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HomeMy WebLinkAboutPACKET Town Board 2012-06-26The Mission of the Town of Estes Park is to plan and provide reliable, high-value services for our citizens, visitors, and employees. We take great pride ensuring and enhancing the quality of life in our community by being good stewards of public resources and natural setting. BOARD OF TRUSTEES - TOWN OF ESTES PARK Tuesday, June 26, 2012 7:00 p.m. AGENDA PLEDGE OF ALLEGIANCE. (Any person desiring to participate, please join the Board in the Pledge of Allegiance). PROCLAMATION - Proclaiming July 10 – July 15, 2012 “Rooftop Rodeo Week”. PUBLIC COMMENT. (Please state your name and address). TOWN BOARD COMMENTS / LIAISON REPORTS. TOWN ADMINISTRATOR REPORT. 1. CONSENT AGENDA: 1. Town Board Minutes dated June 12, 2012 and Town Board Study Session Minutes dated June 12, 2012. 2. Bills. 3. Committee Minutes: A. Public Safety, Utilities and Public Works Committee, June 14, 2012. 4. Estes Valley Planning Commission Minutes dated May 15, 2012 (acknowledgement only). 5. Audit Committee Minutes dated June 14, 2012 (acknowledgement only). 6. Appointment of Daniel C. Muffly as independent hearing officer – personnel matter. 2. PLANNING COMMISSION ITEMS. Items reviewed by Planning Commission or staff for Town Board Final Action. 1. CONSENT ITEMS: A. AMENDED SUPPLEMENTAL CONDOMINIUM MAP #1, Streamside Condominiums on Fall River, 1260 Fall River Road, Diversified Properties, LLC/Owner. Prepared 6/18/12 *Revised: NOTE: The Town Board reserves the right to consider other appropriate items not available at the time the agenda was prepared. B. AMENDED CONDOMINIUM MAP, Tranquil Vail Condominiums, 1431 S. St. Vrain Avenue, Units A & B; Martin Koschnitzke & Sonjocondo, LLC/Owners. 3. ACTION ITEMS: 1. 2011 COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR). Finance Officer McFarland. 2. VISITOR CENTER AMENDED RETAIL SALES POLICY. Town Administrator Lancaster. 4. ADJOURN. Town of Estes Park, Larimer County, Colorado, June 12, 2012 Minutes of a Regular meeting of the Board of Trustees of the Town of Estes Park, Larimer County, Colorado. Meeting held in the Town Hall in said Town of Estes Park on the 12th day of June, 2012. Meeting called to order by Mayor Pinkham. Present: William C. Pinkham, Mayor Eric Blackhurst, Mayor Pro Tem Trustees Mark Elrod John Ericson Wendy Koenig Ron Norris John Phipps Also Present: Greg White, Town Attorney Frank Lancaster, Town Administrator Cynthia Deats, Deputy Town Clerk Absent: Lowell Richardson, Assistant Town Administrator Mayor Pinkham called the meeting to order at 7:00 p.m. and all desiring to do so, recited the Pledge of Allegiance. PUBLIC COMMENTS. Charley Dickey, Town resident, updated the Board on activities of the Estes Valley Partners for Commerce (EVPC) including: EVPC membership continues to increase; May “Business After Hours” was well attended and was co-hosted by a dozen businesses; the next “Business After Hours” will be held in September; EVPC dinner will be held on June 21st at the Twin Owls Steakhouse at which time a local business will be honored for contributions to the community; and educational offerings include workshops on effective advocacy, strategic planning, and utilizing social media. Dick Spielman, Town resident, urged the Board to address traffic congestion and transportation issues. He suggested the Board set priorities and look at changes to signage that could be done quickly and have a positive impact on congestion. TOWN BOARD COMMENTS / LIAISON REPORTS. Trustee Ericson said the assistance of Community Service Officers is helping to keep busy weekend traffic moving at the intersection of Moraine and Elkhorn Avenues; the shuttle system will be operating soon to help with traffic congestion; and that programs are being planned with community organizations to present the recommendations of the Transportation Visioning Committee. He noted that the percentage of sales tax collected by Larimer County will decrease from .8% to .6% on July 1, 2012; the Town’s Audit Committee will meet on Thursday, June 14th to review the Comprehensive Annual Financial Report (CAFR) which will be brought to the Board for adoption on June 26, 2012; and said that Trustee Phipps will be the Town’s representative on the Larimer County Open Lands Advisory Board. Trustee Phipps read an announcement related to the closure of open space lands due to the High Park Fire; and said he is looking forward to serving on the Open Lands Advisory Board and working with its small grants program. Mayor Pro Tem Blackhurst reminded the public of the regular Estes Park Housing Authority meeting to be held on Wednesday, June 13, 2012; and the Public Safety, Utilities, and Public Works Committee meeting scheduled for Thursday, June 14, 2012. Board of Trustees – June 12, 2012 – Page 2 Trustee Koenig said that preparations are underway for the Rooftop Rodeo Parade and said information about rodeo events can be found on the Town’s website. She said the Sister Cities group will have a booth at the fairgrounds during the Geoblitz in August. Trustee Norris reported that the Visit Estes Park Board met on June 5th and discussed the budget cycle, updating board governance policies, and strategic planning; and received an update from Rocky Mountain National Park (RMNP) Public Information Officer Kyle Patterson about plans for the 100th anniversary celebration of RMNP in 2015. Trustee Norris will be attending the Colorado Municipal League (CML) Annual Conference in Breckenridge June 19th through June 22nd. Mayor Pinkham reported that fire danger is extremely high and in light of the High Park Fire urged everyone to be exercise caution. In addition, he noted that he recently spoke with a resident who gave accolades to Town departments and thanked staff for their efforts to provide service to the citizens of the Estes Valley. TOWN ADMINISTRATOR REPORT. • The Town of Estes Park provided four staff members and portable stalls to The Ranch to help with the large number of animals that have been evacuated from the High Park Fire area. • Estes Park is not being threatened by the High Park Fire, air quality remains good, and guests are encouraged to visit. • The CML Annual Conference will be held in Breckenridge next week with Town Administrator Lancaster, and Trustees Ericson and Norris attending. • The Broncos Caravan will be in Estes Park on Wednesday, June 13th and Ride the Rockies on Thursday, June 14th. 1. CONSENT AGENDA: 1. Town Board Minutes dated May 22, 2012, and Town Board Study Session Minutes dated May 22, 2012. 2. Bills. 3. Committee Minutes: a. Community Development/Community Services, May 24, 2012. 4. Resolution #06-12 Setting Monthly Wireless Communication Services Stipend for the Town Administrator. Trustee Ericson requested that Item #1 – Town Board Meeting and Study Session Minutes dated May 22, 2012, be removed from the consent agenda. Trustee Elrod requested that Item #4 – Resolution #06-12, be removed from the consent agenda. It was moved and seconded (Blackhurst/Koenig) to approve Consent Agenda Items #2 and #3, and it passed unanimously. Trustee Ericson requested the Town Board Meeting minutes related to Action Item #2 – Platte River Power Authority (PRPA) Water Lease to Oil and Gas Industry, be amended to include a statement clarifying that the Town is not an official shareholder nor does it have any ownership in PRPA. The Trustees’ discussion of the water lease was to provide the Town’s representatives on the PRPA Board, Mayor Pinkham and Director Bergsten, with their opinions regarding the lease, and was not intended to instruct them as to how to vote on the issue. It was moved and seconded (Ericson/Koenig) to amend the minutes to reflect the addition as discussed, and it passed unanimously. Trustee Elrod stated that he had no objections related to Resolution #06-12, but preferred the item be handled as an action item. As there was no discussion, it was Board of Trustees – June 12, 2012 – Page 3 moved and seconded (Norris/Ericson) to approve Resolution #06-12 Setting Monthly Wireless Communication Services Stipend for the Town Administrator, and it passed unanimously. Mayor Pro Tem Blackhurst requested that the First Quarter Financial Report be heard prior to addressing the action items on the agenda. 2. ACTION ITEMS. 1. PUBLIC HEARING: ORDINANCE #06-12 ADOPTING BY REFERENCE THE MODEL TRAFFIC CODE FOR COLORADO, REVISED 2010 AND APPENDIX. In 2003 the Town Board adopted the Model Traffic Code which has been used by Town staff for regulation and enforcement purposes. A newer, revised version of the Code has been published by the Colorado Department of Transportation (CDOT) and staff is recommending that the Model Traffic Code, Revised 2010 be adopted, along with an appendix to the Code. Chief Kufeld stated that the Code is widely used by Colorado municipalities for parking, speed regulation, and traffic control regulation; and said that the appendix contains regulations specific to Estes Park. The proposed appendix is easier to follow and more consistent with existing signage and current practices in Estes Park related to parking and speed limits. Chief Kufeld noted that in order for regulations to be enforceable, they must be included in the appendix. Attorney White is familiar with the Model Traffic Code and has reviewed the proposed changes to the appendix. Trustee Elrod asked that the list of parking lots be updated to include all of the parking lots mentioned in the appendix, and that the names of the lots be consistent throughout the document. Staff will make the requested changes and ensure consistency throughout the document. Attorney White read Ordinance #06-12 into the record. It was moved and seconded (Norris/Koenig) to approve Ordinance #06-12 adopting by reference the Model Traffic Code for Colorado, Revised 2010 and Appendix, and it passed unanimously. Mayor Pro Tem Blackhurst noted that a box for parking maps is located in each designated parking lot, however, there are no maps in the boxes. Chief Kufeld said he would look into obtaining more maps and making sure the boxes are full. 2. ORDINANCE #07-12 AMENDING MUNICIPAL CODE CHAPTER 9.10 – FIREWORKS. An amendment to the Municipal Code related to fireworks was brought forward by Fire Marshal Tim Spears. In 2011, the Estes Valley Fire Protection District (EVFPD) adopted the 2009 International Fire Code which authorizes the fire code official to issue operational permits for fireworks. Currently, the Town Board of Trustees may grant permits for public displays of fireworks. The proposed change to the code includes amending Section 9.10.0101 Definitions, and makes the Estes Valley Fire Protection District responsible for granting permits within the Town for supervised public displays of fireworks. Trustee Koenig requested that the address of the Fire Station be included in the ordinance so that people know where to go to obtain an application for a permit. Attorney White noted that the purpose of the ordinance is to transfer responsibility to EVFPD, however, the section remains in the Municipal Code for enforcement purposes which allows for violations to be heard in Municipal Court rather than District Court. Attorney White read Ordinance #07-12 into the record. It was moved and seconded (Blackhurst/Phipps) to approve Ordinance #07-12 amending Municipal Code Chapter 9.10 – Fireworks, adding the Fire Station address as discussed, and it passed unanimously. In response to a question about a possible fire ban to be announced by Governor Hickenlooper, Chief Dorman said it will be up to the Governor to determine what type of ban to put in place. He said at this time, there are no Board of Trustees – June 12, 2012 – Page 4 plans to cancel public municipal firework displays in Estes Park or other Colorado communities. He said the media continues to report on the High Park Fire which is approximately 5% contained. 3. STALL BARN DESIGN AND FAIRGROUND MASTER PLAN FOR THE NORTHWEST QUADRANT. The Town received four responses to a Request for Proposal (RFP) that was issued for the design of a 100-stall facility at Stanley Park. The scope of work in the RFP included programming uses and master planning for the northwest quadrant of the fairgrounds which, based on potential uses, may include additional infrastructure, buildings, additional stalls and integration of temporary tent structures in the complex. A consultant selection committee reviewed the submissions, and based on its evaluation of the proposals is recommending a contract with high-bidder Norris Design due to the firm’s equestrian knowledge and expertise, and background in land planning. Manager Winslow said the scope of the work is more than designing a stall barn, it is designing the NW corner of the property, and in order to do that it is necessary to understand how the entire property will be developed and utilized. He said the 2005 Master Plan for the fairgrounds was an overview, and said it is time to get down to ground- level details related to buildings, grades, elevations, and infrastructure so that, for example, electric and water service will be correctly positioned and appropriate for future construction projects on the property. Discussion is summarized: need to work out the basis of the design first and return to the Board for approval before a detailed design is started; a stall barn is necessary due to liability issues but other needs of the facility are not as clear; immediate need is for 100-stall barn, how close are we to meeting that need?; is this becoming a mini-Multi-Purpose Event Center (MPEC) in a different location?; this is not an MPEC, however, auxiliary uses should be considered; it is important at this stage to know all the pieces of the puzzle so proper planning for the property can be done; it would be short-sighted not to support a plan for this portion of the property and look at all potential uses of the facility; the contract contains a defined scope of service which includes guiding the Board through the decision-making process, and community involvement in a public process to come up with a project the Board can support; stakeholders group will include show managers and users of the facility, as well as community members and staff; the contract is for the scope of work only and does not include a promise of further work; and Norris Design can start work as soon as contract is signed and is willing to work with staff to accommodate the Town’s schedule. Mayor Pro Tem Blackhurst said if this is a master plan for the NW quadrant it should not be presented as a design for a 100-stall barn. He said he supports building new horse barns, but perceives this as project creep, going from a $600,000 stall barn project to a building with ventilation, heat, lighting, and bathrooms that may cost over $1 million to construct. He said a “Yes” vote would be voting for project creep and a “No” vote would be voting against long- range planning. He said the Board has been talking about the same project for six years and without continuity from one Board to the next, long-range planning does not make sense. He said if a master plan is needed, call it what it is and budget for it, and consider the needs of the Museum and the Senior Center as well. Town Administrator Lancaster said it is important to make the facility as flexible as possible and to look at function and design the form around it. He said with planning the needs of the community can be met, mistakes related to traffic patterns and flow can be eliminated, and said the experience of Norris Design can accomplish this for the Town. It was moved and seconded (Koenig/Norris) to award a contract for work on the design of a stall barn and master plan of the NW quadrant of the Fairgrounds at Stanley Park to Norris Design at a cost of $154,920 from Board of Trustees – June 12, 2012 – Page 5 the Community Reinvestment Fund, and it passed. Those voting “Yes” Trustees Elrod, Ericson, Koenig, Norris, and Phipps. Mayor Pro Tem Blackhurst abstained. 4. ESTES VALLEY PLANNING COMMISSION APPOINTMENTS. Two vacant positions on the seven-member Estes Valley Planning Commission (EVPC) were advertised in the Estes Park Trail-Gazette resulting in four applications being received. Interviews of the candidates were performed by a four-member interview team made up of Trustee Norris, EVPC Chair Klink, Community Development Director Chilcott, and Planner Shirk. The team recommends appointing Tom Gresslin to complete the term vacated by Alan Fraundorf which will expire December 31, 2012; and Kathryn Bowers to complete the term vacated by Ron Norris which will expire on December 31, 2014. Dir. Chilcott said that both candidates have had previous board experience and said that during their interviews, they spoke about long range ideas and planning for the future. It was moved and seconded (Blackhurst/Phipps) to appoint Tom Gresslin to complete the term of former commissioner Alan Fraundorf expiring December 31, 2012; and Kathryn Bowers to complete the term vacated by Ron Norris expiring on December 31, 2014, and it passed unanimously. 5. ESTES VALLEY BOARD OF ADJUSTMENT APPOINTMENT. The alternate member position on the Estes Valley Board of Adjustment (EVBOA) is jointly appointed by the Town Board and the Larimer County Board of Commissioners. This position was previously held by Jeff Moreau, who became a regular member of the EVBOA in March 2012. An interview team consisting of Trustee Elrod, EVBOA Chair Lynch, Creative Sign Design Board Chair Blume, and Director Chilcott interviewed three candidates and is recommending the appointment of Robert (Chris) Christian as alternate member for a three-year term beginning July 1, 2012, and expiring June 30, 2015. It was moved and seconded (Blackhurst/Koenig) to approve the appointment of Robert Christian as alternate member to the Estes Valley Board of Adjustment for a three-year term expiring June 30, 2015, and it passed unanimously. 3. REPORTS AND DISCUSSION ITEMS. 1. FIRST QUARTER FINANCIAL REPORT. Assistant Finance Officer McDougall reported that expenditures in the General Fund are within budgeted parameters coming in at 25.7% of budget expended with 33% of the year completed. First quarter sales tax is 9.2% ahead of budget for 2012 and 12.1% ahead of 1st quarter 2011, however, January through March sales tax historically represents only 13% of the total for the fiscal year. The Food category accounts for 38% of the sales tax revenue, with lodging, retail, and construction sectors beginning to rise. Enterprise Fund expenditures are also within budgeted parameters, however, expenditures will increase as capital projects get underway during the spring/summer month. Light and Power revenues are currently less than expected, with warm winter weather resulting in lower demand. Due to recent legislation, municipalities are once again allowed to invest in government-backed securities that were prohibited when the US Government rating was downgraded in 2010. The Town has increased its investment in US instrumentalities for the short-term. Staff is in the process of completing the 2011 CAFR which will be presented to the Board at the June 26, 2012, Town Board meeting. Whereupon Mayor Pinkham adjourned the meeting at 9:22 p.m. Board of Trustees – June 12, 2012 – Page 6 William C. Pinkham, Mayor Cynthia A. Deats, Deputy Town Clerk Town of Estes Park, Larimer County, Colorado, June 12, 2012 Minutes of a Study Session meeting of the TOWN BOARD of the Town of Estes Park, Larimer County, Colorado. Meeting held at Town Hall in Board Room in said Town of Estes Park on the 12th day of June, 2012. Board: Mayor Pinkham, Mayor Pro Tem Blackhurst, Trustees Elrod, Ericson, Koenig, Norris and Phipps Attending: All Also Attending: Town Administrator Lancaster, Assistant Town Administrator Richardson, Town Attorney White and Town Clerk Williamson Absent: None Mayor Pinkham called the meeting to order at 5:00 p.m. WORKFORCE HOUSING. Housing Authority Director Rita Kurelja presented an overview of affordable housing in Estes Park reviewing the Area Median Income (AMI) for a family of 3 in Larimer County ranging from $70,000/100% to $28,000/40%; 43% of the Estes valley households earn less than $50,000 annually, placing these families in the 40 – 70% range; the hourly wage required to afford a typical 3 bedroom rental at $1,194/month is $21.50/hour; salary required to afford an average priced home of $347,117 is $62,100/year; discussed the effects of high housing costs on families (credit, less for other essential items, stress, overcrowding, eviction/foreclosure), community (loss of valuable member, uproot children, decline in school enrollment, decline in sales tax revenue), children (decline in educational achievement, less likely to graduate, social development negatively impacted), business (lack of employee base; difficult to retain employees, decline in sales tax revenue, decline level of service, increase cost of training new employee); adequate affordable housing impacts employee recruitment, productivity, and retention; business community can support affordable housing through employer assisted housing programs such as down payment assistance, matching funds, loan guarantees, master lease, upfront deposits, rental subsidy, etc.; wage affordable housing is the foundation of a community and increases sales tax revenue, additional job availability, increase school enrollment, retention of young families and decrease foreclosure and evictions; solutions include density bonus, accessory dwelling units, linkage fees, community land trust, real estate transfer tax, sales tax increment, inclusionary zoning, cash in lieu, incentives, removing impediments, land donations, and partnership with business community. The Housing Authority’s next projects include the purchase of Lone Tree (owned by Loveland Housing Authority), seasonal housing, market study and development of Lot 4. RETAIL SALES POLICY. Town Administrator Lancaster stated the Town has received a request to allow the sale of DVDs and viewing of videos produced by a local business owner at the Visitor Center. The current Retail Sales policy limits the merchandise sold at the center to post cards, calendars, Rocky Mountain Nature Association merchandise and Museum titles. The videos in question promote the local area and promote what there is to do and see in Estes Park. Staff surveyed the downtown businesses to determine support for changing the policy and allowing the DVDs to be sold at the center. The results indicated the policy should not be change; however, allowing the broadcasting of the video may be appropriate. Concerns raised with viewing of the video included the marketing of one business’ work, thereby creating a competitive edge; how to determine Town Board Study Session – June 12, 2012 – Page 2 what should be allowed to be sold at the center; and what would be appropriate to display. This is an Administrative policy decision. Board discussion was heard and is summarized: Mayor Pro Tem Blackhurst stated the current policy was developed because of local retailer concerns and the policy has worked; therefore, the policy does not need to be updated; Trustee Phipps stated the videos would enhance the visitor experience and raised concern with discrimination; Trustee Elrod stated other goods are sold in Town owned buildings and the Visitor Center should as well; and Trustee Norris requested criteria for exceptions to the policy be developed and reviewed by the Board. Trustee Koenig proposed the Town purchase a television to broadcast pictures of Estes Park and the surrounding areas and add material at the Town’s discretion over time. The pilot program was discussed and the Board reached consensus to allow the display of images with no sound for the next 6 months, with the Board re-evaluating the issue in at that time. The Board requested staff bring forward a revised policy for consideration at the next Board meeting. BOARD REIMBURSEMENT POLICY. Move item to the study session on June 26th. FUTURE AGENDA ITEMS. The Board requested the Transportation Visioning Committee discussion be postponed to July 24th. Trustee Ericson requested a status update on the 2012 goals. There being no further business, Mayor Pinkham adjourned the meeting at 6:50 p.m. Jackie Williamson, Town Clerk Town of Estes Park, Larimer County, Colorado, June 14, 2012 Minutes of a Regular Meeting of the PUBLIC SAFETY/UTILITIES/PUBLIC WORKS COMMITTEE of the Town of Estes Park, Larimer County, Colorado. Meeting held in the Town Hall in said Town of Estes Park on the 14th day of June, 2012. Committee: Chair Blackhurst, Trustees Koenig and Phipps Attending: Chair Blackhurst, Trustees Koenig and Phipps Also Attending: Town Administrator Lancaster, Chief Kufeld, Dir. Bergsten, Engineer Ash, and Deputy Town Clerk Deats Absent: Assistant Town Administrator Richardson Chair Blackhurst called the meeting to order at 8:00 a.m. PUBLIC COMMENT. None PUBLIC SAFETY. Chief Kufeld introduced three new Police Officers: Matthew Sychla, Ryan McAuley, and Adam Hersey. All three have previous military experience, one in the Navy and two in the Air Force, and all are looking forward to serving the community of Estes Park. A formal swearing-in of the officers will take place following training and a probationary period. UTILITIES. REPORTS. Reports provided for informational purposes and made a part of the proceedings. 1. Water Department Short & Long Term Planning. Water demand forecasts generated in 2007 predicted exponential growth and a subsequent need to increase water system capacity, leading to a recommendation to replace the Glacier Water Treatment Plant by 2017. Dir. Bergsten reported that water demand has failed to meet these projections and, therefore, staff will be focusing attention on reprioritizing projects and revisiting long-term plans to best meet the future water needs of Estes Park. He noted that the 2012 budget included monies for additional water rights from Glacier Creek, however, these water rights will not be pursued at this time. Dir. Bergsten said that the Town is well-positioned for the short- and long-terms with regard to water rights. 2. Utilities Financial Update. Finance Officer McFarland reported that utility revenues are on target with budget, however, they are behind expectations. He noted that Light & Power (L&P) revenues are cyclical with more revenue received at the beginning and the end of the year due to colder weather conditions that result in higher power demands. Due to a warmer than average winter, demand was below expectations for the first quarter of 2012. At this time staff is estimating L&P revenues will fall short by 3% to 4% by the end of the year. Staff will monitor these revenues to refine forecasts and determine if cuts to expenditures will be needed. Finance Officer McFarland reported that water revenues are expected to exceed budget by 3% to 4% by the end of 2012. Chair Blackhurst commented that conservation of electricity and water decreases demand but does not decrease the need for capital improvements for the utility systems. 3. Enterprise Resources Planning (ERP) Software Project Manager. A Request for Proposal (RFP) was issued with one response received from a local individual who has met all requirements and qualifications of the RFP. Discussions are underway as to the length of employment and the rate of compensation. When finalized, the Public Safety/Utilities/Public Works Committee – June 14, 2012 – Page 2 contract will be brought to the Town Board for approval. On the topic of wireless internet access, Supt. Fraundorf said that Baja has agreed to provide service, at no charge, to several machines in the Town Hall and at the Convention and Visitors Bureau for public use. Supt. Fraundorf also noted that new listening devices have been purchased for the Boardroom as well as a portable sound system for use in Rooms 202/203. 4. Water Main Line Extension Contract. Section 2E of the Water System Engineering Standards allows a developer or landowner to recover a portion of the cost of installing a water main extension across vacant land. A Waterline Extension Across Vacant Land Agreement is executed between the Town and the original landowner allowing for reimbursement when any of the adjacent landowners tie into the contracted water main within a ten year timeframe. The Town’s practice has been to divide the total cost of the water main installation equally between all adjacent vacant lots to determine the reimbursement amount. There have been exceptions to this calculation over the years, mostly related to varying the length of the agreement periods. The existing language in Section 2E does not restrict the method by which cost recovery is calculated thereby allowing staff and the developer the opportunity to come to the best agreement based on varying circumstances. Reimbursements related to existing and future waterline extension agreements will be brought before the Town Board as they occur. PUBLIC WORKS. REPORTS. Reports provided for informational purposes and made a part of the proceedings. • Public Works staff started the year with 31 capital projects and 11 have been completed to date. • Virginia Drive project is being finalized with the contractor making a correction to striping in front of businesses along Park Lane, at no cost to the Town. • The Wiest retaining wall project has been extended for approximately ten days to accommodate work Xcel Energy is completing in the area. The project should wrap-up in early July. • Repairs to MacGregor Avenue are scheduled for October 1, 2012 through November 21, 2012. All of the brick pavers will be removed and replaced. • Bond Park Phase V is scheduled to begin October 1, 2012. • Moraine Avenue improvements are also scheduled for October. The Colorado Department of Transportation (CDOT) is further evaluating the retaining wall in that area. • Stall Barn design contract was approved at the Town Board meeting on June 12, 2012. • An RFP for a facilities study will be issued to receive recommendations on improvements needed at Town facilities and how to fund and move forward with taking care of Town-owned buildings. Trustee Koenig commended staff on the Black Canyon project that was completed earlier this year with the majority of the design and construction work done in-house by Parks Division staff. There being no further business, Chair Blackhurst adjourned the meeting at 8:42 a.m. Cynthia Deats, Deputy Town Clerk RECORD OF PROCEEDINGS Regular Meeting of the Estes Valley Planning Commission May 15, 2012 - 1:30 p.m. Board Room, Estes Park Town Hall Commission: Chair Doug Klink, Commissioners John Tucker, Betty Hull, Rex Poggenpohl, Joe Wise, two vacant positions. Attending: Chair Klink, Commissioners Tucker, Hull, Poggenpohl, and Wise Also Attending: Director Chilcott, Town Attorney White, and Recording Secretary Thompson Absent: Town Board Liaison Elrod The following minutes reflect the order of the agenda and not necessarily the chronological sequence. Chair Klink called the meeting to order at 1:30 p.m. There were two people in attendance. 1. PUBLIC COMMENT None. 2. CONSENT AGENDA A. Approval of minutes, April 17, 2012 Planning Commission Meeting. It was moved and seconded (Hull/Poggenpohl) to approve the consent agenda as presented, and the motion passed unanimously with two vacancies. 3. REPORTS Director Chilcott reported a pre-application meeting with Jordan’s Garden Center, located in Stanley Village. Director Chilcott stated there are no specific issues, only the need to go through a formal review process for operating at that location. Director Chilcott reported an amended plat for a parcel in High Drive Heights will be on the agenda for the June meeting. Director Chilcott reported the Estes Park Housing Authority is considering subdividing The Pine Condominiums property. The Housing Authority is proposing to create one parcel to be used exclusively for senior housing, and the other would not have restrictions. They believe this proposed subdivision would aid in the marketing and sale of the remaining units. Town Attorney White stated this would allow the current owners that want to sell to be in one parcel, and the Housing Authority would control the other parcel. Commissioner Poggenpohl requested staff to include addresses on the agenda for those items in the “Reports” section, where applicable. Director Chilcott reported Riverview Pines may be submitting an application to condominiumize existing cabins and possibly demolish a multi-unit structure and build individual units. Director Chilcott reported Town Board approved the two carriage ride operators for the downtown area, and directed staff to review the application process to simplify it for that type of applicant. The Town Board tabled the proposed volunteer manual for 60 days. Director Chilcott reported she had been working on a new job description for the Planning Commissioner positions. She would appreciate feedback from the Commissioners. Director Chilcott reported the County Commissioners would be reviewing the first supplemental map for Eagles Crest Resort Condominiums on May 21, 2012. Chair Klink reported the decision on the Elkhorn Lodge’s RTA application would become public on May 18, 2012. Director Chilcott reported no development applications have RECORD OF PROCEEDINGS Estes Valley Planning Commission 2 May 15, 2012 been submitted pertaining to the Elkhorn Lodge. If received, the information would be posted on the Town website. Director Chilcott reported no activity concerning development of Fall River Village. The Building Inspector assessed the property and determined there were no current public health/safety concerns. Town Attorney White stated the property was not in foreclosure. Director Chilcott reported no activity concerning the development of the Park Theatre Mall property. Town Attorney White reported the proposed parking garage is in the design stage. Director Chilcott stated the proposed garage would require a Location and Extent review by the Planning Commission. There was a brief discussion concerning the stall barns at the Stanley Park fairgrounds. Town Attorney White reported the current stall barn project has been funded for 2012, and is moving forward as planned. Now that the southeast corner of the fairgrounds is no longer tied up with SOPA, fairground development could change. Commissioner Hull commented the study session discussion was very productive. There being no further business, Chair Klink adjourned the meeting at 2:30 p.m. ___________________________________ Doug Klink, Chair ___________________________________ Karen Thompson, Recording Secretary Town of Estes Park, Larimer County, Colorado, June 14, 2012 Minutes of a Regular meeting of the AUDIT COMMITTEE of the Town of Estes Park, Larimer County, Colorado. Meeting held in the Municipal Building in said Town of Estes Park on the 14th day of June, 2012. Committee: Mayor Pinkham, Trustee Ericson, Town Administrator Lancaster, Assistant Town Administrator Richardson, Finance Officer McFarland, and Assistant Finance Officer McDougall Attending: Mayor Pinkham, Trustee Ericson, Town Administrator Lancaster, Finance Officer McFarland, and Assistant Finance Officer McDougall; Swanhorst & Company LLC representatives Wendy Swanhorst and Austin Bump Absent: Assistant Town Administrator Richardson Chair Ericson called the meeting to order at 3:00 p.m. CAFR PRESENTATION The 2011 Comprehensive Annual Financial Report (CAFR) has been completed. Wendy Swanhorst and Austin Bump of Swanhorst & Company, LLC (Swanhorst) discussed the Management Letter. The Financial Statements have been issued with an Unqualified Opinion. Highlights include: • The Town implemented a new accounting standard, Governmental Accounting Standards Board (GASB) #54, which requires more detailed definition of fund balances than in the past. • The Town is also required to adhere to new requirements limiting the use of special revenue fund types. To comply with the new standard, Swanhorst recommends that the Town Board approve a formal action to commit the revenues of the Community Services Fund (staff will bring this recommendation to the Town Board at a future Board meeting). The other option is the close the Fund into the General Fund. • The Town received Federal Awards/Grants in 2011 in excess of $500,000, which in turn triggered the requirement for the A-133 Single Audit, which appears near the end/back of the CAFR. Swanhorst noted that the Town should continue moving towards centralized policies and procedures to identify and monitor these awards, and that ongoing training should be maintained. The CAFR will be presented to the Town Board at the June 26, 2012 Board meeting. UPDATE ON INVESTMENTS Finance Officer McFarland reported that he met with Cutwater Asset Management (the Town’s investment advisors) on May 25th, 2012, at which point the Town’s investments were reviewed. Due to Colorado House Bill 12-1005 (March 7, 2012), the Town can now once again invest in government-backed securities. The Town has increased its position in said securities, but is also keeping the duration of its investments very short, as interest rates are believed to be in a “bottoming” process. Cutwater and Finance Officer McFarland would like to update the Town’s investment policy. The current policy works well, but is from 2001, and needs verbiage updating.   DISCUSSION OF RFP OF AUDITING FIRM Swanhorst is in year 5 of a 5-year agreement with the Town for auditing services. Finance Officer McFarland stated he would prepare the RFP for the 2012-16 CAFRs in Audit Committee – June 14, 2012 – Page 2 early July. The audit committee will shepherd the process, making a final recommendation for Town Board upon completion. OTHER NEW BUSINESS There was no other new business. There being no further business, Chair Ericson adjourned the meeting at 3:45 p.m. Steve McFarland, Finance Officer Page 1 Town Attorney Memo To: Honorable Mayor Pinkham Board of Trustees From: Gregory A. White, Town Attorney Date: June 19, 2012 RE: Personnel Matter Background: Recently, the Town took a disciplinary action against an employee. The employee appealed the disciplinary action to the Town Administrator, who upheld the decision. Section O – Appeals Process of the Town’s Personnel Policy Manual provides that the employee then has the right to appeal the Town Administrator’s decision to an independent hearing officer appointed by the Town Board. The employee exercised this right pursuant to the Personnel Policy Manual. Accompanying this Memo is a letter and biography from Dan C. Muffly, an attorney in Fort Collins. Mr. Muffly’s area of expertise is in the areas of employee law, civil rights, business law, and litigation. Mr. Muffly has served as an independent hearing officer for the Town on two previous occasions. This employment matter has previously been forwarded to CIRSA for representation. Mr. Steve Dawes has been retained by CIRSA with regard to issues arising out of the circumstances surrounding this disciplinary action. Both Mr. Dawes and myself recommend the appointment of Mr. Muffly as an independent hearing officer for this appeal. Budget: The letter from Mr. Muffly states that the charge will be an hourly fee of $210.00 plus expenses, if any. I would anticipate the cost would be approximately $2,000 to $3,000 depending on the length of the hearing, issues raised, and preparation time for the hearing. Recommendation: I recommend that Mr. Muffly be appointed as the independent hearing officer for this personnel matter. Community Development Memo To: Honorable Mayor Pinkham Board of Trustees Town Administrator Lancaster From: Alison Chilcott, Director Dave Shirk, Planner Date: June 26, 2012 RE: AMENDED SUPPLEMENTAL CONDOMINIUM MAP #1, Streamside Condominiums on Fall River, 1260 Fall River Road, Diversified Properties, LLC/Owner Background: This is a request to amend the mapped Limited Common Elements for Unit 14 Streamside Condominiums to account for a small building footprint change. Unit 14 was damaged by high winds in November and needed to be rebuilt. During rebuild the owner opted for a new fireplace design which resulted in a change to the building footprint. This map will also revise incorrect unit numbering for Unit 21. No new units are proposed. Budget: N/A Staff Recommendation: Approval. Sample Motion: I move for the approval/denial Amended Streamside Condominium Map Community Development Memo To: Honorable Mayor Pinkham Board of Trustees Town Administrator Lancaster From: Alison Chilcott, Director Dave Shirk, Planner Date: June 26, 2012 RE: AMENDED CONDOMINIUM MAP, Tranquil Vail Condominiums, 1431 S. St. Vrain Avenue, Units A & B; Martin Koschnitzke & Sonjocondo, LLC/Owners Background: This is a request to amend the Limited Common Elements for the Tranquil Vale condominiums, an existing two-unit development located at 1431 S. St. Vrain Avenue. The purpose is to allow for the expansion of an existing deck. No new units are proposed with this amendment. Budget: N/A Staff Recommendation: Approval. Sample Motion: I move for the approval/denial of the Amended Tranquil Vale Condominium Map. Page 1 FINANCE Memo To: Honorable Mayor Pinkham Board of Trustees Town Administrator Lancaster From: Audit Committee (Mayor Pinkham, Trustee Ericson, Town Administrator Lancaster, Deputy Town Administrator Richardson, and Finance Officer McFarland) Date: June 26th, 2012 RE: 2011 Comprehensive Annual Financial Report (CAFR) Background: The Town of Estes Park undergoes an annual independent audit of its financial statements. The audit report for the year ended December 31, 2011 has been completed and has been delivered to the Audit Committee by the independent auditing firm of Swanhorst & Company, LLC. The independent auditors’ report expressed an unqualified opinion that the financial statements presented fairly, in all material respects, the financial position of the funds and activities of the Town of Estes Park in conformity with Generally Accepted Accounting Principles (GAAP). The sole comment made by the Government Finance Officers Association (GFOA) regarding the 2010 CAFR has been addressed. Historically, the Audit Committee meets with the auditors prior to the second Town Board meeting in June. This year’s Audit Committee meeting was held June 14th, 2012. The auditors, Swanhorst & Company, were represented by Wendy Swanhorst and Austin Bump, CPAs. Approval of the CAFR is sought at this time annually because the CAFR must be submitted to the GFOA by June 30th in order to qualify for the Achievement in Excellence in Financial Reporting Award. The CAFR is also due to the State of Colorado (via submission to the Office of the State Auditor) by July 31, 2011. The Committee is in possession of the DRAFT version of the CAFR, along with its component elements (introductory letter, Management’s Discussion & Analysis, and the statistical tables). Perhaps the most important aspect of the June 14th, 2012 meeting was to review topics that will appear in the Auditor’s Letter to Management. The Letter to Page 2 FINANCE Memo Management notes areas in which the Town can improve its financial management practices. Relevant information as cited in said report was duly noted by the Audit Committee in its review of the CAFR at the Committee meeting. Items of note in the Management notes include: • Pursuant to GASB #54, the way in which fund balances are presented has been changed to reflect greater clarity as to the level of fund balance commitment to projects/uses. • The Town is required to adhere to new requirements limiting the use of special revenue fund types. To comply with the standard, it is recommended that the Town Board approve a formal action to commit the revenues of the Community Services Fund (staff will bring this recommendation to Town Board at a future Board meeting). • It is recommended that the Town continue moving towards centralized policies and procedures to identify and monitor Federal Grants/Awards, and that ongoing training should be maintained. The 2011 CAFR has a Single A-133 Audit section. A Single Audit is triggered and required when the Town expends more than $500,000 in governmental grants during a calendar year. It is expected that the 2012 CAFR will have a Single Audit section, as did the 2008, 2009, and 2011 CAFRs. The 2011 CAFR not only satisfies government and legal accounting standards, but also reflects the professionalism and determination of the Town administration and staff to effectively manage the Town’s finances. It is clear that the Town Board and staff share a strong sense of fiscal responsibility to ensure the continued economic well-being of the Town. The CAFR information that you have is complete, but has not yet been assembled and bound (due to time constraints). It is expected that a bound CAFR will be delivered at the Town Board meeting. Austin Bump, CPA, of Swanhorst & Company LLC, will attend the June 26th, 2012 Board meeting and will provide comments and answer questions in regards to the audit and CAFR process. It is important to remember that the Auditors work for the Town Board and not Staff, and as such, are accountable to the Town Board. Page 3 FINANCE Memo Staff Recommendation: The Audit Committee recommends acceptance of the audit report and Comprehensive Annual Financial Report for the year ended December 31, 2011. Sample Motion: I move to approve/deny acceptance of the audit report and Comprehensive Annual Financial Report for the year ended December 31, 2011. TOWN OF ESTES PARK, COLORADO COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended December 31, 2011 Prepared By FINANCE DEPARTMENT i TABLE OF CONTENTS PAGE INTRODUCTORY SECTION Title Page Table of Contents i - iv List of Principal Officials v Organizational Chart vi GFOA Certificate of Achievement vii Transmittal Letter viii - xiv FINANCIAL SECTION Independent Auditors’ Report a - b Management’s Discussion and Analysis c - m Basic Financial Statements Statement of Net Assets 1 Statement of Activities 2 Balance Sheet - Governmental Funds 3 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 4 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 5 Statement of Net Assets - Proprietary Funds 6 Statement of Revenues, Expenses and Changes in Fund Net Assets - Proprietary Funds 7 Statement of Cash Flows - Proprietary Funds 8 Statement of Fiduciary Net Assets 9 Statement of Changes in Fiduciary Net Assets 10 Notes to Financial Statements 11 - 28 ii TABLE OF CONTENTS (Continued) PAGE FINANCIAL SECTION (Continued) Required Supplementary Information Schedule of Funding Progress - Retiree Healthcare Plan 29 Budgetary Comparison Schedule - General Fund 30 - 31 Budgetary Comparison Schedule - Community Services Fund 32 Notes to Required Supplementary Information 33 Combining and Individual Fund Financial Statements and Schedules Governmental Funds Combining Balance Sheet - Nonmajor Governmental Funds 34 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds 35 Budgetary Comparison Schedule - Conservation Trust Fund 36 Budgetary Comparison Schedule - Open Space Fund 37 Budgetary Comparison Schedule - Community Reinvestment Fund 38 Enterprise Funds Budgetary Comparison Schedule - Light and Power Fund 39 Budgetary Comparison Schedule - Water Fund 40 Internal Service Funds Combining Statement of Net Assets 41 Combining Statement of Revenues, Expenses and Changes in Fund Net Assets 42 Combining Statement of Cash Flows 43 Budgetary Comparison Schedule - Fleet Maintenance Fund 44 Budgetary Comparison Schedule - Vehicle Replacement Fund 45 Budgetary Comparison Schedule - Information Technology Fund 46 Agency Fund Combining Statement of Changes in Assets and Liabilities 47 iii TABLE OF CONTENTS (Continued) PAGE STATISTICAL SECTION Financial Trends Net Assets 48 Changes in Net Assets 49 - 50 Fund Balances, Governmental Funds 51 Changes in Fund Balances, Governmental Funds 52 Revenue Capacity Sales Tax Revenue by Type of Industry 53 Direct and Overlapping Sales Tax Rates 54 Principal Sales Tax Categories 55 Debt Capacity Ratio of Outstanding Debt, by Type 56 Ratio of General Bonded Debt Outstanding and Legal Debt Margin 57 Direct and Overlapping Governmental Activities Debt 58 Pledged-Revenue Coverage 59 Demographic and Economic Information Demographic and Economic Statistics 60 Principal Employers 61 Operating Information Full-Time Town Employees by Function/Program 62 Operating Indicators by Function/Program 63 - 64 Capital Asset Statistics by Function/Program 65 iv TABLE OF CONTENTS (Continued) PAGE COMPLIANCE SECTION Single Audit Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 66 - 67 Independent Auditors’ Report on Compliance with Requirements That Could Have a Direct and Material Effect on Each Major Program and on Internal Control Over Compliance in Accordance with OMB Circular A-133 68 - 69 Schedule of Findings and Questioned Costs 70 Independent Auditors’ Report on Schedule of Expenditures of Federal Awards 71 Schedule of Expenditures of Federal Awards 72 Notes to Schedule of Expenditures of Federal Awards 73 State Compliance Local Highway Finance Report 74 - 75 TOWN OF ESTES PARK LIST OF PRINCIPAL OFFICIALS TOWN GOVERNMENT The Town of Estes Park is governed by a Mayor and a six-member Board of Trustees. The Mayor and Trustees are elected for four-year terms. The Trustees each have one vote in town board meetings. The Mayor has the final vote on all issues in case of a tie. Listed below are the Town officials and principal staff members as of December 31, 2011. Mayor Elected 2008 Bill Pinkham Trustees Elected 2008 Chuck Levine Elected 2010 Eric Blackhurst Elected 2010 Mark Elrod Elected 2010 Wendy Koenig Elected 2008 John Ericson Elected 2008 Jerry Miller Staff Town Administrator Jacquie Halburnt Deputy Town Administrator Lowell Richardson Town Attorney Greg White Town Clerk Jackie Williamson Finance Officer Steve McFarland Director of Utilities Reuben Bergsten Director of Public Works Scott Zurn Chief of Police Wes Kufeld Director of Community Development Alison Chilcott Director of Community Services Betty Kilsdonk Municipal Judge Gary R. Brown Public Information Officer Kate Rusch v ES T E S P A R K C I T I Z E N S MA Y O R a n d T R U S T E E S TO W N AD M I N I S T R A T O R TO W N A T T O R N E Y UT I L I T I E S Li g h t & P o w e r Wa t e r IT GI S CO M M U N I T Y SE R V I C E S Mu s e u m Se n i o r C e n t e r Vi s i t o r C e n t e r Fa i r g r o u n d s / E v e n t s Co n f e r e n c e C e n t e r Sa l e s & M a r k e t i n g PO L I C E Pa t r o l In v e s t i g a t i o n s Di s p a t c h SR O Re s t o r a t i v e J u s t i c e An i m a l C o n t r o l FI N A N C E Ac c o u n t i n g / B u d g e t / In v e s t m e n t s / Fi n a n c i n g / Ac c o u n t s / C o l l e c t i o n PU B L I C W O R K S Pa r k s / S t r e e t s / En g i n e e r i n g / Bu i l d i n g - M a i n t e n a n c e / Tr a f f i c E n g i n e e r / Fl e e t M a i n t e n a n c e AD M I N I S T R A T I V E SE R V I C E S To w n C l e r k El e c t i o n s / R e c o r d s / Li c e n s i n g / M i n u t e s / Hu m a n R e s o u r c e s TO W N B O A R D A P P O I N T E D BO A R D S & C O M M I S S I O N S •Bu i l d i n g C o d e o f A p p e a l s •Cr e a t i v e S i g n D e s i g n R e v i e w B o a r d ST A N D I N G C O M M I T T E E S • Co m m u n i t y D e v e l o p m e n t / C o m m u n i t y Se r v i c e s • Pu b l i c S a f e t y / U t i l i t i e s / P u b l i c W o r k s AD V I S O R Y B O A R D S & C O M M I T T E E S •Tr e e B o a r d •Pe r f o r m i n g A r t s T h e a t r e •Au d i t TO W N B O A R D & C O U N T Y A P P O I N T E D • E s t e s V a l l e y B o a r d o f A d j u s t m e n t • E s t e s V a l l e y P l a n n i n g C o m m i s s i o n CO M M U N I T Y DE V E L O P M E N T Pl a n n i n g B u i l d i n g - I n s p e c t i o n Co d e E n f o r c e m e n t DE P U T Y T O W N AD M I N I S T R A T O R TO W N O F E S T E S P A R K OR G A N I Z A T I O N A L C H A R T JA N U A R Y 2 0 1 2 Re v i s e d 1 / 1 2 TO W N A F F I L I A T I O N S • Es t e s P a r k H o u s i n g A u t h o r i t y • Es t e s P a r k L o c a l M a r k e t i n g D i s t r i c t PU B L I C IN F O R M A T I O N OF F I C E R MU N I C I P A L J U D G E vi vii FINANCIAL SECTION c   Management’s Discussion and Analysis    As management of the Town of Estes Park (Town), we offer readers of the Town’s  financial statements this narrative overview and analysis of the financial activities of the  Town for the fiscal year ended December 31, 2011.      Financial Highlights     The assets of the Town exceeded its liabilities at the close of the most recent  fiscal year by $92,361,853 (net assets).  Of this amount, $22,326,174  (unrestricted net assets) may be used to meet the government’s ongoing  obligations to citizens and creditors.  It is important to note that “unrestricted  net assets” is an accounting term referring to lack of formal commitments (loans,  etc.) of assets.  It does not reflect the amount of assets that are informally  committed to targeted fund balances, unobligated monies for future projects,  etc.  For example, the Town targets a 30% fund balance (reserve) in the General  Fund.  In the 2012 Budget, this is approximately $3,421,553.  This is not  considered a “restricted” fund balance, but the Town has earmarked the amount  as a reserve.   The Town’s total net assets increased by $319,748, an improvement from the  $172,274 decrease from 2009‐10.  Governmental Activities decreased $767,882,  primarily the result of an extraordinary item ($998,000 for environmental  remediation).  Sales taxes and Capital grants both increased significantly in 2011.   The decrease in net assets from Governmental Activities was more than offset by  the increase of $1,087,630 from the Business‐Type activities (utility funds).  Rate  changes led to charges for services revenues increasing $634,363, and overall  revenues increasing $810,870.   At the close of the current fiscal year, the Town’s governmental funds reported  combined ending fund balances of $9,715,660, an increase of $371,588 from  2010.  Approximately 63% of this total amount, $6,084,967, is available for  spending at the government’s discretion (unrestricted, unassigned fund balance).   This is a decrease in percentage from 2010 primarily because of reclassification  of Governmental Funds as dictated by GASB 54.   At the end of the current fiscal year, unrestricted, unassigned fund balance for  the General Fund was $6,084,967 or 70.8% of general fund total expenditures  (56.1% if “transfers out” are included).  This was an increase from 63.3% in 2010.   The Town’s total non‐current liabilities increased by $455,222 to $12,077,513  during the current fiscal year.  This was primarily due to recognition of the  environmental remediation issue ($998,000) at the Elm Road Landfill.     The Town loaned the Estes Park Housing Authority $2,700,000 in 2006.  The loan  was due in full by June 1, 2010, but was extended to June 1, 2013.  The loan was  funded as follows:  $950,000 from the General Fund, $550,000 from the Light  d and Power Fund, $450,000 from the Water Fund, and $750,000 from the  Catastrophic Loss Fund.   As of December 31, 2011, a principal balance of  $319,450 remained outstanding and due to the remaining three funds (the  Catastrophic Loss Fund has been discontinued and merged into the General  Fund).    Overview of the Financial Statements    This discussion and analysis is intended to serve as an introduction to the Town’s basic  financial statements.  The Town’s basic financial statements are comprised of three  components: 1) government‐wide financial statements, 2) fund financial statements,  and 3) notes to the financial statements.  This report also contains other supplementary  information in addition to the basic financial statements themselves.    Government‐wide financial statements.  The government‐wide financial statements are  designed to provide readers with a broad overview of the Town’s finances, in a manner  similar to a private‐sector business.      The statement of net assets presents information on all of the Town’s assets and  liabilities, with the difference between the two reported as net assets.  Over time,  increases or decreases in net assets may serve as a useful indicator of whether the  financial position of the Town is improving or deteriorating.    The statement of activities presents information showing how the government’s net  assets changed during the most recent fiscal year.  All changes in net assets are reported  as soon as the underlying event giving rise to the change occurs, regardless of the timing  of related cash flows. Thus, revenues and expenses are reported in this statement for  some items that will only result in cash flows in future fiscal periods (e.g., uncollected  taxes and earned but unused vacation leave).    Both of the government‐wide financial statements distinguish functions of the Town  that are principally supported by taxes and intergovernmental revenues (governmental  activities) from other functions that are intended to recover all or a significant portion of  their costs through user fees and charges (business‐type activities).  The governmental  activities of the Town include general government, public safety, public works, and  culture and recreation.  The business‐type activities of the Town include an electric  distribution operation (Light and Power Fund) and a water utility that treats and  distributes water under the Water Fund.    The government‐wide financial statements include not only the Town itself (known as  the primary government), but also the legally separate entities, the Estes Park Building  Authority and Local Marketing District (established by election in 2009).  For  informational purposes, the Building Authority did not have any activity during the year.   The Local Marketing District does not issue separate financial statements and is  e discretely presented in the Town’s financial statements.  Fund financial statements are  not presented because no differences exist using the modified accrual basis of  accounting.     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 Town, 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 Town can be divided into three categories:  governmental funds,  proprietary funds, and fiduciary funds.    Governmental funds.  Governmental funds are used to account for essentially the same  functions reported as governmental activities in the government‐wide financial  statements.  However, unlike 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 a reconciliation to facilitate this  comparison between governmental funds and governmental activities.      The Town maintains five 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 balances for the General,  Community Services Fund, and the Community Reinvestment Fund, all of which are  considered to be major funds.  Data from the other two governmental funds  (Conservation Trust and Larimer County Open Space Funds) are combined into a single,  aggregated presentation.  Individual fund data for each of these non‐major  governmental funds is provided in the form of combining and individual fund statements  and schedules elsewhere in this report.    The Town adopts annual appropriated budgets for all funds.  Budgetary comparison  schedules have been presented for all funds (except fiduciary funds) to demonstrate  compliance with the budgets.    Proprietary funds.  The Town maintains two different types of proprietary funds.   Enterprise funds are used to report the same functions presented as business‐type  f activities in the government‐wide financial statements.  The Town uses enterprise funds  to account for its electric and water utilities.  Internal service funds are an accounting  device used to accumulate and allocate costs internally among the Town’s various  functions.  The Town uses internal service funds to account for its Fleet Maintenance,  Vehicle Replacement, and Information Technology Funds. Because these internal  services predominantly benefit governmental and business‐type functions, they have  been allocated between the governmental and business‐type activities in the  government‐wide financial statements.    Proprietary funds provide the same type of information as the government‐wide  financial statements, only in more detail.  The proprietary fund financial statements  provide separate information for the Water and Light & Power funds both of which are  considered to be major funds of the Town.  Conversely, all three internal service funds  are combined into a single, aggregate presentation in the proprietary fund financial  statements.  Individual fund data for the internal service funds is provided in the form of  combining statements elsewhere in this report.    Fiduciary funds.  Fiduciary funds are used to account for resources held for the benefit  of parties outside the government.  Fiduciary funds are not reflected in the government‐ wide financial statements because the resources of those funds are not available to  support the Town’s own programs.  The accounting used for fiduciary funds is much like  that used for proprietary funds.  The Town safeguards two Fiduciary Funds:  Police  Pension (discontinued at the end of 2011 due to the death of the sole beneficiary), and  a Theater Fund (Friends of Stanley Hall).    Notes to the financial statements.  The notes provide additional information that is  essential to a full understanding of the data provided in the government‐wide and fund  financial statements.  The notes to the financial statements can be found immediately  following the basic financial statements.    Other information.  In addition to the basic financial statements and accompanying  notes, this report also presents certain required supplemental information concerning  the Town’s progress in funding its obligation to provide pension benefits to its  employees, and budgetary comparison schedules for the general and major special  revenue funds.    The combining and individual fund statements and schedules referred to earlier in  connection with non‐major governmental funds and internal service funds are  presented immediately following the required supplementary information.            g             Government‐wide financial analysis      Town of Estes Park's Net Assets  Governmental Activities Business‐type Activities Total  2011 2010 2011 2010 2011 2010  Current and other assets $12,824,765 $12,749,337 $14,471,552 $13,682,429  $27,296,317 $26,431,766  Capital assets 42,113,390 42,203,530 37,607,889 37,753,930  79,721,279 79,957,460    Total assets 54,938,155 54,952,867 52,079,441 51,436,359  107,017,596 106,389,226                    Long term liabilities 1,216,070 294,860 9,926,697 10,441,557  11,142,767 10,736,417  Other liabilities 1,298,368 1,466,408 2,214,608 2,144,296  3,512,976 3,610,704    Total liabilities 2,514,438 1,761,268 12,141,305 12,585,853  14,655,743 14,347,121                    Invested in capital assets,  net of related debt 42,113,390 42,203,530 27,212,425 27,001,157  69,325,815 69,204,687  Restricted for Parks 298,864 0 0 0  298,864 0    and Open Space  Restricted 411,000 377,000 0 0  411,000 377,000  Unrestricted 9,600,463 10,611,069 12,725,711 11,849,349  22,326,174 22,460,418    Total net assets $52,423,717 $53,191,599 $39,938,136 $38,850,506  $92,361,853 $92,042,105                          As noted earlier, net assets may serve over time as a useful indicator of a government’s  financial position.  In the case of the Town, assets exceeded liabilities by $92,361,853 at  the close of the most recent fiscal year.      By far the largest portion of the Town’s net assets (74%) reflects its investment in capital  assets (e.g., land, buildings, machinery, and equipment), less any related still‐ outstanding debt used to acquire those assets.  The Town uses these capital assets to  provide services to citizens; consequently, these assets are not available for future  spending.  Although the Town’s investment in its capital assets is reported net of related  debt, it should be noted that the resources needed to repay this debt must be provided  from other sources, since the capital assets themselves cannot be used to liquidate  these liabilities.    h An additional 0.8% of the Town’s net assets represent resources that are subject to  external restrictions on how they may be used.  The remaining balance of unrestricted  net assets ($22,326,174) may be used to meet the government’s ongoing obligations to  citizens and creditors.  At the end of the current fiscal year, the Town is able to report  positive balances in all three categories of net assets, both for the government as a  whole, as well as for its separate governmental and business‐type activities.  The same  situation held true for the prior fiscal year.    Town of Estes Park's Changes in Net Assets  Governmental Activities Business‐type Activities Total  2011 2010 2011 2010 2011 2010  Revenues:  Program revenues    Charges for services $1,472,225 $1,670,335 $15,406,627 $14,772,264  $16,878,852 $16,442,599    Operating    Grants/contributions 840,324 686,298 22,628 7,500  862,952 693,798    Capital grants/contributions 1,148,194 486,085 305,871 196,004  1,454,065 682,089  General revenues:    Sales Taxes 7,424,828 7,009,252 0 0  7,424,828 7,009,252    Property taxes 372,171 468,736 0 0  372,171 468,736    Other taxes 618,722 631,976 0 0  618,722 631,976    Grants and Contributions 37,587 34,151 0 0  37,587 34,151    Investment Income 46,383 75,623 63,128 81,513  109,511 157,136    Other    660,277 736,350 413,261 343,364  1,073,538 1,079,714      Total revenues 12,620,711 11,798,806 16,211,515 15,400,645  28,832,226 27,199,451                    Expenses:    General government 4,040,703 2,971,322 0 0  4,040,703 2,971,322    Public safety 3,392,067 3,205,060 0 0  3,392,067 3,205,060    Public works 2,302,730 2,087,784 0 0  2,302,730 2,087,784    Culture and recreation 3,815,959 4,172,407 0 0  3,815,959 4,172,407    Interest on long‐term debt 0 0 0 0  0 0    Water 0 0 3,187,508 3,324,281  3,187,508 3,324,281    Electric 0 0 10,775,511 10,626,958  10,775,511 10,626,958    Total expenses 13,551,459 12,436,573 13,963,019 13,951,239  27,514,478 26,387,812                    Increase in net assets before    Transfers (930,748) (637,767) 2,248,496 1,449,406  1,317,748 811,639  Transfers 1,160,866 1,123,057 (1,160,866) (1,123,057) 0 0  Extraordinary item: Environmental (998,000) 0 0 0  (998,000) 0    Remediation  Special Item: Pension Distribution 0 (983,913) 0 0  0 (983,913)  Increase/decrease in net assets   (767,882) (498,623) 1,087,630 326,349  319,748 (172,274)  Net assets ‐ beginning 53,191,599 53,690,222 38,850,506 38,524,157  92,042,105 92,214,379  Net assets ‐ ending $52,423,717 $53,191,599 $39,938,136 $38,850,506  $92,361,853 $92,042,105          i Net assets increased $319,748 during the current fiscal year.   Government‐wide  revenues increased 6.0% from 2010 to 2011, primarily resulting from increases in sales  tax collections and grant monies.    Governmental activities.  Governmental activities decreased the Town’s net assets by  $767,882.     The Town’s major source of revenue is sales tax.  Sales tax increased $415,576 (5.9%)  from $7,009,252 in 2010 to $7,424,828 in 2011. General government revenues were  also positively affected by a variety of grants ($1,988,518 in 2011 vs. $1,172,383 in  2010). In 2011, a Federal Grant of approximately $1,100,000 was received for the  transportation hub; Federal Grants in 2010 amounted to less than $500,000.  Property  tax declined due to the Estes Park Urban Renewal Authority being abolished (by vote) in  2010.    Expenses increased from $12,436,573 in 2010 to $13,551,459 in 2011.   This comparison  is misleading because of unusual circumstances in 2010.  Two internal service funds  (Catastrophic Loss and Medical) were closed at the end of 2010 and the cumulative fund  balance of $1,647,687 was transferred to the General Fund.  This occurrence was  booked against General Government expenses, giving the illusion of a decrease in  expenses from 2009 to 2010, and an increase in expenses from 2010 to 2011.  In fact,  there was no material change in scope or magnitude of projects in governmental  activities from 2010 to 2011.    Business‐type activities.  Business‐type activities, which include the Light & Power and  Water funds, increased the Town’s net assets by $1,087,630.  Charges for services,  grants and other income yielded $16,211,515.  There was $13,963,019 in expenses, in  the following areas:   Source of supply (purchase of power/water):   $5,846,639   Purification of water:          569,210   Distribution of water/power:      2,865,918   Customer accounts:          850,466   Administration/General:                     2,087,520   Depreciation/Amortization:      1,488,880   Other minor expenses:             254,386    The Light & Power and Water Funds also transferred $1,160,866 to Governmental  Activities.    In relation to 2010, income increased through charges for services by 4.2% ($634,363).   Tap fee revenue increased from $196,004 to $305,871, and other revenues (mostly  work order‐related) increased from $343,364 to $413,261.  Increases in purchased  power costs (source of supply) were offset by savings throughout the Light & Power and  j Water Funds, allowing overall costs to remain basically flat (increase of $11,780, or  .08%). There was no material change in the scope or magnitude of projects in Business‐ type activities from 2010 to 2011.  Costs for operations continue to be covered by  revenues in accordance with policy.  The utility funds are also subject to debt coverage  requirements for their Light & Power revenue bond and Water loan.    Financial Analysis of the Government’s Funds    As noted earlier, the Town uses fund accounting to ensure and demonstrate compliance  with finance‐related legal requirements.    Governmental funds.  The focus of the Town’s governmental funds is to provide  information on near‐term inflows, outflows and balances of spendable resources.  Such  information is useful in assessing the Town’s financing requirements.  In particular,  unrestricted fund balance may serve as a useful measure of a government’s net  resources available for spending at the end of the fiscal year.      As of the end of the current fiscal year, the Town’s governmental funds reported  combined ending fund balances of $9,715,660, an increase of $371,588 from 2010.   Approximately 62.6% of this amount constitutes unrestricted, unassigned fund balance,  which is available for spending at the Town’s discretion.  The remainder of fund balance  is non‐spendable, restricted or assigned to indicate that it is not available for new  spending because it has already been committed to inventories, other prepaid  expenses, specific governmental funds, capital improvements and emergencies.    The General Fund is the chief operating fund of the Town.  At the end of the current  fiscal year, unrestricted, unassigned fund balance of the general fund was $6,084,967  ($5,526,180 in 2010).  As a measure of the general fund’s liquidity, it may be useful to  compare unrestricted, unassigned fund balance to total fund operating expenditures,  including transfers out. The ratio for 2011 is 70.8%, a significant improvement over  2010’s 49.6%.  Led by a record year in sales tax collections, revenues increased  $438,739.  2011 expenditures ($8,596,080) were $131,263 less than 2010 ($8,727,343).   Fewer public works projects occurred in 2011, which were offset by increases in public  safety (police) and administrative (general government) projects.  A significant reduction  in transfers out (decreased from $2,425,000 in 2010 to $2,245,000 in 2011) reflected  less monies moved between the General and Community Service Funds.    The fund balance of the Community Services Fund (CSF) was basically flat from 2010  ($308,139) to 2011 ($306,622).  2011 revenues (charges for services) and expenditures  decreased due to less support needed by the Local Marketing District.  As an aside, no  support is anticipated for 2012, which will significantly reduce both revenues and  expenditures in the CSF.  As a result of the above, the General Fund was able to reduce  its transfers to the CSF from $1,625,000 in 2010 to $1,445,000 in 2011.    k The Estes Park Urban Renewal Authority (EPURA) was dissolved through a special  election in January 2010.  Its place as a major governmental fund was taken by the  Community Reinvestment Fund (CRF), the Town’s capital project fund.  The CRF received  monies from grants (over $1,000,000) and transfers ($800,000) from the General Fund.  In turn, the Town completed a $1,200,000 park‐n‐ride facility to lessen traffic burdens,  two major street projects (Manford and Prospect Avenues), and continued work on  Bond Park’s (municipal park in the center of Town) redevelopment. A $2.5 million fund  balance remains for future projects.    The “other governmental funds” (Special Revenue Funds) are expounded upon on pages  34‐35, and include the Conservation Trust and Open Space Funds.  In aggregate, these  funds report $298,864 in fund balances that are restricted for Parks and Open Space‐ related projects. The Open Space Fund was a funding source, along with the Community  Reinvestment Fund, for the Bond Park redevelopment project.    Proprietary funds.  The town’s proprietary funds provide the same type of information  found in the government‐wide financial statements, but in more detail.      Utility funds (Light & Power, Water) revenue increased 5.3% in 2011.  Expenditures were  virtually identical to 2010, with no material changes in programs or projects.  Light &  Power and Water both easily maintained their required bonded debt ratios (see  statistical tables, Schedule 11).  Other factors concerning the finances of these two  funds have already been addressed in the discussion of the Town’s business‐type  activities.    General Fund Budgetary Highlights    Sales tax provides approximately 72% of the General Fund’s revenue base, and as such  is discussed at length in various sections of this document.  The savings in expenditures  was discussed in detail in the Financial Analysis of Governmental Funds section.     Actual revenue totals were within $248,531 of final budget ($10,084,550), exceeding  projections by 2.5%.  This was due to strong 4th quarter sales performance.  Total  expenditures were $615,575 less (7.2%) than final budget.  Of that, $91,328 (14.8%) was  expenditures that were rolled over into the 2012 budget.  The remainder of the variance  included space savings on personnel, grant‐funded projects that did not materialize, and  anticipated reserves for general repairs and road maintenance that were not utilized.    Transfers out of the General fund were $2,245,000.  $800,000 was transferred to the  Community Reinvestment Fund for future capital projects, and $1,445,000 was  transferred to the Community Services Fund for assistance in operating the Museum,  Senior Center and CVB.    l The resulting ending actual fund balance for the General Fund of $6,568,017  (unrestricted, unassigned: $6,084,967) was $869,361 greater than the Final Budget,  leaving General Fund with a healthy fund balance, as discussed elsewhere in this  document.    Capital Asset and Debt Administration    Capital assets.    Governmental activities depreciable capital asset additions increased  $2,845,330; the net increase (after disposal/retirement of capital assets) was  $2,533,136.  Larger capital purchases included:   Equipment to assist in Street Improvement Program ‐ $35,523.   Street Improvements (including Manford/Prospect Ave. projects) ‐ $117,168.   Transit hub (park‐n‐ride) ‐ $1,262,167.   Bond Park improvements – $923,738.    Business‐type capital assets being depreciated increased $1,344,217, with a net increase  of $1,105,422. The largest expenditures in this area were:   Infrastructure (overhead lines, underground upgrades) ‐ $635,111.   Equipment (copier/computer upgrades, transformers) ‐ $159,810.   Water line upgrades (Bond Park) ‐ $33,000.   Water purification equipment ‐ $43,284.   Vehicles ‐ $444,631.   Mary’s Lake Water Treatment Plant expansion/modifications – over $400,000.    Additional info can be found in notes to financial statements on pages 18‐19.    Long‐term debt.  The Town’s General Fund has no debt.  However, the business‐type  activities (utility funds) are currently obligated to one Water and one Light & Power  revenue bond/loan.  The Light & Power bond, obtained in 2007 to finance construction  and equipping of a new substation, matures in 2027 and has a remaining balance of  $5,270,000 as of 2011.  The 2008 water loan was obtained to finance a membrane filter  and to increase capacity at the Mary’s Lake Treatment Plant.  Maturing in 2028, there is  a remaining balance of $5,125,464.  The 1997 Water Loan was paid in full in 2011.    Information on these loans can be found on pages 20‐21 of the notes to financial  statements, and in the statistical section under Schedule 8.    The Town Light & Power fund maintains a rating from Standard & Poor’s and Fitch of  “AA‐” on its outstanding revenue bonds.  State statutes limit the amount of general  obligation debt a government entity may issue to 3% of its total assessed valuation.  The  debt limitation for the Town as of December 31, 2011, is $47,657,370 (see statistical  section under Schedule 9).      m   Economic Factors and Next Year’s Budgets and Rates     Preliminary forecasts for 2012 CPI for Denver/Boulder is 2.4%.     Taxable sales increased by $10,389,400, up 5.9% from 2010.  The Town  participates with the Colorado Association of Ski Towns (CAST) to share  information regarding sales tax collections.  The Town was one of the healthiest  of the 21 communities in CAST in terms of a percentage of increase in sales tax  collections over 2010.   The Town also actively seeks grants to assist in creating and putting into service,  assets that enhance the lives of its citizens and the enjoyment of its visitor base.   Major capital initiatives slated for the 2012 budget include :  o Street overlay and maintenance plan ‐ $855,000  o Annual concrete rehab ‐ $35,000  o Stall barn replacement at Fairgrounds ‐ $600,000  o Remodel to entrance of police department ‐ $40,000  o Remodel at Visitors Center ‐ $50,000  o Bond Park continued phasing ‐ $225,000  o Continued Light & Power upgrades/replacement programs ‐ $1,298,000  o Continued Water upgrades/replacement programs ‐ $505,000  o Vehicles (8)  replaced from Vehicle Replacement Fund ‐ $476,500   The Town recognizes the precarious state of the economy and stands ready to  react appropriately to any deviations in sales tax receipts and other revenue  sources.    All of these factors and many others were considered in preparation for the Town’s  budget for the 2012 fiscal year.    Request for information    This financial report is designed to provide a general overview of the Town’s finances for  all those with an interest in the government’s finances.  Questions concerning any of the  information provided in this report or requests for additional financial information  should be addressed to the Finance Department, P.O. Box 1200, Estes Park, Colorado,  80517.  BASIC FINANCIAL STATEMENTS TOWN OF ESTES PARK, COLORADO STATEMENT OF NET ASSETS December 31, 2011 COMPONENT PRIMARY GOVERNMENT UNIT GOVERNMENTAL BUSINESS-TYPE MARKETING ACTIVITIES ACTIVITIES TOTAL DISTRICT ASSETS Cash and Investments $ 11,616,630 $ 9,808,123 $ 21,424,753 $ 971,882 Accounts Receivable 565,083 2,779,004 3,344,087 - Taxes Receivable 1,196,504 - 1,196,504 164,498 Inventories 49,181 734,308 783,489 - Prepaid Expenses 72,921 609 73,530 - Internal Balances (810,589) 810,589 - - Notes Receivable 135,035 184,415 319,450 - Debt Issuance Costs, Net of Accumulated Amortization - 154,504 154,504 - Capital Assets, Not Being Depreciated 5,956,256 2,943,951 8,900,207 - Capital Assets, Net of Accumulated Depreciation 36,157,134 34,663,938 70,821,072 - TOTAL ASSETS 54,938,155 52,079,441 107,017,596 1,136,380 LIABILITIES Accounts Payable 363,349 1,186,583 1,549,932 149,846 Accrued Liabilities 231,747 71,241 302,988 - Accrued Interest Payable - 96,732 96,732 - Deferred Revenues 361,931 43,730 405,661 - Deposits 71,079 151,838 222,917 - Noncurrent Liabilities Due Within One Year 270,262 664,484 934,746 - Due in More Than One Year 1,216,070 9,926,697 11,142,767 - TOTAL LIABILITIES 2,514,438 12,141,305 14,655,743 149,846 NET ASSETS Invested in Capital Assets, Net of Related Debt 42,113,390 27,212,425 69,325,815 - Restricted for Parks and Open Space 298,864 - 298,864 - Restricted for Emergencies 411,000 - 411,000 40,300 Unrestricted 9,600,463 12,725,711 22,326,174 946,234 TOTAL NET ASSETS $ 52,423,717 $ 39,938,136 $ 92,361,853 $ 986,534 The accompanying notes are an integral part of the financial statements. 1 TOWN OF ESTES PARK, COLORADO STATEMENT OF ACTIVITIES Year Ended December 31, 2011 PROGRAM REVENUES CHARGES OPERATING CAPITAL FOR GRANTS AND GRANTS AND FUNCTIONS/PROGRAMS EXPENSES SERVICES CONTRIBUTIONS CONTRIBUTIONS PRIMARY GOVERNMENT Governmental Activities General Government $ 4,040,703 $ 565,548 $ 43,182 $ 1,081,181 Public Safety 3,392,067 284,914 37,246 67,013 Public Works 2,302,730 3,987 351,878 - Culture and Recreation 3,815,959 617,776 408,018 - Total Governmental Activities 13,551,459 1,472,225 840,324 1,148,194 Business-Type Activities Light and Power 10,775,511 12,264,063 - - Water 3,187,508 3,142,564 22,628 305,871 Total Business-Type Activities 13,963,019 15,406,627 22,628 305,871 TOTAL PRIMARY GOVERNMENT $ 27,514,478 $ 16,878,852 $ 862,952 $ 1,454,065 Component Unit Local Marketing District $ 1,961,678 $ 266,697 $ 128,985 $ - GENERAL REVENUES Sales Taxes Property Taxes Franchise Taxes Use Taxes Lodging Taxes Grants and Contributions not Restricted to Specific Programs Investment Income Miscellaneous EXTRAORDINARY ITEM Environmental Remediation TRANSFERS TOTAL GENERAL REVENUES, EXTRAORDINARY ITEM AND TRANSFERS CHANGE IN NET ASSETS NET ASSETS, Beginning NET ASSETS, Ending The accompanying notes are an integral part of the financial statements. 2 NET (EXPENSE) REVENUE AND CHANGE IN NET ASSETS COMPONENT PRIMARY GOVERNMENT UNIT GOVERNMENTAL BUSINESS-TYPE MARKETING ACTIVITIES ACTIVITIES TOTAL DISTRICT $ (2,350,792) $ - $ (2,350,792) $ - (3,002,894) - (3,002,894) - (1,946,865) - (1,946,865) - (2,790,165) - (2,790,165) - (10,090,716) - (10,090,716) - - 1,488,552 1,488,552 - - 283,555 283,555 - - 1,772,107 1,772,107 - (10,090,716) 1,772,107 (8,318,609) - - - - (1,565,996) 7,424,828 - 7,424,828 - 372,171 - 372,171 - 437,786 - 437,786 - 180,936 - 180,936 - - - - 1,343,156 37,587 - 37,587 - 46,383 63,128 109,511 371 660,277 413,261 1,073,538 - (998,000) - (998,000) - 1,160,866 (1,160,866) - - 9,322,834 (684,477) 8,638,357 1,343,527 (767,882) 1,087,630 319,748 (222,469) 53,191,599 38,850,506 92,042,105 1,209,003 $ 52,423,717 $ 39,938,136 $ 92,361,853 $ 986,534 TOWN OF ESTES PARK, COLORADO BALANCE SHEET GOVERNMENTAL FUNDS December 31, 2011 OTHER COMMUNITY COMMUNITY GOVERNMENTAL GENERAL SERVICES REINVESTMENT FUNDS TOTAL ASSETS Cash and Investments $ 5,971,696 $ 310,954 $ 2,411,717 $ 252,056 $ 8,946,423 Accounts Receivable 132,788 106,404 236,496 71,873 547,561 Taxes Receivable 1,196,504 - - - 1,196,504 Inventories - 17,443 - - 17,443 Prepaid Expenditures 72,050 871 - - 72,921 Notes Receivable 135,035 - - - 135,035 TOTAL ASSETS $ 7,508,073 $ 435,672 $ 2,648,213 $ 323,929 $ 10,915,887 LIABILITIES AND FUND BALANCES LIABILITIES Accounts Payable $ 233,137 $ 52,642 $ 31,247 $ - $ 317,026 Accrued Liabilities 143,559 63,100 17,883 533 225,075 Deferred Revenues 492,281 13,308 56,926 24,532 587,047 Deposits 71,079 - - - 71,079 TOTAL LIABILITIES 940,056 129,050 106,056 25,065 1,200,227 FUND BALANCES Nonspendable Inventories - 17,443 - - 17,443 Nonspendable Prepaid Expenditures 72,050 871 - - 72,921 Restricted for Parks and Open Space - - - 298,864 298,864 Restricted for Emergencies 411,000 - - - 411,000 Assigned to Community Services - 288,308 - - 288,308 Assigned to Capital Improvements - - 2,542,157 - 2,542,157 Unrestricted, Unassigned 6,084,967 - - - 6,084,967 TOTAL FUND BALANCES 6,568,017 306,622 2,542,157 298,864 9,715,660 TOTAL LIABILITIES AND FUND BALANCES $ 7,508,073 $ 435,672 $ 2,648,213 $ 323,929 $ 10,915,887 Amounts Reported for Governmental Activities in the Statement of Net Assets are Different Because: Total Fund Balances of Governmental Funds $ 9,715,660 Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. 41,377,350 Long-term assets are not available to pay current expenditures and, therefore, are deferred in the funds. 225,116 Long-term liabilities, including accrued compensated absences, postemployment benefits, and environmental remediation, are not due and payable in the current year end, therefore, are not reported in the funds.(1,444,162) Internal service funds are used by management to charge the costs of fleet maintenance, vehicle replacement and information technology to individual funds. A portion of the assets and liabilities of the internal service funds is included in governmental activities in the statement of net assets. 2,549,753 Total Net Assets of Governmental Activities $ 52,423,717 The accompanying notes are an integral part of the financial statements. 3 TOWN OF ESTES PARK, COLORADO STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS Year Ended December 31, 2011 OTHER COMMUNITY COMMUNITY GOVERNMENTAL GENERAL SERVICES REINVESTMENT FUNDS TOTAL REVENUES Taxes $ 8,415,721 $ - $ - $ - $ 8,415,721 Licenses and Permits 485,447 - - - 485,447 Intergovernmental 561,963 25,699 1,081,169 292,250 1,961,081 Charges for Services 128,934 617,776 - - 746,710 Fines and Forfeitures 58,812 - - - 58,812 Rental Income 181,256 - - - 181,256 Investment Income 22,725 1,300 9,215 1,135 34,375 Miscellaneous 478,223 138,195 75 - 616,493 TOTAL REVENUES 10,333,081 782,970 1,090,459 293,385 12,499,895 EXPENDITURES Current General Government 3,197,041 - - - 3,197,041 Public Safety 3,321,220 - - - 3,321,220 Public Works 1,223,541 - 206,578 - 1,430,119 Culture and Recreation 854,278 2,229,487 - 61,948 3,145,713 Capital Outlay - - 1,685,173 509,907 2,195,080 TOTAL EXPENDITURES 8,596,080 2,229,487 1,891,751 571,855 13,289,173 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 1,737,001 (1,446,517) (801,292) (278,470) (789,278) OTHER FINANCING SOURCES (USES) Transfers In 1,160,866 1,445,000 800,000 - 3,405,866 Transfers Out (2,245,000) - - - (2,245,000) TOTAL OTHER FINANCING SOURCES (USES) (1,084,134) 1,445,000 800,000 - 1,160,866 NET CHANGE IN FUND BALANCES 652,867 (1,517) (1,292) (278,470) 371,588 FUND BALANCES, Beginning 5,915,150 308,139 2,543,449 577,334 9,344,072 FUND BALANCES, Ending $ 6,568,017 $ 306,622 $ 2,542,157 $ 298,864 $ 9,715,660 The accompanying notes are an integral part of the financial statements. 4 TOWN OF ESTES PARK, COLORADO RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES Year Ended December 31, 2011 Amounts Reported for Governmental Activities in the Statement of Activities are Different Because: Net Change in Fund Balances of Governmental Funds $ 371,588 Capital outlays to purchase or construct capital assets are reported in governmental funds as expenditures. However, for governmental activities those costs are capitalized in the statement of net assets and are allocated over their estimated useful lives as annual depreciation expense in the statement of activities. This is the amount by which depreciation expense ($2,796,045) and loss on disposal ($17,889) exceeded capital outlay $2,371,812 in the current year. (442,122) 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. These include the change in accrued compensated absences $83,418, postemployment benefits ($25,647), and environmental remediation ($998,000).(940,229) Notes receivable that do not provide current financial resources are deferred in governmental funds. This amount represents payments received in the current year. (25,057) Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in governmental funds.90,081 Internal service funds are used by management to charge the costs of fleet maintenance, vehicle replacement and information technology to individual funds. A portion of the net revenues of the internal service funds is reported with governmental activities in the statement of activities. 177,857 Change in Net Assets of Governmental Activities $ (767,882) The accompanying notes are an integral part of the financial statements. 5 TOWN OF ESTES PARK, COLORADO STATEMENT OF NET ASSETS PROPRIETARY FUNDS December 31, 2011 GOVERNMENTAL BUSINESS-TYPE ACTIVITIES ACTIVITIES LIGHT AND INTERNAL POWER WATER TOTAL SERVICE ASSETS Current Assets Cash and Investments $ 6,770,703 $ 3,037,420 $ 9,808,123 $ 2,670,207 Accounts Receivable 2,312,327 466,677 2,779,004 17,522 Inventories 616,341 117,967 734,308 31,738 Prepaid Expenses 369 240 609 - TOTAL CURRENT ASSETS 9,699,740 3,622,304 13,322,044 2,719,467 Noncurrent Assets Notes Receivable 106,027 78,388 184,415 - Debt Issuance Costs, Net of Accumulated Amortization 112,175 42,329 154,504 - Capital Assets, Not Being Depreciated 227,489 2,716,462 2,943,951 - Capital Assets, Net of Accumulated Depreciation 15,204,456 19,459,482 34,663,938 736,040 TOTAL NONCURRENT ASSETS 15,650,147 22,296,661 37,946,808 736,040 TOTAL ASSETS 25,349,887 25,918,965 51,268,852 3,455,507 LIABILITIES Current Liabilities Accounts Payable 1,122,012 64,571 1,186,583 46,323 Accrued Liabilities 48,792 22,449 71,241 6,672 Accrued Interest Payable 36,445 60,287 96,732 - Deferred Revenues - 43,730 43,730 - Deposits 151,838 - 151,838 - Compensated Absences Payable, Current Portion 103,358 55,028 158,386 15,563 Loans Payable, Current Portion - 261,098 261,098 - Revenue Bonds Payable, Current Portion 245,000 - 245,000 - TOTAL CURRENT LIABILITIES 1,707,445 507,163 2,214,608 68,558 Noncurrent Liabilities Compensated Absences Payable 16,568 20,763 37,331 26,607 Loans Payable - 4,864,366 4,864,366 - Revenue Bonds Payable 5,025,000 - 5,025,000 - TOTAL NONCURRENT LIABILITIES 5,041,568 4,885,129 9,926,697 26,607 TOTAL LIABILITIES 6,749,013 5,392,292 12,141,305 95,165 NET ASSETS Invested in Capital Assets, Net of Related Debt 10,161,945 17,050,480 27,212,425 736,040 Unrestricted 8,438,929 3,476,193 11,915,122 2,624,302 TOTAL NET ASSETS $ 18,600,874 $ 20,526,673 39,127,547 $ 3,360,342 Amounts Reported for Business-Type Activities in the Statement of Net Assets are Different Because: Internal service funds are used by management to charge the costs of fleet maintenance, vehicle replacement and information technology to individual funds. A portion of the assets and liabilities of the internal service funds is included in business-type activities in the statement of net assets. 810,589 Total Net Assets of Business-Type Activities $ 39,938,136 The accompanying notes are an integral part of the financial statements. 6 TOWN OF ESTES PARK, COLORADO STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS PROPRIETARY FUNDS Year Ended December 31, 2011 GOVERNMENTAL BUSINESS-TYPE ACTIVITIES ACTIVITIES LIGHT AND INTERNAL POWER WATER TOTAL SERVICE OPERATING REVENUES Charges for Services $ 12,264,063 $ 3,142,564 $ 15,406,627 $ 1,000,769 Miscellaneous 369,341 43,920 413,261 43,784 TOTAL OPERATING REVENUES 12,633,404 3,186,484 15,819,888 1,044,553 OPERATING EXPENSES Source of Supply 5,695,225 151,414 5,846,639 - Purification - 569,210 569,210 - Distribution 1,945,517 920,401 2,865,918 - Customer Accounts 591,674 258,792 850,466 - Administration and General 1,604,005 483,515 2,087,520 671,257 Depreciation and Amortization 799,638 689,242 1,488,880 98,438 TOTAL OPERATING EXPENSES 10,636,059 3,072,574 13,708,633 769,695 OPERATING INCOME (LOSS) 1,997,345 113,910 2,111,255 274,858 NONOPERATING REVENUES (EXPENSES) Intergovernmental - 22,628 22,628 - Investment Income 49,540 13,588 63,128 12,008 Interest Expense (223,389) (140,006) (363,395) - TOTAL NONOPERATING REVENUES (EXPENSES) (173,849) (103,790) (277,639) 12,008 NET INCOME (LOSS) BEFORE CAPITAL CONTRIBUTIONS AND TRANSFERS 1,823,496 10,120 1,833,616 286,866 Capital Contributions Tap Fees - 305,871 305,871 - Transfers Out (1,039,550) (121,316) (1,160,866) - CHANGE IN NET ASSETS 783,946 194,675 978,621 286,866 NET ASSETS, Beginning 17,816,928 20,331,998 38,148,926 3,073,476 NET ASSETS, Ending $ 18,600,874 $ 20,526,673 $ 39,127,547 $ 3,360,342 Amounts Reported for Business-Type Activities in the Statement of Activities are Different Because: Change in Net Assets of Proprietary Funds $ 978,621 Internal service funds are used by management to charge the costs of fleet maintenance, vehicle replacement and information technology to individual funds. A portion of the net revenues of the internal service funds is reported with business-type activities in the statement of activities. 109,009 Change in Net Assets of Business-Type Activities $ 1,087,630 The accompanying notes are an integral part of the financial statements. 7 TOWN OF ESTES PARK, COLORADO STATEMENT OF CASH FLOWS PROPRIETARY FUNDS Increase (Decrease) in Cash and Cash Equivalents Year Ended December 31, 2011 GOVERNMENTAL BUSINESS-TYPE ACTIVITIES ACTIVITIES LIGHT AND INTERNAL POWER WATER TOTAL SERVICE CASH FLOWS FROM OPERATING ACTIVITIES Cash Received from Customers $ 12,076,913 $ 3,090,636 $ 15,167,549 $ 1,006,044 Cash Received from Other Sources 369,341 43,920 413,261 43,784 Cash Paid to Suppliers (8,234,858) (1,887,758)(10,122,616) (205,864) Cash Paid to Employees (1,555,640) (480,416) (2,036,056) (432,508) Net Cash Provided by Operating Activities 2,655,756 766,382 3,422,138 411,456 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers to Other Funds (1,039,550) (121,316) (1,160,866) - Loan Payments Received 10,811 - 10,811 - Grants Received - 22,628 22,628 - Net Cash Used by Noncapital Financing Activities (1,028,739) (98,688) (1,127,427) - CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Construction and Acquisition of Capital Assets (794,921) (549,296) (1,344,217) (450,263) Debt Principal Paid (235,000) (292,310) (527,310) - Debt Interest and Fees Paid (213,763) (136,870) (350,633) - Tap Fees Received - 305,871 305,871 - Net Cash Used by Capital and Related Financing Activities (1,243,684) (672,605) (1,916,289) (450,263) CASH FLOWS FROM INVESTING ACTIVITIES Interest Received 49,500 12,704 62,204 12,008 Net Cash Provided by Investing Activities 49,500 12,704 62,204 12,008 NET CHANGE IN CASH AND CASH EQUIVALENTS 432,833 7,793 440,626 (26,799) CASH AND CASH EQUIVALENTS, Beginning 6,337,870 3,029,627 9,367,497 2,697,006 CASH AND CASH EQUIVALENTS, Ending $ 6,770,703 $ 3,037,420 $ 9,808,123 $ 2,670,207 RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES Operating Income (Loss) $ 1,997,345 $ 113,910 $ 2,111,255 $ 274,858 Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by Operating Activities Depreciation 792,627 686,597 1,479,224 98,438 Amortization 7,011 2,645 9,656 - Loss on Disposal of Capital Assets 11,034 - 11,034 - Changes in Assets and Liabilities Accounts Receivable (209,026) (95,658) (304,684) 5,275 Inventories 26,799 15,640 42,439 70 Prepaid Expenses 11 3,202 3,213 - Accounts Payable (40,286) (6,783) (47,069) 25,731 Accrued Liabilities 13,581 2,665 16,246 (1) Deferred Revenues - 43,730 43,730 - Deposits 21,876 - 21,876 - Compensated Absences Payable 34,784 434 35,218 7,085 Total Adjustments 658,411 652,472 1,310,883 136,598 Net Cash Provided by Operating Activities $ 2,655,756 $766,382 $ 3,422,138 $ 411,456 The accompanying notes are an integral part of the financial statements. 8 TOWN OF ESTES PARK, COLORADO STATEMENT OF FIDUCIARY NET ASSETS December 31, 2011 PENSION TRUST AGENCY ASSETS Cash and Investments $ - $ 457,250 TOTAL ASSETS - 457,250 LIABILITIES Due to Friends of Stanley Hall - 457,250 TOTAL LIABILITIES - 457,250 NET ASSETS Held in Trust for Pension Benefits $ - $ - The accompanying notes are an integral part of the financial statements. 9 TOWN OF ESTES PARK, COLORADO STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS Year Ended December 31, 2011 PENSION TRUST ADDITIONS Town Contributions $ 1,605 Investment Income 2 TOTAL ADDITIONS 1,607 DEDUCTIONS Pension Benefit Payments 1,924 Administration and General 18 TOTAL DEDUCTIONS 1,942 CHANGE IN NET ASSETS (335) NET ASSETS, Beginning 335 NET ASSETS, Ending $- The accompanying notes are an integral part of the financial statements. 10 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2011 11 NOTE 1:SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Town of Estes Park, Colorado (the “Town”) is a statutory municipality governed by a council- manager form of government through a Mayor and six-member Board of Trustees elected by the residents at large. The accounting policies of the Town and its component units conform to generally accepted accounting principles as applicable to government entities. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. Following is a summary of the more significant policies. Reporting Entity The financial reporting entity consists of the Town, organizations for which the Town is financially accountable, and organizations that raise and hold economic resources for the direct benefit of the Town. All funds, organizations, institutions, agencies, departments and offices that are not legally separate are part of the Town. Legally separate organizations for which the Town is financially accountable are considered part of the reporting entity. Financial accountability exists if the Town appoints a voting majority of the organization’s governing board and is able to impose its will on the organization, or if the organization provides benefits to, or imposes financial burdens, on the Town. Based on the application of these criteria, the Town includes the following component units in its financial statements. The Estes Park Local Marketing District (the “Marketing District”) was established by election in November, 2008, to assist with the marketing of businesses and activities in the Marketing District’s boundaries, which include the Town and the surrounding area. The election allowed the Marketing District to assess a 2% marketing and promotion tax on all lodging establishments in the District. The Marketing District has a separate Board of Directors with seven members appointed by the Town and Larimer County. Although the Marketing District is legally separate from the Town, the financial statements are reported in the Town’s reporting entity because the Marketing District provides services almost exclusively to the Town, the Town’s Board of Trustees approves the Marketing District’s budget, and the Town appoints five members of Board of Directors. The Marketing District does not issue separate financial statements and is discretely presented in the Town’s financial statements. Fund financial statements are not presented because no differences exist using the modified accrual basis of accounting. The Estes Park Building Authority (the “Building Authority”) was formed to provide financing for improvements to the Town-owned golf course. The Estes Valley Recreation and Park District operates the course under a management agreement. The Town Board of Trustees appoints the directors of the Building Authority. The Building Authority had no financial activity for the year ended December 31, 2011. TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2011 12 NOTE 1:SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Reporting Entity (Continued) Joint Venture - In 1975, the Town joined with the cities of Fort Collins, Longmont, and Loveland to establish the Platte River Power Authority (the “Authority”), to provide electrical power and energy to the Town and cities. The Authority is governed by an eight-member Board of Directors. Each participant’s governing board appoints two members to the Authority’s Board of Directors. The Town has a residual interest in the assets of the Authority that may revert to the Town upon dissolution of the Authority. The Town has no equity interest in the Authority. Complete financial statements of the Authority may be obtained by contacting the Platte River Power Authority at 2000 East Horsetooth Road, Fort Collins, Colorado 80525-2942. Government-Wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net assets and the statement of activities) report information on all nonfiduciary activities of the Town and its component units. For the most part, the effect of interfund activity has been removed from these statements. Exceptions to this general rule are charges for interfund services that are reasonably equivalent to the services provided. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. Likewise, the primary government is reported separately from the legally separate component unit for which the Town is financially accountable. The statement of activities demonstrates the degree to which the direct expenses of the given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues 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 revenues are reported instead as general revenues. Internally dedicated resources are reported as general revenues rather than as program revenues. Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the Town’s government-wide financial statements. Major individual governmental and enterprise funds are reported as separate columns in the fund financial statements. The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and pension trust fund financial statements. The agency fund utilizes the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when the 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 revenue as soon as all eligibility requirements imposed by the provider have been met. TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2011 13 NOTE 1:SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Measurement Focus, Basis of Accounting, and Financial Statement Presentation 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 considered to be available when they are collected within the current year or soon enough thereafter to pay liabilities of the current year. For this purpose, the Town considers revenues to be available if they are collected within 60 days of the end of the current year. Taxes, intergovernmental revenues, and interest associated with the current year are considered to be susceptible to accrual and so have been recognized as revenues of the current year. All other revenues are considered to be measurable and available only when cash is received by the Town. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, are recorded only when payment is due. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. Operating expenses for enterprise funds and internal service funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. When both restricted and unrestricted resources are available for use, it is the Town’s practice to use restricted resources first, then unrestricted resources as they are needed. In the fund financial statements, the Town reports the following major governmental funds: The General Fund is the Town’s primary operating fund. It accounts for all financial resources of the Town, except those required to be accounted for in another fund. The Community Services Fund accounts for activities of the Town related to tourism, and culture and recreation activities sponsored by the Town, funded primarily from charges for services and transfers from the General Fund. The Community Reinvestment Fund accounts for general capital improvements of the Town, including the acquisition, construction, improvement, and maintenance of capital assets. These expenditures are financed by General Fund transfers required by election (See Note 11), other budgeted transfers, and intergovernmental grants. The Town reports the following major proprietary funds: The Light and Power Fund accounts for the financial activities associated with the provision of electric services. TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2011 14 NOTE 1:SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) The Water Fund accounts for the financial activities associated with the provision of water services. Additionally, the Town reports the following fund types: The Internal Service Funds account for fleet maintenance, vehicle replacement, and information technology services provided to other departments of the Town on a cost reimbursement basis. The Pension Trust Fund accounts for the activities of the police pension plan, which accumulated resources for benefits to one participant. The Agency Fund is used to account for resources collected to assist with a feasibility study and construction of a future performing arts facility. The Town holds all resources in a purely custodial capacity. Assets, Liabilities and Net Assets/Fund Balances Cash and Investments - Cash equivalents include investments with original maturities of three months or less. Investments in pooled cash are considered cash equivalents. Investments are reported at fair value. Interfund Receivables/Payables - During the course of operations, certain transactions occur between individual funds. The resulting receivables and payables are classified in the fund financial statements as interfund receivables and interfund payables. Any residual balances outstanding between governmental and business-type activities are reported in the government-wide financial statements as internal balances. Inventories - Inventories are valued at cost, using the weighted average unit method. The costs of inventories are recorded as expenses when consumed rather than when purchased. Prepaid Expenses - Certain payments to vendors reflect costs applicable to future years and are reported as prepaid expenses using the consumption method. Capital Assets - Capital assets, which include land, buildings, equipment, and all infrastructure owned by the Town, are reported in the applicable governmental or business-type activities columns in the government-wide financial statements and the proprietary funds in the fund financial statements. Capital assets are defined by the Town as assets with an initial, individual cost of $5,000 or more 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 asset life are not capitalized. TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2011 15 NOTE 1:SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Assets, Liabilities and Net Assets/Fund Balances (Continued) Capital assets of the Town are depreciated using the straight-line method over the following estimated useful lives. Buildings 30 - 40 years Infrastructure - Collection and Distribution Systems 25 - 50 years Infrastructure - Streets, Bridges, and Trails 30 - 40 years Machinery and Equipment 20 - 25 years Vehicles 5 - 10 years Deferred Revenues - Deferred revenues arise when resources are received by the Town before it has a legal claim to them or when assets are not available as current financial resources in the governmental funds. Grant funding received prior to the incurrence of qualifying expenditures and property taxes earned but not levied for the current year are reported as deferred revenues. Deposits - Deposits reported in the General Fund represent customer payments for specific public improvements. The Light and Power Fund reports deposits received from customers for the construction of electric service facilities at their locations. These deposits are refunded to the customers by reducing their annual electric charges by 20% each year, for the lessor of five years or until the entire deposit has been refunded. Compensated Absences - Employees of the Town are allowed to accumulate unused vacation and sick time. Upon termination of employment from the Town, an employee will be compensated for all accrued vacation time and, if the employee has completed 20 years of continuous service, will be compensated for 50% of accrued sick time at their current pay rate. These compensated absences are recognized as current salary costs when earned in the proprietary funds and when due in the governmental funds. A long-term liability has been reported in the government-wide financial statements for the accrued compensated absences. Long-Term Obligations - In the government-wide financial statements, and the proprietary funds in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund statement of net assets. Debt premiums and discounts, as well as issuance costs, are deferred and amortized over the life of the debt using the straight-line method. In the fund financial statements, governmental funds recognize the face amount of debt issued 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. TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2011 16 NOTE 1:SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Assets, Liabilities and Net Assets/Fund Balances (Continued) Net Assets/Fund Balances - In the government-wide and fund financial statements, net assets and fund balances are restricted when constraints placed on the use of resources are externally imposed. The Board of Trustees has authorized the Town Administrator or his designee to assign fund balances for specific purposes consistent with the adopted budget. The Town has not established a formal policy for its use of restricted and unrestricted fund balances. However, if both restricted and unrestricted fund balances are available, the Town uses restricted fund balance first, followed by assigned and unassigned balances. Property Taxes Property taxes attach as an enforceable lien on property on January 1, are levied the following December, and collected in the subsequent year. Taxes are payable in full on April 30 or in two installments on February 28 and June 15. The County Treasurer’s Office collects property taxes and remits to the Town on a monthly basis. Since property tax revenues are collected in arrears during the succeeding year, a receivable and corresponding deferred revenue are reported at year end. Contraband Forfeitures The Colorado Contraband Forfeiture Act allows law enforcement agencies to retain proceeds from the seizure of contraband. These proceeds are not subject to appropriation in the budget process. Cash proceeds are recorded in the General Fund. Property and equipment seized are recorded as capital assets. NOTE 2:CASH AND INVESTMENTS A summary of cash and investments at December 31, 2011, follows: Petty Cash $2,000 Bank Deposits 5,678,956 Investments 17,172,929 Total $22,853,885 Cash and investments are reported in the financial statements as follows: Primary Government $21,424,753 Agency Fund 457,250 Component Unit 971,882 Total $22,853,885 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2011 17 NOTE 2:CASH AND INVESTMENTS (Continued) Bank Deposits The Colorado Public Deposit Protection Act (PDPA) requires all local government entities to deposit cash in eligible public depositories. Eligibility is determined by State regulations. Amounts on deposit in excess of federal insurance levels must be collateralized by eligible collateral as determined by the PDPA. The PDPA allows the financial institution to create a single collateral pool for all public funds held. The pool is to be maintained by another institution, or held in trust for the uninsured public deposits as a group. The market value of the collateral must be at least equal to 102% of the uninsured deposits. At December 31, 2011, the Town and the Marketing District had bank deposits of $4,370,386 and $404,015, respectively, collateralized with securities held by the financial institutions’ agents but not in their name. Investments The Town is required to comply with State statutes which specify investment instruments meeting defined rating, maturity, and concentration risk criteria in which local governments may invest, which include the following. State statutes do not address custodial risk. The Town’s investment policy follows State statutes. State statutes do not apply to public funds held or invested as part of any pension plan. C Obligations of the United States and certain U.S. Agency securities C Certain international agency securities C General obligation and revenue bonds of U.S. local government entities C Bankers’ acceptances of certain banks C Commercial paper C Local government investment pools C Written repurchase agreements collateralized by certain authorized securities C Certain money market funds C Guaranteed investment contracts At December 31, 2011, the Town had the following investments: Investment Maturities (in Years) Investment Type S&P Rating Less Than 1 1 - 5 Fair Value Local Government Investment Pools AAAm $8,615,038 $- $8,615,038 Money Market Funds AAAm 1,279,189 - 1,279,189 U.S. Treasury Securities NA 500,664 2,313,973 2,814,637 U.S. Agency Securities AA+ 4,464,065 - 4,464,065 Total $14,858,956 $2,313,973 $17,172,929 Interest Rate Risk - State statutes limit investments in U.S. Treasury and Agency securities to an original maturity of five years unless the governing board authorizes the investment for a period in excess of five years. TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2011 18 NOTE 2:CASH AND INVESTMENTS (Continued) Investments (Continued) Credit Risk - State statutes limit investments in U.S. Agency securities to the highest rating issued by two or more nationally recognized statistical rating organizations (NRSROs). State statutes also limit investments in money market funds to those that maintain a constant share price, with a maximum remaining maturity in accordance with Rule 2a-7, and either have assets of one billion dollars or the highest rating issued by a NRSRO. Concentration of Credit Risk - State statutes do not limit the amount the Town may invest in one issuer. At December 31, 2011, the Town’s investment in the Federal Home Loan Bank and the Federal Farm Credit Bank was 15% and 8%, respectively, of the Town’s total investments. Local Government Investment Pools - At December 31, 2011, the Town had $996,416 and $7,618,622 invested in the Colorado Surplus Asset Fund Trust (CSAFE) and the Colorado Local Government Liquid Asset Trust (Colotrust), respectively, investment vehicles established by State statute for local government entities in Colorado to pool surplus funds. The Colorado Division of Securities administers and enforces the requirements of creating and operating the Pools. The Pools operate in conformity with the Securities and Exchange Commission’s Rule 2a-7 as promulgated under the Investment Company Act of 1940, as amended. The Pools are rated AAAm by Standard and Poor’s. Investments of the Pools are limited to those allowed by State statutes. A designated custodial bank provides safekeeping and depository services in connection with the direct investment and withdrawal functions. The custodian’s internal records identify the investments owned by the participating governments. NOTE 3:NOTES RECEIVABLE During 2006, the Town loaned $2,700,000 to the Estes Park Housing Authority to assist with the acquisition of an affordable housing property. Interest accrues on the loan at 3.63% and is due quarterly, through June, 2013. At December 31, 2011, the loan amounts of $135,035, $106,027 and $78,388 were reported in the General, Light and Power, and Water Funds, respectively. NOTE 4:CAPITAL ASSETS Capital asset activity for the year ended December 31, 2011, is summarized below: Balance Balance 12/31/10 Additions Deletions 12/31/11 Governmental Activities Capital Assets, Not Being Depreciated Land $5,717,894 $- $- $5,717,894 Construction in Progress 261,460 9,175 32,273 238,362 Total Capital Assets, Not Being Depreciated 5,979,354 9,175 32,273 5,956,256 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2011 19 NOTE 4:CAPITAL ASSETS (Continued) Balance Balance 12/31/10 Additions Deletions 12/31/11 Governmental Activities (Continued) Capital Assets, Being Depreciated Buildings 16,326,438 11,705 - 16,338,143 Infrastructure 99,397,321 2,335,345 154,418 101,578,248 Machinery and Equipment 4,768,457 498,280 157,776 5,108,961 Total Capital Assets, Being Depreciated 120,492,216 2,845,330 312,194 123,025,352 Less Accumulated Depreciation Buildings (6,429,449)(436,788)- (6,866,237) Infrastructure (74,916,805)(2,140,889)(153,333)(76,904,361) Machinery and Equipment (2,921,786)(316,806)(140,972)(3,097,620) Total Accumulated Depreciation (84,268,040)(2,894,483)(294,305)(86,868,218) Total Capital Assets, Being Depreciated, Net 36,224,176 (49,153)17,889 36,157,134 Governmental Activities Capital Assets, Net $42,203,530 $(39,978)$50,162 $42,113,390 Business-Type Activities Capital Assets, Not Being Depreciated Land and Easements $2,943,951 $- $- $2,943,951 Capital Assets, Being Depreciated Buildings 9,479,018 473,012 - 9,952,030 Infrastructure 28,139,640 711,395 15,678 28,835,357 Machinery and Equipment 16,511,834 159,810 223,117 16,448,527 Total Capital Assets, Being Depreciated 54,130,492 1,344,217 238,795 55,235,914 Less Accumulated Depreciation Buildings (1,741,696)(270,995) - (2,012,691) Infrastructure (10,178,492)(615,726)(15,678)(10,778,540) Machinery and Equipment (7,400,325)(592,503)(212,083)(7,780,745) Total Accumulated Depreciation (19,320,513)(1,479,224)(227,761)(20,571,976) Total Capital Assets, Being Depreciated, Net 34,809,979 (135,007)11,034 34,663,938 Business-Type Activities Capital Assets, Net $37,753,930 $(135,007)$11,034 $37,607,889 Depreciation expense was charged to functions/programs of the Town as follows: Governmental Activities General Government $1,115,752 Public Safety 75,921 Public Works 1,025,301 Culture and Recreation 677,509 Total $2,894,483 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2011 20 NOTE 5:LONG-TERM DEBT Governmental Activities Following is a summary of long-term debt transactions for the governmental activities for the year ended December 31, 2011. Balance Balance Due W ithin 12/31/10 Additions Payments 12/31/11 One Year Compensated Absences $482,256 $334,614 $410,947 $405,923 $270,262 Postemployment Benefits 56,762 25,647 - 82,409 - Environmental Remediation - 998,000 - 998,000 - T otal $539,018 $1,358,261 $410,947 $1,486,332 $270,262 Compensated absences and postemployment benefits are expected to be liquidated primarily with revenues of the General Fund. During 2011, the Town was identified as a responsible party in the mitigation of ground water and drainage issues at the Elm Road Landfill (See Note 7). Business-Type Activities Following is a summary of long-term debt transactions for the business-type activities for the year ended December 31, 2011. Balance Balance Due W ithin 12/31/10 Additions Payments 12/31/11 One Year 2007 Light and Power Bonds $5,505,000 $- $235,000 $5,270,000 $245,000 2008A Water Loan 5,312,774 - 187,310 5,125,464 261,098 1997B W ater Loan 105,000 - 105,000 - - Compensated Absences 160,499 210,477 175,259 195,717 158,386 T otal $ 11,083,273 $210,477 $702,569 $10,591,181 $664,484 2007 Light and Power Revenue Bonds were issued to finance the construction and equipping of a new substation and to rebuild certain distribution lines and make other improvements to the Town’s light and power facilities. Principal payments are due annually on November 1, through 2027. Interest payments are due semi-annually on May 1 and November 1. Interest accrues at 3.875% per annum. These bonds are payable solely from all income derived from the operations of the light and power facilities after deduction of operating and maintenance costs. During the year ended December 31, 2011, net revenues of $2,846,523 were available to pay annual debt service of $448,319. TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2011 21 NOTE 5:LONG-TERM DEBT (Continued) Business-Type Activities (Continued) Annual debt service requirements for the outstanding bonds at December 31, 2011, are as follows. Year Ended December 31,Principal Interest Total 2012 $245,000 $204,213 $449,213 2013 255,000 194,719 449,719 2014 260,000 184,838 444,838 2015 275,000 174,763 449,763 2016 285,000 164,106 449,106 2017 - 2021 1,595,000 646,543 2,241,543 2022 - 2026 1,925,000 312,906 2,237,906 2027 430,000 16,662 446,662 Total $5,270,000 $1,898,750 $7,168,750 2008A Water Loan from the Colorado Water Resources and Power Development Authority was obtained to finance a membrane filter and increase capacity at the Mary’s Lake Water Treatment Plant. Principal and interest payments are due semi-annually on February 1 and August 1, through August 1, 2028. Interest accrues at 3.26% per annum. 1997B Water Loan from the Colorado Water Resources and Power Development Authority was obtained to finance improvements to the water system. Principal payments were due annually on October 1, through 2011. Interest payments were due semi-annually on April 1 and October 1. Interest accrued at rates ranging from 3.8% to 4.9%. The loan was paid in full during the year ended December 31, 2011. These loans are payable solely from revenues of the Town’s water system after deduction of operating and maintenance costs. During the year ended December 31, 2011, net revenues of $1,145,238 were available to pay annual debt service of $429,281. Annual debt service requirements for the outstanding loans at December 31, 2011, are as follows. Year Ended December 31,Principal Interest Total 2012 $261,098 $144,688 $405,786 2013 266,774 140,430 407,204 2014 266,774 136,334 403,108 2015 272,450 132,440 404,890 2016 278,126 128,668 406,794 2017 - 2021 1,441,714 579,558 2,021,272 2022 - 2026 1,589,290 415,894 2,005,184 2027 - 2028 749,238 56,848 806,086 Total $5,125,464 $1,734,860 $6,860,324 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2011 22 NOTE 6:INTERFUND TRANSFERS Interfund transfers for the year ended December 31, 2011, were comprised of the following: Transfers In Transfers Out Amount General Light and Power $1,039,550 General Water 121,316 Community Services General 1,445,000 Community Reinvestment General 800,000 Total $3,405,866 Annually, the Light and Power and Water Funds reimburse the General Fund for overhead costs. The General Fund subsidizes the activities of the Community Services and Community Reinvestment Funds. NOTE 7: EXTRAORDINARY ITEM During 2011, the Town was identified as a responsible party in the mitigation of ground water and drainage issues at the Elm Road Landfill. The Town has received a mandated request from the State of Colorado to submit a drainage plan to address the issues. The Town has estimated the total costs for drainage improvements and water quality testing to be $998,000. This amount has been reported as an extraordinary item and long-term liability in the government-wide financial statements. NOTE 8: RISK MANAGEMENT Public Entity Risk Pool The Town is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. For these risks of loss, the Town is a member of the Colorado Intergovernmental Risk Sharing Agency (CIRSA), a separate and independent governmental and legal entity formed by intergovernmental agreement by member municipalities pursuant to State statute. The purposes of CIRSA are to provide members defined liability, property, and workers compensation coverages and to assist members in preventing and reducing losses and injuries to municipal property and to persons or property which might result in claims being made against members of CIRSA, their employees and officers. TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2011 23 NOTE 8: RISK MANAGEMENT (Continued) Public Entity Risk Pool (Continued) It is the intent of the members of CIRSA to create an entity in perpetuity which will administer and use funds contributed by the members to defend and indemnify, in accordance with the bylaws, any member of CIRSA against stated liability of loss, to the limit of the financial resources of CIRSA. It is also the intent of the members to have CIRSA provide continuing stability and availability of needed coverages at reasonable costs. All income and assets of CIRSA shall be at all times dedicated to the exclusive benefit of its members. CIRSA is a separate legal entity and the Town does not approve its budgets nor does it have the ability to significantly affect the operations of CIRSA. NOTE 9:RETIREMENT COMMITMENTS Management Employees and Police Money Purchase Pension Plans The Town contributes to a single-employer defined contribution money purchase pension plan on behalf of management employees and to a similar plan for police officers. The contribution requirements of Plan participants and the Town are established and may be amended by the Town’s Board of Trustees. Management Employees Plan - Management employees are eligible to participate in the Plan. The Plan is administered by the International City/County Management Association (ICMA). The Town is required to contribute 13.7% of each participant’s covered salary to the Plan, and employees must contribute 8% of covered salary. During the year ended December 31, 2011, the Town and employee contributions were $111,316 and $65,002, respectively, equal to the required contributions. Police Plan - All sworn police employees shall be eligible to participate in the Plan administered by ICMA. The Town is required to contribute 11.1% of each participating employee’s covered salary, and each employee must contribute 8% of covered salary. During the year ended December 31, 2011, the Town and employee contributions were $163,101 and $117,550, respectively, equal to the required contributions. Multiple-Employer Defined Benefit Pension Plan Plan Description - The Town contributes to the Local Government Division Trust Fund (LGDTF), a cost-sharing multiple-employer defined benefit pension plan administered by the Public Employee’s Retirement Association of Colorado (PERA). The LGDTF provides retirement and disability, annual increases, and death benefits for members or their beneficiaries. Participants include all non-management and non-uniformed employees. Contributions may commence upon employment. Title 24, Article 51 of the Colorado Revised Statutes (CRS), as amended, assigns the authority to establish benefit provisions to the State Legislature. PERA issues a publicly available annual financial report that includes financial statements and required supplementary information for the LGDTF. That report may be obtained by contacting Colorado PERA, 1301 Pennsylvania Street, Denver, Colorado 80203. TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2011 24 NOTE 9:RETIREMENT COMMITMENTS (Continued) Multiple-Employer Defined Benefit Pension Plan (Continued) Funding Policy - The contribution requirements of Plan members and the Town are established under Title 24, Article 51, Part 4 of the CRS, as amended. The contribution rate for members was 8% of covered salary for the past three years. The Town’s contribution rates for the years ended December 31, 2011, 2010 and 2009, were 13.7%, 13.7% and 12.8% of covered salary, respectively. A portion of the Town’s contribution (1.02% of covered salary) was allocated to the Health Care Trust Fund (See Note 10). The Town’s contributions to the LGDTF for the years ended December 31, 2011, 2010 and 2009 were $579,617, $601,455 and $562,508, respectively, equal to the required contributions for each year. Police Pension Plan Plan Description - The Town administered the single-employer Police Defined Benefit Pension Plan for the benefit of one retired employee. The Plan is included in the financial statements as a Pension Trust Fund. At December 31, 2011, the Plan had no remaining participants and was closed. NOTE 10:POSTEMPLOYMENT HEALTHCARE BENEFITS Multiple-Employer Defined Benefit Plan Plan Description - The Town contributes to the Health Care Trust Fund (HCTF), a cost-sharing multiple-employer postemployment healthcare plan administered by PERA. The HCTF provides a health care premium subsidy to PERA participating benefit recipients and their eligible beneficiaries. Title 24, Article 51, Part 12 of the CRS, as amended, assigns the authority to establish the HCTF benefit provisions to the State Legislature. PERA issues a publicly available annual financial report that includes financial statements and required supplementary information for the HCTF. That report may be obtained by writing to Colorado PERA, 1301 Pennsylvania Street, Denver, Colorado 80203. Funding Policy - The Town is required to contribute at a rate of 1.02% of covered salary for all PERA members as set by statute. No member contributions are required. The contribution requirements for the Town are established by Title 24, Article 51, Part 4 of the CRS, as amended. The apportionment of the contributions to the HCTF is established under Title 24, Article 51, Section 208 of the CRS, as amended. The Town’s apportionment to the HCTF for the years ended December 31, 2011, 2010 and 2009 was $43,154, $44,780 and $44,744, respectively, equal to the required amounts for each year. TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2011 25 NOTE 10:POSTEMPLOYMENT HEALTHCARE BENEFITS (Continued) Single-Employer Defined Benefit Plan Plan Description - The Town has established a single-employer defined benefit postemployment healthcare plan. Employees with at least 15 years of service with the Town, and who have reached at least 60 years of age, are eligible to receive medical insurance benefits after retirement. These benefits expire when the retiree reaches the age of 65. The authority to establish and amend benefit provisions rests with the Town’s Board of Trustees. The Town does not issue a stand-alone financial report for the plan. Funding Policy - The contribution requirements of plan members and the Town are established and may be amended by the Town Board of Trustees. The required contribution is based on projected pay-as-you-go financing requirements. For the year ended December 31, 2011, the Town contributed $48,018 to the plan. Plan members are not required to contribute to the plan. Annual OPEB Cost and Net OPEB Obligation - The Town’s annual other postemployment benefit (OPEB) cost is calculated based on the annual required contribution of the employer (ARC), an amount actuarially determined in accordance with the parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities over a period of thirty years. The following table shows the components of the Town’s annual OPEB cost for the year, the amount actually contributed to the plan, and changes in the Town’s net OPEB obligation to the plan. Annual required contribution $73,544 Interest on net OPEB obligation 1,713 Adjustment to annual required contribution (1,592) Annual OPEB cost 73,665 Contributions made (48,018) Increase in net OPEB obligation 25,647 Net OPEB Obligation, Beginning 56,762 Net OPEB Obligation, Ending $82,409 The Town’s annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net OPEB obligation for the past three years follows. Percentage of Annual Annual OPEB Net OPEB Year Ended OPEB Cost Cost Contributed Obligation 12/31/11 $73,665 65% $82,409 12/31/10 49,466 68% 56,762 12/31/09 49,390 31% 40,847 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2011 26 NOTE 10:POSTEMPLOYMENT HEALTHCARE BENEFITS (Continued) Single-Employer Defined Benefit Plan (Continued) Funded Status and Funding Progress - At January 1, 2011, the most recent actuarial valuation date, the actuarial accrued liability (AAL) was $666,216, all of which was unfunded. The covered payroll (annual payroll of active employees covered by the plan) was $6,456,111, and the ratio of the unfunded actuarial accrued liability (UAAL) to the covered payroll was 10.3%. Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. These assumptions include among others, annual rates of payroll increases, healthcare cost trends, and mortality rates. Amounts determined regarding the funded status of the plan and the annual required contributions of the Town are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The schedule of funding progress, presented as required supplementary information following the notes to the financial statements, presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. Actuarial Methods and Assumptions - Projections of benefits for financial reporting purposes are based on the substantive plan as understood by the Town and plan members, and are based on the types of benefits provided at the time of each valuation and the historical pattern of sharing of the benefit costs between the Town and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. Significant methods and assumptions included the following: Actuarial Valuation Date - January 1, 2011 Actuarial Cost Method - Projected Unit Credit Amortization Method - Level Percentage of Payroll, Open Remaining Amortization Period - 30 years Asset Valuation Method - Fair Value Investment Rate of Return - 4.25%, with inflation at 2.5% Projected Wage Growth - 3% Healthcare Cost Trend Rate and Premium Increase - Getzen Model, beginning in 2011 at 10% pre- Medicare eligible, grading to 5% over 40 years. NOTE 11:COMMITMENTS AND CONTINGENCIES Tabor Amendment Colorado voters passed an amendment to the State Constitution, Article X, Section 20, which has several limitations, including revenue raising, spending limitations, and other specific requirements of state and local government. In November 2000, voters within the Town authorized the Town to collect and retain all revenue in excess of the revenue limitations of the Amendment, and to spend all such revenues by transferring said revenues into the Community Reinvestment Fund for the purpose of acquisition, maintenance, repair and replacement of capital assets. TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2011 27 NOTE 11:COMMITMENTS AND CONTINGENCIES (Continued) Tabor Amendment (Continued) In November 2008, voters within the Marketing District authorized the Marketing District to levy a 2% marketing and promotion tax, and to collect, keep and spend all revenues received in 2009 and each year thereafter without limitation. The Town and the Marketing District have established emergency reserves, representing 3% of qualifying expenditures, as required by the Amendment. At December 31, 2011, the emergency reserves of $411,000 and $40,300, respectively, were reported as restricted net assets. In addition, the Town’s emergency reserve was reported as restricted fund balance in the General Fund. Claims and Judgements The Town participates in a number of federal, state, and local programs that are fully or partially funded by grants received from other governmental entities. Expenses financed by grants are subject to audit by the appropriate grantor government. If expenses are disallowed due to noncompliance with grant program regulations, the Town may be required to reimburse the grantor government. At December 31, 2011, significant amounts of grant expenditures have not been audited but management believes that subsequent audits will not have a material effect on the overall financial position of the Town. Litigation The Town has pending and threatened litigation that could result in losses to the Town. However, the outcome of this litigation cannot be determined at this time. Unconditional Purchase Obligation The Town is a participant in the Municipal Subdistrict, Northern Colorado Water Conservancy District. The purpose of the Subdistrict is to provide a supplemental water supply to the participants through the construction of the Windy Gap Project. The Town is an .8% participant in the Subdistrict. The Subdistrict issued bonds in 1986 to finance the Windy Gap Project. The bonds have since been refinanced. The participants have agreed to service this debt and pay operating expenses through water allotment contracts. TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2011 28 NOTE 11:COMMITMENTS AND CONTINGENCIES (Continued) Unconditional Purchase Obligation (Continued) The Town’s required payments under this agreement are as follows: Year Ended December 31, Amount 2012 $62,020 2013 62,020 2014 61,997 2015 62,063 2016 63,673 2017 63,755 Total $375,528 REQUIRED SUPPLEMENTARY INFORMATION TOWN OF ESTES PARK, COLORADO REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS RETIREE HEALTHCARE PLAN Year Ended December 31, 2011 Actuarial UAAL as a Accrued Percentage of Actuarial Actuarial Liability (AAL) Unfunded AAL Covered Valuation Value of Projected Unit (UAAL) Funded Ratio Covered Payroll Date Assets (a) Credit (b) (b-a) (a/b) Payroll (c) ((b-a)/c) 1/1/07 $ - $ 457,288 $ 457,288 - $ 6,021,455 7.6% 1/1/09 - 432,355 432,355 - 6,375,859 6.8% 1/1/11 - 666,216 666,216 - 6,456,111 10.3% See the accompanying Independent Auditors' Report. 29 TOWN OF ESTES PARK, COLORADO BUDGETARY COMPARISON SCHEDULE GENERAL FUND Year Ended December 31, 2011 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Taxes Sales $ 7,002,500 $ 7,202,500 $ 7,424,828 $ 222,328 Property 375,608 374,920 372,171 (2,749) Franchise 472,267 472,239 437,786 (34,453) Use 165,000 175,000 180,936 5,936 Licenses and Permits 447,624 462,648 485,447 22,799 Intergovernmental 522,105 541,363 561,963 20,600 Charges for Services 26,100 141,332 128,934 (12,398) Fines and Forfeitures 40,600 52,052 58,812 6,760 Rental Income 200,857 184,780 181,256 (3,524) Investment Income 55,942 26,000 22,725 (3,275) Miscellaneous 532,738 451,716 478,223 26,507 TOTAL REVENUES 9,841,341 10,084,550 10,333,081 248,531 EXPENDITURES General Government Legislative 195,296 159,861 148,314 11,547 Judicial 44,049 43,979 42,839 1,140 Executive 449,779 506,286 481,900 24,386 Election 6,500 - - - Administrative 394,785 400,420 381,747 18,673 Community Development 402,929 422,802 396,614 26,188 Buildings 490,269 553,549 527,802 25,747 Community Services 401,035 903,885 914,762 (10,877) Other 322,990 313,909 303,063 10,846 Total General Government 2,707,632 3,304,691 3,197,041 107,650 Public Safety Police 2,972,411 2,988,857 2,927,761 61,096 Protective Inspection 367,536 405,102 393,459 11,643 Total Public Safety 3,339,947 3,393,959 3,321,220 72,739 Public Works Engineering 83,686 79,115 84,286 (5,171) Streets 1,454,375 1,488,593 1,139,255 349,338 Total Public Works 1,538,061 1,567,708 1,223,541 344,167 Culture and Recreation Parks and Recreation 943,039 945,297 854,278 91,019 TOTAL EXPENDITURES 8,528,679 9,211,655 8,596,080 615,575 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 1,312,662 872,895 1,737,001 864,106 (Continued) See the accompanying Independent Auditors' Report. 30 TOWN OF ESTES PARK, COLORADO BUDGETARY COMPARISON SCHEDULE GENERAL FUND Year Ended December 31, 2011 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) OTHER FINANCING SOURCES (USES) Transfers In 1,139,732 1,155,611 1,160,866 5,255 Transfers Out (2,738,500) (2,245,000) (2,245,000) - TOTAL OTHER FINANCING SOURCES (USES) (1,598,768) (1,089,389) (1,084,134) 5,255 NET CHANGE IN FUND BALANCE (286,106) (216,494) 652,867 869,361 FUND BALANCE, Beginning 5,348,178 5,915,150 5,915,150 - FUND BALANCE, Ending $ 5,062,072 $ 5,698,656 $ 6,568,017 $ 869,361 See the accompanying Independent Auditors' Report. 31 TOWN OF ESTES PARK, COLORADO BUDGETARY COMPARISON SCHEDULE COMMUNITY SERVICES FUND Year Ended December 31, 2011 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Intergovernmental $ - $ 43,382 $ 25,699 $ (17,683) Charges For Services 750,777 631,496 617,776 (13,720) Investment Income 2,500 1,300 1,300 - Miscellaneous 574,801 710,101 138,195 (571,906) TOTAL REVENUES 1,328,078 1,386,279 782,970 (603,309) EXPENDITURES Current Culture and Recreation 2,812,265 2,782,541 2,229,487 553,054 TOTAL EXPENDITURES 2,812,265 2,782,541 2,229,487 553,054 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (1,484,187) (1,396,262) (1,446,517) (50,255) OTHER FINANCING SOURCES Transfers In 1,445,000 1,445,000 1,445,000 - NET CHANGE IN FUND BALANCE (39,187) 48,738 (1,517) (50,255) FUND BALANCE, Beginning 186,242 308,139 308,139 - FUND BALANCE, Ending $ 147,055 $ 356,877 $ 306,622 $ (50,255) See the accompanying Independent Auditors' Report. 32 33 TOWN OF ESTES PARK, COLORADO NOTES TO REQUIRED SUPPLEMENTARY INFORMATION December 31, 2011 NOTE 1:STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY Budgets and Budgetary Accounting Budgets are legally adopted for all funds of the Town, except the fiduciary funds. Budgets for the governmental funds are adopted on a basis consistent with generally accepted accounting principles (GAAP). Budgetary comparisons for the enterprise and internal service funds are presented on a non-GAAP budgetary basis. Capital outlay and debt service principal are budgeted as expenditures and depreciation is not budgeted. The Town follows these procedures in establishing the budgetary data reflected in the financial statements: C Management submits to the Board of Trustees a proposed operating budget for the fiscal year commencing the following January 1. The operating budget includes proposed expenditures and the means of financing them. C Public hearings are conducted to obtain taxpayer comments. C Prior to December 15, the budget is legally enacted through passage of a resolution. C Management is authorized to transfer budgeted amounts between departments within any fund. However, any revisions that alter the total expenditures of any fund must be approved by the Board of Trustees. C All budget appropriations lapse at year end. COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES TOWN OF ESTES PARK, COLORADO COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS December 31, 2011 CONSERVATION TRUST OPEN SPACE TOTAL ASSETS Cash and Investments $ 61,339 $ 190,717 $ 252,056 Accounts Receivable - 71,873 71,873 TOTAL ASSETS $ 61,339 $ 262,590 $ 323,929 LIABILITIES AND FUND BALANCES LIABILITIES Accrued Liabilities $ - $ 533 $ 533 Deferred Revenues - 24,532 24,532 TOTAL LIABILITIES - 25,065 25,065 FUND BALANCES Restricted for Parks and Open Space 61,339 237,525 298,864 TOTAL FUND BALANCES 61,339 237,525 298,864 TOTAL LIABILITIES AND FUND BALANCES $ 61,339 $ 262,590 $ 323,929 See the accompanying Independent Auditors' Report. 34 TOWN OF ESTES PARK, COLORADO COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS Year Ended December 31, 2011 CONSERVATION TRUST OPEN SPACE TOTAL REVENUES Intergovernmental $ 28,544 $ 263,706 $ 292,250 Investment Income 294 841 1,135 TOTAL REVENUES 28,838 264,547 293,385 EXPENDITURES Current Culture and Recreation 31,542 30,406 61,948 Capital Outlay - 509,907 509,907 TOTAL EXPENDITURES 31,542 540,313 571,855 NET CHANGE IN FUND BALANCES (2,704) (275,766) (278,470) FUND BALANCES, Beginning 64,043 513,291 577,334 FUND BALANCES, Ending $ 61,339 $ 237,525 $ 298,864 See the accompanying Independent Auditors' Report. 35 TOWN OF ESTES PARK, COLORADO BUDGETARY COMPARISON SCHEDULE CONSERVATION TRUST FUND Year Ended December 31, 2011 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Intergovernmental $ 30,000 $ 30,000 $ 28,544 $ (1,456) Investment Income 800 400 294 (106) TOTAL REVENUES 30,800 30,400 28,838 (1,562) EXPENDITURES Current Culture and Recreation 40,000 79,716 31,542 48,174 Capital Outlay 13,110 - - - TOTAL EXPENDITURES 53,110 79,716 31,542 48,174 NET CHANGE IN FUND BALANCE (22,310) (49,316) (2,704) 46,612 FUND BALANCE, Beginning 32,921 64,043 64,043 - FUND BALANCE, Ending $ 10,611 $ 14,727 $ 61,339 $ 46,612 See the accompanying Independent Auditors' Report. 36 TOWN OF ESTES PARK, COLORADO BUDGETARY COMPARISON SCHEDULE OPEN SPACE FUND Year Ended December 31, 2011 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Intergovernmental $ 200,000 $ 240,012 $ 263,706 $ 23,694 Investment Income 4,000 1,000 841 (159) TOTAL REVENUES 204,000 241,012 264,547 23,535 EXPENDITURES Current Culture and Recreation 49,417 33,297 30,406 2,891 Capital Outlay 500,000 509,907 509,907 - TOTAL EXPENDITURES 549,417 543,204 540,313 2,891 NET CHANGE IN FUND BALANCE (345,417) (302,192) (275,766) 26,426 FUND BALANCE, Beginning 423,942 513,291 513,291 - FUND BALANCE, Ending $ 78,525 $ 211,099 $ 237,525 $ 26,426 See the accompanying Independent Auditors' Report. 37 TOWN OF ESTES PARK, COLORADO BUDGETARY COMPARISON SCHEDULE COMMUNITY REINVESTMENT FUND Year Ended December 31, 2011 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Intergovernmental $ 1,422,000 $ 1,426,000 $ 1,081,169 $ (344,831) Investment Income 23,000 9,000 9,215 215 Miscellaneous - 75 75 - TOTAL REVENUES 1,445,000 1,435,075 1,090,459 (344,616) EXPENDITURES Current Public Works - 559,353 206,578 352,775 Capital Outlay 1,508,000 1,953,861 1,685,173 268,688 TOTAL EXPENDITURES 1,508,000 2,513,214 1,891,751 621,463 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (63,000) (1,078,139) (801,292) 276,847 OTHER FINANCING SOURCES Transfers In 800,000 800,000 800,000 - NET CHANGE IN FUND BALANCE 737,000 (278,139) (1,292) 276,847 FUND BALANCE, Beginning 1,583,237 2,543,449 2,543,449 - FUND BALANCE, Ending $ 2,320,237 $ 2,265,310 $ 2,542,157 $ 276,847 See the accompanying Independent Auditors' Report. 38 TOWN OF ESTES PARK, COLORADO BUDGETARY COMPARISON SCHEDULE LIGHT AND POWER FUND Year Ended December 31, 2011 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Utility Sales $ 12,564,144 $ 12,191,698 $ 12,264,063 $ 72,365 Miscellaneous 210,379 306,157 369,341 63,184 Investment Income 50,000 53,500 49,540 (3,960) TOTAL REVENUES 12,824,523 12,551,355 12,682,944 131,589 EXPENDITURES Current Source of Supply 5,922,716 5,922,830 5,695,225 227,605 Distribution 2,018,130 2,013,389 1,945,517 67,872 Customer Accounts 661,808 631,640 591,674 39,966 Administration and General 1,778,872 1,700,043 1,604,005 96,038 Capital Outlay 724,872 1,219,167 794,921 424,246 Debt Service Principal 235,000 235,000 235,000 - Interest 213,319 213,319 223,389 (10,070) Transfers Out 1,023,467 1,036,294 1,039,550 (3,256) TOTAL EXPENDITURES 12,578,184 12,971,682 12,129,281 842,401 CHANGE IN NET ASSETS, Budgetary Basis $ 246,339 $ (420,327) 553,663 $ 973,990 ADJUSTMENTS TO GAAP BASIS Capital Outlay 794,921 Depreciation and Amortization (799,638) Debt Principal Payments 235,000 CHANGE IN NET ASSETS, GAAP Basis 783,946 NET ASSETS, Beginning 17,816,928 NET ASSETS, Ending $ 18,600,874 See the accompanying Independent Auditors' Report. 39 TOWN OF ESTES PARK, COLORADO BUDGETARY COMPARISON SCHEDULE WATER FUND Year Ended December 31, 2011 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Utility Sales $ 3,276,066 $ 3,066,186 $ 3,142,564 $ 76,378 Miscellaneous 12,289 36,422 43,920 7,498 Intergovernmental - - 22,628 22,628 Investment Income 30,000 16,000 13,588 (2,412) Tap Fees - 266,233 305,871 39,638 TOTAL REVENUES 3,318,355 3,384,841 3,528,571 143,730 EXPENDITURES Current Source of Supply 160,561 160,561 151,414 9,147 Purification 697,607 639,951 569,210 70,741 Distribution 1,070,363 1,026,669 920,401 106,268 Customer Accounts 290,764 277,657 258,792 18,865 Administration and General 524,085 524,509 483,515 40,994 Capital Outlay 486,000 1,380,422 549,296 831,126 Debt Service Principal 289,859 292,209 292,310 (101) Interest 139,971 136,971 140,006 (3,035) Transfers Out 116,265 119,317 121,316 (1,999) TOTAL EXPENDITURES 3,775,475 4,558,266 3,486,260 1,072,006 CHANGE IN NET ASSETS, Budgetary Basis $ (457,120) $ (1,173,425) 42,311 $ 1,215,736 ADJUSTMENTS TO GAAP BASIS Capital Outlay 549,296 Depreciation and Amortization (689,242) Debt Principal Payments 292,310 CHANGE IN NET ASSETS, GAAP Basis 194,675 NET ASSETS, Beginning 20,331,998 NET ASSETS, Ending $ 20,526,673 See the accompanying Independent Auditors' Report. 40 TOWN OF ESTES PARK, COLORADO COMBINING STATEMENT OF NET ASSETS INTERNAL SERVICE FUNDS December 31, 2011 FLEET VEHICLE INFORMATION MAINTENANCE REPLACEMENT TECHNOLOGY TOTAL ASSETS Current Assets Cash and Investments $ 275,893 $ 2,070,685 $ 323,629 $ 2,670,207 Accounts Receivable 1,619 - 15,903 17,522 Inventories 31,738 - - 31,738 TOTAL CURRRENT ASSETS 309,250 2,070,685 339,532 2,719,467 Noncurrent Assets Capital Assets, Net of Accumulated Depreciation 47,522 646,143 42,375 736,040 TOTAL NONCURRRENT ASSETS 47,522 646,143 42,375 736,040 TOTAL ASSETS 356,772 2,716,828 381,907 3,455,507 LIABILITIES Current Liabilities Accounts Payable 21,127 157 25,039 46,323 Accrued Liabilities 3,099 - 3,573 6,672 Compensated Absences Payable, Current Portion 7,170 - 8,393 15,563 TOTAL CURRENT LIABILITIES 31,396 157 37,005 68,558 Noncurrent Liabilities Compensated Absences Payable 10,967 - 15,640 26,607 TOTAL LIABILITIES 42,363 157 52,645 95,165 NET ASSETS Invested in Capital Assets 47,522 646,143 42,375 736,040 Unrestricted 266,887 2,070,528 286,887 2,624,302 TOTAL NET ASSETS $ 314,409 $ 2,716,671 $ 329,262 $ 3,360,342 See the accompanying Independent Auditors' Report. 41 TOWN OF ESTES PARK, COLORADO COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS INTERNAL SERVICE FUNDS Year Ended December 31, 2011 FLEET VEHICLE INFORMATION MAINTENANCE REPLACEMENT TECHNOLOGY TOTAL OPERATING REVENUES Charges for Services $ 268,257 $ 278,521 $ 453,991 $ 1,000,769 Miscellaneous - - 43,784 43,784 TOTAL OPERATING REVENUES 268,257 278,521 497,775 1,044,553 OPERATING EXPENSES Salaries and Benefits 201,841 - 237,751 439,592 Supplies 16,121 - 75,130 91,251 Utilities 2,705 - 33,876 36,581 Training 1,558 - 360 1,918 Insurance 2,018 - 1,521 3,539 Maintenance and Repairs 15,580 - 75,044 90,624 Professional Fees 7,752 - - 7,752 Depreciation 4,005 78,337 16,096 98,438 TOTAL OPERATING EXPENSES 251,580 78,337 439,778 769,695 OPERATING INCOME 16,677 200,184 57,997 274,858 NONOPERATING REVENUES Investment Income 949 10,012 1,047 12,008 CHANGE IN NET ASSETS 17,626 210,196 59,044 286,866 NET ASSETS, Beginning 296,783 2,506,475 270,218 3,073,476 NET ASSETS, Ending $ 314,409 $ 2,716,671 $ 329,262 $ 3,360,342 See the accompanying Independent Auditors' Report. 42 TOWN OF ESTES PARK, COLORADO COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS Increase (Decrease) in Cash and Cash Equivalents Year Ended December 31, 2011 FLEET VEHICLE INFORMATION MAINTENANCE REPLACEMENT TECHNOLOGY TOTAL CASH FLOWS FROM OPERATING ACTIVITIES Cash Received from Customers $ 279,816 $ 278,921 $ 447,307 $ 1,006,044 Cash Received from Other Sources - - 43,784 43,784 Cash Paid to Suppliers (42,472) - (163,392) (205,864) Cash Paid to Employees (201,274) - (231,234) (432,508) Net Cash Provided by Operating Activities 36,070 278,921 96,465 411,456 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Construction and Acquisition of Capital Assets - (444,473) (5,790) (450,263) CASH FLOWS FROM INVESTING ACTIVITIES Interest Received 949 10,012 1,047 12,008 NET CHANGE IN CASH AND CASH EQUIVALENTS 37,019 (155,540) 91,722 (26,799) CASH AND CASH EQUIVALENTS, Beginning 238,874 2,226,225 231,907 2,697,006 CASH AND CASH EQUIVALENTS, Ending $ 275,893 $ 2,070,685 $ 323,629 $ 2,670,207 RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES Operating Income $ 16,677 200,184 $ 57,997 $ 274,858 Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities Depreciation 4,005 78,337 16,096 98,438 Changes in Assets and Liabilities Accounts Receivable 11,559 400 (6,684) 5,275 Inventories 70 - - 70 Accounts Payable 3,192 - 22,539 25,731 Accrued Liabilities (166) - 165 (1) Compensated Absences Payable 733 - 6,352 7,085 Total Adjustments 19,393 78,737 38,468 136,598 Net Cash Provided by Operating Activities $ 36,070 $ 278,921 $ 96,465 $ 411,456 See the accompanying Independent Auditors' Report. 43 TOWN OF ESTES PARK, COLORADO BUDGETARY COMPARISON SCHEDULE FLEET MAINTENANCE FUND Year Ended December 31, 2011 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Charges for Services $ 295,000 306,212 $ 268,257 $ (37,955) Investment Income 2,050 1,000 949 (51) TOTAL REVENUES 297,050 307,212 269,206 (38,006) EXPENDITURES Current Salaries and Benefits 229,504 215,191 201,841 13,350 Supplies 18,350 18,350 16,121 2,229 Utilities 7,265 7,265 2,705 4,560 Training 7,675 7,675 1,558 6,117 Insurance 1,835 2,018 2,018 - Maintenance and Repairs 24,600 26,194 15,580 10,614 Professional Fees 7,282 7,625 7,752 (127) TOTAL EXPENDITURES 296,511 284,318 247,575 36,743 CHANGE IN NET ASSETS, Budgetary Basis $ 539 $ 22,894 21,631 $ (1,263) ADJUSTMENTS TO GAAP BASIS Depreciation (4,005) CHANGE IN NET ASSETS, GAAP Basis 17,626 NET ASSETS, Beginning 296,783 NET ASSETS, Ending $ 314,409 See the accompanying Independent Auditors' Report. 44 TOWN OF ESTES PARK, COLORADO BUDGETARY COMPARISON SCHEDULE VEHICLE REPLACEMENT FUND Year Ended December 31, 2011 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Charges for Services $ 278,526 $ 278,526 $ 278,521 $ (5) Investment Income 20,000 12,000 10,012 (1,988) TOTAL REVENUES 298,526 290,526 288,533 (1,993) EXPENDITURES Capital Outlay 464,000 613,935 444,630 169,305 TOTAL EXPENDITURES 464,000 613,935 444,630 169,305 CHANGE IN NET ASSETS, Budgetary Basis $ (165,474) $ (323,409) (156,097) $ 167,312 ADJUSTMENTS TO GAAP BASIS Capital Outlay 444,630 Depreciation (78,337) CHANGE IN NET ASSETS, GAAP Basis 210,196 NET ASSETS, Beginning 2,506,475 NET ASSETS, Ending $ 2,716,671 See the accompanying Independent Auditors' Report. 45 TOWN OF ESTES PARK, COLORADO BUDGETARY COMPARISON SCHEDULE INFORMATION TECHNOLOGY FUND Year Ended December 31, 2011 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Charges for Services $ 401,047 $ 457,795 $ 453,991 $ (3,804) Miscellaneous 56,748 30,028 43,784 13,756 Investment Income 1,500 1,000 1,047 47 TOTAL REVENUES 459,295 488,823 498,822 9,999 EXPENDITURES Current Salaries and Benefits 234,533 240,365 237,751 2,614 Supplies 76,452 103,852 75,130 28,722 Utilities 30,000 30,000 33,876 (3,876) Training 4,935 4,935 360 4,575 Insurance 1,207 1,521 1,521 - Maintenance and Repairs 124,789 104,789 75,044 29,745 Capital Outlay 20,000 20,000 5,790 14,210 TOTAL EXPENDITURES 491,916 505,462 429,472 75,990 CHANGE IN NET ASSETS, Budgetary Basis $ (90,869) $ (16,639) 69,350 $ 85,989 ADJUSTMENTS TO GAAP BASIS Capital Outlay 5,790 Depreciation (16,096) CHANGE IN NET ASSETS, GAAP Basis 59,044 NET ASSETS, Beginning 270,218 NET ASSETS, Ending $ 329,262 See the accompanying Independent Auditors' Report. 46 TOWN OF ESTES PARK, COLORADO COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUND Year Ended December 31, 2011 BALANCE BALANCE 12/31/10 ADDITIONS DEDUCTIONS 12/31/11 Friends of Stanley Hall ASSETS Cash and Investments $ 456,779 $ 475 $ 4 $ 457,250 LIABILITIES Due to Friends of Stanley Hall $ 456,779 $ 475 $ 4 $ 457,250 See the accompanying Independent Auditors' Report. 47 STATISTICAL SECTION Contents Schedules Pages Financial Trends These schedules contain trend information to help the reader  understand how the Town's financial condition has changed over  time. 1‐448‐52 Revenue Capacity These schedules contain information to help the reader assess the  Town's largest revenue source, sales and use taxes. 5‐753‐55 Debt Capacity These schedules present information to help the reader assess the  affordability of the Town's current levels of outstanding debt and  the Town's ability to issue debt in the future. 8‐11 56‐59 Demographic and Economic Information These schedules offer demographic and economic indicators to  help the reader understand the environment within which the  Town's financial activities take place. 12‐13 60‐61 Operating Information These schedules contain service data to help the reader  understand how information in the financial report relates to the  services the Town provides and the activities it performs. 14‐16 62‐65 Statistical Section This section of the Town of Estes Park Comprehensive Annual Financial Report presents detailed  data as a context for understanding the information in the financial statements, note disclosures,  and required supplementary information. 20 0 3 20 0 4 20 0 5 20 0 6 20 0 7 20 0 8 20 0 9 20 1 0 20 1 1 Go v e r n m e n t a l  Ac t i v i t i e s In v e s t e d  in  ca p i t a l  as s e t s ,  ne t  of  re l a t e d  de b t 8, 4 7 1 , 4 4 4 $                         12 , 3 0 6 , 3 5 9 $                     41 , 0 0 2 , 6 0 0 $                     42 , 7 2 8 , 9 9 1 $                     43 , 5 4 7 , 8 6 9 $                       43 , 1 4 3 , 6 1 1 $                     41 , 5 6 3 , 9 0 1 $                     42 , 2 0 3 , 5 3 0 $                     42 , 1 1 3 , 3 9 0 $                     Re s t r i c t e d   4, 2 2 9 , 0 9 7                              3, 9 8 0 , 0 7 4                            2, 9 4 8 , 3 5 8                            2, 6 0 9 , 9 9 9                            2, 0 9 2 , 0 7 1                                69 8 , 5 9 9                                    41 0 , 0 0 0                                    37 7 , 0 0 0                                    70 9 , 8 6 4                                    Un r e s t r i c t e d 1 0 , 8 8 5 , 5 5 8                          11 , 0 2 7 , 8 3 1                        11 , 6 1 6 , 2 2 6                        10 , 7 8 1 , 1 8 7                        10 , 0 3 0 , 6 8 2                            12 , 0 2 9 , 7 3 5                        11 , 7 1 6 , 3 2 1                        10 , 6 1 1 , 0 6 9                        9, 6 0 0 , 4 6 3                            To t a l  go v e r n m e n t a l  ac t i v i t i e s  ne t  as s e t s 2 3 , 5 8 6 , 0 9 9 $                       27 , 3 1 4 , 2 6 4 $                       55 , 5 6 7 , 1 8 4 $                       56 , 1 2 0 , 1 7 7 $                       55 , 6 7 0 , 6 2 2 $                       55 , 8 7 1 , 9 4 5 $                       53 , 6 9 0 , 2 2 2 $                       53 , 1 9 1 , 5 9 9 $                       52 , 4 2 3 , 7 1 7 $                       Bu s i n e s s ‐ty p e  Ac t i v i t i e s In v e s t e d  in  ca p i t a l  as s e t s ,  ne t  of  re l a t e d  de b t 22 , 4 1 1 , 1 4 7 $                     22 , 6 5 7 , 6 1 6 $                     23 , 1 0 3 , 6 1 4 $                     23 , 2 5 6 , 8 4 6 $                     23 , 7 8 9 , 5 3 4 $                       25 , 6 1 5 , 4 4 3 $                     26 , 2 0 6 , 0 4 2 $                     27 , 0 0 1 , 1 5 7 $                     27 , 2 1 2 , 4 2 5 $                     Re s t r i c t e d  ‐ $                                                           ‐ $                                                           ‐ $                                                           ‐ $                                                           ‐ $                                                           ‐ $                                                           ‐ $                                                           ‐ $                                                           ‐ $                                                           Un r e s t r i c t e d 6 , 0 9 8 , 7 2 7                              6, 0 5 3 , 8 1 4                            7, 3 1 3 , 2 5 8                            10 , 0 4 4 , 9 6 2                        11 , 6 3 6 , 0 2 9                            11 , 8 9 7 , 4 8 9                        12 , 3 1 8 , 1 1 5                        11 , 8 4 9 , 3 4 9                        12 , 7 2 5 , 7 1 1                        To t a l  bu s i n e s s ‐ty p e  ac t i v i t i e s  ne t  as s e t s 2 8 , 5 0 9 , 8 7 4 $                       28 , 7 1 1 , 4 3 0 $                       30 , 4 1 6 , 8 7 2 $                       33 , 3 0 1 , 8 0 8 $                       35 , 4 2 5 , 5 6 3 $                       37 , 5 1 2 , 9 3 2 $                       38 , 5 2 4 , 1 5 7 $                       38 , 8 5 0 , 5 0 6 $                       39 , 9 3 8 , 1 3 6 $                       Pr i m a r y  Go v e r n m e n t In v e s t e d  in  ca p i t a l  as s e t s ,  ne t  of  re l a t e d  de b t 30 , 8 8 2 , 5 9 1 $                     34 , 9 6 3 , 9 7 5 $                     64 , 1 0 6 , 2 1 4 $                     65 , 9 8 5 , 8 3 7 $                     67 , 3 3 7 , 4 0 3 $                       68 , 7 5 9 , 0 5 4 $                     67 , 7 6 9 , 9 4 3 $                     69 , 2 0 4 , 6 8 7 $                     69 , 3 2 5 , 8 1 5 $                     Re s t r i c t e d   4, 2 2 9 , 0 9 7                              3, 9 8 0 , 0 7 4                            2, 9 4 8 , 3 5 8                            2, 6 0 9 , 9 9 9                            2, 0 9 2 , 0 7 1                                69 8 , 5 9 9                                    41 0 , 0 0 0                                    37 7 , 0 0 0                                    70 9 , 8 6 4                                    Un r e s t r i c t e d 1 6 , 9 8 4 , 2 8 5                          17 , 0 8 1 , 6 4 5                        18 , 9 2 9 , 4 8 4                        20 , 8 2 6 , 1 4 9                        21 , 6 6 6 , 7 1 1                            23 , 9 2 7 , 2 2 4                        24 , 0 3 4 , 4 3 6                        22 , 4 6 0 , 4 1 8                        22 , 3 2 6 , 1 7 4                        To t a l  pr i m a r y  go v e r n m e n t a l  ne t  as s e t s 5 2 , 0 9 5 , 9 7 3 $                       56 , 0 2 5 , 6 9 4 $                       85 , 9 8 4 , 0 5 6 $                       89 , 4 2 1 , 9 8 5 $                       91 , 0 9 6 , 1 8 5 $                       93 , 3 8 4 , 8 7 7 $                       92 , 2 1 4 , 3 7 9 $                       92 , 0 4 2 , 1 0 5 $                       92 , 3 6 1 , 8 5 3 $                       In f r a s t r u c t u r e  no t  li s t e d  un t i l  20 0 5  CA F R So u r c e :  Cu r r e n t  an d  pr i o r  ye a r s '  fi n a n c i a l  st a t e m e n t s Sc h e d u l e  1 To w n  of  Es t e s  Pa r k ,  Co l o r a d o Ne t  As s e t s  (a c c r u a l  ba s i s  of  ac c o u n t i n g ) 48 20 0 3 20 0 4 20 0 5 20 0 6 20 0 7 20 0 8 20 0 9 20 1 0 20 1 1 Ex p e n s e s Go v e r n m e n t a l  Ac t i v i t i e s : Ge n e r a l  Go v e r n m e n t 3 , 4 6 8 , 7 2 6 $                             3, 1 4 6 , 4 0 5 $                             2, 5 4 1 , 5 7 0 $                             3, 8 2 2 , 5 7 8 $                             3, 4 2 0 , 1 7 0 $                             3, 6 2 5 , 0 8 6 $                             2, 8 6 8 , 4 3 8 $                             2, 9 7 1 , 3 2 2 $                             4, 0 4 0 , 7 0 3 $                             Pu b l i c  Sa f e t y 2 , 5 2 1 , 4 9 8                                  2, 8 0 8 , 1 0 4                                  3, 2 3 5 , 3 8 8                                  3, 0 9 0 , 5 7 0                                  5, 7 4 7 , 5 6 9                                  3, 7 1 7 , 2 2 6                                  4, 5 6 4 , 4 9 7                                  3, 2 0 5 , 0 6 0                                  3, 3 9 2 , 0 6 7                                  Pu b l i c  Wo r k s 7 5 8 , 0 0 2                                          83 8 , 7 8 4                                          2, 5 4 9 , 3 3 6                                  1, 9 0 5 , 6 8 7                                  2, 1 9 7 , 5 7 6                                  1, 9 3 3 , 3 0 1                                  2, 1 3 2 , 5 1 8                                  2, 0 8 7 , 7 8 4                                  2, 3 0 2 , 7 3 0                                  Cu l t u r e  an d  Re c r e a t i o n 1 , 7 8 8 , 7 0 6                                  1, 8 0 8 , 4 1 6                                  3, 2 6 2 , 3 4 1                                  3, 9 1 8 , 8 5 4                                  2, 1 0 1 , 8 1 0                                  5, 0 2 2 , 9 9 4                                  5, 0 3 4 , 7 5 7                                  4, 1 7 2 , 4 0 7                                  3, 8 1 5 , 9 5 9                                  In t e r e s t  on  Lo n g ‐Te r m  De b t 3 5 1 , 6 7 8                                          33 3 , 4 5 3                                          12 9 , 6 9 9                                          96 , 7 3 2                                              65 , 6 1 9                                              40 , 6 4 1                                              4, 7 8 9                                                 ‐                                                                   ‐                                                                    To t a l  go v e r n m e n t a l  ac t i v i t i e s  ex p e n s e s 8 , 8 8 8 , 6 1 0                                  8, 9 3 5 , 1 6 2                                  11 , 7 1 8 , 3 3 4                              12 , 8 3 4 , 4 2 1                              13 , 5 3 2 , 7 4 4                              14 , 3 3 9 , 2 4 8                              14 , 6 0 4 , 9 9 9                              12 , 4 3 6 , 5 7 3                              13 , 5 5 1 , 4 5 9                              Bu s i n e s s ‐ty p e  Ac t i v i t i e s : Li g h t  & Po w e r 7 , 8 5 8 , 4 0 0                                  8, 2 9 7 , 2 2 3                                  8, 4 1 6 , 5 4 3                                  8, 3 8 3 , 2 3 8                                  8, 6 9 3 , 9 3 5                                  9, 4 3 8 , 0 7 2                                  10 , 0 3 1 , 6 5 9                              10 , 6 2 6 , 9 5 8                              10 , 7 7 5 , 5 1 1                              Wa t e r 2 , 3 2 5 , 4 1 1                                  2, 4 5 7 , 0 2 1                                  2, 3 8 0 , 1 7 9                                  2, 6 2 7 , 2 9 7                                  2, 6 8 7 , 0 0 0                                  2, 7 7 7 , 5 5 4                                  3, 1 8 2 , 7 0 4                                  3, 3 2 4 , 2 8 1                                  3, 1 8 7 , 5 0 8                                  To t a l  bu s i n e s s ‐ty p e  ac t i v i t i e s  ex p e n s e s 1 0 , 1 8 3 , 8 1 1                              10 , 7 5 4 , 2 4 4                              10 , 7 9 6 , 7 2 2                              11 , 0 1 0 , 5 3 5                              11 , 3 8 0 , 9 3 5                              12 , 2 1 5 , 6 2 6                              13 , 2 1 4 , 3 6 3                              13 , 9 5 1 , 2 3 9                              13 , 9 6 3 , 0 1 9                              To t a l  pr i m a r y  go v e r n m e n t a l  ex p e n s e s 1 9 , 0 7 2 , 4 2 1 $                         19 , 6 8 9 , 4 0 6 $                         22 , 5 1 5 , 0 5 6 $                         23 , 8 4 4 , 9 5 6 $                         24 , 9 1 3 , 6 7 9 $                         26 , 5 5 4 , 8 7 4 $                         27 , 8 1 9 , 3 6 2 $                         26 , 3 8 7 , 8 1 2 $                         27 , 5 1 4 , 4 7 8 $                         Pr o g r a m  Re v e n u e s Go v e r n m e n t a l  ac t i v i t i e s : Ch a r g e s  fo r  se r v i c e s : Ge n e r a l  Go v e r n m e n t 4 8 1 , 7 5 0 $                                     51 0 , 8 2 5 $                                     58 2 , 7 1 6 $                                     84 4 , 6 5 2 $                                     87 4 , 9 5 7 $                                     81 5 , 0 1 6 $                                     53 3 , 0 7 4 $                                     56 2 , 9 1 5 $                                     56 5 , 5 4 8 $                                     Pu b l i c  Sa f e t y 4 3 5 , 8 2 3                                          40 3 , 3 6 7                                          52 4 , 5 2 3                                          45 2 , 4 0 6                                          59 4 , 4 7 5                                          55 0 , 8 8 1                                          42 3 , 5 6 2                                          20 5 , 0 2 1                                          28 4 , 9 1 4                                          Pu b l i c  Wo r k s 2 4 , 1 0 3                                              8, 5 4 7                                                  10 , 9 3 7                                              20 , 9 1 8                                              8, 6 5 5                                                  4, 7 5 5                                                  3, 0 3 2                                                  4, 4 0 0                                                  3, 9 8 7                                                  Cu l t u r e  an d  Re c r e a t i o n 4 2 3 , 3 1 7                                          40 3 , 0 7 1                                          59 9 , 7 8 3                                          84 8 , 6 8 5                                          88 2 , 3 9 2                                          1, 0 1 2 , 5 4 1                                  1, 0 4 1 , 0 6 6                                  89 7 , 9 9 9                                          61 7 , 7 7 6                                          Op e r a t i n g  gr a n t s  an d  co n t r i b u t i o n s 6 4 2 , 5 3 4                                          66 8 , 7 8 0                                          1, 0 4 9 , 0 9 0                                  89 5 , 3 4 0                                          73 5 , 9 1 6                                          86 0 , 9 9 4                                          66 0 , 7 3 7                                          68 6 , 2 9 8                                          84 0 , 3 2 4                                          Ca p i t a l  gr a n t s  an d  co n t r i b u t i o n s 3 7 1 , 8 3 1                                          24 7 , 7 9 4                                          36 , 3 9 0                                              32 , 7 2 9                                              76 , 1 5 3                                              25 , 3 7 8                                              16 0 , 5 4 6                                          48 6 , 0 8 5                                          1, 1 4 8 , 1 9 4                                  To t a l  go v e r n m e n t a l  ac t i v i t i e s  pr o g r a m  re v e n u e s 2 , 3 7 9 , 3 5 8                                  2, 2 4 2 , 3 8 4                                  2, 8 0 3 , 4 3 9                                  3, 0 9 4 , 7 3 0                                  3, 1 7 2 , 5 4 8                                  3, 2 6 9 , 5 6 5                                  2, 8 2 2 , 0 1 7                                  2, 8 4 2 , 7 1 8                                  3, 4 6 0 , 7 4 3                                  Bu s i n e s s ‐ty p e  Ac t i v i t i e s : Li g h t  & Po w e r 7 , 9 4 4 , 2 4 5                                  8, 6 8 8 , 4 0 8                                  9, 3 8 4 , 8 1 9                                  10 , 0 9 7 , 2 3 1                              10 , 4 4 6 , 2 3 0                              11 , 0 0 5 , 7 4 0                              11 , 3 6 6 , 5 7 7                              11 , 8 3 4 , 0 8 2                              12 , 2 6 4 , 0 6 3                              Wa t e r 2 , 0 7 1 , 2 2 0                                  2, 1 3 7 , 9 0 6                                  2, 2 5 3 , 4 9 1                                  2, 4 7 6 , 4 6 7                                  2, 5 7 7 , 4 8 2                                  2, 8 1 6 , 1 5 0                                  2, 8 8 9 , 5 1 5                                  2, 9 3 8 , 1 8 2                                  3, 1 4 2 , 5 6 4                                  Op e r a t i n g  gr a n t s  an d  co n t r i b u t i o n s ‐                                                                    ‐                                                                    ‐                                                                    ‐                                                                    28 , 8 7 0                                              7, 5 0 0                                                  22 , 6 2 8                                              Ca p i t a l  gr a n t s  an d  co n t r i b u t i o n s 6 9 1 , 7 0 8                                          56 0 , 8 3 7                                          84 8 , 3 1 9                                          60 9 , 4 6 8                                          68 8 , 4 0 3                                          31 1 , 8 5 3                                          33 0 , 1 1 3                                          19 6 , 0 0 4                                          30 5 , 8 7 1                                          To t a l  bu s i n e s s ‐ty p e  ac t i v i t i e s  pr o g r a m  re v e n u e s 1 0 , 7 0 7 , 1 7 3                              11 , 3 8 7 , 1 5 1                              12 , 4 8 6 , 6 2 9                              13 , 1 8 3 , 1 6 6                              13 , 7 1 2 , 1 1 5                              14 , 1 3 3 , 7 4 3                              14 , 6 1 5 , 0 7 5                              14 , 9 7 5 , 7 6 8                              15 , 7 3 5 , 1 2 6                              To t a l  pr i m a r y  go v e r n m e n t  pr o g r a m  re v e n u e s 1 3 , 0 8 6 , 5 3 1 $                         13 , 6 2 9 , 5 3 5 $                         15 , 2 9 0 , 0 6 8 $                         16 , 2 7 7 , 8 9 6 $                         16 , 8 8 4 , 6 6 3 $                         17 , 4 0 3 , 3 0 8 $                         17 , 4 3 7 , 0 9 2 $                         17 , 8 1 8 , 4 8 6 $                         19 , 1 9 5 , 8 6 9 $                         Ne t  (E x p e n s e ) / R e v e n u e Go v e r n m e n t a l  ac t i v i t i e s ( 6 , 5 0 9 , 2 5 2 ) $                           (6 , 6 9 2 , 7 7 8 ) $                           (8 , 9 1 4 , 8 9 5 ) $                           (9 , 7 3 9 , 6 9 1 ) $                           (1 0 , 3 6 0 , 1 9 6 ) $                       (1 1 , 0 6 9 , 6 8 3 ) $                       (1 1 , 7 8 2 , 9 8 2 ) $                       (9 , 5 9 3 , 8 5 5 ) $                           (1 0 , 0 9 0 , 7 1 6 ) $                       Bu s i n e s s ‐ty p e  ac t i v i t i e s 5 2 3 , 3 6 2                                          63 2 , 9 0 7                                          1, 6 8 9 , 9 0 7                                  2, 1 7 2 , 6 3 1                                  2, 3 3 1 , 1 8 0                                  1, 9 1 8 , 1 1 7                                  1, 4 0 0 , 7 1 2                                  1, 0 2 4 , 5 2 9                                  1, 7 7 2 , 1 0 7                                  To t a l  pr i m a r y  go v e r n m e n t  ne t  ex p e n s e s ( 5 , 9 8 5 , 8 9 0 ) $                           (6 , 0 5 9 , 8 7 1 ) $                           (7 , 2 2 4 , 9 8 8 ) $                           (7 , 5 6 7 , 0 6 0 ) $                           (8 , 0 2 9 , 0 1 6 ) $                           (9 , 1 5 1 , 5 6 6 ) $                           (1 0 , 3 8 2 , 2 7 0 ) $                       (8 , 5 6 9 , 3 2 6 ) $                           (8 , 3 1 8 , 6 0 9 ) $                           Sc h e d u l e  2 To w n  of  Es t e s  Pa r k ,  Co l o r a d o Ch a n g e s  in  Ne t  As s e t s  (a c c r u a l  ba s i s  of  ac c o u n t i n g ) 49 20 0 3 20 0 4 20 0 5 20 0 6 20 0 7 20 0 8 20 0 9 20 1 0 20 1 1 Ta x e s Sa l e s  ta x e s 6 , 1 7 3 , 6 2 8 $                             6, 3 0 8 , 3 7 6 $                             6, 4 2 7 , 9 4 2 $                             6, 7 7 1 , 2 9 5 $                             7, 2 3 9 , 2 1 4 $                             7, 1 8 6 , 7 2 0 $                             6, 8 5 4 , 1 9 7 $                             7, 0 0 9 , 2 5 2 $                             7, 4 2 4 , 8 2 8 $                             Pr o p e r t y  ta x e s 1 , 0 3 9 , 8 3 1                                  1, 0 9 9 , 4 9 9                                  93 6 , 5 6 4                                          1, 0 2 8 , 8 9 6                                  1, 1 3 4 , 8 0 0                                  1, 2 6 1 , 9 5 9                                  35 1 , 4 4 6                                          46 8 , 7 3 6                                          37 2 , 1 7 1                                          Fr a n c h i s e  ta x e s 4 2 0 , 5 9 2                                          37 6 , 8 1 6                                          38 7 , 1 0 0                                          40 1 , 4 3 2                                          41 4 , 2 8 6                                          42 5 , 2 4 4                                          43 8 , 2 4 7                                          43 2 , 8 8 4                                          43 7 , 7 8 6                                          Us e  ta x e s 5 4 , 8 3 7                                              ‐                                                                    20 2 , 1 8 2                                          20 2 , 6 6 6                                          20 9 , 1 0 3                                          18 6 , 2 9 4                                          17 3 , 1 6 6                                          19 9 , 0 9 2                                          18 0 , 9 3 6                                          Un r e s t r i c t e d  gr a n t s  an d  co n t r i b u t i o n s 4 4 8 , 9 3 8                                          33 4 , 0 5 9                                          32 1 , 8 4 4                                          ‐                                                                    ‐                                                                    ‐                                                                    40 , 2 7 8                                              34 , 1 5 1                                              37 , 5 8 7                                              In v e s t m e n t  in c o m e 1 4 3 , 5 9 6                                          13 7 , 7 7 5                                          35 5 , 3 5 1                                          64 9 , 5 2 8                                          67 5 , 2 0 3                                          48 0 , 1 0 5                                          80 , 2 0 1                                              75 , 6 2 3                                              46 , 3 8 3                                              Mi s c e l l a n e o u s 3 0 4 , 5 1 2                                          36 2 , 9 4 0                                          25 5 , 5 5 4                                          24 9 , 0 7 9                                          26 4 , 7 0 2                                          69 1 , 3 0 2                                          76 7 , 6 0 2                                          73 6 , 3 5 0                                          66 0 , 2 7 7                                          Ga i n  (L o s s )  on  sa l e  of  ca p i t a l  as s e t s ( 2 3 , 4 3 9 )                                            ‐                                                                    ‐                                                                      ‐   ‐                                                                    ‐                                                                    ‐                                                                    ‐                                                                    ‐                                                                     Ex t r a o r d i n a r y  it e m :  En v i r o n m e n t a l  Re m e d i a t i o n ‐                                                                    ‐                                                                    ‐                                                                    ‐                                                                    ‐                                                                    ‐                                                                    ‐                                                                    ‐                                                                    (9 9 8 , 0 0 0 )                                       Sp e c i a l  it e m :  El i m .  Of  ne t  pe n s i o n  ob l i g a t i o n ‐                                                                    ‐                                                                    ‐                                                                    ‐                                                                    ‐                                                                    ‐                                                                    ‐                                                                    (9 8 3 , 9 1 3 )                                      ‐                                                                    Tr a n s f e r s 7 8 0 , 8 2 7                                          93 1 , 9 8 2                                          93 0 , 1 5 1                                          98 9 , 7 8 8                                          1, 0 3 0 , 1 0 1                                  1, 0 3 9 , 3 8 2                                  89 6 , 1 2 2                                          1, 1 2 3 , 0 5 7                                  1, 1 6 0 , 8 6 6                                  To t a l  go v e r n m e n t a l  ac t i v i t i e s 9 , 3 4 3 , 3 2 2                                  9, 5 5 1 , 4 4 7                                  9, 8 1 6 , 6 8 8                                  10 , 2 9 2 , 6 8 4                              10 , 9 6 7 , 4 0 9                              11 , 2 7 1 , 0 0 6                              9, 6 0 1 , 2 5 9                                  9, 0 9 5 , 2 3 2                                  9, 3 2 2 , 8 3 4                                  Bu s i n e s s ‐ty p e  ac t i v i t i e s : Un r e s t r i c t e d  gr a n t s  an d  co n t r i b u t i o n s ‐ $                                                             ‐ $                                                             ‐ $                                                             ‐ $                                                             ‐ $                                                             ‐ $                                                             ‐ $                                                             ‐ $                                                             ‐ $                                                             In v e s t m e n t  in c o m e 1 0 5 , 8 4 0                                          66 , 9 9 9                                              17 0 , 5 7 0                                          21 1 , 5 1 3                                          49 9 , 5 0 6                                          52 6 , 3 5 1                                          92 , 5 6 9                                              81 , 5 1 3                                              63 , 1 2 8                                              Mi s c e l l a n e o u s 7 4 6 , 7 1 4                                          43 3 , 6 3 2                                          77 5 , 1 1 6                                          63 5 , 9 5 8                                          32 3 , 1 7 0                                          68 2 , 2 8 3                                          41 4 , 0 6 6                                          34 3 , 3 6 4                                          41 3 , 2 6 1                                          Tr a n s f e r s ( 7 8 0 , 8 2 7 )                                      (9 3 1 , 9 8 2 )                                      (9 3 0 , 1 5 1 )                                      (9 8 9 , 7 8 8 )                                      (1 , 0 3 0 , 1 0 1 )                                (1 , 0 3 9 , 3 8 2 )                                (8 9 6 , 1 2 2 )                                      (1 , 1 2 3 , 0 5 7 )                                (1 , 1 6 0 , 8 6 6 )                                To t a l  bu s i n e s s ‐ty p e  ac t i v i t i e s 7 1 , 7 2 7                                              (4 3 1 , 3 5 1 )                                      15 , 5 3 5                                              (1 4 2 , 3 1 7 )                                      (2 0 7 , 4 2 5 )                                      16 9 , 2 5 2                                          (3 8 9 , 4 8 7 )                                      (6 9 8 , 1 8 0 )                                      (6 8 4 , 4 7 7 )                                      To t a l  pr i m a r y  go v e r n m e n t 9 , 4 1 5 , 0 4 9 $                             9, 1 2 0 , 0 9 6 $                             9, 8 3 2 , 2 2 3 $                             10 , 1 5 0 , 3 6 7 $                         10 , 7 5 9 , 9 8 4 $                         11 , 4 4 0 , 2 5 8 $                         9, 2 1 1 , 7 7 2 $                             8, 3 9 7 , 0 5 2 $                             8, 6 3 8 , 3 5 7 $                             Ch a n g e s  in  Ne t  As s e t s Go v e r n m e n t a l  ac t i v i t i e s 2 , 8 3 4 , 0 7 0 $                             2, 8 5 8 , 6 6 9 $                             90 1 , 7 9 3 $                                     55 2 , 9 9 3 $                                     60 7 , 2 1 3 $                                     20 1 , 3 2 3 $                                     (2 , 1 8 1 , 7 2 3 ) $                           (4 9 8 , 6 2 3 ) $                                 (7 6 7 , 8 8 2 ) $                                 Bu s i n e s s ‐ty p e  ac t i v i t i e s 5 9 5 , 0 8 9                                          20 1 , 5 5 6                                          1, 7 0 5 , 4 4 2                                  2, 0 3 0 , 3 1 4                                  2, 1 2 3 , 7 5 5                                  2, 0 8 7 , 3 6 8                                  1, 0 1 1 , 2 2 5                                  32 6 , 3 4 9                                          1, 0 8 7 , 6 3 0                                  To t a l  pr i m a r y  go v e r n m e n t 3 , 4 2 9 , 1 5 9 $                             3, 0 6 0 , 2 2 5 $                             2, 6 0 7 , 2 3 5 $                             2, 5 8 3 , 3 0 7 $                             2, 7 3 0 , 9 6 8 $                             2, 2 8 8 , 6 9 1 $                             (1 , 1 7 0 , 4 9 8 ) $                           (1 7 2 , 2 7 4 ) $                                 31 9 , 7 4 8 $                                     So u r c e :  Cu r r e n t  an d  pr i o r  ye a r ' s  fi n a n c i a l  st a t e m e n t s  (a c c r u a l  ba s i s  of  ac c o u n t i n g ) Sc h e d u l e  2 (c o n t i n u e d ) To w n  of  Es t e s  Pa r k ,  Co l o r a d o Ch a n g e s  in  Ne t  As s e t s 50 20 0 2 20 0 3 20 0 4 20 0 5 20 0 6 20 0 7 20 0 8 20 0 9 20 1 0 20 1 1 Ge n e r a l  Fu n d Re s e r v e d ‐                                                                  ‐                                                                ‐                                                                ‐                                                                ‐                                                                  13 , 4 1 9                                            8, 8 4 3                                                15 , 9 0 4                                          38 8 , 9 7 0                                      ‐                                                                  Un r e s e r v e d 5 , 5 1 6 , 4 9 9                                    7, 4 8 1 , 9 5 1                                5, 6 2 6 , 9 0 7                                4, 1 0 9 , 2 3 0                                2, 8 4 9 , 0 3 9                                4, 0 2 4 , 5 0 3                                  4, 6 2 2 , 4 0 1                                4, 5 0 6 , 2 8 2                                5, 5 2 6 , 1 8 0                                ‐                                                                  To t a l  ge n e r a l  fu n d 5 , 5 1 6 , 4 9 9 $                             7, 4 8 1 , 9 5 1 $                             5, 6 2 6 , 9 0 7 $                             4, 1 0 9 , 2 3 0 $                             2, 8 4 9 , 0 3 9 $                             4, 0 3 7 , 9 2 2 $                             4, 6 3 1 , 2 4 4 $                             4, 5 2 2 , 1 8 6 $                             5, 9 1 5 , 1 5 0 $                            ‐$                                                               Al l  ot h e r  Go v e r n m e n t a l  Fu n d s  Re s e r v e d 1 0 , 4 8 3                                              1, 0 3 5 , 4 4 6                                1, 0 2 8 , 7 0 6                                1, 0 5 0 , 5 4 0                                87 6 , 7 1 9                                        15 , 6 8 2                                            18 , 7 8 7                                          10 , 0 7 3                                          22 , 9 5 8                                          ‐                                                                  Un r e s e r v e d ,  re p o r t s  in : Sp e c i a l  re v e n u e  fu n d s 6, 1 2 9 , 4 5 1                                    1, 1 8 7 , 5 9 4                                2, 9 1 8 , 9 9 3                                3, 5 9 9 , 8 5 6                                3, 3 6 1 , 8 3 2                                2, 0 0 8 , 2 7 4                                  2, 8 5 9 , 3 0 3                                3, 9 8 1 , 1 7 1                                3, 4 0 5 , 9 6 4                                ‐                                                                  Ca p i t a l  pr o j e c t s  fu n d s 1, 8 1 6                                                    2, 5 0 3 , 3 1 7                                2, 2 0 5 , 9 6 1                                1, 1 5 7 , 8 4 8                                65 1 , 1 7 7                                        13 1 , 0 9 9                                        13 5 , 5 9 9                                      ‐                                                                ‐                                                                ‐                                                                  De b t  se r v i c e  fu n d s 20 2 , 7 7 6                                          1, 3 4 7 , 1 9 1                                1, 2 8 9 , 1 1 3                                1, 3 0 5 , 5 1 0                                1, 4 1 4 , 8 2 2                                1, 3 6 8 , 9 7 2                                  1, 0 2 3 , 3 8 2                                ‐                                                                ‐                                                                ‐                                                                  To t a l  al l  ot h e r  go v e r n m e n t a l  fu n d s 6 , 3 4 4 , 5 2 6 $                             6, 0 7 3 , 5 4 8 $                             7, 4 4 2 , 7 7 3 $                             7, 1 1 3 , 7 5 4 $                             6, 3 0 4 , 5 5 0 $                             3, 5 2 4 , 0 2 7 $                             4, 0 3 7 , 0 7 1 $                             3, 9 9 1 , 2 4 4 $                             3, 4 2 8 , 9 2 2 $                            ‐$                                                               To t a l  ge n e r a l  fu n d  + al l  ot h e r  go v t  fu n d s 11 , 8 6 1 , 0 2 5 $                         13 , 5 5 5 , 4 9 9 $                       13 , 0 6 9 , 6 8 0 $                       11 , 2 2 2 , 9 8 4 $                       9, 1 5 3 , 5 8 9 $                           7, 5 6 1 , 9 4 9 $                           8, 6 6 8 , 3 1 5 $                           8, 5 1 3 , 4 3 0 $                           9, 3 4 4 , 0 7 2 $                           ‐ $                                                               Ge n e r a l  Fu n d                No n s p e n d a b l e ‐ $                                                             ‐ $                                                             ‐ $                                                             ‐ $                                                             ‐ $                                                               ‐ $                                                             ‐ $                                                             ‐ $                                                             ‐ $                                                             72 , 0 5 0 $                                                        Re s t r i c t e d  ‐                                                                  ‐                                                                ‐                                                                ‐                                                                ‐                                                                  ‐                                                                  ‐                                                                ‐                                                                ‐                                                                41 1 , 0 0 0                                                       Un a s s i g n e d ‐                                                                  ‐                                                                ‐                                                                ‐                                                                ‐                                                                 ‐                                                                  ‐                                                                ‐                                                                ‐                                                                6, 0 8 4 , 9 6 7                                  To t a l  ge n e r a l  fu n d ‐ $                                                             ‐ $                                                             ‐ $                                                             ‐ $                                                             ‐ $                                                              ‐ $                                                             ‐ $                                                             ‐ $                                                             ‐ $                                                             6, 5 6 8 , 0 1 7 $                             Al l  ot h e r  Go v e r n m e n t a l  Fu n d s                No n s p e n d a b l e ‐                                                                  ‐                                                                ‐                                                                ‐                                                                ‐                                                                  ‐                                                                  ‐                                                                ‐                                                                ‐                                                                18 , 3 1 4                                                           Re s t r i c t e d  ‐                                                                  ‐                                                                ‐                                                                ‐                                                                ‐                                                                  ‐                                                                  ‐                                                                ‐                                                                ‐                                                                29 8 , 8 6 4                                                       As s i g n e d ‐                                                                  ‐                                                                ‐                                                                ‐                                                                ‐                                                                  ‐                                                                  ‐                                                                ‐                                                                ‐                                                                2, 8 3 0 , 4 6 5                                  To t a l  al l  ot h e r  go v e r n m e n t a l  fu n d s ‐ $                                                             ‐ $                                                             ‐ $                                                             ‐ $                                                             ‐ $                                                              ‐ $                                                             ‐ $                                                             ‐ $                                                             ‐ $                                                             3, 1 4 7 , 6 4 3 $                             To t a l  ge n e r a l  fu n d  + al l  ot h e r  go v t  fu n d s ‐ $                                                             ‐ $                                                             ‐ $                                                             ‐ $                                                             ‐ $                                                              ‐ $                                                             ‐ $                                                             ‐ $                                                             ‐ $                                                             9, 7 1 5 , 6 6 0 $                             So u r c e :  Cu r r e n t  an d  pr i o r  ye a r ' s  fi n a n c i a l  st a t e m e n t s Th e  To w n  ad o p t e d  GA S B  54  fo r  20 1 1 . Sc h e d u l e  3 To w n  of  Es t e s  Pa r k ,  Co l o r a d o Fu n d  Ba l a n c e s ,  Go v e r n m e n t a l  Fu n d s (m o d i f i e d  ac c r u a l  ba s i s  of  ac c o u n t i n g ) 51 20 0 2 20 0 3 20 0 4 20 0 5 20 0 6 20 0 7 20 0 8 20 0 9 20 1 0 20 1 1 Re v e n u e s Ta x e s 7 , 4 6 3 , 6 7 0 $                             7, 6 3 4 , 0 5 1 $                         7, 7 8 4 , 6 9 1 $                           7, 9 5 3 , 7 8 8 $                           8, 4 0 4 , 2 8 9 $                           8, 9 9 7 , 4 0 3 $                           9, 0 6 0 , 2 1 7 $                           7, 8 1 7 , 0 5 6 $                           8, 1 0 9 , 9 6 4 $                           8, 4 1 5 , 7 2 1 $                             Li c e n s e s ,  fe e s  an d  pe r m i t s 57 3 , 9 7 4                                          60 8 , 4 6 9                                    58 0 , 3 8 7                                      72 9 , 3 1 7                                      64 4 , 9 9 6                                        66 5 , 0 5 3                                        62 3 , 7 6 2                                      47 1 , 8 4 4                                      47 6 , 8 3 1                                      48 5 , 4 4 7                                        In t e r g o v e r n m e n t a l 1 , 4 8 9 , 9 6 7                                    86 0 , 7 1 8                                    97 4 , 2 3 8                                      79 3 , 4 7 3                                      1, 3 1 7 , 3 6 2                                85 7 , 6 6 4                                        1, 8 4 7 , 9 7 8                                86 1 , 5 6 1                                      84 5 , 5 3 4                                      1, 9 6 1 , 0 8 1                                  Ch a r g e s  fo r  se r v i c e s 5 0 0 , 4 2 7                                          44 2 , 0 4 3                                    41 4 , 8 5 5                                      55 5 , 4 3 8                                      66 7 , 1 9 0                                        73 7 , 3 0 0                                        1, 1 3 0 , 7 7 3                                1, 2 0 3 , 7 2 9                                96 5 , 0 7 3                                      74 6 , 7 1 0                                        Fi n e s  an d  fo r f e i t u r e s 36 , 7 6 0                                              21 , 6 1 3                                        25 , 1 4 4                                          29 , 2 5 8                                          28 , 0 6 2                                            41 , 5 5 2                                            55 , 7 0 0                                          49 , 7 5 9                                          44 , 4 6 3                                          58 , 8 1 2                                            Re n t a l  In c o m e 5 6 4 , 8 2 1                                          60 4 , 7 2 2                                    46 9 , 6 5 6                                      47 5 , 1 9 5                                      47 3 , 4 4 2                                        47 4 , 4 2 1                                        48 2 , 1 5 9                                      27 5 , 4 0 2                                      18 3 , 9 6 8                                      18 1 , 2 5 6                                        In v e s t m e n t  In c o m e 1 7 2 , 0 6 7                                          11 1 , 3 1 7                                    11 4 , 5 8 9                                      29 5 , 7 0 0                                      52 5 , 1 4 8                                        43 4 , 2 6 6                                        30 3 , 8 7 2                                      51 , 6 4 8                                          48 , 0 3 0                                          34 , 3 7 5                                            Mi s c e l l a n e o u s 49 0 , 0 5 2                                          50 3 , 1 4 3                                    46 5 , 1 7 5                                      43 7 , 2 7 3                                      53 5 , 4 1 4                                        66 9 , 0 1 8                                        67 5 , 7 6 1                                      70 8 , 4 7 3                                      72 3 , 1 7 2                                      61 6 , 4 9 3                                        To t a l  re v e n u e s 1 1 , 2 9 1 , 7 3 8                              10 , 7 8 6 , 0 7 6                            10 , 8 2 8 , 7 3 5                              11 , 2 6 9 , 4 4 2                              12 , 5 9 5 , 9 0 3                              12 , 8 7 6 , 6 7 7                              14 , 1 8 0 , 2 2 2                              11 , 4 3 9 , 4 7 2                              11 , 3 9 7 , 0 3 5                              12 , 4 9 9 , 8 9 5                              Ex p e n d i t u r e s Ge n e r a l  Go v e r n m e n t 2, 7 0 9 , 8 0 4                                    2, 8 4 5 , 7 9 9                            3, 2 0 9 , 1 9 3                                2, 2 1 6 , 4 4 1                                3, 5 6 9 , 7 4 7                                2, 7 3 5 , 2 9 1                                  2, 5 6 4 , 8 1 5                                2, 5 7 0 , 5 9 0                                2, 7 7 0 , 2 0 0                                3, 1 9 7 , 0 4 1                                  Pu b l i c  Sa f e t y   2, 6 1 0 , 0 9 2                                    2, 9 9 7 , 8 2 2                            2, 9 5 3 , 9 9 8                                3, 0 4 3 , 6 7 8                                3, 0 9 0 , 8 8 2                                3, 2 7 3 , 5 0 3                                  3, 5 5 5 , 2 4 5                                4, 1 8 9 , 9 3 4                                3, 1 2 5 , 5 3 5                                3, 3 2 1 , 2 2 0                                  Pu b l i c  Wo r k s 6 1 7 , 4 5 7                                          78 8 , 0 4 7                                    78 9 , 6 1 6                                      86 6 , 2 6 9                                      1, 1 7 0 , 8 6 3                                1, 2 8 0 , 1 4 8                                  1, 3 7 4 , 4 5 3                                1, 1 2 4 , 0 6 4                                2, 0 0 0 , 9 6 8                                1, 4 3 0 , 1 1 9                                  Cu l t u r e  an d  Re c r e a t i o n 1 , 9 2 5 , 3 8 6                                    1, 6 9 6 , 4 5 0                            1, 7 3 6 , 3 1 7                                3, 1 6 5 , 1 2 1                                3, 6 5 2 , 6 7 0                                3, 9 7 2 , 7 2 7                                  4, 3 1 0 , 1 1 3                                4, 2 3 4 , 7 0 2                                3, 4 3 6 , 5 6 3                                3, 1 4 5 , 7 1 3                                  Ca p i t a l  ou t l a y 3, 4 6 1 , 2 4 5                                    2, 3 7 6 , 5 3 7                            2, 0 5 3 , 7 8 5                                3, 5 2 9 , 8 5 6                                2, 9 6 0 , 6 9 7                                3, 0 2 6 , 6 9 0                                  1, 0 8 8 , 4 8 4                                1, 4 4 9 , 9 2 7                                1, 8 8 4 , 0 9 2                                2, 1 9 5 , 0 8 0                                  De b t  Se r v i c e Pr i n c i p a l 3 9 6 , 1 6 7                                          50 2 , 3 2 8                                    1, 3 5 7 , 5 2 3                                1, 1 0 6 , 1 5 8                                1, 1 0 9 , 3 0 0                                1, 1 4 4 , 1 6 1                                  1, 1 9 2 , 6 7 5                                88 , 0 0 0                                          ‐                                                                ‐                                                                  In t e r e s t  an d  Fi s c a l  Ch a r g e s 4 3 1 , 9 9 4                                          44 5 , 7 4 1                                    14 6 , 1 0 4                                      11 8 , 7 6 6                                      10 0 , 9 2 7                                        65 , 8 9 8                                            27 , 4 5 3                                          4, 7 8 9                                                ‐                                                                ‐                                                                  To t a l  ex p e n d i t u r e s 1 2 , 1 5 2 , 1 4 5                              11 , 6 5 2 , 7 2 4                            12 , 2 4 6 , 5 3 6                              14 , 0 4 6 , 2 8 9                              15 , 6 5 5 , 0 8 6                              15 , 4 9 8 , 4 1 8                              14 , 1 1 3 , 2 3 8                              13 , 6 6 2 , 0 0 6                              13 , 2 1 7 , 3 5 8                              13 , 2 8 9 , 1 7 3                              Ex c e s s  of  re v e n u e s  ov e r  (u n d e r )  ex p e n d i t u r e s ( 8 6 0 , 4 0 7 )                                        (8 6 6 , 6 4 8 )                                    (1 , 4 1 7 , 8 0 1 )                                (2 , 7 7 6 , 8 4 7 )                                (3 , 0 5 9 , 1 8 3 )                                (2 , 6 2 1 , 7 4 1 )                                66 , 9 8 4                                              (2 , 2 2 2 , 5 3 4 )                                (1 , 8 2 0 , 3 2 3 )                                (7 8 9 , 2 7 8 )                                        Ot h e r  Fi n a n c i n g  So u r c e s  (U s e s ) Ca p i t a l  Le a s e  Pr o c e e d s ‐                                                                  ‐                                                              ‐                                                                ‐                                                                ‐                                                                  ‐                                                                  ‐                                                                ‐                                                                ‐                                                                ‐                                                                  Tr a n s f e r s  in 7 , 2 1 2 , 8 3 7                                    2, 8 5 0 , 9 6 5                            5, 4 7 2 , 4 3 3                                6, 1 4 6 , 1 7 2                                4, 7 1 1 , 9 1 4                                5, 2 6 2 , 5 2 0                                  5, 6 9 2 , 7 0 4                                5, 3 7 3 , 1 5 0                                5, 8 7 5 , 1 8 7                                3, 4 0 5 , 8 6 6                                  Tr a n s f e r s  ou t (6 , 4 7 0 , 0 8 9 )                                (2 , 0 7 0 , 1 3 8 )                          (4 , 5 4 0 , 4 5 1 )                            (5 , 2 1 6 , 0 2 1 )                            (3 , 7 2 2 , 1 2 6 )                            (4 , 2 3 2 , 4 1 9 )                              (4 , 6 5 3 , 3 2 2 )                            (3 , 3 0 5 , 5 0 1 )                            (3 , 2 2 4 , 2 2 2 )                            (2 , 2 4 5 , 0 0 0 )                            Bo n d  Pr o c e e d s / p r e m i u m s / E s c r o w  ac t i v i t y ‐                                                                    1, 7 8 0 , 2 9 5                               ‐                                                                   ‐                                                                   ‐                                                                   ‐                                                                   ‐                                                                   ‐                                                                   ‐                                                                   ‐                                                                    To t a l  ot h e r  fi n a n c i n g  so u r c e s  (u s e s ) 7 4 2 , 7 4 8                                          2, 5 6 1 , 1 2 2                                93 1 , 9 8 2                                          93 0 , 1 5 1                                          98 9 , 7 8 8                                          1, 0 3 0 , 1 0 1                                    1, 0 3 9 , 3 8 2                                    2, 0 6 7 , 6 4 9                                    2, 6 5 0 , 9 6 5                                    1, 1 6 0 , 8 6 6                                    Ne t  ch a n g e  in  fu n d  ba l a n c e s (1 1 7 , 6 5 9 ) $                                 1, 6 9 4 , 4 7 4 $                         (4 8 5 , 8 1 9 ) $                               (1 , 8 4 6 , 6 9 6 ) $                         (2 , 0 6 9 , 3 9 5 ) $                         (1 , 5 9 1 , 6 4 0 ) $                         1, 1 0 6 , 3 6 6 $                           (1 5 4 , 8 8 5 ) $                               83 0 , 6 4 2 $                                   37 1 , 5 8 8 $                                     De b t  se r v i c e  as  a pe r c e n t a g e  of  no n c a p i t a l  ex p e n d i t u r e s 9. 5 % 1 0 . 2 % 1 4 . 8 % 1 1 . 6 % 9 . 5 % 9 . 7 % 9 . 4 % 0 . 8 % 0 . 0 % 0 . 0 % Ca p i t a l  as s e t  ad d i t i o n s  fr o m  No t e s  to  Fi n a n c i a l  St a t e m e n t s 2, 2 1 7 , 3 6 5 2, 7 3 3 , 9 8 8 2, 3 4 0 , 3 7 5 3, 8 5 4 , 9 0 4 4, 9 5 3 , 6 1 2 4, 0 1 8 , 9 4 4 1, 5 9 4 , 2 9 2 93 8 , 2 4 6 2, 7 5 8 , 4 4 4 2, 3 7 1 , 8 1 2 De b t  se r v i c e  as  a pe r c e n t a g e  of  no n c a p i t a l  ex p e n d i t u r e s 8. 3 % 1 0 . 6 % 1 5 . 2 % 1 2 . 0 % 1 1 . 3 % 1 0 . 5 % 9 . 7 % 0 . 7 % 0 . 0 % 0 . 0 %    (u s i n g  ca p i t a l  as s e t  ad d i t i o n s  fr o m  No t e s  to  Fi n a n c i a        St a t e m e n t s ) So u r c e :  Cu r r e n t  an d  pr i o r  ye a r ' s  fi n a n c i a l  st a t e m e n t s Sc h e d u l e  4 To w n  of  Es t e s  Pa r k ,  Co l o r a d o Ch a n g e s  in  Fu n d  Ba l a n c e s ,  Go v e r n m e n t a l  Fu n d s (m o d i f i e d  ac c r u a l  ba s i s  of  ac c o u n t i n g ) 52 Ge n e r a l Pe r s o n a l / Fi s c a l Am u s e m e n t / Me r c h a n d i s e Lu m b e r  & Pr o f e s s i o n a l Ye a r Re c r e a t i o n Ap p a r e l Ar t s  & Cr a f t s Au t o m o t i v e Fo o d Fu r n i t u r e (R e t a i l ) Lo d g i n g Bu i l d i n g Se r v i c e s Ut i l i t i e s To t a l  Sa l e s  Ta x 20 0 2 31 , 9 3 3 21 1 , 7 0 6 84 , 1 0 6                            23 2 , 3 5 4 2, 0 4 1 , 6 5 7 83 , 5 6 8                            1, 2 3 2 , 5 6 9 1, 2 2 3 , 5 2 4 38 5 , 5 1 9 99 , 8 1 7 41 1 , 7 6 0 6, 0 3 8 , 5 1 3                      20 0 3 34 , 0 7 5 23 7 , 1 5 8 83 , 5 3 9                            20 5 , 9 8 0 2, 1 0 9 , 0 1 3 71 , 5 1 9                            1, 2 2 0 , 2 0 0 1, 2 4 6 , 7 4 0 39 6 , 9 0 6 10 9 , 4 3 0 45 6 , 6 6 5 6, 1 7 1 , 2 2 6                      20 0 4 42 , 6 5 8 29 7 , 8 1 9 87 , 6 9 9                            17 5 , 5 4 4 2, 0 6 9 , 7 9 6 83 , 2 6 9                            1, 1 1 1 , 9 0 0 1, 3 4 2 , 5 5 0 47 7 , 8 9 5 11 2 , 4 4 2 50 0 , 8 8 3 6, 3 0 2 , 4 5 4                      20 0 5 39 , 3 6 8                            27 5 , 6 3 1                      10 3 , 9 4 5                      11 7 , 6 1 8                      2, 1 8 7 , 7 5 0                95 , 5 0 3                            1, 0 5 2 , 1 1 9                1, 4 2 3 , 5 4 2                43 5 , 9 4 7                      98 , 7 1 6                          59 2 , 7 4 3                      6, 4 2 2 , 8 8 2                      20 0 6 45 , 8 0 9 26 6 , 1 3 8 13 7 , 8 3 2                      13 1 , 7 4 6 2, 2 9 0 , 8 1 0 92 , 9 4 1 1, 1 2 0 , 5 5 0 1, 6 0 7 , 2 7 0 43 9 , 1 4 8 89 , 3 8 2 54 5 , 4 9 4 6, 7 6 7 , 1 2 0                      20 0 7 47 , 8 0 1 25 0 , 3 8 9 12 5 , 6 9 2                      14 1 , 6 6 0 2, 4 4 9 , 3 3 0 85 , 9 7 1 1, 2 2 0 , 0 4 9 1, 8 1 3 , 9 7 8 38 2 , 9 9 6 76 , 3 4 7 64 5 , 0 0 0 7, 2 3 9 , 2 1 4                      20 0 8 52 , 5 8 1 in c l  w/  re t a i l in c l  w/  re t a i l 13 5 , 7 8 9 2, 6 0 2 , 6 5 5 in c l  w/  re t a i l 1, 4 7 5 , 0 7 4 1, 7 7 1 , 5 0 9 44 3 , 8 5 6 11 0 , 3 6 6 59 4 , 8 9 0 7, 1 8 6 , 7 2 0                      20 0 9 56 , 2 5 6 in c l  w/  re t a i l in c l  w/  re t a i l 14 1 , 9 9 5 2, 5 7 3 , 1 6 0 in c l  w/  re t a i l 1, 4 1 0 , 7 9 0 1, 6 7 5 , 0 9 2 33 8 , 3 6 4 10 2 , 5 8 2 55 5 , 9 5 8 6, 8 5 4 , 1 9 7                      20 1 0 45 , 0 0 3 in c l  w/  re t a i l in c l  w/  re t a i l 15 0 , 6 9 8 2, 6 4 3 , 9 7 8 in c l  w/  re t a i l 1, 4 0 5 , 7 5 2 1, 7 6 8 , 1 8 7 33 9 , 9 4 4 10 5 , 7 1 9 54 9 , 9 7 0 7, 0 0 9 , 2 5 2                      20 1 1 54 , 9 6 6 in c l  w/  re t a i l in c l  w/  re t a i l 14 0 , 9 9 7 2, 8 1 2 , 4 1 2 in c l  w/  re t a i l 1, 4 5 6 , 8 4 6 1, 9 3 1 , 2 1 5 35 6 , 8 2 6 11 1 , 2 0 5 56 0 , 3 6 1 7, 4 2 4 , 8 2 8                      Sa l e s  ta x  ra t e :  4. 0 0 % So u r c e :  To w n  of  Es t e s  Pa r k    Sa l e s  an d  Us e  Ta x  Re p o r t s Sc h e d u l e  5 To w n  of  Es t e s  Pa r k ,  Co l o r a d o Sa l e s  Ta x  Re v e n u e  by  Ty p e  of  In d u s t r y 53 Total Total Direct Overlapping Fiscal Town of Sales Tax State of Larimer Sales Tax Year Estes Park Rate Colorado County Rate 2002 4.00%4.00%2.90%0.80%7.70% 2003 4.00%4.00%2.90%0.80%7.70% 2004 4.00%4.00%2.90%0.80%7.70% 2005 4.00%4.00%2.90%0.80%7.70% 2006 4.00%4.00%2.90%0.80%7.70% 2007 4.00%4.00%2.90%0.80%7.70% 2008 4.00%4.00%2.90%0.80%7.70% 2009 4.00%4.00%2.90%0.80%7.70% 2010 4.00%4.00%2.90%0.80%7.70% 2011 4.00%4.00%2.90%0.80%7.70% Source:  Colorado Department of Revenue Overlapping RatesCity Direct Rate Schedule 6 Town of Estes Park, Colorado Direct and Overlapping Sales Tax Rates 54 2002 2011 Top three categories (alphabetical)   Food 2,041,657$             2,812,412$                Lodging 1,223,524 1,931,215   Retail 1,232,569 1,456,846     Total:4,497,749 6,200,473 Aggregate all other categories 1,540,764               1,224,355                Total sales and use tax 6,038,513$             7,424,828$              Top three categories as a percentage of total sales tax 74.48% 83.51% Schedule 7 Town of Estes Park, Colorado Principal Sales Tax Categories Current and nine years ago 55 Ta x  In c r e m e n t Ce r t i f i c a t e s Li g h t  an d  Po w e r To t a l   Pe r c e n t a g e Fi s c a l Re v e n u e  Re f u n d i n g of Ca p i t a l Re v e n u e Wa t e r Wa t e r Wa t e r Pr i m a r y of  Pe r s o n a l Pe r Ye a r B o n d s P a r t i c i p a t i o n L e a s e s Bo n d s 3 Lo a n 4 Lo a n s 5 Lo a n s 6 Go v e r n m e n t In c o m e 7 Ca p i t a 7 20 0 2 2, 5 9 0 , 0 0 0 52 9 , 0 0 0 2, 7 1 9 , 7 4 1 2, 6 6 0 , 0 0 0 72 5 , 0 0 0 1, 2 1 0 , 0 0 0 N/ A 10 , 4 3 3 , 7 4 1 18 . 7 4 % 1, 9 2 8      20 0 3 4, 1 6 5 , 0 0 0 46 5 , 0 0 0 2, 4 4 7 , 8 0 0 2, 4 9 0 , 0 0 0 66 5 , 0 0 0 1, 0 9 5 , 0 0 0 N/ A 11 , 3 2 7 , 8 0 0 20 . 3 5 % 2, 0 9 3      20 0 4 3, 4 0 5 , 0 0 0 39 7 , 0 0 0 83 8 , 2 9 4 2, 3 1 5 , 0 0 0 60 0 , 0 0 0 97 0 , 0 0 0 N/ A 8, 5 2 5 , 2 9 4 15 . 3 1 % 1, 5 7 5      20 0 5 2, 5 9 0 , 0 0 0 32 6 , 0 0 0 61 8 , 1 3 6 2, 1 3 0 , 0 0 0 53 0 , 0 0 0 83 5 , 0 0 0 N/ A 7, 0 2 9 , 1 3 6 12 . 6 3 % 1, 2 9 9      20 0 6 1, 7 5 5 , 0 0 0 25 1 , 0 0 0 41 8 , 8 3 6 1, 9 3 5 , 0 0 0 45 5 , 0 0 0 69 0 , 0 0 0 N/ A 5, 5 0 4 , 8 3 6 9. 8 9 % 1, 0 1 7 20 0 7 89 5 , 0 0 0 17 2 , 0 0 0 21 3 , 6 7 5 7, 9 1 5 , 0 0 0 37 5 , 0 0 0 53 5 , 0 0 0 N/ A 10 , 1 0 5 , 6 7 5 18 . 1 5 % 1, 8 6 7 20 0 8 0 88 , 0 0 0 0 7, 4 7 0 , 0 0 0 29 0 , 0 0 0 37 0 , 0 0 0 5, 4 9 4 , 4 1 0 13 , 7 1 2 , 4 1 0 24 . 6 3 % 2, 5 3 3 20 0 9 0 0 0 7, 0 3 5 , 0 0 0 20 0 , 0 0 0 19 0 , 0 0 0 5, 3 9 2 , 2 4 0 12 , 8 1 7 , 2 4 0 23 . 0 2 % 2, 3 6 8 20 1 0 0 0 0 5, 5 0 5 , 0 0 0 10 5 , 0 0 0 0 5, 3 1 2 , 7 7 4 10 , 9 2 2 , 7 7 4 19 . 6 2 % 2, 0 1 8 20 1 1 0 0 0 5, 2 7 0 , 0 0 0 0 0 5, 1 2 5 , 4 6 7 10 , 3 9 5 , 4 6 7 19 . 7 0 % 1, 7 7 5            3   20 0 7  Li g h t  an d  Po w e r  Re v e n u e  Bo n d s  is s u e d  to  fi n a n c e  co n s t r u c t i o n  an d  eq u i p p i n g  of  a ne w  su b s t a t i o n ,  an d  to  re b u i l d  ce r t a i n  di s t r i b u t i o n  li n e s  an d  ma k e  ot h e r                    im p r o v e m e n t s  to  To w n ' s  L& P  fa c i l i t i e s .    19 9 9  Re v e n u e  Bo n d s  ($ 1 , 3 0 5 , 0 0 0  re m a i n i n g  in  20 1 0 )  we r e  pa i d  in  fu l l  du r i n g  th e  ye a r  en d i n g  De c e m b e r  31 ,  20 1 0 .                  In t e r e s t  ac c r u e s  at  3. 8 8 % .            4   19 9 7 B  Wa t e r  Lo a n  fr o m  th e  Co l o r a d o  Wa t e r  Re s o u r c e s  an d  Po w e r  De v e l o p m e n t  Au t h o r i t y  (C W R P D A )  ob t a i n e d  to  fi n a n c e  im p r o v e m e n t s  to  wa t e r  sy s t e m .                            In t e r e s t  ac c r u e s  at  ra t e s  be t w e e n  3. 8 0 ‐5. 0 0 % .        5   19 9 3 A  an d  19 9 0 A  Wa t e r  Lo a n s  we r e  ob t a i n e d  fr o m  th e  CW R P D A  to  fi n a n c e  im p r o v e m e n t s  to  wa t e r  sy s t e m .    In t e r e s t  ac c r u e s  at  ra t e s  be t w e e n  2. 7 0 ‐5. 0 0 % .        6   20 0 8 A  Wa t e r  Lo a n  wa s  ob t a i n e d  fr o m  th e  CW R P D A  to  fi n a n c e  im p r o v e m e n t s  to  wa t e r  sy s t e m .    In t e r e s t  ac c r u e s  at  3. 2 6 % . 7   Se e  sc h e d u l e  12  fo r  pe r s o n a l  in c o m e  an d  po p u l a t i o n  da t a .    Th e s e  ra t i o s  ar e  ca l c u l a t e d  us i n g  pe r s o n a l  in c o m e  an d  po p u l a t i o n  fo r  th e  pr i o r  ca l e n d a r  ye a r .  So u r c e :  Cu r r e n t  an d  pr i o r  ye a r ' s  fi n a n c i a l  st a t e m e n t s Go v e r n m e n t a l  Ac t i v i t i e s Sc h e d u l e  8 To w n  of  Es t e s  Pa r k ,  Co l o r a d o Ra t i o  of  Ou t s t a n d i n g  De b t ,  by  Ty p e Bu s i n e s s ‐Ty p e  Ac t i v i t i e s 56 20 0 2 20 0 3 20 0 4 20 0 5 20 0 6 20 0 7 20 0 8 20 0 9 20 1 0 20 1 1 Ge n e r a l  bo n d e d  de b t  ou t s t a n d i n g ‐ $                                           ‐ $                                           ‐ $                                           ‐ $                                           ‐ $                                            ‐ $                                           ‐ $                                           ‐ $                                           ‐ $                                           ‐ $                                             To t a l ‐                                                 ‐                                                 ‐                                                 ‐                                                 ‐                                                 ‐                                                 ‐                                                 ‐                                                 ‐                                                 ‐                                                  Pe r  ca p i t a 1 ‐ $                                 ‐ $                                 ‐ $                                 ‐ $                                 ‐ $                                   ‐ $                                 ‐ $                                 ‐ $                                           ‐ $                                           ‐ $                                             Le s s :  Am o u n t s  se t  as i d e  to  re p a y  ge n e r a l  de b t ‐                                                ‐                                              ‐                                              ‐                                              ‐                                               ‐                                              ‐                                              ‐                                              ‐                                              ‐                                                To t a l  ne t  de b t  ap p l i c a b l e  to  de b i t  li m i t ‐ $                                           ‐ $                                           ‐ $                                           ‐ $                                           ‐ $                                             ‐ $                                           ‐ $                                           ‐ $                                           ‐ $                                           ‐ $                                             Le g a l  de b t  ma r g i n 2 27 , 9 3 3 , 0 3 2 $       33 , 4 9 7 , 6 7 1 $       34 , 7 3 1 , 3 6 7 $       38 , 0 7 9 , 3 7 7 $       38 , 0 1 6 , 9 6 6 $       43 , 4 7 5 , 2 3 7 $       44 , 1 4 2 , 1 9 0 $       47 , 1 1 0 , 2 3 9 $       47 , 2 8 5 , 8 6 1 $       47 , 6 5 7 , 3 7 0 $       1   Se e  Sc h e d u l e  12  fo r  pe r s o n a l  in c o m e  an d  po p u l a t i o n  da t a .    Th e s e  ra t i o s  ar e  ca l c u l a t e d  us i n g  pe r s o n a l  in c o m e  an d  po p u l a t i o n  fo r   th e  pr i o r  ca l e n d a r  ye a r . 2   Th e  le g a l  de b t  ma r g i n  is  th e  ci t y ' s  av a i l a b l e  bo r r o w i n g  au t h o r i t y .  It  is  ca l c u l a t e d  fr o m  es t i m a t e d  ac t u a l  pr o p e r t y  va l u e  as  pr o v i d e d    by  La r i m e r  Co u n t y .    Fo r  20 1 1 ,  th e  co m p u t a t i o n  is :    $1 , 5 8 8 , 5 7 8 , 9 9 4  x 3%  = $4 7 , 6 5 7 , 3 7 0 . Sc h e d u l e  9 To w n  of  Es t e s  Pa r k ,  Co l o r a d o Ra t i o  of  Ge n e r a l  Bo n d e d  De b t  Ou t s t a n d i n g  an d  Le g a l  De b t  Ma r g i n 57 General Percentage Estimated Obligation Applicable Share of Bonded Debt To Overlapping Jurisdiction Outstanding Government Debt Direct: Town of Estes Park -$ 0.00% -$ Overlapping: Northern Colorado Water Conservancy District 4,819,315 1.35% 65,040 Park Hospital District 21,430,000 57.25% 12,267,853 Estes Valley Library District 180,000 100.00% 180,000 Park R-3 School District 21,990,000 52.00% 11,434,800 Total 48,419,315$ 49.46% 23,947,693$ Sources: documentation from entities listed above Notes: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the Town. This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of the Town of Estes Park. This process recognizes that, when considering the Town's ability to issue and repay long-term debt, the entire debt borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident, and therefore is responsible for repaying the debt, of each overlapping government. Schedule 10 Town of Estes Park, Colorado Direct and Overlapping Governmental Activities Debt As of December 31, 2011 58 Less:Net  Fiscal Water Operating Available Year Revenues Expenses1 Revenue Principal Interest Coverage 2003 2,180,341        1,748,457        431,884           175,000           126,857           1.43 2004 2,180,318        1,880,082        300,236           190,000           106,489           1.01 2005 2,293,172        1,831,533        461,639           205,000           100,589           1.51 2006 2,561,731        2,104,707        457,024           220,000           80,785             1.52 2007 2,637,049        2,184,862        452,187           235,000           71,410             1.48 2008 2,870,884        2,231,912        638,972           250,000           49,293             2.13 2009 3,308,276        2,408,255        900,021           372,170           156,218           1.70 2010 3,168,248        2,521,875        646,373           364,466           146,321           1.27 2011 3,528,571        2,383,332        1,145,239        292,310           136,971           2.67 Light &Less:Net  Power Operating Available Revenues Expenses Revenue Principal Interest Coverage 2003 8,397,192        7,299,675        1,097,517        170,000           133,420           3.62 2004 9,031,761        7,776,845        1,254,916        175,000           125,704           4.17 2005 10,303,444      8,066,753        2,236,691        185,000           117,532           7.39 2006 10,647,925      7,837,303        2,810,622        195,000           107,290           9.30 2007 10,709,833      8,135,931        2,573,902        200,000           100,940           8.55 2008 11,633,289      8,557,903        3,075,386        445,000           302,676           4.11 2009 11,813,434      8,832,666        2,980,768        435,000           307,769           4.01 2010 12,232,397      9,305,461        2,926,936        1,530,000        236,330           1.66 2011 12,682,944      9,836,421        2,846,523        235,000           213,319           6.35 EPURA Debt Service Fund incremental Fund Balance in sales tax Revenue Debt Service revenues Allocation Fund Principal Interest Coverage 2003 2,685,637        936,475           1,347,191        210,000           193,362           3.34 2004 2,763,072        822,451           1,289,113        760,000           120,529           1.46 2005 2,850,658        905,419           1,305,510        815,000           74,022             1.47 2006 3,032,718        1,011,725        1,414,822        835,000           67,413             1.57 2007 2,837,627        1,119,741        1,368,972        860,000           42,488             1.52 2008 2,900,485        1,180,831        1,023,382        895,000           14,544             1.13 2009 ‐                        ‐                        ‐                        ‐                        2      ‐                        0.00 2010 ‐                        ‐                        ‐                        ‐                        ‐                        0.00 2011 ‐                        ‐                        ‐                        ‐                        ‐                        0.00 1 Operating expenses are net of depreciation expense 2   EPURA debt paid off in 2008 GASB 34 implemented in 2003 ‐ data unavailable before 2003 Source: Current and prior year's financial statements Schedule 11 Town of Estes Park, Colorado Pledged‐Revenue Coverage Debt Service Debt Service Water Revenue Bonds Light & Power Revenue Bonds Estes Park Urban Renewal Authority Debt Service 59 Total Median Per Capita Fiscal Personal Family Personal Median School Unemployment Year Population1 Income4 Income1 Income1 Age Enrollment2 Rate3 2002 5,413 165,091,087 55,667 30,499 45 1,411 4.5% 2003 5,413 165,091,087 55,667 30,499 45 1,363 5.3% 2004 5,413 165,091,087 55,667 30,499 45 1,260 4.6% 2005 5,413 165,091,087 55,667 30,499 45 1,265 4.4% 2006 5,413 165,091,087 55,667 30,499 45 1,219 4.3% 2007 5,413 165,091,087 55,667 30,499 45 1,206 3.8% 2008 5,413 165,091,087 55,667 30,499 45 1,162 4.9% 2009 5,413 165,091,087 55,667 30,499 45 1,210 6.1% 2010 5,413 165,091,087 55,667 30,499 45 1,120 7.4% 2011 5,858 204,807,396 52,778 34,962 52 1,126 6.3% 1 2010 Census.  2Park R‐3 School district 3Data obtained from www.larimer.org/compass. 2010 data is for "Larimer County" from Bureau of Labor Statistics 4Total Personal Income derived from Per Capita Personal Income x Population Schedule 12 Town of Estes Park, Colorado Demographic and Economic Statistics 60 # of # of 2002 employees 2011 employees 1 Estes Park Medical Center N/A Estes Park Medical Center N/A 2 Estes Valley Recreation District N/A Estes Valley Recreation District N/A 3 Harmony Foundation N/A Harmony Foundation N/A 4 Holiday Inn N/A Holiday Inn N/A 5 Park School District R‐3 N/A Park School District R‐3 N/A 6 Rocky Mountain National Park N/A Rocky Mountain National Park N/A 7 Safeway N/A Safeway N/A 8 Town of Estes Park 104.25 Town of Estes Park 116.10 9 YMCA of the Rockies N/A YMCA of the Rockies N/A Source:   Town of Estes Park's Community Profile Schedule 13 Town of Estes Park, Colorado Principal Employers 61 20 0 2 20 0 3 20 0 4 20 0 5 20 0 6 20 0 7 20 0 8 20 0 9 20 1 0 20 1 1 Fu n c t i o n / P r o g r a m Ge n e r a l  Go v e r n m e n t    Ad m i n i s t r a t i o n 4 . 2 5 4 . 2 5 4 . 0 0 4 . 0 0 4 . 0 0 5 . 0 0 4 . 0 0 5 . 0 0 5 . 5 0 5 . 5 0    Fi n a n c e 8 . 0 0 8 . 0 0 8 . 0 0 9 . 0 0 9 . 0 0 9 . 0 0 9 . 0 0 9 . 0 0 9 . 0 0 9 . 0 0    Co m m u n i t y  De v e l o p m e n t 8 . 0 0 8 . 0 0 8 . 0 0 8 . 0 0 8 . 0 0 8 . 0 0 8 . 0 0 7 . 0 0 7 . 0 0 7 . 0 0    Po l i c e 2 7 . 5 0 2 8 . 5 0 2 9 . 5 0 2 9 . 5 0 2 9 . 5 0 3 0 . 7 5 2 9 . 6 0 3 0 . 0 0 3 0 . 0 0 3 0 . 0 0    Pu b l i c  Wo r k s 1 6. 0 0 6 . 0 0 6 . 0 0 6 . 0 0 3 . 0 0 3 . 0 0 2 . 0 0 2 . 0 0 2 . 0 0 2 . 0 0    St r e e t s 1 0. 0 0 0 . 0 0 0 . 0 0 0 . 0 0 3 . 0 0 3 . 0 0 3 . 0 0 3 . 0 0 3 . 0 0 3 . 0 0    Pa r k s 1 4. 0 0 4 . 0 0 4 . 0 0 4 . 0 0 5 . 0 0 5 . 0 0 5 . 0 0 5 . 0 0 5 . 0 0 5 . 0 0 Sp e c i a l  Re v e n u e    Mu s e u m 2 . 7 5 2 . 7 5 2 . 7 5 2 . 7 5 2 . 7 5 2 . 7 5 3 . 0 0 3 . 0 0 3 . 0 0 3 . 0 0    Se n i o r  Ci t i z e n s  Ce n t e r 2 3. 0 0 3 . 0 0 1 . 5 0 1 . 5 0 1 . 5 0 1 . 5 0 1 . 6 0 1 . 6 0 1 . 6 0 1 . 6 0    Co n v e n t i o n a l    & Vi s i t o r s  Bu r e a u        Ad v e r t i s i n g 1 . 0 0 1 . 0 0 2 . 0 0 0 . 0 0 2 . 0 0 2 . 0 0 2 . 0 0 2 . 0 0 0 . 0 0 0 . 0 0        Ma r k e t i n g 2 . 0 0 2 . 0 0 2 . 0 0 1 . 0 0 1 . 0 0 2 . 0 0 2 . 0 0 2 . 0 0 1 . 0 0 1 . 0 0        Vi s i t o r  Ce n t e r 0 . 0 0 0 . 0 0 3 . 0 0 6 . 0 0 3 . 0 0 5 . 0 0 5 . 0 0 5 . 0 0 4 . 0 0 3 . 0 0        Sp e c i a l  Ev e n t s 4 . 0 0 4 . 0 0 4 . 0 0 4 . 0 0 4 . 0 0 4 . 0 0 4 . 0 0 4 . 0 0 4 . 0 0 4 . 0 0    Fi r e 3 1. 2 5 1 . 7 5 1 . 7 5 1 . 7 5 1 . 7 5 2 . 0 0 3 . 0 0 3 . 0 0 0 . 0 0 0 . 0 0 En t e r p r i s e    Li g h t  & Po w e r 4 20 . 0 0 2 0 . 5 0 2 0 . 5 0 2 0 . 5 0 1 8 . 2 5 1 9 . 3 0 2 0 . 0 0 2 1 . 0 0 2 1 . 0 0 2 1 . 0 0    Wa t e r 8 . 5 0 9 . 5 0 9 . 5 0 9 . 5 0 1 0 . 7 5 9 . 8 0 9 . 7 0 1 0 . 0 0 1 1 . 0 0 1 1 . 0 0 In t e r n a l  Se r v i c e s    In f o r m a t i o n  Sy s t e m s  (I T ) 4 0. 0 0 0 . 0 0 0 . 0 0 0 . 0 0 2 . 0 0 2 . 0 0 3 . 0 0 3 . 0 0 3 . 0 0 3 . 0 0    Fl e e t  Ma i n t e n a n c e 1 3. 0 0 3 . 0 0 3 . 0 0 3 . 0 0 2 . 0 0 2 . 0 0 3 . 0 0 3 . 0 0 3 . 0 0 3 . 0 0 Di s t r i c t s    EP U R A 5 1. 0 0 1 . 0 0 1 . 0 0 1 . 0 0 1 . 0 0 1 . 0 0 1 . 0 0 1 . 0 0 0 . 0 0 0 . 0 0    Lo c a l  Ma r k e t i n g  Di s t r i c t 6 0. 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 4 . 0 0 4 . 0 0 TO T A L S 10 4 . 2 5 1 0 7 . 2 5 1 1 0 . 5 0 1 1 1 . 5 0 1 1 1 . 5 0 1 1 7 . 1 0 1 1 7 . 9 0 1 1 9 . 6 0 1 1 7 . 1 0 1 1 6 . 1 0 1Pu b l i c  Wo r k s / S t r e e t s / P a r k s / F l e e t  re o r g a n i z e d  in  20 0 6 . 2Se n i o r  Ce n t e r  me a l s  co n t r a c t e d  to  a ca t e r i n g  co m p a n y  in  20 0 4 . 3Fi r e  Di s t r i c t  fo r m e d  in  20 1 0 ,  en d i n g  st a t u s  as  To w n  de p a r t m e n t . 4IT  de p a r t m e n t  sp l i t  fr o m  Li g h t  & Po w e r  in  20 0 6 . 5EP U R A  di s s o l v e d  by  vo t e  in  20 0 9 . 6Lo c a l  Ma r k e t i n g  Di s t r i c t  fo r m e d  in  20 0 9 ,  be c o m e s  pa r t  of  To w n ' s  CA F R . so u r c e :    To w n  of  Es t e s  Pa r k  Hu m a n  Re s o u r c e s  De p a r t m e n t ,  An n u a l  To w n  Bu d g e t Sc h e d u l e  14 To w n  of  Es t e s  Pa r k ,  Co l o r a d o Fu l l ‐ti m e  To w n  Em p l o y e e s  by  Fu n c t i o n / P r o g r a m 62 20 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 Po l i c e Ho m i c i d e 00 0 0 0 0 0 0 1 0 Se x u a l  As s a u l t 5 2 6 1 0 4 8 1 2 2 0 Ro b b e r y 00 0 1 0 0 0 0 1 0 As s a u l t 3 7 3 5 5 3 4 6 4 2 5 3 3 7 3 2 2 1 4 4 Bu r g l a r y 2 7 2 2 3 4 3 3 3 3 2 3 2 8 7 1 8 2 3 La r c e n y ‐Th e f t 1 2 3 1 4 3 1 4 3 1 1 2 1 3 1 1 0 9 7 9 6 9 8 4 7 9 Au t o  Th e f t 7 1 2 1 3 8 7 4 1 2 2 0 Tr a f f i c  Ci t a t i o n s 1 , 1 0 3 5 0 1 4 0 5 2 9 2 3 1 0 2 8 2 4 3 9 4 3 6 3 6 4 4 5 5 Ad u l t  Ar r e s t s 2 1 8 1 6 1 1 8 2 2 2 0 1 7 1 1 5 2 1 8 7 1 8 7 1 5 0 1 6 1 Ju v e n i l e  Ar r e s t s 1 0 8 5 9 4 3 3 3 3 1 4 0 6 7 4 6 6 3 7 5 Re p o r t  nu m b e r s  pu l l e d 8 3 6 1 , 1 3 2 9 7 2 8 3 7 1 , 8 3 9 1 , 8 7 3 1 , 6 7 6 1 , 6 5 2 1 , 5 0 7 1 , 5 3 2 Fi r e Nu m b e r  of  vo l u n t e e r s 3 9 3 9 3 9 3 9 3 5 3 0 3 8 3 6 3 5 3 4 Em e r g e n c y  Re s p o n s e s N / A 4 4 1 4 6 1 4 2 4 4 2 2 4 5 4 4 1 4 5 0 0 5 1 6 4 5 1 Wa t e r  hy d r a n t s 5 5 1 5 9 0 6 1 5 6 4 1 6 4 8 6 5 7 6 6 2 6 6 3 6 6 3 6 6 4 Fi r e  in s u r a n c e  ra t i n g 6 / 6 / 9 6 / 6 / 9 6 / 6 / 9 I S O  Cl a s s  4 I S O  Cl a s s  4 I S O  Cl a s s  4 I S O  Cl a s s  4 I S O  Cl a s s  4 I S O  Cl a s s  4 I S O  Cl a s s  4 Ut i l i t i e s ‐El e c t r i c No .  of  ac c o u n t s 9 , 2 3 6 9 , 4 5 3 9 , 7 1 3 9 , 7 5 3 9 , 9 8 2 1 0 , 1 3 3 1 0 , 3 1 5 1 0 , 3 8 1 1 0 , 4 4 9 1 0 , 4 6 4 Wi n d  Po w e r  cu s t o m e r s N / A 1 0 3 1 0 0 9 8 9 9 1 1 0 1 5 3 1 7 6 1 8 5 1 7 1 Su b s t a t i o n  Ca p a c i t y  (M W ) 6 8 . 7 5 6 8 . 7 5 6 8 . 7 5 6 8 . 7 5 6 8 . 7 5 6 9 1 0 0 1 0 0 1 0 0 1 0 0 Av e r a g e  da i l y  co n s u m p t i o n 3 1 7 , 5 4 0 3 2 2 , 9 3 1 3 2 8 , 1 0 0 3 3 0 , 5 3 4 3 4 0 , 8 6 3 3 4 3 , 3 9 0 3 5 0 , 5 0 0 3 4 5 , 8 3 3 3 4 6 , 9 3 5 3 4 7 , 8 2 7 An n u a l  co n s u m p t i o n 1 1 5 , 9 0 1 , 9 2 7 1 1 7 , 8 6 9 , 7 5 2 1 1 9 , 7 5 6 , 4 1 4 1 2 0 , 6 4 4 , 9 7 6 1 2 4 , 4 1 4 , 9 4 8 1 2 5 , 3 3 7 , 5 0 8 1 2 7 , 9 3 2 , 3 6 2 1 2 6 , 2 2 8 , 9 5 2 1 2 6 , 6 3 1 , 1 0 5 1 2 6 , 9 5 6 , 8 3 5 Di s t r i b u t i o n  sy s t e m  (i n  mi l e s ) 3 4 2 3 4 3 3 4 3 3 4 5 3 5 7 3 6 9 2 8 0 3 2 5 4 0 0 4 0 0 Nu m b e r  of  St r e e t  Li g h t s 1 , 0 8 6 1 , 1 2 5 1 , 1 2 5 1 , 1 6 1 1 , 1 6 5 1 , 1 6 6 1 , 2 5 0 1 , 2 5 0 1 , 2 5 0 1 , 2 5 0 Ut i l i t i e s ‐Wa t e r No .  of  ac c o u n t s 4 , 3 3 3 4 , 5 3 3 4 , 5 7 9 4 , 6 0 6 4 , 8 0 6 4 , 8 7 9 4 , 9 9 3 4 , 9 7 4 5 , 0 1 6 5 , 0 4 4 Pl a n t  Ca p a c i t y  (g a l l o n s ) 6 , 0 0 0 , 0 0 0 6 , 0 0 0 , 0 0 0 4 , 5 0 0 , 0 0 0 4 , 5 0 0 , 0 0 0 4 , 5 0 0 , 0 0 0 5 , 0 0 0 , 0 0 0 5 , 0 0 0 , 0 0 0 7 , 0 0 0 , 0 0 0 7 , 0 0 0 , 0 0 0 7 , 0 0 0 , 0 0 0 Av e r a g e  da i l y  co n s u m p t i o n 1 , 3 0 0 , 0 0 0 1 , 0 4 2 , 8 1 1 1 , 0 6 2 , 0 8 4 1 , 0 9 9 , 4 8 1 1 , 1 3 8 , 6 5 4 1 , 1 3 2 , 4 7 9 1 , 1 6 7 , 1 3 3 1 , 1 2 1 , 4 2 8 1 , 0 9 9 , 3 3 9 1 , 1 1 1 , 1 2 4 An n u a l  co n s u m p t i o n 4 7 4 , 5 0 0 , 0 0 0 3 9 3 , 9 2 1 , 9 1 9 3 8 7 , 6 6 0 , 5 4 7 4 0 1 , 3 1 0 , 3 8 5 4 1 5 , 6 0 8 , 6 5 3 4 1 3 , 3 5 4 , 9 2 8 4 2 6 , 0 0 3 , 3 6 8 4 0 9 , 3 2 1 , 2 0 1 4 0 1 , 2 5 8 , 7 8 0 4 0 5 , 5 6 0 , 3 1 0 Di s t r i b u t i o n  sy s t e m  (i n  mi l e s ) 1 0 0 1 0 0 1 0 0 1 0 7 1 0 7 1 0 9 1 0 0 1 0 0 1 0 0 1 0 0 To w n  Go v e r n m e n t El e c t e d  of f i c i a l s 77 7 7 7 7 7 7 7 7 Ap p o i n t e d  of f i c i a l s 33 3 3 8 8 8 8 7 7 Fu l l ‐ti m e  em p l o y e e s 1 0 4 . 2 5 1 0 7 . 2 5 1 1 0 . 5 0 1 1 1 . 5 0 1 1 1 . 5 0 1 1 7 . 1 0 1 1 7 . 9 0 1 1 9 . 6 0 1 1 7 . 1 0 1 1 6 . 1 0 Pa r t ‐ti m e  em p l o y e e s 3 9 1 7 7 5 7 7 7 8 9 8 Se a s o n a l  em p l o y e e s N / A N / A 3 7 3 7 3 6 3 6 4 6 5 7 4 4 4 5 Sc h e d u l e  15 To w n  of  Es t e s  Pa r k ,  Co l o r a d o Op e r a t i n g  In d i c a t o r s  by  Fu n c t i o n / P r o g r a m 63 20 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 Po l i c e Sc h e d u l e  15 To w n  of  Es t e s  Pa r k ,  Co l o r a d o Op e r a t i n g  In d i c a t o r s  by  Fu n c t i o n / P r o g r a m Bu i l d i n g  Pe r m i t s 3 0 0 3 2 6 3 7 5 4 0 9 4 6 6 5 5 2 5 8 6 3 6 8 4 1 9 4 9 9 Cu l t u r e  an d  Re c r e a t i o n Mu s e u m 11 1 1 1 1 1 1 1 1 Se n i o r  Ce n t e r 11 1 1 1 1 1 1 1 1 Co n v e n t i o n  & Vi s i t o r  Bu r e a u 00 0 1 1 1 1 1 1 1 Lo c a l  Ma r k e t i n g  Di s t r i c t 00 0 0 0 0 0 1 1 1 Ot h e r  Mi s c e l l a n e o u s  Da t a Ac c o m m o d a t i o n s 1 7 7 1 7 7 1 7 7 1 5 0 1 4 0 1 5 0 1 5 2 1 5 0 1 2 4 1 2 4 Fi n a n c i a l  In s t i t u t i o n s ‐‐ ‐ ‐ ‐ ‐ ‐ 55 5 Ne w s p a p e r s 22 2 2 2 2 2 2 2 2 Th e a t e r s 22 2 2 2 2 2 2 2 2 Bu s / T a x i  Co m p a n i e s 22 2 4 4 5 5 2 2 2 Ra d i o  St a t i o n s 11 1 1 2 2 2 2 2 2 Ho s p i t a l s 11 1 1 1 1 1 1 1 1 Ch u r c h e s 2 0 2 0 2 0 1 7 1 7 1 7 1 7 1 9 1 8 1 8 St a t e  hi g h w a y s  (H i g h w a y s  7,  34  an d  36) 3 3 3 3 3 3 3 3 3 3 Ot h e r  Mi s c e l l a n e o u s  Da t a No .  of  Re g i s t e r e d  Vo t e r s N / A 4 , 3 6 7 4 , 3 6 7 4 , 2 5 2 4 , 2 8 4 4 , 2 0 9 4 , 3 1 3 4 , 4 5 2 4 , 4 7 0 4 , 4 9 5 Fa c i l i t i e s  an d  se r v i c e s  no t  in c l u d e d  in  th e  re p o r t i n g  en t i t y : Ed u c a t i o n ‐Pa r k  Sc h o o l  Di s t r i c t  R‐3 (e n r o l l e d ) Es t e s  Pa r k  Hi g h  Sc h o o l  (9 ‐12 ) 4 1 7 3 9 7 3 8 7 4 0 7 4 2 1 4 0 9 4 0 3 3 8 6 3 5 3 3 4 9 Es t e s  Pa r k  Mi d d l e  Sc h o o l  (6 ‐8) 3 3 3 3 4 6 3 2 8 3 3 2 3 1 0 3 0 3 2 9 2 2 7 5 2 3 9 2 4 1 Es t e s  Pa r k  El e m e n t a r y    Sc h o o l  (K ‐5) 6 6 1 6 2 0 5 4 5 5 2 6 5 4 1 4 9 4 4 6 7 5 2 1 5 0 4 5 0 6 Es t e s  Pa r k  Op t i o n s  (H o m e  Sc h o o l e d ) ‐‐ ‐ ‐ ‐ ‐ ‐ 28 2 4 3 0 Pa r k s  an d  Re c r e a t i o n Es t e s  Va l l e y  Re c r e a t i o n  an d  Pa r k  Di s t r i c t 11 1 1 1 1 1 1 1 1 So u r c e :    Lo c a l  au t h o r i t i e s  in c l u d i n g :  CV B ,  EV R P D ,  Pa r k  Sc h o o l  Di s t r i c t  R‐3 64 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Function/Program Police Stations 1 1           1           1           1           1           1             111 Patrol Units 10 10         11         11         12         13         13           13 13 13 Fire Protection Stations 2 1           1           1           1           1           1             222 Water Hydrants 551 590 615 641 648 657       673         663 663 Fire Rating 6/6/9 6/6/9 6/6/9 ISO 4 ISO 4 ISO 4 ISO 4 ISO 4 ISO 4 ISO 4 Public Works Area in Square Miles 6.50 6.50 6.50 6.50 6.50 6.50 6.50 6.98 6.98 6.98 Utilities Water Service Accounts 4,333 4,533 4,579 4,606 4,806 4,879 4,993 4,974 5,016 5,044 Water mains (miles) 103 103       103       104       104       109       100         100            100          100           Fire Hydrants 551 590 615 641 648 657       662         663            663           ‐                 Water Treatment Plants 2 2           2           2           2           2           2             2                2               2                Electric Service Accounts 9,236 9,453 9,713 9,753 9,982 10,133 10,315 10,381 10,449 10,464 Number of Street Lights 1,086 1,125 1,125 1,161 1,165 1,166 1,250 1,250 1,250 1,250 Electric Substations 2            2           2           2           2           2           2             2                2               2                Source:  Town of Estes Park departmental data,   Community Profile Schedule 16 Town of Estes Park, Colorado Capital Asset Statistics by Function/Program 65 COMPLIANCE SECTION SINGLE AUDIT 70 TOWN OF ESTES PARK, COLORADO SCHEDULE OF FINDINGS AND QUESTIONED COSTS Year Ended December 31, 2011 Summary of Auditors’ Results Financial Statements Type of auditors’ report issued: unqualified Internal control over financial reporting: •Material weaknesses identified? yes x no •Significant deficiencies identified that are not considered to be material weaknesses? yes x none reported Noncompliance material to financial statements noted? yes x no Federal Awards Internal control over major programs: •Material weaknesses identified? yes x no •Significant deficiencies identified that are not considered to be material weaknesses? yes x none reported Type of auditors’ report issued on compliance for major programs: unqualified Any audit findings disclosed that are required to be reported in accordance with Section 510(a) of OMB Circular A-133? yes x no Identification of major program: 20.205 Highway Planning and Construction Dollar threshold used to distinguish between type A and type B programs: $300,000 Auditee qualified as low-risk auditee? yes x no Financial Statement Findings The audit of the financial statements did not disclose significant deficiencies in internal control that would be considered material weaknesses, and did not disclose fraud, illegal acts, violations of provisions of contracts and grant agreements, or abuse that were material to those financial statements. Federal Awards Findings and Questioned Costs The audit of federal awards did not disclose significant deficiencies in internal control that would be considered material weaknesses, and did not disclose instances of noncompliance or abuse that were material to those federal awards. TOWN OF ESTES PARK, COLORADO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS Year Ended December 31, 2011 CFDA Federal Grantor/Pass-through Grantor/Program Title Number Expenditures U.S. Department of Justice Bulletproof Vest Partnership Program 16.607 $ 965 Passed through the Colorado Department of Public Safety, Division of Criminal Justice Juvenile Accountability Block Grant 16.523 13,152 Juvenile Justice and Delinquency Prevention 16.540 19,184 Edward Byrne Memorial Justice Assistance 16.738 27,487 TOTAL U.S. DEPARTMENT OF JUSTICE 60,788 U.S. Department of Transportation Passed through the Colorado Department of Transportation Highway Planning and Construction 20.205 1,093,740 Paul S. Sarbanes Transit in the Parks 20.520 39,670 State and Community Highway Safety 20.600 6,225 TOTAL U.S. DEPARTMENT OF TRANSPORTATION 1,139,635 Institute of Museum and Library Services Museums for America 45.301 13,308 TOTAL FEDERAL FINANCIAL ASSISTANCE $ 1,213,731 See the accompanying Independent Auditors' Report. 72 73 TOWN OF ESTES PARK, COLORADO NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS December 31, 2011 NOTE 1:BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards is presented in accordance with the requirements of OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, using the accrual basis of accounting. Therefore, some amounts presented in this schedule may differ from amounts presented in the financial statements. STATE COMPLIANCE Financial Planning 02/01 The public report burden for this information collection is estimated to average 380 hours annually. Form # 350-050-36 City or County: Town of Estes Park, Larimer County YEAR ENDING : December 2011 This Information From The Records Of: Prepared By: Sammi Coleson, Accountant I Town of Estes Park Phone: (970) 577-3569 A. Local B. Local C. Receipts from D. Receipts from Motor-Fuel Motor-Vehicle State Highway- Federal Highway Taxes Taxes User Taxes Administration 1. Total receipts available 2. Minus amount used for collection expenses 3. Minus amount used for nonhighway purposes 4. Minus amount used for mass transit 5. Remainder used for highway purposes AMOUNT AMOUNT A. Receipts from local sources: A. Local highway disbursements: 1. Local highway-user taxes 1. Capital outlay (from page 2)320,630 a. Motor Fuel (from Item I.A.5.) 2. Maintenance: 521,202 b. Motor Vehicle (from Item I.B.5.) 3. Road and street services: c. Total (a.+b.) a. Traffic control operations 18,264 2. General fund appropriations 1,764,485 b. Snow and ice removal 74,689 3. Other local imposts (from page 2)62,085 c. Other 57,830 4. Miscellaneous local receipts (from page 2)3,045 d. Total (a. through c.)150,784 5. Transfers from toll facilities 0 4. General administration & miscellaneous 339,706 6. Proceeds of sale of bonds and notes: 5. Highway law enforcement and safety 787,087 a. Bonds - Original Issues 6. Total (1 through 5)2,119,409 b. Bonds - Refunding Issues B. Debt service on local obligations: c. Notes 1. Bonds: d. Total (a. + b. + c.)0 a. Interest 7. Total (1 through 6)1,829,616 b. Redemption B. Private Contributions 0 c. Total (a. + b.)0 C. Receipts from State government 2. Notes: (from page 2)289,793 a. Interest D. Receipts from Federal Government b. Redemption (from page 2)0 c. Total (a. + b.)0 E. Total receipts (A.7 + B + C + D)2,119,409 3. Total (1.c + 2.c)0 C. Payments to State for highways D. Payments to toll facilities E. Total disbursements (A.6 + B.3 + C + D)2,119,409 Opening Debt Amount Issued Redemptions Closing Debt A. Bonds (Total)0 1. Bonds (Refunding Portion) B. Notes (Total)0 A. Beginning Balance B. Total Receipts C. Total Disbursements D. Ending Balance E. Reconciliation 2,119,409 2,119,409 (0) Notes and Comments: FORM FHWA-536 (Rev. 1-05) PREVIOUS EDITIONS OBSOLETE (Next Page) 1 74 V. LOCAL ROAD AND STREET FUND BALANCE ITEM II. RECEIPTS FOR ROAD AND STREET PURPOSES IV. LOCAL HIGHWAY DEBT STATUS (Show all entries at par) ITEM AND STREET PURPOSES LOCAL HIGHWAY FINANCE REPORT I. DISPOSITION OF HIGHWAY-USER REVENUES AVAILABLE FOR LOCAL GOVERNMENT EXPENDITURE ITEM III. DISBURSEMENTS FOR ROAD 11estes_hutf.xls STATE: Colorado YEAR ENDING (mm/yy): December 2011 AMOUNT AMOUNT A.3. Other local imposts: A.4. Miscellaneous local receipts: a. Property Taxes and Assessments 0 a. Interest on investments 0 b. Other local imposts: b. Traffic Fines & Penalities 0 1. Sales Taxes 0 c. Parking Garage Fees 0 2. Infrastructure & Impact Fees 0 d. Parking Meter Fees 0 3. Liens 0 e. Sale of Surplus Property 0 4. Licenses 0 f. Charges for Services 600 5. Specific Ownership &/or Other 62,085 g. Other Misc. Receipts 0 6. Total (1. through 5.)62,085 h. Other 2,445 c. Total (a. + b.)62,085 i. Total (a. through h.)3,045 (Carry forward to page 1) (Carry forward to page 1) AMOUNT AMOUNT C. Receipts from State Government D. Receipts from Federal Government 1. Highway-user taxes 263,366 1. FHWA (from Item I.D.5.) 2. State general funds 2. Other Federal agencies: 3. Other State funds: a. Forest Service 0 a. State bond proceeds b. FEMA 0 b. Project Match c. HUD 0 c. Motor Vehicle Registrations 26,427 d. Federal Transit Admin 0 d. Other (Specify)0 e. U.S. Corps of Engineers 0 e. Other (Specify)0 f. Other Federal 0 f. Total (a. through e.)26,427 g. Total (a. through f.)0 4. Total (1. + 2. + 3.f)289,793 3. Total (1. + 2.g) (Carry forward to page 1) ON NATIONAL OFF NATIONAL HIGHWAY HIGHWAY TOTAL SYSTEM SYSTEM (a)(b)(c) A.1. Capital outlay: a. Right-Of-Way Costs 00 b. Engineering Costs 37,379 37,379 c. Construction: (1). New Facilities 00 (2). Capacity Improvements 00 (3). System Preservation 283,251 283,251 (4). System Enhancement & Operation 00 (5). Total Construction (1) + (2) + (3) + (4)0 283,251 283,251 d. Total Capital Outlay (Lines 1.a. + 1.b. + 1.c.5)0 320,630 320,630 (Carry forward to page 1) Notes and Comments: FORM FHWA-536 (Rev.1-05) PREVIOUS EDITIONS OBSOLETE 2 75 III. DISBURSEMENTS FOR ROAD AND STREET PURPOSES - DETAIL II. RECEIPTS FOR ROAD AND STREET PURPOSES - DETAIL LOCAL HIGHWAY FINANCE REPORT ITEM ITEM ITEM ITEM Administration Memo To: Honorable Mayor Pinkham Board of Trustees From: Frank Lancaster, Town Administrator Date: June 26, 2012 RE: Visitor Center Amended Retail Sales Policy Background: At the June 12, 2012 Town Board study session staff presented for discussion the Visitor Center Retail Sales policy to the Town Board. Presented at that time were early results of an informal email survey of local businesses. The email survey was sent via Visit Estes Park’s email list serve and through Estes Valley for Partners. The questions posed were: Question One: Should the Town change their policy on Visitor Center retail sales policy or change it? Question Two: Should the Town allow local business to play /display their DVDs at the Visitor Center as long as they are specific to promoting Estes Park? Since the study session the Town has received 52 direct responses to the questions posed. The results are 68% do not want the Town to change the policy of retail sales while 52% are fine with showing DVDs at the Visitor Center specific to Estes Park. Prepared for review and approval is an updated version of the Town’s 2006 Visitor Center Retail Sales policy. Included is the 2006 Town Policy for comparative purposes. Budget: N/A Staff Recommendation: Staff recommends approving the policy submitted which allows displaying/playing DVDs at the Visitor Center and restricts retail sales to specific items. If approved by the Town Board local business owner Nick Molle has confirmed he would pay for the equipment and the installation of the equipment necessary to play his company’s videos at the Visitor Center. Sample Motion: I move to approval/deny the revised Visitor Center Retail Sale policy as presented. Policy: Visitor Center Retail Sales and Displays Date: 05/09/2006 Revised: 06/22/2012       1.1. Purpose To establish a policy that limits both scope and purpose of the sale of retail merchandize and the display of items at the Town of Estes Park Visitor Center. 1.2. Policy It is the policy of the Town Board of Trustees to allow the sale of specific items outlined within this policy and to allow displays at the Visitor Center for the convenience of the visiting guest enhancing their experience when using the Town’s Visitor Center. The primary function of the Visitor Center is to provide assistance and direct visiting guests to lodging establishments, retail shops, restaurants and other destination locations within Estes Park. Understanding the importance of local commerce it is neither the intent nor the desire of the Town Board to have its Visitor Center compete with local retail business. The sale of retail merchandize and the display of items at the Visitor Center are intended to serve as a convenience to the guest while creating that environment synonymous with being a “premier resort community”. 1.2.1 Allowable Sales Those items allowed for sale within the Town’s Visitor Center are: • Post Cards; • Calendars; • Items produced by the Rocky Mountain Nature Association a 501(C)3 organization; and • Items produced by the Estes Park Museum or their affiliate, Friends of the Museum a 501(C)3 organization. Other items allowed for sale at the Town’s Visitor Center will be the sale of tickets and merchandise in support of local fundraising events that support the Estes Park community. 1.3.1 Allowable Displays Those items previously identified within this policy as allowable retail sale items are allowed for display within the Visitor Center. Other display items allowed within the Visitor Center include but are not limited to; brochures, maps, electronic message boards, posters for local non-profit fund raising special events, posters for Town sponsored special events, DVD/CD videos and or other similar video displays. ESTES PARK CONVENTION & VISITORS BUREAU POLICY Retail Sales Policy in the Visitors Center This policy addresses the parameters by which the CVB will abide when selling merchandise in the visitors center. The visitors center was built by the people of Estes Park to offer assistance to our visitors. The Ambassadors along with the CVB staff meet and greet over 200,000 people a year to answer questions and assist with directions. It is the primary task for the Ambassadors and staff to direct the visitors to shop with the retailers in town. Occasionally a visitor will be passing through and not be able to stop in town but, would like to buy a post card or something with Estes Park on it as a remembrance. As a convenience to the visitors the center will provide a limited selection of merchandise for those requests. The items that can be sold in the center include post cards, calendars, Rocky Mountain Nature Association, and Museum titles produced by those groups. This merchandise is being displayed in a manner that does not create a compulsive shopping environment. The post cards and calendars will be on a post card rack. The books will have samples of each on display plus a pricing list noting that these items are available behind the counter. The visitors center will continue to sell tickets and items to benefit local community fund raising events for the betterment of the community.