HomeMy WebLinkAbout2020-06-02 Agenda and Supporting Documentation Town Council Afternoon Meeting Agenda
VAIL TO W N C O U N C IL R E G U L AR ME E TIN G
Agenda
Town C ouncil Chambers and Virtual
3:00 P M, June 2, 2020
Meeting to be held in C ouncil Chambers and Virtually (access
High Five Access Media livestream day of the meeting)
Notes:
Times of items are approximate, subject to change, and cannot be relied upon to determine what time Council will
consider an item.
Public comment on any agenda item may be solicited by the Town Council.
1.Presentation / Discussion
1.1.Burton US Open Recap 20 min.
Presenter(s): Mia Vlaar, Economic Development Director and W hitney
Heingartner, Burton
Background: Burton US Open Snowboard Championships event promoters
will provide a 2020 event recap noting some of the community and
economic benefits to the Town of Vail.
1.2.2019 Audited Financial Statements for the Town of Vail 15 min.
Presenter(s): Kathleen Halloran, Finance Director and Michael J enkins,
Mc Mahan and Associates
Action Requested of Council: The 2019 audited financial statements are
presented to Town Council for information only; No action requested.
Background: I n 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 made available
for public inspection. The 2019 audit was conducted by Mc Mahan and
Associates.
1.3.2020 Semi-Annual Update on Housing - Progress Towards the Goal 30 min.
Presenter(s): George Ruther, Housing Director and Steve Lindstrom,
Chair, Vail Local Housing Authority
Action Requested of Council: For information only - no action is requested
Background: The Vail Housing 2027 Strategic Plan was adopted by the Vail
Town Council in September of 2017. To ensure progress towards the
adopted housing goal a performance measured was put in place obligating
the Vail Local Housing Authority and the Town's Housing Department to
provide an update to the Vail Town Council twice annually. The purpose of
this presentation is to honor that obligation and demonstrate progress
towards the goal.
1.4.Alternate Housing Site Presentation 30 min.
Presenter(s): George Ruther, Housing Director
Action Requested of Council: No action is recommended at this time
Background:
On May 16th, the Town staff presented an overview of the alternate housing
June 2, 2020 - Page 1 of 235
site plan to the Vail Town Council. T his presentation provides a more in
depth overview of potential options and strategies for
implementation.
T he purpose of this presentation is to provide an update on the
progress of the Vail Town Council’s initiative to explore an alternate
path to achieving the Town’s adopted housing and environmental
stewardship goals.
T he staff memorandum highlights a draft alternate housing site plan
and outlines strategies for implementation.
Staff Recommendation: A series of recommended actions is outlined in
Section 3 of the memorandum. Each of the actions recommended is
intended to advance the proposed alternate housing plan, and its many
pieces, forward.
1.5.Vail Economic Recovery Efforts in Response to Public Health Crisis 30 min.
Presenter(s): Scott Robson, Town Manager
Action Requested of Council: I nformation and discussion only
Background: There have been a number of economic recovery updates
provided during recent meetings. This presentation will continue to update
the community about economic recovery tactics and initiatives that have
been recommended by the Town Manager's Office, the V E A C, V V P,
V C B A and regional task force groups. There have been numerous
programs implemented in an effort to reboot the businesses in Vail and in
response to the public health crisis.
2.D R B / P E C Update (5 min.)
2.1.D RB / P E C Update
Presenter(s): J onathan Spence, Planning Manager
3.Information Update (5 min.)
3.1.C S E minutes.
3.2.V LHA April 28, 2020 Meeting Results
3.3.May Revenue Update
4.Matters from Mayor, Council and Committee Reports (10 min.)
5.Executive Session
5.1.Executive Session, pursuant to: 1) C.R.S. §24-6-402(4)(b) - to receive
legal advice on specific legal questions; Regarding: Zoning Process
10 min.
Presenter(s): Matt Mire, Town Attorney
6.Recess
6.1.Recess at 5:35 pm (estimate)
June 2, 2020 - Page 2 of 235
Meeting agendas and materials can be accessed prior to meeting day on the Town of Vail website
www.vailgov.com. All town c ounc il meetings will be streamed live by High Five Acc ess Media and available for
public viewing as the meeting is happening. The meeting videos are also posted to High Five A cc ess Media
website the week following meeting day, www.highfivemedia.org.
Please c all 970-479-2136 for additional information. S ign language interpretation is available upon request with 48
hour notification dial 711.
June 2, 2020 - Page 3 of 235
VA I L TO W N C O UNC I L A G E ND A ME MO
I T E M /T O P I C: Burton US Open Recap
P RE S E NT E R(S ): Mia Vlaar, E conomic Development Director and W hitney Heingartner, B urton
B AC K G RO UND: B urton US Open Snowboard Championships event promoters will provide a
2020 event recap noting some of the community and economic benefits to the Town of Vail.
AT TAC H ME N TS:
Description
Burton Recap
June 2, 2020 - Page 4 of 235
Burton US Open
February 2020
Prepared for:
Burton US Open
Prepared by:
Intercept Insight, LLC
PO Box 2078
Avon, CO 81620
970.331.1086
www.interceptinsight.com
June 2, 2020 - Page 5 of 235
Table of Contents
Table of Contents
Objectives …………………………………………………………………………………………………………………………………………………………..1
Methodology …………………………………………………………………………………………………………………………………………………….2
Overview and Summary …………………………………………………………………………………………………………………………………..3
Highlights …………………………………………………………………………………………………………………………………………………………….4
Detailed Findings
Attendee Details ………………………………………………………………………………………………………………………………6
Recommendation (Net Promoter Score)………………………………………………………………………………………….11
Event Performance……………………………………………………………………………………………………………………………13
Media/Awareness …………………………………………………………………………………………………………………………….18
Spending Habits ………………………………………………………………………………………………………………………………..21
Attendance/Revenue Generation ……………………………………………………………………………………………………..24
Accommodations ……………………………………………………………………………………………………………………………..26
Geographical Data …………………………………………………………………………………………………………………………….29
Demographical Data ………………………………………………………………………………………………………………………….31
Favorite activities ……………………..…….…………………………………………………………………………………………………36
End of Report
INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086June 2, 2020 - Page 6 of 235
Burton invested in a third party research company, Intercept Insight, LLC, to conduct intercept
surveys during the Burton US Open to help quantify decisions and increase performance related to
the event. With this insight, Burton is able to evaluate economic contributions of the event, develop
objectives to increase the overall performance, market effectively, and provide sponsors with
valuable data regarding the event. Burton identified several objectives for this study.
Objectives:
Attendee details (e.g. attendance, reason for visiting Vail, prior attendance, loyalty)
Intent to return to the event
Quantify recommendations
Evaluate event performance
Estimate spending habits
Estimate revenue generation
Understand media effectiveness/awareness
Obtain demographical and geographical data
Determine accommodations, nights stayed, town stayed in, etc.
Favorite activities
Objectives
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Burton and Intercept Insight designed a core set of questions intended to meet the
objectives of the study, including some event specific questions. Once the survey was
approved the questions were programmed into a survey design tool and uploaded to
handheld devices (iPads). The surveys were conducted in -person using the handheld
devices to collect the data.
In-person intercepts were conducted February 26th –29th,2020 throughout the various
venue locations. Surveyors were hired and trained to conduct the intercepts in a way so
that a random representative sample of the population was being collected each day.
Those surveyed must have been 18 years of age or older. A sample plan was designed,
and a daily quota was met. Once the daily quotas were met the data was downloaded
using a statistical software, and prepared for analysis and reporting.
Methodology
2INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086June 2, 2020 - Page 8 of 235
It is important to remember that this is a tool for gathering event attendees’ opinions and feedback. Many of the results are presented in
terms of percentages. Intercept Insight, LLC encourages readers to consider the overall direction that is suggested rather than only the
statistics. Note that the margin of error is different for every single question response on the survey depending on the sample sizes,
proportion of responses, and number of answer categories for each question. As a general comment, it is sometimes more appro priate to
focus attention on the general trends and patterns in the data rather than on the individual percentages.
Burton engaged Intercept Insight, LLC for research services/in-person intercepts during the 2020 Burton US Open. These services included
strategy and execution, survey development, programming, analysis, reporting, and staffing. Surveyors using handheld data collection tools
conducted in-person intercepts throughout the various venue locations. 282 surveys were conducted over the course of the event,which
provides a 5.7% margin of error at a 95% confidence interval with the data collected.
Using the total transactions within the parking structures over the course of the event, photos, square footage of venue loca tions, and data
from specific survey questions, the total estimated attendance for the event was approximately 23,822. Using the estimated attendance and
specific survey questions regarding accommodations, spending habits, and the percentage of those who came to Vail specifically for this event,
an estimated revenue generation for the Town of Vail was calculated. The Burton US Open was responsible for generating appro ximately
$4.4M, within the Town of Vail.
Overall Satisfaction with the event was extremely high with a mean satisfaction rating of 4.8 on a scale of 1 to 5, where 1=N ot at all satisfied
and 5=Extremely satisfied. The Burton US Open earned a Net Promoter Score of 77, with 81% of the respondents classified as “Promoters”.
“Friends/family” was the most selected option when asked “How did you hear about, and/or where did you see advertising for th is event this
year?”
Locals made up 36% of the attendance, while 59% of the attendees were overnight guests. 53% of the attendees were from Color ado. 77% of
those staying in paid lodging stayed in Vail; staying an average of 5.3 nights. The average age of the attendees was 40.1, with 59%/41% being
male/female respectively. 26% attended with friends only, and 23% attended by themselves. The average number of children per family in
attendance was 1.9, and the average age of children under 18 was 9.6 years. Most of the respondents enjoy hiking, skiing, an d snowboarding.
Overview and Summary
3INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086June 2, 2020 - Page 9 of 235
Total completed surveys –282
Sample size provides statistical validity with an error rate of 5.7% at a 95% confidence interval
Estimated attendance –23,822
Estimated revenue generated to the Town of Vail -$4.4M
Net Promoter Score –77
Overall Satisfaction –4.8 (using a scale of 1 to 5, where 1=Not at all Satisfied and 5=Extremely Satisfied)
68% of the attendees came to Vail specifically for this event
53% of the attendees had attended this event in the past
Average number of days attended –2.4
“Friend/family” was selected most when asked, “How did you hear about, and/or where did you see advertising for this event?”
77% of the attendees staying in paid lodging stayed in Vail
81% are “Very” or “Extremely Likely” to return in the future
65% of the first-time attendees are “Very” or “Extremely Likely” to return in the future
Average nights stayed in paid lodging in Vail, CO –5.3
Average group size of those lodging in Vail, CO –3.6
Average age of respondents –40.1
Average age of children < 18 in attendance –9.6
Estimated number of room nights generated –4,140
Estimated average nightly rate in Vail -$606
Most preferred activities: Hiking, Skiing, and Snowboarding
Highlights
4
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Attendee Details
June 2, 2020 - Page 11 of 235
Attendance
68% of the attendees planned
their trip to Vail specifically for
the event.
Of those who came to Vail
specifically for the event, 53%
were local visitors, and 44% were
overnight guests.
6INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
0%
20%
40%
60%
80%
100%
Came for event Heard about it after arrival
68%
32%
Burton US Open -Reason for Visiting Vail
2020
N = 282
0%
20%
40%
60%
80%
100%
Local In-State Day In-State Overnight Out-of-State International
53%
3%
18%25%
1%
Burton US Open -Came for Event by Market Segment
2020
N = 192
June 2, 2020 - Page 12 of 235
Attendance
47% were first-time attendees.
Respondents attended an average
of 2.4 days
7INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
0%
20%
40%
60%
80%
100%
First year 2 years 3 years 4 years 5 years 6 years 7 years 8 years
47%
10%10%9%8%4%2%10%
Burton US Open -Prior Attendance
2020
N = 282
0%
20%
40%
60%
80%
100%
1 Day 2 Days 3 Days 4 Days
30%25%22%23%
Burton US Open -Days in Attendance
2020
N = 282
June 2, 2020 - Page 13 of 235
Attendance
8INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
0%
20%
40%
60%
80%
100%
Drove, parked in
Vail Village
Drove, parked in
Lionshead
Drove, parked
other lot
Drove, parked
on Frontage
Road
Took the bus Walked/road
bike
Other (specify)Walked from
Lodging Property
28%
8%6%1%
33%
1%2%
21%
Burton US Open -Venue Access
2020
N = 282
0%
20%
40%
60%
80%
100%
Less
than an
hour
1 hour 1.5 hour 2 hours 2.5
hours
3 hours 3.5
hours
4 hours 4.5
hours
5 hours 5.5
hours
6 hours 6.5
hours
7 hours 7.5
hours
8 hours
4%11%3%
25%
6%
18%
3%
14%
2%6%1%1%0%2%0%4%
Burton US Open -Length of Stay
2020
N = 282
June 2, 2020 - Page 14 of 235
Intention to Return
9INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
0%
20%
40%
60%
80%
100%
Not at all Likely Not Very Likely Somewhat Likely Very Likely Extremely Likely
0%2%
17%
31%
50%
Burton US Open -Intention to Return
2020
N = 28281%of the respondents are
'Very' or 'Extremely Likely' to
return in the future.
0%
20%
40%
60%
80%
100%
Not at all Likely Not Very Likely Somewhat Likely Very Likely Extremely Likely
1%4%
30%39%
27%
Burton US Open -First-year Attendees Intention to Return
2020
N = 13265%of the first-year attendees
are 'Very' or 'Extremely Likely'
to return in the future.
June 2, 2020 - Page 15 of 235
Recommendation
June 2, 2020 - Page 16 of 235
Recommendation
The Net Promoter Score is calculated via the following question: “On a scale of 0 to 10, where
0=Not at all likely and 10=Extremely likely, how likely are you to recommend the Burton US Open to a
friend or family member?
Those who rate a ‘9’ or ‘10’ are called “Promoters”. Those who rate a ‘7’ or ‘8’ are called “Passive
Supporters”, and those who rate ‘0’ to ‘6’ are called detractors.
The Net Promoter Score (NPS) is calculated by subtracting the percentage of Detractors from the
percentage of Promoters.
11INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
77
0
10
20
30
40
50
60
70
80
90
100
0%
20%
40%
60%
80%
100%
2020 Net Promoter ScoreRecommendation DistributionAxis Title
Burton US Open -Net Promoter Score
Promoters Passive Supporters Detractors NPS
Burton US Open -Increase
Recommendation
Too old
Swag
Start on time
Stage different
Seats
Real bands
More vendors
More vendors
More surveys
More room
More music
More food
More artists
More advertisement
More advertising
Longer
Free swag
Free booze
Escalator
Easy access to mountain
Easier access
Different artists
Better viewing
Bad music and quality
Audience
June 2, 2020 - Page 17 of 235
Event Performance
June 2, 2020 - Page 18 of 235
Hierarchy of Customer Satisfaction Needs
Basic Requirements Met
Promised Requirements Met
Satisfaction
Scores from
4.5 –5.0
Attractive Surprises Met
Satisfaction Scores from 1.0 –3.4
Satisfaction Scores from 3.5 –4.4
The Customer Delight Principle was designed to identify shortcomings within a business and to improve satisfaction. Satisfac tion can be
measured along a continuum and can be broken out into three major points:
•Discontentment –customers needs are simply not being met.
•Merely Satisfied –meeting customers needs, but not doing enough to distinguish among competition.
•Delighted –meeting and exceeding the customers needs and expectations
Terry Keiningham and Terry Varva, 2001,The Customer
Delight Principle, Google Book Search, viewed 6/23/2008,
http://books.google.com/books?id=ot8oD9B2Ck8C&dq=cus
tomer+Delight+Prinicple&pg=PP1&ots=VOXp3xEU0J&sig=9
VbRewC5X8MN3xs2vDpmuS9muNk&hl=en&sa=X&oi=book_
result&resnum=1&ct=result
13June 2, 2020 - Page 19 of 235
Attribute Satisfaction
Each person surveyed was asked to rate their satisfaction level with several attributes of the event on a scale
of 1 to 5, where 1=Not at all satisfied and 5=Extremely satisfied. This graph displays the percentage of those
who rated a ‘4’ or ‘5’, as well as the mean satisfaction rating of each attribute.
14INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
96%94%92%95%87%
98%
4.8 4.7 4.8 5.0
4.7
5.0
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
0%
20%
40%
60%
80%
100%
120%
140%
160%
Overall satisfaction so far Quality of the music Quality of the food and
beverages vendors
Family friendly activities Parking/access Quality of the riders
Burton US Open -Attribute Satisfaction Ratings
Percentage who rated a '4' or '5' 2020 Mean Rating 2020
June 2, 2020 - Page 20 of 235
“One Change” Comments
15
INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
2020 Burton US Open -One Change
Comments
Wheelchairs
Way to get handicapped people up to
the half pipe
Warming stations
Warmers
Warmers
Walk up, merch at bottom of half
pipe
Walk up, bleacher seats
Walk up the hill
Walk up
Walk up
Walk up
Walk up
Walk up
Walk up
Walk up
Walk up
Walk to the pipe w kids is not good
Viewing
Test drives
Tell use the consent starts later
Tequila
Sunscreen stations
Stairs
Stairs
Stairs
Sponsor tents should stay open after
the events
Space
Seats
Seating
2020 Burton US Open -One Change
Comments
Rides up hill
Rides up hill
Rides up
Put heaters
Publicize
Play u2
Places to eat and sit
Perfect
Parking cheaper
Parking
Parking
Parking
Parking
No saved seats
More warning
More vendors
More vendors
More venders, spread out
More variety in the music
More tvs
More swag
More seats
More seats
More seating at half pipe
More seating
More red bull
More people
More outdoor heaters
More maps and stickers
2020 Burton US Open -One Change
Comments
More live
More kid activities
More info on app, riders orders
More heaters
More heaters
More games for swag
More free swag
More free swag
More food and drink options
More family friendly activities
More events
More events
More bathrooms
More area
More area
More advertising
More activities in town
Marijuana dispensers
Make sure the livestreams are up
Make it later
Lower parking rate
Less stairs halfpipe
Last longer
Keep doing it
Heating lamps
Heat
Good
Free tickets
Free swag
2020 Burton US Open -One Change
Comments
Free parking
Free beer
Free beer
Free beer
Free beer
Fire pits in VIP
Easier access
Easier access
Do it at night
Different music
Cheaper beer
Bring back to Vermont
Bigger venue
Bigger music names
Bigger bands
Better viewing
Better sponsor village
Better set up stage
Better seating
Better parking
Better parking
Better artists
Better artists
Artist
Area
Align up the hill but knows it's
unavoidable
Add bleachers
Ada accessible
Access to the side of the pipe
360 music
June 2, 2020 - Page 21 of 235
Burton Brand Performance
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INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Not at all fits Not very well fits Somewhat fits Very well fits Completely fits lifestyle
6%
13%
23%
29%28%
5%
11%
23%27%
34%
Burton US Open -How does the Burton brand fit your lifestyle?
2020 Before Event 2020 After Event
N = 282
June 2, 2020 - Page 22 of 235
Media/Awareness
June 2, 2020 - Page 23 of 235
Media/Awareness
18INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
39%
15%14%12%8%8%8%4%4%3%3%2%1%1%
Burton US Open -Media/Awareness
(Multiple Response)
2020
June 2, 2020 - Page 24 of 235
Media/Awareness Comments
19INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
Burton US Open -Media/Awareness "Other" Comments
Walking in
Up the mountain
Tents
Streets
Street
Stage
Rental website
Past
Past
Past
Passing by
Mountain
Local
Living here
Lived
Lived
Lived
Industry
Here all over
Grown up
Future
For work
Bus
Bus
Been
All over
All over
All
All
June 2, 2020 - Page 25 of 235
Spending Habits
June 2, 2020 - Page 26 of 235
Spending Habits
21INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
Lodging Spend Vendor Spend Dining Spend Retail Spend Activities Spend Total Spend
$3,187,465
$120,116 $245,326 $145,901 $177,863
$3,876,670
Burton US Open -Household Spending of Guests Staying in Paid Lodging
(Only those who came for the Event)
Lodging Spend is equal to only
those who stayed in paid lodging
within Vail.
June 2, 2020 - Page 27 of 235
Spending Habits
22INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
$0
$100,000
$200,000
$300,000
$400,000
$500,000
Vendor Spend Dining Spend Retail Spend Activities Spend Total Spend
$66,262
$148,254
$70,072
$150,502
$435,091
Burton US Open -Household Spending of all other Overnight Guests
(Only those who came for the Event)
$0
$50,000
$100,000
$150,000
$200,000
Vendor Spend Dining Spend Retail Spend Activities Spend Total Spend
$39,547
$76,323
$23,735
$1,720
$141,326
Burton US Open -Household Spending of all Local/In-state Day Visitors
(Only those who came for the Event)
June 2, 2020 - Page 28 of 235
Attendance and Revenue Generation
June 2, 2020 - Page 29 of 235
Estimated Attendance and Revenue
Generation
24INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
This graph represents the estimated Total Attendance, Total People, Total People (Came for Event), and
Gross Revenue Generation for the Town of Vail. The Total Attendance estimation is based on the total number
of vehicle transactions within the parking structures (provided by the TOV), photos and square footage of the
venues, percentage of attendees who drove, average group size, and other survey data variables. Total People
accounts for the average number of days in attendance. Total People (Came for Event) accounts for the
percentage of those who planned their trip to Vail for the event, and is the sample set used for the estimated
Gross Revenue Generation.
Estimated gross revenue generation for the Town of Vail: $4.4M Note: the gross revenue generation
incudes approximately $1.8M in production spend
23,822
9,997
6,806
$4,390,412
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
$5,000,000
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2020
Burton US Open -Estimated Attendance and Revenue Generation
Total Attendance Total People Total People (Came for event)Gross Revenue Generation
June 2, 2020 - Page 30 of 235
Accommodations
June 2, 2020 - Page 31 of 235
Accommodations
26
INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1%9%3%1%3%5%1%5%1%1%
70%
Burton US Open -Town Stayed In
(All Accommodations)
2020 N = 155
0%
20%
40%
60%
80%
100%
Paid Lodging Friends/Family 2nd Home Timeshare Primary Residence Other (Please
specify)
Day Trip
28%
14%13%
3%
36%
1%5%
Burton US Open -Accommodations
2020
N = 282
June 2, 2020 - Page 32 of 235
Accommodations
27INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1 - 2 3 - 5 6 - 7 8 - 10 11 - 14 15+
10%
48%
24%
12%
4%3%
Burton US Open -Nights Stayed Categories
(All Accommodations)
2020 N = 147
Average nights stayed (all accommodations) -5.5
Average nights stayed (paid lodging in Vail) -5.3
June 2, 2020 - Page 33 of 235
Geographical Data
June 2, 2020 - Page 34 of 235
Geographics
29INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
0%
20%
40%
60%
80%
100%
Colorado California New Jersey New York Florida
53%
4%4%4%3%
Burton US Open -Top Five States of Origin
2020 N = 282
0%
20%
40%
60%
80%
100%
Local In-State Day In-State Overnight Out-of-State International
36%
5%
15%
40%
4%
Burton US Open -Market Segment
2020
N = 282
June 2, 2020 - Page 35 of 235
Demographical Data
June 2, 2020 - Page 36 of 235
Demographics
31INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
11% attended with “Family (including
children)”.
84% of those attending with their family
(including children), were with children under
18 years of age.
The average family (including children)
attended with 1.9 children.
The average age of children under the age
of 18 in attendance was 9.6 years of age.
0%
20%
40%
60%
80%
100%
Self Spouse or
significant other
Friends Only Friends and Family Family (including
children)
Family (not
including children)
Group
23%17%
26%
10%11%7%5%
Burton US Open -With Whom Attended
2020
N = 282
0%
20%
40%
60%
80%
100%
Yes No
84%
16%
Burton US Open -Attended with Children < 18
(Asked only of those who attended with 'Family (including children)')
2020
N = 32
June 2, 2020 - Page 37 of 235
Demographics
32INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
0%
20%
40%
60%
80%
100%
Married w/ children
living at home
Married w/ children
not living at home
Married w/o children Single w/ children
living at home
Single w/ children not
living at home
Single w/o children
19%14%12%3%3%
50%
Burton US Open -Family Status
2020 N = 280
0%
20%
40%
60%
80%
100%
Own Rent
57%
43%
Burton US Open -Own vs. Rent
2020 N = 279
June 2, 2020 - Page 38 of 235
Demographics
33INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
0%
20%
40%
60%
80%
100%
Some High School High School Some College Associates Degree (2
year)
Bachelor's Degree (4
Year)
Post Graduate Degree
0%8%10%6%
56%
20%
Burton US Open -Education Level
2020 N = 277
0%
20%
40%
60%
80%
100%
6%5%15%13%16%26%16%
3%
Burton US Open -Income Categories
2020 N = 238
June 2, 2020 - Page 39 of 235
Demographics
34INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
0%
20%
40%
60%
80%
100%
Male Female
59%
41%
Burton US Open -Gender
2020 N = 282
0%
20%
40%
60%
80%
100%
18 - 20 21 - 24 25 - 34 35 - 44 45 - 54 55 - 64 65+
2%7%
36%
19%17%13%6%
Burton US Open -Age Categories
(Does not include children < 18)
2020 N = 272
Average age of respondents -40.1
Average age of children < 18 -9.6
June 2, 2020 - Page 40 of 235
Favorite Activities
June 2, 2020 - Page 41 of 235
Favorite Activities
36INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
49%47%46%
35%34%29%29%28%28%24%24%24%22%20%20%18%17%17%15%15%12%11%11%9%6%3%
Burton US Open -Activity Participation
(Multiple Response)
2020
June 2, 2020 - Page 42 of 235
Ski/Ride Activity & Ability
37INTERCEPT INSIGHT, LLC | PO Box 2078 Avon, CO 81620 | www.interceptinsight.com | 970.331.1086
0%
20%
40%
60%
80%
100%
Yes No
37%
63%
Burton US Open -Ski/Rode to Mountain Events
2020 N = 101
0%
20%
40%
60%
80%
100%
Beginner Intermediate Advanced Expert
6%
23%
38%33%
Burton US Open -Ski/Ride Ability
2020 N = 219
June 2, 2020 - Page 43 of 235
End of Report
June 2, 2020 - Page 44 of 235
VA I L TO W N C O UNC I L A G E ND A ME MO
I T E M /T O P I C: 2019 Audited Financial S tatements for the Town of Vail
P RE S E NT E R(S ): K athleen Halloran, F inance Director and Michael J enkins, Mc Mahan and
A ssociates
AC T IO N RE Q UE S T E D O F C O UNC I L: T he 2019 audited financial statements are presented
to Town Council for information only; No action requested.
B AC K G RO UND: I n accordance with section 9.11 of the Vail Town Charter, an independent audit
shall be made of all town accounts at least annually. T he audit shall be conducted by certified
public accountants and made available for public inspection. The 2019 audit was conducted by
Mc Mahan and A ssociates.
AT TAC H ME N TS:
Description
P P T
letter
2019 Financials
June 2, 2020 - Page 45 of 235
2019 FINANCIAL STATEMENTS & AUDIT REPORT
FINANCE | June 2, 2020
June 2, 2020 - Page 46 of 235
PRESENTERS
Kathleen Halloran, C.P.A. Finance Director
Michael N. Jenkins, C.A., C.P.A. Partner, McMahan & Associates, LLC
Town of Vail | Finance | 6/2/2020
June 2, 2020 - Page 47 of 235
Town of Vail | Finance | 6/2/2020
2019 FINANCIAL STATEMENTS | Government Wide 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 $320.9M
$206.4M net investment in capital assets
$2.3M TABOR reserves; $1.4M restricted; $110.8M unrestricted
STATEMENT OF ACTIVITIES
$20.6M increase in net position
$86.8M revenue; $19.9 program specific and $66.9M general revenue
$66.2M expenses
June 2, 2020 - Page 48 of 235
Town of Vail | Finance | 6/2/2020
2019 FINANCIAL STATEMENTS | Fund Statements
Record financial transactions for specific activities or governmental
functions; focus on near-term inflows and outflows and spendable
balances
GOVERNMENTAL FUNDS
General Fund
Capital Projects Fund
Real Estate Transfer Tax Fund
Marketing Fund
Vail Local Marketing District
Vail Reinvestment Authority
PROPRIETARY FUNDS
Internal Services –
Heavy Equipment Fund
Health Insurance Fund
Enterprise Funds –
Dispatch Services Fund
Timber Ridge Fund
June 2, 2020 - Page 49 of 235
Town of Vail | Finance | 6/2/2020
2019 FINANCIAL STATEMENTS | Fund Statements
Final Budget 2019
Actual Better (Worse)%
Revenue $41.1M $43.7M $2.6M 6.3%
Expenditures (42.8)M (41.2)M 1.6 M 3.7%
Net Change $(1.7)M $2.5M $4.2M N/A
Revenue –Increase mainly due to parking ($1.3M), investment income ($666K)
and lift tax ($316K)
Expenditures –Savings in general operations $1.0M; salaries due to vacancies
$423K; planning projects delayed $100K
Fund Balance -$36.3 million compared with target $15.3 million or 35% of revenue
General Fund Favorable to Budget by $4.2M
June 2, 2020 - Page 50 of 235
Town of Vail | Finance | 6/2/2020
2019 FINANCIAL STATEMENTS | Fund Statements
Capital Projects Fund Managed $19.6M in Projects
Final Budget 2019 Actual Better (Worse)
Revenue $18.0M $20.1M $2.1M
Expenditures (41.2)M (19.6)M 21.6M
Transfers and
Financing 3.85M 3.80M (0.05)M
Net Change $(19.4)M $4.3M $23.7M
Revenue –Variance due to increased sales tax
Expenditures –Variance for approved projects not yet completed and carried
over to 2020 $19.4M; $2.2M in project savings during 2019
Transfers and Financing –VRA funding of Lionshead projects
Fund Balance -$39.2M
June 2, 2020 - Page 51 of 235
Town of Vail | Finance | 6/2/2020
2019 FINANCIAL STATEMENTS | Fund Statements
RETT Fund Managed $3.5M in Projects; $2.8M Ops
Final Budget 2019 Actual Better (Worse)
Revenue $8.7M $8.2M $(0.5)M
Expenditures (17.9)M (6.5)M 11.4M
Transfers and
Financing 0.02M 0.02M 0.0M
Net Change $(9.2)M $1.7M $10.9M
Revenue –Real estate transfer tax was up 11% from budget, or $700K
Expenditures –Variance due to approved projects not yet completed and carried over to
2020 $6.7M; Project savings of 4.7M
Fund Balance -$14.7M
June 2, 2020 - Page 52 of 235
VAIL REINVESTMENT AUTHORITY TAX INCREMENT FINANCING
$11.9M issued in 2010 for Lionshead improvements
$7.7 M outstanding at year end
Repayment from incremental property tax revenue from Lionsheadredevelopment
Proposed refunding of the bonds in July 2020 will save up to $700K
Town of Vail | Finance | 6/2/2020
2019 FINANCIAL STATEMENTS | Debt Financing
June 2, 2020 - Page 53 of 235
Town of Vail | Finance | 6/2/2020
2019 FINANCIAL STATEMENTS | Fund Statements
10-Year History and 5-Year Projection of Reserves
$72.4
$72.9 $69.2
$55.5
$64.9
$80.1 $82.4
$72.5
$93.7
$100.8
$77.1
$64.5
$53.3
$40.6 $41.3
-
20
40
60
80
100
120
MillionsAll Other
RETT Fund
Capital Projects
Fund
General Fund
Reserve Min
June 2, 2020 - Page 54 of 235
Town of Vail | Finance | 6/2/2020
| Finance | 4/19/2016
2019 FINANCIAL STATEMENTS
June 2, 2020 - Page 55 of 235
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
Paul J. Backes, CPA, CGMA Avon: (970) 845-8800
Michael N. Jenkins, CA, CPA, CGMA Aspen: (970) 544-3996
Daniel R. Cudahy, CPA, CGMA Frisco: (970) 668-3481
M
&
A
To the Mayor and Members of Town Council
Town of Vail, Colorado
We have audited the financial statements of Town of Vail, Colorado (the “Town”) as of and for the year
ended December 31, 2019. Professional standards require that we provide you with the following
information related to our audit.
Qualitative Aspects of Accounting Practices
The Town’s management is responsible for the selection and use of appropriate accounting policies. The
significant accounting policies used by the Town are described in Note I to the 2019 audited financial
statements. No new accounting policies were adopted and the application of existing policies was not
changed during the year. We noted no transactions entered into during the year for which there is a lack
of authoritative guidance or consensus. There are no significant transactions that have been recognized
in the financial statements in a different period than when the transaction occurred.
Accounting estimates are an integral part of the financial statements prepared by management and are
based on management’s knowledge and experience about past and current events and assumptions
about future events. Certain accounting estimates are particularly sensitive because of their significance
to the financial statements and because of the possibility that future events affecting them may differ
significantly from those expected. The most sensitive estimates affecting the financial statements are:
Estimating allowance for uncollectible receivables ($1,000 at December 31, 2019), based on
management’s experience with customers and other business partners, together with actual
collections history since year-end.
Estimating useful lives of fixed assets, based on industry standards and perceived use of asset
categories.
We evaluated the key factors and assumptions used to develop these assumptions and found them to be
reasonable in relation to the financial statements taken as a whole.
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and completing our
audit.
Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified during the
audit, other than those that are trivial, and communicate them to the appropriate level of management.
Management has corrected all such misstatements prior to finalization of the 2019 financial statements.
Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a financial
accounting, reporting,or auditing matter, whether or not resolved to our satisfaction, that could be
significant to the financial statements or the auditor’s report. W e are pleased to report that no such
disagreements arose during the course of our audit.
June 2, 2020 - Page 56 of 235
To the Mayor and Members of Town Council
Town of Vail, Colorado
Page 2
Management Representations
As is required in all audit engagements, we have requested certain representations from management
that were included in the management representation letter.
Recommendations
In the course of our audit, we noted the following opportunities for improvement of the Town’s internal
control and day-to-day operations.
Segregation of Duties
The objectives of internal control are to provide reasonable, but not absolute assurance, that assets are
safeguarded and financial statements are reliable. Segregation of accounting duties is an essential
element of effective internal controls involving the separation of custody of assets from related recording
and monitoring of transactions. To reduce the possibility of errors or fraud going undetected in the normal
course of business, we encourage the Town to limit, to the extent possible, performance of incompatible
duties by individuals in the Town's accounting functions. We noted that the Accounting Manager had
access to all aspects of the accounts payable cycle, including access to checks, signing authority, access
to the accounting system, and reconciliation of the bank statements. We recommend that the Accounting
Manager does not have check signing authority in order to compensate for the lack in segregation of
duties. Management has already implemented this change and no further action is necessary.
New Financial Reporting Standards
Financial reporting standards for the Town are promulgated by the Governmental Accounting Standards
Board (“GASB”). During 2017, GASB issued Statement 87, Leases (“GASB 87”), which will require that
governments report certain lease assets and liabilities for leases that previously were classified as
operating leases, and recognize inflows or outflows of resources based on the payment provisions of
each such contract.
GASB has also issued Statement 84, Fiduciary Activities (“GASB 87”), which will require that
governments disaggregate certain additions in the Statement of Changes in Fiduciary Net Position.
In May 2020, GASB issued Statement 95 in response to delays resulting from the COVID-19 pandemic,
which postponed the implementation of GASB 87 to fiscal periods beginning after June 15, 2021 and
GASB 84 to periods beginning after December 15, 2019. We will work with Town staff in the interim to
assist with the necessary calculations and presentation considerations.
This report is intended solely for the information and use of the Town Council of the Town of Vail,
Colorado, its management, and others within the organization and is not intended to be, and should not
be, used by anyone other than those specified parties.
Sincerely,
McMahan and Associates, L.L.C.
May 27, 2020
June 2, 2020 - Page 57 of 235
Financial Statements
December 31, 2019
June 2, 2020 - Page 58 of 235
Town of Vail, Colorado
Financial Statements
December 31, 2019
Table of Contents
Page
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 Fund 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 – D28
Required Supplementary Information:
General Fund:
Schedule of Revenues, Expenditures and Changes in Fund Balances -
Budget (GAAP Basis) and Actual E1 – E2
Special Revenue Funds:
Schedule of Revenues, Expenditures and Changes in Fund Balances -
Budget (GAAP Basis) and Actual:
Real Estate Transfer Tax Fund E3
Vail Marketing Fund E4
Vail Local Marketing District E5
Vail Reinvestment Authority E6
Supplementary Information:
Capital Projects Fund:
Schedule of Revenues, Expenditures and Changes in Fund Balances - F1
Budget (GAAP Basis) and Actual
Enterprise Funds:
Schedule of Revenues, Expenses and Changes in Net Position –
Budget (Non-GAAP Basis) and Actual - With Reconciliation to GAAP Basis –
Timber Ridge Fund F2
Dispatch Services Fund F3
June 2, 2020 - Page 59 of 235
Town of Vail, Colorado
Financial Statements
December 31, 2019
Table of Contents
(Continued)
Page
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
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 – History of Pledged Revenues G1
Table II – History of Assessed Valuations G1
Table III – Mill Levies Affecting Property Owners within Vail Reinvestment Authority Plan Area G1
Table IV – Largest Taxpayers in the Authority G2
Table V – 2019 Preliminary Assessed Valuation of Classes of Property in the Authority G2
Table VI – History of Revenues, Expenditures and Changes in Fund Balance G3
Table VII – 2019 Budget Summary and Actual Comparison: Vail Reinvestment Authority G4
Table VIII – Outstanding Revenue Obligations G4
Schedules and Single Audit Reports:
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 Audit Standards H1 – H2
Independent Auditor’s Report on Compliance for each Major Program and on
Internal Control over Compliance Required by the Uniform Guidance 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
June 2, 2020 - Page 60 of 235
INDEPENDENT AUDITOR’S REPORT
June 2, 2020 - Page 61 of 235
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
Paul J. Backes, CPA, CGMA Avon: (970) 845-8800
Michael N. Jenkins, CA, CPA, CGMA Aspen: (970) 544-3996
Daniel R. Cudahy, CPA, CGMA Frisco: (970) 668-3481
A1
M
&
A
INDEPENDENT AUDITOR'S REPORT
To the Mayor and Members of Town Council
Town of 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
(the “Town”), as of and for the year ended December 31, 2019, and related notes 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 Responsibility
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.
Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
An audit includes 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 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. 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.
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 as of December 31, 2019,
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.
June 2, 2020 - Page 62 of 235
INDEPENDENT AUDITOR’S REPORT
To the Mayor and Members of Town Council
Town of Vail, Colorado
Vail, Colorado
A2
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
procedures 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. This required supplementary 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 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
supplementary information in sections F and G is the responsibility of management and was derived from
and relates directly to the underlying accounting and other records used to prepare the financial
statements. The information in section F 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 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.
Additionally, the Schedule of Expenditures of Federal Awards included in the Single Audit section is
presented for the purpose of additional analysis, as required by Title 2, U.S. Code of Federal Regulations,
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (“Uniform Guidance”), and are not a required part of the Town’s 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 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 Schedule of Expenditures of Federal
Awards is fairly stated in all material respects in relation to the financial statements as a whole.
June 2, 2020 - Page 63 of 235
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 27, 2020
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.
Avon, Colorado
May 27, 2020
June 2, 2020 - Page 64 of 235
MANAGEMENT’S DISCUSSION AND ANALYSIS
June 2, 2020 - Page 65 of 235
B1
Town of Vail, Colorado
Management’s Discussion and Analysis
December 31, 2019
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, 2019.
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 2019 fiscal year by $313,272,313
(net position). Of this amount, $2,347,300 is restricted for TABOR emergency reserves and
$1,382,116 is restricted by enabling legislation.
• The Town’s total net position increased in the 2019 fiscal year by $20,615,475 which was attributable
to increase from governmental activities of $19,564,155 and an increase of $1,051,320 from
business-type activities.
• At December 31, 2019, the fund balance of the General Fund was $36,306,665. Of that amount,
$2,235,300 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, culture and recreation, and
economic development. The business-type activities of the Town consist of housing conducted through
Timber Ridge Apartments, and dispatch services, conducted through Vail Public Safety Communications
(both enterprise funds 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) and a legally
separate urban renewal authority (Vail Reinvestment Authority). 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.
June 2, 2020 - Page 66 of 235
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, and Vail Marketing 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 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 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 D28 of this report.
June 2, 2020 - Page 67 of 235
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 $313,272,313 at the close of the most recent fiscal
year. Approximately 67% of the Town’s net position 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 2019 and 2018.
2018
2019 (Restated)2019 2018 2019 2018
Current and other
assets $ 124,781,876 $ 117,358,973 $ (2,572,791) $ (3,881,728) $ 122,209,085 $ 113,477,245
Capital assets(net) 210,383,094 200,810,975 10,530,086 10,990,976 220,913,180 211,801,951
Total assets 335,164,970 318,169,948 7,957,295 7,109,248 343,122,265 325,279,196
Long-term liabilities
outstanding 8,216,999 8,799,267 62,975 51,771 8,279,974 8,851,038
Other liabilities 7,995,461 10,398,532 249,675 464,152 8,245,136 10,862,684
Total liabilities 16,212,460 19,197,799 312,650 515,923 16,525,110 19,713,722
Deferred inflows 5,680,199 5,089,011 - - 5,680,199 5,089,011
Net Position:
Invested in capital
assets, net of related
debt 202,668,094 191,797,283 3,685,299 3,773,485 206,353,393 195,570,768
Restricted 3,729,416 4,029,837 95,000 95,000 3,824,416 4,124,837
Unrestricted 106,874,803 97,881,038 3,864,346 2,724,840 110,739,149 100,605,878
Total net position $ 313,272,313 $ 293,708,158 $ 7,644,645 $ 6,593,325 $ 320,916,958 $ 300,301,483
Governmental Activities Business-type Activities Total
The Town’s current assets from governmental activities and capital assets increased mainly due to an
increase in cash and investments and an investment in capital assets. Major construction projects during
2019 included the reconstruction of Bridge Road Bridge, the construction of an offsite secondary data
center at the West Vail Fire Station, a weather shelter at Ford Park fields, continued Gore Creek water
quality improvements, completion of improvements at the East Vail Interchange, major repairs and
improvements to the fountain at Slifer Square Plaza and the enhancement of parking space management
system at the new Red Sandstone parking structure.
The Town’s long-term liabilities from governmental activities decreased due to scheduled principal
payments on Vail Reinvestment Authority's outstanding debt. The Authority’s 2010A retired during 2018.
2010B Tax Increment Bonds will be retired in 2030, respectively.
The Timber Ridge Enterprise Fund notes payable to the Town mature in 2032 and 2033. They are
reported as “internal balances” in the government-wide presentation on page C1. Details of the
promissory notes due from the Timber Ridge Enterprise Fund are found in note IV.F of this report.
June 2, 2020 - Page 68 of 235
B4
Overview of the Financial Statements (continued)
The chart below provides financial information from the Town’s Statement of Activities for the years 2019
and 2018.
Governmental Activities: Governmental activities increased the Town’s net position by $19,564,155. The
following items represent other significant governmental activities during 2019:
• An increase in sales tax collections of 4.7% or $1,313,437 was attributable to increased winter
visitation from strong winter conditions in early 2019 through the end of the ski season in April. Heavy
snowfall in December also contributed to increased sales tax growth while the summer season (May
through October) leveled off as compared to prior years.
• Lodging tax was also impacted by strong winter conditions and increased $222,449 or 6.4%.
• Construction use tax in 2019 decreased by 33%, or $1,221,203 mainly due to the expansion of Vail
Health that increased 2018 collections.
• Lift tax increased 4.7% or $237,889 over prior year due to increased skier visitation
• Parking revenue was also positively impacted by the snowfall in 2019 with revenues up 4.8%%, or
$304,860 over prior year.
• County sales tax collections increased $111,608 or 12% over the prior year
• Long-term liabilities were reduced by $555,000 through principal repayments.
• Investment earnings increased by 1.3M, nearly double the prior year.
2019 2018 2019 2018 2019 2018
Revenue:
Program Revenue
Charges for services 11,989,923$ 12,077,438$ 3,760,862$ 3,544,349$ 15,750,785$ 15,621,787$
Operating grants 2,101,474 9,950,445 816,452 1,195,187 2,917,926 11,145,632
Capital grants 1,237,015 870,712 - - 1,237,015 870,712
General Revenue
Property and ownership tax 11,200,165 10,798,164 - - 11,200,165 10,798,164
Sales and lodging tax 36,752,908 36,317,638 - - 36,752,908 36,317,638
Other taxes 13,867,113 13,942,069 - - 13,867,113 13,942,069
Interest and other revenue 5,035,965 2,357,455 93,204 47,592 5,129,169 2,405,047
Total Revenue 82,184,563 86,313,921 4,670,518 4,787,128 86,855,081 91,101,049
Expenses:
General government 9,149,615 7,883,434 - - 9,149,615 7,883,434
Public safety 12,306,909 11,825,254 2,664,551 2,561,192 14,971,460 14,386,446
Public works and transportation 22,714,499 21,947,104 - - 22,714,499 21,947,104
Culture and recreation 9,668,125 10,547,405 - - 9,668,125 10,547,405
Economic development 8,281,002 7,588,736 - - 8,281,002 7,588,736
Housing - - 954,647 982,222 954,647 982,222
Interest 500,258 526,383 - - 500,258 526,383
Total Expenses 62,620,408 60,318,316 3,619,198 3,543,414 66,239,606 63,861,730
Change in Net Position 19,564,155 25,995,605 1,051,320 1,243,714 20,615,475 27,239,319
Net Position January 1 293,253,516 267,257,911 6,593,327 5,349,613 299,846,843 272,607,524
Restatement 454,642 - - - 454,642 -
Net Position January 1 (Restated)293,708,158 261,102,264 6,593,327 5,349,613 300,301,485 266,451,877
Net Position December 31 313,272,313$ 293,253,516$ 7,644,647$ 6,593,327$ 320,916,960$ 299,846,843$
Town of Vail's Changes in Net Position
Total
Governmental
Activities
Business-type
Activities
June 2, 2020 - Page 69 of 235
B5
Overview of the Financial Statements (continued)
Business-type Activities: Business-type activities are comprised of Timber Ridge Enterprise Fund, a
fund providing 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.
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 $105,409,660 an increase of $7,692,183 from the prior year’s ending fund balances primarily
due to increased sales tax collections and parking sales combined with a reduction in large construction
projects in the Capital Project and Real Estate Transfer Tax funds as compared to the prior year. The
following details ending fund balances for the past five years:
Fund 2015 2016 2017 2018 2019
General Fund $23,622,509 $27,300,260 $29,289,331 $33,888,140 $36,306,665
Capital Projects Fund 40,542,297 44,836,870 32,761,887 46,845,813 50,099,177
Real Estate Transfer Tax 17,797,519 11,256,285 11,142,914 12,957,553 14,684,013
Vail Marketing Fund 203,263 259,452 323,606 303,241 386,835
Vail Local Marketing District 1,552,198 1,590,734 1,260,297 1,270,453 1,350,108
Vail Reinvestment Authority 5,443,901 4,312,149 3,064,772 2,259,307 2,582,892
Total $75,823,574 $89,161,687 $89,555,750 $97,524,507 $105,409,690
The Town’s reserves continue to be strong allowing for the cash funding on many recent capital projects.
During 2015 the General Fund continued to see large increases in reserves of $3.9M due to increases in
sales tax collections, construction activity, parking, and lift tax. In 2016, the General Fund balance
increased by $3.7M from prior year in part due to increases in sales tax, parking revenue, property taxes,
and lift tax. Expenditure savings of $2.4M also contributed to the increase in reserves. In 2017, the
General Fund reserves increased by $2.0M primarily due to expenditures savings from staffing vacancies
and department operational savings while overall revenue collections remained flat. During 2018, General
Fund reserves increased by $4.6M primarily due an increase in sales tax collections, revenues related to
construction activity, as well as expenditure savings due to staffing vacancies and department operations
savings.
During 2019, General Fund reserves increased by $2.4M. This was primarily due to an increase in sales
tax collections, parking sales, lift tax collections as well as expenditures savings due to vacancies. Overall
sales tax collections of $29.5M were up 4.7%. 2019 started off strong with double digit growth in January
of 13.4% as compared to 2018. Sales tax continued to see increases through the end of the 2018-2019
winter season with February up 8.3% and a combined March and April up 5.2% from prior year. These
increases were partially offset with a leveling off of summer with May and June experiencing declines of
8.0% and 2.6%, respectively. However, October rebounded with a 10.0% increase from prior year.
Moving into the 2019-2020 winter season a continued emphasis on events contributed to added vitality in
December with a 5.0% increase from 2018. Strong winter conditions also contributed to record parking
sales of $6.7M and lift tax collections of $5.3M, up 4.8% and 4.7% from prior year. Reserve levels in the
Capital Projects Fund and Real Estate Transfer Tax Funds normally fluctuate due to the timing and
phases of major projects. In 2019 the Capital Projects Fund increased $3.3M mainly due to increased
sales tax collections ($672K) and $1.6M from the sale of property. Revenues were offset by capital
project expenditures totaling $20.3M. Reserves in the Real Estate Transfer Fund also increased by
June 2, 2020 - Page 70 of 235
B6
Financial Analysis of the Town’s Funds (continued)
$1.7M. RETT collections totaled $7.2M and were offset by $3.5M in cash funded projects and operating
expenditures of $3.0M.
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 generated $5.8M in 2019,
providing a funding mechanism for capital improvements within the district by covering annual debt
service payments of $555K relating to $11.9M in bonds issued in 2010. The bonds have funded several
projects including a new Transit and Welcome Center, a remodel of the Vail Public Library, and
improvements to both the east and west portals into Lionshead Village. Other capital projects within the
district have been funded from annual tax increment collections such as Sun Bird Park, reconstruction of
the Lionshead parking entry, Zeke M. Pierce Skate Park, the Sandstone Underpass. The VRA also
contributed to the Red Sandstone parking structure. The bonds are scheduled to be paid off by 2030,
when the district will expire.
Over the last five years the town’s strong reserve levels have enabled Town Council to cash-fund all
capital projects. While budget basis reserves at the end of 2019 were at $95.8M, they are expected to
decrease to $83.7M in 2020 with current ongoing projects.
Proprietary Funds: The Town’s proprietary funds provide the same type of information found in the
government-wide financial statements, but in more detail. In January, 2014 the Town added the Timber
Ridge Enterprise Fund to reflect the transfer of all assets and liabilities of the Timber Ridge Affordable
Housing Corporation. Operations of the Timber Ridge housing project are now reported within this
enterprise fund of the town. In September, 2014 the Corporation was administratively dissolved.
Capital Assets: The Town’s government-wide capital assets, net of accumulated depreciation,
increased by $9,572,119 in 2019. Capital additions included an enhanced parking space management
system at the Red Sandstone Parking garage, completion of improvements at the East Vail Interchange,
major repairs and improvements to the fountain at Slifer Square Plaza the reconstruction of Bridge Rd.
bridge, a weather shelter at Ford Park, and major structural repairs at both the Vail Village and Lionshead
parking structures.
June 2, 2020 - Page 71 of 235
B7
Financial Analysis of the Town’s Funds (continued)
Capital Assets (continued): The town also invested $2.5M in the town’s Vail InDeed program and an
addition $4.7M in other country-wide deed restricted housing projects. These projects combined totaled
114 new deed restricted units for the community.
Long-term Debt: As of the end of the current fiscal year, the Vail Reinvestment Authority had
$7,715,000 of tax increment bonds outstanding, of which $575,000 of bond principal is due within one
year. Additional information regarding the Authority's debt can be found in the Notes to the Financial
Statements in footnote IV.G of this report.
Sales Tax: During 2019, 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
ten years. The Town experienced a 9% growth in sales tax when compared to the prior year.
Next Year’s Budget and Rates: The Town’s General Fund balance at the end of the current fiscal year
was $36,306,665, representing 83% of annual revenue compared to Town Council’s directive of a
minimum of 35%.
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.
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, Colorado 81657.
June 2, 2020 - Page 72 of 235
GOVERNMENT-WIDE FINANCIAL STATEMENTS
June 2, 2020 - Page 73 of 235
Town of Vail, Colorado
Statement of Net Position
December 31, 2019
Governmental Business-type
Activities Activities Total
Assets:
Equity in pooled cash and investments 94,346,090 1,896,648 96,242,738
Unrestricted cash and investments 6,084,753 2,066,522 8,151,275
Cash - Restricted 1,781,779 90,084 1,871,863
Receivables (net of allowance for uncollectible accounts):
Property taxes assessed 5,680,199 - 5,680,199
Other taxes 6,652,234 - 6,652,234
Other governments 288,614 - 288,614
Other 608,904 304,008 912,912
Inventory 290,686 - 290,686
Prepaid expenses 317,472 212 317,684
Interest receivable 36,540 - 36,540
Internal balances 7,744,787 (7,744,787) -
Rent receivable - 814,522 814,522
Loans receivable:
Collectible in more than one year 949,818 - 949,818
Capital assets not being depreciated 62,275,474 4,399,500 66,674,974
Capital assets being depreciated, net of accumulated
depreciation 148,107,620 6,130,586 154,238,206
Total Assets 335,164,970 7,957,295 343,122,265
Liabilities:
Accounts payable 3,017,361 64,290 3,081,651
Due to other governments 182,610 - 182,610
Retainage payable 339,984 - 339,984
Accrued salaries and wages 807,049 31,477 838,526
Interest payable 40,113 36,530 76,643
Other unearned revenue 2,056,616 86 2,056,702
Deposits payable 518,632 90,302 608,934
Compensated absences:
Due within one year 460,528 26,990 487,518
Due in more than one year 1,074,565 62,975 1,137,540
Bonds payable:
Due within one year 575,000 - 575,000
Due in more than one year 7,140,000 - 7,140,000
Total Liabilities 16,212,458 312,650 16,525,108
Deferred Inflow of Resources:
Unavailable property taxes 5,680,199 - 5,680,199
Total Deferred Inflow of Resources 5,680,199 - 5,680,199
Net Position:
Net investment in capital assets 202,668,094 3,685,299 206,353,393
Restricted for:
Emergencies 2,347,300 - 2,347,300
Other purposes 1,382,116 - 1,382,116
Unrestricted 106,874,803 3,959,346 110,834,149
Total Net Position 313,272,313 7,644,645 320,916,958
The accompanying notes are an integral part of these financial statements.
C1 June 2, 2020 - Page 74 of 235
Town of Vail, ColoradoStatement of ActiviesFor the Year Ended December 31, 2019 Net (Expense) Revenue andProgram Revenues Changes in Net Position Operating Capital Charges for Grants and Grants and Governmental Business-typeExpenses Services Contributions Contributions Activities Activities TotalGovernmental Activities: General government 9,149,615 3,839,594 1,338,643 2,241 (3,969,137) (3,969,137) Public safety 12,306,909 259,408 - - (12,047,501) (12,047,501) Public work and transportation 22,714,499 7,281,233 501,985 1,069,898 (13,861,383) (13,861,383) Culture and recreation 9,668,125 268,539 260,846 - (9,138,740) (9,138,740) Economic development 8,281,002 341,149 - 164,876 (7,774,977) (7,774,977) Interest on long-term debt 500,258 - - - (500,258) (500,258) Total Governmental Activities62,620,408 11,989,923 2,101,474 1,237,015 (47,291,996) (47,291,996) Business-type Activities: Dispatch services 2,664,551 2,012,222 816,452 - 164,123 164,123 Housing (Timber Ridge) 954,647 1,748,640 - - 793,993 793,993 Total Business-type Activities3,619,198 3,760,862 816,452 - 958,116 958,116 Totals66,239,606 15,750,785 2,917,926 1,237,015 (47,291,996) 958,116 (46,333,880) General Revenues:Taxes: Sales and use taxes 33,041,170 - 33,041,170 Real estate transfer taxes 7,224,668 - 7,224,668 Lodging taxes 3,711,738 - 3,711,738 Property and specific ownership taxes 11,200,165 - 11,200,165 Ski area lift ticket admissions tax 5,341,369 - 5,341,369 Franchise taxes 1,238,740 - 1,238,740 Cigarette taxes 62,336 - 62,336 Investment earnings 2,280,211 52,056 2,332,267 Gain (loss) on disposal of capital assets 1,303,769 - 1,303,769 Miscellaneous 1,451,985 41,148 1,493,133 Total General Revenues and Transfers66,856,151 93,204 66,949,355 Change in Net Position19,564,155 1,051,320 20,615,475 Net Position - January 1 (Restated)293,708,158 6,593,325 300,301,483 Net Position - December 31313,272,313 7,644,645 320,916,958 The accompanying notes are an integral part of these financial statements.C2June 2, 2020 - Page 75 of 235
FUND FINANCIAL STATEMENTS
June 2, 2020 - Page 76 of 235
Real Estate Vail Vail Local Vail Capital Total
General Transfer Tax Marketing Marketing Reinvestment Projects Governmental
Fund Fund Fund District Authority Fund Funds
Assets:
Equity in pooled cash and investments 30,708,824 14,929,870 633,974 - - 41,427,034 87,699,702
Cash and cash equivalents - Unrestricted 13,692 - - 864,642 5,206,419 - 6,084,753
Cash and cash equivalents - Restricted - - - - 1,295,608 - 1,295,608
Receivables, net of allowance for uncollectible
accounts:
Property taxes assessed 5,680,199 - - - - - 5,680,199
Other taxes 5,648,704 193,896 - 809,634 - - 6,652,234
Other governments 270,601 9,665 - - - 114,002 394,268
Other 429,470 11,720 4,600 - - 135,222 581,012
Due from other funds - - - - - 3,804,281 3,804,281
Loans receivable 949,818 - - - - 7,744,787 8,694,605
Prepaid expenses 172,071 8,485 - 82,077 - 54,339 316,972
Total Assets 43,873,379 15,153,636 638,574 1,756,353 6,502,027 53,279,665 121,203,634
Liabilities and Fund Equity:
Liabilities:
Accounts payable 443,800 222,917 178,835 406,245 114,853 1,164,204 2,530,854
Due to other governments 62,713 119,342 - - - 555 182,610
Due to other funds - - - - 3,804,282 - 3,804,282
Retainage payable - 8,623 - - - 331,361 339,984
Accrued payroll and related liabilities 680,767 - - - - - 680,767
Unearned revenue 180,603 118,741 72,904 - - 1,684,368 2,056,616
Deposits payable 518,632 - - - - - 518,632
Total Liabilities 1,886,515 469,623 251,739 406,245 3,919,135 3,180,488 10,113,745
Deferred Inflows of Resources:
Property taxes 5,680,199 - - - - - 5,680,199
Total Deferred Inflows of Resources 5,680,199 - - - - - 5,680,199
Fund Balances:
Non-spendable 1,121,889 8,485 - 82,077 - 7,799,126 9,011,577
Restricted 2,330,132 - - 112,000 1,287,284 - 3,729,416
Committed 10,857,069 14,675,528 386,835 1,156,031 - 37,074,624 64,150,087
Assigned - - - - 1,295,608 5,225,427 6,521,035
Unassigned 21,997,575 - - - - - 21,997,575
Total Fund Balances 36,306,665 14,684,013 386,835 1,350,108 2,582,892 50,099,177 105,409,690
Total Liabilities and Fund Balances 43,873,379 15,153,636 638,574 1,756,353 6,502,027 53,279,665
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. 205,146,027
Other long-term assets and unearned charges are not available for current period expenditures and, therefore, are not reported in the funds. 522,711
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. 11,537,794
Long-term liabilities, including bonds payable, interest payable, capital leases, and compensated absences within governmental
activities are not due and payable in the current period and, therefore, are not reported in the funds. (9,343,909)
Net Position of Governmental Activities 313,272,313
Town of Vail, Colorado
Balance Sheet
Governmental Funds
December 31, 2019
The accompanying notes are an integral part of these financial statements.
C3 June 2, 2020 - Page 77 of 235
Real Estate Vail Vail Local Vail Capital Total
General Transfer Tax Marketing Marketing Reinvestment Projects Governmental
Fund Fund Fund District Authority Fund Funds
Revenues:
Taxes 28,702,284 7,224,668 - 3,711,738 5,825,058 15,264,501 60,728,249
Permits and licenses 2,207,918 - 341,149 - - 461,556 3,010,623
Intergovernmental revenue 2,297,869 154,831 - - - 1,033,727 3,486,427
Charges for services 9,216,320 241,061 - - - 163,909 9,621,290
Investment income 866,059 298,861 1,392 2,631 3,793 970,269 2,143,005
Interest subsidy - - - - 164,876 - 164,876
Miscellaneous 377,097 308,806 - - - 327,213 1,013,116
Total Revenues 43,667,547 8,228,227 342,541 3,714,369 5,993,727 18,221,175 80,167,586
Expenditures:
General government 8,774,094 - - - - - 8,774,094
Public safety 11,373,011 283,380 - - - - 11,656,391
Public works and transportation 16,143,921 3,486,942 - - - 19,574,164 39,205,027
Culture and recreation 1,362,391 2,773,559 - - - - 4,135,950
Economic development 1,023,836 - 2,801,735 3,634,714 809,429 - 8,269,714
Debt service:
Principal - - - - 555,000 743,692 1,298,692
Interest - - - - 501,432 1,236 502,668
Total Expenditures 38,677,253 6,543,881 2,801,735 3,634,714 1,865,861 20,319,092 73,842,536
Excess (Deficiency) of Revenues
Over Expenditures 4,990,294 1,684,346 (2,459,194) 79,655 4,127,866 (2,097,917) 6,325,050
Other Financing Sources (Uses):
Sale of assets - - - - - 1,547,000 1,547,000
Transfers in - 24,114 2,542,788 - - 3,804,281 6,371,183
Transfers (out) (2,571,769) - - - (3,804,281) - (6,376,050)
Total Other Financing Sources (Uses)(2,571,769) 24,114 2,542,788 - (3,804,281) 5,351,281 1,542,133
Net Change in Fund Balances 2,418,525 1,708,460 83,594 79,655 323,585 3,253,364 7,867,183
Fund Balances - January 1 (Restated)33,888,140 12,975,553 303,241 1,270,453 2,259,307 46,845,813 97,542,507
Fund Balances - December 31 36,306,665 14,684,013 386,835 1,350,108 2,582,892 50,099,177 105,409,690
Net Change in Fund Balances of Governmental Funds 7,867,183
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.9,603,986
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.922,046
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.1,298,691
Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. (57,716)
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. (70,035)
Change in Net Position of Governmental Activities 19,564,155
Town of Vail, Colorado
Statement of Revenues, Expenditures Changes in Fund Balances
Governmental Funds
For the Year Ended December 31, 2019
The accompanying notes are in integral part of these financial statements.
C4 June 2, 2020 - Page 78 of 235
Enterprise Fund - Governmental
Dispatch Activities -
Enterprise Fund - Services Internal
Timber Ridge Fund TOTAL Service Funds
Assets:
Current Assets:
Equity in pooled cash and investments - 1,896,648 1,896,648 6,646,388
Cash and cash equivalents - Unrestricted 2,066,522 - 2,066,522 -
Accounts receivable, net of allowance for uncollectibles 1,192 302,816 304,008 27,892
Inventory - - - 290,686
Prepaid expenses 212 - 212 500
Total Current Assets 2,067,926 2,199,464 4,267,390 6,965,466
Non-current Assets:
Cash and cash equivalents - Restricted 90,084 - 90,084 -
Rent receivable 814,522 - 814,522 -
Property, plant, and equipment, net of accumulated
depreciation 9,664,862 865,224 10,530,086 5,237,064
Total Non-current Assets 10,569,468 865,224 11,434,692 5,237,064
Total Assets 12,637,394 3,064,688 15,702,082 12,202,530
Liabilities:
Current Liabilities:
Accounts payable 51,828 12,462 64,290 592,157
Deposits payable 90,302 - 90,302 -
Unearned revenue 86 - 86 -
Accrued interest payable 36,530 - 36,530 -
Accrued salaries and wages - 31,477 31,477 20,282
Current portion of compensated absences - 26,990 26,990 15,689
Total Current Liabilities 178,746 70,929 249,675 628,128
Non-current Liabilities:
Notes payable 7,744,787 - 7,744,787 -
Compensated absences, net of current portion - 62,975 62,975 36,608
Total Non-current Liabilities 7,744,787 62,975 7,807,762 36,608
Total Liabilities 7,923,533 133,904 8,057,437 664,736
Net Position:
Net investment in capital assets 2,820,075 865,224 3,685,299 5,237,064
Unrestricted 1,893,786 2,065,560 3,959,346 6,300,730
Total Net Position 4,713,861 2,930,784 7,644,645 11,537,794
Town of Vail, Colorado
Proprietary Funds
Statement of Net Position
December 31, 2019
Business-type Activities
The accompanying notes are an integral part of these financial statements.
C5 June 2, 2020 - Page 79 of 235
Enterprise Fund - Governmental
Dispatch Activities -
Enterprise Fund - Services Internal
Timber Ridge Fund TOTAL Service Funds
Operating Revenues:
Charges for services - Internal - 669,590 669,590 7,752,594
Charges for services - External - 1,342,632 1,342,632 882,844
Rent 1,593,491 - 1,593,491 -
Ground lease 155,149 - 155,149 -
Insurance reimbursements - - - 37,993
Other 25,398 - 25,398 16,396
Total Operating Revenues 1,774,038 2,012,222 3,786,260 8,689,827
Operating Expenses:
Operations 490,895 2,536,773 3,027,668 2,605,145
Health claims and premiums - - - 4,698,045
Depreciation 347,114 127,778 474,892 794,078
Total Operating Expenses 838,009 2,664,551 3,502,560 8,097,268
Operating Income (Loss)936,029 (652,329) 283,700 592,559
Non-Operating Revenues (Expenses):
Intergovernmental revenues - 816,452 816,452 -
Gain (loss) on disposal of assets - - - 79,484
Investment income 19,790 32,266 52,056 139,525
Interest expense (116,638) - (116,638) -
Total Non-Operating Revenues (Expenses)(96,848) 848,718 751,870 219,009
Income (Loss) Before Transfers
and Capital Contributions 839,181 196,389 1,035,570 811,568
Transfers, Net - 15,750 15,750 4,867
Capital Contributions, Net - - - 105,611
Change in Net Position 839,181 212,139 1,051,320 922,046
Net Position - January 1 3,874,680 2,718,645 6,593,325 10,615,748
Net Position - December 31 4,713,861 2,930,784 7,644,645 11,537,794
Town of Vail, Colorado
Proprietary Funds
Statement of Revenues, Expenses and Changes in Fund Net Position
For the Year Ended December 31, 2019
Business-type Activities
The accompanying notes are an integral part of these financial statements.
C6 June 2, 2020 - Page 80 of 235
Enterprise Fund - Governmental
Dispatch Activities -
Enterprise Fund - Services Internal
Timber Ridge Fund TOTAL Service Funds
Cash Flows From Operating Activities:
Cash received from other funds - 685,340 685,340 7,752,594
Cash received from tenants for rent 1,593,143 - 1,593,143 -
Cash received from (refunded to) tenants for security deposits, net 6,755 - 6,755 -
Other cash receipts 32,914 1,039,895 1,072,809 995,442
Cash paid for goods and services (480,987) (678,228) (1,159,215) (6,233,921)
Cash paid to employees - (2,075,754) (2,075,754) (1,111,789)
Net Cash Provided (Used) by Operating Activities 1,151,825 (1,028,748) 123,078 1,402,326
Cash Flows From Non-Capital Financing Activities:
Transfer from (to) other funds (372,704) - (372,704) 4,867
Cash received from operating grants - 816,452 816,452 -
Net Cash Provided by Non-Capital Financing Activities (372,704) 816,452 443,748 4,867
Cash Flows From Capital and Related Financing Activities:
Cash received on disposal of fixed assets - - - 100,467
Interest paid (118,967) - (118,967) -
Acquisition and construction of capital assets (14,002) - (14,002) (677,581)
Net Cash (Used) by Capital and Related Financing Activities (132,969) - (132,969) (577,114)
Cash Flows From Investing Activities:
Interest on investments 19,790 32,266 52,056 139,525
Net Cash Provided by Investing Activities 19,790 32,266 52,056 139,525
Net Increase (Decrease) in Cash and Cash Equivalents 665,942 (180,030) 485,913 969,604
Cash and Cash Equivalents - January 1 1,490,664 2,076,677 3,567,341 5,676,784
Cash and Cash Equivalents - December 31 2,156,606 1,896,648 4,053,254 6,646,388
Cash and Cash Equivalents at December 31 is Comprised of:
Equity in pooled cash and investments - 1,896,648 1,896,648 6,646,388
Cash and cash equivalents - Unrestricted 2,066,522 - 2,066,522 -
Cash and cash equivalents - Restricted 90,084 - 90,084 -
Total - Cash and Cash Equivalents 2,156,606 1,896,648 4,053,254 6,646,388
Reconciliation of Operating Income (Loss) to Net Cash
Provided (Used) by Operating Activities:
Operating Income/(Loss)936,029 (636,579) 299,450 592,559
Adjustments:
Depreciation 347,114 127,778 474,892 794,078
(Increase) decrease in accounts receivable 7,516 (302,738) (295,222) 58,209
(Increase) decrease in rent receivable (155,149) - (155,149) -
(Increase) decrease in inventory - - - (38,458)
(Increase) decrease in prepaid expenses 50 - 50 -
Increase (decrease) in accounts payable 9,858 (228,072) (218,214) (15,055)
Increase (decrease) in tenant security deposits 6,755 - 6,755 -
Increase (decrease) in prepaid rent (348) - (348) -
Increases (decreases) in accrued wages and benefits - 10,863 10,863 10,993
Total Adjustments 215,796 (392,169) (176,373) 809,767
Net Cash Provided (Used) by Operating Activities 1,151,825 (1,028,748) 123,078 1,402,326
Schedule of Non-cash Investing, Capital and Financing Activities:
Assets contributed by Capital Projects Fund - - - 105,611
Town of Vail, Colorado
Proprietary Funds
Statement of Cash Flows
For the Year Ended December 31, 2019
Business-type Activities
The accompanying notes are an integral part of these financial statements.
C7 June 2, 2020 - Page 81 of 235
Deferred
Pension Compensation
Trust Plan
Assets:
Cash and investments - Restricted 77,884,064 19,839,768
Loans to participants 510,455 -
Total Assets 78,394,519 19,839,768
Net Position:
Held in trust for pension benefits and
other purposes 78,394,519 19,839,768
Total Net Position 78,394,519 19,839,768
Town of Vail, Colorado
Fiduciary Funds
Statement of Fiduciary Net Position
December 31, 2019
The accompanying notes are an integral part of these financial statements.
C8 June 2, 2020 - Page 82 of 235
Deferred
Pension Compensation
Trust Plan
Additions:
Contributions 3,954,921 1,399,797
Investment income (loss) 12,753,516 3,134,922
Total Additions 16,708,437 4,534,719
Deductions:
Professional fees 92,459 19,476
Benefits paid 4,800,296 690,423
Total Deductions 4,892,755 709,899
Change in Net Position 11,815,682 3,824,820
Net Position - January 1 66,578,837 16,014,948
Net Position - December 31 78,394,519 19,839,768
Town of Vail, Colorado
Fiduciary Funds
Statement of Changes in Fiduciary Net Position
For the Year Ended December 31, 2019
The accompanying notes are an integral part of these financial statements
C9 June 2, 2020 - Page 83 of 235
NOTES TO THE FINANCIAL STATEMENTS
June 2, 2020 - Page 84 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
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 two blended component units
reported in the Town’s financial statements: Vail Local Marketing District (the “District”),
and Vail Reinvestment Authority (the “Authority”). The financial statements of these
entities can be obtained from the Town’s administrative offices. A third blended
component unit, 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.
2. 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.
June 2, 2020 - Page 85 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D2
I. Summary of Significant Accounting Policies (continued)
A. Reporting Entity (continued)
3. Town of Vail General Improvement District No. 1
On October 3, 2006, the Town Council accepted a petition requesting formation
of Town of Vail General 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, 2019, 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. Timber Ridge 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.
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 position resulting from the current year’s activities.
June 2, 2020 - Page 86 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D3
I. Summary of Significant Accounting Policies (continued)
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.C) 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.
The 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 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.
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 Town reports the following major proprietary or business-type funds:
The Timber Ridge Enterprise Fund ("Timber Ridge") accounts for the activities of
the 198-unit rental housing project located in the Town (the “Project”).
The Dispatch Services Fund accounts for the emergency dispatch services
provided by the Town within Eagle County, Colorado.
June 2, 2020 - Page 87 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D4
I. Summary of Significant Accounting Policies (continued)
C. Fund Financial Statements (continued)
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.
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.
June 2, 2020 - Page 88 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D5
I. Summary of Significant Accounting Policies (continued)
D. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(continued)
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 Presentation
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.
2. Cash, Cash Equivalents, and Investments
Cash and cash equivalents include cash on hand and investments with original
maturities of three months or less from the date of acquisition.
June 2, 2020 - Page 89 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D6
I. Summary of Significant Accounting Policies (continued)
E. Financial Statement Accounts Presentation (continued)
2. Cash, Cash Equivalents, and Investments (continued)
Cash equivalents are both readily convertible to cash and are so near their
maturity that 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.
Investments are stated at fair value. The change in fair value of investments is
recognized as an increase or decrease to investment assets and investment
income.
The Town’s investment policy permits investments in the following types of
obligations:
U.S. Treasury Obligations
Government Agency Securities
FDIC-insured Certificates of Deposit
Colorado Investment Pools
Money Market Mutual Funds
Taxable Municipal Securities
3. Receivables
Receivables are reported net of an allowance for uncollectible accounts.
Loans receivable in governmental funds consist of housing and other 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.
June 2, 2020 - Page 90 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D7
I. Summary of Significant Accounting Policies (continued)
E. Financial Statement Accounts Presentation (continued)
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”
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 the acquisition value as of the date received.
The costs of normal maintenance and repairs that do not add to the value of the
asset or materially extend asset lives are not capitalized. 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.
Assets under capital leases are recorded at the present value of future minimum
lease payments and amortized over the shorter of the lease term or the
estimated useful life of the asset.
June 2, 2020 - Page 91 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D8
I. Summary of Significant Accounting Policies (continued)
E. Financial Statement Accounts Presentation (continued)
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.
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 no items that
qualify for reporting under this category on the government-wide Statement of
Net Position.
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.
June 2, 2020 - Page 92 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D9
I. Summary of Significant Accounting Policies (continued)
E. Financial Statement Accounts Presentation (continued)
12. Fund Balance Classifications
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.
General
Fund
Real Esate
Transfer
Tax Fund
Vail
Marketing
Fund
Vail Local
Marketing
Disctict
Vail
Reinvestment
Authority
Capital
Projects
Fund
Nonspendable:
Non-current receivables 949,818 - - - - -
Loans to other funds - - - - - 7,744,787
Prepaid items 172,071 8,485 - 82,077 - 54,339
Total Nonspendable 1,121,889 8,485 - 82,077 - 7,799,126
Restricted:
Emergency reserve 2,235,300 - - 112,000 - -
Police Funds 94,832 - - - - -
Tax increment financing - - - - 1,287,284 -
Total Restricted 2,330,132 - - 112,000 1,287,284 -
Committed:
Employees housing
ownership program 59,818 - - - - -
Capital projects - - - - - 36,653,592
Parks and recreation - 14,675,528 - - - -
Housing - - - - - 421,032
Operating reserve 10,797,251 - - - - -
Destination marketing - - 386,835 1,156,031 - -
Total Committed 10,857,069 14,675,528 386,835 1,156,031 - 37,074,624
Assigned:
Capital maintenance - - - - - 5,225,427
Debt service - - - - 1,295,608 -
Total Assigned - - - - 1,295,608 5,225,427
June 2, 2020 - Page 93 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(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 a 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 $205,146,027 difference is
related to property, plant and equipment of $366,663,200 less accumulated depreciation
of $161,517,173.
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 $552,711 difference is comprised of pension forfeitures of $486,171
and interest receivable of $36,540.
Net position totaling $11,537,794 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 $9,343,909
difference is related to bonds and notes payable of $7,715,000; accrued compensated
absences of $1,482,796; retirement bonus payable of $106,000; and interest payable of
$40,113.
June 2, 2020 - Page 94 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(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 position 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.” The details of this $9,603,986 difference are comprised of capital
outlay of $19,653,402 less depreciation expense of $9,726,701; and net book value of
disposed assets of $322,715.
III. Stewardship, Compliance, and Accountability
A. Budgetary Information
An annual budget and appropriation ordinance is adopted by Town Council in
accordance with the Town’s Home Rule Charter.
Budgets are prepared on the basis of GAAP for all funds except the Heavy Equipment
Fund, Timber Ridge Enterprise Fund, and Dispatch Services Fund. As required by
Colorado Statutes, all funds have legally adopted budgets and appropriations. The total
expenditures for each fund may not exceed the amounts appropriated. Appropriations for
a fund may be increased if unanticipated revenues offset them. All appropriations lapse
at year-end.
The budgets for these funds have been adopted on a non-GAAP budget and are
reconciled to GAAP below:
Heavy Timber Ridge Dispatch
Equipment Enterprise Services
Fund Fund Fund
Change in Net Position - Budget Basis 220,106$ 799,589$ 355,923$
add/(less):
Contribution from Capital Projects Fund 105,611 - -
Loan principal repayment to Capital Projects Fund - 372,704 -
Change in compensated absences (6,249) - (16,006)
Capitalized assets 783,193 14,002 -
Depreciation (794,078) (347,114) (127,778)
Net book value of disposed assets (20,982) - -
Change in Net Position - GAAP Basis 287,601$ 839,181$ 212,139$
June 2, 2020 - Page 95 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D12
III. Stewardship, Compliance, and Accountability (continued)
A. Budgetary Information (continued)
The Town followed these procedures in preparing, approving, and enacting its budget for
2019:
(1) For the 2019 budget year, prior to August 25, 2018, 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 2018 fiscal year, the Town Manager submitted to the Town
Council a budget and accompanying message.
(3) Prior to December 15, 2018, 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
2018 were collected in 2019 and taxes certified in 2019 will be collected in 2020. 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.
The District’s budget timetable varies from the Town’s. The District followed these
procedures in preparing, approving, and enacting its budget for 2019:
(1) On or before September 30, 2018, 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 18, 2018.
(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, 2018. The Board
adopted the 2019 budget on November 18, 2018.
(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.
June 2, 2020 - Page 96 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D13
III. Stewardship, Compliance, and Accountability (continued)
B. Budgetary Information – Vail Local Marketing District
During the year, supplemental appropriations were necessary. The budgetary
comparison statements reflect the original budget and the final budget after legally
authorized revisions were made.
C. 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, 2019 fund balance in the General Fund for
this purpose in the amount of $2,235,000, 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.
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.
June 2, 2020 - Page 97 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D14
III. Stewardship, Compliance, and Accountability (continued)
C. TABOR Amendment (continued)
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.
D. TABOR Amendment – Vail Local Marketing District
As required by TABOR, the District has reserved $112,000 of its fund balance for
emergencies, which is the approximate required reserve at December 31, 2019.
The ballot question approved by District 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. Deposit 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.
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 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 $13,494,530. The difference
between the bank balance and book balance is primarily due to deposits in transit or
outstanding checks at December 31, 2019.
June 2, 2020 - Page 98 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D15
IV. Detailed Notes on all Funds (continued)
A. Deposit and Investments (continued)
Fair Value of Investments
The Town measures and records its investments using fair value measurement
guidelines established by generally accepted accounting principles. These guidelines
recognize a three-tiered fair value hierarchy, as follows:
Level 1: Quoted prices for identical investments in active markets;
Level 2: Observable inputs other than quoted market prices; and,
Level 3: Unobservable inputs.
At December 31, 2019, the Town had the following recurring fair value measurements:
Debt and equity securities classified in Level 1 are valued using prices quoted in active
markets for those securities. Debt and equity securities classified in Level 2 are valued
using the following approaches:
U.S. Treasuries, U.S. Agencies, and Commercial Paper: quoted prices for identical
securities in markets that are not active; Negotiable Certificates of Deposit: Matrix pricing
based on the securities relationship to benchmark quoted prices;
Debt securities, namely mortgage pools, classified in Level 3 are valued using appraisal
service.
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 $1. Investments of the trusts consist of U.S. Treasury bills,
notes and note strips, and repurchase agreements collateralized by U.S. Treasury
securities. Colotrust is rated AAAm by Standard and Poor’s.
Interest Rate Risk. As a means of limiting its exposure to interest rate risk, the Town
diversifies its investments by security type and institution, and limits holdings in any one
type of investment with any one issuer. The Town coordinates its investments maturities
to closely match cash flow needs and invests primarily in securities with a maximum
investment term less than five years from the purchase date. As a result of the limited
length of maturities the Town has limited its interest rate risk.
Investments Measured at Fair Value: Total Level 1 Level 2 Level 3
Certificates of Deposit 9,351,441$ -$ 9,351,441$ -$
Government Agency Securities 15,751,811 - 15,751,811 -
Mortgage Pools 11,542,737 - - 11,542,737
Total 36,645,989$ -$ 25,103,252$ 11,542,737$
Investments Measured at Net Asset Value:
Colotrust 46,026,257$
Fair Value Measurements Using
June 2, 2020 - Page 99 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D16
IV. Detailed Notes on all Funds (continued)
A. Deposit and Investments (continued)
Credit Risk. The Town’s general investment policy is to apply the prudent-person rule;
investments are made as a prudent person would be expected to act, with discretion and
intelligence, to seek reasonable income, preserve capital, and, in general, avoid
speculative investments.
Concentration of Credit Risk. The Town diversifies its investments by 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 Type Rating Percentage
Colotrust AAAm 44%
At year end, the Town had the following investments and maturities:
Type Rating Maturities Value
Deposits:
Cash on hand 1,980$
Demand deposits 23,081,186
Certificates of deposit <1 year 2,868,955
Certificates of deposit <5 years 6,482,486
Total deposits 32,434,607$
Investments:
US agencies - FHLMC, FHLB, FNMA AA+ <5 years 15,751,811$
Mortgage pools AA+ N/A 11,542,737
Colotrust AAAm N/A 46,026,257
Pension and Section 457 investments N/A N/A 98,234,297
Total investments 171,555,102
Total deposits and investments 203,989,708$
Reconciliation to Statement of Net Position:
Equity in pooled cash and investments 96,242,738$
Cash and cash equivalents - Unrestricted 8,151,275
Cash and cash equivalents - Restricted 1,871,863
Fiduciary Funds 97,723,832
Total 203,989,708$
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.
June 2, 2020 - Page 100 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D17
IV. Detailed Notes on all Funds (continued)
B. Receivables
Receivables as of year-end for the Town’s funds, including applicable allowances for
uncollectible accounts, are as follows:
Capital Real Estate Vail Vail Local
General Projects Transfer Marketing Marketing
Fund Fund Tax Fund Fund District
Receivables:
Property taxes 5,680,199$ -$ -$ -$ -$
Other taxes 5,648,704 - 193,896 - 809,634
Other governments 270,601 114,002 9,665 - -
Other 429,470 135,222 11,720 4,600 -
Gross Receivables 12,028,974 249,224 215,281 4,600 809,634
Less: Allowance for
uncollectibles (1,000) - - - -
Net Receivables 12,027,974$ 249,224$ 215,281$ 4,600$ 809,634$
Vail Heavy
Rein-Equip-Dispatch Health
Timber vestment ment Services Insurance
Ridge Authority Fund Fund Fund Total
Receivables:
Property taxes -$ -$ -$ -$ -$ 5,680,199$
Other taxes - - - - - 6,652,234
Other governments - - - - - 394,268
Other 1,192 - 22,807 302,816 5,085 912,912
Gross Receivables 1,192 - 22,807 302,816 5,085 13,639,613
Less: Allowance for
uncollectibles - - - - - (1,000)
Net Receivables 1,192$ -$ 22,807$ 302,816$ 5,085$ 13,638,613$
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 $2,056,616 and is
comprised of the following:
Vail Capital Real Estate
General Marketing Projects Transfer Tax
Fund Fund Fund Fund Total
Unearned revenues:
Business Licenses -$ 72,904$ -$ -$ 72,904$
Art projects - - - 37,544 37,544
Enviromental programs - - - 71,012 71,012
Library grants 117,036 - - - 117,036
Police programs 63,567 - - - 63,567
Construction projects - - 1,684,368 10,185 1,694,553
180,603$ 72,904$ 1,684,368$ 118,741$ 2,056,616$
June 2, 2020 - Page 101 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D18
IV. Detailed Notes on all Funds (continued)
B. Receivables (continued)
Unearned revenue for construction projects in the Capital Projects Fund includes
$829,068 collected from Holy Cross Energy for community enhancement to place utilities
underground. The other $855,300 was collected from developers for road improvements.
The revenue will be recognized in the year the money is spent.
Loans receivable at December 31, 2019 are comprised of the following:
a) The Town has established a program (the “EHOP Program”) to assist qualified full-
time Town employees with the purchase of a primary residence within certain
geographic boundaries, by providing secured, non-interest bearing loans, with
repayment over a maximum 15-year term including both the principal balance plus a
portion of any recognized appreciation in the value of the underlying property. All
such advances may be repaid at any time by the borrower-employee. The balance of
EHOP Program loans receivable at December 31, 2019 was $949,818.
(This section of the page is intentionally left blank)
June 2, 2020 - Page 102 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D19
IV. Detailed Notes on all Funds (continued)
C. Capital Assets
Capital asset activity for the year ended December 31, 2019 was as follows:
Beginning
Balance Ending
(Restated)Increases Decreases Balance
Governmental Activities:
Capital Assets, Not Being Depreciated:
Land 25,236,380$ -$ -$ 25,236,380$
Art 2,632,725 380,139 - 3,012,864
Construction in Process 16,722,514 5,190,374 (779,585) 21,133,303
Intangibles 5,678,911 7,214,016 - 12,892,927
Total Capital Assets, Not Being Depreciated 50,270,530 12,784,529 (779,585) 62,275,474
Capital Assets, Being Depreciated:
Buildings and improvements 113,878,874 650,083 (600,000) 113,928,957
Infrastructure and improvements 149,761,188 6,274,884 - 156,036,072
Equipment and vehicles 47,298,201 1,336,258 (523,129) 48,111,330
Total Capital Assets Being Depreciated 310,938,263 8,261,225 (1,123,129) 318,076,359
Less Accumulated Depreciation For:
Buildings and improvements (58,341,554) (2,702,393) 453,750 (60,590,197)
Infrastructure and improvements (74,745,429) (4,859,006) - (79,604,435)
Equipment and vehicles (27,310,835) (2,959,445) 496,173 (29,774,107)
Total Accumulated Depreciation (160,397,818) (10,520,844) 949,923 (169,968,739)
Total Capital Assets Being Depreciated, Net 150,540,445 (2,259,619) (173,206) 148,107,620
Governmental Activities Capital Assets, Net 200,810,975$ 10,524,910$ (952,791)$ 210,383,094$
Business-type Activities
Capital Assets, Not Being Depreciated:
Land 4,399,500$ -$ -$ 4,399,500$
Total Capital Assets, Not Being Depreciated 4,399,500 - - 4,399,500
Capital Assets, Being Depreciated:
Buildings and improvements 9,038,439 - - 9,038,439
Infrastructure and improvements 861,915 14,002 - 875,917
Equipment 2,910,328 - (345,754) 2,564,574
Total Capital Assets Being Depreciated 12,810,682 14,002 (345,754) 12,478,930
Less Accumulated Depreciation For:
Buildings and improvements (4,120,629) (301,460) - (4,422,089)
Infrastructure and improvements (181,442) (45,463) - (226,905)
Equipment (1,917,135) (127,969) 345,754 (1,699,350)
Total Accumulated Depreciation (6,219,206) (474,892) 345,754 (6,348,344)
Total Capital Assets Being Depreciated, Net 6,591,476 (460,890) - 6,130,586
Business-type Activities Capital Assets, Net 10,990,976$ (460,890)$ -$ 10,530,086$
June 2, 2020 - Page 103 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D20
IV. Detailed Notes on all Funds (continued)
C. Capital Assets (continued)
Depreciation expense was charged to functions of the Town as follows:
Depreciation on capital assets is recorded using the following estimated useful lives:
Years
Buildings 25 - 40
Building improvements 7 - 25
Infrastructure 5 - 50
Vehicles 5 - 15
Equipment 5 - 25
At December 31, 2019, the Town had $71,778,395 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. Long-term Asset – Rent Receivable (Ground Lease)
In September, 2014, the Town executed a Ground Lease and a Development Agreement
with Lion’s Ridge Apartment Homes, LLC (“Lion’s Ridge”) with respect to the eastern half
of the Timber Ridge development. Under the terms of the Ground Lease, the Town
leases the new development property to Lion’s Ridge for a 50-year term, during which
Lion’s Ridge will construct and lease deed-restricted apartments on the newly developed
property. The amount of rent payable over the 50 year term has been averaged on a
straight-line basis for an annual amount of $155,149. As of December 31, 2019, the rent
receivable accrued in the Timber Ridge Enterprise Fund was $814,522. No payments
are due from Lion’s Ridge until 2025.
Governmental Activities:
General government 588,733$
Public safety 489,325
Public works and transportation 7,233,218
Culture and recreation 2,209,568
Total Depreciation Expense - Governmental Activities 10,520,844$
Business-type Activities:
Dispatch services 127,778$
Housing 347,114
Total Depreciation - Business-type Activities 474,892$
June 2, 2020 - Page 104 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D21
IV. Detailed Notes on all Funds (continued)
F. Interfund Receivables, Payables, and Transfers
At December 31, 2019, Vail Reinvestment Authority owed the Capital Projects Fund
$3,804,281 in connection with construction projects within the Lionshead district,
including the construction of the I-70 underpass and the Red Sandstone Parking
Structure, and repairs to the Lionshead Parking Structure.
The following promissory notes payable from the Timber Ridge Enterprise Fund to the
Town – which aggregate to $7,744,787 as of December 31, 2019 – are reflected as
internal balances between the governmental activities and business-type activities
categories on the Statement of Net Position:
Promissory notes totaling $1.9 million which bear interest at the rate of 1.5% per
annum and mature December 1, 2032. These notes are payable to the extent that
Timber Ridge has determined the availability of excess net revenues of the Project,
after provision for necessary operating or capital reserves, but may be repaid at any
time without penalty. Timber Ridge paid $28,500 in accrued interest relating to the
$1.9 million notes during 2019.
$900,000 of the proceeds were not used for capital acquisitions and therefore are
excluded from the business-type calculation of net investment in fixed assets.
The $8 million promissory note bears interest at the rate of 1.5% per annum, with
blended annual payments, and maturing December 1, 2033. Timber Ridge remitted
$90,467 in interest to the Town during 2019 and, as of December 31, 2019, had
accrued a total of $36,530 in interest payable to the Town relating to the $8 million
note.
Debt service requirements for the $8 million promissory note are as follows:
Principal Interest Total
2020 378,294$ 84,835$ 463,129$
2021 383,969 79,118 463,087
2022 389,728 73,315 463,043
2023 395,574 67,425 462,999
2024 401,508 61,447 462,955
2025-2029 2,099,704 214,378 2,314,082
2030-2033 1,796,012 54,382 1,850,393
Totals 5,844,789$ 634,899$ 6,479,688$
Transfers are used to 1) move revenues from the fund that statute or budget requires to
collect them to the fund that statute or budget requires to expend them, 2) move
unrestricted revenues collected in the General Fund to finance various programs
accounted for in other funds in accordance with budgetary authorizations, and, 3) provide
additional resources for current operations or debt service.
All transfers either occur on a regular basis or are consistent with the purpose of the fund
making the transfer.
June 2, 2020 - Page 105 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D22
IV. Detailed Notes on all Funds (continued)
G. Long-term Liabilities – Governmental Activities
The Town has the following long-term debt outstanding for governmental activities:
1. 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” decreased by 8.7% beginning
December 1, 2013 due to federal budget reductions. As of June 1, 2014 the
“BAB Credit” decreased by 7.3% due to federal budget reductions. As of
October 1, 2015, the refundable credit decreased by 6.8%, and as of October 1,
2016 reduced by 6.8%.
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.
June 2, 2020 - Page 106 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D23
IV. Detailed Notes on all Funds (continued)
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 at December 31, 2019 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
$3,985,936 at December 31, 2019 has not been reflected in the Town’s financial
statements as the amount is partially insured by an independent insurance company and
the amounts are not payable at termination.
I. Long-term Liabilities – Refunded
In prior years, the Town defeased certain general obligations and other bonds by placing
the proceeds of new bonds in an irrevocable trust to provide for all future debt service
payments on the old bonds. The bonds intended to be refunded by the refunding issues
remain a contingent liability of the Town until retired; however, they are not included for
the purposes of calculating debt limits of the Town. The amount of debt considered
defeased cannot be readily determined as of December 31, 2019.
J. Long-term Liabilities - Activity and Debt Service Schedules
Long-term liability activity for the year ended December 31, 2019 was as follows:
(Restated)
Beginning Ending Due Within
Balance Additions Reductions Balance One Year
Governmental Activities:
Tax-Increment Bonds, Series 2010B 8,270,000$ -$ (555,000)$ 7,715,000$ 575,000$
Capital leases 743,692 - (743,692) - -
Compensated absences 1,564,810 - (29,717) 1,535,093 460,528
Total Governmental Activities
Long-term Liabilities 10,578,502$ -$ (1,328,409)$ 9,250,093$ 1,035,528$
Business-type Activities:
Compensated absences 73,958 16,007 - 89,965 26,990
Total Business-type Activities
Long-term Liabilities 73,958$ 16,007$ -$ 89,965$ 26,990$
June 2, 2020 - Page 107 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D24
IV. Detailed Notes on all Funds (continued)
J. Long-term Liabilities - Activity and Debt Service Schedules (continued)
Debt service requirements at December 31, 2019 were as follows:
Principal Interest Total
Governmental Activities:
2020 575,000$ 471,662$ 1,046,662$
2021 595,000 438,458 1,033,458
2022 615,000 401,741 1,016,741
2023 640,000 363,658 1,003,658
2024 665,000 324,058 989,058
2025-2029 3,770,000 931,209 4,701,209
2030 855,000 28,467 883,467
Total Governmental Activities 7,715,000$ 2,959,253 10,674,253
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.
K. Long-term Liabilities – Capital Leases
In March 2017, the Town entered into a capital lease agreement for the purchase of a
phone system. The total amount financed was $121,272. The lease required annual
payments of $32,124 and was paid off in 2019.
In June 2018, the Town entered into a capital lease agreement for the purchase of server
equipment for a new off-site data center. The total amount financed was $1,425,605.
The lease required annual payments of $712,803 and was paid off in 2019.
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.
June 2, 2020 - Page 108 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D25
IV. Detailed Notes on all Funds (continued)
L. Fund Balance Disclosures (continued)
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 35% of annual General Fund revenues.
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.
June 2, 2020 - Page 109 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D26
V. Other Information (continued)
A. Pension Plans (continued)
In 1991, the Town established a defined contribution pension plan for seasonal
employees who work for the Town longer than 6 weeks. Seasonal employees 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, 2019 of $77,884,064 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 2019 covered payroll was $22,497,817 of which
$18,803,156 was for permanent employees and $3,694,661 was for seasonal staff. Total
2019 payroll for all Town employees was $23,147,715.
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 $19,839,768 at December 31, 2019. The assets
were invested in mutual funds, as previously described.
Pursuant to the Town’s adoption of GASB Statement No. 32, Accounting and Financial
Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans, the 457
Plan has been included in these financial statements as an expendable trust fund.
June 2, 2020 - Page 110 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D27
V. Other Information (continued)
C. Cafeteria Plan
The Town offers a cafeteria compensation plan organized under section 125 of the
Internal Revenue Code, which includes dependent care and health expense
reimbursement. No cost to the Town is recognized as the plan is a salary reduction plan.
D. Risk Management
The Town is exposed to various risks of loss related to workers’ compensation, general
liability, unemployment, torts, theft of, damage to, and destruction of assets, and errors
and omissions. The Town carries commercial coverage for these risks and claims and
does not expect claims to exceed their coverage.
The Town offers health insurance to certain employees through the Town’s self-funded
health plan with excess coverage underwritten by a commercial carrier. Liabilities for
retained risk claims are reported when it is probable that a loss has occurred and the
amount of the loss can be reasonably estimated. Liabilities include an amount for claims
that have been incurred but not reported (“IBNR”).
The following is a summary of the changes in the balances of the claims liability during
2019:
2019
Claims liability, beginning of year 545,000$
Current year claims 3,524,914
Claims payments (3,567,754)
Claims liability, end of year 502,160$
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, 2019.
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, 2019.
June 2, 2020 - Page 111 of 235
Town of Vail, Colorado
Notes to the Financial Statements
December 31, 2019
(Continued)
D28
V. Other Information (continued)
F. 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.
G Restatement of Net Position
The Town has restated the beginning balance of capital assets and current lease
liabilities for government activities by $1,342,444 and $712,802 to reflect a data center
server capital lease described in Note K. The Town has restated the beginning balance
of the Real Estate Transfer Tax Fund by a decrease of $175,000 to correct state grant
revenue accrued in 2018. The beginning net position of the Town on the government-
wide Statement of Activities has been restated by $454,642 to reflect these changes.
H. Reclassified Prior Year Balances
Certain comparative amounts for fiscal year 2018 have been reclassified – with no effect
on net position, fund balance, total assets, or total liabilities – to conform to the 2019
presentation.
I. Subsequent Event – COVID-19
The spread of COVID-19 may have operational, economic and financial impacts on the
Town. The significance and duration of the potential impacts cannot be reasonably
estimated at this time.
June 2, 2020 - Page 112 of 235
REQUIRED SUPPLEMENTARY INFORMATION
June 2, 2020 - Page 113 of 235
2018
Final Budget
Variance
Original Final Positive
Budget Budget Actual (Negative) Actual
Revenues:
Taxes:
General sales taxes 16,790,000 16,790,000 16,790,000 - 16,149,000
Property and ownership taxes 5,300,000 5,300,000 5,369,376 69,376 5,313,730
Ski area lift ticket admissions tax 5,025,000 5,025,000 5,341,369 316,369 5,103,480
Franchise tax 1,100,000 1,100,000 1,161,503 61,503 1,124,577
Penalties and interest on delinquent taxes 42,925 42,925 40,036 (2,889) 34,101
Total - Taxes 28,257,925 28,257,925 28,702,284 444,359 27,724,888
Permits and Licenses:
Construction fees 1,253,033 1,253,033 1,151,414 (101,619) 1,805,961
Contractors' licenses 60,000 60,000 55,144 (4,856) 50,225
Other permits and licenses 1,030,295 1,030,295 1,001,360 (28,935) 1,345,114
Total - Permits and Licenses 2,343,328 2,343,328 2,207,918 (135,410) 3,201,300
Intergovernmental:
County sales tax 866,560 866,560 1,029,600 163,040 917,992
County road and bridge 706,000 706,000 709,513 3,513 706,903
Additional motor vehicle registration fees 26,000 26,000 27,746 1,746 26,753
Cigarette tax 60,000 60,000 62,336 2,336 64,999
Highway users tax 220,000 220,000 260,384 40,384 265,476
Other county sources 87,500 87,500 89,162 1,662 87,500
Other state sources 11,044 151,715 116,887 (34,828) 581,343
Federal sources - - 2,241 2,241 -
Total - Intergovernmental 1,977,104 2,117,775 2,297,869 180,094 2,650,966
Charges for Services:
Management fees - Vail
Local Marketing District 125,000 125,000 145,000 20,000 145,000
Internal service charge 519,194 550,194 584,638 34,444 596,679
Out of district fire response 40,000 40,000 69,869 29,869 25,485
Alarm monitoring fees 24,000 24,000 15,920 (8,080) 24,969
Parking 5,426,000 5,426,000 6,720,873 1,294,873 6,416,013
Fines and forfeitures 245,563 245,563 211,089 (34,474) 211,101
Rents 1,092,352 1,104,592 1,139,700 35,108 1,064,570
Other charges, services, and sales 307,929 332,807 329,231 (3,576) 298,986
Total - Charges for Services 7,780,038 7,848,156 9,216,320 1,368,164 8,782,803
Other Revenues:
Earnings on investments 200,000 200,000 866,059 666,059 436,425
Miscellaneous 254,000 320,045 377,097 57,052 191,826
Total - Other Revenues 454,000 520,045 1,243,156 723,111 628,251
Total Revenues 40,812,395 41,087,229 43,667,547 2,580,318 42,988,208
2019
Town of Vail, Colorado
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2019
With Comparative Actual Amounts For the Year Ended December 31, 2018
(Continued)
The accompanying notes are an integral part of these financial statements.
E1 June 2, 2020 - Page 114 of 235
2018
Final Budget
Variance
Original Final Positive
Budget Budget Actual (Negative) Actual
Expenditures:
General Government:
Town officials 2,167,250 2,035,751 1,634,077 401,674 1,345,488
Administrative 5,025,306 5,145,170 4,795,163 350,007 4,792,466
Community development 2,624,688 2,645,560 2,344,854 300,706 1,812,892
Total - General Government 9,817,244 9,826,481 8,774,094 1,052,387 7,950,846
Public Safety:
Police department 6,374,507 6,519,957 6,513,205 6,752 5,981,902
Fire department 4,870,353 5,003,899 4,859,806 144,093 4,741,684
Total - Public Safety 11,244,860 11,523,856 11,373,011 150,845 10,723,586
Public Works and Transportation:
Highways and streets 5,335,234 5,354,077 5,039,692 314,385 4,748,503
Transportation 5,454,546 5,625,575 5,553,226 72,349 5,363,851
Parking operations 1,491,302 1,619,959 1,619,527 432 1,613,448
Facility maintenance 3,924,463 3,935,047 3,931,476 3,571 3,609,024
Total - Public Works and Transportation 16,205,545 16,534,658 16,143,921 390,737 15,334,826
Culture and Recreation:
Special recreation facilities 292,950 292,950 310,274 (17,324) 278,918
Library 904,443 997,098 1,052,117 (55,019) 955,056
Total - Culture and Recreation 1,197,393 1,290,048 1,362,391 (72,343) 1,233,974
Economic Development:
Contributions, marketing, and special events 1,044,569 1,084,148 1,023,836 60,312 988,800
Total - Economic Development 1,044,569 1,084,148 1,023,836 60,312 988,800
Total Expenditures 39,509,611 40,259,191 38,677,253 1,581,938 36,232,032
Excess (Deficiency) of Revenues
Over Expenditures 1,302,784 828,038 4,990,294 4,162,256 6,756,176
Other Financing Sources (Uses):
Sale of assets - - - - 28,753
Transfers out (2,357,788) (2,571,769) (2,571,769) - (2,186,120)
Total Other Financing Sources (Uses)(2,357,788) (2,571,769) (2,571,769) - (2,157,367)
Net Change in Fund Balance (1,055,004) (1,743,731) 2,418,525 4,162,256 4,598,809
Fund Balance - January 1 28,813,132 33,888,140 33,888,140 - 29,289,331
Fund Balance - December 31 27,758,128 32,144,409 36,306,665 4,162,256 33,888,140
(Continued)
2019
Town of Vail, Colorado
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2019
With Comparative Actual Amounts For the Year Ended December 31, 2018
The accompanying notes are an integral part of these financial statements.
E2 June 2, 2020 - Page 115 of 235
2018
(Restated)
Final Budget
Variance
Original Final Positive
Budget Budget Actual (Negative) Actual
Revenues:
Taxes:
Real estate transfer tax 6,300,000 6,500,000 7,224,668 724,668 7,649,013
Intergovernmental Revenue:
Lottery revenue 20,000 20,000 31,476 11,476 27,774
Other county revenue 1,000,000 1,474,377 24,377 (1,450,000) 241,091
Other state revenue 150,000 241,610 98,978 (142,632) 525,000
Total - Intergovernmental Revenue 1,170,000 1,735,987 154,831 (1,581,156) 793,865
Charges for Services:
Recreation amenities fee 10,000 10,000 76,061 66,061 11,146
Land lease to Vail Recreation District 166,650 166,650 165,000 (1,650) 141,605
Total - Charges for Services 176,650 176,650 241,061 64,411 152,751
Other:
Project reimbursements - 40,000 77,684 37,684 32,598
Donations - 239,400 203,332 (36,068) 50,188
Interest on investments 11,991 11,992 298,861 286,869 157,216
Other 32,000 33,255 27,790 (5,465) 8,792
Total - Other 43,991 324,647 607,667 283,020 248,794
Total Revenues 7,690,641 8,737,284 8,228,227 (509,057) 8,844,423
Expenditures:
Culture and Recreation:
Project management 315,000 325,000 361,233 (36,233) 382,451
Park maintenance 1,712,030 1,765,098 1,617,376 147,722 1,485,754
Environmental sustainability 673,225 892,338 676,293 216,045 467,994
Art in public places 123,456 123,456 118,657 4,799 112,700
Total - Culture and Recreation 2,823,711 3,105,892 2,773,559 332,333 2,448,899
Public Works:
Capital projects 4,956,689 14,509,104 3,486,942 11,022,162 4,331,417
Public Safety
Fire suppression 296,311 315,964 283,380 32,584 231,468
Total Expenditures 8,076,711 17,930,960 6,543,881 11,387,079 7,011,784
Excess (Deficiency) of Revenues
Over Expenditures (386,070) (9,193,676) 1,684,346 10,878,022 1,832,639
Other Financing Sources (Uses):
Transfers in - 24,114 24,114 - -
Total Other Financing Sources (Uses)- 24,114 24,114 - -
Net Change in Fund Balance (386,070) (9,169,562) 1,708,460 10,878,022 1,832,639
Fund Balance - January 1 (Restated)887,045 12,975,553 12,975,553 - 11,142,914
Fund Balance - December 31 500,975 3,805,991 14,684,013 10,878,022 12,975,553
With Comparative Actual Amounts For the Year Ended December 31, 2018
2019
Town of Vail, Colorado
Special Revenue Funds
Real Estate Transfer Tax Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2019
The accompanying notes are an integral part of these financial statements.
E3
June 2, 2020 - Page 116 of 235
2018
Variance
Original Final Positive
Budget Budget Actual (Negative) Actual
Revenues:
Permits and Licenses:
Business licenses 275,000 275,000 341,149 66,149 337,602
Other:
Interest on investments 3,000 3,000 1,392 (1,608) 4,718
Total Revenues 278,000 278,000 342,541 64,541 342,320
Expenditures:
Economic Development:
Special Events 1,739,140 1,942,345 1,890,406 51,939 1,680,935
Commission on Special Events 893,648 893,648 894,272 (624) 850,990
Administration fee 13,750 13,750 17,057 (3,307) 16,880
Total Expenditures 2,646,538 2,849,743 2,801,735 48,008 2,548,805
Excess (Deficiency) of Revenues
Over Expenditures (2,368,538) (2,571,743) (2,459,194) 112,549 (2,206,485)
Other Financing Sources (Uses):
Transfers in 2,357,788 2,542,788 2,542,788 - 2,186,120
Total Other Financing Sources (Uses)2,357,788 2,542,788 2,542,788 - 2,186,120
Net Change in Fund Balance (10,750) (28,955) 83,594 112,549 (20,365)
Fund Balance - January 1 220,107 303,241 303,241 - 323,606
Fund Balance - December 31 209,357 274,286 386,835 112,549 303,241
With Comparative Actual Amounts For the Year Ended December 31, 2018
2019
Town of Vail, Colorado
Special Revenue Funds
Vail Marketing Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2019
The accompanying notes are an integral part of these financial statements.
E4 June 2, 2020 - Page 117 of 235
2018
Final Budget
Variance
Original Final Positive
Budget Budget Actual (Negative) Actual
Revenues:
Taxes:
Lodging tax 3,300,000 3,500,000 3,711,738 211,738 3,489,289
Other:
Interest on investments 2,000 2,000 2,631 631 1,397
Total Revenues 3,302,000 3,502,000 3,714,369 212,369 3,490,686
Expenditures:
Economic Development:
Destination 1,306,000 1,455,500 1,391,003 64,497 1,441,688
Front Range 190,000 271,500 279,618 (8,118) 189,401
Groups and meetings 680,738 680,738 597,075 83,663 701,231
Marketing 422,000 933,000 828,675 104,325 455,477
Special events 225,000 25,000 25,000 - 225,000
Purchased services 476,262 489,262 513,343 (24,081) 467,733
Total Expenditures 3,300,000 3,855,000 3,634,714 220,286 3,480,530
Excess (Deficiency) of Revenues Over Expenditures 2,000 (353,000) 79,655 432,655 10,156
Fund Balance - January 1 862,297 1,270,453 1,270,453 - 1,260,297
Fund Balance - December 31 864,297 917,453 1,350,108 432,655 1,270,453
2019
With Comparative Actual Amounts For the Year Ended December 31, 2018
Town of Vail, Colorado
Special Revenue Funds
Vail Local Marketing District
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2019
The accompanying notes are an integral part of these financial statements.
E5 June 2, 2020 - Page 118 of 235
2018
Final Budget
Variance
Original Final Positive
Budget Budget Actual (Negative) Actual
Revenues:
Taxes:
Property tax 5,540,000 5,813,000 5,825,058 12,058 5,475,660
Other:
Interest on investments 2,615 2,615 3,793 1,178 4,045
Interest subsidy (Build America Bonds) 167,444 167,444 164,876 (2,568) 169,059
Total Revenues 5,710,059 5,983,059 5,993,727 10,668 5,648,764
Expenditures:
Economic Development:
Administration 100,000 105,460 105,654 (194) 98,604
Fiscal agent fees 2,800 2,800 1,470 1,330 2,420
Treasurer's fees 166,200 174,390 174,754 (364) 164,416
Professional fees 10,000 10,000 1,445 8,555 2,895
Vail Square Metro District 523,800 523,800 526,106 (2,306) 524,143
Total Economic Development 802,800 816,450 809,429 7,021 792,478
Debt Service:
Principal 555,000 555,000 555,000 - 535,000
Interest 501,432 501,432 501,432 - 526,753
Total Debt Service 1,056,432 1,056,432 1,056,432 - 1,061,753
Total Expenditures 1,859,232 1,872,882 1,865,861 7,021 1,854,231
Excess (Deficiency) of Revenues
Over Expenditures 3,850,827 4,110,177 4,127,866 17,689 3,794,533
Other Financing Sources (Uses):
Transfers out (3,050,000) (3,804,281) (3,804,281) - (4,599,998)
Total Other Financing Sources (Uses)(3,050,000) (3,804,281) (3,804,281) - (4,599,998)
Net Change in Fund Balance 800,827 305,896 323,585 17,689 (805,465)
Fund Balance - January 1 1,707,385 2,259,307 2,259,307 - 3,064,772
Fund Balance - December 31 2,508,212 2,565,203 2,582,892 17,689 2,259,307
With Comparative Actual Amounts For the Year Ended December 31, 2018
2019
Town of Vail, Colorado
Special Revenue Funds
Vail Reinvestment Authority
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2019
The accompanying notes are an integral part of these financial statements.
E6 June 2, 2020 - Page 119 of 235
SUPPLEMENTARY INFORMATION
June 2, 2020 - Page 120 of 235
2018
Final Budget
Variance
Original Final Positive
Budget Budget Actual (Negative) Actual
Revenues:
Taxes:
Sales tax 10,290,000 10,290,000 12,719,336 2,429,336 12,046,899
Construction use tax 2,220,000 2,520,000 2,467,928 (52,072) 3,689,131
Franchise tax - 90,000 77,237 (12,763) -
Total - Taxes 12,510,000 12,900,000 15,264,501 2,377,264 15,736,030
Intergovernmental:
County revenues - 105,829 105,829 - 197,523
State grants 300,000 168,000 33,000 (135,000) 747,710
Federal grants - 895,000 894,898 (102) 1,653
Total - Intergovernmental 300,000 1,168,829 1,033,727 (135,102) 946,886
Charges for Services:
Leases - Vail Commons 164,067 164,067 163,909 (158) 159,135
Total - Charges for Services 164,067 164,067 163,909 (158) 159,135
Other:
Interest on investments 604,543 604,543 970,269 365,726 562,924
Project reimbursements/shared costs 200,000 270,000 322,631 52,631 6,727,757
Construction fees - 491,687 461,556 (30,131) 259,565
Miscellaneous - - 4,582 4,582 17,758,512
Total - Other 804,543 1,366,230 1,759,038 392,808 25,308,758
Total Revenues 13,778,610 15,599,126 18,221,175 2,634,812 42,150,810
Expenditures:
Public Works:
Capital lease principal - - 743,692 743,692 742,504
Interest - - 1,236 1,236 2,424
Capital projects and acquisition 19,158,295 44,182,942 19,574,164 24,608,778 33,347,560
Total - Public Works 19,158,295 44,182,942 20,319,092 25,353,706 34,092,488
Excess (Deficiency) of Revenues
Over Expenditures (5,379,685) (28,583,816) (2,097,917) 27,988,518 8,058,322
Other Financing Sources (Uses):
Capital lease proceeds - - - - 1,425,606
Sale of assets - 2,422,000 1,547,000 - -
Transfers in 3,050,000 3,848,281 3,804,281 (44,000) 4,599,998
Total Other Financing Sources (Uses)3,050,000 6,270,281 5,351,281 (44,000) 6,025,604
Net Change in Fund Balance (2,329,685) (22,313,535) 3,253,364 27,944,518 14,083,926
Fund Balance - January 1 22,808,037 46,845,813 46,845,813 - 32,761,887
Fund Balance - December 31 20,478,352 24,532,278 50,099,177 27,944,518 46,845,813
With Comparative Actual Amounts For the Year Ended December 31, 2018
2019
Town of Vail, Colorado
Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2019
The accompanying notes are an integral part of these financial statements.
F1 June 2, 2020 - Page 121 of 235
2018
Final Budget
Variance
Original Final Positive
Budget Budget Actual (Negative) Actual
Operating Revenues:
Rent 1,570,272 1,570,272 1,593,491 23,219 1,452,310
Ground lease - - 155,149 155,149 155,149
Other 19,346 19,346 25,398 6,052 12,906
Total Operating Revenues 1,589,618 1,589,618 1,774,038 184,420 1,620,365
Operating Expenses:
Operating expenses 524,144 524,144 490,895 33,249 514,238
Capital outlay 280,701 481,411 14,002 467,409 79,991
Total Operating Expenses 804,845 1,005,555 504,897 500,658 594,229
Operating Income (Loss)784,773 584,063 1,269,141 685,078 1,026,136
Non-operating Revenues (Expenses):
Interest on investments 12,000 12,000 19,790 7,790 12,008
Interest expense (116,638) (116,638) (116,638) - (122,221)
Loan principal repayment to Capital Projects Fund (372,704) (372,704) (372,704) - (367,196)
Total Non-operating Revenue (Expenses)(477,342) (477,342) (469,552) 7,790 (477,409)
Change in Net Position - Budget Basis 307,431 106,721 799,589 692,868 548,727
Reconciliation to GAAP Basis:
Adjustments:
Loan principal repayment to Capital Projects Fund 372,704 367,196
Depreciation (347,114) (345,762)
Capitalized assets 14,002 79,991
Total Adjustments 39,592 101,425
Change in Net Position - GAAP Basis 839,181 650,152
2019
Town of Vail, Colorado
Enterprise Fund
Timber Ridge 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, 2019
With Comparative Actual Amounts For the Year Ended December 31, 2018
The accompanying notes are an integral part of these financial statements.
F2 June 2, 2020 - Page 122 of 235
2018
Final Budget
Variance
Original Final Positive
Budget Budget Actual (Negative) Actual
Operating Revenues:
Charges and Fees:
Dispatch service fee 669,590 669,590 669,590 - 659,608
Dispatching contracts 1,354,077 1,354,077 1,342,632 (11,445) 1,277,282
Other charges - - - - 13,622
Total Operating Revenues 2,023,667 2,023,667 2,012,222 (11,445) 1,950,512
Operating Expenses:
Public Safety:
Salaries and benefits 2,206,730 2,222,480 2,070,611 151,869 1,960,106
Operating expenses 533,884 533,884 450,156 83,728 468,263
Capital outlay - 181,080 - 181,080 432,221
Total Operating Expenses 2,740,614 2,937,444 2,520,767 416,677 2,860,590
Operating (Loss) - Budget Basis (716,947) (913,777) (508,545) 405,232 (910,078)
Non-operating Revenues:
Operating grant - E-911 Board 803,953 803,953 816,452 12,499 778,562
Other operating grants - - - - 403,000
Earnings on investments 6,168 6,168 32,266 26,098 22,678
Total Non-operating Revenues 810,121 810,121 848,718 38,597 1,204,240
Income (Loss) Before Transfers 93,174 (103,656) 340,173 443,829 294,162
Transfers In - 15,750 15,750 - -
Change in Net Position - Budget Basis 93,174 (87,906) 355,923 443,829 294,162
Adjustments:
Change in compensated absences (16,006) 17,101
Depreciation (127,778) (149,924)
Capitalized assets - 432,221
Total Adjustments (143,784) 299,398
Change in Net Position - GAAP Basis 212,139 593,560
With Comparative Actual Amounts For the Year Ended December 31, 2018
2019
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, 2019
The accompanying notes are an integral part of these financial statements.
F3 June 2, 2020 - Page 123 of 235
2018
Final Budget
Variance
Original Final Positive
Budget Budget Actual (Negative) Actual
Operating Revenues:
Charges and Fees:
Operating charges 2,560,259 2,560,259 2,618,757 58,498 2,383,188
Replacement charges 789,799 789,799 733,837 (55,962) 712,767
Total - Charges and Fees 3,350,058 3,350,058 3,352,594 2,536 3,095,955
Other:
Insurance reimbursements 10,000 10,000 37,993 27,993 9,128
Other - - 16,396 16,396 20,733
Total - Other 10,000 10,000 54,389 44,389 29,861
Total Operating Revenues 3,360,058 3,360,058 3,406,983 46,925 3,125,816
Operating Expenses:
Public Works:
Vehicle maintenance and fuel 2,772,489 2,777,355 2,555,247 222,108 2,410,867
Capital outlay 937,800 958,445 783,193 175,252 733,115
Total Operating Expenses 3,710,289 3,735,800 3,338,440 397,360 3,143,982
Operating Income (Loss) - Budget Basis (350,231) (375,742) 68,543 444,285 (18,166)
Non-operating Revenues:
Earnings on investments 7,900 7,900 46,230 38,330 20,568
Proceeds from sale of assets 189,170 189,170 100,466 (88,704) 99,015
Total Non-operating Revenues:197,070 197,070 146,696 (50,374) 119,583
Transfers In - 4,867 4,867 - -
Change in Net Position - Budget Basis (153,161) (173,805) 220,106 393,911 101,417
Reconciliation to GAAP Basis:
Adjustments:
Contributed from other funds 105,611 265,882
Net book value of disposed assets (20,982) (14,313)
Depreciation (794,078) (845,214)
Change in accrued compensated absences (6,249) 10,440
Capitalized assets 783,193 733,115
Total Adjustments 67,495 149,910
Change in Net Position - GAAP Basis 287,601 251,327
With Comparative Actual Amounts For the Year Ended December 31, 2018
2019
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, 2019
The accompanying notes are an integral part of these financial statements.
F4 June 2, 2020 - Page 124 of 235
2018
Variance
Original Final Positive
Budget Budget Actual (Negative) Actual
Operating Revenues:
Charges and Fees:
Insurance premiums 4,450,000 4,450,000 4,400,000 (50,000) 3,950,000
Insurance premiums - Employee contributions 735,000 735,000 882,844 147,844 773,461
Total Operating Revenues 5,185,000 5,185,000 5,282,844 97,844 4,723,461
Operating Expenses:
General Government:
Health claims 4,282,775 4,282,775 3,567,754 715,021 3,961,664
Premiums 1,139,857 1,139,857 1,130,291 9,566 889,778
Administrative fees 40,500 40,500 43,649 (3,149) 20,594
Total Operating Expenses 5,463,132 5,463,132 4,741,694 721,438 4,872,036
Operating Income (Loss)(278,132) (278,132) 541,150 819,282 (148,575)
Non-operating Revenues:
Earnings on investments 25,000 25,000 93,295 68,295 45,396
Change in Net Position (253,132) (253,132) 634,445 887,577 (103,179)
With Comparative Actual Amounts For the Year Ended December 31, 2018
2019
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, 2019
The accompanying notes are an integral part of these financial statements.
F5 June 2, 2020 - Page 125 of 235
Heavy Health
Equipment Insurance
Fund Fund Total
Assets:
Current Assets:
Equity in pooled cash and investments 2,168,777 4,477,611 6,646,388
Accounts receivable, net of allowance for uncollectibles 22,807 5,085 27,892
Inventory 290,686 - 290,686
Prepaid expenses - 500 500
Total Current Assets 2,482,270 4,483,196 6,965,466
Non-current Assets:
Property, plant, and equipment, net of
accumulated depreciation 5,237,064 - 5,237,064
Total Assets 7,719,334 4,483,196 12,202,530
Liabilities:
Current Liabilities:.
Accounts payable 89,889 502,268 592,157
Accrued salaries and wages 20,282 - 20,282
Current portion of compensated absences 15,689 - 15,689
Total Current Liabilities 125,860 502,268 628,128
Non-current Liabilities:
Compensated absences, net of current portion 36,608 - 36,608
Total Liabilities 162,468 502,268 664,736
Net Position:
Net investment in capital assets 5,237,064 - 5,237,064
Unrestricted 2,319,802 3,980,928 6,300,730
Total Net Position 7,556,866 3,980,928 11,537,794
Town of Vail, Colorado
Internal Service Funds
Combining Statement of Net Position
December 31, 2019
The accompanying notes are an integral part of these financial statements.
F6 June 2, 2020 - Page 126 of 235
Heavy Health
Equipment Insurance
Fund Fund Total
Operating Revenues:
Charges for services - Internal 3,352,594 4,400,000 7,752,594
Charges for services - External - 882,844 882,844
Insurance reimbursements 37,993 - 37,993
Other 16,396 - 16,396
Total Operating Revenues 3,406,983 5,282,844 8,689,827
Operating Expenses:
Operations 2,561,496 43,649 2,605,145
Health claims and premiums - 4,698,045 4,698,045
Depreciation 794,078 - 794,078
Total Operating Expenses 3,355,574 4,741,694 8,097,268
Operating Income (Loss)51,409 541,150 592,559
Non-operating Revenues (Expenses):
Gain (loss) on disposal of assets 79,484 - 79,484
Investment income 46,230 93,295 139,525
Total Non-operating Revenues (Expenses) 125,714 93,295 219,009
Income (Loss) Before Transfers
and Capital Contributions 177,123 634,445 811,568
Transfers In 4,867 - 4,867
Capital Contributions, Net 105,611 - 105,611
Change in Net Position 287,601 634,445 922,046
Net Position - January 1 7,269,265 3,346,483 10,615,748
Net Position - December 31 7,556,866 3,980,928 11,537,794
Town of Vail, Colorado
Internal Service Funds
Combining Statement of Revenues, Expenses and Changes in Fund Net Position
For the Year Ended December 31, 2019
The accompanying notes are an integral part of these financial statements.
F7 June 2, 2020 - Page 127 of 235
Heavy Health
Equipment Insurance
Fund Fund Total
Cash Flows From Operating Activities:
Cash received from other funds 3,352,594 4,400,000 7,752,594
Other cash receipts 109,720 885,722 995,442
Cash paid for goods and services (1,449,495) (4,784,426) (6,233,921)
Cash paid to employees (1,111,789) - (1,111,789)
Net Cash Provided (Used) by Operating Activities 901,030 501,296 1,402,326
Cash Flows From Non-Capital Financing Activities:
Transfer from (to) other funds 4,867 - 4,867
Net Cash Provided (Used) by Non-Capital
Financing Activities 4,867 - 4,867
Cash Flows From Capital and Related Financing Activities:
Cash received from sale of fixed assets 100,467 - 100,467
Acquisition and construction of capital assets (677,581) - (677,581)
Net Cash Provided (Used) by Capital and
Related Financing Activities (577,114) - (577,114)
Cash Flows From Investing Activities:
Interest on investments 46,230 93,295 139,525
Net Cash Provided (Used) by Investing Activities 46,230 93,295 139,525
Net Change in Cash and Cash Equivalents 375,013 594,591 969,604
Cash and Cash Equivalents - Beginning 1,793,764 3,883,020 5,676,784
Cash and Cash Equivalents - Ending 2,168,777 4,477,611 6,646,388
Reconciliation of Operating Income (Loss) to Net Cash
Provided (Used) by Operating Activities:
Operating income (loss)51,409 541,150 592,559
Adjustments:
Depreciation 794,078 - 794,078
(Increase) decrease in accounts receivable 55,331 2,878 58,209
(Increase) decrease in inventory (38,458) - (38,458)
Increase (decrease) in accounts payable 27,677 (42,732) (15,055)
Increase (decrease) in accrued wages and benefits 10,993 - 10,993
Total Adjustments 849,621 (39,854) 809,767
Net Cash Provided (Used) by Operating Activities 901,030 501,296 1,402,326
Schedule of Non-cash Investing, Capital and Financing Activities:
Assets contributed by Capital Projects Fund 105,611 - 105,611
Town of Vail, Colorado
Internal Service Funds
Combining Statement of Cash Flows
For the Year Ended December 31, 2019
The accompanying notes are an integral part of these financial statements.
F8 June 2, 2020 - Page 128 of 235
2018
Variance
Project Final Positive
Number Project Name Budget Actual (Negative) Actual
CBI021 Donovan Park Pavilion 5,000 - 5,000 -
CBI025 Colorado Ski Museum Renovation - - - 500,000
CBI026 Welcome Center Capital Maintenance 100,000 43,297 56,703 121,154
CBI027 Public Works Remodel 11,818,406 215,081 11,603,325 136,594
CEP002 Hybrid Bus Battery Replacement 388,716 - 388,716 43,056
CEP004 Replace Buses 265,024 3,382 261,642 2,964,563
CEP005 Hardware Purchases 113,927 101,204 12,723 86,074
CEP006 Radio Replacement 12,601 18,759 (6,158) 738,844
CEP007 Phone System Upgrade 45,077 - 45,077 118
CEP008 Parking Entry System 186,037 60,890 125,147 -
CEP010 Network Upgrades 30,000 19,595 10,405 366,857
CEP011 Document Imaging 30,000 28,487 1,513 29,018
CEP018 Web and E-commerce 14,000 13,511 489 4,311
CEP019 Computer-Aided Dispatch (CAD/RMS) 141,000 63,261 77,739 44,906
CEP022 Audio Visual 88,000 44,553 43,447 164,038
CEP023 Video Cameras Patrol Cars 56,635 56,635 -
CEP026 Fire Equipment 95,650 74,217 21,433 165,100
CEP030 Vehicle expansion 115,100 105,611 9,489 251,309
CEP031 Software Licensing 325,277 274,592 50,685 34,134
CEP033 Data Centers / Computer Rooms 2,432,449 726,400 1,706,049 1,722,390
CEP036 Business Systems 172,334 61,825 110,509 196,366
CEP038 Police Equipment 72,643 74,703 (2,060) 101,696
CEP042 Bus Camera System 15,000 15,060 (60) -
CEP046 Library Self-Check System Updates - - - 36,135
CEP047 Event Equipment 77,892 77,643 249
CHF001 Buy-Down Housing 306,460 - 306,460 261,976
CHF002 Solar Vail 4,030,000 4,030,000 - -
CHF003 Vail InDEED 5,935,533 3,137,808 2,797,725 1,659,726
CHF004 Employee Housing 362,000 326,875 35,125 309,636
CHP020 Chamonix Housing Development - - - 71,872
CHP022 Chamonix- Vail Homes 15,000 - 15,000 2,285,755
CMP007 Transportation Master Plan 30,000 - 30,000 -
CMT003 Bus Shelter Replacement Program 30,000 237 29,763 27,048
CMT004 Capital Street Maintenance 1,225,000 692,573 532,427 834,558
CMT005 Facility Capital 690,518 418,351 272,167 299,338
CMT007 Parking Structure Maintenance 1,046,914 1,044,377 2,537 490,086
CMT009 Energy Enhancements 223,847 - 223,847 14,052
CMT010 Underground Utilities 646,675 200,005 446,670 1,491,391
CMT011 Vail Village Inn Homeowners Roof Assessmt 3,000 27,269 (24,269)
CMT016 Public Works Wash Down 185,174 59,093 126,081 61,793
CMT017 Slifer Plaza Fountain and Storm Sewer 1,484,329 1,327,236 157,093 2,821,757
CMT018 Public Works Shop Building Maintenance 300,000 - 300,000 -
CMT020 Liftside to Glen Lyon Underground Powerline 50,000 50,000 - -
CMT021 Rockwall Mitigation 400,000 357,432 42,568 -
CMT022 Seibert Fountain 400,000 42,000 358,000 -
COT002 Street Light Improvement Program 75,000 5,355 69,645 64,919
COT004 Fiber-Optics in Buildings 90,000 77,979 12,021 26,620
COT015 Red Sandstone Parking Garage 2,614,596 1,474,162 1,140,434 12,095,586
COT021 I-70 Fiber Optics 35,000 - 35,000 -
COT024 West Forest Road Bridge Repair 347,497 293,063 54,434 -
COT025 Kinnickinnick(West) Bridge Repair 341,637 328,842 12,795 -
COT027 Children's Garden of Learning Boiler Replacement 32,500 - 32,500 18,574
COT028 Concil Contribution- Vail Valley Foundation 55,000 55,000 - -
COT030 Mill Creek Heated Sidewalk 125,000 24,420 100,580 -
COT031 Civic Area Redevelopment 100,000 - 100,000 -
CSC016 Guest Services Enhancements 225,900 189,780 36,120 503,922
CSC017 Pedestrian Safety Enhancements 1,479,116 7,347 1,471,769 20,884
CSC018 East Meadow Drive Snowmelt 750,000 558,021 191,979 471,033
CSC019 Transit Stop Improvements - - - 280,404
CSC020 Vail Trail Sidewalk Connection 95,000 93,475 1,525 -
CSR007 Neighborhood Road Reconstruction 400,000 78,160 321,840 -
CSR008 Neighborhood Bridges 2,332,542 1,904,355 428,187 21,564
CSR009 Frontage Road Enhancements VVMC 70,655 40,524 30,131 181,574
CSR010 West Vail Roundabout Repair 250,000 128,810 121,190 286,630
VRA010 I-70 Underpass 492,990 465,507 27,483 -
VRA017 Lionshead Express Bus Stop Improvements 25,000 10,008 14,992 656,308
VRA018 Lionshead Parking Structure Landscape Renovations 30,291 - 30,291 69,709
VRA020 Heated Walk- Lionshead to First Chair - - - 314,185
VRA021 West lionshead Circle Crosswalk 250,000 47,394 202,606 -
Total 44,182,942 19,574,164 24,608,778 33,347,560
2019
Town of Vail, Colorado
Capital Projects Fund
Schedule of Project Expenditures - Budget (GAAP Basis) and Actual
For the Year Ended December 31, 2019
With Comparative Actual Amounts For the Year Ended December 31, 2018
The accompanying notes are an integral part of these financial statements.
F9 June 2, 2020 - Page 129 of 235
2018
Variance
Project Final Positive
Number Project Name Budget Actual (Negative) Actual
CCF001 Golf Clubhouse Redevelopment 52,935 19,111 33,824 65,794
CCF002 Ford Park Fields Redevelopment 699,860 596,159 103,701 142,396
RFP005 Alpine Gardens Pledge 69,700 69,700 - 69,700
RFP007 Alpine Gardens Contribution - - - 38,768
RFP017 Ford Park Portal Improvements 2,540 - 2,540 21,328
RFP019 Ford Park Landscape Enhacement 67,000 66,111 889 -
RMT001 Recreation Path Maintenance 68,139 79,639 (11,500) 14,347
RMT002 Tree Maintenance 65,000 64,739 261 30,403
RMT005 Street Furniture - Streetscape 97,334 64,865 32,469 17,767
RMT006 Eagle River Watershed Programs 42,000 42,000 - 45,450
RMT009 Park/Playground Capital Maintenance 135,000 84,892 50,108 213,959
RMT016 Ford Park / Tennis Center Improvements 72,000 - 72,000 -
RMT018 Dobson Ice Arena 211,443 50,420 161,023 -
RMT019 Gymnastics Center 60,000 1,392 58,608 14,496
RMT021 Golf Course Clubhouse & Other 65,000 39,093 25,907
RMT022 Recreation Enhancement Account (VRD) 373,348 - 373,348 -
RMT024 Athletic Fields 6,000 - 6,000 -
RMT025 Nature Center 433,950 50,428 383,522 228,790
RMT027 Golf Course - Other Improvements 687,792 459,919 227,873 735,745
RMT028 Flood Repairs 2,148,608 47,196 2,101,412 14,259
RMT030 East Vail Interchange Improvements 793,554 342,270 451,284 630,406
RMT032 Intermountain Fuels Reduction 42,142 - 42,142 32,186
RMT033 North Bike Path Reconstruction 235,000 1,620 233,380 -
RMT034 Forest Health VHF Radios - - - 35,668
RFA001 Property Acquisition 670,000 14,860 655,140 152,687
RPI001 Playground Safety Improvements - 1,443 (1,443)
RPI007 Streamtract Education 89,978 39,551 50,427 150,889
RPI008 East Vail Water Quality TAPS 90,365 24,943 65,422 1,034,746
RPI010 Water Quality Infrastructure 3,664,756 265,053 3,399,703 35,014
RPI011 Streambank Restoration 648,336 364,004 284,332 79,886
RPI012 Private Streambank 65,083 8,711 56,372 35,917
RPI013 Stephen's Park Improvements 300,000 7,695 292,305 -
RPI014 Covered Bridge Rehabilitation 87,000 4,913 82,087 -
RPI015 Turf Grass Reduction 35,364 35,364 - -
RPT020 Open Lands - - - 38,197
RPT022 Adopt-a-Trail 5,000 5,000 - -
RPT023 Gore Valley Trail Reconstrcution 25,000 - 25,000 271,625
RPT024 Gore Valley Trail Realignment 86,861 19,679 67,182 -
RPT025 Vail Valley Drive Path Extension 800,000 49,220 750,780 -
RPT026 Gore Valley Trail Bridge Replacement 300,000 75,694 224,306 -
RRT001 Public Art 597,798 59,775 538,023 139,534
RRT006 Public Art - Winterfest 68,085 43,991 24,094 23,594
RRT007 Public Art - Pete Seibert Memorial 300,000 300,000 - -
RRT008 Nature Center Operations 90,000 75,036 14,964 -
RRT009 Public Art- Art Space 50,000 12,456 37,544 -
RSS006 Vail Transit Center Landscape 107,133 - 107,133 17,867
Total 14,509,104 3,486,942 11,022,162 4,331,417
2019
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, 2019
With Comparative Actual Amounts For the Year Ended December 31, 2018
The accompanying notes are an integral part of these financial statements.
F10 June 2, 2020 - Page 130 of 235
LOCAL HIGHWAY FINANCE REPORT
June 2, 2020 - Page 131 of 235
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 2019
This Information From The Records Of Town of Vail: Prepared By: Carlie Smith
Phone:970-479-2118
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) 3,134,655
a. Motor Fuel (from Item I.A.5.) 2. Maintenance: 2,477,677
b. Motor Vehicle (from Item I.B.5.) 3. Road and street services:
c. Total (a.+b.) a. Traffic control operations 405,479
2. General fund appropriations 7,531,531 b. Snow and ice removal 1,417,132
3. Other local imposts (from page 2) 1,010,143 c. Other
4. Miscellaneous local receipts (from page 2) - d. Total (a. through c.) 1,822,611
5. Transfers from toll facilities 4. General administration & miscellaneous 461,237
6. Proceeds of sale of bonds and notes: 5. Highway law enforcement and safety 1,592,222
a. Bonds - Original Issues 6. Total (1 through 5) 9,488,403
b. Bonds - Refunding Issues B. Debt service on local obligations:
c. Notes 1. Bonds:
d. Total (a. + b. + c.) - a. Interest
7. Total (1 through 6) 8,541,674 b. Redemption
B. Private Contributions 658,599 c. Total (a. + b.) -
C. Receipts from State government 2. Notes:
(from page 2) 288,130 a. Interest
D. Receipts from Federal Government b. Redemption
(from page 2) - c. Total (a. + b.) -
E. Total receipts (A.7 + B + C + D)9,488,403 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)9,488,403
Opening Debt Amount Issued Redemptions Closing Debt
A. Bonds (Total)-
1. Bonds (Refunding Portion)
B. Notes (Total)-
A. Beginning Balance B. Total Receipts C. Total Disbursements D. Ending Balance E. Reconciliation
- 9,488,403 9,488,403 - -
Notes and Comments:
FORM FHWA-536 (Rev. 1-05) PREVIOUS EDITIONS OBSOLETE (Next Page)
1
AND STREET PURPOSES
ITEM ITEM
(Show all entries at par)
V. LOCAL ROAD AND STREET FUND BALANCE
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
F11 June 2, 2020 - Page 132 of 235
STATE:
Colorado
YEAR ENDING (mm/yy):
December 2019
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 1,010,143 g. Other Misc. Receipts
6. Total (1. through 5.) 1,010,143 h. Other
c. Total (a. + b.) 1,010,143 i. Total (a. through h.) -
(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 260,384 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 27,746 d. Federal Transit Admin
d. Other (Specify) e. U.S. Corps of Engineers
e. Other (Specify) f. Other Federal
f. Total (a. through e.) 27,746 g. Total (a. through f.) -
4. Total (1. + 2. + 3.f) 288,130 3. Total (1. + 2.g)
(Carry forward to page 1)
ON NATIONAL OFF NATIONAL
HIGHWAY HIGHWAY TOTAL
SYSTEM SYSTEM
(a) (b) (c)
A.1. Capital outlay:
a. Right-Of-Way Costs - -
b. Engineering Costs 145,183 145,183
c. Construction:
(1). New Facilities -
(2). Capacity Improvements -
(3). System Preservation 2,989,472 2,989,472
(5). Total Construction (1) + (2) + (3) + (4) - 2,989,472 2,989,472
d. Total Capital Outlay (Lines 1.a. + 1.b. + 1.c.5) - 3,134,655 3,134,655
(Carry forward to page 1)
Notes and Comments:
FORM FHWA-536 (Rev.1-05) PREVIOUS EDITIONS OBSOLETE
2
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 June 2, 2020 - Page 133 of 235
UNDERTAKING TO PROVIDE CONTINUING DISCLOSURE
June 2, 2020 - Page 134 of 235
Town of Vail, Colorado
Issuer's Annual Report
Update of Official Statement Tables to be Updated
Tables I, II and III
December 31, 2019
2013 2014 2015 2018 2019
Pledged Revenues 3,541,546 3,673,030 4,221,743 5,124,621 5,467,621
Valuation Valuation
Total Assessed Percent Allocable Allocable
Levy Year Collection Year Valuation Change to Base to Increment
2014 2015 175,857,330 8.5% 99,317,520 76,539,810
2015 2016 178,203,030 1.3% 99,314,850 78,888,180
2016 2017 212,494,370 19.2% 115,130,090 97,364,280
2017 2018 216,549,720 1.9% 115,130,090 101,419,630
2018 2019 253,332,420 17.0% 134,268,000 119,064,420
Tax Areas 2014/2015 2015/2016 2016/2017 2017/2018 2018/2019
202 45.2100 51.1300 51.6980 51.951 50.919
203 44.1460 49.7500 50.3960 50.648 49.726
204 55.7010 61.4300 60.8500 60.025 56.576
206 45.5210 51.1300 51.6980 51.951 50.919
207 80.5210 86.1300 86.6980 86.951 85.919
208 67.3960 73.0100 73.5730 73.826 72.794
216 - - - - -
225 - - - - -
TABLE I
Vail Reinvestment Authority History of Pledged Revenues
TABLE II
Vail Reinvestment Authority History of Assessed Valuations
TABLE III
Mill Levies Affecting Property Owners within the Vail Reinvestment Authority Plan Area
G1 June 2, 2020 - Page 135 of 235
Town of Vail, Colorado
Issuer's Annual Report
Update of Official Statement of Tables to be Updated
Tables IV and V
December 31, 2019
2019 Preliminary Percentage of Total
Taxpayer Name Assessed Valuation Assessed Valuation
Diamondrock LLC 42,688,980 16.9%
Arrrabelle at Vail Square LLC 28,646,250 11.3%
Ritz-Carlton Development Co Inc 10,299,710 4.1%
Lion Vail LLC 8,437,090 3.3%
Vail Corp 5,489,360 2.2%
Lazier Lionshead LLC 3,467,770 1.4%
A Belle Vail Co LLC 3,106,350 1.2%
Vail Marriott Resort & Spa 2,759,110 1.1%
Blue Ice 21 LLC 2,347,920 0.9%
SOHO Development LLC 2,172,880 0.9%
Landmark Commercial Dev Co 1,940,440 0.8%
Total 253,332,420
Total Percentage of Total
Class Assessed Valuation Assessed Valuation
Residential 146,953,420 58%
Commercial 105,273,930 42%
Vacant 948,590 0%
State assessed 156,480 0%
Total 253,332,420 100%
2019 Preliminary Assessed Valuation of Classes of Property in the Authority
TABLE V
Largest Taxpayers in the Authority
TABLE IV
G2 June 2, 2020 - Page 136 of 235
Town of Vail, Colorado
Issuer's Annual Report
Update of Official Statement Tables to be Updated
Table VI
December 31, 2019
2015 2016 2017 2018 2019
Revenues:
Other:
Property tax 3,837,261 3,959,506 4,514,083 5,475,660 5,825,058
Interest on investments 937 2,062 3,273 4,045 3,793
Interest subsidy (Build America Bonds) 167,896 168,246 168,427 169,059 164,876
Total Revenues 4,006,094 4,129,814 4,685,783 5,648,764 5,993,727
Expenditures:
Economic Development:
Administration 67,167 69,772 80,715 98,604 105,654
Fiscal agent fees 2,420 2,420 2,420 2,420 1,470
Treasurer's fees 115,121 118,789 135,427 164,416 174,754
Professional fees 11,623 2,810 8,087 2,895 1,445
Vail Square Metro District 464,548 456,784 464,039 524,143 526,106
Total Economic Development:660,879 650,575 690,688 792,478 809,429
Debt Service:
Principal 490,000 500,000 515,000 535,000 555,000
Interest 577,928 564,928 547,753 526,753 501,432
Total Debt Service:1,067,928 1,064,928 1,062,753 1,061,753 1,056,432
Total Expenditures 1,728,807 1,715,503 1,753,441 1,854,231 1,865,861
Excess (Deficiency) of Revenues
Over Expenditures 2,277,287 2,414,311 2,932,342 3,794,533 4,127,866
Other Financing Sources (Uses):
Transfers out (2,757,636) (3,546,063) (4,179,718) (4,599,998) (3,804,281)
Total Other Financing Sources (Uses)(2,757,636) (3,546,063) (4,179,718) (4,599,998) (3,804,281)
Net Change in Fund Balance (480,349) (1,131,752) (1,247,376) (805,465) 323,585
Fund Balance - January 1 5,924,250 5,443,901 4,312,149 3,064,773 2,259,308
Fund Balance - December 31 5,443,901 4,312,149 3,064,773 2,259,308 2,582,893
TABLE VI
History of Revenues, Expenditures and Changes in Fund Balance
Vail Reinvestment Authority
G3 June 2, 2020 - Page 137 of 235
Town of Vail, Colorado
Issuer's Annual Report
Update of Official Statement of Tables to be Updated
Tables VII and VIII
December 31, 2019
2019 2019 2020
Budget Actual Budget
Revenues:
Other:
Property tax 5,813,000 5,825,058 6,067,000
Interest on investments 2,615 3,793 2,492
Interest Subsidy (Build America Bonds) 167,444 164,876 165,082
Total Revenues 5,983,059 5,993,727 6,234,574
Expenditures:
Economic Development:
Administration 105,460 105,654 110,000
Fiscal agent fees 2,800 1,470 2,800
Treasurer's fees 174,390 174,754 182,010
Professional fees 10,000 1,445 10,000
Vail Square Metro District 523,800 526,106 549,990
Total Economic Development:816,450 809,429 854,800
Debt Service:
Principal 555,000 555,000 575,000
Interest 501,432 501,432 471,662
Total Debt Service:1,056,432 1,056,432 1,046,662
Total Expenditures 1,872,882 1,865,861 1,901,462
Excess (Deficiency) of Revenues over Expenditures 4,110,177 4,127,866 4,333,112
Other Financing Sources (Uses):
Transfers out (3,804,281) (3,804,281) (2,550,000)
Net Change in Fund Balance 305,896 323,585 1,783,112
Fund Balance - January 1 2,259,308 2,259,308 2,565,203
Fund Balance - December 31 2,565,204 2,582,893 4,348,315
Outstanding
Issue Principal
Vail Reinvestment Authority Tax Increment Revenue Bonds, Series 2010B 7,715,000$
Total 7,715,000$
TABLE VII
2019 Budget Summary and Actual Comparison / 2020 Budget
Vail Reinvestment Authority
TABLE VIII
Outstanding Revenue Obligations
G4 June 2, 2020 - Page 138 of 235
SINGLE AUDIT REPORTS AND SCHEDULES
June 2, 2020 - Page 139 of 235
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
Paul J. Backes, CPA, CGMA Avon: (970) 845-8800
Michael N. Jenkins, CA, CPA, CGMA Aspen: (970) 544-3996
Daniel R. Cudahy, CPA, CGMA Frisco: (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
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
the Town of Vail, Colorado (the “Town”) as of and for the year ended December 31, 2019, 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 27, 2020.
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.
June 2, 2020 - Page 140 of 235
INDEPENDENT AUDITOR'S REPORT
To the Mayor and Members of Town Council
Town of 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.
Avon, Colorado
May 27, 2020
June 2, 2020 - Page 141 of 235
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
Paul J. Backes, CPA, CGMA Avon: (970) 845-8800
Michael N. Jenkins, CA, CPA, CGMA Aspen: (970) 544-3996
Daniel R. Cudahy, CPA, CGMA Frisco: (970) 668-3481
H3
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INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM
AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE
To the Mayor and Members of Town Council
Town of Vail, Colorado
Report on Compliance for Each Major Program
We have audited the compliance of the Town of Vail, Colorado’s (the “Town”) with the types of
compliance requirements described in the U.S. Office of Management and Budget’s 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, 2019. 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 State, and Title 2, U.S. Code of Federal Regulations, Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (the “Uniform
Guidance”). Those standards and the Uniform Guidance 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.
June 2, 2020 - Page 142 of 235
INDEPENDENT AUDITOR'S REPORT
To the Mayor and Members of Town Council
Town of Vail, Colorado
H4
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, 2019.
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 the
Uniform Guidance, 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 identify 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 the
Uniform Guidance. Accordingly, this report is not suitable for any other purpose.
McMahan and Associates, L.L.C.
Avon, Colorado
May 27, 2020
June 2, 2020 - Page 143 of 235
Town of Vail, Colorado, Colorado
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
For the Year Ended December 31, 2019
H5
Part I – Summary of Auditor’s Results
Financial Statements:
Type of auditor’s report issued Unmodified
Internal control over financial reporting:
Material weakness identified None noted
Significant deficiency identified None noted
Noncompliance material to financial statements noted None noted
Federal Awards:
Internal control over major programs:
Material weakness identified None noted
Significant deficiency identified None noted
Type of auditor’s report issued on compliance for major programs Unmodified
Any audit findings disclosed that are required to be reported
in accordance with Title 2, U.S. Code of Federal Regulations, Part 200 No
Major programs:
Highway Planning and Construction CFDA #20.205
Dollar threshold used to identify Type A from Type B programs: $750,000
Identified as low-risk auditee Yes
Part II – Findings Related to Financial Statements
Findings related to financial statements as
required by Government Auditing Standards None noted
Auditor-assigned reference number Not applicable
Part III – Findings Related to Federal Awards
Internal control findings None noted
Compliance findings None noted
Questioned costs None noted
Auditor-assigned reference number Not applicable
June 2, 2020 - Page 144 of 235
Town of Vail, Colorado
SCHEDULE OF PRIOR AUDIT FINDINGS AND QUESTIONED COSTS
For the Year Ended December 31, 2019
H6
There were no findings for the year ended December 31, 2018.
June 2, 2020 - Page 145 of 235
Pass-through
Federal Entity
CFDA Identifying Clusters of
Program Title Number Number Expenditures Programs
U.S. Department of Transportation:
Passed through Colorado Department of Transportation:
Highway Planning and Construction cluster:
Highway Planning and Construction 20.205 15-HA3-75418 894,898$
894,898
Total - U.S. Department of Transportation 894,898
U.S. Department of Justice:
Passed through Colorado Department of Public Safety:
Bulletproof Vest Grant 16.607 n/a 2,241
Total - U.S. Department of Justice 2,241
TOTAL 897,139$
Note 1. Basis of Presentation:
The Schedule of Expenditures of Federal Awards includes the federal grant activity of the Town of Vail (the "Town") and is
presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the
requirements of Title 2, U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (the "Uniform Guidance"). Therefore, some amounts presented in this schedule or used in
this schedule may differ from amounts presented in or used in the preparation of the Town's general purpose financial statements.
Note 2. Determining the Value of Non-cash Awards Expended:
The Town had no non-cash awards expended during 2019.
Note 3. Indirect Facilities and Administration costs
The Town does not use the 10% de minimis cost rate allowed in in §200.414, Indirect (F&A) Costs , of the Uniform Guidance.
Instead, the Town prepares an annual cost allocation plan to allocate indirect costs.
Town of Vail
Schedule of Expenditures of Federal Awards
For the Year Ended December 31, 2019
Notes to the Schedule of Expenditures of Federal Awards For the Year Ended December 31, 2019
H7 June 2, 2020 - Page 146 of 235
VA I L TO W N C O UNC I L A G E ND A ME MO
I T E M /T O P I C: 2020 S emi-Annual Update on Housing - Progress Towards the Goal
P RE S E NT E R(S ): George Ruther, Housing Director and Steve L indstrom, Chair, Vail L ocal
Housing A uthority
AC T IO N RE Q UE S T E D O F C O UNC I L: F or information only - no action is requested
B AC K G RO UND: The Vail Housing 2027 S trategic Plan was adopted by the Vail Town Council in
S eptember of 2017. To ensure progress towards the adopted housing goal a performance
measured was put in place obligating the Vail L ocal Housing Authority and the Town's Housing
Department to provide an update to the Vail Town Council twice annually. T he purpose of this
presentation is to honor that obligation and demonstrate progress towards the goal.
AT TAC H ME N TS:
Description
2020 Semi Annual Update on Housing
Housing2027HallwayDisplay
E H U Compliance Status Update
June 2, 2020 - Page 147 of 235
PRESENTATION BY
George Ruther, Housing Director
Steve Lindstrom, Chair, VLHA
2020 SEMI-ANNUAL
UPDATE ON
HOUSING
Progress Towards
the Goal
June 2, 2020 - Page 148 of 235
Topics Presented
•Vail HOME Partners
•2020 YTD Results
•2020 Initiatives and Actions
•Progress Towards the Goal
Town of Vail | Semi Annual Update | vailgov.com
June 2, 2020 - Page 149 of 235
Vail HOME Partners
•Collaborative partnership
between the Vail Town Council
and the Vail Local Housing
Authority
•Shared vision, mission, and
goals
•Public awareness
Town of Vail | 2020 Semi Annual Update | vailgov.com
June 2, 2020 - Page 150 of 235
2020 YTD Results
•26 Vail InDeed applications
reviewed
•12 new deed restrictions
required
•Two deed exchanges (2x)
•292 deed restriction
verifications letters sent -16
non-compliant
Town of Vail | 2020 Semi Annual Update | vailgov.com
June 2, 2020 - Page 151 of 235
2020 Initiatives and Actions
•Completed feasibility study of
CDoT Parcel in East Vail
•Temporary Rental Relief
Program at Timber Ridge
Village Apartments
•Negotiated the Middle Creek at
Vail ground lease and security
deposit release agreements
Town of Vail | 2020 Semi Annual Update | vailgov.com
June 2, 2020 - Page 152 of 235
2020 Initiatives and Actions
•Leading the seven-step
alternative housing sites
•Lead a long-term housing
funding source discussion
•Advised Avon Town Council on
Avon InDEED Program
•Coordinating the sale of two
Chamonix Vail Townhomes
Town of Vail | 2020 Semi Annual Update | vailgov.com
June 2, 2020 - Page 153 of 235
Progress Towards the Goal
“The Town of Vail will acquire
1,000 additional resident
housing unit deed restrictions
by the year 2027”
•12 new deed restrictions YTD
•$828,730 invested YTD
•311 Vail residents
•905 total deed restrictions
(+30%)
Town of Vail | 2020 Semi Annual Update | vailgov.com
June 2, 2020 - Page 154 of 235
Looking to the Future
•Alternative housing sites
initiative
•Town -wide housing database
•Long-term rental incentives
•Online deed restriction
verification
•Administrative penalties and
fees
•Informational wall display
Town of Vail | 2020 Semi Annual Update | vailgov.com
June 2, 2020 - Page 155 of 235
Thank you
June 2, 2020 - Page 156 of 235
June 2, 2020 - Page 157 of 235
Memorandum
To: Vail Town Council
From: Lynne Campbell, Housing Coordinator
Date: June 2, 2020
Subject: 2019 Deed-Restricted Employee Housing Compliance Status Report
I. SUMMARY
The Town of Vail Housing Department is charged with verifying compliance of more than
888 deed-restricted properties in the Town of Vail, annually. As a courtesy, Housing staff
sent affidavit forms to deed-restricted property owners on December 13, 2019 reminding
each of their obligation to provide documentation demonstrating compliance by no later
than February 1, 2020, per the terms of the recorded deed-restrictions.
As of June 2, 2020, 16 owners are non-compliant. Of those 16 owners, 15 were also
non-compliant last year. The following owners are out of compliance with their Employee
Housing Unit (EHU) deed restriction.
OWNER LEGALDESC ADDRESS
Juergen Krogmann Vail Das Schone Filing 1
Block F Lot 1 2575 Davos Trail
Matthew & Tabitha Anderson Vail Intermountain Block 2 Lot
2 2635 B Larkspur Ln.
May Family Trust ETAL Gore Creek Subdivision Block
2 Lot 16 5137 Black Gore Dr.
Ross & Heather Sappenfield Vail Intermountain - Lodges at
Timbercreek D-25 2897 Timber Creek Dr. Unit
D-25
Stephen Botts Lion's Ridge Filing 1 Simba
Run Unit 1201 1100 N. Frontage Rd. Unit
1201
Elizabeth Maio
Eastern Valley
Condominiums Unit 1 (AKA A-
43) 1486 Buffehr Creek Rd. No. 1
Marissa K. Bates Vail Das Schone Filing 1
Block E Lot 9 2567 Arosa Dr.
Steven E. & Erin E. Lepper II Columbine North Building B,
Unit 2 2843 Kinnikinnick Rd. Unit 2-
B
June 2, 2020 - Page 158 of 235
Town of Vail Page 2
Andrew B. Benedict Vail Commons Condo C11 2092 Zermatt Ln. Unit A
Blanca Patricia Ruiz Smith Vail Commons Condo C12 2092 Zermatt Ln. Unit B
David & Jennifer Riddle Chamonix Vail Community
Unit 20 2381 Upper Traverse Wy.
Unit A
J.R. & Marisa Rulapaugh Vail Commons Condo B2 2085 Zermatt Ln. Unit B
Jackie Snook Chamonix Vail Community
Unit 6 2373 Lower Traverse Wy.
Unit A
Jeffrey F. & Earlene Storz Vail Commons Condo A2 2084 Zermatt Ln. Unit B
Rebecca & Bryan Hunt Vail Ridge Subdivision Block
C Lot 8 2657 Arosa Dr. Unit B
Sean P. Clifford Vail Commons Condo C9 2092 Zermatt Ln. Unit C
June 2, 2020 - Page 159 of 235
VA I L TO W N C O UNC I L A G E ND A ME MO
I T E M /T O P I C: A lternate Housing S ite Presentation
P RE S E NT E R(S ): George Ruther, Housing Director
AC T IO N RE Q UE S T E D O F C O UNC I L: No action is recommended at this time
B AC K G RO UND:
On May 16th, the Town staf f presented an overview of the alternate housing site plan to the Vail
Town Council. T his presentation provides a more in depth overview of potential options and strategies
for implementation.
T he purpose of this presentation is to provide an update on the progress of the Vail Town Council’s
initiative to explore an alternate path to achieving the Town’s adopted housing and environmental
stewardship goals.
T he staff memorandum highlights a draft alternate housing site plan and outlines strategies for
implementation.
S TAF F RE C O M M E ND AT IO N: A series of recommended actions is outlined in S ection 3 of the
memorandum. E ach of the actions recommended is intended to advance the proposed alternate
housing plan, and its many pieces, forward.
AT TAC H ME N TS:
Description
Alternate Housing Site Presentation Memorandum 06022020
Vail Housing 5 Year Strategic Plan
Narrative for Town Council 5 19 20
PA Architects - Vail Gymnastics Center 4.19.2020
Vail Gymnastics Center Renovations Meeting Results 05262020
Copy of TO V Housing Milestone Schedule
June 2, 2020 - Page 160 of 235
To: Vail Town Council
From: George Ruther, Housing Director
Date: June 2, 2020
Re: Alternate Housing Site Plan – Strategies for Implementation and Update on Progress
1. SUMMARY
The purpose of this memorandum is to provide an update on the progress of the Vail Town
Council’s initiative to explore an alternate path to achieving the Town’s adopted housing and
environmental stewardship goals. Since announcing their intent to explore alternate paths
forward following the approval of the Booth Heights development in East Vail, the Vail Town
Council has met regularly in executive session to instruct negotiators on potential alternatives.
This memorandum highlights a draft alternate housing site plan and outlines strategies for
implementation. In doing so, the following topics will be presented and discussed:
• Sequence of Alternate Housing Site Plan Implementation
• Presentation of Renovation and Feasibility Studies for Vail Gymnastics Center
• Amended Professional Services Agreements for Pre-Construction Services, Etc
• Memorandum of Understanding by and between Town of Vail, Vail Resorts, and
Triumph Development
• Detailed six-month timeline for implementation
2. BACKGROUND
The Town has adopted goals and policies for maintaining and sustaining community in Vail
through the acquisition of new deed restrictions for housing, protection from the hazards and
risks associated with wildfire, and for wildlife habitat protection and environmental stewardship.
By design, the adopted goals and polices are intended to be complimentary and supportive of
one another. While priorities may change from time to time, no one single set of goals or
policies is more important than another. A healthy balance amongst all the Town’s goals needs
to be maintained.
The Town’s goals are adopted with achievement in mind. For that reason, when goals are
adopted, quantifiable measurements are established to track progress towards achieving the
goal. In the instance of housing in Vail, the Vail Town Council and Vail Local Housing Authority
have established a measurable goal of acquiring 1,000 new deed restrictions by the year 2027.
As it pertains to wildlife habitat protection and environmental stewardship, a measurable goal of
ensuring that habitat is maintained to current or improved levels of biological health as
measured by indicator species and land use has been adopted. Presently, implementation
June 2, 2020 - Page 161 of 235
Town of Vail Page 2
actions are in place which are advancing the Town towards achieving both its housing and
environmental stewardship goals.
A series of actions have been identified to aid the Town in achieving its adopted goals as they
relate to an alternate plan for the immediate development of the Booth Heights parcel. This
includes wildfire fuels reduction, wildlife habitat improvements, and opportunities to
development housing on certain town-owned properties. The information below highlights a
number of housing-related actions currently underway to advance the alternate housing plan
forward. These specific actions, as well as an update on progress of each, includes:
A. Sequence of Alternate Housing Site Plan Implementation
A draft 5-year action plan for implementing an alternate housing site plan has been
prepared. The plan not only articulates an alternate housing site plan for the immediate
development of the Booth Heights parcel, it also outlines opportunities to complete
wildfire fuels reduction and wildlife habitat restoration and address other community
needs. While far from final, the draft plan outlines a possible path forward which
presently has favorably support from Vail Resorts and Triumph Development.
A copy of the seven-step draft plan, dated June 2, 2020, has been attached for
reference
B. Presentation of Renovation and Feasibility Studies for Vail Gymnastics Center
A key consideration of the draft alternate housing site plan is the potential renovation of
the Vail Gymnastics Center into a new, multiple use facility for both gymnastics and early
childhood education. Again, far from being final, the Town has hired local professionals
Pierce/Austin Architects and RA Nelson to aid in the schematic design of a renovated
facility. Additionally, a working group of technical experts and primary stakeholders,
including Children’s Garden of Learning, Red Sandstone School and Vail Recreation
District representatives, has been created to further understand the future potential of a
new, multiple use facility.
A copy of the schematic design and conceptual plans, including a more detailed
narrative has been attached for reference.
C. Amended Professional Services Agreements for Design Development, Pre-
Construction Services, etc.
As mentioned above, the Town has retained the professional consulting services of local
professionals to aid in better understanding the opportunities afforded as a result of an
alternate housing plan. If the Town Council wishes to continue forward with the initiative
to explore of alternate housing sites additional professional consulting services will be
needed. For instance, additional consulting services will be needed in the following
areas:
• Legal
• Surveying
• Pre-construction
• Traffic
• Design and Architecture
• Civil Engineering
• Code Compliance,
Life/Safety
• State Licensing
• Structural Design
June 2, 2020 - Page 162 of 235
Town of Vail Page 3
• MEP
D. Memorandum of Understanding by and between Town of Vail, Vail Resorts, and
Triumph Development
On January 16, 2020, Vail Mayor Dave Chapin announced that the Town of Vail had
approached representatives from Vail Resorts and Triumph Development with the
objective of exploring an alternate approach to the Booth Heights development approved
for East Vail. In doing so, it was acknowledged that the desire of the Town was to pursue
a win-win outcome that achieved a balance between the adopted housing and
environmental stewardship goals.
Since the onset of this initiative, it has been understood that the three parties would
need to execute various agreements to effectuate any mutually accepted alternate
housing plan. To that end, presuming the three parties wish to move forward with an
alternate plan, a memorandum of understanding (MOU) is recommended. An MOU is
intended to express the convergence of will between the parties to achieve a shared set
of desired outcomes or actions. In this instance, the MOU would serve as a non-binding
agreement between the parties allowing each to act in good faith and invest in the
alternate housing plan until such time as more formal agreements are needed.
On May 15, 2020, Triumph Development shared a written response to the proposal
forwarded by the Town on April 29, 2020. The Town’s initial proposal, plus Triumph’s
response, would serve as a basis for a future MOU.
E. Present a detailed six-month timeline for implementation
Two detailed timelines for action and implementation have been drafted. One outlines
the timeline needed to achieve housing on Lot 3, Middle Creek by November/December
2022 consistent with Triumph’s request, and the second outlines a less aggressive
schedule, but still achieves all of the desired outcomes, only on a longer schedule. Both
timelines were drafted with several key milestones and critical path items in mind. The
milestones and critical path include:
• Wildfire fuels reduction and wildlife habitat restoration permitting and
implementation
• Middle Creek at Vail Amended Land Lease and Minor Subdivision
• Negotiate/Document MOU, Legal Agreements, Extension of Entitlements
• Vail Gymnastics Center Renovations
• Lot 3, Middle Creek Housing Development
• Timber Ridge Village Apartments Redevelopment
A copy of the two draft timelines have been attached for reference.
3. RECOMMENDATION
Based upon the information provided, the Town staff recommends the following:
• Continue efforts underway towards receiving the proper permits and approvals needed
for the wildfire fuels reduction and wildlife habitat restoration work and implement the
seven phases of work.
June 2, 2020 - Page 163 of 235
Town of Vail Page 4
• Complete the land lease amendment and minor subdivision work underway with
Coughlin & Company
• Initiate the steps necessary and implement a public process to discuss the renovation of
the Vail Gymnastics Center
• Continue efforts currently underway with the Vail Gymnastics Center Renovation
working group and provide regular updates
• Meet with Vail Resorts and Triumph Development to begin drafting a MOU by and
between the parties
• Prepare a probable cost estimate based upon schematic design and conceptual plans
for Vail Gymnastics Center renovations
• Continue to explore the development potential of Lot 3, Middle Creek as a future housing
site
• Prepare and present a proposed budget on June 16th for additional professional
consulting services
June 2, 2020 - Page 164 of 235
1
“HOME DELIVERY”
Ensuring homes for both people and wildlife
A 5-YEAR STRATEGIC ACTION PLAN
June 2, 2020
A draft 5-Year Strategic Action Plan has been prepared recommending a series of actions the Town can
take to realize a net increase of more than 450 new deed restrictions acquired in the Town of Vail by the
year 2025 while pursuing wildfire fuels reduction and bighorn sheep habitat improvements in East Vail.
This draft strategic action plan relies upon public/private partnerships and focuses primarily on 8 sites
which include:
• Vail Gymnastics Facility (545 North Frontage Road W)
• Children’s Garden of Learning (129 N Frontage Rd W)
• Middle Creek at Vail (145 N Frontage Rd W)
• Timber Ridge Village Apartments (1281 N Frontage Rd W)
• CDoT East Vail Parcel (4313 Spruce Way)
• Booth Height Approved Development (3700 N Frontage Rd E)
• West Middle Creek Parcel (unassigned; between 165 and 501 N Frontage Rd W)
• Middle Bench (unassigned; between 1543 and 1593 Upper Matterhorn Circle)
Each of the sites listed above serves a critical role towards successfully realizing several adopted
community goals and objectives. These goal areas, including:
• housing,
• environmental sustainability,
• community sustainability, and
• economic development
are vital to the long-term health and vibrancy of the community and the viability of this plan. To that
end, no single goal is greater than the any other. Instead, the sum of the goals is greater than each of its
parts and must be approached accordingly. This plan only succeeds with a holistic approach.
The list of sites highlighted above is not to be considered all-inclusive. There are additional sites and a
far greater number of opportunities to be considered and evaluated over time. Many of the additional
sites and opportunities exist either down valley or as smaller one-off types of developments. A more
comprehensive list of sites, actions and opportunities should be generated and will be required to
achieve the goal of acquiring 1,000 net new deed restrictions by the year 2027.
The list of sites above and the corresponding 7-step implementation process outlined below provides an
immediate term response to an opportunity presently afforded the Town of Vail. Each of the 7-steps
outlined are focused on a 5-year timeframe beginning on or about May 1, 2020 and extending out to
May 1, 2025. Once implemented, and as proposed, the Town will have acquired as many as 735 of the
total 1,000 new deed restrictions desired. This projection does not account for any additional deed
restrictions acquired through other programs and initiatives such as Vail InDEED or impacts of
development mitigation.
The 7-step process of the Vail Housing 5-Year Strategic Plan are outlined below:
June 2, 2020 - Page 165 of 235
2
STEP #1 -BIGHORN SHEEP HABITAT RESTORATION
• Phase 1 & 2 - Finalize National Environmental Policy Act (NEPA), Environmental Assessment
contract with SE Group, USFS and GIS/Mapping– (1 month - May 2020)
• Phase 3- Technical Reporting – Field assessments, desk assessments, study, (3 months - June
2020 - August 2020)
o Wildlife/Vegetation/Wetlands
o Silviculture/Fuels for proposed action
o Hydrology
o Cultural
o Scenery
o Recreation
o Traffic
o Air Quality
• Phase 4: Scoping – Develop the Proposed Action and Analysis Area – (30 day posting
requirement) Prepare the EA over late fall through end of 2020, release document full EA draft
decision document, public comment period (8 months - September 2020 - April 2021)
• Phase 5: EA and Draft Decision Document Preparation (1 month - April 2021)
• Phase 6: Objection Period and Final Decision Document Preparation (3 months - July 2021 –
September 2021)
• Phase 7: Implementation
o USFS permitting, planning, staffing for prescribed fire, mechanical treatment, (6 months
– October 2020 – March 2021)
o Communications, public outreach/open house – (2 months – January 2021 – February
2021
o Large-scale prescribed fire (helicopter) over 2 days and/or mechanical treatment
(dependent upon outcome of Environmental Assessment) – (2 months April 2022 – May
2022
Note – The Vail Fire Department will continue mechanical treatment (above Bald Mountain
Townhomes to Booth Creek) and prescribed fire on town-owned land and CDOT property as
conditions allow (2 months - April 2021 - May 2021)
STEP #2 - MIDDLE CREEK at VAIL LAND LEASE
Middle Creek at Vail amended land lease negotiations – (three objectives):
1) to allow for long-term (> 12 months) master leasing
2) to allow for future vehicular access to West Middle Creek parcel.
3) remove Children’s Garden of Learning site from leasehold area.
Amended and restated land lease agreement and minor subdivision completed – (2 month – May 2020
to June 2020)
June 2, 2020 - Page 166 of 235
3
STEP #3 – HOUSING ZONE DISTRICT APPROVALS
Available land resources remain as a barrier to achieving the Town’s adopted housing goal. For obvious
reasons, infill development within existing neighborhoods is the preferred approach to increasing the
supply of deed-restricted homes in the community. The Housing (H) District has proven to be the surest
way to ensure the future development of deed-restricted homes. To that end, additional sites in Vail
need to be zoned to the Housing (H) District to ensure future opportunities exist to acquire net new
deed restrictions. Those sites include:
• CDoT East Vail Parcel – 20 to 30 new deed restrictions
• West Middle Creek – 125 to 175 new deed restrictions
• Middle Bench – 20 to 30 new deed restrictions
Initiate a rezoning application to rezone each of the parcels listed above to the Housing (H) District (3
months – June 2020 to August 2020)
STEP #4 - VAIL GYMNASTICS FACILITY SITE
Approve Vail Recreation District lease of Vail Gymnastics Facility (2 month - June 2020 to July 2020)
Design and entitlement process (phased permits required) to renovate Vail Gymnastics Facility into a
new, multiple use facility including gymnastics and an early childhood education center - (6 months –
June 2020 to December 2020)
Renovate Vail Gymnastics Facility into new multiple use facility - (12 months - October 2020 to October
2021)
Children’s Garden of Learning permanently relocated to newly renovated multiple use building.
New Children’s Garden of Learning completed and available for occupancy – (October 2021)
STEP #5 – LOT 3, MIDDLE CREEK SITE
Vacate Children’s Garden of Learning building demolish to provide site for new +/- 150 home deed-
restricted apartment building (+/- 60,000 sq. ft.)
Design and entitlement process to develop new apartment building (14 months – August 2020 to
October 2021)
Begin construction on new apartment building – (October 2021)
New apartment building completed and available for occupancy – 14 months duration – (November
2022)
June 2, 2020 - Page 167 of 235
4
STEP #6 - TIMBER RIDGE VILLAGE APARTMENTS SITE
Timber Ridge Village Apartments redevelopment to include a minimum of 220 new deed-restricted
homes and a new, 8,000 square feet multi-use community facility.
Negotiate Memorandum of Understanding/First Option – (2 months - July 2020 to August 2020)
Design and entitlement process to redevelop Timber Ridge Village Apartments and new multi-use
community facility
Begin construction on redeveloped Timber Ridge Village Apartments – (May 2022)
New Timber Ridge Village Apartments completed and available for phased occupancy – 18 to 20 months
duration (November 2023 – January 2024)
STEP #7 - BOOTH HEIGHTS DEVELOPMENT SITE
Title to Booth Heights Development site to remain with Vail Resorts/Triumph Development.
Approve development agreement extending entitlements until such time as habitat restoration is
complete and 1,000 new deed restrictions goal is achieved – 3 months (June 2020 to August 2020)
BENEFITS OF THE DRAFT 5-YEAR STRATEGIC ACTION PLAN
There are many reasons to support the draft 5-year Strategic Action Plan. At the highest level it
achieves the goals and objectives identified by the Vail Town Council when the Council unanimously
determined to prepare and present Vail Resorts and Triumph Development with an alternate housing
site plan proposal (April 29, 2020) to delay the immediate and imminent start of construction of the
approved Booth Heights development plan. This plan is the culmination of the exploration of more than
a dozen alternate site options and opportunities and nearly six months of discovery.
The benefits of the draft 5-Year Strategic Action Plan include:
• Articulates a series of actions which result in a win/win outcome for all parties
• Results in only a temporary disruption of recreational services and amenities, not the
elimination of services or amenities
• Checks all the Children’s Garden of Learning boxes
• Creates a “bundle of strategic actions” which advance the Town’s housing and environmental
stewardship goals
• The plan is both actionable and realistic and provides a defined strategic path forward
• Achieves multiple adopted town goals and objectives, including affording time for wildfire fuels
reduction and wildlife habitat enhancement work to be completed
• Demonstrates a need for a dedicated source of funding for housing and prioritizes specific
projects for future expenditures
• Focuses almost exclusively on infill and redevelopment opportunities
• Utilizes a holistic approach aimed at addressing several goal areas concurrently
June 2, 2020 - Page 168 of 235
5
• Sets a long-lasting Town Council legacy addressing two of the community’s most critical issues –
availability of housing and environmental sustainability
• Favorably supported by Vail Resorts and Triumph Development, per their response of May 15,
2020
June 2, 2020 - Page 169 of 235
PIERCE AUSTIN ARCHITECTS
VAIL, COLORADO
1650 Fallridge Road, Suite C-1
Vail, Colorado 81657
P: 970.476.6342
F: 970.476.4901
www.vailarchitects.com
William F Pierce, Architect
Kit Austin, Director of Architecture
May 19, 2020
Vail Town Council
Town of Vail
75 S Frontage Road West
Vail, CO 81657
Attn: George Ruther, Housing Director
Re: Renovation of Vail Gymnastic Center
Council Members,
I deeply appreciate the opportunity to share the
investigation my firm has conducted to assess the
feasibility of relocating the Early Childhood Education
Center (ECEC) to the site that serves as the Vail
Gymnastics Center located at 545 N Frontage Rd
West. My firm designed the current facility in 2004.
The structural design was done for this facility was
performed by Bob Redwine who participated in the
structural design for this study.
RA Nelson also participated in the study adding their expertise in terms of initial cost
estimating and determination of constructability of the proposed improvements.
The concept involves constructing approximately 5,500 square feet above the
Gymnastics Center building for the ECEC leaving the current gymnastics functions on the
ground level and second level essentially intact. The existing roof of the Gymnastics
Center will form the floor of the ECEC
and the new roof over ECEC provides
5,000 square feet above of safe,
sunny outdoor space for the
children’s activities immediately
adjacent to town owned space. The
Gymnastics programs would be
interrupted for a limited period when
the east truss column and foundation
are installed in the existing stairwell.
June 2, 2020 - Page 170 of 235
PIERCE AUSTIN ARCHITECTS
VAIL, COLORADO
1650 Fallridge Road, Suite C-1
Vail, Colorado 81657
P: 970.476.6342
F: 970.476.4901
www.vailarchitects.com
William F Pierce, Architect
Kit Austin, Director of Architecture
A portion of the current ground level of the Gymnastics Center would be assigned to
ECEC for “toddler care” but the Gymnastics Center would gain about 350 square feet on
the Gymnastics level.
The concept utilizes a good deal of the existing infrastructure at the site today such as
excellent access and drop off/pick up, proximity to open space trails (accessed from the
roof deck), nearby playground (west of Red Sandstone School), safe, convenient access
to Lionshead via the pedestrian bridge over I 70, and ample parking for multiple
functions including large groups. . Vehicular circulation and traffic flow needs to be
further evaluated to ensure compatibility with existing and adjacent uses.
A very important consideration in determining the
feasibility of this concept is that the two uses need to
operate independently (with separate vertical access
and exiting systems). The proposed design
accomplishes this goal and allows for dual use of the
available land while complimenting the functions of
each entity. For example, it is conceivable that ECEC
could use the Gymnastics space for “play space” when
the weather limits the utility of outdoor “play spaces”.
The concept meets and exceeds the program
developed for the facility in terms of indoor and
outdoor space. The south exposure available at the
site will contribute provide for desirable outdoor
space immediately outside the classrooms and on
the roof one story above.
The proposed facility exceeds the size of the
current ECEC allowing for expansion of the ECEC if
and when that would be desirable.
Structurally the addition would be supported on
the south side by a truss that would span east west
the entire length of the Gymnastics facility. The
addition is supported on the north with micro piles
and grade beams beneath the ground similar to
the existing facility.
June 2, 2020 - Page 171 of 235
PIERCE AUSTIN ARCHITECTS
VAIL, COLORADO
1650 Fallridge Road, Suite C-1
Vail, Colorado 81657
P: 970.476.6342
F: 970.476.4901
www.vailarchitects.com
William F Pierce, Architect
Kit Austin, Director of Architecture
The roof above ECEC would be constructed with the same structural system that forms
the roof of the existing Gymnastics Center and would be without columns inside the
interior function areas. No columns would be needed within the Gymnastics activity
room to accomplish the addition.
The column free interior spaces (both existing and proposed) allow for flexibility in
space planning and adaptability if there were to be any change of purpose for the
structure in the future.
We have reviewed the preliminary proposal with the Town of Vail Building Department
and Colorado Code Consultants. We believe the proposed uses would be classified as I-4
or E and the building would be allowed to be designated as a Type II B Construction
Type. The facility will require a sprinkler system but the Type II B designation would not
require installation of interior fire protection to the walls and structural system. We
have contacted Colorado Code Consultants to provide a proposal to confirm my
assumptions on Construction Type. We believe this would be the next step in
exploration of this concept.
June 2, 2020 - Page 172 of 235
1650 Fallridge Road, Suite C-1Vail, Colorado 81657f.(970) 476-4901 p.(970)476-6342NOT FOR CONSTRUCTIONA0.00COVERVGC RENOVATIONProject Number - 2008545 N FRONTAGE RD WVAIL, CO 8165705/19/20ISSUE TYPEOWNER:ARCHITECT: BILL PIERCE, PRINCIPAL IN CHARGEPIERCE ARCHITECTS1650 E. VAIL VALLEY DRIVE, C1VAIL, COLORADO 81657P: 970.476.6342F: 970.476.4901E: bill@vailarchitects.comCONSULTANTS:CONTRACTOR:P:M:E:STRUCTURAL ENGINEER:P:E:OWNER'S REPADMINISTRATIVE INFO.BUILDING CODE SUMMARY PROJECT DIRECTORYBUILDING CODE:2015 IBCCONSTRUCTION TYPE:TYPE V-ADWELLING UNITS:N/AOCCUPANCY TYPEA-3Situs Address 000545 N FRONTAGE RD WTax Area SC103 -VAIL (TOWN) -SC103Parcel Number 2101-063-02-010Legal Summary Subdivision: VAIL POTATO PATCH Block: 2 Lot: 8 PT OF BK-0241 PG-0153R848188 EAS 09-08-03R893084 EAS 10-01-04VAIL GYMNASTICS CENTERVAIL, CO 81657PROJECT LOCATIONSHEET INDEXSHEET #DESCRIPTIONBYISSUE DATEA0.00COVERPIERCE AUSTIN ARCHITECTS 05/19/20A1.00EXISTING PROGRAM PIERCE AUSTIN ARCHITECTS 05/19/20A1.01LOWER LEVELPIERCE AUSTIN ARCHITECTS 05/19/20A1.02LEVEL 1PIERCE AUSTIN ARCHITECTS 05/19/20A1.03LEVEL 2PIERCE AUSTIN ARCHITECTS 05/19/20A1.04LEVEL 3 - PLAY AREA PIERCE AUSTIN ARCHITECTS 05/19/20A3.01BUILDING SECTIONS PIERCE AUSTIN ARCHITECTS 05/19/20A3.02BUILDING SECTIONS PIERCE AUSTIN ARCHITECTS 05/19/20A9.013DPIERCE AUSTIN ARCHITECTS 05/19/20A9.023DPIERCE AUSTIN ARCHITECTS 05/19/20A9.033DPIERCE AUSTIN ARCHITECTS 05/19/20DATE NO. DESCRIPTIONJune 2, 2020 - Page 173 of 235
TODDLER #1350 SFTODDLER #2350 SFTODDLER OUTDOOR AREA550 SFSHARED RESTROOMSTORAGEARTS & ACTIVITIES200 SFSECURE ENTRYADULT RESTROOMYOUNG CHILDREN #1450 SFYOUNG CHILDREN #2450 SFYOUNG CHILDREN #3450 SFRESTROOMRESTROOMCLASSROOM CONNECTING DOOROUTDOOR AREA550 SFOUTDOOR AREA2000 SFABILITY TO CONNECT OR ISOLATE PLAY AREASFENCE PER REGULATIONSMECHANICAL150 SFOUTDOOR & CLASSROOM CONNECTIONOUTDOOR & CLASSROOM CONNECTIONOUTDOOR LEARNING SPACE250 SFKITCHEN85 SFGREETING 85 SFSINKSINKSINKADULT RESTROOM, WITH LAUNDRYSTORAGEOFFICE125 SFOFFICE MEETING 280 SFLOCKERSDROP OFF & PICK UPPARKINGUPPER LEVELPROGRAM & SQUARE FOOTAGE OF EXISTING EARLY CHILDHOOD EDUCATION CENTER (ECEC)TOTAL BUILDING IS ABOUT 4700 SF1650 Fallridge Road, Suite C-1Vail, Colorado 81657f.(970) 476-4901 p.(970)476-6342NOT FOR CONSTRUCTIONA1.00EXISTINGPROGRAMVGC RENOVATIONProject Number - 2008545 N FRONTAGE RD WVAIL, CO 8165705/19/20ISSUE TYPE3/16" = 1'-0"EXISTING EARLY CHILDHOOD EDUCATIONCENTER (ECEC)DATE NO. DESCRIPTIONJune 2, 2020 - Page 174 of 235
A2.031TODDLER #1450 SFTODDLER #2450 SFRESTROOMSSINKEXISTING RESTROOMEXISTING RESTROOMEXISTING ELEVATOR1A3.012A3.01GREETING 75 SFSECURE ENTRY150 SFADULT RESTROOMSTORAGENEW ELEVATORS AND STAIRS TO EXISTING EARLY CHILDHOOD EDUCATION CENTER (ECEC)1A3.02NEW EGRESS STAIRS FOR GYMNASTIC CENTERNEW DROP-OFF AND ENTRANCE TO EXISTING EARLY CHILDHOOD EDUCATION CENTER (ECEC)ADA LIFT2A3.02OUTDOOR SPACE FOR TODDLERSEXISTING VAIL GYMNASTICS CENTER TO REMAIN(LOWER LEVEL 2750 SF EXISTING)COLUMN FOR NEW TRUSS FOR NEW LEVELS ABOVECOLUMN FOR NEW TRUSS FOR NEW LEVELS ABOVEUPUPUPUPUP2ND LEVEL1ST LEVEL3RD LEVEL / ROOF TOP PLAY AREALOWER LEVELEXISTINGPROPOSEDN/A5550 SFN/A2740 SFTOTAL5440 SF580 SF750 SF1500 SF INTERIOR5000 SF INTERIOR1650 Fallridge Road, Suite C-1Vail, Colorado 81657f.(970) 476-4901 p.(970)476-6342NOT FOR CONSTRUCTIONA1.01LOWER LEVELVGC RENOVATIONProject Number - 2008545 N FRONTAGE RD WVAIL, CO 8165705/19/20ISSUE TYPENORTH3/16" = 1'-0"1LOWER LEVELDATE NO. DESCRIPTIONJune 2, 2020 - Page 175 of 235
A2.0311A3.012A3.011A3.02GYMNASTIC CENTER ADDITION330 SFNEW EGRESS STAIRS FOR GYMNASTIC CENTEREXISTING VAIL GYMNASTICS CENTER TO REMAIN(1ST LEVEL 5550 SF EXISTING)2A3.02UPDNDNDNUPDN2ND LEVEL1ST LEVEL3RD LEVEL / ROOF TOP PLAY AREALOWER LEVELEXISTINGPROPOSEDN/A5550 SFN/A2740 SFTOTAL5440 SF580 SF750 SF1500 SF INTERIOR5000 SF INTERIOR1650 Fallridge Road, Suite C-1Vail, Colorado 81657f.(970) 476-4901 p.(970)476-6342NOT FOR CONSTRUCTIONA1.02LEVEL 1VGC RENOVATIONProject Number - 2008545 N FRONTAGE RD WVAIL, CO 8165705/19/20ISSUE TYPENORTH3/16" = 1'-0"1LEVEL 1DATE NO. DESCRIPTIONJune 2, 2020 - Page 176 of 235
1A3.012A3.01KITCHEN INTERACTION & CHILDREN DINING415 SFKITCHEN185 SFSTAFF AREA / MEETING AREA 300 SFYOUNG CHILDREN #3480 SFYOUNG CHILDREN #4480 SFARTS & ACTIVITIES1000 SFSTAFF KITCHEN & DINING100 SFYOUNG CHILDREN #1480 SFRESTROOMSINKYOUNG CHILDREN #2480 SFLOCKERS1A3.02OUTDOOR SPACE FOR CLASSROOM #1OUTDOOR SPACE FOR CLASSROOM #2OUTDOOR SPACE FOR CLASSROOM #3OUTDOOR SPACE FOR CLASSROOM #4NEW EGRESS STAIR FROM EXISTING EARLY CHILDHOOD EDUCATION CENTER (ECEC)NEW STAIR AND ELEVATOR CORRIDORNEW DROP-OFF AND ENTRANCE TO EXISTING EARLY CHILDHOOD EDUCATION CENTER (ECEC)EXISTING ENTRANCE FOR GYMNASTIC CENTER TO REMAINNEW EXISTING EARLY CHILDHOOD EDUCATION CENTER (ECEC) ON TOP OF EXISTING GYMNASTIC CENTEROFFICE125 SFSTORAGE2A3.02RESTROOMSINKRESTROOMSINKRESTROOMSINKLOCKERSCOATS & BOOTSSTORAGELOCKERSOUTDOOR & CLASSROOM CONNECTIONOUTDOOR & CLASSROOM CONNECTIONUPDNUPDN2ND LEVEL1ST LEVEL3RD LEVEL / ROOF TOP PLAY AREALOWER LEVELEXISTINGPROPOSEDN/A5550 SFN/A2740 SFTOTAL5440 SF580 SF750 SF1500 SF INTERIOR5000 SF INTERIOR1650 Fallridge Road, Suite C-1Vail, Colorado 81657f.(970) 476-4901 p.(970)476-6342NOT FOR CONSTRUCTIONA1.03LEVEL 2VGC RENOVATIONProject Number - 2008545 N FRONTAGE RD WVAIL, CO 8165705/19/20ISSUE TYPE3/16" = 1'-0"2EXISTING ROOF - NEW CGoLNORTHDATE NO. DESCRIPTIONJune 2, 2020 - Page 177 of 235
1A3.012A3.011A3.02OUTDOOR LEARNING SPACE(ROOF ABOVE)NEW ROOFTOP OUTDOOR 4000 -5000 SFNEW CHILDREN'S GARDEN OF EXISTING EARLY CHILDHOOD EDUCATION CENTER (ECEC)NEW OUTDOOR FOR CLASSROOM BELOWNEW STAIR AND ELEVATOR CORRIDORNEW EGRESS STAIREXISTING VAIL GYMNASTIC CENTER TO REMAIN BELOWEXISTING ENTRANCE FOR GYMNASTIC CENTER TO REMAIN BELOW2A3.02CHILDREN AND ADULT RESTROOMSDNDNDNSKYLIGHTS TO PROVIDE TO LIGHT FOR ACTIVITY SPACES BELOW2ND LEVEL1ST LEVEL3RD LEVEL / ROOF TOP PLAY AREALOWER LEVELEXISTINGPROPOSEDN/A5550 SFN/A2740 SFTOTAL5440 SF580 SF750 SF1500 SF INTERIOR5000 SF INTERIOR1650 Fallridge Road, Suite C-1Vail, Colorado 81657f.(970) 476-4901 p.(970)476-6342NOT FOR CONSTRUCTIONA1.04LEVEL 3 -PLAY AREAVGC RENOVATIONProject Number - 2008545 N FRONTAGE RD WVAIL, CO 8165705/19/20ISSUE TYPE3/16" = 1'-0"1NEW LEVEL 3 - ROOFNORTHDATE NO. DESCRIPTIONJune 2, 2020 - Page 178 of 235
LOWER LEVEL8236' -0"LEVEL 18246' -0"TODDLER CLASSROOM350 SFYOUNG CHILDREN #1-4 450 SFNEW OUTDOOR LEARNING & ROOFTOP PLAY AREANEW LEVEL 3 -ROOF8280' -4"NEW OUTDOOR AREA FOR CLASSROOMEXISTING VAIL GYMNASTICS CENTER TO REMAINNEW EXISTING EARLY CHILDHOOD EDUCATION CENTER (ECEC) ON TOP OF EXISTING GYMNASTIC CENTERNEW LEVEL 28267' -4"NEW BRIDGE TO ACCESS HIKING TRAILSNEW 48" OPEN WEB JOISTS TO SUPPORT NEW ROOFEXISTING 48" OPEN WEB JOISTS TRUSS AND COLUMNS TO SUPPORT NEW ROOFOUTDOOR AREA FOR TODDLERSLOWER LEVEL8236' -0"LEVEL 18246' -0"SECURE ENTRYGREETING AREATODDLER #1350 SFTODDLER #2350 SFEXISTING STRUCTURAL TRUSSESEXISTING VAIL GYMNASTICS CENTER TO REMAINEXISTING STAIRSNEW LEVEL 3 -ROOF8280' -4"ADDITION TO VAIL GYMANASTIC CENTER 550 SFNEW STAIR AND ELEVATOR FOR EXISTING EARLY CHILDHOOD EDUCATION CENTER (ECEC)NEW EXISTING EARLY CHILDHOOD EDUCATION CENTER (ECEC) ON TOP OF EXISTING GYMNASTIC CENTERNEW LEVEL 28267' -4"BOTTOM CORD OF NEW TRUSS TO SUPPORT NEW ROOFTRUSS AND COLUMNS TO SUPPORT NEW ROOFTRUSS AND COLUMNS TO SUPPORT NEW ROOFNEW FOOTINGS2ND LEVEL1ST LEVEL3RD LEVEL / ROOF TOP PLAY AREALOWER LEVELEXISTINGPROPOSEDN/A5550 SFN/A2740 SFTOTAL5440 SF580 SF750 SF1500 SF INTERIOR5000 SF INTERIOR1650 Fallridge Road, Suite C-1Vail, Colorado 81657f.(970) 476-4901 p.(970)476-6342NOT FOR CONSTRUCTIONA3.01BUILDINGSECTIONSVGC RENOVATIONProject Number - 2008545 N FRONTAGE RD WVAIL, CO 8165705/19/20ISSUE TYPE1/8" = 1'-0"1BUILDING SECTION LOOKING WEST1/8" = 1'-0"2BUILDING SECTION LOOKING NORTHDATE NO. DESCRIPTIONJune 2, 2020 - Page 179 of 235
LOWER LEVEL8236' -0"LEVEL 18246' -0"NEW LEVEL 3 -ROOF8280' -4"YOUNG CHILDREN #1480 SFYOUNG CHILDREN #2480 SFYOUNG CHILDREN #3480 SFYOUNG CHILDREN #4480 SFEXISTING VAIL GYMNASTICS CENTER TO REMAINADDITION TO VAIL GYMANASTIC CENTER 550 SFOUTDOOR PLAY AREANEW STAIR AND ELEVATOR FOR CHILDREN'S GARDENNEW EXISTING EARLY CHILDHOOD EDUCATION CENTER (ECEC) ON TOP OF EXISTING GYMNASTIC CENTERNEW LEVEL 28267' -4"LOWER LEVEL8236' -0"LEVEL 18246' -0"NEW LEVEL 3 -ROOF8280' -4"EXISTING VAIL GYMNASTICS CENTER TO REMAINNEW STAIR AND ELEVATOR FOR EXISTING EARLY CHILDHOOD EDUCATION CENTER (ECEC)NEW LEVEL 28267' -4"TRUSS AND COLUMNS TO SUPPORT NEW ROOFNEW FOOTINGSNEW FOOTINGSTRUSS AND COLUMNS TO SUPPORT NEW ROOF2ND LEVEL1ST LEVEL3RD LEVEL / ROOF TOP PLAY AREALOWER LEVELEXISTINGPROPOSEDN/A5550 SFN/A2740 SFTOTAL5440 SF580 SF750 SF1500 SF INTERIOR5000 SF INTERIOR1650 Fallridge Road, Suite C-1Vail, Colorado 81657f.(970) 476-4901 p.(970)476-6342NOT FOR CONSTRUCTIONA3.02BUILDINGSECTIONSVGC RENOVATIONProject Number - 2008545 N FRONTAGE RD WVAIL, CO 8165705/19/20ISSUE TYPE1/8" = 1'-0"1BUILDING SECTION LOOKING NORTH1DATE NO. DESCRIPTION1/8" = 1'-0"2BUILDING SECTION LOOKING NORTH2June 2, 2020 - Page 180 of 235
NEW EGRESS STAIRNEW OUTDOOR PLAY AREA ON ROOF OF ADDITIONEXISTING VAIL GYMNASTIC CENTER TO REMAINNEW DROP-OFF AND ENTRANCE TO EXISTING EARLY CHILDHOOD EDUCATION CENTER (ECEC)NEW EXISTING EARLY CHILDHOOD EDUCATION CENTER (ECEC) ON TOP OF EXISTING VAIL GYMNASTIC CENTERNEW STAIR AND ELEVATOR CORRIDOREXISTING ENTRANCE FOR GYMNASTIC CENTER TO REMAINNEW OUTDOOR AREAS FOR EACH CLASSROOMPLAY AREA FOR TODDLERSNEW OUTDOOR LEARNING AREA UNDER ROOFSKYLIGHTS FOR AREAS BELOW1650 Fallridge Road, Suite C-1Vail, Colorado 81657f.(970) 476-4901 p.(970)476-6342NOT FOR CONSTRUCTIONA9.013DVGC RENOVATIONProject Number - 2008545 N FRONTAGE RD WVAIL, CO 8165705/19/20ISSUE TYPE13D PROPOSED 123D EXISTING 1DATE NO. DESCRIPTIONJune 2, 2020 - Page 181 of 235
NEW STAIR AND ELEVATOR CORRIDORNEW EGRESS STAIRNEW OUTDOOR PLAY AREA ON ROOF OF ADDITIONEXISTING VAIL GYMNASTIC CENTER TO REMAINNEW DROP-OFF AND ENTRANCE TO EXISTING EARLY CHILDHOOD EDUCATION CENTER (ECEC)NEW EXISTING EARLY CHILDHOOD EDUCATION CENTER (ECEC) ON TOP OF EXISTING VAIL GYMNASTIC CENTEREXISTING ENTRANCE FOR GYMNASTIC CENTER TO REMAINNEW OUTDOOR AREAS FOR EACH CLASSROOMBRIDGE TO HIKING TRAILSPLAY AREA FOR TODDLERSSKYLIGHTS FOR AREAS BELOW1650 Fallridge Road, Suite C-1Vail, Colorado 81657f.(970) 476-4901 p.(970)476-6342NOT FOR CONSTRUCTIONA9.023DVGC RENOVATIONProject Number - 2008545 N FRONTAGE RD WVAIL, CO 8165705/19/20ISSUE TYPE13D PROPOSED 223D EXISTING 2DATE NO. DESCRIPTIONJune 2, 2020 - Page 182 of 235
NEW OUTDOOR PLAY AREA ON ROOF OF ADDITIONEXISTING VAIL GYMNASTIC CENTER TO REMAINNEW STAIR AND ELEVATOR CORRIDORNEW EGRESS STAIRNEW DROP-OFF AND ENTRANCE TO EXISTING EARLY CHILDHOOD EDUCATION CENTER (ECEC)NEW EXISTING EARLY CHILDHOOD EDUCATION CENTER (ECEC) ON TOP OF EXISTING VAIL GYMNASTIC CENTEREXISTING ENTRANCE FOR GYMNASTIC CENTER TO REMAINNEW OUTDOOR AREAS FOR EACH CLASSROOMBRIDGE TO HIKING TRAILSNEW EGRESS STAIR FOR GYMNASTIC CENTERPLAY AREA FOR TODDLERSSKYLIGHTS FOR AREAS BELOW1650 Fallridge Road, Suite C-1Vail, Colorado 81657f.(970) 476-4901 p.(970)476-6342NOT FOR CONSTRUCTIONA9.033DVGC RENOVATIONProject Number - 2008545 N FRONTAGE RD WVAIL, CO 8165705/19/20ISSUE TYPE13D PROPOSED 323D EXISTING 3DATE NO. DESCRIPTIONJune 2, 2020 - Page 183 of 235
Vail Gymnastics Center Renovations
Working Group Virtual Meeting Agenda
1:00 pm to 2:00 pm
Tuesday, May 26, 2020
(MEETING RESULTS)
Invitees:
Maggie Swonger, Nicky Teavers, Paul Wisor, Mike Ortiz, Scott O’Connell, Kim Rediker, Tom Saalfeld, Bill
Pierce, Kit Austin, Sandra Jennings, Mike Cuthbertson, Tim Carpenter, Suzanne Silverthorn, Greg Hall,
Mark Novak, Mike Vaughan, Scott Robson, Tom Kassmel, Jessie Kleiforth, Marcie Laidman, Julie (VGC),
Jason Morley
• Introductions
• Purpose of the Meeting
o The purpose of the working group meeting is to further explore the feasibility of
renovating the existing Vail Gymnastics Center into a multiple use facility combining
both community recreation and early childhood education.
• Desired Outcomes and Objectives
o Explore options for creating a multiple use facility
o Identify technical issues requiring additional exploration and resolution
o Develop a preliminary probable cost estimate and tentative renovation schedule
o Create an opportunity for stakeholders to participate in the design and development
process
o Getting to “yes” is a shared objective
o Identify a path forward resulting in a win/win outcome
• Roles and Responsibilities
o The working group is made up primarily of technical professionals whose area of
expertise is needed to identify issues and resolve problems as they may arise.
o The working group members are asked to actively participate towards achieving the
desired outcomes and objectives
o The Vail Town Council shall be the final decision-maker as representatives of the owners
of the property
o The working group is apolitical in nature and not tasked with making a recommendation
o All issues, questions, and concerns identified by the working group members will be
shared with the Vail Town Council.
• Overview of Schematic Program and Spatial Plan – (Bill Pierce/Kit Austin)
• Identification of Issues, Questions, and Concerns – (Working Group Members)
June 2, 2020 - Page 184 of 235
• Next Steps
MEETING RESULTS:
The following notes are highlights from the Vail Gymnastics Center renovations virtual meeting held at
1:00 pm, Tuesday, May 26th.
• Bill Pierce and Kit Austin provided an overview of the schematic program and Spatial Needs Plan
prepared as preliminary documents for the discussion.
• Per State Licensing Requirements, in order for an early childhood education center shall adhere
to the requirements of the State Licensing Office as well as comply with the requirements of the
local zoning code, uniform building code, and fire code.
• The Town has retained Steve Thomas of Colorado Code Consultants to serve as a sub-consultant
and third-party reviewer of proposed plans, etc. Colorado Code Consultants is further charged
with preparing a life/safety report. The report will be shared electronically with all members of
the working group for information and review.
• Snow accumulation from the proposed outdoor play areas needs to be addressed to include
snow removal, snow storage, and any potential safety concerns resulting from the accumulation
of snow.
• Additional means of interior connections and circulation require further study. All classrooms
shall be access separately from a common corridor and not require passing through one
classroom to get to another.
• The design of the sky lights, if warranted, need to be further studied and appropriately designed
and configured to avoid any safety issues or concerns. Special attention needs to be given to
avoid children from climbing onto the sky lights.
• The multiple use concept of the proposed building creates unintended consequences which
need to be better understood, explored, and resolved. For instance, vehicle parking, vehicle
circulation, loading and delivery, pedestrian crossings, overlapping of uses, pick up/drop off
times, noise attenuation, proximity of uses to one another, emergency vehicle circulation and
access, etc.
• Tom Kassmel, Town Engineer has been initially tasked with assisting in understanding the issues
and helping to develop a possible plan for vehicle ingress, egress, circulation, etc. The possible
plan alternatives will be shared with the working group for feedback and input at an upcoming
meeting.
• What is the anticipated duration of disruption to the VGC use given the proposed plan?
• What is the USGA required runaway distance for indoor vaulting, etc.
• State licensing requires a percentage of each outdoor play area to be protected and screened
from the sun and weather. What is the percentage amount required per play area?
• From safety reasons an approved evacuation plan needs to be prepared and approved? The plan
should coordinate with plans already in place for Red Sandstone Elementary and Vail
Gymnastics Center. How are fire drills conducted?
• The separation of the toddler area on the first floor from the non-toddler area on the third floor
is non-traditional and requires more exploration. While operating under one licensed premise
this configuration poses challenges to operations. More exploration into this issue is needed.
June 2, 2020 - Page 185 of 235
• All working group members are invited to tour the outdoor areas of the existing Children’s
Garden of Learning with Maggie and others to witness of the program presently functions and
experience being provided.
• The next working group meeting will be held after the Vail Town Council on June 2nd. Exact date
and time to be determined.
June 2, 2020 - Page 186 of 235
Town of Vail Employee Housing Master Plan 5/27/2020
Milestone Schedule - Expedited
Begin Date Days End Date Notes
Step #2 - Middle Creek at Vail Land Lease
Town Council Approval of Lease 6/1/20 30 7/1/20
VR Option to Negotiate Master Lease at Middle Creek 10/5/20 45 11/19/20
Step #4 - Vail Gymnastics Facility Renovation
Construction Estimate of Schematic Design 6/1/20 14 6/15/20 Initial understanding of cost
Design Development of New Facility with CGL Input 6/1/20 21 6/22/20
Construction Estimate of DD Drawings 6/22/20 21 7/13/20
Negotiate and document new CGL Lease 6/22/20 14 7/6/20
Negotiate amendment of new VRD lease 6/22/20 14 7/6/20
Town Council Approval of New Leases 7/6/20 30 8/5/20
TOV Staff to Prepare Development Applications 6/22/20 21 7/13/20
TOV PEC Approval of Conditional Use Permit 7/13/20 45 8/27/20
15 TOV DRB Approval 7/28/20 45 9/11/20 Run Concurrent with PEC
Prepare Construction Documents 8/27/20 90 11/25/20
30 Expedited Structural Permit 9/26/20 30 10/26/20 Overframe Structure only
Full Building Permit 11/25/20 30 12/25/20
11.0 New Facility Construction 10/26/20 335.5 9/26/21 Expedited Construcion Schedule
CGL Prep for Move In 9/26/21 7 10/3/21
Step #5 Lot 3 Middle Creek
Construction Estimate of Sketch Design 6/1/20 21 6/22/20
Design Development of New Housing Building 6/1/20 30 7/1/20
Construction Estimate of DD Drawings 7/1/20 21 7/22/20
June 2, 2020 - Page 187 of 235
TOV Prepares More Detailed Proposal for to VR/Triumph 7/22/20 30 8/21/20
Negotiate Terms of MOU with VR/Triumph 8/21/20 45 10/5/20
Negotiate/Document Legal Agreement for TC Approval 10/5/20 30 11/4/20
Town Council Approval 11/4/20 30 12/4/20
6.0 Design & Permitting 4/3/21 183 10/3/21
Demo 10/3/21 21 10/24/21
13.0 Construction 10/24/21 396.5 11/25/22 Meets Goal of Winter 2022
Step #6 Timber Ridge Village Apartments
Negotiate MOU Right of First Refusal with Triumph 7/6/20 30 8/5/20
Negotiate/Document Legal Agreement for TC Approval 8/21/20 45 10/5/20
6.0 Design & Permitting 5/26/22 183 11/25/22
Demo 11/25/22 45 1/9/23
16.0 Construction 1/9/23 488 5/11/24
Step #7 Booth Heights Development Site
TC to Extend Booth Heights Entitlements by Duration of Alternative Plan Consideration 7/22/20 45 9/5/20
Negotiate MOU terms of long term extension of Booth Heights Entitlements 8/21/20 45 10/5/20
Negotiate/Document Legal Agreement for TC Approval 10/5/20 30 11/4/20
June 2, 2020 - Page 188 of 235
Town of Vail Employee Housing Master Plan 5/27/2020
Milestone Schedule - Typical
Begin Date Days End Date Notes
Step #2 - Middle Creek at Vail Land Lease
Town Council Approval of Lease 6/1/20 30 7/1/20
VR Option to Negotiate Master Lease at Middle Creek 9/20/20 45 11/4/20
Step #4 - Vail Gymnastics Facility Renovation
Construction Estimate of Schematic Design 6/1/20 21 6/22/20
Design Development of New Facility with CGL Participation 6/1/20 30 7/1/20
Construction Estimate of DD Drawings 7/1/20 21 7/22/20
Negotiate and document new CGL Lease 7/22/20 30 8/21/20
Amend VRD lease 7/22/20 30 8/21/20
Town Council Approval of New Leases 8/21/20 45 10/5/20
TOV Staff to Prepare Development Applications 7/1/20 30 7/31/20
TOV PEC Approval of Conditional Use Permit 7/31/20 90 10/29/20
45 TOV DRB Approval 9/14/20 60 11/13/20 Begin Halfway through PEC
Prepare Construction Documents 10/29/20 90 1/27/21
Building Permit 1/27/21 30 2/26/21
12.0 New Facility Construction 2/26/21 366 2/27/22
CGL Prep for Move In 2/27/22 30 3/29/22
Step #5 Lot 3 Middle Creek
Construction Estimate of Sketch Design 6/1/20 21 6/22/20
Design Development of New Housing Building 6/1/20 30 7/1/20
Construction Estimate of DD Drawings 7/1/20 21 7/22/20
TOV Prepares More Detailed Proposal for to VR/Triumph 7/22/20 30 8/21/20
June 2, 2020 - Page 189 of 235
Negotiate Terms of MOU with VR/Triumph 8/21/20 30 9/20/20
Negotiate/Document Legal Agreement for TC Approval 9/20/20 30 10/20/20
Town Council Approval 10/20/20 30 11/19/20
6.0 Design & Permitting 9/27/21 183 3/29/22
Demo 3/29/22 21 4/19/22
13.0 Construction 4/19/22 396.5 5/20/23
Does not meet the goal of Winter
2022
Step #6 Timber Ridge Village Apartments
Negotiate MOU Right of First Refusal with Triumph 8/21/20 30 9/20/20
Negotiate/Document Legal Agreement for TC Approval 9/20/20 30 10/20/20
6.0 Design & Permitting 11/18/22 183 5/20/23
Demo 5/20/23 45 7/4/23
16.0 Construction 7/4/23 488 11/3/24
Step #7 Booth Heights Development Site
TC to Extend Booth Heights Entitlements by Duration of Alternative Plan Consideratio 7/22/20 45 9/5/20
Negotiate MOU Terms of Long Term Extension of Booth Heights Entitlements 8/21/20 30 9/20/20
Negotiate/Document Legal Agreement for TC Approval 9/20/20 30 10/20/20
June 2, 2020 - Page 190 of 235
VA I L TO W N C O UNC I L A G E ND A ME MO
I T E M /T O P I C: Vail E conomic Recovery E fforts in Response to Public Health Crisis
P RE S E NT E R(S ): S cott Robson, Town Manager
AC T IO N RE Q UE S T E D O F C O UNC I L: I nformation and discussion only
B AC K G RO UND: There have been a number of economic recovery updates provided during
recent meetings. This presentation will continue to update the community about economic recovery
tactics and initiatives that have been recommended by the Town Manager's Office, the V E A C,
V V P, V C B A and regional task force groups. T here have been numerous programs implemented in
an effort to reboot the businesses in Vail and in response to the public health crisis.
AT TAC H ME N TS:
Description
Memo Economic Recovery Efforts as of 060220
Budget Impacts
Trail Map
June 2, 2020 - Page 191 of 235
To: Mayor and Town Council
From: Town Manager’s Office
Date: June 2, 2020
Subject: Vail Economic Recovery Efforts in response to the Public Health Crisis
I. PURPOSE
The purpose of the memo and presentation is to provide updates to a number of the Vail
Recovery Efforts in response to the Public Health Crisis by sharing updates in key areas of
planning, as follows:
Expansion of Premises: Restaurant, Retail
Relief Funds (Community, Rental)
Special Events update
Welcome Home
Business Toolkit and PPE
Donovan Pavilion Proposal
VLMD Summer Marketing
Crisis Recession Planning
II. BACKGROUND
Town staff has presented monthly updates to town council about ongoing planning efforts in key
areas in response to the updated public health orders from Eagle County. Recently there were
updates about defining next phases in the Municipal Operations Recovery Plan. This memo
addresses several economic recovery tactics that were supported by the Vail Economic
Advisory Council, the Town Manager and Economic Development Offices. These programs
have been initiated to help reboot Vail’s business economy. The final portion of the presentation
will include the finance department’s presentation of the current recession stage planning in
response to the public health crisis, considering the crisis stage of planning. The programming
and tactics below are recommended in the context of the Town’s Manager’s Emergency Order
and Eagle County’s Public Health Orders and the Phase II Plan for Sustaining Social Distance,
see Eagle County “Transition Trail Map” attached; the map provides benchmarks for sustainable
social distancing protocols and allowable gathering sizes.
III. ECONOMIC RECOVERY TACTICS UPDATES
Expansion of Premises: Restaurant, Retail
In effort to process expansion of premises requests in a timely manner with input across
departments, a task force was formed to review the applications and note the various
June 2, 2020 - Page 192 of 235
Town of Vail Page 2
regulations that might apply, State Liquor Code and Town Code. Numerous walk-abouts by this
group have been done to determine appropriate business expansions.
Restaurants temporary expansion of premise
Restaurants can apply for a modification of premise of their liquor licensed outdoor seating
area in order to allow for an expansion of their existing licensed area. Twelve businesses
have submitted applications to the Town Clerk’s Office requesting a modification of their
licensed premises. There are a number of other inquiries with regard to expanding premises
that have occurred, so it is likely this number would reach well over twenty interested
applicants in the next month and likely more over the summer months.
Restaurants Modification of license premises: This current option under state law will
allow a restaurant owner additional space outside to help with social distancing
requirements. The new footprint must be adjacent to their premise and may extend into
the public right of way. The Town will enter into revocable license agreements with
licensed establishments if public right of way is needed. This licensing does require
approval from the State Liquor Enforcement Division and the Town Clerk’s Office
will help in expediting these applications as quickly as possible.
Retail temporary expansion of premise
Similar to restaurants, retail stores can apply for a modification of premise of their footprint in
order to allow for an expansion to create more outdoor space for retail sales. Two retail
stores have reached out regarding modifying their areas for expansion into the town’s right
of way. It is anticipated that once some business do others will follow.
Retail Space modifications: The new option will grant a retailer additional space to help
with social distancing requirements. The new footprint must be adjacent to their
premise and may extend into the public right of way. The Town will enter into revocable
license agreements with retail owners if public right of way is needed. The Town will
process these applications.
Allowing consumption of alcoholic beverages in designated public places
The restaurants and bar community seeks ways to provide food and beverage to a greater
number of customers than can be accommodated within their interior and exterior licensed
premise due to the public health guidelines. An Emergency Ordinance was passed by Town
Council on 5/19 allowing for consumption of alcoholic beverages in designated public places,
particularly Vail Village and Lionshead during this emergency created by the public health crisis.
This effort will help the restaurant community accommodate more patrons than would be
allowed in their establishments and would allow restaurants to do substantially more carry-
out business in the villages.
With input from police, fire, legal and land use staff of the town in addition to the business
community, the Town Manager has now designated select areas within the villages allowing
public consumption of alcohol which will take effect Saturday, 5/30. Those areas will likely be
modified over time as the Town evaluates operational and enforcement issues and receives
feedback from patrons and businesses owners. Maps to be provided to Council as soon as final
boundaries are set.
Relief Funds (Community, Rental)
Community Relief Fund Program
On March 31, Town Council approved the allocation of $500,000 in grant funding to provide
relief in the general areas of food, shelter and health impacts associated with the COVID-19
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Town of Vail Page 3
public health crisis. The Town of Vail has awarded $283,000 to 10 qualifying nonprofit
organizations in its first allotment of Vail Community Relief Funds. These organizations have
provided an update on the distribution of those funds to locals in need:
Food: Eagle Valley Community Foundation has served 79 Vail households between April
27 and May 20. Overall, they have provided 960 boxes of dry goods along with a 8-10lb
bag of produce to households. The United Way has been delivering 50 meals to Vail
residents each week, mainly serving households at Middle Creek Apartments.
Rent relief: Catholic Charities has assisted 7 households in Vail along with more families
that work in Vail; Salvation Army has assisted 18 households with several applications
pending; Swift Eagle Charitable Foundation has assisted 2 Vail households and 4 that work
in Vail.
Health (Medical & Behavioral): Bright Future Foundation has helped 6 additional
households in Vail; overall they have seen a 17% increase in requests for emergency
shelter, a 20% increase in calls to their crisis hotline and a 30% increase in requests for
rental assistance. The Suicide Prevention Coalition has actively provided tools under the
“SpeakUp ReachOut” campaign for mental health crisis support in the form of coping
strategy cards, social media outreach and website information. The Hope Center was able
to increase capacity of their team of counselors in serving the crisis hotline, in-person visits
and after-hours calls to Vail Health. The Vail Valley Charitable Fund is currently evaluating
medical bill support for a number of households, and to date has supported a 6-year Vail
resident with $5,000 in funding after suffering serious medical issues.
A number of applications are under review by the town’s Community Relief Fund committee for
a second round of funding. Final decisions have not yet been made for these awards but will be
announced in the near future. The $500,000 fund was established by the Vail Town Council to
provide local financial relief associated with COVID-19 impacts in the areas of food, shelter and
health for those who live or work within Vail. Details are available on the town’s website
www.vailgov.com.
Commercial Rental Relief Funds Program
The business community has requested the Town consider creating a rental relief program for
commercial business owners. The program would be funded and facilitated by the Town. While
the Payroll Protection Program has provided short term temporary relief, many businesses are
struggling to ensure their continued viability throughout 2020 and beyond. The City of Aspen
has created a robust and effective rental relief program that provides grants over a three-month
period with rental costs being equally shared by the landlord, the tenant, and the City. The
Economic Recovery Team is forming a subcommittee to draft the requirements for the rental
relief program, with the intent to provide a draft to the town council on June 16. Key components
of the proposed model are outlined below:
Rent relief (grants) for small businesses that provide one-third the monthly rent for up to
three months, with a yet to be determined maximum grant per business. An alternative cost
share arrangement is also being considered, whereby landlords would agree to a reduction
in rent on a floating basis based on the percentage of revenue received in 2020 versus the
same month in 2019, and the town would support the reduction on the same basis over a
determined time period.
Requirements of eligible business applicants may include:
• Business is currently closed or has had business seriously curtailed and
cannot operate remotely due to the public health order.
• Business employs 35 or fewer full time equivalent employees.
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Town of Vail Page 4
• Business must have a physical location in the Town of Vail and hold a Vail
business license.
• Business must have a rent payment due for the time period of June 1, 2020-
December 1, 2020 due to a landlord to whom the business has no ownership
interest.
• Business must be current on all payments to the Town of Vail.
• Business was open for business in Vail on March 1, 2020; and must have
been in business for the 2019-20 winter season.
• Business must typically be open a minimum of 32 weeks a year.
• Further service businesses that are primarily office based, such as
accounting, law firms, property management, real estate professionals, etc.
do not qualify.
• Documentation required includes
o Proof of application for Paycheck Protection Program or CARES and
received funding
o Current lease
o Colorado Secretary of State confirmation of certificate of good
standing
o Most recent federal and Colorado business tax return
o Written confirmation from landlord confirming an aggregate rent
reduction for a minimum of three months equivalent to a minimum of
one-third of the monthly rent, and waiving any future claims of a lease
violation.
o The program would omit certain businesses including those with
multiple outlets in more than one state selling under the same name.
The relief is intended for small business owners rather than national
chains.
While the formulas, level of total relief and process to apply have not yet been finalized, the
subcommittee’s intent is to provide a draft of the rental relief program to the town council on
June 16.
Special Events Update
Staff is working directly with event producers to reschedule, reformat, and/or reimagine their
events within current or anticipated public health orders, to occur later this summer and into fall
where possible. The CSE held a special meeting on Wednesday, May 20 to review event
producer plans and recommend funding in response to proposed new models operating within
public health order guidelines. Messaging and communication about personal responsibility
and public health orders will become a requirement and key component of and integrated into
all events. While the CSE scorecard continues to be the primary tool in evaluating events, staff
recommends evaluating event funding requests using the following weighted criteria:
1. Event creates overnight stays
2. Event provides opportunity to capture sales tax revenue
3. Event brings residents and visitors into the villages
4. Event enhances guest experience
America Days
Vail intends to host its traditional 4th of July America Days celebration including a reverse
parade, with community floats stationed and interspersed from Golden Peak to Lionshead
for residents and guests to view at their leisure, and a fireworks show after dark, barring fire
restrictions. The safety and enjoyment of residents and guests is our primary goal, and
June 2, 2020 - Page 195 of 235
Town of Vail Page 5
public health orders provide the basis for our planning. The floats will be designed as art
installations rather than moving displays and residents and guests will be invited to move
throughout Town at their own pace and in their own family groups while practicing safe
social distancing. The day will conclude with a fireworks display that is being optimized to
be viewable from multiple locations throughout Vail, and the event producer, Vail Resorts
and town departments are collaborating to provide a safe environment to enjoy the show.
Farmers Market
The Vail Farmers Market will begin in a virtual format on June 14 with pick up and delivery
opportunities available on June 21. The first market in the traditional sense will occur on July
5. Staff departments are working closely with the event producer to ensure the format and
protocols are of the highest standards and reflect public health requirements. Vendors will
be fewer in total and tents will be placed six feet apart to meet social
distancing requirements, handwashing and hand sanitizer areas will be added, one way
corridors will be established and social distancing protocol will be provided for vendors and
visitors alike.
Welcome Home
Thirty-eight percent of Eagle County housing units are vacant vacation homes, and this
presents an unique opportunity for economic recovery. Jeremy Reitmann, Gypsum town
manager, conceived an idea to boost the local economy by inviting second-home owners to
return and stay in Eagle County. Second homeowners are loyal part time residents who are
financially and emotionally invested in the community. Welcoming these property owners to
“Come Here, Live Here, Stay Here” will boost local spending and help the community weather
this storm. The Welcome Home Campaign Toolkit is a collection of graphics and messages that
invite our second-home owners to move to Eagle County. Community connectors, which include
non-profits, real estate, home services, property managers, metro and special districts, personal
service providers and more, are encouraged to reach out to second homeowners with these
assets to encourage them to return to Eagle County soon, and to stay. Town staff is working
with stakeholder lists to push the toolkit out to connectors and second homeowners.
Business Toolkit & Personal Protective Equipment (PPE)
The Vail Valley Partnership has worked with the Vail Valley Foundation task force groups to
compile a business toolkit which is designed to help businesses apply the Eagle County Public
Health Orders and properly communicate with employees and customers. The kit provides tools
and resources to help businesses understand the three phases of the Transition Trail
Map (Green Circle, Blue Square, Black Diamond), provide answers to frequently asked
questions, share success stories and best practices, and review an overview of the county-wide
path to economic recovery. The town economic recovery staff is working on an enhancement to
this toolkit with tools including Vail Strong videos designed to help constituents feel comfortable
within the public health orders, signage graphics to provide a unified approach to requirements,
and other tools to support Vail businesses including expansion of premises information and PPE
provision.
The Town is procuring a bulk quantity of PPE items in order to pass along to businesses so they
can meet public health requirements. Businesses would need to demonstrate their own
purchase of PPE as the Town supplies are intended to supplement those supplies and lighten
the burden created by the public health orders.
June 2, 2020 - Page 196 of 235
Town of Vail Page 6
Donovan Pavilion
Donovan Pavilion Management, Inc. has submitted a proposal to the Town Manager’s office for
consideration of adding square footage to the premise / facility using a temporary tent outside
the west entrance. This additional space would allow them to manage the rental of the facility in
a more favorable manner considering the public health orders. The additional space would allow
for better compliance with social distancing requirements and social gathering numbers. The
overall objective is to provide additional seating for meals and guest space for Donovan Pavilion
groups during the Eagle County Health Order due to the Covid-19 pandemic. The marketing
focus is for the user groups such as current wedding clients with guests up to 180 people (23%
less than capacity), community use with seating up to 180, potential new clients who have been
displaced from other sites due to Covid-19 restrictions. The management company is continuing
to research related costs, social distancing protocols, compliance with Community Development
regulations and design guidelines, and marketing ideas.
VLMD Summer Marketing
Built on the new post COVID-19 ‘Find What You’ve Been Missing’ creative campaign, the
VLMDAC is focusing on the front range and a drive market encompassing a 500 mile radius.
The intent is to capitalize on the leadership position achieved by Eagle County and Vail Health
and welcome guests and second homeowners back to Vail in a safe and responsible way.
Following launch of media, the partners will monitor consumer behavior to determine which
markets are driving bookings, deliver up timely, relevant and compelling Vail messaging, and
monitor user behavior on DiscoverVail.com in order to continuously adjust to respond to the
unique COVID situation within each market. The VLMDAC intends to continue strong marketing
efforts through the fall.
As presented today by the VLMDAC, the supplemental proposes budget adjustments needed
for the “Crisis” phase of the recession plan in response to the economic impacts of COVID-19
public health crisis. In this phase lodging tax revenues of $3.75 million are reduced nearly 50%
($1.85M) to $1.9M for 2020. To make up for the short fall in revenue, the VLMDAC is proposing
to reduce expenditures by $1,115,000 or 30% from amended budget and use $704,160 of
reserves. This will result in an ending fund balance of $645,948 or 18% of a normal year of
lodging tax revenues and below Council’s 25% directive.
Recession Plan Budget Update
The Finance Department will present updates on budget impacts that are in accordance with the
town’s recession plan, see separate memo.
Attachments:
Eagle County Transition Trail Map
Memo from Finance Department
June 2, 2020 - Page 197 of 235
TO: Vail Town Council
FROM: Finance Department
DATE: June 2, 2020
SUBJECT: Budgetary impacts of Public Health Crisis – Update.
I. SUMMARY
The purpose of this memo is to provide an update on the projected impacts to town
revenues and corresponding plans for budget reductions. Effective May 5th, the town
implemented the “Major” level of recession plan. Over the last several weeks staff has
monitored state and local public health orders, as well as gathered information on
economic indicators as much as possible. The outcome is an outline of staff’s
recommendation a transition to the next phase of the town’s recession plan of
“Crisis”.
II. BACKGROUND
The original 2020 budget included revenue of $73.8 million. As of May 5, Town Council
approved moving from the “Significant” recession plan level to “Major”, with the below
impacts outlined:
“Significant” Recession Plan as of April 7:
• A reduction in revenues of $10M, or 13% of total revenues for the town.
• Corresponding reductions in expenditures of 10% department operating budgets,
a freeze on wages and hiring, and utilization of reserves.
• Deferral of capital projects.
“Major” Recession Plan:
• A reduction in revenues of $12M, or 16% of total revenues for the town.
• Corresponding reductions in expenditures of 10% department operating budgets,
a freeze on wages and hiring, and utilization of reserves.
• Deferral of capital projects.
June 2, 2020 - Page 198 of 235
- 2 -
Updated Budget Projections
While there are many unknowns for the local impact to our economy, staff has updated
revenue projections to reflect a further worsening of the town’s annual revenue streams
and corresponding plans for budget reductions. Public health orders currently allow for
groups of 50, with the next phase permitting groups of up to 250 within four to eight
weeks. Vail Resorts plans to gradually open lift operations, retail and lodging by late
June or early July. The state of the public health crisis has already had a significant
impact to the town’s summer event schedule which traditionally draws large summer
visitation and economic vitality. Other uncertainties such as the status of air travel,
consumer behavior and the potential for a resurgence of the COVID-19 virus also hinder
the accuracy of revenue projections.
A significant challenge in projecting revenue impacts to the town lies with sales tax and
not having an adequate indication of performance until near the end of summer, when
there will be less time to implement cost cutting measures. Collections for the month of
April were reported at $356K, a decrease of 75% from prior year. This is within the
budget projection of an 80% decrease. Year to date collections of $10.9M are down
21.5% from 2019.
Other revenue streams will be impacted as well, however to date construction activity
has not slowed other than two projects that will be delayed. Construction permits and
plan check fees have been reduced by 18% to account for those two delays, with some
room for additional fallout. Real Estate Transfer Tax collections were already budgeted
at a 13% decrease from the prior year and year to date collections are currently in line
with that assumption. Construction Use Tax is trending lower than the budget, which will
be adjusted downward in a “crisis” phase.
“Crisis” Recession Phase: In this phase the town’s revenues are projected to
drop a total of $15.3 million, or a 21% percent reduction from the original budget.
Again, a majority of the decrease relates to sales tax, with collections estimated at
$16.8 million, a 41% drop from budget and 43% from prior year. Additional
reductions were also made to the other major revenue sources such as lift tax,
parking and construction related revenues.
III. BUDGET REDUCTIONS
Despite the uncertainty in revenue, the town will continue to provide core services to our
citizens and slowly ramp up preparations to receive guests when that time comes.
Summer services provided by the town have been reduced depending upon anticipated
visitation levels as public health orders are updated over time.
Reductions to offset the revenue shortfall of $15.3 million will come from the following:
• Savings in staff vacancies, wage freeze, hiring freeze and furlough of summer
seasonal employees $2.0M.
June 2, 2020 - Page 199 of 235
- 3 -
• Operational savings across all funds of $2.1M.
• A 30% estimated reduction in special events funding (includes both Commission
on Special Events and council-funded Signature Events) of $864K.
• $25.4M in deferred capital spending in the Capital Projects Fund, RETT Fund
and Heavy Equipment Fund. Capital investment in the InDEED program has not
been reduced at this time.
• Use of General Fund reserves of $6.0M toward offset of revenue shortfall. This
represents a use of 16% of reserves, leaving an ending fund balance of $29.8M,
or 68% of revenues in a normal budget year compared to Council’s directive of
35%. Within the General Fund, the revenue shortfall of $10M is offset 40%
through expense cuts and 60% with use of reserves.
• Use of reserves of $500K for Community Relief Funds.
IV. NEXT STEPS
Staff has included the above budget adjustments for this “Crisis” phase in the budget
ordinance reading this evening. As more public health orders and economic information
becomes available staff will continue to monitor impacts to revenue and make
recommendations as we move forward.
June 2, 2020 - Page 200 of 235
TRANSITION TRAIL MAP
Sustainable social distancing protocols are critical to each phase of our planned reopening. To
be successful, your behaviors and commitment to effective social distancing are critical. Please
be vigilant in protecting yourself, your family, your employees and your community by pledging
to the 5 Commitments of Containment:
1.I will maintain 6 feet of social distance.
2.I will wash my hands often.
3.I will cover my face in public.
4.I will stay home when I am sick.
5.I will get tested immediately if I have symptoms.
Phased Approach to Lift Restrictions
Activities
Beginner
Initial Steps to Reopen
Intermediate
●About 4-8 weeks after
“Beginner” reopen
●No significant
Increase in Cases
Expert
●About 4-8 weeks after
“Intermediate” reopen
●No significant
Increase in Cases
Gathering Size 10 25-50 250
Essential Business Operate with social distancing protocol and exempted from gathering size
Retail, Offices,
Personal Services &
other businesses not
listed below
Social Distance
Protocol required
Social Distance
Protocol required
Social Distance
Protocol required
Elective & Preventative
Medical Care
Open with Guidance Continued Guidance Continued Guidance
Childcare Open with Guidance Continued Guidance Continued Guidance
K-12 Education No Change - Distance
Learning
Reopen with Guidance Continued Guidance
Restaurants & Bars
No Change - Takeout
and Delivery Only
Social Distance
Protocol required
Social Distance
Protocol required
Low-risk recreation
(golf / disc golf / non-
contact sports)
Social Distance
Protocol required
Social Distance
Protocol required
Social Distance
Protocol required
High-risk recreation
(playgrounds / contact
sports / activities with
high-touch equipment)
No Change - Closed Social Distance
Protocol required
Social Distance
Protocol required
June 2, 2020 - Page 201 of 235
Senior Centers No Change - Closed No Change - Closed No Change - Closed
Gym / Fitness Centers Social Distance
Protocol required
Social Distance
Protocol required
Social Distance
Protocol required
Lodging / Short Term
Rentals
Open only for local
residents, essential
business, medical care,
& emergencies
Reopen with Guidance Open
Non-Resident Visitors Strictly limited to
essential business
Limited Open
*Social Distancing protocols for businesses: English | Spanish
June 2, 2020 - Page 202 of 235
VA I L TO W N C O UNC I L A G E ND A ME MO
I T E M /T O P I C: D R B / P E C Update
P RE S E NT E R(S ): J onathan S pence, Planning Manager
AT TAC H ME N TS:
Description
May 20, 2020 D R B Meeting Results
May 25, 2020 P E C Meeting Cancelled (Holiday)
June 2, 2020 - Page 203 of 235
D E S IG N R E V IE W B O AR D
May 20, 2020, 3:00 P M
Virtual
75 S. Frontage Road - Vail, Colorado, 81657
1.Call to Order
1.1.I n accordance with current public health guidelines, this meeting will be held
virtually.
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/W N_P Z_S Bc RtQzKgoaW m2B2_sA
1.2.Attendance
Present: J ohn Rediker, Kit Austin, Doug Cahill, David Campbell, Peter Cope
Absent: None
2.Main Agenda
2.1.D R B20-0103- Weiner Residence
Final review of an exterior alteration (windows)
Address/Legal Description: 2450 Chamonix Lane Unit A3/Lot 6, Block B,
Vail Das Schone Filing 1
Applicant: Daniel & Elizabeth Weiner, represented by RNB Construction
Planner: Greg Roy
1. The applicant will provide a letter from the HOA agreeing that future
window replacements in the building will match the windows proposed
in this application.
David Campbell moved to approve with conditions. J ohn Rediker seconded
the motion and it passed (5-0).
2.2.D R B20-0129 - Chase Bank
Final review of exterior alteration (ATM & Enclosure)
Address/Legal Description: 1 W illow Bridge Road/Lot 2, Sonnenalp
Subdivision
Applicant: Chase Bank, represented by A P MI I nc.
Planner: Greg Roy
J ohn Rediker moved to table to J une 3, 2020. David Campbell seconded the
motion and it passed (5-0).
2.3.D R B20-0132 - Laird Residence
Final review of a separation request
Address/Legal Description: 1967 Circle Drive/Lot 24, Buffehr Creek
June 2, 2020 - Page 204 of 235
Resubdivision
Applicant: Rebecca & Stephen Laird, represented by Pierce Austin
Architects
Planner: Greg Roy
David Campbell moved to approve. J ohn Rediker seconded the motion and it
passed (4-0).
Abstain:(1)Austin
2.4.D R B20-0169 - Allen Residence
Final review of an exterior alteration (windows/doors/balcony)
Address/Legal Description: 141 East Meadow Drive Unit 1A South/Lot P,
Block 5D, Vail Village Filing 1
Applicant: Larry & Lori Allen, represented by Berglund Architects
Planner: J onathan Spence
1. Prior to submitting for B P the applicant shall amend the plans to
include a sidebar in the lower door's sidelight.
David Campbell moved to approve with conditions. J ohn Rediker seconded
the motion and it passed (5-0).
2.5.D R B20-0156 - Lyons Residence
Final review of a change to approved plans (exterior)
Address/Legal Description: 4480 Glen Falls Lane/Lot 8, Forest Glen
Subdivision
Applicant: Catherine Vanessa Bentley Lyons, represented by Berglund
Architects
Planner: Erik Gates
David Campbell moved to approve. Peter Cope seconded the motion and it
passed (5-0).
2.6.D R B20-0097 - Marriott Residence Inn
Final review of new construction
Address/Legal Description: 1783 North Frontage Road West/Lot 9, Buffehr
Creek Resubdivision
Applicant: Vail Hotel Group L L C, represented by Mauriello Planning Group
Planner: Erik Gates
1. Prior to receiving Building Permit approval, the applicant shall submit a
Design Review Board application for all roof venting and terminations.
David Campbell moved to approve with conditions. Peter Cope seconded the
motion and it passed (5-0).
3.Staff Approvals
3.1.D R B19-0186.001 - Ostling Residnence
Final review of a change to approved plans (roof/window/door)
June 2, 2020 - Page 205 of 235
Address/Legal Description: 706 Forest Road Unit B/Lot 9, Block 1, Vail
Village Filing 6
Applicant: Paul & Danita Ostling, represented by Shepherd Resources I nc.
Planner: J onathan Spence
3.2.D R B19-0698 - Parks Residence
Final review of exterior alteration (windows)
Address/Legal Description: 4143 Spruce W ay / Lot 8, Block 9, Bighorn
Subdivision 3rd Addition
Applicant: Chris Parks
Planner: Greg Roy
3.3.D R B20-0091 - Kelly Residence
Final review of an exterior alteration (windows/vents)
Address/Legal Description: 2875 Manns Ranch Road Unit G4/Lot 1, Block 1,
Vail Village Filing 13
Applicant: Collins C. Kelly Revocable Trust, represented by Barefoot
Construction
Planner: J onathan Spence
3.4.D R B20-0121 - Avant Residence
Final review of an exterior alteration (windows)
Address/Legal Description: 3094 Booth Falls Road Unit 15/Lot 1, Block 2,
Vail Village Filing 12
Applicant: Deborah Avant, represented by Mountain Valley Property
Management
Planner: Erik Gates
3.5.D R B20-0123 - Deighan Residence
Address/Legal Description: Final review of a change to approved plans
(window frame color)
Applicant: Kevin Deighan
Planner: Erik Gates
3.6.D R B20-0124 - Farber Residence
Final review of an exterior alteration (sliding door)
Address/Legal Description: 4660 Vail Racquet Club Drive Unit 6/Vail
Racquet Club Condominiums
Applicant: Laureen & Daniel Farber, represented by HMR Construction
Planner: Erik Gates
3.7.D R B20-0127 - Shay Residence
Final review of an addition
Address/Legal Description: 1718 Geneva Drive/Lot 11B, Matterhorn Village
Filing 1
Applicant: J enifer & Russell Shay, represented by Gillette LLC
Planner: Greg Roy
3.8.D R B20-0128 - Kirschner Residence
June 2, 2020 - Page 206 of 235
Final review of a tree remvoal
Address/Legal Description: 1995 Chamonix Lane Unit 2/Lot 27, Buffehr
Creek Resubdivision
Applicant: J ohn Kirschner
Planner: Erik Gates
3.9.D R B20-0130 - Kardesh Residence
Final review of tree removal
Address/Legal Description: 3035 Booth Falls Road / Vail Village Filing 13
Applicant: David Kardesh Revocable Trust, represented by Treeline Homes
Planner: Erik Gates
3.10.D R B20-0131 - Goff Residence
Final review of a change to approved plans (dryer vent)
Address/Legal Description: 767 Potato Patch Drive Unit 3/Lot 34, Block 1,
Vail Potato Patch Filing 1
Applicant: J ames Goff, represented by Landmark Traditions
Planner: J onathan Spence
3.11.D R B20-0133 - Sundial Townhomes
Final review of a tree removal
Address/Legal Description: 5040 Main Gore Place/Sundial Phase 2
Applicant: Sundial Townhomes
Planner: J onathan Spence
3.12.D R B20-0135 - Mountain View Residences Phase II
Final review of a change to approved plans
Address/Legal Description: 434 South Frontage Road East/Lot 1, Vail Village
Filing 5
Applicant: Vail Mountain View Residences Phase I I
Planner: J onathan Spence
3.13.D R B20-0139 - Marshall Residence
Final review of a change to approved plans (sunroom)
Address/Legal Description: 1467 Westhaven Drive Unit 23/Lot 53, Glen Lyon
Subdivision
Applicant: Harriet C. Marshall Revocable Trust, represented by Scale
Production Architecture
Planner: Erik Gates
3.14.D R B20-0143 - Lodge at Vail
Final review of an exterior alteration (shielding)
Address/Legal Description: 174 Gore Creek Drive/Lot 1, Lodge Subdivision
Applicant: Lodge at Vail, represented by Vail Resorts
Planner: J onathan Spence
3.15.D R B20-0144 - 4335 Spruce Way LL C
Final review of an exterior alteration (windows)
June 2, 2020 - Page 207 of 235
Address/Legal Description: 4335 Spruce W ay Unit W /Lot 4, Block 3,
Bighorn Subdivision 3rd Addition
Applicant: 4335 Spruce Way L L C, represented by Heid Remodeling and
Construction
Planner: Erik Gates
3.16.D R B20-0145 - Rosso Residence
Final review of an exterior alteration (windows)
Address/Legal Description: 600 Vail Valley Drive Unit R/Tract B, Vail Village
Filing 7
Applicant: J ean-Pierre Rosso Revocable Trust, represented by Nedbo
Construction
Planner: Erik Gates
3.17.D R B20-0147 - Schapperle Residence
Final review of an exterior alteration (patio/snowmelt)
Address/Legal Description: 3817 Lupine Drive Unit B/Lot 3, Bighorn
Subdivision 2nd Addition
Applicant: J ohn F. Schapperle J r. Living Trust, represented by Berich
Masonry Mountain Division
Planner: Erik Gates
3.18.D R B20-0149 - St. Moritz Holdings L LC
Final review of an exterior alteration (landscaping)
Address/Legal Description: 1285 Westhaven Circle Unit N/Lot 47, Glen Lyon
Subdivision
Applicant: St. Moritz Holdings L L C, represented by Mac Design
Planner: J onathan Spence
3.19.D R B20-0150 - Meadow Creek Condominiums
Final review of an exterior alteration (deck repairs)
Address/Legal Description: 2500 Kinnikinnick Road/Meadow Creek
Condominiums of I ntermountain
Applicant: Meadow Creek Condominiums, represented by Hess Contracting
I nc.
Planner: J onathan Spence
3.20.D R B20-0155 - Timber Falls Condominiums
Final review of an exterior alteration (reroof)
Address/Legal Description: 4512 Timber Falls Court/Timber Falls
Condominiums
Applicant: Timber Falls Condominiums, represented by Mountain Valley
Property Management
Planner: J onathan Spence
3.21.D R B20-0157 - Tyrer Residence
Final review of a tree removal
Address/Legal Description: 4515 Bighorn Road/Lot 6&7, Block 1, Bighorn
Subdivision 3rd Addition
June 2, 2020 - Page 208 of 235
Applicant: Harry Tyrer, represented by Old Growth Tree Service
Planner: J onathan Spence
3.22.D R B20-0173 - Smith Residence
Final review of a change to approved plans (entry/roof)
Address/Legal Description: 895 Red Sandstone Circle Unit B/Lot 2, Vail
Village Filing 9
Applicant: W A P O Properties L L C, represented by Krueger Architecture
Planner: J onathan Spence
The applic ations 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 Town C ounc il Chambers. Times and order of
items are approximate, subject to c hange, and cannot be relied upon to determine at what time
the Design Review Board will c onsider an item. Please call 970-479-2138 for additional
information. Sign language interpretation available upon request with 24-hour notification, dial
711.
June 2, 2020 - Page 209 of 235
P L ANNI NG AND E NV I RO NM E NTAL C O M M I S S I O N
M ay 25, 2020, 1:00 P M
Town Council Chambers - M eeting Cancelled
75 S. F rontage Road - Vail, Colorado, 81657
1.Call to Order
1.1.Meeting Cancelled
2.Adjournment
The applications and information about the proposals are available for public inspec tion during regular offic e 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 vis its that prec ede the public hearing in the Tow n of Vail Community Development Department.
Times and order of items are approximate, subject to c hange, and c annot be relied upon to determine at w hat time the
Planning and Environmental Commission w ill c onsider an item. Please c all (970) 479-2138 for additional information. Please
call 711 for sign language interpretation 48 hour prior to meeting time.
Community Development Department
Published in the Vail Daily May 22, 2020
June 2, 2020 - Page 210 of 235
VA I L TO W N C O UNC I L A G E ND A ME MO
I T E M /T O P I C: C S E minutes.
AT TAC H ME N TS:
Description
C S E Meeting Minutes 03042020
C S E Meeting Minutes 04012020
C S E Meeting Minutes 05062020
June 2, 2020 - Page 211 of 235
COMMISSION ON SPECIAL EVENTS MEETING
Town Hall – Council Chambers
Wednesday, March 4th, 2020 @ 8:30a.m.-10:45a.m.
MINUTES:
1. @ 8:30a.m.: Administrative Items (5 minutes)
a. Approval of the Minutes from the CSE Meeting on 1/08/2020 and 2/5/2020
• Motion to approve the minutes.
1. Davis/Rediker/Unanimous
b. Upcoming Meeting Reminders
• April 1, 2020
c. Upcoming Event Reminders
• 10th Mountain Parade – Friday March 6th
• Vail Yeti Hockey – March 6, 7, 13, 14, 20, 21 (tickets available)
• Vail Symposium – March 5, 16, 19, 26
• Superhero Ski Day – March 14
• Pink Vail – March 28
• Through The Lens – March 4, 7, 18
• Vail Film Festival – March 26-29
Mark Gordon attending March 19th VLMDAC. Send new sign up sheet.
2. 8:35: Recaps (15 Minutes)
a. Community Leadership Academy (15 Minutes)
• Smaller group for the last vail program which worked great for that
attendee group. More intimate. Usually closer to 20-24. 39
graduates from 2019 program. Grandview is amazing space for the
program. We rely on free parking for the summer program though.
More marketing through the VVP. Allows more people from the
overall community, not just government to get involved. 7 month
program. Next vail session starts in June.
• Motion to Approve Final Funding.
1. Davis/Gordon/Unanimous
b. CSE Discussion: Burton US Open:
Rediker: Really fun event, town was busy, everything great until 1:45 am.
Saturday night, reports of people being kicked out of transportation center, no busses or
ubers/lyfts. We should talk to event producers about coming up with a plan to get
people out of town after events.
Valenti – skier traffic was dangerous at golden peak. Should look at a
bridge/superstructure to move traffic across skiers path to lift.
Davis – the crowd felt bigger this year
June 2, 2020 - Page 212 of 235
3. Program Update –
a. Mountain Art Collective (15 Minutes)
• Townsend Bessent: Silent disco blew me out of the water. Roughly
90 people attended. Great feedback.
• Music Series: it is a lot of work to produce a music series especially
with an old unmaintained venue. We were told the condition of the
venue was better. Liquor license has been extended to the theater.
Lease has been finalized.
• Davis – where are you with booking talent? Rob Prechtl – our 3rd
partner Dave Tucker is spearheading the talent booking. We have
some bands that are in the works for may through October.
Working with Grand Hyatt and town calendar to select dates.
• Davis - How many shows do you expect to have. Prechtl, we are
shooting for 5.
• Gordon – what is the venue capacity? Prechtl - ~285
• Gordon - In a first year where there are venue challenges, etc. I
think 5 concerts is great. 3 successful shows would make me
happy. Look towards the more need based times. We are trying to
fill gaps.
• Bessent - Art music series has been great. January was swing with
weekly classes and a live swing band for the graduation. 15-30
people each class. Feb was salsa. Sewing classes, photography
classes and others are coming up.
• Paid facebook has been the best marketing channel so far. Vail
Daily EVV.com for the bigger events.
• Vail Film Fest will use the theater.
• Lau – are you using email marketing? Sending event calendars?
We are collecting emails for all pre-registration classes. Roughly
400 names on the list so far.
• Targeting $10-$35 per show to keep it affordable.
• Ski museum through the lens has been selling out. Could they host
additional showings at the theater.
b. Vail Outlier and the Van Show (10 minutes) – Mike McCormack
• Outlier Update McCormack– Meeting with USFS to get green light
for new vail 100 course. Gravel event. 40c tire width
recommended but open to all. Muddy Pass – USFS System Trails
– trail support from Jake Wells
• Looking at an e-bike friendly course and weighing option between
pro of adding riders and opening categories with cons of trolls.
• Moving away from the enduro. Moving towards a talons challenge
type event. Ride these 6 trails and get a shirt/hat/etc.
• Running out of bikes at the demo. Looking at a modest price
increase to manage crowd but want to keep it attainable for locals.
June 2, 2020 - Page 213 of 235
• VAN SHOW – Grew from North American Hand built Bike Show.
Began as a curated show. Marketing people brought in technical
experts. Divided attendees into tons of categories so more small
brands could get in the spotlight. 4000-5000 attendees in person
but 100’s of k’s of online engagement. Adventure Van Showcase –
RV shows are full of tire kickers. Adventure vans are $200k toys
with $10,000 bikes, PV, etc. This is our clientele. Vans, tow
behinds, earthromers, etc. Parking would be added at ford park.
Application process for camping. Hoods up at hardees at camping
area. No tents or subarus.
• Marketing team will be producing ongoing social programming.
• Different than the standard RV show.
• ~60 camping spots. The rest of the group will be in lodging.
• Gordon – I don’t see the camping at odds. This is an additional
program to the existing bike program.
• Biszantz – would you do concessions, etc. McCormack – Both. We
do sweet t-shirts well. We want to promote sustainability. Breck
Epic has great nalgenes so people drink from taps.
• Rediker – have you talked to VRD? McCormack, we wanted to get
your blessing first.
4. @ Intercept Insights 2020 Event Survey Introduction and discussion (20
Minutes)
• Jason Roberts – Informational review of reporting dashboard and
proposed event to survey.
5. @ 9:30 .a.m.: New Business (10 minutes)
Gordon – Bravo board meeting started discussing corona virus. Does the town have
any plan.
Vlaar – Eagle county and vail health are working on a joint statement with the town.
VLMD working on a contingency plan for marketing.
Laurie Mullen – Discovervail.com is moving forward and should launch this week.
Building our own database for CRM.
Motion to Adjourn. Davis/Biszantz/unanimous
Adjournment @9:45 a.m.
June 2, 2020 - Page 214 of 235
COMMISSION ON SPECIAL EVENTS MEETING
Wednesday, April 1st, 2020 @ 8:30a.m.-10:00a.m.
MINUTES
AGENDA:
Meeting materials can be accessed at the following link:
April Meeting Materials
CSE Roll Call: Alison Wadey, Barry Davis, Samantha Biszantz, Jill Lau , Kim Rediker, Mark Gordon, Marco Valenti
Staff: Jeremy Gross, Mia Vlaar, Liz Gladitsch
Attendance: Austin Gavlak, Skip Thurnaur (VLMDAC), Meghan Scallen, Mark Foster, Amanda Blevins, Amy Lewis,
Angela Mueller, Becca Aliber, Beth Pantzer, Beth Papas, Chris Huntington, Danielle Salinksy, Eddie, Eric Manthey,
Jason, Katie Coakley, Kip Tingle, Kris Sabel, Laurie Asmussen, Mark Christie, Mike McCormack, Nanette Kuich, RP,
Sarah Frank, Townsend
1. @ 8:30a.m.: Administrative Items (5 minutes)
a. Minutes from the CSE Meeting on 3/4/2020
• Motion to approve the minutes Valenti/Rediker/Unanimous
b. Upcoming Meeting Reminders
• May 6, 2020
2. 8:35 a.m.: Recaps (15 Minutes)
a. Project Funway (15 minutes)
• Opened up bleacher seats and it made a big difference and brought in a lot more
funding. There were unforeseen costs with this but it was still very beneficial.
• Increased fundraising by 27% and attendance by 17%
• Added 3 new art mural activations
• Motion to approve final funding for Project Funway Rediker/Valenti/Unanimous
3. 8:50 a.m.: COVID-19 Update – (30 minutes)
a. Event Cancellations and Postponements Update
• All events in March and through the end of the ski season have been canceled
• Pink Vail and Superhero ski day are looking at options to host a non skiing event in the
future.
• Taste of Vail is evaluating some July dates but will likely hold off until September and
make the fall event bigger.
• Powabunga is postponing until closing weekend 2021. There are some opportunities to
use the deposits paid to talent later this year for one off concerts, not the full festival
though.
• Spring Back to Vail is working with staff on some date options later in the year.
• Early summer (June) events are all considering postponing to later in the summer.
Many will make the final decision in May delaying the decision as long as possible. This
includes Art Fest, Burger Battle and Craft Beer Classic, Farmers Market (looking at virtual
market to start the season), Vail Whitewater Races, etc.
b. Reallocation of funds/Town Council Event Policy Update
Rediker – This year may not be the year to fund large events. What might seem safe at the
beginning of June may not be safe come end of September if there is a second wave of COVID-
19. Those funds may be better utilized in other ways.
June 2, 2020 - Page 215 of 235
Want to make sure we are being fiscally responsible as we can AND safely and responsibly
Vlaar – A memo on how we are funding large events was presented at Council meeting on 3/31
explaining what our overall philosophy is:
1. priority is to keep people healthy and safe
2. Special events are a key driver to our economy
c. Rescheduling events – Calendar Review
• We need to determine with individual producers what their drop dead date to have
approval to hold an event and the event date
• How are we going to reimburse people who have already spent the money?
• What is Econ Dev Staff doing moving forward with Events:
• Biggest concern is if and when we are able to start gathering again, what do
those events look like. How do you modify the event within whatever the
public health guidelines are.
• We’ve recognized that there is going to be compression toward the end of the
summer
• Need clarity from CSE and Council – What about weekdays vs. Weekends? Ie:
Bluegrass on Wednesdays.
• We have shifted our primary focus for VLMDAC marketing dollars to Front
Range / drive market
• As we reschedule events and Econ. Dev sees that it may not be beneficial to the
community as a whole, that is when that specific event will be brought before
CSE for review, feedback, funding options.
• Rediker - Can you give an example – Powabunga – I know they spent a lot of money
already getting ready for that event. For them and for future events how are we
handling that? Are we paying them in full or just paying them for what they already
spent?
• Events we’ve paid some funds to already:
a. Powabunga received first payment. They’ve received 1/3 of their
funding. They can show us what expenses they can’t roll to next year
and what can be. Ie: Some marketing that has already been spent.
They don’t need to re-apply in the fall. We will re-evaluate what we
are funding them, knowing there is already working capital they have.
• Davis - We need to reconvene for a funding meeting when everything settles. There are
going to be producers that suffer loss. We need to also look at what remaining calendar is
left and we shouldn’t stack events that aren’t seasonally accurate.
• Gordon – Is it the right decision for us to be hosting any events this summer? We need to
worry that Vail having an event may be seen as n egative. It MAY be that the best and right
move is a campaign saying there are wide open spaces - come up here and relax. Events may
be a negative. Concerned that we might be jumping the gun. We need to have broader
discussion with CSE, experts, and we make a recommendation to Council on what is the path
forward for summer, fall, and next winter.
• Wadey – Vail America Days – How do we mitigate that many people in town?
4. 9:20 a.m.: Public Comment/Event Producer Open Discussion (30 Minutes)
Event Producers Comments
- Angela Mueller, Farmers market
o We are looking into holding a virtual farmers market
o Taste of Vail Update: We have taken time to work with wineries and vendors to keep them
in the loop. We are looking at July and September date options.
- Vail Symposium did hold 14 of their 21 and are holding two of their upcoming events virtually
June 2, 2020 - Page 216 of 235
- Austin Gavlak, Powabunga:
o We are trying to figure out best way to pivot. We are trying to use “postpone” not “cancel”
because we are in a position where we have a lot of money out and we are in a position
where vendors don’t necessarily want to re-fund. Initial thought – would be really hard to do
in the summer or early winter. It’s a springtime skiing event, pond skimming, etc. We have
top tier talent signed on and they are interested in doing something early winter. Mid-
December. Have opportunities to do lodging deals with Arrabelle, Evergreen, Antlers, etc.
Consensus of shift in industry is more value focused and we want to shift there. We need to
offer great value to get people back up to Vail to celebrate return of ski season. If you’re a
powabunga ticket holder, your ticket rolls over to 2020 early winter season plus more value
but we will need to work quickly to do that to give our audience and customers
▪ Wadey – You’ll need to submit a plan to Jeremy and Mia to review to see if that is
something that is feasible.
▪ Biszantz – can we provide a template/process for producers?
▪ Gross – Yes, we can also produce a mid-cycle funding process for funding that may
be coming back to us if money is made available by council.
▪ Biszantz – What does it look like if COVID comes back in December for you, Austin
▪ Gavlak - There are some safety nets we can put in but there are a lot of expenses
that we can’t recoup.
▪ Gavlak - Are you interested in funding events in August? What are need times now?
We have a couple ideas. Should we be looking to spend any energy on certain
dates?
▪ Vlaar – we aren’t at that point yet because it’s so fluid. We don’t have actual data
points that allow us to shift our approach and know when we can even start inviting
people back to Vail.
▪ Wadey – If you do have any ideas, get them on paper so we have ideas and we can
be nimble when we do get the go-ahead. Ie: art installation or something that may
set us apart from other communities that is less of a cost and smaller gathering.
- Mark Foster, Vail LAX shootout:
o Our attendees need to be able to enjoy restaurants and hotels so it will need to be a wait
and see if people can participate within the town.
o Wadey - Do you see teams withdrawing?
o Foster - We have 50% people traveling out of state. Virginia has a stay at home until late
June. It is individual family by family
- Sarah Frank, VVF: Thank you Mia and Jeremy for all your work to move Mountain Games. We are
taking our event and the circumstances very seriously
o Statement to group: Be sensitive to the message we are getting out there and how we want
to represent Vail. Keep event producers informed so we are all sending the same message
on how we invite people back up to Vail.
- Mike McCormack, Outlier:
o Just a note: We hold Breck Epic in late August – 35% international and 35% Destination and
we haven’t seen a swell in refund requests that we thought we might so there is reason for
optimism
o USFS had put an immediate halt on all applications until 2021 so we will have to cancel 100
Gravel Race portion of Vail Outlier because of that.
o Going to continue the MTB portion and all other portions of the event
5. @ 9:50 .a.m.: New Business (10 minutes)
Motion to adjourn – Valenti/Biszantz/Unanimous
Adjournment @10:00 a.m.
June 2, 2020 - Page 217 of 235
COMMISSION ON SPECIAL EVENTS MEETING
Wednesday, May 6th, 2020 @ 8:30a.m.-10:30a.m.
MINUTES:
Meeting materials can be accessed at the following link:
May Meeting Materials
Present: Mia Vlaar, Liz Gladitsch, Jeremy Gross, Jill Lau, Alison Wadey, Kim Rediker,
Marko Valenti, Sam Biszantz, Barry Davis, Mark Gordon, Scott Robson
8:36 Call to order
1. @ 8:30a.m.: Administrative Items (5 minutes)
a. Approval of the Minutes from the CSE Meeting on 4/1/2020
• Motion to approve the minutes from the April 1 meeting.
• Davis/Rediker/Unanimous
b. Upcoming Meeting Reminders
• June 3, 2020
• Meetings will be returning to in person likely at the end of May.
Decision will be based on county guidelines on number of people
gathering.
2. 8:35 a.m.: Recaps (60 Minutes)
a. 10th Mountain Parades (10 Minutes) – Fred Rumford
• Davis – Fireworks seemed like a good value. Rumford – the total
length of fireworks from the whole season was probably less than 4
minutes. It was a short show at each event with small shells and
sparklers/sprinklers.
• Motion to release final funding
• Rediker/Davis/unanimous
b. Through The Lens (10 Minutes)
• Aside from the recap, they have done a virtual tour of the museum
and are looking how they can adjust their exhibits and operations to
abide by social distancing
• Motion to release final funding
• Marko/Davis/Unanimous
c. Vail Yeti (10 Minutes)
• 9 games canceled, 7 due to covid, 2 due to weather
• Saw great attendance throughout the season and had an increase
in overnight stays from away teams through partnerships with
lodging
• Motion to release final funding
• Rediker/Biszantz/Unanimous
d. Vail Astronomy Nights (10 Minutes)
June 2, 2020 - Page 218 of 235
• Looking to create a smaller view station that you can put up and
keep up for longer periods of time
• Summer Social Distancing Opportunity
1. Could be done with social distancing in the summer
2. Doing a pre-view before going to view the telescope
• Kim – This is a great smaller footprint, big impact event
• Rediker – The marketing was done well. I really like the creative
and the outreach to lodging was good.
• Motion to release final funding
• Rediker/Davis/Unanimous
e. Steadman Clinic Vail Cup (10 Minutes)
• 2021 survey needs to address NPS and spending
• Davis – What a great way to showcase and get kids excited. I took
my kid to watch to get him excited to compete next year. We
enjoyed the experience and are looking towards next year.
• Valenti/Davis/Unanimous
f. Vail Veterans Program (10 Minutes)
• Motion to release final funding
• Valenti/Rediker/Unanimous
3. 9:35 a.m.: Starting Hearts Proposed Change for Heart and Sole Funded Event
(10 Minutes)
• Initially impacted by COVID-19 Starting hearts canceled the Heart and Sole
event and began working with the Vail Rotary on expanding the scope of their
annual first responders appreciation event. Starting hearts is requesting to
reallocate their $5000 E&E funding from Heart and Sole to this new event. The
event is scheduled for September 10th at Donovan.
• Davis – What will September 10th look like. If it opens and we have all of the
events looking to rescheduling to that date it could become too congested.
• Rediker - What is the process for reviewing and approving these decisions?
o Gross - We are reviewing these on a case by case basis as the event
producers develop enough of a new plan to propose.
o CSE asked for this approval to be tabled until staff can develop some
process guidelines and share a more complete picture of the rescheduled
calendar of events. A special meeting has been scheduled for May 20 to
discuss the process for reviewing changes to events.
• Motion to direct staff to create a structure to evaluate event changes.
• Valenti/davis/unanimous
• Whitewater is moving forward in June with Public Health approval.
o Kayaking and sup only. No 2 man rafting.
o Togo afterparty
4. 9:45 a.m.: Mountain Art Collective Place Holder (10 Minutes)
• Tabled to next meeting
5. 9:55 a.m.: COVID-19 Update – (15 minutes)
a. Town Manager Update
June 2, 2020 - Page 219 of 235
• Council Meeting Update – 5/5/2020
• Implementing Major Recession Budget Reductions
• 20-25% budget reduction in revenue collections projected
• CIP delays, operations cuts around 10%
• Confident that 2021 will be a robust event season with
changes to event operations. Events will remain a backbone
to the tourism economy.
• Council wants to see staffing match visitation needs and will
look to delay seasonal hiring’s and minimize layoffs and
furloughs.
• Thank you to everyone’s flexibility though these times. CSE
and events will be foundational in how we recover
b. Event Cancellations and Postponements Update
• Vail LAX Tournament Rescheduled July 27-29
• Vail LAX shootout – Canceled June/July dates – Evaluating
how to hold a smaller, regional tournament in July or August
• King of Mountain Canceled original June dates –
reevaluating how they could make it happen under current
public health guidelines later in the summer
• Art Festival: tentative date in August that works for Arrabelle .
Also evaluating other options such as spreading the vendors
out over a few weekends
• Vail White Water Series – May canceled and June they are
looking at water levels
o Joel: Approval from public health for June Tuesdays.
No 2-man rafting. Only kayaking and SUP
o Working on a to-go afterparty take-out food and beer
• Bravo – European orch. Canceled and we will get another
update soon from them on other events this summer.
• Bluegrass – one band booked for July 22 and held off on
contracts for the rest. He is very flexible on scope and
audience
• Farmers Market – June dates have been canceled for in
person market and virtual market will launch mid-june. First
market in July will likely be July 12. Working on public health
• Hot Summer Nights through June canceled
c. Event Brainstorming – July 4th
• Biszantz: Worry about ability to manage public health order - The
amount of staff we are going to need to make sure guests abide by
rules/standards. Even in early May guests were coming into the
village and into businesses and not wearing masks or abiding by
protocol.
June 2, 2020 - Page 220 of 235
• Wadey: Vail Health wants to test this summer so they can be
ready for winter. Don’t be too conservative this summer so
they can be well tested and prepped.
• Highline to send an outline of working on tactical approach for July
4th and CSE can weigh in via email
11:15 a.m. Motion to adjourn
Davis/Valenti/Unanimous
You must register for the webinar prior to being able to join. Please register
ahead of time here
https://zoom.us/webinar/register/WN_oqtV4mLyQQCvcZvaOFaQmA.
During the webinar, you can use the Q&A feature to ask questions to the CSE or
you can use the Raise Hand button to request to be un-muted.
June 2, 2020 - Page 221 of 235
VA I L TO W N C O UNC I L A G E ND A ME MO
I T E M /T O P I C: V L HA A pril 28, 2020 Meeting Results
AT TAC H ME N TS:
Description
V L H A April 28, 2020 Meeting Results
June 2, 2020 - Page 222 of 235
Vail Local Housing Authority Meeting Results
April 28, 2020
3:00 PM
Virtual Meeting
75 S. Frontage Road - Vail, Colorado, 81657
1. Call to Order
1.1. Link to Virtual Meeting
1.2. Call to Order
A quorum being present Lindstrom called the meeting to order at 3:12PM.
Ruther and Campbell are present from staff.
2. Citizen Participation
2.1. Citizen Participation
No one from the public present on virtual meeting.
3. Approval of Minutes
3.1. VLHA April 14, 2020 Meeting Results
MOTION: MC DOUGALL SECOND: MOFFET VOTE: 5-0 APPROVED
4. Main Agenda
No Main Agenda items are scheduled for this meeting.
5. Matters from the Chairman and Authority Members
5.1. Matters from the Chairman and Authority Members
Presenter: Steve Lindstrom, Chairman
Moffet asked outcome of turning Chamonix Vail to Town of Vail housing priority.
Ruther updated the Authority, deed restriction updated to reflect 75% of income
needs to be met in Eagle County. The Town’s preference to purchase and or rent
was not approved by Council. No other action is needed by VLHA.
Discussion ensued regarding the status of delinquent homeowner and resale.
The Town has met all owner ’s requests. At this point the Town has exhausted all
options to resolve. The Town has reached to the legal department to start legal
June 2, 2020 - Page 223 of 235
action and take possession.
Morales requested to see an update on the 2019 EHU compliance at the next
meeting.
Moffet said good idea to let people know Town is serious about compliance.
Ruther indicated as the number of restrictions increase in the Town the Housing
department will have a proposition to manage compliance.
The Authority questioned when in person public meetings will be held. Ruther noted
however, the Town is looking to have in person meetings in June and July.
Morales, Lindstrom and Moffet attended COVID-19 crisis and mountain resort
community’s webinar and shared their take-aways. Bottom line it’s too early to tell
impact. Impact not selling due to no open houses.
Discussion followed regarding current short-term rental (STR) status due to COVID-
19 and moving forward with how to motivate STR owners to move to long term
rentals.
Moffet believes the Town should use this real estate market to purchase employee
housing units.
Ruther updated VLHA May 5, Council is discussing with Magellan Strategies and
Summit Information Services the notion of community polling about initiative in 2020.
He asked if they would listen to the meeting. Question is not about putting item on
ballot rather should the Town re-poll the community at this time.
Wilkins and Moffet do not feel this is the year for the initiative.
Moffet motioned to exit the regular meeting and move to executive session.
MOTION: MOFFET SECOND: MORALES VOTE: 5-0 APPROVED
6. Executive Session
6.1. Executive Session per C.R.S. §24-6-402(4)(a)(e) - to discuss the purchase, acquisition, lease, transfer, or sale of property interests and to determine positions, develop a strategy and instruct negotiators, regarding: submitted Vail InDEED applications, program details and Middle Creek at Vail.
Presenter: Lynne Campbell, Housing Coordinator
Wilkins made a motion to exit the executive session and return to the regular
meeting.
MOTION: WILKINS SECOND: MC DOUGALL VOTE: 5-0 APPROVED
June 2, 2020 - Page 224 of 235
7. Any Action as a Result of Executive Session
7.1. Any Action as a Result of Executive Session
Morales made a motioned recommending staff continue with the four (4) Vail InDEED
applications as reviewed in executive session.
MOTION: MORALES SECOND: WILKINS VOTE: 5-0 APPROVED
8. Adjournment
8.1. Adjournment 5:00 PM (estimated time)
Wilkins made a motion to adjourn the meeting at 4:44PM.
MOTION: WILKINS SECOND: MOFFET VOTE: 5-0 APPROVED
9. Future Agenda Items
9.1. Deed Restriction Compliance and Enforcement Policy Recommendation Incentives for Long Term Rentals in the Town of Vail Housing Sites Discussion Land Banking (sale of GRFA) Public Health Housing Incentive, Eagle County Health Housing Funding Criteria
June 2, 2020 - Page 225 of 235
2020 Annual Compliance
10. Next Meeting Date
10.1. Next Meeting Date May 12, 2020
Meeting agendas and materials can be accessed prior to meeting day on the Town of
Vail website www.vailgov.com. All housing authority meetings are open to the public.
Times and order of agenda are approximate, subject to change, and cannot be relied
upon to determine at what time the Vail Local Housing Authority will discuss an item.
Please call (970) 479-2150 for additional information. Please call 711 for sign
language interpretation 48 hours prior to meeting time.
Housing Department
June 2, 2020 - Page 226 of 235
VA I L TO W N C O UNC I L A G E ND A ME MO
I T E M /T O P I C: May Revenue Update
AT TAC H ME N TS:
Description
April Revenue Update
June 2, 2020 - Page 227 of 235
1
TOWN OF VAIL
REVENUE UPDATE
June 2, 2020
Sales Tax
Upon receipt of all sales tax returns, April collections are estimated to be
$356,061 down 75.4% from last year. Year to date collections of $10,915,312 are
down 21.5% from prior year and up 13.6% from amended budget. Inflation as
measured by the consumer price index was up 0.3% for April.
The 2020 original budget of $28,524,000 was amended to $21,374,000 in April
and is proposed to be amended again to $16,800,000 during today’s budget
supplemental. This is a total decrease of 41% from the 2020 original budget and
a 40% decrease compared to 2019 collections of $29,250,698.
Real Estate Transfer Tax (RETT)
RETT collections through May 27 total $2,069,914 down 17% from the prior year.
The 2020 annual RETT budget totals $6,300,000, down 12.8% from 2019
collections.
Construction Use Tax
Use Tax collections through May 27 total $557,755 compared to $846,684 from
this time last year. The 2020 budget totals $2,220,000, down 11.2% from 2019
collections.
Summary
Across all funds, year-to-date revenue of $25.8 million is down 3.2% from
amended budget. Year-to-date revenue is down 17.5% from prior year attributed
to the economic impacts of COVID-19 on sales tax collections, parking sales, lift
tax, and construction activity.
June 2, 2020 - Page 228 of 235
MEMORANDUM
June 2, 2020
To: Vail Town Council
Kathleen Halloran
From: Alex Jakubiec
Re: April 2020 Sales Tax and COVID-19 Impact Reporting
Vail will collect an estimated $21,670 in additional April sales tax to bring
collections up to $356,061. Due to the economic impacts of COVID 19 on the
business community, the Vail Town Council elected to defer sales tax payments
until August 2020; businesses are still required to file regular sales tax returns
while deferring payments. A further analysis of the deferred April sales tax
payments has been provided on page three of this memo.
April will be down (75.4)% or $(1,089,010) from April 2019 and up 1.7% or
$6,061 from the amended budget.
June 2, 2020 - Page 229 of 235
2020 Amended2020 YTD Budget % change % change 20152016201720182019BudgetTotal Variance from 2019 from BudgetJanuary3,696,798$ 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,061,971$ 4,023,457$ -$ 4,023,457$ (38,514)$ -1.39% -0.95%February3,593,947 3,746,055 3,692,592 3,818,356 4,137,087 4,135,058 3,076,032 1,190,902 4,266,933 131,875$ 3.14%3.19%March4,053,961 4,225,921 3,642,407 4,167,880 4,237,933 1,059,003 1,484,139 784,721 2,268,861 1,209,858 -46.46% 114.24%April1,370,929 1,089,749 1,386,780 1,233,474 1,445,071 350,000 334,391 21,670 356,061 6,061 -75.36%1.73%YTD Total12,715,635$ 12,800,549$ 12,446,991$ 12,817,320$ 13,900,085$ 9,606,032$ 8,918,019$ 1,997,293$ 10,915,312$ 1,309,280$ -21.47% 13.63%May584,454 654,462 659,475 830,193 763,756 425,000 June1,242,400 1,318,092 1,389,982 1,648,443 1,606,748 562,264 July1,937,989 2,053,773 2,215,649 2,412,425 2,498,020 874,209 August1,702,579 1,849,815 1,863,949 2,195,175 2,247,250 898,804 September 1,240,277 1,349,929 1,385,462 1,540,490 1,609,132 643,553 October835,649 906,385 936,954 1,106,596 1,234,105 490,116 November997,100 989,320 997,716 1,264,600 1,263,064 767,472 December 3,885,849 3,840,919 3,695,305 4,070,870 4,283,668 2,532,550 Total25,141,932$ 25,763,244$ 25,591,483$ 27,886,112$ 29,405,827$ 16,800,000$ Actual CollectionsTOWN OF VAILSALES TAX2020 Budget ComparisonCollected Sales TaxDeferred Sales Tax0.000.250.500.751.001.251.502015 2016 2017 2018 2019 2020April Sales Tax By Year(in Millions)June 2, 2020 - Page 230 of 235
April Sales Tax Collected Vs. Deferred
1,050 Businesses filed and paid their April Town of Vail sales tax for a total of $334,391 collected revenue. 138
Businesses have not yet paid their April taxes for a total of $21,670.
Town of Vail COVID-19 Sales Tax Impact Reporting
In same period, prior year; Retail businesses comprised 42% of all sales tax collected; Accommodation Services were 24%;
Food and Beverage were 23%; and Other businesses were 11%.
Deferred Sales Tax by Business Type Paid Sales Tax by Business Type
Overall, 138 businesses filed returns for April without payment. Of these 138 outstanding returns; 93 businesses are
located in Vail Village, 16 in Outlying Neighborhoods, 21 in Lionshead, and 8 Out of Town.
Deferred Vs. Collected Sales Tax By Business Location
April Tax Payments Collected Vs. Deferred
Collected
$334,391
94%
Deferred
$21,670
6%
1,050 Collected
Payments
88%
138 Deferred
Payments
12%
Accommodation
Services
$11,746 - 3%
Other
$116,006
35%
Food and
Beverage
$14,438
4%
Retail
$192,201
57%
Accommodation
Services
$3,234 - 15%
Other
$30
0%
Food and
Beverage
$3,385
16%
Retail
$15,021
69%
106.4
21.8
11.7
195.0
9.8
9.8
1.8
0.2
OUTLYING NEIGHBORHOODS
VAIL VILLAGE
LIONSHEAD VILLAGE
OUT OF TOWN
Deferred Revenue Collected Revenue (in Thousands)
June 2, 2020 - Page 231 of 235
Vail Business Review
March 2020
June 2, 2020
The Vail Business Review breaks down the four percent sales tax collected for the
month of March.
Overall March sales tax decreased (46.6)% with retail decreasing (40.2)%, lodging
decreased (49.1)%, food and beverage decreased (58.0)%, and utilities/other
decreased by (14.0)%. Excluding the out of town category; sales tax for the month of
March was Down (51.0)%.
Town of Vail sales tax forms, the Vail Business Review and sales tax worksheets 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
Carlie Smith at (970) 479-2119.
Sincerely,
Alex Jakubiec
Town of Vail
Revenue Manager
June 2, 2020 - Page 232 of 235
Retail 189,677.09 213,288.51 -11.07%
Lodging 178,218.20 308,864.99 -42.30%
F & B 49,628.38 85,423.90 -41.90%
Other 4,446.06 9,656.94 -53.96%
Total 421,969.73 617,234.34 -31.64%
Retail 108,911.50 267,441.42 -59.28%
Lodging 311,697.95 612,471.38 -49.11%
F & B 62,316.77 180,444.26 -65.46%
Other 2,233.72 4,543.21 -50.83%
Total 485,159.94 1,064,900.27 -54.44%
Retail 189,814.81 160,607.33 18.19%
Lodging 3,714.17 16,275.64 -77.18%
F & B 268.64 1,165.38 -76.95%
Other 170,198.63 182,414.32 -6.70%
Total 363,996.25 360,462.67 0.98%
Retail 268,117.01 624,066.61 -57.04%
Lodging 423,975.98 863,728.97 -50.91%
F & B 286,539.11 682,988.48 -58.05%
Other 19,102.97 31,334.46 -39.04%
Total 997,735.07 2,202,118.52 -54.69%
Retail 756,520.41 1,265,403.87 -40.22%
Lodging 917,606.30 1,801,340.98 -49.06%
F & B 398,752.90 950,022.02 -58.03%
Other 195,981.38 227,948.93 -14.02%
Total 2,268,860.99 4,244,715.80 -46.55%
Retail Apparel 103,609.05 216,465.79 -52.14%
Retail Food 158,071.64 175,211.21 -9.78%
Retail Gallery 1,520.40 5,786.58 -73.73%
Retail Gift 2,116.98 7,368.52 -71.27%
Retail Home Occupation - 184.83 -100.00%
Retail Jewelry 13,988.27 21,906.96 -36.15%
Retail Liquor 46,012.51 65,853.18 -30.13%
Retail Other 221,304.31 226,014.70 -2.08%
Retail Sport 209,897.25 546,612.10 -61.60%
Total 756,520.41 1,265,403.87 -40.22%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
March 2020 Sales Tax
March 2020 Collections March 2019
Collections March % Change
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
June 2, 2020 - Page 233 of 235
VA I L TO W N C O UNC I L A G E ND A ME MO
I T E M /T O P I C: Executive Session, pursuant to: 1) C.R.S. §24-6-402(4)(b) - to receive legal
advice on specific legal questions; Regarding: Z oning Process
P RE S E NT E R(S ): Matt Mire, Town Attorney
June 2, 2020 - Page 234 of 235
VA I L TO W N C O UNC I L A G E ND A ME MO
I T E M /T O P I C: Recess at 5:35 pm (estimate)
June 2, 2020 - Page 235 of 235