulated Depreciation For: Buildings and improvements (66,360,037) (3,527,145) 5,948 (69,881,234) Infrastructure and improvements (103,240,739) (6,121,762) 172,098 (109,190,403) Equipment and vehicles (33,348,457) (4,322,335) 4,670,917 (32,999,875) Total Accumulated Depreciation (202,949,233) (13,971,242) 4,848,963 (212,071,512) Total Capital Assets Being Depreciated, Net 190,539,905 12,256,663 (1,013,881) 201,782,687 Governmental Activities Capital Assets, Net 241,766,426$ 39,825,343$ (3,028,525)$ 278,563,244$ 64 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D19 IV. Detailed Notes on all Funds (continued) C. Capital Assets Capital asset activity for the Town’s business-type activities during 2024 was as follows: Beginning Ending Balance Increases Decreases Balance Business-type Activities Capital Assets, Not Being Depreciated: Land 4,570,520$ -$ -$ 171,020$ Construction in process 950,322 17,795,341 (18,745,663) - Total Capital Assets, Not Being Depreciated 5,520,842 17,795,341 (18,745,663) 171,020 Capital Assets, Being Depreciated: Buildings and improvements 43,276,243 - (9,429,160) 33,847,083 Infrastructure and improvements 901,374 - (901,374) - Equipment 1,411,423 - (31,891) 1,379,532 Total Capital Assets Being Depreciated 45,589,040 - (10,362,425) 35,226,615 Less Accumulated Depreciation For: Buildings and improvements (5,921,252) (1,027,573) 5,855,846 (1,092,979) Infrastructure and improvements (414,525) - 414,525 - Equipment (605,513) (119,812) 31,655 (693,670) Total Accumulated Depreciation (6,941,290) (1,147,385) 6,302,026 (1,786,649) Total Capital Assets Being Depreciated, Net 38,647,750 (1,147,385) (4,060,399) 33,439,966 Business-type Activities Capital Assets, Net 44,168,592$ 16,647,956$ (22,806,062)$ 33,610,986$ Depreciation expense for 2024 was charged to functions of the Town as follows: Governmental Activities: General government 1,285,694$ Public safety 553,667 Public works and transportation 9,717,253 Culture and recreation 2,403,571 Total Depreciation Expense - Governmental Activities 13,971,242$ Business-type Activities: Dispatch services 114,221$ Housing 1,033,164 Total Depreciation - Business-type Activities 1,147,385$ Depreciation on capital assets is recorded using the following estimated useful lives: Years Buildings 25 - 40 Building improvements 7 - 25 Infrastructure 5 - 50 Vehicles 5 - 15 Equipment 5 - 25 At December 31, 2024, the Town had $88,769,213 of fully-depreciated assets. 65 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D20 IV. Detailed Notes on all Funds (continued) D. Lease Receivable In September 2014, the Town executed a Ground Lease and a Development Agreement with Lion’s Ridge Apartment Homes, LLC (“Lion’s Ridge”) with respect to the land on the eastern half of the Timber Ridge development (the “Property”). Under the terms of the Ground Lease, the Town leased the Property to Lion’s Ridge for a 50-year term, during which time Lion’s Ridge was to construct and lease deed-restricted apartments on the Property. Pursuant to the Ground Lease, the Town granted Lion’s Ridge an option to purchase the Property at any time prior to December 31, 2024. During 2024, Lion’s Ridge exercised the purchase option and, consequently, the lease receivable was $0 at December 31, 2024. E. Interfund Receivables, Payables, and Transfers At December 31, 2024, VRA owed the Capital Projects Fund $2,425,271 to complete Frontage Road improvements between the municipal building and the Lionshead parking structure, capital maintenance to the boulder wall and east slope near the Children's Garden of Learning, street scape maintenance in the village core areas, planning and design for the redevelopment of Dobson arena, and structural repairs at the Lionshead parking structure. VRA also owed the General Fund management fees totaling $131,011 at December 31, 2024. Timber Ridge Enterprise Fund Interfund Payables The Timber Ridge Enterprise Fund has a promissory note payable to the Town which is reflected as an internal balance between the governmental activities and business-type activities categories on the Statement of Net Position. The note had an original principal balance of $8 million, bears interest at 1.5% per annum, calls for blended annual payments, and matures in December 2033. Timber Ridge remitted $61,447 of interest to the Town during 2024 and, as of December 31, 2024, had recorded $24,348 of accrued interest payable to the Town. The outstanding principal balance of the note at December 31, 2024 was $3,895,714. Remaining debt service requirements for this promissory note at December 31, 2024 are as follows: Principal Interest Total 2025 407,530$ 55,379$ 462,909$ 2026 413,643 49,220 462,863 2027 419,848 42,969 462,817 2028 426,146 36,624 462,770 2029 432,538 30,184 462,722 2030 - 2034 1,796,009 54,382 1,850,391 Totals 3,895,714$ 268,759$ 4,164,473$ Timber Ridge anticipates that the remaining balance of this note will be paid with repayments received on Timber Ridge’s loan receivable from Triumph Timber Ridge, LLC (as described in Note IV.B). 66 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D21 IV. Detailed Notes on all Funds (continued) E. Interfund Receivables, Payables, and Transfers (continued) Timber Ridge Enterprise Fund Interfund Payables (continued) During 2024 and in connection with the agreement for redevelopment of the Timber Ridge property, the General Fund and Housing Fund advanced $20,115,596 and $10,812,755, respectively, to the Timber Ridge Enterprise Fund to fund costs of the project. Both advances are expected to be repaid with proceeds from the sale of the new deed-restricted units to be constructed. Transfers are used to 1) move revenues from the fund that statute or budget requires to collect them to the fund that statute or budget requires to expend them, 2) move unrestricted revenues collected in the General Fund to finance various programs accounted for in other funds in accordance with budgetary authorizations, and, 3) provide additional resources for current operations or debt service. All transfers either occur on a regular basis or are consistent with the purpose of the fund making the transfer. F. Long-term Liabilities – Governmental Activities The Town has the following long-term debt outstanding for governmental activities: 1. Vail Reinvestment Authority Tax Increment Revenue Refunding Loan, Series 2020 VRA issued a $6,386,000 Tax Increment Revenue Refunding Loan, Series 2020 (the “Series 2020 Refunding Loan”), the proceeds of which were used to refund all outstanding 2010B Bonds. The Series 2020 Refunding Loan, which is secured by a pledge of VRA’s property tax revenues, is a special limited obligation of VRA and not the Town. The interest rate on the Series 2020 Refunding Loan is 1.19% per annum, and is payable June 1 and December 1 annually from December 1, 2020 through maturity on June 1, 2030. Principal payments are due annually, beginning in June 2021, through maturity in June 2030. The Series 2020 Refunding Loan is not subject to prepayment at the Town’s option. The Town realized a net present value savings of $1,115,124 on the refunding of the 2010B Bonds. 67 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D22 IV. Detailed Notes on all Funds (continued) F. Long-term Liabilities – Governmental Activities (continued) 2. Certificates of Participation, Series 2021 The Town issued $22,260,000 of Certificates of Participation dated October 27, 2021 (the “the Series 2021 Certificates”), with proceeds used to finance the acquisition, construction, installation, and equipping of rental workforce housing. The interest rates on the Series 2021 Certificates range from 2.65% to 4% and are payable on June 1 and December 1 through 2051. The Series 2021 Certificates maturing on or after December 1, 2032 are subject to redemption prior to maturity at the option of the Town, and on any date thereafter, at par plus accrued interest to the redemption date, with no redemption premium. Certificates maturing December 1, 2041, 2046, and 2051 are subject to a mandatory sinking fund redemption at a price equal to the principal amount thereof, plus accrued interest to the redemption date. 3. Lease Purchase Financing, Series 2021 During 2021, the Town entered into a Site and Improvement Lease and a Lease Purchase Agreement with Truist Bank (“Truist”), a North Carolina Banking Corporation, for $15,190,000 to finance the construction of additions and renovations to the respect to property currently utilized as the Town’s Public Works facility (the “Site”). The loan bears interest at 1.75% and are payable on June 1 and December 1 through 2035. G. Long-term Liabilities – Compensated Absences The Town has a policy allowing the accumulation of paid vacation and sick leave, subject to certain maximum limits. In accordance with GAAP, the Town’s approximate liability for vacation and sick pay earned by employees at December 31, 2024 has been reflected in the proprietary type fund financial statements and in the governmental activities column of the government-wide financial statements. Accumulated sick pay of approximately $1,030,394 at December 31, 2024 has been reflected in the Town’s financial statements as the amount that is more likely than not to be used as paid sick leave. H. Long-term Liabilities – Refunded In prior years, the Town defeased certain general obligations and other bonds by placing the proceeds of new bonds in an irrevocable trust to provide for all future debt service payments on the old bonds. The bonds intended to be refunded by the refunding issues remain a contingent liability of the Town until retired; however, they are not included for the purposes of calculating debt limits of the Town. The amount of debt considered defeased cannot be readily determined as of December 31, 2024. 68 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D23 IV. Detailed Notes on all Funds (continued) I. Long-term Liabilities - Activity and Debt Service Schedules Long-term liability activity for the year ended December 31, 2024 was as follows: Beginning Balance Ending Due Within (Restated) Additions Reductions Balance One Year Governmental Activities: Tax Increment Revenue Refunding Loan, Series 2020 4,536,000$ -$ (626,000)$ 3,910,000$ 636,000$ Lease Purchase Financing, Series 2021 12,420,000 - (940,000) 11,480,000 955,000 Compensated absences *3,130,587 - (7,734) 3,122,853 936,856 Total Governmental Activities Long-term Liabilities 20,086,587$ -$ (1,573,734)$ 18,512,853$ 2,527,856$ Business-type Activities: 2021 Certificates of Participation 21,530,000$ -$ (435,000)$ 21,095,000$ 450,000$ Debt issuance premium 2,818,881 - (100,674) 2,718,207 - Compensated absences *171,850 - (18,761) 153,089 45,927 Total Business-type Activities Long-term Liabilities 24,520,731$ -$ (554,435)$ 23,966,296$ 495,927$ * The changes in the compensated absences liabilities are presented as a net change. Debt service requirements for the governmental activities at December 31, 2024 were as follows: Principal Interest Total Governmental Activities: 2025 1,591,000$ 256,849$ 1,847,849$ 2026 1,611,000 232,605 1,843,605 2027 1,636,000 208,037 1,844,037 2028 1,660,000 183,101 1,843,101 2029 1,688,000 157,751 1,845,751 2030-2034 6,069,000 447,146 6,516,146 2035-2039 1,135,000 39,820 1,174,820 Total Governmental Activities 15,390,000$ 1,525,309$ 16,915,309$ General obligation bonds issued for governmental activity purposes are liquidated by the Debt Service Fund, whereas general obligation bonds issued for component unit purposes are liquidated by the component unit. 69 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D24 IV. Detailed Notes on all Funds (continued) I. Long-term Liabilities - Activity and Debt Service Schedules (continued) Debt service requirements for the business-type activities at December 31, 2024 were as follows: Principal Interest Total Business-Type Activities: 2025 450,000$ 766,388$ 1,216,388$ 2026 470,000 748,388 1,218,388 2027 490,000 729,588 1,219,588 2028 505,000 709,988 1,214,988 2029 530,000 689,788 1,219,788 2030-2034 2,975,000 3,114,138 6,089,138 2035-2039 3,620,000 2,469,338 6,089,338 2040-2044 4,405,000 1,685,138 6,090,138 2045-2049 5,310,000 776,019 6,086,019 2050-2051 2,340,000 92,531 2,432,531 Total Business-type Activities 21,095,000$ 11,781,300$ 32,876,300$ J. Fund Balance Disclosures The Town classifies governmental fund balances as follows: Non-spendable – includes fund balance amounts inherently non-spendable since they represent inventories, prepaid items, and long-term portions of loans receivable. During 2024, the General Fund and Housing Fund advanced $20,115,596 and $10,812,755, respectively, to the Timber Ridge Enterprise Fund, as described in Note IV.E. These amounts are considered non-spendable, as proceeds needed to repay the advances are not expected to be received until 2026 or later. Additionally, these amounts are subject to economic risks and uncertainties in connection with the construction of the project and subsequent unit sales. Spendable Fund Balance: Restricted – includes fund balance amounts that are constrained for specific purposes which are externally imposed by providers, such as creditors, or amounts constrained due to constitutional provisions or enabling legislation. Committed – includes fund balance amounts that are constrained for specific purposes that are internally imposed by the government through formal action of the highest level of decision-making authority, which is the Town Council. The Town’s original budget legislation begins with combining historical data, assessment of needs for the upcoming year and the Town’s platform to review, and/or make changes to each department’s budget. The budget is formally presented to the Town Council via an advertised public process for review, revisions and final approval by year-end. All subsequent budget requests made during the year, after Town Council approval, must be presented via a public process and again approved by Town Council. 70 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D25 IV. Detailed Notes on all Funds (continued) J. Fund Balance Disclosures (continued) Assigned – includes spendable fund balance amounts that are intended to be used for specific purposes that are neither considered restricted nor committed. Fund balance may be assigned by Town Council or its management designees. Unassigned – includes residual positive fund balance within the General Fund, which has not been classified within the other above-mentioned categories. Unassigned fund balance may also include negative balances for any governmental fund if expenditures exceed amounts restricted, committed, or assigned for those specific purposes. The Town’s restricted amounts are to be spent first when both restricted and unrestricted fund balance is available unless there are legal documents or contracts that prohibit this, such as grant agreements that require dollar for dollar spending. Additionally, the Town would first use committed, then assigned, and lastly unassigned amounts when expenditures are made. Components of fund balance classifications reported on the governmental funds balance sheet at December 31, 2024 are as follows: General Fund Vail Marketing Fund Vail Local Marketing Disctict Vail Reinvestment Authority Housing Fund Capital Projects Fund Real Esate Transfer Tax Fund Nonspendable: Non-current receivables 1,047,193$ -$ -$ -$ -$ -$ -$ Loans to other funds 20,115,296 - - - 10,812,755 3,895,714 - Prepaid items 29,985 - 36,378 - - 2,252,909 - Inventories - - - - 785,808 - - Total - Nonspendable 21,192,474$ -$ 36,378$ -$ 11,598,563$ 6,148,623$ -$ Restricted: Settlement escrow -$ -$ -$ -$ -$ -$ TABOR emergency reserve 3,170,000 - 181,000 231,000 - - - Police funds 8,101 - - - - - - Total - Restricted 3,178,101 - 181,000 231,000 - - -$ Committed: Employee housing ownership program 157,193$ -$ -$ -$ -$ -$ Capital projects - - - - - 45,354,880 - Parks and recreation - - - - - - 15,184,790 Housing - - - - 16,420,513 - - Operating reserve 23,487,093 - - - - - - Destination marketing - 124,901 2,995,962 - - - - Total - Committed 23,644,286$ 124,901$ 2,995,962$ -$ 16,420,513$ 45,354,880$ 15,184,790$ Assigned: Capital maintenance -$ -$ -$ -$ -$ 2,429,500$ -$ Debt service - - - 10,340,534 - - - Total - Assigned -$ -$ -$ 10,340,534$ -$ 2,429,500$ -$ The Town has established a minimum fund balance policy of 35% of annual General Fund revenues. 71 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D26 V. Other Information A. Pension Plans The Town offers two defined contribution pension plans to cover all permanent paid employees of the Town. The Town established these qualified money purchase pension plans under Internal Revenue Code section 401(a) and may amend all plan provisions. The first plan covers all full time and qualified seasonal employees other than sworn police officers and firefighters; the second plan covers all full time and qualified seasonal employees of the Town’s Police and Fire departments. The plan provisions are the same for both plans. In defined contribution plans, benefits depend solely on amounts contributed to the plans plus investment earnings. Employees are eligible to participate in the plans from the date of employment or the effective date of the plans, January 1, 1983, whichever is later. The plans provide for contributions to be made by the Town of 12.6% of regular compensation for the first year of employment and 17.6% thereafter. For employees hired after April 1, 1986, the Town's contribution is 11.15% of regular compensation for the first year, and 16.15% thereafter. Employees have the option to make voluntary contributions of up to the IRS allowed maximum. In the event of continued long-term disability of an employee, the Town's disability insurance will continue to make contributions to the plan for the employee through age 60 at the rate on the date of disability. For employees hired before July 1, 1986, vesting of the Town's contributions is 77.5% after the first year of employment with an additional vesting of 7.5% per year through the fourth year, when vesting is 100%. For employees hired after June 30, 1986, vesting of the Town's contributions to the employees is 20% after the first year of employment with additional vesting of 20% per year through the fifth year, when vesting is 100%. If an employee dies, becomes disabled, or attains the age of 60, their entire interest in the plans becomes vested; normal retirement age is 60 with early retirement at age 50 and four years of service. In 1991, the Town established a defined contribution pension plan for seasonal employees who work for the Town longer than 6 weeks. Seasonal employees are required to contribute 6% of regular compensation to the plan and the Town contributes 1.5%. Seasonal employees are 100% vested after their first contribution. Employees covered under the regular and seasonal pension plans do not participate in the Social Security system. The annual pension cost is the Town's contributions less forfeitures from the prior year. The plans' invested assets at December 31, 2024 of $102,391,751 are stated at market value. All earnings, losses, expenses and changes in the fair market value of the trust fund will be apportioned at least annually among the participants in proportion to each participant's current share of the Trust Investment Fund. The Town has no liability for unfunded future vested employee benefits. The trustees and administrators of the plans are the Retirement Board. The Retirement Board determines investment options made available to participants, in adherence with an adopted investment policy statement. The total amount of the Town’s 2024 covered payroll was $30,913,055 of which $27,347,050 was for permanent employees and $3,566,055 was for seasonal staff. Total 2024 payroll for all Town employees was $32,273,062. 72 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D27 V. Other Information (continued) B. Retirement Savings Plan – Deferred Compensation Plan – IRC 457 The Town offers its employees a deferred compensation plan (the “457 Plan”) created in accordance with Internal Revenue Code section 457. The 457 Plan, available to all Town employees, permits them to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the 457 Plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are to be held in trust for the exclusive benefit of the 457 Plan participants and their beneficiaries. The modified accrual basis of accounting is used for the 457 Plan. The trustees and administrators of the 457 Plan are the Retirement Board, which comprises members of the Town’s administration. The Retirement Board determines investment options made available to participants, in adherence to an adopted investment policy statement. The Town has no liability for losses under the 457 Plan but does have the duty of due care that would be required of an ordinary prudent investor. The total assets of the 457 Plan were $29,509,928 at December 31, 2024. The assets were invested in mutual funds, as previously described. Pursuant to the Town’s adoption of GASB Statement No. 32, Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans, the 457 Plan has been included in these financial statements as an expendable trust fund. C. Cafeteria Plan The Town offers a cafeteria compensation plan organized under section 125 of the Internal Revenue Code, which includes dependent care and health expense reimbursement. No cost to the Town is recognized as the plan is a salary reduction plan. D. Risk Management The Town is exposed to various risks of loss related to workers’ compensation, general liability, unemployment, torts, theft of, damage to, and destruction of assets, and errors and omissions. The Town carries commercial coverage for these risks and claims and does not expect claims to exceed their coverage. The Town offers health insurance to certain employees through the Town’s self-funded health plan with excess coverage underwritten by a commercial carrier. Liabilities for retained risk claims are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. Liabilities include an amount for claims that have been incurred but not reported (“IBNR”). 73 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D28 V. Other Information (continued) D. Risk Management (continued) The following is a summary of the changes in the balances of the claims liability during 2024: Claims liability, beginning of year 591,375$ Current year claims (4,576,381) Claims payments 4,385,006 Claims liability, end of year 400,000$ E. Commitments and Contingencies 1. Legal Claims During the normal course of business, the Town may incur claims and other assertions against it from various agencies and individuals. Management of the Town and their legal representatives feel none of these claims or assertions are significant enough that they would materially affect the fairness of the presentation of the financial statements at December 31, 2024. 2. Federal Funds Funds received from Federal grants and programs are subject to audit and disallowance on ineligible costs. Management of the Town feels any potential questioned or disallowed costs would not materially affect the fairness of the presentation of the financial statements at December 31, 2024. F. Conduit Debt – Town of Vail, Colorado Multifamily Housing Revenue Bonds (Middle Creek Village Apartments Project), Series 2003A, 2003B and 2003-T The bonds, which mature in 2038, were issued in 2003 in an aggregate principal amount of $16,850,000 to finance construction of multi-family housing projects within the Town. The bonds are solely payable from, and are secured by, a pledge of revenue from loan agreements between the Town and Middle Creek Village, LLC (as borrower). The borrower’s obligation is secured by Deeds of Trust, Security Agreements, Financing Statements and assignment of rents and leases. The bonds are a special limited obligation of the Town, payable solely from the specified revenues of the projects, and do not constitute debt or indebtedness of the Town. 74 Town of Vail, Colorado Notes to the Financial Statements December 31, 2024 (Continued) D29 V. Other Information (continued) G. Restatement for Implementation of Accounting Standard Effective January 1, 2024, the Town implemented GASB Statement No. 101, Compensated Absences (“GASB 101”), which requires that the Town recognize a liability for all forms of compensated absences not paid upon an employee’s separation from service, including sick leave. Under GASB 101, compensated absence liability is based on historical data about the accumulation and forfeiture of leave balances, rather than solely on termination payouts. The implementation of GASB 101 was applied retroactively, with restatement of opening 2024 fund balances / net position as follows: 12/31/2023 Restatement: As Previously Increase / 12/31/2023 Reported (Decrease) As Restated Government-wide: Governmental activities 408,121,468$ (990,134)$ 407,131,334$ Business-type activities 25,842,280 (40,261) 25,802,019 Total 433,963,748$ (1,030,395)$ 432,933,353$ Governmental Funds: Internal service funds: Heavy Equipment Fund 9,250,187$ (70,131) 9,180,056$ Enterprise Funds: Dispatch Fund 3,559,520$ (40,261) 3,519,259$ H. Subsequent Event – West Middle Creek Project In March 2025, the Town created Vail Home Partners Corporation (“VHP”), a Colorado non-profit organization, for the purposes of financing and building the West Middle Creek Project (the “Project”), consisting of approximated 268 deed-restricted units for workforce housing. In May 2025, VHP issued $126,035,000 in non-rated housing revenue bonds and the Town issued $63,155,000 in Certificates of Participation to help fund development of the Project. In addition, the Town contributed $10,000,000 to VHP to assist development. VHP’s initial Board of Directors is consists of senior management of the Town. 75 76 77 2023 Final Budget Variance Original Final Positive Budget Budget Actual (Negative) Actual Expenditures: General Government: Town officials 2,367,371 2,524,491 2,143,559 380,932 3,024,938 Administrative 7,784,921 7,050,397 6,108,917 941,480 5,777,964 Community development 3,910,551 4,483,681 3,192,432 1,291,249 2,617,779 Total - General Government 14,062,843 14,058,569 11,444,908 2,613,661 11,420,681 Public Safety: Police department 8,693,183 9,413,609 9,131,483 282,126 8,823,063 Fire department 6,576,025 7,290,452 7,036,042 254,410 6,627,194 Total - Public Safety 15,269,208 16,704,061 16,167,525 536,536 15,450,257 Public Works and Transportation: Highways and streets 7,026,204 7,388,544 6,699,675 688,869 6,527,425 Transportation 7,266,251 7,709,031 7,070,317 638,714 6,807,613 Parking operations 2,553,067 2,718,567 2,346,262 372,305 2,140,313 Facility maintenance 6,578,553 6,585,428 6,533,937 51,491 6,229,229 Total - Public Works and Transportation 23,424,075 24,401,570 22,650,191 1,751,379 21,704,580 Culture and Recreation: Special recreation facilities 302,900 302,900 339,855 (36,955) 307,798 Library 1,252,795 1,324,884 1,197,026 127,858 1,218,021 Total - Culture and Recreation 1,555,695 1,627,784 1,536,881 90,903 1,525,819 Economic Development: Contributions, marketing, and special events 1,993,012 2,065,812 1,840,549 225,263 2,044,423 Total Expenditures 56,304,833 58,857,796 53,640,054 5,217,742 52,145,760 Excess (Deficiency) of Revenues Over Expenditures 5,259,430 8,846,891 13,465,925 4,619,034 10,236,135 Other Financing Sources (Uses): Sale of assets - - 14,537 14,537 6,547 Transfers in - 664,356 945,247 280,891 210,000 Transfers (out) (30,649,840) (33,173,583) (2,050,394) 31,123,189 (2,461,349) Total Other Financing Sources (Uses)(30,649,840) (32,509,227) (1,090,610) 31,418,617 (2,244,802) Net Change in Fund Balance (25,390,410) (23,662,336) 12,375,315 36,037,651 7,991,333 Fund Balance - January 1 48,411,078 61,440,888 61,440,888 - 53,449,555 Fund Balance - December 31 23,020,668 37,778,552 73,816,203 36,037,651 61,440,888 (Continued) 2024 Town of Vail, Colorado General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance Budget (GAAP Basis) and Actual For the Year Ended December 31, 2024 With Comparative Actual Amounts For the Year Ended December 31, 2023 The accompanying notes are an integral part of these financial statements. E2 78 2023 Final Budget Variance Original Final Positive Budget Budget Actual (Negative) Actual Revenues: Permits and Licenses: Business licenses 345,000 345,000 345,095 95 354,366 Investment Income: Interest on investments 250 10,250 9,381 (869) 14,518 Miscellaneous: Project reimbursements/shared costs - - 10,600 10,600 100,000 Total Revenues 345,250 355,250 365,076 9,826 468,884 Expenditures: Economic Development: Special events 2,348,760 2,176,131 1,414,931 761,200 1,620,528 Commission on special events 811,648 911,270 839,297 71,973 712,513 Cultural heritage - - - - 125,000 Administration fee 17,250 17,250 17,255 (5) 17,718 Total Expenditures 3,177,658 3,104,651 2,271,483 833,168 2,475,759 Excess (Deficiency) of Revenues Over Expenditures (2,832,408) (2,749,401) (1,906,407) 842,994 (2,006,875) Other Financing Sources (Uses): Transfers in 2,600,000 2,600,000 1,745,858 (854,142) 2,050,000 Transfers (out) - (73,007) (74,659) (1,652) (99,338) Total Other Financing Sources (Uses)2,600,000 2,526,993 1,671,199 (855,794) 1,950,662 Net Change in Fund Balance (232,408) (222,408) (235,208) (12,800) (56,213) Fund Balance - January 1 310,362 360,109 360,109 - 416,322 Fund Balance - December 31 77,954 137,701 124,901 (12,800) 360,109 2024 Town of Vail, Colorado Vail Marketing Fund - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance Budget (GAAP Basis) and Actual For the Year Ended December 31, 2024 With Comparative Actual Amounts For the Year Ended December 31, 2023 The accompanying notes are an integral part of these financial statements. E3 79 2023 Final Budget Variance Original Final Positive Budget Budget Actual (Negative) Actual Revenues: Taxes: Lodging tax 5,395,000 5,395,000 5,516,572 121,572 5,489,112 Investment Income: Interest on investments 65,000 65,000 240,117 175,117 125,984 Total Revenues 5,460,000 5,460,000 5,756,689 296,689 5,615,096 Expenditures: Economic Development: Destination 1,313,370 1,773,230 1,799,800 (26,570) 1,196,357 Front Range 250,000 289,560 271,989 17,571 229,148 Groups and meetings 320,667 320,667 303,475 17,192 275,511 Marketing 2,638,671 2,763,811 2,167,624 596,187 2,076,270 Event liaison 26,000 26,000 26,000 - 26,000 Purchased services 1,222,492 1,460,295 1,438,259 22,036 839,331 Total Expenditures 5,771,200 6,633,563 6,007,147 626,416 4,642,617 Excess (Deficiency) of Revenues Over Expenditures (311,200) (1,173,563) (250,458) 923,105 972,479 Other Financing Sources (Uses): Transfers (out) - - - - (1,410,000) Net Change in Fund Balance (311,200) (1,173,563) (250,458) 923,105 (437,521) Fund Balance - January 1 4,660,153 3,463,798 3,463,798 - 3,901,319 Fund Balance - December 31 4,348,953 2,290,235 3,213,340 923,105 3,463,798 2024 With Comparative Actual Amounts For the Year Ended December 31, 2023 Town of Vail, Colorado Vail Local Marketing District - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance Budget (GAAP Basis) and Actual For the Year Ended December 31, 2024 The accompanying notes are an integral part of these financial statements. E4 80 2023 Final Budget Variance Original Final Positive Budget Budget Actual (Negative) Actual Revenues: Taxes: Property tax 7,774,000 7,774,000 7,069,100 (704,900) 4,613,220 Investment Income: Interest on investments 5,000 5,000 612,766 607,766 434,719 Other: Shared costs/project reimbursements - - - - 469,525 Total Revenues 7,779,000 7,779,000 7,681,866 (97,134) 5,517,464 Expenditures: Economic Development: Administration 137,000 137,000 131,011 5,989 108,976 Treasurer's fees 233,220 233,220 216,072 17,148 185,306 Professional fees 10,000 10,000 270 9,730 - Vail Square Metro District 896,280 896,280 545,890 350,390 696,936 Total - Economic Development 1,276,500 1,276,500 893,243 383,257 991,218 Debt Service: Principal 626,000 626,000 626,000 - 620,000 Interest 50,254 50,254 50,004 250 58,307 Total - Debt Service 676,254 676,254 676,004 250 678,307 Total Expenditures 1,952,754 1,952,754 1,569,247 383,507 1,669,525 Excess (Deficiency) of Revenues Over Expenditures 5,826,246 5,826,246 6,112,619 286,373 3,847,939 Other Financing Sources (Uses): Transfers (out) (200,000) (4,613,840) (2,425,271) 2,188,569 (1,856,724) Net Change in Fund Balance 5,626,246 1,212,406 3,687,348 2,474,942 1,991,215 Fund Balance - January 1 6,884,187 6,884,187 6,884,186 (1) 4,892,971 Fund Balance - December 31 12,510,433 8,096,593 10,571,534 2,474,941 6,884,186 With Comparative Actual Amounts For the Year Ended December 31, 2023 2024 Town of Vail, Colorado Vail Reinvestment Authority - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance Budget (GAAP Basis) and Actual For the Year Ended December 31, 2024 The accompanying notes are an integral part of these financial statements. E5 81 2023 Final Budget Variance Original Final Positive Budget Budget Actual (Negative) Actual Revenues: Taxes: Sales tax 4,950,000 4,950,000 5,110,322 160,322 5,075,762 Investment Income: Interest on investments - 700,000 754,888 54,888 304,854 Miscellaneous: Project reimbursements/shared costs - 675,000 675,000 - 1,000,000 Employee Housing Fee-in-Lieu - 46,199 46,199 - 17,104 Miscellaneous - - 3,750 3,750 4,000 Total - Miscellaneous - 721,199 724,949 3,750 1,021,104 Total Revenues 4,950,000 6,371,199 6,590,159 218,960 17,214,475 Expenditures: Public Works: Subsidy on deed restricted unit sales - - 398,358 (398,358) 164,436 Capital projects and acquisition 11,500,000 15,923,045 5,852,686 10,070,359 3,173,372 Total - Public Works 11,500,000 15,923,045 6,251,044 9,672,001 3,337,808 Total Expenditures 11,500,000 15,923,045 6,251,044 9,672,001 3,337,808 Excess (Deficiency) of Revenues Over Expenditures (6,550,000) (9,551,846) 339,115 9,890,961 13,876,667 Other Financing Sources (Uses): Sale of assets - 6,095,455 - (6,095,455) - Transfers in 2,500,000 2,808,799 7,808,979 5,000,180 3,700,000 Transfers (out) - (10,812,755) - 10,812,755 (850,000) Total Other Financing Sources (Uses)2,500,000 (1,908,501) 7,808,979 9,717,480 2,850,000 Net Change in Fund Balance (4,050,000) (11,460,347) 8,148,094 19,608,441 16,726,667 Fund Balance - January 1 4,871,792 19,870,982 19,870,982 - 13,957,070 Fund Balance - December 31 821,792 8,410,635 28,019,076 19,608,441 30,683,737 2024 Town of Vail, Colorado Housing Fund - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance Budget (GAAP Basis) and Actual For the Year Ended December 31, 2024 With Comparative Actual Amounts For the Year Ended December 31, 2023 The accompanying notes are an integral part of these financial statements. E6 82 83 2023 Final Budget Variance Original Final Positive Budget Budget Actual (Negative) Actual Revenues: Taxes: Sales tax 15,523,000 15,523,000 17,588,236 2,065,236 17,641,761 Construction use tax 2,040,000 3,118,670 3,073,318 (45,352) 2,532,881 Franchise tax 205,000 1,126,672 - (1,126,672) - Total - Taxes 17,768,000 19,768,342 20,661,554 893,212 20,174,642 Intergovernmental: State grants 750,000 3,600,276 2,511,915 (1,088,361) - Federal grants - 3,825,482 1,831,120 (1,994,362) - Total - Intergovernmental 750,000 7,425,758 4,343,035 (3,082,723) - Charges for Services: Leases - Vail Commons 172,270 172,270 168,826 (3,444) 170,392 Investment Income: Interest on investments 758,543 2,424,038 2,076,221 (347,817) 2,358,673 Miscellaneous: Project reimbursements/shared costs 558,562 774,437 39,182 (735,255) 49,371 Total Revenues 20,007,375 30,564,845 27,288,818 (3,276,027) 22,753,078 Expenditures: Public Works: Capital projects and acquisition 17,390,600 52,746,748 25,247,645 27,499,103 14,611,918 Debt Service: Principal payments 940,000 940,000 940,000 - 920,000 Interest 218,592 218,592 218,592 - 234,784 Total - Debt Service 1,158,592 1,158,592 1,158,592 - 1,154,784 Total Expenditures 18,549,192 53,905,340 26,406,237 27,499,103 15,766,702 Excess (Deficiency) of Revenues Over Expenditures 1,458,183 (23,340,495) 882,581 24,223,076 6,986,376 Other Financing Sources (Uses): Debt issuance costs - - (1,250) 1,250 (1,250) Sale of assets - - 54,500 54,500 45,000 Transfers in 200,000 4,735,210 2,548,224 (2,186,986) 1,956,062 Transfers (out) (2,500,000) (2,808,799) (2,808,979) (180) (7,593,769) Total Other Financing Sources (Uses)(2,300,000) 1,926,411 (207,505) (2,133,916) (5,593,957) Net Change in Fund Balance (841,817) (21,414,084) 675,076 22,089,160 1,392,419 Fund Balance - January 1 21,986,276 53,257,927 53,257,927 - 51,865,508 Fund Balance - December 31 21,144,459 31,843,843 53,933,003 22,089,160 53,257,927 With Comparative Actual Amounts For the Year Ended December 31, 2023 2024 Town of Vail, Colorado Capital Projects Fund Schedule of Revenues, Expenditures and Changes in Fund Balance Budget (GAAP Basis) and Actual For the Year Ended December 31, 2024 The accompanying notes are an integral part of these financial statements. F1 84 2023 Final Budget Variance Original Final Positive Budget Budget Actual (Negative) Actual Revenues: Taxes: Real estate transfer tax 7,000,000 8,212,318 9,349,910 1,137,592 7,994,852 Intergovernmental Revenue: Lottery revenue 30,000 30,000 29,511 (489) 32,959 Other county revenue - 547,243 342,584 (204,659) 314,227 Other state revenue 240,000 273,717 25,000 (248,717) 333,783 Total - Intergovernmental Revenue 270,000 850,960 397,095 (453,865) 680,969 Charges for Services: Recreation amenities fee 10,000 10,000 6,609 (3,391) 5,858 Land lease to Vail Recreation District 175,151 175,151 191,285 16,134 182,663 Total - Charges for Services 185,151 185,151 197,894 12,743 188,521 Investment Income: Interest on investments 68,667 758,571 721,472 (37,099) 1,058,070 Miscellaneous: Project reimbursements 75,000 85,200 26,581 (58,619) 72,513 Donations - 38,156 146,890 108,734 71,666 Other 50,000 104,280 116,752 12,472 65,955 Total - Miscellaneous 125,000 227,636 290,223 62,587 210,134 Total Revenues 7,648,818 10,234,636 10,956,594 721,958 10,132,546 Expenditures: Public Safety: Fire suppression 805,414 933,603 639,579 294,024 790,688 Public Works: Capital projects 2,990,812 30,198,554 21,524,393 8,674,161 3,684,017 Culture and Recreation: Project management 350,000 410,616 467,495 (56,879) - Park maintenance 2,377,002 2,455,201 1,876,953 578,248 1,860,139 Environmental sustainability 2,177,297 2,705,080 1,892,343 812,737 1,853,528 Art in public places 218,525 218,525 177,625 40,900 178,159 Total - Culture and Recreation 5,122,824 5,789,422 4,414,416 1,375,006 3,891,826 Economic Development Contributions 138,695 138,695 138,695 - - Total Expenditures 9,057,745 37,060,274 26,717,083 10,343,191 8,366,531 Excess (Deficiency) of Revenues Over Expenditures (1,408,927) (26,825,638) (15,760,489) 11,065,149 1,766,015 Other Financing Sources (Uses): Transfers in - 2,880 2,976 96 197,660 Transfers (out) (282,199) (664,356) (945,247) (280,891) - Total Other Financing Sources (Uses)(282,199) (661,476) (942,271) (280,795) 197,660 Net Change in Fund Balance (1,691,126) (27,487,114) (16,702,760) 10,784,354 1,963,675 Fund Balance - January 1 8,405,293 31,887,550 31,887,550 - 29,923,875 Fund Balance - December 31 6,714,167 4,400,436 15,184,790 10,784,354 31,887,550 With Comparative Actual Amounts For the Year Ended December 31, 2023 2024 Town of Vail, Colorado Real Estate Transfer Tax Fund - Capital Projects Fund Schedule of Revenues, Expenditures and Changes in Fund Balance Budget (GAAP Basis) and Actual For the Year Ended December 31, 2024 The accompanying notes are an integral part of these financial statements. F2 85 2023 Final Budget Variance Original Final Positive Budget Budget Actual (Negative) Actual Operating Revenues: Rents 466,438 568,225 573,251 5,026 1,676,624 Ground lease - - 454,546 454,546 454,545 Other 3,681 3,681 - (3,681) 42,346 Total Operating Revenues 470,119 571,906 1,027,797 455,891 2,173,515 10,812,755 Operating Expenses: Operating expenses 171,872 385,438 358,673 26,765 693,825 Capital outlay 38,597,773 40,988,509 31,878,492 9,110,017 848,254 Total Operating Expenses 38,769,645 41,373,947 32,237,165 9,136,782 1,542,079 Operating Income (Loss)(38,299,526) (40,802,041) (31,209,368) 9,592,673 631,436 Non-operating Revenues (Expenses): Interest on investments 12,500 66,500 69,478 2,978 80,694 Interest expense (61,447) (61,447) (58,938) 2,509 (64,953) Loan principal repayment - Capital Projects Fund (401,508) (401,508) (401,508) - (395,574) Lease receivable repayment - - 5,000,000 5,000,000 - Contributed capital - - - - 114,080 Total Non-operating Revenue (Expenses)(450,455) (396,455) 4,609,032 5,005,487 (265,753) Income (Loss) Before Transfers - Budget Basis (38,749,981) (41,198,496) (26,600,336) 14,598,160 365,683 Transfers in 37,049,840 41,335,095 30,928,351 (10,406,744) 850,000 Transfers (out) - - (5,000,000) (5,000,000) - Change in Net Position - Budget Basis (1,700,141) 136,599 (671,985) (808,584) 1,215,683 Reconciliation to GAAP Basis: Adjustments: Loan principal repayment - Capital Projects Fund 401,508 395,574 Lease receivable repayment (5,000,000) - Interfund advances (30,928,351) - Capitalized assets - 848,254 Reimbursable capital outlays 31,691,980 - Net book value of disposed assets 267,356 - Depreciation (181,161) (361,929) Total Adjustments (3,748,668) 881,899 Change in Net Position - GAAP Basis (4,420,653) 2,097,582 2024 Town of Vail, Colorado Timber Ridge Fund - Enterprise Fund Schedule of Revenues, Expenses, and Changes in Net Position Budget (Non-GAAP Basis) and Actual with Reconciliation to GAAP Basis For the Year Ended December 31, 2024 With Comparative Actual Amounts For the Year Ended December 31, 2023 The accompanying notes are an integral part of these financial statements. F3 86 2023 Final Budget Variance Original Final Positive Budget Budget Actual (Negative) Actual Operating Revenues: Charges and Fees: Dispatch service fee 691,448 691,448 691,448 - 669,317 Dispatching contracts 1,598,162 1,598,162 1,598,162 - 1,442,641 Total Operating Revenues 2,289,610 2,289,610 2,289,610 - 2,111,958 Operating Expenses: Public Safety: Salaries and benefits 2,867,908 2,921,108 2,733,364 187,744 2,547,374 Operating expenses 613,342 627,742 591,686 36,056 566,787 Capital outlay - 894,200 97,090 797,110 85,145 Total Operating Expenses 3,481,250 4,443,050 3,422,140 1,020,910 3,199,306 Operating (Loss) - Budget Basis (1,191,640) (2,153,440) (1,132,530) 1,020,910 (1,087,348) Non-operating Revenues: Operating grant - Intergovernmental - - - - 103,000 Operating grant - E-911 Board 1,167,993 1,167,993 1,167,993 - 1,067,535 Interest on investments 5,000 125,000 131,721 6,721 130,738 Total Non-operating Revenues 1,172,993 1,292,993 1,299,714 6,721 1,301,273 Income (Loss) before Transfes - Budget Basis (18,647) (860,447) 167,184 1,027,631 213,925 Transfers in - 253,266 253,265 (1) 154,037 Change in Net Position - Budget Basis (18,647) (607,181) 420,449 1,027,630 367,962 Reconciliation to GAAP Basis: Adjustments: Change in accrued compensated absences (21,499) (29,690) Net book value of disposed assets - (79,568) Depreciation (114,221) (118,409) Total Adjustments (135,720) (227,667) Change in Net Position - GAAP Basis 284,729 140,295 With Comparative Actual Amounts For the Year Ended December 31, 2023 2024 Town of Vail, Colorado Dispatch Services Fund - Enterprise Fund Schedule of Revenues, Expenses, and Changes in Net Position Budget (Non-GAAP Basis) and Actual with Reconciliation to GAAP Basis For the Year Ended December 31, 2024 The accompanying notes are an integral part of these financial statements. F4 87 2023 Final Budget Variance Original Final Positive Budget Budget Actual (Negative) Actual Operating Revenues: Rents 1,721,300 1,721,300 1,827,762 106,462 463,945 Other 124,230 270,230 161,953 (108,277) 79,081 Total Operating Revenues 1,845,530 1,991,530 1,989,715 (1,815) 543,026 Operating Expenses: Operating expenses 567,994 776,013 668,599 107,414 294,820 Capital outlay 51,639 51,639 - 51,639 16,845,019 Total Operating Expenses 619,633 827,652 668,599 159,053 17,139,839 Operating Income (Loss)1,225,897 1,163,878 1,321,116 157,238 (16,596,813) Non-operating Revenues (Expenses): Intergovernmental grants 500 500 - (500) 1,365,835 Interest on investments 500 500 6,031 5,531 197,916 Interest expense (783,788) (783,788) (681,663) 102,125 (698,330) Capital contributions - - - - 1,950,000 Bond principal payments - - (450,000) (450,000) (435,000) Financing fees (3,000) (3,000) (3,500) (500) (3,500) Total Non-operating Revenue (Expenses)(785,788) (785,788) (1,129,132) (343,344) 2,376,921 Income (Loss) before Transfes - Budget Basis 440,109 378,090 191,984 (186,106) (14,219,892) Transfers in - - - - 5,093,769 Change in Net Position - Budget Basis 440,109 378,090 191,984 (186,106) (9,126,123) Reconciliation to GAAP Basis: Adjustments: Bond principal payments 450,000 435,000 Capitalized assets - 16,845,019 Depreciation (852,003) (248,501) Total Adjustments (402,003) 17,031,518 Change in Net Position - GAAP Basis (210,019) 7,905,395 2024 Town of Vail, Colorado Residences at Main Vail Fund - Enterprise Fund Schedule of Revenues, Expenses, and Changes in Net Position Budget (Non-GAAP Basis) and Actual with Reconciliation to GAAP Basis For the Year Ended December 31, 2024 With Comparative Actual Amounts For the Year Ended December 31, 2023 The accompanying notes are an integral part of these financial statements. F5 88 2023 Final Budget Variance Original Final Positive Budget Budget Actual (Negative) Actual Operating Revenues: Charges and Fees: Operating charges 3,395,928 3,395,928 2,979,408 (416,520) 2,863,212 Replacement charges 1,237,015 1,243,890 1,377,065 133,175 1,236,178 Total - Charges and Fees 4,632,943 4,639,818 4,356,473 (283,345) 4,099,390 Insurance reimbursements 5,000 55,409 50,410 (4,999) 89,754 Other 20,000 20,000 3,941 (16,059) - Total Operating Revenues 4,657,943 4,715,227 4,410,824 (304,403) 4,189,144 Operating Expenses: Public Works: Vehicle maintenance and fuel 3,609,871 3,683,371 3,207,019 476,352 3,198,779 Capital outlay 1,501,976 2,729,522 1,828,533 900,989 1,643,111 Total Operating Expenses 5,111,847 6,412,893 5,035,552 1,377,341 4,841,890 Operating Income (Loss) - Budget Basis (453,904) (1,697,666) (624,728) 1,072,938 (652,746) Non-operating Revenues: Intergovernmental revenues - 20,000 23,342 3,342 24,718 Interest on investments 1,500 76,500 84,353 7,853 102,033 Proceeds from sale of assets 196,227 196,227 358,971 162,744 217,443 Total Non-operating Revenues 197,727 292,727 466,666 173,939 344,194 Income (Loss) before Transfes - Budget Basis (256,177) (1,404,939) (158,062) 1,246,877 (308,552) Transfers in - - - - 59,652 Change in Net Position - Budget Basis (256,177) (1,404,939) (158,062) 1,246,877 (248,900) Reconciliation to GAAP Basis: Adjustments: Contribution from Capital Projects Fund 319,729 498,271 Change in accrued compensated absences (81,522) (1,847) Capitalized assets 1,828,533 1,643,111 Net book value of disposed assets (206,830) (62,232) Depreciation (1,198,120) (1,024,535) Total Adjustments 661,790 1,052,768 Change in Net Position - GAAP Basis 503,728 803,868 With Comparative Actual Amounts For the Year Ended December 31, 2023 2024 Town of Vail, Colorado Heavy Equipment Fund - Internal Service Fund Schedule of Revenues, Expenses, and Changes in Net Position Budget (Non-GAAP Basis) and Actual with Reconciliation to GAAP Basis For the Year Ended December 31, 2024 The accompanying notes are an integral part of these financial statements. F6 89 2023 Final Budget Variance Original Final Positive Budget Budget Actual (Negative) Actual Operating Revenues: Charges and Fees: Insurance premiums - Employer contributions 4,398,910 4,398,910 3,999,998 (398,912) 4,799,723 Insurance premiums - Employee contributions 941,864 941,864 904,326 (37,538) 934,460 Insurer proceeds 500,000 500,000 685,571 185,571 - Other - - 28,992 28,992 - Total Operating Revenues 5,840,774 5,840,774 5,618,887 (221,887) 5,734,183 Operating Expenses: General Government: Operations: Administrative fees 110,000 110,000 96,198 13,802 61,128 Health claims and premiums: Health claims 5,202,407 5,202,407 4,438,346 764,061 4,389,906 Premiums 901,760 901,760 1,156,723 (254,963) 1,584,181 6,104,167 6,104,167 5,595,069 509,098 5,974,087 Total Operating Expenses 6,214,167 6,214,167 5,691,267 522,900 6,035,215 Operating Income (Loss)(373,393) (373,393) (72,380) 301,013 (301,032) Non-operating Revenues: Interest on investments 75,000 225,000 254,922 29,922 272,194 Change in Net Position (298,393) (148,393) 182,542 330,935 (28,838) With Comparative Actual Amounts For the Year Ended December 31, 2023 2024 Town of Vail, Colorado Health Insurance Fund - Internal Service Fund Schedule of Revenues, Expenses, and Changes in Net Position Budget (GAAP Basis) and Actual For the Year Ended December 31, 2024 The accompanying notes are an integral part of these financial statements. F7 90 91 Heavy Health Equipment Insurance Fund Fund Total Operating Revenues: Charges for services - Internal 4,356,473 3,999,998 8,356,471 Charges for services - External - 904,326 904,326 Insurance reimbursements 50,410 685,571 735,981 Other 3,941 28,992 32,933 Total Operating Revenues 4,410,824 5,618,887 10,029,711 Operating Expenses: Operations 3,288,541 96,198 3,384,739 Health claims and premiums -5,595,069 5,595,069 Depreciation 1,198,120 - 1,198,120 Total Operating Expenses 4,486,661 5,691,267 10,177,928 Operating Income (Loss)(75,837) (72,380) (148,217) Non-operating Revenues (Expenses): Intergovernmental revenues 23,342 - 23,342 Gain (loss) on disposal of assets 152,141 - 152,141 Investment income 84,353 254,922 339,275 Total Non-operating Revenues (Expenses) 259,836 254,922 514,758 Income (Loss) Before Transfers and Capital Contributions 183,999 182,542 366,541 Capital contributions, net 319,729 - 319,729 Change in Net Position 503,728 182,542 686,270 Net Position - January 1 (restated)9,180,056 5,074,527 14,254,583 Net Position - December 31 9,683,784 5,257,069 14,940,853 Town of Vail, Colorado Internal Service Funds Combining Statement of Revenues, Expenses and Changes in Fund Net Position For the Year Ended December 31, 2024 The accompanying notes are an integral part of these financial statements. F9 92 93 2023 Variance Project Final Positive Number Project Name Budget Actual (Negative) Actual CBI021 Donovan Park Pavilion 50,000 - 50,000 - CBI026 Welcome Center Maintenance 121,778 - 121,778 254,222 CBI027 Public Works Remodel 114,543 96,485 18,058 60,494 CBI028 Building Energy Enhacements 50,000 - 50,000 - CEP001 Fire Truck Purchase - - - 543,853 CEP002 Hybrid Bus Battery Replacement 165,000 - 165,000 - CEP004 Replace Buses 7,850,000 5,710,950 2,139,050 1,866 CEP005 Computer Hardware 75,000 74,146 854 71,626 CEP007 Phone System Upgrade - - - 58,016 CEP008 Parking Entry System 327,191 93,979 233,212 199,889 CEP010 Network Upgrades 150,000 81,424 68,576 60,068 CEP018 Web Page / E Commerce 70,000 67,955 2,045 62,744 CEP022 Audio Visual 180,000 156,391 23,609 183,891 CEP026 Fire Equipment 5,296 5,295 1 27,732 CEP030 Vehicle Expansion 326,815 340,127 (13,312) 285,447 CEP031 Software Licensing 865,000 816,031 48,969 734,771 CEP033 Data Centers 1,900,000 1,867,070 32,930 159,197 CEP036 Business Systems 90,000 89,034 966 - CEP038 Police Equipment 229,204 228,604 600 394,336 CEP044 Bus Wash Equipment 650,000 588,270 61,730 - CEP048 Electric Bus Station/Infrastructure 993,783 724,992 268,791 3,237 CEP050 Public Safety IT Equipment 40,000 31,179 8,821 27,174 CEP051 Loading and Delivery Equipment 126,815 124,885 1,930 171,185 CEP052 Electric Bus Signage 15,025 - 15,025 150,245 CEP053 CyberSecurity 125,000 101,371 23,629 120,238 CEP054 Electric Vehicle Pilot Program 78,615 66,500 12,115 48,885 CEP055 Forcible Entry Training Prop - - - 18,000 CEP056 Kringle Crossing Holiday Village 73,007 74,659 (1,652) 88,028 CEP057 Terradyne Public Safety Vehicle 145,000 145,000 - - CEP058 Ladder Truck Purchase 1,704,059 1,634,297 69,762 - CEP059 Type 3 Truck Purchase 19,250 19,727 (477) - CEP061 Parking Entry System Capital Maintenance 77,146 22,145 55,001 - CHP002 TOV Employee Rental Units 5,224,136 3,389,931 1,834,205 3,557,822 CHP003 TOV Employee Rental Unit Maint 280,000 227,369 52,631 271,235 CMP007 Traffic Impact Fee and Transportation Master Updates 33,943 26,490 7,453 224,161 CMT003 Bus Shelter Replacement 232,583 226,218 6,365 55,906 CMT004 Capital Street Maintenance 1,640,000 1,552,187 87,813 1,331,669 CMT005 Facility Capital 2,355,187 1,960,095 395,092 677,911 CMT007 Parking Structure Maintenance 940,000 225,977 714,023 557,945 CMT009 Energy Enhancements 114,130 51,258 62,872 109,282 CMT010 Underground Utilities 4,187,838 6,280 4,181,558 12,162 CMT017 Slifer Plaza/Fountain/Storm Sewer 70,714 - 70,714 - CMT018 Public Works Shop Building Maintenance 180,000 - 180,000 - CMT022 Seibert Fountain 27,082 - 27,082 - CMT023 Snowmelt Boilers 2,151,634 66,040 2,085,594 478,366 CMT026 Bus Barn Sprinkler Upgrades 600,000 - 600,000 - CMT027 Vail Mobility Hub Expansion 1,500,000 - 1,500,000 - CMT028 Geothermal Energy System 400,000 5,104 394,896 - COT002 Street Light Improvement Pgm 440,000 - 440,000 - COT004 Fiber Optic Connection 795,626 75,677 719,949 357,923 COT015 Red Sandstone Parking Garage 70,000 - 70,000 - COT021 Broadband (THOR) 110,000 107,658 2,342 106,399 COT031 Civic Area Redevelopment (Dobson) 3,896,275 2,153,744 1,742,531 1,160,725 COT032 Children's Garden of Learning Relocation 32,248 - 32,248 49,917 COT034 West Vail and Town Center Roundabout Lighting Upgrade 1,236,697 747,758 488,939 713,303 COT035 Vail, Lionshead Village, and Ford Park Bollards 483,536 93,789 389,747 121,464 COT036 Timber Ridge Transit Stop 1,908,277 - 1,908,277 - CSC010 Way Finding / Variable Message Signs 8,146 1,215 6,931 143,491 CSC012 Village Streetscape 2,933,961 330,948 2,603,013 - CSC016 Guest Service Enhancements 751,270 55,813 695,457 - CSC017 Pedestrian Safety Enhancements 366,213 - 366,213 - CSR007 Neighborhood Road Reconstruction 1,588,809 35,115 1,553,694 26,896 CSR008 Neighborhood Bridges 1,085,599 677,562 408,037 407,600 CSR009 Frontage Road Enhancements (Vail Valley Medical Center) 235,317 - 235,317 14,673 VRA022 Lionshead Streetscape & Snowmelt Replace 250,000 70,901 179,099 496,614 Total 52,746,748 25,247,645 27,499,103 14,611,918 2024 Capital Projects Fund Town of Vail, Colorado Schedule of Project Expenditures - Budget (GAAP Basis) and Actual For the Year Ended December 31, 2024 With Comparative Actual Amounts For the Year Ended December 31, 2023 The accompanying notes are an integral part of these financial statements. F11 94 2023 Variance Project Final Positive Number Project Name Budget Actual (Negative) Actual RFP005 Alpine Gardens Pledge - - - 76,888 RFP009 Ford Park Playground Improvements 497,804 70,277 427,527 13,557 RFP019 Ford Park Landscape Enhacement 5,946 - 5,946 - RFP020 Ford Park Master Plan - - - 168,483 RFP022 Ford Park Betty Ford Way Pavers 50,000 - 50,000 53,727 RFP023 Ford Park Lighting Control System - - - 132,111 RFP024 Ford Park Synthetic Turf Replacement 472,000 - 472,000 - RFP025 Ford Park Master Plan Capital Design 200,000 91 199,909 - RMG012 Gore Creek Signage 222,165 199,078 23,087 119,985 RMG013 Gore Creek Promenade Rehabilitation 368,897 40,437 328,460 - RMT001 Recreation Path Maintenance 175,000 25,645 149,355 89,098 RMT002 Tree Maintenance 145,000 138,606 6,394 38,381 RMT005 Street Furniture 107,000 19,656 87,344 4,987 RMT006 Eagle River Watershed Council - - - 42,000 RMT009 Park Capital Maintenance 219,000 158,205 60,795 94,137 RMT016 Tennis Center Improvements 150,854 - 150,854 34,531 RMT018 Dobson Ice Arena 643,731 15,397 628,334 19,339 RMT019 Gymnastics Center 711,494 350,436 361,058 71,946 RMT021 Golf Clubhouse 12,484 23,393 (10,909) 71,114 RMT022 Golf Rec Enhancement Account 539,321 - 539,321 - RMT024 Athletic Fields 116,547 42,057 74,490 132,041 RMT025 Nature Center 383,522 - 383,522 - RMT027 Golf Course - Other Improvements 432,069 - 432,069 15,056 RMT028 Dowd Junction Repairs (Flood Repairs) 817,663 363,869 453,794 482,463 RMT030 East Vail Interchange Improvements 204,543 - 204,543 4,900 RMT035 Nature Center Capital Maint 8,064 1,379 6,685 - RMT036 Recreation Facility Maint 22,000 - 22,000 - RMT039 Fire Free Five- TOV Buildings 80,000 49,644 30,356 105,321 RMT040 Recycling Center Capital Maintenance 16,500 16,406 94 - RMT041 Slifer Fountain Feature Repair 75,000 - 75,000 - RMT042 Middle Creek Restoration 75,000 - 75,000 - RMT044 Sole Power App Development 50,000 42,000 8,000 - RPA002 Booth Heights Open Space Acquisition 18,821,514 18,842,091 (20,577) - RPI010 Water Quality Infrastructure 195,007 - 195,007 604,993 RPI011 Streambank Restoration 35,000 2,500 32,500 39,297 RPI013 Stephans Park Safety Improvements 19,904 13,250 6,654 10,096 RPI015 Turf Grass Reduction 150,000 64,164 85,836 193,995 RPI018 Kindel Park/Mill Creek Streamtract Improvements - - - 12,730 RPI020 Donovan Park Improvements 20,000 - 20,000 65,658 RPI022 Athletic Field Restroom/Storage Building 1,000,000 - 1,000,000 - RPI023 Trailhead Port-a-let Enclosures 53,130 12,630 40,500 29,870 RPI024 Children's Fountain Water Quality Improvements - - - 16,503 RPI025 Kindel Park/Mill Creek Riparian Planting, Pedestrian Circulation - - - 22,002 RPI026 Golden Peak Pickelball Sound Barriers 1,498 - 1,498 - RPI027 Pirateship Park Safety Improvements 300,000 221,138 78,862 1,935 RPI028 Gore Creek Promenade Steps 40,000 - 40,000 - RPT022 Adopt-a-Trail - - - 17,500 RPT028 Booth Lake Trailhead Parking Restroom 2,500 - 2,500 175,921 RPT029 Bike Safety 10,000 609 9,391 10,503 RPT030 Bike Path Signage 46,081 - 46,081 1,935 RPT031 Pedestrian Bridge Projects 882,988 189,620 693,368 163 RPT032 Recreation Path Safety Improvements 75,000 43,338 31,662 - RRT001 Public Art 173,167 62,600 110,567 12,000 RRT006 Public Art - Winterfest 79,383 35,416 43,967 40,502 RRT007 Public Art - Pete Seibert Memorial 11,692 500 11,192 500 RRT009 Public Art- Art Space 1,420,375 479,961 940,414 102,673 RRT011 Pepi's Memorial - - - 85,110 RRT012 Artist in Residency Capital Acquisitions 20,000 - 20,000 - RSS007 Village Landscape Enhacements 25,000 - 25,000 31,036 RSS008 E-Bike Share Infrastructure 14,711 - 14,711 39,287 Total 30,198,554 21,524,393 8,674,161 3,284,274 2024 Town of Vail, Colorado Capital Projects Funds Real Estate Transfer Tax Fund Schedule of Project Expenditures - Budget (GAAP Basis) and Actual For the Year Ended December 31, 2024 With Comparative Actual Amounts For the Year Ended December 31, 2023 The accompanying notes are an integral part of these financial statements. F12 95 2023 Variance Project Final Positive Number Project Name Budget Actual (Negative) Actual CHF001 Buy-Down Housing 1,650,904 - 1,650,904 - CHF003 Vail InDEED 3,019,645 134,000 2,885,645 532,000 CHF009 Colorado Department of Transportation East Vail Parcel 2,650,000 3,644 2,646,356 69,339 CHF010 Residences at Main Vail Developer Opportunity Fee 50,000 - 50,000 1,950,000 CHF022 Timber Ridge Redevelopment (Western Half) 80,920 - 80,920 114,080 CHF023 West Middle Creek Development 3,942,046 3,084,127 857,919 507,953 CHF024 Pitkin Creek Park 14A 5,816 - 5,816 - CHF027 Colorado Department of Transportation Eagle-Vail Parcel 50,000 - 50,000 - CHF028 Pitkin Creek Unit #3B 785,814 - 785,814 - CHF029 West Middle Creek CDOT Parcel Acquisition 3,270,000 2,630,735 639,265 - CHF030 East Vail Parcel Development 400,000 180 399,820 - CHF031 East Vail Carnie Parcel Acquisition 17,900 - 17,900 - Total 15,923,045 5,852,686 10,070,359 3,173,372 2024 Town of Vail, Colorado Housing Fund Schedule of Project Expenditures - Budget (GAAP Basis) and Actual For the Year Ended December 31, 2024 With Comparative Actual Amounts For the Year Ended December 31, 2023 The accompanying notes are an integral part of these financial statements. F13 96 97 Financial Planning 02/01 The public report burden for this information collection is estimated to average 380 hours annually. Form # 350-050-36 City or County: Vail YEAR ENDING : December 2024 This Information From The Records Of Town of Vail: Prepared By: Carlie Smith Phone: 970-479-2119 A. Local B. Local C. Receipts from D. Receipts from Motor-Fuel Motor-Vehicle State Highway- Federal Highway Taxes Taxes User Taxes Administration 1. Total receipts available 2. Minus amount used for collection expenses 3. Minus amount used for nonhighway purposes 4. Minus amount used for mass transit 5. Remainder used for highway purposes AMOUNT AMOUNT A. Receipts from local sources: A. Local highway disbursements: 1. Local highway-user taxes 1. Capital outlay (from page 2) 1,247,815 a. Motor Fuel (from Item I.A.5.) 2. Maintenance: 2,869,604 b. Motor Vehicle (from Item I.B.5.) 3. Road and street services: c. Total (a.+b.) a. Traffic control operations 228,830 2. General fund appropriations 6,970,254 b. Snow and ice removal 1,824,960 3. Other local imposts (from page 2) 1,490,863 c. Other 4. Miscellaneous local receipts (from page 2) - d. Total (a. through c.) 2,053,790 5. Transfers from toll facilities 4. General administration & miscellaneous 452,354 6. Proceeds of sale of bonds and notes: 5. Highway law enforcement and safety 2,263,454 a. Bonds - Original Issues 6. Total (1 through 5) 8,887,017 b. Bonds - Refunding Issues B. Debt service on local obligations: c. Notes 1. Bonds: d. Total (a. + b. + c.) - a. Interest 7. Total (1 through 6) 8,461,117 b. Redemption B. Private Contributions 138,645 c. Total (a. + b.) - C. Receipts from State government 2. Notes: (from page 2) 287,255 a. Interest D. Receipts from Federal Government b. Redemption (from page 2) - c. Total (a. + b.) - E. Total receipts (A.7 + B + C + D)8,887,017 3. Total (1.c + 2.c) - C. Payments to State for highways D. Payments to toll facilities E. Total disbursements (A.6 + B.3 + C + D)8,887,017 Opening Debt Amount Issued Redemptions Closing Debt A. Bonds (Total)- 1. Bonds (Refunding Portion) B. Notes (Total)- A. Beginning Balance B. Total Receipts C. Total Disbursements D. Ending Balance E. Reconciliation - 8,887,017 8,887,017 - - Notes and Comments: FORM FHWA-536 (Rev. 1-05) PREVIOUS EDITIONS OBSOLETE (Next Page) 1 ITEM ITEM (Show all entries at par) V. LOCAL ROAD AND STREET FUND BALANCE LOCAL HIGHWAY FINANCE REPORT I. DISPOSITION OF HIGHWAY-USER REVENUES AVAILABLE FOR LOCAL GOVERNMENT EXPENDITURE ITEM II. RECEIPTS FOR ROAD AND STREET PURPOSES III. DISBURSEMENTS FOR ROAD AND STREET PURPOSES F14 98 STATE: Colorado YEAR ENDING (mm/yy): December 2024 AMOUNT AMOUNT A.3. Other local imposts: A.4. Miscellaneous local receipts: a. Property Taxes and Assessments a. Interest on investments b. Other local imposts: b. Traffic Fines & Penalities 1. Sales Taxes c. Parking Garage Fees 2. Infrastructure & Impact Fees d. Parking Meter Fees 3. Liens e. Sale of Surplus Property 4. Licenses f. Charges for Services 5. Specific Ownership &/or Other 1,490,863 g. Other Misc. Receipts 6. Total (1. through 5.) 1,490,863 h. Other c. Total (a. + b.) 1,490,863 i. Total (a. through h.) - (Carry forward to page 1) (Carry forward to page 1) AMOUNT AMOUNT C. Receipts from State Government D. Receipts from Federal Government 1. Highway-user taxes 261,812 1. FHWA (from Item I.D.5.) 2. State general funds 2. Other Federal agencies: 3. Other State funds: a. Forest Service a. State bond proceeds b. FEMA b. Project Match c. HUD c. Motor Vehicle Registrations 25,443 d. Federal Transit Admin d. Other (Specify)- e. U.S. Corps of Engineers e. Other (Specify) f. Other Federal f. Total (a. through e.) 25,443 g. Total (a. through f.) - 4. Total (1. + 2. + 3.f) 287,255 3. Total (1. + 2.g) (Carry forward to page 1) ON NATIONAL OFF NATIONAL HIGHWAY HIGHWAY TOTAL SYSTEM SYSTEM (a) (b) (c) A.1. Capital outlay: a. Right-Of-Way Costs - - b. Engineering Costs 47,929 47,929 c. Construction: (1). New Facilities - (2). Capacity Improvements - (3). System Preservation 1,199,886 1,199,886 (5). Total Construction (1) + (2) + (3) + (4) - 1,199,886 1,199,886 d. Total Capital Outlay (Lines 1.a. + 1.b. + 1.c.5) - 1,247,815 1,247,815 (Carry forward to page 1) Notes and Comments: FORM FHWA-536 (Rev.1-05) PREVIOUS EDITIONS OBSOLETE 2 III. DISBURSEMENTS FOR ROAD AND STREET PURPOSES - DETAI L LOCAL HIGHWAY FINANCE REPORT II. RECEIPTS FOR ROAD AND STREET PURPOSES - DETAIL ITEM ITEM ITEM ITEM F15 99 100 2020 2021 2022 2023 2024 Pledged Revenues 6,236,307 6,055,710 5,613,818 4,820,528 7,135,976 Valuation Valuation Total Assessed Percent Allocable Allocable Levy Year Collection Year Valuation Change to Base to Increment 2019 2020 252,718,220 -0.2% 134,124,120 118,594,100 2020 2021 231,261,240 -8.5% 134,124,120 97,137,120 2021 2022 226,791,680 -1.9% 122,738,940 104,052,740 2022 2023 298,805,890 31.8% 120,349,530 178,456,360 2023 2024 292,577,650 -2.1% 156,253,010 136,324,640 Tax Areas 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 202 50.751 51.434 51.389 47.562 47.298 203 49.542 50.199 50.265 46.707 46.444 204 56.436 57.241 59.284 52.584 53.403 206 50.751 51.434 51.389 47.562 47.298 207 85.751 86.434 86.389 70.562 70.298 208 72.626 73.309 73.264 62.359 62.095 216 - - - - - 225 - - - - - TABLE II Vail Reinvestment Authority History of Assessed Valuations TABLE III Mill Levies Affecting Property Owners within the Vail Reinvestment Authority Plan Area Vail Reinvestment Authority History of Pledged Revenues Town of Vail, Colorado Issuer's Annual Report Tables I - III December 31, 2024 TABLE I G1 101 2024 Preliminary Percentage of Assessed Total Assessed Taxpayer Name Valuation Valuation Diamondrock LLC 24,633,280 8.4% Arrrabelle at Vail Square LLC 20,219,130 6.9% Ritz-Carlton Development Co. Inc. 14,235,010 4.9% Lion Vail LLC 7,529,450 2.6% Vail Corp 5,784,360 2.0% A Belle Vail Co LLC 4,285,210 1.5% Lazier Lionshead LLC 3,335,710 1.1% Vail Marriott Resort & Spa 2,795,870 1.0% Telemark Ventures LLC 2,429,480 0.8% Blue Ice 21 LLC 2,424,870 0.8% Vail Landmark LLC 2,054,480 0.7% Total 292,609,530 Total Percentage of Assessed Total Assessed Class Valuation Valuation Residential 211,286,130 72% Commercial 77,856,920 27% Vacant 1,692,470 1% State assessed 1,086,040 0% Multifamily 687,970 0% Total 292,609,530 100% TABLE V 2024 Preliminary Assessed Valuation of Classes of Property in the Authority Town of Vail, Colorado Issuer's Annual Report Tables IV and V December 31, 2024 TABLE IV Largest Taxpayers in the Authority G2 102 2020 2021 2022 2023 2024 Revenues: Other: Property tax 6,851,562 6,789,616 6,296,288 6,177,288 7,113,319 Interest on investments 21,328 31,824 11,585 434,719 612,766 Interest subsidy (Build America Bonds) 100,098 - - - (44,219) Abatement (1,564,069) - Shared costs/project reimbursements - - - 469,525 - Total Revenues 6,972,988 6,821,440 6,307,873 5,517,464 7,681,866 Expenditures: Economic Development: Administration 121,842 120,007 111,613 108,976 131,011 Fiscal agent fees 1,720 - - - - Treasurer's fees 205,547 203,691 188,891 185,306 216,072 Professional fees 1,353 - 215 - 270 Vail Square Metro District 736,681 765,730 694,055 696,936 545,890 Total Economic Development:1,067,143 1,089,428 994,774 991,217 893,244 Debt Service: Principal 7,715,000 618,000 612,000 620,000 626,000 Interest 327,914 72,316 64,168 58,307 50,004 Total Debt Service:8,042,914 690,316 676,168 678,307 676,004 Total Expenditures 9,110,057 1,779,744 1,670,942 1,669,524 1,569,247 Excess (Deficiency) of Revenues Over Expenditures (2,137,069) 5,041,696 4,636,931 3,847,939 6,112,619 Other Financing Sources (Uses): Debt proceeds 6,386,000 - - - - Issuance costs (105,360) - - - - Transfers out (1,809,400) (7,410,723) (2,291,996) (1,856,724) (2,425,271) Total Other Financing Sources (Uses)4,471,240 (7,410,723) (2,291,996) (1,856,724) (2,425,271) Net Change in Fund Balance 2,334,171 (2,369,027) 2,344,935 1,991,215 3,687,348 Fund Balance - January 1 2,582,892 4,917,063 2,548,036 4,892,971 6,884,186 Fund Balance - December 31 4,917,063 2,548,036 4,892,971 6,884,186 10,571,535 Vail Reinvestment Authority Town of Vail, Colorado Issuer's Annual Report Table VI December 31, 2024 TABLE VI History of Revenues, Expenditures and Changes in Fund Balance G3 103 2024 2024 2025 Budget Actual Budget Revenues: Other: Property tax 7,774,000 7,113,319 7,140,550 Interest on investments 5,000 612,766 50,000 Abatement - (44,219) - Total Revenues 7,779,000 7,681,866 7,190,550 Expenditures: Economic Development: Administration 137,000 131,011 131,511 Treasurer's fees 233,220 216,072 214,217 Professional fees 10,000 270 10,000 Vail Square Metro District 896,280 545,890 548,050 Total Economic Development:1,276,500 893,244 903,778 Debt Service: Principal 626,000 626,000 4,497,028 Interest 50,254 50,004 815,268 Total Debt Service:676,254 676,004 5,312,296 Total Expenditures 1,952,754 1,569,247 6,216,074 Excess (Deficiency) of Revenues over Expenditures 5,826,246 6,112,619 974,476 Other Financing Sources (Uses): Debt proceeds - 24,730,000 Issuance costs - - (80,000) Transfers out (4,613,840) (2,425,271) (29,091,633) Total Other Financing Sources (Uses)(4,613,840) (2,425,271) (4,441,633) Net Change in Fund Balance 1,212,406 3,687,348 (3,467,157) Fund Balance - January 1 6,884,186 6,884,186 10,571,535 Fund Balance - December 31 8,096,592 10,571,535 7,104,378 Outstanding Issue Principal Vail Reinvestment Authority Tax Increment Revenue Refunding Loan, Series 2020 3,910,000 Total 3,910,000 Vail Reinvestment Authority TABLE VIII Outstanding Revenue Obligations Town of Vail, Colorado Issuer's Annual Report Tables VII and VIII December 31, 2024 TABLE VII 2024 Budget Summary and Actual Comparison / 2025 Budget G4 104 105 McMahan and Associates, l.l.c. Certified Public Accountants and Consultants Web Site: www.McMahanCPA.com Main Office: (970) 845-8800 Member: American Institute of Certified Public Accountants Denver, Colorado Avon, Colorado Florence, Alabama H1 M & A INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS To the Mayor and Members of Town Council Town of Vail, Colorado We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Town of Vail, Colorado (the “Town”) as of and for the year ended December 31, 2024, and the related notes to the financial statements, which collectively comprise the Town’s basic financial statements and have issued our report thereon dated June 11, 2025. Internal Control Over Financial Reporting In planning and performing our audit on the financial statements, we considered the Town’s internal control over financial reporting to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Town’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Town’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the Town’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that were not identified. 106 INDEPENDENT AUDITOR'S REPORT To the Mayor and Members of Town Council Town of Vail, Colorado H2 Compliance and Other Matters As part of obtaining reasonable assurance about whether the Town’s financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Town’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Town’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. McMahan and Associates, L.L.C. Avon, Colorado June 11, 2025 107 McMahan and Associates, l.l.c. Certified Public Accountants and Consultants Web Site: www.McMahanCPA.com Main Office: (970) 845-8800 Member: American Institute of Certified Public Accountants Denver, Colorado Avon, Colorado Florence, Alabama H3 M & A INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE To the Mayor and Members of Town Council Town of Vail, Colorado Opinion on Each Major Federal Program We have audited the compliance of the Town of Vail, Colorado (the “Town”) with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of the Town’s major federal programs for the year ended December 31, 2024. The Town’s major federal programs are identified in the Summary of Auditor’s Results section of the accompanying Schedule of Findings and Questioned Costs. In our opinion, the Town complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended December 31, 2024. Basis for Opinion on Each Major Federal Program We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (“U.S. GAAS”); the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and the audit requirements of Title 2, U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditor’s Responsibilities for the Audit of Compliance section of our report. We are required to be independent of the Town and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal program. Our audit does not provide a legal determination of the Town’s compliance with the compliance requirements referred to above. Responsibilities of Management for Compliance Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the Town’s federal programs. 108 INDEPENDENT AUDITOR’S REPORT To the Mayor and Members of Town Council Town of Vail, Colorado H4 Auditor’s Responsibilities for the Audit of Compliance Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the Town’s compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with U.S. GAAS, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the Town’s compliance with the requirements of each major federal program as a whole. In performing an audit in accordance with U.S. GAAS, Government Auditing Standards, and the Uniform Guidance, we: Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the Town’s compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. Obtain an understanding of the Town’s internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of the Town’s internal control over compliance. Accordingly, no such opinion is expressed. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit. Report on Internal Control Over Compliance A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program or on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of the internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that were not identified. Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed. 109 INDEPENDENT AUDITOR'S REPORT To the Mayor and Members of Town Council Town of Vail, Colorado H5 The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. McMahan and Associates, L.L.C. Avon, Colorado June 11, 2025 110 111 112 Pass-through Assistance Entity Listing Identifying Federal Program Title Number Number Expenditures Department of Transportation: Passed through Colorado Department of Transportation: CARES Act 5311 A/O Award 20.509 23-HTR-ZL-00074 236,152 Bus and Bus Facilities Grants Program 20.526 24-HTR-ZL-00250 1,831,120 Total - Department of Transportation 2,067,272 Department of Justice: Rural Violent Crime Reduction Initiative for Law Enforcement Agencies 16.039 62,354 Total - Department of Justice 62,354 TOTALS 2,129,626$ Note 1. Basis of Presentation: Note 2. Determining the Value of Non-cash Awards Expended: Note 3. Indirect Facilities and Administration costs The Town had no non-cash awards expended during 2024. The Town does not use the 10% de minimis cost rate allowed in in §200.414, Indirect (F&A) Costs , of the Uniform Guidance. Instead, the Town prepares an annual cost allocation plan to allocate indirect costs. Notes to the Schedule of Expenditures of Federal Awards For the Year Ended December 31, 2024 Town of Vail, Colorado Schedule of Expenditures of Federal Awards For the Year Ended December 31, 2024 The Schedule of Expenditures of Federal Awards includes the federal grant activity of the Town of Vail, Colorado (the "Town") and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the "Uniform Guidance"). Therefore, some amounts presented in this schedule or used in this schedule may differ from amounts presented in or used in the preparation of the Town's general purpose financial statements. H8 113 AGENDA ITEM NO. 5.2 Item Cover Page DATE:June 17, 2025 TIME:25 min. SUBMITTED BY:Pete Wadden, Environmental Sustainability ITEM TYPE:Presentation/Discussion AGENDA SECTION:Presentation/Discussion (3:35pm) SUBJECT:Shoshone Water Rights Discussion (3:50pm) SUGGESTED ACTION:Listen to presentation. PRESENTER(S):Andy Mueller, General Manager, Colorado River District VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Council Memo - Shoshone Water Rights Attachment A. Shoshone Briefing Packet Staff Presentation - Shoshone Water Rights 114 To: Vail Town Council From: Environmental Sustainability Department Date: June 17, 2025 Subject: Shoshone Water Right Preservation Presentation I. Summary The purpose of this presentation is to update the Vail Town Council on the status of the Colorado River District’s ongoing, collaborative effort to obtain and preserve the historic Shoshone Water Right as an in-stream flow. II. Discussion The Shoshone Hydro Plant and associated water rights are owned by the Public Service Company of Colorado, a subsidiary of Xcel Energy. The two water rights associated with the Plant are among the oldest and largest non-consumptive water rights in the Upper Colorado River Basin. As such, these water rights have shaped how water use has been developed and how water is managed in Colorado for over a century. For more than 20 years, the Colorado River District has partnered with other western slope entities to seek a way to permanently preserve the Shoshone flows. The 2013 Colorado River Cooperative Agreement between Denver Water and 15 West Slope entities expressly recognized the importance of and need to protect the Shoshone Flows in the Colorado River for economic, environmental, and recreational interests. The Colorado River District is now on the cusp of making this goal a reality. River District staff will provide a detailed update of where this process stands today. 115 M EMORANDUM 970.945.8522 201 Centennial Street | Suite 200 ColoradoRiverDistrict.org Glenwood Springs, CO 81601 TO: TOWN COUNCIL – TOWN OF VAIL FROM: ANDY MUELLER, GENERAL MANAGER AMY MOYER, CHIEF OF STRATEGY SUBJECT: SHOSHONE WATER RIGHTS PRESERVATION PROJECT DATE: JUNE 10, 2025 I. SHOSHONE PERMANENCY PROJECT SUMMARY The Shoshone Hydro Plant, a unique run of the river hydroelectric power plant, sits alongside the Colorado River in Glenwood Canyon, about eight miles east of Glenwood Springs. Owned by the Public Service Company of Colorado (PSCo), a subsidiary of Xcel Energy, it produces 15 megawatts of electricity, enough power to serve approximately 15,000 customers. The Shoshone Power Plant produces hydroelectric power by means of two of the largest, and most senior non- consumptive water rights in the Upper Colorado River Basin, the 1902 senior Shoshone Water Right in the amount of 1,250 cfs, and the 1929 junior Shoshone Water Right in the amount of 158 cfs. The Shoshone Water Rights enable PSCo to divert water from the Colorado River on a year- round basis to operate the power plant and, because these water rights are by nature non- consumptive, all diverted water is returned to the Colorado River un-depleted downstream of the Shoshone Diversion Dam. The long-standing exercise of the Shoshone Water Rights has led to the creation of a historical flow regime which extends down the Upper Colorado River’s mainstem, providing vital ecosystem, habitat, recreational, agricultural, and economic benefits. For more than 20 years, the Colorado River District and 19 other western Colorado governments and water entities, including Summit, Grand, Eagle, Garfield, and Mesa Counties and many of the municipalities and major water organizations therein, have been working together to find a way to permanently preserve the Shoshone flows. In addition, the 2013 Colorado River Cooperative Agreement between Denver Water and 17 West Slope governments/water user organizations expressly recognizes the importance of – and memorialized the need to provide permanent protection of – the Shoshone flows in the Colorado River. We are now on the cusp of the unprecedented alignment of multiple factors that presents a real opportunity to finalize this long-standing goal. On December 19, 2023, Xcel Energy and the Colorado River District signed a Purchase & Sale Agreement (PSA) to transfer ownership of the 116 Shoshone Water Rights Preservation - Briefing June 10, 2025 Page 2 historic Shoshone water rights to the River District for $99 million. The historic agreement marks a first step towards permanent protection of the historic flows and the resulting economic benefits provided by the Shoshone water rights. Permanent protection of the Shoshone Flows will secure multiple benefits to the Colorado River water users on the West Slope and across the state such as: Ecosystem Benefits and Endangered Species Recovery: Over 380 miles of the Colorado River mainstem experience a benefit when the Shoshone water rights are being administered, preserving aquatic habitat that would otherwise be diminished by the decrease in flows. The Colorado River downstream of Rifle is habitat for four fish listed under the Endangered Species Act, including the 15-Mile Reach, a stretch of critical habitat in the Grand Valley. Preservation of the Shoshone water rights support the recovery of these threatened and endangered fish species by providing well-timed baseflows during important shoulder and late irrigation seasons when the river is prone to higher temperatures and lower flows, as well as during the winter months. All Colorado River water users in the State of Colorado rely upon the benefits of the Shoshone flows as part of the success of the Upper Colorado River Endangered Fish Recovery Program and continued compliance with the Endangered Species Act (ESA), which provides compliance protections for over 1,250 projects in Colorado. Recreation Economy: Shoshone flows benefit Colorado communities both upstream and downstream of the call. Colorado’s robust recreational economy relies heavily on the Colorado River mainstem, with Shoshone flows strengthening the state’s iconic river recreation industry throughout Grand, Summit, Eagle, Garfield, and Mesa counties. River recreation in Colorado contributes $18.8 billion annually to the state’s GDP, with nearly $4 billion coming directly from the Colorado River basin on the Western Slope. As temperatures rise and streams diminish, Shoshone permanency provides security for this economic industry, protecting the recreational fishery and boating that sustain local businesses and attract water-based recreators.    Drinking Water Improvements: Communities large and small along the Colorado River mainstem benefit from the enhanced water quality Shoshone flows provide, diluting salinity and sediment in source drinking water. Without the higher flows of clean and cold headwater-sourced supplies provided by the Shoshone call, a higher concentration of salinity and other water quality constituents creates increased costs for municipal drinking and wastewater treatment. According to Eagle River Water and Sanitation District, lower water levels mean the water is more difficult to treat, with changes in organic material and increased formation of disinfection byproducts. On the wastewater side, higher river temperatures-especially during longer, hotter, and drier falls-stress aquatic life and complicate its ability to meet permit requirements. Maintaining Stream Flow Through Upper Colorado River Wild & Scenic Alternative Management Plan River Sections: The Shoshone water rights command higher flows 117 Shoshone Water Rights Preservation - Briefing June 10, 2025 Page 3 and associated lower water temperatures through key segments with recreational fishing and wildlife habitat identified as Outstandingly Remarkable Values (ORVs) of the Upper Colorado River. The Upper Colorado River Wild & Scenic Stakeholder Group’s Alternative Management Plan lists the Shoshone water right as one of four long-term protection measures for the streamflow influenced ORVs – thus providing a critical role in removing the burdens of a potential federal Wild and Scenic designation on the Colorado River from Kremmling to No Name. Agricultural Benefits: Shoshone flows support Colorado’s $47 billion agricultural economy in several important ways. First, water security for West Slope agriculture is intimately linked to the success of the Upper Colorado River Endangered Fish Recovery Program where cooperative water management allows for continued development and diversion of water resources and power production while maintaining compliance with the Endangered Species Act (ESA). Second, if the Shoshone water rights were not exercised, irrigators would be directly impacted by a foreseeable and likely increase in the frequency and duration of the Cameo Call to supply major irrigation water rights near the City of Grand Junction. The resulting impact would trigger less opportunity for upstream agricultural diversions, a greater frequency of river administration in the month of April, and insufficient replacement supplies for some West Slope augmentation plans. Furthermore, the Shoshone flows create higher water quality for irrigators up and down the mainstem which brings greater agricultural production. Agricultural producers benefit significantly from improved water quality, bringing greater agricultural production to the West Slope. High salinity levels in the Colorado River can negatively impact crop yields and soil health, especially for salt-sensitive cash crops, such as fruits and vegetables. II. PURCHASE AND SALE AGREEMENT The Purchase and Sale Agreement (“PSA”) contemplates the conveyance of the Shoshone Water Rights from the Public Service Company of Colorado (PSCo) to the Colorado River District. As defined in the PSA, the “Shoshone Water Rights” to be acquired by the Colorado River District include both the senior Shoshone Power Plant water right in the amount of 1,250 cfs with an appropriation date of January 7, 1902, and the junior Shoshone Power Plant water right in the amount of 158 cfs with an appropriation date of May 15, 1929. The purchase price for the Shoshone Water Rights is $98,500,000, with an additional $500,000 payment for PSCo’s transaction costs. To close the transaction and authorize the expenditure of public funds for the acquisition of the Shoshone Water Rights, the PSA contains four closing conditions that must be met by December 31, 2027, unless that deadline is extended by mutual agreement. The four closing conditions described in the PSA are as follows: 1. Negotiation of an instream flow agreement with the CWCB. The PSA contemplates that the River District and PSCo will negotiate with the CWCB for an agreement that authorizes the CWCB to use the Shoshone Water Rights for instream purposes when the rights are not being used for hydropower generation. 118 Shoshone Water Rights Preservation - Briefing June 10, 2025 Page 4 2. A change of water right decree. The PSA provides that the parties anticipate being co-applicants with the CWCB in the filing of an application for adjudication of a change of water right decree to allow the Shoshone Water Rights to be used by the CWCB for instream flow purposes in accordance with the terms of the instream flow agreement. 3. Approval by the Colorado Public Utilities Commission. The PSA contemplates that PSCo will petition the Colorado Public Utilities Commission (PUC) to approve the sale of the Shoshone Water Rights and the disposition of proceeds. 4. Secured funding. The PSA requires the River District to secure funding for the negotiated purchase price prior to the commencement of the PUC process. III. STATUS OF FINANCING FOR SHOSHONE ACQUISITION The funding strategy to acquire and permanently protect the Shoshone Water Rights relies on a diverse partnership of local, state, and federal funding sources. An update on financial commitments at each of these levels is included below for your review: State and Local Commitments: The River District has secured more than $17 million from its consortium of local partners, including numerous local governments, municipalities, water entities, and other organizations across the West Slope. This amount is on top of the River District’s $20 million commitment and the State of Colorado’s $20 million which was formally committed on January 29, 2024 and appropriated by the Colorado General Assembly through HB24-1435. Thus, as of today, the Coalition has secured just over $57 million towards the purchase price. These financial commitments are in addition to the over 50 letters of support from a diverse coalition of stakeholders representing 108 perspectives from federal and state governmental entities, municipalities, local governments, major water entities, economic partnerships, NGOs, and other public and private organizations. (See summaries on pages 6-9.) Federal Funding Request: On November 14, 2024, the River District submitted its funding request to the U.S. Bureau of Reclamation, requesting $40 million in furtherance of the Shoshone Water Rights Preservation Project. On January 17, 2025, the Bureau of Reclamation informed River District leadership that the Shoshone Permanency Project had been awarded funding and would move on to the next phase to negotiate terms and conditions of a funding agreement. This news was widely celebrated on Colorado’s Western Slope. Letters of Support Summary The following index includes 58 letters of support from a diverse coalition of stakeholders representing 108 voices from organizations with broad political, cultural, and regional interests statewide. United in advocating for the permanent protection of the Shoshone Water Rights, these letters reflect a rare alliance of federal and state government entities, counties, cities, towns, water 119 Shoshone Water Rights Preservation - Briefing June 10, 2025 Page 5 conservancies, NGOs, and both public and private organizations. Together, they underscore the crucial role of the Shoshone Water Rights in bolstering drought resilience, preserving communities, and sustaining the economic and recreational vitality of the Colorado River. Colorado Governor Jared Polis — “The project is a strong match for the innovative new program recently launched by The Bureau of Reclamation for “Bucket 2 Environmental Drought Mitigation” funding to provide environmental and ecosystem benefits that address issues directly caused by drought. The request for funding, if granted, would serve as the linchpin to a historic agreement for the Colorado River Water Conservation District to purchase the water rights associated with the Shoshone power plant. Not only will this agreement preserve the status quo of water rights administration on the river, but will also benefit water users and the environment at a time of unprecedented drought.” Colorado Congressional Delegation — "The Colorado River District has allocated $20 million, with additional commitments from the State of Colorado and Western Slope partners, reflecting a strong local recognition of the Shoshone Water Rights' importance to the health of western Colorado’s environment and economies." Members of the Colorado General Assembly — “Without the Shoshone water rights, Colorado River flows would be significantly lower (especially in drought years), diminishing over 250 miles of connected ecosystems that rely on the river’s flows to support Gold Medal fisheries and critical The quotes below are examples pulled directly from the following letters of support. They illustrate the wide-ranging support for securing the Shoshone Water Rights for Colorado’s communities, economy, and environment. Figure 1: Shoshone Water Rights Preservation Project Supporters 120 Shoshone Water Rights Preservation - Briefing June 10, 2025 Page 6 habitat for native, threatened, and endangered fish. These water rights are vital to Colorado’s $11.9 billion agricultural and $14.6 billion recreation economies, which support thriving communities and small businesses on both sides of the Continental Divide." National Park Service — “The Colorado River District’s application for Shoshone water rights would provide a clear benefit to the 15-Mile Reach, a stretch of critical habitat in Western Colorado that is heavily impacted by drought and water development, provide well-timed flows during important shoulder seasons when the river is prone to high temperatures and low flows, and preserve the natural baseflow in the river during the winter months.” Colorado Counties, Inc., Western District — “The Western District of Colorado Counties, Inc. (CCI) strongly supports the Colorado River Water Conservation District’s effort to acquire and permanently protect the Shoshone water rights. We are united in our conviction that this effort is crucial for our region’s agricultural operations, recreational economy, and ecological sustainability.” Clifton Water District — “In Clifton, our future is tied to the flows of the Colorado River because the drinking water we depend on comes directly from that river. Sustained, year-round river levels, supported by the Shoshone call, allow for higher water quality and reduce consumer costs by diluting difficult-to-remove pollutants and sediment.” American Rivers — "Prolonged drought caused by climate change has increased risk for communities that depend on the Colorado River in Western Colorado. Reliable river flows are the foundation of robust recreational economies, support healthy ecosystems including federally listed species, and support vibrant family-based agriculture. The Shoshone permanence project reduces risk for people and nature for the benefit not just for the West Slope but for the entire state of Colorado." City of Glenwood Springs — “The City of Glenwood Springs is a West Slope community whose economy and way of life depends on recreation, especially on our rivers. The health of the Colorado River, which flows through the town, is directly tied to the heart of the community, quality of life for residents, and local economy.” Letter of Support Index: 1 Colorado Congressional Delegation 2 Colorado Governor Jared Polis 3 Members of the Colorado General Assembly 4 National Park Service 5 U.S. Fish and Wildlife Service 6 Xcel Energy 7 Grand County 8 Summit County 9 Eagle County 10 Garfield County 121 Shoshone Water Rights Preservation - Briefing June 10, 2025 Page 7 11 Mesa County 12 Ouray County 13 Routt County 14 Western District, Colorado Counties, Inc 15 Grand Valley Water Users Association 16 Orchard Mesa Irrigation District 17 Collbran Water Conservancy 18 Silt Project 19 Water for Colorado 20 American Rivers 21 American Whitewater 22 Blue River Watershed Group 23 Eagle River Coalition 24 Middle Colorado Watershed Council 25 RiversEdge West 26 Roaring Fork Conservancy 27 The Sonoran Institute 28 Western Resources Advocates & The Nature Conservancy 29 Eagle River Water and Sanitation District & Upper Eagle Regional Water Authority 30 Ute Water Conservancy District 31 West Divide Water Conservancy District 32 Clifton Water District 33 Grand Valley Irrigation Company 34 Mesa County Irrigation District 35 Middle Park Water Conservancy District 36 Palisade Irrigation District 37 Tri-County Water 38 City of Grand Junction 39 Town of Breckenridge 40 Town of Silverthorne 41 City of Glenwood Springs 42 City of Rifle 43 Town of New Castle 44 Town of Silt 45 Town of Basalt 46 Southwestern Water Conservation District 47 Basalt Water Conservancy District 48 Associated Governments of Northwest Colorado (AGNC) 49 Business for Water Stewardship 122 Shoshone Water Rights Preservation - Briefing June 10, 2025 Page 8 50 Club 20 51 Colorado Mesa University 52 Colorado River Valley Economic Development Partnership 53 Grand Junction Economic Partnership 54 Grand Valley Power 55 Shoshone Outfitter Partnership 56 Colorado Basin Roundtable 57 Gunnison Basin Roundtable 58 Yampa/White/Green Basin Roundtable * Note: The USFS and the BLM provided a joint report titled “Biological and Recreational Resources Dependent on Colorado River Flows Through Glenwood Canyon, published September 2024. Local Funding Commitments (as of 6/10/2025) State of Colorado $20 million Colorado River District $20 million Garfield County $3 million Eagle County $2 million City of Glenwood Springs $2 million Ute Water Conservancy District $2 million Eagle River Water and Sanitation District and Upper Eagle Regional Water Authority $1 million Grand County $1 million City of Grand Junction $1 million Mesa County $1 million Pitkin County $1 million Summit County $1 million Colorado Mesa University $500,000 Clifton Water District $250,000 Grand Valley Irrigation Company $250,000 Basalt Water Conservancy District $100,000 Grand Valley Power $100,000 Grand Valley Water Users Association $100,000 Middle Park Water Conservancy District $100,000 Town of New Castle $100,000 123 Shoshone Water Rights Preservation - Briefing June 10, 2025 Page 9 Orchard Mesa Irrigation District $100,000 City of Rifle $100,000 Snowmass Water & Sanitation District $100,000 Town of Silverthorne $100,000 Town of Silt $75,000 Mesa County Irrigation District $50,000 Palisade Irrigation District $50,000 West Divide Water Conservancy District $50,000 Kobe Water Authority $25,000 Town of Parachute $25,000 Town of Basalt $10,000 De Beque Plateau Valley Soil Conservation District $5,000 Town of De Beque $1,500 Total: $57.2M 124 A Legacy of Protection for the Colorado River Progress & Next Steps wh y i t m a t t e r s A Historic Opportunity For over a century, the Shoshone Hydroelectric Power Plant in Glenwood Canyon has commanded river flows through two of the oldest and largest non-consumptive water rights on the Upper Colorado River. The Shoshone water rights maintain vital flows that preserve the health of our namesake river, benefiting agriculture, recreation, drinking water, and rural communities that depend on a clean, reliable water supply. TT he Shoshone Water Rights Preservation Coalition has se-he Shoshone Water Rights Preservation Coalition has se- cured a remarkable $57 million in funding commitments cured a remarkable $57 million in funding commitments from state and local sources, demonstrating the project’s broad and enthusiastic support. from state and local sources, demonstrating the project’s broad and enthusiastic support. Additionally, in January 2025, the Bureau of Reclamation announced $40 million to fund the Additionally, in January 2025, the Bureau of Reclamation announced $40 million to fund the purchase of the Shoshone Water Rights, bringing the total funding amount to $97 million.purchase of the Shoshone Water Rights, bringing the total funding amount to $97 million. Join Us in Protecting Colorado’s Water Securing these critical water rights is crucial for ensuring the future of the Colorado River. Learn more about this effort and how you can support it at keepshoshoneflowing.org. In December 2023, the Colorado River District signed an agreement with Xcel Energy subsidiary Public Service Company of Colorado (PSCo) to acquire and permanently protect the Shoshone Water Rights for $99 million. STRENGTHENS COMMUNITIES & ECONOMIES Protects flows and fishing habitats that support Colorado’s $18.8 billion recreation industry and countless small businesses. SUSTAINS RIVER HEALTH Maintains water levels essential for supporting four threatened and endangered fish species and critical aquatic ecosystems. SECURES AGRICULTURE Supports critical irrigation flows for farmers and ranchers, bolstering Colorado’s $47 billion agricultural economy, which includes 90% family-owned farms and ranches. ENHANCES WATER QUALITY Ensures cleaner drinking water for communities by diluting salinity and sediment. 125 Shoshone Water Rights Preservation Project Supporters Counties and Local Governments Archuleta County Delta County Eagle County $ Garfield County $ Gunnison County Grand County $ Hinsdale County La Plata County Mesa County $ Montezuma County Montrose County Ouray County Pitkin County $ Routt County San Miguel County Summit County $ City of Glenwood Springs $ City of Grand Junction $ City of Rifle $ Town of Basalt $ Town of Breckenridge Town of De Beque $ Town of New Castle $ Town of Parachute $ Town of Silt $ Town of Silverthorne $ Water Providers Basalt Water Conservancy District $ Clifton Water District $ Clinton Ditch & Reservoir Company Collbran Water Conservancy De Beque - Plateau Valley Soil Conservation District $ Eagle Park Reservoir Company Eagle River Water and Sanitation District $ Grand Valley Irrigation Company $ Grand Valley Water Users Association $ Kobe Water Authority $ Mesa County Irrigation District $ Middle Park Water Conservancy District $ Orchard Mesa Irrigation District $ Palisade Irrigation District $ Silt Project Snowmass Water & Sanitation District $ Tri-County Water Upper Eagle Regional Water Authority $ Upper Gunnison River Water Conservancy District Ute Water Conservancy District $ West Divide Water Conservancy District $ Elected Officials U.S. Sen. Michael Bennet U.S. Sen. John Hickenlooper U.S. Rep. Joe Neguse (CD-2) U.S. Rep. Jeff Hurd (CD-3) U.S. Rep. Jason Crow (CD-6) U.S. Rep. Brittany Pettersen (CD-7) U.S. Rep. Diana DeGette (CD-1) Governor Jared Polis Sen. Dylan Roberts (SD-8) Speaker Julie McCluskie (HD-13) Elected Officials (cont.) Former Sen. Perry Will (SD-5) Sen. Cleave Simpson (SD-6) Sen. Janice Rich (SD-7) Sen. Janice Marchman (SD-15) Sen. Jeff Bridges (SD-26) Rep. Karen McCormick (HD-11) Rep. Meghan Lukens (HD-26) Rep. Matt Soper (HD-54) Rep. Rick Taggart (HD-55) Rep. Elizabeth Velasco (HD-57) Rep. Marc Catlin (HD-58) Rep. Barbara McLachlan (HD-59) Rep. Matthew Martinez (HD-62) Rep. Mike Lynch (HD-65) Economic and Regional Partnerships Associated Governments of Northwest Colorado Club 20 Colorado Basin Roundtable Colorado Mesa University $ Colorado River Valley Economic Development Partnership Conscience Bay Company Craig Chamber of Commerce Fruita Area Chamber of Commerce Glenwood Springs Chamber Resort Association Grand Junction Economic Partnership Grand Valley Power $ Gunnison Basin Roundtable Gunnison County Chamber of Commerce Grand Junction Chamber of Commerce Marble Distilling Palisade Chamber of Commerce Shoshone Outfitter Partnership Southwestern Water Conservation District Steamboat Springs Chamber The Summit Chamber The Vail Chamber & Business Association Vail Valley Partnership Western States Ranches Xcel Energy Yampa White Green Basin Roundtable Environmental and Recreation Organizations American Rivers American Whitewater Audubon Rockies Blue River Watershed Group Business for Water Stewardship Conservation Colorado Eagle River Coalition Environmental Defense Fund Middle Colorado Watershed Council RiversEdge West Roaring Fork Conservancy The Nature Conservancy The Sonoran Institute Theodore Roosevelt Conservation Partnership Trout Unlimited Western Resource Advocates Colorado River District | Glenwood Springs, CO | www.coloradoriverdistrict.org $ = Financial Contributor 126 2/13/24, 2:06 PM Valley Voices: How the Shoshone Hydropower Plant helps the Eagle River and Gore Creek | VailDaily.com https://www.vaildaily.com/opinion/valley-voices-how-the-shoshone-hydropower-plant-helps-the-eagle-river-and-gore-creek/1/2 Valley Voices: How the Shoshone Hydropower Plant helps the Eagle River and Gore Creek George Gregory and Dick Cleveland Courtesy photo In the Eagle River Valley, we have abundant recreation, beautiful vistas, and a thriving tourism economy — it’s a great place to live and work. Providing reliable drinking water for the people who love living here as much as we do is work we’re passionate about. At Eagle River Water & Sanitation District and Upper Eag le Regional Water Authority, we know that the health of our rivers directly impacts the health of our communities. Our local streams are both the source of our drinking water and the water that sustains aquatic health and recreation. They are the very essence of our headwater community. This is why we are proud to have been working for more than 20 years alongside the Colorado River District and other Western Slope governments to achieve permanency for the water rights tied to power production at the Shoshone Hydropower Plant in Glenwood Canyon. These water rights are special. As the oldest (1902) and largest non-consumptive water rig ht on the mainstem of the Colorado River, when Shoshone “calls,” stretches of the Upper Colorado and the Eag le River carry essential water downstream to meet that historic water right. Because it is non-consumptive, after the water has been used to generate up to 15 megawatts of energy in the hydropower YOUR AD HERE » Opinion F O L L O W O P I N I O N | Jan 25, 2024 Dick Cleveland and George Gregory Valley Voices ✕3 127 2/13/24, 2:06 PM Valley Voices: How the Shoshone Hydropower Plant helps the Eagle River and Gore Creek | VailDaily.com https://www.vaildaily.com/opinion/valley-voices-how-the-shoshone-hydropower-plant-helps-the-eagle-river-and-gore-creek/2/2 turbines, it is returned to the river in full. But ag ing (1919) infrastructure, wildres, and mudslides have all threatened the ability of the historic plant to call for its water. This collaborative effort aims to protect the critical and historic ow regime on the Upper Colorado River system. Many West Slope communities directly depend on the Colorado River system for municipal water sources. More water owing in the rivers results in better, more affordable water treatment for public consumption. W hen ows are diminished, treatment becomes more complex and more expensive, and can affect drinking water quality. Want the news to come to you? Get the top stories in your inbox every morning. Sign up here: VailDaily.com/newsletter The historic purchase and sale agreement signed by the River District and Xcel Energy on Dec. 19, 2023, allows for the sale of the Shoshone water rights to the Colorado River District, which will then work with the state of Colorado to protect Shoshone’s critical instream ows in perpetuity — meaning that the water will stay in the river regardless of the power plant’s future operational status. Permanent protection of the Shoshone water rights ensures the communities in the Eagle River Valley and along the mainstem Colorado River will have safe, reliable drinking water for generations to come, even as we face the impacts of a hotter, drier climate. We encourage anyone invested in Colorado’s water future and a sustainable, thriving Western Slope to learn more about the Shoshone Water Right Preservation Campaign at Keepshoshoneowing.org . Dick Cleveland and George Gregory are the board chairs of Eagle River Water & Sanitation District and Upper Eagle Regional Water Authority. Eagle River Water & Sanitation District provides efcient, effective, and reliable water and wastewater utility services in a manner that respects the natural environment. ERWSD’s water service area is Vail and Wolcott, while the sewer service area is Vail to Wolcott. ERWSD also operates and maintains, by contract, the Upper Eagle Regional Water Authority public water system, which provides water service to Arrowhead, Avon, Bachelor Gulch, Beaver Creek, Berry Creek, Cordillera, EagleVail, and Edwards. ✕3 128 FOR IMMEDIATE RELEASE Friday, January 17, 2025 CONTACT: Lindsay DeFrates, Colorado River District Deputy Director of Public Relations — 970.456.8973 Bureau of Reclamation Announces $40 Million Funding Award for Shoshone Water Rights Preservation Project Recently announced awards from the Inflation Reduction Act include multi-million-dollar investments in drought mitigation for rural communities in Western Colorado. Glenwood Springs, Colorado — Today, the Bureau of Reclamation announced $388.3 million in funding awards including $40 million for the Shoshone Water Rights Preservation project. This investment supports efforts of the Colorado River District, the state of Colorado and a coalition of West Slope governments and water users to secure Western Colorado’s top water priority: the permanent protection of the water rights associated with the Shoshone Power Plant in Glenwood Canyon. These funds, awarded through the Inflation Reduction Act’s Upper Colorado River Basin Environmental Program, known as B2E, are dedicated to projects which will mitigate the impacts of drought and support ecosystems throughout the Colorado River Basin. They were made available to the Department of the Interior thanks to the hard work of Colorado’s federal delegation led by the efforts of Colorado’s senior senator Michael Bennet and build on the more than $56 million raised by state and local organizations. “Securing the Shoshone water rights has been a priority of West Slope water entities and local governments for over eighty years,” said Colorado River District Board President, Kathy Chandler-Henry. “This funding award is a huge step forward in what is a continuing effort, and we are thankful for the leadership shown by the Bureau of Reclamation in bringing these critical funds to West Slope communities.” “The Colorado River is a lifeline for the Western Slope and the thousands of Coloradans who call it home. This support for the Shoshone water rights is a huge step towards ensuring that the river will continue flowing to Western Colorado farmers, ranchers, communities, and businesses,” said Governor Polis. “Permanent protection of the Shoshone water rights is a multi-generational investment in our farms and ranches, and our thriving rural economies," said Senator Marc Catlin (SD-5). "Today's announcement builds upon decades of work by our predecessors to protect the river as we have known it for more than a century." “The importance of securing this water right cannot be overstated. Shoshone’s flows provide crucial water flow that supports agriculture, outdoor recreation and the environment,” said Senator Dylan Roberts (SD- 8). “This investment will pay enormous dividends for today’s water users and future generations of Coloradans.” 129 “When the Colorado River thrives, we all thrive,” said Perry Will, Garfield County Commissioner and former State Representative and Senator representing Western Colorado. “Today’s announcement is welcomed news for not only our rural communities on the Western Slope, but the entire state as well.” "Water is the lifeblood of the Grand Valley and the Western Slope, and we are encouraged to see federal funds supporting the future water security of our communities,” said Bobbie Daniel, Mesa County Commissioner. “Mesa County is proud to have invested $1 million in the Shoshone permanency effort. By safeguarding these water rights, we are sustaining our families, farms, natural habitats, and way of life for generations to come.” “Securing the Shoshone water rights is a vital, multi-generational solution to protect the Colorado River’s communities and ecosystems in a hotter, drier future,” said Matt Rice, Southwest Regional Director for American Rivers. “Investments like this are how we keep water in the river and life thriving along its banks.” "Water has always been essential to our way of life here on the Western Slope,” said Curtis Englehart, Executive Director for the Grand Junction Economic Partnership. “Protecting Shoshone’s flows in perpetuity is a critical investment that paves the way to long-term economic vitality for our communities.” The Bureau’s announcement also included significant awards for 15 other Western Slope water projects totaling almost $95 million which will have long-term, durable benefits to our communities and the Colorado River. The full list of projects is available here on the Bureau's website. These projects, along with Shoshone, are selected to move on to the next phase to execute a funding agreement and complete necessary reviews. The Shoshone water rights, some of the largest and most senior non-consumptive water rights on the Colorado River, are vital to maintaining flows that support a wide range of interests across Western Colorado. In December 2023, the Colorado River District reached a landmark $99 million purchase and sale agreement with Public Service Company of Colorado, a subsidiary of Xcel Energy, to transfer ownership of those water rights. Representing a broad-based coalition, the Colorado River District is working to permanently secure these flows in partnership with the State of Colorado to ensure they remain in the Colorado River. The newly announced federal funds, combined with over $56 million already committed by local and regional partners, including $20 million from the State of Colorado, bring the total amount raised to over $96 million. With strong bipartisan backing and local support, the River District will continue to move forward toward fulfilling the financial obligations of this transformative agreement. ### 130 FOR IMMEDIATE RELEASE Tuesday, May 28, 2024 CONTACT: CRD, Lindsay DeFrates - 970.456.8973 ERWSD: Diane Johnson – 970.477.5457 Upper Eagle River Water Providers Commit a Combined $1 Million towards Shoshone Permanency Eagle River Water & Sanitation District and the Upper Eagle Regional Water Authority Boards’ contribution brings total fundraising efforts to $51.15 million. Vail, Colorado — On May 23, during their respective meetings, the boards of the Eagle River Water & Sanitation District and the Upper Eagle Regional Water Authority supported a joint contribution of $1 million towards the Colorado River District’s purchase of the Shoshone water rights. Combined, these two entities are the second largest water provider on the Western Slope, operating the public water system that serves East Vail through Edwards in the Eagle River Valley. “In 2012, both our organizations, along with Eagle County and Eagle Park Reservoir Company, were the first among 17 West Slope signatories to sign the historic Colorado River Cooperative Agreement, which is foundational to Shoshone permanency,” said UERWA Board Chair George Gregory. “We’re thrilled with the progress of this long-term project.” “This is a permanent investment in the health of our rivers,” said ERWSD Board Chair Dick Cleveland. “Continuing the historic flow regime associated with the Shoshone water rights ensures that our community’s rivers keep flowing and can provide us with water for recreational, environmental, and domestic uses.” Since the signing of the purchase and sale agreement in December, 18 entities on the West Slope have committed $11.15 million to the purchase and permanent protection of the historic Shoshone water rights. Along with the $20 million appropriated by the State of Colorado and the $20 million from the Colorado River District’s Community Funding Partnership, the amount raised is over halfway to the total purchase price of $99 million. "We could not do this without the support of all the organizations that make up the West Slope Coalition,” said Amy Moyer, Director of Strategic Partnerships for the Colorado River District. “This momentum not only highlights the community's commitment to preserving our precious water resources, but also strengthens our collective efforts to ensure a sustainable future for the Colorado River Basin." The broad-based Shoshone Water Right Preservation Coalition will continue to seek funding to fulfill the final $99 million purchase price and additional closing conditions by the end of 2027. 131 At the same time, the Colorado River District continues to negotiate an instream flow agreement in partnership with the state to ensure that the water will continue to flow regardless of the status of power production at the Shoshone Hydroelectric Plant in Glenwood Canyon. These very senior, non-consumptive rights are a cornerstone of West Slope communities, supporting recreational and agricultural economies, municipal water and wastewater providers, and ensuring the continued health of the 15-Mile Reach – a critical stretch of river for the recovery of threatened and endangered fish. A durable solution and multi-generational investment, Shoshone permanency will ultimately provide priceless benefits for water users on both sides of the divide. More information about the Shoshone Water Right Preservation Campaign & Coalition can be found at: www.KeepShoshoneFlowing.org. ### 132 FOR IMMEDIATE RELEASE Tuesday, April 23, 2024 CONTACT: Grand County, Christine Travis – 970.531.0554 Eagle County, Claire Noble – 970.471.4994 Mesa County, Stephanie Reecy – 970.640.7732 CRD, Lindsay DeFrates – 970.456.8973 Xcel Energy, Tyler Bryant – 813.951.4169 Three West Slope Counties Pledge $4 Million Towards Shoshone Water Right Preservation Grand, Eagle, and Mesa County’s commitments bring total funding for the Shoshone permanency effort to $48.05 million. Glenwood Springs, Colorado — On Tuesday, April 23, the counties of Grand, Eagle, and Mesa pledged $4 million collectively towards the purchase and permanent protection of the Shoshone water rights. During their respective public board meetings on Tuesday morning, Grand County committed $1 million through their Open Lands, Rivers and Trails grant fund; Eagle County expressed its intent to commit $2 million; and Mesa County, $1 million. As longtime partners in the Shoshone Water Right Preservation Coalition, these diverse counties represent some of the most populous West Slope communities from the headwaters to the state line, all of which depend on the sustained flows of the Colorado River provided by Shoshone’s very senior, non- consumptive water rights. Along with previous commitments from 11 other West Slope partner organizations, the Colorado Water Conservation Board, and the Colorado River District’s own Community Funding Partnership, the Coalition has raised $48.05 million towards the $99 million purchase price. “The Colorado River District’s acquisition of this water right provides a significant level of protection for agriculture, ranching, and outdoor recreation, safeguarding these activities for Grand County residents for generations to come,” said Grand County Commissioner Chair Merrit Linke. “There is no other water right that has a greater impact and benefit to our rivers in Grand County than Shoshone.” "This partnership to keep the water flowing through Colorado's namesake river is a once-in-a- lifetime opportunity,” said Eagle County Commissioner Kathy Chandler-Henry. “Protecting Shoshone's senior water rights benefits both the Roaring Fork and Eagle River Valley portions of Eagle County, as well as the entire state of Colorado. Our agricultural and outdoor recreation economies depend on water, and our quality of life is tied to the benefits of this great flowing river. If the Shoshone Hydro Plant were to cease operation without permanent protection of the water rights, the negative economic and environmental impacts to Western Colorado and the state would be immediate and profound. Eagle County is proud to stand with the Colorado River Water 133 Conservation District and our many partners in securing this legacy for future generations in the west." "Mesa County's $1 million investment in the Shoshone water rights is not just a financial commitment, but a pledge to our community's future," said Bobbie Daniel, Chair of the Board of Mesa County Commissioners. "By safeguarding these rights, Mesa County ensures that the West Slope's lifeblood — our beloved Colorado River — continues to sustain our families, farms, and natural habitats. We stand united with our fellow counties and stakeholders in protecting and preserving our most precious resource for future generations." “We’re proud to be a part of the Colorado River District’s efforts to preserve the rights allowing water to flow through our Shoshone Hydro Plant turbines on the Colorado River,” said Robert Kenney, president of Xcel Energy – Colorado. “This is an important agreement for the 1.6 million electric customers and communities we serve statewide by allowing us to continue generating clean electricity as part of our commitment to be good stewards of the Colorado River and all who rely on it.” On December 19, 2023, the Colorado River District signed a Purchase and Sale Agreement with Xcel Energy for the Shoshone water rights on behalf of a diverse and growing group of local governments and water entities. Many organizations that make up the Shoshone Water Right Preservation Coalition were original signatories to the Colorado River Cooperative Agreement and have worked for over twenty years to permanently protect the Shoshone water rights. Currently attached to hydropower production at the Shoshone Hydroelectric Plant in Glenwood Canyon, the full Shoshone “call” can command up to 1,408 cubic feet per second, or up to 1 million acre-feet, of Colorado River water a year. The finalization of the agreement depends on securing funding and successfully negotiating an instream flow agreement between the Colorado River District and the Colorado Water Conservation Board. The River District will continue to lease the water back to Xcel for clean power generation at no cost, the water rights reverting to instream flow only when the turbines are not active. Xcel Energy must also receive approval from the Public Utilities Commission for the dispersal of profits from the sale. More information about the Shoshone Water Right Preservation Campaign & Coalition can be found at: www.KeepShoshoneFlowing.org. ### 134 Shoshone Water Rights Preservation June 17, 2025 Andy Mueller, General Manager Amy Moyer, Chief of Strategy Colorado River District 135 The Colorado River District was formed in 1937 to lead in the protection, conservation, use, and development of the water resources and; To safeguard for Colorado all waters of the Colorado River to which the state is entitled. 136 The Colorado River Basin 137 ABOUT SHOSHONE WATER RIGHTS •Large and senior non-consumptive right on the Colorado River – 1250 cfs under a 1902 right & 158 cfs under a 1929 •Benefits on the West Slope from the headwaters to the state line and statewide. •Foundational to water management across the state. 138 Shoshone Power Plant Upstream and Down 139 The Shoshone Water Rights Preservation Project protect the historical flow regime of the river. enlarge the Shoshone Water Rights. The Western Slope is working to develop a solution that mimics the historical use of the Shoshone Water Rights to preserve the state of the river that we have known for the last 120 years. WILL WILL NOT 140 Successful completion of a change case in water court Approval from Colorado’s Public Utility Commission Negotiating an Instream Flow Agreement between PSCo, CRD, and CWCB Ongoing fundraising with support from local, state, and federal partners Anticipated Closing in 2027 Purchase and Sale Agreement Signed by Xcel Energy and Colorado River District in 2023 for $99 million 1 141 •BASALT WATER CONSERVANCY DISTRICT •CITY OF GLENWOOD SPRINGS •CITY OF GRAND JUNCTION •CITY OF RIFLE •CLIFTON WATER DISTRICT •CLINTON DITCH AND RESERVOIR COMPANY •COLORADO MESA UNIVERSITY •DE BEQUE SOIL CONSERVATION DISTRICT •EAGLE RIVER WATER AND SANITATION DISTRICT •EAGLE PARK RESERVOIR COMPANY •GRAND VALLEY IRRIGATION COMPANY •GRAND VALLEY POWER •GRAND VALLEY WATER USERS ASSOCIATION •KOBE WATER AUTHORITY •MESA COUNTY IRRIGATION DISTRICT •MIDDLE PARK WATER CONSERVANCY DISTRICT •ORCHARD MESA IRRIGATION DISTRICT •PALISADE IRRIGATION DISTRICT •SNOWMASS WATER AND SANITATION DISTRICT •TOWN OF BASALT •TOWN OF DE BEQUE •TOWN OF NEW CASTLE •TOWN OF PARACHUTE •TOWN OF SILT •TOWN OF SILVERTHORNE •UPPER EAGLE REGIONAL WATER AUTHORITY •UTE WATER CONSERVANCY DISTRICT •WEST DIVIDE WATER CONSERVANCY DISTRICTKeepshoshoneflowing.org 142 143 W hy it Matter s Secures Agriculture Supports critical irrigation flows for farmers and ranchers, bolstering Colorado’s $47 billion agricultural economy, which includes 90% family-owned farms and ranches. Enhances Water Quality Ensures cleaner drinking water for communities by diluting salinity and sediment. Strengthens Communities and Economies Protects flows and fishing habitats that support Colorado’s $18.8 billion recreation industry and countless small businesses. Sustains River Health Maintains water levels essential for aquatic ecosystems. 144 Get Involved www.K eep S hoshone F lowing.o rg @KeepShoshoneFlowing @KeepShoshoneFlowing @ShoshoneFlows Sign up for the newsletter 145 AGENDA ITEM NO. 6.1 Item Cover Page DATE:June 17, 2025 SUBMITTED BY:Greg Roy, Community Development ITEM TYPE:DRB/PEC Update AGENDA SECTION:DRB/PEC (4:15pm) SUBJECT:DRB/PEC Update (5 min.) SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: DRB Results 6-04-2025 PEC Results 6-09-2025 146 Present:Roland J Kjesbo Anthony J Grandt Herbert B Roth Kit Austin Kit Austin Kit Austin Mary Egan Absent:Kathryn Middleton Erin Iba Rys Olsen 1.Virtual Meeting Link Register to attend Design Review Board Meetings. Once registered, you will receive a confirmation email containing information about joining this webinar. 2.Call to Order 3.Main Agenda Final review of new construction Address/ Legal Description: 1691 Buffehr Creek Road/Lot 3, Eleni Zneimer Subdivision Planner: Jamie Leaman-Miller Applicant Name: 1691 Buffehr Creek Road, represented by Brian Ojala Architect 3.1 DRB25-0092 - 1691 Buffehr Creek Road Final review of new construction Address/ Legal Description: 343 Beaver Dam Road/Lot 1, Block 3, Vail Village Filing 3 Planner: Heather Knight Applicant Name: 343 Beaver Dam LLC, represented by Suman Architects 3.2 DRB25-0141 - 343 Beaver Dam LLC Design Review Board Minutes Wednesday, June 4, 2025 2:00 PM Vail Town Council Chambers Context Photos.pdf DRB25-0092 Plans.pdf Roland J Kjesbo made a motion to Table to the meeting on June 18, 2025; Mary Egan seconded the motion Passed (5 - 0). DRB25-0141_Renderings.pdf DRB25-0141_PlanSet.pdf Roland J Kjesbo made a motion to Approve with Conditions with the findings it meets 14-10-5 and the following conditions: 1. All TOV departmental review comments must be resolved. 2. Prior to the issuance of the Certificate of Occupancy, a Drainage Easement for the augmented stream area shall be documented and recorded to include a maintenance agreement 3. Staff to approve exterior materials after applicant provides physical samples. Colors to be warm, earth-tones and less gray than renderings suggest. ; Anthony J Grandt seconded the motion Passed (4 - 0). 1 Design Review Board Meeting Minutes of June 4, 2025 147 4.Staff Approvals Final review of a change to approved plans (deck) 4.1 DRB22-0451.003 - Zimmermann Residence Address/ Legal Description: 2665 Larkspur Lane/Lot 7, Block 2, Vail Intermountain Development Subdivision Planner: Jamie Leaman-Miller Applicant Name: Deborah Zimmermann, represented by NDG Architecture Final review of an exterior alteration (decks/railings) Address/ Legal Description: 1150 Sandstone Drive A/Lot 15, Casolar Vail II 4.2 DRB24-0285 - Armstrong Residence Planner: Jamie Leaman-Miller Applicant Name: John Armstrong Final review of an exterior alteration (windows) Address/ Legal Description: 100 East Meadow Drive 6A/Lot O, Block 5D, Vail Village Filing 1 4.3 DRB25-0115 - Claggett/Rey Gallery LLC Planner: Heather Knight Applicant Name: Claggett/Rey Gallery LLC, represented by New Life Remodeling Final review of an exterior alteration (roof) Address/ Legal Description: 715 West Lionshead Circle/West Day Subdivision 4.4 DRB25-0125 - The Hythe Planner: Greg Roy Applicant Name: The Hythe, represented by JRC Incorporated Final review of a tree removal Address/ Legal Description: 635 Lionshead Place/Lot 8, Block 1, Vail Lionshead Filing 3 4.5 DRB25-0136 - Lion Square North Planner: Jamie Leaman-Miller Applicant Name: Lion Square North, represented by Colorado Land Art Studio, Inc. Final review of an exterior alteration (deck) Address/ Legal Description: 615 Forest Place/Lot 4, Forest Place Subdivision 4.6 DRB25-0137 - Arousmith Holdings II LLC Planner: Heather Knight Applicant Name: Arousmith Holdings II LLC, represented by Coleman Custom Homes Final review of an exterior alteration (heat pump) Address/ Legal Description: 2338 Garmisch Drive B/Lot 12, Block G, Vail Das Schone Filing 2 4.7 DRB25-0139 - Palazzolo / Chassagne Residence Planner: Heather Knight Applicant Name: David Palazzolo & Lynette Chassagne, represented by Control All Mechanical Final review of an exterior alteration (siding/railing re-stain) 4.8 DRB25-0142 - Christiania Lodge 2 Design Review Board Meeting Minutes of June 4, 2025 148 Address/ Legal Description: 356 Hanson Ranch Road/Lot D, Block 2, Vail Village Filing 1 Planner: Heather Knight Applicant Name: Christiania Lodge, represented by Sharper Image Painting Final review of an exterior alteration (window/door) Address/ Legal Description: 4640 Vail Racquet Club Drive 16/Vail Racquet Club Condominiums 4.9 DRB25-0148 - Hodapp Residence Planner: Heather Knight Applicant Name: Dee Hodapp, represented by Renewal by Andersen 5.Staff Denials 6.Adjournment Roland J Kjesbo made a motion to Adjourn ; Anthony J Grandt seconded the motion Passed (4 - 0). 3 Design Review Board Meeting Minutes of June 4, 2025 149 Planning and Environmental Commission Minutes Monday, June 9, 2025 1:00 PM Vail Town Council Chambers Present: Robyn Smith John Rediker Brad Hagedorn David N Tucker William A Jensen Robert N Lipnick Absent: Craig H Lintner Jr 1. Virtual Link Register to attend the Planning and Environmental Commission meeting. Once registered, you will receive a confirmation email containing information about joining this webinar. 2. Call to Order 3. Swearing In of New Member 4. Worksession 4.1 A work session of the Planning and Environmental Commission to review pre-application materials for a new Special Development District at 2111 North Frontage Road. Presenter: Rex Roberts, Porritt Group Planner: Greg Roy Work session Memo 6-9-25.pdf Attachment A. Submittal Materials.pdf Attachment B. Presentation.pdf Planner Roy gives an introduction to the work session. Rex Roberts and Jake Porritt are representing the applicant. They give a presentation touching on the West Vail Master Plan, the background, and the latest proposal. Porritt walks through the uses on the site. PEC asks about the access to the site. Porritt walks through the pedestrian access. Jensen asks about the for-sale housing. Footprint has improved, still has concerns bus traffic flow. Building along the frontage road feels better as a hotel. Rediker, why are buses coming in off the frontage road? Porritt, the discussion was around a transit center, an indoor place for folks to queue for buses. It made Planning and Environmental Commission Meeting Minutes of June 9, 2025 1 150 sense to bring it interior to the site. Tom Kassmel, Town Engineer, they’ve been working with the applicant. Looking at ways to get it on the site so you would not have to cross the frontage road, provide a better experience. Porritt says the hotel would be smaller rooms, targeted towards hotel users who would utilize transit. PEC and applicant discuss required and proposed parking. Smith says it would be helpful to have a management plan for how parking will work. Discussion about the amenity space along Chamonix. Porrit says it was important to keep pedestrian experience and activation along Chamonix based on previous comments. Hagedorn, the scale on Chamonix has improved. Would like to see three stories maintained along Chamonix. Rediker asks about height. Derek Smythe, with the architect team, says the height of the four story units from Chamonix is 46’ or 47’, 38’ to the front ones. Smythe walks through the heights on the site. Hagedorn, if building A is a hotel are you able to maintain the commercial space you need. Porritt, it would need at least 80 rooms to be viable. Rediker asks about the proposed amenities. Porritt, amenities available through the retail spaces, these would also be open to the public. Rediker asks about the materials. Porrit walks through preliminary materials; composite board and batten, metal panel, stone base. Discussion ensues on the expected design aesthetic. PEC and applicant discuss the zoning regulations under the CC3 zoning, the WVMP and the proposed. Smith, you’ve got a few scenarios envisioned? Porritt, we have multiple market studies to inform this project. Smith, it would be helpful to see that data to demonstrate that this proposal can work. Smith, are we anticipating implementing zoning for this area? Roy, the zoning is probably towards the end of this year or 2026. Hotels are not an allowed use in CC3. Porritt, one of the ways we can address that is to condominiumize the site. It will also be a phased project. Smith, can we vary uses with a SDD? Roy, no just numerical zoning standards. Hagedorn, doesn’t view hotel as less dense, they’re still a type of unit. Personally, would like to see what you prefer on the site, not playing game of less density – it is semantics in his opinion. Rediker asks about roofs. Porritt, there will be undulation and variation on the site. Building A will have a parapet with some variations in slope based upon the modulation. Ernie Christian is the current owner. Talks about the performance of the existing commercial uses on the site. Every business needs to be about 50% smaller than it currently is. Planning and Environmental Commission Meeting Minutes of June 9, 2025 2 151 Smith, the reduction in commercial space is more appealing if the number of retailers increases. Christian says that is the plan. Discussion of sales tax that could be generated from these businesses. Porritt and the PEC discuss the proposed landscaping on the site. Hagedorn, have you envisioned any outdoor commercial space? Porrit, it could be an option, grab and go. Jensen, hotel option changes the feel of the project in a positive way. Rediker asks for public comment. Galen Aasland lives in West Vail. The community has been sold that we’re going to get the WVMP. If this doesn’t meet that plan, it’s not approvable. Why would people come here, doesn’t serve my needs as a community member. This is a gigantic project; plan calls for 350 units in the entirety of the area. This project doesn’t create a community atmosphere the plaza is somebody’s backyard not a community amenity. The people on Chamonix don’t want a large building with exiting for parking. The project is too big for the site, fundamentally flawed concept. Steve Virion is the owner of La Botega. Are there studies to see how much employee housing we need? We’re building Timber Ridge, West Middle Creek. More employee housing is a nice idea but do we need that? Mark Gordon, appreciative of what new development can bring to Town that we don’t have. Also believes that the environmentally friendly way to remain viable is through increased density. Likes infill development rather than sprawl. Sees potential of West Vail and this lot as huge and yet none of this excited me. Increased retail for locals could be exciting, subsidized rents as an incubator. People in the public often equate density and size, hopes message is clear to the development team that especially for an SDD they need to excite people. Would hate to see us approve something that closes opportunities for neighbors and sets precedents that we might not want to see, especially after going through the master planning process. Brandon Leblanc lives in Vail. Density is a good idea, more people able to find housing. This is better, offers opportunity for local business owners. Likes the fact the busses go into the site. This place is a huge opportunity, it is a waste right now. Nick Dunham, lives in Dillon has been working with Porritt Group there. This presentation is what he’s come to know of them. They are ready to move on whatever angle the Town sees fit. Hopeful for it to come to fruition, opportunity to relocate and expand into Vail. Ed (inaudible) is a local contractor. Project sounds like a great plan, we know it needs to be revamped, hopefully it will get done. A lot of people are excited, housing is always good. Ernie Christian speaks as a business owner. There were a lot of good comments from the PEC, especially moving the commercial interior to the site from Chamonix. Parking is a topic we need to make sure we’re on top of. Talks about his employee housing. Came to work on this project because of the desire to help people, have tried for years to find housing to help people. Wants people to become residents, not just seasonal employees. Just lost a couple more employees because of housing. Brandon Leblanc, he helps people become integrated in the community. Christian has helped him. No further comment. Public comment closed. Planning and Environmental Commission Meeting Minutes of June 9, 2025 3 152 Rediker asks for commissioner comment. Smith, there has been significant improvement from the previous proposals. Previous proposals were non-starters. This is beginning of long conversation – there will be changes. Recommend getting in front of DRB. Master plan calls for variable heights, moving that around, adding more commercial opportunity, its likely you might lose additional units. Don’t know that it’s an activated plaza in the way the plan envisioned. Community gathering space can be accomplished in a number of ways, it needs more of that. Looking for accurate count and the proposed uses. Parking is going to be difficult to show you can manage that. 170 units without parking is a challenge for anyone to manage, having a plan is important. It’s appropriate to talk about a hotel in a work session, but once final application is filed it’s not appropriate to talk about different uses, you’ll be judged on the criteria. In the future, present a market study that aligns with housing needs assessment. The Town is bringing on a lot of units in the future, big employers have not come through like people thought in terms of master lease. Affordability component is based on market segment that may be satisfied in a few years. Prove that this extreme density can be filled, this property is so important for the neighborhood. Hagedorn, some steps in the right direction. Massing is broken up more now, more connectivity, more relatable to Chamonix, second step should still be brought down. Anything to make Chamonix façade look more like Chamonix. Be careful on banking strictly on business leasing. Appreciates increased commercial space, what is lacking is making it an inviting space where people want to spend time. Going the SDD route, there is more leeway but also an expectation of public benefits. It’s a move in the right direction Jensen, agrees with a lot of things. Parking is big concern, not having space for 170 units. Encourage you to think about staggering roofline. Chamonix should be three stories across there. It’s a benefit to the business community, doesn’t see public benefit. Lipnick, the project looks better. Thinks a hotel would be great there. Tucker, thanks for taking our comments from last sessions, pushing in a more palatable direction. Likes your flexibility in working with the Town. Having retail in different locations is a great idea, generally like that you’ve brought things down, heights on Chamonix. Rediker, sees plan as an improvement, previously was a non-starter. You still have a ways to go and your biggest problem is density under WVMP. Setbacks are important off Chamonix. This shouldn’t be a big wall along Chamonix. The WVMP talks about articulation, avoiding long planes, reducing mass and scale to human and pedestrian. These building have some articulation, but concerned about Building B and A, very large with not enough articulation. Need to avoid flat roof forms in these areas. Would be valuable for Housing Director to be here to discuss housing needs in the future. These buildings can’t feel cheap on this location. We’re trying to reinvigorate this area and we want to put buildings in that look good, materials will be important. A hotel does elevate the commercial aspect of things. Interested in knowing more about the Town’s housing needs and how this fits in. (3:35 pm) The density is much greater than was contemplated in the master plan. Porritt, appreciate the comments they’ve received. Agree that hospitality might add to activation on the site, and the indoor-outdoor experience. Smith discusses how it should be approached about the possibility of hospitality on the site. Roy, we’re looking at doing new zone district based on the master plan. Anything that comes out of that is subject to what comes through those meetings as part of the public process. There are no promises as to what comes out of that process. 5. Main Agenda Planning and Environmental Commission Meeting Minutes of June 9, 2025 4 153 5.1 A request for a review of a Prescribed Regulation Amendment pursuant to 12-3- 7 Amendment, Vail Town Code, to create a new Vail Village Inn (VVI) zone district and an amendment to Vail Town Code Section 12-2-2 Definitions to change the Site Coverage and Landscaping definitions, a Zone District Boundary amendment pursuant to 12 -3-7 Amendment, Vail Town Code to apply the proposed Vail Village Inn (VVI) zone district to the properties located at 68 E Meadow Drive/Vail Village Filing 1, Block 5D, Lot O and 100 E Meadow Drive/Vail Village Filing 1, Block 5D, Lot M and O (aka Village Inn Plaza Condominium and Vail Plaza Condominiums), and amendments to other sections of Title 12 that require references to the new zone district. PEC25-0012 Planner: Greg Roy Applicant Name: Village Inn Plaza Phases l, ll, and lll (aka Village Inn Plaza Condominium and Vail Plaza Condominiums), represented by Mauriello Planning Group PEC25-0012 Staff Memo.pdf Attachment B. Applicant's Narrative.pdf Attachment A. Vicinity Map.pdf Timestamp: 02:43 Planner Roy gives a presentation. He walks through the three components of the application. He gives a history of the application. SDD No. 6 used to be in place in this history, the SDD was nullified through a court order in 2021. He walks through the proposed zoning standards and the reasoning behind them. Roy talks about the proposed text amendments. Changing these definitions would impact other districts as well. Rediker, why do we need to amend the code? Why not specific to this district? Roy, we don’t want to get into the business of making the definition different in different zone districts. Hagedorn, potentially a big increase in allowable impervious area? Roy, potentially yes, we don’t regulate for impermeability. Hagedorn asks about spot zoning. Roy, we look at conformance with the underlying land use, and conformance with the comprehensive plan. Not spot zoning here. Rediker, what is happening with phases 4 & 5? Roy, we are waiting for those phases to come in. Tucker, above grade and below grade? Weve seen a lot of variances for this, does this remove the need to come in for variances for this? Roy, it would remove that need, they would still need to meet setbacks. Rediker, why did this SDD go away? Roy says it had to do with the regulations for fractional fee regulations. Town revised that language, but the court threw out the entire SDD. Planning and Environmental Commission Meeting Minutes of June 9, 2025 5 154 Rediker, what were the building heights set in the SDD? Roy believes close to 70’ in the front along S Frontage Rd and closer to 24 – 40’ along South Meadow. Rediker, under this proposal, those building heights along the road could increase to 48’. Dominic Mauriello with Mauriello Planning group represents the applicants. He gives a presentation. The text amendments are an opportunity to rectify something that has been a problem for decades. This ordinance is mindful that the other phases will join eventually. Mauriello gives a background on SDD No. 6. He talks about the existing underlying PA zoning, which does not fit VVI. Rediker and Mauriello discuss the stepping down discussed in the Vail Village Master Plan. Mauriello discusses the densities on the site as well as the GRFA. Mauriello talks about the proposed text amendments for site coverage and landscaping. Tucker asks how this ties into the conversation about GRFA and basements and significant excavation on site. Mauriello, the site coverage definition changed in the mid-2000’s to add below grade areas, this would be changing it back. Jensen can see the need for this. What happens 50 years from now, when this is scraped? Not worried about the next couple decades but what happens after that? Rediker, you feel that unlimited density and GRFA will be controlled by other standards? Rediker what is current site coverage? Mauriello, it is between 42 and 48%. Discussion on the existing landscaping standards. Rediker, concern about amending the code is that you will codify greater amounts of hardscape throughout Town. Doesn’t see why it’s in the Town’s benefit to change the definition. Mauriello, CC1 doesn’t meet the definition today, this property and others don’t meet it, it is recognizing that many districts don’t meet that definition today. Rediker understands the need to make things work in this district, but we need to think about how this impacts the whole Town, undercutting environmental protections. Smith, it would be good to think about what we want for landscaping in the urban areas, I would focus on the village and core areas, take out residential districts like cluster. Discussion about the correct percentage for core development. Hagedorn, would be more comfortable if we cleaned up the stream setback to not allow impervious surfaces. Sees some middle ground to allow more hardscape in village areas but also a lot of that area includes Gore Creek frontage, which we need to protect. Mauriello, the intent was to recognize existing circumstances in those core areas. Smith, it would be an improvement if we had regulations that met what is currently built. If we can encourage new development on these parcels it would be beneficial. Rediker, likes idea of changing site coverage for just the core districts where below grade site coverage would not count towards the total. Planning and Environmental Commission Meeting Minutes of June 9, 2025 6 155 Smith, is there a limitation on excavation into groundwater? Roy, there are no additional Town regulations if they are outside floodplain. Steep slope sites do limit disturbance to 60% of the site. Hagedorn, it typically involves state permits for dewatering. Smith, should that be considered with this proposed change? Hagedorn, that has been pretty well regulated by the state. Rediker, flip site coverage districts, is height appropriate, still getting head around unlimited density and GRFA. Smith, is this resolving the issue of the lawsuit? Mauriello, that had more to do with covenants and language in the SDD, about how a unit was used. What we’re doing here wouldn’t have an effect on any of those covenants. If the Sebastian came in, they could convert some of the FFU’s into dwelling units. Roy talks about the difference between the Sebastian and the other phases. Mauriello, the new district is drafted where they could eventually come in for the VVI District. Jensen, more discussion is needed on landscaping, we are concerned about where all that runoff is going. Hagedorn, could you bring back an example of what it means on a site. Smith, we should have an idea of what our new urban streetscapes look like, including fire restrictions etc.. Rediker asks for public comment. Steve Virion, the way this all came about was unbeknownst to phase 1,2 & 3. Someone in phase 5 made a decision that affected everybody else, they weren’t notified. This has thrown us all into limbo. Would like to see this get expedited so people can do some work. It will help aesthetically, bring revenue into the Town. No further comment. Public comment closed. Brad Hagedorn made a motion to Continue to the meeting on June 23, 2025; Robyn Smith seconded the motion Passed (6 - 0). 6. Approval of Minutes 6.1 PEC Results 5-12-25 PEC Results 5-12-25.pdf William A Jensen made a motion to Approve ; Brad Hagedorn seconded the motion Passed (5 – 0-1 Smith Abstains). 7. Information Update Roy, Eagle County Housing needs assessment has been completed and will be available. It is for Eagle County as a whole. Smith, there is Vail specific data that you can parse out. It was a collaborative effort led by Avon. Planning and Environmental Commission Meeting Minutes of June 9, 2025 7 156 Should we expect applicants to justify market data? Roy, generally the applicant can provide that, we don’t have that much say in what they are proposing beyond the density and GRFA regulations. Smith, it’s tough when an applicant comes in with no backup data. Smith, plans for western facing commercial front on the property we own. Who speaks as owner of that property? Roy, City Market has a long term lease, it is Town Council who speaks as the property owner. 8. Adjournment David N Tucker made a motion to Adjourn ; Robyn Smith seconded the motion Passed (6 - 0). Planning and Environmental Commission Meeting Minutes of June 9, 2025 8 157 AGENDA ITEM NO. 7.1 Item Cover Page DATE:June 17, 2025 SUBMITTED BY:Missy Johnson, Housing ITEM TYPE:Information Update AGENDA SECTION:Information Update (4:20pm) SUBJECT:April 8, 2025 VLHA Meeting Minutes SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: VHLA Meeting Minutes 4-08-2025 158 Vail Local Housing Authority Minutes Tuesday, April 8, 2025 3:00 PM Vail Town Council Chambers and Virtually by Zoom. Zoom meeting link: https://vail.zoom.us/j/82534922212 PRESENT ABSENT Steve Lindstrom Dan Godec Christine Santucci Kristin Kenny Williams Craig Denton STAFF Martha Anderson, Senior Housing Coordinator Missy Johnson, Housing Coordinator 1. Call to Order (3:00 pm) Called to order at 3:01 p.m. 2. Citizen Participation (5 min.) Town of Vail resident, Galen Aasland, a local architect joined the Authority meeting to present his opinion about the upcoming review of a deed restriction exchange. He owns a deed restricted home that also has a secondary dwelling unit with a similar deed restriction the address that will be discussed in the upcoming EHU Exchange application review. Aasland’s understanding is that 2349 Chamonix Lane is listed for $3M+ and that the Town has agreed to pay $180,000 to release the deed restriction. Aasland compares the upcoming review of a deed restriction exchange to a recent deed restriction exchange for homes on Beaver Dam Circle and Mill Creek Circle. Aasland does not believe the exchange rates are fair when looking at home values. 3. Approval of Minutes (5 min.) 3.1 Approval of March 25, 2025 Minutes Presenter(s): Missy Johnson Time: 5 Mins 2025-03-25 VHLA Minutes.pdf MOTION: Williams SECOND: Denton PASSED: 4 - 0 4. Main Agenda (30 min.) 4.1 2349 Chamonix Lane EHU Exchange Application Presenter(s): George Ruther, Principal, Ruther Associates LLC Time: 15 Mins 2349 Chamonix Lane EHU Exchange Vail Local Housing Authority Memorandum 04082025.pdf 484574 Amendment to Restrictive Covenants 2349 Chamonix Lane-1.pdf Ruther Associates presented a memo and a copy of an existing deed restriction, presenting on behalf of the property owner's entity with a request for a release of an existing deed restrictions pursuant to Vail Town Code 12-13-5. Ruther ran through the memorandum and reference the deed restriction to highlight the current proposal from the owner and respond to some of Galen's concerns. 159 Applicant submitted the application on behalf of the trust that owns this property which is currently for sale/under contract. This is a 450 sq. ft. deed restriction listed on the property and a fee in lieu is presented in the amount of $180,000. The applicant used the Town code multiplier and used the per sq. ft. deed restriction values based on recent Vail InDEED transactions. This particular deed restriction does not run in perpetuity based on the language of an expiration. Additionally, this deed restriction says if the unit shall be rented, it shall be rented to a qualified resident. It is not required to be rented and is an underperforming deed restriction. Ruther further explained that the fee in lieu is based on the per sq.ft. value of a deed restriction vs. the per sq.ft. value of the property. He showed that the application does comply with all requirements as prescribed for an EHU exchange per the Town code. The applicant requests that the Authority make a recommendation to the Town Council to release this deed restriction based on the application. Conversation ensued around the application of the fee in lieu and clarification regarding the language of the deed restriction and the value thereof. There was clarification around the public comment, clarity of how the value is calculated and the value of the deed restriction. The math of the proposed fee in lieu is consistent with the mathematics of recent deed restriction exchanges. After the authority motioned to make a recommendation to Council, further conversation ensued to better clarify the public comment and the values of unoccupied deed restrictions as Ruther referred to Vail's Vail InDEED program and the objectives. Kristin Kenney Williams made a motion to Recommend for approval Based on the findings in the applicants memorandum. MOTION: Williams SECOND: Santucci PASSED: 4 - 0 4.2 Discussion Regarding the Vail InDEED Program Presenter(s): Martha Anderson, Senior Housing Coordinator Time: 15 Mins In follow -up to the previous Authority meeting, there had been discussion around the desire for a Vail InDEED advertising plan as well as the discussion around boosting the Vail InDEED program to 2.0. Discussion around the Vail InDEED program ensued regarding Anderson came to the Authority in request of discussion to increase the utilization of Vail InDEED funding in additional to buy-down funds. In reference to the partnership between Town of Vail and Eagle County to an increase to 30% down (for price-capped deed restrictions). Lindstrom continued with suggestions about further exploration of the described concept and better determination of the terms of the deed restriction. He also suggested exploring a pro- active approach to Vail InDEED allowing the Authority to make decisions to approve home purchases and flipping them, much like the Buy Down program, starting within the Town of Vail using the resale formula currently in place. Discussion ensued around the feasibility of flipping homes into the deed restriction program, the volatile market, staff bandwidth and the applicant lists and other ideas around Vail InDEED 2.0 to bring to Vail Town Council in the future. Williams suggested that the Authority continue efforts towards strong desire to reach Eagle County Commissioners, such as a scheduled meeting, to determine if there is interest in 160 down valley partnerships. She weighed in regarding buy -down bandwidth and the opportunity to market the current Vail InDEED program, which can even help current owners hold on to their homes. Denton weighed in regarding the current market, affordability and the local desires to purchase homes down valley. He stated that people will make car payments before they are going to make their mortgage payments and the Towns and County should work together to make things happen. Santucci agreed her desire to better communicate what the Town of Vail and Housing Authority offer to support local home buying and educate the public regarding Vail InDEED. Additional opportunities exist to communicate Timber Ridge opportunities as part of a marketing campaign to many different audiences. Anderson will work through next steps and come back to the group with additional ideas. Housing staff also recommends updating the Employee Housing Guidelines, as agreed upon by Lindstrom. 5. Matters from the Chairman and Authority Members (5 min.) Williams described the new rental application that is available through Habitat for Humanity. It is a digital, bi-lingual map that highlights the variety of locations and options for rental opportunities in Eagle County. 6. Adjournment (estimate) Adjourned at 4:13 p.m. 7. Next Meeting Date (April 22, 2025) 161 AGENDA ITEM NO. 7.2 Item Cover Page DATE:June 17, 2025 SUBMITTED BY:Molly Eppard, Public Works ITEM TYPE:Information Update AGENDA SECTION:Information Update (4:20pm) SUBJECT:May 5, 2025 AIPP Meeting Minutes SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: AIPP Meeting Minutes 5-05-2025 162 Art in Public Places Board Meeting Minutes Monday, May 5, 2025 AIPP Board members present: Tracy Gordon – Co-chair leads meeting, Ramsey Cotter, Susanne Graff, Kathy Langenwalter, Lindsea Stowe – via zoom Others present: Molly Eppard - AIPP Coordinator, William Seal & Robert Tully – artists, Gregg Barrie – TOV Landscape Architect 1. Call to Order 2. No citizen participation 3. Main Agenda 3.1 Approval of April 7, 2025 AIPP Board meeting minutes. Kathy motions to approve April 7 minutes, Susanne seconds, all in favor. April 7, 2025 Minutes.pdf 3.2 Review site-integrated art proposals for consideration at the Gore Creek Promenade by artists William Seal and Robert Tully. Gore Creek Promenade Illustrative Plan • Tully Gore Creek Promenade Robert Tully presents 8 concepts for integrated art at the Gore Creek Promenade. • Seal Gore Creek Promenade William Seal (Ritmo) presents 3 concepts for integrated art at the Gore Creek Promenade. • Gregg Barrie updates the Board on final design process timeline, discusses the most recent landscape design and possible budget. • The Board reviews the concepts with input from Gregg Barrie regarding feasibility with site, construction, access considerations, maintenance, and visibility. • The Board would like to reconvene after the DRB presentation on May 7 so that Gregg has a better understanding of the budget. In the meantime, Molly will contact artists to clarify scale and related costs with possibility of cost savings. 3.3 AIPP Summer programming. • HYBYCOZO - A temporary light-based sculpture installation will be on view June 21 through October 29 in proximity to the Vail Art Studio, Ford Park. • Anticipated August 3 ribbon cutting for Vail Art Studio, Ford Park. • Installation of gifted Logan collection sculptures Houseago Rattlesnake Figure in proximity to Vail Art Studio and Wedel Flower Tree in Lionshead Welcome Center. • Board reviews Vail Art Studio Vision and Programming. • Tracy recommends contacting Community Dev. to discuss the public art mitigation for the special development of Apollo Park. • Potential summer collaborations with the TOV’s Cultural Heritage Committee include summer Third Thursday Art Strolls and an “Art Battle” activation. 163 4. Coordinator Updates. • Sculptures by Frank Carfaro at J. Cotter & Squash Blossom planter beds will take place mid-May for 6 months as a part of TOV’s Temporary Art Program via J. Cotter. • VVF does not have a GoPro mural artist for this year. • Relocation of Vail Resort’s Snowball Fight sculptures during construction at Club 62 has been addressed with RA Nelson, Vail Resorts and TOV. • Wednesday Art Walks take place July 2-August 27 • Next Board meetings June 2, July7, August 4 5. Adjournment. 164 AGENDA ITEM NO. 7.3 Item Cover Page DATE:June 17, 2025 SUBMITTED BY:Missy Johnson, Housing ITEM TYPE:Information Update AGENDA SECTION:Information Update (4:20pm) SUBJECT:May 20, 2025 VLHA Meeting Minutes SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: VLHA Meeting Minutes 5-20-2025 165 Vail Local Housing Authority Minutes Special Meeting - Tuesday, May 20, 2025 11:30 AM Community Development Small Conference Room and virtually by Zoom. Zoom meeting link: https://vail.zoom.us/j/83110634258 PRESENT ABSENT Steve Lindstrom Craig Denton Dan Godec Christine Santucci Kristin Kenny Williams STAFF Martha Anderson, Senior Housing Coordinator Missy Johnson, Housing Coordinator 1. Call to Order Call to order at 11:33 a.m. 2. Citizen Participation (5 min.) No comments. Williams moved that the Authority move into executive session. MOTION: Williams SECOND: Godec PASSED: 3 - 0 3. Executive Session (15 min.) Executive Session per C.R.S. §24-6-402(4)(a)(e) - to discuss the purchase, acquisition, lease, transfer or sale of real, personal or other property interests and to determine positions relative to matters that may be subject to negotiations regarding Vail InDEED applications and deed restrictions. 4. Any Action as a Result of Executive Session Williams motioned that the Authority direct staff to move forward as discussed during executive session. MOTION: Williams SECOND: Godec PASSED: 3 - 0 5. Adjournment from executive session at 11:58 a.m. 6. Future Agenda Items VLHA Semi Annual Report Planning and Looking Ahead Timber Ridge Village Update from Triumph Development Timber Ridge Site Tour with Triumph Development and Construction Team 166 AGENDA ITEM NO. 7.4 Item Cover Page DATE:June 17, 2025 SUBMITTED BY:Missy Johnson, Housing ITEM TYPE:Information Update AGENDA SECTION:Information Update (4:20pm) SUBJECT:May 27, 2025 VLHA Meeting Minutes SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: VLHA Meeting Minutes 5-27-2025 167 Vail Local Housing Authority Minutes Tuesday, May 27, 2025 3:00 PM Vail Town Council Chambers and virtually by Zoom. Zoom meeting link: https://vail.zoom.us/j/83110634258 PRESENT ABSENT Steve Lindstrom Craig Denton Dan Godec via zoom Christine Santucci via zoom Kristin Kenny Williams STAFF Martha Anderson, Senior Housing Coordinator Missy Johnson, Housing Coordinator 1. Call to Order (3:00pm) Call to order at 3 p.m. 2. Citizen Participation (5 min.) No comments. 3. Approval of Minutes (5 min.) 3.1 Approval of April 8, 2025 Minutes Presenter(s): Missy Johnson 2025-04-08 VHLA Minutes.pdf A second vote is needed by Authority members who were present at the April 8 meeting and noted in the minutes. 4. Main Agenda (65 min.) 4.1 Swearing in of Current Authority Member Steve Lindstrom to a Full Term on the Vail Local Housing Authority Expiring May 31, 2030 Presenter(s): Steph Johnson 4.2 A Resolution Authorizing the Appointment of Christine Santucci to the Board of Directors of the Vail Home Partners Corporation to a Full-Term Expiring May 26, 2026 Presenter(s): Steve Lindstrom Resolution No. 3 Series of 2025.pdf All authority members voted in favor. 4.3 Short-Term Rental Tax Presenter(s): Russ Forrest, Town Manager Town Manager, Russell Forrest joined the Authority meeting because the Town Council has directed staff to pursue next steps to put an STR excise tax on the ballot. Forrest led a discussion with the Authority members and posed a variety of questions around the future organization of a campaign for a housing tax. 168 Feedback was provided from the Authority about their experience when they participated in the housing sales tax proposal, as a separate legal body from the Town of Vail and Lindstrom recalled details of the Authority's active involvement. Current board members, Williams and Godec were part of the committee even prior to being Authority members. Discussion ensued and feedback included: - The Magellan Group is a good fit to include community input, and they will execute survey work and future campaigning. - There was a structured, broad local committee beyond the Authority, including community members and a strength of leaning into groups such as business owners, locals and advocates for housing. The authority assisted but there was a weekly meeting, led by Magellan. - Consideration of valid concerns from a core group of people and one-on-one meetings were of value, even before the survey taking place. - The committee did not lean in to use a specific housing project in the campaign and there was strong accountability towards the funding, especially during one-on-one conversations. In experience, there was efficiency of the group which did not involve hiring additional staff. - Williams stated that it is important that Town shows support of regional partnerships to maintain movement in the housing sector. - The Authority is willing to taking next steps to communicate with the community regarding this topic, and in full agreement to work with Magellan and to confirm that the tax dollars do not go to the Housing Authority, instead to the Town elected to determine the use of the funds. - Lindstrom suggests reaching out early to key individuals, with varying opinions. - Williams suggested the survey will provide valuable insight regarding the level of support of housing outside the Town of Vail is supported and if so, how far west and for Magellan to consider the recent housing study provided by Eagle County. - Williams suggests testing a variety of deed restrictions, i.e. resident occupied, price capped, AMI capped, owner occupied, remote workers and more. Topics of remote workers and the strong message that more housing is needed is of importance. - A strategy around the recreational offerings may be an additional topic around the decision makers. When multi-use buildings are built into the plan, do we have enough fields, parks and more. - Denton reminded the group that it is time to be cooperative around the county wide amenities with places to connect and play and Forrest agreed and that there is strong opportunity for partnership that exists today. - Denton mentioned the shift from the 70s and 80s when people came here to ski and stayed in the village. The community is not just here to ski anymore. They are here for a lifestyle of all different reasons including golfing, biking, fishing and so it is a battle to keep people in Town because of lack of affordability. 169 4.4 Timber Ridge Update Presenter(s): Mike Foster, Triumph Development West Timber Ridge Village - Housing Authority Update - May 21 2025.pdf Michael O'Conner and Tish Palmer joined the Authority to provide a status update of Timber Ridge Village, recap of sales progress and next steps. Discussion ensued around remaining residences and mention that business contracts are not refundable while individuals do have a contingency. There are 76 units available, including 15 studios, 13 one-bedroom, 12 2-bedrooms, 29 3-bedrooms and 7 4-bedrooms. In July, there will be marketing around the release of 1-bedrooms to be purchased by others besides business owners. Williams reviewed the data from Habitat for Humanity Vail Valley and 12 families have been selected. Two hundred forty-eight applications were received and of those, 137 selected Timber Ridge and of those, 75 families qualified with an average AMI of 64%. Of the 12 families, 11 currently live or work in Vail and 17 adults and 11 children. This is 12 out of 75 qualified applicants to purchase at the published rates price as the buyers are managing the mortgage like any other buyers. This shows people want to live and work in Vail, where they are currently renting. Habitat for Humanity is under contract to purchase at the published prices like anyone else is paying, for 10 3-bedroom and 10 2-bedroom residences. Habitat is working with partners including the Town that committed $2M and the County that committed $2M, and Habitat still has an $8M subsidy to bring the mortgage costs down for the 20 units with zero interest loans. Discussion ensued around the remaining units, retirement requirements, property management and communication of the Timber Ridge EHU Credit Program. 5. Matters from the Chairman and Authority Members (5 min.) Reminder that the next meeting is a zoom only meeting. 6. Adjournment Meeting adjourned at 4:16 p.m. and the Authority left the Council Chambers for a site tour of the Timber Ridge Village site. The Authority joined the Triumph Development team on Lions Ridge Loop just above the project for a site visit where they saw the progress and no official Authority business was discussed. 7. Next Meeting Date (June 10, 2025) 170 AGENDA ITEM NO. 8.1 Item Cover Page DATE:June 17, 2025 SUBMITTED BY:Steph Johnson, Town Manager ITEM TYPE:Matters from Mayor, Council, Town Manager and Committee Reports AGENDA SECTION:Matters from Mayor, Council, Town Manager and Committee Reports (4:20pm) SUBJECT:Matters from Mayor, Council, and Committee Reports (15 min.) SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: 171 AGENDA ITEM NO. 8.2 Item Cover Page DATE:June 17, 2025 SUBMITTED BY:Steph Johnson, Town Manager ITEM TYPE:Town Manager Report AGENDA SECTION:Matters from Mayor, Council, Town Manager and Committee Reports (4:20pm) SUBJECT:Town Manager Report (5 min.) SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Town Manager Report 6-17-2025 Future Topics 172 Town Managers Update June 17, 2025 1. Timber Ridge Housing Credit The Housing Director will provide an update on interest in purchasing housing credits at Timber Ridge. 2. Library Hours Vail Public Library will resume library service 7 days a week on July 1, 2025. Operating hours will be consistent, 10 am – 6 pm., every day of the week. These new hours reflect opportunities for patrons to visit the library one hour earlier on Fridays, Saturdays and Sundays and will allow the library to serve the most patrons during the library's busiest hours. VPL will continue to host evening programming including their online book discussion that runs the 2nd Wednesday of each month 5 - 6pm, Movie in the Mountains, their double feature outdoor movie from 4 -8pm., and adult programs happening after hours. Over the last ten months, the library has seen a decrease in the number of patrons who visit the library in the evenings between the hours of 6 -8 pm. The library will continue to evaluate operating hours as needed to determine the best fit for our communit y. 3. Construction Update The Communications Department will continue to update the Town’s website on construction . Also, the Town has an ad campaign to inform the community of the significant construction projects occurring in the Town of Vail. 4. Fire Free Five Proposed Community Education Staff will give an update on proposed outreach. 5. Other There may be other topics the Town Manager needs to share with the Town Council. 173 Future Topics, July 2025 TOPIC DEPARTMENT  Greenhouse Gas Study Presentation Environmental Sustainability  Bus Barn Discussion Public Works & Vail Fire  2026 Budget Retreat Finance  US Forest Service Update Town Manager’s Office  Joint Meeting with Design Review Board Community Development  Water Shortage Response Plan Town Manager’s Office 174 AGENDA ITEM NO. 8.3 Item Cover Page DATE:June 17, 2025 SUBMITTED BY:Steph Johnson, Town Manager ITEM TYPE:Town Manager Report AGENDA SECTION:Matters from Mayor, Council, Town Manager and Committee Reports (4:20pm) SUBJECT:Council Matters and Status Updates SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Council Matters 6-17-2025 175 COUNCIL MATTERS Status Report Report for June 17, 2025  Town Council congratulated all the high school graduates!  Town Council inquired about the town’s code regarding A-frame signs (location, number and enforcement)  Town Council directed staff to look at policy considerations for single staircase code amendments Social Media Listening Sprout Listening Link https://share.sproutsocial.com/view/f89b3e79-e723-47bf-9b3e- 79e72327bf64 As speed climber Sasha Mitty put it in a post, "The GoPro Mountain Games are always a good idea ☀️." The vibes were a 10/10 with irrepressibly fun content throughout the event: The top words from this reporting period strongly reflected this beloved kic k off to summer in Vail: 176 In the News______________________________________________________ May 29 Whitewater Parks https://www.kunc.org/news/2025-05-29/colorado-communities-have-spent-millions-of-dollars-on- whitewater-parks-are-they-worthwhile Booth Lake Trailhead https://www.realvail.com/booth-lake-trailhead-parking-closes-on-may-31-to-prevent- overcrowding/a22492/ Gore Creek Trail Interpretive Installation https://www.realvail.com/gore-valley-trail-interpretive-installation-makes-summer-debut/a22495/ May 30 Dismount Zones https://www.realvail.com/vail-wheeled-vehicle-dismount-zones-back-again-for-summer- season/a22517/ I-70 Safety - Valley Voices https://www.vaildaily.com/opinion/swig-the-solution-to-i-70-safety-issues-its-already-out-there/ June 2 Restaurants into Retail https://www.vaildaily.com/news/vail-halts-restaurants-into-retail/ Rodeo Rink https://www.vaildaily.com/news/beaver-creek-restaurant-and-retail-shops-rally-for-rodeo-rink/ June 4 Fire Free Five https://www.vaildaily.com/news/vail-considers-new-laws-to-enforce-defensible-fire-space- around-homes/ 177 Single Hauler https://www.vaildaily.com/news/vail-halts-move-municipalized-waste-collection/ June 7 Timber Ridge Rockfall Mitigation https://www.vaildaily.com/news/new-rockfall-above-timber-ridge-village-project-in-vail-prompts- additional-mitigation-efforts/ June 9 Wildfire Season Concerns https://www.realvail.com/vail-fire-chief-novak-very-concerned-as-feds-pull-back-wildfires- loom/a22579/ June 11 Bus Route Changes https://www.realvail.com/town-of-vail-seeking-input-on-bus-route-changes/a22614/ Upcoming Dates July 8 Community Picnic! August 12 Community Picnic! September 9 Vail Social! 178