Comprehensive Annual Financial Report

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Comprehensive Annual

Financial Report

For the year ended December 31, 2016

Wellington Ore Bin

built in the late 1800’s, rehabilitated in 2016

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By the Office of the State Auditor at 3:37 pm, Aug 10, 2017

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                          TOWN OF BRECKENRIDGE, COLORADO      COMPREHENSIVE ANNUAL  FINANCIAL REPORT      For the Fiscal Year Ended  December 31, 2016                Prepared by:  Finance Department 

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TABLE OF CONTENTS  PAGE  TITLE PAGE    TABLE OF CONTENTS    INTRODUCTORY SECTION    List of Principal Officials  i  Letter of Transmittal  ii‐iv  Organizational Chart  v  GFOA Certificate of Achievement  vi    FINANCIAL SECTION    Independent Auditor’s Report  1‐3  Management’s Discussion and Analysis  4‐13    BASIC FINANCIAL STATEMENTS    Government‐Wide Financial Statements    Statement of Net Position   14  Statement of Activities   15    Fund Financial Statements    Balance Sheet – Governmental Funds   16  Reconciliation of the Governmental Funds Balance Sheet to the     Government Wide Statement of Net Position   17  Statement of Revenues, Expenditures and Changes in Fund Balances ‐     Governmental Funds   18  Reconciliation of the Statement of Revenues, Expenditures, and Changes     in Fund Balances of Governmental Funds to the Statement of Activities  19  Statement of Net Position – Proprietary Funds   20  Statement of Revenues, Expenses and Changes in Fund Net Position –     Proprietary Funds   21  Statement of Cash Flows – Proprietary Funds   22    Notes to Financial Statements   23‐48    REQUIRED SUPPLEMENTARY INFORMATION    Schedules of Funding Progress   49    Budgetary Comparison Schedules  General Fund   50‐51  Open Space Acquisition Fund   52  Affordable Housing Fund   53  Marketing Fund   54  Conservation Trust Fund   55  Notes to Required Supplementary Information  56 

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TABLE OF CONTENTS  (Continued)  PAGE  FINANCIAL SECTION (Continued)    OTHER SUPPLEMENTARY INFORMATION    Capital Projects Fund  Schedule of Revenues, Expenditures and Changes     in Fund Balance ‐ Budget to Actual ‐ Capital Fund   57      Enterprise Funds  Schedule of Revenues, Expenses and Changes    in Fund Net Position – Budget and Actual ‐ Utility Fund  58  Schedule of Revenues, Expenses and Changes    in Fund Net Position – Budget and Actual ‐ Golf Course Fund  59  Schedule of Revenues, Expenses and Changes    in Fund Net Position – Budget and Actual ‐ Cemetery Fund  60    Internal Service Funds  Combining Statement of Net Position   61  Combining Statement of Revenues, Expenses and Changes in Fund Net Position   62  Combining Statement of Cash Flows   63  Schedule of Revenues, Expenses and Changes    in Fund Net Position – Budget and Actual ‐ Garage Services Fund   64  Schedule of Revenues, Expenses and Changes    in Fund Net Position – Budget and Actual ‐ Information Services Fund  65  Schedule of Revenues, Expenses and Changes    in Fund Net Position – Budget and Actual ‐ Facilities Maintenance Fund  66    STATISTICAL  Net Position By Component   67  Changes to Net Position   68  Fund Balances Governmental Funds   69  Changes in Fund Balances Governmental Funds   70  Assessed Value and Actual Value of Taxable Property   71  Property Tax Rates – All Direct and Overlapping Governments   72  Top Ten Principal Property Tax Payers   73  Taxable Sales and Sales Tax Collections By Category   74  Direct and Overlapping Sales Tax Rates   75  Property Tax Levies and Collections   76  Ratios of Outstanding Debt By Type   77  Ratios of General Bonded Debt Outstanding   78  Computation of Direct and Overlapping Debt   79  Legal Debt Margin Information   80  Pledge Revenue Coverage   81  Demographic and Economic Statistics   82  Principal Employers   83  Town Government Employees by Department   84  Operating Indicators by Function/Program   85  Capital Asset Indicators by Function/Program   86    STATE COMPLIANCE  Local Highway Finance Report   87 – 88

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              INTRODUCTORY SECTION   

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TOWN OF BRECKENRIDGE, COLORADO   LIST OF PRINCIPAL OFFICIALS              TOWN COUNCIL    Eric Mamula, Mayor     Wendy Wolfe, Mayor Pro Tem  Mark Burke  Erin Gigliello  Elisabeth Lawrence  Mike Dudick  Jeffrey Bergeron                TOWN STAFF    Rick Holman – Town Manager  Shannon Haynes – Assistant Town Manager  Tim Berry – Town Attorney  Peter Grosshuesch – Community Development Director  Tom Daugherty – Town Engineer/ Public Works Director  Brian Waldes – Finance Director  Dennis McLaughlin – Chief of Police  Scott Reid – Recreation Director  Erroll Miller – Golf Professional  Kim Dykstra – Communications Director i

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Citiz e n s  of  th e   To w n  of   Br eck e nridg e Ma yo r  &   To w n   C o unc il Boar ds  and  Co mmissio n s BOS A C BP A C Li quor  Li ce n si n g  Au th o ri ty P lanning  C o mmission Cu lt u ra l Art s  Ad vi so ry  C o mmit te e C h ild  Ca re  Ad vi so ry  C o mmit te e Munic ipa l Co u rt   Judge Pr o secu ti n g  A tto rn ey To w n  A tto rn ey To w n  Man ag er   an d   A ssi st an t  To w n   Man ag er Co m m n it Ee n ts and Ad m in is tr atio n Co m m u ni ty   Dev e lo pmen t Ev en ts  and   C o mmuni ca ti on Fi nance Gol f Pu b lic  Sa fe ty Pu b lic  Wo rk s Re cr e at io n v

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              FINANCIAL SECTION 

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375 E. Horsetooth Rd. Bldg. 4200 | Fort Collins, CO 80525-3198 | TF 800.408.2929 | T 970.223.8825 | F 970.223.0817 | EOE 1

Independent Auditor’s Report

To the Honorable Mayor and Members of Town Council Town of Breckenridge, Colorado

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Town of Breckenridge, Colorado as of and for the year ended December 31, 2016, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the

assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Town of Breckenridge, as of December 31, 2016, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

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Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, schedule of funding progress, and budgetary comparison information on pages 4 through 13, page 49, and pages 50 through 55, respectively, be presented to supplement the basic

financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the

information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Town of Breckenridge’s basic financial statements. The introductory section, combining statements, individual budget schedules, Local Highway Finance Report and statistical section are presented for purposes of additional analysis and are not a required part of the financial statements. The combining financial statements and budget schedules on pages 57 through 66, and Local Highway Finance Report on pages 87 and 88 are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining statements, individual budget schedules, and Local Highway Finance Report are fairly stated, in all material respects, in relation to the basic financial statements as a whole.

The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.

Prior-Year Comparative Information

The financial statements include partial summarized prior-year comparative information. Such

information does not include sufficient detail to constitute a presentation in conformity with accounting principles generally accepted in the United States of America. Accordingly, such information should be read in conjunction with the Town’s financial statements for the year ended December 31, 2015, from which such partial summarized information was derived.

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Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated July 20, 2017 on our consideration of the Town of Breckenridge’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Town of Breckenridge’s internal control over financial reporting and compliance.

Eide Bailly Signature

Fort Collins, Colorado July 20, 2017

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TOWN OF BRECKENRIDGE, COLORADO MANAGEMENT’S DISCUSSION AND ANALYSIS

December 31, 2016

This section of the Town of Breckenridge's financial statements provides a narrative overview and analysis of the financial activities of the Town for the fiscal year ended December 31, 2016. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal at the front of this report and the Town’s financial statements which follow within this section, as well as the accompanying statistical information, and state compliance sections.

FINANCIAL HIGHLIGHTS

 The Town of Breckenridge remains in a financially sound condition. The Town’s increase in net position and continued investments in infrastructure demonstrate out continued positive overall financial health.

 The assets of the Town of Breckenridge exceeded its liabilities and deferred inflows of resources at the close of fiscal year 2016 by $199,578,063 (net position). Of this amount, $49,883,058 (unrestricted net position) may be used to meet the Town's ongoing obligations or unforeseen expenses.

 General fund 2016 revenues increased by $4.4 million or 11.6% as compared to 2015. Governmental funds tax revenues increased by 3.8% compared to 2015.

 Because some revenues increased in 2016, the Town was able to increase its reserves. As of the close of fiscal year 2016, the Town of Breckenridge's governmental funds reported a combined ending fund balance of $62,262,514, an increase of $4.4 million compared to fiscal year 2015. $31,548,493 of the total is unassigned and equal to 56.7% of governmental expenditures.

 At the end of fiscal year 2016, unassigned fund balance for the general fund was

$31,548,493 or 109.2% of the total general fund expenditures.

 A new Certificate of Participation (COP) was issued in 2016 for the refinancing of the 2005 COP and the construction of Huron Landing, a new affordable housing project partnership with Summit County Government.

OVERVIEW OF THE FINANCIAL STATEMENTS

This discussion and analysis are intended to serve as an introduction to the Town of Breckenridge's basic financial statements. The Town of Breckenridge's basic financial statements comprise three components: 1) government-wide financial statements, 2), fund financial statements and 3) notes to financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

Government-Wide Financial Statements

The government-wide financial statements are designed to provide readers with a broad overview of the Town of Breckenridge's finances, in a manner similar to a private-sector business or full accrual accounting.

The statement of net position presents information on all the Town of Breckenridge's assets, liabilities, and deferred inflows of resources, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial status of the Town is improving or deteriorating.

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The statement of activities presents information showing how the Town of Breckenridge's net position changed during the most recent fiscal year. Changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses reported in this statement for some items will result in cash flows in future periods (e.g., uncollected taxes and earned but unused vacation leave).

Both of the government-wide financial statements distinguish functions of the Town of Breckenridge that are principally supported by taxes and intergovernmental revenues (Governmental Activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (Business-type Activities). The Governmental Activities of the Town of Breckenridge include: general government, public safety (police), community development, public works, culture and recreation, and open space. The Business-type Activities of the Town of Breckenridge include water utility, municipal golf course, cemetery, and three internal service activities that provide vehicle/equipment, computer/communication support, and facility maintenance services to the Town’s operating departments.

The government-wide financial statements include the Town of Breckenridge itself (known as the primary government), the business-type activities (water utility, municipal golf course, and three internal service activities that provide vehicle/equipment, computer/communication support, and facility maintenance services to the Town’s operating departments) and legally separate entities for which the Town is financially accountable. Financial information for the discretely presented component unit of Pinewood II, LLLP is reported separately from the financial information presented for the primary government itself and can be found beginning on page 15. The government-wide financial statements can be found on pages 15-16 of this report.

Fund Financial Statements

A fund is a grouping that is used to maintain control over resources that have been segregated for specific activities or objectives. Some funds are required to be established by State law and bond covenants, however Town Council establishes other funds to help control and manage money for particular purposes. All of the Town's funds can be divided into two categories: Governmental Funds and Proprietary Funds.

Governmental Funds - Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on

short-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a

government's short-term financing requirements. This accounting method is called modified accrual accounting.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental activities in the

governmental funds with similar information presented for governmental activities in the

government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's short term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Town of Breckenridge maintains six individual governmental funds: General Fund (includes General Fund, Excise, Special Projects, Marijuana Fund, and Child Care), four Special Revenue Funds (Conservation Trust, Affordable Housing, Marketing, and Open Space), as well as the Capital Projects Fund. Information is presented separately in the governmental fund balance sheet and in

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the governmental fund statement of revenues, expenditures, and changes in fund equity for these funds. All funds are considered to be major funds.

The Town of Breckenridge adopts an annual appropriated budget for its governmental funds. A budgetary comparison statement has been provided for the governmental funds to demonstrate compliance with this budget.

The basic governmental fund financial statements can be found on pages 16-19 of this report.

Proprietary Funds – Proprietary funds are unlike governmental funds in that they report the business-type activities of the Town. Enterprise funds account for the operation of governmental programs that are intended to be supported primarily by user fees. The Town uses enterprise funds to report its Utility, Golf Course, and Cemetery funds. Internal Service funds account for goods and services provided by specific programs on a fee basis to the Town’s other departments and programs. The Town has three internal service funds. The Town uses internal service funds to report its Garage, Information Services (I/S), and Facilities Maintenance funds.

Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide separate information for Utility, Golf Course, Cemetery, Garage, I/S, and Facilities Maintenance funds. All are considered to be major funds of the Town of Breckenridge.

The basic proprietary fund financial statements can be found on pages 20-22 of this report. Notes to Financial Statements

The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found on pages 23-48 of this report.

Required Supplementary Information – This section contains the schedule of funding progress and budgetary comparison schedules for the Town’s General Fund and major special revenue funds and can be found on pages 49-56.

Additional Supplementary Information – This section contains budget and actual statements for the Town’s other funds and can be found on pages 57-66.

FINANCIAL ANALYSIS OF THE TOWN AS A WHOLE

Statement of Net Position - As noted earlier, net position might serve over time as a useful indicator of a government's financial position. In the case of the Town of Breckenridge, the Town had total assets of $268,200,260 as of December 31, 2016. The Town’s net position was $246,796,976 at the close of fiscal year 2016.

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Combined net position of the Town at December 31, was:

By far the largest portion of the Town of Breckenridge's net position, approximately 67%, reflects its net investment in capital assets (e.g. land, buildings, infrastructure), less any related debt used to acquire those assets that is still outstanding. The Town of Breckenridge uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the Town of Breckenridge's investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. Unrestricted net position may be used to meet the Town's ongoing obligations to citizens and creditors.

The $77,594,287 in Current Assets of the Total Primary Government includes $67,922,461 in cash and cash equivalents and investments. This reflects the strong cash balances that the Town of Breckenridge has maintained during 2016.

At the end of 2016, the Town of Breckenridge is able to report positive balances in all three categories of net position, both for the government as a whole, as well as for its separate Governmental, Business-type, and Component-unit activities. The net position, unrestricted for the governmental activities, equals 143% of total expenses in the statement of activities for governmental activities for 2016 and 126% of the total government-wide expenses, including Business-Type activities.

Statement of Activities – This statement presents information showing how the Town’s net position changed during the given fiscal year. Governmental activities increased the Town of Breckenridge's net position by $16.7 million adding approximately 9.1% growth to total net position, versus 10.5% growth in 2015.

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A summarization of the changes in net position is as follows:

Governmental Activities

The excess of program revenues and other sources over expenses and other uses for Governmental Activities was approximately $16.7 million. The following are illustrative summaries of Governmental Activities breaking out revenues and expenses:

General  Government, 24% Public Safety, 11% Public Works, 28% Community  Development, 12% Open Space  Acquisition, 4% Culture and  Recreation, 20% Governmental Activity  Expenses ‐ As of December 31, 2016

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9 Governmental Activities Analysis:

• Sales Tax in 2016 was up 16% or $3.4 million over 2015. Accommodations Taxes increased by 14% or $628k from 2015.

• Real Estate Transfer Tax was down by $229k or 4% from 2015.

• Property Tax revenues were up slightly in 2016 at $2.6 million vs. $2.4 million in 2015, an 8% increase.

Transfers, 45%

Other Revenues, 0% Other Taxes, 39%

Real Estate Transfer Tax, 1% Sales Taxes, 3%

Capital Grants and Contributions, 2% Operating Grants and Contributions, 1% Charges for services, 9% Governmental Activity Revenue by Source - As of December 31, 2016

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The following chart demonstrates the current level of recovery for the Town's business type activities:

FINANCIAL ANALYSIS OF THE TOWN'S FUNDS

As noted earlier, The Town of Breckenridge uses fund accounting to ensure and demonstrate compliance with finance related legal requirements.

Governmental Funds - The focus on the Town of Breckenridge's governmental funds is to provide information on short-term inflows, outflows and balances of spendable resources. Such information is useful in assessing the Town's financing requirements. In particular, unreserved fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year.

As the Town completed the year, its governmental funds reported a combined fund balance of $62,262,514. Of that fund balance, $31,548,493 constitutes unassigned fund balance which is available for spending at the government's discretion. The remainder of the fund balance is categorized to indicate that it is not available for new spending, the largest of which is assigned for capital projects, totaling $3,994,881.

The General Fund is the chief operating fund of the Town of Breckenridge. At the end of the 2016, the General Fund balance was $40,446,736 and 78% of the fund balance was unassigned. The General Fund balance increased in 2016 by $2,724,579 or approximately 7%. With the strong revenues experienced, the Town’s Council will continue to reinvest in the Town by approving Capital projects.

The Capital Projects Fund has a total fund balance of $3,994,881. The decrease in fund balance during the current year was $1,892,615. This decrease is the result of the Town’s priority of investing in capital assets during 2016. The major revenue source for the Capital Projects Fund is a transfer from the excise tax fund which is rolled into the General Fund for financial reporting purposes.

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Special Revenue Funds – These funds have a total combined fund balance of $17,820,897. The main ongoing revenue sources for the special revenue funds are taxes (sales and accommodations). These tax revenues amounted to $5,746,260 in 2016.

The Marketing Fund balance increased by $657,683 in 2016 due to an increase in sales and accommodations taxes collected.

The Affordable Housing Fund balance increased by $2,115,237. Future projects are planned thus the Fund balance has increased in anticipation of those developments. In 2016, the Fund had a one-time expense related to an affordable housing project. Going forward, such projects will be accounted for as a part of our Breckenridge Housing Authority, a component unit of the Town.

The Open Space Acquisition Fund balance increased by $786,304 in 2016 due to an increase in sales tax collected.

The Conservation Trust Fund balance increased by $10,494 in 2016.

Proprietary funds - The Town of Breckenridge's proprietary funds provide the same type of information found in the government wide financial statements, but in more detail.

Unrestricted net position of the Utility, Golf Course, and Cemetery funds at the end of the year amounted to $12,042,644. Factors concerning the finances of these funds have already been addressed in the discussion of the Town's business type activities.

GENERAL FUND BUDGETARY HIGHLIGHTS

Over the course of the year, the Town Council revised the Town budget. These budget amendments fell into the following categories:

• Supplemental appropriations approved shortly after the beginning of the year to reflect projects and purchases not completed in the previous year.

 Supplemental appropriations approved after the beginning of the year to reflect new projects or revenues not previously considered.

Differences in the General Fund between the original budget and the final amended budget were related to both revenue and expenditures. The 2016 expenditure budget was increased by approximately $4.3M. Actual General Fund revenues were over amended budget by $5.5M primarily due to tax revenues (audit findings). Expenditures were under the amended budget by $2.7M primarily due unexpended capital appropriations.

CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets

The Town of Breckenridge's investment in capital assets for its governmental and business type activities as of December 31, 2016 amounts to $164,364,606 net of related debt, up from $148,278,667 from the preceding year. This investment in capital assets includes land, buildings, vehicles, parks & recreation, equipment, roads, bridges, trails and utility system infrastructure. The total increase in the Town of Breckenridge's investment in capital assets (net of related debt) for the fiscal year ending 2016 was $16,085,939. This is primarily due to the completion of the Breckenridge Grand Vacations Community Center in 2016 and other large projects which were initiated in prior years and are now completed. Additionally, some of the Business Activity assets were reclassified in 2016, although this adjustment did not create an aggregate change.

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Note 4 of the financial statements on pages 38-40 provides additional information related to the Town's capital assets.

Long-Term Debt

In March of 2016, the Town issued certificates of participation (COPs) in the par amount of $10,060,000. The purpose of the issue was twofold; to retire the Town’s outstanding 2005 COPs and to fund the Town’s Huron landing affordable rental housing project. The refunding of the 2005 COPs will realize about $200,000 in savings to the Town over the next 10 years. The debt service payments for this portion of the 2016 COPs are allocated to the Excise Fund. The Affordable Housing Fund pays the debt service for the project portion of the debt service payments.

At the end of the current fiscal year, the Town of Breckenridge had no bonded debt outstanding in the form of General Obligation Bonds.

The following is a summary of the Town’s outstanding long-term debt as of December 31, 2016:

Note 5 of the financial statements on pages 41-43 provides additional information on the Town's long-term debt.

ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES

• Tax (including property, sales, accommodations and real estate transfer) revenues are the main source of governmental revenues and are an important source for providing funds for the general operations and maintenance of the Town of Breckenridge.

• The national, state and local economies are projected to continue to improve slightly throughout 2017.

 For 2017, anticipated revenue budgeted for the General Fund (excluding transfers in) and the Excise Tax Fund total $42,097,501, as compared to the (revised) 2016 budget of $36,520,724.

 The 2017 budgeted revenue closely follows the actual amounts collected in 2016 for most General Fund revenue categories, e.g., recreation fees and building permit revenues.

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 Tax revenues are budgeted in line with actual collections of sales tax and accommodation tax; while Real Estate Transfer Tax revenue for 2017 is budgeted at $4,350,000, a 17% decrease from 2016 actual collections of $5,468,732 based on non-recurring events from 2016.

 Budgeted expenditures for 2017 were based on projections of 2016 annual expenditures with the exception of the Capital Fund. The budgeted expenditures for 2017 are $84,331,274, excluding transfers.

The Town of Breckenridge will continue to closely monitor its financial position throughout 2017. The country and world are experiencing an overall economy that is improved. However, continued fiscal discipline and scrutiny of initiatives will ensure that future annual operational expenditures remain in balance with future revenues in light of overall local and national economic conditions.

REQUESTS FOR INFORMATION

This financial report is designed to provide a general overview of the Town of Breckenridge's finances for

those with an interest in the government's finances. If you have questions concerning any of the information provided in this report or requests for additional financial information, please contact the Town’s Finance Department at 150 Ski Hill Road, PO Box 168, Breckenridge, Colorado 80424 or visit our website at http://www.townofbreckenridge.com.

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                      BASIC FINANCIAL STATEMENTS        The  Basic  Financial  Statements  provide  a  financial  overview  of  the  Town's  operations.     These  financial statements present the financial position, operating results, and cash flows, where applicable, of  government‐wide operations as well as all governmental activities and business‐type activities as of December  31, 2016.

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              INTENTIONALLY LEFT BLANK 

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              GOVERNMENT‐WIDE FINANCIAL STATEMENTS

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              INTENTIONALLY LEFT BLANK

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BUSINESS ‐ DISCRETELY‐

GOVERNMENTAL TYPE PRESENTED 

ACTIVITIES ACTIVITIES TOTAL COMPONENT UNIT

ASSETS Current Assets Equity in Pooled Cash and Investments $         55,798,094 $     12,124,367 $         67,922,461 $      168,476 Receivables Taxes Receivable        8,493,934       ‐       8,493,934          ‐ Accounts Receivable, Net        233,270        526,766        760,036          ‐ Intergovernmental Receivables        263,466       ‐        263,466          ‐ Interest Receivable        11,930       ‐        11,930          ‐ Current Portion of Long Term Note Receivable        138,085       ‐        138,085          ‐ Prepaid Items and Deposits        4,375       ‐        4,375        49,160 Total Current Assets        64,943,154         12,651,133        77,594,287        217,636 Noncurrent Assets Restricted Cash and Investments        717,354       ‐        717,354          ‐ Notes Receivable        12,231,725       ‐        12,231,725          ‐ Capital Assets Not Being Depreciated        71,083,766         15,368,320        86,452,086          ‐ Capital Assets Being Depreciated          125,884,412         51,382,897          177,267,309        9,525,820 Accumulated Depreciation       (54,812,233)       (31,250,268)       (86,062,501)          ‐ Other Assets       ‐       ‐       ‐        7,698 Total Noncurrent Assets          155,105,024         35,500,949          190,605,973        9,533,518 TOTAL ASSETS          220,048,178         48,152,082          268,200,260        9,751,154 LIABILITIES Current Liabilities Accounts Payable        3,365,624        513,312       3,878,936        142,591 Accrued Liabilities        7,780       ‐        7,780          ‐ Accrued Salaries        270,280        24,441        294,721          ‐ Accrued Interest Payable        55,246       6,355        61,601          ‐ Funds Held for Others        204,946       2,500        207,446        54,630 Unearned Revenue        71,553       ‐        71,553          ‐ Current Portion of Long Term Debt        807,242        54,789        862,031          ‐ Total Current Liabilities        4,782,671        601,397       5,384,068        197,221 Noncurrent Liabilities Certificates of Participation Payable        11,290,000       ‐        11,290,000          ‐ Notes Payable          ‐        269,891        269,891        9,492,238 Long‐Term Debt Premiums        949,355       ‐        949,355          ‐ Retiree Health Benefit Obligation        87,401       ‐        87,401          ‐ Accrued Compensated Absences        710,897        61,881        772,778          ‐ Total Noncurrent Liabilities        13,037,653        331,772        13,369,425        9,492,238 TOTAL LIABILITIES        17,820,324        933,169        18,753,493        9,689,459 DEFERRED INFLOWS OF RESOURCES Deferred Revenue ‐ Property Taxes        2,649,791       ‐       2,649,791          ‐ TOTAL DEFERRED INFLOWS OF RESOURCES        2,649,791       ‐       2,649,791          ‐ NET POSITION Net Investment in Capital Assets          129,188,337         35,176,269          164,364,606       (9,655,877) Restricted Net Position Restricted for Retirement        143,551       ‐        143,551          ‐ Restricted for Parks and Recreation        12,486       ‐        12,486          ‐ Restricted for Marketing        544,425       ‐        544,425          ‐ Restricted for Affordable Housing        15,867,278       ‐        15,867,278          ‐ Restricted for Open Space Acquisitions        947,875       ‐        947,875          ‐ Restricted for Parking & Transportation        906,536       ‐        906,536          ‐ Restricted for Debt Service        573,803       ‐        573,803          ‐ Restricted for Emergencies        1,510,714       ‐       1,510,714          ‐ Unrestricted        49,883,058         12,042,644        61,925,701        9,717,572 TOTAL NET POSITION $       199,578,063 $     47,218,913 $       246,796,976 $       61,695   14 TOWN OF BRECKENRIDGE, COLORADO The accompanying notes are an integral part of the financial statements. December 31, 2016 STATEMENT OF NET POSITION

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OPERATING

CHARGES FOR GRANTS AND CAPITAL EXPENSES SERVICES CONTRIBUTIONS GRANTS FUNCTIONS/PROGRAMS Government Activities Current: General Government $       7,930,256 $      972,222 $       ‐ $      231,890 Public Safety       3,805,509       1,163,870        108,075       ‐ Community Development       4,259,530       1,486,115        238,932        701,224 Public Works       9,898,260 681,918        511,237        467,623 Culture and Recreation       7,011,762 3,246,192        50,000        54,488 Open Space       1,302,756 138,369       ‐       ‐ Interest Expense Not Allocated       583,287        ‐       ‐       ‐ TOTAL GOVERNMENT ACTIVITIES       34,791,360       7,688,686        908,244        1,455,225 Business ‐ Type Activities Current: Water Operations       2,614,837       3,700,688       ‐        1,894,843 Golf Operations       2,222,408       2,629,037       ‐       ‐ Cemetery Operations       6,750       15,725       ‐       ‐ TOTAL BUSINESS ‐ TYPE ACTIVITIES       4,843,995       6,345,450       ‐        1,894,843 TOTAL PRIMARY GOVERNMENT $       39,635,355 $       14,224,250 $       908,244 $       3,350,068 Discretely‐Presented Component Unit Current: Affordable Housing Operations       525,691       190,114       ‐       ‐ TOTAL DISCRETELY‐PRESENTED COMPONENT UNIT ACTIVITIES       525,691       190,114       ‐       ‐ GENERAL REVENUES Property Taxes Specific Ownership Taxes Sales Taxes Marketing Open Space TOWN OF BRECKENRIDGE, COLORADO STATEMENT OF ACTIVITIES For the Year Ended December 31, 2016 PROGRAM REVENUES Other Sales Taxes Accommodations Taxes Marketing Other Accommodations Taxes Marijuana Taxes Franchise Taxes Real Estate Transfer Taxes Lift Ticket Tax Other Taxes Unrestricted Grants and Contributions Unrestricted Investment Earnings Gain on Sale of Assets Other General Revenues TOTAL GENERAL REVENUES TRANSFERS TOTAL GENERAL REVENUES AND TRANSFERS CHANGE IN NET POSITION NET POSITION, Beginning NET POSITION, Ending 15 The accompanying notes are an integral part of the financial statements.

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DISCRETELY‐ GOVERNMENT BUSINESS ‐ PRESENTED 

ACTIVITIES TYPE ACTIVITIES TOTAL COMPONENT UNIT (6,726,144) $        $       ‐ $       (6,726,144) $      ‐ (2,533,564)                ‐        (2,533,564)        ‐ (1,833,259)                ‐        (1,833,259)        ‐ (8,237,482)                ‐        (8,237,482)        ‐ (3,661,082)                ‐        (3,661,082)        ‐ (1,164,387)                ‐        (1,164,387)        ‐ (583,287)               ‐       (583,287)        ‐ (24,739,205)                ‐        (24,739,205)        ‐ ‐               2,980,694       2,980,694        ‐ ‐               406,629       406,629        ‐ ‐               8,975       8,975        ‐ ‐               3,396,298       3,396,298        ‐ (24,739,205)               3,396,298        (21,342,907)       (335,577) ‐                ‐       ‐       (335,577) ‐                ‐       ‐       (335,577) 2,558,773               ‐       2,558,773        ‐ 124,910               ‐       124,910        ‐ 383,128               ‐       383,128        ‐ 2,736,623               ‐       2,736,623        ‐ NET (EXPENSE) REVENUE AND CHANGES IN NET POSITION 21,289,510               ‐       21,289,510        ‐ 2,095,074               ‐       2,095,074        ‐ 2,976,739               ‐       2,976,739        ‐ 561,510               ‐       561,510        ‐ 744,256               ‐       744,256        ‐ 5,240,098               ‐       5,240,098        ‐ 586,418               ‐       586,418 55,140               ‐       55,140        ‐ 9,846               ‐       9,846        ‐ 359,992              74,275       434,267        ‐ 11,923              5,337       17,260        ‐ 1,183,909               ‐       1,183,909        ‐ 40,917,849              79,612       40,997,461        ‐ 477,024              (477,024)       ‐        ‐ 41,394,873              (397,412)       40,997,461        ‐ 16,655,668              2,998,886       19,654,554       (335,577) 182,922,395              44,220,027       227,142,422       397,272 199,578,063 $       $      47,218,913 $      246,796,976 $       61,695

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              INTENTIONALLY LEFT BLANK 

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                  FUND FINANCIAL STATEMENTS 

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CAPITAL PROJECTS

FUND

CONSERVATION AFFORDABLE OPEN SPACE

GENERAL TRUST MARKETING HOUSING ACQUISITION CAPITAL

FUND FUND FUND FUND FUND FUND

ASSETS Equity in Pooled Cash and Investments $        33,350,187 $       12,486 $       531,649 $      6,107,122 $      2,220,833 $      4,323,207 Receivables Taxes Receivable       7,471,924          ‐        461,609        156,154        404,247          ‐ Accounts Receivable, Net        222,068          ‐          ‐          ‐          1,751          9,413 Intergovernmental Receivables          18,576          ‐          ‐          ‐          59,890        185,000 Interest Receivable          4,324          ‐          ‐          7,606          ‐          ‐ Advance to Other Funds       1,623,461          ‐          ‐          ‐          ‐          ‐ Due from Other Funds          ‐          ‐          ‐          ‐          ‐          ‐ Prepaid Items and Deposits          4,375          ‐          ‐          ‐          ‐          ‐ Notes Receivable       1,297,067          ‐          ‐       11,072,743          ‐          ‐ Restricted Cash and Investments        717,354          ‐          ‐          ‐          ‐          ‐     TOTAL ASSETS $        44,709,336 $       12,486 $       993,258 $        17,343,625 $      2,686,721 $      4,517,620 LIABILITIES, DEFERRED INFLOWS, AND FUND BALANCE          ‐ LIABILITIES Accounts Payable $      1,080,331 $         ‐ $         ‐ $      1,471,447 $       111,661 $       522,739 Accrued Liabilities          7,780          ‐          ‐          ‐          ‐          ‐ Accrued Salaries        252,305          ‐          ‐          1,394          3,124          ‐ Due to Other Funds          ‐          ‐          ‐          ‐          ‐          ‐ Funds Held for Others        200,840          ‐          ‐          3,506         600          ‐ Unearned Revenue          71,553          ‐          ‐          ‐          ‐          ‐ Advance From Other Funds          ‐          ‐          ‐          ‐       1,623,461          ‐   TOTAL LIABILITIES       1,612,809          ‐          ‐       1,476,347       1,738,846        522,739 DEFERRED INFLOWS OF RESOURCES Unavailable Revenue ‐ Prepayments          ‐          ‐          ‐          ‐          ‐          ‐ Unavailable Revenue ‐ Property Taxes       2,649,791          ‐          ‐          ‐          ‐          ‐   TOTAL DEFERRED INFLOWS OF RESOURCES       2,649,791          ‐          ‐          ‐          ‐          ‐ FUND BALANCE Nonspendable       1,274,719          ‐          ‐          ‐          ‐          ‐ Restricted Restricted for Retirement        143,551          ‐          ‐          ‐          ‐          ‐ Restricted for Parks and Recreation          ‐          12,486          ‐          ‐          ‐          ‐ Restricted for Marketing          ‐          ‐        544,425          ‐          ‐          ‐ Restricted for Affordable Housing          ‐          ‐          ‐       15,867,278          ‐          ‐ Restricted for Open Space           ‐          ‐          ‐          ‐        947,875          ‐ Restricted for Parking & Transportation        906,536          ‐          ‐          ‐          ‐          ‐ Restricted for Debt Service        573,803          ‐          ‐          ‐          ‐          ‐ Restricted for Emergencies       1,510,714          ‐          ‐          ‐          ‐          ‐ Committed          ‐          ‐          ‐          ‐          ‐          ‐ Committed for Marketing          ‐          ‐        448,833          ‐          ‐          ‐ Assigned Assigned for Capital Projects          ‐          ‐          ‐          ‐          ‐          ‐ Assigned for Next Year's Budget       4,488,920          ‐          ‐          ‐          ‐       3,994,881 Unassigned       31,548,493          ‐          ‐          ‐          ‐          ‐   TOTAL FUND BALANCE       40,446,736          12,486        993,258       15,867,278        947,875       3,994,881     TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES      AND FUND BALANCE $        44,709,336 $       12,486 $       993,258 $        17,343,625 $      2,686,721 $      4,517,620 The accompanying notes are an integral part of the financial statements. 16 TOWN OF BRECKENRIDGE, COLORADO BALANCE SHEET‐ GOVERNMENTAL FUNDS  December 31, 2016 (With Comparative Totals for December 31, 2015) SPECIAL REVENUE FUNDS

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TOTALS 2016 2015 46,545,484 $      $        45,907,628 8,493,934              7,476,055 233,232                  97,182 263,466                  18,467 11,930                  55,771 1,623,461              2,000,000 ‐                    ‐ 4,375                  51,585 12,369,810               8,857,540 717,354                669,764 70,263,046 $      $        65,133,992           3,186,178 $        $      2,236,964 7,780                  2,679 256,823                176,957 ‐                    ‐ 204,946                126,154 71,553                  54,232 1,623,461              2,000,000 5,350,741              4,596,986 ‐                    53,705 2,649,791              2,622,469 2,649,791              2,676,174     1,274,719              8,909,125 143,551                  95,961 12,486                  1,992 544,425                180,332 15,867,278               6,217,528 947,875                161,571 906,536                  ‐ 573,803                573,803 1,510,714              1,591,651 ‐                    ‐ 448,833                  ‐ ‐                  715,018 8,483,801              8,383,244 31,548,493               31,030,607 62,262,514               57,860,832         70,263,046 $      $        65,133,992

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              INTENTIONALLY LEFT BLANK 

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TOTAL FUND BALANCE ‐ GOVERNMENTAL FUNDS $     62,262,514 Capital assets used in governmental activities are not resources    and are not reported in the funds: Capital Assets      185,486,611 Accumulated Depreciation       (47,265,344) Earned but unpaid accumulated leave balances are not reported in the funds: Accrued Compensated Absences       (745,249) Long‐term liabilities are not due and payable in the current period  Certificates of Participation Payable       (11,965,000) Debt Premiums          (1,002,608) Accrued Interest Payable       (55,246) Retiree Health Benefit Obligation       (87,401) Internal service funds are blended into governmental activities: Garage Service Net Position       9,627,198 Information Services Net Position        823,980 Facilities Maintenance Net Position         2,498,609 TOTAL NET POSITION ‐ GOVERNMENTAL ACTIVITIES $  199,578,063 The accompanying notes are an integral part of the financial statements. 17 TOWN OF BRECKENRIDGE, COLORADO RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE GOVERNMENT‐WIDE STATEMENT OF NET POSITION December 31, 2016

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CONSERVATION AFFORDABLE OPEN SPACE

GENERAL TRUST MARKETING HOUSING ACQUISITION

FUND FUND FUND FUND FUND

REVENUES Taxes $       33,605,919 $         ‐ $      2,478,202 $       531,435 $       2,736,623 Licenses and Permits       1,032,401          ‐        762,196       ‐       ‐ Intergovernmental       1,338,487       54,488          ‐        210,415        70,645 Charges for Services       4,687,524          ‐       9,418        738,341        70,087 Fines and Forfeits        471,234          ‐       ‐       ‐       ‐ Investment Earnings        242,835          6       2,411        35,810        20,656 Miscellaneous        607,477          ‐       ‐        536,690        19,910    TOTAL REVENUES        41,985,877       54,494       3,252,227       2,052,691       2,917,921 EXPENDITURES General Government       3,300,300          ‐       3,842,789       ‐       ‐ Public Safety       3,564,679          ‐          ‐          ‐       ‐ Community Development       2,248,074          ‐          ‐        275,191       ‐ Public Works       9,314,819          ‐          ‐          ‐       ‐ Culture and Recreation       6,459,033          ‐       ‐       ‐       ‐ Open Space Acquisition          ‐          ‐       ‐       ‐       1,309,989 Grants to Other Agencies       1,049,425          ‐       ‐       ‐       ‐ Capital Outlay       2,366,347          ‐       ‐       10,259,676        509,431 Debt Service Principal        395,000          ‐       ‐        210,000       ‐ Interest and Charges        191,829          ‐       ‐        322,063        57,197     TOTAL EXPENDITURES        28,889,506          ‐       3,842,789       11,066,930       1,876,617     EXCESS OF REVENUES (OVER) UNDER EXPENDITURES        13,096,371       54,494       (590,562)        (9,014,239)       1,041,304 OTHER FINANCING SOURCES (USES) Issuance of Certificates of Participation          ‐          ‐       ‐       7,735,000       ‐ Issuance of  Refunding Certificates of Participation       2,325,000          ‐          ‐       ‐       ‐ Issuance of COP Premium        147,583          ‐       ‐        894,480       ‐ Payment to Refunding COP Escrow Agent       (2,435,658)          ‐       ‐       ‐       ‐ Proceeds from Sale of Capital Assets          ‐          ‐          ‐          ‐       ‐ Transfers In        492,024          ‐       1,248,245       2,499,996       ‐ Transfers Out       (10,900,741)       (44,000)          ‐          ‐       (255,000) (10,371,792)              (44,000)       1,248,245       11,129,476       (255,000) CHANGE IN FUND BALANCE       2,724,579       10,494        657,683       2,115,237        786,304 FUND BALANCE ‐ Beginning $       37,722,157 $      1,992 $       335,575 $         13,752,041 $       161,571 FUND BALANCE ‐ Ending $       40,446,736 $       12,486 $       993,258 $         15,867,278 $       947,875 TOWN OF BRECKENRIDGE, COLORADO 18 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ‐ GOVERNMENTAL FUNDS For the Year Ended December 31, 2016 (With Comparative Totals for the Year Ended December 31, 2015) The accompanying notes are an integral part of the financial statements. SPECIAL REVENUE FUNDS

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CAPITAL PROJECTS FUND CAPITAL FUND 2016 2015 ‐ $       $         39,352,179 $         35,237,467 ‐              1,794,597       1,590,838 560,273               2,234,308       3,878,175 75,861               5,581,231       5,924,547 ‐               471,234        429,761 27,835                329,553        121,838 464               1,164,541       1,897,113 664,433               50,927,643       49,079,739 ‐                 7,143,089       7,334,615 ‐              3,564,679       3,274,868 ‐              2,523,265       2,284,598 284,254               9,599,073       8,294,233 ‐              6,459,033       6,157,336 ‐              1,309,989        844,410 323,022               1,372,447       1,035,191 9,386,272              22,521,726       9,280,717 ‐               605,000       3,115,002 ‐               571,089        323,487 9,993,548              55,669,390       41,944,457     (9,329,115)                (4,741,747)       7,135,282         ‐              7,735,000          ‐ ‐                 2,325,000          ‐ ‐              1,042,063          ‐ ‐               (2,435,658)          ‐ ‐              ‐       1,058,475 7,436,500              11,676,765       12,027,316 ‐              (11,199,741)       (11,555,164) 7,436,500              9,143,429       1,530,627 (1,892,615)               4,401,682       8,665,909     5,887,496 $       $         57,860,832 $         49,194,923 3,994,881 $       $         62,262,514 $         57,860,832 TOTALS

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NET CHANGE IN FUND BALANCES ‐ ALL GOVERNMENTAL FUNDS $        4,401,682 Principal payments on debt are reported as expenditures in the funds: Issuance of Certificates of Participation        (10,060,000) Principal Payments on Certificates of Participation       3,005,000 Debt issuance premiums are amortized over the life of the underlying debt issuances: Debt Premiums Received          (1,042,063) Amortization of Debt Premiums       53,253 Earned but unpaid accumulated leave balances are not reported in the funds: Change in Accrued Compensated Absences       1,597 Retiree Health Benefits will be paid in future years and are not a current fund obligation Change in Retiree Health Benefit Obligation       32,999 Interest is reported on the cash basis in the funds: Change in Accrued Interest       (29,793) Purchases of capital assets are expensed in governmental funds and   depreciated on the statement of activities: Capitalized Assets          22,521,725 Depreciation Expense          (3,396,905) Gain (Loss) on Capital Asset Disposal       (63,455) Internal service funds are blended into governmental activities: Garage Services Change in Net Position       895,999 Information Technology Change in Net Position       90,750 Facility Maintenance Change in Net Position       244,879 CHANGE IN NET POSITION ‐ GOVERNMENTAL ACTIVITIES $      16,655,668 TOWN OF BRECKENRIDGE, COLORADO The accompanying notes are an integral part of the financial statements. 19 RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES For the Year Ended December 31, 2016

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GOLF

UTILITY COURSE CEMETERY

FUND FUND FUND 2016 2015

ASSETS Current Assets Equity in Pooled Cash and Investments $    10,874,346 $     1,183,815 $       66,206 $   12,124,367 $    12,212,641 Receivables Accounts Receivable, Net       526,766        ‐        ‐       526,766        487,208     Total Current Assets       11,401,112        1,183,815       66,206     12,651,133      12,699,849 Noncurrent Assets   Capital Assets Land          1,528,522        4,106,387        ‐        5,634,909         5,634,909 Construction in Progress          4,030,000        2,512,438        ‐        6,542,438         2,083,929 Buildings          4,960,400        4,077,267        ‐        9,037,667         9,037,666 Improvements Other Than Buildings          6,961,491        5,272,403        ‐     12,233,894      38,451,036 Infrastructure          2,407,209        ‐        ‐        2,407,209       ‐ Machinery and Equipment       23,893,872        3,810,255        ‐     27,704,127         3,820,496 Water and Water Storage Rights          3,190,973        ‐        ‐        3,190,973         3,190,973       Total Capital Assets       46,972,467     19,778,750        ‐     66,751,217      62,219,009 Accumulated Depreciation      (19,473,783)    (11,776,485)        ‐    (31,250,268)     (30,011,491)       Net Capital Assets       27,498,684        8,002,265        ‐     35,500,949      32,207,518 Total Noncurrent Assets       27,498,684          8,002,265        ‐       35,500,949       32,207,518  TOTAL ASSETS       38,899,796        9,186,080       66,206     48,152,082      44,907,367 LIABILITIES Current Liabilities Accounts Payable       507,306        6,006        ‐       513,312        233,656 Accrued Salaries       15,301        9,140        ‐       24,441        15,671 Funds Held for Others        ‐        2,500        ‐        2,500       1,672 Unearned Revenue        ‐        ‐        ‐        ‐       2,473 Accrued Interest Payable        6,355        ‐        ‐        6,355       8,185 Current Portion of Long‐Term Debt       50,784        4,005        ‐       54,789        52,252     Total Current Liabilities       579,746       21,651        ‐       601,397        313,909 Noncurrent Liabilities Notes Payable       269,891        ‐        ‐       269,891        317,807 Accrued Compensated Absences       25,837       36,044        ‐       61,881        55,625     Total Noncurrent Liabilities       295,728       36,044        ‐       331,772        373,432       TOTAL LIABILITIES       875,474       57,695        ‐       933,169        687,341 NET POSITION   Net Investment in Capital Assets       27,178,009        7,998,260        ‐     35,176,269      31,889,711   Unrestricted Net Position       10,846,313        1,130,125       66,206     12,042,644      12,330,316   TOTAL NET POSITION $    38,024,322 $     9,128,385 $       66,206 $   47,218,913 $    44,220,026 (With Comparative Totals for December 31, 2015) December 31, 2016 The accompanying notes are an integral part of the financial statements. 20 TOWN OF BRECKENRIDGE, COLORADO TOTALS ENTERPRISE FUNDS PROPRIETARY FUNDS STATEMENT OF NET POSITION ‐

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2016 2015 9,252,610 $       $       9,684,411 38              ‐ 9,252,648                    9,684,411 ‐               ‐ ‐               ‐ ‐               ‐ 104,520              104,520 ‐               ‐ 11,377,048                 9,084,950 ‐               ‐ 11,481,568                 9,189,470 (7,546,889)                 (6,990,548) 3,934,679                    2,198,922 3,934,679                    2,198,922 13,187,327               11,883,333 179,446              119,306 13,457               9,042 ‐               ‐ ‐               ‐ ‐               ‐ 4,464                3,683 197,367              132,031 ‐               ‐ 40,173               33,144 40,173               33,144 237,540              165,175 3,934,679                    2,198,922 9,015,108                    9,519,236 12,949,787 $     $    11,718,158 INTERNAL SERVICE FUNDS TOTALS

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References