HomeMy WebLinkAbout2013-06-04 Agenda and Support Documentation Town Council Work SessionVAIL TOWN COUNCIL
WORK SESSION AGENDA
VAIL TOWN COUNCIL CHAMBERS
75 S. Frontage Road W.
Vail, CO 81657
11:30 A.M., JUNE 4, 2013
NOTE: Times of items are approximate, subject to change, and cannot be relied
upon to determine at what time Council will consider an item.
Public comments on work session item may be solicited by the Town
Council.
1.
ITEM/TOPIC: DRB/PEC Update (10 min.)
PRESENTER(S): Warren Campbell
2.
ITEM/TOPIC: Council interviews for appointment to the Local Licensing
Authority (LLA) and the Housing Authority (HA). Interviews for LLA and HA
vacancies. (20 min.)
PRESENTER(S): Pam Brandmeyer
ACTION REQUESTED OF COUNCIL: Staff requests each applicant be
interviewed at the work session and appoint 3 members to the LLA and 1 member
to the HA at the evening meeting. The terms for the LLA are for to years, June 1,
2013 to May 31, 2015. The term for the HA is for five years, June 1, 2013 to May
31, 2018.
BACKGROUND: The Town received six letters of interest for the open positions
on LLA and HA as follows (incumbent members are asterisked):
LLA: Luca Bruno*; David McDougall; Ted Steers*; Amanda Zinn*
HA: Craig Cohn; Kim Newbury*
STAFF RECOMMENDATION: Staff requests the Council interview each applicant
at the work session and appoint three members to the LLA and one member to the
HA at the evening meeting.
3. ITEM/TOPIC: Lunch for Council will be available at 12:00 p.m. (30 min. )
4.
ITEM/TOPIC: A presentation of the City of Aspen's experience with creating
a plastic bag ordinance. Goals, objectives, lessons learned, as well as
challenges and successes will be discussed. (30 min. )
PRESENTER(S): Kristen Bertuglia and Ashley Perl (Aspen Environmental
Specialist)
ACTION REQUESTED OF COUNCIL: Staff requests that the Vail Town Council
participate in the presentation by asking questions that help advance the
discussion of a disposable bag ordinance in the Town of Vail.
6/4/2013
BACKGROUND: Aspen City Council voted to ban plastic bags at two local
grocery stores and impose a 20-cent fee on paper bags. The ban and fee went into
effect May 1, 2012. The ultimate goal is to eliminate waste from the Aspen
environment and raise awareness around excessive resource consumption. While
the ordinance only affects grocers, other businesses can voluntarily opt into the
program.
STAFF RECOMMENDATION: There is no staff recommendation at this time.
5.
ITEM/TOPIC: RAMP Funding Update (20 min)
PRESENTER(S): Tom Kassmel
ACTION REQUESTED OF COUNCIL: Confirm with staff to submitt the final round
applications for the pre-selected RAMP projects.
BACKGROUND: As discussed at the April 16th Council worksession the Town of
Vail submitted CDOT RAMP funding pre-applications on May 1st for three projects;
-Simba Run Underpass
-Frontage Road Improvements
-East Vail Water Quality Improvements
Thoses projects approved and pre-selected will be allowed to submit the final
round application due July 1st.
STAFF RECOMMENDATION: Staff should continue moving forward with the
RAMP applications due on July 1st for the approved projects unless otherwise
directed.
6.
ITEM/TOPIC: Lionshead South Frontage Road Landscape Medians (30
min)
PRESENTER(S): Tom Kassmel
ACTION REQUESTED OF COUNCIL: Provide staff with direction as to whether
or not to proceed with designing landscape medians for the South Frontage.
BACKGROUND: Council indicated a desire to construct landscape medians
along the South Frontage Road in the Lionshead area. Staff will present the
median concept and estimated cost and look for direction from Council.
STAFF RECOMMENDATION: Direct staff to proceed with design and budget for
construciton in 2014.
7.
ITEM/TOPIC: A work session to discuss the proposed 2013 Gerald R. Ford
Park Master Plan - Betty Ford Alpine Garden Foundation Education Center
Site Evaluation. (60 minutes)
PRESENTER(S): George Ruther, Director of Community Development Tom
Braun, Braun Associates, Inc.
ACTION REQUESTED OF COUNCIL: Actively engage in a work session
discussion regarding the evaluation of five potential sites for a future Betty Ford
Alpine Garden Foundation Education Center within Gerald R. Ford Park.
BACKGROUND: The Town of Vail is actively pursuing the adoption of a new
master plan for Gerald R. Ford Park. Amongst the many issues and ideas being
discussed during the master planning discussions is the possibility of building an
education center in Ford Park to compliment the existing alpine gardens. A 6/4/2013
number of possible locations have been proposed for the new education center.
Each of the sites has advantages and disadvantages associated with them. A site
evaluation matrix has been developed to aid in the decision making process.
STAFF RECOMMENDATION: As this is a work session discussion, staff will not
be making a recommendation at this time.
8.
ITEM/TOPIC: Presentation of the 2012 audited financial statements (30
min.)
PRESENTER(S): Judy Camp and Michael Jenkins, McMahan and Associates,
LLC
ACTION REQUESTED OF COUNCIL: The 2012 audited financial statements are
presented for Council information; no action is requested
BACKGROUND: In accordance with section 9.11 of the Vail Town Charter, an
independent audit shall be made of all town accounts at least annually. The audit
shall be conducted by certified public accountants and copies made available for
public inspection at the municipal building. The 2012 audit was conducted by
McMahan and Associates, LLC. Michael Jenkins, C.A., CPA, and a principal of the
firm will present the results of the audit to Council and the public.
STAFF RECOMMENDATION: None - informational only
9.
ITEM/TOPIC: Information Update and Attachments:
1) VEAC Meeting Minutes - Judy
2) March 2013 Business Review - Sally
3) April 2013 Sales Tax - Sally
4) May 2013 Revenue Highlights - Judy (5 min. )
PRESENTER(S): Various
10. ITEM/TOPIC: Matters from Mayor.Council and Committee Report (5 min.)
11.
ITEM/TOPIC: Executive Session, pursuant to: 1) C.R.S. §24-6-402(4)(b)(e)
- to receive legal advice on specific legal questions; and to determine
positions, develop a strategy and instruct negotiators, Regarding: Council
Roles and Responsibility, Town of Vail Development Regulations and
update on pending litigation. (60 min. )
PRESENTER(S): Matt Mire
12. ITEM/TOPIC: Adjournment (4:00 p.m.)
NOTE: UPCOMING MEETING START TIMES BELOW (ALL ARE
APPROXIMATE DATES AND TIMES AND SUBJECT TO CHANGE)
--------------------
THE NEXT REGULAR VAIL TOWN COUNCIL REGULAR WORK
SESSION WILL BEGIN AT APPROXIMATELY 12:30 P.M. (or TBD),
TUESDAY, JUNE 18, 2013 IN THE VAIL TOWN COUNCIL CHAMBERS
FUTURE AGENDA ITEMS:
Ongoing agenda items TBD: DRB/PEC updates - Warren - WS - 15 min.;
Information Updates Attachments: WS - 15 min.; Executive Session items:
30 min.; Consent Agenda: 5 min.; Town Manager Report: 5 min.
FUTURE AGENDA ITEMS: 6/4/2013
Ford Park Phase I Improvements Site Visit - WS - Greg Hall - 60 min. - 6/18
Council call up of Traveler Book Gallery - George Ruther - 6/18
Traveler Book Gallery Site Visit - WS - George Ruther - 6/18
Mountain Travel Update - WS - Ralf Garrison - 30 min. - 6/18
Ransberg Hearing - WS - George Ruther - 30 min. - 6/18
Vail Village Info Center - ES - Greg Hall - 30 min. - 7/2
Council call up of Wall Street Commercial - George Ruther - 7/2
Site visit to Wall Street Commercial - George Ruther - 7/2
Update on 2012-13 Legislative Session, including marijuana and collective
bargaining - WS - Matt Mire -7/2
Ford Park Sport Field Contract Award- ES - Todd O - 30 min. - 7/16
Approval of contractor for operational management of Vail Welcome Center
& Host Program - Suzanne - ES - 7/16
Plastic Bag Initiative Community Discussion -TBD
Gore Creek Public Sign Campaign - George - WS - 20 min. - TBD
Sign Code/Sponsor Vehicle Location - George - WS - 15 min. - TBD
ERWSD easements - Todd Fessenden - ES - 30 min. - TBD
1st reading of Ord #1 - Charter Split - Matt M - ES - 30 min. - TBD
ROI Document Presentation - Adam Sutner - WS - 20 min. - TBD
EHU Housing Authority - TBD
2015 WAC construction restrictions discussion - George - WS - 30 min. -
TBD
VVMC/TOV discussion on MOB - Doris Kirchner, VVMC - ES - 30 min. -
TBD
Strategic Parking Plan discussion - Greg H. - WS - 30 min. - TBD
Sister City discussion - TBD
Open Space Discussion with Toby Sprunk, Eagle County Open Space
Director - TBD
Discussion of future of RSES - TBD
Streaming PEC & DRB - TBD
Vail Village Character Preservation Update - TBD
6/4/2013
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: June 4, 2013
ITEM/TOPIC: DRB/PEC Update
PRESENTER(S): Warren Campbell
ATTACHMENTS:
DRB Results from May 15, 2013
PEC Results from May 27, 2013
6/4/2013
Page 1
DESIGN REVIEW BOARD AGENDA
PUBLIC MEETING
May 15, 2013
Council Chambers
75 South Frontage Road West - Vail, Colorado, 81657
MEMBERS PRESENT MEMBERS ABSENT
Tom DuBois
Libby Maio
Rollie Kjesbo
Andy Forstl
Brian Gillette
PROJECT ORIENTATION 1:00pm
SITE VISITS
1. MJG Forest Road - 765 Forest Road
2. Turnipseed Residence - 615 Forest Road
3. Potato Patch Condos - 950 Red Sandstone Road
4. Anderson Residence - 1160 Sandstone Drive
MAIN AGENDA 3:00pm
1. MJG Forest Road LLC DRB130051 / 10 minutes Warren
Final review of changes to approved plans (outdoor gas fireplace)
765 Forest Road/Lot 8, Block 2, Vail Village Filing 6
Applicant: MJG Forest Road LLC, represented by Ceres Plus
ACTION: Approved
MOTION: Gillette SECOND: Forstl VOTE: 3-2-0 (Maio, Kjesbo opposed)
2. Four Seasons Resort DRB130076 / 10 minutes Joe
Final review of a sign application (building identification sign)
1 Vail Road/Lot 9A-C, Vail Village Filing 2
Applicant: Vail Hotel 09 LLC, represented by David Sorenson
ACTION: Tabled to June 5, 2013
MOTION: Kjesbo SECOND: Maio VOTE: 5-0-0
CONDITION(S):
3. Turnipseed Residence DRB130091 / 10 minutes Joe
Final review of new construction (single-family)
615 Forest Road/Lot 2, Block 2, Vail Village Filing 6
Applicant: Vail Custom Home Collection, represented by Scott Turnipseed
ACTION: Approved with condition(s)
MOTION: Kjesbo SECOND: Maio VOTE: 5-0-0
CONDITION(S):
1. The applicant shall submit physical exterior material samples to staff for review and approval prior
to the submittal of a building permit application.
6/4/2013
Page 2
4. Anderson Residence DRB130104 / 10 minutes Joe
Final review of a minor exterior alteration (landscaping)
1160 Sandstone Drive/Lot A, Lions Ridge Filing 4
Applicant: Todger Anderson, represented by Andrew Henkes
ACTION: Approved with condition(s)
MOTION: Maio SECOND: Gillette VOTE: 5-0-0
CONDITION(S):
1. The applicant shall not remove the spruce tree in conjunction with this approval.
5. Potato Patch Condominiums DRB130118 / 10 minutes Joe
Final review of a minor exterior alteration (landscaping)
950 Red Sandstone Road/Potato Patch Club
Applicant: Potato Patch Club Condo Association, represented by Mike Earl
ACTION: Approved with condition(s)
MOTION: Kjesbo SECOND: Maio VOTE: 5-0-0
CONDITION(S):
1. The applicant is approved to remove the trees identified on the submitted site plan as amended by
the Design Review Board at the public hearing. Trees 10, 12, and 25 shall be replaced with a
minimum of three 2-inch caliper aspens in the general location of the removed trees, prior to
requesting final planning inspections.
STAFF APPROVALS
Northwoods Building D DRB130101 Warren
Final review of a minor exterior alteration (railings)
600 Vail Valley Drive/Unplatted, Northwoods Condominiums
Applicant: Northwoods Condominiums, represented by Patrick Pinnell
Austrian Residence DRB130103 Joe
Final review of a minor exterior alteration (windows)
696 Forest Road Unit A/Lot 8, Block 1, Vail Village Filing 6
Applicant: Neil and Nancy Austrian, represented by Beth Levine
Dietrich residence DRB130105 Joe
Final review of a minor exterior alteration (exterior paint color change)
2772 Kinnikinnick Raod Unit B & C/Lot 13, Innsbruck Meadows
Applicant: Frederick Dietrich, represented by Fritz Dietrich
Hormel Residence DRB130106 Joe
Final review of a minor exterior alteration (repair/repaint exterior same for same)
1527 Vail Valley Drive Unit A & B/Lot 10, Block 3, Vail Valley
Applicant: Hormel Foods Corp, represented by Nedbo Construction
Hendrich Residence DRB130109 Joe
Final review of a minor exterior alteration (reroof, exterior repairs)
2818 Basingdale Boulevard/Lot 9, Block 8, Vail Intermountain Development Subdivision
Applicant: Rush Condominium Association, represented by Pierce Architects
Golden Peak Chair 12 DRB130110 Warren
Final review of a minor exterior alteration (replace and realign)
460 Vail Valley Drive/Tract F, Vail Village Filing 7
Applicant: Vail Corporation, represented by Thomas Allender
6/4/2013
Page 3
Marquez Residence DRB130113 Joe
Final review of an addition (enclose deck)
605 North Frontage Road West Unit 21A (Sun Vail)/Lot A, Vail Potato Patch
Applicant: Jacques Payen Marquez, represented by America Chavira
Northwoods Condominiums DRB130117 Joe
Final review of a minor exterior alteration (landscaping)
600 Vail Valley Drive/Unplatted
Applicant: Northwoods Condominium Association, represented by Mike Earl
Four Seasons DRB130119 Joe
Final review of a minor exterior alteration (landscaping)
1 Vail Road/Lots A-C, Vail Village Filing 2
Applicant: Vail Hotel 09 LLC, represented by David Sorenson
Tavern on the Gore DRB130121 Joe
Final review of a minor exterior alteration (deck replacement)
223 East Gore Creek Drive Unit A/Lot A, Block 5B, Vail Village Filing 1
Applicant: Peggy Rosenquist, represented by Mark Hallenbeck
Pitkin Creek Park Condominiums DRB130126 Joe
Changes to Approved Plans
3921 Bighorn Road/Pitkin Creek Park
Applicant: Pitkin Creek Park Condominium Association, represented by Stephen Croke
Larch S.A. DRB130129 David
Final review of a minor exterior alteration (repair retaining wall)
805 Potato Patch Drive/Lot 29, Block 1, Vail Potato Patch
Applicant: Larch S.A. , represented by David Irwin
Vail Custom Ski Homes LLC DRB130130 Tom T.
Final review of a minor exterior alteration (landscaping)
756 Forest Road/Lot 12, Block 1, Vail Village Filing 6
Applicant: Vail Custom Ski Homes LLC, represented by Mike Guzik
Simba Run Resort DRB130108 David
Final review of a minor exterior alteration (windows, doors, greenhouse enclosures)
1100 Lionsridge Loop/Lot C6-C10, Block C, Lion’s Ridge Filing 1
Applicant: Simba Run Condominium Association, represented by Pierce Architects
Smith Residence B13-0123 JRM
Final review of a minor exterior alteration (window)
825 Forest Road Unit 9 (Gore Creek Residences)/Lot 3, West Day Subdivision
Applicant: Robert and Michelle Smith, represented by Mike Earl
The applications and information about the proposals are available for public inspection during regular office
hours in the project planner’s office, located at the Town of Vail Community Development Department, 75
South Frontage Road. Please call 479-2138 for information.
Sign language interpretation available upon request with 24 hour notification. Please call 479-2356,
Telephone for the Hearing Impaired, for information.
6/4/2013
Page 1
PLANNING AND ENVIRONMENTAL COMMISSION
May 27, 2013 at 1:00pm
TOWN COUNCIL CHAMBERS / PUBLIC WELCOME
75 S. Frontage Road - Vail, Colorado, 81657
MEETING CANCELLED - HOLIDAY
The applications and information about the proposals are available for public inspection during
regular office hours at the Town of Vail Community Development Department, 75 South Frontage
Road. The public is invited to attend the project orientation and the site visits that precede the public
hearing in the Town of Vail Community Development Department. Times and order of items are
approximate, subject to change, and cannot be relied upon to determine at what time the Planning
and Environmental Commission will consider an item. Please call (970) 479-2138 for additional
information. Sign language interpretation is available upon request with 24-hour notification. Please
call (970) 479-2356, Telephone for the Hearing Impaired, for information.
Community Development Department
Published May 24, 2013 in the Vail Daily.
6/4/2013
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: June 4, 2013
ITEM/TOPIC: Council interviews for appointment to the Local Licensing Authority (LLA) and
the Housing Authority (HA). Interviews for LLA and HA vacancies.
PRESENTER(S): Pam Brandmeyer
ACTION REQUESTED OF COUNCIL: Staff requests each applicant be interviewed at the
work session and appoint 3 members to the LLA and 1 member to the HA at the evening
meeting. The terms for the LLA are for to years, June 1, 2013 to May 31, 2015. The term for
the HA is for five years, June 1, 2013 to May 31, 2018.
BACKGROUND: The Town received six letters of interest for the open positions on LLA and
HA as follows (incumbent members are asterisked):
LLA: Luca Bruno*; David McDougall; Ted Steers*; Amanda Zinn*
HA: Craig Cohn; Kim Newbury*
STAFF RECOMMENDATION: Staff requests the Council interview each applicant at the
work session and appoint three members to the LLA and one member to the HA at the
evening meeting.
ATTACHMENTS:
LLA and HA letters of interest
6/4/2013
I
I I
( __
6/4/2013
Lorelei Donaldson
From:
Sent:
To:
Subject:
Loreli
brunolucal@aol.com
Tuesday, May 28, 2013 12:34 PM
Lorelei Donaldson; Tammy Nagel
liquor board
I would like to express my interest in continuing to serve on the Vail Liquor Board. Being on the board has been a great
experience for me over the last year. It has not only given me a greater sense of my community but has also given me a
greater perspective on how things work in our town.
I hope that I can continue to serve the Town of Vail and contribute to my community. Please let me know if you need any
further information.
Luca Bruno
1 6/4/2013
Lorelei Donaldson
From:
Sent:
To:
Subject:
mcdougallvail < mcdougallvail@ hotmail.com >
Tuesday, May 28, 2013 10:55 AM
Lorelei Donaldson
Re: Liquor Commission Opening
Hello, My physical address is 2090 Zermatt Lane Unit D. I believe I will be able to make it back in time for the
work session if it is a little later in the afternoon. Do you know around what times they will be scheduling
interviews? Would it be possible for me to schedule the latest one? Thank you for your help in this matter. -
David McDougall
Lorelei Donaldson <LDonaldson@vailgov.com> wrote:
Hi David, please give me your physical address so we can confirm the eligibility requirements. The Council
will interview each applicant at the work session in the afternoon of June 4th. If their are more applicants than
vacancies, I don't know what they will decide. Please send additional information that the Council can use to
consider your application, a brief resume and/or whatever you think they can review if you can not make the
meeting. Please send this information by. the deadline date of next Tuesday, May 28. Thank you for your
interest!
Sent from my iPad
On May 24, 2013, at 7:11PM, "David McDougall" <mcdougallvail@hotmail.com> wrote:
Dear Mrs. Donaldson,
My name is David McDougall and I would like to submit my name for consideration for one
of the three openings on the liquor commission. I meet all of the requirements stated in the public
announcement. I believe I would be a good fit given my fifteen year involvement in the
restaurant industry in our town. I currently work as the bar manager at the Ore House and
consider myself to be up to date on the current liquor laws. I would like to give something back
to the town that has provided me with so much including my condo and my wife. Unfortunately,
I will be out of the country until Tuesday June 4th, the day of the interviews. Depending on the
time of the interviews I might be able to make it back. I believe I could be back in time for the
actual council meeting. I will try to check my email while I am traveling. Hopefully this
unfortunate timing will not take me out of consideration. Thank you for considering me and I
hope I will be able to serve my town.
Sincerely,
David L. McDougall
1
6/4/2013
Ted Steers
Chairman
Local Licensing Authority
Vail, CO
Town of Vail Council Members,
May 16,2013
I would like to volunteer for another term as chairman of Vail's Local Licensing Authority. My
original objective, when applying for this post, was to provide business with clear, law abiding
systems to best serve our guests in an exciting, entertaining and safe environment. I believe this
board has been extremely successful with this objective and our continued leadership will serve
the Town of Vail well into the future.
As leader of the board I have been instrumental in assembling an educated, articulate and
passionate group of citizens to join the Liquor Board. Our ideas flow freely and our decisions
are stronger than any one opinion alone. Another two years of this teamwork will assure that
Vail has the most compelling and safest liquor serving district in the state of Colorado.
I am proud to be a member of the Town ofVail's advisory staff.
Thank you for your consideration,
Ted Steers
6/4/2013
May 3, 2013
Dear Council Members,
I have continued interest in serving on the Town of Vail-Local Licensing Authority
board. As vice-chairman, I thoroughly enjoy participating on this board, not only
conversing with the local business owners and special event producers, but with the
other members of the board, Tammy Nagel, and Matt Mire. This year has been
especially challenging with the state compliance checks, seeing the town, the police
department, and business owners, come together with the LLA to take steps to
educate and improve matters is gratifying. Vail's continual effort to create a safe
drinking environment for it guests and maintain the level of customer service and
enjoyment, that has become expected, is unsurpassed. I look forward to discussing
this in greater detail on June 4th.
Thanks kindly,
Amanda Zinn
6/4/2013
' i
,I
/
6/4/2013
To: Vail Town Council
Re: Town of Vail Local Housing Authority Appointment
Date: 5/25/2013
I would like to express my desire to join the Vail Local Housing Authority board.
I have worked with this board in the past and find the role of this board to be an
integral part in Vail's long-term housin~ community enhancement, and job
fulfillment needs. It would be an honor to help retain and move families and
workforce personnel to town.
I have been a full time resident of Vail since 1998, in that time I have owned my
retail business where keeping staff was a constant challenge. Upon leaving that
business in 2003, I received a Masters Degree in Real Estate and Construction
Management degree from Daniels School of Business at Denver University. Since
2004, I have worked in Vail in various real estate capacities for Solaris and its
related real estate companies, as well as my own real estate ventures.
In addition to my role in the development of Solaris, my responsibilities include the
development and management of all types of real estate from the highest quality
residential and commercial condominium construction to custom homes and work
force rental housing. In my role at Solaris Development Company I have focused on
all aspects of real estate. My primary responsibilities include residential and
commercial real estate sales, leasing, finance, and daily management. In addition I
have been very involved in real estate development entitlement, feasibility, and
employee housing requirements associated with large and small projects. I was
responsible for the purchase and approval of the EHU properties to meet the Solaris
requirements, and I have continued to work in this capacity to acquire additional
EHU's. I also applied personally to the Local Housing Authority in 2011 for an EHU
exchange of the lock-off apartment in my personal residence. I am very pleased that
my application and involvement lead to the creation of the current exchange
program. Thru this process it was made clear to me that this board is an import
component to Vail's future.
I have just completed 7 years as a member of the board of directors of the Vail
Village Chamber and Business Association, which was great experience for me to
work with many different groups within the Valley as well as town government. I
have a wide breadth of work and real estate experience, I understand the need for
workforce housing and for having a diverse group of locals living within our
community. My professional experience gives me greater understanding of what it
takes to achieve these goals. I will be able to apply these skills and experiences to
help this board create new ideas and solutions to the challenges that will certainly
arise to achieve these goals.
6/4/2013
I believe I am a uniquely qualified applicant for this appointment. I will bring my
professional real estate experiences as well as my management expertise to this
board. I am excited about the opportunity to use my professions skills to serve my
community in this capacity.
Thank you for your consideration.
Craig Cohn
970.389.1606
craig@solarisvail.com
6/4/2013
Lorelei Donaldson
From:
Sent:
To:
Subject:
Kim Newbury <kimnewbury@gmail.com>
Monday, May 06, 2013 10:10 AM
Lorelei Donaldson; Council Dist List
Vail Local Housing Authority
Dear Mayor & Town Council Members,
I am very interested in continuing my service on the Vail Local Housing Authority. I have been a member
since the Authority was created in 2001, and am one of only 2 original members remaining on the board (along
with Steve Lindstrom). I look forward to discussing my interest and answering any questions you may have at
your June 4 meeting. Thank you!
Sincerely,
Kim Newbury
1 6/4/2013
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: June 4, 2013
ITEM/TOPIC: Lunch for Council will be available at 12:00 p.m.
6/4/2013
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: June 4, 2013
ITEM/TOPIC: A presentation of the City of Aspen's experience with creating a plastic bag
ordinance. Goals, objectives, lessons learned, as well as challenges and successes will be
discussed.
PRESENTER(S): Kristen Bertuglia and Ashley Perl (Aspen Environmental Specialist)
ACTION REQUESTED OF COUNCIL: Staff requests that the Vail Town Council participate
in the presentation by asking questions that help advance the discussion of a disposable bag
ordinance in the Town of Vail.
BACKGROUND: Aspen City Council voted to ban plastic bags at two local grocery stores
and impose a 20-cent fee on paper bags. The ban and fee went into effect May 1, 2012. The
ultimate goal is to eliminate waste from the Aspen environment and raise awareness around
excessive resource consumption. While the ordinance only affects grocers, other businesses
can voluntarily opt into the program.
STAFF RECOMMENDATION: There is no staff recommendation at this time.
ATTACHMENTS:
Road Map to Bag Policy in Aspen power point
6/4/2013
ROAD MAP TO BAG POLICY
IN ASPEN
Ashley Perl – Sr. Environmental Health Specialist 6/4/2013
First Stop:
Inception of Idea
Who is motivated to reduce bag use in your community?
Aspen – City Council Member
Boulder – Community
Fort Collins – Council Work Plan
Other Options:
Included in a City master plan
Upper management
Internal champion
School system
6/4/2013
First Stop:
Inception
Inspiration and support from other communities
Washington D.C. (5 cent fee)
San Francisco (10 cent fee)
Telluride, CO (10 cent fee and ban on plastic)
Breckenridge, CO (10 cent fee)
Focus on grocers
Grocers generate 60% of disposable bags
http://www.factorydirectpromos.com/plastic-bag-bans
6/4/2013
Second Stop: Decide on a destination
-Worked with Chamber of Commerce
-Newspapers conducted surveys of community
-Met with grocers
-Community cheerleaders
-Bag Paparazzi
-Bag Ambassadors
6/4/2013
Not So Fast!
Speed bumps in the road
Don’t forget the external groups affected
Plastic bag lobbyist & Paper bag companies
Community concerns
Bag cleanliness
Emotional response to bags
How much is this going to cost?
Colorado specific challenge: not a marine
community
6/4/2013
Third Stop:
Decision Point
Implemented May 1, 2012
$0.20 fee on paper
Ban on plastic
Used multiple reports
Considered tourist community
Regional approach
Basalt
Carbondale
Snowmass
6/4/2013
On Our Way!
Bags made locally
Bag Banks
Community cheerleaders
Creation of new group
Waste Free Roaring Fork
6/4/2013
On Our Way!
6/4/2013
On Our Way!
6/4/2013
On Our Way! Attractions in Aspen
Video featuring Mayor of Aspen, Snowboarder Gretchen Bleiler, Musician John
Oates, Skier Chris Davenport and other local celebrities
http://www.youtube.com/watch?v=ssiSVFtTIoU
6/4/2013
Looking Back:
Lessons Learned
Workload
Outreach
Reinvigorated community around waste reduction
6/4/2013
1 Year Later
Outreach costs = $22,000
Paid back general fund with collected fees by
December (8 months)
Now collect an average of $2000/month from 2
grocers
Total bags used to date – 186,066 (paper only)
6/4/2013
Continued Education
www.wastefreeroaringfork.org
6/4/2013
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: June 4, 2013
ITEM/TOPIC: RAMP Funding Update
PRESENTER(S): Tom Kassmel
ACTION REQUESTED OF COUNCIL: Confirm with staff to submitt the final round
applications for the pre-selected RAMP projects.
BACKGROUND: As discussed at the April 16th Council worksession the Town of Vail
submitted CDOT RAMP funding pre-applications on May 1st for three projects;
-Simba Run Underpass
-Frontage Road Improvements
-East Vail Water Quality Improvements
Thoses projects approved and pre-selected will be allowed to submit the final round
application due July 1st.
STAFF RECOMMENDATION: Staff should continue moving forward with the RAMP
applications due on July 1st for the approved projects unless otherwise directed.
ATTACHMENTS:
RAMP Funding Update Memorandum
RAMP application presentation
6/4/2013
To: Town Council
From: Public Works
Date: 6-4-13
Subject: CDOT RAMP Funding Update
I. SUMMARY
At the April 16th Council work session Council directed staff to apply to CDOT with three
projects for RAMP funding. These projects include;
• Simba Run Underpass
• Frontage Road Improvements
• East Vail Water Quality Improvements
The selection process is a two step process;
• Notification of the Intermountain TPR of intent to apply April 18th, 2013
• Pre-application due to CDOT Region 3 Office May 1st, 2013
• Notification if selected for further consideration May 31st, 2013
• Pre-selected Project Applications Due July 1st, 2013
• Recommended Projects go to Transportation Commission Sept.19th, 2013
Staff will receive notification of our project status by May 31st and will provide Council
with and update and request confirmation to proceed with the Pre-selected Project
Application for each pre-selected project.
The submitted application for each is attached. Additional background information can
be found attached and at:
http://www.coloradodot.info/programs/RAMP
II. PROJECT DETAIL
The Town of Vail is an eligible applicant under the Transportation Partnerships
category, more specifically, a Public-Public Partnership. After internal staff discussions
and additional discussions with the CDOT Region 3 office, the following projects have
been identified and supported by Council, Staff and CDOT for the pre-application
process.
6/4/2013
Town of Vail Page 2
The Simba Run project is a proposed new underpass under I-70 that connects the
North and South Frontage Roads. It is located approximately half way between the
Main Vail and West Vail interstate exits; more specifically at its namesake, the Simba
Run Condominiums. The project has been discussed since the early 1990’s and is
referenced in numerous transportation related documents including the I-70 PEIS. It is
also a project that is about to begin a joint feasibility study between CDOT and the
Town of Vail. This joint project is more specifically known as a Planning and
Environmental Linkage (PEL) report to understand its impacts. The total project cost
submitted is $20.6 million dollars. In order to provide the best chance of success in the
selection process the Town has submitted a match of $6.0 million dollars or 29% to be
funded by the VRA and TIF dollars.
The Frontage Road Improvements project consists of upgrading the entire Frontage
Road system within Vail to current transportation standards. Improvements include;
shoulders/bike lanes, auxiliary/turn lanes where required, medians where appropriate,
and necessary maintenance, including an asphalt overly on both the North and South
Frontage Roads and spot reconstruction as necessary. The project would bring the
Frontage Roads up to a standard that would make taking over the Frontage Roads
more realistic if the Town and CDOT so desired at some point in the future. The
submitted total project cost is $23.3 million dollars. Of which, $4.6 million has already
been constructed by the Town in the form of widened bike lanes and shoulders over the
past few years, and $5.0 million is currently in the Town’s budget from TIF & RETT for
additional improvements over the next couple of years; thus totaling an available Town
match of $9.6 million dollars or 46%.
The major improvement projects that are a part of this funding request, include;
• Cascade shoulders/bike lanes $0.5m 2014
• Lionshead to Vail Spa medians $1.0m 2014
• North Frontage shoulders/bike lanes $1.5m 2015
• Timber Ridge turn lanes $1.0m 2015
• Buffehr Creek turn lane $0.5m 2015
• Lions Ridge Loop turn lane $0.5m 2015
• Red Sandstone Rd & School turn lanes $0.8m 2015
• Bald Mountain turn lane $0.3m 2016
• Booth Creek turn lane $0.4m 2016
• 2” Structural Overlay & Spot Reconstruction $8.0m 2016
• Municipal Building to Lionshead Parking Entry $3.0m 2017
The dollars amounts in bold are those that are currently within the Town’s budget and
are the matching funds for the RAMP funding. The year shown for each improvement is
a preliminary look at phasing opportunities, leaving the Municipal Building to Lionshead
improvement to last to account for any changes necessary for Hospital Master Plan.
6/4/2013
Town of Vail Page 3
The East Vail Water Quality project is a project that provides water quality treatment
within retentions basins near the Gore Creek Campground / I-70 overpass and within
underground facilities at the East Vail interchange. This project is identified in the Gore
Creek Water Quality Improvement Plan and would be an ideal project for a joint
partnership with CDOT. The project was submitted with a total project budget of $1.14
million dollars. In order to provide the best chance of success in the selection process
the Town has submitted a match of $440 thousand dollars or a 39% match to be funded
by the existing Water Quailty improvement budget.
III. Recommendation
Staff recommends proceeding with the final round of applications with the projects that
have been pre-selected. If selected in the final round the following matching funds will
be required over the next 4 years.
(Please note that at the time this memo was written, CDOT had not yet informed the
Town of the pre-selected projects. Staff will know by end of day on May 31st and will
update Council accordingly)
Total Vail RAMP
Project Cost Match Funds
• Simba Run Underpass $20.60m $6.00m* $14.6m
• Frontage Road Improvements*** $23.30m $5.00m** $13.7m
• East Vail Water Quality $ 1.14m $0.44m** $0.70m
* Available in TIF dollars thru 2017 but not yet budgeted
** Already accounted for in the current Vail Budget thru 2015
*** The Frontage Road Improvements project has previous work credit match of $4.6m
Final selection of RAMP funding will be by the Transportation Commission at the end of
September. If selected, the Town’s selected projects will begin design immediately in
order to be constructed within the required 2014-2017 construction window for this
funding.
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VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: June 4, 2013
ITEM/TOPIC: Lionshead South Frontage Road Landscape Medians
PRESENTER(S): Tom Kassmel
ACTION REQUESTED OF COUNCIL: Provide staff with direction as to whether or not to
proceed with designing landscape medians for the South Frontage.
BACKGROUND: Council indicated a desire to construct landscape medians along the South
Frontage Road in the Lionshead area. Staff will present the median concept and estimated
cost and look for direction from Council.
STAFF RECOMMENDATION: Direct staff to proceed with design and budget for
construciton in 2014.
ATTACHMENTS:
Memo
Concept Plan
6/4/2013
To: Town Council
From: Public Works
Date: 6-4-13
Subject: Lionshead South Frontage Road Medians
I. SUMMARY & PURPOSE
At the April 16th Town Council worksession staff presented the Lionshead Parking
Structure Entry Frontage Road Improvements. Council directed staff not to move
forward with the necessary turn lanes but requested staff to come back with a
conceptual layout of adding landscape medians west of the Lionshead Parking
Structure Entry.
Staff has laid out a conceptual median plan for this area extending from the LH Parking
Structure entry to the Vail Spa. The plan shows removing the striped asphalt medians
and replacing them with raised landscape medians similar to those that exist between
the Four Seasons and the Solaris. Minor asphalt widenings (2’-3’) would need to occur
to accommodate a bike lane between the pedestrian bridge and the Westwind.
This project improves the aesthetics of the South Frontage Road and clearly defines the
travel lanes. It maintains the existing thru lanes, turn lanes, and the newly constructed
parking lanes, and removes a significant amount of asphalt. The project would double
the amount of existing landscaped medians the town currently has which will increase
operations and maintenance budgets beginning in 2015. These increases would be
seen in snow plow operations, irrigation, and landscaping.
The cost to design and install these medians is estimated at $1,000,000. These
improvements could be paid for by the $3,000,000 of TIF dollars that was budgeted for
in 2014 for the Frontage Road improvements from the Municipal Building to LH Parking
Structure Entry, which Council directed staff not to move forward with.
If Council directs staff to move forward with this, it would be beneficial to have them
installed next Spring in order to be completed prior to CDOT’s planned Frontage Road
overlay in the Summer/Fall of 2014, and prior to the 2015 Ski Championships.
6/4/2013
Town of Vail Page 2
IV. Next Steps
The next steps for the Lionshead South Frontage Road Medians is to direct staff to
move forward with the design and construction of the medians based on the conceptual
plan presented today.
Lionshead South Frontage Road Medians
Concept Design: June 2013
Design Development and Entitlements: July-September 2013
Final Design and Construction Documents: September 2013-January 2014
Construction & Equipment Installation: April-June 2014
**CDOT Frontage Road Overlay Summer/Fall 2014
V. STAFF RECOMMENDATION
Staff recommends moving forward with the design and construction of the Lionshead
South Frontage Road Medians with a budget of $1,000,000 allocated from the
$3,000,000 that was budgeted for the Frontage Road improvements from the Municipal
Building to the LH Parking Structure Entry. Staff recommends supplementing $100,000
into the 2013 budget from these funds for design.
6/4/2013
6/4/2013
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: June 4, 2013
ITEM/TOPIC: A work session to discuss the proposed 2013 Gerald R. Ford Park Master Plan
- Betty Ford Alpine Garden Foundation Education Center Site Evaluation.
PRESENTER(S): George Ruther, Director of Community Development Tom Braun, Braun
Associates, Inc.
ACTION REQUESTED OF COUNCIL: Actively engage in a work session discussion
regarding the evaluation of five potential sites for a future Betty Ford Alpine Garden
Foundation Education Center within Gerald R. Ford Park.
BACKGROUND: The Town of Vail is actively pursuing the adoption of a new master plan for
Gerald R. Ford Park. Amongst the many issues and ideas being discussed during the master
planning discussions is the possibility of building an education center in Ford Park to
compliment the existing alpine gardens. A number of possible locations have been proposed
for the new education center. Each of the sites has advantages and disadvantages
associated with them. A site evaluation matrix has been developed to aid in the decision
making process.
STAFF RECOMMENDATION: As this is a work session discussion, staff will not be making a
recommendation at this time.
ATTACHMENTS:
Ford Park Management Plan Memorandum
Ford Park Management Plan Site Alternatives Matrix
Ford Park Management Plan Powerpoint
6/4/2013
1
MEMORANDUM
To: Vail Town Council
From: George Ruther, Community Development Director
Date: June 4, 2013
Subject: 2013 Gerald R. Ford Park Master Plan – Betty Ford Alpine Garden Foundation
Education Center Site Evaluation
I. Purpose
The purpose of this memorandum is to follow up on the input provided during the Vail Town
Council public hearing on the proposed Gerald R. Ford Park Master Plan on May 7, 2103.
Specifically, the input received regarding the Town’s desire to determine a potential location for a
Betty Ford Alpine Garden Foundation Education Center in Ford Park.
To aid in the discussion, this memorandum provides a Betty Ford Alpine Garden Foundation
Education Center Site Evaluation Matrix and a series of questions which must be addressed to
advance the master planning process forward.
II. Discussion Goals
The goal of this work session discussion with the Vail Town Council is to receive direction on the
next steps the Town Council would like for staff to take in determining a potential location for
Betty Ford Alpine Garden Foundation Education Center in Ford Park.
1. The BFAG Education Center Site Evaluation Matrix is the result of a site evaluation
process initiated by town staff. Participation in the process included representation from
the Town’s Administration, Community Development, Public Works, and Fire
Departments as well as the Betty Ford Alpine Garden Foundation. The first step in the
process was to identify and locate those potential sites that had been mentioned durin g
previous master planning discussions.
With the potential sites identified, the group then agreed upon a set of site considerations.
Site considerations included such factors as site suitability, character, vehicular access,
proximity to utilities, pedestrian circulation, etc. The group readily acknowledges that the
list is not all inclusive. The results of the matrix are based upon discussion and input
from all members of the group. In total, five potential sites were evaluated.
In conclusion, staff recommends the Town Council instructs staff to advance to the next
level of feasibility and suitability study of the tennis center and soccer field sites. Of the
five total sites, these two sites are the only sites which warrant any further consideration.
Next steps would include such tasks as engaging in a dialogue with the Vail Recreation
District and the Betty Ford Alpine Garden Foundation, researching the 7th Filing
covenants, identifying the synergies and opportunities of the sites, conceptualizing
building programming, completing a financial analysis to better understanding cost
implications, reaching out to adjacent property owners, etc. Staff further recommends
that the remaining three potential sites be removed from any further consideration. A
copy of the matrix has been attached for reference.
6/4/2013
2
Does the Vail Town Council agree with the staff recommendations? What
additional information would be helpful in making a site selection decision?
III. Town Council Action
In order to remain on the requested schedule, the questions posed in Section II of this
memorandum need to be answered. With clear direction articulated, staff will return to the Vail
Town Council public meeting on Tuesday, June 18th with additional proposed master plan
language and options for future implementation.
6/4/2013
FORD PARK/BFAG EDUCATION CENTER SITE ALTERNATIVES
29-May-13
BFAG Preferred Building Program - 3,000 SF minimum, 4,000 SF optimal, one story building is preference
North end of West end of
Soccer Field Alpine Gardens Parking Lot Nature Center Tennis Center (*)
General Site Suitability (size, shape, soils, slope -
ability to accommodate optimal building SF
Site is flat, accessible, confined by
road and parking lot but should
be sufficient to accommodate
preferred program.
Site is very tight, constrained by
athletic fields, amphitheater and
gardens. This may necessitate
compromises to SF.
Site is tight, constrained by
parking lotand steep slopes. Soil
conditions are poor. May
necessitate compromises to SF.
Site is flat, has some access
challenges but sufficient in size to
accommodate building program.
Floodplain may be an issue
depending upon the building site.
Site it tight, confined by EBFW
and existing building. May
necessitate compromises to SF.
Site character (qualitative observations of site
attritubes, constraints, opportunities, relationship to
Gardens, etc.)
Site affords excellent views to
Gore Range. Proximity to road
and parking lot is less than ideal
setting. Detached from Garden,
road and steep topography
present "barrier".
Site offers ability to integrate
building directly with Garden,
creating strong relationship to
Gardens. Noise/activity at
athletic fields would need to be
considered in design of building.
Excellent views to Gore Range
and Gore Creek. Exposure to
parking lot, Frontage Road and I-
70 is less than ideal. Site is more
remote from Gardens.
Strong connection with Creek,
site offers solitude in delightful,
natural setting. Site is more
remote from Gardens.
Site offers excellent Gore Range
views, orientation to Gore Creek.
Location would be "busy" given
activity at Tennis Center and
proximity to EBFW.
Relationship to/Impact on existing Park
uses and facilities (does location present
compatible relationship with existing uses/will
location displace or directly impact existing uses.
Design would need to respect
existing parking lot (ie no net loss
of parking). No direct impact to
other leaseholders. Building may
necessitate removing much of
existing berm between parking
lot and Northwoods
Condominimums.
Design would need to maintain
existing buffers between athletic
fields and amphitheater (or
establish sufficient buffers).
Could reduce the size of the
exisitng Gardens. Within BFAG
existing lease area.
Design would need to respect
existing parking lot and access
to/use of EBFW. No direct impact
to other leaseholders.
Building would either displace
Nature Center or would involve
BFAG and Nature Center sharing a
building. In concept the two uses
could present a workable,
compatible relationship.
Education center would appear to
have compatible relationship
with VRD's use of Tennis Center
building. Design would need to
respond to, coordinate with
VRD's use in building, etc.
Pedestrian Circulation (is convenient pedestrian
access in place/will location enhance or diminish
pedestrian circulation/year around access
considerations)
Existing pedestrian access is
limited. Grade change and road
crossing could be constraints.
Significant improvements would
be necessary. Excellent year
round access
Pedestrian improvements are in
place. Design of building needs
to ensure adequate pedestrian
flow be maintained. Year round
access could be challenging
EBFW provides convenient access
to Gardens. Excellent year round
access.
No existing pedestrian access.
Improvements would be needed,
corridor along creek could
provide pleasant walk between
builing and Gardens. Year round
access could be challenging.
EBFW provides convenient access
to Gardens. Excellent year round
access.
Visual Considerations (does location allow for
low-profile building, avoid ridgelining, etc./is site
conducive to one or two levels)
Terrain could allow for a two
level/walkout type of design (one
level on parking lot side and two
levels on street side). Visible
from Vail Valley Drive.
To avoid building looming over
Amphitheater and Lower
Commons, site is limited to a one
level building (or one level with a
full basement). Visibility
limiteddue to interior park
location and need for buffers.
Site is at prominent "highpoint",
site is limited to a one level
building (note that terrain may
allow for a lower, walkout level).
Visible from South Frontage Road
Site has sufficient size to
accommodate a single level
buildng. No significant view shed
issues. Visible from Vail Valley
Drive.
Building design needs to maintain
postive relationship with EBFW,
terrain could allow for a lower
level walkout level with a level
above. Visible could be limited
depending on site design.
Vehicular Access (ability to manage and control
vehicles/emergency vehicle access/year around
access considerations)
No real access constraints.
Would need to resolve how
parking lot is currently managed
with parking needs of building.
No issues with year around
access.
Significant constraints to
emergency vehicle access.
Service vehicles would impact
pedestrain corridors. Would
need controls to limit passenger
vehicles. Corridor is currently not
No real constraints. No issues
with year around access.
Grade change between Vail Valley
Drive and site presents
challenging emergency vehicle
access, would need to
control/manage vehicle access to
site.
EBFW provides emergency vehicle
access. Would need to control
passenger car access. No issues
with wintertime access.
Proximity to utilities (water, sewer, gas, electric -
are services readily available/if not can services be
brought to site)
Services are assumed to be
located in Vail Valley Drive.
Lift station may be needed for
sewer service. Shallow utilities
would need to be extended to
site.
Currently no services are
proximate to site.
Lift station would be required for
sewer.
May require some modifications
to existing utility service (not
main) lines.
6/4/2013
Parking/Transit (proximity to parking/impact on
parking facilities/proximity to transit facilities)
Close proximity to existing
parking lot. Site is currently not
proximate to transit stop.
No parking proximate to site. Site
is proximate to transit stop on
Frontage Road.
Close proximity to existing
parking lot and to transit stop on
Frontage Road.
No parking proximate to site. Site
is currently not convenient to
transit stop.
Close proximity to existing
parking lot and to transit stop on
Frontage Road.
ADA access (general ability to accommodate ADA)No issues.No issues.No issues.
Would require significant ADA
upgrades No issues.
Relative Ease of Implementation (involvement
of other leaseholders, coordination with on-going
projects, etc.)
No significant issues other than
those listed would impede
implementation.
Significant
scheduling/coordination issues
with improvements currently
under construction (or planned)
around site.
No significant issues other than
those listed would impede
implementation.
This site would involve the need
for substantial public discussion
and involvement from other
leaseholders and interests
This site would involve significant
coordination with VRD.
Other considerations (political, covenants, other
considerations)
Potential issues with 7th Filing
covenants (these are being
researched). It is likely an
amendment to the Vail Village
7th Filing covenants would be None None
Being within the "Lower Bench"
area, this site can be expected to
prompt controversy. Resolution
#27 of 1987 is consideration. None
Legend
Green type - site presents positive/workable
relationship to consideration.
Orange type -site could work
subject to site specific design
and/or compromises in
design/program and/or cost
implications.
Red type - less than desireable
relationship to criteria and/or
unworkable relationship).
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
TODAY’S DISCUSSION
• Introduction/Purpose of Discussion
• Program for BFAG Education Center
• Potential Sites
• Criteria
• Evaluation
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
BFAG Education Center Program
• 3,000 sf minimum
• 4,000 sf optimal
• Prefer one-level building
• Open to bifurcating program
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Potential Sites
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Potential Sites
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Criteria
General site suitability
Site character
Relationship to/Impact on existing uses and
facilities
Pedestrian circulation
Visual considerations
Vehicular access
Proximity to utilities
Parking and Transit
ADA
Relative ease of implementation
Other considerations 6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Criteria
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation – Parking Lot
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation – Parking Lot
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation – Parking Lot
Pros
Good access
Views
Proximity to parking
Cons
Limited site area
Steep topography
Site context
Lack of utilities
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation – Nature Center
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation – Nature Center
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation – Nature Center
Pros
Flat, buildable site
Setting, relationship to creek
Cons
Emergency vehicle access
Proximity to parking and transit
Conflict with goals for Gore Creek
Preservation Sub-area.
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation - Gardens
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation - Gardens
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation - Gardens
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation - Gardens
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation - Gardens
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation - Gardens
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation - Gardens
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation - Gardens
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation - Gardens
Pros
Setting, proximity to Gardens
Cons
Lack of site area
Limitation to one story building
Emergency vehicle access
Scheduling/coordination with on-going
improvement projects
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation – Soccer Fields
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation – Soccer Fields
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation – Soccer Fields
Pros
Views
Access
No impacts on other park users
Cons
Site context
Pedestrian connection with Park
Potential covenant limitations
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation – Tennis Center
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation – Tennis Center
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation – Tennis Center
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation – Tennis Center
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Evaluation – Tennis Center
Pros
Views, orientation to creek
Proximity to Gardens
Access
Proximity to parking/transit
Cons
Site is confined
Logistics of coordinating two users
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Wrap-Up/Next Steps
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
End of Presentation
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Part 5 – Ford Park Sub-areas
Upper Bench
Lower Bench
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
Part 6 – Illustrative Plan
Potential Improvements
#1 – Gore Creek Corridor Enhancements
#2 – Entry Monumentation at Park’s pedestrian entries
#3 – Betty Ford Alpine Garden Educational Center
#4 – Ford Amphitheater Sound Mitigation and Public Plaza
#5 – Ford Amphitheater Public Plaza
#6 – Children’s Playground Restrooms
#7 – Betty Ford Way
#8 – Betty Ford Way Traffic Control
Illustrative Plan
•General description of improvements
•Design and operational
parameters/considerations
•Improvements not depicted may be
proposed
•No assurance of if/when improvements
will be initiated
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
2012 Plan
6/4/2013
2013 Ford Park Master Plan
6/4 TC Work Session
1997 Management Plan
6/4/2013
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: June 4, 2013
ITEM/TOPIC: Presentation of the 2012 audited financial statements
PRESENTER(S): Judy Camp and Michael Jenkins, McMahan and Associates, LLC
ACTION REQUESTED OF COUNCIL: The 2012 audited financial statements are presented
for Council information; no action is requested
BACKGROUND: In accordance with section 9.11 of the Vail Town Charter, an independent
audit shall be made of all town accounts at least annually. The audit shall be conducted by
certified public accountants and copies made available for public inspection at the municipal
building. The 2012 audit was conducted by McMahan and Associates, LLC. Michael Jenkins,
C.A., CPA, and a principal of the firm will present the results of the audit to Council and the
public.
STAFF RECOMMENDATION: None - informational only
ATTACHMENTS:
Financial Audit PowerPoint
Town of Vail Audit Statements
6/4/2013
2012 Financial Statements and Audit Report
FINANCE DEPARTMENT
June 4, 2013
Photo by Jack Affleck
6/4/2013
2012 Financial Statements and Audit Report
FINANCE DEPARTMENT
Judy G. Camp, C.P.A.
Finance Director
Michael N. Jenkins, C.A., C.P.A
Partner
McMahan and Associates, L.L.C.
Office: 1.970.845.8800
michael.jenkins@mcmahancpa.com
2 Town of Vail | Finance Department | 06/04/2013
6/4/2013
2012 Financial Statements
GOVERNMENT-WIDE FINANCIAL STATEMENTS
Provide a broad overview similar to a private sector business, including
capital assets and long-term debt on a full accrual basis
STATEMENT OF NET POSITION
Assets exceed liabilities by $180.2M
$99.7M net investment in capital assets
$1.7M TABOR reserves; $25.9M restricted; $53.0M unrestricted
STATEMENT OF ACTIVITIES
$2.4M increase in net position
$58.0M revenue; $14.6M program specific and $43.4M general revenue
$55.6M expenses
3 Town of Vail | Finance Department | 06/04/2013
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2012 Financial Statements
DEBT FINANCING
TOWN OF VAIL REVENUE BONDS Retired in December 2012 – none outstanding at year end
VAIL REINVESTMENT AUTHORITY TAX INCREMENT FINANCING $11,940K issued in 2010 for Lionshead improvements
$11,245K outstanding at year end
Repayment from incremental property tax revenue from Lionshead redevelopment
TIMBER RIDGE AFFORDABLE HOUSING CORPORATION $19,025K issued in 2003 to purchase Timber Ridge Apartments
$17,265K outstanding at year end
Subsequent event – full repayment of bonds in February 2013 funded by $8 million capital infusion and $8 million loan from town
4 Town of Vail | Finance Department | 06/04/2013
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2012 Financial Statements
FUND FINANCIAL STATEMENTS
Record financial transactions for specific activities or governmental
functions; ensure compliance with legal requirements and accounting
principles; focus on near-term inflows and outflows and spendable balances
GOVERNMENTAL FUNDS
General, Capital Projects, Real Estate Transfer Tax, Marketing (Business
License Fee), Conference Center, Vail Local Marketing District, Vail
Reinvestment Authority
PROPRIETARY FUNDS
Internal Services – Heavy Equipment and Health Insurance
Enterprise Funds – Dispatch Services and Timber Ridge
5 Town of Vail | Finance Department | 06/04/2013
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Fund Financial Statements
5-Year Reserves History Shows Healthy Balances in All Funds
6 Town of Vail | Finance Department | 06/04/2013
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
2008 2009 2010 2011 2012
All Other
Vail Reinvestment
Authority
Conference Center
Real Estate Transfer
Tax
Capital Projects
General
6/4/2013
Fund Financial Statements
GENERAL FUND FAVORABLE TO BUDGET BY $1.1 MILLION
Revenue – Variance due to parking sales $(385)K; road and bridge tax $(143)K; rent $(98)K
offset by permit fees $316K; other revenues $228K; county sales tax $81K.
Expenditures – Budgeted higher than annual revenue to fund 2015 ski championships and
Vail’s 50th; savings in general operations $767K; salaries and benefits due to vacancies
$246K; heavy equipment charges $165K.
Fund Balance - $23.4 million compared with target $7.4 million or 25% revenue
7 Town of Vail | Department name | 06/04/2013
Final Budget 2012
Actual Better (Worse) %
Revenue $29,809K $29,662K $(148)K (0.5)%
Expenditures 30,976 29,752 1,224 3.9%
Transfers In (Out) (52) (52) -- N/A
Net Change $(1,219)K $(142)K $1,076K N/A
6/4/2013
Fund Financial Statements
CAPITAL PROJECTS FUND MANAGED $15.7 MILLION IN PROJECTS
Revenue – Variance due to additional sales tax $1,336K offset by delayed federal grants $(475)K
Expenditures – Variance for approved projects not yet completed and carried over to 2013 $5.9M;
buy-down program not yet allocated $.9M; Timber Ridge loan guarantee $.9M
Transfers and Financing – VRA funding of Lionshead projects not yet complete
Fund Balance - $19.4M
8 Town of Vail | Department name | 06/04/2013
Final Budget 2012 Actual Better (Worse)
Revenue $10,268K $11,416K $1,148K
Expenditures 24,278 15,695 8,583
Transfers and
Financing 7,009 3,324 (3,685)
Net Change $(7,001)K $(956)K $6,045K
6/4/2013
Fund Financial Statements
REAL ESTATE TRANSFER TAX FUND MANAGED $4.7 MILLION IN
PROJECTS; $2.0 MILLION OPERATIONS
Revenue – Variance due to real estate transfer tax $1,618K better than budget offset by timing of project reimbursements from Vail Recreation District $(1,163)K
Expenditures – Variance due to approved projects not yet completed and carried over to 2013 $12.9M
Transfers and Financing – Variance due to Conference Center funding of Ford Park improvements and renovations to clubhouse at Vail Golf Course and Nordic Center carried over to 2013
Fund Balance - $16.4M
9 Town of Vail | Finance Department | 06/04/2013
Final Budget 2012 Actual Better (Worse)
Revenue $5,247K $5,832K $ 585K
Expenditures 19,959 6,690 13,270
Transfers and
Financing 6,785 -- (6,785)
Net Change $(7,928)K $(858)K $7,070K
6/4/2013
2012 Financial Statements
CAPITAL PROJECT ACCOMPLISHMENTS FUNDED BY:
CAPITAL PROJECTS FUND
West Vail fire station; bus replacements; CDOT required parking
improvements; neighborhood bridges; environmental improvements;
capital street maintenance; fire truck; facility capital maintenance;
Creekside housing improvements
VAIL REINVESTMENT AUTHORITY
Library remodel; East Lionshead portal; West Lionshead portal;
Lionshead Welcome Center
REAL ESTATE TRANSFER TAX FUND
Ford Park fields; Frontage Road bike and pedestrian paths
CONFERENCE CENTER FUND
Gerald R. Ford Amphitheater improvements
10 Town of Vail | Finance Department | 06/04/2013
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2012 Financial Statements and Audit Report
FINANCE DEPARTMENT
June 4, 2013
Photo by Jack Affleck
6/4/2013
Financial Statements
December 31, 2012
6/4/2013
i
Town of Vail, Colorado
Financial Statements
December 31, 2012
Table of Contents
Page(s)
Independent Auditor’s Report A1 – A3
Management’s Discussion and Analysis B1 – B7
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Position 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 Net Position C5
Statement of Revenues, Expenses and Changes in Net Position C6
Statement of Cash Flows C7
Fiduciary Funds:
Statement of Fiduciary Net Position C8
Statement of Changes in Fiduciary Net Position C9
Notes to the Financial Statements D1 – D32
Required Supplementary Information:
General Fund:
Schedule of Revenues, Expenditures and Changes in Fund Balance –
Budget (GAAP Basis) and Actual E1 – E2
Special Revenue Funds:
Schedule of Revenues, Expenditures and Changes in Fund Balance –
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 Balance –
Budget (GAAP Basis) and Actual F1
Enterprise Funds:
Schedule of Revenues, Expenses and Changes in Net Position –
Budget (GAAP Basis) and Actual – Timber Ridge Affordable Housing Corporation F2
Schedule of Revenues, Expenses, and Changes in Net Position –
Budget (Non-GAAP Basis) and Actual – With Reconciliation to GAAP Basis –
Dispatch Services Fund F3
6/4/2013
ii
Town of Vail, Colorado
Financial Statements
December 31, 2012
Table of Contents
(Continued)
Page(s)
Supplementary Information (continued):
Internal Service Funds:
Schedule of Revenues, Expenses, and Changes in Net Position –
Budget (Non-GAAP Basis) and Actual – With Reconciliation to GAAP Basis –
Heavy Equipment Fund F4
Schedule of Revenues, Expenses and Changes in Net Position –
Budget (GAAP Basis) and Actual – Health Insurance Fund F5
Combining Statement of Net Position F6
Combining Statement of Revenues, Expenses and Changes in Net Position F7
Combining Statement of Cash Flows F8
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 – 2012 Actual / Projected 2013 – 2016 G2
Table XIX – History of General Fund Revenues, Expenditures and Changes in Fund Balance G3
Table XX – General Fund – 2012 Budget and Actual Comparison / 2013 Budget G4
Table XXI – Outstanding Revenue Obligations G4
Single Audit Reports and Schedules:
Independent Auditor’s Report on Internal Control over Financial Reporting
and on Compliance and Other Matters based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards H1 – H2
Independent Auditor’s Report on Compliance for Each Major Program and
Report on Internal Control Over Compliance Required by OMB Circular A-133 H3 – H4
Schedule of Findings and Questioned Costs H5
Schedule of Prior Audit Findings and Questioned Costs H6
Schedule of Expenditures of Federal Awards H7
6/4/2013
McMahan and Associates, l.l.c.
Certified Public Accountants and Consultants
Web Site: www.mcmahancpa.com
Chapel Square, Bldg C Main Office: (970) 845-8800
245 Chapel Place, Suite 300 Facsimile: (970) 845-8108
P.O. Box 5850, Avon, CO 81620 E-mail: mcmahan@mcmahancpa.com
Member: American Institute of Certified Public Accountants
D. Jerry McMahan, C.P.A. Daniel R. Cudahy, C.P.A.
Paul J. Backes, C.P.A. Michael N. Jenkins, C.A., C.P.A.
Avon Aspen Frisco
(970) 845-8800 (970) 544-3996 (970) 668-3481
A1
M
&
A
INDEPENDENT AUDITOR'S REPORT
To the Mayor and Members of Council
Town of Vail, Colorado
Vail, Colorado
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of the Town of Vail, Colorado,
Colorado (the “Town”), as of and for the year ended December 31, 2012, and the related noted to the
financial statements, which collectively comprise the Town’s basic financial statements as listed in the
table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
An audit includes performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the Town’s
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the Town’s internal control. Accordingly, we express no such opinion. An audit also includes evaluation
of the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
6/4/2013
INDEPENDENT AUDITOR’S REPORT
To the Mayor and Members of Town Council
Town of Vail, Colorado
Vail, Colorado
A2
Opinions
In our opinion, the financial statements referred to above present 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, Colorado as of December
31, 2012, and the respective changes in financial position and, where applicable, cash flows thereof for
the year then ended in accordance with accounting principles generally accepted in the United States of
America.
Other Matters
Accounting principles generally accepted in the United States of America require that Management’s
Discussion and Analysis in Section B be presented to supplement the basic financial statements. Such
information, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the
basic financial statements in an appropriate operational, economic, or historical context. We have applied
certain limited procedures to the required supplementary information in accordance with auditing
standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
consistency with management’s responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.
The budgetary comparison information in section E is not a required part of the basic financial statements
but is supplementary information required by accounting principles generally accepted in the United
States of America. The budgetary comparison information has been subjected to the auditing procedures
applied in the audit of the financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to prepare the
financial statement or to the financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our opinion,
the information is fairly stated in all material respects in relation to the financial statements as a whole.
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Town’s financial statements taken as a whole. The accompanying supplementary
information in section F (including individual fund budgetary schedules, combining internal service fund
statements, budgetary schedules for project expenditures, and the Local Highway Finance Report) and
section G (the Town’s Undertaking to Provide Continuing Disclosure) is presented for the purpose of
additional analysis and are not a required part of the Town’s basic financial statements. The
accompanying Schedule of Expenditures of Federal Awards included in section H is presented for the
purpose of additional analysis, as required by the U.S. Office of Management and Budget Circular A-133,
Audits of States, Local Governments, and Non-Profit Organizations, and is not a required part of the
Town’s basic financial statements. The supplementary information in sections F and G, and the Schedule
of Expenditures of Federal Awards are the responsibility of management and was derived from and
relates directly to the underlying accounting and other records used to prepare the financial statements.
Such information has been subjected to the auditing procedures applied in the audit of the financial
statements and certain additional procedures, including comparing and reconciling such information
directly to the underlying accounting and other records used to prepare the financial statements or to the
financial statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, the information in section F and the
Schedule of Expenditures of Federal Awards is fairly stated in all material aspects in relation to the
financial statements as a whole. The information included in the Town’s Undertaking to Provide
Continuing Disclosure in section G has not been subjected to the auditing procedures applied in the audit
of the Town’s basic financial statements and, accordingly, we do not express an opinion or provide any
assurance on it.
6/4/2013
INDEPENDENT AUDITOR’S REPORT
To the Mayor and Members of Town Council
Town of Vail, Colorado
Vail, Colorado
A3
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated May 20, 2013
on our consideration of the Town’s internal control over financial reporting and on our tests of its
compliance with provisions of laws, regulations, contracts, and grant agreements and other matters. The
purpose of that report is to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on the internal control over
financial reporting or on compliance. That report is an integral part of an audit performed in accordance
with Government Auditing Standards in considering the Town’s internal control over financial reporting
and compliance.
McMahan and Associates, L.L.C.
May 20, 2013
6/4/2013
MANAGEMENT’S DISCUSSION AND ANALYSIS
6/4/2013
B1
Tow n of Vail, Colorado
Management’s Discussion and Analysis
December 31, 2012
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, 2012.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the Town’s basic financial
statements. The Town’s basic financial statements include three components: 1) government-wide
financial statements; 2) fund financial statements; and 3) notes to the financial statements. This report
also contains other supplementary information in addition to the basic financial statements.
Financial Highlights:
The assets of the Town exceeded its liabilities at the close of the 2012 fiscal year by $180,238,877
(net assets). Of this amount,$1,687,000 is restricted for TABOR emergency reserves and
$25,902,561 is restricted by enabling legislation.
The Town’s total net assets increased in the 2012 fiscal year by $2,364,255 which was attributable to
an increase from governmental activities of $2,364,133 and an increase of $122 from business-type
activities.
At December 31, 2012, the fund balance of the General Fund was $23,403,652. Of that amount,
$1,613,000 was restricted for TABOR emergency reserves.
Government-wide financial statements: The government-wide financial statements are designed to
provide readers with a broad overview of the Town’s finances in a manner similar to a private-sector
business.
The Statement of Net Position presents information on the Town’s assets and liabilities, with the
difference between the two reported as net position. Over time, increases or decreases in net position
may serve as a useful indicator of whether the financial position of the Town is improving or deteriorating.
The Statement of Activities presents information showing how the government’s net position changed
during the most recent fiscal year. All changes in net position are reported as soon as the underlying
event giving rise to the change occurs,regardless of the timing of related cash flows. Thus, revenues
and expenses are reported in this statement for some items that will only result in cash flows in future
fiscal periods (e.g. uncollected grant revenues or earned but unused vacation leave.)
Both of the government-wide financial statements distinguish functions of the Town that are principally
supported by taxes and intergovernmental revenues (governmental activities)and those that are
supported by external revenues (business-type activities). The governmental activities of the Town
include general government, public safety, public works, transportation, 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 the Town).
The government-wide financial statements include not only the Town itself (known as the primary
government), but also a legally separate marketing district (Vail Local Marketing District), 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.
6/4/2013
B2
Overview of the Financial Statements (continued)
Fund Financial Statements: A fund is an accounting entity that has a set of self-balancing accounts that
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.
Governmental Funds: Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government-wide financial statements. However, unlike
government-wide financial statements, governmental fund financial statements focus on near-term inflows
and outflows of spendable resources as well as on balances of spendable resources available at the end
of the fiscal year. Such information may be useful in evaluating a government’s near-term financing
requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental activities in the
government-wide financial statements. By doing so, readers may better understand the long-term impact
of the governments’ near-term financing decisions. Both the governmental fund Balance Sheet and the
governmental Statement of Revenues, Expenditures and Changes in Fund Balances provide a
reconciliation to facilitate this comparison between governmental funds and governmental activities.
The Town’s governmental funds include the General Fund, Debt Service Fund, Capital Projects Fund and
three Special Revenue Funds –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.
Proprietary Funds: The Town reports two categories of proprietary funds –Internal Service and
Enterprise. The Heavy Equipment Fund and Health Insurance Fund are internal service funds, while
Timber Ridge 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 financial statements, only
in more detail.
The basic proprietary fund financial statements can be found on pages C5 through C7 of this report. The
Town also presents a budgetary comparison for its proprietary funds.
Fiduciary Funds: Fiduciary funds are used to account for resources held for the benefit of parties
outside the government. Fiduciary funds are not reflected in the government-wide financial statements
because the resources of those funds are not available to support the Town’s own programs. The
accounting used for fiduciary funds is much like that used for proprietary funds. The basic fiduciary fund
financial statements, for the Town’s pension plan,can be found on pages C8 and C9 of this report.
Notes to the Financial Statements: The notes provide additional information that is essential to a full
understanding of the data provided in the government-wide and fund financial statements. The Notes to
the Financial Statements can be found on pages D1 through D32 of this report.
6/4/2013
B3
Overview of the Financial Statements (continued)
Government-wide Financial Analysis: As previously mentioned, the government-wide financial
statements are designed to provide readers with a broad overview and long-term analysis of the Town’s
finances, in a manner similar to a private-sector business.
Net position may serve over time as a useful indicator of a government’s financial position. In the case of
the Town, governmental assets exceeded liabilities by $179,043,864 at the close of the most recent fiscal
year. Approximately 57% 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 position for 2012 and 2011.
Governmental Activities Business-type Activities Total
2012 2011 2012 2011 2012 2011
Current and Other
Assets $89,542,293
95,604,389
3,798,359
4,428,831 93,340,652 100,033,220
Capital Assets 112,529,682 106,052,818 16,689,219 16,960,290 129,218,901 123,013,108
Total Assets 202,071,975 201,657,207 20,487,578 21,389,121 222,559,553 223,046,328
Deferred Outflows
Long-term Liabilities
Outstanding
197,761
9,427,584
255,557
12,051,686
396,458
18,700,772
394,462
19,206,257
594,219
28,128,356
650,019
31,257,943
Other Liabilities 9,740,837 9,123,896 988,251 1,382,435 10,729,088 10,506,331
Total Liabilities 19,168,421 21,175,582 19,689,023 20,588,692 38,857,444 41,764,274
Deferred Inflows
Net Position:
4,057,451 4,057,451 - - 4,057,451 4,057,451
Invested in capital
assets, net of
related debt 101,246,582 92,107,267 (1,575,781)
(1,779,710)
99,670,801 90,327,557
Restricted 27,589,561 32,473,845 --27,589,561 32,473,845
Unrestricted 50,207,721 52,098,619 2,770,794 2,974,601 52,978,515 55,073,220
Total Net Position $179,043,864 176,679,731 1,195,013 1,194,891 180,238,877 177,874,622
The Town’s current assets from governmental activities decreased while capital assets increased mainly
due to significant investment in capital assets. Major construction projects during 2012 included
completion of the new Lionshead W elcome Center,energy enhancements to town facilities, a renovation
of the Vail Library, completion of the West Vail Fire Station, parking improvements on the frontage road
and partial work on both East and W est Portals to Lionshead. Other major capital assets purchased
during the year included the replacement of a fire pumper truck and 2 new hybrid buses.
The Town’s long-term liabilities from governmental activities decreased due to principal payments on
outstanding debt. The Town’s 2002B and 2008 Sales Tax Revenue Bonds were retired in December,
2012. The Town’s 2010A and 2010B Tax Increment Bonds will be retired in 2018 and 2030, respectively.
Long-term liabilities from business activities decreased as a result of a principal payment on the
Corporation’s 2003A bonds. The Timber Ridge Affordable Housing 2003A bonds and note payable
mature in 2032. Additional information regarding the town’s long-term debt is available on pages D20 –
D28 of this report. 6/4/2013
B4
Overview of the Financial Statements (continued)
The chart below provides financial information from the Town’s Statement of Activities for the years 2012
and 2011.
2012 2011 2012 2011 2012 2011
Revenue:
Program Revenue
Charges for services 7,762,935$ 8,621,386$ 3,423,617 3,285,048 11,186,552 11,906,434
Operating grants 1,392,543 2,532,499 744,156 748,042 2,136,699 3,280,541
Capital grants 1,307,442 2,079,711 - - 1,307,442 2,079,711
General Revenue
Property and ownership tax 7,549,456 8,412,204 - - 7,549,456 8,412,204
Sales and lodging tax 24,582,260 23,334,080 - - 24,582,260 23,334,080
Other taxes 9,935,692 9,046,093 - - 9,935,692 9,046,093
Interest and other revenue 1,259,624 748,238 26,177 26,594 1,285,801 774,832
Total Revenue 53,789,952 54,774,211 4,193,950 4,059,684 57,983,902 58,833,895
Expenses:
General government 7,057,306 6,535,508 - - 7,057,306 6,535,508
Public safety 9,070,632 8,854,261 2,467,080 2,339,404 11,537,712 11,193,665
Public works and transportation 23,190,935 20,909,029 - - 23,190,935 20,909,029
Culture and recreation 8,376,769 6,579,854 - - 8,376,769 6,579,854
Economic development 3,001,343 2,789,722 - - 3,001,343 2,789,722
Housing - - 1,726,748 1,649,290 1,726,748 1,649,290
Interest 728,834 914,904 - - 728,834 914,904
Total Expenses 51,425,819 46,583,278 4,193,828 3,988,694 55,619,647 50,571,972
Increase in Net Position 2,364,133 8,190,933 122 70,990 2,364,255 8,261,923
Net Position January 1 176,679,731 168,488,798 1,194,891 1,123,901 177,874,622 169,612,699
Net Position December 31 179,043,864$ 176,679,731 1,195,013 1,194,891 180,238,877 177,874,622
Town of Vail's Changes in Net Position
Total
Governmental
Activities
Business-type
Activities
Governmental Activities: Governmental activities increased the Town’s net assets by $2,364,133. Key
elements of this increase are as follows:
Revenue exceeded expenditures in the Vail Local Marketing District and Vail Reinvestment Authority
component units of $233,993 and $1.9 million, respectively.
Capital outlay exceeded depreciation by $6.6 million
Long-term liabilities were reduced by $2.6 million through principal repayments.
Business-type Activities: 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 services to
emergency service agencies throughout Eagle County.
6/4/2013
B5
Financial Analysis of the Town’s Funds
As previously mentioned, the Town uses fund accounting to ensure and demonstrate compliance with
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
Town’s financing requirements. In particular, fund balance may serve as a useful measure of a
government’s net resources available for spending at the end of the fiscal year.
As of the end of the current fiscal year, the Town’s governmental funds reported combined ending fund
balances of $75,181,340 a decrease of $6,492,958 from the prior year’s ending fund balances. The
following details ending fund balances for the past five years:
Fund 2008 2009 2010 2011 2012
General Fund $ 23,002,886 $ 23,423,417 $ 22,886,692 $ 23,546,285 $ 23,403,652
Capital Projects Fund 10,906,870 13,153,206 19,279,317 20,358,739 19,402,790
Real Estate Transfer Tax 17,288,266 14,216,947 17,681,155 17,285,604 16,427,967
Conference Center Fund 9,264,476 9,324,654 9,365,004 8,915,791 7,719,784
Vail Marketing Fund 83,635 106,359 138,171 156,543 173,975
Vail Local Marketing District 1,026,588 572,930 855,364 1,061,697 1,295,690
Debt Service Fund 174,334 189,428 194,282 205,647 21,271
Vail Reinvestment Authority 1,333,551 2,637,172 15,229,105 10,143,992 6,736,211
Total $ 63,080,606 $ 63,624,133 $ 85,629,090 $ 81,674,298 $ 75,181,340
The General Fund balance grew steadily until 2010, when reserves were used to cash-fund construction
of a new West Vail Fire Station. Sales tax collections in 2012 exceeded the previous record in 2008 by
2%. Although sales tax collections increased by 2.4% from the prior year, it was offset by declines in
other revenue sources such as parking, property tax and county road and bridge tax. Other impacts to
the General Fund fund balance include a significant level in funding of extraordinary special events which
were offset by conservative spending by the departments. This resulted in a decrease to fund balance of
only $142,633 compared to a budgeted decrease of $1.2 million.The Capital Projects Fund and RETT
Fund normally fluctuate as funds are spent on major projects. RETT collections increased 24% from the
prior year due to strong activity in “base”, or normal sales not related to major redevelopment projects.
The Capital Projects Fund benefited from increased sales tax during 2012, as well as an all-time high of
$1.2 million collected in construction use tax.
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. In November, 2011 voters
approved use of these funds for im provements to Vail’s recreational and cultural facilities. Three major
capital projects are currently underway, including a reconstruction of the clubhouse at the Vail golf course
and Nordic center, the Ford Park athletic fields, and improvements to the Gerald R. Ford amphitheater.
The Vail Reinvestment Authority (VRA)was added in 2004 to administer an urban renewal authority
established in the Lionshead area of the town. The incremental property taxes generate an average of
$3.3 million per year, providing a funding mechanism for capital improvements within the district by
covering debt service payments for $11.9 million in bonds issued in 2010. The bonds have funded
several projects including a new transit and welcome center, a remodel of the Vail Library and
improvements to both the east and west portals into Lionshead Village. As of December 31, 2012, the
transit and welcome centers were complete, with the other projects underway. The bonds are scheduled
to be paid off by 2030, when the district will expire.
6/4/2013
B6
Financial Analysis of the Town’s Funds (continued)
Proprietary Funds: The Town’s proprietary funds provide the same type of information found in the
government-wide financial statements, but in more detail.
Unrestricted net assets for the Heavy Equipment Fund and the Dispatch Services Fund at the end of the
year were $2,270,972 and $1,106,936, respectively. The Health Insurance Fund net assets were
$711,611,all of which are restricted for the Town’s self-funded health insurance program.
Budget Variances in the General Fund: General Fund revenue was lower than the amended budget by
$147,614 or 0.5%, including:Parking sales down $385,164;County road and bridge tax down $142,910;
and Rent down $97,682.Expenditures were below budget by $1,223,920 or 4.0%. The favorable
spending variance was due to expense savings in general operations of $767,000, salary and benefit
savings from vacancies of $246,000,and heavy equipment charges of $165,000.
Capital Assets: The Town’s government-wide capital assets, net of accumulated depreciation,
increased $6,607,262. Capital additions included the completion of a new fire station at West Vail, a new
welcome center at the Lionshead parking structure, replacement of 2 hybrid buses, energy
enhancements in several town facilities, a major renovation of the Vail Library, and improvements to the
East and W est Portal Entries into Lionshead. Additional information as well as a detailed classification of
the Town’s net capital assets can be found in the Notes to the Financial Statements in footnote IV.C of
this report.
Long-term Debt: As of the end of the current fiscal year, the Vail Reinvestment Authority had
$11,245,000 of tax increment bonds outstanding, of which $460,000 of bond principal is due within one
year. Debt related to Timber Ridge Affordable Housing Corporation totaled $17,265,000 of which
$500,000 is due within one year. Additional information regarding the Town’s debt can be found in the
Notes to the Financial Statements in footnote IV.F of this report.
Sales Tax: During 2012, 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.
6/4/2013
B7
Next Year’s Budget and Rates: The Town’s General Fund balance at the end of the current fiscal year
was $23,403,652 representing 79% of annual revenue. The town anticipates using $9,166,516 of this
fund balance during 2013, mainly to fund an investment in Timber Ridge affordable housing totaling $8.0
million, as well as $1.1 million in special events such as the 2015 World Alpine Ski Championships and
Burton US Open Snowboarding Championships.
Request for information
This financial report is designed to provide a general overview of the Town’s finances for all those with an
interest in the government’s finances. Questions concerning any of the information provided in this report
should be addressed to the Town of Vail, Finance Director, 75 S. Frontage Road, Vail, CO 81657.
6/4/2013
GOVERNMENT-WIDE FINANCIAL STATEMENTS
6/4/2013
Town of Vail, Colorado
Statement of Net Position
December 31, 2012
GovernmentalBusiness-type
Activities Activities Total
Assets:
Equity in pooled cash and investments63,305,041 1,246,376 64,551,417
Unrestricted cash and investments7,694,832 899,594 8,594,426
Cash - restricted5,848,347 1,612,825 7,461,172
Receivables (net of allowance for uncollectible accounts):
Property taxes assessed4,057,451 - 4,057,451
Other taxes1,561,861 - 1,561,861
Other governments97,172 - 97,172
Other4,079,351 14,365 4,093,716
Inventory291,385 - 291,385
Prepaid expenses1,800 25,199 26,999
Interest receivable238,968 - 238,968
Loans receivable:
Collectible within one year5,000 - 5,000
Collectible in more than one year2,361,085 - 2,361,085
Property, plant, and equipment, net of accumulated
depreciation 112,529,682 16,689,219 129,218,901
Total Assets 202,071,975 20,487,578 222,559,553
Deferred Outflow of Resources:
Bond issue costs, net of accumulated amortization197,761 396,458 594,219
Total Deferred Outflow of Resources 197,761 396,458 594,219
Liabilities:
Accounts payable3,778,840 82,493 3,861,333
Due to other governments8,635 - 8,635
Retainage payable665,153 - 665,153
Accrued salaries and wages912,206 61,674 973,880
Interest payable50,438 241,747 292,185
Other deferred revenue765,516 4,464 769,980
Deposits payable333,559 74,025 407,584
Debt issuance premium38,100 - 38,100
Ctdb
The accompanying notes are an integral part of these financial statements.
C1
Compensated absences:
Due within one year548,390 23,848 572,238
Due in more than one year822,584 35,772 858,356
Bonds payable:
Due within one year460,000 500,000 960,000
Due in more than one year10,785,000 16,765,000 27,550,000
Notes payable- 1,900,000 1,900,000
Total Liabilities 19,168,421 19,689,023 38,857,444
Deferred Inflow of Resources:
Deferred property taxes4,057,451 - 4,057,451
Total Deferred Inflow of Resources 4,057,451 - 4,057,451
Net Position:
Net investment in capital assets101,246,582 (1,575,781) 99,670,801
Restricted for:
Emergencies1,687,000 - 1,687,000
Other purposes25,902,561 - 25,902,561
Unrestricted:50,207,721 2,770,794 52,978,515
Total Net Position 179,043,864 1,195,013 180,238,877
The accompanying notes are an integral part of these financial statements.
C1
6/4/2013
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6/4/2013
FUND FINANCIAL STATEMENTS
6/4/2013
CapitalReal EstateConferenceVailVail LocalVailDebt Total
GeneralProjectsTransfer TaxCenterMarketingMarketingReinvestmentServiceGovernmental
FundFundFundFundFundDistrictAuthorityFundFunds
Assets:
Equity in pooled cash and investments23,793,242 10,635,590 17,029,437 8,422,153 173,975 - - 22,271 60,076,668
Cash and cash equivalents - Unrestricted10,310 - - - - 864,837 6,819,685 - 7,694,832
Cash and cash equivalents - Restricted- - - - - - 5,273,200 - 5,273,200
Receivables, net of allowance for uncollectible
accounts:
Property taxes assessed4,057,451 - - - - - - - 4,057,451
Other taxes765,782 - 317,830 - - 478,249 - - 1,561,861
Other governments47,655 47,494 2,023 - - - - - 97,172
Other370,127 3,685,025 14,788 - - - - - 4,069,940
Due from other funds- 5,354,864 - - - - - - 5,354,864
Loans receivable461,085 1,905,000 - - - - - - 2,366,085
Prepaid expenses1,800 - - - - - - - 1,800
Total Assets 29,507,452 21,627,973 17,364,077 8,422,153 173,975 1,343,086 12,092,885 22,271 90,553,872
Liabilities and Fund Equity:
Liabilities:
Accounts payable676,844 1,099,542 786,620 702,369 - 47,396 - 1,000 3,313,771
Due to other governments6,825 - - - - - 1,810 - 8,635
Due to other funds- - - - - - 5,354,864 - 5,354,864
Retainage payable- 548,698 116,455 - - - - - 665,153
Accrued payroll and related liabilities835,388 5,159 33,036 - - - - - 873,583
Unearned revenue193,733 571,783 - - - - - - 765,516
Deposits payable333,559 - - - - - - - 333,559
Total Liabilities 2,046,349 2,225,182 936,111 702,369 - 47,396 5,356,674 1,000 11,315,081
Deferred Inflows of Resources:
Property taxes4,057,451 - - - - - - - 4,057,451
Total Deferred Inflows of Resources 4,057,451 - - - - - - - 4,057,451
Fund Balances:
Non-spendable462,885 1,905,000 - - - - - - 2,367,885
Restricted1,730,824 - 16,427,967 7,719,784 173,975 74,000 1,463,011 - 27,589,561
Committed7,644,315 14,274,890 - - - 1,221,690 - - 23,140,895
Assigned- 3,222,900 - - - - 5,273,200 - 8,496,100
Unassigned 13565628 ------21271 13586899
Town of Vail, Colorado
Balance Sheet
Governmental Funds
December 31, 2012
The accompanying notes are an integral part of these financial statements.
C3
Unassigned 13,565,628 - - - - - - 21,271 13,586,899
Total Fund Balances 23,403,652 19,402,790 16,427,967 7,719,784 173,975 1,295,690 6,736,211 21,271 75,181,340
Total Liabilities and Fund Balances 29,507,452 21,627,972 17,364,078 8,422,153 173,975 1,343,086 12,092,885 22,271
Amounts reported for governmental activities in the Statement
of Net Position are different because:
Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds.109,222,818
Other long-term assets and unearned charges are not available for current period expenditures and, therefore, are not reported in the funds.1,011,876
Internal service funds are used by management to charge the costs of heavy equipment and health insurance to individual funds.
The assets and liabilities of the internal service funds are included in governmental activities in the Statement of Net Position.6,289,447
Long-term liabilities, including bonds payable, interest payable, and compensated absences within governmental activities are not due and payable
in the current period and, therefore, are not reported in the funds.(12,661,618)
Net Position of Governmental Activities 179,043,864
The accompanying notes are an integral part of these financial statements.
C3
6/4/2013
Capital Real Estate Conference Vail Vail Local Vail Debt Total
General Projects Transfer Tax Center Marketing Marketing Reinvestment Service Governmental
Fund Fund Fund Fund Fund District Authority Fund Funds
Revenues:
Taxes 20,124,283 9,928,081 5,452,937 - - 2,452,910 3,383,493 - 41,341,704
Permits and licenses 1,470,588 - - - 332,297 - - - 1,802,886
Intergovernmental revenue 1,875,027 726,444 26,961 - - - - - 2,628,432
Charges for services 5,512,776 197,613 167,936 - - - - - 5,878,325
Investment income 177,991 122,406 124,267 61,299 1,750 289 12,817 6,052 506,870
Interest Subsidy - - - - - - 180,619 - 180,619
Miscellaneous 500,936 441,008 59,995 - - - - - 1,001,939
Total Revenues 29,661,601 11,415,552 5,832,096 61,299 334,047 2,453,199 3,576,929 6,052 53,340,775
Expenditures:
General government 6,376,398 - - - - - - 1,500 6,377,898
Public safety 8,110,159 - 182,290 - - - - - 8,292,449
Public works and transportation 11,573,991 15,695,338 4,723,228 - - - - - 31,992,557
Culture and recreation 3,691,686 - 1,784,215 - - - - - 5,475,901
Economic development - - - 1,257,306 316,615 2,219,206 566,067 - 4,359,194
Debt service:
Principal - - - - - - 445,000 2,195,000 2,640,000
Interest - - - - - - 618,778 82,275 701,053
Total Expenditures 29,752,234 15,695,338 6,689,733 1,257,306 316,615 2,219,206 1,629,845 2,278,775 59,839,052
Excess (Deficiency) of Revenues
Over Expenditures (90,633) (4,279,786)(857,637) (1,196,007) 17,432 233,993 1,947,084 (2,272,723)(6,498,277)
Other Financing Sources (Uses):
Sale of assets - 5,320 - - - - - - 5,320
Transfers in - 5,406,864 - - - - - 2,088,347 7,495,211
Transfers (out)(52,000) (2,088,347)- - - - (5,354,864) - (7,495,211)
Total Other Financing Sources (Uses)(52,000) 3,323,837 - - - - (5,354,864) 2,088,347 5,320
Net Change in Fund Balances (142,633) (955,949) (857,637) (1,196,007) 17,432 233,993 (3,407,780) (184,376) (6,492,957)
Fund Balances - January 1 23,546,285 20,358,739 17,285,604 8,915,791 156,543 1,061,697 10,143,991 205,647 81,674,297
Fund Balances - December 31 23,403,652 19,402,790 16,427,967 7,719,784 173,975 1,295,690 6,736,211 21,271 75,181,340
Net Change in Fund Balances of Governmental Funds (6,492,957)
Town of Vail, Colorado
Statement of Revenues, Expenditures Changes in Fund Balances
Governmental Funds
For the Year Ended December 31, 2012
The accompanying notes are in integral part of these financial statements.
C4
Amounts reported for governmental activities in the Statement of Activities are different because:
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those assets is allocated
over their estimated useful lives as depreciation expense. This is the amount by which capital outlay exceeded depreciation expense,
net of disposals for the year.6,607,262
Internal service funds are used by management to charge the cost of heavy equipment and health insurance to
individual funds. This is the amount of internal service fund change in net position for the year.(315,255)
Repayment of bond and lease principal are expenditures in the governmental funds, but the repayment reduces long-term liabilities in the
Statement of Net Position. This is the amount of principal repayments.2,640,000
Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds.23,641
Some expenses reported in the Statement of Activities do not require the use of current financial resources and, therefore, are not reported
as expenditures in governmental funds. (98,558)
Change in Net Position of Governmental Activities 2,364,133
The accompanying notes are in integral part of these financial statements.
C4
6/4/2013
Enterprise Fund -Enterprise Fund -Governmental
Timber Ridge Dispatch Ac tivities -
Af fordable Housing Services Internal
Corporation Fund TOTAL Service Funds
Assets:
Current Assets:
Equity in pooled cash and investments - 1,246,376 1,246,376 3,228,373
Cash and cash equivalents - Unrestricted 899,594 - 899,594 -
Accounts receivable , net of allowance for uncollectibles 14,002 363 14,365 9,411
Inventory - - - 291,385
Prepaid expenses 25,199 - 25,199 -
Total Current Assets 938,795 1,246,739 2,185,534 3,529,169
Non-current Assets:
Cash and cash equivalents - Restricted 1,612,825 - 1,612,825 -
Property, plant, and equipment, net of accumulated
depreciation 15,390,170 1,299,049 16,689,219 3,306,864
Total Non-current Assets 17,002,995 1,299,049 18,302,044 3,306,864
Total Assets 17,941,790 2,545,788 20,487,578 6,836,033
Deferred Outflows of Resources:
Bond issue costs, net of accumulated amortization 396,458 - 396,458 -
Total Deferred Outflows of Resources 396,458 - 396,458 -
Liabilities:
Current Liabilities:
Accounts payable 63,984 18,509 82,493 465,069
Tenant security deposits 74,025 - 74,025 -
Unearned revenue 4,464 - 4,464 -
Town of Vail, Colorado
Proprietary Funds
Statement of Net Position
December 31, 2012
Business-type Activities
The accompanying notes are an integral part of these financial statements.
C5
Unearned revenue 4,464 - 4,464 -
Accrued interest payable 241,747 - 241,747 -
Accrued salaries and wages - 61,674 61,674 38,623
Current portion of bonds payable 500,000 - 500,000 -
Current portion of compensated absences - 23,848 23,848 17,158
Total Current Liabilities 884,220 104,031 988,251 520,850
Non-current Liabilities:
Bonds payable, net of current portion 16,765,000 - 16,765,000 -
Notes payable 1,900,000 - 1,900,000 -
Compensated absences, net of current portion - 35,772 35,772 25,736
Total Non-current Liabilities 18,665,000 35,772 18,700,772 25,736
Total Liabilities 19,549,220 139,803 19,689,023 546,586
Net Position (Deficit):
Net investment in capital assets (2,874,830) 1,299,049 (1,575,781) 3,306,864
Unrestricted 1,663,858 1,106,936 2,770,794 2,982,583
Total Net Position (Deficit)(1,210,972) 2,405,985 1,195,013 6,289,447
The accompanying notes are an integral part of these financial statements.
C5
6/4/2013
Enterprise Fund -Enterprise Fund -Governmental
Timber RidgeDispatch Activities -
Affordable HousingServices Internal
CorporationFundTOTAL Service Funds
Operating Revenues:
Charges for services - Internal- 572,706 572,706 5,635,546
Charges for services - External- 1,171,062 1,171,062 434,709
Rent1,659,060 - 1,659,060 -
Laundry room lease20,790 - 20,790 -
Insurance reimbursements- - - 132,548
Other14,420 417 14,837 27,856
Total Operating Revenues 1,694,270 1,744,185 3,438,455 6,230,659
Operating Expenses:
Operations 712,234 2,210,307 2,922,541 2,355,343
Health claims and premiums- - - 3,644,351
Depreciation526,910 256,771 783,681 632,371
Total Operating Expenses 1,239,144 2,467,078 3,706,222 6,632,065
Operating Income (Loss)455,126 (722,893) (267,767) (401,406)
Non-Operating Revenues (Expenses):
Intergovernmental revenues- 744,156 744,156 -
Gain (loss) on disposal of assets- - - 148,976
Investment income3,652 7,688 11,340 23,518
Interest expense(62,527) - (62,527) -
Financing fees(362,598) - (362,598) -
Amortization of bond issue costs(62,479) - (62,479) -
O()(8392)18 26892 129
Town of Vail, Colorado
Proprietary Funds
Statement of Revenues, Expenses and Changes in Fund Net Position
For the Year Ended December 31, 2012
Business-type Activities
The accompanying notes are an integral part of these financial statements.
C6
Total Non-Operating Revenues (Expenses)(483,952) 751,844 267,892 172,494
Income (Loss) Before Capital Contributions (28,826) 28,951 125 (228,912)
Capital Contributions, Net - - - (86,342)
Change in Net Position (28,826) 28,951 125 (315,254)
Net Position (Deficit) - January 1 (1,182,146) 2,377,036 1,194,890 6,604,701
Net Position (Deficit) - December 31 (1,210,972) 2,405,987 1,195,015 6,289,447
The accompanying notes are an integral part of these financial statements.
C6
6/4/2013
Enterprise Fund -Enterprise Fund -Governmental
Timber RidgeDispatchActivities -
Affordable HousingServicesInternal
CorporationFundTOTALService Funds
Cash Flows From Operating Activities:
Cash received from other funds- 572,706 572,706 5,635,546
Cash received from tenants for rent1,651,834 - 1,651,834 -
Cash received from (refunded to) tenants for security deposits, net5,705 - 5,705 -
Other cash receipts35,282 1,171,479 1,206,761 815,634
Cash paid for goods and services(691,587) (981,445) (1,673,032) (4,851,138)
Cash paid to employees- (1,709,947) (1,709,947) (955,113)
Net Cash Provided (Used) by Operating Activities 1,001,234 (947,207) 54,027 644,929
Cash Flows From Non-Capital Financing Activities:
Cash received from operating grants- 744,156 744,156 -
Net Cash Provided by Non-Capital Financing Activities - 744,156 744,156 -
Cash Flows From Capital and Related Financing Activities:
Cash received from sale of fixed assets- - - 174,848
Principal repaid on bonds and notes(475,000) - (475,000) -
Cash drawn on line of credit34,714 - 34,714 -
Repayments of amounts drawn on line of credit(34,714) - (34,714) -
Interest paid (34,714) - (34,714) -
Financing fees paid(371,690) - (371,690) -
Bond Issuance costs paid(64,477) - (64,477) -
Acquisition and construction of capital assets(236,596) (276,014) (512,610) (527,846)
Net Cash (Used) by Capital and Related Financing Activities (1,182,477) (276,014) (1,458,491) (352,998)
Cash Flows From Investing Activities:
Interest on investments3,651 7,688 11,339 23,518
Net Cash Provided by Investing Activities 3,651 7,688 11,339 23,518
Net Increase (Decrease) in Cash and Cash Equivalents (177,592) (471,376) (648,968) 315,449
Cash and Cash Equivalents - Beginning 2,690,011 1,717,753 4,407,764 2,999,266
ChdChEiltEdi 2512419 1246377 3758796 3314715
Town of Vail, Colorado
Proprietary Funds
Statement of Cash Flows
For the Year Ended December 31, 2012
Business-type Activities
The accompanying notes are an integral part of these financial statements.
C7
Cash and Cash Equivalents - Ending 2,512,419 1,246,377 3,758,796 3,314,715
Cash and Cash Equivalents - End of Period is Comprised of:
Equity in pooled cash and investments- 1,246,377 1,246,377 3,314,715
Cash and cash equivalents - Unrestricted899,594 - 899,594 -
Cash and cash equivalents - Restricted1,612,825 - 1,612,825 -
Total - Cash and Cash Equivalents 2,512,419 1,246,377 3,758,796 3,314,715
Reconciliation of Operating (Loss) to Net Cash
Provided by Operating Activities:
Operating Income/(Loss)455,126 (722,893) (267,767) (401,406)
Adjustments:
Depreciation 526,910 256,771 783,681 632,371
(Increase) decrease in accounts receivable(9,246) - (9,246) 220,521
(Increase) decrease in inventory- - - (5,683)
(Increase) decrease in prepaid expenses(159) - (159) -
Increase (decrease) in accounts payable19,672 (469,133) (449,461) 216,433
Increase (decrease) in other liabilities8,931 - 8,931 -
Increase (decreases) in accrued wages and benefits- (11,952) (11,952) (17,307)
Total Adjustments 546,108 (224,314) 321,794 1,046,335
Net Cash Provided (Used) by Operating Activities 1,001,234 (947,207) 54,027 644,929
The accompanying notes are an integral part of these financial statements.
C7
6/4/2013
Deferred
Pension Compensation
Trust Plan
Assets:
Cash and investments - Restricted 45,400,138 10,208,820
Loans to participants 505,498 -
Total Assets 45,905,636 10,208,820
Net Position:
Held in trust for pension benefits and
other purposes 45,905,636 10,208,820
Total Net Position 45,905,636 10,208,820
Town of Vail, Colorado
Fiduciary Funds
Statement of Fiduciary Net Position
December 31, 2012
The accompanying notes are an integral part of these financial statements.
C8
The accompanying notes are an integral part of these financial statements.
C8
6/4/2013
Deferred
Pension Compensation
Trust Plan
Additions:
Contributions 3,137,438 795,865
Investment Income / (Loss)5,128,096 1,032,911
Total Additions 8,265,534 1,828,776
Deductions:
Professional fees 51,267 15
Benefits paid 5,037,369 294,533
Total Deductions 5,088,636 294,548
Change in Net Position 3,176,898 1,534,228
Net Position - January 1 42,728,738 8,674,592
Net Position - December 31 45,905,636 10,208,820
Town of Vail, Colorado
Fiduciary Funds
Statement of Changes in Fiduciary Net Position
For the Year Ended December 31, 2012
The accompanying notes are an integral part of these financial statements
C9
The accompanying notes are an integral part of these financial statements
C9
6/4/2013
NOTES TO THE FINANCIAL STATEMENTS
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
D1
I. Summary of Significant Accounting Policies
The Town of Vail, Colorado (the “Town”) was incorporated in 1972, under the provisions of Article
XX of the Colorado Constitution and Municipal Home Rule Act of 1971. The Town operates
under a Council-Manager form of government. The Town’s major operations include public
safety, public works and transportation, culture and recreation, economic development,
administration (general government), and housing.
The Town’s financial statements are prepared in accordance with generally accepted accounting
principles (“GAAP”). The Governmental Accounting Standards Board (“GASB”) is responsible for
establishing GAAP for state and local governments through its pronouncements (Statements and
Interpretations). The more significant accounting policies established by GAAP used by the Town
are discussed below.
A. Reporting Entity
The reporting entity consists of (a) the primary government; i.e., the Town, and (b)
organizations for which the Town is financially accountable. The Town is considered
financially accountable for legally separate organizations if it is able to appoint a voting
majority of an organization's governing body and is either able to impose its will on that
organization or there is a potential for the organization to provide specific financial
benefits to, or to impose specific financial burdens on, the Town. Consideration is also
given to other organizations which are fiscally dependent; i.e., unable to adopt a budget,
levy taxes, or issue debt without approval by the Town. Organizations for which the
nature and significance of their relationship with the Town are such that exclusion would
cause the reporting entity's financial statements to be misleading or incomplete are also
included in the reporting entity.
The accompanying financial statements present the primary government and its
component units; entities for which the government is considered to be financially
accountable. Blended component units, although legally separate entities, are, in
substance, part of the Town’s operations. There are three blended component units
reported in the Town’s financial statements: Vail Local Marketing District (the “District”),
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 No. 1, is a dormant entity and, therefore, has no
financial statements to report.
1. Vail Local Marketing District
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 District’s Board of Directors. The
District is reported as a special revenue fund.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D2
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 employed 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 housing project (the “Project”) 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 2005, of members 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 Town 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 the Corporation. The Corporation is reported as
an enterprise fund.
The Corporation’s total expenses exceeded revenues by $28,826 for 2012. This
adds to the Corporation’s $1,182,146 deficit net assets balance through December
31, 2011. The net asset deficit totals $1,210,972 as of December 31, 2012. Since
the inception of operations, the Corporation incurred mold remediation costs totaling
$1,417,292; of which the majority of expenses were incurred prior to 2007. As of
January 2007, all 198 units at the Project had been renovated.
In addition to limitations on the Corporation’s revenue base, the Corporation has
substantial long-term debt obligations. As detailed in Note IV.G.1., a significant
portion of the Corporation’s bonds currently bears 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 V. F. below, has limited the
Corporation’s effective interest rate on the 2003A Bonds to 5.5% per annum through
July 18, 2012 and to 0.5% per annum through July 17, 2013. While short-term
interest rates have stabilized below the current rate cap threshold, any significant
increase in rates could have an adverse impact on the Corporation’s cash flow.
At the time of purchase, the Town advanced the Corporation $1,000,000 of the
purchase price of the property. During 2005 and 2006, the Corporation was
advanced $700,000 and $200,000 respectively, by the Town. This additional funding
helped improve the Corporation’s year-end liquidity position. There have been no
additional advances from the Town.
In 2007, the Board commissioned an engineering study and began a capital
maintenance and replacement program using over $500,000 from the Replacement
Reserve Fund for major improvements to the property.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D3
I. Summary of Significant Accounting Policies (continued)
A. Reporting Entity (continued)
3. Vail Reinvestment Authority
The Authority was created on November 4, 2003 pursuant to the Colorado Urban
Renewal Law (C.R.S. 31-25-1) to oversee development and redevelopment of
identified blighted areas within the Town. The Town Council approved the formation
of 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 members of the Town Council. The Authority is
reported as a special revenue fund.
4. Town of Vail General Improvement District No. 1
On October 3, 2006, the Town 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 District’s
facilities should the Solaris Metropolitan District fail to do so.
As of December 31, 2012, the District had not begun operations or imposed a mill
levy, resulting in no financial statements to be reported.
B. Government-wide and Fund Financial Statements
The Town’s basic financial statements include both government-wide (reporting the Town
as a whole) and fund financial statements (reporting the Town’s major funds).
Government-wide financial statements report on information of all of the non-fiduciary
activities of the Town and its component units. Both the government-wide and fund
financial statements categorize primary activities as either governmental or business-
type. The Town’s public safety, public works and transportation, culture and recreation,
economic development, and administration functions are classified as governmental
activities. 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 and net cost of each
of the Town’s governmental functions and business-type activities. The governmental
functions are also supported by general government revenues (sales taxes, property and
specific ownership taxes, investment earnings, etc.). The Statement of Activities reduces
gross expenses (including depreciation) by related program revenues, operating and
capital grants.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D4
I. Summary of Significant Accounting Policies (continued)
B. Government-wide and Fund Financial Statements (continued)
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
expenditures/expenses.
The fund focus is on current available resources and budget compliance.
The Town reports the following major governmental funds:
The General Fund is the Town’s primary operating fund. It accounts for all financial
resources of the Town, except those required to be accounted for in another fund.
Resources restricted within this fund relate to TABOR reserve requirements (see
Note III.E) and Police Confiscation funds.
The Capital Projects Fund accounts for and reports financial resources that are
restricted by outside parties (i.e., a portion of the Town’s sales tax as well as
restricted intergovernmental grants and awards received) as well as amounts
committed by Council for expenditures of capital outlay, including the acquisition or
construction of capital facilities and other capital assets. It excludes those types of
capital-related cash outflows financed by proprietary funds or for assets that will be
held in trust for individuals, private organizations, or other governments.
Real Estate Transfer Tax Fund is used to account for the collection of a real estate
transfer tax which is specifically restricted per Town ordinance for acquiring,
maintaining, and improving real property for parks, recreation, open space and for
supporting sustainable environmental practices.
The Conference Center Fund was established to account for the collection of a sales
tax and public accommodations tax which were specifically restricted for the financing
of the construction and operations of a conference center in the Town. The
conference center taxes were rescinded by election in November 2005. Voters
elected in November 2011, to authorize use of the funds for specific capital projects
including the clubhouse at the Vail golf course and Nordic center, the Ford Park
athletic fields, and improvements to the Gerald R. Ford amphitheater. Work began
on these projects during 2012.
The Vail Marketing Fund accounts for the collection of business license fees which
are specifically restricted for expenditures related to the marketing of the Town.
The Vail Local Marketing District accounts for collection of lodging taxes, which are
restricted for use for the activities of the District.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D5
I. Summary of Significant Accounting Policies (continued)
C. Fund Financial Statements (continued)
The Vail Reinvestment Authority accounts for the collection of Tax Increment
Financing revenues which are restricted for use for the activities of the Authority.
The Debt Service Fund accounts for resources that are restricted to expenditure for
principal and interest that have been legally mandated, as well as the accumulation
for resources for, and the payment of, long-term obligation debt principal, interest,
and related costs.
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 Town
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 employees
in accordance with the provisions of Internal Revenue Code section 457. No budget
is adopted for the Town’s trust funds.
D. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
Measurement focus refers to whether financial statements measure changes in current
resources only (current financial focus) or changes in both current and long-term
resources (long-term economic focus). Basis of accounting refers to the point at which
revenues, expenditures, or expenses are recognized in the accounts and reported in the
financial statements. Financial statement presentation refers to classification of revenues
by source and expenses by function.
1. Long-term Economic Focus and Accrual Basis
Both governmental and business-type activities in the government-wide financial
statements and the proprietary and fiduciary fund financial statements use the long-
term economic focus and are presented on the accrual basis of accounting.
Revenues are recognized when earned and expenses are recognized when incurred,
regardless of the timing of the related cash flows. On an accrual basis, revenue from
property taxes is recognized in the fiscal year for which the taxes are levied.
Revenue from grants and donations are recognized in the fiscal year in which all
eligibility requirements have been satisfied.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D6
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. The Town considers all revenues reported in the
governmental funds to be available if they are collected within sixty days after year-
end. Expenditures are recorded when the related fund liability is incurred, except for
principal and interest on general long-term debt, claims and judgments, and
compensated absences, which are recognized as expenditures when due. General
capital asset acquisitions are reported as expenditures in governmental funds.
Proceeds of general long-term liabilities and acquisitions under capital leases are
reported as other financing sources.
3. Financial Statement Presentation
As a general rule the effect of interfund activity has been eliminated from the
government-wide financial statements. Exceptions to this rule are payments where
the amounts are reasonably equivalent to the value of the interfund services provided
and other charges between the various functions of the Town. Elimination of these
charges would distort the direct costs and program revenues are reported.
Amounts reported as program revenues include 1) charges to customers and
applicants for goods, services or privileges provided, 2) operating grants and
contributions, and 3) capital grants and contributions, including special assessments.
Internally dedicated resources are reported as general revenues rather than as
program revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from non-operating
items. Operating revenues and expenses generally result from providing services
and producing and delivering goods in connection with a proprietary fund’s principal
ongoing operations. The principal operating revenue of the Town’s enterprise funds
are rents from individuals employed in the Town and charges for services related to
emergency dispatch. Operating expenses for the enterprise fund includes operating
expenses and depreciation on capital assets. All revenues and expenses not
meeting this definition are reported as non-operating revenues and expenses.
E. Financial Statement Accounts
1. Equity in Pooled Cash and Investments
The Town has a policy of central cash management whereby cash balances of each
of the Town’s funds are pooled in and invested in certain investments for all funds
except the Pension Trust Fund and the Deferred Compensation Plan Fund.
Additionally, the component units do not participate in the Town’s central cash
management.
Equity in pooled cash and investments include demand deposits, short-term
investments with original maturities of three months or less from the date of
acquisition, and long-term investments in U.S. government obligations. Investments
are stated at fair market value. 6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D7
I. Summary of Significant Accounting Policies (continued)
E. Financial Statement Accounts (continued)
2. Cash and Cash Equivalents
Cash and cash equivalents include cash on hand and investments with original
maturities of three months or less from the date of acquisition.
Cash equivalents are both readily convertible to cash and are so near their maturity
they present insignificant risk of change in value due to interest rate changes.
Restricted cash and cash equivalents represent certain proceeds of debt issuances,
as well as certain resources set aside for their repayments because their use is
limited by the applicable covenants. Restricted assets also include certain deposits
that have been limited as to usage pursuant to escrow and similar agreements.
3. Receivables
Receivables are reported net of an allowance for uncollectible accounts.
Loans receivable in governmental funds consist principally of housing loans that are
generally not expected or scheduled to be collected in the subsequent year
4. Inventory
Inventory is valued at cost using the first-in / first-out (FIFO) method. Inventories of
governmental funds are recorded as expenditures when consumed rather than when
purchased.
5. Prepaid Items
Payments to vendors that reflect costs applicable to future accounting periods are
recorded as prepaid items in both government-wide and fund financial statements.
6. Interfund Transactions
Interfund services provided and used are accounted for as revenues, expenditures,
or expenses. Transactions that constitute reimbursements to a fund for expenditures
or expenses initially made from it that are properly applicable to another fund, are
recorded as “due from other funds” or “due to other funds” on the balance sheet
when they are expected to be liquidated within one year. Any residual balances
outstanding between the governmental activities and business-type activities are
reported in the government-wide financial statements as “internal balances”. If the
receivable or payable is not expected to be liquidated after one year, it is classified as
“advances to other funds” or “advances from other funds”.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D8
I. Summary of Significant Accounting Policies (continued)
E. Financial Statement Accounts (continued)
7. Capital Assets
Capital assets, which include land, buildings, improvements, equipment, vehicles,
and infrastructure assets, are reported in the applicable governmental or business-
type activity columns in the government-wide financial statements. Capital assets
are defined by the Town as assets with an initial cost of $5,000 or more and an
estimated useful life 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 to the value of the
asset or materially extend asset lives are not capitalized. Improvements are
capitalized and depreciated over the remaining useful lives of the related fixed
assets, as applicable.
Capital outlay for projects is capitalized as projects are constructed. Costs related to
the construction of assets include interest, engineering, legal, surveying, and
landscaping that were incurred from the beginning of construction until the assets
were substantially complete are capitalized.
Capital assets (excluding land and art) are depreciated using the straight-line
method, over the estimated useful life.
8. Compensated Absences
Vested or accumulated vacation leave that is expected to be liquidated with
expendable available financial resources is reported as expenditure and a fund
liability of the governmental fund that will pay it. Amounts of vested or accumulated
vacation 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, Accounting for Compensated Absences, no liability is recorded for non-
vesting accumulating rights to receive sick pay benefits.
After the completion of ten years of full-time service, employees are eligible for a
cash or gift benefit. The estimated liability for all eligible employees is recorded in
governmental activities in the Statement of Net Position, as a component of
compensated absences.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D9
I. Summary of Significant Accounting Policies (continued)
E. Financial Statement Accounts (continued)
9. Deferred Outflows and Inflows of Resources
Deferred outflows of resources represent a consumption of net position that applies
to a future period and so will not be recognized as an outflow of resources
(expenses/expenditures) until then. The Town has one item that qualifies for
reporting under this category on the government-wide Statement of Net Position,
issuance costs. Issuance costs for long-term bonds and debt payable are recorded
and amortized over the term to maturity of the debt, using the straight-line method for
governmental activities. The Corporation and the Authority use the bonds
outstanding method, which approximates the effective interest method, to amortize
these costs.
Deferred inflows of resources represent an acquisition of net position that applies to a
future period and so will not be recognized as an inflow of resources (revenue) until
that time. The Town has only one item that qualifies for reporting in this category,
unavailable revenue from property taxes, reported in the governmental balance sheet
and on the Statement of Net Position. Property taxes are assessed in one year as a
lien on the property, but not collected by the governmental unit until the subsequent
year. Therefore, these amounts are deferred and recognized as an inflow from
resources in the period that amounts become available.
10. Bond Premiums and Discounts
Bonds payable are reported net of the applicable bond premium or discount. No
amortization was taken on these premiums or discounts in the first year. These
premiums and discounts are amortized over the life of the applicable bonds using the
bond outstanding method.
11. Unearned Revenue
For governmental funds, unearned revenues arise when potential revenue does not
meet both the “measurable” and “available” criteria for recognition in the current
period. For proprietary funds, unearned revenues arise when potential revenue is
unearned. In subsequent periods, when revenue recognition criteria are met, or
when the Town has legal claim to the resources, the liability for unearned revenue is
removed and revenue is recognized.
12. Fund Equity
Governmental accounting standards establish fund balance classifications that
comprise a hierarchy based primarily on the extent to which a government is bound
to observe constraints imposed upon the use of the resources reported in
governmental funds. Fund balance classifications include Non-spendable,
Restricted, Committed, Assigned, and Unassigned. These classifications reflect not
only the nature of the funds, but also provide clarity to the level of restriction placed
upon fund balance. Fund balance can have different levels of restraint, such as
external versus internal compliance requirements. Unassigned fund balance is a
residual classification within the General Fund. The General Fund should be the only
fund that reports a positive unassigned balance. In all other funds, unassigned is
limited to negative residual fund balance. For further details of the various fund
balance classifications refer to Note IV.L.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D10
I. Summary of Significant Accounting Policies (continued)
F. Significant Accounting Policies
1. Use of Estimates
The preparation of financial statements in conformity with GAAP requires the Town’s
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent assets and liabilities at the date of
the financial statements, and the reported amount of revenues and expenditures or
expenses during the reporting period. Actual results could differ from those
estimates.
2. Credit Risk
The receivables of the various funds of the Town are primarily due from other
governments. Management believes that the credit risk related to the receivables is
minimal.
3. Restricted and Unrestricted Resources
When both restricted and unrestricted resources are available for use, it is the
government’s policy to use restricted resources first, then unrestricted resources as
they are needed.
II. Reconciliation of Government-wide and Fund Financial Statements
A. Explanation of Certain Differences Between the Governmental Fund Balance Sheet
and the Government-wide Statement of Net Position
The governmental fund Balance Sheet includes reconciliation between the fund balance
of total governmental funds and net position of governmental activities as reported in the
government-wide Statement of Net Position. One element of that reconciliation explains
"Capital assets used in governmental activities are not financial resources and therefore
are not reported in the funds”. This $109,222,818 difference is related to property, plant,
and equipment of $265,969,868 less accumulated depreciation of $156,747,050.
Another element of that reconciliation explains “Other long-term assets and unearned
charges are not available for current period expenditures and therefore are not reported
in the funds”. This $1,011,876 difference is bond issue costs of $500,356 less
accumulated amortization of $302,595; pension forfeitures of $575,147; and interest
receivable of $238,968. Net assets totaling $6,289,447 of internal service funds used by
management to charge the costs of heavy equipment and health insurance to individual
funds are included in the governmental activities in the Statement of Net Position.
Additionally, the reconciliation states that long-term liabilities are not due and payable in
the current period and, therefore, are not reported in the funds. This $12,661,618
difference represents bonds and notes payable of $11,245,000; accrued compensated
absences of $1,328,080; premium on issued debt of $38,100; and interest payable of
$50,438.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D11
II. Reconciliation of Government-wide and Fund Financial Statements (continued)
B. Explanation of Certain Differences Between the Governmental Fund Statement of
Revenue, Expenditures and Changes in Fund Balances and the Government-wide
Statement of Activities
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 reported in the
government-wide Statement of Activities. One element of that reconciliation explains
“Governmental funds report capital outlays as expenditures. However, in the Statement
of Activities, the cost of those assets is allocated over their estimated useful lives as
depreciation expense. This $6,607,262 difference is comprised of governmental funds
(other than internal service funds) capital outlay of $17,404,303; less depreciation
expense of $10,795,447 and a gain on the sale of assets of $1,594.
III. Stewardship, Compliance, and Accountability
A. Budgetary Information
An annual budget and appropriation ordinance is adopted by Town Council in
accordance with the Town’s Home Rule Charter.
Budgets are prepared on the basis of GAAP for all funds except the Heavy Equipment
Fund and Dispatch Services Fund. As required by Colorado Statutes, all funds have
legally adopted budgets and appropriations. The total expenditures for each fund may
not exceed the amounts appropriated. Appropriations for a fund may be increased if
unanticipated revenues offset them. All appropriations lapse at year-end.
The budgets for these funds have been adopted on a non-GAAP budget and are
reconciled to GAAP below:
HeavyDispatch
EquipmentServices
FundFund
Change in Net Position - Budget Basis129,995$ 564$
add/(less):
Contribution to other funds(86,342) -
Change in compensated absences14,266 9,143
Capitalized assets527,846 276,014
Depreciation(632,371) (256,771)
Net book value of disposed assets(25,872) -
Change in Net Position - GAAP Basis (72,478)$ 28,950$
The Town followed these procedures in preparing, approving, and enacting its budget for
2012.
1. For the 2012 budget year, prior to August 25, 2011, the County Assessor sent the
Town a certified assessed valuation of all taxable property within the Town’s
boundaries.
2. Prior to the end of the 2011 fiscal year, the Town Manager submitted to the Town
Council a budget and accompanying message.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D12
III. Stewardship, Compliance, and Accountability (continued)
A. Budgetary Information (continued)
3. Prior to December 15, 2011, the Town computed and certified to the County
Commissioners a levy rate that derived the necessary property taxes as computed in
the proposed budget.
4. After a required publication of “Notice of Proposed Budget”, the Town adopted the
proposed budget and an appropriation ordinance which legally appropriated
expenditures for the upcoming year.
5. After adoption of the budget ordinance, the Town may make the following changes:
a) transfer appropriated money between funds; b) approve supplemental
appropriations to the extent of revenues in excess of those estimated in the budget;
c) approve emergency appropriations; and d) reduce appropriations for which
originally estimated revenues are insufficient.
Taxes levied in one year are collected in the succeeding year. Thus, taxes certified in
2011 were collected in 2012 and taxes certified in 2012 will be collected in 2013. Taxes
are due on January 1 in the year of collection; however, they may be paid in either one
installment (no later than April 30) or two equal installments (not later than February 28
and June 15) without interest or penalty. Taxes that are not paid within the prescribed
time bear interest at the rate of one percent (1%) per month until paid. Unpaid amounts
and the accrued interest thereon become delinquent on June 16.
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 2012.
1. On or before September 30, 2011, 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 20, 2011.
2. After appropriate public notice and a required public hearing, the Board must adopt
the proposed budget and a resolution that legally appropriated expenditures for the
upcoming year on or before December 5, 2011. The Board adopted the 2012 budget
on October 18, 2011.
3. After adoption of the initial budget resolution, the District may make the following
changes: a) approve supplemental appropriations to the extent of revenues in
excess of those estimated in the budget; b) approve emergency appropriations; and
c) reduce appropriations for which originally estimated revenues are insufficient.
During the year, supplemental appropriations were necessary. The budgetary
comparison statements reflect the original budget and the final budget after legally
authorized revisions were made.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D13
III. Stewardship, Compliance, and Accountability (continued)
C. Deficit Net Assets – Timber Ridge Affordable Housing Corporation
The Corporation had a deficit in net position at December 31, 2012 of $1,210,972.
D. Compliance with Trust Indentures – Timber Ridge Affordable Housing 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. At December 31, 2012 the
Corporation’s balance in the Bond Reserve Fund was in compliance with the Bond
Reserve Requirement of $595,157 established by the 2003A Indenture.
As described in Note IV.K., the Reimbursement Agreement with U.S. Bank requires the
Corporation to fund a Replacement Reserve in 2003 and annually thereafter. For 2012,
the minimum funding required for the Replacement Reserve was met by the Corporation.
The 2003A Indenture imposes financial ratios relating to debt service coverage. At
December 31, 2012, the Corporation met the minimum debt service coverage ratios
under the terms of the 2003A Indenture, as amended by the modification to the
Reimbursement Agreement.
E. TABOR Amendment
In November 1992, Colorado voters amended Article X of the Colorado Constitution by
adding Section 20, commonly known as the Taxpayer's Bill of Rights (“TABOR”). TABOR
contains revenue, spending, tax and debt limitations that apply to the State of Colorado
and local governments. TABOR requires, with certain exceptions, advance voter
approval for any new tax, tax rate increase, mill levy above that for the prior year,
extension of any expiring tax, or tax policy change directly causing a net tax revenue gain
to any local government.
Except for refinancing bonded debt at a lower interest rate or adding new employees to
existing pension plans, TABOR requires advance voter approval for the creation of any
multiple-fiscal year debt or other financial obligation unless adequate present cash
reserves are pledged irrevocably and held for payments in all future fiscal years.
TABOR also requires local governments to establish an emergency reserve to be used
for declared emergencies only. Emergencies, as defined by TABOR, exclude economic
conditions, revenue shortfalls, or salary or fringe benefit increases. The reserve is
calculated at 3% of fiscal year spending for fiscal years ending after December 31, 1995.
Fiscal year spending excludes bonded debt service and enterprise spending. The Town
has reserved a portion of the December 31, 2012 fund balance in the General Fund for
this purpose in the amount of $1,613,000 which is the approximate required reserve.
The initial base for local government spending and revenue limits is December 31, 1992
fiscal year spending. Future spending and revenue limits are determined based on the
prior year's fiscal year spending adjusted for inflation in the prior calendar year plus
annual local growth. Fiscal year spending is generally defined as expenditures and
reserve increases with certain exceptions. Revenue, if any, in excess of the fiscal year
spending limit must be refunded in the next fiscal year unless voters approve retention of
such revenue.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D14
III. Stewardship, Compliance, and Accountability (continued)
E. TABOR Amendment (continued)
On November 16, 1993, voters of the Town approved the collection and expenditure of all
revenues generated, including reduction in debt service during 1993 and each
subsequent year (not including revenue generated from ad valorem property taxes)
without any increase in such tax rates and the expenditure of such revenues for debt
service, municipal operations, and capital projects, effective January 1, 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 $74,000 of its fund balance for
emergencies, which is the approximate required reserve at December 31, 2012.
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 District’s management believes it is in compliance with the financial provisions of
TABOR. However, TABOR is complex and subject to interpretation. Many of its
provisions will require judicial interpretation.
IV. Detailed Notes on all Funds
A. Cash and Investments
Pursuant to its charter, the Town has adopted, by ordinance, an investment policy
governing the types of institutions and investments with which it may deposit funds and
transact business. Under this policy, the Town may invest in federally insured banks,
debt obligations of the U.S. Government, its agencies and instrumentalities,
governmental mutual funds and pools including 2a7-like pools, and repurchase
agreements subject to policy requirements.
The Town also accounts for the operations of the employees' pension plans that are
administered by select employees acting as trustees who are governed by a trust
agreement. The trust agreement gives the trustees considerable latitude with investment
alternatives. As a result, all pension investments are considered legal under the trust
agreement.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D15
IV. Detailed Notes on all Funds (continued)
A. Cash and Investments (continued)
The Town’s deposits and certificates of deposit are entirely covered by federal depository
insurance (FDIC) or by collateral held under Colorado Public Deposit Protection Act
(“PDPA”). The FDIC insures the first $250,000 of the Town’s interest bearing deposits at
each financial institution. Deposit balances over $250,000 are collateralized as required
by PDPA. As of year end, the bank balance of the Town’s deposits was $10,401,394.
The difference between the bank balance and book balance is primarily due to deposits
in transit or outstanding checks at December 31, 2012. At year end, the Town had the
following investments and maturities:
Carrying
TypeRating Maturities Value
Deposits:
Cash on hand 10,310$
Demand deposits25,903,146
Certificates of deposit<1 year1,739,107
Certificates of deposit<5 years12,004,418
Total deposits39,656,981$
Investments:
US Agencies - FHLM, FHLB, FNMAAAA<1 year-
US Agencies - FHLMC, FHLB, FNMAAA+<5 years11,669,506$
Mortgage poolsAA+N/A6,118,645
ColotrustAAAmN/A22,586,207
Pension and Section 457 investmentsN/AN/A56,184,634
Total investments96,558,992
Total deposits and investments136,215,973$
Reconciliation to Statement of Net Position:
Equity in pooled cash and investments64,551,417$
Cash and cash equivalents - Unrestricted8,594,426
Cash and cash equivalents - Restricted7,461,172
Fiduciary Funds55,608,958
Total 136,215,973$
Pools. The Town has invested in the Colorado Government Liquid Asset Trust
(“Colotrust”), which is an investment vehicle established for local government entities in
Colorado to pool surplus funds. They operate similarly to a money market fund and each
share is equal in value to $1. Investments of the trusts consist of U.S. Treasury bills,
notes and note strips, and repurchase agreements collateralized by U.S. Treasury
securities. Colotrust is rated AAAm by Standard and Poor’s.
Interest Rate Risk. As a means of limiting its exposure to interest rate risk, the Town
diversifies its investments by security type and institution, and limits holdings in any one
type of investment with any one issuer. The Town coordinates its investments maturities
to closely match cash flow needs and invests primarily in securities with a maximum
investment term less than five years from the purchase date. As a result of the limited
length of maturities the Town has limited its interest rate risk.
Credit Risk. The Town’s general investment policy is to apply the prudent-person rule;
investments are made as a prudent person would be expected to act, with discretion and
intelligence, to seek reasonable income, preserve capital, and, in general, avoid
speculative investments. 6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D16
IV. Detailed Notes on all Funds (continued)
A. Cash and Investments (continued)
Concentration of Credit Risk. The Town diversifies its investments by security type
and institution.
Credit quality distribution for investments, with credit exposure as a percentage of total
investments are as follows at year end:
Investment TypeRatingPercentage
ColotrustAAAm28%
Investments in the Deferred Compensation Plan and the Pension Trust Funds are held
by trustees and are not categorized because they are not evidenced by specific securities
that exist in physical or book form.
B. Receivables
Receivables as of year-end for the Town’s funds, including applicable allowances for
uncollectible accounts, are as follows:
CapitalReal EstateVailVail Local
GeneralProjectsTransferMarketingMarketing
FundFundTax FundFundDistrict
Receivables:
Property taxes4,057,451$ - - - -
Other taxes765,782 - 317,830 - 478,249
Other governments47,655 47,494 2,023 - -
Other371,127 3,685,025 14,788 - -
Gross Receivables5,242,015 3,732,519 334,641 - 478,249
Less: Allowance for
uncollectibles(1,000) - - - -
Net Receivables 5,241,015$ 3,732,519 334,641 - 478,249
VailHeavy
Rein-Equip-DispatchHealth
TimbervestmentmentServicesInsurance
RidgeAuthorityFundFundFundTotal
Receivables:
Property taxes-$ - - - - 4,057,451
Other taxes- - - - - 1,561,861
Other governments- - - - - 97,172
Other14,002 - 6,830 363 2,581 4,094,716
Gross Receivables14,002 - 6,830 363 2,581 9,811,200
Less: Allowance for
uncollectibles- - - - - (1,000)
Net Receivables 14,002$ - 6,830 363 2,581 9,810,200
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D17
IV. Detailed Notes on all Funds (continued)
B. Receivables (continued)
Governmental funds report unearned revenue in connection with receivables for
revenues that are not considered to be available to liquidate liabilities of the current
period. Total unearned revenue for governmental activities totaled $765,516 and is
comprised of the following:
GeneralCapital Project
FundFund
Unearned revenues:
Business licenses123,607$ -$
Library grants34,453 -
Police programs35,673 -
Construction projects- 571,783
193,733$ 571,783$
Unearned revenue for construction projects relates to $416,485 of funds collected from
Holy Cross Energy for the community enhancement fund which is used to place utilities
underground. The other $155,298 was collected from developers for road improvements.
The revenue will be recognized in the year the money is spent.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D18
IV. Detailed Notes on all Funds (continued)
C. Capital Assets
Capital asset activity for the year ended December 31, 2012 was as follows:
BeginningEnding
BalanceIncreasesDecreasesBalance
Governmental Activities:
Capital Assets, Not Being Depreciated:
Land28,852,851$ - - 28,852,851
Total Capital Assets, Not Being Depreciated28,852,851 - - 28,852,851
Capital Assets, Being Depreciated:
Buildings and improvements90,760,007 4,325,744 (362,716) 94,723,035
Infrastructure and improvements109,895,194 10,301,429 - 120,196,623
Equipment and vehicles 29,937,536 3,304,976 (1,012,172) 32,230,340
Total Capital Assets Being Depreciated230,592,737 17,932,149 (1,374,888) 247,149,998
Less Accumulated Depreciation For:
Buildings and improvements(55,431,722) (3,396,676) 362,716 (58,465,682)
Infrastructure and improvements(80,303,221) (4,456,171) - (84,759,392)
Equipment and vehicles(17,657,827) (3,574,972) 984,706 (20,248,093)
Total Accumulated Depreciation(153,392,770) (11,427,819) 1,347,422 (163,473,167)
Total Capital Assets Being Depreciated, Net77,199,967 6,504,330 (27,466) 83,676,831
Governmental Activities Capital Assets, Net 106,052,818$ 6,504,330 (27,466) 112,529,682
Business-type Activities
Capital Assets, Not Being Depreciated:
Land4,399,500$ - - 4,399,500
Total Capital Assets, Not Being Depreciated4,399,500 - - 4,399,500
Capital Assets, Being Depreciated:
Buildings and improvements15,673,822 236,596 - 15,910,418
Equipment 3,225,887 276,014 (5,250) 3,496,651
Total Capital Assets Being Depreciated18,899,709 512,610 (5,250) 19,407,069
Less Accumulated Depreciation For:
Buildings and improvements(4,399,937) (526,910) - (4,926,847)
Equipment (1,938,982) (256,771) 5,250 (2,190,503)
Total Accumulated Depreciation(6,338,919) (783,681) 5,250 (7,117,350)
Total Capital Assets Being Depreciated, Net12,560,790 (271,071) - 12,289,719
Business-type Activities Capital Assets, Net 16,960,290$ (271,071) - 16,689,219
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D19
IV. Detailed Notes on all Funds (continued)
C. Capital Assets (continued)
Depreciation expense was charged to functions of the Town as follows:
Depreciation on fixed assets is recorded using the following estimated useful lives:
Years
Buildings 25 - 40
Building improvements7 - 25
Infrastructure 5 - 30
Vehicles5 - 15
Equipment 5 - 10
At December 31, 2012, the Town had $34,072,646 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
At December 21, 2012, the Vail Reinvestment Authority owed the Capital Projects Fund
$5,354,864 in connection with several construction projects within the Lionshead district,
including the Lionshead Welcome Center, East and West Portals into Lionshead, and a
renovation of the Vail Library.
During 2012, $52,000 of library grant proceeds was transferred from the General Fund to
the Capital Projects Fund and used for audio visual equipment and community room
furniture as a part of the Vail Library renovation.
The Capital Projects Fund transferred $2,088,347 to the Debt Service Fund for annual
debt service payments.
Governmental Activities:
General government502,968$
Public safety437,870
Public works and transportation9,122,898
Culture and recreation1,364,083
Total Depreciation Expense - Governmental Activities 11,427,819$
Business-type Activities:
Dispatch services256,771$
Housing526,910
Total Depreciation - Business-type Activities 783,681$
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D20
IV. Detailed Notes on all Funds (continued)
F. Long-term Liabilities – Governmental Activities
The Town has the following long-term debt outstanding for governmental activities:
1. Sales Tax Revenue Refunding Bonds, Series 2002B
The Town issued $5,570,000 of Sales Tax Revenue Refunding Bonds dated
September 1, 2002 (the “2002B Bonds”). Proceeds from the 2002B Bonds were
used to refund outstanding 1992 bonds.
The 2002B Bonds matured December, 2012 with no principal outstanding.
The interest rate on the 2002B Bonds ranges from 2.5% to 4.0% per annum, and is
payable on June 1 and December 1 annually through December 1, 2012.
The 2002B 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 2002B Bonds constitute an irrevocable lien
(but not an exclusive lien) upon the pledged revenues.
2002B Bonds maturing on or before December 1, 2011 are not subject to prior
redemption. 2002B Bonds maturing on or after June 1, 2012 are 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 equal to the principal amount
redeemed, plus a redemption premium equal to 1% of the principal redeemed, plus
accrued interest to the redemption date.
2. Sales Tax Revenue Refunding Bonds, Series 2008
The Town issued $6,320,000 of Sales Tax Revenue Refunding Bonds dated
December 1, 2008 (the “2008 Bonds”). Proceeds from the 2008 Bonds were used to
refund outstanding 1998A bonds.
The interest rate on the 2008 Bonds ranges from 3.5% to 4.0% per annum, and is
payable on June 1 and December 1 annually through December 1, 2012.
The 2008 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 2008 Bonds constitute an irrevocable lien
(but not an exclusive lien) upon the pledged revenues.
The 2008 Bonds were not subject to redemption prior to maturity at the option of the
Town.
The 2008 Bonds matured December 2012 with no principal outstanding.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D21
IV. Detailed Notes on all Funds (continued)
F. Long-term Liabilities – Governmental Activities (continued)
3. Vail Reinvestment Authority Tax Increment Revenue Bonds, Series 2010A
The Authority issued $3,670,000 of Tax-Exempt Tax Increment Revenue Bonds
dated November 4, 2010 (the “2010A Bonds”). Proceeds from the 2010A Bonds will
be used to finance the acquisition, construction, and installation of an urban renewal
project(s).
The interest rate on the 2010A Bonds ranges from 2.5% to 4% per annum, and is
payable June 1 and December 1 annually through June 1, 2018.
The 2010A Bonds are special limited obligations of the Authority, equitably and
ratably secured by an irrevocable pledge of the Trust Estate, funded by pledged
property tax revenues.
2010A Bonds are not subject to redemption prior to maturity at the option of the
Authority.
4. Vail Reinvestment Authority Tax Increment Revenue Bonds, Series 2010B
The Authority issued $8,270,000 of Taxable Tax Increment Revenue Bonds (Direct
Pay Build America Bonds) dated November 4, 2010 (the “2010B Bonds”). Proceeds
from the 2010B Bonds will be used to finance the acquisition, construction, and
installation of an urban renewal project(s).
The interest rate on the 2010B Bonds ranges from 5.269% to 6.659% per annum,
and is payable June 1 and December 1 annually from June 1, 2011 through June 1,
2030. Principal payments are payable June 1 and December 1 annually from June
1, 2019 through June 1, 2030.
The Authority will receive a federal subsidy known as the “BAB Credit” equal to 35%
of corresponding interest as provided under the American Recovery and
Reinvestment Act of 2009. This “BAB Credit” may decrease by 8.7% beginning
December 1, 2013 due to federal budget reductions.
The 2010B Bonds are special limited obligations of the Authority, equitably and
ratably secured by an irrevocable pledge of the Trust Estate, funded by pledged
incremental property tax revenues.
2010B Bonds maturing on or before June 1, 2020 are not subject to optional
redemption prior to their respective maturity dates. The 2010B Bonds maturing
on and after June 1, 2021 are subject to redemption prior to their respective maturity
dates at the option of the Authority at a price equal to the principal amount plus
accrued interest to the redemption date without a premium. All 2010B Bonds are
subject to mandatory sinking fund redemption.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D22
IV. Detailed Notes on all Funds (continued)
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 amount of $19,025,000
as limited obligations of the Corporation and not indebtedness of the Town. The
2003A Bonds are payable solely from the rents and other receipts from operation of
the Project, net of the Project’s actual operating expenses (the “Pledged Revenues”)
and the various reserve funds and other monies pledged under the terms of the
2003A indenture. Certain capitalized terms are further described in the 2003A
indenture. The 2003A Bonds bear interest at the Weekly Rate established by
George K. Baum & Company (the “Remarketing Agent”) until converted to another
“mode”, including 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 tendered 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.
• 2003A Bonds in a Commercial Long-Term Mode - after the following No-Call
Period and at the following redemption prices, plus accrued interest:
Length of Rate Period No-Call Period Redemption Price
Greater than 12 years10 years from the Rate101%, declining 0.5% per
Change Date6 months to 100%
Greater than 4 years, butUntil 2 years prior to the 100%
less than 12 yearsend of the Rate Period
Less than or equal toLength of the Rate PeriodNot subject to optional
4 yearsredemption
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D23
IV. Detailed Notes on all Funds (continued)
G. Long-term Liabilities – Business-type Activities (continued)
1. Adjustable Rate Housing Facilities Revenue Bonds, Series 2003A (continued)
• 2003A bearing a Fixed Rate - after the following No-Call Period and at the
following redemption prices, plus accrued interest:
Length of Rate Period No-Call Period Redemption Price
Greater than 12 years10 years from the101%, declining 0.5% per
Conversion Date6 months to 100%
Greater than 4 years, butUntil 2 years prior to100%
less than 12 yearsMaturity
Less than or equal toTerm to MaturityNot subject to optional
4 yearsredemption
From the date of issuance through December 31, 2012, the 2003A Bonds have
been in Weekly Mode, with interest rates set by the Remarketing Agent. Interest
rates on the 2003A Bonds ranged from 0.19% to 0.23% per annum in 2012. At
December 31, 2012, the interest rate on the 2003A Bonds was 0.19% per
annum; however, the Corporation’s effective interest rate has been limited to 4%
through August 1, 2006 and 5.5% thereafter, as provided by the Rate Protection
Agreement discussed in Note IV.K. Total interest expense for 2012 incurred in
respect of the 2003A Bonds was $34,027.
2. Promissory Note – Town of Vail (the “Town Notes”)
In connection with the Corporation’s purchase of the Project, the 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, 2012, the balance outstanding under the terms of these promissory
notes (collectively, the “Town Notes”) was $1,900,000.
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.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D24
IV. Detailed Notes on all Funds (continued)
G. Long-term Liabilities – Business-type Activities (continued)
2. Promissory Note – Town of Vail (the “Town Notes”) (continued)
The Town Notes are payable to the extent that the Corporation 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 Indenture) for the 2003A 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.
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 Indenture) for the 2003A
Bonds.
The Corporation incurred interest expense totaling $28,500 during 2012 in respect of
the Town Notes. At December 31, 2012, the Corporation had accrued a total of
$238,968 in interest payable to the Town under the terms of the Town Notes.
H. Long-term Liabilities – Compensated Absences
The Town has a policy allowing the accumulation of paid vacation and sick leave, subject
to certain maximum limits. In accordance with GAAP, the Town’s approximate liability for
vacation pay earned by employees and longevity pay at December 31, 2012 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 $3,136,849 at December 31, 2012 has not been reflected in the Town’s
financial statements as the amount is partially insured by an independent insurance
company and the amounts are not payable at termination.
I. Long-term Liabilities – Refunded
In prior years, the Town defeased certain general obligations and other bonds by placing
the proceeds of new bonds in an irrevocable trust to provide for all future debt service
payments on the old bonds. The bonds intended to be refunded by the refunding issues
remain a contingent liability of the Town until retired; however, they are not included for
the purposes of calculating debt limits of the Town. The amount of debt considered
defeased cannot be readily determined as of December 31, 2012.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D25
IV. Detailed Notes on all Funds (continued)
J. Long-term Liabilities – Activity and Debt Service Schedules
Long-term liability activity for the year ended December 31, 2012 was as follows:
BeginningEnding Due Within
BalanceAdditionsReductionsBalanceOne Year
Governmental Activities:
Tax-Exempt Refunding Bonds,
Series 20081,660,000$ - (1,660,000) - -
Deferred amounts:
Issuance premium21,058 - (21,058) - -
Cost of refunding(10,824) - 10,824 - -
Refunding Bonds, Series 2002B535,000 - (535,000) - -
Tax-Increment Bonds, Series 2010A3,420,000 - (445,000) 2,975,000 460,000
Tax-Increment Bonds, Series 2010B8,270,000 - - 8,270,000 -
Deferred amounts:
Issuance premium50,317 - (12,217) 38,100 -
Compensated absences1,344,477 26,497 - 1,370,974 548,390
Total Governmental Activities
Long-term Liabilities 15,290,028$ 26,497$ (2,662,451)$ 12,654,074$ 1,008,390$
Business-type Activities:
Housing Facilities Revenue Bonds:
Adjustable Rate, Series 2003A17,740,000$ - (475,000) 17,265,000 500,000
Promissory note1,900,000 - - 1,900,000 -
Compensated absences68,762 - (9,142) 59,620 23,848
Total Business-type Activities
Long-term Liabilities 19,708,762$ - (484,142) 19,224,620 523,848
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D26
IV. Detailed Notes on all Funds (continued)
J. Long-term Liabilities – Activity and Debt Service Schedules (continued)
Debt service requirements at December 31, 2012 were as follows:
PrincipalInterestTotal
Governmental Activities:
2013460,000 605,203 1,065,203
2014475,000 591,178 1,066,178
2015490,000 577,928 1,067,928
2016500,000 564,928 1,064,928
2017515,000 547,753 1,062,753
2018-20222,875,000 2,340,046 5,215,046
2023-20273,470,000 1,397,013 4,867,013
2028-20302,460,000 250,380 2,710,380
Total Governmental Activities 11,245,000$ 6,874,429 18,119,429
Business-type Activities:
2013500,000 32,724 532,724
2014530,000 31,770 561,770
2015560,000 30,758 590,758
2016585,000 29,690 614,690
2017620,000 28,573 648,573
2018-20223,630,000 123,838 3,753,838
2023-20274,715,000 85,258 4,800,258
2028-20328,025,000 605,151 8,630,151
Total Business-type Activities 19,165,000$ 967,762 20,132,762
General obligation bonds issued for governmental activity purposes are liquidated by the
Debt Service Fund, whereas general obligation bonds issued for component unit
purposes are liquidated by the component unit.
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 $570,000
respectively.
K. 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 be drawn to pay up
to 35 days’ accrued interest on the 2003A Bonds at a maximum rate of 10% 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.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D27
IV. Detailed Notes on all Funds (continued)
K. Credit Facility and Reimbursement Agreement – Timber Ridge Affordable Housing
Corporation (continued)
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 2012
totaling $332,942 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 2012, the Corporation drew and repaid $34,714 of advances on the Credit Facility.
At December 31, 2012, 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 1/12th 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. For the year ended December 31,
2012, the Corporation funded the required annual payment of $45,000.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D28
IV. Detailed Notes on all Funds (continued)
K. Credit Facility and Reimbursement Agreement – Timber Ridge Affordable Housing
Corporation (continued)
As required by the Reimbursement Agreement and for as long as the Credit 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 described.
L. Fund Balance Disclosures
The Town classifies governmental fund balances as follows:
Non-spendable – includes fund balance amounts inherently non-spendable since they
represent inventories, prepaid items, and long-term portions of loans receivable.
Spendable Fund Balance:
Restricted – includes fund balance amounts that are constrained for specific
purposes which are externally imposed by providers, such as creditors, or amounts
constrained due to constitutional provisions or enabling legislation.
Committed – includes fund balance amounts that are constrained for specific
purposes that are internally imposed by the government through formal action of the
highest level of decision making authority, which is the Town Council. The Town’s
original budget legislation begins with combining historical data, assessment of
needs for the upcoming year and the Town’s platform to review, and/or make
changes to each department’s budget. The budget is formally presented to the Town
Council via an advertised public process for review, revisions and final approval by
year-end. All subsequent budget requests made during the year, after Town Council
approval, must be presented via a public process and again approved by Town
Council.
Assigned – includes spendable fund balance amounts that are intended to be used
for specific purposes that are neither considered restricted nor committed. Fund
balance may be assigned by Town Council or its management designees.
Unassigned – includes residual positive fund balance within the General Fund, which
has not been classified within the other above mentioned categories. Unassigned
fund balance may also include negative balances for any governmental fund if
expenditures exceed amounts restricted, committed, or assigned for those specific
purposes.
The Town’s restricted amounts are to be spent first when both restricted and unrestricted
fund balance is available unless there are legal documents or contracts that prohibit this,
such as grant agreements that require dollar for dollar spending. Additionally, the Town
would first use committed, then assigned, and lastly unassigned amounts when
expenditures are made.
The Town has a minimum fund balance policy of 25% of annual General Fund revenues.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D29
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 employees other than
sworn police officers and firefighters; the second plan covers all full time and qualified
seasonal employees of the Town’s Police and Fire departments. The plan provisions are
the same for both plans.
In defined contribution plans, benefits depend solely on amounts contributed to the plans
plus investment earnings. Employees are eligible to participate in the plans from the date
of employment or the effective date of the plans, January 1, 1983, whichever is later.
The plans provide for contributions to be made by the Town of 12.6% of regular
compensation for the first year of employment and 17.6% thereafter. For employees
hired after April 1, 1986, the Town's contribution is 11.15% of regular compensation for
the first year, and 16.15% thereafter.
Employees have the option to make voluntary contributions of up to 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 contributions is 77.5%
after the first year of employment with an additional vesting of 7.5% per year through the
fourth year, when vesting is 100%. For employees hired after June 30, 1986, vesting of
the Town's contributions to the employees is 20% after the first year of employment with
additional vesting of 20% per year through the fifth year, when vesting is 100%. If an
employee dies, becomes disabled, or attains the age of 60, their entire interest in the
plans becomes vested; normal retirement age is 60 with early retirement at age 50 and
four years of service.
In 1991, the Town established a defined contribution pension plan for seasonal
employees who work for the Town longer than 6 weeks. Seasonal employees are
required to contribute 6% of regular compensation to the plan and the Town contributes
1.5%. Seasonal employees are 100% vested after their first contribution.
Employees covered under the regular and seasonal pension plans do not participate in
the Social Security system.
The annual pension cost is the Town's contributions less forfeitures from the prior year.
The plans' invested assets at December 31, 2012 of $45,400,138 are stated at market
value. All earnings, losses, expenses, and changes in the fair market value of the trust
fund will be apportioned at least annually among the participants in proportion to each
participant's current share of the Trust Investment Fund. The Town has no liability for
unfunded future vested employee benefits.
The trustees and administrators of the plans are the Retirement Board. The Retirement
Board determines investment options made available to participants, in adherence with
an adopted investment policy statement.
The total amount of the Town’s 2012 covered payroll was $15,094,349 of which
$12,953,328 was for permanent employees and $2,141,021 was for seasonal staff. Total
2011 payroll for all Town employees was $16,130,474. 6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D30
V. Other Information (continued)
B. Retirement Savings Plan - Deferred Compensation Plan - IRC 457
The Town offers its employees a deferred compensation plan (the “457 Plan”) created in
accordance with Internal Revenue Code section 457. The 457 Plan, available to all Town
employees, permits them to defer a portion of their salary until future years. The deferred
compensation is not available to employees until termination, retirement, death, or
unforeseeable emergency.
All amounts of compensation deferred under the 457 Plan, all property and rights
purchased with those amounts, and all income attributable to those amounts, property, or
rights are to be held in trust for the exclusive benefit of the 457 Plan participants and their
beneficiaries.
The modified accrual basis of accounting is used for the 457 Plan.
The trustees and administrators of the 457 Plan are the Retirement Board, which
comprises members of the Town’s administration. The Retirement Board determines
investment options made available to participants, in adherence to an adopted
investment policy statement.
The Town has no liability for losses under the 457 Plan but does have the duty of due
care that would be required of an ordinary prudent investor.
The total assets of the 457 Plan were $10,208,820 at December 31, 2012. The assets
were invested in mutual funds, as previously described.
Pursuant to the Town’s adoption of GASB Statement No. 32, Accounting and Financial
Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans, the 457
Plan has been included in these financial statements as an expendable trust fund.
C. Cafeteria Plan
The Town offers a cafeteria compensation plan organized under section 125 of the
Internal Revenue Code, which includes dependent care and health expense
reimbursement. No cost to the Town is recognized as the plan is a salary reduction plan.
D. Risk Management
The Town is exposed to various risks of loss related to workers compensation, general
liability, unemployment, torts, theft of, damage to, and destruction of assets, and errors
and omissions. The Town carries commercial coverage for these risks and claims and
does not expect claims to exceed their coverage.
E. Commitments and Contingencies
1. Legal Claims
During the normal course of business, the Town may incur claims and other
assertions against it from various agencies and individuals. Management of the
Town and their legal representatives feel none of these claims or assertions are
significant enough that they would materially affect the fairness of the presentation of
the financial statements at December 31, 2012.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D31
V. Other Information (continued)
E. Commitments and Contingencies (continued)
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, 2012.
F. Rate Protection Agreement – Timber Ridge Affordable Housing Corporation
In connection with the issuance of the 2003A Bonds and as required by the
Reimbursement Agreement, the Corporation entered into rate protection agreements
which limit the Corporation’s interest payable on the 2003A Bonds for specific periods.
Fees paid by the Corporation under these arrangements have been capitalized as Bond
Issue Costs.
Effective April 30, 2008, the Corporation’s existing Rate Protection Agreement with
SMBC Derivative Products Limited (“SMBC”) was revised in that SMBC agreed to limit
the Corporation’s interest payable on the 2003A Bonds to 5.5% per annum through May
1, 2010. SMBC was paid a fee of $14,650 in 2008 for this service, which has been
capitalized as Bond Issue Costs.
Effective May 5, 2010, the Corporation entered into a Rate Protection Agreement with
U.S. Bank National Association (“U.S. Bank”) whereby U.S. Bank agreed to limit the
Corporation’s interest payable on the 2003A Bonds to 5.5% per annum through May 1,
2011. During 2010, U.S. Bank was paid a $4,000 fee for its services under the Rate
Protection Agreement, which has been capitalized as Bond Issue Costs.
Effective May 5, 2011, the Corporation entered into a Rate Protection Agreement with
U.S. Bank National Association (“U.S. Bank”) whereby U.S. Bank agreed to limit the
Corporation’s interest payable on the 2003A Bonds to 5.5% per annum through May 1,
2012. During 2011, U.S. Bank was paid a $3,500 fee for its services under the Rate
Protection Agreement, which has been capitalized as Bond Issue Costs.
Effective July 18, 2012 The Corporation entered into a Rate Protection Agreement with
U.S. Bank whereby U.S. Bank agreed to limit the Corporation’s interest payable on the
2003A Bonds to 0.5% per annum through July 17, 2013. During 2012, U.S. Bank was
paid a $12,700 fee for its services under the Rate Protection Agreement, which has been
capitalized as Bond Issue Costs.
During 2012 and 2011, the Corporation did not receive a reimbursement under the rate
protection agreement, as the Corporation’s interest rate payable on the 2003A Bonds
was less than 0.5% (2011 – 5.5%) per annum.
G. Related Party Transactions - Vail Local Marketing District
The District has executed a Coordination Agreement with Vail Valley Partnership (“VVP”)
under which VVP provides some marketing coordination services to the District in return
for a fixed fee. The District paid VVP $40,000 for its services in 2012. 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.
6/4/2013
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2012
(Continued)
D32
V. Other Information (continued)
G. Related Party Transactions – Vail Local Marketing District (continued)
Fees totaling $20,000 for accounting services and $85,000 for marketing coordination
were incurred by the District during 2012 from the Town.
H. Conduit Debt – Town of Vail, Colorado Multifamily Housing Revenue Bonds
(Middle Creek Village Apartments Project), Series 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.
I. Subsequent Event
In February 2013, the Timber Ridge Affordable Housing Corporation redeemed the
remaining $17,265,000 principal outstanding on the 2003A Bonds, and terminated the
related letter of credit with U.S. Bank. This redemption was funded by an $8 million dollar
capital contribution from the Town; an $8 million dollar loan from the Town; as well as
utilizing the $1,265,000 held as reserve funds by U.S. Bank immediately before the
redemption. The $8 million dollar loan from the Town bears simple interest at 1.5% per
annum, and is repayable over 20 years with annual principal and interest payments of
$465,966. There is no prepayment penalty associated with this loan. As part of this
transaction, the Corporation repaid accrued interest associated with the Promissory Note
(see Note IV.G.2.) in the amount of $238,968.
6/4/2013
REQUIRED SUPPLEMENTARY INFORMATION
6/4/2013
2011
Final Budget
Variance
Original Final Positive
Budget Budget Actual (Negative)Actual
Revenues:
Taxes:
General sales taxes 10,859,000 11,530,000 11,530,000 - 10,859,000
Property and ownership taxes 4,232,000 4,232,000 4,157,279 (74,721) 5,031,770
Ski area lift ticket admissions tax 3,492,000 3,492,000 3,433,686 (58,314) 3,529,125
Franchise tax 1,078,311 1,003,311 974,244 (29,067) 1,039,185
Penalties and interest on delinquent taxes 34,442 34,442 29,074 (5,368) 33,954
Total - Taxes 19,695,753 20,291,753 20,124,283 (167,470) 20,493,034
Permits and Licenses:
Construction fees 425,000 625,000 731,469 106,469 985,377
Contractors' licenses 20,000 20,000 65,500 45,500 76,015
Other permits and licenses 510,000 510,000 673,619 163,619 75,574
Total - Permits and Licenses 955,000 1,155,000 1,470,588 315,588 1,136,966
Intergovernmental:
County sales tax 569,600 569,600 650,879 81,279 631,724
County road and bridge 850,000 850,000 707,090 (142,910) 862,559
Additional motor vehicle registration fees 24,000 24,000 25,337 1,337 23,939
Cigarette tax 80,000 80,000 74,825 (5,175) 74,077
Highway users tax 219,000 219,000 213,981 (5,019) 214,409
State health inspection 8,240 8,240 11,787 3,547 10,379
Other state sources 6,400 6,400 1,505 (4,895) 19,732
Federal sources 154,010 154,010 189,623 35,613 229,372
Total - Intergovernmental 1,911,250 1,911,250 1,875,027 (36,223) 2,066,191
Charges for Services:
Management fees - Vail
Local Marketing District 105,000 105,000 105,000 - 105,000
2012
Town of Vail, Colorado
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2012
With Comparative Totals For the Year Ended December 31, 2011
The accompanying notes are an integral part of these financial statements.
E1
Local Marketing District 105,000 105,000 105,000 - 105,000
Internal service charge 373,000 373,000 441,823 68,823 381,797
Out of district fire response 37,000 138,646 116,703 (21,943) 137,248
Alarm monitoring fees 35,000 35,000 27,415 (7,585) 25,487
Parking 4,425,000 3,839,000 3,453,836 (385,164) 4,023,940
Fines and forfeitures 325,000 325,000 251,501 (73,499) 265,575
Rents 869,816 929,816 832,134 (97,682) 895,872
Other charges, services, and sales 224,850 254,850 284,364 29,514 312,810
Total - Charges for Services 6,394,666 6,000,312 5,512,776 (487,536) 6,147,729
Other Revenues:
Earnings on investments 116,900 116,900 177,991 61,091 189,591
Other 207,000 334,000 500,936 166,936 477,102
Total - Other Revenues 323,900 450,900 678,927 228,027 666,693
Total Revenues 29,280,569 29,809,215 29,661,601 (147,614) 30,510,613
The accompanying notes are an integral part of these financial statements.
E1
6/4/2013
2011
Final Budget
Variance
OriginalFinalPositive
BudgetBudget Actual(Negative)Actual
Expenditures:
General Government:
Town officials1,453,334 1,437,134 1,291,467 145,667 1,279,098
Administrative3,467,195 3,683,195 3,581,749 101,446 3,227,937
Community development1,581,504 1,611,979 1,503,182 108,797 1,494,045
Total - General Government 6,502,033 6,732,308 6,376,398 355,910 6,001,080
Public Safety:
Police department5,167,129 5,197,129 4,833,807 363,322 4,817,088
Fire department3,078,507 3,179,321 3,276,352 (97,031) 3,081,027
Total - Public Safety 8,245,636 8,376,450 8,110,159 266,291 7,898,115
Public Works and Transportation:
Highways and streets3,674,733 3,674,733 3,441,884 232,849 3,465,263
Transportation3,862,185 3,897,185 3,896,459 726 3,736,484
Parking operations1,026,847 1,076,847 1,018,733 58,114 1,001,388
Facility maintenance3,392,545 3,460,045 3,216,915 243,130 3,158,935
Total - Public Works and Transportation 11,956,310 12,108,810 11,573,991 534,819 11,362,070
Culture and Recreation:
Contributions, marketing and special events2,528,935 2,713,035 2,684,151 28,884 1,795,886
Special recreation facilities158,800 228,800 211,915 16,885 165,512
Library816,751 816,751 795,620 21,131 782,557
Total - Culture and Recreation 3,504,486 3,758,586 3,691,686 66,900 2,743,955
302086 30961 29223 1223920 2800220
(Continued)
2012
Town of Vail, Colorado
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2012
With Comparative Totals For the Year Ended December 31, 2011
The accompanying notes are an integral part of these financial statements.
E2
Total Expenditures 30,208,465 30,976,154 29,752,234 1,223,920 28,005,220
Excess of Revenues
Over Expenditures (927,896) (1,166,939) (90,633) 1,076,306 2,505,393
Other Financing Sources (Uses):
Transfers out- (52,000) (52,000) - (1,845,800)
Total Other Financing Sources (Uses)- (52,000) (52,000) - (1,845,800)
Net Change in Fund Balances (927,896) (1,218,939) (142,633) 1,076,306 659,593
Fund Balances - January 1 21,645,224 23,546,285 23,546,285 - 22,886,692
Fund Balances - December 31 20,717,32822,327,34623,403,6521,076,306 23,546,285
The accompanying notes are an integral part of these financial statements.
E2
6/4/2013
2011
Final Budget
Variance
OriginalFinalPositive
BudgetBudget Actual(Negative)Actual
Revenues:
Taxes:
Sales tax6,941,000 7,370,000 8,706,347 1,336,347 8,956,252
Construction use tax515,000 1,200,000 1,221,734 21,734 721,002
Total - Taxes 7,456,000 8,570,000 9,928,081 1,358,081 9,677,254
Intergovernmental:
Federal grants- 1,184,000 726,444 (457,556) 1,205,465
Total - Intergovernmental - 1,184,000 726,444 (457,556) 1,205,465
Charges for Services:
Leases - Vail Commons188,160 188,160 192,710 4,550 192,710
Resale fees- - 4,903 4,903 12,483
Total - Charges for Services 188,160 188,160 197,613 9,453 205,193
Other:
Interest on investments67,500 67,500 122,406 54,906 111,166
Project reimbursements/shared costs- 174,435 290,151 115,716 1,015,645
Construction fees- 70,000 146,117 76,117 249,217
Workforce housing sales and other- 13,500 4,740 (8,760) -
Total - Other 67,500 325,435 563,414 237,979 1,376,028
Total Revenues 7,711,660 10,267,595 11,415,552 1,147,957 12,463,940
Expenditures:
Public Works:
Capital projects and acquisition12,987,028 24,277,932 15,695,338 8,582,594 18,127,736
With Comparative Totals For the Year Ended December 31, 2011
2012
Town of Vail, Colorado
Special Revenue Funds
Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2012
The accompanying notes are an integral part of these financial statements.
E3
Excess (Deficiency) of Revenues
Over Expenditures (5,275,368) (14,010,337) (4,279,786) 9,730,551 (5,663,796)
Other Financing Sources (Uses):
Sale of assets- - 5,320 5,320 18,832
Transfers in6,546,700 9,097,574 5,406,864 (3,690,710) 9,003,960
Transfers (out)(2,088,347) (2,088,346) (2,088,347) (1) (2,279,574)
Total Other Financing Sources (Uses)4,458,353 7,009,228 3,323,837 (3,685,391) 6,743,218
Net Change in Fund Balances (817,015) (7,001,109) (955,949) 6,045,160 1,079,422
Fund Balances - January 1 8,988,830 18,448,740 20,358,739 1,909,999 19,279,317
Fund Balances - December 31 8,171,815 11,447,631 19,402,790 7,955,159 20,358,739
The accompanying notes are an integral part of these financial statements.
E3
6/4/2013
2011
Final Budget
Variance
Original Final Positive
Budget Budget Ac tual (Negative)Ac tual
Revenues:
Taxes:
Real estate transfer tax 3,835,000 3,835,000 5,452,937 1,617,937 4,403,706
Intergovernmental Revenue:
Lottery revenue 20,000 20,000 26,961 6,961 22,826
Other State revenue - - - - 161,203
Total - Intergovernmental Revenue 20,000 20,000 26,961 6,961 184,029
Charges for Services:
Recreation amenities fee 10,000 10,000 41,168 31,168 9,740
Land lease to Vail Recreation District 126,888 126,888 126,768 (120) 126,768
Total - Charges for Services 136,888 136,888 167,936 31,048 136,508
Other:
Project reimbursements 15,000 1,186,660 23,886 (1,162,774) 406,329
Donations - - 30,440 30,440 20,200
Interest on investments 68,000 68,000 124,267 56,267 126,562
Other - - 5,669 5,669 2,726
Total - Other 83,000 1,254,660 184,262 (1,070,398) 555,817
Total Revenues 4,074,888 5,246,548 5,832,096 585,548 5,280,060
Expenditures:
Culture and Recreation:
Project management 191,750 191,750 272,647 (80,897) 220,185
Park maintenance 1,350,140 1,350,140 1,225,571 124,569 1,229,538
Environmental sustainability 250,000 205,450 199,792 5,658 174,605
With Comparative Totals For the Year Ended December 31, 2011
2012
Town of Vail, Colorado
Special Revenue Funds
Real Estate Transfer Tax Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2012
The accompanying notes are an integral part of these financial statements.
E4
Environmental sustainability 250,000 205,450 199,792 5,658 174,605
Art in public places 92,657 92,657 86,205 6,452 81,022
Public Works:
Capital projects 3,604,400 17,924,271 4,723,228 13,201,043 4,360,230
Public Safety
Fire suppression 195,000 195,000 182,290 12,710 92,067
Total Expenditures 5,683,947 19,959,268 6,689,733 13,269,535 6,157,647
Excess (Deficiency) of Revenues
Over Expenditures (1,609,059)(14,712,720)(857,637) 13,855,083 (877,587)
Other Financing Sources (Uses):
Transfers in - 6,785,000 - (6,785,000) 515,000
Transfers (out)- - - - (32,964)
Total Other Financing Sources (Uses)- 6,785,000 - (6,785,000) 482,036
Net Change in Fund Balances (1,609,059)(7,927,720) (857,637) 7,070,083 (395,551)
Fund Balances - January 1 9,451,831 17,285,604 17,285,604 - 17,681,155
Fund Balances - December 31 7,842,772 9,357,884 16,427,967 7,070,083 17,285,604
The accompanying notes are an integral part of these financial statements.
E4
6/4/2013
2011
Variance
Original Final Positive
Budget Budget Actual (Negative)Actual
Revenues:
Interest on investments 46,800 46,800 61,299 14,499 65,787
Total Revenues 46,800 46,800 61,299 14,499 65,787
Expenditures:
Economic Development
Capital outlay - 2,100,000 1,257,306 842,694 -
Total Expenditures - 2,100,000 1,257,306 842,694 -
Other Financing Sources (Uses):
Transfers (out)- (6,785,000) - (6,785,000) (515,000)
Total Other Financing Sources (Uses)- (6,785,000) - (6,785,000) (515,000)
Net Change in Fund Balances 46,800 (8,838,200) (1,196,007) 7,642,193 (449,213)
Fund Balances - January 1 8,796,804 8,915,791 8,915,791 - 9,365,004
Fund Balances - December 31 8,843,604 77,591 7,719,784 7,642,193 8,915,791
With Comparative Totals For the Year Ended December 31, 2011
2012
Town of Vail, Colorado
Special Revenue Funds
Conference Center Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2012
The accompanying notes are an integral part of these financial statements.
E5
6/4/2013
2011
Original Variance
and FinalPositive
Budget Actual(Negative)Actual
Revenues:
Permits and Licenses:
Business licenses332,000 332,297 297 332,104
Other:
Interest on investments3,000 1,750 (1,251) 1,874
Total Revenues 335,000 334,047 (953) 333,978
Expenditures:
Economic Development:
Commission on Special Events300,000 300,000 - 299,001
Administration fee17,100 16,615 485 16,605
Total Expenditures 317,100 316,615 485 315,606
Excess (Deficiency) of Revenues
Over Expenditures 17,900 17,432 (468) 18,372
Fund Balances - January 1 153,071 156,543 3,472 138,171
Fund Balances - December 31 170,971 173,975 3,004 156,543
With Comparative Totals For the Year Ended December 31, 2011
2012
Town of Vail, Colorado
Special Revenue Funds
Vail Marketing Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2012
The accompanying notes are an integral part of these financial statements.
E6
6/4/2013
2011
Final Budget
Variance
Original Final Positive
Budget Budget Ac tual (Negative)Ac tual
Revenues:
Taxes:
Lodging tax 2,000,000 2,000,000 2,452,910 452,910 2,145,988
Other:
Interest on investments 1,200 1,200 289 (911) 857
Total - Other 1,200 1,200 289 (911) 857
Total Revenues 2,001,200 2,001,200 2,453,199 451,999 2,146,845
Expenditures:
Economic Development:
Destination 515,000 699,500 611,842 87,658 380,658
Front Range 356,000 412,000 393,022 18,978 342,395
Groups and meetings 410,000 427,500 420,844 6,656 318,241
Marketing 370,225 417,225 391,123 26,102 505,718
Special Events 200,000 70,000 70,000 - 108,500
Purchased services 315,000 315,000 332,375 (17,375) 285,000
Total Expenditures 2,166,225 2,341,225 2,219,206 122,019 1,940,512
Excess (Deficiency) of Revenues Over Expenditures (165,025) (340,025) 233,993 574,018 206,333
Fund Balances - January 1 856,813 1,061,697 1,061,697 - 855,364
Fund Balances - December 31 691,788 721,672 1,295,690 574,018 1,061,697
2012
With Comparative Totals For the Year Ended December 31, 2011
Town of Vail, Colorado
Special Revenue Funds
Vail Local Marketing District
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2012
The accompanying notes are an integral part of these financial statements.
E7
6/4/2013
2011
Final Budget
Variance
OriginalFinalPositive
BudgetBudget Actual(Negative)Actual
Revenues:
Other:
Property tax2,465,000 3,370,000 3,383,493 13,493 3,366,594
Interest on investments32,000 32,000 12,817 (19,183) 35,873
Interest Subsidy (Build America Bonds)173,343 173,343 180,619 7,276 194,165
Total Revenues 2,670,343 3,575,343 3,576,929 1,586 3,596,632
Expenditures:
Economic Development:
Administration41,680 59,060 59,352 (292) 57,706
Treasurer's fees73,950 101,100 101,512 (412) 101,001
Professional fees25,000 25,000 1,535 23,465 2,125
Vail Square Metro District369,570 404,490 403,668 822 466,843
Total Economic Development:510,200 589,650 566,067 23,583 627,675
Debt Service:
Principal445,000 445,000 445,000 - 250,000
Interest618,778 618,778 618,778 - 676,675
Fiscal agent fees2,200 2,200 - 2,200 2,200
Total Debt Service:1,065,978 1,065,978 1,063,778 2,200 928,875
Total Expenditures 1,576,178 1,655,628 1,629,845 25,783 1,556,550
Excess (Deficiency) of Revenues
Over Expenditures 1,094,165 1,919,715 1,947,083 27,368 2,040,082
Other Financing Sources (Uses):
Transfers out(6,546,700) (9,035,574) (5,354,864) 3,680,710 (7,125,196)
Total Other Financing Sources (Uses)(6,546,700) (9,035,574) (5,354,864) 3,680,710 (7,125,196)
Net Change in Fund Balances (5,452,535) (7,115,859) (3,407,780) 3,708,079 (5,085,114)
Fund Balances - January 1 7,639,022 10,143,991 10,143,991 - 15,229,105
Fund Balances - December 31 2,186,487 3,028,132 6,736,211 3,708,079 10,143,991
With Comparative Totals For the Year Ended December 31, 2011
2012
Town of Vail, Colorado
Special Revenue Funds
Vail Reinvestment Authority
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2012
The accompanying notes are an integral part of these financial statements.
E8
6/4/2013
SUPPLEMENTARY INFORMATION
6/4/2013
2011
Original Variance
and FinalPositive
Budget Actual(Negative)Actual
Revenues:
Other:
Interest on investments- 6,052 6,052 12,973
Total Revenues - 6,052 6,052 12,973
Expenditures:
Debt Service:
Principal2,195,000 2,195,000 - 2,115,000
Interest82,275 82,275 - 165,682
Fiscal agent fees4,000 1,500 2,500 500
Total Expenditures 2,281,275 2,278,775 2,500 2,281,182
(Deficiency) of Revenues
Over Expenditures (2,281,275) (2,272,723) 8,552 (2,268,209)
Other Financing Sources:
Transfers in 2,088,346 2,088,347 1 2,279,574
Total Other Financing Sources (Uses)2,088,346 2,088,347 1 2,279,574
Net Change in Fund Balances (192,929) (184,376) 8,553 11,365
Fund Balances - January 1 194,173 205,647 11,474 194,282
Fund Balances - December 31 1,244 21,271 20,027 205,647
Town of Vail, Colorado
Debt Service Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances
For the Year Ended December 31, 2012
With Comparative Totals For the Year Ended December 31, 2011
2012
Budget (GAAP Basis) and Actual
The accompanying notes are an integral part of these financial statements.
F1
6/4/2013
2011
Final Budget
Variance
Original FinalPositive
BudgetBudget Actual(Negative)Actual
Operating Revenues:
Rent1,630,031 1,630,828 1,659,060 28,232 1,520,426
Laundry room lease15,400 18,844 20,790 1,946 11,869
Other5,000 13,960 14,420 460 9,508
Total Operating Revenues 1,650,431 1,663,632 1,694,270 30,638 1,541,803
Operating Expenses:
Advertising8,400 5,304 5,256 48 17,502
Office expenses10,573 10,530 9,552 978 8,440
Management fee90,000 90,000 90,000 - 70,000
Telecommunications6,720 7,564 7,757 (193) 6,765
Wages - Administrative72,920 80,087 78,174 1,913 87,293
Wages - Maintenance and other118,877 133,912 114,907 19,005 132,250
Repairs and maintenance78,950 124,135 108,905 15,230 89,545
Electric32,000 30,286 31,115 (829) 58,887
Water and sewer130,150 134,586 135,424 (838) 125,868
Trash removal24,600 20,229 17,957 2,272 21,654
Snow removal37,000 27,156 20,336 6,820 31,181
Fire, life, safety, and security4,050 8,354 8,288 66 6,975
Property insurance67,892 67,892 65,484 2,408 64,992
Professional fees8,600 8,600 8,500 100 8,500
Bad debt expense- 407 5,461 (5,054) 3,701
Miscellaneous2,360 2,506 1,989 517 2,322
Capital maintenance and replacement155,000 5,000 3,129 1,871 23,817
Depreciation519,264 527,191 526,910 281 519,974
Total Operating Expenses 1,367,356 1,283,739 1,239,144 44,595 1,279,666
Operating Income (Loss)283,075 379,893 455,126 75,233 262,137
Non-operating Revenues (Expenses):
Interest on investments9,984 5,000 3,652 (1,348) 7,106
Interest expense(100,278) (82,278) (62,527) 19,751 (70,573)
Financing fees(256,268) (374,084) (362,598) 11,486 (262,459)
Amortization of bond issue costs(35,592) (62,479) (62,479) - (36,592)
Total Non-operating Revenue (Expenses)(382,154) (513,841) (483,952) 29,889 (362,518)
Change in Net Position (99,079) (133,948) (28,826) 105,122 (100,381)
With Comparative Totals For the Year Ended December 31, 2011
2012
Town of Vail, Colorado
Enterprise Fund
Timber Ridge Affordable Housing Corporation
Schedule of Revenues, Expenses, and Changes in Net Position
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2012
The accompanying notes are an integral part of these financial statements.
F2
6/4/2013
2011
Final Budget
Variance
OriginalFinalPositive
BudgetBudget Actual(Negative)Actual
Operating Revenues:
Charges and Fees:
Dispatch service fee575,706 575,706 572,706 (3,000) 537,827
Dispatching contracts1,177,061 1,177,061 1,171,062 (5,999) 1,214,926
Other charges- - 417 417 89
Total Operating Revenues 1,752,767 1,752,767 1,744,185 (8,582) 1,752,842
Operating Expenses:
Public Safety:
Salaries and benefits1,881,204 1,881,204 1,707,137 174,067 1,705,469
Operating expenses514,001 514,001 512,314 1,687 435,038
Capital outlay50,000 433,159 276,014 157,145 736,841
Total Operating Expenses 2,445,205 2,828,364 2,495,465 332,899 2,877,348
Operating (Loss) - Budget Basis (692,438) (1,075,597) (751,280) 324,317 (1,124,506)
Non-operating Revenues:
Other State Revenues- - - - 4,386
Operating grant - E-911 Board742,256 742,256 744,156 1,900 743,656
Earnings on investments7,500 7,500 7,688 188 9,891
Total Non-operating Revenues 749,756 749,756 751,844 2,088 757,933
Change in Net Position - Budget Basis 57,318 (325,841) 564 326,405 (366,573)
Reconciliation to GAAP Basis:
Adjustments:
Change in compensated absences9,143 17,017
Depreciation (256,771) (215,914)
Capitalized assets 276,014 736,841
Total Adjustments 28,386 537,944
Change in Net Position - GAAP Basis 28,950 171,371
With Comparative Totals For the Year Ended December 31, 2011
2012
Town of Vail, Colorado
Enterprise Fund
Dispatch Services Fund
Schedule of Revenues, Expenses, and Changes in Net Position
Budget (Non-GAAP Basis) and Actual with Reconciliation to GAAP Basis
For the Year Ended December 31, 2012
The accompanying notes are an integral part of these financial statements.
F3
6/4/2013
2011
Final Budget
Variance
OriginalFinalPositive
BudgetBudget Actual(Negative)Actual
Operating Revenues:
Charges and Fees:
Operating charges2,318,456 2,318,456 2,192,250 (126,206) 2,250,636
Replacement charges573,906 573,906 559,159 (14,747) 563,763
Total - Charges and Fees 2,892,362 2,892,362 2,751,409 (140,953) 2,814,399
Other:
Insurance reimbursements- 80,000 58,652 (21,348) 31,635
Other- - 27,856 27,856 39,765
Total - Other - 80,000 86,508 6,508 71,400
Total Operating Revenues 2,892,362 2,972,362 2,837,917 (134,445) 2,885,799
Operating Expenses:
Public Works:
Vehicle maintenance and fuel2,408,111 2,488,111 2,369,609 118,502 2,378,703
Capital outlay389,144 809,144 527,846 281,298 609,946
Total Operating Expenses 2,797,255 3,297,255 2,897,455 399,800 2,988,649
Operating Income (Loss) - Budget Basis 95,107 (324,893) (59,538) 265,356 (102,850)
Non-operating Revenues:
1032 1032 168 361 116
With Comparative Totals For the Year Ended December 31, 2011
2012
Town of Vail, Colorado
Internal Service Funds
Heavy Equipment Fund
Schedule of Revenues, Expenses, and Changes in Net Position
Budget (Non-GAAP Basis) and Actual with Reconciliation to GAAP Basis
For the Year Ended December 31, 2012
The accompanying notes are an integral part of these financial statements.
F4
Earnings on investments10,324 10,324 14,685 4,361 14,165
Proceeds from sale of assets65,500 160,500 174,848 14,348 106,494
Total Non-operating Revenues:75,824 170,824 189,533 18,709 120,659
Change in Net Position - Budget Basis 170,931 (154,069) 129,995 284,065 17,809
Reconciliation to GAAP Basis:
Adjustments:
Contribution to other funds(86,342) -
Net book value of disposed assets(25,872) (5,548)
Depreciation (632,371) (602,354)
Change in accrued compensated absences14,266 (2,715)
Capitalized assets 527,846 609,946
Total Adjustments (202,473) (671)
Change in Net Position - GAAP Basis (72,478) 17,138
The accompanying notes are an integral part of these financial statements.
F4
6/4/2013
2011
Original Variance
and FinalPositive
Budget Actual(Negative)Actual
Operating Revenues:
Charges and Fees:
Insurance premiums2,725,0002,884,137159,137 2,589,516
Insurance premiums - Employee contributions485,000434,709(50,291) 408,081
Insurer proceeds500,000 73,896(426,104) 592,802
Total Operating Revenues 3,710,000 3,392,742 (317,258) 3,590,399
Operating Expenses:
General Government:
Health claims3,380,0003,193,950186,050 3,360,952
Premiums430,000420,1049,896 346,738
Administrative fees20,00020,000- 20,000
Short-term disability payments25,00010,29714,703 14,975
Total Operating Expenses 3,855,000 3,644,351 210,649 3,742,665
Operating Income (Loss)(145,000) (251,609) (106,609) (152,266)
Non-operating Revenues:
Earnings on investments10,0008,833(1,167) 7,532
Change in Net Position (135,000) (242,776) (107,776) (144,734)
With Comparative Totals For the Year Ended December 31, 2011
2012
Town of Vail, Colorado
Internal Service Funds
Health Insurance Fund
Schedule of Revenues, Expenses, and Changes in Net Position
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2012
The accompanying notes are an integral part of these financial statements.
F5
The accompanying notes are an integral part of these financial statements.
F5
6/4/2013
Heavy Health
EquipmentInsurance
FundFundTotal
Assets:
Current Assets:
Equity in pooled cash and investments2,282,905 945,468 3,228,373
Accounts receivable, net of allowance for uncollectibles6,830 2,581 9,411
Inventory291,385 - 291,385
Total Current Assets 2,581,120 948,049 3,529,169
Non-current Assets:
Property, plant, and equipment, net of
accumulated depreciation3,306,864 - 3,306,864
Total Assets 5,887,984 948,049 6,836,033
Liabilities:
Current Liabilities:
Accounts payable228,631 236,438 465,069
Accrued salaries and wages38,623 - 38,623
Current portion of compensated absences17,158 - 17,158
Total Current Liabilities 284,412 236,438 520,850
Non-current Liabilities:
Compensated absences, net of current portion25,736 - 25,736
Total Liabilities 310,148 236,438 546,586
Net Position:
Net investment in capital assets3,306,864 - 3,306,864
22092 11611 298283
Town of Vail, Colorado
Internal Service Funds
Combining Statement of Net Position
December 31, 2012
The accompanying notes are an integral part of these financial statements.
F6
Unrestricted2,270,972 711,611 2,982,583
Total Net Position 5,577,836 711,611 6,289,447
The accompanying notes are an integral part of these financial statements.
F6
6/4/2013
Heavy Health
EquipmentInsurance
FundFundTotal
Operating Revenues:
Charges for services - Internal2,751,409 2,884,137 5,635,546
Charges for services - External- 434,709 434,709
Insurance reimbursements58,652 73,896 132,548
Other27,856 - 27,856
Total Operating Revenues 2,837,917 3,392,742 6,230,659
Operating Expenses:
Operations 2,355,343 - 2,355,343
Health claims and premiums- 3,644,351 3,644,351
Depreciation632,371 - 632,371
Total Operating Expenses 2,987,714 3,644,351 6,632,065
Operating Income (Loss)(149,797) (251,609) (401,406)
Non-operating Revenues (Expenses):
Gain (loss) on disposal of assets148,976 - 148,976
Investment income14,685 8,833 23,518
Total Non-operating Revenues (Expenses) 163,661 8,833 172,494
Income (Loss) Before Transfers
and Capital Contributions 13,864 (242,776) (228,912)
Capital Contributions, Net (86,342) - (86,342)
Change in Net Position (72,478) (242,776) (315,254)
Net Position - January 1 5,650,314 954,387 6,604,701
Town of Vail, Colorado
Internal Service Funds
Combining Statement of Revenues, Expenses and Changes in Fund Net Position
For the Year Ended December 31, 2012
The accompanying notes are an integral part of these financial statements.
F7
Net Position - December 31 5,577,836 711,611 6,289,447
The accompanying notes are an integral part of these financial statements.
F7
6/4/2013
Heavy Health
EquipmentInsurance
FundFundTotal
Cash Flows From Operating Activities:
Cash received from other funds2,751,409 2,884,137 5,635,546
Other cash receipts84,613 731,021 815,634
Cash paid for goods and services(1,210,689) (3,640,449) (4,851,138)
Cash paid to employees(952,004) (3,109) (955,113)
Net Cash Provided (Used) by Operating Activities 673,329 (28,400) 644,929
Cash Flows From Capital and Related Financing Activities:
Cash received from sale of fixed assets174,848 - 174,848
Acquisition and construction of capital assets(614,188) - (614,188)
Net Cash Provided (Used) by Capital and -
Related Financing Activities (439,340) - (439,340)
Cash Flows From Investing Activities:
Interest on Investments14,685 8,833 23,518
Net Cash Provided (Used) by Investing Activities 14,685 8,833 23,518
Net Change in Cash and Cash Equivalents 248,674 (19,567) 229,107
Cash and Cash Equivalents - Beginning 2,034,231 965,035 2,999,266
Cash and Cash Equivalents - Ending 2,282,905 945,468 3,228,373
Reconciliation of Operating Income (Loss) to Net Cash
Provided (Used) by Operating Activities:
Operating income (loss)(149,797) (251,609) (401,406)
Town of Vail, Colorado
Internal Service Funds
Combining Statement of Cash Flows
For the Year Ended December 31, 2012
The accompanying notes are an integral part of these financial statements.
F8
Adjustments:
Depreciation632,371 - 632,371
(Increase) decrease in accounts receivable(1,895) 222,416 220,521
(Increase) decrease in inventory(5,683) - (5,683)
Increase (decrease) in accounts payable215,640 793 216,433
Increase (decrease) in accrued wages and benefits(17,307) - (17,307)
Total Adjustments 823,126 223,209 1,046,335
Net Cash Provided (Used) by Operating Activities 673,329 (28,400) 644,929
The accompanying notes are an integral part of these financial statements.
F8
6/4/2013
2011
Variance
Project Final Positive
Number Project Name Budget Ac tual (Negative)Actual
CBI008 Building Remodels 25,000 19,873 5,127 -
CBI010 Fire Infrastructure / West Vail Fire Stn 1,207,500 1,180,903 26,597 1,890,760
CBI018 Info Center Remodel 450,000 55,432 394,568 -
CBI021 Donovan Park Pavilion 50,000 - 50,000 -
CEP001 Fire Truck Purchase 590,000 577,574 12,426 253,900
CEP003 Repower Buses 55,000 - 55,000 -
CEP004 Replace Buses 1,245,978 1,168,405 77,573 2,240,636
CEP005 Hardware Purchases 186,900 201,927 (15,027) 105,450
CEP006 Radio Replacement 48,000 30,391 17,609 -
CEP007 PBX System & OS Upgrade 35,000 - 35,000 -
FED021 LiveScan System (Police)- - - 14,250
FED026 Virtual Briefing System (Police)- - - 9,095
CEP008 Parking Entry System - - - 53,195
CEP010 Network Upgrades 22,100 22,017 83 18,010
CEP011 Document Imaging 105,000 108,439 (3,439) 141,681
CEP017 Radio Tower Equipment 60,000 10,923 49,077 -
CEP018 Web and E-commerce 61,700 8,875 52,825 6,300
CEP019 Computer-Aided Dispatch (CAD/RMS)59,000 59,997 (997) 60,690
CEP022 Audio Visual 12,000 4,924 7,076 60,136
CEP025 Fire operations breathing apparatus 32,000 37,469 (5,469) -
CEP031 Software Licensing 40,000 41,843 (1,843) 30,348
CEP033 Data Centers / Computer Rooms 15,000 12,990 2,010 8,950
CEP036 Business Systems 400,000 347,427 52,573 -
CEP038 Police Equipment 31,250 20,850 10,400 -
CHP001 Buy-Down Program 939,921 - 939,921 -
CHP005 Creekside Housing Improvements 400,800 400,800 - 136,525
CHP006 Loan Guarantee - Timber Ridge 925,000 - 925,000 -
CHP007 Timber Ridge Legal / Zoning 17,315 17,315 - 32,685
CMT003 Bus Shelter Replacement Program 30,000 30,000 - 735
2012
Town of Vail, Colorado
Special Revenue Funds
Capital Projects Fund
Schedule of Project Expenditures - Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2012
With Comparative Totals For the Year Ended December 31, 2011
The accompanying notes are an integral part of these financial statements.
F9
CMT003 Bus Shelter Replacement Program 30,000 30,000 - 735
CMT004 Capital Street Maintenance 840,078 673,545 166,533 874,501
CMT005 Facility Capital 898,999 516,728 382,271 495,201
CMT007 Parking Structure Maintenance 670,000 261,233 408,767 333,873
CMT008 Muni Building Site Design 880,209 406,297 473,912 -
CMT009 Environmental Improvements 1,133,021 763,464 369,557 1,989,694
CMT011 Vail Village Inn Homeowners Roof Assessmt - - - 17,000
CMT012 Flood Repairs 349,192 363,446 (14,254) 194,556
CMT010 Underground Utilities 121,200 77,851 43,349 151,800
CMT014 Gore Range Townhomes 30,000 30,000 - -
CMT015 Recycling Center 140,000 1,418 138,583 -
COT002 Street Light Improvement Program 50,000 49,954 46 53,840
COT004 Fiber-Optics in Buildings 23,000 5,325 17,675 2,251
COT011 I-70 Noise Mitigation 350,183 196,175 154,008 27,957
COT018 Chamonix Area Plan - - - 90,800
CSC010 Way-Finding Improvements - - - 50,046
CSC012 Village Streetscape - - - 86,111
CSC015 CDOT Required Parking Imp 1,156,000 1,147,306 8,694 -
CSC013 E Meadow Dr Streetscape 380,000 363,701 16,299 -
CSC016 Guest Services Enhancements 1,519,110 156,384 1,362,726 -
CSR007 Neighborhood Road Reconstruction 10,000 3,350 6,650 229,206
CSR008 Neighborhood Bridges 1,411,815 965,926 445,889 144,067
VRA001 LionsHead Transit Center - VRA Funded - - - 1,419,945
VRA002 LionsHead Welcome Center - VRA Funded 923,444 828,908 94,536 6,595,914
VRA004 Library Remodel 2,253,728 1,955,231 298,497 72,772
VRA005 East LionsHead Portal 2,116,289 1,652,728 463,561 158,711
VRA006 West LionsHead Portal 772,500 642,956 129,544 52,500
VRA007 Guest Services Enhancements 354,700 265,610 89,090 23,645
VRA008 Sundial Plaza 850,000 9,432 840,568 -
Total 24,277,932 15,695,338 8,582,594 18,127,736
The accompanying notes are an integral part of these financial statements.
F9
6/4/2013
2011
Variance
Project Final Positive
Number Project Name Budget Actual (Negative)Actual
CCF001 Golf Clubhouse Redevelopment 6,712,761 329,022 6,383,739 2,071
CCF002 Ford Park Fields Redevelopment 6,297,340 2,653,269 3,644,071 1,400
RFP005 Alpine Gardens Contribution 85,620 85,620 - 65,620
RFP006 Ford Park Master Plan - Improvements - - - 76,739
RGT002 GOCO Grant - Red Sandstone Playground - - - 154,826
RMG001 Project Management - 300 (300) 200
RMG002 Environmental: Solid Waste 34,707 34,706 1 1,496
RMG003 Environmental: Ecosystem Health 13,407 13,407 - 22,542
RMG004 Environmental: Public Education 1,839 1,839 - 1,715
RMG005 Environmental: Energy & Transportation 16,258 16,258 - 20,534
RMT013 Environmental Sustainability - - - 6,004
RMT001 Recreation Path Maintenance 93,395 77,275 16,120 68,675
RMT002 Tree Maintenance 90,000 47,844 42,156 50,111
RMT005 Street Furniture - Streetscape 25,000 24,879 121 1,106
RMT006 Eagle River Watershed Programs 62,000 62,550 (550) 75,600
RMT009 Park/Playground Capital Maintenance 85,000 78,077 6,923 118,920
RMT016 Ford Park / Tennis Center Improvements 428,910 12,199 416,711 91,198
RMT018 Dobson Ice Arena 416,774 158,257 258,517 16,037
RMT019 Gymnastics Center 1,977 275 1,702 2,098
RMT021 Golf Course Clubhouse & Other 18,468 141 18,327 5,922
RMT025 Nature Center 10,646 - 10,646 -
RMT027 Golf Course - Other Impr 133,167 91,566 41,601 267,456
RMT028 Flood Repairs 1,050,000 119,168 930,832 382,237
RPD014 Public Restrooms 370,000 1,732 368,268 -
RPI001 Playground Safety Improvements (Red S.)197,630 161,885 35,745 266,369
2012
Town of Vail, Colorado
Special Revenue Funds
Real Estate Transfer Tax Fund
Schedule of Project Expenditures - Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2012
With Comparative Totals For the Year Ended December 31, 2011
The accompanying notes are an integral part of these financial statements.
F10
RPI001 Playground Safety Improvements (Red S.)197,630 161,885 35,745 266,369
RPI006 Streamtract Improvements 200,000 - 200,000 -
RPT007 Trailhead Signs/Development 50,000 - 50,000 -
RPT010 Frontage Road Bike & Ped Paths 1,150,000 701,985 448,015 1,663,643
RRT001 Public Art 335,878 32,618 303,260 43,382
RRT003 ADA Compliance 10,000 10,000 - 8,263
RRT006 Public Art - Winterfest 33,494 8,354 25,140 23,206
Total 17,924,271 4,723,228 13,201,043 4,360,230
The accompanying notes are an integral part of these financial statements.
F10
6/4/2013
LOCAL HIGHWAY FINANCE REPORT
6/4/2013
Financial Planning 02/01
The public report burden for this information collection is estimated to average 380 hours annually. Form # 350-050-36
City or County:Vail
YEAR ENDING :
December 2012
This Information From The Records Of Town of Vail:Prepared By: Kathleen Halloran
Phone:970-479-2116
A. Local B. Local C. Receipts from D. Receipts from
Motor-Fuel Motor-Vehicle State Highway-Federal Highway
Taxes Taxes User Taxes Administration
1. Total receipts available
2. Minus amount used for collection expenses
3. Minus amount used for nonhighway purposes
4. Minus amount used for mass transit
5. Remainder used for highway purposes
AMOUNT AMOUNT
A. Receipts from local sources:A. Local highway disbursements:
1. Local highway-user taxes 1. Capital outlay (from page 2)3,397,893
a. Motor Fuel (from Item I.A.5.) 2. Maintenance:2,005,863
b. Motor Vehicle (from Item I.B.5.) 3. Road and street services:
c. Total (a.+b.) a. Traffic control operations 357,759
2. General fund appropriations 6,167,599 b. Snow and ice removal 682,634
3. Other local imposts (from page 2)873,760 c. Other
4. Miscellaneous local receipts (from page 2)0 d. Total (a. through c.)1,040,393
5. Transfers from toll facilities 4. General administration & miscellaneous 277,278
6. Proceeds of sale of bonds and notes: 5. Highway law enforcement and safety 1,135,422
a. Bonds - Original Issues 6. Total (1 through 5)7,856,849
b. Bonds - Refunding Issues B. Debt service on local obligations:
c. Notes 1. Bonds:
d. Total (a. + b. + c.)0 a. Interest
7. Total (1 through 6)7,041,359 b. Redemption
B. Private Contributions 576,173 c. Total (a. + b.)-
C. Receipts from State government 2. Notes:
(from page 2)239,318 a. Interest
D. Receipts from Federal Government b. Redemption
ITEM ITEM
LOCAL HIGHWAY FINANCE REPORT
I. DISPOSITION OF HIGHWAY-USER REVENUES AVAILABLE FOR LOCAL GOVERNMENT EXPENDITURE
ITEM
II. RECEIPTS FOR ROAD AND STREET PURPOSES III. DISBURSEMENTS FOR ROAD
AND STREET PURPOSES
F11
D. Receipts from Federal Government b. Redemption
(from page 2)- c. Total (a. + b.)-
E. Total receipts (A.7 + B + C + D)7,856,850 3. Total (1.c + 2.c)-
C. Payments to State for highways
D. Payments to toll facilities
E. Total disbursements (A.6 + B.3 + C + D)7,856,849
Opening Debt Amount Issued Redemptions Closing Debt
A. Bonds (Total)0
1. Bonds (Refunding Portion)
B. Notes (Total)0
A. Beginning Balance B. Total Receipts C. Total Disbursements D. Ending Balance E. Reconciliation
- 7,856,850 7,856,849 - 0
Notes and Comments:
FORM FHWA-536 (Rev. 1-05) PREVIOUS EDITIONS OBSOLETE (Next Page)
1
IV. LOCAL HIGHWAY DEBT STATUS
(Show all entries at par)
V. LOCAL ROAD AND STREET FUND BALANCE
F11
6/4/2013
STATE:
Colorado
YEAR ENDING (mm/yy):
December 2012
AMOUNT AMOUNT
A.3. Other local imposts:A.4. Miscellaneous local receipts:
a. Property Taxes and Assessments a. Interest on investments
b. Other local imposts: b. Traffic Fines & Penalities
1. Sales Taxes c. Parking Garage Fees
2. Infrastructure & Impact Fees d. Parking Meter Fees
3. Liens e. Sale of Surplus Property
4. Licenses f. Charges for Services
5. Specific Ownership &/or Other 873,760 g. Other Misc. Receipts
6. Total (1. through 5.)873,760 h. Other
c. Total (a. + b.)873,760 i. Total (a. through h.)0
(Carry forward to page 1) (Carry forward to page 1)
AMOUNT AMOUNT
C. Receipts from State Government D. Receipts from Federal Government
1. Highway-user taxes 213,981 1. FHWA (from Item I.D.5.)
2. State general funds 2. Other Federal agencies:
3. Other State funds: a. Forest Service
a. State bond proceeds b. FEMA
b. Project Match c. HUD
c. Motor Vehicle Registrations 25,337 d. Federal Transit Admin
d. Other (Specify) e. U.S. Corps of Engineers
e. Other (Specify) f. Other Federal
f. Total (a. through e.)25,337 g. Total (a. through f.)0
4. Total (1. + 2. + 3.f)239,318 3. Total (1. + 2.g)
(Carry forward to page 1)
ON NATIONAL OFF NATIONAL
HIGHWAY HIGHWAY TOTAL
SYSTEM SYSTEM
III. DISBURSEMENTS FOR ROAD AND STREET PURPOSES - DETAIL
LOCAL HIGHWAY FINANCE REPORT
II. RECEIPTS FOR ROAD AND STREET PURPOSES - DETAIL
ITEM ITEM
ITEM ITEM
F12
SYSTEM SYSTEM
(a)(b)(c)
A.1. Capital outlay:
a. Right-Of-Way Costs 0
b. Engineering Costs 149,062 149,062
c. Construction:
(1). New Facilities 0
(2). Capacity Improvements 0
(3). System Preservation 3,248,831 3,248,831
(4). System Enhancement & Operation 0
(5). Total Construction (1) + (2) + (3) + (4)0 3,248,831 3,248,831
d. Total Capital Outlay (Lines 1.a. + 1.b. + 1.c.5)0 3,397,893 3,397,893
(Carry forward to page 1)
Notes and Comments:
FORM FHWA-536 (Rev.1-05) PREVIOUS EDITIONS OBSOLETE
2
F12
6/4/2013
UNDERTAKING TO PROVIDE CONTINUING DISCLOSURE
6/4/2013
Town of Vail, Colorado
Issuer's Annual Report
Update of Official Statement Tables to be Updated
Tables I, III, and IV
December 31, 2012
2008 2009 2010 2011 2012
Pledged Revenues 19,631,366 16,913,338 17,676,115 19,581,415 20,046,454
Maximum Annual Debt Service 2,324,457 2,280,681 2,280,681 2,280,681 2,280,681
Coverage Factor 8.45x 7.42x 7.75x 8.59x 8.79x
2008 2009 2010 2011 2012
Sales Tax Collections (see Note below)19,631,366 16,913,338 17,676,115 19,581,415 20,046,454
Per Cent Increase 3.80%-13.85%4.51%10.78%2.37%
Note:
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.
Current Year Current Year Current Year
Month Month To Date Month To Date Month To Date
January 2,795,688 2,795,688 2,855,524 2,855,524 2.1%2.1%
February 2,803,136 5,598,824 2,994,580 5,850,104 6.8%4.5%
March 3,143,418 8,742,242 3,185,859 9,035,963 1.4%3.4%
TABLE I
Debt Service Coverage
TABLE III
History of Town 4% Sales Tax Receipts
TABLE IV
Monthly Comparison of Collections of Sales Tax
12-month Period Ended 12-month Period Ended
December 31, 2011 December 31, 2012 Percent Change
G1
March 3,143,418 8,742,242 3,185,859 9,035,963 1.4%3.4%
April 1,191,690 9,933,932 1,183,087 10,219,050 -0.7%2.9%
May 473,292 10,407,224 487,739 10,706,789 3.1%2.9%
June 895,951 11,303,175 963,143 11,669,932 7.5%3.2%
July 1,481,329 12,784,504 1,573,499 13,243,431 6.2%3.6%
August 1,310,471 14,094,975 1,380,710 14,624,141 5.4%3.8%
September 889,945 14,984,920 978,037 15,602,178 9.9%4.1%
October 623,420 15,608,340 644,577 16,246,755 3.4%4.1%
November 788,430 16,396,770 825,873 17,072,628 4.7%4.1%
December 3,184,645 19,581,415 2,973,826 20,046,454 -6.6%2.4%
G1
6/4/2013
Town of Vail, Colorado
Issuer's Annual Report
Update of Official Statement of Tables to be Updated
Tables V and VI
December 31, 2012
2008 2009 2010 2011 2012
Annual Sales Tax Paid by
Ten Principal Generators 6,404,706 5,237,655 5,467,868 6,091,354 6,309,137
Total Annual Sales Tax Collected by Town 19,631,366 16,913,338 17,676,115 19,581,415 20,046,454
% of Total Annual Sales Tax Collections
Generated by Ten Principal Generators 32.6%31.0%30.9%31.1%31.5%
2012 2013 2014 2015 2016
Revenues:
Sales tax 8,706,347 7,638,000 7,866,000 8,102,000 8,345,000
Construction Use Tax 1,221,734 1,000,000 1,020,000 1,040,400 1,061,208
Employee Housing Fee - in - Lieu 146,117 - - - -
Federal grants 726,444 - 240,000 240,000 544,800
Lease revenue 192,710 192,660 197,295 197,295 197,295
Project reimbursment 290,151 - - - -
Other State revenue - 200,000 - - -
Transfers in 5,406,864 4,890,710 4,640,000 350,000 2,315,000
Earnings on investments and other 137,369 355,389 530,695 548,530 559,705
Total Revenues 16,827,736 14,276,759 14,493,990 10,478,225 13,023,008
Expenditures:
Equipment purchases 2,143,352 1,362,768 2,535,900 170,000 3,694,000
Maintenance 3,124,824 1,505,000 1,241,000 2,058,000 1,118,000
Buildings and improvements 1,688,425 3,003,755 21,000 15,000 790,000
Street projects 2,636,666 2,165,483 5,117,000 5,988,300 6,252,600
Housing programs - 1,002,538 - - -
Lionshead redevelopment 5,354,864 2,033,673 1,000,000 - 1,965,000
TABLE V
Sales Tax Collections by Principal Sales Tax Generators
TABLE VI
Capital Projects Fund: 2012 Actual / Projected 2013- 2016
G2
Lionshead redevelopment 5,354,864 2,033,673 1,000,000 - 1,965,000
Other improvements 747,207 10,789,887 1,012,000 12,000 12,000
Transfer to Debt Service Fund 2,088,347 - - - -
Total Expenditures 17,783,685 21,863,104 10,926,900 8,243,300 13,831,600
Revenues Over (Under)
Expenditures (955,949) (7,586,345) 3,567,090 2,234,925 (808,592)
Beginning Fund Balance 20,358,739 19,402,790 11,816,445 15,383,535 17,618,460
Ending Fund Balance 19,402,790 11,816,445 15,383,535 17,618,460 16,809,868
G2
6/4/2013
Town of Vail, Colorado
Issuer's Annual Report
Update of Official Statement Tables to be Updated
Table XIX
December 31, 2012
2008 2009 2010 2011 2012
Revenues:
General sales taxes 11,640,000 8,760,000 10,143,624 10,859,000 11,530,000
Property and ownership taxes 4,309,622 4,506,491 4,951,386 5,031,770 4,157,279
Ski area lift ticket admissions tax 3,277,703 3,048,011 3,357,717 3,529,125 3,433,686
Franchise fees 1,052,665 908,577 1,023,398 1,039,185 974,244
Penalties and interest
on delinquent taxes 22,544 35,507 17,027 33,954 29,074
Licenses and permits 3,903,026 1,440,972 1,387,337 1,136,966 1,470,588
Intergovernmental revenues 1,706,197 1,611,570 1,929,121 2,066,191 1,875,027
Charges for services 5,817,239 5,693,448 5,912,669 4,986,282 4,429,141
Fines and forfeits 396,707 330,660 271,561 265,575 251,501
Interest 571,072 170,353 119,049 189,591 177,991
Rents 949,961 912,091 862,151 895,872 832,134
Other 163,025 243,991 386,271 477,102 500,936
Total Revenues 33,809,761 27,661,671 30,361,311 30,510,613 29,661,601
Expenditures:
General government 7,715,791 6,037,371 5,928,142 6,001,080 6,376,398
Public safety 7,624,590 7,754,157 7,619,415 7,898,115 8,110,159
Public works and transportation 11,779,063 10,975,098 11,204,253 11,362,070 11,573,991
Economic development and
community assistance 1,703,092 1,665,864 1,608,674 1,961,398 2,896,066
Municipal library 828,056 808,649 794,879 782,557 795,620
Total Expenditures 29,650,592 27,241,139 27,155,363 28,005,220 29,752,234
Excess of Revenues
Over Expenditures 4,159,169 420,532 3,205,948 2,505,393 (90,633)
Other Financing Sources (Uses):
Operating transfers out (991,000) - (3,742,673) (1,845,800) (52,000)
Total Other Financing Sources (Uses)(991,000) - (3,742,673) (1,845,800) (52,000)
Excess of Revenues
TABLE XIX
History of General Fund Revenues, Expenditures and Changes in Fund Balance
G3
Excess of Revenues
Over Expenditures and Other
Financing Sources (Uses)3,168,169 420,532 (536,725) 659,593 (142,633)
Fund Balance:
Beginning 19,834,717 23,002,885 23,423,417 22,886,692 23,546,285
Ending 23,002,885 23,423,417 22,886,692 23,546,285 23,403,652
G3
6/4/2013
Town of Vail, Colorado
Issuer's Annual Report
Update of Official Statement of Tables to be Updated
Tables XX and XXI
December 31, 2012
2012
Am ended 2012 2013
Budget Ac tual Budget
Revenues:
General sales taxes 11,530,000 11,530,000 12,462,000
Property and ownership taxes 4,232,000 4,157,279 4,217,000
Ski area lift ticket admissions tax 3,492,000 3,433,686 3,492,000
Franchise tax 1,037,753 974,244 1,074,442
Licenses and permits 1,155,000 1,470,588 1,290,080
Intergovernmental revenues 1,911,250 1,875,027 1,861,914
Charges for services 4,745,496 4,429,141 4,610,347
Fines and forfeits 325,000 251,501 270,887
Interest 116,900 177,991 175,000
Rents and other 1,263,816 1,362,144 1,080,605
Total 29,809,215 29,661,601 30,534,275
Expenditures:
Town officials 1,437,134 1,291,467 1,423,654
Administrative 3,683,195 3,581,749 3,884,510
Community development 1,611,979 1,503,182 1,562,046
Public safety - Police 4,659,302 4,295,980 4,704,069
Public safety - Fire 3,179,321 3,276,352 3,269,000
Public works 3,674,733 3,441,884 3,778,178
Transportation & Parking 4,974,032 4,915,192 5,011,161
Facility maintenance 3,688,845 3,428,830 3,757,374
Public library 816,751 795,620 813,959
Contributions and special events 2,713,035 2,684,151 2,927,647
Dispatch service charges 537,827 537,827 569,193
Total 30,976,154 29,752,234 31,700,791
Excess (Deficiency) of Revenues
Over Expenditures (1,166,939) (90,633) (1,166,516)
Other Financing Sources (Uses):
Investment in Timber Ridge - - (8,000,000)
Transfer to Capital Projects Fund (52,000) (52,000) -
Total Other Financing Sources (Uses):(52,000) (52,000) (8,000,000)
Net Change in Fund Balances (1,218,939) (142,633) (9,166,516)
Fund Balance - January 1 23,546,285 23,546,285 23,403,652
Fund Balance - December 31 22,327,346 23,403,652 14,237,136
Outstanding
Issue Principal
Vail Reinvestment Authority Tax Increment Revenue Bonds, Series 2010A 2,975,000
Vail Reinvestment Authority Tax Increment Revenue Bonds, Series 2010B 8,270,000
Housing Facilities Revenue Bonds, Series 2003A 17,265,000
Total 28,510,000
TABLE XXI
Outstanding Revenue Obligations
TABLE XX
General Fund
2012 Budget Summary and Actual Comparison / 2013 Budget
G4
6/4/2013
SINGLE AUDIT REPORTS AND SCHEDULES
6/4/2013
McMahan and Associates, l.l.c.
Certified Public Accountants and Consultants
Web Site: www.mcmahancpa.com
Chapel Square, Bldg C Main Office: (970) 845-8800
245 Chapel Place, Suite 300 Facsimile: (970) 845-8108
P.O. Box 5850, Avon, CO 81620 E-mail: mcmahan@mcmahancpa.com
Member: American Institute of Certified Public Accountants
D. Jerry McMahan, C.P.A. Daniel R. Cudahy, C.P.A.
Paul J. Backes, C.P.A. Michael N. Jenkins, C.A., C.P.A.
Avon Aspen Frisco
(970) 845-8800 (970) 544-3996 (970) 668-3481
H1
M
&
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INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Mayor and Members of Town Council
Town of Vail, Colorado
Vail, Colorado
We have audited, in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States, the financial statements of the governmental
activities, the business-type activities, each major fund, and the aggregate remaining fund information of
Town of Vail, Colorado (the “Town”) as of and for the year ended December 31, 2012, and the related
notes to the financial statements, which collectively comprise the Town’s basic financial statements and
have issued our report thereon dated May 20, 2013.
Internal Control Over Financial Reporting
In planning and performing our audit on the financial statements, we considered the Town’s internal
control over financial reporting (internal control) to determine the audit procedures that are appropriate in
the circumstances for the purpose of expressing our opinions on the financial statements, but not for the
purpose of expressing an opinion on the effectiveness of the Town’s internal control. Accordingly, we do
not express an opinion on the effectiveness of the Town’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination
of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement
of the Town’s financial statements will not be prevented, or detected and corrected on a timely basis. A
significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe
that a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material
weaknesses may exist that have not been identified.
6/4/2013
INDEPENDENT AUDITOR’S REPORT
To the Mayor and Members of Town Council
Town of Vail, Colorado
Vail, Colorado
H2
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Town’s financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts and grant agreements, noncompliance with which could have a direct and material effect on the
determination of financial statement amounts. However, providing an opinion on compliance with those
provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the Town’s internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the Town’s internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.
McMahan and Associates, L.L.C.
May 20, 2013
6/4/2013
McMahan and Associates, l.l.c.
Certified Public Accountants and Consultants
Web Site: www.mcmahancpa.com
Chapel Square, Bldg C Main Office: (970) 845-8800
245 Chapel Place, Suite 300 Facsimile: (970) 845-8108
P.O. Box 5850, Avon, CO 81620 E-mail: mcmahan@mcmahancpa.com
Member: American Institute of Certified Public Accountants
D. Jerry McMahan, C.P.A. Daniel R. Cudahy, C.P.A.
Paul J. Backes, C.P.A. Michael N. Jenkins, C.A., C.P.A.
Avon Aspen Frisco
(970) 845-8800 (970) 544-3996 (970) 668-3481
H3
M
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INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM
AND REPORT ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY OMB CIRCULAR A-
133
To the Mayor and Members of Council
Town of Vail, Colorado
Vail, Colorado
Report on Compliance for Each Major Program
We have audited the compliance of Town of Vail, Colorado (the “Town”) with the types of compliance
requirements described in the OMB Circular A-133 Compliance Supplement that could have a direct and
material effect on each of the Town’s major federal programs for the year ended December 31, 2012.
The Town’s major federal programs are identified in the summary of auditor’s results section of the
accompanying schedule of findings and questioned costs.
Management’s Responsibility
Management is responsible for compliance with the requirements of laws, regulations, contracts, and
grants applicable to its federal programs.
Auditor’s Responsibility
Our responsibility is to express an opinion on compliance for each of the Town’s major federal programs
based on our audit of the types of compliance requirements referred to above, We conducted our audit of
compliance in accordance with auditing standards generally accepted in the United States of America; the
standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments,
and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and
perform the audit to obtain reasonable assurance about whether noncompliance with the types of
compliance requirements referred to above that could have a direct and material effect on a major federal
program occurred. An audit includes examining, on a test basis, evidence about the Town’s compliance
with those requirements and performing such other procedures as we considered necessary in the
circumstances.
We believe that our audit provides a reasonable basis for our opinion on compliance for each major
federal program. However, our audit does not provide a legal determination on the Town’s compliance
with those requirements.
Opinion on Each Major Federal Program
In our opinion, the Town complied, in all material respects, with the types of compliance requirements
referred to above that could have a direct and material effect on each of its major federal programs for the
year ended December 31, 2012.
6/4/2013
INDEPENDENT AUDITOR’S REPORT
To the Mayor and Members of Town Council
Town of Vail, Colorado
Vail, Colorado
H4
Report on Internal Control Over Compliance
Management of the Town is responsible for establishing and maintaining effective internal control over
compliance with the types of compliance requirements referred to above. In planning and performing our
audit, we considered the Town’s internal control over compliance with types of requirements that could
have a direct and material effect on each major federal program to determine our auditing procedures
that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for
each major federal program and to test and report on internal control over compliance in accordance with
OMB Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of internal
control over compliance. Accordingly, we do no express an opinion on the effectiveness of the Town’s
internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their assigned
functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a
federal program or on a timely basis. A material weakness in internal control over compliance is a
deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a
reasonable possibility that material noncompliance with a type of compliance requirement of a federal
program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in
internal control over compliance is a deficiency, or combination of deficiencies, in internal control over
compliance with a type of compliance requirement of a federal program that is less severe than a material
weakness in internal control over compliance, yet important enough to merit attention by those charges
with governance.
Our consideration of the internal control over compliance was for the limited purpose described in the first
paragraph of this section and was not designed to indentify all deficiencies in internal control over
compliance that might be material weaknesses or significant deficiencies. We did not identify any
deficiencies in internal control over compliance that we consider to be material weaknesses. However,
material weaknesses may exist that have not been identified.
The purpose of this report in internal control over compliance is solely to describe the scope of our testing
of internal control over compliance and the results of that testing based on the requirements of OMB
Circular A-133. Accordingly, this report is not suitable for any other purpose.
McMahan and Associates, L.L.C.
May 20, 2013
6/4/2013
Town of Vail, Colorado
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
For the Year Ended December 31, 2012
H5
Part I – Summary of Auditor’s Results
Financial Statements
Type of auditor’s report issued Unqualified
Internal control over financial reporting:
Material weakness identified None noted
Reportable condition identified that is not
considered to be material weaknesses None reported
Noncompliance material to financial statements noted None noted
Federal Awards
Internal control over major programs:
Material weakness identified None noted
Reportable conditions identified that is not
considered to be material weaknesses None reported
Type of auditor’s report issued on compliance for major programs Unqualified
Any audit findings disclosed that are required to be reported
in accordance with section 510(a) of Circular A-133 None noted
Major programs:
Federal Transportation Agency:
Highway Planning and Construction CFDA #20.205
Discretionary Funding Section 5309 CFDA #20.500
Dollar threshold used to identify Type A from Type B programs $300,000
Identified as low-risk auditee No
Part II – Findings Related to Financial Statements
Findings related to financial statements as
required by Government Auditing Standards None noted
Auditor-assigned reference number Not applicable
Part III – Findings Related to Federal Awards
Internal control findings None noted
Compliance findings None noted
Questioned costs None noted
Auditor-assigned reference number Not applicable
6/4/2013
Town of Vail, Colorado
SCHEDULE OF PRIOR AUDIT FINDINGS AND QUESTIONED COSTS
For the Year Ended December 31, 2012
H6
Finding 2011-01: Corrected for 2012.
6/4/2013
Federal
CFDA Major
Program Title Number Program Expenditures
Federal Transportation Agency:
Discretionary Funding Section 5309 20.500 Yes 321,933
Passed through Colorado Department of Transportation:
Highway Planning and Construction 20.205 Yes 394,428
Total - Federal Transportation Agency 716,361
Department of Homeland Security:
Staffing for Adequate Fire and Emergency Response (SAFER)97.083 No 65,010
Total - U.S. Department of Homeland Security 65,010
Department of Justice:
Passed through Colorado Department of Criminal Justice:
COPs Hiring Recovery Program 16.710 No 101,586
Total - U.S. Department of Justice 101,586
Total 882,957
Note 1. Basis of Presentation:
The Schedule of Expenditures of Federal Awards includes the federal grant activity of the Town of Vail and is presented on the modified
accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of OMB Circular A-133,
Audits of States, Local Governments, and Non-Profit Organizations . Therefore, some amounts presented in this schedule may differ
from amounts presented in or used in the preparation of the general purpose financial statements.
Note 2. Sub-recipients:
The Town of Vail did not provide any federal funds listed in the Schedule of Expenditures of Federal Awards to sub-recipients.
Notes to the Schedule of Expenditures of Federal Awards for the year ended December 31, 2012
Town of Vail, Colorado
Schedule of Expenditures of Federal Awards
For the Year Ended December 31, 2012
The accompanying notes are an integral part of these financial statements.
H7
6/4/2013
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: June 4, 2013
ITEM/TOPIC: Information Update and Attachments:
1) VEAC Meeting Minutes - Judy
2) March 2013 Business Review - Sally
3) April 2013 Sales Tax - Sally
4) May 2013 Revenue Highlights - Judy
PRESENTER(S): Various
ATTACHMENTS:
VEAC 051413 Meeting Minutes
March 2013 Business Review
April 2013 Sales Tax
May 2013 Revenue Highlights
6/4/2013
Vail Economic Advisory Council (VEAC)
May 14, 2013
MEETING NOTES
VEAC Members Present:
Rayla Kundolf; Rob LeVine; Pam Stenmark; Greg Moffet; Matt Morgan; Davy Ratchford (for Chris
Jarnot); Michael Kurz; Mia Vlaar; Bob Boselli, Brett Schoenfield; Mike Ortiz; Brian Nolan; Kim
Newbury; Steve Kaufman; Mark Gordon; Paul Wible; Chris Romer
Others Present:
Jim Lamont; Derek Schmidt; Dr. Jack Eck
TOV Staff Present:
Town Manager Stan Zemler; Finance Director Judy Camp; Economic Development Manager Kelli
McDonald; Executive Assistant Tammy Nagel; Community Development Director George Ruther;
Environmental Sustainability Coordinator Kristen Bertuglia
Financial Reports:
The financial reports were provided in the committees’ packets. Judy Camp raised a question on
behalf of the Town Council concerning why the ski season to date was looking so favorable.
Responses are summarized in the attached memo as sent to Council. Looking forward to
summer, the lodging committee members expressed concern with bookings being low for June –
September and the retail committee members expressed their concerns with empty store fronts.
Communitywide Recycling:
Kristen Bertuglia presented a Vail community wide recycling ordinance PowerPoint to the
committee members. Bertuglia stated 58% of the residential trash and 59% of the commercial
trash for Eagle County could be prevented from going to the landfill if residents were using the
existing recycling programs. The proposed Town of Vail ordinance would reduce the amount of
Town of Vail landfill contributions by 10% within 5 years and divert 25% of the Town’s waste by
2019. The mandatory recycling ordinance would apply to commercial and residential generators
and haulers through regulatory tools such as licensing and reporting, residential embedded rates,
residential volume based rates (save as you recycle), residential single stream recycling ,
container signs, residential recycling service/frequency of collection, residential recycling
service/minimum recycling bin size, mandatory recycling, property owners and business es must
provide recycling options, new staff training and commercial recycling embedded rates.
Requiring haulers to obtain licensing and submit bi-annual reports will allow for designation of
recyclables, collection frequency, assurance that material is being recycled, and tracking of waste
diversion. Residential embedded rates, ensures recycling is not perceived as an extra cost and
allows for incentives. Residential volume based rates (save as you recycle) will incentivize
recycling and residential single stream recycling will allow all recyclable material to be placed in
one container. Container signs will provided by haulers to assist with education and reduce
confusion on recyclable materials. Residential recycling s ervice/frequency of collection will
require haulers to provide recycling services as often as trash servic e, making recycling
convenient for customers, reducing confusion and prevent overflow recyclables from going to the
landfill. The Residential recycling service minimum recycling bin size will require haulers to
provide 64-gallon, lidded recycling bear-resistant containers, which will eliminate blowing
recycling and allow for higher volume of recyclables. Bertuglia stated that recycling will no longer
be an option with mandatory recycling which will designate recycling material that must be source
separated and picked up by a licensed hauler or in special cases delivered to a drop off facility.
Golf Course Clubhouse Economic Impact Study:
Stan Zemler presented to the committee members an update on the Vail Golf and Nordic Club
House. Zemler stated the Project was currently going thru the review process for rezoning of the
6/4/2013
parking lot portion of the club house from General Use to Outdoor Recreation; Code amendments
to define “club house” and modify allowable building height in the Outd oor Recreation District;
and Conditional Use Permit to allow for an “accessory building”, i.e. the club house. There are
currently some pending revisions to the Project such as a reduction in capacity of the banquet
room from 200 to 160 people; a prohibition against parking on Sunburst Drive and a requirement
to implement a valet parking program to meet the parking needs of the club house and to ensure
no parking occurs on Sunburst Drive. Zemler reviewed the Economic Impact Study Powerpoint
with the committee members. The study provided a breakdown of the square footage of the
proposed building renovations which showed the bulk of the change in square footage occurring
in the kitchen, pro shop, restrooms and outdoor patios. Zemler stated the club house would be
utilized for golf tournaments, weddings/banquets, corporate offsite conferences and community
meetings. Zemler informed the committee members that besides a reduction in capacity of the
banquet room and a prohibition against parking on Sunburst Drive, staff is recommending to
Council a requirement to implement a valet parking program to meet the parking needs of the
clubhouse and to ensure no parking occurs on Sunburst Drive. Zemler stated that currently no
decision has been made as to who would be operating the club house nor if the club house
should have a liquor license or not.
Kaufman suggested the Town send out an RFP for an operator of the club house and golf course
restaurant.
McDonald will email the PowerPoint to committee members and schedule the topic for a future
VEAC meeting to provide an update on the Project.
Vail Valley Medical Center Master Plan:
George Ruther invited the committee members to come and participate in the Med ical Center
Master Plan open house on May 15, 2013 from 3:30 pm - 5:00 pm at the Grand View room.
Ruther stated there would be a short presentation that will list the long term goals for the Medical
Center, traffic impacts and land use plan.
Moffet asked Ruther to consider the housing impact too in the Medical Center Master Plan.
Town Manager Report:
None
Citizen Input:
None
Other Business:
McDonald provided members with an update on the new event happening on Memorial Day
weekend, FEAST!Vail. McDonald stated the event was on track and is planned to have multiple
culinary demonstrations and participatory events. Nolan stated there are famous Denver chefs
and local chefs who will be participating in the demos. Kundolf added the event’s Facebook page
was up and it has the schedule and costs for the event.
Next Meeting:
The next meeting is scheduled for Tuesday, June 11, 2013 at The Antlers.
6/4/2013
TO: Vail Town Council
FROM: Economic Development and Finance Departments
DATE: May 21, 2013
SUBJECT: 2012/13 Ski Season Report
I. SUMMARY
In response to Council’s request for a report on potential reasons for the record sales tax
collections during the 2012/13 ski season, staff has contacted Vail Resorts, MTRIP, the Vail
Economic Advisory Council, and the Vail Valley Partnership for their insight.
As expected, there are many factors working together to achieve the positive results.
International visitation, particularly from South America, was mentioned frequently as a key
factor for all types of business. Although lack of snow was a detractor in December, consistent
snowfall through the rest of the season, including the extra weekend at the end of the season,
brought both destination and drive market business. New and/or redeveloped businesses
performed well and, in the lodging category, contributed to increases in room rates and revenue
per available room. Events including the Burton US Open and Vail’s 50th Anniversary were
successful and brought in participants and spectators. The Vail brand was also cited as a
strong influence in bringing people to Vail this season.
II. REPORTS
What follows is a compilation of information gathered from the various identified sources.
Vail Resorts
- Vail’s brand and guest-experience differentiation
- Snow Conditions in time for the holidays and the second half of the season
- Season Pass Strategy
- International Momentum
- 50th Anniversary Success
- Events Success/Burton US Open
We continue to be bullish on the state of Vail’s brand/business on a macro level. The
redevelopment of the past 10 years and the guest-experience differentiation that it has created
for Vail continues to pay dividends. We saw a hesitancy among our guests to commit to a visit
until they were comfortable that snow conditions would be adequate. This was probably created
by the poor conditions they experienced during the 2011-2012 season. But once they saw
communication regarding the snow we were receiving prior to the holidays and beginning in late
January, they reacted very quickly and significantly. We feel that our season-pass strategy for
both the destination market and the drive market continued to drive success for Vail as guests
6/4/2013
Town of Vail Page 2
who had purchased a pass prior to the season beginning had their loyalty to our resorts sewn
up for the season and an incentive to visit once the snow began to fall. We continued to see
growing demand from international markets, and the fact that Easter fell in March generated
significant volumes from the Mexican and South American markets during spring break. The
50th Anniversary celebration was a great, consistent theme for the entire resort that clearly
gained traction with guests and drove a focus for Vail in the media. Lastly, our events strategy
at the beginning and end of the season with Snow Daze and Spring Back to Vail, and the
introduction of the Burton US Open drove differentiation and media attention for Vail during
need times and with a new market.
Ralf Garrison, MTRiP
MTRiP is glad to be a provider of taxable sales reports and analysis to the Town of Vail,
however the data received thus far is only through the end of February and therefore our
seasonal reports that will provide information on the performance of new stores in Vail, how they
are increasing overall sales tax collections and how Vail is performing against a competitive set
of other mountain towns will not be available until June/July.
In the meantime, we can provide some information on Vail’s winter performance through
February, 2013 compared to other mountain towns.
• For the time period November 2012 – February 2013, Vail has saw 2.1% increase in
taxable sales from the previous year, slightly less that the average of 3.5%, represented
by the destination resorts tracked by MTRIP Econometrics, and 15th of the 17 in the
group.
• For the same period, Vail’s lodging tax receipts represented a 2.9% increase,
comparable to the sales tax figure. A preliminary conclusion is that (at least in this past
year) sales tax increases were driven by the destination guest who also stayed in the
Vail area.
• It should be noted that Vail’s taxable sales volume is much larger than the towns in the
competitive set, where Vail’s Nov – Feb tax sales equals $250.9 million and the average
of the remaining 16 towns is only $87.5 million.
• Lodging and sales tax data that is sited here is provided to the Town of Vail as part of
their subscription to MTRiP and attached.
Vail Economic Advisory Council
• South American business strong at restaurants and galleries with some restaurants
staying open throughout the afternoon for these guests
• New restaurants did well but with some cannibalization noted; some established
restaurants did not do as well as redeveloped properties
• Recovering US economy, particularly among our high end guest demographic from key
markets although visitation was down from areas where the economy continues to lag
• Vail branding, the Vail renaissance, new and redeveloped properties all had favorable
impact
• Lack of snow in the early part of this season and last hurt lodging in December, but the
timing of snowstorms in the first quarter 2103 kept bookings up for that period. Some,
but not all, lodges made up December shortfalls in subsequent months.
• Additional weekend at the end of the season brought incremental business
6/4/2013
Town of Vail Page 3
• The Burton US Open drew both spectators and competitors as well as television
coverage. Having too much snow for the women’s event made for some good publicity.
• Net promoter scores are high indicating our guests are happy with our service levels
Vail Valley Partnership
Key performance indicators for the Town of Vail for ski season 2012/13 include:
• Increased REVPAR (revenue per available room) of 4.9%, a leading indicator for lodging
sales tax collections.
• A small increase of 0.7% in lodging occupancy, indicating additional destination
overnight visitation to Vail.
• Increased group business during “need” times as reported by a survey of lodging
partners, likely resulting in compression for non-group lodging properties.
• Eagle County's employment picture is continuing to improve. Eagle County's February
2013 unemployment rate of 6.0% is better than the five year moving average of 6.4%
and slightly higher than our 10 year average of 5.3% and it is also 1.2% lower than
February 2012.
6/4/2013
Vail Business Review
March 2013
May 22, 2013
The March Vail Business Review breaks down the four percent sales tax collected for
March and year to date through first quarter.
Overall March sales tax increased 13.9% with Retail increasing 22.6%, Lodging
increased 14.7%, Food and Beverage increased 10.0% and Utilities/Other (which is
mainly utilities but also includes taxable services and rentals) decreased 11.1%. The
Out of Town category continues to be greatly affected by construction, interior design
firms and furniture stores delivering in to Vail. Excluding the Out of Town category sales
tax for the month of March was up 16.0%.
Year to date through first quarter resulted in an 11.0% increase overall with Retail
increasing 16.2%, Lodging increased 13.3%, Food and Beverage increased 7.4% and
Utilities/Other decreased 9.3%. Excluding the Out of Town category, sales tax for the
first quarter is up 12.6%.
Town of Vail sales tax forms, the Vail Business Review and the sales tax worksheet are
available on the internet at www.vailgov.com. You can subscribe to have the Vail
Business Review and the sales tax worksheet e-mailed to you automatically from
www.vailgov.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
6/4/2013
TOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEW
MarchMarchMarchMarch
Sales Tax Newsletter
March 2013 Sales TaxMarch 2013 Sales TaxMarch 2013 Sales TaxMarch 2013 Sales Tax
MarchMarchMarch
2012 2013 %
Collections Collections Change
VAIL VILLAGE
Retail 431,630 556,825 29.01 %
Lodging 624,897 751,080 20.19 %
F & B 514,207 587,035 14.16 %
Other 17,401 25,125 44.39 %
Total 1,588,135 1,920,065 20.90 %
LIONSHEAD
Retail 207,569 245,465 18.26 %
Lodging 432,721 484,479 11.96 %
F & B 150,009 161,079 7.38 %
Other 6,619 6,296 -4.88 %
Total 796,919 897,319 12.60 %
CASCADE VILLAGE/EAST VAIL/SANDSTONE/WEST VAIL
Retail 209,520 228,226 8.93 %
Lodging 195,429 211,740 8.35 %
F & B 76,593 67,243 -12.21 %
Other 5,523 7,196 30.29 %
Total 487,065 514,406 5.61 %
OUT OF TOWN
Retail 54,063 76,574 41.64 %
Lodging 43,564 40,454 -7.14 %
F & B 1,590 1,546 -2.76 %
Utilities & Other 215,966 179,598 -16.84 %
Total 315,182 298,171 -5.40 %
5/22/2013 2:58:52 PM Page 1 of 2 6/4/2013
TOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEW
MarchMarchMarchMarch
Sales Tax Newsletter
March 2013 Sales TaxMarch 2013 Sales TaxMarch 2013 Sales TaxMarch 2013 Sales Tax
TOTALTOTALTOTALTOTAL
MarchMarchMarch
2012 2013 %
Collections Collections Change
Retail 902,783 1,107,090 22.63 %
Lodging And Property Mgmt 1,296,612 1,487,753 14.74 %
Food and Beverage 742,399 816,903 10.04 %
Other 245,509 218,215 -11.12 %
Total 3,187,302 3,629,961 13.89 %
RETAIL SUMMARYRETAIL SUMMARYRETAIL SUMMARYRETAIL SUMMARY
MarchMarchMarch
2012 2013 %
Collections Collections Change
RETAIL-FOOD 144,322 156,673 8.56 %
RETAIL-LIQUOR 58,469 66,410 13.58 %
RETAIL-APPAREL 119,124 189,477 59.06 %
RETAIL-SPORT 457,051 541,733 18.53 %
RETAIL-JEWELRY 20,086 26,321 31.04 %
RETAIL-GIFT 9,144 10,447 14.25 %
RETAIL-GALLERY 6,897 7,342 6.45 %
RETAIL-OTHER 87,215 108,221 24.09 %
RETAIL-HOME OCCUPATION 475 466 -1.95 %
Total 902,783 1,107,090 22.63 %
5/22/2013 2:58:52 PM Page 2 of 2 6/4/2013
TOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEW
March YTDMarch YTDMarch YTDMarch YTD
Sales Tax Newsletter
March YTD 2013 Sales TaxMarch YTD 2013 Sales TaxMarch YTD 2013 Sales TaxMarch YTD 2013 Sales Tax
March YTDMarch YTDMarch YTD
2012 2013 %
Collections Collections Change
VAIL VILLAGE
Retail 1,242,144 1,443,344 16.20 %
Lodging 1,701,015 2,029,114 19.29 %
F & B 1,442,667 1,582,550 9.70 %
Other 42,935 65,295 52.08 %
Total 4,428,761 5,120,303 15.61 %
LIONSHEAD
Retail 590,433 659,805 11.75 %
Lodging 1,226,494 1,340,856 9.32 %
F & B 421,941 434,651 3.01 %
Other 18,637 22,063 18.38 %
Total 2,257,506 2,457,375 8.85 %
CASCADE VILLAGE/EAST VAIL/SANDSTONE/WEST VAIL
Retail 607,328 677,373 11.53 %
Lodging 592,878 650,939 9.79 %
F & B 215,866 217,821 0.91 %
Other 16,246 19,438 19.65 %
Total 1,432,317 1,565,571 9.30 %
OUT OF TOWN
Retail 146,154 225,311 54.16 %
Lodging 132,956 119,574 -10.06 %
F & B 5,186 5,720 10.30 %
Utilities & Other 636,400 540,727 -15.03 %
Total 920,695 891,333 -3.19 %
5/22/2013 3:03:53 PM Page 1 of 2 6/4/2013
TOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEW
March YTDMarch YTDMarch YTDMarch YTD
Sales Tax Newsletter
March YTD 2013 Sales TaxMarch YTD 2013 Sales TaxMarch YTD 2013 Sales TaxMarch YTD 2013 Sales Tax
TOTALTOTALTOTALTOTAL
March YTDMarch YTDMarch YTD
2012 2013 %
Collections Collections Change
Retail 2,586,059 3,005,833 16.23 %
Lodging And Property Mgmt 3,653,343 4,140,483 13.33 %
Food and Beverage 2,085,661 2,240,742 7.44 %
Other 714,218 647,524 -9.34 %
Total 9,039,280 10,034,582 11.01 %
RETAIL SUMMARYRETAIL SUMMARYRETAIL SUMMARYRETAIL SUMMARY
March YTDMarch YTDMarch YTD
2012 2013 %
Collections Collections Change
RETAIL-FOOD 423,122 479,794 13.39 %
RETAIL-LIQUOR 170,791 187,765 9.94 %
RETAIL-APPAREL 335,096 484,042 44.45 %
RETAIL-SPORT 1,255,460 1,418,260 12.97 %
RETAIL-JEWELRY 64,205 75,714 17.93 %
RETAIL-GIFT 26,395 29,687 12.47 %
RETAIL-GALLERY 19,006 19,894 4.67 %
RETAIL-OTHER 290,507 309,353 6.49 %
RETAIL-HOME OCCUPATION 1,476 1,323 -10.39 %
Total 2,586,059 3,005,833 16.23 %
5/22/2013 3:03:54 PM Page 2 of 2 6/4/2013
MEMORANDUM
May 29, 2013
To: Vail Town Council
Stan Zemler
Pam Brandmeyer
Judy Camp
From: Sally Lorton
Re: April Sales Tax
I estimate Vail will collect another $69,000 in April sales tax to bring April
collections to $1,068,527. If so, we will be down 16.7% or $214,407 from budget
and down 9.7% or $114,560 from April 2012. The ski season would be up 5.1%
or $720,095 and is a record ski season for sales tax collection.
6/4/2013
% Change % Change
2013 Budget from from
Month 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Budget Collections Variance 2012 Budget
January 1,997,091 2,225,841 2,275,967 2,597,985 2,783,306 2,976,655 2,619,673 2,564,383 2,795,688 2,855,524 2,958,130 3,142,854 184,724 10.06%6.24%
February 2,111,163 2,362,825 2,429,377 2,527,130 2,718,643 3,071,615 2,588,889 2,577,360 2,803,136 2,994,580 2,986,471 3,263,703 277,232 8.99%9.28%
March 2,372,942 2,344,178 2,785,101 2,852,954 2,986,446 3,327,304 2,504,567 2,685,004 3,143,418 3,185,859 3,178,693 3,637,437 458,744 14.17%14.43%
April 871,468 992,157 915,554 1,280,324 1,330,740 1,098,918 1,235,941 1,156,934 1,191,690 1,183,087 1,282,934 999,527 (283,407)-15.52%-22.09%
Total 7,352,664 7,925,001 8,405,999 9,258,393 9,819,135 10,474,492 8,949,070 8,983,681 9,933,932 10,219,050 10,406,227 11,043,521 637,294 8.07%6.12%
May 428,919 411,595 458,770 449,283 545,874 622,103 516,150 421,925 473,292 487,739 546,713 -100.00%-100.00%
June 742,755 732,113 834,913 805,362 953,017 918,061 717,233 873,765 895,951 963,143 948,508 -100.00%-100.00%
July 1,075,532 1,128,514 1,166,183 1,255,243 1,265,781 1,397,842 1,121,860 1,228,767 1,481,329 1,573,499 1,438,328 -100.00%-100.00%
August 1,029,446 994,445 993,985 1,055,614 1,162,746 1,349,795 1,068,391 1,147,352 1,310,471 1,380,710 1,322,533 -100.00%-100.00%
September 679,208 757,033 795,807 832,549 908,318 834,569 753,754 761,425 889,945 978,037 913,727 -100.00%-100.00%
October 508,092 532,537 566,173 614,396 688,519 662,767 581,033 594,362 623,420 644,577 676,408 -100.00%-100.00%
November 591,269 623,646 713,117 799,582 747,877 719,109 651,873 701,075 788,430 825,873 790,411 -100.00%-100.00%
December 2,171,098 2,362,095 2,549,032 2,771,258 2,821,871 2,652,628 2,553,974 2,963,763 3,184,645 2,973,826 3,057,145 -100.00%-100.00%
Total 14,578,983 15,466,979 16,483,979 17,841,680 18,913,138 19,631,366 16,913,338 17,676,115 19,581,415 20,046,454 20,100,000
Town of Vail
Sales Tax Worksheet
5/29/2013
6/4/2013
- 1 -
TOWN OF VAIL
REVENUE HIGHLIGHTS
May 31, 2013
Sales Tax
Upon receipt of all sales tax returns, April collections are estimated to be
$1,068,527 down 9.7% from last year and 16.7% down compared to budget. One
of the reasons for the decline is that Easter fell on April 8th last year compared
with March 31st this year. Year to date collections of $11,112,521 are up 8.7%
from last year and up 6.8% from budget. The ski season would be up 5.1% or
$720,095 and is a record ski season for sales tax collection. Inflation as
measured by the consumer price index was up 1.1% for April.
Real Estate Transfer Tax (RETT)
RETT collections through May 30 total $1,595,149 down 27.9% from this time
last year. Of current collections, approximately 9% is from major redevelopment
projects including Manor Vail, Four Seasons, Ritz Carlton Residences, Solaris,
and Lions Square Lodge North. Collections not related to major redevelopment
projects currently total $1,451,919 down 18.8% from prior year.
Lift Tax
Lift Tax collections for the 2012/13 winter season total $3,833,370, 13% increase
from the prior winter season collections.
Summary
Across all funds, year-to-date total revenue of $25.5 million is up 2.8% from
budget and down 4.1% from prior year, mainly due to a slow start with RETT
collections and Construction Use Tax.
6/4/2013
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: June 4, 2013
ITEM/TOPIC: Matters from Mayor.Council and Committee Report
6/4/2013
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: June 4, 2013
ITEM/TOPIC: Executive Session, pursuant to: 1) C.R.S. §24-6-402(4)(b)(e) - to receive legal
advice on specific legal questions; and to determine positions, develop a strategy and instruct
negotiators, Regarding: Council Roles and Responsibility, Town of Vail Development
Regulations and update on pending litigation.
PRESENTER(S): Matt Mire
6/4/2013
VAIL TOWN COUNCIL AGENDA MEMO
MEETING DATE: June 4, 2013
ITEM/TOPIC: Adjournment (4:00 p.m.)
NOTE: UPCOMING MEETING START TIMES BELOW (ALL ARE APPROXIMATE DATES
AND TIMES AND SUBJECT TO CHANGE)
--------------------
THE NEXT REGULAR VAIL TOWN COUNCIL REGULAR WORK SESSION WILL BEGIN AT
APPROXIMATELY 12:30 P.M. (or TBD), TUESDAY, JUNE 18, 2013 IN THE VAIL TOWN
COUNCIL CHAMBERS
FUTURE AGENDA ITEMS:
Ongoing agenda items TBD: DRB/PEC updates - Warren - WS - 15 min.; Information
Updates Attachments: WS - 15 min.; Executive Session items: 30 min.; Consent Agenda: 5
min.; Town Manager Report: 5 min.
FUTURE AGENDA ITEMS:
Ford Park Phase I Improvements Site Visit - WS - Greg Hall - 60 min. - 6/18
Council call up of Traveler Book Gallery - George Ruther - 6/18
Traveler Book Gallery Site Visit - WS - George Ruther - 6/18
Mountain Travel Update - WS - Ralf Garrison - 30 min. - 6/18
Ransberg Hearing - WS - George Ruther - 30 min. - 6/18
Vail Village Info Center - ES - Greg Hall - 30 min. - 7/2
Council call up of Wall Street Commercial - George Ruther - 7/2
Site visit to Wall Street Commercial - George Ruther - 7/2
Update on 2012-13 Legislative Session, including marijuana and collective bargaining - WS -
Matt Mire -7/2
Ford Park Sport Field Contract Award- ES - Todd O - 30 min. - 7/16
Approval of contractor for operational management of Vail Welcome Center & Host Program -
Suzanne - ES - 7/16
Plastic Bag Initiative Community Discussion -TBD
Gore Creek Public Sign Campaign - George - WS - 20 min. - TBD
Sign Code/Sponsor Vehicle Location - George - WS - 15 min. - TBD
ERWSD easements - Todd Fessenden - ES - 30 min. - TBD
1st reading of Ord #1 - Charter Split - Matt M - ES - 30 min. - TBD
ROI Document Presentation - Adam Sutner - WS - 20 min. - TBD
EHU Housing Authority - TBD
2015 WAC construction restrictions discussion - George - WS - 30 min. - TBD
VVMC/TOV discussion on MOB - Doris Kirchner, VVMC - ES - 30 min. - TBD
Strategic Parking Plan discussion - Greg H. - WS - 30 min. - TBD
Sister City discussion - TBD
Open Space Discussion with Toby Sprunk, Eagle County Open Space Director - TBD
Discussion of future of RSES - TBD
Streaming PEC & DRB - TBD
Vail Village Character Preservation Update - TBD
6/4/2013