HomeMy WebLinkAbout2008-06-03 Support Documentation Town Council Evening Session ,
, VAIL TOWN COUNCIL
EVENING SESSION AGENDA
VAIL TOWN COUNCIL CHAMBERS
75 S. Frontage Road W.
Vail, CO 81657
6:00 P.Iw., TUESDAY, JUNE 3, 2008
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• ITEMITOPIC: Citizen Input. (10 min.)
2. Michael Jenkins ITEM/TOPIC: Presentation of 2007 audit report. (20 min.)
ACTION REQUESTED OF COUNCIL: The 2007 audit report is
presented for Council information; no action is requested.
BACKGROUND RATIONALE: In accordance with section 9.11
of the Vail Town Charter, an independent audit shall be made of
all town accounts at least annually. The audit shall be conducted
by certified public accountants and copies made available for
public inspection at the municipal building. The 2007 audit was
conducted by McMahan and Associates, LLC. Michael N.
Jenkins, C.A., C.P.A., and a principal of the firm will present the
results of the audit to the Council and the public.
STAFF RECOMMENDATION: None.
3. Ann Kurronen ITEM/TOPIC: Betty Ford Alpine Gardens Update. (10 min.)
4. Stan Zemler tTEM/TOPIC: Town Manager's Report. (10 min.)
? Revenue Update. .
? Vail Child Care Center Re-Allocation
It has come to staff's attention that the Vail Child Care Center
, failed to request a roll forward from '07 to '08 of a Council
contribution approved $10,000 grant to improve the playground.
The work, originally scheduled in '07, had to be delayed due to
concrete work on the roof of the City Market Building. This project
has a similar grant from Eagle County and the work is now
scheduled to begin in June '08. The Vail Child Care Center is
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requesting the Council direct staff to place this item on the June
17th evening meeting for Council consideration. At this meeting, .
Council. could then direct staff to place this item in the second
supplemental appropriation, due to be read by ordinance in
. August of'08.
5. ITEM/TOPIC: Consent Agenda. (5 min.)
a. Approval of 05.06.08 and 05.20.08 Town Council Minutes.
6. Warren Campbell ITEMITOPIC: An appeal, pursuant to Section 12-3-3, Appeals,
Vail Town Code, of the Town of Vail Design Review Board's
denial of a Design Review application, submitted according to
Chapter 11, Design Review, Vail Town Code, to allow for
installation of an information kiosk, located on Tract B-C, Vail
Village Filing 1(On Bridge Street, north of the Covered Bridge,
across East Meadow Drive from the Vail Transportation Center,
near the skier statue), and setting forth details in regard thereto. (20 min:) ,
ACTION REQUESTED OF COUNCIL: Approve, approve with
modifications, or deny the appeal.
BACKGROUND RATIONALE: On May 7, 2008 the Design
Review Board denied the Design Review application to allow for
installation of an information kiosk. The Board denied the request
with the finding that the design of the kiosk did not meet the intent
of Section 14-10-5A, Building Materials and Design, Vail Town
Code. In particular that the synthetic roof material proposed did
_ not comply with Section 14-10-5.A, criteria numbers 1-3, Vail
Town Code.
RECOMMENDATION: The Design Review Board recommends
the Town Council uphold the Design Review Board's decision to
deny the kiosk design.
7. Leslie Fordham, ITEIIA/TOPIC: 2009 Triumph Winterfest Artist Selection. (10 min.)
ACTION REQUESTED OF COUNCIL: Approve use of private
funds for 2009 Triumph Winterfest.
BACKGROUND RATIONALE: Using funds from Triumph
Development and other sponsors, Art in Public Places held an ice
sculpture event in January, 2008. Seventeen ice sculptures, lit
internally with LED's were placed on Gore Creek Promenade
. where they delighted all who saw them. AIPP has selected artist
Lawrence Argent to once again design ice sculptures for the 2009
event. The artist is requesting a design fee of $5,000 which
includes taking responsibility for the artistic concept, site visits to
' determine placement and being on site to assist. The AIPP Board
has determined that the total budget for the 2009 Triumph
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Winterfest, including arlwork, installation, lighting and publicity will
not exceed $40,000. Funding for the project comes from Triumph
Development.
Art in Public Places Recommendation: AIPP Board members
believe that Triumph Winterfest makes a significant contribution to
the Town of Vail, provides entertainment and stimulates cultural
° and economic vitality. Lawrence Argent, a nationally known artist
will create ice sculptures that will contribute significantly to Vail's
reputation as a world class resort.
8. Warren Campbell ITEM/TOPIC: The applicant, LionsHead Inn LLC, represented by
the Mauriello Planning Group, is requesting permission to proceed
through the development review process with a proposal to make
improvements on town-owned right-of-way in conjunction with a
proposed redevelopment of the LionsHead Inn and LionsHead Inn
Annex (Fabulous Vail Glo). (30 m'in.)
ACTION REQUESTED OF COUNCIL: Approve, approve with
modifications, or deny the request to proceed through the
development review process.
BACKGROUND RATIONALE: It is the desire of the applicant to
apply for an amended major exterior alteration application and
design review application to make improvements on town-owned
West LionsHead Circle right-of-way, in conjunction with the
approved LionsHead Inn and LionsHead Inn Annex
redevelopment known as Strata. The proposed improvement is a
vehicle pull-off area that could accommodate two vehicles. The.
applicant must first obtain Town Council (i.e. property owner)
approval before proceeding through the Town's development
review process.
STAFF RECOMMENDATION: The Community Development
Department recommends that the Vail Town Council denies the
applicanYs request to proceed through the development review
process.
9. George Ruther ITEM/TOPIC: First reading of Ordinance No. 5, Series of 2008, an
ordinance approving a major amendment to Special Development
District No. 4, Cascade Village, pursuant to Section 12-9A-10,
' Amendment Procedures, Vail Town Code, to allow for the
development of a mixed use development, located at 1276
Westhaven Drive (Comerstone site). (5 min.)
ACTION REQUESTED OF COUNCIL: According to written
requests from the applicant, LO Westhaven, Inc., Staff requests
the Council table the public hearing to consider first reading of
Ordinance No. 5, Series of 2008, to their regular meeting of July 1,
2008.
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BACKGROUND RATIONALE: On January 28, 2008, the Town of
Vail Planning and Environmental Commission voted unanimously
to forward a recommendation for approval, with conditions, of an
application for a major amendment to Special Development
District No. 4, Vail Cascade, pursuant to Section 12-9A-10,
Amendment Procedures, Vail Town Code, to allow for the
development of the Cornerstone Site. (PEC070055)
On February 19, 2008, the Vail Town Council held a public
hearing to consider Ordinance No. 5, Series of 2008, an ordinance
approving a major amendment to Special Development District
No. 4, Cascade Village, on first reading. At that meeting, the
Council voted unanimously to table the public hearing to their
regularly scheduled meeting of March 18, 2008. The applicant
has submitted a subsequent request to table the hearing, most
recently to the Council's regular meeting date of July 1, 2008.
10. George Ruther ITEMITOPIC: ITEM/TOPIC: First reading of Ordinance No. 9,
Series of 2008, an ordinance amending Special Development
District No. 6, Vail Village Inn, pursuant to Section 12-9A-10,
Amendment Procedures, Vail Town Code, to allow for an addition
to the Osaki Sushi Restaurant, located at 100 East Meadow
Drive/Lot O, Block 5D, Vail Village Filing 1, and setting forth
details in regard thereto. (5 min.)
ACTION REQUESTED OF COUNCIL: The applicants are
requesting that the Town Council tables the first reading of
Ordinance No. 9; Series of 2008, to its July 1, 2008, public hearing
to allow the applicants additional time to resolve issues related to
the condominium association's approval of this request.
BACKGROUND RATIONALE: On April 28, 2008, the Planning
and Environmental Commission voted 4-0-2 (Kjesbo and Viele
recused) to, forward a recommendation of approval, with
conditions, for a major amendment to Special Development
District No. 6, Vail Village Inn, to allow for an addition to the Osaki
Sushi Restaurant, located at 100 East Meadow Drive/Lot O, Block
5D, Vail Village Filing 1, and setting forth details in regard thereto.
On May 20, 2008, the Town Council tabled this item to it June 3,
2008, hearing at the applicants' request:
STAFF RECOMMENDATION: Staff recommends the Town
Council tables the first reading of Ordinance No. 9, Series of 2008,
to its July 1, 2008, public hearing.
11. Matt Mire ITEMITOPIC: Ordinance No. 14, Series of 2008, an Ordinance
Amending Title 1, Chapter 3, Section 2 of the Vail Town Code by
the Addition of the Definition of the Word "Publication"; and Setting
Forth Details in Regard Thereto. (10 min.)
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ACTION REQUESTED OF COUNCIL: Approve, approve with
modifications, or deny Ordinance No. 14, Series of 2008, upon
first reading.
BACKGROUND RATIONALE: Section 4.10 of the Town Charter
requires publication of ordinances upon their introduction and adoption. The Charter does not define what is required by
"publication". In 2007, the Town spent $19,693 for publication of
its ordinances in the Vail Daily, requiring the Town Clerk to
increase the office advertising budget during the third
supplemental appropriation by an additional $12,000. In 2008, the .
Town has spent $8,106 to date to meet its legal requirement for
publication of these notices. Nationwide, studies have shown that
73% of households have a computer in their home or have access
to a computer at work or at their local libraries. This percentage
increases in locations such as Vail where citizens have a higher
education rate than the national average. An estimated. 70
percent of properties in Vail are owned by part-time residents. By
publishing the Town's ordinances on its Web site (vailgov.com)
not only will all property owners have direct access to the
. ordinances it is also more fiscally and. environmentally
responsible.
STAFF RECOMMENDATION: Approve, approve with
modifications, or deny Ordinance No. 14, Series of 2008, upon
first reading.
12. Matt Mire ITEMITOPIC: Ordinance No. 13, Series of 2008, an Ordinance
amending Chapter 12-2, Definitions, Article 12-7G, Heavy Service
District, Chapter 12-14, Supplemental Regulations, and Chapter
12-16, Conditional Use Permits, Vail Town Code; to allow for
, sexually oriented businesses as a conditional use in the Heavy
Service District, and setting forth details in regard thereto. (10
min.)
ACTION REQUESTED OF COUMCIL: Approve, approve with
modifications, or deny Ordinance No. 13, Series of 2008, upon
second reading.
BACKGROUND RATIONALE: On May 12, 2008, the Planning
and Environmental Commission voted unanimously to recommend
approval of the proposed text amendments to the Vail Town
Council.
On May 20, 2008, the Vail Town Council unanimously approved
Ordinance No. 13, Series of 2008, upon first reading.
STAFF RECOMMENDATION: The Community Development
Department recommends that the Vail Town Council approves
Ordinance No. 13, Series of 2008, on second reading.
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13. ITEM/TOPIC: 'Adjournment. (9:05 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 BEGIN AT TBD, TUESDAY, JUNE 17, 2008 IN THE VAIL TOWN COUNCIL
CHAMBERS.
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Vail Town Council Meeting Minutes
Tuesday, May 6, 2008
6:00 P.M.
Vail Town Council Chambers
. The regular meeting of the Vail Town Council was called to order at
approximately 6:00 P.M. by Mayor Dick Cleveland.
Members present: Dick Cleveland, Mayor
Andy Daly
Mark Gordon
Farrow Hitt Kevin Foley
Kim Newbury
Margaret Rogers Farrow Hitt
Kevin Foley
Staff Members: Stan Zemler, Town Manager
Matt Mire, Town Attorney
Pam Brandmeyer, Asst. Town Manager
The first item on the agenda was Citizen Input.
Dave Kraft shared his belief that aerosol trails are being sprayed into the atmosphere
over Vail and in other areas of the country as part of a government conspiracy.
With restitution checks in hand, Battle Mountain High School students Max Ward and
Blaze Heuga apologized to Council for recently vandalizing the sidewalk at the Donovan
Pavilion. Council expressed displeasure with the youth's graffiti. Kathy Valleau spoke in
defense of the youths for not identifying others involved.
The second item on the agenda was the Vail Youth Recognition Award Winners
Introduction.
Vail Valley Exchange President Scott O'Connell introduced the following recipients of the
Vail Youth Recognition Awards: Tony Ryerson from Vail Mountain School and Olivia
Fauland from Battle Mountain High School.
The third item on the agenda was Proclamation No. 6, Series of 2008 Building Safety
Week 2008. (May 5-11)
Rogers read a proclamation supporting Building Safety Week. Daly moved and Foley
seconded a motion to approve the proclamation. The motion passed unanimously, 7-0.
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FApprova i tem on the agenda was the Consent Agenda. l of the April 1, 2008, and April 15, 2008, Town Council Minutes. ~
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Foley moved to approve the consent agenda with Foley seconding. The motion passed I
unanimously, 7-0.
The fifth item on the agenda was the Town Manager's Report.
? Revenue Update.
Budget and Financial Reporting Manager Kathleen Halloran reported that when all sales
tax returns are received for the month of March, collections for the month are expected
to be $3.3 million, up 12% from March, 2007. The ski season collections thus far
(November - February) will be upo7.3%. For comparison, inflation as measured by the
. consumer price index was up 4.0 /o compared with the prior year. Use tax collections
began as of January 1, 2008. As of April 28, collections total $64,643. Construction
permit revenue currently totals $671.5K, up 5.8% from this time last year. The increase
is due to major redevelopment projects, which make up 78% of the total. Construction
permit fee revenue from non-major projects is down 24% from this time last year. Real
Estate Transfer Tax (RETT) collections through April 28, 2008, total $2.3 million. This
amount is a 29% increase from this time last year primarily due to recent sales of major
redevelopment projects. Major redevelopment projects such as Arrabelle, Forest Place,
One Willow Bridge and Vail Plaza account for 41 % of year-to-date 2008 collections.
RETT collections from property transfers not related to major redevelopment projects
dropped by 13% year-to-date as of April, 2008 compared with 2007.
? Chamonix Planning Update.
Planner Scot Hunn told Council that on March 4, 2008, Council re-affirmed, with
modifications, the planning goals and design parameters originally adopted by the
Council on January 22, 2008, for the Chamonix Site Master Plan project. Also at the
, March 4, 2008, meeting, the Council authorized staff and the consultant team to proceed
with conceptual design work for the Chamonix Site. On April 11, 2008, the Chamonix Site Advisory Committee held a meeting to review three preliminary site plan concepts.
Cleveland commented, "This is our opportunity to maximize our ability to bring peo le
back to town." He then questioned the possible inclusion of one bedroom units as they
are not desirable to perspective buyers. Hunn said a recent survey indicated one
bedroom units were a desirable product. Daly questioned the validity of the survey due
to its small sample size. Hunn then explained that on May 7, 2008, staff would be
hosting the next committee meeting, to be followed by an evening neighborhood
. meeting, to review the most recent, revised site plan concepts. "The intent of these
meetings will be to gain feedback from stakeholder groups prior to commencing with any
further design development of plans."
? Colorado Stage International Cycle Classic/Farmers Market.. '
Assistant Town Manager Pam Brandmeyer reported staff believed the simultaneous
hosting of the two events on Aug. 24 would be too cumbersome on town resources
(parking, crowd control, etc.). Rogers asked if the Farmers Market could be held in the i
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, LionsHead area. Brandmeyer responded the town's resources were simply too limited to host two large events. Hitt asked if the town was sure the cycling event would be held.
Representing the Vail Valley Foundation, Scott Bluhm confirmed the event would in fact
be held. Bluhm then announced a title sponsor would be named within the next two
weeks. The dates of the cycling event could not be moved. Gordon said he thought it
was imperative both events be held simultaneously. Rogers said she thought a synergy would be created if both events co-existed. Gordon moved to hold both events
simultaneously with Rogers seconding. Farmers Market representative Rick Scalpello
said he believed the attendance estimates for the cycling event were overestimated.
Farmers Market representative Tom Kraubaker spoke in support of maintaining the Aug.
. 24.event date as did vendor Stephen Porter. The motion passed unanimously, 7-0.
? I-70 Collaborative Update.
Zemler provided Couricil an overview of the most recent decisions of the I-70
Collaborative. He explained local communities are beginning a process to examine
existing land-use regulations and zoning codes along the I-70 mountain corridor to
determine how they can be improved to facilitate better mobility and transit options to
relive congestion. "There is still some disagreement about lane widening in the Clear
Creek County area...l think we will get to where we need to get to pretty soon." During a
pause for public comment, Kaye Ferry said the,collaborative efforts of the numerous
partners were improving. "They've made some significant strides even though the
contention remains in Clear Creek County." Vail Homeowners Association
representative Jim Lamont encouraged annexing the Dowd Junction area so the town
would be able to control improvements made to the interstate in that area.
? Parking Task Force Update.
Public Works Director Greg Hall reported the Parking Task Force would meet again on
May 13. During public comment, Kaye Ferry expressed concern Vail Resorts had put the
Ever Vail parking structure on the "back burner."
The sixth item on the agenda was Ordinance No. 1, Series of 2008, an ordinance
amending Chapters 12-13, Employee Housing, 12-23, Commercial Linkage, and 12-24,
Inclusionary Zoning, Vail Town Code, to establish requirements that no less than one-
half (%z) the employee housing mitigation requirements for new construction and
demo/rebuild projects be accommodated with on-site units.
Planner Bill Gibson reported that on March 10, 2008, the PEC voted 4-3-0 (Gunion,
Proper, and Viele opposed) to forward a recommendation of approval, with
modifications, for text amendments to establish standards and criteria related to
mitigating employee housing requirements, and setting forth details in regard thereto. The Town Council held work session discussions concerning the proposed text
amendments on March 24 and April 15, 2008. Gordon clarified if a project was in the
current development review process (any accepted pending application for
redevelopment) it would not be subject to the new requirements. Gibson said there were
expirations for approvals. "The requirement for providing employee housing is not being
changed, only where they put it...The code applies to all properties (in the Town of Vail) .
in general." Daly clarified the Council did not have the ability to lower a housing
requirement. He then asked that language be included that would address the ;
aforementioned Town Council ability to change the requirements for a project if they so
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chose. Foley moved to approve the ordinance with Gordon seconding. Foley asked for a
list of all approved development applications prior to the next reading of the ordinance.
Chief of Planning Warren Campbell clarified Vail Resorts had submitted applications for
their proposed Ever Vail project. Local developer Peter Knobel said a Special
Development District could ask for deviations from these standards. Kaye Ferry said she
believed organizations such as the Va'il Valley Medical Center should be required to
house employees locally and on-site. Local hotetier Johannes Faessler said this
ordinance would have precluded his recent hotel expansion. The motion passed
unanimously, 7-0. For more details, contact Gibson at 479-2178.
The seventh item on the agenda was the Second reading of Ordinance No. 10, Series-
of 2008, repealing and re-enacting Ordinance No. 31, Series of 2007, Cascade Village,
amending and re-establishing the approved development plan for Area A of SDD No. 4,
pursuant to Article 12-9A-10, Amendment Procedures, Vail Town Code, to allow for the
construction of two additions (deck enclosures) to the south side of Vail Cascade Hotel, ~
located at 1300 Westhaven Drive/Cascade Village Subdivision). .
On March 24, 2008, the PEC recommended approval of the request. On April 15, 2008
Council approved the first reading of Ordinance No. 10, Series of 2008, with the
condition staff verifies the proposed parking table on Page 16 of the ordinance. Rogers
moved to approve the ordinance with Gordon seconding. The motion passed
unanimously, 7-0.
The eighth item on the agenda An appeal, pursuant to Section 12-3-3, Appeals, Vail
Town Code, of the Town of Vail Planning and Environmental Commission's approval,
with conditions, of a request for a final review for a development plan, pursuant to
Section 12-61-11, Development Plan Required, Vail Town Code; a request for final
review of a variance from Section 12-21-10, Development Restricted, pursuant to
Section 12-17-6, Criteria and Findings and Section 12-21-16, Right of Appeal; and a
, request for final review of certain conditional uses, pursuant to Section 12-61-3,
Conditional Uses, Vail Town Code, to allow for a redevelopment of Solar Vail into a
mixed use development to include Type VI employee housing units, professional offices,
and public utilities installations including transmission lines and appurtenant equipment,
located at 501 North Frontage Road West/Lot 8B, Block 2, Vail Potato Patch.
Planner Scot Hunn reported that on March 24, 2008, the PEC approved,. with conditions,
a request for a final review for a development plan, pursuant to Section 12-61-11, Vail
Town Code; a request for final review of a variance from Section 12-21-10, Development
~ Restricted, pursuant to Section 12-17-6, Criteria and Findings and Section 12-21-16,
Right of Appeal; and certain conditional uses, pursuant to Section 12-61-3, Conditional
Uses, Vail Town Code, to allow for a redevelopment of Solar Vail into a mixed use
development to include Type VI employee housing units, professional offices, and public
utilities installations including transmission lines and appurtenant equipment, located at
501 North Frontage Road West/Lot 813, Block 2, Vail Potato Patch, and setting forth
details in regard thereto. Council, "called-up" this PEC action at its April 1, 2008, public
hearing by a vote of 7-0-0. Cleveland said Council had several concerns with the project
including uninterrupted height and lack of setbacks, snow storage as well as.the use of
town land for access to the project. Project architect Henry Pratt said the building site
had significant limitations due to setbacks and 40% slopes. Pratt said the easiest way to
limit height is to remove units. Campbell said certain zone districts allow.for construction
on 40% slopes although the Housing Zone District does not. Property owner Johannes
Faessler said the location of the project is ideal for employee housing. Daly asked how
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many units he intended to sell. Faessler said he would not sell any units. He said last
winter his hotel required between 70 and 80 employee beds. Faessler then said he
would utilize 2,500 sq. ft of office space and rent out the remaining 2,500 sq. ft. Rogers
said maximum density should be encouraged. Rogers moved to uphold the PEC's
recommendation subject to the PEC findings located on pg. 2 of the staff memorandum
with Gordon seconding. Cleveland said he had a problem with the project's driveway
being located on town land. Faessler said he was open to providing infrastructure
necessary for an ancillary project on an adjacent site. Town Attorney Matt Mire
recommended the development of a non-exclusive access easement. During a pause for
public comment, Vail Homeowners Association representative Jim Lamont encouraged
more articulation of the southern fagade. "We need to strike a compromise...We need
to maintain a quality image for the community." The motion passed unanimously, 7-0. The ninth item on the agenda was a proposed addition to the Town's Official Avalanche
Hazard Map at 4768 Meadow Drive/Lot 1, Block 7, Bighorn 5`h Addition.
Planner Bill Gibson explained that pursuant to Sub-section 12-21-13-H, Additions to
Maps, Vail Town Code: "If the applicant establishes at the hearing by clear and
convincing evidence that the information contained in the site specific geologic
investigation is reliable, the town council shall direct the Department of Community
DeVelopment to keep.a copy of said site specific investigation on file in the Department
of Community Development and available to the general public and shall further direct
the department of community development to notate the appropriate official map
adopted by this chapter so that it indicates that said site specific investigation is on file
with the Department of Community Development." The, applicant, Larry Deckard,.
representing the property owner, submitted,a site specific avalanche hazard study for
the subject property. The submitted study recommended amending the delineation of the
avalanche hazards on the subject site. Gibson then asked Council to direct the
Department of Community Development to keep a copy of said site specific investigation
on file in the Department of Community Development and available to the general public
and direct the Department of Community Development to notate the Official Avalanche
Hazard Map to indicate that said site specific investigation is on file with the Department
of Community Development. Newbury moved to appr.ove the addition with Hitt
seconding. The motion passed unanimously, 7-0.
The tenth item on the agenda was the Park City Peer Resort Visit Outcomes.
Council members Hitt, Gordon and Rogers joined Mayor Cleveland in sharing their
observations -following a recent peer resort visit they made to Park City, Utah. Daly
inquired if employee housing is a significant issue there. Hitt said in certain areas, Park
City has 100% on site employee housing requirements. He.also noted the impressive
quality of the for-sale and rental employee housing units he toured. "They were much
more proactive in attacking the problem...They make their decisions based on what was
best for the community and didn't make decisions based solely on profit." It was also
identified that the Park City area resorts offered a transit service for their employees
living in outlying areas. Rogers said the town should work to improve relations with Vail
Resorts as she saw the benefits of a positive municipality/ski company relationship. Hitt
encouraged placing open space in a third party trust to, "protect ourselves from
ourselves." Gordon said the town should continue to pursue a green building code.
Cleveland noted traffic on Main Street was a significant issue in Park City. He also
noted the Park City Chamber handled all of the special events. Council agreed to
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continue scheduling peer resort visits as they are quite valuable and enlightening.
Zemler thanked Economic Development Manager Kelli McDonald and then Special
Projects Manager Jamie Gunion for their work in scheduling the visit.
The eleventh item First reading of Ordinance No. 11, Series of 2008, An.Ordinance
Amending Title 4 of the Vail Town Code by the Addition of a New Chapter 12, Entitled
"Sexually Oriented Business."
Town Attorney Matt Mire explained Town Code did not have regulations concerning
' sexually oriented business. Adding Chapter 12 "sexually Oriented Business" to Title 4 of
the Vail Town Code the council is insuring the public's health, safety and welfare by
establishing reasonable regulations to reduce the adverse secondary effects of such
businesses within the town. Rogers moved to approve the ordinance with Foley
seconding. The motion passed unanimously, 7-0. The twelfth item on the agenda was the Second reading of Ordinance No. 8, Series of
2008, an Ordinance, amending Chapter 12-3, Administration and Enforcement, Vail
Town Code, to establish procedures for approving public art in private development.
On October 22, 2007, the PEC voted to recommend denial to Council for proposed text
amendments requiring public art for certain development projects. On November 20,
2007, Council voted 4-3 to deny Ordinance No. 33, Series of 2007, which would have
codified those requirements. Council then directed staff to propose text amendments
including only the basic requirements and procedures for review of public art. The
proposed text amendments were based on the previous request, with requirements for ~
public art omitted, per Council's request. On March 10, 2008, the PEC voted
unanimously to recommend approval of the text amendments. On April 15, 2008, the
Council unanimously voted to approve Ordinance No. 8, Series of 2008, upon first
reading. Newbury moved to approve the ordinance for second reading with Rogers
seconding.
The thirteenth item on the agenda was the 2008 Asphalt Overlay Project.
Town Engineer Tom Kassmel asked Council to authorize the Town Manager to enter
into an agreement with B&B Excavating to complete the 2008 Overlay Project in the
amount of $269,941.48. Staff received two bids for the 2008 Overlay Project, with B&B
Excavating the low bidder. Submitted bids were within budget and below the engineer's
estimate. The project consists of a maintenance asphalt overlay on portions of r`oads in
East Vail, an asphalt mill and overlay of Vail Valley Drive from the South Frontage Road
to Gold Peak, and asphalt patching on East LionsHead Circle. The project is budgeted
as follows: $269,941.48 from the Capital Street Maintenance Budget.
Daly moved to authorize the Town Manager to enter into an agreement with B&B
Excavating to complete the 2008 Overlay Project in the amount of $269,941.48 with
Rogers seconding. The motion passed unanimously, 7-0.
The fourteenth item on the agenda was Adjournment. '
Newbury moved to adjourn with Foley seconding at approximately 10:00 p.m. The motion
passed unanimously, 7-0
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Dick Cleveland, Mayor
ATTEST:
Lorelei Donaldson, Town Clerk
Minutes provided by Corey Swisher.
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Vail Town Council Meeting Minutes
Tuesday, May 20, 2008
6:00 P.M.
Vail Town Council Chambers
The regular meeting of the Vail Town Council was called to order at
approximately 6:00 P.M. by IlAayor Dick Cleveland.
Members present: Dick Cleveland, Mayor
Kevin Foley
Mark Gordon
- Farrow Hitt
Kevin Foley
Kim Newbury
Margaret Rogers
Farrow Hitt
Not present: Andy Daly
Staff Members: Stan Zemler, Town Manager
Matt Mire, Town Attomey
The first item on the, agenda was Citizen Input.
Cleveland announced local resident Buddy Lazier recently qualified to race in the
Indianapolis 500. ,
The second item on the agenda was the Town Manager's Report.
? Fourth of July Policies.
Police Chief Dwight Henninger outlined public safety plans for the July Fourth holiday,
which includes maintaining the traditional youth curfew during the evening of the
Fourth. "The only thing we are going to change is that regular Vail Transit and ECO
bus service will continue as normally scheduled."
Parking Structure Annual Maintenance Update.
/
Brandmeyer reported annual cleaning and re-striping would be taken place over the
next few weeks in the parking structures. Rogers encouraged the parking of
construction vehicles in outlying areas of the structures to make more convenient
spaces available for shoppers and diners.
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? I-70 Overlay Update.
Colorado Department of Transportation (CDOT) representative Gary Suiter explained
I-70 overlay construction would begin the following week. "Project work will take place
from 6:30 p.m. through 6:30 a.m. Sunday through Thursday...The project is
scheduled to last 100 days with financial incentives in place to complete the project
early." The overlay will include all of I-70 between Dowd Junction and the East Vail
exit. Suiter clarified a smaller aggregate pavement would be used to create a
smoother ride and produce less road noise. Monthly meetings will be held in the Vail
Town Council Chambers to keep the community informed of the progress. Hitt
clarified a different general contractor was in place to perform the work than was used
in 2007. CDOT Resident Engineer Martha Miller reported barriers would continue to
be installed in Dowd Junction. "This year they will be pre-cast as opposed to cast in
place." Zemler asked if pre and post road noise would be monitored. Miller said that work had not been part of the contractor's bid. Cleveland verified with Miller that
adequate signage would be provided. Gordon thanked Suiter and Miller for their
outreach efforts. ,
The third item on the agenda was an Appointment to the VLMDAC.
Assistant Town Manager Pam Brandmeyer asked Council to appoint one applicant to
fill a vacancy on the VLMDAC (terms expire December 31, 2009) at the evening
meeting. The mission of the VLMDAC is to strengthen the area economy by attracting
visitors to Vail in the May to October time frame. Per C.R.S. 29-5-111 General powers
of district. (1)(g) All applicants must be "owners of property within the boundaries of
the district," which includes by definition corporations or entities which own property
"within the boundaries of the district." Should an entity be appointed to this advisory
council, it would then be up to that entity to appoint its designee. Additionally, owners
of "taxable personal property" will be considered for appointment. The town received
three (3) applications for the vacancy. The applicants were: Jamie Gunion, Todd
Gurley and Michelle Kobelan. Newbury moved to appoint Gunion to the VLMDAC with
Foley seconding. The motion passed unanimously, 6-0. The fourth item on the agenda was a Review of Development Options on the North
Day Lot (NDL) and Provide a Decision to Proceed to Next Steps of the Preferred
Option.
Due to a predetermined conflict of interest (Vail Resorts affiliation) Mark Gordon
recused himself from the item and left the Council Chambers. Public Works Director
Greg Hall informed Council there were four primary questions related to the project
Council needed to address: 1) What transportation modes should be placed on the
north day lot? 2) What are the alternatives if we don't place all the modes on the site?
3) How do we pay for it? 4) Next steps?
Council previously encouraged the redevelopment of the NDL to meet the goals of the
master plan for this site. Specifically, that the uses of transit, skier drop off and hotel
shuttles occupy the ground level of the site and these uses be placed on the eastern
end of the site to better accommodate the users and provide a defined sense of arrival.
Town staff and Vail Resorts Development Company (VRDC) staff and their design
team provided revised development site plans. The presentation reviewed the pros
and cons of each option as well as the costs.
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Staff recommended: 1) Place all modes on the site. 2) No alternative is needed except, if and when the LionsHead Parking Structure
redevelops, move the transit vehicles to that site if the design for the transit
center is similar to the Open/Hillwood proposal.
3) Secure the remaining federal dollars; pursue other transit fund sources
available; and make up the difference with Tax Increment Financing, if a
shortfall still exists, make it up using capital, Real Estate Transfer Tax (RETT)
or General Fund dollars.
4) Set a 60-day period to meet with Vail Resorts to refine the design to better
meet the concerns of all involved. Refine costs of the design and prepare an
agreement for council approval authorizing the town's intent to move forward
with the project. Rogers confirmed federal funds would not be available for the project if it did not
include mass transit. Hall said he believed Concert Hall Plaza would not be impacted
by development of the NDL. Ruther explained through the adoption of the master plan
six fundamental design objectives were set that relate to the entire LionsHead study
area. The six design objectives include: pedestrian environment; connections to the
natural environment; vehicular circulation; transit; service and delivery; and parking.
Hall confirmed there was a three year window on the availability of the approved
federal transit dollars. This would mean the grant approval expires in 2010. Vail
Resorts CEO Rob Katz told Council, "I think we agreed it would be a very good idea to
have a transit center in LionsHead...l think the issue we have with it is cost. The
question is, is this a good use of funds? Should this be the priority? We think moving a transit center to EverVail will save between $12-15 million...ls there a guarantee we
will build EverVail...The answer is essentially yes...We are ready to go (on the NDL)
and we have been ready to go for quite some time...We are very committed to
meeting all the intentions and agreements we entered into in December." Landmark
Condominiums legal representative Dan Wolfe said, "I'd like to remind Council this
project is going to be pretty impactful on the Landmark...l would suggest the North
Day Lot is not the best location for a transportation Center...l would ask that Council
not approve buses on the North Day Lot." Landmark Homeowner Rita Evans spoke in
opposition to placing a transportation center on the North Day Lot. Landmark
Developer Ron Clarkson explained the Landmark planned to redevelop in the near
future. Jeff Jacobs, general manager of the Westwind Condominiums (adjacent
property) asked Council to perform an environmental impact assessment prior to
developing a transit.center on the North Day Lot. Kim Hughes, part owner of Concert
Hall Plaza, encouraged Council to continue to develop the West LionsHead area. He
also said he and his partners were willing to be partners with the town in their
redevelopment. Local developer Ron Byrne encouraged Council to continue to move
on the NDL post haste and take advantage of the developer's eagerness to continue.
Katz clarified his transit center estimates did not include land costs. Vail Homeowners
Association representative Jim Lamont said, "We have no clue what the demand for
mass transit into this community is going to be...We would be well advised to spend
the money...You (Council) are going to throw away our transit future for 120 employee
housing beds?" Tom Steinberg commented, °The whole purpose of our bus system
was to reduce our parking problems when we started our bus system 30 years
ago...The NDL is the logical place for the transportation center." Geoff Wright, general
manager of Landmark Condominiums reiterated that the homeowner's association was
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adamantly opposed to using the NDL lot for buses. Rogers said she believed the town
could not wait five to ten years (in reference to the LionsHead Parking Structure
redevelopment) to obtain a new transit center. "The master plan identifies the North
Day Lot as an ideal site for a transit center." Hitt spoke in support of transit on the
NDL. He encouraged continuity with past Council decisions in regard to the
development of the LionsHead Redevelopment Master Plan. Newbury said the town
would do its best to mitigate the impacts of buses on the NDL. Foley said to try and
"shoehorn" four bus stalls on the NDL would be wrong. Cleveland said he supported .
transit, but believed the transit center cost estimates would only continue to escalate.
He then said he believed shuttle bus drop off was in fact skier drop off. Rogers moved
to approve transit on the site as contained in site plan options one and two, with
Newbury seconding. The motion passed 3-2 with Foley and Cleveland opposed.
Rogers moved to extend the agreement with VRI for up to 60 days with Hitt seconding.
The motion passed unanimously 5-0. Rogers clarified transit on the NDL would not be
revisited.
The fifth item on the agenda was an update to the Council on progress made in
developing and reviewing three (3) site plan "options° based on planning goals and
design parameters approved by the Council as well as comments from the Chamonix
Site Master Plan Advisory Committee; a report on the Advisory Committee and
neighborhood meetings held on May 7, 2008; and a request for clarification from the
Council on the issue of unit mix and the "target markeY" for the anticipated `for-sale'
housing product.
Planner Scot Hunn asked Council to provide staff and the design team with
clarification regarding approved master planning goals and design parameters, with
specific regard fo the preferred housing mix and the anticipated target market for the
for-sale portion of the project. On March 4, 2008, Council re-affirmed, with
modifications, the planning goals and design parameters originally adopted by the
Council on January 22, 2008, for the Chamonix Site Master Plan project. Also at the
March 4, 2008, meeting, Council authorized staff and the consultant team to proceed
with conceptual design work for the Chamonix Site. On April 11, 2008, the Advisory
Committee held a meeting to review three (3) preliminary site plan concepts for the site
and provided feedback and suggestions to the staff and consultant team. Staff traveled
to Aspen on April 17, 2008, to work with the consultant team to refine ideas and
revisions generated from the advisory committee's comments. On May 7, 2008, staff
hosted a Committee meeting, followed by an evening neighborhood meeting, to review
the most recent site plan concepts. The intent of those meetings was to gain feedback
from stakeholder groups regarding preliminary site plan "options" prior to commencing
with any further design work. Project planner Gilbert Sanchez then reviewed three site
plans with the primary focus being desired density. Foley, Cleveland and Hitt
supported medium density, while Newbury and Rogers encouraged high density.
Cleveland said he would not support a separate structure to house Fire Department
student residents. Hitt said he believed it was imperative all fire house bays be drive-
through so as to avoid fire apparatus reverse signals. It was established that 14 units
per acre was the minimum threshold. Gordon commented, "I would like to view this
project as a free market project and provide the market with what it wants." During a
pause for public comment, Kaye Ferry asked if the Ambulance District would be ~
involved in the planning. Zemler said the town had recently engaged the ambulance
district.
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The sixth item on the agenda was a Visitor Center Contract Discussion. ~
Determine next steps in the selection process as it relates to the future operation of
the Visitor Information Centers. The current term of the operational contract with Vail
Info, Inc., runs to September 30, 2008. .
Community Information Officer Suzanne Silverthorn informed Council that on October
1, 2005, Vail Info, Inc., assumed contractual operation of the Vail Visitor Information
Centers in Vail Village and LionsHead following a request for proposal (RFP) process
in 2005 and subsequent selection by the Vail Town Council from among three
bidders. The contract provided an annual review process 'with the option to renew
each year for a total of three years to be funded from the town's General Fund. The
current term of the operational contact runs to September 30, 2008. Silverthorn then
said it was the recommendation of the Visitor Information Center Committee to
negotiate a new operational contract with Vail Info, Inc., for another three-year period
effective October 1, 2008. "It is recommended the contract provide for an annual
review process with the option to renew the contract each of the three years until
, September 30, 2011." This option was reviewed by the Town Attorney and was
deemed an acceptable recommendation as it relates to the town's bidding procedures
and processes for contractual services. The Visitor Information Center Committee
also recommended continuation of the commission-free Council policy enacted in
2005 for overnight lodging bookings by participating Vail properties. Silverthorn
stated, "The town is satisfied with the performance of the current operator, Vail Info.
Inc." Silverthorn also said she had heard from the finro chambers that had submitted
proposals in 2005 and that neither organization was prepared to submit a proposal
this year. Hitt said Vail Info. Inc. had been very creative and exceeded expectations.
"I think we should absolutely continue with him." Hitt moved to extend the contract
with Vail Info, with Foley seconding. The motion passed unanimously, 6-0.
The seventh item on the agenda was an Art in Public Places (AIPP) Summer
Exhibition, Workshop and Bronze Pour.
AIPP Coordinator Leslie Fordham informed Council that AIPP holds an annual art
exhibition in Ford Park. "This year, five sculptures by artist James G. Moore will be
featured::.Moore makes large scale bronze bells embellished with scenes of wildlife.
In past years, the summer exhibition has included an educational component...There
has been the opportunity to meet the artists and attend informational lectures. AIPP
has identified an educational opportunity for the visual arts this summer that will excite
residents and guests." Following the success of the Heavy Metal Weekend in January,
AIPP requested permission to host a summer sculpture workshop and bronze pour.
The workshop, a family event, will give people the opportunity to make their own small
bells similar to those in the exhibition. Sculptures made in the workshop will then be
cast in a"bronze pour' held in Ford Park. The bronze pour, a visually exciting event,
would take place on July 24 and will capture the interest of those looking for an
evening activity or leaving the Bravo concert. In addition to casting bells made in the
workshop, AIPP will cast bells with the Vail logo that can be sold to raise funds for the
program. The Summer Exhibition with a bronze pour and workshop will cost $14,945.
AIPP budgeted $7,000 for the exhibition only. Sponsors have contributed $2,400 to the
summer event. It was estimated $2,500 can be raised via the sale of bronze bells with
the Vail logo. Income from the workshop is estimated to raise approximately $500.
AIPP requires an additional $2,545 to fund the project. The AIPP 2008 budget holds a
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line item titled Acquisition/Project Fund. The Board will use the Acquisition/Project
Fund to pay the remaining cost of the project. AIPP requested Council approve the
expenditure for the Summer Exhibition, Workshop and Bronze Pour. Rogers moved to.
approve the request with Gordon seconding. The motion passed unanimously, 6-0.
The eighth item on the agenda was :the First reading of Ordinance No. 9, Series of
2008, an ordinance amending Special Development District No. 6, Vail Village Inn,
pursuant to Section 12-9A-10, Amendment Procedures, Vail Town Code, to allow for
an addition to the Osaki Sushi Restaurant, located at 100 East Meadow Drive/Lot O,
Block 5D, Vail Vilfage Filing 1.
Prior to the Evening Meeting, the applicant requested the ordinance be tabled until
June 3, 2008. Newbury moved to table the ordinance until June 3, 2008 with Rogers
seconding. The motion passed unanimously, 6-0.
The ninth item on the agenda was the First Reading of Ordinance No. 13, Series of
2008, an Ordinance amending Chapter 12-2, Definitions, Article 12-7G, Heavy Service
District, Chapter 12-14, Supplemental Regulations, and Chapter 12-16, Conditional
Use Permits, Vail Town Code, to allow for sexually oriented businesses as a
conditional use in the Heavy Service District.
Planner Rachel Friede reported that on May 6, 2008, Council unanimously approved
Ordinance No. 11, Series of 2008, upon first reading. Ordinance No. 11, Series of
2008 established licensing requirements for sexually oriented businesses with
amendments to Title 4, Business and License Regulations, Vail Town Code.
Ordinance No. 13, Series of 2008, includes proposed text amendments to Title 12,
Zoning Regulations, Vail Town Code, that establishes sexually oriented businesses as
a conditional use within the Heavy Service (HS) Zone District.
On May 12, 2008, the PEC unanimously voted to recommend approval of the
proposed text amendments to the Vail Town Council. Newbury moved to approve the
ordinance with Foley seconding. The motion passed unanimously, 6-0. °
The tenth item on the agenda was the First reading of Ordinance No. 5, Series of
2008, an ordinance approving a major amendment to SDD No. 4, Cascade Village,
pursuant to Section 12-9A-10, Amendment Procedures, Vail Town Code, to allow for
the development of a mixed use development, located at 1276 Westhaven Drive
(Cornerstone site).
Through a request from the applicant, LO Westhaven, Inc., staff requested Council
table the public hearing to consider first reading of Ordinance No. 5, Series of 2008, to
their regular meeting of June 3, 2008. Newbury moved to table the item until June 3,
2008 with Rogers seconding. The motion passed unanimously, 6-0.
. The eleventh item on the agenda .was the Second Reading of Ordinance No. 1, -
Series of 2008; an ordinance amending Chapters 12-13, Employee Housing, 12-23,
Commercial Linkage, and 12-24, Inclusionary Zoning, Vail Town Code, to establish
requirements that no less than one-half ('/2) the employee housing mitigation
requirements for new construction and demo/rebuild projects be accommodated with
on-site units.
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On March 10, 2008, the PEC voted 4-3-0 (Gunion, Proper, and Viele opposed) to ,
forward a recommendation of approval, with modifications, for text amendments to
establish standards and criteria related to mitigating employee housing requirements.
Council then held work session discussions concerning the proposed text
amendments on March 24 and April 15, 2008. On May 6, 2008, Council approved the
first reading of Ordinance No. 1, 2008, by a. vote of 7-0-0. During a pause for public
comment, Pam Stenmark said most employees chose not 'to live on site. Vail Homeowners Association representative Jim Lamont said he thought the zoning
change was reasonable. Hitt moved to approve the ordinance with Rogers seconding.
The motion passed unanimously, 6-0. ,
Newbury left the meeting at approximately 10:20 p.m.
The twelfth item on the agenda was the Second reading of Ordinance No. 11, Series
of 2008, An Ordinance Amending Title 4 of the Vail Town Code by the Addition of a New Chapter 12, Entitled "Sexually Oriented Business.
The Town Code currently does not have regulations concerning sexually oriented
business. By adding Chapter 12 "Sexually Oriented Business" to Title 4 of the Vail
Town Code, the council is insuring the public's health, safety and welfare by
establishing reasonable regulations to reduce the adverse secondary effects of such
businesses within the Town. Rogers moved to approve the ordinance with Foley
seconding. The motion passed unanimously, 5-0.
The thirteenth item on the agenda was a 2008 Curb and Gutter Repair bid.
Staff has received one bid for the 2008 curb and gutter repair program. The submitted
bid from B&B Excavating is within budget and within ten percen# of the engineer's
estimate. The project consists of removal and replacement of damaged concrete
pan/curb and gutter. Gordon moved to a authorize the Town Manager to enter into an
agreement with B&B Excavating to complete the 2008 curb and gutter repair in the
amount of $379,876.93 with Rogers seconding. Foley clarified the work would take
place throughout town. The motion passed unanimously, 5-0.
The fifteenth item on the agenda was Resolution No. 11, Series 2008, a Resolution
, Approving an Intergovernmental Agreement Between the Town of Vail, Colorado and
the Eagle River Water and Sanitation District (ERWSD) Regarding Drainage and
Sewage Improvements Along Beaver Dam Road and Beaver Dam Circle.
ERWSD is replacing the water and sewer lines in Beaver Dam Road and Beaver Dam ,
Circle over the next finro years. The Town of Vail needs to complete budgeted drainage
and road improvements along Beaver Dam Rd and Beaver Dam Circle. It is in the best
interest of both the Town and ERWSD to complete the projects simultaneously using
one contractor. At the March 18th Council meeting, the Council gave staff direction to proceed with the development of an IGA with ERWSD to cost-share the project and
bring it back to Council for approval once the construction bids had been opened and
costs were known. ERWSD has since had the public bid opening and has awarded the
contract to the lowest qualified bidder, Western Slope Utilities. The town's portion of
work has been bid at $304,765.52 plus costs for field measured restoration. This
project has been budgeted within the Capital,Street Maintenance Budget. Foley asked
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if landscaping along Beaver Dam Road would be adequately replaced. Hitt moved to
approve the resolution with Foley seconding. Thg motion passed unanimously, 5-0.
The sixteenth item on the agenda was Adjournment.
Hitt moved to adjourn with Rogers seconding. The motion passed unanimously, 5-0, at
approximately 10:30 p.m.
Dick Cleveland, Mayor
ATTEST:
Lorelei Donaldson, Town Clerk
Minutes provided by Corey Swisher.
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MEMORANDUM
TO: Vail Town Council
FROM: Community Development Department
DATE: June 3, 2008
SUBJECT: An appeal, pursuant to Section 12-3-3, Appeals, Vail Town Code, of the Town of.Vail
Design Review Board's denial of a design review application, submitted according to
Chapter 11, Design Review, Vail Town Code, to allow for installation of an
information kiosk, located on Tractss B-C, Vail Village Filing_ 1(On Bridge Street,
north of the covered bridge, across East Meadow Drive from the Vail Transportation
Center, near the skier statue), and setting forth details in regard thereto (DRB 08-
, 0132).
Appellant: Town of Vail Public Works Department, represented by
Todd Oppenheimer
DRB Representative: Pete Dunning - Chair
Planner' Nicole Peterson
I., SUBJECT OF APPEAL
On May 7, 2008 the Design Review Board denied the design review application (DRB 08-
0132) to allow for installation of a prototype information kiosk located on Tractss B-C, Vail
Village Filing 1(On Bridge Street, north of the covered bridge, across East Meadow Drive
from the Vail Transportation Center, near the skier statue).
The prototype kiosk is the first of eight custom designed kiosks by Great South Bay Sign
Company (Cornerstone Kiosk subsidiary). The 4-sided kiosk is 96 inches tall with a 52 inch
square base. All 4 sides include a bronze color header plaque to read `VAIL
INFORMATION' and bronze color Town logo seals wh'ich copy the 8150 manhole design.
Three of the four sides include a 36 inch x 30 inch illuminated cabinet with business
directories for Vail Village and Lionshead, calendar of events and marketing materials. The
fourth side will include a dual-screen (19 inch computer monitors) interactive, updated
information center. The entire kiosk is made of a maintenance-free, hard-coat polystyrene
material that is formed to look like stucco over the main structure and asphalt shingles on
the roof. Staff has attached a kiosk rendering and draft map of the proposed eight kiosk
locations. A material sample will be provided at the Town Council meeting.
The Board denied the request (DRB 08-0132) with the finding that the design did not meet
the intent of Section 14-10-5A, criteria numbers 1-3, Building Materials and Design, Vail
Town Code. In particular that the synthetic polystyrene material of the proposed structure
does not comply with the building material standards set forth in Section 14-10-5A. On May
• 14, 2008, the Town of Vail Community Development Department received an appeal with
regard to the Design Review Board's action to deny the aforementioned design review
application. Please see the following attachments for more detailed information: A.
Memorandum from the Appellant, B. Kiosk description and cost estimate from Appellant, C.
Denied kiosk rendering (DRB08-0132), D. ' Draft kiosk locations map, E. Construction
Mitigation Working Group notes (May 23, 2008), and F. Public Notice.
1
II. STANDING OF APPELLANT
The Appellant, Town of Vail Public Works Department, represented by Todd Oppenheimer,
has standing to file an appeal as the applicant of the design review application (DRB 08-
0132), pursuant to Section 12-3-3, Appeals, Vail Town Code, of the Town of Vail Design
Review Board's denial of a design review application, submitted according to Chapter 11,
Design Review, Vail Town Code, to allow for installation of an information kiosk, located on
Tracts B-C, Vail Village Filing 1(On Bridge Street, north of the covered bridge, across East
Meadow Drive from the Vail Transportation Center, near the skier statue).
III. REQUIRED ACTION
The Town Council shall uphold, overturn, or modify the Design Review Board's denial of a
design review application, submitted according to Chapter 11, Design Review, Vail Town
Code, to allow for installation of an information kiosk, located on Tracts B-C, Vail Village
Filing 1(On Bridge Street, north of the covered bridge, across East Meadow Drive from the
Vail Transportation Center, near the skier statue) (DRB 08-0132).
Pursuant to Sub-section 12-3-3-C5, Vail Town Code, the Town Council is required to make
findings of fact in accordance with the Vail Town Code:
`The Town Council shall on all appeals make specific findings of fact based directly
on the particular evidence presented to it These findings of fact must support
conclusions that the standards and conditions imposed by the requirements of this
title (Zoning Regulations, -Title 12) have or have not been met."
IV. BACKGROUND
On April 16, 2008, the Design Review Board denied the design review application (DRB 08-
0029) to allow for installation of an information kiosk located at Bridge Street, north of the
covered bridge, across East Meadow Drive from the Vail Transportation Center, near the
skier statue. The Board denied the request with the finding that the design of the kiosk did
not meet the intent of Section 14-10-5A, Building Materials and Design, Vail Town Code. In
particular that the synthetic roof material proposed did not comply with Section 14-10-5.A,
criteria numbers 1-3, Vail Town Code.
In response to the Design Review Board's decision, the applicant submitted a new design
review application (DRB 08-0132) including a more detailed rendering and a sample of the
kiosk synthetic roof material that was of concern to the Design Review Board. Again; on
May 7, 2008 the Design Review Board denied the design review application (DRB 08-0132)
to allow for installation of an information kiosk. The Board denied the request with the
finding that the design of the kiosk did not meet the intent of Section 14-10-5A, criteria
numbers 1-3, Building Materials and Design, Vail Town Code.
On May 14, 2008, the Town of Vail Community Development Department received an '
appeal with regard to the Design Review Board's action to deny the aforementioned design
review application. On May 23, 2008, Staff attended the weekly Construction Mitigation
Working,Group to update the business community on the progress of the information kiosk
project. Staff has attached the notes from the May 23`d meeting (Attachment F).
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V. APPLICABLE REGULATIONS OF THE TOWN CODE
Section 12-2 Definitions of Words and Terms (in part)
STRUCTURE: Anything constructed or erected with a fixed location on the ground, but not
including poles, lines, cables, or other transmission or distribution facilities of public ufilities,
or mailboxes or light fixtures. At the discretion of fhe design review board, swimming pools
and tennis courts may be exempted from this definition.
Section 12-3 Administration and Enforcement (in part)
Section 12-3-3: Appeals (in part) .
C. Appeal Of Planning And Environmental Commission Decisions And Design Review
Board Decisions:
. 1. Authority: The Town Council shall have the authority to hear and decide appeals
from any decision, determination or interpretation by the Planning and
Environmenta! Commission or the Design Review Board with respect to the
provisions of this Title and the standards and procedures hereinafter set forth.
2. Initiation: An appeal may be initiated by an applicanf, adjacent property owner, or
any aggrieved or adversely affected person from any order, decision,
defermination or interpretation by the Planning and Environmental Commission or
the Design Review Board with respect to this Title. "Aggrieved or adversely
affected person"means anyperson who will sufferan adverse effect to an interest
protected or furthered by this Title. The alleged adverse interest may be shared in
common with ofher members of the community at large, but shall exceed in
degree the general interest in community good shared by all persons. The
Administrator shall determine the standing of an appellant. If the appellant objects
to the Administrator's determination of standing, the Town Council shall, at a
meeting prior to hearing evidence on the appeal, make a determination as to the
standing of the appellant. lf the Town Council determines that fhe appellant does
not have standing to bring an appeal, the appeal shall not be heard and the
original action or determination stands. The Town Council may a/so call up a
decision of the Planning and Environmental Commission or the Design Review
Board by a majority vote of those Council members present.
3. Procedures: A written notice of appeal must be filed with the Administrafor within
twenty (20) calendar days of the Planning and Environmental Commission's
decision or the Design Review Board's decision becoming final. lf the /ast day for
filing an appeal falls on a Saturday, Sunday, ora Town-observed holiday, the last
day for filing an appeal shall be exfended fo the next business day. Such notice
shall be accompanied by the name and addresses (person's mailing and
property's physical) of the appellant, applicant, property owner, and adjacent
property owners (the list of property owners within a condominium project shall be
satisfied by listing the addresses for fhe managing agent or the board of directors
of the condominium association) as well as specific and articulate reasons for the
appeal on forms provided by the Town. The filing of such notice of appeal will
require the Planning and Environmental Commission orthe Design Review8oard
to forward to the Town Council af the next regularly scheduled meeting a
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summary of all records concerning the subject matter of the appeal and fo send
written notice to the appellant, applicant, property owner, and adjacent property
owners (notification within a condominium project shall be satisfied by notifying
the managing agent or the board of directors of the condominium association) at
least fifteen (15) calendar days prior fo the hearing. A hearing shall be scheduled
to be heard before the Town Council on the appeal within forty (40) calendar days
of the appeal being filed. The Town Council may grant a confinuance to allow the
parties additional time to obtain information. The continuance shall be allowed for
a period not to exceed an aalditional thirty (30) calendar days. Failure to file such
appeal shall constitute a waiver of any rights under this Chapter to appeal any
interpretation or determination made by the Planning and Environmental
Commission or the Design Review Board.
4. Effect Of Filing An Appeal: The filing of a notice of appeal shall stay all permit
activity and any proceedings in furtherance of the action appealed unless the
administrafive official rendering such decision, determination or interpretafion
certifies in writing to the Town Council and the appellant that -a stay poses an
imminent peril to life or property, in which case the appeal shall not stay further
permit activity and any proceedings: The Town Council shall review such
certiricafion -and grant or deny a stay of the proceedings. Such determination shall
be made at the next regularly scheduled meeting of the Town Council.
5. Findings: The Town Council shall on all appeals make specific findings of fact ~
based directly on the particular evidence presented to it These findings of fact
must support conclusions that the standards and conditions imposed by the
requirements of fhis Title have or have not been met.
Section 12-11 Design Review (in part)
12=11-1: INTENT.•
A. Attracfive Attribufes Recognized: Vail is a Town with a unique natural settinq,
internationallvknown forits natural beauiv alpine environment, and the compatibilitv
of manmade structures with the environment. These characteristics have caused a
siqnificant number of visitors to come to Vail with manv visitors eventuallv becominq
permanent residents participating in communitV life.
8. Area CharacterProtection: These factors constitute an important economic base for
the Town both for those who eam their livinq here and for those who view the Town
as a arecious phvsical possession. The Town Council frnds that new develoament
. and redevelopment can have a substantial impact on the character of an area in
which if is located. Some harmful effects of one land use upon another can be
prevented through zoning, subdivision controls, and building codes. Otheraspects of
development are more subtle and less amenab/e to exact rules put into operation
without regard to specific development pr+oposals. Among these are the general form
of the land before and after development, the spatial relationships of structures and
open spaces to land uses within fhe vicinity and the Town, and the appearance of
buildings and open spaces as they contribute to the area as it is being developed
and redeveloped. In order to provide for the timely exercise ofjudgment in fhe public
interest in the evaluation of the design of new developmenf and redevelopment, the
Town Council has created a Design Review Board (DRB) and design criteria.
4
/ .
C. Design Review. Therefore, in order to preserve the nafural beautv of the Town and
its settinp, to protect the welfare of the communifv, to maintain fhe values created in
the communitv, to protect and enhance land and propertv, for the promotion of
health, safety, and qeneral welfare in the communitv, and to attain the obiectives set
out in this Section • the im,vrovement or alteration of open space, exterior desipn of all
new development, and all modirlcations to existinq development shall be subiect to
. desiqn review as specifted in this Chapter.
D. Guidelines: It is the intent of these guidelines to leave as much design freedom as
possible to the individual designer while at the same time maintaining fhe remarkable
• natural beauty of the area by creating structures which are designed to complement
both theirindividual sites and surroundings. The objectives ofdesign reviewshall be
as follows:
. 1. To recognize the interdependence of the public welfare and aesthetics, and to
provide a method by which this interdependence may continue to benerit ifs
citizens and visitors.
2. To allow for the development of public and private property which is in harmony
with the desired character of the Town as defined by the guidelines herein
provided.
3. To prevent the unnecessary destruction or blighfing of the natural landscape.
4. To ensure that the architectural desiqn, location, confr4uration materials, colors,
and overall treatment of built-up and open spaces have been desiqned so that
thev relate harmoniouslv to the natural landforms and native veqetation, the
Town's overall appearance, with surroundinq development and with officiallv
approved plans or quidelines, if any, for the areas in which the structures are
proposed to be located.
5. To protect neighboring property owners and users by making sure that reasonable
provision has been made for such matters as pedestrian and vehicular traffic,
surface water drainage, sound and sight buffers, fhe preservation of light and air,
and those aspects of design not adequately covered by other regulations which
may have substantial effects on neighboring land uses.
Section 14-1-1 Development Standards Purpose and Intent
It is the purpose of these rules, regulations, and standards to ensure the general health,
safety, and welfare of the community. These rules, regulations, and standards are intended
to ensure safe and efficient development within the town of Vail for pedestrians, vehicular
traffic, emergency response traffic, and the communify at large. The development standards
will help protect property values, ensure the aesthetic qualitv of fhe communitv and ensure
adequate development of property within the town of Vail. (Ord. 29(2005) § 78)
Section 14-10-5 Building Materials and Design (in part)
A. The use of noncombustible building materials and designs intended to prevent the
spread of fire are highly encouraged. Predominantly natural building materials shall be used
within the fown of Vail. The exterior use of wood, wood siding, native stone, brick, concrete,
stucco, and EIFS may be permitted. Concrete surfaces, when permitted, shall be treated
5
`
with texture and color; however, exposed aggregate is more accepfable than raw concrete.
The exterior use of the following siding materials shall be prohibited: sfucco or EIFS with
-gross textures or surface features that appear to imitate other materials, simulated stone, .
simulated brick, plastic and vinyl.
The exterior use of anv buildinq material, includinq those not specificallv identified by this
section, shall onlv be permitted, unless otherwise prohibited bv this code, where the desiqn
review board finds:
1. That the proposed maferial is satisfactorY in qeneral appearance, quality over
fime, architectural style, desi.qn, color, and texture: and
2. That the use of the proposed material complies wifh the intent of the provisions of
this code; and "
3. That the use of the proposed material is comQafible with the structure, site,
surroundinq structures, and overall characfer of the town of Vail; and
4. That the material is noncombustible or aids in the prevention of fires.
VI. DISCUSSION ITEMS
On'an appeal, the Town Council shall make specific findings .of fact based directly on the
particular evidence presented. These findings of fact must support conclusions that the
standards and conditions imposed by the requirements of the Vait Town Code, have or have
not kieen met. . Section 12-11-1, 14-1-1. and 14-10-5, Vail Town Code stated in Section V of this
memorandum, above shall assist the Council in determining findings of fact. In particular,
the underlined portions of the Code Sections and Section 14-10-5A criteria 1-3, which the
Design Review Board stated as reason to deny the design review application. Please find
Staff's recommended finding in Section VII Staff Recommendation, below.
VII. STAFF RECOMMENDATION
The Town of Vail Design Review Board recommends that the Town Council upholds the
Design Review Board's denial of a design review application (DRB 08-0132), to allow for
installation of an information kiosk, located on Tracts B-C, Vail Village Filing 1(On Bridge
Street, north of the covered bridge, across East Meadow Drive from the Vail Transportation
Center, near the skier statue).
Should the Town Council choose to uphold the Design Review Board's denial of a design
review application (DRB 08-0132), to allow for installation of an information kiosk, located on
Tracts 6-C, Vail Village Filing 1(On Bridge Street, north of the covered bridge, across East
Meadow Drive from the Vail Transportation Center, near the skier statue) the Design Review
Board recommends the Council pass the following motion:
`The Vail Town Council upholds fhe Design Review Board's denial of a design
review application (DRB 08-0132), submitted according to Chapter 11, Design
Review, Vail Town Code, to allow for installation of an information kiosk, located on
Tracts B-C, Vail Village Filing 1(On Bridge Street, north of the covered bridge,
across East Meadow Drive from the Vail Transportation Center, near the skier
statue), and setting forth details in regard thereto."
6
;
Should the Town Council choose to uphold the Design Review Board's denial of a design
review application (DRB 08-0132), to allow for installation of an information kiosk, located on
Tracts B-C, Vail Village Filing 1(On Bridge Street, north of the covered bridge, across East
Meadow Drive from the Vail Transportation Center, near the skier statue), the Design
Review Board recommends the Council makes the following finding:
"The Town Council finds:
That the standards and conditions imposed by. the requiremenfs of Section 14-10-5-
A, Vail Town Code, have not been met."
VIII. ATTACHMENTS.
A. Memorandum from the Appellant.
B. Kiosk description and cost estimate from Appellant
C. Denied kiosk rendering (DRB08-0132)
D. Draft kiosk locations map
E. Construction Mitigation Working Group notes (May 23, 2008)
F. Public Notice
7
. ,
Attachment A: Memorandum from the Appellant
Memorandum
To: Vail Town Council
From: Todd Oppenheimer, Department of Public Works and
Transportation - '
Date: May 14, 2008
RE: Vail Information Kiosk DRB Appeal
Background Information
Business community has desired to have-directories and maps
created and installed for several years. Two attempts to design
a directory kiosk using the Request for Proposal.process (RFP)
were made in April 2003 and November 2005. Multiple companies
and individuals responding included advertising companies,
graphic designers, and artists. None of the proposals were found
to satisfy the requirements of the project. At the same time the
discord among different business groups,made it difficult to
develop consensus on the design and function of the directory
kiosks.
Prior to 1998 an attempt at an interactive computer kiosk was
made by a.private advertising company. A structure was built in
Slifer Square to accommodate the equipment. This attempt failed
due to constant equipment malfunctions.. The structure was
removed when the Slifer Square streetscape work was completed
prior to the 1999 World Ski Championships. .
Current Proposal
The Directory Kiosk project was shelved for awhile after the 2005
RFP yielded no satisfactory responses. During that time period
the business organizations have consolidated, marketing has
become more focused and organized, and technology has caught up
with the requirements of the project. The project is now being
referred to as the Vail Information Kiosk. The desired function
of the kiosk is to provide business directory maps for the Vail
Village and Lionshead areas, special event information and
calendars, community information videos, and an interactive
system where guests can obtain additional information, grooming
reports, road conditions, etc.
This proposal is a prototype we are testing and the goal will be
to have 8 kiosks in key locations identified by the business
community to serve a1T guests within Vail Village and Lionshead.
Timing is important on the project so that we can place the
prototype this summer and see how it holds up dur.ing that season
and the winter season to see if it is viable to use this
structure for the other seven locations moving forward.
8
`
The Department of Public Works will be resporisible for
maintenance of the physical structure while the IT Department
will service the computer equipment. Reducing maintenance
requirements is strongly desired by the Department of Public
Works for cost efficiencies and to reduce man hours.
Great South Bay is an advertising sign company located in Bayport, NY. In 2007, Great South Bay, came across the old RFP
on-line and made an inquiry as to its outcome. Great South Bay
presented a product they have created called the Cornerstone
Kiosk which will satisfy the requirements of the Information Kiosk project. The Cornerstone Kiosk is a pre-manufactured unit
which is shippedifrom the manufacturer and installed on-site with
minimal assembly. The kiosk unit is constructed-of a polystyrene
material with a hard, durable, textured, and colored top coating
applied at the factory. The product requires minimal maintenance
and has a life expectancy of 30 to 50 years. The oldest
installation has been in place for 17 years with no signs of
deterioration. Several organizations which have purchased the
Cornerstone Kiosk were contacted. All references received were
positive. -
Design Review Board Process ,
The Vail Information Kiosk project has been before the DRB on
three occasions. The application was tabled once, and then
denied the second time. A second application was submitted with
new information in the way of a roof sample. This application
was also denied. Board members expressed concern that the
polystyrene material was not a"predominantly natural building
material" as stated in the town code and referenced that code in
the meeting record. .
Staff is appea3ing the DRB decision and asking the Town Council,
to overturn the decision to.deny and allow the installation of a
prototype Information Kiosk to proceed. Staff feels strongly
that the proposed, kiosk design, manufactured of the polystyrene
material, is a reasonable and appropriate solution to a project
which has been a challenge to complete.
-9 .
Attachment B: Kiosk description and cost estimate from Appellant
Vail Information Kiosk
Project Summary May 22, 2008-
Design:
Custom design by Great South Bay Sign Company in cooperation with TOV.
52" square base. 96" Overa•11 height. Hard-coat polystyrene
material,,Colors BM #HC-68 and BM #HC-77, (4) 8" x 30" bronze color
header plaques, copy to read "VAIL INFORMATION". (4) 16" bronze color
Town logo seals (8150 manhole design). See attached image.
Locations:
1. Slifer Square - Prototype
2. Checkpoint Charlie area
3. Mountain Plaza (Vista Bahn area)
4. East Meadow Drive @ Solaris
5. East Meadow Drive @ Mountain Dog
6. Lionshead East Portal (bus stop)
7. Lionshead Pocket Park (Sundial Plaza)
8. Lionshead West Portal (TBD)
Content:
Panel 1. Dual screen (19" computer monitors) KIS System
Upper monitor. Flat screen, non-interactive
. Content: Airing of Plum TV or TV 8 content.
Tie to public information system for emergency .
services and other time specific data.
Looped video marketing messages.
Lower Monitor. Interactive touch screen, accessible to disabled.
Functions: Access to vailgov.com and/or vail.com
Community information.
Dining, Lodging, and Activities reservations.
Panel 2. 36" x 30" illuminated cabinet with Vail Village Business
Directory.
Panel 3. 36" x 30" illuminated cabinet with.Lionshead Business
Directory.,
Panel 4. 36" x 30" illuminated cabinet with Calendar of
Events/Marketing..
Estimated Cost:
Great South Bay quote, 52" unit with KIS System: $46,400 each
(quantity discounts available). Computer equipment is $25,100 of
quoted price. Life expectancy: 30 to 50 years.
Site Work estimate including site preparation, electrical wiring, and
concrete slab (Slifer Prototype only): $ 12,600.
Total Estimate cost: $ 59•,000.
Poster updates are anticipated 2x per year and are anticipated to cost
$ 75.00 each.
10
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Last Madified: May 21, 2008 The Taxrci ot Vail dnes not warrant the accur2cy ot the informaGOn contained herein
(where shpwn, parcel Gne work is appmximate) `
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Attachment E: Construction Mitigation Working Group notes
CONSTRUCTION MITIGATION WORKING GROUP
Friday, May 23, 2008
Meeting Notes
Those attendinq: Chip Nelson (on behalf of ;Jeannette), Chris Romer, Steve Rosenthal, Joe
Walker, Stan Zemler
Staff & Guests: Katie Coakley, Matt Greene, Kelli McDonald, Sybill Navas, Todd
Oppenheimer, Nicole Peterson, Leonard Sandoval, Suzanne Silverthorn, Gary Suiter .
Kiosk Project
Todd Oppenheimer explained the history of the information kiosk project, in which the town has
attempted to work with the Vail Chamber & Business Association to place business directories
and other visitor information within a self-supporting kiosk. Several prototypes have been
explored through the years. The most recent attempt was recently denied by the Design Review
Board due to a disagreement over use of materials. The town staff has appealed the DRB
decision to the Town Council which will hear the matter at its June 3 evening meeting. The group
reviewed the proposed design and expressed support for the project. Members were invited to
attend the June 3 meeting and/or contact the Town Counci{ to express their support.
. 11
Attachment F: Public Notice
THIS ITENI MAY EFFECT YOUR PRC)PEFt'i''If '
PUBLIC NOTICE NOTICE tS HE.REBY G61++EN Ehat ft '1°awn Coundl of the Town of Vail 'vtfN hold a pufdliG hearing
'n aacardance Vdh Section 12-3-3, Vail Torwn Cade, an June 9i 2008, at g.Op PM in Ehe Tawn of
Vail Murr9apal Buikfing,, in conWe'raVon of: ,IT@M/Tf]PIC:
An appea9, ptirsuant ta Secfiah 12-3-3P Appeats, Vail Tatvn Cade, crf 9he Tcw+n oE Vail Design
Rewiew Boarri's atenial of a Oesign Reviiew applica9Man: svbmiite(I ar,cording to GhaRter 11, taesi-mgn
Revlevrr,Vail Town Code, to aflow for installatiora of an antvrraation kiosk, Ipcated on Tract B-C. Vail
Vallagefiling 1(on OrkW Street, noa~fhh of fhe covered bridge, acxos$ East MJfeadotirr Dr(ve tr+am the
Vail Transpanrtation Center„ neac the skier statUe) and settirrg fort.h ctetalls frr Mard theretto,
Appe9lant, Town of Vail, represented by T4dd +DppenheimeF, Pubkc UtilGr9cs
P9anner: Wirn9e. Pekwsan
The applie.ations arad intormatim abou6 the psrapasals am avaiiable fvr public inspectivn during
regular office hours at the Tdrvin of'Vail Comrriunirty Dewelopfnnerrt DeRartment, 75 Soufh Frontage
Raad_ The public is invitad to aftend project orienkatian and the she vasfts that precede the Qubfic
, hearing in 4he Tttwn of 1fail Comranunity Develc~Crrrtent Department. Please -Cdq (910) 479-2 i38 fvr
additivnal infiarrAtatian.
Si$n Danguag+a interpretatl4n ls available upon request witli 24-twur natificaticm Please call (970)
479-2356T TeIephare for the Hearing Impailredp far tnfarmatlon,
Published May M 2008, in the Vail baety
'12
' MEMORANDUM
To: Town Counci9
From: Art in Public Places Date: June 3, 2008
Subject: Triumph Winterfest Artist Selection
Summary of Triumph Development's Public Art Obligation for The Willows Public Art is a condition of The Willows development approval. The Town Council
allowed Triumph Development to partially satisfy the requirement with a donation
towards the new fountain at Seibert Circle. In 2008, the Town Council approved a
request from Triumph, Development for the remaining public art obligation, $50,000, to
be used for a public art series organized by AIPP. AIPP proposed using the funds for an
annual winter visual arts event titled Triumph Winterfest. The developer made an
additional donation of $50,000 to the Town of Vail for the public art series.
Background _
The first Triumph Winterfest, held in January 2008, featured ice sculptures with an environmental theme designed by artist Lawrence Argent. Argent is well known for his
Big Blue Bear at the Denver Convention Center. Each of the seventeen organic forms
were lit internally with LED's programmed to change color subtly throughout the evening..
The ice sculptures attracted locat and national media attention. Hundreds of visitors
were delighted by the forms and could be seen photographing themse{ves with the
sculptures during the day and at night. When the ice eventually melted in March, AIPP
received numerous phone calls from disappointed community members who looked
forward to the nightly display.
Funding for the Event
$40,724 was budgeted for Triumph Winterfest 2008. AIPP raised $11,100 to help offset
costs. LED lights removed from fountains on Wall Street were recycled for the event,
thus reducing the cost to $34,000. $77,100 is remaining for future Winterfest events.
AIPP has set a budget of $40,000 for Triumph WinterFest 2009 and selected artist
Lawrence Argent to design multiple ice elements that will be thematically and
conceptually cohesive. Argent has requested a fee of $5,000 which includes designing
the artwork, site visits, overseeing installation and assisting with the ice sculpting. Once
the artwork has been decided, AIPP can determine the exact project cost including ice,
lighting and advertising.
Description of Request
Art in Public Places is requesting the Town Council approve an overall project budget of
$40,000 including paying artist Lawrence Argent a fee of $5,000. Funds for Triumph
Winterfest come from Triumph Development and otiier sponsors.
AIPP Board Recommendation
The AIPP Board approved the expenditure, noting the savings made in 2008. The Board
recommends the Town Council approve the request.
asG.NT STUDl05
3014 Wyandot St.
Denver, CO 80211
3034338263 VOICE
3039059031 C[LL
303 5610585 FAX
www.lawrenceargent.com
Prouosal for The City of Vail,
Art in Pubiic Places Temoorarv Exhibit in ]anuarv 2009 ~
Design Fee- $5,000
As exempiified in this year's 2008 sculptural event, "Verdant Meadows", Scott Rella and myself will
collaborate on the Vail project creating sculptural elements out of ice with site-specific placernent. The
sculptures will have multipie elements that are thematically and conceptually cohesive. My role as I see it, is to design in coliaboration with Scott and have presentation materials for the committee,
to review. I wiil oversee and be responsible for the concept and design: Also, as in the last collaboration, I
will be available and on site'during installation to assist and sculpt the works within the vision that has been
initiated. I find this to be an integral component Eo, the works final manifestation and probably, the most
enjoyable, as one sees the ice come to life.
I look forward to this possibility and I thank the Art in Public Places Commission for their continued support.
Sincerely, .
. .
Lawrence Argent .
1
MEMORANDUM
TO: Town Council .
FROM: Community Devefopment Department
DATE: June 3, 2008
SUBJECT: A request for first reading of Ordinance No. 9, Series of 2008, an
ordinance amending Special Development District No. 6, Vail Village Inn,
pursuant to Section 12-9A-10, Amendment Procedures, Vail Town Code,
to allow for an addition to the Osaki Sushi Restaurant, located at 100 East
Meadow Drive/Lot O, Block 5D, Vail Village Filing 1, and setting forth
- details in regard thereto. (PEC080016)
. Applicant: Takeshi and Kazue Osaki, represented by KH Webb -
Architects
Planner: Bill Gibson
1. DESCRIPTION OF THE REQUEST
First reading of Ordinance No. 9, Series of 2008, an ordinance amending Special
Development District No. 6, Vail Village Inn, pursuant to Section 12-9A-10,
Amendment Procedures, Vail Town Code, to allow for an addition to the Osaki
Sushi Restaurant, located at 100 East Meadow Drive/Lot O, Block 5D, Vail
Village Filing 1, and setting forth details in regard thereto.
II. BACKGROUND
On April 28, 2008, the Planning and Environmental Commission voted 4-0-2 .
(Kjesbo and Viele recused) to forward a recommendation of approval, with
conditions, for a major amendment to Special Development District No. 6, Vail
Village Inn, to allow for an addition to the Osaki Sushi Restaurant, located at 100
East Meadow Drive/Lot O, Block 5D, Vail Village Filing 1, and setting forth details
in regard thereto.
On May 20, 2008, the Town Council tabled this item to it June 3, 2008, hearing at
the applicants' request.
. The applicants are requesting that the Town Council tables the first reading of
Ordinance No. 9, Series of 2008, to its July 1, 2008, pubfic hearing to allow the
applicants additional time to resolve issues related to the condominium
association's approval of this request.
III. STAFF RECOMMENDATION
Staff recommends the Town Councii tables the first reading of Ordinance No. 9,
Series of 2008, to its July 1, 2008, public hearing.
1
MEMORANDUM
TO: Vail Town Council
FROM: Community Development Department
DATE: June 3, 2008
SUBJECT: Second reading of Ordinance No. 13, Series of 2008, an Ordinance amending
Chapter 12-2, Definitions, Article 12-7G, Heavy Service District, Chapter 12-14,
Supplemental Regulations, and Chapter 12-16, Conditional Use Permits, Vail Town
Code, to allow for sexually oriented businesses as a conditional use in the Heavy
Service District, and setting forth details in regard thereto.
Applicant: Town of Vail
Planner: Rachel Friede
1. DESCRIPTION OF REQUEST
The applicant, the Town of Vail, is requesting a second reading of Ordinance No. 13, Series
of 2008, an Ordinance amending Chapter 12-2, Definitions, Article 12-7G, Heavy Service
District, Chapter 12-14, Supplemental Regulations, and Chapter 12-16, Conditional Use
Permits, Vail Town Code, to allow for sexually oriented businesses as a conditional use in
the Heavy Service District, and setting forth details in regard thereto.
The Vail Town Council can choose to approve, approve with modifications, or deny
Ordinance No. 13, Series of 2008, on second reading.
• Based upon Staff's review of the criteria outlined in Section V of the Planning and
Environmental Commission memorandum dated May 12, 2008 and the evidence and
testimony presented, the Community Development Department recommends the Vail Town
Council approve Ordinance No. 13, Series of 2008, subject to the findings noted in Section
III of this memorandum.
II. BACKGROUND
On May 6, 2008, the Vail Town Council unanimously approved Ordinance No. 11, Series of
2008, upon first reading. Ordinance No. 11, Series of 2008 established licensing
requirements for sexually oriented businesses with amendments to Title 4, Business and
Licensing Regulations, Vail Town Code. '
Ordinance No. 13, Series of 2008, includes proposed text amendments to Title 12, Zoning
. Regulations, Vail Town Code, that establishes sexually oriented businesses as a conditional
use within the Heavy Service (HS) Zone District. On May 12, 2008, the Planning and
Environmental Commission voted unanimously to recommend approval of the proposed text
amendments to the Vail Town Council.
On May 20, 2008, the Vail Town Council unanimously approved Ordinance No. 13, Series of
2008 upon first reading.
1
III. STAFF RECOMMENDATION , The Community Development Department recommends that the Vail Town Council approve
Ordinance No. 13 Series of 2008, an ordinance amending Chapter 12-2, Definitions, Article
12-7G, Heavy Service District, Chapter 12-14, Supplemental Regulations, and Chapter 12-
16, Conditional Use Permits, Vail Town Code, to allow for sexually oriented businesses as a
conditional use in the Heavy Service District, and setting forth details in regard thereto.
Staff's recommendation is based upon the review of the criteria in Section V of the Planning
and Environmental Commission memorandum dated May 12, 2008, and the evidence and
testimony presented. Should the Vail Town Council choose to approve these proposed text amendments;
the Community Development Department recommends the Council make a motion
to approve Ordinance No 13, Series of 2008, with the following findings
incorporated: ~ .
"1. That the amendments are consistent wifh the applicab/e elements of the
adopted goa/s, objectives and policies outlined in the Vail Comprehensive
P/an and, is compatible with the deve/opment objectives of the Town, and
2. That the amendments further the general purpose of Title 12, Zoning
Regu/ations, Vail Town Code; and
3. That the amendments promote the health, safety,' morals, and general
welfare of the Town and promote the coordinated and harmonious
development of the Town in a manner that conserves and enhances its
natural environment and its established character as a resort and
residential community of the highest quality." IV. ATTACHMENTS •
A. Ordinance No. 13, Series of 2008
2
, ATTACHMENT A
ORDINANCE NO. 13
. SERIES OF 2008
AN ORDINANCE FOR PRESCRIBED REGULATION AMENDMENTS TO
CHAPTER 12-2, DEFINITIONS, ARTICLE 12-7G, HEAVY SERVICE DISTRICT,
CHAPTER 12-14, SUPPLEMENTAL REGULATIONS, AND CIiAPTER 12-16,
CONDITIONAL USE PERMITS, VAIL TOWN CODE, TO ALLOW FOR
SEXUALLY ORIENTED BUSINESSES AS A CONDITIONAL USE IN THE
HEAVY SERVICE DISTRICT, AND SETTING FORTH DETAILS IN REGARD
THERETO. WHEREAS, on May 12, 2008, the Planning and Environmental Commission of the Town
of Vail held a public hearing and reviewed and forwarded a recommendation of approval for the
proposed text amendments to the Zoning Regulations to the Vail Town Council in accordance
with the procedures and criteria and findings outlined in Chapter 12-3 of the Zoning Regulations
of the Town of Vail; and,
WHEREAS, the Town Council finds and determines that sexually oriented businesses
produce adverse secondary effects on the public health, safety and welfare; and
WHEREAS, such adverse secondary effects include increased rates of certain crimes,
including prostitution, robbery, assault, theft, loitering, pandering and public intoxication, the
spread of sexually transmitted diseases, the debasement of both men and women, a decrease
in property values for surrounding properties, and noise, parking and traffic. problems; and
WHEREAS, such adverse secondary effects occur most often in the areas immediately
surrounding such businesses; and
WHEREAS, the Town Council, in enacting this ordinance, expressly relies on the
findings of the 10th Circuit Court of Appeals in Z.J. Gifts D-2, LLC v. City of Aurora, 136 F.3d 683
(10th Cir. 1998), reversed on other grounds at 311 F.3d.1220 (10th Cir. 2002), reversed at 541
U.S. 774 (2004), and Essence, Inc. v. City of Federal Heights, 285 F.3d 1272 (10th Cir. 2002),
concerning the adverse secondary effects of sexually oriented businesses on communities in
Colorado and elsewhere; and
WHEREAS, the Town Council, in enacting this ordinance, expressly relies on the
findings of the United States Supreme Court in City of Los Angeles v. A/ameda Books, Inc., 535
U.S. 425 (2002), Renton v. Playtime Theatres, Inc., 475 U.S. 41 (1986), and Boos v. Barry, 485
U.S: 312 (1988), concerning the adverse secondary effects of sexually oriented businesses on
surrounding areas; and
WHEREAS, to reduce the adverse secondary effects caused by sexually oriented
businesses in the Town, the Town Council deems it appropriate and necessaryto amend its
current regulations and to adopt new regutations for sexually oriented businesses.
Ordinance No. 13, Series of 2008 ~
V
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF
VAIL, COLORADO, THAT:
Section 1. Section 12-2-2, Vail Town Code, is hereby amended as follows:
SEXUALLY ORIENTED BUSINESS: An adult arcade, adult store, adult cabaret, '
adult motion picture theatec or adult theater, except an establishment where a
medical practitioner, psychologist, psychiatrist or similar professional licensed
by the State of Colorado engages in approved and recognized sexual therapy.
Section 2. . Section 12-7G-3, Vail Town Code, is hereby amended as follows:
12=7G-3: CONDITIONAL USES:
The following conditional uses shall be permitted, subject to issuance of 'a conditional
use permit in accordance with the provisions of chapter 16 of this title: .
Animal hospitals and dog kennels.
Automotive service stations.
Building.materials stores. . '
Business offices. Commercial laundry,and cleaning services.
. Corporation yards. ,
Machine shops.
Motor vehicle sales and services.
Repair garages. '
Repair shops.
Seasonal plant product business. Sexually Oriented Businesses. Ski lifts and tows, and accessory dwelling unit for service personnel.
Tire sales and services, including retreading and recapping.
Transportation businesses. '
Trucking terminals and truck service stations. •
Warehouses. •
Woodworking and cabinet shops.
Accessory uses customarily incidental and accessory to the conditional uses set out in
this section and necessary for the operation thereof.
Ordinance No. 13, Series of 2008 2
Additional commercial services determined to be similar to the conditional uses set out in
this section in accordance with the provisions of section 12-3-4 of this title.
Section 3. Section 12-16-7, Vail Town Code, is hereby amended to add new Section
12-16-7A-16, Vail Town Code, to read as follows:
12-16-7: USE SPECIFIC CRITERIA AND STANDARDS:
The following criteria and standards shall be applicable to the uses listed below in
consideration of a conditional use permit. These criteria and standards shall be in
, addition to the criteria and findings required by section 12-16-6 of this chapter.
A. Uses And Criteria:
12-16-7A-16: Sexually oriented businesses. 1. Sexually oriented businesses shall be located a minimum of
five hundred feet from any:
a. Religious Institution
b. . Public park '
' c. Library
d. State-licensed day care facility; e. School or educational facility serving persons under
eighteen years of age; or
f. Any other sexually oriented business.
2. The distance between any two sexually oriented businesses
shall be measured in a straight line, without regard to
intervening structures, from the closest exterior structural
wall of each business. Distance - between any sexually
oriented business and any religious institution, school or
public park shall be measured in a straight line, without
regard to intervening structures, from the nearest portion of
the structure used for the sexually oriented business to the
nearest property line of the religious institution or school, or
the nearest boundary of the public park.
3. Sexually explicit advertisements or other promotional
displays for sexually oriented businesses that are harmful to
minors shall not be visible to minors from pedestrian ways,
walkways or other public areas.
4. Sexually oriented businesses shall obtain a license pursuant
to Title 4, Business and License Regulations, Vail Town Code,
as a condition of approval for a conditional use permit.
Ordinance No. 13, Series of 2008 3
j
Section 4. If any part, section, subsection, sentence, clause or phrase of this
ordinance is for any reason held to be invalid, such decision shall not effect the validity of the
remaining portions of this ordinance; and the Town Council hereby declares it would have
passed this ordinance, and each part, section, subsection, sentence, clause or phrase thereof,
regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or
phrases be declared invalid.
Section 5. The Town Council hereby finds, determines and declares that this
ordinance is necessary,and proper for the health, safety and welfare of the Town of Vail and the
inhabitants thereof.
Section 6. The amendment of any provision of the Town Code as provided in this
ordinance shall not affect any right which has accrued, any duty imposed, any violation that
occurred prior to the effective date hereof, any prosecution commenced;. nor any other action or •
proceeding as commenced under or by virtue of the provision amended: The amendment of
any provision hereby shall not revive any provision or any ordinance previously repealed or
superseded unless expressly stated herein. .
Section 7. All bylaws, orders, resolutions and ordinances, or parts thereof,
inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall
not be construed to revise any bylaw, order, resolution or ordinance, or part thereof, theretofore
repealed.
INTRODUCED, READ ON FIRST READING, APPROVED, AND ORDERED
PUBLISHED ONCE IN FULL ON FIRST READING this 20t' day of May, 2008 and a public
hearing for second reading .of this Ordinance set for the 3`d day of June, 2008, in the Council
Chambers of the Vail Municipal Building, Vail, Colorado.
Richard D. Cleveland, Mayor
Attest:
Lorelai Donaldson, Town Clerk
INTRODUCED, READ, ADOPTED AND ENACTED ON SECOND READING AND
ORDERED PUBLISHED IN FULL this 3`a day of June, 2008. Richard D. Cleveland, Mayor Attest: , Lorelei Donaldson, Town Clerk
Ordinance No. 13, Series of 2008 4
TOWN OF VAIL REVENUE HIGHLIGHTS
lklay 31, 2008
;
As part of revenue monitoring and budget planning, we will continue to follow current
information on available financial and economic trends such as housing sales, consumer
confidence arid inflation. That information, along with year-to-date revenue collection,
will factor into our analysis of budgeted revenues. Two major revenue categories listed
below include a brief summary of market or economic assumptions (italicized).
Sales Tax
Sales tax collections continued- at a healthy pace overall with January through April
estimated collections of $10.5 million up 6.6% from last year. Meanwhile, the consumer
price index is 3.9% higher than April 2007, which identifies the portion of increase
potentially caused by inflation. Year-to-date sales tax revenue is 3.8% higher than
budgeted for the same time period.
The month of April is estimated at $1.1 million, down 18.21 % from last year due to the
timing of Easter (March '08 versus April '07).
The 2007/2008 ski season is expected to be up 4.8% from the prior ski season, reflecting
good snow.
Although consumer confideszce continues to decline, the report f'rom the Federal Reserve
stated that lower-income households were the _focus of downtarrn in sentiment. The
Federal Resef°ve has raised its projection for inflation to betWeen 3.1 % & 3.4% this year,
mainly due to energy prices. Currently, oatr annual bzcdget for sales tax is $19.4 million.
If the f•emainder of'the year tracks similar to last year, we would come in slightly over
budget for 2008. The five-vear average of sales tax collections is an annual increase of
S%. January - April 2008 collections are cur-rently up by 6.6%. -We will continzce to
monitor this revenue source for potential down-turns, and report back as needed.
Property Tax '
Year to date property tax collections of $2.7M are $802K, or 42% higher than prior year.
A 28% increase was budgeted for 2008. An additional 12-18% of incremental property
tax revenue ($450K -$650K) was estimated when the County's final assessor's report
was published. Tax collections are tracking as projected.
Use Tax
Use tax collections began as of January 1, 2008. As of May 29, collections total
$156,458. Although larger collections throughout the summer construction period are
anticipated, we currently do not have any revenue budgeted for this item in 2008.
Ski,Lift Tax •
Ski lift tax revenue of $2.6 million through April is up 7.5% from last year and
November - April ski season revenue of $3.2 million is up 3.3% from the prior ski
season.
080603 Revenue Highlights - 1 -
Parkin
Year-to-date parking revenue of $2.9 million through April, 2008 is up 6.0% from the
same point in time last year. For the ski season (November 2007 through April 2008),
parking revenue of $4.5 million is up 11.2% from the 2006/2007 season, mainly due to
increased pass sales and pricing.
Construction Permit Fee Revenue
Construction permit volume is 34% higher than last year with construction permit fee
revenue of $1.1 million through May 30, 2008 compared with $817K for 2007. The total
annual budget for this line item is $13M. This year's revenue includes $902K (83% of
the total) from five large redevelopment projects: Lionsquare Lodge North, Mountain ,
View, Ritz Carlton, Safeway and Solaris. Major redevelopment projects accounted for
$519K (64% of total) at this time last year. Construction permit fees from' non-major
projects have decreased by 36% from last year. Construction permit fees include
building, electrical, mechanical, plumbing, and sprinkler permits.
Real Estate Transfer Tax (1ZETT)
RETT collections of $2.9 million through May 26, 2007 are 30% higher than this time
last year. 2008 collections include the following major projects to-date: Arrabelle, Forest Place, One Willow and Vail Plaza. Last year's collections included tax on a
portion.of three large projects: Forest Place, Gore Creek Place and Manor Vail.
Major projects account for 46% of year-to-date collections in 2008, compared to 11 % of
the total in 2007. RETT collections from property transfers not related to major
redevelopment projects dropped by 22% year-to-date as of May, 2008 compared with 2007.
During the first supplemental budget adjustment in April, the RETT budget was reduced
by $1M, to a total of $7.2M. At that time, we projected transactions not related to major
redevelopment projects would drop by 28%. As of the 1" quarter of 2008, Vail Valley
i•eal estate transactions have dropped by 19%*. In line with our earlier projections, non-
major transactions have droppecl, however transactions from the completion of major
redevelopments make up the majoriry of 2008 revenue and are responsible for the overall
increase in RETT collections from prior year. We will continue to monitor local market
conditions, as well as RETT collections to enhance projections throzrghout the year.
*Source: Land Title Guarantee Co.
080603 Revenue Highlights - 2 - ,
MEMORANDUM
~
May 28, 2008
To: Vail Town Council
Stan Zemler
Pam Brandmeyer
Judy Camp
From: Sally Lorton
Re: April Sales Tax On the reverse side please fmd the latest sales tax worksheet. I estimate I'll collect
another $37,000.00 in April sales tax to bring April collections to $1,088,445.00. If so, we will be down 18.21% or $242,295.00 from Apri12007 and down 14.03% or
$177,560.00 from budget. Easter was in March in 2008. The ski season, November - April, will be up 4.8% or $647,188.00.
, Apri120081ift tax is down 36.9% or $112,500.00: The ski season, November -
April increased 3.3% or $103,071.00.
Town of Vail
Sales Tax Worksheet
5/27/2008
% CAsnys % Cnanys
Month 1997 19sa rsss Zooo 2001 2002 zow zoos 2005 20M ~w+ hwo hw„
200e 2007 suqA.+ CoOectlona va.recs 2007 muqosr
Jenuery 2,052,569 2,115,359 2,086,459 2,034,529 2,210,547 2,073,481 7,997,091 2,225,841 2,275,987 2,697,886 2,783,3062.857.079
2,878,939 719,880 6.96% 4.20%
Februa 2,089,673 2,153,121 2,021,486 2,223,870 2,366,321 2,281,833 2,111,183 2,382,825 2,429,377 2,b27,130 2,718,643 2,790,702 3,071,295. 280,593 12.97% 10.05%
March 2,580,992 2,388,077 2,415,202 2,546,573 2,568,871 2,699,664 2,372,942 2,344,178 2,785,101 2,852,954 2,988,446 3,165,808 3,330,738 165,128 / 11.53% 5.22%
APrU 874,427 1,107,334 952,843 928,771 1,043,431 870,875 871,488 992,157 915,564 1,280,324 1,330,740 1,266,006 7,051,445 1214,5601 -20.99% -16.95%
Totnl 7,597,661 7,743,891 7,465,990 7,730,543 8,189,170 7.925,853 7,352,884. 7,925,001 8,405,999 9,258,393 9,819,735 10,079,394 10,430,415 351,021 8.23% 3.48%
i.
~Y 329,783 382,718 370,864 388.127 448,234 414,248 428,919 411,59b 458,770 449,283 545,874 560,317
June 630,368 633,400 692,811 721,774 751,439 657,707 742,75b 732,113 834,913 805,362 953,017 978,261
.1ulY 1,043,837 1,107,882 1,130,883 1,235,470 1,167,867 1,044,968 7,075,632 1,128,514 1,166,183 1,255,243 1,265,781 1,299,743
AuguM 1,073,430 1,183,926 1,050,004 1,038,516 1,124,275 1,084,318 1,029,448 994,445 993,985 1,055,814 1,762,746 1,193,373
September 637,831 735,808 806,600 817,313 747,768 713,574 679,208 757,033 785,807 832,549 908,318 932,237
October 472,836 515,531 b38,204 b47,201 486,570 484,425 508,092 532,537 566,173 814,396 688,b19 704,761
Novembar 707,168 ' 656,598 582,260 891,445 571,783 642,293 591,269 623,846 713,177 799,682 747,877 790,281
December 2,254,709 2,070,834 1;883,805 2.082,205 1,933,940 2,139,417 2,171,098 2,382,095 2,549,032 2,771,258 2,821,871 2,862,283
~
Total 14,747,419 15,030,386 14,509,421 75,232,588 15,471,044 16,106,801 14,578,983 75,466,979 16,483,979 17,841,880 18,973,138 19,400,000
MARCH 2008
,
~
; VAIL BUSINESS REVIEW
'
To Ww40HE
M
ay 22, 2008
The March Vail Business Review breaks down the four percent sales tax collected for March and the first
quarter 2008.
Overall March sales tax increased 11.4% with Retail increasing 13.5%, Lodging increased 13.9%, Food and
Beverage increased 3.0% and Utilities/Other (which is mainly utilities but also includes taxable services and
rentals) increased 13.3%. The first quarter resulted in a 10.5% increase overall with Retail increasing 8.6%,
Lodging increased 11.9%, Food and Beverage increased 7.3% and Utilities increased 17.3°Io.
Town of Vail sales tax forms, the Vail Business Review and the sales tax worksheet are available on the
internet at www.vail o~ v.com. You can subscribe to have the Vail Business Review and the sales tax
worksheet e-mailed to you automatically from www.vailpov.com.
Please remember when reading the Vail Business Review that it is produced from sales tax collections, as
opposed to actual gross sales.
If you have. any questions or comments please feel free to call me at (970) 479-2125 or Judy Camp at (970)
479-2119.
Sincerely,
Sally Lorton
Sales Tax Administrator
March 2008 SALES TAX
VA/L VILLAGE March March March
2007 2008 %
Collections Collections Chan e
Retai I 4929364 5159572 4.7%
Lodging 5349355 6079904 13.8%
Food &
Beverage 437,550 438,628 0.2%
Other 169541 179625 6.6%
Total 194809810 1,579,729 6.7%
LIONSHEAD
March March March
2007 2008 %
Collections Collections Chan e
Retail 154,060 2199105 42.2%
Lodging 3499345 4219274 20.6%
Food &
Beverage 86,667 1299223 49.1 %
Other 139231 159945 20.5%
Total 6039303 7859547 30.2%
.
March 2008 SALES TAX
CASCADE V/LLAGE/EAST VA/USANDSTONE/WEST VAIL
March March March
2007 2008 %
Collections Collections Chan e
Reta i I 1989123 2259409 13.8%
Lodging 2609511 2619067 0.2%
Food &
Beverage 972241 729682 -25.3%
Other 5,217 59192 -0.5%
Total 561,092 5649350 0.6%
OUT OF TOWN
March March March
2007 2008 %
Collections Collections Chan e
Retail 479721 529200 9.4%
Lodging 529686 729501 37.6%
Food &
Beverage 19992 13930 -3.1%
Utilities & 2399674 2729498 13.7%
Other
Total 3429073 3999129 16.7%
, v
I!llarch 2008 SALES TAX
TOTAL
March March March
2007 2008 %
Collections Collections Chan e Retai I 8929268 190129286 13.5%
Lodging 19196,897 193629746 13.90/o
Food & .
Beverage 6239450 6429463 10%
Utilities & 274,663 311,260 13.30/o
Other °
Total 299879278 3,3289755 1`1.4%
?RETAIL SUMMARY
March March March
2007 2008 %
Collections Collections Chan e
FOOD 138,664 159,463 15.0%
LIQUOR 41,963 49,859 18.8%
APPAREL 116,740 140,687 20.5%
SPORT 435,009 509,732 17.2%
JEWELRY 32,379 32,699 1.0%
GIFT 18,243 13,110 -28.1 %
GALLERY 8,059 6,878 -14.7%
OTHER 100,660 99,397 -1.3%
HOME 551 461 -16.3%
OCCUPATION
TOTAL 892,268 1,012,286 13.5%
March 2008 YTD Sales Tax ~
VA/L V/LLAGE
March YTD March YTD March YTD
2007 2008 %
Collections Collections Chan e
Retail 1,322,679 193219523 -0.1 %
Lodging 194919260 196349163 9.6%
Food &
Beverage 19215,260 112429081 2.2%
Other 34,059 389501 13.0%
Total 4,0635258 49236,268 4.3%
LIONSHEAD
March YTD March YTD March YTD
2007 2008 %
Collections Collections Chan e
Retail 4409134 603,058 37.0%
Lodging 1,015,992 19176,731 15.8%
Food &
Beverage 2595989 3879389 49.0%
Other ° 33,401 445327 32.7%
Total 1,749,516 292119505 26.4%
' March 2008 YTD Sales Tax
CASCADE VILLAGE/EAST VAIUSANDSTONE/WEST VAIL
March YTD March YTD March YTD
2007 2008 %
Collections Collections Chan e
Retai I 619,316 6499774 4.9%
Lodgi ng 7589773 7899185 4.0%
Food &
Beverage 2759544 2519130 -8.9%
Other 179281 15,481 -10.4%
Total 196709914 117059570 2.1 %
OUT OF TOWN
March YTD March YTD March YTD
2007 2008 %
Collections Collections Chan e
Retail 1329117 1559363 17.6%
Lodgi ng 1469615 2179045 48.0%
Food &
Beverage 69986 69371 -8.8%
Utilities & 7199403 844,585 17.4%
Other
Total 190059121 1,223,364 21.7%
March 2008 YTD Sales Tax ~
TOTAL
March YTD March YTD March YTD
2007 2008 %
Collections Collections Chan e
Retail 295149246 2,7299718 8.6%
Lodging 39412,640 398179124 11.9%
Food &
Beverage 197579779 19886,971 7.3%
Utilities & 8049144 9429894 17.3%
Other
Total 894889809 913769707 10.5%
.
j
RETAIL SUMMARY
March YTD March YTD March YTD
2007 2008 %
Collections Collections Chan e
FOOD 441,959. 459,330 3.9%
LIQUOR 118,236 147,237 24.5%
, APPAREL 322,619 363,003 12.5%
SPORT 1,165,009 1,320,590 13.4%
JEWELRY 96,662 92,265 .-4.5%
GIFT 49,551 35,897 -27.6%
GALLERY 32,702 23,064 -29.5%
OTHER 285,907 286,810 .3%
HOME 1,601 1,522 -4.9%
OCCUPATION
TOTAL 2,514,246 2,729,718 8.6%.
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james@reachadvisors.com DVl SORS
ADVISORS
TO: Tovvn of Vail
FIROfVi: Jim and Diane Beedie
DATE: 5-26-08
Subject: North Day Lofi
o On 4-20-08 we (who ovvn fvvo units in the V1/estvvind) sent a let4er to you
requesting environmen4al infiormafion as to fihe effect of big buses and ECO
buses using a North Day Lot transportation center. See below for a copy of the
leffer.
o VVe understand that at your May 20, 2008 meefing you voted 3 40 2 to build a
firanspor4afion center which will accommodate big buses and ECO buses on the
Norfh Day Lot.
o As vue have stated we are concerned about fhe environmenfial effec4.
o VI/e assume the town had enough work done to undersfand fhe sfate and federal
environmental requirements fior locating the proposed transportation center on
the North Day lot. This infiormation vvoufd be necessary and required before a
vote could be fiaken.
o In addition uve assume the tovvn has already or will make sure the proposed
transportafion center meets those environrnenfal requiremenfis.
o The Town didn't provide or discuss the environmental requirements at your Niay
20, 2008 meeting.
o Since this informafion is crifical and the town council members vvould have
reviewed and discussed it, please provide to Vail Managernent (our management
company) the environmen4al study and/or the ofiher environmental informafiion
the fown received and used to make it decision. As part of this please provide us
a copy of the state and federal requirements concerning the environmenfal
requirements i.e. noise, fumes efc...
o V1/e would expect that this is public information and thus the Touvn can provide
local tax payers fhe information uvithout a legal request.
o In an effort to befter understand the 1"own's environmental posifion, dve have
asked Vail iVianagemenf to sef up a confierence call to include: Jim Beedie, Bob
1/Vagner (VVesflnrind Board president) and the appropriafe Town person(s).
o Thanks for your time. It is important for us and other Wesfiwind owners to be
informed.
TO: Town of Vail and Vail Associates.
FROM: Jim and Diane Beedie
Date: 4-20-08
Subject: North Day lot
• Diane and I own two condominium units in the Westwind. We have owned them for
over 15 years.
• The Town of Vail and Vail Associates deserve a lot of credit for doing such a great job
of renovating Lionshead. The changes to date have been great. We look forward to the
coming changes.
North I)av Lot
• The Westwind borders the east side of the North Day lot.
• We understand that it is appropriate and necessary to develop this property.
• The plans and information you have sent out have been very helpful in understanding
your plans.
• Our question goes to the environmental effect of having big buses and ECO buses
(which we believe are and will be diesel) use the proposed transportation center planned
for the North Day lot. By environmental effect we are referring to air quality and noise.
• The Westwind has no air conditioning and I believe the Landmark also has no air
conditioning. Thus windows and doors are often left open for air flow.
• I didn't find an environmental study in the information you have provided.
• The Westwind and the Landmark are very close to the North Day lot. The lights from
these vehicles could shine into the windows of some Westwind units during the evening
hours.
• If the big buses and ECO buses have a negative environmental effect (poor air quality
and excess noise), the Westwind and Landmark could/will be adversely affected.
e We ask that you have an environmental study done, so the effect on the air quality and
noise of the big buses and ECO buses will be known.
• Depending on the results of the study, we ask that if necessary, you consider moving the
big buses and ECO buses from the North Day lot transportation center.
Thanks for your great work and for considering our request. If you have any questions, you can
reach us at 630-643-0143.
~TIC'M = .4 PPE-_..
PETER B DUNNING
1461 GREENHILL COURT
VAIL, COLORADO 81657
June 2, 2008
Members of the Town Councii
Town of Vail, Colorado
The Town of Vail has submitted a design for an Information Kiosk that utilizes a roofing material that has
not been approved for use by the Design Review Board for structures. The design, as submitted, is
intended to be the prototype for severaf additional kiosks. The DRB does not believe that the synthetic
material meets the requirements of Section 14-10-5, specifically that:
1.) The material is not satisfactory in general appearance, design.and texture.
2.) The use of this material does not comply with the intent of the provisions of the code.
3.) The use of this material is not compatible with the structure, site, surrounding structures
and overall character of the Town of Vail.
The applicant was advised early on in the process that the design they wished to use could be modified
and accepted. Public Works redesigned the exterior using natural wood accents. The Board agreed to
approve the redesign as presented with the condition that asphalt shingles.of approved weight and style
be added. Public Works then twice submitted that same design without asphalt shingles to the DRB and
were twice denied by unanimous vote.
The material in question is a polystyrene plastic material. It has not been approved for general use on
roofs in the Town of Vail. Some other synthetic materials have been approved because they appear
similar to the material they are replacing and have a satisfactory overall appearance. The DRB
understands that any approval is precedent setting and that. Once approved, a material may be used
anywhere in the Town. Therefore, if this hard foam material would be approved, we could have
structures in the Village and around town that give a very different visual effect than the traditiona)
materials referenced in Section 14-10-5.
The arguments used by the applicant are that you cannot see the roof and that their design is cheaper to
build. The DRB response is that of course you can see the roof from the rooms in upper stories and that
sightlines are not criteria for acceptance. Furthermore, the Design Review process does not take cost
into account.
To summarize, the Town of Vail should abide by the same building and design standarcis as the residents
of Vail. The Design Review Board does not accept this synthetic material as appropriate and has twice
voted accordingly for denial. I believe you should uphold the DRB decision.
Peter B. Dunning, ~
Chair Design Review Board, Town of Vail
0G.o3.b~ WS
FPorva: Gregg Barrie
Vo: John Power; Mark Gordon; Pam Brandmeyer; Stan Zemler
Dage: 6/2/2008 3:34:21 PM
SaulbDect: Vail Childcare bullet points ,
All,
I have spoken w/ JP, vuho, as a board member for Eagle Valley Child Care, is probably in a better position
than myself to represent this on Tuesday night, has offered to be available to answer questions about the
reallocation of funds for the daycare center.
The follouving are some points that may be helpful.
The reasons behind this request are as follows:
1. This is a reallocation of funds ($10,000) from 2007
2. The daycare center could not perform the work last fall due to construction on the parking lot (above
Ciry Market)
3. An oversight resulted in the money not being rolled forward to this year
4. Eagle County also allocated $10,000, which must be spent by the end of June
5. The work is being performed to bring the toddler playground up to compliance with state daycare
guidelines.
6. The problems are: a) It is currently too small for the number of children; b) there is no play equipment,
only a sandbox; c) the fence around the play area is too short (less than 48"); d) the surface of the play
area is worn grass/dirt; e) they are lacking one shade structure.
7. VVork begins this so that the Eagle County portion can be used prior to expiring
Please let me know if you require add'I info.
Thanks,
Gregg
Gregg Barrie, LLA
Landscape Architect
Town of Vail
Department of Public Works
ph. 970.479.2337
fax 970.479.2166
CC: Amy Drummet; Kathleen Halloran
C~
d~a~ 1~~~~ Co~aovccuQ fi~c~etur~g fi~6r~a~tes
0 ue.~K.dlay9 °v°ay 6g LS00V
peI1F911.
l9~uQ Counc6l C9vambeo°s
The regWar mee4u~~ of 4f~e Va6U Town Councu0 was ~aHed 4~ ~rderr at
approx6osruatMy 6e00 P.M. by Mayoir DBck C9eve0ande
Members presente Dick Cleveland, fVlayor
Andy Daly
Mark Gordon
Farrow Hit4 ~
Kim Newbury
Mar~ 4ogers
~ IC
~y
~~~~ers: Stan Zemler, Town iVianager
Mafit iViire, Town ,4ttorney
Pam Brandmeyer, ,4sst. l'own iVianager
The forsa item on the agenda was Citizen Input.
Dave bCraft shared his belief that aerosol trails are being sprayed into the atmosphere
over Vail and in other areas of the country as part of a government conspiracy.
V1/ith restitution checks in hand, Battle Mountain High School students Nlax 1/Vard and
Blaze Heuga apologized to Council for recently vandalizing the sidewalk at the Donovan
Pavilion. Council expressed displeasure with the youth's graffiti. p(athy Valleau spoke in
defense of the youths for not identifying others involved.
The secoovd item on the agenda uvas the Vail Youth Recognition Award Winners
Introduction.
Vail Valley Exchange Oresident Scott O'Connell introduced the following recipients of the
Vaif Youth Recognition Auvards: Tony Ryerson from Vail Mountain School and Olivia
Fauland from Battle Mountain High School.
The thBPd item on the agenda was Proclamation No. 6, Series of 2008 Building Safety
VI/eek 2008. (May 5-11)
Rogers read a proclamation supporting Building Safety VVeek. Daly moved and Foley
seconded a motion to approve the proclamation. The motion passed unanimously, 7-0.
1
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The fourth item on the agenda was the Consent Agenda. J
a. Approval of the April 1, 2008, and April 15, 2008, Town Council Minutes. ~
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Foley moved to approve the consent agenda with Foley seconding. The motion passed
unanimously, 7-0.
The fif4h item on the agenda was the Town Manager's Report.
' ? Revenue Update.
' Budget and Financial Reporting Manager Kathleen Halloran reported that when all sales
tax returns are received for the month of March, collections for the month are expected
to be $3.3 million, up 12% from March, 2007. The ski season coller,tions thus far
(November - February) will be up 7.3%. For comparison, inflation as measured by the
consumer price index was up 4.0°1o compared with the prior year. Use tax collections
began as of January 1, 2008. As of April 28, collections total $64,643. Construction
permit revenue currently totals $671.5K, up 5.8% from this time last year. The increase
is due to major redevelopment projects, which make up 78% of the totai. Construction
permit fee revenue from non-major projects is down 24% from this time last year. Real
Estate Transfer Tax (RETT) collections through April 28, 2008, total $2.3 million. This
amount is a 29% increase from this time last year primarily due to recent sales of major
redevelopment projects. Major redevelopment projects such as Arrabelle, Forest Place,
One Willow Bridge and Vail Plaza account for 41 % of year-to-date 2008 collections.
RETT collections from property transfers not related to major redevelopment projects
dropped by 13% year-to-date as of April, 2008 compared with 2007.
? Chamonix Planning Update.
Planner Scot Hunn told Council that on March 4, 2008, Council re-affirmed, with
modifications, the planning goals and design parameters originally adopted by the
Council on January 22, 2008, for the Chamonix Site Master Plan project. Also at the
March 4, 2008, meeting, the, Council authorized staff and the consultant team to proceed
with conceptual design work for the Chamonix Site. On April 11, 2008, the Chamonix
Site Advisory Committee held a meeting to review three preliminary site plan concepts.
Cleveland commented, "This is our opportunity to maximize our ability to bring people
back to town.", He then questioned the possible inclusion of one bedroom units as they
are not desirable to perspective buyers. Hunn said a recent survey indicated one
bedroom units were a desirable product. Daly questioned the validity of the survey due
to its small sample size. Hunn then explained that on May 7, 2008, staff would be
hosting the next committee meeting, to be followed by an evening neighborhood
meeting, to review the most recent, revised site plan concepts. "The intent of these
meetings will be to gain feedback from stakeholder groups prior to commencing with any
further design development of plans."
? Colorado Stage International Cycle Classic/Farmers Market. '
Assistant Town Manager Pam Brandmeyer reported staff believed the simultaneous
hosting of the finro events, on Aug. 24 would be too cumbersome on town resources
(parking, crowd control, etc.). Rogers asked if the Farmers Market could be held in the
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2
LionsHead area. Brandmeyer responded the tovvn's resources vvere simply too limited fo
host fiwo large events. Hitf asked if the touvn was sure the cycling event would be held.
Representing the Vail Valley Foundation, Scott Bluhm confirmed the event vuould in fact
be held. Bluhm fhen announced a title sponsor uvould be named within fhe next tveo
weeks. The dafies of the cycling event could not be moved. Gordon said he thought it
uvas imperative both events be held simultaneously. Rogers said she thoughfi a synergy
uvould be created ifi both events co-existed. Gordon moved to hold both even4s
simulfaneously uvith Ragers seconding. Farmers Markefi representative Rick Scalpello
said he believed the attendance estimates for the cycling event were overestimated.
Farmers iViarket representative Tom Kraubaker spoke in support of maintaining the Aug.
24 event dafe as did vendor Stephen Porter. The mofiion passed unanimously, 7-0.
> I-70 Collaborative Update.
Zemler provided Council an overview of the most recent decisions of the I-70 Collaborafive. He explained local communities are beginning a process to examine
existing land-use regulations and zoning codes along the I-70 mountain corridor to
determine how fhey can be improved to facilifate better mobility and transif options to
relive congestion. "There is still some disagreement abouf lane widening in the Clear
Creek County area...l think we vvill get to where wre need to get to pretty soon." During a
pause for public comment, Kaye Ferry said the coltaborative efforts of the numerous
partners wrere improving. "They've made some significant strides even fhough the
contention remains in Clear Creek County." Vail Homeouvners Association
representative Jim Lamont encouraged annexing the Dowd Junction area so the touvn
. uvould be able to control improvements made to the interstate in that area.
> Parking Task Force Update.
Public V1/orks Director Greg Hall reported fhe Parking Task Force would meef again on
May 13. During public comment, Kaye Ferry expressed concern Vail F2esorts had put the
Ever Vail parking structure on the "back burner."
The su~th item on the agenda was Ordinance No. 1, Series of 2008, an ordinance
amending Chapters 12-13, Employee Housing, 12-23, Commercial Linkage, and 12-24,
Inclusionary Zoning, Vail Town Code, to establish requiremenfs that no less than one-
half (%z) the employee housing mitigation requiremenfs for nevv construction and
demolrebuifd projecfis be accommodated vvith on-site units.
Planner Bill Gibson reported that on fiNarch 10, 2008, the PEC voted 4-3-0 (Gunion,
Proper, and Viele opposed) to fonward a recommendation of approval, with
modifications, for texf amendments to establish standards and criteria related to
mitigating employee housing requirements, and setting forth details in regard thereto.
The Town Council held uvork session discussions concerning the proposed text
amendments on March 24 and April 15, 2008. Gordon clarified if a projecfi vvas in the
current development review process (any accepted pending apptication for
redevelopment) it would not be subjecf to the nevu requirements. Gibson said there were
expirations for approvals. "1'he requirement for providing employee housing is not being
changed, only uvhere they put it...The code applies to all properties (in the Town of Vail)
in general." Daly clarified fhe Council did not have the ability to lower a housing
requirement. He then asked that language be included that would address the
aforementioned 1'ouvn Council ability to change the requirements for a project if they so I
I
3
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chose. Foley moved to approve the ordinance with Gordon seconding. Foley asked for a
list of all approved development applications prior to the next reading of the ordinance.
Chief of Planning Warren Campbell clarified Vail Resorts had submitted applications for
their proposed Ever Vail project. Local developer Peter Knobel said a Special
Development District could ask for deviations from these standards. Kaye Ferry said she
believed organizations such as the Vail Valley Medical Center should be required to
house employees locally and on-site. Local hotelier Johannes Faessler said this
ordinance would have precluded his recent hotel expansion. The ?notion passed
unanimously, 7-0. For more details, contact Gibson at 479-2178.
The seventh item on the agenda was the Secorid reading of Ordinance No. 10, Series
of 2008, repealing and re-enacting Ordinance No. 31, Series of 2007, Cascade Village,
amending and re-establishing the approved development plan for Area A of SDD No. 4,
pursuant to Article 12-9A-10, Amendment Procedures, Vail Town Code, fio allow for the
construction of two additions (deck enclosures) to the south side of Vail Cascade Hotel,
located at 1300 Westhaven Drive/Cascade Village Subdivision).
On March 24, 2008, the PEC recommended approval of the request. On April 15, 2008
Council approved the first reading of Ordinance No. 10, Series of 2008, with the
condition staff verifies the proposed parking table on Page 16 of the ordinance. Rogers
moved to approve the ordinance with Gordon seconding. The motion passed
unanimously, 7-0.
The eighth item on the agenda An appeal, pursuant to Section 12-3-3, Appeals, Vail
Town Code, of the Town of Vail Planning and Environmental Commission's approval,
with conditions, of a request for a final review for a development plari, pursuant to
Section 12-61-11, Development Plan Required, Vail Town Code; a request for final
review of a variance from Section 12-21-10, Development Restricted, pursuant to
Section 12-17-6, Criteria and Findings and Section 12-21-16, Right of Appeal; and a
request for final review of certain conditional uses, pursuant to Section 12-61-3,
Conditional Uses, Vail Town Code, to allow for a redevelopment of Solar Vail into a
mixed use development to inctude Type VI employee housing units, professional offices,
and public utilities installations including transmission lines and appurtenant equipment,
located at 501 North Frontage Road WesbLot 8B, Block 2, Vail Potato Patch.
Planner Scot Hunn reported that on March 24, 2008, the PEC approved,. with conditions,
a request for a final review for a development plan, pursuant to Section 12-61-11, Vail
Town Code; a request for final review of a variance from Section 12-21-10, Development
Restricted, pursuant to Section 12-17-6, Criteria and Findings and Section 12-21-16,
Right of Appeal; and certain conditional uses, pursuant to Section 12-61-3, Conditional
Uses, Vail Town Code, to allow for a redevelopment of Solar Vail into a mixed use
development to include Type VI employee housing units, professional offices, and public
utilities installations including transmission lines and appurtenant equipment, located at
501 North Frontage Road West/Lot 86, Block 2, Vail Potato Patch, and setting forth
details in regard thereto. Council "called-up" this PEC action at its April 1, 2008, public
hearing by a vote of 7-0-0. Cleveland said Council had several concerns with the project
including uninterrupted height and lack of setbacks, snow storage as well as the use of
town land for access to the project. Project architect Henry Pratt said the building site
had significant limitations due to setbacks and 40% slopes. Pratt said the easiest way to
limit height is to remove units. Campbell said certain zone districts allow for construction
on 40% slopes although the Housing Zone District does not. Property owner Johannes
Faessler said the location of the project is ideal for employee housing. Daly asked how
4
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many units he in4ended to sell. Faessler said he would nof seil any units. He said last
winter his hotel required be4ween 70 and 80 employee beds. Faessler then said he
would utilize 2,500 sq. ft of office space and rent out the remaining 2,500 sq. ft. Rogers
said maximum density should be encouraged. Rogers moved to uphold the PEC's
recommendation subject to the PIEC findings located on pg. 2 of the staff memorandum
vvith Gordon seconding. Cleveland said he had a problem vvith the project's drivevvay
being located on touvn land. Faessler said he was open to providing infrastructure
necessary for an ancillary project on an adjacent site. Town Attorney Matfi Mire
recommended the developmenf of a non-exclusive access easemenf. During a pause for
public commenfi, Vail Homeouvners Association representative Jim Lamonfi encouraged
more articulation of the southern fagade. "VUe need to strike a compromise...We need
to maintain a qualify image for the communify." The motion passed unanimously, 7-0.
The ovunah i4em on the agenda uvas a proposed addition to the Town's Official Avalanche
Hazard Map at 4768 Meadowr Drive/Lot 1, Block 7, Bighorn 5`h Addition.
Planner Bill Gibson explained that pursuant fio Sub-section 12-21-13-H, Addifions to
Maps, Vail Town Code: "If the applicant establishes at the hearing by clear and
convincing evidence 4ha4 the information contained in the site specific geologic
investigation is reliable, the touvn council shall direct the Departmen4 of Community
Developmenfi to keep a copy of said site specifiic investigation on file in the Department
of Community Development and available to the general public and shall further direct
the department of communify development to notate the appropriate official map
adopted by this chapter so that if indicates that said sife specific investigation is on fiile
with the Department of Community Development." The applicant, Larry Deckard,
representing the property owner, submitted a site specific avalanche hazard study for
the subject property. The submitted study recommended amending the delineation of the
avalanche hazards on the subject site. Gibson then asked Council to direcfi the
Department of Communify Development to keep a copy of said site specific investigation
on file in the Department of Community Development and available to the general public
and direct the Department ofi Community Development to notate the Official ,4valanche
Hazard Niap fo indicafe thaf said site specific investigation is on file with the Department
of Community Development. Newrbury moved to approve the addition with Hitt
seconding. The motion passed unanimously, 7-0.
The treavth item on the agenda was the Park City Peer Resort Visit Outcomes.
Council members Hitt, Gordon and Rogers joined Mayor Cleveland in sharing their
observations follovving a recent peer resort visit they made to Park City, Utah. Daly
inquired if employee housing is a significant issue there. Hitt said in certain areas, Park
City has 100% on site employee housing requirements. He also noted the impressive
qualify of the for-sale and rental employee housing units he toured. "They were much
more proactive in attacking the problem...They make their decisions based on vuhat vuas
best for the community and didn't make decisions based solely on profit." It was also
identified that the Park City area resorts offered a transit service for their employees
living in outlying areas. Rogers said the town should uvork to improve relafiions with Vail
f3esorts as she saw the benefits of a positive municipality/ski company relafionship. Hitt
encouraged placing open space in a third par4y trust to, "protect ourselves from
ourselves." Gordon said the tovun should continue 4o pursue a green building code.
Cleveland noted traffic on Main Street was a significant issue in Park City. He atso
noted the Park City Chamber handled all of the special events. Council agreed to
5
continue scheduling peer resort visits as they are quite valuable and enlightening.
Zemler thanked Economic Development Manager Kelli McDonald and then Special
Projects Manager Jamie Gunion for their work in scheduling the visit.
The eleventh item First reading of Ordinance No. 11, Series of 2008, ,An Ordinance
Amending Title 4 of the Vail Town Code by the Addition of a New Chapter 12, Entitled
"Sexually Oriented Business."
Town Attorney Matt Mire explained Town Code did not have regulations concerning
sexually oriented business. Adding Chapter 12 "sexually Oriented Business" to Title 4 of
the Vail Town Code the council is insuring the public's health, safety and welfare by establishing reasonable regulations to reduce the adverse secondary effects of such
businesses within the town. Rogers moved to approve the ordinanGe with Foley
seconding. The motion passed unanimously, 7-0.
The twelfth item on the agenda was the Second reading of Ordinance No. 8, Series of
2008, an Ordinance amending Chapter 12-3, Administration and Enforcement, Vail
Town Code, to establish procedures for approving public art in private development.
On October 22, 2007, the PEC voted to recommend denial to Council for proposed text
amendments requiring public art for certain development projects. On PJovember 20,
2007, Council voted 4-3 to deny Ordinance No. 33, Series of 2007, which would have
codified those requirements. Council #hen directed staff to propose text amendments
including only the basic requirements and procedures for review of public art. The
proposed text amendments were based on the previous request, with requirements for
public art omitted, per Council's request. On March 10, 2008, the PEC voted
unanimously to recommend approval of the text amendments. On April 15, 2008, the
Council unanimously voted to approve Ordinance No. 8, Series of 2008, upon first
reading. Newbury moved to approve the ordinance for second reading with Rogers
seconding.
The thirteenth item on the agenda was the 2008 Asphalt Overlay Project.
Town Engineer Tom Kassmel asked Council to authorize the Town Manager to enter
into an agreement with B&B Excavating to complete the 2008 Overlay Project in the
amount of $269,941.48. Staff received two bids for the 2008 Overlay ProjPCt, with B&B
Excavating the low bidder. Submitted bids were within budget and below the engineer's
estimate. The project consists of a maintenance asphalt overlay on portions of roads in
East Vail, an asphalt mill and overlay of Vail Valley Drive from the South Frontage Road
to Gotd Peak, and asphalt patching on East LionsHead Circle. The project is budgeted
as follows: $269,941.48 from the Capital Street Maintenance Budget.
Da1y moved to authorize the Town Manager to enter into an agreement with B&B
Excavating to complete the 2008 Overlay Project in the amount of $269,941.48 with
Rogers seconding. The motion.passed unanimously, 7-0.
The fourteenth item on the agenda was Adjournment.
Newbury moved to adjourn with Foley seconding at approximately 10:00 p.m. The motion
passed unanimously, 7-0
6
Dick Cleveland, fVlayor
A1TEST:
Lorelei Donaldson, Town Clerk
Minutes provided by Corey Swisher.
. 7
Vail Town Council Meeting Minutes
Tuesday, May 20, 2008
6:00 P.M.
Vail Town Council Chambers
The regular meeting of the Vail Town Council was called to orcler at
approxirnately 6:00 P.M. by Mayor Dick Cleveland.
Members present: Dick Cleveland, Mayor
Kevin Foley
Mark Gordon
Farrow Hitt
..K`ev?fl-~
Kim Newbury
Margaret Rogers
-Fwrow-Hitt,
fdot present: Andy Daly
Staff Members: Stan Zemler, Town Manager
Matt Mire, Town Attorney
The first item on the agenda was Citizen Input.
Cleveland announced local resident Buddy Lazier recently qualified to race in the
Indianapolis 500.
The second item on the agenda was the Town Manager's Report.
? Fourth of July Policies.
Police Chief Dwight Henninger outlined public safety plans for the July Fnurth holiday,
which includes maintaining the traditional youth curFew during the evening of the
Fourth. "The only thing we are going to change is that regular Vail Transit and ECO
bus service will continue as normally scheduled."
? Parking Structure Annual Maintenance Update.
Brandmeyer reported annual cleaning and re-striping would be taken place over the
next few weeks in the parking structures. Rogers encouraged the parking of
construction vehicles in outlying areas of the structures to make more convenient
spaces available for shoppers and diners.
1
> I-70 Overlay Update.
Colorado Department of Transportation (CDOT) representative Gary Suiter explained
I-70 overlay consfruction would begin the follovving week. "Project work will take place
from 6:30 p.m. fhrough 6:30 a.m. Sunday through Thursday...The projec4 is
scheduled to last 100 days uvith financial incenfives in place to complete the project
early." T'he overlay will include all of I-70 betvueen Dowid Junction and the East V'ail
exit. Suiter clarified a smaller aggregate pavement uvould be used to creafe a
smoother ride and produce less road noise. Monthly meetings vuill be held in the Vail
T'own Council Chambers to keep the communify informed of the progress. Hitt
clarified a different general contractor was in place to perform the uvork than was used
in 2007. CDOT IResident Engineer Marfha Miller reported barriers would continue to
be installed in Douvd Junction. "This year they uvill be pre-cas4 as opposed to cast in
place." Zemler asked if pre and post road noise vuould be monifored. iViiller said that
wrork had not been parf of the contractor's bid. Cleveland verified uvith Miller that
adequate signage uvould be provided. Gordon thanked Suiter and Miller for their
outreach efforts.
The thurd item on the agenda wras an Appointment to the VLNiDAC.
Assistant Tovun Manager Pam Brandmeyer asked Council to appoinf one applicant to
fill a vacancy on the VLMDAC (terms expire December 31, 2009) at the evening
meeting. The mission of the VLNiDAC is to sfrengthen the area economy by attracfiing
visitors fo Vail in the May to Ocfober time frame. Per C.R.S. 29-5-111 General powers
of district. (1)(g) All applicants must be "owners of property within the boundaries of
the district," which includes by definition corporations or entifies uvhich owm property
"within the boundaries of the districf." Should an entity be appointed to this advisory
council; it would then be up to that entify fio appoint its designee. Additionally, owners
of "taxable personal property" will be considered for appointment. The tovun received
three (3) applications for the vacancy. The applicants vuere: Jamie Gunion, Todd
Gurley and Michelle Kobelan. iVevubury moved to appoint Gunion to the VLMDAC uvith
Foley seconding. The motion passed unanimously, 6-0.
T'he ft'durkh item on the agenda was a Review of Development Options on the North
Day Lot (NDL) and Provide a Decision to Proceed to Next Steps of the Preferred
Option. Due to a predetermined conflict of interest (Vail Resorts affiliation) Mark Gordon
recused himself from the item and left the Council Chambers. Public V1/orks Director
Greg Flall informed Council there were four primary questions related to the project
Council needed to address: 1) V1/haf transporfation modes shoufd be placed on the
norYh day lot? 2) VI/haf are the alfernatives if uve don't place all the modes on the si4e?
3) How do we pay for if? 4) Nexf steps?
Council previously encouraged the redevelopment of the NDL to meefi the goals of the
master plan for fihis site. Specifically, that the uses of transifi, skier drop off and hofel
shuftles occupy the ground level of the site and these uses be placed on the eastern
end of the site to betfier accommodafe the users and provide a defined sense of arrival.
Town staff and Vail Resorts Development Company (VRDC) sfiafF and their design ~
team provided revised development site plans. 'fhe presentation reviewed the pros ~
and cons of each option as wefl as the costs.
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1) Place all modes on the site.
2) No alternative is needed except, if and when the LionsHead Parking Structure r
redevelops, move the transit vehicles to that site if the design for the transit a
center is similar to the Open/Hillwood proposal.
3) Secure the remaining federal dollars; pursue other transit fund sources
available; and make up the difference with Tax Increment Financing, if a
shortfall still exists, make it up using capital, Real Estate Transfer Tax (RETT)
or General Fund dollars.
4) Set a 60-day period to meet with Vail Resorts to refine the design to better
meet the concerns of all involved. Refine costs of the design and prepare an
agreement for council approval authorizing the town's intent to move forward
with the project.
Rogers confirmed federal funds would not be available for the project if it did not
include mass transit. Hall said he believed Concert Hall Plaza would nUt be impacted
by development of the NDL. Ruther explained through the adoption of tfie master plan
six fundamental design objectives were set that relate to the entire LiansHead study
area. The six design objectives include: pedestrian environment; connections to the
natural environment; vehicular circulation; transit; service and delivery; and parking.
Hall confirmed there was, a three year window on the availability of the approved
federal transit dollars. This would mean the grant approval expires in 2010. Vail
Resorts CEO Rob Katz told Council, "I think we agreed it would be a very good idea to
have a transit center in LionsHead...l think the issue we have with it is cost. The
question is, is this a good use of funds? Should this be the priority? We think moving a
transit center to EverVail will save between $12-15 million...ls there a guarantee we
will build EverVail...The answer is essentially yes...We are ready to go (on the NDL)
and we have been ready to go for quite some time...We are very committed to
meeting all the intentions and agreements we entered into in December." Landmark
Condominiums legal representative Dan Wolfe said, "I'd like to remind Council this
project is going to be pretty impactful on the Landmark...l would suggest the North
Day Lot is not the best location for a transportation Center...l would ask that Council
not approve buses on the North Day Lot." Landmark Homeowner Rita Evans spoke in
opposition to placing a transportation center on the North Day Lot. Landmark
Developer Ron Clarkson explained the Landmark planned to redevelop in the near
future. Jeff Jacobs, general manager of the Westwind Condominiums (adjacent
property) asked Council to perform an environmental impact assessment prior to
developing a transit center on the North Day Lot. Kim Hughes, part owner of Concert
Hall Plaza, encouraged Council to continue to develop the West LionsHead area. He
also said he and his partners were willing to be partners with the town in their
redevelopment. Local developer Ron Byrne encouraged Council to continue to move
on the NDL post haste and take advantage of the developer's eagerness to continue.
Katz ctarified his transit center estimates did not include land costs. Vail hlomeowners
Association representative Jim Lamont said, "We have no clue what the demand for
mass transit into this community is going to be...We would be well advised to spend
the money...You (Council) are going to throw away our transit future for 120 employee
housing beds?" Tom Steinberg commented, "The whole purpose of our bus system
was to reduce our parking problems when we started our bus system 30 years
ago...The NDL is the logical place for the transportation center." Geoff Wright, general
manager of Landmark Condominiums reiterated that the homeowner's association was
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adamantly opposed to using the NDL lot for buses. Rogers said she believed the town
could not uvait five to fen years (in reference to the LionsHead Parking Structure
redevelopment) to obtain a new transit center. "The master plan identifies the Norfh
Day Lot as an ideal site for a transit center." Hitt spoke in support of transit on the
NDL. He encouraged continuity with past Council decisions in regard to the
development ofi the LionsHead Redevelopment fiNaster Plan. Neuvbury said the town
would do i4s best to mifigate the impacts of buses on the NDL. Foley said to try and
"shoehorn" four bus stalls on fhe NDL would be wrong. Cleveland said he supported
transit, but believed the transit center cosf estimates would only confinue to escalate.
He then said he believed shutfle bus drop off was in fact skier drop off. IRogers moved
to approve transit on the site as contained in site plan options one and two, uvifih
Nevubury seconding. The motion passed 3-2 with Foley and Cleveland opposed.
Rogers moved fo extend the agreement with VRI for up to 60 days with Hitt seconding.
The motion passed unanimously 5-0. Rogers clarified transit on the NDL would not be
revisited.
The ffAffth item on the agenda was an update to the Council on progress made in
developing and revieuving three (3) site plan "options" based on ptanning goals and
design parameters approved by the Council as well as comments from fhe Chamonix
Site Masfer Plan Advisory Committee; a report on fhe Advisory Commitfee and
neighborhood meefings held on May 7, 2008; and a request for clarification from the
Council on the issue of unit mix and the "targef markeY" for the anticipafed `for-sale'
housing product.
Planner Scot Hunn asked Council to provide staff and the design team with
clarificafiion regarding approved master planning goals and design paramefers, with
specific regard to the preferred housing mix and the anticipated target market for the
for-sale portion of the project. On March 4, 2008, Council re-affirmed, with
modifications, the planning goals and design parameters originally adopted by the
Council on January 22, 2008, for the Chamonix Site Master Plan project. Also at the
March 4, 2008, meefing, Council authorized staff and the consultant team to proceed
with conceptual design work for the Chamonix Site. On ,4pril 11, 2008, the Advisory
,Committee held a meeting to review three (3) preliminary site plan concepts for the sife
and provided feedback and suggestions to the staff and consultant team. Staff traveled
to ,4spen on April 17, 2008, to work with the consultant team to refine ideas and
revisions generated from the advisory committee's commenfs. On May 7, 2008, staff
hosted a Commitfee meefing, followed by an evening neighborhood meeting, to review
the most recent site plan concepts. The intent of those meetings was to gain feedback
from stakeholder groups regarding preliminary site plan "options" prior 4o commencing
with any further design work. Project planner Gilbert Sanchez then revieuved three site
plans with the primary focus being desired density. Foley, Cleveland and Hitt
supported medium density, while Mewbury and F2ogers encouraged high density.
Cleveland said he would not support a separate structure to house Fire Department
student residents. Hitt said he believed it was imperative all fire house bays be drive-
through so as to avoid fire apparatus reverse signals. If was established thaf 14 units
per acre was the minimum threshold. Gordon commented, "I would like to view this
projecfi as a free market projecf and provide the market with what if wanfs." During a
pause for public comment, PCaye Ferry asked if the Ambulance District would be
involved in the planning. Zemler said the touun had recently engaged the ambulance
districf.
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The sixth item on the agenda was a Visitor Center Contract Discussiori.
Determine next steps in the selection process as it relates to the future operation of
the Visitor Information Centers. The current term of the operational contract with Vail
Info, Inc., runs to September 30, 2008.
Community Information Officer Suzanne Silverthorn informed Council that on October
1, 2005, Vail Info, Inc., assumed contractual operation of the Vail Visitor Information
Centers in Vail Village and LionsHead following a request for proposal (RFP) process
in 2005 and subsequent selection by the Vail Town Council from among three
bidders. The contract provided an annual review process with the option to renew
each year for a total of three years to be funded from the town's General Fund. The
current term of the operational contact runs to September 30, 2008. Silverthorn then
said it was the recommendation of the Visitor Information Center Committee to
negotiate a new operational contract with Vail Info, Inc., for another three-year period
effective October 1, 2008. "It is recommended the contract provide for an annual
review process with the option to renew the contract each of the three years until
September 30, 2011." This option was reviewed by the Town Attorney and was
deemed an acceptable recommendation as it relates to the town's bidding procedures
and processes for contractual services. The Visitor Information Center Committee
also recommended continuation of the commission-free Council policy enacted in
2005 for overnight lodging bookings by participating Vail properties. Silverthorn
stated, "The town is satisfied with the performance of the current operator, Vail Info.
Inc." Silverthorn also said she had heard from the two chambers that had submitted
proposals in 2005 and that neither organization was prepared to subnnit a proposal
this year. Hitt said Vail Info. Inc. had been very creative and exceeded expectations.
"I think we should absolutely continue with him." Hitt moved to extenci the contract
with Vail Info, with Foley seconding. The motion passed unanimously, 6-0.
The seventh item on the agenda was an Art in Public Places (AIPP) Summer
Exhibition, Workshop and Bronze Pour.
AIPP Coordinator Leslie Fordham informed Council that AIPP holds an annual a'rt
exhibition in Ford Park. "This year, five sculptures by artist James G. hAoore will be
featured Moore makes large scale bronze bells embellished with scenps of wildlife.
In past years, the summer exhibition has included an educational component...There
has been the opportunity to meet the artists and attend informational Iectures. AIPP
has identified an educational opportunity for the visual arts this summer that will excite
residents and guests." Following the success of the Heavy Metal Weekend in January,
AIPP requested permission to host a summer sculpture workshop and bronze pour.
The workshop, a family event, will give people the opportunity to make their own small
bells similar to those in the exhibition. Sculptures made in the workshop will then be
cast in a"bronze pour" held in Ford Park. The bronze pour, a visually exciting event,
would take place on July 24 and will capture the interest of those looking for an
evening activity or leaving the Bravo concert. In addition to casting bells made in the
workshop, AIPP wi11 cast bells with the Vail logo that can be sold to raise funds for the
program. The Summer Exhibition with a bronze pour and workshop will cost $14,945.
AIPP budgeted $7,000 for the exhibition only. Sponsors have contributed $2,400 to the
summer event. It was estimated $2,500 can be raised via the sale of bronze bells with
the Vail logo. Income from the workshop is estimated to raise approximately $500.
AIPP requires an additional $2,545 to fund the project. The AIPP 2008 budget holds a
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line item titled Acquisition/Projecfi Fund. "fhe Board will use the Acquisition/Project
Fund to pay the remaining cosf of 4he project. ,41PP requesfed Council approve the
expenditure for the Summer Exhibition, V1/orkshop and Bronze Pour. Rogers moved to
approve fhe requesf with Gordon seconding. The motion passed unanimously, 6-0.
1'he e6ghth item on the agenda uvas the First reading of Ordinance No. 9, Series of
2008, an ordinance amending Special Developmenf District No. 6, Vail Village Inn,
pursuant to Section 12-9A-10, Amendment Procedures, Vail Town Code, to allovv for
an addifion to 4he Osaki Sushi Restaurant, located at 100 East Meadow Drive/Lo4 O,
Block 5D, Vail Village Filing 1.
Prior to the Evening Meeting, the applican4 requesfed the ordinance be tabled unfil
June 3, 2008. Nevubury moved to 4able the ordinance unfiil June 3, 2008 with Rogers
seconding. l'he motion passed unanimously, 6-0.
The nunt9v item on the agenda vuas the First Reading of Ordinance No. 13, Series of -
2008, an Ordinance amending Chapter 12-2, Definitions, Article 12-7G, Heavy Service
Disfrict, Chapter 12-14, Supplemental Regulations, and Chapfier 12-16, Conditional
Use Permits, Vail Town Code, fo allow for sexually orien4ed businesses as a
conditional use in the Fleavy Service District.
Planner Rachel Friede reporfied that on May 6, 2008, Council unanimously approved
Ordinance No. 11, Series of 2008, upon first reading. Ordinance No. 11, Series of
2008 established licensing requirements fior sexually oriented businesses with
amendments to 1"itle 4, Business and License Regulations, Vail Town Code.
Ordinance No. 13, Series of 2008, includes proposed text amendments to Title 12,
Zoning Regulations, Vail Town Code, that establishes sexually oriented businesses as
a conditional use vuithin the Heavy Senrice (HS) Zone District.
On iVlay 12, 2008, the PEC unanimously voted to recommend approval of the
proposed text amendments to the Vail Town Council. Newbury moved to approve the
ordinance with Foley seconding. The motion passed unanimously, 6-0.
The ten$h item on the agenda was the Firsf reading of Ordinance No. 5, Series ofi
2008, an ordinance approving a major amendment to SDD No. 4, Cascade Village,
pursuant to Section 72-9A-10, ,4mendment Procedures, Vail Town Code, to allouv for
the development of a mixed use development, located at 1276 Vi/esthaven Drive
(Cornerstone site).
Through a request from the applicant, LO VVesthaven, Inc., staff requested Council
table the public hearing to consider first reading of Ordinance fVo. 5, Series of 2008, fo
their regular meeting of June 3, 2008. Newrbury moved to table the item until June 3,
2008 vuith Rogers seconding. The motion passed unanimously, 6-0.
The Meeen4h item on fhe agenda was the Second Reading of Ordinance No. 1,
Series of 2008, an ordinance amending Chapters 12-13, Employee Housing, 12-23,
Commercial Linkage, and 12-24, Inclusionary Zoning, Vail Town Code, to establish
requirements that no less than one-half (1/2) the employee housing mitiga4ion
requirements for new consfiruction and demo/rebuild projects be accommodated with
on-site unifs.
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On March 10, 2008, the PEC voted 4-3-0 (Gunion, Proper, and Viele opposed) to
forward a recommendation of approval, with modifications, for text arnendments to
establish standards and criteria related to mitigating employee housing requirements.
Council then held work session discussions concerning the proposed text
amendments on March 24 and April 15, 2008. On May 6, 2008, Council approved the
first reading of Ordinance No. 1, 2008, by a vote of 7-0-0. During a pause for public
comment, Pam Stenmark said most employees chose not to live on site. Vail
Homeowners Association representative Jim Lamont said he thought the zonirig
change was reasonable. Hitt moved to approve the ordinance with Rogers seconding.
The motion passed unanimously, 6-0.
Newbury left the meeting at approximately 10:20 p.m.
The twelfth item on the agenda was the Second reading of Ordinance No. 11, Series
of 2008, An Ordinance Amending Title 4 of the Vail Town Code by the Addition of a
New Chapter 12, Entitled "Sexually Oriented Business.
The Town Code currently does not have regulations concerning sexually oriented
business. By adding Chapter 12 "Sexually Oriented Business" to Title 4 of the Vail
Town Code, the council is insuring the public's health, safety and welfare by
establishing reasonable regulations to reduce the adverse secondary effects of such
businesses within the Town. Rogers moved to approve the ordinanc;e with Foley
seconding. The motion passed unanimously, 5-0.
The thirteenth item on the agenda was a 2008 Curb and Gutter Repair bid.
Staff has received one bid for the 2008 curb and gutter repair program. The submitted
bid from B&B Excavating is within budget and within ten percent of the engineer's
estimate. The project consists of removal and replacement of damaged concrete
pan/curb and gutter. Gordon moved to a authorize the Town Manager to enter into an
agreement with B&B Excavating to complete the 2008 curb and gutter' repair in the
amount of $379,876.93 with Rogers seconding. Foley clarified the work would take
place throughout town. The motion passed unanimously, 5-0.
The fifteenth item on the agenda was Resolution No. 11, Series 2008, a Resolution
Approving an Intergovernmental Agreement Befinreen the Town of Vail, Colorado and
the Eagle River Water and Sanitation District (ERWSD) Regarding Drainage and
Sewage Improvements Along Beaver Dam Road and Beaver Dam Circle.
ERWSD is replacing the water and sewer lines in Beaver Dam Road and Beaver Dam
Circle over the next two years. The Town of Vail needs to complete budgeted drainage
and road improvements along Beaver Dam Rd and Beaver Dam Circle. It is in the best
interest of both the Town and ERWSD to complete the projects simultaneously using
one contractor. At the March 18th Councit meeting, the Council gave staff direction to
proceed with the development of an IGA with ERWSD to cost-share the project and
bring it back to Council for approval once the construction bids had been opened and
costs were known. ERWSD has since had the public bid opening and has awarded the
contract to the lowest qualified bidder, Western S4ope Utifities. The town's portion of
work has been bid at $304,765.52 plus costs for field measured restoration. This
project has been budgeted within the Capital Street Maintenance Budget. Foley asked
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if landscaping along Beaver Dam Road vvould be adequately replaced. Hit4 moved to
approve the resolution with Foley seconding. The mofion passed unanimously, 5-0.
The susteen4h ifem on fihe agenda uvas Adjournmenf.
Hitf moved to adjourn with Rogers seconding. The motion passed unanimously, 5-0, af
approximately 10:30 p.m.
Dick Cleveland, iViayor
ATl"EST:
Lorelei Donaldson, 1'own Clerk
Minutes provided by Corey Swisher.
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TOWN OF VAIL
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RnancW Statements
DecembeP 31, 2007
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Towrn of Vail, Colorado
~ Financial S2a4ements
December 31, 2007
~ 7able og Contents
Page
~ IIVDEPENDENT AUDITOR'S REPORT A1 - A2
ManagemenYs Discussion and Analysis 61 - B7
~ Government-Wide Financial Statements:
Statement of fVet Assets ' C1
Statement of Activities C2
~ Fund Financial Statements:
Governmental Funds:
~ Balance Sheet C3
Statement of Revenues, Expenditures and Changes in Fund Balances C4
Proprietary Funds:
Statement of IVet Assets C5
~ Statement of Revenues, Expenses and Changes in Fund Net Assets C6
Statement of Cash Flows C7
Fiduciary Funds:
~ Statement of Fiduciary Net Assets C8
Statement of Changes in Fiduciary Net Assets C9
Notes to the Financial Statements D1 - D31
~ 6Zequired Supplementary Information:
General Fund:
Schedule of Revenues, Expenditures and Changes in Fund Balances -
~ Budget (GAAP Basis) and Actual E1- E2
Major Special Revenue Funds:
Schedule of Revenues, Expenditures and Changes in Fund Balances -
~ Budget (GAAP Basis) and Actual: Capital Projects Fund E3
Real Estate Transfer Tax Fund E4
Conference Center Fund E5
~ Vail Marketing Fund E6
Vail Local Marketing District E7
Vail Reinvestment Authority E8
~ Supplementary Information:
Debt Service Fund:
Schedule of Revenues, Expenditures and Changes in Fund Balances -
Budget (GAAP Basis) and Actual F1
Enterprise Funds:
Schedule of Revenues, Expenses and Change in Fund Net Assets -
~ Budget (Non-GAAP Basis) and Actual - With Reconciliation to GAAP Basis -
Timber Ridge Affordable Housing Corporation F2
Schedule of Revenues, Expenses, Transfers and Change in Fund Net Assets -
Budget (Non-GAAP Basis) and Actual - With Reconciliation to GAAP Basis -
~ Dispatch Services Fund F3
Internal Service Funds:
Schedufe of Revenues, Expenses, Transfers and Change in Fund Net Assets -
Budget (Non-GAAP Basis) and Actual - With Reconciliation to GAAP Basis -
~ Heavy Equipment Fund F4
Schedule of Revenues, Expenses and Change in Fund Net Assets -
Budget (GAAP Basis) and Actual - Health Insurance Fund F5
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Town of Vail, Colorado
Financial Statements ,
December 31, 2007
Table of Contents
(Continued) '
Page
Supplementary Information (continued): '
Internal Service Funds (continued):
Combining Statement of Net Assets F6
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets F7 '
Combining Statement of Cash Flows F8
Major Special Revenue Funds:
Schedule of Project Expenditures - Budget (GAAP Basis) and Actual:
Capital Projects Fund F9 ,
Real Estate Transfer Tax Fund F10
Local Highway Finance Report F11 - F12
Undertaking to Provide Continuing Disclosure: '
Table I- Debt Service Coverage G1
Table III - History of Town 4% Sales Tax Receipts G1
Table IV - Monthly Comparison of Collections of Sales Tax G1 '
Table V- Sales Tax Collections by Principal Sales Tax Generators G2
Table VI - Capital Projects Fund - 2007 Actual / Projected 2008 - 2011 G2
Table XIX - History of General Fund Revenues, Expenditures and Changes in Fund Balance G3
Table XX - General Fund - 2007 Budget and Actual Comparison / 2008 Budget G4 '
Table XXI - Outstanding Revenue Obligations G4
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MCMAH,@,N AND ASSOCIATES, L.L.C.
,~10,~,. Certified Public Accountants and Consultants
WEB SITE: WWW.MCMAHANCPA.COM
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SUITE 222/AVON CENTER TELEPHONE: (970) 845-8$00
100 WEST BEAVER CREEK BLVD. FACSIMILE: (970) 645-085 I
P.O. BOX 5850 AVON, CO 81620 E-MAIL: MCMAHAN@MCMAHANCPA.COM
~ IItlDEIrEItlDEltl 1 i9UDl 1 Of'l'S RErOl'l l
70 4he Mayor and fUiembers og 7own Council
~ 7ov+rn og Vail ,
Vail, Colorado
~ We have audited the accompanying financial statements of the governmental activities, business-type
activities, each major fund, and the aggregate remaining fund information of the Town of Vail, Cotorado,
(the "Town"), as of and for the year ended December 31, 2007, which collectively comprise the Town's
~ basic financial statements as listed in the table of contents. These financial statements are the
responsibility of the management of the Town. Our responsibiiify is to express opinions on these financial
statements based on our audit.
~ We conducted our audit in accordance with U.S. generally accepted auditing standards. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence .
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
~ 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
opinions.
~ In our opinion, the financial statements referred to above presently fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major fund,
and the aggregate remaining fund information of the Town of Vail, Colorado, as of December 31, 2007,
and the respective changes in financial position and cash flows, where appropriate, thereof and the
respective budgetary comparison for the major governmental funds for the year then ended in conformity
with U.S. generally accepted accounting principles.
~ The accompanying financial statements have been prepared assuming that Timber Ridge Affordable
Housing Corporation (the "Corporation"), a blended component unit of the Town, will continue as a going
concern. Because operations of the Corporation could be substantially impeded as a result of limitations
on revenues and ongoing, substantial debt service requirements, these factors raise substantial doubt
~ about the Corporation's ability to continue as a going concern. The financial statements do not include
any adjustments that might result from the outcome of this uncertainty.
The ManagemenYs Discussion and Analysis in Section B is not a required part of the basic financial
~ statements but is supplementary information required by Governmental Accounting Standards Board.
We have applied certain limited procedures, which consisted principally of inquiries of management
regarding the methods of ineasurement and presentation of the required supplementary information.
~ However, we did not audit the information and express no opinion on it.
The budgetary comparison schedules in Section E are not a required part of the basic financial
statements but are supplementary information required by the Governmental Accounting Standards
~ Board. Such information has been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic
financ+al statements taken as a whole.
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D. Jerry McMahan, C.P .A. Performing servrces forlocat governments throughout Cotorada
Daniel R. Cudahy, C.P.A.
Paul J. Backes, C.P.A. Michael N. Jenkins, C.A., C.P.A.
~ Members: Anleriean Institute of Certified pulilic Aeeountants/Coloraao Society of Certified Public Accountants
National and Colorado Government Finance Offieers Association/C'olorado Municipal League
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To the Mayor and Members of Town Council
Town of Vail, Colorado '
The accompanying financial information presented as supporting schedules are presented for purposes '
of additional analysis, and are not a required part of the basic financial statements of the Town of Vail,
Colorado. Such information has been subjected to the auditing procedures applied in the audit of the
basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the ,
basic financial statements taken as a whole.
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Town's basic financial statements. The accompanying supplementary information in ,
Section F, including individual fund budgetary statements, combining internal service fund financial
statements, budgetary statements for project expenditures, and the Local Highway Finance Report, and
tables included for the undertaking to provide continuing disclosure in Section G are presented for
purposes of additional analysis and are not a required part of the basic financial statements. The ~
individual fund budgetary statements, combining internal service fund financial statemenfs, budgetary
statements for project expenditures, and the Local Highway Finance Report have been subjected to the
auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly ,
stated in all material respects in relation to the basic financial statements taken as a whole. The tables
included for the undertaking to provide continuing disclosure have not been subjected to the auditing
procedures applied.in the audit of the basic financial statements and, accordingly, we express no opinion
on them. '
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McMahan and Associates, L.L.C. '
March 21, 2008
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Town of VaR9 ~~~~~ado
~ Managemeoat's D6scaussuoov ao~d AnaVysus
DecePttabeP 31, 2007
~ As management of the Town of Vail, Colorado (the "Town"), we offer readers of the Town's financial
statements this narrative overview and analysis of the financial activities of the Town for the fiscal year
ended December 31, 2007.
~ Od~~~ew off' ahe IFBnancuaV 54atements
This discussion and analysis is intended to serve as an introduction to the Town's basic financial
~ statements. The Town's basic financial statements include three components: 1) government-wide
financial statements; 2) fund financial statements; and 3) notes to the financial statements. This report
also contains other supplementary information in addition to the basic financial statements.
~ FBnancW Hughlaghas:
o The assets of the Town exceeded its liabilities at the close of the 2007 fiscal year by $136,673,065
~ (net assets). Of this amount, the unrestricted net assets of $55,314,832 may be used to meet the
Town's ongoing obligations to citizens and creditors.
o The Town's total net assets increased in the 2007 fiscal year by $12,460,290 which was attributable
~ to an increase from governmental activities of $12,455,573 and a increase of $4,717 from business-
type activities.
o At December 31, 2007, the unrestricted and undesignated fund balance of the General Fund was
$17,781,209 or approximately 65% of total fiscal year 2007 General Fund expenditures.
~ CvObeB'PEBO'9en$-UbBCBe fiBVanC0al StateBV6ent5: The government-wide financial statements are designed to
provide readers with a broad overview of the Town's finances in a manner similar to a private-sector
~ business. I
The Statement of Net Assets presents information on the Town's assets and liabilities, with the difference
between the two reported as net assets. Over time, increases or decreases in net assets may serve as a
~ useful indicator of whether the financial position of the Town is improving or deteriorating.
The Statement of Activities presents information showing how the government's net assets changed
~ during the most recent fiscal year. All changes in net assets are reported as soon as the underlying event
giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and
expenses are reported in this statement for some items that will only result in cash flows in future fiscal
periods (e.g. uncollected grant revenues or earned but unused vacation leave.)
~ Both of the government-wide financial statements distinguish functions of the Town that are principally
supported by taxes and intergovernmental revenues (governmental activities) and those that are
~ supported by external revenues (business-type activities). The governmental activities of the Town
include general government, public safety, public works, transportation, and economic development. The
business type activities of the Town consist of housing conducted through Timber Ridge Affordable
Housing Corporation (a component unit of the Town), and dispatch services, conducted through Vail
~ Public Safety Communications (an enterprise fund of tfie Town).
The government-wide financial statements include not only the Town itself (known as the primary
government), but also a legally separate marketing district (Vail Local Marketing District), a legally
~ separate urban renewal authority (Vail Reinvestment Authority), and a non-profit housing corporation
(Timber Ridge Affordable Housing Corporation) for which the Town is financially accountable. Because
these.component units function for all practical purposes as departments of the Town, their financial
~ position and activities have been included as an integral part of the primary government.
The government-wide financial statements can be found on pages C1 and C2 of this report.
~
~ 61
a
Overvuevu off 3he FunancuaV Sgatemeau4s (coaafiovaaed)
~ Fuovdl fFanancBaV Sgageuvuen4s: A fund is an accounting entity that has a set of self-balancing accounts that
records all financial transactions for specific activities or governmental functions. The Town, like other
~ state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-
related legal requirements. The Town's funds can be divided into three categories: governmental funds,
proprietary funds, and fiduciary funds.
~ Gov~rnuvueovW fFaonds: Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government-wide financial statements. However, unlike
government-wide financial statements, governmental fund financial statements focus on near-term inflows
~ and outflows of spendable resources as well as on balances of spendable resources available at the end
of the fiscal year. Such information may be useful in evaluating a governmenYs near-term financing
requirements.
a Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental activities in the
government-wide financial statements. By doing so, readers may better understand the long-term impact
~ of the governments' near-term financing decisions. Both the governmental fund Balance Sheet and the
governmental Statement of Revenues, Expenditures and Changes in Fund Balances provide a
reconciliation to facilitate this comparison between governmental funds and governmental activities.
~ The Town's governmental funds include the General Fund, Debt Service Fund, and four Special Revenue
Funds - Capital Projects Fund, Real Estate Transfer Tax Fund, Vail Marketing Fund and Conference
Center Fund - as well as the Vail Local Marketing District and the Vail Reinvestment Authority, which are
~ component units of the Town.
The Town adopts an annual appropriated budget for all governmental funds. A budgetary comparison
statement has been provided for all funds to demonstrate compliance with the state budget statute.
~ The basic governmental fund financial statements can be found on pages C3 and C4 of this report.
IPP0pPBe$aPy F40nQHS: The Town reports two categories of proprietary funds - Internal Service and
~ Enterprise. The Heavy Equipment Fund and Health Insurance Fund are internal service funds, while
Timber Ridge Affordable Housing Corporation, which is a component unit, and the Dispatch Services
Fund are reported as enterprise funds. As their name implies, the internal service funds provide services
~ to the Town's governmental activities. Timber Ridge Affordable Housing Corporation provides affordable
rental housing to people who work in Vail and the Dispatch Services Fund provides dispatch services to
emergencies service agencies throughout Eagle County. Enterprise fund functions are presented as
~ business-type activities in the government-wide financial statements.
Proprietary funds provide the same type of information as the government-wide fmancial statements, only
in more detail.
~ The basic proprietary fund financial statements can be found on pages C5 through C7 of this report. The
Town also presents a budgetary comparison for its proprietary funds.
~ Fudanc6avy Funds: Fiduciary funds are used to account for resources held for the benefit of parties
outside the government. Fiduciary funds are not reflected in the government-wide financial statements
because the resources of those funds are not available to support the Town's own programs. The
accounting used for fiduciary funds is much like that used for proprietary funds. The basic fiduciary fund
financial statements, for the Town's pension plan, can be found on pages C8 and C9 of this report.
Noges ao ahe FunaeucW Stateovoen4s: The notes provide additional information that is essential to a full
understanding of the data provided in the government-wide and fund financial statements. The fVotes to
the Financial Statements can be found on pages D1 through D31 of this report.
~
~ B2
~
Oderrvuew of 4he Ffinancuai Stagemeauas (coovtuovaned)
~ Gobernmena-wade Fuo~ancW AnaDysus: As previously mentioned, the government-wide financial
statements are designed to provide readers with a broad overview and long-term analysis of the Town's
~ finances, in a manner similar to a private-sector business.
Net assets may serve over time as a useful indicator of a governmenYs financial position. In the case of
the Town, governmental assets exceeded liabilities by $137,832,780 at the close of the most recent fiscal
~ year. Approximately 60% of the Town's net assets are invested in capital assets (land, buildings,
equipment), less related outstanding debt. Since the Town uses these capital assets to provide services
to citizens, these assets are not available for future spending, including provision of resources to repay
~ the debt.
The table below shows the Town's net assets for 2007 and 2006.
~ Town of Vail's Plet Assets
Governmental Business-type
~ Activities Activities Total
2007 2006 2007 2006 2007 2006
~ Current and Other Assets $ 65,568,905 55,549,030 2,481,918 1,983,113 68,050,823 57,532,143
CapitalAssets 91,148,565 85,382,573 18,941,053 19,582,027 110,089,618 104,964,600
Total Assets 156,717,470 140,931,603 21,422,971 21,565,140 178,140,441 162,496,743
~ Long-term Liabilities Outstanding 9,006,317 10,889,890 21,843,291 21,995,167 30,849,608 32,885,057
Other Liabilities 9,878,373 8,219,905 739,395 734,405 10,617,768 8,954,310
Total Liabilities 18,884,690 19,109,795 22,582,686 22,729,572 41,467,376 41,839,367
~ Net Assets:
Invested in capital assets, net of
~ related debt (As restated) 81,027,233 76,862,973 (1,579,702) (1,627,973) 79,447,531 75,235,000
Restricted 1,910,702 1,731,248 1,910,702 1,731, 248
Unrestricted 54,894,845 46,782,986 419,987 463,541 55,314,832 47,246,527
~ TotalWetASSets $ 137,832,780 125,377,207 (1,159,715) (1,164,432) 136,673,065 124,212,775
~ During 2007, historical assets were added to the governmental activities financial statements totaling
$73,250,521. The values of these assets are as follows: land $3,555,400, buildings and improvements
of $15,227,018, infrastructure of $54,016,471 and equipment of $451,632. There were no historical
~ assets added from business-type activities. The 2006 balance of "invested in capital assets net of related
debY" has been restated to reflect the historical addition of land, as reflected in the above exhibit and
accompanying financial statements.
~ The Town's long-term liabilities from governmental activities decreased due to principal payments on
outstanding debt. The Town's 19986 Sales Tax Revenue Bonds were retired in 2007; and the 1998A
and 2002B Sales Tax Revenue Bonds will be retired in 2012. Long-term liabilities from business activities
~ decreased as a result of principal payments on the corporation's 2003B bonds. The Timber Ridge
Affordable Housing 2003A bonds and note payable mature in 2032. Additional information regarding the
town's long-term debt is available on pages D21 - D28 of this report.
~
LT
I 63
~
~
ObeQView o~ Ihe FBuuaovcuaV SlalePweovas (conUnaaedl)
~ The chart below provides financial information from the Town's Statement of Activities for the years 2007
and 2006.
~ Town of Vail's Changes in Net Asse4s
Governmenfal Business-4ype
~ Ac4ivities Ac4ivities To4al
2007 aoos 2007 aoos aoor 2006
Revenue:
~ Program Revenue
Charges for services $ 13,702,631 10,247,531 4,212,852 3,545,625 17,915,483 13,793,156
Operating grants 1,250,530 937,532 586,404 498,031 1,836,934 1,435,563
Capital grants 2,577,262 2,831,912 33,000 - 2,610,262 2,831,912
~ General Revenue
Property and ownership tax 3,354,140 2,937,245 _ 3,354,140 2,937,245
Sales and lodging tax 21,720,918 20,490,710 - - 21,720,918 20,490,710
~ Othertaxes 10,515,803 10,157,800 - - 10,515,803 10,157,800
Interest and other revenue 3,091,813 2,284,455 64,692 142,712 3,156,505 2,427,167
Capital contributions, net 57,489 18,571 57,489 18,571
Transfers (77,860) - 77,860 - - -
~ To4al Revenue 56,192,726 49,887,185 4,974,808 4,204,939 61,167,534 54,092,124
Expenses:
~ General government 8,078,045 6,956,785 - - 8,078,045 6,956,785
Public safety 7,616,966 6,992,458 2,028,263 1,867,510 9,645,229 8,859,968
Public works and transportation 20,306,036 13,453,196 20,306,036 13,453,196
Culture and recreation 5,039,823 3,816,421 - - 5,039,823 3,816,421
~ Economicdevelopment 2,164,093 2,003,131 - - 2,164,093 2,003,131
Housing 2,941,828 2,975,186 2,941,828 2,975,186
Interest 532,190 590,602 - - 532,190 590,602
~ To4al Expenses 43,737,153 33,812,593 4,970,091 4,842,696 48,707,244 38,655,289
Increase in Ne4 Asse4s 12,455,573 16,074,592 4,717 (637,756) 12,460,290 15,436,835
R1e4 Assets January 1 125,377,207 109,302,615 (1,164,432) (526,676) 124,212,775 108,775,939
~ Pfe4 Asse4s December 39 $ 137,832,780 125,377,207 (1,159,715) (1,164,432) 136,673,065 124,212,774
~ Governnaeoata0 Actuv6tues: Governmental activities increased the Town's net assets by $12,455,573.
Key elements of this increase are as follows:
o Revenue exceeded expenditures in the General Fund, Capital Projects Fund, and Real Estate
Transfer Tax Fund by $4.6 million, $2.0 million and $2.8 million, respectively.
o Capital outlay exceeded depreciation during the year by $2.5 million.
o Long-term liabilities were reduced by $1.8 million through principal repayments.
~ BaosBaoess-ttype Actuvutues: Business-type activities are comprised of: Timber Ridge Affordable Housing
Corporation, a component unit of the Town established to provide affordable housing to people working in
Vail, and Vail Public Safety Communications Center, an enterprise fund providing dispatch senrices to
~ emergency service agencies throughout Eagle County.
~
~ 64
'
' Financial Analysis of the Town's Funds
As previously mentioned, the Town uses fund accounting to ensure and demonstrate compliance with
I' finance-related legal requirements.
Governmental Funds: The focus of the Town's governmental funds is to provide information on near-
term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the
I' Town's financing requirements. In particular, fund balance may serve as a useful measure of a
governmenYs net resources available for spending at the end of the fiscal year.
' As of the end of the current fiscal year, the Town's governmental funds reported combined ending fund
balances of $54,395,571 an increase of $8,044,227 from the prior year's ending fund balances. The
following details ending fund balances for the past five years:
Fund 2003 2004 2005 2006 2007
' General Fund $10,376,744 $11,053,614 $ 13,673,808 $ 15,433,051 $ 19,834,717
Capital Projects Fund 8,054,258 8,190,903 10,249,191 12,216,605 12,109,128
, Real Estate Transfer Tax 6,280,458 5,682,551 7,463,545 8,956,389 11,769,273
Conference Center Fund 3,026,538 5,691,334 8,237,877 8,621,901 9,046,283
Vail Marketing Fund 42,862 25,590 36,211 46,517 62,619
, Vail Local Marketing District 525,786 488,899 696,895 825,793 1,006,736
Debt Service Fund 130,210 182,238 305,522 249,256 314,105
Vail ReinvestmentAuthority 1,252 1,203 1,833 252,710
' Total $ 28,436,856 $31,316,381 $40,664,252 $ 46,351,345 $ 54,395,571
The General Fund balance has grown steadily over the past five years, while the Capital Projects Fund
' and the RETT Fund have fluctuated as funds have been spent on major projects. The Conference
Center Fund was created in 2003 to administer the sales and public accommodations taxes that went into
effect on January 1, 2003 for the purpose of building and operating a conference center in the Town.
' However, the conference center taxes were rescinded as of January 1, 2006 with additional growth in the
fund balance due entirely to earnings on investments. The balance in this fund will not be spent until
there is an election concerning its use. The Vail Reinvestment Authority was added in 2004 to administer
an urban renewal authority established in the LionsHead area of the town.
t
MAJOR FUND BALANCES
' $25, 000
' $20, 000
~
$15,000
~v
y
7
L $10,000 ~ t,.
H
' $5 000
' IF[$-
2003 2004 2005 2006 2007
' ¦ General ¦ Capital Projects O Real Estate Transfer Tax 0 Conference Center ¦ All Other
' 65
~
F6ovancuaV Au~allysas off 4Vae Town's Faunds (con4Baoaoed)
~ IPP0pG'BegaP'y FundS: The Town's proprietary funds provide the same type of information found in the
government-wide financial statements, but in more detail.
Unrestricted net assets for the Heavy Equipment Fund and the Dispatch Services Fund at the end of the
~ year were $1,679,514 and $862,881, respectively. The Health Insurance Fund net assets were
$990,118, all of which are restricted for the Town's self-funded health insurance program.
~ I$udg@$ VaPBaPOCeS 9Pll the C~senePal F49Plld: General Fund revenue was higher than the amended budget
by $1,788,132 or 6%, including: Construction Fees up $577,002; Parking up $212,012; Earnings on
Investments up $189,040; Rents up $160,739; and Ski Area Lift Ticket Admissions Tax up $149,619.
These revenue items were favorable mainly due to conservative budgeting. Expenditures•were below
~ budget by $937,301 or 3%. The majority of the favorable spending variance was primarily due to
conservative budgeting and expense savings among several departments.
~ CaputaV Assets: The Town's government-wide capital assets, net of accumulated depreciation,
increased $2,547,496. Capital additions included streetscape improvements, purchase of the "Wendy's"
parcel and various other projects. Additional information as well as a detailed classification of the Town's
net capital assets can be found in the Notes to the Financial Statements on pages D19 through D20 of
~ this report.
Long-tepm Deb4: As of the end of the current fiscal year, the Town had $10,265,000 in sales tax
~ revenue bonds outstanding, of which $1,890,000 of bond principal is due within one year. Debt related to
Timber Ridge Affordable Housing Corporation totaled $21,965,000 of which $155,000 is due within one
year. Additional information regarding the Town's debt can be found on pages D21 through D28.
~ Sales Tax andl PaubVuc Accomrueuoodataons Tau: During 2007, the Town had a 4% general sales tax to
support governmental operations, including capital expenditures. The following chart shows changes in
the general sales tax for the past five years.
~
TOMn9N OF ML GENERAL SALES TAX
~
18, 000, 000
~ 16,000,000
14, 000, 000
12, 000, 000
10,000,000
8,000,000
~ 6,000,000
4,000,000
2,000,000
0
~ 2003 2004 2005 2006 2007
~ 136
~
~ Nett4 Veap's Butlget and Rages: The Town's General Fund balance at the end of the current fiscal year
was $19,834,717 representing 62% of annual revenue. The Town's 2008 budget anticipates adding
~ $96,531 to this fund balance in 2008.
V@eqaaest foP BnfoPmatBon
~ This financial report is designed to provide a general overview of the Town's finances for all those with an
interest in the governmenYs finances. Questions concerning any of the information provided in this report
should be addressed to the Town of Vail, Finance Director, 75 S. Frontage Road, Vail, CO 81657.
~
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~
~
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~
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~ B7
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~ GOVEIZNfUiER1T-!AlIDE FINANCIAL STATEMENTS
~
a
0
D
0
0
a
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a
a
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~ Town off Na6V, CoooPacflo
sta4emewt of Net Asse4s
December 31, 2007
Governmental Business-typ~
~ Actidi4ies Actibi4ies To4al
Asse4s:
Equity in pooled cash and investments 51,304,700 961,340 52,266,040
~ Unrestricted cash and investments 1,115,886 274,206 1,390,092
Cash - restricted 680,423 645,873 1,326,296
Receivables (net of allowance for uncollectible accounts):
a Property taxes assessed 4,314,858 = 4,314,858
Other taxes 4,353,063 4,353,063
Employees 126,330 - 126,330
Other 1,024,437 19,139 1,043,576
~ Inventory 293,284 - 293,284
Prepaid expenses 185,789 37,115 222,904
Interest receivable 96,468 - 96,468
~ Loans receivable:
Collectible within one year 5,000 5,000
Collectible in more than one year 1,925,000 - 1,925,000
~ Bond issue costs, net of accumulated amortization 143,668 544,245 687,913
Property, plant, and equipment, net of accumulated
depreciation 91,148,565 18,941,053 110,089,618
~ Togal Asse4s 156,717,470 21,422,971 178,140,442
Liabili4ies:
~ Accounts payable 1,718,844 128,533 1,847,377
Due to other governments 1,793 1,793
Retainage payable 146,964 - 146,964
~ Accrued salaries and wages 503,238 33,016 536,254
Interest payable 35,435 184,500 219,935
Deferred property taxes 4,314,858 . - 4,314,858
~ Other.deferred revenue 347,266 197,702 544,968
Deposits payable 499,097 18,450 517,547
Compensated absences:
Due within one year 420,878 22,194 443,072
~ Due in more than one year 631,317 33,291 664,608
Bonds payable:
Due within one year 1,890,000 155,000 2,045,000
~ Due in more than one year 8,375,000 19,910,000 28,285,000
Notes payable 1,900,000 1,900,000
~ ToQal Liabilities 18,884,690 22,582,686 41,467,376
MeY Asse4s:
Invested in capital assets, net of related debt 81,027,233 (1,579,702) 79,447,531
~ Restricted for:
Debt service 252,710 - 252,710
Emergencies 1,647,000 - 1,647,000
~ Symposium 10,992 - 10,992
Unrestricted 54,894,845 419,987 55,314,832
Total R1et Assets 137,832,780 (1,159,715) 136,673,065
The accompanying notes are an integral part of these financial statements.
~ C1
Town of Vail, Colorado
Statement of Activities
For the Year Ended December 31, 2007
Net (Expense) Revenue and
• _ Proram Revenues Changes in Net Assets
Operating Capital
Charges for Grants and Grants and Governmental Business-type
FunctionslPrograms: Expenses Services Contributions Contributions Activities Activities Total
Governmental Activities:
General government 8,078,045 6,898,166
Public safety 7,616,966 438,892 62,086 (1,179,879) (1,179,879?
Public works and transportation 20,306,036 4,735,090 1,028,186 2,316,189 (12,226,588) ~ ~7,~~5,988?
Culture and recreation 5,039,823 1,310,502 160,258 261,073 ~12.226,571 ~
Economic development 2,164,093 319,981 (3,307,990) (3,307,990j
Intereston long-term debt 532,190 7 (1,844,112) (1,844,112j
Total Governmental Activities 43,737,153 13,702,631 1,250,530 2,577,262 - ~532,190) (532,190;~
Business-type activities: (26,206,730) (26,206,730'I
Dispatch services 2,028,263 1,546,766 586,404 33,000 137,907 137,907
Housing 2,941,828 2,666,086
Total Business-type Activi4ies 4,970,091 4,212,852 586,404 33,000 _ (275 742) (275,7421)
(137,835) (137,835)
Total 48,707,244 17,915,483 1,836,934 2,610,262
(26;206,730) (137,835) (26,344,565)
General Revenues:
Taxes:
Sales taxes 19,668,112 19,668,112
Real estate transfer taxes 6,536,118 6,536,118
Lodging taxes 2,063,915 - 2,063,915
Property and specific ownership taxes 3,354,140 3,354,140
Ski area lift ticket admissions tax 3,039,619 3,039,619
Franchise taxes 858,285 858,285
Cigarette taxes 81,781 81,781
Investment earnings 2,622,013 64,692 2,686,705
Gain on sale of capital assets 70,198 70,198
Capital contributions, net 57,489 - 57.489
iviisCeiiBrieou5 388,493 388,493
Transfers (77,860) 77,860
Total General Revenues and Transfers 38,662,303 142,552 38,804,855
Change in Net Assets 12,455,573 4,717 12,460,290
Net Assets -January 1(As Restated) 125,377,207 (1,164,432) 124,212,775
Net Assets - December 31 137,832,780 (11159,715) 136,673,065
The accompanying notes are an integral part of these fin4ncial statements.
~ ~ ~ ~ ~ ~ ~ ~ M 1-ikm m m m m m m m m m
~
~
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~
~
a FUND FIiVANCIAL STATEMENTS
~I
~
a a
0
0
a
a
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0
a Town of Vaii, Colorado
Balance Sheets
Governmental Funds
December 31, 2007
~
Capital Real Estate Conference Vail Vail Local Vail Debt Total
General Projects Transfer 7an Center Marketing AAarketing Reinvestment Service Governmental
~ Fund Fund Fund Fund Fund District Authoritv Fund Funds
Assets:
Equity in pooled cash and investments 20,463,825 7,156,783 11,488,634 9,046,283 61,752 252,710 48,469,987
Cash and cash equivalents - Unrestricted 16,240 - - - 760,607 339,039 - 1,115,886
Receivables, net of allowance for uncollectible
~ accounts:
Properly taxes assessed 4,314,858 4,314,858
Othertaxes 729,087 2,896,316 342,991 384,669 4,353,063
Employees t26,330 - - - - - - 126,330
Other 208,614 469,503 324,788 - 867 - 66 - 1,003,838
Loans receivable 1,955,000 - - - - - - 1,955,000
~ Prepaid expenses 168,163 - - - - 450 - - 168,613
TotalASSets 26,027,117 12,477,602 12,156,413 97046,283 62,619 1,145,726 339,105 252,710 61,507,575
Liabilities and Fund Equity:
Liabilities:
~ Acwunts payable 755,723 168,543 228,623 - - 138,990 - - ~,Zg~,879
Due to other governments 1,793 25,000 26,793
Retainage payabie 98,308 48,656 146,964
Accrued payroll and related liabilities 473,663 1,623 9,861 - - - - - 485,147
Deferred revenue 147,266 100,000 100,000 - - - - - 347,266
Deferred property taxes not
~ collectible until subsequent year 4,314,858 - - 4,314,858
Deposits payable 499,097 499,097
Total Liabilities 6,192,400 368,474 387,140 - 138,990 25,000 - 7,112,004
Fund Balances:
~ Reserved for: _
Prepaid expenses 168,163 450
Loans receivable 1,955,000 168,613
1,955,000
Retirement of bonded debt - - - - - - - 252,710 252,710
Symposium 10,992
- -
~ Emergencies - 10,992 Unreserved: 1,584,000 - _ - = 63,000 - - 1,647,000
Designated for housing toan program 200,000 200,000
Desiqnated for police seizures 90,353 - - - - - - - 90,353
Designated for subsequent years' expenditures - 4,484,500 - 4,484,500
Undesignated 17,781,209 5,669,628 11,769,273 9,046,283 62,619 943,286 314,105 45,586,403
~ Total Fund Balances 19,834,717 12,109,128 11,769,273 9,046,283 62,619 1,006,736 314,105 252,710 54,395,571
Total Liabilities and Fund Balances 26,027,117 12,477,602 12,156,413 9,046,283 62,619 1,145,726 339,105 252,110
~
Amounts reported for governmental activities in the Statement
of Net Assets are different because:
Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. 88,198,056
Olher long-term assets are not available for current period expenditures and, therefore, are not reported in the funds. 920,559
~ Internal service funds are used by management to charge the costs of heavy equipment and heaflh insurance to individual funds.
The assets and liabilities of the intemal service funds are included in governmental activities in the Statement of Ne[ Assets. 5,620,141
Long-term liabilities, including bonds payable, interest payable, and compensated absences, are not due and payable
~ in the current period and, therefore, are not reported in the funds. , (11,301,547)
Net Assets of Governmental Activities 137,832,780
~
~
~
~ The accompanying notes are an integral part of these financial statements
C3
~
Town of Vail, Colorado '
Statement of Revenues, Expenditures Changes in Fund Balances
Governmantal Funds
For the Year Ended December 31, 2007
. '
Capital Real Estate Conference Vail Vail Local Vail Debt Total
General Projects Transfer Tax Center Marketing Marketing Reinvestment Service Governmental
Revenues: Fund Fund Fund Fund Fund District Authority Fund Funds ,
-
Taxes 17,670,783 8,308,506 6,536,118 - - 2,063,915 337,502 34,916,824
Permits and licenses 5,083,017 - 305,414 - - 5,388,431
Intergovernmental revenue 1,509,039 1,571 24,451 - - - - 1,535,061
Charges for services 6,596,588 198,948 1,281,046 - - 8,076,582
Investment income 984,040 537,562 507,277 424,382 5,888 11,053 8,157 3,955 2,482,314 ,
Miscellaneous 195,016 1,805,049 473,724 - - 3,837 14,567 2,492,193
Total Revenues 32,038,483 10,851,636 8,822,616 424,382 311,302 2,078,805 360,226 _ 3,955 54,891,405
Expenditures:
General govemment 7,730,300 - - - 15,200 - 900 7,746,400 '
Publicsafety 7,104,904 - - - - - - 7,104,904
Public works and transportation 10,365,091 8,944,116 - - - - - 19,309,207
Culture and recreation 2,214,022 - 6,009,732 - - - - 8,223,754
Economic development - - - - 280,000 1,897,862 47,953 2,225,815
Debt service: -
Principal _ - - - - - - 1,810,000 1,810,000 ,
Interest - - - - 512,098 512,098
Total Expenditures 27,414,317 8,944,116 6,009,732 - 295,200 1,897,862 47,953 _2,322,998 46,932,178
Excess (Deficiency) of Revenues OverExpenditures 4,624,166 1,907,520 2,812,884 424,382 16,102 180,943 312,273 ___[2,319,043 7,959,227 '
Other Financing Sources (Uses):
Sale of assets - 85,000 - _ _
' -
Transfere in 85,000
- 222.500 - - - - - 2,322.497 2,544,997
Transfers (out) (222,500) (2,322,497) - - - - - (2,544,997)
Total Other Financing Sources (Uses) (222,500) (2,014,997) - - - - - _2,322,497 85,000 ,
Net Change in Fund Balances 4,401,666 (107,477) 2,812,884 424,382 16,102 180,943 312,273 3,454 8,044,227
Fund Balances -January 1 15,433,051 12,216,605 8,956,389 8,621,901 46,517 825,793 1,832 _ 249,256 46,351.344
FundBalances-December31 19,834,717 12,109,128 11,769,273 9,046,283 62,619 1,006,736 314,105 252,710 54,395,571 ~
Net Change in Fund Balances of Governmental Funds 8,044,227
Amounts reported for governmental activities in the Statement of Activities are different because: '
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those assets is allocated
over their estimated useful lives as depreciation expenses. This is the amount by which capital outlay exceeded depreciation during the year. 2,503,636
Repayment of bond and lease principai are expenditures in the governmental funds, but the repayment reduces long-term liabilities in the ,
Statement of Net Assets. This is Ihe amount of principal repayments. 1,810,000
Internal service funds are used by management to charge the cost of heavy equipment and health insurance to
individual funds. This is the amount of internal service fund change in net assets for the year 322,147 ,
Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. 102,213
Some expenses reported in the Statement of Activities do not require the use of current financiai resources and, therefore, are not reported
as expenditures in govemmental funds. (39,475)
In the Statement of Activities, only the gain or loss on sale and disposal of assets is reported, whereas, in the governmental funds, only ~
the proceeds which increase current available resources is reported. This amount is the net book value of disposed assets (287,175)
Change in Net Assets of Governmental Activities 12,455,573
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The accompanying notes are an integral part of ihese financial statements
C4
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~ Town of Vail, Colorado
Proprie4ary Funds
Statement of Alet Assets
~ December 31, 2007
~ Business-t e Ac4ivities
En4erprise Fund - Enterprise Fund - Governmental
~ Timber Ridge Dispatch Activities -
Affordable Housing Services Internal
Corporation Fund TOTAL Service Funds
Asse4s:
~ Current Assets:
Equity in pooled cash and investments 961,340 961,340 2,834,713
Cash and cash equivalents - Unrestricted 274,206 274,206 -
Accounts receivable , net of allowance for uncollectibles 19,139 - 19,139 20,599
~ Inventory - _ - 293,284
Prepaid expenses 37,115 37,115 17,176
Total Current Assets 330,460 961,340 1,291,800 3,165,772
Non-current ,4ssets:
~ Cash and cash equivalents - Restricted 645,873 - 645,873 _
Bond issue costs, net of accumulated amortization 544,245 544,245
Property, plant, and equipment, net of accumutated
depreciation 17,665,783 1,275,270 18,941,053 2,950,509
~ Total Won-currentAssets 18,855,901 1,275,270 20,131,171 2,950,509
Total.4ssets 19,186,361 2,236,610 21,422,971 6,116,281
~ Liabilities:
Current Liabilities:
Accounts payable 118,575 9,958 128,533 426,966
Tenant security deposits 18,450 - 18,450 -
~ Deferred revenue 197,702 - 197,702 _
Accrued interest payable 184,500 184,500
Accrued salaries and wages - 33,016 33,016 18,091
Current portion of bonds payable 155,000 - 155,000 -
~ Current portion of compensated absences - 22,194 22,194 20,433
Total Current Liabilities 674,227 65,168 739,395 465,490
Non-current Liabilities:
Bonds payable, net of current portion 19,910,000 - 19,910,000 -
Notes payable 1,900,000 1,900,000
Compensated absences, net of current portion - 33,291 33,291 30,650
To4a1 Non-current tiabilities 21,810,000 33,291 21,843,291 30,650
~ Total Liabilities 22,484,227 98,459 22,582,686 496,140
filet Asse4s (Defici4):
Invested in capital assets, net of related debt (2,854,972) 1,275,270 (1,579,702) 2,950,509
~ Unrestricted (442,894) 862,881 419,987 2,669,632
Total filetAssets (Deficit) (3,297,866) 2,138,151 (1,159,715) 5,620,141
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~ The accompanying notes are an integral part of these financial statements
C5
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Town of Vail, Colorado
Proprietary Funds ~
Statement of Revenues, Expenses and Changes in Fund Net Assets
For the Year Ended December 31, 2007
Business-type Activities '
Enterprise Fund - Enterprise Fund - Governmental
Timber Ridge Dispatch Activities - '
Affordable Housing Services Internal
Corporation Fund TOTAL Service Funds
Operating Revenues: -
Charges for services - Iriternal - 512,427 512,427 4,911,409
Charges for services - External - 942,204 942,204 270,665 t
Rent 2,633,552 - 2,633,552 -
Laundry room lease 29,070 - 29,070 -
Insurance reimbursements - - - 388,133
Other 3,464 92,135 95,599 41,761 '
Total Operating Revenues 2,666,086 1,546,766 4,212,852 5,611,968
Operating Expenses:
Operations 948,266 1,801,875 2,750,141 1,896,413 '
Health claims and premiums - - - 3,113,383
Depreciation 525,446 226,388 751,834 547,745
Total Operating Expenses 1,473,712 2,028,263 3,501,975 5,557,541
Operating Income (Loss) 1,192,374 (481,497) 710,877 54,427 '
Non-Operating Revenues (Expenses):
Intergovernmental revenues - 586,404 586,404 -
Gain (loss) on disposal of assets - - - 99,032 ,
Investment income 25,972 38,678 64,650 111,199
Interest expense reimbursement - rate cap agreement 42 - 42 -
Interestexpense (1,118,931) - (1,118,931) -
Financing fees (273,263) - (273,263) -
Amortization of bond issue costs (75,922) - (75,!jL2j - ~
Total Non-Operating Revenues (Expenses) (1,442,102) 625,082 (817,020) 210,231
Income (Loss) Before Capitai Contributions (249,728) 143,585 (106,143) 264,658
Capital Contributions, Net - 110,860 110,860 57,489 '
Change in Net Assets (249,728) 254,445 4,717 322,147
Net Assets (Deficit) - January 1 (3,048,138) 1,883,706 (1,164,432) 5,297,994 '
Net Assets (Deficit) - December 37 (3,297,866) 2,138,151 (1.159,715L 5,620,141
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The accompanying notes are an integral part of thPSe financial statements '
C6
a Town of Vait, Colorado ,
Proprietary Funds
Statement of Cash Flows
a For the Year Ended December 31, 2006
Business-type Activities
~ Enterprise Fund - Enterprise Fund - Governmental
Timber Ridge Dispatch Activities -
Affordable Housing Services Internal
Corporation Fund TOTAL Service Funds
Cash Flows From Operating Activities:
~ Cash received from other funds - 512,427 512,427 4,911,409
Cash received from tenants for rent 2,638,942 2,638,942
Cash received from (refunded to) tenants for security deposits, net 2,400 - 2,400 -
Other cash receipts 32,534 1.073,730 1,106,264 1,042,457
~ Cash paid for goods and services (984,475) (411,414) (1,395,889) (4,182,034)
Cash paid to employees (1,391,921) (1,391,921) (794,056)
fdet Cash Provided (Used) by Operating Activities 1,689,401 (217,178) 1,472,223 977,776
Cash Flows From fVon-Capital Financing Activities:
~ Cash received from operating grants 586,404 586,404 _
'fdet Cash Provided by Non-Capital Financing Activities 586,404 586,404
Cash Flows From Capital and Related Financing Activities:
Cash received from sale of fixed assets - - - 148,760
~ Principal repaid on bonds and notes (145,000) - (145,000) -
Cash drawn on line of credit 1,022,570 1,022,570
Repayments of amounts drawn on line of credit (1,022,570) - (1,022,570) -
Interestpaid (1,096,591) - (1,096,591) -
Financing fees paid (267,269) - (267,269)
~ Acquisition and construction of capital assets - - (534,112)
Plet Cash (Used) by Capital and Related Financing Activities (1,508,860) (1,508,860) (385,352)
Cash Flows From Investing Activities:
~ Interestoninvestments 25,972 38,678 64,650 111,199
Net Cash Provided by Investing Activities 25,972 38,678 64,650 111,199
Plet Increase (Decrease) in Cash and Cash Equivalents 206,513 407,904 614,417 703,623
Cash and Cash Equivalents - Beginning 713,567 553,436 1,267,003 2,131,090
~ Cash and Cash Equivalents - Ending 920,080 961,340 7881,420 2,834,713
Cash and Cash Equivalents - End of Period is Comprised of:
Equity in pooled cash and investments - 961,340 961,340 2,834,713
~ Cash and cash equivalents - Unrestricted 274.207 = 274,207 _
Cash and cash equivalents - Restricted 645.873 645,873
Total - Cash and Cash Equivalents 920,080 961,340 1,881,420 2,834,713
Reconciliation of Operating (Loss) to Net Cash
~ Provided by Opereting Activities:
Operating (loss) 1,192,374 (481,497) 710,877 54,427
Adjustments:
Depreciation 525,446 226,388 751,834 547,745
(Increase) decrease in accounts receivable (6,886) 39,391 32,505 341,897
(Increase) decrease in inventory - - (30,167)
(increase) decrease in prepaid expenses 7,184 - 7,184 (17,176)
Increase (decrease) in accounts payable (44,842) (13,784) (58,626) 76,947
Increase (decrease) in other liabilities 16,125 - 16,125 -
Increase (decreases) in accrued wages and benefits - 12,324 12,324 4,103
Total Adjustments 497,027 264,319 761,346 923,349
fdet Cash Provided (Used) by Operating Activities 1,689,401 (217,178) 1.472,223 g77,77g
Schedule of Plon-Cash Investing, Capitai and Financing Activities:
~ Assets donated by Capital Projects Fund - 77,860 77,860 57,489
Assets donated by external sources 33,000 33,000
Total - fVon-Cash Investing, Capital and Financing Activities: - 110,860 110,860 57,489
a
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~ The accompanying notes are an integral Part of these financial statements
C7
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Town of Vail, Colorado '
Fiduciary Funds
Statement of Fiduciary Net Assets '
December 31, 2007
Deferred
Pension Compensation '
Trust Plan
Assets: Cash and investments - Restricted 41,126,867 6,361,956 '
Loans to participants 413,386 -
7otal Assets 41,540,253 6,361,956
Net Assets: '
Held in trust for pension benefits and .
, other purposes 41,540,253 6,361,956
Total NetAssets 41,540,253 6,361,956 '
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The accompanying notes are an integral part of these financial statements C8 '
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~ Town of Nail, Colorado
Fiduciary Funais
SQatement og Changes in Fiduciary Neg Asse4s
~ FOP QFIe VeaP EP1deCI DeCeY9'1beP 31, 2007
~ DefeP'Ped
Pension Compensa4ion
~ Yrust PIan
Adldagions:
Contributions 2,328,249 798,995
~ Investment income 1,640,727 232,407
T04a1 Addi4ions 3,968,976 1,031,402
Deductions:
~ Professional fees 5,025 9,064
Benefits paid 1,996,686 427,193
Yo4al Deductions 2,001,711 436,257
~ Change in ftlet Asse4s 1,967,265 595,145
~ RIe4 Assets - January 1 39,572,988 5,766,811
R1e4 Assets - December 31 41,540,253 6,361,956
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~ The accompanying notes are an integral part of these financial statements
C9
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~ NOTES TO YHE FINANCIAL S7ATEMENTS
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~ Towav of !!as@, Co9orado
R1otes to t6ae FanancaaE Statemengs .
DeceonbeP 31, 2001
~
~ V. Summarryy off Sagnuficaov4 Accoanngfing Po9ucues
The Town of Vail, Colorado (the "Town") was incorporated in 1972, under the provisions of Article
XX of the Colorado Constitution and Municipal Home Rule Act of 1971. The Town operates
~ under a Council-Manager form of government. The Town's major operations include public
safety, public works and transportation, culture and recreation, economic development,
administration (general government), and housing.
~ The Town's financial statements are prepared in accordance with generally accepted accounting
principles ("GAAP"). The Governmental Accounting Standards Board ("GASB") is responsible for
establishing GAAP for state and local governments through its pronouncements (Statements and
~ Interpretations). Governments are also required to follow the pronouncements of the Financial
Accounting Standards Board ("FASB") issued through November 30, 1989, when applicable, that
do not conflict with or contradict GASB pronouncements. The more significant accounting
policies established by GAAP used by the Town are discussed belowr.
~ A. Reportuovg Euaga4y
~ The reporting entity consists of (a) the primary government; i.e., the Town, and (b)
organizations for which the Towrn is financially accountable. The Town is considered
financially accountable for legally separate organizations if it is able to appoint a voting
~ majority of an organization's governing body and is either able to impose its will on that
organization or there is a potential for the organization to provide specific financial
benefits to, or to impose specific financial burdens on, the Town. Consideration is also
given to other organizations which are fiscally dependent; i.e., unable to adopt a budget,
~ levy taxes, or issue debt without approval by the Town. Organizations for which the
nature and significance of their relationship with the Town are such that exclusion would
cause the reporting entity's financial statements to be misleading or incomplete are also
~ included in the reporting entity.
The accompanying financial statements present the primary government and its
component units, entities for which the government is considered to be financially
~ accountable. Blended component units, although legally separate entities, are, in
substance, part of the Town's operations. There are three blended component units
reported in the Town's financial statements: Vail Local Marketing District (the "DistricY'),
~ Timber Ridge Affordable Housing Corporation (the "Corporation") and Vail Reinvestment
Authority (the "Authority"). The financial statements of theses entities can be obtained
from the Town's administrative offices. A fourth blended component unit, the Town of
Vail General Improvement District iVo. 1, is a dormant entity and, therefore, has no
~ financial statements to report.
I. !lauV LocaV Markeaang Das4Pac4
~ The District was authorized on November 2, 1999 by a general election that
established a 1.4% tax on lodging within the Town's boundaries, beginning
January 1, 2000. Proceeds from the tax are to be used for organization,
~ management, promotion, and marketing of public events, for business
recruitment, and for tourism promotion. Town Council members also act as the
DistricYs Board of Directors. The District is reported as a special revenue fund.
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a D1
Town of Vail, Colorado ~
Notes to the Financial Statements
December 31, 2007
(Continued) '
I. Summary of Significant Accounting Policies (continued) ~
A. Reporting Entity (continued)
2. Timber Ridge Affordable Housing Corporation '
The Corporation was incorporated on July 9, 2003 as a Colorado non-profit
corporation to provide affordable housing for persons employeci in the Town or '
Eagle County, Colorado. The Corporation owns and operates, exclusively on
behalf of and for the benefit of the Town, a 198-unit rental hou:;ing project (the
"ProjecY") located in the Town.
The formation of the Corporation was approved by the Town, and its operations '
are governed by a Board of Directors comprised, as of March 1005, of inembers
of the Town's management team. Previously, the Board was comprised solely of ,
members of the Town Council. Upon dissolution of the Corporation and
retirement of all liabilities, all property of the Corporation is to be transferred to
the Town. The acquisition of the Project was financed through the issuance of
revenue bonds and a note payable to the Town. While the Town is not legally '
obligated to pay the indebtedness of the Corporation, the Towri has agreed to
consider providing funds, if needed, to the Corporation to make the scheduled
debt service payments of the Corporation. The Town has a right to obtain title to '
the Project at any time by defeasing all outstanding bonds of trie Corporation.
The Corporation is reported as an enterprise fund.
The Corporation's total expenses exceeded aggregate revenues by $249,728 for '
2007. This adds to the Corporation's $3,048,138 deficit net assets balance
accumulated in the period from inception of operations, July 17, 2003 to
December 31, 2006. Since the inception of operations, the Corporation has
incurred mold remediation costs totaling $1,417,292, of which (Dnly $10,182 was ,
spent in 2007. As of January, 2007, all 198 units at the Project have been
renovated.
In addition to limitations on the Corporation's revenue base, the Corporation has r
substantial long-term debt obligations. As detailed in Note IV.G.1., a significant
portion of the Corporation's bonds currently bear a variable weekly interest rate.
Short-term interest rates have fluctuated since the issuance of these bonds. The '
Corporation's Rate Protection Agreement outlined in Note IV. J. below, has
limited the Corporation's effective interest rate on the 2003A Bonds to 5.5% per
annum through May 1, 2008. While short-term interest rates have stabilized '
below the current rate cap threshold, any significant increase iii rates could have
an adverse impact on the Corporation's cash flow.
During 2006, the Corporation was advanced $200,000 by the Town. This ~
additional funding helped improve the Corporation's year-end liquidity position,
although current liabilities continue to exceed current assets. 'fhere were no
additional advances from the Town in 2007. ~
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D2 ,
~ Town of VaBO, Co9orado
R1otes to the FinancBal Statements
Deceegabep 31, 2007
~ (Contunue¢9)
a 0. Sumamary off Sagnufacan4 Accoanntaeag PoBocues (coaatBoaued)
A. Reportuaag lEntaty (cont6naae¢E)
~ 3. Timrober VB6dge Affordaboe Housing Corporataon (cosvt'snased)
Since the Corporation's revenue base is limited, interest rates payable on the
~ Corporation's debt have increased, and since the Corporation has already taken
some measures to control operating costs and may not be able to further reduce
discretionary spending, the above factors may impact the Corporation's ability to
meet obligations as they come due.
a The Board considers the above factors significant to its future operations and
wras in negotiations with a potential buyer who would develop the project. Those
negotiations were terminated as of March 18, 2008. The Board and Town still
intend to redevelop the property and will begin a master planning process and
issue a request for proposals in 2008. In 2007, the Board commissioned an
engineering study and began a capital maintenance and replacement program to
~ address the deteriorating condition of the property. The Replacement Reserve
Fund will be used to fund the program.
a The Board also projects that, under current master lease agreements, rental
revenues will be sufficient to cover operating expenses, debt service and rate
cap resenres for the next several years. However, the Board does not anticipate
that the required bond reserves will be reinstated during this period.
~ 3. l90 ReBndesQmeovt Aut6toeuty
~ The Authority was created on iVovember 4, 2003 pursuant to the Colorado Urban
Renewral Law (C.R.S. 31-25-1) to oversee development and redevelopment of
identified blights areas within the Town. The Town Council approved the
formation of the Authority at a public hearing, and filed applicable certification of
~ compliance with the Division of Local Government. Its operations are governed
by a Board of Commissioners comprised solely of inembers of the Town Council.
The Authority is reported as a special revenue fund.
a 4. Towuu o¢ QlauV Geauera@ ~unproeemeret D6stract No. 9
On October 3, 2006, the Towrn Council accepted a petition requesting formation
~ of the Town of Vail Public Improvement District No. 1. The District is a public, or
quasi-municipal subdivision of the state of Colorado and a body corporate with
the powers set forth in Part 6, Article 25, Title 31 of the Colorado Revised
~ Statutes. The Town Council is the ex officio Board of Directors of the District.
Services provided by the District include (a) programming, regulating, and
generally administering public functions to be conducted on the public plaza
which will be constructed as part of the Solaris redevelopment project and (b)
~ maintaining the plaza to the extent that the Solaris Metropolitan District fails to do
so.
~ At a special election on November 7, 2006, the eligible electors of the District
authorized imposition of a mill levy of not more than fifteen mills in any year for
the purpose of funding the administration, operation, and maintenance of the
DistricYs facilities should the Solaris Metropolitan District fail to do so.
~ As of December 31, 2007, the District had not begun operations or imposed a
mill levy, resulting in no financial statements to be reported.
~ D3
U
Town of Vail, Colorado '
Notes to the Financial Statements
December 31, 2007
(Continued) ~
I. Summary of Significant Accounting Policies (continued) ,
B. Government-wide and Fund Financial Statements
The Town's basic financial statements include both government-wide (reporting the Town ,
as a whole) and fund financial statements (reporting the Town's major 1'unds).
Government-wide financial statements report on information of all of the nonfiduciary
activities of the Town and its component units. Both the government-wide and fund '
financial statements categorize primary activities as either governmental or business-
type. The Town's public safety, public works and transportation, culturE: and recreation,
economic development, and administration functions are classified as governmental
activities. The Corporation and emergency dispatch services of the Town are classified '
as business-type activities.
The government-wide Statement of Activities reports both the gross anid net cost of each '
of the Town's governmental functions and business-type activities. The governmental
functions are also supported by general government revenues (sales t7xes, property and
specific ownership taxes, investment earnings, etc.). The Statement of Activities reduces
gross expenses (including depreciation) by related program revenues, operating and '
capital grants. Program revenues must be directly associated with the governmental
function or a business-type activity. Operating grants include operating-specific and
discretionary (either operating or capital) grants while the capital grants column reflects '
capital-specific grants.
The government-wide focus is on the sustainability of the Town as an Entity and the
change in the Town's net assets resulting from the current year's activities. ~
C. Fund Financial Statements
The financial transactions of the Town are reported in individual funds in the fund '
financial statements. Each fund is accounted for by providing a separate set of self-
balancing accounts that comprises its assets, liabilities, fund equity, revenues and
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expend itu res/expenses.
The fund focus is on current available resources and budget compliance.
The Town reports the following major governmental funds: '
The General Fund is the Town's primary operating fund. It acc:ounts for all
financial resources of the Town, except those required to be ac:counted for in '
another fund.
The Capital Projects Fund accounts for a portion of the Town's, sales tax and
intergovernmental revenue which are restricted for the acquisitions of and ,
improvements to the Town's governmental assets.
The Real Estate Transfer Tax Fund is used to account for the collection of a real '
estate transfer tax which is specifically restricted for acquiring, maintaining, and
improving real property for parks, recreation, open space and similar purposes.
The Conference Center Fund was established to account for tfie collection of a ,
sales tax and a public accommodations tax which were specifically restricted for
the financing of the construction and operations of a conference center in the
Town. '
D4 ~
~ Towua off !la09, Co9orado
Notes to the IFunancBal Statemengs
DeceoxobeP 31, 2007
~ (Cocotuanaaetl)
~ V. S9,OP9'BPif~ary Off S9gn9fBCanQ AcCOunQOP9g IP009C0es QCOnt9E1uedD
C. Faons9 FunancoaB Stagemeuugs (contanaaed)
~ The conference center taxes were rescinded by election in November,
2005. A TABOR election is required to release conference center funds for any
purpose.
~ The Vail Marketing Fund accounts for the collection of business license fees
which are specifically restricted for expenditures related to the marketing of the
Town.
~ The Vail Local Marketing District is used to account for the activities of the
District.
The Vail Reinvestment Authority is used to account for the activities of the
Authority.
~ The Town reports the following major proprietary or business-type funds:
Timber Ridge Affordable Housing Corporation accounts for the activities of the
~ Corporation.
The Dispatch Services Fund accounts for the emergency dispatch services
provided by the Town within Eagle County, Colorado.
~ Additionally, the Town reports the following fund types:
~ Internal service funds account for the repair and maintenance costs and
purchase of Town vehicles and equipment, excluding buses and fire trucks. In
addition, internal service funds are used to account for the health insurance plan
provided to Towrn employees.
~ Trust funds are used to account for the accumulation of resources for pension
benefit payments to qualified Town employees and to account for assets held for
a employees in accordance with the provisions of Internal Revenue Code section
457.
D. Measaspeav~eng Focaus, Basis off Accoaooaging, and Fanaeocua0 Statement PPesentat6on
~ Measurement focus refers to whether financial statements measure changes in current
resources only (current financial focus) or changes in both current and long-term
~ resources (long-term economic focus). Basis of accounting refers to the point at which
revenues, expenditures, or expenses are recognized in the accounts and reported in the
financial statements. Financial statement presentation refers to classification of revenues
by source and expenses by function.
~ 1. Long-trerm Ecooaomuc Focus and Accraaal Basos
Both governmental and business-type activities in the government-wide financial
~ statements and the proprietary and fiduciary fund financial statements use the
long-term economic focus and are presented on the accrual basis of accounting.
Revenues are recognized when earned and expenses are recognized when
~ incurred, regardless of the timing of the related cash flows.
~ D5
Town of Vail, Colorado ,
Notes to the Financial Statements
December 31, 2007
(Continued) ~
I. Summary of Significant Accounting Policies (continued) ~
D. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(continued)
2. Current Financial Focus and Modified Accrual Basis ~
The governmental fund financial statements use the current financial focus and ~
are presented on the modified accrual basis of accounting. Under the modified
accrual basis of accounting, revenues are recorded when susceptible to accrual;
i.e., both measurable and available. "Available" means collectible within the
current period or soon enough thereafter (60 days) to be used to pay liabilities of ~
the current period. Expenditures are generally recognized when the related
liability is incurred. The exception to this general rule is that principal and interest
on general long-term debt and compensated absences are recorded only when ~
payment is due.
3. Financial Statement Presentation
Amounts reported as program revenues include 1) charges to c;ustomers and ,
applicants for goods, services or privileges provided, 2) operating grants and
contributions and 3) capital grants and contributions, including special '
assessments. Internally dedicated resources are reported as cleneral revenues
rather than as program revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expense s from non- '
operating items. Operating revenues and expenses generally result from
providing services and producing and delivering goods in connection with a
proprietary fund's principal ongoing operations. The principal operating revenue
of the Town's enterprise funds are rents from individuals emplc?yed in the Town '
and charges for services related to emergency dispatch. Operating expenses for
the enterprise fund includes operating expenses and depreciation on capital
assets. All revenues and expenses not meeting this definition are reported as ~
nonoperating revenues and expenses.
E. Financial Statement Accounts
1. Equity in Pooled Cash and Investments ,
The Town has a policy of central cash management for all funds except the ~
Pension Trust Fund and the Deferred Compensation Plan Furnd. In addition, the
component units do not participate in the Town's central cash rnanagement.
Equity in pooled cash and investments include demand deposits, short-term ,
investments with original maturities of three months or less froin the date of
acquisition, and long-term investments in U.S. government obligations.
Investments are stated at fair market value. ~
~
~
D6 ~
~ Vown of VaaV, Coloradlo
RloQes to the F6nancaaE Staternents
DeceonbeP 31, 2005'
(Coaa~inasec@)
~ 6. Saammaryy off SugnaffBcang Accoaunaung IPoBucues (contBnued)
E. FuoaaaucuaV S4a8euvoent Accousvts (conQunued)
a 2. Cash andl CasVv [EquudaVeoats
Cash and cash equivalents include cash on hand and investments with original
~ maturities of three months or less from the date of acquisition.
Restricted cash and cash equivalents represent amounts restricted by bond
indentures and other binding commitments.
~ 3. Receava6xVes
a Receivables are reported net of an allowance for uncollectible accounts.
4. PPOQxerty Taxes
~ Property taxes are assessed in one year as a lien on the property, but not
collected by the governmental unit until the subsequent year. In accordance with
GAAP, the assessed but uncollected property taxes have been recorded as a
ra receivable and as deferred revenue.
5. Voaeengory
~ Inventory is valued at lower of cost or market using the first-in, first-out method.
Inventory in the Heavy Equipment Fund consists of expendable supplies held for
consumption.
~ 6. PPepaud (Expenses
Payments made to vendors for services that will benefit periods beyond
~ December 31, 2007 are recorded as prepaid expenses.
7. Boaad 9ssauance Costs
~ Issuance costs for bonds payable are deferred and amortized over the term of
the loan using the straight-line method for governmental activities.
~ The Corporation uses the bonds outstanding method, which approximates the
effective interest method, to amortize these costs.
~ 8. Vuagerffaoovdl Receudaboes and PayabBes
Balances at year end befinreen funds are reported as "due to / from other funds"
in the fund financial statements. Any residual balances not eliminated between
~ the governmental and business-type activities are reported as "internal balances"
in the government-wide financial statements.
~
~
~ D7
Town of Vail, Colorado ~
Notes to the Financial Statements
December 31, 2007
(Continued) '
I. Summary of Significant Accounting Policies (continued) ~
E. Financiai Statement Accounts (continued)
9. Capital Assets ~
Capital assets, which include land, buildings, improvements, equipment, vehicles
and infrastructure assets, are reported in the applicable governmental or ,
business-type activity columns in the government-wide financial statements.
Capital assets are defined by the Town as assets with an initial cost of $5,000 or
more and an estimated useful life in excess of one year. Such assets are
recorded at cost where historical records are available and at an estimated '
historical cost where no historical record exists. Donated capital assets are
recorded at estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add ti) the value of the '
asset or materially extend asset lives are not capitalized. Impruvements are
capitalized and depreciated over the remaining useful lives of the related fixed
assets, as applicable. ~
Capital outlay for projects is capitalized as projects are constructed. Interest
incurred during the construction phase is capitalized as part of the value of the ,
assets.
Capital assets (excluding land) are depreciated using the straiclht-line method.
10. Deferred Revenue ,
For governmental funds, deferred revenues arise when potential revenue does '
not meet both the "measurable" and "available" criteria for recognition in the
current period. For proprietary funds, deferred revenues arise when potential
revenue is unearned.
In subsequent periods, when revenue recognition criteria are met, or when the ,
Town has legal claim to the resources, the liability for deferred revenue is
removed and revenue is recognized.
11. Compensated Absences ~
Vested or accumulated vacation leave that is expected to be liquidated with ~
expendable available financial resources is reported as expenciiture and a fund
liability of the governmental fund that will pay it. Amounts of vE~sted or
accumulated vacation leave that are not expected to be liquidated with
expendable available financial resources are reported in the governmental ~
activities column in the government-wide financial statements. Vested or
accumulated vacation leave of the proprietary fund type is recorded as an
expense and liability of that fund as the benefits accrue to employees. In '
accordance with the provisions of GASB Statement No. 16, Ac;counting for
Compensated Absences, no liability is recorded for non-vesting accumulating
rights to receive sick pay benefits.
,
~
D8 '
~ Town of !laiV, CoBorado
No4es to the FanancoaB Sgatements
December 31, 2007
(Coeatana~ed)
~ V. Saummaay of Sugnuffucaovt Accoaa¢ateuag Po@'scaes (contanaaes9)
E. FunancuaV Sta~emen4 Accousats (cocatunuedl)
~ 92. Fund [Eqanuty
Governments report reservations of fund balance for amounts that are not
~ available for appropriation or are legally restricted by outside parties for use for a
specific purpose. At December 31, 2007, the Town reported $1,910,702 of
restricted net assets which was comprised of $252,710 restricted for debt service
payments, $10,992 restricted for a symposium, and $1,647,000 restricted for
~ emergencies (as subsequently explained in iVotes III.E. and F.).
Designations of fund balance represent tentative management plans that are
~ subject to change. Designations of fund balance are reported only on fund
financials and not on the government-wide financial statements.
13. Vnteofaooad Transactaons
~ Quasi-external transactions are accounted for as revenues, expenditures or
expenses. Transactions that constitute reimbursements to a fund for
~ expenditures or expenses initially made from it that are properly applicable to
another fund, are recorded as expenditures or expenses in the reimbursing fund
and as reductions of expenditures or expenses in the fund that is reimbursed. All
other interfund transactions, except quasi-external transactions and
~ reimbursements, are reported as transfers.
~ F. Sagnaffucaoa4 Accoaouatuoag PoBicBes
1. Use off fEstu¢rpaaQes
~ The preparation of financial statements in conformity with GAAP requires the
Town's management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
~ liabilities at the date of the financial statements, and the reported amount of
revenues and expenditures or expenses during the reporting period. Actual
results could differ from those estimates.
~ 2. PpoprueQaQy Fauavds
As required by GASB Statement No. 20, Accounting and Financial Reporting for
~ Proprietary Funds and Other Governmental Entities that use Proprietary Fund
Accounting, the Town has elected to follow for its proprietary funds, all (1) GASB
pronouncements and (2) FASB Statements and Interpretations, APB Opinions,
and Accounting Research Bulletins issued on or before November 30, 1989,
~ except those that conflict with a GASB pronouncement.
3. CPecflot Rusk
~ The receivables of the various funds of the Town are primarily due from other
governments. Management believes that the credit risk related to the
receivables is minimal.
~
D9
Town of Vail, Colorado ~
Notes to the Financial Statements
December 31, 2007
(Continued) '
I. Summary of Significant Accounting Policies (continued) '
F. Significant Accounting Policies
4. Restricted and Unrestricted Resources '
When both restricted and unrestricted resources are available for use, it is the
governmenYs policy to use restricted resources first, then unrestricted resources ,
as they are needed.
II. Reconciliation of Government-wide and Fund Financial Statements ~
A. Explanation of Certain Differences Between the Governmental Fuind Balance Sheet
and the Government-wide Statement of Net Assets ~
The governmental fund Balance Sheet includes reconciliation between the fund balance
of total governmental funds and net assets of governmental activities as reported in the ,
government-wide Statement of Net Assets. One element of that reconciliation explains
"Capital assets used in governmental activities are not financial resources and therefore
are not reported in the funds". This $88,198,056 difference is related tio property, plant ,
and equipment of $201,886,203 less accumulated depreciation of $113,688,147.
Another element of that reconciliation explains "Other long-term asset:; are not available
for current period expenditures and therefore are not reported in the funds". This ~
$920,559 difference is bond issue costs of $433,388, less accumulateci amortization of
$289,720, pension forfeitures of $680,423, and interest receivable of $96,468.
Additionally, the reconciliation states that long-term liabilities are not diae and payable in ~
the current period and, therefore, are not reported in the funds. This $11,301,547
difference is related to bonds and notes payable of $10,265,000, accrued compensated
absences of $1,001,112, and interest payable of $35,435. ~
B. Explanation of Certain Differences Between the Governmental Fund Statement of
Revenue, Expenditures and Changes in Fund Balances and the Government-wide ,
Statement of Activities
The governmental fund Statement of Revenues, Expenditures and Changes in Fund '
Balances includes reconciliation between net change in fund balances of governmental
funds and changes in net assets of governmental activities as reportecl in the
government-wide Statement of Activities. One element of that reconciliation explains
"Governmental funds report capital outlays as expenditures. However, in the Statement ~
of Activities, the cost of those assets is allocated over their estimated Laseful lives as
depreciation expense." The details of this $2,503,636 difference are comprised of capital
outlay of $12,851,233, less depreciation expense of $10,347,597. ~
i
D10 ~
~ Towov o$ MaaO, Colorado
Rlotes to t9ve Fiavancaa@ Stateanents
Deceav~9~eP 31, 2007
~ (Coaut6anaaed)
~ M. Stev+~~rdshBp, Comp9Baaace, andl AccoaooatabiVa4y
A. Budgeaauy Vnfopuvoatriooa
~ An annual budget and appropriation ordinance is adopted by Town Council in
accordance with the Town's Home Rule Charter.
a Budgets are prepared on the basis of GAAP for all funds except the Heavy Equipment
Fund and the Dispatch Services Fund. The budgets for these funds have been adopted
on a non-GAAP budget and are reconciled to GAAP below:
a Heavy Dispa4ch
EquipPnen@ ServBces
Furod Fund
a Change in Net Assets - Budget Basis $ 349,404 $ 375,180
add/(less):
- Contribution from Capital Projects Fund 57,489 77,860
~ Contribution from external source - 33,000
Change in compensated absences (2,229) (5,207)
Capitalized assets 534,112 -
~ Depreciation (547,745) (226,388)
Net book value of disposed assets (49,728)
Change in Net Assets - GAAP Basis $ 341,303 $ 254,445
~ Annual appropriations are adopted for all funds. Expenditures may not legally exceed
appropriations at the fund level. All appropriations lapse at year-end.
~ The Town followed these procedures in preparing, approving, and enacting its budget for
2007.
(1) For the 2007 budget year, prior to August 25, 2006, the County Assessor sent
the Town a certified assessed valuation of all taxable property writhin the Towrn's
boundaries.
~ (2) Prior to the end of the 2006 fiscal year, the Town Manager submitted to the Town
Council a budget and accompanying message.
~ (3) Prior to December 15, 2006, the Town computed and certified to the County
Commissioners a levy rate that derived the necessary property taxes as
computed in the proposed budget.
~ (4) After a required publication of "iVotice of Proposed Budget", the Town adopted
the proposed budget and an appropriation ordinance which legally appropriated
expenditures for the upcoming year.
~
~
~
~ D11
Town of Vail, Colorado '
Notes to the Financial Statements
December 31, 2007
(Continued) ~
III. Stewardship, Compliance, and Accountability (continued) '
A. Budgetary Information (continued)
(5) After adoption of the budget ordinance, the Town may make the following ,
changes: a) transfer appropriated money between funds; b) approve
supplemental appropriations to the extent of revenues in excess of those ,
estimated in the budget; c) approve emergency appropriations; and d) reduce
appropriations for which originally estimated revenues are insufficient.
Taxes levied in one year are collected in the succeeding year. Thus, tzixes certified in ,
2006 were collected in 2007 and taxes certified in 2007 will be collecte(J in 2008. Taxes
are due on January 1 st in the year of collection; however, they may be paid in either one
instailment (no later than April 30th) or two equal installments (not later than February
,
28th and June 15th) without interest or penalty. Taxes that are not paici within the
prescribed time bear interest at the rate of one percent (1%) per month until paid. Unpaid
amounts and the accrued interest thereon become delinquent on June 16th.
During the year, supplemental appropriations were necessary. The budgetary
~
comparison statements reflect the original budget and the final budget after legally
authorized revisions were made. '
B. Budgetary Information - Vail Local Marketing District
The District's budget timetable varies from the Town's. The District followed these ~
procedures in preparing, approving, and enacting its budget for 2007.
(1) On or before September 30, 2006, the District must submit to the Board a ,
recommended budget that details the revenues necessary to meet the District's
operating requirements. This was done on September 19, 20C16.
(2) After appropriate public notice and a required public hearing, tfie Board must ~
adopt the proposed budget and an appropriating resolution thart legally
appropriated expenditures for the upcoming year on or before December 5,
2006. The Board adopted the 2007 budget on December 5, 2006.
(3) After adoption of the initial budget resolution, the District may rnake the following ,
changes: a) approve supplemental appropriations to the exterit of revenues in
excess of those estimated in the budget; b) approve emergenc:y appropriations; ~
and c) reduce appropriations for which originally estimated revenues are
insufficient.
~
During the year, supplemental appropriations were necessary. The budgetary
comparison statements reflect the original budget and the final budget after legally
authorized revisions were made.
C. Deficit Net Assets - Timber Rid9e Affordable Housin9 CorPoratiori ,
The Corporation had a deficit of net assets at December 31, 2007 of $3,297,866. ,
'
D12 ,
~ Town of VauB, CoYorac9o
Notes to the FBnancaal Statemeoats
December 31, 2007
~ (Cooa4Bnaued)
~ - VOV. Sgewardsh6p, Complaance, and AccoanntabaVoty (cosat6nued)
D. CompOuance wuth TPaus4 Vndeauaures -TBmber Rodge Afifordab9e 9iousaaag Corporation
~ The bond indenture for the Corporation's Adjustable Rate Housing Facilities Revenue
Bonds, Series 2003A (the "2003A Bonds"), establishes initial funding of a bond reserve
fund at $317,094 and required additional funding during 2004, but permits the trustee to
~ release moneys in the bond reserve fund to the Corporation to pay operating and
maintenance expenses of the Project. Due to the Trustee's release of funds pursuant to
these provisions in 2003 and 2004 (without reimbursement by the Corporation), balances
at December 31, 2007 and 2006 in the Bond Reserve Fund for the 2003A Bonds were
~ $575,666 and $576,516, respectively, less than the bond reserve requirement of
$595,157.
~ As described in Note IV.J., the Reimbursement Agreement with U.S. Bank requires the
Corporation to fund a Replacement Reserve in 2003 and annually thereafter. For 2007,
the minimum funding required for the Replacement Resenre was met by the Corporation.
In 2006, the $98,345 required funding of the Replacement Reserve was allocated to mold
~ remediation at the Project.
The 2003A Indenture and 2003B Indenture each impose financial ratios relating to debt
~ senrice coverage. At December 31, 2007 and 2006, the Corporation did not meet the
minimum required debt service coverage ratios under the terms of the 2003A Indenture
or the 2003B indenture.
~ E. 1rAB0R Amenc9meaut
In November 1992, Colorado voters amended Article X of the Colorado Constitution by
adding Section 20, commonly known as the Taxpayer's Bill of Rights ("TABOR"). TABOR
contains revenue, spending, tax and debt limitations that apply to the State of Colorado
and local governments. TABOR requires, with certain exceptions, advance voter
approval for any new tax, tax rate increase, mill levy above that for the prior year,
~ extension of any expiring tax, or tax policy change directly causing a net tax revenue gain
to any local government.
~ Except for refinancing bonded debt at a lower interest rate or adding new employees to
existing pension plans, TABOR requires advance voter approval for the creation of any
multiple-fiscal year debt or other financial obligation unless adequate present cash
reserves are pledged irrevocably and held for payments in all future fiscal years.
~ TABOR also requires local governments to establish an emergency reserve to be used
for declared emergencies only. Emergencies, as defined by TABOR, exclude economic
~ conditions, revenue shortfalls, or salary or fringe benefit increases. The reserve is
calculated at 3% of fiscal year spending for fiscal years ending after December 31, 1995.
Fiscal year spending excludes bonded debt service and enterprise spending. The Town
has reserved a portion of the December 31, 2007 fund balance in the General Fund for
this purpose in the amount of $1,584,000 which is the approximate required reserve.
~
~
~ D13
Town of Vail, Colorado ,
Notes to the Financial Statements
December 31, 2007
(Continued) '
III. Stewardship, Compliance, and Accountability (continued) '
E. TABOR Amendment (continued)
The initial base for local government spending and revenue limits is December 31, 1992 '
fiscal year spending. Future spending and revenue limits are determinf:d based on the
prior year's fiscal year spending adjusted for inflation in the prior calendar year plus
annual local growth. Fiscal year spending is generally defined as expenditures and '
reserve increases with certain exceptions. Revenue, if any, in excess of the fiscal year
spending limit must be refunded in the next fiscal year unless voters approve retention of
such revenue.
On November 16, 1993, voters of the Town approved the collection anci expenditure of all ,
revenues generated, including reduction in debt service during 1993 and each
subsequent year (not including revenue generated from ad valorem property taxes) '
without any increase in such tax rates and the expenditure of such revenues for debt
service, municipal operations, and capital projects, effective January 1, 1994.
On November 7, 2000, the Town's electorate approved the collection and expenditure of ~
all revenues received from ad valorem property taxes levied in 2000 and each year
thereafter.
The remaining restrictions of the TABOR Amendment apply, which are: ,
• Voter approval of all new taxes and tax rate increases;
• Voter approval for new or additional Town debt;
• No increase or imposition of a new real estate transfer tax; and, ~
• All election requirements remain in effect.
The Town's management believes it is in compliance with the financial provisions of '
TABOR. However, TABOR is complex and subject to interpretation. Many of its
provisions, including the interpretation of how to calculate fiscal year spending limits, will
require judicial interpretation.
F. TABOR Amendment - Vail Local Marketing District ,
As required by TABOR, the District has reserved $63,000 of its fund balance for ~
emergencies, which is the approximate required reserve at December 31, 2007.
The ballot question approved by voters on November 2, 1999, which established the
1.4% tax on lodging within the Town's boundaries also authorized the District to collect ,
and spend the proceeds of the lodging tax, investment income, and all other revenues,
without regard to the limitations imposed by TABOR, effective January 1, 2000.
The DistricYs management believes it is in compliance with the financial provisions of ,
TABOR. However, TABOR is complex and subject to interpretation. Many of its
provisions will require judicial interpretation.
~
,
'
D14 ~
~ Vown of !lauB, Colorado
Noges to ghe Finaeacoa9 Statements
DecembeP 31, 2007
~ (Con$uaaased)
~ VV. Detafiled No$es on aBa Faonds
A. Cash aoad Vndesgmengs
~ Pursuant to its charter, the Town has adopted, by ordinance, an investment policy
governing the types of institutions and investments with which it may deposit funds and
transact business. Under this policy, the Town may invest in federally insured banks,
~ debt obligations of the U.S. Government, its agencies and instrumentalities,
governmental mutual funds and pools including 2a7-like pools, and repurchase
agreements subject to policy requirements.
~ The Town also accounts for the operations of the employees' pension plans that are
administered by select employees acting as trustees who are governed by a trust
agreement. The trust agreement gives the trustees considerable latitude with investment
~ alternatives. As a result, all pension investments are considered legal under the trust
agreement.
The Town's deposits and certificates of deposit are entirely covered by federal depository
~ insurance (FDIC) or by collateral held under Colorado Public Deposit Protection Act
("PDPA"). The FDIC insures the first $100,000 of the Town's deposits at each financial
institution. Deposit balances over $100,000 are collateralized as required by PDPA. As
of year end, the bank balance of the Town's deposits was $5,703,455.
At year end, the Town had the following investments and maturities:
ra Carrying
Type Rating Maturities Value
Deposits:
Cash on hand 16,240
Demand deposits 7,546,955
Certificates of deposit <1 year 1,786,721
~ Total deposits 9,349,916
Investments:
US Agencies - FHLM, FHLB, FNMA AAA <1 year 1,242,016
US Agencies - FHLMC, FHLB, FNMA, FFC AAA <5 years 2,626,288
Mortgage pools AAA N/A 1,888,623
Colotrust AAAm N/A 39,195,162
~ Pension and Section 457 investments NlA NIA 48,169,246
Total investments 93,121,335
Total deposits and investments 102,471,257
~ Reconciliation to Statement of Net Assets:
Equity in pooled cash and investments 52,266,040
Cash and cash equivalents - Unrestricted 1,390,092
~ Cash and cash equivalents - Restricted 1,326,296
Fiduciary Funds 47,488,823
Total 102,471,251
~
D15
Town of Vail, Colorado ,
Notes to the Financial Statements
December 31, 2007
(Continued) ,
IV. Detailed Notes on all Funds (continued) ~
A. Cash and Investments (continued)
Pools. The Town has invested in the Colorado Government Liquid Asset Trust ,
("ColotrusY'), which is an investment vehicle established for local government entities in
Colorado to pool surplus funds. They operate similarly to a money market fund and each
share is equal in value to $1. Investments of the trusts consist of U.S. 'Treasury bills, ,
notes and note strips, and repurchase agreements collateralized by U.S. Treasury
securities. Colotrust is rated AAAm by Standard and Poor's.
Interest Rate Risk. As a means of limiting its exposure to interest rate! risk, the Town ,
diversifies its investments by security type and institution, and limits holdings in any one
type of investment with any one issuer. The Town coordinates its investments maturities
to closely match cash flow needs and invests primarily in securities witli a maximum ,
investment term less than five years from the purchase date. As a restalt of the limited
length of maturities the Town has limited its interest rate risk.
Credit Risk. The Town's general investment policy is to apply the prudent-person rule; ~
investments are made as a prudent person would be expected to act, with discretion and
intelligence, to seek reasonable income, preserve capital, and, in general, avoid
speculative investments. ,
Concentration of Credit Risk. The Town diversifies its investments by secunty type
and institution.
Credit quality distribution for investments, with credit exposure as a percentage of total '
investments are as follows at year end:
Investment TYPe Ratin9 Perci3,nta e ,
Colotrust AAAm 87%
'
Investments in the Deferred Compensation Plan and the Pension Trust Funds are held
by trustees and are not categorized because they are not evidenced by specific securities ,
that exist in physical or book form.
~
~
r
i
1
D16 ,
~ Vown off !la69, Colorado
Notes to ghe Financaal Statements
DecembeP 31, 2007
~ (continued)
~ 0!!. DetaA@ed Notes oov afl Fanovds (conganuetl)
B. Receudalb8es
~ Receivables as of year-end for the Town's funds, including applicable allowances for
uncollectible accounts, are as follows:
~ Capital Real EsQa4e Vail Vail Local
General Projects 7ransfer Marketing Marke4ing
Fund Fund 7ax Fund Fund Dis4ric4
~ Receivables:
Property taxes $ 4,314,858 _ -
Other taxes 729,087 2,896,316 342,991 - 384,669
~ Employees 126,330 - - - -
Other 209,614 469,503 324,788 867
Gross Receivables 5,379,889 3,365,819 667,779 867 384,669
Less: Allowance for
~ uncollectibles (1,000) - - - -
R9e4 Receivables $ 5,378,889 3,365,819 667,779 867 384,669
~ !/ail Heavy
Rein- Equip- Dispatch Fiealth
7imber vesQmen4 ment Services Insurance
~ E3idge Authori4y Fund Fund Fund 7otal
Receivables:
Property taxes $ - - - - - 4,314,858
~ Other taxes - - = - = 4,353,063
Employees 126,330
Other 19,139 66 20,599 - - 1,044,576
Gross Receivables 19,139 66 20,599 - - 9,838,827
Less: Allowance for
uncollectibles - - - - - (1,000)
~ R1etReceivables $ 19,139 66 20,599 - - 9,837,827
~
~
~
D17
Town of Vail, Colorado ~
Notes to the Financial Statements
December 31, 2007
(Continued) ,
IV. Detailed Notes on all Funds (continued) '
B. Receivables (continued)
Governmental funds report deferred revenue in connection with receivzlbles for revenues ~
that are not considered to be available to liquidate liabilities of the current period. Total
deferred revenue for governmental activities totaled $4,662,124 and is comprised of the
following: ~
General Capital Project RETT
Property taxes assessed but not Fund Fund Fund
collectible until 2008: $ 4,314,858 ~
Other deferred revenues:
Business licenses 44,790
Library grants 92,411 ,
Police programs 10,065
Construction projects 1100,000 100,000
$ 4,462,124 $ '100,000 $ 100,000 ,
Deferred revenue for business-type activities in the amount of $197,702 is related to ~
prepaid rent.
Deferred revenue for construction projects relate to $100,000 funds collected from a
developer, and $100,000 of contributions collected for Art in Public Places from another ~
developer, both of which the Town has not begun construction. The revenue will be
deferred until the year the money will be spent.
C. Capital Assets ~
The Governmental Accounting Standards Board Statement No. 34 (GASB-34) requires ,
the capitalization of general infrastructure both prospectively and retroactively.
Retroactive application requires governments to capitalize major infrastructure assets
they acquired in the past 25 years or during fiscal years ending after Jtane 30, 1980.
Based on the Town's annual revenues, implementation was required by December 31, ,
2007. The Town is in compliance with GASB 34's infrastructure reporting requirements.
During 2007, the Town added fully depreciated general infrastructure assets with an ,
aggregate historical cost of $54,016,471 to the governmental activities Statement of Net
Assets, in compliance with the infrastructure reporting requirements. AIso during 2007,
the Town increased its capital assets to reflect the inclusion of certain items previously
omitted from the Town's capital asset listing. '
The beginning balance of the Town's capital assets has been restated to reflect these
changes, as stated in the following exhibit and accompanying financial statements. ,
'
'
D18 ,
Town of VaaO, ColoPac9o
Riotes go ahe Fuavancaa8 Statements
DeceavabeP 31, 2007
~ (Coaatunued)
~ V!!. Deta's9ed Notes oaa aB0 Faauads (contuovased)
C. CapuW Assets (contanased)
~ Capital asset activity for the year ended December 31, 2007 was as follows:
Beginning
Balance Ending
(As restated) Increases Decreases Balaroce
Governrinental Actibities:
~ Capital Assets, Not Being Depreciated:
Land $ 26,136,364 2,086,226 28,222,590
Total Capital Assets, Not Being Depreciated 26,136,364 2,086,226 - 28,222,590
~ Capital Assets, Being Depreciated:
Buildings and improvements 69,189,112 1,569,190 (280,778) 70,477,524
~ Infrastructure and improvements 82,096,337 7,629,651 - 89,725,988
Equipment and vehicles 21,198,126 2,157,771 (1,043,597) 22,312,300
Total Capital Assets Being Depreciated 172,483,575 11,356,612 (1,324,375) 182,515,812
~ Less Accumulated Depreciation For:
Buildings and improvements (41,540,985) (3,581,590) 15,056 (45,107,519)
Infrastructure and improvements (55,227,854) (5,364,238) - (60,592,092)
~ Equipment and vehicles (12,913,127) (1,949,514) 972,415 (13,890,226)
Total Accumulated Depreciation (109,681,966) (10,895,342) 987,471 (119,589,837)
Total Capital Assets, Being Depreciated, Net 62,801,609 461,270 (336,904) 62,925,975 _
~ Governmen4al Activities Capital Assets, NeR $ 88,937,973 2,547,496 (336,904) 91,148,565
~ Busi ness-tyype Activities
Capital Assets, Not Being Depreciated:
Land $ 4,399,500 - - 4,399,500
~ Total Capital Assets, IVot Being Depreciated 4,399,500 - - 4,399,500
Capital Assets, Being Depreciated:
~ Buildings and improvements 15,592,145 - = 15,592,145
Equi pment 2,418, 730 110,860 2,529,590
Total Capital Assets Being Depreciated 18,010,875 110,860 - 18,121,735
Less Accumulated Depreciation For:
Buildings and improvements (1,800,068) (525,446) - (2,325,514)
Equipment (1,028,280) (226,388) - (1,254,668)
~ Total Accumulated Depreciation (2,828,348) (751,834) - (3,580,182)
Total Capital Assets, Being Depreciated, Net 15,182,527 (640,974) 14,541,553
Buseness-4ype Activities Capital Assets, R1eg $ 19,582,027 (640,974) - 18,941,053
~
D19
Town of Vail, Colorado ~
Notes to the Financial Statements
December 31, 2007
(Continued) ,
IV. Detailed Notes on ali Funds (continued) '
C. Capital Assets (continued)
Depreciation expense was charged to functions of the Town as follows: '
Govemmental Activities:
General government $ 290,884 ,
Public safety 287,948
Public works and transportation 9,167,759
Culture and recreation 601,007 ,
Total Depreciation Expense - Governmental Activities $ 10,347,598
Business-type Activities: ~
Dispatch services $ 226,388
Housing 525,446
Total Depreciation - Business-type Activities $ 751,834 ~
Depreciation on fixed assets is recorded using the following estimated iiseful lives:
Years ~
Buildings 25 - 40
Building improvements 7 - 25
Infrastructure 5 - 30 '
Vehicles 5 - 15
Equipment 5 - 10
At December 31, 2007, the Town had $23,331,558 of fully depreciated assets. ~
D. Operating Leases
The Town is committed under various leases for buildings, office space, and equipment. ,
For accounting purposes, these leases are considered to be operating leases, and
therefore, the liability and the related assets have not been recorded in these financial '
statements.
E. Interfund Receivables, Payables, and Transfers
There were no interfund balances at December 31, 2007. '
Interfund transfers during the year ended December 31, 2007 were as follows: '
Transferred to: Transferred from: Amount Purpose
Capital Projects General 222,500 Purchase of employee housing; legal fees
Debt Service Fund Capital Projects 2,322,497 Transfer sales tax for debt service payment
~
~
D20 '
Town o$ bauV, Colorado
No$es 40 the Financsal Statements
DecembeP 39, 2005
(ContooaaaecE)
~ VV. Detauled Noges oaa aOB Fannds (contananec9)
F. L060g-gePBiN L0ab980t0e$ - GOVePO'llP?'6e6?$aI ACt9b1t9eS
~ The Town has the following long-term debt outstanding for governmental activities:
1. Vau-Exempt Saaes Tax Rebenue Reffundang Bonds, Seraes 1998A
~ The Town issued $8,760,000 of insured Tax-Exempt Sales Tax Revenue
Refunding Bonds (the "1998A Bonds") dated September 1, 1998. Proceeds of
the 1998A and 19986 Bonds (described below) were used to refund the
~ outstanding principal balance on bonds issued in 1991 and 1992, which are
considered to be defeased. The interest rate on the 1998A Bonds ranges from
4.25% to 4.5%. Coupon payment dates for the 1998A Bonds are June 1 and
~ December 1 annually.
The Bonds are revenue obligations of the Town payable solely from the Towrn's
4% sales tax. The 1998A Bonds are secured by a lien on, but not an exclusive
~ lien on, the sales tax.
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, on December 1,
2008 and thereafter, at a redemption price equal to par, plus accrued interest to
the redemption date.
~ a. TaxabVe Sa9es Tau Rebenaoe Refunc9ing Bonds, Seraes 1998B
The Towrn issued $735,000 of insured Taxable Sales Tax Revenue Refunding
~ Bonds (the "1998B Bonds") dated September 1, 1998. The interest rate ranges
from 6.00% to 6.05%. Coupon payments are due June 1 and December 1
annually.
~ The 1998B 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 19986 Bonds were retired in 2007.
3. SaBes Tau Redenaue Refundang Bonds, SePaes 2002B
~ The Town issued $5,570,000 of Sales Tax Revenue Refunding Bonds dated
September 1, 2002 (the "20026 Bonds"). Proceeds from the 2002B Bonds were
used to refund outstanding 1992 bonds.
~ The interest rate on the 20026 Bonds ranges from 2.5% to 4.0% and is payable
on June 1 and December 1 annually through December 1, 2012.
The 20026 Bonds are special limited obligations of the Town payable solely from
the Town's existing 4% sales tax and from any legally available tax or taxes or
fees (other than general ad valorem tax). The 20026 Bonds constitute an
irrevocable lien (but not an exclusive lien) upon the pledged revenues, on parity
with the 1998 Bonds.
~ D21
Town of Vail, Colorado '
Notes to the Financial Statements
December 31, 2007
(Continued) ,
IV. Detailed Notes on all Funds (continued) '
F. Long-term Liabilities - Governmental Activities (continued)
3. Sales Tax Revenue Refunding Bonds, Series 20026 (continued) ,
2002B Bonds maturing on or before December 1, 2011 are no1: subject to prior
redemption. 2002B Bonds maturing on or after June 1, 2012 aire subject to ~
redemption prior to their maturities, at the option of the Town, in whole or in part,
on December 1, 2011 or thereafter, at a redemption price equail to the principal
amount redeemed, plus a redemption premium equal to 1% of the principal
redeemed, plus accrued interest to the redemption date. ,
G. Long-term Liabilities - Business-type Activities '
The Town has the following long-term debt outstanding for business type activities:
1. Adjustable Rate Housing Facilities Revenue Bonds, Series; 2003A ,
. The 2003A Bonds were issued July 15, 2003 in the principal airount of
$19,025,000 as limited obligations of the Corporation and not indebtedness of
the Town. The 2003A Bonds are payable solely from the rent:; and other ,
receipts from operation of the Project, net of the ProjecYs actu;al operating
expenses (the "Pledged Revenues") and the various reserve ftands and other
monies pledged under the terms of the 2003A indenture. Certain capitalized '
terms are further described in the 2003A indenture. The 2003,A Bonds bear
interest at the Weekly Rate established by the George K. Baurn & Company (the
"Remarketing AgenY") until converted to another "mode", inclucling a Fixed Rate,
by the Corporation. ,
While in any interest rate mode other than a Fixed Rate, the 2003A Bonds are
subject to repurchase upon demand by any bondholder at 100% of the ,
outstanding principal amount plus accrued interest. All tendemd bonds are then
to be subsequently remarketed by the Remarketing Agent.
The 2003A Bonds are subject to redemption prior to maturity (December 1, 2032 ,
or specific maturity date, if converted to Fixed Rate) at the Corporation's option,
using monies in the Redemption Fund, as follows:
• 2003A Bonds in a Daily Mode or Weekly Mode - on any date prior to Maturity '
at 100% of the principal amount, plus accrued interest.
'
~
~
'
D22 ,
~ Towov of VauB, Colorado
Notes to the Fsnancaa9 Statemengs
DecembeP 31, 2007
~ (Conaunued)
~ V!!. Detai9ed Notes oeu a9V FannaBs (con40naned)
G. Loovg-4erm lLaabuVatues - Bausiness-gype Actavetues (contanaaed)
~ 9. As9justa~@~le 9~ate C~o~asacog Facs9ities V~eveaaa~e Bonds, Seraes 2003A
(contBnaaedl)
~ 0 2003A Bonds in a Commercial Long-Term Mode - after the following No-Call
Period and at the following redemption prices, plus accrued interest:
Lenq4h of l2ate Period No-CaN Period Redemption Price
~ Greater than 12 years 10 years from the Rate 101 declining 0.5% per
Change Date 6 months to 100%
~ Greater than 4 years, but Until 2 years prior to the 100%
less than 12 years end of the Rate Period
a Less than or equal to Length of the Rate Period Not subject to optional
4 years redemption
~ 0 2003A bearing a Fixed Rate - after the following No-Call Period and at the
following redemption prices, plus accrued interest:
Lenqth of Rate Period No-Call Perioc9 Redemptiora Price
~ Greater than 12 years 10 years from the 101 declining 0.5% per
Conversion Date 6 months to 100%
~ Greater than 4 years, but Until 2 years prior to 100%
less than 12 years Maturity
~ Less than or equal to Term to Maturity Not subject to optional
4 years redemption
~ From the date of issuance through December 31, 2007, the 2003A Bonds have
been in Weekly Mode, with interest rates set by the Remarketing Agent. Interest
rates on the 2003A Bonds ranged from 4.76°to to 5.92% per annum in 2007 and
~ from 4.49% to 5.50% per annum in 2006. At December 31, 2007, the interest
rate on the 2003A Bonds was 4.96% per annum (5.45% at December 31, 2006);
however, the Corporation's effective interest rate has been limited to 4% through
~ August 1, 2006 and 5.5°/a thereafter, as provided by the Rate Protection
Agreement discussed in Note IV. J. Total interest expense for 2007 incurred in
respect of the 2003A Bonds was $1,017,124 ($986,433 for 2006).
~
~
~ D23
Town of Vail, Colorado ~
Notes to the Financial Statements
December 31, 2007
(Continued) '
IV. Detailed Notes on ali Funds (continued) '
G. Long-term Liabilities - Business-type Activities (continued)
2. Subordinate Housing Facilities Revenue Bonds, Series 200313 ("2003B '
Bonds")
The 2003B Bonds were issued July 15, 2003 in the principal amount of ~
$1,570,000 as subordinated, limited obligations of the Corporation and not
indebtedness of the Town. The 20036 Bonds are payable sole4y from the
Pledged Revenues and the various reserve funds and other monies pledged
under the terms of the 2003B indenture, but the pledge of security interest in the '
Pledged Revenues is subordinated to the pledge of these same revenues for
payment of the 2003A Bonds.
The 2003B Bonds bear interest at the rate of 6.25% per annurri, with semi-annual ~
blended payments of interest and principal on June 1 and December 1 annually.
During 2007, the Corporation incurred interest expense totaling $73,307 in
respect of the 2003B Bonds ($82,083 for 2006). ,
The 2003B Bonds mature December 1, 2013 but are subject tci prior redemption,
at the Corporation's option, at 100% of the principal amount, plus accrued '
interest; provided that redemption of the bonds is not from the Iproceeds of
refunding bonds or other financing by the Corporation.
3. Promissory Note - Town of Vail (the "Town Notes") ,
In connection with the Corporation's purchase of the Project, tfie Town advanced
$1,000,000 to the Corporation upon execution of a promissory note. During 2005
and 2006, the Town made additional advances of $700,000 and $200,000, '
respectively, to the Corporation upon execution of additional promissory notes.
At December 31, 2007, the balance outstanding under the terms of these
promissory notes (collectively, the "Town Notes") was $1,900,000 ($1,900,000 at '
December 31, 2006).
The Town Notes, which bear interest at the rate of 1.5% per annum, mature '
December 1, 2032. The Town Notes are payable solely from the Pledged
Revenues, but the pledge of security interest in the Pledged Revenues is
subordinated to the pledge of these same revenues for payment of the 2003A
Bonds and the 20036 Bonds. ~
The Town Notes are payable to the extent that the Corporatiori has determined
that excess net revenues of the Project, after provision for necessary operating
or capital reserves, have accumulated semi-annually on the business day ,
following debt service on the 2003B Bonds. The Town Notes may be repaid by
the Corporation at any time without penalty.
In the event that a shortfall arises in the Bond Reserve Funds (as defined in the '
2003A and 20036 Indentures) for the 2003A Bonds and/or the 2003B Bonds
which is not cured within the prescribed deadlines by the Corporation, U.S. Bank
National Association (the "Trustee") will request that the Town replenish the '
deficient Bond Reserve Fund, and the Town has agreed to consider such
requests but is not obligated to do so. Any funds advanced by the Town to
replenish Bond Reserve Funds will be considered additional loans by the Town, ,
subject to the same terms as the original Town Notes.
D24 '
~ Tovdn og!lauB, Co9orado
Notes go t9ae Fifiancua@ Statements
December 31, 2007
~ QContfiuaaaed~
~ IV. Detailes9 Notes oav a0V Faands (con4unued)
G. Long-Qerm UaMutaes - Bassoness-@ype Activities (contaroued)
~ 3. PromassoPy Noge - ~own of Vaa9 (t9ae "TownNotes") (cont6nuec9)
The Town's failure to replenish any deficiency in the Bond Reserve Funds will not
~ constitute an Event of Default (as defined in the 2003A and 2003B Indentures)
for the 2003A Bonds or the 20036 Bonds.
The Corporation incurred interest expense totaling $28,500 during 2007 ($26,116
~ for 2006) in respect of the Town Notes. At December 31, 2007, the Corporation
had accrued a total of $98,468 ($67,968 at December 31, 2006) in interest
payable to the Town under the terms of the Town Notes.
H. Losag-4epevo lL6aba96gaes - Compensate¢9 Abseavces
The Town has a policy allowing the accumulation of paid vacation and sick leave, subject
~ to certain maximum limits. In accordance with GAAP, the Town's approximate liability for
vacation pay earned by employees at December 31, 2007 has been reflected in the
proprietary type fund financial statements and in the governmental activities column of
the government-wide financial statements. Accumulated sick pay of approximately
$2,578,227 at December 31, 2007 has not been reflected in the Town's financial
statements as the amount is partially insured by an independent insurance company and
the amounts are not payable at termination.
~ V. Long-geran LiaBaaBu$aes - Actav6ty and Debt Service Sc9aedaa9es
~ Long-term liability activity for the year ended December 31, 2007 was as follows:
Begirsning Ending Due WiQhiuo
Balaesce Additions C2ec9uctions Balance One VeaP
Govemrnental Ac4ivBties:
General Obligation Bonds:
Tax-Exempt Refunding Bonds,
~ Series 1998A 8,760,000 - (985,000) 7,775,000 1,425,000
Taxable Refunding Bonds,
Series 1998B 375,000 - (375,000) - -
~ Refunding Bonds, Series 20026 2,940,000 - (450,000) 2,490,000 465,000
Compensated absences 1,041,484 10,711 1,052,195 420,878
YotaE Goverrsrners9a9 Activities
Long-tern Liabilities $ 13,116,484 10,711 (1,810,000) 11,317,195 2,310,878
~ Business-4ype Actidities:
Housing Faalities Revenue Bonds:
~ Adjustable Rate, Series 2003A $ 19,025,000 = - 19,025,000 -
Subordinated, Series 20036 1,185,000 (145,000) 1,040,000 155,000
Promissory note 1,900,000 - - 1,900,000 -
~ Compensated absences 50,278 5,207 - 55,485 22,194
7ofal Business-4w Activities
Long-teesn Liabili4i_ ~ $ 22,160,278 5,207 (145,000) 22,020,485 177,194
~
D25
Town of Vail, Colorado ~
Notes to the Financial Statements
December 31, 2007
(Continued) ,
IV. Detailed Notes on all Funds (continued) '
1. Long-term Liabilities - Actrvity and Debt Schedules (continued)
Debt service requirements at December 31, 2007 were as follows: ,
Principal Interest Total
Governmental Activities:
2008 1,890,000 432,396 2,322,396 ,
2009 1,965,000 355,165 2,320,165
2090 2,045,000 272,181 2,317,181
2011 2,140,000 184,457 2,324,457 ,
2012 2,225,000 91,925 2,316,925
Total Governmental Activities $ 10,265,000 1,336,124 11,601,124
Business-type Activities ,
2008 155,000 1,037,140 1,192,140
2009 550,000 1,027,453 1,577,453 ,
2010 585,000 998,302 1,583,302
2011 635,000 967,287 1,602,287
2012 670,000 933,404 1,603,404
2013-2017 3,000,000 4,174,401 7,174,401 '
2018-2022 3,630,000 3,390,308 7,020,308
2023-2027 4,715,000 2,387,644 7,102,644
2028-2032 6,125,000 1,085,396_ 7,210,396 '
Total Business-type Activities $ 20,065,000 16,001,335 36,066,335
,
General obligation bonds issued for governmental activity purposes arED liquidated by the
Debt Service Fund, whereas, general obligation bonds issued for component unit ,
purposes are liquidated by the component unit.
Included in debt service requirements for business-type activities above are principal and
interest payments due to the Town in the amounts of $1,900,000 and $712,500 '
respectively.
J. Credit Facility and Reimbursement Agreement - Timber Ridge Affordable Housing ,
Corporation
Certain capitalized terms are defined in the 2003A Bonds Indenture.
In connection with the issuance of the 2003A Bonds, an irrevocable, stand-by, direct pay ,
letter of credit (the "Credit Facility") in the amount of $19,207,432 was established July
17, 2003 by U.S. Bank, National Association ("U.S. Bank") in favor of the Trustee for the '
2003A Bonds. Under the terms of the Credit Facility, up to $19,025,000 may be drawn to
pay principal amounts of the 2003A Bonds, and up to $182,432 may ba drawn to pay up
to 35 days' accrued interest on the 2003A Bonds at a maximum rate of 10°/a per annum.
Available credit under the Credit Facility will be permanently and proportionately reduced ,
upon notice from the Trustee of redemption of less than all of the 2003A Bonds.
~
D26 '
~ Tovvn off Vaul, Co9oPaclo
Notes to tFue FunancBaG State'vuenRs
Decembep 31, 2007
~ (coneBnaaes9)
~ V!!. De4a¢led NoQes oeo aVV Faooads (contanases9)
J. CPed'ot FacuBBgy aovdl 92efimbursemen4 Agreeanent -Timber fftadge Affordable Housing
Corpoaatuoov (conaunued)
~ The Credit Facility expires at the earlier of:
a. July 17, 2008, although it automatically renews for successive one-year terms
~ (unless U.S. Bank notifies the Trustee that the Credit Facility has not been
renewed);
b. 15 days following notice by U.S. Bank requiring payment of all outstanding
2003A Bonds due to Default;
~ c. The date of acceleration or redemption of all 2003A Bonds;
d. The second business day after conversion of the 2003A Bonds to a Fixed Mode
interest rate; or
~ e. The date of surrender of the Credit Facility for cancellation, as required by the
Indenture.
Concurrent with the Credit Facility, the Corporation executed a Reimbursement
~ Agreement and a Demand Note in favor of U.S. Bank, evidencing the Corporation's
obligation to repay all advances under the Credit Facility, together with interest on all
such draws. All amounts drawn on or charged against the Credit Facility bear interest at
~ the Bank Rate, which is equal to U.S. Bank's Prime Rate plus 200 Basis Points. The
Credit Facility automatically renews each year, subject to the Corporation's compliance
with requirements as to operational performance of the Corporation, provision of certain
records to the Trustee, and payment of all fees (including annual stand-by fees equal to
~ 125 Basis Points calculated on the original credit commitment, plus U.S. Bank's standard
fees and charges for processing draws on the Credit Facility).
~ Pursuant to this arrangement, the Corporation incurred financing fees during 2007
totaling $243,427 ($243,427 for 2006) for U.S. Bank in respect of stand-by fees for the
Credit Facility. During 2003, U.S. Bank was paid a one-time origination fee of $192,074
from the proceeds on issuance of the 2003A Bonds, which has been capitalized as Bond
~ Issue Costs.
During 2007, the Corporation drew and repaid $1,022,570 ($970,280 for 2006) of
~ advances on the Credit Facility. At December 31, 2007 and 2006, no balance was
outstanding on the Credit Facility.
The Reimbursement Agreement imposes the following funding commitments on the
~ Corporation:
a. Commencing January 1, 2009, the Corporation is to deposit into the Bond
Principal Fund an amount equal to 1/12'h of the scheduled principal reductions for
~ the 2003A Bonds, to be used by the Trustee to pay for optional redemptions as
provided in the 2003A Indenture.
b. $90,000 was paid from the proceeds of issuance of the 2003A Bonds into a
~ Replacement Reserve account. Annually thereafter, the Corporation is to deposit
an equal amount increased by 3% per annum into the Replacement Reserve
account, with usage of such funds restricted to capital improvements to the
Project approved by U.S. Bank. The Replacement Reserve Account is pledged
~ to U.S. Bank and not the owners of the 2003A Bonds.
c. The Corporation is required to deposit all security deposits received from tenants
of the Project into a separate account.
~ d. Commencing August 1, 2004 and annually thereafter, the Corporation is to
deposit into a Rate Cap Escrow Account an amount not less than $45,000, to be
used only to pay for required rate protection agreements.
~ D27
Town of Vail, Colorado '
Notes to the Financial Statements
December 31, 2007
(Continued) '
IV. Detailed Notes on all Funds (continued) ~
J. Credit Facility and Reimbursement Agreement _ Timber Ridge Affc?rdable Housing
Corporation (continued)
As required by the Reimbursement Agreement and for as long as the C:redit Facility is '
outstanding, the Corporation is required to have in effect a rate protection agreement at a
fixed interest rate acceptable to U.S. Bank in an amount equal to the then-outstanding '
principal amount of the Credit Facility, with a floating rate payer acceptable to U.S. Bank.
The Corporation's rate protection agreement is subsequently describedl.
V. Other Information '
A. Pension Plans
The Town offers two defined contribution pension plans to cover all permanent paid '
employees of the Town. The Town established these qualified money ,purchase pension
plans under Internal Revenue Code section 401(a), and may amend all of the plan
provisions. The first plan covers all full time and qualified seasonal em,ployees other than ,
sworn police officers and firefighters; the second plan covers all full time and qualified
seasonal employees of the Town's Police and Fire departments. The plan provisions are
the same for both plans. ,
In defined contribution plans, benefits depend solely on amounts contributed to the plans
plus investment earnings. Employees are eligible to participate in the plans from the date
of employment or the effective date of the plans, January 1, 1983, whichever is later. '
The plans provide for contributions to be made by the Town of 12.6% of regular
compensation for the first year of employment and 17.6% thereafter. For employees
hired after April 1, 1986, the Town's contribution is 11.15% of regular ci~mpensation for ,
the first year, and 16.15% thereafter.
Employees have the option to make voluntary contributions of up to 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 to the plan for the employee
through age 60 at the rate on the date of disability.
For employees hired before July 1, 1986, vesting of the Town's contribiations 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 us 100°/a. If an '
employee dies, becomes disabled, or attains the age of 60, their entire interest in the
plans becomes vested; normal retirement age is 60 with early retirement at age 50 and
four years of service. ,
In 1991, the Town established a defined contribution pension plan for seasonal
employees who work for the Town longer than 6 weeks. Seasonal employees are '
required to contribute 6% of regular compensation to the plan and the -fown contributes
1.5%. Seasonal employees are 100% vested after their first contribution.
Employees covered under the regular and seasonal pension plans do riot participate in ~
the Social Security system.
'
, D28 ,
~ TOwO'? O$ Va90, COoOPadO
Notes 4o ghe FBnancaaB Statements
DecembeP 39, 2007
a (cmntanued)
~ V. OtheP BP9fOPP@'0at90PV QC060gOPll4BeSBD
A. Pensuooa PVans (cooatuna~ed)
~ The annual pension cost is the Town's contributions less forfeitures from the prior year.
The plans' invested assets at December 31, 2007 of $41,126,867 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
participanYs current share of the Trust Investment Fund. The Town has no liability for
unfunded future vested employee benefits.
The trustees and administrators of the plans are the Retirement Board. The Retirement
Board determines investment options made available to participants, in adherence with
an adopted investment policy statement.
~ The total amount of the Town's 2007 covered payroll was $14,928,915 of which
$11,903,309 was for permanent employees and $3,025,606 was for seasonal staff. Total
2007 payroll for all Town employees was $14,520,507.
~ B. RegaPeavuent SaeAngs P9an - Deferre¢9 Compeeasatoosn PBan - VRC 457
~ The Town offers its employees a deferred compensation plan (the "457 Plan") created in
accordance with Internal Revenue Code section 457. The 457 Plan, available to all Town
employees, permits them to defer a portion of their salary until future years. The deferred
compensation is not available to employees until termination, retirement, death, or
~ unforeseeable emergency.
All amounts of compensation deferred under the 457 Plan, all property and rights
purchased with those amounts, and all income attributable to those amounts, property, or
rights are to be held in trust for the exclusive benefit of the 457 Plan participants and their
beneficiaries.
The modified accrual basis of accounting is used for the 457 Plan.
The trustees and administrators of the 457 Plan are the Retirement Board, which
~ comprises members of the Town's administration. The Retirement Board determines
investment options made available to participants, in adherence to an adopted
investment policy statement.
~ The Town has no liability for losses under the 457 Plan but does have the duty of due
care that would be required of an ordinary prudent investor.
~ The total assets of the 457 Plan were $6,361,956 at December 31, 2007. The assets
were invested in mutual funds, as previously described.
Pursuant to the Town's adoption of GASB Statement iVo. 32, Accounting and Financial
~ Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans, the 457
Plan has been included in these financial statements as an expendable trust fund.
C. CafegePUa Maov
The Town offers a cafeteria compensation plan organized under section 125 of the
Internal Revenue Code, which includes dependent care and health expense
~ reimbursement. No cost to the Town is recognized as the plan is a salary reduction plan.
~ D29
Town of Vail, Colorado ,
Notes to the Financial Statements
December 31, 2007
(Continued) '
V. Other Information (continued) '
D. Risk Management
The Town is exposed to various risks of loss related to workers compensation, general '
liability, unemployment, torts, theft of, damage to, and destruction of assets, and errors
and omissions. The Town carries commercial coverage for these risks and claims and
does not expect claims to exceed their coverage. ,
E. Commitments and Contingencies
1. Legal Claims ,
During the normal course of business, the Town may incur claiims and other
assertions against it from various agencies and individuals. MEinagement of the ,
Town and their legal representatives feel none of these claims or assertions are
significant enough that they would materially affect the fairness of the
presentation of the financial statements at December 31, 2007.
2. Federal Funds ,
Funds received from Federal grants and programs are subject to audit and
disallowance on ineligible costs. Management of the Town feels any potential ,
questioned or disallowed costs would not materially affect the fairness of the
presentation of the financial statements at December 31, 2007.
3. Mold Remediation - Timber Ridge Affordable Housing Corporation t
Beginning in 2003, the Corporation performed remediation and other
precautionary renovations to the Project to alleviate potential and identified mold '
problems in certain rental units. As of December 31, 2007, all 198 units were
renovated. For 2007, the Corporation incurred mold remediation costs totaling
$10,182 ($412,483 for 2006). ~
F. 12ate Protection Agreement - Timber Ridge Affordable Housing Corporation
Effective July 15, 2003, the Corporation entered into a Rate Protection Agreement with ,
SMBC Derivative Products Limited ("SMBC") whereby SMBC agreed to limit the
Corporation's interest payable on the 2003A Bonds to 4% per annum through August 1, ~
2006. For its services under the Rate Protection Agreement, SMBC was paid a fee of
$133,000 during the period ended December 31, 2003, which has been capitalized as
bond issue costs.
Effective August 1, 2006, the Rate Protection Agreement was revised in that SMBC ~
agreed to limit the Corporation's interest payable on the 2003A Bonds 1:0 5.5% per annum
through May 1, 2008. SMBC was paid a$70,000 fee in 2006 for this sisrvice, which has '
been capitalized as Bond Issue Costs.
During 2007, the Corporation was reimbursed a total of $42 (2006 -$93,181) by SMBC
under the terms of the Rate Protection Agreement to limit the Corporation's interest '
payable on the 2003A Bonds to 4% per annum through August 1, 2006 and 5.5%
thereafter.
,
D30 ,
Tow¢a of !lau9, Ca9orado
Notes Qo Q9ve Faoaancaa9 Statements
December 31, 2007
~ (Contranaoed)
~ V. Other Vnfformatuon (con4ana~ed)
G. ReVatedl Party Tpansacauons - Va8l Loca9 ~/1iarketang Dastroc4
~ The District has executed a Coordination Agreement with Vail Valley Partnership ("WP")
under which WP provides some marketing coordination services to the District in return
for a fixed fee. The District paid WP $66,250 for its services in 2007. The Coordination
~ Agreement also requires the District to pay a fixed fee to the Town, for accounting
services and marketing coordination provided by the Town. Fees totaling $18,000 for
accounting services and $48,750 for marketing coordination were incurred by the District
during 2007 from the Town.
~
H. Co¢adlaaat Debt - Town of !!ai@, Cooorado Multifamily Housing Revenase Bonc9s (IVIidd9e
~ Creek VuVlage AparQments Projecg), SerOes 2003A, 2003B and 2003-T
These bonds were issued in 2003 in an aggregate principal amount of $16,850,000 to
finance construction of multi-family housing projects within the Town. The bonds mature
~ in 2038. The bonds are solely payable from, and are secured by, a pledge of revenue
from loan agreements between the Town and Middle Creek Village, LLC (as borrower).
The borrower's obligation is secured by Deeds of Trust, Security Agreements, Financing
~ Statements and assignment of rents and leases. The bonds are a special limited
obligation of the Town, payable solely from the specified revenues of the projects, and do
not constitute debt or indebtedness of the Town.
~ V. RestateavuenQ Gobepnmeng-wude Net Assets
~ As discussed in iVote IV.C., the Town implemented the infrastructure reporting
requirements of GASB-34 in 2007. This resulted in the addition of fully depreciated
capital assets with an aggregate historical cost of $54,016,471. No restatement of
beginning government-wride net assets for governmental activities was required by
~ this change.
The Town increased both net capital assets and beginning government-wide net assets
~ for governmental activities by $3,555,400 to reflect the inclusion of certain items
previously omitted from the Town's capital asset listing.
~
~
~
~
~
~ D31
~
~
~
O
~
a
~ REQU112ED SUPPLEfNiEN7ARV INFORiNiAYION
J
~
~
~
a
0
a
0
a
0
a
0 4
0
~ Town of bail, Colorado
General Fund
Schedule of Revenues, EupendiQures Changes in Fund Balances
a Budget (G.4AP Basis) and 6,ctual
For the Vear Ended December 31, 2007
bUi4h Compara4ive Tofals For the Year Ended December 39, 2006
~ 2007 aoos
Final Budget
~ bariance
Original Final Positive
Budge4 Budge4 Ac4ual (Wegative) Ac4ual
Revenues:
~ Tattes:
General sales taxes 10,741,500 10,741,500 10,741,500 9,345,660
Property and ownership taxes 3,007,998 3,007,998 3,012,030 4,032 2,931,347
Ski area lift ticket admissions tax 2,890,000 2,890,000 3,039,619 149,619 2,975,098
~ Franchise tax 790,000 790,000 858,285 68,285 862,220
Penalties and interest on delinquent taxes 17,000 17,000 19,349 2,349 22,108
7o4a1-Tattes 17,446,498 17,446,498 17,670,783 224,285 16,136,432
PermiYs and Licenses:
~ Construction fees 1,809,750 4,415,750 4,992,752 577,002 3,481,989
Contractors' licenses 30,000 30,000 34,398 4,398 30,993
Other permits and licenses 43,800 43,800 55,867 12,067 48,774
Total - Permits and Licenses 1,883,550 4,489,550 5,083,017 593,467 3,561,757
In4ergovernmen4al:
~ County sales tax 547,200 547,200 603,364 56,164 570,445
County road and bridge 450,000 450,000 497,974 47,974 488,095
Additional motor vehicle registration fees 26,000 26,000 25,578 (422) 25,673
Cigarette tax 75,000 75,000 81,781 6,781 80,738
~ Highway userstax 175,000 175,000 191,042 16,042 202,188
State health inspection 10,000 10,000 18,822 8,822 11,748
Other state sources - - 30,936 30,936 400
Federalsources - 62,550 59,542 (3,008) 97,983
~ Total - In4ergovernmental 1,283,200 1,345,750 1,509,039 163,289 1,477,270
Charges for Services:
Management fees - Vaii
Local Marketing District 16,900 65,650 66,750 1,100 22,172
~ Internal service charge 473,704 355,956 318,297 (37,659) 356,841
Out of district fire response 29,727 59,634 57,393 (2,241) 40,535
Alarm monitoring fees 50,000 50,000 36,953 (13,047) 49,188
Parking 3,600,380 4,302,380 4,514,392 212,012 4,007,334
~ Fines and forfeitures 201,500 201,500 347,090 145,590 286,197
Rents 754,907 737,219 897,958 160,739 827,280
Other charges, services, and sales 267,526 282,926 357,755 74,829 291,027
Total - Charges for Services 5,394,644 6,055,265 6,596,588 541,323 5,880,574
Other Revenues:
Earnings on investments 425,000 795,000 984,040 189,040 820,136
Other 70,000 118,288 195,016 76,728 501,699
Total - Other Revenues 495,000 913,288 1,179,056 265,768 1,321,835
~ Total Revenues 26,502,892 30,250,351 32,038,483 1,788,132 28,377,868
~
~
a
~
The accompanying notes are an integral part of these financial statements
E1
'
Town of Vail, Colorado
General Fund '
Schedule of Revenues, Expenditures Changes in Fund Balances
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2007
With Comparative Totals For the Year Ended December 31, 2006 '
(Continued)
2007 2006 ,
Final Budget
Variance
Original Final Positive
Budget Budget Actual Ne ativeL Actual '
Expenditures:
General Government:
Town officials 1,277,040 1,237,647 1,245,517 (7,870) 1,171,124
Administrative 3,291,120 3,286,006 3,155,193 130,813 2,944,160 t
Community development 2,151,983 3,458,281 3,329,590 128,691 2,481,703
Total - General Government 6,720,143 7,981,934 7,730,300 251;634 6,596,987
Public Safety: -
Police department 4,977,319 5,042,386 4,799,831 242,555 4,451,637 '
Fire department 2,208,498 2,289,404 2,305,073 (15,669) 2,083,075
Total - Public Safety 7,185,817 7,331,790 7,104,904 226,886 . 6,534,712
Public Works and Transportation: -
Highways and streets 3,258,351 3,301,051 3,134,300 166,751 3,020,483 '
Transportation 3,382,497 3,422,161 3,390,419 31,742 3,176,855
Parking operations 805,544 855,958 795,353 60,605 705,679
Facility maintenance 3,040,584 3,063,854 3,045,019 18,835 2,722,637
Total - Public Works and Transportation 10,486,976 10,643,024 10,365,091 277,933 9,625,653 '
Culture and Recreation: -
Contributions, marketing and special events 1,176,664 1,382,554 1,293,767 88,787 986,792
Special recreation facilities 199,348 199,348 168,224 31,124 196,854
Library 812,968 812,968 752,031 60,937 664,856 t
Total = Culture and Recreation 2,188,980 2,394,870 2,214,022 180,848 1,848,501
Total Expenditures 26,581,916 28,351,618 27,414,317 937,301 24,605,853
Excess of Revenues t
Over Expenditures (79,024) 1,898,733 4,624,166 2,725,433 3,772,015
Other Financing Sources (Uses):
Transfers out - (222,500) (222,500) - (2,012,772) '
Total Other Financing Sources (Uses) - (222,500) (222,500) • (2,012,772)
Net Change in Fund Balances (79,024) 1,676,233 4,401,666 2,725,433 1,759,243
Fund Balances - January 1 12,664,979 15,433,051 15,433,051 _ 13,673,808 '
Fund Balances - December 31 12,585,955 17,109,284 19,834,717 2,725,433 15,433,051
- '
'
'
1
'
The accompanying notes are an integral part of these financial statements . '
E2
~ Town of Vail, Colorado
Special Revenue Funds
Capital Projects Fund
~ Schedule of Revenues, Ettpendi4ures Changes in Fund Balances
Budget (GA4P Basis) and Ac4ual
For the Year Ended December 39, 2007
HNi4h Compara4ive 7o4als For 4he Year Ended December 31, 2006
~ 2007 zoos
Final Budgef
~ bariance
Original Final Posi4ive
Budge4 Budget Actual (fUega4ive) Ac4ual
Revenues:
~ Tattes:
Sales tax 6,308,500 7,658,500 8,308,506 650,006 8,641,136
Intergovernmental:
County revenues - 500,000 - (500,000) -
~ CDOT grants - 24,000 - (24,000) -
Federal grants 50,617 1,571 (49,046) 1,739,052
Total - Intergovernmental 574,617 1,571 (573,046) 1,739,052
Charges for Senrices: .
Leases - Vail Commons 187,800 187,800 188,160 360 179,910
~ Resale fees - - 10,788 10,788 14,295
Total - Charges for Services 187,800 187,800 198,948 11,148 194,205
04her:
Earnings on investments 16,000 216,000 537,562 321,562 348,598
Construction Fees 313,592 313,592 85,000
Project reimbursements/shared costs 27,000 1,477,851 1,314,618 (163,233) 977,590
Other - 174,500 176,839 2,339 220,025
Total- O4her 43,000 1,868,351 2,342,611 474,260 1,631,214
a Total Revenues 6,539,300 10,289,268 10,851,636 562,368 12,205,607
Expenditures:
~ Public MVorks:
Capital projects and acquisition 7,887,300 16,773,720 8,944,116 7,829,604 10,001,994
Ettcess (Deficiency) of Revenues
OverEttpenditures (1,348,000) (6,484,452) 1,907,520 8,391,972 2,203,613
Other Financing Sources (Uses):
Sale of assets - - 85,000 85,000 -
a Transfersin 2,000,000 222,500 222,500 - 2,000,000
Transfers (out) (2,379,710) (2,322,497) (2,322,497) 2,236,200
Total Other Financing Sources (Uses) (379,710) (2,099,997) (2,014,997) 85,000 (236,200)
~ RIe4 Change in Fund Balances (1,727,710) (8,584,449) (107,477) 8,476,972 1,967,413
Fund Balances - January 9 3,151,373 12,216,605 12,216,605 10,249,192
Fund Balances - December 31 1,423,663 3,632,156 12,109,128 8,476,972 12,216,605
~
a
a
0
The accompanying notes are an integral part of these financial statements
E3
~
'
Town of Vail, Colorado .
Special Revenue Funds ,
, Real Estate Transfer Tax Fund
Schedule of Revenues, Expenditures Changes in Fund Balances
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2007 1
, With Comparative Totals For the Year Ended December 31, 2006
2007 2006 '
Final Buciget
Variance
Original Final Positive
Budget Budget Actual Ne ati~Le)_ Actual ,
Revenues:
Taxes:
Real estate transfertax 8,179,952 5,825,000 6,536,118 711,118 6,239,744
Intergovernmental Revenue: - '
Lottery revenue 20,000 20,000 24,451 4,451 26,580
Total - Intergovernmentat Revenue 20,000 20,000 24,451 4,451 26,580
Charges for Services: ' -
Recreation amenities fee 125,000 981,000 1,164,574 183„574 117,502 '
Land lease to Vail Recreation District 123,018 123,018 116,472 (6„546) 113,622
Total - Charges for Services 248,018 1,104,018 1,281,046 177,()28 231,123
Other: -
Project reimbursements 150,000 385,000 246,073 (138,927) 102,060 ,
Earnings on investments 57,000 232,300 507,277 274,977 422,011
Other - 314,765 227,651 _(87,114) 5,710
Total - Other 207,000 932,065 981,001 48,936 529,782
Total Revenues 8,654,970 7,881,083 8,822,616 941,533 7,027,229 ,
Expenditures:
Culture and Recreation: '
Project management 408,998 291,250 253,591 37,659 296,291
Park maintenance 1,260,802 1,260,802 1,085,479 175,323 1,075,523
Art in public places 66,000 76,746 77,111
(365) 59,748
Capital projects 5,255,380 9,037,048 4,593,551 4,443,497 4,115,595 ,
Total,Expenditures 6,991,180 10,665,846 6,009,732 4,656,114 5,547,157
Excess (Deficiency) of Revenues
Over Expenditures 1,663,790 (2,784,763) 2,812,884 5,597,647 1,480,071
Other Financing Sources (Uses): '
Transfers in - - - - 12,772
Total Other Financing Sources (Uses) - - - - 12,772
Net Change in Fund Balances 1,663,790 (2,784,763) 2,812,884 5,597,647 1,492,844 '
Fund Balances - January 1 4,444,006 8,956,389 8,956,389 - 7,463,545
FundBalances-December31 6,107,796 6,171,626 11,769,273 5,597,647 8,956,389 ,
1
1
'
'
The accompanying notes are an integral part of these financial statements '
E4
a Town of bail, Colorado
Special Revenue Funds
Conference Center Fund "
~ Schedule of Revenues, EttpendiYures Changes in Fund Balances
Budget (GlAAP Basis) and Actual
For 4he Year Ended December 31, 2007
bNi4h Comparative Totals For the Year Ended December 31, 2006
~ 2007 2006
Final Budge4
Original and bariance
~ Final Positive
Budget Actual (Negative) Actual
Revenues:
Earnings on investments 300,000 424,382 124,382 384,024
a To4al Revenues 300,000 424,382 124,382 384,024
Expenditures:
~ Economic Development
To4al Expenditures
fUe4 Change in Fund Balances 300,000 424,382 124,382 384,024
a Fund Balances - January 9 8,512,877 8,621,901 - 8,237,877
Fund Balances - December 39 8,812,877 9,046,283 124,382 8,621,901
~
~
a.
a
D
0
0
~
~ The accom an in notes are an inte raI
p Y g g part of these financial statements
ES
a
,
, Town of Vail, Colorado
Special Revenue Funds '
Vail Marketing Fund
Schedule of Revenues, Expenditures Changes in Fund Balances
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2007 '
With Comparative Totals For the Year Ended December 31, 2006
2007 2006
Final Budget
Original and Variance
Final Positive
Budget Actual (Negative) Actual_ '
Revenues:
Permits and Licenses:
Business licenses 304,000 305,414 1,414 301,861
Other: - '
Earnings on investments - 5,888 5,888 3,538
Total Revenues 304,000 311,302 7,302 305,399
Expenditures: '
Economic Development:
Commission on Special Events 280,000 280,000 - 280,000
Administration fee 15,200 15,200 - 15,093 t
Total Expenditures 295,200 295,200 - 295,093
Excess (Deficiency) of Revenues
Over Expenditures 8,800 16,102 7,302 10,306 '
Fund Balances - January 1 45,011 46,517 - 36,211
Fund Balances - December 31 53,811 62,619 7,302 46,517 '
,
'
'
'
1
'
'
. '
The accompanying notes are an integral part of these financial statements t
E6
~ Town of Vail, Colorado
Special 63evenue Funds
Vail Local AAarEce4ing Distric4
Schedule of Revenues, Eupendi4ures Changes in Fund Balances
~ Budget (GAAP Basis) and Actual
For 4he Year Ended December 39, 2007
1Rlith Comparative 7otals For the Year Ended December 39, 2006
~
2007 2006
~ Final Budget
bariance
Original Final Positive
Budget Budge4 Actual (PJega4ive) Actual
~ Revenues:
Tattes:
Lodging tax 1,690,000 1,690,000 2,063,915 373,915 1,917,259
Other:
~ Earnings on investments - - 11,053 11,053 8,246
Miscellaneous 3,837 3,837
Total - Other 14,890 14,890 8,246
Total Revenues 1,690,000 1,690,000 2,078,805 388,805 1,925,505
~ Ettpenditures:
Economic Development:
Destination 138,000 148,000 158,790 (10,790) -
~ Front Range 382,000 484,500 507,246 (22,746) 358,246
Groups and meetings 267,000 282,000 281,433 567 308,105
Marketing 364,000 379,000 340,209 38,791 494,579
Purchased services 502,000 604,500 573,184 31,316 535,677
~ Total Expenditures 1,653,000 1,898,000 1,860,862 37,138 1,696,607
Excess (Deficiency) of Revenues Over Expenditures 37,000 (208,000) 217,943 425,943 228,898
~ Other Financing Sources (Uses):
Repayment of debt (37,000) (37,000) (37,000) (100,000)
Total 04herFinancing Sources(Uses) (37,000) (37,000) (37,000) - (100,000)
a Rlet Change in Fund Balances - (245,000) 180,943 425,943 128,898
Fund Balances - January 1 567,813 825,793 825,793 - 696,895
~ Fund Balances - December 31 567,813 580,793 1,006,736 425,943 825,793
a
a
0
a
~ The accompanying notes are an integral part of these financial statements
E7
~
'
Town of Vail, Colorado
Special Revenue Funds '
Vail Reinvestment Authority
Scheduie of Revenues, Expenditures Changes in Fund Balances
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2007
With Comparative Totals For the Year Ended December 31, 2006 ~
2007 2006
Variance ~
Original Final Positive
Budget Budget Actual Ne ative) Actual.
Revenues:
Other: ~
Property Tax - 336,000 337,502 1,502
Earnings on investments - - 8,157 8,157 434
Shared costs/project reimbursements 15,750 21,000 14,567 (6,433) 4,685
Total Revenues 15,750 357,000 360,226 3,226 5,118 '
Expenditures:
Economic Development:
Administration 750 7,720 - 7,720 - '
Treasurer's Fees - 10,080 10,124 (44) -
Professionalfees 24,250 64,200 37,829 26,371 4,489
Total Expenditures 25,000 82,000 47,953 34,047 4,489
Excess of Revenues Over Expenditures (9,250) 275,000 312,273 37,273 629 ,
Fund Balances - January 1 22,453 1,832 1,832 = 1,203 '
Fund Balances - December 31 13,203 276,832 314,105 37,273 1,832
'
'
'
'
'
'
~
t.
The accompanying notes are an integral part of these financial statements
E8 ,
~
~ ' .
~
~
~
~ SUPPLEMENTARY INFORMA1'10N
~
~
a
a
~
0
~
~
0
~
~
~
~ Town of bail, Colorado
Debt Service Fund
Schedule of Revenues, Expendi4ures Changes in Fund Balances
~ For the Year Ended December 31, 2007
NVith Comparative 7otals For the Year Ended December 31, 2006
~
Original and 2007 bariance 2006
Final PosiYive
~ Budget Ac4ual (iVega4ive) AcYual
Revenues:
O4her:
Earnings on investments - 3,955 3,955 25,757
~ Total Revenues - 3,955 3,955 25,757
Expenditures:
Deb4 Service:
Principal 1,810,000 1,810,000 - 1,755,000
~ Interest 512,099 512,098 1 562,323
Fiscal agent fees 2,500 900 1,600 900
Total Expenditures 2,324,599 2,322,998 1,601 2,318,223
~ (Deficiency) of Revenues
Over Expendi4ures (2,324,599) (2,319,043) 5,556 (2,292,466)
Other Financing Sources:
~ Transfers in 2,322,497 2,322,497 - 2,236,200
IVe4 Change in Fund Balances (2,102) 3,454 5,556 (56,266)
a Fund Balances - January 9 221,898 249,256 27,358 305,522
Fund Balances - December 31 219,796 252,710 32,914 249,256
~
~
~
a
0
0
0
a
a The accompanying notes are an integral part of these financiai statements
F1
~
'
Town of Vail, Colorado ,
Enterprise Fund
Timber Ridge Affordable Housing Corporation '
Schedule of Revenues, Expenses, Transfers and Change in Fund Net Assets
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2007
With Comparative Totals For the Year Ended December 31, 2006 '
2007 2006 '
Variance
Original Final Positive
Budget Budget Actual _(Negative) Actual
Operating Revenues: t
Rent 2,606,800 2,604,820 2,633,552 28,732 2,101,476
Laundry room lease 32,360 32,200 29,070 (3,130) 21,278
Other 12,300 2,315 3,464 1,149 5,466
Total Operating Revenues 2,651,460 2,639,335 2,666,086 _ 26,751 2,128,220 '
Operating Expenses:
Advertising 1,200 1,995 2,378
(383) 2.704
Office expenses 8;280 10,200 11,205 (1,005) 11,469 '
Management fee 87,000 87,000 87,000 - 75,000
Telecommunications 5,400 8,850 7,870 980 9,199
Wages - Administrative 80,055 52,500 51,872 628 86,918
Wages - Maintenance and other 132,268 138,700 136,675 2,025 101,107
Repairs and maintenance 25,210 125,230 119,290 5,940 41,031 '
Electric 19,600 29,600 25,474 4,126 23,594
Water and sewer 96,600 106,000 105,805 195 83,624
Trash removal 18,300 17,300 17,281 19 17,207
Snow removal 20,175 12,700 12,434 266 28,657 ,
Fire, life, safety, and security 3,650 8,900 8,689 211 705
Property insurance 132,552 146,229 145,905 324 96,393
Professional fees 6,100 6,250 6,100 150 5,950
Bad debtexpense - - 1,329 (1,329) 4,094 '
Miscellaneous 4,820 13,320 3,196 10,124 3,705
Mold remediation - 13,470 10,182 3,288 412,483
Capital maintenance repairs - 240,000 195,581 44,419 -
Depreciation 525,444 525,444 525,446 - (2) 525,446 ,
Total Operating Expenses 1,166,654 1,543,688 1,473,712 69,976 1,529,286
Operating Income (Loss) 1,484,806 1,095.647 1,192,374 _ 96,727 598,934
Plon-operating Revenues(Expenses): '
Earnings on investments 4,320 25,580 25,972 392 15,212
Interest expense reimbursement - Rate cap agreement - - 42 42 98,181
Interestexpense (1,148,173) (1,133,266) (1,118,931) 14,335 (1,094,633)
Financingfees (272,811) (273,083) (273,263) (180) (273,263) '
Amortization of bond issue costs (75,924) (75,924) (75,922) 2 (78.004)
Total Non-operating Revenue (Expenses) (1,492,588) (1,456,693) (1,442,102) _ 14,591 (1,332,507)
Change in Net Assets (7,782) (361,046) (249,728) _ 111,318 (733,573) '
,
1
'
'
U
The accompanying notes are an integral part of these financial statements
F2 '
~ Towrn of Nail, Colorado
En4erprise Fund
Dispa4ch Services Fund
~ Schedule of Revenues, Expenses, Transfers and Change in Fund Ne4 Assets
Budget (Won-GAAP Basis) and Ac4ua1 wi4h Reconcilia4ion to GAAAP Basis
For 4he Vear Ended December 31, 2007
NUith Comparative Yotals For the Year Ended December 39, 2006
a
~ 2007 soos
Final Budget
Variance
~ Original Final Positive
OperaYing Revenues: Budget Budget Actual (Rlegative) ~ Actual
Charges and Fees:
Dispatch service fee 512,427 512,427 512,427 525,994
a Dispatching contracts 901,858 901,858 942,204 40,346 863,644
Other charges 86,135 92,135 6,000 27,766
Total Operating Revenues 1,414,285 1,500,420 1,546,766 46,346 1,417,404
~ Opera4ing Ettpenses:
Public Safety:
Salaries and benefits 1,470,322 1,470,322 1,399,038 71,284 1,289,334
Operating expenses 475,119 489,254 397,630 91,624 365,966
~ Capital outlay 50,000 122,000 - 122,000 15,391
Total Operating Expenses 1,995,441 2,081,576 1,796,668 284,908 1,670,691
Operating (Loss) - Budget Basis (581,156) (581,156) (249,902) 331,254 (253,287)
~ Non-operating Revenues:
Operating grant - Intergovernmental - 24,092
Operating grant - E-911 Board 563,654 563,654 586,404 22,750 473,939
~ Earnings on investments - - 38,678 38,678 29,320
Total R1on-operating Revenues 563,654 563,654 625,082 61,428 527,351
Change in Net Assets - Budget Basis (17,502) (17,502) 375,180 392,682 274,064
~ ReconciliaYion to GPAP Basis:
Adjustmen4s:
Contribution from External Sources 33,000 _
~ Contribution from Capital Projects Fund 77,860 18,571
Change in compensated absences (5,207) 8,221
Depreciation (226,388) (220,431)
Capitatized assets 15,391
Total Adjus4ments (120,735) (178,248)
a Change in Riet Assets - GAAP Basis 254,445 95,816
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The accompanying notes are an integral part of these financial statements
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Town of Vail, Colorado
Internal Service Funds
Heavy Equipment Fund ,
Schedule of Revenues, Expenses, and Change in Fund Net Assets
8udget (Non-GAAP Basis) and Actual with Reconciliation to GAAP Basis
For the Year Ended December 31, 2007
With Comparative Totals For the Year Ended December 31, 2006 '
2007 2006 '
Fina17B udget
Variance
Original Final P'ositive ,
Budget Budget Actual Ne ative Actual
Operating Revenues:
Charges and Fees:
Operating charges 1,946,418 1,946,418 1,847,451 (98,967) 1,817,785 '
Replacement charges 631,723 631,723 645,958 14,235 595,996
Total - Charges and Fees 2,578,141 2,578,141 2,493,409 _ 84,732 2,413,781
Other:
Insurance reimbursements 16,000 16,000 27,294 11,294 41,241 '
Other 21,900 21,900 41,761 19,861 17,966
Total - Other 37.900 37,900 69,055 31,155 59,207
Total Operating Revenues 2,616,041 2,616,041 2,562,464 53,577 2,472,988 '
Operating Expenses:
Public Works:
Vehicle maintenance and fuel 1,914,204 1,939,204 1,894,184 45,020 1,877,233 t
Capital outlay 671,300 671,300 534,112 137,188 281,436
Total Operating Expenses 2,585,504 2,610,504 2,428,296 182,208 2,158,669
Operating Income (Loss) - Budget Basis 30,537 5,537 134,168 128,631 314,319
Non-operating Revenues: '
Earnings on investments 8,000 8,000 66,476 58,476 49,500
Proceeds from sale of assets 49,330 149,916 148,760 (1,156 20,287
Total Non-operating Revenues: 57,330 157,916 215,236 57,320 69,787 ,
Change in Net Assets - Budget Basis 87,867 163,453 349,404 185,951 384,106
Reconciliation to GAAP Basis: t
Adjustments:
Contribution from Capital Projects Fund 57,489 -
Net book value of disposed assets (49,728) (2,854) '
Depreciation (547, 745) (530, 340)
Change in accrued compensated absences (2,229) (21094)
Capitalized assets 534,112 281,436
Total Adjustments (8,101) (253,852) '
Change in Net Assets - GAAP Basis 341,303 130,254
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The accompanying notes are an integral part of these financial statements
F4 '
~ Towrn of bail, Colorado
Interra! Service Funds
Health Insurance Fund
~ Schedule of Revenues, Ettpenses, and Change in Fund fVe4 Assets
BudgeQ (GAAP Basis) and Actual
For the Year Ended December 39, 2007
With Comparative Totals For the Vear Ended December 31, 2006
a
~ 2007 aoos
Final Budget
Variance•
Original Final Posi4ive
~ Budget Budge4 Ac4ual (fdegative) Ac4ual
Operating Revenues:
Charges and Fees:
Insurance premiums 2,242,900 2,242,900 2,418,000 175,100 1,856,000
~ Insurance premiums - Employee contributions 241,600 252,200 270,665 18,465 226,805
Insurerproceeds 5,000 352,000 360,839 8,839 368,723
Total Operating Revenues 2,489,500 2,847,100 3,049,504 202,404 2,451,528
a Operating Ettpenses:
General Governmen4:
Health claims 2,143,800 2,972,000 2,814,181 157,819 2,030,357
Premiums 299,400 299,400 267,075 32,325 296,956
~ Administrative fees 17,500 17,500 17,500 - 17,500
Short-term disability payments 56,000 40,000 14,627 25,373 53,727
Total Operating Eupenses 2,516,700 3,328,900 3,113,383 215,517 2,398,540
Operating Income (Loss) (27,200) (481,800) (63,879) 417,921 52,988
a fNon-operating Revenues:
Earnings on investments 27,200 33,500 44,723 11,223 50,431
~ Change in Rlet Assets - GAAP Basis - (448,300) (19,156) 429,144 103,419
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Town of Vail, Colorado
Internal Service Funds
Combining Statement of Net Assets '
December 31, 2007
'
Neavy Health
Equipment Insurance
Assets: Fund Fund Total '
Current Assets:
Equity in pooled cash and investments 1,494,272 1,340,441 2,334,713
Accounts receivable, net of allowance for uncollectibles 20,599 - 20,599 ,
Inventory 293,284 - 293,284
Prepaid expenses - 17,176 17,176
Total Current Assets 1,808,155 1,357,617 3,165,772
Non-current Assets: '
Property, plant, and equipment, net of
accumulated depreciation 2,950,509 - 2,950,509
Total Assets 4,758,664 1,357,617 6,116,281 '
Liabilities:
Current Liabilities: ,
Accounts payable 59,467 367,499 426,966
Accrued salaries and wages 18,091 - 18,091
Current portion of compensated absences 20,433 - 20,433
Total Current Liabilities 97,991 367,499 465,490 '
Non-current Liabilities:
Compensated absences, net of current portion 30,650 - 30,650
Total Liabilities 128,641 367,499 496,140
Net Assets: ,
Invested in capital assets, net of related debt 2,950,509 - 2,950,509
Unrestricted 1,679,514 990,118 2,669,632
Total NetAssets 4,630,023 990,118 5,620,141 ,
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The accompanying notes are an integral part of these financial statements
F6 '
~ Town of bail, Colorado
Inf?rn21 Sprvice Funds
Combining Sta4ement of Revenues, Ezpenses and Changes in Fund Net Assets
~ For the Year Ended December 31, 2007
Heavy Health
~ Equipmen4 Insurance
Pund Fund To4al
Opera4ing Revenues:
Charges for services - Internal 2,493,409 2,418,000 4,911,409
~ Charges for services - External - 270,665 270,665
Insurance reimbursements 27,294 360,839 388,133
Other 41,761 41,761
Total Opera4ing Revenues 2,562,464 3,049,504 5,611,968
~ Opera4ing Eupenses:
Operations 1,896,413 1,896,413
Health claims and premiums - 3,113,383 3,113,383
~ Depreciation 547,745 - 547,745
Total Operating Ezpenses 2,444,158 3,113,383 5,557,541
Operating Income (Loss) 118,306 (63,879) 54,427
~ Pfon-opera4ing Revenues (Eupenses):
Gain (loss) on disposal of assets 99,032 99,032
Investment income 66,476 44,723 111,199
To4at Won-operating Revenues (Expenses) 165,508 44,723 210,231
~ Income (Loss) Before Transfers
and Capital Contributions 283,814 (19,156) 264,658
a Capital Contribu4ions, R1et 57,489 - 57,489
Change in IVet Assets 341,303 (19,156) 322,147
~ ftlet Assets - January 1 4,288,720 1,009,274 5,297,994
Net Assets - December 31 4,630,023 990,118 5,620,141
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The accompanying notes are an integral part of these financial statements
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Town of Vail, Colorado
Internal Service Funds
Combining Statement of Cash Flows '
For the Year Ended December 31, 2007
Heavy Health ,
Equipment Insurance
Cash Flows From Operating Activities: Fund Fund Totat -
Cash received from other funds 2,493,409 2,418,000 4,911,409 '
Other cash receipts 90,457 952,000 1,042,457
Cash paid for goods and services (1,119,507) (3,062,527) (4,182,034)
Cash paid to employees (778,724) (15,332) 794,056
Net Cash Provided by Operating Activities 685,635 292,141 _ 977,776 ,
Cash Flows From Capital and Related Financing Activities:
Cash received from sale of fixed assets 148,760 - 148,760
Acquisition and construction of capital assets (534,112) - 534,112 t
Net Cash (Used) by Capital and
Related Financing Activities (385,352) - 385,352
Cash Flows From Investing Activities: '
Earnings on investments 66,476 44,723 111,199
Net Cash Provided by Investing Activities 66,476 44,723 111,199
Net Increase in Cash and Cash Equivalents 366,759 336,864 703,623 '
Cash and Cash Equivalents - Beginning 1,127,513 1,003,577 2,131,090
Cash and Cash Equivalents - Ending 1,494,272 1,340,441 2,834,713
. ,
Reconciliation of Operating Income (Loss) to Net Cash
Provided by Operating Activities:
Operating income (loss) 118,306 (63,879) 54,427 ,
Adjustments:
Depreciation 547,745 - 547,745 '
(Increase) decrease in accounts receivable 21,401 320,496 341,897
(Increase) decrease in inventory (30,167) - (30,167)
(Increase) decrease in prepaid expenses - (17,176) (17,176)
Increase (decrease) in accounts payable 23,542 53,405 76,947 ,
Increase (decrease) in accrued wages and benefits 4,808 (705) 4,103
Total Adjustments 567,329 356,020 923,349
Net Cash Provided by Operating Activities 685,635 292,141 977,776 ,
Schedule of Non-cash Investing, Capital and Financing Activities:
Assets donated by Capital Projects Fund 57,489 - 57,489
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7he accompanying notes are an integral part of these financial statements
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~ Touvn of bail, Colorado
Special Revenue Funds
Capi4al Projects Fund
~ Schedule of Project EttpendiQures - Budget (GAAAP Basis) and Ac4ual
For the Year Ended December 31, 2007
With Compara4ive Yotals For the Year Ended December 31, 2006
a 2007 aoos
bariance
Projec4 Final Positive
Rlumber Projec4 Rlame Budge4 AcYual (fVega4ive) Ac4ual
~ C61008 Building Remodels 50,000 57,986 (7,986) -
CB1010 Fire infrastructure improvements 117,229 117,229 3,035
CBI021 Donovan Park Pavilion 29,634 ' - 29,634 -
CBI022 Dobson Ice Arena 7,900 - 7,900 _
~ CBI023 Gymnastics facility 23,612 - 23,612 6,388
CEP001 Fire Truck Purchase / Refurbish 589,352 598,568 (9,216) 238,648
CEP002 Heavy Duty Tire Changer 17,500 14,100 3,400 -
CEP004 Replace buses 3,842,605 2,308 3,840,297 2,231,337
~ CEP005 Software/hardware purchases 178,000 120,827 57,173 83,830
CEP006 800 MHz Radio Replacement 50,000 50,000
CEP008 Parking Entry System 425,348 422,363 2,985 _
CEP010 Network Upgrades 45,000 33,522 11,478 -
~ CEP011 Document imaging 97,000 132,335 (35,335) 18,219
CEP016 GPS system for buses 52,750 52,750 18,160
CEP018 Web page development 20,000 - 20,000 4,984
CEP019 CAD/RMS dispatch project 92,500 77,860 14,640 66,778
~ CEP022 Video security forjaii 12,000 12,052 (52) -
CEP023 Video cameras patrol cars 45,000
CEP025 Fire operations breathing apparatus - - 30,959
CEP030 Vehicle expansion 44,800 43,389 1,411 45,317
CEP031 Software Licensing - - - 59,384
CEP032 Police Radio AMP Parking 50,000 50,000
CEP033 Fire Suppression - Computer Room 35,500 - 35,500 -
CEP034 Generator Replacement 75,000 - 75,000 -
CHP006 Loan guarantee - Timber Ridge 925,000 - 925,000 -
~ CHP007 Timber Ridge Legal / Zoning 32,558 3,631 28,927 12,442
CHP008 Rational Nexus Study 1,999 1,999 16,501
CHP009 Vail Das Schone Unit A-12 - - - 295,545
CHP010 East Vail Lodging Unit 172,550 173,968 (1,418) -
~ CHP011 Vail Heights Unit (Chamonix Lane) 280,000 280,841 (841) _
CHP012 Pitkin Creek Unit 462,125 463,121 (996)
CMP005 Bio Mass Study 50,000 - 50,000 -
CMT003 Bus shelter replacement program 30,000 10,646 19,354 1,762
a CMT004 Capital street maintenance 857,482 816,810 40,672 1,578,531
CMT005 Facility capital 744,627 489,050 255,577 111,261
CMT007 Parking structure maintenance 481,129 339,423 141,706 636,746
CMT009 Flammable Storage / Mag Chloride 24,000 - 24,000 -
a CMT010 Underground Utilities 105,000 57,217 47,783 -
COT002 Street light improvement program 80,099 158,874 (78,775) 61,778
COT004 Fiber-optic connection 15,000 - 15,000 12,044
COT009 Lionshead improvements 113,764 81,522 32,242 86,627
D COT011 1-70 noise mitigation 837,575 8,293 829,282 4,634
COT013 TOV Strategic Planning 167,920 167,920
COT014 West Vail area plan 27,300 4,570 22,730 7,039
COT015 Strategic planning - 12,034 (12,034) 107,098
~ C0T016 LH Parking Structure RFP 186,299 151,505 34,794 40,201
CPA003 Wendy's property - purchase 2,057,000 2,052,726 4,274 26,561
CSC010 Way-finding improvements 9,896 3,480 6,416 13,363
CSC011 West Meadow Drive 950,000 950,000 - 957,264
CSC012 Viliage Streetscape 1,276,667 286,698 989,969 2,215,559
~ CSC013 E. Meadow Dr. Streetscape 1,030,000 1,030,000 - 965,000
CS1001 Manor Vail Development 1,647 (1,647) Timber Ridge Loan 200,000
Total Ettpenses - Budget Basis 16,773;720 8,944,116 7,829,604 10,201;994
~ ReconciliaYion to GAAP Basis:
Long term receivable from Timber Ridge: - (200,000)
Total Ettpenses - GAAP Basis 8,944,116 10,001,994
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The accompanying notes are an integral part of these financial statements
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Town of Vail, Colorado
Special Revenue Funds
Reai Estate Transfer Tax Fund ,
Schedule of Project Expenditures - Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2007
With Comparative Totals For the Year Ended December 31, 2006
,
2007 2006 '
Variance
Project Final ' Positive
Number Project Name Budget Actual (Negative) Actual
RCI001 Gore Creek Promenade - - 238,400 '
RFP005 Alpine Gardens contribution 54,080 56,275 (2,195) 50,000
RFP006 Ford Park Master Plan - Improvements 100,000 18,660 81,340 -
RFP015 Vail Memorial Park - 50,000 '
RFP012 Ford Amphitheater Remodel 250,000 250,000
RMP001 VRD Agreements 52,444 3,215 49,229 57,556
RMT001 Recreation path maintenance 234,837 73,364 161,473 64,145
RMT002 Tree maintenance 104,796 48,865 55,931 54,855 '
RMT005 Street furniture - Streetscape 20,000 15,857 4,143 64,886
RMT006 Biack Gore Creek sand mitigation 184,000 100,000 84,000 65,000
RMT007 Bear-proof trash containers 199,500 196,922 2,578 -
RMT009 Park capital maintenance 100,000 79,771 20,229 5,659 ~
RMT010 Stream tract mitigation 34,881 - 34,881
RMT011 Retrofit Park Restrooms 172,404 93,745 78,659 27,598
RMT012 Forest Health Management 385,325 215,917 169,408 206,863
RMT013 Environmental Sustainability 250,000 192,989 57,011 -
RMT014 Turf Topdresser 12,000 10,555 1,445
RMT015 Greenhouse 100,000 - 100,000
RMT016 Ford Park / Tennis Center Improvements 56,000 39,200 16,800 -
RPA001 Property acquisition 551,019 - 551,019 242,428
RPD001 Master Planning Process 104,500 24,957 79,543 '
RPD005 Donovan Park - Lower Bench 49,050 33,641 15,409 519
RPD006 Whitewater Park 376,000 327,675 48,325 25,132
RPD009 Lionshead Park 139,000 - 139,000 -
RPD011 Skate park „ 400,000 170,290 229,710 - '
RPD013 Kayak Take-out 10,000 - 10,000 -
RPI001 Playground Safety Improvements (Red S.) 58,000 7,206 50,794 -
RP1002 Bighorn Improvements 216,756 227,512 (10,756) 123,241 RP1003 irrigation / Raw Water project 10,388 461 9,927 4,669 ~
RPT007 Trailhead signs/development 27,273 16,123 11,150 18,119
RPT014 Cascade bike path 7,000 23 6,977 213,553
RPT015 Katsos Ranch bike path 1,225,943 679,056 546,887 24,058
RPT017 Timber Ridge - Buffehr Creek Separation 675,000 21,300 653,700 - '
RPT016 Westhaven Pedestrian Bridge - - - 94,620
RRT001 PublicArt 360,909 168,108 192,801 102,505
RRT003 ADA compliance 126,848 25,999 100,849 43,152
RSS001 Village streetscape - - - 1,250,000 '
RSS002 Meadow Drive 720,000 720,000 - 1,042,027
RSS003 Seibert Circle 1,099,095 775,865 323,230 46,611
RSS004 Landscape Medians 570,000 - 570,000 -
Total 9,037,048 4,593,551 4,443,497 _ 4,115,595 '
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The accompanying notes are an integral part of these financial statements
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LOCAL HIGHlfilAY FINANCE FdEPORT
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a I inancial I'lanning 02 UI
1 hc iublie rc pon hurden li,r ihis intbnnatiun rollcttinn is otiwalcd (o ;n rragr 380 haurs annuallv. Fonn 7! 350-050-76
Ciry or County: Vail
~ L01'AL HIGHIVAY FlilAtiCE REPORT 1'EAR ENDING :
December 3007
"fhis- Infonnation From 'Fhe Records Of (czample - Ciq- of _ or Counry uf Prepared By: Kathleen Halloran
Phonr: 970-479-2 I I fi
~ L DISPOSITIOIV OF IiIGHii'.OY-USER REv'ENUES AVAILABLE FOR f.OCAL CON'ERNN1EtiT EkPENIDITURE
A. .oca B. .uca C. Receipts rom D. Receipts rom
~ ITEM il1otor-Fucl Moror-Vehicle State Highway- Federal Highway
Taxes Taxes Uscr Taxes Administration
1. Total recei ts available
2. Minus amount usrd for collection ex enses
~ i. \-linus amount used for nonhi hwa u oses
d. Minus amount used for mass transit
rmain cr use ur ig lWay purpuscs
~ 11. RECEIPTS F06i ROAD AND STREET PUI2POSES 111. DISBURSE11EiVTS FOR ROAD
AND STREET PURPOSES
I"fEM AYIOUyT ITEM AMOUNT
A. Recei ts from local sources: A. Local hi hwa y disbursements:
a I. Local hi ghwa -user ta.ees I. Ca ital outla from a*e 2) 3,420,043.09
a. htotor Fuel (from ttem 1..4.5.) 2. Maintenance: 2,064,717?8
b. i'vtotor Vehicle (from Item I.B.S.) 3. Road and street services:
c. Total a.+b.) a. Traffic control o erations 253,936.63
~ 2. General fund a roriations 5,267,713.95 b. Snow and ice removal 779,R~)9.5-
3. Other local im usts (from a e 2) 679,673 c. Other
4. Miscelianeous local recei ts (froiu age 2) 0 d. Total (a. throu h c.) 1,033,836.18
5. Transfers from toll facilities 4. General administration & miscellaneous 243,329.8=1
a G. Proceeds of sale of bonds and notes: 5. Hi hwa law enforcement and safet 994,636.56
a. Bonds - Uri inal Issues 6. Total I throu >h 5) 7,762,612.95
~ b. Bonds - Refundine Issues B. Debt service on local obli ations:
c. Notes I. Bonds
a d. Total a. + b, + c.) 0 a. Interest
' 7. Total I throu h 6) 5,947,386.95 b. Redem tion
B. Private Contributions I,598,606.00 c. Totai (a. + b.)
C. Receipts from State government 2. Notes:
~ (from a e 2) 216,62Q.00 a. Interest
i D. Receipts from Federal Government b. Redem tion
(from a e 2) c. Totai a. + b.)
ota receipts (A.7 + + + 7,762,612.9 ota ( .c + .c _
C. Pa menes to State for hi ghwa s
~ D. Pa ments to toll facilities
ota ~s unemcnts : . , + . + . + _7.61
IV. LOCAL HIGHWAY DEBT STATUS
~ (Show all entries at ar)
O enin Debt Amount Issued Redem tions Closimg Debt
A. Bonds Total) 0
1. Bonds (Refundin Portion)
~ . OICti Otd )
V. LOCAL ROAD AND STREET FUND BALANCE
~ A. Be innin g Balance B. Total Recei ts C. Total Disbursements D. Endin Balance E. Reconciliation
7,762.612.95 7.762,612.95 0.00
\otes and Comments:
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a FORM FHNVA-536 (Rcv. 1-05) PREVIOUS EDITIONS OBSOLETE (Next Page)
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Colorado
LOGaL HIGIIWAYFINANCE REPORT 1'EAR ENDING (nun/yy); '
Dcccmbcr 2007
I1. RECEIPTS FOR ROAD AtiD STREET PURPOSES - DETAIL
IT'ENi AM1tOUNT ITENI AMOUNT '
A.3. Other local im osts: A.4. Ylisccllancous local recei ts:
a. ProertTaxes and .Assessnirnts a. Interest on investments
b. Other local im osts: b. Traffic Fines & Penalities '
1. Sales Taxes c. Parkin = Gara e Fees
2. Infrastructure K Im act Fees d. Parkin Meter Fees
3. I..iens e. Sale of Su lus Pro ertv
=4. Licenses f. Charges for Services '
5. S ecific Uwnershi &"or Other 679,673 J. Other Mise. Recei ts
6. Total (1. through 5.) 679,673 h. Other
c. Total (a. + b.) 679,673 i. Total (a. throu >h h.) ~j
1('avry inrw-:ird to page I) - IC'arry Ioncard tu paEc I 1 ,
ITENI AMOUNT ITEM AMOUNT
C. Rccci ts from Sts?te Covcrnment D. Recei ts from Fcderai Covernmcnt
1. Hi ghwav-usertaxes 191,042 L FHWA from Item I.D.S.) '
2. State eneral funds ' 2. Other Federal agencies:
3. Other State funds: a. Forest Service
a. State bond roceeds b. FEMA
b. Proect Match c. HUD ,
c. Motor Vehicle Re 7istrations 25,578 d. Federal Transit .Admin
d. Other (S ecif ) e. U.S. Co s of En ineers
e. Other(S ecif ) E OtherFederal
f. Totai a. throu h e.) 25,573 . Total (a. throu h E) p '
4. Total ( I.+ 2. + 3.f) 216,620 3. Total I.+ 2.g)
(Carry liincard to page I )
III. DISBURSEMENTS FOR ROAD AND STREET PURPOSES - DETAIL ,
ON NA"f10NAL OFF NA'I'IONAL
HIGHWAY HIGHWAY TOTAL
SYSTEM SYSTEM I
(a) (b) (c)
A.I. Ca ital outla : - J a. Ri *ht-Of-Wa Costs 0
b. En =ineerin Costs 199037 199,037
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c. Construction:
( I Nzw Facilities
(3). Ca acit Im rooements
(3). S stem Preservation
(4). S stem Enhancemrnt & O eration 3,227,007 3,227,U07 '
0
(5). Total Construction ( I)+(?) + (3) +(4) 0 3.227,007 3,'_27.Oq?
d. Total Ca ital Ouda Lines I.a. + I.b. + Lc.S) 0 3,426,043 3,426,043
' i(C.arrv loncard to pagc I
tiotes and Comments:
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FORNI FH11'A-536 (Rev.l-OS) PREVIOUS EDITIONS OBSOLETE
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a Tovun of bail, Colorado
Issuer's Annual Report
Upda4e of Official S4a4emen4 Tables to be Updated
~ Yables I, III, and IV
December 31, 2007
~ T,4BLE I
Debt Service Coverage
~ 2003 2004 2005 2006 2007
Pledged Revenues 14,578,983 15,466,981 16,483,979 17,841,680 18,913,138
~ Maximum Annual Debt Service 2,324,457 2,324,457 2,324,457 2,324,457 2,324,457
Coverage Factor 6.28x 6.65x 7.09x 7.68x 8.14x
a T,ABLE III
History of Town 4% Sales Tax Receipts
~ 2003 2004 2005 2006 2007
Sales Tax Collections (see Note below) 14,578,983 15,466,979 16,483,979 17,841,680 18,913,138
Per Cent Increase -3.49°/o 6.09% 6.58% 8.24% 6.01%
~ IVo4e:
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.
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TABLE Ib
~ flAonthly Comparison of Collec4ions of Sales Tax
92-month Period Ended 12-month Period Ended
December 31, 2006 December 31, 2007 Percent Chan e
a Curren4 Year Current Year Current Year
Month Month To Da4e AflonYh To Date Month To Da4e
January 2.597,985 2,597,985 2,783,306 2,783,306 7.1°/a 7,1o/a
February 2,527,130 5,125,115 2,718,643 5,501,949 7.6% 7.4%
~ March 2,852,954 7,978,069 2,986,446 8,488,395 4.7% 6.4%
April 1,280,324 9,258,393 1,330,740 9,819,135 3.9% 6.1%
May 449,283 9,707,676 545,874 10,365,009 21.5% 6.8%
June 805,362 10,513,038 953,017 11,318,026 18.3% 7.7%
0 July 1,255,243 11,768,281 1,265,781 12,583,807 0.8% 6.9%
August 1,055,614 12,823,895 1,162,746 13,746,553 10.1% 7.2%
September 832,549 13,656,444 908,318 14,654,871 9.1% 7.3%
October 614,396 14,270,840 688,519 15,343,390 12.1% 7.5%
~ November 799,582 15,070,422 747,877 16,091,267 -6.5% 6.8%
December 2,771,258 17,841,680 2,821,871 18,913,138 1.8% 6.0%
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Town of Vail, Colorado
Issuer's Annual Report
Update of Official Statement of Tables to be Updated ,
Tables V and VI
December 31, 2007
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TABLE V '
Sales Tax Collections by Principal Sales Tax Generators
2003 2004 2005 2006 2007
Annual Sales Tax Paid by '
Ten Principal Generators 4,828,717 4,996,562 5,401,230 5,886,609 6,123,462
Total Annual Sales Tax Collected by Town 14,578,983 15,466,979 16,483,979 17,E941,680 18,913,138 '
% of Total Annuai Sales Tax Collections
Generated by Ten Principal Generators 33.1 % 32.3°/a 32.8% 33.0% 32.4%
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TABLE VI '
Capital Projects Fund: 2007 Actual / Projected 2008 - 2011
2007 2008 2009 2010 2011
Revenues: '
Sales tax 8,297,397 7,760,000 7,570,200 7,864,350 8,154,800
Federal grants 1,571 815,577 1,850,000 1,850,000 2,450,000
Lease revenue 188,160 187,800 188,550 192,300 192,300
Project reimbursment 1,314,618 - - - - '
Transfers in. 222,500 - - - -
Earnings on investments and other 1,049,890 10,850 - - -
Total Revenues 11,074,136 8,774,227 9,608,750 9,906,650 10,797,100
Expenditures: '
Land purchases 2,052,726 - - - -
Equipment purchases 1,379,463 699,635 616,400 2,455,600 1,884,400
Maintenance 130,610 1,820,000 2,985,000 1,620,000 1,016,000 '
Buildings and improvements 897,105 400,000 870,000 8,080,000 4,159,000
Street projects 3,242,382 3,570,000 5,245,000 9,500,000 13,820,000
Housing programs 917,930 100,000 100,000 100,000 100,000
Other improvements 323,900 600,000 467,000 392,000 342,000 t
Other Financing 85,000 - (2,000,000) (727,661) 316,598
Transfer to Debt Service Fund 2,322,497 2,321,825 2,320,363 2,317,803 2,323,004
Total Expenditures 11,351,613 9,511,460 10,603,763 23,737,742 23,961,002
Revenues Over(Under) '
Expenditures (277,477) (737,233). (995,013) (13,831,092) (13,163,902)
Beginning Fund Balance 12,216,605 11,939,128 11,201,895 10,206,882 (3,624,210)
Ending Fund Balance 11,939,128 11,201,895 10,206,882 (3,624,210) (16,788,112) '
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Town of bail, Colorado
issuer's Annual Repor4
UpdaQeo of Official S4atemenQ Tables to be Upda4ed
~ Yable XI3C
December, 39, 2007
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TABLE XIX
History of General Fund Revenues, Ettpendi4ures and Changes in Fund Balance
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2003 2004 2005 2006 2007
a Revenues:
General sales taxes 8,840,731 8,881,480 8,796,600 9,345,660 10,741,500
Property and ownership taxes 2,822,742 2,621,493 2,627,877 2,931,347 3,012,030
~ Ski area lift ticket admissions tax 2,273,055 2,496,162 2,777;698 2,975,097 3,039,619
Franchisefees 592,876 676,538 842,529 862,220 858,285
Penalties and interest
on delinquent taxes 27,635 23,111 22,014 22,108 19,348
~ Licenses and permits 1,095,698 1,685,277 2,552,470 3,561,757 5,083,017
Intergovernmentalrevenues 1,518,855 1,435,982 1,401,068 1,477,270 1,509,040
Charges for services 3,561,050 4,092,973 4,588,403 4,767,097 5,351,540
Fines and forfeits 201,458 210,497 215,105 286,197 347,090
a Interest 113,270 172,806 428,851 820,136 984,040
Rents 616,411 803,939 780,214 827,280 697,958
Other 234,879 359,829 538,808 501,699 195,016
Total Revenues 21,898,660 23,460,087 25,571,637 28,377,868 32,038,483
~ Ettpenditures:
General government 4,866,266 5,065,363 5,549,232 6,596,987 7,730,300
Public safety 5,466,728 5,885,632 6,309,595 6,534,712 7,104,904
Public works and transportation 7,935,640 8,252,331 9,312,136 9,625,653 10,365,091
Economic development and
community assistance 1,261,858 1,175,574 1,024,207 1,183,645 1,461,991
Municipallibrary 777,318 657,952 658,886 664,856 752,031
Total Expenditures 20,307,810 21,036,852 22,854,056 24,605,853 27,414,317
~ Eucess of Revenues
Over Ettpenditures 1,590,850 2,423,235 2,717,581 3,772,015 4,624,166
~ 04her Financing Sources (Uses):
' Sale of asset 1,850
Operating transfers in - 27,435 29,300
Operating transfers out - (1,773,800) (126,687) (2,012,772)
(222,500)
~ 7otal Other Financing Sources (Uses) 1,850 (1,746,365) (97,387) (2,012,772) (222,500)
Ezcess of Revenues
Over Expenditures and Other
~ Financing Sources (Uses) 1,592,700 676,870 2,620,194 1,759,243 4,401,666
Fund Balance:
Beginning 8,784,044 10,376,744 11,053,614 13,673,808 15,433,051
~ Ending 10,376.744 11,053,614 13,673,808 15,433,051 19,834,717
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Town of Vail, Colorado
lssupr's Annu3! Rpport
Update of Official Statement of Tables to be Updated ,
Tabies XX and XXI
December 31, 2007
TABLE XX 1
General Fund
2007 Budget Summary and Actual Comparison I 2008 Budget '
2007
Amended 2007 2008
Budget Actual Budget ,
Revenues:
General sales taxes 10,741,500 10,741,500 11,640,000
Property and ownership taxes 3,007,998 3,012,030 3,843,500
Resort fees 2,890,000 3,039,619 3,123,852 ,
Franchise fees 807,000 877,633 826,110
Licenses and permits 4,489,550 5,083,017 2,353,950
Intergovernmental revenues 1,345,750 1,509,040 1,366,800
Charges for services 5,116,545 5,351,540 4,553,515 ,
Fines and forfeits 201,500 347,090 215,000
Interest 795,000 984,040 675,000
Rents and other 855,508 1,092,974 833,000
Total 30,250,351 32,038,483 29,430,727
Expenditures: '
Town officials 1,237,647 1,245,517 1,370,278
Administrative 3,286,006 3,155,193 3,339,290
Community development 3,458,281 3,329,590 3,367,055 '
Public safety - Police 4,529,959 4,287,404 4,696,544
Public safety - Fire 2,289,404 2,305,073 2,414,842
Public works 3,301,051 3,134,300 3,412,895
Transportation 8 Parking 4,278,119 4,185,772 4,405,166 '
Facility maintenance 3,263,202 3,213,243 3,380,924
Public library 812,968 752,031 839,062
Contributions and speciai events 1,382,554 1,293,767 1,572,483
Dispatch service charges 512,427 512,427 535,657 ,
Total 28,351,618 27,494,317 29,334,196
Revenue Over Expenditures 1,898,733 4,624,166 96,531
Other Financing Sources (Uses): '
Transfer(out) (222,500) (222,500) -
Total Other Financing (Uses) (222,500) (222,500) -
Excess of Revenues Over (Under) '
Expenditures and Other Financing (Uses) 1,676,233 4,401,666 96,531
Fund Balance - January 1 15,433,051 15,433,051 14,686,181
Fund Balance - December 31 17,109,284 19,834,717 . 14,782,712 '
TABLE XXI '
Outstanding Revenue Obligations
Outstanding
Issue Principal '
Tax-Exempt Sales Tax Revenue Refunding Bonds, Series 1998A 7,775,000
Sales Tax Revenue Refunding Bonds, Series 2002B 2,490,000
Housing Facilities Revenue Bonds, Series 2003A 19,025,000
Housing Facilities Revenue Bonds Subordinate, Series 2003B 1,040,000 '
Total 30,330,000
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