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Home My WebLink About1994-07-19 Support Documentation Town Council Evening Session VAIL TOUVN COUNCIL EVENING MEETING TUESDAY, JULY 19, 1994 7:30 P.M. IN TOV COlJNCIL CHANiBERS EXPAIVDED AGENDA 7:30 P.M. , 1. CITIZEfV PARTICIPATIOfV. 7:35 P.M. 2. Consent Agenda: A. Ordinance No. 10, Series of 1994, second reading, an ordinance amending Chapter 18.52, Off-Street Parking and Loading. B. Ordinance iVo. 14, Series of 1994, second reading an ordinance amending Chapter 18.57, Employee Housing, and setting forth details in regard thereto. 7:45 P.M. 3. TOV 1993 Audited Financial Statements. Chris Anderson Action Requested of Council: Accept the report. Backqround Rationale: Required annually per State Statute. Staff Recommendation: Accept the report. 7:55 P.M. 4. Resolution IVo. 18, Series of 1994, a resolution designating Piper Capital Steve Thompson Management Incorporated as an investment manager for the financial funds of the Town of Vail as permitted by the Charter of the Town of Vail, its ordinances, and the statutes of the State of Colorado. Action Requested of Council: Approve/deny/modify Resolution No. 18, Series of 1994. Staff Recommendation: Approve Resolution IVo. 18, Series of 1994. 8:00 P.M. 5. Town Manager's Report. Bob McLaurin 8:15 P.M. 6. Adjournment. NOTE UPCOMOIVG MEETlNG START TIMES BELOW: (ALL TIMES ARE APPROXIMATE AND SUBJECT TO CHANGE) 0 @ 0 0 0 0 0 TG7E 9VENT tlPqOL TOtlETOa CoVYa\iIL rtIGGCJLNR @tlORK JGSSIOA9 WILL BE ON TUESDAY, 7/26/94, BEGINPIIYVG AT 2:00 P.M. 9N TOV COUNGIL CHAfViBEFiS. TtiE FOLLOlN/lNG VAVL TOIA/P! COUNCIL REGULAR V!/ORK SESS901d WOLL BE ON TUESDAY, 8/2/94, BEGINNING AT 2:00 P.M. 9N TO!/ COUNCIL CHAflABERS. THE NEXT NABL TOWN COl1NCIL REGULAR EVEFIING nlIEETING WYLL BE ON TUESDAV, 8/2/94, BEGINNIfVG A'f 7:30 P.M. BN TOV COUNCIL CFBAMBERS. ~ ~ ~ ~ • ~ ~ C:IAGENDA.TCE ~s ,~'i'dn~~j~ oRDINANcE No. 10 SERIES OF 1994 AN ORD9NAPICE AAAENDING CF9APTER 18.52, OFF-STRE~~ PARK9NIC /4ND LOADIIVG. VVHEREAS, the current parking fee to be paid by any owner or applicant in lieu of providing parking on their development site is currently inadequate to create additional parking spaces or to provide for proper maintenance; and VVHEREAS, the Town Council wishes to increase the fee so that additional off-street parking and loading facilities can be planned in the future. fVOUV, THEREFORE, be it ordained by the Town Council of the Town of Vail, Colorado that the following amendments shall be made to Chapter 18.52 of the Vail Municipal Code: Section 1 18.52.160 6.2. The parking fee to be paid by any owner or applicant shall be determined by the Tovvn Council. 18.52.160 6.3. is hereby repealed in its entirety. 18.52.160 B.5. The parking fee to be paid by any owner or applicant is hereby determined to be $15,000°00 per space. This fee shall be automatically increased annually by the percentage the Consumer Price Index of the City of Denver has increased over each successive year. Section 2 This ordinance shall apply to all development applications submitted for Design Review Board and Planning and Environmental Commission review after July 27, 1994. All applications submitted prior to this date shall be assured a parking fee of $8,594.40 per space. Section 3 If any part, section, subsection, sentence, clause or phrase of this ordinance is for any reason held to be invalid, such decision shall not affect the validity of the remaining portions of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and each part, section, subsection, sentence, clause or phrase thereof, 1 Ordinance No. 10, Series of 1994 regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. Section 4 The Town Council hereby finds, determines, and declares that this ordinance is necessary and proper for the health, safety, and welfare of the Touvn of Vail and the inhabitants thereof. Section 5 The repeal or the repeal and reenactment of any provision of the Municipal Code of the Town of Vail as provided in this ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effective date hereof, any prosecution commenced, nor any other action or proceedings as commenced under or by virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. Section 6 All bylaws, orders, resolutions, and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution, or ordinance, or part thereof, theretofore repealed. , INTRODUCED, READ, APPROVED, AiVD ORDERED PUBLISHED ONCE IIV FULL ON FIRST READIIVG this 5th day of July, 1994, and a public hearing shall be held on this Ordinance on the 19th day of July, 1994, at 7:30 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Margaret A. Osterfoss, iViayor ATTEST: Holly L. McCutcheon, Town Clerk , 2 Ordinance No. 10, Series of 1994 READ AND APPROVED ON SECOiVD READING AND ORDERED PUBLISHED this day of , 1994. Margaret A. Osterfoss, Mayor ATTEST: Hoily L. fVicCutcheon, Town Clerk C:\ORD94.10 3 Ordinance No. 10, Series ot 1994 a- ~ ORDINANCE N0. 14, Series of 1994 AR1 ORDIRIAWCE ,4AAENDIIVG Cii,4PTER 18.57, ERRPLOYEE IiOUSIRIG, AND SETTIidG FORTH DEYAILS IN FtEGARD THEREYO. WHEREAS, THE TOWN OF VAIL'S ECONOMY IS LARGELY TOURIST BASED AND THE HEALTH OF THIS ECONOMY IS BASED ON EXEMPLARY SERVICE FOR VAIL`S GUESTS, AND; WHEREAS, VAIL'S ABILITY TO PROVIDE SUCH SERVICES DEPENDENT UPON A STRONG, HIGH QUALITY AND CONSISTENTLY AVAILABLE WORK FORCE, AND; WHEREAS, THE AVAILABILITY OF HOUSING PLAYS A CRITICAL ROLE IN CREATING QUALITY LIVING AND WORKING CONDITIONS FOR THE COMMUNITY'S WORK FORCE, AND; WHEREAS, THE TOWN COUNCIL BELIEVES THAT THE FOLLOWING AMENDMENTS WILL MAKE THE EXISTING EMPLOYEE HOUSING ORDINANCE MORE EFFECTIVE, AND; WHEREAS, IN ACCORDANCE WITH SECTION 18.66.140, THE PLANNING AND ' ENVIRONMENTAL COMMISSION HAD A PUBLIC HEARING ON THE PROPOSED ZONING AMENDMENT AND HAS SUBMITTED ITS RECOMMENDATION TO THE TOWN COUNCIL. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNGIL OF THE TOWN OF VAIL, COLORADO THAT: Section 1 Section 18.57.020 - Employee housinq units (EHU) qenerallv A. A chart(2) attached to this chapter and incorporated herein by reference illustrates the requirements for each type of EHU. • B. No employee housing unit which is constructed in accordance with this chapter shall be subdivided or divided into any form of time shares, interval ownerships, or fractional fee. ` C. All types of EHU's ff~ay shall be leased, bai-entyto tenants who are full-time employees who work in Eagle County. An EHU shall not be leased for a period less than thirty consecutive days. For the purposes of this section, a full-time employee is one who works an average e#-~~ of thirty hours each week. 1 I ? 1. A Type I EHU may be sold, transferred, or conveyed separately from any single-family or rivo-family dwelling it may be a part of so long as it meets the conditions set forth in Section 18.57.040 B, 5 of this chapter. 2. A Type II EHU shall not be sold, transferred or conveyed separately from the single-family or two-family dwelling is located within or attached to. 3. A Type III EHU may be sold, transferred, or conveyed separately from other dweiling units or employee housing units that may be located on the same lot or within the same building in which the Type III EHU is located so long as it meets the condition set forth in Section 18.57.060 B, 11 of this chapter. 4. A Type IV EHU shall not be sold, transferred, or conveyed separately from other dwelling units or employee housing units that may be located on the same lot or within the same building in which the Type IV EHU is located. 5. A Type V EHU shall not be sold, transferred or conveyed separately from the single-family dwelling it may be located within or attached to. D. Reserved. E. No later than February 1 of each year, the owner of each employee housing unit within the town which is constructed following the effective date of this chapter shall submit two copies of a report on a form to be obtained from the Community Development Department, to the Community Development Department of the Town of Vail and Chairman of the Town of Vail Housing Authority setting forth evidence establishing that the employee housing unit has been rented throughout the year, the rental rate, the employer, and that each tenant who resides within their the employees housing unit is a full-time employee e€ in Eagle County. F. No property containing an EHU shall exceed the maximum GRFA permitted in. Title 18 except as provided in Sections 18.57.040 B4, 18.57.050 65 or 18.57.080 B3 of this chapter. G. All trash facilities shall be enclosed. H. All surface parking shall be screened by landscaping or berms as per Design Review Guidelines, Section 18.54.050 D3. 2 . v I. Any applicant who applies for a conditional use permit for the purpose of constructing employee housing, shall not be required to pay a conditional use permit application fee. J. The provisions set forth in Section 18.57.020, subsoGtoons s4a4 be incorporated into a written agreement in a form approved by the town attorney which shall run with the land and shall not be amended or terminated without the written approval of the Town of Vail.. Said agreement shall be recorded at the county clerk and recorder office prior to the issuance of a building permit for the construction of an EHU. K. Each EHU shall have its own entrance. There shall be no interior access from any EHU to any dwelling unit it may be attached to. L. The owner:.of _each.:EHU shalt`renf 4he:unif at a:_monthly,; rental.:rate. consistent ' with or lower than those markei.rates.prevalent for simitar.properties in the Town of Vail. M. The Town of Vail Housing Authority will determine..:the market rate.based on the . study of other units of comparable size, location.,.quality and amenities throughout the Town. The market rate shall be.based on an average.of a:minimum of five rental rates of comparable units. If the unit is not rented and is not available at the market rate it shalt be determined to be in noncompliance. In addition, to any other penalties and resYrictions provided herein, a uni4 found 4o be in noncompliance shall be subJec4 to publica4fon as de4ermined by the Oiousing Authority. Edltor's Note: The provisbns ot thls sectfon shall not apPty to enY apPllcation tor an EHU whkh has been submined to the Department of Communtty Development, and accepted by the aame, on or betore July 19, 1994, the date ot second reading. Section 2 Section 18.57.050 Tvpe II - Emplovee housinp unit A. Purpose. To allow for the construction of an EHU on lots in the single-family, two-family, and primary/secondary zone districts which meet the minimum lot size requirements for said zone districts. B. General conditions: 1. It shall be a conditional use in the single-family residential, two-family 3 residential and prim ary/seco ndary residential zone districts. ~ 2. It shall be permitted only on lots which comply with the minimum lot size requirements for total lot area of the zone district in which the lot is located. 3. It shall be located within, or attached to, a single-family dwelling or be located within, or attached to, a two-family dwelling pursuant to Section 18:54.0401 - design guidelines duplex and primary/secondary development. It may also be located in, or attached to, an existing garage provided the garage is not located within any setback, and further provided that no existing parking required by the Town of Vail Municipal Code is reduced or eliminated. 4. It shall not be counted as a dwelling unit for the purposes of calculating density. However, it shall contain kitchen facilities and a bathroom; as defined in Chapter 18.04 - Definitions of the Vail Municipal Code. It shall be permitted to be a third dwelling unit in addition to the two dwelling units which may already exist on the lot. Only one Type II EHU shall be allowed per lot. 5. It shall have a GRFA not less than three hundred square feet, nor more than nine hundred square feet. An applicant, however, shall be permitted to apply to the Community Development Department of the Town of Vail for additional GRFA not to exceed five hundred square feet to be used in the construction of the EHU. The applicant shall submit an application for the additional GRFA on a form provided by the Community Development Department. Approval or denial of the request shall be made by the Design Review Board in accordance with Section 18.54.040. If an applicant obtains Design Review Board approval for five hundred square feet of additional GRFA for the EHU, he or she shall not be entitled to receive additional GRFA pursuant to Chapter 18.71 - Additional Gross Residential Floor Area of this code for either unit on the lot. If an applicant obtains Design Review Board approval for not more than two hundred fifty square feet of additional GRFA for the EHU, he or she shall be entitled to receive additional GRFA pursuant to Chapter 18.71 - Additional Gross Residential Floor Area of this code for one dwelling unit on the lot. 6. It shall have not more than two bedrooms. 7. No more than two adults and one child not older than sixteen years of age shall reside in a one-bedroom Type II EHU. No more than two adults and two • children not older than sixteen years of age shall reside in a two-bedroom Type II EHU. 4 0 8. Each Type II EHU shall be required to have no less than one parking space for each bedroom located therein. However, if a one bedroom Type II EHU exceeds six hundred square feet, it shall have two parking spaces. All parking spaces required by this code shall be located on the same lot or site as the EHU. If no dwelling exists upon the property which is proposed for a Type 11 EHU at the time a building permit is issued, or if an existing dweiling is to be demolished and replaced by a new dwelling, not less than one of the parking spaces required by this subsection shall be. enclosed. A three hundred square feet GRFA credit shall be allowed for the construction of one enclosed parking space for the Type II EHU. Section 3 If any part, section, subsection, sentence, clause or phrase of this ordinance is for any reason held to be invalid, such decision shall not effect the validity of the remaining portions of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. Section 4 The Town Council hereby finds, determines and declares that this ordinance is necessary and proper for the health, safety and welfare of the Town of Vail and the inhabitants thereof. Section 5 The repeal or the repeal and reenactment of any provision of the Vail Municipal Code as provided in this ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effective date hereof, any prosecution commenced, nor any other action or proceeding as commenced under of by virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. 5 Section 6 ~ All bylaws, orders, resolutions and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repeater shall not be construed to revise any bylaw, order, resolution or ordinance, or part thereof, theretofore repealed. INTRODUCED, READ ON FIRST READING, APPROVED AND ORDERED PUBLISHED ONCE IN FULL, this _ day of . 1994. A public hearing shall be heid hereon on the _ day of . 1994, at the regular meeting of the Town Councit of the Town of Vail, Colorado, in the Municipal Building of the Town. ATTEST: Margaret A. Osterfoss, Mayor Holly McCutcheon, Town Clerk READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED this _ day of , 1994. Margaret A. Osterfoss, Mayor ATTEST: Holly McCutcheon, Town Clerk ' 6 • o SECTIOW 18.57.020(A) - EHNPLOYEE HOUSlWG UR91TS (EHU) GER1EFi,4LLV AAatt. No. RAatt. Wo. Zoning Lot Size Density Approv- of Bed- of Resi- Kitchen Parking Code EHU Districts Which Require- Calcula- GRFA Ouvnership ing rooms dents Facili- Require- Section Type Allow EHU's ments tions Fiestrictions 250 Potential Authority Allowed Allouved ties ments Credits 18.57.040 Type I P/S Two FamTl s than 1.0 40% of Yes Yes, both DRB N/A N/A Full 50% 425 sq. ft. 000 all owable units get enclosed'; GRFA restricted 1-2 spaces 18.57.050 Type II Agricultural/ Minimum 0.0 300-900 sq. ft. Yes No PEC 2 2 adults Full 1 space/ One Open Space of 15,000 2 children bedroom' garage Single Farriily P/S Two Family sp. of 300 sq. ft. 18.57.060 Type III RC/LDMP/ N/A 0.5 450-900 sq. ft. No Yes PEC 2 4 Full 1 space/ Multifamily MDMF/HDMF/ beclroom' Credits PA/CCI/CCI I/ CC I I I/CSC/AB D/ P/PU/SBR 18.57.070 Type IV RC/LDMP/ N/A 0.333 200-300 sq. ft. No No PEC N/A t Kitchen- 1 space Multifamily MDMF/HDMF/ ~ PA/CCI/CCII/ ette Credits CCI11/CSC/ABD/ P/P U/S B R ' 18.57.080 Type V Hillside 21,780 1.0 0-1,200 sq. ft. Yes No DRB N/A N/A Full 1-2 425 sq. ft. Residential spaces' 50% enclosed Please see teut ior speci(ic requirements. r.%andykmemos`chartB t 292 7 Q. MEMORANDUM TO: Planning and Environmental Commission FROM: Community Development Department DATE: June 13, 1994 SUBJECT: A requesfi for amendments to Section 18.57, Employee Housing, to set . forth requirements for renting Employee Housing Units and setting forth details in regard thereto. Applicant: Town of Vail Planner: Andy Knudtsen : . . . . . . . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . : : : : : . . . . . . . . . . . . . . . : : : : : : . ~ 1. DESCRIPTBON OF THE REOUEST In conversations with Town Council and Housing Authority recently, Town staff determined that there were a few minor changes that could be made to the emptoyee housing ordinance to make it more effective. These include requiring that all employee housing units shall be •rented and requiring that the rental rate be comparable to the market rate. The proposed text below has been changed as discussed in the worksession with the Planning and Environmental Commission (PEC) on May 16, 1994. There is also a clarification in the code pertaining to Type II EHU's, which has also been included. , II. PROPOSED CODE CHARlGES Below is one section from the ordinance showing the proposed changes. The new text is shown in shade. The text that is proposed to be defeted is shown in aveF61Fi#ce. 18.57.020 Employee housing units (EHU) generally. A. A chart(2) attached to this chapter and incorporated herein by reference illustrates the requirements for each type of EHU. B. No employee housing unit which is constructed in accordance with this chapter shall be subdivided or divided into any form of time shares, interval ownerships, or fractional fee. C. All types of EHU's ff~ay shali be leasec-,444t-e~ to tenants who are full-time employees who work in Eagle County. An EHU shall not be leased for a period less than thirty consecutive days. For the purposes of this section, a full-time employee is one who works an average 9f a MiRiFRWR of thirty hours each week. 9 ~ 1. A Type I EHU may be sold, transferred, or conveyed separately from any single-family or two-family dwelling it may be a part of so lang as it meets the conditions set forth in Section 18.57:040 B, 5 of this chapter. 2. A Type II EHU shall not be sotd, transferred or conveyed separately from the single-familjr or two-family dwelling is located within or attached to. 3. A Type III EHU may be sold, transferred, or conveyed separately from other dwelling units or employee housing units that may be located on the same lot or within the same building in which the Type III EHU is located so long as it meets the condition set forth in Section 18.57.060 B, 11 of this chapter. . 4. A Type IV EHU shall not be sold, transferred, or conveyed separately from other dwelling units or employee housing units that may be located on the same lot or within the same building in which the Type IV EHU is located. 5. A Type V EHU shall not be sold, transferred or conveyed separately from the singfe-family dwelling it may be located within or attached to. D. Reserved. = E. No later than February 1 of each year, the owner of 'each employee housing unit within the town which is constructed following the effective date of this chapter shall submit two cop+es of a report on a form to be abtained from the Community Deveiopment Department, to the Community Development Department of the Town of Vail and Chairman of the Town of Vail Housing Authority setting forth evidence establishing that the employee housing unit has been rented throughout the year, the rental rate, and that each tenant who resides within l#e4 the employees housing unit is a full-time employee of Eagle County. . F. No property containing an EHU shall exceed the maximum GRFA permitted in Title 18 except as provided in Sections 18.57.040 B4, 18.57.050 65 or 18.57.080 63 of this chapter. - ' G. All trash facilities shall be enclosed. H. All surface parking shall be screened by landscaping or berms as per Design, Review Guidelines, Section 18.54.050 D3. 1. Any applicant who applies for a conditional use permit for the purpose of constructing employee housing, shall not be required to pay a conditional use permit application fee. 2 a ~ J. The provisions set forth in Section 18.57.020, subsections B, C, D, and E shall be incorporated into a written agreement in a form approved by the town attorney which shall run with the land and shall not be amended or terminated without the written approval of the Town of Vail. Said agreement shall be recorded at the county clerk and recorder office prior to the issuance of a building permit for the construction of an EHU. K. Each EHU shall have its own entrance. There shall be no interior access from any EHU to any dwelling unit it may be attached to. • L. The owner of: each' EHU shall: rent the unit at a mon#hIy ren#at :rafe consistent .with . those.market rates prevalent for similar.properties in the Town of Uail : M. . The Town of Vail Housing Authority will`de#ermine:the; mar#cet rate bassd on the study, of other_ units af.rAmparable size, location;:quali.ty and amenities throughout the Town.. The market rate sha11 be based on an. avecage of a mmiinurn of.:five ren#a[. rafes: of comparabie; units :lf _the. unit is not: rented and is not: available at the market rate iY shall be de#errnined to be in noncampliance. (Ord. 27 (1992) 1-3: Ord. 8 (1992) § 4(part).) - - 9118. CLe4RIFBCATiON FOR TVPE YI EHIY'S Section 18.57.050 Type II - Employee housing unit. A. Purpose. To allow for the construction of an EHU on lots in the single-family, two- family, and primary/secondary zone districts which meet the minimum lot size requirements for said zone districts. B. General conditions: 1. It shall be a conditional use in the single-family residential, two-family residential and prim ary/seco ndary residential zone districts. 2. It shall be permitted only on lots which comply with the minimum lot size requirements foT total lot area of the zone district in which the lot is located. 3. It shall be located within, or attached to, a single-iamily dwelling or be located within, or attached to, a two-family dwelling pursuant to Section 18.54.0401 - design guidelines duplex and primary/secondary development. It may also be located in, or attached to, an existing garage provided the garage is not located within any setback, and further provided'that no existing parking required by the Town of Vail Municipal Code is reduced or eliminated. 3 '-t ~ . 4. - it shall not be counted as a dwelling unit for the purposes of calculating density. However, it shall contain kitchen facilities and a bathroom; as defined in Chapter 18.04 - Definitions of the Vail Municipal Code. It shall be permitted to be a third dwelling unit in addition to the two dwelling units which may a{ready exist on the lot. Only one Type II EHU shall be allowed per lot. 5. It shall have a GRFA not less than three hundred square feet, nor more than nine hundred square feet. An applicant, however, shall be permitted to apply to the Community Development Department of the Town of Vail for additional GRFA not to exceed five hundred square feet to be used in the construction of the EHU. The applicant shall submit an application for the additiona(,GRFA on a form provided by the Community Development Department. Approval or denial of the request shall be made by the Design Review Board in accordance with Section 18.54.040. If an applicant obtains Design Review Board approval for five hundred square feet of additional GRFA for the EHU, he or she shaU not be entitled to receive additional GRFA pursuant to Chapter 18.71 - Additional Gross Residential Floor Area of this code for either unit on the Iot. If an applicant obtains Design Review Baard approval for not more than two hundred fifty square feet of additional GRFA for the EHU, he or she-shall be entitled to receive additional GRFA pursuant to Chapter 18.71=- Additional Gross Residential Floor Area of this code for one dwelling unit on the lot. 6. It shall have not more than two bedrooms. ~ 8. Each Type II EHU shafl be required to have no less than one parking space for each bedroom located therein. However, if a one bedroom Type II EHU exceeds six hundred square feet, it shal{ have two parking spaces. AIV parking spaces required by this code shall be located on the same lot or site as the EHU. If no dwelling exists upon the property which is proposed for a Type II EHU at the time a building permit is issued, or if an existing dwelling is to be demolished and replaced by a new dwelling, not less than one of the parking spaces required by this subsection shall be enclosed. A three hundred square feet GRFA credit shall be allowed for the construction of one enclosed parking space for the Type II EHU. (Ord. 8(1992) § 4(part).) IV. STAFF RECOMMENDATION Staff believes the proposed changes will make the Employee Housing Ordinance more effective. Because an effective ordinance will help the Town meet its Municipal Objectives, staff recommends approval. ~ c :1peclmemos\ehu.613 4 B F L E p ~ Bob Armour made a motion to approve this request for a conditional use permit to allow for an employee housing unit per the staff inemo with Jeff Bowen seconding this motion. A 7-0 vote approved this item. 6. A request for an amendment to Section 18.40, Special Development Districts, to eliminate the use of the SDD in certain zone districts. Applicant: Town of Vail Planner: Mike Moltica . Mike Mollica briefly reviewed the request and stated that he could answer any questions the PEC had concerning the proposed amendments. . Bob Armour made a motion to approve the requested amendment to Section 18.40, Special Development Districts per the staff inemo with Jeff Bowen seconding this motion. Tom Braun stated that he did not understand what was being gained as a result of the proposed amendment to Section 18.40. He felt that keeping the SDD as an option in the zone districts is beneficial. - IVlike Mollica stated that staff would most likely perform an overhaul on the entire section of the SDD code during the next six to nine months. Dalton Williams stated that he agreed with Tom's comment but he feels that the amendment was the right thing to do. Jeff Bowen seconded the motion and a 7-0 vote approved this item. 7. A request for amendments to Section 18.57, Employee`Housing4 to set forth requirements for renting Employee Fiousing Units and setting forth details in regard thereto. Applicant: Tpwn of Vail Planner: Andy Knudtsen/Kristan Pritz Kristan Pritz made a presentation per the staff inemo. Concerning Item M, Kathy Langenwalter suggested that the last sentence should read "within a market rate". Jeff Bowen stated that he felt the word "minimum" should be removed from Item C in the last sentence. Tom Braun stated that he would like to see Item 8 on Page 4 either eliminated or modified so that the paricing was not required to be located on-site for an existing nonconforming unit. Planning and Environmentel Commission June 13, 1994 9 B J Concerning Item E, Dalton Williams stated that he would like to see the last sentence in this item eliminated. He felt the wording was too strong. He said that he,would like . the last sentence of Item M reworded to: "If the unit is not rented and is not available at the market rate, then it shall be determined to be in noncompliance." Jeff Bowen stated that he still had a problem with Item 7 on Page 4. He stated that the maximum age of the child should be lowered and questioned why this paragraph was necessary. Kathy Langenwalter asked what the purpose of Item 7 was. , Kristan Pritz stated it was added by the Council during the review of the original ordinance to address occupancy and the issue of occupants having children. The PEC reached a consensus that Item 7 on Page 4 should be deleted. Fn Kathy Langenwalter referred the PEC back to the last sentence in Item E on ~Page 2 of the staff inemo. She felt this sentence was a compromise to let people know what the requirement was. Kristan Pritz stated that the last sentence of Item E would be incorporated into the preceding sentence as: that the employee housing unit has been rented throughout the year, the rental rate, and that each tenant who resides within the employee housing unit is a full-time employee of Eagle County." Kathy Langenwalter reviewed the proposed changes with the PEC and staff. Jeff Bowen made a motion to approve the proposal with the recommended changes: , II(C) "an average of 30 hours each week."? II(E) Remove the last sentence and add, "the rental rate, and that each / tenant..." II(M) "If the unit is not rented and is not avaifable at the market rate." ~ III(7) Remove this paragraph.,/ ~ Greg Amsden seconding the motion. A 7-0 vote approved this item. 8. A request for a conditional use permit to allow for a Type II Employee Housing Unit located at 4030 North Frontage Road East, #D/Lot 26, Pitkin Creek Mountain Townhomes. Applicant: Andrew M. Knudtsen Planner: Jim Curnutte TABLED TO JUNE 27, 1994 Jeff Bowen made a motion to table this request until June 27, 1994. Dalton UVilliams seconded the motion and a 7-0 vote tabled this item to the June 27, 1994 PEC meeting. , Planning and Environmental Commission June 13, 1904 10 . , . . - - - . - - - - . . . . - , _ _ _ . - - , . . . . . . . . . . . - . : . _ . . . . , , . -J. _ , ~ . .~.,F. ; . . , . . , _ _ - _ _ . . 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' ~ ' ~ TO OF VAIId Fgnancial Statements ~ Foir the fiscaIl ~~ar ended Decernber 319 1993 1 ' ' ' . ~ ' . ~ ' ~ 1 1 - ' Town of Vail, Colorado Financial Report December 31, 1993 TABLE OF CONTENTS PaQe FINANCIAL SECTIONa ~ Independent Auditors` Report General-Purpose Financial Statements: ~ Combined Balance Sheet - All Fund Types and Account Groups _ A1- 2 ~ Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types A 3 ' Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - ' General, Special Revenue and Debt Service Funds A 4 Combined Statement of Revenues, Expenses and Changes in Fund Equity - Al1 Proprietary Fund Types and , Similar Trust Funds A 5 Combined Statement of Cash Flows - Internal Service ' Funds A 6 Notes to the Financial Statements B1- 23 ~ COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS: General Fund: ' Statement of Revenues - Budget (GAAP Basis) and Actual C 1 Statement of Expenditures - Budget (GAAP Basis) and Actual C 2 ~ Special Revenue Funds: . Combining Balance Sheet C 3 ~ Combining Statement of Revenues, Expenditures and Changes in Fund Balances C 4 ~ ' Town of Vail, Colorado Financial Report December 31, 1993 ~ TABLE OF CONTENTS (Continued) ~ P-ag_ COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONTINUED) ~ Special Revenue Funds: (Continued) . Capital Projects Fund, Statement of Revenues and ~ Expenditures - Budget (Non-GAAP Basis) and Actual with a Reconciliation to GAAP Basis C 5 Capital Projects Fund, Schedule of Project ~ Expenditures - Budget and Actual Comparison C 6 Bond Proceeds Fund, Statement of Revenues and ~ Expenditures - Budget (GAAP Basis) and Actual C 7 Real Estate Transfer Tax Fund, Statement of ' Revenues and Expenditures - Budget (Non-GAAP Basis) and Actual with a Reconciliation to GAAP Basis C g ' Real Estate Transfer Tax Fund - Schedule of Project Expenditures - Budget and Actual Comparison C g ' Special Parking Assessment Fund, Statement of Revenues and Expenditures - Budget (GAAP Basis) ~ and Actual C10 Police Confiscation Fund, Statement of Revenues and Expenditures - Budget (GP,AP Basis) and Actual C11 ' Vail Marketing Fund, Statement of Revenues and Expenditures - Budget (GAAP Basis) and Actual C12 ~ Debt Service Funds: Combining Balance Sheet C13 ~ Combining Statement of Revenues, Expenditures and Changes in Fund Balances C14 ~ Town of Vail Debt,Service Fund, Statement of Revenues and Expenditures.- Budget (GAAP Basis) ~ And Actual C15 ~ . ~ ~ Town of Vail, Colorado Financial Report December 31, 1993 ~ TABLE OF CONTENTS (Continued) i Pave COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONTINUED) ~ Debt Service Funds: (Continued) West Vail Street Improvement Debt Service Fund, ~ Statement of Revenues and Expenditures - Budget (GAAP Basis) and Actual C16 Lionshead Mall Improvement Debt Service Fund, ~ Statement of Revenues and Expenditures - Budget (GAAP Basis) and Actual C17 ~ Booth Creek Local Improvement Debt Service Fund, Statement of Revenues and Expenditures - Budget (GAAP Basis) and Actual C;g ~ Proprietary Funds: Internal Service Funds: ~ Combining Balance Sheet C19 ~ Combining Statement of Revenues, Expenses and Changes in Retained Earnings C20 ~ Combining Statement of Cash Flows C21 Heavy Equipment Fund, Statement of Revenues and Expenses, - Budget (Non-GAAP Basis) and Actual ' with a Reconciliation to GAAP Basis C22 Health Insurance Fund, Statement of Revenues and ' Expenses - Budget (GAAP Basis) and Actual C23 Fiduciary Funds: ~ Trust and Agency Funds: Combining Balance Sheet C24 ~ Pension Fund, Comparative Statement of Revenues, Expenses and Changes in F-und Equity C25 ' Pension Fund, Comparative Statement of Revenues and Expenses C26 ~ . ' ~ Town of Vail, Colorado Financial Report December 31, 1993 ~ TABLE OF CONTENTS (Continued) I P-g- COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONTINUED) , Trust and Agency Funds: (Continued) Deferred Compensation Plan Agency Fund, Comparative ' Statement of Revenue and Expenses C27 Deferred Compensation Plan Agency Fund, Statement of Changes in Assets and Liabilities C28 ~ SUPPLEMENTARY INFORMATION: ~ Group of Accounts: Schedule of General Fixed Assets by Function C29 , Schedule of General Long-Term Debt C30 Other Schedules: ' Debt Service, Schedule of Bond PrinciPal and Interest Requirements in Future Years, General Obligation ' Refunding Bonds, Series 1985 C31 Debt Service, Schedule of Bond Principal and Interest ~ Requirements in Future Years, Sales Tax Revenue Bonds, Series 1991 C32 Debt Service, Schedule of Bond Principal and Interest ~ Requirements in Future Years, General Obligation Refunding Bonds, Series 1992A C33 ' Debt Service, Schedule of Bond Principal and Interest Requirements in Future Years, Sales Tax Refunding and Improvement Bonds, Series 1992B C34 ~ Schedule of Lease Payments in Future Years C35 Schedule of Promissory Note Requirements in Future ~ Years C36. ~ 1 ' Town of Vail, Colorado Financial Report December 31, 1993 ' TABLE OF CONTENTS (Continued) PaQe SUPPLEMENTARY INFORMATION (CONTINUED) ' Other Schedules: (Continued) Annual Statement of Receipts and Expenditures for Roads, Bridge and Streets C37- 38 Notes to Schedule of Receipts and Expenditures C39 SINGLE AUDIT SECTION: Independent Auditors' Report on Internal Control Structure in Accordance with Government Auditing Standards D1- 2 ' Independent Auditors' Compliance Report Based on an Audit of General-Purpose Financial Statements Performed in Accordance with Gavernment Auditing Standards D3 Independent Auditors' Single Audit Report on the Internal Control Structure used in Aclministering ' Federal Financial Assistance Programs D4- 6 Independent Auditors' Report on Compliance with the General Requirements Applicable to Federal Financial Assistance Programs D7 Inciependent Auditors' Report on Schedule of Federal ~ Financial Assistance Dg Schedule of Federal Financial Assistance D9 ' ' ' MCIVIAHAN AND ASSOCIATES, P.C. Certi6ed Pubhc Accountants o Suire 200iAvon Center/100 West Beaver Creek Blvd./P.O. Box 5850/Avon, CO 81620 0 303-845-8800 m FAX 303-845-8I08 ' INDEPENDENf AUDITOR'S REPORT ~ Mayor and Town Council ' ' Town of Vail Vail, Colorado 81657 ' . We have audited the accompanying general-purpose financial statements and the combining and individual ' fund and account group financial statements of the Town of Vail, Colorado, for the year ended December 31, 1993 as listed in the table of contents. These financial statements are the responsibility of the management of the Town of Vail, Colorado. Our responsibility is to earpress an opinion on these financial , statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements ' are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the overall general- purpose financial statement presentation. We believe that our audit provides a reasonable basis for our , opinion. In our opinion, the general-purpose financial statements referred to above present fairly, in all material respects, the financial position of the Town of Vail, Colorado, as of December 31, 1993, and the results of ~ its operarions and cash flows of its proprietary fund types for the year then ended, in conformity with generally accepted accounting principles. Also, in our opinion, the combining and individual fund and account group financial statements referred to above present fairly; in all material respects, the financial ' position of each of the individual funds and account groups of the Town of Vail, Colorado as of December 31, 1993 and the results of operations of such funds and the cash flows of individual proprietary fund types for the year then ended in conformity with generally accepted accounting principles. , Our audit was made for the purpose of fonning an opinion on the general-purpose financial statements taken as a whole and on the combining and individual fund and account group financial statements. The accompanying financial information listed as supporting schedules in the table of contents is presented for ' purposes of additional analysis and is not a required part of the financial statements of the Town of Vail, Colorado. Such information has been subjected to the auditing procedures applied in the audit of the general-purpose, combining and individual fund and account group financial statements and, in our opinion, ' is fairly presented in all material respects in relation to the financial statements of each of the respective individual funds and account groups taken as a whole. McMahan and Associates, P.C. Avon, Colorado ~ April 20, 1994 ~ , D. Jern McMahan, C.P.A. Mcmhcrs of Amcncan Insututc of Ccrtificd Puhlic Accountants David 1. Haguc, C.P.A. and Colorado SocictY of Ccrtificd Puhlic Accountants Paul J. Bacl:es, C.P.A. ' 1 ' ' Ge~eral Purpose ' FIlnancflal Staternents . 'Il'he basuc finauacea? statemen$s provnde a summary overveew off the financeaB posetaon off a?9 faands and aceount groups and operateaag , resu&ts of a?? ffuands. 7['hey a?so serve a~ an introduction to the more a9etanledl sta$emengs aand schedaa9es ttaat fol?ow. ' ' ~ ' ~ ~ ~ Town oi Vail, Coloredo Combined Balance Sheet All Fund Types and Account Groups December 31, 1993 (With Comparative Totals For 1992) Proprietary Fiduciary Governmental Fund Types Fund TvPe Fund Tvae ,4ccount Groups Total General General (Memo Only) Total (Memo Only) Special Debt Internal Trust & Fixed Long Term Primary Component Reporting Entity General Revenue Seniice _ Service Aaency Assets Debt Government Unit 1993 9992 Assets Cash 6,020 6,020 38,640 44,660 23,842 Equity in pooled cash and investments 1,760,075 5,032,167 49,506 1,187,475 8,029,223 8,029,223 8,411,224 Investments - employee's retirement plan 16,152,040 16,152,040 16,152,040 12,575,185 Cash and investments - restricted 3,500,950 1,917,326 1,026 5,419,302 ' 5,419,302 7,868,337 Receivables: Component unit 968,000 968,000 968,000 998,000 Taxes and fees . 1,667,161 1,075,484 2,742,645 2,742,645 2,534,839 Othergovernments 35,058 31,447 66,505 66,505 32,089 Notes 47,500 47,500 47,500 Special assessments 106,698 201,772 308,470 ~ 306,470 206,062 Accrued interest 11,496 11,435 11,495 5,500 Other, net of allowance for uncollectible accounts 67,560 61244 4,974 78,778 78,778 128,783 Loans to participants ' 685,538 685,538 685,538 639,658 Interfund receivables 418,746 418,746 418,746 371,047 Advance to other tund 968,349 Inventory 139,260 ~,~9 968,349 1,387,095 Deposits 9,281 139,260 139,260 127,962 9,281 9,281 10,278 Prepaid expenses 206,286 2,105 22,376 230,767 230,767 231,066 Property taxes assessed 2,195,607 2,195,607 2,195,607 2,059,358 Property, plant and equipment, net 2,124,384 60,794,099 62,918,483 2,556,400 65,474,883 58,205,957 Amount to be provided for payment of general long term debt 28,504,193 28,504,193 968,000 29,472,193 32,785,149 Amount available in debt service funds 1,902,207 1 902 207 1,902,207 1,883,976 Total Assets 6,065.242 11,082,992 3,136,604 3 479d95 16 837 578 60.794,022 30 406 400 131,802,410 3 563 040 135,365,450 30,485,407 ; (continued) The accompanying notes are an integral part of these tinancial statements. A1 Town o( Vail, Coloredo Combined Balance Sheet All Fund Types and Account Groups (With Comparative Totals for 1992) Proprietary Fiduciary _ Governmental Fund Tvpes Fund Type Fund Tvee Account Grouas 7otal Total (NAemo Only) Oeneral General (AAemo Only) Reporting Entity Special Debt Vnternal Trust & Fixed Long Term Primary Component 1992 General Revenue Service Service Aaency Assets Deb4 Oovernment Unit 1993 (Restated) Liabilities Deficit in pooled cash 800 . 63,175 784 64,759 64,759 Accounts/vouchers payable 246,246 422,062 1,450 40,401 414 710,573 311 710,884 730,804 Retainage payable 38,298 38,298 38,298 Accrued wages and benefits 133,135 3,194 8,969 145,298 145,298 Deferred revenue 39,554 33,820 1,169,772 1,243,146 . 1,243,146 1,112,451 Deposits payable 245,408 245,408 245,408 260,114 Interiund payable 418,746 418,746 418,746 371,047 Advance payable to other tund 968,349 968,349 968.349 1,387,095 Due to members 38,329 38,329 18,402 Due to employees 1,084,161 1,084,161 1,084,161 936,885 Leases payable 637,123 637,123 637,123 997,766 - Notes payable 1,360,895 1,360,895 968,000 2,328,895 1,563,732 General obligation bonds payable 10,490,000 10,490,000 10,490,000 13,543,000 Sales tax revenue bonds payable 17,190,000 17,190,000 17,190 000 17 660 000 Special assessment bonds payabie 275,000 275,000 275,000 480,000 Accrued vacation payable 453,382 453,382 453,382 424,627 Deferred assessment 106,698 106,698 106,698 122,188 Deferred revenue - property taxes assessed not collectible until subsequent years 2.195 607 2 195 607 2J95.607 2 059 358 Total Liabilities 2,966,648 1,885 269 1,234,397 49,370 1,085 359 30 406 400 37,627,443 1,006,640 38 634 083 40,730,584 Fund Equity Contributed capital 2,253,224 2,253,224 2,253,224 2,087,072 Investment in generel fixed assets 60,794,099 60,794,099 2,556,400 63,350,499. 56,036,035 Retained earnings: , Reserved for health insurance 662,808 662,808 662,808 486,194 Unreserved . 514,093 514,093 514,093 564,290 Fund balances: Reserved for Symposium 10,992 10,992 10,992 10,992 Reserved for employees' retirement plan 15,752,219 15,752,219 15,752,219 12,362,395 Reserved for retirement of bonded debt 1,345 1,345 1,345 15,513 Reserved for advance to other funds 968,349 968,349 968,349 1,753,498 Reserved for prepaid expenses 206,286 206,286 206,286 211,027 Reserved for bond proceeds 2,357,740 2,357,740 2,357,740 5,697,476 Reserved for emergencies 254,100 254,100 254.100 Designated for subsequent years' expenditures 1,263.282 1,263,282 1,263,282 926,052 Undesignated _ 2,627,216 4,608 352 1,900,862 9,136,430 9 136 430 8,665,394 Total Fund Equity 3,098,594_ 9,197,723 1,902,2073,430,125 _ 15,752,219 60,794,099 94174,967 2556400 96731,367 89,754823 Total Liabilities and Fund Equity _ 6.065.242 11.082.992 3 136.604 3.479.495 16,837.578 60.794 099 30.406.400 131 802.410 3:563;040 135,365,450 130 485.407_ The accompanying notes are an integral part oi these financial statements. A2 . , Town of Vail, Colorado Combined Statement of Revenues, Expenditures, and Changes in Fund Balances ' All Govemmental Fund Types For the Year Ended December 31, 1993 (INith Comparative Totals for 1992) Govemmental Fund Types Total (Memo Onlv) ' Primary Special Debt Govemment Component Reporting Entity General Revenue Service 1993 Unit 1993 1992 Revenues: Taxes 10,964,735 8,333,422 19,298,157 19,298,157 18,530,084 Licenses and permits 704,479 351,607 1,056,086 1,056,086 1,081,204 Intergovemmentai revenue 983,758 369,335 1,353,093 96,161 1,449,254 1,604,492 Charges for services 1,917,413 238,378 2,155,791 2,155,791 2,084,451 Fines and forteits 229,949 229,949 229,949 261,050 Miscellaneous revenues 133,818 374,903 91,088 599,809 12,000 611,809 • 516,520 Interest 124,667 542,796 83,347 750,810 820 751,630 969,084 Speciai assessments and interest 53,537 68,108 209,000 330,645 330,645 91,924 Housing bond prxeeds $25 ~84 Total Revenues 15,112,356 10,278,549 383,435 25,774,340 108,981 25,883,321 25,964,593 Expenditures: . Operating: General govemment 3,070,784 866,369 3,937,753 9,749 3,947,502 3,804,120 Public safety 3,945,232 3,945,232 3,945,232 3,617,621 Public worlcs and transportation 5,341,015 5,341,015 8,144 5,349,159 4,894,800 Economic development and communityasistance 1,046,477 1,046,477 • 1,046,477 1,361,677 Recreation 543,243 543,243 543,243 547,043 AAunicipal librery 659,051 659,051 659,051 614,940 Capital projects 7,572,393 7,572,393 7,572,393 3,547,692 Debt service: , Principal retirement 144,704 3,053,746 3,198,450 30,000 3,228,450 3,097,069 In4eiest and fiscal charges 359 068 2,255,086 2,614,154 61,088 2 675 242 1,669,009 Total Expenditures 14,605,802 8,943,134 5,308,832 28,857,768 108,981 28.966J49 23,153,971 1 Excess of Revenues Over (Under) Expenditures 506,554 1,335,415 (4,925,397) (3,083,428) • (1083,428) 2,810,622 Other Financing Sources (Uses): ' Operating transfers in 3,266,361 4,891,780 8,158,141 8,158,141 4,493,576 Operating transfer out (8,158,141) (8,158,141) (8,158,141) (4,493,576) Bond proceeds, net 22,423,128 Bond issues defeased (20,634,667 ) ~ Total Financing Sources (Uses) (4,891,780) 4,891,780 1 788 461 Excess of Revenues Over (Under) Expenditures and Other Sources (Uses)_ 506,554 (3,556,365) (33,617) (3,083,428) (3,083,428) 4,599,083 Fund Balances - January 1 3,479,708 11,918,268 1,883,976 17,281,952 17,281,952 12,682,869 Residual Equity transfers in (out) (887,668) 835,820 51,848 Fund Balances - December 39 3,098,594 9,197,723 1 902 207 14 198 524 14 198 524 17 281 952 ' • ~ ' ' The accompanying notes are an integral part of these financial statements A3 ~ Town of Vail, Colorado Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General, Special Revenue and Debt Service Funds For the Year Ended December 31, 1993 Oeneral Fund Special Revenue Funds Oebt Service Funds IGAAP Basis) IGAAP and Non~AAP Basisl (f3AAP Basis) Variance Variance Variance Amended Favorable Amended Favorable l4mended Favorable Budqet Actual (Un(avorable) Budnet Actual (Unfavorable) Budpet Actual (Untavorable) Revenues: Taxes 10,734,777 10,964,735 229,958 7,386,530 8,333,422 946,892 Licenses and permits 304,311 704,479 400,168 345,000 351,607 6,607 Intergovernmental revenue 930,168 983,758 53,590 357,500 369,335 11,835 Chatgesforservices 1,919,507 1,917,413 (2,094) 257,500 238,378 (19,122) Fines and forieits 241,750 229,949 (11,801) Miscellaneous revenues 106,155 133,818 27,663 95,000 374,303 279,903 91,688 91,088 Interestearnings 162,500 124,667 (37,833) 787,343 909,199 121,856 95,109 83,347 (11,762) Special assessments and interest 53,537 53,537 20;000 68,108 48,108 96,451 209,000 112,549 Housing bond proceeds Total Revenues 14,399.168 15,112,356 713,188 9,248,873 10,644,952 1,396,079 283,248 383,435 100187 Expenditures: Operating: I General Government 3,222,700 3,070,784 151,916 900,484 866,969 33,515 Public safery 3,950,909 3,945,232 5,677 Public works and transportation 5,444,943 5,341,015 103,928 Economic development and communityassistance 1,107,540 1,046,477 61,063 ' Recreation 543,243 543,243 Municipallibrary 672,684 659,051 13,633 Capital projects 11,737,407 7,572,393 4,165,014 Debt service: Principal retirement • 511,107 511,107 4,333,351 3,053,746 1,279,605 Interest and fiscal charges 359,068 359,068 1,737,986 2,255,086 (517 100) Total Ezpenditures 14,942,019 14,605 802 336,217 13,508,066 9,309,537 4,198,529 6 071 337 5,308,832 762,505 Excess of Revenues Over (Under) Expenditures (542,851) 506,554 1,049,405 (4,259,193) 1,335,415 5,594,608 (5,788,089) (4,925,397) 862,692 Other Financing Sources (Uses): Operating transfers in ° 400,000 3,266,361 2,866,361 5,391,780 4,891,780 (500,000) Operating transfers out (8,287,280) (8,158,141) 129,139 Bond issue refinancing proceeds 300000 300,000 Bond issue refinancing disbursements (300,000) (300,000) Total Other Financing Sources (Uses) (7,887,280) (4,891,780) 2,995,500 5,391,780 4,891,780 (500,000) Excess of Revenues Over (Under) • Expenditures and Other Uses (542,851) 506,554 1,049,405 (12,146,473) (3,556,365) 8,590,108 (396,309) (33,617) 362,692 Fund Batances -January 1 3,479,708 3,479,708 11,918,268 11,918,268 1,883,976 1,883,976 Residual Equiry transfers in (out) (887 668) (887 668) 835,820 835,820 51,848 51,848 Fund Balances - December 31 2,936,857 3,098,594 161,737 (228 205) 9197 723 9,425,928 1,487,667 1,902,207 414 540 The accompanying notes are an integral part of these financial statements. A4 ~ Tobrn of Vail, Colorado Combined Statement of Revenues, Expenses, and Changes ~ in Fund Equity - All Proprietary Fund Types and Similar Trust Funds For fhe Year Ended December 31, 1993 (With Comparative Totals for 1992) ~ Proprietary Fiduciary Fund Type Fund Tvpe Total (Memo Onlv) ~ Areterrtal Peaasion 1992 Seavice Funds Trust Fund 1993 •(F2esta4ed) ~ • Operating Revenues: ~ Charges for senrices 2,163,932 2,163,932 1,989,910 Insurance reimbursements 37,365 37,365 Net gain on plan investmenfis 2,366,513 2,366,513 1,056,076 Contributions 1,135,395 1,135 395 1,135,445 Total 0 pes-a$6ng Revenues 2,201,297 3,501 908 5,703,205 4,181,431 ' Operating Expenses: Administrative 116,237 116,237 128,741 ' Operating 1,759,401 1,759,401 1,570,306 Depreciation 374,204 374,204 355,993 Refunds and withdrawals 468,821 468,821 432,797 , Total Operating Expenses 2,133,605 585,058 2,718,663 2,487,837 1 Operating Income 67,692 2,916,850 2,984,542 1,693,594 fVon-Operating Revenues ' and IExpenses: Investment income 33,026 472,974 506,000 461,706 Gain (loss) on sale of equipment 25,699 25,699 (83,838) ~ Total Non-Operating F3evenues anci (Expenses) _ 58,725 472,974 531,699 377,868 iVet Income 126,417 3,389,824 3,516,241 2,071,462 IRetained Earnings/Fund Balances - January 1 1,050.,484 12,362,395 13,412,879 11,341,417 IRetained Earnings/Fund *Balances - ~ December 31 1,176,901 15,752,219 16,929,120 13,412,879 ~ The accompanying notes are an integral part of these financial statements A5 ' Town of Vail, Colorado Intemai Seniice Funds ' Combined Statement of Cash Flows For the Year Ended December 31, 1993 (V1/ith Comparative Totals for 1992) ~ 9993 '9992 Cash Flovvs Froeat Operating Acg6di46es: Cash from other funds 2,163,932 1,989,270 ' Other receipts of cash 32,391 Cash paid forgoods and services (1,350,630) (1,187,120) Cash paid 4o employees (423,543) (430 951) ~ iYeY Cas9a Ppov6ded !by OpePaging Activities 422,150 371,199 ~ Cash Fsows From Capital arac9 Related Financing Ac4ivities: Sale of fixed assets 42,003 19,371 Purchase of fixed assets, net - (178,818) (387,854) Ne4 Cash (Used) by CapigaB and Rela4eci Financing Activities (136,815) (368 d83) ~ Cash Ftovds From Investing Actevities: Interest received 33,026 27,989 ' iVe4 Cash Provided by Investing Activities 33,026 27,989 Net Increase in Cash 318,361 30,705 1 Gash at Beginning of Year 870,140 839,435 Cash a4 End og Year 1.188.501 870,140 ' Fieconcilia4ion of Operating Income 4o Net Cash Provided by Opera4ing Activities ' Opera4ing Income 67,692 63,611 Adjus4men4s: Depreciation 374,204 355,993 (Increase) in accounts receivable - (4,974) (Increase) in inventory (11,298) (5,714) (Increase) decrease in prepaid expenses (2,337) 17 ' (Decrease) in due to other funds (640) (Decrease) in accounts payable (10,106) (42,068) Increase in accrued wages and benefits 8,969 1 To4al .4djustmen4s 354,458 307,588 ftle4 Cash Provided by OperaYing Activities 422,150 371,199 ~ Schedule of ftlon-Cash Inves4ing ,4c4ivi4y ' Acquisition of equipment contributed by another fund 166,152 The accompanying notes are an integral part of these financial statements. ~ A6 ~ 1 ~ Town of Vail, Colorado Notes to the Financial Statements December 31, 1993 ~ 1. Summazy of Significaat Accounting Policies ' The financial statements of the Town of Vail (the "Town") have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to government units. The ~ Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the government's account policies are described below. 1 A. Reporting Entity The Town was incorporated in 1972, under the provisions of Article XX of the Colorado ~ Consritution and 1Vlunicipal Home RuIe Act of 1971. The Town operates under a Council- 1Vlanager form of government. As required by generally accepted accounting principles, the financial statements of the repomng enrity include those of the Town (the primary government) and its component units. The component unit discussed below is included in the Town's , reporting entity because of the significance of its operational or financial relationships with the Town. . Discretely Presented Component Unit The component unit column includes the financial data of the Town's component unit, the.Eagle ' County Recreational Authority. The financial data is reported in a separate column to emphasize that it is legally separate from the Town. The governing body of the component unit is not appointed by the Town. . , The Eagle County Recreational Authority,. (the "Authorit}") was formed on October 15, 1991 to establish an independent governmental entity to purchase, manage and develop a parcel of land located in Eagle County. The primary use of the land shall be for open space and recreation. The Authority was formed by the following governmental entities: ~ Participation % Town of Vail 60% ~ Town of Avon 6% Eagle County 11% Arrowhead Metropolitan District $a/o Beaver Creek Metropolitan Disrrict 5% Berry Creek Metropolitan District 6.5% Eagle-Vail Metropolitan Disu-ict 6.5% Each participant of the Authority has appointed one voting member to the Authority's Board of Directors. All actions of the Board of Directors require majority approval by the Board of Directors representing two-thirds (2/3) of the interest in the Authority. ~ ~ . ' B1 ' Town of Vail, Colorado ' Notes to the Financial Statements December 31, 1993 (Continued) ~ Discretely Presented Component Unit (cont) The Authority assesses each participant based upon its percentage for maintenance, operations ' and capital costs based upon the Authoritys annual budget. At the end of each fiscal year, any excess of contributions over expenditures will be rebated to the participants based upon their respective participarion percentage. Any deficiency will be assessed to the participants based ~ upon their respective garticipation percentage. The Authority's primary transaction to date was to purchase a parcel of land from the Town for ' ~ $2,555,000 and enter into an installment loan agreement with the Town for 40% of the purchase price. The loan is payable in semiannual installments with interest of 4.5% to 6.1%. Annual total debt service requirements of the Authority approximate $90,000. ~ If a par[icipant withdraws fi-om the Authority, the member shall lose all right, title and interest in the Authority. All contriburions made to the Authority shall remain with the Authoriry and will not be refunded to the withdrawing participant. Any withdrawing par[icipants' participation ' percentage not acquired by another participant will be acquired by the Town. . Upon the sale of the above parcel of land and any other property of the Authority, the net proceeds will be distributed to the participants based upon their respecrive participation ~ percentage. The financial statements of the Authority can be obtained from the Town's administration ~ offices. Other Enrities , The Town does not exercise oversight responsibility over any other entity, nor is the Town a component unit of any other govemmental entity. ~ B. Fund Accounung , The government uses funds and account groups to report on its financial position and the results ' of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities. ~ A fund is a separate accounting entity with a self-balancing set of accounts. An account group, on the other hand, is a financial repor[ing device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not direcdy affect net ~ expendable available financial resources. Funds are classified into three categories: governmental, proprietary and fiduciary. Each ~ category, in turn, is divided into separate "fund types." Governmental funds are used to account for all or most of a government's general activities, including the collection and disbursement of earmarked monies (special revenue funds), and the ' servicing of general long-term debt (debt service funds). . The General Fund is used to account for all activities of ttie general government not accounted ' for in some other fund. ~ B2 Town of Vail, Colorado Notes to the Financial Statements December 31, 1993 (Continued) B. Fund Accounring (cont) Proprietary funds are used to account for acrivities similar to those found in the private sector, , where the determination of net income is necessary or useful to sound financial administration. Goods or services from such acriviries can be provided either to outside parties (enterprise funds) or to other depamnents or agencies primarily within the government (internal service funds). Fiduciary funds are used to account for assets held on behalf of outside parties. When these assets are held under the terms of a formal trust agreement, as a pension trust fund, a ' nonexpendable trust fund is used. The term "nonexpendable" refers to whether or not the government is under an obligation to maintain the trust principal. Agency funds generally are used to account for assets that the government holds on behalf of others as their agent. ~ C. Basis of Accounring The accounting and financial reporting treatment applied to a fund is determined by its ~ measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this focus, only current assets and current liabilities generally aze included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other ~ financing uses) in net cunent assets. All proprietary funds, nonexpendable trust funds and pension trust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., net total assets) is segregated into contributed capital and retained earning ' components. Proprietary fund-type operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in net total assets. The modified accrual basis of accounting is used by all governmental fund types, expendable ~ u-ust funds and agency funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transaction can be determined and "available" means ~ collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. The government considers properry taxes as available if they are collected within 60 days after year end. A one-year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recorded when the related fund liability is ' incuned. Principal and interest on general long-term debt are recorded as fund liabilities when due or when amounts have been accumulated in the debt service fund for payments to be made early in the following year. ' Those revenues susceptible to accrual are property taxes, franchise taxes, special assessments, licenses, interest revenue and charges for services. Sales taxes are collected by the Town and are recognized as revenue when collected by the vendors. Fines and permits revenues are not susceptible to accrual because generally they are not measurable until received in cash. ' The accrual basis of accounting is utilized by proprietary fund types and nonexpendable trust ~ funds. Under this method, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. ~ ~ . , B3 ~ Town of Vail, Colorado ~ Notes to the Financial Statements December 31, 1993 (Continued) ~ C. Basis of Accounbng (cont) The government reports defened revenue on its combined balance sheet. Deferred revenues 1 arise when a potenrial revenue does not meet both the "measurable" and "available" criteria for recognition in the current period. In subsequent periods, when both revenue recognition criteria are met, or when the government has a legal claim to the resources, the liability for deferred ~ revenue is removed from the combined balance sheet and revenue is recognized. D. Encumbrances ~ Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriarion, is not employed by the Town because it is considered unnecessary to assure , effective budgetary control or to facilitate effecrive cash planning and control. E. Equity in Pooled Cash and Inaestments ~ Cash and investments includes amounts in demand deposits as well as investments. Investments are stated at cost or amortized cost, except for investments in the Pension Trust ' Fund which are reported at market value. . F. Ineentoxy ~ Inventory is valued at lower of cost or market using the first-in, first-out method. Inventory in the Internal Service Fund - Heavy Equipment Fund consists of expendable supplies held for consumption. ' G. Advance to Other Fund ' Noncurrent porrions of long-term interfund loan receivables are reported as an advance and are offset equally by a fund balance reserve account which indicates that they do not constitute expendable available financial resources and therefore are not available for appropriation. ~ H. Prepaid Items Payments made to vendors for services that will benefit periods beyond December 31, 1993, are ~ recorded as prepaid items. 1. Restricted Assets ~ Certain proceeds of bond issues, as well as certain resources set aside for their repayment, are classified as restricted assets on the balance sheet because their use is limited by the applicable ~ bond covenants. J. Fized Assets General,fixed assets are not capitalized in the funds used to acquire or construct them. Instead, capital acquisition and construction are reflected as expenditures in governmental, funds, and the related assets are reported in the general fixed assets account group. All purchased fixed assets are valued at cost where historical records are available and at an estimated historical cost where no historical records exist. Donated fixed assets are valued at their estimated fair market value on the date received. B4 ~ Town of Vail, Colorado , 1Votes to the Financial Statements December 31, 1993 (Continued) J. Fized Assets (conY.) 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 in the governmental funds. Improvements in the proprietary funds are capitalized and depreciated over the remaining useful lives of the related. fixed assets, as applicable. . . ~ Public domain ("infrastructure") general fixed assets consisting of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems are not capitalized, as these assets are immovable and of value only to the government. ~ Assets in the General Fixed Assets Account Group are not depreciated. Depreciation of buildings, equipment and vehicles in the proprietary fund types is computed using the straight-line method. ' K. Intergund Transacdons ~ Quasi-external transactions are accounted for as revenues, expenditures or expenses. Transacrions that constitute reimbursements to a fund for expenditures/expenses initially made hom it that are properly applicable to another fund, are recorded as expenditures/expenses un the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. ~ All other interfund transactions, except quasi-external transactions and reimbursements, are reported as transfers. Nonrecurring or nonroutine permanent transfers of equity are reported as , residual equity transfers. All other interfund transfers are reported as operating transfers. L. Compensated Absences 1 Vested or accumulated vacation leave that is expected to be liquidated with expendable available financial resources is reported as an expenditure and a fund liability of the governmental fund that will pay it. Amounts of vested or accumulated vacarion leave that are not expected to be ' liquidated with expendable available financial resources are reported in the General Long-Term Debt Account Group. No expenditure is reported for these amounts. In accordance with the provisions of Statement of Financial Accounring Standards No. 43, Accounting for Compensated 1 Absences, no liability is recorded for nonvesting accumulating rights to receive sick pay benefits. M. Long-Trsm Obligations ~ Long-term debt is recognized as a liability of a governmental fund when due, or when resources have been accumulated in the Debt Service Fund for payment early in the following year. For other long-term obligations, only that portion expected to be financed from expendable available ' financial resources is reported as a fund liability of a governmental fund. The remaining portion of such obligations is reported in the General Long-Term Debt Account Group. Long-term liabilities expected to be financed from proprietary fund operations are accounted for in those ' funds. N. Fund Equity ~ Contributed capital is recorded in proprietary funds that have received capital grants or conu-ibutions from developers, customers or other funds. Reserves represent those, portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. ' Designated fund balances represent tentative plans for future use of financial resources. , B5 ~ Town of Vail, Colorado i ' 1Votes to the Financial Statements December 31, 1993 , (Continued) , O. ARemorandum Only - Total Columns Tota1 columns on the general-purpose financial statements are captioned "memorandum only" to ' indicate that they aze presented only to facilitate financial analysis. Date in these columns do not present financial position, results of operations or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. ' P. Coffiparatiee I)aYa 1 Comparative total data for the prior year have been presented in the accompanying financial statements in order to provide an understanding of changes in the government's financial positions and operarions. However, comparative data have not been presented in all statements ' because their inclusion would make certain statement unduly complex and difficult to understand. Q. I2eferred Progeaty Taxes ~ All property taxes become due and payable in the year following that in which they are levied at which time theq are recognized as revenues. Properry taxes are recorded as receivable and , defened revenue in the year they are levied: R. Budgets and Budgetary Accounting , An annual budget and appropriation ordinance is adopted by the Town Council in accordance with the Town's Home Rule Charter. 1 Budgets are prepared on the basis of generally accepted accounting principles (GAAP) for all funds except the Internal Service Fund - Heavy Equipment Fund, the Special Revenue Funds - Capital Projects Fund and Real Estate Transfer Tax Fund. The budget for these funds have been ' adopted on a 1Von-GAAP budget basis and are reconciled to the GAAP basis below. The level of control in the budget at which expenditures exceed appropriations is at the fund ~ level. All appropriations lapse at year end. Internal Service - Heaw EQUipment Fund ~ Reconciliation to GAAP Basis: (Net Income as of December 31, 1993) ' IVet Income (Budgetary Basis) $161,493 Less: Depreciation (374,204) ~ Book value of retired equipment (16,304) Add: Capital ouday 178.818 ~ Net (Loss) (GAAP Basis) $ 5019 ~ B6 Town of Vail, Colorado ' Notes to the Financial Statements December 31, 1993 (Continued) S. Baadgets and Budgetary Accounting (cont) Svecial Revenue Funds ~ Capital Real Estate Projects Transfer Tax Fund Fund Reconciliation to GAAP Basis: Revenue over (under) expenditures - Budgetary Basis $ 197,345 (302,091) Principal on advance between Capital Projects ' Fund and Real Estate Transfer Tax Fund (366,403) 366.403 Revenue over (under) expenditures -(GAAP Basis) $ 169 058 64,312 T. Cash and Cash Eqaiealexits , The proprietary fund cash and cash equivalents are deemed to consist of cash in banks. The Town has a policy of central cash management for all funds. , U. Cr+edie itisk ' The Town's investments, with the exceprion of the Town of Vail Employee's Pension Trust and the Deferred Compensation Plan investnents, are invested in insured, collateralized, government obligations, or investment pools secured by government obligations. Nianagement believes that ' the credit risk related to these cash balances in minimal. The Pension Trust and Deferred Compensation Plan investments are subject to market fluctuations and therefore, the investments are subject to credit risk. ~ The receivables of the various funds of the. Town are primarily due from other governments and the Town's component unit, Management believes that the credit risk related to the receivables is minimal. ~ 2. Budgets ~ The Town follows these procedures in establishing the budgetary data reflected in the financial statements. (1) For the 1993 budget prior to October 10, the County Assessor was to have sent to the ~ Town a certified assessed valuation of all taxable property within the Town's boundaries. (2) Prior to the end of the fiscal year, the Town Manager submitted to the Town Council a ~ budget and accompanying message. (3) For the 1993 budget, prior to December 22, 1992, the Town computed and certified to ~ the County Commissioners a rate of levy that derived the necessary property taxes as computed in the proposed budget. (4) After a required publicarion of "Notice of Proposed Budget" the Town adopted the proposed budget and an appropriating resolution which legally appropriates expenditures for the upcoming year. B7 Town of Vail, Colorado 1Votes to the Financial Statements December 31, 1993 (Continued) 2. Budgees (cont) (5) After adoption of the budget resolution, the Town may make the following changes: (a) ' supplemental appropriations to the extent of revenues in excess of those estimated in the budget; (b) emergency appropriations; and (c) reduction of appropriarions for which originally estimated revenues are insufficient. - ' Taxes levied in one year are collected in the succeeding year. Thus taxes certified in 1992 were collected in 1993 and taxes certified in 1993 will be collected in 1994. Taxes are due on ' ' January lst in the year of collection; however, they may be paid in either one installment (no later than April 30th) or two equal installments (not later than February 28th and June 15th) withour interest or penalty. Taxes which 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 16th. 3. Stewasdship, Compliance and Accountability Budgetaay Compliance The Special Revenue Fund - The Vail Marketing Fund had expenditures which exceeded its budget by $7,594. This may be a violation of the Town's Home Rule Charter. 4. Detailed RTotes on All Funds and Accouat Groups Cash and Investnients 1 A. Auffiorization for Deposits and Investments Pursuant to its charter, the Town has adopted, by ordinance, an investment policy governing the types of insritutions and investnents with which. it may deposit funds and transact business. , Under this policy, the Town may invest in federally insured banks, debt obligarions of the U.S. Government, ifs agencies and instrumentaliries, governmental mutual funds and pools, and repurchase agreements subject to policy requirements. ~ The Town also accounts for the operations of the Town Employees' Pension Plan which is 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. B. I)eposits and Ineestments ' The Town maintains a cash and invesunent pool in which all funds. participate except the Employee's Pension Trust Fund, the Deferred Compensation Plan, the Debt Service Fund, the ' Bond Proceeds Fund, and the Vail Housing Fund. Each fund's posirion of this pool is displayeO on the combined balance sheet as "Equity in Pooled Cash and Investments." In addition, several of the Town's funds may include investments held separately that are restiicted for various ~ purposes. ~ . ~ B8 ~ ~ Town of Vail, Colorado ' Notes to the Financial Statements December 31, 1993 (Continued) ' 1. Deposits At year end, the carrying value of the Town's deposits was $3,958,131 and the bank ' balance was $4,385,343. Of the bank balance $684,220 was covered by Federal Depository Insurance and $3,701,123 was covered by pooled collateral held in a trust by third-parry banks in the name of the banks where the deposits are held in accordance 1 with the Colorado Public Depository Act. The Colorado Public Deposit Protecrion Act . (PDPA) requires that all units of local government deposit cash in eligible public depositories; eligibility is determmed by state regulators. Amounts on deposit in excess of federal insurance levels must be collateralized. The eligible collateral is determined ' by the PDPA. PDPA allows the institution to create a single collateral pool for all public funds. The pool is to be maintained by another insritution held in trust for all the uninsured public deposits as a group. The market value of the collateral must be at ' least equal to the aggregate uninsured deposits. 2. Inaestments ~ The Governmental Accounting Standards Board has determined three levels of credit risk that apply to the government's investments: ' (1) Insured or registered, with securities held by the Town, Employee's Pension Trust Fund or its agent in the Town's or Employee Pension Tntst Fund's name. ' (2) Uninsured or unregistered, with securiries held by the counterpartys trust department or agent in the Town's or Employee's Pension Trust Fund's name. ' (3) Uninsured or unregistered, with securities held by the counterparty, or by its u-ust depamnent or agent but not in the Town's or Employee's Pension Trust Fund's name. ' At December 31, the Town had invested $926,386 in the Colorado Government Liquid Asset Trust (COLOTRUST) and $2,624,474 in the Colorado Surplus Asset Fund (CSAFE), investment vehicles established for local government entities in Colorado to pool surplus ' funds. Due to higher cash flows during the year, the Town had invested up to $2,741,350 and $7,690,556 in COLOTRUST and CSAFE respectively. These fund operate similarly to a money market fund and each share is equal in value to $1.00. Investments of these funds consist of U.S. Treasury bills, notes and note strips and repurchase ~ agreements collateralized by U.S. Treasury securities. A designated custodial bank provides safekeeping and depository services in connection with the direct investment and withdrawal functions. ~ The Town had invested up to $2,596,508 during the year ended December 31, 1993 in Fidelity Invesunents Institutional Services Company Government Money Market Portfolio ' Fund. ~ ~ ' B9 i Todvn of Vail, Colorado ~ RTotes to the Financial Statements December 31, 1993 (Continued) ~ 2. Ineestmenss (cont) The follobving is a summary of the Town's and Employee's Pension Trust Fund's ' investments at mazket value which approximates cost, categorized into the aforementioned levels of risk at December 31, 1993. Investments in COLOTRUST, CSAFE, and money mazket mutual funds are not categorized as described above since such investments aze not evidenced by specific securities that exist in physical or book ' fonn. Cates[orv Carrying Total ~ 1 2 3 Value Market U.S. Government Securides $ 9,382,985 9,382,985 9,466,940 Common Stacks 2,538,617 2,538,617 2,538,617 Lcd. Paztnetships 2,570,727 2,570,727 2,570,727 ~ Money Market RRumal Funds 894,245 . 894,245 894,245 Mutual Funds 5.594.720 5.594,720 5.594,720 Total $ 15 871 950 5 109,344 20,981,294 21.065.249 ~ During the year, the Town invested in certificates of deposit, one mutual fund invested in government backed moRgages, Treasury bills and notes, government agency securities, COLOTRUST, CSAFE, G1VIVIA's and money market accounts. ~ The Town's and Employee's Pension Trust Fund's total cash deposits and-investments at December 31, 1993 are as follows: ~ Employee's Beferred AllOther Pension Com- Total Com- Total Funds Trust Fund pensation Primary ponent Reporting at Cost at Market Plan Government Unit Entitv ~ Cash $ 6,020 6,020 38,640 44,660 Money markeVsavings accts 3,549,925 61,205 3,651,131 3,651,131 Certificates of I?eposit 297,000 297,000 297,000 U.S. Government obligation 4,924,201 4,458,784 9,382,985 9,382,985 Commercial stocks & bonds 2,538,617 2,538,617 2,538,617 ' Money 11Aarket Nlutual Funds 894,245 894,245 894,245 AAutual Funds 1,050,470 4,544,300 5,594,720 5,594,720 Incal govt. invesunent pools 3,550,860 3,550,860 3,550,860 Limited partnetships 2,570,717 2,570,727 2,570,727 ' Defeired Compensadon Plan Invettrnent pools 1,084.161 1,084.161 29,580,466 Total $13,428,426 15,067,879 1~161 29~ 38640 29.580,465 ' The Town's investment in the Deferred Compensarion Plan investments are held by the Trustees, and are not categorized because they are not evidenced by specific securiries that exist in physical or book form. ~ Financial statement caprions: Primary Component Reporting ~ Government Unit Enritv Cash $ 6,020 38,640 44,660 ~ Equity in pooled cash and investments 8,029,223 8,029,223 Pension investnents 16,152,040 16,152,040 Cash and investments - restricted 5,419,302 5,419,302 ' Deficit in pooled cash (64,759) (64,759) Total $29,541,826 38,640 29,58~0,466 ~ B10 ' Town of Vail, Colorado ' 1Votes to the Financial Statements December 31, 1993 (Continued) ' S. Adeances to Other Fund The Special Revenue Fund - the Capital Projects Fund loaned $2,617,162 to the Special Revenue ' Fund - the Real Estate Transfer Tax Fund in 1989 to defease the Real Estate Transfer Ta1t Anticipation Warrants. Payments are due in various amounts on the first day of June and December. The interest rate on the loan is 9.32%. Annual payments to maturity for the loan is as follows: ' Year Interest Princi al Total ' 1994 $129,210 418,746 547,956 1995 90,202 444,918 535,120 1996 48,758 523.431 572.189 ~ $268,170 1,387,095 1,655,265 Less current portion (418,746) Long-term portion 968~,349 ' 6. Interfund Receieables and Payable The following is a schedule of the interfund receivables and payables between various Town ' Special Revenue Funds at December 31, 1993: Receivable Pa able Amount ~ Capital Projects Fund - Real Estate Transfer Tax Fund $4186746 7. Receieable froffi Yhe Eagie County Recreation Authority - a Component Unit of the Town ' The following is a schedule of the receivable and the interest due in future years: ' , Year Ended December 31 Interest Principal Total ~ 1994 $ 59,678 32,000 91,678 1995 58,110 34,000 - 92,110 1996 56,376 34,000 90,376 1997 54,574 36,000 90,574 , 1998 52,594 38,000 90,594 1999 - 2011 404.612 794.000 1,198,612 ' Total $685,944 968,000 1.653,944 ~ ~ ~ B11 - ~ ~ Town of Vail, Colorado ' Notes to the Financial Statements December 31, 1993 (Continued) ~ 8. Fiued As.se4s A. The following is a summary of changes in the Town's General Fixed Asset Account ~ Group during the fiscal yeaz. January 1, December 31, 1993 Additions Retirements '1993 ' Land $11,059,710 3,910,450 212,161 14,757,999 Buildings 32,269,290 3,687,179 296,856 35,659,613 ' Improvements other than builditigs 106,803 679,690 786,493 Machinery and equipment 10,043.832 495,275 949.113 9.589.994 ' Total $53,479,635 8,772~,594 1,458.130 60,794,099 B. The following is a summary of proprietary fund-type fixed assets at December 31, 1993. ~ Intemal Service Fund ~ Buildings $ 1,391,710 Improvements ottier than buildings 687,169 Equipment 2,606,483 ~ 4,685,362 Less accumulated depreciation (2,560,978) Total $ 2.124.384 ~ Depreciation in the proprietary fund is recorded using the following estimated useful lives: ~ Vehicles 5 - 7 years Equipment 5 - 10 years Buildings 25 - 30 years ~ C. The following schedule of changes in the Eagle County Recrearion Authority's general fixed assets account group for the year ended December 31, 1993. , Balance Additions Balance 12 31 92 1993 12/31/93 ~ Land $2.556,400 2,556,400 9. Ogerating Ieases ~ The Town is committed under various leases for building and office space and equipment. These leases are considered for accounting purposes to be operating leases, and therefore, the liability and the related assets have not been recorded in these financial statements. ~ B12 ~ Town of Vail, Colorado ' Notes to the Financial Statements December 31, 1993 , (Continued) ' 10. Capitall.eases General I.ong-Term Debt Ieases ~ The Town has entered into the following lease purchase agreements to acquire faciliries and equipment. The leases are all annually cancelable and the following leases have been ' capitalized. Total Minimum Lease Pavments ' I,ease Descraption: • Transportation storage facility; -the lease runs through ' August 1, 1997, with payments to be made semi-annually $757,525 Copy machine; the lease runs through 1995, with payments to be made monthly 2.347 Total minimum lease payments $759.872 Year ending December 31, 1994 $200,612 1995 197,461 1996 194,900 1997 166,900 , Total minimum lease payments $759,873 Less: Amount of interest (122,750) ~ Present value of minimum lease payments $637,123 ~ 11. Long-Term Debt A. 1985 General Obligation Refunding Bonds ~ The Town issued $21,715,000 of insured General Obligation Refunding Bonds dated November 15, 1985. These bonds were partially refunded in 1992. The bonds refunded all general obligarion and refunding bonds issued prior to 1985. This issue requires the Town to fund a reserve escrow in the amount of $1,351,142. The amortized cost and market value of the securities held in the reserve at December 31, 1993 was $1,644,853. Interest earned on these funds can be used to pay interest on the bonds. The reserve is required to be maintained until the bonds are paid in full. The bonds are due in various annual principal amounts, plus interest at between 5.5% to 8.9% through December 1, 1995. ~ The Town irrevocably pledged one-half of the Town's 4% sales tax for payment of principal and interest on the bonds. ~ B13 ' Town of Vail, Colorado ' Notes to the Financial Statements December 31, 1993 (Continued) ' A. 1985 General Obligarion Refunding Bonds (cont) Bonds maturing in the years through 1995 are not redeemable prior to their respective maturiry t dates. The bonds maturing after December 1, 1995 have been refunded and are defeased at December 31, 1992. Annual debt service requirements to maturity for the bonds, including interest of $286,320, is as ' follows: Year ' Total ' 1994 $1,961,320 . 1995 1,815,000 ' Total $3,776,320 B. 1992A General Obligation Refunding Bonds The Town issued $7,500,000 of insured General Obligation Refunding Bonds dated October 1, 1992. The bond proceeds were used to refund the 1985 bonds that are subject to redemption at ' the Town's option in 1995. The interest rate on the bonds is between 3.00% to 6.00% and is payable on June 1 and ' December 1, through December 2005. The bonds are general obligation of the Town payable from ad valorem property taxes to be levied without limitation as to rate or amount against all taxable property in the Town. ' Bonds maturing on June 1, 2005 are subject to redemption prior to maturity at anytime on and after December 1, 2002 and through November 30, 2003 at a redemption price of 101% of par. ' Bonds maturing after December 1, 2003 may be redeemed at par. The bonds maturing on December 1, 2005 are subject to mandatory sinking fund redemption at a price equal to the principal amount plus accrued interest to the redemption date. ~ Annual debt service requirements to maturity for the bonds, including interest of $3,643,300 is as follows: Year Total 1994 $ 402,100 ~ 1995 402,100 1996 402,100 1997 502,100 ~ 1998 797,300 Thereafter 8,137,600 Total $10.643,300 ' ~ B14 Town of Vail, Colorado ~ Notes to the Financial Statements December 31, 1993 (Conunued) ' C. 1992B Sales Tax Reeenue Refianding aad Improeement Bonds The Towm issued $15,165,000 of insured Sales Tax Revenue Refunding and Improvement Bonds dated October 1, 1992. The bonds will be used for capital .projects of $5,700,000, and to refund all of the outstanding 1989 Sales Tax Revenue Bonds. The interest rate on the bonds is between 3.00a/o and 6.125% and is payable on June 1 and ' December 1, through December 1, 2012. The bonds are special limited obligations of the Town payable solely from the Town's existing 1 4% sales tax and net revenues generated by the Town's parking faciliries. The bonds constitute an irrevocable lien upon the pledged revenues, in part on a basis subordinated to other obligations of the Town. As to one-half of the sales tax revenues, the bonds constitute a second ' and subordinate lien to the lien of the Town's outstanding General Obligation Bonds, Series 1985. As to the other one-half of the sales tax revenues, the bonds constitute a first and prior lien on a parity with the Town's Sales Tax Revenue Bonds, Series 1991. ' 1 Bonds maturing on or before June 1, 2002 are not subject to prior redemption. Bonds maturing on June 1, 2005 and December 1, 2012 shall be subject to prior redemption at the option of the Town. The bonds maturing after June 1, 2002 may be redeemed at 101% from December 1, 1 2002 through May 31, 2003 and at par thereaf[er. The bonds maturing on June 1, 2005 and December 1, 2012 are subject to mandatory single ' fund redemprion at a price equal to the principal amount thereof plus accn,ted interest to the redemprion date. Annual debt service requirements to maturity for the bonds, including interest of $8,938,049 is ~ as follows: ' Year Total ~ 1994 $ 857,640 . 1995 857,640 ~ . 1996 1,204,475 1997 1,304,910 1998 1,359,358 Thereafter 18.124.026 ~ Total $23,708.049 D. 1991 Sales Tau Itevvenue Bonds In 1991 the Town issued $2,555,000 (original principal amount) of Sales Tax Revenue Bond 1 Series 1991 dated December 23, 1991. The bonds are appreciated principal bonds with interest accruing over the term of the bonds until their redemption dates. The bonds were issued primarily to finance the acquisition of certain equipment and the construction of certain capital improvements. ' The interest rate on the bonds is between 4.50% and 6.50% and will be payable semi-annually on June lst and December lst and payable only upon maturity. ~ ~ B15 Town of Vail, Colorado ' IVotes to the Financial Statements December 31, 1993 . (Continued) 1 D. 1991 Sales Taa Reaenue Bonds (cont) Bonds maturing in the years 1992 through 2001 are not subject to redemption prior to their ' respective matvrity dates. The bonds maturing on and after December 1, 2002 are subject to redemption prior to their maturiries, at the option of the Town. Bonds maturing in the years 2004, 2006, and 2011 also are subject to mandatory sinking.fund redemption. The redemprion price is equal to the principal amount plus accrued interest to the redemption date. Bonds ' subject to the sinking fund redemprion shall be selected by lot determined by the registrar. . A portion of the bond proceeds were used to establish a reserve fund. Investment earnings are to remain in the reserve fund until the amount in the fund equals the maximum annual debt service requirement. The balance in the reserve fund at December 31, 1993 was $272,473. , The bonds are special limited obligations of the.Town payable solely from one-half of the revenue generated by the Town's 4% sales tax and net revenue of the Town's parking facilities. The lien of the bonds on all of the pledged revenues is an irrevocable lien and a second and 1 subordinate lien to prior issues. The bonds are insured by an independent insurance company. Annual debt service requirements to maturity for the bonds, including interest of $1,714,860, is as follows: , Year Total , 1994 $ 229,195 1995 230,275 1996 225,940 1997 226,435 ' 1998 226,485 Thereafter 2,996.530 ~ Total $4,134,860 E. Special Assessment Bonds ~ Bonds payable at December 31, 1993 are comprised of the following issues: Bonds Outstanding 12/31f93 Booth Creek Local Improvement Disu-ict: ~ $300,000, 1993 Special Assessment Bonds, dated April 2, 1993, interest rate 7.25% payable semi-annually April 1 and October 1. $275,000 ~ Proceeds of the issue were to be used to refinance the 1989 Special Assessment Bonds issued to make certain local and special improvements to mitigate rock fall damage in the ~ ,Booth Creek area. Total: $275,000 ~ B16 1 Town of Vail, Colorado . Notes to the Financial Statements December 31, 1993 (Continued) ' E. Special Assessment Bonds (cont.) The bonds are payable solely from monies to be collected by the Town from a special ' assessments against assessable property in the district specifically benefited by the improvements. Redemption on the bonds is at the option of the Town. However, if on any interest payment , date there exists in the Bond Funds sufficient funds derived from speci.al assessments exceeding six months interest on the bonds outstanding, the Town is obligated to exercise its option to redeem bonds to the extent possible. The Town is required to bill the owners who did not pay their assessments in full. Failure by an owner to pay the installment within 30 days causes the entire principal and interest to be immediately due and payable. The Town is required to annually certify, not sooner than the first day of December in each year, ' such delinquent assessments to the Treasurer of Eagle County, who is required to collect in the same manner as delinquent general taxes levied upon the property. Because the bonds are to be paid completely from assessments and the amount of principal ~ redeemed per year varies, it is impractical to determine the debt service to maturity on an annual basis. ~ F. Bond Refinancing During 1993, the Town refinanced $300,000 of the 1989 Special Assessment bonds. The Town replaced the 1989 bonds with $300,000 of 1993 Special Assessment Bonds. Because the ' transaction was a refinancing, the 1989 bonds are considered defeased and the liability has been removed from the General Long-Term Debt Account Group. ' The refinancing was undertaken to reduce the interest rate on the bonds from 9.50% to 7.25%. Because the bonds are payable solely from future special assessments due from owners, an economic gain or loss on the transaction cannot be calculated. G. Revenue Development Bonds Pursuant to the County and Municipality Development Revenue Bond Act, the Town has authorized and issued various bond issues. As required by the Act, the bonds and interest shall be payable solely from the revenues derived from the facilities and shall never constitute a debtor indebtedness of the Town. ~ ~ ' B17 ~ Town of Vail, Colorado 1 1Votes to the Financial Statements December 31, 1993 (Continued) ' H, Changes in I.ong-Term Debt The follovving is a summary of debt transactions of the Town for the year ended December 31, ~ 1993: Balance Balance 1/1/93 Additions Deletions 12 31 93 ~ General I.ong-Term Debt: ' ~ General Obligation Bonds: 1985 Series $5,045,000 1,555,000 3,490,000 1992 Series A 7,500,000 500,000 7,000,000 Notes Payable: - ~ Progerties Public Golf Course/Pulis 1,505,599 144,704 1,360,895 West Vail Progerty 58,133 58,133 Capitalized Lease Agreements 997,766 360,643 637,123 ~ Vacation payable 424,627 28,755 453,382 Special Assessment Bonds: Lionshead Improvement District , Special Assessment Bonds 100,000 100,000 West Vail Improvement District No. 1 Sgecial Assessment Bonds 15,000 15,000 Booth Creek Local Improvement ~ District Assessments Bonds 365,000 90,000 275,000 Sales Tax Revenue Bonds: Bond Series 1991 2,495,000 75,000 2,420,000 Bond Series 1992B 15,165,000 395,000 14,770,000 ' Total $33,671,125 28,755 3,293,480 30,406,400 I. Nuthorir.ed, Issued and Defeased Bonds At December 31, 1993, there were no authorized but unissued debt. The amount of outstanding defeased bonds for all refunded Town of Vail issues at year end was $22,945,000. ~ J. Nacation and Sictc Leaee Pay Benefits ~ The Town has a policy allowing the accumulation of vacation and sick leave pay up to certain maximum limits. In accordance with generally accepted accounring principals for governmental accounting, the approximate vacation pay liability of $453,382 and $424,627 at December 31, ~ 1993 and 1992 respecrively, has been reflected in the attached financial statements as a portion of the General Long-Term Debt Group of Accounts. The accumulated sick pay of approximately $1,015,520 and $962,163 at December 31, 1993 and t 1992 respecrively, has not been reflected in the attached financial statements as the amount is partially insured by an independent insurance company and the amounts are not payable at termination. ~ ~ ' B18 Town of Vail, Colorado 1 Notes to the Financial Statements December 31, 1993 (Continued) 1 K. Schedule of Debt Sereice to Maturity of the Eagle County Recreadon Authoriry - a Coffiponent Unit of the Todvn 1 The following is a schedule of debt service to maturity of the lang-term debt due to the Town which was outstanding at December 31, 1993. , Year Ended December 31 Interest Princioal Total 1994 $ 59,678 32,000 91,678 ' 1995 58,110 34,000 92,110 1996 56,376 34,000 90,376 1997 54,574 36,000 90,574 ~ 1998 52,594 ` 38,000 90,594 1999 - 2001 404.612 794.000 1,198,612 Total $685,944 968,000 1,653,944 ~ Amount eo be Fmeided for Faymnt of Long Term Debt Amount Available: Available in Debt Service Fund $ 0 Amount provided from other sources 968,000 ~ Total $968.000 12. Pension Plan The Town offers a defined contriburion pension plan to cover all permanent paid employees of the Town. In a defined contriburion plan, benefits depend solely on amounts contributed to the ' plan plus investment earnings. Employees are eligible to participate in the plan from the date of employment or the effecrive date of the plan, January 1, 1983, whichever is later. The plan provides for contriburions 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 voIuntary contriburions of 10% of their compensation. In ' the event of continued long-term disability of an employee, the Town's disability insurance will continue to make contributions 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 to the employees 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 addirional 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 fund becomes vested; and ~ normal retirement age is 60 with early retirement at age 50 and four years of service. ~ . i B19 ' Town of Vail, Colorado ' IVotes to the Financial Statements December 31, 1993 (Continued) ' 12. Pension Plaaa (cont) In 1991, the Town established a defined contiibution pension plan for seasonal employees who ~ work for the Town longer than 6 weeks. Seasonal employees who work for the Town less than 6 weeks are covered under Social Security only. Seasonal employees are required to conu-ibute 6% of regular compensation to the plan and the Town contributes 1.5%. Seasonal employees ~ are 100% vested after their first contriburion. The annual pension cost is the Town's contributions less forfeitures from the pnor year. The ' ~ plan's assets at December 31, 1993 of $15,753,417 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 of the plan are the Town Manager, Town Attorney, Finance Director, and one representative from the Police and Fire Departments. Two plan administrators are elected by the trustees and at December 31, 1993 are the Town Attorney and Finance Director. The plan trustees determine how the plan assets are to be invested in adherence to an adopted investment policy statement. ~ The total amount of the employees current year covered payroll was $6,697,592, and the current year payroll for all employees was $7,563,566. t 13. Deferred Compensation Plan The Town offers its employees a deferred compensation plan created in accordance with Internal . ' Revenue Code Section 457. The plan, available to all Town employees, permits them to defer a pomon of their salary until future years. The deferred compensarion plan is not available to employees until termination, retirement, death, or unforeseeable emergency. , All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the Town (without being restricted to the'provisions of benefits under the plan), subject only to the , claims of the Town's general creditors. ParticipanYs rights under the plan are equal to those of general creditors of the Town in an amount equal to the fair market value of the deferred account for each par[icipant. ~ The Town has no liability for losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. The Town believes that it is unlikely that it ~ will use the assets to satisfy the claims of general creditors in the furure. The total assets of the deferred compensation plan were $1,084,161 at December 31, 1993. ~ 14. Cafetexia Plan The Town offers a cafeteria compensation plan organized under IRS Section 125 that includes ~ the following benefits: medical disability, accident and/or term like insurance, and health expense reimbursement. No cost to the Town is recognized as the plan is a salary reduction plan. ~ ~ B20 ~ Town of Vail, Colorado ~ Notes to the Financial Statements December 31, 1993 (Continued) ~ 15. Employee Health Insurance Fund The Town has established a"Shared Fund - Minimum Premium" health insurance plan, to ~ provide medical benefits to eligible employees. Premiums are determined at the beginning of each plan year and are charged to individual funds when paid. ' The Town has established a$662,808 reserve for future claims in the event that the claims . exceed the premiums charged to other funds of the Town. 1 The maximum liability in any policy year is the total of the premium and claims incurred charged. If the total premiums and claims incurred in a policy year to the insurer are in excess of claims paid, excluding a stop loss of claims over $50,000 per person, a refund is due to the Town. The plan establishes a maximum funding cost of $730,409 for the present number of Town employees for the 1993 policy period. 16. Deficit Fund Balances ~ The Special Revenue Fund - Vail Marketing. Fund had a deficit fund balance at December 31, 1993 of $34,486. ~ 17. Commitments and Contingencies A. I.egal Claims ' Booth Creek Local Improvement Disu-ict: This District was established by the Town to finance the construction of improvements within the District. Legal action has been brought by ' individuals who are located within the District for the purpose of reducing the amount of the special assessments which were levied to partially pay for the improvements. It is the Town's position that its legal case is strong and it will vigorously contest this legal action. ' Other matters: During the normal course of business, the Town incurs claims and other assertions against it from various agencies and individuals. Management of the Town and their legal representaLives feel none of thes.e claims or assertions, except as noted in the preceding ~ paragraph, are significant enough that they would materially affect the fairness of the presentation of the financial statements at December 31, 1993. B. 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, 1993. ~ C. Resort Fees The Town collects a resort fee from the operator of the ski lifts within the Vail Ski Area. The ' resort fees collected in the year ended December 31, 1993 by the General Fund and the Special Revenue Fund - the Capital Projects Fund was approximately $994,386 in each fund. The resort fee collected is 4% of lift ticket sales. ~ B21 Town of Vail, Colorado ' 1Votes to the Financial Statements December 31, 1993 (Continued) ~ D. Aabitaage Itebate The proceeds and the interest earned on the proceeds from the 1989 and 1992B Sales Tax ~ Revenue Bonds and the 1992A General Obligation Bonds are subject to the assessment of an arbitrage penalty if certain conditions are met. Investinent of bond reserves and bond proceeds at net interest rates in excess of the nef interest ' rate being paid on the bonds may cause the Town to be subject to an arbitrage penalty on the difference between the net interest earned and net interest paid. This arbitrage penalty would be payable to the U.S. Treasury on the five-yeaz anniversary date of the bonds. There is no ~ arbitrage liability due at December 31, 1993. . E. Construction C:ommitmeats ' At December 31, 1993, the Town, had $3,027,715 of outstanding construction commitments related to the expansion of the police deparnnent building. ' 18. llasl Rfi[etropolitan I)istrict RHanagement Agreemene The Town on January 24, 1989 transferred management and the related revenue and operation ~ costs of operarions of all recrearional services of the Town to the Vail Metropolitan Recreation District (the "Disuict"). The agreement includes a license for the District to use the recreational facilities owned by the Town; the District is to pay all operating costs of the faciliries. The ' agreement also provides that the Town will transfer for use during the lease term, all personal properry and vehicles, and that the Distiict is to maintain this equipment. The Town is responsible for the debt service on the facilities. The Town has agreed to contribute to the District a sum of $543,243 for 1993. The agreement with the Distiict shall terminate on ' December 31, 1993, unless terminated by breach of contract by either party. The agreement was renewed for the year ending December 31, 1994. 19. Tabor Amendment - Reeenue and Spending Limitation Amentiffient The voters in the State of Colorado passed the Tabor Amendment at the General Election in 1992. The intent of the Amendment is to restrict governments within the State of Colorado from ' increasing revenue and spending over a growth factor formula and issuing debt without the approval of the government's electorate. The Amendment became effective as of November 3, 1992 and for the Town's fiscal period beginning January 1, 1993. ~ On November 16, 1993, voters of the Town approved the collecrion 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 taac rates and the expenditure of such revenues for debt service, municipal operations, and capital projects, effective January 1, 1993. the remaining municipal operations, and capital ~ projects, effecrive January 1, 1993. The remaining restrictions of the TABOR Amendment apply, which are: o Voter approval of all new taxes and tax rate increases; ~ o Voter approval for new or additional Town of Vail debt; o All ad valorem property tax restrictions remain in full force and effect; o No increase or imposition of a new real estate transfer tax; and, o All election requirements remain in effect. ~ B22 , ~ Towm of Vail, Colondo Rtotes to the Financial Statements December 31, 1993 (Continued) ~ 20. Stabsequent Eaene Reducnon off M11 IIeegr ~ On 1Vlay 3, 1994, the voters of the Vail Recreation District (the "Distiict") approved a mill levy increase for ehe District to be used for operations. The Town of Vail will reduce its mill levy by ' the same amount and vvill discontinue its contributions for management costs which were $543,260 for the year ended December 31, 1993. These changes will become effective for the year beginning January 1, 1995.. ' 21. Related Amounts 1992 amounts have been restated to reflect the Deferred Compensation Plan Fund balance as ~ being "due to employees". ~ ~ ' . ' - ~ ~ ~ ~ ~ ~ . B23 ~ ~ I CCombining and Indivicflual Fund And Account Group Staternents - 1 . . , 'd'he coannlbanfiaa ~na~uc8a? stateunerats u~e ~ ~ ~ se~s a suemmaa-y off Rhe ffnnancaa? pos6tnon off alH funds of a given fund type and of the ' opeu-atneng re§aa?gs off ghe same funds. The flnduvidua? furad ancD accoung group sgateYaaeengs present enformation dvGnen on?y one ffaind or accoanng group exnsts. ~ 1 r ~ ~ ~ . ' , 1 ~ ~ General Fund The euneraB ffaaau¢~ is ansea? to accoa~nt ffoa~ a~esoua~ces t~ radihona9ly assoenated with ' governmeaug w9nach are not required 8egally or by sound financial managemeng to lbe accoaanted ffor nn anot9ner ffund. ~ ~ ' ~ ~ ~ ~ ~ . ~ ~ Town of Vail, Co(orado General Fund Stafemen4 of Revenues Budget (GAAP Basis) and Actual For 4he Year Ended December 31, 1993 (Vi/ith Comparative Amounts for 1992) 9993 9992 Variance Amenc9ed Favorable Budge4 Acgual (Unfavorable) Actuai Taxes: . ' General property4axes 2,069;327 2,069,365 (7,962) 1,964,863 Specific ownership taxes 100,000 194,626 14,626 101,422 ' General sales taxes ' 7,058,200 7,280,350 222,150 6,838,204 ~ Resort fees 992,250 994,386 2,136 950,977 Franchise taxes 506,000 507,922 1,922 486,192 Penalties and in4erest on 1 delinquent taxes 9,000 6,086 (2,914) 11,857 Total 10,734,777 10,964,735 229,958 10,353,515 ~ Licenses and Permits: Contractors' licenses 24,000 33,325 9,325 28,130 Building permits 99,450 265,488 166,038 213,135 Construction fees 160,761 381,079 220,318 466,950 ' Licenses and permits 20,100 24,587 4,487 23,054 Total 304,311 704,479 400,168 731,269 1 In4ergovernmen4al f2evenues: Cigarette tax 150,000 146,608 (3,392) 147,576 Highway users tax 137,168 153,420 16,252 145,437 ' Additional motor vehicle registration fees 23,000 23,095 95 24,728 Other state contracts 30,400 30,400 State health inspection 12,000 . 11,138 (862) 12,431 ~ County road and bridge 413,000 424,186 11,186 399,212 County sales tax 195,000 194,911 (89) 193,484 ~ Total 930,168 983,758 53,590 922,868 Charges For Services: Management fees - special districts 12,000 9,948 (2,052) 17,717 Dispatch fees 53,558 53,558 51,499 Othercharges 143,274 131,154 (12,120) 142,663 Transportation Center 1,710 675 1,722,753 12,078 1,633,798 ~ Total 1,919,507 1,917,413 (2,094) 1,845,677 Fines and Forteits 241,750 229,949 (11,801) 261,050 ~ Housing Bond Proceeds 825,784 Interest on investments 162,500 124,667 (37,833) 158,968 Other 106,155 187,355 81,200 219,936 ' Total Revenues 14,399,168 15,112,356 713,188 15,319,067 The accompanying notes are an integral part of these financial statements. . ~ C1 1 . ' Town of Vail, Colorado General Fund ' Statement of Expenditures Budget (GAAP Basis) and Actual For 4he Year Ended December 31, 1993 1 (V1/ith Comparative Totals for 1992) ' 1993 1992 VaPaance Amended Favorab9e Budget Actua9 (Unfavorable) ActuaB 1 Ettpendatures: Legislative and judicial 321,045 297,268 23,777 478,662 Administra4ive 1,870,489 1,823,619 46,870 1,645,769 ' Community development 1,031,166 949,897 81,269 833,105 Public safety - police 2,916,246 2,887,363 28,883 2,639,511 Public safety - fire 1,034,663 1,057,869 (23,206) 978,110 Public works 2,423,433 2,362,495 60,938 2,066,275 Public 4ransportation 1,974856 1,956,239 18,617 1,824,366 Municipallibrary 672,684 659,051 13,633 614,940 Transportation Center 1,046,654 1,022,281 24,373 985,013 Recreation subsidy 543,243 543,243 547,043 Contributions and special events 799,780 765,650 34,130 786,540 Insurance liability 277,533 258,633 18,900 511,645 Employee benefits 30,227 22,194 8,033 63,492 Transfer to Capital Projects 100,000 ' Transfer to Booth Creek Bond Fund 85,964 Transfer to Booth Creek Construction 36 224 Togal Eupenditanres 14.942.019 14,605,802 336,217 14,196,659 ~ ~ ~ ~ , The accompanying notes are an integral part of these financial statements. C2 ' , ' ' Special Revenue Funds ' Specnal lE8¢veuna~e Faansfls are ansec? go accoaanQ for spesufe , revenenes thaQ are lega91y restrected Qo expenciagure for a pautucan0ar panrpos¢. ' The CaputaV Projects Faaand is used rto assount ffor a poe-tnon of g9ne 'II'osvn's Sa0es 'I['ax ' ana9 R¢sou-t IFee w8nuch u§ re§Qrectedl ffor t$ae acquisagemns of and nmprodements tm the Towun's g¢aueu-~O fix¢a? assets. ' 'II'line Boand IProce¢ds 1Fanuna? is ansed to acsoung ffor proseeds off a bond ussue whis9n are r¢stu-ucted ffor sp¢caffue caputaB pu-o,peet ezcpenditanres. _ ' The VauB Hoansuang.Fanund is ans¢d to accoananQ $'or t9ae mounaes set asade for Doca@ hoaesang aun g9ne Towuu off Vau0. ' 'V'9ne Rea0 Estage Trans9'eu-T~x Fuued is aased to aceouanQ for t9ne collecteon off Rea9 Estage Traonsfeu- Tax revenune whue6e is specerica?ly restr'seted ffor acqaaeriaag auad uaeuprovung real propea-Qy ffou- recr¢aQuoun and opeun space panrpos¢s. The Specaal 1Pau-Ikung Assessmeunt Faaend is used go acsoaent for 4he so90ecRaoen off a 1 ~arkaung ffee wlhec9n is specarBeally u-esQe-ected lfoa- paa-keng re?atedl expend'ataau-¢s. Ttee 1Po8uce ConriscaQuon Fauuud is aesed to aceouret ffor pu-oeeed§ ffrom Federas aaac? Sgat¢ ' po9uce senzaaa-es, whieh is speenfffically resRa-asted foe- ¢xpendfitures relat¢dl to Daw enfoe-cemeunQ. ~ 'II'6ue Vael Mae-ketnng 1Fuund is ansecll to aesoung for ghe co9lestio¢u mff a baaseness Ofieense fee w9nush is speeefucaOVy restu-ueted flor expendegures re9ated to marketeng the Town off Vafl. ~ 'p'6ue ILuonsh¢ad Mallll Pro,p¢et IFannd is used to assoaant ffor ghe ba?ance off gh¢ 1984 bond pu-oceeds w@nuefln are speeu4ucallly a-estructed ffor Laonshead Pvlag@ ernprovements. ~ ' r t Town of Vail, Colorado Special Revenue Funds Combining Balance Sheet ' December 31, 1993 • (UVith Comparative Totals for 1992) ' Potice Total (Memo Only) Capital Bond Vail Real Estate ConPs- Vail ' Peojects Prxeeds Housing Transfer cation AAarke4ing Assets Fund Fund Fund Tau Fund Fund Fund 9993 1992 ' Equity in pooled cash and investments 1,833,035 2,834,265 353,126 11,741 5,032,167 5,430,452 Restricted cash 2,640,753 860,197 3,500,950 5,732,251 ' Receivables: , . Taxes and fees 1,075,484 1,075,484 1,011,160 OtherGovemments 24,155 7,292 31,447 28,000 , Notes 47,500 47,500 Other 5,103 372 769 6,244 56,324 Special assessments 11,808 Prepaid expenses 2,105 2,105 Interfund receivables 418,746 418,746 371,047 ' Advance to other fund 968,349 968,349 1,387,095 To4al Assets 4,324,872 2 641 125 860197 2 889 057 353 126 14,615 11 082 992 14 028137 ~ L(abili4les and Fund Equl4y Llabilitfes ~ Deficit in pooled cash gpp 800 Accounts payable 133,113 244,287 29,090 291 15,281 422,062 312,953 Retainage payable 38,298 38,298 Accrued wages and benefds 3,194 3,194 , Interfund payables 418,746 418,746 371,047 Advance from other fund 368,349 968,349 1,387,095 Deferred revenue 33,820 33,820 38,774 , Total Llabllities 133,113 283,385 1,416,185 3,485 49,101 1,885,269 2109 869 Fund Equity ' Fund balances: Reserved for advance to other fund 968,349 968,349 1,753,498 Reserved bond proceeds 2,357,740 2,357,740 5,697,476 ' Unreserved: Designated for sub- sequent years' expenditures 58,472 990,275 214,535 1,263,282 869,567 Undesignated (deficit) 3,164,938 860 197 482 597 135 106 (34 486) 4,608,352 3,597,727 ~ Total Fund Equlty (Defici4) 4,191,759 2.357,740 860,197 1,472,872 349.641 (34 486) 9,197,723 11,918,268 To4al Liabilities ~ and Fund Equi4y 4,324,872 2,641,125 860,197 2,889,057 353,126 14,615 11,082,992 14,028,13 7 ~ ~ The accompanying notes are an integral part of these financial statements. C3 ~ Town of Vail, Colorado Combining Statement ot Revenues, Expanditures and Changes in Fund Balances AII Special Revenue Funds 1 For the Year Ended December 31, 1993 ' (With Comparative Totals for 1992) ~ Real Speclal Police Vail Lfonshead Total (Memo Onlv) Capital Bond Vail Estate Parking Confis- Valley Mall Projects Proceeda Housing Transfer Assessmen4 cation Marketing Project Fund Fund Fund Taz Fund Fund Fund Fund Fund 1993 1992 ~ Revenues: Taxes 6,355.931 1,977,491 8,333,422 8.176.569 Licenses 351,607 351,607 349,934 Intergovemmental revenues 95,718 10,117 263,500 369,335 583,678 Charges for services 238,378 238,378 238,774 Special assessments and interest 8,647 59,461 . 68,108 36,599 Misceitaneous revenues 128,364 158,270 900 86,769 374,903 193,235 Interest 123,870 113,016 23,599 95,566 3,622 13,471 6,312 379,456 324,948 , Interest on advance receivable 163,340 163,340 192,596 Total Revenues 6,780,752 113,016 23,599 2,327,045 301,461 24,488 708,188 10 278 549 10,096,333 Ettpendttures: ' Recreation Operations 252 791 133,332 732,594 866,969 846,584 Advance and note payable: Principal retirement 144,704 144,704 128,057 Interest 359.068 359,068 404,971 Capital projects 5,158,980 1,055,243 1,358,170 7,572,393 3,547,692 ' Total Eupenditures 5.159,232 1.055 243 1,862,733 133,332 732,594 8,943,134 4 927 304 Eucess of Revenues Over ~ (Under) Expenditures 1,621,520 (942,227) 23,599 464,312 301,461 (108 844) (24 406) 1,335,415 5,169,029 Other FfnBncing Sources (Uses): Bond procceds, net 5,703,790 ' Operating iransiers in 3,031,935 234,426 3,266,361 230,417 Operating transters (out) (4,822,513) (2,631,935) (400 000) (303 693) fg ISg 4q4~ (q Z~~ 3g8~ Total Other Financing Sources (Uses) (1,790,578) (2,397,509) (400 000) (303 693) (4,891,780) 1,662,819 ~ Excess of Revenues Over (Under) Expenditures and Other Uses (169,058) (3,339,736) 23,599 64,312 (2,232) (108,844) (24,406) (3,556,365) 6,831,848 Fund Balances (Deficit) - January 1 4,360,817 5,697,476 1,408,560 2,232 458,485 (10,080) 778 11,978,268 6,786,420 , Residual Equiry Transfer In (Out) 836,598 (778) 835,820 (1,700,000 ) Fund Balances (Deficit), December 31 4.191.759 2.357 740 860,197 1 472 872 349,641 (34 486) 9 197 723 17 918,268 ~ ~ ~ . ~ The accompanying notes are an integral paA of ihese fnancial statements. C4 ~ . , ~ Town of Vail, Colorado Special Revenue Funds Capital Projects Fund ~ Statement of Revenues and Expenditures Budget (Non-GAAP Basis) and Actual VVith a Reconciliation to GAAP Basis ~ For the Year Ended December 31, 1993 (VUith Comparative Amounts for 1992) 9993 9992 Vareance Amerecled Favorable Budget Actual (llnfavorable) Actual , Revenues: Sales tax cevenue 4,999,280 5,167,634 168,354 4,845,454 County sales tax _ 195,000 193,911 (1,089) 193,483 Resort fees 992,250 994,386 2,136 950,977 ' Interest on investments 165,000 123,870 (41,130) 151,453 Recreation amenities fees 30,000 (30,000) 129,597 Utility assessments 8,647 8,647 7,954 State Bridge Grant 280,000 ~ Payment on advance to other fund 529,743 529,743 506,655 Equipment sale proceeds 8,122 Lottery proceeds 13,778 Bond proceeds 3,790 Other . 128,964 128,964 Transfers from: Real Estate Transfer Tax Fund 400,000 400,000 General Fund 100,000 Bond Proceeds Fund 2,631,935 2,631,935 ' To4al Revenues 7.311,273 10.179,090 2.867,817 7,191,263 Expendi4ures and Transfer: Capital projects and acquisition 6,755,477 5,158,980 1,596,497 2,836,932 Collection fees 252 (252) Operating Transfers: ' Town of Vail Debt Service Fund 4,609,780 4,588,087 21,693 3,703,195 Bond Proceeds Fund 298,500 234,426 64,074 RETT Fund 72,086 ~ Lionshead Mall Fund 22,107 To4al Expendi4ures and Transfer 11,663.757 _ 9,981,745 _ 1.682.012 6,634,320 ~ Excess of Revenues Over Expendi4ures - Non-GAAP Budge4 Basis 197,345 556,943 , Principal Payment on Advance (366,403) (314,059) Excess of Expenditures Over Revenues ~ and Other Uses - GAAP Basis (169.058~ 242.884 ~ The accompanying notes are an integral part of these financial statements. . C5 ~ ~ Town ofi Vail, Colorado Capital Projects Fund Schedule of Project Expenditures Budget and Actual Comparison For the Year Ended December 31, 1993 1larsance Project Amended F'avorable Number Projec4 Name Budget Actua9 (Unfavorabie) 110 Street Projec4s 929,057 868,094 60,963 ~ 201 Streefi Light Project . 35,548 34,235 1,313 405 Pulis Bridge V1/idening 3,115 (3,115) 407 V1/illow Bridge Replacement 4,000 1,450 2,550 408 Chapel Bridge Replacement 94,000 29,173 64,827 ~ 409 Gore Creek Pedesfirian Bridge 30,000 27,892 2,108 410 Covered Bridge Replacement 4,200 (4,200) 510 Parking S4ructure Improvements 976,345 167,372 8,973 ' 511 Slifer Square Fountain Repair 39,844 38,742 1,102 515 Muni Annex Remodel 2,553 2,489 64 524 Bus Shelter Improvemen4s 59,089 48,039 11,050 ~ 550 RAM Comm. Bldg. Repair & Maintenance 25,000 23,1'93 1,807 551 Towrn Shop Ventilation System 18,983 19,360 (377) 553 Drainage Improvements . 43,086 36,378 6,708 554 Public VVorks Office Remodel 439,898 49,182 390,716 555 Book Drop 4,800 3,241 1,559 603 Parking Structure Landscape 26,312 5,115 21,197 705 Village Improvement District Design 691 691 804 TRC Landscape Improvements 58,549 33,186 25,363 903 Town Residence 40,000 29,751 10,249 1 904 Communications Equipment 12,330 5,661 6,669 906 Mobile Fire Radios 15,000 12,881 2,119 913 Bus Grant Matching Expense 109,000 4,350 104,650 ' 921 Snow Dump 146,485 50,911 95,574 928 Acquire Vail Commons 3,170,000 3,131,935 38,065 929 Performing Arts Conference Center 73,490 71,456 2,034 930 Fire Extrication Equipment 16,000 16,000 931 Retrofit Buses Perimeter Seating 17,500 17,707 (207) 933 Bald Mountain Bus Stop 110,000 42,805 67,195 934 Land Acquisition - Golf Course Maintenance 195,914 187,490 8,424 935 West Vail Mudslide Mitigation 10,000 8,640 1,360 983 Street Fumiture Replacement 40,000 18,235 21,765 ~ 984 Pedestrian Overpass Walkway 9,235 2,613 6,622 985 Heavy Equipment 163,000 144,963 18,037 987 Second Radio Channel 16,000 11,410 4,590 991 ADA Improvements 47,600 4,246 . 43,354 ~ Other 576,168 2,779 573,389 ~ Total 6,755,477 5,158,980 1,596,497 The accompanying notes are an integral part of these financial statements. - , C6 ~ Town of Vail, Colorado Special Revenue Funds Bond Proceeds Fund ' Statement of Revenues and Expenditures Budget (GAAP Basis) and Actual For the Year Ended December 31, 1993 ~ (V1fdh Comparative Amounts for 1992) . 9993 ~ VaPIaP1Ce Arnended Favorable 9992 Budge4 Ac4ual (Unfavorable) Ac4ual ~ . Revenues: ' Transfer from Capital ' Projects Fund 234,426 234,426 Bond Proceeds 5,700,000 Interest on investments 113,016 113,016 32,251 ' To4al Revenues 347 442 347,442 5,732,251 I Expendi4uPes: Construction fees 3,000,000 1,055,243 1,944,757 34,775 , Transfer to Capital Projects Fund 2.670,000 2,631 935 38,065 Total IEttpencli4ures 5,670,000 3M7,178 1,982,822 34,775 ~ ~ ~ ~ The accompanying notes are an integral part of these financial statements. C7 ~ ' Tovvn of Vail, Colorado Special Revenue Funds Real Estate Transfer Tax Fund ' Statement of Revenues and Expenditures Budget (Rlon-GAAP Basis) and Actuai 1llfdh a Reconciliation to GAAP Basis ' For the Year Ended December 31, 1993 (UVith Comparative Amounts for 1992) 9993 9992 Varriance Amended Eavorabie ' Budget ActuaB dUnfavorableD Actual ~ 62evenues: Real estate transfer tau 1,200,000 1,977,491 777,491 1,982,058 Interest on investments 65,100 95,566 30,466 106,994 ' Transfer from Capital Projects 72,086 Recreation Amenities Fee 89,129 89,129 Ski relocation fee 75,000 Tree grant 14,229 ' Miscellaneous 20,364 20,364 3,760 Lottery revenue 92,000 12,440 440 Reimbursement of project costs 48,777 48,777 Land lease from Vail ~ Recreation District 85,000 83,278 (1,722) - 80,307 7o4a1 Revenues 1.362.100 2,327,045 964.945 2,334,434 ' ' Eupendi4ures and 7ransfers: County Treasurer's Fee 500 791 (291) 2,393 Capital projects 1,981,930 1,358,170 623,760 553,724 Notes Payable: , Principal retirement 144,704 144,704 128,057 Interest 195,728 195,728 212,375 Transfer to.To.wn of Vail Debt Senrice Fund 200,000 ~ Transfer to Capital Projects Fund 400,000 400,000 Advance payable to other fund: Principal 366,403 366,403 314,059 Interest 163,340 163,340 192,596 Total EupendiYures . and Transfer 3.252.605 2,629,136 _ 623,469 1.603,204 , Ne4 Revenues over Eupenditures Non-GA4P Budge4 Basis (302,091) 731,230 Principal on advance 366,403 314,059 Eucess Revenues over Expendi4ures ~ ' and 04her Uses -,GAu4P Basis 64.312 1.045,289 ~ The accompanying notes are an integral part of these financial statements. C8 ~ ' Town of Vail, Colorado Reai Estate Transfer Tax Fund ' Schedule of Project Expenditures Budget and Actual Comparison For 4he Year Ended December 31; 1993 1 Variance Projec4 Aenended Favorabie ftlumber Prolec4 Name Budge4 AcYual (Unfavorable) 9051 Bighom Park 19,152 9,350 9,802 ~ 9057 Ski Museum Demo 128,375 , 126,805 1,570 9062 Gore Creek Promenade 85,780 60,083 25,697 ' 9065 Stevens Park 100,208 107,889 (7,681) ' 9067 IA/es4 Vail Bike Pafh 200,160 11,367 188,793 9068 Dowd Junction Fdecrea4ion Path Design 140,309 124,570 15,739 ~ 9070 Spraddle Creek Parcel Purchase 483,656 500,666 (17,010) 9074 Open Space / Recreation Trails Mas4er Plan 60,000 56,804 3,196 9075 Alpine Gardens 25,000 25,000 ' 9079 Frontage Road Bike & Pedestrian Path 144,966 2,086 142,880 9080 Lionsridge Land Purchase 49,986 49,986 ' 9081 Park Maintenance 129,353 102,298 , 27,055 9082 Path Maintenance 91,400 90,355 1,045 ~ 9084 Sandstone Park Improvements 26,526 12,300 14,226 ~ 9090 Mill Creek Court / Ted Kindel Park 105,140 6,510 98,630 9338 Town Landscaping 84,149 63,865 20,284 ~ Other Projects 107.770 8,236 99,534 Togal 1.981.930 1,358 170 623,760 The accompanying notes are an integral part of these financial s4atements. ~ C9 ~ Town of Vail, Colorado Special Revenue Funds Special Parking Assessment Fund Statement of Revenues and Expenditures Budget (GAAP Basis) and ,4ctual ' For the Year Ended December 31, 1993 . (1/Vifih Comparative Amounts For 1992) , 1993 9992 Varoance 1 Amended Favorable _ Buclge$ Actua9 (Uniavorable) Actual , Redeavues: ' Parking space assessmenfis 20,000 59,461 39,461 28,644 Interest on investments 4,500 3,622 (878) 4,773. Parking fees - 257,500 238,378 (19 122) 238,774 Tota0 Rebenues 282 000. 301,461 19,461 272,191 Eupendotanres: Transfer to Debt Service Fund _ 309,000 303,693 5,307 274,000 ' Tota9 Expenc9atures 309,000 303,693 5,307 274,000 1 ~ ~ ~ The accompanying notes ar.e an integral part of these financial s4atements. ~ C10 ~ Town ofi Vail, Cotorado Special Revenue Funds Police Confiscation Fund S4atement of Revenues and Expenditures Budge4 (GAAP Basis) and Actual For the Year Ended December 31, 1993 (With Comparative Amounts for 1992) 1993 1992 !laroance Amenc9ed FavorabBe _ Budget Actua9 (VJnfavorable) Actua9 Redenuese ' Conf scation proceeds 10,000 10,117 117 25,171 Sales of assets 900 900 Interest on investments 16,000 13,471 (2,529) 19,003 Toga~ Redenues 26.000 24,488 (1,512) 44,174 Expendigures: Operations 174,984 133,332 41,652 97,327 ' TogaO EttPendBgures 174,984 133,332 41,652 97,327 ' ~ ~ ~ ~ The accompanying notes are an integral part of these financial statements. - C11 ~ Town of Vail, Colorado Special Revenue Funds ' Vaii Niarketing Fund Statement of Revenues and Expenditures Budge4 (GAAP Basis) and Actual ' For the Year Ended December 31, 1993 (With Comparative Amounts for 1992) 1993 1992 Varaance Amended : Favorab9e . . Budget Actua9 (Unfavorable) Actua9 • Revenues: ' Business licenses 345,000 351,607 6,607 349,934 Interest on investments 7,000 6,312 (688) 8,176 ~ Contribution - Tovvn of Vail 160,500 171,500 11,000. 160,500 Contribution - Town of Avon 90,000 92,000 2,000 90,000 Contribution -!lail Associates 50,000 51,000 1,000 - 50,000 Contribution - other 15,000 35,769 20,769 21,046 To$al Reeenues 667,500 708,188 40,688 679,656 ' MaB'ket9ng EJCpeQ71d9t6.88'eS: Advertising 294,078 297,425 (3,347) 243,413 ' Groups and meetings 196,110 186,573 9,537 167,022 Marketing research 4,500 4,500 Agency fees 88,000 88,000 88,000 ~ Distribution costs 23,000 35,722 (12,722) 22,150 Contingency 7,850 7,972 (122) 5,297 Administration fee 17,250 16,932 318 17,498 Production 35,805 32,285 3,520 39,407 Public relations 55,000 58,889 (3,889) 116,957 Miscellaneous 3,407 4,296 (889) 12,345 To~~~ Expendstures 725.000 732,594 (7 594) 712,089 The accompanying notes are an integral part of these financial statements. ~ C12 ' 0 ~eb~ ~ervIlC~ Fund3. The Debt Service IFanna9 us aased to account ffor the ' acsumae9agion off resoanrs~~ and paymeng of genea-a9 0b0ogatnon bouaa? prancipal and enterest ffrom gov¢u-nmenga0 ' resoanrces aend speceag assessaneeag boaad priaacapal andl ungea-est ffroeuu specaaE assessuneent levies av6ean the goaern¢eneeat ns obBagaQed eau smHree enanner ffor tIne paymeng. ~ The Town of Vanl DeIbt Service Faand us ansed tm accanmu9ate the resoaerces to gsay general Qoeug-ger¢an oIbllegatuons off the Towee. T9ne West VaflB ~treeQ gmprov¢ment Debt Service Faend es used to accoaanQ for the eo0flecguoun o$' assessaaueaats to retfire the WesQ Vae9 Sts-eet Ilmpe-ove¢nent Assessmeeet , Bonds. The 1L'uonshead Ma9ll dmpu-ovement Debt Service IFund es used to accoenng ffor the ' coV9ect6oun o$' assessnuenQ to retare the Leonsheac9 MaDi llmpe-oveetnent Specua8 Assessment Bonds. ' The BooQh Cu-e¢k ?mprovemeuet Debg Service Fund is aased to accouant ffor ttee co99¢cgaoan off assessmenQs 4o u-eQaa-e Rhe Boogh Creek Speeial Assessmeent Bonds. ~ ' . ~ ~ Towrn of Vail, Colorado Debt Senrice Funds ' Combining Balance Sheef December 31, 1993 (VVith Comparative Totals for 1992) ~ Total (Memo On9y) ' Town Booth Creek off Bond !laiB Fund 9993 1992 ' Assets Equify in pooled cash and inves4ments 49,506 49,506 46,763 Cash and investments - restrict 1,917,326 1,917,326 1,837,229 ' Fteceivables: Special assessments 201,772 201,772 72,066 Due from Eagle County Recreational Authority - Component Unif 968,000. 968,000 998,000 ~ Total Asse$s 2.885.326 251.278 3,136,604 2,954,058 L9ab909$9eS and FuP~~ ~qu9t1! L0ablBItIeS Deficit in pooled cash 63,175 63,175 Accounts payable 1,450 1,450 725 ' Deferred revenue _ 968,000 201,772 1,169,772 1,069,357 Total LaabelBties 1,032,625 201,772 1 234,397 1,070,082 , Func9 Equigy , ' Fund balance : Reserved for retirement of bond indebtedness 1,345 1,345 15,513 ~ Unreserved, designated 1,852,701 48 161 1,900,862 1,868,463 Total Fund Eqluoty 1,852,701 49,506 1,902,207 1,883,976 ~ Total Luab6U$Bes anc~ Equegy 2,885,326 251 278 3,136M4 2,954,058 ' The accompanying notes are an integral part of these financial stafiements. ~ C13 ' ' Town of Vail, Colorado Debt Service Funds Combining Statement of Revenues, Eupendftures, and ' Changes in Fund Balances For the Year Ended December 31, 1993 (With Comparative Totals for 1992) To4al (Memo Onlv) . Yown NUesY Vail Lionshead Booth of Street Nlall Creelc ' Vail Fund Pund Fund 9993 9992 Revenues: Assessments 2,017 31,292 . 160,610 193,919, 42,212 Interest and penalty on assessments 826 6,526 7,729 15,0$1 13,114 Received from Eagle County Recreational • . Authority - Component Unit 91;088 91,088 91,349 Interest on investments 80,097 50 230 2,970 83,347 292,023 , To4a1 Revenues 171.185 2,893 38,048 171,309 383,435 438,698 Expendi4ures: ' Bond Issues: Principal 2,434,165 15,000 100,000 90,000 2,639,165 2,540,431 Interest 2,140,317 618 5,500 28,153 2,174,588 1,107,060 Fiscal agent fees 12,134 SQO 264 3,650 16,548 11,078 Leases: - Principal 414,581 414,581 404,581 Interest 63,950 63 950 78 551 Total ExpendiYures 5,065,147 16,118 105,764 121 803 5,308,832 4,141,701 ' Excess Revenues Over(Under) Ezpenditures (4,893,962) (13 225) (67 716) 49,506 (4,925,397) (3,703,003 ) , Other Financing Sources Bond issue refinancing proceeds 300,000 300,000 Bond issue refinancing disbursements (300,000) (300,000) Bond proceeds 16,719,338 Bond issue defeased (20,634,667) ' Operating Transfers in: Capital Projects Fund 4,588,087 4,588,087 3,703,195 Real Estate Transfer Tax Fund 200,000 Special Parking Assessment Fund 303,693 303,693 274,000 ' General Fund 85,964 Total Financing Sources 4,891,780 4,891,780 347 830 , Excess Revenues Over (Under) Expenditures (2,182) (13,225) (67,716) 49,506 (33,617) (3.355,173) Beginning Fund Balances January 1 1,854,883 5,338 23,755 1,883,976 5,239,149 Residual Equity Transfers In 7.887 43,961 51,848 ' Ending Fund Balances December 31 1 852 701 q_c~,spg ~ am n~_~g83 976 ~ ~ • The accompanying notes are an integral part of these financial statements: C14 ' Town of Vail, Colorado Debt Service Funds ' Town of Vail S4atement of Revenues and Expenditures Budget (GAAP Basis) and Actual ' For the Year Ended December 31, 1993 (V1/ith Comparative Amounts for 1992) ' 1993 1992 Varaance , fFavorable Budget Acgua9 (llnfavorable) ActuaB Revenuesa , Interesfi on investments 92,500 80,097 (12,403) 291,183 Bond proceeds 16,719,338 Received from Eagle Coun4y Recreational _ ' Authori4y - Component Unit 91,688 91,088 (600) 91,349 OpePating Transfers: Capital Projects Fund 5,109,780 4,588,087 (521,693) 3,703,195 ' Real Estate Transfer Tax Fund 200,000 Special Parking Assessment Fund 282,000 303,693 21,693 274,000 ' gotal Revenues 5.575.968 5,062,965 (513 003) 21,279 065 Expend6gures: ' Bond 9ssaaes: Principal 2,934,165 2,434,165 500,000 1,505,000 Interest 1,640,317 2,140,317 ; (500,000) 1,057,122 ' Fiscal agent fees 12,500 12,134 366 9,205 Leases: Principal 919,186 414,581 504,605 404,581 ' Interest 59,300 63,950 (4,650) 78,551 . Bonc8 ossue deffeasedl 20,634,667 Senking ffuead payment 1,000,431 ' Toga0 ExpendBgures 5,565,468 5,065,147 500,321 24,689 557 The accompanying notes are an integral part of these financial statements. C15 ~ ' ' Town ofi Vail, Colorado Debt Service Fund ' VVest Vail Street Improvemen4 Statement of Revenues and Expenditures Budget (GAAP Basis) and Actual ' For 4he Year Ended December 31, 1993 (With Comparative Amounts for 1992) ' 1993 1992 ~ Variance Amended Faeoa°ab9e Budge$ Actual (Unfavorab8e) Actua@ , Redenues: Assessments 2,002 2,017 15 4,086 ' In4erest and penalfy on assessments 1,156 826 (330) Interest on investments 250 50 (200) 89 ' Togal Redenues 3.408 2,893 (515) 4,175 ExpentlBYaares: Bond principal 15,000 15,000 Bond interest 1,031 618 413 1,238 Fiscal agent fees 1,000 500 500 1,000 ' Tota6 ExpendAtures 17,031 16,118 913 2,238 ' , . ' ~ ~ The accompanying notes are an integral part of these financial statements. ~ C16 ~ ' Town of Vail, Colorado Debt Senrice Fund ' Lionshead Mall Improvement Fund Statement of Revenues and Expenditures Budget (GAAP Basis) and Actual 1 For the Year Ended December 31, 1993 (VVith Comparative Amounts for 1992) 1993 1992 . Variance Favorable . Budqet Actua9 (Un$avorab9e) AcguaB ~ Reveruuese Assessmen4s 32,000 31,292 (708) 40,210 ' Interest and penalty on assessmen4s 6,693 6,526 (167) 11,030 Interest on investments 800 230 (570) 751 ~ Tota9 Redenaaes 39,493 38.048 (1445) 51991 ' E?fpeB1d9ta9reS: ' Band principal 100,000 100,000 35,000 Bond interest 5,500 5,500 14,025 Fiscal agent fees 500 264 236 543 ' Tota9 Ex end' B~ etures 106,000 105,764 236 49,568 ' ' ' . ' ~ The accompanying notes are an integral parf of these financial statements. ~ C77' ' . ~ ' Town of Vail, Colorado Debt Senrice Fund 1 Booth Creek Local Improvement District Fund Statement of Revenues and Expenditures Budgefi (GAAP Basis) and ,4ctual ' For fihe Year Ended December 31, 1993 (With Comparative Amounts for 1992) . 1 1993 9992 ' Variance . Favorabie • Budget ActuaB (Unfavorable ActuaB ' - - Redenuese Transfer from General Fund 85,964 1 Bond issue refinancing 300,000 300,000 Assessments 36,500 160,610 124,110 Interest and penalty . ' on assessments 18,100 7,729 (10, 371) Infierest on investments 1,559 2 970 1,411 ' Toga8 Redenues 356,159 471 309 115,150 85,964 ~ . EXpeB'BCB6$uPeS: Bond issue refinancing 300,000 300,000 ' Principal 365,000 90,000 275,000 Interest 17,338 28,153 (10,815) 34,675 Fiscal agent fees 500 3,650 (3,150) 331 TOgal ExpendB$ures 682.838 421,803 261,035 35 006 , ~ . ~ ~ . ~ The accompanying notes are an integral part of these financial statements. C18 ~ _ ~ ~~~ernaIl Sea°vice Funds ' lnternal . S¢u-vuce ]Funds as-e used to ascount foe- gllne ffaena¢ecuaag off goods or servuces proveded by one departptneng ' ' or ageency ~ther departnaents or agencies of the governmenLL and to oM11Her governmeQBLL uni1t.Sy on `6Q cosLL ' reuQrabursement lbasss. TItn¢ Heavy Eqauepment ]Faand us useaB to account for ghe repair and maintenance costs ' and puu-cha§e ofl"II'own de9nacRes aand eqaaipmeaat, e$c9aaaiing banses andl fare trucks. Opeu-atung cosgs, uenc9aaduung depa-ecaagioaa costs, are charged to aaser depaatmeuats and projects basea? mn acgana8 mnRes dreveae manltiplied by a predegermeaeed rate per mnOee ~ The IEllea0th Dnsaerauuce IF'aand is ansed to aceount for ghe 9nealgh dansaerance plan proveded Iby g9ne Town to uts ¢mpDoyees. 'Il'he preQaeouaaes chargea? are allocated g~ the Towen°s ~ fannds t9naQ ?nave employees coveu-ed by health ansurance p?an. ' . . ' ' ~ ~ Town of Vail, Colorado Intemal Service Funds ' Combining Balance Sheet December 31, 1993 (1/Vith Comparative Totals for 1992) Tota@ (iUierno OeaOv) ~ Heaby H@al$~ Equipuvuent 8nsurance , Fund Fund 1993 1992 ' Assets . . Equity in pooled cash and investments 522,139 665,336 1,187,475 571,283 ' Cash and investments restricted , 1,026 1,026 298,857 ' Accounts receivable 4,974 4,974 Inventory 139,260 139,260 127,962 Prepaid expenses 22,376 22,376 20,039 1 Property, plant and equipment (net of accumulated depreciation) 2,124,384 2,124,384 2,169,922 ~ g~~~l Assets 2,813,133 666,362 3,479,495 3,188,063 ~ L6ab6BitBes and Fund Ecguitb , Laabilities Accounts payable 36,847 3,554 40,401 50,507 Accrued wages & benefts 8,969 8969 , Total LiabBiBities 45,816 3,554 49,370 50,507 ' FuntO Equity Contributed capital 2,253,224 2,253,224 2,087,072 Retained earnings: ' Reserved 662,808 662,808 486,194 Unreserved 514,093 514,093 564,290 ~ TotaB Fund Eqaaigy 2,767,317 662,808 3,430,125 3,137,556 To$a9 LiaboBetaes and Fund Equag2/ 2,813,133 666,362 3,479,495 3,188,063 ~ The accompanying notes are an integral part of these financial statements. ~ C19 ~ ' Town of Vail, Colorado Intemal Service Funds , ' Combining Sfatement of Revenues, Expenses, and Changes in Retained Eamings For 4he Year Ended December 31, 1993 ~ (V1/ith Comparative Totals for 1992) , Total (Memo Only) Heavy Health Equipment Insurance Funcl Funci 9993 1992 Operating Revenues: . Charges for senrices 1,413,979 749,953 2,163,932 1,989,910 Insurance reimbursements 37,365 37,365 Total Opera$ing Revenues - 1,451,344 749,953 2,201,297 1,989,910 ' Operafing Expenses: Depreciation 374,204 374,204 355,993 Operations 1,169,285 1,169,285 989,513 ' Health claims 590,116 590,116 580,793 Togal Operating Expenses 1,543,489 590,116 2,133,605 1,926,299 ~ Operafiing Incorne (Loss 1 ) (92,145) 59,837 67,692 63,611 iVon-Opera4ing Revenues and ' Expenses: Transfer to Capital Projects Fund Interest income 16,249 16,777 33,026 27,989 ' Gain (loss) on sale of equipment 25,699 25,699 (83,838) , Total iVon-Operating Revenues anci Expenses _ 41,948 16,777 58,725 (55 849) iVet Income (Loss) (50,197) 176,614 126,417 7,762 , F2etained Earnings - January 9 564,290 486,194 1 050,484 1,042,722 Retained Earnings - December 39 514.093 662.808 1,176,901 1,050,484 ~ The accompanying notes are an integral part of these financial statements. ~ C20 ~ . ' Town of Vail, Colorado Internal Service Funds Combining Statement of Cash Flows ' For the Year Ended December 31, 1993 (With Comparative Totals for 1992) ~ Heavy Flealth Total (Memo Only) Equipment Insurance Fund Fund 9993 9992 ' Cash Flovvs From Operating Activi4ies: Cash from otherfunds 1,413,979 749,953 2,163,932 1,989,270 Other receipts of cash 32,391 32,391 , Cashpaidforgoodsendservices (767,053) (583,577) (1,350,630) (1,187,120) Cash paid to employees _ (411,738) (11 805) (423 543) (430 951) ' Ne4 Cash Provided by Operating Activities 267,579 154,571 422,150 371,199 Cash Flows From Capital and 6dela4ed Financing A,ctivities: ' Sale of fixed assets 42,003 42,003 19,371 Purchase of fixed assets, net (178,818) (178 818) (387 854) Ne4 Cash (Used) by Capital ' and Related Financing Activities (136.815) (136 815) (368 483) Cash Flows grom Invesfing ,4ctivities: ' Interest received 16,249 16,777 33,026 27,989 iUet Cash Provided by Investing Activities 16,249 16,777 33,026 27,989 , iVeQ Increase in Cash 147,013 171,348 318,361 30,705 ' Cash at Beginning of Year 375,126 495,014 870,140 839,435 Cash at End of Year 522.139 666,362 1,188,501 870.140 ReconciliaQion of Operating Income 4o iUe4 Cash Provided by Operating Activities , Operating Income (Loss) (92 145) 159,837 67,692 63,611 Adjustments: , Depreciation 374,204 374,204 355,993 (Increase) in accounts receivable (4,974) (4,974) (Increase) in inventory (11,298) (11,298) (5,714 Decrease (Increase) in prepaid expenses (2,337) (2,337) 17 ~ ~ (Decrease) in due to other funds (640) (Decrease) in accounts payable (4,840) (5,266) (10,106) (42,068) Increase in accrued wages and benefits 8,969 8 969 Total Adjustments 359,724 (5,266) 354,458 307,588 iVet Cash Provided by Operating Activities 267,579 154,571 422,150 ~371 1 gg Schedule og Non-Cash InvesQing Ac4ivi4y: Acquisition of equipment contributed by , another fund 166,152 166,152 The accompanying notes are an integral part of these financial statements. . C21 ~ ' Town of Vail, Colorado Internal Senrice Funds Heavy Equipment Fund Statement of Revenues and Expenses Budge4 (Non-GAAP Basis) and Actual VVith a Reconciliation fo GAAP Basis 1 For the Year Ended December 31, 1993 (1/Vith Comparative Amounts for 1992) ' 1993. 1992 . Variance ' Amended . Favorabie _ Budgeg Actua9 (Unfavorable) ActuaB ' Redenuese Operating charges 1,084,619 1,052,159 (32,460) 957,024 Replacement charges 231,483 228,388 (3,095) 233,363 , Insurance reimbursements 37,365 37,365 Building rent 132,262 133,432 1,170 128,300 Saie of asse4s 22,500 42,003 19,503. 19,370 ' Interest on investments _ 15,000 16,249 1,249 13,656 'T ota0 Redenaues _ 1 485, 864 1,509,596 23, 732 1,351,713 ' Expenses: Vehicle maintenance and fuel 899,440 831,856 67,584 790,785 Bus repair and maintenance 204,956 184,365 20,591 169,716 ' Vehicle body repair 40,000 35,038 4,962 Building maintenance and operation 133,002 1191121 13,881 124,823 ' Capital outlay _ 173,000 177,723 (4,723) 323,626 Tota' Expenses _ 1.450 398 1,348,103 102.295 1,408,950 , Ne4 Bncome (Loss) Non-GAAP Basis 161,493 57 237 ~ . ) ~ Book value of retired equipment (16,304) (103,209) Depreciation (374,204) (355,993) Assets purchased 178,818 419,438 Net 9ncome (Loss G~P Bas6s ~ (50,197J (97,0011 The accompanying notes an integral part of these financial statements. C22 . . ~ , ' Town of Vail, Colorado In4emal Service Funds , Health Insurance Fund Statement of Revenues and Expenses Budget (GAAP Basis) and Actual ' For the Year Ended December 31, 1993 (Wifih Comparative Amounts for 1992) ~ '8993 9992 ~ . Varaance . . Amended FavorabBe Budge4 ActuaO QUnfavorabBeD Ac4ua8 ' Redenues: ' Insurance premiums 749,020 749,020 654,913 Miscellaneous 933 933 16,310 Interes4 on invesfinents 16,777 16,777 14,333 I Togal Rebenues 766,730 766,730 685,556 ~ Eupenses: . ~ Health Claims 657,000 590,116 66,884 580,793 Togaa Ettpenses 657,000 590,116 66,884 580,793 ' ' , . ~ ~ The accompanying notes are an integral part of these financial statements. ' C23 ~ ' ~ ~ Tirust and Agen~ Func~s ~ . Transg ffunnds aa-¢ aused to accoaaueg for assets 8ne9d by the . ' goveruumeunt as aue ageueg for uuudevidua?s, pruv'ate , orga¢neza4nons, ot9ner gover¢ueusents and/or oghee- ffannds. ~ ' 'II'own o$' VauD 1Peaaseon Pllan 1F'auaaaD -Thn~ fund 6s aasesfl Qo accoung for tFne acsumulatnoan 04' u-esoaarces for p~en§uon beaneffut paypau¢aats to qua9efed 9['owau off Vai& employees. ' ll~eferu-ea~ ~ompeunsatuoun Fanuadl - 'd'hns $'annd ns aas¢c? Qo aceounQ ffor.assets he9d for eQUap9oyees un accora?ance awuth Q6ne pu-ova§aons of tflae duukernaH Ree~enue Code SecQuon 4157. ~ . ~ ' . ' ~ ~ ~ ~ ' Town of Vail, Colorado Trus4 and Agency Funds ~ Combining Balance Sheet December 31, 1993 (1/Vifh Comparative Totals for 1992) ~ Total (Merno OnBy) PensAOn Trusg Agency Town off Vaol Deffeered ~ Emp8oyees Compensation 1993 1992 Assegs ~ Equity in pooled cash and investments 86,135 Cash and investments , restricted 15,067,879 1,084,161 16,152,040 12,575,185 Loans 4o parficipants 685,538 685,538 639,658 ' Total Assegs 15.753,417 1,084,161 16,837,578 13,300,978 ~ L9ab9B9t9L'S aPE~ Fund ECAY9ity LeabiBities , Deficit in pooled cash 784 784 Accounts payable 414 414 1,698 ' Total Liabliligies 1,198 1,198 1,698 Fund Equigy ' Fund Balance: Reserved 15,752,219 1,084,161 16,836,380 13,299,280 ' Total Fund Equity 15,752,219 1,084,161 16,836,380 13,299,280 ~ Total Luabi9ataes and Fund Equegy 15,753,417 1,084,161 16,837,578 13,300,978 ~ ~ ~ The accompanying notes are an integral part of 4hese fnancial statements. ~ C24 ~ ' Tovvn of Vail, Colorado Pension Trust Fund , Comparative Statement of Revenues, Expenses, and Changes in Fund Equity For the Year Ended December 31, 1993 ' ' ' 1993 1992 ' Operating IRedenues: Employee contributions 13,051 15,166 Employer contribu4ions . 1,122, 344 1,120,279 ' Realized and unrealized gains 2,366,513 1,056,076 T°ga8 Operating Red~nues 3,501,908 2,191,521 ' O erata~ ExPe . B~ ~ nses: Professional fees 116,237 128,741 ~ Benefits paid 468,821 432,797 ~ Toga9 Operating Expenses 585,058 561,538_ Operating Ieacome 2,916,850 1,629,983 1 Non-Op@B'a$987~ RebePllB.UeS ' . a6Dd EXpe9'1SeS: . ~ Investment income _ 472,974 433,717 Togal Non-Operatang Redenues ~ and (Eupertses) 472,974 433,717 Net 9ncome 3,389,824 2,063,700 ~ Regained Eaa-raings/Fund BaBances - Jantdary 1 12,362,395 10,298,695 ~ Retaaneci Earnings/Furuc! BaBances - December 31 15.752.219 12,362,395 ~ ~ The accompanying notes are an integral part of these financial statements C25 ~ ~ Town of Vail, Colorado Pension Trust Funds ~ Pension Fund Comparafive Statement of Revenues and Expenses For fihe Year Ended December 31, 1993 ~ ~ 1993 1992 . Reeenuese , Employee contributions 13,051 15,166 Employer contributions 1,122, 344 1,120,279 Interest & dividends 472,974 433,717 ' Realized and unrealized gains 2,366,513 1,056,076 Tota8 Redenues 3.974,882 2,625,238 ~ Eupendigures: ~ Benefits paid 468,821 432,797 Professional fees 116,237 128 741 ~ TogaB Expendctures 585,058--.----.._ 561,538 ~ ~ ~ ~ The accompanying notes an integral part of these financial statements. C26 ~ ' Towrn of Vail, Colorado Agency Fund ' Deferred Compensation Plan Comparative Statement ofi Revenues and Expenses For the Year Ended December 31, 1993 ~ ~ ~ . 1993 9992 Redeuvues: ' Employee contribu4ions 155,941 129,673 Interes4 & dividends 75,309 101,713 ' Total Redenues 231.250 231 386 ' EItpend9$uPeS: ' Benefi4s paid . 82,237 Profiessional fees 1,737 2,272 ~ ToBaB Eupendigaares 83,974 2, 272 ~ . ~ ~ ' ~ ~ ~ ~ The accompanying nofies an integral part of 4hese fiinancial statements. ~ C27 . . ~ , Town of Vail, Colorado Agency Fund ' Deferred Compensation Plan Changes in Assets and Liabilities For fhe Year Ended December 31, 1993 ~ ~ . 1993 1992 Daae $o EmpBoyees at begannang of Year 936,885 707 771 ' Addagionso Contribu4ions by empiyees 155,941 129,673 Interest and dividends 75,309 101,713 ' Togal Additeons 231,250 23 1 386 ~ Deductsons: _ Benefifis paid 82,237 Professional fees , 1,737 2,272 ' Togal Dedaact6ons 83,974 9979 ~ Due to Emp6oyees , ag end Year 1.084.161 936,885 ~ - ~ The accompanying notes an integral part of these financiai statements. ~ C28 ~ Town of Vail, Colorado Schedule of General Fixed Assets - ' By Function December 31, 1993 ' Omprovements Other ghan TogaU Land BuBBc96nqs Bu69dAeaqs Equiprneng ~ Town off Va60 ~ General govemment 17,652,123 14,427,342 2,065,227 224,751 934,803 ~ Pubiic safety 6,575,025 8,674 4,464,651 165,552 1,936,148 ' Public Vi/orks 426,381 35,511 390,870 Parking 24,133,044 23,380,767 159,626 592,651 ' Transpor#ation 4,907,236 531,981 24,091 4,351,164 Library 3,811,942 2,562,604 6,329 1,243,009 Recreation 3,288,348 321,983 2,654,383 170,633 141,349 ' Toga9 GeneraV Fexed Assegs 60,794M9 14,757,999 35,659,613 786,493 9,589,994 ' . ' ~ ~ ~ The accompanying notes are an integral part of 4hese financial statements. C29 ~ ' Tovvn of Vail, Colorado Schedule of General Long-Term Debt December 31, 1993 ' (With Comparative Amounts for 1992) 1993 1992 General Obliga4ion ' Series 1985 3,490,000 5,045,000 Series 1992A 7,000,000 7,500,000 Sales fiax revenue bonds Series 1991 2,420,000 2,495,000 Series 19926 14,770,000 15,165,000 Capifialized lease agreements 637,123 997,766 ~ Promissory notes 1,360,895 1,563,732 Accrued vaca4ion pay 453,382 424,627 Special assessment bonds payable 275,000 480,000 ' T°ga8 30.406,400 33,671125 ~ Amoung avaa ' 0ab0e anc9 to be 1 prov6ded for payment of Oong-term debt: Amoung Adaalable: , ' From debt service funds 1,902,207 .1,883,976 ' To be Provodec9: From sales taxes and other sources 28,184,215 31,336,242 1 From special assessments 319,978 450,907 T0tal 30.406.400 33,671,125 ~ The accompanying notes are an integral part of these financial statements. C30 ~ ' Town of Vail, Colorado Debt Service ~ Schedule of Bond Principal and Interest Requirements in Future Years General Obligation Refunding Bonds, Series 1985 ' December 31, 1993 ' Original issue $21,715,000, interest rate 5.5% to 8.9% with June and December coupon dates. Bonds maturing on December 1, 1996 and thereafter are subject to redemption before maturity after December 31, 1995. Year Principal In eres TotaI - ' 1994 1,675,000 286,320 1,961,320 1995 1,815,000 1,815,000 ' 3,490,000 286,320 3,776,320 ~ ~ ~ 1 . ~ The accompanying notes are an integral part of these financial statements. ~ C31 ~ 1 Town of Vail, Colorado Debt Service • 1 Schedule of Bond Principai and Interest Requirements in Future Years Sales Tax Revenue Bonds, Series 1991 ~ December 31, 1993 ~ Original issue $2,555,000, interest rate 4.50% to 6.50% with June and December coupon dates. Year Princi I Interest Total ' 1994 80,000 149,195 229,195 1995 85,000 145,275 230,275 ~ 1996 85,000 140,940 225,940 1997 90,000 136,435 226,435 1998 95,000 131,485 226,485 1 1999 100,000 126,070 226,070 2000 110,000 120,270 230,270 2001 115,000 113,780 228,780 ' 2002 120,000 106,880 226,880 2003 130,000 99,560 229,560 2004 140,000 91,370 231,370 ' 2005 145,000 82,550 227,550 2006 155,000 73,125 228,125 2007 170,000 63,050 233,050 1 2008 180,000 52,000 232,000 2009 190,000 40,300 230,300 2010 205,000 27,950 232,950 ' 2011 225,000 14,625 239,625 2,420,000 1,714,860 4,134,860 t 1 . ~ ~ ~ ~ The accompanyin notes are an inte ral art of these fi 9 g p nancial statements. ~ . C32 ~ 1 Town of Vail, Colorado Debt Service Schedule of Bond Principal and Interest 1 Requirements in Future Years General Obiligation Refunding Bonds Series 1992A ~ December 31, 1993 ~ Original issue $7,500,000, interest rate 3.00% to 5.80% with June and December coupon dates. Bonds maturing June 2005 and thereafter are subject to redemption at 101 % of par value through Rlovember 30, 2003 and at par value thereafter for maturity after December 31, 2002. ' Year Principal Interest Total ' 1994 - 402,100 402,100 1995 - 402,100 402,100 , 1996 - 402,100 402,100 1997 100,000 402,100 502, 9 00 1998 400,000 397,300 797,300 ' 1999 500,000 376,900 876,900 2000 800,000 350,400 1,150,400 2001 1,000,000 306,400 1,306,400 ~ 2002 1,050,000 249,900 1,299,900 2003 1,150,000 189,000 1,339,000 2004 1,250,000 120,000 1,370,000 ~ 2005 750,000 45,000 795,000 7,000,000 3,643,300 10,643,300 ~ . ~ ~ ~ ~ The accompanying notes are an inte9ral Part of these financial statements. C33 ~ ' Town of Vail, Colorado Debt Service ' Schedule of Bond Principal and Interest Requirements in Future Years Sales Tax Revenue Refunding and Improvement Bond Series 19926 ~ December 31, 1993 ' Original issue $15,165,000, interest rate 3.00% to 6.125% uvith June and December coupon dates. Bonds maturing June 1, 2005 and thereafter are subject to redemption at 101 % of par value at December 1, 2002 through May 31, 2003 and at par value thereafter. ' . Year Princi I In er s Total , 1994 - 857,640 857,640 1995 - 857,640 857,640 ' 1996 355,000 849,475 1,204,475 1997 475,000 829,910 1,304,910 1998 555,000 804,358 1,359,358 ' 1999 665,000 772,582 1,437,582 2000 1,315,000 718,798 2,033,798 2001 1,235,000 647,746 1,882,746 ~ 2002 1,315,000 574,722 1,889,722 2003 1,345,000 500,887 1,845,887 2004 1,395,000 418,988 1,813,988 t 2005 2,060,000 315,637 2,375,637 2006 1,315,000 213,763 1,528,763 2007 390,000 162,006 552,006 ' 2008 415,000 137,660 552,660 2009 440,000 111,934 551,934 2010 470,000 84,525 554,525 , 2011 495,000 55,278 550,278 2012 530,000 24,500 554,500 14,770,OOb 8,938,049 23,708,049 ' ~ ~ The accom nyin pa g notes are an integral part of these financial statements. ~ C34 ~ 1 Town of Vail, Colorado Debt Service 1 Schedule of Lease Payments in Future Years December 31, 1993 ~ Transportation Facilitv ' YPar Princi I In re Total 1994 150,000 48,600 998,600 ' 1995 160,000 37,125 197,125 1996 170,000 24,900 194,900 1997 155,000 11,900 166,900 1 635,000 122,525 757525 , ' ' ~ ' . ' ~ ~ The accompanying notes are an inte ral art of these financial st 9 P atements. ~ C35 ~ ~ Town of Vail, Colorado , Debt Service ' Schedule of Promissory Note Requirements in Future Years Goif Course Property December 39, 1993 ' Public Golf Course Property, original note $2,200,000, interest at 13%, payable annually on January 11. ' . . Year Princi al Interes Total 1 1994 163,516 176,916 340,432 1995 184,773 155,659 340,432 ' 1996 208,793 139,639 340,432 1997 235,937 104,495 340,432 1998 . 266,608 73,824 340,432 ' 1999 301,268 39,166 340,434 1,360,895 681,699 2,042,594 ' . ~ ~ The accompanying notes are an inte ral art of these financiaI 9 p statements. C36 ~ ' ~ Road and ridge , ' , ' ~ ~ ' I REPOIZI' A . ' COgJN'g'gES, CY'g'IIES, ~c 'II'O6VNS AtVR1UAY. S'I'A'H'EMEAI"II' OF ItECEIP'%'S ~c E%PEN&Dg'Y'gJRES FOR ROAIDS, BIP%DGES AIdID S'%'&2EE'Y'S , COLJfVTY/CITY/TOWN: Vail ' CALEIVDAR YEAR OF REPORT: 1993 ~ BtOUldD ALI. A11qOYJld'I'S TO IdEARES'H' YDOLY.AR . g. SCgiE%DUI.E OF I2ECEYP'Y'$ FOR ROAD, BR%DGE ARIYD S'H'REET PUIItPOSES ' . A. LOCAL SOURCES C. S7'ATE SOiIRCES ~ 1. Property Tax/Special Aaseaemente 1. FIighcray Z7aero Tatt $153 , 420e 00 ' 2. Ceneeal Fund Appropriatione $1 , 659 , 798 . 00 Aqotor Vehicl¢ RegioBration Feeo 23,095.00 3. Other (specify) RETT & CPF 901, 831. 00 3, Other (specify) , 4. Traffic Finee 5. Salee Tax TOTfPL, STATE SOIIRCES $176,515.00 ' sa. From County (specify) EaQle Road 424,186.00 D. FEDERAL SOCIRCES & Bridge ' b. City/Town (Speeify) • 1. Foreot Seroice 7. Bond Prxeeda (net of iseuance cost) 2. Mineral Leaeing ~ 8. Note Proceeda (net of isauance cont) 3. Paymento in' Lieu of Taxes 9. Speeific Ocrnerehip Taxea ' 4. Other (specify) ~ . TOTAL LOCAL SOURCES $2',985,815.00 = TOTAL FEDERAL SOURCES ~ B. PR /V,4TE CONTRlBUTIONS ~ E. TOTAL RECEIPTS (A+B+C+D) $3,162y330.00 F. UNSPENT BAL,4NCES BEGINAIING OF YEAR ~ (must equal ending balance oJ previous year) C. TOTAL R6CEtPTS AND BALANCES (E+F) $3,162,330:00 '%'OTAL gt1ECEYP'I'S dc BALAIVCES N(US'I' EQYJAI, TOT'AI. EXPENY9Y'I'LTIZES ~c BAI.AIVCES PLEASE GIVE THE NAME AND PHONE NUMBER , PVAME ' OF TH£ PERSON TO CONTACT FOR QUEST'IONS REGARDING THE REPORT. PHONE 'SO 3-'~~~ - ZII~ ~ (Revised 1/93) . (continued) C-37 ~ REPOR'I' A , (con't) di. SCHEYDLII,E OF E%PENDITLIItES FOIt ROAYD, BRIIDGE A1dID STREE'Y' F'UYtPOSES ~ • . . A. DIRECT HIGHWAY EXPENDtTURES 1. Right-ot-Way $ 3 , 000 2. Preliminary and Conatruction Engineering $ S$ , 743 3. Conetruction $840 9088 4. Maintenance of Condition • $ 7 fi 1 y 940 S. Snoef and Ice Remova! ~ $500' 860 • 6. Traffic Servicee • $142,747 7. Adminiatration $223 ,97 2 ' 8. Traffic Enforcement , P fi'in m 980 TOTAL DIIZECT ffIGHW.4Y EXPENDITURES $3.162.330 , B. DEBT PAYMENTS 01l1 BONDS AND 1V07'ES ~ 1. Interest on Bondo 2. Intereat on Plotea S. Redemption on Sonds (net value) 4. Redemption on Alotea (net value) ' TOTAL DEBT PAYMENTS C. PAYMENTS TO OTHER GOVERNMENTS • la. To County (specify) b. To City (epeeity) ~ 2. To Dept. of Trana. TOTAL PAYMENTS TO OTHER GOVERIVMENTS . D. OTHER HIGHW.4Y PURPOSES • (apecify) • ' E. TOTAL EXPENDITURES (A+B+C+D) $1162.330 ~ ~ ' F. BALANCES END OF YEAR ~ (unepent receipta) G. TOTAL EXPENDITURES AND BALANCES (E+F) $3.162.330 ' ~ . . (Revised 1/93) • (continued) C-38 ' ~ ' 1 Town of Vail, Colorado Notes to Schedule of Receipts and Expenditures Schedule of Expenditures for Road, Bridge and Street Purpose ~ December 31, 1993 ~ The Schedule of Receipts and Expenditures was prepared using the following allocations: ~ 72% of Public Works Administration, 100$_of Street Maintenance, Snow Removal, and Street Cleaning Expenditures less: . ~ One-half of Director's salary and benefits Professional fees Bonus Program 20% of all Police Patrol Expenditures 100% of all Traffic Enforcement Expenditures ' 100% of Construction and Engineering Expenditures for specific projects , - ' ~ ~ . . ~ C-39 , ~ ' Sflngle Audit ~ ' ~ ' ' ' . ~ ' , ~ . ~ ~ - ~ i ~ ~ 1VICIVIAHAN AND ASSOCIATES, P.C. , Certified Pubhc Accouncants o Swre 200/Avon Cencer1100 West Beaver Creek Blvd./P.O Box 5850/Avon, CO 81620 0 303-845-5800 o FAX 303-845-8108 ~ INDEPEIVDEN'T AUDITOR'S REPORT OIV INTERNAL CON'IROL ' STRUCTURE IN ACCORDANCE WITH GOVERN11gENT AUINTING STANDARDS ~ . . ~ Town Council Town of Vail Vail, Colorado We have audited the general-purpose financial statements of Town of Vail (the "Town") as of and for the , year ended December 31, 1993, and have issued our report thereon dated April 20, 1994. We conducted our audit in accordance with generally accepted auditing standards and GovernmentAuditing ~ Standards, issued by the Comptroller General of the United States. Those standards require that we pIan and perform the audit to obtain reasonable assurance about whether the general-purpose financial statements are free of material misstatement. In planning and performing our audit of the general-purpose financial statements of the Town for the year ended December 31, 1993, we considered its internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the general-puipose financial statements and not ' to provide assurance on the internal control structure. The management of the Town is responsible for establishing and maintaining an internal control structure. ' In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transacrions are executed in 1 accordance with management's authorization and recorded properly to permit the preparation of general- purpose financial statements in accordance with generally accepted accounring principles. Because of inherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not ' be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. ~ ~ D. ern' McMahan C.P.A. Mcmhers of Amcric ~ , an Institutc of Ccruhcd Puhlic Acwuntants David Hague, C.P.A. and Colorado SociecY of C«cificd Puhlic Accountants Pauf J. Backes, C.P.A. ' D1 , ' Town Council Town of Vail Vail, Colorado ~ ~ For the purpose of this report, wre have classified the significant internal control structure policies and ~ procedures in the following categories: o Budgets ~ o Cash/Investments o Revenue/Receivables o Expenditures/Accounts Payable o Payroll ~ o Inventories o Property, Equipment, and Capital Expenditures o Debt and Debt Service Expenditures ' o Federal Program Expenditures For all of the internal control categories listed above, we obtained an understanding of the design of relevant , policies and procedures and whether they have been placed in operation, and we assessed control risk. Our considerarion of the internal control structure would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute ' of Certified Public Accountants. A material weakness is a condition in which the design or operarion of one or more of the internal control structure elements does not reduce to a relatively low level the risk that , errors and irregularities in amounts that would be material in relation to the general-purpose financial 1 statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned funcrions. We -noted no matters involving the internal control suucture and its operation that we consider to be material weaknesses as defined above. ' However, we noted certain matters involving the internal control structure and its operation that we have reported to the management of the Town in a separate letter dated April 20, 1994. 'This report is intended for the informarion of the Council, management and appropriate State and Federal agencies. However, this report is a matter of public record and its distiibution is not limited. -4 G,S% vca.~,`~ C. McMahan and Associates, P.C. Avon, Colorado ~ April 20, 1994 ~ ~ ~ ~ . D2 ~ IVICIVIAHAN AND ASSOCIATES, P.C. Certified Public Accountants o$uite 200/Avon Center/I00 Wesc Beaver Creek Blvd./P.O. Box 5850/Avon, CO 81620 0 303-845-8800 m FAX 303-845-8108 1 ~ INDEPENDENT AUDITOR'S COIVIPLIAIVCE REPORT BASED O1V AN AUDIT OF GENERAL-PURPOSE FI1VANCIAL ' STATEIVIENTS PERFORIVIED IN ACCORDAIVCE WITH GOVERNMENT AUDITIIdG STANDARDS ~ Town Council Town of Vail ~ Vail, Colorado We have audited the general-purpose financial statements of Town of Vail (the "Town") as of and for the ' year ended December 31, 1993, and have issued our repor[ thereon dated April 20, 1994. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing ' Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general-purpose financial statements are free of material misstatement. , Compliance with laws, regularions, contracts, and grants applicable to the Town is the responsibility of the Town's management. As part of obtaining reasonable assurance about whether the general-purpose financial statements are free of material misstatement, we performed tests of the Town's compliance with certain ~ provisions of laws, regulations, contracu, and grants. However, the objective of our audit of the general- purpose financial statements was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion. 1 The results of our tests indicate that, with respect to the items tested, the Town complied, in all material respects, with the provisions referred to in the preceding paragraph. With respect to items not tested, ~ nothing came to our attention that caused us to believe the Town had not complied, in all material respects, with. those provisions. We noted certain imma-terial instances of noncompliance that have been reported in Note 3 to the general- 1 purpose financial statements, as required by the Colorado State Auditor. This report is intended for the information of the Council, management, and appropriate State and Federal ~ agencies. However, this report is a matter of public record and its distriburion is not limited. V~C~n.•~l.~a~ q ~n McMahan and Associates, P.C. 1 ~ Avon, Colorado April 20, 1994 ~ ~ ~ D. Jerry McMahan, C.P.A. Memhers of American Institute of Ccrtificd Puhlic Accountants David J. Hague, C.P.A. and Colorado Societv oFCertilied Puhlic Accountants Paul J. Backes, C.P.A. ' D3 ~ MCMAHAN AND ASSOCIATES, P.C. Certified Public Accountants o Suite 200/Avon Cenccr/100 West Beaver Creek Blvd./P.O. Box 5850/Avon, CO 81620 0 303-845-8800 m FAX 303-845-8108 INDEPEIVDENT AUDITOR'S SINGLE AUDIT REPORT O1V Tf-iE INTERNAL CONTROL STRUCTURE USED 1 I1V ADMIIVISTERIIVG FEDERAL FIIVANCIAL ASSISTANCE PROGRANIS ~ Town Council . . Town of Vail Vaff, Colorado ' We have audited the general-purpose financial statements of Town of Vail (the "Town"), as of and for the 1 year ended December 31, 1993, and have issued our report thereon dated April 20, 1994. We conducted our audits in accordance with generally accepted auditing standards; Government Auditing ' Standards, issued by the Comptroller General of the United States; and Off'ice of 1VIanagement and Budget (OMB) Circular A-128, Audits of State and Local Governments. Those standards and OMB Circular A-128 require that we plan and perform ihe audit to obtain reasonable assurance about whether the general- 1 purpose financial statements are free of material misstatement and about whether the Town complied with laws and regulations, noncompliance with which would be material to a federal financial assistance program. In planning and performing our audits for the year ended December 31, 1993, we considered the Town's ' internal control srivcture in order to determine our auditing procedures for the purpose of expressing our opinions on the Town's general-purpose financial statements and to report on the internal control structure in accordance with OMB Circular A-128. This report addresses our considerarion of internal control ~ structure policies and procedures relevant to compliance with requirements applicable to federal financial assistance programs. We have addressed policies and procedures relevant to our audit of the general- purpose financial statements in a separate repor[ dated April 20, 1994. ' The management of the Town is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, that transacrions are executed in accordance with management's authorization and recorded properly to permit the preparation of general-purpose. ~ financial statements in accordance with generally accepted accounting principles and that federal financial assistance programs are managed in compliance with applicable laws and regulations. Because of inherent limitations in any system of internal control structure, errors, irregularities or instances of noncompliance may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future ~ periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. ~ ~ ~ D. Jerrv MeMahan, C.P.A. Memhers of American Institure of Cernfied Puhlic Accountants David J. Hague, C.P.A. and Colorado Societv of Certificd Puhlic Accountants Paul J. Bacl:es, C.P.A. ' , D4 ' ~ Town Council Town of Vail Vail, Colorado ~ ~ For the purpose of this report, we have classified the significant internal control structure policies and ~ procedures in the.following categories: . . General Requirements: ~ o Allowable costs/cost principles For all of the internal control structure categories listed above, we obtained an understanding of the design ' of relevant policies and procedures and determined whether they have been placed in operation, and we assessed control risk. ' During the year ended December 31, 1993, the Town had no major federal financial assistance programs and expended 100% of its total federal financial assistance under the following nonmajor federal financial assistance program: ~ o Drug Seizure monies . Except as discussed in the following paragraph, we performed tests of controls, as required by OMB Circulaz ' A-128, to evaluate the effectiveness of the design and operation of internal control stiucture policies and procedures that we have considered relevant to preventing or detecting material noncompliance with general requirements that are applicable to the federal financial assistance program, which is identified in the ' accompanying Schedule of Federal Financial Assistance. Our procedures were less in scope than would be necessary to render an opinion on these internal control structure policies and procedures. Accordingly, we ' do notexpress such an opinion. ~ For the Drug Seizure monies, we performed no tests of controls to evaluate the effectiveness of the design and operarion of internal control structure policies and procedures that could be relevant to preventing or detectirig material noncompliance with polirical activity, civil rights, cash management, federal financial 1 reports, drug-free workplace, specific requirements, claims for advances and reimbursements, and amounts claimed or used for matching. We did not perform such tests because such requirements do not apply to Drug Seizure monies. ~ Our considerarion of the intemal control suvcture policies and procedures used in administering federal financial assistance would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public ~ Accountants. A material weakness is a condition in which the design or operation of one or more of the internal control structure elements does not reduce to a relarively low level the risk that noncompliance with laws and regulations that would be material to a federal financial assistance program may occur and not ~ be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control structure and its operarions that we consider to be material weaknesses as defined above. ~ ~ ~ D5 , ' Town Council Town of Vail Vail, Colorado ' , ~ However, vve noted certain matters involving the internal control stricture and its operarion that we have ~ reported to the management of the Town in a separate letter dated April 20, 1994. This report is intended solely for the use of the Town Council, management and appropriate State and ' Federal agencies. However, this report is a matter of public record and its disuibution is not limited. MclViahan and Associates, P.C. , I Avon, Colorado April 20, 1994 ~ ~ ~ ~ . ~ ' rm D6 , I IVICIVIAHAN AND ASSOCIATES, P.C. Certified Public Accountancs o Swre 200/Avon Center/ 100 Wat Beaver Creek Blvd./P.O. Box 5850/Avon, CO 81620 0 303-845-8800 a FAX 303-845-8105 ' ~ • INDEPERTDENT AUDITOR'S REPORT OPV COWLIANCE ' VVITH THE GENERAL REQUIREMENTS APPLICABLE TO FEDERAL FI1VANCIAi. ASSISTANCE PROGRAMS ~ ' • To the Town Council ~ Town of Vail Vail, Colorado ' We have audited the general-purpose financial statements of the Town of Vail, Colorado (the "Town"), as of and for the yeaz ended December 31, 1993, and have issued our repor[ thereon dated April 20, 1994. ' We have applied procedures to test the Town's compliance with the following requirements applicable to its Federal financial assistance programs, which are identified in the Schedule of Federal Financial Assistance, for the year ended December 31, 1993: ~ General Requirements: o Allowable costs/cost principles ~ Our procedures were limited to the applicable procedures described in the Office of Management and Budget's "Compliance Supplement for Single Audits of State and Local Governments". Our procedures were , substantially less in scope than an audit, the objecrive of which is the expression of an opinion on the Town's compliance with the requirements listed in the preceding paragraph. Accordingly, we do not express such an opinion. ~ With respect to the items tested, the results of those procedures disclosed no instances of noncompliance with the requirements listed in the second paragraph of this report. With respect to items not tested, nothing came to our attention that caused us to believe that the Town had not complied, in all material ' respects, with those requirements. This report is intended for the information of the Town Council, management, and appropriate State and ~ Federal agencies. However, this report is a matter of public record and its distriburion is not limited. \MLW*-at~ o,... ~ A<.~o c-,N-- le C , ~ McMahan and Associates, P.C. Avon, Colorado ~ April 20, 1994 rm D. Jerry h'1cMahan, C.P.A. Memlxrs of Amcncan Institure of Ccnificd Puhlic Accountants David J. Hague, C.P.A. and Colorado Sociecv of Ccrtified Puhlic Accountants Paul J. Bacl:es, C.P.A. D7 ~ I MCMAHAN AND ASSOCIATES, P.C. ' Certified Public Accountants o Swte 200/Avon Center/100 West Beaver Creek Blvd./P.O. Box 5850/Avon, CO 81620 0 303-845-8800 o FAX 303-845-8108 ' INDEPEYVDEN'T AUDITOR'S REPORT OIV SCHEDULE OF ' FEDERAL FINANCIAL ASSISTANCE ' Town Council ' Town of Vail , ' Vail, Colorado ' We have audited the general-purpose financial statements of Town of Vail (the "Town") as of and for the year ended December 31, 1993, and have issued our report thereon dated April 20, 1994. These general- purpose finanrial statements are the responsibility of the Town's management. Our responsibility is to ' express an opinion on these general-purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and GovernmentAuditing ' Standards issued by the Comptroller General of the United States. Those standards require that we plan and gerform the audit to obtain reasonable assurance about whether the general-purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general-purpose financial statements. An audit also includes assessing the ' accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. ' Our audit was made for the purpose of forming an opinion on the general-purpose financial statements of the Town taken as a whole. The accompanying Srhedule of Federal Financial Assistance is presented for purposes of additional analysis and is not a required part of the general-purpose financial statements. The ' informarion in that schedule has been subjected to the auditing procedures applied in the audit of the general-purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general-Qurpose financial statements taken as a whole. ~ McMahan and Associates, P.C. Avon, Colorado April 20, 1994 ' ~ D. Jerry McMahan, C P.A. Mcmhcrs of Amcncan Institutc of Ccrtificd Puhlic Accountants David J. Hague, C.P.A. and Colorado Socien• of Certificd Puhlic Accountants Paul J. Backes, C.P.A. ' D8 ' Town of Vail , Schedule of Federal Financial Assistance For the Year Ended December 31, 1993 ' Federal Major CFDA Program ~ Proszram Title Number (Yes/No) Disbursements Devartment of Jusrice: ' Drug seizure monies IVone 1Vo 133.332 Total Deparnnent of Jusrice 133.332 ' Total Federal Financial Assistance 133.332 ' ' ' ' ' . ~ ' 1 ' ' ' The accompanying notes are an integral part of these financial statements. , D9 ~ RESOL@DTION NO. 18 SERIES OF 1994 A RESOL4,DT90N DES8GNATING PIPER CA?PI'TAL MA9Ve4GEnlIENT 91VCORPORATED AS AN 8N!/ESTI1flENT MANe4GER FOF3 THE FIIVANCIAL Fl31VDS OF TIiE TOWN OF VA9L P1J PER9YE~~~~ THE VHP1S7 AER OF tl f?G tlOYV,tl oF tl 6'9IILy O0S ORDIE@P9AtlCEo7y 6°OND 0 tl-lIG STA0 UAES O9-" 0&-tlE JT6°YTE oF C0LO11liDO. VIIHEREAS, the Town has the power to designate an independent investment manager to manage funds for the Town; and VVHEREAS, the Town uvishes to designate Piper Capital Management Incorporated, as an investment manager for the financial funds of the Town. fVOVV, THEREFORE, BE IT RESOLVED by the Towrn Council of the Town of Vail, Colorado, as follows: 1. Piper Capital iVlanagement Incorporated is hereby designated as an investment manager for the funds of the Town of Vail in accordance with Section 3.52.040 of the Tovvn's investment policy. 2. That this resolution shall take effect immediately upon its passage. IiVTRODUCED, READ, APPROVED AND ADOPTED this 19th day of July, 1994. Margaret A. Osterfoss, Mayor ATTEST: Holly L. McCutcheon, Town Clerk C:\RES01-1.194.18 Resolution No. 18, Saries of 1994 MEMORANDNM TO: Vagll Town Coanancn9 ]F'R: Bob McB.,aaaraan, 'g'own Maaaager ~ dDA: Jurse 16, 1994 RE: Tow¢a Manager's Report Chape? Be-idee The contractor mob6?ized Monday, July IlIl, 1994, for the Chapel Bricige sonstruction project. Vaal Road has been elosed aantil saach tapne as the project is complete. 'd'he estimated coanpletion date for the pe-oject fis Noveflaeber 4, 1994. The dletoue- plan emplernentecd by Public Works appears to be worknng wel9. We Haave received eery ?attle megative feedback on the constructeon project to date. d wn99 keep yoau advised as thus pro,gect gsroceecls. 1Forc1 Park Master 1P?an lPlease ffind the attacflned memo from 'd'odd Oppenheimer coneerning a proposal to revisit the 1Vlaster lPlan foa- the Ford Park area. I lbelieve this is a worthwhi9e project. vVe have eliscussed this matter vvatlln the varaoaas usea- groups and they are an agreement tt?at at as an appropriate time to revisit the ]Eord Park Master ]P9an. If yoaa concear, we wall sehedea~~ thes ntem for a Work Session and envite the var6ous aaser groups to attend. ConaYnaaruity Saaraev The 1994 C0111[1mUi99$y CJIlHIl'dey 9S hcOi'b' cOSAl[DIete. Alfl of the data has been tabulated and we are in the process of compiflang the eae-ious comanents. On Jealy 26, 1994, Nolan Itcosall wa9Il make a presenQatdon to the Counci9 at the Work Session to present an oeeawiew of the 1.994 a-esults. C:\7'MRPI719.94