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Ken-Caryl finance director reports $652,000 PMD settlement, debt service fund closed; general fund near $2.9 million
Summary
Finance Director Lauren Sweeney told the Ken‑Caryl board that a $652,000 PMD settlement lifted the PMD fund balance to about $1.1 million, the district closed a 10‑year debt service fund, and the general fund finished 2024 near $2.9 million with final vendor invoices pending.
Lauren Sweeney, the district’s finance director, told the Ken‑Caryl Metropolitan District board that a $652,000 settlement tied to the PMD fund boosted that fund’s year‑end balance to about $1,100,000.
Sweeney said the district also closed its debt service fund at the end of 2024 after completing the accounting for a 10‑year bond. She reported that the final property‑tax distribution associated with that fund totaled $10,325.88 and was transferred to the capital reserve fund to be designated for a future capital project.
The finance director said general‑fund revenues came in modestly above budget while expenses ended at about 91% of budget, leaving the general fund with a balance “just under $2,900,000.” She cautioned that a few late vendor invoices from 2024 were still expected and could make minor adjustments to that figure, but she anticipated finalizing the year‑end close by late February or March.
Sweeney also reviewed capital activity that hit the capital reserve fund in 2024, citing tennis‑court lighting replacements and a lighting controller, HVAC work at the community center, equipment and vehicle purchases, and the South Valley Road trail replacements. She said the conservation trust fund’s only capital activity in 2024 was the Ranch House pool feature and that the community garden and Veterans Monument funds saw minimal activity.
On property taxes, Sweeney reported about $4,300,000 in 2024 property‑tax collections, slightly over budget, and said the district posted a 2025 receivable of approximately $4.1 million consistent with the mill levy filed with the county. She said the district began 2025 with a transfer into the capital reserve fund that reflected debt service closeout plus other transfers.
A board member asked about the size of the January 1 transfer cited in Sweeney’s remarks; the initial figure cited as $5,000 prompted a clarification in the meeting, and Sweeney corrected that the intended transfer amount was $500,000.
Sweeney summarized that overall fund performance in 2024 was positive but emphasized the pending vendor invoices and the small closing adjustments before final audit figures were complete.
Ending
The board did not take a vote on the finance update; Sweeney’s report was presented for the board’s information. Any final audited numbers and year‑end adjustments will be reflected when staff completes the close in early 2025.
