2009 AUDIT-CMPRD
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CROWN MOUNTAIN PARK AND RECREATION DISTRICT BASIC FINANCIAL STATEMENTS AND AUDITOR’S REPORT FOR THE YEAR ENDED DECEMBER 31, 2009 TABLE OF CONTENTS Page Independent Auditor’s Report 1 Management’s Discussion and Analysis 2+8 Basic Financial Statements: Government+wide Financial Statements: Statement of Net Assets 9 Statement of Activities 10 Fund Financial Statements: Balance Sheet – Governmental Funds 11 Reconciliation of Total Governmental Fund Balances to Net Assets of Governmental Activities 12 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds 13 Reconciliation of Statement of Revenues, Expenditures, and Changes in Fund Balances of Government Funds to the Statement of Activities 14 Notes to the Basic Financial Statements 15+27 Required Supplementary Information: Statement of Revenues, Expenditures, and Changes in Fund Balance + Budget and Actual – General Fund 28 Other Supplemental Information: Statement of Revenues, Expenditures, and Changes in Fund Balances + Budget and Actual – Capital Improvement Fund 29 Statement of Revenues, Expenditures, and Changes in Fund Balances + Budget and Actual – Debt Service Fund 30 ...
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CROWN MOUNTAIN PARK AND RECREATION DISTRICT BASIC FINANCIAL STATEMENTS AND AUDITOR’S REPORT FOR THE YEAR ENDED DECEMBER 31, 2009
TABLE OF CONTENTS
Independent Auditor’s Report Management’s Discussion and Analysis Basic Financial Statements: Government+wide Financial Statements: Statement of Net Assets Statement of Activities Fund Financial Statements: Balance Sheet – Governmental Funds Reconciliation of Total Governmental Fund Balances to Net Assets of Governmental Activities Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds Reconciliation of Statement of Revenues, Expenditures, and Changes in Fund Balances of Government Funds to the Statement of Activities Notes to the Basic Financial Statements Required Supplementary Information: Statement of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual – General Fund + Other Supplemental Information: Statement of Revenues, Expenditures, and Changes in Fund Balances + Budget and Actual – Capital Improvement Fund Statement of Revenues, Expenditures, and Changes in Fund Balances + Budget and Actual – Debt Service Fund
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MONAHAN LAMPMAN & HS, P.C. AY CERTIFIED PUBLIC ACCOUNTANTS Officers and Directors Crown Mountain Park and Recreation District El Jebel, Colorado 81623 INDEPENDENT AUDITOR’S REPORT We have audited the accompanying financial statements of the governmental activities and each major fund of the Crown Mountain Park and Recreation District, as of and for the year ended December 31, 2009, which collectively comprise the District's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the Crown Mountain Park and Recreation District’s management. Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the governmental activities and each major fund of the Crown Mountain Park and Recreation District as of December 31, 2009, and the changes in its financial position for the year then ended in conformity with accounting principles generally accepted in the United States of America. The Management’s Discussion and Analysis and the budgetary information as listed in the table of contents are not a required part of the basic financial statements but are supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion thereon. Our audit was performed for the purpose of forming opinions on the financial statements that collectively comprise the Crown Mountain Park and Recreation District’s financial statements, taken as a whole. The individual fund budgetary comparison schedules listed as other supplemental information in the table of contents are for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material aspects, in relation to the basic financial statements taken as a whole.
MONAHAN, LAMPMAN & HAYS, P.C. March 29, 2010
810 PITKIN AVE. ● P.O. BOX 370B● GLENWOOD SPRINGS, CO 81602 ● (970) 945)8588 ● FAX (970) 945)2398
CROWN MOUNTAIN PARK AND RECREATION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) December 31, 2009 MANAGEMENT’SDISCUSSION ANDANALYSIS The Crown Mountain Park and Recreation District (the “District”) was authorized by voters in November 2002 and formally established in 2003. The 2002 vote also approved a $5.1 million bond issue. The District's service plan establishes the development and management of the former Mount Sopris Tree Farm property in El Jebel for park and recreation purposes as the primary responsibility of the District. The plan also calls for the District to manage recreational programs and services within the District's boundaries. The District will develop and manage the park under a long+term lease from Eagle County, whom retains ownership of the property. The discussion and analysis of the Crown Mountain Park and Recreation District’s financial performance provides an overview of the District’s financial activities for the fiscal year ended December 31, 2009. The intent of this discussion and analysis is to look at the District’s financial performance as a whole; it should be read in conjunction with the basic financial statements and notes to enhance the reader’s understanding of the District’s overall financial performance. FINANCIALHIGHLIGHTS is 0.925 mills, and the mill levy to support operating expenses isThe current mill levy to support the District’s debt 1.00 mills. In addition, at the November 2009 election, voters passed a one time levy of 0.36 mills for the purpose of preparing a capital master plan for facilities including, but not limited to, a recreation center. These levies are assessed on all taxable properties within the District boundaries located in both Pitkin and Eagle Counties. In total, the District’s Thisnet assets increased $264,111 from the previous fiscal year. increase is primarily due to investment in long+term capital assets and the reduction of outstanding long+term debt obligations. General Revenues accounted for $862,209, or 93%, of all revenues. These general revenues include taxes, grants, interest and other revenues not related to specific programs. Program specific revenues in 2009 consisted of capital grants and contributions and user fees, which accounted for $67,354, or 7% of the total revenues of $929,563. grants in the amount of$665,452 of expenses, of which $3,776 was paid by user fees. CapitalThe District had $63,578 were used for capital outlay. General revenues (primarily property taxes) were adequate to provide for the remaining expenses which also include servicing of long+term debt obligations and depreciation of capital assets. USING THEBASICFINANCIALSTATEMENTS This annual report consists of three parts – (this section), the and basic . Thefinancial statements include two types of information on the same statement that present different views of the District: that provide bothandinformation about the District’s financial status. that focus on of the District government, reporting the District’s operations than the government+wide statements. The financial statements also includeof the information in the financial statements and providethat explain some more detailed data. The statements are followed by a section of that further explains and supports the information in the financial statements. Additional supplemental information has also been included to enhance the reader’s understanding of the financial statements. +2+
CROWN MOUNTAIN PARK AND RECREATION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) December 31, 2009
REPORTING ON THEDISTRICT AS AWHOLE While this report contains all funds used by the District to provide programs and activities, the view of the District as a whole looks at all financial transactions and asks the question, “How did we do financially during the current fiscal year?” The statement of net assets and statement of activities answer this question. These statements include all assets and liabilities using the accrual basis of accounting similar to the accounting system used by most private sector companies. This basis of accounting takes into account all of the current year’s revenues and expenses regardless of when cash was received or paid. The focus of the government+wide financial statements is on the overall financial position and activities of the District; therefore, the statement of net assets and the statement of activities are constructed around the concept of an overall primary reporting government, which includes all funds of the District. The statement of net assets and the statement of activities report the District’s Theand changes in those assets. District’s net assets – the difference between assets and liabilities – are one way to measure the District’s financial health, or time,. Over assets is one indicator of whether itsin the District’s net is improving or deteriorating. Other non+financial factors, however, such as changes in the District’s property tax base and the condition of the infrastructure, are needed to assess the of the District. In the statement of net assets and the statement of activities, the Districts operations are reported as a “Governmental Activity.” Governmental activities are generally financed through taxes, intergovernmental revenues and other non+exchange revenues. All of the District’s programs and services are currently reported here, which include parks and recreation services, as well as debt service and other fiscal charges. FUNDFINANCIALSTATEMENTS The fund financial statements provide more detailed information about the District’s, focusing on its most significant funds – not the District as a whole. The District’s major governmental funds include the General Fund, the Capital Improvement Fund and the Debt Service Fund. Unlike government+wide financial statements, the focus of the fund financial statements is directed to specific activities of the District rather than the District as a whole. Except for the General Fund, a specific fund is established to satisfy managerial control over resources or to satisfy finance+related legal requirements established by external parties or governmental statutes or regulations. – The District’s activity is reported as a governmental fund, which focuses on how money flows into and out of those funds and the balances left at year+end that are available for spending in future periods. The funds are reported using an accounting method called accounting, which measures cash and all other assets that can readily be converted to cash. The governmental fund statements provide a detailed of the District’s general government operations and the basic services it provides. Governmental fund information helps to determine whether there are more or fewer financial resources that can be spent in the near future to finance the District’s programs. The relationship (or differences) between governmental(reported in the Statement of Net Assets and the Statement of Activities) and governmentalis provided in reconciliations following the fund financial statements. The District maintains the following governmental funds: fund is used to account for resources traditionally associated with government whichThe general are not required legally or by sound financial management to be accounted for in another fund. – The capital improvement fund provides for the acquisition of lands, construction of major capital improvements, and acquisition of more expensive pieces of equipment. The debt service fund is used to account for financial resources to be used for the payment of principal and interest on general obligation indebtedness. 3 + +
CROWN MOUNTAIN PARK AND RECREATION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) December 31, 2009
$ 1,937,446 5,926,983 156,86 2 8,021,291
1,171,878 275,000 4,315,000 5,761,878
$ 1,574,044 $ 5,964,693 168,700 7,707,437
847,135 275,000 4,590,000 5,712,135
363,402 (37, 710) (11,838) 313,854
324,743 + (275,000) 49,743
THEDISTRICT AS AWHOLE The perspective of the Statement of Net Assets is of the District as a whole. Following is a summary of the District’s net assets for the current and previous fiscal year: 2009 2008 Increase (Decrease) ASSETS: Current and Other Assets Capital Assets, Net Unamortized Bond Issue Costs Total Assets LIABILITIES: Current and Other Liabilities Long+Term Obligations: Due within One Year Due in More Than One Year Total Liabilities NETASSETS: Invested in Capital Assets, Net of Related Debt 1,336,983 Restricted for Emergencies 9,925 Unrestricted 912,505 Total Net Assets $ 2,259,413 Current assets and liabilities increased due to an increase in deferred property taxes to be collected in 2010, which is a result of an increase in the overall assessed valuation of the District, as well as a one time levy of approximately $181,500 approved by voters at the November 2009 election. Capital assets in the amount of $74,124 were added during 2009 and water/sewer lines with a value of $29,135 were transferred to the Mid+Valley Metropolitan District. Capital assets were depreciated in the amount of $82,698. During 2009, the District paid $275,000 toward its long+term debt principal obligations. The District’s financial position, as measured by Net Assets, improved during 2009.
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1,099,693 8,392 887,217 $ 1,995,302 $
237,290 1,533 25,288 264,111
CROWN MOUNTAIN PARK AND RECREATION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) December 31, 2009
$ 63,578 3,776 824,810 30,773 6,626 929,563
465,025 188,289 12,138 665,452
$ 51,285 $ 2,895 809,262 37,718 21,953 923,113
374,545 196,319 12,139 583,003
12,293 881 15,548 (6,9 45) (15,327) 6,450
90,480 (8,030) (1) 82,449
THEDISTRICT AS AWHOLE) The perspective of the Statement of Activities is also of the District as a whole. The statement of activities reflects the cost of program services and the charges for services and sales, grants and contributions offsetting those services. The following detail reflects the total cost of services supported by program revenues and general property taxes, as well as other general revenues, resulting in the overall change in net assets for the current and previous fiscal year: 2009 2008 Increase (Decrease) REVENUES: PROGRAMREVENUES Capital Grants and Contributions Charges for Services GENERALREVENUES: Property Taxes Specific Ownership Taxes Interest and Other Income Total Revenues PROGRAMEXPENSES: Parks & Recreation Interest on Long+term Debt Other Costs of Long+term Debt Total Expenses CHANGE INNETASSETS The District’s revenues include property and specific ownership taxes assessed in 2008 and collected in 2009 to support both general operations and debt service. The District’s program expenses consist of operational expenses, depreciation expense on capital assets and interest expense on general obligation bonds. Parks and recreation expenses approximated those of the prior year. During 2009, the District collected $824,810 in property taxes, of which $458,228 has been collected for debt service on the District’s bonds, and the remaining $366,582 is for general operating expenses of the District. Increases in property taxes over the prior year are the result of increased assessed valuations of total properties within the District’s boundaries. Specific ownership tax collections, which are a function of the number of registered vehicles in the District, are beyond the control of management. Interest earnings have decreased due to decreased investments which is reflective of the state of the economy. During 2009, the District received capital grants and contributions of $48,314 in Conservation Trust Fund Lottery dollars and $15,264 in GOCO grant funding which were used to fund current year capital outlay.
$ 264,111
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$ 340,110 $
(75,999)
CROWN MOUNTAIN PARK AND RECREATION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) December 31, 2009
THEDISTRICT AS AWHOLE) As indicated above, the statement of activities reflects the cost of program services and the charges for services and sales, grants, and contributions offsetting those services. The following table summarizes the information from the statement of activities, reflecting the total cost of program services, and the remaining net cost of program services which are supported by taxes and other general revenues: Total Cost of Service Net Cost of Services 2009 2008 2009 2008 Parks & Recreation $ 465,025 $ 374,545 $ 397,671 $ 371,650 Interest on Long+term Debt 188,289 196,319 188,289 196,319 Other Costs of Long+term Debt 12,138 12,139 12,138 12,139 Total Expenses $ 665,452 $ 583,003 $ 598,098 $ 580,108 The dependence on taxes and other general revenues is apparent. In years 2009 and 2008, nearly all of the District’s services were supported through taxes and other general revenues, while capital grant funding was used for related capital outlay purposes. The community as a whole is the primary support for the District’s activities. THEDISTRICT’SFUNDS The fund level financial statements focus on how services were financed in the short+term as well as what remains for future spending. The fund level financial statements are reported on the modified accrual basis of accounting. At the fund level, under the modified accrual basis of accounting, depreciable assets and their related depreciation expense are not reflected as they are not a current period financial resource or use. In addition, at the fund level, inflows from operating loans are presented as a revenue item while outflows for capital outlay and debt service payments are presented as an expenditure item, as these items represent current period financial resources and uses. The General Fund ending fund balance increased from $516,783 to $541,203 during the current fiscal year. This represents the excess of current period revenues (financial resources) over current period expenditures (financial uses). Most financial resources are from property and specific ownership taxes. The majority of expenses are directly related to providing administrative services related to recreation programs of the District and parks maintenance expenditures. The ending fund balance of $541,203 is the amount of net resources available for future spending, subject to TABOR emergency reserves of $9,925. The Capital Improvement Fund ending fund balance decreased from $204,729 to $222,907 during the current fiscal year. This represents current period investment in capital assets (financial uses) in excess of current period revenues (financial resources), which is being funded by prior period bond issue proceeds and accumulated interest earnings. The ending fund balance of $222,907 represents the amount of net resources in the Capital Improvement Fund available for future capital investment. The Debt Service Fund ending fund balance decreased from $21,150 to $16,466 during the current fiscal year. The ending fund balance is reserved for future debt service.
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CROWN MOUNTAIN PARK AND RECREATION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) December 31, 2009 GENERALFUND BUDGETARY HIGHLIGHTS The District's procedures in establishing budgetary data reflected in the financial statements are summarized in !" of the financial statements. No amended budgets were adopted by the District during fiscal year 2009. !" The District’s general fund final budgetary revenues and other financing sources in the amount of $435,256 did not meet budget expectations of $450,531 by $15,275. This was primarily due to decreased interest earnings on the District's deposits and overall tax collections not meeting budget expectations. #$ !" The District’s general fund final budgetary expenditures and other financing uses of $330,836 were $472,074 less than the final appropriated balance of $802,910. Significant savings occurred in budgeted expenditures for parks maintenance and unused appropriations for elections and contingencies/appropriated fund balances. The District had not budgeted for the unanticipated special election ballot issue. % The General Fund ending unappropriated budgetary fund balance carryover to fiscal year 2010 is $541,203. * * * The Board of Directors and management strive to budget appropriate amounts for each line item. This year’s budget variations are not expected to have a significant effect on future services or liquidity. CAPITALASSETS At the end of 2009, the District had a total of $5,926,983 invested in capital assets of governmental activities. The following reflects the balances of the current and prior fiscal year: Capital Assets (Net of Depreciation and Amortization): 2009 2008 Park Development/Improvements $ 5,499,467 $ 5,509 ,908 Buildings 391,683 406,449 Vehicles and Equipment 31,451 41,915 Office Furniture and Equipment 4,382 6,421 Total Capital Assets $ 5,926,983 $ 5,964,693 Current year depreciation expense in the amount of $82,698 was recorded in Parks and Recreation on the government+ wide statement of activities. Park Development/Improvements includes capitalized planning, development, organizational and overhead costs from the current and previous fiscal years. DEBTADMINISTRATION At December 31, 2009, the District had $4,590,000 of general long+term obligations outstanding. See # $ $for a detail of the terms and annual requirements to amortize the District’s long+term debt. ECONOMICCONDITIONS ANDOUTLOOK At this time, the District does not anticipate any events that would have a significant financial impact to the District in future years. +7+
CROWN MOUNTAIN PARK AND RECREATION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) December 31, 2009
CONTACTING THEDISTRICT’SFINANCIALMANAGEMENT This financial report is designed to provide our residents, customers, taxpayers, investors, and creditors with a general overview of the District’s finances and to show the District’s accountability for the money it receives. If you have any questions regarding this report or need additional financial information, please contact the: Crown Mountain Park and Recreation District Manager Eagle County Community Building 0020 Eagle County Road El Jebel, CO 81623 Tel: (970) 963+6030 Fax: (970) 963+6032
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GOVERNMENT + WIDE FINANCIAL STATEMENTS
