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.