The Town of Vail remains in a strong financial position according to results of the 2018 audit which was 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 position as of Dec. 31, 2018 totaled $299.8 million, of which $100.8 million was unrestricted, i.e., available for any governmental purpose. For the full year, government-wide revenue exceeded expenses by $27.2 million. Total reserves at the end of 2018 amounted to $93.8 million.
Jenkins pointed out that the town maintains healthy 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 $8.3 million at the end of 2018.
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.
For more information, contact Kathleen Halloran, finance director, at 970-479-2116 or email firstname.lastname@example.org.