HomeMy WebLinkAbout2024 CVCMD Annual Report for 2023
CORDILLERA VALLEY CLUB METROPOLITAN DISTRICT
COUNTY OF EAGLE, COLORADO
2023 ANNUAL REPORT
County of Eagle, Colorado
County Clerk and Recorder
via Email
Office of the State Auditor
1525 Sherman Street, 7th Floor
Denver, Colorado 80203
via E-Filing Portal
Division of Local Government
1313 Sherman Street, Room 521
Denver, Colorado 80203
via E-Filing Portal
Pursuant to Section 32-1-207(3)(c)(I), C.R.S., the Cordillera Valley Club Metropolitan
District (the “District”) is required to submit an annual report for the preceding calendar year
(the “Report”) no later than October 1 of each year to the County of Eagle, Colorado (the
“County”), the Colorado Division of Local Government, the Colorado State Auditor; the Report
must also be posted on the District’s website, if available.
For the year ending December 31, 2023, the District makes the following report:
1. Boundary changes made:
There were no changes made to the District’s boundaries in 2023.
2. Intergovernmental agreements entered into or terminated:
The District did not enter into, nor terminate, any Intergovernmental Agreements
with other governmental entities in 2023.
3. Access information to obtain a copy of the Rules and Regulations:
The District has not adopted Rules and Regulations.
4. A summary of any litigation involving public improvements by the District:
We are not aware of any litigation pending against the District.
5. Status of the construction of public improvements by the District:
The District does not currently have any construction of additional public
improvements in progress.
6. List of facilities or improvements constructed by the District that were
conveyed to the [County][City][Town]:
The District did not have any facilities or improvements constructed in 2023.
7. Final Assessed Value of Taxable Property within the District’s boundaries as
of December 31, 2023:
The District’s 2023 final assessed valuation was $ 42,123,080.
8. Current annual budget of the District:
Attached as Exhibit A is a copy of the District’s Budget for the current fiscal year
2024.
9. Most recently filed audited financial statements of the District. To the extent
audited financial statements are required by state law or most recently filed
audit exemption:
Attached as Exhibit B is a copy of the District’s audited financial statements for
fiscal year 2023.
10. Notice of any uncured defaults existing for more than 90 days under any debt
instrument of the District:
The District is not in default on any debt instrument.
11. The District’s inability to pay any financial obligations as they come due
under any obligation which continues beyond a ninety-day period:
To our knowledge, there are no defaults of the District’s obligations.
Respectfully submitted this 19th day of September 2024.
CORDILLERA VALLEY CLUB
METROPOLITAN DISTRICT
Eagle County, Colorado
By _________________________________
Authorized Representative
EXHIBIT A
2024 Budget
Cordillera Valley Club Metropolitan District
_________________________________________________________________________________________________
Administrative & Financial Management Provided By Marchetti & Weaver, LLC
Mountain Office Website & Email Front Range Office
28 Second Street, Suite 213 www.mwcpaa.com 245 Century Circle, Suite 103
Edwards, CO 81632 Admin@mwcpaa.com Louisville, CO 80027
(970)926-6060 (720)210-9136
January 30, 2024
Division of Local Government
Via State E-Filing Portal
RE: Cordillera Valley Club Metropolitan District
LGID# 65088
Attached is the 2024 Budget for the Cordillera Valley Club Metropolitan District in Eagle
County, Colorado, submitted pursuant to Section 29-1-113, C.R.S. This Budget was
adopted on October 24, 2023. If there are any questions on the budget, please contact
Mr. Kenneth Marchetti, telephone number 970-926-6060.
The mill levy certified to the County Commissioners of Eagle County is 25.000 mills for
all general operating purposes, subject to statutory and/or TABOR limitations; 0.000 mills
for G.O. bonds; 0.000 mills for refund/abatement; and 11.500 mills for Temporary Tax
Credit/Mill Levy Reduction. Based on an assessed valuation of $42,123,080, the total
property tax revenue is $568,661.58. A copy of the certification of mill levies sent to the
County Commissioners for Eagle County is enclosed.
I hereby certify that the enclosed is a true and accurate copy of the budget and
certification of tax levies to the Board of County Commissioners of Eagle County,
Colorado.
Sincerely,
Kenneth J. Marchetti
District Administrator
Enclosure(s)
CORDILLERA VALLEY CLUB METROPOLITAN DISTRICT
2024 BUDGET MESSAGE
Cordillera Valley Club Metropolitan District was organized on November 2002 as a quasi-
municipal corporation and a political subdivision organized and operated pursuant to
provisions set forth in the Colorado Special District Act. The land in the District has been
platted for 127 residential units of which eighty-five percent have been constructed to date.
The District was established to provide streets, safety controls, parks and recreation, public
sewer and drainage, and transportation.
The District has no employees and all operations and administrative functions are
contracted.
The following budget is prepared on the modified accrual basis of accounting, which is
consistent with the basis of accounting used in presenting the District's financial
statements.
2024 BUDGET STRATEGY
The District intends to finance its operations by temporarily reducing its 25.000 operating
mill levy by 11.500 mills, levying a net property tax of 13.500 mills upon the assessed
value of all taxable property in the District. This mill levy, when combined with other
funds available to the District, is expected to be sufficient to pay all operating and debt
service costs of the District.
The District has determined the levels of service that it would like to provide to its
constituents and has budgeted for the provision of those services. The property taxes
referenced above along with other sources of revenues including real estate transfer
assessments will be sufficient to fund the services as budgeted.
Page 1 of 5
RESOLUTIONS OF CORDILLERA VALLEY CLUB METROPOLITAN DISTRICT
TO ADOPT 2024 BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND
AND ADOPTING A BUDGET FOR THE CORDILLERA VALLEY CLUB METROPOLITAN
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 Cordillera Valley Club Metropolitan 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 October 24, 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 Cordillera Valley
Club Metropolitan District, Eagle County, Colorado:
Section 1. That the budget as submitted, amended, and summarized by fund, hereby is
approved and adopted as the budget of the Cordillera Valley Metropolitan 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.
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DocuSign Envelope ID: 0E26910D-324B-46D4-AF63-ECD4BAB1AA91
Page 2 of 5
RESOLUTIONS OF CORDILLERA VALLEY CLUB METROPOLITAN DISTRICT
(CONTINUED)
TO SET MILL LEVIES
A RESOLUTION LEVYING PROPERTY TAXES FOR THE YEAR 2023, TO HELP
DEFRAY THE COSTS OF GOVERNMENT FOR THE CORDILLERA VALLEY CLUB
METROPOLITAN DISTRICT, EAGLE COUNTY, COLORADO, FOR THE 2024 BUDGET
YEAR.
WHEREAS, the Board of Directors of the Cordillera Valley Club Metropolitan District, has
adopted the annual budget in accordance with the Local Government Budget Law, on October
24, 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 $1,053,077 and;
WHEREAS, the Cordillera Valley Club Metropolitan District hereby documents its intent to
preserve its voter approved mill levy rate of 25.000 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, and;
WHEREAS, the 2023 valuation for assessment for the Cordillera Valley Club Metropolitan
District, as certified by the County Assessor is $42,123,080.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the CORDILLERA
VALLEY CLUB METROPOLITAN DISTRICT, EAGLE COUNTY, COLORADO:
Section 1. That for the purposes of meeting all general operating expenses of the Cordillera
Valley Club Metropolitan District during the 2024 budget year, there is hereby
levied a tax of 25.000 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 11.500 mills upon each dollar of the total valuation for assessment of
all taxable property within the District for the year 2023.
DocuSign Envelope ID: 0E26910D-324B-46D4-AF63-ECD4BAB1AA91
Page 3 of 5
RESOLUTIONS OF CORDILLERA VALLEY CLUB METROPOLITAN DISTRICT
(CONTINUED)
TO SET MILL LEVIES (CONTINUED)
Section 3. That for the purpose of meeting all capital expenditures of the Cordillera Valley
Club Metropolitan 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
Cordillera Valley Club Metropolitan 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 5. That any officer or the District Administrator is hereby authorized and directed to
either immediately certify to the County Commissioners of Eagle County,
Colorado, the mill levies for the Cordillera Valley Club Metropolitan District as
hereinabove determined and set, or be authorized and directed to certify to the
County Commissioners of Eagle County, Colorado, the mill levies for the
Cordillera Valley Club Metropolitan District as hereinabove determined and set
based upon the final (December) certification of valuation from the county
assessor.
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DocuSign Envelope ID: 0E26910D-324B-46D4-AF63-ECD4BAB1AA91
Page 4 of 5
RESOLUTIONS OF CORDILLERA VALLEY CLUB METROPOLITAN DISTRICT
(CONTINUED)
TO APPROPRIATE SUMS OF MONEY
(PURSUANT TO SECTION 29-1-108, C.R.S.)
A RESOLUTION APPROPRIATING SUMS OF MONEY TO THE VARIOUS FUNDS AND
SPENDING AGENCIES, IN THE AMOUNT AND FOR THE PURPOSE AS SET FORTH
BELOW, FOR THE CORDILLERA VALLEY CLUB METROPOLITAN DISTRICT, EAGLE
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 October 24, 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
CORDILLERA VALLEY CLUB METROPOLITAN DISTRICT, EAGLE COUNTY,
COLORADO:
Section 1. That the following sums are hereby appropriated from the revenues of each fund,
to each fund, for the purposes stated:
GENERAL FUND:
Current Operating Expenses $677,736
Debt Service Expenditures $129,434
Capital Expenditures $735,000
Less Contribution from CVC POA ($280,000)
TOTAL GENERAL FUND $1,262,170
DocuSign Envelope ID: 0E26910D-324B-46D4-AF63-ECD4BAB1AA91
Page 5 of 5
RESOLUTIONS OF CORDILLERA VALLEY CLUB METROPOLITAN DISTRICT
(CONTINUED)
TO ADOPT 2024 BUDGET, SET MILL LEVIES AND
APPROPRIATE SUMS OF MONEY
(CONTINUED)
The above resolutions to adopt the 2024 budget, set the mill levies and to appropriate sums of
money were adopted this 24th day of October, 2023.
Attest: ___________________________________
Title: _President__________________________
DocuSign Envelope ID: 0E26910D-324B-46D4-AF63-ECD4BAB1AA91
CORDILLERA VALLEY CLUB METROPOLITAN DISTRICT
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE MODIFIED ACCRUAL BASIS
ACTUAL, BUDGET AND FORECAST FOR THE PERIODS INDICATED Printed: 1/29/2024
General Fund 2023 Annual 2023 YTD
2022 2023 Projected 2023 Ended Ended Variance 2024
Audited Adopted Variances 09/30/23 09/30/23 Favorable Adopted
Actual Budget Fav(Unfav) Forecast Prelim Budget (Unfavor) Budget
REVENUES
Commercial Assessed Value 1,727,560 1,798,250 1,798,250 1,863,753
Residential Assessed Value 24,032,970 25,086,820 25,086,820 40,259,327
Total Assessed Value 25,760,530 26,885,070 26,885,070 42,123,080
Percent Change 21.3% 4.4%4.4%56.7%
Voter Approved Operating Mill Levy 25.000 25.000 25.000 25.000
Temporary Mill Levy Credit -4.000 -4.000 -4.000 -11.500
Debt Service Mill Levy 0.000 0.000 0.000 0.000
Total Mill Levy 21.000 21.000 21.000 13.500
0.72%
Property Taxes - Operations 540,969 672,127 (107,540) 564,586 . 561,131 665,405 (104,275) 1,053,077
Property Taxes - Temp Cr & Abatements 0 (107,540) 107,540 0 (106,465) 106,465 (484,415)
Property Tax Backfill 27,479
Property Taxes - Debt Svc Mill Levy 0 0 0 .0 0 0
Specific Ownership (Auto) Taxes 29,194 28,229 0 28,229 . 21,985 18,820 3,166 22,746
Interest Income - Operating 13,874 48,048 0 48,048 . 35,014 36,036 (1,022) 52,115
Abatement Interest 0000.000 0
Other Income 0 500 0 500 .0 250 (250) 500
RE Transfer Assessments Metro 1% 227,070 200,000 0 200,000 . 136,200 150,000 (13,800) 200,000
Total Revenues w/o POA Contrib 811,107 841,364 0 841,364 754,330 764,046 (9,716) 871,502
EXPENDITURES
General and Administrative
Accounting and Administration 38,089 40,961 0 40,961 . 25,732 30,320 4,588 43,009
Audit 6,050 6,550 0 6,550 . 6,550 6,550 0 6,800
Community Activities 0 3,000 3,000 0 .0 2,250 2,250 3,000
Dues & Subscriptions (SDA membership)1,322 1,325 0 1,325 . 871 1,325 454 1,365
Elections 1,166 2,000 0 2,000 . 1,877 2,000 123 0
Insurance 4,839 6,335 1,098 5,237 . 5,237 6,335 1,098 5,499
Legal Fees 2,561 5,400 0 5,400 . 1,450 4,050 2,600 5,616
DRB Encroachment review fee 200 3,000 0 3,000 .0 2,250 2,250 3,000
Office Supplies 2,015 2,000 0 2,000 . 1,421 1,500 79 2,060
Treasurer's Fees - Eagle County 16,252 16,938 0 16,938 . 16,845 16,768 (77) 17,884
Website Design/Update 700 700 (26) 726 . 726 525 (201) 726
Total G&A Expenses 73,194 88,208 4,072 84,136 60,710 73,873 13,163 88,959
Public Safety
Gate House Labor and Patrols 321,746 360,355 (60,000) 420,355 . 264,375 272,016 7,641 374,020
Extra Gate House Labor for New System 0 60,000 60,000 0 45,000 45,000 0
Gate House Repairs & Maintenance 7,185 7,000 0 7,000 2,626 5,250 2,624 7,000
Operating Expenses 229 2,400 0 2,400 . 1,722 1,800 78 2,400
Supplies 0 3,500 500 3,000 . 1,555 2,625 1,070 3,500
Vehicle Operating Expense 9,686 10,238 0 10,238 . 6,265 7,679 1,414 10,545
Security Sys & Gate Repair,Mtce 468 6,000 6,000 0 .0 4,500 4,500 6,000
Gate Computers & Call Box 0 (11,768) 11,768 . 8,857 0 (8,857) 5,995
Total Public Safety Expenses 339,315 449,493 (5,268) 454,761 285,400 338,870 53,470 409,460
Community Operations
Lights, Signs, Guardrails, & Fences 14,064 3,100 (2,636) 5,736 . 4,736 2,325 (2,411) 5,908
Road Maintenance - General 26,394 33,075 0 33,075 . 21,210 33,075 11,865 34,067
Road Asphalt Patch & Crack Seal 0 10,000 10,000 0 .0 0 0 10,000
Road & General Engineering 52,077 50,000 0 50,000 . 49,094 41,500 (7,594) 50,000
Snow Plowing Contract 24,555 31,500 (13,957) 45,457 . 35,991 22,050 (13,941) 41,875
Snow Plow Material, Eq Rent, Xtras 0 4,000 0 4,000 . 1,388 2,400 1,013 4,000
Weed, Pest and Mosquito Control 1,600 1,600 0 1,600 . 1,600 1,600 (0) 1,600
Utilities - Cable TV (Gatehouse)1,944 2,228 0 2,228 . 1,535 1,671 136 2,295
Utilities - Electric 4,373 4,997 0 4,997 . 3,354 3,748 394 5,147
Utilities - Telephone/ISP 6,423 6,238 0 6,238 . 4,643 4,679 35 6,425
Building Maintenance/Repairs 0 3,333 3,333 0 .0 2,000 2,000 3,000
Operating Contingency 15,000 15,000 0 .11,250 11,250 15,000
Total Community Operations Exp 131,428 165,071 11,740 153,331 123,551 126,297 2,747 179,317
Debt Service
Bond Principal 95,000 95,000 0 95,000 .0 0 0 100,000
Bond/Loan Interest (2.35%)33,829 31,667 0 31,667 . 15,833 15,833 (0) 29,434
Total Debt Service 128,829 126,667 0 126,667 15,833 15,833 (0) 129,434
Operating Surplus (Deficit)138,341 11,924 10,544 22,469 268,836 209,172 59,663 64,332
No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.Page 1 of 2
CORDILLERA VALLEY CLUB METROPOLITAN DISTRICT
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE MODIFIED ACCRUAL BASIS
ACTUAL, BUDGET AND FORECAST FOR THE PERIODS INDICATED Printed: 1/29/2024
General Fund 2023 Annual 2023 YTD
2022 2023 Projected 2023 Ended Ended Variance 2024
Audited Adopted Variances 09/30/23 09/30/23 Favorable Adopted
Actual Budget Fav(Unfav) Forecast Prelim Budget (Unfavor) Budget
Capital and Non-Routine Expenditures
Berm Dirt Contractor 0 . 0 0
Berm Engineering 138,498 30,000 0 30,000 . 7,828 22,500 14,672 30,000
Berm Landscaping 162,836 (27,738) 27,738 . 27,738 0 (27,738) 30,000
Berm -West 0 500,000 500,000 0 . 0 333,333 333,333 500,000
Berm-East Wall 0 0 0 0 0
CVCPOA (Berm Cost Reimb) (150,664) (265,000) (236,131) (28,869) (17,783) (177,917) (160,134) (280,000)
Traffic Calming -Bumps, Stripes 27,364 0 (3,000) 3,000 . 3,000 0 (3,000) 0
Road Engineering 0 0 . 0 0 0
Lighting & Signage Improvements 0 . 0 0 150,000
Road - Curb & Gutter 60,800 80,000 (19,920) 99,920 . 0 80,000 80,000 0
Recreation Area (Mosquito Spraying) 0000.000 0
Other Capital Projects/Contingency 25,000 25,000 0 . 0 0 25,000
Total Capital Exp 238,834 370,000 238,211 131,789 20,783 257,917 237,134 455,000
Revenue over Expense after Capital (100,493) (358,076) 248,755 (109,320) 248,053 (48,744) 296,797 (390,668)
OTHER SOURCES (USES)
Bond/Loan Proceeds 0000.000 0
Bond Cost of Issuance and Contingency 0000.000 0
Bond/Loan Refinance 0 0 0 0 0
TOTAL OTHER SOURCES (USES)0000 000 0
FUND BALANCE - BEGINNING 1,512,699 1,372,796 39,410 1,412,206 1,412,206 1,372,796 39,410 1,302,885
FUND BALANCE - ENDING 1,412,206 1,014,720 288,165 1,302,885 1,660,259 1,324,052 336,207 912,217
No assurance is provided on these financial
statements; substantially all disclosures required by
GAAP omitted.
= = = = = = =
No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.Page 2 of 2
106 County Tax entity code DOLA LGID/SID 65088
TO: County Commissioners1 of Eagle County , Colorado.
On behalf of the Cordillera Valley Club Metropolitan District
the Board of Directors
of the Cordillera Valley Club Metropolitan District
$42,123,080
$42,123,080
Submitted:12/22/2023 for budget/fiscal year 2024 .
(not later than Dec 15) (mm/dd/yyyy)(yyyy)
PURPOSE (see end notes for definitions and examples)LEVY2 REVENUE2
1.General Operating ExpensesH 25.000 mills 1,053,077.00$
2.(11.500)mills (484,415.42)$
SUBTOTAL FOR GENERAL OPERATING: 13.500 mills 568,661.58$
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:[]13.500 mills 568,661.58$
Daytime
phone:(970)926-6060 ext 8
Signed: Title:District Accountant
(local government)C
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
CERTIFICATION OF TAX LEVIES for NON-SCHOOL Governments
(taxing entity)A
(governing body)B
(GrossD assessed valuation, Line 2 of the Certification of Valuation From DLG 57E)
Hereby officially certifies the following mills to be
levied against the taxing entity's GROSS assessed
valuation of:
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).
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:
Sum of General Operating
Subtotal and Lines 3 to 7
Contact person:
(print)Kenneth J. Marchetti
(NETG assessed valuation, Line 4 of the Certification of Valuation Form DLG 57)
Form DLG 70 (rev 6/16)Page 1 of 2
THIS SECTION APPLIES TO TITLE 32, ARTICLE 1 SPECIAL DISTRICTS THAT LEVY TAXES
FOR PAYMENT OF GENERAL OBLIGATION DEBT (32-1-603 C.R.S.). Taxing entities that are
Special Districts or Subdistricts of Special Districts must certify separate mill levies and revenue to the
Board of County Commissioners, one each for the funding requirements of each debt (32-1-603, C.R.S.)
Use additional pages as necessary. The Special District's or Subdistrict's total levies for general obligation
bonds and total levies for contractual obligations should be recorded on Page 1, Lines 3 and 4 respectively.
CERTIFY A SEPARATE MILL LEVY FOR EACH BOND OR CONTRACT:
BONDSJ:
1.Purpose of Issue:Refund General Obligation Note, Series 2018
Series:General Obligation Refunding Bonds, Series 2020
Date of Issue:12/1/2020
Coupon rate:2.35%
Maturity Date:12/1/2034
Levy:$0.00
Revenue:$0.00
2.Purpose of Issue:
Series:
Date of Issue:
Coupon rate:
Maturity Date:
Levy:
Revenue:
CONTRACTSK:
3.Purpose of Contract:
Title:
Date:
Principal Amount:
Maturity Date:
Levy:
Revenue:
4.Purpose of Contract:
Title:
Date:
Principal Amount:
Maturity Date:
Levy:
Revenue:
Use multiple copies of this page as necessary to separately report all bond and contractual obligations per 32-1-1603, C.R.S.
CERTIFICATION OF TAX LEVIES, continued
Form DLG 70 (rev 9/15)Page 2 of 2
EXHIBIT B
2023 Audited Financial Statements
Cordillera Valley Club Metropolitan District
Financial Statements
with Independent Auditor’s Report
December 31, 2023
Cordillera Valley Club Metropolitan District
Table of Contents
December 31, 2023
Independent Auditor’s Report ............................................................................................... 1
Management’s Discussion and Analysis ............................................................................ i
Basic Financial Statements
Government-wide Financial Statements
Statement of Net Position ........................................................................................................ 4
Statement of Activities ............................................................................................................. 5
Governmental Funds
Balance Sheet ......................................................................................................................... 6
Statement of Revenues, Expenditures and Changes in Fund Balance ................................... 7
Reconciliation of the Statement of Revenues, Expenditures and Changes
In Fund Balances of Governmental Funds to the Statement of Activities .............................. 8
Notes to Financial Statements ...................................................................................................... 9
Required Supplementary Information
Budgetary Comparison Schedule - General Fund ................................................................. 21
Other Information
Summary of Assessed Valuation, Mill Levy and Property Taxes Collected ........................... 22
Independent Auditor’s Report
Board of Directors
Cordillera Valley Club Metropolitan District
Edwards, Colorado
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental
activities and the major fund of Cordillera Valley Club Metropolitan 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 accompanying financial statements present fairly, in all material
respects, the respective financial position of the governmental activities and each
major fund of the District as of December 31, 2023, and the respective changes in
financial position, thereof 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.
Denver Office:
750 W. Hampden Avenue,
Suite 400
Englewood,
Colorado 80110
TEL: 303.796.1000
FAX: 303.796.1001
www.HinkleCPAs.com
Office Locations:
Colorado Springs, CO
Denver, CO
Frisco, CO
Tulsa, OK
Board of Directors
Cordillera Valley Club Metropolitan District
Page 2
Auditor’s Responsibilities 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 judgment and maintain professional skepticism throughout the
audit.
Identify and assess the risks 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 judgment, 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 with 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 required
supplementary information listed in the table of contents 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 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.
Board of Directors
Cordillera Valley Club Metropolitan District
Page 3
Other Information
Management is responsible for the other information included in the annual report. The other
information comprises the Summary of Assessed Valuation, Mill Levy and Property Taxes
Collected but does not include the basic financial statements and our auditor's report thereon.
Our opinions on the basic financial statements do not cover the other information, and we do not
express an opinion or any form of assurance thereon. In connection with our audit of the basic
financial statements, our responsibility is to read the other information and consider whether a
material inconsistency exists between the other information and the basic financial statements,
or the other information otherwise appears to be materially misstated. If, based on the work
performed, we conclude that an uncorrected material misstatement of the other information exists,
we are required to describe it in our report.
Englewood, Colorado
June 18, 2024
i
Cordillera Valley Club Metropolitan District
Management's Discussion and Analysis
December 31, 2023
As management of Cordillera Valley Club Metropolitan District (the "District"), we offer readers of the
District's financial statements this narrative overview and analysis of the financial activities of the District for
the fiscal year ended December 31, 2023.
Overview of the Financial Statements
This discussion and analysis are intended to serve as an introduction to the District's basic financial
statements. The District's basic financial statements comprise three components: 1) government-wide
financial statements; 2) fund financial statements; and 3) notes to the financial statements.
Government-wide financial statements: The government-wide financial statements are designed to
provide readers with a broad overview of the District's finances, in a manner similar to a private-sector
business.
The Statement of Net Position presents information on all the District's assets, deferred outflows,
liabilities, and deferred inflows with the difference between the amounts reported as net position. Over
time, increases or decreases in net position may serve as a useful indicator of whether the financial
position of the District is improving or deteriorating.
The Statement of Activities presents information showing how the government's net position changed
during the most recent fiscal year. All changes in net position are reported as soon as the underlying
event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues
and expenses are reported in this statement for some items that will only result in cash flows in future fiscal
periods (i.e. uncollected taxes).
The governmental activity of the District is primarily operating and maintaining the roads within the
District. There are no business-type activities within the District. The government-wide financial
statements can be found on pages 4 - 5 of this report.
Fund financial statements: A fund is a grouping of related accounts that is used to maintain control
over resources that have been segregated for specific activities or objectives. The District, like other
state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-
related legal requirements. The District currently has the General Fund which is a governmental fund.
Governmental Funds: Governmental funds are used to account for essentially the same functions reported
as governmental activities in the government-wide financial statements. However, unlike the government-
wide financial statements, governmental fund financial statements focus on near-term inflows and outflows
of expendable resources, as well as on balances of expendable resources available at the end of the fiscal
year. Such information may be useful in evaluating a government's near-term financing requirements. The
governmental fund financial statements can be found on pages 6 and 7 of this report.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements. By doing so,
readers may better understand the long-term impact of the government's near-term financing decisions.
Both the expenditures and changes in fund balances provide a reconciliation to facilitate this comparison
between governmental funds and governmental activities.
Notes to the Financial Statements: The notes provide additional information that is essential to a full
understanding of the data provided in the government-wide and fund financial statements. The Notes to the
Financial Statements can be found beginning on page 9 of this report.
Supplementary Information: Supplementary information is contained on page 21 and provides information
on the District's budget and actual expense comparison and historic assessed value and property taxes
ii
levied.
Government-wide Financial Analysis: The District's primary source of revenue is property taxes. The
property taxes levied by the District in 2022 are payable by the property owners in 2023. During 2023, the
District also obtained funding from real estate transfer assessments collected through Cordillera Valley Club
Property Owners Association (Association) which was used to cover a portion of the cost of providing public
safety services and certain capital expenditures. The Association also made a capital contribution which
was used to pay a portion of the cost of the berm construction.
The following table shows condensed financial information derived from the government-wide financial
statements of the District which compares 2023 to 2022:
2023 2022
Assets:
Current and other assets $2,205,520 $2,010,536
Capital assets 4,169,393 4,237,363
Total assets $6,374,913 $6,247,899
Liabilities:
Current liabilities $26,495 $36,560
Long-term liabilities 1,252,527 1,347,527
Total liabilities $1,279,022 $1,384,087
Deferred Inflows:
Property Taxes $568,662 $564,586
Net position:
Net invested in capital assets $2,926,728 $2,889,836
Restricted for emergencies 19,666 13,656
Unrestricted 1,590,697 1,407,299
Total Net Position $4,537,091 $4,310,791
Revenues:
Program revenues:
Operating grants and contributions $448,950 $227,070
Capital grants and contributions 29,341 150,664
General revenues:
Property taxes 564,586 540,969
Other taxes 32,365 29,194
Interest and other revenue 58,574 13,874
Total Revenues $655,525 $584,037
Expenses:
General government $70,191 $73,194
Public safety 395,678 439,835
Community operations 247,076 365,229
Interest on long-term debt 33,009 35,466
Capital outlay expensed 161,562 ________
Total Expenses $907,516 $913,724
Change in Net Position $226,300 $48,047
Net Position – Beginning 4,310,791 4,262,744
Prior period adjustment (Note I)
Net Position – Ending $4,537,091 $4,310,791
iii
Government-wide Financial Analysis (continued)
The District's overall financial position, as measured by net position, increased by $226,300 during 2023.
The increase is primarily attributable to very strong real estate transfer assessments which are collected
through CVCPOA and contributed to the District, resulting in a surplus of revenues over expenditures in
2023.
Financial Analysis of the District's Funds
The District uses fund accounting to ensure and demonstrate compliance with finance-related legal
requirements.
Governmental Funds: The focus of the District's governmental fund is to provide information on near-term
inflows, outflows, and balances of expendable resources. Such information is useful in assessing the
District's financing requirements. In particular, unassigned fund balance may serve as a useful measure of
a government's net resources available for spending at the end of the fiscal year.
For the fiscal year, the District's fund balance increased $200,611. This increase was primarily the result of
real estate transfer revenue and capital expenditures. The fund balance at the end of the 2023 was
$1,612,816. Part of this fund balance is expected to be used for future debt service in an effort to keep the
mill levy rate lower.
Budget Variances: The budget variance report is shown on page 21 of the report.
Capital Assets: The District invested in capital asset additions of $183,961 during 2023 and recorded
depreciation expenses of $251,931. Additional information can be found in the Notes to the Financial
Statement on page 17 of this report.
Long-term Debt: The District’s long-term debt outstanding at the beginning of the year was $1,347,527 and
debt was paid down by $95,000 during the year resulting in an ending balance of $1,252,527. Additional
information can be found in the Notes to the Financial Statements on page 18 of this report.
Request for Information: This financial report is designed to provide a general overview of the District's
finances for all those with an interest in the government's finances. Questions concerning any of the
information provided in this report or requests for additional financial information should be addressed to
Cordillera Valley Club Metropolitan District, c/o Marchetti & Weaver, LLC, 28 Second Street, Suite 213,
Edwards, CO 81632, (970) 926-6060.
Basic Financial Statements
Assets
Cash and Investments $ 1,594,824
Due from County Treasurer 2,364
Property Taxes Receivable 568,662
Accounts Receivable 33,160
Prepaid Expenses 6,510
Capital Assets, Net of Accumulated Depreciation 4,169,393
Total Assets 6,374,913
Deferred Outflows of Resources
Loss on Debt Refunding 9,862
Total Deferred Outflows of Resources 9,862
Liabilities
Accounts Payable 24,042
Accrued Interest 2,453
Noncurrent Liabilities
Due within One Year 100,000
Due in More Than One Year 1,152,527
Total Liabilities 1,279,022
Deferred Inflows of Resources
Deferred Property Taxes 568,662
Total Deferred Inflows of Resources 568,662
Net Position
Net investment in capital assets 2,926,728
Restricted 19,666
Unrestricted 1,590,697
Total Net Position $ 4,537,091
Cordillera Valley Club Metropolitan District
Statement of Net Position
December 31, 2023
Governmental
Activities
See Notes to the Financial Statements. 4
Primary Government
Governmental Activities
General Government $ 70,191 $ - $ - $ (70,191)
Public Safety 395,678 448,950 29,341 82,613
Community Operations 247,076 - - (247,076)
Interest on Long-Term Debt 33,009 - - (33,009)
Capital Outlay Expensed 161,562 - - (161,562)
Total Governmental Activities $ 907,516 $ 448,950 $ 29,341 (429,225)
General Revenues
Property Tax 564,586
Specific Ownership Tax 32,365
Investment Income 53,610
Other 4,964
Total General Revenues and Transfers 655,525
Change in Net Position 226,300
Net Position, Beginning of Year 4,310,791
Net Position, End of Year $ 4,537,091
Charges for Grants and Change in
Functions/Programs Expenses Services Contributions Net Position
Operating Revenue and
Cordillera Valley Club Metropolitan District
Statement of Activities
For the Year Ended December 31, 2023
Program Revenues Net (Expense)
See Notes to the Financial Statements. 5
Assets
Cash and Investments $ 1,594,824
Due from County Treasurer 2,364
Property Taxes Receivable 568,662
Accounts Receivable 33,160
Prepaid Expenses 6,510
Total Assets $ 2,205,520
Liabilities Deferred Inflows and Fund Balance
Liabilities
Accounts Payable $ 24,042
Total Liabilities 24,042
Deferred Inflows
Deferred Property Taxes 568,662
Fund Balance
Nonspendable 6,510
Restricted 19,666
Unrestricted, Unassigned 1,586,640
Total Fund Balance 1,612,816
Total Liabilities, Deferred Inflows and Fund Balance $ 2,205,520
Amounts Reported for Governmental Activities in the
Statement of Net Position are Different Because:
Total Fund Balance of the Governmental Funds $ 1,612,816
Capital assets used in governmental activities are not financial resources and,
therefore, are not reported in governmental funds.4,169,393
Other long-term assets are not financial resources and, therefore, are not
reported in the funds.
Loss on Debt Refunding 9,862
Long-term liabilities and related items are not due and payable in the current
year and, therefore, are not reported in governmental funds.
Bond Payable (1,252,527)
Accrued Interest (2,453)
Total Net Position $ 4,537,091
Cordillera Valley Club Metropolitan District
Balance Sheet
Governmental Fund
December 31, 2023
General
See Notes to the Financial Statements. 6
Revenues
Taxes $ 596,951
Interest Income 53,610
Contributions from CVCPOA 478,291
Other 4,964
Total Revenues 1,133,816
Expenditures
General Government 70,191
Public Safety 383,477
Community Operations 191,307
Debt Service
Principal 95,000
Interest 31,668
Capital Outlay 161,562
Total Expenditures 933,205
Net Change in Fund Balance 200,611
Fund Balance , Beginning of Year 1,412,205
Fund Balance , End of Year $ 1,612,816
Cordillera Valley Club Metropolitan District
Statement of Revenues, Expenditures and Changes in Fund Balance
Governmental Fund
For the Year Ended December 31, 2023
General
See Notes to the Financial Statements. 7
Amounts Reported for Governmental Activities in the
Statement of Activities are Different Because:
Net Change in Fund Balance of the Governmental Funds $ 200,611
Governmental funds report capital outlays as expenditures. However, in the statement of
activities the cost of those assets is allocated over their estimated useful lives and reported as
depreciation expense.
Capital Outlay 183,961
Depreciation expense (251,931)
The repayment of bond principal and capital lease obligations is an expenditure in governmental funds, but the
repayment reduces long-term liabilities in the statement of net position and does not affect the statement of activities.
Bond principal 95,000
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.
This includes the changes in the following:
Accrued interest payable 362
Amortization of loss on debt refunding (1,703)
Change in Net Position of Governmental Activities $ 226,300
Cordillera Valley Club Metropolitan District
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance
of the Governmental Fund to the Statement of Activities
For the Year Ended December 31, 2023
See Notes to the Financial Statements. 8
Cordillera Valley Club Metropolitan District
Notes to Financial Statements
December 31, 2023
9
Note 1: Summary of Significant Accounting Policies
Cordillera Valley Club Metropolitan District (the District) was established on January 1, 2003 as a
quasi-municipal corporation and political subdivision of the State of Colorado. The District was
formed primarily to finance, construct, operate, and maintain the basic public infrastructure as well
as parks and recreation facilities and other improvements within the District’s boundaries in Eagle
County, Colorado.
The financial statements of the District have been prepared in conformity with generally accepted
accounting principles (GAAP) as applicable to governmental entities. The Governmental
Accounting Standards Board (GASB) is the accepted standard-setting body for establishing
governmental accounting and financial reporting principles. The more significant of the District’s
accounting policies are described below.
Reporting Entity
The District is governed by an elected Board which is responsible for setting policy, appointing
administrative personnel and adopting an annual budget in accordance with the provisions of the
Colorado Special District Act.
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 which 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, the District is not financially accountable for any other
entity, nor is the District a component unit of any other government.
Government-wide and Fund Financial Statements
The District’s basic financial statements include both government-wide (reporting the District as
a whole) and fund financial statements (reporting the District’s major funds). Both the
government-wide and fund financial statements categorize primary activities as either
governmental or business type.
The District’s basic financial statements include both the a) government-wide and b) fund financial
statements. Both the government-wide and fund financial statements categorize primary activities
as either governmental or business type. The District has only one fund, the General Fund, which
is a governmental fund. The District uses funds to maintain its financial records during the year.
Cordillera Valley Club Metropolitan District
Notes to Financial Statements
December 31, 2023
10
Note 1: Summary of Significant Accounting Policies (Continued)
Government-wide and Fund Financial Statements (Continued)
In the government-wide Statement of Net Position, the governmental activities column is reported
on a full accrual, economic resource basis, which recognizes all long-term assets, receivables
and deferred outflows as well as deferred inflows, long-term debt and obligations. The District’s
net position is reported as net investment in capital assets, restricted for emergencies, and
unrestricted.
The statement of activities demonstrates the degree to which the direct expenses of the 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. Internally dedicated resources are reported as general revenues rather than as
program revenues.
The government-wide focus is on the sustainability of the District as an entity and the change in
the District’s net position resulting from the current year’s activities.
The financial transactions of the District are reported in individual funds in the fund financial
statements. Each fund is accounted for by providing a separate set of self-balancing accounts
that comprises its assets, deferred outflows of resources, liabilities, deferred inflows of resources,
fund balance, revenues and expenditures.
The fund focus is on current available resources and budget compliance.
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, as are the proprietary fund financial
statements. Revenues are recorded when earned and expenses are recorded when the liability
is incurred, regardless of the timing of related cash flows. Property taxes are recognized as
revenues in the year for which they are levied. Grants and similar items are recognized as
revenue as soon as all eligibility requirements imposed by the provider have been met.
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 collected within the current year or soon enough thereafter to pay liabilities of the current
year. For this purpose, the District considers revenues to be available if they are collected within
60 days of the end of the current year.
Cordillera Valley Club Metropolitan District
Notes to Financial Statements
December 31, 2023
11
Note 1: Summary of Significant Accounting Policies (Continued)
Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued)
Taxes and interest associated with the current year are considered susceptible to accrual and so
have been recognized as revenues of the current year. All other revenues are considered
measurable and available only when cash is received by the District.
Amounts reported as program revenues include 1) charges to customers or applicants for goods,
services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and
contributions, including special assessments. Internally dedicated resources are reported as
general revenues rather than as program revenues. Likewise, general revenues include all taxes.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
However, debt service expenditures, as well as expenditures related to compensated absences,
are recorded only when payment is due.
When both restricted and unrestricted resources are available for a specific use, it is the District’s
practice to use restricted resources first, then unrestricted resources as they are needed.
In the fund financial statements, the District reports the following major governmental fund:
General Fund - The General Fund is used to account for all financial resources of the District
except those required to be accounted for in another fund. The general fund balance is available
to the District for any purpose provided it is expended or transferred according to the general laws
of Colorado and the bylaws of the District.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires that District management make estimates and
assumptions that affect the reported amounts of assets, deferred outflows of resources, liabilities
and deferred inflows of resources and disclosures of contingent assets, deferred outflows of
resources, liabilities and deferred inflows of resources 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.
Assets, Liabilities and Net Position/Fund Balances
Cash Equivalents - Cash and cash equivalents include investments with original maturities of
three months or less.
Receivables - Receivables are reported at their gross value and, where appropriate, are reduced
by the estimated portion that is expected to be uncollectible.
Prepaid Expenses - Certain payments to vendors reflect costs applicable to future years and are
reported as prepaid expenses using the consumption method.
Cordillera Valley Club Metropolitan District
Notes to Financial Statements
December 31, 2023
12
Note 1: Summary of Significant Accounting Policies (Continued)
Assets, Liabilities and Net Position/Fund Balances (Continued)
Capital Assets - Capital assets, which include land, buildings, equipment, vehicles, and
infrastructure assets, are reported in the government-wide financial statements. Capital assets
are defined by the District as assets with an initial cost of $5,000 or more and an estimated useful
life in excess of two years. Such assets are recorded at historical cost. Donated capital assets
are recorded at an estimated fair value at the date of donation. Construction in progress is not
depreciated until the construction is completed.
Capital assets are depreciated using the straight-line method over the following estimated useful
lives.
Infrastructure 40 years
Landscape improvements 15 years
Equipment 7 years
Vehicles 7 years
Deferred Inflows of Resources - Property taxes earned but levied for a subsequent year are
reported as deferred inflows of resources in the financial statements.
Long Term Debt - In the government-wide financial statements, long-term debt and other long-
term obligations are reported as liabilities. Debt premiums, discounts and accounting losses
resulting from debt refunding are deferred and amortized over the life of the debt using the
straight-line method. In the governmental fund financial statements, the face amount of debt
issued is reported as other financing sources. Premiums received on debt issuances are reported
as other financing sources while discounts are reported as other financing uses.
Debt issuance costs, whether or not withheld from the debt proceeds, are reported as current
expenses or expenditures.
Net Position/Fund Balances - In the government-wide and fund financial statements, net position
and fund balances are restricted when constraints placed on the use of resources are externally
imposed. In the fund financial statements, governmental funds report committed fund balances
when the Board of Directors approves a resolution that places constraints on the use of resources
for a specific purpose. Assigned fund balances arise from an informal action of the Board of
Directors.
In the governmental fund financial statements, fund balances are classified as follows:
Non-spendable fund balance - The portion of fund balance that cannot be spent because
it is either not in spendable form (such as 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.
Cordillera Valley Club Metropolitan District
Notes to Financial Statements
December 31, 2023
13
Note 1: Summary of Significant Accounting Policies (Continued)
Assets, Liabilities and Net Position/Fund Balances (Continued)
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.
Assigned fund balance - The portion of fund balance set aside for planned or intended
purposes. The intended use may be expressed by the Board of Directors or other
individuals authorized to assign funds to be used for a specific purpose.
Unassigned fund balance - The residual portion of fund balance that does not meet any
of the above criteria. The District will only report a positive unassigned fund balance in
the General Fund.
The District's policy is to first apply the expenditure toward restricted fund balance and then to
committed or assigned fund balances before using unassigned fund balances.
Intergovernmental revenue - For governmental funds, intergovernmental revenues, such as
contributions awarded on a non-reimbursement basis, are recorded as receivables and revenues
when measurable and available.
Property Taxes
Property taxes are assessed in one year as a lien on the property, but not collected by the
governmental entities until the subsequent year. In accordance with generally accepted
accounting principles, the assessed but the uncollected property taxes have been recorded as
receivable and as a deferred inflow.
Taxes levied in one year are collected in the succeeding years. Thus, taxes certified in 2023 will
be collected in 2024. Taxes are due on January 1 in the year of the collection; however, they
may be paid in either one installment (no later than April 30) or two equal installments (not later
than February 28 and June 15) without interest or penalty. Taxes which are not paid within the
prescribed time bear interest at the rate of one (1%) per month until paid. Unpaid amounts and
the accrued interest thereon become delinquent on June 15.
Stewardship, Compliance and Accountability
In accordance with the State Budget Law, the District's Board of Directors holds public hearings
in the fall each year to approve the budget and appropriate funds for the ensuing year. The
appropriation is at the total fund expenditures level and lapses at year end. The District's Board
of Directors can modify the budget by line item within the total appropriation without notification.
The total appropriation can only be modified upon completion of notification and publication
requirements. The budget includes each fund on its basis of accounting.
Cordillera Valley Club Metropolitan District
Notes to Financial Statements
December 31, 2023
14
Note 1: Summary of Significant Accounting Policies (Continued)
Stewardship, Compliance and Accountability (Continued)
After adoption of the budget resolution, the District may make the following change: a) it may
transfer appropriated monies between funds or between spending agencies within a fund, as
determined by the original appropriation level; b) supplemental appropriations to the extent of
revenues in excess of those estimated in the budget; c) emergency appropriations; and d)
reduction of appropriations for which originally estimated revenues are insufficient.
The level of control in the budget at which expenditures exceed appropriations is at the fund level.
All appropriations lapse at year end. The District did not amend its annual budget for
supplemental appropriations during the year ended December 31, 2023.
As required by Colorado statues, the District followed the following timetable in approving and
enacting a budget for the ensuring year.
1. For the 2023 budget year, prior to August 25, 2022 the County Assessor sent the District
the certified assessed valuation of all table property within the District’s boundaries. The
County assessor may change the assessed valuation on or before December 10 only
once by a single notification to the District.
2. On or before October 20, 2022, the District‘s accountant submitted to the District Board of
Directors a recommended budget which detailed the necessary property taxes needed
along with other available revenues to meet the District’s operating requirements.
3. A public hearing on the proposed budget and capital program was held by the Board no
later than 45 days prior to the close of the fiscal year.
4. Prior to December 15, 2022, the District computed and certified to the County
Commissioners a rate of levy that derived the necessary property taxes are computed in
the proposed 2023 budget.
5. For the 2023 budget, the budget and appropriation resolution was adopted prior to
December 31, 2022.
During the year ended December 31, 2023 actual expenditures exceeded appropriations which
may be a violation of State statutes Budgets and Compliance and Accounting in the fall of each
year, the District’s Broad of Directors formally adopts a budget with appropriations by fund for the
ensuring year pursuant to the Colorado Local Budget Law. The budget for governmental funds
are adopted on a basis consistent with generally accepted accounting principles (GAAP).
Subsequent Events
We have evaluated subsequent events through June 18, 2024 the date the financial statements
were available to be issued.
Cordillera Valley Club Metropolitan District
Notes to Financial Statements
December 31, 2023
15
Note 2: Cash And Investments
Cash Deposits
Cash and investments as of December 31, 2023 consist of the following:
The Colorado Public Deposit Protection Act (PDPA) requires all local government entities to
deposit cash in eligible public depositories. Eligibility is determined by State regulations.
Amounts on deposit in excess of federal insurance levels must be collateralized by eligible
collateral as determined by the PDPA. The PDPA allows the financial institution to create a single
collateral pool for all public funds held. The pool is to be maintained by another institution or held
in trust for all uninsured public deposits as a group. The market value of the collateral must be at
least equal to 102% of the uninsured deposits. At December 31, 2023, the District had bank
deposits of $215,630 collateralized with securities held by the financial institution’s agent but not
in the District’s name.
Investments
The District is required to comply with State statutes which specify investment instruments
meeting defined rating, maturity, and concentration risk criteria in which the District may invest,
which include the following:
Obligations of the United States and certain U.S. Agency securities
Certain international agency securities
General obligation and revenue bonds of U.S. local government entities
Bankers’ acceptances of certain banks
Commercial paper
Written repurchase agreements collateralized by certain authorized securities
Certain money market funds
Guaranteed investment contracts
Local government investment pools
State statutes do not address custodial risk.
Deposits $ 465,630
Investments 1,129,194
Total cash and investments $ 1,594,824
Cordillera Valley Club Metropolitan District
Notes to Financial Statements
December 31, 2023
16
Note 2: Cash And Investments (Continued)
Investments (Continued)
The District had the following investments as of December 31, 2023:
Fair Value Measurements - The District reports its investments using the fair value measurements
established by generally accepted accounting principles. As such, a fair value hierarchy
categorizes the inputs used to measure the fair value of the investments into three levels. Level
1) inputs are quoted prices in active markets for identical investments; Level 2) inputs include
quoted prices in active markets for similar investments, or other observable inputs; and Level 3)
inputs are unobservable inputs. At December 31, 2023, the District’s investments in Certificates
of Deposit securities were measured utilizing quoted prices in active markets for similar
investments (Level 2 inputs). The District’s investments in local government investment pools
were measured at the net asset value per share.
Interest Rate Risk - State statutes generally limit investments to an original maturity of five years
unless the governing board authorizes the investment for a period in excess of five years.
Credit Risk - State statutes limit investments in money market funds to those that maintain a
constant share price, with a maximum remaining maturity in accordance with the Securities and
Exchange Commission’s Rule 2a-7, and either assets of one billion dollars or the highest rating
issued by one or more nationally recognized statistical rating organizations.
Local Government Investment Pools - As December 31, 2023, the District had $529,194 invested
in the Colorado Local Government Liquid Assets Trust (Colotrust) (the Trust). The Trust is an
investment vehicle established for local government entities in Colorado to pool surplus funds.
The Colorado Division of Securities administers and enforces the requirements of creating and
operating the Trust. The Trust operates similarly to a money market fund and each share is equal
in value to $1.00. Colotrust is rated AAAm by Standard & Poor’s. Colotrust records its
investments at fair value and the District records its investment in Colotrust at net asset value as
determined by fair value. A designated custodial bank provides safekeeping and depository
services in connection with the direct investment and withdrawal functions. The custodian’s
internal records identify the investments owned by the participating governments.
Concentration of Credit Risk - State statutes do not limit the amount the District may invest in a
single issuer, except for corporate securities.
Maturity Rating
Certificates of Deposit Less than 1 year N/A $ - $ 299,667 $ - $ 299,667
Certificates of Deposit 1 to 5 years N/A - 300,333 - 300,333
Colotrust Plus+ N/A Aam 529,194 - - 529,194
Total $ 529,194 $ 600,000 $ - $ 1,129,194
Investment Level 1 Level 2 Level 3 Total
Cordillera Valley Club Metropolitan District
Notes to Financial Statements
December 31, 2023
17
Note 3: Capital Assets
Capital asset activity for the year ended December 31, 2023, is summarized as follows:
Depreciation expense was charged to programs of the District as follows:
Note 4: Risk Management
The District is exposed to various risks of loss related to torts, thefts of damages to, or destruction
of assets, errors or omissions of injuries to employees. The District is insured for such risks as
members of the Colorado Special District Property and Liability Pool (Pool). The Pool is an
organization created by intergovernmental agreement to provide property and general liability,
automobile physical damage and coverage for property claims up to the values declared and
liability coverage for claims up to $1,000,000. Settled claims have not exceeded this coverage in
any of the past three financial years.
Capital Assets, Being Depreciated
Landscape improvement $ 2,756,237 $ 58,643 $ - $ 2,814,880
Landscape design and entitlement 655,741 - - 655,741
Equipment 121,626 8,857 - 130,483
Infrastructure 3,597,095 99,919 - 3,697,014
Gate House 88,760 16,542 - 105,302
Total Capital Assets, Being Depreciated 7,219,459 183,961 - 7,403,420
Less Accumulated Depreciation
Landscape improvement (1,053,838) (144,128) - (1,197,966)
Landscape design and entitlement (655,741) - - (655,741)
Equipment (101,724) (7,816) - (109,540)
Infrastructure (1,126,980) (95,604) - (1,222,584)
Gate House (43,813) (4,383) - (48,196)
Total Accumulated Depreciation (2,982,096) (251,931) - (3,234,027)
Total Capital Assets, Being Depreciated, net 4,237,363 (67,970) - 4,169,393
Total Capital Assets, net $4,237,363 $(67,970) $- $4,169,393
Balance Balance
12/31/22 Additions Deletions 12/31/23
Community Operations $ 239,730
Public Safety 12,201
Total $251,931
Total
Cordillera Valley Club Metropolitan District
Notes to Financial Statements
December 31, 2023
18
Note 4: Risk Management (Continued)
The District pays annual premiums to the Pool for liability, property, and public officials’ coverage.
In the event aggregated losses incurred by the Pool exceed amounts recoverable from the
reinsurance contracts and the 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 the purpose of the Pool may be returned to the members pursuant to a distribution
formula.
A summary of audited statutory basis financial information for the Pool as of and for the year
ended December 31, 2023 (latest information available) is as follows:
Note 5: Long-Term Debt
In 2020 the District issued the Taxable Series 2020 General Obligation Bonds, to refund the 2018
Series Note. The interest rate on the bonds is fixed at 2.35% with interest payments due June 1
and December 1 of every year commencing June 1, 2021 through December 1, 2037. Principal
payments are due December 1 of every year commencing on December 1, 2021.
The 2020 refunding reduced total debt service payments over the subsequent 16 years by
$459,623. This results in an economic gain (difference between the present values of the debt
service payments on the old and new debt) of $343,562.
The loan requires payments as follows:
Assets $69,212,177
Liabilities $ 45,329,704
Capital Surplus 23,882,473
Total $69,212,177
Revenues $ 27,064,468
Investment income and other 462,530
Total Revenue 27,526,998
Expenses 25,447,966
Excess of Revenue over (under) expenses
$2,079,032
Taxable Series 2020 General
Obligation Refunding Bonds $ 1,347,527 $ - $ (95,000) $ 1,252,527 $ 100,000
Total $1,347,527 $- $(95,000) $1,252,527 $100,000
Balance Balance Due Within
12/31/22 Additions Reductions 12/31/23 One Year
Cordillera Valley Club Metropolitan District
Notes to Financial Statements
December 31, 2023
19
Note 5: Long-Term Debt (Continued)
Following is a summary of long-term debt transactions of the governmental activities for the year
ended December 31, 2023
Note 6: Commitments and Contingencies
Litigation
During the normal course of business, the District may incur claims and other assertions against
it from various agencies and individuals. Management of the District and their level
representatives have disclosed that there are no material outstand claims against the District at
December 31, 2023.
TABOR Amendment
In November 1992, Colorado voters amended Article X of the Colorado Constitution by adding
Section 20; commonly known as the Taxpayer’s Bill of Rights (TABOR). TABOR contains
revenue, spending, tax and debt limitations that apply to the State of Colorado and local
governments. TABOR requires, with certain exceptions, advance voter approval for any new tax,
tax rate increase, mill levy above that for the prior year, extension of any expiring tax, or tax policy
change directly causing a net tax revenue gain to any local government.
Except for refinancing bonded debt at a lower interest rate or adding new employees to existing
pension plans, TABOR requires advance voter approval for the creation of any multiple-fiscal year
debt or other financial obligation unless adequate present cash reserves are pledged irrevocable
and held for payments in all future fiscal years.
TABOR also requires local governments to establish an emergency reserve to be used for
declared emergencies only. The reserve is calculated at 3% of fiscal year spending. Fiscal year
spending excludes bonded debt service, expenditure of bond proceeds and enterprise spending.
The District has reserved $13,656, which is the approximate required reserve at December 31,
2023.
December 31, 2023
2024 $ 100,000 $ 29,434 $ 129,434
2025 105,000 27,084 132,084
2026 105,000 24,617 129,617
2027 110,000 22,149 132,149
2028 110,000 19,564 129,564
2029 - 2033 595,000 57,519 652,519
2034 127,527 2,997 130,524
$ 1,252,527 $ 183,364 $ 1,435,891
Interest TotalPrincipal
Cordillera Valley Club Metropolitan District
Notes to Financial Statements
December 31, 2023
20
Note 6: Commitments and Contingencies (Continued)
TABOR Amendment (Continued)
On November 5, 2002, the District’s voters approved taxes to be increased $450,000 annually,
or by such lesser amount as may be necessary to pay for the District’s operations, maintenance,
and other expenses. The voter approval also limited the mill levy to 25.000 mills. On November
8, 2016, the District’s voters removed the $450,000 cap, so that property taxes are now only
limited by the 25.000 mills. All tax increases constitute voter-approved revenue changes and are
to be collected and spent by the District.
Note 7: Agreement with Cordillera Valley Club Property Owners
The District entered into an agreement with Cordillera Valley Club Property Owners Association
(CVCPOA) on October 1, 2011, whereby the District is to provide Security Services pursuant to
the Protective Covenants as set forth in the agreement. The funds necessary to provide the
Security Services are derived from the District’s power to raise funds within its boundaries through
fees, charges and ad valorem taxes and through contributions from CVCPOA as the parties
consider necessary. The term of the agreement commenced on October 1, 2011 and allows for
renewal terms each year.
Three of the District’s board members serve as members of the executive board of CVCPOA.
During the year ended December 31, 2023, contributions and fees from CVCPOA were $478,291.
CVCPOA owed the District $33,160 as of December 31, 2023.
Required Supplementary Information
Other Information
Percent
Year Ending Mills Collected
December 31, Levied to Levied
2004 $ 15,613,190 25.000 390,330 389,677 99.8%
2005 $ 15,588,790 25.000 389,720 389,720 100.0%
2006 $ 16,218,050 25.000 405,451 405,451 100.0%
2007 $ 15,838,730 25.000 395,968 394,244 99.6%
2008 $ 20,538,920 25.000 513,473 513,473 100.0%
2009 $ 20,865,150 25.000 521,629 519,972 99.7%
2010 $ 25,957,960 25.000 648,949 645,474 99.5%
2011 $ 25,016,480 25.000 625,412 625,412 100.0%
2012 $ 17,818,880 25.000 429,547 419,784 97.7%
2013 $ 17,071,190 26.297 448,921 448,921 100.0%
2014 $ 15,357,600 25.000 383,940 383,939 100.0%
2015 $ 15,373,720 26.440 406,481 406,481 100.0%
2016 $ 19,015,270 25.000 475,382 472,549 99.4%
2017 $ 19,065,510 25.000 476,638 474,842 99.6%
2018 $ 19,152,240 25.000 478,806 478,804 100.0%
2019 $ 19,293,760 25.000 482,344 481,670 99.9%
2020 $ 20,777,680 23.500 488,275 483,811 99.1%
2021 $ 21,241,100 23.500 499,166 498,937 100.0%
2022 $ 25,760,530 21.000 540,969 540,969 100.0%
2023 $ 26,885,070 21.000 564,586 564,586 100.0%
2024 $ 42,123,080 25.000 568,662 N/A N/A
Note:
Property taxes collected in any one year include collection of delinquent property taxes assessed in prior years.
Information received from the County Treasurer does not permit identification of specific year of levy.
Tax Levy
Year Property
Cordillera Valley Club Metropolitan District
Summary of Assessed Valuation, Mill Levy and Property Taxes Collected
For the Year Ended December 31, 2023
for Current
Assessed Valuation
Prior Year
Levied Collected
See Accompanying Independent Auditor's Report.
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