HomeMy WebLinkAbout2022 Consolidated Annual Report 1
CONFLUENCE METROPOLITAN DISTRICT
AVON STATION METROPOLITAN DISTRICT
(the “Districts”)
2022 CONSOLIDATED ANNUAL REPORT
Pursuant to the Amended and Restated Consolidated Service Plan for Confluence
Metropolitan District and Avon Station Metropolitan District (the “Districts”), and pursuant to
§32-1-207(3)(c), C.R.S., the Districts are required to provide an annual report to the Town of
Avon (the “Town”). For the year ending December 31, 2022, the Districts make the following
report:
a. Boundary changes made or proposed to the District’s boundaries as of
December 31 of the prior year.
There were no changes to the boundaries of the Districts during the reporting year.
b. Intergovernmental Agreements with other governmental entities either
entered into or proposed as of December 31 of the prior year.
No Intergovernmental Agreements were entered into or proposed during the reporting
year.
c. A list of all facilities and improvements constructed by the District that has
been dedicated to and accepted by the City as of December 31 of the prior
year.
No facilities or improvements were dedicated to the Town in 2022.
d. The gross assessed valuation of the District for the current year.
The gross assessed valuation of each district is as follows: Confluence Metropolitan District: $1,507,660 Avon Station Metropolitan District: $26,319,260 Avon Station Metropolitan District, Debt Service: $1,507,600
e. Current year budget including a description of the Public Improvements to be
constructed in such year.
Copies of the Districts’ 2023 budgets are attached hereto as Exhibit A.
f. 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 2022 annual audits for Confluence Metropolitan District and Avon Station
Metropolitan District are in process and will be provided in a supplemental report
2
once available.
g. Notice of any uncured events of default by the District, which continue beyond
a ninety (90) day period, under any Debt instrument.
No uncured events of default by the Districts occurred in 2022.
h. Copies of the District’s rules and regulations, if any, as of December 31 of the
prior year.
The Districts have not adopted rules or regulations as of December 31, 2022.
i. A summary of any litigation which involves the District Public Improvements
as of December 31 of the prior year.
To our actual knowledge, based on review of the court records in Eagle County, Colorado
and the Public Access to Court Electronic Records (PACER), there is no litigation
involving the Districts’ Public Improvements as of December 31, 2022.
j. Status of the District’s construction of the Public Improvements as of
December 31 of the prior year.
The District did not undertake construction of any Public Improvements in 2022.
k. Any inability of the District to pay its obligations as they come due, in
accordance with the terms of such obligations, which continue beyond a ninety
(90) day period.
The District is not aware of any inability to pay its financial obligations as they
become due.
The foregoing filing and accompanying exhibits are submitted as of this the 25th day of May, 2023.
3
EXHIBIT A
2023 Budgets
AVON STATION METROPOLITAN DISTRICT
__________________________________________
Administrative Management Provided By Marchetti & Weaver LLC
28 Second Street, Suite 213, Edwards, CO 81632; Phone (970) 926-6060; Fax (970) 926-6040
January 13, 2023
Division of Local Government
1313 Sherman Street, Room 521
Denver, CO 80203
Filed electronically: dlg-filing@state.co.us
RE: Avon Station Metropolitan District Budget; LGID #19062
Attached is the 2023 Budget for the Avon Station Metropolitan District in Eagle County,
Colorado, submitted pursuant to Section 29-1-116, C.R.S. This Budget was adopted on October
25, 2022. 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 23.000 mills for all
general operating purposes, subject to statutory and/or TABOR limitations; 44.465 mills for
Contractual Obligations (44.465 mills for Contractual Obligations for Debt District 147): 0.000
mills for G.O. bonds; 0.000 mills for refund/abatement; and 0.000 mills for Temporary Tax
Credit/Mill Levy Reduction. Based on a net assessed valuation of $16,954,840 ($971,190 for
District 147), the total property tax revenue is $1,143,858.28 (plus $43,183.96 for Debt District
147). A copy of the certifications 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 Administrator
AVON STATION METROPOLITAN DISTRICT
2023 BUDGET MESSAGE
Avon Station Metropolitan District 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 parking areas and/or structures, transportation,
water and wastewater mainlines, streets, bridges and other improvements needed for the area.
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.
2023 BUDGET STRATEGY
Avon Station Metropolitan District joined with Confluence Metropolitan District in adopting an
Amended and Restated Consolidated Service Plan in March 2006. Under this consolidated
service plan, Confluence will be the “service district” and Avon Station will be the “financing
district.” As such, Confluence Metropolitan District will be responsible for managing the
construction and operation of facilities and improvements needed for the Avon Station area and
Avon Station Metropolitan District will be responsible for providing the funding and tax bases
needed to support the financing plan for capital improvements.
Avon Station Metropolitan District anticipates utilizing the property taxes it collects to pay for a
portion of its obligations under the Intergovernmental Agreements (“IGA”) with Confluence
Metropolitan District.
Page 1 of 5
RESOLUTIONS OF AVON STATION METROPOLITAN DISTRICT
TO ADOPT 2023 BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND
AND ADOPTING A BUDGET FOR THE AVON STATION METROPOLITAN DISTRICT,
COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF
JANUARY 2023 AND ENDING ON THE LAST DAY OF DECEMBER 2023.
WHEREAS, the Board of Directors (the “Board”) of the Avon Station Metropolitan District (the
“District”) has appointed a budget committee to prepare and submit a proposed 2023 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 25, 2022 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 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 of
the District or the District Administrator of the District and made a part of the
public records of the District.
Page 2 of 5
RESOLUTIONS OF AVON STATION METROPOLITAN DISTRICT (CONTINUED)
TO SET MILL LEVIES
A RESOLUTION LEVYING PROPERTY TAXES FOR THE YEAR 2022, TO HELP
DEFRAY THE COSTS OF GOVERNMENT FOR THE AVON STATION METROPOLITAN
DISTRICT, EAGLE COUNTY, COLORADO, FOR THE 2023 BUDGET YEAR.
WHEREAS, the Board of Directors of the Avon Station Metropolitan District (the “District”),
has adopted the annual budget in accordance with the Local Government Budget Law, on
October 25, 2022 and;
WHEREAS, the amount of money necessary to balance the budget for general operating
expenses and capital expenditure purposes from property tax revenue is $389,961.32 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 $753,896.96 ($43,183.96 for District 147)
and;
WHEREAS, the amount of money necessary to balance the budget for voter approved bonds and
interest is $0.00, and;
WHEREAS, the 2022 net valuation for assessment for the District, as certified by the County
Assessor is $ 16,954,840 ($971,190 for District 147).
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 2023 budget year, there is hereby levied a tax of 23.000 mills upon
each dollar of the total valuation for assessment of all taxable property within the
District for the year 2022.
Section 2. That for the purposes of rendering a refund to its constituents during budget year
2023 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
2023 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 2022.
Page 3 of 5
RESOLUTIONS OF AVON STATION METROPOLITAN DISTRICT (CONTINUED)
TO SET MILL LEVIES (CONTINUED)
Section 4. That for the purpose of meeting all payments for contractual obligations of the
District during the 2023 budget year, there is hereby levied a tax of 44.465 mills
(44.465 mills for District 147) upon each dollar of the total valuation for
assessment of all taxable property within the District for the year 2022.
Section 5. That for the purpose of meeting all payments for bonds and interest of the District
during the 2023 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 2022.
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 AVON STATION METROPOLITAN DISTRICT (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 AVON STATION METROPOLITAN DISTRICT, EAGLE COUNTY,
COLORADO, FOR THE 2023 BUDGET YEAR.
WHEREAS, the Board of Directors of the Avon Station Metropolitan District (the “District”) has
adopted the annual budget in accordance with the Local Government Budget Law of Colorado,
on October 25, 2022, 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 $13,800
DEBT SERVICE FUND:
Debt Service Expenditures $1,233,984
Fund Transfers $35,980
TOTAL DEBT SERVICE FUND: $1,269,964
38 County Tax entity code DOLA LGID/SID 19062
TO: County Commissioners1 of Eagle County , Colorado.
On behalf of the Avon Station Metropolitan District
the Board of Directors
of the Avon Station Metropolitan District
$26,319,260
$16,954,840
Submitted:12/6/2022 for budget/fiscal year 2023
(not later than Dec 15) (mm/dd/yyyy)(yyyy)
PURPOSE (see end notes for definitions and examples)LEVY2 REVENUE2
1.General Operating ExpensesH 23.000 mills 389,961.32$
2.
mills -$
SUBTOTAL FOR GENERAL OPERATING: 23.000 mills 389,961.32$
3.General Obligation Bonds and InterestJ 0.000 mills -$
4.Contractual ObligationsK 44.465 mills 753,896.96$
5.Capital ExpendituresL 0.000 mills -$
6.Refunds/AbatementsM 0.000 mills -$
7.OtherN (specify): 0.000 mills -$
0.000 mills -$
TOTAL:[]67.465 mills 1,143,858.28$
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
.
(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:
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: To provide 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
Title: Second Amended and Restated District Facilities Construction and Services Agree
Date: April 26, 2007
Principal Amount: Property Tax generated by 23.000 Mills
Maturity Date: None Stated
Levy: 23.000 Mills
Revenue: $389,961.32
4. Purpose of Contract: To provide funds for repayment of Senior 2021 A & B Promisorry Notes and
Subordinate2021B Bond issued by Confluence Metropolitan District
Title:
Amended & Restated Avon Station Capital Pledge Agreement and Subordinate
Captial Pledge Agreement
Date: June 1, 2021
Principal Amount: A portion of $23,120,000
Maturity Date: None Stated
Levy: 44.465 Mills
Revenue: $753,896.96
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
Avon Station Metropolitan District
Form DLG 70 (rev 6/16)Page 2 of 4
147 County Tax entity code DOLA LGID/SID 19062
TO: County Commissioners1 of Eagle County , Colorado.
On behalf of the Avon Station Metropolitan District - Debt SVC
the Board of Directors
of the Avon Station Metropolitan District - Debt SVC
$1,507,600
$971,190
Submitted:12/6/2022 for budget/fiscal year 2023
(not later than Dec 15) (mm/dd/yyyy)(yyyy)
PURPOSE (see end notes for definitions and examples)LEVY2 REVENUE2
1.General Operating ExpensesH 0.000 mills -$
2.
mills -$
SUBTOTAL FOR GENERAL OPERATING: 0.000 mills -$
3.General Obligation Bonds and InterestJ 0.000 mills -$
4.Contractual ObligationsK 44.465 mills 43,183.96$
5.Capital ExpendituresL 0.000 mills -$
6.Refunds/AbatementsM 0.000 mills -$
7.OtherN (specify): 0.000 mills -$
0.000 mills -$
TOTAL:[]44.465 mills 43,183.96$
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
.
(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:
Title:
Date:
Principal Amount:
Maturity Date:
Levy:
Revenue:
4. Purpose of Contract: To provide funds for repayment of Senior 2021 A & B Promisorry Notes and
Subordinate2021B Bond issued by Confluence Metropolitan District
Title:
Amended & Restated Avon Station Capital Pledge Agreement and Subordinate
Captial Pledge Agreement
Date: June 1, 2021
Principal Amount: A portion of $23,120,000
Maturity Date: None Stated
Levy: 44.465 Mills
Revenue: $43,183.96
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
Avon Station Metropolitan District - Debt SVC
Form DLG 70 (rev 6/16)Page 2 of 4
CONFLUENCE METROPOLITAN DISTRICT
__________________________________________
Administrative Management Provided By Marchetti & Weaver LLC
28 Second Street, Suite 213, Edwards, CO 81632; Phone (970) 926-6060; Fax (970) 926-6040
January 13, 2023
Division of Local Government
1313 Sherman Street, Room 521
Denver, CO 80203
Filed electronically: dlg-filing@state.co.us
RE: Confluence Metropolitan District Budget; LGID # 19063
Attached is the 2023 Budget for the Confluence Metropolitan District in Eagle County,
Colorado, submitted pursuant to Section 29-1-116, C.R.S. This Budget was adopted on October
25, 2022. 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 23.000 mills for all
general operating purposes, subject to statutory and/or TABOR limitations; 0.000 mills for
Contractual Obligations: 0.000 mills for G.O. bonds; 0.000 mills for refund/abatement; and
0.000 mills for Temporary Tax Credit/Mill Levy Reduction. Based on a net assessed valuation
of $971,230, the total property tax revenue is $22,338.29. 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 Administrator
CONFLUENCE METROPOLITAN DISTRICT
2023 BUDGET MESSAGE
Confluence Metropolitan District 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 parking areas and/or structures, transportation,
water and wastewater mainlines, streets, bridges and other improvements needed for the area.
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.
2023 BUDGET STRATEGY
Confluence Metropolitan District joined with Avon Station Metropolitan District in adopting an
Amended and Restated Consolidated Service Plan in March 2006. Confluence Metropolitan
District is the “service” district in a dual district structure whereby its primary sources of
revenues are contract fees received from the companion “financing” district, Avon Station
Metropolitan District, pursuant to an Intergovernmental Agreement (“IGA”). The District also
receives contract fees from the Mountain Vista Metropolitan District pursuant to an IGA.
Confluence Metropolitan District is responsible for managing the operation and maintenance of
facilities and improvements within the Districts.
Beginning in 2021, Confluence Metro District will use property tax revenues generated from
23.000 mills for general operating expenses along with revenues provided by the Town of Avon,
Avon Station and Mountain Vista Metro Districts pursuant to the IGA’s to assist with financing
the cost of operations and providing services.
In June of 2021 the District issued $23,120,000 in General Obligation Refunding debt to refund
the Series 2007 Tax Supported Revenue Bonds which were used to finance improvements for the
benefit of the property owners and residents of the District. The District will use revenues
provided by the Avon Station Metro District and the Town of Avon pursuant to the IGA’s to
fund debt service payments for the bonds.
Page 1 of 5
RESOLUTIONS OF CONFLUENCE METROPOLITAN DISTRICT
TO ADOPT 2023 BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND
AND ADOPTING A BUDGET FOR THE CONFLUENCE METROPOLITAN DISTRICT,
COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF
JANUARY 2023 AND ENDING ON THE LAST DAY OF DECEMBER 2023.
WHEREAS, the Board of Directors (the “Board”) of the Confluence Metropolitan District (the
“District”) has appointed a budget committee to prepare and submit a proposed 2023 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 25, 2022 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 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 of
the District or the District Administrator of the District and made a part of the
public records of the District.
Page 2 of 5
RESOLUTIONS OF CONFLUENCE METROPOLITAN DISTRICT (CONTINUED)
TO SET MILL LEVIES
A RESOLUTION LEVYING PROPERTY TAXES FOR THE YEAR 2022, TO HELP
DEFRAY THE COSTS OF GOVERNMENT FOR THE CONFLUENCE METROPOLITAN
DISTRICT, EAGLE COUNTY, COLORADO, FOR THE 2023 BUDGET YEAR.
WHEREAS, the Board of Directors of the Confluence Metropolitan District (the “District”), has
adopted the annual budget in accordance with the Local Government Budget Law, on October
25, 2022 and;
WHEREAS, the amount of money necessary to balance the budget for general operating
expenses and capital expenditure purposes from property tax revenue is $22,338.29 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 voter approved bonds and
interest is $0.00, and;
WHEREAS, the 2022 net valuation for assessment for the District, as certified by the County
Assessor is $971,230
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 2023 budget year, there is hereby levied a tax of 23.000 mills upon
each dollar of the total valuation for assessment of all taxable property within the
District for the year 2022.
Section 2. That for the purposes of rendering a refund to its constituents during budget year
2023 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
2023 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 2022.
(THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK)
Page 3 of 5
RESOLUTIONS OF CONFLUENCE METROPOLITAN DISTRICT (CONTINUED)
TO SET MILL LEVIES (CONTINUED)
Section 4. That for the purpose of meeting all payments for bonds and interest of the District
during the 2023 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 2022.
Section 5. 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 CONFLUENCE METROPOLITAN DISTRICT (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 CONFLUENCE METROPOLITAN DISTRICT, EAGLE COUNTY,
COLORADO, FOR THE 2023 BUDGET YEAR.
WHEREAS, the Board of Directors of the Confluence Metropolitan District (the “District”) has
adopted the annual budget in accordance with the Local Government Budget Law of Colorado,
on October 25, 2022, 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 $ 906,470
CAPITAL RESERVE FUND:
Capital Expenditures $ 100,000
DEBT SERVICE FUND:
Debt Service Expenditures $ 1,144,622
CONFLUENCE METROPOLITAN DISTRICT Printed: 07-Dec-22
STATEMENT OF NET POSITION
September 30, 2022
DEBT GONDOLA FIXED
GENERAL SERVICE RESERVE ASSETS
FUND FUND FUND & LT DEBT Total
ASSETS
Cash in Checking & Savings 303,535 5,487 392,860 398,347
Certificate of Deposits 480,000 480,000
2007 Bond - US Bank Accounts 0 0
2021 Sub Bond - UMB Accounts 839,876 839,876
2021A Sr Loans - BBVA/PNC Accounts 537,546 537,546
Property tax Receivable 0 0
Accounts Receivable 96,263 0
Capital Assets 12,277,956 12,277,956
Accumulated Depreciation (6,004,649) (6,004,649)
Prepaid Insurance 0 0
Capital/Serv Obligation from ASMD 24,198,562 24,198,562
TOTAL ASSETS 399,798 1,382,910 872,860 30,471,869 32,727,639
LIABILITIES
Accounts Payable 199,107 0 0 0
Accrued Interest Payable 1,752,449 1,752,449
Developer Advance Payable 991,101 991,101
Developer Guaranty Payable 00
Bonds Payable 23,100,000 23,100,000
TOTAL LIABILITIES 199,107 0 0 25,843,550 25,843,550
DEFERRED INFLOWS
Deferred Property Tax 0 0
TOTALDEFERRED INFLOWS 0 0 0 0 0
NET POSITION
Net Investment in Capital Assets (19,570,243) (19,570,243)
Net of Capital & Service Obligation 24,198,562 24,198,562
Restricted Net Assets 1,382,910 1,382,910
Assigned Net Assets 872,860 872,860
Unrestricted Net Assets 200,691 0
TOTAL NET POSITION 200,691 1,382,910 872,860 4,628,319 6,884,088
TOTAL LIABILITIES AND
NET POSITION 399,799 1,382,910 872,860 30,471,869 32,727,638
No assurance provided on these financial statements;
substantially all disclosures required by GAAP
omitted.
= = = =
PAGE 1
CONFLUENCE METROPOLITAN DISTRICT Printed: 07-Dec-22
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED Modified Accrual Basis
GENERAL FUND Cal Yr 9 Months 9 Months
Cal Yr 2022 Cal Yr Ended Ended Variance 2023
2021 Adopted 2022 09/30/22 09/30/22 Favorable Adopted BUDGET
Audited Budget Amended Actual Budget (Unfav)Budget ASSUMPTIONS
CFMD Assessed Value NET 982,080 982,080 971,230 Nov 22 FINAL AV
CFMD Assessed Value - TIF 527,200 527,200 536,430 Nov 22 FINAL AV
CFMD Assessed Value - Gross 1,509,280 1,509,280 1,507,660 Nov 22 FINAL AV
Mill Levy Rate - 23.000 23.000 23.000
REVENUES
Property Tax- Confluence Net AV 22,588 22,588 22,588 22,588 0 22,338 23 Mills
Property Tax- Confluence TIF TOA URA 12,126 11,762 0 0 0 11,968 23 Mills less treas fee
Specific Ownership Taxes 904 1,875 1,272 632 640 1,229 5.5% of prop tax
TOA Gondola Ops IGA Contrib 229,162 291,000 289,050 178,130 187,050 (8,920) 296,900 50% of gond ops
TOA Public Plaza Ops IGA Contrib 52,210 43,750 43,750 35,913 32,811 3,102 47,250 50% of a portion of plaza ops
Trnsfr Prop Taxes - ASMD - 23 mills 367,447 391,304 393,723 385,239 387,391 (2,152) 378,262 23 Mills
Trnsfr Prop Taxes - AS TOA URA 23 mills 168,381 210,060 210,060 122,335 210,060 (87,725) 208,920 23 Mills
Trnsfr Prop Taxes - Mtn Vista 5 Mills 18,199 18,008 18,070 18,070 18,008 62 17,482 5 Mills
Misc Income 288 0 295 295 0 295 200 Holy X equity refund
Interest 249 1,000 4,500 2,844 750 2,094 4,500
TOTAL REVENUES 835,934 990,738 995,673 766,685 859,289 (92,604) 989,050
EXPENDITURES
General & Admin
Insurance 45,040 46,400 46,400 17,913 26,600 8,688 50,000 Pool including B&M gondola
Directors Fees & Payroll Taxes 1,507 2,250 2,250 861 1,125 264 2,250 4 mtgs 5 directors
Accounting & Administration 27,540 27,300 37,500 30,267 20,475 (9,792) 29,500 Based on Prior Yrs
Audit 7,650 7,800 7,650 7,650 7,800 150 7,850
Elections 70 1,500 1,950 1,949 1,500 (449) 3,000
Office Overhead 170 250 250 204 225 21 250
Legal 16,531 25,750 25,750 18,040 19,313 1,273 28,000 Based on Prior Yrs
Special Proj - bond refi planning 0 0 0 0 0 0 0
Treasurers Fees 678 678 682 678 (4) 670
Operations:
Gondola Ops & Maint 316,553 315,000 315,000 223,335 236,250 12,915 324,450 based on VR budget
Gondola Utilities 21,758 30,000 27,500 19,987 22,100 2,113 30,000
Gondola Stop Gap Insurance 40,685 42,500 41,100 41,082 42,500 1,418 44,400 TCW Admiral Sept
Gondola Mgmt - VR 75,000 75,000 75,000 50,000 56,250 6,250 75,000 based on VR budget
Gondola Reserve- Xfer 115,000 115,000 115,000 0 0 0 115,000
CDOT Lease - thru 2037 4,327 4,500 4,500 0 0 0 4,950 per agreement
Public Plaza & Restrooms O&M -TOA cost sha 162,753 87,500 87,500 73,419 65,625 (7,794) 94,500 based on EW budget
Plaza Reserve Xfer 14,500 14,500 14,500 0 0 0 14,500
RR Fence Staining 13,388 0 0 0 0 0 15,450 every other year
District Landscape, Entry Monument, O&M 42,489 52,500 52,500 37,911 38,850 939 56,700
Roadway Pull Out Relocation 0 200,000 360,407 360,407 200,000 (160,407) 0 balance due to EW Riverfrnt
Contingency 0 10,000 10,000 0 0 0 10,000
TOTAL EXPENDITURES 904,961 1,058,428 1,225,435 883,707 739,290 (144,417) 906,470
REVENUE OVER (UNDER) EXPEND. (69,027) (67,690) (229,762) (117,021) 119,999 (237,020) 82,579
FUND BALANCE - BEGINNING 386,740 320,685 317,712 317,712 320,685 (2,973) 87,951
FUND BALANCE - ENDING 317,712 252,995 87,951 200,691 440,684 (239,993) 170,530
No assurance provided on these financial statements;
substantially all disclosures required by GAAP
omitted.
= = = = = =
PAGE 2
CONFLUENCE METROPOLITAN DISTRICT Printed: 07-Dec-22
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED Modified Accrual Basis
GONDOLA/CAPITAL RESERVE FUND Cal Yr 9 Months 9 Months
Cal Yr 2022 Cal Yr Ended Ended Variance 2023
2021 Adopted 2022 09/30/22 09/30/22 Favorable Adopted BUDGET
Audited Budget Forecast Actual Budget (Unfav)Budget ASSUMPTIONS
REVENUES
Xfer from General Fund - Gondola 115,000 115,000 115,000 0 0 0 115,000
Xfer from General Fund - Plaza 14,500 14,500 14,500 0 0 0 14,500
Xfer from Cap Impr Fund
Interest Income 365 1,109 5,000 3,339 832 2,507 5,000
TOTAL REVENUES 129,865 130,609 134,500 3,339 832 2,507 134,500
EXPENDITURES
Gondola
Gondola Capital Improvements 100,000 0 0 0 100,000
Plaza
Upper Terminal Plaza
Public Plaza 0
Other
Entry Monuments
Fence 0
TOTAL EXPENDITURES 0 100,000 0 0 0 0 100,000
REVENUE OVER (UNDER) EXPEND. 129,865 30,609 134,500 3,339 832 2,507 34,500
FUND BALANCE - BEGINNING 739,656 739,656 869,521 869,521 739,656 129,864 1,004,021
FUND BALANCE - ENDING 869,521 770,266 1,004,021 872,860 740,488 132,371 1,038,521
No assurance provided on these financial statements;
substantially all disclosures required by GAAP
omitted.
= = = = = =
Components of Fund Balance
Gondola Reserve 708,538 593,538 823,538 838,538
Plaza Reserve 116,000 130,500 130,500 145,000
Unrestricted 44,983 46,227 49,983 54,983
869,521 770,265 1,004,021 1,038,521
PAGE 3
CONFLUENCE METROPOLITAN DISTRICT Printed: 07-Dec-22
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED Modified Accrual Basis
DEBT SERVICE FUND Cal Yr 9 Months 9 Months
Cal Yr 2022 Cal Yr Ended Ended Variance 2023
2021 Adopted 2022 09/30/22 09/30/22 Favorable Adopted BUDGET
Audited Budget Forecast Actual Budget (Unfav)Budget ASSUMPTIONS
Assessed Valuation
Mountain Vista - information purposes only 3,639,530 3,601,500 3,601,500 3,496,440 Nov 22 FINAL AV
Confluence- 40 982,080 982,080 971,230 Nov 22 FINAL AV
Confluence - TIF 20 527,200 527,200 536,430 Nov 22 FINAL AV
Avon Station - Excl Commercial DS NET 982,040 982,040 971,190 Nov 22 FINAL AV
Avon Station - Excl Commercial DS TIF 527,180 527,180 536,410 Nov 22 FINAL AV
Avon Station - NET 16,471,320 17,539,380 17,539,380 16,954,840 Nov 22 FINAL AV
Avon Station - TIF 7,766,930 9,415,510 9,415,510 9,364,420 Nov 22 FINAL AV
REVENUES
Trnsfr Prop Taxes - ASMD IGA 683,451 777,828 782,381 767,460 770,050 (2,590) 773,168
Trnsfr Prop Taxes - AS TOA URA 313,190 396,031 396,031 230,282 231,000 (718) 405,021
Trnsfr Prop Taxes - ASMD IGA - SO Tax 56,832 37,968 58,776 31,509 25,839 5,669 46,942
Interest Income 59 0 7,500 4,829 0 4,829 22,034 based on 3%
TOTAL REVENUES 1,053,532 1,211,828 1,244,688 1,034,081 1,026,889 7,191 1,247,165
EXPENDITURES
Bond Interest - 2007 Bonds 646,514 0 0 0 0 0 0
Bond Principal - 2007 Bonds 0 0 0 0 0 0 0
Bond Interest - 2021A1 GO Refund Loan 10,973 22,792 22,792 11,396 11,396 0 17,402
Bond Principal - 2021A1 GO Refund Loan 20,000 350,000 350,000 0 0 0 365,000
Bond Interest - 2021A2 GO Refund Loan 241,832 509,120 509,120 254,560 254,560 0 509,120
Bond Principal - 2021A2 GO Refund Loan 0 0 0 0 0
Bond Interest - 2021B Sub GO Ref Bond 125,195 243,100 243,687 587 0 (587) 243,100
Bond Principal - 2021B Sub GO Ref Bond 0 0 0 0 0 0
Bond Paying Agent Fees 13,235 10,000 9,075 9,073 10,000 927 10,000
Contingency 0 0 0 0 0 0
TOTAL EXPENDITURES 1,057,748 1,135,012 1,134,674 275,616 275,956 340 1,144,622
REVENUE OVER (UNDER) EXPEND. (4,216) 76,816 110,014 758,465 750,933 7,531 102,543
OTHER FINANCING SOURCES and (USES)
Proceeds from Refi G.O. Loan A1 & A2 18,700,000 0 0 0
Proceeds from Refi G.O. Subordinate Bonds 4,420,000 0 0 0
Reserve, premium and Cost of Issuance (617,115) 0 0 0
Payoff of 2007 bonds (21,875,000) 0 0 0
TOTAL OTHER FINANCING SOURCES 627,885 0 0 0 0 0 0
FUND BALANCE - BEGINNING 776 553,634 624,445 624,445 553,634 70,811 734,459
Reverse contingency 0 0 0 0
FUND BALANCE - ENDING 624,445 630,450 734,459 1,382,910 1,304,567 78,342 837,002
No assurance provided on these financial statements;
substantially all disclosures required by GAAP
omitted.
= = = = = =
2007 Bond Principal Balance 0
Components of Fund Balance:
Debt Service Reserve Fund 499,432 499,414 500,872 500,872 500,872
Cost of Issuance Fund 0 0 0 0 0
Pledged Reveue Fund 0 0 0 835,333 0
Restricted for future debt service 125,013 131,036 233,587 46,704 336,130
Total 624,445 630,450 734,459 1,382,910 837,002
=
PAGE 4
37 County Tax entity code DOLA LGID/SID 19063
TO: County Commissioners1 of Eagle County , Colorado.
On behalf of the Confluence Metropolitan District
the Board of Directors
of the Confluence Metropolitan District
$1,507,660
$971,230
Submitted:12/6/2022 for budget/fiscal year 2023
(not later than Dec 15) (mm/dd/yyyy)(yyyy)
PURPOSE (see end notes for definitions and examples)LEVY2 REVENUE2
1.General Operating ExpensesH 23.000 mills 22,338.29$
2.
(0.000) mills -$
SUBTOTAL FOR GENERAL OPERATING: 23.000 mills 22,338.29$
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:[]23.000 mills 22,338.29$
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
