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TOWN OF MONUMENT BASIC FINANCIAL STATEMENTS DECEMBER 31, 2010 BOARD OF TRUSTEES Mayor Travis Easton Mayor Pro Tem Rafael Dominguez Trustee Gail Drumm Trustee Stan Gingrich Trustee Jeffrey Kaiser Trustee Tommie Plank Trustee Rick Squires ADMINISTRATIVE STAFF Catherine Green – Town Manager Pamela Smith – Town Treasurer Scott Meszaros – Town Clerk Jacob Shirk – Chief of Police Richard Landreth – Public Works Director Thomas Kassawara – Director of Development Services ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO BASIC FINANCIAL STATEMENTS December 31, 2010 ---PAGE BREAK--- TABLE OF CONTENTS PAGE INTRODUCTORY SECTION Title Page Table of Contents FINANCIAL SECTION Independent Auditors’ Report Management’s Discussion and Analysis i - x Basic Financial Statements Government – Wide Financial Statements Statement of Net Assets 1 Statement of Activities 2 Fund Financial Statements Balance Sheet – Governmental Funds 3 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds 4 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 5 Statement of Net Assets – Proprietary Fund Type 6 Statement of Revenues, Expenses and Changes in Fund Net Assets – Proprietary Fund Type 7 Statement of Cash Flows – Proprietary Fund Type 8 Notes to Financial Statements 9 – 23 ---PAGE BREAK--- TABLE OF CONTENTS (Continued) PAGE FINANCIAL SECTION (Continued) Required Supplementary Information General Fund – Budgetary Comparison Statement 24 2A Water ASD Fund – Budgetary Comparison Statement 25 Combining and Individual Fund Schedules Combining Balance Sheet – Nonmajor Governmental Funds 26 Combining Statement of Revenues, Expenditures and Changes In Fund Balances – Nonmajor Governmental Funds 27 Community Development Fund – Budgetary Comparison Schedule 28 Conservation Trust Fund – Budgetary Comparison Schedule 29 Traffic Impact Fee Fund – Budgetary Comparison Schedule 30 Storm Drainage Impact Fee Fund – Budgetary Comparison Schedule 31 Debt Service Fund – Budgetary Comparison Schedule 32 Water Fund – Budgetary Comparison Schedule 33 STATE COMPLIANCE Local Highway Finance Report 34 - 35 ---PAGE BREAK--- FINANCIAL SECTION ---PAGE BREAK--- 600 17TH STREET SUITE 2800 SOUTH • DENVER, COLORADO 80202 •TEL [PHONE REDACTED] •FAX [PHONE REDACTED] Honorable Mayor and Members of the Town Council Town of Monument Monument, Colorado INDEPENDENT AUDITORS’ REPORT 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, as of and for the year ended December 31, 2010, which collectively comprise the basic financial statements of the Town, as listed in the table of contents. These financial statements are the responsibility of the Town of Monument, Colorado’s management. Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Town of Monument, Colorado , as of December 31, 2010, and the respective changes in financial position and cash flows, where applicable, for the year then ended in conformity with accounting principles generally accepted in the United States of America. The management’s discussion and analysis and required supplementary information listed in the table of contents is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and express no opinion on it. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Town of Monument, Colorado’s basic financial statements. The individual fund schedules and state compliance 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 has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly presented in all material respects in relation to the basic financial statements taken as a whole. June 16, 2011 ---PAGE BREAK--- i MANAGEMENT’S DISCUSSION & ANALYSIS 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, 2010. 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 2010 by $16,919,770 (net assets). Of this amount, $909,973 (unrestricted net assets) may be used for the Town’s obligations to citizens and creditors. • At December 31, 2010, the Town of Monument’s governmental funds reported combined ending fund balances of $1,053,537 an increase of $380,025 in comparison with the prior year. $205,243 of this total amount is available for spending at the Town’s discretion (unreserved fund balance). • The unreserved fund balance for the General Fund was $205,243, or 5.4% of the total General Fund expenditures. • Sales and use taxes revenue, the Town’s largest source of revenue was $2,617,208 for 2010 as compared to $2,523,180 for the prior year, a decrease of 3.7%. Using This Annual Report 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 3) notes to the financial statements Government-wide Financial Statements The government-wide financial statements are designed to provide readers with a broad overview of the Town of Monument’s finances, in a manner similar to a private-sector business. This statement of net assets presents information on all of the Town of Monument’s assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the Town of Monument is improving or deteriorating. ---PAGE BREAK--- ii The statement of activities presents information showing how the Town of Monument’s net assets changed during the most recent fiscal year. All changes in net assets are reported as soon as the underlying event occurs, regardless of the timing of related cash flows. Thus revenues and expenses reported in this statement for some items will result in cash flows in future fiscal periods uncollected taxes and earned but unused vacation leave). 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 development services. The Business-type Activities of the Town of Monument include water. 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 of the Town’s funds can be divided into two categories: governmental funds and proprietary funds. Governmental funds – Most of the Town’s basic services are reported in governmental funds, which focus on how money flows into and out of those funds and the balances left at year-end that are available for spending. The funds are reported using an accounting method called modified accrual accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental funds statements provide a detailed short-term view of cash, the governmental fund operations and the basic services it provides. 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 enterprise fund of the proprietary fund type is used to report the same functions presented as business-type activities in the government-wide financial statements, but provide more detail and additional information, such as cash flow. Proprietary funds are reported in the same way that all activities are reported in the Statement of Net Assets and the Statement of Activities. ---PAGE BREAK--- iii 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. The notes to the financial statements can be found on pages 9 through 23 of this report. 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 Fund actual versus budgetary expenditures and can be found on pages 24 through 25 of this report. The combining statements, referred to earlier in connection with non-major governmental and enterprise funds, are presented immediately following the required supplementary information. Combining and individual fund statements and schedules can be found on pages 26 through 33. Financial Analysis of the Town as a Whole As noted earlier, net assets may serve over time as a useful indicator of a government’s financial position. This is the 7th year the Town has reported using the GASB 34 model. Comparisons of 2009 to 2010 follow. In the case of the Town of Monument, assets exceeded liabilities by $16,810,239 at the end of 2009 and at the end of 2010 by $16,919,770 an increase in Total Net Assets of $109,531 or 0.66%. Net Assets 2010 2009 2010 2009 2010 2009 Governmental Activities Governmental Activities Business- type Activities Business- type Activities Total Total Current and other assets $2,268,143 $ 1,987,051 $ 463,117 $ 385,248 $ 2,731,260 $2,372,299 Capital assets, net 11,775,614 12,312,064 7,928,934 8,220,331 19,704,548 20,532,395 Total assets 14,043,757 14,299,115 8,392,051 8,605,579 22,435,808 22,904,694 Long term liabilities 3,003,247 3,382,990 1,125,343 1,275,946 4,128,590 4,658,936 Other liabilities 1,214,606 1,313,539 172,842 121,980 1,387,448 1,435,519 Total liabilities 4,217,853 4,696,529 1,298,185 1,397,926 5,516,038 6,094,455 Net assets: Invested in capital assets, net of related debt 8,999,359 9,145,574 6,846,438 6,995,621 15,845,797 16,141,195 Restricted 164,000 159,000 - - 164,000 159,000 Unrestricted 662,545 298,012 247,428 212,032 909,973 510,044 Total net assets $9,825,904 $9,602,586 $7,093,866 $7,207,653 16,919,770 $16,810,239 ---PAGE BREAK--- iv The largest portion of the Town of Monument’s net assets (94%) reflects its investment in capital assets (e.g. land, buildings, infrastructure, vehicles, equipment, etc.), less any related debt still outstanding (current and long-term), that was 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. Unrestricted net assets may be used to meet the Town’s ongoing obligations to citizens and creditors. A small portion of the Town of Monument’s net assets (less than represents resources that are subject to external restriction on how they may be used. The remaining balance of unrestricted net assets, $909,973, may be used to meet the Town’s ongoing obligations to citizens and creditors ---PAGE BREAK--- v Changes in Net Assets The Town’s net assets increased $109,531 during 2010. Governmental Activities reported a $223,318 increase, with sales tax revenue and property taxes being the largest contributors. A decrease of $113,787 for Business Type Activities was realized, due to reduced sales tax collections, investment income and decreased expenses in 2010. CHANGES IN NET ASSETS 2010 Governmental Type Activities 2009 Governmental Type Activities 2010 Business Type Activities 2009 Business Type Activities 2010 Total 2009 Total Revenues: Program revenues: Charges for Services $341,229 $256,200 $728,045 $ 658,931 $1,069,274 $915,131 Operating Grants & Contributions 205,140 108,000 - - 205,140 108,000 Capital Grants & Contributions 34,934 218,303 99,000 99,000 133,934 317,303 General revenues: Property taxes 759,129 738,551 - - 759,129 738,551 Sales taxes 2,617,208 2,523,180 100,386 92,922 2,717,594 2,616,102 Franchise taxes 279,234 282,319 - - 279,234 282,319 Other Taxes 150,435 141,332 - - 150,435 141,332 Investment income 2,232 27,430 611 3,120 2,843 30,550 Other Misc 6,169 21,594 228,505 219,100 234,674 240,694 Total revenues 4,395,710 4,316,909 1,156,547 1,073,073 5,552,257 5,389,982 Program expenses: General government 1,521,820 1,409,674 - - 1,521,820 1,409,674 Public safety 1,247,884 1,280,526 - - 1,247,884 1,280,526 Public works 1,250,964 1,139,508 - - 1,250,964 1,139,508 Interest on long-term debt 151,724 169,286 66,119 70,038 217,843 239,324 Water - - 1,204,215 1,215,378 1,204,215 1,215,378 Total expenses 4,172,392 3,998,994 1,270,334 1,285,416 5,442,726 5,284,410 Increase (decrease) in net assets 223,318 317,915 (113,787) (212,343) 109,531 105,572 Net assets 12/31/09-08 9,602,586 9,284,671 7,207,653 7,419,996 16,810,239 16,704,667 Net Assets 12/31/10-09 $9,825,904 $9,602,586 $7,093,866 $7,207,653 $16,919,770 $16,810,239 ---PAGE BREAK--- vi Governmental Activities The following pie chart illustrates the governmental activities revenues. Sales and use taxes are the Town’s largest governmental activities revenue source at 62%. Charges for services include planning, traffic impact and storm drainage impact fees and along with franchise fees comprise the third largest revenue source of the Town’s governmental activities at Property taxes are 18% of the Town’s revenue for governmental activities. ---PAGE BREAK--- vii Business-type Activities Charges for services account for 63% of the Town’s business-type activities. The Town’s IGA with Triview Metropolitan District for water services accounts for 19%. Tap fees account for sales taxes account for 9% and the remaining interest income and miscellaneous revenue accounts for less than 1% 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. Significant balances and transactions for General Fund revenue include sales tax related to the development at Monument Marketplace, development and Development Services fees and increased franchise fees. In 2008, to be in compliance with GASB 34, the Town began to report infrastructure as an asset for a net Asset increase of $6,230,145 that was not reported in previous years. Significant balances and transactions for General Fund – Public Works Department expenditures include asphalt repairs in Historic Monument in the amount of $39,108. The Town also spent $69,521 to continue the work on the Third Street Project. $5,912 was spent on 2nd street improvements, as well as working on Old Denver Highway road repairs in the amount of $12,875. The Water Department had no Capital Expenses in 2010. The 2A Water ASD Fund had no Capital Expenditures in 2010. The Town Manager, in conjunction with the Department Heads, continued to analyze the Town’s salary ranges to keep up with competitive rates, for non-exempt employees, for related size towns and job descriptions. We were not able to give any COLA raises and have no layoffs in 2010. This was a large challenge with the depressed economy in 2010. Water Fund revenue was more than Budget by $43,379 due to increased customer usage. Of the revenues, $213,864 represents Triview Metropolitan District Water IGA revenue. Tap fee revenue was more than Budget by $18,000. The Town is approaching build-out of residential properties that are the Town’s responsibility, so this revenue stream will continue to decrease. Water Fund actual budgetary expenses were approximately $155,595 below budget in 2010 due to decreased operations and maintenance funds being expended. ---PAGE BREAK--- viii General Fund Budgetary Highlights The Board of Trustees 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. The General Fund’s original budgeted expenditures were $3,844,367. There was no reforecast budget in 2010. Actual expenditures for 2010 were $3,795,398 an amount favorable to budgeted expenditures of $48,969. The majority of this positive variance was the result of administration expenditures being considerably under budget. The following pie chart shows the distribution of expenses by program/function. ---PAGE BREAK--- ix 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, 2010 totaled $19,704,548 (net of accumulated depreciation). Water fund capital assets represent 40% of this total. The capital projects for the Town’s governmental activities consisted of street improvements of $127,416. There were no capital projects for the Town’s business-type activities. The newly established 2A Water ASD Fund did not use designated sales tax revenues for any capital improvements. Note 4 of the financial statements provide a detailed summary of the Town’s capital assets. Long-term Debt The Town of Monument’s total debt decreased by $517,854 during 2010. The Town’s long-term debt related to governmental activities decreased in 2010. Payments of $390,235 were made on bonds, loans and capital lease obligations during the year. The Town did not enter into any new leases and compensated absences increased $10,492. The Town’s long-term debt related to business-type activities decreased in 2010. Payments of $142,214 were made on bonds, loans and capital lease obligations. Compensated absences for business-type activities increased by $4,103. Note 5 of the financial statements provide a detailed summary on the Town’s long-term debt. ---PAGE BREAK--- x Economic Factors and Next Year’s Budget and Rates The unemployment rate for El Paso County in 2010 was 9.6% up 1.3% from the 2009 average. This compares to the national average of 9.1% and state average of 8.9% for 2010. Total land use permits issued in 2010 were 139, with 126 residential, 12 commercial and 1 miscellaneous. This is down 19 permits from 2009, with the decrease coming in roofing permits. 2011 is expected to meet or be higher than 2010 numbers. Total retail sales tax is budgeted at $3,879,627 for 2011, which compares to $4,171,237 in 2010, a decrease of Property tax revenue is expected to increase $13,922 in 2011. This minimal increase reflects additional residential building in 2010. The mill levy for 2011 is 6.289 mills, unchanged since 2008. The 2011 budget includes capital projects for asphalt repairs and maintenance and a recycling program. There is money for the purchase of a new bucket truck for Public Works and a new police car for Law Enforcement. The Water Enterprise Fund has capital projects to reline and rebuild Well Transit Loss, a solar heater for the water tank and generator hook ups for Wells #7 and The ancillary funds have available cash for designated projects as they are assigned. The Town is also conducting a storm drainage master plan and is continuing to examine the zoning and subdivision ordinances. The Town is continuing the process for compliance with the Federal National Pollutant Discharge Elimination System (NPDES) Clean Water Act and is pursuing renewable water sources. 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 government’s finances. Questions concerning any of the information provided in this report or additional financial information should be addressed to the Town Treasurer at the Town of Monument, PO Box 325 or 645 Beacon Lite Road, Monument, Colorado, 80132. ---PAGE BREAK--- BASIC FINANCIAL STATEMENTS ---PAGE BREAK--- BUSINESS GOVERNMENTAL TYPE ACTIVITIES ACTIVITIES 2010 2009 ASSETS Cash and Investments 685,997 $ 135,111 $ 821,108 $ 417,817 $ Restricted Cash and Investments 40,550 276,995 317,545 320,462 Receivables Property Taxes 712,987 - 712,987 699,066 Sales and Other 774,271 - 774,271 822,487 Accounts 53,261 51,011 104,272 109,219 Prepaid Expenses 1,077 - 1,077 3,248 Capital Assets, Not Depreciated 722,290 3,505,376 4,227,666 4,227,666 Capital Assets, Depreciated Net of Accumulated Depreciation 11,053,324 4,423,558 15,476,882 16,304,729 TOTAL ASSETS 14,043,757 8,392,051 22,435,808 22,904,694 LIABILITIES Accounts Payable 366,625 29,215 395,840 382,866 Retainage Payable 32,926 - 32,926 101,115 Accrued Salaries and Benefits 75,446 92,678 168,124 142,287 Accrued Interest - 40,640 40,640 40,640 Deferred Revenues 712,987 - 712,987 699,066 Developer Escrow and Deposits 26,622 10,309 36,931 82,037 Noncurrent Liabilities Due within One Year 385,549 149,962 535,511 536,449 Due in More Than One Year 2,617,698 975,381 3,593,079 4,109,995 TOTAL LIABILITIES 4,217,853 1,298,185 5,516,038 6,094,455 NET ASSETS Invested in Capital Assets, Net of Related Debt 8,999,359 6,846,438 15,845,797 16,141,195 Restricted for Emergencies 164,000 - 164,000 159,000 Unrestricted 662,545 247,428 909,973 510,044 TOTAL NET ASSETS 9,825,904 $ 7,093,866 $ 16,919,770 $ 16,810,239 $ TOWN OF MONUMENT, COLORADO STATEMENT OF NET ASSETS As of December 31, 2010 TOTAL The accompanying notes are an integral part of the financial statements. 1 ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO STATEMENT OF ACTIVITIES PROGRAM REVENUES OPERATING CAPITAL CHARGES FOR GRANTS AND GRANTS AND FUNCTIONS/PROGRAMS EXPENSES SERVICES CONTRIBUTIONS CONTRIBUTIONS PRIMARY GOVERNMENT Governmental Activities General Government 1,521,820 $ 201,159 $ - $ - $ Public Safety 1,247,884 - - - Public Works 1,224,557 140,070 205,140 34,934 Parks and Recreation 26,407 - - - Interest on Long-Term Debt 151,724 - - - Total Governmental Activities 4,172,392 341,229 205,140 34,934 Business-Type Activities Water 1,204,215 728,045 - 99,000 Interest on Long-Term Debt 66,119 - - - Total Business-Type Activities 1,270,334 728,045 - 99,000 Total Primary Government 5,442,726 $ 1,069,274 $ 205,140 $ 133,934 $ GENERAL REVENUES Sales Taxes Property Taxes Franchise Taxes Other Taxes Interest Other TOTAL GENERAL REVENUES CHANGE IN NET ASSETS NET ASSETS, Beginning NET ASSETS, Ending Year Ended December 31, 2010 The accompanying notes are an integral part of the financial statements. 2 ---PAGE BREAK--- NET (EXPENSE) REVENUE AND CHANGE IN NET ASSETS GOVERNMENTAL BUSINESS-TYPE ACTIVITIES ACTIVITIES 2010 2009 (1,320,661) $ - $ (1,320,661) $ (1,214,823) $ (1,247,884) - (1,247,884) (1,165,723) (844,413) - (844,413) (843,733) (26,407) - (26,407) (22,926) (151,724) - (151,724) (169,286) (3,591,089) - (3,591,089) (3,416,491) - (377,170) (377,170) (457,447) - (66,119) (66,119) (70,038) - (443,289) (443,289) (527,485) (3,591,089) (443,289) (4,034,378) (3,943,976) 2,617,208 100,386 2,717,594 2,616,102 759,129 - 759,129 738,551 279,234 - 279,234 282,319 150,435 - 150,435 141,332 2,232 611 2,843 30,550 6,169 228,505 234,674 240,694 3,814,407 329,502 4,143,909 4,049,548 223,318 (113,787) 109,531 105,572 9,602,586 7,207,653 16,810,239 16,704,667 9,825,904 $ 7,093,866 $ 16,919,770 $ 16,810,239 $ TOTALS ---PAGE BREAK--- OTHER GENERAL 2A WATER GOVERNMENTAL TOTALS FUND ASD FUND FUNDS 2010 2009 ASSETS Cash and Investments 378,380 $ 269,093 $ 38,524 $ 685,997 $ 361,420 $ Restricted Cash and Investments 40,550 - 40,550 40,550 Property Taxes Receivable 712,987 - - 712,987 699,066 Other Taxes Receivable 774,271 - - 774,271 822,487 Accounts Receivable 53,261 - - 53,261 60,280 Due From Other Funds - 313,032 6,730 319,762 120,000 Prepaid Expense 1,077 - - 1,077 3,248 TOTAL ASSETS 1,960,526 $ 582,125 $ 45,254 $ 2,587,905 $ 2,107,051 $ LIABILITIES AND FUND EQUITY LIABILITIES Accounts Payable 366,625 $ - $ - $ 366,625 $ 382,866 $ Retainage Payable 32,926 - - 32,926 101,115 Accrued Salaries and Benefits 75,375 - 71 75,446 59,165 Due to Other Funds 319,762 - - 319,762 120,000 Deferred Revenues 712,987 - - 712,987 699,066 Developer Escrow 26,622 - - 26,622 71,327 TOTAL LIABILITIES 1,534,297 - 71 1,534,368 1,433,539 FUND EQUITY Fund Balance Reserved for Emergencies 164,000 - - 164,000 159,000 Reserved for Capital Projects 56,986 - - 56,986 56,986 Unreserved, reported in General Fund 205,243 - - 205,243 196,303 Special Revenue Funds - 582,125 45,183 627,308 261,223 TOTAL FUND EQUITY 426,229 582,125 45,183 1,053,537 673,512 TOTAL LIABILITIES AND FUND EQUITY 1,960,526 $ 582,125 $ 45,254 $ Amounts reported for governmental activities in the statement of net assets are different because: Capital assets used in governmental activities are not financial resources and therefore, are not reported in the funds. 11,775,614 12,312,064 Long-term liabilities are not due and payable in the current period and are not reported in the funds. These include Bonds Payable of ($887,500), Capital Leases ($1,888,755), and Accrued Compensated Absences ($226,992). (3,003,247) (3,382,990) Net assets of governmental activities 9,825,904 $ 9,602,586 $ TOWN OF MONUMENT, COLORADO BALANCE SHEET GOVERNMENTAL FUNDS As of December 31, 2010 The accompanying notes are an integral part of the financial statements. 3 ---PAGE BREAK--- OTHER GENERAL 2A WATER GOVERNMENTAL TOTALS FUND ASD FUND FUNDS 2010 2009 REVENUES Taxes 3,285,586 $ 336,479 $ 153,293 $ 3,775,358 $ 3,685,382 $ Licenses and Permits - - 43,585 43,585 34,698 Intergovernmental 371,667 - 34,934 406,601 326,303 Charges for Services 86,686 - 17,762 104,448 172,375 Court 57,317 - - 57,317 49,127 Interest 1,913 274 45 2,232 27,430 Miscellaneous 6,169 - - 6,169 21,594 TOTAL REVENUES 3,809,338 336,753 249,619 4,395,710 4,316,909 EXPENDITURES General Government 1,354,411 - 32,171 1,386,582 1,371,414 Public Safety 1,217,606 - - 1,217,606 1,199,418 Public Works 654,112 - - 654,112 514,557 Parks and Recreation - - 4,936 4,936 38,050 Debt Service Principal 291,235 - 99,000 390,235 414,606 Interest 97,431 - 54,293 151,724 169,286 Capital Outlay 180,603 - 29,887 210,490 3,174,156 TOTAL EXPENDITURES 3,795,398 - 220,287 4,015,685 6,881,487 NET CHANGE IN FUND BALANCES 13,940 336,753 29,332 380,025 (2,564,578) FUND BALANCES, Beginning 412,289 245,372 15,851 673,512 3,238,090 FUND BALANCES, Ending 426,229 $ 582,125 $ 45,183 $ 1,053,537 $ 673,512 $ TOWN OF MONUMENT, COLORADO STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS Year Ended December 31, 2010 The accompanying notes are an integral part of the financial statements. 4 ---PAGE BREAK--- Amounts Reported for Governmental Activities in the Statement of Activities are Different Because: Net Changes in Fund Balances - Total Governmental Funds 380,025 $ Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which depreciation ($746,940), exceeded capital outlay $210,490 the current period. (536,450) Repayment of long-term debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net assets. These include bond payments of $99,000, payments of capital leases of $291,235, and change in accrued compensated absences of ($10,492). 379,743 Change in Net Assets of Governmental Activities 223,318 $ Year Ended December 31, 2010 TOWN OF MONUMENT, COLORADO RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES The accompanying notes are an integral part of the financial statements. 5 ---PAGE BREAK--- 2010 2009 ASSETS Current Assets Cash and Investments 135,111 $ 56,397 $ Restricted Cash and Investments 276,995 279,912 Accounts Receivable 51,011 48,939 Total Current Assets 463,117 385,248 Noncurrent Assets Capital Assets, net of accumulated depreciation 7,928,934 8,220,331 TOTAL ASSETS 8,392,051 8,605,579 LIABILITIES Current Liabilities Accounts Payable 29,215 - Accrued Expenses 92,678 83,122 Accrued Interest Payable 40,640 40,640 Bonds Payable, Current Portion 149,962 142,214 Total Current Liabilities 312,495 265,976 Noncurrent Liabilities Deposits 10,309 10,710 Accrued Compensated Absences 42,847 38,744 Bonds Payable 932,534 1,082,496 Total Noncurrent Liabilities 985,690 1,131,950 TOTAL LIABILITIES 1,298,185 1,397,926 NET ASSETS Invested in Capital Assets, Net of Related Debt 6,846,438 6,995,621 Restricted for Debt Service 276,995 279,912 Unreserved (29,567) (67,880) TOTAL NET ASSETS 7,093,866 $ 7,207,653 $ As of December 31, 2010 TOWN OF MONUMENT, COLORADO STATEMENT OF NET ASSETS PROPRIETARY FUND TYPE The accompanying notes are an integral part of the financial statements. 6 ---PAGE BREAK--- 2010 2009 OPERATING REVENUES Charges for Services 728,045 $ 658,931 $ Miscellaneous Income 228,505 219,100 TOTAL OPERATING REVENUES 956,550 878,031 OPERATING EXPENSES Operations and Maintenance 285,959 522,791 Administrative and General 626,859 398,777 Depreciation 291,397 293,810 TOTAL OPERATING EXPENSES 1,204,215 1,215,378 OPERATING INCOME (LOSS) (247,665) (337,347) NON-OPERATING REVENUES (EXPENSES) Sales Taxes 100,386 92,922 Interest Income 611 3,120 Interest Expenses (66,119) (70,038) TOTAL NON-OPERATING REVENUES (EXPENSES) 34,878 26,004 INCOME (LOSS) BEFORE CAPITAL CONTRIBUTIONS (212,787) (311,343) Capital Contributions 99,000 99,000 NET INCOME (LOSS) (113,787) (212,343) NET ASSETS, Beginning 7,207,653 7,419,996 NET ASSETS, Ending 7,093,866 $ 7,207,653 $ Year Ended December 31, 2010 TOWN OF MONUMENT, COLORADO STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS PROPRIETARY FUND TYPE The accompanying notes are an integral part of the financial statements. 7 ---PAGE BREAK--- 2010 2009 CASH FLOWS FROM OPERATING ACTIVITIES Cash Received from Customers 725,973 $ 659,328 $ Cash Received from Others 228,505 219,100 Cash Paid to Suppliers (368,476) (389,463) Cash Paid to Employees (501,468) (517,229) Net Cash Provided (Used) by Operating Activities 84,534 (28,264) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Sales Tax Received 100,386 92,922 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase of Capital Assets - (561,812) Bond Payments (142,214) (134,891) Lease Payments - (6,387) Interest Payments (66,119) (73,577) Capital Contributions 99,000 99,000 Deposits Returned to Customers (401) 1,280 Net Cash Used by Capital and Related Financing Activities (109,734) (676,387) CASH FLOWS FROM INVESTING ACTIVITIES Interest Received 611 3,120 Net Increase (Decrease) in Cash and Cash Equivalents 75,797 (608,609) CASH AND CASH EQUIVALENTS, Beginning 336,309 944,918 CASH AND CASH EQUIVALENTS, Ending 412,106 $ 336,309 $ RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES Operating Income (247,665) $ (337,347) $ Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities Depreciation and Amortization 291,397 293,810 Changes in Assets and Liabilities Accounts Receivable (2,072) 397 Accounts Payable 29,215 (17,936) Accrued Expenses 9,556 27,250 Accrued Compensated Absences 4,103 5,562 Total Adjustments 332,199 309,083 Net Cash Provided by Operating Activities 84,534 $ (28,264) $ Increase (Decrease) in Cash and Cash Equivalents TOWN OF MONUMENT, COLORADO STATEMENT OF CASH FLOWS PROPRIETARY FUND TYPE Year Ended December 31, 2010 The accompanying notes are an integral part of the financial statements. 8 ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2010 9 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. 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 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 assets 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 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. ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2010 10 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Government-Wide and Fund Financial Statements (Continued) 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. 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. Private-sector standards of accounting and financial reporting issued prior to December 1, 1989, generally are followed in both the government-wide and proprietary (enterprise) fund financial statements to the extent that those standards do not conflict with or contradict guidance of the Governmental Accounting Standards Board. Governments also have the option of following subsequent private-sector guidance for their business-type activities and enterprise funds, subject to this same limitation. The Town has elected not to follow subsequent private-sector guidance. ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2010 11 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) 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 fund: 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 2A Water ASD Fund accounts revenues and expenditures allocated for water projects. 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. ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2010 12 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Capital Assets (Continued) 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 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 time up to 384 hours at their current pay rate and unused sick time up to 360 hours at 50% 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. ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2010 13 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Net Assets/Fund Equity In the government-wide financial statements, net assets are restricted when constraints placed on the net assets are externally imposed. In the fund financial statements, governmental funds report reservations of fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. 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. Comparative Data Comparative total data for the prior year has been presented in the accompanying financial statements in order to provide an understanding of changes in the Town’s financial position and operations. However, complete comparative data in accordance with generally accepted accounting principles has not been presented since its inclusion would make the financial statements unduly complex and difficult to read. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. 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. ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2010 14 NOTE 2: STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY (Continued) • 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. The actual expenditure of the Community Development fund exceeded the budgeted amount by $71. This may be a violation of State Statute. NOTE 3: DEPOSITS AND INVESTMENTS A summary of deposits and investments as of December 31, 2010 follows: Petty Cash $ 1,300 Cash Deposits 235,461 Investments 901,892 Total $ 1,138,653 The above amounts are classified in the statement of net assets as follows: Cash and Investments $ 821,108 Restricted Cash and Investments 317,545 Total $ 1,138,653 ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2010 15 NOTE 3: DEPOSITS AND INVESTMENTS (Continued) Deposits Custodial Credit Risk – Deposits Custodial credit risk is the risk that in the event of a bank failure, the government’s deposits may not be returned to it. 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. At December 31, 2010 State regulatory commissioners have indicated that all financial institutions holding deposits for the Town are eligible public depositories. Amounts on deposit in excess of federal insurance levels must be collateralized by eligible collateral as determined by the PDPA. 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. The Town has no policy regarding custodial credit risk for deposits. At December 31, 2010, the Town had deposits with financial institutions with a carrying amount of $235,461. The bank balances with the financial institutions were $292,237. Of these balances, $250,000 was covered by federal depository insurance and $42,237 was covered by collateral held by authorized escrow agents in the financial institutions name (PDPA). Investments Interest Rate Risk The Town does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. Credit Risk Colorado statutes specify in which instruments the units of local government may invest which includes: • Obligations of the United States and certain U.S. government 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 ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2010 16 NOTE 3: DEPOSITS AND INVESTMENTS (Continued) The above investments are authorized for all funds and fund types used by Colorado municipalities. The Town had invested $901,892 in the Colorado Government Liquid Asset Trust (COLOTRUST), an investment vehicle established for local government entities in Colorado to pool surplus funds and are registered with the State Securities Commissioner. The pool operates similarly to a money market fund and each share is equal in value to $1.00. Investments consist of U.S. Treasury and U.S. Agency securities and repurchase agreements collateralized by U.S. Treasury and U.S. Agency securities. A designated custodial bank provides safekeeping and depository services in connection with the direct investment and withdrawal functions. Substantially all securities owned are held by the Federal Reserve Bank in the account maintained for the custodial bank. The custodian’s internal records identify the investments owned by the entities. Colotrust is rated AAA by Standard and Poor’s. Restricted Cash Cash is restricted for the following purposes: Operating Reserve $ 276,995 Debt Service Reserve 40,550 Total $ 317,545 Operating Reserve – The loan agreement with the Colorado Water Resources & Power Development Authority (CWR&PDA) requires that the Town maintain a three-month operating reserve which equals $260,186. The CWCB loan requires 10% of annual payment as a reserve or $16,809. For this purpose, the Town has restricted cash and investments of $276,995 at December 31, 2010. Debt Service Reserve – The 1997 Rural Economic and Community Development Loan was funded in full and converted to Water Revenue Bonds, Series 1995. This obligation requires that a reserve account be established, to be increased by $4,055 each year until the amount of the reserve is equal to $40,550. In accordance with this requirement, the Town has restricted cash in the amount of $40,550 at December 31, 2010. ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2010 17 NOTE 4: CAPITAL ASSETS Capital assets activity for the year ended December 31, 2010 is summarized below: Balances Balances 12/31/09 Additions Deletions 12/31/10 Governmental Activities Capital Assets, not depreciated Land $ 722,290 $ - $ - $ 722,290 Total Capital Assets, not depreciated 722,290 - - 722,290 Capital Assets, depreciated Buildings 3,743,257 11,330 - 3,754,587 Infrastructure 8,367,154 - 8,367,154 Water Rights 120,157 - - 120,157 Furniture and Equipment 278,573 - - 278,573 Vehicles and Street Equipment 1,052,079 41,859 - 1,093,938 Park Improvements 381,952 29,887 - 411,839 Street Improvements 2,552,227 127,414 - 2,679,641 Total Capital Assets, depreciated 16,495,399 210,490 - 16,705,889 Less Accumulated Depreciation Buildings 367,067 117,048 - 484,115 Infrastructure 2,694,819 278,905 - 2,973,724 Water Rights 2,403 2,403 - 4,806 Furniture and Equipment 250,611 20,728 - 271,339 Vehicles and Street Equipment 807,824 57,844 - 865,668 Park Improvements 139,731 21,470 - 161,201 Street Improvements 643,170 248,542 - 891,712 Total Accumulated Depreciation 4,905,625 746,940 - 5,652,565 Total Capital Assets, depreciated, Net 11,589,774 (536,450) - 11,053,324 Governmental Activities, Capital Assets, Net $ 12,312,064 $ (536,450) $ - $ 11,775,614 ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2010 18 NOTE 4: CAPITAL ASSETS (Continued) Balances Balances 12/31/09 Additions Deletions 12/31/10 Business-Type Activities Capital Assets, not depreciated Water Master Plan $ 586,111 $ - $ - $ 586,111 Construction in Progress 2,919,265 - - 2,919,265 Total Capital Assets, not depreciated 3,505,376 - - 3,505,376 Capital Assets, depreciated Water Rights 125,000 - - 125,000 Alluvium Wells 420,392 - - 420,392 Public Works Building 113,800 - - 113,800 Iron Treatment Plant 287,854 - - 287,854 Water Treatment Plant 1,199,322 - - 1,199,322 Other Equipment 548,428 - - 548,428 Slabaugh Well 191,390 - - 191,390 Wells/Treatment 7,420,092 - - 7,420,092 Transmission & Distribution 1,535,513 - - 1,535,513 Vehicles 228,568 - - 228,568 Total Capital Assets, depreciated 12,070,359 - - 12,070,359 Less: Accumulated Depreciation Water Rights 40,000 2,500 - 42,500 Alluvium Wells 296,353 15,241 - 311,594 Public Works Building 11,379 3,793 - 15,172 Iron Treatment Plant 206,294 9,595 - 215,889 Water Treatment Plant 147,108 39,977 - 187,085 Other Equipment 485,747 22,273 - 508,020 Slabaugh Well 66,989 3,828 - 70,817 Wells/Treatment 4,524,279 165,095 - 4,689,374 Transmission & Distribution 1,375,564 22,824 - 1,398,388 Vehicles 201,691 6,271 - 207,962 Total Accumulated Depreciation 7,355,404 291,397 - 7,646,801 Total Capital Assets, depreciated, Net 4,714,955 (291,397) - 4,423,558 Business-Type Activities, Capital Assets, Net $ 8,220,331 $ (291,397) $ - $ 7,928,934 Depreciation expense was charged to functions/programs of the Town as follows: Governmental Activities General Government $ 135,238 Public Safety 19,786 Public Works 570,445 Parks and Recreation 21,471 Total $ 746,940 ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2010 19 NOTE 5: LONG-TERM DEBT Governmental Activities Following is a summary of long-term debt transactions for the governmental activities for the year ended December 31, 2010. Balance Balance Due In 12/31/09 Additions Payments 12/31/10 One Year ‘79 GO Water Bonds $ 51,500 $ - $ 4,000 $ 47,500 $ 4,000 CWR&PDA ‘97 GO Loan 935,000 - 95,000 840,000 100,000 Capital Leases 2,179,990 - 291,235 1,888,755 281,549 Accrued Compensated Absences 216,500 10,492 - 226,992 - Total $ 3,382,990 $ 10,492 $ 390,235 $ 3,003,247 $ 385,549 Accrued Compensated Absences are being paid from resources generated by the General Fund. 1979 GO Water Bonds – These bonds were issued to extend and improve the waterworks system. Principal and interest payments are due annually on December 1 through 2019. Interest accrues at a rate of 5.00% 1997 Water Loan (Colorado Water Resources and Power Development Authority) – This Loan was obtained to advance refund General Obligation Water Bonds from 1987 for water system improvements. Principal and interest payments are due semi-annually on April 1 and October 1 through 2017. Interest accrues at rates ranging from 4.10% to 5.60%. Capital Leases The Town has entered into several capital lease agreements to purchase equipment which will be paid from revenues of the General Fund and the Water Fund. These leases require interest to be paid ranging from 3.85% to 4.45%. These leases mature from 2008-2016. ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2010 20 NOTE 5: LONG-TERM DEBT (Continued) Future Debt Service Requirements Annual debt service requirements for the outstanding bonds at December 31, 2010 are as follows: Year Ended December 31, Principal Interest Total 2011 $ 104,000 $ 49,057 $ 153,057 2012 109,500 43,457 152,957 2013 119,500 37,510 157,010 2014 125,000 30,845 155,845 2015 130,000 23,875 153,875 2016-2019 299,500 26,440 325,940 Total Debt Service Requirements $ 887,500 $ 211,184 $ 1,098,684 Following is a schedule of the future minimum lease payments required under the outstanding capital lease obligations at December 31, 2010. Year Ended December 31, 2011 $ 365,598 2012 365,598 2013 365,598 2014 365,598 2015 365,598 2016 365,598 Total Minimum Lease Payments 2,193,588 Less: Interest (304,833) Present Value of Future Minimum Lease Payments $ 1,888,755 ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2010 21 NOTE 5: LONG-TERM DEBT (Continued) Business-Type Activities Following is a summary of long-term debt transactions for the business-type activities for the year ended December 31, 2010. Balance Balance Due In 12/31/09 Additions Payments 12/31/10 One Year ‘95 GO Water Refunding Bonds $ 234,200 $ - $ 28,600 $ 205,600 $ 30,100 2002 CWCB Loan 990,510 - 113,614 876,896 119,862 Compensated Absences 38,744 4,103 - 42,847 - Total $ 1,263,454 $ 4,103 $ 142,214 $ 1,125,343 $ 149,962 1995 GO Water Refunding Bonds – These bonds were issued to refund the 1997 Rural Economic and Community Development Loan. Principal and interest payments are due semi- annually on June 1 and December 1, through 2016. Interest accrues at 5.125%. This obligation requires that a reserve account be established, to be increased by $4,055 each year until the amount of the reserve is equal to $40,550. In accordance with this requirement, the Town has restricted cash in the amount of $40,550 at December 31, 2010. 2002 Colorado Water Conservation Board Loan – This loan was obtained to finance the Monument Dam project. Principal and interest payments are due annually on August 1, through 2033. Interest accrues at 5.50%. This loan matures in August of 2017. Future Debt Service Requirements Annual debt service requirements for the outstanding bonds at December 31, 2009 are as follows: Year Ended December 31, Principal Interest Total 2011 $ 149,962 $ 58,384 $ 208,346 2012 158,155 50,229 208,384 2013 166,710 41,629 208,339 2014 175,747 32,564 208,311 2015 185,388 23,006 208,394 2016-2017 246,534 15,745 262,279 Total Debt Service Requirements $ 1,082,496 $ 221,557 $ 1,304,053 ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2010 22 NOTE 5: LONG-TERM DEBT (Continued) Conduit Debt In December 2009, the Town issued St. Peter Catholic School Project Development Revenue Bonds to provide financial assistance to a private sector entity to acquire equipment and to construct and renovate certain buildings and educational facilities deemed in the public interest. Neither the Town, State, nor any political subdivision thereof is obligated in any manner for the repayment of the bonds. Accordingly, the bonds are not reported as a liability in the Town’s financial statements. Outstanding bonds at December 31, 2010 totaled $2,000,000. NOTE 6: RETIREMENT COMMITMENTS Supplemental Death and Disability Plan Death and disability coverage is provided for members through the Statewide Death and Disability Plan, a multi-employer defined contribution plan, which is administered by the Colorado Fire and Police Pension Association, All full-time, paid police officers of the Town are members of the Plan. The State Legislature establishes benefit provisions of the Plan. The total contribution required is 2.6% of each participating employee’s covered salary. During the year ended December 31, 2010, the Town and employee contributions were $16,110, equal to the required contribution. 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, 2010, the Town contributions were $79,589, equal to the required contribution. The deferred compensation is not available to employees until termination, retirement, death or unforeseeable emergency. NOTE 7: 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). ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2010 23 NOTE 7: PUBLIC ENTITY RISK POOL (Continued) 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 8: COMMITMENTS AND CONTINGENCIES Monument Lake and Dam During 1999, the Colorado Legislature enacted a law, which would grant ownership of the dam and, water storage rights to the town upon the completion of the reconstruction of the dam and acceptance by the Town. The Town is awaiting the deed from the Governor’s office. Construction was completed in September 2003; however, there are ongoing improvements being made prior to the transfer of ownership. 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, notwithstanding the provisions of the Amendment. The Town believes it is in substantial compliance with the Amendment. The Town has established an emergency reserve, representing 3% of qualifying expenditures, as required by the Amendment. At December 31, 2010, the emergency reserve of $164,000 was recorded in the General Fund. ---PAGE BREAK--- REQUIRED SUPPLEMENTARY INFORMATION ---PAGE BREAK--- ORIGINAL VARIANCE AND FINAL Positive 2009 BUDGET ACTUAL (Negative) ACTUAL REVENUES Taxes 3,178,822 $ 3,285,586 $ 106,764 $ 3,160,807 $ Charges for Services 87,719 86,686 (1,033) 104,449 Intergovernmental 510,610 371,667 (138,943) 293,322 Court 52,140 57,317 5,177 49,127 Interest 30,500 1,913 (28,587) 26,473 Miscellaneous - 6,169 6,169 21,594 TOTAL REVENUES 3,859,791 3,809,338 (50,453) 3,655,772 EXPENDITURES Current General Government 1,417,392 1,354,411 62,981 1,341,286 Public Safety 1,210,236 1,217,606 (7,370) 1,199,418 Public Works 622,958 654,112 (31,154) 514,557 Capital Outlay 132,735 180,603 (47,868) 2,801,967 Debt Service Principal 461,046 291,235 169,811 320,606 Interest - 97,431 (97,431) 110,114 TOTAL EXPENDITURES 3,844,367 3,795,398 48,969 6,287,948 NET CHANGE IN FUND BALANCE 15,424 13,940 (1,484) (2,632,176) FUND BALANCE, Beginning 663,138 412,289 (250,849) 3,044,465 FUND BALANCE, Ending 678,562 $ 426,229 $ (252,333) $ 412,289 $ TOWN OF MONUMENT, COLORADO GENERAL FUND BUDGETARY COMPARISON SCHEDULE Year Ended December 31, 2010 2010 See the accompanying independent auditors' report. 24 ---PAGE BREAK--- 2010 ORIGINAL VARIANCE AND FINAL Positive 2009 BUDGET ACTUAL (Negative) ACTUAL REVENUES Sales Tax 396,720 $ 336,479 $ (60,241) $ 371,403 $ Interest - 274 274 126 TOTAL REVENUES 396,720 336,753 (59,967) 371,529 EXPENDITURES General Government - - - 6,000 Capital Outlay 396,720 - 396,720 120,157 TOTAL EXPENDITURES 396,720 - 396,720 126,157 NET CHANGE IN FUND BALANCE - 336,753 336,753 245,372 FUND BALANCE, Beginning 245,372 245,372 - FUND BALANCE, Ending - $ 582,125 $ 582,125 $ 245,372 $ TOWN OF MONUMENT, COLORADO 2A WATER ASD FUND BUDGETARY COMPARISON SCHEDULE Year Ended December 31, 2010 See the accompanying independent auditors' report. 25 ---PAGE BREAK--- COMBINING AND INDIVIDUAL FUND SCHEDULES ---PAGE BREAK--- STORM COMMUNITY CONSERVATION TRAFFIC DRAINAGE DEVELOPMENT TRUST IMPACT FEE IMPACT FEE FUND FUND FUND FUND ASSETS Cash and Investments 19,744 $ 797 $ 13,238 $ 4,745 $ Due From Other Funds 6,730 - - - TOTAL ASSETS 26,474 $ 797 $ 13,238 $ 4,745 $ LIABILITIES AND FUND EQUITY LIABILITIES Accrued Salaries and Benefits 71 $ - $ - $ - $ FUND EQUITY Unreserved, Reported in Special Revenue Funds 26,403 797 13,238 4,745 TOTAL FUND EQUITY 26,403 797 13,238 4,745 TOTAL LIABILITIES AND FUND EQUITY 26,474 $ 797 $ 13,238 $ 4,745 $ TOWN OF MONUMENT, COLORADO NONMAJOR GOVERNMENTAL FUNDS COMBINING BALANCE SHEET As of December 31, 2010 SPECIAL REVENUE FUNDS See the accompanying independent auditors' report. 26 ---PAGE BREAK--- DEBT SERVICE FUND 2010 2009 - $ 38,524 $ 15,851 $ - 6,730 - - $ 45,254 $ 15,851 $ - $ 71 $ - $ - 45,183 15,851 - 45,183 15,851 - $ 45,254 $ 15,851 $ TOTALS ---PAGE BREAK--- STORM COMMUNITY CONSERVATION TRAFFIC DRAINAGE DEVELOPMENT TRUST IMPACT FEE IMPACT FEE FUND FUND FUND FUND REVENUES Licenses and Permits 43,585 $ - $ - $ - $ Intergovernmental - 34,934 - - Charges for Services - - 13,063 4,699 Sales Tax - - - - Interest 28 2 12 3 TOTAL REVENUES 43,613 34,936 13,075 4,702 EXPENDITURES General Government 32,171 - - - Parks and Recreation - 4,936 - - Debt Service Principal - - - - Interest and Fiscal Charges - - - - Capital Outlay - 29,887 - - TOTAL EXPENDITURES 32,171 34,823 - - CHANGE IN FUND BALANCES 11,442 113 13,075 4,702 FUND BALANCES, Beginning 14,961 684 163 43 FUND BALANCES, Ending 26,403 $ 797 $ 13,238 $ 4,745 $ Year Ended December 31, 2010 SPECIAL REVENUE FUNDS TOWN OF MONUMENT, COLORADO NONMAJOR GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES See the accompanying independent auditors' report. 27 ---PAGE BREAK--- DEBT SERVICE FUND 2010 2009 - $ 43,585 $ 34,698 $ - 34,934 32,981 - 17,762 67,926 153,293 153,293 153,172 - 45 831 153,293 249,619 289,608 - 32,171 24,128 - 4,936 38,050 99,000 99,000 94,000 54,293 54,293 59,172 - 29,887 252,032 153,293 220,287 467,382 - 29,332 (177,774) - 15,851 193,625 - $ 45,183 $ 15,851 $ TOTALS ---PAGE BREAK--- 2010 ORIGINAL VARIANCE FINAL Positive 2009 BUDGET ACTUAL (Negative) ACTUAL REVENUES Business Licenses 32,000 $ 43,585 $ 11,585 $ 34,698 $ Interest 100 28 (72) 15 TOTAL REVENUES 32,100 43,613 11,513 34,713 EXPENDITURES General Government 24,500 32,171 (7,671) 24,128 Capital Outlay 7,600 - 7,600 - TOTAL EXPENDITURES 32,100 32,171 (71) 24,128 NET CHANGE IN FUND BALANCE - 11,442 11,442 10,585 FUND BALANCE, Beginning - 14,961 14,961 4,376 FUND BALANCE, Ending - $ 26,403 $ 26,403 $ 14,961 $ TOWN OF MONUMENT, COLORADO COMMUNITY DEVELOPMENT FUND BUDGETARY COMPARISON SCHEDULE Year Ended December 31, 2010 See the accompanying independent auditors' report. 28 ---PAGE BREAK--- ORIGINAL VARIANCE AND FINAL Positive 2009 BUDGET ACTUAL (Negative) ACTUAL REVENUES Lottery Revenues 34,907 $ 34,934 $ 27 $ 32,981 $ Interest 30 2 (28) 19 TOTAL REVENUES 34,937 34,936 33,000 EXPENDITURES Parks and Recreation 34,937 34,823 114 38,050 TOTAL EXPENDITURES 34,937 34,823 114 38,050 NET CHANGE IN FUND BALANCE - 113 113 (5,050) FUND BALANCE, Beginning - 684 684 5,734 FUND BALANCE, Ending - $ 797 $ 797 $ 684 $ TOWN OF MONUMENT, COLORADO CONSERVATION TRUST FUND BUDGETARY COMPARISON SCHEDULE Year Ended December 31, 2010 2010 See the accompanying independent auditors' report. 29 ---PAGE BREAK--- ORIGINAL VARIANCE FINAL Positive 2009 BUDGET ACTUAL (Negative) ACTUAL REVENUES Traffic Impact Fees 20,000 $ 13,063 $ (6,937) $ 60,811 $ Interest 350 12 (338) 625 TOTAL REVENUES 20,350 13,075 (7,275) 61,436 EXPENDITURES Capital Outlay 20,350 - 20,350 204,618 NET CHANGE IN FUND BALANCE - 13,075 13,075 (143,182) FUND BALANCE, Beginning - 163 163 143,345 FUND BALANCE, Ending - $ 13,238 $ 13,238 $ 163 $ TOWN OF MONUMENT, COLORADO TRAFFIC IMPACT FEE FUND BUDGETARY COMPARISON SCHEDULE Year Ended December 31, 2010 2010 See the accompanying independent auditors' report. 30 ---PAGE BREAK--- 2010 ORIGINAL VARIANCE AND FINAL Positive 2009 BUDGET ACTUAL (Negative) ACTUAL REVENUES Storm Drainage Impact Fees 20,000 $ 4,699 $ (15,301) $ 7,115 $ Interest 600 3 (597) 172 TOTAL REVENUES 20,600 4,702 (15,898) 7,287 EXPENDITURES Capital Outlay 20,600 - 20,600 47,414 TOTAL EXPENDITURES 20,600 - 20,600 47,414 NET CHANGE IN FUND BALANCE - 4,702 4,702 (40,127) FUND BALANCE, Beginning - 43 43 40,170 FUND BALANCE, Ending - $ 4,745 $ 4,745 $ 43 $ TOWN OF MONUMENT, COLORADO STORM DRAINAGE IMPACT FEE BUDGETARY COMPARISON SCHEDULE Year Ended December 31, 2010 See the accompanying independent auditors' report. 31 ---PAGE BREAK--- ORIGINAL VARIANCE AND FINAL Positive 2009 BUDGET ACTUAL (Negative) ACTUAL REVENUES Sales Tax 153,293 $ 153,293 $ - $ 153,172 $ TOTAL REVENUES 153,293 153,293 - 153,172 EXPENDITURES Debt Service Principal 99,000 99,000 - 94,000 Interest 54,293 54,293 - 59,172 TOTAL EXPENDITURES 153,293 153,293 - 153,172 NET CHANGE IN FUND BALANCE - - - - FUND BALANCE, Beginning - - - - FUND BALANCE, Ending - $ - $ - $ - $ TOWN OF MONUMENT, COLORADO DEBT SERVICE FUND BUDGETARY COMPARISON SCHEDULE Year Ended December 31, 2010 2010 See the accompanying independent auditors' report. 32 ---PAGE BREAK--- ORIGINAL VARIANCE AND FINAL Positive 2009 BUDGET ACTUAL (Negative) ACTUAL REVENUES Charges for Services 680,314 $ 728,045 $ 47,731 $ 658,931 $ Sales Tax 99,354 100,386 1,032 92,922 Tap Fees 81,000 99,000 18,000 99,000 Investment Income 34,500 611 (33,889) 3,120 Triview Metropolitan District Water IGA 214,000 213,864 (136) 213,864 Other Revenues 4,000 14,641 10,641 5,236 TOTAL REVENUES 1,113,168 1,156,547 43,379 1,073,073 EXPENDITURES Operations and Maintenance 476,796 285,959 190,837 522,791 Administration and General 575,615 626,859 (51,244) 398,777 Capital Outlay 16,000 - 16,000 561,812 Debt Service Principal 142,214 142,214 - 141,278 Interest 66,121 66,119 2 70,038 TOTAL EXPENDITURES 1,276,746 1,121,151 155,595 1,694,696 NET INCOME, Budget Basis (163,578) $ 35,396 198,974 $ (621,623) GAAP BASIS ADJUSTMENTS Capital Outlay - 561,812 Depreciation (291,397) (293,810) Principal Paid on Long-Term Debt 142,214 141,278 NET INCOME, GAAP Basis (113,787) (212,343) NET ASSETS, Beginning 7,207,653 7,419,996 NET ASSETS, Ending 7,093,866 $ 7,207,653 $ TOWN OF MONUMENT, COLORADO WATER FUND BUDGETARY COMPARISON SCHEDULE Year Ended December 31, 2010 2010 See the accompanying independent auditors' report. 33 ---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 City or County: YEAR ENDING : December 2010 This Information From The Records Of Town Of Monument Prepared By: Pamela Smith, Treasurer Phone: [PHONE REDACTED] A. Local B. Local C. Receipts from D. Receipts from 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 AMOUNT AMOUNT A. Receipts from local sources: A. Local highway disbursements: 1. Local highway-user taxes 1. Capital outlay (from page 2) 127,414 a. Motor Fuel (from Item I.A.5.) 2. Maintenance: (70,231) b. Motor Vehicle (from Item I.B.5.) 3. Road and street services: c. Total a. Traffic control operations 0 2. General fund appropriations 79,405 b. Snow and ice removal 7,014 3. Other local imposts (from page 2) 103,071 c. Other 0 4. Miscellaneous local receipts (from page 2) 162,840 d. Total through 7,014 5. Transfers from toll facilities 0 4. General administration & miscellaneous 63,217 6. Proceeds of sale of bonds and notes: 5. Highway law enforcement and safety 414,838 a. Bonds - Original Issues 0 6. Total (1 through 5) 542,252 b. Bonds - Refunding Issues 0 B. Debt service on local obligations: c. Notes 0 1. Bonds: Town of Monument AND STREET PURPOSES LOCAL HIGHWAY FINANCE REPORT I. DISPOSITION OF HIGHWAY-USER REVENUES AVAILABLE FOR LOCAL GOVERNMENT EXPENDITURE ITEM III. DISBURSEMENTS FOR ROAD ITEM II. RECEIPTS FOR ROAD AND STREET PURPOSES ITEM d. Total + b. + 0 a. Interest 0 7. Total (1 through 6) 345,316 b. Redemption 0 B. Private Contributions 0 c. Total + 0 C. Receipts from State government 2. Notes: (from page 2) 196,936 a. Interest 0 D. Receipts from Federal Government b. Redemption 0 (from page 2) 0 c. Total + 0 E. Total receipts (A.7 + B + C + D) 542,252 3. Total (1.c + 2.c) 0 C. Payments to State for highways 0 D. Payments to toll facilities 0 E. Total disbursements (A.6 + B.3 + C + D) 542,252 Opening Debt Amount Issued Redemptions Closing Debt A. Bonds (Total) 0 0 0 0 1. Bonds (Refunding Portion) 0 0 B. Notes (Total) 0 0 0 A. Beginning Balance B. Total Receipts C. Total Disbursements D. Ending Balance E. Reconciliation 0 542,252 (542,252) 0 0 Notes and Comments: FORM FHWA-536 (Rev.1-05) PREVIOUS EDITIONS OBSOLETE (Next Page) V. LOCAL ROAD AND STREET FUND BALANCE IV. LOCAL HIGHWAY DEBT STATUS (Show all entries at par) 34 ---PAGE BREAK--- STATE: Colorado YEAR ENDING (mm/yy): December 2010 AMOUNT AMOUNT A.3. Other local imposts: A.4. Miscellaneous local receipts: a. Property Taxes and Assesments 0 a. Interest on investments 0 b. Other local imposts: b. Traffic Fines and Penalities 34,960 1. Sales Taxes 0 c. Parking Garage Fees 0 2. Infrastructure & Impact Fees 17,762 d. Parking Meter Fees 0 3. Liens 0 e. Sale of Surplus Property 0 4. Licenses 2,600 f. Charges for Services 127,880 5. Specific Ownership orOther 82,709 g. Other Misc. Receipts 0 6. Total through 103,071 h. Other 0 c. Total + 103,071 i. Total through 162,840 (Carry forward to page 1) (Carry forward to page 1) AMOUNT AMOUNT C. Receipts from State Government D. Receipts from Federal Government 1. Highway-user taxes 175,262 1. FHWA (from Item I.D.5.) 2. State general funds 2. Other Federal agencies: 3. Other State funds: a. Forest Service 0 a. State bond proceeds b. FEMA 0 b. Project Match c. HUD 0 c. Motor Vehicle Registration 21,674 d. Federal Transit Admin 0 d. Other - (Specify) 0 e. U.S. Corps of Engineers 0 e. Other (Specify) 0 f. Other Federal 0 f. Total through 21,674 g. Total through 0 4. Total + 2. + 3.f) 196,936 3. Total + 2.g) (Carry forward to page 1) II. RECEIPTS FOR ROAD AND STREET PURPOSES - DETAIL LOCAL HIGHWAY FINANCE REPORT ITEM ITEM ITEM ITEM ( y p g ) ON NATIONAL OFF NATIONAL HIGHWAY HIGHWAY TOTAL SYSTEM SYSTEM A.1. Capital outlay: a. Right-Of-Way Costs 0 0 0 b. Engineering Costs 0 5,912 5,912 c. Construction: New Facilities 0 0 0 Capacity Improvements 0 69,521 69,521 System Preservation 0 51,982 51,982 System Enhancement & Operation 0 0 0 Total Construction 0 121,503 121,503 d. Total Capital Outlay (Lines 1.a. + 1.b. + 1.c.5) 0 127,414 127,414 (Carry forward to page 1) Notes and Comments: FORM FHWA-536 (Rev.1-05) PREVIOUS EDITIONS OBSOLETE III. DISBURSEMENTS FOR ROAD AND STREET PURPOSES - DETAIL 35