HomeMy WebLinkAbout2000-05-02 Support Documentation Town Council Work Session
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VAIL TOWN COUNCIL
WORK SESSION
TUESDAY, May 2, 2000
2:00 P.M. AT TOV COUNCIL CHAMBERS
NOTE: Time of items is approximate, subject to change, and cannot be relied
upon to determine at what time Council will consider an item.
1. Regional Trails Presentation be Eagle Valley Trails.
Ellie Caryl Committee. (20 mins.)
2. Waterhouse Garage Encroachment. (15 mins.)
Allison Ochs
Greg Hall A discussion on the purchase of public right-of-way for an
Tom Moorhead already-completed garage located at 285 Forest Rd.
ACTION REQUESTED OF COUNCIL: Approve, approve with
conditions, or deny the use of public right-of-way for private use.
BACKGROUND RATIONALE: The Town Council originally
discussed this item at the January 18, 2000 worksession. The
applicant is returning with an offer to purchase the right-of way,
then re-subdivide the lot.
A front setback variance was granted by the Planning and
Environmental Commission at the May 19, 1999, meeting for a
garage to be constructed in the front setback at 285 Forest Rd. A
building permit was issued on July 21, 1999. An Improvement
Location Certificate was submitted to the Community
Development Department on December 13, 1999, indicating that
the garage had been built over the property line and onto the
public right-of-way. The applicant is requesting that the garage be
allowed to remain and that they be allowed to purchase the right-
of-way from the Town of Vail, then re-subdivide the lot. Should
the Town Council choose to sell a portion of the right-of-way, the
applicant will still need to return to the Planning and
Environmental Commission for the variance and the resubdivision
and return to the Council for 2 readings of an ordinance.
STAFF RECOMMENDATION: The Community Development
Department recommends that the Town Council deny the
purchase of public right-of-way for private use.
3. Year End Financial Report. (30 mins.)
Steve Thompson
4 A request for a work session to discuss proposed changes to the
Brent Wilson Town's commercial core area parking requirements schedule. (30
mins.)
ACTION REQUESTED OF COUNCIL:
Provide feedback to be used in the preparation of Ordinance 9,
Series of 2000; an ordinance amending Chapter 12-10, Vail Town
Code with specific regard to off-street parking requirements for
properties within Vail's commercial core areas and variance
procedures for off-street parking and loading.
BACKGROUND RATIONALE:
During the summer of 1999, the Town hired the firm of Felsburg,
Holt & Ullevig to conduct an in-depth analysis of parking
generation in Vail's commercial core areas. The primary purpose
of the study was to determine the influence of external factors
(mixed uses, transit/pedestrian trips, hourly variations in business
activity) on parking generation. Currently, the Town's parking
regulations do not account for these factors and assess parking
requirements strictly by land use type and square footage. Given
the inability of many properties in Vail Village and Lionshead to
provide on-site parking and the Town's $17,917 per space parking
pay-in-lieu fee, staff realized a need to produce a more realistic
assessment of parking generation in these areas. A copy of the
consultant's study and findings has been included for reference.
On April 18`", the Town Council directed staff to create an
ordinance adopting the Planning and Environmental
Commission's proposed revisions to the consultant's
recommended parking requirements schedule.
STAFF/BOARD RECOMMENDATION:
Staff recommends that the Vail Town Council adopt the
consultant's recommended parking schedule for incorporation into
Ordinance 9, Series of 2000.
5. Discussion of the "Minturn Portal." (15 mins.)
Hawkeye Flaherty
6. DRB Report/PEC Report. (10 mins.)
Allison Ochs
Brent Wilson
7. Information Update. (10 mins.)
8. Council Reports. (10 mins.)
9. Other. (10 mins.)
10. Adjournment. (4:00 P.M.)
NOTE UPCOMING MEETING START TIMES BELOW:
(ALL TIMES ARE APPROXIMATE AND SUBJECT TO CHANGE)
THE NEXT VAIL TOWN COUNCIL REGULAR WORK SESSION
WILL BE ON TUESDAY, 5/09/00, BEGINNING AT 2:00 P.M. IN TOV COUNCIL
CHAMBERS.
THE FOLLOWING VAIL TOWN COUNCIL REGULAR WORK SESSION
WILL BE ON TUESDAY, 5/16/00, BEGINNING AT 2:00 P.M. IN TOV COUNCIL
CHAMBERS.
THE NEXT VAIL TOWN COUNCIL REGULAR EVENING MEETING
WILL BE ON TUESDAY, 5116/00, BEGINNING AT 7:00 P.M. IN TOV COUNCIL
CHAMBERS.
Sign language interpretation available upon request with 24-hour notification.
Please call 479-2332 voice or 479-2356 TDD for information.
,t The Eagle Valley Trails Committee
Presentation to Vail
Who are we and what are we trying to accomplish?
• The 12 member Eagle Valley Trails Committee was created by the Eagle County Regional
Transportation Authority (ECO) in 1996. The citizens of the Committee advise the Authority
on how the portion of the 1/2% mass transportation tax collected for trails should be spent.
The Committee includes residents of each town as well as the unincorporated areas. To
date, trail projects in Gypsum, Avon, Vail and unincorporated Eagle County have been
funded.
• In their funding recommendations, the Committee has focused on completing links in a
envisioned "core trail" trail system that would connect all of the valley communities, including
a spur to Red Cliff, and eventually connecting Vail Pass to Glenwood Canyon. The core trail
would be a consistently maintained, easily accessible, 10-foot wide paved trail that is
separated from roadways. The idea for this "core trail" is present in the existing trails plans
by Eagle County, Minturn, Vail and Avon.
Why Create a Regional Trails Plan?
• In October 1999, the Trails Committee determined that it was difficult to use the existing trail
plans for planning future construction and funding needs for the core trail since either the plan
details (e.g. costs) were outdated or route conditions had changed (e.g. development).
• With a desire to determine a five to ten-year construction action plan, the Committee
recommended to the Authority that it would be worthwhile to compile a "Regional Trails Plan"
that would integrate trail planning for each of the jurisdictions into one document and focus on
specific engineering issues and costs associated with building the planned core trail. The
Authority approved the hiring of a consultant to assist with the preparation of the plan. This
plan would be actively used over the next five to ten years to help direct budgeting and capital
improvement planning for the ECO Trails Program and the partner jurisdictions. This plan will
not address the Roaring Fork and Fryingpan River portion of Eagle County.
• Additionally, the cost information generated through this planning effort will be used to help
determine if a ballot question authorizing the sale of tax revenue bonds to finance an
accelerated construction schedule should be pursued for the 2000 election. Comparing the
current rate of tax fund accrual to the preliminary estimates of the core trail construction cost,
it will take many years to complete the core trail even with funding matches from each of the
jurisdictions. Some analysis of the rail corridor feasibility for a trail with rail will take place but
at a minimal level of detail given the very uncertain status of the corridor.
• Prior to this presentation, town or county staff, the ECO trails planner, and the consultant
(Johnson, Kunkle and Associates) met to discuss a preferred alignment and associated
issues regarding obstacles, costs, land ownership, design and maintenance.
WE WILL ASK THE FOLLOWM6 QUESTIONS AS PART OF OUR
PRESENTATION - PLEASE PROVIDE US WITH YOUR VERBAL RESPONSES
A T THE MEETIN6 OR RETURN THIS FORM TO US A T THE
PRESENTATION. Thank you.
Is the Town of Vail committed to working as a team with ECO and the other
jurisdictions that ECO represents to create this community amenity: the
valley-long core trail?
Is the preliminary trail route through the entire valley (map at meeting)
acceptable and supportable ? Any issues that we should be aware of?
Is the "Vail Core Trail" route identified by the planning team (town staff,
ECO Trails, JKA Engineers) acceptable? Any issues that we should be aware
of?
For the Vail Core Trail, what would you list as the priority-order trail
segments to complete? Please consider the issues of highest demand and
cost.
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How should maintenance of the valley-long core trail be handled? Any ideas
for labor, equipment or general cost sharing?
Maintenance Discussion Background:
• Previous discussions by the ECO Board and Trails Committee determined
that if the goals were to be equitable to all jurisdictions and continue to
leverage the limited ECO Trails funds, maintenance of the core trail could
be handled one of two ways:
1. Town. Countv or Metro District maintains own section of core
trail with contribution from ECO Trails program. Some of the
jurisdictions already have the necessary equipment, others do
not.
2. ECO Trails program maintains core trail. with contributions from
underlvina iurisdiction (town, county or metro-district). ECO
Trails would need to acquire the necessary equipment.
• As of the end of the summer 2000, there will be completed sections of the
core trail in Gypsum, Edwards, Avon and Vail. Vail has the greatest number
of existing trail miles.
MEMORANDUM
TO: Town Council
FROM: Community Development Department
DATE: May 2, 2000
SUBJECT: A discussion on the purchase of public right-of-way for an already
constructed garage located at 285 Forest Rd./ Lot 21, Vail Village 1 s'
Applicant: Steve & Linda Waterhouse, represented by Dunn,
Abplanalp, and Mauriello, P.C.
Planner:. Allison Ochs
1. DESCRIPTION OF THE REQUEST AND BACKGROUND
A front setback variance was granted by the Planning and Environmental Commission in April of
1999 to allow for the construction. of a garage in the front setback. The garage was approved with
a 3.5 ft. setback. The request'was called up by Council on April 20, 1999 and the Town Council
upheld the variance request. A building permit was issued on July 21, 1999. When the
Improvement Location Certificate was submitted to the Community Development Department on
December 13, 1999, the survey, indicated that the garage had' been built over the front property line
and into the public right-of-way. , due to surveyor error at construction. The Planning and
Environmental Commission memoand minutes on the original variance request have been attached
for reference: - - The Town Council reviewed a request to allow-this encroachment to remain at their
January 18, 2000 worksession. The owners have retained new representation and are returning with
an offer to purchase the right-of-way and resubdivide the lot. This request would require two
readings of an ordinance and still would require returning to the Planning and Environmental
Commission for the variance request and the re-subdivision.
II. STAFF RECOMMENDATION
The Community Development Department recommends denial of the purchase of the public right-of-
way for this private use for the following reasons:
• Other requests for use of the public right-of-way for private purposes prior to construction have
been denied.
• The integrity of the right-of-way is compromised. Future road projects and snow removal are
potentially complicated.
• According to the plans, the garage was supposed to be 3.5 ft. from the property line. Staff
believes that it is possible to relocate the garage without compromising the existing vegetation.
• Presents a potential traffic hazard.
• Fails to meet the Development Standard requiring 24 ft. from the door of the garage to the edge
of pavement.
Should the Council choose to allow the applicant to purchase the Town of Vail right-of-way, staff will
begin the purchasing process. The sale of the right-of-way will require two readings of an ordinance,
which will be scheduled at the next available Council evening meeting.
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. I\ L.4W OFFICES
DUNN, ABPLANALP & MAURIELLO, P.C.
A PROFESSIONAL CORPORATION
JOHN W. DUNN WESTSTAR BANK BUILDING TELEPHONE:
ARTHUR A. ABPLANALP, JR. 108 SOUTH FRONTAGE ROAD WEST (970) 476-0300
DIANE H. MAURIELLO
INGA HAAGENSON CAUSEY SUITE 300 FACSIMILE:
(970) 476-4765
VAIL, COLORADO 81657
OF COUNSEL: highcountrylaw.com
JERRY W. HANNAH March 30, y, e-mail: vaillaw@vad.net
2000 CERTIFIED LEGAL ASSISTANTS
KAREN M. DUNN, CLAS
JANICE K. SCOFIELD, CLA
Mayor and Town Council
Town of Vail
75 South Frontage Road
Vail CO 81657
Re: Stephen and Linda Waterhouse
285 Forest Road
Lot 21, Vail Village First Filing
Dear Mayor Kurz and Council:
Linda and Steve Waterhouse have asked that I assist them in resolving an
encroachment issue arising from their construction of a new garagd at 285 Forest Road. It is my
understanding that the Council has previously considered this matter in work session and given
staff direction to abate the encroachment. However, the Waterhouses were not aware that the
matter was before the Council and therefore did not have the opportunity to present their side of
the story. Also, we believe that, were the Council aware of the circumstances surrounding this
matter, they likely would reconsider the direction given.
- I first wish to emphasize the innocent nature of the encroachment of the garage
7.5 inches into Forest Road. Peak Land Surveying, Inc., have taken full responsibility for a
survey error in connection with survey work done in the course of the construction of the garage.
The Su-IV,="Or hZIS told Mr. Waterhouse that the survey work was done by a surveyor who was
new with the firm at that time and who was immediately discharged.
Mr. Waterhouse and his general contractor have considered the proposal of staff,
that the carafe be altered in such a way that the encroachment is eliminated. It is the contractor's
and Mr. Waterhouse's opinion that that remedy would have a detrimental structural effect on the
garage and is therefore not feasible. It therefore appears that the only remedy available to resolve
the encroachment is the complete removal and reconstruction of the garage.
We therefore propose that Mr. and Mrs. Waterhouse purchase from the Town the
portion of the right-of-way of Forest Road underlying the garage. Enclosed with this letter is a
letter appraisal prepared by Valuation Consultants, Inc., indicating the value of the right-of-way
underlying the garage to be in the range of $805 to 5878. Based upon that appraisal, the
Waterhouses have authorized me to offer the amount of $1,000 to acquire that portion of the
right-of-way.
My clients understand that, if the encroachment can be resolved in the manner
suggested, they will need to apply for an additional variance and for a resubdivision of their
property to include the amount conveyed.
It is my request that I have the opportunity, along with the surveyor, to meet with
the Council to establish the innocence of the encroachment and the minimal nature of it,
particularly in light of other encroachments into Forest Road. Certainly we also are willing to
discuss any counterproposals from the Council. If you feel it is important that Mr. Waterhouse
also be present, he would be able to travel from his home in New Hampshire for that purpose on
Apnil. 25.
Thank you for your consideration of this matter.
Yours very truly,
DUNN, ABPLANALP & MAURIELLO, P.C.
John W. Dunn
jwd:ipse
cc. Mr. and Mrs. Waterhouse
Ms. Ochs
Mr. Moorhead
Mar 27 00 06:14p VALUATION CONSULTAnTS,INC 970 949-5376
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VALUATION CONSULTANTS, INC. ~
Real Estate Aplrraisers - Consultants
48 East Beaver Crock BoulevLrd, Suite 201
P.O. Box 361
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Avon. Culorado 81621E
(970) 949-.1898 ras (970) 949-5376
March 27. 2000
Mr. John 0% Dunn
Oiiml, Abplanalp & Maurietlo, RC.
108 South Frontage Road, 4300
Vail, Colorado 81657
RE: Parcel A. Lot 20, Block 7, Vail Village Filing I
J 285 Forest ]]toad, Vail
I Dear Mr. Dttttn,
In response to your request, 1 have reviewed a survey depicting the above-referenced propetty
that was prepared by Samuel 11 Fcker on 11-17-99. The survey shows that a small portion of
the iniprovetnents present on site extend across the property 11ine onto the Forest Road ri'T t-~)f-
wav. You have asked that 1 examine, i t particular, the area of the survey where the southwest
corner of the garage encroaches .7 foot onto tkc roadway, and that I provide voce with my
estimation as to the approximate pro-rata dollar copTibution that this cncroachine square footage
j of land, included as a part of the subject site, would make to the value of the subjecr site as
if vacant. {
i
It appears that the affected area is cunrptiscd of a right triangle that has perpendicular side.- on I
the order of 10 feet by .7 feet, resulting in an approximate area of about 3.5 square fcct.
!I Ideally, one would consider sales of vacant sites that varied rninirnally in size in order to
f determine to what extent, ifaiiy, their sales prices varied in proportion to small] size differences.
While the sales prices of sites-in the ttearlry Forest / Rockledgc Road area do vary in proportion
to their sizes, as the size of allowed improvements are tied to site size, the available data is
insuft'iciently precise so as to measure the difference attributable to an area as small as that j
defined above. It would be my expectation that there would be no discernable difference
between one neighborhood site and another ,hat was 3.5 sf larger, all other aspects being equal.
Here is one vizw, though, toward illustrating an approximate theoretical value contribution in j
this scenario: `
Considering the more recent sales of proximal properties improved with obsolete improvements
j that were purchased for land value, it would appear that the entire Jot 20 would have an
approximate current value in the range of $3,200,000 to $3,500,000, as if vacant. Eagle County
1 records show that Parcel A cif the sub,iect site contains 6,865 sf of area, while Parcel B contains
Mar 27 0006:14p VRLURTIOM CONSULTRNTS,INC 970 949-53.76 P f
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7,052 sf of site area; Parcel A, then, possesses an effective 49.3q interest in the entire site and
Parcel B possesses the remaining effective 50.71N, interest.
Parcel A would therefore show ar+ allocated site value in the range of S1,577,G00 to 51,725,500
i ($3,200,000 s .493 to $3,500,000 .K AQ;), which would in turn egtiate to $230 to $251 per sf of
site area. Under this pr. ernise, then, the additional 3.5 square feet of affected site area would have
a theoretical value contribution to the subject site in the range of 5805 to $878. I
! )Note: Supporting documentation concerning the data, reasoning,-and analyses not cited herein isl
retained in the appraiser's file. The information contained in this report is specific to the needs)
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of the client,,John Dunn. The appraiser is not responsible for unauthorized use of this report.
Please advise if 1 can be of further assistance in this matter.
f i
Very tnily yours,
VAL_UA- -I C NSU LTANTS, INC.
i
Jett addox, SRA
Certified General Appraiser
#CGOl313752 _
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Mar 27 00 06:14p WRLURTION CONSUt_TRNTS,INC 970 949-5376
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CEk2m Ic-Aii4N .E THE AP-TRAISER
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J 1 certify that, to the best of my knowledge and beilef,
a 1-11e 5tatements of fact contai;ted in ihii report are true and Correct.
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• the reported analyses, opinions, and conclusions are liited only by the reported
I assumptions and litnitina conditions, and are my personal, professional analyses,
opinions, and conclusions.
i 0 1 have no present or prospective interest in the property that is the subject o this report.
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• rxiy conipcnsation is not continaeiit on an action or event resultinp, frotn the analyses,
opinions; or conclusions in, or the use of, this report. j
• this appraisal assignment was not based on a requested minimum valuation, a specific
i valuation, or the approval of a loan,
• ntv analyses, opinions aid conchisions were developed, and this report has. been
prepared, ir. wnto,mity, with the Uniform Standards of Professional appraisal practice
and to the Staiidar& of Professional Ethics of the Appraisal Institute. !
• the use Of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
s I have made a personal inspection of the property that is the subject of this report.
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• no one provided significant professional assistance to the person signing lilts report. i
• as of the date of lilis report Jeffrey P. Maddox, SRA, has completed the requirement of
rit' ing education program Cf the .Appraisal Institute.
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3eftrey P. ;Maddox, SRA Date
Ce:titied General Appraiser
'CGO13 3752
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MEMORANDUM
TO: Planning and Environmental Commission
FROM: Community Development Department
DATE: April 12, 1999,
SUBJECT: A request for a variance to the front setback, to allow a new garage,
located at 285 Forest Road/Lot 20, Vail Village 1 st
Applicant: Steve & Linda Waterhouse, represented by Steven Riden
Planner: Jeff Hunt
1. DESCRIPTION OF THE REQUEST AND BACKGROUND
The applicant is requesting a variance to the front setback requirement. The proposal involves
building a new two-car garage to replace the existing one-car garage. The existing garage is
about 297 sq. ft. and the new garage would be about 485 sq.ft. The lot is subject to the
following setback requirements: front 20'; sides and rear 15'. The existing garage has a front
setback of about 3.25' and a side setback of about 135; see photo, below. The new garage
would be constructed with a front setback of about 3.25' and a side setback of 15'. A copy of the
plan is attached for review.
A-separation request~was approved in 1989 to allow the garage to be separated from the
dwelling. The approval was based on the site constraints presented by the existing dwelling. A
variance was then approved in 1990 to allow the garage to be within 3' of the front property line.
The approval was based on other garages in the area being within the front setback, minimizing
disturbance to the hillside and saving a mature evergreen tree. Subsequent to this approval, the
Town adopted development standards that provide for a 24' clearance between garage doors
and the edge of pavement.
Because of the subsequent development standard and because the new garage would be larger
than the existing garage, staff required the applicant to obtain approval of a variance.
II. STAFF RECOMMENDATION
Based on this memo, the Community Development Department recommends denial of the
variance. This recommendation is subject to the following findings:
1. That the granting of the variance will be detrimental to the public health, safety or welfare,
or materially injurious to properties or improvements in the vicinity.
2. That the strict interpretation or enforcement of the specified regulation will not result in
TO WN OF *W0
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IV. CRITERIA AND FINDINGS
A. Factors Enumerated: Before acting on a variance application, the Planning
and Environmental Commission shall consider the following factors:
1. The relationship of the requested variance to other existing or
potential uses and structures in the vicinity.
The proposed garage would be about 3.5' from the front property line and
15' from the side line. This would be an improvement of the existing
garage side setback which is about 13.5'. There are no nearby buildings
on this side. The front of the existing garage is about 15' long. The new
garage would have a front of about 22'. The new garage would have
about 7' or 46% more frontage along the road.
Structures are setback from roads for several reasons, one of which is to
reduce the likelihood of collision. Having a larger garage about 3.5' from
the road would increase the likelihood of collisions. Also, a larger garage
about 3.5' from the property line would be more visually obtrusive to'
neighbors than a smaller garage.
2. The degree to which relief from the strict and literal interpretation and
enforcement of a specified regulation is necessary to achieve
compatibility and uniformity of treatment among sites in the vicinity.. or
to attain the objectives of this title without a grant of special privilege.
Other property owners are required to place new garages in compliance
with development standards, unless there are unusual circumstances.
Staff believes there are no unusual circumstances in this instance and that
the garage could be placed on the property in compliance with
development standards.
3. The effect of the requested variance on light and air, distribution of
population, transportation and traffic facilities, public facilities and
utilities, and public safety.
This is the main concern with the proposal. The development standard
that provides for a clearance of 24' between the garage doors and the
edge of pavement is intended to insure safe and efficient transportation.
The setback allows for most vehicles to be parked completely off the
asphalt reducing the potential for collisions, providing for better vision
clearance and allowing for street maintenance including plowing.
4. Such other factors and criteria as the Commission deems applicable
to the proposed variance.
The Town staff including the Public Works Department believes there are
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no legitimate reasons for the new garage to not meet standards. The
slope of the property is less than 30%, which is the threshold to allow
garages within front setbacks. The slope does not preclude construction.
As proposed, the north wall of the new garage would extend 4' closer to
the mature evergreen tree and the roof would extend about 6' closer to the
tree than the existing garage. The foundation would extend to the ground,
rather than be canilevered as is the existing garage; see photo, below.
'Due to this, the tree would likely not survive for long, thus eliminating the
basis of the original variance.
It appears that the chief reason for the request is protection of the view
from the east facing windows of the residence, which is understandable,
but does not justify the granting of a variance to a development standard
that others are required to meet. Also, there is the option of retaining the
existing garage.
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B. Necessarv Findings: The Planning and Environmental Commission shall
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make the following findings before granting a variance:
1. That the granting of the variance will not constitute a grant of special
privilege inconsistent with the limitations on other properties
classified in the same district.
2. That the granting of the variance will not be detrimental to the public
health, safety or welfare, or materially injurious to properties or
improvements in the vicinity.
3. That the variance is warranted for one or more of the following
reasons:
a. The strict literal interpretation or enforcement of the specified
regulation would result in practical difficulty or unnecessary
physical hardship inconsistent with the objectives of this title.
b. There are exceptions or extraordinary circumstances or
conditions applicable to the same site of the variance that do
not apply generally to other properties in the same zone.
C. The strict interpretation or enforcement of the specified
regulation would deprive the applicant of privileges enjoyed by
the owners of other properties in the same district.'
V. OTHER:
Should the Planning and Environmental Commission decide to approve the variance,
staff recommends:
That the Commission makes the following findings:
1. That the granting of the variances will not constitute a grant of special privilege
inconsistent with the limitations on other properties classified in the same district.
2. That the granting of the variance will not be detrimental to the public health, safety
or welfare, or materially injurious to properties or improvements in the vicinity.
3. That the strict interpretation or enforcement of the specified regulation will result in
practical difficulty or unnecessary physical hardship inconsistent with the
objectives of the Zoning Regulations.
4. There are exceptions or extraordinary circumstances or conditions applicable to
the same site of the variance that do not apply generally to other properties in the
same zone.
And that the approval be subject to the following condition of approval:
1. The north wall and roof line of the new garage do not extend any closer to the
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mature evergreen tree than the existing garage's wall and roofline, unless
approved by a professional arborist.
F:\EVERYONE\PEC\MEMOS\99\WATERHOU
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Approved April 26. 1999
PLANNING AND ENVIRONMENTAL COMMISSION
April 12, 1999
Minutes
MEMBERS PRESENT: MEMBERS ABSENT: STAFF PRESENT:
John Schofield Greg Moffet Dominic Mauriello
Galen Aasland Brian Doyon George Ruther
Diane Golden Ann Bishop Jeff Hunt
Tom Weber Judy Rodriguez
Public Hearinq 2:00 p.m.
John Schofield called the meeting to order at 2:00 p.m.
1. A request for an amendment to a previously approved final plat for the Tall Pines
Subdivision, located at 2239 Chamonix Lane / Lots 1 & 2, Tall Pines Subdivision.
Applicant: Chamonix Development Group, LLC & Paintbrush-Tall Pines, GP
Planner: Dominic Mauriello
Dominic Mauriello gave.an overview of the staff memo.
John Schofield asked if tfie applicant had any comments.
Kurt Davis, one of the two owners, said there were a number of studies done with Art"Mears. He
thought it ok to swell over the envelope lines, as they did own the property, and that no view
corridors would be affected. He said the supports would be 7' high.
John Schofield asked for any public comments. There were no public comments.
Discussion ensued.
Tom Weber made a motion for approval in accordance with the staff memo.
Galen Aasland seconded the motion.
The motion passed by a vote of 4-0.
2. A request for a variance from Section 12-61-1-8, Town of Vail Municipal Code, to allow for
gross residential floor area (GRFA) in excess of the allowable maximum, located at 303
Gore Creek Drive #8 / Lot 8, Block 5, Vail Village First Filing.
Applicant: P. Anthony & Constance Ridder, represented by Gwathmey-Pratt
Architects
1
Planning and Environmental Commission
Minutes TOM OFYALL
April 12, 1999
Approved April 26, 1999
Planner: George Ruther
George Ruther gave an overview of the staff memo.
John Schofield asked if the applicant had anything to add.
Andy Blumetti, from Gwathmey Pratt Schultz, representing the owner; stated that 2 of the other
lots were over the 60% site area of allowable GRFA, and this was determining density. He said
lot 12 was at 91 % of the site area.
John Schofield asked for any Commissioner comments.
Tom Weber asked why the adjoining owners were over in GRFA and if they were built before the
overriding zoning.
George Ruther said they were built under Eagle County regulations. He said that while there was
a non-conforming condition on the sites, there was an opportunity to add 250 sq. ft.
Tom Weber thought it would be a grant of special privilege.
Galen Aasland had no comments.
Diane Golden thought it would be a grant of special privilege.
Andy Blumetti said that they were just trying to catch up with the existing owners.
Tom Weber said the project was developed under County zoning codes, not under the Town of
Vail code.
John Schofield said he saw no hardship and therefore a grant of special privilege.
Andy Blumentti said the hardship was trying to catch up with the other owners.
Galen Aasland made a motion for denial, in accordance with the staff memo.
Diane Golden seconded the motion.
The motion to deny passed by a vote of 4-0.
3. A request for a variance to the front setback, to allow a new garage, located at 285
Forest Road/Lot 20, Block 7, Vail Village 1s`
Applicant: Steve & Linda Waterhouse, represented by Steven Riden
Planner: Jeff Hunt
Jeff Hunt gave an overview of the staff memo.
John Schofield asked if the applicant had anything to add.
2
Planning and Environmental Commission
Minutes
April 12, 1999
Approved April 26, 1999
Steve Riden representing the applicant, said he compromised and reduced the length of the
garage to 20', with a 19' inside space. He said lengthening the retaining wall was included in the
proposal to protect a mature tree and that the situation was being improved by moving the
garage further away from the side setback.
Galen Aasland asked if there would be space above the garage.
Steve Riden, said no.
John Schofield asked for any public comment. There was no public comment.
Tom Weber said he was in favor of this and suggested that the new outside parking space be
cantilevered, as he thought the tree would be lost with a foundation.
Galen Aasland agreed with Tom. He said it needed to be cantilevered, so as not to change the
water table and the garage needed to be limited to 1 story.
Diane Golden said she was in favor of granting this, as the applicant had made a concerted
effort, and so she agreed with her fellow commissioners.
John Schofield said the tree warranted a hardship and that there were other garages in the front
setback in that neighborhood,. but the lighting on the existing lot would need to be brought into,
compliance as. part of this approval. He suggested using one or more of the existing piers and
cantilevering. the north portion.
Steve Riden said he could cantilever 5'.
Tom Weber made a motion for approval with 5 conditions:
1. That the north wall and roof line of the new garage do not extend any closer to the mature
evergreen tree than the existing garage's wall and roofline, unless approved by a professional
arborist.
2. That the site lighting be brought into compliance with the Town regulations.
3. That the pier & beam garage foundation & parking space be cantilevered to minimize the site
disturbance.
4. That the plate height of the garage roof be determined by a reasonable 8' garage door.
5. That the garage roof eave does not extend over the front property line into the public right-of-
way.
The motion passed by a vote of 4-0.
4. A request for a worksession to discuss an amendment to Special Development District
#30 (VAC), to allow for an additional dwelling unit and reduction of accommodation units,
located at the Vail Athletic Club, 352 E. Meadow Drive/Parcels A & B, Vail Village First
Filing.
3
Planning and Environmental Commission
Minutes
April 12; 1999
Approved April 26, 1999
Applicant: JWT 1987 Limited Partnership, represented by John Perkins
Planner: Dominic Mauriello/Brent Wilson
Dominic Mauriello gave an overview of the staff memo.
John Schofield asked if the applicant had anything to add.
Stan Cope and John Perkins, representing the Vail Athletic Club, introduced themselves and
Stan Cope stated that they were looking for fewer high-end hotel rooms with an increase of more
than doubling the AU square footage. He said they were trying not to have controversial
redevelopment and that only one dormer on the south side increased the mass of the building,
with all the redevelopment being down on the third floor. He said they would like to try and
change the AU zoning, since they were an SDD and would like to have 46-48 keys in the
ordinance for a little more flexibility.
Dominic Mauriello said there were other SDD's out there that have flexibility created in the
ordinance.
Discussion ensued with issues being raised on the size of the EHU's, the large size of the new
DU and concerns over the separate application for a new dormer, etc.
No action was taken.
John Schofield stated for the record that there was no public present to comment.
5. A request for a minor amendment to a previously approved development plan, to allow for
the construction of a skier tunnel at the Golden Peak Ski Base, located at 458 Vail Valley
Drive / Tract B, Vail Village 7th Filing.
Applicant: Vail Associates
Planner: Jeff Hunt
STAFF APPROVED
6. A request for a modification to a platted building envelope, located at 1047 Riva Glen/ Lot
6, Spraddle Creek Estates.
Applicant: Franco D'Agostino, represented by Robert Mach
Planner: Allison Ochs
TABLED UNTIL APRIL 26, 1999
7. A request for a variance from Section 12-6D-6, to allow for a building encroachment into
a rear setback, located at 2657 Arosa Drive / Lot 8, Block D, Vail Ridge.
Applicant: Town of Vail
Planner: Allison Ochs
4
Planning and Environmental Commission
Minutes
April 12, 1999
Approved April 26, 1999
TABLED UNTIL APRIL 26, 1999
8. A request for a final review of a proposed locker room expansion to the Dobson Ice
Arena, located at 321 E. Lionshead Circle/Lot 1, Block 1, Vail Lionshead 2°d Filing.
Applicant: Vail Recreation District
Planner: George Ruther
TABLED UNTIL APRIL 26, 1999
Diane-Golden made a motion to table items #6, #7 and #8.
Tom Weber seconded the motion.
The motion passed by a vote of 4-0.
9. A request for a minor amendment to Special Development District No. 35, Austria Haus,
to amend Section 6 of Ordinance #12, Series of 1997 to clarify a condition of the
Ordinance, located at 242 E. Meadow Drive/ Part of Tract C, Block 5D, Vail Village 15t
Filing.
Applicant: Bill Sullivan, representing the Austria Haus Development Group
Planner: George Ruther
WITHDRAWN
10. A request for a final review of a major amendment to Special Development District #6,
Vail Village Inn, to allow for a hotel redevelopment, located at 100 East Meadow Drive,
Lots M and O, Block 5D, Vail Village 1st.
Applicant: Daymer Corporation, represented by Jay Peterson
Planner: George Ruther
WITHDRAWN
11. A request for a conditional use permit, to allow for outdoor patio seating at Special
Development District #35, located at 242 East Meadow Drive / Austria Haus Club & Hotel.
Applicant: Johannes Faessler
Planner: George Ruther
WITHDRAWN
.12. Information Update
? Timberfalls letter (in packet)
5
Planning and Environmental Commission
Minutes
April 12, 1999
Approved April 26, 1999
Russ Forrest asked if the PEC would like to be involved in the Orientation process of the new
PEC members.
13. Approval of March 22, 1999 minutes.
Tom Weber made a motion for approval of the amended minutes.
Galen Aasland seconded the motion.
The motion passed by a vote of 3-0 (Diane Golden abstained).
Diane Golden made a motion to adjourn.
Tom Weber seconded the motion.
The motion passed by a vote of 4-0.
The meeting adjourned at 3:30 p.m.
6
Planning and Environmental Commission
Minutes
Apri112,1999
DRAFT
TOWN OF VAI L
Financial Statements
For the fiscal year ended December 31, 1999
Town of Vail, Colorado
Financial Report
December 31, 1999
TABLE OF CONTENTS
Paee
FINANCIAL SECTION:
General-Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and
Account Groups Al -A2
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 - All Proprietary Fund Types and
Similar Trust Funds A 5
Combined Statement of Cash Flows - All Proprietary
Fund Types A 6
Notes to the Financial Statements BI - 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
i
Town of Vail, Colorado "
Financial Report
December 31, 1999
TABLE OF CONTENTS
(Continued)
Pate
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONTINUED)
Special Revenue Funds:
Combining Balance Sheet C 3
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances C 4
Capital Projects Fund - Schedule of Revenues,
Expenditures, and Transfers - Budget (GAAP Basis) and Actual C 5
Capital Projects Fund - Schedule of Project
Expenditures - Budget and Actual Comparison C 6
Real Estate Transfer Tax Fund, Schedule of
Revenues and Expenditures and Transfers - Budget (GAAP
Basis) and Actual C 7
Real Estate Transfer Tax Fund - Schedule of
Project Expenditures - Budget and Actual
Comparison C g
Vail Marketing Fund, Statement of Revenues and
Expenditures - Budget (GAAP Basis) and Actual C 9
Police Confiscation Fund, Statement of Revenues
and Expenditures - Budget (GAAP Basis) and Actual CIO
Vail Housing Fund, Statement of Revenues and Expenditures
- Budget (GAAP Basis) and Actual C 11
ii
Town of Vail, Colorado UJ R, L AA
Financial Report
December 31, 1999
TABLE OF CON 1 hNTS
(Continued)
Page
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONTINUED)
Debt Service Funds:
Comparative Balance Sheet C 12
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances C 13
Town of Vail Debt Service Fund, Statement of
Revenues and Expenditures - Budget (GAAP Basis)
And Actual C 14
Booth Creek Local Improvement District Fund,
Statement of Revenues and Expenditures - Budget
(GAAP Basis) and Actual C15
Proprietary Fund Types:
Enterprise Fund:
Parking Structure Fund - Comparative Balance Sheet C16
Parking Structure Fund - Comparative Statement of Revenues,
Expenses, an Changes in Retained Earnings C17
Parking Structure Fund - Comparative Statement of Cash Flows C18
Parking Structure Fund - Schedule of Revenues and
Expenses - Budget (Non-GAAP Basis) and Actual
with a Reconciliation to GAAP Basis C19
iii
Town of Vail, Colorado
Financial Report
December 31, 1999
TABLE OF CONTENTS
(Continued)
Pase
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONTINUED)
Internal Service Funds:
Combining Balance Sheet C20
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings C21
Combining Statement of Cash Flows C22
Heavy Equipment Fund - Schedule of Revenues and
Expenses - Budget (Non-GAAP Basis) and Actual
with a Reconciliation to GAAP Basis C23
Health Insurance Fund, Schedule of Revenues and
Expenses - Budget (GAAP Basis) and Actual C24
Facility Maintenance Fund, Schedule of Revenues and Expenses -
Budget (Non-GAAP Basis) and Actual with a
Reconciliation to GAAP Basis C25
Dispatch Services Fund, Schedule of Revenues and Expenses -
Budget (Non-GAAP Basis) and Actual with a
Reconciliation to GAAP Basis C26
Fiduciary Fund Types:
Expendable Trust Funds:
Combining Balance Sheet C27
Combining Statement of Revenues, Expenses,
and Changes in Fund Balances C28
iv
Town of Vail, Colorado
Financial Report
December 31, 1999
TABLE OF CONTENTS
(Continued)
Pate
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONTINUED)
Fiduciary Fund Types (continued):
Expendable Trust Funds (continued):
Pension Trust Fund - Comparative Statement of Revenues, Expenses and
Changes in Fund Balances C29
Deferred Compensation Plan Fund - Comparative Statement of
Revenues, Expenses, and Changes in Fund Balances C30
SUPPLEMENTARY INFORMATION:
Groups of Accounts:
Schedule of General Fixed Assets by Function _ C31
Comparative Schedule of General Long-Term Debt C32
Other Schedules:
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 Revenue Refunding and Improvement Bonds
Series 1992B C34
Debt Service - Schedule of Bond Principal and Interest Requirements
in Future Years - Tax Exempt Sales Tax Revenue Bonds Series 1998A C35
v
t+ ,..m r.1
Town of Vail, Colorado
Financial Report
December 31, 1999
TABLE OF CONTENTS
(Continued)
Pap-e
Other Schedules (continued):
Debt Service - Schedule of Bond Principal and Interest Requirements
in Future Years - Taxable Sales Tax Revenue Bonds Series 1998B C36
vi
General Purpose
Financial Statements
The basic financial statements provide a summary overview of the
financial position of all funds and account groups and operating
results of all funds. They also serve as an introduction to the more
detailed statements and schedules that follow.
r v
Town of Vail, Colorado
Combined Balance Sheet
All Fund Types and Account Groups i,
December 31, 1999
(With Comparative Totals For 1998)
Proprietary Fiduciary
Governmental Fund Types Fund Types Fund Type Account Groups Total (Memo Only)
General General Reporting Entity
Special Debt Internal Trust & Fixed Long Term Primary Component
General Revenue Service Enterprise Service Agency Assets Debt Government Unit 1999 1998
Assets
Cash 47,073 3,200 50,273 50,273 29,110
Cash and investments - restricted 77,530
Equity in pooled cash and investments 3,716,457 12,027,672 164,318 405,163 2,460,462 18,774,072 18,774,072 11,105,468
Investments - employee's retirement plan 32,671,376 32,671,376 32,671,376 28,856,968
Receivables:
Component unit
Taxes and fees 721,510 1,972,673 2,694,183 2,694,183 2,696,260
Other governments 1,082,226 1,082,226 1,082,226 5,262,786
Special assessments 39,644 30,688 70,332 70,332 140,893
Property taxes assessed 2,088,413 2,088,413 2,088,413 2,014,729
Accrued interest
Other, net of allowance for
uncollectible accounts 86,177 17,859 36,758 140,794 140,794 341,356
Loans to participants 360,130 .360, 130 360,130 480,168
inventory 173,852 173,852 173,852 165,149
Prepaid expenses 255,885 130,542 386,427 386,427 432,891
Property, plant and equipment, net 9,125,796 2,426,506 45,573,729 57,126,031 57,126,031 61,973,288
Amount to be provided for payment
of general long term debt 22,574,218 22,574,218 22,574,218 24,924,277
Amount available in debt service funds 163,731 163,731 163,731 251,035
Total Assets 6,868,982 15,168,748 164,318, ~9,582,706m 5,228,120 33,031,506 45,573,729 22,737,949 138,356,058, 138,356,058 138,751,908
The accompanying notes are an integral part of these financial statements.
At
I'umwi of Vail. Colorado
Combined Balance Sheer '
All fund'lypesand Account Groups
Uel'l'nlher 11, 1999
(With ('omparuive Totals liu 1998)
Proprietary Fiduciary
Governmental Fund Types Fund Type Fund Tye Account Groups Total (Memo Only)
General General Reportinp Entity
Special Whit Internal Trust & Fixed Lang 7 erm Primary Component
General Revenue Service Enterprise Service Agencv Assets Debt Government Unit 1999 1998
Liabilities
Deficit in pooled cash and investments 13,587 13,587 13,597 339
Accounts/voucherspayable 257,206 262,172 587 43,018 382,571 945,554 945,554 1,147,967
Accrued wages and benefits 352,776 3,845 37,677 187,605 581,903 581,903 468,878
Retainage payable 181,543 4,542 186,085 186,085 103,226
Deferred revenue 229,742 1,018,204 1,667 9,541 1,258,154 1,258,154 398R,246
Deferred revenue - property taxes assessed
not collectible until subsequent years 2,088,413 2,088,413 2,088,413 2,014,729
Deposits payable 289,291 15,773 880 305,944 305,944 292,126
Leases payable 548,615 548,615 548,615 694,716
Notes payable 1,095,268
General obligation bonds payable 6,000,000 6,000,000 6,000,000 6,500,000
Sales tax revenue bonds payable 15,675,000 15,675,000 15,675,000 16,300,000
Special assessment bonds payable 70,000
Accrued vacation payable 514,334 514,334 514,334 515,328
Total Liabilities 3,216,428 1,481,537 587 86,117 571,843 23,128 22,737,949 28,117,589 28,117,589 33,190,822
Fund Equity
Contributed capital 15,353,160 1,589,155 16942.315 16,942,315 17,1 17,015
Investment in general fixed assets 45,573,729 45,573,729 45,573,729 50 074,115
Retained camings:
Reserved for health insurance 742,078 742,078 742,078 779,821
Reserved for subsequent years' expenditures 67,924 67,924 67,924
1Inreserved(deficit) (5,856,571) 2,257,120 (3,599,451
(3,599,451) (3,104,508)
Fund balances:
Reserved for Symposium 10,992 10,992 10,992 10,992
Reserved for employees' retirement plan 33,008,378 33,008,378 331008;378 29,332,014
Reserved for retirement ofbonded debt 163,731 163,731 163,731 251,035
Reserved for prepaid expenses 255,885 255,885 255,895 354,051
Reserved for emergencies 966,500 966.500, 966,500 834,220
Designated for Alpine Gardens Pledge 10,000
Designated for housing loan program 200,000 200,000 200,000 200,000
Designated for subsequent years'
expenditures 68.979 69,979, 68,979 1,307,889
Undesignated 2,150,198 13,687,211 15,837409 15,837,409 8,394,442
Total Fund Equity 3,652,554 13,687,211 163,731 9,496,589 4,656,277 33,008,378 45,573,729 110.239,469 110,238,469 105,561,086
Total Liabilities and Fund Equity 6,868,982 15,168,748 164,318 9,582,706 5,228,120 33031,506 45,573,729 22,737,949 138,356,059 138,356.058 138,751909
The accompanying notes are an integral pan of these financial statements.
A2
Town of Vail
Combined Statement of Revenues. Expenditures, and Changes in Fund Balances
All Governmental Fund Types
For the Year Ended December 31, 1999
(With Comparative Totals for 1998)
Governmental Fund Types Total (Memo Only)
Primary Reporting Entity
Special Debt Government Component
General Revenue Service 1999 Unit 1999 1998
Revenues:
Taxes 12,569,227 9,267,849 21,837,076 21,837,076 22.772.265
Licenses and permits 601,025 357,144 958,169 958;169 1,171.584
Intergovernmental revenues 1,438,282 2,119.630 90,428 3,648,340 61,735 3,710,075 2,870,750
Charges for services 212,488 1,202,094 1,414,582 1,414,582 673.515
Fines and forfeits 223,748 24,246 247,994 247,994 250,631
Interest 184,028 438,535 25,836 648,399 376 648,775 671,303
Rents 119,953 382,797 502,750 502,750 453,687
Miscellaneous revenues 338,322 3,189,920 877 3,529,119 3,529.119 960,217
Total Revenues 15,687,073 16,957.969 141.387 32,786,429 62,111 32,848.540 29,823.952
Expenditures:
Operating:
General government 4,892,726 4,892,726 49,938 4,942,664 4,813,361
Public safety 4,614,427 4,614,427 4,614,427 5,228,940
Public works and transportation 4,564,004 4,564,004 4,564,004 4,622,108
Economic development and
community asistance 1,145.971 1,496,908 1642,879 2,642,879 2,038,107
Public library 661,636 661,636 661,636 599,557
Capital projects 6,318,692 6,318,692 6,318,692 • 10,361,191
Debt service:
Principal retirement 301,268 1,195,000 1,496,268 794,000 2,290,268 1,253,937
Interest and fiscal charges 39.164 1,202,788 1,241,952 46,709 1,288,661 1,347.919
Total Expenditures 15,878,764 8,156,032 2,397,788 26,432,584 890,647 27,323.231 307265,120
Excess of Revenues Over (Linder)
Expenditures (191.691) 8,801,937 (2,256.401) 6,351845 (828.536) 5.525.309 (441,168)
Other Financing Sources (Uses):
Operating transfers in 906,731 2,169,097 3,075,828 3,075,828 4,858,871
Operating transfers (out) (490,465) (2,785,965) (3,276,430) (3,276,430) (3,926,081)
Sale of assets 2,038,736 2,038,736
Distribution to Town of Vail (1,223,241) (1,223.241)
Proceeds of refunding bonds 9,495,000
Refunded bond costs (9,495,620)
Capital leases 10,665 10,665 10,665 690,300
Total Financing Sources (Uses) (479,800) (1,879,234) 2,169,097 (189,937) 815,495 625,558 1,622,470
Excess of Revenues Over (Under)
Expenditures and Other Sources (Uses) (671,491) 6,922,703 (87,304) 6,163,908 (13,041) 6,150,867 1,181,302
Fund Balances - January 1 4,324,045 6,774,508 251,035 11,349,588 13,041 11,362,629 10,206,327
Decrease in Alpine Gardens reserve (10,000) (10.000) (10,000) (25,000)
Fund Balances - December 31 3,652,554 13,687,211 163,731 17,503.496 - 17.503,496 11,362,629
The accompanying notes are an integral pail of these financial statements.
A3
Town of'Vail, Colorado F,
Combined Statement of Revenues, Expenditures-,
and Changes in Fund Balances - Budget and Actual j .7
t encral, Special Revenue and Debt Service Funds " .jx Ea
For the Year Ended December 31, 1999
General Fund Special Revenue Funds Debt Service Funds
(GAAP Basis) (GAAP Basis) (GAAP Basis)
Variance Variance Variance
Amended Favorable Amended Favorable Amended Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Revenues:
Taxes 12,857,999 12,569,227 (288,772) 8,964,220 9,267,849 303,629
Licenses and permits 459,491 601,025 141,534 370,000 357,144 (12,856)
Intergovernmental revenues 1,521,873 1,438,282 (83,591) 2,043,900 2,119,630 75,730 90,482 90,428 (54)
Charges for services 243,800 212,488 (31,312) 1,937,600 1,202,094 (735,506)
Fines and forfeits 239,868 223,748 (16,120) 22,588 24,246 1,658
Interest earnings 175,000 184,028 9,028 254,000 438,535 184,535 16,000 25,836 9,836
Rents 121,800 119,953 (1,847) 380,306 382,797 2,491
Miscellaneous revenues 315,651 338,322 22,671 3,097,266 3,189,920 92,654 877 877
Total Revenues 15,935,482 15,687,073 (248,409) 17,047,292 16,957,969 (89,323) 129,070 141,387 12,317
Expenditures:
Operating:
General government 5,329,325 4,892,726 436,599
Public safety 4,787,313 4,614,427 172,886
Public works and transportation 5,109 081 4,564,004 545,077
Economic development and
community assistance 989,419 1•,145,971 (156,552) 2,464,131 1,496,908 967,223
Public library 670,131 661,636 8,495
Capital projects 9,738,652 6,318,692 3,419,960
Debt service:
Principal retirement 301,268 301,268 1,193,000 1,195,000 (2,000)
Interest and fiscal charges 39,164 39,164 1,202,798 1,202,788 10
Total Expenditures 16,885,269 15,878,764 1,006,505 12,543,215 8,156,032 4,387,183 2,395,798 2,397,788 (1,990)
Excess of Revenues Over
(Under) Expenditures (949,787) (191,691) 758,096 4,504,077 8,801,937 4,297,860 (2,266,728) (2,256,401) 10,327
Other Financing Sources (Uses):
Capital leases 10,665 10,665
Operating transfers in 906,731 906,731 2,302,266 2,169,097 (133,169)
Operating transfers (out) (500,333) (490,465) 9,868 (2,924,408) (2,785,965) 138,443
Total Other Financing
Sources (Uses) (489,668) (479,800) 9,868 (2,017,677) (1,879,234) 138,443 2,302,266 2,169,097 (133,169)
Excess of Revenues Over (Under)
Expenditures and Other Uses (1,439,455) (671,491) 767,964 2,486,400 6,922,703 4,436,303 35,538 (87,304) (122,942)
Fund Balances - January 1 4,324,045 4,324,045 6,774,508 6,774,508 251;035 251,035
Decrease in Alpine Gardens reserve (10,000) (10,000)
Fund Balances - December 31 2,884,590 3,652,554 767,964 9,260,908 13,687,211 _ 4,426,303 286,573 163,731 _ (122,842)
The accompanying notes are an integral part of these financial statements.
A4
Town of Vail, Colorado
Combined Statement of Revenues, Expenses, and Changes , in Fund Equity - All Proprietary Fund Types and Similar Trust Funds
For the Year Ended December 31, 1999
(With Comparative Totals for 1998)
Proprietary Fiduciary
Fund Types Fund Type Total
Internal
Enterprise Service Trust
Fund Funds Funds 1999 1998
Operating Revenues:
Charges for services 1,553,936 5,116,493 6,670,429 6,326,228
Intergovernmental revenues 154,976 154,976
Insurance reimbursements 28,433 28,433 64,894
Real estate transfer tax
Other 1,000 19,473 20,473 15,196
Net gain (loss) on plan investments 2,591,148 2,591,148 (586,368)
Contributions 1,825,504 1,825,504 1,808,082
Total Operating Revenues 1,554,936 5,319,375 4,416,652 11,290,963 7,628,032
Operating Expenses:
Administrative 129,874 129,874 147,234
Operations 1,385,729 4,078,671 5,464,400 4,323,201
Depreciation 917,189 562,321 1,479,510 1,525,603
Claims, premiums, and dividends 1,241,288 1,935,136 3,176,424 2,176,463
Total Operating Expenses 2,302,918 5,882,280 2,065,010 10,250,208 8,172,501
Operating Income (Loss) (747.982) (562,905) 2,351,642 1,040,755 (544,469)
Non-Operating Revenues (Expenses):
Investment income 50,250 99,593 1,324,722 1,474,565 679,866
Operating transfers (out) (211,731) 412,333 200,602 (932,790)
Gain.(loss) on disposition of equipment 97,334 398,346 495.680 411,251
Total Non-Operating
Revenues (Expenses) (64,147) 910,272 1.324,722 2,170,847 159,327
Net Income (Loss) (812,129) 347,367 3,676,364 3,211,602 (385,142)
Retained Earnings (Deficit)/
Fund Balances - January 1 (5,044,442) 2,719,755 29,332.014 27,007,327 27,392,469
Retained Earnings (Deficit)/
Fund Balances - December 31 (5,856,571) 3,067,122 33,008,378 30,218,929 27,007,327
The accompanying notes are an integral part of these financial statements.
A5
Town of Vail. Colorado
Combined Statement of Cash Flows
All Proprietary Fund Types
For the Year Ended December 31, 1999
(With Comparative Totals for 1998)
Proprietary
Fund Types Total
Internal
Enterprise Service
Fund Funds 1999 1998
Cash Flows From Operating Activities:
Cash from customers 1,505,010 1,505.010 2.105.557
Cash from other funds 4,520,402 4,520.402 4.119.944
Other receipts of cash 80,326 803,246 883,572, 183,132
Cash paid for goods and services (1,081.305) (2,838,085) (3.919.390) (4,062,675)
Cash paid to employees (254.437) (2.356,954) (2,611.391) (1,233,073)
Net Cash Provided by Operating Activities 249.594 128,609 378,203 1.111885
Cash Flows from Noncapital Financing Activities:
Cash (to) other funds (211.731) 412,333 200.602 (932.790)
Net Cash Provided (Used) by Noncapital Financing Activities (211,731) 412,333 200.602 (932.790)
Cash Flows From Capital and Related Financing Activities:
Sale of fixed assets 88,612 88,612 32,624
Purchase offixed assets (580,374) (319,897) (900,271) (611398)
Parking assessments 48.896
Net Cash Provided (Used)
by Capital and Related Financing Activities (580.374) (231.285) (811.659) (529.878)
Cash Flows From Investing Activities:
Interest received 50.250 99,593 149.843 193.192
Net Cash Provided by Investing Activities 50.250 99,593 149.843 193.192
Net Increase (Decrease) in Cash (492,261) 409,250 (83,011) (156.591)
Cash at Beginning of Year 900,624 2,051,212 2,951.836 3,108.427
Cash at End of Year 408.363 2.460.462 2.868.825 2.951.836
Reconciliation of Operating Income to Net Cash
Provided by Operating Activities:
Operating (Loss) (747.982) (562,905) (1310,887) (405,307)
Adjustments:
Depreciation 917,189 562,320 1,479,509 1.525.603
(increase) decrease in accounts receivable (6.906) (32.558) (39.464) 4.644
(Increase) in assessments receivable 45,906 45,906 (2,156)
(Increase) decrease in inventory (8,702) (81702) (13,993)
(Increase) decrease in prepaid expenses (51,702) (51,702) 15,455
(Decrease) in accounts payable 40,105 140,938 181,043 (21,636)
Increase in deferred revenue 1,667 1,667
Increase (decrease) in accrued wages and benefits 5.340 79,551 84.891 10,450
Increase in retainage payable 4.542 4,542
(Decrease) in deposits (8.600) (8,600) (175)
Total Adjustments 997.576 691.514 1.689,090 1,518,192
Net Cash Provided by Operating Activities 249.594 128.609 - 378.203 1,112,885_
Schedule of Non-Cash Investing Activities
Acquisition of equipment contributed by another fiord 1,745 297,321 299.066 193.801
The accompanying notes are an integral part of these financial statements.
A6
Town of Vail, Colorado
Notes to the Financial Statements
December, 31, 1999
(Continued) 1 ,
1. Summary of Significant Accounting Policies
The financial statements of the Town of Vail, Colorado (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 accounting policies
are described below.
A. Reporting Entity
The Town was incorporated in 1972, under the provisions of Article XX of the Colorado Constitution and
Municipal Home Rule Act of 1971. The Town operates under a Council-Manager form of government. As
required by generally accepted accounting principles, the financial statements of the reporting entity include
those of the Town (as 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
Recreation Authority (the `'Recreation 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 Recreation Authority 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 was to
be for open space and recreation. On November 3, 1999, the Authority voted to dissolve and ceased
operations. On that date, the Authority closed the sale of all its assets to Eagle County, Colorado, paid in full
its outstanding long-term debt and distributed the remaining cash in the amount of $1,223,241 to the Town of
Vail, Colorado for full payment of the Town's 60% interest in the assets of the Authority.
The Recreation Authority was formed by the following governmental entities:
Participation %
Town of Vail 60.0%
Town of Avon 6.0%
Eagle County 11.0%
Arrowhead Metropolitan District 5.0%
Beaver Creek Metropolitan District 5.0%
Berry Creek Metropolitan District 6.5%
Eagle-Vail Metropolitan District 6.5%
Each participant in the Recreation Authority had appointed one voting member to the Recreation Authority's
Board of Directors. All actions of the Board of Directors required majority approval by the Board of
Directors representing two-thirds (2/3) of the interest in the Recreation Authority.
B1
Town of Vail, Colorado
Notes to the Financial Statements
December, 331, 1999
'L.4 1
(Continued)
1. Summary of Significant Accounting Policies (Continued)
A. Reporting Entity (Continued)
Discretely Presented Component Unit (Continued)
The Recreation Authority assessed each participant based upon its percentage for maintenance, operations,
and capital costs based upon the Recreation Authority's annual budget. Any deficiency was assessed to the
participants based upon their respective participation percentage.
The financial statements of the Recreation Authority can be obtained from the Town's administration offices.
Other Entities
The Town does not exercise oversight responsibility over any other entity, nor is the Town a component unit
of any other governmental entity.
B. Fund Accounting
The Town 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 reporting device designed to provide accountability for certain assets and liabilities that
are not recorded in the funds because they do not directly 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 the general
government not accounted for in some other fund.
Proprietary funds are used to account for activities 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 activities can be provided either to outside parties (enterprise funds) or to other departments or agencies
primarily within the government (internal service funds).
Fiduciary funds account for assets held by the government in a trustee capacity or as an agent on behalf of
others. Trust funds account for assets held by the District under terms of a formal trust agreement.
The expendable trust fund is accounted for in essentially the same manner as the governmental fund types,
using the same measurement focus and basis of accounting. Expendable trust funds account for assets where
both the principal and interest may be spent.
B2
Town of Vail, Colorado
Notes to the Financial Statements
December, 31, 1999`
(Continued)
1. Summary of Significant Accounting Policies (Continued)
B. Fund Accounting (Continued)
Account Groups
The general fixed asset account group is used to account for fixed assets not accounted for in' the.proprietary
or trust funds. The general long-term debt account group is used to account for general long-term debt and
certain other liabilities that are not specific liabilities of the proprietary or trust funds. The two account
groups are not "funds". They are concerned only with the measurement of financial position and not with the
results of operations.
C. Basis of Accounting
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 are 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 current 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 trust 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 Town considers property 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 incurred. 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.
133
Town of Vail, Colorado
Notes to the Financial Statements
December, 31, 1999" Cam: r
(Continued) E
1. Summary of Significant Accounting Policies (Continued)
D. Deferred Revenue
The Town reports deferred revenue on its combined balance sheet. Deferred revenues arise when a potential
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 Town has alegal claim to the
resources, the liability for deferred revenue is removed from the combined balance sheet and revenue is
recognized.
E. 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 appropriation, is employed by the
Town. Expenditures are recorded when the related liability is incurred.
F. Equity in Pooled Cash and Investments
Cash and investments includes amounts in demand deposits as well as investments.
Investments are stated at market value for all Town investments.
G. Inventory
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.
H. Prepaid Items
Payments made to vendors for services that will benefit periods beyond December 31, 1999, 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. Fixed 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 over $5,000 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
Notes to the Financial Statements F° °1
December, 31, 1999 "
(Continued)
1. Summary of Significant Accounting Policies (Continued)
J. Fixed Assets (Continued)
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 Town.
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. Use of Estimates
The preparation of financial statements to conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of
revenues and expenses during the reporting period. Actual results could differ from those estimates.
L. Proprietary Funds
As required by GASB Statement No. 20, the Town has elected to follow for its proprietary funds, all (1)
GASB pronouncements and (2) FAS13 Statements and Interpretations, APB Opinions, and Accounting
Research Bulletins (ARBs) issued on or before November 30, 1989, except those that conflict with a GASB
pronouncement.
M. Interfund Transactions
Quasi-external transactions are accounted for as revenues, expenditures or expenses. Transactions that
constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly
applicable to another fund, are recorded as expenditures/expenses in 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. Non-recurring or non-routine permanent transfers of equity are reported as residual equity transfers.
All other interfund transfers are reported as operating transfers.
N. Compensated Absences
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. Vacation
pay is accrued in proprietary funds and reported as a fund liability. Amounts of vested or accumulated
vacation 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. No
liability is recorded for non-vesting accumulating rights to receive sick pay benefits.
B5
Town of Vail, Colorado
Notes to the Financial Statements p~ ,r
December, 31, 1999 -
(Continued)
1. Summary of Significant Accounting Policies (Continued)
0. Long-Term 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 funds 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.
P. Fund Equity
Contributed capital is recorded in proprietary funds that have received capital grants or contributions 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.
Q. Memorandum Only - Total Columns
Total columns on the general-purpose financial statements are captioned "memorandum only" to indicate that
they are presented only to facilitate financial analysis. Data 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.
R. Comparative Data
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 operations.
However, comparative data have not been presented in all statements because their inclusion would make
certain statements unduly complex and difficult to understand.
S. Deferred Property Taxes
All property taxes become due and payable in the year following that in which they are levied, at which time
they are recognized as revenues. Property taxes are recorded as receivable and deferred revenue in the year
they are levied.
T. 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.
Budgets are prepared on the basis of GAAP for all funds except the Internal Service Funds - Heavy
Equipment Fund, Dispatch Services Fund, and the Enterprise Fund - Parking Structure Fund. The budgets for
these funds have been adopted on a Non-GAAP budget basis and are reconciled to the GAAP basis below.
B6
Town of Vail, Colorado
Notes to the Financial Statements
December, 31, 1999
(Continued) `
1. Summary of Significant Accounting Policies (Continued)
T. Budgets and Budgetary Accounting (Continued)
The level of control in the budget at which expenditures exceed appropriations is at the fund level. All
appropriations lapse at year end.
Enterprise
Internal Service Funds Fund
Heavy Facilities Dispatch Parking
Equipment Maintenance Services Structure
Fund Fund Fund Fund
Reconciliation to GAAP Basis: $ 215,454 106,353 37,794 (525,462)
Net income (loss) - Budgetary Basis
Less:
Long-term special assessment fees (45,905)
Depreciation (480,651) (1,262) (80,406) (917,189)
Accrued vacation 360 944 (43,107) (1,280)
Add:
Capital outlay 271,319 48,578 580,373
Book value of retired equipment 309,734 97,334
Net income (loss) - GAAP Basis $ 316,216 106,035 (37,141) (812,129)
U. Cash and Cash Equivalents
The proprietary fund cash and cash equivalents are deemed to consist of cash on hand. The Town has a
policy of central cash management for all funds except the Employee's Pension Trust Fund and the Deferred
Compensation Plan.
V. Investment Risk
The Town's investments, with the exception of the Town of Vail Employee's Pension Trust Fund and the
Deferred Compensation Plan investments, are invested primarily in COLOTRUST and government
obligations. The Pension Trust Fund and Deferred Compensation Plan investments are held in U.S.
government obligations, commercial stocks and bonds, limited partnerships (the limited partnerships may
invest in derivatives), mutual funds and other investments as approved by the Pension Fund Retirement
Boards. The value of the investments fluctuate as market conditions change.
137
Town of Vail, Colorado
Notes to the Financial Statements
December, 31, 1999 `
(Continued)'
1. Summary of Significant Accounting Policies (Continued)
V. Investment Risk (Continued)
GASB Technical Bulletin No. 94-1 defines derivatives as "contracts whose value depends on, or derives from.
the value of an underlying asset, reference rate, or index." At December 31, 1999, the Town held the
following investments which may be considered derivatives under this definition:
% of
Book Market Investment
Value Value Pool
Small Business
Association (SBA Pools) $367,278 $367,278 2.0%
Adjustable Rate
Mortgages (ARMS) 844,044 844,044 4.5%
The Town recognizes that investment risks can result from credit risk, market risk, and legal risk. The Town
seeks to minimize these risks by investing in seasoned SBA pools and ARMs that are backed by the U.S.
Government.
The Town's intent in investing in these instruments is to achieve long-term rates of return with the decreased
volatility of fixed rate, short-term instruments.
W. 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.
X. Segment Information
Segment reporting requirements are met by these financial statements as the Town has one Enterprise Fund.
2. Budgets
The Town published its biennial budget for the 1999 - 2000 budget years in December of 1998. Adjustments
were made to the 2000 budget prior to its adoption in December of 1999.
The Town followed these procedures in establishing the budgetary data reflected in the financial statements.
(1) For the 1999 budget, prior to August 25, 1998, 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 1998 fiscal year, the Town Manager submitted to the Town Council a budget
and accompanying message.
(3) For the 1999 budget, prior to December 15, 1998, 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.
B8
Town of Vail, Colorado
Notes to the Financial Statements
December, 31, 1999
(Continued)
2. Budgets (Continued)
(4) After a required publication of "Notice of Proposed Budget", the Town adopted the proposed budget
and an appropriating resolution which legally appropriates expenditures for the upcoming year.
(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 appropriations for which originally estimated revenues are insufficient.
Taxes levied in one year are collected in the succeeding year. Thus taxes certified in 1998 were collected in
1999 and taxes certified in 1999 will be collected in 2000. Taxes are due on January I st 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) without 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 17th.
3. Cash and Investments
A. Authorization for Deposits and Investments
Pursuant to its charter, the Town has adopted, by ordinance, an investment policy governing the types of
institutions and investments with which it may deposit funds and transact business. Under this policy, the
Town may invest in federally insured banks, debt obligations of the U.S. Government, its agencies and
instrumentalities, governmental mutual funds and pools, and repurchase agreements subject to policy
requirements.
The Town also accounts for the operations of the employees' pension plans which are administered by select
employees acting as trustees who are governed by a trust agreement. The trust agreement gives the trustees
considerable latitude with investment alternatives. As a result, all pension investments are considered legal
under the trust agreement.
B. Deposits and Investments
The Town maintains a cash and investment pool in which all funds participate except the Deferred
Compensation Plan. Each fund's position in this pool is displayed 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 restricted for various purposes.
B9
Town of Vail, Colorado
Notes to the Financial Statements
December, 31, 1999^
(Continued)
3. Cash and Investments (Continued)
B. Deposits and Investments (Continued)
1. Deposits
The Colorado Public Deposit Protection Act ("PDPA") requires that all units of local government deposit
cash in eligible public depositories; eligibility is determined 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 institution or held in trust for all the uninsured public deposits as a group. The market
value of the collateral must be at least equal to 102% of the uninsured deposits.
The amount of total bank balance may be classified among the following three categories on the basis of
credit risk:
(1) Insured or collateralized with securities held by the entity or by its agent or by its agent in the entity's
name
(2) Collateralized with securities held by the pledging financial institution's trust department or agent in
the entity's name
(3) Unco I lateral ized. (This includes any bank balance that is collateralized with securities held by the
pledging financial institution, or by its trust department of agent but not in the entity's name.)
At December 31, 1999, the Town's cash deposits were entirely insured or collateralized with securities held
by the entity's agent as described above. The carrying value of the Town's deposits was $4,445,803. The
bank balance of these accounts was $4,728,709, of which $200,000 was covered by FDIC insurance and
$4,528,709 was collateralized in institution pools as described above.
At December 31, 1999, the Town had invested $8,461,502 in the Colorado Government Liquid Asset Trust
(COLOTRUST), an investment vehicle established for local government entities in Colorado to pool surplus
funds. These funds 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 withdrawal functions.
2. Investments
GASB has determined three levels of credit risk that apply to the Town'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 Employees' Pension Trust Fund's name.
(2) Uninsured or unregistered, with securities held by the counter party's 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 counter party, or by its trust department or
agent but not in the Town's or Employee's Pension Trust Fund's name.
B10
Town of Vail, Colorado
Notes to the Financial Statements
r-:
December, 31, 1999 `
(Continued)
3. Cash and Investments (Continued)
B. Deposits and Investments (Continued)
2. Investments (Continued)
The following is a summary of the Town's investments at amortized cost and market which approximates
market, categorized into the aforementioned levels of risk at December 31, 1999. Investments in money
market mutual funds are not categorized as described above since such investments are not evidenced by
specific securities that exist in physical or book form.
Category Carrying
2 Value
U.S. Government Securities $ 5,832,443 $ 5,832,443
During the year, the Town invested in certificates of deposit, Treasury bills and notes, government agency securities,
COLOTRUST, GNMAs, ARM pools, SBA pools, and money market accounts.
The Town's total cash deposits and investments, including those of the Employees' Pension Trust Fund and the
Deferred Compensation Plan, at December 31, 1999 are as follows:
All Employee's
Other Pension Deferred
Funds Trust Fund Compensation
at Market at Market Plan Total
Cash $ 11,000 23,156 34,156
Money market/checking accounts 2,505,813 2,505,813
Statutory Government pools 8,461,502 8,461,502
Certificates of Deposit 2,000,000 2,000,000
U.S. Government obligations 5,832,443 5,832,443
Commercial stocks & bond funds 18,296,769 18,296,769
Money market mutual funds 10,680,930 10,680,930
Limited partnerships 24,706 24,706
Real estate fund 624,259 624,259
Deferred Compensation Plan 3,021,556 3,021,556
Total $ 18,810,758 29,649,820 3,021,556 51,482,134
The Town's investments in the Deferred Compensation Plan and the Pension Plan are held by the Trustees, and are not
categorized because they are not evidenced by specific securities that exist in physical or book form.
B I I
Town of Vail, Colorado
Notes to the Financial Statements
December, 31, 1999
(Continued)
3. Cash and Investments (Continued)
B. Deposits and Investments (Continued)
2. Investments (Continued)
Financial statement captions at December 31, 1999 are as follows:
Total
Cash $ 50,273
Equity in pooled cash and investments 18,774,072
Deficit in pooled cash and investments (13,587)
Employees' Retirement Plan investments 32,671,376
Total $ 51,482,134
4. Receivables - Due from Other Governments
Included in the accounts receivable from other governments in the Special Revenue Fund - Capital Projects
Fund is $1,000,000 due from the State of Colorado Department of Transportation ("CDOT") in respect of
funding for the West Vail Interchange Improvements. The money is to be received from CDOT between
fiscal years 1999 and 2005. Accordingly, this amount has been recorded as deferred revenue, and will be
recognized as revenue upon receipt.
5. Fixed Assets
A. Changes in General Fixed Assets Account Group
January 1, December 31,
1999 Additions Retirements 1999
Land $ 17,896,413 17,896,413
Buildings 14,425,757 215,601 14,641,358
Construction in progress 1,080,764 1,080,764 -
Improvements other than buildings 2,138,074 225,857 6,500 2,357,431
Machinery and equipment 11,924,234 794,593 2,040,300 10,678,527
Total $ 47,465,242 1,236,051 3,127,564 45,573,729
1312
Town of Vail, Colorado
Notes to the Financial Statements
December, 31, 1999
(Continued)
5. Fixed Assets (Continued)
B. Proprietary Fund Type Fixed Assets Summary
Enterprise
Internal Service Funds Fund
Heavy Facilities Dispatch Parking
Equipment Maintenance Services Structure
Fund Fund Fund Fund
Buildings $ 1,350,557 23,387,387
Improvements other than buildings 815,520 9,624 1,574,656
Equipment 3,691,917 30,609 497,494 917,249
Subtotal 5,857,994 30,609 507,118 25,879,292
Less: Accumulated depreciation (3,678,116) (30,609) (260,490) (16,753,496)
Total $ 2,179,878 $ - $ 246,628 S 9,125,796
Depreciation on fixed assets in the proprietary fund type is recorded using the following estimated useful
lives:
Vehicles 5 - 7 years
Equipment 5 - 10 years
Buildings 25 -30 years
The Town's proprietary fund types had the following amounts of fully-depreciated assets in use at
December 31, 1999: -
Internal Service fund - Heavy Equipment Fund $779,500
Internal Service fund - Facilities Maintenance Fund $30,609
Enterprise fund - Parking Structure Fund $7,650,695
6. Operating Leases
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.
B13
Town of Vail, Colorado
Notes to the Financial Statements
December, 31, 1999
(Continued)
7. General Long-Term Debt - Capital Leases
The Town has entered into the following lease purchase agreements to acquire facilities and equipment. The
leases are all annually cancelable and the following leases have been capitalized.
Minimum
Lease
Lease Descriotion Payments
Copy machine lease; expires March, 2001; monthly payments of $192 $ 2,881
Radio system lease; expires March, 3003; annual payments of $152,372 609,488
Copy machine lease; expires January 2002; monthly payments of $297 7,425
Fax machine lease; expires May 2002; monthly payments of $68 1,958
Total minimum lease payments $ 621,752
Minimum annual lease payments are to be made as follows:
Year ending December 31, 2000 $ 159,051
Year ending December 31, 2001 157,322
Year ending December 31, 2002 153,007
Year ending December 31, 2003 152,372
Total minimum lease payments 621,752
Less: Amount of interest (73,137)
Present value of minimum lease payments $ 548,615
8. Long-Term Debt
A. 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 1985 bonds that were subject to redemption at the Town's option in 1996.
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 obligations 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.
B14
Town of Vail, Colorado
Notes to the Financial Statements
December, 31, 1999
(Continued)
8. Long-Term Debt (Continued)
A. 1992A General Obligation Refunding Bonds (Continued)
Bonds maturing on June 1, 2005 are subject to redemption prior to maturity at any time on and after
December 1, 2002 and through November 30, 2003 at a redemption price equal to 101 % of par value. Bonds
maturing after December 1, 2003 may be redeemed at par value. 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 $1,260,700 of interest, is as follows:
Year Total
2000 $ 1,150,400
2001 1,306,400
2002 1,299,900
2003 1,339,000
2004 1,3 70,000
Thereafter 795,000
Total $ 7,260,700
B. 1992B Sales Tax Revenue Refunding and Improvement Bonds
The Town issued $15,165,000 of insured Sales Tax Revenue Refunding and Improvement Bonds dated
October 1, 1992. The bonds were used for capital projects of $5,700,000, and to refund all outstanding 1989
Sales Tax Revenue Bonds.
The Town refunded $6,580,000 of the remaining principal due on September 1, 1998 when the 1998 bonds
were issued. The interest rate on the bonds is between 3.00% 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 4% sales tax
and net revenues generated by the Town's parking facilities. The bonds constitute an irrevocable lien upon
the pledged revenues, in part on a basis subordinated to other obligations of the Town.
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, 2002 through May 31, 2003 and at
par thereafter.
The bonds maturing on June 1, 2005 and December 1, 2012 are subject to mandatory single fund redemption
at a price equal to the principal amount thereof plus accrued interest to the redemption date.
B15
Town of Vail, Colorado
Notes to the Financial Statements
December, 31, 1999
(Continued)
8. Long-Term Debt (Continued)
B. 1992B Sales Tax Revenue Refunding and Improvement Bonds (Continued)
Annual debt service requirements to maturity for the bonds, including $2,737,924 of interest; is as follows:
Year Total
2000 $ 737,558
2001 580,607
2002 591,428
2003 551,638
2004 518,738
Thereafter 5,937,955
Total $ 8,917,924
C. Advance Refunding - 1998A Tax-Exempt Sales Tax Revenue
Refunding Bonds and 1998B Taxable Sales Tax Revenue Refunding
Bonds
The Town issued $8,760,000 of insured Tax-Exempt Sales Tax Revenue Refunding Bonds and $735,000 of
insured Taxable Sales Tax Revenue Refunding Bonds dated September 1, 1998. The bond proceeds were
used to refund the Town's Sales Tax Revenue Bonds, Series 1991 and certain of the Sales Tax Revenue
Refunding and Improvement Bonds, Series 1992B, and paying the costs of issuance of the bonds.
The Town placed the proceeds of the refunding in escrow to provide funds to pay principal and interest on the
refunded bonds. All the refunded bonds are considered to be defeased.
The interest rate on the 1998A bonds is between 4.25% and 4.5%. The interest rate on the 1998B bonds is
between 6.00% and 6.05%. Both bond issues are payable on June I and December 1.
The bonds are revenue obligations of the Town payable solely from the Town's 4% sales tax. The bonds are
secured by a lien on, but not an exclusive lien on, the sales tax.
The Series 1998A Bonds maturing on and after December 1, 2009 are subject to redemption prior to maturity
at the option of the Town, in whole or in part in integral multiples of $5,000, and if in part in such order of
maturities as the Town shall determine and by lot within a maturity, on December 1, 2008 and on any date
thereafter, at a redemption price equal to par, plus accrued interest to the redemption date.
The Series 1998B Bonds are not subject to redemption prior to maturity.
B16
Town of Vail, Colorado
Notes to the Financial Statements _
December, 31, 1999 (Continued) -
8. Long-Term Debt (Continued)
C. Advance Refunding - 1998A Tax-Exempt Sales Tax Revenue Refunding Bonds and 1998B
Taxable Sales Tax Revenue Refunding Bonds (Continued)
Annual debt service requirements to maturity for the 1998A bonds, including $4,164,656
of interest, is as follows:
Year Total
2000 $ 386,628
2001 386,628
2002 386,628
2003 386,628
2004 386,628
Thereafter 10,991,516
Total $ 12,924,656
Annual debt service requirements to maturity for the 19988 bonds, including $332,704 of interest, is as
follows:
Year Total
2000 $ 44,288
2001 44,288
2002 44,288
2003 44,288
2004 44,288
Thereafter 846,264
Total $ 1,067,704
B17
Town of Vail, Colorado
Notes to the Financial Statements
December, 31, 1999 -
(Continued)
8. Long-Term Debt (Continued)
D. Changes in General Long-Term Debt
The following is a summary of debt transactions of the Town for the year ended December 31, 1999:
January 1, December 31,
1999 Additions Retirements 1999
General Obligation Bonds:
1992 Series A $ 6,500,000 500,000 6,000,000
Special Assessment Bonds:
Booth Creek Local Improvement
District Assessment Bonds 70,000 70,000 -
Sales Tax Revenue Bonds:
Bond Series 1992B 6,805,000 625,000 6,180,000
Bond Series 1998A 8,760,000 8,760,000
Bond Series 1998B 735,000 735,000
Notes Payable -Public Golf Course/Pulis 301,268 301,268 -
Capitalized lease agreements 694,716 10,665 156,766 548,615
Vacation payable 515,328 994 514,334
Total $ 24,381,312 $ 10,665 $ 1,654,028 $ 22,737,949
E. Authorized, Issued and Defeased Bonds
At December 31, 1999, there were no authorized but unissued debt. The amount of outstanding defeased
bonds for all refunded Town of Vail issues at year end was $10,420,000.
F. Vacation and Sick Leave 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 accounting principals for governmental accounting, the
approximate vacation pay liability of $514,334 and $515,328 at December 31, 1999 and 1998 respectively,
has been reflected in the attached financial statements as a portion of the General Long-Term Debt Group of
Accounts.
Accumulated sick pay of approximately $1,520,560 and $1,417,485 at December 31, 1999 and 1998
respectively, 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
Notes to the Financial Statements = e =
December, 31, 1999
(Continued)
8. Long-Term Debt (Continued)
G. Conduit Debt Obligations
The Town issued $7,505,000 of single family revenue refunding bonds in 1992 to refund bonds originally
issued in 1981 to provide financial assistance to a private-sector entity for the construction of a commercial
housing project it deemed to be in the public interest (Pitkin Creek Park, located in East Vail). The bonds are
secured by the property financed and are payable solely from payments received on the underlying mortgage
loans. Upon repayment of the bonds, ownership of the acquired facility transfers to the private-sector entity
served by the bond issuance. The Town is not obligated in any manner for repayment of the bonds.
Accordingly, the bonds are not reported as liabilities in the accompanying financial statements.
As of December 31, 1999, the aggregate principal amount payable was $1,315,000.
9. Pension Plans
The Town offers two defined contribution pension plans to cover all permanent paid employees of the Town.
In addition, employees of the Vail Recreation District participate and are subject to the same plan provisions.
The plan covered approximately 827 employees in 1999. The Town established this qualified money
purchase pension plan under Internal Revenue Code ("IRC") Section 401(a), and may amend all of the plan
provisions. The first plan covers all full time and qualified seasonal employees of the Town of Vail and the
Vail Recreation District; the second plan covers all full time and qualified seasonal employees of the Police
and Fire Departments of the Town of Vail. The plan provisions are the same for both plans.
In defined contribution plans, benefits depend solely on amounts contributed to the plans plus investment
earnings. Employees are eligible to participate in the plans from the date of employment or the effective date
of the plans, January 1, 1983, whichever is later. The plans provide for contributions to be made by the Town
of 12.6% of regular compensation for the first year of employment and 17.6% thereafter. For employees
hired after April 1, 1986, the Town's contribution is 11.15% of regular compensation for the first year, and
16.15% thereafter.
Employees have the option to make voluntary contributions of 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 additional vesting of 20% per year through the fifth
year, when vesting is 100%. If an employee dies, becomes disabled, or attains the age of 60, their entire
interest in the plans becomes vested; and normal retirement age is 60 with early retirement at age 50 and four
years of service.
B19
Town of Vail, Colorado
Notes to the Financial Statements
December, 31, 1999
(Continued) `
9. Pension Plans (Continued)
In 1991, the Town established a defined contribution 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 contribute 6% of regular compensation to the plan
and the Town contributes 1.5%. Seasonal employees are 100% vested after their first contribution.
The annual pension cost is the Town's contributions less forfeitures from the prior year. The plans' invested
assets at December 31, 1999 of $29,649,820 are stated at market value. All earnings, losses, expenses and
changes in the fair market value of the trust fund will be apportioned at least annually among the participants
in proportion to each participant's current share of the Trust Investment Fund. The Town has no liability for
unfunded future vested employee benefits.
The trustees and administrators of the plans are the Retirement Boards. The Retirement Boards determine
how the plans' assets are to be invested in adherence to an adopted investment policy statement.
The total amount of the employees current year covered payroll was $8,937,191 and total 1999 payroll for all
employees was $9,937,081.
The plan held investments with the following organizations that exceeded 5% of total plan net assets at December 31,
1999:
Dodge & Cox Stock Fund $3,036,494.19 10.0%
Managers Special Fund $2,199,114.12 7.0%
Montag & Caldwell Growth Fund $2,861,583.30 10.0%
Morgan Grenfell Fixed Instl Fund $3,224,292.41 11.0%
Schwab Money Market Fund $10,680,929.84 36.0%
T. Rowe International Fund $4,214,662.95 14.0%
Vanguard Index 500 Fund $2,263,430.79 8.0%
AG Eleven Partners Limited Partnership $4,000,062.00 5.2%
Euro-Partners Arbitrage Fund Limited
Partnership $2,994,110.00 11.4%
Jaguar Fund - Class A $5,295,257.00 20.1%
First American Prime Obligation
Money Market $2,394,473.00 9.1%
10. Retirement Savings Plan - Deferred Compensation Plan - IRC 457
The Town offers its employees a deferred compensation plan (the "457 Plan") created in accordance with IRC
Section 457. The 457 Plan, available to all Town employees, permits them to defer a portion of their salary
until future years. The deferred compensation is not available to employees until termination, retirement,
death, or unforeseeable emergency.
All amounts of compensation deferred under the 457 Plan, all property and rights purchased with those
amounts, and all income attributable to those amounts, property, or rights are to be held in trust for the
exclusive benefit of the 457 Plan participants and their beneficiaries.
B20
Town of Vail, Colorado
• Notes to the Financial Statements
December, 31, 1999
(Continued)
10. Retirement Savings Plan - Deferred Compensation Plan - IRC 457 (Continued)
The accrued basis of accounting is used for the 457 Plan. Revenues are recognized when earned and
expenditures are recognized when incurred. Investments are recorded at market value.
The trustees and administrators of the 457 Plan are the Retirement Board, which comprises members of the
Town's administration. The Retirement Board determines how the 457 Plan's assets are to be invested in
adherence to an adopted investment policy statement.
The Town has no liability for losses under the 457 Plan but does have the duty of due care that would be
required of an ordinary prudent investor.
The total assets of the 457 Plan were $3,021,556 at December 31, 1999. The assets were invested in pooled
investment funds and an annuity.
Pursuant to the Town's adoption of GASB Statement No. 32, Accounting and Financial Reporting for
Internal Revenue Code Section 457 Deferred Compensation Plans, the 457 Plan has been included in these
financial statements as an expendable trust fund.
11. Cafeteria Plan
The Town offers a cafeteria compensation plan organized under IRS Section 125 that includes the following
benefits: medical disability, accident and/or term life insurance, and health expense reimbursement. No cost
to the Town is recognized as the plan is a salary reduction plan.
12. 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 $773,659 reserve for future claims in the event
that claims exceed the premiums charged to other funds of the Town.
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 established a maximum
funding cost of $1,111,306 for the present number of Town employees for the 1999 policy period.
13. Risk Management
The Town is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets;
errors and omissions; natural disasters; and worker's compensation for which the Town carries commercial
insurance. The worker's compensation premiums are subject to adjustments based on audits of actual claims
incurred.
14. Deficit Retained Earnings
The Enterprise Fund - Parking Structure Fund had a deficit retained earnings of $5,856,571 and the
Proprietary Fund - Dispatch Services Fund had a deficit retained earnings of $37,141 at December 31, 1999.
1321
Town of Vail, Colorado
Notes to the Financial Statements
December, 31, 1999
(Continued)
15. Commitments and Contingencies
A. Legal Claims
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 representatives feel none of these 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, 1999.
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, 1999.
16. TABOR Amendment - Revenue and Spending Limitation Amendment
In November 1992, Colorado voters amended Article X of the Colorado Constitution by adding Section 20,
commonly known as the Taxpayer's Bill of Rights (TABOR). TABOR contains revenue, spending, tax and
debt limitations which apply to the State of Colorado and local governments. TABOR requires, with certain
exceptions, advance voter approval for any new tax, tax rate increase, mill levy above that for the prior year,
extension of any expiring tax, or tax policy change directly causing a net tax revenue gain to any local
government.
Except for refinancing bonded debt at a lower interest rate or adding new employees to existing pension
plans, TABOR requires advance voter approval for the creation of any multiple-fiscal year debt or other
financial obligation unless adequate present cash reserves are pledged irrevocably and held for payments in all
future fiscal years.
TABOR also requires local governments to establish emergency reserves to be used for declared emergencies
only. Emergencies, as defined by TABOR, exclude economic conditions, revenue shortfalls, or salary or
fringe. benefit increases: These reserves are required to be I% or more of fiscal year spending (excluding
bonded debt service) for the fiscal year ended December 31, 1994, 2% or more for the fiscal year ended
December 31, 1995 and 3% or more thereafter. The Town has reserved a portion of its December 31, 1999
year-end fund balance in the General Fund for emergencies as required under Tabor in the amount of
$966,500, which is the approximate required reserve at December 31, 1999.
The initial base for local government spending and revenue limits is December 31, 1992 fiscal year spending.
Future spending and revenue limits are determined based on the prior year's fiscal year spending adjusted for
inflation in the prior calendar year plus annual local growth. Fiscal year spending is generally defined as
expenditures and reserve increases with certain exceptions. Revenue, if any, in excess of the fiscal year
spending limit must be refunded in the next fiscal year unless voters approve retention of such revenue.
The Town's management believes it is in compliance with the financial provisions of TABOR. However,
TABOR is complex and subject to interpretation. Many of its provisions, including the interpretation of how
to calculate fiscal year spending limits, will require judicial interpretation.
B22
Town of Vail, Colorado
Notes to the Financial Statements
December, 31, 1999
(Continued)
17. TABOR Amendment - Revenue and Spending Limitation Amendment (Continued)
On November 16, 1993, voters of the Town approved the collection and expenditure of all revenues generated
including reduction in debt service during 1993 and each subsequent year (not including revenue generated
from ad valorem property taxes) without any increase in such tax rates and the expenditure of such revenues
for debt service, municipal operations, and capital
projects, effective January 1, 1993. The remaining restrictions of the TABOR Amendment apply,-which are:
• Voter approval of all new taxes and tax rate increases;
• Voter approval for new or additional Town of Vail debt;
• All ad valorem property tax restrictions remain in full force and effect;
• No increase or imposition of a new real estate transfer tax; and,
• All election requirements remain in effect.
B23
Combining-and Individual Fund
And Account Group Statements
The combining financial statements present a summary of the
financial position of all funds of a given fund type and of the
operating results of the same funds. The individual fund and account
group statements present information when only one fund or account
group exists.
General Fund
The general fund is used to account for resources traditionally
associated with government which are not required legally or by
sound financial management to be accounted for in another fund
Town of Vail, Colorado
General Fund
Statement of Revenues
Budget (GAAP Basis) and Actual
For the Year Ended December 31. 1999
(With Comparative Amounts for 1998)
1999 1998
Variance
Amended Favorable
Budget Actual (Unfavorable) Actual
Taxes:
General sales taxes 8,325,409 8,113,554 (211,855) 8,298,951
Property and ownership taxes 2,168,800 2,157,937 (10,863) 2,078,382
Resort fees 1,785,860 1,710,061 (75,799) 2,043,210
Franchise fees 552,930 564,419 11,489 548,385
Penalties and interest on delinquent taxes 25,000 23,256 (1,744) 27,425
Total Taxes 12,857,999 12,569,227 (288,772) 12,996,353
Licenses and Permits:
Construction fees 400,000 516,999 116,999 708,108
Contractors' licenses 30,300 43,735 13,435 40,580
Other permits and licenses 29,191 40,291 11,100 36,246
Total Licenses and Permits 459,491 601,025 141,534 784,934
Intergovernmental Revenues:
County sales tax 459,000 459,664 664 483,464
County road and bridge 468,917 423,671 (45,246) 429,385
Additional motor vehicle registration fees 30,160 27,884 (2,276) 28.499
Cigarette tax 121,030 111,086 (9,944) 127,669
Highway users tax 220,885 221,471 586 213,722
State health inspection 12,682 11,916 (766) 13,157
Transportation fees 48,277 48,277 151,966
Other State sources 26,000 27,818 1,818
Federal sources 134,922 106,495 (28,427) 109.063
Eagle County E911 61,500
Total Intergovernmental.Revenues 1,521,873 1,438.282 (83,591) 1,618,425
Charges For Services:
Management fees - Vail
Valley Marketing Board 17,000 16,815 (185) 17,076
RETT contribution for salaries 102.890
Out of district fire response 29,203 36,127 6,924 41,680
Alarm monitoring fees 56,160 52,578 (3,582) 53,032
Dispatch fees 42,851 (42,851) 338,896
Other charges, services, and sales 98,586 106,968 8,382 109,589
Total Charges for Services 243,800 212,488 (31,312) 663,163
Other:
Fines and forfeits 239,868 223,748 (16,120) 235,954
Interest on investments 175,000 184,028 9,028 277,779
Rents 121,800 119,953 (1,847) 152,877
Other 315,651 338,322 22,671 148,296
Proceeds of capital leases 10,665 10,665
Total Other Revenues 862,984 876,716 13,732 814,906
Total Revenues 15,946,147 15,697,738 (248,409) 16,877,781
The accompanying notes are an integral part of these financial statements.
Cl
Town of Vail, Colorado
General Fund r_ t-7, r7-
Statement of Expenditures
Budget (GAAP Basis) and Actual -
For the Year Ended December 31, 1999
(With Comparative Amounts for 1998)
1999 1998
Variance
Amended Favorable
Budget Actual (Unfavorable) Actual
Expenditures:
Town officials 998,531 890,748 107,783 877,151
Administrative 2,206,211 2,009,003 197,208 1.887.849
Community development 1,199,749 1,123,570 76,179 1,184.326
Public safety - Police 3,356,484 3,224,758 131,726 3,922,530
Public safety - Fire 1,430,829 1,389,669 41,160 1,306,410
Public works 2,367,116 2,119,981 247,135 2,677.607
Public transportation 2,741,965 2,578,913 163,052 2,508,040
Public library 670,131 661,636 8,495 599,557
Contributions and special events 989,419 955,652 33,767 876,038
Facility maintenance 924,834 924.834 852,371
Operating transfers to:
Dispatch Services Fund 412,333 412,333
Vail Housing Fund - 30,000 _30,000 987,572
Booth Creek Bond Fund 58,000 48.132 9,868 38,590
Total Expenditures 17,385,602 16,369,229 1.016.373 17,718.041
The accompanying notes are an integral part of these financial statements.
C2
Special Revenue Funds
Special Revenue Funds are used to account for specific revenues that
are legally restricted to expenditure for a particular purpose.
The Capital Projects Fund is used to account for a portion of the Town's Sales Tax and Resort
Fee which is restricted for the acquisitions of and improvements to the Town's general fixed
assets.
The Vail Housing Fund is used to account for the monies set aside for local housing in the Town
of Vail.
The Real Estate Transfer Tax Fund is used to account for the collection of Real Estate Transfer
Tax revenue which is specifically restricted for acquiring and improving real property for
recreation and open space purposes.
The Police Confiscation Fund is used to account for proceeds from Federal, State, and local
police seizures, which is specifically restricted for expenditures related to law enforcement.
The Vail Marketing Fund is used to account for the collection of a business license fee which is
specifically restricted for expenditures related to marketing the town of Vail.
Town of Vail, Colorado
Special Revenue Funds t
Combining Balance Sheet
December 31. 1999
(With Comparative Totals for 1998)
Police Total
Capital Real Estate Vail Confis- Vail
Projects Transfer Marketing cation Housing
Fund Tax Fund Fund Fund Fund 1999 1998
Assets
Cash and investments - restricted 77,530
Equity in pooled cash and investments 6,055,549 4,876,874 1,375 121 1,093,753 12,027,672 5,880.688
Receivables:
Taxes and fees 1,945,318 27,355 1,972.673
Other governments 1,082,226 1.082,226 4.301.576
Other 41,333 44,844 86,177 256.350
Total Assets 9,124,426 4,904,229 1.375 121 1,138,597 15,168,748 10,516.144
Liabilities and Fund Equity
Liabilities
Accounts payable 92,725 119,716 1,375 48,356 262.172 631.465
Accrued wages and benefits 3,845 3.845 3,895
Retainage payable 170,974 10,569 181.543 103,226
Deferred revenue 1,004,167 14,037 1,018.204. 3.000.000
Rental deposits 15.773 15.773 3.050
Total Liabilities 1,267,866 134,130 1,375 78,166 1,481,537 3.741,636
Fund Equity
Fund balances:-
Unreserved:
Designated for Alpine Gardens pledge 10.000
Designated for subsequent years'
expenditures 991,562
Undesignated 7,856,560 4,770,099 121 1,060,431 13,687,211 5,772,946
Total Fund Equity 7,856,560 4,770,099 121 1,060,431 13,687,211 6,774,508
Total Liabilities
and Fund Equity 9,124,426 4,904,229 1,375 121 1,138,597 15,168.748 10.516,144
The accompanying notes are an integral part of these financial statements.
C3
Town of Vail, Colorado
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances
All Special Revenue Funds
For the Year Ended December 31, 1999
(With Comparative Totals for 1998)
Real Vail Police Total
Capital Estate Valley Confis- Vail
Projects Transfer Marketing cation Housing
Fund Tax Fund Fund Fund Fund 1999. 1998;
Revenues:
Taxes 6,492,304 2,775,545 9,267,849 9.775,912
Licenses and permits 20,851 336,293 357,144 386.650
Intergovernmental revenues 2,081,748 37,882 2,119,630 1,038,137
Interest on investments 224,112 177,276 5 37,142 438,535 317,287
Rents 50,000 102,251 230,546 382,797 300,790
Miscellaneous revenues 2,108,165 28,573 2,255,276 4,392,014 822,273
Total Revenues 10,956,329 3,142,378 336,293 5 2,522,964 16,957,969 12,641,049
Expenditures:
Operations 501,406 336,293 659,209 1,496,908 701,835
Advance/notes payable:
Principal retirement 301,268 301,268 235,937
Interest 39,164 39,164 104,495
Capital projects 3.858,750 743.385 1,716,557 6,318.692 10,243,687
Total Expenditures 3.858,750 1,585,223 336.293 2,375,766 8.156.032 11.285.954
Excess of Revenues Over
(tinder) Expenditures 7,097,579 1,557,155 5 147,198 8.801.937 1.355,095
Other Financing Sources (Uses):
Operating transfers in 876,731 30,000 906,731 2,868,475
Operating transfers (out) (2,785,965) (2,785,965) (2,577,606)
Proceeds of capital leases 690.300
Total Other Financing
Sources (Uses) (1,909,234) 30,000 (1,879,234) 981,169
Excess of Revenues Over
(Under) Expenditures and
Other Uses 5,188,345 1.557,155 5 177,198 6,922,703 2,336,264
Fund Balances - January 1 2,668,215 3,222,944 116 883,233 6,774,508 4,463,244
Decrease in Alpine Gardens reserve (10,000) (10,000) (25,000)
Fund Balances, December 31 7.856,560 4,770,099 121 1,060,431 13,687.211 6,774,508
The accompanying notes are an integral part of these financial statements,
C4
Town of Vail, Colorado
Special Revenue Funds
Capital Projects Fund
Schedule of Revenues, Expenditures, and Transfers -
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 1999
(With Comparative Amounts for 1998)
1999 1998
Variance
Amended Favorable
Budget Actual (Unfavorable) Actual
Revenues:
Sales tax revenue 6,664,220 6,492,304 (171,916) 6,812,416
Federal grants 81,748 81,748 1,000,000
Interest on investments 150,000 224,112 74,112 153,269
State project grants 2,000,000 2,000,000
Commercial lease - Vail Commons 50,000 50,000 50.000
Other 2,028,921 2,108,165 79,244 138,125
Operating transfers from:
Real Estate Transfer Tax Fund 1,000,000
Parking Structure Fund 876,731 876,731 220,000
Debt Service Fund 322,313
Other Financing Sources:
Proceeds from capital leases 690,300
Total Revenues 11,769,872 .11,833,060 63,188 10.386,423
Expenditures and Transfers:
Capital projects and acquisition 5,024,196 3,858,750 1,165,446 7,792,621
Operating Transfers:
Town of Vail Debt Service Fund 2,244,266 2,120,965 123,301 1.277.606
Parking Structure Fund 665,000 665,000
Vail Housing Fund 300,000
Total Expenditures and
Transfers 7,933,462 6,644,715 1,288,747 9,370,227
The accompanying notes are an integral part of these financial statements.
C5
Town of Vail, Colorado
Capital Projects Fund
i
Schedule of Project Expenditures
Budget and Actual Comparison
For the Year Ended December 31, 1999
Variance
Project Amended Favorable
Number Project Name Budget Actual (Unfavorable)
CBI001 Public Works Tunnel Improvements 20,250 23,767. (3.517)
CBI005 Library Building Remodel 4,500 3,580 920
CBI006 Remodel Library Work Area 54,000 53,154 846'
CBI007 Community Development Remodel 30,000 28,292 1,708
CBI008 Vail Vail Fire Station Remodel 50,000 43,521 6,479
CBI009 East Vail Fire Station Improvements 65,000 60,332 4,668
CB1010 Vail Fire Station 150,000 26,164 123,836
CBI012 Library - Downstairs Housing 10,000 12,522 (2,522)
CEP003 Repower Buses 65,000 35,850 29,150
CEP004 Replace Buses 661,250 655,598 5,652
CEP005 Computer Replacement 89,000 8,748 80,252
CEP006 Radio Replacement 270,618 270,144 474
CEP010 Network Upgrade 65,000 65,000
CII001 West Vail Interchange 43,000 13,426 29,574
CII003 Main Vail Interchange 178,600 101,436 77,164
CMP001 Loading & Delivery Study 40,500 13,397 27,103
CMT002 Street Furniture Replacement 85,000 14,831 70,169
CMT003 Bus Shelter Replacement Program 15,000 8,876 6,124
CMT004 Capital Street Maintenance 275,000 189,899 85,101
CMT005 Facility Capital 152,000 94,077 57,923
COT002 Street Light Improvement Program 55,114 74,061 (18,947)
COT003 Drainage Improvements 186,250 32,970 153,280
COT004 Fiber Optic Connection 15,000 15,280 (280)
COT006 . Lionshead Master Plan 65,000 9,362 55,638
CS0001 Seibert Circle 7,700 4,165 3,535
CS0002 Slifer Plaza/E. Meadow Drive 13,931 (13,931)
CS0003 Check Point Charlie 50,000 42,749 7,251
CS0007 1999 World Championships 35,414 29,070 6,344
CS0009 Swiss House Pavers 45,000 38,035 6,965
CSC010 Way Finding Improvements 80,000 79,154 846
CSR001 Lionsridge Street Project 2,000,000 1,793,778 206,222
Other Projects 161,000 3,581 157,419
Total 5,024,196 3,858.750 1,165,446
The accompanying notes are an integral part of these financial statements.
C6
Town of Vail, Colorado '
Special Revenue Funds
Real Estate Transfer Tax Fund
Schedule of Revenues, Expenditures and Transfers
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 1999
(With Comparative Amounts for 1998)
-1999 1998
Variance
Amended Favorable
Budget Actual Unfavorable) Actual
Revenues:
Real estate transfer tax 2,300,000 2,775,545 475,545 2,963,496
Recreation amenities fee 30,000 20,851 (9,149) 31,766
Lottery revenue 25,000 18,982 (6,018) 21,137
State revenues 17,000
Federal revenues 18,900 18,900
Interest on investments 88,000 177,276 89,276 123,489
Land lease from Vail Recreation District 105,876 102,251 (3,625) 99,369
Other 35,073 28,573 (6,500) 40.224
Total Revenues 2,602,849 3,142,378 539,529 3,296.481
Expenditures and Transfers:
Project management 50,000 59,515 (9,515) 63,859
Park Maintenance 549,500 501,406 48,094
Capital projects 2,215,874 683,870 1,532,004 668,203
Notes Payable:
Principal retirement 301,268 301,268 235,937
Interest 39,164 39,164 104,495
Transfer to Capital Projects Fund 1,000,000
Total Expenditures
and Transfers 3,155,806 1,585,223 1,570,583 2,072,494
The accompanying notes are an integral part of these financial statements.
C7
Town of Vail, Colorado
Real Estate Transfer Tax Fund
Schedule of Project Expenditures
Budget and Actual Comparison
For the Year Ended December 31, 1999
Variance
Project Amended Favorable
Number Project Name Budget Actual (Unfavorable)
RFP003 Ford Park Manor Vail Bridge 400,000 136,598 263.402
RFP005 Alpine Gardens Contribution 10,000 10,000
RFP007 Ford Park Improvements 250,000 99,111 150.889
RFP008 Ford Park '99 Championship Repairs 134,573 109,858 24,715
RMT001 Recreation Path Maintenance 274,250 151,396 122,854
RMT002 Tree Planting 10,000 1,920 8.080
RPA001 Property Acquisition 5,951 24,837 (18.886)
RPD002 New West Vail Park 300,000 34,870 265.130
RPD003 Buffher Creek Park Expansion 150,000 1,783 148,217
RPD004 Donovan Park Master Plan 30,000 22,329 7.671
RPI002 Big Horn Improvements 51,000 7,082 43.918
RPI003 Irrigation Control 34,400 7,082 27,318
RPT003 North Trail 110,000 76,967 33,033
Other 455,700 37 455,663
Total 2,215,874 683.870 1,532,004
The accompanying notes are an integral part of these financial statements.
C8
1
Town of Vail, Colorado
Special Revenue Funds - -
Vail Marketing Fund
Statement of Revenues and Expenditures
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 1999
(With Comparative Amounts for 1998)
1999 1998
Variance
Favorable
Budget Actual Unfavorable) Actual
Revenues:
Business licenses 340,000 336,293 (3,707) 340,086
Total Revenues 340,000 336,293 (3,707) 340,086
Marketing Expenditures:
Payments to VVTCB 323,000 319,478 3,522 323,010
Administration fee 17,000 16,815 185 17,076
Total Expenditures 340,000 336,293 3,707 340,086
The accompanying notes are an integral part of these financial statements.
C9
Town of Vail, Colorado
Special Revenue Funds
Police Confiscation Fund
Statement of Revenues and Expenditures
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 1999
(With Comparative Amounts for 1998)
1999 1998
Variance
Favorable
Budget Actual (Unfavorable) Actual
Revenues:
Confiscation proceeds 7,854
Transfer from General Fund 38,590
Interest on investments 5 5 577
Total Revenues 5 5 47,021
Expenditures:
Operations 65,161
Total Expenditures 65,161
The accompanying notes are an integral part of these financial statements.
C10
Town of Vail, Colorado
Special Revenue Funds `
Vail Housing Fund
Statement of Revenues and Expenditures
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 1999
(With Comparative Amounts for 1998)
1999 1998
Variance
Amended Favorable
Budget Actual (Unfavorable) Actual
Revenues:
Construction permits 14,798
Charges for services 1,920,900 1,185,403 (735,497) 10,352
Interest on investments 16,000 37,142 21,142 39,952
Rents 224,430 230,546 6,116 151,421
Project reimbursements/shared costs 1,049,972 1,069,873 19,901 625,718
Operating transfers from:
General Fund 30,000 30,000 987,572
Capital Projects Fund 300,000
Total Revenues 3,241,302 2,552,964 (688,338) 2,129,813 -
Expenditures:
Administration 55,240 30,643 24,597 22,197
770 Potato Patch condominium 7,031 7,875 (844) 7,722
Arosa Drive A-frame 9,874 1,220 8,654 1,349
Buzzard Park housing 72,486 46,766 25,720 30,750
A-Frame redevelopment 296,000 76,501 219,499
Arosa-Garmisch site 846,000 53,872 792,128
Buy-down program 1,100,000 508,010 591,990
County-wide needs assessment 22,000 22,414 (414)
Master leased properties 9,000 8,902 98
Commercial linkage process 10,000 6,214 3,786
Miscellaneous housing projects 10,000 2,378 7,622 116,939
Buzzard Park construction 755,871
Red Sandstone construction 1,600,724 1,610,971 (10,247) 1,080,764
Total Expenditures 4,038,355 2,375,766 1,662,589 2,015,592
The accompanying notes are an integral part of these financial statements.
C11
Debt Service Funds
The Debt Service Fund is used to account for the accumulation of
resources and payment of general obligation bond principal and
interest from governmental resources and special assessment bond
principal and interest from special assessment levies when the
government is obligated in some manner for the payment.
The Town of Vail Debt Service Fund is used to accumulate the resources to pay general long-
term obligations of the Town.
The Booth Creek Improvement Debt Service Fund is used to account for the collection of
assessments to retire the Booth Creek Special Assessment Bonds.
Town of Vail, Colorado
Debt Service Fund
Comparative Balance Sheet
December 31, 1999 r
1999 1998
Assets
Equity in pooled cash
and investments 164,318 250,820
Due from Eagle County Recreational
Authority - Component Unit 794,000
Total Assets 164,318 1,044,820
Liabilities and Fund Equity
Liabilities
Accounts payable 587 229
Deferred revenue 794,000
Total Liabilities 587 794,229
Fund Equity
Fund balance
Reserved for retirement of bond
indebtedness 163,731 250,591
Total Fund Equity 163,731 250,591
Total Liabilities and
Fund Equity 164,318 1,044,820
The accompanying notes are an integral part of these financial statements.
C12
Town of Vail, Colorado
Debt Service Funds -
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances
For the Year Ended December 31, 1999 =
(With Comparative Totals for 1998)
Total
Town Booth
of Creek
Vail Fund 1999 19.98 .
Revenues:
Assessments 18,870 18,870 14,677
Received from Eagle County Recreational
Authority - Component Unit 90,428 90,428 90,594
Interest on investments and assessments 25,151 6,061 31,212
Other 877 877 75,862
Total Revenues 116,456 24,931 141,387 181,133
Expenditures:
Bond Issues:
Principal 1,125,000 70,000 1,195,000 980,000
Interest 1,197,248 2,538 1,199,786 1,189,187
Fiscal agent fees - 2,033 969 3,002 1,643
Total Expenditures 2,324,281 73,507 2,397,788 2,170,830
Excess Revenues (Under)
Expenditures (2,207,825) (48,576) (2,256,401) (1,989,697)
Other Financing Sources:
Operating Transfers In (Out):
Capital Projects Fund 2,120,965 2,120,965 1,277.606
General Fund 48,132 48,132
Parking Structure Fund 712,790
Capital Projects Fund (322,313)
Bond Refunding:
Proceeds of refunding bonds 9,495,000
Refunded bond costs (9,495,620)
Total Other Financing Sources 2,120,965 48,132 2,169,097 1,667,463
Excess Revenues (Under) Expenditures (86,860) (444) (87,304) (322,234)
Beginning Fund Balances - January 1 250,591 444 251,035 573,269
Ending Fund Balances - December 31 163,731 163,731 251,035
The accompanying notes are an integral part of these financial statements.
C13
Town of Vail, Colorado
Debt Service Fund
Town of Vail
Statement of Revenues and Expenditures
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 1999
(With Comparative Amounts for 1998)
1999 1998
Variance
Favorable
Budget Actual (Unfavorable) Actual
Revenues:
Received from Eagle County Recreational
Authority - Component Unit 90,482 90,428 (54) 90,594
Interest on investments 16,000 25,151 9,151 70,562
Other 877 877 _
Operating Transfers:
Capital Projects Fund 2,244,266 2,120,965 (123,301) 1.277.606
Parking Structure Fund 712,790
Other Sources:
Proceeds from bond refinancing 9,495.000
Total Revenues 2,350.748 2,237,421 (113,327) 11,646.552
Expenditures:
Bond Issues:
Principal 1,125,000 1,125,000 955,000
- Interest = 1,197,248 1,197,248 1,183,024
Fiscal agent fees 12,500 2,033 10,467 966
Other:
Refunded bond costs 9,495,620
Operating transfer to Capital Projects Fund 322,313
Total Expenditures 2,334,748 2,324,281 10,467 11,956,923
The accompanying notes are an integral part of these financial statements.
C14
Town of Vail, Colorado
Debt Service Fund -
Booth Creek Local Improvement District Fund
Statement of Revenues and Expenditures
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 1999
(With Comparative Amounts for 1998)
1999 1998
Variance
Amended Favorable
Budget Actual (Unfavorable) Actual
Revenues:
Assessments 18,171 18,870 699 14,677
Interest on investments 4,417 6,061 1,644 5,300
Operating transfer from General Fund 58,000 48,132 (9,868)
Total Revenues 80,588 73,063 (7,525) 19,977
Expenditures:
Principal 68,000 70,000 (2,000) 25,000
Interest 5,075 2,538 2,537 6,163
Fiscal agent fees 475 969 (494) 677
Total Expenditures 73,550 73,507 43 31,840y
The accompanying notes are an integral part of these financial statements.
C15
Enterprise Funds
Enterprise funds are used to account for operations that are financed
and operated in a manner similar to private business enterprises -
where the intent of the government's council is that the costs of
providing goods or services to the general public on a continuing
basis be financed or recovered primarily through user charges; or
where the government's council has decided that periodic
determination of net income is appropriate for accountability
purposes.
The Parking Structure Fund is used to account for the operations of the Town's two parking
structure facilities.
Town of Vail. Colorado
Enterprise Fund -
Parking Structure Fund
Comparative Balance Sheet
December 31, 1999
1999 1998
Assets
Cash on hand 3.200 4.500
Equity in pooled cash and investments 405,163 896,124
Accounts receivable, net 17,859 10,953
Assessments receivable 30,688 76,594
Property, plant and equipment
(net of accumulated depreciation) 9,125,796 9,508,753
Total Assets 9,582,706 10,496,924
Liabilities and Fund Equity
Liabilities
Accounts payable 43,018 2,913
Retainage payable 4,542
Accrued wages & benefits 37,677 32,337
Deposits 880 9,480
Total Liabilities 86,117 44.730
Fund Equity
Contributed capital 15,353,160 15,496,636
Retained earnings:
Unreserved (deficit) (5,856,571) (5,044,442)
Total Fund Equity 9,496,589 10,452,194
Total Liabilities and Fund Equity 9,582,706 10,496,924
The accompanying notes are an integral part of these financial statements.
C16
Town of Vail, Colorado
Enterprise Fund
Parking Structure Fund
Comparative Statement of Revenues, Expenses,
and Changes in Retained Earnings
For the Year Ended December 31, 1999
1999 1998
Operating Revenues:
Parking fee revenues 1,513,610 1,624,210
Building rent 40,201 37.132
Special parking assessments 125 476456
Other 1,000 4,226
Total Operating Revenues 1,554,936 2,141,724
Operating Expenses:
Operations 289,888 349,055
Maintenance 1,095,841 1,011.628
Depreciation 917,189 1,053.184
Total Operating Expenses 2,302,918 2,413.867
Operating (Loss) (747,982) (272,143)
Non-Operating Revenues (Expenses):
Interest income 50,250 77.720
Operating transfers (out) (211,731) (932.790)
Gain (loss) on disposition of equipment' 97,334 51,020
Total Non-Operating (Expenses) (64,147) (804,050)
Net (Loss) (812,129) (1.076,193)
Retained Earnings (Deficit) - January 1 (5,044,442) (3,968,249)
Retained Earnings (Deficit) - December 31 (5,856,571) (5,044,442)
The accompanying notes are an integral part of these financial statements.
C17
Town of Vail, Colorado
Enterprise Fund
Parking Structure Fund
Comparative Statement of Cash Flows
For the Year Ended December 31, 1999
1999 1998
Cash Flows From Operating Activities:
Cash from customers 1,505.010 2,105,557
Other receipts of cash 80.326 41,183
Cash paid for goods and services '(1,081,305) (1,148,453)
Cash paid to employees (254,437) (221,833)
Net Cash Provided by Operating Activities 249,594 775,454
Cash Flows from Noncapital Financing Activities:
Cash (to) other funds (211,731) (932,790)
Net Cash (Used) by Noncapital Financing Activities (211,731) (932.790)
Cash Flows From Capital and Related Financing Activities:
Sale of fixed assets
Purchase of fixed assets (580,374) (137,655)
Parking assessments 48,896
Net Cash Provided (Used)
by Capital and Related Financing Activities (580,374) (88,759)
Cash Flows from Investing Activities:
Interest received 50,250 77,720
Net Cash Provided by Investing Activities 50,250 77,720
Net Increase (Decrease) in Cash (492,261) (168,375)
Cash at Beginning of Year 900,624 1,068.999
Cash at End of Year 408,363 900,624
Reconciliation of Operating Income to Net Cash
Provided by Operating Activities
Operating (Loss) (747,982) (272,143)
Adjustments:
Depreciation 917,189 1,053,184
(Increase) decrease in accounts receivable (6,906) 7,346
(Increase) decrease in assessments receivable 45,906 (2,156)
Increase (decrease) in accounts payable 40,105 (8,023)
Increase (decrease) in accrued wages and benefits 5,340 (2,579)
Increase in retainage payable 4,542
(Decrease) in deposits (8,600) (175)
Total Adjustments 997,576 1,047,597
Net Cash Provided by Operating Activities 249,594 775,454
Schedule of Non-Cash Investing Activity:
Acquisition of equipment contributed by another fund 1,745
The accompanying notes are an integral part of these financial statements.
C18
Town of Vail, Colorado
Enterprise Fund
Parking Structure Fund
Schedule of Revenues and Expenses
Budget (Non-GAAP Basis) and Actual With a Reconciliation to GAAP Basis
For the Year Ended December 31, 1999
(With Comparative Amounts for 1998)
1999 1998
Variance
Amended Favorable
Budget Actual (Unfavorable) Actual
Revenues:
Parking fees 1,578,875 1,513,610 (65,265) 1,624.210
Parking assessments 53,564 53,690 126 531,173
Building rent 40,775 40,201 (574) 37,132
Other 2,000 1,000 (1,000) _ 4,226
Interest on investments 34,000 42,591 8,591 69,443
Operating transfer from Capital Projects Fund 665,000 665,000
Total Revenues 2,374,214 2,316.092 (58422) 2,266,184
Expenses:
Gate operations 338,058 288,608 49,450 356.502
Maintenance operations 885,017 885,017 790,028
Capital outlay 820,000 791,198 28,802 352,635
Operating transfer to Capital Projects Fund 876,731 876,731 220,000
Operating transfer to Debt Service Fund 712,790
Total Expenses 2,919,806 2,841,554 78,252 2,431,955
Net (Loss) - Non-GAAP Basis (525.462) (165,771)
Book value of retired equipment 97,334 51,020
Long term special assessment fees (45,905) (46,740)
Accrued vacation (1,280) 827
Depreciation (917,189) (1,053,184)
Assets purchased 580,373 137,655
Net (Loss) - GAAP Basis (812,129) (1,076,193)
The accompanying notes are an integral part of these financial statements.
C19
Internal Service Funds
Internal Service Funds are used to account for the financing of goods
or services provided by one depaiLi~ent or agency to other
departments or agencies of the government and to other government
units, on a cost reimbursement basis.
The Heavy Equipment Fund is used to account for the repair and maintenance costs and
purchase of Town vehicles and equipment, excluding buses and fire trucks. Operating costs,
including depreciation costs, are charged to user depa,uj,ents and projects based on actual miles
driven multiplied by a predetermined rate per mile.
The Health Insurance Fund is used to account for the health insurance plan provided by the
Town to its employees. The premiums charged are allocated to the Town's funds that have
employees covered by the health insurance plan.
The Facility Maintenance Fund is used to account for the repairs and maintenance of all Town-
owned building facilities. User depa. Lents are charged based on budgeted estimates.
The Dispatch Services fund is used to account for the operations, including depreciation, of all
emergency dispatch services within Eagle County. User entities are charged based on budgeted
estimates.
Town of Vail, Colorado
Internal Service Funds
Combining Balance Sheet
December 31, 1999
(With Comparative Totals for 1998)
Total
Heavy Health Facility Dispatch
Equipment Insurance Maintenance Services
Fund Fund Fund Fund 1999 1998
Assets
Equity in pooled cash
and investments 1,054,898 824,749 508,976 71,839 2,460,462 2,051,212
Accounts receivable, net 35,164 1,491 103 36,758 4,200
Inventory 173,852 173,852 165,149
Prepaid expenses 17,136 81,461 31,945 130,542 78,840
Property, plant and equipment
(net of accumulated depreciation) 2,179,878 246,628 2,426,506 2,390,420
Total Assets 3,425,764 941,374 542,412 318,570 5,228,120 4,689,821
Liabilities and Fund Equity
Liabilities
Accounts payable 43,386 197,161 139,139 2,885 382,571 241,633
Deferred revenue 1,667 1,667
Accrued wages benefits 56,326 468 56,441 74,370 187,605 108,054
Total Liabilities 99,712 199,296 195,580 77,255 571,843 349,687
Fund Equity
Contributed capital 1,299,332 11,367 278,456 1,589,155 1,620,379
Retained earnings:
Reserved for health insurance 742,078 742,078 779,821
Reserved for subsequent year's
expenditures 66,241 1,683 67,924
Unreserved (deficit) 1,960,479 333,782 (37,141) 2,257,120 1,939,934
Total Fund Equity 3,326,052 742,078 346,832 241,315 4,656,277 4,340,134
Total Liabilities and
Fund Equity 3,425,764 941,374 542,412 318,570 5,228,120 4,689,821
The accompanying notes are an integral part of these financial statements.
C20
Town of Vail. Colorado
Internal Service Funds
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings
For the Year Ended December 31, 1999
(With Comparative Totals for 1998)
Total
Heavy Health Facility Dispatch
Equipment Insurance Maintenance Services
Fund Fund Fund Fund 1999 1998
Operating Revenues:
Intergovernmental revenues 154,976 154,976
Charges for services 1,548.500 1,167,288 1,809,851 569,982 5,095,621 4,154,705
Building rents 20,872 20,872 19,465
RETT contribution 14,560
Insurance reimbursements 28,433 28,433 64,894
Other 1,521 2,552 15,400 19,473 10,970
Total Operating Revenues 1,578,454 1,167,288 1,833,275 740,358 5,319,375 4,264,594
Operating Expenses:
Operations 1,224,515 1,743,413 1,110,743 4,078,671 2,962,518
Depreciation 480,651 1,263 80,407 562,321 472,419
Health claims, premiums. and dividends 1,241,288 1,241,288 962,821
Total Operating Expenses 1.705.166 1.241,288 1,744,676 1,191,150 5.882.280 4,397,758
Operating (Loss) (126.712) (74,000) 88,599 (450,792) (561.905) (133,164)
Non-Operating Revenues (Expenses):
Interest income 44,582 36,257 17,436 1,318 99,593 115,472
Operating transfers in 412,333 412,333
Gain (loss) on disposition of equipment 398,346 398,346 361,231
Total Non-Operating Revenues 442,928 36,257 17,436 413,651 910,272 476,703
Net Income (Loss) 316,216 (37,743) 106,035 (37,141) 347,367 343,539
Retained Earnings - January 1 1.710,504 779,821 229.430 2.719,755 2,376,216
Retained Earnings - December 31 2,026,720 742,078 335,465 (37,141) 3,067,122 2,719,755
The accompanying notes are an integral part of these financial statements.
C21
Town of Vail, Colorado
Internal Service Funds
Combining Statement of Cash Flows
For the Year Ended December 31. 1999
(With Comparative Totals for 1998)
Heavy Health Facility Dispatch Total
Equipment Insurance Maintenance Services
Fund Fund Fund Fund - 1999 1998
Cash Flows From Operating Activities:
Cash from other funds 1,548,500 1.162.051 1.809,851 4,520.402 4,1 19,944
Other receipts of cash 30,845 6,904 25,242 740.255 803,246. 141,949
Cash paid for goods and services (623,216) (1,240,092) (910,691) (64,086) (2,838,085) '(2.914,222)
Cash paid to employees (616,597) (12,886) (758,068) (969,403) (2,356.954) (1.010,240)
Net Cash Provided (used)
by Operating Activities 339.532 (84,023) 166,334 (293,234) 128,609 337.431
Cash Flows from Noncapital Financing Activities:
Cash from other funds 412,333 412,333
Net Cash Provided by Noncapital Financing Activities 412,333 412,333
Cash Flows From Capital
and Related Financing Activities:
Sale of fixed assets 88,612 88,612 32,624
Purchase of fixed assets (271,319) (48,578) (319,897) (473.743)
Net Cash (Used) by Capital
and Related Financing Activities (182,707) (48,578) (231,285) (441,119)
Cash Flows from Investing Activities:
Interest received 44,582 36.257 17,436 1,318 99,593 115.472
Net Cash Provided
by Investing Activities 44,582 36,257 17.436 1,318 99,593 115.472
Net Increase (Decrease) in Cash 201,407 (47,766) 183,770 71,839 409,250 11,784
Cash at Beginning of Year 853.491 872,515 325.206 2,051,212 2,039.428
Cash at End of Year 1.054.898 824,749 508,976 71,839 2,460,462 _ 2,051,212
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities
Operating Income (Loss) (126.712) (74,000) 88,599 (450,792) (562,905) (133,164)
Adjustments:
Depreciation 480,651 1,263 80,406 562,320 472,419
(Increase) decrease in accounts receivable 891 (35,164) 1,818 (103) (32,558) (2,702)
(Increase) decrease in inventory (8,702) (8,702) (13,993)
(Increase) decrease in prepaid expenses 700 (53,914) 1,512 (51,702) 15,455
Increase(decrease)in accounts payable (9,698) 77,161 70,590 2,885 140,938 (13,613)
Increase in deferred revenue 1,667 1,667
Increase in accrued wages and benefits 2,402 227 2,552 74,370 79,551 13,029
Total Adjustments 466,244 (10.023) 77,735 157,558 691,514 470,595
Net Cash Provided (Used)
by Operating Activities 339,532 (84.023) 166,334 _(293,234) 128,609 337.431
Schedule of Non-Cash Investing Activity:
Acquisition of equipment contributed by
another fund 18,865 278,456 297,321 - 193,801
The accompanying notes are an integral part of these financial statements.
C22
Town of Vail, Colorado
Internal Service Funds
Heavy Equipment Fund
Schedule of Revenues and Expenses
Budget (Non-GAAP Basis) and Actual With a Reconciliation to GAAP Basis
For the Year Ended December 31, 1999
(With Comparative Amounts for 1998)
1999 1998
Variance
Amended Favorable
Budget Actual (Unfavorable) Actual
Revenues:
Operating charges 1,250,408 1,187,013 (63,395) 1,220,426
Replacement charges 396,620 361,487 (35,133) 354,182
Insurance reimbursements 40,000 28,433 (11,567) 64,894
Other 1,150 1,521 371 5,380
Sale of assets 60,400 88,612 28,212 32,624
Interest on investments 25,000 44,582 19,582 52,638
Total Revenues 1,773,578 1,711,648 (61,930) 1,730,144
Expenses:
Vehicle maintenance and fuel 1,211,471 1,194,745 16,726 1,130,632
Capital outlay 356,408 301,449 54,959 544,070
Total Expenses 1,567,879 1,496,194 71,685 1,674,702
Net Income - Non-GAAP Basis 215,454 55,442
Book value of retired equipment 309,734 329,012
Accrued vacation 360 (2,318)
Depreciation (480,651) (467,306)
Assets purchased 271,319 473,742
Net Income - GAAP Basis 316,216 388,572
The accompanying notes are an integral part of these financial statements.
C23
Town of Vail, Colorado
Internal Service Funds
Health Insurance Fund
Schedule of Revenues and Expenses
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 1999
(With Comparative Amounts for 1998)
1999 1998
Variance
Amended Favorable
Budget Actual (Unfavorable) Actual
Revenues:
Insurance premiums 1,238,407 1,162,051 (76,356) 936,180
Interest on investments 33,750 36,257 2,507 44,932
Insurer proceeds 5,237 5,237 1,518
Total Revenues 1,272,157 1,203,545 (68,612) 982,630
Expenses:
Health claims 1,106,979 1,062,638 44,341 833,531
Premiums 133,678 165,536 (31,858) 128,007
Short-term disability payments 23,000 13,114 9,886 1,283
Total Expenses 1,263,657 1,241,288 22,369 962,821
The accompanying notes are an integral part of these financial statements.
C24
Town of Vail, Colorado
Internal Service Funds
Facility Maintenance Fund
Schedule of Revenues and Expenses
Budget (Non-GAAP Basis) and Actual With a Reconciliation to GAAP Basis
For the Year Ended December 31, 1999
(With Comparative Amounts for 1998)
1999 1998 .
Variance
Amended Favorable
Budget Actual (Unfavorable) Actual
Revenues:
Maintenance charges 1,809,851 1,809,851 1,642,399
Building rent 18,150 20,872 2,722 19,465
RETT contribution 15,142 (15,142) 14,560
Other 2,565 2,552 (13) 5,590
Interest on investments 8,500 17,436 8,936 17,902
Total Revenues 1,854,208 1,850,711 (3,497) 1,699,916
Expenses:
Salaries and benefits 823,509 761,564 61,945 752,522
Operating expenses 1,024,699 980,299 44,400 877,130
Capital outlay 2,495 (2,495) 123,165
Total Expenses 1,848,208 1,744,358 103,850 1,752,817
Net Income (Loss) - Non-GAAP Basis 106,353 (52,901)
Book value of retired equipment (405)
Accrued vacation 944 (6,423)
Depreciation (1,262) (5,113)
Net Income (Loss) - GAAP Basis 106,035 (64,842)
The accompanying notes are an integral part of these financial statements.
C25
• Town of Vail, Colorado
Internal Service Funds
Dispatch Services Fund
Schedule of Revenues and Expenses
Budget (Non-GAAP Basis) and Actual With a Reconciliation to GAAP Basis
For the Year Ended December 31, 1999
1999 -
Variance
Amended Favorable
Budget Actual (Unfavorable)
Revenues:
Intergovernmental revenue 154,976 154,976
Charges for services 569,879 569,982 103
Other 21,900 15,400 (6,500)
Interest on investments 1,318 1,318
Operating transfer from General Fund 412,333 412,333
Total Revenues 1,159,088 1,154,009 (5,079)
Expenses:
Salaries and benefits 1,037,366 1,000,665 36,701
Operating expenses 67,950 65,335 2,615
Capital outlay 53,600 50,215 3,385
Total Expenses 1,158,916 1,116,215 42,701
Net Income - Non-GAAP Basis 37,794
Accrued vacation (43,107)
Depreciation (80,406)
Assets purchased 48,578
Net (Loss) - GAAP Basis (37,141)
The accompanying notes are an integral part of these financial statements.
C26
Trust and Agency Funds
Expendable Trust Funds are used to account for assets held by the
government as an agent for individuals, private organizations, other
governments and/or other funds.
Pension Trust Fund - This fund is used to account for the accumulation of resources for pension
benefit payments to qualified Town of Vail employees.
Deferred Compensation Fund - This fund is used to account for assets held for employees in
accordance with the provisions of the Internal Revenue Code
Section 457.
Town of Vail, Colorado
Expendable Trust Funds
Combining Balance Sheet
December 31, 1999
(With Comparative Totals for 1998)
Total
Pension Deferred
Trust Compensation 1999 1998
Assets
Cash and investments -
restricted 29,649,820 3,021,556 32,671,376 28,856,968
Equity in pooled cash and
investments
Loans to participants 360,130 360,130 480,168
Total Assets 30,009,950 3,021,556 33,031,506 29,337,136
Liabilities and Fund Equity
Liabilities
Deficit in pooled cash 13,587 13,587 338
Deferred revenue 9,541 9,541
Accounts payable 4,784
Total Liabilities 23,128 23,128 5,122
Fund Equity
Fund Balance:
Reserved 29,986,822 3,021,556 33,008,378 29,332,014
Total Fund Equity 29,986,822 3,021,556 33,008,378 29,332,014
Total Liabilities and
Fund Equity 30,009,950 3,021,556 33,031,506 29,337,136
The accompanying notes are an integral part of these financial statements.
C27
Town of Vail. Colorado
Expendable Trust Funds
Combining Statement of Revenues, Expenses. and Changes in Fund Balances
For the Year Ended December 31, 1999
(With Comparative Totals for 1998)
Total
Deferred
Pension Compensation
Trust Plan 1999 1998
Operating Revenues:
Employee contributions 17,330 278,270 295,600 329.290
Employer contributions 1,529.904 1.529,904 1,478.792
Realized and unrealized gains (losses) 2,129.378 461.770 2,591.148 (586,368)
Total Operating Revenues 3.676,612 740.040 4,416,652 1,221.714
Operating Expenses:
Professional fees 112,723 17,151 129,874 147,234
Benefits paid 1,733,881 201,255 1,935.136 1,213,642
Total Operating Expenses 1,846,604 218,406 2,065,010 1,360,876
Operating Income 1,830,008 521,634 2,351,642 (139,162)
Non-Operating Revenues:
Investment income 1.324.722 1,324,722 486,674
Total Non-Operating Revenues 1,324,722 1324,722 486,674
Net Income 3,154,730 521.634 3,676,364 347,512
Fund Balances - January 1 26,832,092 2.499.922 - 29,332,014 28,984,502
Fund Balances - December 31 29,986,822 3,021,556 33,008,378 29,332,014
The accompanying notes are an integral part of these financial statements.
C28
Town of Vail, Colorado
Pension Trust Fund
Town of Vail Employees Pension Trust Fund
Comparative Statement of Revenues, Expenses, and Changes in Fund Balances
For the Year Ended December 31, 1999
1999 1998
Operating Revenues:
Employee contributions 17,330 23,225
Employer contributions 1,529,904 1,478,792
Realized and unrealized gains (losses) 2,129,378 (718,805)
Total Operating Revenues 3,676,612 783,212
Operating Expenses:
Professional fees 112,723 129,934
Benefits paid 1,733,881 964,951
Total Operating Expenses 1,846,604 1,094,885
Operating Income (Loss) 1,830,008 (311,673)
Non-Operating Revenues:
Investment income 1,324,722 486,674
Total Non-Operating Revenues 1,324,722 486,674
Net income - 3,154,730 175,001
Fund Balances - January 1 26,832,092 26,657,091
Fund Balances - December 31 29,986,822 26,832,092
The accompanying notes are an integral part of these financial statements.
C29
Town of Vail, Colorado
Expendable Trust Fund
Deferred Compensation Plan Fund
Comparative Statement of Revenues, Expenses and Changes in Fund Balances
For the Year Ended December 31, 1999
1999 1998
Operating Revenues:
Contributions 278,270 306,065
Realized and unrealized gains 461,770 132,437
Total Operating Revenues 740,040 438,502
Operating Expenses:
Professional fees 17,151 17,300
Benefits paid 201,255 248,691
Total Operating Expenses 218,406 265,991
Excess of Revenues over Expenses 521,634 172,511
Fund Balances - January 1 2,499,922 2,327,411
Fund Balances - December 31 3,021,556 2,499,922
The accompanying notes are an integral part of these financial statements.
C30
Town of Vail, Colorado
Schedule of General Fixed Assets -
By Function
December 31, 1999
Improvements
Other than
Total Land Buildings Buildings Equipment
Town of Vail
General government 21,091,347 17,896,413 2,065,227 305,099 824,608
Public Safety 6,178,755 4,488,460 291,841 1,398,454
Public Works 1,660,638 1,453,442 207,196
Transportation 7,117,725 18,906 7,098,819
Housing 2,902,767 2,896,344 6,423
Library 3,708,431 2,562,604 154,959 990,868
Recreation 2,914,066 2,628,723 126,761 158,582
Total General
Fixed Assets 45,573,729 17,896,413 14,641,358 2,357,431 10,678,527
The accompanying notes are an integral part of these financial statements.
C31
Town of Vail, Colorado
Comparative Schedule of General Long-Term Debt
December 31, 1999
1999 1998
General Obligation Series 1992A 6,000,000 6,500,000
Sales tax revenue bonds Series 1992B 6,180,000 6,805,000
Series 1998A 8,760,000 8,760,000
Series 1998B 735,000 735,000
Capitalized lease agreements 548,615 694,716
Promissory notes 301,268
Accrued vacation pay 514,334 515,328
Special assessment bonds payable 70,000
Total 22,737,949 24,381,312
Amount available and to be
provided for payment of
long-term debt:
Amount Available:
From debt service funds 163,731 251,035
To be Provided:
From sales taxes and
other sources 22,574,218 24,060,277
From special assessments 70,000
Total 22,737,949 24,381,312
The accompanying notes are an integral part of these financial statements.
C32
Town of Vail, Colorado
Debt Service
Schedule of Bond Principal and Interest
Requirements in Future Years
General Obligation Refunding Bonds Series 1992A
December 31, 1999
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
November 30, 2003 and at par value thereafter for maturity after December 31, 2002.
Year Principal Interest Total
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
6,000,000 1,260,700 7,260,700
The accompanying notes are an integral part of these financial statements.
C33
{
Town of Vail, Colorado a
Debt Service
Schedule of Bond Principal and Interest
Requirements in Future Years
Sales Tax Revenue Refunding and Improvement Bond Series 1992B
December 31, 1999
Original issue 515,165,000, interest rate 3.00% to 6.125% with 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 Principal Interest Total
2000 375,000 362,558 737,558
2001 235,000 345,607 580,607
2002 260,000 331,428 591,428
2003 230,000 321,638 551,638
2004 210,000 308,738 518,738
2005 815,000 278,288 1,093,288
2006 1,315,000 213,762 1,528,762
2007 390,000 162,007 552,007
2008 415,000 137,660 552,660
2009 440,000 111,934 551,934
2010 470,000 84,525 554,525
2011 495,000 55,279 550,279
2012 530,000 24,500 554,500
6,180,000 2,737,924 8,917,924
The accompanying notes are an integral part of these financial statements.
C34
Town of Vail. Colorado
Debt Service
Schedule of Bond Principal and Interest
Requirements in Future Years
Tax Exempt Sales Tax Revenue Bonds, Series 1998A
December 31, 1999
Original principal issue $8,760,000, interest rate 4.25% to 4.45% with June and December coupon dates. Bonds maturing on and
after December 1, 2009 are subject to redemption prior to maturity at the option of the Town, in whole or in part in integral
multiples of $5.000, and if in part in such order of maturities as the Town shall determine and by lot within a maturit~7, on
December 1, 2008 and on any date thereafter, at a redemption price equal to par, plus accrued interest to the redemption date.
Year Principal Interest Total
2000 386,628 386,628
2001 386,628 386,628
2002 386,628 386,628
2003 386,628 386,628
2004 386,628 386,628
2005 386,628 386,628
2006 386,628 386,628
2007 985,000 386,628 1,371,628
2008 1,425,000 344,766 1,769,766
2009 1,485,000 283,490 1,768,490
2010 1,550,000 218,150 1,768,150
2011 1,625,000 149,176 1,774,176
2012 1,690,000 76.050 1,766,050
8.760,000 4,164,656 12,924,656
The accompanying notes are an integral part of these financial statements.
C35
Town of Vail, Colorado
Debt Service
Schedule of Bond Principal and Interest
Requirements in Future Years
Taxable Sales Tax Revenue Bonds, Series 1998B
December 31, 1999
Original principal issue $735,000, interest rate 6.00% to 6.05% with June and December coupon dates. -
The bonds are not subject to redemption prior to maturity.
Year Principal Interest Total
2000 44,288 44,288
2001 44,288 44,288
2002 44,288 44,288
2003 44,288 44,288
2004 44,288 44,288
2005 44,288 44,288
2006 360,000 44,288 404,288
2007 375,000 22,688 397,688
735,000 332,704 1,067,704
The accompanying notes are an integral part of these financial statements.
C36
Town of Vail, Colorado
Issuer's Annual Report
Update of Official Statement Tables to be Updated
Tables 1, 111, and 1V
December 31, 1999
TABLE I
Debt Service Coverage
1995 1996 1997 1998 1999
Pledged Revenues $ 13,030,448 $ 13,719,308 $ 14,747,419 $ 15.030,386 $ 14,509,421
Maximum Annual
Debt Service $ 2,324,453 $ 2,324,453 $ 2,324,453 $ 2,324,453. $ 2,324,453
Coverage Factor 5.61x 5.90x 6.34x 6.47x 6.24x
TABLE III
History of Town 4% Sales Tax Receipts
Sales Tax Percent
Year Collections (1) Increase
1995 $ 13,030,448 -
1996 $ 13,719,308 5.29%
1997 $ 14,747,419 7.49%
1998 $ 15,030,386 1.92%
1999 $ 14,509,421 -3.47%
(1) The reported Sales Tax Collections vary from the sales tax revenues
reported in the Town's audited financial statements because one-time
payments of sales tax on, for example, the sale of business assets or the
settlement of a sales tax claim, are not included above.
TABLE IV
Monthly Comparison of Collections of Sales Tax
12-month Period Ended 12-month Period Ended
December 31, 1998 December 31, 1999 Percent Change
Current Year Current Year Current Year
Month Month To Date Month To Date Month To Date
January $2,115,359 $2,115,359 $2,066,459 $2,066,459 -2.3% -2.3%
February 2,153,121 4,268,480 2,021,486 4,087,945 -6.1% -4.2%
March 2,368,077 6,636,557 2,415,202 6,503,147 2.0% -2.0°b
April 1,107,334 7,743,891 952,843 7,455,990 -14.0% -3.7%
May 382,718 8,126,609 370,864 7,826,854 -3.1% -3.7%
June 633,400 8,760,009 692,811 8,519,665 9.4% -2.7%
July 1,107,882 9,867,891 1,130,883 9,650,548 2.1% -2.2%
August 1,183,926 11,051,817 1,050,004 10,700,552 -11.3% -3.2%
September 735,608 11,787,425 806,600 11,507,152 9.7% -2.4%
October 515,531 12,302,956 536,204 12,043,356 4.0% -2.1%
November 656,596 12,959,552 582,260 12,625,616 -11.3% -2.6%
December 2,070,834 15,030,386 1,883,805 14,509,421 -9.0% -3.5%
Undertkg D 1
{
Town of Vail, Colorado
Issuer's Annual Report
Update of Official Statement Tables to be Updated
Tables V and VI
December 31, 1999
TABLE V
Sales Tax Collections by Principal Sales Tax Generators
Annual Sales Tax Total Annual % of Total Annual Sales Tax
Paid By Ten Sales Tax Collected Collections Generated by
Year ' Principal Generators by Town Ten Principal Generators
1995 $ 3,830.907 $ 13,030,448 29.4%
1996 $ 4,066,258 $ 13,719,308 29.6%
1997 $ 4,315,365 $ 14,747,419 29.3%
1998 $ 4,640,560 $ 15,030,386 30.9%
1999 $ 4,590,537 $ 14,509,421 31.6%
TABLE V1
Capital Projects Fund 1999 Actual
Projected 2000-2003
1999 2000 2001 2002 2003
Revenues:
Sales tax $6,492,304 $6,751,000 $6,987,285 $7,231,840 $7,484,954
Federal bus grant 81,748
CDOT reimbursement 2,000,000 1,000,000
Interest on investments 224,112 50,000 50,000 50,000 50,000
Vail Commons lease 50,000 55,000 60,000 60,000 60,000
Other 2,108,165 86.250 50,000 50,000 50,000
Transfers from other funds 876,731 875,457 875,098 876,729 876,469
Proceeds from capital leases
Total Revenue 11,833,060 12,817,707 8,022,383 9,268,569 8,521,423
Expenditures'
Equipment purchases 1,035,340 1,092,372 2,962,372 1,735,372 1,842,372
Maintenance 307,683 295,000 1,180,000 995,000 745,000
Interchange improvements 114,862
Master planning 13,397
Street reconstruction 1,793,778 75,000 100,000 2,800.000 2,700,000
Buildings and improvements 251,332 6,102,000 1,170,000 1,170,000 2,520,000
Streetscape projects 207,104 100,000 2,000,000
Other improvements 135,254 450,000 585,000 185,000 185,000
Transfer to Parking Structure Fund 665,000 726,000 657,000 676,000 737,000
Transfer to Housing Fund
Transfer to Debt Service Fund 2,120,965 2,239,265 2,238,909 2,243,991 2,242,229
Total Expenditures 6,644,715 11,079,637 11,393,281 10,205,363 11,271,601
Revenues Over (Under) Expenditures 5,188,345 1,738,070 (3,370,898) (936,794) (2,750,178)
Beginning Fund Balance 2,668,215 _ 7,856,560 9,594,630 6,223,732 5,286,938
Ending Fund Balance 7,856,560 9,594,630 6,223,732 5,286,938 2,536,760
Undertkg D 2
Town of Vail, Colorado
Issuer's Annual Report
Update of Official Statement Tables to be Updated
Tables V and VI
December 31, 1999
TABLE XIX
History of General Fund Revenues,
Expenditures, and Changes in Fund Balances
1995 1996 1997 1998 1999
Revenues:
General sales taxes' $8,495,639 $8,444,073 $7,990,079 $8,298,951 $8,113,554
Property and ownership taxes $1,762,823 $1,925,326 $1,985,938 $2,078,382 $2,157,937
Resort fees . $982,825 $1,024,537 $2,065,245 52,043,210 $1,710,061
Franchise fees $521,239 $530,692 $533,894 $548,385 $564,419
Penalties and interest
on delinquent taxes $4,008 $3,804 $3,219 $27,425 $23,256
Licenses and permits $681,926 $921,324 $854,586 $784,934 $601,025
Intergovernmental revenues $1,095,292 $1,149,716 $1,641,425 $1,618,425 $1,438,282
Charges for services $237,964 $329,860 $328,415 $663,163 $212,488
Fines and forfeits $252,618 $277,408 $212,815 $235,954 $223,748
Interest $287,075 $316,638 $276,107 $277,779 $184,028
Rents $131,432 $143,706 $151,461 $152,877 $119,953
Other $109,589 $145,212 $170,823 $148,296 $338,322
Total 14,562,430 15,212,296 16,214,007 16,877,781 15,687,073
Expenditures:
General government 4,170,913 4,400,425 4,633,475 4,722,337 4,892,726
Public safety 4,216,935 4,180,163 4,259,775 5,228,940 4,614,427
Public works and transportation 4,060,581 4,248,902 4,950,572 4,622,108 4,564,004
Economic development and
community assistance 951,832 888,959 888,680 1,518,937 1,145,971
Municipal library 541,142 589,419 552,628 599,557 661,636
Total 13,941,403 14,307,868 15,285,130 16,691,879 15,878,764
Excess of Revenues Over
(Under) Expenditures 621,027 904,428 928,877 185,902 (191,691)
Other Financing Sources (Uses):
Capital leases 17,705 8,210 10,665
Operating transfers in 203,348
Operating transfers out (61,826) (917,650) (89,494) (1,026,162) (490,465)
Total 159,227 (909,440) (89,494) (1,026,162) (479,800)
Excess of Revenues Over
(Under) Expenditures and Other
Financing Sources (Uses) 780,254 (5,012) 839,383 (840,260) (671,491)
Fund Balances:
Beginning 3,549,680 4,329,934 4,324,922 5,164,305 4,324,045
Ending 4,329,934 4,324,922 5,164,305 4,324,045 3,652,554
Undertkg D 3
t
Town of Vail, Colorado
Issuer's Annual Report
a
Update of Official Statement Tables to be Updated
Tables V and VI
December 31, 1999
TABLE XX
General Fund 1999 and 2000
Budget Summary and Comparison
1999
Amended 1999 2000
Budget Actual Budeet
Revenues:
General sales taxes $8,325,409 $8,113,554 $8,949,000
Property and ownership taxes 2,168,800 2,157,937 2,255,552
Resort fees 1,785,860 1,710,061 2,000,000
Franchise fees 552,930 564,419 554,960
Penalties and interest
on delinquent taxes 25,000 23,256 25,000
Licenses and permits 459,491 601,025 710,377
Intergovernmental revenues 1,521,873 1,438,282 1,379,526
Charges for services 243,800 212,488 168,414
Fines and forfeits 239,868 223,748 255,699
Interest 175,000 184,028 250,000
Rents 121,800 119,953 120,438
Other 326,316 348,987 40,970
Total 15,946,147 15.697,738 16,709,936
Expenditures:
Town officials 998,531 890,748 983,638
Administrative 2,206,211 2,009,003 2,076,209
Community development 1,199,749 1,123,570 1,036,081
Public safety - Police 3,356,484 3,224,758 3,314,195
Public safety - Fire 1,430,829 1,389,669 1,439,244
Public works 2,367,116 2,119.981 2,235,372
Public transportation 2,741,965 2,578,913 2,604,042
Public library 670,131 661,636 677,304
Contributions and special events 989,419 955,652 877,930
Facihtv maintenance 924,834 924,834 1,073,252
Operating transfers 500,333 490.465 461,648
Total 17,385,602 16,369,229 16,778,915
Revenue Over (Under)
Expenditures (1,439,455) (671-,491) (68,979)
Beginning Fund Balance 4,324,045 4,324,045 3,625,823
Ending Fund Balance 2.884,590 3,652,554 3,556,844
TABLE XXI
Outstanding Revenue Obligations
Outstanding
Issue Principal
Sales Tax Refunding and Improvement Bonds, Series 1992B $6,180,000
Tax-Exempt Sales Tax Revenue Refunding Bonds, Series 1998A 8,760,000
Taxable Sales Tax Revenue Refunding Bonds, Series 1998B 735,000
Total $15,675,000
Undertkg D 4
I~
Memo
To: Mayor and Town Council
From Steve Thompson-,
Date: 04/27/00
Re: Year End Financial Report
Enclosed is the draft of the audited financial statements, which is prepared by the
finance department and audited by McMahan and Associates. The audit field work was
completed in March. Even though we are waiting for a few items so the audit report can be
formally issued by the auditors, we believe the numbers showing the year end results will not
change. The budget / actual comparisons for each fund can be found on pages C l through
C26 in the financial statements.
The Town ended 1999 with substantially better fund balances than was originally forecast in
the initial 1999 budget by $11.5 million, bringing the total of all fund balances at December
31, 1999, to $20.1 million (see attached summary of changes in fund balances on page 3 of
this memo for details by fund).. This was in spite of having a $1.7 million budget shortfall in
Operating Revenues. Original Actual Amount Percent
Budget Revenue Under Budget Under Budget
Sales Tax S 15,539,629 S 14,605,858 $ 933,771 6.0%
Lift Tax 2,185,860 1,710,061 475,799 21.8%
Construction fees 650,000 516,999 133,001 20.5%
Parking Revenues 1,625,750 1,513,610 112,140 6.9%
County Sales Tax 520,000 459,664 60,336 11.6%
County Road & Bridge 468,917 423,671 45,246 9.6%
$ 20,990,156 5 19,229,863 S 1,760,293 8.4%
the following operating revenues.
This shortfall was more than offset by CDOT's $2 million reimbursement for the West Vail
Roundabout, the $2 million in proceeds from the sale of Berry Creek 5`h, and the Real Estate
Transfer Tax revenue exceeding budget by approximately $476,000. The $2 million from
CDOT was received earlier than had been anticipated in the 5 year plan for the Capital
Projects Fund.
YEMEM99 1
The Capital Projects fund with a fund balance of $7.8 million and the Real Estate Transfer
Tax fund with a fund balance of at $4.7 million make up 63% of the $20.1 in fund balance.
The General Fund balance of $3.6 million represents 23% of the General Fund revenue and
when the fund balances of Housing, Parking Structure, Heavy Equipment, Health Insurance
and Facility Maintenance Funds are included with the General Fund Balance, the combined
number is $7.4 million or 47% of the representative fund revenues. So from a fund balance
perspective, the town looks very good.
The expense side of the ledger also contributed to healthy year-end fund balances. The town's
major operating and capital project funds were under budget by $4.1 million, as the following
table shows.
Amended Actual Amount Under Percent Under
Budget Budget Budget
Major Operating Funds
General $ 17,385,602 $ 16,369,229 $ 1,016,373 5.85%
Parking Structure 2,919,806 2,841,554 78,252 2.68%
Heavy Equipment 1,567,879 1,496,194 71,685 4.57%
Facility Maintenance 1,848,208 1,744,358 103,850 5.62%
1,270,160
Capital Project Funds
%
.
Capital Projects 7,933,462 6,644,715 1,288,747 1624
Real Estate Transfer Tax 3,155,806 1,585,223 1,570,583 49.77%
$ 34,810,763 $ 30,681,273 $ 4,129,490 11.864
Over half of the $1.2 million in major operating fund savings, or $599,000, came from salaries
and benefit line items. This was due to vacancies that were not filled because of permanent
budget cuts and salary savings from positions that could not be filled. The balance of the $1.2
million in savings came from other operating expenses, i.e., professional fees, utilities,
property and liability insurance, contingency savings, and from internal service charges and
capital outlay.
Savings from the capital projects funds of $2.8 million makes up the bulk of the $4.1 million
in total expenditure savings shown above. However, of the $2.8 million in capital project fund
savings, $1.7 million has already been reappropriated in 2000 for projects not finished in
1999.
Please call me at 479-2116 if you have any questions regarding the financial statements or this
summary.
YEMEM99 2
Summary of Changes in Fund Balances 1
For the Year Ending 1999
Actual 1999 Increase (Decrease)
of Actual
Beginning' Operating Revenue Ending Fund Balances
Fund Actual Actual Transfers. ;14 Over(uuder) Fund Versus
Fund Tvue/Fund Balance Revenue Eaoeuditures InUOutl Exneuditures Balance Budeeted Fund Balances
General Fund 4,324,045 15,697,738 15,878,764 (490,465) (671,491) 3,652,554 333,737
Special Revenue Funds,
Capital Projects Fund 2,668,215 11,833,060 3,858,750 (2,785,965) 5,188,345 7,856,560 7,411,902
Real Estate Transfer Tax Fund 3,222,944 3,142,378 1,595,223 1,547,155 4,770,099 2,663,757
Police Confiscation Fund 116 5 5 121 (17,688)
Vail Marketing Fund 0 336,293 336,293 0 0 0
Vail Housing Fund 883,233 2,522,964 2,375,766 30,000 177,198 1,060,431 1,058,958
Debt Service Funds,
Town of Vail Debt Service Fund 250,591 116,456 2,324,281 2,120,965 (86,860) 163,731 30,720
Booth Creek Debt Service Fund 444 24,931 73,507 48,132 (444) 0 (2,968)
Enterprise Fund:
Parking Structure Enterprise Fund 914,323 1,651,092 2,841,554 665,000 (525,462) 388,861 (162,989)
Internal Service Funds:
Heavy Equipment Fund 839,444 1,711,648 1,496,194 215,454 1,054,898 14,858
Health Insurance Fund 779,821 1,203,545 1,241,288. (37,743) 742,078 53,416
Facility Maintenance Fund 272,812 1,850,711 1,744,358 106,353 379,165 154,194
Dispatch Services Fund 0 741,676 1,116,215 412,333 37,794 37,794 11,022
~7ota19sil~iJli ! IIIIIilliI!i~Ih lilR111li'l0, il'4z155N88PP40A32.497 ~r34,882.193 ' Il;'! ; 5.9511:3114!'.20:106.292,i i1.6'19.11.548,919.•
FDSUM9.WK4 3
MEMORANDUM
TO: Vail Town Council
FROM: Department of Community Development
DATE: May 2, 2000
SUBJECT: A request for a work session to discuss proposed changes to the Town's
commercial core area parking requirements schedule.
Planner: Brent Wilson
I. BACKGROUND AND DESCRIPTION OF THE REQUEST
Council Update: On April 18'h, the Vail Town Council conceptually reviewed the
consultant's study and proposed modifications for parking requirements within Vail's
commercial core areas. The town council has been presented with two proposed
parking schedules: 1) the consultant's recommended parking.requirements schedule,
and 2) the PEC's recommended revised parking schedule. Staff is providing a detailed
analysis of the "pros and cons" of each of the two schedules for council review. Please
refer to Section IV of this memo for details.
II. STAFF RECOMMENDATION
The original goal of this study was to provide a fair and accurate assessment of parking
requirements while providing redevelopment incentives. Although staff agrees with the
PEC's desire to provide incentives and disincentives for certain land uses, staff believes
the zone district regulations are the appropriate venue for doing,so, not the off-street
parking and loading regulations. We believe the Town's parking regulations should
accurately represent the amount of parking generated by each land use.
Therefore, the Community Development Department recommends that the Vail Town
Council approve the consultant's recommended parking requirements schedule for
properties within the commercial core areas, based on the following findings:
1. That the proposed code amendments further the development objectives of the
Town of Vail.
2. That the proposed amendments are in keeping-with the purpose and intent of the
Vail Land Use Plan and all other applicable master planning documents.
3. That the health, safety, welfare and interests of the community are being met by the
adoption and implementation of the proposed code amendments.
TOWN OF VAIL ky
Page I of 3
F:\EVERYONE\COUNCIL\MEMOS\00\PRKGG EN 2. DOC
III. FINDINGS
The following table is a summary of both the consultant's and the PEC's recommended
parking rates for specific uses within the Town's commercial core areas.
Table 3.1- Current and Suggested Parking Rates (Commercial Core Areas Only)
Land Use Current Requirement Consultant's PEC's Suggested
Suggested Requirement Requirement
Residential* 2.0+ spaces/unit 1.4 spaces/unit (-30%) 2.0 spaces/unit (n/c*)
Hotel** 1.0 spaces/unit 0.7 spaces/unit (-30%) 0.7 spaces/unit (-30%)
Conference Facility 1 space / 8 seats 1 space 1165 sq. ft. seating 1 space / 165 sq. ft. seating
floor area**** (-37%) floor area**** (-37%)
General Retail*** 3.33 spaces / KSF 2.3 spaces / KSF (-30%) 2.3 spaces / KSF (-30%)
Office*** 4 spaces / KSF 2.7 spaces / KSF (-32%) 4 spaces / KSF (n/c)
Restaurant 1 space 18 seats (or 1 space / 180 sq. ft. seating 1 space / 250 sq. ft. seating
120 sq. ft.) floor area; min. of 2 floor area; min. of 2 spaces****
spaces**** (-50%) (-100%)
Bank/Finance*** 5 spaces / KSF 3.7 spaces / KSF (-26%) 3.7 spaces / KSF (-26%)
* Assumes an average unit size of 500-1,999 square feet. Currently includes timeshares and FFU's.
Assumes an accommodation unit size of at least 600 square feet. Current requirement is 0.4
spaces/unit, plus 0.1 space%ach 100 square feet of GRFA, with a max.of 1.0 space/unit. For
parking purposes, timeshares/FFU's will be considered as AU's.
Involves a change in calculation from "net floor area" to "gross floor area."
Involves a change from space/number of seats to space/seating floor area
"KSF" = 1,000 square feet
IV. "PROS AND CONS" OF EACH VERSION
Consultant's Schedule - based on council's original goal of "providing a more accurate
and fair assessment of parking generation while providing incentives for
redevelopment."
PROS
1) Represents a technically accurate assessment of parking generated by each
land use within the core areas.
2) Encourages large-scale redevelopment through required parking reductions for
all uses - including residential condominiums (a significant financing component
for lodging and fractional fee unit projects).
CONS
1) Would not reduce parking requirements for restaurant businesses to the extent
that the PEC's schedule does (1space/12 seats versus PEC's 1 space/16.6
seats).
Page 2 of 3
FAE V ERYONE\COUNCIL\MEMOS\00\PRKGG EN 2. DOC -
PEC's Recommended Reauired Parkina Schedule - geared towards manipulating
parking, requirements in order to provide incentives for certain uses while discouraging
other uses. Represents an increase from the consultant's recommendation for
residential condominiums and office space and a decrease from the consultant's
recommendation for restaurants.
PROS
1) Represents a modified assessment of parking generated by each land use within
the core areas in order to achieve a desired outcome.
2) Encourages incremental redevelopment through required parking reductions for
specific.uses (especially restaurants). This would benefit local business owners
who would like to expand existing operations.
CONS
1) Does not reflect staff and private sector observations of over-assessed parking
requirements and under-utilized parking facilities for private residential
properties.
2) Does not address the benefits of residential condominiums as a financing
component for large-scale redevelopment.
As mentioned previously, both parking requirements schedules achieve the desired
outcome for "total number of required spaces" and both represent an approximate 30%
reduction overall in required parking.
Page 3 of 3
F:\EVERYONE\COUNCIL\MEMOS\00\PRKGGEN2.DOC
~ r
ANTLERS AT, VNL
680 W. Lionshead Place Vail, CC 81657 970-476-2471 970-476-4146 fax www.antlersv2ii.com
February 17, 2000
Members of the PEC,
f understand that you are considering a change in the parking requirements for the
Town of Vail. As .you may remember, the approval last year for our upcoming
redevelopment included a parking variance for about five spots:
We made the claim last year, and still maintain, that our actual need for parking is FAR
less than the Town's requirements. To that end, and in the interest of making an
informed decision, I'd like to ask you to swing by the Antlers once or twice during the
next few weeks and take a quick look at our parking lot. This morning when I pulled in,
there were about twenty-five empty spots, and our occupancy last night was 83%.
That's a typical situation.
As you would expect at this time of year, we are between 90 and 100 percent occupied
for all of the next two weeks. If you come during the day, you'll see a dozen or so cars
belonging to employees (but guests will be coming and going). During the evening,
you'll see only guests (and undoubtedly some "crashers"). I know this isn't scientific, but
I don't know how else to impress on you the fact that we're being asked to provide much
more parking than we need.
Incidentally, we currently have 70 condominiums and 70 parking spots (regardless of
what the records show you can count 'em). As you will see, that's more than enough
parking. With our new 24 condominiums and 7 EHU's we are required to provide 140-
some parking spaces! Ouch.
I beg you to come by to see for yourself, and then please oh please apply the "common
sense" test to this issue.
Thanks,.
Rob LeVine
General Manager
C
MEMORANDUM
TO: Vail Town Council
FROM: Department of Community Development
DATE: May 2000
SUBJECT: A request for a work session to discuss proposed changes to the Town's
commercial core area parking requirements schedule.
Planner: Brent Wilson
1. BACKGROUND AND DESCRIPTION OF THE REQUEST
Council Update: On April 181h, the Vail Town Council conceptually reviewed the
consultant's study and proposed modifications for parking requirements within Vail's
commercial core areas. The town council has been presented with two proposed
parking schedules: 1) the consultant's recommended parking requirements schedule,
and 2) the PEC's recommended revised parking schedule. Staff is providing a detailed
analysis of the "pros and cons" of each of the two schedules for council review. Please
refer to Section IV of this memo for details.
II. STAFF RECOMMENDATION
The original goal of this study was to provide a fair and accurate assessment of parking
requirements while providing redevelopment incentives. Although staff agrees with the
PEC's desire to provide incentives and disincentives for certain land uses, staff believes
the zone district regulations are the appropriate venue for doing so, not the off-street
parking and loading regulations. We believe the Town's parking regulations should
accurately represent the amount of parking generated by each land use.
Therefore, the Community Development Department recommends that the Vail Town
Council approve the consultant's recommended parking requirements schedule for
properties within the commercial core areas, based on the following findings:
1. That the proposed code amendments further the development objectives of the
Town of Vail.
2. That the proposed amendments are in keeping with the purpose and intent of the
Vail Land Use Plan and all other applicable master planning documents.
3. That the health, safety, welfare and interests of the community are being met by the
adoption and implementation of the proposed code amendments.
a'a
TOWN OF VAIL
Page] of 3
F:\EVERYONE\COUNCIL\MEMOS\00\PRKGGEN2.DOC
III. FINDINGS
The following table is a. summary of both the consultant's and the PEC's recommended
parking rates for specific uses within the Town's commercial core areas.
Table 3.1- Current and Suggested Parking Rates (Commercial Core Areas Only)
Land Use Current Requirement Consultant's PEC's Suggested
Suggested Requirement Requirement
Residential* 2.0+ spaces/unit 1.4 spaces/unit (-30%) 2.0 spaces/unit (n/c*)
Hotel** 1.0 spaces/unit 0.7 spaces/unit (-30%) 0.7 spaces/unit (-30%)
Conference Facility 1 space / 8 seats 1 space / 165 sq. ft. seating 1 space / 165 sq. ft. seating
floor area**** (-37%) floor area**** (-37%)
General Retail*** 3.33 spaces / KSF 2.3 spaces / KSF (-30%) 2.3 spaces / KSF (-30%)
Office*** 4 spaces / KSF 2.7 spaces / KSF (-32%) 4 spaces / KSF (n/c)
Restaurant 1 space 18 seats (or 1 space / 180 sq. ft. seating 1 space / 250 sq. ft. seating
120 sq. ft.) floor area; min. of 2 floor area; min. of 2 spaces****
spaces**** (-50%) (-100%)
Bank/Finance*** 5 spaces / KSF 3.7 spaces / KSF (-26%) 3.7 spaces / KSF (-26%)
* Assumes an average unit size of 500-1,999 square feet. Currently includes timeshares and FFU's.
Assumes an accommodation unit size of at least 600 square feet. Current requirement is 0.4
spaces/unit, plus 0.1 space%ach 100 square feet of GRFA, with a max.of 1.0 space/unit. For
parking purposes, timeshares/FFU's will be considered as AU's.
Involves a change in calculation from "net floor area" to "gross floor area.
Involves a change from space/number of seats to space/seating floor area
"KSF" = 1,000 square feet
IV. "PROS AND CONS" OF EACH VERSION
Consultant's Schedule - based on council's original goal of "providing a more accurate
and fair assessment of parking generation while providing incentives for
redevelopment."
PROS
1) Represents a technically accurate assessment of parking generated by each
land use within the core areas.
2) Encourages large-scale redevelopment through required parking reductions for
all uses - including residential condominiums (a significant financing component
for lodging and fractional fee unit-projects).
CONS
1) Would not reduce parking requirements for restaurant businesses to the extent
that the PEC's schedule does (1space/12 seats versus PEC's 1 space/16.6
seats).
Page 2 of 3
F:\EV ERYONE\COUNCIL\MEMOS\00\PRKGGEN2.DOC
F~•
PEC's Recommended Reauired Parkina Schedule - geared towards manipulating
parking requirements in order to provide incentives for certain uses while discouraging
other uses. Represents an increase from the consultant's recommendation for
residential condominiums and office space and a decrease from the consultant's
recommendation for restaurants.
PROS
1) Represents a modified assessment of parking generated by each land use within
the core areas in order to achieve a desired outcome.
2) Encourages incremental redevelopment through required parking reductions for
specific uses (especially restaurants). This would benefit local business owners
who would like to expand existing operations.
CONS
1) Does not reflect staff and private sector observations of over-assessed parking
requirements and under-utilized parking facilities for private residential
properties.
2) Does not address the benefits of residential condominiums as a financing
component for large-scale redevelopment.
As mentioned previously, both parking requirements schedules achieve the desired
outcome for "total number of required spaces" and both represent an approximate 30%
reduction overall in required parking.
Page 3 of 3
FAEV ERYONE\COLJNCIL\MEMOS\00\PRKGGEl 4 2.DOC
ANTLERS AT vNL
680 W. Lionshead Place Vail, CO 81657 970-476-2471 970-476-4146 fax www.antlersvail.com
February 17, 2000
Members of the PEC,
I understand that you are considering a change in the parking requirements for the
Town of Vail. As you may remember, the approval last year-for our upcoming
redevelopment included a parking variance for about five spots.
We made the claim last year, and still maintain, that our actual need for parking is FAR
less than the Town's requirements. To that end, and in the interest of making un-
informed decision, _I'd like to ask you to swing by the Antlers once or twice during the
next few weeks and take a quick look at our parking lot. This morning when I pulled in,
there were about twenty-five empty spots, and our occupancy last night was 83%.
That's a typical situation.
As you would expect at this time of year, we are between 90 and 100 percent occupied
for all of the next two weeks. If you come during the day, you'll see a dozen or so cars
belonging to employees (but guests will be coming and going). During the evening,
you'll see only guests (and undoubtedly some "crashers"). 1 know this isn't scientific, but
I don't know how else to impress on you the fact that we're being asked to provide much
more parking than we need.
Incidentally, we currently have 70 condominiums and 70 parking spots (regardless of
what the records show you can count 'em). As you will see, that's more than enough
parking. With our new 24 condominiums and 7 EHU's we are required to provide 140-
some parking spaces! Ouch.
I beg you to come by to see for yourself, and then please oh please apply the "common
sense" test to this issue.
Thanks,
Rob Levine
General Manager
i
S
ORDINANCE NO. 9
SERIES OF 2000
AN ORDINANCE AMENDING CHAPTER 12-10 AND SECTION 12-2-2, VAIL TOWN CODE;
WITH SPECIFIC REGARD TO OFF-STREET PARKING REQUIREMENTS FOR
PROPERTIES WITHIN VAIL'S COMMERCIAL CORE AREAS AND VARIANCE
PROCEDURES FOR OFF-STREET PARKING AND LOADING; AND SETTING FORTH
DETAILS IN REGARD THERETO.
WHEREAS, the Vail Town Council recognizes a need to re-evaluate parking generated
by commercial properties within Vail's commercial core areas in an effort to provide accurate
and practical off-street parking requirements; and
WHEREAS, the Vail Town Council, the Town of Vail Planning and Environmental
Commission and Town of Vail staff have worked with consulting experts at public hearings in
order to examine the issue of parking in Vail's commercial core areas; and
WHEREAS, the Vail Town Council finds that these amendments will provide additional
incentives to the private sector for the redevelopment of properties within Vail's commercial core
areas and further the development objectives of the town; and
WHEREAS, the Vail Town Council considers it in the interest of the public, health, safety
and welfare to amend these code sections.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF
VAIL, COLORADO, THAT:
SECTION 1. Section 12-2-2 (Definitions) is hereby amended as follows:
(Added text is shown in bold and underlined type; deleted text is shown in 04rkep type)
12-2-2: DEFINITIONS:
FLOOR AREA, GROSS (Used Only for Parkina Calculations): The total floor area within
the enclosina walls of a structure not to include the followina:
A. Hallwavs that are common to more than one tenant or business.
B. Lobbies that are common to more than one tenant or business .
C. Restroooms that are. common to more than one tenant or business.
D. Areas desianed and used for narkina.
FLOOR nQE'\, NET ( -eFSals~:c'~g Parkir. n+.f): T4e4etcl f4ee~r Grp
witl~r the ^^^1^°,^^ ,.,^u° .,f a s+
4 Areas SPSGifiGally d and uc eshanis a s'.a-the-bHi{ -
6. Staipway&-.
G. Eleb atcis-.
D. Commen hallways.
CZ A~cac deslgeed arA used -for parl::449-
H-Arc-,s designed and :sac' as etoFagewhiGh de Rat have diFeGt an in
° E cr.d-
0
Gamamen ch all tercntc in the
aad rna' theFeef d _r crking areas.
-1-
r
SECTION 2. Section 12-10-10 (Parking Requirements Schedule) is hereby amended to read
as follows:
12-10-10: PARKING REQUIREMENTS SCHEDULE:
Off-street parking requirements shall be determined in accordance with the following schedule:
A. Schedule A (below) applies to Dronerties within Vail's "Commercial Core Areas"
(as defined on the Town of Vail Core Area Parkina Mans I & II. incorporated by
reference).
Use Parkina Reauirement
Dwellina Unit 1.4 spaces Der dwellina unit
Accommodation Unit 0.7 spaces Der accommodation unit
Hotels with Convention Facilities 0.7 spaces per accommodation unit.
plus 1.0 space Der 165 square feet of
seatina floor area-
Banks and Financial Institutions 3.7 spaces Der 1.000 aross square
feet `
Eatina and Drinkina Establishments 1.0 space Der 180 sauare feet of
seatina floor area: minimum of 2
spaces
Medical and Dental Offices 2.7 spaces per 1.000 aross sauare
feet
Other Professional and Business Offices 2.7 spaces Der 1.000 aross sauare
feet
Quick-Service Food / Convenience Stores 5 spaces Der 1.000 aross sauare feet
Recreational Facilities. Public or Private Parkina reauirements to be
determined by the Plannina and
Environmental Commission
Retail Stores. Personal Services and Repair
Shops 2.3 spaces per 1.000 aross square
feet
Theaters. Meetina Rooms. Convention Facilities 1.0 space per 165 sauare feet of
seatina floor area
Anv Use Not Listed Parkina reauirements to be
determined by the Plannina and
Environmental Commission
For the ourposes of calculatina oarkina reauirements. timeshare units. fractional fee
units. and other forms of interval ownership units are considered as "accommodation
units."
B. Schedule "B" (below) aDDlies to all Droperties outside Vail's "Commercial Core
Areas" (as defined on the Town of Vail Core Area Parkina Maps I & II, incorporated
by reference):
-2-
Use Parkina Requirement
IDwellina Unit
If aross residential floor area is 500 square feet .1.5 spaces per unit
or less:
If cross residential floor area is over 500 sauare 2 spaces per dwellina unit:
feet up to 2,000 square feet:
IIf aross residential floor area is 2,000 sauare 2.5 spaces per dwellina unit
feet or more per dwellina unit:
Accommodation Unit 0.4 space per accommodation unit. plus
0.1 space per each 100 sauare feet of
aross residential floor area, with a
maximum of 1.0 space per unit
Banks and Financial Institutions I 1 space per 200 aross sauare feet
Eatina and Drinkinq Establishments I 1 space per 120 square feet of seating
floor area
(Hospitals 1 space per patient bed. plus 1 space per
150 square feet of aross floor area
Medical and Dental Offices 1 space per 200 aross sauare feet
10ther Professional and Business Offices 1 space per 250 aross sauare feet
Quick-Service Food / Convenience Stores 1.0 space per each 200 sauare feet of
aross floor area for the first 1.000 sauare
feet of aross floor area: 1.0 space per
300 sauare feet for aross floor area
above 1.000 sauare feet
Recreational Facilities, Public or Private Parkina reauirements to be determined
by the Plannina and Environmental
Commission .
Retail Stores. Personal Services and Repair' 1 space per 300 aross sauare feet
Shops
Theaters. Meetina Rooms. Convention Facilities 1 space per 120 square feet of seating
floor area
Anv Use Not Listed Parking requirements to be determined
by the Plannina and Environmental
Commission
For the purposes of calculatina Parkina reauirements, timeshare units. fractional fee
units, and other forms of interval ownership units are considered "accommodation
units."
SECTION 3. Section 12-10-18 (Variances) is hereby amended to read as follows:
12-10-18: VARIANCES:
A%' pcrkiRg YaFiaRsewhist' ~s c.'~-1 of ft`c Tittle Fha!l 199 WiFed te-sz_,,ntr`I ute
+nte-the Tewn'e Parkina F Rd, as set fekh in Se -,,q 12 1 Q-4 6 of this Cha- r
.-a Variances from the provisions of this chapter shall follow the procedures set forth in
Title 12. Chapter 17 of this Code.
SECTION 4. Section 12-10-19 (Core Areas Identified) is added to read as follows:
12-10-19: CORE AREAS IDENTIFIED: Tables 1 and 2 (Core Area Parkinq Maps I & II.
respectively) shall used to identifv properties within Vail's commercial core areas for
Parkina purposes.
SECTION 5. 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
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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 6. 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 7. The amendment of any provision of the Town 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 or by virtue of the provision amended. The amendment of any provision
hereby shall not revive any provision or any ordinance previously repealed or superseded
unless expressly stated herein.
SECTION 8. 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 ON FIRST READING, APPROVED, AND ORDERED
PUBLISHED ONCE IN FULL ON FIRST READING this 2ND day of May, 2000 and a public
hearing for second reading of this Ordinance set for the 16th day of May, 2000, in the Council
Chambers of the Vail Municipal Building, Vail, Colorado.
Ludwig Kurz, Mayor
Attest:
Lorelei Donaldson, Town Clerk
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READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED this 16th day of
May, 2000.
Ludwig Kurz, Mayor
Attest:
Lorelei Donaldson, Town Clerk
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DESIGN REVIEW BOARD AGENDA
Wednesday, April 19, 2000
3:00 P.M.
MEETING RESULTS
PROJECT ORIENTATION / LUNCH - Community Development Department 11:30 am
MEMBERS PRESENT MEMBERS ABSENT
Hans Woldrich Clark Brittain
Melissa Greenauer
Bill Pierce
Chas Bernhardt (PEC)
SITE VISITS 1:30 pm
1. West Vail Mall - 2211 N. Frontage Rd.
2. Dreyer - 5114 Grouse Lane
3. Cummings - 5146 Gore Circle
4. Bald Mountain Townhomes - 2350 Bald Mountain
5. Northwoods - 600 Vail Valley Drive
6. Ford Amphitheater-Ford Park
7. Talalai - 223 E. Gore Creek Drive
8. To Catch A Cook -100 E. Meadow Drive #4
Driver: Allison
PUBLIC HEARING - TOWN COUNCIL CHAMBERS 3:00 pm
1. Landmark Condominiums - Commercial area repaint.. Allison
610/612 West Lionshead Circle/Lot 1, Block 1, Vail Lionshead 3'd Filing.
Applicant: Landmark Condominium Association, Inc., represented by Geoff Wright
MOTION: Hans Woldrich SECOND: Melissa Greenauer VOTE: 4-0
CONSENT APPROVED
2. Bald Mountain Townhomes - Conceptual review of proposed two 250 additions Ann
and exterior remodel.
2350 Bald Mountain Road, #3 & #4 / Lot 26 Block 2 Vail Village 13th Filing.
Applicants: Dr. Boscardin, Harry Greenberg & Ann Ferris, represented by Dale Smith
CONCEPTUAL - NO VOTE
3. Cummings/Reske residence - Conceptual review of a new single-family home. Ann
5146 Gore Circle/Lot 3, Block 2, Bighorn 51h Addition.
Applicant: Greg Cummings & Brian Reske
CONCEPTUAL - NO VOTE
1 TO }9N OF PAIL
fi
4. West Vail Mall - Final review of a proposed amendment to West Vail Mall sign program. Brent
2211 N. Frontage Rd. (West Vail Lodge)/Lot 1, Vail das Schone #3.
Applicant: Gart Properties
MOTION: Hans Woldrich SECOND: Melissa Greenauer VOTE: 4-0
CONSENT APPROVED
5. To Catch A Cook - New staircase, awning and doors. Allison
100 E. Meadow Drive, #4, Village Inn Plaza/Lot O, Block 5D, Vail Village 1 S`
Applicant: Jim Holley
CONCEPTUAL - NO VOTE
6. Talalai residence - Enclose existing decks at Creekside Condos. Allison
223 E. Gore Creek Drive #3/Lots e,f,g,h,l, Block 513, Vail Village 15t
Applicant: Phil & Kay Talalai, represented by Larry Deckard
CONCEPTUAL - NO VOTE
7. Axelrod residence -Conceptual review of a new primary residence & EHU. Brent
1977 Circle Drive/Lot 25, Buffehr Creek Subdivision.
Applicant: Judith & Arthur Axelrod, represented by Peel/Langenwalter Architects
CONCEPTUAL - NO VOTE
8. Dreyer residence - Conceptual review of a new primary/secondary residence. Allison
5114 Grouse Lane/Lot 6, Block 1, Gore Creek Subdivision.
Applicant: Raymond & Margarita Dreyer, represented by John Railton
CONCEPTUAL - NO VOTE
9. Fahey residence - Final review of proposed exterior modification. Allison
225 Wall Street, units 301 & 303/Lots B&C, Block 5C, Vail Village 15t
Applicant: Gene Fahey, represented by RKD Architecture
MOTION: Melissa Greenauer SECOND: Hans Woldrich VOTE: 4-0
APPROVED WITH 1 CONDITION:
1) Addition of wood band at bottom of sided portion of building.
10. Northwoods 2000 - Final review of proposed improvements. Allison
600 Vail Valley Drive/Part of Tract B, Vail Village 7cn
Applicant: Northwoods, represented by Fritzlen, Pierce, Smith
MOTION: Hans Woldrich SECOND: Melissa Greenauer VOTE: 4-0
CONSENT APPROVED
2
11. Gerald R. Ford Amphitheater -Conceptual review of proposed expansion. George/
540 Vail Valley Drive/Part of Tract A, Vail Village 7th Filing. Allison
Applicant: Jim Morter
CONCEPTUAL - NO VOTE
12. West Vail Lodge - Conceptual review of a proposed redevelopment plan. Brent
2211 N. Frontage Rd. (West Vail Lodge)/Lot 1, Vail das Schone #3.
Applicant: Reaut Corporation
CONCEPTUAL - NO VOTE
Staff Approvals
Mahaffy residence - Interior remodel. Ann
1620 Sunburst Drive/Vail Golfcourse Townhomes, Phase II, Unit 20, Building F.
Applicant: Patrick and Cynthia Mahaffy
Hicks residence - Extension of flagstone patio and addition of snowmelt system. Ann
332 Beaver Dam Circle/Lot 6, Block 3, Vail Village 3rd Filing.
Applicant: David Hicks
Thornburg residence - Interior/exterior remodel. Allison
1460 B Greenhill Court/Lot 20, Glen Lyon.
Applicant: Tom Thornburg
Hurtt residence - Deck enclosure, bay window addition and ski locker. Ann
272 W. Meadow Drive/Lot 9, Vail Village 2nd Filing.
Applicant: Caleb and Maryann Hurtt
Arosa/Garmisch Park - Change to picnic shelter and restroom. Allison
Intersection of Arosa/Garmisch,
Applicant: Town of Vail
Dore residence - Pool room remodel and replacement of windows. Ann
100 Vail Road/Lot 35, Block 7, Vail Village 7 h Filing.
Applicant: William and Kaye Dore
Campo D' Fiori - Addition of window boxes. - Brent
100 E. Meadow Drive/Lot O, Block 5D, Vail Village 1 st Filing.
Applicant: Silvia Revello
Golf Course Pump Station - Demo/rebuild pump station at 18th tee-off. Ann
700 S. Frontage Rd. East/Unplatted parcel, Vail Golf Course
Applicant: Town of Vail
Fabiano residence - Deck extension and hot tub addition. Ann
275 Beaver Dam Road/Lot 40, Block 7, Vail Village 7th
Applicant: Rocco and Joan Fabiano
Tall Pines Lot 1 A - Rear deck addition. Dominic
2241 A Chamonix Lane/Lot 1, Tall Pines Subdivision.
3
'L
Applicant: Chamonix Development Group LLC
Montanas Salon - New wall sign. Ann
2077 N. Frontage Road West/Lot 39, Buffehr Creek Resubdivision.
Applicant: Jayne Brandess
Town of Vail - Rooftop receiver antenna for Channel 19 audio. Ann
75 S. Frontage Rd./Vail Village Filing #2.
Applicant: Town of Vail
The applications and information about the proposals are available for public inspection during regular
office hours in the project planner's office, located at the Town of Vail Community Development
Department, 75 South Frontage Road. Please call 479-2138 for information.
Sign language interpretation available upon request with 24 hour notification. Please call 479-
2356,Telephone for the Hearing Impaired, for information.
4
PLANNING AND ENVIRONMENTAL COMMISSION
PUBLIC MEETING SCHEDULE
Monday, April 24, 2000
MEETING RESULTS
Proiect Orientation / PEC LUNCH - Communitv Development Department 11:30 a.m.
MEMBERS PRESENT MEMBERS ABSENT DRB MEMBERS
John Schofield Clark Brittain
Galen Aasland Bill Pierce
Diane Golden
Brian Doyon
Tom Weber
Chas Bernhardt
Doug Cahill
Site Visits : 12:30 p.m.
1. Pearson - 303 Gore Creek Drive #2-C
2. Ford Amphitheater - 540 Vail Valley Drive
3. Vail Mountain School - 3160 Katsos Ranch Road
Driver: George
NOTE: If the PEC hearing extends until 6:00 p.m., the board will break for dinner from 6:00 - 6:30 p.m.
Public Hearinq -Public Works Conference Room 2:00 p.m.
1. Swearing in of reappointed PEC members Diane Golden, and Brian Doyon. - Lorelei
Donaldson, Town Clerk.
2. Election of 2000 Chair- Galen Aasland
Vice-Chair - Chas Bernhardt
3. A joint worksession with the Design Review Board to discuss the proposed development
plan/master plan and a conditional use permit for a park and recreation facility for an
approximately 12 acre unplatted parcel of land zoned General Use and Residential
Cluster, commonly referred to as the lower bench of Donovan Park, located south of the
South Frontage Road and east and north of Matterhorn Circle.
Applicant: Town of Vail / Vail Recreation District
Planner: Dominic Mauriello
WORKSESSION - NO VOTE
1
TOIYN OF PAIL
1
4. A minor CC1 exterior alteration, to allow for a residential addition, located at 223 Gore
Creek Drive #3/Creekside Condominiums, Block 5B, Vail Village 1St Filing.
Applicant: Phil & Kay Talalai, represented by Larry Deckard
Planner: Allison Ochs
WITHDRAWN
5. West Vail Lodge - A worksession to discuss a proposed height variance (Section 12-7D-
6, Town of Vail Code), to allow for the addition of dormers and tower elements to an
existing roof ridge, located at 2211 N. Frontage Rd. (West Vail Lodge)/Tract C, Vail das
Schone #1; Lots 1, 2 and 3, Vail das Schone #3.
Applicant: Reaut Corporation
Planner Brent Wilson
WORKSESSION - NO VOTE
6. A request for a conditional use permit, to allow for the pavillion roof replacement ,
additional covered seating areas, addition to "stage left" buildings and a new service area
addition to the "stage right" building, located at 540 Vail Valley Drive/Tract A, Vail Village
7th Filing (Ford Park Amphitheatre).
Applicant: Vail Valley Foundation, represented by Morter Aker Architects
Planner: George Ruther
MOTION: John Schofield SECOND: Doug Cahill VOTE: 6-0
APPROVED WITH 5 CONDITIONS:
1. That the applicant revises the proposal and relocates the proposed trash
dumpster. The dumpster shall be relocated to an area proximate to the upper
parking lot. The final location of the dumpster facility shall be reviewed and
approved by the Town of Vail prior to the issuance of a building permit.
2. That the applicant submits plans to the Town of Vail Community Development
Department for review and approval of an improved loading/delivery facility. The
improved facility shall be designed to increase the amount of storage space and
reduce the need to large vehicles to remain parked at the amphitheater loading
dock.
3. That the applicant submits a sign application to the Town of Vail Community
Development for the new signs proposed at the amphitheater. The new signs
shall comply with the applicable regulations outlined in the Sign Code.
4. That the applicant submits a Design Review Board application and receives final
design approval prior to the issuance of a building permit. The final design shall
comply with the adopted design guidelines for park development
5. That bike storage be addressed.
7. A request for a conditional use permit, to allow for a proposed expansion at Vail Mountain
School, located at 3160 Katsos Ranch Road/Part of Lot 12, Block 2,.Vail Village 12th
Filing.
Applicant: Vail Mountain School, represented by Gwathmey Pratt Schultz
Architects
Planner: Brent Wilson
MOTION: John Schofield SECOND: Doug Cahill VOTE: 5-0-1 (Brian
Doyon abstained)
APPROVED WITH 6 CONDITIONS:
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1. The applicant shall provide the Town of Vail with an easement for the existing
public bus stop at the southwest corner of the property.
2. The applicant shall provide the Town of Vail with drainage easements in
accordance with the proposed grading and drainage plans. These easements
will be recorded prior to the issuance of a grading permit for any proposed grading
activities on the property.
3. Prior to the issuance of any permits for the "Phase 11" improvements on the
property, the applicant shall conduct a revised traffic study for staff review to
ensure appropriate mitigation measures (if applicable) are addressed in a manner
that is proportional to proposed "build-out" traffic impacts from the project. It is
acknowledged that the threshold for identifying traffic impacts from this proposal
will also include existing, conditions and "Phase I" improvements.
4. At least one Type III employee housing unit must be constructed within 5 years of
the issuance of a temporary certificate of occupancy (TCO) for "Phase I"
improvements. The other seven units (for a total of eight) must be constructed
prior to the issuance of a TCO for "Phase II" improvements. Required Type III
deed-restrictions will be recorded with the Eagle County Clerk and Recorder's
Office in accordance with the above-listed schedule. The employee housing units
will contain full kitchen facilities, as defined in Chapter 12, Vail Town Code.
5. The bicycle path will run with a straight alignment from the parking area to Katsos
Ranch Road ("punched through" the berm while avoiding vegetation). An
easement will be provided to the Town of Vail for the bike path.
6. If future student enrollment exceeds 330 students, the applicant will be required to
appear before the Planning and Environmental Commission again for a revised
conditional use permit.
8. A request for a variance from Sections 12-6H-6 and 12-14-6, Town of Vail Code, to allow
for the addition of gross residential floor area and balconies within required setbacks,
located at 303 Gore Creek Drive, Vail Townhouse #2-C/Lot 2, Block 5, Vail Village 1St
Filing.
Applicant: Vicki Pearson, represented by Ron Diehl
Planner: Ann Kjerulf
MOTION: John Schofield SECOND: Brian Doyon VOTE: 5-0-1 (Diane Golden
abstained).
APPROVED WITH 2 CONDITIONS:
1. That no GRFA may be added horizontally beyond the building envelope into the
rear setback.
2. Prior to the issuance of a building permit, the applicant must receive approval
from the Army Corps of Engineers for renovation activities in the rear setback.
9. A request for a variance from Sections 12-6D-9 (Site Coverage), 12-6D-8 (Density) and
12-6D-6 (Setbacks), Town Code, to allow for a garage and residential addition, located at
2955 Bellflower Drive/Lot 6, Block 6,Vail Intermountain.
Applicant: Alan & Francine Peters
Planner: Allison Ochs
TABLED UNTIL MAY 8, 2000
3
10. Information Update
? Town Council joint worksession with the PEC on May 2"d in the Town Council
Chambers, at 1 p.m. The purpose of the meeting is to discuss philosply related
to development review projects and how to coordinate between the two boards.
One two-year term PEC vacancy- (Tom Weber).
PEC REPRESENTATIVE AT DRB FOR 2000-
Doug Cahill - Jan-Apr. 5, '00
Chas Bernhardt - Apr 19, '00
Galen Aasland - May 3, '00
Brian Doyon - - May 17, '00
Apr-Jun '00
Diane Golden - Jul-Sep '00
John Schofield - Oct-Dec '00
11. Approval of April 10, 2000 minutes.
The applications and information about the proposals are available for public inspection during
regular office hours in the project planner's office located at the Town of Vail Community
Development Department, 75 South Frontage Road. Please call 479-2138 for information.
Sign language interpretation available upon request with 24 hour notification. Please call 479-2356, Telephone for the
Hearing Impaired, for information.
Community Development Department
4
COUNCIL FOLLOW-UP
TOPIC QUESTIONS FOLLOWUP
2000 _
04/27/00 TOWN OF MINTURN/TOV JOINT PAM/BETH: Schedule joint meeting to discuss WRNF Plan See Town Manager's Report.
MEETING D, Language specific to another Minturn future portal.
Council
03/09/00 WEEKLY SKIER NUMBERS BOB: Supply weekly skier numbers to Council. In the process of discussing this issue with Bill Jensen.
Chuck Ogilby
04/06/00 REVIEW BUSINESS LICENSE TOM/STEVE: Is it possible to require businesses physically
ORDINANCE located outside the TOV boundaries, but conducting
Greg Moffet business within the town, to purchase some type of business
license? Breckenridge already some ordinance on its books.
04120/00 ECO/TOV JOINT MEETING PAM/BETH: Schedule joint meeting to discuss matters of
Council I common interest and proposed efficiencies.
04/06/00 SKI PASS LETTER TO VA BOB: Prepare letter for the Mayor's signature encouraging A letter is being drafted for the Mayor's review and signature.
Council VA to equalize what happens in ski pass pricing (Merchant
pass only) between Summit and Eagle County, so as not to
put Vail at a competitive disadvantage when it comes to
employees.
04/06/00 WEST VAIL ROUNDABOUT GREG H.: What is the replacement status of the dying trees
TREES at this location?
Navas/Foley
SPRING BUS SERVICE MIKE ROSE: Due to rider numbers, can we consider We'll discuss bus service in conjunction with parking rates.
Foley starting "spring bus service" earlier than we did this year?
Can we also looked at a more "beefed up" summer service
schedule that would provide outlying service more regularly
from two hour to one hour service?
NWCCOG DISCUSSION ON "ECONOMIC BOB: This discussion is set to follow the regular NWCCOG
IMPACTS ON COMMUNIITY AS IT meeting at the Eagle County Building, Thursday, April 27, at
CHANGES FROM PURE RESORT TO 1:00 P.M. This discussion was set by our request and will
LIFESTYLE COMMUNITY" include Terry Minger. Sybill cannot attend. Staff
April 27, 2000, Page I
Navas I representative? Or Council?
SB 215 (120,000 ACRE-FEET BOB: Send letter in opposition.
TRANSMOUNTAIN DIVERSION BILL)
Navas
04/06/00 DUST ABATEMENT GREG H./RUSSELL: In re: to logging operations coming off According to Dave, VA has been using mag chloride for years and will do so
Foley Blue Sky Basin, what procedures will be in place as far as for the Cat III timber as well. Brent Wilson said the USFS has requested
dust abatement? that VA use a natural resin alternative (more expensive) but VA has refused
to do so. He said the USFS can not require them to use the alternative
substance but encouraged us to put pressure on VA.
04/11/00 COMPARABLES ON RUSSELL: With the recent article(s) re: departing retailers,
COMMERCIAL PROPERTY RENTAL can we get an assessment that more accurately describes
RATES how our rates compare with other ski areas, communities,
Donovan etc.?
April 27, 2000, Page 2