HomeMy WebLinkAbout20233813.tiffANNUAL REPORT FOR CALENDAR YEAR 2023
BEEBE DRAW FARMS METROPOLITAN DISTRICT NO. 1
The Beebe Draw Farms Metropolitan District No. 1 (the "District") hereby submits this
annual report, as required pursuant to Section VII of the Amended and Restated Service Plan of
the District approved on March 16, 2011 (the "Service Plan"). This annual report is being
submitted to satisfy the reporting requirement for the year 2023 concerning activities completed
between January 1, 2023 and December 31, 2023.
Reporting of Significant Events.
1. Boundary changes made or proposed to the Districts' boundaries as of December 31
of the prior year.
There have been no boundary changed for the year ending December 31 of the prior year.
2. Intergovernmental Agreements with other governmental entities, either entered into
or proposed as of December 31 of the prior year.
No Intergovernmental Agreements with other governmental entities were either entered into
or proposed as of December 31 of the prior year.
3. Copies of the Districts' rules and regulations, if any, as of December 31 of the prior
year.
The District has not adopted any rules and regulations.
4. A summary of any litigation which involves the Public Improvements as of December
31 of the prior year.
During the report year of 2023, the District was not involved in any litigation.
5. Status of the construction of the Public Improvements as of December 31 of the prior
year.
Public Improvements were not constructed in 2023.
6. A list of all facilities and improvements constructed by the District that have been
dedicated to and accepted by the County as of December 31 of the prior year.
No facilities or improvements were dedicated to or accepted by the County in 2023.
7. The estimated assessed valuation of the District for the current year.
The estimated assessed valuation of the District for the current year is $10,208,470.
8. Current year budgets including a description of the Public Improvements, if any, to
be constructed in such year.
The District's 2024 Budget is attached hereto as Exhibit A.
CoF1Mvn''co.+►onS
11 11312.4
x.023-3SSIS
SDoOO1
BEEBE DRAW FARMS METRO DISTRICT NO. 1
ANNUAL BUDGET
FOR YEAR ENDING DECEMBER 31, 2024
BEEBE DRAW METRO DISTRICT NO. 1
SUMMARY
2024 BUDGET
WITH 2022 ACTUAL AND 2023 ESTIMATED
For the Years Ended and Ending December 31,
ACTUAL
2022
ESTIMATED
2023
BUDGET
2024
BEGINNING FUND BALANCES $ 12,543 $ 13,819 $ 17,740
REVENUES
Property taxes
Specific ownership taxes
Conservation Trust Fund proceeds
Interest income
Other revenue
Total revenues
Total funds available
EXPENDITURES
General Fund
270,995 311,536 408,339
16,039 13,365 16,334
2,287 2,000 2,000
5,347 14,478 1,950
1 10,726
294,669 352,105 428,623
307,212 365,924 446,363
293,393 348,184 409,238
Total expenditures 293,393 348,184 409,238
Total expenditures and transfers out
requiring appropriation
293,393 348,184 409,238
ENDING FUND BALANCES $ 13,819 $ 17,740 $ 37,125
EMERGENCY RESERVE
AVAILABLE FOR OPERATIONS
SPECIAL REVENUE RESERVE 1
$ 1,800 $ 2,800 $ 2,500
(443) 17,235
12,462 14,940 17,390
TOTAL RESERVE $ 13,819 $ 17,740 $ 37,125
No assurance provided. See summary of significant assumptions.
1
BEEBE DRAW METRO DISTRICT NO. 1
PROPERTY TAX SUMMARY INFORMATION
2024 BUDGET
WITH 2022 ACTUAL AND 2023 ESTIMATED
For the Years Ended and Ending December 31,
ASSESSED VALUATION
Residential
Commercial
Agricultural
State assessed
Vacant land
Personal property
Oil & Gas
ACTUAL
2022
ESTIMATED
2023
BUDGET
2024
$ 5,089,820 $ 5,660,570 $ 7,603,770
430 220
840 800 1,820
340 9,580 1,930
791,820 513,910 750,900
251,500 442,150 343,980
640,110 1,229, 950 1,506,070
6,774,860 7,857,180 10,208,470
Certified Assessed Value $ 6,774,860 $ 7,857,180 $ 10,208,470
MILL LEVY
General
Total mill levy
40.000 40.000 40.000
40.000 40.000 40.000
PROPERTY TAXES
General $ 270,994 $ 314,287 $ 408,339
Levied property taxes
Refunds and abatements
270,994 314,287 408,339
1 (2,751) -
Budgeted property taxes $ 270,995 $ 311,536 $ 408,339
BUDGETED PROPERTY TAXES
General $ 270,995 $ 311,536 $ 408,339
$ 270,995 $ 311,536 $ 408,339
No assurance provided. See summary of significant assumptions.
2
BEEBE DRAW METRO DISTRICT NO. 1
GENERAL FUND
2024 BUDGET
WITH 2022 ACTUAL AND 2023 ESTIMATED
For the Years Ended and Ending December 31,
ACTUAL
2022
ESTIMATED
2023
BUDGET II
2024
BEGINNING FUND BALANCES $ 2,533 $ 1,357 $ 2,800
REVENUES
Property taxes
Specific ownership taxes
Interest income
Other revenue
270,995
16,039
5,182
1
311,536
13,365
14,000
10,726
408,339
16,334
1,500
Total revenues 292,217 349,627 426,173
Total funds available 294,750 350,984 428,973
EXPENDITURES
General and administrative
Accounting
County Treasurer's fee
Directors' fees
Insurance
District management
Legal
Miscellaneous
Payroll taxes
Election
Contingency
Transfer to Authority - General Fund O&M
Transfer to Authority - Amenities Fund (2019 D2 - Included lots)
Transfer to Authority - Amenities Fund (2011 boundary lots)
Transfer to Authority - Infrastructure Fund (2019 D2 Included lots)
Operations and maintenance
17,531 23,000 17,000
4,070 4,675 6,125
1,400 2,300 1,000
3,489 4,675 5,000
8,300 10,487 16,000
7,146 10,439 15,000
4,276 1,500
262 400
16,262 33,626
2,000
200,256 214,578 266,958
2,306 2,689 5,610
4,682 26,423 50,206
27,951 10,754 22,439
Total expenditures 293,393 348,184 409,238
Total expenditures and transfers out
requiring appropriation 293,393 348,184 409,238
ENDING FUND BALANCES $ 1,357 $ 2,800 $ 19,735
EMERGENCY RESERVE
AVAILABLE FOR OPERATIONS
TOTAL RESERVE
$ 1,800 $ 2,800 $ 2,500
(443) - 17,235
$ 1,357 $ 2,800 $ 19,735
No assurance provided. See summary of significant assumptions.
3
BEEBE DRAW METRO DISTRICT NO. 1
SPECIAL REVENUE FUND
2024 BUDGET
WITH 2022 ACTUAL AND 2023 ESTIMATED
For the Years Ended and Ending December 31,
ACTUAL
2022
ESTIMATED
2023
BUDGET
2024
BEGINNING FUND BALANCES $ 10,010 $ 12,462 $ 14,940
REVENUES
Conservation Trust Fund proceeds 2,287 2,000 2,000
Interest income
Total revenues
165 478 450
2,452 2,478 2,450
Total funds available 12,462 14,940 17,390
EXPENDITURES
General and administrative
Operations and maintenance
Total expenditures
Total expenditures and transfers out
requiring appropriation
ENDING FUND BALANCES $ 12,462 $ 14,940 $ 17,390
No assurance provided. See summary of significant assumptions.
4
BEEBE DRAW FARMS METRO DISTRICT NO. 1
2024 ADOPTED BUDGET
SUMMARY OF SIGNIFICANT ASSUMPTIONS
Services Provided
The District, a quasi -municipal corporation and a political subdivision of the State of Colorado, was
organized by order and decree of the District Court Weld County on April 12, 2011, and is governed
pursuant to provisions of the Colorado Special District Act (Title 32, Article 1, Colorado Revised Statutes).
The District was established as part of a "Multiple District Structure" for the community. The District
operates under a Service Plan approved by Weld County on January 27, 2012. The District's service
area is located entirely within Weld County, Colorado.
The District was established to provide financing for the acquisition, construction and installation of public
improvements including, but not limited to, streets, sanitary sewer, storm sewer, drainage, water, and
parks and trails, and to provide the operation and maintenance of these improvements.
The District prepares its budget on the modified accrual basis of accounting in accordance with the
requirements of Colorado Revised Statutes C.R.S. 29-1-105 using its best estimates as of the date of
the budget hearing. These estimates are based on expected conditions and its expected course of
actions. The assumptions disclosed herein are those that the District believes are significant to the
budget. There will usually be differences between the budget and actual results because events and
circumstances frequently do not occur as expected, and those differences may be material.
The Districts previously entered into that certain First Amendment to Authority Establishment Agreement,
effective December 11, 2012. At elections of the qualified electors of the Districts, duly called and held
on May 2, 2023, in accordance with law and pursuant to due notice (the "May 2023 Election"), a majority
of those qualified to vote and voting at such elections, voted as follows:
a. Broadband Authorization Question. Electors in both Districts authorized their respective
District to provide all services, and to provide, purchase, lease, construct, maintain,
operate, and finance facilities permitted by Title 29, Article 27 of the Colorado Revised
Statutes, described as "Advanced Services," Telecommunications Services," and "Cable
Television Services," including any new and improved high bandwidth services (the
"Broadband Extension Services").
b. Multiple Fiscal Year IGA Mill Levy Question. Electors in both Districts approved a further
amendment to the Establishment Agreement to authorize the Authority to provide
Broadband Extension Services.
c. Broadband Services — Additional O&M Mill Levy Applicable to Filing No. 1 of the Corrected
First Filing Plat, Weld County, Colorado Recorded in the Real Property Records of Weld
County on December 13, 1989 at Reception Number 02200074. District No. 1 electors
voted in favor of imposing an additional operations and maintenance mill levy of 3.300
mills (the "Additional O&M Mill Levy") only until Two Hundred Thousand Dollars
($200,000) has been funded from the Additional O&M Mill Levy to replenish up to One
Hundred Thousand Dollars ($100,000) each to the Authority's Amenities Fund and
Infrastructure Fund used for the payment of all or any part of the costs to provide
Broadband Extension Services to Filing No. 1 of the Corrected First Filing Plat, Weld
County, Colorado Recorded in the Real Property Records of Weld County on December
13, 1989 at Reception Number 02200074 ("Filing No. 1"). As indicated herein, it is the
intent of the Districts and the Authority to seek and secure grants to fund the Broadband
Extension Services to Filing No. 1.
5
BEEBE DRAW FARMS METRO DISTRICT NO. 1
2024 ADOPTED BUDGET
SUMMARY OF SIGNIFICANT ASSUMPTIONS
Services Provided (continued)
d. Than Filing No. 1 of the Corrected First Filing Plat, Weld County, Colorado Recorded in
the Real Property Records of Weld County on December 13, 1989 at Reception Number
02200074. The electors of each District voted in favor of increasing their respective
Districts' taxes by the imposition of a broadband extension fee or fees imposed in the
amount of $650,000 annually, or by such lesser amount necessary, to pay for the
Broadband Extension Services in all future filings after Filing No. 1 ("Future Filings") (the
"Broadband Extension Fee").
The District has no employees and all administrative functions are contracted.
Revenues
Property Taxes
Property taxes are levied by the District's Board of Directors. The levy is based on assessed valuations
determined by the County Assessor generally as of January 1 of each year. The levy is normally set by
December 15 by certification to the County Commissioners to put the tax lien on the individual properties
as of January 1 of the following year. The County Treasurer collects the determined taxes during the
ensuing calendar year. The taxes are payable by April or, if in equal installments, at the taxpayer's
election, in February and June. Delinquent taxpayers are notified in August and generally sales of the tax
liens on delinquent properties are held in November or December. The County Treasurer remits the taxes
collected monthly to the District.
Pursuant to the AEA, District No. 1 agreed to impose the "Required Mill Levy" (as defined in the AEA)
until 2018 and to transfer such revenues to the Authority for deposit into either the Infrastructure Account
or the Amenities Account (as defined in the AEA). For tax collection year 2011 and thereafter, the
Districts agreed to transfer all revenues from the "O&M Mill Levy" (as defined in the AEA) (the O&M Mill
Levy") less the Districts' administrative costs to the Authority for deposit into the Authority's O&M account.
The calculation of the taxes levied is displayed on the Property Tax Summary page of the budget using
the adopted mill levy imposed by the District.
The Districts are governed by an Amended and Restated Consolidated Service Plan for the Districts
approved by the Weld County Board of County Commissioners (the "County") on March 16, 2011 (the
"Service Plan"). As contemplated by the Service Plan, the Districts previously entered into that certain
Beebe Draw Farms Authority Establishment Agreement By and Between Beebe Draw Farms
Metropolitan District No. 1 and Beebe Draw Farms Metropolitan District No. 2, effective April 12, 2011,
whereby the Authority was established (the "Establishment Agreement").
The calculation of the taxes levied is displayed on the Property Tax Summary page of the budget using
the adopted mill levy imposed by the District.
6
BEEBE DRAW FARMS METRO DISTRICT NO. 1
2024 ADOPTED BUDGET
SUMMARY OF SIGNIFICANT ASSUMPTIONS
Revenues (continued)
Property Taxes (continued)
For property tax collection year 2024, SB22-238 and SB23B-001 set the assessment rates and actual
value reductions as follows:
Category
Rate
Category
Rate
Actual Value
Reduction
Amount
Single -Family
Residential
6.70%
Agricultural Land
26.40%
Single -Family
Residential
$55,000
Multi -Family
Residential
6.70%
Renewable
Energy Land
26.40%
Multi -Family
Residential
$55,000
Commercial
27.90%
Vacant Land
27.90%
Commercial
$30,000
Industrial
27.90%
Personal
Property
27.90%
27.90%
Industrial
$30,000
Lodging
27.90%
State Assessed
Lodging
$30,000
Oil & Gas
Production
87.50%
Specific Ownership Taxes
Specific ownership taxes are set by the State and collected by the County Treasurer, primarily on vehicle
licensing within the County as a whole. The specific ownership taxes are allocated by the County
Treasurer to all taxing entities within the County. The budget assumes that the District's share will be
equal to approximately 4% of the property taxes collected. District No. 1 is no longer obligated, pursuant
to the District No. 1 Capital Pledge Agreement or the Establishment Agreement, to transfer specific
ownership tax revenues to the Authority.
Interest Income
Interest earned on the District's available funds has been estimated based on an average interest rate of
approximately 4.0%.
Expenditures
General and Administrative Expenditures
General and administrative expenditures include the estimated cost of services necessary to maintain
the District's administrative viability such as legal, accounting, insurance, membership dues, election and
other administrative expenditures.
BEEBE DRAW FARMS METRO DISTRICT NO. 1
2024 ADOPTED BUDGET
SUMMARY OF SIGNIFICANT ASSUMPTIONS
Expenditures (continued)
Intergovernmental Expenditures
Pursuant to an Intergovernmental Agreement between Beebe Draw Farms Metropolitan Districts No. 1
and Beebe Draw Farms Authority, the District is obligated to impose a mill levy, not to exceed 40.000
mills, subject to certain adjustments, and remit property taxes derived from such mill levy, together with
specific ownership taxes applicable to property within the District, after deducting administrative
expenditures, to the Operating District. District No. 1 is no longer obligated, pursuant to the District No. 1
Capital Pledge Agreement or the Establishment Agreement, to transfer specific ownership tax revenues
to the Authority.
County Treasurer's Fees
County Treasurer's fees have been computed at 1.5% of property tax collections.
Debt and Leases
The District has no outstanding debt, nor any operating or capital leases.
Reserves
Emergency Reserve
TABOR requires local governments to establish emergency reserve. This reserve must be at least 3% of
fiscal year spending.
This information is an integral part of the accompanying budget.
8
From:
To:
Cc:
Subject:
Date:
Attachments:
Herschbera, Natalie
CTB-weld-districts
Navant, Robin
Beebe Draw Farms Metro District No. I - 2023 Annual Report
Friday, February 23, 2024 11:01:11 AM
2023 Annual Reoort - ne filed on DLG.adf
Caution: This email originated from outside of Weld County Government. Do not click links or open attachments unless
you recognize the sender and know the content is safe.
To whom it may concern,
For your records please see the attached 2023 Annual Report for Beebe Draw Farms Metropolitan
District No. 1. The annual report shall be filed with the Weld County Clerk & Recorder, the Division of
Local Government and the State Auditor. Please confirm receipt of this email and attachment.
Enjoy your day,
Natalie
Natalie Herschberg
District Administrator
Business Operations (BizOps)
Direct 303-793-1417
CLA (CliftonLarsonAllen LLP)
nata lie.herschbergACLAconnect.com
We'll get you there.
CPAs i Consultants I Wealth Advisors
Send me your files with secure file transfer.
Investment advisory services are offered through Cl:fteni_asso,sAlien
Wealth .Advisors LL" an SEC -registered Investment aa•- s,
The information (including any attachments) contained in this document is confidential
and is for the use only of the intended recipient. If you are not the intended recipient, you
should delete this message. Any distribution, disclosure, or copying of this message, or
the taking of any action based on its contents is strictly prohibited.
CliftonLarsonAllen LLP
Hello