Heather Ridge Metropolitan District Financial …

1 HeatherRidgeMetropolitanDistrictFinancia lStatementsAugust31,2015$IMMONS&WHEELER, ,Suite150,Centennial,CO80112(303)689-083 3,Fax(303)689-0834 ACCOUNTANT SCOMPILATIONREPORTB oardofDirectorsHeatherRidgeMetropolitanD istrictWehavecompiledtheaccompanyingComb inedBalanceSheet Governmentalfunds,EnterpriseFundsandAcco untGroupsoftheHeatherRidgeMetropolitanDi strictasofAugust31,2015andtherelatedStat ementsofRevenues,ExpendituresandChangesi nFundBalance BudgetandActual ,accordingly, , ,StatementofActivities,StatementofCashFl ow, ,theaccompanyingfinancialstatementsareno tintendedtobeusedbyreaderswhoarenotfamil iarwiththeDistrict ,2015 CurrentassetsCashincheckingCashinUSBankC ashinCOLOTRUSTP ettyCashAccountsreceivable-taxesCash-Tru steePrepaidExpenseInventoryReceivable-GC ATR eceivable-rentOtherassetsImprovementsAmo untavailableindebtserviceAmounttobeprovi dedforretirementofdebtLiabilitiesandEqui tyCurrentLiabilitiesAccountspayablePayab letoTournamentsPayabletoClubsOutstanding PremiumCardsSalesTaxPayableLongTermLiabi litiesGeneralobligationBondsTotalLiabili tiesFundEquityInvestmentinimprovementsFu ndbalanceTotalCashPettycashAccountsrecei vabletaxesPrepaidexpensesInventoryReceiv ablefromGCATR eceivableRentAccountsPayableDepositsfrom tournamentsPayabletoclubsOutstandingprem iumcardsSalestaxpayableFundbalance7,550( 12,478)

2 $200,00016,607318,0702,450$534,6772,450- 3,900---669--8,843--33,292--(40,816)--(1 ,000)--(5,284)--(42,245)_____805_____$ $341,03216,607-396,813-2,450-4,804-461,1 65-2,944-8,843-33,292-7,550-1,275,500$53 ,2941,0005,28442,245(805)5,160,5005,261, 518 HeatherRidgeMetropolitanDistrictBalanceS heet-GovernmentalFundsandAccountGroupsGo vernmentalFundsAugust31,2015 AssetsEnterpriseAccountFundGroupsDebtGen eralCapitalServiceFundFundFund$141,032$- $-63,0752,96212,706--3,900461,1659042,27 57,550214,8366698,84333,2922,962477,7715 79,9313,146,317477,7713,146,317477,771-- --4,682,7294,682,729----8,306,8178,306,8 17$214,836$2,962$477,771$579,931$8,306,8 17$9,582,317$$12,478$-$-$40,816---1,000- --5,284---42,245---(805)----5,160,50012, 478--88,5405,160,500202,3582,962477,7712 02,3582,962477,771$214,836$2,962$477,771 HeatherRidgeMetropolitanDistrictReconcil iationofCashtoFundBalanceAsof8/31/2015$2 04,107$2,962$473,871491,391491,391$579,9 313,146,3173,146,317$8,306,8173,146,3171 ,174,4824,320,799$9,582,3179042,275$ $ $ ,ExpendituresandChangesinFundBalanceGove rnmentalFundsBudgetandActualForthe8 MonthsEndedAugust31,2015 GeneralFundSeeAccountant sCompilationReportVariancePriorYearAnnua lYeartoFavorableCurrentYeartoBudgetActua lDate(Unfavorable)MonthDateRevenuesPrope rtytaxes$92,017$353$91,444$(573)$362$90, 169 Specificownershiptaxes6,4415484,677(1,76 4)

3 5164,285 MiscIncome2,000221,391221,916219,916-2,5 82 RentIncome66,0007,55054,392(11,608)7,550 50,557 Interestincome5001035323272417166,958229 ,945372,961206,0038,500148,010 ExpendituresAccounting18,0001,58910,7687 ,2321,26711,659 Audit8,5003503508,1503501,141 Legal20,0001,6959,26110,7391,61912,557 Insurance10,500-7,2823,218-9,509 CommunityCommunication35,00033420,09814, 9022,33416,757 Socialfunction2,000--2,000-1,151 ConsultantFees/MgmtFees18,0002,50017,000 1,0001,50011,475 ProfessionalFees-35,86135,861(35,861)--P estControl50080560(60)-142 Miscellaneous100-2,628(2,528)20 Building-2ndFloor/Repairs/Main5,0004,985 19,326(14,326)30511,456 RestaurantImprovements-----2,042 BuildingImprovements---7,641 Building-Utilities/Electric40,0004,25825 ,68714,3134,39025,474 Building-Utilities/Gas14,0004898,4295,57 17169,980 Building-Utilities/Water/Sewer20,0003,02 416,5503,4502,42613,409 Utilities/Telephone3,5003462,7677333312, 763 Landscaping-1,0837,021(7,021)--Security1 ,200723,244(2,044)726,560 Meals&Entertainment1,5001811,826(326)687 1,393 Computer/Internet--1,866(1,866)--Dues&Su bscriptions--65(65)--Licenses/Permits/Fe es--100(100)--OfficeSupplies/Expense500- 306194-114 Advertising-498498(498)

4 --Treasurer sFees1,38061,373761,354 Training/Education500-500--JanitorialSup plies500-500--TrashRemoval6,5004923,9812 ,5194953,952 Mileage/Travel/Lodging1,0001,858(858)-84 2 Election--1,020 Contingency229-229-Emergencyreserve6,155 --6,155--214,56457,843198,70515,85916,49 8152,411 Excess(deficiency)ofrevenuesoverexpendit ures(47,606)172,102174,256221,862(7,998) (4,401)Fundbalance-beginning47,60630,256 28,102(19,504)107,669104,072 Fundbalance-ending$-$202,358$202,358$202 ,358$99,671$99,6714 HeatherRidgeMetropolitanDistrictBudgetan dActualStatementofRevenues,Expendituresa ndChangesinFundBalanceGovernmentalFundsB udgetandActualForthe8 MonthsEndedAugust31,2015 CapitalFundSeeAccountantsCompilationRepo rtVariancePriorYearAnnualYeartoFavorable CurrentYeartoBudgetActualDate(Unfavorabl e)

5 MonthDateRevenuesBondProceeds$-$-$Miscel laneousIncome--0 InterestincomeExpendituresCostofIssuance ------CapitalImprovements2,963--2,963--P lanning&Engineering------Permits------We lls------MaintenanceBuildingRoof------Cl ubhouseOutsideLighting------SoftwareSyst em------GolfEquipment------PerimeterFenc e------RangeNetting------WebsiteDevelopm ent------Improvements------Irrigation--- ---IrrigationContract2011 Bond-----CartPathImprovements-----Securi ty-----Signs/Monuments----Heating&Air--- -ClubhouseImprovements----Accounting---- Legal----SmokingPatio----RestaurantImpro vements----ParkingLotImprovements---Misc ellaneous2,963--2,963 Excess(deficiency)ofrevenuesoverexpendit ures(2,963)-2,963-Fundbalance-beginning2 ,9632,9622,962(1)2,9622,962 Fundbalance-ending$-$2,962$2,962$2,962$2 ,962$2,9625 HeatherRidgeMetropolitanDistrictStatemen tofRevenues,ExpendituresandChangesinFund BalanceGovernmentalFundsBudgetandActualF orthe8 MonthsEndedAugust31,2015 DebtFundSeeAccountant sCompilationReportVariancePriorYearAnnua lYeartoFavorableCurrentYeartoBudgetActua lDate(Unfavorable)MonthDateRevenuesPrope rtytaxes$396,825$1,521$394,353$(2,472)$1 ,558$388,959 Specificownershiptaxes27,7782,36520,170( 7,608)2,22618,480 Interestincome-4128728765377424,6033,927 414,810(9,793)

6 3,849407,816 ExpendituresBondPrincipal 09180,000--180,000--BondInterest 09192,425-144,31948,106-149,801 BondPrincipal 1117,500--17,500--Bondlnterest ll28,722-21,5427,180-22,076 TrusteeFees2,500-8251,675-825 LegalExpenses--1,950(1,950)--TreasurerFe es5,952235,91933245,839 Contingency427,09923174,555252,54424178, 541 Excess(deficiency)ofrevenuesoverexpendit ures(2,496)3,904240,255242,7513,825229,2 75 Fundbalance-beginning235,210473,867237,5 162,306467,679242,229 Fundbalance-ending$232,714$477,771$477,7 71$245,057$471,504$471,504 BHeatherRidgeMetropolitanDistrictStateme ntofRevenues,ExpendituresandChangesinFun dBalanceBudgetaryBasisEnterpriseFundsBud getandActualForthe8 MonthsEndedAugust31,2015 EnterpriseFundSeeAccountant sCompilationReportVariancePriorYearAnnua lCurrentYeartoFavorableCurrentYeartoBudg etMonthDate(Unfavorable)MonthDateRevenue sGolfCourseRevenue$-$-$-$-GolfPackages50 ,00033,550(16,450)-42,300 CartPackages12,500-7,301(5,199)-11,460 JuniorGolfPackages300--(300)-300 PremiumCardsRedeemed70,0008,35845,883(24 ,117)12,44355,088 Tournaments30,000--(30,000)

7 --CartFees185,00029,162125,549(59,451)31 ,948151,475 GreenFees475,00086,273411,397(63,603)78, 162388,830 Rangeballfees35,0004,83425,091(9,909)5,0 9126,989 ClubRentals4,000--(4,000)--Merchandise32 ,5005,09826,242(6,258)4,36620,551 MiscellaneousIncome5,0003,7146,5971,5973 924,205 AdjustmentforDeferredPkgs-Interestincome ------899,300137,439681,610(217,690)132, 402701,198 ExpendituresGolfCourseoperations254,0003 5,044207,19746,80327,581198,409 AdministrationExpenses89,5007,66574,8921 4,60810,76274,267 Groundsexpense286,40055,499307,112(20,71 2)32,565223,675629,90098,208589,20140,69 970,908496,351 Excess(deficiency)ofrevenuesoverexpendit ures269,40039,23192,409(176,991)61,49420 4,847 Fundbalance-beginning298,358452,160398,9 82100,624405,120261,767 Fundbalance-ending$567,758$491,391$491,3 91$(76,367)$466,614$466,6147 HeatherRidgeMetropolitanDistrictStatemen tofRevenues,ExpendituresandChangesinFund BalanceBudgetaryBasisGovernmentalFundsBu dgetandActualForthe8 MonthsEndedAugust312015 EnterpriseFundSeeAccountantsCompilationR eportVariancePriorYearAnnualCurrentYeart oFavorableCurrentYeartoBudgetMonthDate(U nfavorable)MonthDateGolfCourseoperations Merchandise$20,000$3,652$20870$(870)$1,7 46$12,942 Equipmentlease------DistrictConsultants- -----F&BExpensespromo------Tournamentcom missions------TournamentExpense-4881028( 1,028)

8 293293 Wagesandbenefits72,00014,74066,3165,6849 ,94856,473 Businesslicensesandpermits------Advertis ing1,300-427873-1,252 Advertising-tradeacct------BankServicech arges------CreditCardFees15,0002,2129,87 75,1232,21910,308 Mealsandentertainment-46607(607)70384 Charitablecommunityrelations------ClubRe ntalExpense-290322(322)1515 Computerandinternetexpenses6,0003856,501 (501)6375,729 Drivingrangesupplies5,000-2,0003,00096,3 96 Duesandsubscriptions350-200150-310 Employeeclothingexpenses------Employeere lations--62(62)--Equipmentfacilityrental -425425(425)--GHIN expense500-45050-330 GolfClubRepairs------GolfCartLease55,000 6,02343,38411,6166,02342,604 GolfLessons150-13020-150 GolfCartRepairs4,0001144313,5693253,940 Janitorialexpense2,5003321,8326681681,62 4 Laundry/Cleaningexpense--21(21)--License s/Permits/Fees245-245--245 Insurance8,600-7,928672-7,845 OfficeSupplies/Expenses300-878(578)-268 OperatingSupplies9,5001,2006,3923,108418 6,022 GolfSupplies------Pestcontrol------Posta geandDelivery20025391613199 PrintingStationary------Repairs/Maintena nce2,0004243,208(1,208)4322,672 Trainingeducation--160(160)

9 -100 Trashremoval1,500123995505124988 Travel/mileage/lodging------Utilities-al arm------Utilities-electric15,0001,99211 ,2923,7081,99913,451 Utilities-gas11,0003895,6135,3879307,817 Utilities-water6,0007564,1381,8628094,47 0 Utilitiestelephone4,0003462,7671,2333312 ,826 Security1,0008265634482661 DistrictManagement12,0001,0008,0004,0001 ,0008,000 Miscellaneousexpense855--855-95 BuildingMaintenance--3(3)--CostsAssociat edwith2ndFloor------TotalGolfCourseOpera tions$254,000$35,044$207,197$46,803$27,5 81$198,4098 HeatherRidgeMetropolitanDistrictStatemen tofRevenues,ExpendituresandChangesinFund BalanceBudgetaryBasisGovernmentalFundsBu dgetandActualForthe8 MonthsEndedAugust31,2015 EnterpriseFundSeeAccountant sCompilationReportVariancePriorYearAnnua lCurrentYeartoFavorableCurrentYeartoBudg etMonthDate(Unfavorable)MonthDateAdminis trationExpensesAccounting$9,500$1,133$9, 413$87$853$8,403 Legal2,0003751,763237-225 Consultingfees------WagesandBenefits77,0 006,12850,43126,5698,88463,010 Officeoperations------ComputerandInterne texpenses-9,794(9,794)

10 -Repairs/Maintenance----Operatingsupplie s-----Janitorial-----Postageanddelivery- -----Printing/Stationery500-379121-338 Professionalfees--3.