Document Monument_doc_1c10ea4c7e

Town of Monument, Colorado Financial Statements with Independent Auditor’s Report December 31, 2022 with Comparative Totals for December 31, 2021 ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO Basic Financial Statements December 31, 2022 BOARD OF TRUSTEES Mayor Don Wilson Mayor Pro Tem Kelly Elliott Trustee Mitchell LaKind Trustee Redmond Ramos Trustee Jim Romanello Trustee Darcy Schoening Trustee Ron Stephens ADMINISTRATIVE STAFF Mike Foreman ʹ Town Manager Monica Hirjoi ʹ Interim Treasurer/Finance Laura Hogan ʹ Town Clerk Thomas Tharnish ʹ Public Works Director Timothy Johnson ʹ Interim Police Chief Shelia Booth ʹ Planning Director Erica Romero - Director of Operations Madeline VanDenHoek - Director of Parks and Community Partnerships ---PAGE BREAK--- Town of Monument, Colorado Table of Contents December 31, 2022 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 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 7 Statement of Revenues, Expenditures and Changes in Fund Balance 8 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance of Governmental Funds to the Statement of Activities 9 Proprietary Fund Statement of Net Position 10 Statement of Revenues, Expenses and Changes in Net Position 11 Statement of Cash Flows 12 Notes to Financial Statements 13 Required Supplementary Information Budgetary Comparison Schedules General Fund 34 Capital Projects Fund 35 2A Water ASD Fund 36 Police Officers Statewide Defined Benefit Pension Plan - FPPA Police Officers Statewide Defined Benefit Pension Plan 37 Notes to Required Supplementary Information 38 Supplementary Information Nonmajor Governmental Funds Combining Balance Sheet 39 Combining Statement of Revenues, Expenditures and Changes in Fund Balance 40 Budgetary Comparison Schedules 2F Police Fund 41 Community Development Fund 42 Conservation Trust Fund 43 Traffic Impact Fee Fund 44 (Continued) ---PAGE BREAK--- Town of Monument, Colorado Table of Contents December 31, 2022 (Continued) Budgetary Comparison Schedules (Continued) Storm Drainage Impact Fee Fund 45 Park Fee 46 Water Fund 47 Compliance Section State Compliance Local Highway Finance Report 48 ---PAGE BREAK--- Independent Auditor’s Report Town Council Town of Monument, Colorado Monument, Colorado Report on the Audit of the Financial Statements Opinions We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Town of Monument, Colorado (the Town) as of and for the year ended December 31, 2022, and the related notes to the financial statements, which collectively comprise the Town’s basic financial statements, as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Town as of December 31, 2022, and the respective changes in financial position, and, where applicable, cash flows 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) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. 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 Town 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. Denver Office: 750 W. Hampden Avenue Suite 400 Englewood, Colorado 80110 TEL: [PHONE REDACTED] FAX: [PHONE REDACTED] www.HinkleCPAs.com Office Locations: Colorado Springs, CO Denver, CO Tulsa, OK ---PAGE BREAK--- Town Council Town of Monument, Colorado 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 and Government Auditing Standards 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 and Government Auditing Standards, 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 Town’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 Town’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. ---PAGE BREAK--- Town Council Town of Monument, Colorado Page 3 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, 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. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Town’s basic financial statements. The supplementary information listed in the table of contents are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information listed in the table of contents is fairly stated, in all material respects, in relation to the basic financial statements as a whole. Englewood, Colorado May 26, 2023 ---PAGE BREAK--- Town of Monument, Colorado Management’s Discussion and Analysis December 31, 2022 i This discussion and analysis of the Town of Monument’s financial performance provides an overview of the Town’s financial activities for the fiscal year ended December 31, 2022. Please read it in conjunction with the Town’s financial statements. This report contains other supplementary information in addition to the basic financial statements themselves. Financial Highlights  The assets of the Town of Monument exceeded its liabilities at the close of 2022 by $44,388,630 (net position).  The Town of Monument’s total net position increased by $9,088,923, which was higher than the increase in 2021 of $5,001,711.  At December 31, 2022, the Town of Monument’s governmental funds reported combined ending fund balances of $16,605,392 an increase of $4,698,353 in comparison with the prior year. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the Town of Monument’s basic financial statements. The Town of Monument’s basic financial statements comprise three components: 1) the government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-wide Financial Statements. The government-wide financial statements are designed to provide readers with a broad overview of the Town of Monument’s finances, in a manner similar to a private-sector business. The statement of net position presents information on all the Town of Monument’s assets, liabilities, and deferred inflows of resources, with the difference 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 Town of Monument is improving or deteriorating. The statement of activities presents information showing how the Town of Monument’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event 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 uncollected taxes and earned but unused vacation leave). Both of the government-wide financial statements distinguish functions of the Town of Monument that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the Town of Monument include general government, public safety (law enforcement & court), public works (streets, parks and recreation, cemetery) and planning. The business-type activities of the Town of Monument include water. ---PAGE BREAK--- Town of Monument, Colorado Management’s Discussion and Analysis December 31, 2022 ii 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 Town of Monument, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All the Town’s funds can be divided into two categories: governmental funds and proprietary funds. 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 governmental-wide financial statements, governmental fund statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Most of the Town’s basic services are reported in governmental funds and use the modified accrual basis of accounting. 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 governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balance provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. Proprietary fund. The Town’s one proprietary fund is the enterprise fund. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. Propriety funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide information for the Town’s water fund. Notes to 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. Other Information. In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the Town of Monument’s general and 2A water funds. These budget comparisons schedules can be found on pages 26 and 27 of this report. The combining and individual fund financial statements and schedules are presented immediately following the required supplementary information. ---PAGE BREAK--- Town of Monument, Colorado Management’s Discussion and Analysis December 31, 2022 iii Government-wide Financial Analysis As previously stated, net assets may serve over time as a useful indicator of a government’s financial position. In the case of the Town of Monument, assets exceeded liabilities by $44,388,630 at the end of 2022 and at the end of 2021 by $35,299,707 (as restated), resulting in an increase in Total Net Position of $9,088,923. 2022 2021 2022 2021 Governmental Activities Governmental Activities Business-type Activities Business-type Activities 2022 Total 2021 Total Current and other assets $19,323,902 $14,499,216 $20,737,208 $22,660,381 $ 40,061,110 $ 37,159,597 Capital assets, net 9,041,279 9,088,803 19,622,904 13,698,858 28,664,183 22,787,661 Total assets 28,365,181 23,588,019 40,360,112 36,359,239 68,725,293 59,947,258 Long term liabilities 444,423 461,572 20,550,377 21,216,254 20,994,800 21,677,826 Other liabilities 1,202,165 1,512,008 821,105 1,366,591 2,023,270 2,878,599 Total liabilities 1,646,588 1,973,580 21,371,482 22,582,845 23,018,070 24,556,425 Deferred Resources Deferred Inflow of Resources 1,541,338 1,225,306 - - 1,541,338 1,225,306 Deferred Outflow of Resources 222,745 - - - 222,745 - Net Position Net investment in capital assets 8,831,719 8,756,600 (1,540,325) 10,122,872 7,291,394 18,879,472 Restricted 291,253 216,640 689,475 677,619 980,728 894,259 Unrestricted 16,277,028 11,415,893 19,839,480 2,975,903 36,116,508 14,391,796 Total net position $25,400,000 $20,389,133 $18,988,630 $13,776,394 $44,388,630 $34,165,527 The largest portion of the Town of Monument’s net position $7,291,394 reflects its investment in capital assets (e.g. land, buildings, infrastructure, vehicles, equipment, etc.), less any related outstanding debt used to acquire those assets. The Town uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the Town’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources since the capital assets themselves cannot be used to liquidate these liabilities. A small portion of the Town of Monument’s net position, $980,728, represents resources that are subject to external restriction on how they may be used. The remaining unrestricted balance is $36,116,508. ---PAGE BREAK--- Town of Monument, Colorado Management’s Discussion and Analysis December 31, 2022 iv Changes in Net Position The Town’s net position increased $9,088,923 during 2022. Governmental Activities reported a $2,531,728 increase in revenue, with sales tax revenue and other taxes being the largest contributors. CHANGES IN NET POSITION 2022 Governmental Activities 2021 Governmental Activities 2022 Business Type Activities 2021 Business Type Activities 2022 Total 2021 Total Revenues: Program revenues: Charges for Services $885,146 $845,533 $2,292,841 $2,565,904 $3,170,696 $3,411,437 Operating Grants & Contributions 1,790,863 1,105,642 - - 1,790,863 1,105,642 Capital Grants & Contributions 96,280 63,946 3,265,350 2,139,960 3,361,630 2,203,906 General revenues: Property taxes 1,346,383 1,222,991 - - 1,346,383 1,222,991 Sales taxes 10,147,196 7,895,195 567,278 455,438 10,714,474 8,350,633 Franchise taxes 492,899 447,731 - - 492,898 447,731 Other Taxes 903,848 915,017 - - 903,848 915,017 Investment income 121,032 5,601 246,608 12,031 367,640 17,632 Other Misc (6,433) 36,061 92,768 76,179 86,335 112,240 Transfers (669,104) 38,665 669,104 (38,665) - - Total revenues 15,108,110 12,576,382 7,133,949 5,210,847 22,186,687 17,787,229 Expenses: General government 2,694,447 2,754,021 - - 2,694,447 2,754,021 Public safety 3,815,031 2,555,014 - - 3,815,031 2,555,014 Public works & parks 2,374,164 3,016,453 - - 2,374,164 3,016,453 Parks and recreation 1,085,549 - - - 1,085,549 - Capital Outlay 116,469 1.940,117 - - 116,469 1,940,117 Interest on long-term debt 11,583 7,657 610,644 640,824 622,227 648,481 Water - - 2,445,249 1,871,432 2,445,249 1,871,432 Total expenses 10,097,243 10,273,262 3,055,893 2,512,256 13,153,136 12,785,510 4,985,665 2,303,120 4,078,056 2,698,591 8,993,900 5,001,711 Net position, Beginning of year 20,389,133 18,086,013 13,776,394 11,077,803 29,163,816 29,163,816 Restatement of Beginning - - 1,134,180 - 1,134,180 - Net Position, End of year $25,400,000 20,389,133 $18,988,630 $13,776,394 $44,388,630 $34,165,527 ---PAGE BREAK--- Town of Monument, Colorado Management’s Discussion and Analysis December 31, 2022 v Governmental Activities Sales and use taxes are the Town’s largest revenue source at 64%. Operating grants and contributions are the second largest revenue source at 11% of the Town’s governmental activities revenue. Property taxes comprise the third largest revenue source of the Town’s at ---PAGE BREAK--- Town of Monument, Colorado Management’s Discussion and Analysis December 31, 2022 vi Business-type Activities Capital grants and contributions account for 51% of the Town’s revenue for business-type activities while charges for services accounted for 36%. Sales taxes account for 9% and the remaining interest income, and miscellaneous revenue accounts for 4% of total revenues. Financial Analysis of the Town’s Funds The Town of Monument uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements. Governmental Funds. The focus of the Town’s governmental funds is to provide information on near- term in-flows, out-flows, and balances of spendable resources. Such information is useful in assessing the Town’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. ---PAGE BREAK--- Town of Monument, Colorado Management’s Discussion and Analysis December 31, 2022 vii As of the end of the current fiscal year, the Town’s governmental funds reported combined ending fund balances of $16,605,392, an increase of $4,698,353 in comparison with the prior year. Of this amount, 38% ($6,427,368) constitutes unrestricted, unassigned fund balance, which is available for spending at the government’s discretion. The remainder of fund balance is categorized to indicate that it is not available for new spending because it is classified as one of the following: A) nonspendable for prepaids ($16,504), B) Restricted for Emergencies ($207,574), C) restricted for parks and recreation ($299,058), or D) committed ($9,654,888). The general fund is the chief operating fund of the Town. At the end of the current fiscal year, unassigned fund balance of the general fund was $6,427,368 while total fund balance amounted to $6,646,831. The fund balance of the Town’s general fund increased by $2,149,563 during the current fiscal year. Key factors in this change are as follows:  Increase in sales tax collections over the prior year.  Reduction of expenses for projects that were delayed during the current fiscal year that will be expended in the next fiscal year.  Purposefully working to increase the Town’s General Fund balance reserves. The fund balance of the Town’s 2A water fund increased by $807,095 during the current fiscal year. Key factors in this change are as follows:  Increase in sales tax collections over the prior year.  Capital Projects budgeted were pushed on to a future upcoming year. Proprietary Funds. As of the end of the current fiscal year, the Town’s water fund reported an ending net position of $18,988,630 an increase of $4,078,056 in comparison with the prior year. Of this amount, $19,839,480 constitutes unrestricted net position, which is available for spending. The remainder of net position is categorized to indicate that it is not available for new spending because it is classified as one of the following: A) net investment in capital assets ($1,540,325), or B) restricted for future water storage $689,475. As stated above, the net position of the water fund increased by $4,078,056 during the current fiscal year. Key factors in this change are as follows:  Increase in sales tax collections over the prior year.  Increase in tap fees over the prior year.  Reduction in expenses compared to budget in operations and maintenance. General Fund Budgetary Highlights The Town Council must approve increases in the expenditure budget for any fund. Line item budget transfers are allowed within a fund with the approval of the Town Manager. ---PAGE BREAK--- Town of Monument, Colorado Management’s Discussion and Analysis December 31, 2022 viii The General fund final budget included an increase in fund balance of $572,585 of which $76,624 due to approved of new Town Manager contract and the actual increase in fund balance was $2,149,563. Significant budgetary variances are as follows:  $878,002 additional tax revenue collected over budgeted. Capital Assets and Debt Administration Capital Assets. The Town of Monument’s investment in capital assets for its governmental and business- type activities as of December 31, 2022 totaled $28,664,183 (net of accumulated depreciation). Water fund capital assets represent 68% of this total. Major capital asset events during the current fiscal year included the following:  Governmental activities expenditures including $1,275,606 in street improvements.  Business-type activities including capital outlay of $5,882,521 in other equipment, $4,934, and equipment and vehicles $136,944. Note 5 of the financial statements provide a detailed summary of the Town’s capital assets. Long-term Debt. At the end of the current fiscal year, the Town had total long-term debt outstanding of $21,804,201. Of this amount, $564,728 was debt of governmental activities while $21,239,513 was debt of business-type activities. The Town’s long-term debt decreased by $688,229 during the current fiscal year. Note 6 of the financial statements provide a detailed summary on the Town’s long-term debt. Economic Factors and Next Year’s Budget The Town considered these factors in preparing the Town’s budget for the 2022 fiscal year:  The economic vitality of the Town  Inflationary effect on expenses  Legislative outlooks Requests for Information This financial report is designed to provide a general overview of the Town of Monument’s finances for all those with an interest in the Town’s finances. Questions concerning any of the information provided in this report or requests for additional financial information, may be addressed to the Town Treasurer at the Town of Monument, 645 Beacon Lite Road, Monument, Colorado, 80132. ---PAGE BREAK--- Basic Financial Statements ---PAGE BREAK--- 2021 Assets Cash and Investments $ 14,730,070 $ 19,826,248 $ 34,556,318 $ 32,808,636 Restricted Cash and Investments 83,679 689,475 773,154 720,696 Property Taxes Receivable 1,225,306 - 1,225,306 1,225,306 Sales and Other Receivable 2,767,563 - 2,767,563 2,100,082 Accounts Receivable 84,613 221,485 306,098 240,893 Prepaid Expenses 16,504 - 16,504 63,984 Net Pension Asset 416,167 - 416,167 - Capital Assets, Not being depreciated 1,961,744 8,409,752 10,371,496 10,878,747 Capital Assets, Net of accumulated depreciation 7,079,535 11,213,152 18,292,687 11,908,914 Total Assets 28,365,181 40,360,112 68,725,293 59,947,258 Deferred Outflows of Resources Deferred Outflows Related to Pensions 222,745 - 222,745 - Liabilities Accounts Payable 641,851 4,101 645,952 1,239,994 Accrued Salaries and Benefits 167,492 23,154 190,646 349,233 Accrued Interest 4,823 78,914 83,737 81,641 Developer Escrow and Deposits 267,694 25,800 293,494 393,087 Noncurrent Liabilities Due Within One Year 120,305 689,136 809,441 814,644 Due in More Than One Year 444,423 20,550,377 20,994,800 21,677,826 Total Liabilities 1,646,588 21,371,482 23,018,070 24,556,425 Deferred Inflows of Resources Deferred Property Taxes 1,225,306 - 1,225,306 1,225,306 Deferred Inflows Related to Pensions 316,032 - 316,032 - Total Deferred Inflows of Resources 1,541,338 - 1,541,338 1,225,306 Net Position Net Investment in Capital Assets 8,831,719 (1,540,325) 7,291,394 18,879,472 Restricted for Emergencies 207,574 - 207,574 173,626 Restricted for Parks and Recreation 83,679 - 83,679 43,014 Restricted for Future Water Storage - 689,475 689,475 677,619 Unrestricted, unreserved 16,277,028 19,839,480 36,116,508 14,391,796 Total Net Position $ 25,400,000 $ 18,988,630 $ 44,388,630 $ 34,165,527 Activities Activities 2022 Governmental Business-Type Town of Monument, Colorado Statement of Net Position December 31, 2022 With Comparative Totals for December 31, 2021 Total Primary Government See Notes to the Financial Statements. 4 ---PAGE BREAK--- 2022 2021 Primary Government Governmental Activities General Government $ 2,694,447 $ 420,107 $ 1,783,721 $ - $ (490,619) $ - $ (490,619) $ (1,255,127) Public Safety 3,815,031 53,331 7,142 - (3,754,558) - (3,754,558) (2,519,062) Public Works 2,374,164 301,358 - - (2,072,806) - (2,072,806) (1,776,251) Parks and Recreation 1,085,549 110,350 - 96,280 (878,919) - (878,919) (759,927) Capital Outlay 116,469 - - - (116,469) - (116,469) (1,940,117) Interest on Long-Term Debt 11,583 - - - (11,583) - (11,583) (7,657) Total Governmental Activities 10,097,243 885,146 1,790,863 96,280 (7,324,954) - (7,324,954) (8,258,141) Business-Type Activities Water 2,445,249 2,292,841 - 3,265,350 - 3,112,942 3,112,942 2,834,432 Interest on Long-Term Debt 610,644 - - - - (610,644) (610,644) (640,824) Total Business-Type Activities 3,055,893 2,292,841 - 3,265,350 - 2,502,298 2,502,298 2,193,608 Total Primary Government $ 13,153,136 $ 3,177,987 $ 1,790,863 $ 3,361,630 $ (7,324,954) $ 2,502,298 $ (4,822,656) $ (6,064,533) General Revenues Sales and Use Taxes 10,147,196 567,278 10,714,474 8,350,633 Property Taxes 1,346,383 - 1,346,383 1,222,991 Franchise Taxes 492,899 - 492,899 447,731 Auto Sales Taxes 540,317 - 540,317 543,239 Other Taxes 363,531 - 363,531 371,778 Investment Income 121,032 246,608 367,640 17,632 Miscellaneous (6,433) 92,768 86,335 112,240 Transfers (669,104) 669,104 - - Total General Revenues and Transfers 12,335,821 1,575,758 13,911,579 11,066,244 Change in Net Position 5,010,867 4,078,056 9,088,923 5,001,711 Net Position, Beginning of year 20,389,133 13,776,394 34,165,527 29,163,816 Restatement of Beginning Net Position - 1,134,180 1,134,180 - Restated December 31, 2021 Net Position 20,389,133 14,910,574 35,299,707 29,163,816 Net Position, End of year $ 25,400,000 $ 18,988,630 $ 44,388,630 $ 34,165,527 Town of Monument, Colorado Statement of Activities For the Year Ended December 31, 2022 With Comparative Totals for December 31, 2021 Program Revenues Net (Expense) Revenue and Change in Net Position Governmental Activities Business-Type Activities Total Operating Primary Government Functions/Programs Contributions Grants and Capital Expenses Services Charges for Grants and Contributions See Notes to the Financial Statements. 5 ---PAGE BREAK--- Assets Cash and Investments $ 4,760,689 $ 1,475,854 $ 7,020,804 $ 676,367 $ 796,356 $ 14,730,070 $ 11,064,426 Restricted Cash and Investments - - - - 83,679 83,679 43,077 Property Taxes Receivable 1,225,306 - - - - 1,225,306 1,225,306 Other Taxes Receivable 2,767,563 - - - - 2,767,563 2,100,082 Accounts Receivable 84,613 - - - - 84,613 2,341 Prepaid Expenses 11,889 - - 4,427 188 16,504 63,984 Total Assets $ 8,850,060 $ 1,475,854 $ 7,020,804 $ 680,794 $ 880,223 $ 18,907,735 $ 14,499,216 Liabilities Accounts Payable $ 641,851 $ - $ - $ - $ - $ 641,851 $ 678,649 Accrued Salaries and Benefits 68,378 - - 97,147 1,967 167,492 308,235 Developer Escrow 267,694 - - - - 267,694 379,987 977,923 - - 97,147 1,967 1,077,037 1,366,871 Deferred Inflows of Resources Property Taxes 1,225,306 - - - - 1,225,306 1,225,306 Fund Balance Nonspendable 11,889 - - 4,427 188 16,504 63,984 Restricted for Emergencies 207,574 - - - - 207,574 209,000 Restricted for Parks and Recreation - - - - 299,058 299,058 146,262 Committed - 1,475,854 7,020,804 579,220 579,010 9,654,888 6,637,685 Unrestricted, Unassigned 6,427,368 - - - - 6,427,368 4,850,108 Total Fund Balance 6,646,831 1,475,854 7,020,804 583,647 878,256 16,605,392 11,907,039 Total Liabilities, Deferred Inflows of Resources, and Fund Balance $ 8,850,060 $ 1,475,854 $ 7,020,804 $ 680,794 $ 880,223 $ 18,907,735 $ 14,499,216 General Fund 2F Police Funds Governmental Other 2021 Total 2022 2A Water ASD Fund Capital Improvement Fund Governmental Funds Town of Monument, Colorado Balance Sheet December 31, 2022 With Comparative Totals for December 31, 2021 See Notes to the Financial Statements. 6 ---PAGE BREAK--- Amounts Reported for Governmental Activities in the Statement of Net Position are Different Because: Total Fund Balance of Governmental Funds $ 16,605,392 Capital assets used in governmental activities are not current financial resources and, therefore, are not reported in governmental funds. 9,041,279 Long-term liabilities and related items are not due and payable in the current year and, therefore, are not reported in governmental funds. Capital leases payable (209,560) Accrued interest payable (4,823) Accrued compensated absences (355,168) Net Pension Asset (Liability) 416,167 Deferred Inflows Related to Pensions (316,032) Deferred Outflows Related to Pensions 222,745 Total Net Position of Governmental Activities $ 25,400,000 Town of Monument, Colorado Reconciliation of Balance Sheet of the Governmental Funds December 31, 2022 to the Statement of Net Position See Notes to the Financial Statements. 7 ---PAGE BREAK--- Revenues Taxes $ 7,737,441 $ 902,124 $ 2,111,649 $ 1,775,581 $ - $ 12,526,795 $ 10,109,156 Licenses and Permits 134,256 - - - 84,490 218,746 215,490 Charges for Services 198,821 - - 48,161 325,776 572,758 560,023 Intergovernmental 1,109,900 1,077,663 - - 96,280 2,283,843 1,575,434 Court 53,331 - - - - 53,331 32,048 Investment Income 44,065 1,750 71,443 - 3,774 121,032 5,601 Contributions and Donations - - - 2,250 4,892 7,142 3,904 Miscellaneous 70,975 - - - 63,600 134,575 36,061 Total Revenues 9,348,789 1,981,537 2,183,092 1,825,992 578,812 15,918,222 12,537,717 Expenditures Current General Government 2,556,476 - - - 201,972 2,758,448 2,699,055 Public Safety 52,985 - - 3,786,283 - 3,839,268 2,731,577 Public Works 1,338,057 857,319 99,119 - - 2,294,495 1,391,969 Parks and Recreation 1,142,970 - - - 1,031 1,144,001 913,961 Capital Outlay - 274,188 5,678 - 110,791 390,657 1,905,331 Debt Service Principal 32,066 - - 82,066 - 114,132 199,038 Interest and Fiscal Charges 2,746 - - 7,018 - 9,764 7,419 Total Expenditures 5,125,300 1,131,507 104,797 3,875,367 313,794 10,550,765 9,848,350 Excess Revenues Over (Under) Expenditures 4,223,489 850,030 2,078,295 (2,049,375) 265,018 5,367,457 2,689,367 Other Financing Sources (Uses) Proceeds from Issuance of Debt - - - - - - 265,000 Transfers In 622,096 - - 2,633,022 63,000 3,318,118 611,758 Transfers Out (2,696,022) - (1,271,200) - (20,000) (3,987,222) (573,093) Other Financing Sources (Uses) (2,073,926) - (1,271,200) 2,633,022 43,000 (669,104) 303,665 Net Change in Fund Balance 2,149,563 850,030 807,095 583,647 308,018 4,698,353 2,993,032 Fund Balance, Beginning of year 4,497,268 625,824 6,213,709 - 570,238 11,907,039 8,914,007 Fund Balance, End of year $ 6,646,831 $ 1,475,854 $ 7,020,804 $ 583,647 $ 878,256 $ 16,605,392 $ 11,907,039 Capital 2A Water Other Governmental Funds 2021 Total 2022 Town of Monument, Colorado Statement of Revenues, Expenditures and Changes in Fund Balance Governmental Funds For the Year Ended December 31, 2022 With Comparative Totals for the Year Ended December 31, 2021 Improvement Fund 2F Police Fund General Fund ASD See Notes to the Financial Statements. 8 ---PAGE BREAK--- Amounts Reported for Governmental Activities in the Statement of Activities are Different Because: Net Change in Fund Balance of Governmental Funds $ 4,698,353 Capital outlays to purchase or construct capital assets are reported in governmental funds as expenditures. However, for governmental activities those costs are capitalized in the statement of net position and are allocated over their estimated useful lives as annual depreciation expense in the statement of activities. Capital Outlays 1,275,606 Depreciation Expense (1,182,122) Disposal of Capital Assets (141,008) Repayments of long-term liabilities are expenditures in governmental funds, but they reduce long-term liabilities in the statement of net position and do not affect the statement of activities. Principal payments on capital leases 114,409 Change in Interest payable (2,096) Change in accrued compensated absences (75,155) Change in Pension Asset 416,167 Change in Deferred Inflows Related to Pensions (316,032) Change in Deferred Outflows Related to Pensions 222,745 Change in Net Position of Governmental Activities $ 5,010,867 Town of Monument, Colorado Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance of Governmental Funds to the Statement of Activities For the Year Ended December 31, 2022 See Notes to the Financial Statements. 9 ---PAGE BREAK--- Assets Current Assets Cash and Investments $ 19,826,248 $ 21,744,210 Restricted Cash and investments 689,475 677,619 Accounts Receivable 221,485 238,552 Total Current Assets 20,737,208 22,660,381 Noncurrent Assets Capital Assets, not being depreciated 8,409,752 8,917,003 Capital Assets, net of accumulated depreciation 11,213,152 4,781,855 Total Noncurrent Assets 19,622,904 13,698,858 Total Assets 40,360,112 36,359,239 Liabilities Current Liabilities Accounts Payable 4,101 561,345 Accrued Liabilities 23,154 40,998 Accrued Compensated Absences, Current portion 7,728 6,470 Accrued Interest Payable 78,914 78,914 Certificates of Participation, Current Portion 681,408 665,764 Total Current Liabilities 795,305 1,353,491 Noncurrent Liabilities Deposits 25,800 13,100 Accrued Compensated Absences 68,556 58,233 Leases payable 20,481,821 21,158,021 Total Noncurrent Liabilities 20,576,177 21,229,354 Total Liabilities 21,371,482 22,582,845 Net Position Net Investment in Capital Assets (1,540,325) 10,122,872 Restricted for Future Water Storage 689,475 677,619 Unrestricted 19,839,480 2,975,903 Total Net Position $ 18,988,630 $ 13,776,394 Town of Monument, Colorado Statement of Net Position Proprietary Fund December 31, 2022 2021 2022 With Comparative Totals for December 31, 2021 See Notes to the Financial Statements. 10 ---PAGE BREAK--- Operating Revenues Charges for Services $ 2,292,841 $ 2,565,904 Miscellaneous 92,269 70,615 Total Operating Revenues 2,385,110 2,636,519 Operating Expenses Operations and Maintenance 1,561,813 1,310,500 Administrative and General 156,154 113,046 Depreciation 727,282 447,886 Total Operating Expenses 2,445,249 1,871,432 Net Operating Income (60,139) 765,087 Non-Operating Revenues (Expenses) Sales taxes 567,278 455,438 Interest Income 246,608 12,031 Interest Expense (610,644) (640,824) Gain on Sale of Assets 499 5,564 Net Income (Loss) Before Contributed Capital 143,602 597,296 Contributed Capital and Transfers Tap Fees 3,265,350 2,139,960 Transfers In 1,271,200 443,093 Transfers Out (602,096) (481,758) Total Capital Contributions and Transfers 3,934,454 2,101,295 Change in Net Position 4,078,056 2,698,591 Net Position, Beginning of year 13,776,394 11,077,803 Restatement of Beginning Net Position 1,134,180 - Restated December 31, 2021 Net Position 14,910,574 11,077,803 Net Position, End of year $ 18,988,630 $ 13,776,394 With Comparative Totals for the Year Ended December 31, 2021 Town of Monument, Colorado Statement of Revenues, Expenses and Changes in Net Position Proprietary Fund For the Year Ended December 31, 2022 2021 2022 See Notes to the Financial Statements. 11 ---PAGE BREAK--- Cash Flows From Operating Activities Cash Received from Customers $ 2,309,908 $ 2,501,053 Cash Received from Others 92,269 70,615 Cash Paid to Suppliers (1,521,561) (382,712) Cash Paid to Employees (759,913) (635,721) Net Cash Provided by Operating Activities 120,703 1,553,235 Cash Flows From Non-Capital Financing Activities Sales Tax Received 567,278 455,438 Transfer from Other Funds 1,271,200 443,093 Transfer to Other Funds (602,096) (481,758) Net Cash Provided by Noncapital Financing Activities 1,236,382 416,773 Cash Flows From Capital and Related Financing Activities Tap fees received 3,265,350 2,139,960 Acquisition and Construction of Capital Assets (5,517,148) (5,122,956) Deposit Received from Customers 12,700 3,900 Proceeds from Sale of Assets 499 5,564 Debt Principal Payments (660,556) (600,556) Debt Interest Payments (610,644) (674,336) Net Cash Used by Capital and Related Financing Activities (3,509,799) (4,248,424) Cash Flows From Investing Activities Interest received 246,608 12,031 Net Cash Used by Capital and Related Financing Activities 246,608 12,031 Net Change in Cash and Cash Equivalents (1,906,106) (2,266,385) Cash and Cash Equivalents, Beginning of year 22,421,829 24,688,214 Cash and Cash Equivalents, End of year $ 20,515,723 $ 22,421,829 Reconciliation of Net Operating Income to Net Cash Provided by Operating Activities: Net Operating Income $ (60,139) $ 765,087 Adjustments to Reconcile Net Operating Income to Net Cash Provided by Operating Activities Depreciation Expense 727,282 447,886 Changes in Assets and Liabilities Related to Operations Accounts Receivable 17,067 (64,851) Prepaid Expenses - - Accounts Payable (557,244) 377,951 Accrued Expenses (17,844) 23,469 Accrued Compensated Absences 11,581 3,693 Net Cash Provided by Operating Activities $ 120,703 $ 1,553,235 2021 2022 With Comparative Totals for December 31, 2021 Town of Monument, Colorado Statement of Cash Flows Proprietary Fund For the Year Ended December 31, 2022 See Notes to the Financial Statements. 12 ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 13 Note 1: Summary of Significant Accounting Policies The accounting policies of the Town of Monument, Colorado (the Town) conform to generally accepted accounting principles as applicable to governments. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The following is a summary of the more significant policies. Reporting Entity In accordance with governmental accounting standards, the Town has considered the possibility of inclusion of additional entities in its basic financial statements. The definition of the reporting entity is based primarily on financial accountability. The Town is financially accountable for organizations that make up its legal entity. It is also financially accountable for legally separate organizations if the Town officials appoint a voting majority of the organization’s governing body and either it is 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 Town. The Town may also be financially accountable for governmental organizations that are fiscally dependent upon it. Based on the application of these criteria, the Town does not include additional organizations in its reporting entity. Government-wide and Fund Financial Statements The government-wide financial statements the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the Town. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The statement of net position reports all financial, capital and debt resources of the Town. The difference between assets, liabilities and deferred inflows of the Town is net position. The statement of activities demonstrates the degree to which the direct expenses of the given function or segments are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds and proprietary funds. Major individual governmental funds are reported as separate columns in the fund financial statements. ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 14 Note 1: Summary of Significant Accounting Policies (Continued) 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 period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Town considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Property taxes, specific ownership taxes, grants, and interest associated with the current fiscal period are all considered to be susceptible to accrual and have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received by the Town. 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. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. When both restricted and unrestricted resources are available for use, it is the Town’s practice to use restricted resources first, then unrestricted resources as they are needed. In the fund financial statements, the Town reports the following major governmental funds: The General Fund is the Town’s primary operating fund. It accounts for all financial resources of the Town, except those required to be accounted for in another fund. The Capital Improvement Fund is used for the acquisition or construction of major capital facilities and/or assets (other than those financed by proprietary funds). Major capital projects are funded with a portion of sales, highway user’s, and road and bridge taxes. ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 15 Note 1: Summary of Significant Accounting Policies (Continued) Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) The 2A Water ASD Fund accounts for the revenues collected from a 1% sales tax restricted for expenditures allocated for water projects by citizen election. The 2F Police Fund accounts for the revenues and expenditures allocated for the Town’s police department. The Town also reports the following major proprietary fund: The Water Fund accounts for the financial activities associated with the provision of water services. Cash and Investments Cash equivalents include investments with original maturities of three months or less. Investments are recorded at fair value. Capital Assets Capital assets, which include property and equipment, are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the Town as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets’ lives are not capitalized. Property and equipment of the Town is depreciated using the straight-line method over the following estimated useful lives: Water Rights 50 years Wells and Treatment Plant 30 years Infrastructure 30 years Transmission & Distribution 10 years Buildings 5 - 30 years Furniture, Equipment and Vehicles 3 - 10 years Park and Street Improvements 7 - 20 years ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 16 Note 1: Summary of Significant Accounting Policies (Continued) Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) Compensated Absences Employees of the Town are allowed to accumulate unused vacation time. Upon termination of employment from the Town, an employee will be compensated for all accrued vacation at a maximum amount ranging from 96 hours to 360 hours, based on length of service at their current rate of pay. Unused sick time will be compensated at a maximum of 120 hours of their current rate of pay. These compensated absences are recognized as current salary costs when earned in the proprietary fund types and when due in the governmental fund types. A liability has been recorded in the government-wide financial statements for the accrued compensated absences. Long-Term Obligations In the government-wide financial statements, and proprietary fund type in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund type statement of net assets. Bond premiums and discounts are deferred and amortized over the life of the bonds using the straight-line method. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. 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 on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. Net Position The government-wide and business-type fund financial statements utilize a net position presentation. Net position is categorized as net investment in capital assets, restricted, and unrestricted. Net investment in capital assets is intended to reflect the portion of net position, which is associated with non-liquid, capital assets less outstanding capital asset related debt. The net related debt is the debt less the outstanding liquid assets and any associated unamortized cost. Restricted net position is liquid assets, which have third party limitations on their use. Unrestricted net position represents assets that do not have any third-party limitations on their use. ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 17 Note 1: Summary of Significant Accounting Policies (Continued) Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) Fund Balance Classification The governmental fund financial statements present fund balances based on classifications that comprise a hierarchy that is based primarily on the extent to which the Town is bound to honor constraints on the specific purposes for which amounts in the respective governmental funds can be spent. The classifications used in the governmental fund financial statements are as follows: Restricted - This classification includes amounts for which constraints have been placed on the use of the resources either externally imposed by creditors (such as through a debt covenant), grantors, contributors, or laws or regulations of other governments, or imposed by law through constitutional provisions or enabling legislation. The Town has classified Emergency Reserves as being restricted because their use is restricted by State Statute for declared emergencies. In addition, the Town has classified the fund balance in the Conservation Trust Fund as restricted because their use is restricted by State Statute. Committed - This classification includes amounts that can be used only for specific purposes pursuant to constraints imposed by formal action of the Town Council. These amounts cannot be used for any other purpose unless the Town Council removes or changes the specified use by taking the same type of action (ordinance or resolution) that was employed when the funds were initially committed. This classification also includes contractual obligations to the extent that existing resources have been specifically committed for use in satisfying those contractual requirements. The Town’s committed resources are presented in the governmental fund balance sheet as of December 31, 2022. Unassigned - This classification includes the residual fund balance for the General Fund. The Unassigned classification also includes negative residual fund balance of any other governmental fund that cannot be eliminated by offsetting of Assigned fund balance amounts. The Town would typically use Restricted fund balances first, followed by Committed resources, and then Assigned resources, as appropriate opportunities arise, but reserves the right to selectively spend Unassigned. ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 18 Note 1: Summary of Significant Accounting Policies (Continued) Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) Property Taxes Property taxes are levied on November 1 and attach as an enforceable lien on property on January 1. Taxes are payable in full on April 30 or in two installments on February 28 and June 15. The County Treasurer’s office collects property taxes and remits to the Town on a basis. Since property tax revenues are collected in arrears during the succeeding year, a receivable and corresponding deferred revenue are recorded at December 31. As the tax is collected in the succeeding year, the deferred revenue is recognized as revenue and the receivable is reduced. The Town has evaluated subsequent events through May 26, 2023, the date the financial statements were available to be issued. Note 2: Stewardship, Compliance and Accountability Budgets and Budgetary Accounting The Town follows these procedures in establishing the budgetary data reflected in the financial statements:  In October, the Town staff submits to the Town Council a proposed operating budget for the fiscal year commencing the following January 1. The operating budget includes proposed expenditures and the means of financing them.  Public hearings are conducted to obtain taxpayer comments.  Prior to December 15, the budget is legally enacted through passage of an ordinance.  The Town Administration is authorized to transfer budgeted amounts between departments within any fund. However, any revisions that alter the total expenditures of any fund must be approved by the Town Council.  Budgets are legally adopted for all funds of the Town. Budgets for the General and Special Revenue Funds are adopted on a basis consistent with generally accepted accounting principles (GAAP). The Budgetary comparison presented for the Enterprise Fund is presented on a non-GAAP budgetary basis. Capital outlay and debt payments are budgeted as expenditures and depreciation is not budgeted.  Budgeted amounts in the financial statements are as originally adopted or as amended by the Town Council. All appropriations lapse at year end. Colorado governments may not exceed budgeted appropriations at the fund level. ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 19 Note 3: Cash and Investments A summary of deposits and investments as of December 31, 2022 follows: At December 31, 2022, cash and investments consisted of the following: The Colorado Public Deposit Protection Act (PDPA) requires that all units of local government deposit cash in eligible public depositories. Eligibility is determined by State regulations. Amounts on deposit in excess of Federal Deposit Insurance Corporation (FDIC) levels must be collateralized by eligible collateral as determined by the PDPA. The FDIC insures depositors’ accounts up to $250,0p00 for each financial institution. 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 the 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, 2022, the Town had deposits with financial institutions with a carrying amount of $12,271,622. The bank balances with the financial institutions totaling $12,408,877 of which $250,000 were covered by the FDIC and $12,009,624 were collateralized with securities held by the financial institution’s agent but not in the Town’s name. Investments The Town does not have a formal investment policy; however, the Town follows state statutes regarding investments. The Town generally limits its concentration risk of investments to Local Government Investment Pools, obligations of the United States and certain U.S. government agency securities, which are believed to have minimal credit risk, minimal interest rate risk and no foreign currency risk. Additionally, the Town is not subject to concentration of risk for investments that are in the possession of another party. Colorado revised statutes limit investment maturities to five years or less unless formally approved by the Town Council. Such actions are generally associated with a debt service reserve or sinking fund requirements. State statutes specify investment instruments meeting defined rating, maturity, and concentration risk criteria in which local governments may invest, which include the following. Petty Cash $ 1,350 Cash Deposits 12,271,522 Investments 23,056,600 Total $ 35,329,472 Cash and Investments $ 34,556,318 Restricted Cash and Investments 773,154 Total $ 35,329,472 ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 20 Note 3: Cash and Investments (Continued) Investments (Continued)  Obligations of the United States & certain U.S. government agency securities  Certain international agency securities  General obligation and revenue bonds of U.S. local government entities  Commercial paper  Local government investment pools  Written repurchase agreements collateralized by certain authorized securities  Certain money market funds  Guaranteed investment contracts At December 31, 2022, the Town had the following investments: The Town invested in the Colorado Local Government Liquid Asset Trust (ColoTrust) (the Trust), an investment vehicle established for local government entities in Colorado to pool surplus funds. The State Securities Commissioner administers and enforces all State statutes governing the Trust. The Trust operates similarly to a money market fund and each share is equal in value to $1.00. The Trust offers shares in two portfolios, ColoTrust PRIME and ColoTrust PLUS+. Both portfolios may invest in U.S. Treasury securities and repurchase agreements collateralized by U.S. Treasury securities. ColoTrust PLUS+ may also invest in certain obligations of U.S. government agencies, highest rates commercial paper and any security allowed under CRS 24- 75-601. A designated custodial bank serves as custodian for the Trust’s investment portfolios and provides services as the depository in connection with direct investments and withdrawals. The custodian’s internal records segregate investments owned by the Trust. ColoTrust is rated AAAm by Standard & Poor’s. ColoTrust records its investments at fair value and the Town records its investment in ColoTrust using the net asset value method. There are no unfunded commitments, the redemption frequency is daily and there is no redemption notice period. Interest Rate Risk - State statutes generally limit investments to an original maturity of five years unless the governing council authorizes the investment for a period in excess of five years. The Town does not have a policy for managing credit risk or interest rate risk. Maturity Weighted Average Colotrust under 60 days $ 22,671,626 Certificates of Deposits One year or less 340,003 $ 23,011,629 2022 Restricted Cash Cash is restricted for the following purposes: Future Water Storage - Water Fund $ 689,475 Parks and Recreation - Conservation Trust Fund 83,679 Total $ 773,154 ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 21 Note 3: Cash and Investments (Continued) Investments (Continued) Future Water Storage - The Town has restricted $689,475 of the Water Fund’s cash balance for future water storage in relation to an intergovernmental agreement. The Town also restricted net position for future water storage in relation to this agreement. Parks and Recreation - The Town has restricted cash of $83,679 in the Conservation Trust Fund for future parks and recreation expenditures. Note 4: Interfund Transfers Interfund transfers for the year ended December 31, 2022, consisted of the following: During the year ended December 31, 2022, the Water Fund transferred amounts to the General Fund for administrative costs and fees. General Fund Water Fund $ 602,096 General Fund Conservation Trust Fund 20,000 Community Development Fund General Fund 63,000 2F Police Fund General Fund 2,633,022 Water Fund 2A Water ASD Fund 1,271,200 Total $ 4,589,318 Transfers In Transfers Out Amount ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 22 Note 5: Capital Assets Capital assets activity for the year ended December 31, 2022 is summarized below: Governmental Activities Capital Assets, Not Being Depreciated Land $ 1,767,122 $ - $ - $ 1,767,122 Construction in Progress 194,622 - - 194,622 Total Capital Assets, Not Being Depreciated 1,961,744 - - 1,961,744 Capital Assets, Being Depreciated Buildings 3,945,216 - - 3,945,216 Infrastructure 8,367,154 - - 8,367,154 Water Rights 135,324 - - 135,324 Furniture and Equipment 671,133 - - 671,133 Vehicles and Street Equipment 1,879,542 464,885 - 2,344,427 Park Improvements 666,382 - - 666,382 Street Improvements 6,244,409 810,721 (156,676) 6,898,454 Total Capital Assets, Being Depreciated $ 21,909,160 $ 1,275,606 $ (156,676) $ 23,028,090 Less Accumulated Depreciation Buildings $ (1,850,470) $ (128,346) $ - $ (1,978,816) Infrastructure (6,033,761) (276,265) - (6,310,026) Water Rights (34,576) (2,706) - (37,282) Furniture and Equipment (552,628) (46,556) - (599,184) Vehicles and Street Equipment (1,221,215) (221,778) - (1,442,993) Park Improvements (498,016) (33,472) - (531,488) Street Improvements (4,591,435) (472,999) 15,668 (5,048,766) Total Accumulated Depreciation (14,782,101) (1,182,122) 15,668 (15,948,555) Total Capital Assets, Being Depreciated, net 7,127,059 93,484 (141,008) 7,079,535 Governmental Activities Capital Assets, net $ 9,088,803 $ 93,484 $ (141,008) $ 9,041,279 Balance Balance 12/31/21 Additions Deletions 12/31/22 ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 23 Note 5: Capital Assets (Continued) Depreciation expense was charged to functions/programs of the Town as follows: Governmental Activities General Government $ 183,724 Public Safety 83,802 Public Works 868,848 Parks and Recreation 45,748 Total $ 1,182,122 ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 24 Note 5: Capital Assets (Continued) Capital assets Business-Type activity for the year ended December 31, 2022 is summarized below: Business-Type Activities Capital Assets, Not Being Depreciated Water Master Plan $ 664,971 $ - $ - $ 664,971 Construction in Progress 5,293,675 4,128,862 (4,636,113) 4,786,424 Monument Dam 2,958,357 - - 2,958,357 Total Capital Assets, Not Being Depreciated 8,917,003 4,128,862 (4,636,113) 8,409,752 Capital Assets, Being Depreciated Water Rights 125,000 - - 125,000 Alluvium Wells 420,392 - - 420,392 Public Works Buildings 1,260,562 - - 1,260,562 Iron Treatment Plant 287,854 - - 287,854 Water Treatment Plant 1,199,322 - - 1,199,322 Other Equipment 1,394,277 4,934 - 1,399,211 Slabaugh Well 191,390 - - 191,390 Wells/Treatment 9,209,823 5,882,521 - 15,092,344 Transmission & Distribution 2,731,482 - - 2,731,482 Equipment and Vehicles 458,762 136,944 - 595,706 Total Capital Assets, Being Depreciated 17,278,864 6,024,399 - 23,303,263 Total Capital Assets 26,195,867 10,153,261 (4,636,113) 31,713,015 Less: Accumulated depreciation Water Rights (70,000) (2,500) - (72,500) Alluvium Wells (408,107) (2,456) - (410,563) Public Works Buildings (63,491) (43,827) - (107,318) Iron Treatment Plant (287,854) - - (287,854) Water Treatment Plant (626,834) (39,977) - (666,811) Other Equipment (1,037,977) (81,321) - (1,119,298) Slabaugh Well (112,924) (3,828) - (116,752) Wells/Treatment (6,507,072) (415,074) - (6,922,146) Transmission & Distribution (1,984,620) (81,158) - (2,065,778) Equipment and Vehicles (263,950) (57,141) - (321,091) (11,362,829) (727,282) - (12,090,111) Business-Type Activities Capital Assets, net $ 14,833,038 $ 9,425,979 $ (4,636,113) $ 19,622,904 Balance Additions 12/31/21 12/31/22 Deletions Balance ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 25 Note 6: Long-Term Debt Governmental Activities Following is a summary of long-term debt transactions for the governmental activities for the year ended December 31, 2022. Accrued Compensated Absences are being paid from resources generated by the General Fund. Capital Leases The Town has entered into several capital lease agreements to purchase vehicles and equipment which will be paid from revenues of the General Fund. These leases require interest to be paid ranging from 2.36% to 3.54%. These leases mature from 2020 - 2024. Following is a schedule of the future minimum lease payments required under the outstanding capital lease obligations at December 31, 2022: Business-Type Activities Following is a summary of long-term debt transactions for the business-type activities for the year ended December 31, 2022. Governmental Activities Capital leases $ 323,969 $ - $ (114,409) $ 209,560 $ 84,788 Compensated Absences 280,013 332,546 (257,391) 355,168 35,517 Total $ 603,982 $ 332,546 $ (371,800) $ 564,728 $ 120,305 Due Within 12/31/21 Additions Deletions 12/31/22 One Year Balance Balance Year Ended December 31, 2023 $ 91,203 2024 73,797 2025 56,391 Total Future Minimum Lease Payments 221,391 Less: Interest (11,831) Present Value of Future Minimum Lease Payments $ 209,560 Total Business-Type Activities Certificates of Participation $ 19,405,000 $ - $ (495,000) $ 18,910,000 $ 515,000 Premium 2,418,785 - (165,556) 2,253,229 166,408 Compensated Absences 64,703 52,403 (40,822) 76,284 7,728 Total $ 21,888,488 $ 52,403 $ (701,378) $ 21,239,513 $ 689,136 One Year Balance Balance Due Within 12/31/21 Additions 12/31/22 Deletions ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 26 Note 6: Long-Term Debt (Continued) Business-Type Activities (Continued) In November 2020, the Town entered into an annually-renewable lease purchase agreement with BOKF NA for the purpose of financing the acquisition, construction and installation of water improvements. Certificates of Participation were sold to investors, with the net proceeds of $19,840,000. While the lease does not constitute an indebtedness of the Town for state law purposes because it is subject to annual appropriation, it is treated as a capital lease for financial reporting purposes pursuant to generally accepted accounting principles applicable to governmental units. Payments of the principal component are due annually on December 1, through 2045. The interest component accrues at 4.0% and is payable semiannually on June 1st and December 1st. The following schedule represents the Town’s debt service requirements to maturity for the outstanding participation debt at December 31, 2022. Note 7: Retirement Commitments Deferred Compensation Plan The Town offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan is available to all Town employees and permits them to defer a portion of their salary until future years. The Town matches employee contributions up to 5% of eligible salary. During the year ended December 31, 2022, the Town contributions were $280,280 equal to the required contribution. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. Year Ended December 31, 2023 $ 515,000 756,400 $ 1,271,400 2024 535,000 735,800 1,270,800 2025 560,000 714,400 1,274,400 2026 580,000 692,000 1,272,000 2027 605,000 668,800 1,273,800 2028 - 2032 3,405,000 2,961,000 6,366,000 2033 - 2037 4,140,000 2,223,800 6,363,800 2038 - 2042 5,040,000 1,326,600 6,366,600 2043 - 2045 3,530,000 286,200 3,816,200 $ 18,910,000 $ 10,365,000 $ 29,275,000 Principle Interest Total ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 27 Note 8: Public Entity Risk Pool The Town is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. For these risks of loss, the Town is involved with the Colorado Intergovernmental Risk Sharing Agency (CIRSA), a separate and independent governmental and legal entity formed by intergovernmental agreement by member municipalities pursuant to the provision of 24-10-115.5, Colorado Revised Statutes (1982 Replacement Volume) and Colorado Constitution, Article XIV, Section 18(2). The purposes of CIRSA are to provide members defined liability, property, and workers compensation coverages and to assist members in preventing and reducing losses and injuries to municipal property and to persons or property which might result in claims being made against members of CIRSA, their employees and officers. It is the intent of the members of CIRSA to create an entity in perpetuity which will administer and use funds contributed by the members to defend and indemnify, in accordance with the bylaws, any member of CIRSA against stated liability of loss, to the limit of the financial resources of CIRSA. It is also the intent of the members to have CIRSA provide continuing stability and availability of needed coverages at reasonable costs. All income and assets of CIRSA shall be at all times dedicated to the exclusive benefit of its members. CIRSA is a separate legal entity, and the Town does not approve budgets, nor does it have the ability to significantly affect the operations of entity. Note 9: Commitments and Contingencies Litigation The Town is not involved in any pending and threatened litigation as of December 31, 2022. TABOR Amendment Colorado voters passed an amendment to the State Constitution, Article X, Section 20, which has several limitations, including revenue raising, spending abilities, and other specific requirements of state and local government. In November 1996, voters within the Town approved the collection, retention, and expenditure of the all revenues generated by the Town in 1996 and subsequent years through 2019, notwithstanding the provisions of the Amendment. No such election took place during 2020 to continue this provision, but revenues for 2020 remained in compliance with TABOR limitations. The Town has established an emergency reserve, representing 3% of qualifying expenditures, as required by the Amendment. At December 31, 2022, the emergency reserve of $207,574 was recorded in the General Fund. ---PAGE BREAK--- 28 Town of Monument, Colorado Notes to Financial Statements December 31, 2022 Note 10: Defined Benefit Pension Plan General Information Plan Description - Eligible employees of the Town are provided with pensions through the SWDB, a cost-sharing multiple-employer defined benefit pension plan administered by FFPA. FFPA issues a publicly available annual comprehensive financial report that can be obtained at http://www.FPPAco.org. Benefits Provided - A member is eligible for a normal retirement pension once the member has completed twenty-five years of credited service and has attained the age of 55. Effective January 1, 2021, a member may also qualify for a normal retirement pension if the member's combined years of service and age equals at least 80, with a minimum age of 50 (Rule of 80). The annual normal retirement benefit is 2 percent of the average of the member’s highest three years’ pensionable earnings for each year of credited service up to ten years, plus 2.5 percent for each year of service thereafter. The benefit earned prior to January 1, 2007 for members of affiliated Social Security employers will be reduced by the amount of Social Security income payable to the member annually. Effective January 1, 2007, members covered under Statewide Defined Benefit Social Security Component will receive half the benefit when compared to the Statewide Defined Benefit Plan. Benefit adjustments paid to retired members are evaluated annually and may be re-determined every October 1. The amount of any increase is based on the Council’s discretion and can range from 0 to the higher of 3 percent or the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). A member is eligible for an early retirement after completion of 30 years of service or attainment of age 50 with at least five years of credited service. The early retirement benefit equals the normal retirement benefit reduced on an actuarially equivalent basis. Upon termination, an employee may elect to have member contributions, along with 5 percent as interest, returned as a lump sum distribution. Alternatively, a member with at least five years of accredited service may leave contributions with the Plan and remain eligible for a retirement pension at age 55 equal to 2 percent of the member’s average highest three years’ pensionable earnings for each year of credited service up to ten years, plus 2.5 percent for each year of service thereafter. Contribution rates for employers and members may be increased equally by the FPPA Board of Directors upon approval through an election by both the employers and members. In 2014, the members elected to increase the member contribution rate to the SWDB plan beginning in 2015. Member contribution rates increased 0.5 percent annually through 2022 to a total of 12 percent of pensionable earnings. Employer contributions increase 0.5 percent annually beginning in 2021 through 2030 to a total of 13.0 percent of pensionable earnings. In 2021, members of the SWDB plan and their employers are contributing at the rate of 11.5 percent and 8.5 percent, respectively, of pensionable earnings for a total contribution rate of 20.0 percent. ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 29 Note 10: Defined Benefit Pension Plan (Continued) General Information (Continued) Contributions from members and employers of departments reentering the system are established by resolution and approved by the FPPA Board of Directors. The member and employer contribution rates will increase through 2030 as described above for the non-reentering departments. Effective January 1, 2021, reentry departments may submit a resolution to the FPPA Board of Directors to reflect the actual cost of reentry by department. Each reentry department is responsible to remit contributions to the plan in accordance with their most recent FPPA Board of Directors approved resolution. The contribution rate for members and employers of affiliated social security employers is 5.75 percent and 4.25 percent, respectively, of pensionable earnings for a total contribution rate of 10.0 percent in 2021. Per the 2014 member election, members of the affiliate social security group had their required contribution rate increase 0.25 percent annually beginning in 2015 through 2022 to a total of 6 percent of pensionable earnings. Employer contributions will increase 0.25 percent annually beginning in 2021 through 2030 to a total of 6.5 percent of pensionable earnings. Pension Liabilities, Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions The collective total pension liability as of December 31, 2021 is based upon the January 1, 2022 actuarial valuation. The actuarially determined contributions as of December 31, 2021 are based upon the January 1, 2021 actuarial valuation. At December 31, 2022, the Town reported an asset of $416,167 for its proportionate share of the net pension asset. At December 31, 2021, the Town’s proportion was 0.[PHONE REDACTED]%, which was an increase of 0.[PHONE REDACTED]% from its proportion measured as of December 31, 2020. ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 30 Note 10: Defined Benefit Pension Plan (Continued) Pension Liabilities, Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued) For the year ended December 31, 2022, the Town recognized pension benefit of $67,271. At December 31, 2022, the Town reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: The Town’s contributions of $75,944 subsequent to the measurement date will be recognized as a reduction to the net pension liability in the subsequent fiscal year. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows: Differences between expected and actual experience $ 96,945 $ 8,702 Changes of assumptions and other inputs 47,661 - Net difference between projected and actual earnings on plan investments - 208,506 Changes in proportion 2,195 98,824 Contributions subsequent to the measurement date 75,944 - Total $ 222,745 $ 316,032 Deferred Outflows of Resources Deferred Inflows of Resources Year Ended December 31, 2023 $ (86,556) 2024 (56,691) 2025 (31,361) 2026 4,633 2027 981 Thereafter (237) Total $ (169,231) Total ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 31 Note 10: Defined Benefit Pension Plan (Continued) Pension Liabilities, Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued) Actuarial Assumptions – The actuarial valuation as of December 31, 2021 determined the total pension asset using the following actuarial assumptions and other inputs. For determining the total pension liability and actuarially determined contributions, the post- retirement mortality tables for non-disabled retirees uses the 2006 central rates from the RP-2014 Annuitant Mortality Tables projected to 2018 using the MP-2017 projection scales, and the projected prospectively using the ultimate rates of the scale for all years. The preretirement off- duty mortality tables are adjusted to 50% of the RP-2014 mortality tables for active employees. The on-duty mortality rate is 0.00015. At least every five years the FPPA’s Board of Directors, in accordance with best practices, reviews its economic and demographic actuarial assumptions. At its July 2018 meeting, the Board of Directors reviewed and approved recommended changes to the actuarial assumptions. The recommendations were made by the FPPA’s actuaries, Gabriel, Roeder, Smith & Co., based upon their analysis of past experience and expectations of the future. The assumption changes were effective for actuarial valuations beginning January 1, 2019. The actuarial assumptions impact actuarial factors for benefit purposes such as purchases of service credit and other benefits where actuarial factors are used. Investment rate of return, compounded annually, net of plan investment expenses, including inflation 7.0% Inflation 2.5% Projected Salary Increases 4.25% - 11.25% Cost of Living Adjustments (COLA) 0.0% ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 32 Note 10: Defined Benefit Pension Plan (Continued) Pension Liabilities, Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued) The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighing the expected future real rates of return by the target asset allocation percentage and by adding expected inflation (assumed at 2.5 percent). Best estimates of arithmetic real rates of return for each major asset class included in the Fund’s target asset allocation as of December 31, 2021 are summarized in the following table: The discount rate used to measure the total pension liability was 7.00 percent. The projection of cash flows used to determine the discount rate assumed that contributions from participating employers will be made based on the actuarially determined rates based on the Board’s funding policy, which establishes the contractually required rates under Colorado statutes. Based on those assumptions, the SWDB plan fiduciary net position was projected to be available to make all the projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Discount Rate - Projected benefit payments are required to be discounted to their actuarial present values using a single discount rate that reflects a long-term expected rate of return on pension plan investments (to the extent that the plan’s fiduciary net position is projected to be sufficient to pay benefits) and tax-exempt municipal bond rate based on an index of 20-year general obligation bonds with an average AA credit rating as of the measurement date (to the extent that the plan’s projected fiduciary net position is not sufficient to pay benefits). Asset Class Global Equity 39% 8.23% Equity Long/Short 8% 6.87% Private Markets 26% 10.63% Fixed Income - Rates 10% 4.01% Fixed Income - Credit 5% 5.25% Absolute Return 10% 5.60% Cash 2% 2.32% Total 100% Target Allocation Long-Term Expected Rate of Return ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2022 33 Note 10: Defined Benefit Pension Plan (Continued) Pension Liabilities, Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued) For the purpose of this valuation, the expected rate of return on pension plan investments is 7.00 percent; the municipal bond rate is 1.84 percent (based on the weekly rate closest to but not later than the measurement date of the “state & local bonds” rate from Federal Reserve statistical release and the resulting single discount rate is 7.00 percent. Regarding the sensitivity of the net pension liability/(asset) to changes in the single discount rate, the following presents the plan’s net pension liability/(asset), calculated using a single discount rate of 7.00 percent, as well as what the plan’s net pension liability/(asset) would be if it were calculated using a single discount rate that is one percent lower or one percent higher: Note 11: Restatement of Prior Year Balances Restatement of December 31, 2021 Net Position to record building purchased in 2021 that was expensed by the 2A Water ASD Fund for the Water Fund. Town's proportionate share of the net pension liability (asset) $ (57,392) $ (416,167) $ (713,392) 1% Decrease (6.00%) Current Discount Rate (7.00%) 1% Increase (8.00%) Business Type Activities Statement of Net Position Assets $ 36,359,239 $ 1,134,180 $ 37,493,419 Net Position $ 13,776,394 $ 1,134,180 $ 14,910,574 2021 Balances Asset 2021 Balances as Reported Restatement as Restated ---PAGE BREAK--- Required Supplementary Information ---PAGE BREAK--- Revenues Taxes $ 5,801,549 $ 6,859,439 $ 7,737,441 $ 878,002 $ 7,164,039 Licenses and Permits 70,750 70,750 134,256 63,506 124,613 Charges for Services 132,600 132,600 198,821 66,221 235,275 Intergovernmental 1,606,141 1,606,141 1,109,900 (496,241) 1,163,554 Court 35,000 35,000 53,331 18,331 32,048 Interest 5,000 5,000 44,065 39,065 3,960 Contributions and Donations - - - - 3,904 Miscellaneous 5,750 5,750 70,975 65,225 29,961 Total Revenues 7,656,790 8,714,680 9,348,789 634,109 8,757,354 Expenditures Current General Government 2,727,081 2,752,817 2,556,476 196,341 2,530,560 Public Safety 142,098 142,098 52,985 89,113 2,731,577 Public Works 1,275,041 1,301,763 1,338,057 (36,294) 980,346 Parks and Recreation 706,825 825,102 1,142,970 (317,868) 879,175 Capital Outlay 409,500 409,500 - 409,500 - Debt Service Principal 32,343 32,343 32,066 277 199,038 Interest 2,470 2,470 2,746 (276) 7,419 Total Expenditures 5,295,358 5,466,093 5,125,300 340,793 7,328,115 Excess Revenues Over (Under) Expenditures 2,361,432 3,248,587 4,223,489 974,902 1,429,239 Other Financing Sources (Uses) Proceeds from Issuance of Debt - - - - 265,000 Transfers In 20,000 20,000 622,096 602,096 501,758 Transfers Out (2,696,002) (2,696,002) (2,696,022) (20) (110,000) Net Change in Fund Balance (314,570) 572,585 2,149,563 1,576,978 2,085,997 Fund Balance, Beginning of year 3,717,444 4,648,108 4,497,268 (150,840) 2,411,271 Fund Balance, End of year $ 3,402,874 $ 5,220,693 $ 6,646,831 $ 1,426,138 $ 4,497,268 Variance Town of Monument, Colorado Budgetary Comparison Schedule General Fund For the Year Ended December 31, 2022 With Comparative Actual Totals for the Year Ended December 31, 2021 2021 Actual (Negative) Positive Actual Final Budget Original Budget See Accompanying Independent Auditor's Report. 34 ---PAGE BREAK--- Revenues Taxes $ 650,000 $ 650,000 $ 902,124 $ 252,124 $ 925,516 Intergovernmental 2,499,918 2,499,918 1,077,663 (1,422,255) 347,934 Interest 2,000 2,000 1,750 (250) 23 Total Revenues 3,151,918 3,151,918 1,981,537 (1,170,381) 1,273,473 Expenditures Public Works - - 857,319 (857,319) 349,278 Capital Outlay 3,268,925 3,268,925 274,188 2,994,737 471,045 Total Expenditures 3,268,925 3,268,925 1,131,507 2,137,418 820,323 Net Change in Fund Balance (117,007) (117,007) 850,030 967,037 453,150 Fund Balance, Beginning of year 632,461 625,824 625,824 - 172,674 Fund Balance, End of year $ 515,454 $ 508,817 $ 1,475,854 $ 967,037 $ 625,824 Budget 2021 Actual Town of Monument, Colorado Budgetary Comparison Schedule Capital Projects Fund For the Year Ended December 31, 2022 Budget Actual (Negative) Variance Final Positive Original See Accompanying Independent Auditor's Report. 35 ---PAGE BREAK--- Revenues Sales Taxes $ 1,376,300 $ 1,376,300 $ 2,111,649 $ 735,349 $ 2,019,601 Interest 35,000 35,000 71,443 36,443 1,539 Total Revenues 1,411,300 1,411,300 2,183,092 771,792 2,021,140 Expenditures Public Works 211,000 211,000 99,119 111,881 62,345 Capital Outlay 250,000 250,000 5,678 244,322 1,381,628 Total Expenditures 461,000 461,000 104,797 356,203 1,443,973 Other Financing Sources (Uses) Transfers Out (1,271,200) (1,271,200) (1,271,200) - (443,093) Net Change in Fund Balance (320,900) (320,900) 807,095 1,127,995 134,074 Fund Balance, Beginning of year 4,580,041 6,213,709 6,213,709 - 6,079,635 Fund Balance, End of year $ 4,259,141 $ 5,892,809 $ 7,020,804 $ 1,127,995 $ 6,213,709 Actual Variance Positive Final 2021 Budget Town of Monument, Colorado Budgetary Comparison Schedule 2A Water ASD Fund For the Year Ended December 31, 2022 With Comparative Actual Totals for the Year Ended December 31, 2021 Actual (Negative) Original Budget See Accompanying Independent Auditor's Report. 36 ---PAGE BREAK--- Proportionate Share of the Net Pension Liability (Benefit) Authority's Proportion of the Net Pension Liability (Benefit) 0.[PHONE REDACTED]% Authority's Proportionate Share of the Net Pension Liability (Asset) $ (416,167) Authority's Covered Payroll $ 1,260,019 Authority's Proportionate Share of the Net Pension Liability (Benefit) as a Percentage of Covered Payroll -33% Plan Fiduciary Net Position as a Percentage of the Total Pension Liability (Benefit) 116% Authority Contributions Statutorily Required Contribution $ 75,944 Contributions in Relation to the Statutorily Required Contribution (75,944) Contribution Deficiency (Excess) $ - Authority's Covered Payroll $ 1,691,532 Contributions as a Percentage of Covered Payroll 4.49% This schedule is presented to show information for 10 years. Until information for the full 10-year period is available, information will be presented for the years it is available. Town of Monument, Colorado Schedule of Proportionate Share of the Net Pension Liability and Contributions FPPA Police Officers Statewide Defined Benefit Pension Plan For the Year Ended December 31, 2022 12/31/2021 12/31/2022 (Continued) See Accompanying Independent Auditor's Report. 37 ---PAGE BREAK--- Town of Monument, Colorado Notes to Required Supplementary Information December 31, 2022 38 Note 1: Stewardship, Compliance, and Accountability Budgets Budgets are legally adopted for all funds of the Town. Budgets for the governmental funds are adopted on a basis consistent with generally accepted accounting principles (GAAP). Budgetary comparisons for the proprietary fund are presented on a non-GAAP budgetary basis, whereby capital outlay and debt principal are budgeted as expenditures. The Town follows these procedures to establish the budgetary information reflected in the financial statements:  In October, management submits to the Town Council a proposed budget for the fiscal year commencing the following January 1. The operating budget includes proposed expenditures and the means of financing them.  Public hearings are conducted to obtain taxpayer comments.  Prior to December 31, the budget is legally enacted through passage of a resolution.  Management is authorized to transfer budgeted amounts between departments within any fund. However, any revisions that alter the total expenditures of any fund must be approved by the Town Council.  Budgets are legally adopted for all funds of the Town. Budgets for the General and Special Revenue Funds are adopted on a basis consistent with generally accepted accounting principles (GAAP). Capital outlay and debt payments are budgeted as expenditures and depreciation is not budgeted.  Colorado governments may not exceed budgeted appropriations at the fund level.  All appropriations lapse at year end. For the year ended December 31, 2022, the Town’s Park Fee Fund expenditures exceeded expenditure appropriations. This may be a violation of State statutes. ---PAGE BREAK--- Supplementary Information ---PAGE BREAK--- Assets Cash and Investments $ 92,859 $ - $ 223,587 $ 264,531 $ 215,379 $ 796,356 $ 546,977 Restricted Cash and Investments - 83,679 - - - 83,679 43,077 Prepaid Expenses - - - - 188 188 - Total Assets $ 92,859 $ 83,679 $ 223,587 $ 264,531 $ 215,567 $ 880,223 $ 590,054 Liabilities Accounts Payable 1,967 - - - - 1,967 19,816 Total Liabilities 1,967 - - - - 1,967 19,816 Fund Balance Nonspendable - - - - 188 188 - Restricted for Parks and Recreation - 83,679 - - 215,379 299,058 146,262 Committed 90,892 - 223,587 264,531 - 579,010 423,976 Total Fund Balance 90,892 83,679 223,587 264,531 215,567 878,256 570,238 Total Liabilities and Fund Balance $ 92,859 $ 83,679 $ 223,587 $ 264,531 $ 215,567 $ 880,223 $ 590,054 Drainage Impact Fee Fund Community Development Fund 2021 Total 2022 Fund Fund Fund Trust Conservation Traffic Park Fee Impact Fee Storm Town of Monument, Colorado Combining Balance Sheet Nonmajor Governmental Funds December 31, 2022 With Comparative Totals for the Year Ended December 31, 2021 See Accompanying Independent Auditor's Report. 39 ---PAGE BREAK--- Revenues Licenses and Permits $ 84,490 $ - $ - $ - $ - $ 84,490 $ 90,877 Intergovernmental - 96,280 - - - 96,280 63,946 Charges for Services - - 99,024 116,402 110,350 325,776 324,748 Investment Income 646 512 1,958 658 - 3,774 79 Contributions and Donations 1,622 270 - - 3,000 4,892 - Miscellaneous 63,600 - - - - 63,600 6,100 Total Revenues 150,358 97,062 100,982 117,060 113,350 578,812 485,750 Expenditures General Government 201,972 - - - - 201,972 168,495 Parks and Recreation - - - - 1,031 1,031 - Capital Outlay - 36,397 52,498 21,896 - 110,791 87,444 Total Expenditures 201,972 36,397 52,498 21,896 1,031 313,794 255,939 Excess Revenues Over (Under) Expenditures (51,614) 60,665 48,484 95,164 112,319 265,018 229,811 Other Financing Sources (Uses) Transfers In 63,000 - - - - 63,000 110,000 Transfers Out - (20,000) - - - (20,000) (20,000) Net Change in Fund Balance 11,386 40,665 48,484 95,164 112,319 308,018 319,811 Fund Balance, Beginning of year 79,506 43,014 175,103 169,367 103,248 570,238 250,427 Fund Balance, End of year $ 90,892 $ 83,679 $ 223,587 $ 264,531 $ 215,567 $ 878,256 $ 570,238 Development Fund 2021 Total 2022 Trust Fund Impact Fee Impact Fee Fund Fund Park Fee Fund Traffic Drainage Town of Monument, Colorado Combining Statement of Revenues, Expenditures and Changes in Fund Balance Nonmajor Governmental Funds For the Year Ended December 31, 2022 Storm Community Conservation See Accompanying Independent Auditor's Report. 40 ---PAGE BREAK--- Revenues Taxes $ 1,650,000 $ 1,750,000 $ 1,775,581 $ 25,581 $ - User Charges/ Fees 3,000 46,000 48,161 2,161 - Donations - - 2,250 2,250 - Interest 500 500 - (500) - Total Revenues 1,653,500 1,796,500 1,825,992 29,492 - Expenditures Public Safety 4,075,933 4,086,176 3,786,283 299,893 - Capital Outlay 115,000 208,497 - 208,497 - Debt Service Principal 82,066 82,066 82,066 - - Interest 7,107 7,107 7,018 89 - Total Expenditures 4,280,106 4,383,846 3,875,367 508,479 - Other Financing Sources (Uses) Transfers In 2,633,002 2,633,002 2,633,022 20 - Net Change in Fund Balance 6,396 45,656 583,647 537,991 - Fund Balance, Beginning of year - - - - - Fund Balance, End of year $ 6,396 $ 45,656 $ 583,647 $ 537,991 $ - Variance Town of Monument, Colorado Budgetary Comparison Schedule 2F Police Fund For the Year Ended December 31, 2022 Actual 2021 Original Final Positive Budget Budget Actual (Negative) See Accompanying Independent Auditor's Report. 41 ---PAGE BREAK--- Revenues Business Licenses $ 74,125 $ 74,125 $ 84,490 $ 10,365 $ 90,877 Interest 400 400 646 246 14 Contributions and Donations - - 1,622 1,622 - Miscellaneous 4,000 71,782 63,600 (8,182) 6,100 Total Revenues 78,525 146,307 150,358 4,051 96,991 Expenditures General Government 167,411 227,998 201,972 26,026 168,495 Total Expenditures 167,411 227,998 201,972 26,026 168,495 Other Financing Sources (Uses) Transfers In 63,000 63,000 63,000 - 110,000 Net Change in Fund Balance (25,886) (18,691) 11,386 30,077 38,496 Fund Balance, Beginning of year 39,831 81,328 79,506 (1,822) 41,010 Fund Balance, End of year $ 13,945 $ 62,637 $ 90,892 $ 28,255 $ 79,506 2022 Final Budget Variance Actual (Negative) Town of Monument, Colorado Budgetary Comparison Schedule Community Development Fund For the Year Ended December 31, 2022 With Comparative Totals for the Year Ended December 31, 2021 Positive 2021 Actual Original Budget See Accompanying Independent Auditor's Report. 42 ---PAGE BREAK--- Revenues Lottery Revenues $ 48,000 $ 48,000 $ 96,280 $ 48,280 $ 63,946 Interest 100 100 512 412 9 Contributions and Donations - - 270 270 - Total Revenues 48,100 48,100 97,062 48,962 63,955 Expenditures Park and Recreation 40,000 40,000 - 40,000 - Capital Outlay - - 36,397 (36,397) 34,786 Total Expenditures 40,000 40,000 36,397 3,603 34,786 Other Financing Sources (Uses) Transfers Out (20,000) (20,000) (20,000) - (20,000) Net Change in Fund Balance (11,900) (11,900) 40,665 52,565 9,169 Fund Balance, Beginning of year 43,014 33,845 43,014 9,169 33,845 Fund Balance, End of year $ 31,114 $ 21,945 $ 83,679 $ 61,734 $ 43,014 Town of Monument, Colorado Budgetary Comparison Schedule Conservation Trust Fund For the Year Ended December 31, 2022 With Comparative Totals for the Year Ended December 31, 2021 Original Budget 2022 2021 Actual Budget Actual (Negative) Variance Final Positive See Accompanying Independent Auditor's Report. 43 ---PAGE BREAK--- Actual Revenues Traffic Impact Fees $ 49,490 $ 49,490 $ 99,024 $ 49,534 $ 87,938 Interest 1,200 1,200 1,958 758 44 Total Revenues 50,690 50,690 100,982 50,292 87,982 Expenditures Capital Outlay 100,000 100,000 52,498 47,502 42,015 Total Expenditures 100,000 100,000 52,498 47,502 42,015 Net Change in Fund Balance (49,310) (49,310) 48,484 97,794 45,967 Fund Balance, Beginning of year 105,826 121,544 175,103 53,559 129,136 Fund Balance, End of year $ 56,516 $ 72,234 $ 223,587 $ 151,353 $ 175,103 Budgetary Comparison Schedule Traffic Impact Fee Fund For the Year Ended December 31, 2022 With Comparative Totals for the Year Ended December 31, 2021 Town of Monument, Colorado Original Budget 2022 2021 Budget Actual (Negative) Variance Final Positive See Accompanying Independent Auditor's Report. 44 ---PAGE BREAK--- Revenues Storm Drainage Impact Fees $ 60,000 $ 60,000 $ 116,402 $ 56,402 $ 133,562 Interest 250 250 658 408 12 Total Revenues 60,250 60,250 117,060 56,810 133,574 Expenditures Capital Outlay 100,000 100,000 21,896 78,104 10,643 Total Expenditures 100,000 100,000 21,896 78,104 10,643 Net Change in Fund Balance (39,750) (39,750) 95,164 134,914 122,931 Fund Balance, Beginning of year 86,686 169,367 169,367 - 46,436 Fund Balance, End of year $ 46,936 $ 129,617 $ 264,531 $ 134,914 $ 169,367 Original Actual Original and Final Budget Positive 2021 and Final Budget Actual (Negative) Variance 2022 Town of Monument, Colorado Budgetary Comparison Schedule Storm Drainage Impact Fee For the Year Ended December 31, 2022 With Comparative Totals for the Year Ended December 31, 2021 See Accompanying Independent Auditor's Report. 45 ---PAGE BREAK--- Revenues Charges for Services $ 40,000 $ 40,000 $ 110,350 $ 70,350 $ 103,248 Interest 100 100 - (100) - Contributions and Donations - - 3,000 3,000 - Total Revenues 40,100 40,100 113,350 73,250 103,248 Expenditures Parks and Recreation - - 1,031 (1,031) - Total Expenditures - - 1,031 (1,031) - Net Change in Fund Balance 40,100 40,100 112,319 72,219 103,248 Fund Balance, Beginning of year 80,020 103,248 103,248 - - Fund Balance, End of year $ 120,120 $ 143,348 $ 215,567 $ 72,219 $ 103,248 2022 Town of Monument, Colorado Budgetary Comparison Schedule Park Fee For the Year Ended December 31, 2022 With Comparative Totals for the Year Ended December 31, 2021 Original Original Variance and Final and Final Positive 2021 Budget Budget Actual (Negative) Actual See Accompanying Independent Auditor's Report. 46 ---PAGE BREAK--- 2021 Actual Revenues Charges For Services $ 2,240,104 $ 2,553,336 $ 2,292,841 $ (260,495) $ 2,565,904 Other Income - - 92,269 92,269 70,615 Total Revenue 2,240,104 2,553,336 2,385,110 (168,226) 2,636,519 Expenses Operations and Maintenance 1,718,489 1,846,489 1,561,813 284,676 1,310,500 Administration and General 897,516 897,516 156,154 741,362 113,046 Capital Outlay 17,815,000 3,735,910 5,517,148 (1,781,238) 5,122,956 Total Expenses 20,431,005 6,479,915 7,235,115 (755,200) 6,546,502 Net Operating Income (18,190,901) (3,926,579) (4,850,005) (923,426) (3,909,983) Nonoperating Revenues (Expenses) Sales taxes 350,873 829,524 567,278 (262,246) 455,438 Interest Income 20,000 206,079 246,608 40,529 12,031 Debt Service (1,274,893) (1,274,893) (1,271,200) 3,693 (1,274,892) Total Nonoperating Revenues (Expenses) (904,020) (239,290) (457,314) (218,024) (807,423) Net Income (Loss) Before Contributed Capital (19,094,921) (4,165,869) (5,307,319) (1,141,450) (4,717,406) Contributed Capital Tap Fees 2,820,000 3,913,294 3,265,350 (647,944) 2,139,960 Transfers In 1,271,200 1,271,200 1,271,200 - 443,093 Transfers Out - - (602,096) (602,096) (481,758) Change in Net Position, Budgetary Basis $ (15,003,721) $ 1,018,625 $ (1,372,865) $ (2,391,490) $ (2,616,111) Reconciliation to GAAP Basis Capital Outlay 5,517,148 5,122,956 Gain on Sale of Assets 499 5,564 Change in accrued interest - 33,512 Debt Principal Payments 660,556 600,556 Depreciation (727,282) (447,886) Change in Net Position, GAAP Basis $ 4,078,056 $ 2,698,591 Original Budget Town of Monument, Colorado Budgetary Comparison Schedule Water Fund For the Year Ended December 31, 2022 Final Budget Variance Positive Actual (Negative) With Comparative Totals for the Year Ended December, 31, 2021 See Accompanying Independent Auditor's Report. 47 ---PAGE BREAK--- Compliance Section ---PAGE BREAK--- State Compliance ---PAGE BREAK--- Form Approved The public report burden for this information collection is estimated to average 380 hours annually. OMB No. 2125-0032 STATE: COLORADO YEAR ENDING (mm/yy): 12/22 This Information From The Records Of: Prepared By: TOWN OF MONUMENT LAURIE YOUNG A. Local B. Local C. Receipts from D. Receipts from ITEM Motor-Fuel Motor-Vehicle State Highway- Federal Highway Taxes Taxes User Taxes Administration 1. Total receipts available 2. Minus amount used for collection expenses 3. Minus amount used for nonhighway purposes 4. Minus amount used for mass transit 5. Remainder used for highway purposes ITEM AMOUNT AMOUNT A. Receipts from local sources: A. Local highway expenditures: 1. Local highway-user taxes 1. Capital outlay (from page 2) 1,102,927.82 $ a. Motor Fuel (from Item I.A.5.) - $ 2. Maintenance: 28,578.90 $ b. Motor Vehicle (from Item I.B.5.) - $ 3. Road and street services: c. Total - $ a. Traffic control operations 1,435,148.80 $ 2. General fund appropriations b. Snow and ice removal 41,376.70 $ 3. Other local imposts (from page 2) 1,286,697.22 $ c. Other 4. Miscellaneous local receipts (from page 2) 37,331.41 $ d. Total through 1,476,525.50 $ 5. Transfers from toll facilities 4. General administration & miscellaneous 145,426.57 $ 6. Proceeds of sale of bonds and notes: 5. Highway law enforcement and safety a. Bonds - Original Issues 6. Total (1 through 5) 2,753,458.79 $ b. Bonds - Refunding Issues B. Debt service on local obligations: c. Notes 1. Bonds: d. Total + b. + - $ a. Interest 7. Total (1 through 6) 1,324,028.63 $ b. Redemption B. Private Contributions c. Total + - $ C. Receipts from State government 2. Notes: 348,411.06 $ a. Interest D. Receipts from Federal Government b. Redemption 1,017,589.49 $ c. Total + - $ E. Total receipts (A.7 + B + C + D) 2,690,029.18 $ 3. Total (1.c + 2.c) - $ C. Payments to State for highways D. Payments to toll facilities E. Total expenditures (A.6 + B.3 + C + D) 2,753,458.79 $ Opening Debt Amount Issued Redemptions Closing Debt A. Bonds (Total) - $ 1. Bonds (Refunding Portion) - $ B. Notes (Total) - $ A. Beginning Balance B. Total Receipts C. Total Disbursements D. Ending Balance E. Reconciliation 2,690,029.18 $ 2,753,458.79 $ (63,429.61) $ Notes and Comments: FORM FHWA-536 (Rev.06/2000) PREVIOUS EDITIONS OBSOLETE Excel (Next Page) page 1 LOCAL HIGHWAY FINANCE REPORT I. DISPOSITION OF HIGHWAY-USER REVENUES AVAILABLE FOR LOCAL GOVERNMENT EXPENDITURE II. RECEIPTS FOR ROAD AND STREET PURPOSES III. EXPENDITURES FOR ROAD AND STREET PURPOSES ITEM (from page 2) (from page 2) IV. LOCAL HIGHWAY DEBT STATUS (Show all entries at par) V. LOCAL ROAD AND STREET FUND BALANCE (RECEIPTS AND DISBURSEMENTS ONLY) 48 ---PAGE BREAK--- STATE: COLORADO YEAR ENDING (mm/yy): 12/22 AMOUNT AMOUNT A.3. Other local imposts: A.4. Miscellaneous local receipts: a. Property Taxes and Assesments a. Interest on investments b. Other local imposts: b. Traffic Fines & Penalties 37,331.41 $ 1. Sales Taxes c. Parking Garage Fees 2. Infrastructure & Impact Fees 218,042.23 $ d. Parking Meter Fees 3. Liens e. Sale of Surplus Property 4. Licenses 4,670.00 $ f. Charges for Services 5. Specific Ownership &/or Other 1,063,984.99 $ g. Other Misc. Receipts 6. Total through 1,286,697.22 $ h. Other c. Total + 1,286,697.22 $ i. Total through 37,331.41 $ AMOUNT AMOUNT C. Receipts from State Government D. Receipts from Federal Government 1. Highway-user taxes (from Item I.C.5.) 309,541.78 $ 1. FHWA (from Item I.D.5.) - $ 2. State general funds 2. Other Federal agencies: 3. Other State funds: a. Forest Service a. State bond proceeds b. FEMA b. Project Match c. HUD c. Motor Vehicle Registrations 38,869.28 $ d. Federal Transit Administration d. DOLA Grant e. U.S. Corps of Engineers e. Other f. Other Federal 1,017,589.49 $ f. Total through 38,869.28 $ g. Total through 1,017,589.49 $ 4. Total + 2. + 3.f) 348,411.06 $ 3. Total + 2.g) 1,017,589.49 $ ON NATIONAL OFF NATIONAL HIGHWAY HIGHWAY TOTAL SYSTEM SYSTEM A.1. Capital outlay: a. Right-Of-Way Costs - $ b. Engineering Costs 320,785.79 $ 320,785.79 $ c. Construction: New Facilities - $ Capacity Improvements - $ System Preservation 782,142.03 $ 782,142.03 $ System Enhancement And Operation - $ Total Construction - $ 782,142.03 $ 782,142.03 $ d. Total Capital Outlay (Lines 1.a. + 1.b. + 1.c.4) - $ 1,102,927.82 $ 1,102,927.82 $ Notes and Comments: FORM FHWA-536 page 2 LOCAL HIGHWAY FINANCE REPORT II. RECEIPTS FOR ROAD AND STREET PURPOSES - DETAIL ITEM ITEM (Carry forward to page 1) (Carry forward to page 1) ITEM ITEM (Carry forward to page 1) (Carry forward to page 1) III. EXPENDITURES FOR ROAD AND STREET PURPOSES - DETAIL (Carry forward to page 1) 49 ---PAGE BREAK---           
&'(*+,-./,0102034'/5+(6+/+(7224899+-3+58'5030/:;37/57(5,  ?                             ?            ?               ?                   H.I-207/9+J03K822L3K09,*+M'0(+I+/3,*+:7(50/:N/5+-+/5+/9+    Z[\^_`abcdefghefie jik lem\\ nfop trp ruadrv\ww\ xnyz{\{_ZI}_ w\\w qqq_`k f€p etg‚_ƒrb UVWXP„ Q‰Y trp ruadrjcuk fo‚stŠ ‹efheustŠ xip ---PAGE BREAK---        
    0 
      7  0( 1  1  0( 1  1  )  1   0(  1 5 1      5   1              C(  1             1      :       ---PAGE BREAK---       ) -   /010203  ' 4 78 79 #  +           8 )    + -      4    -     /01020