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. Financial Reports for the previous years are available on the Archives page.
The 2013 Financial Reports, by actual month, are below:
For year ending December 31, 2012, the District will not perform an audit since 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 and Bookkeeper complete the necessary filings to submit to the State.
The District's independent auditor, Anton Collins Mitchell LLP (or predecessor), has performed audits of our financial records for the past number of years..
The Archives have links to previous years' reports.
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.
The 2013 budget information follows: 2013 Operating Budget; 2013 Debt Service Determination, 2013 Long Range Plan, 2013 Resolution to Adopt Budgets and Appropriate Sums of Money; 2013 Resolution to Set Mill Levies.
The water rates to support the Operating Budget are found in Water Rates..
This fund is used to pay the interest and principal on the bonds that were issued to form the District and build the initial distribution system within the District's Service Area. The sole source of revenue used to make these payments is a mill levy included in Boulder County property tax statement. The amount that must be collected and paid each year is a function of the bond payment schedule that was established when the bonds were issued. This schedule of required payments can not be changed. No operating revenues (e.g. fees and water usage rates) are used to make bond payments.
The determination of any particular year's property tax mill levy is a straight forward process:
General Obligation Refunding and Improvement Bonds, Series 2010
The East Boulder County Water District successfully refinanced its General Obligation Bonds which resulted in a savings to taxpayers of over $150,000. The average interest rate on the District’s bonds was lowered from 6.43% to 2.97%. These new bonds received an “A+” rating from Standard & Poor's and will be completely paid off no later than 2020, with a callable date of 2017. As a result of the bond issue, the District’s property tax mill levy is projected to be reduced by about 2.5 mills, saving the owner of a $500,000 home about $100 per year.
The complete set of documents, provided by George K. Baum & Company and Kutak Rock, LLP, associated with this bond refunding are available here (page 5 provides the Debt Service Schedule). The Debt Service Schedule is also available separately, here.
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:
The District has adopted the following fees for the identified services
and obligations. The number in parenthesis is the Rules and
Regulations Article and subsection defining the fee or charge. Any changes in the fees are determined during the
annual budget process, and, whenever possible, are announced in
December's billing to be effective the
beginning of the next calendar year. Any immediate change in any
obligations to the District initiated by the City of
The Archive page maintains records of the fees for previous years.
The District has adopted these
2013 Water Rates on December 14, 2012. The
Rate Announcement Letter is available. Any changes in the water
rates are determined during the annual budget process, whenever
possible. Any immediate change in the cost of water initiated by the
The Archive page maintains records of the water rates for previous years.
The District's Long Range Plan identifies specific capital improvement projects over then next 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.
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.
The Budget Message announces the adoption of the operating budget (Enterprise Fund) for the year.
The Debt Service Message announces the adoption of the mill levy for the year retiring the bonds issued to form the District.
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