HomeMy WebLinkAbout2000-06-06 Support Documentation Town Council Evening Session
VAIL TOWN COUNCIL
EVENING MEETING
TUESDAY, June 6, 2000
7:00 P.M. IN TOV COUNCIL CHAMBERS
NOTE: Times of items are approximate, subject to change, and cannot be relied upon to-
determine at what time Council will consider an item.
1. CITIZEN PARTICIPATION. (5 mins.)
2. CONSENT AGENDA. (5 mins.)
• Item A - Approval of the May 2nd and 16"' Town Council Meeting Minutes
• Item B - Ratification of the Lupine Drive Award to Meldor Construction.
• Item C - Second Reading of Ordinance No. 10, Series 2000 - Vacating
an Easement - Located at Lot 39-1, Glen Lyon Subdivision.
3. Second reading of Ordinance No. 9, Series of 2000; an ordinance
Brent Wilson 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. (30 mins.)
ACTION REQUESTED OF COUNCIL:
Approve, approve with modifications, or deny Ordinance No. 9 on second
reading.
BACKGROUND RATIONALE:
On' May 2"d, the Vail Town Council approved Ordinance No. 9, Series of
2000 on first reading. This ordinance provides for reductions in parking
requirements for properties within Vail's commercial core areas.
The purpose of this meeting is to review Ordinance No. 9 and discuss
some administrative changes made since first reading of the ordinance.
STAFF RECOMMENDATION:
The Department of Community Development recommends that the Town
Council approve Ordinance No. 9 on second reading.
4. Second Reading of the Model Traffic Code Ordinance No. 11, Series 2000.
Tom Moorhead (10 mins.)
Greg Hall
Joe Russell ACTION REQUESTED OF COUNCIL: ACTION REQUESTED OF
COUNCIL: Approve, approve with conditions, or deny Ordinance No. 11,
Series of 2000, on second reading.
BACKGROUND: In 1978 the Town of Vail adopted the Model Traffic Code,
1977 edition for the regulation of traffic within the Town of Vail. That Model
Traffic Code was revised by the Colorado Department of Transportation in
1995. The Model Traffic Code intends to promote uniformity between the
states traffic laws and municipal traffic codes.
The model traffic code establishes speed limits for both residential and
commercial streets and roads. The model traffic code establishes speed
limits of 25 mph in any business district and 30 mph in any residence
district. In order to change the Town's speed limits from what the code
establishes, it has been necessary to do site specific speed studies. The
Town of Vail has conducted these studies and the results are reflected in
exhibit A which is attached to the ordinance. Exhibit A, recommends
specific speed liAts in our residential and business area.
STAFF RECOMMENDATION: Approve Ordinance No. 11, Series 2000, an
ordinance adopting the model traffic code.
5. First Reading of Ordinance No. 12, Series 2000 - The Designation of Ten
Russell Forrest Properties as Open Space. (30 mins.)
ACTION REQUESTED OF COUNCIL: Approve, modify, or deny Ordinance
No. 12, Series 2000.
BACKGROUND RATIONALE: On May 2, 2000, the Open Space Board of
Trustees met and unanimously agreed to recommend ten properties for
designation.
STAFF RECOMMENDATION: Approve Ordinance No. 12, Series 2000, an
ordinance designating ten properties as Open Space.
6. Vail Alpine Garden Request for Funding. (15 mins)
Ry Southard
7. Presentation of 1999 Audited Financial Record. (15 mins.)
Steve Thompson
Jerry McMahan
8. Awarding of the construction contract for Ellefson Park and the North Trail
Todd Oppenheimer Townhomes at Arosa and Garmisch Drives to Partain Construction, Inc. (10
mins.)
ACTION REQUESTED OF COUNCIL:
Approve or deny the awarding of the construction contract to Partain
Construction, Inc..
BACKGROUND RATIONALE:
Previous Council directed staff to construct a neighborhood park and
employee housing units at the intersection of Arosa and Garmisch Drives.
After an involved community process and lengthy contract negotiations, staff
and the selected contractor have arrived at a mutually acceptable contract
amount. The contract amount is within the allotted budget for both the park
and the housing. A copy of the proposed contract will be provided to
Council at the evening meeting. Pending Council approval the contractor
is prepared to submit a final construction schedule which has construction
being complete Spring 2001.
STAFF RECOMMENDATION:
Staff recommends that Council approve awarding of the construction
contract to Partain Construction, Inc. for both Ellefson Park and North Trail
Townhomes.
9. Appointment of Two Local Licensing Authority Positions.(5 mins.)
10. Town Manager's Report. (5 mins.)
Bob McLaurin
11. Adjournment (9:10 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, 6113100, BEGINNING AT 2:00 P.M. IN TOV COUNCIL CHAMBERS.
THE FOLLOWING VAIL TOWN COUNCIL REGULAR WORK SESSION
WILL BE ON TUESDAY, 6/27/00,
BEGINNING AT 2:00 P.M. IN TOV COUNCIL CHAMBERS.
THE NEXT VAIL TOWN COUNCIL REGULAR EVENING MEETING
WILL BE ON TUESDAY, 6120100, BEGINNING AT 7:00 P.M. IN TOV COUNCIL CHAMBERS.
Exhibit A
Town of Vail Speed Limit Study and Proposal
Street Name From Ekde-sac Proposed
Soeed Limit
(Alpine Drive West Gore Creek Dr. wn Limit 25 I
I Alta Ct. West Gore Creek Dr. 25 I
IArdsa Drive N. Frontaqe Rd West IChamonix Lane 25 I
(Aspen Court Aspen Lane ICul-de-sac 1 25 I
(Aspen Lane IS. Frontaqe Road East (Booth Creek Drive 1 25
i Bald Mountain Road I.N. Frontaqe Road East ICulde-sac I 25
IBasingdale Blvd IKinnikinnick Dr (Town Limit I 25
(Beaver Dam Circle 'Beaver Dam Road Cul-de-sac 1 25 I
I Beaver Dam Road Vail Road I Forest Road I 25 I
I Bellflower Dr Kinnikinnick Dr. Town Limit I 25 I -
IBghorn Road (East Vail Interchange Main Gore Drive I 40 I
IBlack Bear Lane (Black Gore Drive ICul-de-sac I 25 -
IBlack Gore Drive (Main Gore Drive ICul-de-sac I 25
IBooth Creek Drive ICul-de-sac ICul-de-sac I 25
IBooth Falls Court IBooth Falls Road ICul-de-sac I - 25 I
IBooth Falls Road IN. Frontaqe Road East ICulde-sac 1 25 I
IBridge Road jBiohorn Road ICulde-sac 1 25 I
IBridge Street IN Meadow Drive (Hanson Ranch Road I 15
Buffeher Creek Road N. Frontaqe Rd West Intersection of Lions Ridqe 25
(Buffeher Creek Road Ilntersection of Lions Ridqe ICulde-sac 1 25
ICabin Circle IHornsilver Circle ICulde-sac 1 25
(Chalet Road (Vail Valley Drive ITexas Townhomes 1 25 I
IChamonix Lane (Buffeher Creek Rd. Intersection Chamonix Rd I 25
land Chamonix Lane
IChamonix Lane Ilntersection Arose and Ilntersection of Chamonix I 25
Chamonix Lane Road / Chamonix Lane
Chamonix Lane N. Frontage Rd West Ilntersection of Arosa and
Chamonix Lane 25
IChamonix Rd. (West Vail Roundabout IChamonix Lane I 25 I
Circle Drive IChamonix Lane IBuffeher Creek Rd. III 25 11
(Columbine Drive ILupine Drive IBiahom Road 25
(Columbine Drive North of IBighorn Road ICulde-sac I 25 I
(Cortina Lane (Davos Trail ICulde-sac 1 25 I
Davos Trail IArosa Drive ICulde-sac 1 25 I
I Eagle Nest Circle (Vail Valley Drive ICulde-sac 1 25
:East Lionshead Circle IS. Frontage Rd. West ICulde-sac 1 15
(East Meadow Drive (Vail Road (Vail Valley Drive I 15
(Fairway Dr. IPtarmigan Road ICul-de-sac I 25
I Fairway Court I Fairwav Drive ICulde-sac I 25
(Fall Line Drive IN. Frontaqe Road East ICulde-sac I 25
IForest Road IWest Forest Road IVail Road 1 25 I
IGarmish Drive IArosa Drive ICulde-sac 1 25 I
I Geneva Drive IMatterhorn Circle ICul-de-sac 1 25 I
:Glacier Court ILions Rippe Loop ICul-de-sac 1 25 I
IGlen Falls Lane INugqet Lane ICulde-sac I 25 I
IGore Circle (Main Gore Drive Main Gore Drive I 25 I
IGore Creek Drive I Wilow Bridge Road 1Vail Valley Drive 15 I
IGreenHill Court I Westhaven Drive ICulde-sac I 25
IGrouse Lane (Main Gore Drive ICul-de-sac I 25
:Hanson Ranch Road l Vail Valley Drive IBridge Street I 15
(Hanson Ranch Chute (Hanson Ranch Road IGore Creek Drive 1 15 1
I Homestake Circle (Vail Valley Drive ICul-de-sac 1 25 I
IHornsilver Circle Rd. (Vail Valley Drive :Cul-de-sac 1 25 I
IJunIDer Lane IMeadow Drive (Main Gore Drive 1 25 I
Wasps Ranch Road IN. Frontaqe Road East ICulde-sac 25 I
IKinnikinnick CL I Kinnikinnick Rd. ICulde-sac I 25 I
IKinnikinnick Rd S. Frontage Rd East S. Frontage Rd West I 25
ILarksdur CL ILarkspur Lane :Cul-de-sac 1 25
(Larkspur Lane IKinnikinnick Rd ICulde-sac 1 25
Lions Ridqe Loop !Buffeher Creek Road IMorraine Dr. 1 25
ILions Ridge Loop IMorraine Dr. IVail View Dr 1 25
(Lions Ridqe Loop IS. Frontaqe Road Ilntersection at Vail View Dr 1 25 I
ILoonshead Place (West Lionhead Circle :Cul-de-sac 1 25 I
(Lupine Drive IBighorn Road :Cul-de-sac I 25 I
IMain Gore Drive IBighom Road ICul-de-sac I 25 I
Warms Ranch Road (Bald Mountain Road [Cul-de-sac 1 25 I
IMatterhorn Circle IS. Frontaqe Rd IMatterhom Cl. 1 25 I
IMalterhom CL IMatterhorn Circle :Cul-de-sac 1 25 I
IMeadow Drive IStreamside Circle East ]Main Gore Drive 1 25 I
IMeadow Lane IMeadow Drive [Main Gore Drive , 25 I
IMeadow Ridge Road IBuffeher Creek Road :Cul-de-sac 1 25
Will Creek Circle (Vail Valley Drive :Vail Valley Drive 1 25
IMorraine Drive ILions Ridqe Loop ]Cul-de-sac 1 25
IMountain Bell Road IN. Frontage Road West [Cul-de-sac 1 25
INugqet Lane IStreamside Circle West :Culde-sac 1 25 I
+Potato Patch Drive Ilntersection of Vail View Dr ]Cul-de-sac I 25
Red Sandstone Rd
IPtarmioan Road ,Vail Valley Drive :Vail Valley Drive I 25 1
IRed Sandstone Circle (Red Sandstone Drive :Cul-de-sac 1 25 I
IRed Sandstone Rd IN. Frontage Rd. West land of Vail View Dr I 25
and Potato Patch Road
i Rockledge Road IForest Road ICul-de-sac I 25 I
I Sandstone Drive IVail View Drive ICulde-sac 25 I
(Sandy Lane Drive (Potato Patch Dr :Cul-de-sac 1 25
(Shasta Place l West Gore Creek Dr. :Culde-sac 1 25
I Sierra Trail (Alpine Drive :Cul-de-sac 1 25
ISnowberry Dr. IBasingdale Blvd ICulde-sac I 25
ISnowshoe Lane IMain Gore Drive I Cu -de- ac 25
ISpraddle Creek Road (Main Vail Roundabout ICU -de-sac 25
ISorinq Hill Lane (Vail Valley Drive ICU -de-sac 25
ISpruce Court IRed Sandstone Drive ICul-de-sac 1 25 I
ISpruce Drive IBighorn Road ISpruce Way 1 25 I
[Spruce Way IBighorn Road ICul-de-sac 1 25 I
ISt. Moritz Way IChamonix Lane [Cul-de-sac 1 25 I
IStreamside Circle East IStreamside Circle West IBighorn Road 1 25 I
IStreamside Circle West IBlohorn Road 18ighom Road 1 25 I
I Sunburst Drive (Vail Valley Drive 1Culde-sac 1 25 I
IUpoer Matterhorn Cr. :Mattemom Ct. GGeneva Drive 1 25 I
Wits Lane IMain Gore Drive ICul-de-sac 1 25-
I Vail Road IMain Vail Roundabout IWllow Bridge Road 1 25 I
I Vail Valley Drive is. Frontage Rd. East [Gold Peak 1 15 I
IVail Valley Drive 'Gold Peak IS. Frontaqe Rd. East 1 25 I
IVail View Drive ILions Ridqe Loop IRed Sandstone Drive 1 25 I
Village Center Road S. Frontage Rd. East IS. Meadow Drive I 15
West Forest Road IForest Road S. Frontaqe Rd. West 25
I West Gore Creek Dr S. Frontaqe Rd West IMatterhom Circle I 25
(West Lionshead Circle IS. Frontage Rd. West 15. Frontage Rd. West I 25
(West Meadow Drive !Vail Road ICulde-sac I 15
IWesthaven Circle IWesthaven Drive IGreenHill Court I 25
IWesthaven Drive IS. Frontaqe Rd IWesthaven Circle 1 25
(Willow Bridge Road IGore Creek Drive IEast Meadow Drive I 15
(Willow Place (Willow Road (Willow Road I 25
(Willow Road IVail Road IVail Road I 25
(Willow Way ILupine Drive ICulde-sac I 25 t
To: Vail Town Council
From: Patrick Hamel, Environmental Health Officer
Russ Forrest, Director of Community Development
Kirby Wynn, U.S. Geological Survey
Date: June 6, 2000
Subject: Review of the water quality study performed by the U.S.G.S on the Gore
Creek Watershed and possible actions for the Town of Vail to consider to
improve water quality.
1. PURPOSE:
The purpose of the U.S.G.S. study was to evaluate the quality of the water and the
health of the aquatic life in the Gore Creek Watershed. With the results of this study the
Town will be able to better determine if regulatory action is needed to maintain or
improve the quality of water in the watershed.
2. BACKGROUND INFORMATION:
To properly manage water resources in the Gore Creek Watershed, local organizations
were interested in a better understanding of water quality and stream biology and their
relation to land uses and natural factors in the watershed. In response to these
concerns, the Town of Vail, the Eagle River Water and Sanitation District, Vail
Associates and the Upper Eagle Regional Water Authority created the Gore Creek
Watershed Management Program in 1996. The goal of the program is to provide
information for the management and protection of water quality and aquatic life in the
watershed.
In addition to the U.S.G.S. study done for the Gore Creek Watershed Management
Program, the Town of Vail has been involved with the Northwest Colorado Council of
Governments (NWCCOG) on a variety of water quality projects. The NWCCOG created
a water quality management plan that the Town of Vail adopted as resolution #6 of 1996.
The resolution states that the Town will use this water quality management plan as a
planning guide to promote and encourage reasonable and prudent efforts at protecting
and improving water quality in the Gore Creek Watershed. The Town has received
grants from both the EPA and the USGS to complete a comprehensive analysis of water
quality and aquatic life (see attachment A). Staff has also been working on guidelines
that closely follow the NWCCOG recommendations (See attachment B). These
guidelines would help increase erosion and sediment control measures at construction
sites and would also help protect riparian vegetation with out unduly impacting private
property rights. The Town does currently ask for storm water management and erosion
control plans, but we do not have any standards set.
3. QUESTIONS FOR COUNCIL:
Does Council want staff to complete and implement improved water quality regulations
that pertain to erosion and sediment control?
Does Council want staff to work on additional water quality regulations to protect riparian
areas that are outlined in the NWCCOG protection standards (See attachment C)?
A++acLvvie r t3
Town of Vail
Water Quality Protection Standards
(Draft)
I. Control of Erosion and Sedimentation
A. Purpose and Applicability
1. Puroose: The goal of these requirements is to minimize the water quality impacts
resulting from construction and other land disturbing activities. Siltation is often a
cause of water quality impairment in waterbodies in Colorado.
2. Annlicability: The following requirements should apply to land disturbances within
100 feet of a waterbody and to all land development disturbing more than
acre. (NOTE: Town of Vail must determine minimum disturbance size).
3. Exemption: Occasions may arise where these minimum standards are either in-
appropriate or cannot be practically implemented. In these cases a variance should
be considered. Written requests for each variance should be directed to the Town of
Vail Community Development Department.
B. Erosion and Sediment Control Requirements
1. Minimize Erosion on the Site.
a. Phase construction: Stage and schedule the timing of earth disturbing
construction activities, such as clearing, grading, road construction, and utilities
installation to minimize soil exposure.
b. Properly install erosion and sediment control measures before site grading or
other construction, to the greatest extent practicable.
c. Soil Stabilization: Disturbed areas and soil stockpiles shall be stabilized or
protected to effectively control erosion. These areas should be surface
roughened, mulched, or seeded and mulched, or otherwise protected from
erosive forces if they will remain exposed and inactive for periods longer than
14 days. This requirement also applies if soil is expected to be exposed during
winter to minimize erosion from occurring during spring snowmelt. Disturbed
areas should be mulched, or seeded and mulched within 7 days after final grade
is reached, weather permitting.
On slopes steeper than fifteen percent (15%), or within one hundred feet (100')
of any waterbody, exposed soils shall be stabilized using appropriate techniques
such as hydromulching, erosion control blankets, bonded fiber matrices or other
equally protective measures. Grass or straw mulch should be crimped, tracked
or tacked in place to promote surface anchoring
d. Temporary and permanent revegetation: Disturbed areas that will not be built
upon for one (1) year shall incorporate a temporary cover crop to promote soil
stability. Areas exposed for two (2) or more years must be revegetated with a
perennial, native grass mix (or other grass mixtures as r;,..,,...mended by the
local Natural Resources Conservation Service office). Within two (2) full
growing seasons of project completion, vegetative site coverage shall have a
perennial herbaceous component equal to or greater than seventy percent (70%)
of the adjacent undisturbed areas.
e. Cut and fill slopes: Where cut and fill cannot be avoided, slopes shall be
designed for long term stability. Permanent vegetation should be used as the
priority approach to stabilization of cut and fill areas where slopes are less than
or equal to 3:1. On steeper cut and fill slopes, stabilization may be attained by
utilizing a combination of retaining walls, rock walls, up slope runoff diversions,
terracing, slope drains, soil nailing, mulch binders, erosion control blankets,
vegetation or other measures appropriate for the specific situation. Retaining
walls over four feet (4') in height or step retaining walls shall be designed by a
qualified individual. Revegetation or other methods of soil stabilization of the
steps is required. The soil surface of cut and fill slopes shall not remain exposed
without an approved method of soil stabilization.
f. Construction in or directly adjacent to any waterbody, such as culvert or bridge
installation, shall require measures to protect water quality and channel stability.
This requirement may include stream isolation through the use of coffer dams,
complete containment of the stream in the area of the disturbance, stream
crossing structures, or limitations on the dates when in-stream work can be
performed. In all cases construction shall conform to applicable USACE
Section 404 permitting requirements.
g. Protect new or re-routed irrigation ditches, swales, receiving channels and
streams from accelerated erosion until conveyance section has established
vegetation and is stable under flows for which the feature was designed. The
minimum recurrence frequency storm during active construction for channel
stability design is 2-year event for the entire drainage area served by that flow
conveyance feature. Diverting off-site flows around construction sites can
effectively reduce the design flow.
h. Protect culvert outlets from erosive flows by installing velocity reducers such as
gravel dikes, level spreaders or similar measures.
2. Minimize sediment leaving the site.
a. Manage stormwater runoff flows to minimize erosion and sediment transport off
site. Divert concentrated flows away from disturbed slopes and minimize length
and steepness of disturbed slopes or use drains.
b. Minimize sediment and mud from leaving the construction site by protecting
access routes by either immediate placement of street base or construction of
mud pads. Mud pads shall be at least fifty feet (50') in length and comprised of
angular rock and/or a wheel washing facility.
c. Protect adjacent properties from sediment-laden runoff by using sediment
fences, and sediment or silt traps or other appropriate control options.
d. Storm sewer inlets shall be protected from entry of sediment-laden water. This
may be accomplished by straw bales, supported silt fence structures, dumped
rock or other barriers.
e. Divert off site runoff around construction site when practical.
3. Detention and Treatment
a. When the contributing drainage area, including off-site area (unless bypassed),
is greater than five (5) acres, one or more sedimentation basin(s) shall be
constructed to provide a total of 1800 cubic feet of basin volume for every acre
contributing runoff into the basin. The outlet of the sediment basin should be
designed to empty the storage volume in no less than 12 hours. The basin's
length should be no less than twice the width; otherwise a baffle may be
installed to minimize short-circuiting. If the discharge from the basin is passed
through a filtration device (i.e. a vegetated field, forested area, or a constructed
wetland) the basin volume requirements may be reduced.
b. Where the contributing drainage area is less than five (5) acres, a specific
engineered design for sediment trapping facilities is not necessary. Silt traps
may be used to detain and treat runoff if the contributing drainage area is less
than five (5) acres.
c. Sedimentation basins will be removed after successful revegetation of the site.
Embankments to be left as permanent facilities shall have a capacity to safely
pass the 100 year flood and meet any relevant dam and diversion requirements
of the Colorado State Engineer's Office.
4. Construction De-Watering
a. Construction de-watering activities will conform with the State's CDPS
construction de-watering permit requirements including total suspended solids
with a thirty (30) day average concentration of no more than 30 mg/1, a seven (7)
day average of no more than 45 mg/I, and a daily maximum concentration of 60
mg/I.
b. Discharges from construction de-watering operations shall be done in a manner
that minimizes erosion and utilizes best management practices such as velocity
reducers, sediment basins, straw bales or other measures.
5. Inspection and Maintenance of Erosion and Sediment Control Devices
a. Inflection. The applicant or the applicants designated representative shall
inspect all erosion and sediment control devices after any precipitation that
creates runoff and make repairs. At a minimum, erosion and sediment control
devices shall be inspected every 14 days. An inspection log shall be kept on-site
for review by town inspectors until the project is complete and submitted to the
governing entity upon request.
b. Maintenance. Erosion and sediment control devices shall be maintained in a
manner to support their effectiveness. Accumulated sediment should be
periodically removed from sediment basins and traps; straw bale and silt fence
barriers should be checked for undermining and bypass then repaired or
expanded as needed; and mulched soils shall be re-mulched where mulch has
been lost or damaged.
C. SUBMITTAL REQUUM%IENT
(NOTE: The Town of Vail needs to come up with a description of situations
that trigger the need for an erosion and sediment control plan. Smaller projects
may not require all of the following submittal requirements. Triggers for
erosion control plans used by other jurisdictions include: grading permit, any
disturbance acre or larger, any development larger than a single family house,
developments situated on slopes in excess of 15% or within 100 feet of a
wetland or other water body. Summit County states prior to site plan approval
or issuance of a building permit for development proposal.)
1. Erosion and Sediment Control Plan. The erosion and sediment control plan shall
be prepared by a qualified individual in accordance with sound environmental and
engineering practices. (NOTE: The Town of Vail will need to establish their own
criteria as to what a "qualified individual" is). This information may be included as
part of a Stormwater Quality Control Plan, if required. A concise erosion and
sediment control plan shall be submitted that addresses site specific issues and
contains the following information:
a. A site man showine locations of anv existing structures. waterbodies or
hvdrologic features on the site, including intermittent water features, wetlands
and the 100 year flood plain boundaries.
b. Locations of existing and Drooosed drainage structures or natural drainage
features on the land adjacent to the site and within a minimum of 100 feet of the
site boundary line, including as examples: street gutters, storm sewers, drainage
channels, other water conveyance structures, wetlands or other waterbodies
receiving storm runoff from the site.
c. Existing tooograDhv at reasonable contour intervals, to provide necessary detail
of the site. The map should extend a minimum of 100 feet beyond the property
line and show the location of the property line.
d. Prooosed development Dian and grading Dian. The proposed topography at
reasonable contour intervals that will provide necessary detail of the site shall
be submitted.
e. Probable locations of soil stockpiles and snow storage areas.
f. Prooosed drainage Dian.
g. Location of storage areas designed for equipment, fuel, lubricants, chemical and
waste storage with an explanation of spill containment structures.
h. Location of temDorarv roads designed for use during construction period.
i. Areas of steep slone - locations must be shown for the following conditions:
Existing Site: Areas greater that or equal to 15%
Developed Area: Areas greater than or equal to 15%
j. Construction schedule - indicating the anticipated starting and completion time
periods of the site grading and/or construction sequence including the
installation and removal of erosion and sediment control measures, and the
estimated duration of exposure of each area prior to the completion of
permanent erosion and sediment control measures.
k. Permanent stabilization - a brief description of how the site will be stabilized
after construction is completed.
1. Plan view drawines of all erosion and sediment control measures showing
approximate locations and site drainage patterns. Text may be necessary to
accompany and explain the drawings. Typical erosion control measures should
be depicted using standard map symbols. (NOTE: symbols are shown in the
Urban Drainage Manual).
m. Detail drawings - for those measures that are not typical erosion control BMP's
or require specific engineering design, such as sediment basin outlet works.
n. Calculations - Any calculations made for determining rainfall, runoff, sizing
any sediment basins, diversions, conveyance or detention/retention facilities.
o. Signature block for owner or legal agent acknowledging the review and
acceptance of responsibility, and a signature and stamped statement by the
qualified individual acknowledging responsibility for the preparation of the
Erosion and Sediment Control Plan.
p. A copy of the required CDPS construction permit, if required. State and federal
law mandates a stormwater permit for construction sites disturbing five or more
acres even where disturbance is phased. In most cases the information required
herein will meet state submittal requirements.
' 1 SRC ~7 Nl lt. ~ G
NORTHWEST COLORADO COUNCIL OF GOVERNMENTS
WATER QUALITY PROTECTION STANDARDS
I. CONTROL, OF EROSION AND SEDIMENTATION
A. PURPOSE AND APPLICABILITY
1. Purpose. The goal of these requirements is to minimize the water
quality impacts resulting from construction and other land disturbing
activities. Siltation is often a cause of water quality impairment in
waterbodiies in Colorado.
2. ADolicability. NWCCOG Recommendation: The following
requirements should apply to land disturbances within 100 feet of a
waterbody and to all land development disturbing more than one-half
(1/2) acre, with the exception of agricultural grading activities.
3. Exemption. Occasions may arise where these minimum standards
are either inappropriate or cannot be practically implemented. In
these cases a variance to these criteria shall be considered. Written
requests for each variance should be directed to the Town (County)
Engineer.
B. EROSION AND SEDIMENT CONTROL REQUIREMENTS
1. Minimize Erosion on the Site.
a. Phase construction - Stage and schedule the timing of earth
disturbing construction activities, such as clearing, grading,
road construction, and utilities installation to minimize soil
exposure.
b. Install erosion and sediment control measures before site
aradina or other construction, to the greatest extent
practicable.
c. Soil stabilization - Disturbed areas and soil stockpiles shall be
stabilized or protected to effectively control erosion. These
areas should be surface roughened, mulched, or seeded and
mulched, or otherwise protected from erosive forces if they will
remain exposed and inactive for periods longer than 14 days.
This requirement also applies if soil is expected to be exposed
during winter to minimize erosion from occurring during spring
snow melt. Disturbed areas should be mulched, or seeded
and mulched within 7 days after final grade is reached,
weather permitting.
On slopes steeper than fifteen percent (15%), or within one
hundred feet (100') of any waterbody, exposed soils shall be
10
stabilized using appropriate techniques such as
hydromulching, erosion control blankets, bonded fiber matrices
or other equally protective measures. Grass or straw mulch
should be crimped, tracked or tacked in place to promote
surface anchoring.
d. Temoorarv and oermanent reveaetation - Disturbed areas that
will not be built upon for one (1) year shall incorporate a
temporary cover crop to promote soil stability. Areas exposed
for two (2) or more years must be revegetated with a
perennial, native grass mix (or other grass mixtures as
recommended by the local Natural Resources Conservation
Service office). Within two (2) full growing season of project
completion, vegetative site coverage shall have a perennial
herbaceous component equal to or greater than seventy
percent (70%) of the adjacent undisturbed areas. [Note:
There may be related landscaping requirements such as
protection of trees. Irrigation requirements for
revegetation may be limited by in-house use only well
permits. Performance guarantees, if used, should
include cost of revegetation]
e. Cut and fill sloes Where cut and fill cannot be avoided,
slopes shall be designed for long term stability. Permanent
vegetation should be used as the priority approach to
stabilization of cut and fill areas where slopes are less than or
equal to 3:1. On steeper cut and fill slopes, stabilization may
be attained by utilizing a combination of retaining walls, rock
walls, up slope runoff diversions, terracing, slope drains, soil
nailing, mulch binders, erosion control blankets, vegetation or
other measures appropriate for the specific situation.
Retaining walls over four feet (4') in height or step retaining
walls shall be designed by a qualified individual. Revegetation
or other methods soil stabilization of the steps is required. The
soil surface of cut and fill slope shall not remain exposed
without an approved method of soil stabilization.
f. Construction in or directly adiacent to anv waterbodv, such as
culvert or bridge installation, shall require measures to protect
water quality and channel stability. This requirement may
include stream isolation through the use of coffer dams,
complete containment of the stream in the area of the
disturbance, stream crossing structures, or limitations on the
dates when in-stream work can be performed. In all cases
construction shall conform to applicable USACE Section 404
permitting requirements.
g. Protect new or re-routed irrigation ditches. swales. receiving
channels and streams from accelerated erosion until
conveyance section has established vegetation and is stable
under flows for which the feature was designed. The minimum
recurrence frequency storm during active construction for
channel stability design is the 2-year event for the entire
drainage area served by that flow conveyance feature.
Diverting off-site flows around construction sites can effectively
reduce the design flow.
h. Protect culvert outlets from erosive flows by installing velocity
reducers such-as gravel dikes, level spreaders or similar
measures.
2. Minimize sediment leaving the site.
a. Manaae stormwater runoff flows to minimize erosion and
sediment transport off-site. Divert concentrated flows away
from disturbed slopes and minimize length and steepness of
disturbed slopes or use slope drains.
b. Minimize sediment and mud from leaving the construction site
by protecting access routes by either immediate placement of
street base or construction of mud pads. Mud pads shall be at
least fifty feet (50') in length and comprised of angular rock
and/or a wheel washing facility.
c. Protect adiacent orooerties from sediment laden runoff by
using sediment fences, and sediment or silt traps or other
appropriate control options.
d. Storm sewer inlets shall be protected from entry of sediment-
laden water. This may be accomplished by straw bales,
supported silt fence structures, dumped rock or. other barriers.
e. Divert off-site runoff around construction site when practical.
3. Detention and Treatment.
a. When the contributing drainage area, including off-site area
(unless bypassed), is greater than five (5) acres, one or more
sedimentation basin(s) shall be constructed to provide a total
of 1800 cubic feet of basin volume for every acre contributing
runoff into the basin. The outlet of the sediment basin should
be designed to empty the storage volume in no less than 12
hours. The basin's length should be no less than twice the
basin's width, otherwise a baffle may be installed to minimize
short circuiting. If the discharge from the basin is passed
through a filtration device (i.e. a vegetated field, forested area,
or a constructed wetland) the basin volume requirements may
be reduced.
b. Where the contributing drainage area is less than five (5)
acres, a specific engineered design for sediment trapping
facilities is not necessary. Silt traps may be used to detain
and treat runoff if the contributing drainage area is less than
five (5) acres.
c. Sedimentation basins will be removed after successful
revegetation of the site. Embankments to be left as permanent
facilities shall have a capacity to safely pass the 100 year flood
and meet any relevant dam and diversion requirements of the
Colorado State Engineer's Office (also see Stormwater and
Runoff Requirements)
4. Construction De-Watering
a. Construction de-watering activities will conform with the State's
CDPS construction de-watering permit requirements including
total suspended solids with a thirty (30) day average
concentration of no more than 30 mg/I, a seven (7) day
average of no more than 45 mg/I, and a daily maximum
concentration of 60 mg/I.
b. Discharges from construction de-watering operations shall be
done in a manner which minimizes erosion and utilizes best
management practices such as velocity reducers, sediment
basins, straw bales or other measures.
5. Inspection and Maintenance of Erosion and Sediment Control
Devices.
a. Inspection. The applicant or the applicants designated
representative shall inspect all erosion and sediment control
devices after any precipitation that creates runoff and make
repairs. At a minimum,, erosion and sediment control devices
shall be inspected every 14 days. An inspection log shall be
kept on-site for review by (city/county) inspectors until the
project is complete and submitted to the governing entity upon
request. [Note: The City of Golden and the Colorado
Department of Transportation (CDOT) inspection log
sheets are attached]
b. Maintenance. Erosion and sediment control devices shall be
maintained in a manner to support their effectiveness.
Accumulated sediment should be periodically removed from
sediment basins and traps; straw bale and silt fence barriers
should be checked for undermining and bypass and repaired
or expanded as needed; and mulched soils shall remulched
where mulch has been lost or damaged.
C. SUBMITTAL REQUIREMENT
[NOTE: add description of situations that trigger need for an erosion
and sediment control plan. Smaller projects may not require all of the
following submittal requirements. Triggers for erosion control plans
used by other jurisdictions include: grading permit; any disturbance l/2
acre or larger; any development larger than single family house;
residential development of 3 units or more unless situated on slopes in
excess of 15% or within 50-100' of a.wetland or other water body.
Gypsum suggests 1 to 5 acres. Summit County says prior to
subdivision or site plan approval or issuance of building permit'for
development proposal. ]
1. Erosion and Sediment Control Plan. The erosion and sediment
control plan shall be prepared by a qualified individual in accordance
with sound environmental and engineering practices. [Note:
Individual towns and counties will need to establish their own
criteria as to what a "qualified individual" is]. This information
may be included as part of a Stormwater Quality Control Plan, if
required. A concise erosion and sediment control plan shall be
submitted that addresses site specific issues and contains the
following information:
a. A site mao showina locations of anv existina structures.
waterbodies or hvdroloaic features on the site, including
intermittent water features, wetlands and the 100 year flood
plain boundaries.
b. Locations of existina and orooosed drainage structures or
natural drainaae features on the land adjacent to the site and
within a minimum of 100 feet of the site boundary line, including
as examples: street gutters, storm sewers, drainage channels,
other water conveyance structures, wetlands or other
waterbodies receiving storm runoff from the site.
c. Existina tooooraDhv at reasonable contour intervals, to provide
necessary detail of the site. The map should extend a minimum
of 100-feet beyond the property line and show the location of
the property line.
d. Prooosed development olan and aradina olan. The proposed
topography at reasonable contour intervals that provide
necessary detail of the site shall be submitted. The map should
show elevations, dimensions, location, extent and slope of all
proposed clearing and grading including building site and
driveway grades.
e. Probable locations of soil stockpiles" and snow storage areas.
f. Prooosed drainaae olan.
g. Location of storage areas designated for equipment, fuel,
lubricants, chemical and waste storage with an explanation of
spill containment structures.
h. Location of temoorarv roads designed for use during
construction period.
i. Areas of steep slope - locations must be shown for the
following conditions:
Existing Site: areas greater than or equal to 15%
. areas greater than or equal to 30010
Developed Area: areas greater than or equal to 15%
areas greater than or equal to 30%
j. Construction schedule - indicating the anticipated starting and
completion time periods of the site grading and/or construction
sequence including the installation and removal of erosion and
sediment control measures, and the estimated duration of
exposure of each area prior to the completion of temporary
erosion and sediment control measures.
k. Permanent stabilization - a brief description of how the site will
be stabilized after construction is completed.
1. Plan view drawinas of all erosion and sediment control
measures showing approximate locations and site drainage
patterns. Text may be necessary to accompany and explain
the drawings. Typical erosion control measures should be
depicted using standard map symbols (Figure [Note: see
1-1a and 1-1b in Urban drainage manual, included]
m. Detail drawinas - For those measures that are not typical
erosion control BMP's or require specific engineering design,
such as sediment basin outlet works.
n. Estimated total cost (installation and maintenance) of the
required temporary soil erosion and sediment control measures
to assist the (city or county) determine performance
guarantees, if any, for the proposed plan.
o. Calculations - Any calculations made for determining rainfall,
runoff, sizing any sediment basins, diversions, conveyance or
detention/retention facilities.
p. Other information or data as may be reasonably required by
the local jurisdiction.
q. Sianature block for owner or legal agent acknowledging the
review and acceptance of responsibility, and a signature and
stamped statement by the qualified individual acknowledging
responsibility for the preparation of the Erosion and Sediment
Control Plan.
r. A copy of the required CDPS construction permit, if required.
State and federal law mandates a stormwater permit for
construction sites disturbing five acres or more even where the
disturbance is phased. in most cases the information required
herein will meet state submittal requirements
II. POST CONSTRUCTION STORMWATER & URBAN RUNOFF
A. PURPOSE AND APPLICABILITY
1. Puroose. The intent of these regulations is to minimize water quality
and flooding impacts resulting from increased imperviousness and
land use changes which have been shown to degrade water quality
and alter natural hydrology.
2. Aoolicabilitv. NWCCOG Recommendation: These regulations
should apply to any commercial or industrial development, new
subdivisions, new development within 100 feet of a waterbody, and to
any other development creating 10,000 square feet or more of
impervious surface area.
3. Exemptions. Occasions may arise where these minimum standards
are either inappropriate or cannot be practically implemented. In
these cases a variance to these criteria shall be considered. Written
requests for each variance should be directed to the Town (County)
Engineer.
B. REQUIREMENTS FOR STORMWATER & URBAN RUNOFF
1. Avoid direct discharge to streams or other waterbodies -
Stormwater runoff from project areas likely to contain pollutants shall
be managed in a manner that provides for at least one of the
following:
a. Direct runoff to stable, vegetated areas capable of maintaining
sheetflow for infiltration. Vegetated receiving areas should be
resistant to erosion from a design storm of 0.5 inches in 24
hours.
b. On-site treatment of stormwater by use of best management
practices designed to detain (see #4. Detain and Treat Run-off
below) or infiltrate the runoff and approved as part of the
Stormwater Quality Control Plan prior to discharge to any
natural waterbody, or
c. Discharge to a stormwater conveyance structure, designed to
accommodate the projected additional flows from the
proposed project, with treatment by a regional or other
stormwater treatment facility prior to discharge into any natural
waterbody.
2. Minimize Directly-Connected Impervious Areas - The site design
should minimize the extent of directly-connected impervious area
(DCIA) by including the following requirements.
a. Runoff from fifty percent (50%) of all developed impervious _
surfaces (rooftops, parking lots, sidewalks, etc.) shall drain.
over stable, vegetated pervious areas before reaching
stormwater conveyance systems.
b. When impervious surfaces drain onto grass buffer strips (or the
equivalent) the maximum slope the grass buffer strips is five
percent (5%) and the gradient should be uniform Winsure
evenly distributed sheet flows. Check dams may be
necessary to maintain 5% slopes.
c. The recommended design width (w) for pervious vegetated
buffer strips, the distance along the sheet flow direction, shall
be the greater of the following:
w 8.0 feet
w0.2L
Where L equals the length of the flow path of the sheet flow
over the upstream impervious surface.
Practices other than grass buffer strips can be used to
minimize DCIA. For example, play areas, parks, ball fields,
and landscape features.
_e. The requirement that fifty percent (50%) of the impervious area
drain to vegetated pervious buffer strips may be reduced if the
outflow from the vegetated pervious buffer strip is directed to
other stormwater treatment methods. Examples of other
potential techniques to be used in conjunction with vegetated
pervious buffer strip are: infiltration devices, grass
depressions, constructed wetlands, sand filters, dry ponds,
etc.
3. Detain and Treat Runoff - Permanent stormwater detention facilities
are required to be multipurpose facilities; that is facilities that not only
detain flows to historic peak discharge rates, but which also provide
water quality benefits. Such detention can be either "on-site" or
"regional" in nature; however, detention must be provided concurrent
with land development. Specific design criteria for detention facilities
include:
a. Detention facilities must ensure the post-development peak
discharge rate does not exceed the pre-development peak
v
discharge rate for the 2-year and 25-year return frequency,
24-hour duration storm. In determining runoff rates, the entire
area contributing runoff must be considered, including any off-
site contribution. Off-site contributions shall be determined
using the fully developed potential, based upon existing zoning
subject to these requirements, of the area draining into the
detention facility.
b. To minimize the threat of major property damage or loss of life
all permanent stormwater detention facilities must demonstrate
that there is a safe passage of the 100-year storm event
without causing property damage.
c. Channels downstream from the stormwater detention pond
discharge shall be protected from increased channel scour,
bank instability, and erosion and sedimentation from the 25-
year return frequency, 24 hour design storm.
d. Removal of pollutants shall be accomplished by sizing dry
detention basins to incorporate a 40-hour emptying time for a
design precipitation event of 0.5 inches in 24 hours, with no
more than 50% of the stored water being released in 12 hours.
It retention ponds ("wet ponds") are used then a 24 hour
emptying time is required. For drainage from parking lots,
vehicle maintenance facilities, or other areas with extensive
vehicular use this practice may require the additional use of a
sand and oil grease trap or similar practice (e.g., constructed
wetland, extended detention with no initial release, etc.). To
promote pollutant removal, detention basins length-to-width
ratio should be not less than 2, with a ratio of 4 recommended
where site constraints allow. A sedimentation "forebay" is
recommended to promote long-term functioning of the
structure. Access to both the forebay and pond by
maintenance equipment is essential.
e. On-site stormwater detention facilities require a written
arrangement which ensures that the facility is regularly
inspected to ensure it is functioning properly and to provide
any necessary maintenance.
f. All permanent stormwater detention basins shall be designed
. by a qualified individual.
4. Permanent Revegetation - The requirements for permanent
vegetation identified in Section I.B.(d) shall be applied
following permanent revegetation standards are required:
a. Revegetate landscape within 7 days after final grade is
reached. Grass or straw mulch should be crimped, tracked or
tacked in place to promote surface anchoring.
i
b. On slopes steeper than fifteen percent (15%), or within one
hundred feet (100') of any waterbody, exposed soils shall be
stabilized using appropriate mulching techniques such as
hydromulching, erosion control blankets, bonded fiber matrices
or other equally protective measures..
c. Temporary measures for soil stability like mulch or silt fences
shall be left in place until the vegetative cover has reached
70% of the disturbed area.
B. SUBMITTAL REQUIREMENTS
[NOTE: add criteria describing when a stormwater quality control plan
is required]
1. A site specific Stormwater Quality Control Plan (SQCP) must be
submitted for review and approval. The SQCP should consist of a
narrative report supported by exhibits, where necessary, and should be
developed and submitted as an integral part of the site's drainage plan.
The following information must be included within the SQCP, or
identified in the Erosion and Sediment Control Plan or the drainage
report:
a. Name. address and teler)hone number of the applicant and the
qualified individual preparing the report, if applicable;
b. Proiect description briefly describing the nature and purpose of
the development or redevelopment, the total area of the site,
the area of disturbance involved, and project location including
legal description;
c. Existina site conditions should be described including existing
topography, vegetation, and drainage. If wetlands are present
on the site they must be described according to the applicable
Army Corps of Engineers delineation manual;
d. A vicinitv mar) indicating the general area and property lines;
e. An exhibit or mar) of drainaae features and basin boundaries
on the site. If the location of the SQCP BMPs are not indicated
on the site drainage map than these BMPs should be shown
here;
f. Percentage of steer) slope areas must be calculated for the
following conditions:
Existing Site: areas greater than or equal to 15%
areas greater than or equal to 30%
Developed Area: percent greater than or equal to 15%
ti
percent greater than or equal to
30%;
g. Neiahborina areas must be described as to land use and
existing pertinent features such as lakes, streams, structures,
roads, etc.;
h. A description of the stormwater auality manaaement olannina
conceot for the site. includina both structural and non-structural
best manaaement practices;
i. Hvdroloaic. hvdraulic and all other calculations used to size -and
design drainage facilities and/or structural BMPs; and,
j. Maintenance requirements for all proposed BMPs should be
discussed including access, schedules, costs, and designation
of a responsible party.
III. SLOPE LIMITATIONS
A. PURPOSE AND APPLICABILITY
1. Puroose. Disturbance and construction on steep slopes creates
increased potential for slope failure, erosion, accelerated runoff, and
subsequent water quality impacts. These requirements are intended
to reduce those impacts.
2. Aoolicability. NWCCOG Recommendation: All development on
slopes shall be in accordance with the following requirements:
B. SLOPE REQUIREMENTS
1. Development is prohibited on slopes of thirty percent (30%) or
greater. In situations where this limitation would prevent all
reasonable use of the site, disturbance may be allowed but shall not
exceed fifteen percent (15%) of the area of the site equal to or greater
than thirty percent (30%) slope. In addition, the following is required:
a. A slope stability analysis by a registered professional engineer
is required for proposed development features.
b. Where steeper slopes are disturbed the activity shall be done
in a manner that minimizes loss of existing vegetation. For
example, it may be necessary to minimize the amount of fill for
a road cut.
IV. WATERBODY BUFFER SYSTEM
A. PURPOSE AND APPLICABILITY
J
1. Puroose. The intent of these regulations is to preserve riparian
corridors to help protect the physical, chemical and biological integrity
of waterbodies from adverse water quality and quantity impacts.
Preservation of riparian corridors along waterbodies will help promote
streambank stability and prevent increased stream temperature,
accelerated loading of nutrients and sediments and other pollutants.
Vegetation in the riparian corridor plays a critical role in the food chain
for aquatic organisms. The purpose of the following requirements is
to protect these functions of the riparian corridor. Current scientific
research indicates that a "tiered approach" to waterbody buffers is
more effective than a single setback. This approach provides more
flexibility on the location and nature of disturbance in the riparian
zone.
2. Aor)licability. NWCCOG Recommendation: The following tiered
approach to waterbody setbacks should apply to all activities that
require development approvals. Where the development approval is
for the "redevelopment" of an existing, nonconforming use, every
effort should be made to provide for the restrictive inner buffer zone
portion of the buffer system. [Note: The specific distance for the
setbacks below may not work for all towns. These entities need
to keep in mind that they will need to have a basis for the
distances that they choose. Twenty-five feet (25') has been
shown to be the absolute minimum effective "setback" and
should still be part of the buffer system described below.]
B. BUFFER SYSTEM REQUIREMENTS
1. Restrictive Inner Buffer. A setback of twenty five feet (25') [or the
existing setback if greater, as is the case in Eagle County]
measured horizontally from the typical and ordinary high water mark in
average hydrologic years on each side of a waterbody or field
delineated wetland is required. Earth or vegetation disturbance is
restricted within this inner buffer zone. Irrigation and water diversion
facilities, flood control structures, culverts, bridges and other
reasonable and necessary structures requiring some disturbance
within this setback may be permitted. The following items are
examples of actions that are not allowed within the restrictive inner
buffer zone:
a. Placement of material, including without limitation any soil,
sand, gravel, mineral, aggregate, organic material, or snow
plowed from roadways and parking areas;
b. Construction, installation, or placement of any obstruction or
the erection of a building or structure;
c. Removal, excavation, or dredging of solid material, including
without limitation any soil, sand, gravel, mineral, aggregate, or
organic material;
a
L
d. Removal of any existing live vegetation or conducting any
activity which will cause any loss of vegetation, unless it
involves the approved removal of noxious weeds, non-native
species, dead or diseased trees;
e. Lowering of the water level or water table by any means,
including draining, ditching, trenching, impounding, pumping or
comparable means; and,
f. Disturbance of existing natural surface drainage characteristics,
sedimentation patterns, flow patterns, or flood retention
characteristics by any means including without limitation
grading and alteration of existing topography. Measures taken
to restore existing topography to improve drainage, flow
patters, flood control, etc. must be approved.
2. Variable Outer Buffer Zone Earth and vegetation disturbance within
this variable buffer may be limited where necessary to protect the
integrity of the waterbody or special site specific features. For a
specific site, this variable buffer may range from zero (0') to seventy-
five feet (75') beyond the outer edge of the restrictive inner buffer zone
described above (i.e. up to 125' beyond the high water mark of the
waterbody during average. hydrologic years or wetland boundary.) The
width of this variable outer buffer zone may be undulating across a
piece of property in order to in order to provide protection to site
specific features. Site specific features that could trigger the need for
either an outer buffer zone, equivalent mitigation, or a combination of
outer buffer zone and mitigation include:
a. Steep slopes draining into the waterbody or wetland;
b. Highly erodable soils are present;
c. Presence of unstable streambank conditions;
d. The proposed use of the property presents a special hazard to
water quality (e.g., storage or handling of hazardous or toxic
materials) ;
e. The area is needed to protect trees, shrubs, or other natural
features that provide for streambank stability, habitat
enhancement for aquatic environments, riparian area
protection, or to maintain pre-development riparian plant or
animal communities;
f. The area provides habitat for plant, animal, or other wildlife
species listed as threatened or endangered by the United
States Fish and Wildlife Service;
g. The area provides habitat for plant, animal, or other wildlife
species listed by the State of Colorado as rare, threatened, or
endangered, species of special concern, or species of
undetermined status;
h. The area is within the 100-year flood plain;
i. The area is needed to prevent or minimize flood damage by
preserving storm and flood water storage capacity;
j. The area is needed to protect fish spawning, breeding, nursery
and feeding grounds; or,
k. The area is needed to preserve areas of special recreational,
historical, archeological, scenic, or scientific interest.
C. SUBMITTAL REQUIREMENTS
1. Site plan submittal shall include delineation of all applicable buffer
zones. These boundaries should also be shown on all clearing,
grading and erosion control plans. Because the variable outer buffer
zone is flexible and site specific, the applicant is expected to submit
rationale for the size of this buffer zone and identify proposed
mitigation measures to be used at the site.
V. HAZARDOUS MATERIALS MANAGEMENT
A. PURPOSE AND APPLICABILITY
1. Purpose. Hazardous materials stored or used in close proximity to
waterbodies create a potential threat to fish and other aquatic life.
The purpose of these requirements is to minimize the likelihood of
detrimental impacts to the waters and aquatic life from the storage
and use of hazardous materials.
2. AoQlicability. NWCCOG Recommendation: The following
regulations should apply to all non-residential facilities.
B. REQUIREMENTS FOR HAZARDOUS MATERIALS STORAGE AND USE
1. Compliance with Regulations. At a minimum, all hazardous
materials shall be stored and used in compliance with applicable state
and federal hazardous materials regulations.
2. Storage Near Waterbodies Restricted. The storage of hazardous
materials within 100 horizontal feet of any waterbody is restricted.
When no practical alternative exists, site specific BMPs must be
utilized to minimize potential adverse water quality impacts.
Sand and salt for road traction, while not hazardous materials, shall
not be stored within 100 horizontal feet of any waterbody unless there
is no practicable alternative, in which case suitable site-specific BMPs
must be utilized.
s
3. Spill Prevention. Measures shall be designed and implemented to
prevent spilled fuels, lubricants or other hazardous materials from
entering a waterbody, including ground water, during construction or
operation of a equipment and/or facility. If a spill occurs it should be
cleaned up immediately and disposed of properly.
4. Machine maintenance. Routine field maintenance of vehicles or
mobile machinery shall not be performed within 100 feet of any
waterbody. Emergency maintenance can be conducted until the
vehicle or machinery can be moved. Routine equipment maintenance
should be performed in a designated area and measures such as drip
pans used to contain petroleum products.
5. Fuel storage areas. Containment measures shall be provided for all
fuel storage areas to prevent release to any waterbody. Inventory
management or leak detection systems may be required.
6. Waste Storage. Areas used for the collection and temporary storage
of solid or liquid waste should be designed to prevent discharge of
these materials in runoff from the site. Collection sites should be
located away from the storm drainage system. Other BMPs such as
covering the waste storage area, fencing the site, and constructing a
perimeter dike to exclude runoff may also be necessary.
VI. SNOW STORAGE
A. PURPOSE AND APPLICABILITY
1. Purpose. Snow removal often results in the accumulation of sand, oil
and grease, metals, trash, pet wastes, and other pollutants found in
urban stormwater. The purpose of these requirements is to promote
responsible snow storage and management techniques to minimize
the likelihood of these pollutants entering waterbodies.
2. Ar)plicability. NWCCOG Recommendation: The following
regulations should apply to all development. Single family residential
units are exempt from these requirements if they are part of a
subdivision which provides snow storage and removal.
B. SNOW STORAGE REQUIREMENTS
1. An area equal in size to thirty percent (30%) of the area to be plowed
shall be set aside for snow storage. Site specific analysis may also
be used to determine snow storage requirements. [Note: This
requirement is an existing standard for the towns of Vail and
Silverthorne. A smaller percentage is appropriate for lower areas
receiving less snow, e.g., Gypsum. We recommend that each
jurisdiction adopting these regulations determine the appropriate
area for snow storage in that area]
2. Designated snow storage area shall not be less than six feet wide.
These areas shall be adjacent to the area from which the snow is to be
removed when practical, shall not be included in any parking area
required by the minimum parking requirements of the town/county and
shall be contained in such a manner that runoff is directed through a
detention or infiltration facility or other BMP that removes pollutants,
including vegetated areas.
3. Designated plowed snow storage areas shall not be located in the
restrictive inner buffer zone. (see Section IV, Waterbody Buffer
System). Storage sites must be well drained.
4. In lieu of on-site snow storage, off-site snow storage may be approved
if: (1) an appropriate off-site snow storage site is available; (2)
arrangements for the off-site removal have been made in a manner
assuring the continuation of such practice; (3) assurances of continued
availability of such a storage site are made; and, (4) the alternative
snow storage site provides adequate water quality protection through
the use of appropriate snow storage treatment practices.
5. Design of snow storage treatment facilities for off-site snow storage
facilities shall be in accordance with the following:
a. Maintain existing peak flow rates for storms up to and including
the 25-year, 24-hour rainfall event, in combination with a melt
rate from the snow stock pile of 2 inches in 24 hours.
b. Sites with favorable infiltration rates are encouraged.
c. Minimize run-on by diverting runoff around stock piles if
possible.
d. Vegetate the storage areas with species appropriate to the site
conditions.
e. Discharges shall be nonerosive and/or measures shall taken to
protect receiving channels.
f. Good site access for trash removal and periodic maintenance.
6. Dumping snow plowed from roadways and parking areas into any
waterbody is prohibited.
C. SUBMITTAL REQUIREMENTS
1. Snow removal and storage must be identified for all development
proposals. Plans for constructed facilities should be prepared by a
qualified individual.
2. Off-site storage sites must submit proof of ownership or other legal
arrangements for use of the area for snow storage.
VII. WASTEWATER SYSTEM STANDARDS
[Note: Municipalities and Counties also can regulate siting and extension of
municipal and industrial wastewater projects under "1041" ( C.R.S. 24 - 65.1 -
101). If a local government has not chosen to regulate under 1041, these
general water quality protection standards can apply to wastewater facilities
-serving any development.]
A. PURPOSE AND APPLICABILITY
1. Purpose. The purpose of the following requirements is to protect
waterbodies from the detrimental affects of substandard, failing, and
poorly operated or maintained individual sewage disposal systems
and ensure that centralized wastewater treatment systems are
meeting all pertinent regulations.
2. Aoolicabilitv. NWCCOG Recommendation: Wastewater treatment
facilities serving any development shall meet the following additional
water quality protection standards.
B. REQUIREMENTS FOR WASTEWATER SYSTEMS
1. Centralized Wastewater Treatment Facilities. Centralized
wastewater treatment facilities shall be constructed, operated and
maintained at all times in compliance with local, state and federal
regulations. All development shall be connected to existing central
sewer treatment system if the development is to be located with 400
feet of an existing collection pipe.
2. Individual Sewage Disposal Systems (ISDS) All ISDSs shall be
designed, installed and operated properly at all times.
a. Failure of an ISDS shall be deemed to have occurred if the
leach field effluent rises to the ground surface, if the leaching
pipes are full of solids, if groundwater monitoring data indicates
that nutrients or fecal bacteria is elevated in the groundwater
near the ISDS, or if the facility is judged to be a nuisance by the
County Environmental Health Department.
b. Inspection and maintenance of these systems shall be
performed by an approved contractor and a compliance report
shall be provided at least annually by August 15 to the permit
authority.
c. Septic tanks shall be pumped at minimum once every five (5)
years.
d. ISDS design must be approved and permitted by the County
Board of Health in accordance with the County ISDS
regulations.
e. New subdivisions utilizing ISDSs are required to have a
contract in place with an approved contractor which outlines
annual inspection and maintenance arrangements.
Vlll. WATER QUALITY PROTECTION STANDARDS APPLICABLE WITHIN
WATERSHED DISTRICT OR SENSITIVE AREA OVERLAY DISTRICT
A. PURPOSE AND APPLICABILITY
1. Purpose. The purpose of this section is to provide additional water
quality protection for municipal water supplies pursuant to Section 31-
15-707(1)(b)CRS or sensitive aquatic environments,.
2. Aoolicability. NWCCOG Recommendation: These requirements
shall apply to any activity with the potential to affect water quality
proposed within a watershed district designated by a municipality
pursuant to Section 31-15-707 (1) (b) C.R.S., or within a sensitive
areas overlay designed to protect the, aquatic environment.
Delineation of the watershed protection district or sensitive area
overlay district should be provided on maps. Adoption of these
special protection districts should occur through the prescribed public
process for a new zoning classification.
B. STANDARDS
1. Performance Guaranty. In addition to any other security that may be
required, a performance guaranty letter of credit or other security in a
form acceptable to the permit authority shall be posted before any
permit is issued in an amount sufficient to cover the full cost of
restoring or mitigating any negative impacts to the watershed or
aquatic environment caused during construction. The security shall be
released upon a finding by the permit authority that: (1) construction is
completed; and, (2) the post-construction watershed or aquatic
environment is restored to the same quality as pre-construction
conditions.
2. Increase in Pollution Prohibited. All non-point and point sources of
pollutants caused or associated with a regulated activity shall not
result in any measurable increase in pollution, as measured at the
point of compliance established by the permit authority, over the
existing water quality in any waterbody affected by the activity.
3. Drainage Alterations. Any alteration to water drainage courses shall
be prohibited which increase or decrease rates of stream flow,
increases sediment deposition, causes erosion to stream banks,
result in increases or decreases of temperature, or otherwise causes
injury to the aquatic environment. Impervious areas are prohibited
Y 5
within seventy-five feet (75') of intermittent streams and one hundred
feet (100) of perennial streams.
4. Timbering. Any timber harvesting, other than to clear trees for
structures, roads or driveways, or to protect the health of the forest
ecosystem, shall be prohibited.
5. Mining. All surface and subsurface mining operations, with the
exception of reclamation activities pursuant to a State approved
reclamation plan, shall be prohibited.
6. Damage to Waterworks Prohibited. Any activity causing impairment
or damage to publicly-owned Waterworks shall be prohibited.
7. Construction in Waterbodies Prohibited. Construction, other than
permitted streambank reinforcement or repair, water diversion
placement or repair, or stream crossings, within any waters in the
district shall be prohibited.
8. Storage of Hazardous Materials Prohibited. No pesticides,
petroleum products, or other substances which have the potential to
degrade water quality, shall be stored within 100 horizontal feet of any
waterbody. No sand and salt for road de-icing shall be stored within
100 horizontal feet of any waterbody. Open storage of fertilizers
within 100 horizontal feet of the waterbody is also prohibited.
C. SUBMITTAL REQUIREMENTS. Any activity in a watershed district or
overlay district to protect the aquatic environment shall submit the following:
1. Environmental Assessment and Mitigation Description. A detailed
description of the natural environment; temporary, long-term,
individual and cumulative potential impacts to the environment of the
activity; and, proposed mitigation including:
2. Water Resources
a. A map of all surface waters, wetlands, and groundwater
potentially affected by the proposed land use activity.
b. Existing water quality in all potentially affected waters for-each
parameter established by the Colorado Water Quality Control
Commission.
c. A description of the potential adverse impacts from the activity
on water quality and quantity.
d. A description of proposed minimization and mitigation
measures for water quality and quantity impacts.
3. Vegetation
a. A map showing the type and extent of vegetation in and
adjacent to the site.
b. A description of the potential impacts the activity will have on
that vegetation.
c. A detailed description of proposed mitigation of impacts to
vegetation.
4. Soils
a. A description of soil conditions in the area potentially affected
by the activity, including contour map at intervals determined
by the town/county, identifying drainage areas, slopes,
avalanche areas, debris fans, mud flows, rock slide areas, and
soil types.
b. A description of potential impacts to soils and impacts to soils
caused by the activity, and of potential adverse effects to the
activity caused by soil conditions.
c. A description of proposed mitigation necessitated by soil
conditions.
5. Drainage
a. A map showing all natural drainage patterns in the area
potentially affected by the activity.
b. A description of potential impacts to natural drainage patterns
caused by the activity.
c_. A description of proposed mitigation of impacts to natural
drainage patterns, including pre- and post- development
drawings..
6. Water Supply
a. A description of the water supply for the activity including any
proposed wells, water rights and diversion facilities.
b. Potential impacts to the watershed associated with the
proposed water supply for the activity.
c. A detailed description of mitigation of impacts to the watershed
caused by the activity's water supply.
7. Water Quality Monitoring Plan. A plan for water quality and quantity
monitoring at the location and for the parameters required by the
permit authority. This may include biological monitoring.
IX. ENFORCEMENT AND PENALTIES
[NOTE: If the model water quality standards are integrated into existing
subdivision and/or zoning codes, enforcement will be carried out in
accordance with those codes. Stand alone enforcement procedures like the
following also may be adopted. This section is a list of potential tools,
individual entities will develop their own specifics]
1. Violation. Should the permit authority discover any violation -of any
water quality protection standard, the permit authority shall cause to
be attached a "notice of violation" to the property and attempt to
deliver a copy of same to the owner or occupier of the property. If the
violation is not remedied or an agreement has not been reached on a
corrective action plan, the permit authority may revoke any
development use permit or approval subject to the water quality
protection standards.
2. Financial Guarantees. An irrevocable letter of credit or other
financial guarantee deemed adequate by the permit authority may be
required to be posted by the landowner or developer prior to issuance
of occupancy permits to guarantee the success of measures needed
to meet these water quality performance standards for two years from
the date occupancy permits are issued.
3. Penalties. Any person engaging in any activity that is not in
compliance with the water quality protection regulations may be
enjoined by the permit authority from engaging in such activity and
shall be subject to such other criminal or civil liability as may be
prescribed by law, including payment of costs and reasonable
attorneys fees. All remedies shall be cumulative.
4. Inspection. The Permit Authority may enter and inspect any property
subject to these water quality standards at reasonable hours for the
purpose of determining whether the activity is in violation of the
provisions of these regulations.
5. Exemptions. As with any design criteria, occasions may arise where
the minimum standards are either inappropriate or cannot be
practically implemented. In these cases a variance to these criteria
shall be considered. Written requests for each variance should be
directed to the Town (County) Engineer.
gq/wgps2.sam
LW 12/30/97
TOWN OF VAIL
1
Financial Statements
1
t For the fiscal year ended December 31, 1999
1
1
1
1
1
1
1
1
1
1
1
TOWN OF VAIL
1
' Financial Statements
For the fiscal year ended December 31, 1999
1
1
1
1
1
1
1
1
1
1
Town of Vail, Colorado
Financial Report
'
December 31, 1999
TABLE OF CONTENTS '
Page
FINANCIAL SECTION: '
Independent Auditor's Report
1
General-Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and '
Account Groups Al -A 2
Combined Statement of Revenues, Expenditures, '
and Changes in Fund Balances - All Governmental
Fund Types A 3
Combined Statement of Revenues ExPenditures '
,
and Changes in Fund Balances - Budget and Actual - '
General, Special Revenue and Debt Service Funds A 4
Combined Statement of Revenues; Expenses, and Changes '
in Fund Equity - 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 8
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 '
Financial Report
December 31, 1999
TABLE OF CONTENTS
(Continued) '
Pave
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 C13
'
Town of Vail Debt Service Fund, Statement of
Revenues and Expenditures - Budget (GAAP Basis) '
And Actual C14
Booth Creek Local Improvement District Fund, t
Statement of Revenues and Expenditures - Budget
(GAAP Basis) and Actual C15
,
Proprietary Fund Types: '
Enterprise Fund:
Parking Structure Fund - Comparative Balance Sheet C16
t
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)
' Pa2e_
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:
t 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 r ,
TABLE OF CONTENTS
(Continued) ,
Paize '
COMBIl UNG 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 '
' Town of Vail, Colorado
Financial Report
December 31, 1999
TABLE OF CONTENTS
' (Continued)
' Page -
Other Schedules (continued):
Debt Service - Schedule of Bond Principal and Interest Requirements
in Future Years - Taxable Sales Tax Revenue Bonds Series 1998B C36
t Annual Statement of Receipts and Expenditures for
Roads, Bridge and Streets C37 - 39
1
' UNDERTAKING TO PROVIDE CONTINUING DISCLOSURE:
' Table I - Debt Service Coverage D 1
Table III - History of Town 4% Sales Tax Receipts D 1
' Table IV - Monthly Comparison of Collections of Sales Tax D 1
' Table V - Sales Tax Collections by Principal Sales Tax Generators D 2
Table VI - Capital Projects Fund 1998 Actual/Projected 1999-2000 D 2
' Table XIX - History of General Fund Revenues, Expenditures, and
Changes in Fund Balances D 3
' Table XX - General Fund 1998 and 1999 Budget Summary and Comparison D 4
t Table XXI - Outstanding Revenue Obligations D 4
vi
' MCMAHAN AND ASSOCIATES, L.L.C.
Certified Public Accountants and Consultants
' WEBSITE: WWW.MCMAHANCPA.COM
SUITE 222/AVON CENTER TELEPHONE: 1970) 845-8800
1 00 WEST BEAVER CREEK BLVD. FACSIMILE: 1970) 845-0851
P.O. BOX 5850 AVON, CO 81620 E-MAIL: MCMAHAN@SNI.NET
' INDEPENDENT AUDITOR'S REPORT
To the Members of Town Council
Town of Vail
' Vail, Colorado
We have audited the accompanying general-purpose financial statements of the Town of Vail, Colorado, and
the combining, individual fund and account group financial statements of the Town of Vail, Colorado as of and
for the year ended December 31, 1999, as listed in the table of contents. These financial statements are the
responsibility of the Town's management. Our responsibility is to express an opinion on these general-purpose
' financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing
' Standards issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting principles used and significant
' estimates made by management, as well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the general-purpose financial statements referred to above present fairly, in all material respects,
the financial position of the Town of Vail, Colorado as of December 31, 1999, and the results of its operations
and its cash flows of its proprietary fund types for the year then ended, in conformity with generally accepted
' accounting principles. Also, in our opinion, the combining, individual fund, and account group financial
statements referred to above present fairly, in all material respects, the financial position of each of the
individual funds and account groups of the Town of Vail, Colorado at December 31, 1999 and the results of
' operations of such funds and cash flows of its individual proprietary funds for the year then ended, in
conformity with generally accepted accounting principles.
Our audit was performed for the purpose of forming an opinion on the general-purpose financial statements
taken as a whole. The accompanying financial information presented as supplemental information found on
pages C-31 through C-39 are presented for purposes of additional analysis and are not a required part of the
general-purpose financial statements of the Town of Vail, Colorado. Such information has been subjected to
' the auditing procedures applied in the audit of the general-purpose, combining and individual fund and account
group financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial
statements of each of the respective individual funds and account groups taken as a whole. The tables included
' for the undertaking to provide continuing disclosures found on pages D-1 through D4 have not been audited
by us, and accordingly, we do not express an opinion thereon.
1)"A a,,jJ 7~~ 17~J , &L~
McMahan and Associates, L.L.C.
' March 17, 2000
Performing services for local governments throughout Colorado
' D. Jerry McMahan, C.P.A. Daniel R. Cudahy, C.P.A.
Paul J. Backes, C.P.A. David M. Carle, C.P.A.
Michael N. Jenkins, C.A., C.P.A.
Members: American Institute of Certified Public Accountants/Colorado Society of Certified Public Accountants
' National and Colorado Government Finance Officers Association/Colorado Municipal League
1
1 .
i
i General Purpose
Financial Statements
1
i The basic financial statements provide a summary overview of the
financial position of all funds and account groups and operating
i results of all funds. They also serve as an introduction to the more
detailed statements and schedules that follow.
1
1
1
1
i
1
1
1
1
Town of Vail, Colorado
Combined Balance Sheet
All Fund Types and Account Groups
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 Delft 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 investment 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:
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
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 9,582,706 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.
AI
Town of Vail, Colorado
Combined Balance Sheet
All Fund Types and Account Groups
December 31, 1999
(With Comparative Totals for 1998)
Proprietary Fiduciary
Governmental Fund'rypes Fund Type 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
Liabilities
Deficit in pooled cash and investments 13,587 13,587 13,587 338
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 228,742 1,018,204 1,667 9,541 1,258,154 1,258,154 3,988,246
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 I ,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 ,000
514,334 514,334 514,334 515,328
Accrued vacation payable 70,000
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 16,942,315 16,942,315 17,1 17,015
Investment in general fixed assets 45,573,729 45,573,729 45,573,729 50,074,1 15
Retained earnings:
Reserved for health insurance 742,078 742,078 742,078 779,821
Reserved for subsequent years' expenditures 67,924 67,924 67,924
Unreserved (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 33,008,378 29,332,014
Reserved for retirement of bonded debt 163,731 163,731 163,731 251,035
Reserved for prepaid expenses 255,885 255,885 255,885 354,051
Reserved for emergencies 906,500 906,5:00 906,500 834,220
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 68,979 68,979 1,307,889
Undesignated 2,210,198 13,687,211 15,897,409 15,897,409 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 _ 110,238,469 110,238,469 105,561,086
Total Liabilities and Fund Equity 6,868,982 15,168,748 164,318 9,582,706 5,228,120 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.
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 1,216,679 877 1,555,878 1,555,878 960,217
Total Revenues 15,687,073 14,984,728 141,387 30,813,188 62,111 30,875,299 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 2,642,879 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 30,265,120
Excess of Revenues Over (Under)
Expenditures (191,691) 6,828,696 (2,256,401) 4,380,604 (828,536) 3,552,068 (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
Debt reduction from ECRA 750,000 750,000 750,000
Distribution from ECRA to Town of Vail 1,223,241 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) 94,007 2,169,097 1,783,304 815,495 2,598,799 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 part of these financial statements.
A3 1
r r r r r r r r r r r~ r ~r r~ r r r r~
Town of Vail, Colorado
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget and Actual
General, Special Revenue and Debt Service Funds
For the Year Ended December 31, 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 1,215,298 1,202,788 12,510
Total Expenditures 16,885,269 15,878,764 1,006,505 12,543,215 8,156,032 4,387,183 2,408,298 2,397,788 10,510
Excess of Revenues Over
(Under) Expenditures (949,787) (191,691) 758,096 4,504,077 8,801,937 4,297,860 (2,279,228) (2,256,401) 22,827
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 23,038 (87,304) (110,342)
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 4,426,303 274,073 163,731 (110,342)
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
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 in (out) (211,731) 412,333 200,602 (932,790) '
Gain (loss) on disposition of equipment 97,334 398,346 495,680 412,251
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
i
The accompanying notes are an integral part of these financial statements. '
AS '
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 1,1 12,885
Cash Flows from Noncapital Financing Activities:
Cash (to) from 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
1 Purchase of fixed assets (580,374) (319,897 (900,271) (611,398)
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) (1,310,887) (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) decrease in assessments receivable 45,906 45,906 (2,156)
(Increase) decrease in inventory (8,702) (8,702) (13,993)
(Increase) decrease in prepaid expenses (51,702) (51,702) 15,455
Increase (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 1,1 12,885
Schedule of Non-Cash Investing Activities
' Acquisition of equipment contributed by another fund 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
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 $1,221,241 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 31, 1999
(Continued)
1
1. Summary of Significant Accounting Policies (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.
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) '
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.
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.
B3
Town of Vail, Colorado
' Notes to the Financial Statements
December 31, 1999
(Continued)
1. Summary of Significant Accounting Policies (Continued)
C. Basis of Accounting (Continued)
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.
' 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 a legal 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.
B4
Town of Vail, Colorado
Notes to the Financial Statements ,
December 31, 1999
(Continued)
1. Summary of Significant Accounting Policies (Continued)
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.
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 t
(1) GASB pronouncements and (2) FASB 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.
135
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 1999
(Continued)
1. Summary of Significant Accounting Policies (Continued)
' 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.
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.
B6
1
Town of Vail, Colorado
Notes to the Financial Statements ,
December 31, 1999
(Continued)
1. Summary of Significant Accounting Policies (Continued)
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.
Enterprise ,
Internal Service Funds Fund
Heavy Facilities Dispatch Parking '
Equipment Maintenance Services Structure
Fund Fund Fund Fund
Reconciliation to GAAP Basis: '
Net income (loss) - Budgetary Basis $ 215,454 106,353 37,794 (525,462)
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)
The level of control in the budget at which expenditures exceed appropriations is at the
fund level. All appropriations lapse at year end. '
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.
B7
Town of Vail, Colorado
1 Notes to the Financial Statements
December 31, 1999
(Continued)
1. Summary of Significant Accounting Policies (Continued)
' V. Investment Risk
The Town's investments, with the exception of the Town of Vail Employee's Pension Trust Fund and
1 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.
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%
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.
1 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
1 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.
i
1
B8
1
i
Town of Vail, Colorado
Notes to the Financial Statements i
December 31, 1999
(Continued)
2. Budge ,
is (Continued)
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.
(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 1 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.
139
Town of Vail, Colorado
' Notes to the Financial Statements
December 31, 1999
(Continued)
' 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.
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) Uncollateralized. (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
B10
Town of Vail, Colorado
Notes to the Financial Statements '
December 31, 1999
(Continued)
3. Cash and Investments (Continued)
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.
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.
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.
Catesorv 2 CarrvinQ 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 S 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 1021.556 3.021.556 '
Total $ 18.810.758 29.649.820 3.021.556 51.481134
B11
Town of Vail, Colorado
' Notes to the Financial Statements
December 31,1999
(Continued)
3. Cash and Investments (Continued)
' 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.
' Financial statement captions at December 31, 1999 are as follows:
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
B12
Town of Vail, Colorado
Notes to the Financial Statements '
December 31, 1999
(Continued)
B. Proprietary Fund Type Fixed Assets Summary
Enterprise i
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 9,125,796
Depreciation on fixed assets in the proprietary fund types are 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. '
1
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 Description Pavments
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, 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.
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)
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. ,
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 1,370,000
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. '
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)
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.
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
t
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 1 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 1998B bonds, including $332,704 of interest, is '
as follows:
Year Total '
2000 $ 44,288
2001 44,288 r
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.
B18
1
Town of Vail, Colorado
Notes to the Financial Statements '
December 31, 1999
(Continued)
8. Long-Term Debt (Continued)
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.
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%
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.
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:
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 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 $742,078 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.
B21
Town of Vail, Colorado
' Notes to the Financial Statements
December 31, 1999
(Continued)
' 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.
15. Commitments and Contingencies
A. Legal Claims
The Town has been named as a defendant in a legal action that could result in a loss of approximately
$80,000. This potential liability has not been recorded in these financial statements.
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.
B22
1
Town of Vail, Colorado
Notes to the Financial Statements ,
December 31, 1999
(Continued)
17. TABOR Amendment - Revenue and Spending Limitation Amendment (Continued)
The initial base for local government spending and revenue limits is December 31, 1992 fiscal year ,
spending. Future spending and revenue limits are determined based on the prior year's fiscal year
spending adjusted for inflation in the prior calendar year plus annual local growth. Fiscal year ,
spending is generally defined as expenditures and reserve increases with certain exceptions.
Revenue, if any, in excess of the fiscal year spending limit must be refunded in the next fiscal year
unless voters approve retention of such revenue:
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.
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
1
1
1
' 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 '
t
t
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
1 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
1 The accompanying notes are an integral part of these financial statements.
' C1
Town of Vail, Colorado
General Fund
Statement of Expenditures
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 1999 '
(With Comparative Amounts for 1998)
1999 1998 i
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
1
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 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 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.
' 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 Housing Fund is used to account for the monies set aside for local housing in the Town
of Vail.
Town of Vail, Colorado
Special Revenue Funds ,
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
Retamage 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 134,924 28,573 2,255,276 2,418,773 822,273
' Total Revenues 8,983,088 3,142,378 336,293 5 2,522,964 14,984,728 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
' (Under) Expenditures 5,124,338 1,557,155 5 147,198 6,828,696 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)
Debt reduction from ECRA 750,000 750,000
Distribution from ECRA 1,223,241 1,223,241
' Proceeds of capital leases 690,300
Total Other Financing
Sources (Uses) 64,007 30,000 94,007 981,169
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
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
' CBI010 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
C1I001 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
' CSC001 Seibert Circle 7,700 4,165 3,535
CSC002 Slifer Plaza/E. Meadow Drive 13,931 (13,931)
CSC003 Check Point Charlie 50,000 42,749 7,251
CSC007 1999 World Championships 35,414 29,070 6,344
' CSC009 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
t
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
t 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)
' RPDO02 New West Vail Park 300,000 34,870 265,130
' RPDO03 Buffher Creek Park Expansion 150,000 1,783 148,217
RPDO04 Donovan Park Master Plan 30,000 22,329 7,671
RPI002 Big Hom -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
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 ,
1
' Debt Service Funds
1
' 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-
t,:,. ,u 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.
1
Town of Vail, Colorado
Debt Service Fund '
Comparative Balance Sheet
December 31, 1999 ,
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 1998 ,
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 t
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 31,840
The accompanying notes are an integral part of these financial statements.
' C15
Enterprise Funds
1
1
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
1 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
i
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 125 476,156
Other 1,000 4,226
'
Total Operating Revenues 1,554,936 2,141,724
Operating Expenses: i
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) (222,833)
' 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:
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 tmanciai statements.
' C18
Town of Vail, Colorado
Ent;,. Y. use 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 (58,122) 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 t
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
1
Internal Service Funds are used to account for the financing of goods
or services provided by one depa.l...ent or agency to other
depa. l...ents or agencies of the government and to other government
units, on a cost reimbursement basis.
i
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.l....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 To",
owned building facilities. User depa.l....ents 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) (562,905) (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
(Deficit) (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 4,119,944
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 t
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 art of these financial statement
p s.
' 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 3998
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
- 1
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
1
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 ,
1
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 1,324,722 486,674
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
1 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
General Fixed Assets
1
1
1
1
1
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
t The accompanying notes are an integral part of these fnancial statements.
' C31
General Long-Term Debi
1
1
I
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 ,
1
The accompanying notes are an integral part of these financial statements.
C33 t
Town of Vail, Colorado
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 $15,165,000, interest rate 1-00% 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
t
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 an d ,
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.
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
1
1
1
Ro,,d gad Bridge
1
1
1
1
' COUN i i%S, CITIES, & TOWNS ANNUAL STATEMENT OF RECEIPTS
& EXPENDITURES FOR ROADS, BRIDGES, AND STREETS
COUNTY/CITY/TOWN: VAIL (Please circle county, city, or town)
' CALENDAR YEAR OF REPORT: 1999
(ROUND ALL AMOUNTS TO NEAREST DOLLAR)
1. So-nv DULE OF RECEIPTS FOR ROAD, BRIDGE, AND STREET PURPOSES
' A. LOCAL SOURCES C. STATE SOURCES
1. Property Tax/Special Assessments 1 Highway Users Tax 221,471
2. General Fund Appropriations 1,921,529 2. Motor Vehicle Registration Fees 27,884
3. Other (specify) Cap. Pr cts. Reimb. 1,972,008 3. Other (specify)
4. Traffic Fines TOTAL (C) STATE SOURCES 249,355
' 5. Sales Tax
6a. From County (specify) EAGLE 423,671 D. FEDERAL SOURCES
' b. City/Town (specify 1. Forest Service
' 7. Bond Proceeds (net of issuance cost) 2. Mineral Leasing
8. Note Proceeds (net of issuance cost) 3. Payments in Lieu of Taxes
' 9. Specific Ownership Taxes 154,746 4. FEMA
5. HUD
' 6. Other (specify)
' TOTAL (A) LOCAL SOURCES 4,471,954 TOTAL (D) FEDERAL SOURCES -
B. PRIVATE CONTRIBUTIONS
E. TOTAL RECEIPTS (A+B+C+D) 4,721,309
' F. UNSPENT BALANCES BEGINNING OF YEAR
(must equal ending balance of previous year)
' G. TOTAL RECEIPTS AND BALANCES (E+F) 4,721,309
(Revised 02/00)
' C37
H. SCHEDULE OF EXPENDITURES FOR ROAD, BRIDGE, AND STREET ,
PURPOSES
A. DIRECT HIGHWAY EXPENDITURES '
1. Right-of-Way ,
2. Preliminary and Construction Engineering 73,151
A. Construction - Capacity Improvements 105,462
B. Construction - System Preservation 1,933,853
C. Construction - Safety Improvements 23,767
3. Total Construction 2,063,082
4. Maintenance of Condition 908,714
5. Snow and Ice Removal - 530,547
6. Traffic Services 183,240
7. Administration 147,445
8. Traffic Enforcement 815,130
TOTAL (A) DIRECT HIGHWAY EXPENDITURES 4,721,309
B. DEBT PAYMENTS ON BONDS AND NOTES -
1. Interest on Bonds
2. Interest on Notes '
3. Redemption on Bonds (net value)
4. Redemption on Notes (net value)
TOTAL (B) DEBT PAYMENTS - '
C. PAYMENTS TO OTHER GOVERNMENTS
Ia. To County (specify)
b. To City (specify)
c. To Dept. of Trans. '
TOTAL (C) PAYMENTS TO OTHER GOVERNMENTS -
D. OTHER HIGHWAY PURPOSES ,
(specify)
E. TOTAL EXPENDITURES (A+B+C+D) 4,721,309 '
F. BALANCES END OF YEAR
(unspent receipts) '
G. TOTAL EXPENDITURES AND BALANCES (E+F) 4,721,309
(Revised 02/00)
C38 '
' M. SCHEDULE OF CHANGE IN DEBT STATUS FOR ROAD,
BRIDGE, AND STREET OBLIGATIONS
' (show all entries at par value; face amount of issue)
BONDS NOTES
A. BONDS & NOTES OUTSTANDING BEGINNING OF YEAR
B. AMOUNT ISSUED DURING YEAR (par value)
' Original issues this year
Refunding issues
C. AMOUNT REDEEMED DURING YEAR (par value)
From current receipts or reserves
From refunding issues
D. BONDS AND NOTES OUTSTANDING END OF YEAR
NOTE:
***TOTAL RECEIPTS AND BALANCES MUST EQUAL TOTAL EXPENDITURES AND BALANCES***
PLEASE GIVE THE FOLLOWING INFORMATION FOR THE PERSON TO CONTACT FOR QUESTIONS
' REGARDING i tie; REPORT.
NAME: Christine B. Stouder, C.P.A.
PHONE: (970) 479-2119
' FAX: (970) 479-2248
' E-MAIL: cstouder(aci.vail.co.us
' C39
UNDERTAKING TO PROViDE
CONTINUING DISCLOSURE ,
1
1
1
1
1
1
1
1
1
1
1
' Town of Vail, Colorado
Issuer's Annual Report
Update of Official Statement Tables to be Updated
' Tables I, III, and IV
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%
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 Princinal Generators by Town Ten Princinal 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 VI
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
Table XIX
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 $2,043,210 $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 41259,775 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
Town of Vail, Colorado ,
Issuers Annual Report
Update of Official Statement Tables to be Updated
Tables XX and XXI
December 31, 1999
TABLE XX
General Fund 1999 and 2000
Budget Summary and Comparison
r
1999
Amended 1999 2000
Budget Actual Budget
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 t
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 '
Facility 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 '
ISSIIt 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 '