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CITY OF MONTE VISTA, COLORADO I
<br /> NOTES TO THE BASIC FINANCIAL STATEMENTS
<br /> December 31,2011 i
<br /> BUSINESS-TYPE ACTIVITIES:
<br /> Notes Payable-City Service Utility Fund I
<br /> Note payable to Colorado Water Resource and Power Development Authority, payable in
<br /> semi-annual installments of$37,446,including interest at 4.50%. Final payment due in 2019. $ 472,279
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<br /> Note payable to Colorado Water Resource and Power Development Authority,payable in
<br /> semi-annual installments of$6,667, including interest at 0.00%. Final payment due in 2042. 400,000
<br /> Note payable to Colorado Water Conservation Board,was obtained on August 18,2010, in I 1
<br /> the amount of$1,693,770,with an interest rate of 4.00%,and annual payments of$97,951
<br /> payable over a 30 year period. During 2010, $585,000 was advanced on the loan;remaining
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<br /> funds will be used for water acquisition and storage projects. Repayment will be determined
<br /> when the loan is fully advanced. 585,000
<br /> Total Notes Payable $ 1,457,279 I
<br /> As of December 31, 2011,the City is in compliance with the rate covenant requirements applicable to the Colorado
<br /> Resource and Power Development Authority and the Colorado Water Conservation Board loan agreements.
<br /> The annual debt service for the notes payable is as follows:
<br /> PRINCIPAL INTEREST TOTALS
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<br /> 2012 $ 60,910 $ 20,649 $ 81,559
<br /> 2013 70,045 18,183 88,228
<br /> 2014 72,626 15,600 88,226 I
<br /> 2015 75,324 12,902 88,226
<br /> 2016 78,145 10,081 88,226
<br /> 2017-2021 241,895 12,004 253,899 I
<br /> 2022-2026 66,667 - 66,667
<br /> 2027-2031 66,667 - 66,667
<br /> 2032-2036 66,667 - 66,667
<br /> 2037-2041 66,667 - 66,667
<br /> 2042 6,666 - 6,666
<br /> $ 872,279 $ 89,419 $ 961,698
<br /> NOTE 9 PENSION PLANS
<br /> Defined Contribution Plans 1
<br /> The City offers a 401A defined contribution plan through ICMA Retirement Corporation. This plan is available to
<br /> all eligible full-time City employees, except sworn police officers. The total payroll for 2011, other than police
<br /> Iemployees was $1,198,401 and the total covered payroll was $1,020,026. The City is required to contribute 8%of
<br /> covered payroll and the employee is required to contribute nothing. The employees become 100%vested in the
<br /> City's contribution and earnings after three years of service. The eight percent contribution for 2011 was $83,474
<br /> for the City and 31 employees were participating in the plan. I
<br /> The City police pension plan is in a 401A defined contribution plan through ICMA Retirement Corporation. Under
<br /> this plan,the City contributes 14.2%of qualified employee earnings. Employee contributions of 6.2% are
<br /> determined by the employer in accordance with IRC rules.The total covered payroll for the police pension plan was
<br /> $494,063. The 14.2%contribution for 2011 was $68,864 for the City, and the 6.2%contribution for 2011 was
<br /> $32,746 for the employees. There were 13 employees participating in the plan. Employees are automatically
<br /> vested in their contributions and they become fully vested in the City's contributions and earnings after five years of
<br /> service.
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