HomeMy WebLinkAboutSolaris MD Nos. 1-3, 2024 Consolidated Annual Report1
SOLARIS METROPOLITAN DISTRICT NOS. 1-3
2024 CONSOLIDATED ANNUAL REPORT
Pursuant to §32-1-207(3)(c) and the Service Plan for Solaris Metropolitan District Nos. 1-3
(the “Districts”), the Districts are required to provide an annual report to the with regard to the
following matters:
For the year ending December 31, 2024, the Districts makes the following report:
§32-1-207(3) Statutory Requirements
1. Boundary changes made.
There were no changes or proposed changes to the Districts’ boundaries in 2024.
2. Intergovernmental Agreements entered into or terminated with other governmental
entities.
No intergovernmental agreements were entered into or terminated during 2024.
3. Access information to obtain a copy of rules and regulations adopted by the board.
The Districts have not adopted rules and regulations in 2024.
4. A summary of litigation involving public improvements owned by the Districts.
To our actual knowledge, based on review of the court records in Eagle County,
Colorado and the Public Access to Court Electronic Records (PACER), there is no
litigation involving the District’s public improvements as of December 31, 2024.
5. The status of the construction of public improvements by the Districts.
The Districts did not construct any public improvements as of December 31, 2024.
6. A list of facilities or improvements constructed by the Districts that were conveyed or
dedicated to the county or municipality.
The Districts did not construct or convey any facilities or improvements as of December 31,
2024.
7. The final assessed valuation of the Districts as of December 31st of the reporting year.
The final assessed valuation of the Districts as of December 31, 2023, was:
Solaris MD No. 1 – $12,040
Solaris MD No. 2 – $31,678,600
Solaris MD No. 3 – $9,121,370
8. A copy of the current year’s budget.
A copy of the 2025 budgets are attached 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 2024 audits are in process and will be provided as a supplement once complete.
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10. Notice of any uncured defaults existing for more than ninety (90) days under any debt
instrument of the District.
To our actual knowledge, the Districts did not receive notice of any uncured events of default
by the Districts, which continued beyond a ninety (90) day period, under any Debt instrument.
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.
To our actual knowledge, there was not any inability of the Districts to pay their obligations as
they came due, in accordance with the terms of such obligations, which continued beyond a
ninety (90) day period.
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Service Plan Requirements
1. Boundary changes made or proposed to the Districts’ boundaries as of December 31 of the
prior year.
There were no changes or proposed changes to the Districts’ boundaries in 2024.
2. Intergovernmental Agreements with other governmental entities entered into as of
December 31 of the prior year.
No intergovernmental agreements were entered into or terminated during 2024.
3. A list of all facilities and improvements constructed by the Districts that have been
dedicated to and accepted by the Town of Vail as of December 31 of the prior year.
The Districts did not construct or convey any facilities or improvements as of December 31,
2024.
4. The final assessed valuation of the Districts for the report year.
The final assessed valuation of the Districts as of December 31, 2023, was:
Solaris MD No. 1 – $12,040
Solaris MD No. 2 – $31,678,600
Solaris MD No. 3 – $9,121,370
5. Current year budget including a description of the Public Improvements to be constructed
in such year.
Copies of the 2025 budgets are attached as Exhibit A.
6. Audit of the Districts’ financial statements, for the year ending December 31 of the
previous year, prepared in accordance with generally accepted accounting principles or
audit exemption, if applicable.
The 2024 audits are in process and will be provided as a supplement once complete.
7. Notice of any uncured defaults existing for more than ninety (90) days under any debt
instrument of the Districts.
To our actual knowledge, the Districts did not receive notice of any uncured events of default
by the Districts, which continued beyond a ninety (90) day period, under any Debt instrument.
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EXHIBIT A
(2025 Budget)
SOLARIS METROPOLITAN DISTRICT NO. 1
2025 BUDGET MESSAGE
Solaris Metropolitan District No. 1 is a quasi-municipal corporation organized and operated
pursuant to provisions set forth in the Colorado Special District Act. The District was
established to supply the necessary public improvements and related operation and maintenance
services as such power and authority is described in the Special District Act, and other applicable
statutes.
The District has no employees and all operations and administrative functions are contracted.
The following budget is prepared on the modified accrual basis of accounting, which is
consistent with the basis of accounting used in presenting the District's financial statements.
2025 BUDGET STRATEGY
The District was formed in late 2006. The District has joined with Solaris Metropolitan District
No. 2 and Solaris Metropolitan District No. 3 in adopting a consolidated service plan. Under this
consolidated service plan, the District is the “service district” and Solaris Metropolitan District
No. 2 and No. 3 are the “financing districts.”
As such, the District is responsible for managing the construction and operation of facilities and
improvements needed for the Solaris Metropolitan District No. 2 and No. 3 areas. For this
reason, the District issued $30,560,000 property tax revenue variable rate bonds on March 25,
2008 to be repaid with revenues pledged by Solaris Metropolitan District No. 2 and No. 3.
During 2013 Solaris Metropolitan District No. 2 issued bonds and transferred the proceeds to
District No. 1 and the 2008 bonds were paid off and the District has no bonds currently
outstanding.
Operating expenses are funded pursuant to an Operating Agreement between Solaris
Metropolitan District Nos. 1, 2 and 3. District No. 1 performs the operations and the operating
expenses are funded through property tax revenues collected by the “financing” districts (No. 2
and No. 3) and paid to District No. 1. Additionally, the Developer in the District advances funds
to District No. 1 for operations and then such advances are repaid as the property tax revenues
are received.
Page 1 of 5
RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 1
TO ADOPT 2025 BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND
AND ADOPTING A BUDGET FOR THE SOLARIS METROPOLITAN DISTRICT NO. 1,
COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF
JANUARY 2025 AND ENDING ON THE LAST DAY OF DECEMBER 2025.
WHEREAS, the Board of Directors of the Solaris Metropolitan District No. 1 has appointed a
budget committee to prepare and submit a proposed 2025 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, 2024, and interested taxpayers were given the opportunity to file or
register any objections to said proposed budget; and;
WHEREAS, whatever increases may have been made in the expenditures, like increases were
added to the revenues or planned to be expended from reserves/fund balances so that the budget
remains in balance, as required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board of directors of the Solaris Metropolitan
District No. 1, Eagle County, Colorado:
Section 1. That the budget as submitted, amended, and summarized by fund, hereby is
approved and adopted as the budget of the Solaris Metropolitan District No. 1 for
the year stated above, as 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 years budget and the
budgeted beginning fund balance for next years 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 SOLARIS METROPOLITAN DISTRICT NO. 1 (CONTINUED)
TO SET MILL LEVIES
A RESOLUTION LEVYING PROPERTY TAXES FOR THE YEAR 2024, TO HELP DEFRAY
THE COSTS OF GOVERNMENT FOR THE SOLARIS METROPOLITAN DISTRICT NO. 1,
EAGLE COUNTY, COLORADO, FOR THE 2025 BUDGET YEAR.
WHEREAS, the Board of Directors of the Solaris Metropolitan District No. 1, has adopted the
annual budget in accordance with the Local Government Budget Law, on October 24, 2024 and;
WHEREAS, the amount of money necessary to balance the budget for general operating expenses
and capital expenditure purposes from property tax revenue is $0.00 and;
WHEREAS, the Solaris Metropolitan District No. 1 hereby documents its intent to preserve its
voter approved mill levy rate of 00.000 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 2024 valuation for assessment for the Solaris Metropolitan District No. 1, as
certified by the County Assessor is $12,040.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Solaris Metropolitan
District No. 1, EAGLE COUNTY, COLORADO:
Section 1. That for the purposes of meeting all general operating expenses of the Solaris
Metropolitan District No. 1 during the 2025 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 2024.
Section 2. That for the purposes of rendering a temporary credit/refund to its constituents
during budget year 2025 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 2024.
Section 3. That for the purpose of meeting all capital expenditures of the Solaris Metropolitan
District No. 1 during the 2025 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 2024.
Page 3 of 5
RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 1 (CONTINUED)
TO SET MILL LEVIES (CONTINUED)
Section 4. That for the purpose of meeting all payments for bonds and interest of the Solaris
Metropolitan District No. 1 during the 2025 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 2024.
Section 5. That for the purpose of recouping refunds and abatements of the Solaris
Metropolitan District No. 1 during the 2025 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 2024.
Section 6. That any officer or the District Administrator is hereby authorized and directed to
either immediately certify to the County Commissioners of Eagle County,
Colorado, the mill levies for the Solaris Metropolitan District No. 1 as hereinabove
determined and set, or be authorized and directed to certify to the County
Commissioners of Eagle County, Colorado, the mill levies for the Solaris
Metropolitan District No. 1 as hereinabove determined and set based upon the final
(December) certification of valuation from the county assessor.
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Page 4 of 5
RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 1 (CONTINUED)
TO APPROPRIATE SUMS OF MONEY
(PURSUANT TO SECTION 29-1-108, C.R.S.)
A RESOLUTION APPROPRIATING SUMS OF MONEY TO THE VARIOUS FUNDS AND
SPENDING AGENCIES, IN THE AMOUNT AND FOR THE PURPOSE AS SET FORTH
BELOW, FOR THE SOLARIS METROPOLITAN DISTRICT NO. 1, EAGLE COUNTY,
COLORADO, FOR THE 2025 BUDGET YEAR.
WHEREAS, the Board of Directors has adopted the annual budget in accordance with the Local
Government Budget Law, on October 24, 2024, and;
WHEREAS, the Board of Directors has made provision therein for revenues in an amount equal
or greater to the total proposed expenditures as set forth in said budget, and;
WHEREAS, it is not only required by law, but also necessary to appropriate the revenues and
reserves or fund balances provided in the budget to and for the purposes described below, thereby
establishing a limitation on expenditures for the operations of the District.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
SOLARIS METROPOLITAN DISTRICT NO. 1, EAGLE COUNTY, COLORADO:
Section 1. That the following sums are hereby appropriated from the revenues of each fund,
to each fund, for the purposes stated:
GENERAL FUND:
General and Admin Expenditures $130,754
Operations Expenditures $1,164,752
Developer Repayment $1,164,633
TOTAL GENERAL FUND: $2,460,139
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Page 5 of 5
RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 1 (CONTINUED)
TO ADOPT 2025 BUDGET, SET MILL LEVIES AND
APPROPRIATE SUMS OF MONEY
(CONTINUED)
The above resolutions to adopt the 2025 budget, set the mill levies and to appropriate sums of
money were adopted this 24th day of October, 2024.
Attest: ________________________________
Title: Chairman
SOLARIS METROPOLITAN DISTRICT #1STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE Printed: 01/25/25BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED Modified Accrual BamisGENERAL FUNDCal Yr Cal Yr Cal Yr 8 Months 8 Months Cal Yr 2023 2024 2024Variance Cal Yr Ended EndedVariance 2025Audited Adopted Amended Favorable 2024 08/31/23 08/31/23 Favorable AdoptedActualBudgetBudget(Unfav)ForecastActualBudget(Unfav)BudgetAssessed ValuationSolaris Metro Dist # 1 11,820 12,030 12,030 12,030 12,040 Final AVSolaris Metro Dist # 2 30,680,560 31,702,520 31,702,520 31,702,520 31,678,600 Final AVSolaris Metro Dist # 3 7,166,660 9,096,810 9,096,810 9,096,810 9,121,370 Prelim AVResidential Service Obligation Mill Levy10.000 23.750 23.750 23.750 23.750Residential Advance Note Mill Levy0.000 0.000 0.000 0.000 0.000Commercial Service Obligation Mill Levy10.000 23.750 23.750 23.750 23.750Commercial Advance Note Mill Levy0.000 0.000 0.000 0.000 0.000REVENUES Developer Cost Recovery Advance 0 0 0 0 0 0 0 SMD No. 2 Operations Costs Payment 315,533 767,994 786,164 0 786,164 762,183 760,314 1,869 771,176 SMD No. 2 Advance Note Payment 0000 00000 SMD No. 3 Operations Costs Payment 74,341 220,370 223,578 0 223,578 220,559 220,370 189 222,048 SMD No. 3 Advance Note Payment 0000 00000 Ice Skate Rental Income 243,495 200,000 200,000 0 200,000 154,530 138,000 16,530 250,000 Per Matt Skate Shop Rent Income 24,311 25,041 25,041 0 25,041 14,534 16,694 (2,160) 25,663 Per Matt Special Event Income 23,750 25,000 25,000 0 25,000 17,950 18,750 (800) 25,000 Per Matt Miscellaneous Income 0 3,225 0 3,225 3,225 0 3,225 0 Interest Income 6,558 1,500 15,000 0 15,000 13,502 1,000 12,502 1,500Total Revenues 687,988 1,239,905 1,278,0080 1,278,008 1,186,483 1,155,128 31,355 1,295,388= GENERAL & ADMIN EXPENDITURES Accounting 40,730 37,000 41,000 0 41,000 28,755 24,667 (4,088) 43,050 Audit 9,600 9,500 9,500 0 9,500 0 0 0 9,350 Pre Engage Ltr Elections 2,165 0 0 0 0 0 0 0 5,000 Bd mbr election General Engineering 0000 00000 Insurance 17,690 18,575 20,313 0 20,313 20,313 18,575 (1,738) 22,344 Legal - General Counsel 10,110 15,750 15,750 0 15,750 7,034 10,500 3,466 16,500 Website 0 1,980 0 1,980 160 0 (160) 2,460 Miscellaneous 905 1,050 1,050 0 1,050 940 700 (240) 1,050 Contingency0 10,000 10,000 10,000 0 0 0 0 10,000 Contributions to SMD 2 and 3 19,035 20,300 20,082 0 20,082 8,841 13,135 4,294 21,000TOTAL G&A EXPENDITURES100,235 112,175 119,675 10,000 109,675 66,042 67,576 1,534 130,754No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.PAGE 2
SOLARIS METROPOLITAN DISTRICT #1STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE Printed: 01/25/25BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED Modified Accrual BamisGENERAL FUND - (CONTINUED)Cal Yr Cal Yr Cal Yr 8 Months 8 Months Cal Yr 2023 2024 2024Variance Cal Yr Ended EndedVariance 2025Audited Adopted Amended Favorable 2024 08/31/23 08/31/23 Favorable AdoptedActualBudgetBudget(Unfav)ForecastActualBudget(Unfav)BudgetOPERATING EXPENDITURES Bank Fees 0000 00000Per Matt Cash Short (Sales Tax not Collected) 0000 00000Should be $0 Credit Card Fees 9,039 8,000 8,909 0 8,909 5,4095,333 (75) 8,750 Per Matt, 3.5% of revenue. Insurance Expense 0 16,000 16,000 0 16,000 0 0 0 24,000 Per Matt, half due for 22, all due for 23 Janitorial Expense / Trash 21,424 24,000 22,000 0 22,000 13,832 16,000 2,168 24,000 Bathroom/Cleaning products, based o Plaza & Bathroom Trash Expense 11,000 12,00012,200 0 12,200 8,200 4,050 (4,150) 13,000 Trash service Misc Expense0000 00000 Rent & CAM 127,267 132,933 132,933 0 132,933 88,200 88,622 422 136,921 2024 plus 3% incr Management Labor118,750 122,312 122,312 0 122,312 79,167 81,541 2,375 125,981 Per Matt Repairs and Maintenance 29,626 15,000 15,000 0 15,000 10,918 10,000 (918) 25,000 Per Matt Supplies 0 1,000 500 0 500 379 667 287 1,000 Per Matt Skate Shop Contract Labor27,873 31,000 31,000 0 31,000 18,886 20,667 1,781 31,000 Per Matt Skate Shop Management Fee 24,200 20,000 25,453 0 25,453 15,453 13,333 (2,120) 25,000 % of Sales Skate Shop Supplies 11,493 1,500 2,500 0 2,500 1,768 1,000 (768) 2,500 Per Matt Special Event Expenses 2,375 2,500 2,500 0 2,500 1,795 0 (1,795) 2,500 % of Event Utilities - Skate Shop 2,111 1,900 2,100 0 2,100 1,450 1,267 (184) 2,100 Per Matt Utilities - Electricity38,104 42,451 37,500 0 37,500 21,680 28,301 6,620 37,500 Per Matt Utilities - Gas 67,200 70,178 67,000 0 67,000 52,104 46,785 (5,318) 67,000 Per Matt, gas rates spiked in 2022, se Utilities - Water9,542 15,000 10,000 0 10,000 4,624 10,000 5,376 11,000 Per Matt Utilities - Street Scapes 0 13,000 26,908 0 26,908 26,908 8,667(18,241) 27,000 Per Matt, TOV bill, billing isn't consiste Landscaping - Plaza 36,870 40,000 51,000 0 51,000 40,645 26,667 (13,978) 37,500 Per Matt, redid beds&irrigation in 2023 Plaza Repair & Maintenance 279,361 100,000 40,000 0 40,000 20,005 66,667 46,662 100,000 Per Matt, normal plus powdercoat ligh Plaza Maintenance Labor71,003 75,000 80,000 0 80,000 57,671 50,000 (7,671) 80,000 Per Matt Public Bathroom Labor37,668 37,000 40,000 0 40,000 26,722 24,667 (2,055) 40,000 Per Matt Loading Dock Labor41,436 25,000 42,000 0 42,000 27,614 16,667 (10,947) 42,000 Per Matt Loading Dock Repair & Maintenance 126,661 10,000 30,000 0 30,000 28,905 6,667 (22,239) 30,000 Large loading dock repair in 2022-23 Art Repair & Maintenance 1,233 0 0 0 00000Repairs - Tree Light ? Ice Rink Repair & Maintenance 26,072 60,000 35,000 0 35,000 14,591 40,000 25,409 40,000 Per Matt, Zamboni Maint. And Fuel 1,478 1,500 2,000 0 2,000 1,890 1,000 (890) 2,000 Per Matt Turf0 150,000 0 0 0 0 75,000 75,000 150,000 Repl every 4-5 yr, defered from 2024 t Contingency100,000 0 0 0 66,667 66,667 79,000Operating Expenditures 1,121,786 1,127,274 854,815 0 854,815 568,815 710,233 141,417 1,164,752REVENUE OVER (UNDER) EXPEND. (534,033)456 303,518 10,000 313,518 551,625 377,319 174,306 (119) 0OTHER FINANCING SOURCES and (USES) Advance/Loan from District No. 2 0 0 0 0 0 Advance/Loan from District #3 0 0 0 0 Transfer in from District #3 0 0 0 0 Transfer in from District #3 0 0 0 0 Developer Advances 762,581 1,127,274 1,154,815 (300,000) 854,815 644,035 710,233 (66,198) 1,164,752 Repayment of Developer Advances/Interes(350,000) (1,127,730) (1,458,333) 290,000 (1,168,333) (719,697) (1,087,552) 367,855 (1,164,633) Repayment of Developer Principal from Ne0 0 000 Repayment of Developer Interest from New0 0 000 Advance Note Principal 0000 00000 Advance Note Interest 0000 00000 Transfer to Debt Service Fund TOTAL OTHER FINANCING SOURCES 412,581 (456) (303,518) (10,000) (313,518) (75,662) (377,319) 301,657 119FUND BALANCE - BEGINNING 147,026 27,02625,574 0 25,574 25,574 27,026 (1,452) 25,574FUND BALANCE - ENDING 25,574 27,026 25,574 0 25,574 501,537 27,026 474,511 25,574No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.= = = = = = =PAGE 3
SOLARIS METROPOLITAN DISTRICT NO. 2
2025 BUDGET MESSAGE
Solaris Metropolitan District No. 2 is a quasi-municipal corporation organized and operated
pursuant to provisions set forth in the Colorado Special District Act. The District was
established to supply the necessary public improvements and related operation and maintenance
services as such power and authority is described in the Colorado Special District Act, and other
applicable statutes.
The District has no employees and all operations and administrative functions are contracted.
The following budget is prepared on the modified accrual basis of accounting, which is
consistent with the basis of accounting used in presenting the District's financial statements.
2025 BUDGET STRATEGY
The District was formed in late 2006. The District has joined with Solaris Metropolitan District
No. 1 and Solaris Metropolitan District No. 3 in adopting a consolidated service plan. Under this
consolidated service plan, Solaris Metropolitan District No. 1 is the “service district” and Solaris
Metropolitan Districts No. 2 and No. 3 are the “financing districts.”
As such, Solaris Metropolitan District No.1 is responsible for managing the construction and
operation of facilities and improvements needed for the Solaris Metro Districts No. 2 and No. 3
areas. Initially Solaris Metropolitan District No. 1 issued $30,560,000 property tax revenue
variable rate bonds on March 25, 2008 to be repaid with revenues pledged by Solaris
Metropolitan District No. 2 and No. 3. During 2013 Solaris Metropolitan District No. 2 issued
bonds and transferred the proceeds to District No. 1 and District No. 1’s 2008 bonds were paid
off. During 2016 Solaris Metropolitan District No. 3 issued bonds and transferred the proceeds
to District No. 2 and District No. 2’s 2013 bonds were paid off. During 2021 District No. 3
entered into a loan agreement in order to refund the 2016 bonds. Solaris Metropolitan District
No. 2 and No. 3 levy a debt service mill levy to pay the debt service on District No. 3’s 2021
loan.
Operating expenses are funded pursuant to an Operating Agreement between Solaris
Metropolitan District Nos. 1, 2 and 3. District No. 1 performs the operations and the operating
expenses are funded through property tax revenues collected by the “financing” districts (No. 2
and No. 3) and paid to District No. 1.
Page 1 of 5
RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 2
TO ADOPT 2025 BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND
AND ADOPTING A BUDGET FOR THE SOLARIS METROPOLITAN DISTRICT NO. 2,
COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF
JANUARY 2025 AND ENDING ON THE LAST DAY OF DECEMBER 2025.
WHEREAS, the Board of Directors of the Solaris Metropolitan District No. 2 has appointed a
budget committee to prepare and submit a proposed 2025 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, 2024, and interested taxpayers were given the opportunity to file or
register any objections to said proposed budget; and;
WHEREAS, whatever increases may have been made in the expenditures, like increases were
added to the revenues or planned to be expended from reserves/fund balances so that the budget
remains in balance, as required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board of directors of the Solaris Metropolitan
District No. 2, Eagle County, Colorado:
Section 1. That the budget as submitted, amended, and summarized by fund, hereby is
approved and adopted as the budget of the Solaris Metropolitan District No. 2 for
the year stated above, as 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 years budget and the
budgeted beginning fund balance for next years 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 SOLARIS METROPOLITAN DISTRICT NO. 2 (CONTINUED)
TO SET MILL LEVIES
A RESOLUTION LEVYING PROPERTY TAXES FOR THE YEAR 2024, TO HELP DEFRAY
THE COSTS OF GOVERNMENT FOR THE SOLARIS METROPOLITAN DISTRICT NO. 2,
EAGLE COUNTY, COLORADO, FOR THE 2025 BUDGET YEAR.
WHEREAS, the Board of Directors of the Solaris Metropolitan District No. 2, has adopted the
annual budget in accordance with the Local Government Budget Law, on October 24, 2024 and;
WHEREAS, the amount of money necessary to balance the budget for general operating expenses
and capital expenditure purposes from property tax revenue is $752,366.75 and;
WHEREAS, the Solaris Metropolitan District No. 2 hereby documents its intent to preserve its
voter approved mill levy rate 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 $1,423,351.18, and;
WHEREAS, the 2024 valuation for assessment for the Solaris Metropolitan District No. 2, as
certified by the County Assessor is $31,678,600.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Solaris Metropolitan
District No. 2, EAGLE COUNTY, COLORADO:
Section 1. That for the purposes of meeting all general operating expenses of the Solaris
Metropolitan District No. 2 during the 2025 budget year, there is hereby levied a
tax of 23.750 mills upon each dollar of the total valuation for assessment of all
taxable property within the District for the year 2024.
Section 2. That for the purposes of rendering a temporary credit/refund to its constituents
during budget year 2025 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 2024.
Section 3. That for the purpose of meeting all capital expenditures of the Solaris Metropolitan
District No. 2 during the 2025 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 2024.
Page 3 of 5
RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 2 (CONTINUED)
TO SET MILL LEVIES (CONTINUED)
Section 4. That for the purpose of meeting all payments for bonds and interest of the Solaris
Metropolitan District No. 2 during the 2025 budget year, there is hereby levied a
tax of 44.931 mills upon each dollar of the total valuation for assessment of all
taxable property within the District for the year 2024.
Section 5. That for the purpose of recouping refunds and abatements of the Solaris
Metropolitan District No. 2 during the 2025 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 2024.
Section 6. That any officer or the District Administrator is hereby authorized and directed to
either immediately certify to the County Commissioners of Eagle County,
Colorado, the mill levies for the Solaris Metropolitan District No. 2 as hereinabove
determined and set, or be authorized and directed to certify to the County
Commissioners of Eagle County, Colorado, the mill levies for the Solaris
Metropolitan District No. 2 as hereinabove determined and set based upon the final
(December) certification of valuation from the county assessor.
(THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK)
Page 4 of 5
RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 2 (CONTINUED)
TO APPROPRIATE SUMS OF MONEY
(PURSUANT TO SECTION 29-1-108, C.R.S.)
A RESOLUTION APPROPRIATING SUMS OF MONEY TO THE VARIOUS FUNDS AND
SPENDING AGENCIES, IN THE AMOUNT AND FOR THE PURPOSE AS SET FORTH
BELOW, FOR THE SOLARIS METROPOLITAN DISTRICT NO. 2, EAGLE COUNTY,
COLORADO, FOR THE 2025 BUDGET YEAR.
WHEREAS, the Board of Directors has adopted the annual budget in accordance with the Local
Government Budget Law, on October 24, 2024, and;
WHEREAS, the Board of Directors has made provision therein for revenues in an amount equal
or greater to the total proposed expenditures as set forth in said budget, and;
WHEREAS, it is not only required by law, but also necessary to appropriate the revenues and
reserves or fund balances provided in the budget to and for the purposes described below, thereby
establishing a limitation on expenditures for the operations of the District.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
SOLARIS METROPOLITAN DISTRICT NO. 2, EAGLE COUNTY, COLORADO:
Section 1. That the following sums are hereby appropriated from the revenues of each fund,
to each fund, for the purposes stated:
GENERAL FUND:
Operations Expenditures $811,652
TOTAL GENERAL FUND $811,652
DEBT SERVICE FUND:
Debt Service Expenditures $1,523,635
TOTAL DEBT SERVICE FUND: $1,523,635
(THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK)
Page 5 of 5
RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 2 (CONTINUED)
TO ADOPT 2025 BUDGET, SET MILL LEVIES AND
APPROPRIATE SUMS OF MONEY
(CONTINUED)
The above resolutions to adopt the 2025 budget, set the mill levies and to appropriate sums of
money were adopted this 24th day of October, 2024.
Attest: ________________________________
Title: Chairman
SOLARIS METROPOLITAN DISTRICT # 2 Printed: 1/25/25STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE ModifiedBUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATEDAccrual BasisCal Yr Cal Yr Cal Yr 8 Months 8 Months Cal YrGENERAL FUND 2023 2024 2024Variance Cal Yr Ended EndedVariance 2025Audited Adopted Amended Favorable 202408/31/24 08/31/24 Favorable Adopted BUDGETActualBudgetBudget(Unfav)ForecastActualBudget(Unfav)BudgetASSUMPTIONSAssessed Valuation 30,680,560 31,702,520 31,702,520 0 31,702,520 31,678,600Final AV Allowance for Protests/AbatementsService Obligation Mill Levy 10.000 23.750 23.750 23.750 23.750Advance Note Mill Levy 0.000 0.000 0.000 0.000 0.000REVENUES SMD #2 Prop Tax - Service Obligation 307,020 752,935 752,935 0 752,935 747,741 677,641 70,100 752,367 SMD #2 Prop Tax - Advance Note 000 0 00000 SMD #2 Prop Tax - State Backfill 14,851 0 14,851 14,851 0 14,851 0 SMD #2 SO Tax - Service Ob & Adv Note 17,594 37,647 41,411 0 41,411 21,462 25,098 (3,636) 41,380 5.5% of Prop. Taxes SMD #1 Expense Reimbursement 10,081 10,200 10,200 0 10,200 4,459 4,870 (412) 10,405 Interest Income 6,862 700 5,500 0 5,500 5,057 467 4,590 700TOTAL REVENUES 341,556 801,482 824,897 0 824,897 793,570 708,076 85,494 804,852EXPENDITURES Insurance 4,256 4,700 4,700 241 4,459 4,459 4,870 412 4,905 Advance repayment 0 0 0 000000 Audit 5,8255,5005,500 05,5000005,500Per Engage Ltr Election 000 0 00000 Legal 0 0 0 000000 Office Supplies 000 0 00000 Treasurer's Fees - Service Ob & Adv Note 9,215 22,588 23,034 0 23,034 22,607 20,329 (2,278) 22,571 3% of Prop. Taxes Operations Costs Payment to SMD No. 1 315,533 767,994 786,163 (0) 786,164 762,183 691,194 (70,989) 771,176 Xfer Prop Tax Advance Note Payments to SMD No. 1 000 0 00000Xfer Prop Tax Contingency Allowance 0 7,500 7,500 7,50000007,500TOTAL EXPENDITURES 334,828 808,282 826,8977,741 819,156 789,249 716,393 (72,855) 811,652REVENUE OVER (UNDER) EXPEND. 6,728 (6,800)(2,000) 7,741 5,741 4,322(8,318) 12,639 (6,800)OTHER SOURCES AND (USES)Advance/Loan to District 1 to be Repaid00TOTAL OTHER SOURCES & (USES) 0 0 0 000000FUND BALANCE - BEGINNING 56,117 62,617 62,845 0 62,845 62,845 62,617 227 68,586FUND BALANCE - ENDING 62,845 55,817 60,845 7,741 68,586 67,166 54,300 12,866 61,786No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.= = = = = = =Page 2
SOLARIS METROPOLITAN DISTRICT # 2 Printed: 1/25/25 ModifiedSTATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Accrual BUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATEDBasisCal Yr Cal Yr Cal Yr 8 Months 8 Months Cal YrDEBT SERVICE FUND 2023 2024 2024Variance Cal Yr Ended EndedVariance 2025Audited Adopted Amended Favorable 202408/31/24 08/31/24 Favorable Adopted BUDGETActual Budget Budget (Unfav) Forecast Actual Budget (Unfav) Budget ASSUMPTIONSAssessed Valuation 30,680,560 31,702,520 31,702,520 0 31,702,520 31,678,600Final AVAllowance for Protests/Abatements 0Senior Debt Service Mill Levy 45.806 45.348 45.348 45.348 44.931Subordinate Debt Mill Levy 0.000 0.000 0.000 0.000 0.000REVENUES SMD #2 Prop Tax - Senior Debt Service 1,406,334 1,437,646 1,437,646 0 1,437,646 1,427,729 1,437,646 (9,916) 1,423,351 SMD #2 Prop Tax - Subordinate Debt Svc 0 0 0 0 0 0 0 0 0 Specific Ownership Taxes 80,592 71,882 79,071 0 79,071 40,980 47,922 (6,942) 78,284 5.5% of Prop. Taxes SMD #3 Property Tax Transfer000 0 00000 Developer Advance 0 0 0 000000 Interest Income 17,828 2,000 12,000 0 12,000 9,059 1,333 7,725 12,000TOTAL REVENUES 1,504,754 1,511,528 1,528,716 0 1,528,716 1,477,768 1,486,901 (9,133) 1,513,635EXPENDITURES Senior Bond Costs Payment to SMD #3 1,445,331 1,468,399 1,485,587 0 1,485,587 1,426,947 1,443,771 16,824 1,470,935 Xfer Prop Tax Sub Bond Costs Payment to SMD #3 0 0 0 000000Xfer Prop Tax Treasurer's Fees 42,208 43,129 43,129 0 43,129 43,166 43,129 (37) 42,701 3% of Prop. Taxes Cash Management Fee 0 0 0 000000 Contingency10,000 10,000 10,000 0 0 0 10,000 Allow for SO VarianTOTAL EXPENDITURES 1,487,5391,521,528 1,538,716 10,0001,528,716 1,470,114 1,486,901 16,787 1,523,635REVENUE OVER (UNDER) EXPEND. 17,215 (10,000) (10,000) 10,000 0 7,654 0 7,654 (10,000)OTHER SOURCES/(USES) Xfer from No. 3 Bond Proceeds 0 0 0 Proceeds from Bond Issuance00 Payment to SMD #3000 Payment from SMD #1 for Special Fund00 Payment from SMD #1 for Bond Reserve Fund00 Cost of Issuance00 TOTAL OTHER FINANCING SOURCES 0 0 0 000000FUND BALANCE - BEGINNING 77,148 77,148 94,363 0 94,363 94,363 77,148 17,215 94,363FUND BALANCE - ENDING 94,363 67,148 84,363 10,000 94,363 102,017 77,148 24,869 84,363No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.= = = = = = =Components of Fund Balance: Developer Loan Special Fund 0 0 0 0 0 Bond Reserve Fund 0 0 0 0 0 Other 67,148 84,363 10,000 94,363 84,363 Total 67,148 84,363 10,000 94,363 84,363Page 3
SOLARIS METROPOLITAN DISTRICT NO. 3
2025 BUDGET MESSAGE
Solaris Metropolitan District No. 3 is a quasi-municipal corporation organized and operated
pursuant to provisions set forth in the Colorado Special District Act. The District was
established to supply the necessary public improvements and related operation and maintenance
services as such power and authority is described in the Colorado Special District Act, and other
applicable statutes.
The District has no employees and all operations and administrative functions are contracted.
The following budget is prepared on the modified accrual basis of accounting, which is
consistent with the basis of accounting used in presenting the District's financial statements.
2025 BUDGET STRATEGY
The District was formed in late 2006. The District has joined with Solaris Metropolitan District
No. 1 and Solaris Metropolitan District No. 2 in adopting a consolidated service plan. Under this
consolidated service plan, Solaris Metropolitan District No. 1 is the “service district” and Solaris
Metropolitan Districts No. 2 and No. 3 are the “financing districts.”
As such, Solaris Metropolitan District No.1 is responsible for managing the construction and
operation of facilities and improvements needed for the Solaris Metro Districts No. 2 and No. 3
areas. Initially Solaris Metropolitan District No. 1 issued $30,560,000 property tax revenue
variable rate bonds on March 25, 2008 to be repaid with revenues pledged by Solaris
Metropolitan District Nos. 2 and 3. During 2013 Solaris Metropolitan District No. 2 issued
bonds and transferred the proceeds to District No. 1 and District No. 1’s 2008 bonds were paid
off. During 2016 Solaris Metropolitan District No. 3 issued bonds and transferred the proceeds
to District No. 2 and District No. 2’s 2013 bonds were paid off. During 2021 District No. 3
entered into a loan agreement in order to refund the 2016 bonds. Solaris Metropolitan District
No. 2 and No. 3 levy a debt service mill levy to pay the debt service on District No. 3’s 2016
bonds.
Operating expenses are funded pursuant to an Operating Agreement between Solaris
Metropolitan District Nos. 1, 2 and 3. District No. 1 performs the operations and the operating
expenses are funded through property tax revenues collected by the “financing” districts (No. 2
and No. 3) and paid to District No. 1.
Page 1 of 5
RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 3
TO ADOPT 2025 BUDGET
A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND
AND ADOPTING A BUDGET FOR THE SOLARIS METROPOLITAN DISTRICT NO. 3,
COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF
JANUARY 2025 AND ENDING ON THE LAST DAY OF DECEMBER 2025.
WHEREAS, the Board of Directors of the Solaris Metropolitan District No. 3 has appointed a
budget committee to prepare and submit a proposed 2025 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, 2024, and interested taxpayers were given the opportunity to file or
register any objections to said proposed budget; and;
WHEREAS, whatever increases may have been made in the expenditures, like increases were
added to the revenues or planned to be expended from reserves/fund balances so that the budget
remains in balance, as required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board of directors of the Solaris Metropolitan
District No. 3, Eagle County, Colorado:
Section 1. That the budget as submitted, amended, and summarized by fund, hereby is
approved and adopted as the budget of the Solaris Metropolitan District No. 3 for
the year stated above, as 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 years budget and the
budgeted beginning fund balance for next years 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 SOLARIS METROPOLITAN DISTRICT NO. 3 (CONTINUED)
TO SET MILL LEVIES
A RESOLUTION LEVYING PROPERTY TAXES FOR THE YEAR 2024, TO HELP DEFRAY
THE COSTS OF GOVERNMENT FOR THE SOLARIS METROPOLITAN DISTRICT NO. 3,
EAGLE COUNTY, COLORADO, FOR THE 2025 BUDGET YEAR.
WHEREAS, the Board of Directors of the Solaris Metropolitan District No. 3, has adopted the
annual budget in accordance with the Local Government Budget Law, on October 24, 2024 and;
WHEREAS, the amount of money necessary to balance the budget for general operating expenses
and capital expenditure purposes from property tax revenue is $216,632.54 and;
WHEREAS, the Solaris Metropolitan District No. 3 hereby documents its intent to preserve its
voter approved mill levy rate 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 $172,776.99, and;
WHEREAS, the 2024 valuation for assessment for the Solaris Metropolitan District No. 3, as
certified by the County Assessor is $9,121,370.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Solaris Metropolitan
District No. 3, EAGLE COUNTY, COLORADO:
Section 1. That for the purposes of meeting all general operating expenses of the Solaris
Metropolitan District No. 3 during the 2025 budget year, there is hereby levied a
tax of 23.750 mills upon each dollar of the total valuation for assessment of all
taxable property within the District for the year 2024.
Section 2. That for the purposes of rendering a temporary credit/refund to its constituents
during budget year 2025 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 2024.
Section 3. That for the purpose of meeting all capital expenditures of the Solaris Metropolitan
District No. 3 during the 2025 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 2024.
Page 3 of 5
RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 3 (CONTINUED)
TO SET MILL LEVIES (CONTINUED)
Section 4. That for the purpose of meeting all payments for bonds and interest of the Solaris
Metropolitan District No. 3 during the 2025 budget year, there is hereby levied a
tax of 18.942 mills upon each dollar of the total valuation for assessment of all
taxable property within the District for the year 2024.
Section 5. That for the purpose of recouping refunds and abatements of the Solaris
Metropolitan District No. 3 during the 2025 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 2024.
Section 6. That any officer or the District Administrator is hereby authorized and directed to
either immediately certify to the County Commissioners of Eagle County,
Colorado, the mill levies for the Solaris Metropolitan District No. 3 as hereinabove
determined and set, or be authorized and directed to certify to the County
Commissioners of Eagle County, Colorado, the mill levies for the Solaris
Metropolitan District No. 3 as hereinabove determined and set based upon the final
(December) certification of valuation from the county assessor.
(THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK)
Page 4 of 5
RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 3 (CONTINUED)
TO APPROPRIATE SUMS OF MONEY
(PURSUANT TO SECTION 29-1-108, C.R.S.)
A RESOLUTION APPROPRIATING SUMS OF MONEY TO THE VARIOUS FUNDS AND
SPENDING AGENCIES, IN THE AMOUNT AND FOR THE PURPOSE AS SET FORTH
BELOW, FOR THE SOLARIS METROPOLITAN DISTRICT NO. 3, EAGLE COUNTY,
COLORADO, FOR THE 2025 BUDGET YEAR.
WHEREAS, the Board of Directors has adopted the annual budget in accordance with the Local
Government Budget Law, on October 24, 2024, and;
WHEREAS, the Board of Directors has made provision therein for revenues in an amount equal
or greater to the total proposed expenditures as set forth in said budget, and;
WHEREAS, it is not only required by law, but also necessary to appropriate the revenues and
reserves or fund balances provided in the budget to and for the purposes described below, thereby
establishing a limitation on expenditures for the operations of the District.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
SOLARIS METROPOLITAN DISTRICT NO. 3, EAGLE COUNTY, COLORADO:
Section 1. That the following sums are hereby appropriated from the revenues of each fund,
to each fund, for the purposes stated:
GENERAL FUND:
Operations Expenditures $244,143
TOTAL GENERAL FUND $244,143
DEBT SERVICE FUND:
Debt Service Expenditures $1,640,059
TOTAL DEBT SERVICE FUND: $1,640,059
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Page 5 of 5
RESOLUTIONS OF SOLARIS METROPOLITAN DISTRICT NO. 3 (CONTINUED)
TO ADOPT 2025 BUDGET, SET MILL LEVIES AND
APPROPRIATE SUMS OF MONEY
(CONTINUED)
The above resolutions to adopt the 2025 budget, set the mill levies and to appropriate sums of
money were adopted this 24th day of October, 2024.
Attest: ________________________________
Title: Chairman
SOLARIS METROPOLITAN DISTRICT NO. 3Printed:1/25/25STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE ModifiedBUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED Accrual BasisCal Yr Cal Yr 8 Months 8 Months Cal YrGENERAL FUND 2023 2024Variance Cal Yr Ended EndedVariance 2025Audited Adopted Favorable 2024 08/31/24 08/31/24 Favorable Adopted BUDGETActualBudget(Unfav)ForecastActualBudget(Unfav)Budget ASSUMPTIONSAssessed Valuation SMD No. 3 7,166,660 9,096,810 9,096,810 9,121,370 Final AVService Obligation Mill Levy 10.000 23.750 23.750 23.750Advance Note Levy 0.000 0.000 0.000 0.000REVENUES SMD #3 Prop Tax - Service Obligation 72,395 216,049 0 216,049 216,314 214,549 1,765 216,633 SMD #3 Prop Tax - Advance Note 00 0 0 0000 SMD #3 Prop Tax - State Backfill 3,307 3,307 3,307 0 3,307 0 SMD #3 SO Tax - Service Ob & Adv Note 4,107 10,802 0 10,802 6,149 7,202 (1,053) 11,915 5.5% of Prop. Taxes SMD #1 Expense Reimbursement 8,954 10,100 (218) 9,882 4,382 5,350 (968) 10,595 Interest Income 296 200 100 300 194 133 61 200TOTAL REVENUES 85,752 237,152 3,189 240,341 230,346 227,234 3,112 239,343EXPENDITURES Insurance 4,204 4,600 218 4,382 4,382 4,600 218 4,820 Directors Fees & Payroll Taxes 00 0 0 0000 Advance repayment 0 0 0 00000 Audit 4,750 5,500 0 5,500 0 0 0 5,775 Per Engage Ltr Election 00 0 0 0000 Legal 0 0 0 00000 Office Supplies 00 0 0 0000 Treasurer's Fees - Service Obligation 2,172 6,481 (99) 6,581 6,546 6,436 (109) 6,499 3% of Prop. Taxes Operations Costs Payment to SMD No. 1 74,341 220,370 (3,208) 223,578 220,559 220,370 (189) 222,048 Xfer Prop Tax Advance Note Payment to SMD No. 1 00 0 0 0000Xfer Prop Tax Contingency Allowance 0 5,000 5,000 0 0 0 0 5,000TOTAL EXPENDITURES 85,467 241,952 1,911 240,041 231,487 231,407 (81) 244,143REVENUE OVER (UNDER) EXPEND. 285 (4,800) 5,100 300 (1,141) (4,172) 3,032 (4,800)OTHER SOURCES AND (USES)TOTAL OTHER SOURCES & (USES) 0 0 0 00000FUND BALANCE - BEGINNING 13,627 13,977 (350) 13,627 13,912 13,977 (65) 13,927FUND BALANCE - ENDING 13,912 9,177 4,750 13,927 12,772 9,805 2,967 9,127No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.= = = = = = =PAGE 2
SOLARIS METROPOLITAN DISTRICT NO. 3Printed:1/25/25STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE ModifiedBUDGET, ACTUAL AND FORECAST FOR THE PERIODS INDICATED Accrual BasisCal Yr Cal Yr 8 Months 8 Months Cal YrDEBT SERVICE FUND 2023 2024Variance Cal Yr Ended EndedVariance 2025Audited Adopted Favorable 2024 08/31/24 08/31/24 Favorable Adopted BUDGETActual Budget (Unfav) Forecast Actual Budget (Unfav) Budget ASSUMPTIONSAssessed Valuation SMD No. 3 7,166,660 9,096,810 0 9,096,810 9,121,370Percent IncreaseAssessed Valuation SMD No. 2 30,680,560 31,702,520 31,702,520 31,678,600Percent IncreaseDebt Service Mill Levy23.830 19.184 0 19.184 18.942REVENUES SMD No. 3 Prop Tax - Debt Service 172,322 174,513 0 174,513 174,754 171,023 3,731 172,777 Specific Ownership Taxes 9,775 8,726 0 8,726 4,968 5,090 (122) 9,503 5.5% of Prop. Taxes Prop Tax Xfer fr SMD No. 2 for Senior Bond1,445,331 1,468,399 17,188 1,485,587 1,426,947 1,453,715 (26,767) 1,470,935 Per No. 2 Bgt Prop Tax Xfer fr SMD No. 2 for Sub Bonds 00 0 0 0000 Interest Income 30,006 12,500 17,500 30,000 26,077 8,333 17,743 12,500TOTAL REVENUES 1,657,434 1,664,138 34,688 1,698,826 1,632,746 1,638,161 (5,415) 1,665,715EXPENDITURES Interest Bond Series 2016A/2021 957,506 939,472 0 939,472 469,736 469,736 0 919,876 Principal Bond Series 2016A/2021 635,000 690,000 0 690,000 0 0 0 705,000 Interest Bond Series 2016B 0 0 0 00000 Principal Bond Series 2016B 0 0 0 0 0 0 Bond Costs Payment to SMD No. 2 00 0 0 0000 Treasurer's Fees 5,170 5,235 0 5,235 5,288 5,131 (158) 5,183 3% of Prop. Taxes Cash Management/Trustee Fees 0 0 0 00000 Annual Surveilance Fee 0 0 0 00000 Contingency 0 10,000 10,000 0 0 0 0 10,000TOTAL EXPENDITURES 1,597,676 1,644,707 10,000 1,634,707 475,024 474,867 (158) 1,640,059REVENUE OVER (UNDER) EXPEND. 59,758 19,430 44,688 64,118 1,157,722 1,163,294 (5,573) 25,655OTHER SOURCES/(USES) Proceeds from Developer Note 0 0 0 0 Bond/Loan Proceeds 0 0 0 0 Bond Proceeds Series B 0 0 0 0 Xfer From No. 2 0 0 0 0 Xfer to No. 1 for Developer Advances 0 0 0 0 Cost of Issuance 0 0 0 0 Xfer to SMD No. 2 to Refund 2013 Bonds 0 0 0 0 Debt Service Reserve Fund 0 0 0 0 Deposit to Surplus Fund 0 0 0 0 Transfer to Refunding Escrow 0 0 0 0 TOTAL OTHER FINANCING SOURCES 0 0 0 00000FUND BALANCE - BEGINNING 1,214,970 1,755,375 (480,647) 1,274,728 1,274,728 1,755,375 (480,647) 1,338,847FUND BALANCE - ENDING 1,274,728 1,774,806 (435,959) 1,338,847 2,432,450 2,918,670 (486,220) 1,364,502No assurance is provided on these financial statements; substantially all disclosures required by GAAP omitted.= = = = = = =Components of Fund Balance: Bond Reserve Fund 0 1,125,788 0 1,125,788 1,123,911 1,125,788 Bond Surplus Fund 0 0 0 Other 1,274,728 649,018 -435,959 213,059 1,308,539 238,714 Total 1,274,728 1,774,806 -435,959 1,338,847 2,432,450 1,364,502PAGE 3