The URL can be used to link to this page

Home My WebLink About2023 CMPRD Annual ReportCROWN MOUNTAIN PARK AND RECREATION DISTRICT 2023 ANNUAL REPORT Pursuant to §32-1-207(3)(c) and the Service Plan for Crown Mountain Park and Recreation District (the “District”) OR (collectively the “Districts”), the District(s) are required to provide an annual report to Eagle and Pitkin Counties with regard to the following matters: For the year ending December 31, 2023, the District(s) make the following report: §32-1-207(3) Statutory Requirements 1. Boundary changes made. None 2. Intergovernmental Agreements entered into or terminated with other governmental entities. None 3. Access information to obtain a copy of rules and regulations adopted by the board. Available on website: www.crownmtn.org 4. A summary of litigation involving public improvements owned by the District. To our actual knowledge, there is no litigation involving the District’s public improvements as of December 31, 2023. 5. The status of the construction of public improvements by the District. None 6. A list of facilities or improvements constructed by the District that were conveyed or dedicated to the county or municipality. None 7. The final assessed valuation of the District as of December 31st of the reporting year. $667,270,430 8. A copy of the current year’s budget. A copy of the 2024 Budget is attached hereto as Exhibit A. 9. A copy of the audited financial statements, if required by the “Colorado Local Government Audit Law”, part 6 of article 1 of title 29, or the application for exemption from audit, as applicable. The 2023 Audit is attached hereto as Exhibit B. 10. Notice of any uncured defaults existing for more than ninety (90) days under any debt instrument of the District. None 11. Any inability of the District to pay its obligations as they come due under any obligation which continues beyond a ninety (90) day period. None EXHIBIT A 2024 Budget CROWN MOUNTAIN PARK AND RECREATION DISTRICT __________________________________________ Administrative Management Provided By Marchetti & Weaver, LLC 28 Second Street, Suite 213, Edwards, CO 81632; Phone (970) 926-6060; Fax (970) 926-6040 Electronically filed to dlg-filing@state.co.us LGID# 65152 RETURN RECEIPT REQUESTED January 30, 2024 Division of Local Government 1313 Sherman Street, Room 521 Denver, CO 80203 RE: Crown Mountain Park and Recreation District LGID# 65152 Attached is the 2024 Budget for the Crown Mountain Park and Recreation District in Pitkin and Eagle Counties, Colorado, submitted pursuant to Section 29-1-116, C.R.S. This Budget was adopted on November 8, 2023. If there are any questions on the budget, please contact Mr. Jon Erickson, telephone number 970-926-6060. The mill levy certified to the County Commissioners of Pitkin and Eagle Counties is 3.240 mills for all general operating purposes, subject to statutory and/or TABOR limitations; a temporary mill levy reduction of 0.000 mills; 0.000 mills for G.O. bonds; 0.000 mills for refund/abatement; 0.000 mills for Temporary Tax Credit/Mill Levy Reduction; and a Special mill levy of 0.000 mills. Based on an assessed valuation of $250,793,890 from Pitkin County, the total property tax revenue from Pitkin County is $812,572.20 and based on an assessed valuation of $416,476,540 from Eagle County, the total property tax revenue from Eagle County is $1,349,383.99. A copy of the certification of mill levies sent to the County Commissioners for Pitkin and Eagle Counties 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 Pitkin and Eagle Counties, Colorado. Sincerely, District Administrator Enclosure(s) CROWN MOUNTAIN PARK AND RECREATION DISTRICT 2024 BUDGET MESSAGE Crown Mountain Park and Recreation 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 provide recreational facilities. The District received voter approval for formation of the District in November 2002. The recreational facilities were substantially completed in 2007. The District focus shifted from construction to operations and maintenance of its recreational facilities in 2008. A replacement reserve fund was funded starting in 2008 to cover the long-term maintenance cost of the District’s facilities. 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. 2024 BUDGET STRATEGY The District's strategy in preparing the 2024 budget is to strive to provide the type of recreational facilities and levels of recreational services desired by the property owners and residents of the District in the most economic manner possible. The District will levy an operating mill levy for the services it is planning to provide at a rate of 3.240 mills, adjusted from 2.950 mills for changes in the assessment rates, as was approved by voters in May 2018. The District issued General Obligation Bonds in 2012 to refund the 2003 General Obligation Bonds. The District is levying a debt service mill levy approved by voters that will cover the District’s debt service. Page 1 of 5 RESOLUTIONS OF CROWN MOUNTAIN PARK AND RECREATION DISTRICT TO ADOPT 2024 BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND AND ADOPTING A BUDGET FOR THE CROWN MOUNTAIN PARK AND RECREATION DISTRICT, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY 2024 AND ENDING ON THE LAST DAY OF DECEMBER 2024. WHEREAS, the Board of Directors of the Crown Mountain Park and Recreation District has appointed a budget committee to prepare and submit a proposed 2024 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 November 8, 2023, 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 Crown Mountain Park and Recreation District, Eagle & Pitkin County, Colorado: Section 1. That the budget as submitted, amended, and summarized by fund, hereby is approved and adopted as the budget of the Crown Mountain Park and Recreation District for the year stated above, as it may be adjusted for immaterial changes in the final certified assessed value of the District as certified by the county assessor and corresponding budget 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 specific capital expenditures budgeted and forecasted for the current year are unable to be completed by the end of the current year, the budget for such expenditures shall be transferred into next year’s budget and the budgeted beginning fund balance for next year’s budget shall be updated to reflect such changes. 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 CROWN MOUNTAIN PARK AND RECREATION DISTRICT (CONTINUED) TO SET MILL LEVIES A RESOLUTION LEVYING PROPERTY TAXES FOR THE YEAR 2023, TO HELP DEFRAY THE COSTS OF GOVERNMENT FOR THE CROWN MOUNTAIN PARK AND RECREATION DISTRICT, EAGLE & PITKIN COUNTY, COLORADO, FOR THE 2024 BUDGET YEAR. WHEREAS, the Board of Directors of the Crown Mountain Park and Recreation District, has adopted the annual budget in accordance with the Local Government Budget Law, on November 8, 2023 and; WHEREAS, the amount of money necessary to balance the budget for general operating expenses and capital expenditure purposes from property tax revenue is $2,161,956.19 and; WHEREAS, the Crown Mountain Park and Recreation District hereby documents its intent to preserve its voter approved mill levy a rate of 0.000 mills and to provide property tax relief by a temporary reduction in property taxes in accordance with C.R.S. 39-1-111.5, 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 2023 valuation for assessment for the Crown Mountain Park and Recreation District, as certified by the Eagle County Assessor is $416,476,540. WHEREAS, the 2023 valuation for assessment for the Crown Mountain Park and Recreation District, as certified by the Pitkin County Assessor is $250,793,890. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the CROWN MOUNTAIN PARK AND RECREATION DISTRICT, EAGLE & PITKIN COUNTY, COLORADO: Section 1. That for the purposes of meeting all general operating expenses of the Crown Mountain Park and Recreation District during the 2024 budget year, there is hereby levied a tax of 3.240 mills upon each dollar of the total valuation for assessment of all taxable property within the District for the year 2023. Section 2. That for the purposes of rendering a temporary credit/refund to its constituents during budget year 2024 there is hereby levied a temporary tax credit/mill levy reduction of 0.000 mills upon each dollar of the total valuation for assessment of all taxable property within the District for the year 2023. Page 3 of 5 RESOLUTIONS OF CROWN MOUNTAIN PARK AND RECREATION DISTRICT (CONTINUED) TO SET MILL LEVIES Section 3. That for the purpose of meeting all capital expenditures of the Crown Mountain Park and Recreation District during the 2024 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 2023. Section 4. That for the purpose of meeting all payments for bonds and interest of the Crown Mountain Park and Recreation District during the 2024 budget year, there is hereby levied a tax of 0.000 mills (or 0.000 mills in the event Proposition HH is passed by Colorado voters) upon each dollar of the total valuation for assessment of all taxable property within the District for the year 2023. Section 5. That for the purpose of recouping refunds and abatements of the Crown Mountain Park and Recreation District during the 2024 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 2023. Section 6. That any officer or the District Administrator is hereby authorized and directed to either immediately certify to the County Commissioners of Eagle & Pitkin County, Colorado, the mill levies for the Crown Mountain Park and Recreation District as hereinabove determined and set, or be authorized and directed to certify to the County Commissioners of Eagle & Pitkin County, Colorado, the mill levies for the Crown Mountain Park and Recreation 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 CROWN MOUNTAIN PARK AND RECREATION 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 CROWN MOUNTAIN PARK AND RECREATION DISTRICT, EAGLE & PITKIN COUNTY, COLORADO, FOR THE 2024 BUDGET YEAR. WHEREAS, the Board of Directors has adopted the annual budget in accordance with the Local Government Budget Law, on November 8, 2023, 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 CROWN MOUNTAIN PARK AND RECREATION DISTRICT, EAGLE & PITKIN 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: Current Operating Expenses $1,260,985 Fund Transfers $1,147,539 TOTAL GENERAL FUND: $2,408,524 DEBT SERVICE FUND: Debt Service Expenditures $0 Fund Transfers $0 TOTAL DEBT SERVICE FUND: $0 CAPITAL PROJECTS FUND: Capital Expenditures $1,451,600 TOTAL CAPITAL PROJECTS FUND: $1,451,600 CROWN MOUNTAIN PARK AND REC DISTRICTSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCEACTUAL, BUDGET AND FORECAST FOR THE PERIODS INDICATEDPrinted: 01/25/24All Funds Combined Summary2022 2023 ANNUAL2023 YTDCal YrCal Yr '23Variance Cal YrEnded EndedVariance Cal Yr '24 '24 BudgetAccountPrelim Adopted Favorable 2023 09/30/23 09/30/23 Favorable Adopted vsNo.ActualBudget(Unfavor)ForecastActualBudget(Unfavor)Budget'23 ForecastPercentBudget AssumptionsREVENUES:52%Pitkin County Assessed Value167,964,260 169,352,710 169,352,710 250,793,890 81,441,180 48%Eagle County Assessed Value269,177,620 270,854,380 270,854,380 416,476,540 145,622,160 54%Total Assessed Value437,141,880 440,207,090 440,207,090 667,270,430 227,063,340 52%Mill Levy Rate - General 2.968 3.020 3.020 3.240 0.220 7%Mill Levy Rate - Debt 1.001 0.000 0.000 0.000 0.000 NATotal Mill Levy Rate 3.969 3.020 3.020 3.240 0.220 7%Property Taxes - General Fund 1,293,253 1,329,425 0 1,329,425 1,313,057 1,303,234 9,823 2,161,956 832,531 63% Based on Mill LevyProperty Taxes - Debt Service Fund 436,168 0 00000 0 0 NABased on Mill LevySO Taxes - General Fund 60,892 58,800 0 58,800 44,372 42,763 1,609 95,909 37,110 63%SO Taxes - Debt Service Fund 20,537 0 00000 0 0 NACTF Lottery Funds54,234 56,420 0 56,420 42,072 42,315 (243) 59,241 2,821 5%Park & Program Fees & Misc. 195,446 241,830 (176,174) 65,656 52,555 55,830 (3,275) 253,830 188,174 287%Grants & Sponsorships60,000 95,000 (45,000) 50,000 46,500 276,000 (229,500) 95,000 45,000 90%Interest Income 24,809 26,799 30,201 57,000 52,303 20,099 32,204 43,974 (13,026) -23% Based on Prior YrTOTAL REVENUES2,145,340 1,808,274 (190,973) 1,617,301 1,550,860 1,740,242 (189,382) 2,709,910 1,092,609 68%= = = = = = = = = EXPENDITURES:General and Administrative 617,044 700,509 (13,927) 714,436 533,248 557,879 24,631 793,278 78,842 11%Programming & Activities 156,283 145,450 24,000 121,450 83,493 145,398 61,904 157,875 36,425 30%Maintenance 243,168 295,670 (8,480) 304,150 156,671 253,735 97,064 309,833 5,683 2%Capital 353,975 461,500 225,816 235,684 173,794 405,000 231,206 1,451,600 1,215,916 516%Debt Service 454,414 0 00000 0 0 NATOTAL EXPENDITURES1,824,884 1,603,129 227,409 1,375,720 947,207 1,362,012 414,805 2,712,585 1,336,866 97%= = = = = = = = = EXCESS REVENUES OVER EXPEND 320,455 205,145 36,436 241,581 603,653 378,230 225,424 (2,675) (244,256) -101%Other Financing Sources - Bond ProceedsOther Financing Uses - Bond Cost of IssuanceCombined Fund Balances - Beginning 694,364 900,342 114,477 1,014,819 1,014,819 900,342 114,477 1,256,400 241,581 24%Combined Fund Balances - End 1,014,819 1,105,487 150,914 1,256,400 1,618,472 1,278,572 339,901 1,253,725 (2,675) 0%No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.= = = = = = = = =Page 2-A CROWN MOUNTAIN PARK AND REC DISTRICTSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCEACTUAL, BUDGET AND FORECAST FOR THE PERIODS INDICATEDPrinted: 01/25/24General Fund 2022 2023 ANNUAL2023 YTDCal YrCal Yr '23Variance Cal YrEnded EndedVariance Cal Yr '24 '24 BudgetAccountPrelim Adopted Favorable 2023 09/30/23 09/30/23 Favorable Adopted vsNo.ActualBudget(Unfavor)ForecastActualBudget(Unfavor)Budget'23 ForecastPercentBudget AssumptionsREVENUES:52%Pitkin County Assessed Value167,964,260 169,352,7100%169,352,710 250,793,890 81,441,180 48%Eagle County Assessed Value269,177,620 270,854,3800%270,854,380 416,476,540 145,622,160 54%Total Assessed Value437,141,880 440,207,0900%440,207,090 667,270,430 227,063,340 52%Mill Levy Rate 2.968 3.020 3.020 3.240 0.220 7%Property Taxes Levied 1,297,437 1,329,425 1,329,425 2,161,956 832,531 63%41101 Pitkin County Property Taxes497,251 511,445 0 511,445 504,474 500,632 3,843 812,572 301,127 59% Based on Mill Levy41201 Eagle County Property Taxes796,002 817,980 0 817,980 808,583 802,602 5,980 1,349,384 531,404 65% Based on Mill Levy41401 Pitkin County Specific Ownership Tax17,787 17,901 0 17,901 12,478 13,019 (540) 28,440 10,539 59% 3.5% of Prop Tax41501 Eagle County Specific Ownership Tax43,106 40,899 0 40,899 31,894 29,745 2,149 67,469 26,570 65% 4% of Prop Tax42001 Conservation Trust 54,234 56,420 0 56,420 42,072 42,315 (243) 59,241 2,821 5% Based on Prior Yr42201 Interest Income 19,018 21,149 23,851 45,000 41,453 15,862 25,591 18,588 (26,412) -59% 1% interest43401 Park & Pavillion Rentals 12,269 15,000 0 15,000 13,275 15,000 (1,725) 15,750 750 5% Becky Estimate43411 Field Rentals 31,962 27,000 0 27,000 26,091 22,500 3,591 28,350 1,350 5% Becky Estimate43431 Tennis Rentals 5,837 5,000 2,000 7,000 6,880 5,000 1,880 6,930 (70) -1% Becky Wants split out43501 Program Fees - Adult 60 150 0 150 0 150 (150) 150 0 0% Becky Estimate43601 Program Fees - Youth 25 150 0 150 0 150 (150) 150 0 0%Addt of Basalt Nat. Club43701 Program Fees - Special Events 0 0 550 550 550 0 550 8,000 7,450 1355% Becky Estimate43801 Program Fees - Bike Park 60,092 10,000 0 10,000 2,427 9,500 (7,073) 10,500 500 5%Private Lessons - Bike Park 0 0 0 0 0 0 0 NA43901 Merchandise - Bike Park2,088 3,000 0 3,000 526 3,000 (2,474) 500 (2,500) -83%43711 Program Fees - Ice Rink 2,520 0 00000 0 0 NA43721 Reimbursement - Ice Rink13,439 0 00000 0 0 NA42601 Other Revenues67,155 530 2,276 2,806 2,806 530 2,276 2,500 (306) -11% Becky EstimateTOTAL REVENUES1,622,844 1,526,624 28,677 1,555,301 1,493,509 1,460,004 33,505 2,408,525 853,224 55%No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.Page 3-A CROWN MOUNTAIN PARK AND REC DISTRICTSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCEACTUAL, BUDGET AND FORECAST FOR THE PERIODS INDICATEDPrinted: 01/25/24General Fund (Continued) 2022 2023 ANNUAL2023 YTDCal YrCal Yr '23Variance Cal YrEnded EndedVariance Cal Yr '24 '24 BudgetAccountPrelim Adopted Favorable 2023 09/30/23 09/30/23 Favorable Adopted vsNo.ActualBudget (Unfavor)ForecastActualBudget(Unfavor)Budget'23 ForecastPercentBudget AssumptionsEXPENDITURES:General and Administrative51001Accounting and Consulting55,015 64,000 (2,000) 66,000 51,856 49,750 (2,106) 72,600 6,600 10% Per MWLLC Estimate51601Advertising, Newsletter & PR 2,810 10,000 0 10,000 278 9,167 8,889 10,500 500 5% Per Becky51901Audit 6,250 7,000 0 7,000 6,890 7,000 110 7,350 350 5% 2021 Engagement52401 Elections 17,384 20,000 (3,587) 23,587 23,587 20,000 (3,587) 0 (23,587) -100% Polling Ballot ElectionEmployee Housing 15,000 15,000 0 15,000 15,000 0 0 NAEmployee Housing - Employee Contrib. (15,000) (15,000) 0 (15,000) (15,000) 0 0 NA52601 Insurance20,387 23,086 0 23,086 18,818 23,086 4,268 24,240 1,154 5% Based on 2021 plus 5%52801 Legal 1,608 5,000 (2,000) 7,000 6,506 3,750 (2,756) 7,350 350 5% Per Becky53001 Consulting 33,405 50,000 (20,000) 70,000 64,441 50,000 (14,441) 73,500 3,500 5% Grants, Mkting, Enginee52201 Management Staff289,654 312,000 0 312,000 225,272 228,000 2,728 327,600 15,600 5% Management & Admin S52301 Management Staff Incentives0 1,000 0 1,000 0 0 0 1,050 50 5%53201 Memberships 5,571 4,000 0 4,000 3,909 4,000 91 4,000 0 0% Per Becky53401 Miscellaneous Other 5,429 5,000 0 5,000 548 3,750 3,202 5,250 250 5% Holiday Party, Meetings53601 Office Supplies & Expenses 5,869 6,000 0 6,000 1,745 4,500 2,755 5,000 (1,000) -17% Supplies, Computer53501 Staff Uniforms 2,929 4,000 0 4,000 140 3,750 3,610 4,200 200 5% Per Becky 53901 Rec Software 3,837 4,000 0 4,000 0 4,000 4,000 20,000 16,000 400% Kaizen Software53911 Credit Card Fees 2,377 600 (100) 700 689 450 (239) 4,000 3,300 471% For Rec software53801 Website 249 3,000 0 3,000 585 2,250 1,665 3,000 0 0% Per Becky52501 Health & Safety 693 3,000 0 3,000 1,087 2,500 1,413 3,000 0 0%AED update. First Aid54201 Travel and Training 12,166 7,000 2,000 5,000 0 5,250 5,250 7,000 2,000 40% Per Becky54901 Recreation Benefit 2,341 2,700 0 2,700 359 1,800 1,441 3,600 900 33% Rec Benefit for 3 emp54401 Payroll Taxes 19,500 20,246 1,187 19,059 12,045 14,795 2,750 20,050 991 5% Medicare+SS on Seaso54601 Retirement Employer Portion 17,609 19,720 0 19,720 13,420 14,411 991 23,656 3,936 20% 6.0% for 3 emp plus $1054801 Workers comp 8,299 19,109 573 18,536 14,896 19,109 4,213 16,158 (2,378) -13% 3% rate increase55001 Personnel Benefits - Health Insurance 50,538 45,466 0 45,466 33,840 34,100 259 54,370 8,904 20% Based on 4 full times55201 Telephone & Internet4,308 4,470 0 4,470 2,830 3,353 522 4,694 224 5% Based on Prior Yr55401 Treasurer's Fees - Pitkin County 24,908 25,572 0 25,572 25,230 25,032 (198) 40,629 15,056 59% 5% of Prop Tax55601 Treasurer's Fees - Eagle County 23,910 24,539 0 24,539 24,276 24,078 (198) 40,482 15,942 65% 3% of Prop Tax55801 Contingency10,000 10,000 0 0 0 10,000 10,000 NATotal General and Administrative617,044 700,509 (13,927) 714,436 533,248 557,879 24,631 793,278 78,842 11%Programming & Activities54001 Special Events 4,031 20,000 0 20,000 12,368 20,000 7,632 50,000 30,000 150% Per BeckyVending Machines6,000 6,000 NAProduct for Vending54101 Programming - Sports (48) 210 0 210 0 158 158 225 15 7% Per Becky61101 Contract Service - Parks/Programming 4,800 8,240 0 8,240 225 8,240 8,015 8,650 410 5% Programs, Umps, Class56101 Programming - Bike Park 15,775 0 00000 0 0 NA56201 Merchandise - Bike Park3,151 3,000 0 3,000 (824) 3,000 3,824 3,000 0 0%56301 Maintenance Staff - Bike Park113,717 114,000 24,000 90,000 71,724 114,000 42,276 90,000 0 0% 3 Guys, 29 WeeksProgramming Staff - Bike Park 0 0 0 0 0 0 0 NAPrivate Lesson Staff - Bike Park 0 0 0 0 0 0 0 NA57101 Maintenance Staff - Ice Rink2,872 0 00000 0 0 NA57201 Ice Rink Utilities 11,985 0 00000 0 0 NATotal Programming & Activities156,283 145,450 24,000 121,450 83,493 145,398 61,904 157,875 36,425 30%No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.Page 3-B CROWN MOUNTAIN PARK AND REC DISTRICTSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCEACTUAL, BUDGET AND FORECAST FOR THE PERIODS INDICATEDPrinted: 01/25/24General Fund (Continued) 2022 2023 ANNUAL2023 YTDCal YrCal Yr '23Variance Cal YrEnded EndedVariance Cal Yr '24 '24 BudgetAccountPrelim Adopted Favorable 2023 09/30/23 09/30/23 Favorable Adopted vsNo.ActualBudget (Unfavor)ForecastActualBudget(Unfavor)Budget'23 ForecastPercentBudget AssumptionsMaintenance:61001 Parks Hourly Staff72,333 91,520 (8,480) 100,000 83,230 68,500 (14,730) 110,000 10,000 10% Hourly staff + Maint Staf61201 Contract Maintenance-Lawn Contract39,270 43,000 0 43,000 2,030 43,000 40,970 53,500 10,500 24% New Lawn Care61301 Contract Labor - Parks 6,715 2,000 (3,000) 5,000 4,730 2,000 (2,730) 6,000 1,000 20% Maintenance and Clean61401 Contract Maintenance-Misc Contracts0 8,000 3,000 5,000 0 6,000 6,000 5,250 250 5% Cleaning of Bathrooms61601 Building Repairs & Maintenance 10,423 7,000 0 7,000 4,847 5,250 403 8,000 1,000 14% Per Becky61801 Electricity 3,842 5,000 0 5,000 3,639 3,750 111 6,000 1,000 20%Add Garage Structure61901 Water 2,878 5,000 0 5,000 503 3,750 3,247 5,250 250 5%Add Garage & Bathroom61911 Reudi Augmentation Water Lease 295 500 0 500 0 375 375 525 25 5% $2 to $ 4 AF62001 Expendable Supplies 10,955 10,000 0 10,000 5,889 6,667 778 10,500 500 5% Per Becky62201 Field Maintenance 5,641 10,000 0 10,000 3,656 10,000 6,344 10,500 500 5% Infield Dirt62401 Chemical Application 12,842 13,000 0 13,000 9,850 11,143 1,293 13,650 650 5% Spring & Fall Spray-Dou62501Annual Feritlization Program 3,543 14,000 0 14,000 7,430 14,000 6,571 10,000 (4,000) -29% Spring & Fall Appl.- Dou62511 Tree Care 4,371 5,150 0 5,150 4,408 5,150 742 5,408 258 5% Mulch around trees, Spr62601 Gas & Oil 8,030 10,000 0 10,000 593 7,500 6,907 10,500 500 5% Based on Prior Yr62801 Irrigation Repairs 14,281 15,000 0 15,000 3,277 15,000 11,723 15,750 750 5% Per Becky63001 Landscape Maintenance765 3,000 0 3,000 333 3,000 2,667 3,150 150 5% Based on Prior Yr63201 Machinery and Vehicle Repairs 9,445 8,000 0 8,000 6,009 6,000 (9) 8,400 400 5% Per Becky63401 Park Accessories 1,006 2,000 0 2,000 33 2,000 1,967 2,100 100 5% Based on Normal Yr63601 Repairs and Maintenance722 3,000 0 3,000 0 2,400 2,400 3,150 150 5% Per Becky63801 Tools & Accessories 5,360 4,000 0 4,000 288 4,000 3,712 4,200 200 5%63901 Playground Fill 0 7,000 0 7,000 5,831 7,000 1,169 0 (7,000) -100% Per Becky Every 2 years64001 Trash Removal & San-o-lets 13,829 9,000 0 9,000 8,498 6,750 (1,748) 6,000 (3,000) -33% trash & recycle 64101 Soil Tack Application 3,804 5,500 0 5,500 0 5,500 5,500 4,000 (1,500) -27% Per Becky64201 Materials (Top Soil, Road Base, Sand) 12,821 15,000 0 15,000 1,596 15,000 13,404 8,000 (7,000) -47% Improve RoadsTotal Maintenance 243,168 295,670 (8,480) 304,150 156,671 253,735 97,064 309,833 5,683 2%TOTAL OPERATING EXPEND1,016,495 1,141,629 1,593 1,140,036 773,413 957,012 183,599 1,260,985.44 120,950 11%EXCESS REVENUES OVER (UNDER) EXPENDITURES 606,350 384,995 30,270 415,265 720,096 502,992 217,104 1,147,539.41 732,274 176%OTHER FINANCING SOURCES (USES):42801 Transfer from Debt Svc Fund 10,768 0 00000 0 (0)-100% From D/S Fund69001 Transfers in (out)(598,000) (384,995) (30,270) (415,265) 0 0 0 (1,147,539) (732,274) 176% For Repl ReserveTOTAL OTHER FINANCING(587,232) (384,995) (30,270) (415,265) 0 0 0 (1,147,539) (732,274) 176%Surplus(Deficit) w/ Othr Fin Sources 19,118 0 0 0 720,096 502,992 217,104 0 0 NA37001 FUND BALANCE - BEGINNING511,980 523,678 7,420 531,098 531,098 523,678 7,420 531,098 0 0%FUND BALANCE - END531,098 523,678 7,420 531,098 1,251,194 1,026,670 224,524 531,098 0 0%No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.= = = = = = = = =Page 3-C CROWN MOUNTAIN PARK AND REC DISTRICTSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCEACTUAL, BUDGET AND FORECAST FOR THE PERIODS INDICATEDPrinted: 01/25/24Debt Service Fund 2022 2023 ANNUAL2023 YTDCal YrCal Yr '23Variance Cal YrEnded EndedVariance Cal Yr '24 '24 BudgetAccountPrelim Adopted Favorable 2023 09/30/23 09/30/23 Favorable Adopted vsNo.ActualBudget (Unfavor)ForecastActualBudget(Unfavor)Budget'23 ForecastPercentBudget AssumptionsREVENUE:Pitkin County Assessed Value167,964,260 169,352,710 169,352,710 250,793,890 81,441,180 48%Eagle County Assessed Value269,177,620 270,854,380 270,854,380 416,476,540 145,622,160 54%Total Assessed Value437,141,880 440,207,090 440,207,090 667,270,430 227,063,340 52%Mill Levy Rate 1.0010.000 NAAmt to cover D/SProperty Taxes Levied 437,579 00000 0 0 NA44102 Pitkin County Property Taxes167,705 0 00000 0 0 NABased on Mill Levy44202 Eagle County Property Taxes268,463 0 00000 0 0 NABased on Mill Levy44402 Pitkin County Specific Ownership Tax5,999 0 00000 0 0 NA4% of Prop Tax44502 Eagle County Specific Ownership Tax14,538 0 00000 0 0 NA4% of Prop Tax44602 Interest Income 4,345 0 00000 0 0 NA.5% int-taxes, 1% int-F BTOTAL REVENUE461,049 0 00000 0 0 NAEXPENDITURES:73002 Pitkin County Treasurer's Fees8,401 0 00000 0 0 NA5% of Prop Tax73202 Eagle County Treasurer's Fees8,064 0 00000 0 0 NA3% of Prop Tax72002 Paying Agent's Fees 200 0 00000 0 0 NA71102 2012 Bond Issue Principal (2022 Maturity) 425,000 0 00000 0 0 NAPer D/S Schedule71502 2012 Bond Issue Interest (2022 Maturity)12,750 0 00000 0 0 NAPer D/S ScheduleContingency0 0 0 0 0 0 0 NATOTAL EXPENDITURES454,414 0 00000 0 0 NAEXCESS REVENUE OVER (UNDER) EXP 6,635 0 00000 0 0 NAOTHER FINANCING SOURCES (USES):79002 Transfer of Net Specific Ownership Tax(10,768) 0 (0) (0) 0 0 0 0 0 -100% SO Tax Less Treas Fee75702 Bond Defeasance/Redemption 0 0 0 0 0 NATOTAL OTHER FINANCING(10,768) 0 (0) (0) 0 0 0 0 0 -100%Surplus(Deficit) w/ Othr Fin Sources (4,133) 0 (0) (0) 0 0 0 0 0 -100%37002 FUND BALANCE - BEGINNING4,133 0 00000 0 (0)-100%FUND BALANCE - END0 00 0000 0 0 NANo assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.= = = = = = = =Page 4-A CROWN MOUNTAIN PARK AND REC DISTRICTSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCEACTUAL, BUDGET AND FORECAST FOR THE PERIODS INDICATEDPrinted: 01/25/24Capital Projects Fund 2022 2023 ANNUAL2023 YTDCal YrCal Yr '23Variance Cal YrEnded EndedVariance Cal Yr '24 '24 BudgetAccountPrelim Adopted Favorable 2023 09/30/23 09/30/23 Favorable Adopted vsNo.ActualBudget (Unfavor)ForecastActualBudget(Unfavor)Budget '23 ForecastPercentBudget AssumptionsREVENUE:46004 Interest Income 1,446 5,650 6,350 12,000 10,851 4,237 6,613 25,386 13,386 112%46404 Miscellaneous Income & Sponsorships 0 181,000 (181,000) 0 0 181,000 (181,000) 181,000 181,000 NA46604 SouthPark Grant Proceeds0 0 0 0 0 0 NA46904 Park Sponsorships 60,000 95,000 (45,000) 50,000 46,500 95,000 (48,500) 95,000 45,000 90%46924 Grant Proceeds - Artificial Turf Goal Mounts0 0 0 0 0 0 NA46504 Grant Proceeds 0 0 0 0 0 0 NABike Park42605 Grant Proceeds - Next50 0 0 0 0 0 0 NATOTAL REVENUE61,446 281,650 (219,650) 62,000 57,351 280,237 (222,887) 301,386 239,386 386%EXPENDITURES:Recreational Facilities82804 Dog Park 0 0 0 0 0 50,000 50,000 NARe-sod/Re-seedPlayground0 0 0 330,000 330,000 NAReplace Playground81204 Concrete 0 15,000 0 15,000 13,820 15,000 1,180 (15,000) -100% Cement for Shade Shelt84504 Landscaping / Planting 6,621 5,000 0 5,000 0 0 0 35,000 30,000 600% Trees & Tree Rings81304 Electricity/Utilities 0 0 0 0 0 20,000 20,000 NAWater Service Line81004 Irrigation 9,891 10,000 0 10,000 0 10,000 10,000 (10,000) -100% Irrigation near pond82004 Basketball, Baseball & Tennis Courts 4,600 45,000 (7,500) 52,500 50,587 45,000 (5,587) 50,000 (2,500) -5% Fence 1 Field, Condition83504 Park Amenities 29,013 8,000 (1,184) 9,184 9,184 8,000 (1,184) 5,000 (4,184) -46% Hammocks83604 Goalset - Soccer 0 0 0 0 0 0 0 NA82504 Bike Park 100,994 30,000 0 30,000 25,725 30,000 4,275 200,000 170,000 567% Change Dirt to AsphaltConcessions/Restrooms 28,486 3,000 0 3,000 0 3,000 3,000 (3,000) -100%82604 Shade Structure0 25,000 0 25,000 0 25,000 25,000 (25,000) -100% Shade Shelter83004 Picnic Areas 0 0 0 0 0 0 NA84524 Top Dress Fields/Drill Seed 0 0 0 0 0 0 0 NA84514 Parking Lot - Asphalt Maint. 83,483 20,000 (5,000) 25,000 23,933 20,000 (3,933) 35,000 10,000 40% Parking Lot, Crack Seal84534 Drainage 0 0 0 0 0 0 NA84104 Storage Garage Renovation 29,527 0 0 0 0 088004 Updated Capital Replacement Reserve 0 0 0 0 0 0 NA82904 Ice Rink Installation 3,474 0 0 0 0 0 NA83704 Inground Trampoline181,000 181,000 0 0 181,000 181,000 181,000 181,000 NAForest Service Building350,000 350,000 NAContingency/Unallocated 36,500 36,500 0 0 0 125,600 125,600 NARecreation Facilities Subtotal 296,090 378,500 203,816 174,684 123,249 337,000 213,751 1,381,600 1,206,916 691%Common Areas/Infrastructure87804 Website & Digital Content 0 0 0 0 0 0 NA87204 Irrigation System Upgrade Site Control/ IQ 0 0 0 0 0 0 NA87404 Pond Improvements2,882 0 0 0 0 0 NAShade Shelter at Pond88104 Equipment - New Truck0 0 0 0 0 0 NA87704 Equipment - Leases 31,319 60,000 22,000 38,000 30,465 45,000 14,535 45,000 7,000 18%Add Paint Robot87504 Park Maintenance Equipment23,364 23,000 0 23,000 20,079 23,000 2,921 25,000 2,000 9% Groomer, MowerCommon Areas Subtotal57,885 83,000 22,000 61,000 50,545 68,000 17,455 70,000 9,000 15%TOTAL EXPENDITURES353,975 461,500 225,816 235,684 173,794 405,000 231,206 1,451,600 1,215,916 516%Excess Rev Over (Under) Exp(292,529) (179,850) 6,166 (173,684) (116,443) (124,763) 8,319 (1,150,214) (976,530) 562%OTHER FINANCING SOURCES (USES):46704 Transfer In From General Fund598,000 384,995 30,270 415,265 0 0 0 1,147,539 732,274 176% Gen Fund transfer inTOTAL OTHER FINANCING598,000 384,995 30,270 415,265 0 0 0 1,147,539 732,274 176%Surplus(Deficit) w/ Othr Fin Sources 305,471 205,145 36,436 241,581 (116,443) (124,763) 8,319 (2,675) (244,256) -101%37004 FUND BALANCE - BEGINNING178,250 376,664 107,057 483,721 483,721 376,664 107,057 725,303 241,581 50%FUND BALANCE - END483,721 581,809 143,493 725,303 367,278 251,902 115,376 722,628 (2,675) 0%No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.= = = = = = = = =Page 5-A 108 County Tax entity code DOLA LGID/SID 65152 TO: County Commissioners1 of Eagle County , Colorado. On behalf of the Crown Mountain Park & Recreation District the Board of Directors of the Crown Mountain Park & Recreation District $416,476,540 $416,476,540 Submitted:1/3/2024 for budget/fiscal year 2024 . (not later than Dec 15) (mm/dd/yyyy)(yyyy) PURPOSE (see end notes for definitions and examples)LEVY2 REVENUE2 1.General Operating ExpensesH 3.240 mills 1,349,383.99$ 2. 0.000 mills -$ SUBTOTAL FOR GENERAL OPERATING: 3.240 mills 1,349,383.99$ 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:[]3.240 mills 1,349,383.99$ Daytime phone:(970) 926-6060 Signed:Title: District Accountant CERTIFICATION OF TAX LEVIES for NON-SCHOOL Governments (taxing entity)A (governing body)B Contact person: (print) Jon Erickson 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 4 683 County Tax entity code DOLA LGID/SID 65152 TO: County Commissioners1 of Pitkin County , Colorado. On behalf of the Crown Mountain Park & Recreation District the Board of Directors of the Crown Mountain Park & Recreation District $250,793,890 $250,793,890 Submitted:1/3/2024 for budget/fiscal year 2024 . (not later than Dec 15) (mm/dd/yyyy)(yyyy) PURPOSE (see end notes for definitions and examples)LEVY2 REVENUE2 1.General Operating ExpensesH 3.240 mills 812,572.20$ 2. 0.000 mills -$ SUBTOTAL FOR GENERAL OPERATING: 3.240 mills 812,572.20$ 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:[]3.240 mills 812,572.20$ Daytime phone:(970) 926-6060 x101 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) Jon Erickson 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 EXHIBIT B 2023 Audit Crown Mountain Park and Recreation District El Jebel, Colorado FINANCIAL STATEMENTS December 31, 2023 Crown Mountain Park and Recreation District TABLE OF CONTENTS December 31, 2023 Independent auditor’s report .................................................................................................... I Management’s Discussion and Analysis ................................................................................. i Basic financial statements: Government-wide financial statements: Statement of net position ........................................................................................................ 1 Statement of activities ............................................................................................................. 2 Fund financial statements: Balance sheet – governmental funds ...................................................................................... 3 Statement of revenues, expenditures, and changes in fund balances (deficit) – governmental funds ............................................................................................................... 4 Reconciliation of the statement of revenues, expenditures, and changes in fund balances(deficit) to the statement of activities ............................................ 5 Statement of revenues, expenditures, and changes in fund balances – budget and actual – general fund .......................................................................................... 6 Notes to financial statements ................................................................................................... 7 Supplementary information: Schedule of revenues, expenditures, and changes in fund balances – budget and actual – capital projects fund ............................................................................ 21 I Fiscal Focus Partners, LLC P.O. Box 740339, Arvada, CO 80006 303 .202.1800 www.ffpcpa.com INDEPENDENT AUDITOR’S REPORT To the Board of Directors Crown Mountain Park and Recreation District El Jebel, Colorado Opinions We have audited the accompanying financial statements of the governmental activities and each major fund of Crown Mountain Park and Recreation District (the District), as of and for the year ended December 31, 2023, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of Crown Mountain Park and Recreation District, as of December 31, 2023, and the respective changes in financial position, and the budgetary comparison for the general fund for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. II Auditor’s Responsibility for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS, we • Exercise professional judgement and maintain professional skepticism throughout the audit. • Identify and assess the risk of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgement, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time. We are required to communicate to those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis on pages i through v be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. III Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District’s basic financial statements. The supplementary information as listed in the table of contents is presented for purposes of additional analysis and legal compliance and is not a required part of the basic financial statements. The information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements as a whole. Arvada, Colorado June 1, 2024 CROWN MOUNTAIN PARK AND RECREATION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) December 31, 2023 i - MANAGEMENT’S DISCUSSION AND ANALYSIS The Crown Mountain Park and Recreation District (the “District”) was authorized by voters in November 2002 and formally established in 2003. The District was established for the purpose of financing, constructing and managing recreation and park facilities on the former Mount Sopris Tree Farm property in El Jebel which is owned by Eagle County but operated by the District pursuant to a long-term lease. In 2003 the District issued approximately $6 million in debt to develop the park. Since inception through 2018 the District collected a 1.000 mill operating mill levy to operate and manage the park plus a debt service mill levy used to pay debt service on the District’s bonds. In 2019, the operating mill levy increased to 2.950 mills. During 2018 the District’s voters approved increasing the operating mill levy rate from 1.000 mills to 2.950 mills to be used for operating and maintaining the park, funding reserves for repair and replacement of park infrastructure, and addressing community/user needs through park improvements. This discussion and analysis of the District’s financial performance provides an overview of financial activities for the fiscal year ended December 31, 2023. The intent of this discussion and analysis is to look at the District’s financial performance as a whole; it should be read in conjunction with the basic financial statements and notes to enhance the reader’s understanding of the District’s overall financial performance. FINANCIAL HIGHLIGHTS • The property tax levied for collection in 2023 to support operations is 3.020 mills. This levy were assessed on all taxable properties within the District’s boundaries located in both Pitkin and Eagle Counties. • In total, the District’s overall net position increased $172,490 from the previous fiscal year. This increase is primarily due to a surplus of property taxes collected over expenses incurred in providing services to the District’s constituents. This surplus was primarily used to pay principal on the District’s outstanding bond obligations and added to fund balance to fund future maintenance and replacement. • Traditionally the District’s focus has been on providing recreational facilities rather than programs. During 2012 through 2023 the District has increased focus on recreation programs to add another revenue source. Other general revenues which include taxes, grants and interest make up substantially the remainder of the District’s revenues and have been used to fund the cost of operating the facilities and to pay the District’s debt service. USING THE BASIC FINANCIAL STATEMENTS This annual report consists of three parts – management’s discussion and analysis (this section), the basic financial statements, and required supplementary information. The basic financial statements include two types of statements that present different views of the District: • Government-wide financial statements that provide both long-term and short-term information about the District’s overall financial status. • Fund financial statements that focus on individual parts of the District government, reporting the District’s operations in more detail than the government-wide statements. CROWN MOUNTAIN PARK AND RECREATION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) December 31, 2023 ii - The financial statements also include notes that explain some of the information in the financial statements and provide more detailed data. The statements are followed by a section of required supplementary information that further explains and supports the information in the financial statements. Additional supplemental information has also been included to enhance the reader’s understanding of the financial statements. REPORTING ON THE DISTRICT AS A WHOLE Statement of Net Position and Statement of Activities The Statement of Net Position and Statement of Activities view the District from the perspective of the District as a whole as opposed to looking at individual funds and asks the question, “How did we do financially during the current fiscal year?” These statements include all assets and liabilities using the full accrual basis of accounting similar to the accounting system used by most private sector companies. The accrual basis of accounting takes into account all of the current year’s revenues and expenses regardless of when cash was received or paid. The focus of the government-wide financial statements is on the overall financial position and activities of the District; therefore, the Statement of Net Position and the Statement of Activities are constructed around the concept of an overall primary reporting government, which includes all funds of the District. The Statement of Net Position and the Statement of Activities report the District’s net position and changes in this position. The District’s net position – the difference between assets, deferred outflows, liabilities and deferred inflows – are one way to measure the District’s financial health, or financial position. Over time, increases or decreases in the District’s net position is one indicator of whether its financial health is improving or deteriorating. However, it is also necessary to consider other factors such as changes in the District’s property tax base and the condition of the infrastructure to assess the overall health of the District. In the Statement of Net Position and the Statement of Activities, the District’s operations are reported as a “Governmental Activity.” Governmental activities are generally financed through taxes, intergovernmental revenues and other non-exchange revenues. All of the District’s programs and services are currently reported here, which include parks and recreation services, as well as debt service and other fiscal charges. FUND FINANCIAL STATEMENTS The fund financial statements provide more detailed information about the District’s funds, focusing on its most significant funds – not the District as a whole. The District’s major governmental funds include the General Fund, the Capital Improvement Fund and the Debt Service Fund. Unlike government-wide financial statements, the focus of the fund financial statements is directed to specific activities of the District rather than the District as a whole. Except for the General Fund, a specific fund is established to satisfy managerial control over resources or to satisfy finance-related legal requirements established by external parties or governmental statutes or regulations. Governmental funds – The District’s activity is reported as a governmental fund, which focuses on how money flows into and out of those funds and the balances left at year-end that are available for spending in future periods. The funds are reported using an accounting method called modified accrual accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the District’s general government operations and the basic services it provides. Governmental fund information helps to determine whether there are more or fewer financial resources that can be spent in the near future to finance the District’s programs. The relationship (or differences) between governmental activities (reported in the Statement of CROWN MOUNTAIN PARK AND RECREATION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) December 31, 2023 iii - Net Position and the Statement of Activities) and governmental funds is provided in reconciliations following the fund financial statements. The District maintains the following governmental funds: General Fund – The general fund is used to account for resources traditionally associated with government which are not required legally or by sound financial management to be accounted for in another fund. Capital Improvement Fund – The capital improvement fund provides for the acquisition of lands, construction of major capital improvements, and acquisition of more expensive pieces of equipment. Debt Service Fund -- The debt service fund is used to account for financial resources to be used for the payment of principal and interest on general obligation indebtedness. THE DISTRICT AS A WHOLE Statement of Net Position The perspective of the Statement of Net Position is of the District as a whole. Following is a summary of the District’s net position for the current and previous fiscal year: 2023 2022 Increase (Decrease) ASSETS Current and Other Assets $ 3,420,938 $ 2,367,470 $ 1,053,468 Capital Assets, Net 6,920,967 6,938,285 (17,318) Total Assets 10,341,905 9,305,755 1,036,150 LIABILITIES Current Liabilities 45,082 42,763 2,319 Long-Term Obligations: Due within One Year 33,858 25,335 8,523 Due in More Than One Year 74,015 53,728 20,287 Total Liabilities 152,955 121,826 31,129 DEFERRED INFLOWS OF RESOURCES Deferred Property Tax Revenue 2,161,956 1,329,425 832,531 NET POSITION Net Investment in Capital Assets 6,830,656 6,859,222 (28,566) Restricted for Emergencies 35,900 30,495 5,405 Unrestricted 1,160,438 964,787 195,651 Total Net Position $ 8,026,994 $ 7,854,504 $ 172,490 CROWN MOUNTAIN PARK AND RECREATION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) December 31, 2023 iv - Statement of Activities The perspective of the Statement of Activities is also of the District as a whole. The statement of activities reflects the cost of program services and the charges for services and sales, grants and contributions offsetting those services. The following detail reflects the total cost of services supported by program revenues and general property taxes, as well as other general revenues, resulting in the overall change in net position for the current and previous fiscal year: 2023 2022 Increase (Decrease) REVENUES PROGRAM REVENUES Operating Grants $ 59,355 $ 54,234 $ 5,121 Charges for Services 68,314 62,697 5,617 GENERAL REVENUES: Property Taxes 1,310,106 1,729,421 (419,315) Specific Ownership Taxes 65,174 81,430 (16,256) Interest and Other Income 49,422 172,640 (123,218) Total Revenues 1,552,371 2,100,422 (548,051) PROGRAM EXPENSES Parks & Recreation 1,453,205 1,366,951 (86,254) Interest on Long-term Debt 3,176 24,089 20,913 Other Cost of Long-term Debt 0 200 200 Total Expenses 1,456,381 1,391,240 (65,141) Change in Net Position 172,490 709,182 (536,692) Net Position, Beginning of Year 7,854,504 7,145,322 709,182 NET POSITION, END OF YEAR $ 8,026,994 $ 7,854,504 $ 172,490 The District’s revenues include property taxes to support both general operations and debt service. The District’s property tax revenues increased as the result of new construction increasing assessed values. The District’s program expenses consist of operational expenses, depreciation expense on capital assets and interest expense on general obligation bonds. During 2023, the District collected $1,310,106 in property taxes for general operating expenses of the District. The District also received operating grants of $59,355 which are from the Conservation Trust Fund Lottery dollars and $68,314 from program fees for recreation programs. The District’s financial position, as measured by net position, increased during 2023, primarily as the result of collecting property taxes used to repay debt principal. THE DISTRICT’S FUNDS The fund level financial statements focus on how services were financed in the short-term as well as what remains for future spending. CROWN MOUNTAIN PARK AND RECREATION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) December 31, 2023 v - The fund level financial statements are reported on the modified accrual basis of accounting. At the fund level, under the modified accrual basis of accounting, depreciation expense is not reflected as it is not a current period financial use. In addition, at the fund level, inflows from bond proceeds or operating loans are presented as an other financing source item while outflows for capital outlay and debt service payments are presented as expenditure items, as these items represent current period financial resources and uses. The General Fund ending fund balance increased from $531,098 to $597,976 during the current fiscal year. This represents the excess of current period revenues (financial resources) over current period expenditures (financial uses). Most financial resources are from property and specific ownership taxes. The majority of expenses are directly related to providing parks and recreation facilities. A portion of the ending fund balance of $597,976 ($35,900) is restricted for emergencies. The remainder is the amount of net resources available for future spending. The Capital Improvements Fund ending fund balance increased from $483,721 to $615,924 during the current fiscal year. The source of revenues for this fund is a transfer from the General Fund and grants. The ending fund balance of $615,924 represents the amount of net resources in the Capital Improvement Fund available for future capital replacement or investment. GENERAL FUND BUDGETARY HIGHLIGHTS The District's procedures in establishing budgetary data reflected in the financial statements are summarized in Note 2 of the financial statements. General Fund Resources (Inflows) The District’s general fund final budgetary revenues and other financing sources in the amount of $1,538,233 had a surplus to the final budget of $1,526,624 by $11,609. This was primarily due to programming fees and reimbursed expenses coming in lower than budgeted amounts. General Fund Charges to Appropriations (Outflows) The District’s General Fund expenditures (including operating transfers out) in the total amount of $1,526,622 were $2 less than the final appropriated budget balance of $1,526,624. This difference is primarily the result of savings in programming categories and the amount budgeted for contingencies was not spent. Additional expenditures were incurred for maintenance and management consulting. Further details of the General Fund budget variances can be seen on Page 6 of this report. CAPITAL ASSETS At the end of 2023, the District had a total of $6,920,967 invested in capital assets net of accumulated depreciation and amortization. This represents a decrease of $17,318 from 2022 which is the result of depreciation expense exceeding capital additions in 2023. Details can be seen on Page 15 of this report. CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT This financial report is designed to provide our residents, customers, taxpayers, investors, and creditors with a general overview of the District’s finances and to show the District’s accountability for the money it receives. If you have any questions regarding this report or need additional financial information, please contact the Crown Mountain Park and Recreation District Manager, Eagle County Community Building, 0020 Eagle County Road, El Jebel, CO 81623, Tel: (970) 963-6030, Fax: (970) 963-6032 BASIC FINANCIAL STATEMENTS Governmental Activities ASSETS Cash and investments 1,177,929$ Cash and investments - restricted 35,900 Cash with county treasurer 1,520 Other assets 1,690 Prepaid expense 41,943 Property taxes receivable 2,161,956 Capital assets, not being depreciated 5,050,928 Capital assets, being depreciated 1,870,039 Total assets 10,341,905 LIABILITIES Accounts payable 30,422 Accrued interest 14,660 Noncurrent liabilities Due within one year 33,858 Due in more than one year 56,453 Accrued compensated absences 17,562 Total liabilities 152,955 DEFERRED INFLOWS OF RESOURCES Property tax revenue 2,161,956 Total deferred inflows of resources 2,161,956 NET POSITION Net investment in capital assets 6,830,656 Restricted for: Emergency reserves 35,900 Unrestricted 1,160,438 Total net position 8,026,994$ Crown Mountain Park and Recreation District STATEMENT OF NET POSITION December 31, 2023 The accompanying Notes to the Financial Statements are an integral part of these statements. 1 STATEMENT OF ACTIVITIESFor the year ended December 31. 2023Net (Expense)Revenue andChanges inProgram RevenueNet PositionFunctions/ProgramsExpensesCharges for ServicesOperating Grants and ContributionsCapital Grants and ContributionsGovernmental Activities Primary governmentGeneral government(1,453,205)$ 68,314$ 59,355$ 76,500$ (1,249,036)$ Interest on long-term debt and related costs(3,176) - - - (3,176) Total governmental activities(1,456,381)$ 68,314$ 59,355$ 76,500$ (1,252,212) General revenues:Property taxes1,310,106 Specific ownership taxes65,174 Other income2,992 Investment income46,430 Total general revenues1,424,702 Change in net position172,490 Net position - beginning 7,854,504 Net position - ending8,026,994$ Crown Mountain Park and Recreation DistrictThe accompanying Notes to the Financial Statements are an integral part of these statements.2 General Fund Capital Improvement Fund Total Governmental Funds ASSETS Cash and investments 562,005$ 615,924$ 1,177,929$ Cash and investments - restricted 35,900 - 35,900 Cash with county treasurer 1,520 - 1,520 Other assets 1,690 - 1,690 Prepaid expenses 41,943 - 41,943 Property tax receivable 2,161,956 - 2,161,956 Total assets 2,805,014 615,924 3,420,938 LIABILITIES Accounts payable 30,422 - 30,422 Accrued compensation 14,660 - 14,660 Total liabilities 45,082 - 45,082 DEFERRED INFLOWS OF RESOURCES Property tax revenue 2,161,956 - 2,161,956 Total deferred inflows of resources 2,161,956 - 2,161,956 FUND BALANCES (DEFICITS) Nonspendable: Prepaid amounts 41,943 - 41,943 Restricted for: Emergency reserves 35,900 - 35,900 Assigned for: Capital projects - 615,924 615,924 Operating reserves 520,133 - 520,133 Unassigned - - - Total fund balances (deficits)597,976 615,924 1,213,900 Total liabilities, deferred inflows of resources and fund balances 2,805,014$ 615,924$ Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. Capital assets, net 6,920,967 Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Accrued compensated absences (17,562) Lease payable (90,311) Net position of governmental activities 8,026,994$ Crown Mountain Park and Recreation District BALANCE SHEET GOVERNMENTAL FUNDS December 31, 2023 The accompanying Notes to the Financial Statements are an integral part of these statements. 3 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (DEFICITS) GOVERNMENTAL FUNDS For the Year Ended December 31, 2023 General Fund Capital Fund Total Governmental Funds Revenues Property taxes 1,310,106$ -$ 1,310,106$ Specific ownership taxes 65,174 - 65,174 Lottery proceeds - Conservation Trust 59,355 - 59,355 Program fees 68,314 - 68,314 Sponsorships - 76,500 76,500 Investment income 32,292 14,138 46,430 Other income 2,992 - 2,992 Total revenues 1,538,233 90,638 1,628,871 Expenditures Operating Accounting 68,559 - 68,559 Advertising 14,372 - 14,372 Audit 6,890 - 6,890 Director 308,554 - 308,554 Insurance - health 47,071 - 47,071 Insurance - liability 18,818 - 18,818 Legal 13,258 - 13,258 Elections 23,772 - 23,772 Maintenance and repairs - parks 327,129 58,237 385,366 Management and consulting 95,074 - 95,074 Miscellaneous 23,946 - 23,946 Newsletter and website 5,660 - 5,660 Office expense 6,325 - 6,325 Payroll taxes and benefits 51,981 - 51,981 Programming 128,327 - 128,327 Travel and training 2,852 - 2,852 Treasurer's fees 49,579 - 49,579 Telephone and internet 3,785 - 3,785 Debt service Principal - 32,652 32,652 Interest - 3,176 3,176 Capital outlay - 139,773 139,773 Total expenditures 1,195,952 233,838 1,429,790 Excess of revenues over (under) expenditures 342,281 (143,200) 199,081 Other financing sources (uses) Transfers in (out) (275,403) 275,403 - Total other financing sources and (uses) (275,403) 275,403 - Net change in fund balances 66,878 132,203 199,081 Fund balances - beginning 531,098 483,721 1,014,819 Fund balances (deficits) - ending 597,976$ 615,924$ 1,213,900$ Crown Mountain Park and Recreation District The accompanying Notes to the Financial Statements are an integral part of these statements. 4 RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES(DEFICITS) OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES Net change in fund balances - governmental funds:199,081$ Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. In the statement of activities, capital outlay is not reported as an expenditure. However, the statement of activities will report as depreciation expense the allocation of the cost of any depreciable asset over the estimated useful life of the asset. Depreciation expense (200,991) Capital outlay 139,773 Long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Repayment of principal 32,652 Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds. Accrued compensated absences - change in liability 1,975 Change in net position of governmental activities 172,490$ Crown Mountain Park and Recreation District For the Year Ended December 31, 2023 The accompanying Notes to the Financial Statements are an integral part of these statements. 5 Variance with Final Budget - Original and Final Budget Actual Positive (Negative) REVENUES Property taxes 1,329,425$ 1,310,106$ (19,319)$ Specific ownership taxes 58,800 65,174 6,374 Lottery proceeds - Conservation Trust 56,420 59,355 2,935 Program fees 60,300 68,314 8,014 Investment income 21,149 32,292 11,143 Other income 530 2,992 2,462 Total revenues 1,526,624 1,538,233 11,609 EXPENDITURES Accounting 64,000 68,559 (4,559) Advertising 10,000 14,372 (4,372) Audit 7,000 6,890 110 Director 317,000 308,554 8,446 Insurance - health 45,466 47,071 (1,605) Insurance - liability 23,086 18,818 4,268 Legal 5,000 13,258 (8,258) Elections 20,000 23,772 (3,772) Maintenance and repairs - parks 295,670 327,129 (31,459) Management and consulting 50,000 95,074 (45,074) Miscellaneous 13,600 23,946 (10,346) Newsletter and website 3,000 5,660 (2,660) Office expense 6,000 6,325 (325) Payroll taxes and benefits 64,775 51,981 12,794 Programming 145,450 128,327 17,123 Travel and training 7,000 2,852 4,148 Treasurer's fees 50,112 49,579 533 Telephone and internet 4,470 3,785 685 Contingency 10,000 - 10,000 Total expenditures 1,141,629 1,195,952 (54,323) Excess of revenues over (under) expenditures 384,995 342,281 (42,714) OTHER FINANCING SOURCES (USES) Transfers in (out)(384,995) (275,403) 109,592 Total other financing sources (uses)(384,995) (275,403) 109,592 Net change in fund balances - 66,878 66,878 Fund balances - beginning 523,678 531,098 7,420 Fund balances (deficits) - ending 523,678$ 597,976$ 74,298$ Crown Mountain Park and Recreation District For the Year Ended December 31, 2023 STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL - GENERAL FUND The accompanying Notes to the Financial Statements are an integral part of these statements. 6 Crown Mountain Park and Recreation District NOTES TO FINANCIAL STATEMENTS December 31, 2023 7 NOTE 1 – DEFINITION OF REPORTING ENTITY The Crown Mountain Park and Recreation District was organized pursuant to provisions set forth in the Colorado Special District Act (Title 32, Article 1, Colorado Revised Statutes). The governing body of the District consists of a five member Board of Directors which is elected by the registered voters within the District. The purpose of the District is to create a community legacy by providing parks and recreation. The District fosters a sense of place, provides opportunities and places for community gathering, and provides diverse, equitable and safe recreation opportunities for all through creative collaboration. The District follows the Governmental Accounting Standards Board (GASB) accounting pronouncements which have specified the criteria to be used in defining a governmental entity for financial reporting purposes. The reporting entity consists of (a) the primary government; i.e., the District, and (b) organizations for which the District is financially accountable. The District is considered financially accountable for legally separate organizations if it is able to appoint a voting majority of an organization's governing body and is either able to impose its will on that organization or there is a potential for the organization to provide specific financial benefits to, or to impose specific financial burdens on, the District. Consideration is also given to other organizations that are fiscally dependent; i.e., unable to adopt a budget, levy taxes, or issue debt without approval by the District. Organizations for which the nature and significance of their relationship with the District are such that exclusion would cause the reporting entity's financial statements to be misleading or incomplete are also included in the reporting entity. Based on the criteria discussed above, as of December 31, 2023, the District's financial statements do not include any component units, nor do they exclude any potential component units requiring inclusion in the District's reporting entity, nor is the District a component unit of any other government. The District's financial statements include the accounts of all District operations. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Government-wide and fund financial statements The government-wide financial statements include the statement of net position and statement of activities. These financial statements include all of the activities of the District. The effect of interfund activity has been removed from these statements. Governmental activities are normally supported by taxes and intergovernmental revenues. The statement of net position reports all financial resources of the District. The difference between the assets, deferred outflows of resources, liabilities and deferred inflows of resources of the District is reported as net position. Crown Mountain Park and Recreation District NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2023 8 The statement of activities demonstrates the degree to which the direct and indirect expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment, and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues. Separate financial statements are provided for the governmental funds. Major individual governmental funds are reported as separate columns in the fund financial statements. Measurement focus, basis of accounting and financial statement presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Depreciation is computed and recorded as an operating expense. Expenditures for capital outlay are shown as increases in assets and repayment of debt is recorded as a reduction in liabilities. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenue to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures, other than interest on long-term obligations are recorded when the liability is incurred or the long-term obligation is due. The District reports the following major governmental funds: The general fund is the District’s primary operating fund. It accounts for all financial resources of the general government, except those required to be reported in another fund. The capital projects fund accounts for financial resources to be used for the acquisition or construction of major capital facilities. Crown Mountain Park and Recreation District NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2023 9 Pooled cash and investments The District follows the practice of pooling cash and investments of all funds to maximize investment earnings. Except when required by trust or other agreements, all cash is deposited to and disbursed from a single bank account. Cash in excess of immediate operating requirements is pooled for deposit and investment flexibility. Investment earnings are allocated periodically to the participating funds based upon each fund’s average equity balance in the total cash. Budgetary information In accordance with the Colorado State Budget Law, the District’s Board of Directors (the Board) holds public hearings in the fall of each year to approve the budget and appropriate the funds for the ensuing year. The appropriation is at the total fund expenditures and other financing uses level and lapses at year end. The Board can modify the budget by line item within the total appropriation without notification. The appropriation can only be modified upon completion of notification and publication requirements. The budget includes each fund on its basis of accounting unless otherwise indicated. Budget appropriations lapse at the end of each year. The District legally adopted annual budgets for all of the District's funds for 2023. Supplemental appropriations were not adopted for 2023. Fund balances Fund balance for governmental funds should be reported in classifications that comprise a hierarchy based on the extent to which the government is bound to honor constraints on the specific purposes for which spending can occur. Governmental funds report up to five classifications of fund balance: non-spendable, restricted, committed, assigned, and unassigned. Because circumstances differ among governments, not every government or every governmental fund will present all of these components. The following classifications describe the relative strength of the spending constraints: Non-spendable fund balance – The portion of fund balance that cannot be spent because it is either not in spendable form (such as prepaid expenses or inventory) or is legally or contractually required to be maintained intact. Restricted fund balance – The portion of fund balance constrained to being used for a specific purpose by external parties (such as grantors or bondholders), constitutional provisions or enabling legislation. Committed fund balance – The portion of fund balance constrained for specific purposes according to limitations imposed by the District’s highest level of decision making authority, the Board of Directors prior to the end of the current fiscal year. The constraint may be removed or changed only through formal action of the Board of Directors. Crown Mountain Park and Recreation District NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2023 10 Assigned fund balance – The portion of fund balance that is constrained by the government’s intent to be used for specific purposes but is neither restricted nor committed. Intent is expressed by the Board of Directors to be used for a specific purpose. Constraints imposed on the use of assigned amounts are more easily removed or modified than those imposed on amounts that are classified as committed. Unassigned fund balance – The residual portion of fund balance that does not meet any of the above criteria. If more than one classification of fund balance is available for use when an expenditure is incurred, it is the District’s practice to use the most restrictive classification first. In 2020 the District’s board approved a fund balance and reserve policy. Under the policy, the District is required to maintain an Operating Reserve representing 50% of the annual operational expenditures beginning January 1st of any fiscal period. If the reserve drops below 30% of the same year’s operating budget, notification to the Board is required. Funds in excess of the Operating Reserve shall be transferred to the Capital Projects Fund and shall serve as Capital Replacements Reserve. Property Taxes Receivable and Deferred Revenue Property taxes are levied on December 15 by certification to the County Commissioners and attach as an enforceable lien on property on January 1st of the following year. Taxes are collected by the County Treasurer in the ensuing calendar year in either one installment (no later than April 30th) or two equal installments (not later than February 28th and June 15th) without interest or penalty. The County Treasurer remits the taxes collected monthly to the District. Taxes not paid within the prescribed time bear interest at the rate of one percent (1%) per month until paid. Unpaid amounts and the accrued interest thereon become delinquent on June 16th. Delinquent taxpayers are notified in August and generally sales of the tax liens on delinquent properties are held in November and December. Property taxes, net of estimated uncollectible taxes, are recorded initially as deferred inflows of resources in the year they are levied and measurable. The property tax revenues are recorded as revenue in the year they are available or collected. Capital Assets Capital assets, which include park and recreation facilities, are reported in the government-wide financial statements. Capital assets are defined by the District as assets with an initial, individual cost of more than $5,000. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated acquisition value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend the asset lives are not capitalized. Crown Mountain Park and Recreation District NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2023 11 Capital assets which are anticipated to be conveyed to other governmental entities or are not yet placed in service are recorded as construction in progress, are not depreciated and are not included in the calculation of net investment in capital assets. Depreciation expense is computed using the straight-line method over the following estimated economic useful lives: Parks and recreation facilities 10 - 30 years Furniture and equipment 5 - 15 years Leases The District is a lessee in two non-cancellable leases of equipment as further described in Note 5. In such arrangements, the District recognizes right-to-use lease assets and related lease liabilities. Right to use lease assets and lease liabilities are reported on the Statement of Net Position. At the commencement of the lease, the District initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of the lease payments. The lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the commencement of the lease of the lease and certain initial direct costs. Subsequently, the lease asset is amortized using a straight-line method over the shorter of the lease term or the useful life of the leased asset. Lease liabilities represent the District’s obligation to make lease payments arising from the lease. Lease liabilities are recognized at the commencement date based on the present value of expected lease payments over the lease term, less any lease incentives. For individual lease contracts where information about the discount rate implicit in the lease is not included, the District has elected to use the incremental borrowing rate to calculate the present value of expected lease payments. Interest expense is recognized ratably over the contract term. The lease term may include options to extend or terminate the lease when it is reasonably certain that the District will exercise that option. The District has elected to recognize payments for short-term leases with a lease term of 12 months or less as expenses as incurred, and these leases are not included as lease liabilities or right-to-use lease assets on the statements of net position. Compensated absences The liability for compensated absences reported in the government-wide financial statements consists of unused paid time off (PTO), based on the employee’s length and hours of service. The maximum of 120 hours of unused time may accrue for each employee at any given time. At year end, the estimated value of compensated absences was $17,562. Crown Mountain Park and Recreation District NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2023 12 Deferred outflows and inflows of resources In addition to assets and liabilities, the Statement of Net Position will sometimes report separate sections for deferred outflows and deferred inflows of resources. A deferred outflow of resources is a consumption of net position by the District that is applicable to a future reporting period, and a deferred inflow of resources is an acquisition of net position by the District that is applicable to a future reporting period. Both deferred outflows and inflows are reported in the Statement of Net Position but are not recognized in the financial statements as revenues and expenses until the period(s) to which they relate. The District has one item that qualifies for reporting as a deferred inflow of resources, deferred property tax revenue. The deferred property tax revenue is deferred and recognized as an inflow of resources in the period that the amount becomes available. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires District management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates. NOTE 3 – CASH AND INVESTMENTS Cash and investments as of December 31, 2023 are classified in the accompanying financial statements as follows: Statement of net position: Cash and investments $ 1,177,929 Cash and investments-Restricted 35,900 Total cash and investments $ 1,213,829 Cash and investments as of December 31, 2023 consist of the following: Cash $ 702,052 Investments 511,777 Total cash and investments $ 1,213,829 Crown Mountain Park and Recreation District NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2023 13 Deposits with Financial Institutions The Colorado Public Deposit Protection Act (PDPA) requires that all units of local government deposit cash in eligible public depositories. Eligibility is determined by state regulators. Amounts on deposit in excess of federal insurance levels must be collateralized. The eligible collateral is determined by the PDPA. PDPA allows the institution to create a single collateral pool for all public funds. The pool for all the uninsured public deposits as a group is to be maintained by another institution or held in trust. The market value of the collateral must be at least equal to 102% of the aggregate uninsured deposits. The State Commissioners for banks and financial services are required by statute to monitor the naming of eligible depositories and reporting of the uninsured deposits and assets maintained in the collateral pools. Custodial credit risk is the risk that in the event of a bank failure, the District’s deposits may not be returned to it. The District has not adopted a deposit policy for custodial credit risk. As of December 31, 2023, the District’s bank and carrying balances are federally insured. Cash balances: Carrying balance Bank balance Federally insured $ 250,000 $ 250,000 Collateralized 452,052 453,373 Total balances $ 702,052 $ 703,373 Investments The District has not adopted a formal investment policy; however the District follows state statutes regarding investments. The District generally limits its investment to those which are believed to have minimal interest rate risk and no foreign currency risk. Additionally, the District is not subject to concentration risk disclosure requirements or subject to investment custodial credit risk for investments that are in the possession of another party. Colorado statutes specify investment instruments meeting defined rating and risk criteria in which local governments may invest which include: • Obligations of the United States and certain U.S. government agency securities • General obligation and revenue bonds of U.S. local government entities • Certain securities lending agreements • Certain certificates of participation • Bankers’ acceptances of certain banks • Commercial paper • Written repurchase agreements and certain repurchase agreements collateralized by certain authorized securities Crown Mountain Park and Recreation District NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2023 14 • Certain money market funds • Guaranteed investment contracts • Local government investment pools As of December 31, 2023, the District had the following investments: Investment Maturity Amount Colotrust Weighted average maturity under 60 days $ 511,777 Total investments $ 511,777 Colotrust The District invested in the Colorado Local Government Liquid Asset Trust (COLOTRUST) (the Trust), an investment vehicle established for local government entities in Colorado to pool surplus funds. The State Securities Commissioner administers and enforces all State statutes governing the Trust. The Trust currently offers three portfolios – COLOTRUST PRIME, COLOTRUST PLUS+, and COLOTRUST EDGE. COLOTRUST PRIME and COLOTRUST PLUS+, which operate similarly to a money market fund and each share is equal in value to $1.00, offer daily liquidity. Both portfolios may invest in U.S. Treasury securities and repurchase agreements collateralized by U.S. Treasury securities. COLOTRUST PLUS+ may also invest in certain obligations of U.S. government agencies, highest rated commercial paper, and any security allowed under CRS 24‐75‐601. COLOTRUST EDGE, a variable Net Asset Value (NAV) Local Government Investment Pool, offers weekly liquidity and is managed to approximate a $10.00 transactional share price. COLOTRUST EDGE may invest in securities authorized by CRS 24-75-601, including U.S. Treasury securities, repurchase agreements collateralized by U.S. Treasury securities, certain obligations of U.S. government agencies, highest rated commercial paper, and any security allowed under CRS 24-75-601. A designated custodial bank serves as custodian for the Trust’s portfolios pursuant to a custodian agreement. The custodian acts as safekeeping agent for the Trust’s investment portfolios and provides services as the depository in connection with direct investments and withdrawals. The custodian’s internal records segregate investments owned by the Trust. COLOTRUST PRIME and COLOTRUST PLUS+ are rated AAAm by Standard & Poor’s. COLOTRUST EDGE is rated AAAf/S1 by Fitch Ratings. COLOTRUST records its investments at fair value and the District records its investment in COLOTRUST at net asset value as determined by fair value. There are no unfunded commitments, the redemption frequency is daily or weekly, and there is no redemption notice period. At December 31, 2023, the District had all investments held in COLOTRUST PLUS+. 15 Crown Mountain Park and Recreation District NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2023 Cash and investments - restricted Article X, Section 20 of the Constitution of the State of Colorado requires the District to establish emergency reserves (see Note 10). At December 31, 2023, $35,900 of cash and investments were restricted in compliance with this requirement. NOTE 4 – CAPITAL ASSETS An analysis of the changes in capital assets for the year ended December 31, 2023, follows: Balance at Balance at December 31, December 31, 2022 Additions Deletions 2023 Capital assets, not being depreciated: Park land $ 5,050,928 $ - $ - $ 5,050,928 Total capital assets, not being depreciated 5,050,928 - - 5,050,928 Capital assets being depreciated Park equipment and furnishings 2,953,367 112,958 - 3,066,325 Vehicles and equipment 168,973 26,815 - 195,788 Office furniture and office equipment 40,437 - - 40,437 Right to use leased equipment 113,648 43,900 - 157,548 Total capital assets being depreciated 3,276,425 139,773 - 3,460,098 Less accumulated depreciation and amortization Accumulated depreciation (1,351,824) (167,993) - (1,519,817) Accumulated amortization (37,244) (32,998) - (70,242) Total accumulated depreciation and amortization (1,389,068) (200,991) - (1,590,059) Total capital assets being depreciated, net 1,887,357 (17,318) - 1,870,039 Capital assets, net $ 6,938,285 $ (17,318) $ - $ 6,920,967 Depreciation and amortization expense in the amount of $200,991 was charged to the recreation center program of the District. Crown Mountain Park and Recreation District NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2023 16 NOTE 5 – LEASE OBLIGATIONS Following is an analysis of changes in long-term obligations for the year ended December 31, 2023: Balance at Balance at Due December 31, December 31, Within One 2022 Additions Retirements 2023 Year Capital Equipment Leases $ 79,063 $ 43,900 $ 32,652 $ 90,311 $ 33,858 $ 79,063 $ 43,900 $ 32,652 $ 90,311 $ 33,858 Equipment Lease In 2021, the District entered into a four-year non-cancelable lease agreement in exchange for landscape and maintenance equipment. The agreement consists of forty-eight payments of $1,338 a month with a purchase option of $22,800 upon the completion of the lease agreement. The assumed interest rate on this lease is 4.2%. The lease expires on October 31, 2025. At December 31, 2023, the District’s liability for the lease payments was $28,282. The value of the right-to-use asset at December 31, 2023 was $27,047, net of accumulated amortization of $31,980. Excavator Lease On February 9, 2021, the District entered into a five-year non-cancelable lease agreement. The agreement consists of sixty payments of $1,038 a month with a purchase option of $35,910 upon the completion of the lease agreement. The assumed interest rate is on this lease is 5.3%. The lease expires on February 28, 2026. At December 31, 2023, the District’s liability for the lease payments was $25,446. The value of the right-to-use asset at December 31, 2023 was $23,672, net of accumulated amortization of $30,949. Robot Installment Agreement In July 2023 the District entered into a six-year installment purchase agreement to acquire robotic equipment. The agreement requires six annual payments of $7,317 which includes $1,790 for equipment service and maintenance. There is no stated interest on the agreement. The agreement will be completed in 2028. The District evaluated the impact of imputing interest and separating the service portion of the sales price as required under GASB 87 and determined the impact of these factors to be immaterial. As such the lease is presented as a liability in total without interest. 17 Crown Mountain Park and Recreation District NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2023 At December 31, 2023, the District’s liability for the sales installment payments was $36,583. The value of the right-to-use asset at December 31, 2023 was $36,583, net of accumulated amortization of $7,317. The following is a schedule of future principal and interest lease payments due under the terms of the leases, at December 31, 2023: Year Ending December 31, Direct Borrowings Principal Interest Total 2024 $ 33,858 $ 1,969 $ 35,827 2025 32,442 709 33,151 2026 9,377 14 9,391 2027 7,317 –7,317 2028 7,317 –7,317 Total $ 90,311 $ 2,692 $ 93,003 NOTE 6 – INTERGOVERNMENTAL AGREEMENT The District entered into an intergovernmental lease agreement dated November 18, 2014 with Eagle County which is authorized pursuant to section 18 of Article XIV of the Colorado Constitution, Sections 32-1-1001, C.R.S. and other applicable laws. Eagle County agreed to lease to the District land upon which the District has developed the Crown Mountain Park for the purpose of providing community athletic activities and programs according to the District's service plan. The lease also includes use of a shed located on the property that is used as a maintenance shed to store vehicles, equipment and tools, and also to be used as a staff office. The term of the lease is for 25 years commencing November 18, 2014 and shall end on November 18, 2039, unless terminated earlier. If at the conclusion of the term of the agreement the County does not elect to extend the term of the agreement, the County agrees that it shall purchase from the District all fixtures and improvements constructed on the leased premises for a mutually agreed appraised value. In the event the parties agree to extend the lease term beyond the 25 years, then the County shall not be obligated to purchase District improvements and fixtures. The District has paid the County $1 per year for the full term of this agreement. The lease was amended in 2020 to include an additional building used for a garage, storage, and staff functions. NOTE 7 – NET POSITION The District has net position consisting of three components – net investment in capital assets, restricted, and unrestricted. Crown Mountain Park and Recreation District NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2023 18 Net investment in capital assets consists of capital assets, net of accumulated depreciation and reduced by the outstanding balances of bonds, developer advances, note, or other borrowings that are attributable to the acquisition, construction, or improvement of those assets. As of December 31, 2023, the District had net investment in capital assets calculated as follows: Capital assets, net $ 6,920,967 Lease obligations (90,311) Net investment in capital assets $ 6,830,656 Restricted assets include net position that are restricted for use either externally by creditors, grantors, contributors, or laws and regulations of other governments; or imposed by law through constitutional provisions or enabling legislation. As of December 31, 2023, the District had $35,900 restricted for emergencies. The District has unrestricted net position of $1,160,438 at December 31, 2023. NOTE 8 – DEFINED CONTRIBUTION RETIREMENT PLAN The District maintains a 401(a) defined contribution retirement plan for full time employees in lieu of social security. All contributions are vested to the employees within the plan. The employee is required to contribute a minimum of 6.4% to the plan and the District matches the employee contributions up to 6.4%. During 2023 employees contributed $20,103 to the plan and the District contributed $18,847 to the 401a plan. The District offers to eligible employees participation in a 457 retirement plan. Employees may contribute up to 10% of their salary to the employee, the District will match up to 6%. During 2023, no employees contributed to the 457 plan. As a result, the District had no matching contributions to the plan for the year ended December 31, 2023. NOTE 9 – RISK MANAGEMENT The District is exposed to various risks of loss related to torts, thefts of, damage to, or destruction of assets, errors or omissions, injuries to personnel, or acts of God. The District is a member of the Colorado Special Districts Property and Liability Pool (Pool). The Pool is an organization created by intergovernmental agreement to provide property, liability, public officials’ liability, boiler and machinery and workers compensation coverage to its members. Settled claims have not exceeded this coverage in any of the past three fiscal years. Crown Mountain Park and Recreation District NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2023 19 The District pays annual premiums to the Pool for liability, property, and public officials’ liability coverage. In the event aggregated losses incurred by the Pool exceed amounts recoverable from reinsurance contracts and funds accumulated by the Pool, the Pool may require additional contributions from the Pool members. Any excess funds which the Pool determines are not needed for purposes of the Pool may be returned to the members pursuant to a distribution formula. NOTE 10 – TAX, SPENDING AND DEBT LIMITATION Article X, Section 20 of the Colorado Constitution, referred to as the Taxpayer’s Bill of Rights (TABOR), contains tax, spending, revenue, and debt limitations which apply to the State of Colorado and all local governments. Spending and revenue limits are determined based on the prior year's Fiscal Year Spending adjusted for allowable increases based upon inflation and local growth. Fiscal Year Spending is generally defined as expenditures plus reserve increases with certain exceptions. Revenue in excess of the Fiscal Year Spending limit must be refunded unless the voters approve retention of such revenue. TABOR requires local governments to establish Emergency Reserves. These reserves must be at least 3% of Fiscal Year Spending (excluding bonded debt service). Local governments are not allowed to use the Emergency Reserves to compensate for economic conditions, revenue shortfalls, or salary or benefit increases. The District’s management believes it is in compliance with the provisions of TABOR. However, TABOR is complex and subject to interpretation. Many of the provisions, including interpretation of how to calculate Fiscal Year Spending limits, will require judicial interpretation. 20 SUPPLEMENTARY INFORMATION Variance with Final Budget - Original and Final Budget Actual Positive (Negative) REVENUES Sponsorships 276,000$ 76,500$ (199,500)$ Investment income 5,650 14,138 8,488 Total revenues 281,650 90,638 (191,012) EXPENDITURES Maintenance and repairs - parks 46,000 58,237 (12,237) Debt service Principal 55,000 32,652 22,348 Interest 5,000 3,176 1,824 Capital outlay 319,000 139,773 179,227 Contingency 36,500 - 36,500 Total expenditures 461,500 233,838 227,662 Excess of revenues over expenditures (179,850) (143,200) 36,650 OTHER FINANCING SOURCES (USES) Transfers in (out) 384,995 275,403 (109,592) Total other financing sources (uses) 384,995 275,403 (109,592) Net change in fund balances 205,145 132,203 (72,942) Fund balances - beginning 376,664 483,721 107,057 Fund balances (deficits) - ending 581,809$ 615,924$ 34,115$ Crown Mountain Park and Recreation District For the Year Ended December 31, 2023 SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - CAPITAL PROJECTS FUND 21