2008 Comprehensive Annual Financial Report - Apex Park and ...

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2008 Comprehensive Annual Financial Report - Apex Park and ...

APEX PARK AND RECREATION DISTRICT, COLORADO

COMPREHENSIVE ANNUAL FINANCIAL REPORT

For the Fiscal Year Ended December 31, 2008

Report Prepared and Issued By

Apex Park and Recreation District, Finance Division

www.apexprd.org

Jefferson County, Colorado


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TABLE OF CONTENTS

INTRODUCTORY SECTION

Letter of Transmittal

viii

ix

x

Xl

A-I

B-1

B-2

B-3

B-4

B-5

B-6

B-7

B-8

B-9

C-I

es, Expenditures and Changes in Fund

Balance - Nonmajor Governmental Funds

0-1

0-2


Schedules of Revenues, Expenditures, and Changes in Fund Balance

- Budget and Actual:

Conservation Trust Fund

Capital Projects Fund

Debt Service Fund

Apex Fund

Golf Fund

Capital Assets Used in the Operation of Governmental Funds:

Comparative Schedule by Source

Schedule by Function and Activity

Schedule of Changes by Function and Activity

0-3

0-4

0-5

0-6

0-7

E-I

E-2

E-3

STATISTICAL SECTION

Net Assets by Component

Changes in Net Assets

Fund Balances of Governmental Funds

Changes in Fund Balances of Governmental Funds

Governmental Activities Tax Revenues By Source

Assessed Value and Actual Value of Taxable Property

Direct and Overlapping Property Tax Rates

Principal Taxpayers

Property Tax Levies and Collections

Ratio of Outstanding Debt By Type

Ratio of General Bonded Debt Outstanding

Direct and Overlapping Governmental Activities Debt

Computation of Legal Debt Margin

Pledged-Revenue Coverage

Demographic and Economic Statistics

Principal Employers

Full-Time Equivalent District Employees by Function

Operating Indicators by Function

Capital Assets Statistics by Division

F-I

F-2

F-3

F-4

F-5

F-6

F-7

F-8

F-9

F-IO

F-ll

F-12

F-13

F-14

F-15

F-16

F-17

F-18

F-19


INTRODUCTORY SECTION

LETTER OF TRANSMITTAL

GOVERNMENT FINANCE OFFICERS

ASSOCIATION

CERTIFICATE OF ACHIEVEMENT

ORGANIZATIONAL CHART

LIST OF PRINCIPAL OFFICIALS


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Board of Directors

Jim Whitfield, President

Susan Miller, Vice President

Lee Humrich, Treasurer/Secretary

Jeff Glenn, Director

Ken Harrell, Director

Executive Director

June 3, 2009

Mike Miles

PARK & RECREATION DISTRICT

13150 w. 72ND AVENUE, ARVADA, CO 80005

303/424-2739 • WWW.APEXPRD.ORG

President, Board Members

and District Citizens

Apex Park and Recreation District

13150 West nnd Avenue

Arvada, Colorado 80005

Ladies and Gentlemen:

The following report is the Apex Park and Recreation Districts 2008 Comprehensive Annual

Financial Report. In late 2007 the District legally changed the District name from the North

Jeffco Park and Recreation District to the Apex Park and Recreation District. Any references in

this report to the Apex Park and Recreation District or the North Jeffco Park and Recreation

District should be construed to be one and the same entity.

Section 29-1-6 of the Colorado Revised Statues requires that all general-purpose local

governments with revenues or expenditures exceeding $500,000 publish and file with the State

Auditor's office a complete set of financial statements, within six months of the close of each

fiscal year. Said financial statements must be presented in conformity with generally accepted

accounting principles (GAAP) and audited in accordance with generally accepted auditing

standards by a firm of licensed, certified public accountants. Pursuant to that requirement, we

hereby issue the comprehensive annual fmancial report of Apex Park and Recreation District for

the fiscal year ended December 31, 2008.

This report consists of management's representations concerning the fmances of Apex Park and

Recreation District. Consequently, management assumes full responsibility for the completeness

and reliability of all of the information presented in this report. To provide a reasonable basis for

making these representations, the management of Apex Park and Recreation District has

established a comprehensive internal control framework designed to both protect the

government's assets from loss, theft, or misuses and compile sufficient reliable information for

the preparation of Apex Park and Recreation District's financial statements in conformity with

GAAP. Given that the cost of internal controls should not outweigh their benefits, Apex Park and

Recreation District's comprehensive framework of internal controls has been designed to provide

reasonable rather than absolute assurance that the financial statements will be free from material

misstatement. As management, we assert that, to the best of our knowledge and belief, this

financial report is complete and reliable in all material respects.

Apex Park and Recreation District's financial statements have been audited by McMahan and

Associates, LLC, a firm of licensed, certified public accountants. The goal of the independent

audit was to provide reasonable assurance that the financial statements of Apex Park and

Recreation District for the fiscal year ended December 31, 2008 are free of material


President, Board Members

and District Citizens

Apex Park and Recreation District

June 3, 2009

misstatement. The independent audit involved examining, on a test basis, evidence supporting

the amounts and disclosures in the financial statements; assessing the accounting principles used

and significant estimates made by management; and evaluating the overall financial statement

presentation. Based upon the audit, the independent auditor concluded that there was a

reasonable basis for rendering an unqualified opinion that Apex Park and Recreation District's

financial statements for the fiscal year ended December 31, 2008 are fairly presented in

conformity with GAAP. The independent auditor's report is presented as the first component of

the financial section of this report.

Apex Park and Recreation District did not receive any Federal Grants during fiscal year 2008.

The independent audit of the financial statements of the district was not part of a broader,

federally mandated "Single Audit" designed to meet the special needs of federal grantor

agencies.

GAAP requires that management provide a narrative introduction, overview, and analysis to

accompany the basic [mancial statements in the form of Management's Discussion and Analysis

(MD&A). This letter of transmittal is designed to complement the MD&A and should be read in

conjunction with it. Apex Park and Recreation District's MD&A can be found immediately

following the report of the independent auditors.

PROFILE OF THE GOVERNMENT

Apex Park and Recreation District was incorporated in 1956 and is located in the northwestern

part of the greater Denver metropolitan area, of the State of Colorado. Specifically, the district's

geographic boundaries encompass most of northern Jefferson County. The district currently

occupies a land area of 60 square miles and services a population of 115,531. Apex Park and

Recreation District is empowered to levy a property tax on both real and personal properties

located within its boundaries.

Per state statutes, Apex Park and Recreation District operates under an elected, at-large, five

member Board of Directors. The board is elected on a non-partisan basis. Members of the board

serve four-year staggered terms, with two or three board members elected every two years. Said

board has the power for the management, control and supervision of all business and affairs of

the district, among other things, for passing resolutions, adopting the budget, appointing

committees, and hiring both the district's executive director, external auditor and attorney. The

district's executive director is responsible for carrying out the policies, resolutions and motions

approved by the board, for overseeing the day-to-day operations of the district, and for

appointing the heads of the various divisions.

The district consists of 13 full-time centers and facilities and a number of part-time or seasonal

facilities. Staff and programs provide a variety of recreational services for the youth, adults, and

seniors of the community. The services encompass a broad range of activities, including, youth

services, adult and youth sports, senior programs, racquet sports, fitness/wellness, gymnastics,

aquatics, outdoor recreation, art, ice-skating, and golf.

ii


President, Board Members

and District Citizens

Apex Park and Recreation District

June 3,2009

The annual budget along with a Five-Year Capital Plan serves as the foundation for Apex Park

and Recreation District's financial planning and control. The district's executive director is

required by October 15 of each year to submit a proposed budget to the board for the ensuing

year. Upon receiving the proposed budget for the year, the board is required to publish a "Notice

of Budget". This notice identifies a budget hearing date for public input to the budget process.

The deadline for the board to adopt the new budget is December 15. The appropriated budget is

prepared by fund, function (e.g., Apex Center), and division (e.g., Ice). Division heads may make

transfers of appropriations within a division, with the approval of the executive director. Budgetto-actual

comparisons are provided in this report for each individual governmental fund for

which an appropriated annual budget has been adopted. For the General Fund, this comparison is

presented on page B-6 as part of the basic financial statements for the governmental funds. For

governmental funds with appropriated annual budgets, other than the General Fund, this

comparison is presented in the governmental fund subsection of this report, which starts on page

D-3.

Long-Term Financial Planning: FY 2008 is the final year of the current District Five-Year

Capital Improvement Master Plan. The highlights of the capital improvements completed during

FY 2008 are listed below. The District Board has conducted public hearings and adopted a new

Fifteen-Year Capital Improvement Plan May 21, 2009.

BUDGETARY HIGHLIGHTS

In 2006 District voters authorized a I-mill levy increase in property tax. The 2008 budget year is

the second year for the District to levy and receive this I-mill levy increase. The designed use of

this money is as follows:

• One-half of the mill levy increase is to be used for purchasing/repairing of capital

equipment/facilities. This money is receipted and spent out of the Capital Improvement

Fund in order to properly track the usage of this money.

• One-half of the mill levy may be used for purchasing/repairing of capital

equipment/facilities and for general operating expenditures such as salaries, supplies, etc.

This money is receipted and spent out of the General Fund.

This additional tax money has helped the District tremendously by creating the funding

necessary to move forward with implementing the Long-Term Operational Master Plan.

During fiscal year 2008, the district's major initiatives and accomplishments for working through

the District Capital Improvement Master Plan totaled $1,754,678 or 11 % of the 2008 operating

budget. Building improvements were $822,335, land improvements $539,702, equipment &

machinery $337,734 and vehicles $54,907.

iii


President, Board Members

and District Citizens

Apex Park and Recreation District

June 3,2009

Building Improvements

• Community Recreation Center - Renovated front lobby, bathrooms, replaced the center

carpeting, renovated a new fitness room, purchased body conditioning equipment,

resurfaced parking lot and roofed the Pottery Bam building~

• Fitness Center - Replaced the locker room flooring and completed the renovation of the

Tennis Center making it compliant with ADA requirements.

Apex Recreation Center - Replaced the ice lobby flooring, replaced both ice rink

lighting systems at a cost of $5 8,3 72 making them energy efficient saving the District

$60,000 annually, resurfaced the three swimming pools, and replaced one of the

swimming pool spa's pump and motor.

• Pioneer Park - partially completed construction of a new park shelter.

• Meyers Indoors Pool - Remodeled the lobby restrooms, replaced the front entry doors

and installed new lighting systems.

Land Improvements

• Indian Tree Golf Course - The renovation of the golf practice range and installation ofa

safety screen around the practice range and resurfaced the parking lot.

• Pioneer Park - partially completed the renovation of the park playground.

• Fisher Pool- Renovated the North Jeffco Park by demolishing the Fisher swimming

pool and facility.

• Tennis Center - Installed new windscreens

• Contributed $300,000 to the City of Arvada for the construction of an artificial turf

soccer/football field at Arvada West High School.

Equipment and Machinerv

Vehicles

• Indian Tree Golf Course - Replaced the golf cart fleet, two golf utility vehicles, and two

mowers.

• Replaced one pickup, and one 15 passenger van.

iv


President, Board Members

and District Citizens

Apex Park and Recreation District

June 3, 2009

Debt Fund

The difference between the original and the final amended budget is detailed as follows:

• On September 25, 2008 the District issued $9,180,000 of bonds for a partial current

refunding of $9,250,000 of the series 1998 general obligation bonds. The Debt Fund

budget was amended to reflect the current refunding bond transactions.

Golf Fund

The difference between the original and the final amended budget is detailed as follows:

• Revenue estimates were increased for golf course revenues and for money transferred

from the General Fund to the Golf Fund in the amount of$200,000.

• Expenditures were amended to increase the budget $222,422 for the purpose of covering

the added cost of golf and restaurant operations.

Apex Fund

The Apex Recreation Center staff continues to keep the center economically viable by holding

down operational costs while creating new income programs. During 2008, the staff created two

new recreational programs; Pilate classes and cycle bum classes.

• Expenditures were amended to increase the budget $106,205 for the purpose of covering

the added cost for increasing utility costs.

FACTORS AFFECTING FINANCIAL CONDITION

The information presented in the financial statements is perhaps best understood when it is

considered from the broader perspective of the specific environment within which Apex Park

and Recreation District operates.

Local Economy: Apex Park and Recreation District is located in Jefferson County Colorado

where the local economic environment has deteriorated very little during the last several months

of 2008 with year-end 2008 unemployment running at 4.7% while the State of Colorado

unemployment was 4.9% and nationally the unemployment rate was 5.8%. Property assessed

valuations within the District continue to increase (5.7% for 2008) annually from modest

building growth and increased property values. The region has a varied manufacturing and

industrial base that adds to the relative stability of the unemployment rate. Major industries with

headquarters or divisions located within the district boundaries, or in close proximity, include

computer hardware, brewery, medical manufacturing, and shopping centers. The State of

v


President, Board Members

and District Citizens

Apex Park and Recreation District

June 3, 2009

Colorado has a major presence within the greater Denver metropolitan area with defense and

space agency manufacturing.

Cash Management Policies and Practices: To maximize net investment income, the District

aggregates and invests cash and investments of all funds. Net investment earnings are allocated

monthly to the funds in accordance with the District Investment Policy. Cash that was

temporarily idle during the year was invested in demand deposits and pooled with local

government entities in an investment trust. The average yield on the Colo Trust account was 3.5%

and the three-month certificate of deposit is 4.5%. Investment income includes appreciation in

the fair value of investments.

The investment policy of the District is to minimize credit and market risks while maintaining a

competitive yield on its portfolio. Accordingly all deposits are either insured by federal

depository insurance or collateralized; and all investments held by the District during 2008 were

allowable investments under the District's investment policy.

Risk Management: The district recognizes the importance of protecting its assets and

minimizing the potential of liability claims and litigation. For general property and liability,

automobile, physical damage and liability, public officials' liability insurance coverage, and for

employee work-related accidents (worker'S compensation), the District belongs to the Colorado

Special Districts Property and Liability Pool. Additional information on Apex Park and

Recreation District's risk management activity can be found in Note VIII of the notes to the

financial statements.

Pension and Other Post Employment Benefits: The Apex Park and Recreation District

maintains a defined contribution (money purchase plan under Internal Revenue Code Section

401A) pension plan for all full-time salaried employees. Each year the district fully funds the

employees' 40lA pension plan and does not have any other pension obligations. The district

does not provide any other post-retirement life, health, or dental care benefits for retirees.

Additional information on Apex Park and Recreation District's pension benefits can be found in

Note IX ofthe notes to the financial statements.

Awards and Acknowledgements: The Government Finance Officers Association of the United

States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial

Reporting to Apex Park and Recreation District for its comprehensive annual financial report

(CAFR) for the fiscal year ended December 31, 2007. This was the eleventh consecutive year

that North leffco received this prestigious award. In order to be awarded a Certificate of

Achievement, a government must publish an easily readable and efficiently organized CAFR.

This report satisfied both GAAP and applicable legal requirements.

A Certificate of Achievement is valid for a period of one year only. We believe that our current

CAFR continues to meet the Certificate of Achievement Program's requirements and we are

submitting it to the GFOA to determine its eligibility for another certificate.

vi


President, Board Members

and District Citizens

Apex Park and Recreation District

June 3, 2009

The preparation of the comprehensive annual financial report on a timely basis was made

possible by the cooperation and dedicated services of the entire staff of the finance and

administrative divisions. We would like to express our appreciation to all members of the

divisions who assisted and contributed to the preparation of this report. Credit must also be given

to the district President and governing board for their unfailing support for maintaining the

highest standards of professionalism in the management of Apex Park and Recreation District's

finances.

Respectfully submitted,

Mike Miles

Executive Director

(/rq~/~£

~ry R. H~ee TV

Chief Finance Officer

vii


Certificate of

Achievement

for Excellence

in Financial

Reporting

Presented to

Apex Park and Recreation

District, Colorado

For its Comprehensive Annual

Financial Report

for the Fiscal Year Ended

December 31, 2007

A Certificate of Achievement for Excellence in Financial

Reporting is presented by the Government Finance Officers

Association of the United States and Canada to

government units and public employee retirement

systems whose comprehensive annual financial

reports (CAFRs) achieve the highest

standards in government accounting

and fmancial reporting.

President

Executive Director

viii


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APEX PARK AND RECREATION DISTRICT

LIST OF PRINCIPAL OFFICERS

BOARD OF DIRECTORS

Jim Whitfield

President

Susan Miller

Vice President

Lee Humrich

Secretary / Treasurer

Jeff Glenn

Director

Ken Harrell

Director

EXECUTIVE DIRECTOR AND KEy STAFF

Mike Miles

Gary Higbee

Terri Fabrizio

Brent Anderson

Terry Goldwater

Ross Blackmer

Alan Abrams

Faith Gregor

Marshall Masek

Nancy Wellnitz

Don Tuchband

Executive Director

Chief Finance Officer

CPA, Assistant Chief Finance Officer

RacquetballlFitness Center Supervisor

Apex Manager

Recreation Services Manager

Director of Golf

Marketing Director

District Services Manager

Senior/Adult Services Supervisor

IT Supervisor

x


FINANCIAL SECTION

INDEPENDENT AUDITOR'S

REpORT

MANAGEMENT'S DISCUSSION

AND ANALYSIS

BASIC FINANCIAL STATEMENTS


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INDEPENDENT AUDITOR'S REpORT


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McMAHAN AND ASSOCIATES, L.L.C.

Certified Public Accountants and Consultants

SUITE 222/AvON CENTER

100 WEST BEAVER CREEK BLVD,

P.O. Box 5650 AVON, CO B J 620

WEB SITE: WWW.MCMAHANCPA.COM

TELEPHONE: (970) 845-8800

FACSIMILE: (970) 845-085 I

E-MAIL: MCMAHAN@MCMAHANCPA COM

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors

Apex Park and Recreation District

Arvada, Colorado

We have aud~ed the accompanying basic financial statements of the governmental activities. the business-Iype

activities. each major fund, and the aggregate remaining fund information of Apex Park and Recreation District (the

"District") as of and for the year ended December 31, 2008, which collectively comprise the District's basic financial

statements as listed in the table of contents. These financial statements are the responsibility of the management of

the District. Our responsibility is to express opinions on these financial statements based on our audit.

We conducted our audit in accordance with U.S. generally accepted auditing standards. Those standards require

that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial

statements are tree of material misstatement. An audit includes examining, on a test basis, evidence supporting the

amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used

and significant estimates made by management, as well as evaluating the overall financial statement presentation.

We believe that our audit provides a reasonable basis for our opinions.

In our opinion, the financial statements referred to above present fairly. in all material respects, the respective

financial position of the governmental activ~ies, the business-type activities, each major fund, and the aggregate

remaining fund information of the District as of December 31,2008. and the respective changes in financial position

and cash flows, where applicable, thereof and the respective budgetary comparison for the General Fund for the year

then ended in conformity with U.S. generally accepted accounting principles.

The Management's Discussion and Analysis in Section A is not a required part of the basic financial statements but is

supplementary information required by the Governmental Accounting Standards Board. We have applied certain

limited procedures, which consisted principally of inquiries of management regarding the methods of measurement

and presentation of the required supplementary information. However, we did not audit the information and express

no opinion on it.

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise

the District's basic financial statements. The introductory section, combining and individual non-major fund financial

statements, budgetary comparison schedules, capital asset schedules, and statistical tables are presented for

purposes of additional analysis and are not a required part of the basic financial statements. The combining and

individual non-major fund financial statements, capital asset schedules, and the budgetary comparison schedules

have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our

opinion, is fairty stated in all material respects in relation to the basic financial statements taken as a whole. The

introductory section and statistical tables have not been subjected to the auditing procedures applied in the audit of

the basic financial statements and, accordingly, we express no opinion on them.

McMahan and Associates, LLC

June 3, 2009

D. Jerry McMahan. CP.A

Paul J. Backes, CP.A

Performing services for local governments throughout Colorado

Daniel R. Cudahy. CP.A.

Michael N Jenkins, e.A.. CP.A.

Member~: American In::titute of Cerlified Public Accountants/Colorado Society of Cerlified Public Accountants

National and Colorado Government Finance Officers: Association/Colorado Municipal League

xi


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MANAGEMENT'S DISCUSSION AND ANALYSIS


This Page Intentionally Left Blank


MANAGEMENT'S DISCUSSION AND ANALYSIS

As management of Apex Park and Recreation District, we offer readers of the district's financial

statements this narrative overview and analysis of the financial activities of Apex Park and

Recreation District for the fiscal year ended December 31, 2008. We encourage readers to

consider the information presented here in conjunction with additional information that we have

furnished in our letter of transmittal, which can be found beginning on page i of this report.

FINANCIAL HIGHLIGHTS

• The assets of Apex Park and Recreation District exceeded its liabilities at the close of the

most recent fiscal year by $19,793,067 (net assets). Of this amount, $5,145,316

(unrestricted net assets) may be used to meet the district's ongoing obligations to citizens

and creditors.

• The district's total net assets increased by $1 ,806,203.

• As of the close of the current fiscal year, the district's governmental funds reported

combined ending fund balances of $4,878,495, an increase of $1,556,026 in comparison

with the prior year. Approximately 83% of this total amount, $4,047,214, is available for

spending at the government's discretion (unreserved fund balance).

• At the end of the current fiscal year, unreserved fund balance for the General Fund was

$3,893,495, or 68% of total General Fund operating expenditures.

Apex Park and Recreation District's total bonded debt decreased by $1,395,000 (8%)

during the current fiscal year.

OVERVIEW OF THE FINANCIAL STATEMENTS

This discussion and analysis are intended to serve as an introduction to Apex Park and

Recreation District's basic financial statements. The district's basic financial statements comprise

three components: I) government-wide financial statements, 2) fund financial statements, and 3)

notes to the financial statements. This report also contains other supplementary information in

addition to the basic financial statements themselves.

Government-Wide Financial Statements. The district-wide financial statements are designed

to provide readers with a broad overview of Apex Park and Recreation District's finances in a

manner similar to a private-sector business.

The statement of net assets presents information on all of Apex Park and Recreation District's

assets and liabilities, with the difference between the two reported as net assets. Over time,

increases or decreases in net assets may serve as a useful indicator of whether the fmancial

position of Apex Park and Recreation District is improving or deteriorating.

A-1


The statement of activities presents information showing how the district's net assets changed

during the most recent fiscal year. All changes in net assets are reported as soon as the underlying

event giving rise to the change 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 (e.g., uncollected taxes and earned but unused vacation leave).

Both of these government-wide frnancial statements distinguish functions of the district 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 Apex Park and

Recreation District include general government, racquet sports, recreation services, senior center,

and aquatics. The business-type activities of the district include the Indian Tree Golf Course and

the Apex Recreation Center.

The government-wide financial statements can be found on pages B-1 and B-2 of this report.

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. Apex Park

and Recreation District, like other state and local governments, uses fund accounting to ensure

and demonstrate compliance with finance-related legal requirements. All of the funds of Apex

Park and Recreation District 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.

Unlike the government-wide financial statements, however, governmental fund financial

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. Such information may be

useful in evaluation of a government's near-term frnancing requirements.

The focus of governmental funds is narrower than that of the government-wide financial

statements. Therefore, 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 statements of revenue, expenditures, and changes in fund balances provide a reconciliation

to facilitate this comparison between governmental funds and governmental activities.

Apex Park and Recreation District maintains four individual governmental funds. Information is

presented separately in the governmental fund balance sheet and in the governmental fund

statement of revenues, expenditures, and changes in fund balances for the General Fund and the

Debt Service Fund, both of which are considered to be major funds. Data from the other two

governmental funds are reported as non-major governmental funds and are provided in the form

of Conservation Trust and Capital Projects Funds elsewhere in this report.

A-2


Apex Park and Recreation District adopts an annual appropriated budget for its governmental

fund types, including major and non-major fund types (General Fund, Debt Service Fund, Capital

Project Fund, and Conservation Trust Fund). A budgetary comparison statement has been

provided for each ofthe governmental fund types.

The basic governmental fund financial statements can be found on pages B-3 to B-6 of this

report.

Proprietary funds. Apex Park and Recreation District maintains two enterprise funds. Enterprise

funds are used to report the same functions presented as business-type activities in the

government-wide financial statements. Apex Park and Recreation District uses enterprise funds

to account for its Apex Fund (a major recreation center operation), and a Golf Course Fund to

account for the Indian Tree Golf Course operations.

Proprietary funds provide the same type of infonnation as the government-wide fmancial

statements, only in more detail. The proprietary fund financial statements provide separate

infonnation for the recreation center operations, and Golf Course Fund operations, both of which

are considered to be major funds of Apex Park and Recreation District.

The basic proprietary fund financial statements can be found on pages B-7 to B-8 of this report.

In accordance with the Colorado Revised Statutes, Apex Park and Recreation District adopts an

annual appropriated budget for its proprietary fund types (Apex Fund and Golf Fund). A

budgetary comparison statement has been provided for each of the proprietary fund types. The

budgetary comparison statements can be found on pages D-6 and D-7 of this report.

Notes to tbe financial statements. The notes provide additional infonnation that is essential to a

full understanding of the data provided in the government-wide and fund fmancial statements.

The notes to the financial statements can be found starting on page C-I of this report.

Otber information. The combining statements referred to earlier in connection with non-major

governmental funds is presented immediately following the Notes to Financial Statements.

Combining and Budget to Actual fund statements and schedules can be found starting on page

D-l.

Government-Wide Financial Analysis

As noted earlier, net assets may serve over time as a useful indicator of a government's financial

position. In the case of Apex Park and Recreation District, assets exceeded liabilities by

$19,793,067 at the close of the most recent fiscal year.

By far, the largest portion of Apex Park and Recreation District's net assets (72%) reflects its

investment in capital assets (e.g., land, buildings, machinery, and equipment), less any related

debt used to acquire those assets that is still outstanding. Apex Park and Recreation District uses

these capital assets to provide services to citizens; consequently, these assets are not available for

future spending. Although Apex Park and Recreation District's investment in its capital assets is

A-3


eported 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.

Apex:P.ukaoiIe.nmmWrict'sNt AS!IIis

GJ\;awuDi a.mss-1YJE TaaI

ActMtifs

Adhlties

2011 2r:m 2011 2r:m 2m8 2r:m

Omrtanf ctta ams $ 13,189,878 $ 11,613,856 $ 1,(93,072 $ 1,00,042 $ 14,282,950 $ 12,1i56,897

c:aptt/3SS(ls 6,516,81) §,881,625 23,4SJ,~ 211,00,454 29f1)7,605 3Q.965,ff19

TaallmlS 19,nJ,757 1S.495,481 211,573,798 25,126,496 44,28o,s55 43,621,976

l.crgtennlilDilities ~ 15,110,492 15,145,359 864,575 m/Yf> 15,975,067 15,895,425

OM 1i:baities S.417,1m 9,56ll. 7&9 ~,615 1~,899 S.511,418 9,739,688

Taalliabi1ities 23,528,295 2A,714,148 959,190 9!J,965 24,487,485 25,tiJ5,113

~lh'Es:

[rMSIfd in Cl(itt/ """'"" 00 of odaIfd

ddt (8,407,~) (9,385,(aJ) 22,721,786 23,313,00 14,313,842 13,927,480

Reslridfd 2ll2,459 19l1.859 131,450 131,450 333,909 33(),ll9

UrresIriaed 4,383,~5 ?,~074 761 21 1 761,001 ~145,316 0. 729 W 5

Taal n


Ape,~ Park anI Rfcreation Ilstrict's a13~ in N.>t Assets

Qw..",...,tal lUinoss-Type Total

Activities

AdMties

2008 2007 21D1 m7 2001 M07

Rt.uu:s:

Pmgran rc\UU:s:

CMIf" Iil" sonia:> S 2,352,222 S 2,214,718 S 4,683,828 S 4.588.984 7,036.050 6,8QJ,702

Mr_ C


great seasonal weather as well as some national tournament play that utilized the

District ball fields.

Expenses and Program Revenues - Governmental Activities

3,500,000

3,000,000

_Revenues

2,500,000

2,000,000

1,500,000

1,000,000

500,000

o

A-6


Revenues by Source - Governmental Activities

property taxes

61.6%

capital grants

5.0%

ope'aung 11'''''1 merchandise concession

and cc n " i~UI 'on. and vending

0.5% 0.4%

unrestricted investment

earnings

1.7%


Revenues by Source - Business-type Activities

miscellaneovs

0.3%.

1 O.4~'

operatlnggrants and

conrribLttions

-0.0%

me-tchandlse co,,, .... ,,,,,

and ·.'ending

14.2%

A-8


Expenses and Program Revenues - Business-type Activities

5,000,000

4,500,000

4,000,000

3,500,000

3,000,000

2,500,000

2,000,000

1,500,000

1,000,000

500,000

o

II Expenses

---------------1 III Revenues

apex

golf

Financial Analysis of the Government's Funds

As noted earlier, Apex Park and Recreation District uses fund accounting to ensure and

demonstrate compliance with finance-related legal requirements.

Governmental funds. As of the end of the current fiscal year, Apex Park and Recreation

District's governmental funds reported combined ending fund balances of $4,878,495, an

increase of $1,556,026 in comparison with the prior year. Approximately 83% of this total

amount $4,047,214 constitutes unreserved fund balance, which is available for spending at the

government's discretion. The remainder of fund balance is a restricted I"rrant of $6,030 for the

Community Recreation Center, debt reserve of $8,859, capital projects & equipment reserve of

$622,792 and a State of Colorado TABOR reserve of $193,600. The TABOR is available for

spending but must be replenished over a three-year period of time.

The General Fund is the chief operating fund of Apex Park and Recreation District. At the end of

the current fiscal year, unreserved fund balance of the General Fund was $3,893,495, while total

fund balance reached $4,093,125. As a measure of the General Fund's liquidity, it may be useful

A-9


to compare both unreserved fund balance and total fund balance to total fund expenditures.

Unreserved fund balance represents 95% of the total fund balance and is 68% of the General

Fund expenditures. Total fund balance represents 71% of that same amount.

The fund balance for the district's General Fund increased by $1 ,273,747 during the current fiscal

year. The key factors of the fund balance increase are as follows :

• In 2006 District voters approved a I mill property tax increase and FY2008 was the

second year for the tax increase to be levied and collected (Note: half ofthe I mill is to be

used in the general operating fund to support operating costs and the other half to be

placed in the capital improvement fund to be spend on capital construction and

equipment. This .5 mill of new property tax generated approximately $629,466 for the

general fund. Even with the property tax increase the district Board intentionally held

down the FY2008 operating expenditures to a minimum so that the district would be able

to build up general fund reserves for the purpose of building and/or refurbishing district

facilities.

The fund balances in the Non-major Governmental Funds increased $128,561 the amount

planned to be spent down for capital improvements and repairs of district facilities.

• The fund balance for the Conservation Trust Fund was $184,321. The district's policy is

to keep these funds working by maintaining a minimum fund balance. The Conservation

Trust Fund revenues are programmed each year for the purpose of

constructing/renovating district facilities and/or to purchase property and equipment.

• The Capital Improvement fund balance is $438,471. Much of this money is derived from

the Y:z mill of new property tax, which generated approximately $629,466 for the capital

fund (please see general fund explanation above for full Y:z mill levy explanation), church

rental income and grant proceeds. The district's policy is to allocate revenues annually for

the purpose of repair and renovation of district facilities. The district's policy is to keep

these funds working by maintaining a minimum fund balance.

Proprietary funds. Apex Park and Recreation District's proprietary funds provide the same type

of information found in the government-wide financial statements, but in more detail.

• Unrestricted net assets of the Apex Fund at the end of the year amounted to $616,061,

and those for the Golf Fund amounted to $145,310.

• The total increase in unrestricted net assets for the Apex Fund was $1,503 and the Golf

Fund unrestricted net assets decrease by $1,133.

Other factors concerning the finances of these two funds are addressed in the discussion of Apex

Park and Recreation District's business-type activities.

General Fund Budgetary Highlights

The difference between the original and the final amended budget is relatively minor (revenues

were above budget and expenditures were below budget) and is summarized as follows:

A-10


• Revenues - Overall revenues were above the revised budget estimate by $164,831.

Vehicle/equipment ownership tax received was more than anticipated during FY2008,

and income from charges for services was much better than expected.

• Expenditures - Overall expenditures were below the final budget by $211,062 which

resulted in the General Fund transferring $200,000 to the Golf Fund during FY2008.

Capital Assets and Debt Administration

Capital assets. Apex Park and Recreation District's investment in capital assets for its

governmental and business type activities as of December 31,2008, amounts to $29,997,605

(net of accumulated depreciation). This investment in capital assets includes land, buildings,

machinery and equipment, and park improvements.

FY2008 was the second year for the District to benefit from the 112 mill property tax increase

that is dedicated to capital referenced above. Major capital asset events during the current fiscal

year included the following:

• Governmental activities capital assets - Expenditures amounted to $228,247 which

included: $77,443 for fleet vehicles and equipment replacements, $123,699 for building

improvements, and $27,105 for recreation grounds improvements.

• Business-type activities capital assets - Expenditures amounted to $171,953 in building

improvements, $382,636 equipment and machinery, $162,198 land improvements for a

total expenditure of$716,787.

Apex Pari( and Reaeation Dlstricfs captal P6seIs

(net of depreciation)

Govl!'fmtnl:aI Business-T)'p~ T",al

Adivitics

Adivitics

ZI08 2007 ZI08 20IJT 2008 2007

Lax!

$ 132,952 $ 132,962 $ 1.384,1JI2 $ 1,384,012 $ 1,516.974 $ 1,516,974

BUIldings 1,919,502 1,959, 129 20.667,649 21,420,789 22.587.151 23,379,918

Improvenrnts olhcr Ltm buidirg; 3.938,653 4,465,913 m,CI13 650,656 4.710.675 5,116,569

Cons-ruaion in progress 207,810 46320 207,810 46,320

Equipmcr!t axI IllEhlJJ:r)' 317,951 323,621 657,042 581,677 974.993 905~98

TOIII $ 6,516,879 $ 6,881,625 $ 23,4~,726 $ 24,083,454 $ 29,997,605 $ 30,965,079

Additional information on Apex Park and Recreation District's capital assets can be found in note

IV -C on pages C-12 to C-14 of this report.

Long-term debt. At the end of the current fiscal year, Apex Park and Recreation District had

total bonded debt outstanding of$15,535,000. Of this amount, $14,920,000 comprises debt

backed by the full faith and credit of the district. The remainder of Apex Park and Recreation

District's debt represents bonds secured solely by specified revenue sources (Indian Tree Golf

Course revenue bonds).

A-11


Apex Park and Rfcrertion District's Outstanding Debt

GenenII Obligation and Revenue Bonds

GMmrrmtaJ

_ ....... 1)pe

AdMties

AdMties

2D08 2l'J11 2D08 2l'J11

2D08

Total

2l'J11

GenernI


BASIC FINANCIAL STATEMENTS


This Page Intentionally Left Blank


APEX PARK AND RECREATION DISTRICT

Statement of Net Assets

December 31, 2008

ASSETS

Cash

Investments

Governmental

Activities

$ 461,575

6,318,900

Receivables (net ofalIowance for uncolIectables) 7,008,230

Interest receivable 20,989

Internal balances (797,080)

Inventories 3,474

Prepaid Items 68,628

Unamortized bond issuance costs 105,162

Restricted assets:

Investments

Capital assets not being depreciated:

Land 132,962

Construction in progress 207,810

Capital assets (net of accumulated depreciation)

Buildings 1,919,503

Improvements other than buildings 3,938,653

Machinery and equipment 317,951

Total capital assets 6,516,879

Total assets 19,706,757

LIABILITIES

Accounts payable and other current liabilities 1,231,887

Matured bonds and interest payable

Unearned revenue 92,157

Deferred Property Tax Revenues 6,882,176

Unearned income 211,583

Long-term liabilities:

Due within one year:

Bonds payable 1,439,824

Compensated absences 5,000

Due in more than one year:

Bonds payable 13,485,000

Compensated absences 180,668

Capital leases

Total liabilities 23,528,295

NET ASSETS

Invested in capital assets, net of related debt (8,407,944)

Restricted for:

Debt service 8,859

Emergencie - TABOR 193,600

Unrestricted 4,383,945

Total net assets $ (3,821,540)

Business-type

Activities

$ 8,340

797,080

143,802

12,399

131,450

1,384,012

20,667,649

772,023

657,043

23,480,726

24,573,797

54,667

6,489

33,459

131,612

1,000

530,000

104,635

97,328

959,190

22,721,786

131,450

761,371

$ 23,614,607

Total

$ 469,915

6,318,900

7,008,230

20,989

147,276

81,027

105,162

131,450

1,516,974

207,810

22,587,152

4,710,676

974,994

29,997,605

44,280,554

1,286,554

6,489

125,616

6,882,176

211,583

1,571,436

6,000

14,015,000

285,303

97,328

24,487,485

14,313,842

140,309

193,600

5,145,316

$ 19,793,067

The notes to the financial statements are an integral part of this statement.

B-1


APEX PARK AND RECREA nON DISTRICf

Statement of Activities

For the Year Ending Dcc.cmbec 31 , 2008

functionsJPrognms

Primary IOYel1lment:

Gmer.d government

Racquet sports/fitncs5

Recreation Services

Senior CcntCf"

Aquatics

Interest on long-term debt

Total govenuncntal acliv;ties

Ex~ses

s 2,030,904

506,078

3,166)11

590,023

1,133,724

964 1

573

s 8.391 1

613

Charges for

Services

S 106,~19 S

279,075

1,]6],622

254 ,411

348,595

S 2.352,222 S

Pro~ Revenues

Opcr.lting

Merchandise G ... ~

Concession

and

and Vendins: Contributions

S 27,469

12,810 1,4]0

3


APEX PARK AND RECREATION DISTRICT

BALANCE SHEET

Govenmental Funds

December 31, 2008

Other

Debt

Governmental

ASSETS Genera] Service Funds

Cash S 461,575 S S

Investments 6,318,900

Receivables:

Taxes 4,137,982 2,148,029 638,885

Interest 20,989

Accounts 83,333

Due From Other Funds 162,578 622,792

Inventories 3,474

Prepaid Items 68,628

Total assets S 11,094,881 S 2,310,607 $ 1,261,677

LIABILITIES AND FUND BALANCES

LIABILITIES:

Accounts Payable $ 1,231,887 $

Due 10 Other Funds 1,582,450

Deferred Revenues 4,095,262 2,148,029 638,885

Unearned revenue 92,157

Liability for employee hospital reimbersment

Total Liabilities

$ 7,001,756 S 2.148,029 S 638,885

Total

Governmental

Funds

S 461,575

6,318,900

6,924,896

20,989

83,333

785,370

3,474

68,628

S 14,667,165

S 1,231,887

1,582,450

6,882,176

92,157

S 9,788,670

FUND BALANCES:

Fund Balances:

Reserved for:

Emergencies

Senior center activities

Future debt payments

Capital projects/equipment

Unreserved:

Designated for future capital projects

Undesignated

Total fund balances

Totalliabilitiees and fund balances

193,600

6,030

8,859

622,792

2,893,495

1,000,000 153,719

S 4,093,125 S 162,578 S 622,792

$ 11,094,881 S 2,310,607 $ 1,261,677

193,600

6,030

8,859

622,792

2,893,495

U53,719

$ 4,878,495

Amounts reported for governmental activities in the statement of net assets

(page 8-1) are different because:

Capital assets net of accumulated depreciation used in governmentaJ

activities are not current financial resources. Therefore, are not reported

in the fund financial statement.

Long-term liabilities and assets are not due and payable in the current

period and accordingly are not reported in the fund financial statements.

Balances at December 31, 2008 are:

Bonds payable

Obligations under capital leases

Unamortized bond premium

Compensated absences

Unamortized bond issuance costs

Subtotal

Net assets of governmental activities (page B-1)

(14,920,000)

(4,824)

(211,583)

(185,668)

105,162

6,516,879

(15,216,913)

S (3,821,540)

The notes to the financial statements are an integral part of this statement.

B-3


APEX PARK AND RECREATION DISTRICT

STATEMENTS OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES

Governmental Funds

For the Fiscal Year Ended December 31,2008

REVENUES

Taxes:

Property

Ownership tax

Payment in lieu of taxes

Intergovernmental

Charges for services

MerchandiseiConcessionIV ending

Sponsorship, contributions & donations

[nterest

Miscellaneous

Total Revenues

EXPENDITURES

Current:

General government

Racquet sportsf/fitness

Recreation Services

Senior Center

Aquatics

Debt Service:

Principal

Interest

Fees - tax collection and paying agent

Capital outlay:

Buildings, leasehold, and equipment

Total Expenditures

Excess (deficiency) of revenues

over (under) expenditures

OTHER FINANCING SOURCES (USES)

Refunding bonds issued

Payment to refunding bond escrow agent

Transfers out

Total other financing sources (uses)

NeL Changes in fund balances

fund balances - beginning

Fund balances - ending

General

Debt

S 4,080,555 S 2,331,669

550,732 2,529

5,960 3,313

24,008

2,262,222

48,911

15,208

191,564

23,687

S 7,202,846 S 2,337,511

S 1,807,698

436,935

2,205,512

476,199

712,088

S

27,401 1,245,000

1,879 965,568

61,387 38,910

S 5,729,099 S 2,249,478

$ 1,473,747 S 88,034

S S 9,514,330

(9,448,645)

(200,000)

$ (200,000) S 65,685

$ 1,273,747 S 153,719

2,819,378 8,859

S 4,093.125 S 162,578

Other

Governmental

Funds

Total

Governmental

Funds

S 629,466 S 7,041,690

553,261

913 10,186

1,101,320 1,125,328

90,000 2,352,222

48,911

45,106 60,314

4,768 196,332

23,687

S 1,871,573 S 11,411,930

S 138,187 S 1,945,886

91,805 528,740

14,270 2,219,782

2,000 478,199

10,200 722,289

1,272,401

967,446

9,403 109,700

1,025,687 1,025.687

S 1,291,552 $ 9,270.130

S 580,021 $ 2,141.800

S S 9,514,330

(9,448,645)

(451,459) (651,459)

S (451,459) S (585,774)

S 128,561 S 1,556,026

494,231 3,322,469

S 622,792 S 4.878,495

The notes to the financial statements are an integral part of this statement.

B-4


APEX PARK AND RECREATION DISTRICT

RECONCILIATION OF THE STATEMENT OF REVENUES,

EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS

TO THE STATEMENT OF ACTIVITIES

For the Fiscal Year Ended December 31, 2008

Amounts reported for governmental activities in the statement of activities (page B-2) are

different because:

Net change in fund balances - total governmental funds (page B-4)

Governmental funds report capital outlays as expenditures. However. in the

statement of activities the cost oflhose assets is allocated over their estimated

useful lives and reported as depreciation expense. This is the amount by which

capital outlays exceeded depreciation in the current period.

Capital outlay

Depreciation expense

Excess of depreciation expense over capital outlay

Some expenses reported in the statement of activities do not require the use of

current financial resources and, therefore are not reported as expenditures in

governmental funds.

The issuance of long-tenn debt (e.g., bonds, leases) provides current financial

resources to governmental funds, while the repayment of the principal oflong-tenn

debt consumes the current financial resources of governmental funds. Neither

transaction, however, has any effect on net assets. Also, governmental funds

report the effect of issueance costs, premiums, discounts, and similar items when

debt is first issued, whereas these amounts are deferred and amortized in the

statement of activities, This amount is the net effect of these differences in the

treatment of Jong-tenn debt and related items,

436,057

(800,803)

$ 1,556,026

(364,746)

(30,133)

1,235,981

Change in net assets of governmental activities (page B-2) $ 2,397,128

The notes to the financial statements are an integral part of this statement.

B-5


APEX PARK AND RECREATION DISTRICT

GENERAL FUND

Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual

For the Year Ending December 31, 2008

Budgeted Amounts

Actual

Variance with

Final Budget

Positive

REVENUES OriGinal Final Amounts ~NeG.atiYe)

Taxes:

Property $ 3,974,069 $ 4,076,200 $ 4,086,515 $ 10,315

Ownership tax 500,000 530,000 550,732 20,732

Intergovernmental 32,020 32,020 24,008 (8,012)

Charges for services 2,099,955 2,139,545 2,262,221 122,676

MerchandiselConcessionIV ending 40,750 54,315 48,911 (5,404)

Sponsorship, contributions & donations 8,630 14,120 15,208 1,088

Interest 200,000 180,000 191,564 11,564

Miscellaneous 2,520 11,815 23,687 11,872

Total Revenues $ 6,857,944 S 7,038,015 $ 7,202,846 $ 164,831

EXPENDITURES

Current:

General government:

General operations S 415,366 $ 468,397 S 403,301 $ 65,096

Board of directors 101,475 75,322 69,960 5,362

Executive director 247,569 257,327 249,003 8,324

Finance 306,586 299,678 290,706 8,972

Human Resources 75,053 82,102 81,466 636

Management information systems 154,343 199,371 143,299 56,072

Marketing 304,222 306,174 308,876 (2,702)

Planning, building and grounds 351,400 336,470 322,473 13,997

Total general government 1,956,014 2,024,841 1,869,084 155,757

Racquet sportsflfitness:

Fitness center 341,201 329,559 324,744 4,815

Tennis 118,127 115,129 112,191 2,938

Total requet sports 459,328 444,688 436,935 7,753

Recreation Services:

Administration 469,832 464,059 469,867 (5,808)

Soccer 323,226 313,500 330,902 (17,402)

Teen programs 383,649 372,628 363,837 8,791

School age programs 157,902 165,497 185,409 (19,912)

Field maintance, sports 915,184 &95,767 855,497 40,270

Total recreation services 2,249,793 2,211,451 2,205,512 5,939

Senior Center:

Administration 285,782 272,950 259,880 13,070

Arts, Humanities and education 110,333 104,426 95,419 9,007

Wellness, trips & volunteers 125,378 121,619 120,900 719

Total senior center 521,493 498,995 476,199 22,796

Aquatics:

Outdoor 278,134 309,414 307,335 2,079

Indoor - meyers 397,470 420,290 404,753 15,537

Total aquatics 675,604 729,704 712,088 17,616

Capital Leases 30,481 30,481 29,280 1,201

Total Expenditures $ 5,892,713 $ 5,940,160 $ 5,729,099 $ 211,062

Excess of revenues over (under) expenditures 965,231 1,097,855 1,473,747 375,892

OTHER FINANCING SOURCES (USES)

Transfers out $ (65,000) $ (229,310) $ (200,000) $ 29,310

Total other financing sources (uses) $ (65,000) S (229,310) $ (200,000) $ 29,310

Net Changes in fund balances 900,231 868,545 1,273,747 405,202

Fund balances - beginning 2,571,384 2,819,378 2,819,378

Fund balances - ending $ 3,471,615 $ 3,687,923 $ 4,093,125 $ 405,202

The notes to the financial statements are an integral part of this statement.

B-6


APEX PARK AND RECREATION DISTRICT

STATEMENT OF NET ASSETS

PROPRIETARY FUNDS

December 31, 2008

BUSlness-t~Ee Activities - Entc!:,Erise Funds

Apex Apex Golf Golf

ASSETS Current Year Prior Year Current Year Prior Year

Current assets:

Cash $ 4,440 S 4,440 S 3,900 S 3,900

Investments 14,378

Due from other funds 734,198 684,764 62,883 57,496

Inventories 21,066 28,494 122,736 103,567

Prepaid items 12,399 14,555

Total current assets 759,704 717,697 201,917 193,895

Noncurrent assets:

Revenue bond debt service reserve 131,450 131,450

Capital assets:

Land 692,511 692,511 691,501 691,501

Buildings 26,518,819 26,346,866 1,731,885 1,731,885

Improvements other than buildings 184,351 184,351 2,026,694 1,864,496

Machinery and equipment 1,227,440 1,201,680 1,246,695 1,172,983

Construction in progress 46,320

Less accumulated depreciation (8,179,373) (7,268,478) (2,659,797) (2,580,660)

Total capital assets (net of

accumulated depreciation) 20,443,748 21,156,929 3,036,978 2,926,525

Total noncurrent assets 20,443,748 21,156,929 3,168,428 3,057,975

Total assets 21,203,452 21,874,627 3,370,346 3,251,870

LIABILITIES

Current liabilities:

Accounts payable 42,984 19,906 11,684 2,643

Due to other funds

Unearned income 33,459 24,268

Matured bonds payable 1,181 1,111

Matured interest payable 6,489 6,278

Compensated absences - current 500 500 500 500

Revenue bonds payable - current 83,819 78,889

Capital leases payable - current 46,612 36,805

Total Current liabilities 76,943 44,673 150,285 126,225

Noncurrent liabilities:

Revenue bonds payable 530,000 615,000

Capital leases 97,328 38,569

Compensated absences payable 66,700 58,466 37,935 38,031

Total noncurrent liabilities 66,700 58,466 665,263 691,600

Total liabilities 143,643 103,139 815,547 817,826

NET ASSETS

Invested in capital assets, net of related debt 20,443,748 21,156,929 2,278,038 2,156,151

Restricted for debt service 131,450 131,450

Unrestricted 616,061 614,558 145,310 146,443

Total net assets $ 21,059,809 $ 21,771,487 $ 2,554,798 S 2,434,045

Totals

Current Year

S 8,340

0

797,080

143,802

12,399

961,621

131,450

1,384,012

28,250,704

2,211,045

2,474,135

(10,839,169)

23,480,726

23,612,176

24,573,797

54,667

33,459

1,181

6,489

1,000

83,819

46,612

227,227

530,000

97,328

104,635

731,963

959,190

22,721,786

131,450

761,371

$ 23,614,607

The notes to the financial statements are an integral part of this statement.

8-7


APEX PARK AND RECREATION DISTRICT

STATEMENT OF REVENUES, EXPENSES

AND CHANGES FUND NET ASSETS

PROPRIETARV FUNDS

For lhc Fiscal Year Ended December 31,2008

Business-!r,Ee Activities - Ente~rise Funds

Apex Ap


APEX PARK AND RECREATION DISTRICT

STATEMENT OF CASH FLOWS

Proprietary Funds

For the Fiscal Years Ended December 31,2008

Business-type activities

Enttrprise Funds

Apes Apex Golf Count: GoJrCourse

Current Year Prior Year Current Year Prior Year Totals

CASH FLOWS FROM OPERATING ACfIVITIES:

Receipts from customers and users 3,580,817 3,494,464 1,944,216 1,919,498 S 5,525,033

Payments to suppliers (1,309,144) (1,170,184) (1,012,573) (879,306) (2,321,717)

Payments La employees (2,331 ,945) (2,143,826) (1,025, II 0) (989,281) (3,357,055)

Other operating revenues 60,272 (178,612) (4,106) (61,460) 56,166

Net cash provided by

operating activities S $ 1,842 S (97,573) S (10,549) S (97,573)

CASH FLOWS FROM NONCAPITAL AND RELATED

FINANCING ACfIVITIES:

Transfers from other funds 200,000 180,000 200,000

Net cash provided (used) for nODcapltal and

related financing activities S $ $ 200,000 S 180,000 $ 200,000

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACfIVITIES:

Purchase of property, plant and equipment S (199,937) S (21,669) S (302,675) S (160,504) S (502,612)

Principal paid on capital debt (80,000) (75,000) (80,000)

Interest paid on bonds (54,217) (59,030) (54,217)

Contmcts payable (75,374) (35,121) (75,374)

Capital contributions 199,937 20,027 251,522 160,504 451,459

Net cash provided (used) for capital and 143,940

related financing activities $ S (1,642) $ (116,804) S (169,151) S (260,744)

CASH FLOWS FROM INVESTING ACTIVITIES:

Interest received $ $ $ S $

Net cash provided (used) for capital and

relllted financing activities S S S $ S

Net increase (decrease) in cash lind $ S 200 S (14,377) $ 300 S (158,317)

cash equivalents

Cash and cash equivalents lanuary 1 4,440 9 40 18,277 17,977 22,717

Cash and cash equivalents December 3 I S 4,440 $ 4,440 $ 3,900 $ 18,277 S (135,600)

RKonc:ilialion or operating income

to net cash provided by

operating activities:

Operating income (loss) S (911,616) $ (716,143) $ (330,768) S (156,504) $ (1,242,384)

Adjustments to reconcile net income to

net cash provided by operatmg activities:

Depreciation expense S 913,119 $ 954,079 S 246,440 S 211,613 S 1,159,559

(Increase) decrease due from other funds (49,434) (281,616) (5,387) (57,496) (54,821)

(Increase) decrease in inventory 7,428 922 (19,169) (5,955) (11,741)

(Increase) decrease in prepaid Items 2,156 2,156 2,156

(Decrease) increase in accounts payable 23,077 211 (1,722) 23,288

(Decrease) increase in accrued expenses 8,234 24,165 8,944 4,253 17,178

(Decrease) mcrease due to other funds (6,894)

(Decrease) increase in deferred income 9,192 20,435 9,192

Total adjustments $ 911,616 S 717,985 $ 233,195 S 145,955 $ 1,144,81 I

Net cash provided (used) by

operating activities S S 1,842 $ (97,573) $ (10,549) S (97,573)

The notes to the financial statements are an integral part of this statement.

8-9


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NOTES TO FINANCIAL STATEMENTS


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APEX PARK AND RECREATION DISTRICT

NOTES TO FINANCIAL STATEMENTS

December 31, 2008

I. Summary of Significant Accounting Policies

A. Reporting Entity

The Apex Park and Recreation District ("District") is a quasi-municipal corporation and

political subdivision of the State of Colorado. The District has the responsibility of planning,

promoting, developing, maintaining, supervising, and administrating all recreation facilities

and programs necessary to serve the present and future residents of the District. A fivemember

Board, the Directors of which are elected at large by the voters of the District,

governs the District. The District does not have any component units and therefore the

accompanying financial statements represent only Apex Park and Recreation District.

B. Government-Wide and Fund Financial Statements

The government-wide financial statements (i.e., the statement of net assets and the statement

of changes in net assets) report information on all of the nonfiduciary activities of the

government. For the most part, the effect of interfund activity has been removed from these

statements. Governmental activities, which normally are supported by taxes and

intergovernmental revenues, are reported separately from business-type activities, which rely

to a significant extent on fees and charges for support.

The statement of activities demonstrates the degree to which the direct expenses of a given

function or segment are offset by program revenues. Direct expenses are those that are clearly

identified with a specific function or segment. Program revenues include I) 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, proprietary funds, and

fiduciary funds, even though the latter are excluded from the government-wide financial

statements. Major individual governmental funds and major individual enterprise funds are

reported as separate columns in the fund financial statements.

C. 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 and

fiduciary fund financial statements. Revenues are recorded when earned and expenses are

recorded when a 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

C-J


I. Summary of Significant Accounting Policies (continued)

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 collectible within the current period or soon enough thereafter to pay liabilities of the

current period. For this purpose, the government considers revenues to be available if they are

collected within 60 days of the end of the current fiscal year period. Expenditures are recorded

when a liability is incurred, as under accrual accounting. However, debt service expenditures,

as well as expenditures related to compensated absences and claims and judgments, are

recorded only when payment is due.

Property taxes, franchise taxes, licenses, and interest associated with the current fiscal year

period are all considered to be susceptible to accrual and so have been recognized as revenues

of the current fiscal period. Only the portion of special assessments receivable due within the

current fiscal period is considered to be susceptible to accrual as revenue of the current period.

All other revenue items are considered to be measurable and available only when cash is

received by the government.

The government reports the following major governmental funds:

The general fund is the District's primary operating fund. It accounts for all financial

resources of the District, except those required to be accounted for in another fund.

The debt service fund (also known as the debt fund) accounts for the resources

accumulated and payments made for principal and interest on long-term general obligation

debt of governmental funds.

The District reports the following major proprietary funds:

The apex fund accounts for the activities of the District's Apex Recreation Center.

The golf fond accounts for the activities of the District's Indian Tree Golf Course.

Private-Sector standards of accounting and financial reporting issued prior to December 1,

1989, generally are followed in both the government-wide and proprietary fund financial

statements to the extent that those standards do not conflict with or contradict guidance of the

Governmental Accounting Standards Board. Governments also have the option of following

subsequent private-sector guidance for the business-type activities and enterprise funds,

subject to this limitation. The District has elected not to follow subsequent private-sector

guidance.

As a general rule, the effect of the interfund activity has been eliminated from the

government-wide financial statements. Exceptions to this rule are interfund services provided

C-2


I. Summary of Significant Accounting Policies (continued)

and used, and transfers and other charges between the governmental activities and businesstype

activities.

Amounts reported as program revenues include 1) charges to customers for goods, services,

or privileges provided; 2) operating grants and contributions (including sponsorships and

donations); and 3) capital grants and contributions (including donations). Internally dedicated

resources, such as property taxes, are reported as general revenues rather than as program

revenues.

Proprietary funds distinguish operating revenues and expenses from non-operating items.

Operating revenues and expenses generally result from providing services and producing and

delivering goods in connection with a proprietary fund's principal ongoing operation. The

principal operating revenues of the apex fond and golf fund are charges to customers for sales

and services. Operating expenses for enterprise funds and internal service 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 non-operating revenues and

expenses.

When both restricted and unrestricted resources are available for use, it is the government's

policy to use restricted resources first, and then unrestricted resources as they are needed.

D. Assets, Liabilities, Net Assets or Equity

1. Deposits and Investments

The District's cash and cash equivalents are considered to be cash on hand and demand

deposits and short-term investments with original maturities of three months or less from

the date of acquisition.

The District pools cash resources for all funds to facilitate the management of cash. Cash

applicable to a particular fund is readily identifiable. The balance in the pooled cash

accounts is available to meet current operating requirements. Cash in excess of current

requirements is invested in various interest-bearing securities and disclosed as part of the

District's investments.

Cash overdrafts from pooled cash and investments are reported as an interf'und

receivable/payable.

Colorado State Statues require that the District use an eligible public depository as defined

by the Public Depository Protection Act (PDP A). Under the PDP A, the depository is

required to pledge a pool of eligible collateral having a market value at all times equal to

at least 102% of the aggregate public deposits held by the depository not insured by

Federal Depository Insurance. The pool for all of the uninsured public deposits as a group

is to be maintained by another institution or held in trust. Each institution designated as a

public depository can be assessed a portion of the losses of a public entity's deposits in a

failed public depository. Thus, all public deposits are fully collateralized. Eligible

C-3


I. Summary of Significant Accounting Policies (continued)

collateral as defmed by the PDPA primarily includes obligations guaranteed by the U.S.

Government, the State of Colorado or any subdivision thereof and obligations evidenced

by notes received by first lien mortgages or deeds of trust on real property.

The District adheres to the Colorado State Statutes with regard to allowable investments.

Specifically, the District has chosen to limit its investment purchases to the following

types:

a. Fully insured and/or collateralized certificates of deposit issued by qualified

commercial banks and savings and loan associations within the State of Colorado.

b. Direct obligation of the United States Government.

c. Obligations of certain U.S. Government agencies.

The District's investments are stated at fair value. The fair value of the District's

investments is based upon values provided from quoted market prices.

2. Receivables and Payables

All outstanding balances between funds are reported as "due to/from other funds" (i.e., the

current portion of interfund loans) or "advances to/from other funds" (i.e., the non-current

portion of interfund loans). Any residual balance outstanding between the governmental

activities and business-type activities are reported in the government-wide financial

statements as "internal balances."

Advances between funds, as reported in the fund financial statements, are offset by a fund

balance reserve account in applicable governmental funds to indicate that they are not

available for appropriation and are not expendable available financial resources.

All trade receivables are reported net of allowances for uncollectibles. No allowance for

uncollectibles is included in the property tax receivable.

Property taxes attach an enforceable lien on property as of January 1st. Taxes are levied on

January I st and are payable in either one installment on or before April 30th, or in two

installments due on or before February 28th and June 15 th of each year. The collections

and the assessments are made by Jefferson County and are remitted to the District

monthly. District property taxes which are due to be paid in the next period, and

representing an enforceable lien at January I st of next year, have been recorded as a

receivable and deferred revenue in the appropriate fund.

3. Inventories and Prepaid Items

All inventories are valued at cost using the first-inlfirst-out (FIFO) method. Inventories of

governmental funds are recorded as expenditures when consumed rather than when

purchased.

C-4


I. Summary of Significant Accounting Policies (continued)

Certain payments to vendors reflect costs applicable to future accounting periods and are

recorded as prepaid items in both government-wide and fund financial statements.

4. Restricted Assets

Certain proceeds of the District's enterprise fund revenue bonds, as well as certain

resources set aside for their repayment, are classified as restricted assets on the balance

sheet because their use is limited by applicable bond covenants.

5. Capital Assets

Capital assets, which include property, plant, improvements, and equipment, are reported

in the applicable governmental or business-type activities columns in the governmentwide

financial statements.

Capital assets are defined by the District as assets with an initial, individual cost of $5,000

(amount not rounded) and an estimated useful life in excess of two years. Such assets are

recorded at historical cost or estimated historical cost if actual historical cost is not

available. Donated capital assets are valued at their estimated fair value on the date

donated.

The cost of normal maintenance and repairs that do not add to the value of the asset or

materially extend the asset's life are not capitalized.

Major outlays for capital assets and improvements are capitalized as projects are

constructed. Interest incurred during the construction phase of capital assets of businesstype

activities is included as part of the capitalized value of the assets constructed.

Property, improvements, and equipment (other than leased equipment) of the primary

government, is depreciated using the straight line method over the following estimated

useful lives :

Buildings

Improvements

Equipment

20-40 years

7-20 years

3-10 years

Leased equipment is depreciated per the lease contract time period.

6. Compensated Absences

It is the District's policy to permit employees to accumulate earned but unused vacation

(within maximum carryover limits) and sick pay benefits. No liability is reported for

unpaid accumulated sick leave since benefits are not paid upon termination. Vacation pay

that is expected to be liquidated with expendable available financial resources is reported

as expenditure and a fund liability of the governmental funds that will pay it. Liabilities

for paid time off in the enterprise funds are recorded as current accrued liabilities.

C-5


I. Summary of Significant Accounting Policies (continued)

7. Long-Term Obligations

In the government-wide financial statements, and proprietary fund types 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, as well as issuance costs,

are deferred and amortized over the life of the bonds using the straight-line method. Bonds

payable are reported net of the applicable bond premium or discount. Bond issuance costs

are reported as deferred charges and amortized over the term of the related debt.

8. Fund Equity

In the fund financial statements, governmental funds report reservations of fund balance

for amounts that are not available for appropriation or are legally restricted by outside

parties for use for a specific purpose. Designations of fund balance represent tentative

management plans that are subject to change.

9. Comparative DataiRec/assijications

Comparative total data for the prior year have been presented only for individual

enterprise funds in the fund financial statements in order to provide an understanding of

the changes in the financial position and operations of these funds. Additionally, certain

amounts presented in the prior year data have been reclassified in order to be consistent

with the current year's presentation.

II.

Reconciliation of Government-Wide and Fund Financial Statements

A. Explanation of Certain Differences Between the Governmental Fund Balance Sheet and

the Government-Wide Statement of Net Assets

The governmental fund balance sheet includes reconciliation between the fund balance - total

governmental funds and net assets - governmental activities as reported in the governmentwide

statement of net assets. One element of that reconciliation is explained as, "long-term

liabilities, including bonds payable, are not due and payable in the current period and therefore

are not reported in the funds." The details of this $15,216,913 difference are as follows:

Bonds payable

Unamortized bond premium

Capital leases payable

Compensated absences

Unamortized bond issuance cost

Net adjustment to reduce fund balance - total governmental

funds to arrive at net assets - governmental activities

$ 14,920,000

211,583

4,824

185,668

$(105,162)

$15.216.913

C-6


II.

Reconciliation of Government-Wide and Fund Financial Statements (continued)

B. Explanation of Certain Differences Between the Governmental Fund Statement of

Revenues, Expenditures, and Changes in Fund Balances and the Government-Wide

Statement of Activities

The governmental fund statement of revenues, expenditures, and changes in fund balances

includes reconciliation between net changes in fund balances - total governmental funds and

changes in net assets of governmental activities as reported in the government-wide statement

of activities. One element of that reconciliation explains that "Governmental funds report

capital outlays as expenditures. However, in the statement of activities the cost of those assets

is allocated over their estimated useful lives and reported as depreciation expense." The

details of this $(364,746) difference are as follows:

Capital outlay

Depreciation expense

Net adjustments to increase net changes in fund balances

- total governmental funds to arrive at changes in net

assets of governmental activities

$436,057

(800,803)

$(364,746)

Another element of that reconciliation states, "Some expenses reported in the statement of

activities do not require the use of current financial resources and therefore are not reported as

expenditures in governmental funds ." The details ofthis $(30,133) difference are as follows:

Compensated absences

Net adjustment to decrease net changes in fund balances - total

governmental funds to arrive at changes in net assets of

governmental activities

$(30.133)

$(30.133)

Another element of that reconciliation states "the issuance of long-term debt (e.g., bonds,

leases) provides current fmancial resources to governmental funds, while the repayment of the

principal of long-term debt consumes the current financial resources of governmental funds.

Neither transaction, however, has any effect on net assets. Also, governmental funds report the

effect of issuance costs, premiums, discounts, and similar items when debt is first issued,

whereas these amounts are deferred and amortized in the statement of activities." The details

of this $1,235,981 difference are as follows:

Principal repayments:

Capital leases debt

General obligation debt

Refunding bond proceeds

Net adjustment to decrease net changes in fund balances - total

governmental funds to arrive at changes in net assets of

governmental activities

$27,401

10,695,623

(9.487.043)

$1.235.981

C-7


III.

Stewardship, Compliance and Accounting

A. Budgetary Information

The District adopts an annual budget consistent with CRS Title 29, Article I, Part l. The

budgets are adopted on a basis consistent with generally accepted accounting principles for all

governmental funds and all appropriations lapse at fiscal year-end.

Consistent with §29-1-105, C.R.S., the Executive Director annually submits a proposed

budget to the Board of Directors no later than October 15. Prior to budget adoption, the Board

must advertise and hold a public hearing on the proposed budget. Per Colorado State Statue

on or before December 15 of each year the Board must approve resolutions for budget

adoption, appropriation, and tax mill levies.

The appropriated budget is prepared by fund, function, and division. The District's division

heads may make transfers of appropriations within a division, the Executive Director may

make transfers between divisions. The legal level of final control is at the fund level which is

the amount appropriated by resolution.

The District Board approved 2008 supplementary budgetary appropriations to four funds,

which are detailed in the operating budgets below:

1/11200B 1213112008

Qiginal a.dget Rnal

FlJ1d BOOget ReJisicns Ehq-t

General FlJ1d $ 5,957,713 $ 211,757 $ 6,169,470

Spedal Revenue Furds:

O:r1servation Trust 575,000 575,000

eaptaI 575,151 737,317 1,312,468

Debt Savice Furd: 2,180,773 9,517,350 11,698,123

EnIeIprise FlJ1ds:

/>fex 3,578,229 106,205 3,684,434

Gdf 1,931,628 222,422 2,154,060

TctaIs $ 14,798,494 $ 10,795,051 $ 25,593,545

Encumbrance accounting, under which purchase orders, contracts, and other commitments for

the expenditure of monies are recorded in order to reserve that portion of the applicable

appropriation, is not employed by the District because it is at present considered not necessary

to assure effective budgetary control or to facilitate cash planning and control.

B. State Constitutional Amendment

On November 3, 1992, Colorado voters amended Article X of the Colorado Constitution by

adding Section 20 commonly known as the Taxpayer's Bill of Rights CUT ABOR"). TABOR

contains revenue, spending, tax and debt limitations that apply to the State of Colorado and

C-8


III.

Stewardship, Compliance and Accounting (continued)

local governments. TABOR requires, with certain exceptions, voter approval prior to

imposing new taxes, increasing a tax, imposing a mill levy that will produce property tax

revenue in excess of the amount collected in the previous year adjusted by the growth factor,

extending an expiring tax, or implementing a tax policy change which directly causes a net tax

revenue gain.

Except for bond refinancing at lower interest rates or adding new employees to existing

pension plans, TABOR specifically prohibits the creation of multiple fiscal year debt or other

financial obligations without voter approval and without irrevocably pledging present cash

reserves for all future payments.

TABOR also requires local governments to establish an emergency reserve to be used for

declared emergencies only. The reserve is calculated at 3% of fiscal year spending. Fiscal year

spending, excluding bonded debt services, conservation trust and enterprise spending when

the enterprise receives less than 10% of its annual revenue in grants from all state and local

governments combined. The District's management is of the opinion that its Apex and Golf

Course Funds qualify for this exclusion. The District has reserved $193,600 for TABOR

reserve purposes. This is shown as a reservation offund balance (Emergencies) in the General

Fund Balance Sheet and a restriction of Net Assets (Emergencies) on the Statement of Net

Assets.

On November 4, 1997, the qualified electors of the District approved Ballot Issue 5A, which

reads as follows:

Shall North Jeffco Park and Recreation District be authorized to collect, retain and

spend all revenues and other funds collected from any sources, effective January I,

1997 and continuing thereafter; provided that the Districts' property tax levy shall not

be increased without voter approval and shall the revenues be collected and spent by

the District without regard to any expenditure, revenue raising or other limitation

contained within Article X, Section 20 of the Colorado Constitution or any other law?

On November 7, 2006, the qualified electors of the District approved Ballot issue 5A, which

reads as follows:

Shall North Jeffco Park and Recreation District taxes be increased up to $1.2 million in

2007 (first year of such tax increase) and by such other amount as permitted by Article X

Section 20 of the Colorado constitution in each year thereafter by the imposition of an

additional mill levy of not more than one (I) mill, for the following purposes:

• One-half of the revenue of which shall be utilized by the District solely for capital

maintenance and improvement projects to District Facilities;

• One-half of the revenue of which shall be utilized for operation of the District and

routine upkeep of the District facilities, including but not limited to supporting senior

programs, youth programs, and aquatics operations.

C-9


III.

Stewardship, Compliance and Accounting (continued)

The Amendment requires that the additional one (1) mill is subject to revenues being collected

and spent per Article X, Section 20 of the Colorado Constitution (TABOR).

The District believes it is in compliance with the financial provisions of TABOR. However,

due to the broad general terms of TABOR, the District has been required to make certain

interpretations of the Amendment's language in order to determine its compliance. Ultimately,

the courts may be required to determine the appropriate interpretations of TABOR's terms and

provIsions.

C. Excess of Expenditures over Appropriations

The legal level of budgetary control for all District funds is at the fund appropriation level.

The District did not have any expenditure that exceeded budget appropriations for budget year

ending December 31, 2008.

D. Deficit Fund Equity

There were no District funds with a deficit fund balance for the year ending December 31,

2008.

IV.

Detailed Notes on All Funds

A. Deposits and Investments

At December 31, 2008 the District had the following cash and investments:

Carrying Amounts

Cash on Hand

Deposits

Investments

Total

$ 13,110

456,805

6,450,350

$6.920265

The District's deposits are entirely covered by federal depository insurance (FDIC) or by

collateral held under Colorado Public Deposit Protection Act ("PDP A"). The FDIC insurance

covers the first $250,000 of the District's deposits at each financial institution. Deposit

balances over $250,000 are collateralized as required by PDPA. At December 31, 2008, the

State regulatory commissions had indicated that all financial institutions holding deposits for

the District are eligible public depositories. PDP A allows the institution to create a single

collateral pool for all public funds. The pool is to be maintained by another institution or held

in trust for all the uninsured public deposits as a group. The fair value of the collateral must be

at least equal to the aggregate uninsured deposits:

• Bank Deposits - At December 31, 2008 the District had bank deposits of$143,823

C-lO


IV.

Detailed Notes on All Funds (continued)

• collateralized with securities held by the financial institutions' agents but not in the

District's name.

• Time Certificates of Deposits (CD's) - At December 31,2008 the District had CD's of

$4,195,817 collateralized with securities held by the financial institutions' agents but

not in the District's name.

B. Investments

The District is required to comply with State statutes, which specify investment instruments

meeting defined rating, maturity, custodial and concentration risk criteria in which local

governments may invest, which include;

• Obligations of the United States and certain U.S. Agency securities

• Certain international agency securities

• General obligation and revenue bonds of U.S. government entities

• Bankers' acceptance of certain banks

• Commercial paper

• Local government investment pools

• Written repurchase agreements collateralized by certain authorized securities

• Certain money market funds

• Guaranteed investment contracts

The investment policy adopted by the Board of Directors of the District establishes additional

restrictions to the requirements specified by the state statutes.

Interest Rate Risk

In accordance with its investment policy, the District manages its exposure to declines in fair

values by investing operating funds in short-term securities, money market mutual funds, or

similar investment pools and limiting the weighted average maturity to one year or less.

Credit Risk

In accordance with its investment policy, the District will minimize credit risk by limiting

investments to only the types of securities defined within the Colorado Revised Statutes, prequaJi

fing the financial institutions, and diversifying the investment portfolio by the types of

investment securities. The District's general investment procedure is to apply the prudentperson

rule: Investments are made as a prudent person would be expected to act, with

discretion and intelligence, to seek reasonable income, preserve capital, and in general, avoid

speculative investments.

Concentration of Credit Risk

Colorado Revised Statutes and the District's investment policy do not limit the amount of

investments in anyone issuer. At December 31, 2008 the District's investment in the

Colorado Business Bank Certificates of Deposits was 18%, U.S. Bank certificates of deposits

was 47% and Colorado Local Government Liquid Asset Trust (COLOTRUST) 35% of the

District's total investments.

C-l I


IV.

Detailed Notes on All Funds (continued)

Local Government Investment Pool

At December 31, 2008, the District had invested $2,254,533 in the Colorado Local Government

Liquid Asset Trust (Colotrust), an investment vehicle established for local goverrunent entities

in Colorado to pool surplus funds. The State Securities Commissioner administers and enforces

the requirements of creating and operating Colotrust. Colotrust operates similarly to a money

market fund with each share equal in value to $1.00. Investments of Colotrust are limited to

those allowed by State statutes. A designated custodial bank provides safekeeping and

depository services in connection with the direct investment and withdrawal functions.

Substantially all securities owned are held by the Federal Reserve Bank in the account

maintained for the custodial banks. The custodian's internal records identify the investments

owned by the participating governments.

Investments

Ratings

Investment Maturities

Less than 1 Year

Local government investment pool AAAm

Aaa

$ 2,254,533

Restricted Investments

Per the 1994 Golf Revenue bond covenants, $131,450 is restricted to prevent deficiencies in the

payment of bonds.

C. Capital Assets

Capital asset activity for the year ended December 31 , 2008 is illustrated in the following

chart:

C-12


IV.

Detailed Notes on All Funds (continued)

Governmental Activities:

Beeinnine:

Balance In creases Decreases Endine: Balance

Capital assets, not being depreciated:

Land $ 132,962 S $ S 132,962

Construction in progress 207,810 207,810

Total capital asrets, not being depreciated $ 132,962 $ 207,810 $ - $ 340,772

Capital assets, being depreciated:

Buildings $ 4,160,250 $ 123,699 $ (4,459) $ 4,279,490

Improvements other than buildings 8,662,136 27,105 (250,580) 8,438,661

Machinery and equipment 711,809 77,443 (45,990) 743,262

Total cap ital agrets being depreciated $ 13,534,195 $ 228,247 $ (301,029) $ 13,461,413

Less accumulated depreciation for:

Buildings $ (2,201,122) $ (163,324) $ 4,459 $ (2,359,987)

Improvements other than buildings (4,196,222) (554,366) 250,580 (4,500,008)

Machinery and equipment (388,188) (83.113) 45,990 (425.311)

Total accumulated depreciation $ (6 785 5]2) S (800 803) S

301 029 $ q 285 306)

Total capital assets, being depreciated, net

$ 6 748 663 $ (572 55 6) $ $ 6176 JQ7

Governmental activities capital assets, net $ 6,881.625 $ (364.746) $ $ 6.516.879

Business-type activities:

Capital assets, not being depreciated:

Land $ 1,384,012 $ $ $ 1,384,012

Construction in progress 46,320 (46,320)

Total capital as~ts, not being depreciated $ J 430332 $ $ (46 329) $ J 3840]2

Capital assets, being depreciated:

Buildings and system $ 28,078,751 $ 171,953 $ $ 28,250,704

Improvements other than buildings 2,048,846 162,199 2,211,045

Machinery and equipment 2.374.663 382.635 (283,163) 2.474.135

Total capital as~ts being depreciated

$ 3? )02 26Q $ 716787 $ (283 161) S J2 235 884

Less accumulated depreciation for:

Buildings and system $ (6,657,961) $ (925,094) $ $ (7,583,055)

Improvements other than buildings (1,398,190) (40,832) (1,439,022)

Machinery and equipment (1,792,987) (193,633) 169,526 (1,817,094)

Total accumulated depreciation

Total capital assets, being depreciated. net

$ (2 8~2 IJal $ (I I ~2 ~~2l $ 162 ~,6 $ (10 BJ2lZIl

$ 22,653,122 $ (442,772) $ (113,637) $ 22,096,713

Business-type activities capital assets, net $ 24 983 454 $ (442 772) S () 59 257) $ 23 480 726

C-13


IV.

Detailed Notes on All Funds (continued)

Depreciation expense was charged to functions/programs of the primary government as

follows:

Government activities:

General government

Recreation services

Senior center

Aquatics

Racquet sports/fitness

Total depreciation expense - governmental activities

Business-type activities:

Apex

Golf

56,269

421,941

27,156

263,583

31,854

800803

913 ,119

246.440

Total depreciation expense - business-type activities

I 159559

Construction Commitments

The Apex Parks and Recreation District has two active construction projects as of December

31, 2008. The projects include constructing a playground and shelter at Pioneer Park and a

parking lot at Long Lake Ranch. At year end the Apex Parks and Recreation District's

commitments with contractors are as follows :

Spent-to-Date

$207,810

Remaining

Commitment

$10,000

D. Interfund Transactions

There was no individual due from and to balances as of December 31,2008.

Advance to/from other funds as of December 31, 2008:

Fund

General Fund

Golf Fund

Advance From

$200,000

Advance To

$200,000

On December 31, 2008 the General Fund advanced the Golf Fund $200,000 to offset its

negative cash.

The District operates under a pooled cash and investment environment. The composition of

interfund balances as of December 31, 2008, is as follows:

C-14


IV.

Detailed Notes on All Funds (continued)

Due to/from other funds:

Receivable Fund

Debt

Non-major governmental fund

Golf

Apex

Total

Payable Fund

General

General

General

General

Amount

$162,578

622,792

62,883

734,198

$1.582451

Transfers are indicative of funding for capital projects and subsidies of various District

operations. The following schedule summarizes the District's transfer activity for the year

ending December 31, 2008.

Fund

Transfer Out

Conservation Trust Funds $ 50,780

Capital Project Fund $400,679

Apex Fund

Golf Fund

Transfer In

$199,937

$251,522

E. Proprietary Fund Budgets

Colorado revised statutes require a comparison of actual figures with budgeted figures for

each fund for which a budget has been prepared. The District prepares its proprietary fund

budgets using a budgetary basis of accounting, which differs from GAAP. Depreciation

expenses are not budgeted. Capital outlays and principal payments on long-term debt are

included in the budget.

The Colorado State Statutes require local governments to adopt budgets for proprietary funds.

The Apex and Golf "Schedule of Revenue, Expenditures, and Changes in fund balances -

Budget and Actual" - are presented on pages D-6 and D-7.

C-15


V. Long-Term Debt

Changes in long-term liabilities

Long-term liability activity for the year ended December 31 , 2008 was as follows:

Governmental

Activities:

Bonds payable:

General Obligation

Bonds

Compensated

Absences

Beginning Balance

$ 16.235,000

155,536

Capital Leases

32,225

Governmental

Activity Long Term

Liabilities $ 16422 761

Additions

$9,180,000

35,522

$9215 522-

Reductions

Ending Balance

Due Within

One Year

$ 10,495,000 $ 14,920,000 $ 1,435,000

5,390 185,668 5,000

27.402 4,824 4.824

$)0 527792 $ 15 110 492 ~~L444 824

Business. Type

Activities:

Bonds Payable:

Revenue Bonds $ 695,000

Compensated 97,497

Absences

Capital Leases 75,374

Business·Type

Activity Long Term

Liabilities 867,871

11,460

143 ~40

I~~ 400

$ 80,000 $ 615,000 $ 85,000

3,322 105,635 1,000

7~ 371 143,940 16 §12

1~8,69§ 864,57~ 1~2,612

Legal Debt Margin and Arbitrage Compliance

The 2008 legal debt margin of the District is $618,868,795. The computation for the debt

margin may be found with the Statistical Section, Computation of Legal Debt Margin

schedule (page F 13).

All bond issues for the District have been evaluated to determine arbitrage compliance and

liability position. The District has spent all bond proceeds and does not have any arbitrage

liability. The District is not currently, nor does it expect to be in the future, audited by the

Internal Revenue Service or the Securities Exchange Commission.

A. General Obligation Bonds

1998 Series Bond Issue - May 1998 District voters approved the issuance for $25,000,000

general obligation bonds for the purpose of providing funds for the acquisition and

construction of major capital facilities (Apex Recreation Center and athletic fields). On

August I, 1998 the District issued the sale on the Series 1998 General obligation bonds and

constructed the District facilities. The original amount of general obligation bonds issued in

C-16


V. Long-Term Debt (continued)

1998 was $25,000,000. See the current refunding bond information listed below concerning these

bonds.

Current refunding

On September 25,2008 the District issued $9,180,000 of bonds for a partial current refunding of

$9,250,000 ofthe series 1998 general obligation bonds (at the date of the current refunding bond

issuance and after $9,250,000 of bonds were refunded, $6,985,000 of the 1998 general

obligation bonds remained outstanding). The purpose of the bond issue was to reduce total

future debt service payments. The reacquisition price exceeded the net carrying amount of the

old debt by $92,500. This amount is being netted against the new debt and amortized over the

new debt's life, which is shorter than the refunded debt. The transaction also resulted in an

economic gain 0[$850,878 and a reduction of$I,125,694 in future debt service payments.

General obligations bonds are direct obligations and pledge the full faith and credit of the

District. The bonds generally are issued as 20-year serial bonds with equal amounts of

principal maturing each year. General obligation bonds currently outstanding are as follows:

Purpose

Governmental activities

Series 1998

Series 2008 Refunding

Interest Rates

5.50 - 6.50

2.00 - 4.00

Amount

$ 5,740,000

$ 9,180,000

Annual debt service requirements to maturity for general obligation bonds are as follows:

Series 1998

Year Ending

December 31

2009

2010

2011

2012

Total

General Activities

Principal Interest

1,310,000 360,000

1,385,000 287,950

1,475,000 197,925

1,570,000 102,050

$ 5 740.llilll $ 947925

Series 2008 Refunding

Year Ending

December 31

2009

2010

2011

2012

2013

2014-2017

Total

General Activities

Principal Interest

125,000 348,165

130,000 343,165

135,000 339,265

140,000 333,865

1,815,000 329,665

~ 6,835,000 ~ 632,800

$ 9 180 OOQ $ 2.326.925

C-17


v. Long-Term Debt (continued)

B. Revenue Bonds

The District also issues bonds where the government pledges income derived from the

acquired or constructed assets to pay debt service. Golf revenue bonds have been issued for

business-type activities. The original amount of golf revenue bonds issued in 1994 was

$1 ,375,000. The District has not issued any additional revenue bonds subsequent to the 1994

golf revenue bond issue.

Purpose

Golf irrigation system

Interest Rates

6.75 -7.00

Amount

$ 615,000

Annual debt service requirements to maturity for revenue obligation bonds are as follows:

Year Ending

Business TYl1e Activities

December 31 Princil1al Interest

2009 85,000 42,837

2010 90,000 37,100

2011 100,000 30,800

2012 105,000 23,800

2013 115,000 16,450

2014 120,000 8,400

Total $ (i I S,Q OO $ 152,381

C. Leases

Operating Leases

The District leases two copy machines under operating leases. Total costs for such leases were

$14,296 for the year ended December 31 , 200S. The future minimum lease payments for these

leases are as follows:

Year Ending Dec 31

2009

2010

2011

Total

Amount

7,764

7,764

4,529

~20,057

Operating Lessor

The District is the lessor of the Eckhart Recreation Center to the Christ Community Church

for an operating lease whereby the lessor or lessee may terminate the lease by providing a 90-

day lease termination notice.

C-JS


V. Long-Term Debt (continued)

Capital Leases

The District has entered into two lease agreements, one agreement is in the governmental

activities and the remaining agreement is for business-type activities (Golf Fund). The

governmental activities' lease agreement is for telephone equipment. The business-type lease

agreement is for financing the acquisition of golf carts for the Indian Tree Golf Course. These

lease agreements qualify as a capital leases for accounting purposes and, therefore, have been

recorded at the present value of the future minimum lease payments as of the inception date.

The assets acquired through capital leases are as follows:

Asset:

Machinery and Equipment

Total Assets

Less:

Accumulated depreciation

Total

Governmental

Activities

76,227

43,195

33.032

Golf

Course

219,009

36,501

182.508

The future minimum lease obligations and net present value of these minimum lease payments

as of December 31,2008, were as follows:

Governmental

Golf

Year Ending Dec 31 Activities Course Total

2009 4,880 51,944 56,824

2010 0 51,944 51,944

2011 Q 51,945 51,945

Total minimum lease payments 4,880 155,833 160,713

Less: amount representing 00 (11,893) (11,950)

interest

Present value of mmunum $4.821 $143,24Q $H8,163

lease payments

VI.

Agreement Between the City of Arvada and the District

Since 1974, the City of Arvada and the District have agreed to mutually maintain and develop

parks and to cooperate in other operations and activities of mutual interest and benefit. During

2008, the City of Arvada maintained the District's active park facilities and for this service the

District paid the City $757,063.

C-19


VII.

Commitments and Contingencies

In the opinion of the District's management and counsel, there is no pending litigation or other

legal claims, which would materially affect the financial statements of the District.

VIII. Risk Management

A. Colorado Special Districts Property and Liability Pool

In 1988, the District joined the Colorado Special Districts Property and Liability Pool. The

pool was established to provide insurance coverage to participants in the areas of general

property and liability, automobile physical damage and liability, and public officials' liability.

As the District did not have sufficient control over the pool activities, the pool is not a

component unit of the District and only the District's share of contributions to the pool is

recorded as expenses. The District has no unfunded liability in excess of premiums paid.

At December 31,2008, there were 1,084 local government special districts as members of the

pool for property and liability insurance coverage and 536 special districts that were members

of the pool for workers compensation insurance coverage. The District's share in the pool is

estimated to be less than 1 %. The District's share, if calculated, would not be material to the

pool's financial information at December 31, 2008.

An audited summary of the Colorado Special District's Property and Liability Pool financial

information at December 31, 2008 and 2007 respectively follows:

2008 2007 Net Difference

Total Assets $27093 162 SZ242Q,514 $4 !iQ,,~88

Total Liabilities $10 118,248 S8 2Q2 ~81 $1,868861

Total Equity $16314 214 $J3 581 181 SV33121

Total Revenues $9,960,770 $ 9,471,939 $488,83 I

Total Expenditures $ 8.175,165 S 8,532,324 (J~7,159l

$ 1,785,605 $ 939,615 $845,990

Other Financing Sources:

Interest Income 800,122 1,038,990 (238,868)

Net Increase in Surplus $2585127 S-.l 218,605 S601,m

C-20


IX.

Post Employment Benefits

A. Pension Plan

The Apex Parks and Recreation District Board of Director's are charged with the authority for

establishing and amending pension benefits for District employees.

Through FY2008, the ICMA Retirement Corporation (lCMA) administered three pension

plans for the District (effective January I, 2008 the voluntary Retirement Health Savings Plan

was no longer offered to the District employees). The Apex Park and Recreation District

makes available to all full-time employees a 401 Qualified Money Purchase Plan and a 457

Deferred Compensation Plan. The ICMA employee voluntary Retirement Health Savings Plan

(RHS) has been ruled by the Internal Revenue Service (IRS) to not comply with IRS

regulations and is no longer offered to District employees after December 31, 2007. The IRS

does allow for employers to establish a mandatory contribution RHS plan. As of this date, the

District Board of Directors does not offer the mandatory RHS plan to District employees.

The District has two 401 Qualified Money Purchase Plans;

• A rank and file full-time employee, 401 Qualified Money Purchase Plan (defined

contribution pension plan) for all full-time employees whereby the District and the

full-time employees must make contributions. Under the provisions of the pension

plan, ICMA maintains accounts for each employee in the 401 plan. The District is

required to make contributions equal to 12% of qualified compensation to an account

with the 401 plan, and all full-time salaried employees are required to make

contributions equal to 4% of compensation to the 40 I plan. All full-time employees

with a hire date prior to July I, 2002 are 100% vested. All full-time employees hired

after July 1,2002 are vested 10% the first year, 20% the second year and 100% the third

year.

• An Executive Director, 40 I Qualified Money Purchase Plan (defined contribution

pension plan) for the Executive Director whereby the District and the Executive

Director must make contributions. Under the provisions of the pension plan, ICMA

maintains the account for the Executive Director in the 40 I plan. The District is

required to make contributions equal to 14% of qualified compensation to an account

with the 40 I plan, and the Executive Director is required to make contributions equal

to 4% of compensation to the 401 plan. The Executive Director is 100% vested in the

plan.

The 457 Deferred Compensation Plan is a voluntary employee deferred compensation plan.

The District does not make contributions to the deferred compensation plan. Employees are

allowed to make annual voluntary contributions to the deferred compensation plan to the

maximum allowable limits of the law governing the pension plan. ICMA maintains accounts

for each employee in the 457 Deferred Compensation Plan. Employees are 100% vested in

their retirement contributions to the 457 deferred compensation plan. The deferred

compensation plan pennits all full-time employees to defer a portion of their salary until

future years. The deferred compensation is not available to the employees until termination,

retirement, death, or unforeseeable emergency. All amounts of compensation deferred under

the 457 plan, all property and rights purchased with those amounts, and all income attributable

C-21


IX.

Post Employment Benefits (continued)

to those amounts, property, or rights are to be held in trust for the exclusive benefit of the plan

participants and their beneficiaries.

Money for all four pension plans are invested through ICMA Retirement Corporation and

employees determine how the pension funds are invested. Therefore, the plan's investment

concentration varies between participants.

The District and ICMA (the plan administrator) do not direct the general investment

philosophy of pension plans with respect to investment options offered. The District has no

liability for losses under the plan, but does have the duty of due care that would be required of

an ordinary prudent investor.

For the year-ended December 31, 2008, the District had total payroll of $5,625,576 Total

payroll for full-time employees was $3.219,777. Total employer's contributions to the two

combined 401A plans were $386,340. Employees were required to contribute $127,945 to the

401 plans. Employees made additional voluntary contributions to the 457 plan of $157,425.

At December 31,2008, the two combined 401 plans, 457 plan and health savings plan assets

totaled $5,094,339, $2,420,515, and $22,860 respectively.

All full-time salaried employees are covered by the plans. As of December 31, 2008, 71 fulltime

active employees were participating in the 401 plan, 42 in the 457 plan, and 3 in the

health savings plan. In addition, 57 vested terminated employees and retirees and beneficiaries

were participating in the 401 plan at year-end, while 28 were participating in the 457 plan and

no vested terminated employees were participating in the health savings plan.

Additionally the District carries disability, group life, and survivor income benefit insurance

policies on all plan participants. Plan participants are charged .36% of compensation for these

benefits and the District contributes the remaining costs.

B. Health Insurance (Post Employment)

District employees who are eligible for health and dental insurance while employed with the

District (full-time employees) may continue their health insurance coverage under COBRA

when their employment is terminated with the District. The Former employee may elect to

purchase the COBRA health insurance for up to 18 months after hislher employment has been

terminated, or 36 months for covered dependents due to the death of a former employee.

Employees or their dependents are responsible for the total cost of the health and/or dental

benefits during their COBRA health insurance eligibility period.

X. Lottery Revenues

The District has received lottery revenues in the amount of $577,828 from the Colorado State

Lottery. The funds can be used for capital improvements or maintenance for recreational

purposes. The lottery funds are allocated among Colorado's governmental units by population. In

2008, the District received $5.00 per person based on a District distribution population of

115,531. The District has established a Special Revenue Fund, the Conservation Trust Fund, to

account for these funds.

C-22


COMBINING AND INDIVIDUAL

FUND STATEMENTS

NON-MAJOR GOVERNMENTAL FUNDS:

CONSERVATION TRUST FUND

CAPITAL PROJECTS FUND

DEBT SERVICE FUND

APEX FUND

GOLF COURSE FUND


This Page Intentionally Left Blank


APEX PARK AND RECREATION DISTRICT

COMBINING BALANCE SHEET

Nonmajor Governmentals Funds

December 31, 2008

Special Revenue

ASSETS

CURRENT ASSETS

Receivables:

Taxes

Due from other funds

Total current assets

Conservation

Trust

$

184,321

$ 184,321

Capital

Projects

$ 638,885

438,471

$ 1,077,356

Totals

$ 638,885

622,792

$ 1,261,677

LIABILITIES

Deferred Revenues

Total liabilities

$

$

$ 638,885

$ 638,885

$ 638,885

$ 638,885

FUND BALANCES

Reserved for capital

Total fund balances

Totalliabilitiees and fund balances

184,321

184,321

$ 184,321

438,471

438,471

$ 1,077,356

622,792

622,792

$ 1,261,677

D-I


APEX PARK AND RECREA nON DISTRICT

COMBINING STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES

Nonmajor Governmental Funds

For the Fiscal Year Ended December 3 I, 2008

Special Revenue

Conservation Capital

REVENUES Trust Proiects

Property tax $ $ 629,466

Payment in lie of taxes 913

Intergovernmental 577,828 523,492

Contribution and donations 45,106

Charges for services 90,000

Interest 4,768

Total revenues $ 582,596 $ 1,288,977

EXPENDITURES

Current:

Operating $ $ 9,403

Capital Outlay 450,354 831,796

Total expenditures $ 450,354 $ 841,198

Excess (deficiency) of revenues

over (under) expenditures $ 132,242 $ 447,778

OTHER FINANCING SOURCES (USES)

Transfers out $ (50,780) $ (400,679)

Total other financing sources and (uses) $ (50,780) $ (400,679)

Net Changes in fund balances 81,462 47,099

Fund balances - beginning 102,859 391,372

Totals

$ 629,466

913

1,101,320

45, I 06

90,000

4,768

$ 1,871 ,573

$ 9,403

1,282,150

$ 1,291,553

$ 580,020

$ (451,459)

$ (451,459)

128,561

494,231

Fund balances - ending $ 184,321 $ 438,471

$ 622,792

D-2


SPECIAL REVENUE FUNDS

Special revenue funds are used to account for the proceeds of

specific revenue sources that are legally restricted for specified

purposes. The District has the following special revenue funds.

Conservation Trust Fund - This fund is used to account for

proceeds from the State of Colorado's Conservation Trust Fund,

which distributes Colorado State Lottery revenues.

Capital Projects Fund - This fund is used to account for the

acquisition of capital assets or construction of major capital

projects not being financed by proprietary or non-expendable

trust funds.


This Page Intentionally Left Blank


APEX PARK AND RECREATION DISTRICT

CONSERVATION TRUST FUND

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual

For the Fiscal Year Ended December 31,2008

Variance with

Budgeted Amounts

Final Budget

Actual

Positive

Orillinal Final Amounts (Nellative)

REVENUES

Intergovernmental $ 575,000 $ 571,000 $ 577,828 $ 6,828

Interest 7,000 4,251 4,768 517

Total Revenues $ 582,000 $ 575,251 $ 582,596 $ 7,345

EXPENDITURES

Current:

Capital Outlay $ 575,000 $ 575,000 $ 501,134 73,866

Total Expenditures $ 575,000 $ 575,000 $ 501,134 $ 73,866

EXCESS (DEFICIENCY)

OF REVENUES

OVER EXPENDITURES $ 7,000 $ 251 $ 81,462 $ 81,211

Net Changes in Fund Balances 7,000 251 81,462 81,211

FUND BALANCES -

BEGINNING 38,516 102,859 102,859

FUND BALANCES -

ENDING $ 45,516 $ 103,110 $ 184,32 I $ 81,211

D-3


APEX PARK AND RECREA nON DISTRICT

CAPITAL PROJECTS FUND

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual

For the Fiscal Year Ended December 31,2008

Variance with

Budgeted Amounts

Final Budget

Actual

Positive

Original Final Amounts (Negative)

REVENUES

Property $ 610,089 $ 632,500 $ 630,379 $ (2,121)

Intergovernmental $ 714,820 $ 550,896 (163,924)

Rental - Facilities $ 90,000 $ 90,000 $ 90,000 $

Miscellaneous $ 5,000 17,703 12,703

Total Revenues $ 700,089 $ 1,442,320 $ 1,288,978 $ (153,342)

EXPENDITURES

Current:

Operating 9,151 9,638 9,404 234

Capital Outlay 566,000 1,302,830 1,232,475 70,355

Total Expenditures $ 575,151 $ 1,312,468 $ 1,241,879 $ 70,589

EXCESS (DEFICIENCY)

OF REVENUES

OVER EXPENDITURES $ 124,938 $ 129,852 $ 47,099 $ (82,753)

Net Changes in Fund Balances 124,938 129,852 47,099 (82,753)

FUND BALANCES -

BEGINNING $ 356,514 $ 391,372 $ 391,372 $

FUND BALANCES -

ENDING $ 481,452 $ 521,225 $ 438,471 $ (82,753)

D-4


DEBT SERVICE FUNDS

The Debt Service Funds account for the accumulation of

resources and payments of general obligation bond principal and

interest from governmental resources.

Debt Service Fund - This fund accounts for property tax

collections for the payment of principal & interest payments,

and associated costs for the 1998 general obligation bond issue

and the 2008 refunding bond issue.


This Page Intentionally Left Blank


APEX PARK AND RECREA nON DISTRICT

DEBT SERVICE FUND

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual

For the Fiscal Year Ended December 31, 2008

Variance with

Budgeted Amounts

Final Budget

Actual

Positive

Orisinal Final Amounts (Nellative)

REVENUES

Property tax $ 2,259,000 $ 2,300,000 $ 2,334,198 $ 34,198

Payment in lieu of taxes 3,3 13 3,313

Total Revenues S 2,259,000 $ 2,300,000 $ 2,337,511 S 37,5 11

EXPENDITURES

Debt Service:

Principal $ 1,245,000 $ 1,245,000 $ 1,245,000 $

Interest and Fiscal Charges 935,773 1,004,478 1,004,478

Total Expenditures S 2,180,773 $ 2,249,478 $ 2,249,478 $

Excess of revenues over (under) expenditures 78,227 50,522 88,033 37,511

OTHER FINANCING SOURCES (USES)

Refunding bonds issued $ $ 9,514,330 $ 9,514,330 $

Payment to refunding bond escrow agent (9,448,645) (9,448,645)

Total other financing sources (uses) $ S 65,685 $ 65,685 $

Net Changes in Fund Balances 78,227 116,207 153,718 37,511

FUND BALANCES -

BEGINNING $ 21,410 $ 8,859 $ 8,859 $

FUND BALANCES -

ENDING $ 99,637 $ 125,066 $ 162,577 $ 37,511

D-5


This Page Intentionally Left Blank


ENTERPRISE FUNDS

The Enterprise Funds account for operations that are financed

and operated in a manner similar to private business enterprises,

where the intent of the District's Board of Directors is that costs

(expenses, including depreciation) of providing goods or

services to the general public on a continuing basis be financed

or recovered primarily through user charges.

Apex Fund - This fund is used to account for operating income

and costs associated with the operations of the Apex Recreation

Center to the general public.

Golf Fund - This fund is used to account for operating income

and costs associated with the operations of the Indian Tree Golf

Course to the general public.


This Page Intentionally Left Blank


APEX PARK AND RECREATION DISTRICT

APEX FUND

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual

For the Fiscal Year Ended December 3 1,2008

Variance with

Budgeted Amounts

Final Budget

Actual

Positive

Orillinal Final Amounts (N ellative)

REVENUES

Charges for Services $ 3,315,878 $ 3,606,790 $ 3,571,625 $ (35,165)

Corporate Sponsorships 42,000 39,000 34,750 (4,250)

Miscellaneous 63,375 71,837 74,956 3,119

Total Revenues $ 3,421,253 $ 3,717,627 $ 3,681,331 $ (36,296)

EXPENSES

Personal Services $ 2,274,774 $ 2,323,004 $ 2,331,945 $ (8,941)

Operating Supplies 491,375 522,897 515,642 7,255

Purchased Services 730,280 748,659 742,976 5,683

Fixed Charges 79,300 82,374 79,501 2,873

Capital Outlay 2,500 7,500 9,764 (2,264)

Total Expenses $ 3,578,229 $ 3,684,434 $ 3,679,828 $ 4,606

TRANSFERS (TolFrom) OTHER FUNDS

Transfer In $ $ $ $

Total Transfers

(TolFrom) Other Funds $ $ $ $

NET INCOME (LOSS) -

BUDGET BASIS $ (156,976) $ 33,193 $ 1,503 $ (31,690)

D-6


APEX PARK AND RECREATION DISTRICT

GOLF COURSE FUND

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual

For the Fiscal Year Ended December 31, 2008

Variance with

Budgeted Amounts

Final Budget

Actual

Positive

Orillinal Final Amounts (Nellative)

REVENUES

Charges for Services $ 1,865,981 $ 1,940,000 $ 1,944,216 $ 4,216

Miscellaneous 400 1,550 1,282 (268)

Interest Income 750

Total Revenues $ 1,867,131 $ 1,941,550 $ 1,945,498 $ 3,948

EXPENSES

Personal Services $ 986,635 $ 1,035,110 $ 1,025,110 $ 10,000

Operating Supplies 595,400 765,000 765,569 (569)

Purchased Services 129,233 132,762 134,631 (1,869)

Fixed Charges 49,404 50,222 49,472 750

Miscellaneous 150 150 150

Capital Outlay 2,000 2,000 827 1,173

Debt Service 168,806 168,806 164,534 4,272

Total Expenses $ 1,931,628 $ 2,154,050 $ 2,140,143 $ 13,907

NON-OPERATING INCOME (EXPENSE)

Capital Contribution

General fund $ 65,000 $ 200,000 $ 200,000 $

Total Non-Operating

Income (Expense) $ 65,000 $ 200,000 $ 200,000 $

NET INCOME (LOSS) -

BUDGET BASIS $ 503 $ (12,500) $ 5,355 $ 17,855

D-7


CAPITAL ASSETS


This Page Intentionally Left Blank


APEX PARK AND RECREATION DISTRICT

Capital Assets Used in the Operation of Governmental Funds

Comparative Schedules By Source

December 31, 2008 and 2007

Governmental funds capital assets:

Land

Construction in progress

Buildings

Improvements other than buildings

Machinery and equipment

Total governmental funds capital assets

2008

$ 132,962

207,810

4,279,490

8,438,661

743,263

$ 13,802,186

2007

$ 132,962

4,160,251

8,662,135

711,809

$ 13,667,157

Investment in governmental funds capital assets by source:

General Fund

Bonds issued

Donations

Total governmental funds capital assets

8,348,682

3,105,279

2,348,225

$ 13,802,186

8,213,653

3,105,279

2,348,225

$ 13,667,157

E-l


APEX PARK AND RECREA nON DISTRlCT

Capital Assets Used in the Operation of Govemrnental Funds

Schedule By Function and Activity'

As ofDecember 31, 2008

Function and Activity

Improvements

other than Machinery

Land Buildings Buildings and Equipment

Construction

In Progress

Totals

General government

Racquet sports/fitness

Recreation services

Senior center

Aquatics

Total governmental funds capital assets

$ 30,000 S 112,341 S $ 373,075

75,000 463,594 47,020 38,426

1,952,312 6,789,028 212,037

0 1,591,463 9,363 52,678

27,962 159,780 1,593,251 67,046

S 132,962 S 4,279,490 $ 8,438,662 S 743,262

S 202,114 $ 717,530

624,040

5,696 8,959,073

1,653,504

1,848,039

$ 207,810 $ 13,802,186

E-2


APEX PARK AND RECREATION DISTRICT

Capital Assets Used in the Operation of Governmental Funds

Schedule of Changes By Function and Activity'

For the fiscal year ending December 31, 2008

Function and Activity

General Fixed

Assets

Jan. 1.2007 Additions Deletions

Transfers

General Fixed

Assets

Dec. 31, 2008

General government

Racquet sports/fitness

Recreation services

Senior center

Aquatics

S 517,983 $ 214,654 S (16,000)

596,972 31,527 (4,459)

8,873,073 115,989 (29,990)

1,579,617 73,887

2,099,512 (250,580)

893

(893)

$ 717,530

624,040

8,959,073

1,653,504

1,848,039

Total governmental funds capital assets

S 13,667,157 $ 436,057 $ (301,029)

$ 13,802,186

E-3


This Page Intentionally Left Blank


STATISTICAL SECTION

This part of the Apex Park and Recreation District comprehensive annual financial report presents

detailed information as a context for understanding what the information in the financial statements,

note disclosures, and required supplementary information says about the District's overall financial

health.

Contents

Financial Trends

F-l

These schedules contain trend information to help the reader understand how the Apex Park and

Recreation District's financial performance and well-being have changed over time.

Revenue Capacity

F-6

These schedules contain information to help the reader assess the Apex Park and Recreation District's

most significant revenue source, the property tax.

Debt Capacity

F-IO

These schedules present iriformation to help the reader assess the affordability of the Apex Park and

Recreation District's current levels of outstanding debt and the District 's ability to issue additional

debt in the future.

Demographic and Economic Information

F-15

These schedules offer demographic and economic indicators to help the reader understand the

environment within which the Apex Park and Recreation District's financial activities take place.

Operating Information

F-17

These schedules contain service and infrastructure data to help the reader understand how the

information in the Apex Park and Recreation District's financial report relates to the services the

District provides and the activities it performs.

Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual

financial reports for the relevant year.


This Page Intentionally Left Blank


APEX PARK AND RECREATION DISTRICT

Net AsseU: by Component,

Last Six Years

(accrual basla of accounting)

Fiscal Year

2003 2004 2005 2006 2007 2008

Governmental activities

Invested in Capital assets, net of related debt $ (13,482,189) $ (12,859,016) $ (11,539,377) $(10,766,769) $ (9,365,600) $ (8,407,944)

RestrIcted 146,536 157,957 266,864 203,071 196,859 202,459

Unrestricted 2,076 694,791 1,163,755 1,617,154 2,968,074 4,383,945

Total governmental activilies net assets $ (13,333,573) $ (11,606,266) $ (10,106,756) $ (6,966,564) $ (6,218,667) $ (3,621,540)

Business-Iype activities

Invested in Capital assets, net of related debt $ 26,929,746 $ 25,877,757 $ 24,964,257 $ 24,192,005 $ 23,313,080 $ 22,721,786

Restricted 131,450 131,450 131,450 131,450 131,450 131,450

Unrestricted 449,684 303,031 205,746 458,750 761,001 761 1 371

Total business-Iype activities net assets $ 27,510,880 $ 26,312,237 $ 25,301,453 $ 24,782,205 $ 24,205,531 $ 23,614,607

Primary government

Invested in Capital assets, net of related debt $ 13,447,557 $ 13,218,740 $ 13,424,880 $ 13,405,215 $ 13,927,480 $ 14,313,842

Restricted 277,988 289,407 398,314 334,521 330,309 333,909

Unrestricled 451,762 997,822 1,369,501 2,075,904 3,729,075 5,145,316

Total primary government activities net assets $ 14,177,307 $ 14,505,969 $ 15,192,695 $ 15,815,640 $ 17,986,864 $ 19,793,067

f./",. Thg"""'''''''''''., •• t ...('... ~.'''''' h", .... to ... ,.~oct"'" oItIII_, I


APEX PARK AND RECREATION DISTRICT

Change. In NlllAuets,

Last SI. Yllars

(accrual basis of accounting)

FIscal Yllar

2003 2004 2005 2006 2007 2008

Expan.es

GovernmenLaI activities:

General Govemmenl $ 1,948,667 $ 1,616,821 $ 2,156,689 $ 1,896,228 $ 1,988,623 $ 2,030,904

Racquel sportslfitness 353,437 384,466 425,885 0442,002 528,578 506,078

RecreaUon services 1,787,676 2,127,379 2,022,900 2,390,919 2,559,526 3,166,311

Senior center 452,618 478,886 480,585 460,486 500,556 590,023

Aquatics 782,274 751,482 785,429 732,921 783,960 1,133,724

Inlerest on long-term debt 1 1

141 1

010 1 1

098 1

800 1 1

053 1

850 1,006,018 955,288 964,573

Total governmental activiUes eXpenses $ 6,445,682 $ 6,457,814 $ 6,925,138 $ 6,928,574 $ 7,316,531 $ 8,391,613

Business-type activities:

Apex $ 4,370,753 $ 4,301,325 $ 4,650,370 $ 4,290,475 $ 4,298,703 $ 4,592,948

Golf 2,017 1

176 2,049,995 2,022 1

465 2 1

084 1

956 2,137,463 2,276,265

Total business-type activities expenses 6,387,930 B,351,319 6,672,B35 6,375,431 6,436,165 B,869,213

Total primary government expenses $ 12,833,612 $ 12,809,133 13,597,973 $ 13,304,005 $ 13,752,696 $ 15,260,826


Program Revenues

Governmental activities:

Cherges for services:

General government $ 44,176 $ 34,727 $ 81,021 $ 12B,245 $ 111,463 $ 106,519

RecreaUon 1,777,031 1,847,314 1,934,951 1,962,962 2,103,255 2,245,703

Merchendlse 18,959 16,104 27,444 44,707 43,647 48,911

OperaUng granls and contributions 46,086 25,204 37,917 24,703 49,330 42,676

Capllel grants and contJibuUons 10 1

134 222,715 575 1

769

Total primery government activities net assets 1,886,253 1,923,349 2,081,333 2,170,751 2,530,411 3,019,578

Business-type activlUes:

Cherges for services:

Ape, 2,927,823 2,950,392 2,891,405 3,126,170 3,265,275 3,376,110

Golf 1,210,129 1,196,676 1,266,911 1,347,398 1,323,709 1,307,718

Merchendlse 767,345 760,646 819,396 824,276 858,855 891,780

Operating gmnts and contributions 68 1

250 54 1

155 47 1

080 51,690 34,750 34 1

750

Total Business-type activiUes program revenues 4,973,547 4,961,869 5,024,792 5,349,533 5,482,588 5,610,358

Total primary government program revenues $ 6,859,800 $ 6,885,218 $ 7,106,125 $ 7,520,284 $ 8,012,999 $ 8,629,936

Nel (expense)frevenue

Govemment activlUes $ (4,559,429) $ (4,843,805) $ (4,757,823) $ (4,786,120) $ (5,372,035)

Business-type activiUes {11414 1

3B3} (1,648,043} {1 I

025 1

898} {953 1

577} (1,258 1

855}

Total primary government net expense $ (5,973,812) (6,491,848) $ (5,783,721) $ (5,739,697) $ (6,630,890)


General Revenue, Ind Other Charges In Net Aseeta

Governmental activillea:

Taxes $ 4,648,799 $ 5,033,716 $ 5,183,726 $ 5,079,059 $ 6,449,367 $ 7,051,876

Ownership tax 574,841 574,913 527,383 484,462 591,255 553,261

Granta & contJibuUons nol restricted 10 specific programs 532,385 582,594 846,141 615,926 572,683 577,828

Investment earnIngs 25,430 40,981 110,675 197,548 275,722 196,332

Miscellaneous 16,799 5,392 46,338 14,132 5,521 41,326

Transfers (492 1

809) (175,827) (260,502) (491,110) (360,531) (651,''')

Total governmental activities 5,305,445 6,061,770 6,453,761 5,900,017 7,534,017 7,769,164

BusIness-type activities:

Investment earnings 2,947 2,440 1,842 601

Miscellaneous 51,426 12,539 374,915 14,938 16,372 16,471

Transfers 492,809 175 1

827 260 1

502 491,110 651,459

Total Business-type actlvilles 547,182 190 1

806 637 1

258 506 1

649 667 1

930

Total primary government $ 5 1 852 1 627 $ 6 1

252,576 $ 7,091,019 $ 6A06,666 $ 8,437 1 °94

Chlnge In Net Asset.

Governmental activil1es $ 746,016 $ 1,527,305 $ 1,609,956 $ 1,142,195 $ 2,747,897

• 2,397,128

BusIness-type activiUe, ,1 j

198,644} ,1,010,765! (519 1

248} {576 1 674} (590,925}

Total primary government $ 328,661 $ 599,171 $ 622,945 $ 2,171,223 $ 1,806,203

H ... n. ___ 0CIII_ptWIOI!IIG.oUB3oI~""'-_""FnWJ ~"_~_"'''''''Ion_

F-2

"


APEX PARK AND RECREA nON DISTRICT

Fund Balance. of Governmental Fundi,

LastSI.:Veal1ll

(modified aecrual basi. of accounting)

Flleal Year

2003 2004 2005 2006 2007 2008

General Fund

Reserves $ 169,259 $ 157,957 $ 186,106 $ 161,661 $ 210,661 $ 199,630

Unreserved 79,351 642,854 953,690 1,471,076 2,608,717 3,693,495

Total general Fund $ 246,610 $ 600,811 $ 1,139,996 1 $ 1,652,737 $ 2,619,376 $ 4,093,125

AN olher governmental funds

Reserved

Debl fund $ $ $ 60,756 $ 21 ,410 $ 6,659 $ 162,576

Conservation lrust fund 2,076 103,165 121,673 111,636 102,659 164,321

Capital piojects fund 61,951 218,961 163.676 391,372 436.471

Total all other govemmental funds $ 2,076 $ 165,135 $ 421,410 ' $ 316,922 $ 503,090 $ 765,370

T olal all governmental funds $ 250,666 $ 965,946 $ 1,561,407 $ 1,969,659 $ 3,322,469 $ 4,676,495

_. TIHI_.tdtllll __ '* ...... -.IWIClI' ... u..GAS834.ep


APEX PARK AND RECREATION DISTRICT

Chllllngel In Fund Balances of Governmental Funds,

lest SI][ Yeanl

(modIfied eccrual baale of accounUng)

Fllcsl Year

2003 2004 2006 2006 2007 2008

Revenues

Taxes

• • • • 5,223,641 5,608,629 5,711,109 $ 5,563,521 $ 7,040,622 7,605,137

Intergovernmental 548,998 582,594 846,141 626,062 795,398 1,125,328

Charges for services 1,821,208 1,882,


APEX PARK AND RECREATION DISTRICT

Governmental Activities Tax Revenues By Source,

Last Six Years

(accrual basis of accounting)

Fiscal

Year

Property

Tax

1 Ownership

Tax

Total

2003

2004

2005

2006

2007

2008

$ 4,648,799

5,033,716

5,183,726

5,079,059

6,449,367

7,051,876

$ 574,841

574,913

527,383

484,462

591 ,255

553,261

2

2

$ 5,223,640

5,608,629

5,711 ,109

5,563,521

7,040,622

7,605,137

Change

2003-2007

34%

-4%

31 %

The Oilltid pttlperty Iu niles have remained fairly slable dunng Iha three yeal'l.

1 Beglnnll\O 'MIn the 2007 budgallhe reports reRact a 1 rrull ina-lIlIsll In property talC ..

2 Ownership (Ihe tllX paid for lhe purcha •• of vehidsa) declined 115 II rnull of the co,l fot barrOWIng money conllnued 10 ri88.

NOle The above InformaUon was nolllvllllllble pnor 10 Iha GASB 34 raportlng r.qultamantt atraai",e for FY2003.

Ther.for. 11'11' ,'a lament pnl50nla dala for hlSII than len year.

F-5

.9


__

APEX PARK AND RECREATION DISTRICT

ASSESSED VALUE and ACTUAL VALUE OF TAXABLE PROPERTY,

Last Six Years

Fiscal

Less:

Year

Total Ta:l8ble

Ended Budget Residential Commercial Industrial Other Urban Assessed

December 31 Vear Pr0E!e~ Prol!!!!l Pro~~ Pr0E!8rty Renewal Value

2002 2003 707,557,172 186,816,820 68,528,940 34,644,390 34,793,520 962,753,802

2003 2004 749,239,946 199,542,040 82,279,160 79,770,910 57,815,640 1,053,016,416

2004 2005 762,367,020 202,181,445 85,134,780 77,584,085 56,297,840 1,070,969,490

2005 2006 775,523,520 243,948,180 89,468,800 77,649,398 65,838,650 1,120,751,248

2006 2007 794,660,330 260,773,650 86,461,900 69,667,055 26,966,190 1,184,596,745

2007 2008 860,489,710 281,611,540 96,954,240 52,611,040 26,966,190 1,264,700,340

Total Estimated Assessed

Dlract Actual Value as a

Tax TaKable Percentage of

Rate Value Actual Value

5.011 9,888,875,230 9.7%

4.867 10,659,431,481 9.9%

4.901 10,835,752,057 9.9%

4.614 11,160,228,058 10.0%

5.560 11,420,765,165 10.4%

5,524 12,296,988,857 10.3%

2unlX (25!!ratlonal and 1998 ~2[!sI debt mlllle~l

67,753,650 .33,686,750 34,793,520 951,918,910

2003 2004 748,741,980 188,561,850 78,423,330 76,776,_ 57,815,640 1,034,687,980

2004 2005 761,921,190 191,258,610 77,555,670 74,240,360 56,297,840 1,048,677,990

2005 2006 775,000,730 233,577,750 82,271,340 74,406,640 65,838,650 1,099,417,810

2006 2007 794,151,600 246,760,580 79,842,260 86,297,240 26,966,190 1,160,085,490

2007 2008 859,982,570 264,835,560 94,769,140 48,187,730 26,966,190 1,240,808,810

Broomfield Coun~ (1998 bonds, & 22Q§ [!!undlng bonds debl mlllle~ on~)1

2002 2003 500,052 8,601,910 775,290 957,640 NA 10,834,892

2003 2004 497,966 10,980,190 3,855,830 2,994,450 NA 18,328,436

2004 2005 445,830 10,922,835 7,579,110 3,343,725 NA 22,291,500

2005 2006 522,790 10,370,430 7,197,460 3,242,758 NA 21,333,438

2006 2007 508,730 14,013,070 6,619,640 3,369,815 281,440 24,511,255

2007 2008 507,140 16,775,980 2,185,100 4,423,310 244,604 23,891,530

5.011 9,846,955,791 9.7°"

4.867 10,591,691,247 9.8%

4.901 10,754,821,281 9.8%

4.614 11,081,899,489 9.9%

5.560 11,331,606,757 10.2%

5.524 12,209,981,924 10.2%

2.207 41,919,440 25.8%

2.129 67,740,234 27.1%

2.217 80,930,776 27.5%

1.902 78,328,569 27.2',(,

1.839 89,158,408 27.5%

1.850 87,006,933 27.5%

Sourc:4o Je~1IIld 1IfoomI\eII:I~'--1Iomc.

N_: f'RIget'ty III Cabada ••• ..-ed MIII-WIIIIIdy. Tarm .... pc 11,000 of --.d vaIuoI The........,,,...... of ~ property .delOllMMld byllUllPfY\flO tIM °Klll.rvalull run. an ~ nIIIO

The __ ~ 01 ~ JrGI*tY ch8nga.-y1Wa ","~!III' ~ rnardaI.t ~ II:! kM911M _ of ... -.d ........ ofOOlllllleldal P!apen)' III r--.u.I ~

M 11M ............. _

.. tIM propwtyw ~ ~ JInuv11. 1!115 (IIMI~ ~I The GaIoIIgher AmwICIrMnII~.II'I.II_~ ~ --.. ....... II'IUII bo

~~511. 01II1II UUI-" ..... lIIt1'1e SIM,"'" ~ M:I oIner....,. ~ up tho aG'1« ~'" 01 tIM -'-"'111 tIM.st.I, In 0t0Ir loll fMinI_tt. ~5~" t"IIIIcI. tIM-.-

___ 1IU.~.201Ii0l1M

78S'11o ""boocrv-t,... 2003· 2001II

YMMaI--u""""'_I __ IlII.I'II.duII. ThIt __ oIl-.cw~",~",._

• Apro; P.u .. R_.-. DIIh:II "'**" • ..., .... ..-01 PJDpaTy ....... ~ CcunIy _

the ~. tNt IBId lor .... 11191 bord~)'OMntI

The I_"f .... Y .. ErdId o-ttbIII31" ... .,.., 1M o.n.t 1IIIcII...,... 1M ~ ....... f!Qm!he _..w:j _1M MIIIwy ror 111. rolllwlng"'8uCIgII Y • .,.

""'*'the1uM •• IZIIIcI ........ ~-....._~IIy .... o.ntl

Nate Th.Ilbow .. ~_nal ......... ~laIllflGASB 301 ~1~."_rorFY200] n..r.rOt.IhIIt~PJ_~ror ... II1U1Mn .....

F-6

CH


F-7

APEX PARK AND RECREATION DISTRICT

PROPERTY TAX RATES· SAMPLE DIRECT AND OVERLAPPING GOVERNMENTS

Last Six Years

Overlapping Rates

Fiscal

Apex P & R District 1 Jefferson County Jefferson County School District

Year

Debt Total Debt Total Debt Total

Ended Budget Operating Service District Operating Service County Operating Service School

Decemher31 Year Millage Millage Millage Millage Millage Millage Millage Millage Millage

Other 2

Overtapping

Local

Governments

Total

Direct &

Overlapping

Rates

2002 2003 2.636 2.231 4.867 23.539 23.539 35.237

2003 2004 2.695 2.172 4.867 23.867 23.867 33.698

2004 2005 2.729 2.172 4.901 24.346 24.346 39.848

2005 2006 2.712 1.902 4.614 24.346 24.346 37.803

2006' 2007 3.721 1.839 5.560 42.000 42.000 37.778

2007' 2008 3.727 1.797 5.524 24.346 24.346 36.868

10.150 45.387

10.150 43.848

11.250 51 .098

11.250 49.053

11 .250 49.028

11.250 48.118

176.524

251.429

332.616

395.384

417.853

487.482

250.317

324.011

412.961

473.397

514.441

565.470

s-c. ... "--' WId a-tn1Wd -""A-. OIIQ

' n.OIQ;c('~_''''nw'f'''''boo'''l'Pl'''*l''''III __ Ir1.maj


APEX PARK AND RECREATION DISTRICT

PRINCIPAL TAXPAYERS,

Current Year and Nine Years Ago

Taxpayer

Type of Business

2008

Percentage of

Taxable

Total Taxable

Assessed

Assessed

Value Rank Value

Taxable

Assessed

Value

1999

Rank

Percentage of

Total Taxable

Assessed

Value

Ball Corporation

Plains End LLC

Qwest Corp.

Inland Western Arvada LLC

Pine Tree Wsetminster LLC

Arvada West 04 LLC

Target Corporation

Public Service Company of Co.

ComCast of Colorado

Arvada Marketplace East LLC

Cobe Cardiovascular

CIN Arvada L.P.

Indian Tree LLC

Eagle Hardware and Garden, Inc.

Chou Jack C. Co.

Sundstrand Corporation

TVO Southwest Partners

Manufacturing, Diversified

Power Plant

Telephone Service

Shopping Center

Shopping Center

Shopping Center

Retail Store

Utility

Cable TV/Communicalions

Shopping Center

Medical Manufacturing

Shopping Center

Shopping Center

Retail Store

Shopping Center

Manufacturing

Apartment Complex

13,387,540 1 1.1

13,275,400 2 1.1

12,996,000 3 1.1

11,456,770 4 0.9

9,208,660 5 0.7

9,122,190 6 0.7

5,094,350 7 0.4

4,684,960 8 0.4

4,595,910 9 0.4

4,069,670 10 0.3

0.0

0.0

0.0

0.0

0.0

0.0

0.0%

13,627,900

11,001 ,250

1,662,620

6,797,670

9,261,660

2,360,540

1,923,690

1,726,170

1,720,640

1,711,470

2

7

4

3

5

6

6

9

10

1.7

0.0

1.3

0.6

1.1

0.3

0.2

0.2

0.2

0.2

TOTALS

$ 74,524,110 6.0%

$

51,994,430

6.3%

SoIRoI. Jefferson and BItIcImM:Id counlHlls ASlencn ~

F-8

C3


F-9

APEX PARK AND RECREATION DISTRICT

PROPERTY TAX LEVIES AND COLLECTIONS

Last Ten Years

Fiscal

Collected within the

Year Total Tax Fiscal Year of the Levy

Ended Budget Levy for Amount Percentage of Lel!l!

December 31 Year Fiscal Year

1998 1999 4,499,587 4,473,384 99.4%

1999 2000 4,434,393 4,420,136 99.7%

2000 2001 4,524,207 4,506,940 99.6%

2001 2002 4,738,132 4,653,379 98.2%

2002 2003 4,678,676 4,874,772 104.2%

2003 2004 5,159,478 5,032,097 97.5%

2004 2005 5,118,433 5,176,652 101.1%

2005 2006 5,113,573 5,082,308 99.4%

2006 2007 6,497,113 6,455,716 99.4%

2007 2008 7,008,700 7,041,690 100.5%

1 Collections in

Subsequent Years

($9,016)

$5,343

$5,953

$1,357

($104,546)

$1,619

$7,073

($3,249)

($6,349)

Total Collections

Amount Percentaae of Levv

4,464,368 99.2%

4,425,479 99.8%

4,512,893 99.7%

4,654,736 98.2%

4,770,226 102.0%

5,033,716 97.6%

5,183,725 101.3%

5,079,059 99.3%

6,449,367 99.3%

7,041,690 100.5%

Source JelflPOO and Broomfield CountIes TreaSlD"ef tax collection report

Note: The term "F15C81 Year Ended Oecember 31- i,the)INr Ihe DIstrict board receives ltIe,u8ument values from the CDJntie.

and seta !he milileYy rOf' the PoIIoMng "Budget YNt'" v.hen the !axe! In receipted rrom property CMneB and by Ihe Oi.trict

I Property IaIIeI collected In any one year indudM CDiIed.Ion at dNnquenI ptDpef1y laKes tevied in poor years. WOfIDIIlion

roceivecl from C¢triy Treasuran' does not pem'lil lCIaOOflC8tion of specifIC re- of levy

c.


APEX PARK AND RECREATION DISTRICT

RATIO OF OUTSTANDING DEBT BY TYPE,

Last Ten Fiscal Years

Governmental Activities

Business-T:lpe Activities

General Contingent General Term Loanl

Fiscal Obligation Rebatable Capital Obligation Golf Capital

Year Bonds Arbitrage Leases Bonds Bonds Leases

1999 24,505,000 203,673 44,625 1,180,000 300,000

2000 23,610,000 203,673 62,535 1,130,000 225,000

2001 22,680,000 248,037 39,962 1,080,000 150,000

2002 21,715,000 248,037 48,651 1,025,000 75,000

2003 20,710,000 36,783 965,000

2004 19,660,000 24,011 905,000

2005 18,565,000 11,049 840,000 146,846

2006 17,425,000 57,720 770,000 t 10,495

2007 16,235,000 25,495 695,000 75,374

2008 14,920,000 4,823 615,000 143,940

Total Percentage

Primary of Personal Per

Government Income' Capita'

26,233,298 6.97% 246

25,231 ,208 6.25% 227

24,197,999 5.59% 215

23,111 ,688 4.97% 209

21,711,783 4.35% 195

20,589,011 3.85% 185

19,562,895 3.41% 175

18,363,215 2.98% 163

17,030,869 2.58% 150

15,683,763 2.21% 138

Nott!" OetaUs r9gardll"lg the Apex Pllm and Recreallon Distric:t'. outtt8tlc1lng debt can be round in tht note. to Ihel'ianandal slalemant

1 See !he Sd1eduIe or ~ ECXJnOOIIC StaCItticI on ~ F·15 far pa-JOn8J Income and popWICIIOn data

F-10

0'


APEX PARK AND RECREATION DISTRICT

RATIO OF GENERAL BONDED DEBT OUTSTANDING,

Last Ten Fiscal Years

Governmental Activities

Percentage of

General Contingent Total Actual Taxable

Fiscal Obligation Rebatable Capital Primary Value of

Year Bonds Arbitra!le Leases Government Propert~

1999 24,505,000 203,673 44,625 24,753,298 3.02%

2000 23,610,000 203,673 62,535 23,876,208 3.07%

2001 22,680,000 248,037 39,962 22,967,999 2.86%

2002 21,715,000 248,037 48,651 22,011,688 2.26%

2003 20,710,000 36,783 20,746,783 2.15%

2004 19,660,000 24,011 19,684,011 1.87%

2005 18,565,000 11,049 18,576,049 1.73%

2006 17,425,000 57,720 17,482,720 1.56%

2007 16,235,000 25,495 16,260,495 1.37%

2008 14,920,000 4,823 14,924,823 1.18%

Per

Capita

232

215

204

199

187

177

166

156

143

129

Nola De\1Io115 regarding the Apex Pa(1(s Bnd RaO'"lIsllon DiaLnct's outslandmg debt can be

found in the nolS! \0 tho Iinsnclilla\alemenLs

1 See the Schedule of 81Sssssed Value and Eslimated Actual Value of Taxable Property on

page F-6 for property value dolo

2 PopulaUon dala can be found In the Sdladule of Demographic and Economic Statistics

F-11

02


APEX PARK AND RECREATION DISTRICT

Direct and Overlapping Governmental Activities Debt,

Aa of December 31, 200B

Governmental Unit

Debt

Outatandlng'

Estimated

Percentage

Applicable

Estimated

Share of

OVerlapping

Debr

Governmrntal Unit

Debt repaid with property taxes

Arvada West Town Center BID

Church Ranch Malropolltan Districl

Fairmont Fire Protection District

Jefferson County School District R-1

Mountain Shadows Metro Dletrict

North Metro Fire Rescue District

Ralston Valley Weter and Sanitation District

Spring Mesa Metropolitan District

Tablerock Metro District

West Point Metropolitan District

Westglenn Metropolitan District

other debt

Revenue Backed Bonds

City of Arvada

City of Westminster

Jefferson Center Metropolitan District # 2

Jefferson County

Kipling Ridge Metropolitan District

Regional Transportation District

Certificates of Participation

Arvade Fire Protection District

City of Arvada

City of Westminster

Jefferson County

Jeffe~on County School District R-1

North Metro Fire Rescue District

Regional Transportation District

Capital Leseee

City of Arvada

City of Westminster

Coal Creek Canyon Fire Rescue Metro District

Jefferson County

Regional Transportation District

Loan Debl

Spring Mesa Matropolitan District

Subtotal overlapping debt

4,095,000

3,230,000

3,130,000

609,570,000

11,400,000

24,425,000

2,333,566

8,245,000

9,500,000

6,637,546

2,240,000

34,060,000

169,695,000

40,000,000

135,560,000

14,800,000

902,275,000

5,405,000

18,320,000

73,680,000

30,280,000

41,535,000

7,720,000

46,000,000

769,000

6,694,935

49,520

3,142

305,515,000

1,500,000

99.72%

66.93%

21.12%

16.75%

100.00%

65.03%

81.36%

100.00%

100.00%

99.96%

14.48%

65.86%

0.01%

100.00%

18.75%

99.10%

17.19%

72.48%

85.68%

0.01%

18.75%

18.75%

85.03%

17.19%

65.66%

0.01%

17.29%

16.75%

17.19%

100.00%

4,083,530

2,607,679

661,156

102,115,165

11,400,000

20,766,557

1,431,629

6,244,600

9,500,000

6,635,721

323,946

29,191,663

24,750

40,000,000

22,709,015

14,488,928

155,101,073

3,917,660

13,979,116

9,803

5,069,158

6,957,944

8,564,309

7,907,400

658,697

.,'

8,564

52'

52,516,029

1,499 1

952

528,759,906

Apu Park and Recreation DIstrict direct debt

G.O. Bondi

Apex Park & Recreation District

Other debt

Apex Park & Recreation District, golf revenue bonds

Apex Park & Recreation District, capitalleeses

Subtotal. direcl debt

$ 14,920,000

615,000

100.00%

100,00%

100,00%

$

14,920,000

615,000

15,535,000

Total dIrect and overlapping debt

$

$44,294,908

Nata O". ,lapponQ Qo".,omeO\s aro It..-"-' ~ •. allu.t ," part, WItl11he geograph", boundaries 01 tMe Apex

PIIIoa and R e c' e a~on Di$tnct TI*.cheduie ntmatw!he POr\JOn of lhe ouIs(andl'l(l debt of those IMI~ ~4Il1bI

thai ill bamII!lVlhoo ra.idara Mel bU$'oess ollhe ApeX Palka.OO Rec[ eat>On O,.trlCl Thill pracea rocognlzn thIII.

whano:nidarQ:i 1l'1li Apn: Parb ,00 Recr. at


...

F-13

APEX PARK AND RECREATION DISTRICT

COMPUTATION OF LEGAL DEBT MARGIN,

L .. t Ten FlJcI' V •• ""

1999

2000

2001 2002 2003

2004

2000 2 ... 2007

200B

Debt limit

$ 324,320,445

.$ 388,835,695

$ 386.3-48,615 $ 488,235,a.t6 S 525,061,960

$517,343.990

S 552,487,915 .$ 582,628,230 $ 593,525,540

$ 633,788,795

Totil n.t: debt applicable to limit

24,505,000

23,610,000

22,680.000 21,715,000 20,710,000

19,660,000

18,565,000 17.425,000 16,235,000

16,235,000

Legel debt margin

$299,815.445

.$ 365,225,695

$ 363,668,615 $ 466,520,6.016 S SQ.4,351.960

1497,683,990

$ 533.922,915 .$ 565.203,230 $ 577,290,&40

$ 618.868,795

Total net debt apllcable to the Kroft

IS • peruntage of debt ,.,.

7.56%

6.01%

5.87% 4.45% 3.94%

3._

3.36% 2.99% 2.74%

2.56%

L-Uill Debt Margin Calculation for Fiscal Yellr 2007

Assessed value

Add back: exempt real property

Total assessed value

$1,232,344,420

35.233,170

S 1 ,267 ,5n ,590

Debt limit (50% of Iota! assessed value)

Debt .pplicable 10 imit:

General obligation bonds

less: Amount set aside for repayment of

ganeraJ ob6gation debt

Total net debt appliceble 10 limit

legal debt margin

633,788,795

17,425,000

14,920,000

$ 618,868,795

... "'" P .. _3 2. 11101(6~.J.CRS INtobj ....... P .... . oc:IR"" . at oooD


APEX PARK AND RECREATION DISTRICT

Pledged-Revenue Coverage,

Last Ten Fiscal Years

Golf Revenue Bonds

Golf Less Net Debt Service

Fiscal Charges Operating Available

Year and Other Expenses Revenue Principal Interest

Coverage

1999 1,487,143 1,116,100 371,043 120,000

2000 1,555,758 1,263,711 292,047 125,000

2001 1,982,927 1,525,441 457,486 125,000

2002 1,967,315 1,586,708 380,607 130,000

2003 1,923,185 1,688,663 234,522 135,000

2004 1,854,541 1,722,752 131,789 60,000

2005 1,912,481 1,777,150 135,331 65,000

2006 1,982,027 1,849,650 132,377 70,000

2007 2,101,928 1,908,093 193,835 75,000

2008 2,145,498 1,975,609 169,889 80,000

99,233

92,970

86,282

79,579

72,532

66,073

62,413

58,025

53,300

48,238

1.7

1.3

2.2

1.8

1.1

1.0

1.1

1.0

1.5

1.3

Note: Delaila regarding the government'a out6tanding debt can be found in Ule notes to the finanCIal slatemenls.

Golf charges and other Includes investmenlesmingl Operabng expensel do nolmdude Interest or

depreciatIon.

F-14

05


APEX PARK AND RECREATION DISTRICT

Demographic and Economic Statistics

Last Ten Calendar Years

Personal

Per

Income Capita Education

(thousands Personal Median Level In Years School Unemployment

Year Population' of dollars)' Income Age' of Schooling' Enrollment' Rate'

1999 106,787 3,763,157 34,041 32.0 12.0 20,006 2.2

2000 111,027 4,037,867 33,936 37.2 14.5 18,940 2.3

2001 112,774 4,332,632 34,630 37.2 14.5 18,940 3.7

2002 110,831 4,648,914 36,523 37.2 14.5 19,994 5.7

2003 111,126 4,988,285 37,756 37.2 14.5 19,654 6.1

2004 111,036 5,352,429 39,166 37.2 14.5 19,177 5.4

2005 111,653 5,743,157 40,371 37.2 14.5 19,125 5.0

2006 112,412 6,162,407 41,520 37.2 14.5 16,174 4.2

2007 113,898 6,612,263 42,517 37.2 14.5 16,522 3.7

2008 115,531 7,094,958 44,400 37.2 14.5 16,913 4.7

'a.llld on ApeJ: population .-.110 10 J,ff,non COunty'. IllS! Towl Panonal Ineomll + or· hllf the .~J"III. annullllrDW'lh rill. of 7 3% for .. c:h 'f .. r

TPJ lnfonnlloon from _.ClOWOl1lfon:e.comilmilwraloldlluffJjelfpie.hlm

I Source: J.lI'lIIf'lon COvnly SdIooI Ditlrict

s2000 eanlUI BUnlau inlonneUon

"nlo"",IIo" for Jeff,non County from CO Dept 01 Labor _btlill _.cowvrkfOrtll.com

• SlIIle of ColDnido Conllrnllcn Trull Department

F-15

"


APEX PARK AND RECREATION DISTRICT

Principal Employers

Current Year and Nine Years Ago

2008' 1999'

Percentage

Percentage

01 Total District ofTotal District

Employer Employees Rank Employment Employees Rank Employment

King Soopers 695 1 1.18 465 2 1.95

Sarin Group USA Inc (Iormerly Cobe) 389 2 0.66 1300 1 5.44

Sundyne Corporation 370 3 0.63 320 4 1.34

Pridemark Paramedic Services Inc 275 4 0.47 160 9 0.67

Saleway 255 5 0.43 0.00

Target 220 6 0.37 0.00

Home Depot 200 7 0.34 0.00

Costco Wholesale 200 7 0.34 0.00

Sam's Club 180 9 0.31 220 7 0.92

Kohl's Department Store 160 10 0.27 0.00

Piper Electric 160 10 0.27 0.00

TAU< Corporation 160 10 0.27 0.00

TareD 0.00 350 3 1.47

Jefferson Center lor Mental Health 0.00 300 5 1.26

Mark VII Equipment 0.00 300 5 1.26

Colorado Credit Union League 0.00 225 6 0.94

Denver Instrument Company 0.00 200 8 0.84

Total 3,264 4.97 3,840 5.85

1Arv,d. co, Economic o.v.lopmlnl AUOCIllion

felly af ArVid. Fln,nClO o.p.rtmlnl

F-16 E2


APEX PARK & RECREATION DISTRICT

Full-time Equivalent District Employees by Function

Last Six Fiscal Years

Full-time Equivalent Employees as of December 31,1

2003 2004 2005 2006 2007 2008

Function/Program

Governmental activities:

General Government 16 15 10 13 18 19

Racquet sportslfitness 9 8 8 8 9 9

Recreation SelVices 29 28 28 28 28 31

Senior Center 9 8 8 8 8 8

Aquatics 7 7 34 7 12 14

Total governmental activities 70 66 88 64 75 81

Business-type activities:

Apex 84 82 50 72 65 70

Golf 33 31 29 28 28 28

Total business-type activities 117 113 79 100 93 98

Total FulHime Equivalent Employees 187 179 167 164 168 179

111_ Inlorm.slon prauntlld aban 1& donnd .. ronow-;

Total hotn pWd to full-time and pllil-bma IIITlploy_ divided by 2060.

Notl: Th. ,bon InfOlfTl.ltion _ not av .. Ilb11 pttor to \hoi! GASB 304 rllpOrtlng flqulrwmlnls .fleetIY. IOf FY2003. Ther.tOflllhls 51atsmlnl presenta dati/Of I_ttlan tin y ....

F17


APEX PARK & RECREATION DISTRICT

Operating Indicators by Function

Last Six Fiscal Years

2003 2004

Function/Program

Governmental activities:

Racquelsportsffltness

Workout Center Admissions 37,000 37,640

Racquetball Admissions 12,800 13,000

Tennis Center Admissions 12,750 13,105

Therapeutic Rec Admissions 1,800 2,050

Recreation Services

Adult Sports Participants 171,454 166,580

Classes 2,581 2,849

Youth Sports Participants 665 835

Rentals 3,950 4,320

Senior Center

Rentals 12,350 12,389

Classes 3,000 3,166

Special EventslTrips/Silver Sneakers 30,000 32,267

Volunteer visits 9,200 9,230

Aquatics

Daily Visits 36,633 25,424

Season Pass Visits 17,858 15,660

Rentals 26,247 22,690

Swim Lesson Visits 42,308 40,564

Fiscal Year

2005 2006

36,600 37,500

13,500 13,700

13,400 13,000

2,300 2,200

145,796 147,254

3,192 3,750

880 350

4,420 5,500

19,200 16,870

3,300 2,671

34,000 25,847

9,300 8,759

28,561 17,658

18,554 17,977

25,579 27,064

38,142 30,856

2007 2008

37,000 37,100

14,000 14,000

13,500 13,650

2,500 2,650

154,616 170,577

3,938 4,330

420 2,900

5,650 6,201

22,398 16,730

3,185 3,287

26,488 26,015

8,321 9,099

40,080 28,921

17,768 13,568

25,058 73,678

40,526 44,858

Business-type activities:

Apex

Admissions & Guest Services

Daily Admissions 182,230 153,915

Annual Pass & Punch Card Admissions 166,845 179,872

Annual Pass Sales 2,733 3,115

Punch Card Sales 2,721 2,841

Ice Arena

Daily Admissions 18,670 16,245

Annual Pass & Punch Card Admissions 181 319

Punch Card Sales 8 28

Annual Pass Sales 45 48

Golf

18 Hole Rounds of Play 15,453 17,026

9 Hole Rounds of Play 10,641 9,178

Annual Pass Holders Rounds of Play 17,126 14,313

Par 3 Rounds of Play 27,103 25,578

144,127 140,280

174,564 177,616

3,405 2,467

3,052 3,485

13,534 17,418

690 350

14 18

53 35

24,922 22,645

7,528 10,511

13,710 13,482

26,486 23,178

150,782 146,343

347,731 205,882

3,720 2,406

2,333 2,730

15,948 27,671

1,997 3,587

101 82

18 11

24,067 27,135

9,889 10,202

8,684 7,123

23,170 23,618

Note 2003-2009 data III IIslUnated

2003 Apex Annual Pan & Punch Card Admluiont Il'lcorrllCt/y reported In 2005 II 15,697 dUll to typing error.

Note The above tnlormlillion wu not available pOor to the GASB ~ ~rting requiJem8fll. elTedrve fof FY2003

Therefore thlt .!alemanl prll'on .. data for 11111 than ten yea~

F-18

F2


APEX PARK & RECREATION OISTRICT

Capital Assets Statistics by Division

Last Six Fiscal Years

Functions/Programs

Primary Government:

Fiscal Year

2003 2004 2005 2006 2007 2008

General Government

Trail 2 2 2 2 2 2

Acreage - owned 203.64 203.64 203.64 203.64 203.64 203.64

Acreage - leased 294.43 294.43 294.43 294.43 294.43 294.43

Racquet sports/fitness

Tennis Court 52 52 52 52 52 52

Recreation Center 1 1 1 1 1 1

Recreation Services

Community Center 4 4 4 4 4 4

Indoor Arena 1 1 1 1 1 1

Playing Field 5 5 5 5 5 5

Services Building 1 1 1 1 1 1

Senior Center

Community Center 1 1 1 1 1 1

Recreation Center 1 1 1 1 1 1

Aquatics

Pool 4 4 4 4 4 3

Business-type Activities:

Apex

Pool 3 3 3 3 3 3

Ice Arena 2 2 2 2 2 2

Recreation Center 1 1 1 1 1 1

Community Center 1 1 1 1 1 1

Golf

Golf Course 2 2 2 2 2 2

Note The clala COI11Ilpondl to the DlStnct nxed 811elllwentory

Note. The abovI Information Wi. not available prior \0 thl! GASB 34 l'llportlng requll1lmen~ affective for FY2003

Ther9foAil !hit .lallmlnl prv'lInla dlla for 1611 than llln ylBl1II.

F-19 F3


This Page Intentionally Left Blank


PARK & RECREATION DISTRICT

13150 W. 72nd Avenue • Arvada CO 80005 • 303/424-2739 • www.apexprd.org

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