Monthly Financial Reports
During the monthly meeting, the financial status of the District for the preceding month is presented to the Board by the bookkeeper. Discussion is held to determine if any corrective actions are required. Any corrected financial reports are published following the board meeting.
The 2024 Financial Reports, by actual month, are below:
The 2023 Financial Reports, by actual month, are below:
The 2022 Financial Reports, by actual month, are below:
The 2021 Financial Reports, by actual month, are below:
Financial Audit
For year ending December 31, 2020 the District will not perform an audit since there has been no significant construction or other capital improvement projects. The District has passed a resolution requesting the exemption from audit and have asked the District's independent auditor, Anton Collins Mitchell LLP, and Bookkeeper complete the necessary filings to submit to the State.
Annual Budget
The District utilizes a process to develop the debt service budget and the enterprise service or operating budget that complies with the requirements of State of Colorado. There are two separate funds used to report the finances of the District. On an annual basis, the Board develops budgets for each fund. The budgets are developed, available for public review, discussed and approved in a special budget hearing that is announced in advance, and finally filed with the appropriate government entities. A summary on how each is developed and approved is described below Budget Information section.
2024 Budget Information
The 2024 budget information has been approved.
Enterprise Service Fund
This fund is used to pay for all costs associated with the operations of the District. The necessary revenue primarily comes through the sale of treated water to members of the District and, secondarily, fees associated with provided services. No property tax revenue can be used to pay any operating costs.
The operating budget process is:
Review of all expenses incurred during the last year to determine what is likely to be needed during the upcoming budget year.
An assessment of the status of the District's infrastructure and what actions may be required and associated cost estimates.
A determination of any new costs that were not incurred in the past year, looking at any historical data to assist in the estimation of cost.
Obtain the cost of purchased water for the new budget year from the City of Lafayette Department of Public Works.
Review the Long Term Plan for continued applicability and to change any cost estimates. This is used to ensure that adequate capital reserves are maintained to fund capital improvements.
Review water usage patterns and any District growth to determine the likely amount of water that will be purchased.
Revise any assumptions and guiding principals used to influence the water rates and District fees.
Review the overall financial health of the District and ensure that adequate operating reserves are maintained as operating reserves. The District is bared from borrowing money, and would have to levy a special assessment on District members to pay for any shortfall if such provisions had not been made.
Set the water rates and fees, via a Hearing during a Regular Meeting, to generate the required revenue to cover the projected costs, creating next year's budget.
Announce and hold the Budget Hearing as part of a Regular Meeting and review and approve the budget.
The final the Budget and Budget Statement are sent to required government agencies.
Announce the new fees and water rates and implement them for January of the new budget year.
Long Range Plan
The District's Long Range Plan identifies specific capital improvement projects over twenty (20) years. The improvements have been either required by the Intergovernmental Agreement with the City of Lafayette, or identified by the Directors. It is critical that adequate funds are set aside over time to do the projects, as the District is unable to borrow money (except for issuing bonds). Special assessments have been deemed inappropriate and too costly, so are not viewed as a source of funding.
Each project's cost has been estimated and the amortized annual dollars have been determined for the scheduled implementation date. During the annual budget process, each project is re-evaluated and any revisions to the cost estimate or schedule are made. The necessary revenue that must be accumulated each year for each project is added to the operating budget for the current year. The revenue collected is added to the Capital Reserve fund, which is invested in ColoTrust.
Government Filings
During the course of conducting the financial business of the District, certain documents must be filed with various government entities. The following provides those documents.
Budget Message
The Budget Message announces the adoption of the operating budget (Enterprise Fund) for the year.
Debt Service Message
The Debt Service Message announces the adoption of the mill levy for the year retiring the bonds issued to form the District. With the repayment of all bonds, no Debt Service Message is created.
Boulder County Tax Levy Letter
With the repayment of the bonds, there is no longer a reason to identify a mill levy that the District requests the county to levy on all District properties, and therefore, no longer a reason for the letter.