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

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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
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APEX PARK AND RECREATION DISTRICT,
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TABLE OF CONTENTS INTRODUCTORY SECT
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INTRODUCTORY SECTION LETTER OF TRAN
Page 8 and 9:
Board of Directors Jim Whitfield, P
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President, Board Members and Distri
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President, Board Members and Distri
Page 14 and 15: This Page Intentionally Left Blank
Page 16 and 17: ~~ PA II1t, .. ~~llk"'l':':' DI,111
Page 18 and 19: FINANCIAL SECTION INDEPENDENT AUDIT
Page 20 and 21: INDEPENDENT AUDITOR'S REpORT
Page 22 and 23: McMAHAN AND ASSOCIATES, L.L.C. Cert
Page 24 and 25: MANAGEMENT'S DISCUSSION AND ANALYSI
Page 26 and 27: MANAGEMENT'S DISCUSSION AND ANALYSI
Page 28 and 29: types. The General Fund, Conservati
Page 30 and 31: Apex Park aad Reen.tioa District's
Page 32 and 33: Revenues by Source - Governmental A
Page 34 and 35: Financial Analysis ofthe Government
Page 36 and 37: • Governmental activities capital
Page 38 and 39: BASIC FINANCIAL STATEMENTS
Page 40 and 41: APEX PARK AND RECREATION DISTRlcr S
Page 42 and 43: APEl( PARK AND RECREATION DISTRICT
Page 44 and 45: APEX PARK AND RECREATION DISTRICf R
Page 46 and 47: APEX PARK AND RECREATION DISTRICT C
Page 48 and 49: APEX PARK AND RECREATION DISTRICT S
Page 50 and 51: APEX PARK AND RECREATION DISTRICT S
Page 52 and 53: NOTES TO FINANCIAL STATEMENTS
Page 54 and 55: APEX PARK AND RECREATION DISTRICT N
Page 56 and 57: I. Summary of Significant Accountin
Page 58 and 59: I. Summary of Significant Accountin
Page 60 and 61: II. Reconciliation of Government-Wi
Page 62 and 63: III. Stewardship, Compliance and Ac
Page 66 and 67: IV, Detailed Notes on AU Funds (con
Page 68 and 69: IV. Detailed Notes on All Funds (co
Page 70 and 71: V. Long-Term Debt (continued) in 19
Page 72 and 73: V. Long-Term Debt (continued) The m
Page 74 and 75: IX. Post Employment Benefits (conti
Page 76 and 77: BUDGETARY COMPARISON FUND SCHEDULES
Page 78 and 79: DEBT SERVICE FUND The Debt Service
Page 80 and 81: APEX PARK AND RECREATION DISTRICf D
Page 82 and 83: ENTERPRISE FUNDS The Enterprise Fun
Page 84 and 85: APEX PARK AND RECREATION DISTRICT A
Page 86 and 87: CAPITAL ASSETS
Page 88 and 89: APEX PARK AND RECREATION DISTRICT C
Page 90 and 91: APEX PARK AND RECREAnON DISTRICT Ca
Page 92 and 93: STATISTICAL SECTION This part of th
Page 94 and 95: APEX PARK AND RECREATION DISTRICT N
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Page 98 and 99: APEX PARK AND RECREATION DISTRICT G
Page 100 and 101: APEX PARK AND RECREATION DISTRICT P
Page 102 and 103: APEX PARK AND RECREATION DISTRICT P
Page 104 and 105: APEX PARK AND RECREATION DISTRICT R
Page 106 and 107: .L IOttlI~ . r.JlI. h APEX PARK AND
Page 108 and 109: APEX PARK AND RECREATION DISTRICT D
Page 110 and 111: APEX PARK & RECREATION DISTRICT Ful
Page 112 and 113: APEX PARK & RECREATION DISTRICT Cap
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PARK & RECREATION DIST R I C T 1315
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