Budget

The Eagle Bend Metropolitan District #2 Financial Structure

Your District is comprised of 3 major funds: the General Fund which contains the governmental operations, a Water Enterprise Fund which is the business providing irrigation water to customers and the Debt Service Fund which receives the revenues to repay the outstanding general obligation debt of the District.

2014 was not a reassessment year, thus we saw a minimal increase in the assessed valuation of the property within the boundaries of the District. The majority of the increase was driven by the Health One facility. Our total assessed valuation for 2014 was $56,850,230. This will generate tax revenues of approximately $2,980,000 for 2015. Our total assessed valuation continues to be around 15% less than the assessed valuation prior to the economic downturn of 2008. Even with this decrease in valuation, your Board has continued to budget the same tax levy of 49.000 mills which the District imposed in 2008. Prior to 2008, the total mill levy was in excess of 50.000 mills.

General Fund: To operate the government side, we anticipate tax revenue of $729,957 from our 12 mill operating levy & our share of Arapahoe County motor vehicle taxes. That forecast is in line with revenue received in 2014. Operating costs are anticipated to be $190,383 for the governmental costs of the District, $160,000 for landscape maintenance of center medians & green belts, $700,000 for matching fund projects with the three HOA’s in the District. The District anticipates ending 2015 with healthy reserves in excess of $900,000. A portion of the reserves are required to fund operating in the beginning of the year prior to the receipt of property taxes.

Water Enterprise Fund: For 2015 the District will maintain the two-tiered rate used on water sales. The District charges HEB a $25,000 monthly service fee from March to October and a $2.75/1000 gallon consumption fee for water provided from its wells on the east side of HEB or the East Cherry Creek Valley (ECCV) pipeline located on the south side of E-470. This rate structure insures taxpayers the District recovers its fixed operating costs while providing HEB the lowest possible variable cost
for water. City water is also available at $6.51/1000. The District continues to pursue other water sources.

Debt Service Fund: On December 1, 2014, the District prepaid the remaining Series 2004 Bond in the principal amount of $1,755,000 from surplus funds in the General and Debt Service Funds. The bonds carried a coupon rate of 5.00%. This repayment could not be executed prior to 12-1-2014 since the Series 2004 Bonds had call protection until that date. The District will enter 2015 with remaining general obligation debt in the amount of $32,800,000. The proceeds of this debt were used by the District to fund infrastructure construction during the development of the Eagle Bend area. The debt service mill levy of 37 mills & special ownership tax is anticipated to raise $2,250,701 to be used for interest payments of $1,342.019 and principal reductions of $780,000 for 2015. Interest rates on the bonds range 3.39% to 5.05%. The Board will evaluate options related to the outstanding Series 2005 in 2015 since those bonds are callable on December 1, 2015 and the potential exists to refund these bonds to a newer bond with a significantly lower interest rate.

       September 17th Budget Presentation made by Larry Geiger
 

 
 
 
  Budgets      
       
    2017 Adopted Budget and Resolution  
       
    2016 Adopted Budget and Resolution  
       
    2015 Adopted Budget  
       
    2014 Preliminary Budget  
       
    2014 Budget Resolution  
       
    2013 Budget Memo & Budget  
       
    2013 Mill Levy Certification  
       
 
 
  Audits  
       
    2015 Audit  
       
    2014 Audit  
       
    2013 Audit  
       
    2012 Audit  
       
    2011 Audit  
       
    2010 Audit  
       
 
 
  Financial Statements  
       
    Financial Statements 2016-12-31  
       
    Financial Statements 2016-09-30  
       
    Financial Statements 2016-06-30  
       
    Financial Statements 2016-03-31  
       
    Financial Statements 2015-12-31  
       
    Financial Statements 2015-09-30  
       
    Financial Statements 2015-06-30  
       
    Financial Statements 2015-03-31  
       
    Financial Statements 2014-12-31  
       
    Financial Statements 2014-09-30  
       
    Financial Statements 2014-06-30  
       
    Financial Statements 2013-12-31  
       
       
       
       
           
           
       
Copyright © 2010-2017 Eagle Bend Metropolitan District
       
 

Disclaimer