HomeMy WebLinkAboutREPORT Estes Valley Fire Protection District Annual Report 2022{00940539.DOCX / }
ESTES VALLEY FIRE PROTECTION DISTRICT
TOWN OF ESTES PARK, COLORADO
2022 ANNUAL REPORT
Town of Estes Park, Colorado
via Email
County Clerk and Recorder
Larimer County, Colorado
via Email
Office of the State Auditor,
1525 Sherman Street, 7th Floor
Denver, Colorado 80203
via E-Filing Portal
Division of Local Government,
1313 Sherman Street, Room 521
Denver, Colorado 80203
via E-Filing Portal
Pursuant to 32-1-207(3)(c)(I), C.R.S., the Estes Valley Fire Protection District (the “District”)
is required to submit an annual report (the “Report”) for the preceding calendar year no later
than October 1 of each year to the Town of Estes Park, Colorado (the “Town”) the Colorado
Division of Local Government, the Colorado State Auditor, the County Clerk and Recorder; the
Report must also be posted on the District’s website.
For the year ending December 31, 2022, the District makes the following report:
1.Boundary changes made:
No changes made to district boundaries in 2022
2.Intergovernmental agreements entered into or terminated:
Attached as Exhibit A are the following Intergovernmental Agreements entered
into as of the report year:
Renewal of Services Intergovernmental Agreement by and between the Town
and the District for Dispatching Services, dated November 10, 2022 and
Fleet Services Intergovernmental Agreement by and between the Town and the
District, dated August 23, 2022.
3.Access information to obtain a copy of the Rules and Regulations:
https://www.estesvalleyfire.org/
4.A summary of any litigation involving public improvements by the District:
None to which we are aware.
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5.Status of the construction of public improvements by the District:
None.
6.List of facilities or improvements constructed by the District that were
conveyed to the Town:
None.
7.Final Assessed Value of Taxable Property within the District’s boundaries as of
December 31, 2022:
The 2022 total assessed value of taxable property within the boundaries of the District is
$391,417,940.
8.Current annual budget of the District:
Attached as Exhibit B is a copy of the District’s Budget for the current fiscal year 2023.
9.Most recently filed audited financial statements of the District. To the extent
audited financial statements are required by state law or most recently filed audit
exemption:
Attached as Exhibit C is a copy of the District’s audited financial statements for fiscal year
2022.
10.Notice of any uncured defaults:
None.
11.The District’s inability to pay any financial obligations as they come due under
any obligation which continues beyond a ninety-day period:
None.
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EXHIBIT A
Intergovernmental Agreements
WITNESSETH
1
WHEREAS,the Town presently operates the Estes Park Emergency Communications
Center (EPECC)for the provisions of dispatching services to area emergency service
agencies serving the geographical area in and around the Town of Estes Park,Colorado;
and
WHEREAS,Fire District provides certain emergency fire,rescue and medical services,
which services require radio communication and dispatching;and
WHEREAS,since December 8,2009,the Town has been providing dispatch services to
the Fire District;and
WHEREAS,the utilization by the Fire District of the dispatching services of the Town
avoids duplication of services and promotes cost efficiency and maximum coordination
of services among local agencies;and
WHEREAS,the parties recognize that it is fiscally responsible to pay for such services
on a per-call-for-service basis;and
WHEREAS,Article XIV,section 18(2)(a)of the Constitution of the State of Colorado
and Part 2 of Article I of Title 29,C.R.S.,encourage an authorized intergovernmental
agreement of this nature;and
DISPATCH SERVICES
INTERGOVERNMENTAL AGREEMENT
WHEREAS,the parties amended,restated,and replaced the Original Agreement on
December 28,2017 with modifications to the payment for services and extended it
through December 31,2022;and
AGREEMENT
2022,by and
“Town”),and the
Colorado Special District
THIS DISPATCH SERVICES INTERGOVERNMENTAL
(“Agreement”)is entered into on Mew 10 1
between the TOWN OF ESTES PARK (hereinafter referred to as
ESTES VALLEY FIRE PROTECTION DISTRICT,a
(hereinafter referred to as the “Fire District”).
WHEREAS,the Town and the Fire District entered into a Dispatch Services
Intergovernmental Agreement,dated January 13,2015 (the “Original Agreement”),for
similar purposes of this Agreement;and
1.
2.
a.
b.
c.
d.
2
WHEREAS,the Town and the Fire District wish to enter into this Agreement in order to
amend,restate and replace the amended Agreement in its entirety,upon the beginning of
the term of this Agreement pursuant to paragraph 1 below;and
WHEREAS,this Agreement sets forth the obligations of the parties with regard to
dispatching services provided by the Town to the Fire District.
Phone Answering
The EPECC answers emergency 911 calls and non-emergency administrative
calls.Communication personnel answer calls relating to public safety,
municipal services and information requests.EPECC is also equipped to
answer TTY/TTD calls.All medical calls for service are answered using
Emergency Medical Dispatching (EMD).
Enhanced 911 and Next Generation 911 Services
This service provides communication personnel with immediate recognition
of call origination for all incoming line-based telephone calls.The information
provides a callback phone number,an address and the person’s name on the
telephone bill.EPECC is currently able to accept incoming MMS/SMS texts,
and video.
Mass Notification Services
These services allow for emergency service providers to send out a pre
recorded phone message,text message,email and/or fax to community
24 Hour Dispatch Services:Emergency and Non-Emergency
The EPECC provides twenty-four (24)hour per day emergency and non-
emergency dispatching for calls emanating from locations within the Fire
District to such radio bases and mobile and portable dispatching units owned
by the Fire District as may be designated by the Fire District.
NOW,THEREFORE,in consideration of the mutual promises contained below and other
good and valuable consideration,the parties hereto agree as follows:
Services to be provided by the Town.The Town shall utilize dispatching
equipment and capabilities which may be currently owned and operated by the
Town to the extent that such are reasonably necessary to effectuate the purposes
of this Agreement.The Town and the Fire District further agree,in rendering and
utilizing such services,that each will adhere to the procedures contained in
EPECC Procedure Manuals as adopted by the Town.The services provided to the
Fire District by the Town shall include:
Term of the Agreement.This Agreement shall be effective from January 1 ,2023
and automatically renew each succeeding year until December 31,2027 unless
earlier modified in writing or terminated by the parties hereto as described in
section 7.
e.
3
residents of any pending situations that may endanger them or their property.
Using computer technology,a geographical area within the Estes Valley area
can be selected for an emergency message to be sent.These messages can be
sent to landlines,cell phones,email,text messages and/or fax depending on
preferences selected by individuals signing up for these services through the
Larimer Emergency Telephone Authority.
g.EPECC will maintain emergency,back-up power sources for dispatching
equipment.
h.EPECC will maintain current maps and other geographical information necessary
for the efficient and prompt response to requests for services to be rendered by the
Fire District.
j.EPECC will follow the Medical Priority Dispatch System standards for
certification of emergency medical dispatchers.
i.EPECC will allow access by the Fire District to radio frequencies and talk groups
licensed to the Town or its departments when reasonably necessary for the
purpose of providing reliable communication in outlying areas served by the Fire
District.
f.Radio and Phone Logging Services
The EPECC maintains a logging recorder that records all phones and radio
traffic that come directly into the EPECC.These recordings are maintained
according to state law for 12 months plus current.Recordings are considered
public record and may be requested by any of the emergency service
departments as well as the general public.A formal request for these
recordings must be made through either the EPECC or the EPPD Records
Department.This system is monitored 24/7 by the manufacturer of the
recording system.
Computer Aided Dispatch and Call Record Management
All phone calls received that are eventually converted to a call for service for
a service provider are automatically assigned an incident number (run
number)through our Computer Aided Dispatch (CAD)system.This number
becomes a tracking mechanism for the service provider and the EPECC.Any
time information is entered by the dispatcher regarding a specific call all the
information entered remains in place under the one incident number.That
allows the EPECC to provide a “run report”or activity report that contains all
information for one specific activity.The data is maintained for future
management analysis including monthly,quarterly and annual reporting.This
information is available for each service agency upon written request to the
Communications Supervisor.The actual record keeping of criminal justice,
fire or emergency medical case files remains the responsibility of each
agency.
4
The annual amount to be paid under this Agreement shall be payable in twelve
(12)equal monthly installments;each of which shall be due and payable on the 1st
day of each month.Accordingly,the twelfth monthly installment shall be due and
payable on January 1 of the following year.
2022
2023
2024
2025
2026
$33.95/call
$34.80/call
$35.67/calI
$36.56/call
$37.47/call
4-Compensation.Calls received that are eventually converted to a Call for Service
for a service provider are automatically assigned an incident number (run number)
through our Computer Aided Dispatch (CAD)system.The Fire District will be
charged $33.95 per Call for Service with a 2.5%increase each year to address
inflationary costs.As this is a 5-year Agreement,billing per call is as follows:
1.The Fire District understands and agrefes that the Town does not have recording
capability for VHF radio communications.
3.Fire Records.The services provided by the Town regarding the maintenance of
records and recording of calls for service in paragraphs 2(e)and (f)above shall
not render the Town the “official custodian”of such records for Colorado Open
Records Act purposes.The Fire District remains the official custodian of such
records and all requests for inspection of records and recordings shall be
forwarded to the Fire District.The Town may release such records,however,if in
its judgment the release is required by law.Notwithstanding any other provision
to the contrary,all audio recordings of all electronic communications received or
transmitted by EPECC shall be retained by the Town for twelve months plus
current month and shall be made available to the Fire District at no charge.
Requests for recordings must come from the Fire Chief.CAD records as
described in paragraph 2(e).will remain on file for a minimum of five years and
will have the same availability.
k.The Fire District agrees to notify the Town at least 24 hours prior to any drill,
training and/or testing of response by the Fire District’s emergency providers that
will involve dispatch communications through the Town.In the event of any
such drill,training and/or test,the emergency responders shall be dispatched by
the Town as a non-emergency response only.
The amount due each year shall be based on the number of calls and rate from the
previous year,as set forth above.For example,2022 calls will be billed and due
in 2023.The Town will invoice the annual amount due by January 15th of the
year due.
5.
6.
7.
8.
9.
5
10.Entire Agreement.This writing constitutes the entire Agreement between the
parties.
At the request of the Fire District,the EPECC will continue to own and maintain
the software “I Am Responding”(or similar program)and the yearly costs of this
software will be the responsibility of the Fire District and the Park Hospital
District (dba Estes Park Health)at a 50/50 split.This charge is in addition to the
per call charges outlined above.
Operation and Maintenance of EPECC.The Town shall be solely responsible for
the operation and maintenance of the EPECC during the term of this Agreement
and all related equipment shall be physically maintained in good repair by the
Town,at the Town’s expense.
Software.For the purpose of dispatch accuracy and efficiency,each of the Fire
District’s regular duty vehicles shall be equipped with Mobile Data Terminals that
is capable of transmitting status codes.
Estes Valley Fire Protection District
Attn:Fire Chief
901 N.St.VrainAve.
Estes Park,Colorado 80517
Town of Estes Park
Attn:Town Administrator
170 MacGregor Ave.
P.O.Box 1200
Estes Park,Colorado 80517
Termination.Either party may terminate this Agreement by giving a minimum of
six (6)months’written notice of termination to the other party.Upon
termination,the Fire District’s payments of any amounts due and owing as of the
date of termination shall be the Town’s sole remedy.
Liability.The parties hereto shall be solely responsible for the actions or
omissions of their respective officers,agents and employees and shall not be
responsible or legally liable for the negligent acts of the other party.
Notices.Any and all notices or any other communication herein required or
permitted shall be deemed to have been given when personally delivered or
deposited in the United States postal service as regular mail,postage prepaid,and
addressed as follows or to such other person or address as a party may designate
in writing to the other party:
6
12.Default.In the event either party should fail or refuse to perform according to the
terms of this Agreement,such party may be declared in default,and such
defaulting party shall be allowed a period of fifteen (15)days within which to
cure said default.In the event the default remains uncorrected,the non-defaulting
party may elect to:
1 1 .Binding Effect.This Agreement shall be binding upon and incur to the benefit of
the parties hereto and the agents,assigns and successors in interest of each
respectively.
14.Modification.This document constitutes the full understanding of the Parties,and
no term,condition,understanding or agreement purporting to modify or vary the
terms of this Agreement shall be binding unless hereafter made in writing signed
by the both Parties.
13.Good Faith.The Parties,their agents,and employees agree to cooperate in good
faith in fulfilling the terms of this Agreement.The Parties agree that they will
attempt to resolve any disputes concerning the interpretation of this Agreement
and unforeseen questions and difficulties which may arise in implementing the
Agreement by good faith negotiations before resorting to termination of this
Agreement and/or litigation.
16.Merger.This Agreement constitutes a final written expression of all the terms of
this Agreement and is a complete and exclusive statement of those terms.This
Agreement supersedes and replaces any and all prior agreements on substantially
the same subject.
17.Immunity.The Parties,their officers,employees,volunteers,and agents,are
relying on and do not waive,or intend to waive,by any provision of this
agreement the monetary limitations provided by the Colorado Governmental
In the event of default of any of the Agreements herein by either party which shall
require the party not in default to commence legal or equitable actions against the
defaulting party,the defaulting party shall be liable to the non-defaulting party for
the non-defaulting party’s reasonable attorney’s fees,and court costs incurred
because of the default.
a.Terminate the Agreement and seek damages;
b.Treat the Agreement as continuing and require specific performance;or
c.Avail itself of any other remedy at law or equity.
15.Non-Assignment;No Third-Party Beneficiary.This Agreement,and each and
every covenant herein,shall not be assignable except with the prior consent of
both Parties.This Agreement shall not be construed as or deemed to be an
Agreement for the benefit of any third party or parties,and no third party or
parties shall have a right of action hereunder for any cause whatsoever.
(Signature page to follow.)
7
IN WITNESS WHEREOF,this Agreement has been executed the day and year first-
above written.
19.Survival.Those provisions of this Agreement that by their nature are intended to
survive expiration of this Agreement shall so survive.
Immunity Act as amended,or otherwise available to the Parties or their officers,
agents,employees,or volunteers.
18.Annual Appropriations.The obligations of either Party as contained herein shall
not be deemed to be a “multi-year financial obligation”under Article X,Section
20 of the Colorado Constitution.Accordingly,either Party shall have the right to
terminate this Agreement at the end of any fiscal year in the event that the
governing body of said Party fails to appropriate money sufficient for the
continued performance of the Agreement after the end of such fiscal year,such
non-appropriation being within the sole discretion of the governing board.
Appropriation shall be evidenced by the passage of a budget resolution which
provides for or appropriates funds for the Party’s obligations under this
Agreement.Either Party may affect such termination by giving the other Party
written notice of the non-appropriation within 30-days prior to the end of the
current fiscal year.In the event of termination,the Fire District shall pay all
accrued liabilities through the last day of the then current fiscal year,but shall not
be subject to any other penalty or assessment.All financial obligations under this
Agreement are contingent on annual appropriations.
THE TOWN OF ESTES PARK
Date
ATTEST:
i?o .
'o
APPROVED AS TO FORM:
Town Attorney
ESTES VALLEY FIRE PROTECTION DISTRICT
8
Mayor
Clerk
Fire Chief Date
WITNESSETH
WHEREAS,the Town provides vehicle maintenance services for the Town of Estes Park;and
i
WHEREAS,since January 1,2010,the Town has been providing vehicle maintenance services
to the Fire District;and
WHEREAS,the utilization by the Fire District of the vehicle maintenance services of the Town
avoids duplication of services,promotes cost efficiency for the tax-paying public,and promotes
collaboration and goodwill among local agencies;and
WHEREAS,the parties recognize that it is fiscally responsible for the Fire District to pay for
such services at rates equivalent to those paid by Town departments for both fixed and variable
costs of vehicle maintenance services;and
WHEREAS,maintenance of the specialty equipment operated by the Fire District requires
specific technical knowledge not currently in possession by the Town’s Fleet maintenance staff;
and
WHEREAS,Article XIV,Section 18(2)(a)of the Constitution of the State of Colorado and Part
2 of Article 1 of Title 29,C.R.S.,encourage an authorized intergovernmental agreement of this
nature;and
NOW,THEREFORE,in consideration of the mutual promises contained below and other good
and valuable consideration,the parties hereto agree as follows:
WHEREAS,this Agreement sets forth the obligations of the parties with regard to Fleet
Services provided by the Town to the Fire District.
2.Services to be provided by the Town.The Town shall utilize Fleet maintenance facilities,
equipment,tools,and capabilities which may be currently owned and operated by the Town
to the extent that such are reasonably necessary to effectuate the purposes of this Agreement.
The Town and the Fire District further agree,in rendering and utilizing such services,that
1.Term of the Agreement.This is a five-year agreement effective on the date of the Agreement
above and subject to the terms herein.It expires December 31,2027,unless earlier modified
in writing or terminated by the parties hereto.
FLEET SERVICES
INTERGOVERNMENTAL AGREEMENT
THIS FLEET SERVICES INTERGOVERNMENTAL AGREEMENT ("Agreement")is entered
into on ry -3,3^0 ,2022,by and between the TOWN OF ESTES
PARK (hereinafter referred to as the "Town"),and the ESTES VALLEY FIRE PROTECTION
DISTRICT,a Colorado Special District (hereinafter referred to as the "Fire District").
c.
d.
e.
2
a.Labor.The Town will furnish approximately 350 hours of vehicle and equipment
service labor hours per year (approximately 7 hours each week).
Personnel (separation).As a condition of employment,the Town will enter into a
contract with the trained mechanic that requires the trained mechanic to repay the
Town and the Fire District for all incurred training expenses if the trained mechanic
fails to complete the training/certifications or discontinues employment with the Town
within two (2)years of completing the training.In the event of such separation,the
Town agrees to expeditiously endeavor to recruit and hire a replacement heavy truck
mechanic or provide an existing mechanic to deliver the services described herein.
Any training needs for the replacement mechanic shall be implemented as described
above.
Parts,Fluids,and Fuel.The Town will procure and install parts,fluids,and fuel
needed for the maintenance services provided by the Town.
Records.The Town will record the actual labor and training hours and costs of parts,
fluids,and fuel provided by the Town to the Fire District.The Town will be the
custodian of such records,and will provide quarterly reports of such hours and costs to
the Fire District in January,April,July,and October of each year.
each will adhere to the procedures contained in the Town’s Fleet Operations Manual (Policy
871).
4.Compensation.The cost of delivering fleet maintenance services shall be determined
annually by the Town through an annual review as described in section 5 below.The 2022
budgeted costs of vehicle maintenance services provided by the Town to the Fire District
are as follows:$30,015 for Operations &Maintenance Labor &Overhead,$237 for
Capital Cost Recovery Fee,$8,224 for Fuel Allowance,and $5,409 for Parts Allowance.
The total amount budgeted for 2022 is $43,885.The Fire District hereby agrees to pay to
the Town one-twelfth of the budgeted amount for Operations &Maintenance Labor &
b.Personnel (hiring).The Town will endeavor to recruit,hire and train one new heavy
truck mechanic as the primary contact and service provider to the Fire District to
deliver Department of Transportation inspections,preventative maintenance checks
and mechanical repairs as needed.This person would be made available to attend
continuing education training for certification as an Emergency Vehicle Technician
(EVT)Fire Apparatus Technician Level I within 15 months of hire,and certification
as a Fire Apparatus Technician Level II within 30 months of hire.The Town will pay
the costs associated with this mechanic obtaining Automotive Service Excellence
truck certifications (T2 Diesel Engines,T3 Drive Train,T4 Brakes,T5 Suspension &
Steering,and T6 Electrical Systems)required to obtain these EVT designations.
3.Services to be provided by the Fire District.The Fire District will reimburse the Town for
the EVT training (including training course and exam fees,transportation,lodging,and meal
costs)in two installments within 30 days of the Town documenting completion of the
separate EVT Level I and Level II certifications,respectively.
9.Entire Agreement,This writing constitutes the entire Agreement between the parties.
3
1 1 .Default.In the event either party should fail or refuse to perform according to the terms of
this Agreement,such party may be declared in default,and such defaulting party shall be
Overhead ($2,501.25 for 2022)each month,plus the actual cost (no markup)of Parts,
Fluids,and Fuel used each month within 30 days of receipt of the invoice from the Town
as full compensation for the services rendered by the Town in the performance of its
obligations under this Agreement.
Estes Valley Fire Protection District
Attn:Fire Chief
901 N.St.Vrain Ave.
Estes Park,Colorado 80517
Town of Estes Park
Attn:Public Works Director
170 MacGregor Ave.
P.O.Box 1200
Estes Park,Colorado 80517
10.Binding Effect,This Agreement shall be binding upon and incur to the benefit of the
parties hereto and the agents,assigns and successors in interest of each respectively.
5.Cost Adjustment,Each year in September,the costs incurred to that date will be reviewed
by both parties for the purposes of forecasting and budgeting the expected costs over the
next budget year for labor and overhead,training,capital cost recovery fee,parts,fluids,
and fuel.Any new labor hour or cost adjustments will be documented in a supplement to
this Agreement approved administratively by the Fire Chief and the Public Works
Director.Such adjustments are not binding to either party until approved in the annual
budget adopted by each agency’s governing body.If the parties do not so agree upon
adjustments or the budget for the next budget year by the time it begins,this Agreement
shall terminate automatically at that time.
6.Termination.Either party may terminate this Agreement by giving a minimum of six (6)
months’written notice of termination to the other party.Upon termination,the Fire
District's payments of any amounts due and owing as of the date of termination shall be the
Town's sole remedy.
7.Liability,The parties hereto shall be solely responsible for the actions or omissions of
their respective officers,agents and employees and shall not be responsible or legally
liable for the negligent acts of the other party.
8.Notices.Any and all notices or any other communication herein required or permitted shall
be deemed to have been given when personally delivered or deposited in the United States
postal service as regular mail,postage prepaid,and addressed as follows or to such other
person or address as a party may designate in writing to the other party:
Terminate the Agreement and seek damages;ora.
b.Avail itself of any other remedy at law or equity.
15.
16.
17.
4
12.Good Faith.The Parties,their agents,and employees agree to cooperate in good faith in
fulfilling the terms of this Agreement.The Parties agree that they will attempt to resolve
any disputes concerning the interpretation of this Agreement and unforeseen questions and
difficulties which may arise in implementing the Agreement by good faith negotiations
before resorting to termination of this Agreement and/or litigation.
13.Modification.This document constitutes the full understanding of the Parties,and no term,
condition,understanding or agreement purporting to modify or vary the terms of this
Agreement shall be binding unless hereafter made in writing signed by the both Parties.
Merger.This Agreement constitutes a final written expression of all the terms of this
Agreement and is a complete and exclusive statement of those terms.
Immunity.The Parties,their officers,employees,volunteers,and agents,are relying on and
do not waive,or intend to waive,by any provision of this Agreement the monetary
limitations presently $350,000 per person and $990,000 per occurrence or any other rights,
immunities and protections provided by the Colorado Governmental Immunity Act,§24-
10-101,C.R.S.,et seq.,as amended,or otherwise available to the Parties or their officers,
agents,employees,and volunteers.
Annual Appropriations.The obligations of either Party as contained herein,shall not be
deemed to be a "multi-year financial obligation"under Article X,Section 20 of the
Colorado Constitution.Accordingly,either Party shall have the right to terminate this
Agreement at the end of any fiscal year in the event that the governing body of said Party
fails to appropriate money sufficient for the continued performance of the Agreement after
the end of such fiscal year,such non-appropriation being within the sole discretion of the
governing board.Appropriation shall be evidenced by the approval of a budget which
specifically provides for or appropriates funds for the Party's obligations under this
Agreement.Either Party may affect such termination by giving the other Party written
14.Non-Assignment;No Third-Party Beneficiary,This Agreement,and each and every
covenant herein,shall not be assignable except with the prior consent of both Parties.
This Agreement shall not be construed as or deemed to be an Agreement for the benefit
of any third party or parties,and no third party or parties shall have a right of action
hereunder for any cause whatsoever.
allowed a period of fifteen (15)days within which to cure said default.In the event the
default remains uncorrected,the non-defaulting party may elect to:
In the event of default of any of the covenants herein by either party which shall require
the party not in default to commence legal or equitable actions against the defaulting party,
the defaulting party shall be liable to the non-defaulting party for the non-defaulting party's
reasonable attorney's fees,and court costs incurred because of the default.
THE TOWN OF ESTES PARK
Date ''
20
ATTEST:
'n Clerk
'ROVED AS TO FORM:
Town Attorney
ESTES VALLEY FIRE PROTECTION DISTRICT
Fire Chief \
5
IN WITNESS WHEREOF,this Agreement has been executed the day and year first-above
written.
notice of the non-appropriation within 30 days prior to the end of the then-current fiscal
year.In the event of termination,the Fire District shall pay all accrued liabilities through
the last day of the then-current fiscal year,but shall not be subject to any other penalty or
assessment.
I'wI'Lptz.
Date
Mayor
{00940539.DOCX / }
EXHIBIT B
2023 Budget
December 15,2022
*ESCU£
There has also been significant work on our strategic plan,looking to how we will continue to serve this
community into the future.As our population and visitation grows,the demands on our agency also
increase.We greatly appreciate the feedback provided on our survey and are now at work incorporating
that into our modified plans and proposals.Stay tuned for additional engagement opportunities in the next
couple months as we refine and adapt our plans.
This coming year will provide additional opportunities for our agency to continue and improve the service
to our residents and guests.It is a privilege to serve this great community,and we are proud to continue to
do so as a >90%volunteer organization.Stay tuned for more updates in our annual report to be released in
January 2023.
Dear Residents and Guests of the Estes Valley,
The mission of our organization is to,“provide the residents and guests of the Estes Valley with superior
fire prevention,fire protection,and emergency services in a safe and efficient manner”.The Board of
Directors,Staff,and Volunteers of this agency are committed to that mission in all things that we do and
have spent 2022 continuing to advance that mission.
In Operations,we have continued to support and grow our volunteer organization.Our volunteers are the
backbone of this organization and the nearly 40 men and women who selflessly serve this community help
us do just that.They put in countless hours of training and respond to hundreds of emergency calls
throughout the year.We were fortunate to avoid any major natural disasters in 2022 thanks to a wet summer,
but investments in training keep us ready for whatever happens next.We completed our sixth regional fire
academy,providing training to our neighboring agencies and strengthening relationships.
We have restructured our Support Services,which oversees the maintenance of our facilities and equipment
and our Community Risk Reduction programs.With the recognition of the increasing threat of wildfire in
our community,we worked with the Town of Estes Park and Estes Valley Watershed Coalition to complete
an update of our Community Wildfire Protection Plan.Going into 2023,we will have committed focus to
implementation of that plan,striving to reduce our community’s risk.
Sincerely,
David Wolf,Fire OJiief
Estes Valley Fire Protection District
ESTES VALLEY FIRE PROTECTION DISTRICT
PREVENT PREPARE PERFORM
Serving the Residents and Visitors of the Estes Valley with Superior Fire and Safety Services
901 N.SAINT VRAIN AVE.ESTES PARK CO 80517 970-577-0900 fax 970-577-0923
To:Citizens of the Estes Valley
From:Fire Chief David Wolf
ESTES VALLEY FIRE PROTECTION DISTRICT
2023 BUDGET MESSAGE
Overview
Highlights of the 2023 budget include the following:
General Fund
Revenue
Expenses
Fund Balance/Reserve
The District has an assessed valuation of $391,417,940 and a certified mill levy of 1.997,resulting
in property tax revenues of $781,663.The Specific Ownership tax is estimated to be 7.50%of the
property tax,or $58,625 in 2023.The District has also budgeted $1,348,297 in Sales Tax from the
Town of Estes Park,$40,000 in Plan Reviews and Inspections,$20,304 in grants,$58,000 in
Impact Fees and $51,000 in other revenues,with $2,487,889 budgeted for total revenues in 2023.
The District also budgets for the Volunteer Pension Fund,a fiduciary fund,which is used to
account for assets held by the District in the capacity of trustee for its volunteer firefighter’s
pension plan.
Total budgeted operational expenditures for 2023 are $2,665,285.Expenditures are categorized as
district overhead,operations,training,prevention,and capital expenditures.
The District has provided for an emergency reserve fund equal to at least 3%of the fiscal year
spending for 2023,as defined under TABOR.
•The assessed valuation decreased from $398,442,345 to $391,417,940.
o Total operating revenue is expected to increase by $282,145 over the preceding year,
primarily due to an increase in sales tax from the Town of Estes Park.
The Estes Valley Fire Protection District,a quasi-municipal corporation and political subdivision
of the State of Colorado,was organized by order and decree of the District Court of Larimer
County on November 17,2009.The District was established to provide comprehensive fire
protection and emergency medical services in the Town of Estes Park.The District protects a
variety of areas,including suburban residential property,agricultural farms and open space,and
mountain residences and forests.
ORGANIZATIONAL CHART
I
r 1T
FAX
rescue
BOARD OF DIRECTORS
Residents &Guests
of the Estes Valley
New Members
Volunteer
Firefighters
PUBLIC
INFORMATION
OFFICER
Jon Hodde-President
Larry Learning-Vice President
Brian Tseng -Treasurer
Dave Hamrick -Secretary
Ryan Brass -At Large
FIRE CHIEF
David Wolf (CH70)
I
WILDLAND
PROGRAM
SPECIALIST
CODE
APPLICATION
EDUCATOR
TRAINING LIEUTENANT
Chris Thomas (7010)
ADMINISTRATIVE
ASSISTANT
Marinda Baxter
I
SQUAD 1
Volunteer
Firefighters
LIEUTENANT
Volunteer (7012)
L
SQUAD 2
Volunteer
Firefighters
CAPTAIN
Volunteer (7008)
DIVISION CHIEF OF OPERATIONS
Paul Capo (CH73)
LIEUTENANT
Volunteer (7013)
SQUAD 3
Volunteer
Firefighters
CAPTAIN
Volunteer (7009)
LIEUTENANT
Volunteer (7014)
I
SQUAD 4
Volunteer
Firefighters
LIEUTENANT
Volunteer (7015)
I
SQUAD 5
Volunteer
Firefighters
LIEUTENANT
Volunteer (7011)
ESTES VALLEY FIRE PROTECTION DISTRICT
PREVENT PREPARE PERFORM
CHIEF OF STAFF
Erika Goetz (PIO70)
DIVISION CHIEF OF SUPPORT SERVICES
Jon Landkamer (CH72)
Serving the Residents and Visitors of the Estes Valley with Superior Fire and Safety Services
901 N.SAINT VRAIN AVE.ESTES PARK CO 80517 970-577-0900 fax 970-577-0923
ESTES VALLEY FIRE PROTECTION DISTRICT
RESOLUTION 2022 -06
Section 1.That estimated expenditures for each fund are as follows:
$2,665,285GENERALFUND
$CAPITAL PROJECTS FUND 0
$182,403PENSIONFUND
Section 2.That estimated revenues for each fund are as follows:
GENERAL FUND
781,663
$2,665,285TOTAL
WHEREAS,the District’s Budget Officer submitted a proposed budget to the Board of Directors
on October 26,2022 for its consideration;and
WHEREAS,upon due and proper notice,posted and published in accordance with the law,said
proposed budget was open for inspection by the public at a designated place,a public hearing
was held on December 14,2022 and interested taxpayers were given the opportunity to file or
register any objections to said proposed budget;and,
WHEREAS,whatever increases may have been made in the expenditures,like increases were
added to the revenues so that the budgets remain in balance,as required by law;
NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE ESTES VALLEY
FIRE PROTECTION DISTRICT:
A COMBINED RESOLUTION CONCERNING THE ADOPTION OF A BUDGET AND
APPROPRIATION OF FUNDS FOR SUCH BUDGET FOR FISCAL YEAR 2023
From unappropriated surpluses
From sources other than general property tax
From the general property tax levy
A.A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND AND
ADOPTING THE BUDGET FOR THE ESTES VALLEY FIRE PROTECTION DISTRICT FOR THE
CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY 2023 AND ENDING ON THE
LAST DAY OF DECEMBER 2023.
$177,397
$1,706,226
$
CAPITAL PROJECTS FUND
0
0
0
From the general property tax levy 0
$TOTAL 0
PENSION FUND
0
0
$192,605TOTAL
WHEREAS,the Board of Directors of the Estes Valley Fire Protection District has adopted the
District's annual budget in accordance with the Local Government Budget;and
WHEREAS,the Board of Directors has made provision therein for revenues in an amount equal
to,or greater than,the total proposed expenditures as set forth in said budgets;and,
WHEREAS,it is not only required by law,but also necessary,to appropriate the revenues
provided in the budgets to and for the purposes described below,so as not to impair the
operations of the District;
From unappropriated surpluses
From sources other than general property tax
From transfers from the General Fund
From unappropriated surpluses
From sources other than general property tax
From the general property tax levy
$
$
$
$
Section 3.That the Budget which was submitted,amended,and herein summarized by
fund,is hereby approved and adopted as the Budget of the District and made a part of the
public records of the District;and
$
$192,605
$
B.A RESOLUTION APPROPRIATING SUMS OF MONEY TO THE VARIOUS FUNDS AND
SPENDING AGENCIES,IN THE AMOUNTS AND FOR THE PURPOSES SET FORTH BELOW FOR
THE ESTES VALLEY FIRE PROTECTION DISTRICT FOR THE 2023 BUDGET YEAR.
$2,665,285GeneralFund
$Capital Projects Fund 0
$182,403PensionServiceFund
NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE ESTES VALLEY
FIRE PROTECTION DISTRICT:
That the following sums are hereby appropriated from the revenue of each Fund,to each
Fund,for the purposes stated:
ADOPTED:December 14,2022
ESTES VALLEY FIRE PROTECTION DISTRICT
'resident
ATTEST:
IL
Secretary
Y
RESOLUTION TO SET MILL LEVIES
1
WHEREAS,the valuation for assessment for the District as recently certified by the County
Assessor(s)is $391,417,940;
Section 2.That the District's Secretary is hereby authorized and directed to certify to the
County Commissioners of Larimer County,Colorado,the mill levies for the District as
hereinabove determined and set,and to execute such form or forms as may be required by the
County Commissioners for such purposes;provided,however,that in the event that the final
notice of assessed valuation will cause an adjustment to such mill levy in order to raise the
amounts stated to balance the District’s budget,the District’s Budget Officer is authorized to
make such adjustment based upon the final assessed valuations received from the County
Assessor(s).In no event shall such adjustments result in any unauthorized non-voter approved
increase in the mill levy.
WHEREAS,on December 14,2022 the Board of Directors of the Estes Valley Fire Protection
District adopted the District's annual budget in accordance with the Local Government Budget
Law;
WHEREAS,the amount of money necessary to balance the District's budget for the General
Fund and Capital Projects Fund is $781,663.
Section 1.That,for the purpose of meetingall general operating expenses of the District
during the District's 2023 budget year,there is hereby levied a tax of 1.997 mills upon each
dollar of the total valuation for assessment of all taxable property within the District for the
previous year (tax year 2022).
NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE ESTES VALLEY
FIRE PROTECTION DISTRICT:
A RESOLUTION LEVYING GENERAL PROPERTY TAXES FOR THE YEAR 2022 TO HELP DEFRAY
THE COSTS OF GOVERNMENT FOR THE ESTES VALLEY FIRE PROTECTION DISTRICT,
FOR THE 2023 BUDGET YEAR.
ESTES VALLEY FIRE PROTECTION DISTRICT
RESOLUTION 2022 -07
ADOPTED:December 14,2022.
ESTES VALLEY Fl ISTRICT
ATTEST:
7
2
ident
/
Secretary
Prj
029 66171 /I
TO:County Commissioners1 of Larimer County ,Colorado.
On behalf of the Estes Valley Fire Protection District
the Board of Directors
for budget/fiscal year
LEVY2PURPOSE(see end notes for definitions and examples)
$mills1.997 781,662.63
>mills $
1.997 mills $781,662.63SUBTOTALFORGENERALOPERATING:
$mills
$mills
$mills
$mills
7.OtherN (specify):$mills
$mills
$1.997 mills 781,662.63
(970)669-3611
Signed:District AccountantTitle:
Form DLG 70 (rev 7/08)Page 1 of 4
Contact person:
(print)
Daytime
phone:
County Tax Entity Code DOLA LGID/S1D
CERTIFICATION OF TAX LEVIES for NON-SCHOOL Governments
2023
(yyyy)
REVENUE2
$391,417,940
(NET assessed valuation,Line 4 of the Certification of Valuation Form DLG 57)
Amanda Castle
Include one copy of this tax entity’s completedform when filing the local government’s budget by January 31st,per 29-1-113 C.R.S.,with the
Division of Local Government (DLG),Room 521,1313 Sherman Street,Denver,CO 80203.Questions?Call DLG at (303)866-2156.
1 If the taxing entity’s boundaries include more than one county,you must certify the levies to each county.Use a separate form
for each county and certify the same levies uniformly to each county per Article X,Section 3 of the Colorado Constitution.
2 Levies must be rounded to three decimal places and revenue must be calculated from the total NET assessed valuation (Line 4 of
Form DLG57 on the County Assessor’s/v/va/certification of valuation).
TTCETT A T •r $um °f General Operating i-1 Lf 1 zAJL .[Subtotal and Lines 3 to 7 J
3.General Obligation Bonds and Interest’1
4.Contractual Obligations*
5.Capital ExpendituresL
6.Refunds/Abatements^1
(taxing entity)A
Hereby officially certifies the following mills
to be levied against the taxing entity’s GROSS $391,417,940
assessed valuation of:(GROSSD assessed valuation,Line 2 of the Certification of Valuation Form DLG 57E)
Note:If the assessor certified a NET assessed valuation
(AV)different than the GROSS AV due to a Tax
Increment Financing (TIF)AreaF the tax levies must be
calculated using the NET AV.The taxing entity’s total
property tax revenue will be derived from the mill levy
multiplied against the NET assessed valuation of:
Submitted:12/14/2022
(not later than Dec.15)(mm/dd/yyyy)
(governing body)B
of the Estes Valley Fire Protection District
r
(local government)
1 .General Operating Expenses*
2.<Minus>Temporary General Property Tax Credit/
Temporary Mill Levy Rate Reduction1
CERTIFICATION OF TAX LEVIES,continued
CERTIFY A SEPARATE MILL LEVY FOR EACH BOND OR CONTRACT:
2.
4.
Use multiple copies of this page as necessary to separately report all bond and contractual obligations per 32-1-1603,C.R.S.
Form DLG 70 (rev 7/08)Page 2 of 4
Purpose of Issue:
Series:
Date of Issue:
Coupon Rate:
Maturity Date:
Levy:
Revenue:
Purpose of Contract:
Title:
Date:
Principal Amount:
Maturity Date:
Levy:
Revenue:
Purpose of Issue:
Series:
Date of Issue:
Coupon Rate:
Maturity Date:
Levy:
Revenue:
Purpose of Contract:
Title:
Date:
Principal Amount:
Maturity Date:
Levy:
Revenue:
THIS SECTION APPLIES TO TITLE 32,ARTICLE 1 SPECIAL DISTRICTS THAT LEVY TAXES
FOR PAYMENT OF GENERAL OBLIGATION DEBT (32-1-1603 C.R.S.).Taxing entities that are
Special Districts or Subdistricts of Special Districts must certify separate mill levies and revenues to the
Board of County Commissioners,one each for the funding requirements of each debt (32-1-1603,C.R.S.)
Use additional pages as necessary.The Special District’s or Subdistrict’s total levies for general obligation
bonds and total levies for contractual obligations should be recorded on Page 1,Lines 3 and 4 respectively.
BONDSJ:
1.
CONTRACTS1*:
3.
Pinnacle
Consulting Group,inc.
Management Budget Report
www.PinnacleConsultingGrouplnc.com
We have presented the accompanying forecasted budget of revenues,expenditures and fund balances for the
year ending December 31,2023,including the comparative information of the forecasted estimate for the year
ending December 31,2022 and the actual historic information for the year 2021 .
BOARD OF DIRECTORS
ESTES VALLEY FIRE PROTECTION DISTRICT
These financial statements are designed for management purposes and are intended for those who are
knowledgeable about these matters.We have not audited,reviewed or compiled the accompanying forecast
and,accordingly,do not express an opinion or provide any assurance about whether the forecast is in accordance
with accounting principles generally accepted in the United States of America.Substantially all the disclosures
required by accounting principles generally accepted in the United States of America have been omitted.If the
omitted disclosures were included in the forecast,they might influence the user’s conclusions about the results
of operations for the forecasted periods.
Loveland
550 West Eisenhower Boulevard,Loveland,CO 80537
(970)669-3611
Denver
6950 East Belleview Avenue,Suite 200,Greenwood Village,CO 80111
(303)333-4380
Pinnacle Consulting Group,Inc.
January 13,2023
$$$$
25,000
$$$$2,205,744 2,337,508 2,487,889
$$$
$$$$
Revenues overZ(under)Expenditures $$$(178,114)$(103,069)(18,761)(177,397)
Beginning Fund Balance 1,358,387 1,108,712 1,180,273 1,161,513
Ending Fund Balance $$$$1,180,273 1,005,643 1,161,513 984,116
$$$
$$$$1,005,643 984,116
Components of Ending Fund Balance
Restricted -TABOR
Restricted -Impact Fees
Committed -LOSAP
Committed -Contracts
Reserved -Operations
Reserved -Capital
Non-Spendable
Unrestricted
730
30,440
2,191,135
668,741
456,240
113,709
226,888
903,670
2,369,248
65,734
134,597
2,050
56,597
385,000
37,366
75,347
423,582
1,180,273
88,704
1,996
13,837
915,292
521,751
199,908
342,471
329,391
2,308,814
58,887
81,328
2,050
65,503
500,000
297,875
58,000
20,000
5,000
858,314
552,374
190,402
363,993
391,187
2,356,269
202,631
1,161,513
70,125
23,328
2,050
65,503
500,000
297,875
76,892
10,000
5,000
5,043
12,000
1,034,841
508,176
191,603
555,665
375,000
2,665,285
79,959
81,328
2,050
65,503
500,000
255,277
(c)
2022
Projected
Budget
1 ,279,193
780,150
57,173
20,304
10,000
81,753
ESTES VALLEY FIRE PROTECTION DISTRICT
STATEMENT OF REVENUES &EXPENDITURES WITH BUDGETS
GENERAL FUND
(a)
2021
Audited
Actuaj
1,172,125
724,129
55,280
31,343
500
72,051
(b)
2022
Adopted
Budget
'1,118,079
780,150
58,511
20,004
1,000
120,000
(0
2023
Adopted
Budget
1,348,297
781,663
58,625
20,304
_1000
40,000
70,000
58,000
20,000
5,000
60,000
25,000
Revenues
Sales Tax -Town of Estes Park
Property Taxes
Specific Ownership Tax
Grants
Contributions &Donations
Plan Reviews &Inspections
Operational Permits
Impact Fees
Investment Income
Wildland Fire Reimbursement
Miscellaneous Revenue
Training Division
COVID Relief Funding
Total Revenues
I
Expenditures
District Overhead
Operations Division
Training Division
Prevention Division
Capital Purchases
Total Operating Expenditures
$$$$
$$$668,741 $
$$$$
$$$$456,240
$$$$
$$$$113,709
$$$$
$$$226,888 $
$$$$
$$$$
$$Total Expenditures $$2,369,248 2,308,814 2,356,269 2,665,285
Capital Purchases
Fleet Capital Expense
Buildings &Grounds Capital Expense
Total Capital Expenditures
Prevention Division
Salaries and Benefits
Membership Dues/Subscription
Public Education
Prevention
Contingencies
Total Prevention Division Expenditures
Training Division
Salaries and Benefits
Membership Dues/Subscription
Conferences
Internal Training
External Training
Supplies
Contingencies
Total Training Division Expenditures
Operations Division
Salaries and Benefits
Maintenance Contracts
Equipment Acquistion
Supplies -Consumables
Catering/Special Circumstances
Firefighter Recruitment
Contingencies
Total Operations Division Expenditures
District Overhead
Strategic Planning Implementation
Professional Services/Fees
Salaries and Benefits
Insurance
Membership Dues/Subscription
Catering/Special Cicumstance
Stations Maintenance
Data Processing Equipment
Miscellaneous Equipment
Member Recognition
Contingencies
Total District Overhead Expenditures
ESTES VALLEY FIRE PROTECTION DISTRICT
STATEMENT OF REVENUES &EXPENDITURES WITH BUDGETS -DETAIL
126,812
289,488
53,056
9,678
9,328
60,371
8,768
10,869
100,370
209,056
2,110
14,380
1,342
840,805
62,865
903,670
184,445
120,727
144,744
473
5,747
105
82,792
3,079
9,793
2,048
13,416
2,582
256,364
145,847
105,090
3,350
6,500
1,600
3,000
521,751
110,000
149,857
344,118
67,112
8,139
16,650
71,366
7,000
5,000
131,050
5,000
915,292
318,047
8,406
9,975
3,042
3,000
342,471
161,846
167,545
329,391
114,098
5,250
23,500
24,500
28,560
2,000
2,000
199,908
213,865
164,372
158,917
4,120
6,500
1,600
3,000
552,374
233,642
157,545
391,187
65,000
143,857
350,919
71,725
5,791
14,890
71,529
7,300
5,000
117,303
5,000
858,314
330,445
5,031
17,475
8,042
3,000
363,993
114,098
5,244
13,500
24,500
28,560
2,500
2,000
190,402
72,000
145,750
464,152
94,302
11,708
14,650
79,739
8,500
4,000
135,040
5,000
1,034,841
474,361
5,286
12,975
58,042
5,000
555,665
261,870
141,856
90,000
3,350
6,500
1,600
3,000
508,176
325,000
50,000
375,000
121,597
5,506
16,000
29,500
13,000
3,000
3,000
191,603
(a)
2021
Audited
Actual
(c)
2022
Projected
Budget
(b)
2022
Adopted
Budget
(0
2023
Adopted
Budget
$$$$
$$$$
$$$$11,153
13,235
148,963
$$$$173,351 168,593
$Revenues overZ(under)Expenditures $$$69,531 76,105 (28,593)10,203
Beginning Fund Balance 1,735,656 1,851,851 1,805,187 1,776,594
$Ending Fund Balance $$$1,805,187 1,927,956 1,776,594 1,786,796
2,500
1,500
5,000
130,000
800
2,700
142,500
1,180
2,500
9,576
3,200
151,337
800
11,153
2,500
5,000
5,000
155,250
800
2,700
182,403
(a)
2021
Audited
Actual
1 66,882
40,000
36,000
242,882
(b)
2022
Adopted
Budget
90,000
80,000
48,605
218,605
(c)
2022
Projected
Budget
50,000
54,000
36,000
140,000
(0
2023
Adopted
Budget
90,000
54,000
48,605
192,605
Revenues
Investment Income (loss)
EVFPD Contribution
State Participation Contribution
Total Revenues
I
Expenditures
Actuarial Study
Audit
Investment Fees
_Miscellaneous
Retiree benefit Payments
Retiree Death Benefit
Contingency
Total Operating Expenditures
ESTES VALLEY FIRE PROTECTION DISTRICT
STATEMENT OF REVENUES &EXPENDITURES WITH BUDGETS
VOLUNTEER FIRE PENSION TRUST
CERTIFICATION OF VALUATION BY LARIMER COUNTY ASSESSOR
New Entity:No
USE FOR STATUTORY PROPERTY TAX REVENUE LIMIT CALCULATIONS (5.5%LIMIT)ONLY
1 .PREVIOUS YEAR'S NET TOTAL TAXABLE ASSESSED VALUATION:$398,442,345
2.CURRENT YEAR'S GROSS TOTAL TAXABLE ASSESSED VALUATION:*$391,417,940
3.LESS TIF DISTRICT INCREMENT,IF ANY:$0
4.CURRENT YEAR'S NET TOTAL TAXABLE ASSESSED VALUATION:$391,417,940
5.NEW CONSTRUCTION:$1,942,712**
6.INCREASED PRODUCTION OF PRODUCING MINES:#$0
7.ANNEXATIONS/INCLUSIONS:$0
8.PREVIOUSLY EXEMPT FEDERAL PROPERTY:#$0
$0
$0.00
$4,378.28
USE FOR ’TABOR1 LOCAL GROWTH CALCULATIONS ONLY
ADDITIONS TO TAXABLE REAL PROPERTY:
CONSTRUCTION OF TAXABLE REAL PROPERTY IMPROVEMENTS:$26,676,1002.
ANNEXATIONS/INCLUSIONS:3.
INCREASED MINING PRODUCTION:4.%
PREVIOUSLY EXEMPT PROPERTY:5.
OIL OR GAS PRODUCTION FROM A NEW WELL:6.
TAXABLE REAL PROPERTY OMITTED FROM THE PREVIOUS YEAR'S TAX WARRANT:7.
8.DESTRUCTION OF TAXABLE REAL PROPERTY IMPROVEMENTS:
9.DISCONNECTIONS/EXCLUSION:
10.PREVIOUSLY TAXABLE PROPERTY:
$0
NOTE:All levies must be Certified to the Board of County Commissioners NO LATER THAN DECEMBER 15,2022
$1,160,447
Data Date:11/18/2022
Name of Jurisdiction:029 -ESTES VALLEY FIRE PROTECTION DISTRICT
IN LARIMER COUNTY ON 11/17/2022
(If land and/or a structure is picked up as omitted property for multiple years,only the most current year's actual value can be reported as omitted property.)
DELETIONS FROM TAXABLE REAL PROPERTY:
$0
$0
$790,620
$0
$0
$449,800
$0
$161,200
@ This includes the actual value of all taxable real property plus the actual value of religious,private schools,and charitable real property.
I Construction is defined as newly constructed taxable real property structures.
%Includes production from new mines and increases in production of existing producing mines.
9.NEW PRIMARY OIL OR GAS PRODUCTION FROM ANY PRODUCING OIL AND GAS LEASEHOLD ##
ORLAND (29-1 -301 (1 )(b)C.R.S.):
IN ACCORDANCE WITH THE PROVISION OF ARTICLE X,SECTION 20,COLO CONST,AND 39-5-121(2)(b),C.R.S.THE ASSESSOR CERTIFIES
THE TOTAL ACTUAL VALUATION FOR THE TAXABLE YEAR 2022 IN LARIMER COUNTY,COLORADO ON AUGUST 25,2022
1.CURRENT YEAR'S TOTAL ACTUAL VALUE OF ALL REAL PROPERTY:@ $4,282,434,660 1
IN ACCORDANCE WITH 39-5-12 1 (2)(a)AND 39-5-128(1),C.R.S.AND NO LATER THAN AUGUST 25,THE ASSESSOR CERTIFIES THE
TOTALVALUATION FOR ASSESSMENT FOR THE TAXABLE YEAR 2022 IN LARIMER COUNTY.COLORADO
IN ACCORDANCE WITH 39-5-128(1),C.R.S.AND NO LATER THAN AUGUST 25,THE ASSESSOR CERTIFIES
TO SCHOOL DISTRICTS :1 .TOTAL ACTUAL VALUE OF ALL TAXABLE PROPERTY:>
10.TAXES COLLECTED LAST YEAR ON OMITTED PROPERTY AS OF AUG.1 (29-1 -301 (1))(a)C.R.S.):
11.TAXESABATEDAND REFUNDED AS OF AUG.1 (29-1 -301 (1 )(a)C.R.S.)and (39-10-1 14(1)(a)(l)(B)C.R.S.):
*This value reflects personal property exemptions IF enacted by the jurisdiction as authorized by Art.X,Sec.20(8)(b),Colo.
**New construction is defined as:Taxable real property structures and the personal property connected with the structure.
#Jurisdiction must submit respective certifications (Forms DLG 52 AND 52A)to the Division of Local Government in order for the values to be treated as growth in the
limit calculation.
##Jurisdiction must apply (Forms DLG 52B)to the Division of Local Government before the value can be treated as growth in the limit calculation.
IN ACCORDANCE WITH 39-5-1 28(1 ,5)C.R.S.THE ASSESSOR PROVIDES:
HB21 -131 2 ASSESSED VALUE OF EXEMPT BUSINESS PERSONAL PROPERTY (ESTIMATED):**
**The tax revenue lost due to this exempted value will be reimbursed to the tax entity by the County Treasurer
in accordance with 39-3-1 19 f(3).C.R.S.
{00940539.DOCX / }
EXHIBIT C
2022 Audit
ESTES VALLEY FIRE
PROTECTION DISTRICT
Financial Statements
December 31, 2022
TABLE OF CONTENTS
Page
Independent Auditor’s Report ................................................................................................ I
Management’s Discussion and Analysis ................................................................................. IV
Basic Financial Statements
Government‐Wide Financial Statements
Statement of Net Position ............................................................................................... 1
Statement of Activities .................................................................................................... 2
Fund Financial Statements
Governmental Fund
Balance Sheet .................................................................................................................. 3
Reconciliation of the Governmental Fund Balance Sheet to
the Statement of Net Position ...................................................................................... 4
Statement of Revenues, Expenditures and Changes in Fund Balance ............................. 5
Reconciliation of the Statement of Revenues, Expenditures and Changes
in Fund Balance of the Governmental Fund to the Statement of Activities ................. 6
Statement of Revenues, Expenditures and Changes in
Fund Balance – Budget and Actual – General Fund .................................................... 7‐8
Statement of Fiduciary Net Position – Volunteer Pension Fund ...................................... 9
Statement of Changes in Fiduciary Net Position – Volunteer Pension Fund .................. 10
Notes to the Financial Statements ................................................................................... 11‐56
Required Supplementary Information
Schedule of Changes in Net Pension Liability and Related Ratios –
Volunteer Pension Fund ................................................................................................. 57‐58
Schedule of Net Pension Liability – Volunteer Pension Fund ............................................ 59‐60
Schedule of District Contributions – Volunteer Pension Fund .............................................. 61
Schedule of Investment Returns – Volunteer Pension Fund ................................................ 62
TABLE OF CONTENTS
(Continued) Page
Required Supplementary Information (continued)
Schedule of the District’s Proportionate Share of Net Pension Liability (Asset)
– FPPA Pension Plan – Statewide Defined Benefit Plan Fund ........................................ 63‐64
Schedule of District Contributions – FPPA Pension Plan –
Statewide Defined Benefit Plan Fund ................................................................................ 65
Schedule of the District’s Proportionate Share of the Net Pension Liability –
PERA Pension Plan – Local Government Division Trust Fund ......................................... 66‐67
Schedule of District Contributions – PERA Pension Plan – Local Government
Division Trust Fund ............................................................................................................ 68
Schedule of the District’s Proportionate Share of the Net OPEB Liability –
PERA Health Care Trust Fund ......................................................................................... 69‐70
Schedule of District Contributions – PERA Health Care Trust Fund ...................................... 71
Supplementary Information
Schedule of Changes in Fiduciary Net Position – Budget and Actual
Volunteer Pension Fund .................................................................................................... 72
Other Information
Schedule of Assessed Valuation, Mill Levy and Property Taxes Collected ............................ 73
8200 South Quebec Street, Suite A3259, Centennial, Colorado 80112
303-905-0809 info@dazziocpa.com
Member American Institute of Certified Public Accountants Member Colorado Society of Certified Public Accountants
I
Dazzio & Associates, PC
Certified Public Accountants
INDEPENDENT AUDITOR’S REPORT
Board of Directors
Estes Valley Fire Protection District
Larimer County, Colorado
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities the
major fund, and the aggregate remaining fund information of the Estes Valley Fire Protection
District (the District), as of and for the year ended December 31, 2022, and the related notes to
the financial statements, which collectively comprise the District’s basic financial statements as
listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the respective financial position of the governmental activities, the major fund, and the
aggregate remaining fund information of the District, as of December 31, 2022, and the
respective changes in financial position, and the budgetary comparison for the General Fund for
the year then ended in accordance with accounting principles generally accepted in the United
States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America. Our responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We
are required to be independent of the District and to meet our other ethical responsibilities, in
accordance with the relevant ethical requirements relating to our audit. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial
statements in accordance with accounting principles generally accepted in the United States of
America, and for 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.
II
In preparing the financial statements, management is required to evaluate whether there are
conditions or events, considered in the aggregate, that raise substantial doubt about the
District’s ability to continue as a going concern for twelve months beyond the financial
statement date, including any currently known information that may raise substantial doubt
shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance
but is not absolute assurance and therefore is not a guarantee that an audit conducted in
accordance with generally accepted auditing standards will always detect a material
misstatement when it exists. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control. Misstatements
are considered material if there is a substantial likelihood that, individually or in the aggregate,
they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with generally accepted auditing standards, we:
Exercise professional judgment and maintain professional skepticism throughout the
audit.
Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, and design and perform audit procedures responsive to
those risks. Such procedures include examining, on a test basis, evidence regarding the
amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the District’s internal control. Accordingly,
no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluate the overall
presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the
aggregate, that raise substantial doubt about the District’s ability to continue as a going
concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit, significant audit findings, and certain
internal control‐related matters that we identified during the audit.
III
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
management’s discussion and analysis on pages IV–IX and the pension schedules on pages 57 –
71 be presented to supplement the basic financial statements. Such information is the
responsibility of management and, although not a part of the basic financial statements, is
required by the Governmental Accounting Standards Board who considers it to be an essential
part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context. We have applied certain limited procedures to the
required supplementary information in accordance with auditing standards generally accepted
in the United States of America, which consisted of inquiries of management about the
methods of preparing the information and comparing the information for consistency with
management’s responses to our inquiries, the basic financial statements, and other knowledge
we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us
with sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the District’s basic financial statements. The Supplementary Information,
as listed in the table of contents, is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information is the responsibility of
management and was derived from and relates directly to the underlying accounting and other
records used to prepare the basic financial statements. The information has been subjected to
the auditing procedures applied in the audit of the basic financial statements and certain
additional procedures, including comparing and reconciling such information directly to the
underlying accounting and other records used to prepare the basic financial statements or to
the basic financial statements themselves, and other additional procedures in accordance with
auditing standards generally accepted in the United States of America. In our opinion, the
Supplementary Information is fairly stated, in all material respects, in relation to the basic
financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The Other
Information, as listed in the table of contents, does not include the basic financial statements
and our auditor’s report thereon. Our opinions on the basic financial statements do not cover
the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the
other information and consider whether a material inconsistency exists between the other
information and the basic financial statements, or the other information otherwise appears to
be materially misstated. If, based on the work performed, we conclude that an uncorrected
material misstatement of the other information exists, we are required to describe it in our
report.
June 20, 2023
MANAGEMENT'S DISCUSSION AND ANALYSIS
ESTES VALLEY FIRE PROTECTION DISTRICT
MANAGEMENT’S DISCUSSION AND ANALYSIS
DECEMBER 31, 2022
iv
As management of Estes Valley Fire Protection District (the District), we offer readers of the
District’s financial statements this narrative overview and analysis of the financial activities of the
District for the fiscal year ended December 31, 2022.
Based on the November 3, 2009, election results, the District was established by and in
accordance with the Larimer County Court “Declaration of Organization” and “Decree of
Formation” dated November 17, 2009. Effective January 1, 2010, the District assumed all
responsibility for providing fire protection services, fire suppression and rescue services to the
Town of Estes Park and the surrounding area of unincorporated Larimer County in accordance
with the “Intergovernmental Agreement for Continuing Operations Between the Town of Estes
Park and the Estes Valley Fire Protection District” dated December 8, 2009.
Financial Highlights
• Assets and deferred outflows of resources exceeded liabilities and deferred inflows of
resources by $4,569,840 at the close of the fiscal year. Of this amount, $1,094,565 is
unrestricted and available to meet ongoing and future obligations of the District. Additionally,
a 3.0% reserve, $69,000 for emergencies required by Colorado Statute, is restricted in the
general fund.
• As of the close of the current fiscal year, the District’s governmental funds reported combined
ending fund balances of $1,321,783 which increased $141,510 from the prior year.
• Total net position increased by $79,083 over the prior year.
• Total governmental fund type cash and investments increased by $238,892 as compared to
the prior year.
• Property tax revenue increased by $55,341 as compared to the prior year.
• Sales tax revenue increased by $95,508 as compared to the prior year.
• General fund expenditures decreased by $209,428 as compared to the prior year.
• At the end of the current fiscal year, assigned and unassigned fund balances for the general
fund totaled $1,068,660, or 49% of total general fund expenditures and transfers out.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the District’s basic financial
statements. The District’s basic financial statements are comprised of three components: 1)
government-wide financial statements; 2) fund financial statements; and 3) notes to financial
statements. This report also contains other supplementary information in addition to the basic
financial statements themselves.
ESTES VALLEY FIRE PROTECTION DISTRICT
MANAGEMENT’S DISCUSSION AND ANALYSIS
DECEMBER 31, 2022
v
Government-wide financial statements. The government-wide financial statements are
designed to provide readers with a broad overview of the District’s finances, in a manner similar
to a private-sector business.
The statement of net position presents information on all of the District’s assets, liabilities and
deferred outflows and inflows of resources, with the difference 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 District is improving or deteriorating.
The statement of activities presents information showing how the District’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.
Both of the government-wide financial statements identify functions of the District that are
principally to be supported by ad valorem taxes and shared sales taxes (governmental activities).
The governmental activities of the District include providing fire protection services.
The government-wide financial statements can be found on pages 1 – 2 of this report.
Fund financial statements. A fund is a grouping of related accounts that is used to maintain
control over resources that have been segregated for specific activities or objectives. The District,
like other state and local governments, uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements. All of the funds of the District can be divided
into two categories: governmental 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 the 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 funds with
similar information presented for governmental activities in the government-wide financial
statements. By doing so, readers may better understand the long-term impact of the
government’s near-term financing decisions. Both the governmental fund balance sheet and the
governmental fund statement of revenues, expenditures, and changes in fund balances provide
ESTES VALLEY FIRE PROTECTION DISTRICT
MANAGEMENT’S DISCUSSION AND ANALYSIS
DECEMBER 31, 2022
vi
a reconciliation to facilitate this comparison between governmental funds and governmental
activities.
The District maintains two individual governmental funds. Information is presented separately in
the governmental fund balance sheet and in the governmental fund statement of revenues,
expenditures, and changes in fund balance for each of the funds – the general fund and the
capital reserve fund – both of which are considered to be major funds.
The District adopts an annual appropriated budget for its general fund and capital reserve fund.
Budgetary comparison statements have been provided for these funds in the basic financial
statements to demonstrate compliance with the budget.
The governmental fund financial statements can be found on pages 3 – 8 of this report.
Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties
outside the District. Fiduciary funds are not reflected in the government-wide financial
statements because the resources of those funds are not available to support the District’s own
programs. Fiduciary funds provide the same type of information as the government-wide
financial statements.
The fiduciary fund financial statements can be found on pages 9-10 of this report.
Notes to 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 financial statements can be found on pages 11 – 56 of this report.
Required supplementary information. The required supplementary information to address
pension data and statistics required by GASB 68 can be found on pages 57 – 71.
Supplementary information. In addition to the basic financial statements and accompanying
notes, this report also presents certain supplementary information. This supplementary
information is located after the basic financial statements on page 72 of this report.
Other Information. Other information includes the Summary of Assessed Valuation, Mill Levy
and Property Taxes Collected. The other information is located after the supplementary
information on page 73.
ESTES VALLEY FIRE PROTECTION DISTRICT
MANAGEMENT’S DISCUSSION AND ANALYSIS
DECEMBER 31, 2022
vii
Government-wide Financial Analysis
As noted earlier, net position may serve over time as a useful indicator of a government’s
financial position. The District’s assets and deferred outflows exceeded liabilities and deferred
inflows of resources by $4,569,840 at the close of the most recent fiscal year.
2022 2021
Assets
Current and Other Assets 2,239,640$ 2,020,953$
Capital Assets, Net 3,406,275 3,578,326
Net Pension Assets 276,714 84,659
Total Assets 5,922,629 5,683,938
Deferred Outflows of Resources
Deferred Outflows of Resources Related to Pensions 376,932 436,258
Liabilities
Current Liabilities 136,194 60,530
Noncurrent Liabilities 38,938 22,541
Net Pension Liability 426,653 562,105
Net OPEB Liability 5,846 6,588
Total Liabilities 607,631 651,764
Deferred Inflows of Resources
Property Tax Revenues and Other Inflows 781,663 780,150
Deferred Inflows of Resources Related to Pensions 340,427 197,525
Total Deferred Inflows of Resources 1,122,090 977,675
Net Position
Investment in Capital Assets 3,406,275 3,578,326
Restricted for Emergencies 69,000 64,800
Unrestricted 1,094,565 847,631
Total Net Position 4,569,840$ 4,490,757$
Summary of Net Position
ESTES VALLEY FIRE PROTECTION DISTRICT
MANAGEMENT’S DISCUSSION AND ANALYSIS
DECEMBER 31, 2022
viii
Summary of Changes in Net Position
2022 2021
Revenues
Program Revenues
Charges for Services $ 143,374 $ 160,755
Operating Grants and Donations 1,307,416 1,248,245
General Revenues
Property Taxes 779,470 724,129
Specific Ownership Tax 55,809 55,280
Net Investment Income 11,894 1,996
Other 3,368 730
Total Revenues 2,301,331 2,191,135
Expenses
Fire Protection and Emergency
Services 2,222,248 1,947,255
Total Expenses 2,222,248 1,947,255
Change in Net Position 79,083 243,880
Net Position - Beginning of Year 4,490,757 4,246,877
Net Position - End of Year 4,569,840 4,490,757
The District’s revenue in 2022 increased by $110,196 over the previous year, an increase of
roughly 5%.
Financial Analysis of the Governmental Funds
As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements.
The focus of the District’s governmental funds is to provide information on near-term inflows,
outflows, and balances of spendable resources. Such information is useful in assessing the
District’s financing requirements. Unassigned fund balance may serve as a useful measure of a
government’s net resources available for spending at the end of the fiscal year.
ESTES VALLEY FIRE PROTECTION DISTRICT
MANAGEMENT’S DISCUSSION AND ANALYSIS
DECEMBER 31, 2022
ix
As of the end of the current fiscal year, the District’s governmental fund reported ending fund
balance of $1,321,783. Of this amount, $90,073 is comprised of prepaid amounts which are not
in spendable form, $69,000 is restricted for TABOR Emergencies, $2,050 is committed to the
LOSAP Program, contractual requirements of $92,000 and $177,397 is assigned for use in
2023. The remaining $891,263 constitutes unassigned fund balance, which is available for
spending at the government’s discretion.
Budgetary Highlights
The District’s total expenditures and other financing uses for 2022 in the general fund did not
exceed appropriations. Actual expenditures were $148,993 less than the adopted budget. This is
primarily attributable to cost savings recognized in district overhead expenditures.
Capital Assets
The District had $3,406,275 in capital assets (net of accumulated depreciation) as of December
31, 2022. These capital assets include vehicles, furniture, educational statues and sculptures and
equipment. During the year the District invested $199,142 in capital asset additions, and disposed
of $17,252 in capital assets.
Requests for Information
This financial report is designed to provide a general overview of the District’s finances for all
those with an interest in the government’s finances. Questions concerning any of the information
provided in this report or requests for additional financial information should be addressed to:
Office of Estes Valley Fire Protection District, 550 W. Eisenhower, Loveland, CO 80537.
BASIC FINANCIAL STATEMENTS
ESTES VALLEY FIRE PROTECTION DISTRICT
STATEMENT OF NET POSITION
December 31, 2022
Governmental
Activities
Assets
Cash and Investments 1,048,198$
Cash and Investments ‐ Restricted 163,050
Receivable from County Treasurer 4,022
Intergovernmental Receivable 139,865
Other Receivables 12,769
Prepaid Expense 90,073
Property Taxes Receivable 781,663
Capital Assets, Net 3,406,275
Net Pension Asset ‐ PERA Pension Plan 7,477
Net Pension Asset ‐ FPPA Pension Plan 269,237
Total Assets 5,922,629
Deferred Outflows of Resources
Pension Contributions Subsequent to Measurement Date 149,700
OPEB Contributions Subsequent to Measurement Date 1,062
Pension Related Deferrals 225,589
OPEB Related Deferrals 581
376,932
Liabilities
Accounts Payable 114,036
Accrued Payroll Liabilities 22,158
Noncurrent Liabilities:
Due Within One Year 9,700
Due In More Than One Year 29,238
Net Pension Liability ‐ Volunteer Pension Fund 426,653
Net OPEB Liability 5,846
Total Liabilities 607,631
Deferred Inflows of Resources
Property Taxes 781,663
Pension Related Deferrals 338,362
OPEB Related Deferrals 2,065
Total Deferred Inflows of Resources 1,122,090
Net Position
Investment In Capital Assets 3,406,275
Restricted for Emergencies (TABOR) 69,000
Unrestricted 1,094,565
Total Net Position 4,569,840$
The notes to the financial statements are an integral part of this statement.
1
ESTES VALLEY FIRE PROTECTION DISTRICT
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2022
Net (Expense)
Revenue and
Changes in
Program Revenues Net Position
Permits, Fees, Operating Capital
Fines, and Charges Grants and Grants and Governmental
Function/Program Activities Expenses for Services Contributions Contributions Activities
Governmental Activities
Fire Protection and Emergency Services 2,222,248$ 143,374$ 1,307,416$ ‐$ (771,458)$
Total Governmental Activities 2,222,248$ 143,374$ 1,307,416$ ‐$ (771,458)
General Revenues:
Property Taxes 779,470
Specific Ownership Taxes 55,809
Unrestricted Investment Earnings 11,894
Miscellaneous 3,368
Total General Revenues 850,541
Changes In Net Position 79,083
Net Assets ‐ Beginning 4,490,757
Net Position ‐ Ending 4,569,840$
The notes to the financial statements are an integral part of this statement.
2
ESTES VALLEY FIRE PROTECTION DISTRICT
BALANCE SHEET
GOVERNMENTAL FUND
December 31, 2022
General
Fund
Assets
Cash and Investments 1,048,198$
Cash and Investments ‐ Restricted 163,050
Receivable from County Treasurer 4,022
Intergovernmental Receivable 139,865
Prepaid Expenditures 90,073
Due from the Fiduciary Fund 12,769
Property Taxes Receivable 781,663
Total Assets 2,239,640$
Liabilities
Accounts Payable 114,036$
Accrued Payroll Liabilities 22,158
Total Liabilities 136,194
Deferred Inflows of Resources
Property Taxes 781,663
Fund Balances
Nonspendable
Prepaid Expenditures 90,073
Restricted
Emergencies (TABOR) 69,000
Committed
LOSAP 2,050
Contractual 92,000
Assigned
Subsequent Year's Expenditures 177,397
Unassigned 891,263
Total Fund Balances 1,321,783
Total Liabilities, Deferred Inflows of
Resources and Fund Balances 2,239,640$
The notes to the financial statements are an integral part of this statement.
3
ESTES VALLEY FIRE PROTECTION DISTRICT
RECONCILIATION OF THE GOVERNMENTAL FUND BALANCE SHEET
TO THE STATEMENT OF NET POSITION
December 31, 2022
Total Fund Balances ‐ Governmental Fund 1,321,783$
Total net position reported for governmental activities in the statement of
of net position is different because:
Capital assets used in governmental activities are not financial
resources and therefore are not reported in the funds. Those
assets consist of:
Capital Assets 5,447,021$
Accumulated Depreciation (2,040,746) 3,406,275
Pension assets and liabilities and related deferred inflows and
outflows of resources are not current financial resources and,
therefore, are not reported in the fund financial statements.
Balances at year‐end are:
Net Pension Asset 276,714
Net Pension Liability (426,653)
Net OPEB Liability (5,846)
Deferred outflows of resources related to pensions 225,589
Deferred inflows of resources related to pensions (338,362)
Deferred outflows of resources related to OPEB 581
Deferred inflows of resources related to OPEB (2,065)
Pension Contributions Subsequent to the Measurement Date 149,700
OPEB Contributions Subsequent to the Measurement Date 1,062 (119,280)
Long‐term liabilities applicable to the District's governmental
activities are not due and payable in the current period and
accordingly are not reported as fund liabilities. All liabilities,
both current and long‐term, are reported in the statement of
net position.
Balances at year‐end are:
Compensated Absences (38,938)
Net Position ‐ Governmental Activities 4,569,840$
The notes to the financial statements are an integral part of this statement.
4
ESTES VALLEY FIRE PROTECTION DISTRICT
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUND
For the Year Ended December 31, 2022
General
Fund
Revenues
Sales Tax ‐ Town of Estes Park 1,267,633$
Property Taxes 779,470
Specific Ownership Tax 55,809
Grants 30,008
Contributions and Donations 9,775
Plan Reviews and Inspection Income 77,745
Impact Fees 65,629
Net Investment Income 11,894
Miscellaneous Income 3,368
Total Revenues 2,301,331
Expenditures
District Overhead 762,816
Operations Division 471,540
Training Division 150,537
Prevention Division 366,052
Capital Outlay 408,876
Total Expenditures 2,159,821
Net Change in Fund Balances 141,510
Fund Balances ‐ Beginning 1,180,273
Fund Balances ‐ Ending 1,321,783$
The notes to the financial statements are an integral part of this statement.
5
ESTES VALLEY FIRE PROTECTION DISTRICT
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND
BALANCE OF THE GOVERNMENTAL FUND TO THE STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2022
Net Change in Fund Balances ‐ Total Governmental Fund 141,510$
Amounts reported for governmental activities in the statement of
activities are different because:
Governmental funds report capital outlays as expenditures. In the statement of
activities, capital outlay is not reported as an expenditure. However, the
statement of activities will report as depreciation expense the allocation of the
cost of any depreciable asset over the estimated useful life of the asset.
Capital outlay 199,142
Depreciation expense (371,193)
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 the governmental funds.
Pension expense ‐ Change in:
Net Pension Asset 192,055
Deferred Outflows Related to Pensions (59,329)
Deferred Outflows Related to OPEB 3
Net pension liability 135,452
Net OPEB Liability 742
Deferred Inflows Related to Pensions (142,958)
Deferred Inflows Related to OPEB 56
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.
Compensated absences (16,397)
Change in Net Position ‐ Governmental Activities 79,083$
The notes to the financial statements are an integral part of this statement.
6
ESTES VALLEY FIRE PROTECTION DISTRICT
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE ‐
BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2022
Variance with
Original and Final Budget ‐
Final Actual Positive
Budget Amounts (Negative)
Revenues
Sales Tax ‐ Town of Estes Park 1,118,079$ 1,267,633$ 149,554$
Property Taxes 780,150 779,470 (680)
Specific Ownership Tax 58,511 55,809 (2,702)
Grants 20,004 30,008 10,004
Wildland Fire Reimbursements 5,000 ‐ (5,000)
Contributions and Donations 1,000 9,775 8,775
Plan Reviews and Inspection Income 120,000 77,745 (42,255)
Impact Fees 58,000 65,629 7,629
Net Investment Income 20,000 11,894 (8,106)
Miscellaneous Income 25,000 3,368 (21,632)
Total Revenues 2,205,744 2,301,331 95,587
Expenditures
District Overhead
Professional Services and Fees 149,858 155,819 (5,961)
Salaries and Benefits 344,118 344,912 (794)
Insurance 67,112 77,887 (10,775)
Membership Dues and Subscriptions 8,139 6,306 1,833
Catering and Special Circumstances 16,650 7,481 9,169
Stations Maintenance 71,366 58,067 13,299
Data Processing Equipment 7,000 7,249 (249)
Miscellaneous Equipment 5,000 4,259 741
Member Recognition 44,137 13,923 30,214
Pension Expense 54,000 54,000 ‐
LOSAP 32,913 32,913 ‐
Strategic Planning Implementation 110,000 ‐ 110,000
Contingencies 5,000 ‐ 5,000
Subtotal District Overhead 915,293 762,816 152,477
Operations Division
Salaries and Benefits 256,364 169,427 86,937
Maintenance Contracts 145,847 119,282 26,565
Equipment Acquisition 105,090 172,191 (67,101)
Supplies ‐ Consumables 3,350 6,126 (2,776)
Catering and Special Circumstances 6,500 3,747 2,753
Firefighter Recruitment 1,600 767 833
Contingencies 3,000 ‐ 3,000
Subtotal Operations Division 521,751 471,540 50,211
(Continued)
7
ESTES VALLEY FIRE PROTECTION DISTRICT
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE ‐
BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2022
(Continued)
Variance with
Final Budget ‐
Final Actual Positive
Budget Amounts (Negative)
Training Division
Salaries and Benefits 114,098$ 116,381$ (2,283)$
Membership Dues and Subscriptions 5,250 5,034 216
Conferences 23,500 9,631 13,869
Internal Training 24,500 6,689 17,811
External Training 28,560 9,140 19,420
Supplies 2,000 3,662 (1,662)
Contingencies 2,000 ‐ 2,000
Subtotal Training Division 199,908 150,537 49,371
Prevention Division
Salaries and Benefits 318,048 333,511 (15,463)
Membership Dues and Subscriptions 8,406 4,003 4,403
Public Education 9,975 3,848 6,127
Professional Services and Fees ‐ 18,969 (18,969)
Fuels Mitigation Crew 3,042 5,721 (2,679)
Contingencies 3,000 ‐ 3,000
Subtotal Prevention Division 342,471 366,052 (23,581)
Capital Outlay
Fleet 161,846 251,538 (89,692)
Buildings and Grounds 167,545 157,338 10,207
Subtotal Capital Outlay 329,391 408,876 (79,485)
Total Expenditures 2,308,814 2,159,821 148,993
Net Change in Fund Balance (103,070) 141,510 244,580
Fund Balance ‐ Beginning 1,108,712 1,180,273 71,561
Fund Balance ‐ Ending 1,005,642$ 1,321,783$ 316,141$
The notes to the financial statements are an integral part of this statement.
8
ESTES VALLEY FIRE PROTECTION DISTRICT
STATEMENT OF FIDUCIARY NET POSITION
VOLUNTEER PENSION FUND
December 31, 2022
Assets
Cash and Investments 1,605,142$
Prepaid Pension Payments 12,769
Total Assets 1,617,911
Liabilities
Due to the General Fund 12,769
Net Position
Held in Trust for Pension Benefits 1,605,142
Total Net Position 1,605,142$
The notes to the financial statements are an integral part of this statement.
9
ESTES VALLEY FIRE PROTECTION DISTRICT
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
VOLUNTEER PENSION FUND
For the Year Ended December 31, 2022
Additions
Contributions:
Estes Valley FPD Contribution 54,000$
State Participation Contribution 36,000
Total Contributions 90,000
Investment Income:
Interest and Dividends 53,642
Net Appreciation in Fair Value of Investments (178,560)
Less Investment Expense (12,605)
Total Net Investment Income (137,523)
Total Additions (47,523)
Deductions
Retiree Benefit Payments 151,342
Miscellaneous 1,180
Total Deductions 152,522
Change in Plan Net Position (200,045)
Plan Net Position ‐ Beginning 1,805,187
Plan Net Position ‐ Ending 1,605,142$
The notes to the financial statements are an integral part of this statement.
10
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
11
NOTE 1 – DEFINITION OF REPORTING ENTITY
The Estes Valley Fire Protection District (the District), a quasi‐municipal corporation and
political subdivision of the State of Colorado, was organized by order and decree of the District
Court for Larimer County on November 17, 2009, and is governed pursuant to provisions of the
Colorado Special District Act (Title 32, Article 1, Colorado Revised Statutes). The District
provides fire protection services, fire suppression, and rescue services in the Town of Estes Park
(Town) and surrounding areas of unincorporated Larimer County.
The District follows the Governmental Accounting Standards Board (GASB) accounting
pronouncements, which provide guidance for determining which governmental activities,
organizations, and functions should be included within the financial reporting entity. GASB
pronouncements set forth the financial accountability of a governmental organization's elected
governing body as the basic criterion for including a possible component governmental
organization in a primary government’s legal entity. Financial accountability includes, but is not
limited to, appointment of a voting majority of the organization's governing body, ability to
impose its will on the organization, a potential for the organization to provide specific financial
benefits or burdens and fiscal dependency.
The District is not financially accountable for any other organization, including a volunteer
organization, Estes Park Volunteer Fire Department, which provides services for the District, but
is not under the control of the District’s Board of Directors. The District is not a component unit
of any other primary governmental entity, including the Town of Estes Park.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The more significant accounting policies of the District are described as follows:
Government‐Wide and Fund Financial Statements
The government‐wide financial statements include the statement of net position and the
statement of activities. These financial statements include all of the activities of the District.
Governmental activities are normally supported by taxes, intergovernmental revenue and fees
and charges.
The statement of net position reports all financial and capital resources of the District, the
difference between the assets and deferred outflows, and liabilities and deferred inflows of the
District being reported as net position.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
12
The statement of activities demonstrates the degree to which the direct expenses of a given
function or segment is offset by program revenue. Direct expenses are those that are clearly
identifiable with a specific function or segment. Program revenue include 1) charges to
customers or applicants who purchase, use, or directly benefit from goods, services, or
privileges provided by a given function or segment and 2) grants and contributions that are
restricted to meeting the operational or capital requirements of a particular function or
segment. Taxes and other items not properly included among program revenue are reported
instead as general revenue.
Separate financial statements are provided for governmental funds and fiduciary funds, even
though the latter are excluded from the government‐wide financial statements. Major
individual governmental funds are reported as separate columns in the fund financial
statements.
Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government‐wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as is the fiduciary fund financial
statements. Revenues are recorded when earned and expenses are recorded when a liability is
incurred, regardless of the timing of related cash flows. Property taxes are recognized as
revenues in the year for which they are levied. Grants and similar items are recognized as
revenues as soon as all eligibility requirements imposed by the provider have been met.
Depreciation is computed and shown as an operating expense. Expenditures for capital assets
are shown as increases in assets. Employer and plan member contributions are recognized in
the period that contributions are due.
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as
soon as they are both measurable and available. Revenues are available when they are
collectible within the current period or soon enough thereafter to pay liabilities of the current
period. For this purpose, the government considers revenues to be available if they are
collected within 60 days of the end of the current fiscal period. The major sources of revenue
susceptible to accrual are property taxes, sales taxes, and payment for fire services. All other
revenue items are measurable and available only when cash is received by the District.
Expenditures, other than interest on long‐term obligations, are recorded when the liability is
incurred or the long‐term obligation is due.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
13
The District reports the following major governmental funds:
The General Fund is the District’s primary operating fund. It accounts for all financial
resources of the general government, except those required to be accounted for in another
fund.
Additionally, the District reports the following fiduciary fund type using the accrual basis of
accounting:
The Volunteer Pension Fund is a pension trust fund and is used to account for transactions
relating to assets held by the District in the capacity of trustee for its volunteer firefighters’
pension plan.
Budgets
In accordance with the State Budget Law, the District's Board of Directors holds public hearings
in the fall each year to approve the budget and appropriate the funds for the ensuing year. The
appropriation is at the total fund expenditures level and lapses at year end. The District’s Board
of Directors may modify the budget by line item within the total appropriation without
notification. The appropriation can only be modified upon completion of notification and
publication requirements. The budget includes each fund on its basis of accounting unless
otherwise indicated.
The District has amended its annual budget for the Volunteer Pension Fund for the year ended
December 31, 2022.
Pooled Cash and Investments
The District follows the practice of pooling cash and investments of all funds to maximize
investment earnings. Except when required by trust or other agreements, all cash is deposited
to and disbursed from a single account. Cash in excess of immediate operating requirements is
pooled for deposit and investment flexibility. Investment earnings are allocated periodically to
the participating funds based upon each fund’s average equity balance in the total cash and
investments. Investments are carried at fair value.
Cash and investments are presented on the balance sheet in the basic financial statements at
fair value.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
14
Capital Assets
Capital assets, which include property and equipment, are reported in the government‐wide
financial statements. Capital assets defined by the District as assets include improvements to
buildings and equipment with an initial, individual cost of more than $5,000 and an estimated
useful life in excess of one year. Such assets are recorded at historical cost or estimated
historical cost if purchased or constructed. Donated capital assets are recorded at estimated
fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or
materially extend the life of the asset are not capitalized. Improvements are capitalized and
depreciated over the remaining useful lives of the related capital assets, as applicable.
Depreciation expense has been computed using the straight‐line method over the estimated
economic useful lives:
Buildings 15 years
Vehicles 5‐20 years
Educational statues and sculptures 7 years
Furniture and fixtures 7 ‐20 years
General and office equipment 20 years
Property Taxes
Property taxes are levied by the District Board of Directors. The levy is based on assessed
valuations determined by the County Assessors generally as of January 1 of each year. The levy
is normally set December 15 by certification to the County Commissioners to put the tax lien on
the individual properties as of January 1 of the following year. The County Treasurers collect
the determined taxes during the ensuing calendar year. The taxes are payable by April or if in
equal installments, at the taxpayer's election, in February and June. Delinquent taxpayers are
notified in August and sales of the tax liens on delinquent properties are normally held in
November or December. The County Treasurers remit the taxes collected monthly to the
District.
Property taxes, net of estimated uncollectible taxes, are recorded initially as deferred inflow of
resources in the year they are levied and measurable. Property taxes are recorded as revenue
in the year it is available or collected (the year it is levied for).
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
15
Compensated Absences
The District has a policy that allows employees to accumulate paid time off and sick pay up to
certain maximum hours as stated in the District’s Personnel Policy Manual. Vacation above the
maximum allowable carry over is forfeited. Sick leave above the maximum allowable carryover
is converted to vacation on a 2‐for‐1 basis. Conversion of any excess sick time to vacation is
done prior to the calculation of compensated absences. Compensated absences are accrued
when incurred in the government‐wide financial statements. A liability for these amounts is
reported in governmental funds only if they have matured, for example, as a result of employee
resignations and retirements. The District’s General Fund is used to liquidate compensated
absences of the governmental activities.
Long Term Obligations
In the government‐wide financial statements, debt premiums and discounts are deferred and
amortized over the life of the issue using the percentage of current principal payments to total
debt issue. Debt issuance costs, except any portion related to prepaid insurance costs, are
expensed when incurred.
In the fund financial statements, governmental fund types recognize debt premiums and
discounts, as well as debt issuance costs, during the current period. The face amount of debt
issued is reported as other financing sources. Premiums received on debt issuances are
reported as other financing sources while discounts on debt issuances are reported as other
financing uses. Issuance costs, whether or not withheld from the actual debt proceeds
received, are reported as debt service expenditures.
Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net position reports a separate section for deferred
outflows of resources. This separate financial statement element, deferred outflows of
resources, represents a consumption of net assets that applies to a future period(s) and so will
not be recognized as an outflow of resources (expense/expenditure) until then. The
government only has two items that qualifies for reporting in this category. Accordingly, the
items pension and OPEB contributions subsequent to measurement date, and pension and OPEB
related deferrals are deferred and recognized as outflows of resources in the period that the
amounts become available.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
16
In addition to liabilities, the statement of net position and the fund balance sheet report a
separate section for deferred inflows of resources. This separate financial statement element,
deferred inflows of resources, represents an acquisition of net assets that applies to a future
period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The
government has two types of items that qualify for reporting in this category. Accordingly, the
items, deferred property tax revenue and pension and OPEB related deferrals, are deferred and
recognized as an inflow of resources in the period that the amounts become available.
Pensions
FPPA. For purposes of measuring the net pension liability, deferred outflows of resources and
deferred inflows of resources related to pensions, and pension expense, information about the
fiduciary net position of the Fire & Police Statewide Defined Benefit Plan and additions
to/deductions from Fire & Police Statewide Defined Benefit Plan’s fiduciary net position have
been determined on the same basis as they are reported by the Fire & Police Pension
Association of Colorado. For this purpose, benefit payments (including refunds of employee
contributions) are recognized when due and payable in accordance with the benefit terms.
Investments are reported at fair value.
PERA. The District participates in the Local Government Division Trust Fund (LGDTF), a cost‐
sharing multiple‐employer defined benefit pension plan administered by the Public Employees’
Retirement Association of Colorado (“PERA”). The net pension liability, deferred outflows of
resources and deferred inflows of resources related to pensions, pension expense, information
about the fiduciary net position (FNP) and additions to/deductions from the FNP of the LGDTF
have been determined using the economic resources measurement focus and the accrual basis
of accounting. For this purpose, benefit payments (including refunds of employee
contributions) are recognized when due and payable in accordance with the benefit terms.
Investments are reported at fair value.
Other Postemployment Benefits (OPEB).
The District participates in the Health Care Trust Fund (HCTF), a cost‐sharing multiple‐employer
defined benefit OPEB fund administered by the Public Employees’ Retirement Association of
Colorado (“PERA”). The net OPEB liability, deferred outflows of resources and deferred inflows
of resources related to OPEB, OPEB expense, information about the fiduciary net position (FNP)
and additions to/deductions from the FNP of the HCTF have been determined using the
economic resources measurement focus and the accrual basis of accounting. For this purpose,
benefits paid on behalf of health care participants are recognized when due and/or payable in
accordance with the benefit terms. Investments are reported at fair value.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
17
Net Position and Fund Equity
Net Position
The government‐wide financial statements utilize a net position presentation. Net position is
categorized as net investment in capital assets, restricted and unrestricted.
Net investment in capital assets consists of capital assets, net of accumulated depreciation and
reduced by the outstanding balances of bonds, mortgages, notes or other borrowings that are
attributable to the acquisition, construction or improvement of those assets.
Restricted net position is subject to restrictions by creditors, grantors, contributors, or laws or
regulations of other governments or imposed by law through constitutional provision or
enabling legislation.
Unrestricted net position represents assets that do not have any third‐party limitations on their
use.
For government‐wide presentation purposes, when both restricted and unrestricted resources
are available for use, it is the District’s practice to use restricted resources first, then
unrestricted resources as they are needed.
Fund Balances
Fund balance for governmental funds should be reported in classifications that comprise a
hierarchy based on the extent to which the government is bound to honor constraints on the
specific purposes for which spending can occur. Governmental funds report up to five
classifications of fund balance: nonspendable, restricted, committed, assigned, and unassigned.
Because circumstances differ among governments, not every government or every
governmental fund will present all of these components. The following classifications describe
the relative strength of the spending constraints:
Nonspendable fund balance – The portion of fund balance that cannot be spent because it is
either not in spendable form (such as prepaid amounts or inventory) or legally or
contractually required to be maintained intact.
Restricted fund balance – The portion of fund balance that is constrained to being used for a
specific purpose by external parties (such as bondholders), constitutional provisions, or
enabling legislation.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
18
Committed fund balance – The portion of fund balance that can only be used for specific
purposes pursuant to constraints imposed by formal action of the government’s highest
level of decision‐making authority, the Board of Directors. The constraint may be removed
or changed only through formal action of the Board of Directors.
Assigned fund balance – The portion of fund balance that is constrained by the
government’s intent to be used for specific purposes but is neither restricted nor
committed. Intent is expressed by the Board of Directors to be used for a specific purpose.
Constraints imposed on the use of assigned amounts are more easily removed or modified
than those imposed on amounts that are classified as committed.
Unassigned fund balance – The residual portion of fund balance that does not meet any of
the criteria described above.
If more than one classification of fund balance is available for use when an expenditure is
incurred, it is the District’s practice to use the most restrictive classification first.
Use of Estimates
The preparation of financial statements, in conformity with generally accepted accounting
principles, requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. An example of such an estimate that has been made by management is
depreciation expense.
NOTE 3 – CASH AND INVESTMENTS
Cash and investments as of December 31, 2022, are classified in the accompanying financial
statements as follows:
Statement of Net Position
Cash and Investments 1,048,198$
Cash and Investments ‐ Restricted ‐
Held for Emergency Reserves, LOSAP
and contractual commitments 163,050
Total Cash and Investments 1,211,248$
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
19
Cash and investments as of December 31, 2022, consist of the following:
Deposits with Financial Institutions 639,033$
Investments 572,215
Total Cash and Investments 1,211,248$
Cash Deposits
The Colorado Public Deposit Protection Act (PDPA) governs the investment of public funds.
PDPA requires that all units of local government deposit cash in eligible public depositories.
State regulators determine eligibility. Amounts on deposit in excess of federal insurance levels
($250,000) must be collateralized. The eligible collateral is determined by the PDPA. PDPA
allows the institution to create a single collateral pool for all public funds. The pool for all the
uninsured public deposits as a group is to be maintained by another institution or held in trust.
The market value of the collateral must be at least equal to 102% of the aggregate uninsured
deposits. The institution's internal records identify the collateral by depositor and as such,
these deposits are uninsured but collateralized. The State Commissioners for banks and
financial services are required by statute to monitor the naming of eligible depositories and
reporting of the uninsured deposits and assets maintained in the collateral pools.
At December 31, 2022, the District’s deposits had a bank and carrying balance of $639,033.
Investments
The District has not adopted a formal investment policy; however, the District follows state
statutes regarding investments.
The District generally limits its concentration of investments to obligations of the United States,
certain U.S. government agency securities and Local Government Investment Pools, which are
believed to have minimal credit risk, minimal interest rate risk and no foreign currency risk.
Additionally, the District is not subject to concentration risk disclosure requirements or subject
to investment custodial credit risk for investments that are in the possession of another party.
Colorado revised statutes limit investment maturities to five years or less unless formally
approved by the Board of Directors, such actions are generally associated with a debt service
reserve or sinking fund requirements.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
20
Colorado statutes specify investment instruments meeting defined rating and risk criteria in
which local governments may invest which include:
Obligations of the United States, certain U.S. government agency securities and
securities of the World Bank
General obligation and revenue bonds of US local government entities
Certain certificates of participation
Certain securities lending agreements
Bankers' acceptances of certain banks
Commercial paper
Written repurchase agreements and certain reverse repurchase agreements
collateralized by certain authorized securities
Certain money market funds
Guaranteed investment contracts
Local government investment pools
As of December 31, 2022, the District had the following investments:
Investment Maturity Amount
Colorado Surplus Asset Fund Weighted Average
Trust (CSAFE) under 60 Days 572,215$
CSAFE
The District invested in the Colorado Surplus Asset Fund Trust (CSAFE) (the Trust), which is an
investment vehicle established by state statute for local government entities to pool surplus
assets. The State Securities Commissioner administers and enforces all State statutes governing
the Trust. The Trust currently offers two portfolios – CSAFE CASH FUND and CSAFE CORE.
CSAFE CASH FUND operations similar to a money market fund, with each share valued at $1.00.
CSAFE may invest in U.S. Treasury securities, repurchase agreements collateralized by U.S.
Treasury securities, certain money market funds and highest rated commercial paper, any
security allowed under CRS 24‐75‐601.
CSAFE CORE, a variable Net Asset Value (NAV) Local Government Investment Pool, offers
weekly liquidity and is managed to approximate a $2.00 transactional share price. CSAFE CORE
may invest in securities authorized by CRS 24‐75‐601, including U.S. Treasury securities,
repurchase agreements collateralized by U.S. Treasury securities, certain obligations of U.S.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
21
government agencies, highest rated commercial paper, and any security allowed under CRS 24‐
75‐601.
A designated custodial bank serves as custodian for CSAFE’s portfolio pursuant to a custodian
agreement. The custodian acts as safekeeping agent for CSAFE’s investment portfolio and
provides services as the depository in connection with direct investments and withdrawals. The
custodian’s internal records segregate investments owned by CSAFE. CSAFE CASH FUND is
rated AAAmmf by Fitch Ratings and CSAFE CORE is rated AAAf/S1 by FitchRatings. CSAFE
records its investments at amortized cost and the District records its investments in CSAFE using
the amortized cost method. There are no unfunded commitments, the redemption frequency
is daily and there is no redemption notice period.
Pension Plan cash and investments are discussed separately under Note 7.
NOTE 4 – CAPITAL ASSETS
An analysis of the changes in capital assets for the year ended December 31, 2022 follows.
Beginning Ending
Balance Additions Deletions Balance
Capital Assets Not Being Depreciated
Construction in Process ‐$ ‐$ ‐$ ‐$
Capital Assets Being Depreciated
Buildings 743,243$ ‐$ ‐$ 743,243$
Vehicles 3,691,379 86,942 ‐ 3,778,321
General Equipment 777,033 112,200 ‐ 889,233
Educational Statues and Sculptures 29,204 ‐ ‐ 29,204
Office Equipment 24,272 ‐ (17,252) 7,020
Total Capital Assets Being Depreciated 5,265,131 199,142 (17,252) 5,447,021
Less Accumulated Depreciation for
Buildings 191,762 49,009 ‐ 240,771
Vehicles 1,116,520 255,591 ‐ 1,372,111
General Equipment 328,607 65,316 ‐ 393,923
Educational Statues and Sculptures 29,204 ‐ ‐ 29,204
Office Equipment 20,712 1,277 (17,252) 4,737
Total Accumulated Depreciation 1,686,805 371,193 (17,252) 2,040,746
Total Capital Assets Being Depreciated, Net 3,578,326 (172,051) ‐ 3,406,275
Total Capital Assets, Net 3,578,326$ (172,051)$ ‐$ 3,406,275$
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
22
All assets previously held by the Town were transferred to the District at net book value.
Depreciation expense is charged to the fire protection and emergency services program.
On April 7, 2020, the Town’s electors voted to sell the Dannels Fire Station to the District for $1.
Upon the transfer of the Dannels Fire Station building, parking lot, landscaping and all related
appurtenances from the Town to the District, the Special Use Permit between the Town and the
United States Department of the Interior was transferred to the District, causing the District to
have sole responsibility the property and adherence to the General and Special Conditions
under the License.
NOTE 5 – LONG‐TERM OBLIGATIONS
The following is an analysis of the changes in the District’s long‐term obligations for the year
ended December 31, 2022:
Beginning Ending Due Within
Balance Additions Reductions Balance One Year
Governmental Activities
Compensated Absences 22,541$ 43,674$ 27,277$ 38,938$ 9,700$
Total Governmental Activities 22,541$ 43,674$ 27,277$ 38,938$ 9,700$
NOTE 6 – NET POSITION
The District has net position consisting of three components – invested in capital assets,
restricted, and unrestricted.
Net investment in capital assets amounting to $3,406,275 consists of capital assets, net of
accumulated depreciation and reduced by the outstanding balances of obligations that are
attributable to the acquisition, construction, or improvement of those assets, if any.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
23
The restricted component of net position consists of assets that are restricted for use either
externally imposed by creditors, grantors, contributors, or laws and regulations of other
governments or imposed by law through constitutional provisions or enabling legislation.
The District had a restricted net position as of December 31, 2022, as follows:
Restricted Net Position:
TABOR Emergencies (see Note 13) $ 69,000
The unrestricted component of net position as of December 31, 2022 totaled $1,094,565.
NOTE 7 – VOLUNTEERS’ FIRE PENSION FUND
Plan Descriptions and Provisions
The District administers a single employer pension plan (the Plan) for the benefit of its
volunteers as authorized by State statute. The Plan is defined as a defined benefit, single‐
employer, noncontributory plan and provides retirement benefits for members and
beneficiaries according to the Plan provisions as enacted and governed by the Pension
Fund Board of Trustees. The Plan’s assets may be used only for the payment of benefits to
the members of the Plan, in accordance with the terms of the Plan.
The Plan is governed by a Board of Directors which consists of the five District Board members
and two individuals from the volunteer organization who are voted on by the volunteer
organization members. The provisions of the Plan give the Board the right and authority
to establish and amend the benefit provisions of the Plan.
Volunteer firefighters who attain both the age of fifty and complete twenty years of active
service shall be eligible for a monthly pension, currently $450. Volunteers who retire with
ten years of credited service are entitled to a partial benefit. Based on the Board’s
discretion, surviving spouses may be eligible for benefits up to an amount of 100%. The
Plan does not publish a separate stand‐alone report but is included in these financial
statements as a Pension Trust Fund.
The Plan’s Board of Directors may levy a tax of not more than one‐half mill on the taxable
property in the District. The State of Colorado makes contributions as established by
the legislature and based on the District contributions. Currently, the State matches 90% of
District contributions.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
24
Employees Covered by Benefit Terms
As of January 1, 2021 (the latest actuarial valuation performed), the following employees were
covered by the benefit terms:
Retirees and Beneficiaries Currently Receiving Benefits 32
Inactive Participants, Entitled to but not yet Receiving Benefits 6
Active Participants 31
Actuarial Assumptions
The actuarial assumptions that determined the total pension liability as of December 31, 2021
were based on the following:
Valuation Date
January 1, 2021 January 1, 2021
Measurement date December 31, 2021 December 31, 2020
Inflation 2.25% 2.50%
Salary increases including inflation 2.25% 2.50%
Mortality Pub-2010 Public
Retirement Plans
Mortality Tables, with
generational projections
using Table MP-2020
Pub-2010 Public
Retirement Plans
Mortality Tables, with
generational projections
using Table MP-2018
Actuarial cost method Entry Age Normal Entry Age Normal
Changes in Actuarial Assumptions Adopted January 1, 2021
The annual investment earnings assumption was reduced from 5.50% to 5.00% to better reflect
future anticipated plan experience.
The inflation assumption was reduced from 2.50% to 2.25% per annum to better reflect future
anticipated plan experience.
The projection table for assumed future mortality improvements was updated from projection
scale MP‐2018 to projection scale MP‐2020.
There have been no significant changes between the valuation date and the fiscal year end.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
25
Discount Rate
Measurement date December 31, 2021 December 31, 2020
Discount rate 5.00% 5.00%
Long‐term‐expected rate of return, net of
of investment expense 5.00% 5.00%
Bond Buyer General Obligation 20‐
Bond Municipal Bond Index 2.06% 2.12%
The plan's fiduciary net position was projected to be available to make all projected future benefit
payments of current active and inactive employees. Therefore, the discount rate for calculating the
total pension liability is equal to the long‐term expected rate of return.
Investments
The District has not adopted a formal investment policy; however, the District follows
state statutes regarding investments in that the District has entered into a Trust Agreement
with the WIN Advisor Group, Inc. to oversee the pension fund investments. Therefore,
the pension investments are not limited to those described in Note 3 applicable to local
governments. A majority of the Plan’s investments are invested in mutual funds, commercial
paper, and exchange trade funds. The investment funds and exchange trade funds are
unrated as each fund is comprised of many different types of investments.
Cash and investments as of December 31, 2022, consist of the following:
Deposits with Financial Institutions 11,223$
Investments 1,593,919
Total Cash and Investments 1,605,142$
Investments consist of the following:
Maturity Fair Value
Mutual Funds
No stated
maturity 773,511$
Municipal Bonds 2024‐2025 219,994
Certificates of Deposit 2023‐2027 600,414
1,593,919$
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
26
The calculation of realized gains (losses) is independent of the calculation of the net change in
the fair value of investments. Realized gains and losses on investments that had been held in
more than one fiscal year and sold in the current year may have been recognized as an
increase or decrease in the fair value of investments reported in the prior year.
Rate of Return
For the plan year ended December 31, 2021, the Plan’s annual money‐weighted rate of return
on plan investments, net of investment expense, was 9.18%. The money‐weight rate of return
expresses investment performance, net of investment expense, adjusted for the changing
amounts actually invested.
Investment Risk Factors
There are many factors that can affect the value of investments. Some, such as custodial risk,
concentration risk, and foreign currency risk, may affect both equity and fixed income securities.
Equity securities respond to such factors as economic conditions, individual company earnings,
performance, and market liquidity, while fixed income securities are particularly sensitive
to credit risks and changes in interest rates. The Plan has established investment policies
to provide the basis for the management of a prudent investment program appropriate to
the particular needs of the Plan.
Credit Risk
Credit risk is the risk that an issuer or other party to an investment will not fulfill its obligation
to the Plan. Credit risk exposure is managed in accordance with investment guidelines as stated
in the formal investment policy adopted by the Board. Investment decisions should be
evaluated within the context of the entire portfolio, rather than on an individual investment
basis, and as part of an overall investment strategy having risk and return objectives
reasonably suited to the Plan’s purpose.
Custodial Risk
The Plan has no custodial credit risk. All securities are registered in the name of the Pension
Trust as the Trustee for the Plan and held by third‐party safekeeping agents. Investments in
money market mutual funds are not exposed to custodial risk because their existence is not
evidenced by securities that exist in physical or book entry form.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
27
Changes in the Net Pension Liability
Sensitivity of the net pension liability to the changes in the discount rate.
The following table presents the net pension liability of the District, calculated using the
discount rate of 5.00%, as well as what the District’s net pension liability would be if it were
calculated using a discount rate that is one percentage point lower (4.00%) or one
percentage point higher (6.00%) than the current rate.
Current
1% Decrease Discount Rate 1% Increase
4.00% 5.00% 6.00%
Total Pension Liability 2,496,124$ 2,231,840$ 2,012,731$
Fiduciary Net Position 1,805,187 1,805,187 1,805,187
Net Pension Liability 690,937$ 426,653$ 207,544$
Increase (Decrease)
Total Plan
Pension Fiduciary Net Pension
Liability Net Position Liability
Balances as of December 31, 2021 2,250,421$ 1,735,656$ 514,765$
Changes for the year
Service Cost 20,514 ‐ 20,514
Interest on Total Pension Liability 109,868 ‐ 109,868
Effect of Plan Changes ‐ ‐ ‐
Effect of economic/demographic gains or losses ‐ ‐ ‐
Effect of assumptions changes or inputs ‐ ‐ ‐
Benefit payments (148,963) (148,963) ‐
Employer contributions ‐ 76,000 (76,000)
Member contributions ‐ ‐ ‐
Net investment income ‐ 153,647 (153,647)
Administrative expenses ‐ (11,153) 11,153
Balances as of December 31, 2022 2,231,840$ 1,805,187$ 426,653$
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
28
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources
Related to Pensions
For the year ended December 31, 2022, the District recognized pension expense of $38,341.
At December 31, 2022, the District reported deferred outflows of resources related to
pensions from the following sources:
$90,000 reported as deferred outflows of resources related to pensions resulting from
District contributions subsequent to the measurement date will be recognized as a reduction
of the net pension liability in the year ended December 31, 2023.
Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized in pension expense as follows:
Deferred Outflows
of Resources
Deferred Inflows of
Resources
Difference between expected and actual experience 42,952$ (21,082)$
Changes of assumptions or other inputs 63,895 (8,730)
Net difference between projected and actual
earnings on pension plan investments ‐ (37,711)
Contributions subsequent to the measurement date 90,000 ‐
Total 196,847$ (67,523)$
Year ended December 31,
2023 20,296$
2024 5,092
2025 24,279
2026 (10,343)
39,324$
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
29
NOTE 8 – EMPLOYEE RETIREMENT PLANS
Fire and Police Statewide Defined Benefit Plan (FPPA)
Defined Benefit Pension Plan
General Information about the Pension Plan
The District contributes to the Statewide Defined Benefit Plan, a cost‐sharing multiple‐employer
defined benefit pension plan administered by the Colorado Fire and Police Pension Association
(FPPA). The Statewide Defined Benefit Plan (SWDB) provides retirement benefits for members
and beneficiaries. Death and disability coverage is provided for members hired prior to January
1, 1997 through the Statewide Death and Disability Plan, which is also administered by the
FPPA. This is a noncontributory plan. All full‐time, paid firefighters of the District are members
of the Statewide Defined Benefit Plan and the Statewide Death and Disability Plan. Local
revenue sources are responsible for funding of the Death and Disability benefits for firefighters
hired on or after January 1, 1997.
Colorado Revised Statutes Title 31, Article 31 grants the authority to establish benefit
provisions to the state legislature. FPPA issues a publicly available annual financial report that
includes financial statements and required supplementary information for both the Statewide
Defined Benefit Plan and the Statewide Death and Disability Plan. FPPA issues a publicly
available financial report that includes information on the plan. That report may be obtained at
www.fppaco.org.
Benefits Provided
A plan member is eligible for a normal retirement pension once the member has completed
twenty‐five years of credited service and has attained the age of 55. Effective January 1, 2021,
a member may also qualify for a normal retirement pension if the member's combined years of
service and age equals at least 80, with a minimum age of 50 (Rule of 80).
The annual normal retirement benefit is 2% of the average of the member’s highest three
years’ base salary for each year of credited service up to ten years, plus 2.5% for each year of
service thereafter. The benefit earned prior to January 1, 2007, for members of affiliated
Social Security employers will be reduced by the amount of Social Security income payable
to the member annually. Effective January 1, 2007, members currently covered under Social
Security will receive half the benefit when compared to the Statewide Defined Benefit Plan.
Benefits paid to retired members are evaluated and may be re‐determined every October 1.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
30
The amount of any increase is based on the Board’s discretion and can range from 0% to the
higher of 3% or the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI‐W).
A member is eligible for an early retirement after completion of 30 years of service or
attainment of age 50 with at least five years of credited service. The early retirement benefit
equals the normal retirement benefit reduced on an actuarially equivalent basis. Upon
termination, an employee may elect to have member contributions, along with 5% as
interest, returned as a lump sum distribution. Alternatively, a member with at least five
years of accredited service may leave contributions with the Plan and remain eligible for a
retirement pension at age 55 equal to 2% of the member’s average highest three years’ base
salary for each year of credited service up to ten years, plus 2.5% for each year of service
thereafter.
Contributions
The District and eligible employees are required to contribute to the plan at rates established
by State statutes. Employer contributions rates can only be amended by state statute. Member
contribution rates can be amended by state statute or election of the membership.
In 2014, the members elected to increase the member contribution rate to the SWDB plan
beginning in 2015. Member contribution rates will increase 0.5% annually through 2022 to a
total of 12% of pensionable earnings. Employer contributions are 8% in 2019 and 2020.
Employer contributions will increase 0.5% annually beginning in 2021 through 2030 to a total of
13% of pensionable earnings. In 2021, members of the SWDB plan and their employers are
contributing at the rate of 11.50% and 8.50%, respectively, of pensionable earnings for a total
contribution rate of 20.00%. In 2022, members of the SWDB plan and their employers
contributed at a rate of 12 percent and 9 percent, respectively, of pensionable earnings for a
total contribution rate of 21 percent.
The District’s contributions to the plan of the year ended December 31, 2022, were $45,665,
equal to the required contributions.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
31
Pension Asset, Pension Expense (Income), and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pension
At December 31, 2022, the District reported a net pension asset of $269,237 for its
proportionate share of the SWDB collective net pension asset. The net pension asset was
measured as of December 31, 2021, and the total pension liability used to calculate the
net asset was determined by an actuarial valuation as of January 1, 2022. The District’s
proportion of the net pension asset was based on a projection of the District’s long‐term share
of contributions to the pension plan relative to the projected contributions of all participating
Districts, actuarially determined. At December 31, 2021, the District’s proportion was
0.0496807549%, which was an increase of 0.0106856026% from its proportion measured as of
December 31, 2020. For the year ended December 31, 2022, the District recognized pension
income of $31,346.
At December 31, 2022, the District reported deferred outflows of resources and deferred
inflows of resources related to pensions from the following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Difference between expected and actual experience 77,097$ (6,279)$
Changes of assumptions or other inputs 38,395 ‐
Net difference between projected and actual
earnings on pension plan investments ‐ (180,188)
Changes in proportion and differences between
contributions recognized and proportionate share
of contributions ‐ (17,691)
Contributions subsequent to the measurement date 45,665 N/A
Total 161,157$ (204,158)$
$45,665 reported as deferred outflows of resources related to pensions resulting from
District contributions subsequent to the measurement date will be recognized as a reduction
of the net pension liability in the year ended December 31, 2023.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
32
Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized in pension expense as follows:
Year ended December 31,
2023 (25,490)$
2024 (44,128)
2025 (25,176)
2026 (8,729)
2027 14,283
Thereafter 574
(88,666)$
Actuarial assumptions
The actuarial valuations as of January 1, 2022, determined the total pension liability using the
following actuarial assumptions and other inputs:
Total Pension Liability Actuarial Determined
Contributions
Actuarial Valuation Date January 1, 2022 January 1, 2021
Actuarial Method Entry Age Normal Entry Age Normal
Amortization Method N/A Level % of Payroll, Open
Amortization Period N/A 30 years
Long‐term Investment Rate of
Return*
7.0% 7.0%
Projected Salary Increases 4.25% ‐ 11.25% 4.25% ‐ 11.25%
Cost of Living Adjustments
(COLA)
0% 0%
*Includes Inflation at 2.5% 2.5%
For determining the total pension liability, the post‐retirement mortality tables for non‐disabled
retirees uses the 2006 central rates from the RP‐2014 Annuitant Mortality Tables projected to
2018 using the MP‐2017 projection scales, and the projected prospectively using the ultimate
rates of the scale for all years. The pre‐retirement off‐duty mortality tables are adjusted to 50%
of the RP‐2014 mortality tables for active employees. The on‐duty mortality rate is 0.00015.
At least every five years the FPPA’s Board of Directors, in accordance with best practices,
reviews its economic and demographic actuarial assumptions. At its July 2018 meeting, the
Board of Directors reviewed and approved recommended changes to the actuarial
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
33
assumptions. The recommendations were made by the FPPA’s actuaries, Gabriel, Roeder,
Smith & Co., based upon their analysis of past experience and expectations of the future. The
assumption changes were effective for actuarial valuations beginning January 1, 2019. The
actuarial assumptions impact actuarial factors for benefit purposes such as purchases of service
credit and other benefits where actuarial factors are used.
The long‐term expected rate of return on pension plan investments was determined using a
building‐block method in which best‐estimate ranges of expected future real rates of return
(expected returns, net of pension plan investment expense and inflation) are developed for
each major asset class. These ranges are combined to produce the long‐term expected rate of
return by weighing the expected future real rates of return by the target asset allocation
percentage and by adding expected inflation (assumed at 2.5 percent). Best estimates of
arithmetic real rates of return for each major asset class included in the Fund’s target asset
allocation as of December 31, 2021 are summarized in the following table:
Asset Class
Target
Allocation
Long‐Term Expected
Rate of Return
Global Equity 39.0% 8.23%
Equity Long/Short 8.0% 6.87%
Private Markets 26.0% 10.63%
Fixed Income‐Rates 10.0% 4.01%
Fixed Income‐Rates 5.0% 5.25%
Absolute Return 10.0% 5.60%
Cash 2.0% 2.32%
Total 100.0%
Discount Rate
The discount rate used to measure the total pension liability was 7.00%. The projection of
cash flows used to determine the discount rate assumed that contributions from participating
employers will be made based on the actuarially determined rates based on the Board’s
funding policy, which establishes the contractually required rates under Colorado statutes.
Based on those assumptions, the SWDB plan fiduciary net position was projected to be
available to make all the projected future benefit payments of current plan members.
Therefore, the long‐term expected rate of return on pension plan investments was applied to
all periods of projected benefit payments to determine the total pension liability.
Projected benefit payments are required to be discounted to their actuarial present values using
a Single Discount Rate that reflects (1) a long‐term expected rate of return on pension plan
investments (to the extent that the plan's fiduciary net position is projected to be sufficient to
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
34
pay benefits) and (2) tax‐exempt municipal bond rate based on an index of 20‐year general
obligation bonds with an average AA credit rating as of the measurement date (to the extent
that the plan's projected fiduciary net position is not sufficient to pay benefits).
For the purpose of the valuation, the long‐term expected rate of return on pension plan
investments is 7.00%; the municipal bond rate is 1.84% (based on the weekly rate closest to but
not later than the measurement date of the “state & local bonds” rate from Federal Reserve
statistical release (H.15)); and the resulting single discount rate is 7.00%.
Sensitivity of the District’s proportionate share of the net pension liability to changes in the
discount rate
The following presents the District’s proportionate share of the net pension liability/(asset)
calculated using the discount rate of 7.00%, as well as what the District’s proportionate share
of the net pension liability would be if it were calculated using a discount rate that is 1‐
percentage point lower (6.00%) or 1‐percentage‐point higher (8.00%) than the current rate:
Current
1% Decrease Discount Rate 1% Increase
6.00% 7.00% 8.00%
Proportionate share of the
net pension liability (asset) (37,129)$ (269,237)$ (461,525)$
Pension Plan Fiduciary Net Position
Detailed information about the SWDB’s fiduciary net position is available in FPPA’s annual
comprehensive financial report, which can be obtained at http://www.fppaco.org.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
35
Public Employees’ Retirement Association of Colorado (PERA)
Defined Benefit Pension Plan
General Information about the Pension Plan
Plan description. Eligible employees of the District are provided with pensions through the
Local Government Division Trust Fund (LGDTF) – a cost‐sharing multiple‐employer defined
benefit pension plan administered by PERA. Plan benefits are specified in Title 24, Article 51 of
the Colorado Revised Statutes (C.R.S.), administrative rules set forth at 8 C.C.R. 1502‐1, and
applicable provisions of the federal Internal Revenue Code. Colorado State law provisions may
be amended from time to time by the Colorado General Assembly. PERA issues a publicly
available annual comprehensive financial report (ACFR) that can be obtained at
www.copera.org/investments/pera‐financial‐reports.
Benefits Provided as of December 31, 2021
PERA provides retirement, disability, and survivor benefits. Retirement benefits are
determined by the amount of service credit earned and/or purchased, highest average salary,
the benefit structure(s) under which the member retires, the benefit option selected at
retirement, and age at retirement. Retirement eligibility is specified in tables set forth at C.R.S.
§ 24‐51‐602, 604, 1713, and 1714.
The lifetime retirement benefit for all eligible retiring employees under the PERA Benefit
Structure is the greater of the:
Highest average salary multiplied by 2.5% and then multiplied by years of service credit.
The value of the retiring employee’s member contribution account plus a 100% match
on eligible amounts as of the retirement date. This amount is then annuitized into a
monthly benefit based on life expectancy and other actuarial factors.
The lifetime retirement benefit for all eligible retiring employees under the Denver Public
Schools (DPS) benefit structure is the greater of the:
Highest average salary multiplied by 2.5% and then multiplied by years of service credit.
$15 times the first 10 years of service credit plus $20 times service credit over 10 years
plus a monthly amount equal to the annuitized member contribution account balance
based on life expectancy and other actuarial factors.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
36
In all cases the service retirement benefit is limited to 100% of highest average salary and also
cannot exceed the maximum benefit allowed by federal Internal Revenue Code.
Members may elect to withdraw their member contribution accounts upon termination of
employment with all PERA employers; waiving rights to any lifetime retirement benefits earned.
If eligible, the member may receive a match of either 50% or 100% on eligible amounts
depending on when contributions were remitted to PERA, the date employment was
terminated, whether 5 years of service credit has been obtained and the benefit structure
under which contributions were made.
Upon meeting certain criteria, benefit recipients who elect to receive a lifetime retirement
benefit generally receive post‐retirement cost‐of‐living adjustments, referred to as annual
increases in the C.R.S. Subject to the automatic adjustment provision (AAP) under C.R.S. § 24‐
51‐413, eligible benefit recipients under the PERA benefit structure who began membership
before January 1, 2007, and all eligible benefit recipients of the DPS benefit structure will
receive the maximum annual increase (AI) or AI cap of 1.00% unless adjusted by the AAP.
Eligible benefit recipients under the PERA benefit structure who began membership on or after
January 1, 2007, will receive the lesser of an annual increase of the 1.00% AI cap or the average
increase of the Consumer Price Index for Urban Wage Earners and Clerical Workers for the prior
calendar year, not to exceed a determined increase that would exhaust 10% of PERA’s Annual
Increase Reserve (AIR) for the LGDTF. The AAP may raise or lower the aforementioned AI cap by
up to 0.25% based on the parameters specified in C.R.S. § 24‐51‐413.
Disability benefits are available for eligible employees once they reach five years of earned
service credit and are determined to meet the definition of disability. For State Troopers whose
disability is caused by an on‐ the‐job injury, the five‐year service requirement is waived and
they are immediately eligible to apply for disability benefits. The disability benefit amount is
based on the lifetime retirement benefit formula(s) shown above considering a minimum 20
years of service credit, if deemed disabled.
Survivor benefits are determined by several factors, which include the amount of earned
service credit, highest average salary of the deceased, the benefit structure(s) under which
service credit was obtained, and the qualified survivor(s) who will receive the benefits.
Contributions Provisions as of December 31, 2022
Eligible employees of the District and the State are required to contribute to the LGDTF at a rate
set by Colorado statute. The contribution requirements for the LGDTF are established under
C.R.S. § 24‐51‐401, et seq. and § 24‐51‐413.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
37
Employee contribution rates for the period of January 1, 2021, through December 31, 2022 are
summarized in the table below:
January 1,
2021
Through
June 30, 2021
July 1, 2021
Through
December 31,
2021
January 1,
2022
Through
June 30, 2022
July 1, 2022
Through
December 31,
2022
Employee contribution rate:
(all employees other
than State Troopers)
8.50% 8.50% 8.50% 9.00%
State Troopers 12.00% 12.50% 12.50% 13.00%
**Contribution rates for the LGDTF are expressed as a percentage of salary as defined in C.R.S. § 24‐51‐101(42).
The employer contribution requirements for all employees other than State Troopers are
summarized in the table below:
January 1, 2021
Through
June 30, 2021
July 1, 2021
Through
December 31,
2021
January 1, 2022
Through
June 30, 2022
July 1, 2022
Through
December 31,
2022
Employer contribution rate 10.50% 10.50% 10.50% 11.00%
Amount of employer contribution
apportioned to the Health Care
Trust Fund as specified in C.R.S. §
24‐51‐208(1)(f)
(1.02)% (1.02)% (1.02)% (1.02)%
Amount apportioned to the LGDTF 9.48% 9.48% 9.48% 9.98%
Amortization Equalization
Disbursement (AED) as specified in
C.R.S. § 24‐51‐411
2.20% 2.20% 2.20% 2.20%
Supplemental Amortization
Equalization Disbursement (SAED)
as specified in C.R.S. § 24‐51‐411
1.50% 1.50% 1.50% 1.50%
Defined Contribution Supplement
as specified in C.R.S. § 24‐51‐415 0.02% 0.02% 0.03% 0.03%
Total employer contribution
rate to the LGDTF 13.20% 13.20 13.21 13.71
**Contribution rates for the LGDTF are expressed as a percentage of salary as defined in C.R.S. § 24‐51‐101(42).
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
38
Employer contributions are recognized by the LGDTF in the period in which the compensation
becomes payable to the member and the District is statutorily committed to pay the
contributions to the LGDTF. Employer contributions recognized by the LGDTF from the District
were $14,035 for the year ended December 31, 2022.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions
At December 31, 2022, the District reported an asset of $7,477 for its proportionate share of
the net pension asset. The net pension asset for the LGDTF was measured as of December 31,
2021, and the total pension liability (TPL) used to calculate the net pension liability was
determined by an actuarial valuation as of December 31, 2020. Standard update procedures
were used to roll‐forward the TPL to December 31, 2021. The District proportion of the net
pension liability was based on District contributions to the LGDTF for the calendar year 2021
relative to the total contributions of participating employers to the LGDTF.
At December 31, 2021, the District proportion was 0.0087212863%, which was a decrease of ‐
0.0003629058% from its proportion measured as of December 31, 2020.
For the year ended December 31, 2022, the District recognized pension income of $18,514. At
December 31, 2022, the District reported deferred outflows of resources and deferred inflows
of resources related to pensions from the following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Difference between expected and actual experience 365$ (125)$
Changes of assumptions or other inputs 2,535 ‐
Net difference between projected and actual
earnings on pension plan investments ‐ (64,681)
Changes in proportion and differences between
contributions recognized and proportionate share
of contributions 350 (1,875)
Contributions subsequent to the measurement date 14,035 N/A
Total 17,285$ (66,681)$
$14,035 reported as deferred outflows of resources related to pensions, resulting from
contributions subsequent to the measurement date, will be recognized as a reduction of the
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
39
net pension liability in the year ended December 31, 2023. Other amounts reported as
deferred outflows of resources and deferred inflows of resources related to pensions will be
recognized in pension expense as follows:
Year ended December 31,
2023 (15,079)$
2024 (24,896)
2025 (15,607)
2026 (7,849)
(63,431)$
Actuarial assumptions. The TPL in the December 31, 2020 actuarial valuation was determined
using the following actuarial assumptions and other inputs:
Actuarial Cost Method Entry Age
Price Inflation 2.30%
Real wage growth 0.70%
Wage Inflation 3.00%
Salary increases, including wage inflations 3.20% ‐ 11.30%
Long‐term Investment Rate of Return, net of pension plan
investment expenses, including price inflation
7.25%
Discount Rate 7.25%
Post‐retirement benefit increases:
PERA benefit structure hired prior to 1/1/07 and DPS benefit
structure (compounded annually) 1
1.00%
PERA benefit structure hired after 12/31/06 1 Financed by the AIR
1 Post‐retirement benefit increases are provided by the AIR, accounted separately within each Division Trust Fund,
and subject to moneys being available; therefore, liabilities related to increases for members of these benefit tiers
can never exceed available assets.
The TPL as of December 31, 2021, includes the anticipated adjustments to contribution rates
and the AI cap, resulting from the 2020 AAP assessment, statutorily recognized July 1, 2021,
and effective July 1, 2022.
The mortality tables described below are generational mortality tables developed on a benefit‐
weighted basis.
Pre‐retirement mortality assumptions for members other than State Troopers were based upon
the PubG‐2010 Employee Table with generational projection using scale MP‐2019.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
40
Pre‐retirement mortality assumptions for State Troopers were based upon the PubS‐2010
Employee Table with generational projection using scale MP‐2019.
Post‐retirement non‐disabled mortality assumptions for members other than State Troopers
were based upon the PubG‐2010 Healthy Retiree Table, adjusted as follows:
Males: 94% of the rates prior to age 80 and 90% of the rates for ages 80 and older, with
generational projection using scale MP‐2019.
Females: 87% of the rates prior to age 80 and 107% of the rates for ages 80 and older,
with generational projection using scale MP‐2019.
Post‐retirement non‐disabled mortality assumptions for State Troopers were based upon the
unadjusted PubS‐2010 Healthy Retiree Table, with generational projection using scale MP‐2019.
Post‐retirement non‐disabled beneficiary mortality assumptions were based upon the Pub‐
2010 Contingent Survivor Table, adjusted as follows:
Males: 97% of the rates for all ages, with generational projection using scale MP‐2019.
Females: 105% of the rates for all ages, with generational projection using scale MP‐
2019.
Disabled mortality assumptions for members other than State Troopers were based upon the
PubNS‐2010 Disabled Retiree Table using 99% of the rates for all ages with generational
projection using scale MP‐2019.
Disabled mortality assumptions for State Troopers were based upon the unadjusted PubS‐2010
Disabled Retiree Table with generational projection using scale MP‐2019.
The actuarial assumptions used in the December 31, 2020, valuation were based on the results
of the 2020 experience analysis for the period January 1, 2016, through December 31, 2019,
and were reviewed and adopted by the PERA Board at their November 20, 2020, meeting.
The long‐term expected return on plan assets is reviewed as part of regular experience studies
prepared every four to five years for PERA. Recently this assumption has been reviewed more
frequently. The most recent analyses were outlined in the Experience Study report dated
October 28, 2020.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
41
Several factors are considered in evaluating the long‐term rate of return assumption, including
long‐term historical data, estimates inherent in current market data, and a log‐normal
distribution analysis in which best‐estimate ranges of expected future real rates of return
(expected return, net of investment expense and inflation) were developed for each major
asset class. These ranges were combined to produce the long‐ term expected rate of return by
weighting the expected future real rates of return by the target asset allocation percentages
and then adding expected inflation.
The PERA Board first adopted the 7.25% long‐term expected rate of return as of November 18,
2016. Following an asset/liability study, the Board reaffirmed the assumed rate of return at the
Board's November 15, 2019, meeting, to be effective January 1, 2020. As of the most recent
reaffirmation of the long‐term rate of return, the target asset allocation, and best estimates of
geometric real rates of return for each major asset class are summarized in the table as follows:
Asset Class
Target
Allocation
30 Year Expected Geometric
Real Rate of Return
Global Equity 54.00% 5.60%
Fixed Income 23.00% 1.30%
Private Equity 8.50% 7.10%
Real Estate 8.50% 4.40%
Alternatives 6.00% 4.70%
Total 100.00%
Note: In setting the long‐term expected rate of return, projections employed to model future
returns provide a range of expected long‐term returns that, including expected inflation,
ultimately support a long‐ term expected nominal rate of return assumption of 7.25%.
Discount Rate
The discount rate used to measure the TPL was 7.25%. The projection of cash flows used to
determine the discount rate applied the actuarial cost method and assumptions shown above.
In addition, the following methods and assumptions were used in the projection of cash flows:
Total covered payroll for the initial projection year consists of the covered payroll of the
active membership present on the valuation date and the covered payroll of future plan
members assumed to be hired during the year. In subsequent projection years, total
covered payroll was assumed to increase annually at a rate of 3.00%.
Employee contributions were assumed to be made at the member contribution rates in
effect for each year, including the required adjustments resulting from the 2018 AAP
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
42
assessment, and the additional 0.50% resulting from the 2020 AAP assessment,
statutorily recognized July 1, 2021, and effective July 1, 2022. Employee contributions
for future plan members were used to reduce the estimated amount of total service
costs for future plan members.
Employer contributions were assumed to be made at rates equal to the fixed statutory
rates specified in law for each year, including the required adjustments resulting from
the 2018 AAP assessment, and the additional 0.50% resulting from the 2020 AAP
assessment, statutorily recognized July 1, 2021, and effective July 1, 2022. Employer
contributions also include current and estimated future AED and SAED, until the
actuarial value funding ratio reaches 103%, at which point the AED and SAED will each
drop 0.50% every year until they are zero. Additionally, estimated employer
contributions reflect reductions for the funding of the AIR and retiree health care
benefits. For future plan members, employer contributions were further reduced by the
estimated amount of total service costs for future plan members not financed by their
member contributions.
Employer contributions and the amount of total service costs for future plan members
were based upon a process to estimate future actuarially determined contributions
assuming an analogous future plan member growth rate.
The AIR balance was excluded from the initial FNP, as, per statute, AIR amounts cannot
be used to pay benefits until transferred to either the retirement benefits reserve or the
survivor benefits reserve, as appropriate. AIR transfers to the FNP and the subsequent
AIR benefit payments were estimated and included in the projections.
The projected benefit payments reflect the lowered AI cap, from 1.25% to 1.00%,
resulting from the 2020 AAP assessment, statutorily recognized July 1, 2021, and
effective July 1, 2022.
Benefit payments and contributions were assumed to be made at the middle of the
year.
Based on the above assumptions and methods, the LGDTF’s FNP was projected to be available
to make all projected future benefit payments of current members. Therefore, the long‐term
expected rate of return of 7.25% on pension plan investments was applied to all periods of
projected benefit payments to determine the TPL. The discount rate determination does not
use the municipal bond index rate, and therefore, the discount rate is 7.25%. There was no
change in the discount rate from the prior measurement date.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
43
Sensitivity of the District’s proportionate share of the net pension liability to changes in the
discount rate
The following presents the proportionate share of the net pension liability calculated using the
discount rate of 7.25%, as well as what the proportionate share of the net pension liability
would be if it were calculated using a discount rate that is 1‐percentage‐point lower (6.25%) or
1‐percentage‐point higher (8.25%) than the current rate:
Current
1% Decrease Discount Rate 1% Increase
6.25% 7.25% 8.25%
Proportionate share of the
net pension liability (asset) 51,269$ (7,477)$ (56,616)$
Pension plan fiduciary net position
Detailed information about the LGDTF’s FNP is available in PERA’s ACFR which can be obtained
at www.copera.org/investments/pera‐financial‐reports.
NOTE 9 – OTHER POST‐EMPLOYMENT BENEFITS
Health Care Trust Fund
Plan Description – Eligible employees of the District are provided with OPEB through the
HCTF—a cost‐sharing multiple‐employer defined benefit OPEB plan administered by PERA. The
HCTF is established under Title 24, Article 51, Part 12 of the Colorado Revised Statutes (C.R.S.),
as amended. Colorado State law provisions may be amended from time to time by the
Colorado General Assembly, Title 24, Article 51, Part 12 of the C.R.S., as amended, sets forth a
framework that grants authority to the PERA Board to contract, self‐insure, and authorize
disbursements necessary in order to carry out the purposes of the PERACare program, including
the administration of the premium subsidies. Colorado State law provisions may be amended
from time to time by the Colorado General Assembly. PERA issues a publicly available annual
comprehensive financial report (ACFR) that can be obtained
www.copera.org/investments/pera‐financial‐reports.
Benefits provided. The HCTF provides a health care premium subsidy to eligible participating
PERA benefit recipients and retirees who choose to enroll in one of the PERA health care plans,
however, the subsidy is not available if only enrolled in the dental and/or vision plan(s). The
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
44
health care premium subsidy is based upon the benefit structure under which the member
retires and the member’s years of service credit. For members who retire having service credit
with employers in the Denver Public Schools (DPS) Division and one or more of the other four
Divisions (State, School, Local Government and Judicial), the premium subsidy is allocated
between the HCTF and the Denver Public Schools Health Care Trust Fund (DPS HCTF). The basis
for the amount of the premium subsidy funded by each trust fund is the percentage of the
member contribution account balance from each division as it relates to the total member
contribution account balance from which the retirement benefit is paid.
C.R.S. § 24‐51‐1202 et seq. specifies the eligibility for enrollment in the health care plans
offered by PERA and the amount of the premium subsidy. The law governing a benefit
recipient’s eligibility for the subsidy and the amount of the subsidy differs slightly depending
under which benefit structure the benefits are calculated. All benefit recipients under the PERA
benefit structure and all retirees under the DPS benefit structure are eligible for a premium
subsidy, if enrolled in a health care plan under PERACare. Upon the death of a DPS benefit
structure retiree, no further subsidy is paid.
Enrollment in the PERACare health benefits program is voluntary and is available to benefit
recipients and their eligible dependents, certain surviving spouses, and divorced spouses and
guardians, among others. Eligible benefit recipients may enroll into the program upon
retirement, upon the occurrence of certain life events, or on an annual basis during an open
enrollment period.
PERA Benefit Structure
The maximum service‐based premium subsidy is $230 per month for benefit recipients who are
under 65 years of age and who are not entitled to Medicare; the maximum service‐based
subsidy is $115 per month for benefit recipients who are 65 years of age or older or who are
under 65 years of age and entitled to Medicare. The maximum service‐based subsidy, in each
case, is for benefit recipients with retirement benefits based on 20 or more years of service
credit. There is a 5% reduction in the subsidy for each year less than 20. The benefit recipient
pays the remaining portion of the premium to the extent the subsidy does not cover the entire
amount.
For benefit recipients who have not participated in Social Security and who are not otherwise
eligible for premium‐free Medicare Part A for hospital‐related services, C.R.S. § 24‐51‐1206(4)
provides an additional subsidy. According to the statute, PERA cannot charge premiums to
benefit recipients without Medicare Part A that are greater than premiums charged to benefit
recipients with Part A for the same plan option, coverage level, and service credit. Currently, for
each individual PERACare enrollee, the total premium for Medicare coverage is determined
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
45
assuming plan participants have both Medicare Part A and Part B and the difference in
premium cost is paid by the HCTF or the DPS HCTF on behalf of benefit recipients not covered
by Medicare Part A.
DPS Benefit Structure
The maximum service‐based premium subsidy is $230 per month for retirees who are under 65
years of age and who are not entitled to Medicare; the maximum service‐based subsidy is $115
per month for retirees who are 65 years of age or older or who are under 65 years of age and
entitled to Medicare. The maximum service‐based subsidy, in each case, is for retirees with
retirement benefits based on 20 or more years of service credit. There is a 5% reduction in the
subsidy for each year less than 20. The retiree pays the remaining portion of the premium to
the extent the subsidy does not cover the entire amount.
For retirees who have not participated in Social Security and who are not otherwise eligible for
premium‐free Medicare Part A for hospital‐related services, the HCTF or the DPS HCTF pays an
alternate service‐based premium subsidy. Each individual retiree meeting these conditions
receives the maximum $230 per month subsidy reduced appropriately for service less than 20
years, as described above. Retirees who do not have Medicare Part A pay the difference
between the total premium and the monthly subsidy.
Contributions
Pursuant to Title 24, Article 51, Section 208(1) (f) of the C.R.S., as amended, certain
contributions are apportioned to the HCTF. PERA‐affiliated employers of the State, School, Local
Government, and Judicial Divisions are required to contribute at a rate of 1.02% of PERA‐
includable salary into the HCTF.
Employer contributions are recognized by the HCTF in the period in which the compensation
becomes payable to the member and the District is statutorily committed to pay the
contributions. Employer contributions recognized by the HCTF from the District were $1,062 for
the year ended December 31, 2022.
OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB
At December 31, 2022, the District reported a liability of $5,846 for its proportionate share of
the net OPEB liability. The net OPEB liability for the HCTF was measured as of December 31,
2021, and the total OPEB liability (TOL) used to calculate the net OPEB liability was determined
by an actuarial valuation as of December 31, 2020. Standard update procedures were used to
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
46
roll‐forward the TOL to December 31, 2021. The District proportion of the net OPEB liability
was based on District contributions to the HCTF for the calendar year 2021 relative to the total
contributions of participating employers to the HCTF.
At December 31, 2021, the District proportion was 0.00067795910%, which was a decrease of
0.0000153208% from its proportion measured as of December 31, 2020. For the year ended
December 31, 2022, the District recognized OPEB expense of $261. At December 31, 2022, the
District reported deferred outflows of resources and deferred inflows of resources related to
OPEB from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Difference between expected and actual experience 9$ (1,386)$
Changes of assumptions or other inputs 121 (317)
Net difference between projected and actual
earnings on pension plan investments ‐ (362)
Changes in proportion and differences between
contributions recognized and proportionate share
of contributions 451 ‐
Contributions subsequent to the measurement date 1,062 N/A
Total 1,643$ (2,065)$
$1,062 reported as deferred outflows of resources related to OPEB, resulting from
contributions subsequent to the measurement date, will be recognized as a reduction of the
net OPEB liability in the year ended December 31, 2023.
Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to OPEB will be recognized in OPEB expense as follows:
Year ended December 31,
2023 (249)$
2024 (400)
2025 (495)
2026 (246)
2027 (83)
2028 (11)
(1,484)$
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
47
Actuarial assumptions. The TPL in the December 31, 2020 actuarial valuation was determined
using the following actuarial cost method, actuarial assumptions and other inputs:
State Division
School Division
Local
Government
Division
Judicial
Division
Actuarial cost method Entry age
Price inflation 2.30%
Real wage growth 0.70%
Wage inflation 3.00%
Salary increases, including wage inflation
Members other than State Troopers 3.30%‐10.90% 3.40%‐11.00% 3.20%‐11.30% 2.80%‐5.30%
State Troopers 3.20%‐12.40% N/A 3.20%‐12.40% N/A
Long‐term investment rate of return, net of OPEB
plan
investment expenses, including price inflation
7.25%
Discount rate 7.25%
Health care cost trend rates
PERA benefit structure:
Service‐based premium subsidy 0.00%
PERACare Medicare plans
4.50% in 2021,
6.00% in 2022
gradually decreasing
to 4.50% in 2029
Medicare Part A premiums
3.75% in 2021,
gradually increasing
to 4.50% in 2029
DPS benefit structure:
Service‐based premium subsidy 0.00%
PERACare Medicare plans N/A
Medicare Part A premiums N/A
Calculations are based on the benefits provided under the terms of the substantive plan in
effect at the time of each actuarial valuation and on the pattern of sharing of costs between
employers of each fund to that point.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
48
In determining the additional liability for PERACare enrollees who are age 65 or older and who
are not eligible for premium‐free Medicare Part A in the December 31, 2020, valuation, the
following monthly costs/premiums (actual dollars) are assumed for 2021 for the PERA Benefit
Structure:
Initial Costs for Members
without Medicare Part A
Medicare Plan
Monthly
Cost
Monthly
Premium
Monthly
Cost
Adjusted to
A 65
Medicare Advantage/Self‐
Insured Rx $633 $230 $591
Kaiser Permanente Medicare
Advantage HMO 596 199 562
The 2021 Medicare Part A premium is $471 (actual dollars) per month.
All costs are subject to the health care cost trend rates, as discussed below.
Health care cost trend rates reflect the change in per capita health costs over time due to
factors such as medical inflation, utilization, plan design, and technology improvements. For the
PERA benefit structure, health care cost trend rates are needed to project the future costs
associated with providing benefits to those PERACare enrollees not eligible for premium‐free
Medicare Part A.
Health care cost trend rates for the PERA benefit structure are based on published annual
health care inflation surveys in conjunction with actual plan experience (if credible), building
block models and industry methods developed by health plan actuaries and administrators. In
addition, projected trends for the Federal Hospital Insurance Trust Fund (Medicare Part A
premiums) provided by the Centers for Medicare & Medicaid Services are referenced in the
development of these rates. Effective December 31, 2020, the health care cost trend rates for
Medicare Part A premiums were revised to reflect the current expectation of future increases in
rates of inflation applicable to Medicare Part A premiums.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
49
The PERA benefit structure health care cost trend rates used to measure the TOL are
summarized in the table below:
Year
PERACare
Medicare Plans
Medicare Part A
Premiums
2021 4.50% 3.75%
2022 6.00% 3.75%
2023 5.80% 4.00%
2024 5.60% 4.00%
2025 5.40% 4.00%
2026 5.10% 4.25%
2027 4.90% 4.25%
2028 4.70% 4.25%
2029+ 4.50% 4.50%
Mortality assumptions used in the December 31, 2020, valuation for the determination of the
total pension liability for each of the Division Trust Funds as shown below, reflect generational
mortality and were applied, as applicable, in the determination of the TOL for the HCTF, but
developed using a headcount‐weighted basis. Affiliated employers of the State, School, Local
Government and Judicial Divisions participate in the HCTF.
Pre‐retirement mortality assumptions for the State and Local Government Divisions (members
other than State Troopers) were based upon the PubG‐2010 Employee Table with generational
projection using scale MP‐2019.
Pre‐retirement mortality assumptions for State Troopers were based upon the PubS‐2010
Employee Table with generational projection using scale MP‐2019.
The pre‐retirement mortality assumptions for the School Division were based upon the PubT‐
2010 Employee Table with generational projection using scale MP‐2019.
Pre‐retirement mortality assumptions for the Judicial Division were based upon the PubG‐
2010(A) Above‐Median Employee Table with generational projection using scale MP‐2019.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
50
Post‐retirement non‐disabled mortality assumptions for the State and Local Government
Divisions (members other than State Troopers) were based upon the PubG‐2010 Healthy
Retiree Table, adjusted as follows:
Males: 94% of the rates prior to age 80 and 90% of the rates for ages 80 and older, with
generational projection using scale MP‐2019.
Females: 87% of the rates prior to age 80 and 107% of the rates for ages 80 and older,
with generational projection using scale MP‐2019.
Post‐retirement non‐disabled mortality assumptions for State Troopers were based upon the
unadjusted PubS‐2010 Healthy Retiree Table, with generational projection using scale MP‐2019.
Post‐retirement non‐disabled mortality assumptions for the School Division were based upon
the PubT‐2010 Healthy Retiree Table, adjusted as follows:
Males: 112% of the rates prior to age 80 and 94% of the rates for ages 80 and older,
with generational projection using scale MP‐2019.
Females: 83% of the rates prior to age 80 and 106% of the rates for ages 80 and older,
with generational projection using scale MP‐2019.
Post‐retirement non‐disabled mortality assumptions for the Judicial Division were based upon
the unadjusted PubG‐2010(A) Above‐Median Healthy Retiree Table with generational
projection using scale MP‐2019.
Post‐retirement non‐disabled beneficiary mortality assumptions were based upon the Pub‐
2010 Contingent Survivor Table, adjusted as follows:
Males: 97% of the rates for all ages, with generational projection using scale MP‐2019.
Females: 105% of the rates for all ages, with generational projection using scale MP‐
2019.
Disabled mortality assumptions for members other than State Troopers were based upon the
PubNS‐2010 Disabled Retiree Table using 99% of the rates for all ages with generational
projection using scale MP‐2019.
Disabled mortality assumptions for State Troopers were based upon the unadjusted PubS‐2010
Disabled Retiree Table with generational projection using scale MP‐2019.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
51
The following health care costs assumptions were updated and used in the roll‐forward
calculation for the Trust Fund:
Initial per capita health care costs for those PERACare enrollees under the PERA benefit
structure who are expected to attain age 65 and older ages and are not eligible for
premium‐free Medicare Part A benefits were updated to reflect the change in costs for
the 2021 plan year.
The health care cost trend rates for Medicare Part A premiums were revised to reflect
the then‐current expectation of future increases in rates of inflation applicable to
Medicare Part A premiums.
Actuarial assumptions pertaining to per capita health care costs and their related trend rates
are analyzed and updated annually by PERA Board’s actuary, as discussed above.
The actuarial assumptions used in the December 31, 2020, valuation were based on the results
of the 2020 experience analysis for the period January 1, 2016, through December 31, 2019,
and were reviewed and adopted by the PERA Board at their November 20, 2020, meeting.
The long‐term expected return on plan assets is reviewed as part of regular experience studies
prepared every four to five years for PERA. Recently this assumption has been reviewed more
frequently. The most recent analyses were outlined in the Experience Study report dated
October 28, 2020.
Several factors are considered in evaluating the long‐term rate of return assumption, including
long‐term historical data, estimates inherent in current market data, and a log‐normal
distribution analysis in which best‐estimate ranges of expected future real rates of return
(expected return, net of investment expense and inflation) were developed for each major
asset class. These ranges were combined to produce the long‐term expected rate of return by
weighting the expected future real rates of return by the target asset allocation percentages
and then adding expected inflation.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
52
As of the most recent reaffirmation of the long‐term rate of return, the target asset allocation
and best estimates of geometric real rates of return for each major asset class are summarized
in the table as follows:
Asset Class
Target Allocation
30 Year Expected Geometric
Real Rate of Return
Global Equity 54.00% 5.60%
Fixed Income 23.00% 1.30%
Private Equity 8.50% 7.10%
Real Estate 8.50% 4.40%
Alternatives 6.00% 4.70%
Total 100.00%
Note: In setting the long‐term expected rate of return, projections employed to model future
returns provide a range of expected long‐term returns that, including expected inflation,
ultimately support a long‐term expected nominal rate of return assumption of 7.25%.
Sensitivity of the District’s proportionate share of the net OPEB liability to changes in the Health
Care Cost Trend Rates. The following presents the net OPEB liability using the current health
care cost trend rates applicable to the PERA benefit structure, as well as if it were calculated
using health care cost trend rates that are one percentage point lower or one percentage point
higher than the current rates:
1% Decrease
in Trend
Rates
Current Trend
Rates
1% Increase in
Trend Rates
Initial PERACare Medicare trend rate 3.50% 4.50% 5.50%
Ultimate PERACare Medicare trend rate 3.50% 4.50% 5.50%
Initial Medicare Part A trend rate 2.75% 3.75% 4.75%
Ultimate Medicare Part A trend rate 3.50% 4.50% 5.50%
Net OPEB Liability $5,678 $5,846 $6,041
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
53
Discount Rate
The discount rate used to measure the TOL was 7.25%. The projection of cash flows used to
determine the discount rate applied the actuarial cost method and assumptions shown above.
In addition, the following methods and assumptions were used in the projection of cash flows:
Updated health care cost trend rates for Medicare Part A premiums as of the December
31, 2021, measurement date.
Total covered payroll for the initial projection year consists of the covered payroll of the
active membership present on the valuation date and the covered payroll of future plan
members assumed to be hired during the year. In subsequent projection years, total
covered payroll was assumed to increase annually at a rate of 3.00%.
Employer contributions were assumed to be made at rates equal to the fixed statutory
rates specified in law and effective as of the measurement date.
Employer contributions and the amount of total service costs for future plan members
were based upon a process to estimate future actuarially determined contributions
assuming an analogous future plan member growth rate.
Estimated transfers of dollars into the HCTF representing a portion of purchase service
agreements intended to cover the costs associated with OPEB benefits.
Benefit payments and contributions were assumed to be made at the middle of the
year.
Based on the above assumptions and methods, the HCTF’s FNP was projected to be available to
make all projected future benefit payments of current members. Therefore, the long‐term
expected rate of return of 7.25% on OPEB plan investments was applied to all periods of
projected benefit payments to determine the TOL. The discount rate determination does not
use the municipal bond index rate, and therefore, the discount rate is 7.25%. There was no
change in the discount rate from the prior measurement date.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
54
Sensitivity of the District’s proportionate share of the net OPEB liability to changes in the
discount rate.
The following presents the proportionate share of the net OPEB liability calculated using the
discount rate of 7.25%, as well as what the proportionate share of the net OPEB liability would
be if it were calculated using a discount rate that is one‐percentage‐point lower (6.25%) or one‐
percentage‐point higher (8.25%) than the current rate:
Current
1% Decrease Discount Rate 1% Increase
6.25% 7.25% 8.25%
Proportionate share of the
net OPEB liability 6,790$ 5,846$ 5,040$
OPEB plan fiduciary net position. Detailed information about the HCTF’s FNP is available in
PERA’s ACFR which can be obtained at www.copera.org/investments/pera‐financial‐reports.
NOTE 10 ‐ LENGTH OF SERVICE AWARD PROGRAM (LOSAP)
On January 1, 2018, the District created the Hero Plus Program (HPP) in accordance with
Internal Revenue Code Section 457(e)(11). The program is administered by Lincoln Financial
Group Trust Company, Inc. (LFG). The District funds the HPP annually based upon the individual
amounts earned each year.
During the year ended December 31, 2022, the District transferred $32,913 to the HPP.
NOTE 11 – INTERGOVERNMENTAL AGREEMENTS
The District has entered into intergovernmental agreements with the Town as a result of the
District’s organization and the continuation of fire protection services for the Town.
Specifically, the Town has agreed to remit to the District 7% of sales tax revenue it receives.
These taxes are remitted to the District monthly. During 2022, 2021, and 2020, the District
received $1,267,633, $1,172,125, and $847,231, respectively, in sales taxes from the Town.
The Town provides dispatching and communication services to the District for an appropriate
annual amount to be agreed upon by the parties during September of each calendar year for
the subsequent year. During 2022, the District paid the Town $21,600 for dispatching services.
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
55
During 2022, the Town continued to provide essential support services such as information
technology support and fleet maintenance at an agreed upon amount which is set annually.
The total amount paid to the Town for these services in 2022 was $38,933.
NOTE 12 – RISK MANAGEMENT
The District is exposed to various risks of loss related to torts; thefts of, damage to, or
destruction of assets; errors or omissions; or natural disasters.
The District is a member of the Colorado Special Districts Property and Liability Pool (Pool) as of
December 31, 2022. The Pool is an organization created by intergovernmental agreement to
provide public officials’ liability and workers compensation coverage to its members. Settled
claims have not exceeded this coverage in any of the past three fiscal years.
The District pays annual premiums to the Pool for public officials’ liability and workers
compensation coverage. In the event aggregated losses incurred by the Pool exceed amounts
recoverable from reinsurance contracts and funds accumulated by the Pool, the Pool may
require additional contributions from the Pool members. Any excess funds which the Pool
determines are not needed for purposes of the Pool may be returned to the members pursuant
to a distribution formula.
The District continues to carry commercial insurance for all other risks of loss. The District did
not have any claim settlements in excess of coverage in any of the past three fiscal years.
NOTE 13 – TAX, SPENDING AND DEBT LIMITATIONS
Article X, Section 20 of the Colorado Constitution, commonly known as the Taxpayer's Bill of
Rights (TABOR) contains tax, spending, revenue and debt limitations which apply to the State of
Colorado and all local governments.
Enterprises, defined as government‐owned businesses authorized to issue revenue bonds and
receiving less than 10% of annual revenue in grants from all state and local governments
combined, are excluded from the provisions of TABOR.
Spending and revenue limits are determined based on the prior year's Fiscal Year Spending
adjusted for allowable increases based upon inflation and local growth. Fiscal Year Spending is
generally defined as expenditures plus reserve increases with certain exceptions. Revenue in
ESTES VALLEY FIRE PROTECTION DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022
56
excess of the Fiscal Year Spending limit must be refunded unless the voters approve retention
of such revenue.
On November 3, 2009, a majority of the District’s electors authorized the District to collect,
retain and spend all revenues and other funds from any revenue source, provided that the
District’s 1.95 mill levy tax rate shall not be increased without further voter approval and the
revenues from all such sources be spent as voter approved revenue changes and as an
exception to the limits which would otherwise apply, including without limitation to TABOR.
On November 6, 2018, a majority of the District’s electors approved the following ballot
question: Shall Estes Valley Fire Protection District be authorized to offset revenue losses from
refunds, abatements and changes to the percentage of actual valuation used to determine
assessed valuation (in particular to offset revenues that would otherwise be lost due to the
"Gallagher Amendment" to the Colorado constitution) by increasing its operating mill levy
beginning in collection year 2020 and annually thereafter, so that to the extent possible the
actual tax revenue collected is the same as if such changes had not occurred?
TABOR requires local governments to establish Emergency Reserves. These reserves must be at
least 3% of Fiscal Year Spending (excluding bonded debt service). Local governments are not
allowed to use the emergency reserves to compensate for economic conditions, revenue
shortfalls, or salary or benefit increases.
The District's management believes it is in compliance with the provisions of TABOR. However,
TABOR is complex and subject to interpretation. Many of the provisions, including the
interpretation of how to calculate Fiscal Year Spending limits, will require judicial
interpretation.
REQUIRED SUPPLEMENTARY INFORMATION
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ESTES VALLEY FIRE PROTECTION DISTRICT
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
VOLUNTEER PENSION FUND
LAST EIGHT YEARS *
Measurement period ending December 31, 2021 2020 2019
Total Pension Liability
Service Cost 20,514$ 13,760$ 13,760$
Interest on Total Pension Liability 109,868 99,592 100,865
Effect of Plan Changes ‐ 238,367 ‐
Effect of economic/demographic gains or losses ‐ 70,662 ‐
Effect of assumptions changes or inputs ‐ 105,119 ‐
Benefit payments (148,963) (146,205) (129,573)
Net Change in Total Pension Liability (18,581) 381,295 (14,948)
Total Pension Liability ‐ Beginning 2,250,421 1,869,126 1,884,074
Total Pension Liability ‐ Ending (a) 2,231,840$ 2,250,421$ 1,869,126$
Plan Fiduciary Net Position
Employer Contributions 76,000$ 88,605$ 128,605$
Net investment income 153,647 75,013 168,084
Benefit payments (148,963) (146,205) (129,573)
Administrative expense (11,153) (2,310) (10,902)
Net Change in Plan Fiduciary Net Position 69,531 15,103 156,214
Plan Fiduciary Net Position ‐ Beginning 1,735,656 1,720,553 1,564,339
Plan Fiduciary Net Position ‐ Ending (b) 1,805,187$ 1,735,656$ 1,720,553$
Net Pension Liability/(Asset) ‐ Ending (a)‐(b) 426,653$ 514,765$ 148,573$
Plan Fiduciary Net Position as a Percentage of
Total Pension Liability 80.88% 77.13% 92.05%
Covered Payroll N/A N/A N/A
Contributions as a Percentage of
Covered Payroll N/A N/A N/A
Information above is presented as of the measurement date.
* This schedule will report ten years of data when it is available
57
2018 2017 2016 2015 2014
30,655$ 30,655$ 40,090$ 40,090$ 39,112$
108,785 108,395 109,590 109,045 108,438
‐ ‐ ‐ ‐ ‐
(97,738) ‐ (39,766) ‐ ‐
(40,482) ‐ 13,724 ‐ ‐
(127,097) (136,697) (135,192) (143,152) (131,939)
(125,877) 2,353 (11,554) 5,983 15,611
2,009,951 2,007,598 2,019,152 2,013,169 1,997,558
1,884,074$ 2,009,951$ 2,007,598$ 2,019,152$ 2,013,169$
128,605$ 128,605$ 118,605$ 128,605$ 102,705$
(106,028) 100,852 90,802 (32,207) 8,168
(127,097) (136,697) (135,192) (143,152) (131,939)
(3,947) (9,246) (3,606) (7,914) (3,051)
(108,467) 83,514 70,609 (54,668) (24,117)
1,672,806 1,589,292 1,518,683 1,573,351 1,597,468
1,564,339$ 1,672,806$ 1,589,292$ 1,518,683$ 1,573,351$
319,735$ 337,145$ 418,306$ 500,469$ 439,818$
83.03% 83.23% 79.16% 75.21% 78.15%
N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A
58
ESTES VALLEY FIRE PROTECTION DISTRICT
SCHEDULE OF NET PENSION LIABILITY
VOLUNTEER PENSION FUND
LAST NINE YEARS *
2021 2020 2019 2018
Net Pension Liability
Total Pension Liability 2,231,840$ 2,250,421$ 1,869,126$ 1,884,074$
Fiduciary Net Position 1,805,187 1,735,656 1,720,553 1,564,339
Net Pension Liability 426,653$ 514,765$ 148,573$ 319,735$
Fiduciary Net Position as a % of Total
Pension Liability 80.88% 77.13% 92.05% 83.03%
Covered Payroll N/A N/A N/A N/A
Net Pension Liability as a % of
Covered Payroll N/A N/A N/A N/A
The total pension liability was
determined by an actuarial valuation
as of the valuation date using the
following actuarial assumptions:
Discount Rate 5.00% 5.00% 5.50% 5.50%
Investment Rate of Return 5.00% 5.00% 5.50% 5.50%
Cost of Living Adjustments None None None None
Other Key Actuarial Assumptions:
Actuarial valuation date January 1, 2021 January 1, 2019
Actuarial Cost Method Entry Age Normal Entry Age Normal
Amortization Method Level Dollar ‐ Closed Level Dollar ‐ Closed
Remaining Amortization Period 16 years 18 years
Asset Valuation Method Market Value of Assets Market Value of Assets
Inflation 2.25% 2.50%
Salary Increases N/A N/A
Mortality Pub‐2010 Public Pub‐2010 Public Retirement
Retirement Plans Plans Mortality Tables, with
Mortality Tables, generational projections using
with generational Table MP‐2018
projections using
Table MP‐2020
* This schedule will report ten years of data when it is available
59
2017 2016 2015 2014 2013
2,009,951$ 2,007,598$ 2,019,152$ 2,013,169$ 1,997,558$
1,672,806 1,589,292 1,518,683 1,573,351 1,597,468
337,145$ 418,306$ 500,469$ 439,818$ 400,090$
83.23% 79.16% 75.21% 78.15% 79.97%
N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A
5.50% 5.50% 5.50% 5.50% 5.50%
5.50% 5.50% 5.50% 5.50% 5.50%
None None None None None
January 1, 2017 January 1, 2015
` Entry Age Normal
Level Dollar ‐ Closed Level Dollar ‐ Closed
20 years 22 years
Market Value of Assets Market Value of Assets
2.50% 2.50%
N/A N/A
RP‐2014 Healthy RP‐2014 Healthy Annuitant and Emplyee
Annuitant and Mortality Tables
Employee Mortality
Tables
60
ESTES VALLEY FIRE PROTECTION DISTRICT
SCHEDULE OF DISTRICT CONTRIBUTIONS
VOLUNTEER PENSION FUND
LAST TEN YEARS
Actuarially Actual Contribution Contributions
Year Ending Determined Employer Deficency Covered as a % of
December 31, Contribution Contribution * (Excess) Payroll Covered Payroll
2013 71,135$ 128,605$ (57,470)$ N/A N/A
2014 71,135$ 102,705$ (31,570)$ N/A N/A
2015 81,151$ 128,605$ (47,454)$ N/A N/A
2016 81,151$ 118,605$ (37,454)$ N/A N/A
2017 76,302$ 128,605$ (52,303)$ N/A N/A
2018 76,302$ 128,605$ (52,303)$ N/A N/A
2019 50,677$ 128,605$ (77,928)$ N/A N/A
2020 50,677$ 88,605$ (37,928)$ N/A N/A
2021 77,184$ 76,000$ 1,184$ N/A N/A
2022 77,184$ 90,000$ (12,816)$ N/A N/A
Note, full valuations are performed biannually on odd numbered years. The
members of the plan are volunteers, so as such there is no covered payroll.
* Includes State Fire pension contribuion
61
ESTES VALLEY FIRE PROTECTION DISTRICT
SCHEDULE OF INVESTMENT RETURNS
VOLUNTEER PENSION FUND
LAST EIGHT YEARS *
Net Money‐
Year Ending Weighted Rate
December 31, of Return
2012 N/A
2013 N/A
2014 0.53%
2015 ‐2.11%
2016 6.12%
2017 6.48%
2018 ‐6.38%
2019 10.74%
2020 4.47%
2021 9.18%
The money weighted rate of return expresses investment performance, net of
investment expense, adjusted for the changing amounts actually invested.
* This schedule will report ten years of data when it is available
62
ESTES VALLEY FIRE PROTECTION DISTRICT
SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY (ASSET)
FPPA PENSION PLAN ‐ STATEWIDE DEFINED BENEFIT PLAN FUND
LAST NINE YEARS *
2021 2020 2019
District's Proportion of the Net Pension Liability (Asset) 0.04968075% 0.03899515% 0.03412501%
District's Proportionate Share of the Net Pension
Liability (Asset) (269,237)$ (84,659)$ (19,300)$
Covered Payroll 401,576$ 327,038$ 301,900$
Proportionate Share of Net Pension Liability (Asset)
as a Percentage of Covered Payroll (67.045)% (25.887)% (6.393)%
Calculation of Collective Net Pension
Liability:
Total Pension Liability 3,352,605,624$ 3,230,485,701$ 2,919,378,738$
Plan Fiduciary Net Position 3,894,539,387 3,447,586,098 2,975,935,079
Net Pension Liability (Asset) (541,933,763)$ (217,100,397)$ (56,556,341)$
Plan Fiduciary Net Position as a Percentage of the
Total Pension Liability (Asset) 116.16% 106.72% 101.94%
Information above is presented as of the measurement date.
* This schedule will report ten years of data when it is available
63
2018 2017 2016 2015 2014 2013
0.03754718% 0.04253503% 0.05309873% 0.04598291% 0.05391947% 0.05536940%
47,470$ (61,193)$ 19,187$ (811)$ (60,853)$ (49,511)$
251,513$ 248,806$ 282,784$ 223,653$ 242,475$ 240,488$
18.874% (24.595)% 6.785% (0.363)% (25.097)% (20.588)%
2,653,120,261$ 2,269,410,684$ 2,021,526,883$ 1,846,961,999$ 1,652,901,084$ 1,533,631,141$
2,526,692,808 2,413,276,447 1,985,393,043 1,848,724,853 1,765,758,630 1,623,049,809
126,427,453$ (143,865,763)$ 36,133,840$ (1,762,854)$ (112,857,546)$ (89,418,668)$
95.23% 106.34% 98.21% (100.10)% (106.83)% (105.83)%
64
ESTES VALLEY FIRE PROTECTION DISTRICT
SCHEDULE OF DISTRICT CONTRIBUTIONS
FPPA PENSION PLAN ‐ STATEWIDE DEFINED BENEFIT PLAN FUND
LAST TEN YEARS
Statutorily Actual Contribution Contributions
Year Ending Required Employer Deficency Covered as a % of
December 31, Contribution Contribution (Excess) Payroll Covered Payroll
2013 19,239$ 19,239$ ‐$ 240,488$ 8.00%
2014 19,398$ 19,398$ ‐$ 242,475$ 8.00%
2015 17,892$ 17,892$ ‐$ 223,653$ 8.00%
2016 22,623$ 22,623$ ‐$ 282,784$ 8.00%
2017 19,904$ 19,904$ ‐$ 248,806$ 8.00%
2018 20,121$ 20,121$ ‐$ 251,513$ 8.00%
2019 24,152$ 24,152$ ‐$ 301,900$ 8.00%
2020 26,163$ 26,163$ ‐$ 327,038$ 8.00%
2021 34,134$ 34,134$ ‐$ 401,576$ 8.50%
2022 45,665$ 45,665$ ‐$ 507,389$ 9.00%
65
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ESTES VALLEY FIRE PROTECTION DISTRICT
SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
PERA PENSION PLAN ‐ LOCAL GOVERNMENT DIVISION TRUST FUND
LAST NINE YEARS *
2021 2020 2019
District's Proportion of the Net Pension Liability (Asset) 0.0087213% 0.0090842% 0.0088118%
District's Proportionate Share of the Net Pension
Liability (Asset) (7,477)$ 47,340$ 64,449$
Covered Payroll 64,890$ 66,485$ 60,680$
Proportionate Share of Net Pension Liability (Asset)
as a Percentage of Covered Payroll ‐11.523% 71.204% 106.211%
Calculation of Collective Net Pension
Liability ($ in thousands):
Total Pension Liability 5,758,380$ 5,715,765$ 5,324,353$
Plan Fiduciary Net Position 5,844,117 5,194,638 4,592,962
Net Pension Liability (Asset) (85,737)$ 521,127$ 731,391$
Plan Fiduciary Net Position as a Percentage of the
Total Pension Liability (Asset) 101.49% 90.88% 86.26%
Information above is presented as of the measurement date.
* This schedule will report ten years of data when it is available
66
2018 2017 2016 2015 2014 2013
0.0085772% 0.0077913% 0.0072101% 0.0074612% 0.0077169% 0.0082000%
107,833$ 86,751$ 97,361$ 82,191$ 69,167$ 67,479$
55,974$ 48,795$ 43,798$ 42,439$ 42,285$ 43,748$
192.648% 177.787% 222.296% 193.669% 163.573% 154.245%
5,228,602$ 5,396,516$ 5,123,847$ 4,762,090$ 4,647,777$ 4,517,239$
3,971,389 4,283,086 3,773,506 3,660,509 3,751,468 3,694,318
1,257,213$ 1,113,430$ 1,350,341$ 1,101,581$ 896,309$ 822,921$
75.96% 79.37% 73.65% 76.87% 80.72% 81.78%
67
ESTES VALLEY FIRE PROTECTION DISTRICT
SCHEDULE OF DISTRICT CONTRIBUTIONS
PERA PENSION PLAN ‐ LOCAL GOVERNMENT DIVISION TRUST FUND
LAST TEN YEARS
Statutorily Actual Contribution Contributions
Year Ending Required Employer Deficency Covered as a % of
December 31, Contribution Contribution (Excess) Payroll Covered Payroll
2013 5,547$ 5,547$ ‐$ 43,748$ 12.68%
2014 5,362$ 5,362$ ‐$ 42,285$ 12.68%
2015 5,381$ 5,381$ ‐$ 42,439$ 12.68%
2016 5,554$ 5,554$ ‐$ 43,798$ 12.68%
2017 6,187$ 6,187$ ‐$ 48,795$ 12.68%
2018 7,098$ 7,098$ ‐$ 55,974$ 12.68%
2019 7,694$ 7,694$ ‐$ 60,680$ 12.68%
2020 8,596$ 8,596$ ‐$ 66,485$ 12.93%
2021 8,565$ 8,565$ ‐$ 64,890$ 13.20%
2022 14,035$ 14,035$ ‐$ 104,140$ 13.48%
68
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ESTES VALLEY FIRE PROTECTION DISTRICT
SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE NET OPEB LIABILITY
PERA ‐ HEALTH CARE TRUST FUND
LAST SIX YEARS *
2021 2020 2019
District's Proportion of the Net OPEB Liability 0.0006779591% 0.0006932799% 0.0006748796%
District Proportionate Share of the Net OPEB
Liability (Asset) 5,846$ 6,588$ 7,586$
Covered Payroll 64,890$ 66,485$ 60,680$
Proportionate Share of Net OPEB Liability as a
Percentage of its Covered Payroll 9.009% 9.909% 12.502%
Calculation of Collective Net Pension
Liability ($ in thousands):
Total OPEB Liability 1,423,054$ 1,413,526$ 1,488,508$
Plan Fiduciary Net Position 560,749 463,301 364,510
Net OPEB Liability (Asset) 862,305$ 950,225$ 1,123,998$
Plan Fiduciary Net Position as a Percentage
of the Total OPEB Liability 39.40% 32.78% 24.49%
The amounts presented for each fiscal year were determined as of December 31st,
the measurement date used by the District.
* This schedule will report ten years of data when it is available
69
2018 2017 2016
0.0006651573% 0.0006054220% 0.0005534823%
9,050$ 7,868$ 7,176$
55,974$ 48,795$ 43,798$
16.168% 16.125% 16.384%
1,639,734$ 1,575,822$ 1,556,762$
279,192 276,222 260,228
1,360,542$ 1,299,600$ 1,296,534$
17.03% 17.53% 16.72%
70
ESTES VALLEY FIRE PROTECTION DISTRICT
SCHEDULE OF DISTRICT CONTRIBUTIONS
PERA ‐ HEALTH CARE TRUST FUND
LAST TEN YEARS
Statutorily Actual Contribution Contributions
Year Ending Required Employer Deficency Covered as a % of
December 31, Contribution Contribution (Excess) Payroll Covered Payroll
2013 447$ 447$ ‐$ 43,748$ 1.02%
2014 430$ 430$ ‐$ 42,285$ 1.02%
2015 432$ 432$ ‐$ 42,439$ 1.02%
2016 447$ 447$ ‐$ 43,798$ 1.02%
2017 498$ 498$ ‐$ 48,795$ 1.02%
2018 571$ 571$ ‐$ 55,974$ 1.02%
2019 619$ 619$ ‐$ 60,680$ 1.02%
2020 678$ 678$ ‐$ 66,485$ 1.02%
2021 663$ 663$ ‐$ 64,890$ 1.02%
2022 1,062$ 1,062$ ‐$ 104,140$ 1.02%
71
SUPPLEMENTARY INFORMATION
ESTES VALLEY FIRE PROTECTION DISTRICT
SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION
BUDGET AND ACTUAL
VOLUNTEER PENSION FUND
For the Year Ended December 31, 2022
Variance with
Final Budget ‐
Original Final Actual Positive
Budget Budget Amounts (Negative)
Additions
Interest and Dividends 90,000$ 53,642$ 53,642$ ‐$
Net Appreciation (Depreciation)
in Fair Value of Investments ‐ (178,560) (178,560) ‐
Estes Valley FPD Contribution 54,000 54,000 54,000 ‐
State Participation Contribution 48,605 36,000 36,000 ‐
Total Additions 192,605 (34,918) (34,918) ‐
Deductions
Retiree Benefit Payments 130,000 151,342 151,342 ‐
Audit Fees 2,500 ‐ ‐ ‐
Investment Fees 1,500 12,605 12,605 ‐
Miscellaneous 5,000 1,180 1,180 ‐
Retiree Death Benefit Payments 800 ‐ ‐ ‐
Contingency 2,700 ‐ ‐ ‐
Total Deductions 142,500 165,127 165,127 ‐
Change in Plan Net Position 50,105 (200,045) (200,045) ‐
Plan Net Position ‐ Beginning 1,804,427 1,805,187 1,805,187 ‐
Plan Net Position ‐ Ending 1,854,532$ 1,605,142$ 1,605,142$ ‐$
See the Accompanying Independent Auditor's Report
72
OTHER INFORMATION
ESTES VALLEY FIRE PROTECTION DISTRICT
SCHEDULE OF ASSESSED VALUATION, MILL LEVY AND
PROPERTY TAXES COLLECTED
Levy Collection Assessed Mill Levy Total Current Collection
Year Year Valuation General Debt Total Levy Collection Rate
2011 2012 297,268,990$ 1.950 0.000 1.950 579,675$ 575,944$ 99.36%
2012 2013 296,738,190 1.950 0.000 1.950 578,639 577,955 99.88%
2013 2014 282,549,790 1.950 0.000 1.950 550,972 547,294 99.33%
2014 2015 274,499,120 1.950 0.000 1.950 535,273 531,439 99.28%
2015 2016 302,715,411 1.950 0.000 1.950 590,295 585,765 99.23%
2016 2017 304,403,755 1.950 0.000 1.950 593,587 590,780 99.53%
2017 2018 322,076,550 1.950 0.000 1.950 628,049 625,517 99.60%
2018 2019 322,813,933 1.950 0.000 1.950 629,487 629,104 99.94%
2019 2020 371,047,013 1.950 0.000 1.950 723,542 718,784 99.34%
2020 2021 371,349,506 1.958 0.000 1.958 727,102 724,129 99.59%
2021 2022 398,442,345 1.958 0.000 1.958 780,150 779,470 99.91%
Estimated for
year ending
December 31,
2023 391,417,940$ 1.997 0.000 1.997 781,663$
Note:
Property taxes collected in any one year include collection of delinquent property taxes
levied in prior years. Information received from the County Treasurer does not permit
identification of specific year of levy.
Source: Larimer County Assessor and Treasurer
73