2012 Budget - South Suburban Parks and Recreation
2012 Budget - South Suburban Parks and Recreation 2012 Budget - South Suburban Parks and Recreation
South Suburban Park and Recreation District Summary of Significant Financial Policies Fund Balance Reserved Fund Balance is reported for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Designations of fund balance represent tentative management plans that are subject to change. The District considers all unreserved fund balances to be "reserves" for future operations or capital projects as defined within Article X, Section 20 of the Constitution of the State of Colorado. Summary of Fund Balance Restrictions and Assignments Governmental Funds Proprietary Funds (including 2000 1 Conservation 2010 1 Mill Debt Mill) Trust Fund Service Enterprise Estimated Fund Balance December 31, 2011 $ 6,655,853 $ 17,737 $ 250,319 $ 43,149 $ 2,339,632 Restricted for: Emergencies 534,615 - - - 189,091 Open Space Acquisition and Trail Development (2000 1 Mill) 1,855,378 - - - - Open Space Acquisition, Trail Development, and maintenance on Parks, Trails, and Open Space (2010 1 Mill) - - 250,319 - - Environmental Liability Escrow 158,717 - - - - Capital Projects - 17,737 - - - Debt Service - - - 43,149 597,580 Total Restricted Fund Balance 2,548,710 17,737 250,319 43,149 786,671 Assigned to: Health Insurance Claims 1,000,000 - - - - Subsequent year's expenditures 207,069 - - - 205,642 Total Assigned Fund Balance 1,207,069 - - - 205,642 Unassigned: 7% Reserve (net of emergency reserve listed above) 145,016 - - - 1,347,319 Cherry Hill Village Reserve 2,755,058 - - - - Total Unassigned Fund Balance 2,900,074 - - - 1,347,319 Remaining Fund Balance December 31, 2011 $ - $ - $ - $ - $ - 62
South Suburban Park and Recreation District Summary of Significant Financial Policies Fund Balance (continued) The General Fund has the following Restrictions: Emergencies $534,615 TABOR requires local governments to establish Emergency Reserves. These reserves must be at least 3% of Fiscal Year Spending (excluding bonded debt service). Local governments are not allowed to use the emergency reserve to compensate for economic conditions, revenue shortfalls, or salary and benefit increases. Open Space Acquisition/Trail Development (2000 1 Mill) $1,855,378 On May 2, 2000, a majority of the District’s electors also authorized the District to increase property taxes $1,700,000 in the first full fiscal year (for collection in 2001) for a period not to exceed ten years. The increased levy (to be known as the Open Space Tax or 1 Mill) will continue at the rate of up to one (1) mill annually, for collection through fiscal year 2012, in whatever amounts are generated by such levy. The revenue from the Open Space Tax is to be used solely to acquire or to offset the cost of acquiring open space and parks, and to develop or to offset the cost of development of trails and is not subject to any limitation under TABOR. Environmental Liability Escrow $158,717 On August 1, 2001, the District entered into a Ground Lease with Arapahoe County (County) to lease land previously used as a landfill. As of execution of the lease, the District was required to deposit $40,000 into an Environmental Liability Escrow interest bearing account. Annually thereafter, the District shall deposit into said account, the sum of $10,000 until the balance in the account reaches $200,000. All monies in the escrow account shall be used by the County to pay for environmental liability incurred by the County or any operator of the landfill as a result of District activities on the site. Upon expiration of this lease, or the purchase of the site by the District, all monies in the escrow account, including accrued interest, shall be returned to the District. The General Fund has the following Assignments: Health Insurance Claims (estimated) $1,000,000 The District has a self-insurance plan for employee health and dental care. An outside administrator is utilized to monitor individual employee claims and negotiate excess coverage insurance policies. Excess coverage insurance policies are purchased to cover individual yearly health claims in excess of $60,000 and aggregate total yearly health claims in excess of $1,701,216. The liability is estimated based upon the experience of the District, trends in costs of services, and changes in the number of members. Estimates are revised as changes in these factors occur and such revisions are reflected in operations of the current period. Liabilities include an amount for claims that have been incurred but not reported. 63
- Page 11 and 12: The staff from each department deve
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<strong>South</strong> <strong>Suburban</strong> Park <strong>and</strong> <strong>Recreation</strong> District<br />
Summary of Significant Financial Policies<br />
Fund Balance<br />
Reserved Fund Balance is reported for amounts that are not available for appropriation or are<br />
legally restricted by outside parties for use for a specific purpose. Designations of fund<br />
balance represent tentative management plans that are subject to change. The District<br />
considers all unreserved fund balances to be "reserves" for future operations or capital<br />
projects as defined within Article X, Section 20 of the Constitution of the State of Colorado.<br />
Summary of Fund Balance Restrictions <strong>and</strong> Assignments<br />
Governmental Funds<br />
Proprietary Funds<br />
(including 2000 1 Conservation 2010 1 Mill Debt<br />
Mill) Trust Fund Service Enterprise<br />
Estimated Fund Balance December 31, 2011 $ 6,655,853 $ 17,737 $ 250,319 $ 43,149 $ 2,339,632<br />
Restricted for:<br />
Emergencies 534,615 - - - 189,091<br />
Open Space Acquisition <strong>and</strong> Trail Development<br />
(2000 1 Mill) 1,855,378 - - - -<br />
Open Space Acquisition, Trail Development, <strong>and</strong><br />
maintenance on <strong>Parks</strong>, Trails, <strong>and</strong> Open Space<br />
(2010 1 Mill) - - 250,319 - -<br />
Environmental Liability Escrow 158,717 - - - -<br />
Capital Projects - 17,737 - - -<br />
Debt Service - - - 43,149 597,580<br />
Total Restricted Fund Balance 2,548,710 17,737 250,319 43,149 786,671<br />
Assigned to:<br />
Health Insurance Claims 1,000,000 - - - -<br />
Subsequent year's expenditures 207,069 - - - 205,642<br />
Total Assigned Fund Balance 1,207,069 - - - 205,642<br />
Unassigned:<br />
7% Reserve (net of emergency reserve listed<br />
above) 145,016 - - - 1,347,319<br />
Cherry Hill Village Reserve 2,755,058 - - - -<br />
Total Unassigned Fund Balance 2,900,074 - - - 1,347,319<br />
Remaining Fund Balance December 31, 2011 $ - $ - $ - $ - $<br />
-<br />
62
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