North America's Premier International Resort Community

2015 Audit Finds Town in Enviable Financial Position

  • 26 June 2016

The Town of Vail remains in a strong financial position according to results of the 2015 audit presented to the Town Council earlier this month by Michael Jenkins of McMahan and Associates. The report gave the town a "clean" opinion, which means the auditors believe the financial statements are presented fairly in all material respects. 

The financial statements include the town and its affiliated units - Vail Local Marketing District and Vail Reinvestment Authority. The town's government-wide net assets as of Dec. 31, 2015, totaled $217.2 million, of which $71.7 million was unrestricted, i.e., available for any governmental purpose. For the full year, government-wide revenue exceeded expenses by $17.6 million. Total reserves at the end of 2015 amounted to $80.2 million. 

Jenkins pointed out that the town maintains strong reserves and has no debt of which is the responsibility of the town. Only the Vail Reinvestment Authority bonds, which are funded from incremental property tax collections within the Lionshead district, are outstanding with a balance of $9.8 million at the end of 2015. 

Jenkins congratulated the town and the finance team on its consistent practices, conservative budgeting, and sound systems and controls, all of which contribute to the town's strong financial position. 

 

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