TC Council Packet 06-27-2000A Brief Synopsis of the Town of Avon
Town Council Work Session
Meeting Date: June 27, 2000
Councilmembers Present: Jim Benson, Mike Brown, Debbie Buckley, Mac McDevitt,
Buz Reynolds, Judy Yoder
Councilmembers Absent: Rick Cuny
Financial Issues (Executive Session)
Web Site Discussions: Councilor Buckley discussed items she would like to see on our
Web page. Council decided that Worksession Synopsis notes will be put on the web page
after Council has approved them. Council also discussed putting a short biography of
each Council member on the web site. Council members will get together with Jacquie to
discuss.
Audit Presentation: Jack Schroeder of VanSchooneveld & Co. discussed the 1999
Comprehensive Annual Financial Report in detail with the Council. Mr. Schroeder
discussed the different funds held by the Town. He stated that the Town is in good
financial shape at the end of 1999, and that revenue is up 4% from 1998. He stated the
Town had a significant amount of refunding, which increased it's economic gain and
reduced it's debt service. He also discussed the new ballot question being proposed by
Douglas Bruce.
Fireplace Ordinance: Town Manager Bill Efting stated he was contacted by Michael
Hazard and Steve Coyer regarding the fireplace ordinance. They would like Council to
consider allowing the installation of multiple fireplaces filled with gas-log inserts in their
homes. The Town regulation now allows for no more than one such fireplace unit. Mr.
Coyer stated they do not want more wood burners.
Mayor Yoder asked why the ordinance was passed in 1992 and why we changed it.
Community Development Director Mike Matzko said to protect air quality (no wood
burning) and the other reason was to promote efficient heating sources. He stated
enclosed gas fireplaces are a very efficient heating source. It is different than the gas-log
inserts.
Mr. Coyer passed out sample pictures of different fireplaces.
Council discussed the current ordinance. Mayor Yoder state that she does not have a
problem with changing the ordinance. Council agreed. Staff will draft a change to the
ordinance. They would like to see it changed to 1 wood burning and unlimited gas
fireplaces. Mr. Matzko stated it will take about 30 days before it goes into effect.
Real Estate Transfer Tax: Mayor Yoder confirmed that the appeal by Wendy Grundtisch
will be postponed until the July 11 meeting.
Finance Director Scott Wright gave a brief history of the transfer tax code. He stated in
1996 applications were being turned in after payment of the tax and there was no
provision in the code to make refund on those. Then the ordinance was changed so that
the application for the primary residence was changed to read that the application must be
filed with the town prior to payment of the tax. Forms were changed for easier
readability and letters were sent to all title companies informing of the change.
Town Attorney Burt Levin discussed the appeal by Westlund Investments to be heard on
tonight's agenda with the Council.
Mr. Wright stated the purchaser fills out application, and Staff checks to see if an
exemption has been taken in the past. If not, we sign paperwork and send it to the title
company. We have had situations were it was forgotten and title company has not had
paperwork in hand at closing. The change in the ordinance made it so the title company
could escrow the funds and then they could apply and get the refund. Mr. Wright then
discussed the appeal by Ms. Grundtisch.
Community Development Update: Town Planner Tambi Katieb discussed the resolution
on tonight's agenda regarding the forest service trade. He stated staff received a referral
letter from the White River National Forest on the land exchange requesting our support.
Avon's part of the land exchange is 478 acres. He stated Staff is supportive of the
exchange. Councilor Benson asked when will it be finished. Mr. Katieb stated that the
Forest Service hopes to be finished by next spring.
Mr. Katieb said an open house is scheduled this Thursday from 5-7 PM in the Council
Chambers.
Mr. Matzko stated that JE Hildreth, the Town's Building Official, is out of the hospital
today and should be back home today.
Consent Agenda Questions: Town Engineer Norm Wood updated Council on Resolution
No. 00-32, which was added late to the Consent Agenda. It approves the amended
condominium Map for Canyon Run.
Other: Council discussed the garage sale sign. Mr. Efting said 12-15 signs will be placed
throughout town. Mayor Yoder said she would still like Staff to pull down the signs on
light posts.
Mayor Yoder confirmed that Council received the letter regarding the bike path along
Sun-ridge. Assistant Town Manager Larry Brooks discussed the history of the bike path
design. Mr. Brooks stated that Staff has done a good job reaching out to the residents
with suggestions and for their input. Staff feels they have a good solution by moving the
path away from Sunridge, but it is a higher cost. It cannot go any closer to the river.
Mayor Yoder stated the Sunridge Homeowners could come to the next meeting during
Citizen Input. Council discussed the bike path alignment on a map provided by Mr.
Wood. Council questioned if there were any options. Mr. Efting will write a letter to the
Sunridge Homeowners.
Mr. Efting asked Council if they could attend a joint meeting with the Planning & Zoning
Commission on July 18. Council agreed.
Mr. Efting stated that the sanitation district called and want to meet with Council
regarding the odor ordinance. Mayor Yoder stated they can come to the next meeting to
discuss during Citizen Input.
Town Council Meetings
Roll Call Check Sheet
Jim Benson /
Michael Brown V/
Debbie Buckley /
Rick Cuny
Mac McDevitt
/
Buz Reynolds / /
Judy Yoder
Roll calls are called at start of meeting and for Ordinances. Do not call Mayor except for
meeting roll call or to break a tie vote.
Date: O--?)--) --D0
Seating arrangements from west to east: Brown, Reynolds, Cuny, Yoder, McDevitt,
Buckley, Benson
Staff Present:
Bill Efting
Larry Brooks
Burt Levin
Kris Nash
_,-,'_Jacquie Halburnt
Scott Wright
X Jeff Layman
k Charlie Moore
Meryl Jacobs
Norm Wood
X Bob Reed
_y Harry Taylor
Mike Matzko
Karen Griffith
Other Staff:
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STATE OF COLORADO )
COUNTY OF EAGLE )
TOWN OF AVON )
SS
NOTICE IS HEREBY GIVEN THAT A WORK SESSION OF THE TOWN COUNCIL
OF THE TOWN OF AVON, COLORADO, WILL BE HELD JUNE 27, 2000, AT 3:15
P.M. IN THE MUNICIPAL BUILDING, 400 BENCHMARK ROAD, AVON,
COLORADO FOR THE PURPOSE OF DISCUSSING AND CONSIDERING THE
FOLLOWING:
3:15 PM - 3:30 PM 1.) Financial Issues (Executive Session)
3:30 PM - 3:45 PM 2.) Web Site Discussions
3:45 PM - 4:15 PM 3.) Audit Presentation
(Jack Schroerder, VanSchooneveld & Co.)
4:15 PM - 4:45 PM 4.) Fireplace Ordinance Discussion
4:45 PM - 5:00 PM 5.) Real Estate Transfer Tax History
(Burt Levin and Scott Wright)
5:00 PM - 5:20 PM 6.) Community Development Update
Consent Agenda Questions
Council Committee Updates
AND SUCH OTHER BUSINESS AS MAY COME BEFORE THE COUNCIL
THIS MEETING IS OPEN TO THE PUBLIC
TO" OF AVON, COLORADO
BY:
own Clerk
POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON
ON JUNE 23, 2000:
AVON MUNICIPAL BUILDING IN THE MAIN LOBBY
AVON BEAVER CREEK TRANSIT BUS STOP AT AVON CENTER
AVON RECREATION CENTER
CITY MARKET IN THE MAIN LOBBY
A Alk
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To: Mayor and Town Council
From: Debbie Buckley
Date: 6/25/2000
Re: Avon Website
Attached are pages of the Avon website that I believe could be used more effectively to promote
communication in Avon
Town Council Recaps - We are currently posting the minutes of the regular meetings only. I
suggest that we post a summation of the work sessions as well. This will help people stay
informed about what is being discussed. For example, in the recent speed bump issue, most of
the council discussion took place at the work session when Peggy Peiters came to request the
speed bump. Because this topic was not discussed at the regular session, some of the people
who objected were not aware of the decision until the speed bump was in place.
2. Council Members and Council Agendas page - I suggest that Council members contact info be
posted on one or both of these pages. It would be my preference to have my email address
posted on the Member page. Another idea is to have the photos on the agenda page to be
clickable and linked to our emails.
3. 1 think Avon should be represented from the vail. net community page
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MINUTES OF THE REGULAR MEETING OF THE TOWN
COUNCIL HELD MAY 23, 2000
A regular meeting of the Town of Avon, Colorado was held in
the Municipal Building, 400 Benchmark Road, Avon, Colorado
in the Council Chambers.
The meeting was called to order by Mayor Judy Yoder at
5:30 PM. A roll call was taken with Councilors Jim Benson,
Debbie Buckley, Rick Cuny, and Mac McDevitt present.
Councilor Buz Reynolds was absent. Also present were Town
Manager Bill Efting, Town Attorney Burt Levin, Assistant Town
Manager Lary Brooks, Town Clerk Kris Nash, Finance
Director Scott Wright, Police Chief Jeff Layman, Police
Sergeant Mike Leake, Recreation Director Meryl Jacobs,
Town Engineer Norm Wood, Engineer Anne Martens,
Transportation Director Harry Taylor as well as members of
the press and public.
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Citizen Input:
Mayor Yoder read in full and presented a plaque to former Mayor Protem Bob Mcllveen in
appreciation of his years of service on the Avon Town Council.
Ordinances:
First Reading of Ordinance No. 00-06, Series of 2000, An Ordinance Amending Chapters 8.31
and 8.32 of the Avon Municipal Code Relating to Odor Pollution; and Providing Penalties for the
Violation Thereof.
Town Attorney Burt Levin presented this Ordinance on First Reading. Mayor Yoder confirmed that
this Ordinance would come before Council at the next meeting.
After discussion by the Council, Councilor McDevitt motioned approval of Ordinance No. 00-06,
Series of 2000 on first reading. Councilor Buckley seconded the motion.
Mayor Yoder asked for a roll call.
The motion carried unanimously.
Resolutions:
Resolution No. 00-23, Series of 2000, A Resolution to Amend the 2000 Town of Avon Budget
Finance Director Wright stated this Resolution increases appropriations to the Capital
Improvements Fund budget by $230,000. This pertains to the W. Beaver Creek Blvd. streetscape
AVON TOWN COUNCIL
Mayor Judy Yoder
Councilor Jim Benson
Councilor Michael Brown
Councilor Debbie Buckley
Councilor Rick Cuny
Councilor Mac McDevitt
Councilor Buz Reynolds, Jr.
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Councilor Michael Brown
Councilor Debbie Buckley
Councilor Rick Cuny
Councilor Mac McDevitt
Councilor Buz Reynolds, Jr.
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AVON TOWN COUNCIL
Mayor Judy Yoder
Councilor Jim Benson
Councilor Michael Brown
Councilor Debbie Buckley
Councilor Rick Cuny
Councilor Mac McDevitt
Councilor Buz Reynolds, Jr.
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Photos courtesy of Norman Wood
What a wonderful community the Vail Valley has. Please take a moment
to browse the following municipal and charitable organizations that make
our resort area so special:
Tnwn of \/a i I
Town of Minturn
Eagle County
Non-Profit Organizations
Chamber of Commerce
Maps of the Vail Valley
Houses of Worship
Eagle County Schools
11
Key differences between these fireplaces and those permitted by the regulation are: 0
• The firebox in the gas appliance type is sealed behind glass. This is done to control
combustion, safety, and to ensure that most of the heat remains inside of the home rather than
going up the chimney. Venting is through a smaller and lower-temperature pipe than required
by a wood burning fireplace; it may be constructed to look like a normal chimney, or vented
directly through the wall.
• The gas log fireplace desired by the property owners is an open hearth, and requires a chimney
rated for wood burning. A wood burning fireplace requires a flue damper; however, a wood
burning fireplace with gas logs installed must have the damper removed or fixed in an open
position. In a wood burning fireplace, with or without gas logs, a significant portion of the heat
generated goes up the chimney.
Staff will be prepared to answer questions about the regulations and possible changes, at the June 27
work session. If you have any questions in the meantime, please call me at 748-4014.
Town Manager Comments
11,
Attachments:
A - Chapter 15.40 of the Avon Municipal Code
B -Letters regarding fireplace regulations
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Memo to Town Council, June 20, 20001 rage z or z
Re: Fireplace Regulations
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15.36.160--15.40.020
state. Whenever any provision
with any provision of any other
statute of the state, the more
control. (Ord. 81-2 §15).
of this chapter conflicts
ordinance of the town or
restrictive provision shall
15.36.160 Violation--Penalty. Any person, firm or
corporation violating any of the provisions of this chapter
shall be deemed guilty of a violation of this chapter, and
any such person, firm or corporation shall be deemed guilty
of a separate offense for each and every day or portion
thereof during which any violation is committed, continued
or permitted and upon conviction of any such violation,
such person, firm or corporation shall be punished by a
fine of not more than three hundred dollars or by imprison-
ment for not more than ninety days, or by both such fine
and imprisonment. (Ord. 81-2 §16).
Chapter 15.40
SOLID-FUEL-BURNING DEVICES
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Sections:
15.40.010 Purpose and applicability.
15.40.020 Definitions.
15.40.030 Regulations below elevation of seven
thousand eight hundred twenty feet.
15.40.040 Regulations above elevation of seven
thousand eight hundred twenty feet.
15.40.050 Gas appliances.
15.40.060 Coal usage prohibited.
15.40.010 Purpose and applicability. These regula-
tions are enacted for the purpose of promoting the health,
safety and general welfare of the residents of and visitors
to the town of Avon. These regulations are intended to
achieve the following more specific purposes:
A. To protect air quality; and
B. To promote heat sources that are efficient and
have a reduced polluting effect. (Ord. 91-11 §1 (part)).
15.40.020 Definitions. A. "Certified-solid-fuel-
burning device" means a solid-fuel-burning device which is
certified by the Air Pollution Control Division of the
Colorado Department of Health to meet the emissions stan-
dards set forth in Section IV of Regulation No. 4 of Volume
I of Colorado Air Quality Control Commission.
B. "Gas appliance" means a fully self-contained, U.L.
listed and A.G.A. fireplace unit which does not require
123-53 (Avon 1/92)
I
15.40.030--15.40.050
venting through a chimney and which does not permit the use
of solid fuel.
C. "Gas-log fireplace" means a gas appliance equipped
with an A.G.A. and U.L. listed artificial log unit which is
approved for the burning of natural gas.
D. "Solid-fuel-burning device" means any fireplace,
stove, firebox or device intended and/or used for the pur-
pose of burning wood, pulp, paper or other nonliquid or
nongaseous fuel. This definition specifically excludes
noncommercial barbecue devices used to cook food outdoors.
E. "Wood-burning fireplace" means an open hearth or
fire chamber or similar prepared place in which a fire may
be made and which is built in conjunction with a chimney.
(Ord. 91-11 §1 (part)).
15.40.030 Regulations below elevation of seven thou-
sand eight hundred twenty feet. Below the elevation of
seven thousand eight hundred twenty feet, no new wood-burn-
ing or solid-fuel-burning fireplaces or other devices shall
be permitted to be constructed or installed after the ordi-
nance codified in this chapter becomes effective. No mo-
bile or modular home shall be moved into place in the town
and connected to utility service which has installed with
such mobile or modular home a solid-fuel-burning device.
Below such elevation, certified-solid-fuel-burning devices,
gas appliances and gas-log fireplaces shall be permitted.
Below such elevation there shall also be permitted one
wood-burning fireplace in the lobby of any hotel or lodge;
provided, a fee in the amount of three thousand dollars is
paid at the time of application for building permit. (Ord.
91-11 §1 (part)).
15.40.040 Regulations above elevation of seven thou-
sand eight hundred twenty feet. Above the elevation of
seven thousand eight hundred twenty feet, one wood-burning
fireplace shall be permitted in each new dwelling unit
constructed; provided, a fee in the amount of one thousand
five hundred dollars is paid at the time of application for
building permit; provided, no new wood-burning or other
solid-fuel-burning fireplaces or other devices shall be
permitted in dwelling units triplex and greater in size
after the ordinance codified in this chapter becomes effec-
tive. Above such elevation, certified-solid-fuel-burning
devices, gas appliances and gas-log fireplaces shall be
permitted. (Ord. 91-11 §1 (part)).
C
r-11-1w
m 7-0-
15.40.050 Gas appliances. All gas-log fireplaces
shall be constructed in such a manner that access to the
firebox is prohibited except for the purposes of repair and
maintenance. (Ord. 91-11 §1 (part)).
123-54 (Avon 1/92)
I
•
•
C7
15.40.060
15.40.060 Coal age rohibited. The burning of coal
within the town is prohibited. (Ord. 91-11 K (part)).
123-55 (Avon 1/92)
I
A Professional Corporation
East Meadow Drive
143
Crossroads at Vail
Crossroads MORTERAKERARCH ITECTS
Vail, Colorado 81657
970/476-5105
FAX 970/476-0710
Email MorterAker®
MorterAker.com
June 6, 2000
Mr. Bill Efting
Town Manager
Town of Avon
PO Box 975
Avon, CO 81620
Hello Bill,
E
I understand from Steve Coyer, a resident of Mountain Star, that he and others
have discussed with you the Town of Avon's recent revisions to the Town's
fireplace regulations.
I share Steve's concerns about the Town's recent revisions, and would
encourage you and the Town Council to reconsider its regulations again.
Further, I would donate our office's assistance and expertise to the Town as you
reconsider your regulations.
Thank you for maintaining flexibility in this important matter. I look forward to
working with you.
Best re
-Morter, FAIA
R AKER ARCHITECTS
E
AILSA DEVELOPMENT LLC
P.O. BOX 1979 AVON, CO 81620
May 31, 2000
Mayor Judy Yoder and
Town Manager Bill Efting
Avon, Colorado
Dear Mayor Yoder and Mr. Efting,
My wife, Amy, and I moved here from the New York City area last June. We had been vacationing in
the Valley for over twenty years, and always hoped to make this our "home" someday. We couldn't be
happier living here, and look forward to our future here in Avon.
We had purchased a lot in Mountain Star a few years ago, hoping that we'd eventually come out here
and build. After arriving last year, we examined a number of new business ideas, and settled on building
one high-end custom home each year for profit (we hope!). We purchased another Mountain Star lot for
this purpose. We engaged Ned Gwathmey to design the homes and George Shaeffer's construction
company to build them. We have just broken ground on the two homes.
It's come to our attention that the current fireplace regulations in the town of Avon do not permit us to
install the gas log fireplaces we need in both homes. While this is important to the design of our own
home, it is critical to the "spec" home. We will be trying to sell it for upwards of four million dollars,
and potential buyers will not find the gas appliances we would have to use (under current regulations)
appropriate for their home. This is particularly true when the buyer could go across the valley and
purchase homes in Beaver Creek, Bachelor Gulch, or Cordillera and find multiple gas log fireplaces in
those homes. Amy and I want to be build more homes in Mountain Star, eventually. But we will not do
so if we have problems designing the homes up to the standard we feel the market demands.
I encourage you to re-examine this issue. The new gas log fireplaces are so convenient and attractive
that many people prefer them to traditional wood-burning ones. They are clean and safe, and are very
important in creating a warm feeling to a mountain home. Thank you for your consideration of this
matter.
Sincerely,
Steven C. Coyer
U
TEL 970.926.8943
FAX 970.926.2309
AILSA_DEV@HOTMAI L. COM
•
MOUNTAIN STAR ASSOCATION
P.O. Boa 1599
AVON, COLORADO 81620
May 31, 2000
Mr. Bill Efting and Ms. Judy Yoder
Town of Avon
Box 975
Avon CO 81620
Dear Ms. Yoder and Mr. Efting:
I understand that the Mountain Star Association Board of Directors has written you
regarding the Town's interpretation of its building code as it relates to gas log set
fireplaces. As the chairman of the Mountain Star Design Review Committee, I want you
to know that the Design Review Committee shares the Board's position on this issue.
We would welcome the opportunity to meet with the Town Council to discuss improving
the Town's fireplace regulation.
Respectfully,
Willis J. Wright
Chairman, Design Review Committee
Mountain Star Association
Cc: Jim Clarke, East West Resorts
Steve Coyer, Director
Peter Dann, East West Resorts
John Ebin, Director
Alison Knapp, Director
Mark Smith, Director and DRC
Duane Piper, DRC
Rick Dominick, DRC
Jim Morter, DRC 0
Michael
Hazard
Associates
Architecture
Planning
May 30, 2000
Ms. Judy Yoder; Mayor
Mr. Bill Efting; Town Manager
The Town of Avon
P.O. Box 975
Avon, CO 81620
Dear Judy and Bill,
I want to thank you for your thoughts regarding the issue of gas fireplaces in the
Town.
Per our discussion, there are a number of large homes throughout the Valley and in
the case of Avon, in Mountain Star, that are being designed with multiple fireplaces.
In spite of the allowance for one wood-burning fireplace, the vast majority of our
clients are requesting the convenience and immediacy of a gas log fireplace. There
are numerous instances where current wood burning fireplaces are being converted to
gas burning units. The problem is really one of design with the reality that the "gas
appliances", currently required by the Town, are generally very small and poorly
designed. They are out of keeping with the scale and quality of the homes within
which they are being placed. The only distinct building code requirement for these
units, which must be maintained, is when they are located within bedrooms.
I would like to approach the Council with the request to allow the installation of
conventional metal or masonry fireboxes, fitted with gas log sets, as currently
approved in other parts of the County.
Thank you for your interest in this matter.
L`
A
ASSOCIATES
P.O. Box 1068
Vail, Colorado
81658
303.949.4958
Fax 303.949.4838
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MOUNTAIN STAR ASSOCATION
P.O. Box 1599
AVON, COLORADO 81620
May 25, 2000
Mr. Bill Efting
Avon Town Manager
Box 975
Avon CO 81620
Dear Mr. Efting:
The purpose of this letter is to request that the Avon Town Council consider modifying
its building codes as they relate to gas log set fireplaces.
Fireplaces are an important aspect of Mountain Star homes, and most existing homes
have a mix of fireplaces: wood burners vented through chimneys (maximum one per
house), open-hearth gas sets vented through chimneys, and gas appliances. In practice,
the wood burning fireplace is most often located in the living room, with multiple gas log
sets located in family rooms, secondary living rooms, libraries, etc. Gas appliances are
the only types of fireplace allowed in bedrooms, and we support that aspect of the
Town's regulations.
Building inspectors have recently been allowing only one chimney per house, and
requiring all other fireplaces be appliances (this may be as a result of changes made to
Ordinance No. 99-13, Chapter 15.24.080 Section 902 - Masonry Fireplaces in July,
1999). In any case, we feel that eliminating open hearth gas log sets vented through
chimneys does not allow Mountain Star land owners to build attractive homes appropriate
to Mountain Star's wonderful location. Gas appliances are seriously deficient from an
aesthetic standpoint, and are not suitable substitutes for gas log sets. Most large, custom
homes in the valley (Bachelor Gulch, Beaver Creek, Vail, and Cordillera) have multiple
gas log sets, and it is important that Mountain Star homes be able to offer its homeowners
similar amenities.
We do not know what prompted the change to this regulation. There may be a fear that
homeowners will convert their gas log sets to wood burning fireplaces -- this is
technically possible. In reality, this does not happen. The quality of gas log sets has
improved so much that many homeowners either choose not to build a wood burning
fireplace when they build their house, or elect to replace existing wood burners with the
new, high quality gas log sets. This is due to the greatly improved "look" of the gas log
sets, as well as their terrific convenience compared to a traditional wood fire.
Additionally, these units have similar emission characteristics to gas appliances.
However, if Town officials prefer, we will be happy to institute some sort of annual
inspection of our homes to ensure that none has more than one wood-burning fireplace.
But we feel that the Mountain Star Design Review Committee and its process will ensure
that only one wood burner is planned and built. And our Board of Directors, through its
regular newsletter, can offer homeowners reminders that only one wood burner is
permitted. We feel our homeowners can be trusted to obey this regulation.
Mountain Star homeowners are proud to live in the Town of Avon, and are very happy
with the Town's many useful services. But on this important issue, we would welcome
the opportunity to meet with the Town Council to discuss improving the Town's fireplace
regulation.
Respectfully,
Joh ?Fessler
Press e, ard of Directors
Mountain Star Association
® Cc: Jim Clarke, East West Resorts
Steve Coyer, Director
Peter Dann, East West Resorts
John Ebin, Director
Alison Knapp, Director
Mark Smith, Director
May 24, 2000
Mr. Bill Efting
PO Box 975
Avon, CO 81620
Re: Fireplace Regulations
Mr. Efting:
We are writing to you as per the request of our clients Amy and Steve Coyer. This is regarding
the Town of Avon's fireplace regulations, especially as they apply to Mountain Star. As you have
spoken with both Steve Coyer and George Shaeffer about this subject, we will not go into the
specifics of these projects. We would like to share with you some general thoughts about gas
fireplaces that may encourage you to modify the existing regulations.
The regulations as currently implemented limit all but one fireplace to gas appliances. While gas
appliances are improving, they continue to be a poor shadow of a real fireplace fitted with a high
quality gas log set. Since Eagle County issued their fireplace regulations and subsequently the
Town of Vail's similar regulations, our firm has designed and seen built numerous residences with
wood burning boxes and even true masonry boxes fitted with gas log sets. This gives our clients a
superior looking fireplace while causing no more air pollution than a gas appliance. To our
knowledge not one of our clients has ever attempted to convert a fireplace back to a wood-buming
fireplace. The trend in fact has been the opposite. Many of our clients have found that they prefer
the cleanliness and convenience of the gas log sets.
In our opinion the Town of Avon's fireplace regulations needlessly prohibit the use of wood
buming boxes fitted with gas log sets. They cause no more air pollution than gas appliances, and
there is little likelihood that anyone would convert them to wood burning fireplaces. We would
appreciate any modification of the regulations that would allow us to provide our clients the
attractive fireplaces that they have seen in our residences elsewhere in the county. Thank you for
your time and consideration. Please feel free to call if you would like to discuss this matter further.
Sincerely,
GWATHMEY PRATT SCHULTZ ARCHITECTS, p.c.
Ned Gwathmey Rob Galvin
May 24, 2000
Mr. Bill Efting
PO Box 975
Avon, CO 81620
Re: Fireplace Regulations
Mr. Efting:
We are writing to you as per the request of our clients Amy and Steve Coyer. This is regarding
the Town of Avon's fireplace regulations, especially as they apply to Mountain Star. As you have
spoken with both Steve Coyer and George Shaeffer about this subject, we will not go into the
specifics of these projects. We would like to share with you some general thoughts about gas
fireplaces that may encourage you to modify the existing regulations.
The regulations as currently implemented limit all but one fireplace to gas appliances. While gas
appliances are improving, they continue to be a poor shadow of a real fireplace fitted with a high
quality gas log set. Since Eagle County issued their fireplace regulations and subsequently the
Town of Vail's similar regulations, our firm has designed and seen built numerous residences with
wood burning boxes and even true masonry boxes fitted with gas log sets. This gives our clients a
superior looking fireplace while causing no more air pollution than a gas appliance. To our
knowledge not one of our clients has ever attempted to convert a fireplace back to a wood-burning
fireplace. The trend in fact has been the opposite. Many of our clients have found that they prefer
the cleanliness and convenience of the gas log sets.
In our opinion the Town of Avon's fireplace regulations needlessly prohibit the use of wood
burning boxes fitted with gas log sets. They cause no more air pollution than gas appliances, and
there is little likelihood that anyone would convert them to wood burning fireplaces. We would
appreciate any modification of the regulations that would allow us to provide our clients the
attractive fireplaces that they have seen in our residences elsewhere in the county. Thank you for
your time and consideration. Please feel free to call if you would like to discuss this matter further.
Sincerely,
GWATHMEY PRATT SCHULTZ ARCHITECTS, p.c.
Ned Gwathmey Rob Galvin
TOWN OF AVON
REGULAR COUNCIL MEETING AGENDA
June 27, 2000 - 5:30 PM
1. Call to Order / Roll Call i?
2. Citizen Input c '
a.) Salute to the USA Update
b.) Wildridge Safety (Peggy Pieters/Charlie Sherman)
c.) Real Estate Transfer Tax Appeal, 2481 Buffalo Head, Wildridge (Whitney Grundtisch)
?? Y v d.) Real Estate Transfer Tax Appeal, 0288 West Beaver Creek Blvd. (Westlund Investments)
3. Ordinances,2
a.) First Reading of Ordinance No. 00-07, Series of 2000, An Ordinance Authorizing the
Execution and Delivery by the Town of a First Amendment to a Prior Lease Purchase and
Sublease Agreement and an Official Statement; Approving the Assignment of the Town's
Interest in a Contract to Purchase Real Property; Ratifying Action Previously Taken
Concerning the Referenced Transactions; and Providing Other Matters Relating Thereto
4. Resolutions
a.) Resolution No. 00-31, Series of 2000, A Resolution Endorsing the Vassar Meadows Land
Exchange Between the White River National Forest and Town of Avon, Eagle County,
Colorado
5. Unfinished Business
6. New Business
7. Town Manager Report
8. Town Attorney Report
t
CJ
9. Mayor Report
10. Other Business
11. Consent Agenda
a.) Approval of the June 13, 2000 Council Meeting Minutes
b.) Financial Matters
C.) of Audit by Van Schooneveld & Co.
d.) Contract with Quickbeam Systems, Inc.
e.) Contract with Ourston for Roundabout Design
£) Resolution No. 00-32, Series of 2000, A Resolution Approving the Amendment to Sixth
Supplement to Condominium Map Canyon Map, (Garage A & B), Lot 4, Nottingham
Station, Town of Avon, Eagle County, Colorado
12. Adjournment _
3.12.010--3.12.020
Chapter 3.12
REAL PROPERTY TRANSFER TAX
Sections:
3.12.010 Title.
3.12.020 Definitions.
3.12.030 Imposition of tax.
3.12.040 Persons liable for tax.
3.12.050 Computation of tax.
3.12.060 Exemptions.
3.12.070 Application for exemption--Form of certifi-
cate--Approval.
3.12.080 Lands affected.
3.12.090 Due dates, delinquencies, penalties and
interest.
3.12.100 Unpaid tax to constitute lien--Notification--
Tax deemed a debt.
3.12.110 Allocation of revenue.
3.12.120 Town manager to enforce--Collection.
3.12.130 Penalty for violations--Remedies not exclusive.
3.12.010 Title. This chapter shall be known and may
be cited as "The Town of Avon Real Property Transfer Tax
Ordinance." (Ord. 80-6 §1).
3.12.020 Definitions. With reference to this chapter
and t e .interpretation hereof, the following terms shall
have the meanings specified:
A. "Consideration" means and includes the actual cash
paid and/or value of the property delivered, or contracted
to be paid or delivered, in return for the transfer of owner-
ship or title to, or any other possessory interest in, real
property and shall include the amount of any lien, mortgage,
contract indebtedness or other encumbrance, either given to
secure the purchase price, or any part thereof, or remaining
unpaid on the property at the time of sale. The term does
not include the amount of any outstanding lien or encumbrance
in favor of the United States, the state, or of a municipal
or quasi-governmental agency, corporation or district for
taxes, special benefits or improvements. In the event that
the transaction or transfer is by lease agreement not specifi-
cally exempted-in _-Section _ 3.-12.-060, the-consideration shall
be computed based upon the capitalization or the current
annual rental for ten years, plus any additional consideration,
paid or to be paid. When it is not possible to determine
the annual rental, the tax shall be based upon the appraised
value of the property covered by the lease, and this decision,
that the annual rental cannot be determined, shall be solely
at the discretion of the town manager.
23 (Avon 10/85)
3.12.030--3.12.040
B. "Density units" means density units as designated
• on the official town plat of the town, as amended, and density
allocations assigned to specific lots in the town by platting
or designation through specially planned units.
C. "Person" means any individual, corporation, business
trust, estate, trust, partnership, association or other
legal entity.
D. "Town manager" means the person appointed pursuant
to Section 8.1 or Section 8.2 of the Town Charter or, if the
office of town manager is vacant, the mayor pursuant to Sec-
tion 8.1 of the aforementioned Charter.
E. "Transfer" means any grant, conveyance or alienation
of real property, as evidenced by deed, instrument of con-
veyance or exchange, or any other writing wherein or whereby
title to real property is granted, conveyed or alienated,'
or the conveyance of a possessory interest including any
other indicia of ownership without the passing of legal title.
F. "Real property" means property other than personal
property as defined by the statutes of the state and does not
include trailers or mobile homes, except trailers or mobile
homes, which, by way of a foundation, have become attached
as fixtures to the land on which they are located. "Real
property" further means and includes density units. Any
transfer of density units, whether transferred separately
from or as a part of a transfer of title to real property,
shall be taxable under the provisions of this chapter.
G. "Deed in lieu of foreclosure" means a conveyance
by a property owner to a secured party of property which is
the subject of a mortgage, deed of trust or other security
instrument, in consideration of the cancellation of the in-
debtedness secured by such security instrument. (Ord. 85-5
§l: Ord. 83-12 §1; Ord. 81-12 §1; Ord. 80-6 §5).
3.12.030 Imposition of tax. Except as provided in
Section 3.12.060, there is imposed a tax on all transfers
of interests or possessory rights in and to real estate
located in the town by deed, lease, assignment of lease,
agreement for sale of stock or contract. The tax imposed
is and shall constitute a tax payable with respect to the
transfer, and the tax is due and payable at the time of
the transfer. (Ord. 80-6 §3).
3.12.040 Persons liable for tax. Any purchaser or
purchasers, or any other transferee or transferees of real
property the transfer of which is subject to the imposition
of the tax described in Section 3.12.030, shall be jointly
and severally liable for the payment of the tax. (Ord.
80-6 §4).
11
•
24 (Avon 10/85)
3.12.050--3.12.060
3.12.050 Computation of tax. The amount of tax
payable shall be determined and computed as set out below.
A. Where the amount of consideration is five hundred
dollars or less, no real property transfer tax shall be
imposed, and all such transactions shall be exempt.'
B. On and after November 1, 1987, where five hundred
dollars or more, the real property transfer tax shall be two
percent of the consideration. (Ord. 87-17 §1; Ord. 80-6 §6),
3.12.060 Exemptions. Unless the method of transfer
is contrived for the purpose of evading the real property
transfer tax imposed by this chapter, the real property
transfer tax shall not apply to the situations described
below:
A. Any transfer wherein the United States or any
agency or instrumentality thereof, the state, any county,
city and county, municipality, district or other political
subdivision of the state is either the grantee or grantor;
B. Any transfer granting or conveying title to real
property in consequence of a gift of such property, where
no consideration other than love and affection, charity
or other such motive is, in fact, present;
C. Any decree or agreement partitioning, terminating
or evidencing termination of a joint tenancy in real
property, except where additional consideration is paid
in connection with such partition or termination;
D. The transfer of title or interest in real property
by reason of death, will or decree of distribution;
E. Transfers made pursuant to business organization,
reorganization or restructuring;
F. Transfers made to effectuate any plan confirmed
or ordered by any court of competent jurisdiction under
the Bankruptcy Act or in any equity receivership proceeding;
G. Any transfer evidenced by a deed made and delivered
without consideration for the purpose of confirming, correct-
ing, modifying or supplementing a transfer previously
recorded; making minor boundary adjustments; removing clouds
of title; granting easements, rights-of-way or licenses;
H. Any transfer granting title to cemetery lots;
I. Any transfer by decree or order of court of record
quieting, determining or resting title, including a final
order awarding title pursuant to a condemnation proceeding;
J. Any lease or other instrument or contract which
transfers to the transferee a possessory right_in real
property where the possessory right is granted for a period
of twenty-five years or less or where, at the time of
assignment thereof, twenty-five years or less of the term
remains. (For purposes of this chapter, where the initial
term of the possessory right is for a period of less than
twenty-five years, but such right may be extended for a
24-1 (Avon 10/87)
3.12.060
. period exceeding twenty-five years, or for periods which in
the aggregate exceed twenty-five years, the term of the
possessory right shall be calculated as including the ini-
tial term and all extensions thereof.);
K. Any transfer of a mineral or royalty interest by
deed or otherwise;
L. Transfers to secure a debt or other obligation, or
transfers of releases of property which is security for a
debt or other obligation;
M. Any transfer by deed or conveyance under execution
sale or foreclosure sale under a power sale or court decree
or lien foreclosure, sheriff's deed, public trustee's deed
or treasurer's deed, or any transfer by deed in lieu of
foreclosure, provided that transfers encompassed by this
section:
1. Shall be exempt only if the grantee is the
person, firm or entity holding the obligation or instrument
upon which the proceeding is based or which, in the case of
a deed in lieu of foreclosure, is being cancelled in ex-
change for the transfer, and
2. Shall be exempt only to the extent of the obli-
gation to be satisfied at the execution or foreclosure sale
and any obligations to prior lienholders paid from the
proceeds of the sale or in the case of a deed in lieu of
foreclosure, to the extent of the instrument cancelled by
the transfer;
• N. Any sale or conveyance of real property or im-
provements for the purpose of constructing or providing low
or moderately priced housing units for sale or lease to low
or moderate income persons; provided, that the parties to
the transaction shall apply to the town manager for the
exemption prior to the occurrence of the transaction from
which exemption is sought, and the parties shall agree to
appropriately restrict the future use of the property to
low and moderately priced housing units by recorded agree-
ment, deed restriction, covenants, declarations or similar
instruments as may be required by the town manager;
0. The first one hundred sixty thousand dollars of
the consideration for any sale or conveyance of real prop-
erty and completed improvements for occupancy as a primary
residence provided the following conditions are met:
1. The same applicant has not previously received
an exemption pursuant to this subsection;
- -2. An-application for--exemption is filed with the
town manager prior to payment of the tax, which application
is accompanied by: (a) an affidavit that the real property
is being purchased for use as a primary residence and not
for investment or resale; and (b) a promissory note in the
amount of the tax otherwise owing and providing that the
tax and the promissory note shall be due and payable in
full in the event of resale of the property within one year
•
25 (Avon 1/98)
3.12.070
I
after closing. (Ord. 97-12 §1; Ord. 96-13 §1; Ord. 89-15
§1; Ord. 89-12 §1; Ord. 83-12 §§2, 3; Ord. 80-6 § 7).
3.12.070 Application for exemption--Form of certifi-
cate--Approval. A. In the event that any transfer which
is exempt from the real property transfer tax does not
reflect that exemption clearly in the document evidencing
the transfer, the grantee may apply for a certificate of
exemption from the town manager, which certificate of ex-
emption may be affixed to the document evidencing such
transfer. The certificate of exemption shall be in the
following form:
•
C7
25-1 (Avon 1/98)
3.12. 070 r
TOWN OF AVON
APPLICATION FOR EXEMPTION
FROM REAL PROPERTY TRANSFER TAX
The undersigned, as Grantee of a deed or
instrument of conveyance from
to (name of Grantee),
dated hereby applies for
exemption from the payment of the Avon Real
Property Transfer Tax, imposed by Chapter
3.12 of the Municipal Code of the Town of Avon.
The basis for such requested exemption is:
(State grounds for requested
exemption, including applicable sec-
tion and subsection of the Real
Property Transfer Tax Ordinance under
which the exemption is requested.
Attach supporting documents, if neces-
sary for full understanding of trans-
action, preferably Affidavit, setting
out additional details concerning the
transaction for which exempt status is
being requested.)
I hereby certify under penalty of perjury that
the foregoing statement is true and correct.
Grantee
CERTIFICATE OF EXEMPTION
I hereby certify that the above described
transfer of real property is exempt from the
payment of the Avon Real Property Transfer Tax
under -Chapter 3.12-1-Sect-ion of--the
Municipal Code.
Town Manager
•
26 (Avon 6/83)
3.12.080--3.12.090
B. A failure by the town manager to act upon the appli-
cation within ten business days after receipt of the appli-
cation shall be conclusively deemed to constitute approval
of such application. Any person whose claim of exemption is
denied may, within thirty days of transmittal of the decision
of the town manager, appeal to the town council for a deter-
mination of such exemption, and such appeal shall be consi-
dered by the town council within thirty days of the first
regular town council meeting subsequent to receipt of the
appeal. A failure by the town council to hear and decide
the matter within thirty days of the first regular town
council meeting subsequent to receipt of the appeal shall
operate as a decision favorable to the party appealing.
C. In the event an applicant for an exemption, upon
denial of the requested exemption by the town manager, de-
sires that the town manager consider additional material,
the applicant may, within the period otherwise provided for
appeal, apply for reconsideration by the town manager. In
such event, the town manager shall issue a decision upon
the application for reconsideration only subsequent to the
payment by the applicant of such expenses as may have been
incurred by the town as a result of such reconsideration.
In the event the applicant fails to make payment of such
expenses within seven days of being advised that the town
manager's decision is available, the town manager shall
deny such application for reconsideration and the original
decision shall stand. In the event of denial of the re-
quested exemption upon reconsideration, the applicant's
period for appeal shall begin to run from the date of the
town manager's final decision. An applicant shall have
the right for reconsideration of an application only twice,
subsequent to which the decision of the town manager shall
either be accepted or appealed to the town council in accor-
dance with the provisions of this chapter. (Ord. 83-12
§4; Ord. 83-3 Sl; Ord. 80-6 §8).
3.12.080 Lands affected. When a transaction subject
to this chapter includes property located within the town
and property located outside the town, the tax imposed
under this chapter shall be computed only upon the consider-
ation attributable to the real property located within
the town. (Ord. 80-6 §9).
3.12.090 Due dates, delinquencies, penalties and
interest- The tax imposed under this- chapter is--due-and
payable at the time the deed, instrument or writing effect-
ing a transfer subject to the tax is delivered, and is
delinquent if unpaid within thirty days thereafter. In
the event that the tax is not paid prior to becoming delin-
quent, a delinquency penalty of ten percent of the amount
of tax due shall accrue. In the event a portion of the
27 (Avon 6/83)
3.12.100--3.12.110
tax is unpaid prior to becoming delinquent, the penalty
shall only accrue as to the portion remaining unpaid. In-
terest shall accrue at the rate of one percent per month,
or fraction thereof, on the amount of tax, exclusive
of penalties, from the date the tax becomes delinquent to
the date of payment. Interest and penalty accrued shall
become part of the tax. (Ord. 80-6 §11).
3.12.100 Unpaid tax to constitutelien--Notification--
Tax deemed a debt. A. The amount o the real property
transfer tax imposed by this chapter, and penalty and in-
terest due thereon, is assessed against the property
transferred, and, if not paid when due, such tax, penalty
and interest, if any, shall constitute a lien on the
property for the amount thereof, which lien shall continue
until the amount thereof is paid or until its discharge
of record by foreclosure or otherwise.
B. If the tax is unpaid and delinquent, the town
manager shall give written notification to the purchaser
at the address shown on the deed or instrument, or his last
known address, of said delinquency. Said notification shall
be mailed certified or registered mail, postage prepaid,
return receipt requested, and shall be effective on the
date of mailing. If the tax, penalty and interest are not
paid within thirty days of the effective date of the notifi-
cation, the town manager shall make the same delinquent
• on the town's tax roll and shall, at least once each
calendar year, but not sooner than the first day of
December, certify such delinquencies, along with the inter-
est and penalty, to the county treasurer; and the county
treasurer shall extend such delinquencies upon the real
property tax rolls of the county and collect the same in
the same manner as delinquent general taxes levied upon
such property. Upon certification of the delinquent taxes,
the penalties and interest thereon shall also become due
and payable.
C. The amount of the tax penalty and interest imposed
under the provisions of this chapter shall be deemed a debt.
owed to the town. Any person owing money to the town
under the provisions of this chapter shall be liable to
an action brought in the name of the town for the recovery
of such amount. (Ord. 80-6 §12 (A,B,C)).
3.12.110 Allocation of revenue. All revenues derived
- from the_ tax--imposed pursuant--to--t-his chapter --sha-11--_be
allocated as follows:
On and after January 1, 1988, said revenues shall be
deposited into the public improvements fund of the town for
the purpose of capital improvements, including but not limited
to, railroad crossings, bridges and streets, payment of princi-
pal of premium, if any, and interest on debt incurred by the
28 (Avon 10/87)
3.12.120--3.16.020
town relating to capital improvements or, upon determination of
an emergency by unanimous minus one vote of councilmembers pre-
sent, for any valid municipal purpose. (Ord. 87-19 §1; Ord.
80-6 $14).
3.12.120 Town manager to enforce--Collection. A. The
town manager is charged with the enforcement of the provi-
sions of this chapter.
B. All banks, title companies, escrow companies,
saving and loan institutions, attorneys, real estate brokers
and salespersons and other closing agents, permitted to do
business as such under the laws of the state, are authorized
to collect and remit to the town on behalf of the purchaser
the town real property transfer tax. (Ord. 80-6 §10).
3.12.130 Penaltv for violations--Remedies not exclu-
sive. A. Any person who fails or refuses to pay any tax
due under this chapter may be punished by a fine not exceeding
three hundred dollars or imprisonment for a period of not
more than ninety days, or both such fine and imprisonment.
B. Any remedies provided for in this chapter shall
be cumulative and not exclusive and shall be in addition
to any other remedies provided by law. (Ord. 80-6 §12(D,
E)).
Chapter 3.16
TELEPHONE UTILITY TAX
Sections:
3.16.010 Local purpose.
3.16.020 Levy of tax.
3.16.030 Payment of tax.
3.16.040 Inspection of records.
3.16.050 Tax in lieu of other occupation taxes.
3.16.060 Failure to pay or file--Penalty.
3.16.010 Local purpose. The tax-provided in this
chapter is upon the affected occupations and businesses
in their performance of local functions and is not a tax
upon those-functions relating to interstate-commerce. (Ord.
80-12 §4).
3.16.020 Levy of tax. There is levied against every
telephone utility, which is engaged in the business of
29 (Avon 10/87)
L`
MEMORANDUM
FROM: Burt Levin
TO: Hon. Mayor and Town Council
CC: Bill Efting
RE: Appeal of Denial of Application For Real Estate Transfer Tax Exemption:
0288 West Beaver Creek Blvd. (Westlund Investments: Grantee)
DATE: June 5, 2000
Section 3.12.070 of the Town Code provides that "Any person whose claim of exemption
[from the town's real estate transfer tax] is denied may, within thirty days of transmittal
of the decision of the town manager, appeal to the town council for a determination of
such exemption ...."
An appeal of the Town's denial of the application of Westlund Investments for an
exemption from the transfer tax for the above property is scheduled for the regular
council meeting of June 27, 2000.
The basis for the Town's initial denial of the application for exemption from the tax, as
well as the applicant's argument in favor of the exemption, is set forth in the attached
paperwork, and summarized as follows. I do not grant exemptions from the tax unless a
specific provision of the Town Code requires it: the tax is imposed, except as provided in
§§ 3.12.050 and 060, "on all transfers of interests ... in and to real estate." Section
3.12.050 exempts transfers where the amount of consideration is five hundred dollars or
less; and § 3.12.060 lists specific exemptions nominated A. through O.
There is not an exemption in the Avon Code for so called 1031 exchanges (or reverse
1031 exchanges), and so I have consistently denied requests for exemptions based on
them. ("1031 exchanges" receive favorable tax treatment under a provision of the federal
tax code.)
During the appeal hearing the applicant will make an argument in favor of its application
for an exemption, and I will argue that the application should be denied by the Council.
L'
VV/ - "V- 11-- 1'AA -I -, " it\Vl'1't?nli Vl\AL L'+d Vi1A1?VL 4*J--., -
PROFESSIONAL EXCHANGE ACCOMMODATORS, L.L.C.
8101 EASE FREN11CE AVENl1E, gTrE 605 • ENGLEWC) D, MORADO 80111
303,773.6888. 1.800-895.3520 • FAX 301.7967848
hrm:IlV.cschMWCPn-C=
June 5, 2000
Burt Levin, Esq.
Town Attorney
Town of Avon
P.O. Box 975
Avon, CO 81620
VIA FACSIMILE
Dear Mr. Levin:
Pursuant to Section 3.12.070 of the Avon Code, the Grantee, Westlund Investments,
("Westland") hereby appeals the Town of Avon's denial of the transfer tax exemption
previously filed (a copy of which is attached) and requests a hearing before the town
council for consideration of this appeal.
The balance of this letter will set forth the nature of the transactions involved as well as
the rationale for the exemption appeal.
As evidenced in the attached documents, the Grantor, Dirty Devil River Development
Co., ("Dirty Devil") took title to the property known as 0288 W. Beaver Creek Blvd.,
Unit L-1 (the "New Property") on November 11, 1998 as an accommodation under
Section 1031 of the Internal Revenue Code for Westlund so that he could complete a
1031 exchange. This property was purchased by Westlund to complete his exchange on
April 17, 2000 and we are asking for exemption from the double application of the Avon
Land Transfer Tax.
Westlund owned property in Minnesota for many years (the "Old Property"). He desired
to sell this property and buy a new property in Avon. In order to defer the tax on the
gain, he wished to structure the transaction as a 1031 exchange. However, before the sale
of the Old Property could be closed, he found the perfect New Property in Avon.
Under Section 1031 of the Internal Revenue Code, Westlund could sell his Old Property,
and by reinvesting the proceeds into the New Property, defer both the Federal and State
income taxes on the gain. Section 1031 also requires that exchanger (i.e. Westlund) use a
"Qualified Intermediary" in order to conform to its provisions.
Westlund retained Professional Exchange Accommodators, L.L.C. ("PEA") to act as his
Qualified Intermediary. To facilitate the timing of this particular transaction, PEA agreed to
FF-T-5 "-17
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J '
t
structure the transaction as a "Reverse Exchange", whereby PEA would form a separate
corporation, Dirty Devil River Development Co., which would buy and hold the New
Property. Dirty Devil would then hold this property until Westlund sold his Old Property.
The Old Property has been sold and Westlund has now taken title to the New Property from
Dirty Devil.
n
u
Dirty Devil Development Co.
The net effect of the Reverse Exchange is that Westlund ends up exactly where he would
have been in a Straight Exchange with the correct timing sequence, with one problem: he
would pay the Avon transfer tax twice - the first time when Dirty Devil closed on the
purchase of the New Property and the second when Dirty Devil sold the New Property to
Westlund.
For this reason, we request that the second application of the Avon Land Transfer 2'ca be
exempted upon the transfer to Westlund, from Dirty Devil, on April 17, 2000.
Many j arisdictions exempt 1031 exchanges from double taxation. For example, in Article
IX, Section 4,(c)(iii)(L), Beaver Creek exempts from double taxation "The subsequent
transfer of a Site involved in a "tax free" or "tax deferred" trade under the revenue code
wherein the interim owner acquires property for the sole purpose of reselling that
property... .
T hereby certify under penalty of penury that the foregoing statement is true and correct.
Professional Exchange Aceommodators, L.L.C.
Thomas H. McMillen, Exchange Consultant
Date
S
or
b . Gorm e 'dent D
cc: Chris Nash, Town Clerk
11
I
AVO
R A D O
05/04/00
Westlund Investments
P.O. Box 668
Hutchinson, MN 55350
Re: Denial of Transfer Tax Exemption Application: 0288 W. Beaver Creek Blvd,
Unit L-1
To Whom It May Concern:
The Town of Avon has received and considered your request for an exemption from
the transfer tax owed on the transfer of the above property. I am providing this response on
behalf of the Town Manager. Based on the information you provided, the Avon Code does
not provide an exemption.
Unless an exemption applies, the Avon transfer tax applies to transfers in which the
consideration for the transfer is more than $500. The transfer described in your application is
for $179,400. The grounds for exemptions are set forth in § 3.12.060 of the Avon Code. The
Code does not include an exemption for transfers over $500 which are made in order to
obtain favorable tax treatment under the federal or state tax laws. In other words, there is not
an exemption for so called 1031 exchanges.
Pursuant to § 3.12.070 of the Avon Code, you may appeal this denial to the Town
Council within 30 days after you receive this notice.
Si cerely yours,
Burt Levin
Town Attorney
cc: Gary Gorman, Professional Exchange Accomodators, LLC
Michael J. Brudwick, Eagle Co. Title Co.
Bill Efting, Town Manager
Julie Kessenich, Accounting Assistant
Post Office Bo,: 97.5
400 Benchmar* Road
Aeon. Colorado 81620
970-748-4000
ua/U1/zuuu lo:oJ rAA dudiuoouAo rl?urr?oaut?na, ua?auu..a.. ?„ __
"rLICATION raR EXEMPTION
REAL PROPERTY TRANSFER TAX
The undersigned, as Grantee of a deed or instrument of conveyance
of Lot . Block - -Aubdivi.sion,Filing
Street Address 0288 W: "Beaver Creek Blvd., Unit L-1, Avon
Complex Name uildi.ng/Vnit # ,
Westlund Investments (Name of Grantee)
P. 0. Sox 668, Hi tchinson , MN 55350 (Mailing Address)
$$179,400 (Amount of consideration) dated 3/17/2000 hereby applies
for exemption
sed from the' 3a12 of the M Prcerty Town Transfer of
Tax, impo by Chapter
Avon.
The basis for such exemption is:
Reverse 1031 Exchange: please see attached Exhibit A
(State grounds for requested ex on, including applicable
section and subsection or the Real Propert Transfer Tax Ordinance
under which the exemption is requested. Attach supporting
of transaction,
in?
doc=ent-s if necessary for full understand'
preferably affidavit, setting out additional de ails cancez-ninc
the transaction for which exempt status in being requested).
I hereby certify under penalty of perjury that the foregoinc
statement is true and correct.
WESTLUND INVESTMENTS 5/1/2000
Grantee Date
I hereby certify that the above described ts-ansf er of real
property should be exempted from the payment of the Avon Rea:
Pzotperty Transfer Tax udder Chapter 3.12, section 3.12.050 cf the
Municipal Code of the Town of Avon.
Town Hanauer Date
I hereby ee-vtify that thle above described transfer of rea:
property should be exempted from the pa of th of the Avon Rea.'
property Transfer Tax under Chapter Municipal 3.12.060 of the Town of Avon.
Town Attorney Date
Rev 7/93
Ri1-4 ono/t0a'd E86-1 6Eleeaeole uoAV 40 uMei-wJj ¦dJ2:n EeBl-til-Zl
UV/ V1/ 6UVU 1V. UU 1'CL4L 0VU1 uv -- 1 1-. uv a v..asr. r..???.. ?.•--
"f n
PROFESSIONAL EXCHANGE ACCOMMODATORS, L.L.C.
8101 EAST pRDMCE AVENUE. SUITE 605 • ENGLEWOOD, COLORADO 60111
303.773.6888.1-M895.3520 • FAX 303-796.7348
lar/twWw.ex hang -.can
EXHIBIT A
APPLICATION FOR EXEMPTION
FROM AVON LAND TRANSFER TAX
Request:
The Grantee, Westlund Investments, ("Westland") hereby requests exemption from the
second payment of the Avon Land Transfer Tax imposed by Chapter 3.12 of the Avon
Municipal Code, of the Town of Avon.
As evidenced in the attached documents, the Grantor, Dirty Devil River Development
Co., ("Dirty Devil") took title to the property known as 0288 W. Beaver Creels Blvd.,
Unit L-1 (the "New Property") on November 11, 1998 as an accommodation under
Section 1031 of the Internal Revenue Code for Westlund so that he could complete a
1031 exchange. This property was purchased by Westlund to complete his exchange on
April 17, 2000 and we are asking for exemption from the double application of the Avon
Land Transfer Tax.
Facts:
Westlund owned property in Minnesota .for many years (the "Old Property"). He desired
to sell this property and buy a new property in Avon. In order to defer the tax on the
gain, he wished to structure the transaction as a 1031 exchange. However, before the sale
of the Old Property could be closed, he found the perfect New Property in Avon.
Under Section 1031 of the Internal Revenue Code, Westlund could sell his Old Property,
and by reinvesting the proceeds into the New Property, defer both the Federal and State
income taxes on the gain. Section 1031 also requires that exchanger (i.e. Westlund) use a
"Qualified Intermediary" in order to conform to its provisions.
Westlund retained Professional Exchange Accommodators, L.L.C. ("PEA') to act as his
Qualified Intermediary. To facilitate the timing of this particular transaction, PEA agreed to
structure the transaction as a "Reverse Exchange", whereby PEA would form a separate
corporation, Dirty Devil River Development Co., which would buy and hold the New
Property. Dirty Devil would then hold this property until Westlund sold his Old Property.
The Old Property has been sold and Westlund has now taken title to the New Property from
Dirty Devil.
The net effect of the Reverse Exchange is that Westlund ends up exacter where he would
41 _, --- ---------- have been in a Straight Exchange with the correct timing sequence, with one problem: he
would pay the Avon transfer tax twice - the first time when Dirty Devil closed on the
purchase of the New Property and the second when Dirty Devil sold the New Property to
Westlund.
For this reason, we request that the second application of the Avon Land
Transfer Tax be exempted upon the transfer to Westlund, from Dirty Devil, on
April 17, 2000.
Statutory Handling of 1031 Exchanges:
Many jurisdictions exempt 1031 exchanges from double taxation. For example, in Article
1X, Section 4,(c)(iii)(E), Beaver Creek exempts from double taxation "The subsequent
transfer of a Site involved in a "tax free" or "tax deferred" trade under the revenue code
wherein the interim owner acquires property for the sole purpose of reselling that property...".
Request for Meeting:
Should the Town of Avon need more information in order to rule on this Application for
Exemption, or should the Town of Avon be inclined to deny this Application, we hereby
request a meeting to address such questions or concerns raised.
Additional Information:
Should additional information be required, the following individual should be contacted:
Michael J. Brudwick
Eagle County Title Corporation
The N orwest Center, 4104
0070 Benchmark Rd., Suite 104
Avon, CO 81620
Affidavit:
I hereby certify under penalty of perjury that the foregoing statement is true and correct.
Professional Exchange Accommodators, L.L.C.
L
Thomas H. McMillen, Exchange Consultant
Dirty Devil Development Co.
?IdQ)
Date
S
Date
11
EAGiE Ct7w n TITLE CMUC ?.'PIOt.
p= CE'F7.(:: HOC{ 980
AVW COLMADO 81620
BUYER SE rnAM TP STATDENP
Buyer: Dirty, Dp-vil River DevQjcpment
t
Hy: Gary 67=M, presiden
Seller: o
William $id+i l R. lle McKinley Robert J. ?
isi 11 i w 7 ors-tsy
°rs rUm
Mvperty 278 Benctuark Road, #Irl
Adds: Avon co 81620
order Number: 317!70 _ Settlement Data: 11/11/98
F--KMCW Officer: Debora Ray
Experwes credits
•. 159.500.00
Purcbase Price....... ..,......•.....,...... 5,000.00
Deposit or Earnest Money ............................
County taxes faun 01/01/98 to 11/11/98 .............. 751.46
Assessments Eton 11/11/98 tin 01/01/99 ............... 163.
886
6 ?
431
C=do Dues FT 11/11/98 to 01/01/99 ................ .
Title Insurance to Eagle O=TtY Title ............... 200.00
Closing Fein to Eagle C QUAY Title ...................
le CCUntY Title............
Ea
t 75.00
10.00
g
o
Tax Certificate(s)
Y Fee ..................................... 00
190
TowrT ansfer Tax ................................... .
MUD-
Recording of Deed.. .............................. 00
71
wding of Trust Deed ............................. .
00
26
Option Agreatent to Eagle cotmty Title.......... .
00
50
Courier Flees to Eagle County Title. ......... .
Fool A at to Heaves Qce West........... 3,737.00
Section 1031 Ddnarge Fee 650.00
Prof E ch Pmam.................................
option Payment
Dirty Devil .....................................
850.00
Sub-totals 168,921.34 5,751.46
Balance due from Buyer 163,169.88
168,921.34 166,921.34
SSF/VA R Estate Sun and Ski Properties
Listing Agent Selling Agent
The above figuies do not include sales ur use taxes on persur l propertY.
I/We bereby acknowledge receipt of this statement_ /f
Dirty Riv er
1
RWIEWM AND AP PROM:
Richard westliu d David Westland
k
C
EXCLE COUNTY TITLE CORPORATION
POST OFFICE DOX 980
AVOX COLORADO 61620
BUYEitS SETTLRmMT STATE2001T
Buyer: FWESTLUND XRV99S GTMENTSCO a Himesota.partnsrchip (Bxchangor)ermediarY
for
Sell®r= DIRTY DEVXL RIVER DEVELOPMENT Co., a Colorado corporation
Property 276 Benchmark Road, qL-1
Address: Avon C0 81620
Escrow Number: 321289
Escrow officer: Michael J. 8rudwick
purchase price._ ..................
Closing Fee to Eagle County Title.. ..
Owners Title Policy to Eagle County Title..........
Tax Certificate(s) to Eagle County Title............
Documentary Fee .....................................
Town Transfer Tax ...................................
Recording of need ...................................
Recording of Release.. . ......•..
Release of option to Eagle County Title........
Record TN Affidavit to Eagle County Title..........
,ambour Fees to Eagle County Title..........
nge Proceeds transferred
ha
Prom m Professional Exchange Accommodators LLC....
sub-totals
Balance due from Buyer
Totals
Settlement Data t-7///
Expenses Credits
179,400.00
75.00
412.00
10.00
5 6:0
00
15.00
5.00
5.00
60.00
47,617.97
193,592.94 47.617.97
135,974.97
183,592.94 163,592.94
The above figure do not include sales or use taxes on personal Property.
I/We hereby a owledge receiptB of this statement.
PgOYySSIO EY /??y}IgDATORS, L.L.C.
/?lti""'
By. c?rh-i'n?f.
nt orized Signature Title
REVIEWED AND APPRO
WHSTLDND IPVES s?Paztnerahip
By:
Richard Weetlund, Partner
9y:
Dav1d i(ectlua8, P2rtncr
- - 091
04/13/00 TUU 15:12 (TX/RX NO 61751
f
7/
AVON
C O L O R A D O
June 6, 2000
Westlund Investments
P.O. Box 668
Hutchinson, MN 55350
Re: 0288 West Beaver Creek Blvd
To Whom It May Concern:
Please be advised that your appeal of the denial of your request for an exemption
from the town's transfer tax on the transfer of the above property has been schedule for
Tuesday, June 27, 2000, at 5:30 p.m in the Avon Municipal Building (400 Benchmark
Road in Avon).
Town Clerk
Cc: Bill Efting, Town Manager
Burt Levin, Town Attorney
Gary Gorman, Professional Exchange Accommodators
Thomas McMillen, Professional Exchange Accommodators
Post Office Box 975
400 Benchmark Road
Avon, Colorado 81620
970-748-4000
970-949-9139 Fax
ORDINANCE NO. 00-n_
SERIES OF 2000
AN ORDINANCE AUTHORIZING THE EXECUTION AND
DELIVERY BY THE TOWN OF A FIRST AMENDMENT TO A
PRIOR LEASE PURCHASE AND SUBLEASE AGREEMENT
AND AN OFFICIAL STATEMENT; APPROVING THE
ASSIGNMENT OF THE TOWN'S INTEREST IN A CONTRACT
TO PURCHASE REAL PROPERTY; RATIFYING ACTION
PREVIOUSLY TAKEN CONCERNING THE REFERENCED
TRANSACTIONS; AND PROVIDING OTHER MATTERS
RELATING THERETO.
WHEREAS, the Town of Avon, Eagle County, Colorado (the "Town") is a duly
organized and existing home rule municipality of the State of Colorado, created and operating
pursuant to Article XX of the Constitution of the State of Colorado and the home rule charter of the
Town (the "Charter"); and
WHEREAS, pursuant to Chapter XIV of the Charter, the Town is authorized to enter
into one or more leases or lease-purchase agreements for land, buildings, equipment and other
property for governmental or proprietary purposes; and
WHEREAS, the Town Council of the Town (the "Town Council") has determined,
and hereby deems, it is in the best interests of the Town and its inhabitants that the Town assign its
rights in a real property purchase contract dated as of March 5, 2000 (the "Condominium Purchase
Contract") concerning the purchase of 11 condominium units in the Sherwood Meadows
Condominiums (the "2000 Project") to the Town of Avon Finance Authority (the "Lessor"), and that
the Town then lease the 2000 Project from the Lessor pursuant to a Lease Purchase and Sublease
Agreement dated as of July 1, 1998, as amended by the First Amendment to Lease Purchase and
Sublease Agreement dated as of August 1, 2000 (as so amended, the "Lease") both by and between
the Town and the Lessor; and
WHEREAS, the obligation of the Town to pay Base Rentals and Additional Rentals
(both as defined in the Lease) shall be from year to year only; shall constitute currently budgeted
expenditures of the Town; shall not constitute a mandatory charge or requirement in any ensuing
budget year; and shall not constitute a general obligation or other indebtedness or multiple fiscal year
financial obligation of the Town within the meaning of any constitutional, statutory or Charter
limitation or requirement concerning the creation of indebtedness or multiple fiscal year financial
obligations, nor a mandatory payment obligation of the Town in any ensuing fiscal year beyond any
fiscal year during which the Lease shall be in effect; and
WHEREAS, the Lessor and The Bank of Cherry Creek, N.A., as Trustee (the
"Trustee"), will enter into a First Supplement to Mortgage and Indenture of Trust dated as of August
1, 2000 (the "First Supplement") which supplements the previously executed Mortgage and
Indenture of Trust dated as of July 1, 1998 (as so supplemented, the "Indenture"), pursuant to which
there will be issued Certificates of Participation, Series 2000, in the approximate aggregate principal
amount of $2,410,000 (the "Certificates"); and
WHEREAS, the Certificates shall evidence assignments of proportionate undivided
interests in the rights to receive certain Revenues (as defined in the Lease), shall be payable solely
from the sources therein provided, and shall not constitute a general obligation or other indebtedness
or multiple fiscal year financial obligation of the Town within the meaning of any constitutional,
statutory or Charter limitation or requirement concerning the creation of indebtedness or multiple
fiscal year financial obligations, nor a mandatory payment obligation of the Town in any ensuing
fiscal year beyond the current fiscal year; and
WHEREAS, neither the Lease nor the issuance of the Certificates shall directly or
indirectly obligate the Town to make any payments beyond those appropriated for any fiscal year
during which the Lease shall be in effect; and
WHEREAS, there have been presented to the Town Council at this meeting: (i) the
proposed form of the First Amendment, (ii) the proposed form of the Continuing Disclosure
Certificate (the "Continuing Disclosure Certificate") to be provided by the Town; (iii) the proposed
form of the assignment of the Condominium Purchase Contract; (iv) the proposed form of the
Preliminary Official Statement (the "Preliminary Official Statement") relating to the Certificates;
and (v) the proposed form of the Letter of Representations with the Depository Trust Company (the
"Letter of Representations"); and
WHEREAS, no member of the Town Council has any conflict of interest or is
interested in any pecuniary manner in the transactions contemplated by this ordinance;
BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON,
COLORADO:
Section 1. Short Title. This Ordinance shall be known and may be cited by the
short title "2000 Affordable Housing Financing Ordinance."
Section 2. Ratification and Approval of Prior Actions. All action heretofore
taken (not inconsistent with the provisions of this ordinance) by the Town Council or the officers
or agents of the Town Council or the Town relating to the Condominium Purchase Contract, the
2000 Property and the Lease, including the First Amendment, is hereby ratified, approved and
confirmed. The designation of the Preliminary Official Statement by the Town's Finance Director
as a "nearly final Official Statement" for purposes of Rule 15c2-12 of the U.S. Securities and
Exchange Commission is hereby ratified, approved and confirmed.
Section 3. Finding of Best Interests. The Town Council hereby finds and
determines, pursuant to the Constitution, the laws of the State of Colorado and the Charter, that the
is
® assignment of the Town's rights under the Condominium Purchase Contract and the acquisition,
construction, equipping and leasing of the 2000 Project under the terms and provisions set forth in
the Lease and the Indenture is necessary, convenient and in furtherance ofthe Town's purposes and
is in the best interests of the inhabitants of the Town, and the Town Council hereby authorizes and
approves the same.
Section 4. Approval of First Amendment. The First Amendment, in substantially
the form presented to this meeting of the Town Council, is in all respects approved, authorized and
confirmed, and the Mayor of the Town is hereby authorized and directed for and on behalf of the
Town to execute and deliver the First Amendment in substantially the form and with substantially
the same content as presented to this meeting of the Town Council.
Section 5. Approval of Official Statement. A final Official Statement, in
substantially the form of the Preliminary Official Statement presented to this meeting of the Town
Council, is in all respects approved and authorized. The Mayor is hereby authorized and directed
for and on behalf of the Town to execute and deliver the final Official Statement in substantially the
form and with substantially the same content as the Preliminary Official Statement presented to this
meeting of the Town Council, with such changes as may be approved by the Finance Director. The
distribution by Hanifen, Imhoff Division of Stifel, Nicolaus Co., Inc. (the "Purchaser") of the
Preliminary Official Statement and the final Official Statement to all interested persons in
connection with the sale of the Certificates is hereby ratified, approved and authorized.
Section 6. Authorization to Execute Collateral Documents. The Town Clerk is
hereby authorized and directed to attest all signatures and acts of any official of the Town in
connection with the matters authorized by this ordinance. The Mayor and Town Clerk and other
appropriate officials or employees of the Town are hereby authorized to execute and deliver for and
on behalf of the Town any and all additional certificates, documents, instruments and other papers,
and to perform all other acts that they deem necessary or appropriate, in order to implement and
carry out the transactions and other matters authorized by this ordinance, including but not limited
to the execution of the Letter of Representations, the Continuing Disclosure Certificate and such
other certificates and affidavits as may be reasonably required by the Purchaser. The appropriate
officers of the Town are authorized to execute on behalf of the Town agreements concerning the
deposit and investment of funds in connection with the transactions contemplated by this ordinance.
The execution of any instrument by the aforementioned officers or members of the Town Council
shall be conclusive evidence of the approval by the Town of such instrument in accordance with the
terms hereof and thereof.
Section 7. No General Obligation Debt. No provision of this ordinance, the
Lease, the Indenture, the Preliminary Official Statement, the final Official Statement or the
Certificates shall be construed as creating or constituting a general obligation or other indebtedness
or multiple fiscal year financial obligation of the Town within the meaning of any constitutional,
statutory or Charter provision, nor a mandatory charge or requirement against the Town in any
ensuing fiscal year beyond the then current fiscal year. The Town shall not have any obligation to
0 -3-
make any payment with respect to the Certificates except in connection with the payment of the Base
Rentals (as defined in the Lease) and certain other payments under the Lease, which payments may
be terminated by the Town in accordance with the provisions of the Lease. Neither the Lease nor
the Certificates shall constitute a mandatory charge or requirement of the Town in any ensuing fiscal
year beyond the then current fiscal year, or constitute or give rise to a general obligation or other
indebtedness or multiple fiscal year financial obligation of the Town within the meaning of any
constitutional, statutory or Charter debt limitation and shall not constitute a multiple fiscal year
direct or indirect Town debt or other financial obligation whatsoever. No provision of the Lease or
the Certificates shall be construed or interpreted as creating an unlawful delegation of governmental
powers nor as a donation by or a lending of the credit of the Town within the meaning of Sections 1
or 2 of Article XI of the Colorado Constitution. Neither the Lease nor the Certificates shall directly
or indirectly obligate the Town to make any payments beyond those budgeted and appropriated for
the Town's then current fiscal year.
Section 8. Reasonableness of Rentals. The Town Council hereby determines and
declares that the Base Rentals do not exceed a reasonable amount so as to place the Town under an
economic compulsion to renew the Lease or to exercise its option to purchase the 2000 Project
pursuant to the Lease. The Town Council hereby determines and declares that the period during
which the Town has an option to purchase the 2000 Project (i.e., the entire maximum term of the
Lease) does not exceed the useful life of the 2000 Project.
Section 9. Repealer. All bylaws, orders, resolutions and ordinances of the Town,
or parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency.
This repealer shall not be construed to revive any other such bylaw, order, resolution or ordinance
of the Town, or part thereof, heretofore repealed.
Section 10. Severability. If any section, subsection, paragraph, clause or other
provision of this ordinance for any reason is invalid or unenforceable, the invalidity or
unenforceability of such section, subsection, paragraph, clause or other provision shall not affect any
of the remaining provisions of this ordinance, the intent being that the same are severable.
Section 11. Effective Date Recording and Authentication. This ordinance shall
be in full force and effect seven days after public notice following final passage. This ordinance
shall be numbered and recorded in the official records of the Town kept for that purpose, and shall
be authenticated by the signatures of the Mayor or Mayor Pro-Tem and Town Clerk, and published
in accordance with law.
-4- 0
Y
INTRODUCED, APPROVED ON FIRST READING, AND ORDERED
PUBLISHED BY POSTING IN ACCORDANCE WITH THE CHARTER, June 27, 2000, and a
public hearing on this ordinance shall be held at the regular meeting of the Town Council of the
Town of Avon, Colorado on July 11, 2000, at 5:30 p.m. in the Municipal Building of the Town of
Avon, Colorado.
Mayor
(SEAL)
ATTESTED:
Town Clerk
INTRODUCED, FINALLY PASSED, ADOPTED AND APPROVED, on July 11,
2000.
Mayor
(SEAL)
ATTESTED:
Town Clerk
0 -5-
STATE OF COLORADO )
COUNTY OF EAGLE ) ss.
TOWN OF AVON )
I, the duly elected, qualified and acting Town Clerk of the Town of Avon, Colorado
(the "Town") do hereby certify:
1. That the foregoing pages are a true, correct, and complete copy of an
ordinance approved on first reading by the Town Council (the "Council") of the Town at a regular
meeting of the Council held at the Municipal Building of the Town on June 27, 2000 and finally
passed and adopted at the regular meeting of the Council held at the Municipal Building of the Town
on July 11, 2000.
2. The Ordinance has been signed by the Mayor, sealed with the corporate seal
of the Town, attested by me as Town Clerk, and duly numbered and recorded in the official records
of the Town; and that the same remains of record in the official records of the Town.
3. The passage of the Ordinance on first reading was duly moved and seconded
and the Ordinance was approved by a vote of to of the members of the Council as
follows:
Those Voting Yes:
Those Voting No:
Those Abstaining:
Those Absent:
4. The Ordinance was duly moved and seconded and the Ordinance was finally
passed at the meeting of July 11, 2000, by an affirmative vote of a majority of the members of the
Council as follows:
-6- 1*
® Those Voting Yes:
Those Voting No:
Those Abstaining:
Those Absent:
5. The members of the Council were present at each of the meetings and voted
on the passage of such Ordinance as set forth above.
6. There are no bylaws, rules or regulations of the Board which might prohibit
the adoption of said Ordinance.
® 7. That on June _, 2000, and July _, 2000 the full text of the ordinance was
posted at the office of the Town Clerk and in three public places in the Town in accordance with
Section 6.7 of the Charter.
8. Notice of the meetings of June 27, 2000 and July 11, 2000 in the forms
attached hereto as Exhibit A was posted at the Town Hall not less than 24 hours prior to each
meeting in accordance with law.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said
Town this day of , 2000.
(SEAL)
Town Clerk
0
C.
EXHIBIT A
(Attach Notices of Meetings)
E
H:\CLIENT\DWISOR\00 I024042\ordinv2.wpd
6/20/00 4:19 pm _g_
i
*Me o
TO: Honorable Mayor and Town Council
'mom; Bill Efting, Town Manager
From. Tambi Katieb, AICP, Planner
t;?
Dote June 21, 2000
Re: Resolution No. 00-31 [Vassar Meadows Land Exchange]
Summary: The White River National Forest is considering an exchange of land with the
Western Land Group, Inc., managing agent for the Vassar Meadows Land Exchange
proponents, which include the Town of Avon, the Town of Minturn, Eagle-Vail Metropolitan
District, Upper Eagle River Regional Water Authority, Vail Associates, Inc., Sonnenalp
Resort, and Nome Colony Incorporated. The National Forest lands being considered for
exchange are in Eagle and Pitkin Counties, and total approximately 569.5 acres.
Of particular interest to the Town is the F-1 `West Avon' parcel being proposed for exchange
to the Town of Avon and Vail Associates, located directly west and adjacent to Benchmark at
Beaver Creek Tract A. This parcel is approximately 478.09 acres, and is being considered for
exchange to the Town and Vail Associates in return for the conveyance of the Vassar
Meadows and four other smaller private `inholdings' that will allow the Forest Service to
create a more manageable forest boundary.
Recommendation: Attached for your reference is a resolution regarding the `West
Avon' parcel and the White River National Forest Vassar Meadows Land Exchange. The US
Forest Service has requested the Town comment on the proposal, and as such, staff has drafted
this resolution for your approval.
Staff recommends that the Town Council support the land exchange with the adoption of this
resolution, and discuss with the Forest Service, Vail Associates, and Town residents how a
permanent restriction on the majority of the `West Avon' parcel (excluding the 40-acre area
programmed for affordable housing) be implemented. We recommend that a deed restriction
or similar tool be used to protect both wildlife and open space values, characteristics of the
parcel that all parties of the exchange and Town residents wish to preserve. If you have any
questions, please don't hesitate to contact me at 748-4002.
0
Town of Avon 0
Resolution No. 00-31
Series of 2000
A RESOLUTION ENDORSING THE VASSAR MEADOWS LAND
EXCHANGE BETWEEN THE WHITE RIVER NATIONAL FOREST
AND TOWN OF AVON, EAGLE COUNTY, COLORADO,
WHEREAS, Policy A3.9 of the Town of Avon Comprehensive Plan states that the
Town shall work to facilitate trades of U.S. Forest Service land that are in the best
interest of the community, while being sensitive to potential impacts on existing
neighborhoods; and
WHEREAS, Goal C.2 of the Town of Avon Comprehensive Plan states that the
Town shall provide affordable housing for permanent and seasonal residents that is
attractive, safe, and integrated with the community; and
WHEREAS, Policy A3.4 of the Town of Avon Comprehensive Plan states that the
Town should provide for the acquisition and maintenance of available federal and state
lands adjacent to the Town as open space and for other public purposes; and
WHEREAS, the Town Council, in cooperation with Vail Associates, Inc., wishes to
provide increased affordable housing and open space opportunities to its residents;
NOW, THEREFORE, BE IT RESOLVED, by the Town Council of the Town of
Avon,
That the Town Council of the Town of Avon hereby endorses the proposed land
exchange between the White River National Forest and the Town of Avon, Town of
Minturn, Eagle-Vail Metropolitan District, Upper Eagle River Regional Water Authority,
Vail Associates, Inc., Sonnenalp Resort, and Nome Colony Inc., and more specifically
for the purpose of acquiring the `West Avon' parcel for affordable housing and open
space, attached hereto as Exhibit A.
ADOPTED THIS 27b DAY OF JUNE 2000.
Town of Avon, Colorado
Town Council
Judy Yoder, Mayor
ATTEST:
Kris Nash, Town Clerk
VASSAR MEADOWS
LAND EXCHANGE PROPOSAL
WHITE RIVER NATIONAL FOREST
Eagle County and Pitkin County, State of Colorado
FEDERAL PARCELS F-1 & F-4
"West Avon" & "Sonnenalp Golf Course"
T
T,
t
VASSAR MEADOWS
LAND EXCHANGE PROPOSAL
WHITE RIVER NATIONAL FOREST
Eagle County and Pitkin County, State of Colorado
FEDERAL PARCEL F - 2 "Town / Minturn Public Works"
NON -FEDERAL PARCEL C "Town of Minturn"
\?
-r.5
?':6
?Il
J?
AI's
R_81 W.
VASSAR MEADOWS
LAND EXCHANGE PROPOSAL
WHITE RIVER NATIONAL FOREST
Eagle County and Pitkin County, State of Colorado
FEDERAL PARCEL F-3 "EAGLE -VAIL GOLF COURSE"
NON-FEDERAL PARCEL B "EAGLE - VAIL METRO. DIST."
EDWARDS QUADRANGLE
TS S R R1 W
VAIL WEST QUADRANGLE
GROUSE MTN QUADRANGLE MINTURN QUADRANGLE
cnrnlG rnu.,1Tv . ^ 1---------------------- ? FA(]I F ro II&ITV rn
VASSAR MEADOWS
LAND EXCHANGE PROPOSAL
WHITE RIVER NATIONAL FOREST
Eagle County and Pitkin County, State of Colorado
w¦
FEDERAL PARCEL F-5
"Beard Creek Water Tank"
VASSAR MEADOWS
LAND EXCHANGE PROPOSAL
WHITE RIVER NATIONAL FOREST
Eagle County and Pitkin County, State of Colorado
FEDERAL PARCEL F-6 "NORRIE COLONY"
NON-FEDERAL PARCEL D "NORRIE PARCEL"
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PLACITA OIIADRANGI F
MINUTES OF THE REGULAR MEETING OF THE TOWN COUNCIL
HELD JUNE 13, 2000
A regular meeting of the Town of Avon, Colorado was held in the Municipal Building,
400 Benchmark Road, Avon, Colorado in the Council Chambers.
The meeting was called to order by Mayor Judy Yoder at 5:30 PM. A roll call was taken
with Councilors Jim Benson, Debbie Buckley, and Rick Cuny present. Councilors Mac
McDevitt and Buz Reynolds were absent. Also present were Town Manager Bill Efting,
Town Attorney Burt Levin, Assistant Town Manager Larry Brooks, Deputy Town Clerk
Cait Hilmer, Police Chief Jeff Layman, Police Fire Chief Charles Moore, Public Works
Director Bob Reed, Engineer Anne Martens, Assistant Director of Community
Development Ruth Borne as well as members of the press and public.
Citizen Input:
Swearing in of Newly Appointed Councilmember Michael Brown
Judge Buck Allen conducted the oath of office for newly appointed Councilmember
Michael Brown.
11
Citizen Input:
Speed Bumps in Wildridge
Mr. Lyn Morgan, resident of upper Wildridge, commented on the speed bump in
Wildridge. He is concerned about the safety of the children; however, does not feel a
speed bump on a through street is appropriate.
Ms. Greer Gardner, resident at 5723 Wildridge Road East, stated she is concerned about
child safety, but is against the speed bump on Wildridge Road.
Ms. Greer also questioned the fence at 4765 Wildridge Road. She said it is delineating
the entire back property. She questioned if permission was granted. Town Manager
Efting stated that Eric Johnson, Community Development Inspector, would look into that
project and Mr. Efting will contact Ms. Greer.
Mr. T. Fox, resident at 4280 Wildridge Road, stated he is against the speed bump on
Wildridge Road.
Mr. Dave Dantas, resident at 4263 Wildridge Road, stated he is against the speed bump
on Wildridge Road.
Mr. Dantas stated he is also against the police operation that took place a few weeks. 0
Mr. Mike Dantas, resident at 4263 Wildridge Road, stated he is against the speed bump
on Wildridge Road and the police operation that Dave Dantas mentioned.
Mayor Yoder asked for comments from the Council.
Councilor Curly motioned to remove the speed bump from Wildridge Road. Councilor
Buckley seconded the motion.
Councilor Buckley added that the Council was not aware of a variance received by the
Sherman's to build their home closer to the road. She stated that she would not have been
in favor of the speed bump had she known about the variance. Councilor Benson agreed.
Mayor Yoder added that the Council does get a lot of calls about speeding in Wildridge
and the speed bump was an effort to help with that situation. She added that there will be
a Wildridge meeting this summer at the Wildridge fire station and encouraged everyone
to attend.
Councilor Buckley added that the Council is having discussions about installing more
pocket parks.
The motion carried unanimously, and the speed bump will be removed.
Second Reading of Ordinance No. 00-06, Series of 2000, An Ordinance Amending
Chapters 8.31 and 8.32 of the Avon Municipal Code Relating to Odor Pollution; and
Providing Penalties for the Violation Thereof
Mayor Yoder stated this is a public hearing.
Mayor Yoder stated that they received a letter from Eagle River Water & Sanitation
District asking that we table this ordinance. Mayor Yoder asked the Council if they
would like to table the ordinance. Council did not wish to table the ordinance.
Councilor Curly motioned approval of Ordinance No. 00-06, Series of 2000, on second
reading. Councilor Brown seconded the motion.
Mayor Yoder asked for a roll call.
The motion carried unanimously.
C7
Town of Avon Regular Council Meeting Page 2
June 13, 2000
Town Manager Report:
Town Manger Efting stated he will be gone Wednesday through Friday at the CML
Conference in Grand Junction. Assistant Town Manger Brooks will be in charge.
Consent Agenda:
a.) Approval of the May 23, 2000 Council Meeting Minutes
b.) Resolution No. 00-28, Series of 2000, A Resolution Authorizing an
Assignment to the Town of Avon Finance Authority of the Town of
Avon's Interest in the March 15, 2000 Contract Between the Town of
Avon and John H. Laeri, Jr
c.) Resolution No. 00-29, Series of 2000, A Resolution Appointing the Town
of Avon's Representatives to the Upper Eagle Regional Water Authority
d.) Resolution No. 00-30, Series of 2000, A Resolution Declaring the West
Avon Bike and Pedestrian Trail to be in Pursuance of a Public Purpose,
and Authorizing All Steps Necessary and Proper for Acquisition of all
Interests, Rights of Way, and/or Easements Needed to Construct Such
Improvement
e.) Approval of Contract with Fire Tours Inc. and Fire Fall for
BobSummerFest
Councilor Benson motioned to approve the Consent Agenda. Councilor Buckley
seconded the motion. The motion carried unanimously.
There being no further business to come before the Council, Councilor Buckley motioned
to adjourn the meeting. Councilor Benson seconded the motion. The motion carried
unanimously and the meeting adjourned at 5:4 PM.
Y SUBMITTED:
Town Clerk
r
Town of Avon Regular Council Meeting Page 3
June 13, 2000
APPROVED:
Jim Benson
Michael Brown
Debbie Buckley
Rick Curly
Mac McDevitt
Buz Reynolds
Judy Yoder
L
LJ
Town of Avon Regular Council Meeting Page 4
June 13, 2000
I
C O L O R A D O
FINANCIAL MATTERS
June 27, 2000
1. Detail - Building Activity Report
2. Detail-Real Estate Transfer Taxes-2000
3. Detail-Sales Tax Update
4. Detail-Accomodations Tax Update
Post Office Box 97 c
Benchmark Road
. Colorado 81620
970-748-4000
970-949-9139 Fax
970-845-7708 TTY
t
Town of Avon 970-748-4030
P.O.Box 975
Avon, Co. 81620
748-4094 For Inspection Request
Permit Tally Printed:6/12/00
For: May, 2000 Pagel of 1
Permit Purpose:
Public: Construction Value: $.00
# of Bldgs: # of Units: Permit Charges: $.00
Private: 7 Construction Value: $.00
# of Bldgs: # of Units: Permit Charges: $32,231.14
Permit Purpose: Build Multi-Unit Housing
Public:2 Construction Value: $16,552,1 64.79
# of Bldgs: 2 # of Units: 96 Permit Charges: $156,261.46
Private: Construction Value: $.00
# of Bldgs: # of Units: Permit Charges: $.00
Permit Purpose: New SF Residence
Public: Construction Value: $.00
# of Bldgs: # of Units: Permit Charges: $.00
Private: 4 Construction Value: $5,411,5 83.83
# of Bldgs: 4 # of Units: 4 Permit Charges: $52,921.15
Permit Purpose: Repair/Remodel Comm/Indust
Public: Bldg. Construction Value: $.00
# of Bldgs: # of Units: Permit Charges: $.00
Private: 1 Construction Value: $150,0 23.23
# of Bldgs: # of Units: Permit Charges: $2,419.91
Totals:
Public: 2 Construction Value: $16,552,164.79
# of Bldgs:2 # of Units:96 Permit Charges: $156,261.46
Private: 12 Construction Value: $5,561,607.06
# of Bldgs:4 # of Units: 4 Permit Charges: $87,572.20
Town of Avon
a Rea l Estate Transfer Tax Transactions
Calendar Year 2000
Purchaser Amount of RETT
Name Property Received
$508,959.68
Campbell/Barajas Sherwood Meadows #3C 1,260.00
Furer Living Trust Canyon Run #6102 $6,700.00
Patterson Lot 26 Blk 1 WR $4,200.00
Overcash II Lot 38 Blk 1 WR 9,250.00
Westlund Avon Lake Villas #L-1 3,588.00
P.O.C. Realty Inc Christie Lodge Timeshares 2,126.70
Land Title Guarantee Falcon Pointe Timeshares 799.90
Yoder Buck Creek #2 1,436.00
Land Title Guarantee Falcon Pointe Timeshares 2,289.80
Land Title Guarantee Falcon Pointe Timeshares 540.00
P.O.C. Realty Inc Lakeside Terrace Timeshares 2,299.40
P.O.C. Realty Inc Lakeside Terrace Timeshares 2,769.30
P.O.C. Realty Inc Lakesidge Terrace Timeshares 1,289.80
Manley Mountain View #2 1,560.00
Spooner Lot 25 Blk 1 WR 6,000.00
Antilla Brookside #101 9,690.00
P.O.C. Realty Inc Christie Lodge Timeshares 2,039.10
P.O.C. Realty Inc Christie Lodge Timeshares 2,714.00
Schneider Avon Commercial Center 1,163.80
Three R Ventures LLC Mountain Star #68 19,500.00
Walters Revocable Living Trust Chapel Square #BR401 3,299.94
Walters Revocable Living Trust Chapel Square #BR402 3,299.94
1
Town of Avon
Real Estate Transfer Tax Transactions
Calendar Year 2000
Purchaser
Name
Property Amount of RETT
Received
Land Title Guarante CO Falcon Pointe Timeshares 909.90
Center Ltd Avon Commercial Park 8,400.00
B & H Investments Chapel Square #BR202 7,350.00
Stinespring Sage Villas Condo #C 1,500.00
P.O.C. Realty Inc Chrisitie Lodge Timeshares 2,734.80
P.O.C. Realty Inc Chrisitie Lodge Timeshares $1,529.90
Bence Christie Lodge Timeshares $33.00
Points Of Colorado Christie Lodge Timeshares $3,630.00
P.O.C. Realty Inc Lakeside Terrace Timeshares $2,719.30
P.O.C. Realty Inc Lakeside Terrace Timeshares $3,869.00
P.O.C. Realty Inc Lakeside Terrace Timeshares $2,929.00
P.O.C. Realty Inc Lakeside Terrace Timeshares $2,949.10
P.O.C. Realty Inc Lakeside Terrace Timeshares 3,492.91
P.O.C. Realty Inc Lakeside Terrace Timeshares 2,939.20
P.O.C. Realty Inc Lakeside Terrace Timeshares 4,399.00
P.O.C. Realty Inc Lakeside Terrace Timeshares 1,049.80
P.O.C. Realty Inc Lakeside Terrace Timeshares 2,189.40
P.O.C. Realty Inc Lakeside Terrace Timeshares 1,859.40
Pointes Of Colorado Lot C 66,600.00
Land Title Guarantee Falcon Pointe Timeshares 819.80
Gardner Lot 63 Blk 1 WR 9,550.00
Total Through May $728,228.87
E
.7
i
2
M
TOWN OF AVON
SALES TAX BY MONTH
1996 95'-96'% 1997 96'-97'% 1998 97'-98'% 1999
Change Change Change
January 332,198.39 6.07% 377,597.32 13.67% 379,424.41 0.48% 384,939.69
February 327,012.10 1025% 362,516.58 10.86% 378,112.00 4.30% 397,32316
March 407,980.62 9.10% 468,675.51 14.88% 460,191.56 -1.81% 474,933.06
April 252,927.51 11.46% 265,356.48 4.91% 310,197.72 16.90% 302,864.19
May 222,069.74 10.58% 241,012.56 8.53% 249,079.90 3.35% 265,405.35
June 298,113.41 11.31% 313,116.79 5.03% 337,562.03 7.81% 395,755.68
July 335,119.67 17.15% 353,101.99 5.37% 370,086.73 4.81% 395,954.38
August 324,451.49 13.80% 338,134.48 4.22% 363,110.96 7.39% 366,648.94
September 302,523.86 12.68% 319,410.91 5.58% 333,508.38 4.41% 364,432.54
October 266,050.77 19.56% 263,685.99 -0.89% 305,035.11 15.68% 295,541.62
November 285,178.12 9.28% 339,200.41 18.94% 335,073.59 -1.22% 320,335.28
December 509,177.82 14.39% 533,904.08 4.86% 550,077.22 3.03% 564,813.35
YTD Total 3,862,803.50 12.04% 4,175,713.10 8.10% 4,371,459.61 4.69% 4,528,947.24
98'-99'% 2000 991-001% Total5-Yr
Change Change % Increase
1.45% 359,721.88 -0.55% 8.29%
5.08% 397,291.59 -0.01% 21.49%
3.20% 457,053.94 -3.76% 12.03%
-2.36% 337,087.43 11.30% 33.27%
6.55% - -100.00% -100.00%
17.24% -100.00% -100.00%
6.99% -100.00% -100.00%
0.97% -100.00% -100.00%
9.27% -100.00% -100.00%
-3.11% -100.00% -100.00%
4.40% -100.00% -100.00%
2.68% -100.00% -100.00%
3.60% 1,551,154.84 -0.57% -29.06%
YTD Through April Collections 1996-2000
1,600,000.00
1,550,000.00
1,500,000.00
1,450,000.00
1,400,000.00
1,350,000.00
1,300,000.00
1,250,000.00
1,200,000.00
Year
Mnnthly Cnllractinnc fnr Anril 1998-2nnn
350,000.00
300,000.00
i
250,000.00
200,000.00
1150,000.00 I.
100,000.00
50,000.00
1996
1998
1996 1997 1998 1999 2000
1997 1999 2000
I
TOWN OF AVON
ACCOMODATIONS TAX BY MONTH
1996 95'-96'% 1997 96'-97% 1998 97'-98% 1999 981-99% 2000 991-00% Total5-Yi
Change Change Change Change Change % Increase
January 37,787.01 -6.65% 39,958.27 515°,6 39,357.21 -1.50% 41,102.99 4.44% 24,753.92 -39.78% 1.54%
February 42,386.61 10.86% 45,305.47 6.89% 42,769.24 -5.60% 36,985.03 -13.52% 32,158,10 -13.05% -3.27%
March 55,882.23 5.26% 63,054.38 12.83% 51,035.34 -19.06% 42,018.24 -17.67% 42,385.82 0.87% -20.86%
April 11,890.97 8.18% 11,850.40 -0.34% 13,556.94 14.40% 11,609.15 -1437% 10,166.11 -12.43% 5.61%
May 6,703.77 23.14% 8,759.53 30.67% 5,762.93 -34.21% 6,117.50 6.15% - -100.00% 12.37%
June 12,633.34 -1.61% 13,982.39 10.68% 12,609.03 482% 14,958.28 18.63% -100.00% 16.50%
July 19,949.49 18.21% 21,298.64 6.76% 20,845.64 -2.13% 21,120.57 1.32% -100.00% 25.14%
August 20,391.40 32.67% 22,365.12 9.68% 22,875.39 228% 16,452.89 -28.08% -100.00% 7.05%
September 13,093.39 -2.35% 11,173.41 -14.66% 11,262.18 0.79% 10,300.61 -8.54% 100.00% -23.18%
October 10,832.98 13.95% 8,819.05 -18.59% 8,31516 -5.71% 7,258.18 -12.72% -100.00% -23.65%
November 12,824.84 -12.55% 12,112.05 -5.56% 10,813.22 -10.72% 7,889.97 -27.03% -100.00% -46.20%
December 33,623.20 6.25% 40,000.05 18.97% 32,602.89 •184946 25,606.29 -21.46% -100.00% -19.09%
YTD Total 277,999.23 5.88% 298,678.76 7.44% 271,805.77 -9.00% 241,41910 -11.18% 109,463.95 -16.89% -8.05%
YTD Through April Collections 1996-2000
I
180,000.00 -
160,000.00
140,000.00
120,000.00
100,000.00 - ' a
80,000.00
. may k t" ..
000
00
60
.
,
/
40,000.00
.
s
-
20,000.00 -
- . n C«J.«::... r..... ;r.A._. .. ..i.w• _. _Z ... ,.. a a
1996 1997 1998 1999 2000
Year
Monthly Collections for April 1996-2000
4
COMPREHENSIVE
ANNUAL FINANCIAL REPORT
FOR THE
YEAR ENDED DECEMBER 31, 1999
TOWN OF AVON, COLORADO
TOWN OF AVON, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 1999
Prepared by:
Department of Finance
Scott C. Wright, CPA, CGFO, Director
TOWN OF AVON, COLORADO
TOWN COUNCIL
Judy Yoder, Mayor
Bob McIlveen, Mayor Pro-Tem
Jim Benson
Debbie Buckley
Rick Cuny
Mac McDevitt
Buz Reynolds., Jr.
MANAGEMENT
Bill Efting, Town Manager
Larry Brooks, Assistant Town Manager
Meryl Jacobs, Director of Recreation
Jeff Layman, Police Chief
Burt Levin, Town Attorney
Mike Matzko, Director of Community Development
Charles Moore, Fire Chief
Kris Nash, Town Clerk
Bob Reed, Director of Public Works
Harry Taylor, Director of Transportation
Norm Wood, Town Engineer
Scott Wright, Finance Director
INDEPENDENT AUDITORS
Van Schooneveld and Co., Inc.
Certified Public Accountants
TOWN OF AVON, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED DECEMBER 31,1999
TABLE OF CONTENTS
INTRODUCTION Page
Letter of Transmittal vii-xv
Town of Avon Organization Chart xvi
Certificate of Achievement in Financial Reporting xvii
FINANCIAL SECTION
Report of Independent Auditors
General Purpose Financial Statements Exhibit
Combined Balance Sheet - All Fund Types and
Account Groups 1 4-5
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - All
Governmental Fund Types 2 7
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget and
Actual - All Governmental Fund Types 3 8-9
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings - All Proprietary
Fund Types 4 11
Combined Statement of Cash Flows - All
Proprietary Fund Types 5 12-13
Notes to the Combined Financial Statements 14-35
Combining and Individual Fund Statements and Statement/
Schedules: Schedule
General Fund:
Comparative Balance Sheets A-1 37
Comparative Statements of Revenues,
Expenditures and Changes in Fund Balances A-2 38
Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget (GAAP
Basis) and Actual A-3 39
TOWN OF AVON, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED DECEMBER 31,1999
TABLE OF CONTENTS - CONTINUED
Statement/
Schedule Page
Special Revenue Funds:
Combining Balance Sheet B-1 41
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances B-2 43
Combining Statement of Revenues,
Expenditures, and Changes in Fund Balances -
Budget (GAAP Basis) and Actual B-3 44-45
Mall Maintenance Fund:
Comparative Balance Sheets B-4 46
Comparative Statement of Revenues,
Expenditures and Changes in Fund Balances B-5 47
Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget (GAAP
Basis) and Actual B-6 48
Fire Operations Fund:
Comparative Balance Sheets B-7 49
Comparative Statement of Revenues,
Expenditures and Changes in Fund Balances B-8 50
Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget (GAAP
Basis) and Actual B-9 51
Employee Housing Fund:
Balance Sheet B-10 52
Statement of Revenues, Expenditures and
Changes in Fund Balance B-11 53
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual B-12 54
Water Fund:
Balance Sheet B-13 55
Statements of Revenues, Expenditures and
Changes in Fund Balance B-14 56
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual B-15 57
ii
Statement/
Schedule Page
Debt Service Funds:
Combining Balance Sheet C-1 59
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances C-2 61
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget
(GAAP Basis) and Actual C-3 62-63
Debt Service Fund:
Comparative Balance Sheets C-4 64
Comparative Statements of Revenues,
Expenditures and Changes in Fund Balances C-5 65
Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget (GAAP
Basis) and Actual C-6 66
Wildridge Special Assessment Fund:
Comparative Balance Sheets C-7 67
Comparative Statements of Revenues,
Expenditures and Changes in Fund Balances C-8 68
Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget (GAAP
Basis) and Actual C-9 69
Avon Metropolitan District Debt Service Fund:
Comparative Balance Sheets C-10 70
Comparative Statements of Revenues,
Expenditures and Changes in Fund Balances C-11 71
Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget (GAAP
Basis) and Actual C-12 72
Town of Avon Finance Authority Fund:
Comparative Balance Sheets C-13 73
Comparative Statements of Revenues,
Expenditures and Changes in Fund Balances C-14 74
Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget (GAAP
Basis) and Actual C-15 75
TOWN OF AVON, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED DECEMBER 31,1999
TABLE OF CONTENTS - CONTINUED
Statement/
Schedule Page
Capital Projects Fund:
Comparative Balance Sheets D-1 77
Comparative Statements of Revenues,
Expenditures and Changes in Fund Balances D-2 78
Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget (GAAP
Basis) and Actual D-3 79
Enterprise Funds:
Combining Balance Sheet E-1 81
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings E-2 83
Combining Statement of Cash Flows E-3 84-85
Water Enterprise Fund:
Comparative Balance Sheets E-4 86
Comparative Statements of Revenues, Expenses
and Changes in Retained Earnings E-5 87
Comparative Statements of Cash Flows E-6 88-89
Transit Enterprise Fund:
Comparative Balance Sheets E-7 90
Comparative Statements of Revenues, Expenses
and Changes in Retained Earnings E-8 91
Schedule of Revenues, Expenditures - Budget
(NonGAAP Basis) and Actual E-9 92-93
Comparative Statements of Cash Flows E-10 94-95
Internal Service Funds:
Combining Balance Sheet F-1 97
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings F-2 99
Combining Statement of Cash Flows F-3 100-101
Fleet Maintenance Internal Service Fund:
Comparative Balance Sheets F-4 102
Comparative Statements of Revenues, Expenses
and Changes in Retained Earnings F-5 103
Schedule of Revenues, Expenditures - Budget
(NonGAAP Basis) and Actual F-6 104-105
Comparative Statements of Cash Flows F-7 106-107
iv
Statement/
Schedule Page
Equipment Replacement Internal Service Fund:
Balance Sheet F-8 108
Statement of Revenues, Expenses and Changes in
Retained Earnings F-9 109
Schedule of Revenues and Expenditures -
Budget (NonGAAP Basis) and Actual F-10 110-111
Statement of Cash Flows F-11 112
Miscellaneous Schedules
Debt Schedule G-1 113
Schedule of General Fund Revenues - Budget
(GAAP Basis) and Actual G-2 114-116
Schedule of General Fund Expenditures - Budget
(GAAP Basis) and Actual G-3 118-119
Counties, Cities, & Towns Annual Statement of
Receipts and Expenditures for Roads, Bridges
and Streets G-4 120-122
STATISTICAL SECTION Table
General Governmental Expenditures by Function 1 123
General Governmental Revenues by Source 2 124
General Governmental Tax Revenues by Source 3 125
Property Tax Levies and Collections 4 126
Assessed and Estimated Actual Value of Taxable
Property 5 127
Property Tax Rates - All Direct and Overlapping
Governments 6 128
Special Assessment Billings and Collections 7 129
Ratio of Net General Obligation Bonded Debt to
Assessed Value and Net General Obligation
Bonded Debt Per Capita 8 130
Computation of Legal Debt Margin 9 131
Computation of Direct and Overlapping Bonded
Debt - General Obligation Bonds 10 132
Ratio of Annual Debt Service Expenditures for
General Obligation Bonded Debt to Total
General Governmental Expenditures 11 133
Demographic Statistics 12 134
Commercial and Residential Construction 13 135
Principal Taxpayers 14 136
Miscellaneous Statistics 15 137
THIS PAGE INTENTIONALLY LEFT BLANK
xi
INTRODUCTION
June 21, 2000
To the Honorable Mayor, Members of the Town Council
and Citizens of the Town of Avon:
I am pleased to submit this Comprehensive Annual Financial Report of the Town of
Avon, Colorado, for the fiscal year ended December 31, 1999, as required by Town
Charter and State statutes. The Town Charter and State statutes require that the Town
of Avon issue an annual report on its financial position and activity, and that this
report be audited by an independent firm of certified public accountants. This report
was prepared by the Town's Finance Department. Responsibility for the
completeness and fairness of the presentation, including all disclosures, rests with
management. To the best of my knowledge and belief, the data presented is accurate
in all material respects and is reported in a manner designed to present fairly the
financial position and results of operations of the various funds and account groups.
All disclosures necessary to enable the reader to gain an understanding of the Town's
financial activities have been included.
This comprehensive annual financial report 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 contains the general purpose financial statements, the
combining and individual fund statements and schedules, other miscellaneous
schedules, as well as the independent auditor's report. The statistical section contains
various financial and demographic information, presented on a multi-year basis.
The financial reporting entity includes all the funds and account groups of the Town
of Avon, as well as all of its component units. Component units are legally separate
entities for which the Town is financially accountable. The Town provides a full
range of municipal services including police and fire protection; the construction and
maintenance of parks, streets, roads and infrastructure; recreational and cultural
activities and events; community planning and zoning; and general administrative
activities.
Government Structure, Local Economic Condition and Outlook-
The Town of Avon was incorporated in 1978 and is located in Eagle County eight
miles west of the Town of Vail and seventeen miles east of the Town of Eagle. The
Town sits north of U.S. Highway 6, directly adjacent to the Beaver Creek Resort and
is bisected by Interstate Highway 70 from east to west. The primary transportation
route to and from Avon is I-70. Air service is provided at the Eagle County Airport,
24 miles west of Avon. The Town provides transit service within the Town and to
Beaver Creek Resort. Avon is also served by the Eagle County Regional Transit
vii
Letter of Transmittal
Town of Avon, Colorado
June 21, 2000
Authority which provides services throughout Eagle County. Eagle County
encompasses approximately 1,694 square miles and spans from the summit of Vail
Pass to Glenwood Canyon. Approximately 80% of Eagle County's land is public -
comprised of National Forests, wilderness areas, Bureau of Land Management
properties, and state and local public lands.
The Town of Avon currently encompasses approximately 81/4 square miles and has an
estimated permanent population of 2,921. The Town is a home-rule community
empowered to levy a property tax on the assessed value of real property located
within the Town. The Town collects a 4% sales tax on all retail sales, and a 4%
accommodations tax on the lease or rental of hotel rooms, condominium units and
other accommodations within the Town. The Town also collects a 2% real estate
transfer tax on all sales of real property located within the Town. The Town has the
power by state statute to extend its corporate limits by annexation, which is done
periodically when deemed appropriate by the Town Council.
The Town operates under the council/manager form of government. Policy-making
and legislative authority are vested in the Town Council, which consists of a mayor
and a six-member council. The Town Council is responsible, among other things, for
passing ordinances, adopting the budget, and appointing a Town Manager, Town
Attorney, Town Clerk and Municipal Judge. The Town Manager is responsible for
carrying out the policies and ordinances of the Council, overseeing the day-to-day
operations of the Town, and for appointing the heads of the Town's departments. The
Council is elected on a non-partisan basis. Council members are elected to four-year
staggered terms with four council members elected in November, 1998, and the
remaining three to be elected in November, 2000. The mayor and mayor pro-tern are
elected from amongst the elected council members by a majority vote. The mayor
presides at meetings of council but has no power to vote except in the case of a tie of
the council members present and voting.
A significant amount of development has occurred in Avon because of the Town's
prime location between the ski areas of Vail and Beaver Creek. Beaver Creek's
position as a very high quality, destination year-round resort has also influenced
growth and development. As the population center of Eagle County continues to
move west from Vail, Avon expects to have a large role in the future growth and
development of the area. Since 1990, the Town has seen the construction of
approximately 768,000 square feet of commercial space and the addition of 887
residential units and in recent years has enjoyed the addition of a variety of stores,
specialty shops and commercial business in the downtown core area.
Within Eagle County, growth is occurring for several reasons. The construction
boom of second-homes and resort facilities has created construction and service jobs
Letter of Transmittal
Town of Avon, Colorado
June 21, 2000
for new permanent populations both in Avon, as well as down-valley. Other
contributing factors such as the growing number of tourist dollars as the baby-
boomers reach middle age, the desire of many small businesses wanting to get away
from large metropolitan areas are expected to continue or increase for the next several
years. All types of employment can be found in the county with many jobs centered
around the tourism industry. Sixty percent of the 25,000-person labor force in Eagle
County is tourism related. The unemployment rate of 3.31 percent is one of the lowest
in the state and compares very favorable with both the state and national averages.
The Town of Avon serves as the corporate headquarters for Vail Resorts, Inc. Vail
Resorts is the largest employer in Eagle County with a work base of 1,500 year-round
and 2,800 seasonal employees. In 1997, Vail Resorts acquired Breckenridge Ski
Resort and Keystone Resort in neighboring Summit County becoming the largest ski
company in the world.
In addition to skiing and associated winter-time activities, the area promotes a
number of summer activities. The Town of Avon sponsors several special events
throughout the year to area residents including the State's largest 4"' of July fireworks
display, a popular triathlon, and a free summer concert series featuring local and
regional performers. Several championship golf courses are located in Eagle County
and Golf Digest has rated Eagle County as one of the top 40 golf communities in
which to live. Other summer activities include horseback riding, bicycling, rafting,
and other recreational sports.
Major Initiatives
For the Year. The Town's staff, following specific directives of the Town Council
and the Town Manager, have been involved in a variety of projects throughout the
year. These projects reflect the Town's commitment to ensuring that its citizens are
able to live and work in an enviable environment.
Town-wide Computer Network. In order to provide services efficiently and
effectively, the Town believes that it must share information and communicate not
only within its organization, but with the outside world too. In 1999 the Town issued
an RFP and selected a computer to install a town-wide computer network. The
computer network allows departments to share, process, exchange, and transfer
electronic files, documents, and other information, input and view financial
information, and share various peripheral network devices while providing the
necessary security wherever required.
Facilities. In September, 1999, the Town opened its new fleet maintenance facility.
The facility is a vehicle maintenance building consisting of 19,500 square feet on the
ix
Letter of Transmittal
Town of Avon, Colorado
June 21, 2000
first floor and 4,750 square feet on the mezzanine level. The facility consists of a
vehicle repair bay area, a small lobby, two offices and a lunchroom. The repair bay
contains vehicle lifts, a large fabrication bay with a bridge crane, a flat large repair
bay, two small repair bays, an implement repair bay, a wash bay with lift and a
lube/compressor room. There is also a tire repair area and tire storage mezzanine,
metal shop, parts storeroom, battery room, manuals library, a rebuild room, an
electronics shop, and lockers and showers.
Employee Housing Program. The lack of employee housing has been an issue in the
Vail valley for many years. In 1999, The Town of Avon recognized the need to
obtain employee housing to attract and retain quality employees. Also, the
availability of employee housing is for out-of-town recruiting purposes is essential.
The Town master- leased 6 units, a total of 13 rooms, from Eaglebend Apartments in
Avon. Eaglebend frequently has a waiting list for potential renters. By master-
leasing the units, the Town is able to bypass the waiting list and house employees
directly. Currently, Avon is working on acquiring 11 condominium units in the
Sherwood Meadows Complex in Avon. This acquisition would give Avon an
inventory of 24 bedrooms and secure its ability to offer employee housing in the
future.
For the Future. Discussions are currently in the preliminary phase for development
of recently annexed areas of the Town. In addition, the Town recently approved an
amended development agreement for the area of Town known as Tract C. The
development is scheduled to break ground early summer of 2000 and will include
time-share units, a hotel, and retail space. Tract C is one of the few remaining
undeveloped areas within the center of Town and borders on one side of the Town
Mall.
Financial Information
Management of the Town is responsible for establishing and maintaining an internal
control structure designed to ensure that the assets of the Town are protected from
loss, theft or misuse and to ensure that adequate accounting data are compiled to
allow for the preparation of financial statements in conformity with generally
accepted accounting principles. The internal control structure is designed to provide
reasonable, but not absolute, assurance that these objectives are met. The concept of
reasonable assurance recognizes that: (1) the cost of a control should not exceed the
benefits likely to be derived; and (2) the valuation of costs and benefits requires
estimates and judgements by management.
As a recipient of federal, state and local financial assistance, the Town is also
responsible for ensuring that an adequate internal control structure is in place to
Letter of Transmittal
Town of Avon, Colorado
June 21, 2000
ensure and document compliance with applicable laws and regulations related to
these programs. This internal control structure is subject to periodic evaluation by
management.
Budgetary Controls. The Town maintains extensive budgetary controls. The
objective of these controls is to ensure compliance with legal provisions embodied in
the annual appropriated budget adopted by the Town Council. All funds of the Town
are included in the annual appropriated budget. The level of budgetary control is
established at the department level within an individual fund. With the exception of
capital projects, appropriations lapse at year-end. During the year, the Town
Manager has the authority to transfer part or all of any unencumbered appropriation
balance among programs within a department The Town Council may amend the
budget by resolution at any time.
As demonstrated by the statements and schedules included in the financial section of
this report, the Town continues to meet its responsibility for sound budgetary and
financial management.
General Government Functions and General Fund Balance. The following
schedule presents a summary of general fund, special revenue fund, debt service fund,
and capital projects fund revenues for the years ended December 31, 1999 and 1998.
Amount of Percent
Revenues and 1999 Percent of 1998 Increase Increase
Transfers Amount Total Amount (Decrease) (Decrease)
Taxes $ 9,758,234 65.08% $ 9,156,013 $ 602,221 6.58%
Licenses and Permits 278,903 1.86% 312,278 (33,375) (10.69%)
Intergovernmental 2,182,382 14.55% 2,489,874 (307,492) (12.35%)
Charges for Services 1,542,241 10.29% 1,283,954 258,287 20.12%
Fines and Forfeitures 51,252 .34% 51,376 (124) (.24%)
Special Assessments 68,528 .46% 80,401 (11,873) (14.77%)
Investment Earnings 620,587 4.14% 582,856 37,731 6.47%
Miscellaneous 491,343 3.28% 443,234 48,109 10.85%
Total $14,993,470 100.00% $14,399,986 $ 593,484
The largest dollar-value increase was in the area of tax revenues. Sales tax
collections grew $163,418 from 1998 to 1999, a 3.7 percent increase. Sales tax
collections for the Town over the past five years have grown approximately thirty-one
percent (31 %).
xi
Letter of Transmittal
Town of Avon, Colorado
June 21, 2000
Property taxes increased from $2,372,329 in 1998 to $2,489,424 in 1999, a 4.9
percent increase. This increase was due to the increase of assessed values of property
within the Town, going from $95,534,550 in 1998 to $99,747,220 for 1999. The
general operating mill levy for the Town remained at 11.456 mills while the debt
service mill levy dropped .196 mills to 7.916.
As mentioned earlier, the Town collects a 2% tax from all sales of real property
within the Town. These real estate transfer tax collections increased fifteen percent
(15%), going from $1,950,670 in 1998 to $2,253,373 in 1999.
The largest dollar-value decrease was in the area of intergovernmental revenues. This
was due primarily to certain capital projects being completed that involved payments
from other governmental entities.
The following schedule presents a summary of general fund, special revenue fund,
debt service fund, and capital projects fund expenditures for the years ended
December 31, 1999 and 1998.
Expenditures and
Transfers
Current:
General Government
Community Development
Public Safety
Public Works
Recreation and Culture
Capital Improvements
Debt Service:
Principal
Interest
Bond Issuance Charges
Fiscal Charges
Total
Percent Amount of Percent
1999 of 1998 Increase Increase
Amount Total Amount (Decrease) (Decrease)
$ 1,911,025 10.46% $ 1,721,277 $ 189,748 11.02%
588,081 3.22% 460,628 127,453 27.67%
3,245,157 17.77% 2,753,841 491,316 17.84%
2,199,747 12.05% 2,467,761 (268,014) (10.86%)
2,053,269 11.24% 1,776,425 276,844 15.58%
5,686,282 31.14% 6,705,346 (1,019,064) (15.20%)
1,311,000 7.18% 1,212,321 98,679 8.14%
1,228,036 6.72% 1,221,927 6,109 .50%
- 0.00% 317,621 (317,621) (100.00%)
40,886 .22% 48,827 (7,941) (16.26%)
$18,2632463 100.00% $18,685,974 1_2 5 11)
The increase in General Government expenditures was due to a number of program
changes including the establishment of a human resources department, the hiring of
an in-house Town Attorney, an increase in salaries for the Town Council. In
Community Development a new assistant director position was added, as well as an
additional building inspector position.
xii
Letter of Transmittal
Town of Avon, Colorado
June 21, 2000
The increases in both public safety were also due primarily to the addition of new
personnel. The decrease in public works is due to a decrease in major equipment
purchases in 1999.
General Fund Balance. The fund balance of the general fund decreased by
approximately ten percent (10%) in 1999. This was $418,762 less than the decrease
that was budgeted. The primary reasons for the decrease was due to additional
expenditures to the new equipment replacement internal service fund. The fund
balance of the general fund represents twenty-seven percent (27%) of the 2000 total
governmental fund's appropriations or the equivalent of approximately 3 1/4 months of
operations. The fund balance helps provide the Town with the resources necessary to
budget more flexibly in the short-term and limits the need for capital financing.
Enterprise Operations. The Town transferred most of its water system assets to the
Upper Eagle Regional Water Authority (the "Authority"), effective January 1, 1999.
Water related functions retained by the Town include limited administrative
functions, maintenance of Nottingham Lake and related ditches and administration of
water rights. The Town continues to charge tap fees and to assess a water service fee
surcharge which is collected by the Authority and then forwarded to the Town. These
revenues are used to cover expenses related to the limited remaining water related
functions retained by the Town and are now accounted for in a special revenue fund.
In 1998, the Town transferred all of its transit operations to a Transit Enterprise Fund.
In addition to operating a free Town shuttle, the Town contracts with Beaver Creek
Metropolitan District to operate their skier shuttle from the parking lots located at the
base of Beaver Creek. The Town also contracts with the Eagle County Regional
Transportation Authority for the operation of county-wide transit routes.
In 1998, the Town created a Fleet Maintenance Internal Service Fund. This fund is
used to account for the allocation of costs associated with the maintenance of Town
vehicles and rolling stock and to charge these services to other departments and to
other government units, on a cost reimbursement basis. In 1999 a new fleet
maintenance facility was completed and all fleet maintenance operations were moved
into the new facility in September.
In 1999, the Town created an Equipment Replacement Internal Service Fund. This
fund owns Town vehicles, heavy equipment and rolling stock, and certain recreation
and other equipment and rents the equipment back to Town departments. The
purpose of the fund is to create a reserve for the future replacement of this equipment
and provide a consistent cost recovery expenditure for departments to include in their
yearly budgets.
xiii
Letter of Transmittal
Town of Avon, Colorado
June 21, 2000
Debt Administration. At year-end the Town had a number of debt issues
outstanding. These issues included $11,420,082 in general obligation bonds,
$5,210,000 in sales tax revenue bonds, $6,855,000 in Certificates of Participation,
and $300,000 in special assessment debt.
During the year, the Town issued $5,580,000 of Sales Tax Revenue Refunding Bonds
to advance refund the Town's Series 1994 and 1994B Sales Tax Revenue bonds at a
lower interest rate. This refunding resulted in a present value savings to the Town of
approximately $218,000.
Cash Management Policies and Procedures. In 1996, a resolution was passed
adopting an investment policy governing the Town's investment program. The policy
generally follows state statute and allows the Town to invest in direct government
securities, agencies, corporate paper, bonds, money market mutual funds, and local
government investment pools. Excess available funds are invested to the maximum
extent possible, within the constraints of safety and liquidity needs. Cash temporarily
idle during the year was invested primarily in local government investment pools,
money market mutual funds and certificates of deposit. Total interest earned by the
Town on investments was $620,587 for the year ended December 31, 1999, an
decrease of $38,716 over the prior year.
Risk Management. The Town of Avon has an aggressive risk management program
which encompasses the functions of safety/loss prevention, loss control, risk
financing, risk transfer, and risk assessment. Any claims are promptly reported to the
Town's Finance Officer for investigation and follow-up. Vehicular and property
claims are reviewed during the Town's weekly Safety Review meeting for
recommendation regarding possible corrective action.
The Town has continued its participation in CIRSA, the Colorado Intergovernmental
Risk Sharing Agency, which is a self-funded municipal pool of approximately 167
Colorado municipalities. Workers compensation insurance is purchased from the
Colorado Compensation Insurance Authority (CCIA).
Other Information
Independent Audit. The Town Charter requires an annual audit by independent
certified public accountants. The fine of Van Schooneveld and Co. was retained for
this purpose. Generally accepted auditing standards were used by the auditors in
conducting the engagement. The auditor's report on the general purpose financial
statements is included in the financial section of this report.
xiv
Letter of Transmittal
Town of Avon, Colorado
June 21, 2000
Awards. The Government Finance Officers Association of the United States and
Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial
Reporting to the Town of Avon for its comprehensive annual financial report for the
fiscal year ended December 31, 1998. In order to be awarded the Certificate of
Achievement, a government unit must publish an easily readable and efficiently
organized comprehensive annual financial report, whose contents conform to program
standards. This report satisfied both generally accepted accounting principles and
applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. I believe our
current report continues to conform to the Certificate of Achievement Program's
requirements, and I am submitting it to the GFOA to determine its eligibility for
another certificate.
Acknowledgements. The preparation of this report could not have been possible
without the efficient and dedicated services of the entire staff of the finance
department. Each member of the department has my sincere appreciation for the
contributions made in the preparation of this report. Due credit should also be given
to the Mayor, Town Council, and Town Manager for their interest, support and
leadership in planning and conducting the operations of the Town in a responsible
and progressive manner.
Respectfully Submitted,
Scott C. Wright, CPA, C
Finance Director
xv
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Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Town of Avon,
Colorado
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
December 31, 1998
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.
(f?? 3 ;t,.& 6-??
President
Y?? 0? • G5?'
Executive Director
THIS PAGE INTENTIONALLY LEFT BLANK
v?riii
FINANCIAL SECTION
an
chooneveld and Co., Inc.
Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
Town Council
Town of Avon, Colorado
Principals
Jack C. Schroeder
Larry R. Beardsley
Richard M. Carlson
Mark D. Elmshauser
Kevin F. Collins
We have audited the accompanying general purpose financial statements of the Town of Avon,
Colorado as of and for the year ended December 31, 1999, as listed in the foregoing Table of
Contents. These financial statements are the responsibility of the Town's management. Our
responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes 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 opinion.
In our opinion, the general purpose financial statements referred to above present fairly, in all
material respects, the financial position of the Town of Avon, Colorado at December 31, 1999 and
the results of its operations and the cash flows of its proprietary fund types for the year then
ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The combining, individual fund and individual account group
financial statements and schedules and other schedules, as listed in the Table of Contents, are
presented for purposes of legal compliance and additional analysis and are not a required part of
the general purpose financial statements of the Town of Avon, Colorado. Such information has
been subjected to the auditing procedures applied in the audit of the general purpose financial
statements and, in our opinion, is fairly stated in all material respects in relation to the general
purpose financial statements taken as a whole. The statistical section, as listed in the Table of
Contents, has not been audited by us and, accordingly, we do not express an opinion thereon.
June 2, 2000
6000 Greenwood Plaza Blvd., #110 - Greenwood Village, CO 80111-4817
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THIS PAGE INTENTIONALLY LEFT BLANK
GENERAL PURPOSE
FINANCIAL STATEMENTS
GENERAL PURPOSE
FINANCIAL STATEMENTS
TOWN OF AVON, COLORADO
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31,1999
Governmental Fund Types
Special apr
General Revenue Service Projects
ASSETS AND OTHER DEBITS
Assets:
Cash and Cash Equivalents
Investments
Receivables:
Interest
Taxes
Accounts
Special Assessments
Intergovernmental
Due from Other Funds
Inventory
Prepaid Items
Capital Leases Receivable
Notes Receivable
Deposits
Fixed Assets, (Net, Where Applicable, of Accumulated Depreciation)
Other Assets
Other Debits:
Amount Available in Debt Service Funds
Amount to be Provided for Retirement of General Long-term Debt
Total Assets and Other Debits
$ 3,707,815 $ 1,957,616 $ 791,760 $ 3,362,067
500,000 - - -
8,606 - 2,471 1,100
1,942,458 - 1,339,732 156,184
146,140 29,578 - -
- - 205,282
63,384 8,826 - -
250,000 -
- - 5,141,250 -
89,655 - - -
12,611 5,440 -
$ 6,720,669 $ 2,001,460 $ 7,480,495 $ 3,519,351
LIABILITIES EQUITY AND OTHER CREDITS
Liabilities:
Accounts Payable
Accrued Liabilities
Retainages Payable
Due to Other Funds
Deposits and Reserves
Deferred Taxes
Deferred Revenues
Capital Leases Payable - Current
Compensated Absences Payable
General Obligation Bonds Payable
Special Assessment Debt With Government Commitment
Revenue Bonds Payable
Certificates of Participation Payable
Capital Leases Payable
Total Liabilities
Equity and Other Credits:
Investment in General Fixed Assets
Contributed Capital
Retained Earnings (Accumulated Deficit)
Fund Balances:
Reserved:
Bond Construction Fund
Inventory and Prepaid Items
Debt Service
Unreserved:
Designated for Subsequent Year's Expenditures
Unreserved, Undesignated
Total Equity and Other Credits
Total Liabilities, Equity and Other Credits
$ 96,218 $ 140,081 $ 151 $ 168,109
158,927 38,591 - -
227,325 7,288 - -
1,298,616 - 1,339,732 -
89,655 - 5,346,532
1,870,741 185,960 6,686,415 168,109
254,536
794,080 -
274,418 14,158 - 935,326
4,575,510 1,801,342 - 2,161,380
4,849,928 1,815,500 794,080 3,351,242
$ 6,720,669 $ 2,001,460 $ 7,480,495 $ 3,519,351
The accompanying notes are an integral part of the financial statements.
4
EXHIBIT 1
Proprietary Fund Types
nterna
Enterprise Service Account Groups
enera enera
Fixed Long-term
Assets Debt Totals
(Memorandum Only)
1999 1998
$ 161,114 $ 166,624 $ $ - $ 10,146,996 $ 11,990,668
_ _ - - 500,000 1,758,069
- 12,177 28,141
24,911 - - 3,463,285 3,139,742
- 38,213 - - 213,931 293,207
_ _ _ - 205,282 248,364
280,101 74,661 - - 426,972 484,945
_ - 250,000 150,000
- 102,183 - 102,183 52,055
_ - 20,125
_ - 5,141,250 -
_ - 89,655 176,636
_ _ - 18,051 168,830
749,717 9,185,013 24,205,879 - 34,140,609 34,416,220
- 164,062 - - 164,062 -
_ - 794,080 794,080 1,149,932
_ - - 24,126,311 24,126,311 24,150,293
$ 1,215,843 $ 9,730,756 $ 24,205,879 $ 24,920,391 $ 79,794,844 $ 78,227;227
$ 126,072 $ 91,853 $ - $ - $ 622,484 $ 778,877
91,180 20,492 - 309,190 255,002
- 38,192
250,000 250,000 150,000
_ - - 234,613 101,191
_ 2,638,348 2,460,118
_ 5,436,187 530,452
43,529 180,000 - 223,529 28,560
_ - 255,003 255,003 231,768
- 11,420,082 11,420,082 11,997,136
_ - 300,000 300,000 355,000
- 5,190,000 5,190,000 4,820,000
_ - 6,855,000 6,855,000 7,085,000
207,738 4,961,250 - 900,306 6,069,294 987,999
468,519 5,503,595 - 24,920,391 39,803,730 29,819,295
_ - 24,205,879 24,205,879 26,384,264
601,814 3,604,172 - - 4,205,986 11,175,215
145,510 622,989 - - 768,499 (1,786,188)
_ _ _ 254,536 3,934,271
_ - 39,498
794,080 1,149,932
1,223,902 904,408
- 8,538,232 6,606,532
747,324 4,227,161 24,205,879 - 39,991,114 48,407,932
$ 1,215,843 $ 9,730,756 $ 24,205,879 $ 24,920,391 $ 79,794,844 $ 78,227,227
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TOWN OF AVON, COLORADO
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND EXHIBIT 2
CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
FOR THE YEAR ENDED DECEMBER 31,1999
Totals
Governmental Fund Types (Memorandum Only)
Special Debt Capital
General Revenue Service Projects 1999 1998
Revenues
Taxes $ 6,145,302 $ $ 1,359,559 $ 2,253,373 $ 9,758,234 $ 9,156,013
Licenses and Permits 278,903 - - 278,903 312,278
Intergovernmental 565,439 1,416,943 200,000 2,182,382 2,489,874
Charges for Services 1,239,202 303,039 - - 1,542,241 1,283,954
Fines and Forfeitures 51,252 - - 51,252 51,376
Special Assessments - - 68,528 - 68,528 80,401
Investment Earnings 375,060 68,677 39,049 137,801 620,587 582,856
Miscellaneous 385,084 71,076 - 35,183 491,343 443,234
Total Revenues 9,040,242 1,859,735 1,467,136 2,626,357 14,993,470 14,399,986
Expenditures
Current:
General Government 1,885,652 25,373 - 1,911,025 1,721,277
Community Development 588,081 - - 588,081 460,628
Public Safety 1,254,680 1,990,477 - 3,245,157 2,753,841
Public Works 2,058,317 141,430 - 2,199,747 2,467,761
Recreation and Culture 2,0539269 - - 2,053,269 1,776,425
Capital Improvements - - 5,686,282 5,686,282 6,705,346
Debt Service:
Principal - 1,235,000 76,000 1,311,000 1,212,321
Interest - 1,223,431 4,605 1,228,036 1,221,927
Bond Issuance Costs - - - - 317,621
Fiscal Charges - 40,886 - 40,886 48,827
Total Expenditures 7,839,999 2,157,280 2,499,317 5,766,887 18,263,483 18,685,974
Excess (Deficiency) of Revenues
Over(Under)Expenditures 1,200,243 (297,545) (1,032,181) (3,140,530) (3,270,013) (4,285,988)
Other Financing Sources (Uses)
Operating Transfers In 130,000 408,000 1,057,165 250,836 1,846,001 3,670,492
Operating Transfers Out (1,888,261) - (380,836) (16,191) (2,285,288) (2,689,919)
Proceeds of Refunding Bonds 5,580,000 5,580,000 -
Proceeds of Certificates of Participation - - 7,085,000
Refunding Bond Issuance Charges - (191,539) - (191,539) -
Payment to Refunded Bond Escrow Agent - (5,388,461) - (5,388,461) -
Capital Lease Proceeds - 213,615 225,954 439,569 743,372
Disposal of Fixed Assets - - - - - 36,200
Total Other Financing Sources (Uses) (1,758,261) 621,615 676,329 460,599 282 8,845,145
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
Expenditures and Other Uses (558,018) 324,070 (355,852) (2,679,931) (3,269,731) 4,559,157
Fund Balances, Beginning of Year 5,407,946 45,590 1,149,932 6,031,173 12,634,641 8,075,484
Residual Equity Transfer In - 1,445,840 - - 1,445,840 -
Fund Balances, End of year $ 4,849,928 $ 1,815,500 $ 794,080 $ 3,351,242 $ 10,810,750 $ 12,634,641
The accompanying notes are an integral part of the financial statements.
7
TOWN OF AVON, COLORADO
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL -
ALL GOVERNMENTAL FUND TYPES
FOR THE YEAR ENDED DECEMBER 31,1999
General Fund Special Revenue Funds
Variance - Variance -
Amended Favorable Amended Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Revenues
Taxes $ 6,095,992 $ 6,145,302 $ 49,310 $ - $ - $ -
Licenses and Permits 277,810 278,903 1,093 - - -
Intergovernmental 587,886 565,439 (22,447) 1,492,322 1,416,943 (75,379)
Charges for Services 1,381,846 1,239,202 (142,644) 363,350 303,039 (60,311)
Fines and Forfeitures 55,125 51,252 (3,873) - - -
Special Assessments - - - - - -
Investment Earnings 375,000 375,060 60 50,000 68,677 18,677
Miscellaneous 513,670 385,084 (128,586) 55,641 71,076 15,435
Total Revenues 9,287,329 9,040,242 (247,087) 1,961,313 1,859,735 (101,578)
Expenditures
Current:
General Government 1,994,543 1,885,652 108,891 38,716 25,373 13,343
Community Development 624,954 588,081 36,873 - - -
Public Safety 1,264,317 1,254,680 9,637 2,095,750 1,990,477 105,273
Public Works 2,408,831 2,058,317 350,514 229,187 141,430 87,757
Recreation and Culture 2,238,203 2,053,269 184,934 - - -
Capital Improvements - - - '
Debt Service:
Principal "
Interest - - - -
Fiscal Charges - - - - - "
Total Expenditures 8,530,848 7,839,999 690,849 2,363,653 2,157,280 206,373
Excess (Deficiency) of Revenues
Over (Under) Expenditures 756,481 1,200,243 443,762 (402,340) (297,545) 104,795
Other Financing Sources (Uses)
Operating Transfers In 130,000 130,000 - 408,000 408,000 -
Operating Transfers Out (1,888,261) (1,888,261) - - -
Proceeds of Refunding Bonds - - - - - -
Refunding Bond Issuance Charges - - - - -
Payment to Refunded Bond Escrow Agent - - - - -
Capital Lease Proceeds - - - 259,212 213,615 (45,597)
Disposal of Fixed Assets 25,000 - (25,000) - -
Total Other Financing Sources (Uses) (1,733,261) (1,758,261) (25,000) 667,212 621,615 (45,597)
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
Expenditures and Other Uses (976,780) (558,018) 418,762 264,872 324,070 59,198
Fund Balances, Beginning of Year 5,407,946 5,407,946 - 45,590 45,590 -
Residual Equity Transfer In - - - 1,445,840 1,445,840 -
Fund Balances, End of year $ 4,431,166 $ 4,849,928 $ 418,762 $ 1,756,302 $ 1,815,500 $ 59,198
The accompanying notes are an integral part of the financial statements.
8
EXHIBIT 3
Debt Service Funds Capital Projects Fund Totals (Memorandum Only)
Variance - Variance - Variance -
Amended Favorable Amended Favorable Amended Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 1,340,700 $ 1,359,559 $ 18,859 $ 1,750,000 $ 2,253,373 $ 503,373 $ 9,186,692 $ 9,758,234 $ 571,542
_ _ _ - - 277,810 278,903 1,093
300,000 200,000 (100,000) 2,380,208 2,182,382 (197,826)
_ _ 1,745,196 1,542,241 (202,955)
_ _ 55,125 51,252 (3,873)
60,000 68,528 8,528 - - 60,000 68,528 8,528
35,800 39,049 3,249 137,801 137,801 598,601 620,587 21,986
_ - - 30,500 35,183 4,683 599,811 491,343 (108,468)
1,436,500 1,467,136 30,636 2,218,301 2,626,357 408,056 14,903,443 14,993,470 90,027
2,033,259 1,911,025 122,234
- 624,954 588,081 36,873
_ 3,360,067 3,245,157 114,910
2,638,018 2,199,747 438,271
_ 2,238,203 2,053,269 184,934
6,278,476 5,686,282 592,194 6,278,476 5,686,282 592,194
1,245,000 1,235,000 10,000 76,000 76,000 - 1,321,000 1,311,000 10,000
1,225,470 1,223,431 2,039 4,935 4,605 330 1,230,405 1,228,036 2,369
44,906 40,886 4,020 - - - 44,906 40,886 4,020
2,515,376 2,499,317 16,059 6,359,411 5,766,887 592,524 19,769,288 18,263,483 1,505,805
(1,078,876) (1,032,181) 46,695 (4,141,110) (3,140,530) 1,000,580 (4,865,845) (3,270,013) 1,595,832
1,057,165 1,057,165 250,836 250,836 1,846,001 1,846,001 -
(380,836) (380,836) - (16,191) (16,191) (2,285,288) (2,285,288) -
5,580,000 5,580,000 - - 5,580,000 5,580,000
191,539 (191,539) - 191,539 (191,539)
- (5,388,461) (5,388,461) - - - (5,388,461) (5,388,461)
_ 114,000 225,954 111,954 373,212 439,569 66,357
_ _ - - - 25,000 - (25,000)
676,329 1,059,407 348,645 460,599 111,954 (41,075) 383,360 41,357
(402,547) 27,226 46,695 (3,792,465) (2,679,931) 1,112,534 (4,906,920) (2,886,653) 1,637,189
1,149,932 1,149,932 - 6,031,173 6,031,173 - 12,634,641 12,634,641 -
1,445,840 1,445,840 -
$ 747,385 $ 1,177,158 $ 46,695 $ 2,238,708 $ 3,351,242 $ 1,112,534 $ 9,173,561 $ 11,193,828 $ 1,637,189
THIS PAGE INTENTIONALLY LEFT BLANK
10
TOWN OF AVON, COLORADO
COMBINED STATEMENT OF REVENUES, EXPENSES EXHIBIT 4
AND CHANGES IN RETAINED EARNINGS -
ALL PROPRIETARY FUND TYPES
FOR THE YEAR ENDED DECEMBER 31,1999
Operating Revenues
Charges for Services
Other Operating Revenues
Total Operating Revenues
Operating Expenses:
Cost of Operations
Depreciation
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses)
Taxes
Interest Expense
Investment Earnings
Gain on Disposal of Fixed Assets
Distribution of Fixed Assets
Total Nonoperating Revenues (Expenses)
Income (Loss) Before Operating Transfers
Operating Transfers In (Out)
Totals
Proprietary Fund Types (Memorandum Only)
Internal
Enterprise Service 1999 1998
$ 2,533,187 $ 1,749,231 $ 4,282,418 $ 3,334,898
44,477 20,210 64,687 7,483
2,577,664 1,769,441 4,347,105 3,342,381
3,026,466 1,154,840 4,181,306 3,916,024
115,840 330,373 446,213 327,846
3,142,306 1,485,213 4,627,519 4,243,870
(564,642) 284,228 (280,414) (901,489)
240,725 - 240,725 271,805
(27,872) - (27,872) (8,555)
- - 76,447
1,785 1,785 -
(7,233,228) - (7,233,228) -
(7,020,375) 1,785 (7,018,590) 339,697
(7,585,017) 286,013 (7,299,004) (561,792)
439,287 - 439,287 (980,573)
Net Income (Loss) (7,145,730) 286,013 (6,859,717) (1,542,365)
Retained Earnings (Accumulated Deficit), Beginning of Year (1,806,353) 20,165 (1,786,188) (243,823)
Residual Equity Transfer Out
Depreciation Tranferred to Contributed Capital
(1,445,840) - (1,445,840) -
316,811 316,811
Transfer from Contributed Capital 10,543,433 - 10,543,433
Retained Earnings (Accumulated Deficit), End of Year $ 145,510 $ 622,989 $ 768,499 $(1,786,188)
The accompanying notes are an integral part of the financial statements.
11
TOWN OF AVON, COLORADO
COMBINED STATEMENT OF CASH FLOWS -
ALL PROPRIETARY FUND TYPES
FOR THE YEAR ENDED DECEMBER 31,1999
Cash Flows From Operating Activities
Cash Received from Customers
Cash Payments to Suppliers for Goods and Services
Cash Payments to Employees for Services
Other Operating Revenues
Totals
Proprietary Fund Types (Memorandum Only)
Internal
Enterprise Service 1999 1998
$ 2,689,795 $ 1,656,567
(788,792) (671,831)
(2,287,426) (484,236)
44,477 -
$ 4,346,362 $ 2,873,673
(1,460,623) (1,309,577)
(2,771,662) (2,331,377)
44,477 7,483
Net Cash Provided by (Used in) Operating Activities (341,946) 500,500 158,554 (759,798)
Cash Flows From Noncapital Financing Activities
Advances from General Fund - 250,000 250,000 150,000
Repayment of Advances (150,000) - (150,000) -
Transfer from General Fund 439,287 - 439,287 519,427
Residual Equity Transfer Out (1,445,840) - (1,445,840) -
Transfer to Capital Projects Fund - - - (1,500,000)
Net Cash Provided by (Used in)
Noncapital Financing Activities
(1,156,553) 250,000 (906,553) (830,573)
Cash Flows From Capital Financing Activities
Tap Fees Received
Taxes Received
Start-up Costs Incurred and Capitalized
Acquisition and Construction of Capital Assets
Proceeds from Capital Leases
Interest Paid on Capital Lease Obligations
Principal Paid on Capital Lease Obligations
Cost Recovery Payments to Developers
Net Cash Provided by (Used in)
Capital Financing Activities
Cash Flows From Investing Activities
Earnings on Investments
Net Cash Provided by Investing Activities
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents, Beginning of Year
Cash and Cash Equivalents, End of Year
- - - 1,094,917
248,418 - 248,418 271,805
- (164,062) (164,062) -
(94,976) (450,609) (545,585) (283,674)
75,000 - 75,000 225,680
(27,872) - (27,872) (8,555)
(28,971) - (28,971) (20,442)
- - - (101,774)
171,599 (614,671) (443,072) 1,177,957
76,447
- - 76,447
(1,326,900) 135,829 (1,191,071) (335,967)
1,488,014 30,795 1,518,809 1,854,776
$ 161,114 $ 166,624 $ 327,738 $ 1,518,809
The accompanying notes are an integral part of the financial statements.
12
EXHIBIT 5
Totals
Proprietary Fund Types (Memorandum Only)
Internal
Enterprise Service 1999 1998
RECONCILIATION OF OPERATING INCOME (LOSS)
TO NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES
Operating Income (Loss)
Adjustments to Reconcile Operating Income (Loss) to
Net Cash Provided by (Used in) Operating Activities
Depreciation
Change in Assets and Liabilities:
(Increase) Decrease in Accounts Receivable
(Increase) Decrease in Intergovernmental Receivable
Increase in Inventory
Increase (Decrease) in Accounts Payable
Increase in Accrued Liabilities
$ (564,642) $ 284,228 $ (280,414) $ (901,489)
115,840 330,373 446,213 327,846
9,788 (38,213) (28,425) (42,391)
146,820 (74,661) 72,159 (418,834)
- (69,501) (69,501) (32,682)
(54,269) 62,864 8,595 206,719
4,517 5,410 9,927 101,033
Total Adjustments
Net Cash Provided by (Used in) Operating Activities
222,696 216,272 438,968 141,691
$ (341,946) $ 500,500 $ 158,554 $ (759,798)
NONCASH INVESTING, CAPITAL
AND FINANCING ACTIVITIES
Noncash Transactions Affecting Financial Position
Distribution of Fixed Assets to Governmental Entity
Transfer from Contributed Capital to Retained Earnings
Contributions of Capital Assets to Equipment
Replacement Fund
Contributions of Capital Assets from
General Fixed Asset Account Group
Contributions of Capital Assets from Transit Fund
Depreciation Transferred to-Contributed-Capital
Capitalization of Facilities Constructed in the
Capital Projects Fund
Capitalization of Leases Payable Used to Finance Facilities
$(7,233,228) $ - $(7,233,228) $
10,543,433 - 10,543,433 -
(10,285) - (10,285) -
- 2,580,951 2,580,951 631,782
- 10,285 10,285 -
- - (316,811) (316,811) -
6,400,132 6,400,132
(5,141,250) (5,141,250) -
III
TOWN OF AVON, COLORADO
NOTES TO THE COMBINED FINANCIAL STATEMENTS
DECEMBER 31,1999
The financial statements of the Town of Avon have been prepared in conformity with
generally accepted accounting principles ("GAAP") as applied to governmental entities.
The Governmental Accounting Standards Board ("GASB") is the accepted standard-setting
board for establishing governmental accounting and financial reporting principles. The
following notes are an integral part of the Town's Comprehensive Annual Financial Report.
Note 1. Summary of Significant Accounting Policies
A. Financial Reporting Entity
As required by generally accepted accounting principles, these financial statements present
the Town of Avon (the primary government) and its component units, entities for which the
Town is considered financially accountable. Blended component units, although legally
separate entities, are, in substance, part of the Town's operations and so data from these
units are combined with data of the Town. All blended component units have a December
31 year-end.
Primary Government. The Town of Avon, Colorado, was incorporated as a Town on April
24, 1978. On June 13, 1978, the citizenry voted to become a Home Rule City, as authorized
by Article 20 of the Colorado State Constitution. The Town operates under a Council-
Manager form of government and provides the following services as authorized by its
charter: public safety, highways and streets, culture-recreation, public improvements,
planning and zoning, transportation, water utility services, and general administrative
services.
Blended Component Unit. The Town of Avon Finance Authority (Authority) was
incorporated in 1998 as a Colorado nonprofit corporation, with the sole purpose of
facilitating Town financings, including lease-purchase financings. The Authority has a
three-member board of directors who serve without compensation and have no private or
proprietary interest in the Authority. The Authority is reported as a debt service fund. The
Authority is included in the Town's financial statements because the Town appoints the
board members of the Authority and has financial accountability for the Authority.
B. Fund Accounting
The Town uses funds and account groups to report its results of operations and its financial
position. Through the use of fund accounting, the Town demonstrates compliance with
legal, contractual and regulatory requirements, segregates transactions by government
function or activity, and assists financial management in coordinating and evaluating the use
and control of the Town's assets and operations.
A fund is a separate accounting entity with a self-balancing set of accounts. In contrast, an
account group is a financial reporting devise designed to provide accountability for certain
assets and liabilities which do not require or use available financial resources.
Funds are classified into two categories: governmental and proprietary. Each category, in
turn, is divided into separate "fund types".
Governmental funds are used to account for all of the Town's general activities, including
14
the collection and disbursement of earmarked monies (special revenue funds), the servicing
of general long-term debt (debt service funds), and the acquisition or construction of major
capital projects not being financed by proprietary funds (capital project fund). The General
Fund is used to account for all activities of the Town not accounted for in some other fund,
including activities related to the collection of proceeds from the seizure of contraband, if
any.
Proprietary funds are used to account for activities which are similar to those found in the
private sector, where the determination of net income is necessary or useful to sound
financial administration. Goods or services from such activities can be provided either to
outside parties (enterprise funds), or to other departments or agencies primarily within the
government (internal service funds). Enterprise funds are used by the Town to account for
water utilities and transportation services operated by the Town. Internal service funds are
used by the Town to account for fleet maintenance and equipment rental and replacement
operations.
The General Fixed Assets Account Group is not a fund but rather an account group that is
used to account for general fixed assets acquired for general purposes and excludes fixed
assets relating to proprietary funds.
The General Long-term Debt Account Group is an account group that is used to account for
the outstanding principal balance of general obligation bonds and other long-term
obligations of the Town and excludes long-term obligations relating to proprietary funds.
C. Basis of Accounting
The modified accrual basis of accounting is followed in the governmental fund types. The
measurement focus of the governmental fund types using current financial resources is
described as follows: Revenue is recorded when susceptible to accrual, i.e., both measurable
and available. Available means collectible within the current period or soon enough
thereafter to be used to pay liabilities of the current period. The major sources of revenue
which are susceptible to accrual are property, use, accommodations and sales taxes.
Expenditures, other than interest on long-term obligations are recorded when the liability is
incurred or the long-term obligation paid.
The accrual basis of accounting is utilized in the proprietary fund type. Revenue is
recognized when earned and expenses are recognized when the liability is incurred.
Depreciation is computed and recorded as an operating expense. Expenditures for property,
plant and equipment are shown as increases in assets and redemption of bonds and notes are
recorded as a reduction in liabilities.
The Town has elected to follow Governmental Accounting Standards Board
Pronouncements. Therefore statements issued by the Financial Accounting Standards Board
after November 30, 1989, are not applied.
15
TOWN OF AVON, COLORADO
NOTES TO THE COMBINED FINANCIAL STATEMENTS
DECEMBER 31,1999
D. Budgets
Budgets are adopted on a basis consistent with generally accepted accounting principles for
all funds, with the exception of proprietary funds which are budgeted on the modified
accrual basis of accounting. According to the Town's Charter, al l appropriations except for
capital projects or special revenue funds lapse at fiscal year-end. However, as a matter of
practice, the Town adopts annual budgets for all funds. Encumbrance accounting (open
purchase orders, contracts in process and other commitments for the expenditures of funds
in future periods) is not used by the Town for budget or financial reporting purposes.
E. Cash and Investments
The Town concentrates the cash resources of its various funds in order to facilitate the
management of cash. The balance in this concentration account is available to meet the
Town's current operating requirements. Cash resources in excess of current requirements is
invested in various interest-bearing securities and disclosed as part of the Town's
investments.
Town Charter and Colorado State statutes authorize the Town to invest its excess funds in
direct U.S. Government securities, agencies, bonds and other obligations of states and
political subdivisions, corporate bonds, money market mutual funds, and local government
investment pools. Investments are stated at fair value on the balance sheet except for
money-market investments that have a remaining maturity at time of purchase of one year or
less. Investment income is recognized when earned.
F. Inventories
Inventories are valued at cost using the first-in/first-out (FIFO) method. The costs of any
governmental fund-type inventories are recorded as expenditures when consumed rather
than when purchased.
G. Fixed Assets
General fixed assets are not capitalized in the funds used to acquire or construct them.
Instead, capital acquisition and construction for general governmental operations are
recorded as expenditures in the fund making the expenditure and the related assets are
reported in the General Fixed Assets Account Group. All purchased fixed assets are stated
at cost or estimated historical cost if actual historical records are not available. Donated
fixed assets are recorded at their estimated fair market value at the date of contribution.
No depreciation is provided on general fixed assets. Depreciation of property, plant and
equipment in the proprietary funds are computed using the straight-line method over the
estimated economic useful life of the asset.
16
Public domain or infrastructure fixed assets such as roads, bridges, curbs and gutters, streets
and sidewalks, drainage systems, lighting systems, other land improvements, and similar
assets that are immovable and of value only to the Town are not reflected in the General
Fixed Assets Account Group.
It is the Town's policy to capitalize expenditures with a cost greater than $1,000 and an
estimated useful life of more than one year. The costs of normal maintenance and repair are
charged to operations as incurred.
H. Long-term Obligations
Long-term debt is recognized as a liability of a governmental fund when due. For other
long-term obligations, only that portion expected to be financed from expendable available
financial resources is reported as a fund liability of a governmental fund. The remaining
portion of such obligations is reported in the General Long-term Debt Account Group.
Long-term liabilities expected to be financed from proprietary fund operations are accounted
for in those funds.
1. Property Taxes
Property taxes are levied by the Town Council. The levy is based on the assessed valuation
of property located within the Town as determined by the County Assessor generally as of
January 1 of each year. The levy is normally set by December 15 by certification to the
County Commissioners. The County Treasurer collects the property taxes during the
ensuing calendar year and remits the taxes collected to the Town on a monthly basis.
Property taxes are payable in full by April 30, or if in two equal installments, by February 28
and June 15. Delinquent taxpayers are notified in August and generally sales of the tax liens
on delinquent properties are held in November or December. Property taxes, net of
estimated uncollectible taxes, are recorded as receivable in the year levied and offset to
deferred revenue since they typically do not meet the availability criterion.
J. Special Assessments
Special assessments are recorded as revenue in the year that the assessments become
available. Typically this results in recognizing revenues as the assessments are collected.
The remaining assessed but uncollected installments are recorded as deferred revenue.
K. Compensated Absences
Compensated absences are recognized as General Fund expenditures when they are expected
to be liquidated with expendable available financial resources. A long-term liability has
been recorded in the General Long-term Debt Account Group representing the Town's
commitment to fund the amounts not expected to be liquidated with expendable available
17
TOWN OF AVON, COLORADO
NOTES TO THE COMBINED FINANCIAL STATEMENTS
DECEMBER 31,1999
financial resources from future operations (see Note 6). No liability is reported for unpaid
accumulated sick leave.
L. Interest Accretion - Supplemental "B" Interest Registered Certificates
Two Supplemental "B" Interest Registered Certificates (see Note 6) have been issued by the
Town at a total net present value of $911,590 and will accrete to a maturity value of
$960,000. The accretion is being recognized over the term of the Certificates using the
interest method. The net present value of the Certificates is reflected in the General Long-
term Debt Account Group in order to reflect the liability for such Certificates. The accretion
does not effect the Town's governmental fund operations because it does not involve the use
of cash or working capital. The measurement focus is based upon recognition of debt
service expenditures when the Certificates are due. The balance of Supplemental `B:
Interest Registered Certificates at December 31, 1999, was $75,000.
M. Fund Equity
Reserves are used to segregate portions of fund balance or retained earnings that are legally
restricted for specific future uses. Designated fund balances represent tentative plans for
future use of financial resources. Contributed capital is recorded in proprietary funds for
capital grants or contributions from developers, customers, other funds and other entities.
Depreciation relating to contributed assets is transferred from retained earnings to
contributed capital
The Town considers all unreserved fund balances to be "reserves" for future operations or
capital replacement as defined within Article X, Section 20 of the Constitution of the State
of Colorado (see Note 10).
N. Memorandum Only - Total Columns
Total columns on the general purpose financial statements are captioned "Memorandum
Only" because they do not represent consolidated financial information and are presented
only to facilitate financial analysis. Data in these columns do not present financial position,
results of operations, or cash flows, in conformity with generally accepted accounting
principles. Neither are such data comparable to a consolidation. Interfund eliminations
have not been made in the aggregation of this data.
0. Comparative Data
Comparative total data for the prior year have been presented in the accompanying financial
statements in order to provide an understanding of changes in the Town's financial position
and operations. However, comparative data have not been presented in all statements
because their inclusion would make certain statements unduly complex and difficult to
understand.
18
During 1999, the Town established a special revenue fund to account for maintaining certain
water-related assets and the receipt of water surcharges and tap fees. These activities were
previously accounted for in an enterprise fund (See Note 12).
P. Reclassifications
For comparability, 1998 comparative data has been reclassified where appropriate to
conform with the 1999 financial statement presentation.
Q. Statements of Cash Flows
For purposes of the statement of cash flows, the Town considers all highly liquid
investments with a maturity when purchased of three months or less and all local
government investment pools to be cash equivalents.
Note 2. Legal Compliance - Budgets
No later than October 15th, the Town Manager submits to the Mayor and Town Council a
proposed budget for the calendar year commencing the following January 1St. The budget is
prepared by fund, department, program and project and includes information on the prior
year, current estimates and requested appropriations and estimated revenues for the
upcommg year.
The Town Council holds public hearings and may change appropriations except for
expenditures required by law for debt service or for estimated cash deficits. No change to
the budget may increase the authorized expenditures to any amount greater than the total
amount of funds available. The Town Council must adopt the budget by resolution prior to
December 15th. Once adopted, the Town Council may at any time, by resolution, amend the
budget. In addition, the Town Manager may transfer part or all of any unencumbered
appropriation balance among programs within a department. A department is defined by the
Town as a distinct, principal or specialized division (i.e. the fire department; the department
of public works).
Expenditures may not legally exceed budgeted appropriations at the fund level. Budgetary
comparisons in the accompanying combined financial statements and in the individual fund
statements are presented at a lower-than-required level of control to facilitate detailed
financial analysis.
During the year ended December 31, 1999, supplemental appropriations were approved by
the Town as follows:
19
TOWN OF AVON, COLORADO
NOTES TO THE COMBINED FINANCIAL STATEMENTS
DECEMBER 31,1999
Original Modified
Appropriation Appropriation
General Fund $ 10,248,464 $ 10,419,109
Mall Maintenance Fund 76,209 77,701
Fire Operations Fund 2,050,087 2,095,750
Employee Housing Fund - 38,716
Water Fund - 151,486
Debt Service Fund 1,858,357 1,529,634
Wildridge Special Improvement District Fund 116,500 103,500
Town of Avon Finance Authority - 563,540
Capital Projects Fund 4,926,292 6,375,602
Water Enterprise Fund 105,638 -
Transit Enterprise Fund 3,630,141 3,541,790
Fleet Maintenance Internal Service Fund 1,456,475 1,440,134
Note 3. Deposits and Investments
Deposits. At year-end the carrying amount of the Town's deposits was $630,742 and the
bank balance was $1,266,899. Of the bank balance, $200,000 was covered by federal
depository insurance. The remaining balance was collateralized under the Colorado Public
Deposit Protection Act ("PDPA").
PDPA requires that cash be deposited in eligible public depositories and that deposits in
excess of federal insurance levels must be collateralized. The eligible collateral is
determined by the PDPA. PDPA allows the institution to create a single collateral pool for
all public funds. The pool for all the uninsured public deposits as a group is to be
maintained by another institution or held in trust. The market value of the collateral must be
at least equal to 102% of the aggregate uninsured deposits. The Town is a named participant
in the single institution collateral pool. Pursuant to the implementation Guide to GASB
Statement No. 3, deposits collateralized under PDPA have been classified as credit risk
Category 2 - collateralized with securities held by the pledging financial institution's trust
department or agent in the Town's name - because the collateral pool is considered to meet
the "held in the name of the government" criterion.
Investments
Investments made by the Town are categorized to give an indication of the level of credit
risk assumed by the Town in its investment program. Investments represented by specific
identifiable securities are classified by the following risk categories:
Category 1 Insured or registered securities or for which the securities are held by the
Town or its agent in the Town's name.
20
Category 2 Uninsured and unregistered securities. With the securities held by the
counter-party's trust department or agent in the Town's name.
Category 3 Uninsured and unregistered securities. With the securities held by the
counter-party, or by its trust department or agent, but not in the Town's name.
Local Government Investment Pools
investments in local government investment pools or in money market mutual funds are not
categorized because they are not evidenced by specific, identifiable securities that exist in
physical or book entry form. As of December 31, 1999, the Town of Avon held
investments in two local government investment pools (the Trusts), the Colorado Local
Government Liquid Asset Trust (COLOTRUST) and the Colorado Surplus Asset Fund
Trust (CSAFE). These trusts are investment vehicles established for local government
entities in Colorado to pool surplus funds. The State Securities Commissioner administers
and enforces all State statutes governing the Trusts. The Trusts operate similarly to a
money market fund and each share is equal in value to $1.00. A designated custodial bank
serves as custodian for the trusts portfolios pursuant to a custodian agreement. The
custodian acts as safekeeping agent for the Trusts investment portfolios and provides
services as the depository in connection with direct investments and withdrawals. The
custodian's internal records segregate investments owned by the Trusts. COLOTRUST
offers shares in two portfolios, PRIME and PLUS+. Both portfolios may invest in U.S.
Treasury securities and repurchase agreements collateralized by U.S. Treasury securities.
CSAFE and COLOTRUST PLUS+ may also invest in certain obligations of U.S.
government agencies, highest rated commercial paper and repurchase agreements
collateralized by certain obligations of U.S. government agencies. As of December 31,
1999, the Town had $1,804,239 invested in COLOTRUST PRIME, $2,798,897 invested
in COLOTRUST PLUS+, and $1,084,212 invested in CSAFE.
At year end, the Town's investment balances were as follows:
Fair
Value
Total__.
Investments Not Subject to
Categorization:
Local Government Investment Pools 5,687,348
Money Market Mutual Funds 4,321,406
Total Investments $ 10,008,754
A reconciliation of deposits and investments to the financial statements by caption is as
follows:
21
TOWN OF AVON, COLORADO
NOTES TO THE COMBINED FINANCIAL STATEMENTS
DECEMBER 31,1999
Cash and Cash Equivalents $ 10,146,996
Investments 500,000
Total $ 10,646,996
Deposits $ 630,742
Cash on Hand 7,500
Local Government Investment Pools 5,687,348
Money Market Mutual Funds 4,321,406
Total $ 10,646,996
Note 4. Notes Receivable
Beaver Creek Resort Company. The Town has a note receivable from Beaver Creek Resort
Company with imputed interest at 12.227% per annum. The note is accounted for in the
General Fund and is due in equal monthly installments of principal and interest, with final
maturity in November 2000. As of December 31, 1999, the note receivable balance was
$89,655.
Note receivable principal installments are recognized as revenue when principal payments
are received. Note receivable principal and interest maturities are as follows:
Year Ended
December 31 Principal Interest Total
2000 $ 89,655 $ 5,597 $ 95,252
Note 5. Fixed Assets
The following is a summary of the changes in the general fixed assets account group for the
year ended December 31, 1999:
Balance Balance
January 1, Transfers December 31,
By Classification 1999 Additions Deletions In Out 1999
Land $ 4,375,983 $ - $ - $ - $ 4,375,983
Buildings and Imp. 13,643,233 4,634,950 - (6,400,132) 11,878,051
Water Systems - - - 1,867,952 1,867,952
Machinery and Equip. 8,365,048 931,578 631,782 (2,580,951) 6,083,893
Total $ 26,384,264 $ 5,566,528 $ 631,782 $ 7 113 131) $ 24,205,879
22
Balance Balance
January 1, Transfers December 31,
By Source 1999 Additions Deletions In Out 1999
General Revenue $ 10,485,139 $ 5,233,208 $ 631,782 $(2,580,951) $ 12,505,614
General Obligation and
Revenue Bonds 11,567,004 - - (6,400,132) 5,166,872
Capital Leases 3,191,773 333,320 - - 3,525,093
Contributions 1,140,348 - - 1,867,952 1,140,348
Total General Fixed $ 26,384,264 $ 5,566,528 $ 631,782 $(7,113,131) $ 24,205,879
Assets
The following is a summary of proprietary fund-type assets at December 31, 1999:
Enterprise
Funds
Buildings and Facilities
Vehicles and Rolling Stock
Machinery and Equipment
Less: Accumulated Depreciation
Net Property and Equipment
883,244
82.823
966,067
0)
(216,35
Internal
Service
Funds
$ 7,419,282
1,751,439
344.885
9,515,606
(330,593)
$ 749,717 $ 9,185,013
In proprietary funds, the following estimated useful live are used to compute depreciation:
Buildings and Facilities 20-30 years
Vehicles and Rolling Stock 7-15 years
Machinery and Equipment 7-10 years
Other Assets. Certain costs incurred in the Fleet Maintenance Fund related to moving out of
the old maintenance facility and into the new have been capitalized as Start-up Costs and
will be amortized over a 20-year period.
Note 6. Long-term Debt
General Obligation Bonds. The Town has issued general obligation bonds and
supplemental "B" interest registered coupons in order to provide funds for the acquisition
and construction of major capital facilities and to refund outstanding general obligation
bonds. These bonds and supplemental interest coupons are direct obligations and pledge the
full faith and credit of the Town and are ultimately secured by the Town's general ad
valorem tax collections.
General Obligation Bonds - Avon Metropolitan District. Effective May 31 1998, the Avon
Metropolitan District was dissolved pursuant to an Agreement for Dissolution adopted by
1 Z
TOWN OF AVON, COLORADO
NOTES TO THE COMBINED FINANCIAL STATEMENTS
DECEMBER 31,1999
both the Avon Metropolitan District and the Town of Avon and executed with the District
Court of Eagle County. According to the Agreement, the District shall continue in existence
for the sole purpose of securing payment in full of the principal and interest of existing
indebtedness. A new debt service fund was created by the Town in order to account for the
payment of principal and interest on the existing indebtedness, consisting of Series 1990
General Obligation Refunding Bonds. The Town Council was appointed to act as the
District Board of Directors in order to set mill levies as necessary to pay the outstanding
indebtedness.
General obligation bonds and supplemental "B" interest registered certificates currently
outstanding at December 31, 1999, are as follows:
Purpose
Interest Rates Amount
General Government - Roundabouts and Street
Improvements 4.00% - 5.45% $ 3,555,082
General Government - Refunding 3.65% - 5.30% 3,930,000
General Government - Avon Metropolitan District 8.00% - 8.30% 3,935,000
$11,420,082
Annual debt service requirements to maturity for general obligation bonds and supplemental
"B" interest registered certificates outstanding at December 31, 1999, are as follows:
Year Ending
December 31
2000
2001
2002
2003
2004
Thereafter
Less: Interest to Maturity
Less: Original Issue Discount
Total General Obligation Bonds and
Supplemental "B" Interest Registered Certificates
Amount
$ 1,309,620
1,315,578
1,312,730
1,291,765
1,287,400
10,715,535
17,232,628
( 5,797,628)
( 14,918)
$ 11,420,082
Revenue Bonds. The Town has issued bonds whereby the bonds are payable solely from and
secured by an irrevocable first lien on the Town's sales tax revenues. These revenue bonds
have been issued to refund previously issued revenue bonds that were used for construction
of a recreation center and for acquisition of land for a public works and transportation
facility. Revenue bonds outstanding at December 31, 1999, are as follows:
Purpose
General Government - Refunding
Interest Rates Amount
3.25% - 4.55% $5210 00
024
Annual debt service requirements to maturity for revenue bonds outstanding at December
31, 1999, are as follows:
Year Ending
December 31 Amount
2000 $ 489,890
2001 485,540
2002 490,720
2003 480,120
2004 479,205
Thereafter 4,728,770
7,154,245
Less: Interest to Maturity 1 9? 44,245)
Total Revenue Bonds $ 5,210,000
Certificates of Participation. In 1998, the Town of Avon Finance Authority issued
Certificates of Participation in order to finance the cost of constructing a fleet maintenance
facility. The Certificates evidence assignments of proportionate interest in rights to receive
payments pursuant to an annually terminable Lease Purchase and Sublease Agreement,
dated as of July 1, 1998, and entered into between the Authority as lessor, and the Town of
Avon as lessee. In 1999, the fleet maintenance facility was completed and the proceeds
from the Certificates that were used directly in the construction of the fleet maintenance
facility in the amount of $5,141,250 (approximately 75%) were capitalized in the Fleet
Maintenance Fund and are reported as Capital Leases Payable.
Certificates of Participation outstanding at December 31, 1999, are as follows:
Purpose Interest Rates
General Government - Fleet Maintenance Facility 3.90% - 4.90%
Amount
$ 6,855,000
Annual debt service requirements to maturity for Certificates of Participation outstanding at
December 31, 1999, are as follows:
Year Ending
?eeeTnbeI-31--
2000
2001
2002
2003
2004
Thereafter
--Amount-
Less: Interest to Maturity
$ 563,570
558,730
553,563
562,938
556,327
7,849,613
10,644,741
(3,789,741
Total Certificates of Participation $ 6,855„000
75
TOWN OF AVON, COLORADO
NOTES TO THE COMBINED FINANCIAL STATEMENTS
DECEMBER 31,1999
Special Assessment Debt. In 1990, the Town formed the Wildridge Local Improvement
District in order to issue $1,085,000 in special assessment bonds to be used to finance the
cost of natural gas and cable television utility lines to certain areas within the district. In
1991 the bonds were refunded with similar bonds carrying a lower interest rate. The bonds
are payable solely from monies collected by the Town from special assessments levied
against the assessable land in the District. The Eagle County Treasurer collects assessments
from those land owners who elect to pay in installments. The assessments constitute a
perpetual lien in the amounts assessed against the real property described in the assessment
ordinance.
Below is the annual bond redemption schedule based upon the underwriter's estimate of
assessment receipts and moneys to be paid annually by the Town.
Year Ending Amount
December 31
2000 $ 87,656
2001 94,600
2002 87,425
2003 80,250
2004 33,075
Thereafter -
383,006
Less: Interest to Maturity (83,006)
Total Special Assessment Bonds $ 300,000
Capital Lease Obligations. The following leases are renewable on an annual basis, at the
option of the Town, for consecutive one year periods. Upon final payment, title to the
leased assets will pass to the Town
Lease obligation for a people mover and 800 MHz radio equipment due in annual
installments of $97,760 through May, 2002, reducing to annual installments of
$17,299 through May 2004. Amortization is based on interest of 4.95%. The
Town may terminate the lease by paying the applicable purchase option price on
any scheduled payment. Balance at December 31, 1999 is $294,320.
Lease obligation for vehicles and equipment due in quarterly installments of
$47,807.18 through January 30, 2001, reducing to quarterly installments of
$35,431.98 through January 30, 2005. Amortization is based on interest of
5.284%. The Town may terminate the lease by paying the applicable purchase
option price on any scheduled payment. Balance at December 31, 1999 is
$705,664.
Lease obligation for public art due in annual installments of $76,000, plus
interest at 7.42% through February 1, 2001. Balance at December 31, 1999 is
$152,000.
26
Annual debt service requirements to maturity for Capital Lease Obligations outstanding at
December 31, 1999, are as follows:
Year Ending
December 31 Amount
2000 $ 364,989
2001 327,863
2002 239,488
2003 159,027
2004 159,027
Thereafter 35,432
1,285,826
Less: Interest to Maturity 1( 33,842)
Total Capital Lease Obligations $ 1,151,984
Advance Refunding. On February 26, 1999, the Town issued $5,580,000 in Series 1999
Revenue Refunding Bonds to advance refund $3,330,000 of outstanding Series 1994 Sales
Tax Revenue Bonds with an net effective interest rate of 6.75%, and $1,490,000 of
outstanding Series 1994B Sales Tax Revenue Bonds with a net effective interest rate of
6.68%. The net proceeds of $5,388,461 (after payment of $189,203 for underwriting fees,
issuance costs, insurance premiums, and surety bond premiums, and excess proceeds of
2,336) were used to purchase U.S. Government securities. Those securities were deposited
into an irrevocable trust with an escrow agent to provide for all future debt service payments
on the refunded debt. As a result, the refunded bonds as described above are considered to
be defeased and the liability has been removed from the General Long-term Account Group.
The advance refunding was accomplished to lower the effective interest rate and resulted in
an economic gain of $218,095 (difference between the present value of the old and new debt
service payments), and a decrease of $290,999 in total future debt service payments over the
next 15 years.
Changes in Long-term Liabilities. During the year ended December 31, 1999, the following
changes occurred in liabilities reported in the General Long-term Debt Account Group.
Balance Balance
January 1, December 31,
1999 Additions Deletions 1999
Compensated Absences Payable $ 231,768 $ 23,235 $ - $ 255,003
General Obligation Bonds Payable 11,997,136 - 577,054 11,420,082
Special Assessment Debt 355,000 - 55,000 300,000
Revenue Bonds Payable 4,820,000 5,580,000 5,210,000 5,190,000
Certificates of Participation 7,085,000 - 230,000 6,855,000
Capitalized Lease Obligations Payable 811,321 333,320 244,335 900,306
Total General Long-term Debt $25,300,225 $ 5,936,555 $ 6,316,389 $24,920,391
27
TOWN OF AVON, COLORADO
NOTES TO THE COMBINED FINANCIAL STATEMENTS
DECEMBER 31,1999
Conduit Debt Obligations. The Town has issued Revenue Bonds in prior years to provide
financial assistance to private-sector entities for the acquisition and construction of industrial
and commercial facilities deemed to be in the public interest. Neither the Town, the State of
Colorado, nor any political subdivision thereof is obligated in any manner for repayment of
the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying
general purpose financial statements.
As of December 31, 1999, there was $20,705,000 outstanding in Series 1997A Eaglebend
Affordable Housing Corporation Revenue Refunding Bonds, and $1,570,000 outstanding in
Series 1997 B&C Subordinate Eaglebend Affordable Housing Corporation Revenue
Refunding Bonds.
Defeased Debt. In addition to the outstanding debt discussed above, other bonds previously
issued by the Town and the Avon Metropolitan District (AMD) have been defeased (debt
legally satisfied) by the issuance of refunding bonds. The detail of defeased bonds
outstanding at December 31, 1999, is as follows:
Series 1980 AMD General Obligation Bonds $ 425,000
Series 1983, AMD General Obligation Refunding Bonds 1,880,000
Series 1994, Town of Avon Sales Tax Revenue Bonds 3,190,000
Series 1994B, Town of Avon Sales Tax Revenues Bonds 1,430,000
Note 7. Contributed Capital
The changes in the Town's contributed capital accounts for its proprietary funds for the year
ended December 31, 1999 are as follows:
Classification
Beginning Balance, Contributed Capital
Contributing Sources (Uses):
Transfer to Retained Earnings to
Close-out Fund
Transfer of Fixed Assets to Equipment
Replacement Fund
Transfer of Fixed Assets from Transit
Fund
Transfer of Fixed Assets from General
Fixed Assets Account Group
Transfer of Depreciation
Ending Balance, Contributed Capital
Fleet Equipment
Maintenance Replacement
Water Transit Internal Internal
Enterprise Enterprise Service Service
Fund Fund Fund Fund
$ 10,543,433 $ 612,099 $ 19,683
(10,543,433) -
(10,285)
1,310,061
$ - $ 601,814
$ 1,329,744
10,285
2,580,954
316 811)
$ 2,274,428
28
A summary of the components of contributed capital is provided below:
Classification
Transit Fund
General Fixed Assets
Total Contributed Capital
Water Transit
Enterprise Enterprise
Fund Fund
601,814
$ - $ 601,814
Note 8. Employee Retirement Plans
Fleet Equipment
Maintenance Replacement
Internal Internal
Service Service
Fund Fund
$ - $ 10,285
1,329,744 2,264,143
$ 1,329,744 $ 2,274,428
Full-time Employees. The Town maintains three single-employer, defined contribution
pension plans for full-time employees: (1) the Town of Avon Police Officers Money
Purchase Pension Plan, (2) the Town of Avon Firefighter Money Purchase Pension Plan, and
(3) the Town of Avon General Employee Money Purchase Pension Plan. These plans are
administered by Norwest Investment Management and Trust.
A defined contribution pension plan has terms that specify how contributions to an
individual's account are to be determined rather than the amount of pension benefits the
individual is to receive. In a defined contribution plan, the pension benefits a participant
will receive depend only on the amount contributed to the participant's account, earnings on
investments of those contributions, and forfeitures of other participant's benefits that may be
allocated to the participant's account.
All full-time employees are required to participate in one of the above retirement plans upon
employment with the Town. The type of plan that an employee participates in is dependent
on the type of employee (police officer, fire fighter, or general government employee).
Town ordinance provides that both the employee and the Town will contribute an amount
equal to 11 % of the employee's base salary each month.
Employees hired prior to September 30, 1990, become vested in accordance with a vesting
schedule which is dependent on the type of employee and hire date. All employees hired
after September 30, 1990, start partial vesting after two years of service and are fully vested
after five years of service. In addition, if an employee reaches normal retirement age, dies,
or becomes totally and permanently disabled his account becomes fully vested regardless of
length of service. Forfeitures by employees who leave employment before being fully
vested are applied, first, to offset administrative expenses of the plans, and second, to reduce
matching employer contributions.
During the year there were no differences between contribution requirements and
contributions actually made by plan participants or the Town. Contributions made by plan
29
TOWN OF AVON, COLORADO
NOTES TO THE COMBINED FINANCIAL STATEMENTS
DECEMBER 31, 1999
members and the Town for the three years ended December 31, 1999, 1998 and 1997, are as
follows:
1999 1998 1997
Employees $446,667 $3982706 $3632966
Town $446,667 $398,706 $363,966
Both the Town and the covered employees each made the required 11 % contributions to the
plans. There are no liabilities for benefits beyond the Town's matching payments. No
changes in the various plan's provisions occurred in 1999.
Part-time, Temporary and Seasonal Employees. On October 14, 1997, the Town adopted a
PTS Retirement Plan administered by the ICMA Retirement Corporation, and established
under Section 457 of the Internal Revenue Code that pertains to deferred compensation
plans. The PTS plan is designed specifically for employees who are part-time, temporary, or
seasonal, and is defined as a Social Security replacement retirement plan. The PTS plan
allows participants to defer federal and state income taxes on savings until retirement. The
PTS plan requires a minimum contribution of 7.5% of an employee's salary per plan year.
This 7.5% may be the employee's contribution, the employer's contribution or a
combination of both. The Town elected to have 3.75% contributed by the employee and
3.75% matched by the Town.
Upon separation of service, participants may withdraw the account balance in a lump-sum
payment, roll the account balance over into another 457 plan, or continue to allow the
account balance earn interest tax free. Taxes are paid when funds are withdrawn from the
plan.
Contributions actually made by plan members and the Town for the three years ended
December 31, 1999, 1998, and 1997, are as follows:
1999 1998 1997
Employees $82,614 $74,248 $12,861
Town $82,614 $74,248 $12,861
Both the Town and the covered employees each made the required 3.75% contributions to
the plan. There are no liabilities for benefits beyond the Town's matching payments.
Note 9. Transfers
Operating Transfers In/Out to Other Funds consists of the following:
30
Transfers
Fund Transfers In Out
General Fund $ 130,000 $ 1,888,261
Mall Maintenance Fund 41,628 -
Fire Operations Fund 344,216 -
Employee Housing Fund 22,156 -
Debt Service Fund 505,434 250,836
Wildridge Special Assessment Fund 16,191 -
Avon Metropolitan District Debt Service Fund - 130,000
Town of Avon Finance Authority 535,540 -
Capital Projects Fund 250,836 16,191
Transit Enterprise Fund 439,287 -
Total $ 2,285,288 $ 2,285,288
Note 10. Commitments and Contingencies
Litigation. The Town is a defendant in various lawsuits. Although the outcome of these
lawsuits is not presently determinable, in the opinion of Town management and its legal
counsel the resolution of these matter will not have a material adverse effect on the financial
condition of the Town.
Fire Protection Services. The Town provides fire protection services to Arrowhead
Metropolitan District, Beaver Creek Metropolitan District, Berry Creek Metropolitan
District, Edwards Metropolitan District, Eagle-Vail Metropolitan District, Belly Ache Ridge
Metropolitan District, Squaw Creek Metropolitan District, Cordillera Metropolitan District,
Travis Creek Subdivision, Bear Gulch Subdivision, Delia Subdivision and Pilgrim Downs
Subdivision (participants). Under the terms of the agreements, the Town is reimbursed by
the participants for their share of the Fire Department's actual operating cost and an agreed
upon administrative fee.
On May 2, 2000, voters passed a ballot issue approving the formation of the Eagle River
Fire Consolidation District effective January 1, 2001. The District's boundaries will
encompass the Town of Avon as well as most of the districts previously served by the
Town.
Cost Recovery Agreement - Mountain Star. Prior to 1996, the Avon Metropolitan District
entered into an agreement with Mountain Star, LLC to refund the cost of lines contributed to
the District in an amount not to exceed $450,000. The Town of Avon assumed the District's
obligation for the cost recovery agreement with Mountain Star effective January 1, 1996.
The "cost recovery" amounts are generated from tap fees for taps made to the contributed
lines. The cost recovery agreement provides for payment to Mountain Star of 50 percent of
all tap fees received from any connection to the Town's water system as a result of a
building constructed on Mountain Star's property. If the Town reduces the tap fee below
31
TOWN OF AVON, COLORADO
NOTES TO THE COMBINED FINANCIAL STATEMENTS
DECEMBER 31,1999
current levels, the 50 percent shall be increased in the same proportion as the amount of the
reduction in the tap fee. The Town's obligation pursuant to the agreement is to continue
until the earlier of December 31, 2003, or the date that the aggregate payments equal
$450,000.
During 1999, the Town collected $29,610 of tap fees related to the Mountain Star
agreement, and reimbursed Mountain Star $14,805 (50%). As of December 31, 1999, the
cost recovery obligation remaining was $295,052.
Cost Recovery Agreement - Riverview. On August 26, 1996, the Town entered into a cost
recovery agreement with Riverview Park Associates, Inc., whereby the Town agreed to pay
to Riverview fifty percent (50%) of all tap fees received from any connection to the Town's
water system due to development on Lot 1 & 2, Eaglewood Subdivision up to the certified
construction cost amount of $181,704.
During 1999, the Town collected $ 24,000 of tap fees related to the Riverview agreement,
and reimbursed Riverview $12,000 (50%).. As of December 31, 1999, the cost recovery
obligation remaining was $69,104.
Tax, Spending and Debt Limitations. Article X, Section 20 of the Colorado Constitution,
commonly known as the Taxpayer's Bill of Rights (TABOR) contains tax, spending,
revenue and debt limitations which apply to the State of Colorado and all local governments.
Spending and revenue limits are determined based on the prior year's Fiscal Year Spending
adjusted for allowable increases based upon inflation and local growth. Fiscal Year
Spending is generally defined as expenditures plus reserve increases with certain exceptions.
Revenue in excess of the Fiscal Year Spending limit must be refunded unless the voters
approve retention of such revenue.
Enterprises, defined as government-owned business authorized to issue revenue bonds and
receiving less than 10 percent of annual revenue in grants from all state and local
governments combined, are excluded from the provisions of TABOR. TABOR also
requires local governments to establish Emergency Reserves. These reserves must be at
least 3% of Fiscal Year Spending (excluding bonded debt service). Local governments are
not allowed to use the emergency reserves to compensate for economic conditions, revenue
shortfalls, or salary or benefit increases. These emergency reserve provisions are not
considered applicable to the Town as the voters within the Town essentially removed any
limitations contained in TABOR as described in the following paragraphs.
In November 1997, voters within the Town passed a ballot issue which permanently
authorizes the Town, without an election, to take action on all spending and revenue raising
measures which are limited by TABOR. In addition, voters authorized the Town to keep
and spend all revenue collected by the Town regardless of any limitation contained in
TABOR. The only exceptions are proposed sales or use tax rate increases and property tax
rate increases which must be submitted to the voters, unless otherwise allowed by law.
32
The Town's management believes it is in compliance with the provisions of TABOR.
However, TABOR is complex and subject to interpretation. Many of the provisions,
including the interpretation of how to calculate Fiscal Year Spending limits will require
judicial interpretation.
Note 11. Risk Management
The Town is exposed to various risks of loss related to torts; thefts of, damage to, and
destruction of assets; errors or omissions; injuries to employees; and natural disasters.
The Town is a member of the Colorado Intergovernmental Risk Sharing Agency (CIRSA).
CH6A is a joint self insurance pool created by intergovernmental agreement of 158
municipalities to provide property, general and automobile liability and public officials
coverage to its members. CIRSA is governed by a seven member Board elected by and
from its members.
Coverage is provided through pooling of self-insured losses and the purchase of excess
insurance coverage. CIRSA has a legal obligation for claims against its members to the
extent that funds are available in its annually established loss fund and that amounts are
available from insurance providers under excess specific and aggregate insurance contracts.
Losses incurred in excess of loss funds and amounts recoverable from excess insurance are
direct liabilities of the participating members. CIRSA has indicated that the amount of any
excess losses would be billed to members in proportion to their contributions in the year
such excess occurs, although it is not legally required to do so. The Town's annual
contribution to CIRSA amounted to $239,304 for 1999. The Town has not been informed of
any excess losses that may have been incurred by the pool.
The Town continues to carry commercial insurance coverage for other risks of loss
including workers compensation and employee group health and life insurance. Settled
claims have not exceeded this commercial coverage in any of the past three fiscal years.
Note 12. Upper Eagle Regional Water Authority
The Town is a participant in the Upper Eagle Regional Water Authority. The Authority was
formed pursuant to an establishing contract on September 18, 1984, by the following
municipal and quasi-municipal corporations (Members) located in Eagle County, Colorado.
Arrowhead Metropolitan District
Beaver Creek Metropolitan District
Berry Creek Metropolitan District
Eagle-Vail Metropolitan District
33
TOWN OF AVON, COLORADO
NOTES TO THE COMBINED FINANCIAL STATEMENTS
DECEMBER 31,1999
Edwards Metropolitan District
Town of Avon
The Authority also provides water services to the Cordillera and Bachelor Gulch
developments through contracts with Members.
The Authority was formed to make the best practicable use of the member's joint resources
in supplying water to the members and to further develop water resources and facilities in
Eagle County. The Authority may not be terminated so long as bonds, notes or other
obligations are outstanding, unless provision for full payment of such obligations has been
made. At December 31, 1999, the Authority had debt with maturities through the year 2028.
The Town has a service contract with the Authority whereby the Authority provides and
bills residents of the Town with water at a rate which is expected to cover its costs in
providing water services and other functions. Such costs specifically include debt service
requirements, depreciation, and operations and maintenance, including maintenance of the
Town's water distribution system. As part of the agreement, the Town subleased its water
rights, associated easements and improvements to the Authority at no cost. In consideration,
the Authority has agreed to maintain the associated improvements and to administer and
protect the Town's plan for augmentation and water decrees at no cost.
During 1999, the Authority collected $106,947 in water surcharges for the Town.
On April 13, 1999, the Town retroactively approved an Amended and Restated Master
Service Contract. In addition to the provisions described above, the Contract stipulates that:
• The members convey their individual water systems to the Authority;
• All customers of the Members become customers of the Authority;
• Tap fees and water surcharges will remain revenues of the individual Members;
• Maintenance of the existing individual water systems becomes the responsibility
of the Authority;
• Construction of new lines or the extension of existing lines remains the
responsibility of the individual Districts;
• The members retain ownership of water rights and an interest in assets, including
rights to capacity in the system to the extent necessary to assure service to their
service areas and retain individual enterprise status.
Accordingly, effective January 1, 1999, the Town transferred certain water system property,
plant and equipment assets amounting to $7,233,228 to the Authority. The remaining fixed
assets pertaining to water rights, water storage and equipment amounting to $1,867,952 were
transferred to the General Fixed Asset Account Group. A residual equity transfer of
$1,445,840 representing the remaining net current assets of the Water Enterprise Fund was
made to a special revenue fund.
34
Note 13. Major Taxpayers
For the year ended December 31, 1999, approximately 47% of the Town's sales tax
revenues were received from two companies.
35
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36
GENERAL FUND
The general fund is used to account for resources traditionally associated with
government which are not required legally or by sound financial management to be
accounted for in another fund.
TOWN OF AVON, COLORADO
GENERAL FUND
COMPARATIVE BALANCE SHEETS
DECEMBER 31,1999 AND 1998
A-1
ASSETS
Cash and Cash Equivalents
Investments
Receivables, (Net of Allowances for Doubtful Accounts):
Interest
Taxes:
Property
Sales and Other
Accounts
Intergovernmental
Due From Other Funds
Inventory
Prepaid Items
Notes Receivable
Deposits
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
1999 1998
$ 3,707,815 $ 3,490,073
500,000 1,256,445
8,606 10,750
1,298,616 1,119,418
643,842 620,080
146,140 160,833
63,384 58,024
250,000 150,000
- 19,373
- 20,125
89,655 176,636
12,611 54,830
$ 6,720,669 $ 7,136,587
Accounts Payable $ 96,218 $ 107,296
Accrued Liabilities 158,927 117,852
Deposits and Reserves 227,325 101,191
Deferred Taxes 1,298,616 1,119,418
Deferred Revenues 89,655 282,884
Total Liabilities 1,870,741 1,728,641
Fund Balances:
Reserved for Inventories and Prepaid Items - 39,498
Unreserved:
Designated for Subsequent Year's Expenditures 274,418 697,845
Unreserved, Undesignated 4,575,510 4,670,603
Total Fund Balances 4,849,928 5,407,946
Total Liabilities and Fund Balances $ 6,720,669 $ 7,136,587
37
TOWN OF AVON, COLORADO
GENERAL FUND A-2
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEARS ENDED DECEMBER 31,1999 AND 1998
1999
Revenues
Taxes:
Sales
Other Local
Licenses and Permits
Intergovernmental
Charges for Services
Fines and Forfeitures
Investment Earnings
Miscellaneous
Total Revenues
Expenditures
Current:
General Government
Community Development
Public Safety
Public Works
Recreation and Culture
Total Expenditures
Excess of Revenues Over Expenditures
Other Financing Sources (Uses)
Operating Transfers In:
Avon Metro District Debt Service Fund
Operating Transfers Out:
Mall Maintenance Fund
Fire Operations Fund
Employee Housing Fund
Debt Service Fund
Town of Avon Finance Authority
Capital Projects Fund
Transit Enterprise Fund
Capital Lease Proceeds
Disposal of Fixed Assets
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues and Other Sources
Over (Under) Expenditures and Other Uses
Fund Balances, Beginning of Year
Fund Balances, End of year
$ 1,335,868
4,538,299
271,135
278,903
565,439
1,239,202
51,252
375,060
385,084
9,040,242
1,885,652
588,081
1,254,680
2,058,317
2,053,269
7,839,999
1,200,243
1998
$ 1,224,102
4,373,880
261,232
312,278
599,815
1,283,954
51,376
444,423
367,019
8,918,079
1,721,277
460,628
1,024,811
2,422,355
1,776,425
7,405,496
1,512,583
130,000
(41,628)
(344,216)
(22,156)
(505,434)
(535,540)
(439,287)
(1,758,261)
(558,018)
5,407,946
$ 4,849,928
(31,558)
(303,334)
(695,352)
(559,507)
(519,427)
428,674
36,200
(1,644,304)
(131,721)
5,539,667
$ 5,407,946
38
TOWN OF AVON, COLORADO
GENERAL FUND A-3
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31,1999
(With Comparative Actual Amounts for the Year Ended December 31, 1998)
Revenues
Taxes:
Sales
Other Local
Licenses and Permits
Intergovernmental
Charges for Services
Fines and Forfeitures
Investment Earnings
Miscellaneous
Total Revenues
Expenditures
Current:
General Government
Community Development
Public Safety
Public Works
Recreation and Culture
Total Expenditures
Excess of Revenues over Expenditures
Other Financing Sources (Uses)
Operating Transfers In:
Avon Metro District Debt Service Fund
Operating Transfers Out:
Mall Maintenance Fund
Fire Operations Fund
Employee Housing Fund
Debt Service Fund
Town of Avon Finance Authority
Capital Projects Fund
Transit Enterprise Fund
Capital Lease Proceeds
Disposal of Fixed Assets
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
Expenditures and Other Uses
Fund Balances, Beginning of Year
Fund Balances, End of year
1999
Variance -
Amended Favorable 1998
Budget Actual (Unfavorable) Actual
$ 1,264,418 $ 1,335,868 $ 71,450 $ 1,224,102
4,592,574 4,538,299 (54,275) 4,373,880
239,000 271,135 32,135 261,232
277,810 278,903 1,093 312,278
587,886 565,439 (22,447) 599,815
1,381,846 1,239,202 (142,644) 1,283,954
55,125 51,252 (3,873) 51,376
375,000 375,060 60 444,423
513,670 385,084 (128,586) 367,019
9,287,329 9,040,242 (247,087) 8,918,079
1,994,543 1,885,652 108,891 1,721,277
624,954 588,081 36,873 460,628
1,264,317 1,254,680 9,637 1,024,811
2,408,831 2,058,317 350,514 2,422,355
2,238,203 2,053,269 184,934 1,776,425
8,530,848 7,839,999 690,849 7,405,496
756,481 1,200,243 443,762 1,512,583
130,000 130,000
(41,628) (41,628)
(344,216) (344,216)
(22,156) (22,156)
(505,434) (505,434)
(535,540) (535,540)
(439,287) (439,287)
25,000 -
(31,558)
(303,334)
(695,352)
(559,507)
(519,427)
428,674
(25,000) 36,200
(1,733,261) (1,758,261) (25,000) - (1,644,304)
(976,780) (558,018) 418,762 (131,721)
5,407,946 5,407,946 -
$ 4,431,166 $ 4,849,928 $ 418,762
5,539,667
$ 5,407,946
39
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40
SPECIAL REVENUE FUNDS
Special revenue funds are used to account for specific revenues that are legally
restricted to expenditure for particular purposes.
Mall Maintenance Fund This fund is used to account for revenues collected from
various public and private sources that are specifically restricted to the maintenance
of the Town Mall.
Fire Operations Fund - This fund is used to account for the operations of the
Town's fire department. The fire department also provides fire protection services
with other local governments within Eagle County through various intergovernmental
agreements.
Employee Housing Fund - This fund is used to account for the operations of the
Town's employee housing program. The Town master leases and subsidizes the cost
of a number of two and three-bedroom apartment units for the purpose of providing
available housing for its employees.
Water Fund - This fund is used to account for the cost of maintaining certain water-
related assets and for the receipt of water surcharges and tap fees within the Town
limits.
TOWN OF AVON, COLORADO
mmwmmmwww?
SPECIAL REVENUE FUNDS B-1
COMBINING BALANCE SHEET
DECEMBER 31,1999
(With Comparable Totals for December 31, 1998)
Mall Fire Employee
Maintenance Operations Housing Water Total
Fund Fund Fund Fund 1999 1998
ASSE
Cash and Cash Equivalents $ 11,037 $ 211,428 $ 6,747 $ 1,728,404 $ 1,957,616 $ 126,244
Receivables
26
451
3,127
-
-
29,578
26,348
- Accounts ,
-
-
-
8,826
8,826
-
- Intergovernmental
- 5,440 - 5,440
Deposits
Total Assets $ 37,488 $ 214,555 $ 12,187 $ 1,737,230 $ 2,001,460 $ 152,592
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $
309 $
139,311 $
$ 461
$ 140,081 $
71,597
Accrued Liabilities 1,388 36,472 - 731 38,591 35,405
- - 7,288 - 7,288
Deposits
697
1 175,783 7,288 1,192 185,960 107,002
Total Liabilities ,
Fund Balances:
-
158
14
Designated for Subsequent Year's Expenditures 14,158 - ,
nated
Undesi
ed
U 21,633 38,772 4,899 1,736,038 1,801,342 45,590
g
,
nreserv
791
35 38,772 4,899 1,736,038 1,815,500 45,590
Total Fund Balances ,
Total Liabilities and Fund Balances $ 37,488 $ 214,555 $ 12,187 $ 1,737,230 $ 2,001,460 $ 152,592
41
THIS PAGE INTENTIONALLY LEFT BLANK
42
TOWN OF AVON, COLORADO
SPECIAL REVENUE FUNDS B-2
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED DECEMBER 31,1999
(With Comparative Totals for December 31, 1998)
Mall Fire Employee
Maintenance Operations Housing Water Total
Fund Fund Fund Fund 1999 1998
Revenues
Intergovernmental $ - $ 1,416,943 $ - $ - $ 1,416,943 $ 1,282,190
Charges for Services - - 303,039 303,039 -
Investment Earnings - 68,677 68,677 -
Miscellaneous 36,511 25,424 8,116 1,025 71,076 2,246
Total Revenues 36,511 1,442,367 8,116 372,741 $ 1,859,735 1,284,436
Expenditures
Current:
General Government - 25,373 25,373
Public Safety - 1,990,477 - - 1,990,477 1,729,030
Public Works 58,887 - - 82,543 141,430 45,406
Total Expenditures 58,887 1,990,477 25,373 82,543 2,157,280 1,774,436
Excess (Deficiency) of Revenues
Over (Under) Expenditures (22,376) (548,110) (17,257) 290,198 (297,545) (490,000)
Other Financing Sources (Uses)
Operating Transfers In:
General Fund 41,628 344,216 22,156 408,000 334,892
Capital Lease Proceeds - 213,615 - 213,615 200,698
Total Other Financing Sources (Uses) 41,628 557,831 22,156 621,615 535,590
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
Expenditures and Other Uses 19,252 9,721 4,899 290,198 324,070 45,590
Fund Balances, Beginning of Year 16,539 29,051 - - 45,590 -
Residual Equity Transfer In - - - 1,445,840 1,445,840 -
Fund Balances, End of year $ 35,791 $ 38,772 $ 4,899 $ 1,736,038 $ 1,815,500 $ 45,590
43
TOWN OF AVON, COLORADO
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31,1999
Mall Maintenance Fund Fire Operations Fund
Variance - Variance -
Amended Favorable Amended Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Revenues
Intergovernmental $ - $ - $ - $ 1,492,322 $ 1,416,943 $ (75,379)
Charges for Services - - - - -
Investment Earnings - - -
Miscellaneous 34,581 36,511 1,930 25,424 25,424
Total Revenues 34,581 36,511 1,930 1,492,322 1,442,367 (49,955)
Expenditures
Current:
General Government - - - - - -
Public Safety - - - 2,095,750 1,990,477 105,273
Public Works 77,701 58,887 18,814 - -
Total Expenditures 77,701 58,887 18,814 2,095,750 1,990,477 105,273
Excess (Deficiency) of Revenues
Over (Under) Expenditures (43,120) (22,376) 20,744 (603,428) (548,110) 55,318
Other Financing Sources (Uses)
Operating Transfers In:
General Fund 41,628 41,628 - 344,216 344,216 -
Capital Lease Proceeds - - 259,212 213,615 (45,597)
Total Other Financing Sources (Uses) 41,628 41,628 - 603,428 557,831 (45,597)
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
Expenditures and Other Uses (1,492) 19,252 20,744 - 9,721 9,721
Fund Balances, Beginning of Year 16,539 16,539 - 29,051 29,051 -
Residual Equity Transfer In - - - - -
Fund Balances, End of year $ 15,047 $ 35,791 $ 20,744 $ 29,051 $ 38,772 $ 9,721
44
B-3
Employee Housing Fund Water Fund Totals
Variance - Variance - Variance -
Amended Favorable Amended Favorable Amended Favorable
et
Bud Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
g
$ $ $ _ $ _ $ _ $ - $ 1,492,322 $ 1,416,943 $ (75,379)
_ 363,350 303,039 (60,311) 363,350 303,039 (60,311)
_ - 50,000 68,677 18,677 50,000 68,677 18,677
560
16 116
8 (8,444) 4,500 1,025 (3,475) 55,641 71,076 15,435
, ,
560
16 116
8 444)
(8 417,850 372,741 (45,109) 1,961,313 1,859,735 (101,578)
, , ,
38,716 25,373 13,343 - - - 38,716 25,373 13,343
- _ _ - - 2,095,750 1,990,477 105,273
- _ - 151,486 82,543 68,943 229,187 141,430 87,757
716
38 373
25 13,343 151,486 82,543 68,943 2,363,653 2,157,280 206,373
, ,
156)
(22 257)
(17 4,899 266,364 290,198 23,834 (402,340) (297,545) 104,795
, ,
22,156 22,156 - - - - 408,000 408,000 -
_ 259,212 213,615 (45,597)
156
22 156
22 - - - - 667,212 621,615 (45,597)
, ,
- 4,899 4,899 266,364 290,198 23,834 264,872 324,070 59,198
- - _ - - 45,590 45,590 -
- 1,445,840 1,445,840 1,445,840 1,445,840 -
$ 4,899 $ 4,899 $ 1,712,204 $ 1,736,038 $ 23,834 $ 1,756,302 $ 1,815,500 $ 59,198
45
TOWN OF AVON, COLORADO
MALL MAINTENANCE FUND B4
COMPARATIVE BALANCE SHEETS
DECEMBER 31,1999 AND 1998
ASSETS
Cash and Cash Equivalents
Receivables
- Accounts
Total Assets
1999 1998
$ 11,037
19,203
$ 19,347
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Accrued Liabilities
Total Liabilities
26,451
$ 37,488
$ 144
$ 309
1,388
1,697
$ 1,357
1,451
2,808
Fund Balances:
Designated for Subsequent Year's Expenditures
Unreserved, Undesignated
Total Fund Balances
Total Liabilities and Fund Balances
14,158
21,633
35,791
$ 37,488
16,539
16,539
$ 19,347
46
TOWN OF AVON, COLORADO
MALL MAINTENANCE FUND B-5
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEARS ENDED DECEMBER 31,1999 AND 1998
Revenues
Miscellaneous
Total Revenues
1999
$ 36,511
36,511
1998
$ 30,387
30,387
Expenditures
Current:
Public Works
Total Expenditures
Excess (Deficit) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Operating Transfers In:
General Fund
Excess of Revenues and Other Sources
Over Expenditures and Other Uses
Fund Balances, Beginning of Year
Fund Balances, End of year
58,887
58,887
(22,376)
41,628
19,252
16,539
$ 35,791
45,406
45,406
(15,019)
31,558
16,539
$ 16,539
47
TOWN OF AVON, COLORADO
MALL MAINTENANCE FUND B-6
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31,1999
(With Comparative Actual Amounts for the Year Ended December 31, 1998)
Revenues
Miscellaneous
Total Revenues
Expenditures
Current:
Public Works
Total Expenditures
Excess (Deficit) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Operating Transfers In:
General Fund
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
Expenditures and Other Uses
Fund Balances, Beginning of Year
Fund Balances, End of year
1999
Variance -
Amended Favorable 1998
Budget Actual (Unfavorable) Actual
$ 34,581 $ 36,511 $
$ 30,387
34,581 36,511 1,930 30,387
77,701 58,887 18,814 45,406
77,701 58,887 18,814 45,406
(43,120) (22,376)
41,628 41,628
20,744
(1,492) 19,252 20,744
(15,019)
31,558
16,539
16,539 16,539 - -
$ 15,047 $ 35,791 $ 20,744
1,930
$ 16,539
48
TOWN OF AVON, COLORADO
FIRE OPERATIONS FUND B-7
COMPARATIVE BALANCE SHEETS
DECEMBER 31,1999 AND 1998
ASSETS
Cash and Cash Equivalents
Receivables
- Accounts
Total Assets
1999 1998
$ 211,428
7,145
$ 133,245
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Accrued Liabilities
Total Liabilities
3,127
$ 214,555
$ 126,100
$ 139,311
36,472
175,783
$ 70,240
33,954
104,194
Fund Balances:
Unreserved, Undesignated
Total Fund Balances
Total Liabilities and Fund Balances
38,772
38,772
$ 214,555
29,051
29,051
$ 133,245
49
TOWN OF AVON, COLORADO
FIRE OPERATIONS FUND B-8
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED DECEMBER 31,1999 AND 1998
1999 1998
Revenues
Intergovernmental $ 1,416,943 $ 1,251,803
Miscellaneous 25,424 2,246
Total Revenues 1,442,367 1,254,049
Expenditures
Current:
Public Safety 1,990,477 1,729,030
Total Expenditures 1,990,477 1,729,030
Excess (Deficit) of Revenues
Over (Under) Expenditures (548,110) (474,981)
Other Financing Sources (Uses)
Operating Transfers In:
General Fund 344,216 303,334
Capital Lease Proceeds 213,615 200,698
Total Other Financing Sources (Uses) 557,831 504,032
Excess (Deficiency) of Revenues and Other Sources
Over (Under) Expenditures and Other Uses 9,721 29,051
Fund Balances, Beginning of Year 29,051 -
Fund Balances, End of year $ 38,772 $ 29,051
50
TOWN OF AVON, COLORADO
FIRE OPERATIONS FUND B-9
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31,1999
(With Comparative Actual Amounts for the Year Ended December 31, 1998)
1999
Variance -
Amended Favorable 1998
Budget Actual (Unfavorable) Actual
Revenues
Intergovernmental
$ 1,492,322
$ 1,416,943
$ (75,379)
$ 1,251,803
- 424
25 25,424 2,246
Miscellaneous ,
Total Revenues 1,492,322 1,442,367 (49,955) 1,254,049
Expenditures
Current:
Public Safety 2,095,750 1,990,477 105,273 1,729,030
Total Expenditures 2,095,750 1,990,477 105,273 1,729,030
Excess (Deficit) of Revenues Over (Under) Expenditures (603,428) (548,110) 55,318 (474,981)
Other Financing Sources (Uses)
Operating Transfers In:
General Fund 344,216 344,216 - 303,334
Capital Lease Proceeds 259,212 213,615 (45,597) 200,698
Total Other Financing Sources (Uses) 603,428 557,831 (45,597) 504,032
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
Expenditures and Other Uses
Fund Balance, Beginning of Year
Fund Balance, End of year
9,721 9,721 29,051
29,051 29,051
$ 29,051 - $ _ 38,772 $ 9,721
$ 29,051
cI
TOWN OF AVON, COLORADO
EMPLOYEE HOUSING FUND B-10
BALANCESHEET
DECEMBER 31,1999
1999
ASSETS
Cash and Cash Equivalents $ 6,747
Deposits 5,440
Total Assets $ 12,187
LIABILITIES AND FUND BALANCE
Liabilities:
Deposits $ 7,288
Total Liabilities 7,288
Fund Balance:
Unreserved, Undesignated 4,899
Total Fund Balance 4,899
Total Liabilities and Fund Balance $ 12,187
52
TOWN OF AVON, COLORADO
EMPLOYEE HOUSING FUND
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
B-11
FOR THE YEAR ENDED DECEMBER 31,1999
1999
Revenues
Miscellaneous $ 8,116
Total Revenues 8,116
Expenditures
Current:
General Government 25,373
Total Expenditures 25,373
Excess (Deficit) of Revenues Over (Under) Expenditures (17,257)
Other Financing Sources (Uses)
Operating Transfers In:
General Fund 22,156
Excess of Revenues and Other Sources
Over Expenditures and Other Uses 4,899
Fund Balance, Beginning of Year -
Fund Balance, End of year $ 4,899
53
TOWN OF AVON, COLORADO
EMPLOYEE HOUSING FUND B-12
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31,1999
Revenues
Miscellaneous
Total Revenues
Expenditures
Current:
General Government
Total Expenditures
Excess (Deficit) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Operating Transfers In:
General Fund
Excess of Revenues and Other Sources
Over Expenditures and Other Uses
Fund Balance, Beginning of Year
Fund Balance, End of year
1999
Variance -
Amended Favorable
Budget Actual (Unfavorable)
16,560 $ 8,116 $ (8,444)
16,560 8,116 (8,444)
38,716 25,373 13,343
38,716 25,373 13,343
(22,156) (17,257)
22,156 22,156
4,899
4,899
4,899
$ - $ 4,899 $ 4,899
54
TOWN OF AVON, COLORADO
WATER FUND B-13
BALANCESHEET
DECEMBER 31,1999
1999
ASSETS
Cash and Cash Equivalents $ 1,728,404
Receivables
- Intergovernmental 8,826
Total Assets $ 1,737,230
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts Payable $ 461
Accrued Liabilities 731
Total Liabilities 1,192
Fund Balance:
Unreserved, Undesignated 1,736,038
Total Fund Balance 1,736,038
Total Liabilities and Fund Balance $ 1,737,230
55
TOWN OF AVON, COLORADO
WATER FUND
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31,1999 B-14
1999
Revenues
Charges for Services $ 303,039
Investment Earnings 68,677
Miscellaneous 1,025
Total Revenues 372,741
Expenditures:
Current:
Water Utilities 82,543
Total Expenditures 82,543
Excess of Revenues Over Expenditures 290,198
Fund Balance, Beginning of Year _
Residual Equity Transfer In 1,445,840
Fund Balance, End of year $ 1,736,038
56
TOWN OF AVON, COLORADO
WATER FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31,1999 B-15
1999
Variance-
Amended Favorable
Budget Actual (Unfavorable)
Revenues
350 $
$ 363
303,039
$ (60,311)
,
Charges for Services
000
50 68,677 18,677
,
Investment Earnings
500
4 1,025 (3,475)
,
Miscellaneous
Total Revenues 417,850 372,741 (45,109)
Expenditures:
Current:
Water Utilities 151,486 82,543 68,943
Total Expenditures 151,486 82,543 68,943
Excess of Revenues Over Expenditures 266,364 290,198 23,834
Fund Balance, Beginning of Year -
Residual Equity Transfer In 1,445,840 1,445,840 -
Fund Balance, End of year $ 17712,204 $ 1,736,038 $ 23,834
57
THIS PAGE INTENTIONALLY LEFT BLANK
58
DEBT SERVICE FUNDS
Debt service funds are used for the accumulation of resources and payment of bond
principal and interest from government resources and special assessment bond
principal and interest from special assessment levies when the government is
obligated in some manner for the payment.
Debt Service Fund - This fund is used to account for the accumulation of resources
and payment of principal and interest on the Town's general obligation and sales tax
revenue bonds.
Wildridge Special Assessment Fund - This fund is used to account for payment of
special assessment bond principal and interest from special assessment levies related
to the Local Improvement District 1990-1, Taxable Local Assessment Bonds, Series
1990, and subsequent refundings.
Avon Metropolitan District Debt Service Fund - This fund is used to account for
the accumulation of resources and payment of principal and interest on the District's
general obligation bonds. In 1998 the District was dissolved and remains in existence
only for this purpose. The Town Council of the Town of Avon was appointed to act
as the District Board of Directors for setting mill levies as necessary until the
indebtedness is paid in full.
Town of Avon Finance Authority - This fund is presented as a blended component
unit and is used to account for the payment of principal and interest on Certificates of
Participation from proceeds from the lease of a fleet maintenance facility to the
Town.
TOWN OF AVON, COLORADO
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
DECEMBER 31, 1999
(With Comparable Totals for December 31,1998) C-1
Avon Town of
Wildridge Metropolitan Avon
Special District Finance
Debt Service Assessment Debt Service Authority Total
Fund Fund Fund Fund 1999 1998
ASSETS
Cash and Cash Equivalents $ 147,588 $ 43,578 $ 31,956 $ 568,638 $ 791,760 $ 1,146,062
Receivables
- Interest - - - 2,471 2,471 -
- Taxes 774,104 565,628 - 1,339,732 1,344,130
- Accounts - - - - 235
- Special Assessments 205,282 - 205,282 248,364
Capital Leases Receivable - - - 5,141,250 5,141,250 -
Total Assets $ 921,692 $ 248,860 $ 597,584 $ 5,712,359 $ 7,480,495 $ 2,738,791
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ 87 $ $ 64 $ - $ 151 $ 591
Deferred Taxes 774,104 565,628 - 1,339,732 1,340,700
Deferred Revenue - 205,282 - 5,141,250 5,346,532 247,568
Total Liabilities 774,191 205,282 565,692 5,141,250 6,686,415 1,588,859
Fund Balances:
Reserved for Debt Service 147,501 43,578 31,892 571,109 794,080 1,149,932
Total Fund Balances 147,501 43,578 31,892 571,109 794,080 1,149,932
Total Liabilities and Fund Balances $ 921,692 $ 248,860 $ 597,584 $ 5,712,359 $ 7,480,495 $ 2,738,791
59
THIS PAGE INTENTIONALLY LEFT BLANK
60
TOWN OF AVON, COLORADO
DEBT SERVICE FUNDS C-2
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED DECEMBER 31,1999
(With Comparative Totals for December 31, 1998)
Avon Town of
Wildridge Metropolitan Avon
Special District Finance
Debt Service Assessment Debt Service Authority Total
Fund Fund Fund Fund 1999 1998
Revenues
Property Taxes $ 789,546 $ $ 570,013 $ $ 1,359,559 $ 1,346,129
Special Assessments - 42,186 - 42,186 47,900
Interest on Assessments 26,342 - 26,342 32,501
Investment Earnings 2,163 1,522 35,364 39,049 12,629
Total Revenues 789,546 70,691 571,535 35,364 $ 1,467,136 1,439,159
Expenditures
Debt Service:
Principal 735,000 55,000 215,000 230,000 1,235,000 815,000
Interest 518,014 33,962 338,915 332,540 1,223,431 1,221,927
Fiscal Charges 18,227 2,612 19,222 825 40,886 48,827
Total Expenditures 1,271,241 91,574 573,137 563,365 2,499,317 2,085,754
Excess (Deficiency) of Revenues
Over(Under)Expenditures (481,695) (20,883) (1,602) (528,001) (1,032,181) (646,595)
Other Financing Sources (Uses)
Operating Transfers In:
General Fund 505,434 - 535,540 1,040,974 695,352
Capital Projects Fund - 16,191 - 16,191 580,741
Operating Transfers Out:
General Fund - (130,000) - (130,000) -
Capital Projects Fund (250,836) - (250,836) -
Proceeds of Refunding Bonds 5,580,000 - 5,580,000 -
Refunding Bond Issuance Charges (191,539) - (191,539) -
Payment to Refunded Bond Escrow Agent (5,388,461) - (5,388,461) -
Total Other Financing Sources (Uses) 254,598 16,191 (130,000) 535,540 676,329 1,276,093
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
Expenditures and Other Uses (227,097) (4,692) (131,602) 7,539 (355,852) 629,498
Fund Balances, Beginning of Year 374,598 48,270 163,494 563,570 1,149,932 520,434
Fund Balances, End of year $ 147,501 $ 43,578 $ 31,892 $ 571,109 $ 794,080 $ 1,149,932
61
TOWN OF AVON, COLORADO
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31,1999
Debt Service Fund Wildridge Special Assessment Fund
Variance - Variance -
Amended Favorable Amended Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Revenues
Property Taxes
$ 773,364
$ 789,546
$ 16,182
$ -
$ -
$ -
- - - 35,000 42,186 7,186
Special Assessments 25,000 26,342 1,342
Interest on Assessments 2,000 2,163 163
Investment Earnings
Total Revenues 773,364 789,546 16,182 62,000 70,691 8,691
Expenditures
Debt Service:
Principal
735,000
735,000
65,000
55,000
10,000
Interest 518,015 518,014 1 36,000 33,962 2,038
25
783 18,227 7,556 2,500 2,612 (112)
Fiscal Charges ,
798
278
1 271,241
1 7,557 103,500 91,574 11,926
Total Expenditures ,
, ,
Excess (Deficiency) of Revenues
434)
(505
695)
(481
23,739
(41,500)
(20,883)
20,617
Over (Under) Expenditures , ,
Other Financing Sources (Uses)
Operating Transfers In:
General Fund 505,434 505,434 - - "
Capital Projects Fund 16
,191
16,191
Operating Transfers Out:
General Fund
Capital Projects Fund (250,836) (250,836) "
Proceeds of Refunding Bonds 5,580,000 5,580,000
Refunding Bond Issuance Charges (191,539) (191,539) -
d Bond Escrow Agent
d
f (5,388,461) (5,388,461) - -
un
e
Payment to Re
Total Other Financing Sources (Uses) 254,598 254,598 16,191 16,191 -
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
23,739 (25,309) (4,692) 20,617
Expenditures and Other Uses (250,836) (227,097)
Fund Balances, Beginning of Year 374,598 374,598 - 48,270 48,270 -
Fund Balances, End of year $ 123,762 $ 147,501 $ 23,739 $ 22,961 $ 43,578 $ 20,617
62
G3
Avon Metropolitan District
Debt Service Fund Town of Avon
Finance Authority Fund
Totals
Variance - Variance - Variance -
Favorable Amended Favorable Amended Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 567,336 $ 570,013 $ 2,677 $ $ $ - $ 1,340,700 $ 1,359,559 $ 18,859
- - - 35,000 42,186 7,186
- - 25,000 26,342 1,342
5,800 1,522 (4,278) 28,000 35,364 7,364 35,800 39,049 3,249
573,136 571,535 (1,601) 28,000 35,364 7,364 1,436,500 1,467,136 30,636
215,000 215,000 230,000 230,000 1,245,000 1,235,000 10,000
338,915 338,915 332,540 332,540 1,225,470 1,223,431 2,039
15,623 19,222 (3,599) 1,000 825 175 44,906 40,886 4,020
569,538 573,137 (3,599) 563,540 563,365 175 2,515,376 2,499,317 16,059
3,598 (1,602) (5,200) (535,540) (528,001) 7,539 (1,078,876) (1,032,181) 46,695
- 535,540 535,540 - 1,040,974 1,040,974 -
- - 16,191 16,191
(130,000) (130,000) - (130,000) (130,000) -
(250,836) (250,836) -
5,580,000 5,580,000
(191,539) 191,539
(5,388,461) (5,388,461)
(130,000) (130,000) 535,540 535,540 676,329 676,329 383,078
(126,402) (131,602) (5,200) - 7,539 7,539 (402,547) (355,852) 429,773
163,494 163,494 563,570 563,570 - 1,149,932 1,149,932 -
$ 37,092 $ 31,892 $ (5,200) $ 563,570 $ 571,109 $ 7,539 $ 747,385 $ 794,080 $ 429,773
63
TOWN OF AVON, COLORADO
DEBT SERVICE FUND C4
COMPARATIVE BALANCE SHEETS
DECEMBER 31,1999 AND 1998
1999 1998
ASSETS
Cash and Cash Equivalents $ 147,588 $ 374,704
Receivables
- Taxes 774,104 773,456
- Accounts - 235
Total Assets $ 921,692 $ 1,148,395
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ 87 $ 433
Deferred Taxes 774,104 773,364
Total Liabilities 774,191 773,797
Fund Balances:
Reserved for Debt Service 147,501- 374,598
Total Fund Balances 147,501 374,598
Total Liabilities and Fund Balances $ 921,692 $ 1,148,395
64
TOWN OF AVON, COLORADO
DEBT SERVICE FUND C-5
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEARS ENDED DECEMBER 31,1999 AND 1998
1999
Revenues
Property Taxes
Total Revenues
Expenditures
Debt Service:
Principal
Interest
Fiscal Charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Operating Transfers In:
General Fund
Operating Transfers Out:
Capital Projects Fund
Proceeds of Refunding Bonds
Refunding Bond Issuance Costs
Payment to Refunded Bond Escrow Agent
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues and Other Sources
Over (Under) Expenditures and Other Uses
Fund Balances, Beginning of Year
Fund Balances, End of year
$ 789,546
789,546
1998
$ 766,273
766,273
735,000 545,000
518,014 726,712
18,227 18,044
1,271,241 1,289,756
(481,695) (523,483)
505,434
600,511
(250,836)
5,580,000
(191,539)
(5,388,461)
254,598
(227,097)
374,598
$ 147,501
600,511
77,028
297,570
$ 374,598
65
TOWN OF AVON, COLORADO
DEBT SERVICE FUND C-6
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31,1999
(With Comparative Actual Amounts for the Year Ended December 31, 1998)
Revenues
Property Taxes
Total Revenues
Expenditures
Debt Service:
Principal
Interest
Fiscal Charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Operating Transfers In:
General Fund
Operating Transfers Out:
Capital Projects Fund
Proceeds of Refunding Bonds
Refunding Bond Issuance Costs
Payment to Refunded Bond Escrow Agent
1999
Variance -
Amended Favorable 1998
Budget Actual (Unfavorable) Actual
$ 773,364 $ 789,546 $ 16,182 $ 766,273
773,364 789,546 16,182 766,273
735,000 735,000
518,015 518,014
25,783 18,227
545,000
1 726,712
7,556 18,044
1,278,798 1,271,241
7,557
1,289,756
(505,434) (481,695) 23,739 (523,483)
505,434 505,434
600,511
(250,836) (250,836) -
5,580,000 5,580,000
(191,539) (191,539)
(5,388,461) (5,388,461)
Total Other Financing Sources (Uses) 254,598 254,598 - - 600,511
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
Expenditures and Other Uses (250,836) (227,097) 23,739 77,028
Beginning of Year
nd Balances
F 374,598 374,598 - 297,570
,
u
Fund Balances, End of year $ 123,762 $ 147,501 $ 23,739 $ 374,598
66
TOWN OF AVON, COLORADO
WILDRIDGE SPECIAL ASSESSMENT FUND C-7
COMPARATIVE BALANCE SHEETS
DECEMBER 31,1999, AND 1998
1999 1998
ASSETS
Cash and Cash Equivalents $ 43,578 $ 47,474
Special Assessments Receivable 205,282 248,364
Total Assets $ 248,860 $ 295,838
LIABILITIES AND FUND BALANCES
Liabilities:
Deferred Revenue 205,282 247,568
Total Liabilities 205,282 247,568
Fund Balances:
Reserved for Debt Service 43,578 48,270
Total Fund Balances
Total Liabilities and Fund Balances
43,578
$ 248,860
48,270
$ 295,838
67
TOWN OF AVON, COLORADO
WILDRIDGE SPECIAL ASSESSMENT FUND C-8
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEARS ENDED DECEMBER 31,1999 AND 1998
1999
Revenues
Special Assessments
Interest on Assessments
Investment Earnings
Total Revenues
Expenditures
Debt Service:
Principal
Interest
Fiscal Charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Operating Transfers In:
Capital Projects Fund
Excess (Deficiency) of Revenues and Other Sources
Over (Under) Expenditures and Other Uses
Fund Balances, Beginning of Year
Fund Balances, End of year
$ 42,186
26,342
2,163
70,691
55,000
33,962
2,612
91,574
(20,883)
1998
$ 47,900
32,501
3,042
83,443
75,000
41,462
2,383
118,845
(35,402)
16,191 17,171
(4,692)
(18,231)
48,270
$ 43,578
66,501
$ 48,270
68
TOWN OF AVON, COLORADO
WILDRIDGE SPECIAL ASSESSMENT FUND C-9
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31,1999
(With Comparative Actual Amounts for the Year Ended December 31, 1998)
1999
Variance -
Amended Favorable
Budget Actual (Unfavorable)
Revenues
Special Assessments
Interest on Assessments
Investment Earnings
Total Revenues
Expenditures
Debt Service:
Principal
Interest
Fiscal Charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Operating Transfers In:
Capital Projects Fund
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
Expenditures and Other Uses
$ 35,000 $
25,000
2,000
62,000
65,000
36,000
2,500
103,500
(41,500)
(20,883) 20,617
75,000
41,462
2,383
118,845
(35,402)
16,191 16,191 - 17,171
(25,309) (4,692) 20,617 (18,231)
Fund Balances, Beginning of Year 48,270 48,270 - 66,501
Fund Balances, End of year $ 22,961 $ 43,578 $ 20,617 $ 48,270
1998
Actual
42,186 $ 7,186 $ 47,900
26,342 1,342 32,501
2,163 163 3,042
70,691 8,691 83,443
55,000 10,000
33,962 2,038
2,612 (112)
91,574 11,926
69
TOWN OF AVON, COLORADO
AVON METROPOLITAN DISTRICT DEBT SERVICE FUND U'1V
COMPARATIVE BALANCE SHEETS
DECEMBER 31,1999 AND 1998
1999
1998
ASSETS
Cash and Cash Equivalents
Receivables
- Taxes
Total Assets
$ 31,956
565,628
$ 597,584
$ 160,314
570,674
$ 730,988
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Deferred Taxes
$ 64
565,628
$ 158
567,336
Total Liabilities
Fund Balances:
Reserved for Debt Service
Total Fund Balances
Total Liabilities and Fund Balances
565,692
31,892
31,892
$ 597,584
567,494
163,494
163,494
$ 730,988
70
TOWN OF AVON, COLORADO
AVON METROPOLITAN DISTRICT DEBT SERVICE FUND C-11
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEARS ENDED DECEMBER 31,1999 AND 1998
1999 1998
Revenues
Property Taxes $ 570,013 $ 579,856
Investment Earnings 1,522 5,590
Total Revenues 571,535 585,446
Expenditures
Debt Service:
Principal 215,000 195,000
Interest 338,915 354,915
Fiscal Charges 19,222 28,400
Total Expenditures 573,137 578,315
Excess (Deficiency) of Revenues
Over (Under) Expenditures (1,602) 7,131
Other Financing Sources (Uses)
Operating Transfers Out:
General Fund (130,000)
Excess (Deficiency) of Revenues and Other Sources
Over (Under) Expenditures and Other Uses (131,602) 7,131
Fund Balances, Beginning of Year 163,494 156,363
Fund Balances, End of year $ 31,892 $ 163,494
71
TOWN OF AVON, COLORADO
AVON METROPOLITAN DISTRICT DEBT SERVICE FUND C-12
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31,1999
(With Comparative Actual Amounts for the Year Ended December 31, 1998)
Revenues
Property Taxes
Investment Earnings
Total Revenues
Expenditures
Debt Service:
Principal
Interest
Fiscal Charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Operating Transfers Out:
General Fund
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
Expenditures and Other Uses
1999 1998
Variance -
Favorable
Budget Actual (Unfavorable) Actual
$ 567,336 $ 570,013 $ 2,677 $ 579,856
5,800 1,522 (4,278) 5,590
573,136 571,535 (1,601) 585,446
215,000 215,000 - 195,000
338,915 338,915 - 354,915
15,623 19,222 (3,599) 28,400
569,538 573,137 (3,599) 578,315
3,598 (1,602)
(5,200)
7,131
(130,000) (130,000)
(126,402) (131,602) (5,200)
7,131
Fund Balances, Beginning of Year 163,494 163,494 - 156,363
Fund Balances, End of year $ 37,092 $ 31,892 $ (5,200) $ 163,494
72
TOWN OF AVON, COLORADO
TOWN OF AVON FINANCE AUTHORITY FUND C-13
COMPARATIVE BALANCE SHEETS
DECEMBER 31,1999 AND 1998
ASSETS
Cash and Cash Equivalents
Interest Receivable
Capital Lease Receivable
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Deferred Revenue
Total Liabilities
Fund Balances:
Reserved for Debt Service
Total Fund Balances
Total Liabilities and Fund Balances
1999 1998
$ 568,638 $ 563,570
2,471 -
5,141,250 -
$ 5,712,359 $ 563,570
$ 5,141,250 $ -
5,141,250 -
571,109 563,570
571,109 563,570
$ 5,712,359 $ 563,570
73
TOWN OF AVON, COLORADO
TOWN OF AVON FINANCE AUTHORITY FUND C-14
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITU RES
AND CHANGES IN FUND BALANCES
FOR THE YEARS ENDED DECEMBER 31,1999 AND 1998
1999 1998
Revenues
Investment Earnings $
35,364
$ 3,997
Total Revenues 35,364 3,997
Expenditures
Debt Service:
Principal 230,000 -
Interest 332,540 98,838
Fiscal Charges 825
Total Expenditures 563,365 98,838
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Operating Transfers In:
General Fund
Capital Projects Fund
(528,001) (94,841)
535,540
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues and Other Sources
Over (Under) Expenditures and Other Uses
Fund Balances, Beginning of Year
Fund Balances, End of year
94,841
563,570
535,540 658,411
7,539
563,570
563,570
$ 571,109
$ 563,570
74
TOWN OF AVON, COLORADO
TOWN OF AVON FINANCE AUTHORITY FUND C-15
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31,1999
(With Comparative Actual Amounts for the Year Ended December 31, 1998)
1999 1998
Variance -
Amended Favorable
Budget Actual (Unfavorable) Actual
Revenues
Investment Earnings $ 28,000 $ 35,364 $ 7,364 $ 3,997
Total Revenues 28,000 35,364 7,364 3,997
Expenditures
Debt Service:
Principal 230,000 230,000 - -
Interest 332,540 332,540 - 98,838
Fiscal Charges 1,000 825 175 -
Total Expenditures 563,540 563,365 175 98,838
Excess (Deficiency) of Revenues
Over (Under) Expenditures (535,540) (528,001) 7,539 (94,841)
Other Financing Sources (Uses)
Operating Transfers In:
General Fund 535,540 535,540 - 94,841
Capital Projects Fund - - - 563,570
Total Other Financing Sources (Uses) 535,540 535,540 - 658,411
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
Expenditures and Other Uses
Fund Balances, Beginning of Year
Fund Balances, End of year
7,539 7,539 563,570
563,570 563,570 -
$ 563,570 $ 571,109 $ 7,539
$ 563,570
75
THIS PAGE INTENTIONALLY LEFT BLANK
76
CAPITAL PROJECTS FUND
Capital projects funds are used to account for the acquisition and construction of
major capital facilities other than those financed by proprietary funds and trust funds.
TOWN OF AVON, COLORADO
CAPITAL PROJECTS FUND D-1
COMPARATIVE BALANCE SHEETS
DECEMBER 31,1999 AND 1998
ASSETS 1999 1998
Cash and Cash Equivalents $ 3,362,067 $ 5,709,480
Investments - 501,624
Receivables
- Interest 1,100 17,391
- Taxes 156,184 56,114
- Accounts - 63,400
Deposits - 114,000
Total Assets $ 3,519,351 $ 6,462,009
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ 168,109 $ 392,644
Retainages Payable - 38,192
Total Liabilities 168,109 430,836
Fund Balances:
Reserved for Bond Construction Fund Expenditures 254,536 3,934,271
Designated for Subsequent Year's Expenditures 935,326 206,563
Unreserved, Undesignated 2,161,380 1,890,339
Total Fund Balances 3,351,242 6,031,173
Total Liabilities and Fund Balances $ 3,519,351 $ 6,462,009
77
TOWN OF AVON, COLORADO
CAPITAL PROJECTS FUND D-2
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEARS ENDED DECEMBER 31,1999 AND 1998
1999 1998
Revenues
Taxes:
Real Estate Transfer Tax $ 2,253,373 $ 1,950,670
Intergovernmental 200,000 607,869
Investment Earnings 137,801 125,804
Miscellaneous 35,183 73,969
Total Revenues 2,626,357 2,758,312
Expenditures
Capital Projects:
Facilities 4,652,394 4,965,193
Land and Land Improvements 2,091 128,966
Roads and Streets 851,523 1,565,150
Strategic Planning 38,085 44,537
Communications 139,939 -
Other 2,250 1,500
Debt Service:
Principal 76,000 397,321
Interest 4,605 -
Bond Issuance Costs and Original Issue Discount - 317,621
Total Expenditures 5,766,887 7,420,288
Excess (Deficiency) of Revenues
Over (Under) Expenditures (3,140,530) (4,661,976)
Other Financing Sources (Uses)
Operating Transfers In:
General Fund - 559,507
Water Enterprise Fund - 1,500,000
Debt Service Fund 250,836 -
Operating Transfers Out:
Debt Service Fund - (563,570)
Wildridge Special Assessment Fund (16,191) (17,171)
Proceeds from Certificates of Participation - 7,085,000
Capital Lease Proceeds 225,954 114,000
Total Other Financing Sources (Uses) 460,599 8,677,766
Excess (Deficiency) of Revenues and Other Sources
Over (Under) Expenditures and Other Uses (2,679,931) 4,015,790
Fund Balances, Beginning of Year 6,031,173 2,015,383
Fund Balances, End of year $ 3,351,242 $ 6,031,173
78
TOWN OF AVON, COLORADO
CAPITAL PROJECTS FUND D-3
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31,1999
(With Comparative Actual Amounts for the Year Ended December 31, 1998)
1999
Variance -
Amended Favorable 1998
Budget Actual (Unfavorable) Actual
Revenues
Taxes:
Real Estate Transfer Tax
Intergovernmental
Investment Earnings
Miscellaneous
Total Revenues
Expenditures
Capital Projects:
Facilities
Land and Land Improvements
Roads and Streets
Strategic Planning
Communications
Other
Debt Service:
Principal
Interest
Bond Issuance Costs
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Operating Transfers In:
General Fund
Debt Service Fund
Water Enterprise Fund
Operating Transfers Out:
Debt Service Fund
Wildridge Special Assessment Fund
Proceeds from Certificates of Participation
Capital Lease Proceeds
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
Expenditures and Other Uses
Fund Balances, Beginning of Year
Fund Balances, End of year
$ 1,750,000 $ 2,253,373 $ 503,373 $ 1,950,670
300,000 200,000 (100,000) 607,869
137,801 137,801 - 125,804
30,500 35,183 4,683 73,969
2,218,301 2,626,357 408,056 2,758,312
4,718,537 4,652,394 66,143 4,965,193
230,000 2,091 227,909 128,966
1,031,500 851,523 179,977 1,565,150
52,500 38,085 14,415 44,537
239,939 139,939 100,000 -
6,000 2,250 3,750 1,500
76,000
4,935
76,000
4,605
330
397,321
317,621
51766,887 592,524
(4,141,110) (3,140,530) 1,000,580
250,836 250,836 -
(16,191) (16,191)
114,000 225,954 111,954
348,645 460,599 111,954
(3,792,465) (2,679,931) 1,112,534
6,031,173 6,031,173 -
$ 2,238,708 $ 3,351,242 $ 1,112,534
79
7,420,288
(4,661,976)
559,507
1,500,000
(563,570)
(17,171)
7,085,000
114,000
8,677,766
4,015,790
2,015,383
$ 6,031,173
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80
ENTERPRISE FUNDS
Enterprise funds are used to account for operations that are financed and operated in a
manner similar to private business enterprises - where the intent of the Town Council
is that the costs of providing goods or services to the general public on a continuing
basis be financed or recovered through user charges: or where the Town Council has
decided that periodic determination of net income is appropriate for accountability
purposes.
Water Enterprise Fund - This fund is used to account for the activities involved in
providing water services to the Town's residents. In 1999, this fund was dissolved
and the remaining assets transferred to a special revenue fund.
Transit Fund - This fund is used to account for the activities involved in operating
the Town's transportation system. In addition to transportation routes within the
Town of Avon, the Town contracts with other entities for management and operation
of their transportation systems within Eagle County.
TOWN OF AVON, COLORADO
ENTERPRISE FUNDS E-1
COMBINING BALANCE SHEET
DECEMBER 31,1999
(With Comparative Totals for December 31, 1998)
ASSETS
Current Assets:
Cash and Cash Equivalents
Receivables
- Taxes
- Accounts
- Intergovernmental
Total Current Assets
Fixed Assets:
Water Systems
Vehicles and Rolling Stock
Machinery and Equipment
Less Accumulated Depreciation
Net Fixed Assets
Total Assets
Water Transit Total
Fund Fund 1999 1998
$ _ $ 161,114 $ 161,114 $ 1,488,014
_ 24,911 24,911 32,603
_ - _ 9,788
_ 280,101 280,101 426,921
_ 466,126 466,126 1,957,326
_ _ - 9,166,588
_ 883,244 883,244 825,951
_ 82,823 82,823 59,997
_ 966,067 966,067 10,052,536
_ (216,350) (216,350) (2,038,441)
_ 749,717 749,717 8,014,095
$ - $ 1,215,843 $ 1,215,843 $ 9,971,421
LIABILITIES AND FUND EQUITY
Current Liabilities:
Accounts Payable
Accrued Liabilities
Due to Other Funds
Capital Leases Payable - Current
$ 126,072 $ 126,072 $ 180,341
91,180 91,180 86,663
- - 150,000
43,529 43,529 28,560
Total Current Liabilities
Noncurrent Liabilities:
Capital Leases Payable
Total Noncurrent Liabilities
Fund Equity:
Contributed Capital
Retained Earnings (Accumulated Deficit)
Total Fund Equity
Total Liabilities and Fund Equity
260,781 260,781 445,564
207,738 207,738 176,678
207,738 207,738 176,678
601,814 601,814 11,155,532
145,510 145,510 (1,806,353)
747,324 747,324 9,349,179
$ - $ 1,215,843 $ 1,215,843 $ 9,971,421
81
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82
TOWN OF AVON, COLORADO
OMMOMMONN?
ENTERPRISE FUNDS E-2
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31,1999
(With Comparative Totals for December 31, 1998)
Operating Revenues
Charges for Services
Other Operating Revenues
Total Operating Revenues
Operating Expenses:
Cost of Operations:
Water Utilities
Transit
Depreciation
Total Operating Expenses
Operating Loss
Nonoperating Revenues (Expenses)
Taxes
Interest Expense
Investment Earnings
Distribution of Fixed Assets
Total Nonoperating Revenues (Expenses)
Loss Before Operating Transfers
Operating Transfers In (Out)
General Fund
Capital Projects Fund
Net Income (Loss)
Retained Earnings (Accumulated
Deficit), Beginning of Year
Residual Equity Transfer Out
Transfer from Contributed Capital
Retained Earnings (Accumulated
Deficit), End of Year
Water Transit Total
Fund Fund 1999 1998
$ - $ 2,533,187 $ 2,533,187 $ 3,024,079
44,477 44,477 7,483
- 2,577,664 2,577,664 3,031,562
78,261
3,026,466 3,026,466 3,550,344
115,840 115,840 324,611
3,142,306 3,142,306 3,953,216
(564,642) (564,642) (921,654)
240,725
_ (27,872)
(7,233,228) -
240,725 271,805
(27,872) (8,555)
76,447
(7,233,228) -
(7,233,228) 212,853 (7,020,375) 339,697
(7,233,228) (351,789) (7,585,017) (581,957)
439,287 439,287 519,427
- (1,500,000)
(7,233,228) 87,498 (7,145,730) (1,562,530)
(1,864,365) 58,012 (1,806,353) (243,823)
(1,445,840) - (1,445,840) -
10,543,433 - 10,543,433 -
$ - $ 145,510 $ 145,510 $ (1,806,353)
83
TOWN OF AVON, COLORADO
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31,1999
(With Comparative Totals for December 31, 1998)
Cash Flows From Operating Activities
Water Transit Total
Fund Fund 1999 1998
Cash Received from Customers $ 8,589 $ 2,681,206 $ 2,689,795 $ 2,562,854
Cash Payments to Suppliers for Goods and Services (2,632) (786,160) (788,792) (1,111,414)
Cash Payments to Employees for Services (615) (2,286,811) (2,287,426) (2,250,929)
Other Operating Revenues - 44,477 44,477 7,483
Net Cash Provided by (Used in) Operating Activities
Cash Flows From Noncapital Financing Activities
Advances from General Fund
Repayment of Advances
Transfer from General Fund
Residual Equity Transfer Out
Transfer to Capital Projects Fund
5,342 (347,288) (341,946) (792,006)
- - - 150,000
(150,000) (150,000) -
439,287 439,287 519,427
(1,445,840) - (1,445,840) -
(1,500,000)
Net Cash Provided by (Used in)
Noncapital Financing Activities
Cash Flows From Capital Financing Activities
Tap Fees Received
Taxes Received
Acquisition and Construction of Capital Assets
Proceeds from Capital Leases
Interest Paid on Capital Lease Obligations
Principal Paid on Capital Leases Obligations
Cost Recovery Payments to Developers
Net Cash Provided by Capital Financing Activities
Cash Flows From Investing Activities
Earnings on Investments
Net Cash Provided by Investing Activities
(1,445,840) 289,287 (1,156,553) (830,573)
- - - 1,094,917
- 248,418 248,418 271,805
- (94,976) (94,976) (282,261)
- 75,000 75,000 225,680
- (27,872) (27,872) (8,555)
- (28,971) (28,971) (20,442)
- - - (101,774)
- 171,599 171,599 1,179,370
- - - 76,447
- - - 76,447
Net Increase (Decrease) in Cash and Cash Equivalents (1,440,498) 113,598 (1,326,900) (366,762)
Cash and Cash Equivalents, Beginning of Year
1,440,498 47,516 1,488,014 1,854,776
Cash and Cash Equivalents, End of Year $ - $ 161,114 $ 161,114 $ 1,488,014
84
E-3
Water Transit Total
Fund Fund 1999 1998
RECONCILIATION OF OPERATING LOSS
TO NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES
Operating Loss
Adjustments to Reconcile Operating Loss to Net
Cash Provided by Used in) Operating Activities
Depreciation
Change in Assets and Liabilities:
(Increase) Decrease in Accounts Receivable
(Increase) Decrease in Intergovernmental Receivable
Increase (Decrease) in Accounts Payable
Increase (Decrease) in Accrued Liabilities
Total Adjustments
$ - $ (564,642) $ (564,642) $ (921,654)
115,840 115,840 324,611
- 9,788 9,788 (42,391)
8,589 138,231 146,820 (418,834)
(2,632) (51,637) (54,269) 180,311
(615) 5,132 4,517 85,951
5,342 217,354 222,696 129,648
Net Cash Provided by (Used In) Operating Activities $ 5,342 $ (347,288) $ (341,946) $ (792,006)
NONCASH INVESTING, CAPITAL
AND FINANCING ACTIVITIES
Noncash Transactions Affecting Financial Position
Distribution of Fixed Assets to Governmental Entity
Transfer from Contributed Capital to Retained Earnings
Contributions of Capital Assets to Equipment
Replacement Fund
Contributions of Capital Assets from General Fixed
Asset Account Group
$(7,233,228) $
10,543,433
- $(7,233,228) $ -
- 10,543,433 -
(10,285) (10,285) -
612,099
85
TOWN OF AVON, COLORADO
WATER ENTERPRISE FUND E4
COMPARATIVE BALANCE SHEETS
DECEMBER 31,1999 AND 1998
1999 1998
ASSETS
Current Assets:
Cash and Cash Equivalents
Receivables
- Intergovernmental
Total Current Assets
Fixed Assets:
Water System:
Water Lines
Raw Water Facilities and Storage
Water Wells
Water Rights
Machinery and Equipment
Less Accumulated Depreciation
Net Fixed Assets
Total Assets
LIABILITIES AND FUND EQUITY
Current Liabilities:
Accounts Payable
Accrued Liabilities
Total Current Liabilities
Fund Equity:
Contributed Capital
Accumulated Deficit
Total Fund Equity
Total Liabilities and Fund Equity
$ - $ 1,440,498
- 8,589
1,449,087
- 7,048,664
- 447,340
- 51,355
- 1,442,986
- 176,243
- 9,166,588
- (1,933,360)
- 7,233,228
$ - $ 8,682,315
$ - $ 2,632
- 615
- 3,247
- 10,543,433
- (1,864,365)
8,679,068
$ - $ 8,682,315
86
TOWN OF AVON, COLORADO
WATER ENTERPRISE FUND E-5
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS
FOR THE YEARS ENDED DECEMBER 31,1999 AND 1998
Operating Revenues
Charges for Services
Other Operating Revenues
1999
1998
$ 99,722
1,080
100,802
Total Operating Revenues
Operating Expenses:
Cost of Water Operations:
Operations and Maintenance
General and Administrative
Depreciation
Total Operating Expenses
Operating Loss
Nonoperating Revenues (Expenses)
Investment Earnings
Distribution of Fixed Assets
Loss Before Operating Transfers
Operating Transfers Out
Capital Projects Fund
Net Loss
Accumulated Deficit, Beginning of Year
Residual Equity Transfer Out
Transfer from Contributed Capital
Accumulated Deficit, End of Year
60,759
17,502
219,530
297,791
(196,989)
(7,233,228)
(7,233,228)
76,477
(120,512)
(7,233,228)
(1,864,365)
(1,500,000)
(1,620,512)
(243,823)
(1,445,840)
10,543,433
$ (1,864,335)
87
TOWN OF AVON, COLORADO
WATER ENTERPRISE FUND
COMPARATIVE STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31,1999 AND 1998
1999 1998
Cash Flows From Operating Activities
Cash Received from Customers $ 8,589 $ 99,220
Cash Payments to Suppliers for Goods and Services (2,632) (53,971)
Cash Payments to Employees for Services (615) (21,785)
Other Operating Revenues - 1,080
Net Cash Provided by Operating Activities 5,342 24,544
Cash Flows From Noncapital Financing Activities
Residual Equity Transfer Out (1,445,840) -
Transfer to Capital Projects Fund - (1,500,000)
Net Cash Used in Noncapital Financing Activities (1,445,840) (1,500,000)
Cash Flows From Capital Financing Activities
Tap Fees Received - 1,094,917
Acquisition and Construction of Capital Assets - (8,412)
Cost Recovery Payments to Developers - (101,774)
Net Cash Provided by Capital Financing Activities - 984,731
Cash Flows From Investing Activities
Earnings on Investments - 76,447
Net Cash Provided by Investing Activities - 76,447
Net Increase (Decrase) in Cash and Cash Equivalents (1,440,498) (414,278)
Cash and Cash Equivalents, Beginning of Year 1,440,498 1,854,776
Cash and Cash Equivalents, End of Year $ - $ 1,440,498
88
E-6
1998 1998
RECONCILIATION OF OPERATING LOSS TO
NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating Loss $ - $ (196,989)
Adjustments to Reconcile Operating Loss to
Net Cash Provided by Operating Activities
Depreciation - 219,530
Change in Assets and Liabilities:
8
589
(502)
(Increase) Decrease in Intergovernmental Receivable ,
Increase (Decrease) in Accounts Payable (2,632) 2,602
Increase (Decrease) in Accrued Liabilities (615) (97)
Total Adjustments 5,342 221,533
Net Cash Provided by Operating Activities $ 5,342 $ 24,544
NONCASH INVESTING, CAPITAL
AND FINANCING ACTIVITIES
Noncash Transactions Affecting Financial Position
Distribution of Fixed Assets to Governmental Entity $ (7,233,228)
Transfer from Contributed Capital to Retained Earnings 10,543,433
89
TOWN OF AVON, COLORADO
TRANSIT ENTERPRISE FUND E-7
COMPARATIVE BALANCE SHEETS
DECEMBER 31,1999 AND 1998
1999
1998
ASSETS
Current Assets:
Cash and Cash Equivalents
Receivables
- Taxes
- Accounts
- Intergovernmental
Total Current Assets
$ 161,114
24,911
280,101
466,126
$ 47,516
32,603
9,788
418,332
508,239
Fixed Assets:
Vehicles and Rolling Stock
Machinery and Equipment
Less Accumulated Depreciation
Net Fixed Assets
Total Assets
883,244
82,823
966,067
(216,350)
749,717
$ 1,215,843
825,951
59,997
885,948
(105,081)
780,867
$ 1,289,106
LIABILITIES AND FUND E00
Current Liabilities:
Accounts Payable
Accrued Liabilities
Due to Other Funds
Capital Leases Payable - Current
Total Current Liabilities
$ 126,072
91,180
43,529
260,781
$ 177,709
86,048
150,000
28,560
442,317
Noncurrent Liabilities:
Capital Leases Payable
Total Noncurrent Liabilities
Fund Equity:
Contributed Capital
Retained Earnings
Total Fund Equity
Total Liabilities and Fund Equity
207,738
207,738
601,814
145,510
747,324
$ 1,215,843
176,678
176,678
612,099
58,012
670,111
$ 1,289,106
90
TOWN OF AVON, COLORADO
TRANSIT ENTERPRISE FUND ?'°
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS
FOR THE YEARS ENDED DECEMBER 31,1999 AND 1998
1999 1998
Operating Revenues
187
533
$ 2
$ 2,924,357
Charges for Services ,
,
Other Operating Revenues 44,477 6,403
Total Operating Revenues 2,577,664 2,930,760
Operating Expenses:
Cost of Transit Operations:
Administration 545,645 545,454
Operations 2,365,850 2,905,082
Marketing 114,971 99,808
Depreciation 115,840 105,081
Total Operating Expenses 3,142,306 3,655,425
Operating Loss (564,642) (724,665)
Nonoperating Revenues (Expenses)
Taxes:
Accommodations Taxes 240,725 271,805
Interest Expense (27,872) (8,555)
Total Nonoperating Revenues (Expenses) 212,853 263,250
Loss Before Operating Transfers (351,789) (461,415)
Operating Transfers In
439,287 519,427
General Fund
Net Income 87,498 58,012
Retained Earnings, Beginning of Year 58,012 -
Retained Earnings, End of Year $ 145,510 $ 58,012
91
TOWN OF AVON, COLORADO
TRANSIT ENTERPRISE FUND
SCHEDULE OF REVENUES AND EXPENDITURES -
BUDGET (NONGAAP BASIS) AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31,1999
Revenues
Taxes:
Accommodation Taxes
Charges for Services:
Transportation
Miscellaneous
Total Revenues
Expenditures:
Administration
Operations
Marketing
Total Expenditures
Excess (Deficit) of Revenues Over (Under) Expenditures
Other Financing Sources (Uses)
Operating Transfers In:
General Fund
Capital Lease Proceeds
Total Other Financing Sources (Uses)
Excess of Revenues and Other Sources
Over Expenditures and Other Uses
Funds Available, Beginning of Year
Funds Available, End of Year
Funds Available at December 31, 1999, is computed as follows:
1999
Variance-
Amended Favorable
Budget Actual (Unfavorable)
$ 254,139 $ 240,725 $ (13,414)
2,773,364
2,533,187 (240,177)
44,477 44,477
3,027,503 2,818,389 (209,114)
615,221 566,550 48,671
2,812,443 2,496,763 315,680
114,126 114,971 (845)
3,541,790 3,178,284 363,506
(514,287) (359,895) 154,392
439,287 439,287 -
75,000 75,000 -
514,287 514,287 -
154,392 154,392
94,482 94,482 -
$ 94,482 $ 248,874 $ 154,392
Current Assets
Less: Current Liabilities
Add Back: Current Portion of Capitalized Lease Obligations Payable
Fund Available - December 31, 1999
92
$ 466,126
(260,781)
43,529
$ 248,874
E-9
RECONCILIATION OF BUDGETARY BASIS (ACTUAL)
TO GAAP BASIS STATEMENT OF OPERATIONS
Excess of Revenues and Other Sources
Over Expenditures and Other Uses
Adjustments to Reconcile Budgetary
Basis to GAAP Basis
Principal Paid on Capitalized Lease Obligations
Capital Lease Proceeds
Capitalization of Fixed Assets
Depreciation
Total Adjustments
Net Income (GAAP Basis)
1998
$ 154,392
28,971
(75,000)
94,975
(115,840)
(66,894)
$ 87,498
93
TOWN OF AVON, COLORADO
TRANSIT ENTERPRISE FUND
COMPARATIVE STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31,1999 AND 1998
1999
Cash Flows From Operating Activities
Cash Received from Customers $ 2,681,206
Cash Payments to Suppliers for Goods and Services (786,160)
Cash Payments to Employees for Services (2,286,811)
Other Operating Revenues 44,477
Net Cash Used In Operating Activities (347,288)
Cash Flows From Noncapital Financing Activities
Advances from Other Funds -
Repayment of Advances (150,000)
Transfer In from General Fund 439,287
Net Cash Provided by Noncapital Financing Activities 289,287
Cash Flows From Capital Financing Activities
Taxes Received
Acquisition and Construction of Capital Assets
Proceeds from Capital Leases
Interest Paid on Capital Leases
Principal Paid on Capital Leases
Net Cash Provided by Capital Financing Activities
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents, Beginning of Year
Cash and Cash Equivalents, End of Year
248,418
(94,975)
75,000
(27,873)
(28,971)
171,599
113,598
47,516
$ 161,114
1998
$ 2,496,237
(1,057,443)
(2,229,144)
6,403
(783,947)
150,000
519,427
669,427
239,202
(273,849)
225,680
(8,555)
(20,442)
162,036
47,516
$ 47,516
94
E-10
RECONCILIATION OF OPERATING LOSS TO
NET CASH USED IN OPERATING ACTIVITIES
Operating Loss
Adjustments to Reconcile Operating Loss to
Net Cash Used In Operating Activities
Depreciation
Change in Assets and Liabilities:
(Increase) Decrease in Accounts Receivable
(Increase) Decrease in Intergovernmental Receivable
Increase (Decrease) in Accounts Payable
Increase in Accrued Liabilities
Total Adjustments
Net Cash Provided by (Used in) Operating Activities
NONCASH INVESTING, CAPITAL
AND FINANCING ACTIVITIES
Noncash Transactions Affecting Financial Position
Contributions of Capital Assets from General Fixed Asset Account Group
Contributions of Capital Assets to Equipment Replacement Fund
1999 1998
$ (564,642) $ (724,665)
115,840 105,081
9,788 (9,788)
138,231 (418,332)
(51,637) 177,709
5,132 86,048
217,354 (59,282)
$ (347,288) $ (783,947)
$ - $ 612,099
(10,285)
95
THIS PAGE INTENTIONALLY LEFT BLANK
96
INTERNAL SERVICE FUNDS
Internal service funds are used to account for the financing of goods or services
provided by one department or agency to other departments or agencies of the Town
and to other government units, on a cost reimbursement basis.
Fleet Maintenance Fund - This fund is used to account for the accumulation and
allocation of costs associated with the maintenance of vehicles and rolling stock for
the Town and certain other third party governmental entities.
Equipment Replacement Fund - This fund is used to account for the rental of
certain vehicles and equipment to other departments for the accumulation of funds for
future replacement.
TOWN OF AVON, COLORADO
INTERNAL SERVICE FUNDS F-1
COMBINING BALANCE SHEET
DECEMBER 31, 1999
(With Comparative Totals for December 31, 1998)
Fleet Equipment Total
Maintenance Replacement
ASSETS
Current Assets:
Cash and Cash Equivalents
Receivables
- Accounts
- Intergovernmental
Inventory
Total Current Assets
Fixed Assets:
Buildings and Facilities
Vehicles and Rolling Stock
Machinery and Equipment
Less Accumulated Depreciation
Net Fixed Assets
Other Assets
Start-up Costs
$ 25,584 $ 141,040 $ 166,624 $ 30,795
38,213 - 38,213 -
74,661 - 74,661 -
102,183 - 102,183 32,682
240,641 141,040 381,681 63,477
6,400,132 1,019,150 7,419,282 -
9,357 1,742,082 1,751,439 9,357
73,436 271,449 344,885 11,739
6,482,925 _
3,032,$? 9,515,6 i 21,099-
(13,782) (316,811) (330,593) (3,235)
6,469,143 2,715,870 9,185,013 17,861
164,062 - 164,062
Total Other Assets 164,062 - 164,062 -
Total Assets $ 6,873,846 $ 2,856,910 $ 9,730,756 $ 81,338
LIABILITIES AND FUND EQUITY
Current Liabilities:
Accounts Payable
Accrued Liabilities
Due to Other Funds
Capital Leases Payable - Current
Total Current Liabilities
Noncurrent Liabilities:
Capital Leases Payable
Total Noncurrent Liabilities
Fund Equity:
Contributed Capital
Retained Earnings
$ 89,272 $ 2,581 $ 91,853 $ 26,408
20,492 - 20,492 15,082
250,000 - 250,000 -
180,000 - 180,000
539,764
2,581 542,345
4,961,250 - 4,961,250
41,490
4,961,250 - 4,961,250 -
1,329,744 2,274,428 3,604,172 19,683
43,088 579,901 622,989 20,165
Total Fund Equity 1,372,832 2,854,329 4,227,161 39,848
Total Liabilities and Fund Equity $ 6,873,846 $ 2,856,910 $ 9,730,756 $ 81,338
97
THIS PAGE INTENTIONALLY LEFT BLANK
98
TOWN OF AVON, COLORADO
INTERNAL SERVICE FUNDS F-2
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31,1999
(With Comparative Totals for December 31, 1998)
Fleet Equipment Total
Maintenance Replacement 1999 1998
Operating Revenues
Charges for Services $ 1,157,446 $ 591,785 $ 1,749,231 $ 310,819
Other Operating Revenues 20,210 - 20,210 -
Total Operating Revenues 1,177,656 591,785 1,769,441 310,819
Operating Expenses:
Cost of Operations: 1,144,186 10,654 1,154,840 287,419
Depreciation 10,547 319,826 330,373 3,235
Total Operating Expenses 1,154,733 330,480 1,485,213 290,654
Operating Income 22,923 261,305 284,228 20,165
Nonoperating Revenues (Expenses)
Gain on Disposal of Fixed Assets
Net Income
1,785 1,785
263,090 286,013
20,165
$ 20,165
22,923
Depreciation Transferred to Contributed Capital - 316,811 316,811
Retained Earnings, Beginning of Year 20,165 - 20,165
Retained Earnings, End of Year $ 43,088 $ 579,901 $ 622,989
99
TOWN OF AVON, COLORADO
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31,1999
(With Comparative Totals for December 31, 1998)
Cash Flows From Operating Activities
Cash Received from Customers
Cash Payments to Suppliers for Goods and Services
Cash Payments to Employees for Services
Fleet Equipment Total
Maintenance Replacement 1999 1998
$ 1,064,782 $ 591,785 $ 1,656,567 $ 310,819
(661,177) (10,654) (671,831) (198,163)
(484,236) - (484,236) (80,448)
Net Cash Provided by (Used in) Operating Activities (80,631) 581,131 500,500 32,208
Cash Flows From Noncapital Financing Activities
Advances From Other Funds 250,000 - 250,000 -
Net Cash Provided by Noncapital Financing Activities
Cash Flows From Capital Financing Activities
Start-up Costs Incurred and Capitalized
Acquisition and Construction of Capital Assets
250,000 - 250,000 -
(164,062) - (164,062) -
(10,518) (440,091) (450,609) (1,413)
Net Cash Used in Capital Financing Activities
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents, Beginning of Year
Cash and Cash Equivalents, End of Year
(174,580) (440,091) (614,671) (1,413)
(5,211) 141,040 135,829 30,795
30,795 - 30,795 -
$ 25,584 $ 141,040 $ 166,624 $ 30,795
100
F-3
Fleet Equipment Total
Maintenance Replacement 1999 1998
RECONCILIATION OF OPERATING INCOME
TO NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES
Operating Income
Adjustments to Reconcile Operating Loss to Net
Cash Provided by Used in) Operating Activities
Depreciation
Change in Assets and Liabilities:
(Increase) Decrease in Accounts Receivable
(Increase) Decrease in Intergovernmental Receivable
(Increase) Decrease Inventory
Increase (Decrease) in Accounts Payable
Increase (Decrease) in Accrued Liabilities
Total Adjustments
$ 22,923 $ 261,305 $ 284,228 $ 20,165
10,547 319,826 330,373 3,235
(38,213) - (38,213) -
(74,661) - (74,661) -
(69,501) - (69,501) (32,682)
62,864 - 62,864 26,408
5,410 - 5,410 15,082
(103,554) 319,826 216,272 12,043
Net Cash Provided by (Used In) Operating Activities $ (80,631) $ 581,131 $ 500,500 $ 32,208
NONCASH INVESTING, CAPITAL
AND FINANCING ACTIVITIES
Noncash Transactions Affecting Financial Position
Contributions of Capital Assets from
General Fixed Assets Account Group $ 51,179 $ 2,580,951 $ 2,632,130 $ 19,683
Contributions of Capital Assets from Transit Fund - 10,285 10,285 -
Depreciation Transferred to Contributed Capital - (316,811) (316,811) -
Capitalization of Facilities Constructed in
Capital Projects Fund 6,400,132 - 6,400,132 -
Capitalization of Leases Payable Used to
Finance Facilities (5,141,250) - (5,141,250) -
101
TOWN OF AVON, COLORADO
FLEET MAINTENANCE INTERNAL SERVICE FUND F4
COMPARATIVE BALANCE SHEETS
DECEMBER 31,1999 AND 1998
1999 1998
ASSETS
Current Assets:
Cash and Cash Equivalents
Receivables:
Accounts
Intergovernmental
Inventory
Total Current Assets
$ 25,584
38,213
74,661
102,183
240,641
$ 30,795
32,682
63,477
Fixed Assets:
Buildings and Facilities
Vehicles and Rolling Stock
Machinery and Equipment
Less Accumulated Depreciation
Net Fixed Assets
Other Assets
Start-up Costs
Total Other Assets
Total Assets
6,400,132
9,357
73,436
6,482,925
(13,782)
6,469,143
164,062
164,062
$ 6,873,846
9,357
11,739
21,096
(3,235)
17,861
$ 81,338
LIABILITIES AND FUND EQUITY
Current Liabilities:
Accounts Payable
Accrued Liabilities
Due to Other Funds
Capital Leases Payable - Current
$ 89,272
20,492
250,000
180,000
539,764
$ 26,408
15,082
41,490
Total Current Liabilities
Noncurrent Liabilities:
Capital Leases Payable
Total Noncurrent Liabilities
Fund Equity:
Contributed Capital
Retained Earnings
Total Fund Equity
Total Liabilities and Fund Equity
4,961,250
4,961,250
1,329,744
43,088
1,372,832
$ 6,873,846
19,683
20,165
39,848
$ 81,338
102
TOWN OF AVON, COLORADO
FLEET MAINTENANCE INTERNAL SERVICE FUND F-5
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES
IN RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31,1999 AND 1998
1999 1998
Operating Revenues
Charges for Services $ 1,157,446 $ 310,819
Other Operating Revenues 20,210 -
Total Operating Revenues 1,177,656 310,819
Operating Expenses:
Cost of Operations 1,144,186 287,419
Depreciation 10,547 3,235
Total Operating Expenses 1,154,733 290,654
Net Income 22,923 20,165
Retained Earnings, Beginning of Year 20,165 -
Retained Earnings, End of Year $ 43,088 $ 20,165
103
TOWN OF AVON, COLORADO
FLEET MAINTENANCE INTERNAL SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES -
BUDGET (NONGAAP BASIS) AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31,1999
Revenues
Charges for Services:
Fleet Maintenance Charges
Other Revenue
Total Revenues
Expenditures:
Fleet Maintenance
Total Expenditures
Excess (Deficit) of Revenues Over (Under) Expenditures
Funds Available, Beginning of Year
Funds Available (Deficit), End of Year
Funds Available at December 31, 1999, is computed as follows:
1999
Variance-
Amended Favorable
Budget Actual (Unfavorable)
$ 1,398,612
$ 1,157,446 $ (241,166)
20,210 20,210
1,398,612 1,177,656 (220,956)
1,440,134 1,318,766 121,368
1,440,134
(41,522)
1,318,766 121,368
(141,110) (99,588)
21,987 21,987
$ (19,535) $ (119,123) $ (99,588)
Current Assets $ 240,641
Less: Current Liabilities (539,764)
Add Back: Current Portion of Capitalized Lease Obligations Payable 180,000
Funds Available (Deficit) - December 31, 1999 $ (119,123)
104
F-6
RECONCILIATION OF BUDGETARY BASIS (ACTUAL)
TO GAAP BASIS STATEMENT OF OPERATIONS
Excess (Deficit) of Revenues Over Expenditures (Budgetary Basis)
Adjustments to Reconcile Budgetary
Basis to GAAP Basis
Capitalization of Fixed Assets
Capitalization of Start-up Costs
Depreciation
Total Adjustments
Net Income (GAAP Basis)
1999
$ (141,110)
10,518
164,062
(10,547)
164,033
$ 22,923
105
TOWN OF AVON, COLORADO
FLEET MAINTENANCE INTERNAL SERVICE FUND
COMPARATIVE STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31,1999 AND 1998
1999 1998
Cash Flows From Operating Activities
Cash Received from Customers $ 1,064,782 $ 310,819
Cash Payments to Suppliers for Goods and Services (661,177) (198,163)
Cash Payments to Employees for Services (484,236) (80,448)
Net Cash Provided by (Used in) Operating Activities (80,631) 32,208
Cash Flows From Noncapital Financing Activities
Advances from Other Funds 250,000 -
Net Cash Provided by Noncapital Financing Activities 250,000 -
Cash Flows From Capital Financing Activities
Start-up Costs Incurred and Capitalized (164,062) -
Acquisition and Construction of Capital Assets (10,518) (1,413)
Net Cash Used in Capital Financing Activities (174,580) (1,413)
Net Increase (Decrease) in Cash and Cash Equivalents (5,211) 30,795
Cash and Cash Equivalents, Beginning of Year 30,795 -
Cash and Cash Equivalents, End of Year $ 25,584 $ 30,795
106
F-7
RECONCILIATION OF OPERATING LOSS TO
NET CASH PROVIDED BY OPERATING ACTIVITIES
1999 1998
Operating Income $ 22,923 $ 20,165
Adjustments to Reconcile Operating Income to
Net Cash Provided by (Used in) Operating Activities
Depreciation 10,547 3,235
Change in Assets and Liabilities:
Increase in Accounts Receivable (38,213) -
Increase in Intergovernmental Receivable (74,661) -
Increase in Inventory (69,501) (32,682)
Increase in Accounts Payable 62,864 26,408
Increase in Accrued Liabilities 5,410 15,082
Total Adjustments
Net Cash Provided by (Used in) Operating Activities
(103,554)
$ (80,631)
12,043
$ 32,208
NONCASH INVESTING, CAPITAL
AND FINANCING ACTIVITIES
Noncash Transactions Affecting Financial Position
Contributions of Capital Assets from General Fixed Assets Account Group $ 51,179
Capitalization of Facilities Constructed in Capital Projects Fund 6,400,132
Capitalization of Leases Used in Contruction of Facilities (5,141,250)
$ 19,683
107
TOWN OF AVON, COLORADO
EQUIPMENT REPLACEMENT INTERNAL SERVICE FUND F-8
BALANCESHEET
DECEMBER 31,1999
1999
ASSETS
Current Assets:
Cash and Cash Equivalents $ 141,040
Total Current Assets 141,040
Fixed Assets:
Infrastructure 1,019,150
Vehicles and Rolling Stock 1,742,082
Machinery and Equipment 271,449
3,032,681
Less Accumulated Depreciation (316,811)
Net Fixed Assets 2,715,870
Total Assets $ 2,856,910
LIABILITIES AND FUND EQUITY
Current Liabilities:
Accounts Payable $ 2,581
Total Current Liabilities 2,581
Fund Equity:
Contributed Capital 2,274,428
Retained Earnings 579,901
Total Fund Equity 2,854,329
Total Liabilities and Fund Equity $ 2,856,910
108
TOWN OF AVON, COLORADO
EQUIPMENT REPLACEMENT INTERNAL SERVICE FUND F-9
STATEMENT OF REVENUES, EXPENSES AND CHANGES
IN RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31,1999
1999
Operating Revenues
Charges for Services $ 591,785
Total Operating Revenues 591,785
Operating Expenses:
Cost of Operations 10,654
Depreciation 319,826
Total Operating Expenses 330,480
Operating Income 261,305
Nonoperating Revenues:
Gain on Disposal of Fixed Assets 1,785
Net Income 263,090
Depreciation Transferred to Contributed Capital 316,811
Retained Earnings, Beginning of Year _
Retained Earnings, End of Year $ 579,901
109
TOWN OF AVON, COLORADO
EQUIPMENT REPLACEMENT INTERNAL SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES -
BUDGET (NONGAAP BASIS) AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31,1999
1999
Revenues
Charges for Services:
Equipment Replacement Charges
Total Revenues
Expenditures:
Capital Outlay:
Fleet and Heavy Equipment
Recreation Center Infrastructure and Equipment
Other Equipment
Total Expenditures
Excess of Revenues Over Expenditures
Variance-
Favorable
Budget Actual (Unfavorable)
$ 591,785 $ 591,785 $ -
591,785
591,785 -
428,500 411,636
66,401 41,690
494,901 453,326
96,884 138,459
Funds Available, Beginning of Year
Funds Available, End of Year
16,864
24,711
41,575
41,575
$ 96,884 $ 138,459 $ 41,575
Funds Available at December 31, 1999, is computed as follows:
Current Assets
Less: Current Liabilities
Fund Available - December 31, 1999
$ 141,040
(2,581)
110
$ 138,459
F-10
RECONCILIATION OF BUDGETARY BASIS (ACTUAL)
TO GAAP BASIS STATEMENT OF OPERATIONS
Excess of Revenues Over Expenditures (Budgetary Basis)
Adjustments to Reconcile Budgetary
Basis to GAAP Basis
Capitalization of Fixed Assets
Gain on Disposal of Fixed Assets
Depreciation
Total Adjustments
Net Income (GAAP Basis)
1999
$ 138,459
442,672
1,785
(319,826)
124,631
$ 263,090
111
TOWN OF AVON, COLORADO
EQUIPMENT REPLACEMENT INTERNAL SERVICE FUND F-11
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31,1999
1999
Cash Flows From Operating Activities
Cash Received From Customers $ 591,785
Cash Payments to Suppliers for Goods and Services (10,654)
Net Cash Provided by Operating Activities 581,131
Cash Flows From Capital Financing Activities
Acquisition and Construction of Capital Assets (440,091)
Net Cash Used in Capital Financing Activities (440,091)
Net Increase in Cash and Cash Equivalents 141,040
Cash and Cash Equivalents, Beginning of Year -
Cash and Cash Equivalents, End of Year $ 141,040
RECONCILIATION OF OPERATING INCOME TO
NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating Income $ 261,305
Adjustments to Reconcile Operating Income to
Net Cash Provided by Operating Activities
Depreciation 319,826
Change in Assets and Liabilities:
Increase in Accounts Payable -
Total Adjustments 319,826
Net Cash Provided by Operating Activities $ 581,131
NONCASH INVESTING, CAPITAL
AND FINANCING ACTIVITIES
Noncash Transactions Affecting Financial Position
Contributions of Capital Assets from General Fixed Assets Account Group $ 2,580,954
Contributions of Capital Assets from Transit Fund 10,285
Depreciation Transferred to Contributed Capital (316,811)
112
MISCELLANEOUS SCHEDULES
TOWN OF AVON, COLORADO
DEBT SCHEDULE Gl
DECEMBER 31,1999
urpose
Date
Issued
Schedule of Indebtedness
Interest Maturity Amount
RateNield Date Issued
Amount
Outstanding Payments Due
In 2000
Principal Interest
General Obligation Bonds:
Series 199613:
General Obligation Bonds 01/01/97 4.10% - 5.45% 12/01/16 $ 3,500,000 $ 3,495,000 $ 5,000 $ 187,578
Supplemental "B" Coupons 01/01/97 4.00%-4.70% 12/01/02 140,000 75,000 25,000 -
Less: Original Issue Discount 01/01/97 4.00%-4.70% 12/01/02 (20,279) (14,918) (3,965) -
Series 1996:
General Obligation Refunding Bonds 04/01/96 4.10% - 5.30% 12/01/09 4,555,000 3,930,000 350,000 190,728
Supplemental "B" Certificates 04/01/96 3.65%-4.25% 06/01/98 820,000 - - -
Less: Original Issue Discount 04/01/96 3.65%-4.25% 06/01/98 (28,131) - - -
Series 1990:
Avon Metropolitan District General
Obligation Refunding Bonds 12/01/90 8.00% - 8.30% 11/01/10 $ 5,135,000 $ 3,935,000 $ 230,000 $ 321,315
Net General Obligation Bonds 14,101,590 11,420,082 606,035 699,621
Revenue Bonds:
Series 1999, Revenue Refunding Bonds
Total Revenue Bonds
Certificates of Participation:
Series 1998, Certificates of Participation
Total Certificates of Participation
Special Assessment Bonds
Series 1991, L.I.D. No. 1990-1 Taxable
Local Assessment Refunding Bonds
Total Special Assessment Bonds
Capital Lease Obligations
1 st Bank Avon, Lease-Purchase
Norwest, Master Lease-Purchase
Norwest, Master Lease-Purchase
Total Capital Lease Obligations
Total Long-term Debt
01/15/99 3.25% - 4.55% 09/15/14 5,580,000 5,210,000 275,000 214,890
5,580,000 5,210,000 275,000 214,890
07/01/98 3.90%-4.90% 12/01/18 7,085,000 6,855,000 240,000 323,570
7,085,000 6,855,000 240,000 323,570
07/15/91 8.75%- 10.25% 12/01/05 1,085,000 300,000 60,000 27,656
1,085,000 300,000 60,000 27,656
07/01/99 7.42% 02/01/01 228,000 152,000 76,000 6,346
01/30/98 5.28% 01/30/05 961,300 705,664 157,049 34,179
05/01/94 4.95% 05/13/99 294,320 294,320 83,191 14,569
1,483,620 1,151,984 316,240 55,094
$ 29,335,210 $ 24,937,066 $ 1,497,275 $ 1,320,831
113
TOWN OF AVON, COLORADO
SCHEDULE OF GENERAL FUND REVENUES - BUDGET G-2
(GAAP BASIS) AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31,1999
(With Comparative Actual Amounts for the Year Ended December 31, 1998)
escription
udget 1999
Actual
Variance
Favorable
(Unfavorable)
1998
Actual
Taxes:
General Property Tax $ 1,119,418 $ 1,142,628 $ 23,210 $ 1,082,154
Specific Ownership Tax 145,000 193,240 48,240 141,948
Sales Tax 4,592,574 4,538,299 (54,275) 4,373,880
Utility Tax 59,000 65,164 6,164 63,698
Penalties and Interest 2,500 9,175 6,675 10,174
Franchise Fees 177,500 196,796 19,296 187,360
Total Taxes 6,095,992 6,145,302 49,310 5,859,214
Licenses and Permits:
Liquor Licenses 2,500 3,734 1,234 3,555
Business Licenses 17,250 17,955 705 18,463
Contractor's Licenses 8,560 12,134 3,574 10,000
Building Permits 180,000 174,153 (5,847) 170,397
Electrical Permits 17,500 22,384 4,884 23,143
Plumbing Permits 25,000 17,523 (7,477) 50,935
Mechanical Permits 15,000 22,059 7,059 24,951
Road Cut Permits 2,000 1,910 (90) 2,035
Other Licenses and Permits 10,000 7,051 (2,949) 8,799
Total Licenses and Permits 277,810 278,903 1,093 312,278
Intergovernmental:
Federal:
COPS Grant 65,000 32,198 (32,802) 55,117
Federal Drug Forfeiture Funds - 910 910 5,799
Subtotal: Federal Grants 65,000 33,108 (31,892) 60,916
State/County Shared Revenue:
Conservation Trust 22,500 22,562 62 24,564
Motor Vehicle Registration 17,500 21,088 3,588 20,504
Highway User's Tax 132,886 144,503 11,617 130,008
Cigarette Tax 45,000 51,345 6,345 53,819
County Sales Tax 205,000 210,160 5,160 214,787
Road & Bridge Fund 100,000 82,673 (17,327) 95,217
Subtotal: Shared Revenue 522,886 532,331 9,445 538,899
Total Intergovernmental 587,886 565,439 (22,447) 599,815
114
escription
udget 1999
Actual
Variance
Favorable
(Unfavorable)
1998
Actual
Charges for Services:
General Government:
Sale of Map and Publications 1,500 35 (1,465) 35
Photocopying Charges 500 955 455 350
License Hearing Fees 100 200 100 -
Other Fees and Charges 1,500 280 (1,220) 2,512
Plan Check Fees 140,000 85,077 (54,923) 104,035
Subdivision Review Fees 8,000 11,131 3,131 5,290
Design Review Fees 11,500 6,432 (5,068) 12,623
Animal Control Fees 800 1,335 535 455
Police Reports 250 148 (102) 357
Off-duty Police Employment 2,500 5,662 3,162 6,226
Fingerprinting Fees 250 1,337 1,087 1,172
VIN Inspection Fees 7,000 10,589 3,589 10,831
Subtotal: General Govern. 173,900 123,181 (50,719) 143,886
Recreation Center:
Admission Fees 880,000 798,066 (81,934) 844,760
Program Fees 40,000 64„339 24,339 68,239
Rentals 6,500 4,595 (1,905) 5,665
Merchandise Sales 6,000 7,491 1,491 7,082
Childcare 8,500 9,627 1,127 11,300
Other Recreation Center Services 18,000 14,643 (3,357) 16,094
Fitness Program Revenues 11,378 8,603 (2,775) -
Other Recreation:
Adult Program Revenues 36,016 34,045 (1,971) 87,229
Cabin Equipment Rentals 41,000 32,347 (8,653) 39,584
Athletic Field Rentals 3,500 2,388 (1,112) 3,953
Cabin Concessions 7,880 6,642 (1,238) 6,497
Youth Program Revenues 86,872 69,343 (17,529)
Sponsorships 26,700 27,160 460 29,819
Advertisements 2,600 3,625 1,025 2,934
Event Fees 33,000 33,107 107 16,912
Subtotal: Recreation 1,207,946 1,116,021 (91,925) 1,140,068
Total Charges for Services 1,381,846 1,239,202 (142,644) 1,283,954
115
TOWN OF AVON, COLORADO
SCHEDULE OF GENERAL FUND REVENUES - BUDGET G-2
(GAAP BASIS) AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31,1999 (CONTINUED)
(With Comparative Actual Amounts for the Year Ended December 31, 1998)
escription
udget 1999
Actual
Variance
Favorable
(Unfavorable)
1998
Actual
Fines and Forfeitures:
Court Fines - Traffic 12,000 14,864 2,864 9,170
Court Fines - Criminal 32,000 26,647
(
)
3
Court Fines - Parking 5,000 6,041 1,041 5,048
Court Fines - General 500 1,000 500 675
Court Costs 3,500 2,686
(814)
2,420
Jury Fees 350 10 (340) 340
Court Restitution 1,750 - (1,750) 1,671
Food Fines 25 4
(21)
2
Total Fines and Forfeitures 55,125 51,252
(3,873)
51,376
Investment Earnings 375,000 375,060 60 444,423
Miscellaneous Revenues:
Recreational Amenity Fees 165,000 161,564 (3,436) 160,832
Lease of Town-owned Property 248,670 160,533 (88,137) 120,697
Miscellaneous Nonclassified Revenues 100,000 62,987 (37,013) 85,490
Total Miscellaneous Revenues 513,670 385,084 (128,586) 367,019
TOTAL REVENUES $ 9,287,329 $ 9,040,242 $ (247,087) $ 8,918,079
116
THIS PAGE INTENTIONALLY LEFT BLANK
117
TOWN OF AVON, COLORADO
SCHEDULE OF GENERAL FUND EXPENDITURES - BUDGET G-3
(GAAP BASIS) AND ACTUAL
FOR THE YEAR ENDED DECEMBER 31,1999
(With Comparative Actual Amounts for the Year Ended December 31, 1998)
1999
Variance
Favorable 1998
Description Budget Actual (Unfavorable) Actual
General Government:
Legislative:
Mayor and Town Council
Boards and Commissions
Town Attorney
Public Relations
Town Clerk
Total Legislative
Judicial:
Municipal Court
Executive:
Town Manager
Human Resources
Total Executive
Finance Department:
Finance
Information Systems
Nondepartmental
Total Administration
Total General Government
Community Development:
Administration
Planning
Building Inspection
Community Service
Total Community Development
$ 100,601 $ 95,820 $ 4,781 $ 52,706
24,927 21,057 3,870 16,398
109,458 114,251 (4,793) 93,014
328,100 316,701 11,399 318,718
87,140 70,559 16,581 92,736
650,226 618,388 31,838 573,572
56,573 46,888 9,685 74,585
218,686 210,596 8,090 220,655
96,354 79,373 16,981 -
315,040 289,969 25,071 220,655
422,564 395,493 27,071 350,923
143,035 141,222 1,813 243,327
407,105 393,692 13,413 258,215
972,704 930,407 42,297 852,465
1,994,543 1,885,652 108,891 1,721,277
179,711 193,641 (13,930) 134,541
137,494 114,139 23,355 113,588
232,249 206,437 25,812 155,480
75,500 73,864 1,636 57,019
624,954 588,081 36,873 460,628
118
1999
Variance
Favorable
Description Budget Actual (Unfavorable)
Public Safety:
Police:
Administration
Patrol
Investigations
Community Policing
Total Public Safety
Public Works:
Administration
Engineering
Roads and Streets
Facilities Maintenance
Parks
Total Public Works
Recreation and Culture:
General Recreation
Recreation Center Operations
Special Events
Administration
Adult Programs
Aquatics
Child Care
Fitness
Front Desk
Maintenance
Youth Programs
206,365 253,136 (46,771)
965,383 913,273 52,110
21,738 13,773 7,965
70,831 74,498 (3,667)
1998
Actual
199,121
773,895
51,795
1,264,317 1,254,680 9,637 1,024,811
192,630 189,876 2,754 169,553
166,448 156,219 10,229 135,618
847,892 704,782 143,110 995,361
258,571 198,246 60,325 223,407
943,290 809,194 134,096 898,416
2,408,831 2,058,317 350,514 2,422,355
407,168 358,829
356,819 332,980
109,637 97,706
338,368 322,018
65,989 59,289
122,125 121,886
223,959 210,826
518,876 462,856
95,262 86,879
322,381
- 1,124,100
48,339 329,944
23,839 -
11,931
16,350
6,700
239
13,133 -
56,020 -
8,383 -
Total Recreation and Culture 2,238,203 2,053,269 184,934 1,776,425
TOTAL OPERATING
EXPENDITURES $ 8,530,848 $ 7,839,999 $ 690,849 $ 7,405,496
119
COUNTIES, CITIES, & TOWNS ANNUAL STATEMENT OF RECEIPTS
& EXPENDITURES FOR ROADS, BRIDGES AND STREETS
COUNTY/ CITY/ TOWN: AVON
CALENDAR YEAR OF REPORT: 1999
(Please circle county, city, or town)
(ROUND ALL AMOUNTS TO NEAREST DOLLAR)
1. SCHEDULE OF RECEIPTS FOR ROAD, BRIDGE AND STREET PURPOSES
A. LOCAL SOURCES
1. Property Tax/Special Assessments
2. General Fund Appropriations
Real Estate Xfer Tax
3. Other (specify)
4. Traffic Fines
5. Sales Tax
C. STATE SOURCES
- - 1. Highway Users Tax 144,503
1,464,221 2. Motor Vehicle Registration Fees 21 , 088
345.()3'7 3. Other (specify)
TOTAL (C) STATE SOURCES 165,591
6a. From County (specify) g g , r,-74 D. FEDERAL SOURCES
Rd & Bridge Funds
b. City/Town (specify) 1. Forest Service
7. Bond Proceeds (net of issuance cost) 2. Mineral Leasing
8. Note Proceeds (net of issuance cost) 3. Payments in Lieu of Taxes
9. Specific Ownership Taxes 4. FEMA
5. HUD
6. Other (specify)
TOTAL (A) LOCAL SOURCES 1 , 8 91, 9 3 2 TOTAL (D) FED. SOURCES B. PRIVATE CONTRIBUTIONS 2 00 , 000
E. TOTAL RECEIPTS (A+B+C+D) 2,257,523
F. UNSPENT BALANCES BEGINNING OF YEAR
(must equal ending balance of previous year)
G. TOTAL RECEIPTS AND BALANCES (E+F) 2,257,523
(Revised 02/00)
120
II. SCHEDULE OF EXPENDITURES FOR ROAD, BRIDGE AND STREET
PURPOSES
A. DIRECT HIGHWAY EXPENDITURES
1. Right-of-Way
2. Preliminary and Construction Engineering
A. Construction - Capacity Improvements
B. Construction - System Preservation
C. Construction - Safety Improvements
3. Total Construction
4. Maintenance of Condition
5. Snow and Ice Removal
6. Traffic Services
7. Administration
8. Traffic Enforcement
TOTAL (A) DIRECT HIGHWAY EXPENDITURES
B. DEBT PAYMENTS ON BONDS AND NOTES
1. Interest on Bonds
2. Interest on Notes
3. Redemption on Bonds (net value)
4. Redemption on Notes (net value)
TOTAL (B) DEBT PAYMENTS
C. PAYMENTS TO OTHER GOVERNMENTS
la. To County (specify)
b. To City (specify)
2. To Dept. of Trans.
TOTAL (C) PAYMENTS TO OTHER GOVERNMENTS
D. OTHER HIGHWAY PURPOSES
(specify)
E. TOTAL EXPENDITURES (A+B+C+D)
159,925
244,765
BQs.Q0A
337.576
19.251
47,469
136,990
2,257,523
F. BALANCES END OF YEAR --
(unspent receipts)
G. TOTAL EXPENDITURES AND BALANCES (E+F) 2,257,523
(Revised 02/00)
121
III. SCHEDULE OF CHANGE IN DEBT STATUS FOR ROAD,
BRIDGE AND STREET OBLIGATIONS
(show all entries at par value; face amount of issue)
BONDS
* * A. BONDS & NOTES OUTSTANDING BEGINNING OF YEAR 5,092,393
B. AMOUNT ISSUED DURING YEAR (par value)
Original issues this year
Refunding issues
C. AMOUNT REDEEMED DURING YEAR (par value)
From current receipts or reserves
From refunding issues
NOTES
D. BONDS AND NOTES OUTSTANDING END OF YEAR 4,969,969
--
** Balance beginning of year 1999 changed from balance end of year 1998
because redemption on bonds for 1998 totalling $102,863,was not included.
1998 end of year balance 5,195,256
1998 redeemed during year (102,863)
1999 beginning of year balance 5,092,393
NOTE:
*** TOTAL RECEIPTS & BALANCES MUST EQUAL TOTAL EXPENDITURES & BALANCES ***
PLEASE GIVE THE FOLLOWING INFORMATION FOR THE PERSON TO CONTACT FOR QUESTIONS
REGARDING THE REPORT.
NAME: Larry Brooks/Valerie McCoy
PHONE: 970-748-4000
FAX: 970-949-91 49
E-MAIL: lbrooks@ayon. o_ro vm ny avon. org
Revised (02/00)
122
STATISTICAL SECTION
TOWN OF AVON, COLORADO
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1) TABLE 1
LAST TEN CALENDAR YEARS
(Unaudited)
General Community Public Public (2) Recreation Capital Debt
Year Government Development Safety Works Transit and Culture Improvements Service Total
1990 $ 908,113 $ 211,746 $ 914,408 $ 453,565 $
1991 926,373 255,234 1,045,692 568,702
1992 962,717 262,367 1,274,405 704,623
1993 1,002,931 289,179 1,390,116 806,947
1994 1,148,731 294,010 1,457,633 787,887
1995 1,072,021 310,106 2,072,188 1,448,486
1996 1,179,939 391,454 2,198,046 1,753,771
1997 1,392,244 433,381 2,206,089 1,655,115
1998 1,721,277 460,628 2,753,841 2,467,761
1999 1,911,025 588,081 3,245,157 2,199,747
756,971
2,038,932
2,249,310
2,471,347
2,581,394
2,985,865
3,408,694
3,325,255
$ 333,519 $ 4,068,388
369,845 6,929,228
497,859 2,816,892
561,296 1,257,748
639,280 6,047,932
685,184 5,696,204
1,528,249 906,928
1,601,614 5,192,614
1,776,425 6,705,346
2,053,269 5,686,282
$ 991,883 $ 8,638,593
1,044,527 13,178,533
2,318,607 11,086,780
712,107 8,491,671
1,026,451 13,983,318
1,287,308 15,557,362
1,462,938 12,830,019
1,585,281 17,391,593
2,800,696 18,685,974
2,771,461 18,455,022
Source: Town of Avon Finance Department
(1) Includes general, special revenue, debt service and capital projects funds.
(2) In 1998 the Town's transit operations were transferred to an enterprise fund.
GENERAL GOVERNMENTAL EXPENDITURES
$20,000,000 -
$18,000,000 -
. h '-
_: -r fry
$16,000,000
$14,000,000
-
$12,000,000 A
q V
AN?
$10,000,000 sS
fi f
-- - - 4' r - -
$8,000,000 ?i:
$6,000,000
11
...,yet..
-
4,4- 2
$4,000,000 - r
000
000
$2 `
,
,
1 990 1991 1992 1993 1994 1 995 1996 1 997 1998 1999
Year
123
TOWN OF AVON, COLORADO
GENERAL GOVERNMENTAL REVENUES BY SOURCE (1) TABLE 2
LAST TEN CALENDAR YEARS
(Unaudited)
(2)
Licenses and Inter- Charges for Fines and Special Investment
Year Taxes Permits Governmental Services Forfeitures Assessments Earnings Miscellaneous Total
1990 $ 3,625,031 $ 54,133 $ 751,064 $ 727,523 $ 31,334 $ 361,557 $ 205,938 $ 49,099 $ 5,805,679
1991 3,702,255 72,883 4,075,863 2,204,444 24,731 529,988 195,620 55,839 10,861,623
1992 4,217,852 92,946 1,051,014 2,497,635 25,238 204,597 129,376 1,470,319 9,688,977
1993 5,450,690 117,904 916,477 2,910,610 29,372 131,632 80,565 111,485 9,748,735
1994 5,818,806 206,043 2,256,523 3,059,627 47,256 127,822 249,033 32,965 11,798,075
1995 6,087,785 205,057 1,257,744 3,356,717 37,915 111,166 337,932 393,364 11,787,680
1996 6,747,636 277,132 1,400,828 4,279,505 50,424 96,780 300,518 591,948 13,744,771
1997 7,919,260 296,166 2,793,719 3,964,656 45,538 105,586 489,721 502,897 16,117,543
1998 9,156,013 312,278 2,489,874 1,283,954 51,376 80,401 582,856 443,234 14,399,986
1999 9,758,234 278,903 2,182,382 1,542,241 51,252 68,528 620,587 491,343 14,993,470
Source: Town of Avon Finance Department
(1) Includes general, special revenue, debt service and capital projects funds.
(2) In 1998 the Town's transit operations were transferred to an enterprise fund.
GENERAL GOVERNMENTAL REVENUES
I
i
$18,000,000
$16,000,000 - '
_-
'? -- - - -- - -
$14,000,000 J
$12,000,000
$10,000,000
. r
m ,
*' - -
$8,000,000 '
?
$6,000,000 r.
r ,
r
s
_
$4,000,000
'
i
$2,000
000
,
1990 1991 1992 1993 1994 1995 1996 1 997 1998 1999
Year
L I
124
TOWN OF AVON, COLORADO
GENERAL GOVERNMENTAL TAX REVENUES BY SOURCE (1)
LAST TEN CALENDAR YEARS
(Unaudited) TABLE 3
Property Tax (3)
Specific Penalties & Delinquent Sales Utility Franchise Accommodations Real Estate
Year General Ownership Interest (2) Taxes Tax Tax Tax Tax Transfer Tax Total
1990 $ 803,843 $ 42,578 $ - $ - $ 1,929,257 $ 32,821 $ 93,322 $ 209,161 $ 514,049 $ 3,625,031
1991 800,470 45,782 - 2,638 2,102,864 35,028 121,036 214,199 380,238 3,702,255
1992 923,276 49,160 - 46,229 2,448,196 35,771 113,949 212,231 389,040 4,217,852
1993 939,245 53,759 - 85,680 2,829,634 38,097 125,629 238,190 1,140,456 5,450,690
1994 970,646 61,384 5,800 16,154 3,113,993 44,802 137,756 241,396 1,226,875 5,818,806
1995 1,084,898 73,579 2,252 (113) 3,449,100 51,625 152,132 262,869 1,011,443 6,087,785
1996 1,321,177 90,095 5,231 433 3,860,415 57,440 170,416 279,316 963,113 6,747,636
1997 1,543,871 119,889 4,955 1,439 4,165,005 60,620 181,095 298,679 1,543,707 7,919,260
1998 2,372,329 184,245 6,756 6,901 4,384,054 63,698 187,360 - 1,950,670 9,156,013
1999 2,489,424 193,240 6,792 5,973 4,547,472 65,164 196,796 - 2,253,373 9,758,234
Source: Town of Avon Finance Department
(1) Includes general, special revenue, debt service and capital projects funds.
(2) Penalties and interest prior to 1994 are reported under investment earnings.
(3) In 1998 the Town's accommodations taxes were accounted for in the Transit Enterprise fund.
F GENERAL GOVERNMENTAL TAX REVENUES
$10,000,000 -
$9,000,000
$8,000,000
%
$7,000,000
$6,000,000
, t
1
$5,000,000
$4,000,000 ?7
$3,000,000
$2,000,000
r
-
? ---- --- ??? -
$1,000,000 ?,.
1 990 1991 1992 1993 1994 1995 1996 1997 1998 1 999
Year
125
TOWN OF AVON, COLORADO
PROPERTY TAX LEVIES AND COLLECTIONS TABLE 4
LAST TEN CALENDAR YEARS
(Unaudited)
Ratio of
Current Percent of Delinquent Total Total Tax
Tax Collection Total Tax Current Taxes Tax Tax Collections to
Year Year Tax Levy (1) Collections Collected Collections (2) Collections Total Tax Levy
1988 1989 $ 644,988 $ 625,546 96.99% $ 20,930 $ 646,476 100.23%
1989 1990 879,653 803,843 91.38% - 803,843 91.38%
1990 1991 911,696 800,470 87.80% 2,638 803,108 88.09%
1991 1992 971,178 923,276 95.07% 46,229 969,505 99.83%
1992 1993 972,332 939,245 96.60% 85,680 1,024,925 105.41%
1993 1994 977,360 970,646 99.31% 16,154 986,800 100.97%
1994 1995 1,094,304 1,084,898 99.14% (113) 1,084,785 99.13%
1995 1996 1,339,666 1,321,177 98.62% 433 1,321,610 98.65%
1996 1997 1,547,017 1,543,871 99.80% 1,439 1,545,310 99.89%
1997 1998 2,376,823 2,372,329 99.81% 6,901 2,379,230 100.10%
1998 1999 2,500,503 2,489,424 99.56% 5,973 2,495,397 99.80%
Source: Town of Avon Finance Department
(1) Taxes are due and payable on January 1 based on the prior year's assessed valuation.
(2) Information on outstanding delinquent taxes is not available.
126
TOWN OF AVON, COLORADO
ASSESSED AND ESTIMATED ACTUAL TABLE 5
VALUE OF TAXABLE PROPERTY
LAST TEN CALENDAR YEARS
(Unaudited)
Ratio of Total
Estimated Assessed Value
Tax Collection Assessed Actual to Total Estimated
Year Year Value Value Actual Value
1989 1990 $ 35,344,450 $ 171,840,268 20.57%
1990 1991 35,651,990 173,335,489 20.57%
1991 1992 37,975,720 175,761,444 21.61%
1992 1993 38,021,820 176,451,399 21.55%
1993 1994 38,208,880 197,749,453 19.32%
1994 1995 46,757,650 231,628,130 20.19%
1995 1996 65,703,510 330,859,124 19.86%
1996 1997 67,896,320 347,593,160 19.53%
1997 1998 95,534,550 532,846,859 17.93%
1998 1999 99,747,220 566,711,185 17.60%
Source: Town of Avon Finance Department
127
TOWN OF AVON, COLORADO
PROPERTY TAX RATES TABLE 6
ALL DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN CALENDAR YEARS
(Unaudited)
Eagle Upper Eagle Eagle
Eagle County Valley Upper Eagle Colorado County
Avon County Colorado School Consolidated Valley River Water Health
Tax Collection Town of Metro. Eagle Library Mountain District Sanitation Sanitation Conservancy Service
Year Year Avon District County District College RE-50J District District District District Total
1989 1990 24.106 11.382 9.559 1.500 4.913 29.327 0.709 2.161 0.449 1.365 85.471
1990 1991 25.352 12.030 10.414 0.000 4.808 29.306 0.744 2.514 0.429 1.421 87.018
1991 1992 25.573 12.040 10.048 0.000 3.997 28.306 0.704 2.622 0.394 1.315 84.999
1992 1993 25.573 12.040 10.026 2.750 3.997 28.306 0.704 2.622 0.394 1.375 87.787
1993 1994 25.573 14.040 10.018 2.750 3.997 28.306 0.704 2.622 0.394 1.169 89.573
1994 1995 23.551 12.040 9.981 2.750 3.997 29.572 0.563 2.622 0.394 1.171 86.641
1995 1996 20.279 10.055 8.937 2.750 3.997 26.018 0.513 1.256 0.383 1.086 75.274
1996 1997 22.785 8.706 8.937 2.750 3.785 26.227 0.513 1.080 0.343 1.070 76.196
1997 1998 19.568 5.855 7.463 2.750 3.944 22.408 0.436 0.809 0.307 0.926 64.466
1998 1999 19.372 5.876 7.463 2.750 3.539 25.641 0.434 0.894 0.309 0.932 67.210
Source: Eagle County Assessor's Abstract of Assessment
Note: Property tax rates are stated in mills per $1,000 of assessed valuation.
128
TOWN OF AVON, COLORADO
SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS TABLE 7
LAST TEN CALENDAR YEARS
(Unaudited)
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Assessments
Due
N/A
131,907
130,740
111,635
102,098
92,834
98,211
78,353
61,945
60,507
New
$ 1,285,000
Assessments Collected
Principal Interest Total
$ 354,756 $ 6,801 $ 361,557
379,945 150,043 529,988
124,422 80,175 204,597
66,110 65,522 131,632
68,093 59,729 127,822
60,411 50,755 111,166
51,848 44,720 96,568
66,133 39,453 105,586
47,900 32,501 80,401
42,186 26,342 68,528
Total
Outstanding
Assessments
Source: Town of Avon Finance Department
$ 1,112,431
732,486
608,064
541,954
473,861
413,450
361,602
295,469
247,569
205,282
129
TOWN OF AVON, COLORADO
RATIO OF NET GENERAL OBLIGATION BONDED DEBT TABLE 8
TO ASSESSED VALUE AND NET GENERAL OBLIGATION
BONDED DEBT PER CAPITA
LAST TEN CALENDAR YEARS
(Unaudited)
Ratio of
(2) (3) Net Bonded
(1) Gross Less: Net Debt to Net Bonded
Assessed Bonded Debt Service Bonded Assessed Debt per
Year Population Value Debt Fund Debt Value Capita
1990 1,798 $ 4,935,000 $ 4,377 $ 4,930,623 13.95% $ 2,742
1991 1,858 35,651,990 5,427,561 - 5,427,561 15.22% 2,921
1992 2,233 37,975,720 5,280,847 10,052 5,270,795 13.88% 2,360
1993 2,363 38,021,820 5,123,663 33,025 5,090,638 13.39% 2,154
1994 2,430 38,208,880 4,955,546 29,478 4,926,068 12.89% 2,027
1995 2,489 46,757,650 4,774,517 - 4,774,517 10.21% 1,918
1996 2,616 65,703,510 4,945,000 15,836 4,929,164 7.50% 1,884
1997 2,706 67,896,320 8,055,000 46,734 8,008,266 11.79% 2,959
1998 2,787 95,534,550 7,765,000 123,762 7,641,238 8.00% 2,742
1999 2,921 99,747,220 7,425,000 147,501 7,277,499 7.30% 2,491
Sources: State of Colorado, Division of Local Government, Eagle County Assessor Abstract of Assessment,
Town of Avon Finance Department
(1) From Table 5
(2) Amount does not include special assessment and revenue bonds.
(3) Amount available for repayment of general obligation bonds.
130
TOWN OF AVON, COLORADO
COMPUTATION OF LEGAL DEBT MARGIN
DECEMBER 31,1999
TABLE 9
(Unaudited)
Assessed Valuation - 1999
Legal Debt Margin:
Debt Limitations - 25% of Assessed Valuation or
$15,000,000, whichever is greater. (1)
Debt Applicable to Limitation:
Total Bonded Debt
Less:
Sales Tax Revenue Bonds
Certificates of Participation
Special Assessment Bonds
Total Debt Applicable to Limitation
Legal Debt Margin
(1) Town of Avon Charter, Chapter XIV, Section 14.7
$ 99,747,220
24,936,805
$ 19,770,000
(5,190,000)
(6,855,000)
(300,000)
7,425,000
$, 17,511,805
131
TOWN OF AVON, COLORADO
COMPUTATION OF DIRECT AND OVERLAPPING BONDED DEBT
GENERAL OBLIGATION BONDS
DECEMBER 31,1999
(Unaudited) TABLE 10
Net General Percentage Amount
Obligation Applicable Applicable
Bonded Debt to Town to Town
Name of Governmental Entity Outstanding of Avon of Avon
Direct:
Town of Avon $ 7,425,000 100.00% $ 7,425,000
Overlapping:
Avon Metropolitan District 3,935,000 100.00% 3,935,000
Eagle County 4,380,000 6.71% 293,898
Eagle County Health Service District 115,000 7.90% 9,085
Eagle County School District RE-50J 66,495,000 7.23% 4,807,589
Eagle-Vail Metropolitan District 5,435,000 12.90% 701,115
Eagle Valley Library District 5,080,000 12.43% 631,444
Upper Eagle Regional Water Authority 7,325,000 20.66% 1,513,345
Eagle River Water and Sanitation District 17,693,246 8.59% 1,519,850
Total
$ 117,883,246
$ 20,836,325
Source: Various Governmental Entities, Eagle County Assessor
132
TOWN OF AVON, COLORADO
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES TABLE 11
FOR GENERAL OBLIGATION BONDED DEBT TO TOTAL
GENERAL GOVERNMENTAL EXPENDITURES
LAST TEN CALENDAR YEARS
(Unaudited)
Total Ratio of
General Debt Service to
Debt Service Requirements Governmental General Governmental
Year Principal Interest Total Expenditures Expenditures
1990 $ 65,000 $ 284,716 $ 349,716 $ 8,638,593 4.05%
1991 185,000 381,393 566,393 13,178,533 4.30%
1992 185,000 377,018 562,018 11,086,780 5.07%
1993 190,000 372,555 562,555 8,491,671 6.62%
1994 255,000 456,638 711,638 13,983,318 5.09%
1995 200,000 361,987 561,987 15,557,362 3.61%
1996 430,000 135,429 565,429 12,830,019 4.41%
1997 365,000 388,822 753,822 17,391,593 4.33%
1998 355,000 404,471 759,471 18,685,974 4.06%
1999 365,000 392,581 757,581 18,455,022 4.11%
Source: Town of Avon Finance Department
Taxes are due and payable on January 1 based on the prior year's assessed valuation.
133
TOWN OF AVON, COLORADO
DEMOGRAPHIC STATISTICS
LAST TEN CALENDAR YEARS
(Unaudited)
TABLE 12
Eagle County
Town of Eagle County Eagle County RE-50J
Avon Per Capita Median School
Year Population Income (1) Age Enrollment
1990 1,798 $ 21,996 30.49 2,701
1991 1,858 22,372 31.26 2,897
1992 2,233 25,096 32.01 3,093
1993 2,363 26,813 32.74 3,278
1994 2,430 27,788 33.59 3,563
1995 2,489 28,571 34.41 3,893
1996 2,616 30,339 35.20 4,004
1997 2,706 31,890 32.91 4,226
1998 2,787 N/A 34.00 4,343
1999 2,921 N/A N/A 4,539
Denver/Boulder Eagle County
Consumer Unemployment
120.9 4.40%
125.6 5.30%
130.3 6.90%
135.8 5.60%
141.8 4.40%
147.9 4.90%
153.1 3.10%
158.1 2.80%
161.9 2.10%
166.7 3.31%
Sources: State of Colorado Division of Local Governments; Eagle County RE-50J School District, Eagle County
(1) In current dollars
134
TOWN OF AVON, COLORADO
COMMERCIAL AND RESIDENTIAL CONSTRUCTION TABLE 13
LAST TEN CALENDAR YEARS
(Unaudited)
Commercial Construction
Square
Year Footage Value
1990 15,000 N/A
1991 - $ -
1992 5,400 N/A
1993 79,045 N/A
1994 188,818 13,297,000
1995 34,094 12,131,025
1996 252,640 7,760,603
1997 160,150 13,730,280
1998 29,594 5,862,230
1999 3,755 6,096,164
Residential Construction
No. of
Units Value
38 N/A $ 5,094,387
287 N/A 15,060,128
75 N/A 8,279,379
50 N/A 8,880,100
91 $ 28,388,093 41,685,093
49 23,026,171 35,157,196
77 19,589,836 27,350,439
89 20,255,146 33,985,426
97 25,806,307 31,668,537
64 20,210,602 26,698,802
Total
Building
Construction
Value
Sources: Town of Avon Community Development Department; Local Financial Institutions
New Commercial and Residential Construction
40,000,000
35,000,000
30,000,000
25,000,000 -
1 20,000,000 ; --
15,000,000
10,000,000
5,000,000
ggawyy! _ c-
1995 1996 1997 1998 1999
Year
® Commercial Construction ¦ Residential Construction
135
TOWN OF AVON, COLORADO
PRINCIPAL TAXPAYERS TABLE 14
DECEMBER 31,1999
(Unaudited)
1999 Percentage of
Assessed Total Assessed
Taxpayer Type of Business Valuation Valuation
Chapel Square LLC Property Management $ 5,053,120 4.40%
Avon Partners H, LLC Property Management 3,458,290 3.01%
Avon Wynfield LLC Hotel 2,054,810 1.79%
Vail Corp dba Vail Associates Inc. Mountain Resort Operator 2,015,680 1.76%
Riverview Park Associates Inc Property Management 1,942,150 1.69%
Mountain Star, LLC Real Estate Developer 1,926,460 .1.68%
Vail Associates Inc. Mountain Resort Operator 1,728,720 1.51%
Dillon Real Estate Co., Inc. Property Management 1,342,370 1.17%
Tanavon Corporation Property Management 1,132,100 0.99%
Avon Commercial Center, LTD Property Management 1,129,650 0.98%
Total Assessed Value of
Ten Largest Taxpayers 21,783,350 18.97%
Total Assessed Value of Other Taxpayers 93,028,570 81.03%
Total Assessed Value of All Taxpayers $114,811,920 100.00%
Source: Eagle County Assessor
136
TOWN OF AVON, COLORADO
MISCELLANEOUS STATISTICS TABLE 15
DECEMBER 31,1999
(Unaudited)
Date of Incorporation August 14, 1978
Form of Government Council/Manager
Area in Square Miles 8.25
Number of Employees:
Full-time 115
Part-time, Temporary, Seasonal (Full-time Equivalents) 146
Town of Avon Facilities and Services:
Miles of Streets 15.62
Number of Street Lights 156.00
Culture and Recreation:
Parks 2
Park Acreage 668
Tennis Courts 2
Volleyball Courts 3
Recreation Centers 1
Basketball Courts 2
Softball Fields 1
Lakes 1
Police Protection:
Number of Stations I
Number of Police Personnel and Officers 17.00
Number of Patrol Units 13
Number of Law Violations:
General Ordinance Violations 230
Traffic Violations 348
Parking Violations 678
Fire Protection:
Number of Stations 5
Number of Fire Personnel and Officers 17
Number of Calls Answered 2,111
Number of Inspections Conducted - New 606
Number of Inspections Conducted - Existing 72
Public Education Contacts 78
Facilities and Services Not Included in the Reporting Entity:
Libraries:
Number of Libraries I
Number of Volumes 38,000
Water System:
Miles of Water Mains 15.68
Number of Service Connections 2,489
Daily Average Consumption in Gallons 582,000
Maximum Daily Capacity of Plant in Gallons 10MGD
Sanitary Sewer System:
Miles of Sanitary Sewers 27.56
Number of Treatment Plants I
Number of Service Connections 2,473
Maximum Daily Capacity of Treatment Plant in Gallons 4.3MGD
Education:
Number of Elementary Schools 1
Number of Elementary School Instructors 30
137
• Avon Recreation Department Memo
June 12, 2000
To: Meryl V
From: Sarah( V`"''11
RE: Quickbeam Systems, Inc. Contract U N
Summary
Attached is the contract from Quickbeam for sound, light and stage services for 5alute to
the 1-15A, the 5ummer Concert Series and Bob5ummerFe5t. Quickbeam has been our sound,
light and stage provider for over 5-year5. We have been very happy with their work.
Recommendation
I recommend that Council approve and sign the attached contract for $23,670.00. We
have been very satisfied with Quickbeam's past services.
L
11
QSI TECHNICAL SERVICES CONTRACTADDENDUM- TOWN OFA VON 2000
OUICKBEAM QSYSTEMS, INC.. TECHNICAL ooraSERVICES sound ONTatRon C
Quickbeam d/ or lighting services for the
Purchaser agree to the following terms:
1. Location of engagement: Nottingham Park, Avon, CO _
1 Identity of performer or groups: Salute to the USA, Bobsummerfest, T-Bird arts festival, High Country Tri-athalon _
3. Name and phone number of representative of Purchaser who will be available to coordinate activities with Quickbeam:
name: Sara Stoutenburgh Lai phone#! 970-7284032
4. Date and time of load in: 7/3,4&5,7/29,8/12 , 9/10/00 Show times Begin: as per schedule End: as Der schedule
5. Type of engagement: stage, roof, sound & lights
6. Quickbeam will furnish and operate the following equipment:
(a) monitor system, size 32 x 2& 40 x 8 house system, size 32 x 4 x 2& 40 x 8 x 2
(b) speaker coverage for an audience of 2500 to 10,000 people, for an outdoor Derformance.
(c) lighting instruments: 12 - 48 lighting dimmers: 12 Control board : 12 _
(d) Number of Quickbeam technicians: Salute to USA 7/4 T-bird Arts Fest. 7/29/00 -Bobsummerfest 8/12/00 Tri-athalon 9/10/00
7. Terms of payment for services by Quickbeam:
please initial each paragraph to acknowledge agreement:
_(a) Total payment to Quickbeam shall be in the amount of $ 23,670.00
S 750.00 ADDITIONAL CHARGE IF JULY 5TH RAIN DATE IS USED
_(b) 33% of the total payment amount ( $7,890.00) shall be made payable in advance in the form of check. If advance payment
is not received by 6/15/00 equipment may not be available for the above listed engagement.
_(c) If purchaser notifies Quickbeam of cancellation thirty (30) days prior to the engagement, employer shall have the options: credit the
advance against fees for future engagements, or receiving a refund of 85% of the advance payment.
_(d) If the engagement is canceled for any reason by the purchaser within thirty (30) days of the of the engagement, the advanced payment
will not be refunded of credited.
_(e) The balance will be paid to Quickbeam in 2 additional 33% payments due on 7/4/00, and 8/12/00
This provision is the essence of this contract, and default by the purchaser will excuse Quickbeam from any further obligations, including
providing equipment at the above listed engagement.
_(f) If the engagement is canceled or cannot occur for any reason other than default by Quickbeam, including but not limited to artist
failure to appear, wind, rain, snow, lightening, or any other natural cause, at any time after Quickbeam equipment trucks have begun to travel
enroute to the engagement, Quickbeam shall be entitled to the full amount of the contract price as payment for its services.
8. The purchaser shall provide for the engagement:
_(a) Purchaser agrees to provide 1 competent forklift operator to assist with set-up, and removal of Quickbeam equipment from the
concert area.
Personnel will be available at scheduled set up times and immediately after the performance. Quickbeam reserves the right to dismiss
non qualified personnel at any given time, at which time the purchaser is responsible for replacing dismissed personnel.
_(c) Purchaser agrees to provide adequate parking space adjacent to the venue for all Quickbeam vehicles.
_(d) One licensed and qualified electrician, ready to work within 30 minutes after the load in of the show and immediately after the
performance.
_(e) Electrical services of (I ) 100 amps, 3 phase, 110 volts, (2) 200 amps, 3 phase, 110 volts, to be
located with in 100 feet of the stage.
_(f) Complete meals for Quickbeam personnel at the following times: lunch and dinner on event days only and soft drinks, and
water available throughout the day for the duration of QSI services to the purchaser.
_(g) One guest pass for each member of the Quickbeam crew.
9. stage size: 24' x 24' & 24' x 32' all 40" in height sound wing size: scaffold wings
13. Additional terms and conditions: Sound and lighting orders, labor schedules and accommodation needs as listed in the QSI proposal
and attatched herin are made a part of this agreement. Paragraphs 10,11 and 11 listed on page 2 are made a part of this agreement.
THIS CONTRACT MAY BE AMENDED ONLY ON THE MUTUAL AGREEMENT OF BOTH PARTIES BY SIGNING A
WRITTEN MEMORANDUM DEFINING THE TERMS OF THE AMENDMENT. THE UNDERSIGNED SIGNATURE
WARRANTS QUALIFICATION AND AUTHORITY TO EXECUTE THIS CONTRACT AND THAT THEY HAVE READ
ANDUNDERSTAND THE TERMS OF THIS CONTRACT.
QUICKBEAM SYSTEMS INC TOWN OF AVON
3716 HIGH ST. NE PO BOX 975 - 400 BENCHMARK RD
ALBUQUERQUE, NM 87107 AVON, CO 81620
(505) 255-7647 970-9494280
X: X:
QUICKBEAM SYSTEMS CONTACT NAME: GARY MATHEWS SIGNATURE: JUDY YODER, MAYOR
11
QS1 TECHNICAL SERVICES CONTRACT ADDENDUM- TOWN OF AVON 2000
CONTRACT ADDENDUM -- TOWN OF AVON & QUICKBEAM SYSTEMS INC.
Initials
10. The purchaser assumes full liability for any injuries to any Quickbeam personnel due to the actions of
patrons or personnel of the purchaser for the duration of the time that Quickbeam staff are on site, subject to the
Colorado Governmental Immunity Act.
11. Subject to the Colorado Governmental Immunity Act, purchaser agrees to assume full liability for damage
or loss of equipment rising from events within the purchaser's control.
12. Town is granted the option to renew this contract; for 2000, including Salute to the USA (13,170.00), Two
concert in the park events (7000.00), Bobsummerfest (3500) at a rate of $ 23,670.00; for 2001 at a rate of
$ 24,380.00.
0
E
QSI TECHNICAL SERVICES CONTRACTADDENDUM- TOWN OFA VON 2000
SALUTE TO THE USA 0
QVICKBEAM SYSTEMS INC. PROPOSES THE FOLLOWING EQUIPMENT AND STAFF FOR HIRE TO
THE TOWN OF AVON, COLORADO FOR THE 2000 SALUTE TO THE USA EVENT, JULY3 & 4, 2000.
EQUIPMENT
6 APOGEE 3x3 with processors and amps -- main stage
8 APOGEE AE-12 DOUBLE 18" subwoofer cabinets -- main stage
3 10' Towers with (2) APOGEE 3X3 with amps -- delay one: midfield
3 10' Towers with (2) APOGEE 3X3 south & (3) APOGEE 3X3 with amps -- delay two:
1 10' Tower with (2) APOGEE 3X3 with amps-- delay three: northeast lake
2 10' Tower with (3) P.A.S. RS 2.2 with amps -- delay four: north lake
1 40 channel house board with drive and effects rack
1 small delay adjusted sound system for VIP area
1 40 channel stage monitor system with 8 mixes of amps/EQs and 10 wedges
1 Microphone and stage package
36 1000w stage lighting system with dimmers and control board
1 32' x 34' stage cover with 4 genie towers
21 sections of STAGING CONCEPTS stage -- 44" high
2 Sound console covers
10 5' x 7' x 10' high scaffold towers with leveling jacks
(2 main stage, 3 field delay, 3 west delay, 1 northeast lake delay, 2 north lake delay)
Sound technicians
lights, roof and stage technician
driver
r-
QSI TECHNICAL SERVICES CONTRACT ADDENDUM - TOWN OF A VON 2000
SALUTE TO THE USA 7/3,4,5/00
PERSONNEL SCHEDULE
(NOTE: ITALIC INDICATES THAT QUICKBEAM PROVIDES, BOLD INDICATES THAT TOWN OF AVON PROVIDES)
7/3/00 -STAGE, ROOF AND SCAFFOLD INSTALLATION EQUIPMENT UNLOAD
9:00am - 1:00pm:
10 people
EQUIPMENT SET UP - STACK FIELD SPEAKERS
2:00pm - 5:00pm:
4 people
1 forklift operator
1 forklift
1 service vehicle driver
I service vehicle
I Electrician to tie in (2) services -- about I hour of work
7/4/00 - SOUND, LIGHTING, DELAYS INSTALLATION BAND SET UP/CHECK
10:00am - 2:00pm:
4 people
1 forklift operator
1 forklift
1 service vehicle driver
1 service vehicle
0 STRIKE SOUND, LIGHTS, SCAFFOLD STAGE AND ROOF
9:30pm - 1:30am:
SECURITY
7/3-7/4/00
16 people
1 forklift operator
l forklift
1 service vehicle driver
1 service vehicle
i electrician for disconnection (could be done on July 5th, or 6" if rain date is used)
Overnight security from stage load in to end of load out
0
QSI TECHNICAL SERVICES CONTRACTADDENDUM- TOWN OFA VON 2000
SALUTE TO THE USA CONT'D
SECTION TWO: POWER REQUIREMENTS
MAIN STAGE:
1. Lights: 100 amps, 3 phase
2. Sound: 100 amps, single phase
DELAY SPEAKER SYSTEMS
1. West Park delays -- pump housing: 50 amps, single phase
2. Northeast lake delay : 2 X 20 amps, 110v (two, 2000 watt generators)
3. North lake delay : 2 x 20 amps, 110 v (two, 2000 watt generators
TIMES
7/3/00 - 9:00pm - 1:00pm Equipment unload, Stage, roof, scaffold set up
7/3/00 - 2:00pm - 5:00pm Equipment set up, speakers placed
7/4/00 - 9:00am - 1:00pm Sound and light set up, system check
2:00 pm - 4:00pm Sound check
5:00 pm - 9:30pm event
10:00pm - 2:00am strike
HOUSING NEEDS
Accommodations are to be provided by purchaser for 6 people for July 2, 3 and 4. Add July 5 if used as a rain
date.
This will be (2) triples.
MEALS
On event day (7/4/00) a lunch meal (box lunch is OK) and dinner meal will need to be provided to the crew of
6. Water and other liquids are needed at the stage for all times worked on July 3 and 4.
The 20 amp, 11 Ov power requirement may be best met with the use of a small and quiet 20 amp generator.
These generators are not included with this proposal. The generators and refueling is to be provided by the
town of Avon.
U
QSI TECHNICAL SERVICES CONTRACT ADDEND UM - TOWN OF A VON 2000
CONCERTS IN THE PARK - JULY 29, AUGUST 12, SEPTEMBER 10, 2000
QUICKBEAM SYSTEMS INC. PROVIDES THE FOLLOWING EQUIPMENT AND STAFF TO THE TOWN
OF A VON, COLORADO FOR THE 2000 CONCERTS IN THE PARK SERIES, AND BOBSUMMERFEST
EQUIPMENT
6 APOGEE 30 with processors and amps
4 APOGEE AE-12 DOUBLE 18" subwoofer cabinets
1 40 channel house board with drive and effects rack
1 40 channel stage monitor system with 8 mixes of amps/EQs and 12 wedges
1 Microphone and stage package
12 1000w stage lighting system with cable, distribution panel, etc.
1 24' x 24' stage with 20' x 20' tent canopy
18 sections of STAGING CONCEPTS stage -- 44" high
2 sound wings
2 Sound technicians
1 lighting, roof and stage technician
PERSONNEL SCHEDULE
(NOTE: ITALIC INDICATES THAT QUICKBEAM PROVIDES, BOLD INDICATES THAT TOWN OF AVON PROVIDES)
STAGE AND ROOF SET UP
7/29/00 - @ Chapel Square:7:00 AM - 9:OOAM:
8/12/00 - @ Park : I O:00AM - 12:OOPM
9/10/00- @ Park : 9:00 AM - 11:OOPM
® 6 people
SOUND AND LIGHTS SET UP
7/29/00 - @ Chapel Square:9:00PM - 12:OOPM
8/12/00 - @ Park : 1:00PM - 4:OOPM
9/10/00 - @ Park :12:OOPM - 3:OOPM
6 people
STRIKE SOUND LIGHTS STAGE AND ROOF
7/29/00 - @ Chapel Square:7:00PM - 10:00 PM
8/12/00 - @ Park : 9:30PM - 12:OOAM
9/10/00 - @ Park : 6:OOPM - 9:OOPM
6 people
Forklift and operator is helpful if available
POWER REQUIREMENTS
Lights: 100 amps, 3 phase, 11Ov
Sound: 100 amps, 3 phase, I IOv
ACCOMMODATIONS
Accommodations are needed for 3 people on July 28, 29 , August 11,12 and September 9, 10 2000
This is (2) double rooms.
MEALS
A dinner meal will need to be provided to the crew of 3. Purchaser does not need to provide dinner if one full
hour break after sound check and before the performance is given to the technicians. Water and other liquids
are needed at the stage for all times worked from start of set up to completion of load out.
Forklift and operator is helpful if available
Memo
To: Honorable Mayor and Town Council
Thru: Bill Efting, Town Manager
From: Norm Wood, Town Engineer
Date: June 22, 2000
Re: Nottingham Road / Mountain Star Drive
Roundabout Feasibility Study
Summary: Leif Ourston, Ourston Roundabout Interchanges, has
submitted the attached Proposal for design services for a Roundabout at Nottingham Road
and Mountain Star Drive. The design services include a feasibility study and roundabout
design for incorporation into the Nottingham Road Construction Plans. The feasibility
study would utilize existing and projected traffic data establish the design criteria used in
the roundabout design and construction plans.
Total estimated cost for these services is $13,600.00, as follows:
Task 1 - Feasibility Study $ 9,600.00
Task 2 - Design for Construction Plans 4,000.00
Total $13,600.00
Extra work, if required, including meetings in Avon would be provided at $ 180.00 per
hour plus expenses. Based on Leifs previous experience with Avon Roundabouts and
information available, no additional work or meetings are anticipated.
The cost of these services is within the current Nottingham Road design budget.
Approval of this Proposal from Ourston Roundabout Interchanges in the amount of
$ 13,600.00 is recommended.
Recommendations: Approve Proposal for Roundabout Feasibility Study,
Nottingham Road and Mountain Star Drive as submitted by Ourston Roundabout
Interchanges with an amount not to exceed $ 13,000.00.
0 Town Manager Comments:
IAEngineering\CIP\Notlingham Md12.0 Contract Services\2.8 Othear\Meinoproposal.Doc
obilr, ay. UUI'SLVII nUU11UaUUUL L11L, ODU JLJ'+ 4v4u, •)U1I-1ZY-UU 0.14FNI) retyc I
91 Ourston
Roundabout
Interchanges
June 19, 2000
Norman Wood, P,E.
Town Engineer
Town of Avon
500 Swift Gulch Road
Avon, CO 81620
Fax to: 970 748-1958
ROUNDABOUT FEASIBILITY STUDY:
NOTTINGHAM ROAD AND MOUNTAIN STAR DRIVE
I am pleased to present this proposal to study the feasibility of a modern
roundabout at the intersection of Nottingham Road and Mountain Star Drive. I
have reviewed your preliminary sketch layout and your projected peak-hour
traffic flows. A modern roundabout at the intersection is possible.
I have also studied the feasibility of converting the present raindrop-style
roundabout at Nottingham Road and Avon Road into a full-circle roundabout.
The raindrop-style roundabout can be easily converted to a full-circle
roundabout by opening the tip of the raindrop and adding a yield line.
SCOPE OF WORK
The project will be divided into two stages, Feasibility Study and Designs for
Contract Plans.
Feasibility Study
I will design the roundabout in CAD. The design will accurately lay out
curblines, edges of pavement, and striping.
3 West Carrillo Street, Suite 208 805 564-2482 www.OURSTON.com
Santa Barbara, CA 93101 Fax 564-2040 mail@OURSTON_com
t -111 Uy. Vul OLUn nuUnUdUUUI lily
Norman Wood, P.E.
June 19, 2000
® I will estimate the traffic performance of the roundabout using RODEL.
Capacities, delays, and levels of service will be given for both peak hours.
I will present the design, traffic analysis, and recommendations in a study
report. The report will be completed within one month of receipt of information
to be furnished by the Town of Avon.
You will furnish:
• A digitized topographic map of the study area. The map will locate important
features, including curbs, stripes, buildings, walls, and underground utility
vaults, if any. It will include contours.
• Proposed road widening.
• Lane lines, including striping for existing and proposed bike lanes, if any.
Designs for Contract Plans
When the project moves forward to preparation of construction documents, I
® will furnish the roundabout-specific design elements of the contract plans.
® These include:
• Refinements to the horizontal layout developed in the feasibility study,
including curblines, edges of pavement, and striping.
• Design of special sign panels and location of all signs.
• Location of clear-view areas to be preserved by your landscape architect.
• Location of wheelchair ramps and median pedestrian refuges.
I will furnish information on the design of street lighting. i will check your street
lighting plans and vertical design, and I will review your contract plans.
COST
My standard fees are $12,500 per roundabout for a feasibility study and $4,000
per roundabout for review of the contract plans. Because of your experience with
roundabouts, the study report can be less elaborate than usual, and the cost of
the feasibility study will therefore be reduced to $9,600.
LJ
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2
bent by; uur51011 muulluaUUU C 111 l j OUD 004 eU4U j JU11- I W-UU o; 1 arm, raye a/ a
Norman Wood, P.E. June 19, 2000
E
Meetings are not planned at this time. If unforeseen meetings are required in the
future, my standard rate of $180 per hour will apply to meetings and travel, and
travel expenses will be reimbursed. Most of the travel expense would be the air
fare, which varies according to my advance notice of the meeting date. There
will not be a charge for any other type of expense, such as shipping and printing.
The total cost is estimated at $13,600, as follows.
Task 1--Feasibility Study
1 roundabout @ $9,600 $9,600
Task 2--Designs for Contract Plans
1 roundabout @ $4,000 4.000
TOTAL
113.,60Q
0
Extra work not included in the scope of work would be done at my standard rate
of $180 per hour. If the base map or the projected design flows are changed after
the roundabout design is begun, there will be a charge for extra work to revise
the design.
CONCLUSION
It will be a pleasure to work with you again, this time on Avon's sixth
roundabout. I very much enjoyed working with you on Avon's first five
roundabouts. I look forward to see traffic flowing smoothly and safely on the
four-lane section of Nottingham Road framed by a pair of modern roundabouts.
Sincerely yours,
Leif Ourston, P.E.
C
3