Accountant s Compilation Report

Transcription

1 CliftonLarsonAllen LLP CLAconnect.com Accountant s Compilation Report Board of Directors Cherry Creek Basin Water Quality Authority Arapahoe and Douglas Counties, Colorado Management is responsible for the accompanying budget of revenues expenditures and fund balances/funds available of Cherry Creek Basin Water Quality Authority for the year ending December 31,, including the estimate of comparative information for the year ending December 31,, and the actual comparative information for the year ending December 31,, in the format prescribed by Colorado Revised Statutes (C.R.S.) We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the American Institute of Certified Public Accountants. We did not audit or review the budget nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on the accompanying budget. We draw attention to the summary of significant assumptions which describe that the budget is presented in accordance with the requirements of C.R.S , and is not intended to be a presentation in accordance with accounting principles generally accepted in the United States of America. We are not independent with respect to Cherry Creek Basin Water Quality Authority. Greenwood Village, Colorado December 21, An independent member of Nexia International

2 SUMMARY BUDGET AS WITH AND 12/21/ BEGINNING FUND BALANCES/FUNDS AVAILABLE $ 1,928,055 $ 2,340,402 $ 2,519,398 REVENUES Property taxes 1,646,469 1,775,312 1,933,296 Specific ownership tax 141, , ,330 Miscellaneous income Investment income 16,882 25,500 35,000 Recreation fees 204, , ,000 Building permit fees 174, , ,000 Wastewater surcharge 108, , ,000 Total revenues 2,292,282 2,444,912 2,631,726 TRANSFERS IN - 1,466,647 1,576,036 Total funds available 4,220,337 6,251,961 6,727,160 EXPENDITURES General Accounting 29,150 45,000 34,000 Audit 14,073 10,773 14,000 Management Fees 76, , ,000 Dues & membership 1,050 1,347 1,500 Insurance 8,617 10,166 10,200 Legal 43,406 55,000 55,000 Office/miscellaneous expense 675 5,000 5,000 Equipment 2, TAC coordination 8,000 10,000 10,000 County Treasurer's fees 24,808 26,630 28,999 CC Stewardship Partners 24,000 25,000 25,000 I&E coordination 3,320 20,000 5,000 CCBWQA website 2,400 5,100 5,100 Triennial review hearing Watershed Management 232, , ,000 Sampling and Analysis Program 278, , ,000 Special projects 120, , ,000 Capital and maintenance projects (General Fund) 780, Total General 1,651, ,816 1,133,299 Pollution Abatement Management / administration - 242, ,000 Stream corridor preservation - 1,000 25,000 Pollution Reduction Facilities - O&M - 97, ,000 Reservoir Projects - 36, ,000 Steam Reclamation Projects - 885,000 1,034,000 Total Pollution Abatement - 1,261,100 1,770,000 Enterprise Administration 63,103 32, ,000 PRF monitoring 143, Reservoir 13, Stream stabilization 7, Total Enterprise 228,355 32, ,000 Total expenditures 1,879,935 2,265,916 3,203,299 TRANSFERS OUT - 1,466,647 1,576,036 Total expenditures and transfers out requiring appropriation 1,879,935 3,732,563 4,779,335 ENDING FUND BALANCES/FUNDS AVAILABLE $ 2,340,402 $ 2,519,398 $ 1,947,825 EMERGENCY RESERVE $ 54,000 $ 59,000 $ 64,400 FACILITIES MAINTENANCE RESERVE 25,000 25,000 25,000 CAPITAL RESERVE 500, , ,000 TOTAL RESERVE $ 579,000 $ 584,000 $ 589,400 2

3 PROPERTY TAX SUMMARY INFORMATION 12/21/ ASSESSED VALUATION - ARAPAHOE Residential $ 838,894,552 $ 848,131,910 $ 937,088,681 Commercial 573,242, ,220, ,801,306 Industrial 510,751 1,800,030 1,939,122 Agricultural 956, , ,836 Vacant land 49,357,219 42,040,179 49,530,272 Personal Property 140,545, ,537, ,973,610 State Assessed 5,101,450 4,771,180 4,445,310 Other natural resources 27,128 12,290 13,559 Certified Assessed Value 1,608,635,437 1,628,470,103 1,867,730,696 ASSESSED VALUATION - DOUGLAS Residential $ 1,248,037,920 $ 1,297,999,940 $ 1,431,563,540 Commercial 444,674, ,228, ,706,560 Industrial 73,078,760 73,835,610 97,333,890 Agricultural 10,178,310 10,366,040 9,706,420 Vacant land 119,026, ,795, ,489,070 Personal property 176,601, ,216, ,666,600 State Assessed 5,052,200 4,439,000 6,034,900 Other natural resources 133, , ,040 Adjustments - TIF (5,029,686) (9,211,693) (20,669,910) Certified Assessed Value 2,071,753,264 2,124,832,857 2,400,030,110 Total Assessed Value $ 3,680,388,701 $ 3,753,302,960 $ 4,267,760,806 MILL LEVY GENERAL FUND Temporary Mill Levy Reduction (0.055) (0.029) (0.049) Refund and abatements Total mill levy PROPERTY TAXES GENERAL FUND $ 1,840,194 $ 1,876,651 $ 2,133,880 Temporary Mill Levy Reduction (202,421) (108,846) (209,120) Refund and abatements 14,722 7,507 8,536 Levied property taxes 1,652,495 1,775,312 1,933,296 Adjustment to actual/rounding (6,026) - - Refund and abatements Budgeted Property Taxes $ 1,646,469 $ 1,775,312 $ 1,933,296 BUDGETED PROPERTY TAXES GENERAL FUND $ 1,646,469 $ 1,775,312 $ 1,933,296 $ 1,646,469 $ 1,775,312 $ 1,933,296 3

4 GENERAL FUND BUDGET AS WITH AND 12/21/ BEGINNING FUND BALANCES $ 988,417 $ 1,134,582 $ 947,491 REVENUES Property taxes 1,646,469 1,775,312 1,933,296 Specific ownership tax 141, , ,330 Investment income 10,116 15,000 20,000 Total revenues 1,797,745 1,964,312 2,146,626 Total funds available 2,786,162 3,098,894 3,094,117 EXPENDITURES General and administration Accounting 29,150 45,000 34,000 Audit 14,073 10,773 14,000 Management 76, , ,000 Dues & membership 1,050 1,347 1,500 Insurance 8,617 10,166 10,200 Legal 43,406 55,000 55,000 Office/miscellaneous expense 675 5,000 5,000 Equipment 2, TAC coordination 8,000 10,000 10,000 County Treasurer's fees 24,808 26,630 28,999 CC Stewardship Partners 24,000 25,000 25,000 I&E coordination 3,320 20,000 5,000 CCBWQA website 2,400 5,100 5,100 Triennial review hearing , , ,299 Watershed Management Annual reporting 27,419 35,800 27,000 Data Management 25,368 15,000 36,000 General watershed management 149, , ,000 Land use referrals 27, Site application review 2, , , ,000 Sampling and Analysis Program General technical support 144,261 77,000 80,000 Monitoring - reservoir 134, , ,000 Monitoring - streams 75 84, ,000 Data management , , , ,000 Special projects Studies - water quality - 25,000 25,000 Studies - undesignated 120, , , , , ,000 Capital projects CC State Park to Eco Park 7, Piney Creek 771, CC 12 Mile Park Phase II CC Hess Road 1, , Total expenditures 1,651, ,816 1,133,299 TRANSFERS OUT Pollution abatement - 60% - 1,178,587 1,287,976 Total transfers out - 1,178,587 1,287,976 Total expenditures and transfers out requiring appropriation 1,651,580 2,151,403 2,421,275 ENDING FUND BALANCES $ 1,134,582 $ 947,491 $ 672,842 EMERGENCY RESERVE $ 54,000 $ 59,000 $ 64,400 CAPITAL RESERVE 250, , ,000 TOTAL RESERVE $ 304,000 $ 309,000 $ 314,400 4

5 POLLUTION ABATEMENT FUND BUDGET AS WITH AND 12/21/ BEGINNING FUND BALANCES $ - $ 231,758 $ 437,805 REVENUES Investment income ,000 Total revenues ,000 TRANSFERS IN General fund - 60% - 1,178,587 1,287,976 Enterprise fund - 60% - 288, ,060 Total transfers in - 1,466,647 1,576,036 Total funds available - 1,698,905 2,018,841 EXPENDITURES Management / administration - 242, ,000 Stream corridor preservation - 1,000 25, , ,000 Pollution Reduction Facilities - O&M Routine - 20,000 18,000 Restorative (vegetation) - 12,000 82,000 Rehabilitation (structures) - 35,000 83,000 Reservoir destratification - 30,000 93,000-97, ,000 Reservoir Projects Meteorological station ,000 Utilities - reservoir destratification - 36,000 40,000 Shoreline stabilization - West Shade Shelter ,000-36, ,000 Steam Reclamation Projects Piney Creek - 725, ,000 CC State Park Reach I - 5, ,000 CC State Park Reach II - 155, ,000 McMurdo Gulch , ,000 1,034,000 Total expenditures - 1,261,100 1,770,000 Total expenditures and transfers out requiring appropriation - 1,261,100 1,770,000 ENDING FUND BALANCES $ - $ 437,805 $ 248,841 5

6 ENTERPRISE FUND BUDGET AS WITH AND 12/21/ BEGINNING FUNDS AVAILABLE $ 939,638 $ 974,062 $ 1,134,102 REVENUES Operating revenues: Recreation fees 204, , ,000 Building permit fees 174, , ,000 Wastewater surcharge 108, , ,000 Miscellaneous income Investment income 6,766 10,000 10,000 Total revenues 494, , ,100 Total funds available 1,434,175 1,454,162 1,614,202 EXPENDITURES Administrative Administration 62, Information & education (signage) ,000 30,000 Equipment - 20,000 20,000 Cottonwood wet lands Contingency ,000 63,103 32, ,000 Pollution Reduction Facilities - O&M PRF - revegetation 4, PRF - restorative (general & emergencies) 21, PRF - weed control 9, PRF - monitoring 107, PRF - O&M and inspection , Reservoir Utilities - reservoir destratification 4, O&M - reservoir destratification 8, , Stream stabilization Stream stabilization - Norton Open Space 7, , Total expenditures 228,355 32, ,000 TRANSFERS OUT Pollution Abatement - 60% - 288, ,060 Total transfers out - 288, ,060 Total expenditures and transfers out requiring appropriation 228, , ,060 ENDING FUNDS AVAILABLE $ 1,205,820 $ 1,134,102 $ 1,026,142 FACILITIES MAINTENANCE RESERVE $ 25,000 $ 25,000 $ 25,000 CAPITAL RESERVE 250, , ,000 TOTAL RESERVE $ 275,000 $ 275,000 $ 275,000 6

7 BUDGET SUMMARY OF SIGNIFICANT ASSUMPTIONS Services Provided Cherry Creek Basin Water Quality Authority (the Authority) is a quasi-municipal corporation and political subdivision of the State of Colorado. Formed on June 16, 1988, the Authority was created by Colorado HB1029 to monitor the water quality in the Cherry Creek Basin and to construct facilities to control the accumulation of pollutants. The District has no employees and all operations and administrative functions are contracted. The District prepares its budget on the modified accrual basis of accounting in accordance with the requirements of Colorado Revised Statues C.R.S For financial statement reporting under generally accepted accounting principles (GAAP), the District uses the full accrual basis of difference from GAAP accounting for Fund Balance. Funds Available represents each fund s current assets less its current liabilities except for the current portion of long-term debt. In addition, the budget separates individual funds which are included as one entity in the GAAP presentation. Colorado Revised Statute (3), as amended by Senate Bill in 2001, states that the Authority must spend a minimum of 60% of revenues (collected from fees, tolls, and property tax) on the construction and maintenance of pollution abatement projects in the Cherry Creek Basin or on payments due on debt incurred entirely for such projects. The minimum pollution abatement expenditure requirement is not restricted by fund, but is applied to the Authority as a whole. Property Taxes Revenues The primary source of revenue is property taxes. Property taxes are levied by the District s Board of Directors. The levy is based on assessed valuations determined by the County Assessor generally as of January 1 of each year. The levy is normally set by December 15 by certification to the County Commissioners to put the tax lien on the individual properties as of January 1 of the following year. The County Treasurer collects the determined taxes during the ensuing calendar year. The taxes are payable by April or, if in equal installments, at the taxpayer s election, in February and June. Delinquent taxpayers are notified in August and generally sales of the tax liens on delinquent properties are held in November or December. The County Treasurer remits the taxes collected monthly to the Authority. The calculation of the taxes levied is displayed on the Property Tax Summary Information page of the budget. Specific Ownership Taxes Specific ownership taxes are set by the State and collected by the County Treasurer, primarily on vehicle licensing within the County as a whole. The specific ownership taxes are allocated by the County Treasurer to all taxing entities within the County. The budget assumes that the Authority s share will be equal to approximately 10% of the property taxes collected. Net Investment Income Interest earned on the Authority's available funds has been estimated based on an average interest rate of approximately 1.00%. 7

8 BUDGET SUMMARY OF SIGNIFICANT ASSUMPTIONS Revenues - (continued) Fees The Authority receives recreation fees from the State of Colorado. These fees are a portion of the entry fees to Cherry Creek State Park. The fees are remitted to the Authority on a monthly basis. The Authority receives building permit fees from various governmental entities that reside within the Authority s borders. These fees are typically remitted on a quarterly basis. The Authority receives wastewater surcharges from the surrounding water and sanitation districts based on usage. These surcharges are remitted to the Authority on a quarterly basis by each District. Administrative and Operating Expenditures Expenditures Operating expenditures include the estimated services necessary to maintain the District s administrative viability such as legal, management, accounting, insurance, banking, meeting expense and other administrative expenses. Estimated expenditures related to water quality management were also included in the General Fund budget. Capital Projects Anticipated expenditures for capital projects are detailed on the Pollution Abatement Fund page of the budget. Debt and Leases The District has no bond indebtedness or any operating or capital leases. Emergency Reserve Reserves The Authority has provided for an Emergency Reserve equal to at least 3% of fiscal year spending as defined under the TABOR Amendment. Facilities Maintenance Reserve The Authority has provided for a facilities maintenance reserve of $25,000 for use in subsequent year capital maintenance projects. Capital Reserve The Authority has provided for a total capital reserve of $500,000 for use in subsequent year capital replacement projects. This information is an integral part of the accompanying budget. 8