ALPERN MYERS STUART LLC January 11, 2021 Town of Grand

ALPERN MYERS STUART LLC ATTORNEYS AT LAW

Howard J. Alpern 14 NORTH SIERRA MADRE STREET, SUITE A Matthew J. Werner Kenneth P. Myers COLORADO SPRINGS, COLORADO 80903-3311 John L. Cyboron Dan D. Stuart Gregory M. O’Boyle

DIRECT DIAL AND FACSIMILE (719) 471-7958 Of Counsel E-MAIL [email protected] Stephen D. Harris

January 11, 2021

Town of Grand Lake 1026 Park Avenue Grand Lake, CO 80447-0099

Mayor Steve Kudron Trustee Michael Arntson [email protected] [email protected] Mayor Pro-Tem Jonah Landy Trustee Fawn Calvin-Braley [email protected] [email protected] Financial Trustee Cindy Southway Trustee Ernie Bjorkman [email protected] [email protected] Trustee Tom Bruton [email protected]

Re: Purchase of Stanley & Simpkins Investments, LLC Property

Dear Mayor Kudron, Mayor Pro-Tem Landy, and Trustees Southway, Bruton, Calvin-Braley, Arntson, and Bjorkman:

Please accept the following comments submitted on behalf of our clients Tom and Kathy Weydert, who reside at 811 Tallaqua Drive, Grand Lake, CO 80447, and have lived in Grand Lake for over 34 years, and Mike and Janice Pryor, who reside at 7304 S. Robb Street, Littleton, CO 80127 and own a home located at 452 Columbine Drive, Grand Lake, CO 80447, which shares its eastern border with the Stanley & Simpkins Investments, LLC property (the “Stanley Property”).

For a municipality of its size (471 residents as of the 2010 U.S. Census), the Town of Grand Lake’s proposed purchase of the 21-acre Stanley Property at a cost of $1,250,000 is a massive commitment of taxpayer dollars that will strain the Town’s budget for many years to come. Even more concerning is the fact that the Town is proposing to use its beloved Town Center1 as collateral for $1.565 million in debt incurred through the issuance of Certificates of Participation (“COPs”). Furthermore, there has been no consideration given to how the Town will fund the costs that the Town will be forced to incur to develop and make use of the Stanley Property. A decision of this magnitude – which would place the Town’s economic future and vitality at risk in exchange for an undevelopable property whose future use has not even been determined yet – ought to have received full, transparent, and thorough public scrutiny and debate as required by law.

1 The Town Center is the only venue for conferences, meeting, and workshops in the Town and serves as the hub for local community activity. ALPERN MYERS STUART LLC

Town of Grand Lake Board of Trustees Re: Purchase of Stanley & Simpkins Property January 11, 2021 Page 2 of 11

In this case, however, the record reflects that the public was not properly informed about the purchase of the Stanley Property until after the Board had already predetermined the outcome. Serious questions about the wisdom of this project have never been addressed by the Board or answered to the public’s satisfaction. Indeed, the official record shows that as of this writing the Board has spent just over one and a half hours discussing the merits of the purchase of the Stanley Property, all but 25 minutes in closed executive session. Risking the Town’s economic future simply to purchase 21 acres of vacant land is fiscally irresponsible, particularly in light of the fact that the Town has failed to disclose how the land will be used or could generate the necessary revenue to repay this substantial debt. If the Town defaults on the COPs, the lender will assume control over the Town Center for no less than 10 years beyond the proposed maturity date (e.g. 2045).2 The financial risk is particularly grave for the Town because its estimated financial reserves dropped by more than 30% in the last fiscal year, from $1,932, 884 to $1,203.033.3

Our clients, echoing many residents of the Town of Grand Lake (the “Town”) and surrounding Grand County who have voiced opposition to the project, respectfully request that you vote against Ordinance 01-2021 at your meeting scheduled for Monday evening, January 11, 2021. At a minimum, the Town of Grand Lake Board of Trustees (the “Board”) should defer making a decision about Ordinance 01-2021 until full and complete information about the project has been disclosed in a timely manner, the items identified in this letter and other public comments have been addressed, and the public has had a meaningful opportunity to consider any and all newly-disclosed information as requested by the community and provided public input and comments for the Board’s consideration.

I. The Town and Board Violated the Open Meetings Law and Deprived the Public of its Right to Participation in Government Proceedings

The intent of the Open Meetings Law (“OML”) is to provide public access to a broad range of meetings at which public business is considered. Bd. of County Comm'rs v. Costilla County Conservancy Dist., 88 P.3d 1188 (Colo. 2004). The provisions of the OML are to be interpreted broadly to further the intent that citizens be given a greater opportunity to become fully informed on issues of public importance so that meaningful participation in the decision- making process may be achieved. Cole v. State, 673 P.2d 345 (Colo. 1983). The OML “creates a legally protected interest on behalf of Colorado citizens to have public business conducted openly in conformity with the statutory provisions.” Weisfield v. City of Arvada, 361 P.3d 1069, 1073 (Colo. App. 2015). Lastly, executive sessions not “convened properly” are “open meetings subject to the public disclosure requirements of the Open Meetings Law.” Gumina v. City of Sterling, 119 P.3d 527, 530 (Colo. App. 2004). Official records demonstrate that the Town and

2 Open Records Request page 50 (Excerpts attached as Enclosure 1). 3 Town of Grand Lake 2020 Budget Message, November 25, 2019, available at https://media.rainpos.com/108/dola_2020_budget.pdf (Attached as Enclosure 2) ALPERN MYERS STUART LLC

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Board have repeatedly violated the OML in pursuing the purchase of the Stanley Property, as shown below.

August 10, 2020 Board Meeting

As far as the public has been able to determine, the Board first learned of a proposal to purchase the Stanley Property on August 10, 2020. The Board’s August 10, 2020 meeting agenda included an item identified as “Executive Session to discuss; Purchase, Lease, Acquisition, Transfer, or sale of Real, Personal or Other Property Interest Under C.R.S. Section 24-6-402(4)(a).”4 Before entering into executive session, Mayor Kudron told the Board that the “Town Manager has asked that he has some time to be able to speak to us regarding something that falls under this statute.”5

While it is true that a municipal board may use executive session to direct confidential real estate negotiations, mere citation to the statute is not sufficient to satisfy the requirements of the OML. COLO. REV. STAT. § 24-6-402(4) (entry into executive session is permitted “upon announcement by the local public body to the public of the topic for discussion in the executive session, including specific citation to this subsection (4) authorizing the body to meet in an executive session and identification of the particular matter to be discussed in as much detail as possible without compromising the purpose for which the executive session is authorized . . . .” (emphases added)). Guy v. Whitsitt, No. 19CA0125, 2020 COA 93, ¶ 27 (Colo. App. 2020). In Whitsitt, a town council’s “failure to provide any information beyond the statutory citation authorizing an executive session . . . did not comply with the statutory requirement” and entitled the plaintiff to “the recordings and minutes of the executive session . . . involving the matters not properly noticed.” Id. at ¶ 33.

In this case, the public could not have known that the Board was considering purchasing the Stanley Property based on the August 10 public meeting notice. There were no pertinent materials included in the Board packet. Nonetheless, the Board entered into executive session and discussed these matters for 38 minutes.

August 26-27, 2020 Board Retreat

The public has now learned that the Board engaged in further policymaking discussions concerning the Stanley Property at a retreat held on August 26-27, 2020. Mayor Kudron’s January 7, 2021 letter describes a wide-ranging discussion of issues related to property acquisition that include precisely the types of topics that Colorado law requires to be discussed in

4 Town of Grand Lake Board of Trustees Workshop & Meeting at 1, August 10, 2020, available at https://media.rainpos.com/108/20200811131124_20200811144301.pdf. (“8/10/20 Evening Meeting Packet”). 5 Recording of August 10, 2020 Workshop and Evening Meeting at 2:56:15, available at https://www.youtube.com/watch?v=iDqDr2CJ-sY&feature=youtu.be (“8/10/20 Recording”). ALPERN MYERS STUART LLC

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public.6 The Town’s website contains no proper public notice for the Board retreat and the Board’s retreat packet is not included on the website. The public did not have the opportunity to attend the Board retreat, listen to matters being discussed, or provide input or comment. There is no indication that the Board properly exercised its right to enter into any executive session. And yet, despite the Board’s total failure to comply with the Open Meetings Law with respect to the retreat, Mayor Kudron admits that the Board made a decision: “we directed the staff to conduct inquiries.” After the Board retreat, there was still no way that any member of the public could have known that the purchase of the Stanley Property was on the table.

August 28, 2020 Board Meeting

At its August 24, 2020 meeting, the Board unanimously voted to establish the Grand Lake Municipal Lands Advisory Committee.7 The first meeting of the Committee was to be held on September 1, 2020 with an agenda “to set direction and understanding as to the expected outcomes and solutions that can be provided by the committee” and “solve our public lands use needs.” The Town website provides no further information about the Committee – there are no agendas, minutes, or recordings of such meetings posted. The Stanley Property purchase is exactly the type of project that should have been considered by the Committee, and yet there is no indication that the Stanley Property was discussed by the Committee, that agendas were posted and minutes taken, or even any evidence that the Committee ever convened at all.

September 14, 2020 Board Meeting

The agenda for the Board’s September 14, 2020 meeting similarly violated the Open Meetings Law. The agenda includes the item: “Executive Session - Pursuant to C.R.S. 24-6- 402(4)(e)(1) to determine positions relative to matters that may be subject to negotiations; develop strategy for negotiations; and instruct negotiators.”8 Once again, the specific property under consideration was not identified by the agenda, and no other information about the item was included in the Board packet. Before entering into executive session, Mayor Kudron stated that the Board will discuss something “related to the language of the statute.”9 The Board met in executive session for 30 minutes before adjourning. Mayor Kudron’s January 7 letter states that “Town staff received direction to negotiate within parameters set by the Board of Trustees”10 in

6 Town of Grand Lake Board of Trustees Workshop & Meeting at E72-74, January 11, 2021, available at https://media.rainpos.com/108/1_11_2021_evening_meeting_packet_20210110172329.pdf (“1/11/21 Evening Meeting Packet”) 7 Town of Grand Lake Board of Trustees Workshop & Meeting at E9, E11, September 28, 2020, available at https://media.rainpos.com/108/9_28_2020_evening_meeting_packet_rev.pdf (“9/28/20 Evening Meeting Packet”). 8 Town of Grand Lake Board of Trustees Workshop & Meeting at , September 14, 2020, available at https://media.rainpos.com/108/9_14_2020_evening_meeting_packet.pdf (“9/14/20 Evening Meeting Packet”). 9 Recording of August 10, 2020 Workshop and Evening Meeting at 2:55:40, available at http://www.townofgrandlake.com/agendas-and-minutes.htm (downloadable audio file, video not posted) (“8/10/20 Recording”). 10 1/11/21 Evening Meeting Packet at E72-74. ALPERN MYERS STUART LLC

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executive session, but no formal discussion or vote took place in public. Therefore, after the September 14 meeting there was still no way for any member of the public to know that the Town was actively negotiating to purchase the Stanley Property.

Identifying the specific property under consideration by the Board would not have compromised the purpose of the executive session because the Town Manager had already entered into negotiations with the Seller. Moreover, it is well known within Grand County that the Stanley Property has been for sale for many years. According to the MLS, the Stanley Property has been listed for sale at $1.3 million for 516 days, likely due to concerns about lack of ingress-egress access and a secure water supply. Instead, it appears that the Town’s failure to identify the Stanley Property in the agenda was intended to prevent the public from learning about the proposed purchase. In the absence of a specific reference to the Property, the cursory citation to the OML provided by the Board does not satisfy the requirement for entering into executive session and the public is entitled to review the recordings and other records in the Town’s possession regarding these improperly noticed sessions.

September 28, 2020 Board Meeting

The Board finally discussed the Stanley Property in public at its September 28, 2020 meeting. However, the meeting agenda was not published until the Friday before the Monday meeting itself. The agenda lists two items relevant to this matter: “L. Consideration of Approval of Contract with Stifel” and “M. Consideration of Approval of a Contract for Purchase of Land.”11 The agenda itself does not identify the Stanley Property by name, in violation of the Open Meetings Law, even though the contracts and two memos from the Town Manager recommending approval were included in the Board’s packet.

Even though the timing of the notice may have complied with the minimum standards set by state law (i.e., 24 hour notice), the Board was well aware that the country was in the midst of a global pandemic. Many of the members of the public and property owners likely to be affected do not reside full-time in the area and had no reason to routinely review public notices because there had been no other public statement regarding the proposed acquisition of the Stanley Property. Moreover, this meeting agenda was the first public announcement of the Town’s intent to borrow $1.565 million secured by the Town Center in order to fund the purchase. The Board made no effort to inform the citizenry about the proposal through the media or other means. Unsurprisingly, few members of the public chose to attend the September 28 meeting.

The official record demonstrates that the Board spent less than 25 minutes discussing the matter in public before voting to authorize the Mayor to sign the contracts. Spending less than a half-hour in public considering the merits of purchasing the vacant Stanley Property and associated water rights, as well as the public debt financing of the project (including several minutes regarding how this financing would allow the Town to pay off a separate, unrelated plot

11 9/28/20 Evening Meeting Packet at 1. ALPERN MYERS STUART LLC

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of land), was patently inadequate and unreasonable.12 No one from the public was prepared or present to speak in opposition or provide any citizen input whatsoever. The public comment portion of this discussion lasted less than one minute.13

Town Manager Crone acknowledged that, in terms of purchasing this piece of property, the Board is “kinda looking at things a little bit differently than we have in the past, and some of that is because of the opportunity.”14 Mr. Crone began his presentation by stating he had already negotiated all the terms of the contract with Mr. Stanley and spent most of his time simply suggesting possible uses for the property. There was no public discussion of the value of the non- monetary benefits being conferred upon the Seller, alternative properties considered, alternative funding methods, the wisdom of using the Town Center as collateral, why existing municipal lands were not sufficient for the Town’s needs, or even the validity of the Town Manager’s claim that if the Town did not act quickly, it would lose the Stanley Property to another buyer. There was no public discussion of these matters because Mr. Crone and the Board had already decided to purchase the property, and the Board’s public vote was a mere formality intended to “rubber- stamp” the decision already made.

The Open Meetings Law, COLO. REV. STAT. §§ 24-6-401 et seq., recognizes that the public has a strong interest in ensuring that a local public body such as the Board follows a transparent public process and does not make policy decisions in secret. According to the OML, “[n]o resolution, rule, regulation, ordinance, or formal action of a state or local public body shall be valid unless taken or made at a meeting that meets the requirements of subsection (2) of this section.” COLO. REV. STAT. § 24-06-401(8) (emphasis supplied). Local public bodies must deliberate and make decisions in a forum that is open and accessible to the public. The Colorado Supreme Court has stated that:

[W]hen the majority of the public body's work is done outside the public eye, the public is “deprived of the discussions, the motivations, the policy arguments and other considerations which led to the discretion exercised by the Board.” Bagby v. School Dist. No. 1, 528 P.2d 1299, 1302 (1974). Accordingly, the court stated that the OML's “prohibition against making final policy decisions or taking formal action in other than a public meeting is not meant to permit ‘rubber stamping’ previously decided issues.” Id.

12 Recording of September 28, 2020 Workshop and Evening Meeting at 39:29 -1:01:26 & 1:04:07-1:06:02, available at http://www.townofgrandlake.com/agendas-and-minutes.htm (downloadable audio file, video not posted) (“9/28/20 Recording”). 13 9/28/20 Recording at 1:01:43-1:02:35. 14 9/28/20 Recording at 52:25. ALPERN MYERS STUART LLC

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Colorado Off-Highway Vehicle Coalition v. Colorado Bd. Of Parks and Outdoor Recreation, 292 P.3d 1132, 1136 (Colo. App. 2012).

The Board’s failure to engage in substantive debate about the pros and cons of the purchase of the Stanley Property using the Town Center as collateral suggests that minds had already been made up based on discussions that had occurred illegally in executive session. The September 28, 2020 meeting minutes did not contain any summary of the Board’s discussion and were not even released to the public until the November 23, 2020 meeting, further hindering the public’s ability to learn what the Board had decided to do. By that time, the East Troublesome fire had consumed the community’s attention, the bureaucratic machinery was in moving forward, and the acquisition of the Stanley Property was two months nearer to closing. It was not until December 2020 that word of the proposed acquisition of the Stanley Property began to spread through the community. Even after the Board was made aware that many residents were opposed to this project, the Town initially resisted calls for a public hearing in the matter. Two opposition letters were included in the Board’s December 14, 2020 workshop packet,15 and three people spoke in opposition to the purchase of the Stanley Property at the meeting

The record clearly shows that the Town consistently sought to avoid public disclosure and scrutiny of the Stanley Property acquisition. In an e-mail dated August 11, 2020, Town Manager John Crone admitted that “[w]e would prefer not to go to a vote,” without specifically identify for whom he was speaking.16 It is now clear that had the Board notified the public prior to voting to sign the underlying contracts, hundreds of area residents would have sought to voice their objections and opinions. Indeed, now that the proposed purchase of the Stanley Property has been made public, 325 citizens have signed a petition opposing the Town’s actions in the last week alone.17 For these reasons, the public process followed by the Board thus far violates the Open Meetings Law and, at a minimum, the Board should defer making a decision on the project until the public has had a full and fair opportunity to understand the terms and voice their opinions in open session.

II. To Satisfy Its Fiduciary Duties, The Board Must Fully Investigate Serious Questions About the Proposed Purchase of the Stanley Property That Have Never Been Addressed

According to the Colorado Constitution Article XI, Section 2, “[n]either the state, nor . . . any town . . . shall make any donation or grant to, or in aid of, . . . any corporation or company . . .” The public has many unanswered questions about the value of the Stanley Property and the amount of consideration being paid by the Town. The Town is seeking to purchase a 21-acre parcel of vacant land and certain water rights from the Seller, and the purchase price is identified

15 Workshop Packet for December 12, 2020 Meeting at W5-8, available at https://media.rainpos.com/108/12_14_2020_workshop_packet_20201214104314.pdf. 16 Open Records Request page 153. 17 Excerpted spreadsheet containing signers of the Greater Grand Lake Neighborhoods Alliance Petition (Enclosure 3). ALPERN MYERS STUART LLC

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as $1.25 million, with $1.2 million allocated for the real property and $50,000 allocated for the water rights. We believe that this is an inflated value for the property and water rights in part because the Stanley Property has reportedly been on the market for approximately 15 years at this price. Furthermore, restrictions on access to the Stanley Property imposed by a consent judgment in the case of Norris v. Gudgel may have further diminished the fair market value of the 21-acre parcel. Consent Judgment, Norris v. Gudgel, 04CV138 (Dist. Ct. Grand County, CO Feb. 4, 2009).

It is notable that the Board agreed to purchase the property for $1.2 million before an appraisal had been ordered. The Town has now received an appraisal of the real property dated January 5, 2021 that values the property at $1.2 million, but this appraisal came months after the parties had already agreed on the purchase price and after Town Planner Kim White sent an e- mail to the appraiser dated November 20, 2020 asking: “We just need to know if it is appraisable to $1.2 mil? or if it is more or less? I think the soonest we can get it done thus far is January 21, and I believe the manger is hoping to get one sooner than that if possible.”18 Moreover, nothing in the public record shows that the Town undertook an objective evaluation of the Stanley water rights based on water availability, priority date, type of use, location use, or potential for change from agricultural to municipal use.

Even assuming, however, for the sake of argument only, that the appraisal is correct, neither the Town Board nor any other Town official or agent has made any effort whatsoever to value the other benefits being conferred upon the Seller. The benefits that appear not to have been evaluated by the Board include the following:

(1) Value of the Annexation of 8.98 Acres of Privately Owned Land: As part of this transaction, the Seller is asking for annexation of its adjacent 8.98-acre parcel that many in the public believe is currently undevelopable, or at least under- developable, due to lack of City services (water, wastewater, electric and gas) and access issues related to a lawsuit settled in 2009. A municipality cannot be compelled to annex private property. In an annexation, the municipality has superior bargaining leverage than the owner because the owner is unable to maximize financial profit from the property in the absence of annexation. There is no question that the annexation of the 8.98-acre parcel provides substantial financial benefits to the Seller outside of the $1.25 million that the Town is already obligated to pay for the Property, and yet the Board and staff have apparently made no effort to place a dollar value on these benefits. The Town’s failure to evaluate the benefits of annexation to the Seller is a breach of its fiduciary duties to the taxpayers and represents a potential donation of public benefits to a private individual or corporation in violation of Colorado Constitution Article XI, Section 2. At the very least, the closing must be delayed

18 Open Records Request page 112-17. ALPERN MYERS STUART LLC

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until a full accounting of these benefits can be conducted and disclosed to the public.

(2) Value of the Water Tap to the 8.98-Acre Parcel: A water tap for a property within the Town currently costs $6,500. If the property is out of town, the cost of a water tap is $13,000. These benefits to the Seller have not been evaluated by the Board, which has agreed to pay full market value for the real property and water rights at $1.25 million (if the Town’s appraisal is correct, which we do not concede). This means that at a minimum the Town is paying an extra $6,500 for the property (without considering the other unknown and undisclosed benefits discussed in this letter, such as the value of the annexation itself and grant of ingress-egress access and road maintenance responsibility). For a municipality as small as the Town of Grand Lake, a property purchase valued at $1.25 million represents nearly a third of its annual budget. The Board violated its fiduciary duties to the taxpayers by failing to make any effort whatsoever to place an objective value on the totality of the benefits being provided to the Seller as part of this transaction and spending a total of less than two hours discussing the proposal. Without an objective understanding of the benefits being conveyed, it was not possible for the Board to determine that it was paying fair market value for the land it seeks to purchase. And if further investigation reveals that the value of the benefits conferred is significantly more than the value of the property purchased, then the Town may have violated Colorado Constitution, Article XI, Section 2.

There are many other unanswered questions about the purchase of the Stanley Property that have been raised by the public but never addressed at a Board meeting, including but not limited to the following (in no particular order):

(1) What is the source of water that will serve the Stanley Property and the adjacent 8.98-acre parcel? (2) What is the intended use of the Stanley Property? (3) It appears that there is a pond on the Stanley Property, and if so, how will wetlands protections affect the potential future use of the Property? (4) There appears to be a construction scrap yard on the Stanley Property – has an environmental review been conducted? (5) How will access be provided to the Stanley Property in light of the consent order in Norris v. Gudgel that prohibits access from the southwest corner of the property? (6) How will the necessary improvements to the Stanley Property (roads, utilities, infrastructure, construction) be funded by the Town in light of the six-figure increase its annual budget necessary to cover the cost of the purchase? (7) Why is it necessary for the Town to purchase this parcel of land? ALPERN MYERS STUART LLC

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(8) What are the potential impacts of this project on other Town water assets, including the lakes that are the lifeblood of the local tourism economy? (9) What will happen to the Town Center if the Town defaults on its debt? (10) How does the leasing arrangement affect use of the Town Center by the public?

Furthermore, now that the contract has been signed, the Board should make all of the relevant executive session recordings publicly available so that the community can see what was discussed behind closed doors. There is no longer any compelling need to keep these recordings secret because the contract has already been signed and there are no pending negotiations.

As noted earlier, the official record available to the public indicates that to date the Board has spent a total of only one hour and thirty-three minutes discussing the purchase of the Stanley Property and bond financing with the use of the Town Center as collateral,19 of which one hour and eight minutes was conducted behind closed doors in executive session. Even if all of the deliberations had occurred in public, it is patently clear that the Board could not possibly have fulfilled its fiduciary duties to the Town by spending less than two hours discussing this massive project that places valuable Town assets at risk. At a minimum, the Board should defer closing on the purchase of the Stanley Property until these questions have been answered and the public has had a meaningful opportunity to provide input to the Board.

III. Conclusion

For the reasons stated above, we respectfully request that the Board vote against Ordinance 01-2021 or at the very least delay a vote until after all of the questions raised in this letter, and by public comments delivered at the January 1, 2021 hearing, are fully investigated and answered and all pertinent information is disclosed to the public.

The Town’s Code of Conduct and Ethics Handbook asserts that its purpose “is to promote public confidence in the Town government” and “to foster public trust by defining the parameters of honest government.” Town officials are admonished “to always act in a manner that will instill public confidence.” Section 2-5-8 of the Town Code provides that all public hearings shall be conducted “in such a manner so as to enable any person desiring to be heard a reasonable opportunity for the presentation of his views.” Given that one of the Town officials stated during the September 28, 2020 Board meeting that “Right now there is no one over there except for [inaudible], it’s a great service to the Town of Grand Lake to move some of our older, messier facilities outside of the main part of town,” the public and affected landowners should be given a meaningful opportunity to weigh in on the costs and benefits of the proposed purchase of the Stanley Property. The citizens deserve to know that the Board’s decision to spend $1.25

19 As noted above, the Board deliberated for 38 minutes in executive session on August 10, 30 minutes in executive session on September 14, and 25 minutes in open session on September 28. It is unknown how long the Board discussed the Stanley Property at the retreat on August 26-27, which was not properly noticed under the Open Meetings Law in any event. ALPERN MYERS STUART LLC

Town of Grand Lake Board of Trustees Re: Purchase of Stanley & Simpkins Property January 11, 2021 Page 11 of 11 million for 21 acres of vacant land using the Town Center as collateral for $1.565 million in municipal debt is in the Town’s best interest and the result of thoughtful deliberations based on the best available objective information regarding the transaction.

Thank you very much for the opportunity to submit these comments, and please do not hesitate to contact me if you have any questions or need additional information about the matters presented herein.

Sincerely yours,

ALPERN MYERS STUART LLC

Stephen D. Harris

cc: Town Attorney Daniel Krob ([email protected])

Encls. Excerpted Open Records Act Response (1) Town of Grand Lake 2020 Budget Message, November 25, 2019 (2) Excerpted spreadsheet containing signers of the Greater Grand Lake Neighborhoods Alliance Petition (3) ■■ NBHBank_,tc Confidential

SUMMARY OF INDICATIVE TERMS ANO CONDITIONS

Issuer: Town of Grand Lake, Colorado (the "Town" or the "Borrower'').

Lender: NBH Bank (the "Bank").

Credit Facility: Series 2020, bank-qualified lease purchase.

Facility Amount: In an amount up to $1,565,000.

Purpose: The proceeds from the Lease will be used to acquire land for a new public works facility, repay the Thomasson Park lease, and pay the costs related to the execution of the Lease.

Security: The Town and the Lender will enter into a lease/leaseback financing in connection with the Loan. The Town will retain fee title interest to the Leased Property and will lease this to the Lender pursuant to a Site and Improvement Lease. The Lender will simultaneously lease the Leased Property back to the Town pursuant to an annually renewable Lease Purchase Agreement. The Base Rental payments to be made by the Town to the Lender under the Lease will be subject to annual appropriation by the Board of Trustees.

In the event that the Lease is terminated due to an event of non-appropriation or an event of default, the Lender's sole security will be the Leased Property under the Site Lease. In the event of default, NBH will assume control over the pledged collateral for a period of no less than 10 years beyond the proposed maturity.

The Leased Property under the Site Lease and the Lease will be the Grand Lake Center located at 301 Marina Drive, Grand Lake, Colorado 80447.

Maturity: December 1, 2035

Amortization: The lease requires annual principal payments resulting in approximately level debt service through the term, beginning December 1, 2021 and roughly equal to the scheduled presented by Stifel in the RFP.

Interest Rate: Fixed through maturity. The tax exempt, bank qualified rate is calculated as the 10 Year Treasury+ 2.00%, currently 2.85%. This rate is locked through December 31, 2020. If the transaction fails to close by the end of the rate lock period, the rate will reset based on the 10 Year Treasury at the time.

Interest will be due semiannually on each 6/1 and 12/1 beginning 6/1/2021 and will be computed as twelve 30 day months and a 360 day year.

Taxable Rate: If the Lease becomes taxable as a result of actions of the Town, the rate will increase to the fixed rate referenced above divided by 0. 79%.

7800 E. Orchard Rd., Ste. 300, Greenwood Village, CO 80111 (303) 784-5929

Open Records Request 50 ••■■ NBHBank.....- ,DIC: Confidential

Prepayment: The Lease may be prepaid using unspent Project Funds at any time without penalty. The Lease may be prepaid from other sources, on any payment date, without penalty after the 5th anniversary of closing.

Banking Relationship: Within 90 days of closing, the Town will establish and maintain a depository account with Community Banks of Colorado, a wholly owned subsidiary of NBH, in an amount no less than 10% of the par amount of the lease.

Covenants: The Town will agree to include a request for an appropriation of the required base rents annually in the budget submitted to Town Council.

Reporting: 1. Annual audit of the Town within 270 days of FYE; 2. Annual budget within 60 days of previous FYE;

Subject To: 1. Other due diligence as necessary to make a formal credit decision.

Fees & Expenses: Whether or not the Financing Agreement is executed and the Bank has provided a commitment to lend, Borrower will pay all fees and expenses relating to preparation of the loan documents, including Bank Counsel fees. The Bank intends to use Kline, Alvarado, Veio out of Denver with a not to exceed amount of $15,000.

AGREED AND ACCEPTED:

,, 2../J t, /2.tJ Date

All preliminary terms and conditions outlined herein are confidential and may not be shared with any financial institution without the prior consent of NBH Bank. This information is intended for discussion purposes only, and is offered by NBH Bank as a preliminary indication of interest.

This indication of interest does not represent a commitment to lend monies, nor is it an indication that a formal lending commitment may be forthcoming. Any formal lending commitment that may be issued by NBH Bank will be subject to the satisfactory conclusion of the Bank's due dfllgence, completion of the Bank's credit underwriting process, and requisite approval by the Bank's credit authorities.

7800 E. Orchard Rd., Ste. 300, Greenwood Village, CO 80111 (303) 784-5929

Open Records Request 51 From: Kim White To: John Crone Subject: FW: appraisal request Date: Monday, November 23, 2020 9:11:51 AM

Hi John, Here is one other appraiser. She can get it done about 3 weeks sooner for $500 more. Please advise. Thank you, Kim

Kimberly G. White Town Planner Town of Grand Lake 0 970-627-3435 C 970-673-3486 [email protected]

From: Jill Rees Sent: Sunday, November 22, 2020 7:47 AM To: Kim White Subject: RE : appraisal request

Good morning Kim,

My fee to appraise 195 GCR 48 in Grand Lake is $1,500 with an ETA of 12/31/20 (or sooner). Please advise if you would like me to proceed.

Respectfully,

Jill Rees

From: Kim White Sent: Friday, November 20, 2020 3:14 PM To: Jill Rees Subject: RE: appraisal request

Jill, Thank you! Have a safe drive. Kim

Kimberly G. White Town Planner Town of Grand Lake

Open Records Request 112 0 970-627-3435 C 970-673-3486 [email protected]

From: Jill Rees Sent: Friday, November 20, 2020 2:46 PM To: Kim White Subject: RE: appraisal request

Hi Kim,

I will get back to you early tomorrow with my fee and earliest ETA. I am in the process of picking my daughter up from college.

Jill Rees

From: Kim White Sent: Friday, November 20, 2020 1:56 PM To: Jill Rees Subject: RE: appraisal request

Hello Jill, I don't think it matters which type of appraisal. It is for our records at the Town. We just need to know if it is appraisable to $1.2mil? or if it is more or less? I think the soonest we can get it done

5 thus far is January 21 \ and I believe that the manager is hoping to get one sooner than that, if possible. Thank you, Kim

Kimberly G. White Town Planner Town of Grand Lake 0 970-627-3435 C 970-673-3486 [email protected]

From: Jill Rees Sent: Friday, November 20, 2020 7:50 AM To: Kim White Subject: RE : appraisal request

Good morning Kim,

Are you looking for a form or narrative appraisal? My timing right now is relatively long due to my current workload - do you have a specific time frame?

Open Records Request 113 Respectfully,

Jill Rees

From: Kim White Sent: Thursday, November 19, 2020 4:02 PM To: [email protected] Subject: appraisal request

Hello Jill,

The Town of Grand Lake is in the process of a land purchase and would like to order an appraisal for the following parcel:

STANLEY & SIMPKINS INVESTMENTS, LLC Parcel Identification No.: 119101100001

Schedule No.: Rl7l690

Address: 195 GCR 48

Owner Name: STANLEY & SIMPKINS INVESTMENTS, LLC

Zoning: Residential / R

Would you have time for this? If so, what information do you need from the Town to proceed, what is the current turn-around time, and what is your fee? I have attached the preliminary survey, in case that is helpful.

Thank you, Kim

Kimberly G. White Town Planner Town of Grand Lake 0 970-627-3435 C 970-673-3486 [email protected]

Open Records Request 114 From: Kim White To: John Crone Subject: FW: survey on the 21 Acres Date: Monday, November 2, 2020 12:16:11 PM

Hi John, See Keith Luttrell's questions below. Is the parcel part of the open area yet? And do we have a title commitment? Thank you, Kim

Kimberly G. White Town Planner Town of Grand Lake 0 970-627-3435 C 970-673-3486 [email protected]

From: [email protected] Sent: Monday, November 2, 2020 12:13 PM To: Kim White Subject: RE: survey

Hi Kim, We are planning for field work late this week if the evacuation order is lifted. It should be completed a week or so afterwards. If you have a title commitment, I would like to see it for research needs.

Keith E Luttrell, PLS 970.275.2539

On Nov 2, 2020 10:15 AM, Kim White wrote:

Hello Keith,

I hope you and your family are safe. I spoke with John a few days ago and I asked him ifwe were still needing a survey on the 21 acre parcel and he said yes. I am not sure about your situation with regards to the fire, so please let me know if you are still able to do the survey this year. If so, not a huge rush, we are just checking in on a time frame.

Thank you,

Kim

Kimberly G. White

Town Planner

Open Records Request 115 Town of Grand Lake

0 970-627-3435

C 970-673-3486 [email protected]

From: Keith Luttrell Sent: Tuesday, October 20, 2020 5:43 PM To: Kim White Cc: [email protected] Subject: RE: survey

Hello Kim,

I'll take a look at it and get back to you tomorrow.

We should be able to take this on before the weather gets to bad.

Keith E Luttrell, PLS

970-275-2539

From: Kim White Sent: Tuesday, October 20, 2020 5:23 PM To: Keith Luttrell Subject: FW: survey

Hello Keith,

The Town would like to order another survey at your earliest convenience. See below for the address.

Thank you,

Kim

Kimberly G. White

Open Records Request 116 Town Planner

Town of Grand Lake

0 970-627-3435

C 970-673-3486

[email protected]

From: John Crone Sent: Tuesday, October 20, 2020 12:50 PM To: Kim White Subject: survey

Kim,

Can you order a survey for the Stanley property?

Address is: Metes & Bounds 76 a/I 21.06AC TR in Lot 1, Sec 1 T3N R76 Desc B1152 P/268 known as No. 195 GCR 48, Grand Lake, CO 80447

John F. Crone, J.D.

Town Manager

Town of Grand Lake

PO Box99

Grand Lake, CO 8044 7

P) 970-627-3435

C) 970-531-8900

Open Records Request 117 From: Canfield. Amy To: John Crone; Matlosz Alan (PF - Denver) Cc: usa watkins Subject: RE: [EXTERNAL] RE: Financing issue for Grand Lake Date: Tuesday, September 22, 2020 9:26:54 AM Attachments: Stifel Grand Lake Placement Agent Preliminary Engagement Letter 9.16.20.pdf

Hi John,

Just checking in - do you have any questions about our engagement agreement? Please send us a signed copy or respond via email that you acknowledge receipt. Once we have that, we have some preliminary numbers to share with you, and can start looping in the rest of the team.

Thanks, Amy

From: Canfield, Amy (PF-Denver) Sent: Wednesday, September 16, 2020 12:49 PM To: 'John Crone' ; Matlosz, Alan (PF - Denver) Cc: Lisa Watkins Subject: RE : [EXTERNAL] RE: Financing issue for Grand Lake

Hi John,

Attached for your review is our preliminary placement agent agreement. If satisfactory, can you please sign and date page 37 We will begin conversations with banks and will let you know what we find out on prospective rates.

Also I am very sorry to hear about Trustee Ratzmann.

Best, Amy

Amy Canfield Vice Pres ident Stifel, Nicolaus & Company, Incorporated 1401 Lawren ce Street, Suite 900, Denver, CO 80202 (303) 291-5362 (office) I {303) 291-5323 (fax) I (303) 324-1820 (cell) canfielda@ stifel.com

When Stifel, Nicolaus & Company, Inc. (Stifel) is serving or proposing to serve as underwriter or placement agent with regard to municipal securities, Stifel provides you with the following disclosures pursuant to Section 15B of the Securities Exchange Act and Municipal Securities Rulemaking Board Rule G-23. Unless otherwise agreed, (a) Stifel is not recommending an action to you; (b) Stifel is not acting as an advisor to you and does not owe a fiduciary duty pursuant to Section 15B of the Securities Exchange Act to you with respect to the information and material contained in this communication; (c) Stifel is acting for its own interests; (d) you should discuss any information and material contained in this communication with any and all internal or external advisors and experts that you deem appropriate before acting on this information or material, and (e) Stifel is serving as an underwriter, or seeks to serve as an underwriter on a future transaction, and not as a financial advisor or municipal advisor. The information provided is for discussion purposes only in anticipation of being engaged to serve as underwriter. The primary role of an underwriter is to purchase securities with a view to distribution in an

Open Records Request 146 arm's-length commercial transaction with you. The underwriter has financial and other interests that differ from yours.

Any materials included in this email have been prepared by Stifel for the client or potential client to whom such materials are directly addressed and delivered for discussion purposes only. All terms and conditions are subject to further discussion and negotiation. Stifel does not express any view as to whether financing options presented in any materials included in this email are achievable or will be available at the time of any contemplated transaction. Any materials included in this email do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Stifel to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Where indicated, this presentation may contain information derived from sources other than Stifel. While we believe such information to be accurate and complete, Stifel does not guarantee the accuracy of this information. Any materials included in this email are based on information currently available to Stifel or its sources and are subject to change without notice. Stifel does not provide accounting, tax or legal advice; however, you should be aware that any proposed indicative transaction could have accounting, tax, legal or other implications that should be discussed with your advisors and /or counsel.

From: John Crone Sent: Wednesday, September 16, 2020 12:08 PM To: Matlosz, Alan (PF - Denver) Cc: Lisa Watkins ; Canfield, Amy (PF-Denver) Subject: RE: [EXTERNAL] RE: Financing issue for Grand Lake

Hi Alan,

I have spoken with our Board. What do I need to do to get this ball rolling?

Thanks, John

John Crone

Town Manager Town of Grand Lake P) 970-627-3435 C) 970-531-8900 [email protected]

From: Matlosz, Alan Sent: Thursday, September 3, 2020 3:26 PM To: John Crone Cc: Lisa Watkins ; Canfield, Amy {PF-Denver) Subject: RE : [EXTERNAL] RE: Financing issue for Grand Lake

Great, see you tomorrow.

ALAN MA TLOSZ MANAGING DIRECTOR I STIFEL PUBLIC FINANCE 1401 Lawrence Street, Suite 900 Denver, CO 80202

Open Records Request 147 TEL: 303-291-5333 I WORK CELL 720-766-8248 [email protected]

NOTE THE NEW ADDRESS AND TELEPHONE NUMBERS

When Stifel, Nicolaus & Company, Inc. (Stifel) is serving or proposing to serve as underwriter or placement agent with regard to municipal securities, Stifel provides you with the following disclosures pursuant to Section 15El of the Securities Exchange Act and Municipal Securities Rulemaking Board Rule G-23. Unless otherwise agreed, (a) Stifel is not recommending an action to you; (b) Stifel is not acting as an advisor to you and does not owe a fiduciary duty pursuant to Section 15B of the Securities Exchange Act to you with respect to the information and material contained in this communication; (c) Stifel is acting for its own interests; (d) you should discuss any information and material contained in thi.s communication with any and all internal or external advisors and experts that you deem appropriate before acting on this information or material, and (e) Stifel is serving as an underwriter, or seeks to serve as an underwriter on a future transaction, and not as a financial advisor or municipal advisor. The information provided is for discussion purposes only in anticipation of being engaged to serve as underwriter. The primary role of an underwriter is to purchase securities with a view to distribution in an arm·s-length commercial transaction with you. The underwriter has financial and other interests that differ from yours.

Any mater-ials included in this email have been prepared by Stifel for the client or potential client to whom such materials are directly addressed and delivered for discussion purposes only. All terms and conditions are subject to further discussion and negotiation. Stifel does not express any view as to whether financing options presented in any materials included in this email are achievable or will be available at the time of any contemplated transaction. Any materials included in this email do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Stifel to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Where indicated, this presentation may contain information derived from sources other than Stifel. While we believe such information to be accurate and complete, Stifel does not guarantee the accuracy of this information. Any materials included in this email are based on information currently available to Stifel or its sources and are subject to change without notice. Stifel does not provide accounting, tax or legal advice; however, you should be aware that any proposed indicative transaction could have accounting, tax, legal or other implications that should be discussed with your advisors and /or counsel.

From: John Crone Sent: Thursday, September 3, 2020 3:01 PM To: Matlosz, Alan (PF - Denver) Cc: Lisa Watkins ; Canfield, Amy (PF-Denver) Subject: Re : [EXTERNAL] RE: Financing issue for Grand Lake

That would work for me. We could try Stoked Meeting House by the post office.

John Crone Town Manager Town of Grand Lake [email protected] (970} 531-8900

Sent from my iPhone

On Sep 3, 2020, at 12:59 PM, Matlosz, Alan wrote:

John

Ok so the Town of Winter Park folks got back to use. Amy and I will meet with them sometime around 10 or 10:30 so does it work to meet you in Winter Park at 9am? Amy

Open Records Request 148 will be up there already but I will drive up from Denver first thing in the morning.

Do you have a favorite coffee spot?

ALAN MA TLOSZ MANAGING DIRECTOR I STIFEL PUBLIC FINANCE 1401 Lawrence Street, Suite 900 Denver, CO 80202 TEL: 303-291-5333 I WORK CELL 720-766-8248 [email protected]

NOTE THE NEW ADDRESS AND TELEPHONE NUMBERS

When Stifel, Nicolaus & Company, Inc. (Stifel) is serving or proposing to serve as underwriter or placement agent with regard to municipal secur·ities, Stifel provides you with the following disclosures pursuant to Section lSB of the Securities Exchange Act and Municipal Securities Rulemaking Board Rule G-23. Unless otherwise agreed, (a) Stifel is not recommending an action to you; (b) Stifel is not acting as an advisor to you and does not owe a fiduciary duty pursuant to Section 15B of the Securities Exchange Act to you with respect to the information and material contained in this communication; (c) Stifel is acting for its own interests; (d) you should discuss any information and material contained in this communication with any and all internal or external advisors and experts that you deem appropriate before acting on this information or material, and (e) Stifel is serving as an underwriter, or seeks to serve as an underwriter on a future transaction, and not as a financial advisor or municipal advisor. The information provided is for discussion purposes only in anticipation of being engaged to serve as underwriter. The primary role of an underwriter is to purchase securities with a view to distribution in an arm's-length commercial transaction with you. The underwriter has financial and other interests that differ from yours.

From: John Crone Sent: Wednesday, September 2, 2020 1:12 PM To: Matlosz, Alan (PF - Denver) Cc: Lisa Watkins ; Canfield, Amy (PF-Denver) Subject: RE: [EXTERNAL] RE: Financing issue for Grand Lake

Let me know what will work for you. I can even meet in Winter Park {I live there while I'm building a house up here).

John Crone

Town Manager

Open Records Request 149 Town of Grand Lake P) 970-627-3435 C) 970-531-8900 [email protected]

From: Matlosz, Alan Sent: Wednesday, September 2, 2020 1:08 PM To: John Crone Cc: Lisa Watkins ; Canfield, Amy (PF-Denver) Subject: RE: [EXTERNAL) RE : Financing issue for Grand Lake

Hi John

Yes Friday should work. Amy (copied here) and I were trying to set up a meeting with Keith Reisberg in Winter Park on Friday. I am not sure if that is going to come together or not but we can definitely discuss your projects on Friday at your convenience. We may be in Grand County in person or we can discuss by telephone.

ALAN MATLOSZ MANAGING DIRECTOR I STIFEL PUBLIC FINANCE 1401 Lawrence Street, Suite 900 Denver, CO 80202 TEL: 303-291-5333 I WORK CELL 720-766-8248 [email protected]

NOTE THE NEW ADDRESS AND TELEPHONE NUMBERS

Any materials included in this email have been prepared by Stifel for the client or potential client to whom such materials are directly addressed and delivered for discussion purposes only. All terms and conditions are subject to further discussion and negotiation. Stifel does not express any view as to whether financing options presented in any materials included in this email are achievable or will be available at the time of any contemplated transaction. Any materials included in this email do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Stifel to provide or a, range any financing for any transaction or to purchase any security in connection therewith. Where indicated, this presentation may contain information derived from sources other than Stifel. While we believe such information to be accurate and complete, Stifel does not guarantee the accuracy of this information. Any materials included in this email are based on information currently available to Stifel or its sources and are subject

Open Records Request 150 to change without notice. Stifel does not provide accounting, tax or legal advice; however, you should be aware that any proposed indicative transaction could have accounting, tax, legal or other implications that should be discussed with your advisors and /or counsel.

From: John Crone Sent: Wednesday, September 2, 2020 1:01 PM To: Matlosz, Alan {PF - Denver) Cc: Lisa Watkins Subject: RE: [EXTERNAL) RE: Financing issue for Grand Lake

Alan,

Thanks for reaching out. Are you free anytime this Friday to discuss Grand Lake projects? My calendar is wide open.

Thanks, John

John Crone

Town Manager Town of Grand Lake P) 970-627-3435 C) 970-531-8900 [email protected]

From: Matlosz, Alan Sent: Thursday, August 27, 2020 8:00 AM To: Kim Crawford ; John Crone Cc: Lisa Watkins Subject: RE: [EXTERNAL) RE : Financing issue for Grand Lake

Good morning

First, I need to apologize to John and Lisa for not responding sooner. My mind was th already thinking about birthday plans (August 14 ) and then I got distracted by something else.

Let me know what would be a good time to discuss the Town's projects. I am available today except for calls at 9:30 and 1:30. Tomorrow I am open in the morning and then I head up to Grand County for the Grand Classic Golf Tournament.

I look forward to our conversation .

Open Records Request 151 ALAN MATLOSZ MANAGING DIRECTOR I STIFEL PUBLIC FINANCE 1401 Lawrence Street, Suite 900 Denver, CO 80202 TEL: 303-291-5333 I WORK CELL 720-766-8248 [email protected]

NOTE THE NEW ADDRESS AND TELEPHONE NUMBERS

When Stifel, Nicolaus & Company, Inc. (Stifel) is serving or proposing to serve as underwriter or placement agent with regard to municipal securities, Stifel provides you with the following disclosures pursuant to Section 15B of the Securities Exchange Act and Municipal Securities Rulemaking Board Rule C, -23. Unless otherwise agreed, (a) Stifel is not recommending an action to you; (b) Stifel is not acting as an advisor to you and does not owe a fiduciary duty pursuant to Section 15B of the Securities Exchange Act to you with respect to the information and material contained in this communication; (c) Stifel is acting for its own interests; (d) you should discuss any information and material contained in this communication with any and all internal or external advisors and experts that you deem appropriate before acting on this information or material, and (e) Stifel is serving as an underwriter, or seeks to serve as an underwriter on a future transaction, and not as a financial advisor or municipal advisor. The information provided is for discussion purposes only in anticipation of being engaged to serve as underwriter. The primary role of an underwriter is to purchase securities with a view to distribution in an arm's-length commercial transaction with you. The underwriter has financial and other interests that differ from yours.

From: Kim Crawford Sent: Thursday, August 13, 2020 12:13 PM To: 'John Crone' ; Matlosz, Alan {PF - Denver) Cc: Lisa Watkins Subject: [EXTERNAL) RE: Financing issue for Grand Lake

Hi Alan - I would like to introduce remotely John and Lisa, the new town manager and treasurer for the Town of Grand Lake. The Town is interested in acquiring one maybe two parcels of land for town use and would like to explore options for a private placement lease. I discussed COPs and direct leases with John and Lisa this morning, but John would like you to contact him about what they need to do to move forward in looking at banks, getting interest rate numbers etc. I told them that you have worked with the Town historically and would give them a call!!

John's contact info is below, and he is copied on this email.

Open Records Request 152 Look forward to working with you all!!

Kim Crawford Butler Snow LLP

D: (720) 330-2354 I F: (720) 330-2301 1801 California Street, Suite 5100, Denver, CO 80202 [email protected] I ~ I .fil.Q

Tud.lliIT I Linkedln I face book I Y ouTube From: John Crone Sent: Tuesday, August 11, 2020 11:36 AM To: Kim Crawford Cc: Dan Krob ; Lisa Watkins ; Steve Kudron Subject: Financing issue for Grand Lake

Kim,

I understand that you have worked as bond counsel for the Town in the past. It looks like we could use your services again. The Town is starting negotiations to purchase a parcel of land in the near future. The asking price of the parcel is approximately $1.3 million. We also have a parcel that we have been paying interest only on for several years. The cost of this parcel is approximately $200,000.

We need help acquiring financing for these two properties and need your advice. We would prefer not to go to a vote (would COPs work in this scenario?). Could we set up a meeting sometime to discuss how the Town should proceed? Let me know what would work for you .

Thanks, John

John F. Crone, J.D.

Town Manager Town of Grand Lake PO Box99 Grand Lake, CO 8044 7 P) 970-627-3435 C) 970-531-8900 [email protected]

Open Records Request 153 www.townojgrandlake.com

CONFIDENTIALITY NOTE: This e-mail and any attachments may be confidential and protected by legal privilege. If you are not the intended recipient, be aware that any disclosure, copying, distribution or use of the e-mail or any attachment is prohibited. If you have received this e-mail in error, please notify us immediately by replying to the sender and deleting this copy and the reply from your system. Thank you for your cooperation.

CONFIDENTIALITY NOTE: This e-mail and any attachments may be confidential and protected by legal privilege. !f you are not the intended recipient, be aware that any disclosure, copying, distribution or use of the e-mail or any attachment is prohibited. If you have received this e-mail in error, please notify us immediately by replying to the sender and deieting this copy and the reply from you~ system. Thank you for your cooperation.

This message, and any of its attachments, is for the intended recipient(s) on]y, and it may contain information that is privileged, confidential, and/or proprietary and subject to important terms and conditions available at http://www.stifel.com/djsclosures/emaildisclaimers/. If you are not the intended recipient, please delete this message and immediately notify the sender. No confidentiality, privilege, or property rights are waived or lost by any errors in transmission.

Open Records Request 154 TOWN OF GRAND LAKE 2020 BUDGET MESSAGE

The proposed 2020 budget process for the Town of Grand Lake, Colorado was impacted by management transition. Town Manager transition with retirement of Jim White at the end of June, Interim Greg Clifton July 1 to August 12, Interim Katie Sickles August 14 to November 7 and hired Town Manager John Crone November 1. Public Works Director transition with retirement of Bernie McGinn, internal hire John Zeleznikar and final hire of Keith Everhart July 1. Town Planner Nate Shull’s scheduled resignation and potential new hire in late 2019. The 2020 budget process competed with transitional planning and was challenged by new approaches to allocation of resources. Treasurer Erin Ackerman, employed since 2013, remained steadfast in preparing 2020 budget documents and maneuvering through the transitions.

Events were scheduled during the year 2019 to properly prepare for 2020. A 2020 Vision/Strategic Planning session commenced May 20 and 21 with Aden Hogan as facilitator. Interim Manager Clifton scheduled an August 1, Board of Trustees/Staff Retreat to review the Capital Improvement Plan and outline Board of Trustees Goals and Objectives for 2020. The retreat focused on the Streetscape improvement goals with updates regarding the objectives documented from the May planning meetings. The first 2020 budget draft was provided to the Board of Trustees and staff for a September 16 Budget Session. A second Budget Work Session took place on October 8. A formal Public Hearing on the budget was held on October 28, 2019 at the Board of Trustees Regular Meeting. The Town Board scheduled the budget final approval at its meeting on November 25, 2019.

Estimated Ending The 2020 Budget per Fund Revenue Expenditures Reserves 1/1/2020 Balance General Fund (Total) $1,932,884 $2,745,847 $3,475,698 $1,203,033 Water Enterprise Fund $1,490,692 $637,441 $617,333 $1,510,800 Marina Enterprise Fund $564,088 $353,900 $399,393 $518,595 Pay-As-You-Throw Enterprise Fund $85,107 $47,200 $38,829 $93,478 Capital Improvement Fund $1,199,076 $1,017,305 $1,935,881 $280,500 TOTAL $5,271,846 $4,801,693 $6,480,154 $3,593,386

The Town’s budget revenues, operations, debt and capital expenditures are explained further in the body of this report per fund. Revenues in all funds are budgeted conservatively. Operational expenses, although conservative, have been updated based on new approaches. Capital improvement expenses are expected to reduce reserves for Streetscape and effectively address public street deferred maintenance. Management is responsible for the preparation and fair representation of the Town’s financial condition in accordance with the Governmental Accounting Standards Board (GASB) including Colorado Statutory requirements.

A new approach to personnel management is reflected in the 2020 budget salary and benefit cost within most labor-intensive funds. To facilitate federal and state equal pay for equal work requirements, a personnel system was re-instituted. The manner included documenting job descriptions and providing salary ranges based on level of responsibility. In addition, a consorted effort was undertaken to document benefits for Board approval and update the Personnel Guidelines.

A Capital Improvement Plan was updated for 2020, a five-year projection and future years to forecast and assist in keeping Town infrastructure and facilities current. Town reserves will be decreased by over 1.5

Page 1 of 5

Page 1 of 44 million in 2020 to accomplish major street improvements critical to Grand Lake’s economic appeal as a world class family vacation destination.

The Town of Grand Lake’s basis of accounting is modified accrual for all funds.

GENERAL FUND The General Fund is a tax revenue generating fund, also known as a governmental fund that provides public services to the Town. Services provided include: Administration, Public Safety, Public Works, Parks and Greenways, Cemetery, Planning and Zoning, Grand Lake Center and Attainable Housing.

Estimated Ending GENERAL FUND Revenue Expenditures Reserves 1/1/2020 Balance Reserves and Revenue $1,932,884 $2,444,885 Operating Expense $2,205,892 Debt Retirement $109,240 Capital $300,962 $1,160,566 TOTAL $1,932,884 $2,745,847 $3,475,698 $1,203,033

Notable Budget Items: Revenue  Property Tax revenues for 2020 were calculated on statutory limits resulting in a slight 2% increase.  Sales Tax for 2020 are budgeted using sales tax receipts from 2019 with an increase of 18% from 2018.  The Town Ordinance regarding all fees is under review to verify that the cost to the Town is charged appropriately to applicants.

Expenditures  Law Enforcement and Dispatch is provided by Grand County Sheriff, an expense in the General Fund.  An April 2020 election is planned for five positions, the Mayor and four Trustees.  Hilly Lawn gardening services will be contracted to continue beautification efforts.  Almost $60,000 will be paid to area organizations that provide cultural or philanthropic services.  Computer hardware upgrades and continued software maintenance is an expense critical to maintaining secure access for town operations and monitoring nightly rentals.  Repairs are planned for the Town Hall ADA access ramp and stairs.  The Town continues to partner with the Chamber, providing funds to operate the Visitor Center and provide Marketing Services.  Boardwalk maintenance, tire replacement, bridge staining and roof repairs documented considerable increases from 2019.  The Grand Lake Center has several upgrade needs; however, the Board has allotted a budget contingent that each item be reviewed by the Board prior to purchase. Although heating system part replacement was costly in 2019, the Honeywell maintenance contract will continue in 2020.  Park expense increased to repair playground equipment and public docks, properly supply restrooms and several landscaping upgrade needs.

Page 2 of 5

Page 2 of 44 Debt  Payments continue in 2020 for the Thomasson Park Lease/Purchase.  Equipment Lease/Purchases include: 2019 Mower, 2018 Grader and 2015 Loader.

Capital  Street improvement is considered a major priority for the town with almost a half a million towards a Grand Avenue mill overlay from Ellsworth to Highway 34 and contingency budget for the Streetscape project planned on Park Avenue.  Equipment purchases include a wheel loader and equipping the single-axle truck purchased in 2019.  Network connectivity for town facilities is planned in 2020.  The Town of Grand Lake is a selected Colorado community to participate in Space to Create. The project is an effort to provide attainable housing within a Creative District. The project is supported by Grand County Economic Development Office, Department of Local Affairs, Orton Foundation, Boettcher Foundation, ArtSpace Consulting and a host of volunteers and entities within the Grand Lake area. Heart & Soul, supported by the Orton Foundation, was a catalyst for positive change that provided a roadmap for Grand Lake to build a brighter future based on what matters by several efforts in 2018 and 2019. From those efforts a marketing, feasibility, community coaching and survey evolved. Based on previous year efforts the Town will begin the pre-development phase in 2020. Grant funds and expenditures are estimated for the first year of a two-year pre-development project.

WATER ENTERPRISE FUND The Water Enterprise Fund is a business enterprise owned and operated by the Town that sets rates and collects fees for the cost of collection, treatment and distribution of potable water to in-town and out-of- town customers.

Estimated Ending WATER ENTERPRISE FUND Revenue Expenditures Reserves 1/1/2020 Balance Reserves and Revenue $1,490,692 $624,441 Operating Expense $518,179 Debt Retirement $99,154 Capital $13,000 TOTAL $1,490,692 $637,441 $617,333 $1,510,800

Notable Budget Items: Revenue  A water rate study was conducted in 2008. Based upon the recommendations in that study, starting in 2009 service fees were set to increase 6% annually for ten years (initially through 2018) to sustain operations and provide for future capital projects. The Board of Trustees passed a Resolution opting out of the 2015 increase and repeated the opt out in 2017. Both increases were applied at the next fiscal period. The last two years of the study recommended increase will conclude in 2019 and 2020.

Page 3 of 5

Page 3 of 44 Expenditures  Expenses for the Water Enterprise Fund continue to be budgeted based on expected and ordinary maintenance.

Debt Service  The Town borrowed $1.6 million to install the new 300,000-gallon buried concrete water storage tank through a State Revolving Fund (SRF) loan.

MARINA ENTERPRISE FUND The Marina Enterprise, doing business as the Headwaters Marina on Grand Lake, is a business enterprise owned by the Town, established in 2007. The Headwaters Marina provides marina rentals of pontoon boats, boats, pedal boats and historic lake tours. In 2020, the marina area of influence extends beyond the marina area to the “L” dock to the east and the general boat/dock area to the west.

Estimated Ending MARINA ENTERPRISE FUND Revenue Expenditures Reserves 1/1/2020 Balance Reserves and Revenue $564,088 $353,900 Operating Expense $259,393 Debt Retirement Capital $140,000 TOTAL $564,088 $353,900 $399,393 $518,595

Notable Budget Items: Revenue  The Marina revenues have been increasing the past several years.

Expenditures  The Marina is a seasonal labor-intensive operation. Other expenses are associated with customer service and rental maintenance.  A practice before 2020, the Town paid sales tax on rental boat purchases. In 2020, rental customers will be charged sales tax on the rentals. The State, County and Town will be the recipients of the sales tax revenue.

Capital  Capital expenditures include replacement of a pontoon rental boat and roof.

PAY-AS-YOU-THROW The Pay-As-You-Throw Fund (PAYT) is a business enterprise owned and operated by the Town that sets rates and collects fees for the cost of solid waste collection and disposal. PAYT bags are purchased wholesale and sold in bulk to several retail outlets and available at Town Hall. Bags are priced for large and small size. Proceeds from the bags are used to collect and haul trash.

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Page 4 of 44 PAY-AS-YOU-THROW Estimated Ending Revenue Expenditures ENTERPRISE FUND Reserves 1/1/2020 Balance Reserves and Revenue $85,107 $47,200 Operating Expense $38,829 Debt Retirement Capital TOTAL $85,107 $47,200 $38,829 $93,478

CAPITAL IMPROVEMENT FUND The Capital Improvement Fund is a tax revenue generating fund, also known as a governmental fund. The fund was formed, as approved by the electorate, to document the collection of a 1% sales and use tax, repayment of a bond and use of the bonds specifically for a Streetscape Improvement project from the entrance of town to the downtown business area.

CAPITAL IMPROVEMENT Estimated Ending Revenue Expenditures ENTERPRISE FUND Reserves 1/1/2020 Balance Reserves and Revenue $1,199,076 $1,017,305 Operating Expense $1,000 Debt Retirement $277,250 Capital $1,657,631 TOTAL $1,199,076 $1,017,305 $1,935,881 $280,500

SUMMARY The Board of Trustees of the Town of Grand Lake are committed to continuing to serve the citizens with quality service while maintaining a fiscally responsible budget.

Town officials acknowledge the importance of present and future Capital Improvement funding and planning. With new improvement, the Town must also invest in continued facility and property maintenance. Streetscape improvements may be reduced in scope; however incremental projects will continue, including future Greenway improvements for many years to come.

Management will monitor revenues and expenditures to keep within budget parameters. Department budget reviews are held monthly. Public review of financial statements is provided at one or both Board of Trustees monthly regular meetings. All financial information is available at Town Hall, via the Town website or by request.

Through months of transition, Treasurer Erin Ackerman has maintained focus on the 2020 budget preparation. Her dedication to this effort is commendable.

Respectfully Submitted

John Crone Town Manager

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Page 5 of 44 ABDI GH Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 2 3 Summation - General Fund Revenues and Expen 4 5 General Fund Beginning Balance $1,757,886 $2,227,875 $1,932,884 6 7 Operating Budget 8 General Revenue $2,379,012 $2,465,705 $2,444,885 9 Operations ($1,707,061) ($1,997,950) ($2,205,892) 10 Debt Service ($75,634) ($119,683) ($109,240) 11 TABOR Reserve $0 $0 $0 12 Total Operating Budget $596,317 $348,072 $129,753 13 14 Capital Budget 15 Capital Revenue $1,352,540 $896,246 $300,962 16 Capital Outlay ($1,478,867) ($1,539,309) ($1,160,566) 17 Total Capital Budget ($126,327) ($643,063) ($859,604) 18 19 Revenues Over (Under) Expenditures $469,989 ($294,991) ($729,851) 20 Appropriate From (To) Fund Balance ($469,989) $294,991 $729,851 21 22 General Fund Ending Balance $2,227,875 $1,932,884 $1,203,033

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 6 of 44 ABDI GH Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 23 24 Summation - General Fund Expenditures By Dep 25 26 Cemetery Committee $1,850 $2,100 $10,175 27 28 Planning Commission/Board of Adjustments $43,493 $37,500 $65,300 29 30 Greenways Committee $41,536 $43,819 $45,248 31 32 Board of Trustees $83,593 $99,388 $83,036 33 34 Administration 35 Personnel $284,604 $352,228 $329,392 36 Operations $285,047 $328,221 $349,077 37 Administration Subtotal $569,651 $680,449 $678,469 38 39 Public Safety 40 Personnel $55,112 $53,226 $19,877 41 Operations $153,675 $207,572 $165,858 42 Public Safety Subtotal $208,787 $260,798 $185,735 43 44 Public Works 45 Personnel $325,642 $366,621 $362,803 46 Operations $144,654 $179,460 $349,670 47 Public Works Subtotal $470,295 $546,081 $712,473 48 49 Grand Lake Center 50 Revenues $83,828 $80,181 $90,860 51 Personnel $90,904 $117,064 $164,278 52 Operations $67,368 $111,338 $104,774 53 Capital $13,724 $0 $0 54 Grand Lake Center Expenditures $171,995 $228,402 $269,052 55 Grand Lake Center Totals ($88,167) ($148,221) ($178,192)

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 7 of 44 ABDI GH Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 56 57 Parks 58 Personnel $57,701 $60,914 $66,606 59 Operations $71,884 $38,500 $89,800 60 Parks Subtotal $129,585 $99,414 $156,406 61 62 Debt Service $75,634 $119,683 $109,240 63 64 Capital Outlay $1,478,867 $1,539,309 $1,160,566 65 66 All Department/Committees 67 Personnel Total* $813,963 $950,052 $942,955 68 Operations Total* $893,098 $1,047,898 $1,262,937 69 Debt Service Total* $75,634 $119,683 $109,240 70 Capital Outlay Total $1,478,867 $1,539,309 $1,160,566 71 72 Total General Fund Expenditures $3,261,563 $3,656,942 $3,475,698

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 8 of 44 ABDI GH Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 73 74 Summation - Water Enterprise Fund Revenues and E 75 76 Water Enterprise Fund Beginning Balance $939,757 $1,305,006 $1,490,692 77 78 Revenues 79 Operations Revenue $592,766 $625,491 $624,441 80 Capital Revenue $1,335,810 $309,000 $13,000 81 Total Revenues $1,928,576 $934,491 $637,441 82 83 Expenditures 84 Operations ($421,634) ($625,651) ($518,179) 85 Debt Service ($8,121) ($99,154) ($99,154) 86 Capital Outlay ($1,133,572) ($24,000) $0 87 Total Expenditures ($1,563,327) ($748,805) ($617,333) 88 89 Revenues Over (Under) Expenditures $365,249 $185,686 $20,108 90 Appropriate From (To) Fund Balance ($365,249) ($185,686) ($20,108) 91 92 Water Enterprise Fund Ending Balance $1,305,006 $1,490,692 $1,510,800

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 9 of 44 ABDI GH Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 93 94 Summation - Marina Enterprise Fund Revenues and E 95 96 Marina Enterprise Fund Beginning Balance $539,378 $582,081 $564,087 97 98 Revenues $331,171 $367,959 $353,900 99 100 Expenditures 101 Operations ($167,666) ($203,059) ($259,393) 102 Debt Service $0 $0 $0 103 Capital Outlay ($120,802) ($182,893) ($140,000) 104 Total Expenditures ($288,469) ($385,952) ($399,393) 105 106 Revenues Over (Under) Expenditures $42,703 ($17,993) ($45,493) 107 Appropriate From (To) Fund Balance ($42,703) $17,993 $45,493 108 109 Marina Enterprise Fund Ending Balance $582,081 $564,087 $518,595

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 10 of 44 ABDI GH Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 110 111 Summation - Pay-As-You-Throw (PAYT) Enterprise Fund Reven 112 113 PAYT Enterprise Fund Beginning Balance $93,377 $74,051 $85,107 114 115 Revenues $49,656 $47,768 $47,200 116 117 Expenditures 118 Operations ($28,982) ($36,712) ($38,829) 119 Capital Outlay ($40,000) $0 $0 120 Total Expenditures ($68,982) ($36,712) ($38,829) 121 122 Revenues Over (Under) Expenditures ($19,326) $11,056 $8,371 123 Appropriate From (To) Fund Balance $19,326 ($11,056) ($8,371) 124 125 PAYT Enterprise Fund Ending Balance $74,051 $85,107 $93,478

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 11 of 44 ABDI GH Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 126 127 Summation - Capital Improvement Fund Revenues and 128 129 Capital Improvement Fund Beginning Balance $1,745,566 $1,148,488 $1,199,076 130 131 Revenues $492,453 $493,237 $1,017,305 132 133 Expenditures 134 Operations $0 ($250) ($1,000) 135 Debt Service ($278,550) ($275,400) ($277,250) 136 TABOR Reserve $0 $0 $0 137 Capital Outlay ($810,980) ($167,000) ($1,657,631) 138 Total Expenditures ($1,089,530) ($442,650) ($1,935,881) 139 140 Revenues Over (Under) Expenditures ($597,078) $50,587 ($918,576) 141 Appropriate From (To) Fund Balance $597,078 ($50,587) $918,576 142 143 Capital Improvement Fund Ending Balance $1,148,488 $1,199,076 $280,500 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 12 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 2 3 General Fund - Revenues 4 Taxes 5 10-311-100 Property Taxes $255,085 $274,747 $280,701 6 10-311-110 Specific Ownership $18,948 $20,129 $18,000 7 10-311-120 Interest & Penalty - Property Tax $831 $634 $550 8 10-311-130 Motor Vehicle Use Tax $57,518 $54,568 $38,000 9 10-311-140 Sales Tax $1,453,813 $1,659,230 $1,659,230 10 10-311-150 Building Use Tax $85,651 $30,000 $30,000 11 10-311-160 Cigarettes-Select Sales Tax $3,698 $3,774 $3,300 12 10-316-170 Cable Franchise Fees $22,140 $22,000 $22,000 13 10-316-171 Telephone Franchise $4,300 $3,926 $3,500 14 10-316-172 Electric Franchise $31,608 $32,512 $30,000 15 10-316-173 Natural Gas Franchise $13,416 $14,234 $13,000 16 $1,947,008 $2,115,754 $2,098,281 17 Licenses & Permits 18 10-321-100 Liquor License $7,384 $3,458 $2,500 19 10-321-120 Town Sales Tax License $410 $400 $400

20 10-321-130 Motor Vehicle License $2,176 $2,297 $2,000 21 10-321-140 Sign Permit $410 $335 $300 22 10-321-150 Grading Permit $360 $325 $200 23 10-321-160 Animal License $105 $105 $100 24 10-321-170 Encroachment Permit/Lic $340 $400 $300 25 10-321-175 Business License $33,798 $34,088 $30,000

26 10-321-180 Nightly Rental License $58,750 $61,300 $84,000 27 10-321-190 Boardwalk Sales Permit $0 $145 $150 28 $103,733 $102,853 $119,950

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 13 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 29 General Fund - Revenues 30 Intergovernmental 31 10-335-130 Grand Cnty Road & Bridge $7,196 $6,492 $6,492 32 10-335-200 Highway User Tax Fund $39,722 $38,050 $31,000 33 10-335-800 Conservation Trust Fund $2,476 $2,860 $2,000 34 10-335-900 Other Intergovernmental $1,218 $1,465 $1,200 35 $50,611 $48,867 $40,692 36 37 Charges for Services 38 10-341-100 Court Fees $0 $80 $0 39 10-341-200 Cemetery $8,250 $6,500 $5,000 40 10-341-201 Headstone Deposit $2,200 $2,000 $1,000 41 10-341-300 Zoning & Subdivision Review $44,025 $11,597 $2,000 42 10-341-400 Attainable Housing Fee $32,107 $26,500 $2,000 43 10-341-500 EV Charging Station $375 $397 $300 44 10-341-600 Fuel Depot Surcharge $1,204 $1,303 $1,000

45 10-341-625 Special Event/Materials Recovery Fee $0 $0 $10,000 46 10-341-700 Copies/Faxes/Soda $227 $136 $100 47 10-341-850 Nightly Rental Application Fee $2,850 $1,835 $1,200 48 10-350-101 GL Center - Rental Fees $37,845 $41,861 $17,600 49 10-350-111 GL Center - (T) Merch Sales $710 $500 $1,000 50 10-350-115 GL Center - (N) Merch Sales $0 $0 $0 51 10-350-121 GL Center - Memberships $43,498 $36,870 $54,660 52 10-350-131 GL Center - Rec Fees $0 $0 $17,600 53 10-350-201 GL Center - Donations $1,775 $950 $0 54 $175,066 $130,529 $113,460 55 Fines and Forfeitures 56 10-351-100 Ordinance/Traffic Fines $100 $100 $0 57 58 Fees and Leases

59 10-353-180 Rent - Visitors Center $2,500 $2,500 $2,500 60

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 14 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 61 General Fund - Revenues 62 Net Investment Income 63 10-355-100 Interest Revenue $23,111 $28,000 $18,000 64 65 Other Revenue 66 10-334-210 Orton - Comm Heart & Soul $10,000 $15,000 $10,000 67 10-334-900 Grants - Other $0 $0 $25,000

68 10-360-130 Municipal Fee $47,695 $125 $0 69 10-360-140 Rents - Land, Buildings $11,521 $11,178 $10,000 70 10-360-160 Rent - Enterprise Fund Sites $2 $2 $2 71 10-360-190 Gifts - Donations $510 $0 $0 72 10-360-200 Misc. Revenues-General $7,155 $10,797 $7,000 73 10-360-230 Memorial Benches $0 $0 $0 74 $76,883 $37,102 $52,002 75 Contributions

76 10-377-200 Capital Contribs (Interfund) $144,754 $28,893 $100,000 77 78 Capital Specific Revenue 79 10-360-110 Sale of Assets $1,975 $38,700 $25,000 80 10-377-350 Developer Letter of Credit $0 $0 $0 81 10-377-100 Capital Lease Proceeds $334,975 $68,927 $0

82 10-377-140 Grants - Capital $0 $0 $175,962 83 10-377-150 CDOT Off-System Bridge Program $805,404 $759,726 $0 84 10-377-154 CO Parks & Wildlife $0 $0 $0 85 10-377-157 DOLA Tier 1 EIAF #07832 - W Portal Br $65,433 $0 $0 86 $1,207,786 $867,353 $200,962 87 Total Revenues $3,731,552 $3,361,951 $2,745,847

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 15 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 88 General Fund - Expenditures 89 Cemetery Committee

90 10-410-211 General Supplies/Misc Expenses $50 $100 $4,500 91 10-410-215 Grave Markers $1,800 $2,000 $1,675 92 10-410-242 General Maintenance $0 $0 $4,000 93 $1,850 $2,100 $10,175 94 95 Planning Commission/Board of Adjustments 96 10-412-211 General Office Supplies $1,189 $1,000 $1,000 97 10-412-311 Postage/Ads/Legal Notices $1,164 $2,000 $2,200 98 10-412-314 Purchased Services $37,999 $32,500 $10,000 99 10-412-319 Miscellaneous Services $0 $0 $100 100 10-412-320 Computer Hardware/Software $0 $0 $0

101 10-412-351 Planning Legal Services $1,784 $2,000 $2,000 102 10-412-370 Training/Travel $95 $0 $0 103 10-412-380 Comp Plan Update $1,263 $0 $50,000 104 $43,493 $37,500 $65,300 105 106 Greenways Committee

107 10-414-211 General Supplies $1,126 $1,125 $2,000

108 10-414-238 Trees/Shrubs/Plantings $5,348 $6,676 $6,000

109 10-414-241 Arbor Day Supplies $133 $215 $250

110 10-414-319 Contract Labor $34,930 $35,803 $36,698 111 10-414-726 Miscellaneous Services $0 $0 $150 112 10-414-870 Contingency $0 $0 $150 113 $41,536 $43,819 $45,248 114

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 16 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 115 General Fund - Expenditures 116 Board of Trustees 117 10-413-142 Workers' Compensation $207 $156 $309 118 10-413-215 Elections $837 $50 $2,000

119 10-413-316 Dues/Memberships $7,146 $7,623 $7,700 120 10-413-370 Training/Travel $4,590 $7,208 $7,500 121 10-413-460 Long Range/Misc $477 $1,300 $1,500 122 10-413-461 Appreciation Program $3,146 $3,300 $3,300 123 10-413-462 Computer Equip/Hardware $40 $1,551 $1,000 124 10-413-463 Water Quality Issues $0 $0 $1,000 125 10-413-465 Computer Software $425 $425 $425 126 10-413-870 Board Contingency $0 $0 $250 127 10-413-452 Headwaters Trails Alliance $3,000 $4,500 $4,500 128 10-413-722 Grand Lake Trail Grooming $25,000 $22,500 $22,500 129 10-413-723 Grand Lake Historical Soc $0 $3,610 $347 130 10-413-728 Miscellaneous Donations $1,175 $470 $500 131 10-413-731 Grnd Cnty Council on Aging $4,000 $3,600 $3,600 132 10-413-782 Advocates $1,500 $1,350 $1,350 133 10-413-793 GL Fireworks Org. $14,000 $12,600 $10,000 134 10-413-796 Mountain Family Center $7,000 $5,850 $5,400 135 10-413-797 Grand Arts Council $1,800 $1,620 $1,980 136 10-413-843 Rocky Mtn Rep Theatre $1,500 $1,350 $1,350 137 10-413-845 GC Rural Health Network $1,000 $900 $500 138 10-413-850 Grand Lake Yacht Club Sailing $250 $225 $225 139 10-413-852 Grand Angels $0 $0 $0 140 10-413-854 GC Search & Rescue $1,000 $0 $0 141 10-413-855 GL US Constitution Week $4,500 $4,050 $4,050 142 10-413-856 Grand Enterprise Initiative $1,000 $900 $0 143 10-413-860 GC Housing Assistance Fund $0 $13,500 $0 144 10-413-859 Grand Foundation $0 $750 $750 145 10-413-861 Grand Activities Program - Grand Foundati $0 $0 $1,000 146 $83,593 $99,388 $83,036 147 Subtotal Boards and Committees $170,471 $182,807 $203,759

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 17 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 148 General Fund - Expenditures 149 Administration 150 Personnel 151 10-415-100 Gross Wages - Administration $193,662 $260,022 $212,399 152 10-415-103 Comp Time Buyout $0 $0 $0 153 10-415-105 Bonus - Administration $0 $1,134 $1,550 154 10-415-110 Gross Wages - PT/Seasonal $15,097 $14,929 $22,065 155 10-415-134 Alternative Benefit $0 $0 $6,000 156 10-415-130 GLC Membership Benefit $0 $0 $2,130 157 10-415-131 Longevity $426 $588 $0 158 10-415-132 ICMA Town Paid Benefit $14,765 $15,475 $18,758 159 10-415-133 Health/Dental-Employee $38,911 $32,758 $35,750 160 10-415-135 Dep Health/Dental $451 $447 $6,178 161 10-415-136 Medical Benefit Allowance $3,487 $3,533 $3,348 162 10-415-141 Unemployment Insurance $619 $830 $726 163 10-415-142 Workers' Compensation $360 $400 $539 164 10-415-143 Social Security Match $13,637 $18,113 $16,168 165 10-415-144 Medicare Match $3,190 $4,000 $3,781 166 $284,604 $352,228 $329,392 167 Supplies 168 10-415-211 General Office Supplies $3,091 $3,500 $3,600

169 10-415-215 Computer Software $13,291 $11,000 $20,622 170 10-415-220 Computer Hardware $3,144 $3,948 $0 171 10-415-226 Small Equipment $332 $2,013 $2,100 172 10-415-252 Resale Supplies $0 $0 $0 173 $19,858 $20,461 $26,322 174 Repairs and Maintenance 175 10-415-231 Gas/Fuel $1,422 $952 $1,000 176 10-415-232 Vehicle Maintenance $1,253 $599 $1,000 177 10-415-233 Office Equipment Maintenance $2,166 $2,441 $2,500 178 10-415-237 Building Maintenance $7,684 $2,550 $15,500 179 10-415-238 Town Hall Furnishings $313 $1,891 $250 180 $12,838 $8,433 $20,250

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 18 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 181 General Fund - Expenditures 182 Administration 183 Purchased Services 184 10-415-311 Postage/Freight $1,895 $1,972 $2,100 185 10-415-312 Computer Services $14,136 $11,050 $14,750 186 10-415-314 Ads & Legal Notices $1,463 $2,289 $750

187 10-415-316 Dues & Memberships $1,410 $1,466 $1,650 188 10-415-318 Janitorial Services $3,500 $2,730 $0 189 10-415-319 Miscellaneous Services $269 $0 $150 190 10-415-330 Bank Fees $313 $535 $675 191 $22,986 $20,042 $20,075 192 Utilities 193 10-415-341 Electric Utility $3,968 $3,864 $4,100 194 10-415-342 Sewer Utility $967 $1,014 $1,050 195 10-415-343 Water Utility $1,299 $1,031 $1,500 196 10-415-344 Telephone/Internet Utility $4,201 $5,015 $4,300 197 10-415-345 Natural Gas Utility $2,076 $2,192 $2,500 198 10-415-346 Internet Hosting Services $588 $708 $750 199 10-415-347 Recycling - Town Hall $915 $1,052 $1,300 200 $14,014 $14,876 $15,500 201 Professional Services 202 10-415-351 Legal Services $37,005 $40,000 $40,000 203 10-415-352 Audit $7,938 $10,188 $10,060 204 10-415-353 Judge-Municipal Court $489 $0 $800

205 10-415-355 Professional Services-Other $32,243 $47,400 $52,700 206 $77,675 $97,588 $103,560

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 19 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 207 General Fund - Expenditures 208 Administration 209 Marketing 210 10-415-560 Treasurer's Fees $5,118 $5,803 $5,986 211 10-415-721 Chamber Service Agreement (VC) $32,732 $32,732 $32,732 212 10-415-722 BLC Fee Remittance (Marketing) $28,000 $38,000 $38,000 213 10-415-723 Visitor Center Repairs & Maint $0 $1,523 $15,102 214 10-415-724 Visitor Center Operations & Mktg $30,000 $30,000 $30,000 215 10-415-800 Attainable Housing Expenses $5,000 $0 $0

216 10-415-870 Contingency - General Admin $1,938 $30,000 $5,000 217 10-415-875 Marketing Contingency $0 $0 $150 218 $102,788 $138,058 $126,970 219 Other Expenses

220 10-415-370 Training/Travel $10,273 $8,597 $9,750 221 10-415-393 Document Recording $500 $0 $250

222 10-415-394 Developer Reimbursement $138 $800 $1,000 223 10-415-513 Property/Casualty Insurance $19,785 $19,000 $25,000 224 10-415-514 Position Bonds $366 $366 $400 225 10-415-540 Grants to Neighborhoods $3,825 $0 $0 226 $34,887 $28,763 $36,400 227 Subtotal Administration $569,651 $680,449 $678,469 228

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 20 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 229 General Fund - Expenditures 230 Public Safety 231 Personnel 232 10-421-100 Gross Wages - Public Safety $38,359 $38,256 $0 233 10-421-103 Comp Time Buyout $0 $0 $0 234 10-421-105 Bonus $0 $374 $0 235 10-421-110 Gross Wages - Part-Time $0 $0 $16,640 236 10-421-130 GLC Membership Benefit $0 $0 $355 237 10-421-131 Longevity $112 $168 $0 238 10-421-132 ICMA Town Paid Benefit $1,512 $1,696 $1,331 239 10-421-133 Health/Dental-Employee $10,349 $7,836 $0 240 10-421-135 Dep Health/Dental $0 $0 $0 241 10-421-136 Medical Benefit $982 $982 $0 242 10-421-141 Unemployment Insurance $113 $116 $50 243 10-421-142 Workers' Compensation $770 $700 $93 244 10-421-143 Social Security Match $2,363 $2,511 $1,114 245 10-421-144 Medicare Match $553 $587 $294 246 $55,112 $53,226 $19,877 247 Purchased Services 248 10-421-314 Dispatch Operations $19,695 $18,893 $20,858 249 10-421-339 Sheriff's Contract $133,980 $188,679 $145,000 250 10-421-340 Special Event Security $0 $0 $0 251 $153,675 $207,572 $165,858 252 Subtotal Public Safety $208,787 $260,798 $185,735 253

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 21 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 254 General Fund - Expenditures 255 Public Works 256 Personnel 257 10-431-100 Gross Wages - Public Works $203,012 $238,562 $214,082 258 10-431-103 Comp Time Buyout $0 $0 $9,350 259 10-431-105 Bonus $0 $1,600 $1,500 260 10-431-111 On Call Pay $13,432 $13,628 $18,200 261 10-431-130 GLC Membership Benefit $0 $0 $1,420 262 10-431-131 Longevity $3,210 $3,450 $0 263 10-431-317 Clothing Allowance $2,104 $1,800 $2,400 264 10-431-132 ICMA Deferred Compensation $14,346 $13,381 $17,127 265 10-431-133 Health/Dental-Employee $44,261 $46,496 $50,470 266 10-431-135 Dep Health/Dental $10,832 $10,070 $6,087 267 10-431-136 Medical Benefit Allowance $4,765 $4,200 $4,800 268 10-431-141 Unemployment Insurance $671 $777 $724 269 10-431-142 Workers' Compensation $12,049 $11,000 $16,896 270 10-431-143 Social Security Match $13,744 $17,707 $16,003 271 10-431-144 Medicare Match $3,214 $3,950 $3,744 272 $325,642 $366,621 $362,803 273 Supplies 274 10-431-222 General Supplies $2,880 $8,000 $4,000 275 10-431-224 Safety Supplies $410 $3,000 $5,000 276 10-431-226 Vehicle Supplies $0 $0 $2,500 277 10-431-227 Tools $460 $5,800 $5,000 278 $3,750 $16,800 $16,500 279 Repairs and Maintenance 280 10-431-231 Gas/Fuel/Liquids $14,492 $18,289 $20,000 281 10-431-232 Vehicle Maintenance $8,264 $7,500 $7,500 282 10-431-233 Equipment Maintenance $14,263 $24,811 $25,000 283 10-431-235 Tires/Chains $608 $2,706 $12,000 284 10-431-236 Misc. Bridge Work $1,228 $0 $17,000 285 10-431-237 Building Maintenance $4,042 $880 $5,000 286 10-431-238 Street Light Maintenance $1,123 $538 $2,000 287 10-431-239 Miscellaneous Maintenance $330 $1,374 $500 288 10-431-242 Road Maintenance $52,613 $55,000 $76,000 289 10-431-245 Boardwalk Maintenance $0 $0 $100,000 290 10-431-253 Tree Removal $1,800 $0 $1,500 291 10-431-254 Tree Spraying $0 $0 $0 292 10-431-255 Stormwater Filter Maintenance $0 $0 $500 293 $98,763 $111,098 $267,000

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 22 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 294 General Fund - Expenditures 295 Public Works 296 Purchased Services 297 10-431-312 Computer Services $0 $0 $2,070 298 10-431-314 Ads/Bid Notices $0 $5,305 $1,800 299 10-431-319 Misc. Purchased Services $1,379 $1,022 $1,500 300 $1,379 $6,327 $5,370 301 Utilities 302 10-431-318 Trash/Recycle Services $5,013 $8,526 $9,000 303 10-431-341 Electric Utility $5,151 $5,014 $6,000 304 10-431-343 Water Utility $727 $532 $600 305 10-431-344 Telephone/Internet Utility $2,703 $3,342 $3,200 306 10-431-345 Natural Gas Utility $3,812 $4,054 $4,500 307 10-431-349 Street Light Electric Utility $21,157 $18,903 $24,000 308 $38,563 $40,371 $47,300 309 Professional Services 310 10-431-354 Engineering/Surveying Services $0 $0 $2,000 311 312 Other 313 10-431-370 Training/Travel $49 $1,500 $3,000 314 10-431-399 Equipment Rental $1,700 $1,700 $8,000 315 10-431-870 Contingency- Public Works $449 $1,664 $500 316 $2,198 $4,864 $11,500 317 Subtotal Public Works $470,295 $546,081 $712,473 318

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 23 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 319 General Fund - Expenditures 320 Grand Lake Center 321 Personnel

322 10-450-100 Gross Wages - GL Center $46,108 $64,220 $107,553 323 10-450-103 Comp Time Buyout $0 $0 $275 324 10-450-105 Bonus $0 $560 $550 325 10-450-110 Gross Wages - GLC Seasonal $21,250 $21,285 $0 326 10-450-130 GLC Membership Benefit $0 $0 $799 327 10-450-131 Longevity $60 $142 $0 328 10-450-317 Clothing Allowance $40 $113 $150 329 10-450-132 ICMA Deferred Compensation $3,532 $4,318 $8,604 330 10-450-133 Health/Dental-Employee $12,187 $16,956 $30,073 331 10-450-135 Dep Health/Dental $64 $74 $1,765 332 10-450-136 Medical Benefit Allowance $1,519 $1,503 $2,856 333 10-450-141 Unemployment Insurance $207 $259 $331 334 10-450-142 Workers' Compensation $374 $700 $2,273 335 10-450-143 Social Security Match $4,508 $5,620 $7,334 336 10-450-144 Medicare Match $1,054 $1,314 $1,715 337 $90,904 $117,064 $164,278 338 Supplies 339 10-450-211 General Office Supplies $1,348 $1,462 $1,500 340 10-450-220 General Operating Supplies $4,485 $4,500 $3,000 341 10-450-226 Office Equipment Lease $988 $988 $1,000 342 10-450-252 Resale Supplies $0 $1,000 $1,000 343 $6,820 $7,950 $6,500 344 Repairs and Maintenance 345 10-450-233 Office Equip Maint $399 $305 $600 346 10-450-235 Fitness Equipment Maintenance $0 $200 $1,500

347 10-450-237 Building Maintenance $5,528 $27,500 $25,000 348 10-450-239 Minor Infrastructure Maint $3,700 $0 $0 349 10-450-250 Backflow Maintenance $0 $400 $400 350 10-450-350 Maintenance Agreement $3,759 $3,914 $4,200 351 $13,385 $32,319 $31,700

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 24 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 352 General Fund - Expenditures 353 Grand Lake Center 354 Utilities 355 10-450-318 Trash/Recycle Services $0 $100 $480 356 10-450-341 Electric Utility $9,329 $14,000 $14,000 357 10-450-342 Sewer Utility $2,757 $4,500 $4,500 358 10-450-343 Water Utility $1,944 $2,500 $2,500 359 10-450-344 Telephone/Internet Utility $3,529 $4,200 $4,000 360 10-450-345 Natural Gas Utility $5,232 $7,500 $7,500 361 $22,791 $32,800 $32,980 362 Professional Services 363 10-450-312 Computer Services $138 $5,000 $2,820 364 10-450-351 Legal Services $0 $0 $1,000 365 10-450-352 Audit $0 $882 $882 366 10-450-355 Purchased Professional Services $1,727 $958 $2,000 367 $1,865 $6,840 $6,702 368 Other 369 10-450-234 Signage $3,142 $2,400 $1,000 370 10-450-236 Minor Equipment/Misc Equipment $2,142 $3,300 $2,500 371 10-450-238 Minor / Misc Furnishings $626 $4,000 $2,000 372 10-450-320 Marketing $7,178 $11,609 $10,000 373 10-450-360 Sales Tax $58 $46 $92 374 10-450-370 Training/Travel $223 $826 $300 375 10-450-513 Property/Casualty Insurance $6,408 $6,600 $8,000 376 10-450-755 Exercise Equipment $1,912 $1,648 $2,000 377 10-450-870 Contingency - GL Center $818 $1,000 $1,000 378 $22,506 $31,429 $26,892 379 Subtotal Grand Lake Center $158,271 $228,402 $269,052 380

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 25 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 381 General Fund - Expenditures 382 Parks 383 Personnel 384 10-452-100 Gross Wages - Parks $35,731 $36,760 $38,347 385 10-452-103 Comp Time Buyout $0 $0 $1,575 386 10-452-105 Bonus $0 $300 $300 387 10-452-130 GLC Membership Benefit $0 $0 $266 388 10-452-131 Longevity $675 $720 $0 389 10-452-317 Clothing Allowance $0 $338 $450 390 10-452-132 ICMA Deferred Compensation $1,830 $1,908 $3,068 391 10-452-133 Health/Dental-Employee $8,301 $9,087 $9,458 392 10-452-135 Dep. Health/Dental $5,333 $5,837 $6,087 393 10-452-136 Medical Benefit Allowance $788 $788 $900 394 10-452-141 Unemployment Insurance $123 $114 $133 395 10-452-142 Workers' Compensation $1,657 $2,000 $2,413 396 10-452-143 Social Security Match $2,644 $2,482 $2,924 397 10-452-144 Medicare Match $618 $580 $684 398 $57,701 $60,914 $66,606 399 Supplies 400 10-452-220 Operating Supplies $13,711 $10,477 $13,500 401 10-452-226 Small Equipment $0 $0 $2,550 402 10-452-227 Small Tools $79 $0 $1,000 403 $13,790 $10,477 $17,050 404 Repairs and Maintenance 405 10-452-232 Bear Resistant Cans Maint $2,158 $245 $3,000 406 10-452-233 Equipment Maintenance $577 $596 $2,500 407 10-452-234 Information Signs $12 $50 $2,000 408 10-452-235 Greenbelt Maintenance $10,380 $729 $7,500 409 10-452-236 Sand & Dredge $198 $0 $1,000 410 10-452-237 Buildings Maintenance $2,192 $1,069 $3,000 411 10-452-238 Docks Maintenance $1,525 $619 $5,000 412 10-452-239 Miscellaneous Maintenance $9,719 $425 $8,000 413 10-452-243 Benches/Planters/Fences $40 $173 $1,000 414 10-452-244 Thomasson Park Maintenance $0 $0 $1,000 415 10-452-248 Irrigation System Maintenance $2,725 $1,447 $3,000 416 10-452-250 Backflow Maintenance $2,428 $3,000 $3,000 417 10-452-319 Miscellaneous Service $90 $95 $2,000 418 10-452-399 Equipment Rental $950 $1,800 $3,500 419 $32,993 $10,248 $45,500

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 26 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 420 General Fund - Expenditures 421 Parks 422 Utilities 423 10-452-341 Electric Utility $5,599 $5,361 $6,500 424 10-452-342 Sewer Utility $428 $449 $1,000 425 10-452-343 Water Utility $11,388 $8,500 $8,500 426 10-452-345 Natural Gas Utility $3,330 $3,465 $4,000 427 $20,745 $17,775 $20,000 428 Other 429 10-452-400 Grand Avenue Gardens $0 $0 $2,500 430 10-452-450 Park Improvements $2,340 $0 $1,000 431 10-452-870 Contingency - Parks $0 $0 $250 432 10-452-961 Memorial Benches $2,016 $0 $3,500 433 $4,356 $0 $7,250 434 Subtotal Parks $129,585 $99,414 $156,406

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 27 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 435 General Fund - Expenditures 436 Debt Service 437 10-815-982 Land Acquisition - Principal $13,112 $13,783 $14,488 438 10-815-983 Land Acquisition-Interest $12,763 $12,092 $11,387 439 10-831-500 Capital Equip Lease Principal $40,545 $77,341 $70,803 440 10-831-510 Equipment Lease Interest $9,214 $16,467 $12,562 441 $75,634 $119,683 $109,240 442 443 10-413-999 TABOR Reserves $0 $0 $0 444 445 Capital Outlay 446 10-915-922 Admin Capital Expenditures $0 $335,000 $0

447 10-915-923 Town Hall Capital Outlay $0 $12,709 $25,000 448 10-915-986 Replacement Vehicle $0 $0 $0 449 10-915-950 Space to Create $0 $76,000 $150,000

450 10-931-910 Capital Equipment Purchase $363,875 $116,000 $313,066 451 10-931-911 Capitalized Equipment Repair $0 $0 $0 452 10-931-921 Paving $7,860 $0 $325,000 453 10-931-922 Drainage $0 $0 $0 454 10-931-974 Streetscape Project Funding $0 $0 $165,000 455 10-931-972 W Portal Bridge Rehab $1,026,599 $949,657 $0 456 10-931-973 Public Way Finding Signs $13,556 $0 $0 457 10-931-923 Building Maintenance $0 $0 $0 458 10-950-710 Other Capital Assets - No depr $13,724 $0 $0 459 10-952-500 Dock Improvements $42,801 $0 $0

460 10-952-971 Park Improvements $8,500 $21,050 $182,500 461 10-952-972 Boardwalks $0 $0 $0 462 10-952-995 Lakefront Improvements $1,953 $28,893 $0 463 $1,478,867 $1,539,309 $1,160,566 464 Total General Fund Expenditures $3,261,563 $3,656,942 $3,475,698 465

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 28 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 466 Water Fund - Revenues 467 20-344-100 Water Sales $577,036 $605,821 $610,441 468 20-344-105 HP Net Meter Revenue $1,107 $1,571 $1,500 469 20-344-120 Resale Meters $6,289 $3,200 $2,000 470 20-344-140 Interest Revenue $6,948 $14,000 $10,000 471 20-344-160 Misc. Revenues $391 $389 $0 472 20-344-190 Bulk Water Permits $995 $510 $500 473 20-344-110 Tap Fees - Capital $52,000 $65,000 $13,000 474 20-344-150 Sale/Trade-In of Assets $0 $0 $0 475 20-344-200 Capital Lease Proceeds $1,283,810 $244,000 $0 476 Total Revenues $1,928,576 $934,491 $637,441 477

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 29 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 478 Water Fund - Expenditures 479 Personnel 480 20-430-100 Gross Wages - Water $192,337 $201,917 $208,759 481 20-430-103 Comp Time Buyout $0 $0 $6,300 482 20-430-105 Bonus $0 $972 $1,000 483 20-430-110 Gross Wages - PT/Seasonal $3,768 $3,792 $5,884 484 20-430-111 On Call Pay $18,200 $18,200 $18,200 485 20-430-119 Year End Leave Expense $424 $1,000 $1,000 486 20-430-130 GLC Membership Benefit $0 $0 $710 487 20-430-131 Longevity $2,552 $2,735 $0 488 20-430-317 Clothing Allowance $889 $900 $1,200 489 20-430-132 ICMA Deferred Compensation $12,648 $12,943 $17,172 490 20-430-133 Health/Dental-Employee $34,395 $35,855 $37,118 491 20-430-135 Dep Health/Dental $434 $349 $7,942 492 20-430-136 Medical Benefit Allowance $3,237 $3,237 $3,516 493 20-430-141 Unemployment Insurance $602 $686 $724 494 20-430-142 Workers' Compensation $6,039 $6,100 $9,786 495 20-430-143 Social Security Match $14,216 $14,970 $16,028 496 20-430-144 Medicare Match $3,325 $3,501 $3,750 497 $293,065 $307,157 $339,089 498 Office Supplies

499 20-430-210 Office Supplies $2,199 $2,000 $2,200 500 20-430-211 Computer Supplies $0 $0 $1,000 501 20-430-215 Computer Software $935 $360 $6,500 502 20-430-220 Computer Hardware $273 $840 $2,500 503 $3,408 $3,200 $12,200 504 Operational Supplies 505 20-430-221 Chemicals $13,134 $14,519 $15,000 506 20-430-222 Lab Supplies/Equipment $1,127 $2,759 $2,500 507 20-430-223 Well/Plant Supplies $0 $50 $1,000 508 20-430-225 Meter Parts $0 $0 $500 509 20-430-227 Small Equipment/Tools $879 $4,880 $1,000 510 20-430-228 Safety Equipment $438 $438 $500 511 20-430-229 Misc Operating Supplies $12 $0 $100 512 $15,590 $22,646 $20,600

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 30 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 513 Water Fund - Expenditures 514 Repairs and Maintenance 515 20-430-231 Gas/Fuel/Fluids $3,481 $2,866 $4,000 516 20-430-232 Vehicle Maintenance $6,628 $288 $1,000 517 20-430-233 Equipment Maintenance $39 $50 $1,000 518 20-430-234 Well/Plant Maintenance $1,426 $1,620 $5,000 519 20-430-235 Tires & Chains $955 $0 $1,000 520 20-430-237 Building Maintenance $40 $0 $1,000 521 20-430-238 Distribution Line Maintenance $22,279 $16,227 $25,000 522 20-430-239 Misc. Maintenance $50 $0 $250 523 20-430-240 Road Materials $4,779 $5,000 $5,000 524 20-430-241 Motors & Pumps $784 $2,381 $2,500 525 $40,460 $28,432 $45,750 526 Resale Supplies 527 20-430-251 Resale Parts $0 $0 $250 528 20-430-252 Resale Meters $0 $0 $0 529 20-430-253 COGS-Meter $5,346 $3,600 $10,000 530 $5,346 $3,600 $10,250 531 Purchased Services 532 20-430-310 Misc Service Fees $0 $0 $0 533 20-430-311 Postage/Freight $932 $2,023 $2,100 534 20-430-314 Legal Notices/Ads $230 $240 $500 535 20-430-316 Memberships $590 $650 $700

536 20-430-318 Testing Services $3,812 $3,826 $5,000 537 20-430-319 Miscellaneous Services $165 $190,000 $200 538 20-430-320 Telemetry Maintenance $533 $3,500 $5,000 539 20-430-330 Bank Fees $378 $270 $300 540 20-430-321 Computer System Support $7,738 $7,444 $9,920 541 $14,377 $207,953 $23,720

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 31 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 542 Water Fund - Expenditures 543 Utilities 544 20-430-341 Electric Utility $29,599 $30,126 $32,000 545 20-430-344 Telephone Utility $2,437 $2,112 $2,500 546 20-430-345 Natural Gas Utility $3,872 $3,891 $4,500 547 20-430-347 Internet Service $0 $0 $0 548 $35,908 $36,129 $39,000 549 Professional Services 550 20-430-351 Legal Services $0 $0 $1,000 551 20-430-352 Audit $2,520 $4,770 $5,020 552 20-430-354 System Analysis/Eng & Survey $0 $0 $5,000 553 20-430-355 State Fees $310 $310 $400 554 $2,830 $5,080 $11,420 555 Other Expenses 556 20-430-370 Training/Travel $350 $331 $2,000 557 20-430-513 Property/Casualty Insurance $10,178 $11,000 $13,000 558 20-430-514 Position Bonds $123 $123 $150 559 20-430-870 Contingency-Operations $0 $0 $1,000 560 $10,651 $11,454 $16,150 561 Water Fund - Expenditures 562 Debt Service 563 20-830-640 DWRF Loan - Principal $5,455 $67,599 $68,958 564 20-830-645 DWRF Loan - Interest $2,667 $31,555 $30,196 565 $8,121 $99,154 $99,154 566 Capital Outlay 567 20-930-750 Transfer Out (Capital) $0 $0 $0 568 20-930-994 System Upgrades $1,120,572 $0 $0 569 20-930-996 Capital Lease Purchase $0 $0 $0 570 20-930-997 Capital Direct Purchase $13,000 $24,000 $0 571 20-930-998 Hydro Power Generator $0 $0 $0 572 $1,133,572 $24,000 $0 573 Total Water Fund Expenditures $1,563,327 $748,805 $617,333 574

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 32 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 575 Marina Fund - Revenues 576 40-344-113 Rentals $225,930 $279,705 $250,000 577 40-344-115 Tours $70,260 $67,185 $65,000 578 40-344-120 Building Space Rental $3,300 $3,300 $3,300 579 40-344-140 Seasonal Slip Rentals $13,000 $0 $0 580 40-344-145 Kayak Slip Rental $3,000 $3,600 $4,200 581 40-344-155 Stand Up Paddleboard Slip Rental $900 $900 $900 582 40-344-160 Misc Revenue $54 $100 $0 583 40-344-170 Interest Earned $3,127 $9,939 $7,000 584 40-344-180 Boat Damage $1,000 $750 $1,000 585 40-344-200 Sale of Assets $8,600 $0 $20,000 586 40-344-220 Contributed Services $2,000 $2,480 $2,500 587 Total Revenues $331,171 $367,959 $353,900 588

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 33 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 589 Marina Fund - Expenditures 590 Personnel 591 40-460-100 Gross Wages - Marina $11,622 $15,697 $12,941 592 40-460-103 Comp Time Buyout $0 $0 $0 593 40-460-105 Bonus $0 $60 $100 594 40-460-110 Gross Wages - PT/Seasonal $99,722 $119,000 $125,471 595 40-460-119 Accrued Leave Expense -$158 $500 $500 596 40-460-130 GLC Membership Benefit $0 $0 $2,663 597 40-460-131 Longevity $45 $57 $0 598 40-460-132 ICMA Deferred Compensation $887 $932 $1,153 599 40-460-133 Health/Dental - Employee $2,244 $2,028 $1,932 600 40-460-135 Dep Health/Dental $67 $78 $1,765 601 40-460-136 Medical Benefit Allowance $239 $211 $180 602 40-460-141 Unemployment Insurance $382 $403 $415 603 40-460-142 Workers' Compensation $5,128 $4,500 $9,813 604 40-460-143 Social Security Match $6,949 $7,442 $8,660 605 40-460-144 Medicare Match $1,625 $1,741 $2,024 606 $128,753 $152,648 $167,617 607 Office Supplies 608 40-460-211 General Office Supplies $1,628 $1,313 $1,500 609 40-460-214 Small Equip/Comp Hrdware $137 $0 $2,000 610 $1,765 $1,313 $3,500 611 Operational Supplies 612 40-460-222 Shop Supplies $985 $525 $1,000 613 40-460-223 Boat Supplies $123 $1,578 $2,000 614 40-460-227 Tools $0 $32 $500 615 40-460-231 Fuel $5,393 $6,800 $10,000 616 $6,501 $8,935 $13,500 617 Repairs and Maintenance 618 40-460-232 Vehicle Maintenance $300 $300 $1,000 619 40-460-233 Equipment Maintenance $9,865 $14,505 $17,000 620 40-460-237 Building/Facility Maintenance $1,609 $1,579 $2,000 621 $11,774 $16,384 $20,000

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 34 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 622 Marina Fund - Expenditures 623 Purchased Services 624 40-460-312 Computer Services $1,435 $1,086 $1,500 625 40-460-314 Ads and Legal Notices $55 $55 $100 626 40-460-316 Dues/Memberships $275 $275 $500 627 40-460-317 Uniforms $940 $688 $1,000 628 40-460-318 Miscellaneous Services $0 $19 $500 629 40-460-320 Marketing $0 $1,547 $2,000 630 40-460-330 Bank/Credit Card Fees $6,912 $7,761 $8,000 631 $9,617 $11,431 $13,600 632 Permits and Fees 633 40-460-350 Boat Registration $347 $834 $1,500 634 40-460-351 Licenses $165 $165 $165 635 $512 $999 $1,665 636 Utilities 637 40-460-341 Electric Utility $523 $550 $750 638 40-460-342 Sewer Utility $372 $390 $400 639 40-460-343 Water Utility $541 $532 $600 640 40-460-344 Telephone Utility/Internet $2,078 $2,662 $2,500 641 $3,515 $4,134 $4,250 642 Professional Services 643 40-460-355 Purchsed Professional Services $636 $940 $1,000 644 40-460-510 Legal $0 $0 $0 645 40-460-512 Audit $1,103 $1,103 $1,260 646 40-460-515 Engineering/Survey $0 $0 $0 647 $1,739 $2,043 $2,260 648 Other Expenses

649 40-460-301 Contributions $2,000 $2,480 $2,500 650 40-460-360 Sales Tax $0 $0 $25,300 651 40-460-370 Training/Travel $4 $50 $1,000 652 40-460-513 Property/Casualty Insurance $1,366 $2,522 $3,000 653 40-460-514 Position Bonds $119 $119 $200 654 40-460-516 Site Lease $1 $1 $1 655 40-460-870 Contingency $0 $0 $1,000 656 $3,490 $5,172 $33,001

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 35 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 657 Marina Fund - Expenditures 658 Capital Outlay 659 40-960-610 Capital Equipment $16,049 $154,000 $40,000

660 40-960-750 Capital Contribs (Interfund) $104,754 $28,893 $100,000 661 40-960-995 Lakefront Improvements $0 $0 $0 662 $120,802 $182,893 $140,000 663 Total Marina Fund Expenditures $288,469 $385,952 $399,393 664

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 36 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 665 Pay-As-You-Throw Fund - Revenues 666 50-344-110 Bags: Direct Sales (T) $2,492 $2,444 $2,000 667 50-344-115 Bags: Vendor Purchase (NT) $46,902 $45,000 $45,000 668 50-344-140 Interest Revenue $262 $324 $200 669 Total Revenues $49,656 $47,768 $47,200 670 671 Pay-As-You-Throw Fund - Expenditures 672 Operations Supplies 673 50-470-200 Bags for Resale $0 $0 $0 674 50-470-250 COGS - Bags $4,125 $4,000 $4,000 675 $4,125 $4,000 $4,000 676 Repairs and Maintenance 677 50-470-315 Site Maintenance $1,827 $2,000 $2,000 678 679 Purchased Services 680 50-470-300 Dumpster Service $20,835 $28,404 $30,000 681 50-470-301 Recycling Contribution $1,500 $1,500 $1,500 682 50-470-312 Computer Services $183 $200 $450 683 $22,518 $30,104 $31,950 684 685 Professional Services 686 50-470-512 Audit $157 $157 $378 687 688 Other Expenses 689 50-470-310 Site Lease $1 $1 $1 690 50-470-320 Business License $170 $170 $200 691 50-470-350 Sales Tax $173 $280 $300 692 50-470-870 Contingency $11 $0 $0 693 $355 $451 $501 694 Capital Outlay 695 50-970-750 Capital Contribs (Interfund) $40,000 $0 $0 696 Total Expenditures $68,982 $36,712 $38,829 697

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 37 of 44 ABDI I I G I H Estimated Actual Budget Ending FY2018 FY2020 1 FY2019 698 Capital Improvement Fund - Streetscape Project ONLY 699 Revenues 700 90-344-110 1% Sales & use tax $395,090 $445,635 $445,635 701 90-344-140 Interest revenues $26,657 $23,000 $18,000 702 90-344-910 DOLA 2017 Tier II Phase 1 $70,706 $0 $0 703 90-344-920 DOLA 2018 Tier II Phase 2 $0 $24,602 $553,670 704 90-391-360 Transfer In (Water Fund) $0 $0 $0 705 Total Revenues $492,453 $493,237 $1,017,305 706 707 Expenditures 708 Other Expenses 709 90-431-500 Transfer Out to General Fund $0 $0 $0 710 90-431-870 Miscellaneous Services $0 $250 $1,000 711 $0 $250 $1,000 712 Debt Service 713 90-431-120 Issuance costs $0 $0 $0 714 90-831-471 Sales tax bonds - principal $105,000 $105,000 $110,000 715 90-831-472 Sales tax bonds - interest $173,550 $170,400 $167,250 716 $278,550 $275,400 $277,250 717 718 90-431-999 TABOR Emergency Reserve $0 $0 $0 719 720 Capital Outlay 721 90-931-910 Streets $810,980 $167,000 $1,657,631 722 Total Expenditures $1,089,530 $442,650 $1,935,881 723 724 725 726 727 728 729 730 731 732 733 734 735 736 737 738 739 740 741 742 743 744 745 746 747 748 749 750

ADOPTED BUDGET 11/25/19 2020 BUDGET - TOWN OF GRAND LAKE Page 38 of 44 TOWN OF GRAND LAKE LEASE-PURCHASE SUPPLEMENTAL SCHEDULE TO THE ADOPTED BUDGET (Pursuant to 29-1-103(3)(d), C.R.S.)

Budget Year 2020

GENERAL FUND:

I. REAL PROPERTY LEASE-PURCHASE AGREEMENTS:

Description of Real Property Lease-Purchase: Thomasson Property, Shadow Park West, Block 1, Lots 1 and 2 Date of Lease-Purchase Agreement: 3/4/2002 Year Amount Total amount to be expended for all Real Property Lease- Purchase Agreement(s) in Budget Year: 2020 $25,874.96

Total maximum payment liability for all Real Property Lease-Purchase Agreement(s) over the entire remaining term of all such agreement(s), including all optional renewal terms: $254,198.80