Text Size
Increase text size
Increase text size

Financial Data Descriptions

Program Contacts

 

Don Merrion

303.864.7741
don.merrion@state.co.us


Division of Local Government
1313 Sherman Street, Room 521
Denver, Colorado 80203

 


 

 

Overview

 

The following data descriptions define the financial terms used for the special district financial summaries and trend analyses presented in the “Active Colorado Local Government Finances” section.

 


 

-
  • Property Tax

 

The revenue derived from a local ad valorem tax levy on real property and certain types of personal property as defined by law.

 

  • Specific Ownership Tax

 

The revenue derived from a State-formulated levy on certain motor vehicles, trailers, mobile machinery, and self-propelled construction equipment. Specific ownership tax is distributed by the county based on the proportion of the district’s mill levy in relation to all levies in the county.

 

  • Charges

 

Charges and fees designed to defer the cost of current services that are of benefit to the recipient.

 

  • Contributed Capital

 

Contributed capital is an investment in the facilities or infrastructure of the district, and includes developer fees, plant investment fees, system development fees, tap fees, impact fees, or any other type of capital fee.

 

  • Intergovernmental Revenue

 

Revenue from federal, state, county, municipal, and district sources in the form of grants, entitlements, payments in lieu of taxes, charges, shared revenues, and amounts due in fulfillment of intergovernmental agreements are included in this category.

 

  • Transfers In


This category is only used in multiple-column summaries in which amounts are transferred between two services (or between a service and a governmental activity). An example would be amounts transferred into a water service from a sanitation service, as presented in a two-column summary for a water & sanitation district.

 

  • Interest

 

Revenue received as compensation for the use of financial resources over a period of time. This category includes interest revenues, dividends, and increases (or decreases) in the fair value of investments.

 

  • Miscellaneous

 

Miscellaneous revenue includes rents, royalties, special assessments, fines, proceeds from the sale of fixed assets, contributions and donations, refunds for (non-capital) expenditures, and any other revenue that does not fit into one of the other categories.

 

  • Debt Proceeds

 

The net proceeds from bond issues, loans, certificates of participation, developer advances, or any other type of long-term debt issuances are recorded here. This is the amount of the long-term debt proceeds minus any issuance costs. For refunding issues, debt proceeds equal the amount of the new issue minus the amount of debt refunded minus any issuance costs. Amounts reported for capital lease proceeds are subtracted from capital outlay.
 

-
  • Operating Expenditures

 

Operating expenditures reflect day-to-day running costs, including all administrative, operations, and maintenance of assets costs. (Depreciation, amortization, and other non-cash expenses are not included.)

 

  • Principal Payments

 


This category includes the principal portion of debt service payments for bonds, loans, capital leases, certificates of participation, developer advances, or any other type of long-term debt.

 

  • Interest Payments

 

This category includes the interest portion of debt service payments for bonds, loans, capital leases, certificates of participation, developer advances, or any other type of long-term debt. Certain financing fees, such as letter of credit fees, are also included in this category if they are not subtracted from debt proceeds.

 

  • Capital Outlay

 

Capital outlay includes expenditures for the acquisition of capital assets, including land, buildings, equipment, and any improvements thereto. Also included are infrastructure costs such as those associated with the construction of roads and bridges, curbs and sidewalks, water and sewer systems, park and recreation facilities, fire stations, etc.

 

  • Intergovernmental Expenditures

 

This category includes expenditures made by the district to another level or unit of government in support of governmental activities administered by the recipient government. Also includes grants, revenues shared with other governments, and payments made in fulfillment of intergovernmental agreements. This category was added to the database in 2004, primarily to account for the transfer of funds between metropolitan districts that are part of the same development project (i.e., transfers between “financing districts” and “operating or service districts”). Prior to 2004, these expenditures or transfers were recorded in the “Miscellaneous” category.

 

  • Transfers Out

 

This category is only used in multiple-column summaries in which amounts are transferred between two services (or between a service and a governmental activity). An example would be amounts transferred from a water service to a sanitation service, as presented in a two-column summary for a water & sanitation district.

 

  • Miscellaneous Expenditures

 

This category includes TABOR refunds, damages paid as the result of lawsuits, certain extraordinary items, and other expenditures that do not fit into any of the other categories.

 

 

-
  • Cash

 

Cash is a subset of “Current Assets” and includes all cash, investments, and deposits, as well as restricted cash and investments. Cash and investments do not include assets in pension funds.

 

  • Current Assets

 

Cash and investments are included in this category, along with receivables, inventory and prepaid expenses. Amounts “due from other funds” are included in current assets only in multiple-column summaries wherein one service has amounts due from another service (or governmental activity) in the summary (e.g., a water service has amounts due from a sanitation service in a two-column water & sanitation district summary).

 

  • Current Liabilities

 

Principal and interest due in the following year are included in this category, along with accounts payable, accrued liabilities, and deferred revenue. Amounts “due to other funds” are included in current liabilities only in multiple-column summaries wherein one service has amounts due to another service (or governmental activity) in the summary (e.g., a water service has amounts due to a sanitation service in a two-column water & sanitation district summary).
 

 

-
  • General Obligation Debt

 

General obligation debt is debt secured by the full faith and credit of the issuer. General obligation (or G.O.) debt issued by special districts is secured by a pledge of the district’s ad valorem taxing power. In the event of default, holders of G.O. debt have the right to compel a tax levy in order to satisfy the district’s obligation on the defaulted bonds. Any type of G.O. bond or loan is included in this category, including limited tax obligations.

 

  • Other Debt

 

Other debt includes revenue bonds, notes payable, contracts payable, capital leases, developer advances, certificates of participation, capital leases underlying certificates of participation, and any other long-term financial obligation that is not a general obligation of the district. Amounts due for compensated absences are not included.

 

  • Debt Service Schedule

 

This section provides the annual amounts of principal and interest due on all outstanding long-term debt for the next five years.

 

  • Authorized but Unissued Debt

 

This figure represents the amount of debt that voters have authorized the district to issue at various elections, minus amounts that have already been issued, and minus amounts authorized for refunding bonds, if such information is detailed. It should be noted that Authorized but Unissued Debt is not always reported in the districts’ annual audited

 

 

-
  • Net Assessed Value

 

Net assessed value is the total assessed value of all taxable property within the district, minus amounts attributable to Tax Increment Financing units, such as Urban Renewal Authorities and Downtown Development Authorities. In Colorado, assessed values are calculated by multiplying the actual value of all property, except residential property, by 29%. For residential property, the actual value is multiplied by 7.9%. (The residential assessment percentage, however, is subject to change by the Colorado Legislature.)

 

  • Mill Levy

 

Mill levy is the rate of property taxation, expressed as the amount of dollars per $1,000 of assessed value.

 

  • Authorized Services

 

These are services the district is authorized to provide as specified in the district’s service plan.

 

  • Location

 

Location refers to the county or counties in which the district is located.

 

  • Notes

 

This section includes any additional information gleaned from the annual audited financial statements that is important for understanding the financial status of the district.

 

  • Year of Formation

 

The year in which the district was declared organized by order of district court.

 

  • Audit Exemption

 

This note indicates that the district has submitted an Exemption from Audit Application rather than having its financial condition audited by a Certified Public Accountant. Although the Exemption from Audit Application requires certain financial information to be provided by the district, it generally provides far less information than audited financial statements. Districts qualifying for an Exemption from Audit are those whose revenues and expenditures are less than $500,000.