Beaver Creek Property Owners’ Association
Special Newsletter – September 15, 2015
Dear Beaver Creek Property Owners:
On behalf of the Board of Directors of the BCPOA, we want to make all Beaver Creek property owners aware of a very important issue for our community. Our Metro District is facing a very deteriorating financial condition, and will need to have an increase in revenue if it is to continue to provide critical community services and maintain our aging infrastructure. The Metro District is currently operating with $1.1 million per year less in revenues than it did in 2010. For the last five years, the District has depleted capital reserves and deferred maintenance on our roads and other infrastructure to make up for the shortfall in revenue. Annual capital expenditures have been reduced by 75%.
Last June, the Board of the Beaver Creek Metro District came to our Board asking us to support a tax increase in order to provide necessary additional revenue. The BCPOA Board determined that it would require a due diligence process before it could support any tax increase for our community. To that end, our Board created a Special Committee to work with the Metro District in a detailed review of all their financials, and a line item review of their financial forecast for the next ten years, including all projected operating expenses and planned capital projects. In addition, the BCPOA Board of Directors held a separate Special Meeting on August 3rd for the sole purpose of reviewing the work done by our Special Committee and considering the Special Committee’s recommendation.
In a unanimous vote by the Board of Directors of the BCPOA, the recommendation of our Special Committee was approved in support of an increase in the operating mill levy from the current 8.715 mills to approximately 13 mills starting in 2016 with the stipulation that the mill levy increase will expire in six years (2022). At that time, the Metro District and property owners can take a fresh look at the District’s financial condition, operations, and planned projects, and reassess the tax revenue required to support agreed upon future expenditures.
This will be Ballot Issue 5A in this November’s election. If approved, Ballot Issue 5A will allow the Metro District to increase revenue up to, but not to exceed, $1.5 million annually for the next six years. If property values increase, the mill levy could be less year-to-year. In addition, at their discretion, the Metro Board can also choose to lower the levy to collect less than the additional $1.5 million in any year if their budget for that year requires less revenue.
The revenue raised will be used for critical road maintenance and repairs, continued ongoing operations including snow plowing, and fire safety and mitigation, completion of the installation of new guard rails, and the creation and enhancement of parks and trails. Almost one third of the Metro District’s expenditures are for the Village Transportation System, including “Dial-a-ride.” It is the opinion of the BCPOA Board that without these additional revenues, the Metro District will be unable to maintain service levels expected by our property owners and guests, and will not be able to maintain our aging infrastructure at the quality expected of a truly world class resort community.
Ballot Issue 5A will cost property owners about $1.00 per day or $386 annually on each $1 million of a property’s assessed value, and this is tax deductible for property owners. Ballot Issue 5A will also fairly assess both commercial property owners and residential property owners so all Beaver Creek stakeholders equitably share this additional tax burden.
By voting “YES” to approve this proposed mill levy increase, property owners will protect and enhance their property values by ensuring critical safety and transportation services continue, Beaver Creek’s infrastructure is properly maintained, and funding is available for additional planned community amenities.
The Board of Directors of the BCPOA urges all eligible voters to vote “YES” on Ballot Issue 5A.
The BCPOA Board also wants to express our thanks to the Metro District Board for their cooperation on this important issue and the members of our Special Committee who worked so hard on this project: Jeff Luker, Chairman, Ernie Elsner, Larry Graveel, Tim Maher, Jerry Riordan, Tom Schouten, and Barry Parker.
Please see the following page titled “Facts about the Nov. 3 election” for all you need to know about the procedures for this election. This includes instructions on how to request an absentee ballot if you anticipate being out of state this fall.
Our association has a strong track record of supporting issues that protect our property values and quality of life. We are committed to keeping Beaver Creek world class. On behalf of the Board of Directors of the BCPOA, we sincerely appreciate all your support.
Barry Parker Dave Eickholt Jim Fraser
President, BCPOA VP/Treasurer, BCPOA VP/Secretary, BCPOA