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Home My WebLink About2021 Consolidated Annual ReportSOLARIS METROPOLITAN DISTRICT NOS. 1-3 2021 CONSOLIDATED ANNUAL REPORT Pursuant to the Consolidated Service Plan for Solaris Metropolitan District Nos. 1, 2 and 3 (the “Districts”), the Districts are 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, 2021, the Districts make the following report: 1. Boundary changes made to the Districts’ boundaries as of December 31 of the prior year. There were no boundary changes made to the Districts’ boundaries during the prior year. 2. Intergovernmental Agreements with other governmental entities entered into as of December 31 of the prior year. There were no intergovernmental agreements with other governmental entities entered into during the prior year. 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 2021. 4. The assessed valuation of the Districts for the current year. The assessed valuation of each district is as follows: District No. 1 - $11,660 District No. 2 - $31,542,490 District No. 3 - $7,104,950 5. Current year budget including a description of the Public Improvements to be constructed in such year. Copies of the Districts’ 2022 budgets are attached hereto as Exhibit A. 6. Audit of the District’s 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’ 2021 Audits are underway. Copies of the 2021 Audits will be provided in a supplemental report once received. 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 not uncured events of default by the Districts which continued beyond 90 days under any debt instrument. EXHIBIT A 2022 Budgets SOLARIS 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 Filed electronically: dlg-filing@state.co.us LGID#: 65739 January 15, 2022 Division of Local Government 1313 Sherman Street, Room 521 Denver, CO 80203 RE: Solaris Metropolitan District No. 1 Attached is the 2022 Budget for the Solaris Metropolitan District No. 1 in Eagle County, Colorado, submitted pursuant to Section 29-1-116, C.R.S. This Budget was adopted on December 6, 2021. If there are any questions on the budget, please contact Mr. Kenneth J. Marchetti, telephone number 970-926-6060. 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 general obligation debt; 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 $10,910, 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, District Administrator Enclosure(s) SOLARIS METROPOLITAN DISTRICT NO. 1 2022 BUDGET MESSAGE Solaris 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 public improvements and related operation and maintenance services as such power and authority is described in the Special District Act, and other applicable statutes. 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. 2022 BUDGET STRATEGY The District was formed in late 2006. The District has joined with Solaris Metropolitan District No. 2 and Solaris Metropolitan District No. 3 in adopting a consolidated service plan. Under this consolidated service plan, the District is the “service district” and Solaris Metropolitan District No. 2 and No. 3 are the “financing districts.” As such, the District is responsible for managing the construction and operation of facilities and improvements needed for the Solaris Metropolitan District No. 2 and No. 3 areas. For this reason, the District issued $30,560,000 property tax revenue variable rate bonds on March 25, 2008 to be repaid with revenues pledged by Solaris Metropolitan District No. 2 and No. 3. During 2013 Solaris Metropolitan District No. 2 issued bonds and transferred the proceeds to District No. 1 and the 2008 bonds were paid off and the District has no bonds currently outstanding. Operating expenses are funded pursuant to an Operating Agreement between Solaris Metropolitan District Nos. 1, 2 and 3. District No. 1 performs the operations and the operating expenses are funded through property tax revenues collected by the “financing” districts (No. 2 and No. 3) and paid to District No. 1. Additionally, the Developer in the District advances funds to District No. 1 for operations and then such advances are repaid as the property tax revenues are received. Page 1 of 5 RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 1 TO ADOPT 2022 BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND AND ADOPTING A BUDGET FOR THE SOLARIS METROPOLITAN DISTRICT NO. 1, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY 2022 AND ENDING ON THE LAST DAY OF DECEMBER 2022. WHEREAS, the Board of Directors of the Solaris Metropolitan District No. 1 has appointed a budget committee to prepare and submit a proposed 2022 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 December 6, 2021, 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 Solaris Metropolitan District No. 1, Eagle County, Colorado: Section 1. That the budget as submitted, amended, and summarized by fund, hereby is approved and adopted as the budget of the Solaris Metropolitan District No. 1 for the year stated above, as adjusted for immaterial changes in the final certified assessed value of the District as certified by the county assessor and corresponding adjustments resulting from such changes to the assessed value. In the event there are material changes to the assessed value then a subsequent meeting of the Board shall be called to consider such changes. Furthermore, to the extent capital or significant operating expenditures forecasted for the current year are anticipated to be extended into the following year, the expenditures and offsetting change in the budgeted beginning fund balance shall be updated to reflect management’s best estimate at the time the budget is to be filed with the Colorado Division of Local Affairs. 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. Page 2 of 5 RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 1 (CONTINUED) TO SET MILL LEVIES A RESOLUTION LEVYING PROPERTY TAXES FOR THE YEAR 2021, TO HELP DEFRAY THE COSTS OF GOVERNMENT FOR THE SOLARIS METROPOLITAN DISTRICT NO. 1, EAGLE COUNTY, COLORADO, FOR THE 2022 BUDGET YEAR. WHEREAS, the Board of Directors of the Solaris Metropolitan District No. 1, has adopted the annual budget in accordance with the Local Government Budget Law, on December 6, 2021 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 Solaris Metropolitan District No. 1 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 voter approved bonds and interest is $0.00, and; WHEREAS, the 2021 valuation for assessment for the Solaris Metropolitan District No. 1, as certified by the County Assessor is $11,660. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the SOLARIS METROPOLITAN DISTRICT No. 1, EAGLE COUNTY, COLORADO: Section 1. That for the purposes of meeting all general operating expenses of the Solaris Metropolitan District No. 1 during the 2022 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 2021. Section 2. That for the purposes of rendering a refund to its constituents during budget year 2022 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 Solaris Metropolitan District No. 1 during the 2022 budget year, there is hereby levied a tax of 0.00 mills upon each dollar of the total valuation for assessment of all taxable property within the District for the year 2021. Page 3 of 5 RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 1 (CONTINUED) TO SET MILL LEVIES (CONTINUED) Section 4. That for the purpose of meeting all payments for bonds and interest of the Solaris Metropolitan District No. 1 during the 2022 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 2021. Section 5. That any officer or the District Administrator is hereby authorized and directed to either immediately certify to the County Commissioners of Eagle County, Colorado, the mill levies for the Solaris Metropolitan District No. 1 as hereinabove determined and set, or be authorized and directed to certify to the County Commissioners of Eagle County, Colorado, the mill levies for the Solaris Metropolitan District No. 1 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 SOLARIS 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 SOLARIS METROPOLITAN DISTRICT NO. 1, EAGLE COUNTY, COLORADO, FOR THE 2022 BUDGET YEAR. WHEREAS, the Board of Directors has adopted the annual budget in accordance with the Local Government Budget Law, on December 6, 2021, 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 SOLARIS METROPOLITAN DISTRICT No. 1, EAGLE COUNTY, COLORADO: Section 1. That the following sums are hereby appropriated from the revenues of each fund, to each fund, for the purposes stated: GENERAL FUND: General and Admin Expenditures $100,710 Operations Expenditures $784,485 Developer Repayment $450,272 Advance Note Principal & Interest $0 TOTAL GENERAL FUND $1,335,467 (THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK) SOLARIS METROPOLITAN DISTRICT #1STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE Printed: 01/18/22BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED Modified Accrual BasisGENERAL FUNDCal Yr Cal Yr Cal Yr 11 Months 11 Months Cal Yr 2020 2021 2021Variance Cal Yr Ended EndedVariance 2022Audited Adopted Amended Favorable 2021 11/30/21 11/30/21 Favorable AdoptedActualBudgetBudget(Unfav)ForecastActualBudget(Unfav)BudgetAssessed ValuationSolaris Metro Dist # 1 11,660 11,660 11,660 11,660 11,660 FINAL NOV AVSolaris Metro Dist # 2 32,218,330 32,177,050 32,177,050 32,177,050 31,542,490 FINAL NOV AVAllowance for Protests/AbatementsSolaris Metro Dist # 3 8,512,280 8,516,620 8,516,620 8,516,620 7,104,950 FINAL NOV AVResidential Service Obligation Mill Levy10.000 10.000 10.000 10.000 10.000Residential Advance Note Mill Levy3.000 (8.888) (8.888) (8.888) 0.000Commercial Service Obligation Mill Levy10.000 10.000 10.000 10.000 10.000Commercial Advance Note Mill Levy3.000 3.000 3.000 3.000 0.000REVENUES Developer Cost Recovery Advance 0 0 0 0 0 0 0 SMD No. 2 Operations Costs Payment429,443 325,271 325,271 0 325,271 36,390 325,271 (288,881) 315,525 SMD No. 2 Advance Note Payment (285,976) (285,976) 0 (285,976) (285,976) 285,976 0 SMD No. 3 Operations Costs Payment 113,410 85,166 86,868 0 86,868 110,182 85,166 25,015 72,470 SMD No. 3 Advance Note Payment 25,550 26,061 0 26,061 25,550 (25,550) 0 Ice Skate Rental Income 179,565 150,000 150,000 0 150,000 126,295 150,000 (23,705) 150,000 Per Matt Skate Shop Rent Income 22,248 22,916 22,916 0 22,916 19,001 21,006 (2,005) 22,916 Per Matt Special Event Income 21,825 25,000 25,000 0 25,000 15,600 18,750 (3,150) 25,000 Per Matt Miscellaneous Income 0 0 0 0 0 Interest Income 1,486 2,500 250 0 250 70 2,292 (2,222) 240Total Revenues 767,979 350,427 350,389 0 350,389 307,537 342,059 (34,521) 586,151= GENERAL & ADMIN EXPENDITURES Accounting 33,036 29,098 29,098 0 29,098 20,804 26,673 5,869 30,750 Audit 9,275 9,350 9,350 0 9,350 9,350 9,350 0 9,400 Per Engagement Elections 45000000 0 01,500Bd mbr election General Engineering 000000000 Insurance 12,034 13,237 13,779 0 13,779 13,779 13,237 (542) 14,750 Legal - General Counsel 16,479 15,000 15,000 0 15,000 9,849 13,750 3,901 15,750 Miscellaneous 489 750 750 0 750 160 688 527 1,050 Contingency 0 10,000 10,000 10,000 0 0 0 0 10,000 Contributions to SMD 2 and 3 17,185 16,210 17,375 0 17,375 17,375 16,210 (1,165) 17,510TOTAL G&A EXPENDITURES88,948 93,645 95,352 10,000 85,352 71,316 79,908 8,591 100,710No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.PAGE 2 SOLARIS METROPOLITAN DISTRICT #1STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE Printed: 01/18/22BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED Modified Accrual BasisGENERAL FUND - (CONTINUED)Cal Yr Cal Yr Cal Yr 11 Months 11 Months Cal Yr 2020 2021 2021Variance Cal Yr Ended EndedVariance 2022Audited Adopted Amended Favorable 2021 11/30/21 11/30/21 Favorable AdoptedActualBudgetBudget(Unfav)ForecastActualBudget(Unfav)BudgetOPERATING EXPENDITURES Bank Fees 000000000Per Matt Cash Short (Sales Tax not Collected) 0 0 0 0 0 Should be $0 Credit Card Fees 6,285 4,500 6,039 0 6,039 4,420 3,750 (670) 5,550 Per Matt Insurance Expense 14,492 14,500 14,5000 14,500 7,343 14,500 7,157 14,500 Per Matt Janitorial Expense / Trash 13,66713,000 21,800 0 21,800 18,404 10,833 (7,571) 22,000 Plaza & Bathroom Trash Expense 8,100 0 8,100 5,400 0 (5,400) 8,100 Misc Expense 0 0 0 0 0 Rent & CAM 113,498 115,785 115,785 0 115,785 105,925 106,137 212 118,330 2021 plus 3% incr Management Labor 76,750 81,750 81,250 0 81,250 74,479 74,938 458 84,500 Per Matt Repairs and Maintenance 31,025 35,000 9,750 0 9,750 7,039 32,083 25,044 10,000 Per Matt Supplies 1,263 1,500 750 0 750 0 1,375 1,375 1,000 Per Matt Skate Shop Contract Labor31,464 43,832 35,000 0 35,000 19,708 36,527 16,819 35,000 2021 Forecast Skate Shop Management Fee 17,857 15,000 20,130 0 20,130 12,630 12,500 (130) 18,500 % of Sales Skate Shop Supplies 1,351 2,100 1,000 0 1,000 200 1,750 1,550 1,500 Per Matt Special Event Expenses 2,183 2,500 1,350 0 1,350 1,150 0 (1,150) 2,500 % of Event Utilities - Skate Shop 1,456 1,100 1,500 0 1,500 1,179 917 (262) 1,500 Per Matt Utilities - Electricity 31,033 37,079 42,451 0 42,451 28,751 30,899 2,148 42,451 Per Matt Utilities - Gas 38,053 50,000 45,897 0 45,897 32,817 41,667 8,850 46,000 Per Matt Utilities - Water 12,210 7,500 12,076 0 12,076 11,823 6,250 (5,573) 13,000 Per Matt Utilities - Street Scapes 18,054 18,05418,054 0 18,054 9,114 15,045 5,931 18,054 Per Matt Landscaping - Plaza 36,337 25,322 39,759 0 39,759 39,759 21,101 (18,658) 35,000 Per Matt Plaza Repair & Maintenance 6,222 40,000 14,460 0 14,460 11,878 33,333 21,456 15,000 Per Matt Plaza Maintenance Labor 56,541 50,571 60,000 0 60,000 57,974 46,357 (11,617) 60,000 Per Matt Public Bathroom Labor 21,517 16,995 26,309 0 26,309 25,224 15,579 (9,646) 26,500 Per Matt Loading Dock Labor 25,978 23,344 20,000 0 20,000 14,763 21,398 6,636 20,000 Per Matt Loading Dock Repair & Maintenance 26,611 7,500 23,487 0 23,487 17,485 6,875 (10,610) 25,000 Per Matt Art Repair & Maintenance 0 20,000 285,369 0 285,369 285,369 18,333 (267,036) 153,000 Repairs - Tree Lig Ice Rink Repair & Maintenance 4,737 7,500 2,500 0 2,500 2,216 6,875 4,659 5,000 Per Matt Zamboni Maint. And Fuel 2,268 1,200 1,339 0 1,339 1,059 1,000 (59) 1,500 Per Matt Turf 01,00000001,0001,0001,000Repl every 4-5 yr Contingency000Operating Expenditures 590,848 636,632908,656 0 908,656 796,108 561,022 (235,086) 784,485REVENUE OVER (UNDER) EXPEND. 88,183 (379,850) (653,618) 10,000 (643,618) (559,887) (298,871) (261,016) (299,044) 0OTHER FINANCING SOURCES and (USES) Advance/Loan from District No. 2 0 0 0 0 0 0 Advance/Loan from District #3 0 0 0 0 Transfer in from District #3 0 1,047,141 0 1,047,141 0 0 Transfer in from District #3 0 0 0 0 Developer Advances 543,739 560,000 780,000 0 780,000 589,172 561,022 28,150 784,485 Repayment of Developer Advances/Interes(586,883) (235,756) (234,015) 0 (234,015) (50,000) (262,151) 212,151 (450,272) Repayment of Developer Principal from Ne0 (871,106) 0 (871,106) 0 0 Repayment of Developer Interest from New0 (176,035) 0 (176,035) 0 0 Advance Note Principal 000000000 Advance Note Interest 000000000 Transfer to Debt Service Fund TOTAL OTHER FINANCING SOURCES (43,144) 324,244 545,985 0 545,986 539,172 298,871 240,301 334,213FUND BALANCE - BEGINNING 108,737 103,804 153,775 0 153,775 153,775 103,804 49,970 56,143FUND BALANCE - ENDING 153,775 48,19846,142 10,000 56,143 133,060 103,804 29,256 91,312No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.= = = = = = =PAGE 3 121 County Tax entity code DOLA LGID/SID 65739 TO: County Commissioners1 of Eagle County , Colorado. On behalf of the Solaris Metropolitan District #1 the Board of Directors of the Solaris Metropolitan District #1 $11,660 $11,660 Submitted:12/7/2021 for budget/fiscal year 2022 . (not later than Dec 15) (mm/dd/yyyy)(yyyy) PURPOSE (see end notes for definitions and examples)LEVY2 REVENUE2 1.General Operating ExpensesH 0.000 mills -$ 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 Accountant (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 57E) (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)Ken 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 SOLARIS 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 Filed electronically: dlg-filing@state.co.us LGID#: 65740 January 15, 2022 Division of Local Government 1313 Sherman Street, Room 521 Denver, CO 80203 RE: Solaris Metropolitan District No. 2 Attached is the 2022 Budget for the Solaris Metropolitan District No. 2 in Eagle County, Colorado, submitted pursuant to Section 29-1-116, C.R.S. This Budget was adopted on December 6, 2021. If there are any questions on the budget, please contact Mr. Kenneth J. Marchetti, telephone number 970-926-6060. The mill levy certified to the County Commissioners of Eagle County is 10.000 mills for all general operating purposes, subject to statutory and/or TABOR limitations; 45.278 mills for general obligation debt; 0.000 mills for contractual obligations; 0.000 for refund/abatement; and 8.888 mills for Temporary Tax Credit/Mill Levy Reduction. Based on a net assessed valuation of $31,542,490, the total property tax revenue is $1,743,605.76. 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, District Administrator Enclosure(s) SOLARIS METROPOLITAN DISTRICT NO. 2 2022 BUDGET MESSAGE Solaris 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 public improvements and related operation and maintenance services as such power and authority is described in the Colorado Special District Act, and other applicable statutes. 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. 2022 BUDGET STRATEGY The District was formed in late 2006. The District has joined with Solaris Metropolitan District No. 1 and Solaris Metropolitan District No. 3 in adopting a consolidated service plan. Under this consolidated service plan, Solaris Metropolitan District No. 1 is the “service district” and Solaris Metropolitan Districts No. 2 and No. 3 are the “financing districts.” As such, Solaris Metropolitan District No.1 is responsible for managing the construction and operation of facilities and improvements needed for the Solaris Metro Districts No. 2 and No. 3 areas. Initially Solaris Metropolitan District No. 1 issued $30,560,000 property tax revenue variable rate bonds on March 25, 2008 to be repaid with revenues pledged by Solaris Metropolitan District No. 2 and No. 3. During 2013 Solaris Metropolitan District No. 2 issued bonds and transferred the proceeds to District No. 1 and District No. 1’s 2008 bonds were paid off. During 2016 Solaris Metropolitan District No. 3 issued bonds and transferred the proceeds to District No. 2 and District No. 2’s 2013 bonds were paid off. During 2021 District No. 3 entered into a loan agreement in order to refund the 2016 bonds. Solaris Metropolitan District No. 2 and No. 3 levy a debt service mill levy to pay the debt service on District No. 3’s 2021 loan. Operating expenses are funded pursuant to an Operating Agreement between Solaris Metropolitan District Nos. 1, 2 and 3. District No. 1 performs the operations and the operating expenses are funded through property tax revenues collected by the “financing” districts (No. 2 and No. 3) and paid to District No. 1. Page 1 of 5 RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 2 TO ADOPT 2022 BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND AND ADOPTING A BUDGET FOR THE SOLARIS METROPOLITAN DISTRICT NO. 2, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY 2022 AND ENDING ON THE LAST DAY OF DECEMBER 2022. WHEREAS, the Board of Directors of the Solaris Metropolitan District No. 2 has appointed a budget committee to prepare and submit a proposed 2022 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 December 6, 2021, 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 Solaris Metropolitan District No. 2, Eagle County, Colorado: Section 1. That the budget as submitted, amended, and summarized by fund, hereby is approved and adopted as the budget of the Solaris Metropolitan District No. 2 for the year stated above, as adjusted for immaterial changes in the final certified assessed value of the District as certified by the county assessor and corresponding adjustments resulting from such changes to the assessed value. In the event there are material changes to the assessed value then a subsequent meeting of the Board shall be called to consider such changes. Furthermore, to the extent capital or significant operating expenditures forecasted for the current year are anticipated to be extended into the following year, the expenditures and offsetting change in the budgeted beginning fund balance shall be updated to reflect management’s best estimate at the time the budget is to be filed with the Colorado Division of Local Affairs. 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. Page 2 of 5 RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 2 (CONTINUED) TO SET MILL LEVIES A RESOLUTION LEVYING PROPERTY TAXES FOR THE YEAR 2021, TO HELP DEFRAY THE COSTS OF GOVERNMENT FOR THE SOLARIS METROPOLITAN DISTRICT NO. 2, EAGLE COUNTY, COLORADO, FOR THE 2022 BUDGET YEAR. WHEREAS, the Board of Directors of the Solaris Metropolitan District No. 2, has adopted the annual budget in accordance with the Local Government Budget Law, on December 6, 2021 and; WHEREAS, the amount of money necessary to balance the budget for general operating expenses and capital expenditure purposes from property tax revenue is $315,424.90 and; WHEREAS, the Solaris Metropolitan District No. 2 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 voter approved bonds and interest is $1,650,050.74, and; WHEREAS, the 2021 valuation for assessment for the Solaris Metropolitan District No. 2, as certified by the County Assessor is $31,542,490. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the SOLARIS METROPOLITAN DISTRICT No. 2, EAGLE COUNTY, COLORADO: Section 1. That for the purposes of meeting all general operating expenses of the Solaris Metropolitan District No. 2 during the 2022 budget year, there is hereby levied a tax of 10.000 mills upon each dollar of the total valuation for assessment of all taxable property within the District for the year 2021. Section 2. That for the purposes of rendering a refund to its constituents during budget year 2022 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 Solaris Metropolitan District No. 2 during the 2022 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 2021. Page 3 of 5 RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 2 (CONTINUED) TO SET MILL LEVIES (CONTINUED) Section 4. That for the purpose of meeting all payments for bonds and interest of the Solaris Metropolitan District No. 2 during the 2022 budget year, there is hereby levied a tax of 45.278 mills upon each dollar of the total valuation for assessment of all taxable property within the District for the year 2021. Section 5. That any officer or the District Administrator is hereby authorized and directed to either immediately certify to the County Commissioners of Eagle County, Colorado, the mill levies for the Solaris Metropolitan District No. 2 as hereinabove determined and set, or be authorized and directed to certify to the County Commissioners of Eagle County, Colorado, the mill levies for the Solaris Metropolitan District No. 2 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 SOLARIS 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 SOLARIS METROPOLITAN DISTRICT NO. 2, EAGLE COUNTY, COLORADO, FOR THE 2022 BUDGET YEAR. WHEREAS, the Board of Directors has adopted the annual budget in accordance with the Local Government Budget Law, on December 6, 2021, 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 SOLARIS METROPOLITAN DISTRICT No. 2, EAGLE COUNTY, COLORADO: Section 1. That the following sums are hereby appropriated from the revenues of each fund, to each fund, for the purposes stated: GENERAL FUND: Operating Expenditures $341,858 TOTAL GENERAL FUND $341,858 DEBT SERVICE FUND: Debt Service Expenditures $ 1,512,090 TOTAL DEBT SERVICE FUND: $ 1,512,090 (THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK) SOLARIS METROPOLITAN DISTRICT # 2 Printed: 1/18/22STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE ModifiedBUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED Accrual BasisCal Yr Cal Yr 11 Months 11 Months Cal YrGENERAL FUND 2020 2021Variance Cal Yr Ended EndedVariance 2022Audited Adopted Favorable 2021 11/30/21 11/30/21 Favorable Adopted BUDGETActualBudget(Unfav)ForecastActualBudget(Unfav)BudgetASSUMPTIONSAssessed Valuation 32,218,330 32,177,050 0 32,177,050 31,542,490 Allowance for Protests/AbatementsService Obligation Mill Levy 10.000 10.000 10.000 10.000Advance Note Mill Levy 3.000 (8.888) (8.888) 0.000REVENUES SMD #2 Prop Tax - Service Obligation 322,183 321,771 0 321,771 35,781 321,771 (285,990) 315,425 SMD #2 Prop Tax - Advance Note 96,655 (285,976) 0 (285,976) 0 (285,976) 285,976 0 SMD #2 SO Tax - Service Ob & Adv Note 20,806 1,790 0 1,790 1,676 1,641 35 15,771 5% of Prop. Taxes SMD #1 Expense Reimbursement 9,229 8,620 661 9,281 9,281 8,620 661 9,370 Interest Income 1,370 3,500 (3,400) 100 82 3,208 (3,126) 100TOTAL REVENUES 450,243 49,704 (2,739) 46,965 46,820 49,263 (2,443) 340,666EXPENDITURES Insurance 3,629 2,970 (661) 3,631 3,631 2,970 (661) 3,670 Advance repayment 0 0 000000 Audit 5,600 5,650 0 5,650 5,650 5,650 0 5,700 Per Engagement Election 00 0 00000 Legal 0 0 000000 Office Supplies 00 0 00000 Treasurer's Fees - Service Ob & Adv Note 12,578 1,074 0 1,074 1,074 1,074 (1) 9,463 3% of Prop. Taxes Operations Costs Payment to SMD No. 1 427,480 325,271 0 325,271 36,414 325,271 288,856 315,525 Xfer Prop Tax Advance Note Payments to SMD No. 1 (285,976) 0 (285,976) (285,976) (285,976) 0 Xfer Prop Tax Contingency Allowance 0 7,500 7,50000007,500TOTAL EXPENDITURES 449,286 56,4886,839 49,649 46,77048,988 2,218 341,858REVENUE OVER (UNDER) EXPEND. 957 (6,784) 4,100 (2,684) 50 275 (225) (1,192)OTHER SOURCES AND (USES)Advance/Loan to District 1 to be Repaid00TOTAL OTHER SOURCES & (USES) 0 0 000000FUND BALANCE - BEGINNING 46,645 47,522 80 47,602 47,602 47,522 80 44,918FUND BALANCE - ENDING 47,602 40,738 4,180 44,918 47,652 47,797 (145) 43,726No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.= = = = = = =Page 2 SOLARIS METROPOLITAN DISTRICT # 2 Printed: 1/18/22 ModifiedSTATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Accrual BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED BasisCal Yr Cal Yr 11 Months 11 Months Cal YrDEBT SERVICE FUND 2020 2021Variance Cal Yr Ended EndedVariance 2022Audited Adopted Favorable 2021 11/30/21 11/30/21 Favorable Adopted BUDGETActual Budget (Unfav) Forecast Actual Budget (Unfav) Budget ASSUMPTIONSAssessed Valuation 32,218,330 32,177,050 0 32,177,050 31,542,4900Allowance for Protests/Abatements 0Senior Debt Service Mill Levy 47.000 47.000 47.000 45.278Subordinate Debt Mill Levy 5.300 5.307 5.307 0.000REVENUES SMD #2 Prop Tax - Senior Debt Service 1,514,261 1,512,321 0 1,512,321 1,512,321 1,512,321 (0) 1,428,181 SMD #2 Prop Tax - Subordinate Debt Svc 170,757 170,764 0 170,764 170,764 170,764 (0) 0 Specific Ownership Taxes 83,704 84,154 0 84,154 78,826 77,141 1,685 71,409 5% of Prop. Taxes SMD #3 Property Tax Transfer 0 0 000000 Developer Advance 0 0 000000 Interest Income 1,662 2,500 (900) 1,600 1,512 2,292 (779) 2,500TOTAL REVENUES 1,770,384 1,769,739 (900) 1,768,839 1,763,423 1,762,518 905 1,502,090EXPENDITURES Senior Bond Costs Payment to SMD #3 1,545,503 1,549,417 5,453 1,543,965 1,539,098 1,542,929 3,831 1,459,244 Xfer Prop Tax Sub Bond Costs Payment to SMD #3 174,280 174,952 616 174,337 173,787 174,220 433 0 Xfer Prop Tax Treasurer's Fees 50,600 45,370 (5,168) 50,538 50,538 45,370 (5,168) 42,845 3% of Prop. Taxes Cash Management Fee 0 0 000000 Contingency 10,000 10,000 0 0 0 10,000 Allow for SO VarianTOTAL EXPENDITURES 1,770,384 1,779,739 10,900 1,768,839 1,763,423 1,762,518 (905) 1,512,090REVENUE OVER (UNDER) EXPEND. 0 (10,000) 10,0000000(10,000)OTHER SOURCES/(USES) Xfer from No. 3 Bond Proceeds 0 0 0 0 0 Proceeds from Bond Issuance 0 0 0 0 Payment to SMD #3 0 0 0 0 0 Payment from SMD #1 for Special Fund00 Payment from SMD #1 for Bond Reserve Fu0 000 Cost of Issuance 0 0 0 0 TOTAL OTHER FINANCING SOURCES 0 0 000000FUND BALANCE - BEGINNING 75,499 75,499 0 75,499 75,499 75,499 0 75,499FUND BALANCE - ENDING 75,499 65,499 10,000 75,499 75,499 75,499 0 65,499No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.= = = = = = =..Components of Fund Balance: Developer Loan Special Fund 0 0 0 0 0 Bond Reserve Fund 0 0 0 0 0 Other 75,499 65,499 10,000 75,499 65,499 Total 75,499 65,499 10,000 75,499 65,499Page 3 122 County Tax entity code DOLA LGID/SID 65740 TO: County Commissioners1 of Eagle County , Colorado. On behalf of the Solaris Metropolitan District #2 the Board of Directors of the Solaris Metropolitan District #2 $31,542,490 $31,542,490 Submitted:12/7/2021 for budget/fiscal year 2022 . (not later than Dec 15) (mm/dd/yyyy)(yyyy) PURPOSE (see end notes for definitions and examples)LEVY2 REVENUE2 1.General Operating ExpensesH 10.000 mills 315,424.90$ 2.0.000 mills -$ SUBTOTAL FOR GENERAL OPERATING: 10.000 mills 315,424.90$ 3.General Obligation Bonds and InterestJ mills -$ 4.Contractual ObligationsK 45.278 mills 1,428,180.86$ 5.Capital ExpendituresL 0.000 mills -$ 6.Refunds/AbatementsM 0.000 mills -$ 7.OtherN (specify): 0.000 mills -$ 0.000 mills -$ TOTAL:[]55.278 mills 1,743,605.76$ Daytime phone:(970) 926-6060 x8 Signed: Title:District Accountant (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 57E) (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: Series: Date of Issue: Coupon rate: Maturity Date: Levy: Revenue: 2.Purpose of Issue: Series: Date of Issue: Coupon rate: Maturity Date: Levy: Revenue: CONTRACTSK: 3.Purpose of Contract: Pledge revenues in support of general obligation loan and note. Title: Capital Pledge and Mill Levy Policy Agreement Date:12/15/2021 Principal Amount:None Stated Maturity Date: Levy:45.278 Revenue: $1,428,180.86 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 Form DLG 70 (rev 6/16)Page 2 of 4 SOLARIS 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 Filed electronically: dlg-filing@state.co.us LGID#: 65741 January 15, 2022 Division of Local Government 1313 Sherman Street, Room 521 Denver, CO 80203 RE: Solaris Metropolitan District No. 3 Attached is the 2022 Budget for the Solaris Metropolitan District No. 3 in Eagle County, Colorado, submitted pursuant to Section 29-1-116, C.R.S. This Budget was adopted on December 6, 2021. If there are any questions on the budget, please contact Mr. Kenneth J. Marchetti, telephone number 970-926-6060. The mill levy certified to the County Commissioners of Eagle County is 10.000 mills for all general operating purposes, subject to statutory and/or TABOR limitations; 24.400 mills for general obligation debt; 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 $7,104,950, the total property tax revenue is $244,410.28. 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, District Administrator Enclosure(s) SOLARIS METROPOLITAN DISTRICT NO. 3 2022 BUDGET MESSAGE Solaris 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 public improvements and related operation and maintenance services as such power and authority is described in the Colorado Special District Act, and other applicable statutes. 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. 2022 BUDGET STRATEGY The District was formed in late 2006. The District has joined with Solaris Metropolitan District No. 1 and Solaris Metropolitan District No. 2 in adopting a consolidated service plan. Under this consolidated service plan, Solaris Metropolitan District No. 1 is the “service district” and Solaris Metropolitan Districts No. 2 and No. 3 are the “financing districts.” As such, Solaris Metropolitan District No.1 is responsible for managing the construction and operation of facilities and improvements needed for the Solaris Metro Districts No. 2 and No. 3 areas. Initially Solaris Metropolitan District No. 1 issued $30,560,000 property tax revenue variable rate bonds on March 25, 2008 to be repaid with revenues pledged by Solaris Metropolitan District Nos. 2 and 3. During 2013 Solaris Metropolitan District No. 2 issued bonds and transferred the proceeds to District No. 1 and District No. 1’s 2008 bonds were paid off. During 2016 Solaris Metropolitan District No. 3 issued bonds and transferred the proceeds to District No. 2 and District No. 2’s 2013 bonds were paid off. During 2021 District No. 3 entered into a loan agreement in order to refund the 2016 bonds. Solaris Metropolitan District No. 2 and No. 3 levy a debt service mill levy to pay the debt service on District No. 3’s 2016 bonds. Operating expenses are funded pursuant to an Operating Agreement between Solaris Metropolitan District Nos. 1, 2 and 3. District No. 1 performs the operations and the operating expenses are funded through property tax revenues collected by the “financing” districts (No. 2 and No. 3) and paid to District No. 1. Page 1 of 5 RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 3 TO ADOPT 2022 BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND AND ADOPTING A BUDGET FOR THE SOLARIS METROPOLITAN DISTRICT NO. 3, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY 2022 AND ENDING ON THE LAST DAY OF DECEMBER 2022. WHEREAS, the Board of Directors of the Solaris Metropolitan District No. 3 has appointed a budget committee to prepare and submit a proposed 2022 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 December 6, 2021, 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 Solaris Metropolitan District No. 3, Eagle County, Colorado: Section 1. That the budget as submitted, amended, and summarized by fund, hereby is approved and adopted as the budget of the Solaris Metropolitan District No. 3 for the year stated above, as adjusted for immaterial changes in the final certified assessed value of the District as certified by the county assessor and corresponding adjustments resulting from such changes to the assessed value. In the event there are material changes to the assessed value then a subsequent meeting of the Board shall be called to consider such changes. Furthermore, to the extent capital or significant operating expenditures forecasted for the current year are anticipated to be extended into the following year, the expenditures and offsetting change in the budgeted beginning fund balance shall be updated to reflect management’s best estimate at the time the budget is to be filed with the Colorado Division of Local Affairs. 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. Page 2 of 5 RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 3 (CONTINUED) TO SET MILL LEVIES A RESOLUTION LEVYING PROPERTY TAXES FOR THE YEAR 2021, TO HELP DEFRAY THE COSTS OF GOVERNMENT FOR THE SOLARIS METROPOLITAN DISTRICT NO. 3, EAGLE COUNTY, COLORADO, FOR THE 2022 BUDGET YEAR. WHEREAS, the Board of Directors of the Solaris Metropolitan District No. 3, has adopted the annual budget in accordance with the Local Government Budget Law, on December 6, 2021 and; WHEREAS, the amount of money necessary to balance the budget for general operating expenses and capital expenditure purposes from property tax revenue is $92,364.35 and; WHEREAS, the Solaris Metropolitan District No. 3 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 voter approved bonds and interest is $333,932.65, and; WHEREAS, the 2021 valuation for assessment for the Solaris Metropolitan District No. 3, as certified by the County Assessor is $7,104,950. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the SOLARIS METROPOLITAN DISTRICT No. 3, EAGLE COUNTY, COLORADO: Section 1. That for the purposes of meeting all general operating expenses of the Solaris Metropolitan District No. 3 during the 2022 budget year, there is hereby levied a tax of 10.000 mills upon each dollar of the total valuation for assessment of all taxable property within the District for the year 2021. Section 2. That for the purposes of rendering a refund to its constituents during budget year 2022 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 Solaris Metropolitan District No. 3 during the 2022 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 2021. Page 3 of 5 RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 3 (CONTINUED) TO SET MILL LEVIES (CONTINUED) Section 4. That for the purpose of meeting all payments for bonds and interest of the Solaris Metropolitan District No. 3 during the 2022 budget year, there is hereby levied a tax of 24.400 mills upon each dollar of the total valuation for assessment of all taxable property within the District for the year 2021. Section 5. That any officer or the District Administrator is hereby authorized and directed to either immediately certify to the County Commissioners of Eagle County, Colorado, the mill levies for the Solaris Metropolitan District No. 3 as hereinabove determined and set, or be authorized and directed to certify to the County Commissioners of Eagle County, Colorado, the mill levies for the Solaris Metropolitan District No. 3 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 SOLARIS 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 SOLARIS METROPOLITAN DISTRICT NO. 3, EAGLE COUNTY, COLORADO, FOR THE 2022 BUDGET YEAR. WHEREAS, the Board of Directors has adopted the annual budget in accordance with the Local Government Budget Law, on December 6, 2021, 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 SOLARIS METROPOLITAN DISTRICT NO. 3, EAGLE COUNTY, COLORADO: Section 1. That the following sums are hereby appropriated from the revenues of each fund, to each fund, for the purposes stated: GENERAL FUND: Operating Expenditures $87,742 TOTAL GENERAL FUND $87,742 DEBT SERVICE FUND: Debt Service Expenditures $ 1,617,486 TOTAL DEBT SERVICE FUND: $ 1,617,486 (THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK) SOLARIS METROPOLITAN DISTRICT NO. 3 1/18/22STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE ModifiedBUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATEDAccrual BasisCal Yr Cal Yr Cal Yr 11 Months 11 Months Cal YrGENERAL FUND 2020 2021 2021Variance Cal Yr Ended EndedVariance 2022Audited Adopted Amended Favorable 2021 11/30/21 11/30/21 Favorable Adopted BUDGETActualBudgetBudget(Unfav)ForecastActualBudget(Unfav)Budget ASSUMPTIONSAssessed Valuation SMD No. 3 8,512,280 8,516,620 8,516,620 8,516,620 7,104,950Service Obligation Mill Levy 10.000 10.000 10.000 10.000 10.000Advance Note Levy 3.000 3.000 3.000 3.000 0.000REVENUES SMD #3 Prop Tax - Service Obligation 85,123 85,166 85,166 0 85,166 85,166 85,166 0 71,050 71,049.50 SMD #3 Prop Tax - Advance Note 25,537 25,550 25,550 0 25,550 25,550 25,550 0 0 21,314.85 SMD #3 SO Tax - Service Ob & Adv Note 5,496 5,536 5,536 0 5,536 5,180 5,074 106 3,552 5% of Prop. Taxes SMD #1 Expense Reimbursement 7,956 7,590 8,094 0 8,094 8,094 7,590 504 8,140 Interest Income 304 750 300 (220) 80 57 688 (630) 100TOTAL REVENUES 124,416 124,592 124,646 (220) 124,426 124,047 124,068 (21) 82,842EXPENDITURES Insurance 3,381 2,965 3,469 0 3,469 3,469 2,965 (504) 3,490 Directors Fees & Payroll Taxes 00 0 0 00000 Advance repayment 0 0 0 000000 Audit 4,575 4,625 4,625 0 4,625 4,625 4,625 0 4,650 Per Engagement Election 00 0 0 00000 Legal 0 0 0 000000 Office Supplies 00 0 0 00000 Treasurer's Fees - Service Obligation 3,322 3,321 3,321 (2) 3,323 3,323 3,321 (1) 2,131 3% of Prop. Taxes Operations Costs Payment to SMD No. 1 112,911 85,166 86,868 0 86,868 112,620 85,166 (27,454) 72,470 Xfer Prop Tax Advance Note Payment to SMD No. 1 25,550 26,061 0 26,061 25,550 25,550 0 Xfer Prop Tax Contingency Allowance 05,0005,0005,000 00005,000TOTAL EXPENDITURES 124,189 126,628 129,344 4,998 124,346 124,036 121,628 (2,409) 87,742REVENUE OVER (UNDER) EXPEND. 227 (2,036) (4,698) 4,778 80 11 2,441 (2,430) (4,900)OTHER SOURCES AND (USES)TOTAL OTHER SOURCES & (USES) 0 0 0 000000FUND BALANCE - BEGINNING 14,672 12,635 14,899 (227) 14,672 14,899 12,635 2,264 14,752FUND BALANCE - ENDING 14,899 10,600 10,200 4,552 14,752 14,910 15,076 (166) 9,852No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.= = = = = = =PAGE 2 PAGE 2 SOLARIS METROPOLITAN DISTRICT NO. 31/18/22STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE ModifiedBUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATEDAccrual BasisCal Yr Cal Yr Cal Yr 11 Months 11 Months Cal YrDEBT SERVICE FUND 2020 2021 2021Variance Cal Yr Ended EndedVariance 2022Audited Adopted Amended Favorable 2021 11/30/21 11/30/21 Favorable Adopted BUDGETActual Budget Budget (Unfav) Forecast Actual Budget (Unfav) Budget ASSUMPTIONSAssessed Valuation SMD No. 3 8,512,280 8,516,620 8,516,620 0 8,516,620 7,104,950Percent IncreaseAssessed Valuation SMD No. 2 31,544,280 32,177,050 32,177,050 32,177,050 31,542,490Percent IncreaseDebt Service Mill Levy47.000 47.000 47.000 0 47.000 24.400REVENUES SMD No. 3 Prop Tax - Debt Service 400,077 400,281 400,281 0 400,281 400,281 399,280 1,001 173,361 Specific Ownership Taxes 19,871 20,014 20,014 0 20,014 18,729 16,678 2,051 8,668 5% of Prop. Taxes Prop Tax Xfer fr SMD No. 2 for Senior Bond1,719,784 1,549,417 1,543,965 0 1,543,965 1,539,098 1,549,417 (10,319) 1,459,244 Per No. 2 Bgt Prop Tax Xfer fr SMD No. 2 for Sub Bonds 174,952 174,337 0 174,337 173,787 174,952 (1,165) 0 Interest Income 24,216 56,714 2,000 0 2,000 1,720 51,988 (50,268) 2,279TOTAL REVENUES 2,163,948 2,201,379 2,140,596 0 2,140,596 2,133,616 2,192,317 (58,701) 1,643,552EXPENDITURES Interest Bond Series 2016A/2021 1,427,750 1,421,563 1,421,563 0 1,421,563 710,781 710,781 0 938,285 Principal Bond Series 2016A/2021 165,000 240,000 240,000 0 240,000000660,000 Interest Bond Series 2016B 491,916 174,952 174,450 0 174,4500000 Principal Bond Series 2016B 0 0 Bond Costs Payment to SMD No. 2 0 0 0000 Treasurer's Fees 12,011 12,008 12,013 0 12,013 12,013 11,978 (35) 5,201 3% of Prop. Taxes Cash Management/Trustee Fees 2,358 6,000 1,000 0 1,000 334 5,500 5,166 4,000 Annual Surveilance Fee 6,000 6,000 6,000 0 6,000 0 5,500 5,500 0 Contingency 10,000 10,000 10,000 0 0 0 10,000TOTAL EXPENDITURES 2,105,034 1,870,523 1,865,026 10,000 1,855,026 723,128 733,760 10,631 1,617,486REVENUE OVER (UNDER) EXPEND. 58,913 330,856 275,571 10,000 285,571 1,410,487 1,458,557 (48,070) 26,066OTHER SOURCES/(USES) Proceeds from Developer Note 0 0 0 0 Bond/Loan Proceeds 0 34,410,000 0 34,410,000 0 0 Bond Proceeds Series B 0 0 0 0 Xfer From No. 200 Xfer to No. 1 for Developer Advances 0 (1,047,141) (0) (1,047,141) 0 0 Cost of Issuance 0 (504,100) 0 (504,100) 0 0 Xfer to SMD No. 2 to Refund 2013 Bonds 0 0 0 0 Debt Service Reserve Fund 0 0 0 0 Deposit to Surplus Fund 0 0 0 0 Transfer to Refunding Escrow (34,928,349) 0 (34,928,349) 0 TOTAL OTHER FINANCING SOURCES 0 0 (2,069,590) (0) (2,069,590)0000FUND BALANCE - BEGINNING 2,864,429 2,898,153 2,923,342 0 2,923,342 2,923,342 2,898,153 25,189 1,139,323FUND BALANCE - ENDING 2,923,342 3,229,009 1,129,323 10,000 1,139,323 4,333,829 4,356,710 (22,881) 1,165,389No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.= = = = = = =Components of Fund Balance: Bond Reserve Fund 1,213,153 1,212,750 1,125,513 -2,838 1,122,675 1,122,675 Bond Surplus Fund 1,675,483 1,927,518 0 0 0 Other 34,706 88,741 3,810 12,838 16,648 42,714 Total 2,923,342 3,229,009 1,129,323 10,000 1,139,323 1,165,389PAGE 3 123 County Tax entity code DOLA LGID/SID 65741 TO: County Commissioners1 of Eagle County , Colorado. On behalf of the Solaris Metropolitan District #3 the Board of Directors of the Solaris Metropolitan District #3 $7,104,950 $7,104,950 Submitted:12/7/2021 for budget/fiscal year 2022 . (not later than Dec 15) (mm/dd/yyyy)(yyyy) PURPOSE (see end notes for definitions and examples)LEVY2 REVENUE2 1.General Operating ExpensesH 10.000 mills 71,049.50$ 2.(0.000)mills -$ SUBTOTAL FOR GENERAL OPERATING: 10.000 mills 71,049.50$ 3.General Obligation Bonds and InterestJ 24.400 mills 173,360.78$ 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:[]34.400 mills 244,410.28$ Daytime phone:(970) 926-6060 x8 Signed: Title:District Accountant CERTIFICATION OF TAX LEVIES for NON-SCHOOL Governments (taxing entity)A (governing body)B Contact person: (print)Ken 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 57E) (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:Refund existing outstanding bonds Series:Loan Agreement and Promissory Note, Series 2021 Date of Issue:12/15/2021 Coupon rate: 2.84% Maturity Date:12/1/2036 Levy:24.400 Revenue: $173,360.78 2.Purpose of Issue: Series: Date of Issue: Coupon rate: Maturity Date: Levy: Revenue: CONTRACTSK: 3.Purpose of Contract: Title: Date: Principal Amount: Maturity Date: Levy: Revenue: 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 Form DLG 70 (rev 6/16)Page 2 of 4