I-leatherRidge Metropolitan District Financial …

1 I-leatherRidgeMetropolitanDistrictFinanc ialStatementsJune3O,2015 SIMMONS&V%THEELER, ,Suite150,Centennial,CO80112(303)689-083 3,fax(303)689-0834 ACCOUNTANT SCOMPILATIONREPORTB oardofDirectorsHeatherRidgeMetropolitanD istrictWehavecompiledtheaccompanyingComb inedBalanceSheet GovernmentalFunds, ,2015andtherelatedStatementsofRevenues,E xpendituresandChangesinFundBalance BudgetandActual ,accordingly, , ,StatementofActivities, ,theaccompanyingfinancialstatementsareno tintendedtobeusedbyreaderswhoarenotfamil iarwiththeDistrict ,2015 CurrentassetsCashincheckingCashinUSBankC ashinCOLOTRUSTP ettyCashAccountsreceivable-taxesCash-Tru steePrepaidExpenseInventoryReceivable-GC ATR eceivable-rentAmounttobeprovidedforretir ementofdebtLongTermLiabilitiesGeneralobl igationBondsTotalLiabilitiesFundEquityIn vestmentinimprovementsFundbalanceGovernm entalFundsJune30,2015$50,12121,254350,00 02,450404--11,434--28,9432,962520,034464 ,606$68,65221,254528,9932,450109,198263, 65647611,43428,943_____7,550_____1,042,6 063,146,3173,146,317520,034520,034$-$25, 291-2,600-5,045-48,593-(644)

2 HeatherRidgeMetropolitanDistrictBalanceS heet-GovernmentalFundsandAccountGroupsAs setsDebtGeneralCapitalServiceFundFundFun dEnterpriseAccountTotalFundGroupsAllFund s$2,962167,73588,643263,656$18,531$8,296 20,555727,55055,004 OtherassetsImprovementsAmountavailablein debtserviceLiabilitiesandEquityCurrentLi abilitiesAccountspayablePayabletoTournam entsPayabletoClubsOutstandingPremiumCard sSalesTaxPayable4,640,4668,306,817$8,306 ,8174,640,4668,306,817$9,349,423$55,004$ 2,962$520,034$464,606$13,203$-$-$12,088- --2,600---5,045---48,593---(644)----5,16 0,5005,160,50013,203--67,6825,160,5005,2 41,3853,146,3173,146,317$8,306,8173,146, 317961,7214,108,038$9,349,42341,8012,962 520,034396,92441,8012,962520,034396,924S 55,004$2,962$520,034$464,606 HeatherRidgeMetropolitanDistrictReconcil iationofCashtoFundBalanceAsof6/30/2015 TotalCash$26,827$2,962$431,391$421,375 Pettycash---2,450 Accountsreceivabletaxes20,555-88,643-Pre paidexpenses72--404 Inventory---11,434 ReceivablefromGCAT---28,943 ReceivableRent7,550---AccountsPayable(13 ,203)--(12,088)Depositsfromtournaments-- -(2,600)Payabletoclubs---(5,045)Outstand ingpremiumcards---(48,593)

3 Salestaxpayable---644 Fundbalance$411$ ,ExpendituresandChangesinFundBalanceGove rnmentalFundsBudgetandActualForthe6 MonthsEndedJune30,2015 GeneralFundSeeAccountantsCompilationRepo rtVariancePriorYearAnnualYeartoFavorable CurrentYeartoBudgetActualDate(Unfavorabl e)MonthDateRevenuesPropertytaxes$92,017$ 20,268$89,587$(2,430)$17,644$87,696 Specificownershiptaxes6,4415893,538(2,90 3)5473,198 MiscIncome2,000-525(1,475)1,7972,422 RentIncome66,0007,55038,692(27,308)6,396 36,171 Interestincome50067303(197)53231166,9582 8,474132,645(34,313)26,437129,718 ExpendituresAccounting18,0001,6347,60710 ,3931,6248,503 Audit8,500--8,500--Legal20,000-6,00213,9 984629,834 Insurance10,500-7,2823,218-8,689 CommunityCommunication35,0004,74117,2261 7,7742,33514,088 Socialfunction2,000--2,000-1,151 ConsultantFees/MgmtFees18,0002,50012,000 6,0001,0006,000 PestControl5008040010071142 Miscellaneous100242,628(2,528)-20 Building-2ndFloor/Repairs/Main5,0002,311 12,441(7,441)

4 5,32410,852 BuildingImprovements------Building-Utili ties/Electric40,0003,55817,24922,7514,12 516,617 Building-Utilities/Gas14,0006047,4506,55 09138,548 Building-Utilities/Water/Sewer20,0002,29 89,89910,1012,5068,294 Utilities/Telephone3,5003462,0761,424455 2,104 Landscaping-3,7385,938(5,938)--Security1 ,200722,900(1,700)1,1986,191 Meals&Entertainment1,500881,44951-706 Computer/Internet-648713(713)-Dues&Subsc riptions-1665(65)--Licenses/Permits/Fees --100(100)--OfficeSupplies/Expense500122 306194114114 Advertising------Treasurer sFees1,3803041,344362651,316 Training/Education500--500--JanitorialSu pplies500--500-TrashRemoval6,5005012,991 3,5094982,959 Mileage/Travel/Lodging1,000-880120-Elect ion----251,020 Contingency229-229--Emergencyreserve6,15 5-_____6,155--214,56423,585118,94695,618 20,915107,148 Excess(deficiency)ofrevenuesoverexpendit ures(47,606)4,88913,69961,3055,52222,570 Fundbalance-beginning47,60636,91228,102( 19,504)

5 121,120104,072 Fundbalance-ending$-$41,801$41,801$41,80 1$126,642$126,6424 HeatherRidgeMetropolitanDistrictBudgetan dActualStatementofRevenues,Expendituresa ndChangesinFundBalanceGovernmentalFundsB udgetandActualForthe6 MonthsEndedJune30,2015 CapitalFundSeeAccountantsCompilationRepo rtVariancePriorYearAnnualYeartoFavorable CurrentYeartoBudgetActualDate(Unfavorabl e)MonthDateRevenuesBondProceeds$-$-$-$-$ MiscellaneousIncome--0 Interestincome---ExpendituresCostofIssua nce-----CapitalImprovements2,963-2963--P lanning&Engineering---Permits---Wells--- MaintenanceBuildingRoof---ClubhouseOutsi deLighting----SoftwareSystem----GolfEqui pment----PerimeterFence-----RangeNetting -----WebsiteDevelopment-----Improvements ------Irrigation------IrrigationContract 2011 Bond------CartPathImprovements------Secu rity-----Signs/Monuments------Heating&Ai r-----ClubhouseImprovements-----Accounti ng-----Legal-----SmokingPatio-----Restau rantImprovements-----ParkingLotImproveme nts-----Miscellaneous2.

6 963--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 orthe6 MonthsEndedJune30,2015 DebtFundSeeAccountantsCompilationReportV ariancePriorYearAnnualYeartoFavorableCur rentYeartoBudgetActualDate(Unfavorable)M onthDateRevenuesPropertytaxes$396,825$87 ,404$386,343$(10,482)$76,090$378,295 Specificownershiptaxes27,7782,53815,257( 12,521)2,35813,790 Interestincome186363186942460389,9604016 63(22,940)78,466392,154 ExpendituresBondPrincipal 09180,000-180,000--BondInterest 09192,42596,21396,212-99,868 BondPrincipal 1117,500-17,500--Bondlnterest ll28,72214,36114,361-14,717 TrusteeFees2,5008251,675-825 LegalExpenses--1,950(1,950)--TreasurerFe es5,9521,3115,7961561,1425,675 Contingency----427,0991,311119,145307,95 41,142121,085 Excess(deficiency)ofrevenuesoverexpendit ures(2,496)

7 88,649282,518285,01477,324271,069 Fundbalance-beginning235,210431,385237,5 162,306435,974242,229 Fundbalance-ending$232,714$520,034$520,0 34$287,320$513,298$513,2986 HeatherRidgeMetropolitanDistrictStatemen tofRevenues,ExpendituresandChangesinFund BalanceBudgetaryBasisEnterpriseFundsBudg etandActualForthe6 MonthsEndedJune30,2015 EnterpriseFundSeeAccountantsCompilationR eportVariancePriorYearAnnualCurrentYeart oFavorableCurrentYeartoBudgetMonthDate(U nfavorable)MonthDateRevenuesGolfCourseRe venue$-$-$-$-$-GolfPackages50,000-33,550 (16,450)-42,300 CartPackages12,500-7,301(5,199)-11,460 JuniorGolfPackages300--(300)300300 PremiumCardsRedeemed70,00011,30327,246(4 2,754)10,56532,534 Tournaments30,000--(30,000)--CartFees185 ,00024,65270,772(114,228)30,33177,660 GreenFees475,00081,614237,125(237,875)79 ,913234,533 Rangeballfees35,0004,65915,649(19,351)5, 45717,075 ClubRentals4,000--(4,000)--Merchandise32 ,5005,55515,311(17,189)4,14512,172 MiscellaneousIncome5,0004202,345(2,655)1 ,5643,873 AdjustmentforDeferredPkgs---Interestinco me------899,300128,203409,299(490,001)

8 132,295431,907 ExpendituresGolfCourseoperations254,0003 1,131135,672118,32831,962138,356 AdministrationExpenses89,5007,88459,5862 9,9149,23152,246 Groundsexpense286,40029,330216,09970,301 26,615148,538629,90068,345411,357218,543 67,808339,140 Excess(deficiency)ofrevenuesoverexpendit ures269,40059,858(2,058)(271,458)64,4879 2,767 Fundbalance-beginning298,358337,066398,9 82100,624290,047261767 Fundbalance-ending$567,758$396,924$396,9 24$(170,834)$354,534$354,5347 HeatherRidgeMetropolitanDistrictStatemen tofRevenues,ExpendituresandChangesinFund BalanceBudgetaryBasisGovernmentalFundsBu dgetandActualForthe6 MonthsEndedJune30,2015 EnterpriseFundSeeAccountantsCompilationR eportVariancePriorYearAnnualCurrentYeart oFavorableCurrentYeartoBudgetMonthDate(U nfavorable)MonthDateGolfCourseoperations Merchandise$20000$3,821$12,411$7,589$1,6 82$7,565 Equipmentlease------DistrictConsultants- ----F&BExpensespromo------Tournamentcomm issions------TournamentExpense-471471(47 1)

9 --Wagesandbenefits72,00011,98137,64434,3 5612,85534,987 Businesslicensesandpermits------Advertis ing1,3002912911,009-1,252 Advertising-tradeacct------BankServicech arges------CreditCardFees15,0001,0875,31 29,6882,0885,264 Mealsandentertainment-153452(452)98314 Charitablecommunityrelations------ClubRe ntalExpense------Computerandinternetexpe nses6,0001,8945,4875136584,557 Drivingrangesupplies5,000--5,0002016,387 Duesandsubscriptions350-200150-310 Employeeclothingexpenses------Employeere lations--62(62)--Equipmentfacilityrental ------GHIN expense50015045050270270 GolfClubRepairs------GolfCartLease55,000 6,02331,33823,6626,02330,558 GolfLessons150-13020-150 GolfCartRepairs4,0001362673,7334973,435 Janitorialexpense2,5001767681,732158904 Laundry/Cleaningexpense--21(21)--License s/Permits/Fees245-245--245 Insurance8,600-7,897703-7,845 OfficeSupplies/Expenses300156878(578)103 268 OperatingSupplies9,5002344,5984,9021,333 4,939 GolfSupplies------Pestcontrol------Posta geandDelivery200--200-196 PrintingStationary------Repairs/Maintena nce2,0004772,329(329)8001,236 Trainingeducation--160(160)

10 -100 Trashremoval1,500126748752125740