The District Board adopts an annual budget by
December 15th of each year for the following calendar year. At
this time, the Board establishes the property tax rate and level of fees
and charges, if any, for the property within the District. The District
relies on the County Assessorís Office for certification of assessed
values within the District. The preliminary assessed valuation is
received by August 25th of each year, and the final assessed
valuation is received by December 10th. The District Board of
Directors establishes the property tax rate based on these values.
The property tax rate consists of two components:
1. Operations and Maintenance
The operations and
maintenance mill levy provides for the on-going operations and maintenance
of the District.
2. Debt Service
The debt service levy
revenue is dedicated to payment of the principal and interest of the
Districtís outstanding bonds, if any.
An annual audit of the Districtís financial
statements must be prepared annually and filed with the Colorado Division
of Local Government and bondholders, if any. In some cases, an
exemption from the annual audit requirement may apply.
The District issued General Obligation Limited Tax
Bonds in both 2006 and 2010 to finance the related costs of infrastructure
(primarily roads, water, and sewer) for the community. The District levies
a property tax on all properties within the District to generate revenues
to pay the debt service costs of the bonds. The District is also
responsible for providing funding to Headwaters Metro District for a
proportionate share of the operating costs of the community.
2017 Adopted Budget
2017 Amended Budget
2016 Adopted Budget