HomeMy WebLinkAbout20223620.tiffANNUAL REPORT FOR CALENDAR YEAR 2022
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 2022 concerning activities completed
between January 1, 2022 and December 31, 2022.
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 2022, 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 2022.
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 2022.
7. The estimated assessed valuation of the District for the current year.
The estimated assessed valuation of the District for the current year is $7,857,180.
8. Current year budgets including a description of the Public Improvements, if any, to
be constructed in such year.
The District's 2023 Budget is attached hereto as Exhibit A.
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11/13/29
2022-3620
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BEEBE DRAW FARMS METRO DISTRICT NO. 1
ANNUAL BUDGET
FOR YEAR ENDING DECEMBER 31, 2023
BEEBE DRAW FARMS METRO DISTRICT NO. 1
SUMMARY
2023 BUDGET
WITH 2021 ACTUAL AND 2022 ESTIMATED
For the Years Ended and Ending December 31,
1/31/23
ACTUAL
2021
ESTIMATED
2022
BUDGET
2023
BEGINNING FUND BALANCES $ 9,237 $ 12,804 $ 13,819
REVENUES
Property taxes
Specific ownership tax
Interest income
CTF proceeds
Total revenues
245,993 270,995 314,287
12,350 16,039 18,857
372 5,347 1,750
1,032 2,027 2,000
259,747 294,408 336,894
Total funds available 268,984 307,212 350,713
EXPENDITURES
General Fund
256,180 293,393 315,800
Total expenditures 256,180 293,393 315,800
Total expenditures and transfers out
requiring appropriation
256,180 293,393 315,800
ENDING FUND BALANCES $ 12,804 $ 13,819 $ 34,913
EMERGENCY RESERVE
AVAILABLE FOR OPERATIONS
TOTAL RESERVE
$ - $
2,534
$ 2,534 $ 1,358 $ 20,202
1,552 $
(194)
1,732
18,470
This financial information should be read only in connection with the accompanying accountant's
compilation report and summary of significant assumptions.
1
BEEBE DRAW FARMS METRO DISTRICT NO. 1
PROPERTY TAX SUMMARY INFORMATION
2023 BUDGET
WITH 2021 ACTUAL AND 2022 ESTIMATED
For the Years Ended and Ending December 31,
1/31/23
ASSESSED VALUATION
Residential
Commercial
Agricultural
State assessed
Vacant land
Personal property
Other
ACTUAL
2021
ESTIMATED
2022
BUDGET
2023
$ 4,385,050 $ 5,089,820 $ 5,660,570
600 430 220
820 840 800
180 340 9,580
794,380 791,820 513,910
243,110 251,500 442,150
729,390 640,110 1,229,950
6,153,530 6,774,860 7,857,180
Certified Assessed Value $ 6,153,530 $ 6,774,860 $ 7,857,180
MILL LEVY
General
Total mill levy
40.000 40.000 40.000
40.000 40.000 40.000
PROPERTY TAXES
General $ 246,141 $ 270,994 $ 314,287
Levied property taxes
Adjustments to actual/rounding
Budgeted property taxes
246,141
(148)
270,994 314,287
1 -
$ 245,993 $ 270,995 $ 314,287
BUDGETED PROPERTY TAXES
General $ 245,993 $ 270,995 $ 314,287
$ 245,993 $ 270,995 $ 314,287
This financial information should be read only in connection with the accompanying accountant's
compilation report and summary of significant assumptions.
2
BEEBE DRAW FARMS METRO DISTRICT NO. 1
GENERAL FUND
2023 BUDGET
WITH 2021 ACTUAL AND 2022 ESTIMATED
For the Years Ended and Ending December 31,
1/31/23
ACTUAL
2021
ESTIMATED
2022
BUDGET
2023
BEGINNING FUND BALANCES $
REVENUES
Property taxes
Specific ownership tax
Interest income
Other revenue
Total revenues
- $ 2,534 $ 1,358
245,993 270,995 314,287
12,350 16,039 18,857
371 5,182 1,500
1
258,714 292,217 334,644
Total funds available 258,714 294,751 336,002
EXPENDITURES
General and administrative
Transfer to Authority - General Fund O&M
Transfer to Authority - Infrastructure (2019 D2 - Included Lot
Transfer to Authority - Amenities (2019 D2 - Included Lots)
Transfer to Authority - Amenities (2011 Boundary Lots)
Accounting
County Treasurer's fee
Directors' fees
Insurance and bonds
District management
Legal services
Miscellaneous
Payroll taxes
Election expense
Contingency
Emergency Reserve (3%)
Total expenditures
232,953 200,256 216,476
27,951 10,849
2,306 2,712
4,682 26,243
7,066 17,531 11,500
3,694 4,070 4,714
1,000 1,400 1,000
3,062 3,489 4,000
4,926 8,300 12,500
3,480 7,146 7,500
1,500
61
16,262 15,000
13
1,732
256,180 293,393 315,800
Total expenditures and transfers out
requiring appropriation 256,180 293,393 315,800
ENDING FUND BALANCES $ 2,534 $ 1,358 $ 20,202
EMERGENCY RESERVE
AVAILABLE FOR OPERATIONS
TOTAL RESERVE
$ - $ 1,552 $ 1,732
2,534 (194) 18,470
$ 2,534 $ 1,358 $ 20,202
This financial information should be read only in connection with the accompanying accountant's
compilation report and summary of significant assumptions.
3
BEEBE DRAW FARMS METRO DISTRICT NO. 1
SPECIAL REVENUE FUND
2023 BUDGET
WITH 2021 ACTUAL AND 2022 ESTIMATED
For the Years Ended and Ending December 31,
1/31/23
BEGINNING FUND BALANCES
REVENUES
CTF proceeds
Interest income
Total revenues
Total funds available
EXPENDITURES
ENDING FUND BALANCES
ACTUAL
2021
ESTIMATED
2022
BUDGET
2023
$ 9,237 $ 10,270 $ 12,462
1,032 2,027 2,000
1 165 250
1,033 2,192 2,250
10,270 12,462 14,712
$ 10,270 $ 12,462 $ 14,712
This financial information should be read only in connection with the accompanying accountant's
compilation report and summary of significant assumptions.
4
BEEBE DRAW FARMS METRO DISTRICT NO. 1
2023 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 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.
Senate Bill 21-293 among other things, designates multi -family residential real property (defined
generally, as property that is a multi -structure of four or more units) as a new subclass of residential real
property. For tax collection year 2023, the assessment rate for single family residential property
decreases to 6.95% from 7.15%. The rate for multifamily residential property, the newly created subclass,
5
BEEBE DRAW FARMS METRO DISTRICT NO. 1
2023 ADOPTED BUDGET
SUMMARY OF SIGNIFICANT ASSUMPTIONS
Revenues (continued)
decreases to 6.80% from 7.15%. Agricultural and renewable energy production property decreases to
26.4% from 29.0%. Producing oil and gas remains at 87.5%. All other nonresidential property stays at
29%.
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 6% 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 2.0%.
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.
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.
6
BEEBE DRAW FARMS METRO DISTRICT NO. 1
2023 ADOPTED BUDGET
SUMMARY OF SIGNIFICANT ASSUMPTIONS
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.
7
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Subject:
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Attachments:
Herschbera, Natalie
CTB-weld-districts
Navant, Robin
Beebe Draw Farms Metro District No. 1 - Annual Report
Wednesday, April 26, 2023 10:36:20 AM
2023 Annual Reoort.odf
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To whom it may concern,
For your records please see the attached 2022 Annual Report for Beebe Draw Farms Metropolitan
District No. 1. The annual report shall be filed with the Weld County Clerk & Recorder and the
Division of Local Government. 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)
natalie.herschberg@CLAconnect.com
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