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GYPSUM FIRE PROTECTION DISTRICT GARFIELD AND EAGLE COUNTIES, COLORADO FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT FOR THE YEAR ENDED DECEMBER 31, 2008 TABLE OF CONTENTS Page Independent Auditor’s Report 1 Management’s Discussion and Analysis 2,8 Basic Financial Statements: GovernmentWide Financial Statements: Statement of Net Assets 9 Statement of Activities 10 Fund Financial Statements: Balance Sheet – Governmental Funds 11 Reconciliation of Total Governmental Fund Balances to Net Assets of Governmental Activities 12 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds 13 Reconciliation of Statement of Revenues, Expenditures, and Changes in Fund Balances of Government Funds to the Statement of Activities 14 Statement of Fiduciary Net Assets – Pension Trust Fund 15 Statement of Changes in Fiduciary Net Assets – Pension Trust Fund 16 Notes to the Basic Financial Statements 17,30 Required Supplementary Information: Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual – General Fund 31 Other Supplemental Information: Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – Capital Projects Funds 32 Statement of Revenues, Expenditures, and ...



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  Independent Auditor’s Report  Management’s Discussion and Analysis  Basic Financial Statements:   Government,Wide Financial Statements:   Statement of Net Assets   Statement of Activities   Fund Financial Statements:   Balance Sheet – Governmental Funds   Reconciliation of Total Governmental Fund Balances  to Net Assets of Governmental Activities   Statement of Revenues, Expenditures and Changes  in Fund Balances – Governmental Funds   Reconciliation of Statement of Revenues, Expenditures,  and Changes in Fund Balances of Government Funds  to the Statement of Activities   Statement of Fiduciary Net Assets – Pension Trust Fund   Statement of Changes in Fiduciary Net Assets – Pension Trust Fund   Notes to the Basic Financial Statements   Required Supplementary Information:   Statement of Revenues, Expenditures, and Changes in Fund Balance  – Budget and Actual – General Fund  Other Supplemental Information:    Statement of Revenues, Expenditures, and Changes in Fund Balances  – Budget and Actual – Capital Projects Funds    Statement of Revenues, Expenditures, and Changes in Net Assets  – Budget and Actual – Expendable Trust Pension – Fiduciary Fund      
Page 1 2,8
9 10 11 12 13 14 15 16 17,30 31
32 33
                                                 MONAHAN                                        LAMPMAN                                         & HAYS, P.C.                                    CERTIFIED PUBLIC ACCOUNTANTS Officers and Directors Gypsum Fire Protection District Gypsum, Colorado 81637  INDEPENDENT AUDITOR’S REPORT  We have audited the accompanying financial statements of the governmental activities and each major fund, as well as each fiduciary fund type, of the Gypsum Fire Protection District, as of and for the year ended December 31, 2008, which collectively comprise the District’s basic financial statements as listed in the table of contents. These financial statements are the responsibility of the District’s management. Our responsibility is to express opinions on these financial statements based on our audit.  We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions.  In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and each fiduciary fund type of the Gypsum Fire Protection District, as of December 31, 2008 for the year then ended in conformity with accounting principles generally accepted in the United States of America.  The management’s discussion and analysis and the budgetary comparison information on pages 2 through 8 and page 31, respectively, are not a required part of the basic financial statements, but are supplementary information required by the Governmental Accounting Standards Board. We applied certain limited procedures, consisting principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion thereon.  Our audit was performed for the purpose of forming opinions on the financial statements that collectively comprise the Gypsum Fire Protection District’s financial statements, taken as a whole. The individual fund budgetary comparison schedules listed as supplemental information in the table of contents, and presented on pages 32,33, are for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material aspects, in relation to the basic financial statements taken as a whole.
June 4, 2009
             810 PITKIN AVE. ● P.O. BOX 370@81602 ● (970) 945)8588 ● FAX (970) 945)2398● GLENWOOD SPRINGS, CO  
GYPSUM FIRE PROTECTION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) For the Fiscal Year Ended December 31, 2008   MANAGEMENTSDISCUSSION ANDANALYSIS The Gypsum Fire Protection District, with boundaries in Garfield and Eagle Counties, Colorado, was organized pursuant to the provisions set forth in the Colorado Special District Act. The governing body consists of a five member Board of Directors which is elected by the registered voters within the District. The objective of the District is to provide for the preservation of life and protection of property from and during such fires and/or other emergencies as may occur within the fire protection district.  The discussion and analysis of the Gypsum Fire Protection District’s financial performance provides an overall review of the District’s financial activities for the fiscal year ended December 31, 2008. The intent of this discussion and analysis is to look at the District’s financial performance as a whole; it should be read in conjunction with the basic financial statements and notes to enhance the reader’s understanding of the District’s overall financial performance.   FINANCIALHIGHLIGHTS Key financial highlights for the fiscal year ended December 31, 2008 are as follows:  In total, the District’snet assets increased $422,138, or 45%, from the previous fiscal year primarily due to additional impact fees received in the current year.   general revenues include taxes, Thesefor $1,123,807, or 74%, of all revenues.General Revenues accounted grants and entitlements, general interest and other revenues not related to specific programs. Program specific revenues, in the form of charges for services and sales, as well as program specific grants and contributions, accounted for $398,358, or 26% percent, of the District’s total revenues of $1,522,765.  pension transfers of $16,000, of which $398,358 were offset byThe District had $1,084,627 in expenses and program specific charges for services and sales, grants and contributions. The District’s general revenues (primarily property taxes) were adequate to provide for these programs.   USING THEBASICFINANCIALSTATEMENTS This annual report consists of three parts –    (this section), the  , and  The basic financial statements include two types of information on the same statement that present different views of the District:    that provide bothandinformation about the District’s overall financial status.     focus on that  the District government, reporting the District’s of operations  than the government,wide statements.  The financial statements also includeof the information in the financial statements and providethat explain some more detailed data. The statements are followed by a section of  that further explains and supports the information in the financial statements. Additional supplemental information has also been included to enhance the reader’s understanding of the financial statements.           
GYPSUM FIRE PROTECTION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) For the Fiscal Year Ended December 31, 2008   REPORTING THEDISTRICT AS AWHOLE  Statement of Net Assets and Statement of Activities While this report contains all funds used by the District to provide programs and activities, the view of the District as a whole looks at all financial transactions and asks the question, “How did we do financially during the fiscal year 2008?” The statement of net assets and the statement of activities answer this question. These statements include all assets and liabilities using the accrual basis of accounting similar to the accounting system used by most private sector companies. The basis of accounting takes into account all of the current year’s revenues and expenses regardless of when cash was received or paid. The focus of these government,wide financial statements is on the overall financial position and activities of the District. These financial statements are constructed around the concept of a primary government, the District. As described below, the financial statements of the District’s fiduciary funds are not included in the government,wide financial statements, because resources of these funds cannot be used to finance the District’s activities. However, the financial statements of fiduciary funds are included in the District’s financial statements because the District is financially accountable for those resources, even though they belong to other parties.  The statement of net assets and statement of activities report the District’s  This and changes in those assets. change in net assets is important because it identifies whether the financial position of the District has improved or diminished for the District as a whole. The cause of this change may be the result of many factors, some financial, some not. Non,financial factors include the District’s property tax base, current property tax laws, statutorily required reserves, facility conditions, frequency of fires within the District and other factors. In the statement of net assets and the statement of activities, the Districts operations are reported as a “Governmental Activity.” Governmental activities are generally financed through taxes, intergovernmental revenues and other non,exchange revenues. All of the District’s programs and services are currently reported here.   FUNDFINANCIALSTATEMENTS The fund financial reports provide more detailed information about the District’s, focusing on its most significant funds – not on the District as a whole. The District’s major governmental funds include the General Fund and the Capital Projects Fund. Unlike government,wide financial statements, the focus of fund financial statements is directed to specific activities of the District rather than the District as a whole. Except for the General Fund, a specific fund is established to satisfy managerial control over resources or to satisfy finance,related legal requirements established by external parties or governmental statutes or regulations. The District also maintains a fiduciary fund for which the District acts solely as a trustee or agent for the benefit of those outside of the reporting entity (discussed below). The District’s fund financial statements are divided into two broad categories; namely (1) governmental funds; and (2) fiduciary funds.  Governmental Funds The District’s activities are reported in governmental funds, which focus on how monies flow into and out of those funds and the balances left at fiscal year end for spending in future periods. These funds are reported using an accounting method called  all other financial assets that can readily be, which measures cash and converted to cash. The governmental fund statements provide a detailed  the District’s general of government operations and the basic services it provides. Governmental fund information helps determine whether there are more or less financial resources that can be spent in the near future to finance the District’s programs. The relationship, or differences, between governmentalreported in the statement of net assets and the statement of activities and the governmental Theis reconciled in the financial statements. is used to account for resources traditionally associated with government which are not required legally or by sound financial management to be accounted for in another fund and the  provides for major capital improvements and acquisition of more expensive pieces of equipment.  
 Governmental Activities  2008 2007 Increase (Decrease) $ 1,819,964 $ 1,376,656 $ 443,308  1,030,274 1,028,168 2,106  2,850,238 2,404,824 445,414
GYPSUM FIRE PROTECTION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) For the Fiscal Year Ended December 31, 2008   FUNDFINANCIALSTATEMENTS   Fiduciary Funds The District’s component unit, the Gypsum Fire Protection District Pension Fund, is a separate entity organized under Colorado Statutes to administer funds established for the volunteer fire fighters of the Gypsum Fire Protection District. The financial statements of the Pension Fund are prepared using the accrual basis of accounting.   THEDISTRICT AS AWHOLE  Statement of Net Assets The perspective of the statement of net assets is of the District as a whole. Following is a summary of the District’s net assets for the current and prior fiscal year:    ASSETS: Current and Other Assets Capital Assets, Net    LLITIIBASIE: Current & Other Liabilities Long,term Obligations    NETASSETS: Invested in Capital Assets, Net of Related Debt 804,183 737,712 66,471 Restricted 34,518 27,329 7,189 Unrestricted 522,380 173,902 348,478   $ 1,361,081 $ 938,943 $ 422,138   Total This is primarily due to an increase in the amount of impactincreased $445,414 over the previous fiscal year. fees remitted to the District that were collected by the Town of Gypsum on new developments within the District’s boundaries. These additional moneys are reflected in the District’s increase in cash and cash equivalents.  Total liabilities approximated those of the previous fiscal year.  The of governmental activities increased $422,138 which is the excess of the District’s current year revenues over expenses. Restricted Net Assets reflect statutorily required Emergency Reserves (see !!). The financial position of the District has improved over the past fiscal year.      
 1,267,908 1,177,899 90,009  221,249 287,982 (66,733)  1,489,157 1,465,881 23,276
 Governmental Activities   2008 2007 Increase (Decrease)
GYPSUM FIRE PROTECTION DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) For the Fiscal Year Ended December 31, 2008   THEDISTRICT AS AWHOLE   Statement of Activities The statement of activities reflects the cost of program services and the changes for services and sales, grants, and contributions offsetting those services. The following detail reflects the total cost of services supported by program revenues and general property taxes, unrestricted state entitlements, and other general revenues, resulting in the overall change in net assets for the current and prior fiscal year:     REVENUES:  "#  Charges for Services & Sales  Grants & Contributions  "#  Property & Ownership Taxes  Interest & Investment Earnings  Total Revenues  EXPENSES ANDTRANSFERS: Fire Protection Services Fundraising Interest and other Fiscal Charges Transfers  Total Expenses and Transfers   Increase (Decrease) in Net Assets
$ 397,348 $ 132,678 $ 264,670  1,610 26,078 (24,468)  1,102,811 772,203 330,608  20,996 16,879 4,117  1,522,765 947,838 574,927  1,021,862 830,520 191 ,342  758 13,767 (13,009)  62,007 48,767 13,240  16,000 16,000 ,  1,100,627 909,054 191,573 $ 422,138 $ 38,784 $ 383,354
 Charges for Services increased over the prior fiscal year due to additional impact fee collections. These collections are indicative of the area’s growth. It is expected that these amounts will decline over the next fiscal period. General revenues, consisting primarily of property taxes, increased due to the expansion of the District’s boundaries and increases in the overall assessed valuation of properties within the District.  Fiscal year 2008 expenditures increased primarily due to additional salaries and related expenditures for the District’s increase in the number of firefighters and volunteer firefighters to service the expansion of the District’s area. Overall there were slight increases in most other line,item expenditures which is reflective of the District’s growth. The current year increases in expenditures were primarily offset by savings from unused appropriations for contingencies and capital outlay.          
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