The URL can be used to link to this page

Home My WebLink AboutPACKET Town Board 2005-09-27Prepared 09/19/05 l ' .fly i. 4/ Ift-4,14.0 Cfr; 3 '... t.;IC=Il .k: .11#,~ TOWN OF ESTES PARK Â· 0Â»35945,3 9>69460 Â·~Â· y. - ..:tifij<Ot.:32.,3)9'.9 j(:~t:ip 19*4 -~ ..:c:. -. i; 3.:..8...}Â·tr :11&.5~C,.Â·si.).Â·'...#;}.pi:.:32.:~*:<*Â·*r 1.I-7 . / The Miesion of the Town of Estes Fark le to plan and provide reliable, hi0h-value eervices for our citizene, visitors, and employees. We take dreat prue eneurin0 and enhancine the quality of life in our community by being good stewarde of public resources and natural eettinG. BOARD OF TRUSTEES - TOWN OF ESTES PARK Tuesday, September 27,2005 7:00 p.m. AGENDA PLEDGE OF ALLEGIANCE PRESENTATION: 6oTH ANNIVERSARY OF THE WHEEL BAR AND 50~h ANNIVERSARY OF THE AERIAL TRAMWAY. PUBLIC COMMENT (Please state your name and address) TOWN BOARD COMMENTS 1. CONSENT AGENDA (Approval of): 1. Town Board Minutes dated September 13,2005. 2. Bills. 3. Committee Minutes: A. Utilities, September 15, 2005: 1. 20-year Water Lease Agreement with Continental Water Bank, Inc. for 10 A.F. of Windy Gap Water. 4. Estes Valley Board of Adjustment, September 13, 2005 (acknowledgment only). 5. Estes Valley Planning Commission, September 20, 2005 (acknowledgment only). 1 Continued on reverse side 6. Motion to set a public hearing date of November 22,2005 on proposed rate changes for Light and Power customers. l A. PLANNING COMMISSION AGENDA (Approval of): Mayor Baudek: Open the Public Hearing for all Consent Agenda Items. If the Applicant, Public or Town Board wish to speak to any of these consent items, they will be moved to the "Action Item" Section. 1. CONSENT ITEMS: A. PRELIMINARY & FINAL SUBDIVISION PLAT: 1. Resubdivision of Lot 1, Seifert Addition, Fred Wojcik/Applicant. B. MINOR SUBIDIVSION PLAT: 1. Kingswood Subdivision, Lot 24, Little Prospect Mountain Subdivision, Michael Kingswood/Applicant. C. PRELIMINARY CONDOMINIUM MAP: 1. The Links of Estes Park, Portion of Lot 3, South Saint Vrain Addition, Bud & Rachel Jarvis/Applicant. 2. ACTION ITEMS: 1. PROPOSAL TO RAISE ELECTRIC RATES 2006/2007 - SET PUBLIC HEARING. Public Works Director Linnane. 2. PRESENTATION - 2004 COMPREHENSIVE ANNUAL FINANCIAL REPORT. Finance Officer McFarland. 3. REAPPOINTMENT OF EPURA COMMISSIONER. Randy Repola, 5-yr. term, expiring 09/14/10. Mayor Baudek. 4. ORDINANCE 12-05 - CONSENT TO TRANSFER WINDY GAP WATER 5. ADJOURN. NOTE: The Town Board reserves the right to consider other appropriate items not available at the time the agenda was prepared. 2 0 I \C (Le EL i Town of Estes Park, Larimer County, Colorado, September 13, 2005 Minutes of a Regular meeting of the Board of Trustees of the Town of Estes Park, Larimer County, Colorado. Meeting held at Town Hall said Town of Estes Park on the 13th day of September, 2005. Meeting called to order by Mayor Pro Tem Susan L. Doylen. Present: Susan L. Doylen, Mayor ProTem Trustees Chuck Levine Wayne Newsom Bill Pinkham Also Present: Jackie Williamson, Town Clerk Gregory A. White, Town Attorney Absent: John Baudek, Mayor Trustee Richard Homeier Trustee Lori Jeffrey-Clark Randy Repola, Town Administrator Mayor ProTem Doylen called the meeting to order at 7:00 p.m. and all desiring to do so, recited the Pledge of Allegiance. PUBLIC COMMENT None. TOWN BOARD COMMENTS. Trustee Pinkham expressed his sympathy to Trustee Homeier and his family for their recent tragedy. Mayor ProTem Doylen commented the Denver Post is running articles on Referenda C & D and she encouraged everyone to read them. 1. CONSENT AGENDA (Approval of): 1. Town Board Minutes dated August 23,2005. 2. Bills. 3. Committee Minutes: A. Public Safety, August 25,2005. B. Community Development, September 1, 2005: Special Events: 1. Resolution #20-05 - Surprise Sale Days, October 8 & 9, 2005. 2. Elk Fest - Closer of MacGregor Ave. from Elkhorn Ave. to Park Ln., Oct. 1 & 2,2005. 3. 2005-2006 Rooftop Rodeo Committee Appointments. Senior Center: 1. Catering for All Occasions - 2006 Food Contract. C. Public Works, September 8,2005. 1. Park Shop Relocation, Dallman Construction $250,000. 2. Park-Shop.Raving.Phase-1-&-Perimeter Fence $27,000.- Board of Trustees - September 13, 2005 - Page 2 It was moved and seconded (Levine/Pinkham) the Consent Agenda be approved, and it passed unanimously. l A. PLANNING COMMISSION AGENDA (Approval of): Mayor ProTem Doylen opened the Public Hearing for all the following Consent Agenda Items: 1. ACTION ITEMS: A. FINAL PLAT: The Neighborhood Subdivision, Metes and Bounds, Pawnee Meadows, LLC/Applicant. B. PROFESSIONAL SERVICES AGREEMENT: Agreement for Professional Services between the Town of Estes Park and the Estes Park Housing Authority, The Neighborhood Subdivision, Metes & Bounds, Pawnee Meadows, LLC/Applicant. C. ATTAINABLE HOUSING AGREEMENT: Agreement between the Town of Estes Park and Pawnee Meadows, LLC, The Neighborhood Subdivision, Metes & Bounds, Pawnee Meadows, LLC/Applicant Dir. Joseph reviewed the final plat stating the subdivision will consist of 30 single-family residential lots, 2 commercial lots, and approximately 2.3 acres of right-of-way to be dedicated for a new road to serve the subdivision. 15 lots would be deed restricted for 30 years and sold to households earning 100% or less of the median income. The remaining 15 lots would be sold to households earning 120% or less of the median income; however, these lots would not be deed restricted. The commercial lots are intended for the development of a community services building by a newly formed non-profit, the Estes Valley Non Profit Resource Center, Inc. and development of a building for the Salud Family Health Center. Under the advisement of Attorney White, staff requests removal of the conditions relating to possible soil or water contamination, as this regulatory responsibility rests with the State of Colorado. Associated with this final plat are an agreement for professional service between the Town and Estes Park Housing Authority (EPHA) and an attainable housing agreement between the Town and Pawnee Meadows LLC. EPHA would provide income qualification for potential buyers of the attainable residential lots through the professional agreement. To ensure the first 15 lots are sold as attainable housing, the Town is requiring an attainable housing agreement. Trustee Newsom asked if the attainable lots would be evenly distributed throughout the subdivision. Paul Kochevar representing Pawnee Meadows LLC handed out a map that displayed an even mix throughout the development. Dir. Joseph stated the Development Code does not address the distribution of attainable lots and commended Mr. Kochevar for the current plan. Attorney White informed the Board that a master deed restriction would be placed on each of the attainable residential lots for 30 years at the time of sale to ensure future purchase by income qualified individuals. Rita Kurelja of the EPHA clarified the professional agreement is contingent upon the EPHA board approval at their September 14~h meeting. EPHA will Board of Trustees - September 13, 2005 - Page 3 be present at each closing and a .5% fee collected at closing will cover EPHA's administrative cost. As there was no public testimony, Mayor ProTem Doylen closed the public hearing, and it was moved and seconded (Newsom/Levine) the Final Plat for the Neighborhood Subdivision be approved, and it passed unanimously. Trustee Pinkham recused himself from item 1.B. It was moved and seconded (Levine/Newsom) the professional services agreement be approved, and it passed with Trustee Pinkham abstaining. It was moved and seconded (Levine/Newsom) the attainable housing agreement be approved, and it passed unanimously. 2. ACTION ITEMS: 1. ECONOMIC ADVISORY COUNCIL APPOINTMENTS. CVB Dir. Pickering stated one of the Town Board 2004-2006 goals is the creation of an economic development strategy for the Town of Estes Park. The goal team, including Trustees Jeffrey-Clark and Pinkham, solicited applicants for the Estes Park 2017 Advisory Council. The list of recommended candidates is as follows: Bill Pinkham, Chairman Donald Gleich, Jr.- Metal Container Corporation Danial Via- Wild Spirits Paul Fishman- 14'ers CaM Judy Lamy- Retired Licensed Pediatric Occupational Therapist John Ericson, Jr.- Estes Park Self Storage and Serendipity Trading Eric Blackhurst- Anderson Realty & Management Bruce Grant- The Estes Group (management consultant) Brad Sishc - Bank of Colorado John Tucker- Sunnyside Knoll Resort Donna Stiens- Retired Small Business Lender and Retail Management Bill Almond- Holiday Inn Jim Bangs- Estes Park Lumber Mark Holler- Mountain Home Plumbing & Heating David Novic- the Warming Hut Ken Larson- All Budget Inn John Hannon- Rocky Mountain National Park (ex-officio member) The Council will use the RRC Economic Development Study as a basis for their analysis and planning. This body will aid in creating a draft economic development strategy as well as ongoing advice to the Town Board to effectively guide the Town's efforts in supporting and expanding the local economy. The Council is advisory only in nature, but is expected to meet monthly and monitor economic indicators as well as aid in defining the appropriate role of local government in the Estes Park economy. Paul Fishman, 14ers Cafa, stated he has accepted the appointment and looks forward to a positive outcome for the community. Trustee Pinkham commented the council would use facts and data to make decisions on the future of the town. The 15 members bring a diverse background that will be beneficial to this non-governmental and non-political council. Board of Trustees - September 13, 2005 - Page 4 It was moved and seconded (Newsom/Levine) to appoint the above list of candidates to the Estes Park 2017 Economic Advisory Board with appointments expiring May 9,2006, and it passed unanimously. Whereupon Mayor ProTem Doylen adjourned the meeting at 7:31 p.m. Susan Doylen, Mayor ProTem Jackie Williamson, Town Clerk RECORD OF PROCEEDINGS Town of Estes Park, Larimer County, Colorado, September 15, 2005. Minutes of a Regular meeting of the UTILITIES COMMITTEE of the Town of Estes Park, Larimer County, Colorado. Meeting held in the Municipal Building in said Town of Estes Park on the 15th day of September 2005. Committee: Chairman Jeffrey-Clark, Trustees Newsom and Pinkham Attending: Chairman Jeffrey-Clark and Trustee Pinkham Also Attending: Town Attorney White, Public Works Director Linnane, Utilities Supt. Goehring, Finance Director McFarland, Town Clerk Williamson Absent Trustee Newsom Chairman Jeffrey-Clark called the meeting to order at 8:00 a.m. WATER DEPTARTMENT Windv Gap Water Lease Request - Request to Proceed. Town Attorney White stated a 20-year lease agreement has been negotiated with Continental Water Bank Inc. (CWB), to provide water to individual well users in the Estes Valley and the Big Thompson River above Drake through an Augmentation Plan. This is in lieu of the Town supplying individuals with water or taking over their current systems. This lease agreement would allow the Town to direct future water requests to CWB. CWB will provide water to individuals that need augmentation water for out of priority diversions. CWB will transfer units of CBT water to the Town, and the Town will lease Windy Gap Water up to a maximum of 10 acre-feet annually. Attorney White clarified this is surplus water for the Town; therefore, the Town is not in danger of not having enough water for its customers. CWB agrees to pay the Town $350.00/yr. for the first ten years of the lease and $450.00/yr. the next ten years of the lease, to cover the Town's administrative costs. The State Engineer is in favor of the lease and appreciates the cooperation of the Town to provide augmentation water to those out of priority diversion that would otherwise be shut down. CWB will file a plan for water augmentation with the Water Court to deliver Windy Gap Water from Lake Estes at the Lake Estes outfall. The Committee recommended approval of the water lease agreement with Continental Water Bank, Inc. as described above. Reports 1. Light and Power Dept. Financial Report - Dir. McFarland reviewed the report. 2. Water Financial Data - Dir. McFarland reviewed the report. 3. Light and Power Dept. 2005/2006 Financial Plan and Rate Study Update - The 2004 Rate Study for the period 2004 to 2008 conducted by Black & Veatch recommended that electric rates be raised an average of 3.9% in 2005 through 2008. Last year, the Town Board approved a 2005 average rate increase of 3.9%. During the rate hearing last November, the public was informed that another 3.9% increase was intended for 2006. The primary goals established by the rate study included a fund balance equal to 90 days O&M or approximately $2,000,000 and a zero annual deficit. The 2005 ending fund balance is estimated to be $2,700,000 and a zero deficit was reached in 2004. Therefore, staff is proposing a rate increase of 1.9% in 2006 and 1.9% in 2007. Staff has set a tentative public hearing date for the 2006 increase on November 22nd with - the rate increase to take effect on January 1, 2006. Towh Attorney White suggested the Town Board consider a public hearing on both the 2006 & 2007 RECORD OF PROCEEDINGS Utilities Committee - September 15,2005 - Page 2 rate increases to minimize the cost of notifying the customers twice. The Committee requests this item be placed on the September 27th Board meeting as an action item to set a public hearing on November 22nd for the proposed 2006 & 2007 rate increases. Miscellaneous Trustee Pinkham questioned how the Public Works Department was handling the increase in fuel costs as the Town looks forward to the 2006 budget. Dir. Linnane stated the current budget numbers have not been adjusted because the fuel costs are lumped into the vehicle maintenance costs. He does not see the need to adjust those numbers at this time. Trustee Pinkham stated he received a phone call from Airbits regarding the recent outage of the fiber optic line. Dir. Linnane informed the Committee that Airbits uses the microwave dish not the fiber optic line. Their contract is with Front Range Internet not the Town or Platte River. Front Range Internet was conducting maintenance that disabled service. Trustee Pinkham expressed concern over the increase in energy costs and questioned how the Town might encourage its customers to conserve energy and reduce waste. Dir. Linnane stated Platte River has an energy efficiency program. He will contact them to see if they could speak at an upcoming Town Board meeting. There being no further business, Chairman Jeffrey-Clark adjourned the meeting at 8:53 a.m. Jackie Williamson, Town Clerk RECORD OF PROCEEDINGS Regular Meeting of the Estes Valley Board of Adjustment September 13, 2005, 8:00 a.m. Board Room, Estes Park Town Hall Board: Chair Al Sager; Members Cliff Dill, Chuck Levine, and Wayne Newsom; Alternate Member Jeff Barker; one vacancy Attending: Chair Sager; Members Dill, Levine, and Newsom; Alternate Barker Also Attending: Director Joseph, Planner Shirk, Recording Secretary Roederer Absent: None; one vacancy Chair Sager called the meeting to order at 8:02 a.m. The following minutes reflect the order of the agenda and not necessarily the chronological sequence. 1. CONSENT AGENDA a. The minutes of the August 2,2005 meeting. b. The minutes of the August 9,2005 special meeting. 2. METES AND BOUNDS. 3965 Little Vallev Road. Applicant: Michael Bryant - Variance Request from Section 4, Table 4-2, of the Estes Valley Development Code. requiring a minimum fiftv-foot side-vard setback in the RE - Rural Estate zoning district Planner Shirk summarized the staff report. He stated that this is a request for a variance to Section 4, Table 4-2, of the Estes Valley Development Code to allow a forty-foot side-yard setback in the RE-Rural Estate zoning district for construction of a new deck. The proposed deck would be five-feet wide by twenty-three-feet long. Although the lot is slightly sub-sized for the RE zoning district, being two acres instead of the minimum lot size of 2.5 acres, it meets the minimum lot-width requirement of the RE district. The lot width is the pertinent dimensional standard for side-yard setback requests. The home was built in 1952, prior to the implementation of setback requirements, and the northwest corner of house is approximately forty- three feet from the property line, based on a site plan prepared by Van Horn Engineering and Surveying. At the time the applicant purchased the property in 1990, the zoning was E-Estate, which also required side-yard setbacks of fifty feet. Planner Shirk stated the building on the adjoining lot that would be nearest to the deck is a storage shed located more than 100 feet away; therefore, the intent of the fifty-foot setbacks would be met. The essential character of the neighborhood would not be substantially altered.- . The home has a sliding-glass door opening onto the area where the deck is proposed. Staff consulted with Chuck Harris of the Larimer County Building Department and determined the building code requires stair landings and stairs to be at least 36-inches wide. It is the opinion of planning staff that a three-foot-wide deck is not functional; staff supports the requested five-foot-wide deck. The request was submitted to all applicable reviewing agency staff and to adjacent property owners for consideration and comment. No significant issues or concerns were expressed by reviewing staff relative to code compliance or the provision of public services. The variance would not adversely affect the delivery of public services such as water and sewer. A letter of objection was received from Ima Matthies of the Little Valley Owners' Association. Planner Shirk noted that the applicant has a long history of obtaining building permits and not completing the work in a timely manner, leading to conflict with the neighbors. The final recommended condition of approval, which prohibits the issuance of additional building permits until the deck has passed the final building inspection, is meant to address this concern. Planning staff and the applicant would work together to alter the condition if an emergency situation, such as a water heater going out, were to occur in the meantime. RECORD OF PROCEEDINGS Estes Valley Board of Adjustment 2 September 6,2005 j - , Chair Sager noted the applicant's statement of intent refers to a deck five-feet long by 8.5-feet wide, while the site plan shows a five-foot by 1wenty-three-foot deck. Planner Shirk stated Mr. Bryant had changed his request to increase the length of the deck but had not updated his statement of intent. The mailing to neighbors was sent a second time to notify them of the changed request. Public Comment: Stan Matsunaka of Clark Williams and Matsunaka, LLC was present to represent the applicant. He stated it was apparent the board felt Mr. Bryant's original request of a 12 x 36-foot deck was substantial when they denied the request at the July meeting. He advised Mr. Bryant to scale back the proposal and noted the current plan for a 5 x 23-foot deck is very small and Would not impact the neighborhood. It is not feasible to add a deck to any other part of the home and it isn't possible to mitigate the applicant's difficulty other than to request a variance. He stated the proposed conditions of approval are very reasonable and recommended their approval. Discussion among the Board of Adjustment members ahd planning staff ensued concerning use of the proposed deck as an emergency exit, whether the deck would have been included in any previous building permits, and whether the applicant's history of zoning code violations should be considdred. Director Joseph noted the deck should be viewed as an amenity for the house, not as an emergency exit. Planner Shirk stated all former building permits have been finalized and there are no existing zoning code violations on this lot. Director Joseph clarified that one option for enforcement of zoning code violations is to deny an applicant access to the variance request process. Because the applicant has made very substantial progress toward being in full compliance with applicable zoning codes over the last few months, Director Joseph allowed the request to come forward. He noted the request is reasonable and fairly minor in terms of applications that come before the Board of Adjustment, and. stated that previous zoning code violations should not have any bearing on-the proceedings. * Will Birchfield, Chief Building Official for the ToWn of Estes Park, answered Board questions regarding the building code requirements for ingress/egress, noting that the current Town regulations are based on the Larimer County regulations. He noted it was possible the applicant had been allowed to install the door with the understanding that a guard rail would be installed and 6 permit for the deck would be requested At a later date. He stated that all building permits expire in eighteen months; work must commence within six months ahd cannot be abandoned for a period of six months without the applicant being re61uired to obtain a new permit. Ima Matthies, president of the Little Valley Owners' Association, was present. She stated that although the adsociation understands the ' planning staff's recommendation for approval, they still can not support the variance request. She stated the second-floor'door had not originally been part of thb house, and noted Mr. Bryant's history of uncompleted projects, with heavy equipment parked on the property for long periods of time. Although the owners' association does not support the variance as requested, they could support a three-foot-wide landing and stairs to provide egress while meeting the building code requirements. William Conger, 1792 Hummingbird Drive; Jon Sypher, 3825 Star Way; and Charles Hanchett, 1640 Black Squirrel Drive, stated their objections to having a business in a residential community. Mr. Conger agreed Mr. Bryant should have egress from the back of his house. Mr. Sypher requested the building permit for the deck be limited to a short time. Mr. Hanchett stated if the property were returned to residential use, he would support the variance request. Member Levine stated the applicant appears to have heeded the statements made at the July Board of Adjustment meeting, and has finalized outstahding permits and requested a variance that will have the least impact. Alternate Member Barker noted RECORD OF PROCEEDINGS Estes Valley Board of Adjustment 3 September 6,2005 that a five-foot-wide deck is not very large and stated his support of the variance request. Member Newsom stated that having the survey done allows the Board to see exactly what the encroachment is, noting the deck would only encroach into the setback an additional three feet beyond the corner of the house. It was moved and seconded (Levine/Newsom) to approve a side-yard setback of forty feet in lieu of the required fifty-foot setbacks, with the findings and conditions recommended by staff, and the motion passed unanimously with one vacancy. CONDITIONS: 1. Full compliance with applicable building codes. 2. Submittal of a setback certificate prepared by a registered land surveyor, which verifies compliance with the approved variance. This setback certificate shall be available on-site for the building official at the footing inspection. A copy of this setback certificate shall be submitted to the Community Development Department prior to final inspection. 3. No additional building permits shall be issued until the deck has been completed and the final building permit inspection finalized. 3. REPORTS None. There being no further business, Chair Sager adjourned the meeting at 8:48 a.m. Al Sager, Chair Julie Roederer, Recording Secretary RECORD OF PROCEEDINGS Regular Meeting of the Estes Valley Planning Commission September 20, 2005,1:30 p.m. Board Room, Estes Park Town Hall Commission: Chair Joyce Kitchen; Commissioners Wendell Amos, Ike Eisenlauer, George Hix, Betty Hull, and Edward Pohl; one vacancy Attending: Commissioners Amos, Eisenlauer, Hix, Hull, Kitchen, and Pohl Also Attending: Town Attorney White, Director Joseph, Planner Shirk, and Recording Secretary Roederer Absent: None; one vacancy Chair Kitchen called the meeting to order at 1:30 p.m. The following minutes reflect the order of the agenda and not necessarily the chronological sequence of the meeting. 1. CONSENT AGENDA a. Estes Valley Planning Commission minutes dated August 16, 2005. Chair Kitchen announced she would abstain from voting due to her absence from the August 16, 2005 meeting. It was moved and seconded (Hull/Eisenlauer) that the Consent Agenda be accepted, and the motion passed unanimously with one abstention and one vacancy. 2. PUBLIC COMMENT None. 3. DEVELOPMENT PLAN 05-06, SALUD FAMILY HEALTH CENTER, Lot 2, Block 3, The Neighborhood Subdivision, 995 Dry Gulch Road, Applicant: Salud Family Health Center of Estes Park Director Joseph reviewed the staff report. He stated this is a development plan application to build an approximately 11,000-square-foot, two-story, office building to house the Salud Family Health Care Center on Lot 2, Block 3 of the Neighborhood Subdivision; the final subdivision plat was approved by the Town Board on September 13, 2005. The lot is zoned (>-Office and is subject to a recorded development agreement that addresses the permitted use and timeframe for development. If the planning staff's recommended conditions of approval are met, the development plan will comply with applicable standards set forth in the Estes Valley Development Code (EVDC) with the exceptions noted herein, and will be consistent with the policies, goals, and objectives of the Comprehensive Plan and other relevant land-use plans. The proposed use is permitted in the 0-Office zoning district and complies with all density and dimensional standards with the exception that the proposed impervious coverage is 57.8 percent; the maximum allowable is fifty percent. A shared parking _~agreement has been executed between the Salud Family Health Center and the owner of Lot 1, the Community Resources Center. Because Lot 2 will also provide 1 1 RECORD OF PROCEEDINGS Estes Valley Planning Commission 2 September 20,2005 parking for the proposed community services building on Lot 1, staff is supportive of the increased impervious coverage requested, provided the impervious coverage on Lot 1 is reduced so the total impervious coverage on the two lots does not exceed fifty percent. A total of forty-five parking spaces are required; forty-seven are proposed. Access to the office building will be from Red Tail Hawk Drive. The main entrance is not oriented to the front property line, as required by EVDC Section 4.4.D.2.a, but staff is supportive of the orientation due to the architectural design of the proposed building and the proposed layout of the site. A stormwater management plan and detention-facilities design were submitted for review with the final subdivision plat for The Â· Neighborhood Subdivision. The stormwater detention facility shown on the development plan for Lot 2 will serve the residential lots of The Neighborhood Subdivision unless an alternate drainage easement agreement can be made with a neighboring property owner. A fifteen-foot, non-motorized public access easement will be dedicated for trail along the Dry Gulch Road property line. A five-foot-wide interior sidewalk will also be provided and a sidewalk will extend to Red Tail Hawk Drive. The proposed landscaping plan complies with the EVDC landscaping requirements, with the exception that parking lot landscaping along the western perimeter is not provided due to the shared parking between Lots 1 and 2. Additional landscaping can be provided on Lot 1 along this border when a development plan is submitted for Lot 1. This request was submitted to all applicable reviewing agency staff and to adjacent neighbors for consideration and comment. Comments were received from the Town of Estes Park Public Works Department, Town Attorney Greg White, Upper Thompson Sanitation District, Estes Valley Recreation and :Park District, and the Colorado Department of Transportation. No concerns were expressed about sewer, water, or fire protection. The traffic impact analysis submitted with The Neighborhood Subdivision plat was routed to the Colorado Department of Transportation for review. CDOT commented that although the twenty-percent increase is not triggared with this development as mentioned in the analysis, the impacts to the intersection at Dry Gulch Road and Highway 34 should be reviewed. No comments were received from neighbors. Public Comment: Roger Thorp, the project architect, and Doug Frisbie, president of the Salud Foundation, spoke of the team effort that went into the development plan. Mr. Frisbie noted Mr. Thorp donated all his services. He stated this will be Salud's fourth facility and noted the proposed building provides room for expansion as' well as a dental clinic, which the clinic has not been able to offer before. It was moved and seconded (Amos/Hix) to approve Development Plan 05-06, with the findings and conditions recommended by staff, and the motion passed unanimously with one vacancy. CONDITIONS: 1. Compliance with the comments in Greg Sievers' memo dated August 26,2005. 2. Compliance with the comments in Greg White's memo dated August 22,2005. 3. Final approval is conditioned on recordation of The Neighborhood Subdivision plat. 4. A detailed grading plan at al"= 10' scale shall be submitted with the building permit application. 5. After site construction is complete, an engineer shall submit a certificate that the grading and drainage was completed in accordance with the approved drainage plan. RECORD OF PROCEEDINGS Estes Valley Planning Commission 3 September 20,2005 4. AMENDED PLAT, Lots 2 & 3, Herman MRD #S-85-91,1922 & 1980 Devil's Gulch Road, Applicant: Richard & Vicki Lane Chair Kitchen stated she would abstain from voting on this request but remained as Chai r. Planner Shirk reviewed the staff report. He stated this is a request to adjust a common lot line between two vacant single-family lots in order to allow the property owner to locate a dwelling in the desired location on Lot 2 without the need for a variance. The proposal complies with all applicable provisions of the Estes Valley Development Code, including the required ten-acre minimum lot size in the RE-1- Rural Estate zoning district. The request was submitted to all applicable reviewing agency staff and to Â·adjacent neighbors for consideration and comment. No significant issues or concerns were expressed by reviewing staff relative to code compliance or the provision of public services. No comments were received from neighboring property owners. Public Comment: Mike Todd of Cornerstone Engineering and Surveying was present to represent the applicant. He stated the applicant is in agreement with the recommended conditions of approval. The applicant, Richard Lane, stated the purpose of the amended plat is to preserve trees and natural outcroppings on the two lots while still providing a nice location for a future home on each lot. It was moved and seconded (Hull/Amos) to recommend approval of the Amended Plat, Lots 2 & 3, Herman MRD #S-85-91, to the Board of County Commissioners, with the findings and conditions recommended by staff and authorization for the Chair to sign the plat when the conditions are met and the plat is presented for signature, and the motion passed unanimously with one abstention and one vacancy. CONDITIONS: 1. A private access agreement shall be submitted for recording with the plat mylars. 2. The notes from the original plat shall be included on this Amended Plat (regarding access, septic systems, radon tests, and the dry hydrant). 3. The following note shall be added to the Amended Plat: "Boundary lines indicated on this map are adjustments of former boundary lines of the property depicted hereon. Such adjustments do not create additional lots or building sites for any purposes. The area added to each lot shown hereon by such adjustment is to be considered an addition to, shall become a part of, and shall be conveyed together with, each lot as shown." 5. AMENDED PLAT, Lots 32 & 33, Thunder Mountain Park PUD, 2502 & 2504 Cirrus Lane, Applicant: Jack & Christine Smith / Richard & Margene Smith Planner Shirk summarized the staff report, stating this is a request to adjust a common lot line between two single-family lots in order to place the existing driveway serving Lot 32 on its own lot rather than in an easement. The lots will remain the same size and required setbacks will be met. This proposal complies with all applicable requirements of the Estes Valley Development Code. The application was submitted to all applicable reviewing agency staff and adjacent property owners for consideration and comment. No significant issues or concerns were expressed by reviewing staff relative to code compliance or the provision of - public services. No comments were received from-neighboring-property owners. RECORD OF PROCEEDINGS Estes Valley Planning Commission 4 September 20,2005 , Public Comment: None. It was moved and seconded (Amos/Hix) to recommend approval of the Amended Plat, Lots 32 & 33, Thunder Mountain Park PUD, to the Board of County Commissioners, with the findings and conditions recommended by staff and authorization for the Chair to sign the plat when the conditions are met and the plat is presented for signature, and the motion passed uanimously with one vacancy. CONDITIONS: 1. The Dedication Statement shall refer to the access easement (public or private) which is being maintained across Lot 33. 2. Lots shall ba labeled as 32A and 33A. 3. A drainage easement shall be dedicated to encompass the existing drainage. 6. REPORTS Director Joseph and Planner Shirk stated the Board of County Commissioners had voted to approve the requests recommended for approval by the Planning Commission at the August 16, 2005 meeting, including the rezoning of the Nytes property, the amended plats for Goldmann and Flanery, the Rocky Point Condominiums preliminary and final condominium maps, and the Idlewilde by the River Condominiums final condominium map. There was discussion regarding whether to respond to a letter written to the Planning Commissioners by Mr. Dave Spry regarding the Nytes rezoning; it was agreed that personal contact already made by Director Joseph would suffice. There being no further business, the meeting was adjourned at 2:04 p.m. Joyce Kitchen, Chair Julie Roederer, Recording Secretary Community Development Department Memo To: Honorable Mayor Baudek Board of Trustees Town Administrator Repola From: David Shirk, Planner -57.5 , Date: September 27,2005 Subject: Preliminary Plat: Seifert Re-Subdivision r. - . L .-- t & 2 /1.-- '~f-1 1 , Background. This is a request to 13+90,111----7 11 1 90Â»-*3 1301 kAi K subdivide property located at 470 Moccasin -2- 11 --- 7, ,-, 11:l 1 --r~*-6 *|@d|r-aj'#.p,'t=1*,=â€¢2-J# 1 1 - --Al'F It- t1 9111.139, 40 Circle from one lot into three lots, The i.Â· 4_ +'l g"r.Â·Liz==,9 -Fl ' 4.1 PL- 'i,- ir#I. F ~,Sj., property is characterized by steep, north Ii-4--0 i Z :#-'L,!'171-11 -li'.2- --7 1- ~.7,7i ~~ facing slopes, and includes identified - 4 v---4- al,1,- -11 ItÂ«4;55 -V--- - wildfire and geologic hazards. The property --~=*lag~*'-Â·=-7-r Â·-.. ~ - x t~jak- ff.- is a 2.63-acre "R-2" Two-Family zoned -* 1 1 21 1 3 1 v:.: R=i Â· p '-- -21â€¢,i -4 property. .1 r, 1-- i I 7 i. 1 ..1-. The applicant has worked closely with Staff -- >, ~ to craft very specific building envelopes that - will ensure all development is located in the ---- / , -- lower portion of the property, where the slope is not as steep. In fact, the applicant has revised the design three times to achieve the current layout. Budget. N/A Action. At their regularly scheduled August 16 meeting, the Estes Valley Planning Commission voted to recommend APPROVAL of the Preliminary Plat of the Seifert Re-Subdivision CONDITIONAL TO: 1. Lots 2 and 3 shall be rezoned to "E" Estate (M-acre). This shall be at no cost to the applicant. 2. Design standards shall be submitted for recording with the final plat. These shall address building color (muted colors) and materials (natural materials of wood, brick, or stone), require that each structure be individually designed, and limit the footprint of each dwelling to a 1,500 square feet. -34 3. A driveway maintenance agreement shall be submitted with the final plat. The ' cost of driveway construction shall be born by the applicant, and shall be included in the Development Agreement to be submitted with the final plat. 4. The applicant shall install a street sign for proposed Robin Meadow Lane. 5. All service lines shall be installed to the property line prior to the paving of the drive. 6. The subdivider shall install the electric service and distribution system. Plans shall be finalized with the required construction drawings to be submitted with the Final Plat. 7. The existing dwelling shall connect to the EPSD line located under Moccasin Circle. (the following conditions were all technical corrections, and have been addressed) 8. The applicant shall petition to get out of the UTSD area, and into the EPSD area. This process shall be completed prior to submittal of the final plat. 9. Details of the driveway drainage swale shall be included with the Final Plat. 10.The driveway radius shall be delineated, and the driveway opening shall not exceed 30-feet at the street line (per Appendix D). 11.The access easement shall be revised so it does not encroach onto Lots 2 or 3, with the exception of a small portion in the northeast corner of Lot 2. The easement shall also be labeled as a drainage easement. j 12.An easement shall be dedicated to for the electric service across Lot 1. 13."Base Zone Lot Size Requirements" shall include specific lot numbers in addition to directional descriptions. 14.The "Project Timing" outlined on the Grading Plan shall be revised to reference 2006. 15.Ten-foot wide utility easements shall be dedicated around the perimeter of the subdivision. 16. Proposed building envelopes shall tie to a lot corner. 17. Distances from the lot lines to "Proposed House" shall be removed. 18.The labeling in the area south of the proposed driveway to the existing house shall be clarified. 19.The grading plan shall be redesigned to ensure drainage from the lowest portion of the driveway will be directed east and not into the road. 20.The following notes shall be placed on the plat: a. "Wildfire mitigation in accordance with the Estes Valley Development Code shall be required prior to issuance of certificates of occupancy." b. Lots 2 and 3 shall be subject to Section 7.7 of the Estes Valley Development Code, regarding Geologic Hazards. â€¢ Page 2 Community Development - Department Memo To: Honorable Mayor Baudek Board of Trustees Town Administrator Repola From: David Shirk, Planner Â·~25. Date: September 27,2005 Subject: Final Plat: Seifert Re-Subdivision 1 1 11-/1/ 1111 - 1 Background. This is a request to Â¥~1141 7- .' 1 1411 - - subdivide property located at 470 Moccasin 4. p Gli-1 - 11 141 7 lik,lital~-rentirr ,- '1~-Li '71111 21 12', :T___2,- -=-G --t = 11111121 1- 1., .J.lf Circle from one lot into three lots. 1 4 1 -- 161 ./ 4 6,L *.1,~U "A rt- 1-t .tfiewwk q d - T ' 1.17 - 11- .4 '- - , â€ž= Budget. N/A ~1' )41= '-- -t-" ij-r-FI,r-4,<-t~ mull ' 8:Ii- 1 1~I Action. Staff recommends APPROVAL of ---r -â‚¬7.--f 1 6-*--h.FIA-:32*~. 1 ... 11..:-:-f 'Dih,- +1 6--,FA'h the Final Plat of the Seifert Re-Subdivision -* ' 6:~C r---~ I .. Râ€¢2 : fet-4#4 'ifttd2 h,--4 - 141 7.11:11 CONDITIONAL TO: 1\. 2 1 11141.-PÂ»h-1114 1. Compliance with the approved -- Preliminary Plat. - E- 112-_t-\:. 1 ./ 9 2. Compliance with Town Attorney White's memo to Community Development dated September 15, 2005 (regarding the dedication statement, protective covenants, and maintenance agreement). 3. Compliance with Estes Park Sanitation District memo to Community Development dated September 16,2005. 4. Prior to issuance of a building permit for Lots 2 or 3, the electrical plan shall be finalized and approved by the Light and Power Department. IME Community Development Department Memo To: Honorable Mayor Baudek Board of Trustees Town Administrator Repola From: David Shirk, Planner 15. Date: September 27,2005 Subject: Kingswood Minor Subdivision Background. This is a request by Mike r-=--r-Â»--2_ +=7 4- 1 *r Kingswood to subdivide a 1.55-acre "E" L. - b--4 -'4-h4 -<~~~~~~-=-<1--1,1. Estate zoned lot into two lots. Approval L- - 1 11- JJA <kkt/. *k=-1 2 2 --_-_ 9.:./. 1- 1-,11~ /0791 --1 2"1 - 1 3 of this subdivision would allow -I:.1 ~4~ ,-1--J-?~- 4.-ET-- f * -4/-' '3- 1-/1 1.1 1 .1 ~ ./- ..1-1 1/7/I - 4 -=.2 . 1' _ - construction of one additional house, and 4.21 i .1- 4 - 1- ; Â·" R' '4 E, J 4 / -Ate- t would provide site-specific "limits of 4.2 3 _a:,a 13- - disturbance" standards that do not apply /1- 1 4.- 01- 4 E 2 =J to the existing lot, thus protecting trees ' E-z .i-'-~fi -1 +4. -i..... 5 and rock outcroppings. Public facilities ~ ,-',\I-,- 2 81, i.-22 4.~T-J~=-i null K K ~ 1-94 1-1-7 ' 2 - IiI. ..." S- - are available to serve this proposal and r 7 \- 9 --14'Nd,11!Un / - â€¢: 21=440-- Fr /1,- stormwater detention will be provided. *4(2_~ _ 4 1~ 4 11.11 1 !11.., A. 1 -' 11- 1-1-1 11 1-1 r f -3.17 -1 . 1 r 11 A.15' 1 i -1 + - ** taw At the public hearing, which was attended by several neighborhood residents, the Planning Commission directed Staff and the Applicant to discuss amending the required Limits of Disturbance. Staff and the Applicant have since walked the site and the Limits of Disturbance have been amended as delineated below. Budget. NA Action. At their regularly scheduled August 16, 2005 meeting, the Estes Valley Planning Commission voted to recommend APPROVAL of the Kingswood Minor Subdivision CONDITIONAL TO: I 1. The Limits of Disturbance shall be amended as per Figure 1 set forth in the Staff report, unless an agreement can be reached between Applicant and Staff modifying the Limits of Disturbance to the satisfaction of both parties prior to submission to the Town Board for final approval [see below]. 2. Limits of Disturbance spelling shall be corrected. 3. The following note shall be placed on the plat: "Limits of Disturbance shall apply unless modified by a site-specific development plan." 4. A drainage easement shall be dedicated for the proposed drainage swale across Lot 1. 5. The weir system for the proposed detention pond should be shown on the plat, and shall comply with Section 7.2.B7, which states "adverse visual and aesthetic impacts on the natural landscape and topography shall be minimized to the maximum amount feasible." 6. The subdivider shall install required electric service. Plans shall be reviewed and approved by Light and Power. 7. Stanley Circle shall be widened to 22 feet along the length of the subdivision. Road plans shall be reviewed and approved by Public Works prior to construction. 8. The required Subdivision Improvement Agreement shall include all required improvements, including road upgrade, electric, drainage, and monumentation. 9. The dedication statement shall dedicate the utility easements to the public in the form required by the Estes Valley Development Code. â€¢f-w,k - - u.-:*3_371,9tj,64615-1-1*2-9:na 1- I . . %'I~.I '27'~~- 4, { :4/99*Ch\11>102~Â£=BW. 11*lLTI,duffzr> .,< Â¥3. 41,2 - '\ f.4--4.4 3?.:42,93/4+42.Â»241 i = 23Â·~1 11- ~s: 1,Â« Â·f ' ' :r .74' .,1 , i %;j j <61 ' 1. Â· .ha: -:EKEF'i ,) i ~3Â·1\\1\4-'Â·d ji'. .6/6/6,; fit .,R.L 13=,1 -gs-,76 .r.4- , i- 4/4-13 9Â·73 iÂ·r jo ..Â·f 61 / ./ PORTION OF LOT : bel:r- ,&*4/Ii / /41Â£& 125Â¥n-+0*. Nl=R i '. \, , b . ' .Â·0 4 ./../8â€¢k . i./3/I -/A PORTION OF LOT 21 P=301-11-at ' k V itt : papili â€¢ Page 2 7,===S= El-=2 1 .A= MEMORANDUM To: Honorable Mayor Baudek and Board of Trustees From: Bob Joseph, Community Development Director Date: 9-21-05 Subject: PRELIMINARY CONDOMINRJM MAP: The Links of Estes Park, Portion of Lot 3, South Saint Vrain Addition, Bud & Rachel Jarvis/Applicant. I L 1 J Trail j ~ Ridge -1 \ J. F Eagles "RM"| The Links of 1. 01 Landing -1 *-tlEstes Park Family 1 Eagle L View Golf Course F .1,--- 7~ ~ ~ ~ ~ i*Hole Golf Course .CO. Background: This is a preliminary Condominium Map application to condominiumize three residential duplexes on a 1.016-acre lot zoned "RM" Multi-Family Residential. The property is located off South Saint Vrain Avenue (CO Highway 7) and is accessed via the northern-most entrance to Eagles Landing Condominiums. Budget: no impacts Recommendation: The Planning Commission recommends approval. TOWN of ESTES PARK Inter-Office Memorandum DATE: September 22,2005 TO: Town Board FROM: Bill Linnane SUBJECT: Request for a Nov. 22, 2005 Public Hearing/Light & Power proposed Electric Rate Two-year Increase in 2006 and 2007 Background: The year 2006 is the 2nd year of the 2005-2008 Black & Veatch Financial Plan that recommended the electric rates be raised an average of 3.9% in 2006, 2007 and 2008. In order to minimize the impact to customers, staff proposes a rate increase of 2.5% in 2006 and a 3.9% maximum increase in 2007. A 2.5% rate increase in 2006 and a 3.9% increase in 2007 result in the following financial plan targets: â€¢ The estimated 2005 ending fund balance does not change - $2,700,000 â€¢ The estimated 2006 ending fund balance will be approximately $2,500,000 â€¢ The estimated 2007 ending fund balance will be approximately $2,500,000 Staff has set the following tentative schedule for the proposed 2006 and 2007 rate increases: â€¢ October 1, 2005 - Public Notice of Public Hearing â€¢ November 22,2005 - Town Board (Public Hearing) Rate Increase â€¢ December 2,2005 - Publish Rates â€¢ February 1, 2006 - Rates become effective Cost/Budget: The in-house cost of public notification with utility bill inserts is estimated to be a maximum of $5,000. This includes out-sourced printing of the notices, publication in newspapers, the cost of personnel to stuff notices in utility bills and other misc. costs, such as increased postage. It should be noted that approval of a two-year rate increase will result in only one cost for public notification. Action: Staff requests/recommends approval to set the Nov. 22,2005 Town Board meeting as the public hearing for the proposed 2006 and 2007 rate increases . BL/lb MEMORANDUM TO: HONORABLE MAYOR BAUDEK, BOARD OF TRUSTEES, TOWN ADMINISTRATOR REPOLA FROM: STEVE MCFARLAND, FINANCE OFFICER SUBJECT: PRESENTATION OF AUDITED COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) FOR THE YEAR ENDED DECEMBER 31, 2004 DATE: 9/23/2005 CC: Background The Town of Estes Park (I'own) undergoes an annual independent audit of its financial statements. The resulting financial statements are reported in a bound presentation known as the Comprehensive Annual Financial Report, or "CAFIC'. Once approved, the CAFRs are available for public consumption, and are submitted to various government entities and concerned parties as requested or required by law. The CAFR. for the year ending December 31, 2004 is complete and has been presented to the Audit Committee by the independent auditing firm, of Swanhorst & Company LLC. The independent auditor's 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 in conformity with generally accepted accounting principles. There were no findings of material weaknesses. Comments from the Government Finance Officer's Association (the entity that awards annual recognition for excellence in financial reporting) regarding the 2003 CAFR have been addressed. Trustee Pinkham, Chairperson of the Audit Committee, provided the following report: "Following a review and discussion of the Audit Report, the Audit Committee accepted the report and commended the Finance Department and Town Administration on their effective management the budget and the quality of the financial reporting. Pete Brandjord's departure came as a surprise; but Debbie Parrack and the staff did a great job of handling the transition and bringing Steve McFarland, the new Finance Director, up to speed. The Coinmittee appreciates the continuous efforts to ensure compliance with government and legal accounting standards and improve the clarity of our reporting procedures. The town can take pride in the strength of our financial management." Action The Audit Committee recommends acceptance of the audit report and CAPR for the year ended December 31, 2004. Memo Date: September 22,2005 TO: Town Board From: Gregory A. White RE: Ordinance - Consent to Transfer Windy Gap Water BACKGROUND: In 1988 the Town transferred 35 units of Windy Gap Water to the Superior Metropolitan District. Superior Metropolitan Distlict is transfer~ng 7 of those Windy Gap units to the Town of Erie. The transfer requires the consent of the Town through the adoption of an Ordinance. I have reviewed the Ordinance and it is acceptable. Please note that the Town remains contingently liable on all debt service payments for the 7 units of Windy Gap Water transferred by Superior to the Town of Erie. However, Erie is required to either deliver a Letter of Credit or fund an escrow account with the Municipal Subdistrict Northern Colorado Conservancy District, to ensure payment of each year's bond obligation. Also, if Erie would default on any payments, Superior Metropolitan District is then next in line to make the payments, and if it fails to make the payments then the Town would be required to make the payments. The Town, in the unlikely event that it would need to make the bond payments, would receive back the 7 units of Windy Gap Water. Since the value of the 7 units of Windy Gap Water is substantially greater than the remaining bond payments, this event would not be a liability to the Town. BUDGET IMPLICATIONS: There are no budgetary implications STAFF RECOMMENDATION: It is the Staffs recommendation that the Ordinance be adopted. ORDINANCE NO. 12-05 AN ORDINANCE CONSENTING TO THE TRANSFER OF CERTAIN WINDY GAP UNITS BY SUPERIOR METROPOLITAN DISTRICT NO. 1 AND AUTHORIZING AND DIRECTING THE MAYOR AND TOWN CLERK OF THE TOWN OF ESTES PARK TO EXECUTE AND FILE, ON BEHALF OF THE TOWN OF ESTES PARK, COLORADO, SUCH DOCUMENTS AS ARE NECESSARY TO CONSENT TO THE TRANSFER OF 7 UNITS OF WATER OF THE MUNICIPAL SUBDISTRICT, NORTHERN COLORADO WATER CONSERVANCY DISTRICT TO THE TOWN OF ERIE NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK, COLORADO. Section 1. The Board of Trustees of the Town of Estes Park, Colorado, hereby consents to the transfer of seven (7) Units of Windy Gap water from Superior Metropolitan District No. 1 to the Town of Erie. The seven (7) Units being transferred were originally transferred to Superior Metropolitan District No. 1 from the Town of Estes Park, Colorado pursuant to Ordinance No. 4-88. Section 2. The Mayor and Town Clerk of the Town of Estes Park, Colorado, be and hereby are authorized and directed to execute and file, on behalf of the Town, such other and further documents as are required by the Municipal Subdistrict, Northern Colorado Water Conservancy District to evidence the consent of the Town of Estes Park to the transfer of seven (7) Units of Subdistrict Windy Gap Water. Section 3. That the Mayor and Town Clerk of the Town of Estes Park, Colorado, be and hereby are authorized and directed to execute the Petitions for Water Allotment Contracts of the Town of Erie. A copy of the Petition for Water Allotment Contract for Erie is attached hereto as Exhibit A. Section 4. The Town of Estes Park hereby recognizes and agrees that its obligation to repay its portion of the bonded indebtedness o f the Subdistrict relating to the Windy Gap Project does now and will in the future continue to exist; that said obligations will not be discharged until the repayment of all bonded indebtedness incurred by the Subdistrict as of the date hereof; and that the Subdistrict may levy a special assessment pursuant to C.R.S. 37-45-123 on lands within the Town pursuant to the terms of the Water Allotment Contract to the Town of Estes Park dated July 11, 1975, in the event that Subdistrict does not, for any reason, including, but not limited to, the insolvency or bankruptcy of M.D.C. Land Corporation, the Superior Metropolitan District Nos. 1, 2, or 3 (with regard to all thirty-five (35) Units originally transferred pursuant to Ordinance 4-88), the Town of Erie (with regard to a total of fourteen (14) of the original thirty- five (35) Units transferred to the Superior Metropolitan District No. 1), or the City of Louisville (with regard to six (6) of the original thirty-five (35) Units transferred to the Superior Metropolitan District No. 1), receive the annual payments required by the Water Allotment Contracts of the Town of Erie and/or the City of Louisville, or in the event that the Water --1 . 4 f I Allotment Contracts of the Town of Erie and/or the City of Louisville are terminated by the Subdistrict according to their terms. Section 5. The adoption of this Ordinance, and the execution of the documents authorized herein, shall not revoke or repeal Ordinance No. 10-75 of the Town of Estes Park, as adopted on May 13, 1975, nor Ordinance No. 4-88 of the Town of Estes Park, as adopted on March 31, 1988. Section 6. The adoption of this Ordinance is contingent upon the execution by the Town of Erie of the Petition to Municipal Subdistrict of the Northern Colorado Water Conservancy District for Water Allotment Contract, the form of which is attached hereto as Exhibit A. Section 7. The Board of Trustees of the Town of Estes Park, Colorado, herewith finds, determines and designates that this Ordinance is necessary for the immediate preservation of the public peace, health and safety in order to immediately authorize the transfer of the Windy Gap water, and since it is the opinion of the Board of Trustees that an emergency exists, this Ordinance shall take effect upon its adoption. PASSED BY THE BOARD OF TRUSTEES AND SIGNED THIS DAY OF ,2005. TOWN OF ESTES PARK, COLORADO Mayor ATTEST: Town Clerk I, , Town Clerk of the Town of Estes Park, CO, do hereby certify that the above is a true, exact, complete and unaltered copy of Ordinance # on file in my o ffice as part o f the o fficial records of the Town of Estes Park. , Town Clerk 2 TOWN of ESTES PARK Inter-Office Memorandum DATE: September 26,2005 TO: Town Board FROM: Bill Linnane 4- SUBJECT: Request for a November 22,2005 Public Hearing/Light & Power Proposed Electric Rate Two-year Increase in 2006 and 2007 Background: The year 2006 is the 2nd year of the 2005-2008 Black & Veatch Financial Plan that recommended the electric rates be raised an average of 3.9% in 2006,2007 and 2008. In order to minimize the impact to customers, staff proposes rate increases in accordance with the current U.S. and Denver/Boulder Consumer Price Index (CPI) 2006 forecast of 2.5% and 2007 forecast of 2.8%, both being less than the 3.9% used in the study. Note: During last year's 2005 rate hearing the public was notified to expect a 3.9% rate increase in 2006, with the possibility of additional rates as recommended in the Black & Veatch study through 2008. The proposed 2.5% rate increase for 2006 and the proposed 2.8% in 2007 should have less financial impact upon our customers. The following fund balance estimates are based upon the proposed two-year rate increase: â€¢ The estimated 2005 ending fund balance does not change - $2,700,000 â€¢ The estimated 2006 ending fund balance will be approximately $2,500,000 â€¢ The estimated 2007 ending fund balance will be approximately $2,500,000 Staff has set the following tentative schedule for the proposed 2006 and 2007 rate increases: â€¢ October 1, 2005 - Public Notice of Public Hearing â€¢ November 22,2005 - Town Board (Public Hearing) Rate Increase â€¢ December 2,2005 - Publish Rates â€¢ February 1, 2006 - Rates become effective Cost/Budget: The in-house cost of public notification with utility billinserts is estimated to be a maximum of $5,000. This includes out-sourced printing of the notices, publication in newspapers, the cost of personnel to stuff notices in utility bills and other misc. costs, such as increased postage. It should be noted that approval of a two-year rate increase will result in only one cost for public notification. Action: Staff requests/recommends approval to set the Nov. 22, 2005 Town Board meeting as the public hearing for the proposed 2006 and 2007 rate increases . BL/lb fÂ¥ The town of Estes Park wants to help the people who have been struck by the two recent hurricanes in our southern states. My first reaction was to somehow see us help raise funds to give to the Red Cross or Salvation Army to help meet the immediate needs of these people. After thinking about it for a while and talking to other trustees and people in the community I have another suggestion. When I look at our community and think about what is important to us here in Estes Park. but not on the level of say of getting water or electricity services back up if we has such an emergency, but something that we would miss and probably not be covered under assistance programs in the near future, I think of our library it is something that we all take pride in. I would like to see the town and the library work together and select some community in this devastated area, preferably a community somewhat similar in size to us and have Estes Park adopt their library. Perhaps we could use the assistant of the National League of Cities to direct us in the right direction as well as the library associations and I could see some of our own residents having some knowledge of the area and make some suggestions. I would welcome other civic groups in our community to co- sponcer this effort. I could see this as sort of a sister city undertaking with the other assistance to this community as needed from difference segments of the community. Over the next few weeks I would like to see us formalize a plan of action and present it to the community. If you or your organization would be interested please let us know. TOWN OF ESTES PARK, COLORADO r.*1 4 f '41 / i...:Il I .Â¥ k ~'frÂ·'ft q. ... *Pit.t 4 33 *-:..72: i I ,â€¢Â·Â¥FÂ¥11 *1 Â· 6&4'4 -*<5,~-0 ' -*ZEÂ·- - 4 M.Z. - â€¢ .....7 , 'Â·. 4 41Â£ 74 .41:. -22 -90 -Â·.4- - A - 72 2.47*-li- -2 3- - -- 72:21.22-1~T--*:I-T.-2~.4-r--,ff=*FnE*' 1.--/41 ...... 451,<4/1*/4*vift# - 4 2:55-5326/3/.11- - -4 -Â·- ~: ,~ - ..ifi.I ~'41:tff>39 21 -- I. ..\Al .1 h 4 I ... . 22Â·-f.' -Â«47 V ....... . .>2*. 22.:376.* . 77*Vel, 6 - I.- R 3 1 ~ ..2, 4 y,li),1 -47%37 . % 0 1,1 r - - iii ' . - - icirt -'I.~JA/~~99Â£:.. - .:4111'Jl-Â· :2'~ / 11 - - /lan.A/hm#/bft/'>B#R , 1 -Â· A !\.- 6,"e le. 8 AJM #4 . P , I. If -ahmer- lf'u .r Lk Big Horn Sheep Sculpture - Eastern Gateway COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Year Ended December 31, 2004 - P <2- - 2 4 ' 4/ m. I luell SaUIef@ 1 1 INTRODUCTORY SECTION TOWN OF ESTES PARK, COLORADO COMPREHENSIVE ANNUAL FINANCIAL REPORT December 31, 2004 Prepared By FINANCE DEPARTMENT This page intentionally left blank. TABLE OF CONTENTS PAGE INTRODUCTORY SECTION Title Page Table of Contents i - iv List of Principal Officials v Organization Chart Vi GFOA Certificate of Achievement vii Transmittal Letter Viii - Xii FINANCIAL SECTION Independent Auditors' Report Management's Discussion and Analysis a-h 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 General Fund - Budgetary Comparison Statement 6-7 Community Reinvestment Fund - Budgetary Comparison Statement 8 Statement of Net Assets - Proprietary Funds 9 Statement of Revenues, Expenses and Changes in Fund Net Assets - Proprietary Funds 10 Statement of Cash Flows - Proprietary Funds 11 Statement of Fiduciary Net Assets 12 i TABLE OF CONTENTS (Continued) PAGE FINANCIAL SECTION (Continued) Basic Financial Statements (Continued) Statement of Changes in Fiduciary Net Assets 13 Notes to Financial Statements 14 - 34 Required Supplementary Information Schedule of Funding Progress - Volunteer Firefighter's Pension Plan 35 Combining and Individual Fund Statements and Schedules Governmental Funds Combining Balance Sheet - Nonmajor Governmental Funds 36 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - 37 Nonmajor Governmental Funds Museum Fund - Budgetary Comparison Schedule 38 Conference Center Fund - Budgetary Comparison Schedule 39 Conservation Trust Fund - Budgetary Comparison Schedule 40 Special Events Fund - Budgetary Comparison Schedule 41 Open Space Fund - Budgetary Comparison Schedule 42 Senior Citizens Fund - Budgetary Comparison Schedule 43 Urban Renewal Authority (Special Revenue) - Budgetary Comparison Schedule 44 Park Entrance Estates - Budgetary Comparison Schedule 45 Urban Renewal Authority (Capital Projects) - Budgetary Comparison Schedule 46 Building Authority - Budgetary Comparison Schedule 47 Urban Renewal Authority (Debt Service) - Budgetary Comparison Schedule t 48 Enterprise Funds Light and Power Fund - Budgetary Comparison Schedule 49 Water Fund - Budgetary Comparison Schedule 50 ii TABLE OF CONTENTS (Continued) PAGE FINANCIAL SECTION (Continued) Combining and Individual Fund Statements and Schedules (Continued) Internal Service Funds Combining Statement ofNet Assets 51 Combining Statement of Revenues, Expenses and Changes in Fund Net Assets 52 Combining Statement of Cash Flows 53 Fleet Maintenance Fund - Budgetary Comparison Schedule 54 Health Insurance Fund - Budgetary Comparison Schedule 55 Agency Funds Combining Statement of Changes in Assets and Liabilities 56 STATISTICAL SECTION General Government Expenditures by Function - Last Ten Fiscal Years 57 General Government Revenues by Source - Last Ten Fiscal Years 58 General Government Tax Revenues by Source - Last Ten Fiscal Years 59 Property Tax Levies and Collections - General Fund - Last Ten Fiscal Years 60 Assessed and Estimated Actual Values of Property - Last Ten Fiscal Years 61 Property Tax Rates - Direct and Overlapping Governments - Last Ten Fiscal Years 62 Principal Taxpayers 63 Computation of Legal Debt Margin 64 Computation of Direct and Overlapping Bonded Debt 65 Revenue Bond Coverage - Last Ten Fiscal Years 66 Demographic Statistics - Last Ten Fiscal Years 67 Construction, Bank Deposits and Property Values - Last Ten Fiscal Years 68 Miscellaneous Statistical Data 69 - 71 iii TABLE OF CONTENTS (Continued) PAGE STATE COMPLIANCE Local Highway Finance Report 72 - 73 .> iV 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 as of December 31,2004 OFFICIALS Mayor Elected 2004 John Baudek Trustees Elected 2002 Susan L. Doylen Elected 2002 David Habecker Elected 2002 Lori Jeffrey-Clark Elected 2004 Chuck Levine Elected 2004 Wayne Newsom Elected 2004 Bill Pinkham Town Administrator Randy M. Repola Town Attorney Gregory A. White Town Clerk Vickie O'Connor Finance Officer Pete A. Brandjord Director of Public Works William F. Linnane Utilities Director Robert Goehring Chief of Police Lowell C. Richardson Police Commander Wes Kufeld Community Development Director Robert B. Joseph Director of Business Development Thomas Pickering Convention & Visitors Bureau Peter Marsh Special Events Executive Director Linda Hinze Senior Center Director Lori Mitchell Museum Director Betty Kilsdonk Municipal Judge Gary R. Brown Fire Chief Scott Dorman V i/ - 011 0, :% u} 23 E 2 1 - @eliI 11% - 080 38 21 0 22} 0 29 0- 1 ?4Â» i E 1 Â» I: Â®,2 /7. J 11 m& I .. 0Â£*:: : :Il: I, Y 4.#91 ./ la :I. ~ 'Â« bi .... I Rf 312 J . Â» . 12* 221 42225 Â· Â· 4...7 2 r. .1 . ge#0 4Â£Â·Ami %60% Qi. % 00:**0 @mt*% U m 4 -41 i- 04 - - 1 Mi .k O Chi 1- =9624 -'Wil S'.EÂ®48 g mE O 222 2 4~644 - ..bel> 2 4 0 2, ~ j-9 41 SU W - I en. 0 u'll . â€¢C m o~ I .2# ...2 . Miff * 003Â§ 0 1 1L *24 00 4 3 Vi >{Bal NAAO1 >INOM Ollend dEI -8.10 '89/1,03Snt,1 - NoloBBIC VN Nologyla tuOU~o,un. 0 }30103klla . 1!013 '1499-49,SWed 263 .///1/"04#But-lu,8.3 â€¢ ....Nlues/â€¢Oul....W..re Â· U,1/<4â€¢#00/wuno.X,~ , . 'i no/ons, Museum Advismy, mi#us TOWN OF ESTES PARK ORGANIZATIONAL CHART aj%*Me*%24 â‚¬4~Â§4* 4%' i ADMINISTRATOR 1/'P"UÂ¢'Â¢~~'d~IÂ·IÂ¢,I,!~ui, ' 'MW 7% ... Certificate of Achievement for Excellence in Financial Reporting Presented to Town of Estes Park, Colorado For its Comprehensive Ahnual Financial Report for the Fiscal Year Ended December 31, 2003 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting. *# 04/A <It NF miz President 4Um 2â‚¬19 Executive Director Vii 3 This page intentionally left blank 1 - TOWN OF ESTES PARK vk'* 5 3 -z.met,M*Ix' H 611A45*J- =4Â».1 :#ESS,&-026â€¢ ~12*.Al*~-.~, :-g 744% 1~-43 32Â« h. '1217 ./. =01\4 . . F<'1 %41 Â¥*56, *011# ''--+ ~RA 3/BEE,Lf/BM"<JE/le*NE,"Ini./C..-'.- --R:iÂ«<Â·C:~'4 4. ..Sft,WINd/fi.~/GA j;y- ' 4,09434 rp, + 9.Â·uÂ· Â· 6Â·*,1016 'bhtfpk 04, Â· .7 July 25,2005 h To: the Honorable Mayor, Members of the Governing Body, and Citizens of the Town of Estes Park, Colorado: The Comprehensive Annual Financial Report (CAFR) of the Town of Estes Park, Colorado (the Town) for the fiscal year ended December, 31, 2004, is hereby submitted. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the Town. To the best of our knowledge and belief, the enclosed data are accurate in all material respects and are reported in a manner designed to present fairly the financial position and results of operations of the various funds and account groups of the Town. All disclosures necessary to enable the reader to gain an understanding of the Town's financial activities have been included. The CAFR is presented in three sections: introductory, financial and statistical. The introductory section includes this transmittal letter, the Town' s organizational chart and a list of principal officials. The financial section includes the basic financial statements and the combining and individual fund statements and schedules, as well as the auditor's report on the financial statements and schedules. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis. This report includes all Town funds. The Town provides a full range of services, including police and fire protection, electric and water utility services, the construction and maintenance of highways, streets, and infrastructure, business development, recreational activities and cultural events, In addition to general government activities, the Town Board has significant operational and/or financial relationships with the Estes Park Urban Renewal Authority and the Estes Park Building Authority; therefore, these activities are included in the reporting entity as blended component units. Profile of the Government The Town of Estes Park, incorporated in 1907, is a resort community nestled in the Rocky Mountain foothills 65 miles northwest of Denver, Colorado. The Town is at the Vili http://www.estesnet.com (970) 586-5331 â€¢ RO. BOX 1200 Â· 170 MAC GREGOR AVENUE â€¢ ESTES PARK, CO 80517 entrance to Rocky Mountain National Park and is visited by approximately three million people each year. Rocky Mountain National Park has been the number one tourist attraction in the State of Colorado for as long as records have been compiled. Tourism is the Town's main industry; therefore, the Town's facilities are geared for a large seasonal - usage in the summer months. The Town of Estes Park currently occupies a land area of six square miles and serves an estimated population of 5,413. The Town is empowered to levy a property tax on both real and personal properties located within its boundaries. It is also empowered to extend its corporate limits by annexation, which occurs periodically when deemed appropriate by the governing body. The Town has operated under the board-administrator form of government since 1968. Policy-making and legislative authority are vested in the governing board consisting of the Mayor and six Trustees. The governing board is responsible, among other duties, for passing ordinances, adopting the budget, appointing committees, and hiring the Town Administrator. The Town Administrator is responsible for carrying out the policies and ordinances of the governing body, and for overseeing the day-to-day operations of the government. The board is elected on a non-partisan basis. Board members serve four- year staggered terms, with three trustees elected every two years. The Mayor is elected to serve a four-year term. All offices are elected at large. Elected officials are limited to two consecutive terms of office. The Town provides a full range of services including police and fire protection, the construction and maintenance of street, pathways and other infrastructure, business development, and recreational activities and cultural events. A water utility and an electric distribution utility are provided by the Town. An urban renewal agency (EPURA) operates as a legally separate authority, which functions in essence as a department of the Town, and therefore has been included as an integral part of the Town's financial statements. The Town is also financially accountable for another legally separate entity, the Estes Park Building Authority, which provides financing for golf course improvements. Additional information on these entities can be found in Note 1 in the Notes to the Financial Statements. The Estes Park Housing Authority (EPHA) has been included as a component unit in previous reports, but the EPHA has since undertaken large housing developments utilizing significant outside funding. Therefore, the EPHA is no longer dependent upon the Town for the majority of its funding, and has not been considered a component unit of the Town since 2001. The annual budget serves as the foundation for the Town's financial planning and control. All departments of the Town are required to submit requests annually for appropriation to the town's designated budget officer by the third week of August. The budget officer uses these requests as the starting point for developing a proposed budget. The budget officer then presents this proposed budget to the Town Administrator for review and amendment. The budget is presented to the Town Board for deliberation in October. The board is required to hold public hearings on the proposed budget and to formally adopt the budget before December 15th. This date also serves as the deadline to certify the mill levy that will be assessed by the Town to the Larimer County Commissioners. The appropriated budget is prepared by fund, function (e.g., public iX TOWN OF ESTES PARK ESTES PARK, COLORADO 80517 safety and department (e.g., fire protection). Budget-to-actual comparisons are provided in this report for each individual fund for which an appropriated annual budget has been adopted. For the general fund, this comparison is presented as part of the basic financial statements for the governmental funds. For governmental funds, other than the general fund, with appropriated annual budgets, this comparison is presented behind the footnotes in this report. Factors Affecting Financial Condition The information presented in the financial statements is perhaps best understood when it is considered from the broader perspective of the specific environment within which the Town operates. Local economy. In 2004, the Town experienced continued expansion in the predominant local industry, tourism. A key local economic indicator, taxable sales, increased by $3,280,700, or 2.1%, in 2004. The unemployment rates in Colorado, and the United States, declined in 2004 to 5.5% and 5.1%, respectively. Long term financial planning. The Town is exploring the construction of a performing arts center and has commissioned a feasibility study and preliminary design work on the project. The results of these studies will provide cost estimates and a construction schedule. Plans to continue the improvement of the river frontage include the development of the Weist Drive area. Additional parking in the area is also being studied. A series of public meetings were held as a basis for developing a master plan to improve the Stanley Park property and structures. Proposals include improvements to the grandstand and arena, correcting drainage problems, constructing open athletic areas, replacing the existing horse stalls, and adding multipurpose facilities for year-round activities. The Municipal Building renovation received funding for its initial phase; the replacement of the public restroom facilities with improved access and renovation of the Finance Department workspace and customer service area. Additional phases will further renovate the building, and construct a free-standing facility for the Police Department. Plans call for the continuation of the system of pathways. Grant funding has contributed extensively to this project, and it is anticipated that this source of funds will be used on future construction of pathways. Cash management policies and practices. Cash temporarily idle during the year was invested in certificates of deposit, obligations of the U.S. treasury, local government investment pools, and agencies and instrumentalities of the United States. The Town earned $204,774 on all investments for the year ended December 31, 2004, a $44,662 decrease from 2003. The maturity of these investments ranges from overnight to two years. Investment income includes appreciation in the fair value of the investments. X TOWN OF ESTES PARK ESTES PARK, COLORADO 80517 Increases in the fair value during the current year do not necessarily represent trends that will continue; nor is it always possible to realize such amounts, especially in the case of temporary changes in the fair value of investments that the Town intends to hold to maturity. Risk management. The objectives of the Town's risk management program is to minimize risk and protect against loss, which could significantly affect the public, personnel, property, budget, or the ability of the Town to fulfill its responsibilities. Potentially hazardous risk exposures are evaluated on an ongoing basis and reduced of eliminated where feasible and cost-effective. 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. CIRSA defends and indemnifies the Town against the risks of loss related to torts; theft of, damage to, and destruction of assets, errors and omissions, injuries to employees, and natural disasters. The Town is partially self-insured for health insurance to eligible employees and dependents. The insurance coverage for workers compensation is carried by Pinnacol Assurance. The Town also maintains a separate internal service fund, the Catastrophic Loss Fund, to be used in the event of disasters not covered by other insurance. Net assets in this fund on December 31, 2004 was $2,070,338. Budgetary controls. The Town maintains budgetary controls, the objective of which is to ensure compliance with legal provisions embodies in the annual appropriated budget approved by the Town Board. The level of budgetary controls (the level at which expenditures cannot legally exceed the appropriated amount) is established by fund. The Town also maintains an encumbrance accounting systems as a budgetary control to prevent expenditures from exceeding legal appropriations. Encumbered amounts lapse at fiscal year-end, and qualifying encumbrances are formally appropriated in the following year when necessary. Award and acknowledgements The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reports to the Town for its comprehensive annual financial report (CAFR) for the fiscal year ended December 31, 2003. In order to be awarded a Certificate of Achievement, the government published an easily readable and efficiently organized CAFR. This report satisfied both GAAP and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. The successful preparation of this report on a timely basis could not have been accomplished without the dedication and efforts of the entire staff of the Finance Xi TOWN OF ESTES PARK ESTES PARK, COLORADO 80517 Department: Jim Allen, Debbie Parrack, Debbie McDougall, Lorraine McCown, Amy Mitterer, Angie Steichen, Kathie Dougherty, Carol Hillerson and Donell Thompson. We would like to express our sincere appreciation to all members of the department for the contributions made in the preparation of this report. Special thanks are extended to the accounting firm of Swanhorst & Company LLC for their professionalism in the performance of the independent audit for the Town. We also wish to extend appreciation to the Mayor, the Trustees, and the Town Administrator for their efforts and support in setting and administering policies for the prudent financial management of the Town of Estes Park. Sincerely, 521 ZU Steve McFarland Finance Officer Xii TOWN OF ESTES PARK ESTES PARK, COLORADO 80517 This page intentionally left blank FINANCIAL SECTION This page intentionally left blank 1 1 FINANCIAL SECTION 5&C Swanhorst & Company LLC Certified Public Accountants Honorable Mayor and Members of the Board of Trustees Town of Estes Park Estes Park, Colorado INDEPENDENT AUDITORS' REPORT We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Town of Estes Park, Colorado, as of and for the year ended December 31,2004, which collectively comprise the basic financial statements of the Town, as listed in the table of contents. These financial statements are the responsibility of the Town of Estes Park, Colorado's management. Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position ofthe governmental activities, the business-type activities, each major fund and the aggregate remaining fund information ofthe Town of Estes Park, Colorado, as of December 31, 2004, and the respective changes in financial position and cash flows, where applicable, and the budgetary comparisons for the general and major special revenue funds, for the year then ended in conformity with accounting principles generally accepted in the United States of America. The management's discussion and analysis and required supplementary information listed in the table of contents are not required parts of the basic financial statements but are supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries ofmanagement regarding the methods of measurement and presentation ofthe supplementary information. However, we did not audit the information and express no opinion on it. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Town of Estes Park, Colorado's basic financial statements. The combining and individual fund statements and schedules and state compliance listed in the table of contents are presented for purposes of additional analysis and are not required parts of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. The introductory and statistical information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we express no opinion on it. buf,Ar, tal/'97/4,6 March 18,2005 8400 E. Crescent Parkway â€¢ Suite 600 â€¢ Greenwood Village, CO 80111 â€¢ (720) 528-4306 Fax: (720) 528-4307 This page intentionally left blank TOWN OF ESTES PARK, COLORADO 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 31,2004. Financial Highlights â€¢ The assets of the Town exceeded its liabilities at the close of the most recent fiscal year by $56,025,694 (net assets). Of this amount, $17,081,645 lunrestricted net assets) may be used to meet the government' s ongoing obligations to citizens and creditors. â€¢ The Town's total net assets increased/decreased by $3,060,225. â€¢ At the close of the current fiscal year, the Town's governmental funds reported combined ending fund balances of $13,069,680, a decrease of $485,819 in comparison with the prior year. Approximately 92% of this total amount, $12,040,974, is available fbr spending at the government's discretion lunreserved, undesignatedfund balance). â€¢ At the end of the current fiscal year, unreserved, undesignated fund balance for the general fund was $5,626,907, or 78% of total general fund expenditures. â€¢ The Town's total long-term debt decreased by $1,527,710 (14%) during the current fiscal year. Overview of the Financial Statements This discussion and analysis are intended to serve as an introduction to the Town's basic financial statements. The Town's basic financial statements comprise 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 jinancial 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 qf activities presents information showing how the Town'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 a 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 I distribution operation (light and power fund) and a water utility that treats and distributes i under the water fund. The government-wide financial statements include not only the Town itself (known as the primary government), but also a legally separate Estes Park Urban Renewal Authority (EPURA) and Building Authority. Financial information for this component unit is blended into the Town's financial statements. EPURA, although legally separate, functions for all practical purposes as a department of the Town, and therefore has been included as an integral part of the primary government. The Building Authority does not issue separate financial statements. 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: government 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 ofspendable 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. b The Town maintains 13 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 fund, the Community Reinvestment fund, and the Urban Renewal Authority Debt Service fund, all of which are considered to be major funds. Data from the other 10 governmental 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 statements elsewhere in this report. The Town adopts an annual appropriated budget for its general fund. A budgetary comparison statement has been provided for the general fund to demonstrate compliance with this budget. Proprietary funds. The Town maintains two different types of proprietary funds. Enterprise funds are used to report the same functions presented as business-type 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 Fund, Vehicle Replacement Fund, Catastrophic Loss Fund, and Health Insurance Fund. These services have been included within 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 four 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. 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. C The combining statements referred to earlier in connection with non-major governmental funds and internal service funds are presented immediately following the required supplementary information on pensions. Government-wide financial analysis Town of Estes Park's Net Assets Governmental Business-type Activities Activities Total 2004 2003 2004 2003 2004 2003 Current and other assets $17,388,160 $17,071,036 $7,846,658 $7,610,806 $25,234,818 $24,681,842 Capital assets 17,267,101 15,451,668 26,542,616 26,661,147 43,809,717 42,112,815 Total assets 34,655,261 32,522,704 34,389,274 34,271,953 69,044,535 66,794,657 Long term liabilities 3,879,667 6,222,968 2,132,540 4,101,811 6,012,207 10,324,779 Other liabilities 3,461,330 2,713,637 3,545,304 1,660,268 7,006,634 4,373,905 Total liabilities 7,340,997 8,936,605 5,677,844 5,762,079 13,018,841 14,698,684 Invested in capital assets, net of related debt 12,306,359 8,471,444 22,657,616 22,411,147 34,963,975 30,882,591 Restricted 3,980,074 4,229,097 0 0 3,980,074 4,229,097 Unrestricted 11,027,831 10,885,558 6,053,814 6,098,727 17,081,645 16,984,285 Total net assets 27,314,264 23,586,099 28,711,430 28,509,874 56,025,694 52,095,973 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 $56,025,694 at the close of the most recent fiscal year. By far the largest portion of the Town's net assets (62 percent) 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. An additional potion of the Town's net assets (7%) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net assets ($17,081,645) may be used to meet the Town's ongoing obligations to citizens and creditors. d 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. There was an increase of $246,469 in restricted net assets reported in connection with the Town's business-type activities. Town of Estes Park's Changes in Net Assets Governmental Business-type Activities Activities Total 2004 2003 2004 2003 2004 2003 Revenues: Program revenues Charges for services $1,325,810 $1,364,993 $10,826,314 $10,015,465 $12,152,124 $11,380,458 Operating grants/contributions 668,780 642,534 0 0 668,780 642,534 Capital grants/contributions 247,794 371,831 560,837 691,708 808,631 1,063,539 General revenues: Property taxes 1,099,499 1,039,831 0 0 1,099,499 1,039,831 Other taxes 6,685,192 6,594,270 0 0 6,685,192 6,594,270 Other 834,774 928,394 500,631 852,554 1,335,405 1,780,948 Total revenues 10,861,849 10,941,853 11,887,782 11,559,727 22,749,631 22,501,580 Expenses: General government 3,146,405 3,468,726 0 0 3,146,405 3,468,726 Public safety 2,808,104 2,521,498 0 0 2,808,104 2,521,498 Public works 838,784 758,002 0 0 838,784 758,002 Culture and recreation 1,808,416 1,788,706 0 0 1,808,416 1,788,706 Interest on long-term debt 333,453 351,678 0 0 333,453 351,678 Water 0 0 2,457,021 2,325,411 2,457,021 2,325,411 Electric 0 0 8,297,223 7,858,400 8,297,223 7,858,400 Total expenses 8,935,162 8,888,610 10,754,244 10,183,811 19,689,406 19,072,421 Increase in net assets before Transfers 1,926,687 2,053,243 1,133,538 1,375,916 3,060,225 3,429,159 Transfers 931,982 780,827 (931,982) (780,827) 0 0 Increase in net assets 2,858,669 2,834,070 201,556 595,089 3,060,225 3,429,159 Net assets - beginning 24,455,595 21,621,525 28,509,874 27,914,785 52,965,469 49,536,310 Net assets - ending $27,314,264 $24,455,595 $28,711,430 $28,509,874 $56,025,694 $52,965,469 The Town's net assets increased by $3,060,225 during the current fiscal year. Revenues and expenses did not change significantly from 2003 to 2004. e Governmental activities. Governmental activities increased the Town' s net assets by $2,858,669, thereby accounting for 93% of the total growth in net assets of the Town. Key elements of this increase are as follows. The Town's major source of revenue is sales tax. Sales tax increased from $6,173,628 in 2003 to $6,308,376 in 2004. Expenses were stable from 2003 to 2004, increasing only i 1%. Business-type activities. Business-type activities, which include the Light & Power and Water Funds, increased the Town's net assets by $201,556, accounting for 7% of the total growth in the Town's net assets. Income increased through charges for services by 8% (roughly $800,000). Purchased power expense increased approximately $300,000. 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, unreservedjund balance may serve as a useful measure of a government's net resources available for spending at the end ofthe fiscal year. As of the end of the current fiscal year, the Town's governmental funds reported combined ending fund balances of $13,069,680, a decrease of $485,819 in comparison with the prior year. Approximately 92% of this amount constitutes unreserved undesignated fund balance, which is available for spending at the Town's discretion. The remainder of fund balance is reserved or designated to indicate that it is not available for new spending because it has already been committed to inventories, and to property held for resale. The general fund is the chief operating fund of the Town. At the end of the current fiscal year, unreserved, undesignated fund balance of the general fund was $5,626,907 with no reservations of fund balance. As a measure of the general fund's liquidity, it may be useful to compare both unreserved fund balance and total fund balance to total fund expenditures (the ratio for 2004 is 78%), which is considered to be a healthy percentage. The Community Reinvestment fund ended the year with a fund balance of $1,698,887, an increase of $1,480,451 over last year's balance. The loss in the General fund and surplus in the Community Reinvestment fund resulted largely from transfers between the funds, in accordance with the Tabor ballot issue from the November 2000 election. Proprietag funds. The town's proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. f Unrestricted net assets of the Light and Power fund at the end of the year amounted to $2,677,324, and for the Water fund amounted to $2,703,523. The change in net assets for the funds was $(6,167) and $238,880, respectively. 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 Although demonstrating an increase from 2003 to 2004, actual sales tax revenues ($6,308,376) trailed the final budget by $120,819. Total expenditures were $529,696 less than the final budget. Transfers out of the General fund were $277,355 over budget. There were no significant variances between the final budget and actual amounts. Capital Asset and Debt Administration Capital assets. Remodeling was completed for the Town Hall, comprising the majority of the $906,872 increase in Buildings. The $1,105,162 in infrastructure improvements included increased parking, lake trail extensions, general street maintenance and drainage improvements. Long-term debt. Scheduled debt payments were made in accordance with loan parameters; there were no other changes in long-term debt structure. The Urban Renewal Authority's outstanding long tenn debt was $3,405,000 on December 31, 2004. This will be paid in full by December 31,2008. The Town Light & Power fund maintains a rating from Standard & Poors and Fitch of "AAA" 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 current debt limitation for the Town is $34,731,367. The Town currently has no outstanding general obligation debt. Economic Factors and Net Year's Budgets and Rates â€¢ Combined traffic counts for the two main highways into the Town of Estes Park decreased by 85,090 (2%). â€¢ Taxable sales increased by $3,280,700,2.13% from 2003. â€¢ The major capital project for the 2005 budget is the Convention and Visitor's Bureau building and corresponding parking. Other forecasted capital projects include Stanley Park improvements, general street improvements, and extension of the Fish Creek trail. g All of these factors and many others were considered in preparation for the Town's budget for the 2005 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 of requests for additional financial information should be addressed to the Finance Department, P.O. Box 1200, Estes Park, Colorado, 80517. h BASIC FINANCIAL STATEMENTS This page intentionally left blank TOWN OF ESTES PARK, COLORADO STATEMENT OF NET ASSETS December 31, 2004 PRIMARY GOVERNMENT GOVERNMENTAL BUSINESS-TYPE ACTIVITIES ACTIVITIES TOTAL ASSETS Cash and Investments $ 11,632,622 $ 5,703,450 $ 17,336,072 Restricted Cash and Investments 3,410,165 - 3,410,165 Accounts Receivable 37,324 913,533 950,857 Interest Receivable - 5,112 5,112 Intergovernmental Receivable 18,901 - 18,901 Taxes Receivable 1,834,107 - 1,834,107 Internal Balances (672,967) 672,967 - Inventories 30,432 511,401 541,833 Prepaid Expenses - 40,195 40,195 Property Held for Resale 1,023,796 - 1,023,796 Bond Issuance Costs, Net of Accumulated Amortization 73,780 - 73,780 Capital Assets, Net of Accumulated Depreciation 17,267,101 26,542,616 43,809,717 TOTAL ASSETS 34,655,261 34,389,274 69,044,535 LIABILITIES Accounts Payable 748,308 1,300,766 2,049,074 Accrued Liabilities 321,714 104,890 426,604 Accrued Interest Payable 18,640 41,594 60,234 Customer Deposits and Advances - 96,820 96,820 Unearned Revenues 923,362 - 923,362 Noncurrent Liabilities Due Within One Year 1,449,306 588,470 2,037,776 Due in More Than One Year 3,879,667 3,545,304 7,424,971 TOTAL LIABILITIES 7,340,997 5,677,844 13,018,841 NET ASSETS Invested in Capital Assets, Net of Related Debt 12,306,359 22,657,616 34,963,975 Restricted for Emergencies 485,000 - 485,000 Restricted for Capital Projects 2,205,961 - 2,205,961 Restricted for Debt Service 1,289,113 - 1,289,113 Unrestricted 11,027,831 6,053,814 17,081,645 TOTAL NET ASSETS $ 27,314,264 $ 28,711,430 $ 56,025,694 The accompanying notes are an integral part of the financial statements. 1 TOWN OF ESTES PARK, COLORADO STATEMENT OF ACTIVITIES Year Ended December 31, 2004 PROGRAM REVENUES CHARGES OPERATING CAPITAL FOR GRANTS AND GRANTS AND FUNCTIONS/PROGRAMS EXPENSES SERVICES CONTRIBUTIONS CONTRIBUTIONS ~ PRIMARY GOVERNMENT Governmental Activities General Government $ 3,146,405 $ 510,825 $ -$ - Public Safety 2,808,104 403,367 - 247,794 Public Works 838,784 8,547 394,368 - Culture and Recreation 1,808,416 403,071 274,412 - Interest on Long-Term Debt 333,453 - Total Governmental Activities 8,935,162 1,325,810 668,780 247,794 Business-Type Activities Light and Power 8,297,223 8,688,408 - - Water 2,457,021 2,137,906 - 560,837 Total Business-Type Activities 10,754,244 10,826,314 - 560,837 TOTAL PRIMARY GOVERNMENT $ 19,689,406 $ 12,152,124 $ 668,780 $ 808,631 GENERAL REVENUES Sales Taxes Property Taxes Franchise Taxes Intergovernmental, Unrestricted i Rental Income, Unrestricted Investment Income Miscellaneous TRANSFERS TOTAL GENERAL REVENUES AND TRANSFERS CHANGE IN NET ASSETS NET ASSETS, Beginning NET ASSETS, Ending The accompanying notes are an integral part ofthe financial statements. 2 NET (EXPENSE) REVENUE AND CHANGES IN NET ASSETS PRIMARY GOVERNMENT GOVERNMENTAL BUSINESS-TYPE ACTIVITIES ACTIVITIES TOTAL $ 0,635,580) $ - $ (2,635,580) (2,156,943) - (2,156,943) (435,869) - (435,869) 0,130,933) - 0,130,933) (333,453) - (333,453) (6,692,778) - (6,692,778) - 391,185 391,185 - 241,722 241,722 - 632,907 632,907 (6,692,778) 632,907 (6,059,871) 6,308,376 - 6,308,376 1,099,499 - 1,099,499 376,816 - 376,816 36,471 - 36,471 297,588 - 297,588 137,775 66,999 204,774 362,940 433,632 796,572 931,982 (931,982) - 9,551,447 (431,351) 9,120,096 2,858,669 201,556 3,060,225 24,455,595 28,509,874 52,965,469 $ 27,314,264 $ 28,711,430 $ 56,025,694 TOWN OF ESTES PARK, COLORADO BALANCE SHEET GOVERNMENTAL FUNDS December 31,2004 URBAN RENEWAL AUTHORITY I COMMUNITY (DEBT GENERAL REINVESTMENT SERVICE) ASSETS Cash and Investments $ 5,348,821 $ 2,141,506 $ 211,407 Restricted Cash and Investments - - 1,096,346 Accounts Receivable 22,178 - Intergovernmental Receivable - Taxes Receivable 1,162,650 - 671,457 Inventories Due from Other Funds Property Held for Resale - TOTAL ASSETS $ 6,533,649 $ 2,141,506 $ 1,979,210 LIABILITIES AND FUND BALANCES LIABILITIES Accounts Payable $ 459,883 $ 242,014 $ - Accrued Liabilities 194,954 - Accrued Interest Payable - - 18,640 Due to Other Funds - 200,605 - Deferred Revenues 251,905 - 671,457 TOTAL LIABILITIES 906,742 442,619 690,097 FUND BALANCES Reserved for Inventories Reserved for Property Held for Resale - - Unreserved, Reported in General Fund 5,626,907 Special Revenue Funds - 1,698,887 - Capital Projects Funds - Debt Service Funds - - 1,289,113 TOTAL FUND BALANCES 5,626,907 1,698,887 1,289,113 TOTAL LIABILITIES AND FUND BALANCES $ 6,533,649 $ 2,141,506 $ 1,979,210 Amounts Reported for Governmental Activities in the Statement ofNet Assets are Different Because: Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. Internal service funds are used by management to charge the costs of fleet maintenance, vehicle replacement, and health insurance to individual funds. A portion ofthe assets and liabilities of the internal service funds are included in governmental activities in the statement of net assets. Long-term liabilities, including bonds payable ($3,405,000), bond premium ($46,356), deferred amount on refunding $49,964, bond issuance costs $73,780, certificates of participation ($397,000), capital leases payable ($1,236,130),and accrued compensated absences ($275,624), are not due and payable in the current period and, therefore, are not reported in the funds. Net Assets of Governmental Activities The accompanying notes are an integral part ofthe financial statements. 3 OTHER TOTAL GOVERNMENTAL GOVERNMENTAL FUNDS FUNDS $ 926,481 $ 8,628,215 2,313,819 3,410,165 14,664 36,842 18,901 18,901 - 1,834,107 4,910 4,910 200,605 200,605 1,023,796 1,023,796 $ 4,503,176 $ 15,157,541 $ 31,902 $ 733,799 16,501 211,455 - 18,640 - 200,605 - 923,362 48,403 2,087,861 4,910 4,910 1,023,796 1,023,796 - 5,626,907 1,220,106 2,918,993 2,205,961 2,205,961 1,289,113 4,454,773 13,069,680 $ 4,503,176 17,227,981 2,252,969 (5,236,366) $ 27,314,264 TOWN OF ESTES PARK, COLORADO STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTALFUNDS Year Ended December 31, 2004 URBAN RENEWAL i AUTHORITY COMMUNITY (DEBT GENERAL REINVESTMENT SERVICE) REVENUES Taxes $ 7,182,629 $ - $ 602,062 , Licenses and Permits 580,387 - Intergovernmental 712,743 - - Charges for Services 39,409 - - Fines and Forfeitures 25,144 Rental Income 164,899 - 211,182 Investment Income 49,620 18,427 9,207 Miscellaneous 244,219 35,851 - TOTAL REVENUES 8,999,050 54,278 822,451 EXPENDITURES Current General Government 3,074,600 - - Public Safety 2,953,998 - Public Works 728,925 60,691 - Culture and Recreation 462,789 - Capital Outlay - 1,530,559 - Debt Service Principal - 529,523 760,000 Interest and Fiscal Charges - 120,529 TOTAL EXPENDITURES 7,220,312 2,120,773 880,529 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 1,778,738 (2,066,495) (58,078) OTHER FINANCING SOURCES (USES) Transfers In 906,669 3,546,946 - Transfers Out (4,540,451) - - TOTAL OTHER FINANCING SOURCES (USES) (3,633,782) 3,546,946 - NET CHANGE IN FUND BALANCES (1,855,044) 1,480,451 (58,078) FUND BALANCES, Beginning 7,481,951 218,436 1,347,191 FUND BALANCES, Ending $ 5,626,907 $ 1,698,887 $ 1,289,113 The accompanying notes are an integral part ofthe financial statements. 4 OTHER TOTAL GOVERNMENTAL GOVERNMENTAL FUNDS FUNDS 1 $ - $ 7,784,691 - 580,387 261,495 974,238 375,446 414,855 - 25,144 93,575 469,656 37,335 114,589 185,105 465,175 952,956 10,828,735 134,593 3,209,193 - 2,953,998 - 789,616 1,273,528 1,736,317 523,226 2,053,785 68,000 1,357,523 25,575 146,104 2,024,922 12,246,536 (1,071,966) (1,417,801) 1,018,818 5,472,433 (4,540,451) 1,018,818 931,982 (53,148) (485,819) 4,507,921 13,555,499 $ 4,454,773 $ 13,069,680 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, 2004 Amounts Reported for Governmental Activities in the Statement of Activities are Different Because: Net Change in Fund Balances of Governmental Funds $ 085,819) Capital outlays to purchase or build capital assets are reported in governmental funds as expenditures. However, for governmental activities those costs are capitalized in the statement of net assets and allocated over their estimated useful lives as annual depreciation expense in the statement of activities. This is the amount by which capital outlays $2,361,586 exceeded annual depreciation expense ($538,397) and loss on disposal ($2,186) in the current year. 1,821,003 Repayments of bond principal $760,000, certificates of participation $68,000, and capital leases $342,174, decreases in compensated absences payable $27,510, amortization ofbond premium $12,093, amortization of bond issuance costs ($19,247), and amortization of deferred amount on refunding ($13,034), are expenditures in the governmental funds, but they reduce long-term liabilities in the statement ofnet assets and do not affect the statement of activities. 1,177,496 Internal service funds are used by management to charge the costs of fleet maintenance, vehicle replacement, and health insurance to the individual funds. A portion ofthe net income of the internal service funds is reported with governmental activities in the statement of activities. 345,989 Change in Net Assets of Governmental Activities $ 2,858,669 The accompanying notes are an integral part of the financial statements. 5 1 TOWN OF ESTES PARK, COLORADO GENERAL FUND BUDGETARY COMPARISON STATEMENT Year Ended December 31, 2004 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Taxes Sales $ 6,228,590 $ 6,429,195 $ 6,308,376 $ (120,819) Property 448,223 493,720 497,437 3,717 Franchise 378,364 400,100 376,816 (23,284) Licenses and Permits 499,809 491,244 580,387 89,143 Intergovernmental 599,119 698,517 712,743 14,226 Charges for Services 40,323 35,193 39,409 4,216 Fines and Forfeitures 31,500 21,600 25,144 3,544 Rental Income 170,481 170,481 164,899 (5,582) Investment Income 56,131 31,178 49,620 18,442 Miscellaneous 248,851 304,344 244,219 Â· (60,125) TOTAL REVENUES 8,701,391 9,075,572 8,999,050 (76,522) EXPENDITURES General Government Legislative 98,295 95,259 94,176 1,083 Judicial 37,600 37,505 36,821 684 Executive 292,270 298,160 292,562 5,598 Election 10,225 10,435 6,389 4,046 Administrative 168,770 182,346 165,145 17,201 Community Development 345,536 349,216 360,462 (11,246) Buildings 345,816 356,220 349,272 6,948 Community Services 444,833 444,833 413,214 31,619 Advertising 914,724 876,113 894,467 (18,354) Business Development 139,952 197,356 178,290 19,066 Group Sales and Marketing 66,777 216,198 207,115 9,083 Other 146,100 154,600 76,687 77,913 Total General Government 3,010,898 3,218,241 3,074,600 143,641 Public Safety Police 2,216,728 2,260,595 2,171,855 88,740 Fire 456,181 684,251 563,467 120,784 Protective Inspection 232,172 214,229 218,676 (4,447) Total Public Safety 2,905,081 3,159,075 2,953,998 205,077 Public Works Engineering 67,819 67,956 63,923 4,033 Streets 675,030 698,275 629,296 68,979 Sanitation 49,000 47,000 35,706 11,294 Total Public Works 791,849 813,231 728,925 84,306 Culture and Recreation Parks and Recreation 551,121 559,461 462,789 96,672 TOTAL EXPENDITURES 7,258,949 7,750,008 7,220,312 529,696 (Continued) The accompanying notes are an integral part of the financial statements. 6 TOWN OF ESTES PARK, COLORADO ~ GENERAL FUND BUDGETARY COMPARISON STATEMENT Year Ended December 31, 2004 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 1,442,442 1,325,564 1,778,738 (606,218) OTHER FINANCING SOURCES (USES) Transfers In 916,937 900,181 906,669 (10,268) I Transfers Out (2,322,260) (4,263,096) (4,540,451) (277,355) TOTAL OTHER FINANCING SOURCES (USES) (1,405,323) (3,362,915) (3,633,782) (287,623) NET CHANGE IN FUND BALANCE 37,119 (2,037,351) (1,855,044) 182,307 FUND BALANCE, Beginning 5,174,293 5,174,293 7,481,951 2,307,658 FUND BALANCE, Ending $ 5,211,412 $ 3,136,942 $ 5,626,907 $ 2,489,965 The accompanying notes are an integral part ofthe financial statements. 7 TOWN OF ESTES PARK, COLORADO COMMUNITY REINVESTMENT FUND BUDGETARY COMPARISON STATEMENT Year Ended December 31,2004 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Intergovernmental $ 341,000 $ 341,000 $ - $ (341,000) Investment Incorne 498 2,060 18:427 16,367 Miscellaneous 15,000 15,000 35,851 20,851 TOTAL REVENUES 356,498 358,060 54,278 (303,782) EXPENDITURES Current Public Works 30,000 101,586 60,691 40,895 Capital Outlay 1,913,000 2,257,334 1,530,559 726,775 Debt Service Principal 501,484 312,666 529,523 (216,857) Interest and Fiscal Charges - - TOTAL EXPENDITURES 2,444,484 2,671,586 2,120,773 550,813 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (2,087,986) (2,313,526) (2,066,495) 247,031 OTHER FINANCING SOURCES Transfers In 1,300,000 3,383,874 3,546,946 163,072 NET CHANGE IN FUND BALANCE (787,986) 1,070,348 1,480,451 410,103 FUND BALANCE, Beginning 1,564,476 1,564,476 218,436 (1,346,040) FUND BALANCE, Ending $ 776,490 $ 2,634,824 $ 1,698,887 $ (935,937) The accompanying notes are an integral part of the financial statements. 8 TOWN OF ESTES PARK, COLORADO STATEMENT OF NET ASSETS PROPRIETARY FUNDS December 31, 2004 GOVERNMENTAL LIGHT AND TOTAL ACTIVITIES POWER WATER BUSINESS-TYPE INTERNAL FUND FUND ACTIVITIES SERVICE i ASSETS Current Assets Cash and Investments $ 2,969,106 $ 2,734,344 $ 5,703,450 $ 3,004,407 Accounts Receivable 773,738 139,795 913,533 482 Interest Receivable - 5,112 5,112 - Due from Other Funds - 1 Inventories 398,405 112,996 511,401 25,522 Prepaid Expenses 40,195 - 40,195 - TOTAL CURRENT ASSETS 4,181,444 2,992,247 7,173,691 3,030,411 Capital Assets, Net of Accumulated Depreciation 9,875,176 16,667,440 26,542,616 39,120 TOTAL ASSETS 14,056,620 19,659,687 33,716,307 3,069,531 LIABILITIES g Current Liabilities Accounts Payable 1,153,881 146,885 1,300,766 14,509 Accrued Liabilities 67,069 37,821 104,890 7,627 Accrued Interest Payable 22,028 19,566 41,594 Customer Deposits and Advances 96,820 - 96,820 - Insurance Claims Payable - - - 102,632 Compensated Absences, Current Portion 131,095 67,375 198,470 18,827 Loans Payable, Current Portion - 205,000 205,000 - Revenue Bonds Payable, Current Portion 185,000 - 185,000 - TOTAL CURRENT LIABILITIES 1,655,893 476,647 2,132,540 143,595 Noncurrent Liabilities Compensated Absences 33,227 17,077 50,304 - Loans Payable - 1,365,000 1,365,000 Revenue Bonds Payable 2,130,000 - 2,130,000 - TOTAL NONCURRENT LIABILITIES 2,163,227 1,382,077 3,545,304 - TOTAL LIABILITIES 3,819,120 1,858,724 5,677,844 143,595 NET ASSETS Invested in Capital Assets, Net of Related Debt 7,560,176 15,097,440 22,657,616 39,120 Restricted for Emergencies - 485,000 Unrestricted 2,677,324 2,703,523 5,380,847 2,401,816 TOTAL NET ASSETS $ 10,237,500 $ 17,800,963 28,038,463 $ 2,925,936 Amounts Reported for Business-Type Activities in the Statement ofNet Assets are Different Because: Internal service funds ares used by management to charge the costs of fleet maintenance, vehicle replacement, and health insurance to individual funds. A portion of the assets and liabilities , ofthe internal service funds are included in business-type activities in the statement of net assets. 672,967 Net Assets of Business-Type Activities $ 28,711,430 The accompanying notes are an integral part of the financial statements. 9 TOWN OF ESTES PARK, COLORADO STATEMENT OF REVENUES. EXPENSES AND CHANGES IN FUND NET ASSETS PROPRIETARY FUNDS Year Ended December 31, 2004 GOVERNMENTAL LIGHT AND TOTAL ACTIVITIES POWER WATER BUSINESS-TYPE INTERNAL FUND FUND ACTIVITIES SERVICE OPERATING REVENUES Charges for Services $ 8,688,408 $ 2,137,906 $ 10,826,314 $ 799,072 Miscellaneous 391,220 42,412 433,632 9,928 TOTAL OPERATING REVENUES 9,079,628 2,180,318 11,259,946 809,000 OPERATING EXPENSES Source of Supply 4,291,364 127,172 4,418,536 - Purification . 448,787 448,787 - Distribution 1,500,524 584,306 2,084,830 - Customer Accounts 639,101 203,158 842,259 - Administration and General 1,169,003 516,659 1,685,662 251,846 Depreciation 547,394 463,426 1,010,820 9,359 Health Benefits - - 256,149 TOTAL OPERATING EXPENSES 8,147,386 2,343,508 10,490,894 517,354 OPERATING INCOME (LOSS) 932,242 (163,190) 769,052 291,646 NONOPERATING REVENUES (EXPENSES) Investment Income 38,006 28,993 66,999 23,186 Interest Expense (125,704) (106,489) (232,193) - TOTAL NONOPERATING REVENUES (EXPENSES) (87,698) (77,496) (165,194) 23,186 NET INCOME (LOSS) BEFORE TRANSFERS AND CAPITAL CONTRIBUTIONS 844,544 (240,686) 603,858 314,832 Transfers Out (850,711) (81,271) (931,982) - Capital Contributions - 560,837 560,837 - CHANGE IN NET ASSETS (6,167) 238,880 232,713 314,832 NET ASSETS, Beginning 10,243,667 17,562,083 27,805,750 2,611,104 NET ASSETS, Ending $ 10,237,500 $ 17,800,963 $ 28,038,463 $ 2,925,936 Amounts Reported for Business-Type Activities in the Statement ofActivities are Different Because: Change in Net Assets of Proprietary Funds $ 232,713 Internal service funds are used by management to charge the costs of fleet maintenance, vehicle replacement and health insurance to the individual funds. A portion of the net income of the internal service funds is reported with business-type activities in the statement of activities. (31,157) Change in Net Assets of Business-Type Activities $ 201,556 The accompanying notes are an integral part of the financial statements. ' 10 TOWN OF ESTES PARK, COLORADO STATEMENT OF CASH FLOWS PROPRIETARY FUNDS Increase (Decrease) in Cash and Cash Equivalents Year Ended December 3 I, 2004 GOVERNMENTAL LIGHT AND TOTAL ACTIVITIES POWER WATER BUSINESS-TYPE INTERNAL FUND FUND ACTIVITIES SERVICE CASH FLOWS FROM OPERATING ACTIVITIES Cash Received from Customers $ 8,540,880 $ 2,137,606 $ 10,678,486 $ 798,590 Cash Received from Other Sources 391,220 42,412 433,632 9,928 Cash Paid to Suppliers (6,319,349) (1,256,577) (7,575,926) (296,117) Cash Paid to Employees (1,141,133) (457,374) (1,598,507) (209,880) Net Cash Provided (Used) by Operating Activities 1,471,618 466,067 1,937,685 302,521 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES I Payments Received From Other Funds 1,005,629 - 1,005,629 Transfers to Other Funds (850,711) (81,271) (931,982) Net Cash Provided (Used) by Noncapital Financing Activities 154,918 (81,271) 73,647 - CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase ofCapital Assets (330,561) (570,482) (901,043) (3,789) Principal Paid (175,000) (190,000) (365,000) - Interest Paid (127,045) (108,898) (235,943) - Capital Contributions - 560,837 560,837 - Net Cash (Used) by Capital and Related Financing Activities (632,606) (308,543) (941,149) (3,789) CASH FLOWS FROM INVESTING ACTIVITIES Interest Received 38,006 28,993 66,999 23,186 Net Cash Provided by Investing Activities 38,006 28,993 66,999 23,186 NET INCREASE IN CASH AND CASH EQUIVALENTS 1,031,936 105,246 1,137,182 321,918 CASH AND CASH EQUIVALENTS, Beginning 1,937,170 2,629,098 4,566,268 2,682,489 CASH AND CASH EQUIVALENTS, Ending $ 2,969,106 $ 2,734,344 $ 5,703,450 $ 3,004,407 RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES Operating Income (Loss) $ 932,242 $ (163,190) $ 769,052 $ 291,646 Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided (Used) by Operating Activities Depreciation 547,394 463,426 1,010,820 9,359 Loss on Disposal of Capital Assets 8,680 70 8,750 - Changes in Assets and Liabilities Accounts Receivable (96,265) (300) (96,565) (482) Inventories (44,062) 6,238 07,824) (1,421) Prepaid Expenses (1,063) - (1,063) Accounts Payable 148,085 100,538 248,623 (7,617) Accrued Liabilities 11,351 43,841 55,192 1,764 Customer Deposits and Advances (51,263) - (51,263) Insurance Claims Payable - - - 7,202 Compensated Absences 16,519 15,444 31,963 2,070 Total Adjustments 539,376 629,257 1,168,633 10,875 Net Cash Provided (Used) by Operating Activities $ 1,471,618 $ 466,067 $ 1,937,685 $ 302,521 The accompanying notes are an integral part ofthe financial statements. 11 TOWN OF ESTES PARK, COLORADO STATEMENT OF FIDUCIARY NET ASSETS December 31,2004 PENSION TRUST AGENCY FUNDS FUNDS ASSETS Cash and Investments $ 1,008,157 $ 411,942 TOTAL ASSETS 1,008,157 411,942 LIABILITIES Special Assessments Payable - 0,887) Due to Friends of Stanley Hall - 414,829 TOTAL LIABILITIES . $ 411,942 NET ASSETS Held in Trust for Pension Benefits $ 1,008,157 The accompanying notes are an integral part ofthe financial statements. 12 TOWN OF ESTES PARK, COLORADO STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS Year Ended December 31, 2004 PENSION TRUST FUNDS ADDITIONS State Contributions $ 52,570 Town Contributions 60,165 Investment Income 10,124 TOTAL ADDITIONS 122,859 DELETIONS Pension Benefit Payments 88,665 CHANGE IN NET ASSETS 34,194 NET ASSETS, Beginning 973,963 NET ASSETS, Ending $ 1,008,157 The accompanying notes are an integral part of the financial statements. 13 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2004 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. The accounting policies of the Town and its component units conform to generally accepted accounting principles as applicable to governments. Following is a summary ofthe more significant policies. Reporting Entity In accordance with governmental accounting standards, the Town has considered the possibility of inclusion of additional entities in its financial statements. The definition ofthe reporting entity is based primarily on financial accountability. The Town is financially accountable for organizations that make up its legal entity. It is also financially accountable for legally separate organizations if Town officials appoint a voting majority of the organization's governing body and either it is able to impose its will on that organization or there is a potential for the organization to provide specific financial benefits to, or to impose specific financial burdens on, the Town. The Town may also be financially accountable for organizations that are fiscally dependent upon it. Based on the application ofthese criteria, the Town includes the following component units in its financial statements. The Estes ParkUrban Renewal Authority (EPURA) provides redevelopment withinthe Town limits. The Town Board of Trustees appoints the governing board ofEPURA. EPURA is blended into the Town's financial statements because it provides services exclusively to the Town, receives all of its funding from the Town, and agreements between the entities restrict EPURA's activities to those approved by the Town Board of Trustees. EPURA is reported using three funds, special revenue, debt service, and capital projects. The Estes Park Building Authority (Building Authority) was formed to provide fmancing 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 is reported as a debt service fund. Complete financial statements of EPURA may be obtained by contacting the Town's Finance Department at 170 MacGregor Avenue, Estes Park, Colorado 80517. The Building Authority does not issue separate financial statements. 14 TOWN OF ESTES PARK, COLORADO , NOTES TO FINANCIAL STATEMENTS December 31, 2004 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Reporting Entity (Continued) Joint Fenture - In 1975, the Town joined with the cities of Fort Collins, Longmont, and Loveland to establish the Platte River Power Authority (Authority), to provide electrical power and energy to the Town and cities. The Authority is governed by an eight-member Board. Each participant's Council/Trustees appoint two members to the Board. The Town has a residual interest in the assets ofthe Authority that may revert to the Town upon dissolution ofthe Authority. The Town has no equity interest in the Authority. Complete financial statements of the Authority may be obtained by contacting the Authority at 2000 East Horsetooth Road, Fort Collins, Colorado, 80525-5721. 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 of the nonfiduciary activities of the Town and its component units. For the most part, the effect of interfund activity has been removed from these statements. 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. 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. 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 funds are reported as separate columns in the fund financial statements. Measurement Focus, Basis of Accounting, and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement fbcus and the accrual basis of accounting, as are the proprietary fund and pension trust fund financial statements. The agency funds utilize the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when the liability is incurred, regardless of the timing ofrelated 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. 15 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31,2004 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) Governmental fund financial statements are reported using the current financial resources measurementfocus andthemodified accrual basis ofaccounting. Revenues arerecognized assoon as they are both measurable and available. Revenues are considered to be available when they are collected within the current period or soon enough thereafter to pay liabilities ofthe current period. For this purpose, the Town considers revenues to be available if they are collected within 60 days ofthe end ofthe current fiscal period. Property taxes, specific ownershiptaxes, grants, and interestassociated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenue items 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. Private-sector standards of accounting and financial reporting issued prior to December 1,1989, generally are followed in both the government-wide and proprietary (enterprise and internal service) fund financial statements to the extent that those standards do not conflict with or contradict guidance ofthe Governmental Accounting Standards Board. Governments also have the option of following subsequent private-sector guidance for their business-type activities and enterprise funds, subject to this same limitation. The Town has elected not to follow subsequent private-sector guidance. 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 Reinvestment Fund accounts for the revenues in excess of the Tabor Amendment limits for the Town and the Estes Park Urban Renewal Authority which are used for capital projects. 16 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31,2004 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) The Urban RenewalAuthorityDebtServiceFundaccounts forthe accumulation ofresources for, and the payment of long-term debt principal, interest, and related costs of EPURA. The Town reports the following major proprietary funds: The Light andPower Fundaccounts forthe financial activities associated with the provision of electric services. 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, catastrophic loss and health insurance services provided to other departments of the Town on a cost reimbursement basis. The Pension Trust Funds account for the activities of the fire and police pension plans, which accumulate resources for benefits to qualified employees. The Agency Funds are used to account for resources collected to pay special assessment debt and to assist with improvement to the historic Stanley Hotel. The Town holds all resources in a purely custodial capacity. Cash and Investments Cash equivalents include investments with original maturities ofthree months or less. Investments in pooled cash are considered cash equivalents. Investments are recorded at fair value. Interfund Receivables/Payables During the course of operations, numerous transactions occur between individual funds. The resulting receivables and payables are classified in the fund financial statements as due from other funds and due to otherfunds because they are short-term in nature. Noncurrent portions of interfund receivables and payables are reported as advances and are offset equally by a fund balance reserve account which indicates that they do not constitute expendable available financial resources and therefore are not available for appropriation. 17 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2004 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Interfund Receivables/Payables (Continued) 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, usingthe first-in, first-out (FIFO) method. The costs ofgovernmental fund inventories are recorded as expenditures when consumed rather than when purchased. Capital Assets Capital assets, which include property, equipment, and infrastructure, are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the Town as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal maintenance and repairs that do not add to the value ofthe asset or materially extend assets lives are not capitalized. Property and equipment of the Town and its component units is depreciated using the straight-line method over the following estimated useful lives. Buildings 30 - 40 years Collection and Distribution Systems 25 - 50 years Infrastructure 30 - 40 years Machinery and Equipment 20 - 25 years Vehicles 5 - 10 years Infrastructure assets, which include streets, bridges, sidewalks, drainage systems and trails, are currently excluded from the financial statements except for additions since January 1,2003. Compensated Absences Employees ofthe 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, ifthe employee has completed 20 years of continuous service, they will be compensated for 50% of their sick time at their current pay rate. These compensated absences are recognized as current salary costs when earned in the proprietary fund types and when due in the governmental fund types. A long-term liability has been recorded in the government-wide financial statements for the accrued compensated absences. 18 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31,2004 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Long-Term Obligations In the government-wide financial statements, and proprietary fund types 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 type statement of net assets. Bond premiums and discounts, as well as issuance costs, are deferred and amortized over the life of the bonds using the straight-line method. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount ofdebt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. Customer Advances for Construction Customer advances for construction represent amounts received from customers for 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. Deferred Revenues Deferred revenues arise when resources are received by the Town before it has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures. Property taxes earned but not levied for the current fiscal year are also recorded as deferred revenue. Net Assets/Fund Balance In the government-wide financial statements, net assets are restricted when constraints placed on the net assets are externally imposed. In the fund financial statements, governmental funds report reservations of fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Property Taxes Property taxes attach as an enforceable lien on property on January 1 and are levied on November 1. 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 recorded at December 31. As the tax is collected in the succeeding year, the deferred revenue is recognized as revenue and the receivable is reduced. 19 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31,2004 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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: STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY Budgets and Budgetary Accounting The Town follows these procedures in establishing the budgetary data reflected in the financial statements: â€¢ In October, the Town Administration submits to the Board ofTrustees, 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. â€¢ Public hearings are conducted to obtain taxpayer comments. â€¢ Prior to December 31, the budget is legally enacted through passage of an ordinance. â€¢ The Town Administration 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. â€¢ Budgets are legally adopted for all funds ofthe Town. Fiduciary Fund type budgets are not required and have not been presented. For the year ended December 31,2004, budgets were not presented for the Vehicle Replacement and Catastrophic Loss Internal Service Funds because no expenditures were incurred during the year. Budgets for the General, Special Revenue, Debt Service, and Capital Projects Funds are adopted on a basis consistent with generally accepted accounting principles (GAAP). Budgetary comparisons presented for the Enterprise and Internal Service Funds are presented on a non-GAAP budgetary basis. Capital outlay is budgeted as an expenditure and depreciation is not budgeted. â€¢ All budget appropriations lapse at year end. Colorado governments may not exceed budgeted appropriations at the fund level. NOTE 3: PRIOR PERIOD ADJUSTMENT During 2004, the Town obtained more accurate information regarding the balance of its capital leases payable. As a result, net assets and noncurrent liabilities ofthe governmental activities were revised by $869,496, resulting in a net assets balance of $24,455,595 at December 31, 2003. 20 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2004 NOTE 4: CASH AND INVESTMENTS A summary of cash and investments as of December 31,2004 follows: Petty Cash $ 1,920 Cash Deposits 2,607,046 Investments 19.557,370 Total $ 22.166,336 Cash and investments are reported in the financial statements as follows: Cash and Investments $ 17,336,072 Restricted Cash and Investments 3,410,165 Pension Trust Funds 1,008,157 Agency Funds 411,942 Total $ 22.166,336 Cash Deposits The Colorado Public Deposit Protection Act (PDPA) requires that all units of local government 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 financial institution is allowed 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 all the uninsured public deposits as a group. The market value ofthe collateral must be at least equal to 102% ofthe uninsured deposits. Deposits are categorized to give an indication of risk assumed by the Town at the end of the year. Category 1 includes deposits that are insured, Categoo 2 includes collateralized deposits with securities held by the pledging institution's trust department or agent in the Town's name or in a collateral pool, and Category 3 includes uncollateralized, uninsured deposits. At December 31, 2004, the Town's cash deposits had a carrying amount of $2,607,046, and a corresponding bank balance as follows: Insured (Category 1) $ 200,000 Deposits Collateralized in Single Institution Pools (Category 2) 2.683.637 Total Cash Deposits $ 2.883.637 21 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31,2004 NOTE 4: CASH AND INVESTMENTS (Continued) Investments Colorado statutes specify which instruments units of local government may invest, which include: â€¢ Obligations ofthe United States and certain U.S. Agency securities â€¢ Certain international agency securities â€¢ General obligation and revenue bonds of U.S. local government entities â€¢ Bankers' acceptances of certain banks â€¢ Commercial paper â€¢ Local government investment pools â€¢ Written repurchase agreements collateralized by certain authorized securities â€¢ Certain money market funds â€¢ Guaranteed investment contracts The Town's investments are categorized below to give an indication of the level of security assumed at year end. Categog 1 includes investments that are insured or registered or for which the securities are held bythe Town orits agent inthe Town's name, Category 2 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the Town's name, Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or by its agent, but not in the Town's name. Fair Value U.S. Agency Securities (Category 1) $ 7.933.900 At December 31, 2004, the Town had invested $1,275,563, $2,636,839, and $4,117,027, respectively, in the Colorado Surplus Asset Fund Trust (CSAFE), the Colorado Diversified Trust, and the Colorado Local Government Liquid Asset Trust (Colotrust), collectively the "Pools". The Pools are investment vehicles established for local government entities in Colorado to pool surplus funds, and are registered with the State Securities Commissioner. The Pools operate similarly to a money market fund and each share is equal in value to $1.00. Investments consist of U.S. Treasury and U.S. Agency securities, repurchase agreements collateralized by U.S. Treasury and U.S. Agency securities and commercial paper. A designated custodial bank provides safekeeping and depository services to the Pools in connection with the direct investment and withdrawal functions of the Pools. Substantially all securities owned by the Pools are held by the Federal Reserve Bank in the account maintained for the custodial banks. The custodians' internal records identify the investments owned by the Town. At December 31, 2004, the Town had $3,594,041 invested in money market funds. These investments are not categorized since the underlying securities cannot be determined. 22 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2004 NOTE 4: CASH AND INVESTMENTS (Continued) Restricted Cash The Estes Park Urban Renewal Authority Debt Service and Capital Projects Funds hold investments of $3,410,165 restricted for payment of debt service and capital projects of the Authority. NOTE 5: INTERFUND BALANCES AND TRANSACTIONS At December 31, 2004, the Community Reinvestment Fund had a temporary loan to EPURA in the amount of $200,605. The loan was paid in full during January, 2005. Interfund transfers for the year ended December 31,2004, were comprised of the following: Transfers In Transfers Out Amount General Light and Power $ 825,398 General Water 81,271 Museum Light and Power 25,313 Museum General 166,781 Community Reinvestment General 3,546,946 Conference Center General 94,904 Special Events General 395,595 Senior Citizens General 120,730 EPURA Special Revenue General 215,495 Total $ 5.472.433 During the year ended December 31, 2004, the General Fund made transfers to the Museum, Conference Center, Special Events, Senior Citizens, and EPURA Funds tosubsidize operatingcosts. The General Fund transferred sales tax revenues in excess of the Tabor Amendment limits to the Community Reinvestment Fund. The Light and Power Fund and Water Fund made transfers to the General Fund to reimburse for overhead costs. 1 NOTE 6: CAPITAL ASSETS Capital assets activity for the year ended December 31, 2004 is summarized below: Balances Balances 12/31/03 Additions Deletions 12/31/04 Governmental Activities Capital Assets, Not Being Depreciated Land $ 6.358,560 $ 25,000 $ - $ 6.383.560 23 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31,2004 NOTE 6: CAPITAL ASSETS (Continued) Balances Balances 12/31/03 Additions Deletions 12/31/04 Capital Assets, Being Depreciated Buildings 9,398,194 906,872 - 10,305,066 Infrastructure 2,200,821 1,105,162 - 3,305,983 Machinery and Equipment 4,057,712 328.341 88,158 4,297,895 Total Capital Assets, Being Depreciated 15.656.727 2,340.375 88.158 17,908,944 Less Accumulated Depreciation For Buildings (3,949,127) (295,505) - (4,244,632) Infrastructure (129,255) (13,242) - (142,497) Machinery and Equipment (2,485,237) (239,009) (85.972) (2,638,274) Total Accumulated Depreciation (6.563,619) (547.756) (85,972) (7.025,403) Total Capital Assets, Being Depreciated, Net 9.093,108 1.792,619 2,186 10,883,541 Governmental Activities Capital Assets, Net $ 15,451,668 $ 1,817,619 $ 2,186 $ 17,267,101 Business-Type Activities Capital Assets, Not Being Depreciated Land and Easements $ 2,943,951 $ $ - $ 2,943,951 Capital Assets, Being Depreciated Buildings 2,182,124 128,457 - 2,310,581 Infrastructure 23,826,680 502,318 14,431 24,314,567 Machinery and Equipment 10.008.981 270,268 57,869 10.221.380 Total Capital Assets, Being Depreciated 36.017,785 901,043 72,300 36.846,528 Less Accumulated Depreciation For Buildings (1,283,188) (52,833) - 0,331,226) Infrastructure (6,617,509) (529,471) (14,431) (6,617,509) Machinery and Equipment (4.399,892) (428.516) (49,115) (4,399,892) Total Accumulated Depreciation (12.300,589) (1.010,820) (63.546) (13,247,863) Total Capital Assets, Being Depreciated, Net 23.717,196 (109.777) 8.754 23,598,665 Business-Type Activities Capital Assets, Net $ 26,661,147 $ (109.7771 $ 8.754 $ 26.542,616 Depreciation expense was charged to functions/programs ofthe Town as follows: Governmental Activities General Government $ 264,582 Public Safety 161,907 Public Works 49,168 Culture and Recreation 72.099 Total $ 547,756 Business-Type Activities Light and Power $ 547,394 Water 463.426 Total $ 1.010.820 24 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31,2004 NOTE 7: LONG-TERM DEBT Governmental Activities Following is a summary of long-term debt transactions for the governmental activities for the year ended December 31,2004. Restated Balance Balance Due Within 12/31/03 Additions Deletions 12/31/04 One Year 2003 Revenue Refunding Bonds $ 4,165,000 $ - $ 760,000 $ 3,405,000 $ 815,000 1998 Certificates of Participation 465,000 - 68,000 397,000 71,000 Capital Lease Obligations 1,578,304 - 342,174 1,236,130 293,438 Compensated Absences 319,891 227,434 252,874 294,451 269,868 Bond Premium 58,449 - 12,093 46,356 - Deferred Amount on Refunding (62.998) - (13,034) (49,964) Total $ 6,523,646 $ 227,434 $ 1,422,107 $ 5.328,973 $ 1,449.306 Compensated absences are expected to be liquidated primarily with revenues ofthe General Fund. 2003 Tax Increment Revenue Refunding Bonds were issued by the Estes Park Urban Renewal Authority (EPURA) to refinance EPURA's Series 1993 Bonds. Principal payments are due i annually on May 15. Interest payments are due semi-annually on May 15 and November 15, through 2008. Interest accrues at rates ranging from 3% to 3.25%. 1998 Refunding Certificates of Participation were issued by the Estes Park Building Authority (Building Authority) to refinance the Building Authority's 1990 Certificates of Participation. Principal payments are due annually on December 1. Interest payments are due semi-annually on June 1 and December 1, through 2009. Interest accrues at a rate of 5.5% per annum. The Town has entered into several capital lease agreements to purchase land, buildings, and equipment which will be paid from revenues ofthe General and Community Reinvestment Funds. Business-Type Activities Following is a summary of long-term debt transactions for the business-type activities for the year ended December 31,2004. Balance Balance Due Within 12/31/03 Additions Payments 12/31/04 One Year 1999 Light and Power Revenue Bonds $ 2,490,000 $ - $ 175,000 $ 2,315,000 $ 185,000 1997B Water Loan 665,000 - 65,000 600,000 70,000 1993A and 1990AWater Loans 1,095,000 - 125,000 970,000 135,000 Compensated Absences 216.811 267.552 235.589 248,774 198,470 Total $ 4.466.811 $ 267,552 $ 600.589 $ 4.133.774 $ 588.470 25 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2004 NOTE 7: LONG-TERM DEBT (Continued) Business-Type Activities (Continued) 1999 Light and Power Revenue Bonds were issued to relocate and make improvements to the Town's light and power facilities. Principal payments are due annually on December 1. Interest payments are due semi-annually on June 1 and December 1, through 2014. Interest accrues at rates ranging from 4% to 5.45%. 1997B Water Loan from the Colorado Water Resources and Power Development Authority was obtained to finance improvements to the water system. Monthly principal and interest payments are due through October 1,2011. Interest accrues at rates ranging from 3.8% to 5%. 1993A and 1990A Water Loans were obtained from the Colorado Water Resources and Power Development Authority to finance improvements to the water system. Monthly principal and interest payments are due through October 1,2010. Interest accrues at rates ranging from 2.7% to 5%. Future Debt Service Requirements Annual debt service requirements for the outstanding bonds, certificates of participation, and loans at December 31,2004 are as follows. Year Ended December 31, Principal Interest Total 2005 $ 1,276,000 $ 336,253 $ 1,612,253 2006 1,325,000 279,219 1,604,219 2007 1,374,000 228,143 1,602,143 2008 1,439,000 164,437 1,603,437 2009 578,000 114,363 692,363 2010-2014 1,695,000 228,589 1,923.589 Total Debt Service Requirements $ 7,687.000 $ 1.351.004 $ 9,038,004 Following is a schedule of the future minimum lease payments required under the outstanding capital lease obligations at December 31, 2004. Year Ended December 31. 2005 $ 332,403 2006 309,065 2007 258,579 2008 214,766 2009 217.125 Total Minimum Lease Payments 1,331,938 Less: Interest (95,808) Present Value of Future Minimum Lease Payments $ 1,236.130 26 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2004 NOTE 7: LONG-TERMDEBT(Continued) Park Entrance Special Improvement District During 1996, $165,000 Special Improvement District Bonds were issued to finance improvements within the Park Entrance Estates. The Town is not obligated for this debt and is only acting as an agent for the property owners in collecting assessments and paying the required debt service. Therefore, the debt activity is recorded in the Park Entrance Estates Agency Fund and the Outstanding debt is not recorded in the Town's financial statements. Outstanding bonds at December 31,2004 totaled $12,372. 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 ofassets; errors and omissions; injuries to employees; and natural disasters. For these risks of loss, the Town is a member ofthe 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 offi cers. It is the intent ofthe members ofCIRSA 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 ofCIRSA against stated liability of loss, to the limit ofthe financial resources ofCIRSA. It is also the intent ofthe 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 budgets nor does it have the ability to significantly affect the operations of CIRSA. Self-Insured Medical Plan The Town is partially self-insured for health benefits to eligible employees and dependents. For the year ended December 31, 2004, the Town was responsible for up to $5,000 per claim, per year. Self-insurance activities were accounted for in the Health Insurance Internal Service Fund. The Town recognizes claims payable at December 31,2004, estimated at four months ofpremiums, to cover incurred claims should the Town terminate the health insurance contract with the commercial carrier. Settled claim amounts have not exceeded insurance coverage in the past three years. Claims payable as of and for the years ending December 31,2004 and 2003 were as follows: 27 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31,2004 NOTE 8: RISK MANAGEMENT (Continued) Self-Insured Medical Plan (Continued) Claims Payable, December 31,2002 $ 153,675 Claims Incurred and Adjustments 128,807 Claims Paid (187.052) Claims Payable, December 31,2003 95,430 Claims Incurred and Adjustments 263,351 Claims Paid (256.149) Claims Payable, December 31,2004 $ 102.632 NOTE 9: RETIREMENT COMMITMENTS DEFINED CONTRIBUTION PLANS Management Employees and Police Money Purchase Pension Plans The Town of Estes Park contributes to a single employer defined contribution money purchase pension plan on behalf of management employees and a similar plan for police officers. The contribution requirements ofPlan participants and the Town are established and may be amended by the Town Board of Trustees. Management Employees Plan - Management employees are eligible to participate in the Plan. The Plan is administered by International City Managers' Association (ICMA). The Town is required to contribute 10% of each participant's covered salary to the Plan, and employees must contribute 8% of covered salary. During the year ended December 31, 2004, the Town and employee contributions were $81,744 and $61,309, respectively, equal to the required contribution. Police Plan - A\\ sworn police employees shall be eligible to participate in the Plan administered by International City Managers' Association (ICMA). The Town is required to contribute 9.2% ofeach participating employee's covered salary, andeach employee must contribute 8% ofcovered salary. During the year ended December 31, 2004, the Town and employee contributions were $102,371 and $89,018, respectively, equal to the required contribution. Death and disability coverage is provided for members through the Statewide Death and Disability Plan, which is administered by the Colorado Fire and Police Pension Association. All full-time, paid police officers ofthe Town are members ofthe Plan. The State Legislature establishes benefit provisions of the Plan. 28 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31,2004 NOTE 9: RETIREMENT COMMITMENTS (Continued) DEFINED CONTRIBUTION PLANS (Continued) 401(k) Defined Contribution Plan Plan Descr*tion - The MDTF members ofthe Town may voluntarily contribute to the Voluntary Investment Program, an Internal Revenue Code Section 401(k) defined contribution plan administered by PERA. Plan participation is voluntary, and contributions are separate from others made to PERA. Title 24, Article 51, Part 14 of the CRS, as amended, assigns the authority to establish the Plan provisions to the State Legislature. Funding Policy - The Plan is funded by voluntary member contributions of up to a maximum limit set by the IRS. Beginning January 1,2001, an employer match was legislated which would match 100% of a members's eligible tax-deferred retirement program contributions limited to 3% ofthe PERA includable salary (1% effective January 1,2004). The contribution requirements for the Town are established under Title 24, Article 51, Section 1402 ofthe CRS, as amended. The Town contributions to the Plan for the years ended December 31, 2004 and 2003, were $3,018 and $15,494, respectively. Plan contributions were discontinued effective June 1,2004. DEFINED BENEFIT PLANS Defined Benefit Multiple-Employer Pension Plan Plan Descr<ption - The Town contributes to the Municipal Division Trust Fund (MDTF), a cost- sharing multiple-employer defined benefit pension plan administered by the Public Employee's Retirement Association of Colorado (PERA). MDTF provides retirement and disability, annual increases, and death benefits for members or their beneficiaries. 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 MDTF. That report may be obtained by contacting PERA of Colorado, 1300 Logan Street, Denver, Colorado, 80203. FundingPolicy- Plan members and the Town are required tocontribute ataratesetbystatute. The contribution requirements of Plan members and the Town are established by State statute, as amended. The contribution rate for members is 8% and for the Town is between 9% and 10% of covered salary, depending on employee participation in a 401(k) plan. A portion of the Town's contribution (1.1% of covered salary through June, 2004 and 1.02% thereafter) is allocated to the Health Care Trust Fund. The Town's contributions to MDTF for the years ended December 31, 2004,2003 and 2002 were $329,003, $305,487, and $284,860, respectively, equal to the required contributions for each year. 29 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31,2004 NOTE 9: RETIREMENT COMMITMENTS (Continued) DEFINED BENEFIT PLANS (Continued) Volunteer Firefighters' Pension Plan Plan Description - The Town has established a single-employer defined benefit pension plan for volunteer firefighters as authorized by State of Colorado statute. The Plan is administered by a Board of Trustees composed of Town Trustee members and firefighters. The Board of Trustees established the Plan benefits. Any firefighter who has both attained the age of fifty and completed twenty years ofactive service shall be eligible for a monthly pension, currently $350. A firefighter who is disabled in the line of duty and whose disability is of such character and magnitude as to deprive the firefighter of earning capacity and extends beyond one year, shall be compensated in an amount determined by the Board of Trustees. Currently, the Plan covers 22 retirees and beneficiaries, has zero inactive members eligible to receive benefits and 44 active members. The Plan does not publish a separate stand-alone report, but is included in these financial statements as a Pension Trust Fund. Funding Policy - The Volunteer Firefighters' Pension Plan may receive contributions from the Town in an amount not to exceed one-halfmill ofproperty tax revenue. As established by the State Legislature, the State of Colorado contributes ninety percent of the Town's contribution. The contribution requirements ofthe Town and Plan members are established and may be amended by the Town Board ofTrustees. The contributions are not actuarially determined. An actuary is used to determine the adequacy of contributions. The actuarial study as of January 1,2003, indicated that the current level of contributions to the fund are adequate to support on an actuarially sound basis the prospective benefits, including administrative costs, for the present Plan. Actuarial assumptions included the following: Actuarial Cost Method - Entry age Interest Rate - 4.5% per annum, compounded annually Retirement - Age 50 and 20 years of service Disability - None Mortality - 1994 Group Annuity Mortality Table Marital Status - 90% married Age Difference - Males assumed to be 3 years older Asset Valuation - Market value Based on an amortization period ofthirty-four years using the level dollar method on an open basis, the Plan's expected contributions exceed the amount recommended to eliminate the unfunded actuarial accrued liability. During the year ended December 31, 2004, the Town and the State contributed $60,165 and $52,570, respectively, to the Plan. 30 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31,2004 NOTE 9: RETIREMENT COMMITMENTS (Continued) DEFINED BENEFIT PLANS (Continued) Volunteer Firefighters' Pension Plan (Continued) The Plan's net pension obligation for the year ending December 31, 2004, was as follows: Annual Required Contribution $ 89,701 Interest on Net Pension Obligation (38,305) Adjustment to Net Pension Obligation 47.851 Annual Pension Cost (APC) 99,247 Contributions Made (112.734) Change in Net Pension Obligation (13,487) Net Pension Obligation, Beginning of Year (851,225) Net Pension Obligation, End of Year $ (864.712) Trend information ofthe Plan follows: Percentage Net Fiscal Year Annual Pension of APC Pension Ending Cost (APC) Contributed Obligation 12/31/04 $ 99,247 114% $ (864,712) 12/31/03 98,496 113% (851,225) 12/3 1/02 58,234 176% (838,740) 12/31/01 57,598 178% (794,332) 12/31/00 28,929 277 % (749,320) 12/31/99 28,070 366 % - Police Pension Plan Plan Description - The Town administers the single-employer Police Defined Benefit Pension Plan. Membership in the Plan consists ofone individual currently receiving benefits. The monthly benefit is $214 with no future increases scheduled. The Plan is closed to new entrants. Plan provisions and contributions are established and may be amended by the Town Board ofTrustees. The Plan is included in these financial statements as a Pension Trust Fund. Funding PoUcy - No additional contributions are required by the Town based on an actuarial study completed in 1986. No further actuarial evaluations have been prepared. 31 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31,2004 NOTE 9: RETIREMENT COMMITMENTS (Continued) POST-EMPLOYMENT HEALTHCARE BENEFITS Plan Description - The Town contributes to the Health Care Trust Fund (HCTF), a cost-sharing multiple-employer postemployment healthcare plan administered by the PERA. The HCTF provides a health care premium subsidy to PERA participating benefit recipients and their eligible beneficiaries. State statute, 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 contacting PERA of Colorado. Funding Policy - During 2004, the Town was required to contribute at a rate of 1.1% of covered salary from January 1,2004 through June 30, 2004, and 1.02% thereafter, for all PERA members as set by statute. No member contributions are required. The contribution requirements and apportionment ofthe contribution for the Town are established by State statute, as amended. The Town's contributions to the HCTF for the years ended December 31,2004,2003, and 2002 were $34,874, $53,778, and $71,607, equal to the required contributions for each year. Other Post-Employment Healthcare Benefits The Town provides health insurance to employees retiring between the ages of 60 and 65. To be eligible, the employee must have been employed by the Town for at least 15 years. Coverage terminates at age 65. Payments are funded by the Town on a pay-as-you-go basis. During the year ended December 31, 2004, the Town paid $9,417 for benefits to three retirees under this plan. NOTE 11: PENSION TRUST FUNDS Combining statements for the Town's pension trust funds as of and for the year ended December 31,2004, were as follow: Fire Police Pension Pension Total Assets Cash and Investments $ 996,028 $ 12,129 $ 1,008,157 Net Assets Held in Trust for Pension Benefits 996,028 12,129 1,008,157 Additions State Contributions 52,570 - 52,570 Town Contributions 60,165 - 60,165 Investment Income 9,666 458 10,124 Total Additions 122.401 458 122,859 32 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31,2004 NOTE 11: PENSION TRUST FUNDS (Continued) Fire Police Pension Pension Total Deletions Pension Benefit Payments 86,100 2,565 88,665 Change in Plan Net Assets 36,301 (2,107) 34,194 Plan Net Assets, Beginning 959,727 14,236 973,963 Plan Net Assets, Ending $ 996.028 $ 12.129 $ 1.008,157 NOTE 10: 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 abilities, and other specific requirements of state and local government. In November, 2000, voters within the Town authorized the Town and EPURA 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 ofcapital projects. The Town has established an emergency reserve, representing 3% of qualifying expenditures, as required by the Amendment. At December 31, 2004, the emergency reserve of $485,000 was recorded as restricted net assets of the governmental activities in the government-wide financial ~ statements and as restricted net assets in the Catastrophic Loss Internal Service Fund in the fund ~ financial statements. 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 units. Expenses financed by grants are subject ~ to audit by the appropriate grantor government. Ifexpenses are disallowed due to noncompliance with grant program regulations, the Town may be required to reimburse the grantor government. As of December 31, 2004, significant amounts of grant expenses 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 is involved in various lawsuits. The outcome ofthis litigation cannot be determined at ' this time. 33 TOWN OF ESTES PARK, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2004 NOTE 10: COMMITMENTS AND CONTINGENCIES (Continued) 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 ofthe 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. The Town's required payments to service the debt through the year 2017 follows: Year Ended December 31, 2005 $ 61,937 2006 61,964 2007 62,037 2008 62,017 2009 61,971 2010 - 2014 309,977 2015 - 2017 189.492 Total $ 809.395 34 This page intentionally left blank I REQUIRED SUPPLEMENTARY INFORMATION This page intentionally left blank TOWN OF ESTES PARK, COLORADO REOUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS VOLUNTEER FIREFIGHTER'S PENSION PLAN Year Ended December 31,2004 (Unaudited) UAAL as a Actuarial Percentage of Actuarial Actuarial Accrued Unfunded AAL Covered Valuation Value of Liability (AAL) (UAAL) Funded Ratio Covered Payroll Date Assets (a) Entry Age (b) (b-a) (a/b) Payroll (c) ((b-a)/c) 1/1/97 $ 656,734 $ 821,522 $ 164,788 79.9% NA NA 1/1/99 758,599 845,446 86,847 89.7% NA NA 1/1/01 832,559 1,139,599 307,040 73.1% NA NA 1/1/03 933,823 1,588,888 655,065 58.8% NA NA See the accompanying Independent Auditors' Report. 35 This page intentionally left blank COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES TOWN OF ESTES PARK, COLORADO COMBINING BALANCE SHEET NONMAJOR GOVERN~vENTAL FUNDS December 31, 2004 SPECIAL REVENUE CONFERENCE CONSERVATION SPECIAL MUSEUM CENTER TRUST EVENTS ASSETS Cash and Investments $ 65,598 $ 37,672 $ 47,736 $ 82,414 Restricted Cash and Investments - - Accounts Receivable 3,878 - - 10,678 Intergovernmental Receivable Inventories - - - 4,910 Due from Other Funds Property Held for Resale - - TOTAL ASSETS $ 69,476 $ 37,672 $ 47,736 $ 98,002 LIABILITIES AND FUND BALANCES LIABILITIES Accounts Payable $ 9,085 $ 1,028 $ - $ 6,499 Accrued Liabilities 5,052 - - 7,895 TOTAL LIABILITIES 14,137 1,028 - 14,394 FUND BALANCES Reserved for Inventories - - 4,910 Reserved for Property Held for Resale - Unreserved, Reported in Special Revenue Funds 55,339 36,644 47,736 78,698 Capital Projects Funds - TOTAL FUND BALANCES 55,339 36,644 47,736 83,608 TOTAL LIABILITIES AND FUND BALANCES $ 69,476 $ 37,672 $ 47,736 $ 98,002 See the accompanying Independent Auditors' Report. 36 DEBT SPECIAL REVENUE CAPITAL PROJECTS SERVICE TOTAL URBAN URBAN NONMAJOR OPEN SENIOR RENEWAL PARK RENEWAL BUILDING GOVERNMENTAL SPACE CITIZENS AUTHORITY ENTRANCE AUTHORITY AUTHORITY FUNDS $ 291,896 $ 50,257 $ 449,388 $ 1,851 $ (100,331) $ - $ 926,481 2,313,819 - 2,313,819 - 108 - - - 14,664 18,901 - . - 18,901 - - - 4,910 - - 200,605 - - 200,605 - - 1,023,796 . . - 1,023,796 $ 310,797 $ 50,365 $ 1,673,789 $ 1,851 $ 2,213,488 $ - $ 4,503,176 $ 1,989 $ 2,400 $ 1,523 $ . $ 9,378 $ - $ 31,902 2,010 1,544 - - 16,501 1,989 4,410 3,067 - 9,378 - 48,403 - 4,910 1,023,796 - - 1,023,796 308,808 45,955 646,926 . - - 1,220,106 1,851 2,204,110 - 2,205,961 308,808 45,955 1,670,722 1,851 2,204,110 - 4,454,773 $ 310,797 $ 50,365 $ 1,673,789 $ 1,851 $ 2,213,488 $ - $ 4,503,176 TOWN OF ESTES PARK, COLORADO COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FIJND BALANCES NONMAJOR GOVERNMENTAL FUNDS Year Ended December 31,2004 SPECIAL REVENUE CONFERENCE CONSERVATION SPECIAL MUSEUM CENTER TRUST EVENTS REVENUES Intergovernmental $ -$ I. $ 24,914 $ - Charges for Services 7,326 - - 368,120 Rental Income - - Investment Income 43 - 320 43 Miscellaneous 91,317 18,000 - 46,642 TOTAL REVENUES 98,686 18,000 25,234 414,805 EXPENDAURES Current General Government - - Culture and Recreation 256,103 99,881 - 771,121 Capital Outlay - Debt Service Principal Interest and Fiscal Charges - - TOTAL EXPENDITURES 256,103 99,881 - 771,121 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (157,417) (81,881) 25,234 (356,316) OTHER FINANCING SOURCES ' Transfers In 192,094 94,904 - 395,595 TOTAL OTHER FINANCING SOURCES 192,094 94,904 - 395,595 NET CHANGE IN FUND BALANCES 34,677 13,023 25,234 39,279 FUND BALANCES, Beginning 20,662 23,621 22,502 44,329 FUND BALANCES, Ending $ 55,339 $ 36,644 $ 47,736 $ 83,608 See the accompanying Independent Auditors' Report. 37 DEBT SPECIAL REVENUE CAPITAL PROJECTS SERVICE TOTAL URBAN URBAN NONMAJOR OPEN SENIOR RENEWAL PARK RENEWAL BUILDING GOVERNMENTAL SPACE CITIZENS AUTHORITY ENTRANCE AUTHORITY AUTHORITY FUND $ 234,106 $ 2,475 $ - $ - $ . $ - $ 261,495 - - - - - 375,446 - - 93,575 93,575 1,931 - 7,013 19 27,966 - 37,335 - 21,542 7,604 - - - 185,105 236,037 24,017 14,617 19 27,966 93,575 952,956 - - 134,593 - . - 134,593 146,423 - . - 1,273,528 197,885 - - 325,341 - 523,226 - - - 68,000 68,000 - 25,575 25,575 197,885 146,423 134,593 - 325,341 93,575 2,024,922 38,152 (122,406) (119,976) 19 (297,375) - 0,071,966) 120,730 215,495 - - - 1,018,818 120,730 215,495 - - 1,018,818 38,152 (1,676) 95,519 19 (297,375) - (53,148) 270,656 47,631 1,575,203 1,832 2,501,485 - 4,507,921 $ 308,808 $ 45,955 $ 1,670,722 $ 1,851 $ 2,204,110 $ - $ 4,454,773 This page intentionally left blank TOWN OF ESTES PARK, COLORADO MUSEUM FUND BUDGETARY COMPARISON SCHEDULE Year Ended December 31, 2004 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Intergovernmental $ -$ 362 $ -$ (362) Charges for Services 11,620 6,252 7,326 1,074 Investment Income 68 41 43 2 Miscellaneous 48,841 95,900 91,317 (4,583) TOTAL REVENUES 60,529 102,555 98,686 (3,869) EXPENDITURES Current Culture and Recreation 251,647 300,556 256,103 44,453 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (191,118) (198,001) (157,417) 40,584 OTHER FINANCING SOURCES Transfers In 192,094 192,094 192,094 - NET CHANGE IN FUND BALANCE 976 (5,907) 34,677 40,584 FUND BALANCE, Beginning 4,225 4,225 20,662 16,437 FUND BALANCE, Ending $ 5,201 $ (1,682) $ 55,339 $ 57,021 See the accompanying Independent Auditors' Report. 38 TOWN OF ESTES PARK, COLORADO CONFERENCE CENTER FUND BUDGETARY COMPARISON SCHEDULE Year Ended December 31, 2004 ORIGINAL AND VARIANCE FINAL Positive BUDGET ACTUAL (Negative) REVENUES Investment Incorne $ - $ -$ - Miscellaneous 18,200 18,000 (200) TOTAL REVENUES 18,200 18,000 (200) EXPENDITURES Current Culture and Recreation 113,864 99,881 13,983 EXCESS OF REVENUES OVER WNDER) EXPENDITURES (95,664) (81,881) 13,783 OTHER FINANCING SOURCES Transfers In 94,904 94,904 - NET CHANGE IN FUND BALANCE ' (760) 13,023 13,783 FUND BALANCE, Beginning 8,120 23,621 15,501 FUND BALANCE, Ending $ 7,360 $ 36,644 $ 29,284 See the accompanying Independent Auditors' Report. 39 TOWN OF ESTES PARK, COLORADO CONSERVATION TRUST FUND BUDGETARY COMPARISON SCHEDULE Year Ended December 31, 2004 ORIGINAL AND VARIANCE FINAL Positive BUDGET ACTUAL (Negative) REVENUES Intergovernmental $ 26,124 $ 24,914 $ (1,210) Investment Income 236 320 84 TOTAL REVENUES 26,360 25,234 (1,126) EXPENDITURES Capital Outlay 30,000 - 30,000 NET CHANGE IN FUND BALANCE (3,640) 25,234 28,874 FUND BALANCE, Beginning 20,180 22,502 2,322 FUND BALANCE, Ending $ 16,540 $ 47,736 $ 31,196 See the accompanying Independent Auditors' Report. 40 TOWN OF ESTES PARK, COLORADO SPECIAL EVENTS FUND BUDGETARY COMPARISON SCHEDULE Year Ended December 31, 2004 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Charges for Services $ 380,861 $ 367,595 $ 368,120 $ 525 Investment Income 68 41 43 2 Miscellaneous 56,790 46,646 46,642 (4) TOTAL REVENUES 437,719 414,282 414,805 523 EXPENDITURES Current Culture and Recreation 840,531 811,302 771,121 40,181 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (402,812) (397,020) (356,316) 40,704 OTHER FINANCING SOURCES Transfers In 395,595 395,595 395,595 - NET CHANGE IN FUND BALANCE (7,217) (1,425) 39,279 40,704 FUND BALANCE, Beginning 18,530 18,530 44,329 25,799 FUND BALANCE, Ending $ 11,313 $ . 17,105 $ 83,608 $ 66,503 See the accompanying Independent Auditors' Report. 41 TOWN OF ESTES PARK, COLORADO OPEN SPACE FUND BUDGETARY COMPARISON SCHEDULE Year Ended December 31,2004 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Intergovernmental $ 200,000 $ 200,000 $ 234,106 $ 34,106 Investment Income 368 1,205 1,931 726 TOTAL REVENUES 200,368 201,205 236,037 34,832 EXPENDITURES Capital Outlay 147,500 214,988 197,885 17,103 TOTAL EXPENDITURES 147,500 214,988 197,885 17,103 NET CHANGE IN FUND BALANCE 52,868 (13,783) 38,152 51,935 FUND BALANCE, Beginning 270,656 270,656 270,656 FUND BALANCE, Ending $ 323,524 $ 256,873 $ 308,808 $ 51,935 See the accompanying Independent Auditors' Report. 42 TOWN OF ESTES PARK, COLORADO SENIOR CITIZENS FUND BUDGETARY COMPARISON SCHEDULE Year Ended December 31,2004 , VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES , Intergovernmental $ -$ 2,475 $ 2,475 $ - Miscellaneous 22,000 20,965 21,542 577 TOTAL REVENUES 22,000 23,440 24,017 577 EXPENDITURES Current Culture and Recreation 156,240 150,661 146,423 4,238 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (134,240) (127,221) (122,406) 4,815 OTHER FINANCING SOURCES Transfers In 120,730 120,730 120,730 - NET CHANGE IN FUND BALANCE (13,510) (6,491) (1,676) 4,815 FUND BALANCE, Beginning 50,118 47,631 47,631 - FUND BALANCE, Ending $ 36,608 $ 41,140 45,955 $ 4,815 See the accompanying Independent Auditors' Report. 43 TOWN OF ESTES PARK, COLORADO URBAN RENEWAL AUTHORITY (SPECIAL REVENUE) BUDGETARY COMPARISON SCHEDULE Year Ended December 31,2004 ORIGINAL AND VARIANCE FINAL Positive BUDGET ACTUAL (Negative) REVENUES Investment Income $ 54,859 $ 7,013 $ (47,846) Miscellaneous 203,739 7,604 (196,135) TOTAL REVENUES 258,598 14,617 (243,981) EXPENDITURES Current General Government 359,810 134,593 225,217 Capital Outlay TOTAL EXPENDITURES 359,810 134,593 225,217 EXCESS OF REVENUES OVER (UNDER)EXPENDITURES (101,212) (119,976) (18,764) OTHER FINANCING SOURCES Transfers In 101,212 215,495 114,283 NET CHANGE IN FUND BALANCE - 95,519 95,519 FUND BALANCE, Beginning - 1,575,203 1,575,203 FUND BALANCE, Ending , $ - $ 1,670,722 $ 1,670,712 See the accompanying Independent Auditors' Report. 44 TOWN OF ESTES PARK, COLORADO PARK ENTRANCE ESTATES BUDGETARY COMPARISON SCHEDULE Year Ended December 31,2004 ORIGINAL AND VARIANCE FINAL Positive BUDGET ACTUAL (Negative) REVENUES Investment Income $ - $ 19 $ 19 TOTAL REVENUES - 19 19 EXPENDITURES ~ Capital Outlay 1,000 - 1,000 TOTAL EXPENDITURES 1,000 - 1,000 NET CHANGE IN FUND BALANCE (1,000) 19 1,019 FUND BALANCE, Beginning 1,832 1,832 - FUND BALANCE, Ending , $ 832 $ 1,851 $ 1,019 See the accompanying Independent Auditors' Report. 45 TOWN OF ESTES PARK, COLORADO URBAN RENEWAL AUTHORITY (CAPITAL PROJECTS) BUDGETARY COMPARISON SCHEDULE Year Ended December 31, 2004 ORIGINAL AND VARIANCE FINAL Positive BUDGET ACTUAL (Negative) REVENUES Investment Income $ - $ 27,966 $ 27,966 Miscellaneous 2,500,000 - (2,500,000) TOTAL REVENUES 2,500,000 27,966 (2,472,034) EXPENDITURES Capital Outlay 2,500,000 325,341 2,174,659 TOTAL EXPENDITURES 2,500,000 325,341 2,174,659 NET CHANGE IN FUND BALANCE - (297,375) (297,375) FUND BALANCE, Beginning - 2,501,485 2,501,485 FUND BALANCE, Ending $ - $ 2,204,110 $ 2,204,110 See the accompanying Independent Auditors' Report. 46 TOWN OF ESTES PARK, COLORADO BUILDING AUTHORITY BUDGETARY COMPARISON SCHEDULE Year Ended December 31,2004 ORIGINAL VARIANCE AND FINAL Positive BUDGET ACTUAL (Negative) REVENUES Rental Income $ 93,575 $ 93,575 $ - TOTAL REVENUES 93,575 93,575 - EXPENDITURES Debt Service Principal 68,000 68,000 - Interest and Fiscal Charges 25,575 25,575 - TOTAL EXPENDITURES 93,575 93,575 - NET CHANGE INFUND BALANCE - FUND BALANCE, Beginning - - FUND BALANCE, Ending $ - $ -$- See the accompanying Independent Auditors' Report. 47 TOWN OF ESTES PARK, COLORADO URBAN RENEWAL AUTHORITY (DEBT SERVICE) BUDGETARY COMPARISON SCHEDULE Year Ended December 31,2004 ORIGINAL AND VARIANCE FINAL Positive BUDGET ACTUAL (Negative) REVENUES Incremental Property Taxes $ 635,133 $ 602,062 $ (33,071) Rental Income 211,182 211,182 - Investment Income 8,000 9,207 1,207 Miscellaneous 35,071 - (35,071) TOTAL REVENUES 889,386 822,451 (66,935) EXPENDITURES Debt Service Principal 760,000 760,000 - Interest and Fiscal Charges 129,386 120,529 8,857 TOTAL EXPENDITURES 889,386 880,529 8,857 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES - (58,078) (58,078) OTHER FINANCING SOURCES (USES) Transfers In 101,212 - (101,212) Transfers Out (101,212) - 101,212 TOTAL OTHER FINANCING SOURCES (USES) - - - NET CHANGE IN FUND BALANCE - (58,078) (58,078) FUND BALANCE, Beginning - 1,347,191 1,347,191 FUND BALANCE, Ending $ - $ 1,289,113 $ 1,289,113 See the accompanying Independent Auditors' Report 48 TOWN OF ESTES PARK, COLORADO LIGHT AND POWER FUND BUDGETARY COMPARISON SCHEDULE , Year Ended December 31, 2004 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Utility Sales $ 8,960,789 $ 8,653,692 $ 8,688,408 $ 34,716 Miscellaneous Income 262,235 347,840 391,220 43,380 Investment Income 37,760 30,229 38,006 7,777 TOTAL REVENUES $ 9,260,784 $ 9,031,761 $ 9,117,634 $ 85,873 EXPENDITURES Â· Current Source of Supply $ 4,440,000 $ 4,310,000 $ 4,291,364 $ 18,636 Distribution 1,551,876 1,588,476 1,500,524 87,952 Customer Accounts 708,085 621,481 639,101 (17,620) Administration and General 1,233,051 1,256,888 1,169,003 87,885 Capital Outlay 715,117 735,696 330,561 405,135 Debt Service Principal 175,000 175,000 175,000 - Interest 127,045 127,045 125,704 1,341 Transfers Out 867,863 847,414 850,711 (3,297) TOTAL EXPENDITURES 9,818,037 9,662,000 9,081,968 580,032 CHANGE IN NET ASSETS, Budgetary Basis $ (557,253) $ (630,239) 35,666 $ 665,905 ADJUSTMENTS TO GAAP BASIS Debt Principal Payments 175,000 Capital Outlay 330,561 Depreciation (547,394) CHANGE IN NET ASSETS, GAAP Basis (6,167) NET ASSETS, Beginning 10,243,667 NET ASSETS, Ending $ 10,237,500 See the accompanying Independent Auditors' Report. 49 TOWN OF ESTES PARK, COLORADO WATER FUND BUDGETARY COMPARISON SCHEDULE Year Ended December 31, 2004 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Utility Sales $ 2,047,000 $ 2,037,000 $ 2,137,906 $ 100,906 Miscellaneous Income 56,099 59,705 42,412 (17,293) Investment Income 44,743 20,053 28,993 8,940 Tap Fees 500,000 460,000 560,837 100,837 TOTAL REVENUES $ 2,647,842 $ 2,576,758 $ 2,770,148 $ 193,390 EXPENDITURES Current Source of Supply $ 130,000 $ 130,000 $ 127,172 $ 2,828 Purification 410,282 439,517 448,787 (9,270) Distribution 499,592 544,700 584,306 (39,606) Customer Accounts 218,963 219,479 203,158 16,321 Administration and General 572,424 635,100 516,659 118,441 Capital Outlay 1,125,050 1,099,550 570,482 529,068 Debt Service Principal 190,000 190,000 190,000 - Interest 103,898 108,898 106,489 2,409 Transfers Out 74,387 78,080 81,271 (3,191) TOTAL EXPENDITURES 3,324,596 3,445,324 2,828,324 617,000 CHANGE IN NET ASSETS, Budgetary Basis $ (676,754) $ (868,566) (58,176) $ 810,390 ADJUSâ„¢ENTS TO GAAP BASIS Debt Principal Payments 190,000 Capital Outlay 570,482 Depreciation (463,426) CHANGE IN NET ASSETS, GAAP Basis 238,880 , NET ASSETS, Beginning 17,562,083 NET ASSETS, Ending $ 17,800,963 See the accompanying Independent Auditors' Report. 50 TOWN OF ESTES PARK, COLORADO COMBINING STATEMENT OF NET ASSETS INTERNAL SERVICE FUNDS December 31,2004 FLEET VEHICLE CATASTROPHIC MAINTENANCE REPLACEMENT LOSS FUND FUND FUND ASSETS Current Assets Cash and Investments $ 192,363 $ 373,075 $ 2,070,362 Accounts Receivable - Inventories 25,522 - - TOTAL CURRRENT ASSETS 217,885 373,075 2,070,362 Capital Assets, Net of Accumulated Depreciation 39,120 - - TOTAL ASSETS 257,005 373,075 2,070,362 LIABILITIES Current Liabilities Accounts Payable 14,485 - 24 Accrued Liabilities 7,627 - - Insurance Claims Payable - - Compensated Absences 18,827 - TOTAL CURRENT LIABILITIES 40,939 - 24 NET ASSETS Invested in Capital Assets 39,120 - Restricted for Emergencies - 485,000 Unrestricted 176,946 373,075 1,585,338 TOTAL NET ASSETS $ 216,066 $ 373,075 $ 2,070,338 See the accompanying Independent Auditors' Report. 51 HEALTH INSURANCE FUND TOTAL $ 368,607 $ 3,004,407 482 482 - 25,522 369,089 3,030,411 - 39,120 369,089 3,069,531 - 14,509 - 7,627 102,632 102,632 - 18,827 102,632 143,595 - 39,120 - 485,000 266,457 2,401,816 $ 266,457 $ 2,925,936 TOWN OF ESTES PARK, COLORADO COMBINING STATEMENT OF REVENUES. EXPENSES AND CHANGES IN FUND NET ASSETS INTERNAL SERVICE FUNDS Year Ended December 31,2004 FLEET VEHICLE CATASTROPHIC MAINTENANCE REPLACEMENT LOSS FUND FUND FUND OPERATING REVENUES Charges for Services $ 253,775 $ 223,722 $ - Miscellaneous 95 - - TOTAL OPERATING REVENUES 253,870 223,722 - OPERATING EXPENSES Salaries and Benefits 213,714 - Supplies - 3,701 - . Utilities 5,963 - . Training 4,559 - - Insurance 8,773 - Maintenance and Repairs 11,372 - Professional Fees 3,764 - . Depreciation 9,359 - . Health Benefits - TOTAL OPERATING EXPENSES 261,205 - . OPERATING INCOME (LOSS) 0,335) 223,722 - NONOPERATING REVENUES Investment Income 277 - 21,076 TOTAL NONOPERATING REVENUES 277 - 21,076 CHANGE IN NET ASSETS (7,058) 223,722 21,076 NET ASSETS, Beginning 223,124 149,353 2,049,262 NET ASSETS, Ending $ 216,066 $ 373,075 $ 2,070,338 See the accompanying Independent Auditors' Report. 52 HEALTH INSURANCE FUND TOTALS $ 321,575 $ 799,072 9,833 9,928 331,408 809,000 - 213,714 - 3,701 - 5,963 - 4,559 - 8,773 - 11,372 - 3,764 - 9,359 256,149 256,149 256,149 517,354 75,259 291,646 1,833 23,186 1,833 23,186 77,092 314,832 189,365 2,611,104 $ 266,457 $ 2,925,936 TOWN OF ESTES PARK, COLORADO COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS Increase (Decrease) in Cash and Cash Equivalents Year Ended December 31, 2004 FLEET VEHICLE CATASTROPHIC MAINTENANCE REPLACEMENT LOSS FUND FUND FUND CASH FLOWS FROM OPERATING ACTIVITIES Cash Received from Customers $ 253,775 $ 223,722 $ - Cash Received from Other Sources 95 - - Cash Paid to Suppliers (36,468) - 24 Cash Paid to Employees (209,880) Net Cash Provided by Operating Activities 7,522 223,722 24 CASH FLOWS FROM CAPITAL AND RELATED FINANCrNG ACTIVITIES Purchase of Capital Assets (3,789) Net Cash (Used) by Capital and Related Financing Activities (3,789) CASH FLOWS FROM INVESTING ACTIVITIES Interest Received 277 - 21,076 Net Cash Provided by Investing Activities 277 - 21,076 NET INCREASE IN CASH AND CASH EQUIVALENTS 4,010 223,722 21,100 CASH AND CASH EQUIVALENTS, Beginning 188,353 149,353 2,049,262 CASH AND CASH EQUIVALENTS, Ending $ 192,363 $ 373,075 $ 2,070,362 RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES Operating Income (LosÂ© $ (7,335) 223,722 $ - Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by Operating Activities Depreciation 9,359 - - Changes in Assets and Liabilities Accounts Receivable - - Inventories (1,421) - - Accounts Payable 3,085 - 24 Accrued Liabilities 1,764 - Insurance Claims Payable - - - Compensated Absences 2,070 - - Total Adjustments 14,857 - 24 Net Cash Provided by Operating Activities $ 7,522 $ 223,722 $ 24 See the accompanying Independent Auditors' Report. 53 HEALTH INSURANCE FUND TOTALS $ 321,093 $ 798,590 9,833 9,928 (259,673) (296,117) (209,880) 71,253 302,521 - (3,789) (3,789) 1,833 23,186 1,833 23,186 73,086 321,918 295,521 2,682,489 $ 368,607 $ 3,004,407 $ 75,259 $ 291,646 - 9,359 (482) (482) - (1,421) (10,726) (7,617) 1,764 7,202 7,202 - 2,070 (4,006) 10,875 $ 71,253 $ 302,521 TOWN OF ESTES PARK, COLORADO FLEET MAINTENANCE FUND BUDGETARY COMPARISON SCHEDULE Year Ended December 31, 2004 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Charges for Services $ 285,000 260,000 $ 253,775 $ (6,225) Miscellaneous - 84 95 11 Investment Income 679 205 277 72 TOTAL REVENUES $ 285,679 $ 260,289 $ 254,147 $ (6,142) EXPENDITURES Salaries and Benefits $ 218,996 $ 216,957 $ 213,714 $ 3,243 Supplies 4,850 4,850 3,701 1,149 Utilities 7,220 7,220 5,963 1,257 Training 5,668 5,720 4,559 1,161 Insurance 7,642 8,698 8,773 (75) Maintenance and Repairs 15,000 16,450 11,372 5,078 Professional Fees 2,600 3,599 3,764 (165) Capital Outlay 6,000 6,000 3,789 2,211 TOTAL EXPENDITURES 267,976 269,494 255,635 13,859 CHANGE IN NET ASSETS, Budgetary Basis $ 17,703 $ (9,205) (1,488) $ 7,717 ADJUSTMENTS TO GAAP BASIS Capital Outlay 3,789 Depreciation (9,359) CHANGE IN NET ASSETS, GAAP Basis (7,058) NET ASSETS, Beginning 223,124 NET ASSETS, Ending $ 216,066 See the accompanying Independent Auditors' Report. 54 TOWN OF ESTES PARK, COLORADO HEALTH INSURANCE FUND BUDGETARY COMPARISON SCHEDULE Year Ended December 31, 2004 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Charges for Services $ 363,487 $ 316,045 $ 321,575 $ 5,530 Miscellaneous 2,200 9,081 9,833 752 Investment Income 234 1,083 1,833 750 TOTAL REVENUES 365,921 326,209 333,241 7,032 EXPENDITURES Health Benefits 302,800 302,765 256,149 46,616 TOTAL EXPENDITURES 302,800 302,765 256,149 46,616 CHANGE IN NET ASSETS $ 63,121 $ 23,444 77,092 $ 53,648 NET ASSETS, Beginning 189,365 NET ASSETS, Ending $ 266,457 See the accompanying Independent Auditors' Report. 55 TOWN OF ESTES PARK, COLORADO COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUNDS Year Ended December 31, 2004 BALANCE BALANCE 12/31/03 ADDITIONS DEDUCTIONS 12/31/04 Park Entrance Estates ASSETS Cash and Investments $ 8,976 $ 6,913 $ 18,776 $ (2,887) LIABILITIES Special Assessments Payable $ 8,976 $ 6,913 $ 18,776 $ (2,887) Friends of Stanley Hall ASSETS Cash and Investments $ 440,625 $ 6,363 $ 32,159 $ 414,829 LIABILITIES Due to Friends of Stanley Hall $ 440,625' $ 6,363 $ 32,159 $ 414,829 Total ASSETS Cash and Investments $ 449,601 $ 13,276 $ 50,935 $ 411,942 LIABILITIES Special Assessments Payable $ 8,976 $ 6,913 $ 18,776 $ (2,887) Due to Friends of Stanley Hall 440,625 6,363 32,159 414,829 TOTAL LIABILITIES $ 449,601 $ 13,276 $ 50,935 $ 411,942 See the accompanying Independent Auditors' Report. 56 1 1 1 STATISTICAL SECTION Town of Estes Park, Colorado General Government Expenditures by Function Last Ten Fiscal Years . ' : â‚¬6*ture ' ' inter- - ' Fiscat General Public Public t and _ governmental Capital Dkbt Payme,ts Year. Govermheht Safety . Workk, Â·- k ar*stion Grants outlay Service to Trustie . Total . 1995 1,649,009 1,573,959 936,189 1,115,666 37,600 832,313 1,131,125 - 7,275,861 1996 1,793,873 1,684,918 1,063,679 1,274,040 37,600 1,670,033 1,263,734 - 8,787,877 1997 1,759,156 1,859,560 1,132,336 1,360,134 37,600 2,312,463 1,232,014 - 9,693,263 1998 2,595,756 1,909,631 1,248,056 1,297,773 37,600 1,118,923 1,293,964 870,000 10,371,703 1999 2,477,513 2,176,244 801,098 1,561,208 10,000 178,797 1,565,050 - 8,769,910 2000 2,450,880 2,426,254 2,696,484 1,987,304 - 337,424 1,388,866 - 11,287,212 2001 2,819,056 2,521,392 824,072 1,976,439 - 1,211,997 381,876 - 9,734,832 2002 2,488,930 2,579,795 425,892 1,830,965 - 478,766 398,712 - 8,203,060 2003 2,845,799 2,997,822 788,047 1,696,450 - 2,376,537 948,069 - 11,652,724 2004 3,209,193 2,953,998 789,616 1,736,317 - 2,053,785 1,503,627 - 12,246,536 Notes: Includes all governmentalfund types and blended component units. 57 Town of Estes Park, Colorado General Government Revenues by Source Last Ten Fiscal Years Charges , . Licenses Â· ~ .Â»: Fines, Rent Fiscal and Inter- for ' and Year Taxes Permit governmenta Services Interest Miscellaneous Total 1995 5,203,903 367,939 507,391 262,660 306,782 485,276 7,133,951 1996 5,393,481 386,785 574,280 301,122 317,016 592,972 7,565,656 1997 5,678,592 519,188 872,449 296,385 339,129 696,755 8,402,498 1998 6,017,029 522,486 842,592 355,249 398,911 684,876 8,821,143 1999 6,696,754 483,828 832,134 351,832 364,550 766,155 9,495,253 2000 9,512,310 530,831 1,862,457 436,545 512,902 723,169 13,578,214 2001 7,385,859 517,862 687,871 436,406 490,019 814,744 10,332,761 2002 6,908,469 573,974 1,294,189 18,163 156,545 654,378 9,605,718 2003 7,057,078 608,469 573,007 18,726 63,885 503,396 8,824,561 2004 7,182,629 580,387 712,743 39,409 49,620 434,262 8,999,050 Notes: Includes general fund. Information from final Audit 58 Town of Estes Park, Colorado General Government Tax Revenues by Source Last Ten Fiscal Years General Specific General Fiscal Property Ownership Sales and Franchise = Incremental Taxes Year Taxes Taxes Use Taxes Taxes Sales Property Total 1995 161,900 18,937 4,400,392 259,142 1,614.835 285,423 6,740,629 1996 170,179 20,728 4,579,231 270,133 1,671,997 317,762 7,030,030 1997 175,699 21,360 4,773,576 295,323 1,773,386 329,138 7,368,482 1998 189,092 23,574 5,358,178 315,669 1,865,420 358,988 8,110,921 1999 196,269 26,800 5,609,014 338,274 2,286,297 387.109 8,843,763 2000 206,265 27,493 5,882,889 353,755 2,320,109 463,897 9,254,408 2001(1) 219,192 28,491 3,507,136 418,496 2,694,320 499,520 7,367,155 2002 228,807 26,953 3,495,646 390,449 2,542,834 555,201 7,239,890 2003 237,409 27,404 6,371,673 420,592 - - 7,057,078 2004 248,124 27,374 6,530,315 376,816 - - 7,182,629 Notes. Includes general fund. (1) As of 2001, General Sales Taxes does not include sales taxes generated in tax increment area. 59 Town of Estes Park, Colorado Property Tax Levies and Collections - General Fund Last Ten Fiscal Years ' Percent of' ' 11.' - ./ .. (rumnt Percent + Delinquent Total Total +Ax h : Fike:,1 , . Total , Tax ' r Of Levy , Tax ~ TRi . + . collections U LY",3, p " :C"; t: Tai Le,Ah, Coiketed Collected' . Col]Ated . Collections of TaxÂ·Levy 1995 160,829 160,829 100.00% 99 160,928 100.06% 1996 169,288 169,288 100.00% 71 169,359 100.04% 1997 175,551 175,058 99.72% (85) 174,973 99.67% 1998 188,997 188,077 99.51% 60 188,137 99.54% 1999 195,908 195,277 99.68% 992 196,269 100.18% 2000 206,995 206,265 99.65% - 206,265 99.65% 2001 215,592 215,592 100.00% 600 216,192 100.28% 2002 231,743 228,807 98.73% 226 229,033 98.83% 2003 237,870 237,306 99.76% 886 238,192 100.14% 2004 248,238 246,906 99.46% 1,218 248,124 99.95% Source: Financial statements and budget documents 60 Town of Estes Park, Colorado Assessed and Estimated Actual Values of Property Last Ten Fiscal Years , + Less; Eztespark Urban . ' Ratio of Net 11 . AU Property{1) Renewal Authority (2) + :A#sessed Estimated Net Value to Fhcat . . Assessed Actual Assessed + Estimated Assened Estimated Nit Estimated*i -har Value ' ' Value .Value Value Value Value Actual Value 1995 64,617,260 401,683,650 4,992,510 17,386,040 59,624,750 384,297,610 15.52% 1996 66,857,840 416,428,610 5,554,940 19,388,830 61,302,900 397,039,780 15.44% 1997 74,346,110 474,613,320 5,735,520 20,015,940 68,610,590 454,597,380 15.09% 1998 77,438,900 498,755,820 5,890,470 20,478,900 71,548,430 478,276,920 14.96% 1999 106,272,440 676,046,089 6,758,650 23,633,110 99,513,790 652,412,979 15.25% 2000 108,919,940 685,268,729 6,625,058 17,122,198 102,294,882 668,146,531 15.31% 2001 130,171,750 889,806,885 8,317,975 56,858,660 121,853,775 832,948,225 14.63% 2002 134,594,490 931,101,080 8,688,470 60,105,312 125,906,020 870,995,768 14.46% 2003 145,187,100 1,116,589,034 9,288,080 71,431,748 135,899,020 1,045,157,286 13.00% 2004 147,021,660 1,157,712,227 10,132,738 79,789,568 136,888,922 1,077,922,659 12.70% Source: Financial statements and budget documents 61 Town of Estes Park, Colorado Property Tax Rates - Direct and Overlapping Governments (Per $100 of Assessed Value) Last Ten Fiscal Years 1995 1996Â· Â· I997 1998 1999 2000 2001 2002 2003 2004 Governments assessing all of the Town: Estes Park $ 0.28 $ 0.27 $ 0.27 $ 0.27 $ 0.22 $ 0.22 $ 0.19 $ 0.19 $ 0.18 $ 0.18 Larimer County 2.09 2.14 2.09 2.14 2.17 2.16 2.24 2.24 2.24 2.25 Park R-3 School District 4.36 4.34 4.25 4.25 3.78 3.69 3.07 3.10 2.85 2.83 Northern Colorado Water Conservancy District 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 Park Hospital District 0.66 0.65 0.62 0.63 028 0.75 0.75 0.75 0.75 0.75 Estes Valley Recreation and Park District 0.21 0.21 0.20 0.20 0.17 0.15 0.13 0.11 0.13 0.13 Estes Valley Public Library District 0.31 0.31 0.29 0.29 0.28 0.35 0.32 0.27 0.31 0.38 Total $ 8.01 $ 8.02 $ 7.82 $ 7.88 $ 7.00 $ 7.42 $ 6.80 $ 6.76 $ 6.56 $ 6.63 Governments assessing only portions of the Town (1): Estes Park Sanitation District $ - $ - $- $- $- $- $- $- $- $ - 1 Upper Thompson Sanitation District St. Vrain Left Hand Water District 004 0.04 0.04 0.04 0.04 0.03 0.03 0.03 0.02 0.02 Note: (1) Boundaries of these districts include only portions of Estes Park and generally do not overlay each other. Most Estes Park properties are subject to assessment by one of the districts. 62 Town of Estes Park, Colorado Principal Taxpayers December 31, 2004 ' Â· Percentage 2004 + of Total Assessed ' Assessed Tampllyer 7 Type of Budness Valuation Valuation Stanley Commercial Development Company Retail $ 3,549,600 2.64% Qwest Corporation Phone 1,482,300 1.10% Barlow Incorporated Plaza 1,193,780 0.89% Rocky Mountain Park Holiday Inn Restaurant and lodging 1,189,000 0.88% New Stanley Associates, L.P. Restaurant and lodging 1,155,350 0.86% Note: Includes taxpayers with 1% or greater oftotal assessed valuation 63 Town of Estes Park, Colorado Computation of Legal Debt Margin December 31, 2004 Estimated actual property value $ 1,157,712,227 Debt limit - 3% of estimated actual value 34,731,367 Amount of debt applicable to debt limit - Legal debt margin 34,731,367 64 Town of Estes Park, Colorado Computation of Direct and Overlapping Bonded Debt December 31, 2004 Net --- Percentage Amount Out5tanding - Applicable to Applicable to Name of Governmental Unit (1) - Debt - Estes Park E,tes Park Town of Estes Park $ - 0.00% $ - Northern Colorado Water Conservancy District - 0.00% - Park Hospital District - 0.00% - Estes Valley Public Library District 1,210,000 100.00% 1,210,000 Park R-3 School District 4,985,000 52.00% 2,592,200 Total $ 6,195,000 $ 3,802,200 Note: Includes all government units with general obligation debt. 65 Town of Estes Park, Colorado Revenue Bond Coverage Last Ten Fiscal Years Net Revenue 41.- I Direct Available Fiscal. Â· Grbss * Operating for Debt :- Debt Service Requirements (2) â€žVear. 4 L * Revenues Â· V Expenses (1) Sekice . Principal ,- Interest : Total Coverage 1995 107,348 - 107,348 35,000 72,331 107,331 1.00 1996 105,138 - 105,138 35,000 69,951 104,951 1.00 1997 107,022 - 107,022 40,000 67,554 107,554 1.00 1998 38,232 - 38,232 - 97,349 97,349 0.39 1999 (1) 7,470,341 (1) 6,723,184 747,157 52,000 41,470 93,470 7.99 2000 0) 7,784,926 0) 7,218,785 566,141 214,000 180,510 394,510 1.44 2001 (1) 7,666,341 (1) 7,116,367 549,974 213,000 184,040 397,040 1.39 2002 (1) 8,014,558 (1) 7,727,011 287,547 221,000 196,634 417,634 0.69 2003 (1) 8,640,561 (1) 7,818,075 822,486 234,000 162,515 396,515 2.07 2004 (1) 9,211,209 (1) 8,147,386 1,063,823 243,000 151,279 394,279 2.70 Notes: 03 Includes the Light and Power Fund and the Building Authority Debt Service Fund. 66 Town of Estes Park, Colorado Demographic Statistics Last Ten Fiscal Years ' Facal - . . School Unemployment .Year-1 - Population Enrollment {1) . Rate (2) 1995 4,325 1,392 3.90% 1996 5,229 1,349 3.40% 1997 5,229 1,353 2.50% 1998 5,229 1,344 3.80% 1999 5,229 1,316 2.50% 2000 5,413 1,354 2.60% 2001 5,413 1,393 3.50% 2002 5,413 1,411 4.80% 2003 5,413 1,363 5.20% 2004 5,413 1,260 5.70% Source: (1)Source: Park R-3 School District (2) Source: Larimer County labor force summary 67 Town of Estes Park, Colorado Construction, Bank Deposits, and Property Values Last Ten Fiscal Years 2.' Ci,niinircial Conktruction . Residential Â· Other Fiscal. , i , Holising Â· Year . P,Abits- + . :.*41*4 + ptimits Units '' Value . . Permits ' Value 1995 24 2,011,387 62 91 9,438,854 186 3,277,678 1996 8 1,534,249 57 129 10,638,429 162 2,919,475 1997 18 2,301,957 69 106 13,802,287 166 3,785,737 1998 27 3,971,567 75 120 15,728,158 149 2,332,310 1999 15 1,040,372 50 93 11,922,612 189 3,092,683 2000 1 10,593 67 106 14,981,043 205 3,057,477 2001 13 3,394,900 62 73 12,148,395 182 3,848,952 ' 2002 18 12,494,025 67 128 17,496,906 210 3,304,465 2003 4 1,160,580 93 136 21,165,440 155 2,575,573 2004 97 4,078,645 265 297 18,819,059 13 195,050 ' 77 ' 1 Bank Deposith +' 4 - - Property Value ' . 91*Cal / 1 111 ~ (in thousandi - War / Permit* : C ' ' Value (1) 1 4 Commercial J Residential Utilitie#. Total ' ..J 1995 272 14,727,919 122,264 104,880,840 292,735,330 4,067,480 401,683,650 1996 227 15,092,153 129,018 107,769,270 304,017,750 4,641,590 416,428,610 1997 253 19,889,981 152,519 124,878,040 344,854,660 4,880,620 474,613,320 1998 251 22,032,035 141,129 127,577,000 365,896,030 5,282,790 498,755,820 1999 255 16,006,667 138,038 154,223,831 492,303,218 5,885,930 652,412,979 2000 273 18,049,113 143,983 159,010,187 525,380,912 6,084,689 690,475,788 2001 263 20,860,258 155,714 198,430,940 685,615,279 6,184,327 890,230,546 2002 300 33,856,778 178,278 194,965,720 737,107,400 8,379,302 940,452,422 2003 326 28,458,738 216,837 209,983,750 831,032,900 8,440,066 1,049,456,716 2004 375 23,092,754 210,356 210,204,530 864,042,900 7,735,232 1,081,982,662 Notes: (1)Includes the First National Bank of Estes Park, Weststar Bank, Bank of Colorado Key Bank, Boulder Valley Credit Union , and Norlarco Credit Union 68 Town of Estes Park, Colorado Miscellaneous Statistical Data December 31,2004 Date of incorporation: April 7,1917 Population: 5,413 Form of Government: Mayor and six member Board of Trustees Town Administrator Area in Square Miles: 1960 2.37 1970 2.86 1980 3.95 1985 4.65 1990 5.02 1995 5.45 1998 5.83 1999 6.19 2000 6.43 2001 6.5 2002 6.5 2003 6.5 2004 6.5 Fire Protection: Number of stations 2 Number of volunteers 39 Number of firefighting units 11 Water hydrants 583 Fire insurance rating 6/6/9 Police Protection: Number of employees 28 Patrol units 11 Law violations (2003) Homicide 0 Sexual assault 6 Robbery 0 Assault 53 Burglary 34 Larceny - theft 143 Auto theft 13 Other violations 972 Traffic citations 405 Adult Arrests 182 Juvenile Arrests 43 69 Town of Estes Park, Colorado Miscellaneous Statistical Data (continued) December 31,2004 Education: Park School District R-3: Park High School 387 Middle School 328 Intermediate School 310 Grade School 235 Enterprise Funds: Water Department: Water services 4,579 accounts Average daily consumption 1,448,000 gallons Plant capacity 4,500,000 gallons Distribution system 100 miles Treatment plants 2 Light & Power: Electric services 9,713 accounts 2004 kilowatt hours sold 117,869,754 Kwh Capacity 68.75 M.W. Peak demand - winter 23.84 M.W. - summer 17.67 M.W. Number of street lights 1125 Miles of line 343 Wind Power Customers 100 Town Employees: Elected officials 7 Appointed 3 Full-time 105 Part-time 7 Seasonal 37 Accomodations: Hotels, motels, and other 177 Rooms average to better 2,638 70 Town of Estes Park, Colorado Miscellaneous Statistical Data (continued) December 31,2004 Retail sales: 1989 $ 72,118,750 1990 78,834,352 1991 82,537,144 1992 91,753,775 1993 95,480,500 1994 107,256,178 1995 110,005,702 1996 112,499,998 1997 118,124,999 1998 124,024,998 1999 136,195,687 2000 142,164,507 2001 154,303,440 2002 150,962,000 2003 154,280,750 2004 157,561,400 Other Miscellaneous Data: Newspapers 2 Theaters 2 Bus/taxi companies 2 Radio stations 1 Hospitals 1 Churches 20 State highways (Highways 7,34, and 36) 3 Estes Valley Recreation and Park District 1 Number of Registered Voters - April 6,2004: Total registered voters 4367 Municipal Election - April 6,2004 1 Mayor 3 Trustees No Election for 03 71 This page intentionally left blank 1 1 COMPLIANCE SECTION 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: Larimer LOCAL HIGHWAY FINANCE REPORT YEAR ENDING: December 2004 1 This Information From The Records Of (example - City of _ or County of Prepared By: Debbie McDougall, Accounting Manager Phone: (970) 577-3565 I. DISPOSITION OF HIGHWAY-USER REVENUES AVAILABLE FOR LOCAL GOVERNMENT EXPENDITURE A. Local B. Local C. Receipts from D. Receipts from ITEM 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 n. RECEIPTS FOR ROAD AND STREET PURPOSES III. DISBURSEMENTS FOR ROAD AND STREET PURPOSES ITEM 1 AMOUNT ITEM AMOUNT ~ A. Receipts from local sources: A. Local highway disbursements: ~ 1. Local highway-user taxes 1. Capital outlay (from page 2) 303,661 a. Motor Fuel (from Item I.A.5.) 2. Maintenance: 269,325 b. Motor Vehicle (from Item I.BÂ·.5.) 3. Road and street services: ~ c. Total (a.+b.) a. Traffic control operations 7,166 2. General fund appropriations 1,405,607 b. Snow and ice removal 49,112 3. Other local imposts (from page 2) 5,703 c. Other 53,991 4. Miscellaneous local receipts (from page 2) 6,395 d. Total (a. through c.) 110,269 5. Transfers from toll facilities 0 4. General administration & miscellaneous 238,883 6. Proceeds of sale of bonds and notes: 5. Highway law enforcement and safety 736,248 a. Bonds - Original Issues 6. Total (1 through 5) 1,658,386 b. Bonds - Refunding Issues B. Debt service on local obligations: c. Notes 1. Bonds: d. Total (a. + b. + c.) 0 a. Interest 1,011 7. Total (1 through 6) 1,417,705 b. Redemption 8,789 B. Private Contributions c. Total (a. + b.) 9,800 ~ C. Receipts from State government 2. Notes: ~ (from page 2) 250,481 a. Interest D. Receipts from Federal Government b. Redemption from page 2) 0 c. Total (a. + b.) 0 ~ E. lotal receipts (A.7 + B + C + D) 1,668,186 - 3. Total (1.c + 2.c) 9,800 C. Payments to State for highways D. Payments to toll facilities E. Total disbursements (A.6 + B.3 +C+D) 1,668,186 IV. LOCAL HIGHWAY DEBT STATUS (Show all entries at par) ~ Opening Debt Amount Issued Redemptions Closing Debt A. Bonds (Total) 12,372 8,789 3,583 1. Bonds (Refunding Portion) p......9 F...../ B. Notes ('Total) V. LOCAL ROAD AND STREET FUND BALANCE A. Beginning Balance B. Total Receipts IC. Total Disbursementd D. Ending Balance E. Reconciliation 1,668,186 I 1,668,186 | 0 Notes and Comments: FORM FHWA-536 (Rev.01-05) PREVIOUS EDmONS OBSOLETE (Next Page) 72 STATE: Colorado ] LOCAL HIGHWAY FINANCE REPORT YEAR ENDING (mmlyy) December 2004 II. RECEIPTS FOR ROAD AND STREET PURPOSES - DETAIL ITEM AMOUNT ITEM AMOUNT 1 A.3. Other local imposts: A.4. Miscellaneous local receipts: ~ a. Property Taxes and Assesments 5,703 a. Interest on investments 19 I , b. Other local imposts: b. Traffic Fines & Penalities 1. Sales Taxes c. Parking Garage Fees 2. Infrastructure & Impact Fees d. Parking Meter Fees i 3. Liens e. Sale of Surplus Property I 4. Licenses f. Charges for Services 6,376 5. Other g. Other Misc. Receipts 6. Total ( 1. through 5.) 0 h. Other i _c._ Total (a. + b.) 5,703 i.Totala.throuhh.) 6,395 1 -- (Carry forward to page 1) ~(Carry forward topage 1) ITEM 1 AMOUNT I ITEM 1 AMOUNT | C. Receipts from State Government D. Receipts from Federal Government 1. Highway-user taxes 224,446 1. FHWA (from Item I.D.5.) 2.;ta~r~gente;at;hnds ~ 2. Other Federal agencies: 3. Other State funds: a. Forest Service a. State bond proceeds b. FEMA c. HUD c. Motor Vehicle 26,035 d. Federal Transit Admin i d. Other (Specify) e. U.S. Corps of Engineers e. Other (Specify) f. Other Federal O ~ Â£ Total (a. through e.) 26,035 g. Total (a. through f.) 4. Total (1.+ 2. + 3.D 250,481 3. Total (1.+ 2.01 lilli....Ill............lillill'll.......................il.'(Carry forward to page 1) 1 III. DISBURSEMENTS FOR ROAD AND STREET PURPOSES - DETAIL ON NATIONAL OFF NATIONAL HIGHWAY HIGHWAY TOTAL SYSTEM SYSTEM A.1. Capital outlay: a. Right-Of-Way Costs 658 658 b. Engineering Costs O c. Construction: (1). New Facilities 0 (2). Capacity Improvements 0 (3). System Preservation , 303,003 303,003 (4). System Enhancement & Operation 0 0 (5). Total Construction (1) + (2) + (3) + (4) 0 303,003 303,003 d. Total Capital Outlay (Lines 1.a. + 1.b. + 1.c.5) 0 303,661 303,661 (Carry forward to page l) Notes and Comments: FORM FHWA-536 (Rev.12-96) PREVIOUS EDHIONS OBSOLETE 73