agenda - tmvoa.org10. draft-telluride/montrose air service assessment of october 21, 2013 presented...

AGENDA

TELLURIDE MOUNTAIN VILLAGE OWNERS ASSOCIATION BOARD MEETING

Wednesday, December 18, 2013 ~ 4:00 p.m.

Mountain Village Town Hall 455 Mountain Village Blvd., 2

nd Floor, Mountain Village, Colorado

Time Time

Allotted

Agenda

Item Topic

4:00 pm 1. Call to Order and Determination of Quorum

4:05 pm 5 min 2. Consent Agenda - Consideration and the Approval of the Following: 1. Minutes from November 18,2013 Annual Members Budget Meeting 2. Minutes from November 13, 2013 Board Meeting

4:10 pm 15 min 3.

President & CEO Update – Greg Pope

Staff update

Dial-A-Ride

Poachers Pub

TMVOA Election

TSRC

Winter Fest

4:25 pm 30 min 4. Consideration of Economic Stimulus Grants – FAB Committee

4:55 pm 30 min 5. Consideration of Colorado Flights Alliance Funding (TMRAO) – Greg Pope

5:25 pm 5 min 6. Consideration of Resolution to Adopt Assessment Rates for 2014- Greg Pope

5:30 pm 10 min 7. 2014 Budget

5:40 pm 5min 8. Consideration of Resolution to Adopt 2014 Budget – Greg Pope

5:45 pm 10 min 9. Delinquent accounts – Greg Pope

5:55 pm 10 min 10. New Business/Other Business

11. Executive Session pursuant to CRS Section CRS 38-33.3-308(3) & (4) (if necessary)

12. Adjournment

Please note that the Agenda and Times are approximate and subject to change

113 Lost Creek Ln, STE A, Mountain Village, CO 81435

Phone (970) 728-1904 Fax (970) 369-7656

Individuals with disabilities needing auxiliary aid(s) may request assistance by contacting TMVOA: [email protected] at

least 48 hours in advance of the meeting date so arrangements may be made on the requested auxiliary aid(s).

mailto:[email protected]

MINUTES OF THE MEETING OF THE

BOARD OF DIRECTORS

TELLURIDE MOUNTAIN VILLAGE OWNERS ASSOCIATION

NOVEMBER 13, 2013

BOARD MEMBERS PRESENT: Jeff Proteau, Noel Daniel, John Horn, Pete Mitchell (via speaker), Jon Dwight

(via speaker),Chris Cox

BOARD MEMBERS ABSENT: Chuck Horning

STAFF PRESENT: Greg Pope, Jodi Howerton, David Pihlgren

STAFF ABSENT: None

OTHERS PRESENT: Jonathan Greenspan, Dan Jansen, Kim Montgomery, Joe Solomon, Brian

Kianga, Audrey Marnoy Dirk De Pagter,

1. Call to Order and Determination of Quorum

Chairman Proteau called the meeting to order at 5:00 p.m. MST and announced that a quorum had been established.

2. Consent Agenda- Consideration and Approval of the Following:

a. Minutes from October 16, 2013 Board Meeting.

On a MOTION by Director Horn to approve the Minutes from the October 16, 2013 Board Meeting, seconded by Director

Daniel the MOTION passed 5-0 vote.

3. Dial-A-Ride Update

In summary, President Pope gave an update on Dial-A-Ride. The request for proposal was awarded to Mountain Limo

pending a signed contract. A new radio system was ordered, and the tower that will be used is located at the fire station.

Mountain Limo has purchased 3, 14-person vans, which will be in operation by December 15th.

Chairman Proteau opened for comment. None.

4. Discussion and Consideration of Revised By-Laws (including proxy voting) and Collection Policy as

Presented by Joe Solomon

In summary, Mr. Solomon presented the change to the By-Laws. The provision states that a Director can only proxy another

Director.

Chairman Proteau opened for comment. None

On a MOTION by Director Horn to approve the revised By-Laws as proposed, seconded by Director Daniel. The MOTION

passed 6-0 vote.

In summary, Mr. Solomon presented the change to the collection policy. The memorandum in the board packet outlines these

changes.

TMVOA MINUTES OF THE BOARD OF DIRECTORS NOVEMBER 13, 2013

2

Chairman Proteau asked for clarification regarding the collection procedure and if the resident fails to attend the collection

hearing if the process is stopped. Mr. Solomon commented that the resident only has to have had the option to attend the

meeting, but that collections procedures would continue.

On a MOTION by Director Mitchell to approve the collection policy changes as presented, seconded by Director Dwight.

The MOTION passed 6-0 vote.

5. Financial Information from FAB Committee

In summary, President Pope presented a cash balances comparison from 10/31/2012 to 10/31/2013. The breakdown

comparison is available in the board packet.

6. Investment RFP Recommendation from FAB Committee

In summary, President Pope discussed the process that was taken to determine a new investment services provider. Wells

Fargo Private Banking was recommend as the new provider. The change from UBS to Wells Fargo will result in a net savings

of approximately $41,500.00. Wells Fargo has agreed to provide a sponsorship of $6,500.00 to the Summer Concert Series. A

memorandum outlining the recommendation is available in the board packet.

On a MOTION by Director Horn to accept Wells Fargo Private Bank as the new investment service provider, seconded by

Director Mitchell. The MOTION passed 5-0 vote. Director Cox recused due to employment with Wells Fargo.

In summary, President Pope presented and discussed the Bond Portfolio vs. Gondola/Choldola projected expenses for 2014-

2017.

Public comment was received by Dan Jansen.

7. TMVOA Investment Policy Recommendation from FAB Committee

In summary, President Pope presented the TMVOA investment policy recommendation from the FAB Committee. The

recommendation presented was the same policy as presented at the October 2013 Board meeting. The proposed investment

policy would allow for a maximum on 30% diversification of equities within the portfolio (memorandum available in board

packet).

Board comment was received by Chairman Proteau, Director Horn and Director Mitchell.

On a MOTION by Director Mitchell to approve the proposed amended and restated investment funds policy and procedures,

seconded by Director Daniel. The MOTION passed 6-0 vote.

8. TSRC Update

In summary, President Pope discussed the memorandum in the board packet and expressed enthusiasm for the opportunity to

have TSRC in Mountain Village. Audrey Marnoy representing, TSRC was present. Ms. Marnoy discussed the advantages of

building a facility in Mountain Village. No formal action was taken. The board gave President Pope the approval to continue

to work with TSRC.

Board comment was received by the following: Director Dwight, Director Horn, Director Cox and Chairman Proteau.

Public comment was received by the following individuals: Brian Kianga, Dan Jansen, Jonathan Greenspan, Nicole Pieterse.

9. Update on the 2014 TMVOA Election

Ms. Howerton gave a brief update on the TMVOA election. The memorandum in the board packet outlines this information.

TMVOA MINUTES OF THE BOARD OF DIRECTORS NOVEMBER 13, 2013

3

10. Draft-Telluride/Montrose Air Service Assessment of October 21, 2013 Presented by Kent Myers

In summary, Kent Myers from Air Planners gave an informational PowerPoint presentation of his research of air service

providers in comparable markets. The PowerPoint presentation and handout are available in the board packet.

Board comment was received by the following: Director Dwight, Chairman Proteau, Director Horn, Director Cox.

Public comment was received by: Dirk de Pagter and Jonathan Greenspan.

11. New Business/Other Business

None.

12. Executive Session Pursuant to CRS Section CRS 38-33.3-308(3) & (4)

None.

13. Adjournment

On a MOTION by Director Cox to adjourn the meeting, seconded by Chairman Proteau. The meeting adjourned at 7:45 p.m.

MST.

MINUTES OF THE MEETING OF THE

ANNUAL MEMBERS BUDGET MEETING


NOVEMBER 13, 2013

BOARD MEMBERS PRESENT: Jeff Proteau, Noel Daniel, John Horn, Pete Mitchell (via speaker), Jon Dwight

(via speaker)

BOARD MEMBERS ABSENT: Chuck Horning, Chris Cox

STAFF PRESENT: Greg Pope, Jodi Howerton, David Pihlgren

STAFF ABSENT: None

OTHERS PRESENT: Jonathan Greenspan, Dan Jansen, Kim Montgomery, Joe Solomon.

1. Call to Order and Determination of Quorum

Chairman Proteau called the meeting to order at 4:03 p.m. MST and announced that a quorum had been established.

2. Presentation of the 2014 TMVOA Budget Draft

In summary, President Pope gave a PowerPoint presentation on the 2013 TMVOA Draft Budget (budget available in board

packet).

3. Questions and Answers

Chairman Proteau opened for Board comment.

Board comment was received by the following Board members: Chairman Proteau, Director Horn, Director Dwight and

Director Mitchell.

Public comment was received by the following individuals: Jonathan Greenspan, Dan Jansen and Kim Montgomery.

Chairman Proteau agreed Greg Pope would meet with Gondola and Transit prior to the Town Council meeting to discuss the

reduction in the Gondola funding in the TMVOA budget.

4. Adjournment

On a MOTION by Director Daniel to adjourn the meeting, seconded by Director Horn, the meeting adjourned at 4:55 pm

MST. The MOTION passed 5-0 vote.


RESOLUTION TO ADOPT

MONTHLY ASSESSMENT RATES FOR 2014

WHEREAS, Bylaw IX(1) of the Amended and Restated Bylaws of the Telluride

Mountain Village Owners Association (“TMVOA”) provides that the Board of Directors may

levy, at any time, Monthly Assessments for any lawful purpose as the Board of Directors may

determine, and that the amount of such Monthly Assessment is current set at $40.00 per month

per platted single family unit equivalent, but shall be subject to increase at any time, as the Board

of Directors may, in its sole discretion deem necessary;

WHEREAS, Bylaw IX(6) provides that the Monthly Assessment rate shall be as

determined by the Board of Directors; and

WHEREAS, the Board of Directors desires to levy Monthly Assessment rates for 2014

in accordance with this Resolution.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE

TELLURIDE MOUNTAIN VILLAGE OWNERS ASSOCIATION AS FOLLOWS:

RESOLVED, that TMVOA shall levy Monthly Assessments on all Sites in accordance

with the 2014 Monthly Assessment Rate Schedule set forth in Exhibit “A”;

RESOLVED FURTHER, the 2014 Monthly Assessment Rates shall be effective as of

January 1, 2014; and

RESOLVED FURTHER, that the officers and employees of TMVOA are authorized and

directed to undertake any and all actions necessary to effect the Resolutions set forth herein.

This Resolution was adopted by the Board of Directors at a duly noticed and called

Meeting of the Board of Directors held on the December 18, 2013, by a vote of _________.

_________________________________

Jeff Proteau, Chairman

Attest: ____________________________

Noel Daniel, Secretary

Telluride Mountain VIllage Owners Association 2014 Proposed Budget Schedule B • Owner's Assessments

2013 2013 2013 2013 2014 2013 Var. Actual Actual Adopted YTD Total Var. to Draft to 2012 2011 2012 Budget 11/30/2013 Pro.i!£ted Budget Budget Projected

Condo Units Platted 1,165 1,164 1,169 1,169.73 1,169 1,169 Monthly Rate per Unrt 40 40 40 40 40 40 Annual Rate per Unit 480 480 480 480 480 480

Annual Revenue 558,972 558,720 561,120 561,472 561,120 561,120

Single Family Units Platted 630 630 626 631.38 626 625 (1) Monthly Rate per Unit 40 40 40 40 40 40 Annual Rate per Unit 480 480 480 480 480 480

Annual Revenue 302,460 302,220 300,480 303,060 300,480 300,000 (480)

Dividable Duplex Units Platted 3 3 1 1 1 1 Monthly Rate per Unrt 40 40 40 40 40 40 Annual Rate per Unit 480 480 480 480 480 480

Annual Revenue 1,440 1,440 480 480 480 480 ~ Non-Oividab~ Duplex Units Platted 3 3 3 3 3 3 ~

Monthly Rate per Unit 80 80 80 80 80 80 <.. Annual Rate per Unit 960 960 960 960 960 960 >...

Annual Revenue 2,880 2,880 2,880 2,880 2,880 2,880 -.:;:---Lodge Units Platted 256 256 256 256 256 256 b. ~ Monthly Rate per Unrt 10 10 10 10 10 10 '>(

Annual Rate per Unit 120 120 120 120 120 120 ~ Annual Revenue 30,660 30,720 30,720 30,720 30,720 30,720 .'0 ~

t, Lodge Efficiencies Units Platted 355 355 357 358 357 357 ~'\ ~

Monthly Rate per Unit 10 10 10 10 10 10 ) -'

Annual Rate per Unit 120 120 120 120 120 120 ~ "'-\.... Annual Revenue 42,540 42,600 42,840 42,960 42,840 42,840

"'f-. I~ Hotel Un~s Platted 258 258 258 263 258 258

Monthly Rate per Unrt 20 20 20 20 20 20 ~ Annual Rate per Unit 240 240 240 240 240 240

61,920 61,920 61,920 63,120 61,920 61,920 1--Hotel Efficiency Units Ptatted 37 37 37 36 37 37 \'\

Monthly Rate per Unit 40 40 40 40 40 40 Annual Rate per Unrt 480 480 480 480 480 480 -{-.

Annual Revenue 17,760 17,760 17,760 17,400 17,760 17,760 " I ")

Employee Condos Platted 233 234 188 188 188 188 ~ Monthly Rate per Unrt 20 20 20 20 20 20

Annual Rate per Unit 240 240 240 240 240 240 ~ Annual Revenue 55,980 56,160 45,120 45,120 45,120 45,120 ' ~

Employee Apartment Units Platted 252 252 289 289 289 289 Monthly Rate per Unrt 10 10 10 10 10 10 Annual Rate per Unrt 120 120 120 120 120 120

Annual Revenue 30,270 30,240 34,680 34,680 34,680 34,680

Employee Dorms Platted 168 168 168 168 168 168 Monthly Rate per Unrt 10 10 10 10 10 10 Annual Rate per Unit 120 120 120 120 120 120

Annual Revenue 20,160 20,160 20,160 20,160 20,160 20,160

Commercial Square Footage Built 390,819 390,819 390,819 195.00 390,819 390,819 Monthly Rate per 2,000 Sq Ft 40 40 40 40 40 40 Annual Rate per 2,000 Sq Ft 480 480 480 480 480 480

Annual Revenue 93,797 93,797 93,797 93,600 93,797 93,796.56 Total Monthly Assessment Revenue 1,218,838 1,218,617 1,211,957 1,215,652 1,211,957 1,211,477 (480)

Prepayment Discounts (50,077) (61,842) (50,000) (52,525) (50,000) (50,000) Late Fees & Interest 34,987 20,196 25,000 20,611 25,000 20,000 (5.000) Bad Debt Allowance (8,409) (4,329) (15,000) (3,058) (15,000) (10,000) 5,000

Net Monthly Assessment Revenue 1195 340 1_,_1_7~~1_ __ _1,_1_I'I,~SL- __ 1,!8C1,_680 ___ 1,17_1,9_57_ 1,171,477 (480)


RESOLUTION TO ADOPT 2014 FINAL BUDGET

A RESOLUTION OF THE TELLURIDE MOUNTAIN VILLAGE OWNERS

ASSOCIATION (“Association”) TO ADOPT A FINAL BUDGET FOR CALENDAR YEAR

2014.

WHEREAS, upon due and proper notice, published in accordance with the governing

documents, a proposed budget for 2014 was presented to the Association’s Members at the

Annual Members Budget meeting held on November 13, 2013, and interested Members were

given the opportunity to provide input and comments on the proposed 2014 budget;

WHEREAS, the Board adopted and approved the final 2014 Budget at the December 18,

2013 meeting of the Board of Directors by a vote of _______.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE

TELLURIDE MOUNTAIN VILLAGE OWNERS ASSOCIATION:

RESOLVED, that the 2014 Budget as attached hereto as Exhibit “A” is approved and

adopted as the budget of the Telluride Mountain Village Owners Association for the calendar

year 2014; and

RESOLVED FURTHER, that the final 2014 Budget hereby approved and adopted shall

be signed by Jeff Proteau, Chairman of the Board, and Noel Daniel, Secretary and be made a part

of the Association’s records and posted on the Association’s website.

ADOPTED, this 18th day of December, 2013

_________________________________

Jeff Proteau, Chairman of the Board

Attest: ____________________________

Noel Daniel, Secretary

Telluride Mountain Village Owners Association2014 Proposed Budget 2013 2013 2013 2013 2014 2014 Var.

2011 % 2012 % Amended % YTD % Total % Var. to Draft % to 2013Sch. Actual Revs Actual Revs Budget Revs 11/30/2013 Revs Projected Revs Budget Budget Revs Projected

Revenues:Assessments

RETA Revenue A 2,684,670 57% 4,881,521 72% 3,000,025 63% 3,390,054 67% 3,788,031 68% 788,006 4,045,000 68% 256,969 Monthly Assessments B 1,195,340 26% 1,172,641 17% 1,171,957 25% 1,180,680 23% 1,171,957 21% - 1,171,477 20% (480)

Rental Income C 344,243 7% 359,932 5% 350,418 7% 318,352 6% 350,418 6% - 343,187 6% (7,231) Investment Income D 430,680 9% 365,260 5% 241,000 5% 184,803 4% 241,000 4% - 339,000 6% 98,000 DAR Income - 0% - 0% - 0% - 0% - 0% 14,000 0%Miscellaneous 15,342 0% 400 0% - 0% - 0% - 0% - - 0% -

Total Revenues 4,670,275 100% 6,779,755 100% 4,763,399 100% 5,073,889 100% 5,551,405 100% 788,006 5,912,664 100% 361,258

Operating Expenses:Administration and General E 560,199 9% 533,511 15% 679,274 16% 395,486 8% 467,650 8% (211,625) 530,583 9% 62,933 Property Carrying Costs EE 132,632 143,804 158,302 147,960 158,648 346 158,129 3% (519) Gondola O&M Funding G 3,135,482 52% 2,811,497 78% 3,181,412 77% 1,913,362 38% 3,185,424 57% 4,011 3,189,285 54% 3,861 Chondola O&M Funding G 163,082 3% 122,031 3% 127,697 3% 181,437 4% 139,213 3% 11,516 139,213 2% -

Total Operating Expenses 3,991,395 85% 3,610,844 53% 4,146,686 87% 2,638,246 52% 3,950,935 71% (195,751) 4,017,210 68% 66,275

Net Operating Surplus/(Deficit) 678,881 15% 3,168,911 47% 616,714 13% 2,435,643 48% 1,600,471 29% 983,757 1,895,453 32% 294,983

Debt Service H 67,461 1% 61,315 1% 60,132 1% 15,286 0% 60,132 1% - 60,159 1% 27

Net Surplus/(Deficit) before Discretionary Expenses 611,420 13% 3,107,596 46% 556,582 12% 2,420,357 48% 1,540,338 28% 983,757 1,835,294 31% 294,956

Discretionary ExpensesMember Benefits M - - 152,000 88,273 152,000 - 605,500 453,500 Economic Stimulus J 372,593 6% 324,989 8% 302,250 4% 219,799 4% 257,078 5% (45,172) 270,500 5% 13,422 Economic Development K - 0% - 0% - 2% - 0% - 0% - - 0% - Group Sales I 246,183 4% 242,788 5% 232,500 5% 212,731 4% 212,731 4% (19,769) - 0% (212,731) Guest Services L 172,632 3% 18,762 4% 8,000 0% 4,932 0% 5,995 0% (2,005) - 0% (5,995) Extraordinary Legal I 14,966 0% 375 0% - 0% - 0% - 0% - - 0% - CTOA Plaza Repairs I - 0% 80,000 0% 40,000 1% 37,577 1% 37,577 1% (2,423) 37,577 1% - TCC Expansion Study I 4,200 - 0% - 0% - 0% - 0% - - 0% - TMRAO I - 0% 50,000 0% 75,000 2% 75,000 1% 75,000 1% - - 0% (75,000) Gondola Repairs Capital Expense G 151,167 3% 206,219 3% 263,976 6% 15,892 0% 140,492 3% (123,484) 362,576 6% 222,084 Gondola Gold Season G - 0% 18,333 0% 25,000 1% - 0% - 0% (25,000) - 0% - Chondola Capital Expense G 82,000 1% 34,577 2% 29,250 1% 16,435 0% 37,411 1% 8,161 209,500 4% 172,089 Other I 8,126 0% 62,180 0% 75,000 2% - 0% 75,000 1% - 60,000 1% (15,000) Total Discretionary Expenses 1,051,867 18% 1,038,223 1,202,976 25% 670,639 13% 993,284 18% (209,692) 1,545,653 32% 552,369

Total Expenses Including Discretionary / Debt Service 5,110,722 109% 4,710,381 69% 5,409,794 114% 3,324,171 66% 5,004,351 90% 5,623,022 95% 618,671

Net Surplus/(Deficit) after Non-Recurring Expenses (440,447) 2,069,374 (646,395) 1,749,718 547,054 1,193,449 289,641 (257,413)

Contingency 3% - 50,377 41,167 - - (41,167) 281,151 5% 281,151

Net Surplus/Deficit INcluding Contingency (440,447) 2,018,997 (687,562) 1,749,718 547,054 8,490 Net Surplus/Deficit EXcluding Contingency (440,447) 2,069,374 (646,395) 1,749,718 547,054 289,641

Non-Operating ActivitiesUnrealized Gains / (Losses) 288,890 (9,574) - (9,883) (9,883) (9,883) (10,000) (117)

Net Proceeds from Non-Operating Activities 288,890 (9,574) - (9,883) (9,883) (9,883) (10,000) (117)

Net Surplus/(Deficit) after Non-Operating Activities (151,557) 2,009,423 (646,395) 1,739,835 537,171 1,183,566 279,641 (257,530)

Beginning Reserves 13,470,346 13,318,789 15,328,212 15,328,212 15,328,212 - 15,865,383 537,171

Ending Reserves (estimated) 13,318,789 15,328,212 14,681,817 17,068,047 15,865,383 - 16,145,025 279,641 Restricted Reserves (VCA Bond) 1,350,000 1,350,000 1,350,000 - 1,350,000

Total Ending Reserves less Restricted(estimated) 13,318,789 15,328,212 13,331,817 15,718,047 14,515,383 - 14,795,025 279,641

1) If the board of Directors chooses not to fund specific budgeted items, those funds at the boards discretion, maybe applied to other approatiate TMVOA needs.2) Although budget items may be identified as approved they are not mandatory expenditures3) Spending of any of the contigency must be approved by the Board of Directors at a BOD Meeting

Telluride Mountain Village Owners Association2014 Proposed BudgetSchedule A - 3% RETA Revenues

2013 2013 2013 2013 2014 2013 Var.Actual Actual Adopted YTD Total Var. to Draft to 20122011 2012 Budget 9/30/2013 Projected Budget Budget Projected

Single Family Residences:Number Sold 13 21 12 10 15 15 Average Price per Sale 2,300,033 3,496,000 3,375,000 2,590,109 4,033,333 4,033,333

Total Annual Sales Volume 29,900,433 73,416,000 40,500,000 25,901,086 60,500,000 60,500,000 3% RETA Revenues 897,013 2,202,480 1,215,000 777,033 1,815,000 1,815,000

CondominiumsNumber Sold 76 85 46 62 46 50 Average Price per Sale 574,176 817,117 1,032,609 897,341 1,163,043 1,190,000

Total Annual Sales Volume 43,637,400 69,454,922 47,500,000 55,635,172 53,500,000 59,500,000 3% RETA Revenues 1,309,122 2,083,648 1,425,000 1,669,055 1,605,000 1,785,000

Fractional Ownership UnitsNumber Sold 46 56 48 32 48 55 Average Price per Sale 102,972 78,470 104,167 79,141 104,167 104,545

Total Annual Sales Volume 4,736,700 4,394,340 5,000,000 2,532,500 5,000,000 5,750,000 3% RETA Revenues 142,101 131,830 150,000 75,975 150,000 172,500

Single Family Lots:Number Sold 20 19 9 6 9 10 Average Price per Sale 383,323 697,128 685,278 652,875 685,278 750,000

Total Annual Sales Volume 7,666,467 13,245,439 6,167,500 3,917,250 6,167,500 7,500,000 3% RETA Revenues 229,994 397,363 117,518 185,025

Vacant Development Lots: Number Sold - - 1 - - Average Price per Sale - - 4,800,000 - -

Total Annual Sales Volume - - 4,800,000 - - 3% RETA Revenues - - 144,000 - -

Improved Non-residential (Ttl $ value)Number Sold 4 10 4 4 4 2 Average Price per Sale 168,750 199,000 187,500 368,750 187,500 625,000

675,000 1,990,000 750,000 1,475,000 750,000 1,250,000 3% RETA Revenues 20,250 59,700 22,500 44,250 22,500 37,500

Density Transfers (Ttl $ value)Number Sold 96 - - 1 - - Average Price per Sale 29,167 - 4,500,000 - -

Total Annual Sales Volume 2,800,000 - - 4,500,000 - - 3% RETA Revenues 84,000 - 135,000 - -

Penalties & Interest 2,190 8,363 2,500 12,298 10,506 10,000

Total All Sales 89,416,000 162,500,701 99,917,500 98,761,008 125,917,500 - 134,500,000 - Total all 3% RETA Revenues 2,684,670 4,881,521 3,000,025 2,975,128 3,788,031 - 4,045,000 -

Telluride Mountain Village Owners Association2014 Proposed BudgetSchedule B - Owner's Assessments


Condo Units Platted 1,165 1,164 1,169 1,169.73 1,169 - 1,169 - Monthly Rate per Unit 40 40 40 40 40 - 40 - Annual Rate per Unit 480 480 480 480 480 - 480 -

Annual Revenue 558,972 558,720 561,120 561,472 561,120 - 561,120 -

Single Family Units Platted 630 630 626 631.38 626 - 625 (1) Monthly Rate per Unit 40 40 40 40 40 - 40 - Annual Rate per Unit 480 480 480 480 480 - 480 -

Annual Revenue 302,460 302,220 300,480 303,060 300,480 - 300,000 (480)

Dividable Duplex Units Platted 3 3 1 1 1 - 1 - Monthly Rate per Unit 40 40 40 40 40 - 40 - Annual Rate per Unit 480 480 480 480 480 - 480 -

Annual Revenue 1,440 1,440 480 480 480 - 480 -

Non-Dividable Duplex Units Platted 3 3 3 3 3 - 3 - Monthly Rate per Unit 80 80 80 80 80 - 80 - Annual Rate per Unit 960 960 960 960 960 - 960 -

Annual Revenue 2,880 2,880 2,880 2,880 2,880 - 2,880 -

Lodge Units Platted 256 256 256 256 256 - 256 - Monthly Rate per Unit 10 10 10 10 10 - 10 - Annual Rate per Unit 120 120 120 120 120 - 120 -

Annual Revenue 30,660 30,720 30,720 30,720 30,720 - 30,720 -

Lodge Efficiencies Units Platted 355 355 357 358 357 - 357 - Monthly Rate per Unit 10 10 10 10 10 - 10 - Annual Rate per Unit 120 120 120 120 120 - 120 -

Annual Revenue 42,540 42,600 42,840 42,960 42,840 - 42,840 -

Hotel Units Platted 258 258 258 263 258 - 258 - Monthly Rate per Unit 20 20 20 20 20 - 20 - Annual Rate per Unit 240 240 240 240 240 - 240 -

61,920 61,920 61,920 63,120 61,920 - 61,920 -

Hotel Efficiency Units Platted 37 37 37 36 37 - 37 - Monthly Rate per Unit 40 40 40 40 40 - 40 - Annual Rate per Unit 480 480 480 480 480 - 480 -

Annual Revenue 17,760 17,760 17,760 17,400 17,760 - 17,760 -

Employee Condos Platted 233 234 188 188 188 - 188 - Monthly Rate per Unit 20 20 20 20 20 - 20 - Annual Rate per Unit 240 240 240 240 240 - 240 -

Annual Revenue 55,980 56,160 45,120 45,120 45,120 - 45,120 -

Employee Apartment Units Platted 252 252 289 289 289 - 289 - Monthly Rate per Unit 10 10 10 10 10 - 10 - Annual Rate per Unit 120 120 120 120 120 - 120 -

Annual Revenue 30,270 30,240 34,680 34,680 34,680 - 34,680 -

Employee Dorms Platted 168 168 168 168 168 - 168 - Monthly Rate per Unit 10 10 10 10 10 - 10 - Annual Rate per Unit 120 120 120 120 120 - 120 -

Annual Revenue 20,160 20,160 20,160 20,160 20,160 - 20,160 -

Commercial Square Footage Built 390,819 390,819 390,819 195.00 390,819 - 390,819 - Monthly Rate per 2,000 Sq Ft 40 40 40 40 40 - 40 - Annual Rate per 2,000 Sq Ft 480 480 480 480 480 - 480 -

Annual Revenue 93,797 93,797 93,797 93,600 93,797 - 93,796.56 - Total Monthly Assessment Revenue 1,218,838 1,218,617 1,211,957 1,215,652 1,211,957 - 1,211,477 (480)

Prepayment Discounts (50,077) (61,842) (50,000) (52,525) (50,000) (50,000) - Late Fees & Interest 34,987 20,196 25,000 20,611 25,000 20,000 (5,000) Bad Debt Allowance (8,409) (4,329) (15,000) (3,058) (15,000) - (10,000) 5,000

Net Monthly Assessment Revenue 1,195,340 1,172,641 1,171,957 1,180,680 1,171,957 - 1,171,477 (480)

Telluride Mountain Village Owners Association2014 Proposed BudgetSchedule C - Rental Income


Rental Income Grocery Store Rent 258,621 270,880 257,890 232,250 257,890 0 276,665 18,775Blue Mesa - Poachers Pub 43,494 44,804 46,040 43,684 46,040 0 54,924 8,884Blue Mesa - Unit B - MTI Group Sales 30,690 30,690 30,690 28,133 30,690 0 0 -30,690Blue Mesa - Unit A - Tri County Health - 3,850 4,200 2,800 4,200 0 0 -4,200High Country Shipping 8,840 7,110 9,000 8,987 9,000 0 9,000 0Gondola Grounds 1,200 1,200 1,200 1,100 1,200 0 1,200 0David Reed - Town Hall Office 1,398 1,398 1,398 1,398 1,398 0 1,398 0David Ballode Old TASP Space - 800 0 0 4,800 4,800Late Fees & Interest 12 - - - - - - -

Total Rental Income 344,243 359,932 350,418 318,352 350,418 0 343,187 -7,231

Telluride Mountain Village Owners Association2014 Proposed BudgetSchedule D - Investment Income


Investment IncomeRealized Earnings 505,061 437,174 325,000 251,808 325,000 - 395,000 70,000 Total 505,061 437,174 325,000 251,808 325,000 - 395,000 70,000

Investment Advisory Fees (74,381) (71,914) (84,000) (67,005) (84,000) - (56,000) 28,000 Net Investment Earnings 430,680 365,260 241,000 184,803 241,000 - 339,000 98,000

Unrealized Gains / (Losses) (1) 288,890 (9,574) - (9,883) (9,883) (9,883) (10,000) (117)

Notes:1. Pursuant to GAAP guidelines, unrealized gains and losses are reported as other comprehensive income as a section of

member's equity. As such this amount is reported on the balance sheet vs. the income statement for GAAP purposesbut also on the income statement for budgetary reporting purposes.

Telluride Mountain Village Owners Association2014 Proposed BudgetSchedule E -A&G (Administartion and General)

2013 2013 2013 2013 2014 2014 Var.Actual Actual Adopted YTD Total Var. to Draft to 2013

Rate 2011 2012 Budget 11/30/2013 Projected Budget Budget ProjectedEmployee Costs (1)

Salaries & Wages 202,422 177,351 257,500 159,501 190,555 (66,945) 250,000 59,445 Employee Group Insurance 30,069 26,634 59,753 19,014 22,995 (36,758) 75,319 52,324 Dependent Health Reimbursement (2,077) (2,243) (2,160) (1,440) (2,160) - (4,320) (2,160) Payroll Taxes 8.5% 17,881 15,827 22,982 9,570 9,958 (13,024) 21,555 11,597 Retirement 9,809 6,206 15,450 2,908 4,451 (10,999) 9,555 5,104 Worker's Comp .001955 *gross 332 457 529 523 529 - 529 0 Other Employee Benefits 3,992 4,277 3,180 7,309 7,309 4,129 2,400 (4,909) Total Employee Costs 262,428 228,509 357,234 197,384 233,637 (123,597) 355,038 121,401

Employee Related CostsPayroll Fees 1,242 1,205 1,200 753 1,200 - 1,250 50 401k Administrator Fees 2,100 2,379 2,100 2,130 2,100 - 2,250 150 Recruiting - 1,729 1,000 2,721 2,159 1,159 500 (1,659) Training 503 - - - - Contract Services - 630 30,000 42,535 42,535 12,535 5,000 (37,535) Total Employee Related Costs 3,845 5,942 34,300 48,139 47,994 13,694 9,000 (38,994)

Computer Hardware and SoftwareNetsuite Software Fees 8,371 11,762 12,061 11,677 11,677 (384) 12,050 373 Hardware & Software Replacement & Support 6,267 8,526 14,700 8,360 9,845 (4,855) 500 (9,345) Total Computer Related Costs 14,639 20,288 26,761 20,037 21,522 (5,239) 12,550 (8,972)

Legal ServicesLegal Services 144,000 144,000 144,000 42,872 52,250 (91,750) 50,000 (2,250)

Member CommunicationsContract PR / Graphics Services - - - - - - - Signage 10,813 4,731 - - - - - - Printing & Binding - - - Mountain Village Maps - - - Public Noticing 8,416 6,369 8,000 2,363 4,300 (3,700) 8,000 3,700 Television Ads - - - Ads - - - Photos - - - Internet Hosting & Development 2,341 - 3,000 - - (3,000) 3,000 3,000 Newsletters - - - - - - Phone - 960 - 960 - (960) Member Communications 2,584 1,780 3,000 4,212 4,950 1,950 3,000 (1,950) Member Social 4,792 7,745 5,000 5,307 5,307 307 - (5,307) High School Scholarships - 4,000 4,000 4,000 4,000 - - (4,000) Election 13,979 8,950 9,000 924 9,000 - 9,000 - Clipping Service - - - - - - Website 5,323 3,321 3,000 1,822 3,000 - 3,000 - Total Member Communications 48,248 36,896 35,960 18,628 31,517 (4,443) 26,000 (5,517)

Bank Fees and Other CostsAudit Fees & Tax Return 24,950 26,630 25,650 27,280 27,280 1,630 27,500 220 Merchant and Bank Fees 5,069 7,747 7,500 5,338 7,500 - 7,500 - Lockbox Fees 8,016 4,674 6,000 3,842 5,000 (1,000) 5,000 - Financial Services 7,689 1,407 - - - - - - Total Finance Costs 45,724 40,458 39,150 36,459 39,780 630 40,000 220

Other Administrative CostsJanitorial 2,450 3,171 3,120 3,551 3,950 830 3,250 (700) Repairs and Maintenance - 4,077 - 1,226 1,500 1,500 - (1,500) Phone 12,041 16,023 12,750 11,695 12,750 - 13,500 750 Dial - a - Ride Phones - 411 500 500 500 - Wireless 704 - - - - - General Supplies & Materials 5,673 8,699 7,000 2,668 3,250 (3,750) 4,500 1,250 Postage & Freight 4,437 5,526 5,000 3,975 5,000 - 5,995 995 Postage Machine Lease 1,018 708 1,000 - 1,000 - 1,000 - Copier Lease 5,358 5,519 4,500 3,125 4,500 - 4,500 - Business Meals 714 1,385 1,500 127 1,500 - 1,500 - Business Meals - BOD Meetings 1,783 1,801 500 1,019 500 - 500 - Retreat - - - - - - 500 500 Dues, Fees, Subscriptions 6,785 7,993 5,000 4,169 5,000 - 2,250 (2,750) One Telluride - 2,500 - - - - - Recording Fees / Lien Costs 169 16 1,000 - 1,000 - - (1,000) Document Requests 182 500 - 500 - (500) Total Other Administration Costs 41,314 57,418 41,870 31,966 40,950 (920) 37,995 (2,955) Total General, Administration, and Property Costs 560,199 533,511 679,274 395,486 467,650 (211,625) 530,583 62,933

Notes:1. Administrative Employees Include: 2011 2012 2013 2014

Chief Operating Officer - - - - Chief Financial Officer - - - - President and CEO 0.40 0.50 1.00 1 Accounting Manager 1.00 1.00 1.00 1 Economic Development Manager - - - 0 Operations Administrator 1.00 - - 0 Member Relations Manager 1.00 1.00 1.00 1

Telluride Mountain Village Owners Association2014 Proposed BudgetSchedule EE - Property Carry Costs

2013 2013 2013 2013 2014 2013 Var.Act Actual Actual Actual Adopted YTD Total Var. to Draft to 2012

2010 2011 2012 Budget 11/30/2013 Projected Budget Budget ProjectedFacility Expenses

Facility Expenses- Blue Mesa 1,648 1,271 2,425 3,000 - 3,000 - 3,000 - Facility Expenses- Town Hall 4,511 4,860 5,914 5,000 2,049 5,000 - 10,000 5,000 Facility Expenses- Grocery Store 110 - 337 3,000 252 3,000 - 2,500 (500) HOA Dues - Blue Mesa 38,531 41,112 38,531 40,459 38,531 40,459 - 38,500 (1,959) HOA Dues - Town Hall/MVCOA 15,062 22,711 16,880 17,724 17,847 17,847 123 18,250 403 HOA Dues - TMVRCA 50/51 "Post Office" Space (Retail U 11,562 11,562 4,441 12,747 3,523 4,696 (8,051) 4,696 - HOA Dues - Lawson Hill 5,489 5,489 5,489 5,765 5,532 5,765 - 5,765 1 HOA Dues - Sunshine Valley - - 6,473 3,826 4,637 3,826 - 3,478 (348) HOA Dues - Timberview - - 2,400 2,520 2,400 2,400 (120) 2,400 - Property Taxes 1,743 6,571 23,119 24,000 30,066 30,066 6,066 30,050 (16) Propery/Liability Insurance 17,577 16,363 17,293 16,661 25,918 18,990 2,329 19,990 1,000 Utilities 18,313 22,691 20,502 23,600 17,205 23,600 - 19,500 (4,100) Total Facility Costs 114,548 132,632 143,804 158,302 147,960 158,648 346 158,129 (519)

Notes1) Utilites are net of Tenant Reimbursement

Telluride Mountain Village Owners Association2013 Approved BudgetSchedule G - Aerial Transportation Funding

2013 2013 2013 2013 2014 2013 Var.Actua Actual Actual Adopted YTD Total Var. to Draft to 2012

### 2011 2012 Budget 11/30/2013 Projected Budget Budget ProjectedGondola Operations & Maintenance (O&M)

Gondola Operations ## 1,583,385 1,546,581 1,591,864 956,681 1,582,635 (9,229) 1,651,788 69,153 Gondola Maintenance ## 1,099,136 1,107,874 1,158,844 956,681 1,153,887 (4,957) 1,220,236 66,349 General and Overhead Costs ## 539,348 461,868 529,530 541,923 12,393 554,106 12,183 MARRS ## 75,978 73,624 77,307 77,209 (98) 74,385 (2,824) Grant Success Fees ## 7,865 4,498 - - - 9,000 9,000 Operations Grants (150,000) Gondola Revenues ## (170,230) (382,948) (170,230) (170,230) - (170,230) - Total Gondola O & M ## 3,135,482 2,811,497 3,187,315 1,913,362 3,185,424 (1,891) 3,189,285 153,861

Gondola Repairs and Capital ExpenseFall Extended Gondola Hours - 18,333 25,000 - (25,000) - - Gondola Major Repairs & Replacements ## 105,000 176,298 279,376 15,892 100,892 (178,484) 99,076 (1,816) System Improvements # - 14,961 - - - - - Gondola Capital Expense # 58,000 14,960 74,600 39,600 (35,000) 263,500 223,900 Gondola Grants # (131,000) - - - - - Tower 11 119,167 - - - - - Total Gondola Repairs and Capital Expense ## 151,167 206,219 353,976 15,892 140,492 (238,484) 362,576 222,084 Total Gondola Funding ## 3,286,649 3,017,716 3,541,291 1,929,254 3,325,916 (240,375) 3,551,861 375,945

Chondola FundingChondola O&M Funding ## 163,082 122,031 127,697 181,437 130,792 3,095 139,213 8,421 Chondola Non-Routine Repairs & Maintenance # 82,000 34,577 40,750 37,411 (3,339) 209,500 172,089

Total Chondola Funding ## 245,082 156,608 168,447 181,437 168,203 (244) 348,713 180,510

Town of Mountain Village2013 Revised/2014 Proposed Budget and Long Term Financial PlanGondola FundSchedule G1- Gondola Operating Expenditures

Original Revised ProposedBudget Budget Budget

2010 2011 2012 2013 2013 Variance 2014 VarianceGondola Operations

Employee CostsSalaries & Wages (1) 948,503 939,827 975,707 944,207 944,207 - 972,533 28,326 Payroll Taxes (2) 140,250 140,691 145,762 144,841 144,841 - 149,576 4,735 Gondola Ops Admin Mgmt Support ( 97,458 98,916 113,356 130,050 110,000 (20,050) 112,200 2,200 Workers Compensation #### 59,509 62,750 72,464 69,458 82,000 12,542 86,100 4,100 Retirement Benefits (3) #### 14,876 13,929 10,854 18,884 11,000 (7,884) 19,451 8,451 Health Benefits (4) 152,752 158,240 177,616 211,281 211,281 - 232,409 21,128 Dependent Health Reimbursement ( (6,681) (7,940) (7,236) (6,566) (5,500) 1,066 (5,500) - Housing Allowance (10) 2% - - - - - - - Other Employee/Wellness Benefits ( 2,376 9,568 8,289 20,433 15,000 (5,433) 15,600 600

Subtotal, Employee Costs 1,409,042 1,415,981 1,496,812 1,532,588 1,512,829 (19,759) 1,582,369 69,540 Agency Compliance (7) 4,745 7,882 5,252 5,200 5,200 - 5,200 - Employee Assistance Program 870 1,250 1,198 1,236 1,236 - 1,236 - Payroll/HR Processing Costs - 9,600 11,220 9,650 9,650 - 9,650 - Life Insurance 2,623 2,234 2,111 3,395 2,500 (895) 2,500 - Recruiting 760 2,008 1,173 1,530 8,500 6,970 8,500 - Uniforms (11) 4,196 31,192 1,397 3,000 10,000 7,000 5,000 (5,000) Repair- Vehicles 344 536 646 1,000 1,000 - 2,080 1,080 Dues, Fees and Licenses 4,914 10,960 8,341 9,360 7,500 (1,860) 9,360 1,860 Travel, Education & Training 1,972 886 1,741 1,560 1,560 - 2,000 440 Contract Labor (9) 305 - - - - - - - Supplies 13,894 9,747 12,527 14,000 14,000 - 15,000 1,000 Operating Incidents 175 5,025 257 1,000 1,000 - 1,000 - Business Meals 370 150 700 2,185 1,500 (685) 1,500 - Employee Appreciation 636 1,825 1,079 1,500 1,500 - 1,500 - Utilities- Gas & Oil 3,523 4,289 2,127 4,660 4,660 - 4,893 233

Total Operations 1,448,370 1,503,566 1,546,581 1,591,864 1,582,635 (9,229) 1,651,788 69,153

Notes1. Plan assumes the following staffing le Actual Actual Actual Orig Budget Revised Projected

2010 2011 2012 2013 2013 Variance 2014 VarianceTransportation Director (8) 0.50 0.50 0.50 0.50 0.50 0.00 0.50 0.00Transit Coordinator (8) 0.25 0.25 0.25 0.06 0.06 0.00 0.00 -0.06Transit Managers (8) 0.55 0.55 0.55 0.55 0.55 0.00 0.55 0.00Shift Supervisors 4.00 4.00 4.00 4.00 4.00 0.00 4.00 0.00Senior Operators 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Operators- Full Time / Year Round 14.00 14.00 14.00 14.00 14.00 0.00 14.00 0.00Operators- Seasonal (1,600 Hours) 14.00 14.00 14.00 14.00 14.00 0.00 14.00 0.00Operators- Seasonal (1,800 Hours) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total Staff 33.30 33.30 33.30 33.11 33.11 0.00 33.05 -0.062. PERA contribution rate is capped at the 2010 rate of 13.7% and other applicable taxes are 1.64%. 3. Retirement benefits consists of matching employee 401k contributions from 1% to 9%.4. Projected health care costs in 2013 are $12,111 annually per FTE and are anticipated to increase at a rate of 10% annually. FTE rates are affecte 5. Plan assumes dependent health reimbursement to remain at the same rate as current throughout the projection period.6. Plan assumes ski pass cost to be $795 per FTE for the 2012-2013 season, Seasonal employees are eligible for 1/2 price pass and FTYR employe 7. Costs for drug testing of safety sensitive positions.8. The positions of Transportation Director, Transit Coordinator, and Transit Managers are shown in staffing level assumption for informational purpo

and may not reflect actual hours. They are budgeted separately from gondola ops salaries and wages.10. Housing allowance represents 50% of total cost shared with DAR.11. Plan assumes uniforms will be replaced in 2014 in concurrence with Telski.

Actual Annual Budgets

Town of Mountain Village2013 Revised/2014 Proposed Budget and Long Term Financial PlanGondola FundSchedule G2- Gondola Maintenance Expenditures

Original Revised ProposedAnn. Budget Budget Budget

% Inc. 2010 2011 2012 2013 2013 Variance 2014 VarianceEmployee Costs

Salaries & Wages (1) 3% 561,868 563,242 561,864 578,909 578,909 - 593,241 14,332 Payroll Taxes (2) 84,972 85,956 85,614 88,065 88,065 - 88,065 - Workers Compensation 5% 36,288 38,649 43,007 45,157 54,000 8,843 56,700 2,700 Retirement Benefits (3) 3.80% 23,254 20,666 22,732 21,999 21,999 - 22,543 544 Health Benefits (4) 10% 105,668 108,385 120,653 140,644 140,644 - 154,708 14,064 Dependent Health Reimbursement (5) (11,328) (10,386) (8,909) (9,672) (9,672) - (9,672) - Housing Allowance 2% 9,363 9,512 9,984 9,538 9,538 - 9,729 191 Other Employee/Wellness Benefits (6) 4% 12,961 11,305 12,100 15,449 15,449 - 16,067 618

Subtotal, Employee Costs 823,046 827,328 847,045 890,089 898,932 8,843 931,381 (32,449) Agency compliance (7) 1,025 356 721 1,250 1,000 (250) 1,250 250 Payroll/HR Processing Costs - 2,640 3,000 2,640 2,640 - 2,640 - Employee Assistance Program 246 379 327 500 400 (100) 500 100 Life Insurance 2,114 2,226 2,323 2,200 2,400 200 2,200 (200) Trails and Road Maintenance - - 1,197 10,000 2,500 (7,500) 10,000 7,500 Recruiting - - 1,000 - (1,000) 1,000 1,000 Uniforms 3,550 2,767 1,975 3,500 2,500 (1,000) 3,500 1,000 Repair & Maintenance- Vehicles & Equipment 9,937 11,594 9,900 11,000 12,500 1,500 11,000 (1,500) Facility Expenses (8) 13,163 22,434 15,608 20,000 20,000 - 20,000 - Dues, Fees and Licenses 13,822 10,844 10,775 14,000 12,500 (1,500) 14,000 1,500 Travel, Education & Training 878 5,996 2,828 7,000 6,000 (1,000) 7,000 1,000 Contract Labor 20,400 23,036 22,082 25,000 27,000 2,000 45,000 18,000 Postage & Freight 439 339 525 450 550 100 550 - Supplies 37,517 26,651 34,067 45,000 40,000 (5,000) 45,000 5,000 Parts 108,630 95,595 150,499 120,000 120,000 - 120,000 - Business Meals 692 560 336 1,000 750 (250) 1,000 250 Employee Appreciation 467 185 509 540 540 - 540 - Utilities: Gas & Oil 5% 3,359 3,616 4,157 3,675 3,675 - 3,675 -

Total Maintenance 1,039,287 1,036,546 1,107,874 1,158,844 1,153,887 (4,957) 1,220,236 1,451

Notes1. Plan assumes the following staffing level Actual Actual Actual Orig Budget Revised Proposed

2010 2011 2012 2013 2013 Variance 2014 VarianceManager 1.00 1.00 1.00 1.00 1.00 0.00 1.00 0.00Supervisors 4.00 4.00 4.00 4.00 4.00 0.00 4.00 0.00Senior Mechanics 3.00 3.00 3.00 3.00 3.00 0.00 3.00 0.00Mechanics (Full Time) (9) 2.00 2.00 2.00 2.00 2.00 0.00 2.00 0.00Mechanics (Part Time) 0.80 0.80 0.80 0.80 0.80 0.00 0.80 0.00Total Staff 10.80 10.80 10.80 10.80 10.80 0.00 10.80 0.00

2. PERA contribution rate is capped at the 2010 rate of 13.7% and other applicable taxes are 1.64%. 3. Retirement benefits consists of matching employee 401k contributions from 1% to 9%.4. Projected health care costs in 2013 are $12,111 annually per FTE and are anticipated to increase at a rate of 10% annually. FTE rates are affected by depe 5. Plan assumes dependent health reimbursement to remain at the same rate as current throughout the projection period.6. Plan assumes ski pass cost to be $795 per FTE for the 2012-2013 season, Seasonal employees are eligible for 1/2 price pass and FTYR employees are eli 7. Costs for drug testing of safety sensitive positions.8. Facility Maintenance costs as recommended by Parametrix are included in this line item.9. An additional mechanic may be required as cabins are added.


Town of Mountain Village2013 Revised/2014 Proposed Budget and Long Term Financial PlanGondola FundSchedule G3- Gondola Overhead & Fixed Costs

Original Revised ProposedAnn. Budget Budget BudgetInc. 2010 2011 2012 2013 2013 Variance 2014 Variance

Technical Support 2,688 2,534 3,179 6,000 5,000 (1,000) 6,000 1,000 Lightning Detection Service 17,096 17,294 17,384 18,000 18,000 - 18,000 - Janitorial 21,024 16,951 18,111 19,000 19,000 - 19,000 - Property and Liability Insurance 2% 30,902 33,097 34,593 35,285 41,657 6,372 42,490 833 Communications (1) 0% 12,770 18,004 14,407 16,000 16,000 - 16,000 0 Utilities- Water / Sewer (5) 2% 2,220 2,220 5,591 5,457 5,457 - 5,566 109 Utilities- Natural Gas 5% 27,689 26,739 24,409 38,158 38,158 - 40,066 1,908 Utilities- Internet (2) - - 2,208 2,208 2,208 - 2,208 - Utilities-Electricity (4) 5% 276,698 278,321 270,402 308,700 308,700 - 330,309 21,609 Legal - Miscellaneous 1,858 2,250 2,914 2,500 2,500 - 2,500 - Gondola Employee Shuttle Expense (3) 35,851 13,498 18,293 32,243 32,243 - 18,966 (13,277) Administrative Services - Town 34,628 43,272 50,377 45,979 53,000 7,021 53,000 -

Total Overhead Costs 463,423 454,180 461,868 529,530 541,923 12,393 554,106 12,183

Notes:1. Communications costs allows for 4 radio replacements per year.2. In 2011, the cable system began charging each department and/or fund for their internet services. In 2011, DAR absorbed Gondola's 3. This is the estimated costs of the shuttle program for Gondola Employees.

Please see schedules I-1 Employee Shuttle Expenditures (Page 8) and Vehicle and Equipment Acquisition Fund (Page 9) for more dTMVOA contribution to offset Employee Shuttle Expenditures for Gondola EmployeesEmployee shuttle deficit (expenditures less revenues) plus employee shuttle capital vehicles at 45% No ES vehicle purchase schedu

4. Electricity costs include the costs for purchasing Green Tags and reflect a 7% increase in 2011 for the new surcharge for the new Te 5. In 2011, the water/sewer system began charging each department and/or fund for their water and sewer services. In 2011, DAR abs


Town of Mountain Village2013 Revised/2014 Proposed Budget and Long Term Financial PlanGondola FundSchedule G4- MARRS Support Expenditures

Original Revised Revised to Proposed 2013 toAnn. Budget Budget Original Budget 2012 RevisedInc. 2010 2011 2012 2013 2013 Variance 2014 Variance

Salaries and Wages (1) 56,481 54,663 57,724 48,047 48,047 - 48,047 - Re- Rides (2) - - 5,460 5,460 - 5,460 - Training: (3) - - 3,375 3,375 - 3,375 - Meetings (4) - - 560 560 - 560 - Practice EVAC (5) - - 2,100 2,100 - 2,100 - Total Salaries & Wages 56,481 54,663 57,724 59,542 59,542 - 59,542 - Payroll taxes (6) 8,648 8,462 8,748 9,134 9,134 - 9,134 - Workers Compensation 3% 2,520 1,360 2,045 2,451 2,353 (98) 2,529 176 Payroll Processing Costs - 1,680 1,200 1,680 1,680 - 1,680 - General Supplies & Materials (7) 390 4,549 907 500 500 - 1,000 500 Evacuee Clothing 160 - 500 500 - 500 - Zip Rescue Bike Lease (8) - - 3,000 3,500 3,500 - - (3,500) Total MARRS Employee Costs 68,199 70,715 73,624 77,307 77,209 (98) 74,385 (2,824)

Notes:1. Assumes 14 MARRS riders, to be paid $1.65 / hour for 40 hours per week, for 52 weeks. 2. Assumes six re-rides at a cost of $65 per ride for each rider.3. Assumes four new riders at a cost of $625 / rider plus 2 trainers at a cost of $750 / trainer4. Assumes two meetings at a cost of $20 per rider for each rider.5. Assumes two practice evacuations at a cost of $75 / rider for each rider.6. PERA contribution rate is capped at the 2010 rate of 13.7% and other applicable taxes are 1.64%. 7. Plan assumes rope bags will be replaced in 2014.8. Plan assumes final Zip Rescue Bike modification will occur in 2013.


Town of Mountain Village2013 Revised/2014 Proposed Budget and Long Term Financial PlanGondola FundSchedule G5- Gondola Major Repairs & Replacements / Capital Expenditures

Original Revised ProposedBudget Budget Budget

2010 2011 2012 2013 2013 Variance 2014 VarianceMajor Repairs & Replacements

Station Entrance Modification (1) 11,481 12,217 15,000 - (15,000) - - Electric Motor 4,957 5,475 - - - - - Haul Ropes (2) 115,672 - - - - - - Harmonic Filter Repair - - 27,336 75,000 75,000 - - (75,000) Terminal Flooring - - 20,000 - (20,000) - -

Conveyor Drives and Gear Motors (3) - - 38,141 - - - 20,000 20,000 Grant Funding (16,000) (16,000)

Bull Wheel Replacement (5) - - - - - - - Gearbox Rebuild (6) - 69,426 - - - - - Cabin Seat Replacement 1,190 - - - - 40,000 40,000 Running Rail Replacement (7) - - - - - - - Conveyor Drive and Gearmotor Replacement (4) - - 48,500 - (48,500) 48,500 48,500

Grant Funding (38,800) (38,800) Fiber Optics - Control System (8) - - - - - - - Conveyor Rebuilds (14) - - 96,720 75,876 - (75,876) 151,876 151,876

Grant Funding (121,500) (121,500) Tower and Terminal Painting - - - - - - - Lighting Array Repairs - - 14,101 15,000 - (15,000) 15,000 15,000 Station 5 Barrel Heat - - 10,000 10,000 - - (10,000) New Comline Section 3 - - 20,000 15,892 (4,108) - (15,892)

Total Major Repairs / Replacements 133,300 87,119 176,298 279,376 100,892 (178,484) 99,076 (1,816)

Major Repairs & Replacements Gondola System Rebuild - - - - - - -

Total Major Repairs / Replacements - - - - - - - -

Capital Outlay Vehicle Replacement (9) - - - - - 45,000 45,000 Equipment Replacement (10) 5,642 - 8,125 9,600 9,600 - 27,000 17,400 Gondola Cabins - - - - - - - Grip Replacements - - - - - - - Bike Racks 41,463 - - - - - - Cabin Communications System 113,315 - - - - - - Covered Staircase - - 35,000 - (35,000) 35,000 35,000 AC Drives & Motors (11) - - 10,000 10,000 - 582,500 572,500

Grant Funding (466,000) (466,000) NDT Machine (12) - - 20,000 20,000 - - (20,000) Video Surveillance (13) 18,090 - - - - - - Angle Station Bathroom - - 6,835 - - - 40,000 40,000 Scissor Lifts for Angle and Plaza - - - - - - - Hanger Replacements - - - - - - - Tower 11 Remediation - 86,364 - - - - -

Total Capital Outlay 178,510 86,364 14,960 74,600 39,600 (35,000) 263,500 223,900 Total Major Repairs & Capital Outlay 311,810 173,483 191,258 353,976 140,492 (213,484) 362,576 222,084

Notes:1. Plan assumes modifying the entrance to accommodate summer biking program. Station 4 done in 2010, station 5 done in 2011, and station 1 to be done in 2012. Plan assumes that Main line haul ropes will be replaced in 2015.3. Gear motors and drives for sections 1 and 2 to be rebuilt in 25,000hr cycles. (4) new gearmotors for section 3 will be purchased with grant funds in 2012.4 Conveyor drives for section 3 will be at the end of their useful service lives and will need to be replaced.5 Plan assumes main line drive bullwheels will be replaced in 2015 unless unanticipated fatigue requires emergent replacement - APU Bullwheel Evacs will be inco 6 Assumes gearboxes will be rebuilt every 5 years (done in 2011). 7 Running rails were replaced in 2006. Rails will need to be resurfaced in 10 years at lesser cost than the replacement cost incurred in 2006.8. Plan assumes fiber optic will be run to all gondola terminals to accommodate the installation of new control system.9. Plan assumes the 1998 Ford F-250 will be replaced in 2014 and the 2003 Ford F250 (5515-01) will be replaced in 2016.10. Plan assumes the following equipment will be replaced: 2012: 2005 Polaris Sportsman 6x6, 2013: 2006 Yamaha Venture Snowmobile, 2014: 2007 Ranger 6X6

2006 Yamaha Venture Snowmobile, 2015: 2009 Yamaha VK Snowmobile, 2016: 2008 Suzuki King Quad11. Plan assumes the AC Drives and motors will be replaced in 2014 and will need to be replaced again in 15 years.12. Plan assumes the non-destructive testing apparatus for testing grips and metal parts for cracks and stress will be replaced in 2013 and will need replacement ag 13. Plan assumes 12 video cameras (2 in each terminal) will be installed in 2010 to increase security measures.14. Plan assumes conveyor systems in stations 5 and 6 will be rebuilt in 2012 with 80/20 grant funding. TMV portion expected to be 26,300.


2013 Revised/2014 Proposed Budget and Long Term Financial PlanSchedule G6- Chondola Expenditures

Original Revised ProposedAnn. Budget Budget BudgetInc. 2010 2011 2012 2013 2013 Variance 2014 Variance

Employee CostsSalaries & Wages, Operations (1) 3% 49,335 37,346 37,480 28,000 38,000 10,000 38,000 - Salaries & Wages, Maintenance (2) 3% 6,872 4,903 8,290 13,500 13,500 - 13,500 - Seasonal Bonus - 3,794 2,212 2,300 3,000 700 3,000 - Payroll Taxes (3) 8,607 6,813 7,019 6,736 8,382 1,646 8,382 0 Workers Compensation 5% 3,801 2,789 4,069 4,401 2,400 (2,001) 4,621 2,221

Subtotal, Employee Costs 68,615 55,643 59,070 54,937 65,282 10,345 67,503 2,221 Telski Labor (4) 15,650 15,289 17,336 16,310 16,310 - 16,310 0 Telski- Parts & Supplies 20,202 18,978 22,031 28,000 23,000 (5,000) 28,000 5,000 Telski- Dues, Fees, Licenses 1,023 1,009 1,210 1,200 1,200 - 1,200 - Telski- Contract Labor 1,399 2,651 435 1,000 1,000 - 1,000 - Telski- Utilities 5% 20,830 19,714 21,949 26,250 24,000 (2,250) 25,200 1,200

Subtotal, Chondola Operations 127,720 113,285 122,031 127,697 130,792 3,095 139,213 8,421

Chondola CapitalExtraordinary Repairs (5) 30,724 76,023 34,577 40,750 37,411 (3,339) 209,500 172,089

Total Chondola Expenses 158,443 189,307 156,608 168,447 168,203 (244) 348,713 180,510

TMVOA Chondola Funding 158,443 189,307 156,608 168,447 168,203 (244) 348,713 180,510

Notes:1.Pursuant to current agreement with TSG, TMVOA and Town will staff and operate the Chondola during the hours 5:00pm thru 12 m

for other direct operating, and capital costs. 2.Represents hours required by gondola maintenance staff for ongoing maintenance of Chondola system estimated.3.Retirement benefits consists of matching employee 401k contributions from 1% to 9%.4.TSG labor is 4 employees for 2.25 hours per day during the morning hours in season.5.Please see attached schedule.

Actual

Engineering AC Drives, Motors, Controls 10,000 Tire RTerminal Flooring 75,000 Spacin NDT Machine 20,000 Equipm Station 5 Barrel Heat 10,000 Belt RNew Comline Section 3 20,000 Grip JSnowmobile Replacement - Venture 9,600

144,600

Conveyor Rebuilds 151,876 AC Dr Conveyor Gearmotors 20,000 Walkw Gearmotor Drives 48,500 Grip JAC Drives & Motors Purchase 582,500 Belt ROak Street Bathroom Renovations 40,000 Seat PEquipment Replacement - Ranger, Snowcat 62,000 Cabin Window Buffing 40,000 Angel Station Staircase 35,000 Snowmobile Replacement - Venture 10,000 Vehicle Replacement 35,000 Lightning Array Repairs 15,000

1,039,876

Grip Replacement (every 7 yrs) 120,000 Termin Conveyor Rebuilds 56,250 Chond Drive Bullwheel Replacement & APU Evac 300,000 Chond Cabin Replacement 450,000 Grip J Lighning Array Repairs 15,000 Snowmobile Replacement 11,000

952,250

Conveyor Rebuilds 57,500 Chond Controls-Fiber Upgrade 340,000 Cabin Gearbox Rebuilds 86,250 Grip Replacement 120,000 Hanger Replacement 140,000 Cabin Replacement 460,000 Tower/Terminal Painting 100,000 ATV Replacement 9,200 Vehicle Replacement 35,000 Lightning Array Repairs 15,000

1,362,950

GONDOLA 2017 Chond Conveyor Rebuilds 58,750 Haul Rope Replacement, Sec III 176,250 Conveyor Gearmotors 23,500 Hanger Replacement 140,000 Cabin Replacement 470,000 Snowmobile Replacement 9,400

877,900

GONDOLA 2018 Chond Conveyor Rebuilds 61,250 AC Motor Rebuilds 12,250 Hanger Replacement 150,000 Cabin Replacement 490,000 Snowmobile Replacement 9,800

723,300

GONDOLA 2019 Chond Conveyor Rebuilds 61,250 AC Motor Rebuilds 12,250 Hanger Replacement 150,000 Cabin Replacement 490,000 Snowmobile Replacement 9,800

723,300

GONDOLA 2020 Chond Conveyor Rebuilds 62,500 AC Motor Rebuilds 12,500 Cabin Replacement 500,000 ATV Replacement 10,000

585,000

2016 GONDOLA NDOLA

NDOLA

NDOLA

2013 GONDOLA CHON

2014 GONDOLA CHON

2015 GONDOLA CHON

NDOLA

NDOLA

Telluride Mountain Village Owners Association2014 Proposed BudgetSchedule H - Debt Service


2011 Gondola Bonds (Note 1)Principal 36,950 29,560 29,560 - 29,560 - 29,560 - Interest 30,511 31,755 30,572 15,286 30,572 - 30,599 27 Total Debt Service 67,461 61,315 60,132 15,286 60,132 - 60,159 27

TMVOA Principal Outstanding at Year End 857,240 827,680 798,120 857,240 827,680 798,120 Total Principal Outstanding at Year End 2,900,000 2,800,000 2,700,000 2,900,000 2,800,000 2,700,000

Notes:1. The bonds were issued in 1995 by Telluride Gondola Transit Company and are jointly payable

by TMVOA (29.56%) and TSG (70.44%) and were refinanced by the District in 2001 and then again in 2011.The bonds fully mature in 2032.

Telluride Mountain Village Owners Association2014 Proposed BudgetSchedule I - Other Non-Recurring & Discretionary Expenditures

2013 2013 2013 2013 2014 2014 Var.Actual Actual Adopted YTD Total Var. to Draft to 2013

Sch. 2011 2012 Budget 11/30/2013 Projected Budget Budget ProjectedGroup Sales/Conferences Support (1) 246,183 252,788 232,500 212,731 212,731 (19,769) - (212,731) TCC Expansion Study 4,200 - - - - - - Extraordinary Legal 14,966 375 - - - - - - CTOA Plaza Repairs (2) - 80,000 40,000 37,577 37,577 (2,423) 37,577 - TMRAO Airline Guarantee Funding - 50,000 75,000 75,000 75,000 - - (75,000) Other - - - -

Sunshine/Timberview Closing Costs 8,126 - - - - - - World Cup Funding - 50,000 - - - - - - Blue Mesa Unit A Improvements (Flooring and Paint - 8,900 - - - - - - Blue Mesa Stairwell and Unit D Improvements - 3,280 - - - - - - Blue Mesa Exterior Improvements Unit C - 75,000 - 75,000 - 60,000 (15,000)

809,661 445,343 422,500 325,308 400,308 (22,192) 97,577 (302,731)

Notes:1. CTOA Plaza Repairs: Pursuant to Board approved funding for certain plaza repairs located in the Conference Center Plaza

and to be shared by 1.) CTOA, 2.) TMVOA, 3.) Town of Mountain Village

2. Blue Mesa Exterior Improvements, $75,000 is included in 2013 Budget, an additional $15,000 is projected in 2014 for a total expenditure of $90,000

Telluride Mountain Village Owners Association2014 Proposed BudgetSchedule J-Economic Stimulus


Events Placeholder 50,000 50,000 New Proposed Events 50,000 Fall Events - - - - - - Fourth of July Celebration 15,175 16,648 17,000 13,114 13,114 (3,886) - (13,114) Gay Ski Week 60,000 66,000 66,000 66,000 66,000 - 45,000 (21,000) Winterfest 2,925 852 5,000 - 5,000 - 5,000 - MV Buying Incentives - - - - - - New Year's Eve Fireworks 10,571 10,732 10,000 - 10,000 - - (10,000) Other Events - - - - Sunset Concert Series 81,842 85,348 87,500 55,535 64,814 (22,686) - (64,814) Sunset Concert - PopUp Series - - - 2,150 2,650 2,650 - (2,650) Buskers 10,000 9,000 9,000 (1,000) 12,000 3,000 Telluride Festival of the Arts (2) 35,000 35,000 - - - - CoolSculpt 3,500 3,750 3,750 3,500 3,500 (250) - (3,500) Mountainfilm 20,000 18,000 18,000 18,000 18,000 - 25,000 7,000 Marketing Telluride, Inc (MTI) - 4,000 4,000 - (4,000) Pinhead Institute - 500 1,000 - (1,000) - Ski Council Subsidies 12,040 - - - Telluride BBQ Festival 10,000 Telluride Adaptive Sports Program 5,000 4,500 4,500 - - (4,500) - Telluride Aids Benefit 15,000 15,000 15,000 7,500 7,500 (7,500) 10,000 2,500 Telluride Bluegrass Festival - - - - Telluride Blues & Brews Festival - - - - Telluride Conference Center - 8,000 - - - - Telluride Film Fest 45,000 40,000 45,000 35,000 35,000 (10,000) 45,000 10,000 Telluride High School Scholarships 5,000 - - - - - Telluride Mountain Village Tennis Club - - - - Telluride Photo Festival 10,001 - - - Telluride Ski & Snowboard Club 10,000 9,000 10,000 10,000 10,000 - 10,000 - Telluride Society for Jazz 5,000 - - - Telluride Wine Festival - 3,500 3,500 - - (3,500) - Telluride Yoga Festival 12,500 - - - Town of Mountain Village - Full Tilt Bike Race 15,000 12,000 - - (12,000) - Economic Stimulus Contingency - - - - - - Total Economic Stimulus 363,554 316,830 312,250 219,799 248,578 (63,672) 262,000 (46,578) Less Revenues & Sponsorships - - - - - - Plus In Kind Sponsorship Costs 9,039 8,159 - - 8,500 8,500 8,500 Net Event Activity 372,593 324,989 312,250 219,799 257,078 (55,172) 270,500 (46,578)

Telluride Mountain Village Owners Association2014 Proposed BudgetSchedule K- Economic Development


Economic Development

Total Economic Development Grant Funding - - - - - - - -

Telluride Mountain Village Owners Association2014 Proposed BudgetSchedule L- Guest Services


Program Costs 168,519 - - - - - - Guest Services Training - 15,884 - - - - - - Guest Pay Phones on Plazas (1 and 2) 4,112 2,878 8,000 4,932 5,995 (2,005) - (5,995)

Total Guest Services 172,632 18,762 8,000 4,932 5,995 (2,005) - (5,995)

1. The public pay phone service is currently being evaluated to determine: 1.) Whether service needs to be currently offered 2.) Whether to shift phone booth structures to the Town of Mountain Village ownership and responsibility

2. 2013 Budget included Phone Booth Refurbishment

Telluride Mountain Village Owners Association2014 Proposed BudgetSchedule M - Member Benfits

2013 2013 2013 2013 2014 2013 Var.Actual Adopted YTD Total Var. to Draft to 20122012 Budget 11/30/2012 Projected Budget Budget Projected

Dial - A - Ride - - 139,873 504,000 New Year's Eve Fireworks 10,000 Sunset Concert Series 65,000 Telluride High School Scholarship 4,000 Fourth of July Celebration 15,000 Phone Booths 2,500 Member Social 5,000 Total Economic Development Grant Funding - - 139,873 - - 605,500 -

agenda - tmvoa.org10. draft-telluride/montrose air service assessment of october 21, 2013 presented...

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