Document Monument_doc_8e35edb3a6

Town of Monument, Colorado Financial Statements with Independent Auditors’ Report December 31, 2020 ---PAGE BREAK--- TOWN OF MONUMENT, COLORADO Basic Financial Statements December 31, 2020 BOARD OF TRUSTEES Mayor Don Wilson Mayor Pro Tem Kelly Elliott Trustee Laurie Clark Trustee Mitchell LaKind Trustee Jim Romanello Trustee Ron Stephens Trustee Jamy Unruh ADMINISTRATIVE STAFF Mike Foreman – Town Manager Rosa Ooms – Treasurer/Finance Director Laura Hogan – Town Clerk Thomas Tharnish – Public Works Director C.Sean Hemingway – Police Chief Larry Manning – Planning Director ---PAGE BREAK--- Town of Monument, Colorado Table of Contents December 31, 2020 Independent Auditors’ 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 26 2A Water ASD Fund 27 Notes to Required Supplementary Information 28 Supplementary Information Nonmajor Governmental Funds Combining Balance Sheet 29 Combining Statement of Revenues, Expenditures and Changes in Fund Balance 30 Budgetary Comparison Schedules Community Development Fund 31 Conservation Trust Fund 32 Traffic Impact Fee Fund 33 Storm Drainage Impact Fee Fund 34 Capital Projects Fund 35 Water Fund 36 ---PAGE BREAK--- Town of Monument, Colorado Table of Contents December 31, 2020 (Continued) Compliance Section State Compliance Local Highway Finance Report 37 ---PAGE BREAK--- 5950 S. Willow Dr., Ste. 302 Greenwood Village, Colorado 80111 TEL: [PHONE REDACTED] FAX: [PHONE REDACTED] www.HinkleCPAs.com Independent Auditors’ Report Honorable Mayor and Members of the Board of Trustees Town of Monument Monument, Colorado Report on the Financial Statements 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, 2020, and the related notes to the financial statements, which collectively comprise the Town’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes 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. Auditor’s Responsibility 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 from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements 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 entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. ---PAGE BREAK--- Honorable Mayor and Members of the Board of Trustees Town of Monument, Colorado Page 2 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. 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, 2020, 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. Other Matters Comparative Financial Information The comparative financial information for the prior year has been presented in the accompanying financial statements in order to provide an analysis of changes in the Town’s financial position and operations. However, complete comparative financial information has not been presented in accordance with generally accepted accounting principles since its inclusion would make the financial statements cumbersome and difficult to read. The comparative financial information was derived from the Town’s financial statements for the year ended December 31, 2019, dated September 9, 2020, expressed an unmodified opinion. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and required budgetary information on pages viii and 26- 27, 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 required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other 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 accompanying supplementary information and other information, as 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. ---PAGE BREAK--- Honorable Mayor and Members of the Board of Trustees Town of Monument, Colorado Page 3 The supplementary information and other information have 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 is fairly stated in all material respects in relation to the financial statements as a whole. Greenwood Village, Colorado July 2, 2021 ---PAGE BREAK--- Town of Monument, Colorado 2020 Management’s Discussion & Analysis 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, 2020. 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 2020 by $29,163,816 (net position).  The Town of Monument’s total net position increased by $3,564,592, which was higher than the net position in 2019 of $1,958,367.  At December 31, 2020, the Town of Monument’s governmental funds reported combined ending fund balances of $8,914,007 an increase of $3,402,357 in comparison with the prior year. Overview of the Financial Statements This discussion and analysis are 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 reports 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 2020 Management’s Discussion & Analysis 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 2020 Management’s Discussion & Analysis 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 $29,173,895 at the end of 2020 and at the end of 2019 by $25,599,224, resulting in an increase in Total Net Position of $3,574,671. 2020 2019 2020 2019 Governmental Activities Governmental Activities Business‐type Activities Business‐type Activities 2020 Total 2019 Total Current and other assets $11,338,178 $7,656,729 $24,861,915 $ 2,323,630 $ 36,200,093 $ 9,980,359 Capital assets, net 9,804,895 10,303,123 9,023,788 8,371,478 18,828,683 18,674,601 Total assets 21,143,073 17,959,852 33,885,703 10,695,108 55,028,776 28,654,960 Long term liabilities 450,514 533,222 21,878694 48,733 22,329,208 581,955 Other liabilities 1,512,391 1,261,285 929,206 145,283 2,441,597 1,406,568 Total liabilities 1,962,905 1,794,507 22,807,900 194,016 24,770,805 1,988,523 Deferred Inflow of Resources Deferred Property Tax Revenue 1,094,155 1,067,213 ‐ ‐ 1,094,155 1,067,213 Net Position Net investment in capital assets 9,524,836 9,872,274 9,023,788 8,318,461 18,548,624 18,190,735 Restricted 224,445 236,595 677,293 1,143,494 901,738 1,380,089 Unrestricted 8,336,732 4,989,263 1,376,722 1,039,137 9,713,454 6,028,400 Total net position $18,086,013 $15,098,132 $11,077,803 $10,501,092 $29,163,816 $25,599,224 The largest portion of the Town of Monument’s net position, $18,548,624, reflects its investment in capital assets 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, $901,738, represents resources that are subject to external restriction on how they may be used. The remaining unrestricted balance is $9,713,454. ---PAGE BREAK--- Town of Monument, Colorado 2020 Management’s Discussion & Analysis iv Changes in Net Position The Town’s net position increased $3,564,592 during 2020. Governmental Activities reported an $2,987,881 increase, with sales tax revenue and property taxes being the largest contributors. CHANGES IN NET POSITION 2020 Governmental Activities 2019 Governmental Activities 2020 Business Type Activities 2019 Business Type Activities 2020 Total 2019 Total Revenues: Program revenues: Charges for Services $495,971 $468,146 2,000,571 1,562,945 $2,496,542 $2,031,091 Operating Grants & Contributions 705,574 138,429 201 9,000 705,775 147,429 Capital Grants & Contributions 50,205 50,607 1,063,580 883,792 1,113,785 934,399 General revenues: Property taxes 1,179,796 1,053,377 ‐ ‐ 1,179,796 1,053,377 Sales taxes 6,842,794 6,045,625 294,959 263,729 7,137,753 6,309,354 Franchise taxes 404,450 419,528 ‐ ‐ 404,450 419,528 Other Taxes 308,678 317,102 ‐ ‐ 308,678 317,102 Investment income 30,296 78,289 9,369 22,540 39,665 100,829 Other Misc. 27,983 39,061 31,108 22,867 59,091 61,928 Transfers 593,885 284,250 (593,885) (284,250) ‐ ‐ Total revenues 10,639,632 8,894,414 2,805,903 2,480,623 13,445,535 11,375,037 Expenses: General government 2,722,218 2,860,385 ‐ ‐ 2,722,218 2,860,385 Public safety 2,424,906 2,226,975 ‐ ‐ 2,424,906 2,226,975 Public works & parks 2,469,449 2,561,200 ‐ ‐ 2,469,449 2,561,200 Capital Outlay 24,594 104,185 ‐ ‐ 24,594 104,185 Interest on long‐term debt 10,584 13,421 87,564 (5,179) 98,148 8,242 Water ‐ ‐ 2,141,628 1,655,683 2,141,628 1,655,683 Total expenses 7,651,751 7,766,166 2,229,192 1,650,504 9,880,943 9,416,670 Change in net position 2,987,881 1,128,248 576,711 830,119 3,564,592 1,958,367 Net position, Beginning of year 15,098,132 13,969,884 10,501,092 9,670,973 25,599,224 23,640,857 Net Position, End of year $18,086,013 $15,098,132 11,077,803 10,501,092 $29,163,816 $25,599,224 ---PAGE BREAK--- Town of Monument, Colorado 2020 Management’s Discussion & Analysis v Governmental Activities Sales and use taxes are the Town’s largest governmental activities revenue source at 68%. Property taxes are the second largest revenue source at 12% of the Town’s revenue for governmental activities. Operating grants and contributions comprise the third largest revenue source of the Town’s governmental activities at Charges for services 5% Operating grants and contributions 7% Capital grants and contributions 1% Property & specific ownership taxes 12% Sales & use taxes 68% Other taxes 3% Franchise fees 4% Investment income 0% Miscellaneous 0% Revenues by Source ‐ Governmental Activities Charges for services Operating grants and contributions Capital grants and contributions Property & specific ownership taxes Sales & use taxes Other taxes Franchise fees Investment income Miscellaneous ---PAGE BREAK--- Town of Monument, Colorado 2020 Management’s Discussion & Analysis vi Business‐type Activities Charges for services account for 56.5% of the Town’s revenue for business‐type activities while capital grants and contributions accounted for 31%. Sales taxes account for 9.5% and the remaining interest income, grants & contributions and miscellaneous revenue accounts for 3% 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. Charges for services 56.5% Operating grants and contributions 0% Capital grants and contributions 31% Sales taxes 9.5% Investment income 0% Miscellaneous 1% Revenues by Source ‐ Business‐type Activities Charges for services Operating grants and contributions Capital grants and contributions Sales taxes Investment income Miscellaneous ---PAGE BREAK--- Town of Monument, Colorado 2020 Management’s Discussion & Analysis vii 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. As of the end of the current fiscal year, the Town’s governmental funds reported combined ending fund balances of $8,914,007, an increase of $3,402,357 in comparison with the prior year. Of this amount, 24.2% ($2,157,239) 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 ($63,432), B) Restricted for Emergencies ($190,600), C) restricted for parks and recreation ($33,845), or D) committed ($6,468,891). 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 $2,157,239 while total fund balance amounted to $2,411,271. The fund balance of the Town’s general fund increased by $1,382,872 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 $1,729,154 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 $11,077,803, an increase of $576,711 in comparison with the prior year. Of this amount, 12.5% ($1,376,722) 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 ($9,023,788), or B) restricted for future water storage ($677,293). As stated above, the net position of the water fund increased by $576,711 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. ---PAGE BREAK--- Town of Monument, Colorado 2020 Management’s Discussion & Analysis 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 final budget included an increase in fund balance of $238,941 and the actual increase in fund balance was $1,382,872. Significant budgetary variances are as follows:  $540,453 additional sales tax revenue collected over budgeted.  Annual expenditures under budget by $657,917, mainly due to budget cutbacks and employee furloughs during COVID‐19 with economy and revenue uncertainty. 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, 2020 totaled $18,828,683 (net of accumulated depreciation). Water fund capital assets represent 48% of this total. Major capital asset events during the current fiscal year included the following:  Governmental activities expenditures including $23,698 in furniture & equipment, and $372,419 in street improvements for total capital outlay of $396,117.  Business‐type activities including capital outlay of $105,900 in other equipment, $179,969 in wells/treatment projects and $478,780 in transmission & distribution for a total depreciable capital outlay of $764,649. 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 $23,115,751. Of this amount, $630,400 was debt of governmental activities while $22,485,351 was debt of business‐type activities. The Town’s long‐term debt increased by $22,289,058 during the current fiscal year. The increase was attributed to Water Certificates of Participation issued in 2020 to fund multiple major Water Projects. 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 2021 fiscal year:  The economic vitality of the Town  Inflationary effect on expenses  Legislative outlooks ---PAGE BREAK--- Town of Monument, Colorado 2020 Management’s Discussion & Analysis ix 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--- 2019 Assets Cash and Investments $ 8,317,785 $ 24,010,921 $ 32,328,706 $ 5,888,234 Restricted Cash and Investments 35,885 677,293 713,178 699,979 Property Taxes Receivable 1,094,155 - 1,094,155 1,067,213 Sales and Other Receivable 1,754,586 - 1,754,586 1,622,277 Accounts Receivable 72,335 173,701 246,036 162,276 Prepaid Tap Fees - Water Line Loop - - - 471,110 Prepaid Expenses 63,432 - 63,432 69,270 Capital Assets, Not being depreciated 1,952,744 3,984,968 5,937,712 5,459,269 Capital Assets, Net of accumulated depreciation 7,852,151 5,038,820 12,890,971 13,215,332 Total Assets 21,143,073 33,885,703 55,028,776 28,654,960 Liabilities Accounts Payable 748,575 183,394 931,969 663,585 Accrued Salaries and Benefits 117,533 17,529 135,062 108,578 Accrued Interest 2,489 112,426 114,915 4,926 Developer Escrow and Deposits 463,908 9,200 473,108 384,741 Noncurrent Liabilities Due Within One Year 179,886 606,657 786,543 238,457 Due in More Than One Year 450,514 21,878,694 22,329,208 588,236 Total Liabilities 1,962,905 22,807,900 24,770,805 1,988,523 Deferred Inflows of Resources Deferred Property Taxes 1,094,155 - 1,094,155 1,067,213 Net Position Net Investment in Capital Assets 9,524,836 9,023,788 18,548,624 18,190,735 Restricted for Emergencies 190,600 - 190,600 209,000 Restricted for Parks and Recreation 33,845 - 33,845 27,595 Restricted for Future Water Storage - 677,293 677,293 672,384 Restricted for Water Line Loop - - - 471,110 Unrestricted, unreserved 8,336,732 1,376,722 9,713,454 6,028,400 Total Net Position $ 18,086,013 $ 11,077,803 $ 29,163,816 $ 25,599,224 Town of Monument, Colorado Statement of Net Position December 31, 2020 With Comparative Totals for December 31, 2019 Total Primary Government Activities Activities 2020 Governmental Business-Type See Notes to Financial Statements. 4 ---PAGE BREAK--- 2020 2019 Primary Government Governmental Activities General Government $ 2,722,218 $ 302,105 $ 681,382 $ - $ (1,738,731) $ - $ (1,738,731) $ (2,471,397) Public Safety 2,424,906 25,103 17,861 - (2,381,942) - (2,381,942) (2,140,002) Public Works 1,714,183 168,763 6,331 - (1,539,089) - (1,539,089) (2,378,573) Parks and Recreation 755,266 - - 50,205 (705,061) - (705,061) (1,406) Capital Outlay 24,594 - - - (24,594) - (24,594) (104,185) Interest on Long-Term Debt 10,584 - - - (10,584) - (10,584) (13,421) Total Governmental Activities 7,651,751 495,971 705,574 50,205 (6,400,001) - (6,400,001) (7,108,984) Business-Type Activities Water 2,141,628 2,000,571 201 1,063,580 - 922,724 922,724 800,054 Interest on Long-Term Debt 87,564 - - - - (87,564) (87,564) 5,179 Total Business-Type Activities 2,229,192 2,000,571 201 1,063,580 - 835,160 835,160 805,233 Total Primary Government $ 9,880,943 $ 2,496,542 $ 705,775 $ 1,113,785 $ (6,400,001) $ 835,160 $ (5,564,841) $ (6,303,751) General Revenues Sales and Use Taxes 6,384,368 294,959 6,679,327 5,911,412 Property Taxes 1,179,796 - 1,179,796 1,053,377 Franchise Taxes 404,450 - 404,450 419,528 Auto Sales Taxes 458,426 - 458,426 397,942 Other Taxes 308,678 - 308,678 317,102 Investment Income 30,296 9,369 39,665 100,829 Miscellaneous 27,983 31,108 59,091 61,928 Transfers 593,885 (593,885) - - Total General Revenues and Transfers 9,387,882 (258,449) 9,129,433 8,262,118 Change in Net Position 2,987,881 576,711 3,564,592 1,958,367 Net Position, Beginning of year 15,098,132 10,501,092 25,599,224 23,640,857 Net Position, End of year $ 18,086,013 $ 11,077,803 $ 29,163,816 $ 25,599,224 Functions/Programs Contributions Grants and Capital Expenses Services Charges for Grants and Contributions Program Revenues Net (Expense) Revenue and Change in Net Position Governmental Activities Business-Type Activities Total Operating Primary Government Town of Monument, Colorado Statement of Activities For the Year Ended December 31, 2020 With Comparative Totals for December 31, 2019 See Notes to Financial Statements. 5 ---PAGE BREAK--- Assets Cash and Investments $ 1,834,280 $ 6,081,703 $ 401,802 $ 8,317,785 $ 4,848,903 Restricted Cash and Investments - - 35,885 35,885 27,595 Property Taxes Receivable 1,094,155 - - 1,094,155 1,067,213 Other Taxes Receivable 1,754,586 - - 1,754,586 1,622,277 Accounts Receivable 72,335 - - 72,335 21,471 Prepaid Expenses 63,432 - - 63,432 69,270 Total Assets $ 4,818,788 $ 6,081,703 $ 437,687 $ 11,338,178 $ 7,656,729 Liabilities Accounts Payable $ 733,356 $ 2,068 $ 13,151 $ 748,575 $ 605,105 Accrued Salaries and Benefits 116,098 - 1,435 117,533 94,820 Developer Escrow 463,908 - - 463,908 377,941 Total Liabilities 1,313,362 2,068 14,586 1,330,016 1,077,866 Deferred Inflows of Resources Property Taxes 1,094,155 - - 1,094,155 1,067,213 Fund Balance Nonspendable 63,432 - - 63,432 69,270 Restricted for Emergencies 190,600 - - 190,600 209,000 Restricted for Parks and Recreation - - 33,845 33,845 27,595 Committed - 6,079,635 389,256 6,468,891 4,455,656 Unrestricted, Unassigned 2,157,239 - - 2,157,239 750,129 Total Fund Balance 2,411,271 6,079,635 423,101 8,914,007 5,511,650 Total Liabilities, Deferred Inflows of Resources, and Fund Balance $ 4,818,788 $ 6,081,703 $ 437,687 $ 11,338,178 $ 7,656,729 Governmental Funds Town of Monument, Colorado Balance Sheet December 31, 2020 With Comparative Totals for December 31, 2019 General ASD Fund 2A Water Funds Governmental Other 2019 Total 2020 See Notes to 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 $ 8,914,007 Capital assets used in governmental activities are not current financial resources and, therefore, are not reported in governmental funds. 9,804,895 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 (258,007) Accrued interest payable (2,489) Accrued compensated absences (372,393) Total Net Position of Governmental Activities $ 18,086,013 Town of Monument, Colorado Reconciliation of Balance Sheet of the Governmental Funds December 31, 2020 to the Statement of Net Position See Notes to Financial Statements. 7 ---PAGE BREAK--- Revenues Taxes $ 6,183,125 $ 1,775,268 $ 468,646 $ 8,427,039 $ 7,518,530 Licenses and Permits 80,165 - 76,625 156,790 144,018 Charges for Services 187,508 - 91,742 279,250 250,113 Intergovernmental 748,667 - 332,757 1,081,424 493,180 Court 25,103 - - 25,103 74,015 Investment Income 10,743 18,715 838 30,296 78,289 Contributions and donations 17,861 - - 17,861 12,958 Miscellaneous 27,134 - 4,000 31,134 34,144 Total Revenues 7,280,306 1,793,983 974,608 10,048,897 8,605,247 Expenditures Current General Government 2,376,367 - 128,907 2,505,274 2,710,264 Public Safety 2,380,189 - - 2,380,189 2,331,642 Public Works 823,561 64,829 50,052 938,442 1,692,696 Parks and Recreation 703,253 - 24,022 727,275 31,350 Capital Outlay - - 528,312 528,312 556,194 Debt Service Principal 148,748 - - 148,748 101,415 Interest and Fiscal Charges 12,185 - - 12,185 9,329 Total Expenditures 6,444,303 64,829 731,293 7,240,425 7,432,890 Excess Revenues Over (Under) Expenditures 836,003 1,729,154 243,315 2,808,472 1,172,357 Other Financing Sources (Uses) Proceeds from Issuance of Debt - - - - 345,794 Transfers In 613,885 - 67,016 680,901 284,250 Transfers Out (67,016) - (20,000) (87,016) - Other Financing Sources (Uses) 546,869 - 47,016 593,885 630,044 Net Change in Fund Balance 1,382,872 1,729,154 290,331 3,402,357 1,802,401 Fund Balance, Beginning of year 1,028,399 4,350,481 132,770 5,511,650 3,709,249 Fund Balance, End of year $ 2,411,271 $ 6,079,635 $ 423,101 $ 8,914,007 $ 5,511,650 General Fund ASD Town of Monument, Colorado Statement of Revenues, Expenditures and Changes in Fund Balance Governmental Funds For the Year Ended December 31, 2020 With Comparative Totals for the Year Ended December 31, 2019 2A Water Other Governmental Funds 2019 Total 2020 See Notes to 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 $ 3,402,357 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 551,840 Depreciation Expense (1,046,916) 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. Proceeds on capital assets (3,986) Change in Interest payable 2,437 Principal payments on capital leases 148,747 Change in accrued compensated absences (66,598) Change in Net Position of Governmental Activities $ 2,987,881 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, 2020 See Notes to Financial Statements. 9 ---PAGE BREAK--- Assets Current Assets Cash and Investments $ 24,010,921 $ 1,039,331 Restricted Cash and investments 677,293 672,384 Accounts Receivable 173,701 140,805 Prepaid Tap Fees - Water Line Loop - 471,110 Total Current Assets 24,861,915 2,323,630 Noncurrent Assets Capital Assets, Not being depreciated 3,984,968 3,662,248 Capital Assets, Net of accumulated depreciation 5,038,820 4,709,230 Total Noncurrent Assets 9,023,788 8,371,478 Total Assets 33,885,703 10,695,108 Liabilities Current Liabilities Accounts Payable 183,394 58,480 Accrued Liabilities 17,529 13,758 Accrued Compensated Absences, Current portion 6,101 6,113 Accrued Interest Payable 112,426 834 Leases Payable, Current Portion - 53,017 Certificates of Participation, Current Portion 600,556 - Total Current Liabilities 920,006 132,202 Noncurrent Liabilities Deposits 9,200 6,800 Accrued Compensated Absences 54,909 55,014 Leases payable 21,823,785 - Total Noncurrent Liabilities 21,887,894 61,814 Total Liabilities 22,807,900 194,016 Net Position Net Investment in Capital Assets 9,023,788 8,318,461 Restricted for Future Water Storage 677,293 672,384 Restricted for Water Line Loop - 471,110 Unrestricted 1,376,722 1,039,137 Total Net Position $ 11,077,803 $ 10,501,092 Town of Monument, Colorado Statement of Net Position Proprietary Fund December 31, 2020 2019 2020 With Comparative Totals for December 31, 2019 See Notes to Financial Statements. 10 ---PAGE BREAK--- Operating Revenues Charges for Services $ 2,000,571 $ 1,562,945 Miscellaneous 31,108 22,867 Total Operating Revenues 2,031,679 1,585,812 Operating Expenses Operations and Maintenance 1,145,726 1,145,939 Administrative and General 111,224 104,652 Depreciation 435,058 405,092 Total Operating Expenses 1,692,008 1,655,683 Net Operating Income 339,671 (69,871) Non-Operating Revenues (Expenses) Sales taxes 294,959 263,729 Grant Revenue 201 9,000 Interest Income 9,369 22,540 Interest Expense (87,564) 5,179 Bond Issuance Costs (449,620) - Net Income (Loss) Before Contributed Capital 107,016 230,577 Contributed Capital and Transfers Tap Fees 1,063,580 883,792 Transfers Out (593,885) (284,250) Total Capital Contributions and Transfers 469,695 599,542 Change in Net Position 576,711 830,119 Net Position, Beginning of year 10,501,092 9,670,973 Net Position, End of year $ 11,077,803 $ 10,501,092 2019 2020 With Comparative Totals for the Year Ended December 31, 2019 Town of Monument, Colorado Statement of Revenues, Expenses and Changes in Net Position Proprietary Fund For the Year Ended December 31, 2020 See Notes to Financial Statements. 11 ---PAGE BREAK--- Cash Flows From Operating Activities Cash Received from Customers $ 1,967,675 $ 1,542,056 Cash Received from Others 31,108 22,867 Cash Paid to Suppliers (65,646) (603,152) Cash Paid to Employees (591,626) (602,228) Net Cash Provided by Operating Activities 1,341,511 359,543 Cash Flows From NonCapital Financing Activities Sales Tax Received 294,959 263,729 Grants Received 201 9,000 Transfer to Other Funds (593,885) (284,250) Net Cash Provided by Noncapital Financing Activities (298,725) (11,521) Cash Flows From Capital and Related Financing Activities Tap fees received 1,063,580 883,792 Acquisition and Construction of Capital Assets (1,087,368) (370,620) Deposit Received from Customers 2,400 1,000 Debt Principal Payments 547,539 (58,076) Debt Interest Payments 24,028 3,808 Issuance of Certificates of Participation 21,374,165 - Net Cash Used by Capital and Related Financing Activities 21,924,344 459,904 Cash Flows From Investing Activities Interest received 9,369 22,540 Net Cash Used by Capital and Related Financing Activities 9,369 22,540 Net Change in Cash and Cash Equivalents 22,976,499 830,466 Cash and Cash Equivalents, Beginning of year 1,711,715 881,249 Cash and Cash Equivalents, End of year $ 24,688,214 $ 1,711,715 Reconciliation of Net Operating Income to Net Cash Provided by Operating Activities: Net Operating Income $ 339,671 $ (69,871) Adjustments to Reconcile Net Operating Income to Net Cash Provided by Operating Activities Depreciation Expense 435,058 405,092 Changes in Assets and Liabilities Related to Operations Accounts Receivable (32,896) (20,889) Prepaid Expenses 471,110 - Accounts Payable 124,914 (3,260) Accrued Expenses 3,771 4,533 Accrued Compensated Absences (117) 43,938 Net Cash Provided by Operating Activities $ 1,341,511 $ 359,543 2019 2020 With Comparative Totals for December 31, 2019 Town of Monument, Colorado Statement of Cash Flows Proprietary Fund For the Year Ended December 31, 2020 See Notes to Financial Statements. 12 ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2020 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 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, 2020 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 2A Water ASD Fund accounts for the revenues and expenditures allocated for water projects. ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2020 15 Note 1: Summary of Significant Accounting Policies (Continued) Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) 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 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. ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2020 16 Note 1: Summary of Significant Accounting Policies (Continued) Compensated Absences (Continued) 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. 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. ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2020 17 Note 1: Summary of Significant Accounting Policies (Continued) Fund Balance Classification (Continued) 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 Board of Trustees. These amounts cannot be used for any other purpose unless the Board of Trustees 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, 2020. 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. 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. ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2020 18 Note 1: Summary of Significant Accounting Policies (Continued) Subsequent Events The Town has evaluated subsequent events through July 2, 2021, 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. Note 3: Cash and Investments A summary of deposits and investments as of December 31, 2020 follows: Petty Cash $ 1,350 Cash Deposits 5,943,105 Investments 27,097,429 Total $ 33,041,884 ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2020 19 Note 3: Cash and Investments (Continued) At December 31, 2020, 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 $250,000 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, 2020, the Town had deposits with financial institutions with a carrying amount of $6,257,566. The bank balances with the financial institutions totaling $6,442,112 of which $460,179 were covered by the FDIC and $5,874,908 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 Board of Trustees. 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.  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 Cash and Investments $ 32,328,706 Restricted Cash and Investments 713,178 Total $ 33,041,884 ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2020 20 Note 3: Cash and Investments (Continued) Investments (Continued) At December 31, 2020, 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 board 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. Future Water Storage – The Town has restricted $677,293 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 $35,885 in the Conservation Trust Fund for future parks and recreation expenditures. Maturity Colorado Liquid Government Weighted Average Asset Trust (ColoTrust) under 60 days $ 4,779,181 Asset Trust (Colo Trust Plus) 15 Years 22,001,044 $ 26,780,225 2020 Restricted Cash Cash is restricted for the following purposes: Future Water Storage – Water Fund $ 677,293 Parks and Recreation – Conservation Trust Fund 35,885 Total $ 713,178 ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2020 21 Note 4: Interfund Transfers Interfund transfers for the year ended December 31, 2020, consisted of the following: During the year ended December 31, 2020, the Water Fund transferred amounts to the General Fund for administrative costs and fees. Note 5: Capital Assets Capital assets activity for the year ended December 31, 2020 is summarized below: General Fund Water $ 593,885 General Fund Conservation Trust Fund 20,000 Community Development Fund General Fund 67,016 Total $ 680,901 Transfers In Transfers Out Amount Governmental Activities Capital Assets, Not Being Depreciated Land $ 1,767,122 $ - $ - $ 1,767,122 Construction in Progress 29,899 155,723 - 185,622 Total Capital Assets, Not Being Depreciated 1,797,021 155,723 - 1,952,744 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 855,915 23,698 (190,170) 689,443 Vehicles and Street Equipment 2,149,192 - (487,803) 1,661,389 Park Improvements 666,382 - - 666,382 Street Improvements 5,871,990 372,419 - 6,244,409 Total Capital Assets, Being Depreciated $ 21,991,173 $ 396,117 $ (677,973) $ 21,709,317 Less Accumulated Depreciation Buildings $ (1,593,776) $ (128,347) $ - $ (1,722,123) Infrastructure (5,481,231) (276,265) - (5,757,496) Water Rights (29,164) (2,706) (31,870) Furniture and Equipment (646,808) (60,195) 187,019 (519,984) Vehicles and Street Equipment (1,550,442) (119,132) 487,803 (1,181,771) Park Improvements (426,627) (36,514) (463,141) Street Improvements (3,757,024) (423,757) - (4,180,781) Total Accumulated Depreciation (13,485,072) (1,046,916) 674,822 (13,857,166) Total Capital Assets, Being Depreciated, net 8,506,101 (650,799) (3,151) 7,852,151 Governmental Activities Capital Assets, net $ 10,303,122 $ (495,076) $ (3,151) $ 9,804,895 Balance Balance 12/31/19 Additions Deletions 12/31/20 ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2020 22 Note 5: Capital Assets (Continued) Depreciation expense was charged to functions/programs of the Town as follows: Capital assets Business-Type activity for the year ended December 31, 2020 is summarized below: Governmental Activities General Government $ 156,346 Public Safety 44,716 Public Works 793,841 Parks and Recreation 52,013 Total $ 1,046,916 Business-Type Activities Capital Assets, Not Being Depreciated Water Master Plan $ 664,971 $ - $ - $ 664,971 Construction in Progress 38,920 361,640 (38,920) 361,640 Monument Dam 2,958,357 - - 2,958,357 Total Capital Assets, Not Being Depreciated 3,662,248 361,640 (38,920) 3,984,968 Capital Assets, Being Depreciated Water Rights 125,000 - - 125,000 Alluvium Wells 420,392 - - 420,392 Public Works Building 126,382 - - 126,382 Iron Treatment Plant 287,854 - - 287,854 Water Treatment Plant 1,199,322 - - 1,199,322 Other Equipment 1,249,457 105,900 - 1,355,357 Slabaugh Well 191,390 - - 191,390 Wells/Treatment 9,029,854 179,969 - 9,209,823 Transmission & Distribution 2,252,702 478,780 - 2,731,482 Equipment and Vehicles 457,096 - (79,712) 377,384 Total Capital Assets, Being Depreciated 15,339,449 764,649 (79,712) 16,024,386 Total Capital Assets 19,001,697 1,126,289 (118,632) 20,009,354 Less: Accumulated depreciation Water Rights (65,000) (2,500) - (67,500) Alluvium Wells (401,967) (3,684) - (405,651) Public Works Building (53,387) (5,052) - (58,439) Iron Treatment Plant (287,854) - - (287,854) Water Treatment Plant (546,880) (39,977) - (586,857) Other Equipment (879,501) (76,221) - (955,722) Slabaugh Well (105,268) (3,828) - (109,096) Wells/Treatment (6,114,942) (196,428) - (6,311,370) Transmission & Distribution (1,822,301) (81,161) - (1,903,462) Equipment and Vehicles (353,118) (26,206) 79,712 (299,615) Business-Type Activities Capital Assets, net $ 8,371,479 $ 691,232 $ (38,920) $ 9,023,788 Balance Balance 12/31/19 Additions Deletions 12/31/20 ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2020 23 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, 2020. 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, 2020: Business-Type Activities Following is a summary of long-term debt transactions for the business-type activities for the year ended December 31, 2020. Governmental Activities Capital leases $ 406,754 $ - $ 148,747 $ 258,007 $ 142,647 Compensated Absences 305,795 334,277 267,679 372,393 37,239 Total $ 712,549 $ 334,277 $ 416,426 $ 630,400 $ 179,886 Due Within 12/31/19 Additions Deletions 12/31/20 One Year Balance Balance Year Ended December 31, 2021 $ 150,066 2022 67,595 2023 34,812 2024 17,406 Total Future Minimum Lease Payments 269,879 Less: Interest (11,872) Present Value of Future Minimum Lease Payments $ 258,007 Total Business-Type Activities Capital leases $ 53,017 $ - $ 53,017 $ - $ - Certificates of Participation - 22,449,620 25,279 22,424,341 600,556 Compensated Absences 61,127 28,927 29,044 61,010 6,101 Total $ 114,144 $ 22,478,547 $ 107,340 $ 22,485,351 $ 606,657 One Year Balance Balance Due Within 12/31/19 Additions 12/31/20 Deletions ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2020 24 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, 2020, the Town contributions were $113,254 equal to the required contribution. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. 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, 2020. ---PAGE BREAK--- Town of Monument, Colorado Notes to Financial Statements December 31, 2020 25 Note 9: Commitments and Contingencies (Continued) 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, 2020, the emergency reserve of $190,600 was recorded in the General Fund. ---PAGE BREAK--- Required Supplementary Information ---PAGE BREAK--- 2019 Actual Revenues Taxes $ 4,722,025 $ 5,092,502 $ 6,183,125 $ 1,090,623 $ 5,946,786 Licenses and Permits 57,160 57,160 80,165 23,005 70,323 Charges for Services 559,350 559,350 187,508 (371,842) 170,335 Intergovernmental 252,819 826,820 748,667 (78,153) 442,573 Court 74,498 74,498 25,103 (49,395) 74,015 Interest 18,309 18,309 10,743 (7,566) 22,890 Contributions and Donations - - 17,861 17,861 12,958 Miscellaneous - - 27,134 27,134 27,144 Total Revenues 5,684,161 6,628,639 7,280,306 651,667 6,767,024 Expenditures Current General Government 1,865,101 2,218,117 2,376,367 (158,250) 2,629,332 Public Safety 2,584,779 2,525,763 2,380,189 145,574 2,331,642 Public Works 2,315,473 2,190,773 1,526,814 663,959 1,521,046 Capital Outlay - - 481,457 Debt Service Principal 168,114 154,162 148,748 5,414 101,415 Interest 10,870 13,401 12,185 1,216 9,329 Total Expenditures 6,944,337 7,102,216 6,444,303 657,913 7,074,221 Excess Revenues Over (Under) Expenditures (1,260,176) (473,577) 836,003 1,309,580 (307,197) Other Financing Sources (Uses) Proceeds from Issuance of Debt - - - - 345,794 Transfers In 779,534 779,534 613,885 (165,649) 284,250 Transfers Out (134,032) (67,016) (67,016) - - Net Change in Fund Balance (614,674) 238,941 1,382,872 1,143,931 322,847 Fund Balance, Beginning of year 1,028,399 1,028,399 1,028,399 - 705,552 Fund Balance, End of year $ 413,725 $ 1,267,340 $ 2,411,271 $ 1,143,931 $ 1,028,399 (Negative) Positive Actual Final Budget Original Budget Variance Town of Monument, Colorado Budgetary Comparison Schedule General Fund For the Year Ended December 31, 2020 With Comparative Actual Totals for the Year Ended December 31, 2019 See the accompanying Independent Auditors' Report. 26 ---PAGE BREAK--- Revenues Sales Taxes $ 1,324,493 $ 1,324,493 $ 1,775,268 $ 450,775 $ 1,571,744 Interest 53,200 53,200 18,715 (34,485) 52,769 Total Revenues 1,377,693 1,377,693 1,793,983 416,290 1,624,513 Expenditures Public Works 41,000 86,000 64,829 21,171 171,650 Capital Outlay 4,700,000 1,500,000 - 1,500,000 - Total Expenditures 4,741,000 1,586,000 64,829 1,521,171 171,650 Net Change in Fund Balance (3,363,307) (208,307) 1,729,154 1,937,461 1,452,863 Fund Balance, Beginning of year 4,350,481 4,350,481 4,350,481 - 2,897,618 Fund Balance, End of year $ 987,174 $ 4,142,174 $ 6,079,635 $ 1,937,461 $ 4,350,481 Actual Variance Positive Town of Monument, Colorado Budgetary Comparison Schedule 2A Water ASD Fund For the Year Ended December 31, 2020 With Comparative Actual Totals for the Year Ended December 31, 2019 Original 2019 Budget Budget Actual (Negative) Final See the accompanying Independent Auditors' Report. 27 ---PAGE BREAK--- Town of Monument, Colorado Notes to Required Supplementary Information December 31, 2020 28 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:  Management submits to the Town Board a proposed budget for the fiscal year commencing the following January 1. The 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 Board.  All appropriations lapse at year end. ---PAGE BREAK--- Supplementary Information ---PAGE BREAK--- Assets Cash and Investments $ 182,621 $ 43,488 $ - $ 129,136 $ 46,557 $ 401,802 $ 142,585 Restricted Cash and Investments - - 35,885 - - 35,885 27,595 Total Assets $ 182,621 $ 43,488 $ 35,885 $ 129,136 $ 46,557 $ 437,687 $ 170,180 Liabilities Accounts Payable 9,947 2,478 2,040 - 121 14,586 37,410 Total Liabilities 9,947 2,478 2,040 - 121 14,586 37,410 Fund Balance Restricted for Parks and Recreation - - 33,845 - - 33,845 27,595 Committed 172,674 41,010 - 129,136 46,436 389,256 105,175 Total Fund Balance 172,674 41,010 33,845 129,136 46,436 423,101 132,770 Total Liabilities and Fund Balance $ 182,621 $ 43,488 $ 35,885 $ 129,136 $ 46,557 $ 437,687 $ 170,180 Fund Trust Storm Fund Community Conservation Traffic Drainage Development Impact Fee Impact Fee Capital Improvement Fund Town of Monument, Colorado Combining Balance Sheet Nonmajor Governmental Funds December 31, 2020 With Comparative Totals for the Year Ended December 31, 2019 Special Revenue Funds 2019 Total 2020 Fund Fund See the accompanying Independent Auditors' Report. 29 ---PAGE BREAK--- Revenues Taxes $ 468,646 $ - $ - $ - $ - $ 468,646 $ - Licenses and Permits - 76,625 - - - 76,625 73,695 Intergovernmental 276,221 6,331 50,205 - - 332,757 50,607 Charges for Services - - - 53,038 38,704 91,742 79,778 Investment Income - 159 67 521 91 838 2,630 Miscellaneous - 4,000 - - - 4,000 7,000 - - Total Revenues 744,867 87,115 50,272 53,559 38,795 974,608 213,710 Expenditures General Government - 128,907 - - - 128,907 80,932 Parks and Recreation - - 24,022 - - 24,022 31,350 Public Works 50,052 - - - - 50,052 - Capital Outlay 522,141 - - - 6,171 528,312 74,737 Total Expenditures 572,193 128,907 24,022 - 6,171 731,293 187,019 Excess Revenues Over (Under) Expenditures 172,674 (41,792) 26,250 53,559 32,624 243,315 26,691 Other Financing Sources (Uses) Transfers In - 67,016 - - - 67,016 - Transfers Out - - (20,000) - - (20,000) - Net Change in Fund Balance 172,674 25,224 6,250 53,559 32,624 290,331 26,691 Fund Balance, Beginning of year - 15,786 27,595 75,577 13,812 132,770 106,079 Fund Balance, End of year $ 172,674 $ 41,010 $ 33,845 $ 129,136 $ 46,436 $ 423,101 $ 132,770 2019 Total 2020 Development Fund Trust Fund Impact Fee Impact Fee Fund Fund Capital Improvement Fund Town of Monument, Colorado Combining Statement of Revenues, Expenditures and Changes in Fund Balance Nonmajor Governmental Funds For the Year Ended December 31, 2020 Special Revenue Funds Community Conservation Traffic Drainage Storm See the accompanying Independent Auditors' Report. 30 ---PAGE BREAK--- Revenues Intergovernmental $ - $ 6,331 $ 6,331 $ - $ - Business Licenses 71,000 71,000 76,625 5,625 73,695 Interest 654 654 159 (495) 492 Miscellaneous 6,000 6,000 4,000 (2,000) 7,000 Total Revenues 77,654 83,985 87,115 3,130 81,187 Expenditures General Government 211,686 165,186 128,907 36,279 80,932 Total Expenditures 211,686 165,186 128,907 36,279 80,932 Other Financing Sources (Uses) Transfers In 134,032 67,016 67,016 36,279 - Net Change in Fund Balance - (14,185) 25,224 39,409 255 Fund Balance, Beginning of year 15,786 15,786 15,786 - 15,531 Fund Balance, End of year $ 15,786 $ 1,601 $ 41,010 $ 39,409 $ 15,786 Positive 2019 Actual Original Budget Town of Monument, Colorado Budgetary Comparison Schedule Community Development Fund For the Year Ended December 31, 2020 With Comparative Totals for the Year Ended December 31, 2019 2020 Final Budget Variance Actual (Negative) See the accompanying Independent Auditors' Report. 31 ---PAGE BREAK--- Revenues Lottery Revenues $ 52,730 $ 50,205 $ (2,525) $ 50,607 Interest 189 67 (122) 208 Total Revenues 52,919 50,272 (2,647) 50,815 Expenditures Park and Recreation 72,000 24,022 47,978 31,350 Total Expenditures 72,000 24,022 47,978 31,350 Other Financing Source (Uses) Transfers Out - (20,000) (20,000) - Net Change in Fund Balance (19,081) 6,250 (70,625) 19,465 Fund Balance, Beginning of year 27,595 27,595 - 8,130 Fund Balance, End of year $ 8,514 $ 33,845 $ (70,625) $ 27,595 2019 Actual 2020 Final Budget Actual (Negative) Variance Original and Positive Town of Monument, Colorado Budgetary Comparison Schedule Conservation Trust Fund For the Year Ended December 31, 2020 With Comparative Totals for the Year Ended December 31, 2019 See the accompanying Independent Auditors' Report. 32 ---PAGE BREAK--- Actual Revenues Traffic Impact Fees $ 57,440 $ 53,038 $ (4,402) $ 39,119 Interest 1,670 521 (1,149) 1,644 Total Revenues 59,110 53,559 (5,551) 40,763 Expenditures Capital Outlay 73,000 - 73,000 34,909 Total Expenditures 73,000 - 73,000 34,909 Net Change in Fund Balance (13,890) 53,559 67,449 5,854 Fund Balance, Beginning of year 75,577 75,577 - 69,723 Fund Balance, End of year $ 61,687 $ 129,136 $ 67,449 $ 75,577 2020 2019 Final Budget Actual (Negative) Variance Original and Positive Budgetary Comparison Schedule Traffic Impact Fee Fund For the Year Ended December 31, 2020 With Comparative Totals for the Year Ended December 31, 2019 Town of Monument, Colorado See the accompanying Independent Auditors' Report. 33 ---PAGE BREAK--- Actual Revenues Storm Drainage Impact Fees $ 59,800 $ 59,800 $ 38,704 $ (21,096) $ 40,659 Interest 510 510 91 (419) 286 Total Revenues 60,310 60,310 38,795 (21,515) 40,945 Expenditures Capital Outlay 80,000 60,000 6,171 53,829 39,828 Total Expenditures 80,000 60,000 6,171 53,829 39,828 Net Change in Fund Balance (19,690) 310 32,624 32,314 1,117 Fund Balance, Beginning of year 25,495 25,495 13,812 (11,683) 12,695 Fund Balance, End of year $ 5,805 $ 25,805 $ 46,436 $ 20,631 $ 13,812 Town of Monument, Colorado Budgetary Comparison Schedule Storm Drainage Impact Fee For the Year Ended December 31, 2020 With Comparative Totals for the Year Ended December 31, 2019 Positive 2020 2019 Original Budget Budget Actual (Negative) Variance Final See the accompanying Independent Auditors' Report. 34 ---PAGE BREAK--- Revenues Taxes $ 412,917 $ 412,917 $ 468,646 $ 55,729 Intergovernmental 265,972 265,972 276,221 10,249 Interest 3,395 - - - Total Revenues 682,284 678,889 744,867 65,978 Expenditures Capital Outlay 670,000 670,000 572,193 97,807 Total Expenditures 670,000 670,000 572,193 97,807 Net Change in Fund Balance 12,284 8,889 172,674 163,785 Fund Balance, Beginning of year - - - - Fund Balance, End of year $ 12,284 $ 8,889 $ 172,674 $ 163,785 2020 Town of Monument, Colorado Budgetary Comparison Schedule Capital Projects Fund For the Year Ended December 31, 2020 Budget Budget Actual (Negative) Variance Original Final Positive See the accompanying Independent Auditors' Report. 35 ---PAGE BREAK--- 2019 Actual Revenues Charges For Services $ 3,173,388 $ 3,173,388 $ 2,000,571 $ (1,172,817) $ 1,562,945 Other Income 140,000 140,000 31,108 (108,892) 22,867 Total Revenue 3,313,388 3,313,388 2,031,679 (1,281,709) 1,585,812 Expenses Operations and Maintenance 1,269,680 1,419,381 1,145,726 273,655 1,145,939 Administration and General 658,863 658,863 111,224 547,639 104,652 Capital Outlay 1,748,000 2,623,000 1,087,368 1,535,632 370,620 Total Expenses 3,676,543 4,701,244 2,344,318 2,356,926 1,621,211 Net Operating Income (363,155) (1,387,856) (312,639) 1,075,217 (35,399) Nonoperating Revenues (Expenses) Sales taxes 290,269 290,269 294,959 4,690 263,729 Grant Revenue - - 201 201 9,000 Interest Income 24,108 24,108 9,369 (14,739) 22,540 Debt and Financing - 22,000,000 - (22,000,000) 5,179 Debt Service (203,763) (54,062) 571,567 625,629 (54,268) Total Nonoperating Revenues (Expenses) 110,614 22,260,315 876,096 (21,384,219) 246,180 Net Income (Loss) Before Contributed Capital (252,541) 20,872,459 563,457 (20,309,002) 210,781 Contributed Capital Tap Fees 1,148,000 1,148,000 1,063,580 (84,420) 883,792 Transfers Out (668,745) (668,745) (593,885) 74,860 (284,250) Change in Net Position, Budgetary Basis $ 226,714 $ 21,351,714 $ 1,033,152 $ (20,318,562) $ 810,323 Reconciliation to GAAP Basis Capital Outlay 1,087,368 370,620 Debt Service Principal (547,539) 58,076 Change in accrued interest (111,592) 1,371 Issuance of Certificates of Deposit (449,620) - Depreciation (435,058) (405,092) Change in Net Position, GAAP Basis $ 576,711 $ 835,298 Original Budget Town of Monument, Colorado Budgetary Comparison Schedule Water Fund For the Year Ended December 31, 2020 Final Budget Variance Positive Actual (Negative) With Comparative Totals for the Year Ended December, 31, 2019 See the accompanying Independent Auditors' Report. 36 ---PAGE BREAK--- Compliance Section ---PAGE BREAK--- State Compliance ---PAGE BREAK--- Financial Planning 02/01 The public report burden for this information collection is estimated to average 380 hours annually. Form # 350-050-36 City or County: Monument YEAR ENDING : December 2020 This Information From The Records Of (example - City of _ or County of Prepared By: Rosa Ooms TOWN OF MONUMENT, CO 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) 522,141 a. Motor Fuel (from Item I.A.5.) 2. Maintenance: 50,052 b. Motor Vehicle (from Item I.B.5.) 3. Road and street services: c. Total a. Traffic control operations 890,400 2. General fund appropriations 753,859 b. Snow and ice removal 36,348 3. Other local imposts (from page 2) 707,804 c. Other 4. Miscellaneous local receipts (from page 2) 17,572 d. Total through 926,748 5. Transfers from toll facilities 4. General administration & miscellaneous 90,035 6. Proceeds of sale of bonds and notes: 5. Highway law enforcement and safety a. Bonds - Original Issues 6. Total (1 through 5) 1,588,977 b. Bonds - Refunding Issues B. Debt service on local obligations: c. Notes 1. Bonds: d. Total + b. + 0 a. Interest 7. Total (1 through 6) 1,479,236 b. Redemption B. Private Contributions c. Total + 0 C. Receipts from State government 2. Notes: (from page 2) 282,414 a. Interest D. Receipts from Federal Government b. Redemption (from page 2) 0 c. Total + 0 E. Total receipts (A.7 + B + C + D) 1,761,650 3. Total (1.c + 2.c) 0 C. Payments to State for highways D. Payments to toll facilities E. Total disbursements (A.6 + B.3 + C + D) 1,588,977 Opening Debt Amount Issued Redemptions Closing Debt A. Bonds (Total) 0 1. Bonds (Refunding Portion) B. Notes (Total) 0 A. Beginning Balance B. Total Receipts C. Total Disbursements D. Ending Balance E. Reconciliation 0 1,761,650 1,588,977 172,673 0 Notes and Comments: FORM FHWA-536 (Rev. 1-05) PREVIOUS EDITIONS OBSOLETE (Next Page) 1 LOCAL HIGHWAY FINANCE REPORT I. DISPOSITION OF HIGHWAY-USER REVENUES AVAILABLE FOR LOCAL GOVERNMENT EXPENDITURE ITEM III. DISBURSEMENTS FOR ROAD V. LOCAL ROAD AND STREET FUND BALANCE ITEM II. RECEIPTS FOR ROAD AND STREET PURPOSES IV. LOCAL HIGHWAY DEBT STATUS (Show all entries at par) ITEM AND STREET PURPOSES Highway Finance Report 2020 37 ---PAGE BREAK--- STATE: Colorado YEAR ENDING (mm/yy): December 2020 AMOUNT AMOUNT A.3. Other local imposts: A.4. Miscellaneous local receipts: a. Property Taxes and Assessments a. Interest on investments b. Other local imposts: b. Traffic Fines & Penalities 17,572 1. Sales Taxes c. Parking Garage Fees 2. Infrastructure & Impact Fees 91,741 d. Parking Meter Fees 3. Liens e. Sale of Surplus Property 4. Licenses 3,190 f. Charges for Services 5. Specific Ownership &/or Other 612,873 g. Other Misc. Receipts 6. Total through 707,804 h. Other c. Total + 707,804 i. Total through 17,572 (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 247,991 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 34,423 d. Federal Transit Admin d. Other (Specify) - DOLA Grant e. U.S. Corps of Engineers e. Other (Specify) f. Other Federal f. Total through 34,423 g. Total through 0 4. Total + 2. + 3.f) 282,414 3. Total + 2.g) (Carry forward to page 1) ON NATIONAL OFF NATIONAL HIGHWAY HIGHWAY TOTAL SYSTEM SYSTEM A.1. Capital outlay: a. Right-Of-Way Costs 0 b. Engineering Costs 0 c. Construction: New Facilities 149,723 149,723 Capacity Improvements 0 System Preservation 319,210 319,210 System Enhancement & Operation 53,209 53,209 Total Construction + + + 0 522,141 522,141 d. Total Capital Outlay (Lines 1.a. + 1.b. + 1.c.5) 0 522,141 522,141 (Carry forward to page 1) Notes and Comments: FORM FHWA-536 (Rev.1-05) PREVIOUS EDITIONS OBSOLETE 2 III. DISBURSEMENTS FOR ROAD AND STREET PURPOSES - DETAIL II. RECEIPTS FOR ROAD AND STREET PURPOSES - DETAIL LOCAL HIGHWAY FINANCE REPORT ITEM ITEM ITEM ITEM 38