2009 Comprehensive Annual Financial Report - Apex Park and ...

apexprd.org

2009 Comprehensive Annual Financial Report - Apex Park and ...

APEX PARK AND RECREATION DISTRICT, COLORADO

COMPREHENSIVE ANNUAL FINANCIAL REPORT

For the Fiscal Year Ended December 31, 2009

Report Prepared and Issued By

Apex Park and Recreation District, Finance Division

apexprd.org

Jefferson County, Colorado


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TABLE OF CONTENTS

INTRODUCTORY SECTION

Letter of Transmittal

GFOA Certificate of Achievement for Excellence in Financial Reporting

Organizational Chart

List of Principal Officials

viii

ix

x

FINANCIAL SECTION

Independent Auditor's Report

Management's Discussion and Analysis

Basic Financial Statements:

Government-wide Financial Statements:

Statement of Net Assets

Statement of Activities

Fund Financial Statements:

Balance Sheet - Governmental Funds

Statement of Revenues, Expenditures, and Changes in Fund

Balances - Governmental Funds

Reconciliation of the Statement of Revenues, Expenditures, and

Changes in Fund Balances of Governmental Funds

to the Statement of Activities

Statement of Revenues, Expenditures, and Changes in Fund

Balances - Budget and Actual- General Fund

Balances - Budget and Actual- Conservation Trust Fund

Balances - Budget and Actual- Capital Project Fund

Statement of Net Assets - Proprietary Funds

Statement of Revenues, Expenses and Changes in Fund Net Assets -

Proprietary Funds

Statement of Cash Flows - Proprietary Funds

Notes to Financial Statements

xi

A-I

B-1

B-2

B-3

B-4

B-5

B-6

B-7

B-8

B-9

B-IO

B-II

C-I


Budgetary Comparison Schedules:

Schedules of Revenues, Expenditures, and Changes in Fund

Balance - Budget and Actual

Governmental Funds

Debt Service Fund

Proprietary Funds

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

D-I

D-2

D-3

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 Tax able 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-S

F-6

F-7

F-8

F-9

F-IO

F-II

F-12

F-13

F-14

F-IS

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 HlJmrich, TreaslJrer/Secretary

Jeff Glenn, Directar

Ken Harr~lI, Directar

Executive Director

Mike Miles

PARK & RECREATION DISTRICT

13150 W. 7:2ND AVENUE, ARVADA, CO 80005

303/424~2739 - WWW.APEXPRD.ORG

June 17,2010

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 District's 2009 Comprehensive Annual

Financial Report.

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 financial report of Apex Park and Recreation District for

the fiscal year ended December 31,2009,

This report consists of management's representations concerning the finances 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 McMallan and

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


President, Board Members

and District Citizens

Apex Park and Recreation District

June 17, 2010

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

Recreation District for the fiscal year ended December 31, 2009 are free of material

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, 2009 are fairly presented in

conformity with GAAP. The independent auditor's report is presented as the fin;t component of

the financial section of this report.

Apex Park and Recreation District did not receive any Federal Grants during fiscal year 2009.

The independent audit of the fmancial 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 financial 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 116,946. Apex Park and

Recreation District is empowered to levy a property tax on both real and pen;onal properties

located within its boundaries.

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

member Board of Direct on;. The board is elected on a non-partisan basis. Memben; 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 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 centen; 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

ii


President, Board Members

and District Citizens

Apex Park and Recreation District

June 17, 2010

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

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

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

and Recreation District's fmancial 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.

Budget-to-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, Conservation

Trust and Capital Projects funds the comparisons are presented on pages B-6 to B-8 as part of the

basic financial statements for the governmental funds. For the Debt Service Fund, this

comparison is presented in the budget comparison section, which starts on page D-I.

Long-Term Financial Planning: During 2009 the District Board conducted public hearings and

on May 21, 2009 adopted a new Fifteen-Year Capital Improvement Master Plan. The highlights

of the capital improvements completed during FY 2009 are listed below.

BUDGETARY HIGHLIGHTS

In 2006 District voters authorized a I-mill levy increase in property tax. The 2009 budget year is

the third 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

Projects 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 2009, the District's major initiatives and accomplishments for working

through the District Capital Improvement Master Plan totaled $1,220,764 or 7% of the 2009

operating budget. Building improvements were $430,555, land improvements $284,464

equipment & machinery $98,229 and vehicles $53,460.

Golf Fund

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

iii


President, Board Members

and District Citizens

Apex Park and Recreation District

June 17, 2010

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

the General Fund to the Golf Fund for calling early (paying oft) all of the 1994 Golf Revenue

Bonds and to supplement golf revenues.

• Expenditures were amended to increase the budget $576,623 for the purpose of covering the

added cost of golf and restaurant operations, and calling the 1994 Golf Revenue Bonds.

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 less than the national average during

2009 with year-end 2009 unemployment running at 7.5% while the State of Colorado

unemployment was 7.7% and nationally the unemployment rate was 9.3%. Property assessed

valuations within the District continue to increase (6% for 2009) 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 Colorado has a

major presence within the greater Denver metropolitan area with defense and space agency

manufacturing.

Purchasing Card Policy and User's Guide: During 2009 the District issued purchase cards

(credit cards) to key field employees. The purpose of the District's Purchasing Card (p-card) is

to improve the efficiency in processing small dollar purchases. This program allows the District

employee cardholder to purchase commodities, and in some cases, services directly from the

vendor. The system electronically allows finance to control employee purchases by merchant

category code (MCC), transaction and monthly dollar limits. The system is designed whereby

the employee electronically accesses the credit card transaction file, picks from a list of preestablished

account codes to charge the purchase to the District accounting system. Additionally

the employee identifies the purpose of the purchase and the employee, hislher supervisor and

finance must approve the transaction prior to the purchase being downloaded and posted to the

District accounting! budget cost centers.

Resale Merchandise Inventory Policy and Procedures: To provide better control,

accountability and retail pricing of resale merchandise at District recreation facilities, Finance

staff implemented new policy and procedures. The process requires the division to attach the

inventory data input sheet to the merchandise payment voucher when submitting the payment

voucher to finance for payment. The procedure insures that the newly purchased inventory is

added to the inventory system. The inventory data input sheet adds new on hand sell quantity

and the current cost of the items. The new policy also allows data input for the division

supervisor to review the merchandise markup/margin variation report and insure the District is

charging the proper price for the merchandise per District markup policy.

iv


President, Board Members

and District Citizens

Apex Park and Recreation District

June 17, 2010

During 2009, the staff undertook a project to retrofit the sodium lights in the two ice arenas with

new energy efficient florescent lighting fixtures. This project saves the District approximately

$300,000 annually by reducing the electricity costs. The total cost of the project was $79,000

less a project grant of $30,000 for a net project cost of$49,OOO.

Additionally staff is assembling a solar thennal system on the roof of the Apex Recreation

Center (approximate cost of $339,000 less grant of $30,000 with a net cost of $309,000). When

completed in FY 2010 the system will supplement the heating of water in the three swimming

pools and the recreation center HVAC system. This project will save the District approximately

5100,000 annUally.

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 31,2008. This was the twelfth consecutive year that

Apex Park and Recreation District 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 detennine its eligibility for another certificate.

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

~7.t~

Chief Finance Officer

v


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vi


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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, 2008

A Certificate of Achievement for Excellence in Financial

Reporting is presented by the Government Finance Officers

Association of the United States and Canada (0

government units and public employee retirement

systems whose comprehensive annual fmaneial

reports (CAFRs) achieve Ibe 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 ANAL YSIS

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 Consultents

CHAPU. ~E . SLOG C

Z"!i CHAPEL PucE. SlIrM 300

P .O . Box 5850 AVON. CO 81620

WEe S IT& : 'WIN'N.MCMH1ANCPA.COJo(

TII..£PHOHE: "~70' 84~6eCX)

F.t.c;SU4I\.L: (970) 8


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MANAGEMENT'S DISCUSSION AND ANALYSIS


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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 fmancial activities of Apex Park and

Recreation District for the fiscal year ended December 31, 2009. 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 $21,668,071 (net assets). Of this amount, $6,294,462

(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 $1,875,004

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

combined ending fund balances of $6,022,229, an increase of $1,143,735 in comparison

with the prior year. Approximately 97% of this total amount, $5,823,591, 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

$4,295,713, or 73% of total General Fund operating expenditures.

• During the current fiscal year, Apex Park and Recreation District's total bonded debt

decreased by $2,050,000 (13%). $1,435,000 was for general obligation debt retirement,

$85,000 for normal golf revenue bond retirement and $530,000 (26%) of this debt

reduction is a result of the District's early call of all the 1998 Golf Revenue Bond issue.

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: 1) 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.

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

to provide readers with a broad overview of Apex Park and Recreation District's [mances 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 financial

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 financial 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 fmancial 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 financing 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 fmancing 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, Debt

Service Fund, and the Special Revenue Funds (Conservation Trust Fund, Capital Project Fund)

all of which are considered to be major funds.

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

fund types (General Fund, Conservation Trust Fund, Capital Project Fund and Debt Service

Fund). A budgetary comparison statement has been provided for each of the governmental fund

A-2


types. The General Fund, Conservation Trust Fund and Capital Projects Fund budgetary

comparison can be found on pages B-6, B-7 and B-8 and the Debt Service Fund budgetary

schedule is presented on page D-1.

The basic governmental fund financial statements can be found on pages B-3 to B-5 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 information as the government-wide financial

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

information for the recreation center operations, and golf course 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-9 to B-1O 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 has been provided for each of the proprietary fund types. The budgetary

comparisons can be found on pages D-2 and D-3 of this report.

Notes to the financial statements. The notes provide additional information that is essential to

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

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

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

$21,668,071 at the close ofthe most recent fiscal year.

By far, the largest portion of Apex Park and Recreation District's net assets (70%) 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

reported net of related debt, it should be noted that the resources needed to repay this debt must

be provided from other sources, since the capital assets themselves cannot be used to liquidate

these liabilities.

A-3


Apex Park and Recreation District's Net Assets

Go\~mmcntBI Businu!~Typc Tot.1

Acti,,;tic$

Actili tics

2009 2008 2009 2008 2009 2008

Current and other assets $ 14,180,057 S 13,189,878 S 1,021,479 S 1,093,072 S 15,201,536 S 14,212,950

Copilal assels 6,191,420 6,516,879 22,570,916 23,480,726 28,762,336 29,997,605

Total assets S 20,371,477 S 19,706,751 S 23,592,395 S 24,513,198 S 43,963,812 S 44,280,555

Lopg-term iiabililies outstanding $ 13,852,196 S 15,110,492 S 206,823 S 864,515 S 14,059,019 S 15,915,061

Other liabilities 8,069,914 8,411,803 166,808 94,61S 8,236,182 8,512,418

Total liabilities S 21,922,170 $ 23,528,295 S 313,631 S 959,190 $ 22,295,801 S 24,487,485

Nd assets:

Invested in capital assets, net of

relBlcd debt (7,293,580) (8,401,944) 22,413,589 22,121,186 1S,180,009 14,313,842

Reslnc:tcd 193,600 202,459 - 131,450 193,600 333,909

Unrestricted 5,549,281 4,383,945 745,17S 161,311 6,294,462 5,145,J16

Total net assets S (1,550.693) S (3,821,540) S 23,218,764 S 23,614,601 S 21,668,011 S 19,193,067

An additional portion of the Apex Park and Recreation District's net assets (3%) represent

resources that are subject to external restrictions on how they may be used. The remaining balance

of unrestricted net assets $6,294,462 may be used to meet the District's ongoing obligations and

creditors,

At the end of the current fiscal year, the Apex Park and Recreation District is able to report:

• Positive balances in all three categories of net assets, both for the District as a whole, as

well as for the business-type activities.

• Governmental activities - The report shows positive balances in two categories (restricted

and unrestricted), and a negative balance for the "Invested in capital assets" category, The

reason for the on-going negative balance in "Invested in capital assets" category is that the

"Long-term liability outstanding" balance for the 1998 General Obligation Bond issue is

accounted for in Governmental activities, while the asset, the Apex Recreation Center, is

operated as an enterprise fund and accounted for as an asset in business-type activities,

The same situation holds true for the prior years.

Changes in Net Assets

The District's program and general revenue of $16,313,318 exceeds program expenses of

$14,438,314 by $1,875,004. This increase was slightly more favorable than the increase in net

assets in 2008 of $1,806,203, All of this increase in net assets is due to the District reducing

current year operating expenses in an amount greater than the decrease in operating revenues,

While the District planned for the property tax reduction, other income sources such as charges for

services, merchandise/concession and vending sales were lower due to the general public utilizing

the District facilities for recreation purposes to a lesser extent than in 2008,

A-4


Apex Park aad Reen.tioa District's Cbanges in Net Assets

GovernmcntMl BusincSI-'JYpe Tot.1

Activities

Activities

1009 1008 1009 1008 1009 1008

Revenues:

Program revenues:

Charges for services S 2,368,650 S 2,352,222 $ 4,540,110 S 4,613,828 6,908,760 7,036,050

Merchandise Concession

and Vendina 37,280 48,911 770,n6 891 ,780 807,806 940,691

Operating Grants and

Contributions 49,537 42,676 41,885 34,750 91,422 77,426

Capital Grants and

Contributions 207,699 575,769 · · 207,699 575,769

General Revenues:

Property taxes 6,840,220 7,051,876 · · 6,840,220 7,051,876

Ownership taxes 504,670 553,261 · · 504,670 553,261

In tergovernmental 540,937 577,828 · · 540,937 577,828

Other 377.4 97 237,658 34,307 16,472 411 ,804 254.130

Total Revenues 10,926,490 11,440,201 5,386,828 5,626,830 16,313,318 17,067,031

Expenses:

General government 2,288,940 2,030,904 · · 2,288,940 2,030,904

Racquet sportslfitness 463,335 506,078 · · 463,335 506,078

Rccrea[jon services 2,920,930 3,166,311 · · 2,920,930 3, 166.311

Senior cenler 537.546 590,023 · · 537.546 590,023

Aquatics 784. 182 1,133,724 · · 784,182 1.133.724

Interest on long-lerm

debt 690,649 964,573 · · 690.649 964,573

Apex . . 4,532.428 4,592.948 4,532.428 4,592,948

Golf . . 2,220,304 2.276,265 2.220.304 2.276,265

Total Expenses 7.685,582 8,391,613 6.752,732 6.869,213 14,438,314 15.260.826

Increase (Decrease) in net assets

before transfers 3,240,908 3,048,587 (1,365,904) (1,242,383) 1,875,004 1,806,203

Transfers (970,061 ) (651,459) 970,061 651 .459 . .

(ncrease (Decrease) in net asset! 2,270,847 2.397,128 (395,843) (590,925) 1,875,004 1,806,203

Net assets - January 1 (3,821 ,540) (6,218,667) 23,614,607 24,205,531 19,793,067 17,986,864

Net assets - December 31 S ( 1,550.693) S (3 .821.540) S 23.2 18.764 S 23.614.607 S 21 .668.07 1 $ 19.793.067

Governmental activities, Reflects an increase in net assets of $3,240,908 before transfers. The

increase is more favorable than the increase in net assets in 2008 of $3,048,587. Although 2009

revenues were less than FY2008, operating expenses were reduced by a greater extent for the

year because of the concern about the overall economy. Current year revenues were down due to

less money received for Capital Grants and Contributions ($211,656) for the year. Operating

expenses were held to a minimum by all program areas for the year.

A·5


Following are illustrative summaries of Governmental Activities breaking out revenue and

expenses.

3,500,000

3,000,000

2,500,000

2,000,000

1,500,000

1,000,000

500,000

o

general recreaUon aquatics racquet community Interest on transfers

govemment services sports/fitness recreation Iong.tenn

center debt

A-6


Revenues by Source - Governmental Activities

property tIIxes

62.6%

earnings

1.0%

Dthcr13lCCS

4.6%

gnnts &. contributions

rcsuicuxl &0 specirlC

pms

5.0%

2A%

0.5%

and vending

0.3%

Business-type activities. Business-type activities reflect a decrease in net assets of SI ,365,904,

which includes depreciation of$I,208,371, before transfers compared to a $1,242,383 decrease

in 2008. Charges for seJVices and merchandise/concession and vending sales were down

$264,972 from last year due to the local and national economy resulting in less public dollars

being spent for recreation activities. The District replaced the lighting systems in the two Apex

Recreation Center ice rinks realizing an $116,481 (16%) savings in utilities for the Apex Fund.

The Golf Fund reduced the merchandise for resale purchases to correspond with a decrease in

sales. Snow during October to December decreased revenues by $47,585 compared to the same

period in 2008. A transfer of $671,500 from Governmental Activities helped offset the Golf

Fund operating loss.

A-7


Revenues by Source - Business-type Activities

II'BIIsf ....

15.3%

concession and

vending

12.1'%

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

apex

golf

• Expenses

• Revenues

A-a


Financial Analysis ofthe Government's Funds

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

demonstrate compliance with fmance-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 $6,022,229, an

increase of $1,143,735 in comparison with the prior year. Approximately 97% of this total

amount $5,823,591 constitutes unreserved fund balance, which is available for spending at the

government's discretion. The remainder of fund balance is a reserved grant of $5,038 for the

Community Recreation Center, 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 oftime.

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 $4,295,713, while total

fund balance reached $4,494,351. As a measure of the General Fund's liquidity, it may be useful

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

Unreserved fund balance represents 96% of the total fund balance and is 73% of the General

Fund expenditures. Total fund balance represents 76% of that same amount.

The fund balance for the district's General Fund increased by $401,226 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 FY2009 was the third

year for the tax increase to be levied and collected (Note: half of the 1 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 spent on capital construction and equipment). This .5

mill of new property tax generated approximately $638,731 for the general fund. Even

with the property tax increase the district Board intentionally held down the FY2009

operating expenditures to a minimum so that the district would be able to build up

general fund reserves for the purpose of building andlor refurbishing district facilities.

The fund balance in the Conservation Trust Fund of $413,425 increased $229,104 due to less

capital expenditures transpiring in FY2009 than current year income. The Capital Project Fund

ending fund balance of $964,719 increased $526,248 due to less capital expenditures transpiring

in FY2009 than current year income. Also, the Capital Project Fund received payment of

insurance claims for storm damage in 2009 for repairs to be completed in 2010. Both the

Conservation Trust and Capital Project Funds will spend down the fund balances in the near

future on capital equipment/capital facilities per the five-year capital plan.

• The Conservation Trust Fund revenues are programmed each year for the purpose of

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

During the year total expenditures were $314,964, $212,951 was expended for

Governmental Activities projects and $102,013 is recorded as contributed capital to the

enterprise funds.

• The Capital Projects fund revenues are programmed each year for the purpose of

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

Much of this money is derived from the Y:z mill of new property tax, which generated

A-9


approximately $641,452 for the capital fund (please see general fund explanation above

for full V, 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. During the year total expenditures were $688,204, $491,655 was expended

for Governmental Activities projects and $196,549 is recorded as contributed capital to

the enterprise funds.

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.

• Total combined unrestricted net assets were $745,175.

• The Apex Fund unrestricted net assets were $577,651, a loss of $38,410 from FY2008,

mainly due to less public visits at the Apex Recreation Center because of the negative

economy.

• The Golf Fund unrestricted net assets were $167,524 which increased $22,214 from

FY2008.

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:

• Revenues - Overall revenues were above the revised budget estimate by $111,464.

Charges for services in league/supervised activities were better than expected $75,549

above budget, and interest income was $18,465 better than budgeted. These two line

items account for most of the positive revenues.

• Expenditures - Overall expenditures were below the final budget by $243,651 including

the General Fund transfer of $671,500 to the Golf Fund during FY2009. During the

current year the District called all of the 1998 Golf Revenue bonds and transferred

$515,731 to the golf fund to assist with the call. The remaining transfer of $155,769 was

to assist the Golf Fund with an operational short fall.

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, 2009, amounts to $28,762,337 (net

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

rights, machinery and equipment, and park improvements.

FY2009 was the third year for the District to benefit from the 112 mill property tax increase that

is dedicated to capital expenditures as referenced above. Major capital asset events during the

current fiscal year included the following:

A-10


• Governmental activities capital assets - Expenditures amounted to $526,584 which

included: $119,194 for fleet vehicles and equipment replacements, $228,368 for building

improvements, and $179,022 for recreation grounds improvements.

• Business-type activities capital assets - Expenditures amounted to $298,162 which

included: $160,224 in building improvements, $32,496 equipment and machinery,

$105,442 land improvements.

Apex Park and Recreation Districfs Capital Assets

(net of depreciation)

Gowmmental Busincn-Type Tota'

Activities

Activities

2009 2008 2009 2008 2009 2008

Land $ 102,962 $ 102,962 $ 1,384,012 $ 1,384,012 $ 1,486,974 $ 1,486,974

Water riitlts 30,000 30,000 30,000 30,000

Buildinlll 1,980,519 1,919,502 19,882,621 20,667,649 21,863,140 22,587,151

Improvements other than

buildinll' 3,686,401 3,938,653 823,230 772,023 4,509,631 4,710,676

Construction in proarcss 41,563 207,810 400 41,963 207,810

Equipment ond machinery 349,975 317.951 480,653 657,042 830,628 974,993

Total $ 6,191,420 $ 6,516,879 $ 22,570,916 $ 23,480,726 $ 28,762,336 $ 29,997,605

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 $13,485,000. This entire amount comprises debt backed by the

full faith and credit of the district. During FY2009 the District called and paid-off all of the

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

Course revenue bonds).

Apex Park and Recreation District's Outstanding Debt

General Obligation and Revenue Bouds

Gowmmcatal

BusincS.!l-Type

Activities

Acti~tics

Total

2009 2008 2009 2008 2009 2008

Geneml Obliaation Bonds $ 13,485,000 $ 14,920,000 S $ $ 13,485,000 $ 14,920,000

Revenue Bonds 615,000 615,000

Total $ 13,485,000 $ 14,920,000 $ $ 615,000 $ 13,485,000 $ 15,535,000

Apex Park and Recreation District's total bonded debt decreased by $2,050,000, (13.0%) during

the current fiscal year. The key factor in this decrease of debt was the District calling the golf

revenue bonds as referenced above. Additional information on Apex Park and Recreation

District's long-term debt can be found in note V on pages C-16 to C-19 of this report.

A-11


Economic Factors and Next Year's Budgets and Rates

• The unemployment rate for Jefferson County (Apex Park and Recreation District is

located in Jefferson County, which is part of the greater Denver metropolitan area) as of

December 31, 2009 is 7.5%, which is an increase of .1 % from the 7.4% a year ago. The

greater Denver metropolitan area is currently 7.9%, which is the same as a year ago. This

is higher than the state's average unemployment rate of 7.7% and is below the national

average rate of 9.3%. Jefferson County's unemployment rate is lower than the state and

national rates.

• The retail and commercial occupancy rate of the City of Arvada (Apex Park and

Recreation District service boundaries encompasses 99% of the City of Arvada)

continues to grow and remain strong.

• Residential and commercial building pennit growth slowed for the 2009 fiscal year.

However, the City of Arvada ended 2009 with a total annual construction valuation of

$144,732,818 as compared to $110,325,628 for 2008 and $106,093,972 for 2007. While

the national economy has been in a slump for the past several years, the district's new

construction growth showed a 31 % growth over 2008. New construction values were

1.5% of the district's total actual assessed real property valuation for 2009.

Requests for Information

This financial report is designed to provide a general overview of Apex Park and Recreation

District's finances for all those with an interest in the district's finances. Questions concerning

any of the information provided in this report or requests for additional financial information

should be addressed to the office ofthe Chief Finance Officer, 13150 West 72 nd Avenue, Arvada,

Colorado 80005-3116.

A-12


BASIC FINANCIAL STATEMENTS


This Page Intentionally Left Blank


APEX PARK AND RECREATION DISTRlcr

Statement of Net Assets

December 3 I, 2009

ASSETS

Cash

Investments

Governmental

Adivities

S 343,192

7,584,921

Receivables (net of allowance for uncollectables) 6,932,987

Interest receivable 35,077

Internal balances (816,255)

Inventories 1,985

Prepaid Items 10,296

Unamortized bond issuance costs 87,853

Capital assels not being depreciated:

Land and water rights 132,962

Construction in progress 41,563

Capital assets (net ofaccumulated depreciation)

Buildings 1,980,519

Improvements other than buildings 3,686,401

Machinery and equipment 349,975

Total capital assets 6,191,420

Total assets 20,371,477

LIAB! LlTIES

Accounts payable and other current liabilities 1,139,381

Matured bonds and interest payable

Unearned revenue 105,639

Deferred Property Tax Revenues 6,824,955

Long-term liabilities:

Due within one year:

Bonds payable 1,515,000

Leases payable

Compensated absences 5,000

Due in more than one year:

Bonds payable I 1,970,000

Unamortized bond premium 176,758

Compensated absences 185,438

Capital leases

Total liabilities 21,922, 170

Business-type

Adlvltl."

S 9,340

51,700

816,255

144,184

1,384,012

400

19,882,621

823,230

480,654

22,570,916

23,592,395

123,523

2,874

40,411

47,602

1,000

108,495

49,726

373,631

Total

$ 352,532

7,584,921

6,984,687

35,077

146,169

10,296

87,853

1,516,974

41,963

21,863,140

4,509,631

830,629

28,762,337

43,963,872

1,262,903

2,874

146,050

6,824,955

1,515,000

47,602

6,000

11,970,000

176,758

293,933

49,726

22,295,801

NET ASSETS

Invested in capital assets, net of related debt (7,293,580)

Reserved for:

Emergencie - TABOR 193,600

Unreserved 5,549,287

Total net assets S (1 ,550,693)

22,473,589

745,175

$ 23 ,2 18,764

15,180,009

193,600

6,294,462

S 21 ,668,07 1

The notes to the financial statements are an integral pari ofthis statement.

B-1


APEX PARK AND REC .. unON DISTRICT

P ..... ."..I'I'""~Nt:

GawnI ..........

b:q1lCt aporuffilDcu

Rcac:lllOn ScrIlCel

Senior CCIIlrr

A_""

lMaar. on IIICII'lCm\ Otbt

TDUI P'~ .u¥tua

.....

GoI'

ToYI--. .... llCllw..cI

BtUiatu-l1pt lIdirilitt:

Tow....,.~

S 2.l1t.940

463,]]5

2.920,930

S17.S46

7 .... 112

691l,6fII9

S 7,6IUn

,

",~n,":11

S 120,97$

113,791

1,l~!,6S5

287,266

)n,95S

S l.l61.6SO

,

].ZS7,5~1

'.212:569

",~O,IIO

, 6,9011,760

0...01

"-­

........

",-""w


APEl( PARK AND RECREATION DISTRICT

BALANCE SHEET

Go"'tnmenta! Funds

Occcmbcr31.2009

ASSETS

Cash

lnvelCmenll

Receivables:

Tax",

lnlerest

Accounts

Grants

Due From Other Funds

Inventoncs

Prepaid Ilems

Telal assclt

General

J ].4],192

7,584,921

4,100,450

]5,077

]5,115

1,985

10,296

S 12,III,Ol7

ConservatIOn

Tnul

J

413,425

S 413,425

J

S

Capital

Project

638,731

24,888

9]9,&31

1,6Ol,45O

S

Debt

Service

2,m,803

149,7]4

S 2,28l,Sl7

To ...

Govemmenml

Funds

S ]0,192

7,514,921

S

6,872,984

]5,077

]5,115

24,888

1.502,991

1,985

10,296

16,411,449

LIABILITIES AND FUND BALANCES

LIABIUTIES:

Accounts Payable

Due Lo OUter Funds

Deferred Revc:nues

Unt9m~ revenue

Total Liabilities

S

S

1,Il9,l81

2,319,245

4,052,421

105,63~

7,616.686

S

S

S

6]8,7]1

$ 638,731

S

2,1]],803

S 2.m,80]

S

S

1,1]9,]81

2,.319,245

6,824,955

105,639

10.]89,220

FUND BAU.NCES:

Fund BaJances"

Reserved for:

Emergencies

Stnior eenler acliviliu

Unru;crved:

Designated for tururc capital projcc19

Undeaisna1td

Total fund ba)anCtS

TOlallillbihttcc:s and fund ballnCc$

19],600

5,oJ8

],893,495

402,218

S 4.494,351

S 12,111,0]7

413,425

S 413,425

S 413,425

964.719

S 964,719

S 1,603,450

149,7]4

S 149.7]4

S 2,283.Sl7

19],600

5,0]8

3,89],495

1.9]0.096

J 6,022,229

AmounlS reported for governmental actiVIties in the sllltcrncnt of nel assets

(page 8·1) arc different because:

Capital asseLS net of accumulaJed deprecIation used in governmental

8Ctivitiu are not cwrent financial resoutcc.l. "Therefore, arc not reported

in the fund finlncial slatemuK.

Long-term liabilities IU1d assets are not due and payable In the CUfrent

period and a.ccordinlly are not reported in the fund financial slatements.

Balances at December J I, 2009 are·

Bonda payable

UnBmortiud bond premium

Compennled absences

Unamortized bond issuance costs

Sublotal

Net 8.!ISClS of 80vemmental activitte.S (pale B·I)

(13,485,000)

(176,758)

(190.438)

87.854

6.191.420

(13.764.342)

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

B·l


APEX PARK AND RECREATIDN DlSTIUCT

STATEMENTS DF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES

Governmental Funds

For the Fiscal Year Ended December 31. 2009

REVENUES

Taxes"

Property

Ownership lax

Payment In lieu oftB,."(cs

Intergovernmental

Chal'lCS for services

Mcrchandisc/Concc!Sion/Vcndlng

Sponsorship. contributions & donations

rnleres1

Miscellaneous

Total Revenues

EXPENDITURES

Current:

General government

Racquelsponsf7lilness

Recrclilion SCMCes

Senior Cenler

AquBtics

Debt Service:

Principal

(nterest

Fees - laX colleclion and paying Blcnl

Capital oUl1ay:

Buildings,leasehold, and equipment

TOlal Expenditures

Excess (deficiency) or revenues

over (under) expenditures

OTHER FINANCING SOURCES (USES)

Capital «Jnnibulions out

Transrel"!l out

TOla) OIher financing sources (uses)

Nel Changes in rund balances

Fund balances - beginning

Fund balances - ending

General

Conservation

Trus.

S 4,031,274 S S

502,132

5,922

24,245 540,937

2,263,650

37,280

11,286

108,465 3,131

10,980

S 6,995,233 S S44,068 S

S 1,786,856 S 3,SII S

429,5]6 26.685

2,460,239 7.175

SOl,671 1,809

678,792 79,990

4,824

57

60,S31

93,780

S 5:922.507 S 212 1

951 S

S 1,072,726 S 331,117 S

S S (102,013) S

1671 ,SOO1

S 167 I ,SOOI s 1102,0131 s

S 401,226 $ 229,104 S

4,093,125 184,321

S 4,494,351 S 413,425 S

Total

Cap,U11

Governmental

Project Deb. Funds

641,4S2 S 2,157,580 S 6,830,306

2,539 S04,670

933 3,OS9 9,914

221,70S 786,888

105,000 2,368,650

37,280

11,286

111,596

254 z 922 265.901

IJ24.011 S 2,163,178 S 10,926,490

67,014 S S 1,8S7,382

4S6,221

11,861 2,479,276

S03,480

4,49S 163,278

1,43S,OOO 1,439,824

708,I6S 708,222

9,S6O 32,857 102,947

408,284 S02,064

501!215 S 2!176 1

022 S 8,812,694

722 1

797 S {12.844J S 2,1 13!796

(196,S49) s s (298,561)

1196,5491 s s

1671~001

1970,0611

526,248 S (12,844) S 1,143,735

438,471 162!578 4,878,494

964,719 S 149,734 S 6,O22?'9

The notes to the financial SlattmtnlS are an integral pBrt or this slBtemen!.

B-4


APEX PARK AND RECREATION DISTRICf

RECONCILIATION OF TIlE STAn:MENT OF REVENUES,

EXPENDITURES, AND CHANGES TN FUND BALANCES OF GOVERNMENTAL FUNDS

TO THE STAn:MENTOF ACTIVITIES

For liIe FIscal Vear Ended December 3 1,2009

Amounts reported for governmental activities in lhe statement of activities (page 8-2) are

different because:

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

Governmental ruods report capilal outlays as expenditures. However, in the

statement OfBclivilies the cost of those assets is allocated over their estimated

userullives 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

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

governmental funds.

The issuance or long-term debt (e.g., OO",ls, leases) provides current financial

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

debl consumes the current financial resources of governmental funds. Neither

transaclion, however, has any effect on nct assets. Also, governmental funds

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

debt is first issued, wheress these amounls are deferred and amortized in the

st81emenl of activities. This amount is the net effect of these differences in the

treatment of long-leon debt and related ilems.

Change in net assets of governmental activities (page B-2)

360,337

(68$,795)

S 1,143,73$

(325,458)

(4,769)

1,457,340

S 2,270,847

The notes to the financial statemenis are an integral part of this slalemcnt.

B-5


APEX PARK AND RECREATION DISTRICT

GENERAL FUND

Statement of Revenues. E:,


APEX PARK AND RECREATION DISTRICT

CONSERVATION TRUST FUND

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

For the Fiscal Vear Ended December 3 1,2009

Variance with

Budgeted Amounts

Final Budget

Actual

Positive

Ori&inal Final Amounts (Nesativel

REVENUES

Intergovernmental $ 571,000 S 571,000 $ 540,937 $ (30,063)

Interest 5,000 5,000 3,131 (J,869l

Total Revenues S 576,000 S 576,000 S 544,068 S (3 I ,932l

EXPENDITURES

Current:

Capital Outlay $ 554,500 S 554,500 S 31 4,964 239,536

Total Expenditures S 554,500 $ 554,500 S 31 4,964 S 239.536

EXCESS (DEFICIENCY)

OF REVENUES

OVER EXPENDITURES $ 21,500 S 2 I ,500 S 229.104 $ 207,604

Net Changes in Fund Balances 21,500 21,500 229,104 207,604

FUND BALANCES·

BEGINNING 38,5 16 102,859 184,32 1

FUND BALANCES·

ENDING $ 60.016 S 124,359 S 41 3,425 $ 207,604

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

B·7


APEX PARK AND RECREATION DISTRICT

CAPITAL PROJECTS FUND

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

For the Fiscal Year Ended December 31,2009

Variance with

Budgeted Amounts

Final Budget

Actual

Positive

Original Final Amounts (Negative)

REVENUES

Property S 638,885 S 638,885 $ 642,385 S 3,500

Intergovernmental 28,500 S 821,717 $ 221,705 (600,012)

Rental - Facilities $ 90,000 $ 103,500 $ 105,000 $ I,SOO

Miscellaneous $ 149,667 254,922 10S,2SS

Total Revenues $ 757,385 $ 1,713,769 $ 1,224,012 $ (489,757)

EXPENDITURES

Current:

Operating 9,15 I 9,500 9,560 (60)

Capital Outlay 633,500 802,483 688,204 114,279

Total Expenditures $ 642,651 $ 811,983 $ 697,764 $ 114,219

EXCESS (DEFICIENCY)

OF REVENUES

OVER EXPENDITURES $ 114,734 $ 901,786 $ 526.248 $ (375,538)

Net Changes in Fund Balances 114,734 901,786 526,248 (375,538)

fUND BALANCES -

BEGINNING $ 356,514 $ 391,372 S 438,471 $ 47,099

FUND BALANCES -

ENDING $ 471,248 $ 1,293,159 $ 964,719 $ (328,439)

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

B-8


APEX PARK AND RECREATION DISTRICT

STATEMENT OF NET ASSETS

PROPRIETARY FUNDS

December 3 I. 2009

BusinesS-IYQe Activities - Ente£QI ise Funds

Apex Apex Golf Golf

ASSETS Current Year Prior Year Current Year Prior Year

Current assets:

Cash S 4,440 S 4.440 S 4,900 S 3,900

Accounts receivable 51,700

Due from other funds 716,328 734,198 99,927 62,883

lnventories 20,619 21,066 123,565 122,736

Prepaid items 12,399

TOlal current assets 793,087 759.704 228.392 201.917

Noncurrenl assets:

Revenue bond debt service reserve 131,450

Capilal assets:

Land 692,51 I 692,51 I 691,500 691,500

Buildings 26,641.54 I 26,518,819 1,769,387 1,731,885

Improvements other than buildings 265,292 184,351 2,051,194 2,026,694

Machinery and equipment 1,212,092 1,227,440 1,260,976 1,246,695

Construction in progress 400

Less accumulated depreciation (9.089,4861 (8. I 79,373) (2,924,491) (2,659,7971

Total capital assets (nct of

accumulated depreciation) 19.722.350 20,443.748 2,848,566 3,036,977

Total noncurrent assets 19,722,350 20,443,748 2.848.566 3.168,427

Tomlasscts 20.515,437 21,203,453 3,076,958 3,370.345

LIABILITIES

Current liabilities:

Accounts payable 109,281 42,984 14,242 11,684

Unearned income 36,019 33,459 4,391

MalUred bonds payable 1,181

Matured inlcrest payable 2,874 6,489

Compensated absences - current 500 500 500 500

Revenue bonds payable - current 83,819

Capital leases payable - current 47,602 46,612

Total Cum:nlliabilities 145,801 76,943 69.609 150.285

Noncurrent liabilities:

Revenue bonds payable 530,000

Capital leases 49,726 97,328

Compensated absences payable 69,635 66,700 38,860 37,935

Total noncurrenlliabilities 69.635 66.700 88,586 665,263

TotaJ liabilities 215,436 143,643 158,195 815,547

NET ASSETS

Invested in capital assels, nel of related debt 19,722,3S0 20,443,748 2,751,239 2,278,038

Restricted ror debt service IJ 1,450

Unru:lriCled 577,651 616.061 167.524 145.310

Total nel assets S 20,300.00 I $ 21.059,809 $ 2.918,763 S 2.5S4.798

Totals

Current Year

S 9,340

51,700

816.255

144,184

0

1,021,478

1,384,012

28,410,928

2,316,486

2,473,068

400

(12,013,9771

22.570.916

22.570,916

23,592,395

m,523

40,4 II

2,874

1,000

47.602

215.410

49,726

108.495

158,221

373.631

22,473,589

745,175

123,218,764

The noles 10 the financial statements are an integral part of this statemenL

B·9


APEX PARK AND RECREATION DISTRICT

STATEMENT OF REVENUES, EXPENSES

AND CHANGES FUND IN FUND NET ASSETS

PROPRIETARY FUNDS

For lhe Fisclll Year Ended December 31, 2009

Busincss-!!I!!: Ac:tivilies - EntC!]!risc Funds

Apex Apex Golf Golf Totals

Current Year Prior Year Current Year Prior Year Cunent Year

OPERATING REVENUES

Charges Cor Services S 3,418,894 S 3,571,625 S 1,833,122 S 1,944,216 S 5,252,016

Corporale Sponsorships 41,885 34,750 41,B!5

Misc::ellancous 89,562 74,957 3,364 1.282 92,926

Tolal OpenJing Revenues S 3,550,341 1 3,681,332 S 1,836,486 1 1,945.498 S 5J86,827

OPERATING EXPENSES

PCfSOnal Services S 2,439,796 S 2,331,946 S 1,099,852 S 1,025,110 S 3,539,648

Operating Supplies 467,246 515,642 622,608 765,569 1,089,853

Purchased Services 620, II 8 742,976 132,022 134,631 152,140

Fixed Charges 51,126 79,101 57,372 49,472 114,498

Miscellaneous 724 724

Capilal Outlay 4,466 9,164 358 821 4,824

Depreciation 943,611 9\3,119 264,694 246,440 1,208,371

Total Operating Expenses S 4,532.428 S 4,592,948 1 2,171,631 S 2,222,049 S 6,110,058

OPERATING INCOME (LOSS) S (982,081) S (911,616) S (341,144) $ (216,551) S (1,323,231)

NON'()PERA TlNG REVENUE (EXPENSES)

Inlcrest Expense (42,614) (54,217) (42,614)

Loss on sale of capital assets

Tolal Non-Operlling Income (Expense) $ S $ (42,614) S (54,211) S (42,674)

Income beror contributions" U'aIlsfcrs S (982,081) $ (911,616) S (383,818) S (330,168) S (1,365,905)

Capilal Contribulions S 222,219 1 199,931 S 16,283 S 251,522 $ 298,561

Transfcr In 671,500 200,000 671,500

CHANGE IN NET ASSETS (159,808) (111,678) 363,965 120,154 (395,843)

TOTAL NET ASSETS - BEGINNING 21,059.809 21.111,487 2.554,198 2.434,044

TOTAL NET ASSETS - ENDING $ 20.300,001 S 21,059,809 $ 2.918,163 S 2,554,198

The oolC510 the financial stalements IIrc an inlegral part of this statement.

8-10


APEX PARK AND RECREATION DISTRICT

STATEMENT OF CASH FLOWS

Proprietary Fund!

For lhc FlScaI Years Endtd Dtttmber 31, 2009

BUliucss-1ypc Idlvll5es

Enlerprise Funds

Apa Aptl GolrcCMII"H Colrcourse

CurnnlYur Prior Vear Currtat "ear PrtorVnr Totlll

CASH FLOWS FROM OPERATING "CTIVITIES:

Receipts from customeR and u,crs 3,369,755 3,580,817 1,Il3,In 1.944.216 S 5,202,877

PaymenlJ to suppliers (1,079,216) (1,309.144) (791.254) (958,316) ( 1.816,530)

Paymenls to employees (2,439,196) (2,331.945) (1,099.852) (1.025,110) (3.539,648)

Other operlltlng revenues 149,311 60,272 91,770 !4.I06l 247,087

Net cuh provided by

opemtlng activities S S S 33,186 S !43,356l S 33,786

C,\SH FLOWS FROM NONCAPITAL AND RELATED

FINANCING ACTIVITIES:

Tl'1.lIsrcrs from alher funds 611,500 200,000 671,500

Net cash provided (used) for nom:apitai and

related financing activities S S S 671,500 S 200 1

000 S 611.500

CASH FLOWS FROM CAPITAL "ND REL"TED

F(N"NCING ACTIVITIES:

Purchase of property. planl and equipment S (222,279) S (199,937) S (76,283) S (302,675) S (298,561)

Principal paid on capilAl debt (615,000) (80,000) (615,000)

JnlefeJt paid on bonds (42,674) (54,217) (42,674)

Con ...... payable (46,612) (75,374) (46,612)

Capll .. l conlributiolU 222,279 199.937 76,283 251,522 298,161

Lease proceedJ 143,940

Net cash provided (used) (or capilal and

rel,led financing acLlVitit.S S S S !704,286l s pI6.804l s (704,286l

Netlnelease (decmue) in cash and S S S 1,000 S (14,317) S 1.000

cash equivalents

Cuh and taSh cquivalml! January 1 4.440 4,440 3,900 18.277 8,340

Cash lind cash tquivalenl! December 31 S 4,440 S 4.440 S 4.900 S 3,900 S 9,340

Rtconclli.lioD oropef'lliine 'ncomt

10 ntl cuh providrd by

optl'llUnelcUvltlel:

Operalina intornc (Ion) S (98Z,087 l s (911,616l s P41,144l s !276.55I l S !1,323.Z3Il

AdjUJbncnlS 10 rcconcilt ntt income 10

net c:&!h providtd by opcn.ting .rovities:

Depreciation expense 943,617 S 913,119 S 264,694 S 246,440 S 1,208,371

(Im:reuc) decrease in bond debt service reserve III ,450 131,450

(Increase) decrease in m:eivables (51.700) (51,700)

(Increase) dec~ase due rrom other runds 17,869 (49,434) (37,044) (5,381) (l9,11S)

(Increase) decrease in inventory 447 7,428 (828) (19,169) (381)

(Jncrmsc) dccruse in p~paid items 12,399 2,156 12,399

(Decrease) increase in attounts payable 66,298 23,077 10,621 211 76,925

(Decrease) increase in aC'Cnled expenses 2,935 8,234 (6,368) 8,944 (3,433)

(Dm'tase) incmue in derened income 2.561 9,192 5 561

Taut adjwlmCnL1 982,087 S 911.616 S 314,930 S 233,195 S 1,357,017

N" cash po'ovKlcd (Uled) by

opertlinS aetivi{Jet S S S 33.786 S (43,356l S 33.186

The notes 1.0 the financial stalements are an Inlegral part or !hi! statement

B·II


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NOTES TO FINANCIAL STATEMENTS


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APEX PARK AND RECREATION DISTRICT

NOTES TO FINANCIAL STATEMENTS

December 31, 2009

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 1) charges

to customers or applicants who purchase, use, or directly benefit from goods, services, or

privileges provided by a given function or segment and 2) grants and contributions that are

restricted to meeting the operational or capital requirements of a particular function or

segment. Taxes and other items not properly included among program revenues are reported

instead as general revenues.

Separate financial statements are provided for governmental funds, proprietary funds, and

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

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

reported as separate columns in the fund financial statements.

C-l


I. Summary of Significant Accounting Policies (continued)

C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation

The government-wide fmancial 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

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 ofthe 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 capital project fund (a special revenue fund) accounts for property tax receipts (for

the one-half mill levy approved by District voters in 2006) and proper spending of this

money that must be used for purchasing/repairing of capital equipment/facilities.

The conservation trust fund (a special revenue fund) accounts for lottery proceeds from

the State of Colorado that are legally restricted to expenditures for park and recreation

purposes.

C-2


I. Summary of Significant Accounting Policies (continued)

The District reports the following major proprietary funds:

The apexfund accounts for the activities ofthe District's Apex Recreation Center.

The golf fund 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

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 fund 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

I. 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.

C-3


I. Summary of Significant Accounting Policies (continued)

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 interfund receivable/payable.

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

by the Public Depository Protection Act (PDPA). Under the PDPA, 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

collateral as defined 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 andlor 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.

C-4


I. Summary of Significant Accounting Policies (continued)

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

on January 1st 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 1st 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.

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. Capital Assets

Capital assets, which include property, plant, improvements, equipment and intangibles,

are reported in the applicable governmental or business-type activities columns in the

government-wide 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.

C-s


I. Summary of Significant Accounting Policies (continued)

S. Compensated Absences

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

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

unpaid accumulated sick leave since benefits are not paid upon termination. All vacation

pay is accrued when incurred in the government-wide and proprietary fund financial

statements. A liability for these amounts is reported in governmental funds only if they

have matured, for example, as a result of employee resignations and retirement.

6. 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 effective interest

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.

7. 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.

8. Comparative Data/Reclassifications

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 - lolal

governmental funds and nel assels - 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

C-6


II.

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

therefore are not reported in the funds." The details of this $(13,764,342) difference are as

follows:

Bonds payable

Unamortized bond premium

Compensated absences

Unamortized bond issuance cost

Net adjustment to reduce fund balance - total governmental

funds to arrive at net assets - governmental activities

$(13,485,000)

$ (176,758)

$ (190,438)

$ 87,854

$(13,764.342)

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 $(325,458) difference are as follows:

Capital outlay

Depreciation expense

Net adjustments to increase net changes infund balances

- total governmental funds to arrive at changes in net

assets of governmental activities

$360,337

$(685,795)

$(325,458)

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 of this $(4,769) 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

$(4,769)

$(4.769)

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

leases) provides current financial 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,

C-7


II.

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

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

of this $1,457,340 difference are as follows:

Principal repayments:

Capital leases

Bond principal

Amortized bond premium

Amortized bond issue cost

Net adjustment to decrease nel changes in fund balances -Iolal

governmental funds to arrive at changes in nel assets of

governmental activities

$4,824

$1,435,000

$34,825

$Ci7,309)

S1.4ll.340

III.

Stewardship, Compliance and Accounting

A. Budgetary Information

The District adopts an annual budget consistent with CRS Title 29, Article I, Part 1. 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 2009 supplementary budgetary appropriations to three funds,

which are detailed in the operating budgets below:

C-8


III.

Stewardship, Compliance and Accounting (continued)

11112009 1213112009

Original Budgel Final

Fund Budget Revisions BUdget

General Fund $ 6,453,158 $ 384,500 $ 6,837,658

Special Revenue Funds:

Conservation Trust 554,500 554,500

Capital 642,651 169,242 811,893

Debt Service Fund: 2,216,115 2,216,115

Enterprise Funds:

Apex 3,862,846 3,862,846

Golf 2,048,969 576,623 2.625,592

Totals $ 15,778,239 $ 1,130,365 $ 16,908,604

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 ("TABOR"). TABOR

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

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 Fund

qualifies for this exclusion. The District has reserved $193,600 for TABOR reserve purposes.

This is shown as a reservation of fund 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 SA, which

reads as follows:

C-9


III.

Stewardship. Compliance and Accounting (continued)

Shall North leffco 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.

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, 2009.

D. Deficit Fund Equity

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

2009.

C-IO


IV.

Detailed Notes on AU Funds

A. Deposits and Investments

At December 31, 2009 the District had the following cash and investments:

Carrying Amounts

Cash on Hand

Deposits

Investments

Total

$ 15,110

$ 337,422

$7.584.521

$7937.453

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 fmancial institution. Deposit

balances over $250,000 are collateralized as required by PDPA. At December 31, 2009, 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, 2009 the District had bank deposits of $386,472

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, 2009 the District had CD's of

$7,251,537 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

C-ll


IV.

Detailed Notes on AU Funds (continued)

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 defIDed within the Colorado Revised Statutes, prequalifying

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, 2009 the District's investment in the

Colorado Business Bank Certificates of Deposits was 40%, U.S. Bank certificates of deposit

was 20%, Certificate of Deposit Account Registry Service (CDARS®) was 36% and

Colorado Local Government Liquid Asset Trust (COLOTRUST) 4% of the District's total

investments.

Local Government Investment Pool

At December 31, 2009, the District had invested $332,983 in the Colorado Local Government

Liquid Asset Trust (Colo trust), an investment vehicle established for local government entities

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

the requirements of creating and operating Colotrust. ColOlrust 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

C. Capital Assets

Aaa

$ 332,983

Capital asset activity for the year ended December 31, 2009 is illustrated in the following

chart:

C-12


IV,

Detailed Notes on AU Funds (continued)

Gonrnmental Activities:

Bu inn '"&

Balance InereBJH Decreases Endina:: B!lanc:e

Capital assets, not being depreciated:

Land S 102,962 S S S 102,962

Water rights S 30,000 S S S 30,000

Construction in progress 207,810 41.563 (207,810) 41,563

Totol capital assets, not being depreciated $ JiP 772 $ 41 :;63 S (207 810) $ 174 $25

Capital assets, being depreciated:

Buildings $ 4,279,490 $ 228,368 S (412) $ 4,507,446

Improvements other than buildings 8,438.662 179,022 8,617,684

Machinery and equipment 743,262 119.194 (1,960) 860.496

Total capital assets being depreciated $ 11 461 41 4 S 57 6 $84 $ C2 372) S 11985626

Less accumulated depreciation (or:

Buildings $ (2,359,988) $ (167,351) S 412 $ (2,526,927)

Improvements other than buildings (4,500,008) (431,274) (4,931,282)

Machinery and equipment (425,311) (87,170) 1.960 (510.521)

Total accumulated depreciation $ C7 28:; 3Q?) S (665795) $ 2372 $ C7 961 13m

TOlal copilal assets. being depreciated, net $ 6176107 $ OS2211) $ $ 69]6896

Governmental activities capital assets, nel S 6,516,879 $ (117.648) S (207,810) S 6,191.421

Business-type activities:

Capital assets, not being depreciated:

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

ConslrUction in progress 400 400

Total capital assets, not being depreciated $ 1 lSi 012 $ iOO $ $ I 384412

Capital assets, being depreciated:

Buildings and system S 28,250,704 S 160,224 $ $ 28,410,928

Improvements other than buildings 2,211,045 105,442 2,316,487

Machinery and equipment 2.474.135 32.496 (33,563) 2,473,068

Total capital assets being deprecialed $ 32935884 $ 228 162 $ (J3 563) S 3J 2004113

Less acc.mulated depredation ror:

Buildings and system S (7,583,055) S (945,251) s s (8,528,307)

Improvements other than buildings (1,439,022) (54,235) (1,493,257)

Machinery and equipment (1,817,092) !208,885) 33,563 (1,992,414)

Total accumulated depreciation $ Po 832 162) 3j (I 208 372) $ 33,63 $ 02913 978)

Total capilal assets, being depreciated, net $ 22 0 96 7" S (21 0 21 0) $ $ 211B65Q5

Business-type activities capital assets, net $ 23489727 $ (909 810) $ $ 22570917

C-13


IV.

Detailed Notes on AU 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

$ 53,932

$ 428,247

$ 35,201

$ 135,258

$ 33,158

J 685 795.

S 264,694

$ 943.677

To/a/ depreeia/ion expense - business-type aetivilies

S 1 208321

Construction Commitments

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

31, 2009. The project included in the Governmental Activities accounts is the refinishing of

the racquet ball courts at the Racquet sports/fitness center. The Business-type Activities,

(Apex Fund) project is for a new solar thermal energy system. At year end the Apex Parks

and Recreation District's commitments with contractors are as follows:

Governmental Activities

Business-type Activities

Spent-to-Date

$41,563

$ 400

Remaining

Commitment

$ 24,938

$329,600

D. Interfund Transactions

There was no individual due from and to balances as of Decem ber 31, 2009.

Advance to/from other funds as of December 31,2009:

Fund

General Fund

Golf Fund

Advance From

$671,500

Advance To

$671,500

On December 31, 2009 the General Fund advanced the Golf Fund $671,500 to offset its

negative cash.

C-14


IV.

Detailed Notes on All Funds (continued)

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

interfund balances as of December 31,2009, is as follows:

Due to/from other funds:

Receivable Fund Payable Fund Amount

Debt General $ 149,734

Conservation Trust General $ 413,425

Capital Project General $ 939,831

Golf General $ 99,927

Apex General $ 716.328

Total

~2,JI2,245

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, 2009.

Fund Transfer Transfer Capital Capital

Ql!! In Out In

Conservation $102,013

Capital Project $196,549

Apex $222,279

Golf $671,500 $ 76,283

General $671,500

Total $671,500 $671.500 $228562 $228,562

E.

Prol!rietaa 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-tenn 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-2 and D-3.

C-15


V. Long-Term Debt

Changes in long-term liabilities

Long-term liability activity for the year ended December 31, 2009 was as follows:

Due Within

e~ginI!ing Bali!!!g: Additions ReductioD~ gndio8 Bi!I1Yl~ Qn" Yej!r

Governmentsl

Activitiu:

Bonds payable:

General Obligation S 14,920,000 $ 0 S 1,435,000 $ 13,485,000 $ 1,515,000

Bonds

Compensated S 185,668 S 19,628 S 14,858 $ 190,438 $ 5,000

Absences

Capital Leases S 4824 $ 0 ~ H24 ~ 0 S 0

Governmental

Activity Long Term

Liabilities $ 15110.492 .Sl!J.628 S 1.45M82 S 13615 ill S 1 520000

B u!iness-Type

Activities:

Bonds Payable:

Revenue Bonds $ 615,000 $ 0 S 615,000 $ 0 $ 0

Compensated S 105,635 $ 10,391 S 6,531 $ 109,495 $ 1,000

Absences

Capital Leases $ 143,940 $ a s 46,612 S 27,J28 $ 47,602

Business-Type

Activity Long Term

Liabilities S 864,575 $ 10,391 S 668.143 S 206,823 S 48,602

Legal Debt Margin and Arbitrage Coml!liance

The 2009 legal debt margin of the District is $658,408,605. 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

C-16


V. Long-Term Debt (continued)

in 1998 was $25,000,000. See the current refunding bond infonnation 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 of the 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 of$850,878 and a reduction of$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

$ 4,430,000

$ 9,055,000

Annual debt service requirements to maturity for general obligation bonds are as follows:

Series 1998

Year Ending

December3!

2010

2011

20!2

Total

Series 2008 Refunding

Year Ending

December 31

2010

2011

2012

2013

2014

2015-2017

Total

$

$

$

$

$

$

$

$

$

$

$

Qeneral Activities

Principal Interest

1,385,000 $ 287,950

1,475,000 $ 197,925

1,570,000 $ 102,050

4430000 $ 581225.

General Activities

Principal Interest

130,000 S 343,165

135,000 $ 339,265

140,000 $ 333,865

1,815,000 $ 329,665

1,870,000 $ 273,400

4,965,000 $ ~29,400

2,05.5*0llil $ ! 918.760

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. On August 1,2009 the District provided notice and called for redemption for all

of the outstanding 1994 revenue bonds totaling $615,000 (note, $85,000 of these bonds were

scheduled for normal redemption in FY2009). The District has not issued any additional

revenue bonds subsequent to the 1994 golf revenue bond issue.

C. Leases

Operating Leases

The District leases one copy machine under an operating lease. Total cost for such lease is

$12,293 for the year ended December 31,2009. The future minimum lease payments for this

lease are as follows:

Year Ending Dec 31

Amount

Operating Lessor

2010

2011

Total

$ 7,764

$ 4,529

$12.293

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.

Capital Leases

The District has entered into one agreement in the business-type activities (Golf Fund). The

business-type lease agreement is for financing the acquisition of golf carts for the Indian Tree

Golf Course. This lease agreement qualifies as a capital lease for accounting purposes and,

therefore, has 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:

Golf Course

Machinery and Equipment

Total Assets $219,009

Less:

Accumulated depreciation

Total

$109,504

$109,505

C-IS


V. Long-Term Debt (continued)

The minimum lease obligations and net present value of these minimum lease payments as of

December 31, 2009, were as follows:

Year Ending Dec 31

2010

2011

Total: minimum lease payments

Less: amount representing interest

Present value of minimum lease

payments

Golf Course

$ 51,944

$ 51.945

$103,889

($6.561)

$97.328

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

2009, the City of Arvada maintained the District's active park facilities and for this service the

District paid the City $878,697.

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 fmancial 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 31,2009, there were 1,092 local government special districts as members of the

pool for property and liability insurance coverage and 545 special districts that were members

of the pool for workers compensation insurance coverage.

C·19


VIII. Risk Management (coDtiDued)

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 31,2009.

An audited summary of the Colorado Special District's Property and Liability Pool financial

information at December 31, 2009 and 2008 respectively follows:

2009 2008 Net Diff.[~D~~

Total Assets S1D,1SJ 631 $21 Q23,162 $ JIO§gl~§2

Total Liabilities ~II 9.12 212 ~IO 218,248 $ I 124 QJI

Total Equity S.lUBJ m SI6,314,914 S 186641&

Total Revenues $10,445,019 S 9,960,770 $ 484 ,249

Total Expenditures S 9,53J,~~0 ~ 8,175,165 S 1,358,385

S 911,469 $ 1,785,605 S (874,136)

Other financing Sources:

Interest Income $ 567,933 $ 800,122 $ (232.189)

Net Increase in Surplus ~ 1479402 $ 2,585727 S (J I 06,3.25)

IX.

Post EmploymeDt Benefits

A.

PeDsioD 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 FY2009, the ICMA Retirement Corporation (lCMA) administered four pension

plans for the District. The Apex Park and Recreation District makes available to all full-time

employees a 401 Qualified Money Purchase Plan, a 457 Deferred Compensation Plan and

IRA 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 40 I 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 401 plan. All full-time employees

C-20


IX.

Post Employment Benefits (continued)

with a hire date prior to July I, 2002 are 100% vested. All full-time employees hired

after July I, 2002 are vested 10% the fust year, 20% the second year and 100% the

third year.

• An Executive Director, 401 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 40 I 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 permits 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 to those amounts, property, or rights are to be held in trust for the exclusive

benefit ofthe plan participants and their beneficiaries.

The District has two IRA plans. Under the provisions of the IRA plans ICMA maintains

accounts for each employee and spouse;

• The ROTH IRA is a voluntary employee contribution plan. The District does not

make contributions to the IRA plan. Full-time Employees may make contributions up

to the specified limit on a non-deductible (after-tax) base. A separate Roth IRA may

be established for a wage earning spouse and funded with an additional annual nondeductible

contribution of up to the specified dollar limit.

• The Traditional IRA is funded with annual contributions of up to a specified dollar

limit each year. The District does not make contributions to the Traditional IRA plan.

Full-time Employees may make contributions a deductible or non-deductible (aftertax)

base. A separate Traditional IRA may also be established for a non-wage earning

spouse and funded with an additional amount of up to the specified dollar limit. All

earnings on Traditional IRA assets are tax-deferred until the time of withdrawal.

Money for all four pension plans is 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

C-21


IX.

Post Employment Benefits (continued)

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, 2009, the District had total payroll of $5,861 ,577. Total

payroll for full-time employees was $3,281 ,244. Total employer's contributions to the two

combined 40lA plans were $396,180. Employees were required to contribute $131,251 to the

401 plans. Employees made additional voluntary contributions to the 457 plan of $161,210.

At December 31, 2009, the two combined 401 plans, and health savings plan assets totaled

$6,156,415, $2,873,795, and $21,484 respectively.

All full-time salaried employees are covered by the plans. As of December 31 , 2009, 71 fulltime

active employees were participating in the 401 plan, 36 in the 457 plan, and 3 in the

health savings plan. In addition, 59 vested terminated employees and retirees and

beneficiaries were participating in the 40 I plan at year-end, while 37 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 1 % 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 andlor dental

benefits during their COBRA health insurance eligibility period.

X. Lottery Revenues

The District has received lottery revenues in the amount of $540,937 from the Colorado State

Lottery. The funds can be used for capital improvements or maintenance fOT recreational

purposes. The lottery funds are allocated among Colorado's governmental units by population.

In 2009, the District received $4.62 per person based on a District distribution popUlation of

116,946. The District has established a Special Revenue Fund, the Conservation Trust Fund, to

account for these funds.

C-22


BUDGETARY COMPARISON

FUND SCHEDULES

DEBT SERVICE FUND

APEX FUND

GOLF COURSE FUND


This Page Intentionally Left Blank


DEBT SERVICE FUND

The Debt Service Fund 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.


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APEX PARK AND RECREATION DISTRICf

DEBT SERVICE FUND

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

For the Fiscal Vear Ended December 3 I, 2009

Variance with

Budgeted Amounts

Final Budget

Actual

Positive

Original Final Amounts (Nellalive)

REVENUES

Property tax ". 2,148,029 $ 2,148,029 S 2,160,119 $ 12,090

Payment in lieu of taxes 3,059 3,059

Total Revenues $ 2,148,029 $ 2,148,029 S 2,163,178 S 15,149

EXPENDITURES

Debt Service:

Principal $ 1,310,000 $ 1,310,000 S 1,3 10,000 ".

Interest and Fiscal Charges 906,115 906,115 866,022 40,093

Total Expenditures S 2,216,115 S 2,216,115 $ 2,176,022 $ 40,093

Excess of revenues over (under) expenditures (68,086) (68,086) (12,844) (24,944)

Net Changes in Fund Balances (68,086) (68,086) (12,844) (24,944)

FUND BALANCES -

BEGINNING S 21,410 $ 8,859 S 162,578 $

FUND BALANCES -

ENDING $ (46,676) $ (59,227) $ 149,734 $ (24,944)

D-I


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 cha.r:gec::s-=-. _______ _

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.


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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 31,2009

Variance with

Budgeted Amounts

Final Budget

Actual

Positive

Orillinal Final Amounts (Nellative)

REVENUES

Charges for Services $ 3,596,215 S 3,445,000 $ 3,418,894 $ (26,106)

Corporate Sponsorships 40,000 41,000 41,885 885

Miscellaneous 66,300 89,000 89,562 562

Total Revenues $ 3.702,5 15 S 3,575,000 S 3.550.34 1 S (24,659)

EXPENSES

Personal Services S 2,477,706 $ 2,477,706 S 2,439,795 $ 37,911

Operating Supplies 509,760 509,760 467,246 42,514

Purchased Services 806,155 806,155 620,118 186,037

Fixed Charges 61 ,725 61,725 57,126 4,599

Capital Outlay 7,500 7,500 4,466 3,034

Total Expenses S 3,862,846 $ 3,862.846 $ 3.,88.751 S 274,095

TRANSFERS (TolFrom) OTHER FUNDS

Transfer In S 170,000 S S S

Total Transfers

(TolFrom) Other Funds S 170.000 $ $ S

NET INCOME (LOSS) -

BUDGET BASIS S 9.669 $ (287,846) $ (38,4 10) $ 249,436

0-2


APEX PARK AND RECREATION DISTRICT

GOLF COURSE FUND

Schedule of Revenues, Expenditures, and Chonges in Fund Balances - Budget and Actual

For the Fiscal Year Ended December 31, 2009

Variance with

Budgeted Amounts

Final Budget

Actual

Positive

Orij!inal Final Amounts (Nellative)

REVENUES

Charges for Services S 1,842,900 S 1,922,813 S 1,833,122 $ (89,691)

Miscellaneous 1,400 1,700 3,364 1,664

Total Revenues $ 1,844.300 $ 1,924,513 $ 1,836,486 $ (88,027)

EXPENSES

Personal Services $ 1,025,470 $ 1,101,769 $ 1,099,851 $ 1,918

Operating Supplies 641,625 629,769 622,608 7,161

Purchased Services 143,781 132,415 132,022 393

Fixed Charges 56,010 56,464 57,372 (908)

Miscellaneous ISO 1,520 724 796

Capital Outlay 2,000 2,000 358 1,642

Debt Service 179,933 701,655 701,413 242

Total Expenses $ 2,048,969 S 2,625,592 S 2,614,348 $ 11,244

NON-OPERATING INCOME (EXPENSE)

Capital Contribution

General fund S 180.000 $ 671.500 $ 671,500 $

Total Non-Operating

Income (Expense) $ 180,000 $ 671,500 $ 671,500 $

NET INCOME (LOSS) -

BUDGET BASIS $ (24,669) S (29,579) $ (106,362) $ (76,783)

D-3


CAPITAL ASSETS


This Page Intentionally Left Blank


APEX PARK AND RECREATION DISTRICT

Capital Assets Used in Ihe Operation of Governmental Funds

Comparative Schedules By Source

December 31, 2009 and 2008

Governmental funds capital assets:

Land

Water rights

Construction in progress

Buildings

Improvements other than buildings

Machinery and equipment

Total governmental funds capital assets

2009

$ 102,962

30,000

41,563

4,507,446

8,617,684

860,496

$ 14,160, 151

2008

S 102,962

30,000

207,810

4,279,490

8,438,661

743,263

S 13 ,802, 186

Inveslmenl in governmental funds capilal assets by source:

General Fund

Bonds issued

Donations

Total governmental funds capital assels

8,706,647

3,105,279

2,348,225

$ 14,160, 151

8,348,682

3,105,279

2,348,225

$ 13,802.186

E-I


APEX PARK AND RECREATION DISTRICT

Capllal AsscIS Used in the Opemlion ofGovcmmcnlBl Funds

Scht:dulc By Function and ActivIty'

As of December 31, 2009

Funenan and AClivi!}:

Improvements

Waler

other than

Land RiB!!1s Buildinl!! Buildin~

Machinery Construction

and EgUieOlent In Pr0e!! Totals

General government

Racquet sports/fitness

Recreation services

Senior center

Aquatics

S

$ ]0,000 $ 112,]41 $

75,000 47],382 47,020

2,109,162 6,968,050

0 1,591,46] 9,363

27,962 221.098 1,59].251

S 420,12] S $ 56],064

32,547 41,563 669,512

269,875 9,]47,087

56,597 1,657,42]

80.754 1,92],065

Tera! governmental funds capital assets $

102,962 $ ]0,000 $ 4.507,446 $ 8,617.684

$ 860,496 S 41,563 S 14,160,151

E·2


APEX PARK AND RECREAnON DISTRICT

Capital Assets Used in the Operation ofGovemmeotal Funds

Schedule orChanges By Funclion and Activity'

For the fiscal year ending December 31. 2009

Function and Activity

General government

Racquet sports/fitness

Recreation services

Senior center

Aqualics

Tolal governmental funds capilBI asselS

Genen) fixed

Assels

lan. 1.2008 Additions Deletions

S 716,637 S 64,274 S (202,113)

624,040 31 ,763 (2,372)

8,939,073 377,977 (3,697)

1,633,304

1,848,932 74 ,133

S 13.802,186 S 368,147 S (210,182)

General Fixed

Assets

Transfers Dec. 31. 2009

S (13,733) S 563,063

(3,919) 669,312

13,733 9,347,086

3,919 1,637,423

1,923,063

S S 14,160, 131

E-3


This Page Intentionally Left Blank


STATISTICAL SECTION

This part of the Apex Park and Recreation District comprehensive annual fmancial 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.

Cootents

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 tox.

Debt Capacity

F-lD

These schedules present information 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 addilional

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

financiat reports for the relevant year.


This Page Intentionally Left Blank


APEX PARK AND RECREATION DISTRICT

Net Assets by Component,

Last Seven Years

(accrual basi. of accounting)

2003

2004 2005

Flocal Year

2006

2007 2008 2009

Govemmenlal activi~es

Invested in Capilal assets, net of related debt $ (13,482,189)

Restricted 146,538

UnreslIicled 2,078

Tolal governmental aclivities net assets $ (13,333,573)

$ (12,659,016) $ (11,539,377)

157,957 266,864

694,791 1,163.755

$ (11 ,806,268) $ (10.108.758)

$(10,786,789)

203,071

1.617.154

$ (8,966,564)

$ (9,385,600) $ (8,407,944) $ (7,293,580)

198,859 202,459 193,600

2,968,074 4,383.945 5,549,287

$ (6,218,667) $ (3,821,540) $ (1,550,693)

Business-type activities

Invested In Capilal assels, net of related debt $ 26,929,746

RestMcled 131,450

UnreslIicted 449,684

Total business-type activities net assels S 27,510,860

$ 25,877,757 $ 24,964,257

131,450 131,450

303,031 205,746

$ 26,312,237 $ 25,301 ,453

$ 24,192,005

131,450

458.750

$ 24,782.205

$ 23,313,080 $ 22,721,786 $ 22,473,589

131,450 131,450

761 .001 761 .371 745.175

$ 24,205,531 $ 23.614,607 $ 23.218.764

Prlmary government

Invesled in Capilal assets, net of related debt $ 13,447,557

Restricted 277,988

Unrestricted 451.762

Total primary government activities net assets $ 14,177.307

$ 13,218,740 $ 13,424,880

289,407 398,314

1.369 501

$ 15,192,695

$ 13,405,215

334,521

2,075,904

$ 15,815,640

$ 13,927,480 $ 14,313,842 $ 15,180,009

330,309 333,909 193,600

3,729,075 5,145,316 6,294,462

$ 17,986,864 $ 19,793,067 $ 21,668,071

N'CIII. Th. g l)lll~ actM!Iol. rl ~IIIN a rlel •• 1a\11I. .~otJhol,~toto..125.00a , 1II:II g.n_rwoi ~~ IIoIandIlallltr.1111181_1hI...,- III

c.ot\lItuC1ir1g caplllle.-.. {"


APex PARK AND RECRE!AllON DI9TRtcT

Ch.lngN In Net ........,

L.lIt Sen" Y •• n

1.111",.1 b .... of ••,ountIngl

FI.all Y •.,

,00l ,00<

'00' ,oot 2DDI

"'7 "..

E.lPl"*··

GcrtImmetUII tdMtiel

GMeraI Gowntmlnl I 1.848.587 1,11111,1121 2,156,881

• 1,8V6,2211 • 1,1188,823 • 2,03O,lIIM • 2,2811,11040

R~uII~ 353,437 3IW .... 425.1115 442,002 S2U711 SOII,078 463,J3S

R.cal_ lII'Yai 1.787,518 2,127,378 2.0220800 2,380,111 2,S5i.528 3,lM,311 U20.IJ30

-......

452,818 478,_ 410,515 480,4. ....... .... 1123 537,50411

... "'"

7112,274 751,.2 715.421 733,1121 7113,980 1,1~,724 7804,1112

In(MgI on ~ dIbt 11


APEX PARK AND RECREATION DISTRICT

Fund Balances of Governmental Funds,

Last Seven Years

(modified accrual basis of accounting)

Fiscal Year

2003 2004 Z005 2006 2007 2008 2009

General Fund

Reserved $ 169,259 $ 157,957 $ 186,108 $ 181,661 $ 210,661 $ 199,630 $ 198,638

Unreserved 79,351 642,854 953,890 1,471,076 2,608,717 3,893,495 4,295, 713

Total general Fund $ 248,610 $ 800,811 $ 1,139,998

1

$ 1,652,737 $ 2,819,378 $ 4,093,125 $ 4,494,351

All olher 90vemmental funds

Reserved

Debt fund $ $ $ 80,756 $ 21,410 $ 8,859 $ 162,578 $ 149,734

Conservation trust fund 2,078 103,185 121,673 111,836 102,859 184,321 413,425

Capital projects fund 61 ,951 218,981 183,676 391 ,372 438,471 964,719

Total all other governmental funds S 2,078 $ 165,135 $ 421,410 2 $ 316,922 $ 503,090 $ 785,370 $ 1,527,878

Total all governmental funds $ 250,688 $ 965,946 $ 1,561,407 $ 1,969,659 $ 3,322,469 $ 4,878,495 $ 6,022,229

NDI.. TI.-1IIIIove ~_""" ......... pnar ..... GA88:w ......... ~ ......... fYlQIU. n-.... hi ~,.,...,.s..M\8tar'-.IhM ... ~ .

I The n:r...1n 1aI.II1Inf~ ,.IM ....... Jund 1nd,. ........... ~ of!h. detIt bid In 2C115 ....... 111 ""010=._"1 DIiIIa.I:LII/II..s~

J The wnaM ... ..,.....,Iod fInI ~ 01 .. COfIHfnIiDn II\tIland capilli! ~ fifth klf2G04 WId 2005 J.tId--..y nt ..... ,.. ... pup:q. al

,..,..". ,...... •• 1"* purchae of,.,um.g ~ ... tor"'*'-g ~ aeed ~

F-3 ..


APEX PARK AND RECREATlON DISTRICT

CMnllH In Fund Bilinoll of Gov.mmMrtlI Fundi,

Lilt 81.1 VIII"I

(modlflld ICONII b,,'1 gf IOOountlng)

FlaalfVur

2_

.." 200. 200. 2007 200. 200.

R ... ~

T"",.

• • • • • • • 5.223.841 5,BOII,629 5,711,109 5,583,521 7,0010,822 7,105.137 7,34".1190

1nlll1lowmm.n1a1 504B.998 582 .... 148,1'" .... 062 795,398 1,125,:128 188,sea

Chargoll frM" NfVkII.a 1,221.208 I.W,Dot1 2,015,972 2,091,207 2,2104,718 2,352,222 2,3611,850

MerchandIY,COI'ICe.5ton & .... ndtng lB.959 16,104 27 ...... 44,707 "3,&47 "IB.911 37,280

SponlOfll'llp, c:ontnbubonll & doullolU 29."73 25,204 37.917 2",703 "9.330 60.31. 11.2611

lmiHln'llnlewngl 25.,(30 0110.981 110,875 187,548 275,722 198,312. 111,51&

MllC81111f1101.11 Hil9B 5 1

391 1011 1 '32 5521 23 1

887 285 1

001

Tol8l f1I\I8t1UOI

• • • • • • 7.6804.5011 8.160.~" 11,.581.879 10,0112",951 11.01111,930 10.926.01190

Eaplndltur ..

General gowmlMnt 1,593,878 1.738,285 1.781.2.45 1,7311,660 1.1132,982 1."'5,886 1,857,382

R.cqIMI apodlI & lilnas!! 342.838 378,"60 317,72.4 382.095 505,482 52B,7"10 .(58.221

RllCnlliIon ........ 1.715.770 1,783,459 1,&041,9


APEX PARK AND RECREATION DISTRICT

Governmental Activities Tax Revenues By Source,

Last Seven Years

(accrual basis of accounting)

Fiscal

Vear

Property

Tax

1 Ownership

Tax

Total

2003 $ 4,648,799

2004 5,033,716

2005 5,183,726

2006 5,079,059

2007 6,449,367

2008 7,051,876

2009 6,840,220

$ 574,841

574,913

527,383

484,462

591,255

553,261

504,670

2

2

$ 5,223,640

5,608,629

5,711,109

5,563,521

7,040,622

7,605,137

7,344,890

Change

2003-2009 32%

-14%

29%

The o.lInd ptoporty lax fB\1I1 have HImIIInlld raui)' .IBbf, dunng the Itv'IttI ylllWll

I Beginning 'Mih 1M 2007 budg.t !hi rJport_ rilled II 1 mil ,nanN IR prDpIIr1y tax..

~ Ownerahrp (Ihe lax paid for the purd'l.M 0( .."hldIlS) dec:fmlld ... HId oIlho COlI far tNlrro


_____

APEX PARK AND RECltEAnON DISTRICT

ASSESSED VALUE Ind ACTUAL VALUE OF TAXABLE PROPERTY,

Last Savan Va.niI

Fiscal

Loss:

Vear

Total Taxablo

Endod Budget RHldentlal Commercial Industrtal Other Urtlan AaIInled

Oecember 31 Year Property Property Property property Renewal Value

2002 2003 707,557,172 186,816,820 68,528,940 34,~,390 34,793,520 962,753,802

2003 2004 149,239,946 199,542,040 82,279,160 19,770,910 51,815,640 1.053,016,416

2004 2005 762,361,020 202,181,445 85,134,760 77,584,065 56,297,640 1,070,969,490

2005 2006 775,523,520 243,948,160 89,468,800 77,649,398 85,838,850 1,120.751,248

2006 2007 794,660,330 260,773,850 98,461,900 69,881,055 26.968,190 1,164,596.745

2007 2008 860,489,110 281,611,640 98,954,240 52,611,040 28,988,190 1,264,700,340

2008 2009 871,718,100 286,558,560 99,264,400 125,141,000 38.076,230 1,345,231,830

Jefferson ~2unrt. (o~rat1onall 1998 bond~,& 2008 rofundlng dabt m11lIen:)

2002 2003 707,057,120 178,214.910 67,753,650 33,888,750 34.793,520 951,918,910

2003 2004 748,741,_ 188,581,850 78,423,330 78,n6,480 57,815,840 1,034,887,980

2004 2005 761,921,190 191,258,810 77.555,810 74,240,360 56,297,640 1,048,877,990

2005 2006 775,000,730 233,m,750 82,271,340 74,406,840 65,838,850 1,099,417,810

2006 2007 794,151,600 246,160,580 79,642,260 66,297,240 26,968,190 1,160,065,490

2007 2008 859,982,570 284,835,560 94,769,140 48,187,730 26.968,190 1,240,808,810

2006 2009 811,223,360 270,111,640 95,719,560 117,838,860 38,078,230 1,316,817,210

Broomfield gS!un~ - On~ 1998 bond!i!:.12Q08 refunding bonds debt mlllle!!lf (no Ol:!era~2"i!lle~1'

2002 2003 500,052 8,601,910 775,290 957,640 NA 10,834,892

2003 2004 497,968 10,9ao,190 3,855,830 2,994,450 NA 18,328,438

2004 2005 445,830 10,922,835 7,579,110 3,343,725 NA 22,291,500

2005 2006 522,790 10,370,430 1,191,_ 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

_I_

23,891,530

2006 2009 494,720 16,446,720 3,564,840 7,906,340 3,218.432 28,414,620

...... ~ ..._ "~--"'-"-"'0IIIm

..-..:".,...,.IrIC4IIrIr....'___---'rTw__...'I._............... n.. ..............",.....,.........,LI.w.-.I""~""'·___ ........._ ..

n._ ......._ ..,.............,.....-r_~.... WI • ....--,____ ,......"'~..,............-..._.._......,............-"

...,...... IwIf ..._ .. U.,......,IuW-~..,..".t . t"(v.~~ n.OIbgIow~I'IIqIIIII'._~f _____.........a..

~~w. ....................... IhI_ .... _

.... __ ..-.-",."."" ... _5$'Io .. a..I ___ .. ""' .... "'_"'_ ... 14~_.Ihe-.l

Total EstJm.tad Aaaessed

Direct Actual Value 861 a

Tax Tu.bla Percentage of

Rate Value Actual Value

5.011 9,888,875,230 9.7%

4.867 10,659,431,481 9.9%

4.901 10,635,752,051 9.9%

4.614 11,160,228,058 10.0%

5.560 11,420,785,185 10.4%

5.524 12,296,998,851 10.3%

5.345 12,715,335,122 10.6%

5.011 9,846,955,791 9.7%

4.867 10,591,691,247 9.8%

4.901 10,754,621,281 9.8%

4.614 11,081,_,489 9.9%

5.560 11,331,606,751 10.2%

5.524 12,209,981,924 10.2%

5.345 12,612,845,130 10.4%

2.207 41,919,440 25.8%

2.129 67,140,234 27.1%

2.217 80,930,776 27.5%

1.902 18,328,569 27.2%

1.839 89,158,408 27.5%

1.850 87,006,933 27.5%

1.873 102,490,593 27.7%

--... .................. "lI'J, .... KCIIIIl"'"""" __ ... ,..., .......... _, .. IIIaC&.aII .. tM_~IIUI.,,~~~....--y.-_1

.... p"""'R-....~- • ...., ..... ....-.. ~ .... ~C&ny. _ ... ........-I1 • ..., ........ I ....... ~

n.1oWWI"F-..4Y .. I_~JI· .... )o-r .... a.IIIIQ ..... ,_ ... _..,.. ............. ___ ...... fIoo"..IoJwr""Iht ............... y ...

...... 1tHI_.,.IIIIIIIoo:MdIl_PII~

~IIIoIDIIuII::t

F6

en


APEX PARK AND RECREATION DISTRICT

PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS

Last Seven Yean

Overla~E:in9 Rales

Fiscal A~ex P & R District' Jefferson Coung: Jefferson Coun~ School District

Year Debt Total Debt Tolal Debt Total

Ended Budget ope,aUng Service Dlstrtct Operating Service County Operating Service School

December 31 Year Millage Millage Millage Millage Millage Millage Millage Millage Millage

Othar 2

OVerlapping

Local

Governments

Tolal

Direct &

OVertapplng

Rates

2002 2003 2.636 2.231 4.867 23.539 23.539 35.237 10.150 45.387

2003 2004 2.695 2.172 4.867 23.867 23.867 33.698 10.150 43.848

2004 2005 2.729 2.172 4.901 24.346 24.346 39.848 11 .250 51.098

2005 2006 2.712 1.902 4.614 24.346 24.346 37.803 11 .250 49.053

200s' 2007 3.721 1.839 5.560 24.346 24.346 37.778 11.250 49.028

2007' 2008 3.727 1.797 5.524 24.346 24.346 36.868 11 .250 48.118

200s' 2009 3.698 1.647 5.345 24.346 24.346 36.868 11.250 48.11 B

a..-. ; ~...., .... .--... ..... ~DI"- .

·n.c.rn.:t ....... _,.II-r~_...,....... .....

Tu._ ... pcr.I .... --....,.."....,.

__ ..,......pIt)r_..... DIInd ........,.... I_Iar ......._r t"2CllllDIiI*Id~ ......... 1 ... hIn_ .............. 2DII'1 ....._ o " ~ ...,......

l~r ..............-.d-dJ...-....,.It• .......,_......,...PwV_~~......--............,...

....... "' .. • 1I.Ml ....... Mdt,. .. ~

AJtftPlrb .... "-~.,."..,.....,_I· ......... _.,....~ ......... · ........ III .. .....-.n .......... PIIIb. ... ~~~

_ .... ........, ........ ~ .................. ,.. ........ IlIII*tIt' .

..... · n.~,....Y .. InIIooiI~ll· ... )I'MI' .. CIIIIti;t-.nl,....... ... __ .......... "' ...... _ ...... rnI...,.fw_ ........ "IIIIIdQoIY ....

.......... -- .......................... --- .................. ~ .

176.524 250.317

251.429 324.011

332.616 412.961

395.384 473.397

435.507 514.441

587.482 665.470

640.550 718.359

F7


APEX PARK AND RECREATION DISTRICT

PRINCIPAL TAXPAYERS,

Current Year and Nine Yea ... Ago

2009 2000

Percentage of

Percentage of

Taxable Total Taxable Taxable Total Taxable

Assessed Assessed Assessed Asaessed

Taxpayer Type of BusIness Value Rank Value Value Rank Value

Ball Corporation Manufaduring, Diversified 16,920,870 1 1.3

Pine Tree Westminster LLC Shopping Center 11,054,360 2 0.&

Target Corporation Retail Store 9,&36,510 3 0.7

Arvada Strudures Shopping Center 7,105,000 4 0.5

Arvada Wesl 04 LLC Shopping Cenler 5,889,110 5 0.4

Westwood. Structures Shopping Center 5,512,610 6 OA

Safeway Stores, Inc Retail Store 5,061,270 7 0.4

ComCast of Colorado Cable TV/Communications 4,886,210 8 0.4

Sunclyne Corporation Manufacturing 4,669,870 9 0.4

Cub Square Center, LLC Shopping Center 4,633,100 10 OA

QwestCorp. Telephone Service 14,071,700 1 1.8

Westmoor Business Par1< Business Par1< 12,951,900 2 1.7

CIN Arvada L.P. Shopping Center 9,261,880 3 1.2

Cobe Cardiovascular Medical Manufaduring 6,419,440 4 0.&

Mountain States Vidlo Retail Store 3,034,810 5 OA

Indian Tree LLC Shopping Cenler 2,360,540 6 0.3

Eagle Hardware and Garden, Inc. Retail Store 1,923,&90 7 0.2

Sundstrand COIJlor8tion Manufactllfing 1,646,220 8 0.2

Chou Jack C. Co. Shopping Center 1,726,170 9 0.2

TVO Southwest Partners Apartment Complex 1,711,470 10 0.2

TOTALS $ 75,568,910 5.7% $ 55,308 1

°20 7.1%

~.J~"'~-",,~_otIIar

F8

Cl


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 ~!!I:"entage of LSl!ll

December 31 Year FIscal Year

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%

2008 2009 6,843,158 6,830,306 99.8%

' Collections in

Subsequent Years

$5,343

$5,953

$1,357

($104,546)

$1,619

$7,073

($3,249)

($6,349)

($37,215)

($16,185)

Total Collections

Amounl Percentage of Le:a

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%

7,004,475 99.9%

6,814,121 99.6%

~ JIr!t'...., tnt BIooIrIieId CCIUI'Mo!I TI'enW1If lax c:oIlecIlon fWPD"

NotIi; no. t.m -,:j1Colll Veer EndMf o-nbar 31"1. 1M pw IN Di,", boItd recewet !he .... ..,.,., v,tun tram tho ~

and Mtllhll mdlllIrI')' for LhII foUOWlr~"Budget v .... when Iha 111M, .. ~ed from prgpII'ty CJWflIInI and by U. DlaInd

1 p~ laXu coIleQld., sny one)'at 1ndudII. a:JlIlIdJon of .Ii~ pfQP8I1y taxItS I~ In priat,.... lnfanNIIlCIrI

~1YMf rtom CCMCy Tr....-ers· does nat ptmlIIMilnLdic:lllMJn of.pearl


APEX PARK AND RECREATION DISTRICT

RATIO OF OUTSTANDING DEBT BY TYPE,

Last Ten Fiscal Years

Governmental Activities

Buslness-TlEe Activities

General Contingent General Term Loanl

Fiscal Obligation Rebatable Capital Obligation Golf Capital

Year Bonds Arbitrage Leases Bonds Bonds Leases

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 57,720 770,000 110,495

2007 16,235,000 25,495 695,000 75,374

2008 14,920,000 4,823 615,000 143,940

2009 13,450,000 97,328

Total Percentage

Primary of Personal Per

Government Income' Capita'

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 2.37% 138

13,547,328 1.91% 116

..... 0e\UI ~ the...,.. Pwb n RauuIlDn a.tct.cMsIard'1g" c.\be 1'N1d" 1M notal \0 lhellrMclall'-nlnl

, s.. fill sa-.. of ceo .......... EanImic SLlIIIbcl an P9 F·15 _ ptrtcNf IraxT. and ~ dU

FlO

01


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 Arbitrage Leases Government Property

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%

2009 13,485,000 13,485,000 1.00%

Per

Capita

215

204

199

187

177

166

156

143

129

115

Hen. 0.11111 reclanUng U'll Apu: Parb Mid Reauban Dlstnct'1 ouLJt8nd1ng debl CoIn M

1OLa'Id., Ih4I nail' Ie u.. 6nMd. _lament.,

I SIIIIha SctI,ctuI, 01 "NaNd Val ... Ind EatMnII'-d AdImt V.lul ar TUllb18 Property on

ptg. F4 lor pmperTy ~1IhM dllw

1 PopullbM dlta can be IIJWMi In IhII ScMdull 01 Dtlmootaphcc Ind Econonie Slal<iCl

F-11

02


APEX PARK AHO REC"I!AnON DlSTRtCT

Direct end o...etl.lpp&.. Govlmmenl.ll ActMtlel Debt,

AI a' Decembtlr 31,20011

GOVlmmlntal Unit

Debt

Outltlndlng'

EaHmatid

PercentaGe

Applicable

eeumated

Sh.,. af

Overtapplng

Cebt'

Gpv.mmml.ll Unit

Dabt repaid with property taua

Alvad. Wat Town Cenler BID

Churdl Ranch Mearopolilan DI,tnet

Falrmonl Fire Protection Dlstrkt

JeWerao" County Sehool District R-1

Mounlaln Shadow. Metro Dbtrlct

North M.1To Fife Rescue 0I,1rict

RII.kIn Vel .. y Water end Sanitation Dlsll1d

Spring Me" Metropolitan Oi.1riet

TabMrodt Metro DI,trict

W .. I Point Metropolitan Ohlttk.l.

W .. tgleM Metropolitan Olltrid.

OChlrdlb.

Rninul aacked Bonda

City 01 Alvod.

City of W .. lmln.ter

Jeffer90n Canler Metropolilan Dillrict' 2

J.trerson County

Kipling Ridge Metropolitan Olalllct

Reg50na' TransportaUon District

Certmcatl' of PartJclp.Uon

Arvada Fire Prcleetion Olslrict

City of Alveda

eity of Weslmlnsler

Je",el'BOn County

Jertanson County School Diltrict R-1

Regional Tranaportalion Diltrict

Capital Llau.

eMy 01 AIv.da

City or Weslm[nater

Coal Creek Cln)'On Fire Re!1CU8 Mew Dlilrict

Jerfe,..on County

Jerfel'1lon CO\Inly Schoof Di.lricl R·1

lOin Oebt

Berkeley Weier end SanitatIon DIJtrict

Canyon Pin es "'elropolilsn DI.trIct

Cimarron Melm Districtty ar Arvada

Jerrerson County Schaol DIStrict R-1

Mounlilin Shadows Malto DIslIict

Veuxmont Metropolitan Dlalrict

Subtotal a".rtapplng d.bt

-4,905,000

3,185,000

3,010,000

5S4,~50,OOO

11,~00,ooo

2~,830,OOO

2,283,700

5,702,152

9,490,000

11,280,000

1,915,000

3o,no,OOo

8-4 ,955,000

40,000,000

128,545,000

13,-420,000

881,845,000

-4,955,000

15,550,000

73,885,000

105,330,000

39,G40,OOO

291 ,135,000

8~,522

1,531,311

238,115

1,210,394

42,881,135

2&4,541

22,708

504,218

H2,727

864 ,715

104,5~

99.72%

88.93%

21.12%

18.75%

100.00%

85.03%

e1 3e%

100.00%

100.00%

iI.9S%

104.048"

85.86%

0.01"

100.00%

18,75%

911,10%

17.19%

72.48%

85.68%

0,01%

18.75"

18.75"

17.19%

85,86%

0,01"

17.20%

18.T5%

18.7511)1,

-41 .67"

100.00%

100.00"

16.75%

100.00"

100.00%

-4 ,881,31

2,751 ,373

835,810

94 ,558,8111

11,400,000

20,842,888

1,388,981

5,701,989

9,4&0,000

8,251,212

27',a...17

28,356,458

B,04ee:

-40,000,000

21,533,H2

13,299,519

151,5811,15'

3,591,-490

13,319,582

11,804

17,1H4,885

8,539,982

50,0


.L IOttlI~ . r.JlI. h

APEX PARK AND RECREATION DISTRICT

o.btllmit

.... :100,

COMPUTATlON OF LEGAL DEBT MARGIN,

Lut Ten FlKel Years

>001 '00' :100' • 007 .... :zoo •

$ :581,835,695 S 388,346,615 $ -4aa,235,~8 S 525,081,950 $517,343,5110 $ 552,481,815 1512,828,230 S 583,525,&40 S 833,7B8,195 I 658,-401,605

23,610,000 22,680,000 21,715,000 20,710,000 11,BSO,OOO 11,565,000 17."25,000 18,235,000 18,235,000 13,-450,000

Lagel debt .".rgl"

Total net debt .ptkable 111 the limit

.. II pen:entage 0' debt llmlt

S 385,225.695 S 363,868,815 S -466,520,146 $ 504,351 ,980 S.a7,1Il.990 .. 533,122,115 S565,203,23O .. 5n,29O,IM0 $ 618,h6,71S $ 85I1,.oe.805

6.07% 5,87% • "5"" 3.9-4% 3.110% 3,36% 299% 2.7.'" 2.58'" 2.Q.4%

Lllllel Debt Margin CllwLetSon fur FI.~I V.lr 1008

_

_ ~"S-".I

......--... ..

...... -

__ Pld...r~CiocJOd.~_

" _......-__...c..._"'__ lIil_

A'HINd value

Add back: exempli real property

Tota a:iMased value

Debt jrTit (SO% i11ot1ll ...... Ied velue)

Debt applicable 10 limit

Genenll Dbhgll\l::ln bond,

Lall: Amounl HI eiNda tOf repayment af

genenll abiga\ion dftll

Tau. net dl!tbt 1pp&c8tM to ImIl

Legal debt margin

$1,271,7.0.5180

31,076,230

Sl,31«1,117.21 0

851,.08,605

13,"85.000

F13


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

2000 1,555,758 1,263,711 292,047

2001 1,982,927 1,525,441 457,486

2002 1,967,315 1,586,708 380,607

2003 1,923,185 1,688,663 234,522

2004 1,854,541 1,722,752 131,789

2005 1,912,481 1,777,150 135,331

2006 1,982,027 1,849,650 132,377

2007 2,101,928 1,908,093 193,835

2008 2,145,498 1,975,609 169,889

2009

125,000 92,970

125,000 86,282

130,000 79,579

135,000 72,532

60,000 66,073

65,000 62,413

70,000 58,025

75,000 53,300

80,000 48,238

1.3

2.2

1.8

1.1

1.0

1.1

1.0

1.5

1.3

Nm.. OWIng n5Clll yelr 2009 1M Dillrid p.I1CI off III ot lIM GoIt R""r'llJl Bond.

GoIt dYrgel and other l1dudu invlatmtnt lamingl Opetlltlng Ixpwl18' do no( tnducs. ",1v.11 or

depreduon

DII""s ~gatdll'lD Ih. gQWmn'lflnl'a outalandinll debt can b-. found In 1M nol •• La tho fiMnCl. uallmonlt.

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' 01 dollars)' Income Age' 01 School ing' Enrollmene Rate'

2000 111,027 4,037.867 38,204 37.2 14.5 18,940 2.3

2001 112,774 4,332,632 38,999 37.2 14.5 18,940 3.7

2002 110,831 4,648,914 38,281 37.2 14.5 19,994 5.7

2003 111,126 4,988,285 38,124 37.2 14.5 19,654 6.1

2004 111,036 5,352,429 40.494 37.2 14.5 19,177 5.4

2005 111,653 5,743,157 42,012 37.2 14.5 19,125 5.0

2006 112,412 6,162,407 43,478 37.2 14.5 16,174 4.2

2007 113,898 6,612,263 44,941 37.2 14.5 16,522 3.7

2008 115,531 7,094,958 46,931 37.2 14.5 16,913 4.7

2009 114,744 7,055,971 47,213 37.2 14.5 16,470 7.5

·8 .... _ ~ ~ ntlllllII J.rJ.~ CcuI!1' 1Ipd111.c1 T0I.I1 P.NOMt w- foI2CIIO. 20Glind + 01" MIl' tie IV.,.,. .. /MIa! gnrw4I'l ralt 011.3 .... 2001 ....:I.'. Iv .. hit 1M.

TPlIftlotMll. ... hm _/~\..., ~ ~L ...'fhIiUpM'lNCOWEcMKa '''''c.MHCI."'I~",,":o&''D.

,~ . J ..._ c:-trSdilllol Db1nl:t211C1O- 2001 lIIpJtww.odI .• 1fI111 co UIIcdefI'f'IIim~ IM\2007. 20M

'20C1C1 c.ftIV. lIu"I" ~rwn. .....

'Inlllrm.lllon rot J.rt .... on COV~ from co Dlpl of lAbcIr_bllll _ ~t-. cam

• Slate Dr CoIorIda COnNIY.1ICIII TNiI o.p.rtmant

F-15

"


APEX PARK AND RECREATION DISTRICT

Principal Employers

Current Vear and Nine Vears Ago

2009' 2000'

Percentage

of Total District

Percentage

of Total Dislric!

Em~lo~er Em~loyees Rank Em~lo~men! Em~loyees Rank Em~loyment

Mark VII Equipment 173 10 0.29 200 8 0.84

Sam's Club 180 9 0.31 220 7 0.92

Home Depot 207 B 0.35 0.00

Costeo Wholesale 212 7 0.36 0.00

Targe! 220 6 0.37 0.00

Safeway 255 5 0.43 165 9 0.69

Pridemark Paramedic Services Inc 275 4 0.47 300 5 1.26

Sundyne Corporation 330 3 0.56 320 4 1.34

Sorin Group USA Inc (formerly Cobe) 350 2 0.59 890 1 3.73

King Soapers 695 1 1.18 465 2 1.95

Tarco 0.00 350 3 1.47

Jefferson Center for Mental Health 0.00 300 5 1.26

Colorado Credit Union League 0.00 225 6 0.94

Venter Companies 0.00 225 6 0.94

Employe~s Unity 0.00 160 10 0.67

To!al 2,897 4.41 3,820 5.B2

'Arv .. co, E~ Dtyalopmor1l .... ~\JOn

'CiIyO! NwI!.. F~ o.p"rItIMIM

F-!6


APEX PARK & RECREATION DISTRICT

Full-Urne Equtvalent Dlstriet Employ ••• by Functlon

Last Seven Flee •• Y.anl

Full-tlma Equtvafenl Employ ..... of December 31,1

2003 2004 2005 2006 2007 2008 2009

Function/Program

Govemmlntal ac:tlvttl8.:

General Govemment 18 15 10 13 18 19 20

Racquet sports/fitness 9 8 8 8 9 9 8

Recrealfon Services 29 28 28 28 28 31 32

SenJor Center 9 8 8 8 8 8 10

Aquallcs 7 7 34 7 12 14 13

Tolal govemmenlalactMUes -7-0- 86 88 64 75 81 83

BU8In ...-type .ellvttl••:

Apex 84 82 50 72 65 70 71

Golf 33 31 29 28 28 28 30

Tolal business-type aeIM!)es 117 113 79 100 93 98 101

Tolal FuM-lime Equtva~nt Employees 187 179 167 164 168 179 184

'DIoI. ... 1OIII ...... PvU ___ tIfInoj. ... ,..,,"_TO,..·' ... _TDIO~IIoo_II_ ...

'"""....._~• .....,....._

../DOIIIR.

T __,...IO ........_,........ _"",,""-1IJ2aKI

F17

"


APEX PARK & RECREATION DISTRICT

Operating Indlc.tors by FuncUon

Last Seven Fiscal Years

FlscalYe.r

2003 20D4 2005 2008 2007 2008 2009

FuncHon/Program

Governmental actlvilles:

Racquet sports/fitness

Workout Center Admissions 37,000 37,640 36,600 37,600 37,000 37,100 37,000

Racquetball Admissions 12,800 13,000 13,500 13,700 14,000 14,000 16,440

Tennis Center Admissions 12,750 13,105 13,400 13,000 13,500 13,650 15,500

Therapeutic Roc Admissions 1,800 2,050 2,300 2,200 2,500 2,650 2,600

RecreaUon Services

Adult Sports Particlpants 171,454 166,580 145,796 147,254 154,616 170,577 181,211

Classes 2,581 2,849 3,192 3,750 3,938 4,330 4,837

Youth Sports Participants 665 835 880 350 420 2,900 3,290

Rentals 3,950 4,320 4,420 5,500 5,650 6,201 6,521

Senior Center

Rentals 12,350 12,389 19,200 16,870 22,398 16,730 16,518

Classes 3,000 3,166 3,300 2,671 3,185 3,287 3,099

Special EventsfTrlps/Sliver Sneakers 30,000 32,267 34,000 25,847 26,488 26,015 34,769

Volunteer visits 9,200 9,230 9,300 8,759 8,321 9,099 10,021

AquaUcs

Daily Visits 36,633 25,424 28,561 17,658 40,080 28,921 23,390

Season Pass Visits 17,858 15,660 18,554 17,977 17,768 13,568 17,100

Renlals 26,247 22,690 25,579 27,064 25,058 73,678 83,300

Swim Lesson Visits 42,308 40,564 38,142 30,856 40,526 44,858 45,482

Buslnass·type activities:

Apex

Admissions & Guest Services

Daily Admissions 182,230 153,915 144,127 140,280 150,782 146,343 132,853

Annual Pass & Punch Card Admissions 166,845 179,872 174,564 177,616 347,731 205,882 243,584

Annual Pass Sales 2,733 3,115 3,405 2,467 3,720 2,406 2,485

Punch Card Sales 2,721 2,841 3,052 3,485 2,333 2,730 1,437

Ice Arena

Deily Admissions 18,670 16,245 13,534 17,418 15,948 27,671 25,269

Annual Pass & Punch Card Admissions 181 319 690 350 1,997 3,587 3,625

Punch Card Sales 8 28 14 18 101 82 113

Annual Pass Sales 45 48 53 35 18 11 8

Go~

18 Hole Rounds of Play 15,453 17,026 24,922 22,645 24,067 27,135 26,640

9 Hole Rounds of Play 10,641 9,178 7,528 10,511 9,889 10,202 9,961

Annual Pass Holders Rounds of Play 17,126 14,313 13,710 13,482 8,884 7,123 6,954

Par 3 Rounds of Play 27,103 25,578 26,488 23,178 23,170 23,618 24,259

,.... 2Q03.20Q8 d.lallnl&nalld

2GOlApiIA/llIu.tPn.' PuIlChc..dAd ..... 1Du ~~ r.porltd In 2005 .. 15,111 111M 10 typIng_,

HIM. 1M *'" A'lfwrndan _

TlI.,.,. ... I1'1I11.~ ~ dU fIIr '-.Iu... .... f""

... ndalM prIIIr la'" GASH 34 npg:tlng ~ .rrwdlv. tor FY2003.

F-18


APEX PARK & RECREATION DISTRICT

Capital Au." Statlalles by Division

La.t Saven Fiscal Yea",

Functions/Programs

Primary Government:

Fiscal Year

2003 2004 2005 2006 2007 2008 2009

General Government

Trail 2 2 2 2 2 2 2

Acreage - owned 203.64 203.64 203.64 203.64 203.64 203.64 203.64

Acreage - leased 294.43 294.43 294,43 294.43 294.43 294,43 294.43

Racquet sportslfltness

Tennis Court 52 52 52 52 52 52 52

Recreation Cent.r 1 1 1 1 1 1 1

Rect.aHon Services

Communijy C.nt .... 4 4 4 4 4 4 4

Indoor Arena 1 1 1 1 1 1 1

Playing Field 5 5 5 5 5 5 5

Services Building 1 1 1 1 1

Senior Center

Commun~ Center 1 1 1 1 1 1

Recreation Center 1 1 1 1 1 1

Aquatics

Pool 4 4 4 4 4 3 3

Business-type Activities:

Apex

Pool 3 3 3 3 3 3 3

Ice Arena 2 2 2 2 2 2 2

Recreation Cent.r 1 1 1 1 1 1 1

Community Center 1 1 1 1 1

Golf

Gotf Course 2 2 2 2 2 2 2

Na .. ThI ULI ~~ 10 LM CIoILrtr:J.lllild .... 1 II"IIMI)'

..... Tt.. iIlIIIwllnrmollllHl Wli MI av$btIt prill, IG III_ GASH 34 ,.,.n.no """l1'lil'1li .CWt """ fYl00l

TII'I1IIII:", .... II.I~IMIII fnN,,11 _LlIDt ............ y.1ItI.

F-19

"


This Page Intentionally Left Blank


PARK &

RECREATION DIST R I C T

131511 W, 12ndlwDIIB· Arvada CO 80005·303/424·2739· 8D1lJnlI ..

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