HomeMy WebLinkAbout2019 Consolidated Annual Report0801.0024: 1055471 -1 -
VAIL SQUARE METROPOLITAN DISTRICT NOS. 1-3
2019 CONSOLIDATED ANNUAL REPORT
Pursuant to the Consolidated Service Plan for Vail Square Metropolitan District Nos. 1-3
(the “Districts”), the Districts shall be responsible for submitting an annual report to the Town
Manager of the Town of Vail (the “Town”) each year. For the year ending December 31, 2019,
the Districts make the following report:
1. Boundary changes made to the Districts’ boundaries as of December 31 of
the prior year.
No boundary changes were made to the Districts’ boundaries in 2019.
2. Intergovernmental Agreements with other governmental entities entered into
as of December 31 of the prior year.
No Intergovernmental Agreements were entered into during 2019.
3. A list of all facilities and improvements constructed by the Districts that have
been dedicated to and accepted by the Town as of December 31 of the prior year.
No facilities or improvements constructed by the Districts were dedicated to the Town in
2019.
4.The assessed valuation of the Districts for the current year.
The 2019 gross total assessed valuation for each District is as follows:
District No. 1 - $370
District No. 2 - $27,824,870
District No. 3 - $29,787,850
5.Current year budget including a description of the Public Improvements
to be constructed in such year.
Copies of the Districts’ 2020 budgets are attached hereto as Exhibit A.
6. Audit of the Districts financial statements, for the year ending December 31
of the previous year, prepared in accordance with generally accepted accounting principles
or audit exemption, if applicable.
The Districts’ 2019 Audits are attached as Exhibit B.
0801.0024: 1055471 - 2 -
7. Notice of any uncured events of default by the Districts, which continue
beyond a ninety (90) day period, under any debt instrument.
There were no uncured events of default by the Districts, which continued beyond a ninety
(90) day period, under any debt instrument.
Respectfully submitted this 16th day of July, 2020
VAIL SQUARE METROPOLITAN
DISTRICT NOS. 1-3
________________________________________
Trisha K. Harris, Esq.
General Counsel to the District
0801.0024: 1055471
EXHIBIT A
2020 Budgets
VAIL SQUARE METROPOLITAN DISTRICT NO. 1
__________________________________________
Administrative Management Provided By Marchetti & Weaver LLC
28 Second Street, Suite 213, Edwards, CO 81632; Phone (970) 926-6060; Fax (970) 926-6040
January 15, 2020
Division of Local Government
1313 Sherman Street, Room 521
Denver, CO 80203
Filed Electronically: dlg-filing@state.co.us
RE: Vail Square Metropolitan District No. 1 Budget; LGID #65508
Attached is the 2020 Budget for the Vail Square Metropolitan District No. 1 in Eagle County,
Colorado, submitted pursuant to Section 29-1-116, C.R.S. This Budget was adopted on October
21, 2019. If there are any questions on the budget, please contact Mr. Kenneth J. Marchetti,
telephone number 970-926-6060, Ext 8.
The mill levy certified to the County Commissioners of Eagle County is 0.000 mills for all
general operating purposes, subject to statutory and/or TABOR limitations; 0.000 mills for G.O.
bonds; 0.000 mills for contractual obligations; 0.000 for refund/abatement; and 0.000 mills for
Temporary Tax Credit/Mill Levy Reduction. Based on a net assessed valuation of $200, the total
property tax revenue is $0. A copy of the certification of mill levies sent to the County
Commissioners for Eagle County is enclosed.
I hereby certify that the enclosed is a true and accurate copy of the budget and certification of tax
levies to the Board of County Commissioners of Eagle County, Colorado.
Sincerely,
____________________________________
Title ________________________________
Enclosure(s)
District Accountant and Administrator
VAIL SQUARE METROPOLITAN DISTRICT No. 1
2020 BUDGET MESSAGE
Vail Square Metropolitan District No. 1 is a quasi-municipal corporation organized and operated
pursuant to provisions set forth in the Colorado Special District Act. The District was
established to supply the necessary services of roads, drainage facilities, streetscape, water and
sewer utilities mains.
The District has no employees and all operations and administrative functions are contracted.
The following budget is prepared on the modified accrual basis of accounting, which is
consistent with the basis of accounting used in presenting the District's financial statements.
2020 BUDGET STRATEGY
Vail Square Metropolitan District No.1 was formed in late 2005. The District has joined with
Vail Square Metropolitan District No. 2 and Vail Square Metropolitan District No.3 in adopting
a consolidated service plan. Under this consolidated service plan, Vail Square Metro District
No.1 is the “service district” and Vail Square Metro District Nos. 2 and 3 are the “financing
districts.” As such, Vail Square Metro District No. 1 will be responsible for managing the
construction, maintenance and operation of facilities and improvements needed for the Vail
Square Metro District Nos. 2 and 3 areas.
In 2008 the District issued a $16 Million Tax Supported Loan Facility. The District used the net
proceeds from the loan facility to finance the cost of the infrastructure improvements. As stated
under the Joint Funding Agreement and the District Facilities Joint Financing, Construction and
Service Agreement between the District and Vail Square Metro District Nos. 2 and 3, Districts
Nos. 2 and 3 will be responsible for providing the funding and tax bases needed to support the
financing plan for capital improvements. Vail Square Metropolitan District Nos. 2 and 3
anticipate utilizing the property taxes they collect to pay for a portion of their obligations to the
District.
Page 1 of 5
RESOLUTIONS OF VAIL SQUARE METROPOLITAN DISTRICT NO. 1
TO ADOPT 2020 BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND
AND ADOPTING A BUDGET FOR THE VAIL SQUARE METROPOLITAN DISTRICT
NO.1, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF
JANUARY 2020 AND ENDING ON THE LAST DAY OF DECEMBER 2020.
WHEREAS, the Board of Directors of the Vail Square Metropolitan District No. 1 (the
“District”) has appointed a budget committee to prepare and submit a proposed 2020 budget at
the proper time; and
WHEAREAS, such committee has submitted a proposed budget to this governing body at the
proper time, for its consideration, and;
WHEREAS, upon due and proper notice, published or posted in accordance with the law, said
proposed budget was open for inspection by the public at a designated place, and a public
hearing was held on October 21, 2019 and interested taxpayers were given the opportunity to file
or register any objections to said proposed budget; and;
WHEREAS, whatever increases may have been made in the expenditures, like increases were
added to the revenues or planned to be expended from reserves/fund balances so that the budget
remains in balance, as required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the District:
Section 1. That the budget as submitted, amended, and summarized by fund, hereby is
approved and adopted as the budget of the District for the year stated above.
Section 2. That the budget hereby approved and adopted shall be certified by any officer or
the District Administrator of the District and made a part of the public records of
the District.
(THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK)
Page 2 of 5
RESOLUTIONS OF VAIL SQUARE METROPOLITAN DISTRICT NO. 1
(CONTINUED)
TO SET MILL LEVIES
A RESOLUTION LEVYING PROPERTY TAXES FOR THE YEAR 2019, TO HELP
DEFRAY THE COSTS OF GOVERNMENT FOR THE VAIL SQUARE METROPOLITAN
DISTRICT NO. 1, TOWN OF VAIL, EAGLE COUNTY, COLORADO, FOR THE 2020
BUDGET YEAR.
WHEREAS, the Board of Directors of the Vail Square Metropolitan District No. 1 (the
“District”), has adopted the annual budget in accordance with the Local Government Budget
Law of Colorado, on October 21, 2019 and;
WHEREAS, the amount of money necessary to balance the budget for general operating
expenses and capital expenditure purposes from property tax revenue is $0.00 and;
WHEREAS, the Board of Directors of the District finds that it is required to temporarily lower
the general operating mill levy to render a refund for $0.00, and;
WHEREAS, the amount of money necessary to balance the budget for capital expenditure
purposes from property tax revenue approved by voters or at public hearing is $ 0.00, and;
WHEREAS, the amount of money necessary to balance the budget for contractual obligations
from property tax revenue as approved by voters is $ 0.00 and;
WHEREAS, the amount of money necessary to balance the budget for voter approved bonds and
interest is $0.00, and;
WHEREAS, the 2020 net valuation for assessment for the District, as certified by the County
Assessor is $200.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the District:
Section 1. That for the purposes of meeting all general operating expenses of the District
during the 2020 budget year, there is hereby levied a tax of 0.000 mills upon each
dollar of the total valuation for assessment of all taxable property within the
District for the year 2019.
Section 2. That for the purposes of rendering a refund to its constituents during budget year
2020 there is hereby levied a temporary tax credit/mill levy reduction of 0.000
mills.
Section 3. That, for the purpose of meeting all capital expenditures of the District during the
2020 budget year, there is hereby levied a tax of 0.000 mills upon each dollar of
the total valuation for assessment of all taxable property within the District for the
year 2019.
Page 3 of 5
RESOLUTIONS OF VAIL SQUARE METROPOLITAN DISTRICT NO. 1
(CONTINUED)
TO SET MILL LEVIES (CONTINUED)
Section 4. That for the purpose of meeting all payments for contractual obligations of the
District during the 2020 budget year, there is hereby levied a tax of 0.000 mills
upon each dollar of the total valuation for assessment of all taxable property
within the District for the year 2019.
Section 5 That for the purpose of meeting all payments for bonds and interest of the District
during the 2020 budget year, there is hereby levied a tax of 0.000 mills upon each
dollar of the total valuation for assessment of all taxable property within the
District for the year 2019.
Section 6. That any officer of the District or the District Administrator is hereby authorized
and directed to either immediately certify to the Board of County Commissioners
of Eagle County, Colorado, the mill levies for the District as hereinabove
determined and set, or be authorized and directed to certify to the Board of
County Commissioners of Eagle County, Colorado, the mill levies for the District
as hereinabove determined and set based upon the final (December) certification
of valuation from the County Assessor.
(THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK)
Page 4 of 5
RESOLUTIONS OF VAIL SQUARE METROPOLITAN DISTRICT NO. 1
(CONTINUED)
TO APPROPRIATE SUMS OF MONEY
(PURSUANT TO SECTION 29-1-108, C.R.S.)
A RESOLUTION APPROPRIATING SUMS OF MONEY TO THE VARIOUS FUNDS AND
SPENDING AGENCIES, IN THE AMOUNT AND FOR THE PURPOSE AS SET FORTH
BELOW, FOR THE VAIL SQUARE METROPOLITAN DISTRICT NO. 1, TOWN OF VAIL,
EAGLE COUNTY, COLORADO, FOR THE 2020 BUDGET YEAR.
WHEREAS, the Board of Directors of the Vail Square Metropolitan District No. 1 (the
“District”) has adopted the annual budget in accordance with the Local Government Budget Law
of Colorado, on October 21, 2019, and;
WHEREAS, the Board of Directors has made provision therein for revenues in an amount equal
or greater to the total proposed expenditures as set forth in said budget, and;
WHEREAS, it is not only required by law, but also necessary to appropriate the revenues and
reserves or fund balances provided in the budget to and for the purposes described below,
thereby establishing a limitation on expenditures for the operations of the District.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
DISTRICT:
Section 1. That the following sums are hereby appropriated from the revenues of each fund,
to each fund, for the purposes stated:
GENERAL FUND:
Current Operating Expenses $ 105,545
DEBT SERVICE FUND:
Debt Service Expenditures $1,561,058
(THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK)
VAIL SQUARE METROPOLITAN DISTRICT #1STATEMENT OF NET POSITION Printed: 12/19/19September 30, 2019FIXEDGENERALDEBT ASSETSASSETSFUND SERVICE& LT DEBTTOTALCSafe969,125 16,550 985,675Compass - Operating 0 0Compass - Project Fund 355,228 355,228Compass - Pledged Revenue 751,446 751,446Compass - Loan Payment 10,011 10,011Compass - D/S Reserve 505,878 505,878Accounts Receivable - VSQ #2 & #3 31,066 287,019 318,085Prepaid Insurance 0 0Assets 1,863,895 1,863,895Accum Depreciation/Amort(905,748) (905,748)Net Capital & Service Oblig - VSQ 2 & VSQ 3 11,046,211 11,046,211TOTAL ASSETS 1,000,191 1,926,131 12,004,358 14,930,681DEFERRED OUFLOWSSwap Interest Rate Deferred Inflow798,923 798,923TOTAL DEFERRED OUFLOWS 0 0 798,923 798,923OTAL ASSETS AND DEFERRED OUTFLOWS 1,000,191 1,926,131 12,803,281 15,729,604LIABILITIES Accounts Payable 1,156 0 1,156Accrued Interest Payable45,575 45,575Long Term Obligations 13,140,000 13,140,000Interest Rate Swap798,923 798,923TOTAL LIABILITIES 1,156 0 13,984,498 13,985,654NET POSITIONNet Investment in Capital Assets(1,181,217) (1,181,217)Unrestricted Net Position 999,035 1,926,131.31 2,925,166TOTAL NET POSITION 999,0351,926,131 (1,181,217) 1,743,950TOTAL LIABILITIES ANDNET POSITION 1,000,192 1,926,131 12,803,281 15,729,604= = = = No assurance is provided on these financial statements and substantially all disclosures required by GAAP have been omitted.PAGE 1
VAIL SQUARE METROPOLITAN DISTRICT #1STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCEPrinted: 12/19/19BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATEDGENERAL FUNDCal year9 Months 9 Months Cal Year2019 Cal yearEnded EndedVariance 20202018 Adopted 2019 09/30/19 09/30/19 Favorable Adopted BudgetAudited BudgetAmended ActualBudget(Unfav)Budget CommentsAssessed ValuationVail Square Metro Dist # 1 50 50 50 200Nov 2019 FINAL AV Vail Square Metro Dist # 1 - TIF AV 40 40 40 170Nov 2019 FINAL AV Vail Square Metro Dist # 2 13,935,230 12,926,060 12,926,060 14,747,380Nov 19 FINAL AV Vail Square Metro Dist # 2 - TIF AV 11,069,090 11,386,730 11,386,730 13,077,490Nov 19 FINAL AV Vail Square Metro Dist # 3 7,626,730 7,442,030 7,442,030 15,787,780Nov 19 FINAL AV Vail Square Metro Dist # 3 - TIF AV 6,449,850 6,555,780 6,555,780 14,000,070Nov 19 FINAL AV 39,080,990 38,310,690 38,310,690 57,613,090REVENUES Xfer VSQ #2 Prop Tax.-Serv 38,332 37,615 37,615 34,255 37,615 (3,360) 42,915 AV x Mill levy Xfer VSQ #2 TIF TOV Prop Tax.-Serv 33,212 33,135 33,135 30,030 31,950 (1,920) 38,055 AV x Mill levy Xfer VSQ #3 Prop Tax.-Serv 22,194 22,326 22,326 21,658 22,326 (668) 47,363 AV x Mill levy Xfer VSQ #3 TIF TOV Prop Tax.-Serv 18,769 19,077 19,077 16,076 19,077 (3,001) 40,740 AV x Mill levy Interest Income 7,337 6,620 20,000 16,953 4,965 11,988 13,980 1.5% of fund balTOTAL REVENUES 119,844118,774132,154118,971 115,933 3,038 183,054EXPENDITURES Accounting 13,400 15,000 15,000 10,424 11,250 826 15,000 Audit 8,500 8,500 8,500 8,500 8,500 0 8,500 Elections 1,078000002,000 Insurance 2,629 2,750 2,750 2,732 2,750 18 3,250 Legal 9,658 15,000 15,000 4,263 11,250 6,987 15,000 Miscellaneous 105 500 500 47 380 333 500 Snowmelt Energy 16,348 31,500 31,500 10,807 15,438 4,631 20,000 Snowmelt Repairs & Maintenance 8,693 15,500 15,500 567 2,250 1,683 10,000 Operations Expenses - AVS 13,712 21,400 21,400 8,003 17,000 8,997 15,000 Direct District Operating Expenses 0 5,000 5,000 0 0 0 5,300 General Engineering 7,246 0 0 0 0 Contingency 0 10,000 10,000 0 0 0 10,000TOTAL EXPENDITURES 81,369 125,150 125,150 45,342 68,818 23,475 104,550REVENUE OVER (UNDER) EXPEND. 38,475 (6,376) 7,004 73,629 47,115 (26,514) 78,504OTHER FINANCING SOURCES/(USES) Interdistrict Contirb - VSQ MD 3 (1,679) (3,730) (3,730) (3,343) (4,020) (677) (995)TOTAL OTHER FINANCING SOURCES(1,679) (3,730) (3,730) (3,343) (4,020) (677) (995)FUND BALANCE - BEGINNING 891,953 882,697 928,748 928,748 882,697 (46,051) 932,022FUND BALANCE - ENDING928,748 872,591 932,022 999,035925,792 (73,243) 1,009,531= = = = = = No assurance is provided on these financial statements and substantially all disclosures required by GAAP have been omitted.PAGE 2Components of Fund Balance Assigned for Capital Costs - Reserves 850,000 860,000Unassigned 82,022 149,531Total 932,022 1,009,531
VAIL SQUARE METROPOLITAN DISTRICT #1 Printed: 12/19/19STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCEBUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATEDDEBT SERVICE FUNDCal year9 Months 9 Months Cal Year2019 Cal yearEnded EndedVariance 20202018 Adopted 2019 09/30/19 09/30/19 Favorable Adopted BUDGETAudited Budget Amended Actual Budget (Unfav) Budget ASSUMPTIONSAssessed ValuationVail Square Metro Dist # 1 50 50 50 200Nov 2019 FINAL AV Vail Square Metro Dist # 1 - TIF AV 40 40 40 170Nov 2019 FINAL AV Vail Square Metro Dist # 2 13,935,230 12,926,060 12,926,060 14%14,747,380Nov 19 FINAL AV Vail Square Metro Dist # 2 - TIF AV 11,069,090 11,386,730 11,386,730 15%13,077,490Nov 19 FINAL AV Vail Square Metro Dist # 3 7,626,730 7,442,030 7,442,030 112%15,787,780Nov 19 FINAL AV Vail Square Metro Dist # 3 - TIF AV 6,449,850 6,555,780 6,555,780 114%14,000,070Nov 19 FINAL AV Total Assessed Value39,080,990 38,310,690 38,310,690 57,613,090Change -12%2% 50%Mill Levy RatesIGA Services Mill Levy Rate #2 3.000 3.000 3.000 3.000Capital Pledge Mill Levy Rate #232.000 32.000 32.000 32.000Total Mill Levy Rate #2 35.000 35.000 35.00061.54%35.00061.54%IGA Services Mill Levy Rate #33.000 3.000 3.000 3.000Capital Pledge Mill Levy Rate #318.875 18.875 18.875 18.875Total Mill Levy Rate #3 21.875 21.875 21.87538.46%21.87538.46%REVENUES Xfer IGA D/S - VSQ # 2 408,878 401,225 401,225 390,973 401,225 (10,252) 457,759 AV x Mill levy Xfer IGA D/S - VSQ # 2 TIF TOV 354,260 353,444 353,444 320,316 340,000 (19,684) 405,925 AV x Mill levy Xfer IGA D/S - VSQ # 3 139,636 136,254 136,254 136,265 136,254 11 289,055 AV x Mill levy Xfer IGA D/S - VSQ # 3 TIF TOV 118,089 120,028 120,028 120,017 120,028 (11) 256,324 AV x Mill levy Xfer Spec Own Tax - VSQ 2 39,534 38,354 39,543 27,907 26,362 1,545 43,892 Xfer Spec Own Tax - VSQ 3 13,490 13,025 13,025 6,870 8,500 (1,630) 20,166 Interest income - Cap Int/DS Res Fund 12,774 9,090 2,100 1,707 6,818 (5,111) 1,285 based on 1%TOTAL REVENUES 1,086,661 1,071,421 1,065,619 1,004,0551,039,187 (35,132) 1,474,405EXPENDITURES Swap - $14M @ Fixed Interest Rate Paid 541,342 538,448 538,448 259,630 269,224 9,594 587,058 4.61% interest Loan - $14M Hedged Principal 380,000 315,000 395,000 0 0 0 415,000 Loan - $2M Unhedged @ Floating Interest 53,510 56,988 57,820 28,910 28,494 (416) 58,000 min of 2.84941% or (65% LIBOR Loan - $2M Unhedged Principal 000000500,000 6/1/2023 entire amt Agent/Bank Fees 0 1,00000001,000TOTAL EXPENDITURES 974,852 911,436 991,268 288,540 297,718 9,178 1,561,058REVENUE OVER (UNDER) EXPEND. 111,809 159,98474,351 715,515741,469 (25,954) (86,653)FUND BALANCE - BEGINNING 1,098,807 1,212,059 1,210,616 1,210,616 1,212,059 (1,443) 1,284,967FUND BALANCE - ENDING1,210,616 1,372,043 1,284,967 1,926,131 1,953,528 (27,396) 1,198,315= = = = = = Components of Fund Balance Debt Service Reserve Fund 505,670 505,587 505,599 505,587 Restricted for Future Debt Service 704,947 866,456 779,368 692,728 Total 1,210,616 1,372,043 1,284,967 1,198,315Principal Outstanding on 2008 Loan 11,140,000 10,825,000 10,745,000 10,330,000 June 1 2023 balloon Pmt Principal Outstanding on 2008A Loan 2,000,000 2,000,000 2,000,000 1,500,000 June 1 2023 balloon Pmt Total Debt Outstanding 13,140,000 12,825,000 12,745,000 11,830,000Debt to Assessed Value Ratio34% 33% 33% 21%0.000%No assurance is provided on these financial statements and substantially all disclosures required by GAAP have been omitted.PAGE 30
114 County Tax entity code DOLA LGID/SID 65508
TO: County Commissioners1 of Eagle County , Colorado.
On behalf of the Vail Square Metropolitan District No. 1
the Board of Directors
of the Vail Square Metropolitan District No. 1
$370
$200
Submitted:12/6/2019 for budget/fiscal year 2020 .
(not later than Dec 15) (mm/dd/yyyy)(yyyy)
PURPOSE (see end notes for definitions and examples)LEVY2 REVENUE2
1.General Operating ExpensesH 0.000 mills -$
2.
(0.000) mills -$
SUBTOTAL FOR GENERAL OPERATING: (0.000)mills -$
3.General Obligation Bonds and InterestJ 0.000 mills -$
4.Contractual ObligationsK 0.000 mills -$
5.Capital ExpendituresL 0.000 mills -$
6.Refunds/AbatementsM 0.000 mills -$
7.OtherN (specify): 0.000 mills -$
0.000 mills -$
TOTAL:[]0.000 mills -$
Daytime
phone: (970) 926-6060 x8
Signed: Title: District Administrator
(local government)C
Include one copy of this tax entity's completed form when filing the local government's budget by January 31st, per 29-1-113 C.R.S. with the Division
of Local Government (DLG), Room 521, 1313 Sherman Street, Denver, Colorado 80203. Questions? Call DLG (303) 864-7720.
1 If the taxing entity's boundaries include more than one county, you must certify the levies to each county. Use a separate form for each
county and certify the same levies uniformly to each county per Article X, Section 3 of the Colorado Constitution.
2 Levies must be rounded to three decimal places and revenue must be calculated from the total NET assessed valuation (Line 4 of Form
DLG57 on the County Assessor's FINAL certification of valuation).
USE VALUE FROM FINAL CERTIFICATION OF VALUATION PROVIDED BY
ASSESSOR NO LATER THAN DECEMBER 10
<Minus> Temporary General Property Tax Credit/
Temporary Mill Levy Rate ReductionI
(GrossD assessed valuation, Line 2 of the Certification of Valuation From DLG 57 E)
(NETG assessed valuation, Line 4 of the Certification of Valuation Form DLG 57)
Hereby officially certifies the following mills to
be levied against the taxing entity's GROSS
assessed valuation of:
Contact person:
(print) Kenneth J. Marchetti
Sum of General Operating
Subtotal and Lines 3 to 7
Note: If the assessor certified a NET assessed valuation
(AV) different than the GROSS AV due to a Tax Increment
Financing (TIF) AreaF the tax levies must be calculated using
the NET AV. The taxing entity's total property tax revenue
will be derived from the mill levy multiplied against the NET
assessed valuation of:
CERTIFICATION OF TAX LEVIES for NON-SCHOOL Governments
(taxing entity)A
(governing body)B
Form DLG 70 (rev 6/16)Page 1 of 4
VAIL SQUARE METROPOLITAN DISTRICT NO. 2
__________________________________________
Administrative Management Provided By Marchetti & Weaver LLC
28 Second Street, Suite 213, Edwards, CO 81632; Phone (970) 926-6060; Fax (970) 926-6040
January 15, 2020
Division of Local Government
1313 Sherman Street, Room 521
Denver, CO 80203
Filed electronically: dlg-filing@state.co.us
RE: Vail Square Metropolitan District No. 2 Budget; LGID #65509
Attached is the 2020 Budget for the Vail Square Metropolitan District No. 2 in Eagle County,
Colorado, submitted pursuant to Section 29-1-116, C.R.S. This Budget was adopted on October
21, 2019. If there are any questions on the budget, please contact Mr. Kenneth J. Marchetti,
telephone number 970-926-6060, Ext 8.
The mill levy certified to the County Commissioners of Eagle County is 0.000 mills for all
general operating purposes, subject to statutory and/or TABOR limitations; 32.000 mills for
general obligation debt; 3.000 mills for contractual obligations; 0.000 for refund/abatement; and
0.000 mills for Temporary Tax Credit/Mill Levy Reduction. Based on a net assessed valuation
of $14,747,380, the total property tax revenue is $516,158.30. A copy of the certification of mill
levies sent to the County Commissioners for Eagle County is enclosed.
I hereby certify that the enclosed is a true and accurate copy of the budget and certification of tax
levies to the Board of County Commissioners of Eagle County, Colorado.
Sincerely,
____________________________________
Title ________________________________
Enclosure(s)
District Accountant and Administrator
VAIL SQUARE METROPOLITAN DISTRICT No. 2
2020 BUDGET MESSAGE
Vail Square Metropolitan District No.2 is a quasi-municipal corporation organized and operated
pursuant to provisions set forth in the Colorado Special District Act. The District was
established to supply the necessary services of roads, drainage facilities, streetscape, water and
sewer utilities mains.
The District has no employees and all operations and administrative functions are contracted.
The following budget is prepared on the modified accrual basis of accounting, which is
consistent with the basis of accounting used in presenting the District's financial statements.
2020 BUDGET STRATEGY
Vail Square Metropolitan District No. 2 was formed in late 2005. The District has joined with
Vail Square Metropolitan District No.1 and Vail Square Metropolitan District No.3 in adopting a
consolidated service plan. Under this consolidated service plan, Vail Square Metro District No.
1 will be the “service district” and Vail Square Metro District Nos. 2 and 3 will be the “financing
districts.” As such, Vail Square Metro District No.1 will be responsible for managing the
construction, maintenance and operation of facilities and improvements needed for the Vail
Square Metro District Nos. 2 and 3 areas. The District and Vail Square Metro District No.3 will
be responsible for providing the funding and tax bases needed to support the financing plan for
capital improvements.
Vail Square Metropolitan District Nos. 2 and 3 anticipate utilizing the property taxes they collect
to pay for a portion of their obligations under the Joint Funding Agreement and the District
Facilities Joint Financing, Construction and Service Agreement with Vail Square Metropolitan
District No.1.
Page 1 of 5
RESOLUTIONS OF VAIL SQUARE METROPOLITAN DISTRICT NO. 2
TO ADOPT 2020 BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND
AND ADOPTING A BUDGET FOR THE VAIL SQUARE METROPOLITAN DISTRICT
NO.2, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF
JANUARY 2020 AND ENDING ON THE LAST DAY OF DECEMBER 2020.
WHEREAS, the Board of Directors of the Vail Square Metropolitan District No. 2 (the
“District”) has appointed a budget committee to prepare and submit a proposed 2020 budget at
the proper time; and
WHEAREAS, such committee has submitted a proposed budget to this governing body at the
proper time, for its consideration, and;
WHEREAS, upon due and proper notice, published or posted in accordance with the law, said
proposed budget was open for inspection by the public at a designated place, and a public
hearing was held on October 21, 2019 and interested taxpayers were given the opportunity to file
or register any objections to said proposed budget; and;
WHEREAS, whatever increases may have been made in the expenditures, like increases were
added to the revenues or planned to be expended from reserves/fund balances so that the budget
remains in balance, as required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the District:
Section 1. That the budget as submitted, amended, and summarized by fund, hereby is
approved and adopted as the budget of the District for the year stated above.
Section 2. That the budget hereby approved and adopted shall be certified by any officer of
the District or the District Administrator of the District and made a part of the
public records of the District.
(THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK)
Page 2 of 5
RESOLUTIONS OF VAIL SQUARE METROPOLITAN DISTRICT NO. 2
(CONTINUED)
TO SET MILL LEVIES
A RESOLUTION LEVYING PROPERTY TAXES FOR THE YEAR 2019, TO HELP
DEFRAY THE COSTS OF GOVERNMENT FOR THE VAIL SQUARE METROPOLITAN
DISTRICT NO. 2, TOWN OF VAIL, EAGLE COUNTY, COLORADO, FOR THE 2020
BUDGET YEAR.
WHEREAS, the Board of Directors of the Vail Square Metropolitan District No. 2 (the
“District”), has adopted the annual budget in accordance with the Local Government Budget
Law of Colorado, on October 21, 2019 and;
WHEREAS, the amount of money necessary to balance the budget for general operating
expenses and capital expenditure purposes from property tax revenue is $0.00 and;
WHEREAS, the Board of Directors of the District finds that it is required to temporarily lower
the general operating mill levy to render a refund for $0.00, and;
WHEREAS, the amount of money necessary to balance the budget for capital expenditure
purposes from property tax revenue approved by voters or at public hearing is $0.00, and;
WHEREAS, the amount of money necessary to balance the budget for contractual obligations
from property tax revenue as approved by voters is $44,242.14 and;
WHEREAS, the amount of money necessary to balance the budget for voter approved general
obligation debt and interest is $471,916.16 and;
WHEREAS, the 2019 net valuation for assessment for the District, as certified by the County
Assessor is $14,747,380.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the District:
Section 1. That for the purposes of meeting all general operating expenses of the District
during the 2020 budget year, there is hereby levied a tax of 0.000 mills upon each
dollar of the total valuation for assessment of all taxable property within the
District for the year 2019.
Section 2. That for the purposes of rendering a refund to its constituents during budget year
2020 there is hereby levied a temporary tax credit/mill levy reduction of 0.000
mills.
Section 3. That for the purpose of meeting all capital expenditures of the District during the
2020 budget year, there is hereby levied a tax of 0.000 mills upon each dollar of
the total valuation for assessment of all taxable property within the District for the
year 2019.
Page 3 of 5
RESOLUTIONS OF VAIL SQUARE METROPOLITAN DISTRICT NO. 2
(CONTINUED)
TO SET MILL LEVIES (CONTINUED)
Section 4. That for the purpose of meeting all payments for contractual obligations of the
District during the 2020 budget year, there is hereby levied a tax of 3.000 mills
upon each dollar of the total valuation for assessment of all taxable property
within the District for the year 2019.
Section 5 That for the purpose of meeting all payments for general obligation debt and
interest of the District during the 2020 budget year, there is hereby levied a tax of
32.000 mills upon each dollar of the total valuation for assessment of all taxable
property within the District for the year 2019.
Section 6. That any officer of the District or the District Administrator is hereby authorized
and directed to either immediately certify to the Board of County Commissioners
of Eagle County, Colorado, the mill levies for the District as hereinabove
determined and set, or be authorized and directed to certify to the Board of
County Commissioners of Eagle County, Colorado, the mill levies for the District
as hereinabove determined and set based upon the final (December) certification
of valuation from the county assessor.
(THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK)
Page 4 of 5
RESOLUTIONS OF VAIL SQUARE METROPOLITAN DISTRICT NO. 2
(CONTINUED)
TO APPROPRIATE SUMS OF MONEY
(PURSUANT TO SECTION 29-1-108, C.R.S.)
A RESOLUTION APPROPRIATING SUMS OF MONEY TO THE VARIOUS FUNDS AND
SPENDING AGENCIES, IN THE AMOUNT AND FOR THE PURPOSE AS SET FORTH
BELOW, FOR THE VAIL SQUARE METROPOLITAN DISTRICT NO. 2, TOWN OF VAIL,
EAGLE COUNTY, COLORADO, FOR THE 2020 BUDGET YEAR.
WHEREAS, the Board of Directors of the Vail Square Metropolitan District (the “District”) has
adopted the annual budget in accordance with the Local Government Budget Law of Colorado,
on October 21, 2019, and;
WHEREAS, the Board of Directors has made provision therein for revenues in an amount equal
or greater to the total proposed expenditures as set forth in said budget, and;
WHEREAS, it is not only required by law, but also necessary to appropriate the revenues and
reserves or fund balances provided in the budget to and for the purposes described below,
thereby establishing a limitation on expenditures for the operations of the District.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
DISTRICT:
Section 1. That the following sums are hereby appropriated from the revenues of each fund,
to each fund, for the purposes stated:
GENERAL FUND:
Current Operating Expenses $ 8,500
DEBT SERVICE FUND:
Debt Service Expenditures $1,004,031
Fund Transfers $11,115
TOTAL DEBT SERVICE FUND: $1,015,146
(THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK)
VAIL SQUARE METROPOLITAN DISTRICT # 2STATEMENT OF NET POSITION Printed: 19-Dec-19September 30, 2019GENERALGENERALDEBTFIXED ASSETSFUND SERVICE& LT DEBTTOTALASSETS Csafe 15,019 210,892 0 225,912 Property Tax Receivable 0 16,978 0 16,978 Accounts Receivable 0 0 0 0 Prepaid Expenses 0000TOTAL ASSETS 15,019 227,871 0 242,890LIABILITIES Accounts Payable 0 186,781 0 186,781 Deferred Property Tax Revenue 0 16,978 0 16,978 Accrued Interest Payable 0 0 0 0 Net Service and Capital Oblig - VSQ No. 1 9,168,355 9,168,355TOTAL LIABILITIES 0 203,759 9,168,3559,372,114DEFERRED INFLOWS Deferred Property Tax Revenue 0 0 0 0TOTAL DEFERRED INFLOWS 0 0 0 0NET POSITION Net of Capital and Service Obligation 0 0 (9,168,355) (9,168,355) Fund Balance 15,019 24,112 0 39,131TOTAL NET POSITION 15,019 24,112 (9,168,355) (9,129,224)TOTAL LIABILITIES, DEFERRED INFLOWS ANDNET POSITION 15,019 227,871 0 242,890= = = = No assurance is provided on these financial statements and substantially all disclosures required by GAAP have been omitted.PAGE 1
VAIL SQUARE METROPOLITAN DISTRICT # 2Printed: 12/19/19 ModifiedSTATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCEAccrual BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATEDBasisCal Yr 9 Months 9 Months GENERAL FUND Cal Yr 2019 Cal Yr Ended EndedVariance 20202018 Adopted 2019 09/30/19 09/30/19 Favorable Adopted BUDGETAudited BudgetForecast ActualBudget(Unfav)Budget ASSUMPTIONSAssessed Valuation - Net 13,935,230 12,926,060 12,926,060 14,747,380Nov 19 FINAL AV Assessed Valuation - TIF 11,069,090 11,386,730 11,386,730 13,077,490Nov 19 FINAL AV Total Gross AV 25,004,320 24,312,790 24,312,790 27,824,8700.0% -2.8%14%Percent changeREVENUES Vail Sq # 1 Interdstrict Contrib 0 0 0 0 0 0 0 Interest Income 0 0 0 0 0 0 0TOTAL REVENUES 0 0 0 0 0 0 0EXPENDITURES Audit 4,500 4,500 4,500 4,500 4,500 0 4,500 Insurance 2,488 2,600 2,600 2,595 2,600 5 3,000 VSQ 1 Interdistrict Advance repayment 0 0 0 0 0 0 0 Contingency Allowance 0 1,000 0 0 0 0 1,000TOTAL EXPENDITURES 6,988 8,100 7,100 7,095 7,100 5 8,500REVENUE OVER (UNDER) EXPEND. (6,988) (8,100) (7,100) (7,095) (7,100) 5 (8,500)OTHER SOURCES AND (USES) Xfer Net Int & SO tax fr DS Fund 10,126 12,396 11,357 0 0 0 11,115TOTAL OTHER SOURCES & (USES) 10,126 12,396 11,357 0 0 0 11,115FUND BALANCE - BEGINNING 18,977 17,045 22,115 22,115 17,045 5,070 26,372FUND BALANCE - ENDING22,115 21,341 26,372 15,019 9,945 5,074 28,987= = = = = = No assurance is provided on these financial statements and substantially all disclosures required by GAAP have been omitted.Page 2
VAIL SQUARE METROPOLITAN DISTRICT # 2Printed: 12/19/19 ModifiedSTATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCEAccrual BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATEDBasisCal Yr 9 Months 9 Months DEBT SERVICE FUND Cal Yr 2019 Cal Yr Ended EndedVariance 20202018 Adopted 2019 09/30/19 09/30/19 Favorable Adopted BUDGETAudited BudgetForecast ActualBudget(Unfav)Budget ASSUMPTIONSAssessed Valuation -Net13,182,060 12,926,060 12,926,060 14,747,380Nov 19 FINAL AV Assessed Valuation - TIF TOV URA11,147,930 11,386,730 11,386,730 13,077,490Nov 19 FINAL AV Total Gross AV 24,329,990 24,312,790 24,312,790 27,824,870-2.7% -0.1%14%Percent changeMill Levy RatesIGA Services Mill Levy Rate 3.000 3.000 3.000 3.000Capital Pledge Mill Levy Rate 32.000 32.000 32.000 32.000Total Mill Levy Rate 35.000 35.000 35.000 35.000REVENUES Prop Taxes-IGA Serv 39,521 38,778 38,778 37,790 38,778 (988) 44,242 AV x Mill levy Prop Taxes-TIF IGA Serv 33,212 33,135 33,135 30,030 31,950 (1,920) 38,055 AV x Mill levy Prop Taxes-D/S Oblig 421,561 413,634 413,634 403,095 413,634 (10,539) 471,916 AV x Mill levy Prop Taxes-TIF D/S Oblig 354,260 353,444 353,444 320,316 340,000 (19,684) 405,925 AV x Mill levy Specific Ownership Taxes 43,241 41,950 43,250 30,524 28,833 1,690 48,007 5% of Prop tax Interest Income 5,619 5,000 5,650 4,336 3,750 586 7,000TOTAL REVENUES 897,415885,941 887,892 826,091 856,945(30,854) 1,015,146EXPENDITURES Xfer Prop Taxes to VSQ #1 - Serv Oblig 38,332 37,615 37,615 36,654 37,615 961 42,915 Service mills less Treas Fee Xfer Prop Taxes to VSQ #1 - Serv TIF TOV 33,212 33,135 33,135 30,030 31,950 1,920 38,055 TOV URA Xfer Prop Taxes to VSQ #1 - D/S Oblig 408,878 401,225 401,225 395,814 401,225 5,411 457,759 DS mills less Treas Fee Xfer Prop Taxes to VSQ #1 - D/S TIF TOV 354,260 353,444 353,444 320,316 340,000 19,684 405,925 TOV URA Xfer Specific Ownership Tax - D/S 39,534 38,354 39,543 27,907 26,362 (1,545) 43,892 IGA DS % of SO tax Treasurer's Fees 13,872 13,572 13,572 13,258 13,572 315 15,485 3% of Prop. Taxes Contingency 1,500 0TOTAL EXPENDITURES 888,089 878,845878,534823,979 850,72426,745 1,004,031REVENUE OVER (UNDER) EXPEND. 9,326 7,096 9,357 2,112 6,221 (4,109) 11,115OTHER SOURCES/(USES) Xfer Net Int & SO tax to Gen Fund (10,126) (12,396) (11,357) 0 0 0 (11,115) TOTAL OTHER FINANCING SOURCES (10,126) (12,396) (11,357) 0 0 0 (11,115)FUND BALANCE - BEGINNING 22,800 26,800 22,000 22,000 26,800 (4,800) 20,000 Reverse contingency 1,500 0FUND BALANCE - ENDING22,000 20,000 20,000 24,112 33,021 (8,910) 20,000= = = = = = No assurance is provided on these financial statements and substantially all disclosures required by GAAP have been omitted.Page 3
115 County Tax entity code DOLA LGID/SID 65509
TO: County Commissioners1 of Eagle County , Colorado.
On behalf of the Vail Square Metropolitan District No. 2
the Board of Directors
of the Vail Square Metropolitan District No. 2
$27,824,870
$14,747,380
Submitted:12/6/2020 for budget/fiscal year 2020 .
(not later than Dec 15) (mm/dd/yyyy)(yyyy)
PURPOSE (see end notes for definitions and examples)LEVY2 REVENUE2
1.General Operating ExpensesH 0.000 mills -$
2.
(0.000) mills -$
SUBTOTAL FOR GENERAL OPERATING: (0.000)mills -$
3.General Obligation Bonds and InterestJ 32.000 mills 471,916.16$
4.Contractual ObligationsK 3.000 mills 44,242.14$
5.Capital ExpendituresL 0.000 mills -$
6.Refunds/AbatementsM 0.000 mills -$
7.OtherN (specify): 0.000 mills -$
0.000 mills -$
TOTAL:[]35.000 mills 516,158.30$
Daytime
phone: (970) 926-6060 x8
Signed: Title: District Administrator
(local government)C
Include one copy of this tax entity's completed form when filing the local government's budget by January 31st, per 29-1-113 C.R.S. with the Division
of Local Government (DLG), Room 521, 1313 Sherman Street, Denver, Colorado 80203. Questions? Call DLG (303) 864-7720.
1 If the taxing entity's boundaries include more than one county, you must certify the levies to each county. Use a separate form for each
county and certify the same levies uniformly to each county per Article X, Section 3 of the Colorado Constitution.
2 Levies must be rounded to three decimal places and revenue must be calculated from the total NET assessed valuation (Line 4 of Form
DLG57 on the County Assessor's FINAL certification of valuation).
USE VALUE FROM FINAL CERTIFICATION OF VALUATION PROVIDED BY
ASSESSOR NO LATER THAN DECEMBER 10
<Minus> Temporary General Property Tax Credit/
Temporary Mill Levy Rate ReductionI
(GrossD assessed valuation, Line 2 of the Certification of Valuation From DLG 57 E)
(NETG assessed valuation, Line 4 of the Certification of Valuation Form DLG 57)
Hereby officially certifies the following mills to
be levied against the taxing entity's GROSS
assessed valuation of:
Contact person:
(print) Kenneth J. Marchetti
Sum of General Operating
Subtotal and Lines 3 to 7
Note: If the assessor certified a NET assessed valuation
(AV) different than the GROSS AV due to a Tax Increment
Financing (TIF) AreaF the tax levies must be calculated using
the NET AV. The taxing entity's total property tax revenue
will be derived from the mill levy multiplied against the NET
assessed valuation of:
CERTIFICATION OF TAX LEVIES for NON-SCHOOL Governments
(taxing entity)A
(governing body)B
Form DLG 70 (rev 6/16)Page 1 of 4
THIS SECTION APPLIES TO TITLE 32, ARTICLE 1 SPECIAL DISTRICTS THAT LEVY TAXES
FOR PAYMENT OF GENERAL OBLIGATION DEBT (32-1-603 C.R.S.). Taxing entities that are
Special Districts or Subdistricts of Special Districts must certify separate mill levies and revenue to the
Board of County Commissioners, one each for the funding requirements of each debt (32-1-603, C.R.S.)
Use additional pages as necessary. The Special District's or Subdistrict's total levies for general obligation
bonds and total levies for contractual obligations should be recorded on Page 1, Lines 3 and 4 respectively.
CERTIFY A SEPARATE MILL LEVY FOR EACH BOND OR CONTRACT:
BONDSJ:
1. Purpose of Issue:The District entered into a Joint Funding Agreement to facilitate the provision of
the Facilities in a timely, efficient and cost-effective manner sufficient to serve
the anticipated development within the Financing Districts, the District
determined that the Operating District (VSQMD No. 1) enter into a Loan
Agreement dated as of July 23, 2008. In order to facilitate the borrowing of the
Loan proceeds and in exchange for the Lender making the Loan (the proceeds of
which are to be applied, in accordance with the Loan Agreement, to the provision
of Facilities), the Financing Districts have entered into the Loan Agreement as
additional obligors, and, by the terms of this Agreement, pledged certain
revenues to the Lender and covenanted to take certain actions with respect to
generating such revenues, for the benefit of the Lender;
Series: 2008
Date of Issue: July 23, 2008
Coupon rate: Variable
Maturity Date:December 1, 2023
Levy: 32.000 Mills
Revenue: $471,916.16
2. Purpose of Issue:
Series:
Date of Issue:
Coupon rate:
Maturity Date:
Levy:
Revenue:
CONTRACTSK:
3. Purpose of Contract: The District entered into an agreement for the implementation of principles and
objectives set forth in the Service Plan regarding financing, construction,
operation and maintenance of the facilities, and administration of the District's
affairs pursuant to voter authorization approved at election in November 2005.
Title: District Facilities Joint Financing, Construction and Service Agreement
Date: July 21, 2008
Principal Amount: $20,000,000
Maturity Date: December 1, 2023
Levy: 3.000 Mills
Revenue: $44,242.14
4. Purpose of Contract:
Title:
Date:
Principal Amount:
Maturity Date:
Levy:
Revenue:
Use multiple copies of this page as necessary to separately report all bond and contractual obligations per 32-1-1603, C.R.S.
CERTIFICATION OF TAX LEVIES, continued
Vail Square Metropolitan District No. 2
Form DLG 70 (rev 6/16)Page 2 of 4
VAIL SQUARE METROPOLITAN DISTRICT NO. 3
__________________________________________
Administrative Management Provided By Marchetti & Weaver LLC
28 Second Street, Suite 213, Edwards, CO 81632; Phone (970) 926-6060; Fax (970) 926-6040
January 15, 2020
Division of Local Government
1313 Sherman Street, Room 521
Denver, CO 80203
Filed electronically: dlg-filing@state.co.us
RE: Vail Square Metropolitan District No. 3 Budget; LGID #65510
Attached is the 2020 Budget for the Vail Square Metropolitan District No. 3 in Eagle County,
Colorado, submitted pursuant to Section 29-1-116, C.R.S. This Budget was adopted on October
21, 2019. If there are any questions on the budget, please contact Mr. Kenneth J. Marchetti,
telephone number 970-926-6060, Ext 8.
The mill levy certified to the County Commissioners of Eagle County is 0.000 mills for all
general operating purposes, subject to statutory and/or TABOR limitations; 18.875 mills for
general obligation debt; 3.000 mills for contractual obligations; 0.000 for refund/abatement; and
0.000 mills for Temporary Tax Credit/Mill Levy Reduction. Based on a net assessed valuation
of $15,787,780, the total property tax revenue is $345,357.69. A copy of the certification of mill
levies sent to the County Commissioners for Eagle County is enclosed.
I hereby certify that the enclosed is a true and accurate copy of the budget and certification of tax
levies to the Board of County Commissioners of Eagle County, Colorado.
Sincerely,
____________________________________
Title ________________________________
Enclosure(s)
District Accountant and Administrator
VAIL SQUARE METROPOLITAN DISTRICT No. 3
2020 BUDGET MESSAGE
Vail Square Metropolitan District No.3 is a quasi-municipal corporation organized and operated
pursuant to provisions set forth in the Colorado Special District Act. The District was
established to supply the necessary services of roads, drainage facilities, streetscape, water and
sewer utilities mains.
The District has no employees and all operations and administrative functions are contracted.
The following budget is prepared on the modified accrual basis of accounting, which is
consistent with the basis of accounting used in presenting the District's financial statements.
2020 BUDGET STRATEGY
Vail Square Metropolitan District No.3 was formed in late 2005. The District has joined with
Vail Square Metropolitan District No.1 and Vail Square Metropolitan District No. 2 in adopting
a consolidated service plan. Under this consolidated service plan, Vail Square Metro District
No.1 will be the “service district” and Vail Square Metro District Nos. 2 and 3 will be the
“financing districts.” As such, Vail Square Metro District No.1 will be responsible for managing
the construction, maintenance, and operation of facilities and improvements needed for the Vail
Square Metro District Nos. 2 and 3 areas. The District and Vail Square Metro District No. 2 will
be responsible for providing the funding and tax bases needed to support the financing plan for
capital improvements.
Vail Square Metropolitan District Nos. 2 and 3 anticipate utilizing the property taxes they collect
to pay for a portion of their obligations under the Joint Funding Agreement and the District
Facilities Joint Financing, Construction and Service Agreement with Vail Square Metropolitan
District No. 1.
Page 1 of 5
RESOLUTIONS OF VAIL SQUARE METROPOLITAN DISTRICT NO. 3
TO ADOPT 2020 BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND
AND ADOPTING A BUDGET FOR THE VAIL SQUARE METROPOLITAN DISTRICT
NO.3, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF
JANUARY 2020 AND ENDING ON THE LAST DAY OF DECEMBER 2020.
WHEREAS, the Board of Directors of the Vail Square Metropolitan District No. 3 (the
“District”) has appointed a budget committee to prepare and submit a proposed 2020 budget at
the proper time; and
WHEAREAS, such committee has submitted a proposed budget to this governing body at the
proper time, for its consideration, and;
WHEREAS, upon due and proper notice, published or posted in accordance with the law, said
proposed budget was open for inspection by the public at a designated place, and a public
hearing was held on October 21, 2019 and interested taxpayers were given the opportunity to file
or register any objections to said proposed budget; and;
WHEREAS, whatever increases may have been made in the expenditures, like increases were
added to the revenues or planned to be expended from reserves/fund balances so that the budget
remains in balance, as required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the District:
Section 1. That the budget as submitted, amended, and summarized by fund, hereby is
approved and adopted as the budget of the District for the year stated above.
Section 2. That the budget hereby approved and adopted shall be certified by any officer of
the District or the District Administrator of the District and made a part of the
public records of the District.
(THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK)
Page 2 of 5
RESOLUTIONS OF VAIL SQUARE METROPOLITAN DISTRICT NO. 3
(CONTINUED)
TO SET MILL LEVIES
A RESOLUTION LEVYING PROPERTY TAXES FOR THE YEAR 2019, TO HELP
DEFRAY THE COSTS OF GOVERNMENT FOR THE VAIL SQUARE METROPOLITAN
DISTRICT NO. 3, TOWN OF VAIL, EAGLE COUNTY, COLORADO, FOR THE 2020
BUDGET YEAR.
WHEREAS, the Board of Directors of the Vail Square Metropolitan District No. 3, (the
“District”) has adopted the annual budget in accordance with the Local Government Budget Law
of Colorado, on October 21, 2019 and;
WHEREAS, the amount of money necessary to balance the budget for general operating
expenses and capital expenditure purposes from property tax revenue is $0.00 and;
WHEREAS, the Board of Directors of the District finds that it is required to temporarily lower
the general operating mill levy to render a refund for $0.00, and;
WHEREAS, the amount of money necessary to balance the budget for capital expenditure
purposes from property tax revenue approved by voters or at public hearing is $0.00, and;
WHEREAS, the amount of money necessary to balance the budget for contractual obligations
from property tax revenue as approved by voters is $ 47,363.34 and;
WHEREAS, the amount of money necessary to balance the budget for voter approved general
obligation debt and interest is $297,994.35 and;
WHEREAS, the 2019 net valuation for assessment for the District, as certified by the County
Assessor is $15,787,780.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the District:
Section 1. That for the purposes of meeting all general operating expenses of the District
during the 2020 budget year, there is hereby levied a tax of 0.000 mills upon each
dollar of the total valuation for assessment of all taxable property within the
District for the year 2019.
Section 2. That for the purposes of rendering a refund to its constituents during budget year
2020 there is hereby levied a temporary tax credit/mill levy reduction of 0.00
mills.
Section 3. That for the purpose of meeting all capital expenditures of the District during the
2020 budget year, there is hereby levied a tax of 0.000 mills upon each dollar of
the total valuation for assessment of all taxable property within the District for the
year 2019.
Page 3 of 5
RESOLUTIONS OF VAIL SQUARE METROPOLITAN DISTRICT NO. 3
(CONTINUED)
TO SET MILL LEVIES (CONTINUED)
Section 4. That for the purpose of meeting all payments for contractual obligations of the
District during the 2020 budget year, there is hereby levied a tax of 3.000 mills
upon each dollar of the total valuation for assessment of all taxable property
within the District for the year 2019.
Section 5 That for the purpose of meeting all payments for general obligation debt and
interest of the District during the 2020 budget year, there is hereby levied a tax of
18.875 mills upon each dollar of the total valuation for assessment of all taxable
property within the District for the year 2019.
Section 6. That any officer of the District or the District Administrator is hereby authorized
and directed to either immediately certify to the Board of County Commissioners
of Eagle County, Colorado, the mill levies for the District as hereinabove
determined and set, or be authorized and directed to certify to the Board of
County Commissioners of Eagle County, Colorado, the mill levies for the District
as hereinabove determined and set based upon the final (December) certification
of valuation from the county assessor.
(THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK)
Page 4 of 5
RESOLUTIONS OF VAIL SQUARE METROPOLITAN DISTRICT NO. 3
(CONTINUED)
TO APPROPRIATE SUMS OF MONEY
(PURSUANT TO SECTION 29-1-108, C.R.S.)
A RESOLUTION APPROPRIATING SUMS OF MONEY TO THE VARIOUS FUNDS AND
SPENDING AGENCIES, IN THE AMOUNT AND FOR THE PURPOSE AS SET FORTH
BELOW, FOR THE VAIL SQUARE METROPOLITAN DISTRICT NO. 3, TOWN OF VAIL,
EAGLE COUNTY, COLORADO, FOR THE 2020 BUDGET YEAR.
WHEREAS, the Board of Directors of the Vail Square Metropolitan District No. 3 (the
“District”) has adopted the annual budget in accordance with the Local Government Budget Law
of Colorado, on October 21, 2019, and;
WHEREAS, the Board of Directors has made provision therein for revenues in an amount equal
or greater to the total proposed expenditures as set forth in said budget, and;
WHEREAS, it is not only required by law, but also necessary to appropriate the revenues and
reserves or fund balances provided in the budget to and for the purposes described below,
thereby establishing a limitation on expenditures for the operations of the District.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
DISTRICT:
Section 1. That the following sums are hereby appropriated from the revenues of each fund,
to each fund, for the purposes stated:
GENERAL FUND:
Current Operating Expenses $ 7,200
DEBT SERVICE FUND:
Debt Service Expenditures $ 692,588
Fund Transfers $ 6,205
TOTAL DEBT SERVICE FUND $ 698,793
(THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK)
VAIL SQUARE METROPOLITAN DISTRICT # 3STATEMENT OF NET POSITION Printed: 19-Dec-19September 30, 2019GENERALGENERAL DEBTFIXED ASSETSFUND SERVICE& LT DEBTTOTALASSETS Csafe2,651 141,695 0 144,346 Property Tax Receivable 0 0 0 0 Accounts Receivable 0 0 0 0 Prepaid Expenses 0000TOTAL ASSETS 2,651 141,695 0 144,346LIABILITIES Accounts Payable 2,451 141,694 0 144,145 Accrued Interest Payable 0 0 0 0 Net Service & Capital Oblig - VSQ No. 1 0 1,877,856 1,877,856TOTAL LIABILITIES 2,451 141,694 1,877,856 2,022,001DEFERRED INFLOWS Deferred Property Tax Revenue00TOTAL DEFERRED INFLOWS 0 0 0 0NET POSITION Net Capital and Service Obligation 0 0 (1,877,856) (1,877,856) Fund Balance 200 0 0 201TOTAL NET POSITION 200 0 (1,877,856) (1,877,655)TOTAL LIABILITIES, DEFERRED INFLOWS ANDNET POSITION 2,651 141,695 0 144,346= = = = No assurance is provided on these financial statements and substantially all disclosures required by GAAP have been omitted.PAGE 1
VAIL SQUARE METROPOLITAN DISTRICT # 3 Printed: 12/19/19STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE ModifiedBUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED Accrual Cal Yr 9 Months 9 MonthsGENERAL FUND Cal Yr 2019 Cal Yr Ended EndedVariance 20202018 Adopted 2019 09/30/19 09/30/19 Favorable Adopted BUDGETAuditedBudgetForecast ActualBudget(Unfav)Budget ASSUMPTIONSAssessed Valuation - Net 7,626,730 7,442,030 7,442,030 15,787,780Nov 19 FINAL AV Assessed Valuation - TIF 6,449,850 6,555,780 6,555,780 14,000,070Nov 19 FINAL AV Total Gross AV 14,076,580 13,997,810 13,997,810 29,787,85053% -1%113%Percent changeREVENUES Vail Sq # 1 InterDistrict Contrib 1,679 3,730 3,730 3,343 3,730 (387) 995 Interest Income 0 0 0 0 0 0 0TOTAL REVENUES 1,679 3,730 3,730 3,343 3,730 (387) 995EXPENDITURES Audit 3,200 3,200 3,200 3,200 3,200 0 3,200 Insurance 2,486 2,600 2,600 2,594 2,600 6 3,000 Contingency Allowance 0 1,000 1,000 0 0 0 1,000TOTAL EXPENDITURES 5,686 6,800 6,800 5,794 5,800 6 7,200REVENUE OVER (UNDER) EXPEND. (4,007) (3,070) (3,070) (2,451) (2,070) (381) (6,205)OTHER SOURCES AND (USES) Xfer Net Int & SO tax fr DS Fund 4,007 3,070 3,070 2,451 2,450 1 6,205TOTAL OTHER SOURCES & (USES) 4,007 3,070 3,070 2,451 2,450 1 6,205FUND BALANCE - BEGINNING 200 200 200 200 200 0 200FUND BALANCE - ENDING 200 200 200 200 580 (380) 200= = = = = = No assurance is provided on these financial statements and substantially all disclosures required by GAAP have been omitted.Page 2
VAIL SQUARE METROPOLITAN DISTRICT # 3 Printed: 12/19/19 ModifiedSTATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Accrual BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED BasisCal Yr 9 Months 9 MonthsDEBT SERVICE FUND Cal Yr 2019 Cal Yr Ended EndedVariance 20202018 Adopted 2019 09/30/19 09/30/19 Favorable Adopted BUDGETAuditedBudgetForecast ActualBudget(Unfav)Budget ASSUMPTIONSAssessed Valuation - Net 7,626,730 7,442,030 7,442,030 15,787,780Nov 19 FINAL AV Assessed Valuation - TIF 6,449,850 6,555,780 6,555,780 14,000,070Nov 19 FINAL AV Total Gross AV 14,076,580 13,997,810 13,997,810 29,787,85053% -1%113%Percent changeMill Levy RatesIGA Services Mill Levy Rate 3.000 3.000 3.000 3.000Capital Pledge Mill Levy Rate 18.875 18.875 18.875 18.875Total Mill Levy Rate 21.875 21.875 21.875 21.875REVENUES Prop Taxes-IGA Serv 22,880 22,326 22,326 22,328 22,326 2 47,363 AV x Mill levy Prop Taxes-TIF IGA Serv 18,769 19,077 19,077 19,076 19,077 (2) 40,740 AV x Mill levy Prop Taxes - D/S Oblig 143,955 140,468 140,468 140,480 140,468 12 297,994 AV x Mill levy Prop Taxes - TIF D/S Oblig 118,089 120,028 120,028 120,017 120,028 (11) 256,324 AV x Mill levy Allowance for potential abatements(175,000) Specific Ownership Taxes 15,634 15,095 15,095 10,978 10,063 914 23,371 5% of Prop tax Interest Income 1,163 1,000 1,000 945 750 195 3,000TOTAL REVENUES 320,490 317,995 317,995 313,823 312,713 1,111 493,793EXPENDITURES Xfer Prop Taxes to VSQ #1 - Serv Oblig 22,194 21,656 21,656 21,658 21,656 (2) 45,942 Service mills less treas fee Xfer Prop Taxes to VSQ #1 - Serv TIF 18,769 19,077 19,077 19,075 19,077 2 40,740 TOV URA Xfer Prop Taxes to VSQ #1 - D/S Oblig 139,636 136,254 136,254 136,265 136,254 (11) 289,055 DS mills less treas fee Xfer Prop Taxes to VSQ #1 - D/S TIF 118,089 120,028 120,028 120,017 120,028 11 256,324 TOV URA Allowance for potential abatements(175,000) Xfer Specific Ownership Tax - D/S 13,490 13,025 13,025 9,472 8,500 (972) 20,166 IGA D/S % of SO Treasurer's Fees 5,005 4,884 4,884 4,884 4,884 (1) 10,361 3% of Prop. Taxes Contingency 25,000 0 0 0 30,000 to allow for abate varianceTOTAL EXPENDITURES 317,183 339,925 314,925 311,372 310,399 (972) 517,588REVENUE OVER (UNDER) EXPEND. 3,307 (21,930) 3,070 2,451 2,313 138 (23,795)OTHER SOURCES/(USES) Xfer Int & Net SO tax to Gen Fund (4,007) (3,070) (3,070) (2,451) (2,450) (1) (6,205) TOTAL OTHER FINANCING SOURCES (4,007) (3,070) (3,070) (2,451) (2,450) (1) (6,205)FUND BALANCE - BEGINNING 700 0 (0) 0 0 0 (0) Reverse Contingency 25,000 0 0 0 30,000FUND BALANCE - ENDING (0) 0 (0) 0 (137) 137 (0)= = = = = No assurance is provided on these financial statements and substantially all disclosures required by GAAP have been omitted.Page 3
116 County Tax entity code DOLA LGID/SID 65510
TO: County Commissioners1 of Eagle County , Colorado.
On behalf of the Vail Square Metropolitan District No. 3
the Board of Directors
of the Vail Square Metropolitan District No. 3
$29,787,850
$15,787,780
Submitted:12/6/2019 for budget/fiscal year 2020 .
(not later than Dec 15) (mm/dd/yyyy)(yyyy)
PURPOSE (see end notes for definitions and examples)LEVY2 REVENUE2
1.General Operating ExpensesH 0.000 mills -$
2.
(0.000) mills -$
SUBTOTAL FOR GENERAL OPERATING: (0.000)mills -$
3.General Obligation Bonds and InterestJ 18.875 mills 297,994.35$
4.Contractual ObligationsK 3.000 mills 47,363.34$
5.Capital ExpendituresL 0.000 mills -$
6.Refunds/AbatementsM 0.000 mills -$
7.OtherN (specify): 0.000 mills -$
0.000 mills -$
TOTAL:[]21.875 mills 345,357.69$
Daytime
phone: (970) 926-6060 x8
Signed: Title: District Administrator
CERTIFICATION OF TAX LEVIES for NON-SCHOOL Governments
(taxing entity)A
(governing body)B
Contact person:
(print) Kenneth J. Marchetti
Sum of General Operating
Subtotal and Lines 3 to 7
Note: If the assessor certified a NET assessed valuation
(AV) different than the GROSS AV due to a Tax Increment
Financing (TIF) AreaF the tax levies must be calculated using
the NET AV. The taxing entity's total property tax revenue
will be derived from the mill levy multiplied against the NET
assessed valuation of:
(local government)C
Include one copy of this tax entity's completed form when filing the local government's budget by January 31st, per 29-1-113 C.R.S. with the Division
of Local Government (DLG), Room 521, 1313 Sherman Street, Denver, Colorado 80203. Questions? Call DLG (303) 864-7720.
1 If the taxing entity's boundaries include more than one county, you must certify the levies to each county. Use a separate form for each
county and certify the same levies uniformly to each county per Article X, Section 3 of the Colorado Constitution.
2 Levies must be rounded to three decimal places and revenue must be calculated from the total NET assessed valuation (Line 4 of Form
DLG57 on the County Assessor's FINAL certification of valuation).
USE VALUE FROM FINAL CERTIFICATION OF VALUATION PROVIDED BY
ASSESSOR NO LATER THAN DECEMBER 10
<Minus> Temporary General Property Tax Credit/
Temporary Mill Levy Rate ReductionI
(GrossD assessed valuation, Line 2 of the Certification of Valuation From DLG 57 E)
(NETG assessed valuation, Line 4 of the Certification of Valuation Form DLG 57)
Hereby officially certifies the following mills to
be levied against the taxing entity's GROSS
assessed valuation of:
Form DLG 70 (rev 6/16)Page 1 of 4
THIS SECTION APPLIES TO TITLE 32, ARTICLE 1 SPECIAL DISTRICTS THAT LEVY TAXES
FOR PAYMENT OF GENERAL OBLIGATION DEBT (32-1-603 C.R.S.). Taxing entities that are
Special Districts or Subdistricts of Special Districts must certify separate mill levies and revenue to the
Board of County Commissioners, one each for the funding requirements of each debt (32-1-603, C.R.S.)
Use additional pages as necessary. The Special District's or Subdistrict's total levies for general obligation
bonds and total levies for contractual obligations should be recorded on Page 1, Lines 3 and 4 respectively.
CERTIFY A SEPARATE MILL LEVY FOR EACH BOND OR CONTRACT:
BONDSJ:
1. Purpose of Issue:The District entered into a Joint Funding Agreement to facilitate the provision of
the Facilities in a timely, efficient and cost-effective manner sufficient to serve
the anticipated development within the Financing Districts, the District
determined that the Operating District (VSQMD No. 1) enter into a Loan
Agreement dated as of July 23, 2008. In order to facilitate the borrowing of the
Loan proceeds and in exchange for the Lender making the Loan (the proceeds of
which are to be applied, in accordance with the Loan Agreement, to the provision
of Facilities), the Financing Districts have entered into the Loan Agreement as
additional obligors, and, by the terms of this Agreement, pledged certain
revenues to the Lender and covenanted to take certain actions with respect to
generating such revenues, for the benefit of the Lender;
Series: 2008
Date of Issue: July 23, 2008
Coupon rate: Variable
Maturity Date:December 1, 2023
Levy: 18.875 Mills
Revenue: $297,994.35
2. Purpose of Issue:
Series:
Date of Issue:
Coupon rate:
Maturity Date:
Levy:
Revenue:
CONTRACTSK:
3. Purpose of Contract: The District entered into an agreement for the implementation of principles and
objectives set forth in the Service Plan regarding financing, construction,
operation and maintenance of the facilities, and administration of the District's
affairs pursuant to voter authorization approved at election in November 2005.
Title: District Facilities Joint Financing, Construction and Service Agreement
Date: July 21, 2008
Principal Amount: $20,000,000
Maturity Date: December 1, 2023
Levy: 3.000 Mills
Revenue: $47,363.34
4. Purpose of Contract:
Title:
Date:
Principal Amount:
Maturity Date:
Levy:
Revenue:
Use multiple copies of this page as necessary to separately report all bond and contractual obligations per 32-1-1603, C.R.S.
CERTIFICATION OF TAX LEVIES, continued
Vail Square Metropolitan District No. 3
Page 2 of 4Form DLG 70 (rev 9/15)
0801.0024: 1055471
EXHIBIT B
2019 Audits
